UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21265
PowerShares Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)
3500 Lacey Road
Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Andrew Schlossberg
President
3500 Lacey Road
Downers Grove, IL 60515
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-983-0903
Date of fiscal year end: April 30
Date of reporting period: October 31, 2013
Item 1. Reports to Stockholders.
The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
October 31, 2013 |
2013 Semi-Annual Report to Shareholders
PIQ | PowerShares Dynamic MagniQuant Portfolio | |
PWC | PowerShares Dynamic Market Portfolio | |
PWO | PowerShares Dynamic OTC Portfolio | |
PRF | PowerShares FTSE RAFI US 1000 Portfolio | |
PRFZ | PowerShares FTSE RAFI US 1500 Small-Mid Portfolio |
Fees and Expenses | 3 | |||
Broad Market Portfolios | ||||
Schedules of Investments | ||||
4 | ||||
7 | ||||
9 | ||||
11 | ||||
22 | ||||
Statements of Assets and Liabilities | 37 | |||
Statements of Operations | 38 | |||
Statements of Changes in Net Assets | 40 | |||
Financial Highlights | 42 | |||
Notes to Financial Statements | 45 |
| 2 |
|
As a shareholder of a Fund of the PowerShares Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2013.
In pursuing its investment objective, PowerShares Dynamic OTC Portfolio (the “Portfolio”) may invest a portion of its assets in investment companies. The Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The effect of such expenses are included in the Portfolio’s total return.
Actual Expenses
The first line in the following tables 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 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Funds’ 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 Funds 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.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Dynamic MagniQuant Portfolio (PIQ) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,149.70 | 0.64 | % | $ | 3.47 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.98 | 0.64 | 3.26 | ||||||||||||
Powershares Dynamic Market Portfolio (PWC) | ||||||||||||||||
Actual | 1,000.00 | 1,147.09 | 0.60 | 3.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
Powershares Dynamic OTC Portfolio (PWO) | ||||||||||||||||
Actual | 1,000.00 | 1,162.29 | 0.59 | 3.22 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.23 | 0.59 | 3.01 | ||||||||||||
PowerShares FTSE RAFI US 1000 Portfolio (PRF) | ||||||||||||||||
Actual | 1,000.00 | 1,114.73 | 0.39 | 2.08 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | ||||||||||||||||
Actual | 1,000.00 | 1,190.66 | 0.39 | 2.15 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended October 31, 2013. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 184/365. |
| 3 |
|
Portfolio Composition |
PowerShares Dynamic MagniQuant Portfolio (PIQ) |
Sector Breakdown (Unaudited) | ||||
Financials | 28.0 | |||
Consumer Discretionary | 16.7 | |||
Information Technology | 15.3 | |||
Industrials | 14.6 | |||
Energy | 8.6 | |||
Health Care | 6.4 | |||
Consumer Staples | 4.9 | |||
Materials | 4.0 | |||
Telecommunication Services | 1.0 | |||
Utilities | 0.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
PowerShares Dynamic MagniQuant Portfolio (PIQ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% |
| |||||||
Consumer Discretionary—16.7% | ||||||||
2,245 | AFC Enterprises, Inc.(b) | $ | 100,082 | |||||
4,926 | Apollo Group, Inc., Class A(b) | 131,475 | ||||||
2,531 | Best Buy Co., Inc. | 108,327 | ||||||
2,251 | CEC Entertainment, Inc. | 104,334 | ||||||
1,713 | Children’s Place Retail Stores, Inc. (The)(b) | 93,513 | ||||||
1,444 | Core-Mark Holding Co., Inc. | 102,134 | ||||||
4,367 | Dana Holding Corp. | 85,593 | ||||||
1,656 | Delphi Automotive PLC (United Kingdom) | 94,723 | ||||||
1,483 | Domino’s Pizza, Inc. | 99,450 | ||||||
5,648 | Ford Motor Co. | 96,637 | ||||||
5,037 | Fox Factory Holding Corp.(b) | 87,745 | ||||||
2,673 | General Motors Co.(b) | 98,767 | ||||||
4,548 | Goodyear Tire & Rubber Co. (The) | 95,417 | ||||||
1,532 | Hanesbrands, Inc. | 104,360 | ||||||
3,783 | Haverty Furniture Cos., Inc. | 105,205 | ||||||
5,051 | hhgregg, Inc.(b) | 78,341 | ||||||
1,223 | Home Depot, Inc. (The) | 95,259 | ||||||
4,843 | International Game Technology | 91,048 | ||||||
3,162 | ITT Educational Services, Inc.(b) | 126,859 | ||||||
2,307 | Jack in the Box, Inc.(b) | 93,849 | ||||||
1,325 | Lear Corp. | 102,542 | ||||||
1,388 | Lithia Motors, Inc., Class A | 87,236 | ||||||
5,424 | Live Nation Entertainment, Inc.(b) | 105,443 | ||||||
1,988 | Lowe’s Cos., Inc. | 98,963 | ||||||
1,466 | Outerwall, Inc.(b) | 95,261 | ||||||
1,411 | Red Robin Gourmet Burgers, Inc.(b) | 107,490 | ||||||
4,683 | Remy International, Inc.(b) | 103,167 | ||||||
8,348 | Smith & Wesson Holding Corp.(b) | 89,991 | ||||||
7,519 | Stein Mart, Inc. | 111,056 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,743 | Sturm Ruger & Co., Inc. | $ | 114,010 | |||||
1,319 | TRW Automotive Holdings Corp.(b) | 99,070 | ||||||
1,272 | Visteon Corp.(b) | 98,058 | ||||||
160 | Washington Post Co. (The), Class B | 102,931 | ||||||
|
| |||||||
3,308,336 | ||||||||
|
| |||||||
Consumer Staples—4.9% | ||||||||
1,393 | Andersons, Inc. (The) | 103,333 | ||||||
1,493 | Herbalife Ltd. (Cayman Islands) | 96,776 | ||||||
3,666 | Ingles Markets, Inc., Class A | 94,620 | ||||||
2,489 | Kroger Co. (The) | 106,629 | ||||||
5,963 | Pilgrim’s Pride Corp. (Brazil)(b) | 84,496 | ||||||
2,806 | Prestige Brands Holdings, Inc.(b) | 87,631 | ||||||
26,407 | Rite Aid Corp.(b) | 140,749 | ||||||
1,391 | Sanderson Farms, Inc. | 87,925 | ||||||
12,747 | SUPERVALU, Inc. | 89,611 | ||||||
3,147 | Tyson Foods, Inc., Class A | 87,078 | ||||||
|
| |||||||
978,848 | ||||||||
|
| |||||||
Energy—8.6% | ||||||||
1,503 | Alliance Holdings GP LP | 89,639 | ||||||
1,230 | Alliance Resource Partners LP | 93,369 | ||||||
7,356 | Alon USA Energy, Inc. (Israel) | 88,860 | ||||||
5,772 | Alon USA Partners LP (Israel) | 78,615 | ||||||
1,006 | Anadarko Petroleum Corp. | 95,862 | ||||||
2,328 | Cabot Oil & Gas Corp. | 82,225 | ||||||
1,374 | ConocoPhillips | 100,714 | ||||||
3,347 | CVR Refining LP | 81,466 | ||||||
580 | EOG Resources, Inc. | 103,472 | ||||||
2,692 | EPL Oil & Gas, Inc.(b) | 85,821 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares Dynamic MagniQuant Portfolio (PIQ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
3,322 | Exterran Holdings, Inc.(b) | $ | 94,843 | |||||
1,445 | Helmerich & Payne, Inc. | 112,060 | ||||||
1,217 | Hess Corp. | 98,820 | ||||||
1,256 | Marathon Petroleum Corp. | 90,005 | ||||||
1,566 | Murphy Oil Corp. | 94,461 | ||||||
3,325 | Stone Energy Corp.(b) | 115,910 | ||||||
2,564 | Valero Energy Corp. | 105,560 | ||||||
3,106 | Western Refining, Inc. | 100,231 | ||||||
|
| |||||||
1,711,933 | ||||||||
|
| |||||||
Financials—28.0% | ||||||||
538 | Affiliated Managers Group, Inc.(b) | 106,223 | ||||||
1,581 | Aflac, Inc. | 102,733 | ||||||
1,921 | Allstate Corp. (The) | 101,928 | ||||||
4,619 | American Equity Investment Life Holding Co. | 96,260 | ||||||
1,788 | American Financial Group, Inc. | 100,593 | ||||||
1,981 | American International Group, Inc. | 102,319 | ||||||
888 | American National Insurance Co. | 89,750 | ||||||
1,067 | Ameriprise Financial, Inc. | 107,276 | ||||||
2,571 | AmTrust Financial Services, Inc. | 98,624 | ||||||
3,608 | Apollo Global Management LLC, Class A | 116,394 | ||||||
1,729 | Arch Capital Group Ltd.(b) | 100,213 | ||||||
2,231 | Argo Group International Holdings Ltd. | 93,657 | ||||||
1,900 | Artisan Partners Asset Management, Inc., Class A | 113,753 | ||||||
2,561 | Aspen Insurance Holdings Ltd. | 99,905 | ||||||
1,718 | Assurant, Inc. | 100,469 | ||||||
2,119 | Axis Capital Holdings Ltd. | 100,483 | ||||||
6,473 | Bank of America Corp. | 90,363 | ||||||
819 | Berkshire Hathaway, Inc., Class B(b) | 94,251 | ||||||
1,885 | Citigroup, Inc. | 91,950 | ||||||
2,597 | CNA Financial Corp. | 105,412 | ||||||
6,724 | CNO Financial Group, Inc. | 104,760 | ||||||
3,437 | Employers Holdings, Inc. | 103,351 | ||||||
665 | Everest Re Group Ltd. | 102,237 | ||||||
2,165 | FBL Financial Group, Inc., Class A | 96,862 | ||||||
1,709 | Financial Engines, Inc. | 95,482 | ||||||
4,028 | First Interstate BancSystem, Inc. | 101,143 | ||||||
12,677 | Fortress Investment Group LLC, Class A | 104,585 | ||||||
4,818 | FXCM, Inc., Class A | 78,967 | ||||||
3,988 | Green Dot Corp., Class A(b) | 85,583 | ||||||
1,710 | Hanover Insurance Group, Inc. (The) | 100,103 | ||||||
2,159 | HCC Insurance Holdings, Inc. | 98,558 | ||||||
3,476 | Horace Mann Educators Corp. | 96,285 | ||||||
5,379 | Investment Technology Group, Inc.(b) | 86,172 | ||||||
1,803 | JPMorgan Chase & Co. | 92,927 | ||||||
7,827 | KeyCorp | 98,072 | ||||||
2,802 | Legg Mason, Inc. | 107,793 | ||||||
2,167 | Lincoln National Corp. | 98,403 | ||||||
1,973 | MetLife, Inc. | 93,343 | ||||||
1,665 | Navigators Group, Inc. (The)(b) | 93,640 | ||||||
6,436 | Old Republic International Corp. | 108,060 | ||||||
1,045 | PartnerRe Ltd. | 104,719 | ||||||
2,224 | Principal Financial Group, Inc. | 105,551 | ||||||
3,654 | Progressive Corp. (The) | 94,894 | ||||||
2,180 | Protective Life Corp. | 100,454 | ||||||
1,224 | Prudential Financial, Inc. | 99,621 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,178 | Raymond James Financial, Inc. | $ | 99,426 | |||||
1,042 | RenaissanceRe Holdings Ltd. | 97,646 | ||||||
3,993 | Selective Insurance Group, Inc. | 104,896 | ||||||
1,741 | StanCorp Financial Group, Inc. | 102,545 | ||||||
1,371 | State Street Corp. | 96,066 | ||||||
2,978 | Stewart Information Services Corp. | 93,271 | ||||||
5,296 | Symetra Financial Corp. | 99,194 | ||||||
6,269 | United Community Banks, Inc.(b) | 97,734 | ||||||
3,176 | United Fire Group, Inc. | 100,679 | ||||||
3,085 | Unum Group | 97,918 | ||||||
3,082 | XL Group PLC | 94,217 | ||||||
|
| |||||||
5,547,713 | ||||||||
|
| |||||||
Health Care—6.4% | ||||||||
1,457 | Aetna, Inc. | 91,354 | ||||||
1,605 | AmerisourceBergen Corp. | 104,855 | ||||||
1,812 | Cardinal Health, Inc. | 106,292 | ||||||
1,158 | Cigna Corp. | 89,143 | ||||||
989 | Humana, Inc. | 91,136 | ||||||
1,621 | Magellan Health Services, Inc.(b) | 95,153 | ||||||
750 | McKesson Corp. | 117,255 | ||||||
1,676 | Omnicare, Inc. | 92,431 | ||||||
11,515 | PDL BioPharma, Inc. | 93,156 | ||||||
2,106 | Quintiles Transnational Holdings, Inc.(b) | 88,431 | ||||||
4,066 | Santarus, Inc.(b) | 94,860 | ||||||
1,070 | WellPoint, Inc. | 90,736 | ||||||
2,464 | West Pharmaceutical Services, Inc. | 119,134 | ||||||
|
| |||||||
1,273,936 | ||||||||
|
| |||||||
Industrials—14.6% | ||||||||
3,927 | AAON, Inc. | 106,068 | ||||||
2,307 | ADT Corp. (The) | 100,055 | ||||||
1,631 | AGCO Corp. | 95,218 | ||||||
1,629 | Alaska Air Group, Inc. | 115,105 | ||||||
952 | Alliant Techsystems, Inc. | 103,644 | ||||||
572 | AMERCO | 115,504 | ||||||
889 | Boeing Co. (The) | 116,015 | ||||||
6,054 | Comfort Systems USA, Inc. | 112,786 | ||||||
1,703 | Consolidated Graphics, Inc.(b) | 109,145 | ||||||
4,635 | Delta Air Lines, Inc. | 122,271 | ||||||
1,071 | Dover Corp. | 98,307 | ||||||
7,827 | Federal Signal Corp.(b) | 107,152 | ||||||
1,439 | Huntington Ingalls Industries, Inc. | 102,960 | ||||||
1,214 | Hyster-Yale Materials Handling, Inc. | 95,226 | ||||||
1,540 | IDEX Corp. | 106,491 | ||||||
2,856 | Insperity, Inc. | 110,442 | ||||||
2,786 | ITT Corp. | 110,688 | ||||||
1,019 | L-3 Communications Holdings, Inc. | 102,359 | ||||||
1,405 | Manpowergroup, Inc. | 109,731 | ||||||
2,098 | Old Dominion Freight Line, Inc.(b) | 98,396 | ||||||
2,028 | Oshkosh Corp.(b) | 96,513 | ||||||
1,703 | PACCAR, Inc. | 94,687 | ||||||
2,907 | Quad/Graphics, Inc. | 101,512 | ||||||
7,132 | Southwest Airlines Co. | 122,813 | ||||||
5,093 | Swift Transportation Co.(b) | 110,976 | ||||||
5,658 | US Airways Group, Inc.(b) | 124,306 | ||||||
1,168 | WABCO Holdings, Inc.(b) | 100,074 | ||||||
|
| |||||||
2,888,444 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic MagniQuant Portfolio (PIQ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology—15.3% | ||||||||
2,787 | AOL, Inc. | $ | 101,001 | |||||
1,963 | Arrow Electronics, Inc.(b) | 94,263 | ||||||
2,363 | Avnet, Inc.(b) | 93,811 | ||||||
4,167 | Benchmark Electronics, Inc.(b) | 94,716 | ||||||
1,817 | Computer Sciences Corp. | 89,505 | ||||||
5,188 | Convergys Corp. | 102,411 | ||||||
3,745 | Cray, Inc.(b) | 83,738 | ||||||
2,263 | EchoStar Corp., Class A(b) | 108,534 | ||||||
3,112 | Electronics for Imaging, Inc.(b) | 106,773 | ||||||
2,652 | Euronet Worldwide, Inc.(b) | 115,097 | ||||||
895 | FleetCor Technologies, Inc.(b) | 103,238 | ||||||
10,166 | Flextronics International Ltd. (Singapore)(b) | 80,210 | ||||||
12,927 | Harmonic, Inc.(b) | 94,496 | ||||||
4,098 | Hewlett-Packard Co. | 99,868 | ||||||
4,143 | Ingram Micro, Inc., Class A(b) | 95,993 | ||||||
2,564 | InterDigital, Inc. | 99,355 | ||||||
4,013 | Jabil Circuit, Inc. | 83,711 | ||||||
1,826 | Jack Henry & Associates, Inc. | 99,718 | ||||||
8,258 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 106,528 | ||||||
1,952 | Lam Research Corp.(b) | 105,857 | ||||||
2,667 | Lexmark International, Inc., Class A | 94,812 | ||||||
4,475 | Magnachip Semiconductor Corp. (South Korea)(b) | 83,638 | ||||||
150 | MasterCard, Inc., Class A | 107,565 | ||||||
5,620 | Sanmina Corp.(b) | 81,827 | ||||||
2,174 | Stamps.com, Inc.(b) | 98,787 | ||||||
2,373 | Synaptics, Inc.(b) | 110,345 | ||||||
3,743 | TeleTech Holdings, Inc.(b) | 99,077 | ||||||
2,599 | Ubiquiti Networks, Inc.(b) | 100,269 | ||||||
8,198 | United Online, Inc.(b) | 99,934 | ||||||
7,458 | Vishay Intertechnology, Inc.(b) | 91,510 | ||||||
1,469 | Western Digital Corp. | 102,286 | ||||||
|
| |||||||
3,028,873 | ||||||||
|
| |||||||
Materials—4.0% | ||||||||
1,054 | Ashland, Inc. | 97,548 | ||||||
3,964 | Boise Cascade Co.(b) | 101,518 | ||||||
5,665 | FutureFuel Corp. | 98,628 | ||||||
3,206 | OM Group, Inc.(b) | 109,004 | ||||||
1,721 | Packaging Corp. of America | 107,184 | ||||||
820 | Rock-Tenn Co., Class A | 87,748 | ||||||
3,208 | Sealed Air Corp. | 96,817 | ||||||
426 | Terra Nitrogen Co. LP | 87,044 | ||||||
|
| |||||||
785,491 | ||||||||
|
| |||||||
Telecommunication Services—1.0% | ||||||||
3,290 | Telephone & Data Systems, Inc. | 102,582 | ||||||
2,130 | United States Cellular Corp. | 103,092 | ||||||
|
| |||||||
205,674 | ||||||||
|
| |||||||
Utilities—0.5% | ||||||||
3,412 | MDU Resources Group, Inc. | 101,609 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $17,677,240) | 19,830,857 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.4% | ||||||||
74,628 | Premier Portfolio—Institutional Class(c) (Cost $74,628) | $ | 74,628 | |||||
|
| |||||||
Total Investments (Cost $17,751,868)—100.4% | 19,905,485 | |||||||
Other assets less liabilities—(0.4)% | (73,946 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 19,831,539 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Portfolio Composition |
PowerShares Dynamic Market Portfolio (PWC) |
Sector Breakdown (Unaudited) | ||||
Information Technology | 18.0 | |||
Financials | 14.6 | |||
Consumer Discretionary | 13.5 | |||
Industrials | 12.2 | |||
Health Care | 12.0 | |||
Energy | 11.3 | |||
Consumer Staples | 9.2 | |||
Materials | 4.1 | |||
Utilities | 2.9 | |||
Telecommunication Services | 2.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Market Portfolio (PWC)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% |
| |||||||
Consumer Discretionary—13.5% | ||||||||
34,797 | Bridgepoint Education, Inc.(b) | $ | 682,021 | |||||
10,577 | Capella Education Co.(b) | 644,351 | ||||||
74,582 | DISH Network Corp., Class A | 3,594,852 | ||||||
207,117 | Ford Motor Co. | 3,543,772 | ||||||
31,655 | Fox Factory Holding Corp.(b) | 551,430 | ||||||
11,448 | GameStop Corp., Class A | 627,579 | ||||||
28,571 | Goodyear Tire & Rubber Co. (The) | 599,420 | ||||||
9,665 | Hanesbrands, Inc. | 658,380 | ||||||
31,742 | hhgregg, Inc.(b) | 492,318 | ||||||
8,361 | Lear Corp. | 647,058 | ||||||
8,862 | Red Robin Gourmet Burgers, Inc.(b) | 675,107 | ||||||
45,604 | Scripps Networks Interactive, Inc., Class A | 3,671,122 | ||||||
55,398 | Time Warner, Inc. | 3,808,059 | ||||||
8,323 | TRW Automotive Holdings Corp.(b) | 625,141 | ||||||
|
| |||||||
20,820,610 | ||||||||
|
| |||||||
Consumer Staples—9.2% | ||||||||
10,043 | Andersons, Inc. (The) | 744,990 | ||||||
131,097 | Archer-Daniels-Midland Co. | 5,361,867 | ||||||
41,261 | Costco Wholesale Corp. | 4,868,798 | ||||||
7,640 | Green Mountain Coffee Roasters, Inc.(b) | 479,868 | ||||||
24,818 | Inter Parfums, Inc. | 872,601 | ||||||
43,015 | Pilgrim’s Pride Corp. (Brazil)(b) | 609,522 | ||||||
10,070 | Sanderson Farms, Inc. | 636,525 | ||||||
22,777 | Tyson Foods, Inc., Class A | 630,240 | ||||||
|
| |||||||
14,204,411 | ||||||||
|
| |||||||
Energy—11.3% | ||||||||
94,458 | Alon USA Energy, Inc. (Israel) | 1,141,053 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
18,609 | Helmerich & Payne, Inc. | $ | 1,443,128 | |||||
73,143 | Hess Corp. | 5,939,212 | ||||||
26,376 | HollyFrontier Corp. | 1,214,878 | ||||||
154,090 | Valero Energy Corp. | 6,343,885 | ||||||
39,999 | Western Refining, Inc. | 1,290,768 | ||||||
|
| |||||||
17,372,924 | ||||||||
|
| |||||||
Financials—14.6% | ||||||||
41,735 | Aflac, Inc. | 2,711,940 | ||||||
26,089 | American Equity Investment Life Holding Co. | 543,695 | ||||||
10,029 | American Financial Group, Inc. | 564,231 | ||||||
51,912 | American International Group, Inc.(b) | 2,681,255 | ||||||
19,496 | Employers Holdings, Inc. | 586,245 | ||||||
12,282 | FBL Financial Group, Inc., Class A | 549,497 | ||||||
22,737 | First Interstate BancSystem, Inc. | 570,926 | ||||||
71,681 | Fortress Investment Group LLC, Class A | 591,368 | ||||||
47,731 | JPMorgan Chase & Co. | 2,460,056 | ||||||
57,370 | Lincoln National Corp. | 2,605,172 | ||||||
52,215 | MetLife, Inc. | 2,470,292 | ||||||
58,940 | Principal Financial Group, Inc. | 2,797,292 | ||||||
12,367 | Protective Life Corp. | 569,871 | ||||||
9,878 | StanCorp Financial Group, Inc. | 581,814 | ||||||
16,895 | Stewart Information Services Corp. | 529,151 | ||||||
29,926 | Symetra Financial Corp. | 560,514 | ||||||
35,447 | United Community Banks, Inc.(b) | 552,619 | ||||||
18,014 | United Fire Group, Inc. | 571,044 | ||||||
|
| |||||||
22,496,982 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Dynamic Market Portfolio (PWC) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care—12.0% | ||||||||
27,618 | Amedisys, Inc.(b) | $ | 449,621 | |||||
50,716 | AmerisourceBergen Corp. | 3,313,276 | ||||||
12,065 | AmSurg Corp.(b) | 517,468 | ||||||
272,852 | Boston Scientific Corp.(b) | 3,189,640 | ||||||
20,622 | Celgene Corp.(b) | 3,062,161 | ||||||
7,872 | Centene Corp.(b) | 442,092 | ||||||
6,460 | Chemed Corp. | 438,117 | ||||||
22,075 | Impax Laboratories, Inc.(b) | 447,239 | ||||||
8,004 | Magellan Health Services, Inc.(b) | 469,835 | ||||||
23,777 | McKesson Corp. | 3,717,296 | ||||||
2,958 | MWI Veterinary Supply, Inc.(b) | 469,257 | ||||||
8,275 | Omnicare, Inc. | 456,366 | ||||||
56,662 | PDL BioPharma, Inc. | 458,396 | ||||||
19,977 | Santarus, Inc.(b) | 466,063 | ||||||
12,169 | West Pharmaceutical Services, Inc. | 588,371 | ||||||
|
| |||||||
18,485,198 | ||||||||
|
| |||||||
Industrials—12.2% | ||||||||
10,084 | AGCO Corp. | 588,704 | ||||||
5,894 | Alliant Techsystems, Inc. | 641,680 | ||||||
10,660 | Consolidated Graphics, Inc.(b) | 683,200 | ||||||
179,864 | Delta Air Lines, Inc. | 4,744,812 | ||||||
38,772 | Exelis, Inc. | 639,350 | ||||||
39,287 | L-3 Communications Holdings, Inc. | 3,946,379 | ||||||
51,059 | Republic Airways Holdings, Inc.(b) | 601,475 | ||||||
36,350 | RPX Corp.(b) | 649,211 | ||||||
44,246 | SkyWest, Inc. | 665,460 | ||||||
277,028 | Southwest Airlines Co. | 4,770,422 | ||||||
35,293 | US Airways Group, Inc.(b) | 775,387 | ||||||
|
| |||||||
18,706,080 | ||||||||
|
| |||||||
Information Technology—18.0% | ||||||||
31,695 | Benchmark Electronics, Inc.(b) | 720,427 | ||||||
71,276 | Computer Sciences Corp. | 3,511,056 | ||||||
23,782 | Electronics for Imaging, Inc.(b) | 815,961 | ||||||
20,272 | Euronet Worldwide, Inc.(b) | 879,805 | ||||||
77,543 | Flextronics International Ltd. (Singapore)(b) | 611,814 | ||||||
98,491 | Harmonic, Inc.(b) | 719,969 | ||||||
160,005 | Hewlett-Packard Co. | 3,899,322 | ||||||
31,508 | Ingram Micro, Inc., Class A(b) | 730,040 | ||||||
19,593 | InterDigital, Inc. | 759,229 | ||||||
62,959 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 812,171 | ||||||
20,384 | Lexmark International, Inc., Class A | 724,651 | ||||||
5,898 | MasterCard, Inc., Class A | 4,229,456 | ||||||
42,798 | Sanmina Corp.(b) | 623,139 | ||||||
32,403 | SunPower Corp. (France)(b) | 978,247 | ||||||
72,949 | TE Connectivity Ltd. (Switzerland) | 3,756,144 | ||||||
57,653 | Western Digital Corp.(b) | 4,014,378 | ||||||
|
| |||||||
27,785,809 | ||||||||
|
| |||||||
Materials—4.1% | ||||||||
20,070 | CF Industries Holdings, Inc. | 4,327,092 | ||||||
33,814 | FutureFuel Corp. | 588,702 | ||||||
23,443 | Hi-Crush Partners LP(b) | 711,026 | ||||||
23,707 | Suncoke Energy Partners LP(b) | 618,278 | ||||||
|
| |||||||
6,245,098 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Telecommunication Services—2.2% | ||||||||
162,313 | Sprint Corp. (Japan)(b) | $ | 1,092,366 | |||||
11,238 | Telephone & Data Systems, Inc. | 350,401 | ||||||
7,273 | United States Cellular Corp. | 352,013 | ||||||
22,986 | Verizon Communications, Inc. | 1,161,023 | ||||||
99,735 | Vonage Holdings Corp.(b) | 372,012 | ||||||
|
| |||||||
3,327,815 | ||||||||
|
| |||||||
Utilities—2.9% | ||||||||
13,148 | Black Hills Corp. | 666,867 | ||||||
32,496 | Dynegy, Inc., Class A(b) | 631,397 | ||||||
64,207 | Edison International | 3,148,069 | ||||||
|
| |||||||
4,446,333 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $138,733,929) | 153,891,260 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
136,983 | Premier Portfolio—Institutional Class(c) (Cost $136,983) | 136,983 | ||||||
|
| |||||||
Total Investments (Cost $138,870,912)—100.1% | 154,028,243 | |||||||
Other assets less liabilities—(0.1)% | (105,207 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 153,923,036 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Portfolio Composition |
PowerShares Dynamic OTC Portfolio (PWO) |
Sector Breakdown (Unaudited) | ||||
Information Technology | 48.5 | |||
Consumer Discretionary | 20.4 | |||
Health Care | 14.7 | |||
Financials | 6.4 | |||
Industrials | 4.6 | |||
Consumer Staples | 3.1 | |||
Energy | 1.0 | |||
Materials | 0.6 | |||
Telecommunication Services | 0.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Dynamic OTC Portfolio (PWO)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—20.4% | ||||||||
4,392 | AFC Enterprises, Inc.(b) | $ | 195,796 | |||||
9,684 | Apollo Group, Inc., Class A(b) | 258,466 | ||||||
3,309 | Capella Education Co.(b) | 201,584 | ||||||
19,891 | Comcast Corp., Class A | 946,414 | ||||||
18,621 | DISH Network Corp., Class A | 897,532 | ||||||
9,903 | Fox Factory Holding Corp.(b) | 172,510 | ||||||
8,938 | Goodyear Tire & Rubber Co. (The)(b) | 187,519 | ||||||
4,554 | Jack in the Box, Inc.(b) | 185,257 | ||||||
28,633 | LKQ Corp.(b) | 945,748 | ||||||
4,583 | Multimedia Games Holding Co., Inc.(b) | 148,993 | ||||||
2,773 | Red Robin Gourmet Burgers, Inc.(b) | 211,247 | ||||||
10,523 | Viacom, Inc., Class B | 876,461 | ||||||
|
| |||||||
5,227,527 | ||||||||
|
| |||||||
Consumer Staples—3.1% | ||||||||
8,205 | Green Mountain Coffee Roasters, Inc.(b) | 515,356 | ||||||
19,854 | Pilgrim’s Pride Corp. (Brazil)(b) | 281,331 | ||||||
|
| |||||||
796,687 | ||||||||
|
| |||||||
Energy—1.0% | ||||||||
3,015 | Alliance Holdings GP LP | 179,815 | ||||||
5,139 | Tesco Corp.(b) | 88,288 | ||||||
|
| |||||||
268,103 | ||||||||
|
| |||||||
Financials—6.4% | ||||||||
2,108 | AMBAC Financial Group, Inc.(b) | 42,560 | ||||||
2,596 | American National Insurance Co. | 262,378 | ||||||
7,629 | AmTrust Financial Services, Inc.(b) | 292,648 | ||||||
721 | BofI Holding, Inc.(b) | 43,563 | ||||||
9,323 | East West Bancorp, Inc. | 314,092 | ||||||
14,899 | Fifth Third Bancorp | 283,528 | ||||||
2,055 | First Interstate BancSystem, Inc. | 51,601 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
854 | Navigators Group, Inc. (The)(b) | $ | 48,029 | |||||
2,078 | S&T Bancorp, Inc. | 50,953 | ||||||
2,090 | Sandy Spring Bancorp, Inc. | 51,184 | ||||||
2,037 | Selective Insurance Group, Inc. | 53,512 | ||||||
3,204 | United Community Banks, Inc.(b) | 49,950 | ||||||
1,628 | United Fire Group, Inc. | 51,608 | ||||||
1,628 | WesBanco, Inc. | 47,863 | ||||||
|
| |||||||
1,643,469 | ||||||||
|
| |||||||
Health Care—14.7% | ||||||||
7,084 | Amedisys, Inc.(b) | 115,328 | ||||||
3,095 | AmSurg Corp.(b) | 132,745 | ||||||
4,328 | Celgene Corp.(b) | 642,665 | ||||||
14,700 | Endo Health Solutions, Inc.(b) | 642,831 | ||||||
5,996 | Henry Schein, Inc.(b) | 674,130 | ||||||
5,662 | Impax Laboratories, Inc.(b) | 114,712 | ||||||
2,053 | Magellan Health Services, Inc.(b) | 120,511 | ||||||
759 | MWI Veterinary Supply, Inc.(b) | 120,408 | ||||||
2,485 | PAREXEL International Corp.(b) | 113,589 | ||||||
14,534 | PDL BioPharma, Inc. | 117,580 | ||||||
5,124 | Santarus, Inc.(b) | 119,543 | ||||||
8,518 | United Therapeutics Corp.(b) | 754,013 | ||||||
4,229 | VCA Antech, Inc.(b) | 120,315 | ||||||
|
| |||||||
3,788,370 | ||||||||
|
| |||||||
Industrials—4.6% | ||||||||
2,162 | AMERCO | 436,573 | ||||||
1,179 | G&K Services, Inc., Class A | 73,569 | ||||||
1,844 | ICF International, Inc.(b) | 63,839 | ||||||
21,209 | R.R. Donnelley & Sons Co. | 393,851 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Dynamic OTC Portfolio (PWO) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
5,429 | Republic Airways Holdings, Inc.(b) | $ | 63,954 | |||||
3,865 | RPX Corp.(b) | 69,029 | ||||||
4,705 | SkyWest, Inc. | 70,763 | ||||||
|
| |||||||
1,171,578 | ||||||||
|
| |||||||
Information Technology—48.5% | ||||||||
40,348 | Activision Blizzard, Inc. | 671,391 | ||||||
4,015 | Acxiom Corp.(b) | 133,419 | ||||||
3,701 | Advent Software, Inc. | 124,169 | ||||||
2,988 | Aspen Technology, Inc.(b) | 114,231 | ||||||
2,773 | Blackbaud, Inc. | 99,828 | ||||||
13,499 | Brocade Communications Systems, Inc.(b) | 108,262 | ||||||
28,250 | Cisco Systems, Inc. | 635,625 | ||||||
3,506 | comScore, Inc.(b) | 93,680 | ||||||
673 | CoStar Group, Inc.(b) | 119,114 | ||||||
4,084 | Cray, Inc.(b) | 91,318 | ||||||
2,481 | EchoStar Corp., Class A(b) | 118,989 | ||||||
24,789 | Electronic Arts, Inc.(b) | 650,711 | ||||||
3,412 | Electronics for Imaging, Inc.(b) | 117,066 | ||||||
2,908 | Euronet Worldwide, Inc.(b) | 126,207 | ||||||
2,720 | First Solar, Inc.(b) | 136,734 | ||||||
73,325 | Flextronics International Ltd. (Singapore)(b) | 578,534 | ||||||
14,129 | Harmonic, Inc.(b) | 103,283 | ||||||
5,227 | Insight Enterprises, Inc.(b) | 110,133 | ||||||
1,696 | Interactive Intelligence Group, Inc.(b) | 104,219 | ||||||
2,811 | InterDigital, Inc. | 108,926 | ||||||
2,029 | j2 Global, Inc. | 111,555 | ||||||
2,002 | Jack Henry & Associates, Inc. | 109,329 | ||||||
9,032 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 116,513 | ||||||
14,110 | Lam Research Corp.(b) | 765,185 | ||||||
17,180 | Linear Technology Corp. | 706,785 | ||||||
1,354 | Littelfuse, Inc. | 115,131 | ||||||
1,142 | Manhattan Associates, Inc.(b) | 121,635 | ||||||
3,511 | ManTech International Corp., Class A | 98,097 | ||||||
48,537 | Micron Technology, Inc.(b) | 858,134 | ||||||
3,051 | Plexus Corp.(b) | 116,792 | ||||||
1,917 | Power Integrations, Inc. | 110,113 | ||||||
11,935 | SanDisk Corp. | 829,483 | ||||||
6,140 | Sanmina Corp.(b) | 89,398 | ||||||
6,682 | Sapient Corp.(b) | 105,643 | ||||||
2,823 | SS&C Technologies Holdings, Inc.(b) | 110,944 | ||||||
2,385 | Stamps.com, Inc.(b) | 108,374 | ||||||
4,648 | SunPower Corp. (France)(b) | 140,323 | ||||||
2,584 | Synaptics, Inc.(b) | 120,156 | ||||||
5,441 | Take-Two Interactive Software, Inc.(b) | 97,448 | ||||||
4,082 | TeleTech Holdings, Inc.(b) | 108,051 | ||||||
17,239 | Texas Instruments, Inc. | 725,417 | ||||||
2,849 | Ubiquiti Networks, Inc. | 109,914 | ||||||
8,775 | United Online, Inc. | 106,966 | ||||||
10,651 | Western Digital Corp. | 741,629 | ||||||
15,167 | Xilinx, Inc. | 688,885 | ||||||
24,286 | Yahoo!, Inc.(b) | 799,738 | ||||||
|
| |||||||
12,457,477 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials—0.6% | ||||||||
1,937 | Balchem Corp. | $ | 110,913 | |||||
971 | Innospec, Inc. | 44,724 | ||||||
|
| |||||||
155,637 | ||||||||
|
| |||||||
Telecommunication Services—0.6% | ||||||||
921 | Atlantic Tele-Network, Inc. | 51,042 | ||||||
23,447 | Frontier Communications Corp. | 103,401 | ||||||
|
| |||||||
154,443 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $23,074,864) | 25,663,291 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
74,312 | Premier Portfolio—Institutional Class(c) (Cost $74,312) | 74,312 | ||||||
|
| |||||||
Total Investments (Cost $23,149,176)—100.2% | 25,737,603 | |||||||
Other assets less liabilities—(0.2)% | (62,245 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 25,675,358 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Portfolio Composition |
PowerShares FTSE RAFI US 1000 Portfolio (PRF) |
Sector Breakdown (Unaudited) | ||||
Financials | 21.4 | |||
Energy | 12.0 | |||
Consumer Discretionary | 11.5 | |||
Industrials | 11.3 | |||
Information Technology | 10.9 | |||
Health Care | 10.6 | |||
Consumer Staples | 9.8 | |||
Utilities | 4.6 | |||
Telecommunication Services | 4.0 | |||
Materials | 3.9 | |||
Money Market Fund and Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares FTSE RAFI US 1000 Portfolio (PRF)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—11.5% | ||||||||
13,372 | Abercrombie & Fitch Co., Class A | $ | 501,183 | |||||
8,041 | Advance Auto Parts, Inc. | 797,506 | ||||||
20,328 | Aeropostale, Inc.(b)(c) | 188,847 | ||||||
10,220 | Amazon.com, Inc.(c) | 3,720,387 | ||||||
27,987 | American Eagle Outfitters, Inc. | 433,519 | ||||||
9,402 | ANN, Inc. | 332,455 | ||||||
44,842 | Apollo Group, Inc., Class A) | 1,196,833 | ||||||
15,879 | Ascena Retail Group, Inc.) | 314,245 | ||||||
16,324 | Autoliv, Inc. | 1,456,590 | ||||||
8,752 | AutoNation, Inc.(c) | 422,109 | ||||||
2,858 | AutoZone, Inc.(c) | 1,242,344 | ||||||
24,848 | Barnes & Noble, Inc.(c) | 351,102 | ||||||
25,955 | Bed Bath & Beyond, Inc.(c) | 2,006,841 | ||||||
200,638 | Best Buy Co., Inc. | 8,587,306 | ||||||
17,039 | Big Lots, Inc.(c) | 619,538 | ||||||
9,899 | BorgWarner, Inc.(c) | 1,020,884 | ||||||
12,559 | Brinker International, Inc. | 557,871 | ||||||
8,065 | Brunswick Corp. | 363,973 | ||||||
61,512 | Cablevision Systems Corp., Class A | 956,512 | ||||||
26,891 | Caesars Entertainment Corp.(b)(c) | 468,441 | ||||||
100,624 | Career Education Corp.(c) | 551,419 | ||||||
27,158 | CarMax, Inc.(c) | 1,276,154 | ||||||
47,425 | Carnival Corp. | 1,643,276 | ||||||
1,061 | CBS Corp., Class A | 62,716 | ||||||
65,654 | CBS Corp., Class B | 3,882,778 | ||||||
9,682 | Charter Communications, Inc., Class A(c) | 1,299,712 | ||||||
1,098 | Chipotle Mexican Grill, Inc.(c) | 578,613 | ||||||
13,210 | Cinemark Holdings, Inc. | 433,420 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
16,839 | Coach, Inc. | $ | 853,400 | |||||
236,500 | Comcast Corp., Class A | 11,252,670 | ||||||
59,511 | Comcast Corp. Special, Class A(c) | 2,755,359 | ||||||
13,216 | Cooper Tire & Rubber Co. | 343,748 | ||||||
20,288 | CST Brands, Inc.(c) | 654,085 | ||||||
30,073 | D.R. Horton, Inc. | 569,883 | ||||||
45,791 | Dana Holding Corp. | 897,504 | ||||||
23,960 | Darden Restaurants, Inc. | 1,234,659 | ||||||
30,239 | Delphi Automotive PLC (United Kingdom) | 1,729,671 | ||||||
8,673 | DeVry, Inc. | 311,361 | ||||||
6,738 | Dick’s Sporting Goods, Inc. | 358,529 | ||||||
5,020 | Dillard’s, Inc., Class A | 411,540 | ||||||
79,055 | DIRECTV(c) | 4,940,147 | ||||||
8,296 | Discovery Communications, Inc., Class A(c) | 737,680 | ||||||
5,005 | Discovery Communications, Inc., Class C(c) | 413,964 | ||||||
29,785 | DISH Network Corp., Class A | 1,435,637 | ||||||
25,038 | Dollar General Corp.(c) | 1,446,696 | ||||||
17,532 | Dollar Tree, Inc.(c) | 1,023,869 | ||||||
9,230 | Domino’s Pizza, Inc. | 618,964 | ||||||
7,569 | Expedia, Inc. | 445,663 | ||||||
11,757 | Family Dollar Stores, Inc. | 809,822 | ||||||
20,828 | Foot Locker, Inc. | 722,732 | ||||||
1,197,058 | Ford Motor Co. | 20,481,662 | ||||||
3,223 | Fossil Group, Inc.(c) | 409,128 | ||||||
49,685 | GameStop Corp., Class A | 2,723,732 | ||||||
63,311 | Gannett Co., Inc. | 1,751,815 | ||||||
36,617 | Gap, Inc. (The) | 1,354,463 | ||||||
17,677 | Garmin Ltd.(b) | 826,400 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
294,394 | General Motors Co.(c) | $ | 10,877,858 | |||||
15,819 | Gentex Corp. | 465,711 | ||||||
22,138 | Genuine Parts Co. | 1,745,138 | ||||||
8,101 | GNC Holdings, Inc., Class A | 476,501 | ||||||
149,189 | Goodyear Tire & Rubber Co. (The) | 3,129,985 | ||||||
5,778 | Group 1 Automotive, Inc. | 369,792 | ||||||
13,737 | Guess?, Inc. | 429,281 | ||||||
34,874 | H&R Block, Inc. | 991,817 | ||||||
14,458 | Hanesbrands, Inc.(c) | 984,879 | ||||||
22,032 | Harley-Davidson, Inc. | 1,410,929 | ||||||
8,968 | Harman International Industries, Inc. | 726,587 | ||||||
17,508 | Hasbro, Inc. | 904,288 | ||||||
153,674 | Home Depot, Inc. (The) | 11,969,668 | ||||||
6,296 | Hyatt Hotels Corp., Class A(c) | 299,690 | ||||||
44,974 | International Game Technology | 845,511 | ||||||
60,636 | Interpublic Group of Cos., Inc. (The) | 1,018,685 | ||||||
20,415 | ITT Educational Services, Inc.(b)(c) | 819,050 | ||||||
70,992 | J.C. Penney Co., Inc.(b) | 532,440 | ||||||
8,849 | Jack in the Box, Inc.(c) | 359,977 | ||||||
13,395 | Jarden Corp.(c) | 741,547 | ||||||
6,878 | John Wiley & Sons, Inc., Class A | 345,895 | ||||||
166 | John Wiley & Sons, Inc., Class B | 8,086 | ||||||
127,831 | Johnson Controls, Inc. | 5,899,401 | ||||||
32,907 | Jones Group, Inc. (The) | 511,375 | ||||||
46,806 | Kohl’s Corp. | 2,658,581 | ||||||
36,601 | L Brands, Inc. | 2,291,589 | ||||||
8,763 | Lamar Advertising Co., Class A(c) | 400,557 | ||||||
17,649 | Las Vegas Sands Corp. | 1,239,313 | ||||||
19,428 | Lear Corp. | 1,503,533 | ||||||
23,545 | Leggett & Platt, Inc. | 700,228 | ||||||
12,491 | Lennar Corp., Class A | 444,055 | ||||||
745 | Lennar Corp., Class B | 21,955 | ||||||
18,127 | Liberty Global PLC, Class A (United Kingdom)(c) | 1,420,613 | ||||||
156 | Liberty Global PLC, Class B (United Kingdom)(c) | 12,246 | ||||||
15,761 | Liberty Global PLC, Class C (United Kingdom)(c) | 1,179,868 | ||||||
87,754 | Liberty Interactive Corp., Class A(c) | 2,365,848 | ||||||
243 | Liberty Interactive Corp., Class B(c) | 6,556 | ||||||
3,490 | Liberty Media Corp., Class A(c) | 533,656 | ||||||
16 | Liberty Media Corp., Class B(c) | 2,412 | ||||||
43,699 | Live Nation Entertainment, Inc.(c) | 849,509 | ||||||
18,473 | LKQ Corp.(c) | 610,163 | ||||||
170,664 | Lowe’s Cos., Inc. | 8,495,654 | ||||||
73,939 | Macy’s, Inc. | 3,409,327 | ||||||
22,204 | Marriott International, Inc., Class A | 1,000,956 | ||||||
33,336 | Mattel, Inc. | 1,479,118 | ||||||
96,497 | McDonald’s Corp. | 9,313,890 | ||||||
96,605 | MGM Resorts International(c) | 1,839,359 | ||||||
8,253 | Mohawk Industries, Inc.(c) | 1,092,862 | ||||||
12,047 | Murphy USA, Inc.(c) | 488,867 | ||||||
1,689 | Netflix, Inc.(c) | 544,669 | ||||||
30,950 | New York Times Co. (The), Class A(c) | 428,038 | ||||||
42,220 | Newell Rubbermaid, Inc. | 1,250,979 | ||||||
35,610 | News Corp., Class A(c) | 626,736 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
11,794 | News Corp., Class B(c) | $ | 211,466 | |||||
46,430 | NIKE, Inc., Class B | 3,517,537 | ||||||
18,921 | Nordstrom, Inc. | 1,144,153 | ||||||
527 | NVR, Inc.(c) | 483,428 | ||||||
212,491 | Office Depot, Inc.(c) | 1,187,825 | ||||||
43,591 | OfficeMax, Inc. | 652,993 | ||||||
35,366 | Omnicom Group, Inc. | 2,408,778 | ||||||
8,659 | O’Reilly Automotive, Inc.(c) | 1,072,071 | ||||||
1,630 | Panera Bread Co., Class A(c) | 257,410 | ||||||
9,516 | Penn National Gaming, Inc.(c) | 556,781 | ||||||
13,189 | Penske Automotive Group, Inc. | 522,548 | ||||||
10,001 | PetSmart, Inc. | 727,673 | ||||||
3,529 | Polaris Industries, Inc. | 462,123 | ||||||
1,054 | Priceline.com, Inc.(c) | 1,110,737 | ||||||
20,017 | PulteGroup, Inc.(c) | 353,300 | ||||||
4,152 | PVH Corp. | 517,215 | ||||||
156,649 | RadioShack Corp.(b) | 440,184 | ||||||
3,634 | Ralph Lauren Corp. | 601,936 | ||||||
41,592 | Regal Entertainment Group, Class A(b) | 790,664 | ||||||
15,115 | Regis Corp. | 219,167 | ||||||
15,143 | Rent-A-Center, Inc. | 518,496 | ||||||
15,652 | Ross Stores, Inc. | 1,210,682 | ||||||
30,319 | Royal Caribbean Cruises Ltd. | 1,274,611 | ||||||
23,015 | Saks, Inc.(c) | 368,010 | ||||||
11,590 | Sally Beauty Holdings, Inc.(c) | 305,049 | ||||||
4,871 | Scripps Networks Interactive, Inc., Class A | 392,115 | ||||||
31,969 | Sears Holdings Corp.(b)(c) | 1,856,759 | ||||||
27,984 | Service Corp. International | 503,992 | ||||||
9,595 | Signet Jewelers Ltd. | 716,363 | ||||||
17,176 | Sonic Automotive, Inc., Class A | 382,681 | ||||||
216,515 | Staples, Inc. | 3,490,222 | ||||||
28,662 | Starbucks Corp. | 2,323,055 | ||||||
17,034 | Starwood Hotels & Resorts Worldwide, Inc. | 1,254,043 | ||||||
16,034 | Starz, Class A(c) | 483,425 | ||||||
75 | Starz, Class B(c) | 2,260 | ||||||
125,798 | Target Corp. | 8,150,452 | ||||||
17,060 | Tenneco, Inc.(c) | 905,374 | ||||||
10,569 | Tiffany & Co. | 836,748 | ||||||
46,598 | Time Warner Cable, Inc. | 5,598,750 | ||||||
159,600 | Time Warner, Inc. | 10,970,904 | ||||||
54,899 | TJX Cos., Inc. (The) | 3,337,310 | ||||||
12,799 | Toll Brothers, Inc.(c) | 420,831 | ||||||
5,174 | Tractor Supply Co.(c) | 369,165 | ||||||
56,241 | TravelCenters of America LLC(c) | 467,363 | ||||||
26,181 | TRW Automotive Holdings Corp.(c) | 1,966,455 | ||||||
4,336 | Tupperware Brands Corp. | 388,722 | ||||||
146,313 | Twenty-First Century Fox, Inc. | 4,986,347 | ||||||
40,447 | Twenty-First Century Fox, Inc., Class B(c) | 1,375,198 | ||||||
7,613 | Urban Outfitters, Inc.(c) | 288,380 | ||||||
10,681 | Valassis Communications, Inc.(b)(c) | 292,232 | ||||||
7,999 | VF Corp. | 1,719,785 | ||||||
1,200 | Viacom, Inc., Class A | 100,260 | ||||||
39,857 | Viacom, Inc., Class B | 3,319,689 | ||||||
15,558 | Visteon Corp.(c) | 1,199,366 | ||||||
162,005 | Walt Disney Co. (The) | 11,111,923 | ||||||
1,252 | Washington Post Co. (The), Class B | 805,437 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
57,971 | Wendy’s Co. (The) | $ | 503,768 | |||||
17,673 | Whirlpool Corp. | 2,580,435 | ||||||
8,670 | Williams-Sonoma, Inc. | 454,655 | ||||||
12,644 | Wyndham Worldwide Corp. | 839,562 | ||||||
10,876 | Wynn Resorts Ltd. | 1,808,135 | ||||||
33,634 | Yum! Brands, Inc. | 2,274,331 | ||||||
|
| |||||||
288,247,914 | ||||||||
|
| |||||||
Consumer Staples—9.8% | ||||||||
338,364 | Altria Group, Inc. | 12,597,292 | ||||||
5,230 | Andersons, Inc. (The) | 387,961 | ||||||
203,477 | Archer-Daniels-Midland Co. | 8,322,209 | ||||||
91,151 | Avon Products, Inc. | 1,595,142 | ||||||
17,307 | Beam, Inc. | 1,164,761 | ||||||
3,803 | Brown-Forman Corp., Class A | 274,120 | ||||||
8,591 | Brown-Forman Corp., Class B | 626,971 | ||||||
53,637 | Bunge Ltd. | 4,405,207 | ||||||
23,238 | Campbell Soup Co. | 989,242 | ||||||
6,453 | Casey’s General Stores, Inc. | 470,295 | ||||||
54,838 | Chiquita Brands International, Inc.(c) | 567,573 | ||||||
8,274 | Church & Dwight Co., Inc. | 539,051 | ||||||
13,616 | Clorox Co. (The) | 1,228,027 | ||||||
362,814 | Coca-Cola Co. (The) | 14,356,550 | ||||||
45,893 | Coca-Cola Enterprises, Inc. | 1,915,115 | ||||||
70,055 | Colgate-Palmolive Co. | 4,534,660 | ||||||
63,156 | ConAgra Foods, Inc. | 2,008,992 | ||||||
14,647 | Constellation Brands, Inc., Class A(c) | 956,449 | ||||||
106 | Constellation Brands, Inc., Class B(c) | 6,638 | ||||||
61,524 | Costco Wholesale Corp. | 7,259,832 | ||||||
212,877 | CVS Caremark Corp. | 13,253,722 | ||||||
46,088 | Dean Foods Co.(c) | 898,716 | ||||||
23,762 | Dr Pepper Snapple Group, Inc. | 1,125,131 | ||||||
8,838 | Energizer Holdings, Inc.(c) | 867,096 | ||||||
10,596 | Estee Lauder Cos., Inc. (The), Class A | 751,892 | ||||||
17,239 | Flowers Foods, Inc. | 436,836 | ||||||
9,683 | Fresh Del Monte Produce, Inc. | 257,471 | ||||||
76,787 | General Mills, Inc. | 3,871,601 | ||||||
6,382 | Green Mountain Coffee Roasters, Inc.(b)(c) | 400,853 | ||||||
6,486 | Harris Teeter Supermarkets, Inc. | 319,890 | ||||||
10,613 | Herbalife Ltd. (Cayman Islands)(b) | 687,935 | ||||||
10,663 | Hershey Co. (The) | 1,058,196 | ||||||
52,240 | Hillshire Brands Co. | 1,715,039 | ||||||
13,670 | Hormel Foods Corp. | 594,098 | ||||||
8,799 | Ingredion, Inc. | 578,622 | ||||||
13,102 | J.M. Smucker Co. (The) | 1,457,073 | ||||||
29,069 | Kellogg Co. | 1,838,614 | ||||||
48,010 | Kimberly-Clark Corp. | 5,185,080 | ||||||
85,914 | Kraft Foods Group, Inc.(c) | 4,672,003 | ||||||
193,744 | Kroger Co. (The) | 8,299,993 | ||||||
59,463 | Lorillard, Inc. | 3,033,208 | ||||||
617 | McCormick & Co., Inc.(b) | 40,414 | ||||||
9,547 | McCormick & Co., Inc., Non-Voting | 660,175 | ||||||
8,773 | Mead Johnson Nutrition Co. | 716,403 | ||||||
22,740 | Molson Coors Brewing Co., Class B | 1,227,960 | ||||||
385,056 | Mondelez International, Inc., Class A | 12,953,284 | ||||||
5,085 | Monster Beverage Corp.(c) | 291,015 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
15,655 | Nash Finch Co. | $ | 439,279 | |||||
31,673 | Pantry, Inc. (The)(c) | 424,101 | ||||||
168,976 | PepsiCo, Inc. | 14,209,192 | ||||||
128,256 | Philip Morris International, Inc. | 11,430,175 | ||||||
6,783 | Post Holdings, Inc.(c) | 291,330 | ||||||
324,319 | Procter & Gamble Co. (The) | 26,188,759 | ||||||
51,007 | Reynolds American, Inc. | 2,620,230 | ||||||
900,690 | Rite Aid Corp.(c) | 4,800,678 | ||||||
149,201 | Safeway, Inc. | 5,207,115 | ||||||
749,328 | SUPERVALU, Inc.(c) | 5,267,776 | ||||||
125,612 | Sysco Corp. | 4,062,292 | ||||||
5,077 | TreeHouse Foods, Inc.(c) | 371,941 | ||||||
85,475 | Tyson Foods, Inc., Class A | 2,365,093 | ||||||
6,762 | United Natural Foods, Inc.(c) | 483,145 | ||||||
6,754 | Universal Corp.(b) | 358,165 | ||||||
152,742 | Walgreen Co. | 9,048,436 | ||||||
315,939 | Wal-Mart Stores, Inc. | 24,248,318 | ||||||
20,735 | Whole Foods Market, Inc.(c) | 1,309,001 | ||||||
|
| |||||||
244,523,433 | ||||||||
|
| |||||||
Energy—12.0% | ||||||||
149,941 | Alpha Natural Resources, Inc.(c) | 1,049,587 | ||||||
52,757 | Anadarko Petroleum Corp. | 5,027,215 | ||||||
68,534 | Apache Corp. | 6,085,819 | ||||||
142,097 | Arch Coal, Inc.(b)(c) | 602,491 | ||||||
6,327 | Atwood Oceanics, Inc.(c) | 336,153 | ||||||
69,629 | Baker Hughes, Inc. | 4,044,749 | ||||||
16,337 | Bill Barrett Corp.(b)(c) | 452,045 | ||||||
12,444 | Cabot Oil & Gas Corp.(c) | 439,522 | ||||||
20,202 | Cameron International Corp.(c) | 1,108,282 | ||||||
171,490 | Chesapeake Energy Corp. | 4,794,860 | ||||||
367,406 | Chevron Corp. | 44,074,024 | ||||||
9,371 | Cimarex Energy Co. | 987,235 | ||||||
17,107 | Cloud Peak Energy, Inc.(c) | 267,040 | ||||||
6,117 | Concho Resources, Inc.(c) | 676,601 | ||||||
500,621 | ConocoPhillips | 36,695,519 | ||||||
31,518 | CONSOL Energy, Inc. | 1,150,407 | ||||||
20,823 | Cosan Ltd., Class A (Brazil) | 328,170 | ||||||
49,504 | Denbury Resources, Inc.(c) | 940,081 | ||||||
81,965 | Devon Energy Corp. | 5,181,827 | ||||||
18,466 | Diamond Offshore Drilling, Inc. | 1,143,599 | ||||||
6,310 | Dresser-Rand Group, Inc.(c) | 383,459 | ||||||
10,621 | Energen Corp. | 831,837 | ||||||
24,468 | Ensco PLC, Class A | 1,410,580 | ||||||
20,110 | EOG Resources, Inc. | 3,587,624 | ||||||
12,519 | EQT Corp. | 1,071,752 | ||||||
40,584 | EXCO Resources, Inc.(b)(c) | 219,559 | ||||||
19,095 | Exterran Holdings, Inc.(c) | 545,162 | ||||||
745,806 | Exxon Mobil Corp. | 66,839,134 | ||||||
13,261 | FMC Technologies, Inc.(c) | 670,344 | ||||||
60,004 | Forest Oil Corp.(c) | 284,419 | ||||||
95,285 | Halliburton Co. | 5,052,964 | ||||||
19,577 | Helix Energy Solutions Group, Inc.(c) | 463,192 | ||||||
9,396 | Helmerich & Payne, Inc. | 728,660 | ||||||
70,643 | Hess Corp. | 5,736,212 | ||||||
20,073 | HollyFrontier Corp. | 924,562 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
39,675 | Key Energy Services, Inc.(c) | $ | 310,258 | |||||
39,782 | Kinder Morgan, Inc. | 1,404,702 | ||||||
206,056 | Marathon Oil Corp. | 7,265,535 | ||||||
57,432 | Marathon Petroleum Corp. | 4,115,577 | ||||||
52,374 | McDermott International, Inc.(c) | 370,284 | ||||||
46,641 | Murphy Oil Corp. | 2,813,385 | ||||||
87,835 | Nabors Industries Ltd. | 1,535,356 | ||||||
47,923 | National Oilwell Varco, Inc. | 3,890,389 | ||||||
44,787 | Newfield Exploration Co.(c) | 1,363,764 | ||||||
41,704 | Noble Corp. | 1,572,241 | ||||||
26,745 | Noble Energy, Inc. | 2,004,003 | ||||||
113,113 | Occidental Petroleum Corp. | 10,867,897 | ||||||
5,544 | Oceaneering International, Inc. | 476,119 | ||||||
7,528 | Oil States International, Inc.(c) | 817,767 | ||||||
23,971 | Patterson-UTI Energy, Inc. | 581,536 | ||||||
63,909 | Peabody Energy Corp. | 1,244,947 | ||||||
210,215 | Phillips 66 | 13,544,152 | ||||||
6,855 | Pioneer Natural Resources Co. | 1,403,767 | ||||||
24,747 | QEP Resources, Inc. | 818,136 | ||||||
5,798 | Range Resources Corp. | 438,967 | ||||||
18,551 | Rowan Cos. PLC, Class A(c) | 669,320 | ||||||
62,375 | SandRidge Energy, Inc.(b)(c) | 395,457 | ||||||
109,500 | Schlumberger Ltd. | 10,262,340 | ||||||
6,344 | SEACOR Holdings, Inc.(c) | 620,443 | ||||||
5,637 | SM Energy Co. | 499,495 | ||||||
30,495 | Southwestern Energy Co.(c) | 1,135,024 | ||||||
96,654 | Spectra Energy Corp. | 3,437,983 | ||||||
17,763 | Superior Energy Services, Inc.(c) | 476,581 | ||||||
5,479 | Targa Resources Corp. | 424,951 | ||||||
10,218 | Teekay Corp. (Bermuda) | 443,768 | ||||||
31,129 | Tesoro Corp.(c) | 1,521,897 | ||||||
8,902 | Tidewater, Inc. | 536,078 | ||||||
24,632 | Ultra Petroleum Corp.(b)(c) | 452,244 | ||||||
10,070 | Unit Corp.(c) | 517,699 | ||||||
178,768 | Valero Energy Corp. | 7,359,879 | ||||||
193,749 | Weatherford International Ltd.(c) | 3,185,234 | ||||||
10,322 | Western Refining, Inc.(b) | 333,091 | ||||||
13,374 | Whiting Petroleum Corp.(c) | 894,587 | ||||||
59,258 | Williams Cos., Inc. (The) | 2,116,103 | ||||||
25,869 | World Fuel Services Corp. | 986,902 | ||||||
104,749 | WPX Energy, Inc.(c) | 2,319,143 | ||||||
|
| |||||||
299,561,687 | ||||||||
|
| |||||||
Financials—21.4% | ||||||||
50,808 | ACE Ltd. | 4,849,116 | ||||||
2,788 | Affiliated Managers Group, Inc.(c) | 550,463 | ||||||
73,260 | Aflac, Inc. | 4,760,435 | ||||||
7,055 | Alexandria Real Estate Equities, Inc. REIT | 464,078 | ||||||
1,084 | Alleghany Corp.(c) | 439,475 | ||||||
6,344 | Allied World Assurance Co. Holdings AG | 686,992 | ||||||
106,138 | Allstate Corp. (The) | 5,631,682 | ||||||
5,893 | American Campus Communities, Inc. REIT | 203,662 | ||||||
21,733 | American Capital Agency Corp. REIT | 472,041 | ||||||
107,934 | American Express Co. | 8,829,001 | ||||||
19,334 | American Financial Group, Inc. | 1,087,731 | ||||||
397,582 | American International Group, Inc. | 20,535,110 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
8,848 | American Tower Corp. REIT | $ | 702,089 | |||||
27,857 | Ameriprise Financial, Inc. | 2,800,743 | ||||||
237,421 | Annaly Capital Management, Inc. REIT | 2,799,194 | ||||||
41,932 | Anworth Mortgage Asset Corp. REIT | 205,886 | ||||||
30,590 | Aon PLC (United Kingdom) | 2,419,363 | ||||||
21,420 | Apartment Investment & Management Co., Class A REIT | 599,332 | ||||||
17,764 | Arch Capital Group Ltd.(c) | 1,029,601 | ||||||
14,059 | Arthur J. Gallagher & Co. | 667,100 | ||||||
14,588 | Aspen Insurance Holdings Ltd. | 569,078 | ||||||
37,862 | Associated Banc-Corp. | 615,636 | ||||||
29,972 | Assurant, Inc. | 1,752,763 | ||||||
26,393 | Assured Guaranty Ltd. | 541,056 | ||||||
30,816 | Astoria Financial Corp. | 407,079 | ||||||
8,037 | AvalonBay Communities, Inc. REIT | 1,005,027 | ||||||
20,754 | Axis Capital Holdings Ltd. | 984,155 | ||||||
18,855 | BancorpSouth, Inc. | 416,695 | ||||||
3,939,255 | Bank of America Corp. | 54,992,000 | ||||||
7,551 | Bank of Hawaii Corp. | 437,807 | ||||||
212,828 | Bank of New York Mellon Corp. (The) | 6,767,930 | ||||||
146,057 | BB&T Corp. | 4,961,556 | ||||||
243,052 | Berkshire Hathaway, Inc., Class B(c) | 27,970,424 | ||||||
19,830 | BioMed Realty Trust, Inc. REIT | 395,014 | ||||||
13,039 | BlackRock, Inc. | 3,922,262 | ||||||
14,694 | Boston Properties, Inc. REIT | 1,520,829 | ||||||
32,333 | Brandywine Realty Trust REIT | 460,099 | ||||||
7,734 | BRE Properties, Inc. REIT | 422,354 | ||||||
10,236 | Brown & Brown, Inc. | 326,835 | ||||||
7,399 | Camden Property Trust REIT | 475,016 | ||||||
105,619 | Capital One Financial Corp. | 7,252,857 | ||||||
57,402 | CapitalSource, Inc. | 750,818 | ||||||
27,841 | Capitol Federal Financial, Inc. | 352,745 | ||||||
24,743 | Capstead Mortgage Corp. REIT | 292,710 | ||||||
20,045 | CBL & Associates Properties, Inc. REIT | 397,091 | ||||||
24,534 | CBRE Group, Inc., Class A(c) | 569,925 | ||||||
127,010 | Charles Schwab Corp. (The) | 2,876,776 | ||||||
185,214 | Chimera Investment Corp. REIT | 561,198 | ||||||
45,410 | Chubb Corp. (The) | 4,181,353 | ||||||
25,150 | Cincinnati Financial Corp. | 1,257,500 | ||||||
29,573 | CIT Group, Inc.(c) | 1,424,236 | ||||||
795,465 | Citigroup, Inc. | 38,802,783 | ||||||
6,908 | City National Corp. | 498,136 | ||||||
46,328 | CME Group, Inc. | 3,438,001 | ||||||
93,318 | CNO Financial Group, Inc. | 1,453,894 | ||||||
40,697 | Comerica, Inc. | 1,762,180 | ||||||
12,826 | Commerce Bancshares, Inc. | 590,124 | ||||||
23,516 | CommonWealth REIT | 573,085 | ||||||
12,524 | Corporate Office Properties Trust REIT | 308,090 | ||||||
10,592 | Corrections Corp. of America REIT(c) | 391,904 | ||||||
8,821 | Cullen/Frost Bankers, Inc. | 624,439 | ||||||
21,605 | CYS Investments, Inc. REIT | 183,426 | ||||||
38,637 | DCT Industrial Trust, Inc. REIT | 299,437 | ||||||
27,246 | DDR Corp. REIT | 461,820 | ||||||
32,822 | DiamondRock Hospitality Co. REIT | 373,843 | ||||||
8,141 | Digital Realty Trust, Inc. REIT(b)(c) | 388,000 | ||||||
57,718 | Discover Financial Services | 2,994,410 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
13,894 | Douglas Emmett, Inc. REIT | $ | 346,377 | |||||
43,133 | Duke Realty Corp. REIT | 714,714 | ||||||
76,594 | E*TRADE Financial Corp.(c) | 1,295,205 | ||||||
14,362 | East West Bancorp, Inc. | 483,856 | ||||||
6,994 | Eaton Vance Corp. | 292,419 | ||||||
10,178 | Endurance Specialty Holdings Ltd. | 562,742 | ||||||
6,273 | EPR Properties REIT | 322,244 | ||||||
30,321 | Equity Residential REIT | 1,587,608 | ||||||
3,782 | Erie Indemnity Co., Class A | 271,623 | ||||||
2,751 | Essex Property Trust, Inc. REIT | 442,911 | ||||||
8,672 | Everest Re Group Ltd. | 1,333,233 | ||||||
23,783 | F.N.B. Corp. | 297,525 | ||||||
4,796 | Federal Realty Investment Trust REIT | 496,866 | ||||||
20,808 | Federated Investors, Inc., Class B(b) | 564,313 | ||||||
40,565 | Fidelity National Financial, Inc., Class A | 1,141,905 | ||||||
183,080 | Fifth Third Bancorp | 3,484,012 | ||||||
19,562 | First American Financial Corp. | 505,873 | ||||||
52,359 | First Horizon National Corp. | 557,623 | ||||||
80,745 | First Niagara Financial Group, Inc. | 890,617 | ||||||
8,865 | First Republic Bank | 452,736 | ||||||
23,630 | FirstMerit Corp. | 530,730 | ||||||
32,490 | Franklin Resources, Inc. | 1,749,911 | ||||||
36,683 | Fulton Financial Corp. | 447,899 | ||||||
44,412 | General Growth Properties, Inc. REIT | 942,867 | ||||||
273,984 | Genworth Financial, Inc., Class A(c) | 3,980,987 | ||||||
7,365 | Geo Group, Inc. (The) REIT | 259,764 | ||||||
85,760 | Goldman Sachs Group, Inc. (The) | 13,795,354 | ||||||
11,229 | Hancock Holding Co. | 368,087 | ||||||
12,088 | Hanover Insurance Group, Inc. (The) | 707,631 | ||||||
207,638 | Hartford Financial Services Group, Inc. (The) | 6,997,401 | ||||||
15,013 | Hatteras Financial Corp. REIT | 273,237 | ||||||
15,895 | HCC Insurance Holdings, Inc. | 725,607 | ||||||
34,115 | HCP, Inc. REIT | 1,415,772 | ||||||
16,291 | Health Care REIT, Inc. | 1,056,471 | ||||||
9,605 | Healthcare Realty Trust, Inc. REIT | 230,616 | ||||||
9,986 | Highwoods Properties, Inc. REIT | 385,460 | ||||||
5,520 | Home Properties, Inc. REIT | 332,911 | ||||||
30,277 | Hospitality Properties Trust REIT | 889,538 | ||||||
82,305 | Host Hotels & Resorts, Inc. REIT | 1,526,758 | ||||||
118,261 | Hudson City Bancorp, Inc. | 1,061,984 | ||||||
171,089 | Huntington Bancshares, Inc. | 1,505,583 | ||||||
27,235 | Interactive Brokers Group, Inc., Class A | 561,858 | ||||||
3,789 | IntercontinentalExchange, Inc.(c) | 730,254 | ||||||
54,605 | Invesco Ltd.(d) | 1,842,919 | ||||||
12,810 | Invesco Mortgage Capital, Inc. REIT(d) | 197,914 | ||||||
43,173 | iStar Financial, Inc. REIT(c) | 545,275 | ||||||
28,471 | Janus Capital Group, Inc. | 281,009 | ||||||
4,242 | Jones Lang LaSalle, Inc. | 403,838 | ||||||
799,985 | JPMorgan Chase & Co. | 41,231,227 | ||||||
13,821 | Kemper Corp. | 511,653 | ||||||
225,801 | KeyCorp | 2,829,287 | ||||||
5,521 | Kilroy Realty Corp. REIT | 293,496 | ||||||
44,266 | Kimco Realty Corp. REIT | 950,834 | ||||||
10,289 | LaSalle Hotel Properties REIT | 319,473 | ||||||
29,804 | Legg Mason, Inc. | 1,146,560 | ||||||
20,949 | Leucadia National Corp. | 593,695 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
30,470 | Lexington Realty Trust REIT | $ | 356,499 | |||||
18,067 | Liberty Property Trust REIT | 671,912 | ||||||
78,993 | Lincoln National Corp. | 3,587,072 | ||||||
65,379 | Loews Corp. | 3,158,459 | ||||||
17,026 | M&T Bank Corp. | 1,915,936 | ||||||
11,443 | Macerich Co. (The) REIT | 677,540 | ||||||
20,276 | Mack-Cali Realty Corp. REIT | 416,875 | ||||||
1,321 | Markel Corp.(c) | 699,694 | ||||||
61,926 | Marsh & McLennan Cos., Inc. | 2,836,211 | ||||||
34,101 | McGraw Hill Financial, Inc. | 2,376,158 | ||||||
7,694 | Mercury General Corp. | 358,233 | ||||||
234,230 | MetLife, Inc. | 11,081,421 | ||||||
57,200 | MFA Financial, Inc. REIT | 423,852 | ||||||
4,095 | Mid-America Apartment Communities, Inc. REIT | 271,908 | ||||||
12,675 | Moody’s Corp. | 895,615 | ||||||
319,173 | Morgan Stanley | 9,169,840 | ||||||
16,064 | MSCI, Inc., Class A(c) | 654,929 | ||||||
25,297 | NASDAQ OMX Group, Inc. (The) | 896,273 | ||||||
9,484 | National Retail Properties, Inc. REIT(b) | 326,250 | ||||||
106,452 | New York Community Bancorp, Inc.(b) | 1,725,587 | ||||||
32,783 | Northern Trust Corp. | 1,849,617 | ||||||
44,761 | NYSE Euronext(b) | 1,970,379 | ||||||
62,403 | Old Republic International Corp. | 1,047,746 | ||||||
13,097 | PartnerRe Ltd. | 1,312,450 | ||||||
71,959 | People’s United Financial, Inc. | 1,038,368 | ||||||
37,313 | PHH Corp.(c) | 897,378 | ||||||
33,793 | Piedmont Office Realty Trust, Inc., Class A REIT | 624,495 | ||||||
5,539 | Platinum Underwriters Holdings Ltd. | 344,470 | ||||||
17,619 | Plum Creek Timber Co., Inc. REIT | 799,903 | ||||||
100,110 | PNC Financial Services Group, Inc. | 7,361,088 | ||||||
29,594 | Popular, Inc.(c) | 747,248 | ||||||
11,928 | Primerica, Inc. | 512,308 | ||||||
62,989 | Principal Financial Group, Inc. | 2,989,458 | ||||||
6,348 | ProAssurance Corp. | 287,691 | ||||||
104,288 | Progressive Corp. (The) | 2,708,359 | ||||||
42,853 | Prologis, Inc. REIT | 1,711,977 | ||||||
26,075 | Protective Life Corp. | 1,201,536 | ||||||
127,952 | Prudential Financial, Inc. | 10,414,013 | ||||||
8,665 | Public Storage REIT | 1,446,795 | ||||||
11,214 | Raymond James Financial, Inc. | 511,919 | ||||||
11,417 | Rayonier, Inc. REIT | 536,827 | ||||||
9,232 | Realty Income Corp. REIT | 384,513 | ||||||
12,755 | Redwood Trust, Inc. REIT(b) | 223,468 | ||||||
9,379 | Regency Centers Corp. REIT | 484,519 | ||||||
390,974 | Regions Financial Corp. | 3,765,080 | ||||||
19,368 | Reinsurance Group of America, Inc. | 1,378,614 | ||||||
6,687 | RenaissanceRe Holdings Ltd. | 626,639 | ||||||
12,153 | RLJ Lodging Trust REIT | 306,985 | ||||||
8,900 | SEI Investments Co. | 295,391 | ||||||
11,621 | Selective Insurance Group, Inc. | 305,284 | ||||||
16,018 | Senior Housing Properties Trust REIT | 394,684 | ||||||
3,541 | Signature Bank(c) | 360,545 | ||||||
15,566 | Simon Property Group, Inc. REIT | 2,405,725 | ||||||
9,239 | SL Green Realty Corp. REIT | 873,732 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
69,094 | SLM Corp. | $ | 1,752,915 | |||||
12,649 | StanCorp Financial Group, Inc. | 745,026 | ||||||
9,312 | Starwood Property Trust, Inc. REIT | 239,225 | ||||||
61,930 | State Street Corp. | 4,339,435 | ||||||
144,018 | SunTrust Banks, Inc. | 4,844,766 | ||||||
28,390 | Susquehanna Bancshares, Inc. | 334,576 | ||||||
4,887 | SVB Financial Group(c) | 468,077 | ||||||
34,605 | Symetra Financial Corp. | 648,152 | ||||||
218,446 | Synovus Financial Corp. | 709,949 | ||||||
16,338 | T. Rowe Price Group, Inc. | 1,264,725 | ||||||
3,676 | Taubman Centers, Inc. REIT | 241,844 | ||||||
34,011 | TCF Financial Corp. | 516,287 | ||||||
17,690 | TD Ameritrade Holding Corp. | 482,229 | ||||||
16,313 | Torchmark Corp. | 1,188,565 | ||||||
92,407 | Travelers Cos., Inc. (The) | 7,974,724 | ||||||
269,881 | U.S. Bancorp | 10,082,754 | ||||||
25,924 | UDR, Inc. REIT | 643,174 | ||||||
72,869 | Unum Group | 2,312,862 | ||||||
13,958 | Validus Holdings Ltd. (Bermuda) | 551,062 | ||||||
39,001 | Valley National Bancorp(b)(c) | 380,260 | ||||||
21,917 | Ventas, Inc. REIT | 1,429,865 | ||||||
20,928 | Vornado Realty Trust REIT | 1,863,848 | ||||||
18,100 | W.R. Berkley Corp. | 794,771 | ||||||
6,806 | Waddell & Reed Financial, Inc., Class A | 420,270 | ||||||
10,019 | Washington REIT | 262,598 | ||||||
20,072 | Washington Federal, Inc. | 457,240 | ||||||
13,397 | Webster Financial Corp. | 373,642 | ||||||
14,011 | Weingarten Realty Investors REIT | 444,569 | ||||||
848,549 | Wells Fargo & Co. | 36,224,557 | ||||||
168,936 | Weyerhaeuser Co. REIT | 5,135,654 | ||||||
982 | White Mountains Insurance Group Ltd. | 573,557 | ||||||
23,950 | Willis Group Holdings PLC | 1,079,426 | ||||||
59,847 | XL Group PLC | 1,829,523 | ||||||
42,126 | Zions Bancorp. | 1,195,115 | ||||||
|
| |||||||
535,830,462 | ||||||||
|
| |||||||
Health Care—10.6% | ||||||||
330,264 | Abbott Laboratories | 12,071,149 | ||||||
129,212 | AbbVie, Inc. | 6,260,321 | ||||||
10,082 | Actavis PLC(c) | 1,558,476 | ||||||
75,360 | Aetna, Inc. | 4,725,072 | ||||||
28,278 | Agilent Technologies, Inc. | 1,435,391 | ||||||
15,655 | Alere, Inc.(c) | 528,043 | ||||||
11,152 | Allergan, Inc. | 1,010,483 | ||||||
94,120 | AmerisourceBergen Corp. | 6,148,860 | ||||||
48,065 | Amgen, Inc. | 5,575,540 | ||||||
50,093 | Baxter International, Inc. | 3,299,626 | ||||||
22,662 | Becton, Dickinson and Co. | 2,382,456 | ||||||
10,351 | Biogen Idec, Inc.(c) | 2,527,611 | ||||||
2,276 | Bio-Rad Laboratories, Inc., Class A(c) | 281,132 | ||||||
52 | Bio-Rad Laboratories, Inc., Class B(c) | 6,070 | ||||||
343,924 | Boston Scientific Corp.(c) | 4,020,472 | ||||||
232,783 | Bristol-Myers Squibb Co. | 12,225,763 | ||||||
10,043 | Brookdale Senior Living, Inc.(c) | 271,964 | ||||||
5,570 | C.R. Bard, Inc. | 758,745 | ||||||
138,147 | Cardinal Health, Inc. | 8,103,703 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
32,983 | CareFusion Corp.(c) | $ | 1,278,751 | |||||
11,617 | Celgene Corp.(c) | 1,725,008 | ||||||
9,547 | Centene Corp.(c) | 536,160 | ||||||
11,178 | Cerner Corp.(c) | 626,303 | ||||||
38,467 | Cigna Corp. | 2,961,190 | ||||||
36,526 | Community Health Systems, Inc.(c) | 1,593,629 | ||||||
6,134 | Covance, Inc.(c) | 547,521 | ||||||
42,584 | Covidien PLC | 2,730,060 | ||||||
18,816 | DaVita HealthCare Partners, Inc.(c) | 1,057,647 | ||||||
10,787 | DENTSPLY International, Inc. | 508,068 | ||||||
4,399 | Edwards Lifesciences Corp.(c) | 286,771 | ||||||
140,136 | Eli Lilly & Co. | 6,981,576 | ||||||
15,983 | Endo Health Solutions, Inc.(c) | 698,937 | ||||||
55,807 | Express Scripts Holding Co.(c) | 3,489,054 | ||||||
36,547 | Forest Laboratories, Inc.(c) | 1,718,805 | ||||||
59,054 | Gilead Sciences, Inc.(c) | 4,192,243 | ||||||
96,560 | HCA Holdings, Inc. | 4,551,838 | ||||||
124,812 | Health Management Associates, Inc., Class A(c) | 1,600,090 | ||||||
48,457 | Health Net, Inc.(c) | 1,473,093 | ||||||
11,969 | HealthSouth Corp.(c) | 420,232 | ||||||
10,725 | Henry Schein, Inc.(c) | 1,205,812 | ||||||
7,685 | Hill-Rom Holdings, Inc. | 317,314 | ||||||
28,000 | Hologic, Inc.(c) | 626,920 | ||||||
29,600 | Hospira, Inc.(c) | 1,199,392 | ||||||
41,691 | Humana, Inc. | 3,841,826 | ||||||
1,109 | Intuitive Surgical, Inc.(c) | 411,993 | ||||||
319,563 | Johnson & Johnson | 29,594,729 | ||||||
47,371 | Kindred Healthcare, Inc.(c) | 657,509 | ||||||
11,860 | Laboratory Corp. of America Holdings(c) | 1,196,674 | ||||||
16,923 | Life Technologies Corp.(c) | 1,274,471 | ||||||
12,086 | LifePoint Hospitals, Inc.(c) | 624,121 | ||||||
6,929 | Magellan Health Services, Inc.(c) | 406,732 | ||||||
5,608 | Mallinckrodt PLC(c) | 235,592 | ||||||
67,724 | McKesson Corp. | 10,587,970 | ||||||
4,073 | MEDNAX, Inc.(c) | 444,038 | ||||||
122,776 | Medtronic, Inc. | 7,047,342 | ||||||
396,572 | Merck & Co., Inc. | 17,881,431 | ||||||
1,469 | Mettler-Toledo International, Inc.(c) | 363,519 | ||||||
29,111 | Mylan, Inc.(c) | 1,102,434 | ||||||
22,133 | Omnicare, Inc. | 1,220,635 | ||||||
18,574 | Owens & Minor, Inc. | 695,039 | ||||||
9,718 | Patterson Cos., Inc. | 413,112 | ||||||
9,638 | PerkinElmer, Inc. | 366,630 | ||||||
3,086 | Perrigo Co. | 425,529 | ||||||
1,113,043 | Pfizer, Inc. | 34,148,159 | ||||||
22,555 | Quest Diagnostics, Inc. | 1,351,270 | ||||||
7,780 | ResMed, Inc.(b) | 402,537 | ||||||
27,623 | St. Jude Medical, Inc. | 1,585,284 | ||||||
7,583 | STERIS Corp. | 342,676 | ||||||
22,987 | Stryker Corp. | 1,697,820 | ||||||
4,995 | Teleflex, Inc. | 460,439 | ||||||
27,251 | Tenet Healthcare Corp.(c) | 1,285,975 | ||||||
41,917 | Thermo Fisher Scientific, Inc. | 4,098,644 | ||||||
181,657 | UnitedHealth Group, Inc. | 12,399,907 | ||||||
31,774 | Universal American Corp. | 235,763 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
11,283 | Universal Health Services, Inc., Class B | $ | 908,958 | |||||
6,930 | Varian Medical Systems, Inc.(c) | 502,979 | ||||||
12,395 | VCA Antech, Inc.(c) | 352,638 | ||||||
4,452 | Waters Corp.(c) | 449,296 | ||||||
10,607 | WellCare Health Plans, Inc.(c) | 707,275 | ||||||
111,785 | WellPoint, Inc. | 9,479,368 | ||||||
15,087 | Zimmer Holdings, Inc. | 1,319,660 | ||||||
|
| |||||||
266,037,265 | ||||||||
|
| |||||||
Industrials—11.3% | ||||||||
72,046 | 3M Co. | 9,066,989 | ||||||
14,013 | ABM Industries, Inc. | 385,498 | ||||||
3,803 | Acuity Brands, Inc. | 382,240 | ||||||
26,434 | ADT Corp. (The)(c) | 1,146,443 | ||||||
24,405 | AECOM Technology Corp.(c) | 775,591 | ||||||
19,474 | AerCap Holdings NV(c) | 395,127 | ||||||
20,699 | AGCO Corp. | 1,208,408 | ||||||
25,330 | Aircastle Ltd. | 477,977 | ||||||
11,232 | Alaska Air Group, Inc.(c) | 793,653 | ||||||
8,042 | Alliant Techsystems, Inc. | 875,533 | ||||||
12,007 | AMETEK, Inc. | 574,295 | ||||||
6,868 | Armstrong World Industries, Inc. | 366,957 | ||||||
52,763 | Avis Budget Group, Inc.(c) | 1,653,065 | ||||||
9,283 | B/E Aerospace, Inc.(c) | 753,408 | ||||||
15,174 | Babcock & Wilcox Co. (The) | 488,755 | ||||||
93,946 | Boeing Co. (The) | 12,259,953 | ||||||
10,265 | Briggs & Stratton Corp. | 188,260 | ||||||
12,526 | Brink’s Co. (The) | 393,316 | ||||||
18,380 | C.H. Robinson Worldwide, Inc. | 1,098,021 | ||||||
5,805 | Carlisle Cos., Inc. | 421,907 | ||||||
80,683 | Caterpillar, Inc. | 6,725,735 | ||||||
8,105 | Chicago Bridge & Iron Co. NV | 600,499 | ||||||
13,972 | Cintas Corp. | 751,274 | ||||||
12,520 | Con-way, Inc. | 515,824 | ||||||
2,454 | Copa Holdings SA, Class A (Panama) | 366,971 | ||||||
14,128 | Covanta Holding Corp. | 242,578 | ||||||
5,717 | Crane Co. | 363,029 | ||||||
132,315 | CSX Corp. | 3,448,129 | ||||||
16,487 | Cummins, Inc. | 2,094,179 | ||||||
8,451 | Curtiss-Wright Corp. | 420,691 | ||||||
38,178 | Danaher Corp. | 2,752,252 | ||||||
42,002 | Deere & Co. | 3,437,444 | ||||||
52,691 | Delta Air Lines, Inc. | 1,389,989 | ||||||
7,730 | Deluxe Corp. | 364,006 | ||||||
8,859 | Donaldson Co., Inc. | 350,905 | ||||||
20,424 | Dover Corp. | 1,874,719 | ||||||
213,314 | DryShips, Inc. (Greece)(b)(c) | 586,613 | ||||||
4,831 | Dun & Bradstreet Corp. (The) | 525,564 | ||||||
40,459 | Eaton Corp. PLC | 2,854,787 | ||||||
11,353 | EMCOR Group, Inc. | 420,742 | ||||||
92,601 | Emerson Electric Co. | 6,201,489 | ||||||
6,528 | EnerSys | 433,133 | ||||||
8,790 | Equifax, Inc. | 568,449 | ||||||
5,122 | Esterline Technologies Corp.(c) | 410,580 | ||||||
63,798 | Exelis, Inc. | 1,052,029 | ||||||
19,791 | Expeditors International of Washington, Inc. | 896,334 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
11,309 | Fastenal Co. | $ | 563,188 | |||||
42,833 | FedEx Corp. | 5,611,123 | ||||||
13,173 | Flowserve Corp. | 915,128 | ||||||
29,480 | Fluor Corp. | 2,188,006 | ||||||
16,405 | Fortune Brands Home & Security, Inc. | 706,727 | ||||||
25,321 | Foster Wheeler AG (Switzerland)(c) | 683,414 | ||||||
9,054 | FTI Consulting, Inc.(c) | 367,411 | ||||||
7,059 | GATX Corp. | 363,891 | ||||||
19,721 | General Cable Corp. | 649,413 | ||||||
70,625 | General Dynamics Corp. | 6,118,244 | ||||||
1,853,483 | General Electric Co. | 48,450,046 | ||||||
41,591 | GrafTech International Ltd.(b)(c) | 370,160 | ||||||
23,502 | Harsco Corp. | 655,236 | ||||||
77,226 | Hertz Global Holdings, Inc.(c) | 1,773,109 | ||||||
80,354 | Honeywell International, Inc. | 6,969,102 | ||||||
416 | Hubbell, Inc., Class A | 40,269 | ||||||
5,105 | Hubbell, Inc., Class B | 548,992 | ||||||
14,629 | Huntington Ingalls Industries, Inc. | 1,046,705 | ||||||
7,428 | IDEX Corp. | 513,646 | ||||||
2,527 | IHS, Inc., Class A(c) | 275,569 | ||||||
54,445 | Illinois Tool Works, Inc. | 4,289,722 | ||||||
38,079 | Ingersoll-Rand PLC | 2,571,475 | ||||||
15,629 | Iron Mountain, Inc. | 414,794 | ||||||
38,560 | ITT Corp. | 1,531,989 | ||||||
5,814 | J.B. Hunt Transport Services, Inc. | 436,224 | ||||||
26,351 | Jacobs Engineering Group, Inc.(c) | 1,602,668 | ||||||
101,006 | JetBlue Airways Corp.(c) | 716,133 | ||||||
10,891 | Joy Global, Inc. | 618,064 | ||||||
6,317 | Kansas City Southern | 767,642 | ||||||
30,896 | KBR, Inc. | 1,067,148 | ||||||
15,049 | Kelly Services, Inc., Class A | 313,922 | ||||||
10,117 | Kennametal, Inc. | 465,382 | ||||||
3,891 | Kirby Corp.(c) | 344,315 | ||||||
28,823 | L-3 Communications Holdings, Inc. | 2,895,270 | ||||||
4,941 | Lennox International, Inc. | 385,694 | ||||||
5,511 | Lincoln Electric Holdings, Inc. | 381,582 | ||||||
65,362 | Lockheed Martin Corp. | 8,715,369 | ||||||
19,552 | Manitowoc Co., Inc. (The) | 380,482 | ||||||
27,439 | Manpowergroup, Inc. | 2,142,986 | ||||||
58,897 | Masco Corp. | 1,244,494 | ||||||
12,191 | Matson, Inc. | 330,254 | ||||||
77,670 | Meritor, Inc.(c) | 533,593 | ||||||
6,175 | Moog, Inc., Class A(c) | 368,833 | ||||||
87 | Moog, Inc., Class B(c) | 5,173 | ||||||
8,384 | MRC Global, Inc.(c) | 234,333 | ||||||
3,307 | MSC Industrial Direct Co., Inc., Class A | 252,556 | ||||||
46,668 | Navistar International Corp.(b)(c) | 1,687,515 | ||||||
12,836 | Nielsen Holdings NV (Netherland) | 506,252 | ||||||
45,601 | Norfolk Southern Corp. | 3,922,598 | ||||||
69,247 | Northrop Grumman Corp. | 7,444,745 | ||||||
7,818 | Old Dominion Freight Line, Inc.(c) | 366,664 | ||||||
18,444 | Oshkosh Corp.(c) | 877,750 | ||||||
22,198 | Owens Corning(c) | 797,574 | ||||||
49,815 | PACCAR, Inc. | 2,769,714 | ||||||
7,559 | Pall Corp. | 608,651 | ||||||
18,866 | Parker Hannifin Corp. | 2,202,040 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
10,835 | Pentair Ltd. | $ | 726,920 | |||||
98,274 | Pitney Bowes, Inc.(b) | 2,097,167 | ||||||
8,283 | Precision Castparts Corp. | 2,099,326 | ||||||
11,593 | Quad/Graphics, Inc. | 404,828 | ||||||
21,921 | Quanta Services, Inc.(c) | 662,233 | ||||||
145,210 | R.R. Donnelley & Sons Co.(b) | 2,696,550 | ||||||
70,561 | Raytheon Co. | 5,812,110 | ||||||
4,392 | Regal-Beloit Corp. | 322,065 | ||||||
35,636 | Republic Airways Holdings, Inc.(c) | 419,792 | ||||||
50,460 | Republic Services, Inc. | 1,688,896 | ||||||
13,239 | Robert Half International, Inc. | 510,099 | ||||||
11,645 | Rockwell Automation, Inc. | 1,285,724 | ||||||
15,641 | Rockwell Collins, Inc. | 1,092,211 | ||||||
4,977 | Roper Industries, Inc. | 631,133 | ||||||
15,843 | Ryder System, Inc. | 1,042,945 | ||||||
29,778 | SkyWest, Inc. | 447,861 | ||||||
6,321 | Snap-On, Inc. | 657,826 | ||||||
33,065 | Southwest Airlines Co. | 569,379 | ||||||
32,415 | Spirit Aerosystems Holdings, Inc., Class A(c) | 865,156 | ||||||
8,766 | SPX Corp. | 795,164 | ||||||
18,752 | Stanley Black & Decker, Inc. | 1,483,096 | ||||||
21,394 | Steelcase, Inc., Class A | 350,648 | ||||||
3,626 | Stericycle, Inc.(c) | 421,341 | ||||||
4,201 | Teledyne Technologies, Inc.(c) | 373,133 | ||||||
23,449 | Terex Corp.(c) | 819,543 | ||||||
52,047 | Textron, Inc. | 1,498,433 | ||||||
10,609 | Timken Co. (The) | 560,261 | ||||||
4,921 | Towers Watson & Co., Class A | 564,980 | ||||||
3,381 | TransDigm Group, Inc.(c) | 491,631 | ||||||
9,661 | Trinity Industries, Inc. | 489,136 | ||||||
4,849 | Triumph Group, Inc. | 347,431 | ||||||
21,897 | Tutor Perini Corp.(c) | 502,536 | ||||||
114,233 | Tyco International Ltd. | 4,175,216 | ||||||
38,707 | Union Pacific Corp. | 5,860,240 | ||||||
26,628 | United Continental Holdings, Inc.(c) | 904,021 | ||||||
80,091 | United Parcel Service, Inc., Class B | 7,868,140 | ||||||
9,611 | United Rentals, Inc.(c) | 620,774 | ||||||
10,588 | United Stationers, Inc. | 470,531 | ||||||
110,446 | United Technologies Corp. | 11,734,887 | ||||||
22,562 | URS Corp. | 1,223,312 | ||||||
76,086 | US Airways Group, Inc.(b)(c) | 1,671,609 | ||||||
22,307 | UTi Worldwide, Inc. | 339,066 | ||||||
4,303 | W.W. Grainger, Inc. | 1,157,378 | ||||||
3,926 | WABCO Holdings, Inc.(c) | 336,380 | ||||||
8,347 | Waste Connections, Inc. | 356,751 | ||||||
88,171 | Waste Management, Inc. | 3,838,965 | ||||||
11,332 | Werner Enterprises, Inc. | 262,449 | ||||||
6,979 | WESCO International, Inc.(c) | 596,425 | ||||||
17,187 | Xylem, Inc. | 592,951 | ||||||
|
| |||||||
281,094,968 | ||||||||
|
| |||||||
Information Technology—10.9% | ||||||||
43,593 | Accenture PLC, Class A | 3,204,086 | ||||||
39,968 | Activision Blizzard, Inc. | 665,068 | ||||||
34,717 | Adobe Systems, Inc.(c) | 1,881,661 | ||||||
239,217 | Advanced Micro Devices, Inc.(b)(c) | 798,985 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
11,517 | Akamai Technologies, Inc.(c) | $ | 515,271 | |||||
2,997 | Alliance Data Systems Corp.(c) | 710,469 | ||||||
17,205 | Altera Corp. | 578,088 | ||||||
20,719 | Amdocs Ltd. | 796,646 | ||||||
66,813 | Amkor Technology, Inc.(c) | 354,777 | ||||||
8,181 | Amphenol Corp., Class A | 656,852 | ||||||
25,735 | Analog Devices, Inc. | 1,268,735 | ||||||
6,420 | Anixter International, Inc.(c) | 548,846 | ||||||
3,916 | ANSYS, Inc.(c) | 342,454 | ||||||
25,077 | AOL, Inc. | 908,790 | ||||||
41,886 | Apple, Inc. | 21,879,152 | ||||||
172,113 | Applied Materials, Inc. | 3,072,217 | ||||||
47,182 | Arrow Electronics, Inc.(c) | 2,265,680 | ||||||
40,650 | Atmel Corp.(c) | 295,932 | ||||||
13,852 | Autodesk, Inc.(c) | 552,833 | ||||||
45,521 | Automatic Data Processing, Inc. | 3,412,709 | ||||||
11,882 | Avago Technologies Ltd., Class A | 539,799 | ||||||
57,717 | Avnet, Inc.(c) | 2,291,365 | ||||||
17,550 | Benchmark Electronics, Inc.(c) | 398,911 | ||||||
30,577 | Broadcom Corp., Class A | 817,017 | ||||||
16,557 | Broadridge Financial Solutions, Inc. | 582,144 | ||||||
69,359 | Brocade Communications Systems, Inc.(c) | 556,259 | ||||||
41,340 | CA, Inc. | 1,312,958 | ||||||
7,640 | CACI International, Inc., Class A(c) | 549,927 | ||||||
8,255 | Check Point Software Technologies Ltd. (Israel)(c) | 478,955 | ||||||
441,809 | Cisco Systems, Inc. | 9,940,702 | ||||||
7,965 | Citrix Systems, Inc.(c) | 452,253 | ||||||
13,048 | Cognizant Technology Solutions Corp., Class A(c) | 1,134,263 | ||||||
37,867 | Computer Sciences Corp. | 1,865,328 | ||||||
24,544 | Convergys Corp. | 484,499 | ||||||
33,488 | CoreLogic, Inc.(c) | 1,114,146 | ||||||
251,123 | Corning, Inc. | 4,291,692 | ||||||
7,480 | Cree, Inc.(c) | 454,410 | ||||||
14,745 | Diebold, Inc. | 441,760 | ||||||
3,792 | DST Systems, Inc. | 321,448 | ||||||
59,837 | eBay, Inc.(c) | 3,154,008 | ||||||
6,753 | EchoStar Corp., Class A(c) | 323,874 | ||||||
27,909 | Electronic Arts, Inc.(c) | 732,611 | ||||||
194,044 | EMC Corp. | 4,670,639 | ||||||
2,060 | Equinix, Inc.(c) | 332,649 | ||||||
13,087 | Facebook, Inc., Class A(c) | 657,753 | ||||||
24,410 | Fairchild Semiconductor International, Inc.(c) | 309,275 | ||||||
27,125 | Fidelity National Information Services, Inc. | 1,322,344 | ||||||
20,177 | First Solar, Inc.(c) | 1,014,298 | ||||||
13,779 | Fiserv, Inc.(c) | 1,443,075 | ||||||
395,621 | Flextronics International Ltd. (Singapore)(c) | 3,121,450 | ||||||
9,673 | FLIR Systems, Inc. | 275,487 | ||||||
5,267 | Global Payments, Inc. | 313,281 | ||||||
11,970 | Google, Inc., Class A(c) | 12,336,043 | ||||||
19,409 | Harris Corp. | 1,202,582 | ||||||
764,429 | Hewlett-Packard Co. | 18,629,135 | ||||||
148,002 | Ingram Micro, Inc., Class A(c) | 3,429,206 | ||||||
20,888 | Insight Enterprises, Inc.(c) | 440,110 | ||||||
835,011 | Intel Corp. | 20,399,319 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
96,174 | International Business Machines Corp. | $ | 17,235,343 | |||||
13,145 | Intuit, Inc. | 938,684 | ||||||
7,962 | Itron, Inc.(c) | 339,739 | ||||||
51,788 | Jabil Circuit, Inc. | 1,080,298 | ||||||
62,630 | Juniper Networks, Inc.(c) | 1,167,423 | ||||||
13,757 | KLA-Tencor Corp. | 902,459 | ||||||
15,123 | Lam Research Corp.(c) | 820,120 | ||||||
22,010 | Leidos Holdings, Inc. | 1,036,451 | ||||||
15,313 | Lender Processing Services, Inc. | 528,605 | ||||||
23,305 | Lexmark International, Inc., Class A | 828,493 | ||||||
17,543 | Linear Technology Corp. | 721,719 | ||||||
52,239 | LSI Corp.(c) | 442,987 | ||||||
78,623 | Marvell Technology Group Ltd. | 943,476 | ||||||
2,871 | MasterCard, Inc., Class A | 2,058,794 | ||||||
29,767 | Maxim Integrated Products, Inc. | 884,080 | ||||||
23,219 | Microchip Technology, Inc.(b) | 997,488 | ||||||
262,787 | Micron Technology, Inc.(c) | 4,646,074 | ||||||
785,858 | Microsoft Corp. | 27,780,080 | ||||||
10,316 | Molex, Inc. | 398,198 | ||||||
11,608 | Molex, Inc., Class A | 446,908 | ||||||
29,805 | Motorola Solutions, Inc. | 1,863,409 | ||||||
20,504 | NCR Corp.(c) | 749,421 | ||||||
30,071 | NetApp, Inc.(c) | 1,167,056 | ||||||
17,574 | Nuance Communications, Inc.(c) | 273,451 | ||||||
66,307 | NVIDIA Corp.(c) | 1,006,540 | ||||||
9,524 | NXP Semiconductor NV (Netherlands)(c) | 401,151 | ||||||
59,652 | ON Semiconductor Corp.(c) | 421,143 | ||||||
232,403 | Oracle Corp. | 7,785,500 | ||||||
38,564 | Paychex, Inc. | 1,629,715 | ||||||
31,471 | Polycom, Inc.(c) | 327,298 | ||||||
94,084 | QUALCOMM, Inc. | 6,536,015 | ||||||
5,179 | Red Hat, Inc.(c) | 224,095 | ||||||
15,131 | Rovi Corp.(c) | 253,596 | ||||||
7,460 | Salesforce.com, Inc.(c) | 398,066 | ||||||
27,217 | SanDisk Corp. | 1,891,581 | ||||||
60,531 | Sanmina Corp.(c) | 881,331 | ||||||
12,297 | Science Applications International Corp.(c) | 433,469 | ||||||
44,304 | Seagate Technology PLC | 2,156,719 | ||||||
14,717 | Skyworks Solutions, Inc.(c) | 379,404 | ||||||
79,523 | SunEdison, Inc.(c) | 739,564 | ||||||
71,561 | Symantec Corp. | 1,627,297 | ||||||
14,044 | SYNNEX Corp.(c) | 860,897 | ||||||
12,219 | Synopsys, Inc.(c) | 445,383 | ||||||
59,438 | TE Connectivity Ltd. (Switzerland) | 3,060,463 | ||||||
34,956 | Tech Data Corp.(c) | 1,819,809 | ||||||
8,051 | Teradata Corp.(c) | 354,808 | ||||||
19,503 | Teradyne, Inc.(c) | 341,107 | ||||||
114,502 | Texas Instruments, Inc. | 4,818,244 | ||||||
24,679 | Total System Services, Inc. | 736,175 | ||||||
11,126 | Trimble Navigation Ltd.(c) | 317,870 | ||||||
23,505 | Unisys Corp.(c) | 619,357 | ||||||
20,176 | Visa, Inc., Class A | 3,968,014 | ||||||
36,486 | Vishay Intertechnology, Inc.(c) | 447,683 | ||||||
35,540 | Western Digital Corp.(c) | 2,474,650 | ||||||
70,830 | Western Union Co. (The) | 1,205,527 | ||||||
362,283 | Xerox Corp. | 3,601,093 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
22,257 | Xilinx, Inc. | $ | 1,010,913 | |||||
96,752 | Yahoo!, Inc.(c) | 3,186,043 | ||||||
|
| |||||||
271,455,502 | ||||||||
|
| |||||||
Materials—3.9% | ||||||||
28,027 | Air Products & Chemicals, Inc. | 3,055,223 | ||||||
5,297 | Airgas, Inc. | 577,744 | ||||||
126,734 | AK Steel Holding Corp.(b)(c) | 557,630 | ||||||
7,541 | Albemarle Corp. | 499,139 | ||||||
451,060 | Alcoa, Inc. | 4,181,326 | ||||||
25,288 | Allegheny Technologies, Inc. | 837,033 | ||||||
6,862 | AptarGroup, Inc. | 440,266 | ||||||
11,862 | Ashland, Inc. | 1,097,828 | ||||||
22,170 | Avery Dennison Corp. | 1,044,650 | ||||||
19,462 | Ball Corp. | 951,497 | ||||||
18,337 | Bemis Co., Inc. | 731,646 | ||||||
11,404 | Cabot Corp. | 531,541 | ||||||
16,522 | Celanese Corp., Series A | 925,397 | ||||||
5,353 | CF Industries Holdings, Inc. | 1,154,107 | ||||||
18,738 | Chemtura Corp.(c) | 459,081 | ||||||
45,558 | Cliffs Natural Resources, Inc.(b) | 1,169,930 | ||||||
16,978 | Coeur Mining, Inc.(c) | 207,301 | ||||||
38,022 | Commercial Metals Co. | 698,084 | ||||||
3,666 | Compass Minerals International, Inc. | 273,007 | ||||||
22,409 | Crown Holdings, Inc.(c) | 977,032 | ||||||
5,526 | Cytec Industries, Inc. | 459,155 | ||||||
10,572 | Domtar Corp. | 895,554 | ||||||
254,208 | Dow Chemical Co. (The) | 10,033,590 | ||||||
134,862 | E.I. du Pont de Nemours & Co. | 8,253,554 | ||||||
14,995 | Eastman Chemical Co. | 1,181,456 | ||||||
16,222 | Ecolab, Inc. | 1,719,532 | ||||||
8,670 | FMC Corp. | 630,829 | ||||||
193,457 | Freeport-McMoRan Copper & Gold, Inc. | 7,111,479 | ||||||
34,295 | Graphic Packaging Holding Co.(c) | 288,078 | ||||||
5,233 | Greif, Inc., Class A | 279,913 | ||||||
1,419 | Greif, Inc., Class B | 80,670 | ||||||
41,118 | Huntsman Corp. | 954,760 | ||||||
7,054 | International Flavors & Fragrances, Inc. | 583,013 | ||||||
78,507 | International Paper Co. | 3,502,197 | ||||||
58,201 | LyondellBasell Industries NV, Class A | 4,341,795 | ||||||
4,880 | Martin Marietta Materials, Inc. | 478,679 | ||||||
31,680 | MeadWestvaco Corp. | 1,104,048 | ||||||
33,555 | Monsanto Co. | 3,519,248 | ||||||
32,052 | Mosaic Co. (The) | 1,469,584 | ||||||
76,632 | Newmont Mining Corp. | 2,088,988 | ||||||
70,363 | Nucor Corp. | 3,642,693 | ||||||
14,770 | Olin Corp. | 332,473 | ||||||
10,869 | OM Group, Inc.(c) | 369,546 | ||||||
44,516 | Owens-Illinois, Inc.(c) | 1,415,164 | ||||||
12,089 | Packaging Corp. of America | 752,903 | ||||||
16,577 | PPG Industries, Inc. | 3,026,629 | ||||||
25,488 | Praxair, Inc. | 3,178,609 | ||||||
12,087 | Reliance Steel & Aluminum Co. | 885,856 | ||||||
45,390 | Resolute Forest Products(c) | 725,786 | ||||||
7,019 | Rock-Tenn Co., Class A | 751,103 | ||||||
8,916 | Rockwood Holdings, Inc. | 563,937 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
19,757 | RPM International, Inc. | $ | 764,991 | |||||
10,332 | Schnitzer Steel Industries, Inc., Class A | 300,041 | ||||||
7,705 | Scotts Miracle-Gro Co. (The), Class A | 452,438 | ||||||
37,702 | Sealed Air Corp. | 1,137,846 | ||||||
7,645 | Sensient Technologies Corp. | 398,534 | ||||||
5,697 | Sherwin-Williams Co. (The) | 1,071,036 | ||||||
8,108 | Sigma-Aldrich Corp. | 700,775 | ||||||
20,220 | Sonoco Products Co. | 821,741 | ||||||
23,281 | Southern Copper Corp. (Mexico) | 650,704 | ||||||
53,060 | Steel Dynamics, Inc. | 953,488 | ||||||
78,918 | United States Steel Corp.(b) | 1,964,269 | ||||||
8,246 | Valspar Corp. (The) | 576,973 | ||||||
18,335 | Vulcan Materials Co. | 981,839 | ||||||
5,506 | W.R. Grace & Co.(c) | 504,680 | ||||||
13,847 | Walter Energy, Inc.(b) | 220,029 | ||||||
|
| |||||||
96,489,667 | ||||||||
|
| |||||||
Telecommunication Services—4.0% | ||||||||
1,278,952 | AT&T, Inc. | 46,298,062 | ||||||
118,750 | CenturyLink, Inc. | 4,020,875 | ||||||
91,641 | Cincinnati Bell, Inc.(c) | 262,093 | ||||||
10,187 | Crown Castle International Corp.(c) | 774,416 | ||||||
454,185 | Frontier Communications Corp.(b) | 2,002,956 | ||||||
57,017 | Leap Wireless International, Inc.(c) | 917,974 | ||||||
30,244 | Level 3 Communications, Inc.(c) | 923,954 | ||||||
242,744 | NII Holdings, Inc.(b)(c) | 835,039 | ||||||
1,058,897 | Sprint Corp. (Japan)(c) | 7,126,377 | ||||||
38,883 | Telephone & Data Systems, Inc. | 1,212,372 | ||||||
40,061 | T-Mobile US, Inc. (Germany)(c) | 1,110,892 | ||||||
13,330 | tw telecom, inc.(c) | 420,162 | ||||||
652,590 | Verizon Communications, Inc. | 32,962,321 | ||||||
205,399 | Windstream Holdings, Inc.(b) | 1,756,161 | ||||||
|
| |||||||
100,623,654 | ||||||||
|
| |||||||
Utilities—4.6% | ||||||||
249,694 | AES Corp. (The) | 3,518,188 | ||||||
19,703 | AGL Resources, Inc. | 942,986 | ||||||
6,293 | ALLETE, Inc. | 317,985 | ||||||
20,722 | Alliant Energy Corp. | 1,082,103 | ||||||
75,000 | Ameren Corp. | 2,713,500 | ||||||
100,630 | American Electric Power Co., Inc. | 4,713,509 | ||||||
24,465 | American Water Works Co., Inc. | 1,048,815 | ||||||
13,360 | Aqua America, Inc. | 336,405 | ||||||
23,269 | Atmos Energy Corp. | 1,030,119 | ||||||
13,467 | Avista Corp. | 374,248 | ||||||
8,157 | Black Hills Corp. | 413,723 | ||||||
70,720 | Calpine Corp.(c) | 1,426,422 | ||||||
92,754 | CenterPoint Energy, Inc. | 2,281,748 | ||||||
8,383 | Cleco Corp. | 388,468 | ||||||
44,062 | CMS Energy Corp. | 1,209,943 | ||||||
62,877 | Consolidated Edison, Inc. | 3,660,699 | ||||||
89,705 | Dominion Resources, Inc. | 5,718,694 | ||||||
35,764 | DTE Energy Co. | 2,472,723 | ||||||
91,391 | Duke Energy Corp.(c) | 6,555,476 | ||||||
69,770 | Edison International | 3,420,823 | ||||||
56,880 | Entergy Corp. | 3,681,274 | ||||||
227,433 | Exelon Corp. | 6,490,938 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
113,328 | FirstEnergy Corp. | $ | 4,291,731 | |||||
33,770 | Great Plains Energy, Inc. | 791,569 | ||||||
22,135 | Hawaiian Electric Industries, Inc. | 588,127 | ||||||
8,199 | IDACORP, Inc. | 423,068 | ||||||
21,981 | Integrys Energy Group, Inc. | 1,289,845 | ||||||
3,737 | ITC Holdings Corp. | 375,905 | ||||||
37,759 | MDU Resources Group, Inc. | 1,124,463 | ||||||
10,083 | National Fuel Gas Co. | 721,439 | ||||||
8,236 | New Jersey Resources Corp. | 379,103 | ||||||
68,828 | NextEra Energy, Inc. | 5,833,173 | ||||||
61,726 | NiSource, Inc. | 1,945,604 | ||||||
30,856 | Northeast Utilities | 1,323,414 | ||||||
5,615 | Northwest Natural Gas Co. | 243,859 | ||||||
7,676 | NorthWestern Corp. | 351,868 | ||||||
96,787 | NRG Energy, Inc. | 2,761,333 | ||||||
46,089 | NV Energy, Inc. | 1,094,153 | ||||||
31,195 | OGE Energy Corp. | 1,151,096 | ||||||
35,788 | ONEOK, Inc. | 2,022,022 | ||||||
75,998 | Pepco Holdings, Inc. | 1,465,241 | ||||||
97,978 | PG&E Corp. | 4,100,379 | ||||||
11,966 | Piedmont Natural Gas Co., Inc. | 408,519 | ||||||
21,926 | Pinnacle West Capital Corp. | 1,228,514 | ||||||
18,529 | PNM Resources, Inc. | 443,214 | ||||||
16,906 | Portland General Electric Co. | 485,202 | ||||||
106,642 | PPL Corp. | 3,266,444 | ||||||
120,647 | Public Service Enterprise Group, Inc. | 4,041,675 | ||||||
27,183 | Questar Corp. | 643,150 | ||||||
24,386 | SCANA Corp. | 1,137,119 | ||||||
35,316 | Sempra Energy | 3,218,700 | ||||||
148,625 | Southern Co. (The) | 6,080,249 | ||||||
8,974 | Southwest Gas Corp. | 486,929 | ||||||
54,052 | TECO Energy, Inc. | 928,073 | ||||||
24,778 | UGI Corp. | 1,025,066 | ||||||
7,536 | UIL Holdings Corp. | 290,287 | ||||||
7,478 | UNS Energy Corp. | 370,011 | ||||||
17,961 | Vectren Corp. | 627,198 | ||||||
24,698 | Westar Energy, Inc. | 780,704 | ||||||
11,262 | WGL Holdings, Inc. | 506,903 | ||||||
27,173 | Wisconsin Energy Corp. | 1,144,255 | ||||||
98,854 | Xcel Energy, Inc. | 2,852,927 | ||||||
|
| |||||||
116,041,320 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $2,002,503,497)—100.0% | 2,499,905,872 | |||||||
|
| |||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.0% | ||||||||
24,795,387 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $24,795,387)(e)(f) | $ | 24,795,387 | |||||
|
| |||||||
Total Investments (Cost $2,027,298,884)—101.0% | 2,524,701,259 | |||||||
Other assets less liabilities—(1.0)% | (24,264,208 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 2,500,437,051 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2013. |
(c) | Non-income producing security. |
(d) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT, are wholly-owned subsidiaries of Invesco Ltd. and therefore are considered to be affiliated with the Fund. See Note 4. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2G. |
(f) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Portfolio Composition |
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) |
Sector Breakdown (Unaudited) | ||||
Financials | 20.4 | |||
Consumer Discretionary | 19.0 | |||
Information Technology | 17.4 | |||
Industrials | 17.2 | |||
Health Care | 7.3 | |||
Energy | 6.9 | |||
Materials | 5.4 | |||
Consumer Staples | 3.7 | |||
Telecommunication Services | 1.5 | |||
Utilities | 1.2 | |||
Money Market Fund and Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—19.0% | ||||||||
34,050 | 1-800-FLOWERS.COM, Inc., Class A(b) | $ | 184,892 | |||||
42,824 | AH Belo Corp., Class A | 344,305 | ||||||
18,566 | Allison Transmission Holdings, Inc. | 452,082 | ||||||
26,011 | Ambassadors Group, Inc. | 95,981 | ||||||
14,079 | AMC Networks, Inc., Class A(b) | 986,797 | ||||||
90,265 | American Apparel, Inc.(b)(c) | 120,955 | ||||||
46,870 | American Axle & Manufacturing Holdings, Inc.(b) | 872,251 | ||||||
4,733 | American Public Education, Inc.(b) | 189,462 | ||||||
4,304 | America’s Car-Mart, Inc.(b) | 196,865 | ||||||
77,578 | Arcos Dorados Holdings, Inc., Class A (British Virgin Islands)(c) | 934,039 | ||||||
6,389 | Arctic Cat, Inc.(b) | 334,784 | ||||||
33,864 | Asbury Automotive Group, Inc.(b) | 1,627,165 | ||||||
6,896 | Ascent Capital Group, Inc., Class A(b) | 582,160 | ||||||
15,029 | Bally Technologies, Inc.(b) | 1,099,221 | ||||||
12,177 | Bassett Furniture Industries, Inc. | 170,478 | ||||||
29,600 | Beazer Homes USA, Inc.(b)(c) | 537,832 | ||||||
55,410 | bebe Stores, Inc. | 334,122 | ||||||
71,387 | Belo Corp., Class A | 980,144 | ||||||
21,534 | Big 5 Sporting Goods Corp. | 407,208 | ||||||
1,123 | Biglari Holdings, Inc.(b) | 489,650 | ||||||
11,373 | BJ’s Restaurants, Inc.(b) | 307,753 | ||||||
13,143 | Bloomin’ Brands, Inc.(b) | 328,969 | ||||||
4,661 | Blue Nile, Inc.(b) | 191,427 | ||||||
29,493 | Blyth, Inc.(c) | 407,298 | ||||||
27,728 | Bob Evans Farms, Inc. | 1,582,992 | ||||||
49,241 | Bon-Ton Stores, Inc. (The)(c) | 563,809 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
169,796 | Boyd Gaming Corp.(b) | $ | 1,793,046 | |||||
12,195 | Bravo Brio Restaurant Group, Inc.(b) | 182,071 | ||||||
20,860 | Bridgepoint Education, Inc.(b) | 408,856 | ||||||
62,177 | Brown Shoe Co., Inc. | 1,395,252 | ||||||
19,174 | Buckle, Inc. (The)(c) | 938,376 | ||||||
6,170 | Buffalo Wild Wings, Inc.(b) | 879,719 | ||||||
41,306 | Build-A-Bear Workshop, Inc.(b) | 324,665 | ||||||
51,569 | Burger King Worldwide, Inc.(b) | 1,092,231 | ||||||
23,430 | Cabela’s, Inc.(b) | 1,389,868 | ||||||
75,049 | Callaway Golf Co. | 632,663 | ||||||
9,831 | Capella Education Co.(b) | 598,905 | ||||||
13,952 | Carmike Cinemas, Inc.(b) | 319,361 | ||||||
8,084 | Carriage Services, Inc. | 162,408 | ||||||
51,497 | Carrols Restaurant Group, Inc.(b) | 298,683 | ||||||
20,481 | Carter’s, Inc.(b) | 1,416,261 | ||||||
21,100 | Cato Corp. (The), Class A | 632,367 | ||||||
3,370 | Cavco Industries, Inc.(b) | 197,381 | ||||||
18,215 | CEC Entertainment, Inc. | 844,265 | ||||||
147,866 | Central European Media Enterprises Ltd., Class A (Czech Republic)(b)(c) | 453,949 | ||||||
30,403 | Cheesecake Factory, Inc. (The) | 1,436,542 | ||||||
9,089 | Cherokee, Inc. | 124,701 | ||||||
65,874 | Chico’s FAS, Inc. | 1,129,739 | ||||||
20,059 | Children’s Place Retail Stores, Inc. (The)(b) | 1,095,021 | ||||||
10,816 | Choice Hotels International, Inc. | 503,917 | ||||||
33,360 | Christopher & Banks Corp.(b) | 192,487 | ||||||
6,009 | Churchill Downs, Inc. | 516,233 | ||||||
23,380 | Citi Trends, Inc.(b) | 343,218 |
| 22 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
51,331 | Clear Channel Outdoor Holdings, Inc., Class A | $ | 436,313 | |||||
81,857 | Coldwater Creek, Inc.(b)(c) | 81,857 | ||||||
7,969 | Columbia Sportswear Co. | 532,887 | ||||||
11,378 | Conn’s, Inc.(b) | 687,686 | ||||||
20,558 | Core-Mark Holding Co., Inc. | 1,454,067 | ||||||
449,567 | Corinthian Colleges, Inc.(b)(c) | 962,073 | ||||||
14,651 | Cracker Barrel Old Country Store, Inc. | 1,609,705 | ||||||
42,963 | Crocs, Inc.(b) | 523,289 | ||||||
7,621 | CSS Industries, Inc. | 197,308 | ||||||
28,805 | CTC Media, Inc. | 364,095 | ||||||
62,311 | Cumulus Media, Inc., Class A(b) | 372,620 | ||||||
27,317 | Deckers Outdoor Corp.(b) | 1,880,229 | ||||||
9,029 | Delta Apparel, Inc.(b) | 170,648 | ||||||
70,644 | Denny’s Corp.(b) | 448,589 | ||||||
9,714 | Destination Maternity Corp. | 303,465 | ||||||
57,863 | Destination XL Group, Inc.(b) | 402,148 | ||||||
52,089 | Digital Generation, Inc.(b)(c) | 658,926 | ||||||
10,548 | DineEquity, Inc. | 865,674 | ||||||
8,153 | Dorman Products, Inc. | 396,317 | ||||||
62,094 | DreamWorks Animation SKG, Inc., Class A(b) | 2,126,099 | ||||||
8,397 | Drew Industries, Inc.(b) | 422,033 | ||||||
11,680 | DSW, Inc., Class A | 1,023,986 | ||||||
21,839 | Dunkin’ Brands Group, Inc. | 1,041,284 | ||||||
40,281 | E.W. Scripps Co. (The), Class A(b) | 798,369 | ||||||
146,902 | Education Management Corp.(b)(c) | 2,247,601 | ||||||
82,829 | Emmis Communications Corp., Class A(b) | 206,244 | ||||||
39,781 | Entercom Communications Corp., Class A(b) | 348,879 | ||||||
60,784 | Entravision Communications Corp., Class A(b) | 409,684 | ||||||
17,631 | Ethan Allen Interiors, Inc. | 469,690 | ||||||
60,554 | Express, Inc.(b) | 1,405,458 | ||||||
100,819 | Federal-Mogul Corp.(b) | 2,065,781 | ||||||
10,636 | Fiesta Restaurant Group, Inc.(b) | 450,860 | ||||||
46,904 | Fifth & Pacific Cos., Inc.(b) | 1,242,487 | ||||||
39,938 | Finish Line, Inc. (The), Class A | 1,000,048 | ||||||
7,566 | Flexsteel Industries, Inc. | 207,762 | ||||||
7,166 | Francesca’s Holdings Corp.(b) | 128,916 | ||||||
45,916 | Fred’s, Inc., Class A | 743,839 | ||||||
23,711 | Fuel Systems Solutions, Inc.(b) | 425,850 | ||||||
20,087 | Genesco, Inc.(b) | 1,368,126 | ||||||
12,865 | G-III Apparel Group Ltd.(b) | 729,703 | ||||||
10,373 | Gordmans Stores, Inc.(b) | 102,693 | ||||||
8,750 | Grand Canyon Education, Inc.(b) | 413,613 | ||||||
63,616 | Gray Television, Inc.(b) | 537,555 | ||||||
69,415 | Harte-Hanks, Inc. | 553,238 | ||||||
685 | Haverty Furniture Cos., Inc., Class A(b) | 19,180 | ||||||
14,248 | Haverty Furniture Cos., Inc. | 396,237 | ||||||
23,562 | Helen of Troy Ltd.(b) | 1,100,817 | ||||||
39,895 | hhgregg, Inc.(b)(c) | 618,771 | ||||||
8,473 | Hibbett Sports, Inc.(b)(c) | 494,230 | ||||||
39,807 | Hillenbrand, Inc. | 1,123,354 | ||||||
11,101 | Hooker Furniture Corp. | 175,396 | ||||||
98,930 | Hovnanian Enterprises, Inc., Class A(b)(c) | 500,586 | ||||||
23,493 | HSN, Inc. | 1,231,033 | ||||||
31,774 | Iconix Brand Group, Inc.(b) | 1,146,724 | ||||||
18,521 | International Speedway Corp., Class A | 605,822 | ||||||
18,023 | Interval Leisure Group, Inc. | 437,418 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
12,528 | iRobot Corp.(b) | $ | 424,323 | |||||
56,027 | Isle of Capri Casinos, Inc.(b) | 454,379 | ||||||
33,289 | JAKKS Pacific, Inc.(c) | 214,381 | ||||||
4,822 | Johnson Outdoors, Inc., Class A(b) | 132,267 | ||||||
19,925 | Jos. A. Bank Clothiers, Inc.(b) | 956,002 | ||||||
51,474 | Journal Communications, Inc., Class A(b) | 429,808 | ||||||
13,473 | K12, Inc.(b) | 246,286 | ||||||
52,105 | KB Home(c) | 884,222 | ||||||
109,775 | Kingold Jewelry, Inc.(b)(c) | 221,746 | ||||||
15,343 | Kirkland’s, Inc.(b) | 272,338 | ||||||
17,356 | Krispy Kreme Doughnuts, Inc.(b) | 421,057 | ||||||
31,286 | La-Z-Boy, Inc.(b) | 722,081 | ||||||
26,279 | LeapFrog Enterprises, Inc.(b)(c) | 224,948 | ||||||
122,128 | Lee Enterprises, Inc.(b)(c) | 335,852 | ||||||
17,665 | Libbey, Inc.(b) | 377,148 | ||||||
26,843 | Life Time Fitness, Inc.(b) | 1,219,209 | ||||||
12,850 | Lifetime Brands, Inc. | 201,231 | ||||||
18,038 | LIN Media LLC, Class A(b) | 443,194 | ||||||
66,909 | Lincoln Educational Services Corp. | 319,825 | ||||||
33,934 | Lions Gate Entertainment Corp.(b) | 1,173,438 | ||||||
17,255 | Lithia Motors, Inc., Class A | 1,084,477 | ||||||
5,707 | Loral Space & Communications, Inc.(b) | 407,309 | ||||||
17,743 | Luby’s, Inc.(b) | 135,911 | ||||||
7,999 | Lululemon Athletica, Inc. (Canada)(b) | 552,331 | ||||||
6,128 | Lumber Liquidators Holdings, Inc.(b) | 699,756 | ||||||
9,471 | M/I Homes, Inc.(b) | 193,871 | ||||||
8,912 | Mac-Gray Corp. | 187,865 | ||||||
18,677 | Madison Square Garden Co. (The), Class A(b) | 1,130,332 | ||||||
25,851 | Marcus Corp. | 371,220 | ||||||
26,647 | MarineMax, Inc.(b) | 392,510 | ||||||
20,254 | Marriott Vacations Worldwide Corp.(b) | 1,014,320 | ||||||
18,927 | Matthews International Corp., Class A | 768,436 | ||||||
4,762 | Mattress Firm Holding Corp.(b)(c) | 143,146 | ||||||
345,770 | McClatchy Co. (The), Class A(b)(c) | 975,071 | ||||||
21,200 | MDC Holdings, Inc. | 618,828 | ||||||
57,748 | Media General, Inc., Class A(b)(c) | 841,966 | ||||||
41,214 | Men’s Wearhouse, Inc. (The) | 1,743,352 | ||||||
27,103 | Meredith Corp. | 1,390,384 | ||||||
16,572 | Meritage Homes Corp.(b) | 752,203 | ||||||
7,297 | Michael Kors Holdings Ltd.(b) | 561,504 | ||||||
67,043 | Modine Manufacturing Co.(b) | 893,013 | ||||||
11,033 | Monro Muffler Brake, Inc. | 507,518 | ||||||
26,716 | Morgans Hotel Group Co.(b) | 191,287 | ||||||
4,796 | Morningstar, Inc. | 385,071 | ||||||
23,404 | Motorcar Parts of America, Inc.(b) | 320,167 | ||||||
6,454 | Movado Group, Inc. | 300,950 | ||||||
46,987 | MTR Gaming Group, Inc.(b) | 244,332 | ||||||
9,062 | Multimedia Games Holding Co., Inc.(b) | 294,606 | ||||||
15,669 | NACCO Industries, Inc., Class A | 892,663 | ||||||
43,646 | National CineMedia, Inc. | 764,678 | ||||||
39,445 | New York & Co., Inc.(b) | 201,958 | ||||||
8,064 | Nexstar Broadcasting Group, Inc., Class A(b) | 357,961 | ||||||
42,528 | Nutrisystem, Inc. | 799,526 | ||||||
60,458 | Orbitz Worldwide, Inc.(b) | 558,632 | ||||||
47,394 | Orient-Express Hotels Ltd., Class A(b) | 630,814 | ||||||
18,369 | Outerwall, Inc.(b)(c) | 1,193,618 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
12,166 | Overstock.com, Inc.(b) | $ | 285,049 | |||||
8,664 | Oxford Industries, Inc. | 621,815 | ||||||
183,520 | Pacific Sunwear of California, Inc.(b) | 493,669 | ||||||
9,833 | Papa John’s International, Inc.(b) | 744,063 | ||||||
74,938 | PEP Boys-Manny Moe & Jack (The)(b) | 969,698 | ||||||
28,024 | Perry Ellis International, Inc.(b) | 532,736 | ||||||
34,863 | Pier 1 Imports, Inc. | 727,939 | ||||||
64,047 | Pinnacle Entertainment, Inc.(b) | 1,498,700 | ||||||
19,480 | Pool Corp. | 1,059,322 | ||||||
148,129 | Quiksilver, Inc.(b) | 1,232,433 | ||||||
90,688 | Radio One, Inc., Class D(b)(c) | 272,064 | ||||||
22,155 | Reading International, Inc., Class A(b) | 146,666 | ||||||
24,791 | Red Lion Hotels Corp.(b) | 149,242 | ||||||
10,343 | Red Robin Gourmet Burgers, Inc.(b) | 787,930 | ||||||
12,504 | Rocky Brands, Inc. | 189,561 | ||||||
100,363 | Ruby Tuesday, Inc.(b) | 595,153 | ||||||
24,952 | Ruth’s Hospitality Group, Inc.(b) | 304,165 | ||||||
18,331 | Ryland Group, Inc. (The) | 736,906 | ||||||
2,797 | Saga Communications, Inc., Class A | 133,165 | ||||||
34,557 | Scholastic Corp. | 991,440 | ||||||
70,918 | Scientific Games Corp., Class A(b) | 1,296,381 | ||||||
10,759 | Sears Hometown and Outlet Stores, Inc.(b) | 299,746 | ||||||
19,097 | Select Comfort Corp.(b) | 349,857 | ||||||
17,166 | SHFL entertainment, Inc.(b) | 397,908 | ||||||
13,584 | Shoe Carnival, Inc. | 353,048 | ||||||
10,722 | Shutterfly, Inc.(b) | 526,879 | ||||||
40,176 | Sinclair Broadcast Group, Inc., Class A | 1,288,043 | ||||||
288,606 | Sirius XM Radio, Inc. | 1,088,045 | ||||||
31,423 | Six Flags Entertainment Corp. | 1,181,819 | ||||||
41,387 | Skechers U.S.A., Inc., Class A(b) | 1,206,017 | ||||||
21,928 | Smith & Wesson Holding Corp.(b)(c) | 236,384 | ||||||
2,625 | SodaStream International Ltd. (Israel)(b)(c) | 140,359 | ||||||
47,187 | Sonic Corp.(b) | 910,709 | ||||||
23,444 | Sotheby’s | 1,216,744 | ||||||
53,929 | Spartan Motors, Inc. | 366,178 | ||||||
19,139 | Speedway Motorsports, Inc. | 349,478 | ||||||
25,504 | Stage Stores, Inc. | 526,658 | ||||||
14,456 | Standard Motor Products, Inc. | 522,729 | ||||||
23,355 | Standard Pacific Corp.(b) | 185,205 | ||||||
34,756 | Stein Mart, Inc.(b) | 513,346 | ||||||
8,259 | Steiner Leisure Ltd.(b) | 462,669 | ||||||
21,140 | Steven Madden Ltd.(b) | 775,415 | ||||||
51,787 | Stewart Enterprises, Inc., Class A | 684,106 | ||||||
53,522 | Stoneridge, Inc.(b) | 682,941 | ||||||
14,182 | Strayer Education, Inc. | 560,614 | ||||||
3,715 | Sturm Ruger & Co., Inc.(c) | 242,998 | ||||||
21,895 | Superior Industries International, Inc. | 410,531 | ||||||
20,970 | Systemax, Inc.(b) | 199,215 | ||||||
17,922 | Tempur-Sealy International, Inc.(b) | 687,309 | ||||||
24,056 | Texas Roadhouse, Inc. | 659,616 | ||||||
27,061 | Thor Industries, Inc. | 1,569,809 | ||||||
21,550 | Tower International, Inc.(b) | 457,291 | ||||||
34,276 | Town Sports International Holdings, Inc.(b) | 442,846 | ||||||
11,302 | TripAdvisor, Inc.(b) | 934,788 | ||||||
36,259 | Tuesday Morning Corp.(b) | 513,065 | ||||||
10,880 | Ulta Salon, Cosmetics & Fragrance, Inc. | 1,401,888 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
13,986 | Under Armour, Inc., Class A(b) | $ | 1,134,964 | |||||
23,686 | Unifi, Inc.(b) | 577,702 | ||||||
13,448 | Universal Electronics, Inc.(b) | 523,262 | ||||||
13,995 | Universal Technical Institute, Inc. | 185,994 | ||||||
16,081 | Vail Resorts, Inc. | 1,132,906 | ||||||
70,121 | ValueVision Media, Inc., Class A(b) | 374,446 | ||||||
5,745 | Vera Bradley, Inc.(b)(c) | 127,252 | ||||||
8,605 | Vitamin Shoppe, Inc.(b) | 403,661 | ||||||
39,059 | VOXX International Corp.(b) | 605,805 | ||||||
18,375 | Weight Watchers International, Inc. (Luxembourg)(c) | 590,021 | ||||||
16,919 | West Marine, Inc.(b) | 206,581 | ||||||
121,245 | Wet Seal, Inc. (The), Class A(b) | 401,321 | ||||||
5,754 | Weyco Group, Inc. | 165,312 | ||||||
12,839 | Winnebago Industries, Inc.(b) | 380,805 | ||||||
22,627 | Wolverine World Wide, Inc. | 1,306,483 | ||||||
48,094 | World Wrestling Entertainment, Inc., Class A(c) | 622,817 | ||||||
188,102 | Zale Corp.(b) | 2,940,034 | ||||||
9,765 | Zumiez, Inc.(b) | 289,435 | ||||||
|
| |||||||
154,548,560 | ||||||||
|
| |||||||
Consumer Staples—3.7% | ||||||||
45,796 | Adecoagro S.A. (Argentina)(b) | 366,368 | ||||||
184,492 | Alliance One International, Inc.(b) | 547,941 | ||||||
22,406 | B&G Foods, Inc. | 758,443 | ||||||
1,294 | Boston Beer Co., Inc. (The), Class A(b) | 297,089 | ||||||
27,749 | Boulder Brands, Inc.(b) | 454,806 | ||||||
7,717 | Calavo Growers, Inc. | 229,118 | ||||||
11,238 | Cal-Maine Foods, Inc. | 570,104 | ||||||
26,146 | Central Garden & Pet Co.(b) | 198,448 | ||||||
85,509 | Central Garden & Pet Co., Class A(b) | 629,346 | ||||||
4,492 | Coca-Cola Bottling Co. Consolidated | 284,433 | ||||||
64,698 | Darling International, Inc.(b) | 1,505,522 | ||||||
27,346 | Diamond Foods, Inc.(c) | 667,516 | ||||||
94,348 | Dole Food Co., Inc.(b) | 1,278,415 | ||||||
16,896 | Elizabeth Arden, Inc.(b) | 611,466 | ||||||
10,048 | Fresh Market, Inc. (The)(b) | 511,544 | ||||||
14,146 | Hain Celestial Group, Inc. (The)(b) | 1,177,372 | ||||||
46,006 | Harbinger Group, Inc.(b) | 501,005 | ||||||
15,757 | Ingles Markets, Inc., Class A | 406,688 | ||||||
5,416 | Inter Parfums, Inc. | 190,427 | ||||||
5,651 | J & J Snack Foods Corp. | 483,556 | ||||||
13,342 | John B. Sanfilippo & Son, Inc.(b) | 327,946 | ||||||
10,114 | Lancaster Colony Corp. | 839,361 | ||||||
5,963 | Medifast, Inc.(b) | 138,998 | ||||||
12,090 | National Beverage Corp.(b) | 221,368 | ||||||
23,492 | Nu Skin Enterprises, Inc., Class A | 2,746,920 | ||||||
10,315 | Nutraceutical International Corp.(b) | 248,076 | ||||||
25,951 | Omega Protein Corp.(b) | 242,901 | ||||||
62,367 | Pilgrim’s Pride Corp. (Brazil)(b) | 883,740 | ||||||
20,711 | Prestige Brands Holdings, Inc.(b) | 646,805 | ||||||
6,189 | PriceSmart, Inc. | 704,246 | ||||||
8,554 | Revlon, Inc., Class A(b) | 203,157 | ||||||
184,679 | Roundy’s, Inc.(b) | 1,717,515 | ||||||
15,347 | Sanderson Farms, Inc. | 970,084 | ||||||
201 | Seaboard Corp.(b) | 548,730 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
18,188 | Seneca Foods Corp., Class A(b) | $ | 533,272 | |||||
3,685 | Seneca Foods Corp., Class B(b) | 108,707 | ||||||
30,606 | Snyders-Lance, Inc. | 917,874 | ||||||
55,973 | Spartan Stores, Inc. | 1,317,045 | ||||||
17,216 | Spectrum Brands Holdings, Inc.(b) | 1,134,879 | ||||||
22,284 | Susser Holdings Corp.(b) | 1,222,055 | ||||||
9,831 | Tootsie Roll Industries, Inc.(c) | 314,592 | ||||||
3,744 | USANA Health Sciences, Inc.(b) | 255,453 | ||||||
61,427 | Vector Group Ltd.(b)(c) | 993,275 | ||||||
8,839 | Village Super Market, Inc., Class A | 324,038 | ||||||
6,391 | WD-40 Co. | 463,284 | ||||||
11,359 | Weis Markets, Inc. | 581,240 | ||||||
11,434 | WhiteWave Foods Co., Class A(b) | 228,794 | ||||||
|
| |||||||
30,503,962 | ||||||||
|
| |||||||
Energy—6.9% | ||||||||
54,984 | Abraxas Petroleum Corp.(b)(c) | 158,904 | ||||||
7,130 | Adams Resources & Energy, Inc. | 369,120 | ||||||
17,696 | Alon USA Energy, Inc. (Israel) | 213,768 | ||||||
10,904 | Approach Resources, Inc.(b) | 306,948 | ||||||
50,527 | Basic Energy Services, Inc.(b) | 741,231 | ||||||
19,263 | Berry Petroleum Co., Class A | 919,808 | ||||||
3,946 | Bonanza Creek Energy, Inc.(b) | 199,431 | ||||||
18,062 | Bristow Group, Inc. | 1,453,449 | ||||||
15,898 | C&J Energy Services, Inc.(b) | 366,290 | ||||||
375,849 | Cal Dive International, Inc.(b)(c) | 740,423 | ||||||
52,819 | Callon Petroleum Co.(b) | 360,754 | ||||||
4,110 | CARBO Ceramics, Inc.(c) | 515,147 | ||||||
20,167 | Carrizo Oil & Gas, Inc.(b) | 884,121 | ||||||
8,414 | Clayton Williams Energy, Inc.(b) | 654,862 | ||||||
19,592 | Clean Energy Fuels Corp.(b)(c) | 223,153 | ||||||
24,969 | Cobalt International Energy, Inc.(b) | 579,531 | ||||||
64,286 | Comstock Resources, Inc.(b) | 1,099,933 | ||||||
8,412 | Contango Oil & Gas Co.(b) | 360,454 | ||||||
5,148 | Continental Resources, Inc.(b) | 586,357 | ||||||
6,328 | Core Laboratories NV | 1,184,728 | ||||||
52,184 | Crosstex Energy, Inc. | 1,601,527 | ||||||
6,672 | CVR Energy, Inc.(b) | 265,012 | ||||||
7,541 | Dawson Geophysical Co.(b) | 220,499 | ||||||
10,518 | Delek US Holdings, Inc. (Israel) | 268,735 | ||||||
74,592 | DHT Holdings, Inc. | 382,657 | ||||||
10,570 | Dril-Quip, Inc.(b) | 1,241,129 | ||||||
69,923 | Endeavour International Corp.(b)(c) | 415,343 | ||||||
28,935 | Energy XXI Bermuda Ltd. | 840,851 | ||||||
23,284 | EPL Oil & Gas, Inc.(b) | 742,294 | ||||||
13,049 | Forum Energy Technologies, Inc.(b) | 381,814 | ||||||
109,944 | Gastar Exploration Ltd.(b) | 474,958 | ||||||
1,836 | Geospace Technologies Corp.(b) | 178,863 | ||||||
77,647 | Global Geophysical Services, Inc.(b) | 185,576 | ||||||
16,065 | Goodrich Petroleum Corp.(b) | 375,760 | ||||||
156,692 | Gran Tierra Energy, Inc. (Canada)(b) | 1,189,292 | ||||||
72,311 | Green Plains Renewable Energy, Inc.(b) | 1,166,376 | ||||||
9,811 | Gulf Island Fabrication, Inc. | 247,433 | ||||||
5,594 | Gulfmark Offshore, Inc., Class A(b) | 278,469 | ||||||
10,117 | Gulfport Energy Corp.(b) | 593,767 | ||||||
32,080 | Harvest Natural Resources, Inc.(b)(c) | 160,400 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
151,345 | Hercules Offshore, Inc.(b) | $ | 1,029,146 | |||||
24,123 | Hornbeck Offshore Services, Inc.(b) | 1,333,278 | ||||||
7,612 | InterOil Corp.(b)(c) | 528,653 | ||||||
72,980 | ION Geophysical Corp.(b) | 338,627 | ||||||
228,032 | James River Coal Co.(b)(c) | 437,821 | ||||||
65,167 | Knightsbridge Tankers Ltd. (Bermuda)(c) | 536,976 | ||||||
51,033 | Kodiak Oil & Gas Corp.(b) | 661,898 | ||||||
11,894 | Kosmos Energy Ltd.(b) | 126,790 | ||||||
9,536 | Laredo Petroleum Holdings, Inc.(b) | 302,959 | ||||||
54,414 | Magnum Hunter Resources Corp.(b)(c) | 387,972 | ||||||
21,661 | Matrix Service Co.(b) | 450,332 | ||||||
15,695 | Midstates Petroleum Co., Inc.(b)(c) | 88,520 | ||||||
10,070 | Mitcham Industries, Inc.(b) | 167,565 | ||||||
8,781 | Natural Gas Services Group, Inc.(b) | 245,780 | ||||||
45,590 | Navios Maritime Acquisition Corp.(b) | 181,904 | ||||||
73,400 | Newpark Resources, Inc.(b) | 935,850 | ||||||
99,737 | Nordic American Tankers Ltd.(c) | 813,854 | ||||||
20,763 | Northern Oil and Gas, Inc.(b) | 341,136 | ||||||
8,611 | Oasis Petroleum, Inc.(b) | 458,536 | ||||||
30,421 | Ocean Rig UDW, Inc. (Greece)(b) | 533,280 | ||||||
37,959 | Pacific Drilling SA (Monaco)(b) | 431,594 | ||||||
30,529 | Pacific Ethanol, Inc.(b)(c) | 111,736 | ||||||
185,605 | Parker Drilling Co.(b) | 1,336,356 | ||||||
14,466 | PBF Energy, Inc., Class A(b)(c) | 380,890 | ||||||
16,316 | PDC Energy, Inc.(b) | 1,106,388 | ||||||
198,840 | Penn Virginia Corp. | 1,692,128 | ||||||
105,840 | PetroQuest Energy, Inc.(b) | 499,565 | ||||||
1,225 | PHI, Inc.(b) | 46,085 | ||||||
13,616 | PHI, Inc.(b) | 542,189 | ||||||
81,560 | Pioneer Energy Services Corp.(b) | 685,104 | ||||||
617,398 | Quicksilver Resources, Inc.(b)(c) | 1,321,232 | ||||||
23,421 | Renewable Energy Group, Inc.(b) | 255,523 | ||||||
24,152 | Resolute Energy Corp.(b) | 226,546 | ||||||
6,734 | REX American Resources Corp.(b) | 194,209 | ||||||
14,181 | Rex Energy Corp.(b) | 304,892 | ||||||
16,751 | Rosetta Resources, Inc.(b) | 1,004,055 | ||||||
30,793 | RPC, Inc.(c) | 564,744 | ||||||
25,321 | SemGroup Corp., Class A | 1,529,135 | ||||||
62,966 | Ship Finance International Ltd. (Norway) | 1,042,087 | ||||||
18,526 | StealthGas, Inc.(b) | 213,049 | ||||||
51,949 | Stone Energy Corp.(b) | 1,810,942 | ||||||
88,108 | Swift Energy Co.(b) | 1,208,842 | ||||||
248,352 | Teekay Tankers Ltd., Class A(c) | 648,199 | ||||||
37,548 | Tesco Corp.(b) | 645,075 | ||||||
96,389 | TETRA Technologies, Inc.(b) | 1,250,165 | ||||||
209,898 | Tsakos Energy Navigation Ltd. | 1,051,589 | ||||||
40,149 | USEC, Inc.(b)(c) | 323,601 | ||||||
37,207 | VAALCO Energy, Inc.(b) | 196,081 | ||||||
170,201 | Vantage Drilling Co.(b) | 302,958 | ||||||
36,303 | W&T Offshore, Inc. | 693,024 | ||||||
72,672 | Warren Resources, Inc.(b) | 227,463 | ||||||
22,414 | Westmoreland Coal Co.(b) | 318,503 | ||||||
104,549 | Willbros Group, Inc.(b) | 1,020,398 | ||||||
|
| |||||||
56,214,391 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—20.4% | ||||||||
13,517 | 1st Source Corp. | $ | 424,163 | |||||
18,858 | 1st United Bancorp, Inc. | 144,075 | ||||||
20,262 | Acadia Realty Trust REIT | 540,388 | ||||||
6,613 | Agree Realty Corp. REIT | 208,772 | ||||||
701 | Alexander’s, Inc. REIT | 225,554 | ||||||
3,896 | Altisource Portfolio Solutions SA(b) | 612,763 | ||||||
14,107 | American Assets Trust, Inc. REIT | 469,622 | ||||||
80,374 | American Equity Investment Life Holding Co. | 1,674,994 | ||||||
7,108 | American National Bankshares, Inc. | 163,058 | ||||||
14,538 | American National Insurance Co. | 1,469,356 | ||||||
14,292 | Ameris Bancorp(b) | 261,544 | ||||||
11,724 | AMERISAFE, Inc. | 451,374 | ||||||
12,946 | AmTrust Financial Services, Inc.(b)(c) | 496,609 | ||||||
15,503 | Apollo Commercial Real Estate Finance, Inc. REIT | 249,753 | ||||||
26,626 | Arbor Realty Trust, Inc. REIT | 177,063 | ||||||
35,042 | Argo Group International Holdings Ltd. | 1,471,063 | ||||||
7,584 | Arlington Asset Investment Corp., Class A | 187,097 | ||||||
35,774 | ARMOUR Residential REIT, Inc. REIT | 147,389 | ||||||
7,924 | Arrow Financial Corp.(b)(c) | 204,518 | ||||||
75,371 | Ashford Hospitality Trust, Inc. REIT | 984,345 | ||||||
20,018 | Associated Estates Realty Corp. REIT | 307,076 | ||||||
12,317 | ASTA Funding, Inc. | 105,680 | ||||||
7,552 | AV Homes, Inc.(b) | 144,243 | ||||||
936 | Baldwin & Lyons, Inc., Class A(b) | 24,373 | ||||||
8,079 | Baldwin & Lyons, Inc., Class B(b) | 220,799 | ||||||
3,932 | BancFirst Corp. | 218,501 | ||||||
18,485 | Bancorp, Inc. (The)(b) | 298,902 | ||||||
45,089 | Bank Mutual Corp. | 286,766 | ||||||
3,516 | Bank of Marin Bancorp | 149,606 | ||||||
7,418 | Bank of the Ozarks, Inc. | 367,043 | ||||||
17,433 | BankFinancial Corp. | 161,953 | ||||||
17,802 | BankUnited, Inc. | 547,768 | ||||||
10,670 | Banner Corp. | 408,234 | ||||||
3,153 | Bar Harbor Bankshares | 118,994 | ||||||
29,515 | BBCN Bancorp, Inc.(b) | 437,707 | ||||||
14,278 | Beneficial Mutual Bancorp, Inc.(b) | 139,211 | ||||||
14,621 | Berkshire Hills Bancorp, Inc. | 370,935 | ||||||
153,451 | BGC Partners, Inc., Class A | 816,359 | ||||||
11,298 | Blackstone Mortgage Trust, Inc., Class A REIT(b) | 276,688 | ||||||
3,651 | BofI Holding, Inc.(b) | 220,593 | ||||||
13,684 | BOK Financial Corp. | 837,871 | ||||||
51,867 | Boston Private Financial Holdings, Inc. | 590,765 | ||||||
5,968 | Bridge Bancorp, Inc. | 137,801 | ||||||
63,810 | Brookline Bancorp, Inc. | 565,995 | ||||||
6,666 | Bryn Mawr Bank Corp. | 185,715 | ||||||
3,182 | C&F Financial Corp. | 171,542 | ||||||
42,108 | Calamos Asset Management, Inc., Class A | 413,501 | ||||||
6,899 | Camden National Corp. | 278,375 | ||||||
14,085 | Campus Crest Communities, Inc. REIT | 140,991 | ||||||
17,339 | Capital City Bank Group, Inc.(b) | 213,270 | ||||||
69,678 | CapLease, Inc. REIT | 592,263 | ||||||
11,243 | Cardinal Financial Corp. | 185,510 | ||||||
17,307 | Cash America International, Inc. | 682,761 | ||||||
41,669 | Cathay General Bancorp | 1,026,307 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
21,967 | CBOE Holdings, Inc. | $ | 1,065,400 | |||||
83,608 | Cedar Realty Trust, Inc. REIT | 477,402 | ||||||
13,627 | Centerstate Banks, Inc. | 134,362 | ||||||
22,798 | Central Pacific Financial Corp.(b) | 419,939 | ||||||
11,333 | Charter Financial Corp. | 122,850 | ||||||
8,374 | Chatham Lodging Trust REIT | 157,934 | ||||||
24,655 | Chemical Financial Corp. | 722,145 | ||||||
17,338 | Chesapeake Lodging Trust REIT | 408,657 | ||||||
9,148 | Citizens & Northern Corp. | 180,764 | ||||||
18,001 | Citizens, Inc., Class A(b) | 151,208 | ||||||
11,356 | City Holding Co. | 516,698 | ||||||
26,078 | CNA Financial Corp. | 1,058,506 | ||||||
8,904 | CNB Financial Corp. | 178,169 | ||||||
21,921 | CoBiz Financial, Inc. | 237,843 | ||||||
9,611 | Cohen & Steers, Inc.(c) | 368,678 | ||||||
10,279 | Colony Financial, Inc. REIT | 207,944 | ||||||
25,306 | Columbia Banking System, Inc. | 650,111 | ||||||
24,922 | Community Bank System, Inc. | 904,918 | ||||||
10,711 | Community Trust Bancorp, Inc. | 456,182 | ||||||
13,983 | Consumer Portfolio Services, Inc.(b) | 93,966 | ||||||
5,775 | Coresite Realty Corp. REIT | 187,341 | ||||||
66,050 | Cousins Properties, Inc. REIT | 748,347 | ||||||
72,180 | Cowen Group, Inc., Class A(b) | 286,555 | ||||||
18,490 | Crawford & Co., Class A(b) | 154,022 | ||||||
22,262 | Crawford & Co., Class B(b) | 244,659 | ||||||
1,411 | Credit Acceptance Corp.(b) | 166,921 | ||||||
51,701 | CubeSmart REIT | 944,577 | ||||||
61,793 | CVB Financial Corp. | 898,470 | ||||||
37,831 | DFC Global Corp.(b) | 457,755 | ||||||
2,119 | Diamond Hill Investment Group | 233,662 | ||||||
25,880 | Dime Community Bancshares, Inc. | 423,397 | ||||||
1,096 | Donegal Group, Inc., Class B | 23,016 | ||||||
10,466 | Donegal Group, Inc., Class A | 165,886 | ||||||
24,557 | Doral Financial Corp. (Puerto Rico)(b) | 415,013 | ||||||
23,042 | DuPont Fabros Technology, Inc. REIT | 572,594 | ||||||
28,064 | Dynex Capital, Inc. REIT | 242,473 | ||||||
7,399 | Eagle Bancorp, Inc.(b) | 195,704 | ||||||
13,785 | EastGroup Properties, Inc. REIT | 877,553 | ||||||
41,313 | Education Realty Trust, Inc. REIT | 377,601 | ||||||
10,794 | eHealth, Inc.(b) | 460,040 | ||||||
25,071 | Employers Holdings, Inc. | 753,885 | ||||||
13,687 | Encore Capital Group, Inc.(b) | 668,610 | ||||||
3,150 | Enstar Group Ltd.(b) | 428,180 | ||||||
12,520 | Enterprise Financial Services Corp. | 225,736 | ||||||
20,664 | Equity Lifestyle Properties, Inc. REIT | 785,025 | ||||||
30,027 | Equity One, Inc. REIT | 723,951 | ||||||
36,117 | Everbank Financial Corp. | 546,089 | ||||||
6,778 | Evercore Partners, Inc., Class A | 342,086 | ||||||
12,170 | Excel Trust, Inc. REIT | 147,014 | ||||||
26,338 | Extra Space Storage, Inc. REIT | 1,211,285 | ||||||
34,229 | EZCORP, Inc., Class A(b) | 538,422 | ||||||
8,001 | Farmers Capital Bank Corp.(b) | 164,341 | ||||||
13,232 | FBL Financial Group, Inc., Class A | 592,000 | ||||||
8,489 | FBR & Co.(b) | 224,959 | ||||||
4,412 | Federal Agricultural Mortgage Corp., Class C | 157,464 | ||||||
123,582 | FelCor Lodging Trust, Inc. REIT(b) | 830,471 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
4,533 | Financial Engines, Inc. | $ | 253,259 | |||||
8,347 | Financial Institutions, Inc. | 197,573 | ||||||
15,446 | First Bancorp | 231,381 | ||||||
9,130 | First Bancorp, Inc. | 158,953 | ||||||
138,278 | First BanCorp.(b) | 767,443 | ||||||
89,837 | First Busey Corp. | 464,457 | ||||||
8,354 | First Cash Financial Services, Inc.(b) | 505,333 | ||||||
3,686 | First Citizens BancShares, Inc., Class A | 780,437 | ||||||
91,316 | First Commonwealth Financial Corp. | 793,536 | ||||||
18,666 | First Community Bancshares, Inc. | 311,536 | ||||||
8,313 | First Connecticut Bancorp, Inc. | 122,035 | ||||||
8,956 | First Defiance Financial Corp. | 231,244 | ||||||
45,495 | First Financial Bancorp | 706,082 | ||||||
12,724 | First Financial Bankshares, Inc.(c) | 782,653 | ||||||
8,937 | First Financial Corp. | 308,684 | ||||||
6,812 | First Financial Holdings, Inc. | 408,243 | ||||||
15,349 | First Financial Northwest, Inc. | 166,383 | ||||||
41,721 | First Industrial Realty Trust, Inc. REIT | 753,898 | ||||||
15,682 | First Interstate BancSystem, Inc. | 393,775 | ||||||
24,686 | First Merchants Corp. | 464,097 | ||||||
68,797 | First Midwest Bancorp, Inc. | 1,144,094 | ||||||
4,296 | First of Long Island Corp. (The) | 169,048 | ||||||
42,598 | First Potomac Realty Trust REIT | 523,529 | ||||||
18,124 | Flagstar Bancorp, Inc.(b) | 293,790 | ||||||
26,054 | Flushing Financial Corp. | 523,425 | ||||||
46,826 | Forest City Enterprises, Inc., Class A(b) | 948,695 | ||||||
1,233 | Forest City Enterprises, Inc., Class B(b) | 24,907 | ||||||
20,129 | Forestar Group, Inc.(b) | 449,481 | ||||||
8,330 | Franklin Financial Corp. | 157,187 | ||||||
51,854 | Franklin Street Properties Corp. REIT | 684,473 | ||||||
39,098 | FXCM, Inc., Class A | 640,816 | ||||||
2,452 | GAMCO Investors, Inc., Class A | 175,343 | ||||||
8,189 | German American Bancorp, Inc. | 222,577 | ||||||
18,059 | Getty Realty Corp. REIT | 346,372 | ||||||
110,601 | GFI Group, Inc. | 383,785 | ||||||
52,847 | Glacier Bancorp, Inc. | 1,460,163 | ||||||
9,415 | Gladstone Commercial Corp. REIT | 177,944 | ||||||
61,496 | Glimcher Realty Trust REIT | 630,334 | ||||||
11,691 | Global Indemnity PLC(b) | 287,949 | ||||||
24,199 | Government Properties Income Trust REIT | 591,666 | ||||||
162,332 | Gramercy Property Trust, Inc. REIT(b) | 741,857 | ||||||
9,986 | Great Southern Bancorp, Inc. | 280,407 | ||||||
18,320 | Green Dot Corp., Class A(b) | 393,147 | ||||||
9,350 | Greenhill & Co., Inc. | 479,655 | ||||||
19,395 | Greenlight Capital Re Ltd., Class A(b) | 597,172 | ||||||
15,598 | Guaranty Bancorp | 210,573 | ||||||
20,477 | Hallmark Financial Services, Inc.(b) | 174,259 | ||||||
17,348 | Hanmi Financial Corp.(b) | 303,243 | ||||||
17,168 | Healthcare Trust of America, Inc., Class A REIT | 199,492 | ||||||
13,483 | Heartland Financial USA, Inc. | 357,165 | ||||||
10,754 | Heritage Financial Corp. | 173,462 | ||||||
92,302 | Hersha Hospitality Trust REIT | 523,352 | ||||||
9,036 | HFF, Inc., Class A | 221,834 | ||||||
21,613 | Hilltop Holdings, Inc.(b) | 374,769 | ||||||
13,288 | Home BancShares, Inc. | 450,197 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
9,852 | HomeTrust Bancshares, Inc.(b) | $ | 159,110 | |||||
45,678 | Horace Mann Educators Corp. | 1,265,281 | ||||||
14,827 | Howard Hughes Corp. (The)(b) | 1,735,500 | ||||||
9,129 | Hudson Pacific Properties, Inc. REIT | 188,879 | ||||||
18,533 | Hudson Valley Holding Corp. | 342,675 | ||||||
16,799 | IBERIABANK Corp. | 981,566 | ||||||
11,185 | ICG Group, Inc.(b) | 182,427 | ||||||
30,283 | Impac Mortgage Holdings, Inc. REIT(b)(c) | 205,924 | ||||||
12,979 | Independent Bank Corp. | 465,687 | ||||||
24,769 | Independent Bank Corp./Mi(b) | 240,755 | ||||||
12,935 | Infinity Property & Casualty Corp. | 887,082 | ||||||
66,596 | Inland Real Estate Corp. REIT | 711,911 | ||||||
44,291 | International Bancshares Corp. | 1,012,049 | ||||||
26,508 | Intervest Bancshares Corp., Class A(b) | 193,243 | ||||||
11,495 | INTL FCStone, Inc.(b) | 235,188 | ||||||
69,316 | Investment Technology Group, Inc.(b) | 1,110,442 | ||||||
20,744 | Investors Bancorp, Inc. | 491,840 | ||||||
75,444 | Investors Real Estate Trust REIT | 650,327 | ||||||
4,822 | Kansas City Life Insurance Co. | 221,330 | ||||||
7,307 | Kennedy-Wilson Holdings, Inc. | 146,432 | ||||||
55,524 | Kite Realty Group Trust REIT | 355,354 | ||||||
21,648 | Lakeland Bancorp, Inc. | 246,787 | ||||||
11,947 | Lakeland Financial Corp. | 425,194 | ||||||
33,385 | LPL Financial Holdings, Inc. | 1,360,105 | ||||||
11,542 | LTC Properties, Inc. REIT | 455,332 | ||||||
50,468 | Maiden Holdings Ltd. | 552,625 | ||||||
18,605 | MainSource Financial Group, Inc. | 301,773 | ||||||
12,003 | Manning & Napier, Inc., Class A | 199,250 | ||||||
5,770 | MarketAxess Holdings, Inc. | 376,377 | ||||||
32,764 | MB Financial, Inc. | 973,091 | ||||||
55,163 | MBIA, Inc.(b) | 627,203 | ||||||
73,566 | Meadowbrook Insurance Group, Inc. | 488,478 | ||||||
50,837 | Medical Properties Trust, Inc. REIT | 662,914 | ||||||
7,612 | Mercantile Bank Corp. | 166,246 | ||||||
9,943 | Metro Bancorp, Inc.(b) | 212,184 | ||||||
322,599 | MGIC Investment Corp.(b) | 2,625,956 | ||||||
5,542 | MidWestOne Financial Group, Inc. | 146,420 | ||||||
16,770 | Monmouth Real Estate Investment Corp., Class A REIT | 154,619 | ||||||
39,643 | Montpelier Re Holdings Ltd. | 1,094,543 | ||||||
4,480 | National Bankshares, Inc. | 157,472 | ||||||
5,974 | National Health Investors, Inc. REIT | 373,494 | ||||||
3,693 | National Interstate Corp. | 96,498 | ||||||
83,468 | National Penn Bancshares, Inc. | 865,563 | ||||||
2,784 | National Western Life Insurance Co., Class A | 579,072 | ||||||
10,889 | Navigators Group, Inc. (The)(b) | 612,397 | ||||||
30,690 | NBT Bancorp, Inc. | 747,915 | ||||||
14,501 | Nelnet, Inc., Class A | 618,178 | ||||||
61,186 | New Residential Investment Corp. REIT | 404,439 | ||||||
61,576 | Newcastle Investment Corp. REIT | 353,446 | ||||||
22,267 | NewStar Financial, Inc.(b) | 387,668 | ||||||
8,154 | Nicholas Financial, Inc. | 130,872 | ||||||
5,618 | Northrim Bancorp, Inc. | 141,012 | ||||||
108,515 | NorthStar Realty Finance Corp. REIT | 1,012,445 | ||||||
77,406 | Northwest Bancshares, Inc. | 1,082,910 | ||||||
9,321 | OceanFirst Financial Corp. | 163,956 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
27,782 | Ocwen Financial Corp.(b) | $ | 1,562,182 | |||||
27,587 | OFG Bancorp | 408,563 | ||||||
77,773 | Old National Bancorp | 1,130,819 | ||||||
41,744 | OMEGA Healthcare Investors, Inc. REIT(c) | 1,387,571 | ||||||
5,271 | OmniAmerican Bancorp, Inc.(b) | 115,540 | ||||||
8,293 | One Liberty Properties, Inc. REIT | 175,314 | ||||||
52,420 | OneBeacon Insurance Group Ltd., Class A | 836,623 | ||||||
22,301 | Oppenheimer Holdings, Inc., Class A | 442,229 | ||||||
23,655 | Oritani Financial Corp. | 383,684 | ||||||
7,933 | Orrstown Financial Services, Inc.(b) | 132,719 | ||||||
12,679 | Pacific Continental Corp. | 174,717 | ||||||
19,936 | PacWest Bancorp(c) | 758,565 | ||||||
13,601 | Park National Corp. | 1,077,471 | ||||||
15,317 | Parkway Properties, Inc. REIT | 277,391 | ||||||
24,115 | Pebblebrook Hotel Trust REIT | 728,273 | ||||||
3,001 | Penns Woods Bancorp, Inc. | 153,651 | ||||||
50,758 | Pennsylvania Real Estate Investment Trust REIT | 920,243 | ||||||
20,725 | PennyMac Mortgage Investment Trust REIT | 478,126 | ||||||
9,168 | Peoples Bancorp, Inc. | 205,547 | ||||||
29,806 | Phoenix Cos., Inc. (The)(b) | 1,149,617 | ||||||
12,981 | PICO Holdings, Inc.(b) | 304,794 | ||||||
22,633 | Pinnacle Financial Partners, Inc.(b) | 701,623 | ||||||
14,871 | Piper Jaffray Cos., Inc.(b) | 533,720 | ||||||
11,989 | Portfolio Recovery Associates, Inc.(b) | 712,746 | ||||||
21,864 | Post Properties, Inc. REIT | 1,000,059 | ||||||
22,798 | Potlatch Corp. REIT | 930,842 | ||||||
42,556 | PrivateBancorp, Inc. | 1,036,664 | ||||||
25,061 | Prosperity Bancshares, Inc. | 1,565,059 | ||||||
7,783 | Provident Financial Holdings, Inc. | 117,990 | ||||||
51,983 | Provident Financial Services, Inc. | 974,161 | ||||||
36,833 | Provident New York Bancorp(b) | 431,683 | ||||||
8,846 | PS Business Parks, Inc. REIT | 720,861 | ||||||
82,389 | Radian Group, Inc. | 1,200,408 | ||||||
117,093 | RAIT Financial Trust REIT | 884,052 | ||||||
28,067 | Ramco-Gershenson Properties Trust REIT | 456,369 | ||||||
11,069 | Realogy Holdings Corp.(b) | 455,379 | ||||||
20,744 | Renasant Corp. | 594,938 | ||||||
19,675 | Republic Bancorp, Inc., Class A | 452,919 | ||||||
15,782 | Resource America, Inc., Class A | 136,199 | ||||||
87,957 | Resource Capital Corp. REIT | 540,936 | ||||||
19,892 | Retail Opportunity Investments Corp. REIT | 294,402 | ||||||
64,340 | Retail Properties of America, Inc., Class A REIT | 920,705 | ||||||
17,278 | RLI Corp. | 1,632,425 | ||||||
16,150 | Rockville Financial, Inc. | 212,373 | ||||||
7,061 | Rouse Properties, Inc. REIT(b)(c) | 142,773 | ||||||
23,771 | Ryman Hospitality Properties, Inc. REIT(b)(c) | 877,388 | ||||||
29,190 | S&T Bancorp, Inc. | 715,739 | ||||||
8,640 | S.Y. Bancorp, Inc. | 259,286 | ||||||
28,434 | Sabra Health Care REIT, Inc. REIT | 764,875 | ||||||
11,528 | Safeguard Scientifics, Inc.(b) | 201,164 | ||||||
16,303 | Safety Insurance Group, Inc. | 891,611 | ||||||
19,316 | Sandy Spring Bancorp, Inc. | 473,049 | ||||||
7,053 | Saul Centers, Inc. REIT | 331,491 | ||||||
60,121 | Seacoast Banking Corp. of Florida(b) | 137,076 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
6,681 | Select Income REIT(b) | $ | 184,062 | |||||
11,481 | Sierra Bancorp | 217,335 | ||||||
13,594 | Simmons First National Corp., Class A | 445,068 | ||||||
16,199 | Southside Bancshares, Inc.(b) | 442,233 | ||||||
16,707 | Southwest Bancorp, Inc.(b) | 267,479 | ||||||
14,131 | Sovran Self Storage, Inc. REIT | 1,080,880 | ||||||
14,928 | St. Joe Co. (The)(b)(c) | 278,706 | ||||||
5,181 | STAG Industrial, Inc. REIT | 108,335 | ||||||
19,854 | State Auto Financial Corp. | 377,226 | ||||||
24,351 | State Bank Financial Corp. | 415,428 | ||||||
20,105 | StellarOne Corp. | 468,044 | ||||||
18,086 | Sterling Financial Corp. | 523,771 | ||||||
16,907 | Stewart Information Services Corp. | 529,527 | ||||||
30,641 | Stifel Financial Corp.(b) | 1,254,749 | ||||||
63,844 | Strategic Hotels & Resorts, Inc. REIT(b) | 555,443 | ||||||
12,558 | Suffolk Bancorp(b) | 245,509 | ||||||
24,895 | Summit Hotel Properties, Inc. REIT | 228,785 | ||||||
12,325 | Sun Communities, Inc. REIT | 549,325 | ||||||
79,750 | Sunstone Hotel Investors, Inc. REIT(b) | 1,056,688 | ||||||
63,202 | SWS Group, Inc.(b) | 355,827 | ||||||
26,444 | Tanger Factory Outlet Centers, Inc. REIT | 921,573 | ||||||
8,008 | Taylor Capital Group, Inc.(b) | 184,184 | ||||||
3,808 | Tejon Ranch Co.(b) | 140,972 | ||||||
5,523 | Territorial Bancorp, Inc. | 120,457 | ||||||
13,989 | Texas Capital Bancshares, Inc.(b) | 728,127 | ||||||
32,584 | TFS Financial Corp.(b) | 395,570 | ||||||
6,272 | Tompkins Financial Corp. | 309,335 | ||||||
58,257 | Tower Group International Ltd.(b)(c) | 211,473 | ||||||
24,902 | TowneBank | 362,573 | ||||||
15,390 | TriCo Bancshares | 389,213 | ||||||
97,050 | TrustCo Bank Corp. NY | 652,176 | ||||||
52,184 | Trustmark Corp. | 1,417,317 | ||||||
55,153 | Two Harbors Investment Corp. REIT | 514,577 | ||||||
16,586 | UMB Financial Corp. | 977,247 | ||||||
93,951 | Umpqua Holdings Corp.(c) | 1,537,978 | ||||||
19,453 | Union First Market Bankshares Corp. | 469,206 | ||||||
38,664 | United Bankshares, Inc.(c) | 1,143,681 | ||||||
24,352 | United Community Banks, Inc.(b) | 379,648 | ||||||
10,640 | United Financial Bancorp, Inc. | 166,835 | ||||||
19,937 | United Fire Group, Inc. | 632,003 | ||||||
3,079 | Universal Health Realty Income Trust REIT | 135,230 | ||||||
38,744 | Universal Insurance Holdings, Inc. | 303,753 | ||||||
18,643 | Univest Corp. of Pennsylvania | 372,301 | ||||||
2,427 | Urstadt Biddle Properties, Inc. REIT(b) | 40,046 | ||||||
12,118 | Urstadt Biddle Properties, Inc., Class A REIT | 239,209 | ||||||
12,636 | ViewPoint Financial Group, Inc. | 275,591 | ||||||
18,948 | Virginia Commerce Bancorp, Inc.(b) | 303,736 | ||||||
1,033 | Virtus Investment Partners, Inc.(b) | 210,236 | ||||||
5,651 | Walker & Dunlop, Inc.(b) | 73,350 | ||||||
8,825 | Walter Investment Management Corp.(b) | 333,320 | ||||||
10,130 | Washington Banking Co. | 172,311 | ||||||
10,826 | Washington Trust Bancorp, Inc. | 356,067 | ||||||
25,981 | WesBanco, Inc. | 763,841 | ||||||
13,348 | West Bancorporation, Inc. | 184,469 | ||||||
18,217 | Westamerica Bancorp.(c) | 937,811 | ||||||
33,085 | Western Alliance Bancorp(b) | 699,748 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
28,420 | Westfield Financial, Inc. | $ | 204,908 | |||||
3,884 | Westwood Holdings Group, Inc. | 207,134 | ||||||
41,943 | Wilshire Bancorp, Inc. | 355,257 | ||||||
21,545 | Winthrop Realty Trust REIT | 253,585 | ||||||
24,293 | Wintrust Financial Corp. | 1,056,988 | ||||||
7,451 | World Acceptance Corp.(b)(c) | 775,798 | ||||||
5,100 | WSFS Financial Corp. | 357,051 | ||||||
|
| |||||||
165,787,887 | ||||||||
|
| |||||||
Health Care—7.3% | ||||||||
3,840 | Abaxis, Inc.(b) | 137,203 | ||||||
32,054 | Accuray, Inc.(b)(c) | 216,364 | ||||||
4,404 | Acorda Therapeutics, Inc.(b) | 134,806 | ||||||
66,565 | Affymetrix, Inc.(b) | 470,615 | ||||||
9,529 | Air Methods Corp.(b) | 416,608 | ||||||
15,958 | Albany Molecular Research, Inc.(b) | 209,050 | ||||||
10,085 | Alexion Pharmaceuticals, Inc.(b) | 1,239,951 | ||||||
11,859 | Align Technology, Inc.(b) | 676,675 | ||||||
22,469 | Alkermes PLC(b) | 790,684 | ||||||
88,064 | Allscripts Healthcare Solutions, Inc.(b) | 1,217,925 | ||||||
10,202 | Almost Family, Inc.(b) | 196,184 | ||||||
92,721 | Amedisys, Inc.(b) | 1,509,498 | ||||||
32,223 | AMN Healthcare Services, Inc.(b) | 399,565 | ||||||
30,637 | AmSurg Corp.(b) | 1,314,021 | ||||||
4,842 | Analogic Corp. | 446,578 | ||||||
23,294 | AngioDynamics, Inc.(b) | 366,182 | ||||||
10,611 | ArthroCare Corp.(b) | 397,276 | ||||||
2,416 | athenahealth, Inc.(b) | 322,560 | ||||||
720 | Atrion Corp. | 192,370 | ||||||
16,555 | Aveo Pharmaceuticals, Inc.(b) | 34,269 | ||||||
7,890 | BioMarin Pharmaceutical, Inc.(b) | 495,650 | ||||||
12,174 | Bio-Reference Labs, Inc.(b)(c) | 394,559 | ||||||
39,676 | BioScrip, Inc.(b) | 278,129 | ||||||
24,032 | Bruker Corp.(b) | 491,454 | ||||||
63,954 | Cambrex Corp.(b) | 1,075,706 | ||||||
6,930 | Cantel Medical Corp.(b) | 243,243 | ||||||
8,471 | Capital Senior Living Corp.(b) | 187,887 | ||||||
4,434 | Cepheid, Inc.(b) | 180,552 | ||||||
29,357 | Charles River Laboratories International, Inc.(b) | 1,444,658 | ||||||
8,323 | Chemed Corp.(c) | 564,466 | ||||||
4,517 | Computer Programs & Systems, Inc. | 257,650 | ||||||
20,600 | CONMED Corp. | 747,162 | ||||||
10,752 | Cooper Cos., Inc. (The) | 1,389,266 | ||||||
7,083 | CorVel Corp.(b) | 294,653 | ||||||
65,346 | Cross Country Healthcare, Inc.(b) | 388,155 | ||||||
20,248 | CryoLife, Inc. | 182,029 | ||||||
20,398 | Cubist Pharmaceuticals, Inc.(b) | 1,264,676 | ||||||
4,567 | Cyberonics, Inc.(b) | 263,790 | ||||||
33,068 | Dendreon Corp.(b)(c) | 84,985 | ||||||
14,278 | Emergent Biosolutions, Inc.(b) | 278,849 | ||||||
18,461 | Emeritus Corp.(b) | 353,713 | ||||||
10,114 | Ensign Group, Inc. (The) | 430,654 | ||||||
32,357 | Enzon Pharmaceuticals, Inc.(b) | 47,888 | ||||||
12,060 | ExamWorks Group, Inc.(b) | 311,751 | ||||||
90,664 | Five Star Quality Care, Inc.(b) | 459,666 | ||||||
65,637 | Gentiva Health Services, Inc.(b) | 751,544 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
21,284 | Greatbatch, Inc.(b) | $ | 811,346 | |||||
20,214 | Haemonetics Corp.(b) | 819,880 | ||||||
15,005 | Hanger, Inc.(b) | 550,683 | ||||||
41,116 | Healthways, Inc.(b) | 395,947 | ||||||
4,273 | Hi-Tech Pharmacal Co., Inc.(b) | 184,124 | ||||||
14,278 | HMS Holdings Corp.(b) | 301,694 | ||||||
4,032 | ICU Medical, Inc.(b) | 249,178 | ||||||
11,541 | IDEXX Laboratories, Inc.(b) | 1,244,812 | ||||||
22,502 | Illumina, Inc.(b) | 2,104,162 | ||||||
40,345 | Impax Laboratories, Inc.(b) | 817,390 | ||||||
10,154 | Integra LifeSciences Holdings(b) | 464,850 | ||||||
13,754 | InterMune, Inc.(b) | 193,794 | ||||||
53,927 | Invacare Corp. | 1,157,813 | ||||||
6,745 | IPC The Hospitalist Co., Inc.(b) | 369,559 | ||||||
4,744 | Landauer, Inc. | 229,610 | ||||||
13,356 | LHC Group, Inc.(b) | 275,134 | ||||||
10,402 | Luminex Corp.(b) | 202,839 | ||||||
24,593 | Masimo Corp. | 630,073 | ||||||
19,603 | MedAssets, Inc.(b) | 451,457 | ||||||
37,576 | Medical Action Industries, Inc.(b) | 227,711 | ||||||
12,787 | Medicines Co. (The)(b) | 433,735 | ||||||
18,466 | Meridian Bioscience, Inc. | 456,479 | ||||||
28,423 | Merit Medical Systems, Inc.(b) | 454,484 | ||||||
37,050 | Molina Healthcare, Inc.(b) | 1,172,262 | ||||||
19,138 | Momenta Pharmaceuticals, Inc.(b) | 313,672 | ||||||
4,054 | MWI Veterinary Supply, Inc.(b) | 643,127 | ||||||
18,992 | Myriad Genetics, Inc.(b)(c) | 463,025 | ||||||
8,273 | National Healthcare Corp. | 400,248 | ||||||
18,567 | Natus Medical, Inc.(b) | 366,327 | ||||||
14,595 | Nektar Therapeutics(b) | 138,798 | ||||||
7,272 | Neogen Corp.(b) | 336,112 | ||||||
23,126 | NuVasive, Inc.(b) | 734,944 | ||||||
14,344 | Omnicell, Inc.(b) | 330,916 | ||||||
11,502 | Orthofix International NV(b) | 235,676 | ||||||
26,804 | PAREXEL International Corp.(b) | 1,225,211 | ||||||
157,065 | PDL BioPharma, Inc.(c) | 1,270,656 | ||||||
66,637 | PharMerica Corp.(b) | 983,562 | ||||||
22,116 | Providence Service Corp. (The)(b) | 661,047 | ||||||
22,001 | QLT, Inc. (Canada)(b)(c) | 95,704 | ||||||
20,164 | Quality Systems, Inc. | 460,142 | ||||||
7,281 | Questcor Pharmaceuticals, Inc. | 446,835 | ||||||
6,330 | Quidel Corp.(b) | 156,351 | ||||||
42,802 | RadNet, Inc.(b) | 104,865 | ||||||
1,475 | Regeneron Pharmaceuticals, Inc.(b) | 424,210 | ||||||
17,990 | Rigel Pharmaceuticals, Inc.(b) | 55,589 | ||||||
41,747 | RTI Surgical, Inc.(b) | 116,474 | ||||||
8,739 | Salix Pharmaceuticals Ltd.(b) | 627,023 | ||||||
56,525 | Select Medical Holdings Corp. | 479,332 | ||||||
12,224 | Sirona Dental Systems, Inc.(b) | 883,184 | ||||||
49,099 | Skilled Healthcare Group, Inc., Class A(b) | 209,162 | ||||||
9,682 | Spectrum Pharmaceuticals, Inc.(c) | 83,168 | ||||||
6,164 | SurModics, Inc.(b) | 145,347 | ||||||
35,298 | Symmetry Medical, Inc.(b) | 285,914 | ||||||
12,032 | Syneron Medical Ltd. (Israel)(b) | 114,304 | ||||||
19,315 | Team Health Holdings, Inc.(b) | 839,044 | ||||||
8,901 | Techne Corp. | 777,858 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
13,087 | Thoratec Corp.(b) | $ | 565,228 | |||||
32,877 | Triple-S Management Corp., Class B (Puerto Rico)(b) | 585,539 | ||||||
13,574 | United Therapeutics Corp.(b) | 1,201,570 | ||||||
5,705 | US Physical Therapy, Inc. | 182,104 | ||||||
11,123 | Vertex Pharmaceuticals, Inc.(b) | 793,515 | ||||||
29,254 | ViroPharma, Inc.(b) | 1,135,640 | ||||||
15,103 | Volcano Corp.(b) | 289,524 | ||||||
31,866 | West Pharmaceutical Services, Inc. | 1,540,721 | ||||||
21,566 | Wright Medical Group, Inc.(b) | 585,948 | ||||||
|
| |||||||
59,037,751 | ||||||||
|
| |||||||
Industrials—17.2% | ||||||||
29,562 | A.O. Smith Corp. | 1,526,877 | ||||||
11,068 | AAON, Inc. | 298,947 | ||||||
56,577 | AAR Corp. | 1,656,575 | ||||||
7,422 | Acacia Research Corp. | 111,998 | ||||||
81,129 | ACCO Brands Corp.(b) | 474,605 | ||||||
120,517 | Accuride Corp.(b) | 542,326 | ||||||
21,816 | Aceto Corp. | 347,965 | ||||||
31,639 | Actuant Corp., Class A | 1,188,361 | ||||||
5,453 | Advisory Board Co. (The)(b) | 374,076 | ||||||
104,407 | Aegean Marine Petroleum Network, Inc. (Greece) | 1,025,277 | ||||||
26,524 | Aegion Corp.(b) | 543,742 | ||||||
9,075 | Aerovironment, Inc.(b) | 246,023 | ||||||
37,916 | Air Lease Corp. | 1,114,730 | ||||||
113,376 | Air Transport Services Group, Inc.(b) | 820,842 | ||||||
6,641 | Alamo Group, Inc. | 313,389 | ||||||
17,198 | Albany International Corp., Class A | 633,058 | ||||||
5,690 | Allegiant Travel Co. | 593,296 | ||||||
17,079 | Altra Holdings, Inc. | 518,689 | ||||||
6,519 | AMERCO(b) | 1,316,382 | ||||||
20,068 | Ameresco, Inc., Class A(b) | 209,911 | ||||||
3,201 | American Railcar Industries, Inc.(c) | 131,113 | ||||||
4,972 | American Science & Engineering, Inc. | 327,058 | ||||||
4,480 | American Woodmark Corp.(b) | 151,962 | ||||||
11,982 | Ampco-Pittsburgh Corp. | 220,589 | ||||||
49,757 | API Technologies Corp.(b) | 145,290 | ||||||
15,603 | Apogee Enterprises, Inc. | 488,062 | ||||||
22,059 | Applied Industrial Technologies, Inc. | 1,043,611 | ||||||
141,503 | ARC Document Solutions, Inc.(b) | 882,979 | ||||||
59,609 | Arkansas Best Corp. | 1,631,498 | ||||||
15,119 | Astec Industries, Inc. | 511,173 | ||||||
24,785 | Atlas Air Worldwide Holdings, Inc.(b) | 917,789 | ||||||
8,645 | AZZ, Inc. | 388,160 | ||||||
43,690 | Baltic Trading Ltd. | 195,731 | ||||||
21,261 | Barnes Group, Inc. | 755,616 | ||||||
3,178 | Barrett Business Services, Inc. | 264,632 | ||||||
27,413 | Beacon Roofing Supply, Inc.(b) | 951,505 | ||||||
25,181 | Blount International, Inc.(b) | 306,705 | ||||||
65,291 | BlueLinx Holdings, Inc.(b) | 121,441 | ||||||
34,659 | Brady Corp., Class A | 1,011,696 | ||||||
22,486 | Builders FirstSource, Inc.(b) | 166,621 | ||||||
4,386 | CAI International, Inc.(b) | 96,010 | ||||||
77,653 | Casella Waste Systems, Inc., Class A(b) | 458,929 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
66,699 | CBIZ, Inc.(b) | $ | 544,264 | |||||
18,333 | CDI Corp. | 294,245 | ||||||
18,879 | Celadon Group, Inc. | 350,017 | ||||||
434,486 | Cenveo, Inc.(b)(c) | 1,364,286 | ||||||
10,210 | Chart Industries, Inc.(b) | 1,097,269 | ||||||
96,007 | China Ceramics Co. Ltd. (China)(c) | 336,024 | ||||||
50,801 | China Yuchai International Ltd. | 1,187,219 | ||||||
10,767 | CIRCOR International, Inc. | 794,282 | ||||||
17,810 | CLARCOR, Inc. | 1,041,529 | ||||||
22,240 | Clean Harbors, Inc.(b) | 1,373,320 | ||||||
16,554 | Coleman Cable, Inc. | 407,228 | ||||||
8,082 | Colfax Corp.(b) | 452,269 | ||||||
19,337 | Columbus McKinnon Corp.(b) | 502,955 | ||||||
42,508 | Comfort Systems USA, Inc. | 791,924 | ||||||
35,989 | Commercial Vehicle Group, Inc.(b) | 283,233 | ||||||
16,663 | Consolidated Graphics, Inc.(b) | 1,067,932 | ||||||
31,322 | Copart, Inc.(b) | 1,009,508 | ||||||
11,618 | Corporate Executive Board Co. (The) | 846,952 | ||||||
12,029 | Costamare, Inc. (Greece) | 223,379 | ||||||
22,343 | Courier Corp. | 379,608 | ||||||
20,499 | Covenant Transport Group, Inc., Class A(b) | 133,858 | ||||||
14,095 | CRA International, Inc.(b) | 268,510 | ||||||
9,213 | Cubic Corp. | 483,682 | ||||||
125,205 | Diana Shipping, Inc. (Greece)(b)(c) | 1,419,825 | ||||||
18,597 | DigitalGlobe, Inc.(b) | 591,757 | ||||||
109,709 | Dolan Co. (The)(b) | 281,952 | ||||||
19,988 | Douglas Dynamics, Inc. | 303,218 | ||||||
16,703 | Ducommun, Inc.(b) | 415,237 | ||||||
4,016 | DXP Enterprises, Inc.(b) | 369,070 | ||||||
35,805 | Dycom Industries, Inc.(b) | 1,061,618 | ||||||
8,637 | Dynamic Materials Corp. | 190,878 | ||||||
329,019 | Eagle Bulk Shipping, Inc.(b)(c) | 1,829,346 | ||||||
5,887 | Echo Global Logistics, Inc.(b) | 108,380 | ||||||
31,092 | Edgen Group, Inc., Class A(b) | 372,171 | ||||||
15,542 | Encore Wire Corp. | 769,795 | ||||||
7,970 | EnerNOC, Inc.(b) | 132,541 | ||||||
33,397 | Ennis, Inc. | 592,797 | ||||||
15,424 | EnPro Industries, Inc.(b) | 920,350 | ||||||
13,552 | ESCO Technologies, Inc. | 488,956 | ||||||
5,134 | Exponent, Inc.(b) | 388,182 | ||||||
53,441 | Federal Signal Corp.(b) | 731,607 | ||||||
35,508 | Flow International Corp.(b) | 141,677 | ||||||
8,698 | Forward Air Corp. | 352,095 | ||||||
9,266 | Franklin Covey Co.(b) | 174,201 | ||||||
9,787 | Franklin Electric Co., Inc. | 370,438 | ||||||
10,029 | FreightCar America, Inc. | 223,045 | ||||||
34,771 | Furmanite Corp.(b) | 391,174 | ||||||
14,852 | G&K Services, Inc., Class A | 926,765 | ||||||
397,708 | Genco Shipping & Trading Ltd.(b)(c) | 1,061,880 | ||||||
30,219 | GenCorp, Inc.(b)(c) | 507,679 | ||||||
13,323 | Generac Holdings, Inc. | 657,490 | ||||||
9,065 | Genesee & Wyoming, Inc., Class A(b) | 905,050 | ||||||
23,589 | Gibraltar Industries, Inc.(b) | 377,660 | ||||||
21,845 | Global Power Equipment Group, Inc. | 444,764 | ||||||
9,952 | Gorman-Rupp Co. (The) | 405,444 | ||||||
7,734 | GP Strategies Corp.(b) | 216,707 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
16,851 | Graco, Inc. | $ | 1,301,908 | |||||
31,788 | Granite Construction, Inc. | 1,028,342 | ||||||
38,572 | Great Lakes Dredge & Dock Corp. | 313,205 | ||||||
27,759 | Greenbrier Cos., Inc.(b) | 736,724 | ||||||
61,821 | Griffon Corp. | 774,617 | ||||||
28,958 | H&E Equipment Services, Inc. | 724,819 | ||||||
11,132 | Hardinge, Inc. | 164,642 | ||||||
136,124 | Hawaiian Holdings, Inc.(b)(c) | 1,123,023 | ||||||
25,510 | Healthcare Services Group, Inc. | 698,719 | ||||||
45,806 | Heartland Express, Inc. | 657,774 | ||||||
5,398 | HEICO Corp. | 289,225 | ||||||
10,842 | HEICO Corp., Class A | 422,404 | ||||||
25,124 | Heidrick & Struggles International, Inc. | 465,296 | ||||||
35,141 | Herman Miller, Inc. | 1,066,178 | ||||||
42,477 | Hexcel Corp.(b) | 1,797,202 | ||||||
43,166 | Hill International, Inc.(b) | 148,491 | ||||||
37,925 | HNI Corp. | 1,473,386 | ||||||
14,716 | Houston Wire & Cable Co. | 204,111 | ||||||
26,906 | Hub Group, Inc., Class A(b) | 988,257 | ||||||
43,540 | Hudson Global, Inc.(b) | 141,505 | ||||||
4,067 | Hurco Cos., Inc. | 99,601 | ||||||
14,828 | Huron Consulting Group, Inc.(b) | 868,476 | ||||||
3,904 | Hyster-Yale Materials Handling, Inc. | 306,230 | ||||||
15,142 | ICF International, Inc.(b) | 524,216 | ||||||
30,218 | II-VI, Inc.(b) | 515,519 | ||||||
11,113 | InnerWorkings, Inc.(b) | 106,351 | ||||||
19,627 | Insperity, Inc. | 758,976 | ||||||
12,576 | Insteel Industries, Inc. | 208,636 | ||||||
30,992 | Interface, Inc. | 627,588 | ||||||
17,172 | International Shipholding Corp. | 426,209 | ||||||
11,676 | Intersections, Inc. | 100,063 | ||||||
24,160 | John Bean Technologies Corp. | 656,669 | ||||||
11,191 | Kadant, Inc.(b) | 400,638 | ||||||
20,029 | Kaman Corp. | 744,678 | ||||||
41,844 | KAR Auction Services, Inc. | 1,243,604 | ||||||
28,405 | Kforce, Inc. | 559,294 | ||||||
51,659 | Kimball International, Inc., Class B | 604,410 | ||||||
35,653 | Knight Transportation, Inc. | 605,031 | ||||||
31,783 | Knoll, Inc. | 521,877 | ||||||
31,493 | Korn/Ferry International(b) | 749,533 | ||||||
72,116 | Kratos Defense & Security Solutions, Inc.(b) | 611,544 | ||||||
18,700 | Landstar System, Inc. | 1,033,923 | ||||||
32,726 | Layne Christensen Co.(b) | 632,921 | ||||||
5,588 | LB Foster Co., Class A | 261,239 | ||||||
3,185 | Lindsay Corp. | 242,092 | ||||||
7,217 | LMI Aerospace, Inc.(b) | 113,307 | ||||||
34,476 | LSI Industries, Inc. | 317,524 | ||||||
14,880 | Lydall, Inc.(b) | 271,114 | ||||||
20,243 | Macquarie Infrastructure Co. LLC (Australia) | 1,111,543 | ||||||
18,303 | Marten Transport Ltd.(b) | 322,865 | ||||||
26,484 | MasTec, Inc.(b) | 846,693 | ||||||
16,083 | McGrath RentCorp | 573,681 | ||||||
174,366 | Metalico, Inc.(b)(c) | 285,960 | ||||||
29,387 | MFC Industrial Ltd. (Canada)(c) | 238,329 | ||||||
4,137 | Middleby Corp. (The)(b) | 941,788 | ||||||
11,200 | Miller Industries, Inc. | 209,888 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
12,198 | Mine Safety Appliances Co. | $ | 587,456 | |||||
8,694 | Mistras Group, Inc.(b) | 159,622 | ||||||
28,858 | Mobile Mini, Inc.(b) | 1,042,351 | ||||||
18,602 | Mueller Industries, Inc. | 1,121,515 | ||||||
133,498 | Mueller Water Products, Inc., Class A | 1,144,078 | ||||||
10,318 | Multi-Color Corp. | 359,376 | ||||||
17,368 | MYR Group, Inc.(b) | 459,384 | ||||||
7,295 | National Presto Industries, Inc.(c) | 514,662 | ||||||
54,558 | Navigant Consulting, Inc.(b) | 946,581 | ||||||
210,711 | Navios Maritime Holdings, Inc.(c) | 1,491,834 | ||||||
31,826 | NCI Building Systems, Inc.(b) | 459,249 | ||||||
17,470 | NN, Inc. | 280,918 | ||||||
10,288 | Nordson Corp. | 741,662 | ||||||
9,933 | Nortek, Inc.(b) | 696,999 | ||||||
13,283 | Northwest Pipe Co.(b) | 478,586 | ||||||
14,552 | On Assignment, Inc.(b) | 491,712 | ||||||
60,490 | Orbital Sciences Corp.(b) | 1,395,504 | ||||||
30,326 | Orion Marine Group, Inc.(b) | 379,075 | ||||||
109,384 | Pacer International, Inc.(b) | 872,884 | ||||||
63,729 | Paragon Shipping, Inc., Class A (Greece)(b)(c) | 344,137 | ||||||
13,838 | Park-Ohio Holdings Corp.(b) | 573,032 | ||||||
14,074 | Pike Electric Corp.(b) | 152,140 | ||||||
18,013 | Polypore International, Inc.(b)(c) | 814,188 | ||||||
3,986 | Powell Industries, Inc.(b) | 250,440 | ||||||
13,564 | Primoris Services Corp. | 353,207 | ||||||
37,236 | Quality Distribution, Inc.(b) | 382,786 | ||||||
27,475 | Quanex Building Products Corp. | 488,505 | ||||||
14,464 | Raven Industries, Inc. | 482,519 | ||||||
8,011 | RBC Bearings, Inc.(b) | 551,077 | ||||||
36,897 | Resources Connection, Inc. | 470,806 | ||||||
17,686 | Rexnord Corp.(b) | 415,975 | ||||||
7,081 | Roadrunner Transportation Systems, Inc.(b) | 187,646 | ||||||
18,381 | Rollins, Inc. | 508,051 | ||||||
| 32,148 | | Rush Enterprises, Inc., Class A(b) | 920,076 | ||||
| 6,325 | | Rush Enterprises, Inc., Class B(b) | 153,761 | ||||
58,904 | Safe Bulkers, Inc. (Greece) | 439,424 | ||||||
25,187 | Saia, Inc.(b) | 819,333 | ||||||
12,922 | Schawk, Inc. | 188,920 | ||||||
52,595 | Seaspan Corp. (Hong Kong)(c) | 1,174,446 | ||||||
26,394 | Sensata Technologies Holding NV(b) | 993,206 | ||||||
18,489 | Simpson Manufacturing Co., Inc. | 655,435 | ||||||
21,234 | Spirit Airlines, Inc.(b) | 916,247 | ||||||
15,748 | Standard Parking Corp.(b) | 416,850 | ||||||
6,894 | Standex International Corp. | 424,050 | ||||||
29,079 | Sterling Construction Co., Inc.(b) | 279,158 | ||||||
5,083 | Sun Hydraulics Corp. | 201,693 | ||||||
72,863 | Swift Transportation Co.(b)(c) | 1,587,685 | ||||||
17,008 | TAL International Group, Inc.(c) | 821,656 | ||||||
7,763 | Team, Inc.(b) | 289,482 | ||||||
37,445 | Tecumseh Products Co., Class A(b) | 292,071 | ||||||
10,724 | Tecumseh Products Co., Class B(b) | 78,178 | ||||||
9,097 | Tennant Co. | 552,097 | ||||||
38,294 | Tetra Tech, Inc.(b) | 1,000,622 | ||||||
6,023 | Textainer Group Holdings Ltd. (South Africa)(c) | 228,272 | ||||||
9,693 | Thermon Group Holdings, Inc.(b) | 227,882 | ||||||
22,125 | Titan International, Inc. | 320,812 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
14,620 | Titan Machinery, Inc.(b)(c) | $ | 257,897 | |||||
22,592 | Toro Co. (The) | 1,331,572 | ||||||
3,555 | Trex Co., Inc.(b) | 249,632 | ||||||
20,207 | Trimas Corp.(b) | 765,037 | ||||||
35,191 | TrueBlue, Inc.(b) | 869,218 | ||||||
�� | 6,564 | Twin Disc, Inc. | 169,811 | |||||
7,367 | UniFirst Corp. | 757,475 | ||||||
21,103 | Universal Forest Products, Inc. | 1,116,771 | ||||||
5,694 | US Ecology, Inc. | 202,422 | ||||||
39,848 | USG Corp.(b) | 1,088,249 | ||||||
5,741 | Valmont Industries, Inc. | 806,610 | ||||||
15,835 | Verisk Analytics, Inc., Class A(b) | 1,085,014 | ||||||
17,837 | Viad Corp. | 476,248 | ||||||
8,787 | VSE Corp. | 384,871 | ||||||
29,394 | Wabash National Corp.(b) | 342,734 | ||||||
18,850 | Wabtec Corp. | 1,228,831 | ||||||
15,448 | Watsco, Inc. | 1,472,040 | ||||||
15,097 | Watts Water Technologies, Inc., Class A | 872,305 | ||||||
11,827 | Wesco Aircraft Holdings, Inc.(b) | 216,671 | ||||||
13,069 | Willis Lease Finance Corp.(b) | 227,793 | ||||||
29,911 | Woodward, Inc. | 1,199,132 | ||||||
80,283 | YRC Worldwide, Inc.(b)(c) | 761,083 | ||||||
|
| |||||||
140,005,048 | ||||||||
|
| |||||||
Information Technology—17.4% | ||||||||
4,723 | 3D Systems Corp.(b)(c) | 293,960 | ||||||
16,104 | Accelrys, Inc.(b) | 150,572 | ||||||
8,954 | ACI Worldwide, Inc.(b) | 493,544 | ||||||
27,217 | Active Network, Inc. (The)(b) | 393,013 | ||||||
21,099 | Actuate Corp.(b) | 169,003 | ||||||
46,477 | Acxiom Corp.(b) | 1,544,431 | ||||||
30,685 | ADTRAN, Inc. | 720,484 | ||||||
20,341 | Advanced Energy Industries, Inc.(b) | 424,720 | ||||||
10,972 | Advent Software, Inc. | 368,111 | ||||||
13,775 | Aeroflex Holding Corp.(b) | 106,756 | ||||||
18,878 | Agilysys, Inc.(b) | 221,816 | ||||||
21,706 | Alpha & Omega Semiconductor Ltd.(b) | 159,756 | ||||||
16,780 | American Software, Inc., Class A | 146,825 | ||||||
29,402 | Amtech Systems, Inc.(b) | 235,216 | ||||||
60,246 | ANADIGICS, Inc.(b) | 121,697 | ||||||
10,314 | Anaren, Inc.(b) | 257,644 | ||||||
15,142 | Applied Micro Circuits Corp.(b) | 176,556 | ||||||
64,042 | ARRIS Group, Inc.(b) | 1,143,790 | ||||||
7,975 | Aruba Networks, Inc.(b) | 149,611 | ||||||
42,212 | AsiaInfo-Linkage, Inc.(b) | 489,659 | ||||||
5,424 | Aspen Technology, Inc.(b) | 207,360 | ||||||
18,883 | ATMI, Inc.(b) | 516,261 | ||||||
82,089 | Aviat Networks, Inc.(b) | 169,103 | ||||||
53,918 | Avid Technology, Inc.(b) | 401,689 | ||||||
46,886 | AVX Corp. (Japan) | 621,239 | ||||||
170,393 | Axcelis Technologies, Inc.(b) | 369,753 | ||||||
39,743 | AXT, Inc.(b) | 89,819 | ||||||
4,916 | Badger Meter, Inc. | 255,681 | ||||||
21,235 | Bankrate, Inc. (United Kingdom)(b) | 357,597 | ||||||
2,186 | Bel Fuse, Inc., Class A(b) | 45,075 | ||||||
9,951 | Bel Fuse, Inc., Class B(b) | 209,369 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
18,897 | Belden, Inc. | $ | 1,271,012 | |||||
23,194 | Black Box Corp. | 580,778 | ||||||
13,966 | Blackbaud, Inc. | 502,776 | ||||||
15,496 | Blucora, Inc.(b) | 366,170 | ||||||
22,594 | Booz Allen Hamilton Holding Corp. | 447,361 | ||||||
7,044 | Bottomline Technologies, Inc.(b) | 221,322 | ||||||
36,835 | Brooks Automation, Inc. | 355,089 | ||||||
16,024 | Cabot Microelectronics Corp. | 655,221 | ||||||
59,037 | Cadence Design Systems, Inc.(b) | 765,710 | ||||||
20,912 | Calix, Inc.(b) | 212,675 | ||||||
98,888 | Canadian Solar, Inc. (Canada)(b)(c) | 2,274,424 | ||||||
13,066 | Cardtronics, Inc.(b) | 512,840 | ||||||
3,058 | Cass Information Systems, Inc. | 175,315 | ||||||
5,834 | Cavium, Inc.(b) | 235,169 | ||||||
8,133 | CEVA, Inc.(b) | 116,546 | ||||||
58,312 | Checkpoint Systems, Inc.(b) | 992,470 | ||||||
39,369 | ChipMOS TECHNOLOGIES Bermuda Ltd. (Taiwan) | 628,723 | ||||||
119,518 | CIBER, Inc.(b) | 388,433 | ||||||
23,488 | Ciena Corp.(b) | 546,566 | ||||||
17,180 | Cirrus Logic, Inc.(b) | 385,347 | ||||||
20,346 | Cognex Corp.(b) | 635,812 | ||||||
10,844 | Coherent, Inc.(b) | 717,764 | ||||||
21,196 | Cohu, Inc. | 202,634 | ||||||
3,546 | CommVault Systems, Inc.(b) | 276,872 | ||||||
6,173 | Computer Task Group, Inc.(b) | 105,743 | ||||||
98,804 | Compuware Corp. | 1,055,227 | ||||||
10,422 | comScore, Inc.(b) | 278,476 | ||||||
22,453 | Comtech Telecommunications Corp. | 674,039 | ||||||
9,604 | Comverse, Inc.(b) | 303,294 | ||||||
5,411 | Concur Technologies, Inc.(b) | 565,991 | ||||||
9,831 | Constant Contact, Inc.(b) | 254,721 | ||||||
3,995 | CoStar Group, Inc.(b) | 707,075 | ||||||
9,301 | Cray, Inc.(b) | 207,970 | ||||||
26,876 | CSG Systems International, Inc.(b) | 748,765 | ||||||
35,887 | CTS Corp. | 668,216 | ||||||
30,447 | Cypress Semiconductor Corp. | 282,548 | ||||||
35,938 | Daktronics, Inc. | 429,818 | ||||||
12,581 | Datalink Corp.(b) | 129,207 | ||||||
14,314 | Dealertrack Technologies, Inc.(b) | 533,912 | ||||||
19,755 | Dice Holdings, Inc.(b) | 145,792 | ||||||
22,973 | Digi International, Inc.(b) | 231,568 | ||||||
34,998 | Digital River, Inc.(b) | 624,364 | ||||||
23,278 | Diodes, Inc.(b) | 563,793 | ||||||
24,881 | Dolby Laboratories, Inc., Class A(b)(c) | 889,247 | ||||||
26,930 | DSP Group, Inc.(b) | 200,629 | ||||||
6,964 | DTS, Inc.(b) | 139,280 | ||||||
155,263 | EarthLink, Inc. | 785,631 | ||||||
10,935 | Ebix, Inc.(c) | 124,440 | ||||||
18,791 | Electro Rent Corp. | 340,869 | ||||||
25,041 | Electro Scientific Industries, Inc. | 299,991 | ||||||
21,202 | Electronics for Imaging, Inc.(b) | 727,441 | ||||||
84,146 | Emulex Corp.(b) | 633,619 | ||||||
57,267 | Entegris, Inc.(b) | 592,713 | ||||||
47,050 | Entropic Communications, Inc.(b) | 201,374 | ||||||
17,994 | EPIQ Systems, Inc. | 269,190 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
4,760 | ePlus, Inc.(b) | $ | 258,754 | |||||
35,097 | Euronet Worldwide, Inc.(b) | 1,523,210 | ||||||
10,200 | Exar Corp.(b) | 117,606 | ||||||
7,049 | ExlService Holdings, Inc.(b) | 203,787 | ||||||
46,011 | Extreme Networks, Inc.(b) | 246,619 | ||||||
12,776 | F5 Networks, Inc.(b) | 1,041,372 | ||||||
13,577 | Fabrinet (Cayman Islands)(b) | 227,279 | ||||||
9,655 | FactSet Research Systems, Inc.(c) | 1,051,816 | ||||||
12,319 | Fair Isaac Corp. | 705,632 | ||||||
5,183 | FARO Technologies, Inc.(b) | 246,193 | ||||||
11,344 | FEI Co. | 1,010,524 | ||||||
44,372 | Finisar Corp.(b) | 1,021,000 | ||||||
8,751 | FleetCor Technologies, Inc.(b) | 1,009,428 | ||||||
42,040 | FormFactor, Inc.(b) | 219,449 | ||||||
12,779 | Forrester Research, Inc. | 495,953 | ||||||
10,776 | Fortinet, Inc.(b) | 216,705 | ||||||
39,725 | Freescale Semiconductor Ltd.(b) | 613,354 | ||||||
15,251 | Gartner, Inc.(b) | 899,046 | ||||||
66,139 | Genpact Ltd.(b) | 1,311,536 | ||||||
31,025 | Global Cash Access Holdings, Inc.(b) | 257,508 | ||||||
14,587 | Globecomm Systems, Inc.(b) | 204,656 | ||||||
22,487 | GSI Group, Inc.(b) | 224,420 | ||||||
252,869 | GT Advanced Technologies, Inc.(b)(c) | 1,896,518 | ||||||
31,914 | Hackett Group, Inc. (The) | 227,228 | ||||||
82,597 | Harmonic, Inc.(b) | 603,784 | ||||||
23,165 | Heartland Payment Systems, Inc.(c) | 937,024 | ||||||
7,524 | Hittite Microwave Corp.(b) | 480,708 | ||||||
10,433 | Hollysys Automation Technologies Ltd. (China)(b) | 174,961 | ||||||
82,033 | Hutchinson Technology, Inc.(b) | 305,163 | ||||||
27,461 | IAC/InterActiveCorp. | 1,466,143 | ||||||
6,071 | iGATE Corp.(b) | 193,301 | ||||||
134,357 | Imation Corp.(b) | 624,760 | ||||||
44,272 | Infinera Corp.(b)(c) | 452,017 | ||||||
23,192 | Informatica Corp.(b) | 895,211 | ||||||
99,978 | Integrated Device Technology, Inc.(b) | 1,063,766 | ||||||
26,552 | Integrated Silicon Solution, Inc.(b) | 286,231 | ||||||
10,565 | InterDigital, Inc. | 409,394 | ||||||
25,872 | Internap Network Services Corp.(b) | 188,089 | ||||||
52,604 | International Rectifier Corp.(b) | 1,369,808 | ||||||
130,639 | Intersil Corp., Class A | 1,457,931 | ||||||
7,980 | InterXion Holding NV (Netherlands)(b) | 179,231 | ||||||
29,434 | Intevac, Inc.(b) | 150,113 | ||||||
30,848 | IntraLinks Holdings, Inc.(b) | 320,511 | ||||||
4,960 | IPG Photonics Corp.(b)(c) | 328,699 | ||||||
10,504 | Ixia(b) | 148,947 | ||||||
13,831 | IXYS Corp. | 160,855 | ||||||
14,278 | j2 Global, Inc. | 785,004 | ||||||
20,412 | Jack Henry & Associates, Inc. | 1,114,699 | ||||||
78,311 | JDS Uniphase Corp.(b) | 1,025,091 | ||||||
99,260 | Kemet Corp.(b) | 562,804 | ||||||
10,534 | Key Tronic Corp.(b) | 114,294 | ||||||
38,036 | Kopin Corp.(b) | 139,592 | ||||||
45,597 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 588,201 | ||||||
67,500 | Lattice Semiconductor Corp.(b) | 346,275 | ||||||
1,998 | LinkedIn Corp., Class A(b) | 446,893 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
51,763 | Lionbridge Technologies, Inc.(b) | $ | 225,687 | |||||
4,648 | Liquidity Services, Inc.(b)(c) | 121,359 | ||||||
6,905 | Littelfuse, Inc. | 587,132 | ||||||
33,946 | LTX-Credence Corp.(b) | 208,089 | ||||||
27,710 | Magnachip Semiconductor Corp. (South Korea)(b) | 517,900 | ||||||
4,080 | Manhattan Associates, Inc.(b) | 434,561 | ||||||
32,865 | ManTech International Corp., Class A | 918,248 | ||||||
13,252 | MAXIMUS, Inc. | 642,059 | ||||||
6,805 | Measurement Specialties, Inc.(b) | 379,243 | ||||||
50,322 | Mentor Graphics Corp.(b) | 1,111,110 | ||||||
1,569 | MercadoLibre, Inc. (Argentina) | 211,242 | ||||||
36,039 | Mercury Systems, Inc.(b) | 332,280 | ||||||
27,435 | Methode Electronics, Inc. | 701,787 | ||||||
22,821 | Micrel, Inc. | 209,953 | ||||||
26,630 | MICROS Systems, Inc.(b) | 1,444,678 | ||||||
39,146 | Microsemi Corp.(b) | 983,739 | ||||||
2,769 | MicroStrategy, Inc., Class A(b) | 337,790 | ||||||
25,746 | MKS Instruments, Inc. | 763,111 | ||||||
137,570 | ModusLink Global Solutions, Inc.(b) | 566,788 | ||||||
9,056 | Monolithic Power Systems, Inc. | 288,343 | ||||||
5,717 | Monotype Imaging Holdings, Inc. | 161,334 | ||||||
194,666 | Monster Worldwide, Inc.(b) | 840,957 | ||||||
13,633 | Move, Inc.(b) | 231,352 | ||||||
6,248 | MTS Systems Corp. | 408,119 | ||||||
13,019 | Multi-Fineline Electronix, Inc. (Singapore)(b) | 174,585 | ||||||
20,255 | Nam Tai Electronics, Inc. (China) | 141,582 | ||||||
8,855 | Nanometrics, Inc.(b) | 164,526 | ||||||
19,044 | National Instruments Corp. | 553,228 | ||||||
36,934 | NCI, Inc., Class A(b) | 210,524 | ||||||
67,260 | Net 1 UEPS Technologies, Inc. (South Africa)(b) | 799,049 | ||||||
22,179 | NETGEAR, Inc.(b) | 637,868 | ||||||
14,101 | NetScout Systems, Inc.(b) | 399,340 | ||||||
19,805 | NeuStar, Inc., Class A(b) | 909,446 | ||||||
26,090 | Newport Corp.(b) | 414,048 | ||||||
8,100 | NIC, Inc. | 199,422 | ||||||
106,825 | Novatel Wireless, Inc.(b) | 327,419 | ||||||
144,752 | Oclaro, Inc.(b)(c) | 295,294 | ||||||
96,546 | OCZ Technology Group, Inc.(b)(c) | 107,166 | ||||||
43,082 | OmniVision Technologies, Inc.(b) | 603,579 | ||||||
2,013 | OpenTable, Inc.(b) | 139,863 | ||||||
14,604 | Oplink Communications, Inc.(b) | 266,523 | ||||||
38,251 | Orbotech Ltd. (Israel)(b) | 455,952 | ||||||
7,329 | OSI Systems, Inc.(b) | 533,844 | ||||||
14,450 | Park Electrochemical Corp. | 405,323 | ||||||
12,624 | PC Connection, Inc.(b) | 252,354 | ||||||
16,570 | PCM, Inc.(b) | 174,316 | ||||||
18,875 | Perficient, Inc.(b) | 341,449 | ||||||
24,840 | Pericom Semiconductor Corp.(b) | 200,707 | ||||||
80,632 | Photronics, Inc.(b) | 677,309 | ||||||
14,623 | Plantronics, Inc. | 627,912 | ||||||
43,720 | Plexus Corp.(b) | 1,673,602 | ||||||
145,989 | PMC—Sierra, Inc.(b) | 856,955 | ||||||
6,472 | Power Integrations, Inc. | 371,752 | ||||||
19,338 | PRGX Global, Inc.(b) | 138,847 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
26,609 | Progress Software Corp.(b) | $ | 690,770 | |||||
44,726 | PTC, Inc.(b) | 1,239,805 | ||||||
6,345 | QLIK Technologies, Inc.(b) | 160,782 | ||||||
80,540 | QLogic Corp.(b) | 994,669 | ||||||
309,288 | Quantum Corp.(b) | 383,517 | ||||||
40,186 | QuinStreet, Inc.(b) | 357,254 | ||||||
12,275 | Rackspace Hosting, Inc.(b) | 628,848 | ||||||
48,556 | RadiSys Corp.(b) | 146,639 | ||||||
7,996 | RADWARE Ltd. (Israel)(b) | 119,700 | ||||||
41,601 | Rambus, Inc.(b) | 363,593 | ||||||
10,412 | RealD, Inc.(b)(c) | 72,051 | ||||||
25,697 | RealNetworks, Inc.(b) | 197,096 | ||||||
174,479 | RF Micro Devices, Inc.(b) | 916,015 | ||||||
11,872 | Richardson Electronics Ltd. | 136,765 | ||||||
34,544 | Riverbed Technology, Inc.(b) | 511,942 | ||||||
20,230 | Rofin-Sinar Technologies, Inc.(b) | 531,038 | ||||||
7,884 | Rogers Corp.(b) | 480,609 | ||||||
24,691 | Rubicon Technology, Inc.(b)(c) | 212,343 | ||||||
14,795 | Rudolph Technologies, Inc.(b) | 156,827 | ||||||
41,416 | Sapient Corp.(b) | 654,787 | ||||||
30,899 | ScanSource, Inc.(b) | 1,188,376 | ||||||
16,767 | SeaChange International, Inc.(b) | 237,924 | ||||||
16,577 | Semtech Corp.(b) | 515,710 | ||||||
52,683 | Sigma Designs, Inc.(b) | 286,596 | ||||||
11,071 | Silicon Graphics International Corp.(b) | 141,377 | ||||||
34,412 | Silicon Image, Inc.(b) | 180,663 | ||||||
13,006 | Silicon Laboratories, Inc.(b) | 523,101 | ||||||
15,307 | SINA Corp. (China)(b) | 1,279,053 | ||||||
18,696 | Sohu.com, Inc. (China)(b) | 1,251,884 | ||||||
2,663 | SolarWinds, Inc.(b) | 96,374 | ||||||
14,054 | Solera Holdings, Inc. | 790,116 | ||||||
119,955 | Sonus Networks, Inc.(b) | 359,865 | ||||||
77,163 | Spansion, Inc., Class A(b) | 923,641 | ||||||
12,489 | SS&C Technologies Holdings, Inc.(b) | 490,818 | ||||||
112,033 | STR Holdings, Inc.(b) | 222,946 | ||||||
39,308 | SunPower Corp. (France)(b)(c) | 1,186,709 | ||||||
27,731 | Super Micro Computer, Inc.(b) | 386,016 | ||||||
6,071 | Supertex, Inc.(b) | 154,871 | ||||||
35,030 | Sykes Enterprises, Inc.(b) | 655,762 | ||||||
41,997 | Symmetricom, Inc.(b) | 301,118 | ||||||
12,432 | Synaptics, Inc.(b) | 578,088 | ||||||
6,508 | Synchronoss Technologies, Inc.(b) | 225,307 | ||||||
4,477 | Syntel, Inc. | 384,306 | ||||||
59,029 | Take-Two Interactive Software, Inc.(b) | 1,057,209 | ||||||
116,759 | TeleCommunication Systems, Inc., Class A(b) | 266,211 | ||||||
27,446 | TeleTech Holdings, Inc.(b) | 726,496 | ||||||
572,492 | Tellabs, Inc. | 1,396,880 | ||||||
6,340 | Tessco Technologies, Inc. | 224,626 | ||||||
36,819 | Tessera Technologies, Inc. | 700,297 | ||||||
43,662 | TIBCO Software, Inc.(b) | 1,072,339 | ||||||
15,213 | TiVo, Inc.(b) | 202,181 | ||||||
169,181 | TriQuint Semiconductor, Inc.(b) | 1,341,605 | ||||||
76,761 | TTM Technologies, Inc.(b) | 671,659 | ||||||
3,954 | Tyler Technologies, Inc.(b) | 382,391 | ||||||
1,385 | Ultimate Software Group, Inc. (The)(b) | 213,955 | ||||||
22,787 | Ultra Clean Holdings, Inc.(b) | 212,147 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
5,330 | Ultratech, Inc.(b) | $ | 126,801 | |||||
171,517 | United Online, Inc.(b) | 1,481,907 | ||||||
4,777 | Universal Display Corp.(b)(c) | 152,386 | ||||||
95,266 | Unwired Planet, Inc.(b) | 154,331 | ||||||
87,842 | UTStarcom Holdings Corp(b) | 245,958 | ||||||
25,261 | ValueClick, Inc.(b) | 485,264 | ||||||
11,812 | Vantiv, Inc., Class A(b) | 324,830 | ||||||
26,243 | Veeco Instruments, Inc.(b) | 766,558 | ||||||
44,141 | Velti PLC (Ireland)(b)(c) | 11,905 | ||||||
59,580 | VeriFone Systems, Inc.(b) | 1,350,083 | ||||||
6,654 | Verint Systems, Inc.(b) | 243,004 | ||||||
19,198 | Verisign, Inc.(b) | 1,042,067 | ||||||
18,445 | ViaSat, Inc.(b) | 1,219,583 | ||||||
5,430 | Virtusa Corp.(b) | 168,764 | ||||||
13,833 | Vishay Precision Group, Inc.(b) | 226,861 | ||||||
15,797 | VistaPrint NV (Netherlands)(b)(c) | 853,828 | ||||||
10,040 | VMware, Inc., Class A(b) | 816,051 | ||||||
27,963 | WebMD Health Corp.(b)(c) | 984,857 | ||||||
61,185 | Westell Technologies, Inc., Class A(b) | 219,654 | ||||||
11,292 | Wex, Inc.(b) | 1,054,108 | ||||||
12,111 | XO Group, Inc.(b) | 168,101 | ||||||
55,073 | Xyratex Ltd. | 547,426 | ||||||
17,510 | Yandex NV, Class A (Russia)(b) | 645,419 | ||||||
22,747 | Zebra Technologies Corp., Class A(b) | 1,098,908 | ||||||
8,241 | Zygo Corp.(b) | 127,241 | ||||||
219,445 | Zynga, Inc., Class A(b) | 787,808 | ||||||
|
| |||||||
141,509,190 | ||||||||
|
| |||||||
Materials—5.4% | ||||||||
30,242 | A. Schulman, Inc. | 1,001,615 | ||||||
18,345 | A.M. Castle & Co.(b) | 262,517 | ||||||
3,915 | AEP Industries, Inc.(b) | 232,629 | ||||||
13,913 | Allied Nevada Gold Corp.(b)(c) | 56,765 | ||||||
17,904 | AMCOL International Corp. | 574,360 | ||||||
7,919 | American Pacific Corp.(b) | 360,473 | ||||||
4,048 | American Vanguard Corp. | 105,653 | ||||||
9,244 | Axiall Corp. | 359,499 | ||||||
6,201 | Balchem Corp. | 355,069 | ||||||
29,538 | Berry Plastics Group, Inc.(b) | 593,123 | ||||||
25,275 | Calgon Carbon Corp.(b) | 504,236 | ||||||
22,991 | Carpenter Technology Corp. | 1,364,056 | ||||||
105,126 | Century Aluminum Co.(b) | 912,494 | ||||||
56,672 | China Gerui Advanced Materials Group Ltd.(b)(c) | 82,174 | ||||||
19,900 | Clearwater Paper Corp.(b) | 1,039,178 | ||||||
2,126 | Deltic Timber Corp. | 135,809 | ||||||
9,875 | Eagle Materials, Inc. | 740,724 | ||||||
209,205 | Ferro Corp.(b) | 2,684,100 | ||||||
9,048 | Flotek Industries, Inc.(b) | 193,446 | ||||||
10,793 | FutureFuel Corp. | 187,906 | ||||||
24,472 | Globe Specialty Metals, Inc. | 429,239 | ||||||
46,607 | Golden Minerals Co.(b)(c) | 35,887 | ||||||
94,243 | Gulf Resources, Inc. (China)(b)(c) | 211,104 | ||||||
23,879 | H.B. Fuller Co. | 1,143,088 | ||||||
7,963 | Handy & Harman Ltd.(b) | 183,866 | ||||||
5,850 | Hawkins, Inc. | 210,659 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
6,498 | Haynes International, Inc. | $ | 350,242 | |||||
53,006 | Headwaters, Inc.(b) | 462,742 | ||||||
139,219 | Hecla Mining Co. | 434,363 | ||||||
39,062 | Horsehead Holding Corp.(b) | 566,790 | ||||||
15,389 | Innophos Holdings, Inc. | 771,297 | ||||||
8,588 | Innospec, Inc.(b) | 395,563 | ||||||
23,105 | Intrepid Potash, Inc.(b)(c) | 343,109 | ||||||
15,227 | Kaiser Aluminum Corp. | 1,027,061 | ||||||
17,988 | KapStone Paper and Packaging Corp.(b) | 934,657 | ||||||
14,983 | Koppers Holdings, Inc. | 666,893 | ||||||
37,066 | Kraton Performance Polymers, Inc.(b) | 788,394 | ||||||
17,045 | Kronos Worldwide, Inc. | 264,368 | ||||||
16,953 | Landec Corp.(b) | 198,520 | ||||||
37,142 | Louisiana-Pacific Corp.(b) | 631,786 | ||||||
9,920 | LSB Industries, Inc.(b) | 364,262 | ||||||
25,244 | Materion Corp. | 752,524 | ||||||
72,808 | Mercer International, Inc.(b) | 582,464 | ||||||
19,115 | Minerals Technologies, Inc. | 1,082,483 | ||||||
37,645 | Molycorp, Inc.(b)(c) | 190,860 | ||||||
23,874 | Myers Industries, Inc. | 425,435 | ||||||
13,671 | Neenah Paper, Inc. | 562,425 | ||||||
3,810 | NewMarket Corp. | 1,186,282 | ||||||
57,063 | Noranda Aluminum Holding Corp. | 155,211 | ||||||
20,221 | Olympic Steel, Inc. | 553,449 | ||||||
57,329 | Omnova Solutions, Inc.(b) | 498,762 | ||||||
41,382 | P.H. Glatfelter Co. | 1,084,208 | ||||||
12,851 | Penford Corp.(b) | 174,774 | ||||||
45,938 | PolyOne Corp. | 1,391,921 | ||||||
6,903 | Quaker Chemical Corp. | 524,007 | ||||||
12,098 | Royal Gold, Inc. | 581,188 | ||||||
22,100 | RTI International Metals, Inc.(b) | 749,190 | ||||||
16,592 | Schweitzer-Mauduit International, Inc. | 1,026,713 | ||||||
25,424 | Silgan Holdings, Inc. | 1,145,860 | ||||||
9,940 | Stepan Co. | 585,168 | ||||||
65,110 | Stillwater Mining Co.(b) | 710,350 | ||||||
61,864 | SunCoke Energy, Inc.(b) | 1,237,280 | ||||||
9,662 | Texas Industries, Inc.(b) | 518,849 | ||||||
14,027 | Tredegar Corp. | 409,869 | ||||||
30,877 | Tronox Ltd., Class A | 712,950 | ||||||
5,578 | Universal Stainless & Alloy Products, Inc.(b) | 180,281 | ||||||
26,670 | US Concrete, Inc.(b) | 582,740 | ||||||
45,576 | Wausau Paper Corp. | 533,239 | ||||||
7,077 | Westlake Chemical Corp. | 760,211 | ||||||
40,455 | Worthington Industries, Inc. | 1,640,046 | ||||||
45,478 | Yongye International, Inc. (China)(b)(c) | 286,511 | ||||||
19,316 | Zep, Inc. | 384,195 | ||||||
20,819 | Zoltek Cos., Inc.(b)(c) | 347,677 | ||||||
|
| |||||||
43,716,838 | ||||||||
|
| |||||||
Telecommunication Services—1.5% | ||||||||
351,839 | Alaska Communications Systems Group, Inc. | 865,524 | ||||||
6,938 | Atlantic Tele-Network, Inc. | 384,504 | ||||||
43,595 | Cbeyond, Inc.(b) | 280,752 | ||||||
10,582 | Cogent Communications Group, Inc. | 371,746 | ||||||
45,422 | Consolidated Communications Holdings, Inc.(c) | 846,212 | ||||||
69,814 | Fairpoint Communications, Inc.(b)(c) | 652,063 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Telecommunication Services (continued) | ||||||||
51,996 | General Communication, Inc., Class A(b) | $ | 494,482 | |||||
15,686 | Hawaiian Telcom Holdco, Inc.(b) | 416,934 | ||||||
18,543 | HickoryTech Corp. | 248,105 | ||||||
31,661 | IDT Corp., Class B | 693,059 | ||||||
82,522 | Inteliquent, Inc. | 1,060,408 | ||||||
53,105 | Iridium Communications, Inc.(b) | 320,223 | ||||||
14,888 | Lumos Networks Corp. | 327,685 | ||||||
43,553 | NTELOS Holdings Corp. | 829,249 | ||||||
38,896 | Premiere Global Services, Inc.(b) | 350,453 | ||||||
36,567 | PTGi Holding, Inc.(b) | 128,716 | ||||||
9,781 | SBA Communications Corp., Class A(b) | 855,544 | ||||||
20,846 | Shenandoah Telecommunications Co. | 578,059 | ||||||
15,836 | Straight Path Communications, Inc., Class B(b) | 86,464 | ||||||
24,547 | United States Cellular Corp. | 1,188,075 | ||||||
68,136 | USA Mobility, Inc. | 1,016,589 | ||||||
116,311 | Vonage Holdings Corp.(b) | 433,840 | ||||||
|
| |||||||
12,428,686 | ||||||||
|
| |||||||
Utilities—1.2% | ||||||||
21,232 | American States Water Co. | 604,687 | ||||||
5,373 | Artesian Resources Corp., Class A | 123,042 | ||||||
30,102 | California Water Service Group | 656,224 | ||||||
7,326 | Chesapeake Utilities Corp. | 398,608 | ||||||
5,500 | Connecticut Water Service, Inc. | 176,275 | ||||||
13,201 | Consolidated Water Co. Ltd. (Cayman Islands) | 198,543 | ||||||
5,658 | Delta Natural Gas Co., Inc. | 126,287 | ||||||
28,134 | El Paso Electric Co. | 989,473 | ||||||
47,789 | Empire District Electric Co. (The) | 1,074,775 | ||||||
27,763 | Laclede Group, Inc. (The) | 1,306,804 | ||||||
15,066 | MGE Energy, Inc. | 848,366 | ||||||
11,511 | Middlesex Water Co. | 238,623 | ||||||
13,555 | Ormat Technologies, Inc. (Israel) | 353,379 | ||||||
31,911 | Otter Tail Corp. | 951,905 | ||||||
9,729 | SJW Corp. | 274,650 | ||||||
19,008 | South Jersey Industries, Inc. | 1,131,926 | ||||||
12,772 | Unitil Corp. | 385,970 | ||||||
6,699 | York Water Co. (The) | 138,737 | ||||||
|
| |||||||
9,978,274 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $657,498,230) | 813,730,587 | |||||||
|
| |||||||
Warrants—0.0% | ||||||||
Energy—0.0% | ||||||||
4,742 | Magnum Hunter Corp., expiring 05/15/16 | 0 | ||||||
|
| |||||||
Financials—0.0% | ||||||||
1 | Tejon Ranch Co., Class W, expiring 08/31/16(b) | 5 | ||||||
|
| |||||||
Total Warrants (Cost $0) | 5 | |||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $657,498,230)—100.0% | 813,730,592 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.1% | ||||||||
49,944,340 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $49,944,340)(d)(e) | $ | 49,944,340 | |||||
|
| |||||||
Total Investments (Cost $707,442,570)—106.1% | 863,674,932 | |||||||
Other assets less liabilities—(6.1)% | (49,886,022 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 813,788,910 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2013. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2G. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Statements of Assets and Liabilities
October 31, 2013
(Unaudited)
PowerShares Dynamic MagniQuant Portfolio (PIQ) | PowerShares Dynamic Market Portfolio (PWC) | PowerShares Dynamic OTC Portfolio (PWO) | PowerShares FTSE RAFI US 1000 Portfolio (PRF) | PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments, at value(a) | $ | 19,830,857 | $ | 153,891,260 | $ | 25,663,291 | $ | 2,497,865,039 | $ | 813,730,592 | ||||||||||
Affiliated investments, at value | 74,628 | 136,983 | 74,312 | 26,836,220 | 49,944,340 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at value | 19,905,485 | 154,028,243 | 25,737,603 | 2,524,701,259 | 863,674,932 | |||||||||||||||
Foreign currencies, at value | — | — | — | — | 25,976 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | 171,367 | 11,487 | 89,303 | 5,690,393 | 2,904,674 | |||||||||||||||
Dividends | 4,690 | 57,950 | 9,992 | 2,847,728 | 281,740 | |||||||||||||||
Foreign tax reclaims | — | — | — | 2,407 | 154 | |||||||||||||||
Security lending | — | — | — | 32,506 | 94,723 | |||||||||||||||
Shares sold | — | — | — | 7,916,423 | — | |||||||||||||||
Other assets | 813 | 1,195 | 813 | 1,195 | 246 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 20,082,355 | 154,098,875 | 25,837,711 | 2,541,191,911 | 866,982,445 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | — | — | — | 5,788,720 | 2,037,033 | |||||||||||||||
Payables: | ||||||||||||||||||||
Investments purchased | 168,039 | — | 84,875 | 8,043,140 | 490,133 | |||||||||||||||
Collateral upon return of securities loaned | — | — | — | 24,795,387 | 49,944,340 | |||||||||||||||
Accrued advisory fees | 2,855 | 61,593 | 4,538 | 560,124 | 176,484 | |||||||||||||||
Accrued trustees fees | 11,456 | 24,787 | 12,259 | 67,453 | 26,724 | |||||||||||||||
Accrued expenses | 68,466 | 89,459 | 60,681 | 1,500,036 | 518,821 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 250,816 | 175,839 | 162,353 | 40,754,860 | 53,193,535 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 19,831,539 | $ | 153,923,036 | $ | 25,675,358 | $ | 2,500,437,051 | $ | 813,788,910 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 46,472,747 | $ | 492,794,575 | $ | 101,557,334 | $ | 2,169,089,480 | $ | 681,774,998 | ||||||||||
Undistributed net investment income (loss). | (7,087 | ) | 28,477 | (1,239 | ) | 4,760,266 | 777,095 | |||||||||||||
Undistributed net realized gain (loss) | (28,787,738 | ) | (354,057,347 | ) | (78,469,164 | ) | (170,815,070 | ) | (24,995,965 | ) | ||||||||||
Net unrealized appreciation | 2,153,617 | 15,157,331 | 2,588,427 | 497,402,375 | 156,232,782 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 19,831,539 | $ | 153,923,036 | $ | 25,675,358 | $ | 2,500,437,051 | $ | 813,788,910 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 550,000 | 2,400,000 | 400,000 | 31,700,000 | 8,850,000 | |||||||||||||||
Net asset value | $ | 36.06 | $ | 64.13 | $ | 64.19 | $ | 78.88 | $ | 91.95 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 36.09 | $ | 64.27 | $ | 64.20 | $ | 78.99 | $ | 92.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments, at cost | $ | 17,677,240 | $ | 138,733,929 | $ | 23,074,864 | $ | 2,000,707,653 | $ | 657,498,230 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments, at cost | $ | 74,628 | $ | 136,983 | $ | 74,312 | $ | 26,591,231 | $ | 49,944,340 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at cost | $ | 17,751,868 | $ | 138,870,912 | $ | 23,149,176 | $ | 2,027,298,884 | $ | 707,442,570 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Foreign currencies, at cost | $ | — | $ | — | $ | — | $ | — | $ | 25,556 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | — | $ | 23,981,761 | $ | 48,187,928 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
For the six months ended October 31, 2013
(Unaudited)
PowerShares Dynamic MagniQuant Portfolio (PIQ) | PowerShares Dynamic Market Portfolio (PWC) | PowerShares Dynamic OTC Portfolio (PWO) | PowerShares FTSE RAFI US 1000 Portfolio (PRF) | PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 148,930 | $ | 1,224,084 | $ | 144,182 | $ | 23,951,940 | $ | 4,817,492 | ||||||||||
Affiliated dividend income | 4 | 7 | 3 | 33,001 | 16 | |||||||||||||||
Securities lending income | — | — | — | 178,141 | 639,871 | |||||||||||||||
Foreign withholding tax | — | — | — | (1,522 | ) | (1,923 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 148,934 | 1,224,091 | 144,185 | 24,161,560 | 5,455,456 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 48,865 | 373,535 | 61,259 | 3,115,358 | 991,360 | |||||||||||||||
Accounting & administration fees | 18,046 | 18,045 | 18,046 | 188,830 | 60,881 | |||||||||||||||
Professional fees | 13,743 | 15,317 | 13,867 | 21,124 | 20,958 | |||||||||||||||
Custodian & transfer agent fees | 5,190 | 9,059 | 3,959 | 22,482 | 21,649 | |||||||||||||||
Sub-licensing | 4,887 | 19,414 | 3,676 | 964,837 | 307,024 | |||||||||||||||
Trustees fees | 4,244 | 5,892 | 4,292 | 30,764 | 12,469 | |||||||||||||||
Other expenses | 4,550 | 10,823 | 5,164 | 59,452 | 24,583 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 99,525 | 452,085 | 110,263 | 4,402,847 | 1,438,924 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Waivers | (36,555 | ) | (4,631 | ) | (37,393 | ) | (229,428 | ) | (106,357 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 62,970 | 447,454 | 72,870 | 4,173,419 | 1,332,567 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 85,964 | 776,637 | 71,315 | 19,988,141 | 4,122,889 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | (60,132 | ) | (286,839 | ) | 415,940 | 1,992,188 | 1,242,010 | |||||||||||||
In-kind redemptions | 3,271,064 | 18,875,331 | 3,416,794 | 14,784,617 | 2,512,164 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain | 3,210,932 | 18,588,492 | 3,832,734 | 16,776,805 | 3,754,174 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investment securities | (616,413 | ) | 1,281,451 | (294,157 | ) | 195,102,875 | 107,452,949 | |||||||||||||
Foreign currencies | — | — | — | — | 784 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) | (616,413 | ) | 1,281,451 | (294,157 | ) | 195,102,875 | 107,453,733 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain | 2,594,519 | 19,869,943 | 3,538,577 | 211,879,680 | 111,207,907 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase in net assets resulting from operations | $ | 2,680,483 | $ | 20,646,580 | $ | 3,609,892 | $ | 231,867,821 | $ | 115,330,796 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
(This Page Intentionally Left Blank)
Statements of Changes in Net Assets
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares Dynamic MagniQuant Portfolio (PIQ) | PowerShares Dynamic Market Portfolio (PWC) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 85,964 | $ | 306,960 | $ | 776,637 | $ | 2,191,518 | ||||||||
Net realized gain | 3,210,932 | 1,699,696 | 18,588,492 | 19,915,303 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (616,413 | ) | 1,413,674 | 1,281,451 | 5,567,136 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 2,680,483 | 3,420,330 | 20,646,580 | 27,673,957 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (94,117 | ) | (330,631 | ) | (900,135 | ) | (2,277,011 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 16,494,945 | 20,180,567 | 136,600,215 | 188,278,816 | ||||||||||||
Value of shares repurchased | (18,164,521 | ) | (22,839,404 | ) | (143,081,188 | ) | (201,661,797 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (1,669,576 | ) | (2,658,837 | ) | (6,480,973 | ) | (13,382,981 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 916,790 | 430,862 | 13,265,472 | 12,013,965 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 18,914,749 | 18,483,887 | 140,657,564 | 128,643,599 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 19,831,539 | $ | 18,914,749 | $ | 153,923,036 | $ | 140,657,564 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (7,087 | ) | $ | 1,066 | $ | 28,477 | $ | 151,975 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 500,000 | 750,000 | 2,350,000 | 3,900,000 | ||||||||||||
Shares repurchased | (550,000 | ) | (850,000 | ) | (2,450,000 | ) | �� | (4,150,000 | ) | |||||||
Shares outstanding, beginning of period | 600,000 | 700,000 | 2,500,000 | 2,750,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 550,000 | 600,000 | 2,400,000 | 2,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
PowerShares Dynamic OTC Portfolio (PWO) | PowerShares FTSE RAFI US 1000 Portfolio (PRF) | PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | ||||||||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||||||
$ | 71,315 | $ | 343,750 | $ | 19,988,141 | $ | 31,090,567 | $ | 4,122,889 | $ | 7,804,825 | |||||||||||
3,832,734 | 1,181,833 | 16,776,805 | 63,846,705 | 3,754,174 | 33,918,746 | |||||||||||||||||
(294,157 | ) | 302,308 | 195,102,875 | 215,084,872 | 107,453,733 | 44,374,003 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
3,609,892 | 1,827,891 | 231,867,821 | 310,022,144 | 115,330,796 | 86,097,574 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(74,188 | ) | (376,429 | ) | (19,312,837 | ) | (30,575,583 | ) | (4,439,229 | ) | (7,992,111 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
20,700,993 | 22,456,458 | 547,584,777 | 319,681,049 | 147,298,956 | 130,742,268 | |||||||||||||||||
(20,721,287 | ) | (29,971,505 | ) | (38,152,761 | ) | (209,338,770 | ) | (8,164,329 | ) | (108,729,552 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(20,294 | ) | (7,515,047 | ) | 509,432,016 | 110,342,279 | 139,134,627 | 22,012,716 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
3,515,410 | (6,063,585 | ) | 721,987,000 | 389,788,840 | 250,026,194 | 100,118,179 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
22,159,948 | 28,223,533 | 1,778,450,051 | 1,388,661,211 | 563,762,716 | 463,644,537 | |||||||||||||||||
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$ | 25,675,358 | $ | 22,159,948 | $ | 2,500,437,051 | $ | 1,778,450,051 | $ | 813,788,910 | $ | 563,762,716 | |||||||||||
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$ | (1,239 | ) | $ | 1,634 | $ | 4,760,266 | $ | 4,084,962 | $ | 777,095 | $ | 1,093,435 | ||||||||||
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350,000 | 450,000 | 7,300,000 | 4,900,000 | 1,700,000 | 1,800,000 | |||||||||||||||||
(350,000 | ) | (600,000 | ) | (500,000 | ) | (3,250,000 | ) | (100,000 | ) | (1,500,000 | ) | |||||||||||
400,000 | 550,000 | 24,900,000 | 23,250,000 | 7,250,000 | 6,950,000 | |||||||||||||||||
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400,000 | 400,000 | 31,700,000 | 24,900,000 | 8,850,000 | 7,250,000 | |||||||||||||||||
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| 41 |
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PowerShares Dynamic MagniQuant Portfolio (PIQ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.52 | $ | 26.41 | $ | 27.02 | $ | 22.56 | $ | 16.85 | $ | 25.08 | ||||||||||||
Net investment income(a) | 0.15 | 0.48 | 0.18 | 0.19 | 0.09 | 0.14 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.55 | 5.16 | (0.62 | ) | 4.45 | 5.71 | (8.24 | ) | ||||||||||||||||
Total from investment operations | 4.70 | 5.64 | (0.44 | ) | 4.64 | 5.80 | (8.10 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.53 | ) | (0.17 | ) | (0.18 | ) | (0.09 | ) | (0.13 | ) | ||||||||||||
Net asset value at end of period | $ | 36.06 | $ | 31.52 | $ | 26.41 | $ | 27.02 | $ | 22.56 | $ | 16.85 | ||||||||||||
Market price at end of period(b) | $ | 36.09 | $ | 31.47 | $ | 26.40 | $ | 27.03 | $ | 22.56 | $ | 16.84 | ||||||||||||
Net Asset Value Total Return(c) | 14.97 | % | 21.70 | % | (1.55 | )% | 20.72 | % | 34.54 | % | (32.40 | )% | ||||||||||||
Market Price Total Return(c) | 15.25 | % | 21.56 | % | (1.63 | )% | 20.76 | % | 34.62 | % | (32.41 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 19,832 | $ | 18,915 | $ | 18,484 | $ | 27,024 | $ | 27,073 | $ | 28,651 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 1.02 | %(d) | 1.19 | % | 1.22 | % | 1.08 | % | 0.98 | % | 0.87 | % | ||||||||||||
Net investment income, after Waivers | 0.88 | %(d) | 1.77 | % | 0.73 | % | 0.83 | % | 0.45 | % | 0.70 | % | ||||||||||||
Portfolio turnover rate(e) | 107 | % | 118 | % | 110 | % | 93 | % | 98 | % | 102 | % |
PowerShares Dynamic Market Portfolio (PWC)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 56.26 | $ | 46.78 | $ | 48.26 | $ | 40.38 | $ | 31.42 | $ | 48.12 | ||||||||||||
Net investment income(a) | 0.31 | 0.82 | 0.44 | 0.57 | 0.33 | 0.50 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.92 | 9.51 | (1.52 | ) | 7.94 | 8.97 | (16.72 | ) | ||||||||||||||||
Total from investment operations | 8.23 | 10.33 | (1.08 | ) | 8.51 | 9.30 | (16.22 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.85 | ) | (0.40 | ) | (0.63 | ) | (0.34 | ) | (0.48 | ) | ||||||||||||
Net asset value at end of period | $ | 64.13 | $ | 56.26 | $ | 46.78 | $ | 48.26 | $ | 40.38 | $ | 31.42 | ||||||||||||
Market price at end of period(b) | $ | 64.27 | $ | 56.23 | $ | 46.75 | $ | 48.24 | $ | 40.38 | $ | 31.41 | ||||||||||||
Net Asset Value Total Return(c) | 14.71 | % | 22.39 | % | (2.12 | )% | 21.34 | % | 29.75 | % | (33.86 | )% | ||||||||||||
Market Price Total Return(c) | 15.02 | % | 22.40 | % | (2.14 | )% | 21.29 | % | 29.80 | % | (33.84 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 153,923 | $ | 140,658 | $ | 128,644 | $ | 188,207 | $ | 230,151 | $ | 260,779 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.61 | %(d) | 0.60 | % | 0.62 | % | 0.64 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income, after Waivers | 1.04 | %(d) | 1.68 | % | 1.00 | % | 1.38 | % | 0.92 | % | 1.28 | % | ||||||||||||
Portfolio turnover rate(e) | 126 | % | 166 | % | 133 | % | 107 | % | 98 | % | 113 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Financial Highlights (continued)
PowerShares Dynamic OTC Portfolio (PWO)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 55.40 | $ | 51.32 | $ | 53.76 | $ | 45.15 | $ | 32.83 | $ | 46.92 | ||||||||||||
Net investment income(a) | 0.18 | 0.71 | (b) | 0.10 | 0.07 | 0.01 | 0.03 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.80 | 4.18 | (2.50 | ) | 8.65 | 12.36 | (14.12 | ) | ||||||||||||||||
Total from investment operations | 8.98 | 4.89 | (2.40 | ) | 8.72 | 12.37 | (14.09 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.81 | ) | (0.04 | ) | (0.11 | ) | (0.05 | ) | — | |||||||||||||
Net asset value at end of period | $ | 64.19 | $ | 55.40 | $ | 51.32 | $ | 53.76 | $ | 45.15 | $ | 32.83 | ||||||||||||
Market price at end of period(c) | $ | 64.20 | $ | 55.32 | $ | 51.30 | $ | 53.75 | $ | 45.15 | $ | 32.83 | ||||||||||||
Net Asset Value Total Return(d) | 16.23 | % | 9.75 | % | (4.46 | )% | 19.34 | % | 37.73 | % | (30.03 | )% | ||||||||||||
Market Price Total Return(d) | 16.41 | % | 9.63 | % | (4.48 | )% | 19.31 | % | 37.73 | % | (30.06 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 25,675 | $ | 22,160 | $ | 28,224 | $ | 40,321 | $ | 40,635 | $ | 39,393 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.59 | %(e)(f) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.59 | % | ||||||||||||
Expenses, prior to Waivers | 0.90 | %(e)(f) | 0.95 | % | 0.93 | % | 0.91 | % | 0.85 | % | 0.74 | % | ||||||||||||
Net investment income, after Waivers | 0.58 | %(f) | 1.42 | %(b) | 0.22 | % | 0.15 | % | 0.01 | % | 0.08 | % | ||||||||||||
Portfolio turnover rate(g) | 110 | % | 118 | % | 99 | % | 75 | % | 90 | % | 77 | % |
PowerShares FTSE RAFI US 1000 Portfolio (PRF)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 71.42 | $ | 59.73 | $ | 60.72 | $ | 52.93 | $ | 34.78 | $ | 55.15 | ||||||||||||
Net investment income(a) | 0.70 | 1.31 | 1.12 | 1.07 | 0.62 | 0.97 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.44 | 11.66 | (0.99 | ) | 7.63 | 18.21 | (20.26 | ) | ||||||||||||||||
Total from investment operations | 8.14 | 12.97 | 0.13 | 8.70 | 18.83 | (19.29 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.68 | ) | (1.28 | ) | (1.12 | ) | (0.91 | ) | (0.68 | ) | (1.08 | ) | ||||||||||||
Net asset value at end of period | $ | 78.88 | $ | 71.42 | $ | 59.73 | $ | 60.72 | $ | 52.93 | $ | 34.78 | ||||||||||||
Market price at end of period(c) | $ | 78.99 | $ | 71.42 | $ | 59.72 | $ | 60.71 | $ | 52.96 | $ | 34.78 | ||||||||||||
Net Asset Value Total Return(d) | 11.47 | % | 22.06 | % | 0.41 | % | 16.72 | % | 54.57 | % | (35.26 | )% | ||||||||||||
Market Price Total Return(d) | 11.63 | % | 22.09 | % | 0.41 | % | 16.63 | % | 54.66 | % | (35.20 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,500,437 | $ | 1,778,450 | $ | 1,388,661 | $ | 1,208,246 | $ | 648,428 | $ | 396,443 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(f) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.58 | % | ||||||||||||
Expenses, prior to Waivers | 0.41 | %(f) | 0.43 | % | 0.43 | % | 0.44 | % | 0.45 | % | 0.60 | % | ||||||||||||
Net investment income, after Waivers | 1.86 | %(f) | 2.10 | % | 2.00 | % | 2.01 | % | 1.38 | % | 2.34 | % | ||||||||||||
Portfolio turnover rate(g) | 2 | % | 13 | % | 6 | % | 9 | % | 24 | % | 15 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a special cash dividend received of $4 per share owned of Warner Chilcott PLC on August 29, 2012. Net investment income per share and the ratio of net investment income to average net assets excluding the special dividend are $0.43 and 0.87%, respectively. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment company expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the funds that the Fund invests in. The effect of the estimated investment company expenses that you bear indirectly is included in the Fund’s total return. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Financial Highlights (continued)
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 77.76 | $ | 66.71 | $ | 70.66 | $ | 59.82 | $ | 34.96 | $ | 50.36 | ||||||||||||
Net investment income(a) | 0.52 | 1.13 | 0.73 | 0.50 | 0.32 | 0.46 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 14.24 | 11.08 | (4.04 | ) | 10.80 | 24.88 | (15.42 | ) | ||||||||||||||||
Total from investment operations | 14.76 | 12.21 | (3.31 | ) | 11.30 | 25.20 | (14.96 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.57 | ) | (1.16 | ) | (0.64 | ) | (0.46 | ) | (0.34 | ) | (0.44 | ) | ||||||||||||
Net asset value at end of period | $ | 91.95 | $ | 77.76 | $ | 66.71 | $ | 70.66 | $ | 59.82 | $ | 34.96 | ||||||||||||
Market price at end of period(b) | $ | 92.08 | $ | 77.67 | $ | 66.72 | $ | 70.64 | $ | 59.79 | $ | 34.90 | ||||||||||||
Net Asset Value Total Return(c) | 19.07 | % | 18.56 | % | (4.60 | )% | 19.04 | % | 72.38 | %(d) | (29.79 | )% | ||||||||||||
Market Price Total Return(c) | 19.37 | % | 18.41 | % | (4.56 | )% | 19.06 | % | 72.59 | % | (29.84 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 813,789 | $ | 563,763 | $ | 463,645 | $ | 409,826 | $ | 284,135 | $ | 94,399 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.58 | % | ||||||||||||
Expenses, prior to Waivers | 0.42 | %(e) | 0.43 | % | 0.44 | % | 0.46 | % | 0.51 | % | 0.79 | % | ||||||||||||
Net investment income, after Waivers | 1.21 | %(e) | 1.64 | % | 1.17 | % | 0.82 | % | 0.67 | % | 1.22 | % | ||||||||||||
Portfolio turnover rate(f) | 4 | % | 30 | % | 15 | % | 19 | % | 16 | % | 15 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one period are not annualized. |
(d) | Amount includes the effect of the Adviser pay-in for an economic loss of $0.17 per share. Had the pay-in not been made, the Net Asset Value Total Return would have been 71.89%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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|
PowerShares Exchange-Traded Fund Trust
October 31, 2013
(Unaudited)
Note 1. Organization
PowerShares Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of October 31, 2013, the Trust offered fifty-five portfolios. This report includes the following portfolios:
Full Name | Short Name | |
PowerShares Dynamic MagniQuant Portfolio (PIQ) | “Dynamic MagniQuant Portfolio” | |
PowerShares Dynamic Market Portfolio (PWC) | “Dynamic Market Portfolio” | |
PowerShares Dynamic OTC Portfolio (PWO) | “Dynamic OTC Portfolio” | |
PowerShares FTSE RAFI US 1000 Portfolio (PRF) | “FTSE RAFI US 1000 Portfolio” | |
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | “FTSE RAFI US 1500 Small-Mid Portfolio” |
Each portfolio (each, a “Fund” and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc. (“NYSE Arca”), except for Shares of FTSE RAFI US 1500 Small-Mid Portfolio, which is listed and traded on The NASDAQ Stock Market LLC.
The market prices of each Fund’s Shares may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed generally in-kind for securities included in each Fund’s relevant index. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek investment results that generally correspond (before fees and expenses) to the price and yield of its respective index listed below (each, an “Underlying Index”):
Fund | Index | |
Dynamic MagniQuant Portfolio | Dynamic Top 200 IntellidexSM Index | |
Dynamic Market Portfolio | Dynamic Market IntellidexSM Index | |
Dynamic OTC Portfolio | Dynamic OTC IntellidexSM Index | |
FTSE RAFI US 1000 Portfolio | FTSE RAFI US 1000 Index | |
FTSE RAFI US 1500 Small-Mid Portfolio | FTSE RAFI US 1500 Small-Mid Index |
Note 2. Significant Accounting Policies
The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
A. Security Valuation
Securities, including restricted securities, are valued according to the following policies.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. Listed options, if no closing price is available, are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices.
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
| 45 |
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Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco PowerShares Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize an investing strategy that seeks returns in excess of each Fund’s respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index even if that security generally is underperforming.
Equity Risk. The Funds may invest in equity securities. Equity risk is the risk that the value of the securities that a Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities a Fund holds participate or factors relating to specific companies in which the Funds invest. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Funds’ portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, a Fund may face more risks than if it were diversified broadly over numerous industries or sectors. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when
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rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Small and Medium Capitalization Company Risk. For Dynamic MagniQuant Portfolio, Dynamic OTC Portfolio and FTSE RAFI US 1500 Small-Mid Portfolio, investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Over-the Counter Risk. For Dynamic OTC Portfolio, over-the-counter (“OTC”) transactions involve risks in addition to those associated with transactions in securities traded on exchanges. OTC-listed companies may have limited product lines, markets or financial resources. Many OTC stocks trade less frequently and in smaller volume than exchange-listed stocks. The values of these stocks may be more volatile than exchange-listed stocks.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These timing differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
Corporate actions (including cash dividends) are recorded net of non-reclaimable foreign tax withholdings on the ex-dividend date.
E. Expenses
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
F. Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal period-end.
G. Securities Lending
FTSE RAFI US 1000 Portfolio and FTSE RAFI US 1500 Small-Mid Portfolio may lend portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% of the market value of the loaned
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securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in an affiliated money market fund and is shown as such on the Schedule of Investments. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to a Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. A Fund could experience delays and costs in gaining access to the collateral. A Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan is shown on the Statements of Assets and Liabilities, if any.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Each Fund (except for the FTSE RAFI US 1000 Portfolio and the FTSE RAFI US 1500 Small-Mid Portfolio) has agreed to pay the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. Each of the FTSE RAFI US 1000 Portfolio and the FTSE RAFI US 1500 Small-Mid Portfolio has agreed to pay the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.
The Adviser has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Trust. For the Dynamic MagniQuant Portfolio, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of the Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2014. The Expense Cap for the FTSE RAFI US 1000 Portfolio and the FTSE RAFI US 1500 Small-Mid Portfolio is 0.39% of each Fund’s average daily net assets per year, through at least August 31, 2014, and sub-licensing fees are included in the expenses subject to the Expense Cap. Offering costs excluded from the Expense Cap are: (a) initial legal fees pertaining to the Funds’ Shares offered for sale; (b) initial Securities and Exchange Commission and state registration fees; and (c) initial fees paid to be listed on an exchange. For the Dynamic Market Portfolio and the Dynamic OTC Portfolio, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each Fund (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2014. Unless the Adviser continues the fee waiver agreement, it will terminate on August 31, 2014. The fee waiver agreement cannot be terminated during its term.
Further, the Adviser has contractually agreed, through at least August 31, 2015, to waive the advisory fee payable by each Fund in an amount equal to 100% of the net advisory fees the Adviser’s affiliate receives from the affiliated money market funds on investments by a Fund (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six-months ended October 31, 2013, the Adviser waived fees and/or paid Fund expenses for each Fund, in the following amounts:
Dynamic MagniQuant Portfolio | $ | 36,555 | ||
Dynamic Market Portfolio | 4,631 | |||
Dynamic OTC Portfolio | 37,393 | |||
FTSE RAFI US 1000 Portfolio | 229,428 | |||
FTSE RAFI US 1500 Small-Mid Portfolio | 106,357 |
For the Dynamic MagniQuant Portfolio, the FTSE RAFI US 1000 Portfolio and the FTSE RAFI US 1500 Small-Mid Portfolio, the Expense Agreement provides that the fees waived or expenses borne by the Adviser are subject to recapture by the Adviser for up to three years, but no recapture payment will be made by a Fund if it would result in the Fund exceeding its Expense Cap as specified above. For the Dynamic Market Portfolio and the Dynamic OTC Portfolio, the expenses borne by the Adviser are not subject to recapture.
The amounts available for potential future recapture by the Adviser under the Excess Expense Agreement and the expiration schedule at October 31, 2013 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/14 | 04/30/15 | 04/30/16 | 10/31/16 | |||||||||||||||||
Dynamic MagniQuant Portfolio | $ | 301,854 | $ | 64,712 | $ | 107,958 | $ | 92,649 | $ | 36,535 | ||||||||||
FTSE RAFI US 1000 Portfolio | 1,435,923 | 266,301 | 420,812 | 519,689 | 229,121 | |||||||||||||||
FTSE RAFI US Portfolio 1500 Small-Mid Portfolio | 639,641 | 135,481 | 186,171 | 211,738 | 106,251 |
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The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Dynamic MagniQuant Portfolio | NYSE Arca, Inc. | |
Dynamic Market Portfolio | NYSE Arca, Inc. | |
Dynamic OTC Portfolio | NYSE Arca, Inc. | |
FTSE RAFI US 1000 Portfolio | FTSE International Ltd. | |
FTSE RAFI US 1500 Small-Mid Portfolio | FTSE International Ltd. |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use with the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of these Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Note 4. Investments in Affiliates
Each Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd., and therefore Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT for the six-month period ended October 31, 2013.
FTSE RAFI US 1000 Portfolio
Value April 30, 2013 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2013 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 1,352,664 | $ | 416,994 | $ | (27,960 | ) | $ | 91,826 | $ | 9,395 | $ | 1,842,919 | $ | 21,159 | |||||||||||||
Invesco Mortgage Capital, Inc. REIT | 215,926 | 48,759 | (4,567 | ) | (63,730 | ) | 1,526 | 197,914 | 11,795 |
Note 5. Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level | 1 — Prices are determined using quoted prices in an active market for identical assets. |
Level 2 — Prices | are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 — Prices | are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
Except for the Fund listed below, as of October 31, 2013, the securities in each Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Investment in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | ||||||||||||||||
Equity Securities | $ | 863,674,932 | $ | 0 | $ | — | $ | 863,674,932 | ||||||||
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Note 6. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in 8 tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following Funds had a capital loss carryforward as of April 30, 2013, which expires as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | ||||||||||||||||||||||||||||
Dynamic MagniQuant Portfolio | $ | — | $ | — | $ | 5,211,608 | $ | 10,595,808 | $ | 7,191,135 | $ | 3,524,581 | $ | 2,624,138 | $ | 2,450,292 | $ | 31,597,562 | ||||||||||||||||||
Dynamic Market Portfolio | 13,686,812 | 65,552,628 | 39,899,556 | 96,635,542 | 104,214,879 | 15,461,574 | 35,337,138 | 237,165 | 371,025,294 | |||||||||||||||||||||||||||
Dynamic OTC Portfolio | 5,449,844 | 21,767,708 | 11,353,752 | 15,764,010 | 14,947,690 | 3,683,431 | 8,046,056 | 126,379 | 81,138,870 | |||||||||||||||||||||||||||
FTSE RAFI US 1000 Portfolio | — | 44,432 | 1,148,192 | 44,806,580 | 49,808,238 | 38,490,195 | — | 5,431,042 | 139,728,679 | |||||||||||||||||||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | — | 5,818 | 128,460 | 8,229,508 | 5,168,127 | 2,475,894 | — | 1,694,731 | 17,702,538 |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
Note 7. Investment Transactions
For the six-month period ended October 31, 2013, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Dynamic MagniQuant Portfolio | $ | 20,550,673 | $ | 20,417,689 | ||||
Dynamic Market Portfolio | 183,384,115 | 183,335,558 | ||||||
Dynamic OTC Portfolio | 26,666,171 | 26,411,154 | ||||||
FTSE RAFI US 1000 Portfolio | 46,057,380 | 44,129,286 | ||||||
FTSE RAFI US Portfolio 1500 Small-Mid Portfolio | 29,496,625 | 28,627,350 |
For the six-month period ended October 31, 2013, in-kind transactions associated with creations and redemptions were as follows:
Securities Received | Securities Delivered | |||||||
Dynamic MagniQuant Portfolio | $ | 16,497,169 | $ | 18,293,216 | ||||
Dynamic Market Portfolio | 136,285,781 | 143,061,967 | ||||||
Dynamic OTC Portfolio | 20,676,364 | 20,968,449 | ||||||
FTSE RAFI US 1000 Portfolio | 546,373,896 | 38,118,477 | ||||||
FTSE RAFI US Portfolio 1500 Small-Mid Portfolio | 146,696,774 | 8,105,067 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2013, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end.
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At October 31, 2013, the aggregate cost and the net unrealized appreciation of investments on a tax basis including the adjustments for financial reporting purposes were as follows:
Cost | Net Unrealized Appreciation | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Dynamic MagniQuant Portfolio | $ | 17,803,450 | $ | 2,102,035 | $ | 2,335,223 | $ | (233,188 | ) | |||||||
Dynamic Market Portfolio | 139,333,259 | 14,694,984 | 16,081,917 | (1,386,933 | ) | |||||||||||
Dynamic OTC Portfolio | 23,259,421 | 2,478,182 | 2,968,482 | (490,300 | ) | |||||||||||
FTSE RAFI US 1000 Portfolio | 2,069,813,728 | 454,887,531 | 518,034,732 | (63,147,201 | ) | |||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 717,961,077 | 145,713,855 | 183,388,145 | (37,674,290 | ) |
Note 8. Trustees’ Fees
The Funds compensate each Independent Trustee. The Trustee who is an “interested person” (the “Non-Independent Trustee”) of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, an Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select PowerShares Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.
Note 9. Capital
Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. Cash may be substituted equivalent to the value of certain securities, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
Each Fund may issue Shares in advance of receipt of a basket of securities (“Deposit Securities”) subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with each Fund’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Transactions in a Fund’s Shares are disclosed in detail on the Statements of Changes in Net Assets.
Note 10. Indemnifications
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between the Independent Trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
Note 11. Subsequent Event
At a meeting held on December 17, 2013, the Board of Trustees of the Trust approved the liquidation of PowerShares Dynamic Magniquant Portfolio, which is expected to commence on February 18, 2014. Investors, who have elected not to sell their shares before February 18, 2014, will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 25, 2014.
In addition, the Board of Trustees of the Trust approved changes to the Fund name, investment objective, underlying index, and investment policies and strategies for PowerShares Dynamic OTC Portfolio. The Fund will be renamed PowerShares DWA NASDAQ Momentum Portfolio and the ticker will change from PWO to DWAQ. These changes are scheduled to take effect on February 19, 2014.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invescopowershares.com.
©2013 Invesco PowerShares Capital Management LLC | P-PS-SAR-2 | |||||
3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
invescopowershares.com 800.983.0903 | @PowerShares |
October 31, 2013 |
2013 Semi-Annual Report to Shareholders
PWB | PowerShares Dynamic Large Cap Growth Portfolio | |
PWV | PowerShares Dynamic Large Cap Value Portfolio | |
PXLC | PowerShares Fundamental Pure Large Core Portfolio | |
PXLG | PowerShares Fundamental Pure Large Growth Portfolio | |
PXLV | PowerShares Fundamental Pure Large Value Portfolio | |
PXMC | PowerShares Fundamental Pure Mid Core Portfolio | |
PXMG | PowerShares Fundamental Pure Mid Growth Portfolio | |
PXMV | PowerShares Fundamental Pure Mid Value Portfolio | |
PXSC | PowerShares Fundamental Pure Small Core Portfolio | |
PXSG | PowerShares Fundamental Pure Small Growth Portfolio | |
PXSV | PowerShares Fundamental Pure Small Value Portfolio | |
PZI | PowerShares Zacks Micro Cap Portfolio |
Fees and Expenses | 3 | |||
Fundamental Pure and Style Portfolios | ||||
Schedules of Investments | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
18 | ||||
20 | ||||
23 | ||||
29 | ||||
35 | ||||
43 | ||||
Statements of Assets and Liabilities | 48 | |||
Statements of Operations | 50 | |||
Statements of Changes in Net Assets | 52 | |||
Financial Highlights | 56 | |||
Notes to Financial Statements | 62 |
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As a shareholder of a Fund of the PowerShares Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2013.
In pursuing its investment objective, each of PowerShares Zacks Micro Cap Portfolio and PowerShares Fundamental Pure Small Growth Portfolio (collectively, the “Portfolios”) may invest a portion of their assets in investment companies. The Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of such expenses are included in each Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds 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.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,152.98 | 0.59 | % | $ | 3.20 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.23 | 0.59 | 3.01 | ||||||||||||
PowerShares Dynamic Large Cap Value Portfolio (PWV) | ||||||||||||||||
Actual | 1,000.00 | 1,078.45 | 0.57 | 2.99 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.33 | 0.57 | 2.91 | ||||||||||||
PowerShares Fundamental Pure Large Core Portfolio (PXLC) | ||||||||||||||||
Actual | 1,000.00 | 1,120.70 | 0.39 | 2.08 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Fundamental Pure Large Growth Portfolio (PXLG) | ||||||||||||||||
Actual | 1,000.00 | 1,099.13 | 0.39 | 2.06 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Fundamental Pure Large Value Portfolio (PXLV) | ||||||||||||||||
Actual | 1,000.00 | 1,091.29 | 0.39 | 2.06 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Fundamental Pure Mid Core Portfolio (PXMC) | ||||||||||||||||
Actual | 1,000.00 | 1,123.80 | 0.39 | 2.09 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 |
| 3 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,092.07 | 0.39 | % | $ | 2.06 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Fundamental Pure Mid Value Portfolio (PXMV) | ||||||||||||||||
Actual | 1,000.00 | 1,132.47 | 0.39 | 2.10 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Fundamental Pure Small Core Portfolio (PXSC) | ||||||||||||||||
Actual | 1,000.00 | 1,141.40 | 0.38 | 2.05 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.29 | 0.38 | 1.94 | ||||||||||||
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) | ||||||||||||||||
Actual | 1,000.00 | 1,155.53 | 0.39 | 2.12 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Fundamental Pure Small Value Portfolio (PXSV) | ||||||||||||||||
Actual | 1,000.00 | 1,195.15 | 0.39 | 2.16 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Zacks Micro Cap Portfolio (PZI) | ||||||||||||||||
Actual | 1,000.00 | 1,163.89 | 0.70 | 3.82 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2013. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
| 4 |
|
Portfolio Composition |
PowerShares Dynamic Large Cap Growth Portfolio (PWB) |
Sector Breakdown (Unaudited) | ||||
Consumer Discretionary | 29.5 | |||
Information Technology | 24.0 | |||
Health Care | 9.9 | |||
Industrials | 9.2 | |||
Financials | 8.9 | |||
Energy | 8.5 | |||
Consumer Staples | 4.3 | |||
Materials | 3.0 | |||
Telecommunication Services | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Dynamic Large Cap Growth Portfolio (PWB)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Consumer Discretionary—29.5% | ||||||||
43,031 | Bed Bath & Beyond, Inc.(b) | $ | 3,327,157 | |||||
62,097 | CBS Corp., Class B | 3,672,417 | ||||||
175,911 | Comcast Corp., Class A | 8,369,845 | ||||||
78,465 | Gap, Inc. (The) | 2,902,420 | ||||||
99,397 | Home Depot, Inc. (The) | 7,742,032 | ||||||
56,311 | Las Vegas Sands Corp. | 3,954,158 | ||||||
69,252 | Lowe’s Cos., Inc. | 3,447,365 | ||||||
3,381 | Priceline.com, Inc.(b) | 3,562,999 | ||||||
104,992 | Starbucks Corp. | 8,509,602 | ||||||
29,560 | Time Warner Cable, Inc. | 3,551,634 | ||||||
122,320 | Time Warner, Inc. | 8,408,277 | ||||||
60,189 | TJX Cos., Inc. (The) | 3,658,889 | ||||||
39,883 | Viacom, Inc., Class B | 3,321,855 | ||||||
121,718 | Walt Disney Co. (The) | 8,348,638 | ||||||
|
| |||||||
72,777,288 | ||||||||
|
| |||||||
Consumer Staples—4.3% | ||||||||
28,364 | Costco Wholesale Corp. | 3,346,952 | ||||||
34,509 | Hershey Co. (The) | 3,424,673 | ||||||
75,016 | Lorillard, Inc. | 3,826,566 | ||||||
|
| |||||||
10,598,191 | ||||||||
|
| |||||||
Energy—8.5% | ||||||||
34,710 | Anadarko Petroleum Corp. | 3,307,516 | ||||||
81,093 | Cabot Oil & Gas Corp. | 2,864,205 | ||||||
122,944 | Chesapeake Energy Corp. | 3,437,514 | ||||||
34,394 | Continental Resources, Inc.(b) | 3,917,476 | ||||||
20,204 | EOG Resources, Inc. | 3,604,394 | ||||||
51,655 | Noble Energy, Inc. | 3,870,509 | ||||||
|
| |||||||
21,001,614 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials—8.9% | ||||||||
66,571 | Berkshire Hathaway, Inc., Class B(b) | $ | 7,660,991 | |||||
12,189 | BlackRock, Inc. | 3,666,573 | ||||||
151,971 | Charles Schwab Corp. (The) | 3,442,143 | ||||||
68,742 | Franklin Resources, Inc. | 3,702,444 | ||||||
76,962 | Marsh & McLennan Cos., Inc. | 3,524,860 | ||||||
|
| |||||||
21,997,011 | ||||||||
|
| |||||||
Health Care—9.9% | ||||||||
52,894 | Celgene Corp.(b) | 7,854,230 | ||||||
68,892 | Cerner Corp.(b) | 3,860,019 | ||||||
122,848 | Gilead Sciences, Inc.(b) | 8,720,979 | ||||||
26,135 | McKesson Corp. | 4,085,946 | ||||||
|
| |||||||
24,521,174 | ||||||||
|
| |||||||
Industrials—9.2% | ||||||||
160,829 | Delta Air Lines, Inc. | 4,242,669 | ||||||
48,222 | Union Pacific Corp. | 7,300,811 | ||||||
73,967 | United Technologies Corp. | 7,858,994 | ||||||
12,829 | W.W. Grainger, Inc. | 3,450,616 | ||||||
|
| |||||||
22,853,090 | ||||||||
|
| |||||||
Information Technology—24.0% | ||||||||
194,434 | Activision Blizzard, Inc. | 3,235,382 | ||||||
69,359 | Adobe Systems, Inc.(b) | 3,759,258 | ||||||
148,110 | eBay, Inc.(b) | 7,806,878 | ||||||
8,743 | Google, Inc., Class A(b) | 9,010,361 | ||||||
12,217 | MasterCard, Inc., Class A | 8,760,811 | ||||||
111,708 | QUALCOMM, Inc. | 7,760,355 | ||||||
64,758 | TE Connectivity Ltd. (Switzerland) | 3,334,389 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic Large Cap Growth Portfolio (PWB) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Information Technology (continued) | ||||||||
83,067 | Texas Instruments, Inc. | $ | 3,495,459 | |||||
42,450 | Visa, Inc., Class A | 8,348,642 | ||||||
117,005 | Yahoo!, Inc.(b) | 3,852,975 | ||||||
|
| |||||||
59,364,510 | ||||||||
Materials—3.0% | ||||||||
34,736 | Ecolab, Inc. | 3,682,016 | ||||||
20,313 | PPG Industries, Inc. | 3,708,747 | ||||||
|
| |||||||
7,390,763 | ||||||||
|
| |||||||
Telecommunication Services—2.7% | ||||||||
45,710 | Crown Castle International Corp.(b) | 3,474,874 | ||||||
472,901 | Sprint Corp. (Japan)(b) | 3,182,624 | ||||||
|
| |||||||
6,657,498 | ||||||||
|
| |||||||
Total Common Stocks (Cost $198,109,082) | 247,161,139 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
150,394 | Premier Portfolio—Institutional Class(c) (Cost $150,394) | 150,394 | ||||||
|
| |||||||
Total Investments (Cost $198,259,476)—100.1% | 247,311,533 | |||||||
Other assets less liabilities—(0.1)% | (170,495 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 247,141,038 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Portfolio Composition |
PowerShares Dynamic Large Cap Value Portfolio (PWV) |
Sector Breakdown (Unaudited) | ||||
Financials | 31.0 | |||
Energy | 17.3 | |||
Health Care | 15.0 | |||
Information Technology | 10.7 | |||
Industrials | 8.7 | |||
Telecommunication Services | 6.7 | |||
Consumer Staples | 6.4 | |||
Materials | 1.4 | |||
Consumer Discretionary | 1.4 | |||
Utilities | 1.4 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Large Cap Value Portfolio (PWV)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Consumer Discretionary—1.4% | ||||||||
204,531 | Macy’s, Inc. | $ | 9,430,924 | |||||
|
| |||||||
Consumer Staples—6.4% | ||||||||
258,088 | Archer-Daniels-Midland Co. | 10,555,799 | ||||||
248,288 | Kroger Co. (The) | 10,636,658 | ||||||
290,541 | Wal-Mart Stores, Inc. | 22,299,022 | ||||||
|
| |||||||
43,491,479 | ||||||||
|
| |||||||
Energy—17.3% | ||||||||
176,066 | Chevron Corp. | 21,120,877 | ||||||
319,816 | ConocoPhillips | 23,442,513 | ||||||
121,407 | Hess Corp. | 9,858,249 | ||||||
263,935 | Marathon Oil Corp. | 9,306,348 | ||||||
125,324 | Marathon Petroleum Corp. | 8,980,718 | ||||||
240,380 | Occidental Petroleum Corp. | 23,095,710 | ||||||
159,148 | Phillips 66 | 10,253,906 | ||||||
255,765 | Valero Energy Corp. | 10,529,845 | ||||||
|
| |||||||
116,588,166 | ||||||||
|
| |||||||
Financials—31.0% | ||||||||
103,596 | ACE Ltd. | 9,887,202 | ||||||
157,249 | Aflac, Inc. | 10,218,040 | ||||||
189,634 | Allstate Corp. (The) | 10,061,980 | ||||||
456,388 | American International Group, Inc. | 23,572,440 | ||||||
305,561 | Bank of New York Mellon Corp. (The) | 9,716,840 | ||||||
109,263 | Chubb Corp. (The) | 10,060,937 | ||||||
438,730 | Citigroup, Inc. | 21,401,249 | ||||||
192,324 | Discover Financial Services | 9,977,769 | ||||||
496,848 | Fifth Third Bancorp | 9,455,018 | ||||||
139,381 | Goldman Sachs Group, Inc. (The) | 22,420,828 | ||||||
419,627 | JPMorgan Chase & Co. | 21,627,576 | ||||||
196,740 | MetLife, Inc. | 9,307,769 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
121,360 | Prudential Financial, Inc. | $ | 9,877,490 | |||||
113,735 | Travelers Cos., Inc. (The) | 9,815,331 | ||||||
516,158 | Wells Fargo & Co. | 22,034,785 | ||||||
|
| |||||||
209,435,254 | ||||||||
|
| |||||||
Health Care—15.0% | ||||||||
194,841 | Agilent Technologies, Inc. | 9,890,129 | ||||||
180,734 | Cardinal Health, Inc. | 10,601,856 | ||||||
115,484 | Cigna Corp. | 8,889,958 | ||||||
176,797 | Eli Lilly & Co. | 8,808,027 | ||||||
237,949 | HCA Holdings, Inc. | 11,216,916 | ||||||
751,640 | Pfizer, Inc. | 23,060,315 | ||||||
295,564 | UnitedHealth Group, Inc. | 20,175,199 | ||||||
106,733 | WellPoint, Inc. | 9,050,958 | ||||||
|
| |||||||
101,693,358 | ||||||||
|
| |||||||
Industrials—8.7% | ||||||||
73,762 | Cummins, Inc. | 9,369,249 | ||||||
109,157 | General Dynamics Corp. | 9,456,271 | ||||||
74,230 | Lockheed Martin Corp. | 9,897,828 | ||||||
98,485 | Northrop Grumman Corp. | 10,588,122 | ||||||
169,509 | PACCAR, Inc. | 9,424,701 | ||||||
120,507 | Raytheon Co. | 9,926,162 | ||||||
|
| |||||||
58,662,333 | ||||||||
|
| |||||||
Information Technology—10.7% | ||||||||
406,775 | Hewlett-Packard Co. | 9,913,107 | ||||||
964,684 | Intel Corp. | 23,567,230 | ||||||
116,331 | International Business Machines Corp. | 20,847,678 | ||||||
354,834 | Symantec Corp. | 8,068,925 | ||||||
146,569 | Western Digital Corp. | 10,205,599 | ||||||
|
| |||||||
72,602,539 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Dynamic Large Cap Value Portfolio (PWV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Materials—1.4% | ||||||||
129,540 | LyondellBasell Industries NV, Class A | $ | 9,663,684 | |||||
|
| |||||||
Telecommunication Services—6.7% | ||||||||
626,774 | AT&T, Inc. | 22,689,219 | ||||||
447,527 | Verizon Communications, Inc. | 22,604,589 | ||||||
|
| |||||||
45,293,808 | ||||||||
|
| |||||||
Utilities—1.4% | ||||||||
280,298 | Public Service Enterprise Group, Inc. | 9,389,983 | ||||||
|
| |||||||
Total Investments (Cost $581,179,265)—100.0% | 676,251,528 | |||||||
Other assets less liabilities—0.0% | 94,406 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 676,345,934 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Portfolio Composition |
PowerShares Fundamental Pure Large Core Portfolio (PXLC) |
Sector Breakdown (Unaudited) | ||||
Financials | 22.8 | |||
Health Care | 20.9 | |||
Consumer Staples | 14.4 | |||
Consumer Discretionary | 13.6 | |||
Industrials | 9.5 | |||
Information Technology | 9.3 | |||
Energy | 5.0 | |||
Materials | 2.6 | |||
Utilities | 1.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Fundamental Pure Large Core Portfolio (PXLC)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Consumer Discretionary—13.6% | ||||||||
4,486 | DIRECTV(b) | $ | 280,330 | |||||
72,413 | Ford Motor Co. | 1,238,986 | ||||||
16,173 | General Motors Co.(b) | 597,592 | ||||||
7,684 | Johnson Controls, Inc. | 354,617 | ||||||
1,924 | Liberty Global PLC, Class A (United Kingdom)(b) | 150,784 | ||||||
6,281 | McDonald’s Corp. | 606,242 | ||||||
738 | Murphy USA, Inc.(b) | 29,948 | ||||||
2,841 | News Corp., Class A(b) | 50,002 | ||||||
2,832 | Time Warner Cable, Inc. | 340,265 | ||||||
11,406 | Twenty-First Century Fox, Inc. | 388,717 | ||||||
9,282 | Walt Disney Co. (The) | 636,652 | ||||||
|
| |||||||
4,674,135 | ||||||||
|
| |||||||
Consumer Staples—14.4% | ||||||||
11,932 | Archer-Daniels-Midland Co. | 488,019 | ||||||
2,612 | Bunge Ltd. | 214,524 | ||||||
4,998 | General Mills, Inc. | 251,999 | ||||||
4,023 | Lorillard, Inc. | 205,213 | ||||||
21,159 | Procter & Gamble Co. (The) | 1,708,589 | ||||||
9,796 | Walgreen Co. | 580,315 | ||||||
19,487 | Wal-Mart Stores, Inc. | 1,495,627 | ||||||
|
| |||||||
4,944,286 | ||||||||
|
| |||||||
Energy—5.0% | ||||||||
3,196 | Anadarko Petroleum Corp. | 304,547 | ||||||
9,445 | Chesapeake Energy Corp. | 264,082 | ||||||
4,371 | Hess Corp. | 354,925 | ||||||
3,391 | Marathon Petroleum Corp. | 242,999 | ||||||
2,939 | Murphy Oil Corp. | 177,281 | ||||||
6,489 | Spectra Energy Corp. | 230,814 | ||||||
4,095 | Williams Cos., Inc. (The) | 146,232 | ||||||
|
| |||||||
1,720,880 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials—22.8% | ||||||||
3,254 | ACE Ltd. | $ | 310,562 | |||||
4,720 | Aflac, Inc. | 306,706 | ||||||
7,594 | American Express Co. | 621,189 | ||||||
13,446 | Bank of New York Mellon Corp. (The) | 427,583 | ||||||
14,765 | Berkshire Hathaway, Inc., Class B(b) | 1,699,156 | ||||||
6,891 | Capital One Financial Corp. | 473,205 | ||||||
7,891 | Charles Schwab Corp. (The) | 178,731 | ||||||
4,095 | Marsh & McLennan Cos., Inc. | 187,551 | ||||||
14,179 | MetLife, Inc. | 670,808 | ||||||
6,181 | PNC Financial Services Group, Inc. | 454,489 | ||||||
3,821 | State Street Corp. | 267,737 | ||||||
52,520 | Wells Fargo & Co. | 2,242,079 | ||||||
|
| |||||||
7,839,796 | ||||||||
|
| |||||||
Health Care—20.9% | ||||||||
21,349 | Abbott Laboratories | 780,306 | ||||||
7,957 | AbbVie, Inc. | 385,517 | ||||||
4,495 | Aetna, Inc. | 281,836 | ||||||
5,746 | AmerisourceBergen Corp. | 375,386 | ||||||
3,199 | Baxter International, Inc. | 210,718 | ||||||
15,342 | Bristol-Myers Squibb Co. | 805,762 | ||||||
2,385 | Cigna Corp. | 183,597 | ||||||
9,037 | Eli Lilly & Co. | 450,223 | ||||||
20,714 | Johnson & Johnson | 1,918,324 | ||||||
3,680 | McKesson Corp. | 575,331 | ||||||
7,814 | Medtronic, Inc. | 448,524 | ||||||
11,176 | UnitedHealth Group, Inc. | 762,874 | ||||||
|
| |||||||
7,178,398 | ||||||||
|
| |||||||
Industrials—9.5% | ||||||||
4,684 | 3M Co. | 589,481 | ||||||
8,584 | CSX Corp. | 223,699 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Fundamental Pure Large Core Portfolio (PXLC) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Industrials (continued) | ||||||||
2,822 | Deere & Co. | $ | 230,953 | |||||
6,046 | Emerson Electric Co. | 404,901 | ||||||
2,637 | FedEx Corp. | 345,447 | ||||||
5,055 | Honeywell International, Inc. | 438,420 | ||||||
3,779 | Illinois Tool Works, Inc. | 297,747 | ||||||
7,030 | United Technologies Corp. | 746,938 | ||||||
|
| |||||||
3,277,586 | ||||||||
|
| |||||||
Information Technology—9.3% | ||||||||
2,919 | Automatic Data Processing, Inc. | 218,837 | ||||||
50,423 | Intel Corp. | 1,231,834 | ||||||
5,918 | International Business Machines Corp. | 1,060,565 | ||||||
3,699 | TE Connectivity Ltd. (Switzerland) | 190,462 | ||||||
7,222 | Texas Instruments, Inc. | 303,902 | ||||||
21,149 | Xerox Corp. | 210,221 | ||||||
|
| |||||||
3,215,821 | ||||||||
|
| |||||||
Materials—2.6% | ||||||||
1,765 | Air Products & Chemicals, Inc. | 192,403 | ||||||
8,732 | E.I. du Pont de Nemours & Co. | 534,398 | ||||||
1,009 | PPG Industries, Inc. | 184,223 | ||||||
|
| |||||||
911,024 | ||||||||
|
| |||||||
Utilities—1.9% | ||||||||
5,994 | Duke Energy Corp. | 429,949 | ||||||
6,933 | PPL Corp. | 212,358 | ||||||
|
| |||||||
642,307 | ||||||||
|
| |||||||
Total Common Stocks (Cost $28,085,698) | 34,404,233 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
41,047 | Premier Portfolio—Institutional Class(c) (Cost $41,047) | 41,047 | ||||||
|
| |||||||
Total Investments (Cost $28,126,745)—100.1% | 34,445,280 | |||||||
Other assets less liabilities—(0.1)% | (34,088 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 34,411,192 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Portfolio Composition |
PowerShares Fundamental Pure Large Growth Portfolio (PXLG) |
Sector Breakdown (Unaudited) | ||||
Information Technology | 30.4 | |||
Consumer Staples | 18.0 | |||
Energy | 15.1 | |||
Health Care | 11.9 | |||
Consumer Discretionary | 8.7 | |||
Materials | 5.7 | |||
Industrials | 4.5 | |||
Financials | 4.5 | |||
Telecommunication Services | 1.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Fundamental Pure Large Growth Portfolio (PXLG)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—8.7% | ||||||||
2,704 | Amazon.com, Inc.(b) | $ | 984,337 | |||||
79,855 | Comcast Corp., Class A | 3,799,501 | ||||||
15,589 | NIKE, Inc., Class B | 1,181,023 | ||||||
15,303 | TJX Cos., Inc. (The) | 930,269 | ||||||
10,797 | Viacom, Inc., Class B | 899,282 | ||||||
9,225 | Yum! Brands, Inc. | 623,795 | ||||||
|
| |||||||
8,418,207 | ||||||||
|
| |||||||
Consumer Staples—18.0% | ||||||||
100,109 | Coca-Cola Co. (The) | 3,961,313 | ||||||
19,603 | Colgate-Palmolive Co. | 1,268,902 | ||||||
16,753 | Costco Wholesale Corp. | 1,976,854 | ||||||
49,772 | CVS Caremark Corp. | 3,098,805 | ||||||
44,873 | PepsiCo, Inc. | 3,773,371 | ||||||
37,244 | Philip Morris International, Inc. | 3,319,185 | ||||||
|
| |||||||
17,398,430 | ||||||||
|
| |||||||
Energy—15.1% | ||||||||
18,708 | Apache Corp. | 1,661,270 | ||||||
19,353 | Baker Hughes, Inc. | 1,124,216 | ||||||
5,490 | EOG Resources, Inc. | 979,416 | ||||||
26,718 | Halliburton Co. | 1,416,856 | ||||||
13,566 | National Oilwell Varco, Inc. | 1,101,288 | ||||||
31,919 | Occidental Petroleum Corp. | 3,066,777 | ||||||
35,306 | Phillips 66 | 2,274,766 | ||||||
31,035 | Schlumberger Ltd. | 2,908,600 | ||||||
|
| |||||||
14,533,189 | ||||||||
|
| |||||||
Financials—4.5% | ||||||||
71,042 | Annaly Capital Management, Inc. REIT | 837,585 | ||||||
3,475 | BlackRock, Inc. | 1,045,314 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
12,999 | CME Group, Inc. | $ | 964,656 | |||||
14,652 | Discover Financial Services | 760,146 | ||||||
4,447 | Simon Property Group, Inc. REIT | 687,284 | ||||||
|
| |||||||
4,294,985 | ||||||||
|
| |||||||
Health Care—11.9% | ||||||||
12,983 | Amgen, Inc. | 1,506,028 | ||||||
11,828 | Covidien PLC | 758,293 | ||||||
14,696 | Express Scripts Holding Co.(b) | 918,794 | ||||||
15,199 | Gilead Sciences, Inc.(b) | 1,078,977 | ||||||
11,536 | Humana, Inc. | 1,063,042 | ||||||
1,473 | Mallinckrodt PLC(b) | 61,881 | ||||||
109,824 | Merck & Co., Inc. | 4,951,964 | ||||||
11,295 | Thermo Fisher Scientific, Inc. | 1,104,425 | ||||||
|
| |||||||
11,443,404 | ||||||||
|
| |||||||
Industrials—4.5% | ||||||||
23,387 | Caterpillar, Inc. | 1,949,540 | ||||||
10,876 | Danaher Corp. | 784,051 | ||||||
10,915 | Union Pacific Corp. | 1,652,531 | ||||||
|
| |||||||
4,386,122 | ||||||||
|
| |||||||
Information Technology—30.4% | ||||||||
11,827 | Accenture PLC, Class A | 869,285 | ||||||
11,892 | Apple, Inc. | 6,211,786 | ||||||
116,949 | Cisco Systems, Inc. | 2,631,352 | ||||||
71,791 | Corning, Inc. | 1,226,908 | ||||||
17,195 | eBay, Inc.(b) | 906,348 | ||||||
51,452 | EMC Corp. | 1,238,450 | ||||||
3,232 | Google, Inc., Class A(b) | 3,330,835 | ||||||
222,759 | Microsoft Corp. | 7,874,531 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Fundamental Pure Large Growth Portfolio (PXLG) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
61,633 | Oracle Corp. | $ | 2,064,705 | |||||
26,568 | QUALCOMM, Inc. | 1,845,679 | ||||||
5,685 | Visa, Inc., Class A | 1,118,069 | ||||||
|
| |||||||
29,317,948 | ||||||||
|
| |||||||
Materials—5.7% | ||||||||
51,920 | Freeport-McMoRan Copper & Gold, Inc. | 1,908,579 | ||||||
15,353 | LyondellBasell Industries NV, Class A | 1,145,334 | ||||||
9,414 | Monsanto Co. | 987,340 | ||||||
21,475 | Newmont Mining Corp. | 585,409 | ||||||
7,245 | Praxair, Inc. | 903,524 | ||||||
|
| |||||||
5,530,186 | ||||||||
|
| |||||||
Telecommunication Services—1.2% | ||||||||
34,402 | CenturyLink, Inc. | 1,164,852 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $85,958,020) | 96,487,323 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
27,643 | Premier Portfolio—Institutional Class(c) (Cost $27,643) | 27,643 | ||||||
|
| |||||||
Total Investments (Cost $85,985,663)—100.0% | 96,514,966 | |||||||
Other assets less liabilities—(0.0)% | (24,699 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 96,490,267 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Portfolio Composition |
PowerShares Fundamental Pure Large Value Portfolio (PXLV) |
Sector Breakdown (Unaudited) | ||||
Financials | 26.5 | |||
Energy | 19.2 | |||
Industrials | 12.8 | |||
Telecommunication Services | 9.4 | |||
Utilities | 8.0 | |||
Health Care | 6.9 | |||
Consumer Staples | 6.3 | |||
Consumer Discretionary | 5.7 | |||
Information Technology | 2.8 | |||
Materials | 2.4 | |||
Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Fundamental Pure Large Value Portfolio (PXLV)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—5.7% | ||||||||
899 | CBS Corp., Class B | $ | 53,167 | |||||
273 | CST Brands, Inc. | 8,802 | ||||||
2,109 | Home Depot, Inc. (The) | 164,270 | ||||||
2,358 | Lowe’s Cos., Inc. | 117,381 | ||||||
1,021 | Macy’s, Inc. | 47,078 | ||||||
3,117 | Staples, Inc. | 50,246 | ||||||
1,677 | Target Corp. | 108,653 | ||||||
2,115 | Time Warner, Inc. | 145,385 | ||||||
|
| |||||||
694,982 | ||||||||
|
| |||||||
Consumer Staples—6.3% | ||||||||
4,953 | Altria Group, Inc. | 184,400 | ||||||
889 | ConAgra Foods, Inc. | 28,279 | ||||||
482 | Kellogg Co. | 30,487 | ||||||
695 | Kimberly-Clark Corp. | 75,060 | ||||||
1,186 | Kraft Foods Group, Inc. | 64,495 | ||||||
2,531 | Kroger Co. (The) | 108,428 | ||||||
5,386 | Mondelez International, Inc., Class A | 181,185 | ||||||
767 | Reynolds American, Inc. | 39,401 | ||||||
1,751 | Sysco Corp. | 56,627 | ||||||
|
| |||||||
768,362 | ||||||||
|
| |||||||
Energy—19.2% | ||||||||
5,169 | Chevron Corp. | 620,073 | ||||||
6,291 | ConocoPhillips | 461,130 | ||||||
1,050 | Devon Energy Corp. | 66,381 | ||||||
10,670 | Exxon Mobil Corp. | 956,245 | ||||||
2,902 | Marathon Oil Corp. | 102,325 | ||||||
2,415 | Valero Energy Corp. | 99,426 | ||||||
3,007 | Weatherford International Ltd.(b) | 49,435 | ||||||
|
| |||||||
2,355,015 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—26.5% | ||||||||
1,417 | Allstate Corp. (The) | $ | 75,186 | |||||
1,240 | American International Group, Inc. | 64,046 | ||||||
51,323 | Bank of America Corp. | 716,469 | ||||||
2,039 | BB&T Corp. | 69,265 | ||||||
642 | Chubb Corp. (The) | 59,115 | ||||||
10,247 | Citigroup, Inc. | 499,849 | ||||||
2,552 | Fifth Third Bancorp | 48,565 | ||||||
1,110 | Goldman Sachs Group, Inc. (The) | 178,555 | ||||||
2,687 | Hartford Financial Services Group, Inc. (The) | 90,552 | ||||||
10,893 | JPMorgan Chase & Co. | 561,425 | ||||||
3,035 | KeyCorp | 38,029 | ||||||
1,052 | Lincoln National Corp. | 47,771 | ||||||
912 | Loews Corp. | 44,059 | ||||||
4,373 | Morgan Stanley | 125,636 | ||||||
1,483 | Progressive Corp. (The) | 38,513 | ||||||
1,717 | Prudential Financial, Inc. | 139,747 | ||||||
5,197 | Regions Financial Corp. | 50,047 | ||||||
1,983 | SunTrust Banks, Inc. | 66,708 | ||||||
1,285 | Travelers Cos., Inc. (The) | 110,895 | ||||||
3,873 | U.S. Bancorp | 144,695 | ||||||
2,464 | Weyerhaeuser Co. REIT | 74,906 | ||||||
|
| |||||||
3,244,033 | ||||||||
|
| |||||||
Health Care—6.9% | ||||||||
4,729 | Boston Scientific Corp.(b) | 55,282 | ||||||
1,910 | Cardinal Health, Inc. | 112,040 | ||||||
1,326 | HCA Holdings, Inc. | 62,508 | ||||||
15,743 | Pfizer, Inc. | 482,995 | ||||||
1,525 | WellPoint, Inc. | 129,320 | ||||||
|
| |||||||
842,145 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares Fundamental Pure Large Value Portfolio (PXLV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials—12.8% | ||||||||
1,257 | Boeing Co. (The) | $ | 164,038 | |||||
1,007 | General Dynamics Corp. | 87,236 | ||||||
26,461 | General Electric Co. | 691,691 | ||||||
912 | Lockheed Martin Corp. | 121,606 | ||||||
648 | Norfolk Southern Corp. | 55,741 | ||||||
985 | Northrop Grumman Corp. | 105,897 | ||||||
668 | PACCAR, Inc. | 37,141 | ||||||
969 | Raytheon Co. | 79,817 | ||||||
1,645 | Tyco International Ltd. | 60,125 | ||||||
1,135 | United Parcel Service, Inc., Class B | 111,502 | ||||||
1,244 | Waste Management, Inc. | 54,164 | ||||||
|
| |||||||
1,568,958 | ||||||||
|
| |||||||
Information Technology—2.8% | ||||||||
2,471 | Applied Materials, Inc. | 44,107 | ||||||
10,083 | Hewlett-Packard Co. | 245,723 | ||||||
3,325 | Micron Technology, Inc.(b) | 58,786 | ||||||
|
| |||||||
348,616 | ||||||||
|
| |||||||
Materials—2.4% | ||||||||
6,288 | Alcoa, Inc. | 58,290 | ||||||
3,528 | Dow Chemical Co. (The) | 139,250 | ||||||
1,040 | International Paper Co. | 46,394 | ||||||
972 | Nucor Corp. | 50,321 | ||||||
|
| |||||||
294,255 | ||||||||
|
| |||||||
Telecommunication Services—9.4% | ||||||||
18,338 | AT&T, Inc. | 663,836 | ||||||
3,046 | Sprint Corp. (Japan)(b) | 20,499 | ||||||
9,216 | Verizon Communications, Inc. | 465,500 | ||||||
|
| |||||||
1,149,835 | ||||||||
|
| |||||||
Utilities—8.0% | ||||||||
3,204 | AES Corp. (The) | 45,144 | ||||||
1,069 | Ameren Corp. | 38,676 | ||||||
1,427 | American Electric Power Co., Inc. | 66,841 | ||||||
910 | Consolidated Edison, Inc. | 52,980 | ||||||
1,298 | Dominion Resources, Inc. | 82,748 | ||||||
516 | DTE Energy Co. | 35,676 | ||||||
950 | Edison International | 46,579 | ||||||
796 | Entergy Corp. | 51,517 | ||||||
3,173 | Exelon Corp. | 90,557 | ||||||
1,573 | FirstEnergy Corp. | 59,570 | ||||||
956 | NextEra Energy, Inc. | 81,021 | ||||||
1,284 | NRG Energy, Inc. | 36,633 | ||||||
1,391 | PG&E Corp. | 58,213 | ||||||
1,728 | Public Service Enterprise Group, Inc. | 57,888 | ||||||
467 | Sempra Energy | 42,562 | ||||||
2,137 | Southern Co. (The) | 87,425 | ||||||
1,402 | Xcel Energy, Inc. | 40,462 | ||||||
|
| |||||||
974,492 | ||||||||
|
| |||||||
Total Investments (Cost $10,786,459)—100.0% | 12,240,693 | |||||||
Other assets less liabilities—(0.0)% | (12 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 12,240,681 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Portfolio Composition |
PowerShares Fundamental Pure Mid Core Portfolio (PXMC) |
Sector Breakdown (Unaudited) | ||||
Financials | 19.0 | |||
Consumer Discretionary | 18.6 | |||
Industrials | 17.5 | |||
Information Technology | 12.7 | |||
Health Care | 10.7 | |||
Energy | 7.1 | |||
Consumer Staples | 4.5 | |||
Materials | 4.2 | |||
Utilities | 4.1 | |||
Telecommunication Services | 1.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Fundamental Pure Mid Core Portfolio (PXMC)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—18.6% | ||||||||
1,343 | Advance Auto Parts, Inc. | $ | 133,199 | |||||
457 | AutoZone, Inc.(b) | 198,653 | ||||||
4,209 | Bed Bath & Beyond, Inc.(b) | 325,440 | ||||||
1,608 | BorgWarner, Inc. | 165,833 | ||||||
11,384 | Cablevision Systems Corp., Class A | 177,021 | ||||||
4,440 | CarMax, Inc.(b) | 208,636 | ||||||
7,532 | Dana Holding Corp. | 147,627 | ||||||
4,153 | Darden Restaurants, Inc. | 214,004 | ||||||
5,379 | DISH Network Corp., Class A | 259,268 | ||||||
2,901 | Dollar Tree, Inc.(b) | 169,418 | ||||||
1,473 | Expedia, Inc. | 86,730 | ||||||
2,058 | Family Dollar Stores, Inc. | 141,755 | ||||||
3,373 | Garmin Ltd. | 157,688 | ||||||
16,558 | Goodyear Tire & Rubber Co. (The) | 347,387 | ||||||
10,368 | Interpublic Group of Cos., Inc. (The) | 174,182 | ||||||
7,598 | Kohl’s Corp. | 431,566 | ||||||
6,010 | Mattel, Inc. | 266,664 | ||||||
3,337 | Nordstrom, Inc. | 201,788 | ||||||
1,772 | PetSmart, Inc. | 128,931 | ||||||
1,831 | Rent-A-Center, Inc. | 62,694 | ||||||
1,746 | Tiffany & Co. | 138,231 | ||||||
1,452 | VF Corp. | 312,180 | ||||||
1,770 | Visteon Corp.(b) | 136,449 | ||||||
2,162 | Wyndham Worldwide Corp. | 143,557 | ||||||
|
| |||||||
4,728,901 | ||||||||
|
| |||||||
Consumer Staples—4.5% | ||||||||
1,552 | Brown-Forman Corp., Class B | 113,265 | ||||||
2,414 | Clorox Co. (The) | 217,719 | ||||||
4,178 | Dr Pepper Snapple Group, Inc. | 197,828 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
1,484 | Energizer Holdings, Inc. | $ | 145,595 | |||||
2,447 | Hershey Co. (The) | 242,840 | ||||||
2,317 | Hormel Foods Corp. | 100,697 | ||||||
1,777 | McCormick & Co., Inc., | 122,880 | ||||||
|
| |||||||
1,140,824 | ||||||||
|
| |||||||
Energy—7.1% | ||||||||
25,382 | Alpha Natural Resources, Inc.(b) | 177,674 | ||||||
1,557 | Cimarex Energy Co. | 164,030 | ||||||
5,716 | CONSOL Energy, Inc. | 208,634 | ||||||
3,562 | Diamond Offshore Drilling, Inc. | 220,595 | ||||||
6,718 | Kinder Morgan, Inc. | 237,213 | ||||||
2,538 | Linn Co LLC | 74,846 | ||||||
7,632 | Noble Corp. | 287,726 | ||||||
1,289 | Oil States International, Inc.(b) | 140,024 | ||||||
11,161 | Peabody Energy Corp. | 217,416 | ||||||
3,188 | Superior Energy Services, Inc.(b) | 85,534 | ||||||
|
| |||||||
1,813,692 | ||||||||
|
| |||||||
Financials—19.0% | ||||||||
4,855 | Ameriprise Financial, Inc. | 488,122 | ||||||
2,583 | Arthur J. Gallagher & Co. | 122,563 | ||||||
2,726 | Boston Properties, Inc. REIT | 282,141 | ||||||
1,350 | Camden Property Trust REIT | 86,670 | ||||||
4,593 | CBRE Group, Inc., Class A(b) | 106,695 | ||||||
4,928 | CIT Group, Inc.(b) | 237,332 | ||||||
5,499 | Equity Residential REIT | 287,928 | ||||||
867 | Federal Realty Investment Trust REIT | 89,821 | ||||||
14,591 | First Niagara Financial Group, Inc. | 160,939 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares Fundamental Pure Mid Core Portfolio (PXMC) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,098 | First Republic Bank | $ | 107,145 | |||||
5,665 | Franklin Resources, Inc. | 305,117 | ||||||
7,699 | General Growth Properties, Inc. REIT | 163,450 | ||||||
9,406 | Invesco Ltd.(c) | 317,452 | ||||||
755 | Jones Lang LaSalle, Inc. | 71,876 | ||||||
8,020 | Kimco Realty Corp. REIT | 172,270 | ||||||
2,081 | Macerich Co. (The) REIT | 123,216 | ||||||
2,101 | Moody’s Corp. | 148,457 | ||||||
2,976 | MSCI, Inc.(b) | 121,331 | ||||||
3,899 | NASDAQ OMX Group, Inc. (The) | 138,142 | ||||||
7,979 | NYSE Euronext | 351,236 | ||||||
13,221 | People’s United Financial, Inc. | 190,779 | ||||||
2,080 | Raymond James Financial, Inc. | 94,952 | ||||||
1,962 | Rayonier, Inc. REIT | 92,253 | ||||||
1,687 | Regency Centers Corp. REIT | 87,150 | ||||||
2,005 | Reinsurance Group of America, Inc. | 142,716 | ||||||
3,834 | Vornado Realty Trust REIT | 341,456 | ||||||
|
| |||||||
4,831,209 | ||||||||
|
| |||||||
Health Care—10.7% | ||||||||
4,676 | Agilent Technologies, Inc. | 237,354 | ||||||
3,970 | Becton, Dickinson and Co. | 417,366 | ||||||
1,066 | C.R. Bard, Inc. | 145,211 | ||||||
3,251 | DaVita HealthCare Partners, Inc.(b) | 182,739 | ||||||
1,870 | DENTSPLY International, Inc. | 88,077 | ||||||
5,547 | Forest Laboratories, Inc.(b) | 260,875 | ||||||
1,733 | Henry Schein, Inc.(b) | 194,841 | ||||||
5,116 | Hospira, Inc.(b) | 207,300 | ||||||
2,020 | Laboratory Corp. of America Holdings(b) | 203,818 | ||||||
2,008 | Owens & Minor, Inc. | 75,139 | ||||||
4,267 | Tenet Healthcare Corp.(b) | 201,360 | ||||||
1,898 | Universal Health Services, Inc., Class B | 152,903 | ||||||
1,849 | WellCare Health Plans, Inc.(b) | 123,291 | ||||||
2,640 | Zimmer Holdings, Inc. | 230,921 | ||||||
|
| |||||||
2,721,195 | ||||||||
|
| |||||||
Industrials—17.5% | ||||||||
4,391 | ADT Corp. (The)(b) | 190,438 | ||||||
2,785 | AECOM Technology Corp.(b) | 88,507 | ||||||
3,366 | AGCO Corp. | 196,507 | ||||||
1,067 | Alliant Techsystems, Inc. | 116,164 | ||||||
3,270 | C.H. Robinson Worldwide, Inc. | 195,350 | ||||||
1,086 | Carlisle Cos., Inc. | 78,931 | ||||||
3,617 | Dover Corp. | 332,004 | ||||||
1,215 | EMCOR Group, Inc. | 45,028 | ||||||
4,523 | Fluor Corp. | 335,697 | ||||||
2,782 | Fortune Brands Home & Security, Inc. | 119,849 | ||||||
959 | Hubbell, Inc., Class B | 103,131 | ||||||
6,265 | Ingersoll-Rand PLC | 423,075 | ||||||
2,702 | Iron Mountain, Inc. | 71,711 | ||||||
3,401 | Jacobs Engineering Group, Inc.(b) | 206,849 | ||||||
5,308 | KBR, Inc. | 183,338 | ||||||
3,359 | Nielsen Holdings NV | 132,479 | ||||||
3,316 | Oshkosh Corp.(b) | 157,808 | ||||||
3,190 | Parker Hannifin Corp. | 372,337 | ||||||
2,056 | Rockwell Automation, Inc. | 227,003 | ||||||
2,745 | Rockwell Collins, Inc. | 191,683 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,102 | Snap-On, Inc. | $ | 114,685 | |||||
5,505 | Spirit Aerosystems Holdings, Inc., Class A(b) | 146,929 | ||||||
2,001 | Timken Co. (The) | 105,673 | ||||||
2,302 | URS Corp. | 124,814 | ||||||
749 | W.W. Grainger, Inc. | 201,459 | ||||||
|
| |||||||
4,461,449 | ||||||||
|
| |||||||
Information Technology—12.7% | ||||||||
5,360 | Adobe Systems, Inc.(b) | 290,512 | ||||||
488 | Alliance Data Systems Corp.(b) | 115,685 | ||||||
4,628 | Analog Devices, Inc. | 228,160 | ||||||
2,196 | Autodesk, Inc.(b) | 87,642 | ||||||
6,811 | CA, Inc. | 216,317 | ||||||
4,849 | Electronic Arts, Inc.(b) | 127,286 | ||||||
4,704 | Fidelity National Information Services, Inc. | 229,320 | ||||||
2,289 | Fiserv, Inc.(b) | 239,727 | ||||||
3,623 | Harris Corp. | 224,481 | ||||||
10,606 | Juniper Networks, Inc.(b) | 197,696 | ||||||
3,214 | Linear Technology Corp. | 132,224 | ||||||
5,374 | Maxim Integrated Products, Inc. | 159,608 | ||||||
11,620 | NVIDIA Corp. | 176,392 | ||||||
6,945 | Paychex, Inc. | 293,496 | ||||||
4,627 | SanDisk Corp. | 321,577 | ||||||
4,002 | Xilinx, Inc. | 181,771 | ||||||
|
| |||||||
3,221,894 | ||||||||
|
| |||||||
Materials—4.2% | ||||||||
1,360 | Albemarle Corp. | 90,019 | ||||||
3,325 | Ball Corp. | 162,559 | ||||||
2,663 | Celanese Corp., Series A | 149,155 | ||||||
1,240 | International Flavors & Fragrances, Inc. | 102,486 | ||||||
2,101 | Reliance Steel & Aluminum Co. | 153,982 | ||||||
1,015 | Sherwin-Williams Co. (The) | 190,820 | ||||||
4,138 | Southern Copper Corp. (Mexico) | 115,657 | ||||||
1,354 | Valspar Corp. (The) | 94,739 | ||||||
|
| |||||||
1,059,417 | ||||||||
|
| |||||||
Telecommunication Services—1.5% | ||||||||
44,720 | Frontier Communications Corp. | 197,215 | ||||||
6,696 | T-Mobile US, Inc. (Germany)(b) | 185,680 | ||||||
|
| |||||||
382,895 | ||||||||
|
| |||||||
Utilities—4.1% | ||||||||
3,777 | American Water Works Co., Inc. | 161,920 | ||||||
12,147 | Calpine Corp.(b) | 245,005 | ||||||
7,707 | CMS Energy Corp. | 211,634 | ||||||
5,401 | Northeast Utilities | 231,649 | ||||||
4,962 | Wisconsin Energy Corp. | 208,950 | ||||||
|
| |||||||
1,059,158 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $21,293,110) | 25,420,634 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares Fundamental Pure Mid Core Portfolio (PXMC) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.3% | ||||||||
73,894 | Premier Portfolio—Institutional Class(d) (Cost $73,894) | $ | 73,894 | |||||
|
| |||||||
Total Investments (Cost $21,367,004)—100.2% | 25,494,528 | |||||||
Other assets less liabilities—(0.2)% | (53,693 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 25,440,835 | ||||||
|
|
Investment | Abbreviations: |
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | Affiliated company. The Fund’s Advisor is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. See Note 4. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Portfolio Composition |
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) |
Sector Breakdown (Unaudited) | ||||
Financials | 17.9 | |||
Industrials | 16.8 | |||
Information Technology | 14.9 | |||
Energy | 13.2 | |||
Consumer Discretionary | 12.2 | |||
Health Care | 10.3 | |||
Materials | 8.7 | |||
Consumer Staples | 5.1 | |||
Telecommunication Services | 0.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—12.2% | ||||||||
15,234 | Coach, Inc. | $ | 772,059 | |||||
10,936 | Discovery Communications, Inc., Class A(b) | 972,429 | ||||||
24,153 | Dollar General Corp.(b) | 1,395,560 | ||||||
13,294 | Jarden Corp.(b) | 735,956 | ||||||
14,605 | Las Vegas Sands Corp. | 1,025,563 | ||||||
12,496 | Lear Corp. | 967,065 | ||||||
7,445 | O’Reilly Automotive, Inc.(b) | 921,766 | ||||||
3,863 | PVH Corp. | 481,214 | ||||||
3,209 | Ralph Lauren Corp. | 531,539 | ||||||
14,398 | Ross Stores, Inc. | 1,113,685 | ||||||
10,286 | Wynn Resorts Ltd. | 1,710,048 | ||||||
|
| |||||||
10,626,884 | ||||||||
|
| |||||||
Consumer Staples—5.1% | ||||||||
7,891 | Church & Dwight Co., Inc. | 514,099 | ||||||
9,776 | Estee Lauder Cos., Inc. (The), Class A | 693,705 | ||||||
6,250 | Ingredion, Inc. | 411,000 | ||||||
7,850 | J.M. Smucker Co. (The) | 872,998 | ||||||
8,263 | Mead Johnson Nutrition Co. | 674,757 | ||||||
20,399 | Whole Foods Market, Inc. | 1,287,789 | ||||||
|
| |||||||
4,454,348 | ||||||||
|
| |||||||
Energy—13.2% | ||||||||
18,150 | Cameron International Corp.(b) | 995,709 | ||||||
5,259 | Concho Resources, Inc.(b) | 581,698 | ||||||
44,824 | Denbury Resources, Inc.(b) | 851,208 | ||||||
11,278 | EQT Corp. | 965,509 | ||||||
12,151 | FMC Technologies, Inc.(b) | 614,233 | ||||||
8,832 | Helmerich & Payne, Inc. | 684,922 | ||||||
18,129 | HollyFrontier Corp. | 835,022 | ||||||
23,836 | Noble Energy, Inc. | 1,786,031 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
6,152 | Pioneer Natural Resources Co. | $ | 1,259,806 | |||||
22,020 | QEP Resources, Inc. | 727,981 | ||||||
5,166 | Range Resources Corp. | 391,118 | ||||||
24,632 | Southwestern Energy Co.(b) | 916,803 | ||||||
11,864 | Whiting Petroleum Corp.(b) | 793,583 | ||||||
4,724 | World Fuel Services Corp. | 180,221 | ||||||
|
| |||||||
11,583,844 | ||||||||
|
| |||||||
Financials—17.9% | ||||||||
2,649 | Affiliated Managers Group, Inc.(b) | 523,019 | ||||||
6,716 | Alexandria Real Estate Equities, Inc. REIT | 441,778 | ||||||
25,005 | American Capital Agency Corp. REIT | 543,109 | ||||||
7,828 | AvalonBay Communities, Inc. REIT | 978,891 | ||||||
14,294 | BioMed Realty Trust, Inc. REIT | 284,736 | ||||||
179,554 | Chimera Investment Corp. REIT | 544,049 | ||||||
7,830 | Digital Realty Trust, Inc. REIT | 373,178 | ||||||
2,616 | Essex Property Trust, Inc. REIT | 421,176 | ||||||
32,330 | HCP, Inc. REIT | 1,341,695 | ||||||
15,632 | Health Care REIT, Inc. | 1,013,735 | ||||||
3,352 | IntercontinentalExchange, Inc.(b) | 646,031 | ||||||
19,661 | Leucadia National Corp. | 557,193 | ||||||
47,106 | MFA Financial, Inc. REIT | 349,055 | ||||||
40,789 | Prologis, Inc. REIT | 1,629,521 | ||||||
8,266 | Public Storage REIT | 1,380,174 | ||||||
8,898 | Realty Income Corp. REIT | 370,602 | ||||||
16,711 | Senior Housing Properties Trust REIT | 411,759 | ||||||
8,452 | SL Green Realty Corp. REIT | 799,306 | ||||||
15,056 | T. Rowe Price Group, Inc. | 1,165,485 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
24,766 | UDR, Inc. REIT | $ | 614,444 | |||||
19,460 | Ventas, Inc. REIT | 1,269,570 | ||||||
|
| |||||||
15,658,506 | ||||||||
|
| |||||||
Health Care—10.3% | ||||||||
8,873 | Actavis PLC(b) | 1,371,588 | ||||||
9,563 | Cerner Corp.(b) | 535,815 | ||||||
16,299 | Endo Health Solutions, Inc.(b) | 712,755 | ||||||
25,605 | Hologic, Inc.(b) | 573,296 | ||||||
969 | Intuitive Surgical, Inc.(b) | 359,984 | ||||||
14,804 | Life Technologies Corp.(b) | 1,114,889 | ||||||
25,412 | Mylan, Inc.(b) | 962,353 | ||||||
24,426 | St. Jude Medical, Inc. | 1,401,808 | ||||||
21,255 | Stryker Corp. | 1,569,894 | ||||||
6,152 | Varian Medical Systems, Inc.(b) | 446,512 | ||||||
|
| |||||||
9,048,894 | ||||||||
|
| |||||||
Industrials—16.8% | ||||||||
10,880 | AMETEK, Inc. | 520,391 | ||||||
7,996 | B/E Aerospace, Inc.(b) | 648,955 | ||||||
14,833 | Cummins, Inc. | 1,884,088 | ||||||
7,437 | Equifax, Inc. | 480,951 | ||||||
17,762 | Expeditors International of Washington, Inc. | 804,441 | ||||||
10,901 | Fastenal Co. | 542,870 | ||||||
11,883 | Flowserve Corp. | 825,512 | ||||||
10,371 | Joy Global, Inc. | 588,554 | ||||||
5,661 | Kansas City Southern | 687,925 | ||||||
7,137 | Pall Corp. | 574,671 | ||||||
7,469 | Precision Castparts Corp. | 1,893,018 | ||||||
23,149 | Quanta Services, Inc.(b) | 699,331 | ||||||
26,590 | Republic Services, Inc. | 889,967 | ||||||
4,511 | Roper Industries, Inc. | 572,040 | ||||||
17,469 | Stanley Black & Decker, Inc. | 1,381,623 | ||||||
3,312 | TransDigm Group, Inc. | 481,598 | ||||||
21,512 | United Continental Holdings, Inc.(b) | 730,332 | ||||||
13,737 | Xylem, Inc. | 473,927 | ||||||
|
| |||||||
14,680,194 | ||||||||
|
| |||||||
Information Technology—14.9% | ||||||||
36,553 | Activision Blizzard, Inc. | 608,242 | ||||||
16,342 | Altera Corp. | 549,091 | ||||||
7,283 | Amphenol Corp., Class A | 584,752 | ||||||
28,793 | Broadcom Corp., Class A | 769,349 | ||||||
73,563 | Brocade Communications Systems, Inc.(b) | 589,975 | ||||||
6,960 | Citrix Systems, Inc.(b) | 395,189 | ||||||
11,234 | Cognizant Technology Solutions Corp., Class A(b) | 976,572 | ||||||
18,263 | First Solar, Inc.(b) | 918,081 | ||||||
11,600 | Intuit, Inc. | 828,356 | ||||||
12,983 | KLA-Tencor Corp. | 851,685 | ||||||
13,605 | Lam Research Corp.(b) | 737,799 | ||||||
27,130 | NetApp, Inc. | 1,052,915 | ||||||
53,300 | ON Semiconductor Corp.(b) | 376,298 | ||||||
11,278 | Synopsys, Inc.(b) | 411,083 | ||||||
7,354 | Teradata Corp.(b) | 324,091 | ||||||
28,477 | Western Digital Corp. | 1,982,853 | ||||||
62,030 | Western Union Co. (The) | 1,055,751 | ||||||
|
| |||||||
13,012,082 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials—8.7% | ||||||||
5,784 | Airgas, Inc. | $ | 630,861 | |||||
4,720 | CF Industries Holdings, Inc. | 1,017,632 | ||||||
42,949 | Cliffs Natural Resources, Inc. | 1,102,930 | ||||||
14,853 | Ecolab, Inc. | 1,574,418 | ||||||
7,792 | FMC Corp. | 566,946 | ||||||
27,384 | Mosaic Co. (The) | 1,255,556 | ||||||
6,348 | Rock-Tenn Co., Class A | 679,300 | ||||||
7,053 | Sigma-Aldrich Corp. | 609,591 | ||||||
12,892 | Walter Energy, Inc. | 204,854 | ||||||
|
| |||||||
7,642,088 | ||||||||
|
| |||||||
Telecommunication Services—0.8% | ||||||||
8,810 | Crown Castle International Corp.(b) | 669,736 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $72,751,952) | 87,376,576 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
145,237 | Premier Portfolio—Institutional Class(c) (Cost $145,237) | 145,237 | ||||||
|
| |||||||
Total Investments (Cost $72,897,189)—100.1% | 87,521,813 | |||||||
Other assets less liabilities—(0.1)% | (91,248 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 87,430,565 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Portfolio Composition |
PowerShares Fundamental Pure Mid Value Portfolio (PXMV) |
Sector Breakdown (Unaudited) | ||||
Financials | 22.0 | |||
Consumer Discretionary | 20.7 | |||
Industrials | 12.3 | |||
Information Technology | 11.0 | |||
Utilities | 9.5 | |||
Materials | 8.1 | |||
Consumer Staples | 6.9 | |||
Energy | 4.4 | |||
Health Care | 3.7 | |||
Telecommunication Services | 1.4 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Fundamental Pure Mid Value Portfolio (PXMV)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—20.7% | ||||||||
2,006 | Abercrombie & Fitch Co., Class A | $ | 75,185 | |||||
4,124 | American Eagle Outfitters, Inc. | 63,881 | ||||||
6,551 | Apollo Group, Inc., Class A(b) | 174,846 | ||||||
2,417 | Autoliv, Inc. | 215,669 | ||||||
3,143 | AutoNation, Inc.(b) | 151,587 | ||||||
2,347 | Big Lots, Inc.(b) | 85,337 | ||||||
7,452 | Carnival Corp. | 258,212 | ||||||
905 | Charter Communications, Inc., Class A(b) | 121,487 | ||||||
4,477 | D.R. Horton, Inc. | 84,839 | ||||||
1,578 | Domino’s Pizza, Inc. | 105,821 | ||||||
3,167 | Foot Locker, Inc. | 109,895 | ||||||
7,485 | GameStop Corp., Class A | 410,328 | ||||||
9,196 | Gannett Co., Inc. | 254,453 | ||||||
5,607 | Gap, Inc. (The) | 207,403 | ||||||
3,307 | Genuine Parts Co. | 260,691 | ||||||
5,548 | H&R Block, Inc. | 157,785 | ||||||
2,176 | Hanesbrands, Inc. | 148,229 | ||||||
3,350 | Harley-Davidson, Inc. | 214,534 | ||||||
2,678 | Hasbro, Inc. | 138,319 | ||||||
6,696 | International Game Technology | 125,885 | ||||||
13,497 | J.C. Penney Co., Inc.(b) | 101,228 | ||||||
6,640 | L Brands, Inc. | 415,730 | ||||||
3,602 | Leggett & Platt, Inc. | 107,124 | ||||||
1,882 | Lennar Corp., Class A | 66,905 | ||||||
12,814 | Liberty Interactive Corp., Class A(b) | 345,465 | ||||||
3,231 | Marriott International, Inc., Class A | 145,653 | ||||||
14,082 | MGM Resorts International(b) | 268,121 | ||||||
1,147 | Mohawk Industries, Inc.(b) | 151,886 | ||||||
6,441 | Newell Rubbermaid, Inc. | 190,847 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
72 | NVR, Inc.(b) | $ | 66,047 | |||||
33,058 | Office Depot, Inc.(b) | 184,794 | ||||||
6,731 | OfficeMax, Inc. | 100,830 | ||||||
5,441 | Omnicom Group, Inc. | 370,587 | ||||||
1,408 | Penn National Gaming, Inc.(b) | 82,382 | ||||||
3,230 | PulteGroup, Inc.(b) | 57,010 | ||||||
4,259 | Royal Caribbean Cruises Ltd. | 179,048 | ||||||
4,956 | Sears Holdings Corp.(b) | 287,844 | ||||||
4,366 | Service Corp. International | 78,632 | ||||||
2,611 | Starwood Hotels & Resorts Worldwide, Inc. | 192,222 | ||||||
2,389 | Tenneco, Inc.(b) | 126,784 | ||||||
2,025 | Toll Brothers, Inc.(b) | 66,582 | ||||||
4,651 | TRW Automotive Holdings Corp.(b) | 349,337 | ||||||
164 | Washington Post Co. (The), Class B | 105,504 | ||||||
2,632 | Whirlpool Corp. | 384,298 | ||||||
|
| |||||||
7,789,246 | ||||||||
|
| |||||||
Consumer Staples—6.9% | ||||||||
14,186 | Avon Products, Inc. | 248,255 | ||||||
2,751 | Beam, Inc. | 185,142 | ||||||
3,903 | Campbell Soup Co. | 166,151 | ||||||
6,531 | Coca-Cola Enterprises, Inc. | 272,538 | ||||||
2,299 | Constellation Brands, Inc., Class A(b) | 150,125 | ||||||
7,400 | Dean Foods Co.(b) | 144,300 | ||||||
7,497 | Hillshire Brands Co. | 246,126 | ||||||
3,731 | Molson Coors Brewing Co., Class B | 201,474 | ||||||
86,475 | Rite Aid Corp.(b) | 460,912 | ||||||
12,040 | Tyson Foods, Inc., Class A | 333,147 | ||||||
9,173 | WhiteWave Foods Co., Class A(b) | 183,552 | ||||||
|
| |||||||
2,591,722 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares Fundamental Pure Mid Value Portfolio (PXMV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—4.4% | ||||||||
21,918 | Arch Coal, Inc. | $ | 92,932 | |||||
1,870 | Energen Corp. | 146,459 | ||||||
2,542 | Exterran Holdings, Inc.(b) | 72,574 | ||||||
3,023 | Helix Energy Solutions Group, Inc.(b) | 71,524 | ||||||
9,316 | McDermott International, Inc.(b) | 65,864 | ||||||
6,562 | Newfield Exploration Co.(b) | 199,813 | ||||||
3,847 | Patterson-UTI Energy, Inc. | 93,328 | ||||||
2,915 | Rowan Cos. PLC, Class A(b) | 105,173 | ||||||
989 | SEACOR Holdings, Inc. | 96,724 | ||||||
4,809 | Tesoro Corp. | 235,112 | ||||||
1,595 | Tidewater, Inc. | 96,051 | ||||||
1,377 | Unit Corp.(b) | 70,792 | ||||||
14,309 | WPX Energy, Inc.(b) | 316,801 | ||||||
|
| |||||||
1,663,147 | ||||||||
|
| |||||||
Financials—22.0% | ||||||||
5,189 | American Capital Ltd.(b) | 72,698 | ||||||
2,718 | American Financial Group, Inc. | 152,915 | ||||||
101 | American National Insurance Co. | 10,208 | ||||||
3,451 | Apartment Investment & Management Co., Class A REIT | 96,559 | ||||||
6,045 | Associated Banc-Corp. | 98,292 | ||||||
4,491 | Assurant, Inc. | 262,634 | ||||||
5,041 | Brandywine Realty Trust REIT | 71,733 | ||||||
9,292 | CapitalSource, Inc. | 121,539 | ||||||
3,098 | CBL & Associates Properties, Inc. REIT | 61,371 | ||||||
4,243 | Cincinnati Financial Corp. | 212,150 | ||||||
9,022 | CNO Financial Group, Inc. | 140,563 | ||||||
6,233 | Comerica, Inc. | 269,889 | ||||||
1,846 | Commerce Bancshares, Inc. | 84,934 | ||||||
2,952 | CommonWealth REIT | 71,940 | ||||||
1,276 | Cullen/Frost Bankers, Inc. | 90,328 | ||||||
4,334 | DDR Corp. REIT | 73,461 | ||||||
7,028 | Duke Realty Corp. REIT | 116,454 | ||||||
11,054 | E*TRADE Financial Corp.(b) | 186,923 | ||||||
3,334 | Federated Investors, Inc., Class B | 90,418 | ||||||
6,148 | Fidelity National Financial, Inc., Class A | 173,066 | ||||||
2,904 | First American Financial Corp. | 75,097 | ||||||
7,659 | First Horizon National Corp. | 81,568 | ||||||
5,670 | Fulton Financial Corp. | 69,231 | ||||||
1,630 | Hanover Insurance Group, Inc. (The) | 95,420 | ||||||
2,497 | HCC Insurance Holdings, Inc. | 113,988 | ||||||
4,597 | Hospitality Properties Trust REIT | 135,060 | ||||||
13,009 | Host Hotels & Resorts, Inc. REIT | 241,317 | ||||||
20,120 | Hudson City Bancorp, Inc. | 180,678 | ||||||
25,696 | Huntington Bancshares, Inc. | 226,125 | ||||||
726 | Kemper Corp. | 26,877 | ||||||
4,847 | Legg Mason, Inc. | 186,464 | ||||||
2,932 | Liberty Property Trust REIT | 109,041 | ||||||
2,756 | M&T Bank Corp. | 310,133 | ||||||
2,968 | Mack-Cali Realty Corp. REIT | 61,022 | ||||||
183 | Markel Corp.(b) | 96,930 | ||||||
5,127 | McGraw Hill Financial, Inc. | 357,249 | ||||||
16,574 | New York Community Bancorp, Inc. | 268,665 | ||||||
4,960 | Northern Trust Corp. | 279,843 | ||||||
10,308 | Old Republic International Corp. | 173,071 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
5,274 | PHH Corp.(b) | $ | 126,840 | |||||
5,290 | Piedmont Office Realty Trust, Inc., Class A REIT | 97,759 | ||||||
2,876 | Plum Creek Timber Co., Inc. REIT | 130,570 | ||||||
9,475 | Principal Financial Group, Inc. | 449,683 | ||||||
3,106 | Protective Life Corp. | 143,124 | ||||||
10,308 | SLM Corp. | 261,514 | ||||||
1,322 | StanCorp Financial Group, Inc. | 77,866 | ||||||
31,711 | Synovus Financial Corp. | 103,061 | ||||||
5,160 | TCF Financial Corp. | 78,329 | ||||||
2,528 | Torchmark Corp. | 184,190 | ||||||
10,620 | Unum Group | 337,079 | ||||||
6,459 | Valley National Bancorp | 62,975 | ||||||
2,781 | W.R. Berkley Corp. | 122,114 | ||||||
2,368 | Weingarten Realty Investors REIT | 75,137 | ||||||
42 | White Mountains Insurance Group Ltd. | 24,531 | ||||||
9,216 | XL Group PLC | 281,733 | ||||||
6,150 | Zions Bancorp. | 174,476 | ||||||
|
| |||||||
8,276,835 | ||||||||
|
| |||||||
Health Care—3.7% | ||||||||
5,020 | CareFusion Corp.(b) | 194,625 | ||||||
5,296 | Community Health Systems, Inc. | 231,064 | ||||||
20,483 | Health Management Associates, Inc., Class A(b) | 262,592 | ||||||
4,839 | Health Net, Inc.(b) | 147,106 | ||||||
1,912 | LifePoint Hospitals, Inc.(b) | 98,736 | ||||||
3,349 | Omnicare, Inc. | 184,697 | ||||||
3,472 | Quest Diagnostics, Inc. | 208,008 | ||||||
891 | Teleflex, Inc. | 82,132 | ||||||
|
| |||||||
1,408,960 | ||||||||
|
| |||||||
Industrials—12.3% | ||||||||
1,559 | Alaska Air Group, Inc. | 110,159 | ||||||
6,881 | Avis Budget Group, Inc.(b) | 215,582 | ||||||
2,084 | Cintas Corp. | 112,057 | ||||||
1,928 | Con-way, Inc. | 79,434 | ||||||
6,891 | Delta Air Lines, Inc. | 181,785 | ||||||
5,153 | Exelis, Inc. | 84,973 | ||||||
1,252 | GATX Corp. | 64,541 | ||||||
2,463 | General Cable Corp. | 81,107 | ||||||
3,099 | Harsco Corp. | 86,400 | ||||||
10,661 | Hertz Global Holdings, Inc.(b) | 244,776 | ||||||
1,790 | Huntington Ingalls Industries, Inc. | 128,074 | ||||||
4,968 | ITT Corp. | 197,379 | ||||||
12,045 | JetBlue Airways Corp.(b) | 85,399 | ||||||
3,890 | L-3 Communications Holdings, Inc. | 390,750 | ||||||
4,075 | Manpowergroup, Inc. | 318,257 | ||||||
8,653 | Masco Corp. | 182,838 | ||||||
4,142 | Navistar International Corp.(b) | 149,775 | ||||||
3,561 | Owens Corning(b) | 127,947 | ||||||
14,441 | Pitney Bowes, Inc. | 308,171 | ||||||
16,009 | R.R. Donnelley & Sons Co. | 297,287 | ||||||
2,021 | Robert Half International, Inc. | 77,869 | ||||||
2,319 | Ryder System, Inc. | 152,660 | ||||||
1,304 | SPX Corp. | 118,286 | ||||||
3,395 | Terex Corp.(b) | 118,655 | ||||||
7,712 | Textron, Inc. | 222,028 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares Fundamental Pure Mid Value Portfolio (PXMV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,798 | Trinity Industries, Inc. | $ | 91,033 | |||||
1,558 | United Rentals, Inc.(b) | 100,631 | ||||||
9,724 | US Airways Group, Inc.(b) | 213,636 | ||||||
1,172 | WESCO International, Inc.(b) | 100,159 | ||||||
|
| |||||||
4,641,648 | ||||||||
|
| |||||||
Information Technology—11.0% | ||||||||
40,185 | Advanced Micro Devices, Inc.(b) | 134,218 | ||||||
3,223 | Amdocs Ltd. | 123,924 | ||||||
956 | Anixter International, Inc.(b) | 81,728 | ||||||
3,681 | AOL, Inc.(b) | 133,399 | ||||||
4,215 | Arrow Electronics, Inc.(b) | 202,404 | ||||||
6,893 | Avnet, Inc.(b) | 273,652 | ||||||
5,487 | Computer Sciences Corp. | 270,290 | ||||||
4,875 | CoreLogic, Inc.(b) | 162,191 | ||||||
2,311 | Diebold, Inc. | 69,238 | ||||||
873 | Insight Enterprises, Inc.(b) | 18,394 | ||||||
8,314 | Jabil Circuit, Inc. | 173,430 | ||||||
3,913 | Leidos Holdings, Inc. | 184,263 | ||||||
3,276 | Lexmark International, Inc., Class A | 116,462 | ||||||
3,696 | Microchip Technology, Inc. | 158,780 | ||||||
2,992 | Molex, Inc. | 115,491 | ||||||
4,364 | Motorola Solutions, Inc. | 272,837 | ||||||
3,033 | NCR Corp.(b) | 110,856 | ||||||
3,332 | Sanmina Corp.(b) | 48,514 | ||||||
2,236 | Science Applications International Corp. | 78,819 | ||||||
6,670 | Seagate Technology PLC | 324,696 | ||||||
10,276 | Symantec Corp. | 233,676 | ||||||
909 | SYNNEX Corp.(b) | 55,722 | ||||||
1,855 | Tech Data Corp.(b) | 96,571 | ||||||
4,061 | Total System Services, Inc. | 121,140 | ||||||
2,633 | Unisys Corp.(b) | 69,380 | ||||||
5,503 | Vishay Intertechnology, Inc.(b) | 67,522 | ||||||
14,078 | Yahoo!, Inc.(b) | 463,589 | ||||||
|
| |||||||
4,161,186 | ||||||||
|
| |||||||
Materials—8.1% | ||||||||
3,309 | Allegheny Technologies, Inc. | 109,528 | ||||||
1,841 | Ashland, Inc. | 170,384 | ||||||
3,428 | Avery Dennison Corp. | 161,527 | ||||||
2,782 | Bemis Co., Inc. | 111,002 | ||||||
1,826 | Cabot Corp. | 85,110 | ||||||
6,535 | Commercial Metals Co. | 119,983 | ||||||
3,671 | Crown Holdings, Inc.(b) | 160,056 | ||||||
889 | Cytec Industries, Inc. | 73,867 | ||||||
2,250 | Eastman Chemical Co. | 177,277 | ||||||
6,921 | Huntsman Corp. | 160,706 | ||||||
708 | Martin Marietta Materials, Inc. | 69,448 | ||||||
4,939 | MeadWestvaco Corp. | 172,124 | ||||||
6,491 | Owens-Illinois, Inc.(b) | 206,349 | ||||||
1,754 | Packaging Corp. of America | 109,239 | ||||||
1,427 | Rockwood Holdings, Inc. | 90,258 | ||||||
3,081 | RPM International, Inc. | 119,296 | ||||||
1,452 | Scotts Miracle-Gro Co. (The), Class A | 85,261 | ||||||
5,724 | Sealed Air Corp. | 172,750 | ||||||
2,487 | Sonoco Products Co. | 101,072 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
8,197 | Steel Dynamics, Inc. | $ | 147,300 | |||||
12,034 | United States Steel Corp. | 299,526 | ||||||
2,772 | Vulcan Materials Co. | 148,441 | ||||||
|
| |||||||
3,050,504 | ||||||||
|
| |||||||
Telecommunication Services—1.4% | ||||||||
36,366 | NII Holdings, Inc.(b) | 125,099 | ||||||
4,160 | Telephone & Data Systems, Inc. | 129,709 | ||||||
33,094 | Windstream Holdings, Inc. | 282,954 | ||||||
|
| |||||||
537,762 | ||||||||
|
| |||||||
Utilities—9.5% | ||||||||
2,713 | AGL Resources, Inc. | 129,844 | ||||||
2,717 | Alliant Energy Corp. | 141,882 | ||||||
2,489 | Atmos Energy Corp. | 110,188 | ||||||
14,268 | CenterPoint Energy, Inc. | 350,993 | ||||||
4,845 | Great Plains Energy, Inc. | 113,567 | ||||||
1,944 | Hawaiian Electric Industries, Inc. | 51,652 | ||||||
2,090 | Integrys Energy Group, Inc. | 122,641 | ||||||
3,922 | MDU Resources Group, Inc. | 116,797 | ||||||
1,714 | National Fuel Gas Co. | 122,637 | ||||||
9,546 | NiSource, Inc. | 300,890 | ||||||
6,983 | NV Energy, Inc. | 165,776 | ||||||
4,791 | OGE Energy Corp. | 176,788 | ||||||
5,493 | ONEOK, Inc. | 310,354 | ||||||
11,762 | Pepco Holdings, Inc. | 226,771 | ||||||
3,431 | Pinnacle West Capital Corp. | 192,239 | ||||||
2,814 | PNM Resources, Inc. | 67,311 | ||||||
2,554 | Portland General Electric Co. | 73,300 | ||||||
4,162 | Questar Corp. | 98,473 | ||||||
3,398 | SCANA Corp. | 158,449 | ||||||
8,074 | TECO Energy, Inc. | 138,631 | ||||||
3,684 | UGI Corp. | 152,407 | ||||||
2,027 | Vectren Corp. | 70,783 | ||||||
3,539 | Westar Energy, Inc. | 111,868 | ||||||
1,739 | WGL Holdings, Inc. | 78,272 | ||||||
|
| |||||||
3,582,513 | ||||||||
|
| |||||||
Total Investments (Cost $30,254,665)—100.0% | 37,703,523 | |||||||
Other assets less liabilities—0.0% | 11,637 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 37,715,160 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Portfolio Composition |
PowerShares Fundamental Pure Small Core Portfolio (PXSC) |
Sector Breakdown (Unaudited) | ||||
Financials | 20.6 | |||
Industrials | 17.4 | |||
Consumer Discretionary | 16.4 | |||
Information Technology | 13.4 | |||
Health Care | 8.9 | |||
Consumer Staples | 6.3 | |||
Energy | 6.3 | |||
Materials | 6.1 | |||
Utilities | 2.6 | |||
Telecommunication Services | 1.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Fundamental Pure Small Core Portfolio (PXSC)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—16.4% | ||||||||
2,064 | American Axle & Manufacturing Holdings, Inc.(b) | $ | 38,411 | |||||
301 | Ascent Capital Group, Inc., Class A(b) | 25,410 | ||||||
718 | Bally Technologies, Inc.(b) | 52,515 | ||||||
201 | Blue Nile, Inc.(b) | 8,255 | ||||||
535 | Bravo Brio Restaurant Group, Inc.(b) | 7,988 | ||||||
1,100 | Buckle, Inc. (The) | 53,834 | ||||||
2,217 | Burger King Worldwide, Inc. | 46,956 | ||||||
1,042 | Cabela’s, Inc.(b) | 61,811 | ||||||
442 | Capella Education Co.(b) | 26,927 | ||||||
289 | Carriage Services, Inc. | 5,806 | ||||||
1,027 | Carter’s, Inc. | 71,017 | ||||||
138 | Cavco Industries, Inc.(b) | 8,083 | ||||||
3,338 | Chico’s FAS, Inc. | 57,247 | ||||||
407 | Choice Hotels International, Inc. | 18,962 | ||||||
294 | Churchill Downs, Inc. | 25,258 | ||||||
3,316 | Cinemark Holdings, Inc. | 108,798 | ||||||
644 | Core-Mark Holding Co., Inc. | 45,550 | ||||||
422 | Destination Maternity Corp. | 13,183 | ||||||
1,814 | DeVry, Inc. | 65,123 | ||||||
2,323 | Digital Generation, Inc.(b) | 29,386 | ||||||
434 | DineEquity, Inc. | 35,618 | ||||||
2,677 | DreamWorks Animation SKG, Inc., Class A(b) | 91,660 | ||||||
1,050 | Dunkin’ Brands Group, Inc. | 50,064 | ||||||
229 | Einstein Noah Restaurant Group, Inc. | 4,085 | ||||||
846 | Genesco, Inc.(b) | 57,621 | ||||||
3,459 | Gentex Corp. | 101,833 | ||||||
589 | G-III Apparel Group Ltd.(b) | 33,408 | ||||||
440 | Gordmans Stores, Inc. | 4,356 | ||||||
2,912 | Guess?, Inc. | 91,000 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
379 | Hibbett Sports, Inc.(b) | $ | 22,107 | |||||
1,841 | Hillenbrand, Inc. | 51,953 | ||||||
651 | HSN, Inc. | 34,112 | ||||||
338 | Ignite Restaurant Group, Inc.(b) | 5,428 | ||||||
1,514 | John Wiley & Sons, Inc., Class A | 76,139 | ||||||
871 | Jos. A. Bank Clothiers, Inc.(b) | 41,791 | ||||||
808 | Krispy Kreme Doughnuts, Inc.(b) | 19,602 | ||||||
1,139 | LeapFrog Enterprises, Inc.(b) | 9,750 | ||||||
1,204 | Life Time Fitness, Inc.(b) | 54,686 | ||||||
1,236 | Lions Gate Entertainment Corp.(b) | 42,741 | ||||||
264 | Loral Space & Communications, Inc. | 18,842 | ||||||
834 | Madison Square Garden Co. (The), Class A(b) | 50,474 | ||||||
1,237 | Marriott Vacations Worldwide Corp.(b) | 61,949 | ||||||
568 | MDC Partners, Inc., Class A (Canada) | 17,511 | ||||||
906 | Outerwall, Inc.(b) | 58,872 | ||||||
588 | Overstock.com, Inc.(b) | 13,777 | ||||||
577 | PetMed Express, Inc. | 8,563 | ||||||
1,149 | Pier 1 Imports, Inc. | 23,991 | ||||||
80 | Remy International, Inc. | 1,762 | ||||||
2,455 | Sally Beauty Holdings, Inc.(b) | 64,616 | ||||||
967 | Select Comfort Corp.(b) | 17,715 | ||||||
983 | Six Flags Entertainment Corp. | 36,971 | ||||||
1,143 | Smith & Wesson Holding Corp.(b) | 12,322 | ||||||
1,279 | Sotheby’s | 66,380 | ||||||
723 | Strayer Education, Inc. | 28,580 | ||||||
756 | Tempur-Sealy International, Inc.(b) | 28,993 | ||||||
207 | Tilly’s, Inc., Class A(b) | 3,014 | ||||||
1,068 | Tupperware Brands Corp. | 95,746 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
PowerShares Fundamental Pure Small Core Portfolio (PXSC) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
497 | Universal Electronics, Inc.(b) | $ | 19,338 | |||||
654 | Vail Resorts, Inc. | 46,074 | ||||||
2,244 | Valassis Communications, Inc. | 61,396 | ||||||
1,712 | Weight Watchers International, Inc. (Luxembourg) | 54,972 | ||||||
12,347 | Wendy’s Co. (The) | 107,295 | ||||||
998 | Wolverine World Wide, Inc. | 57,625 | ||||||
569 | Zumiez, Inc.(b) | 16,865 | ||||||
|
| |||||||
2,572,117 | ||||||||
|
| |||||||
Consumer Staples—6.3% | ||||||||
66 | Alico, Inc. | 2,637 | ||||||
1,054 | Andersons, Inc. (The) | 78,186 | ||||||
303 | Calavo Growers, Inc. | 8,996 | ||||||
577 | Cal-Maine Foods, Inc. | 29,271 | ||||||
1,609 | Casey’s General Stores, Inc. | 117,264 | ||||||
1,098 | Diamond Foods, Inc.(b) | 26,802 | ||||||
3,978 | Flowers Foods, Inc. | 100,803 | ||||||
637 | Hain Celestial Group, Inc. (The)(b) | 53,018 | ||||||
340 | Inter Parfums, Inc. | 11,954 | ||||||
281 | J & J Snack Foods Corp. | 24,045 | ||||||
1,075 | Nu Skin Enterprises, Inc., Class A | 125,700 | ||||||
669 | Sanderson Farms, Inc. | 42,288 | ||||||
7 | Seaboard Corp. | 19,110 | ||||||
711 | Spectrum Brands Holdings, Inc. | 46,869 | ||||||
1,270 | Susser Holdings Corp.(b) | 69,647 | ||||||
1,086 | TreeHouse Foods, Inc.(b) | 79,560 | ||||||
1,641 | United Natural Foods, Inc.(b) | 117,249 | ||||||
160 | USANA Health Sciences, Inc.(b) | 10,917 | ||||||
317 | WD-40 Co. | 22,979 | ||||||
521 | WhiteWave Foods Co., Class A(b) | 10,425 | ||||||
|
| |||||||
997,720 | ||||||||
|
| |||||||
Energy—6.3% | ||||||||
2,042 | Abraxas Petroleum Corp.(b) | 5,901 | ||||||
972 | Berry Petroleum Co., Class A | 46,413 | ||||||
970 | Bristow Group, Inc. | 78,056 | ||||||
816 | Carrizo Oil & Gas, Inc.(b) | 35,773 | ||||||
269 | Clayton Williams Energy, Inc.(b) | 20,936 | ||||||
1,411 | Dresser-Rand Group, Inc.(b) | 85,747 | ||||||
464 | Dril-Quip, Inc.(b) | 54,483 | ||||||
698 | Goodrich Petroleum Corp.(b) | 16,326 | ||||||
1,521 | Green Plains Renewable Energy, Inc. | 24,534 | ||||||
1,052 | Matrix Service Co.(b) | 21,871 | ||||||
437 | Mitcham Industries, Inc.(b) | 7,272 | ||||||
98 | Panhandle Oil and Gas, Inc., Class A | 3,290 | ||||||
688 | PDC Energy, Inc.(b) | 46,653 | ||||||
732 | Rosetta Resources, Inc.(b) | 43,876 | ||||||
1,205 | SemGroup Corp., Class A | 72,770 | ||||||
1,228 | SM Energy Co. | 108,813 | ||||||
1,320 | Targa Resources Corp. | 102,379 | ||||||
5,103 | Ultra Petroleum Corp.(b) | 93,691 | ||||||
1,623 | VAALCO Energy, Inc.(b) | 8,553 | ||||||
2,997 | Warren Resources, Inc.(b) | 9,381 | ||||||
2,395 | Western Refining, Inc. | 77,287 | ||||||
2,999 | Willbros Group, Inc.(b) | 29,270 | ||||||
|
| |||||||
993,275 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—20.6% | ||||||||
967 | Acadia Realty Trust REIT | $ | 25,790 | |||||
183 | American Capital Mortgage Investment Corp. REIT | 3,497 | ||||||
9,940 | Anworth Mortgage Asset Corp. REIT | 48,805 | ||||||
181 | Apollo Residential Mortgage, Inc. REIT | 2,726 | ||||||
688 | Bancorp, Inc. (The)(b) | 11,125 | ||||||
136 | Bank of Kentucky Financial Corp. (The) | 3,918 | ||||||
125 | Bank of Marin Bancorp | 5,319 | ||||||
999 | BankUnited, Inc. | 30,739 | ||||||
1,330 | BBCN Bancorp, Inc. | 19,724 | ||||||
699 | Berkshire Hills Bancorp, Inc. | 17,734 | ||||||
184 | BNC Bancorp | 2,412 | ||||||
1,809 | BRE Properties, Inc. REIT | 98,789 | ||||||
147 | Bridge Bancorp, Inc. | 3,394 | ||||||
2,222 | Brown & Brown, Inc. | 70,948 | ||||||
332 | Bryn Mawr Bank Corp. | 9,250 | ||||||
5,810 | Capitol Federal Financial, Inc. | 73,613 | ||||||
5,792 | Capstead Mortgage Corp. REIT | 68,519 | ||||||
840 | Cash America International, Inc. | 33,138 | ||||||
242 | Center Bancorp, Inc. | 3,620 | ||||||
578 | Centerstate Banks, Inc. | 5,699 | ||||||
838 | Citizens, Inc.(b) | 7,039 | ||||||
142 | CNB Financial Corp. | 2,841 | ||||||
386 | Cohen & Steers, Inc. | 14,807 | ||||||
1,153 | Columbia Banking System, Inc. | 29,621 | ||||||
1,226 | Community Bank System, Inc. | 44,516 | ||||||
3,042 | Corporate Office Properties Trust REIT | 74,833 | ||||||
2,374 | Corrections Corp. of America REIT | 87,838 | ||||||
2,168 | CubeSmart REIT | 39,609 | ||||||
1,650 | DFC Global Corp.(b) | 19,965 | ||||||
90 | Diamond Hill Investment Group | 9,924 | ||||||
3,137 | Douglas Emmett, Inc. REIT | 78,205 | ||||||
3,250 | East West Bancorp, Inc. | 109,493 | ||||||
648 | EastGroup Properties, Inc. REIT | 41,252 | ||||||
1,922 | Eaton Vance Corp. | 80,359 | ||||||
1,972 | Education Realty Trust, Inc. REIT | 18,024 | ||||||
567 | Encore Capital Group, Inc.(b) | 27,698 | ||||||
330 | Enterprise Financial Services Corp. | 5,950 | ||||||
1,420 | EPR Properties REIT | 72,945 | ||||||
1,580 | Equity One, Inc. REIT | 38,094 | ||||||
501 | Erie Indemnity Co., Class A | 35,982 | ||||||
2,296 | First Financial Bancorp | 35,634 | ||||||
621 | First Financial Bankshares, Inc. | 38,198 | ||||||
300 | First Financial Holdings, Inc. | 17,979 | ||||||
1,860 | First Industrial Realty Trust, Inc. REIT(b) | 33,610 | ||||||
135 | First of Long Island Corp. (The) | 5,312 | ||||||
2,074 | First Potomac Realty Trust REIT | 25,489 | ||||||
1,048 | Flushing Financial Corp. | 21,054 | ||||||
118 | GAMCO Investors, Inc., Class A | 8,438 | ||||||
244 | German American Bancorp, Inc. | 6,632 | ||||||
809 | Getty Realty Corp. REIT | 15,517 | ||||||
772 | Gladstone Investment Corp. | 5,458 | ||||||
2,918 | Glimcher Realty Trust REIT | 29,910 | ||||||
595 | Greenhill & Co., Inc. | 30,524 | ||||||
266 | Heritage Financial Corp. | 4,291 | ||||||
4,757 | Hersha Hospitality Trust REIT | 26,972 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
PowerShares Fundamental Pure Small Core Portfolio (PXSC) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
271 | Home Federal Bancorp, Inc. | $ | 4,225 | |||||
1,237 | Home Properties, Inc. REIT | 74,603 | ||||||
668 | Independent Bank Corp. | 23,968 | ||||||
1,233 | Kilroy Realty Corp. REIT | 65,546 | ||||||
510 | Lakeland Financial Corp. | 18,151 | ||||||
2,370 | LaSalle Hotel Properties REIT | 73,589 | ||||||
5,124 | Lexington Realty Trust REIT | 59,951 | ||||||
1,740 | LPL Financial Holdings, Inc. | 70,888 | ||||||
525 | LTC Properties, Inc. REIT | 20,711 | ||||||
467 | Manning & Napier, Inc. | 7,752 | ||||||
211 | Marlin Business Services Corp. | 5,817 | ||||||
3,060 | Meadowbrook Insurance Group, Inc. | 20,318 | ||||||
417 | Medley Capital Corp. | 5,813 | ||||||
907 | Mid-America Apartment Communities, Inc. REIT | 60,225 | ||||||
134 | MidWestOne Financial Group, Inc. | 3,540 | ||||||
851 | Monmouth Real Estate Investment Corp., Class A REIT | 7,846 | ||||||
237 | National Health Investors, Inc. REIT | 14,817 | ||||||
167 | National Interstate Corp. | 4,364 | ||||||
693 | New York Mortgage Trust, Inc. REIT | 4,449 | ||||||
477 | NewStar Financial, Inc.(b) | 8,305 | ||||||
289 | Nicholas Financial, Inc. | 4,638 | ||||||
5,353 | NorthStar Realty Finance Corp. REIT | 49,943 | ||||||
210 | OmniAmerican Bancorp, Inc.(b) | 4,603 | ||||||
283 | Pacific Premier Bancorp, Inc.(b) | 3,937 | ||||||
804 | Park Sterling Corp. | 5,234 | ||||||
956 | Pinnacle Financial Partners, Inc.(b) | 29,636 | ||||||
1,055 | Post Properties, Inc. REIT | 48,256 | ||||||
1,694 | PrivateBancorp, Inc. | 41,266 | ||||||
1,394 | ProAssurance Corp. | 63,176 | ||||||
416 | PS Business Parks, Inc. REIT | 33,900 | ||||||
4,485 | Resource Capital Corp. REIT | 27,583 | ||||||
694 | Rockville Financial, Inc. | 9,126 | ||||||
1,118 | Ryman Hospitality Properties, Inc. REIT | 41,265 | ||||||
535 | Safeguard Scientifics, Inc.(b) | 9,336 | ||||||
296 | Saul Centers, Inc. REIT | 13,912 | ||||||
2,314 | SEI Investments Co. | 76,802 | ||||||
337 | Select Income REIT | 9,284 | ||||||
681 | Southside Bancshares, Inc. | 18,591 | ||||||
649 | Sovran Self Storage, Inc. REIT | 49,642 | ||||||
1,308 | Spirit Realty Capital, Inc. REIT | 13,682 | ||||||
550 | St. Joe Co. (The)(b) | 10,269 | ||||||
1,221 | Summit Hotel Properties, Inc. REIT | 11,221 | ||||||
596 | Sun Communities, Inc. REIT | 26,564 | ||||||
824 | Taubman Centers, Inc. REIT | 54,211 | ||||||
3,930 | TD Ameritrade Holding Corp. | 107,132 | ||||||
1,205 | TFS Financial Corp.(b) | 14,629 | ||||||
547 | Thomas Properties Group, Inc. | 3,720 | ||||||
2,416 | Tower Group International Ltd. | 8,770 | ||||||
1,070 | UMB Financial Corp. | 63,044 | ||||||
437 | United Financial Bancorp, Inc. | 6,852 | ||||||
139 | Universal Health Realty Income Trust REIT | 6,105 | ||||||
2,328 | Washington REIT | 61,017 | ||||||
233 | Washington Banking Co. | 3,963 | ||||||
1,498 | Western Alliance Bancorp(b) | 31,683 | ||||||
337 | Whitestone REIT | 4,647 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
340 | World Acceptance Corp.(b) | $ | 35,401 | |||||
|
| |||||||
3,240,690 | ||||||||
|
| |||||||
Health Care—8.9% | ||||||||
3,774 | Alere, Inc.(b) | 127,297 | ||||||
497 | Almost Family, Inc. | 9,557 | ||||||
221 | Analogic Corp. | 20,383 | ||||||
999 | AngioDynamics, Inc.(b) | 15,704 | ||||||
453 | ArthroCare Corp.(b) | 16,960 | ||||||
551 | Bio-Rad Laboratories, Inc., Class A(b) | 68,060 | ||||||
2,060 | BioScrip, Inc.(b) | 14,441 | ||||||
2,416 | Brookdale Senior Living, Inc.(b) | 65,425 | ||||||
350 | Capital Senior Living Corp.(b) | 7,763 | ||||||
443 | Chemed Corp. | 30,044 | ||||||
288 | Chindex International, Inc.(b) | 4,847 | ||||||
208 | Computer Programs & Systems, Inc. | 11,864 | ||||||
600 | Cooper Cos., Inc. (The) | 77,526 | ||||||
271 | CorVel Corp.(b) | 11,274 | ||||||
1,300 | Covance, Inc.(b) | 116,038 | ||||||
742 | CryoLife, Inc. | 6,671 | ||||||
143 | Cynosure, Inc., Class A(b) | 3,090 | ||||||
909 | Emergent Biosolutions, Inc.(b) | 17,753 | ||||||
306 | Exactech, Inc.(b) | 6,946 | ||||||
940 | Greatbatch, Inc.(b) | 35,833 | ||||||
914 | Haemonetics Corp.(b) | 37,072 | ||||||
1,002 | Hanger, Inc.(b) | 36,773 | ||||||
2,450 | HealthSouth Corp. | 86,020 | ||||||
235 | ICU Medical, Inc.(b) | 14,523 | ||||||
545 | Integra LifeSciences Holdings(b) | 24,950 | ||||||
245 | Landauer, Inc. | 11,858 | ||||||
669 | LHC Group, Inc.(b) | 13,781 | ||||||
848 | Meridian Bioscience, Inc. | 20,963 | ||||||
1,219 | Merit Medical Systems, Inc.(b) | 19,492 | ||||||
1,609 | Molina Healthcare, Inc.(b) | 50,909 | ||||||
757 | Natus Medical, Inc.(b) | 14,936 | ||||||
647 | Nektar Therapeutics(b) | 6,153 | ||||||
597 | OraSure Technologies, Inc.(b) | 3,892 | ||||||
2,488 | Patterson Cos., Inc. | 105,765 | ||||||
8,416 | PDL BioPharma, Inc. | 68,085 | ||||||
812 | Rigel Pharmaceuticals, Inc.(b) | 2,509 | ||||||
3,361 | Select Medical Holdings Corp. | 28,501 | ||||||
934 | Targacept, Inc.(b) | 4,437 | ||||||
2,967 | VCA Antech, Inc.(b) | 84,411 | ||||||
1,440 | West Pharmaceutical Services, Inc. | 69,624 | ||||||
975 | Wright Medical Group, Inc.(b) | 26,491 | ||||||
|
| |||||||
1,398,621 | ||||||||
|
| |||||||
Industrials—17.4% | ||||||||
1,433 | A.O. Smith Corp. | 74,014 | ||||||
466 | AAON, Inc. | 12,587 | ||||||
2,457 | AAR Corp. | 71,941 | ||||||
1,380 | Actuant Corp. | 51,833 | ||||||
1,267 | Aegion Corp.(b) | 25,973 | ||||||
620 | Aerovironment, Inc.(b) | 16,808 | ||||||
757 | Altra Holdings, Inc. | 22,990 | ||||||
227 | American Science & Engineering, Inc. | 14,932 | ||||||
1,010 | API Technologies Corp.(b) | 2,949 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
PowerShares Fundamental Pure Small Core Portfolio (PXSC) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,115 | Applied Industrial Technologies, Inc. | $ | 52,751 | |||||
3,198 | Babcock & Wilcox Co. (The) | 103,008 | ||||||
139 | Barrett Business Services, Inc. | 11,574 | ||||||
1,219 | Beacon Roofing Supply, Inc.(b) | 42,311 | ||||||
1,390 | Blount International, Inc.(b) | 16,930 | ||||||
410 | Chart Industries, Inc.(b) | 44,063 | ||||||
862 | CLARCOR, Inc. | 50,410 | ||||||
1,333 | Copart, Inc.(b) | 42,963 | ||||||
452 | Cubic Corp. | 23,730 | ||||||
2,017 | Donaldson Co., Inc. | 79,893 | ||||||
1,017 | Douglas Dynamics, Inc. | 15,428 | ||||||
1,051 | Dun & Bradstreet Corp. (The) | 114,338 | ||||||
407 | Dynamic Materials Corp. | 8,995 | ||||||
1,672 | EnerSys | 110,937 | ||||||
615 | ESCO Technologies, Inc. | 22,189 | ||||||
997 | Esterline Technologies Corp.(b) | 79,920 | ||||||
211 | Exponent, Inc. | 15,954 | ||||||
1,598 | Flow International Corp.(b) | 6,376 | ||||||
482 | Forward Air Corp. | 19,511 | ||||||
690 | Franklin Electric Co., Inc. | 26,116 | ||||||
1,369 | Furmanite Corp.(b) | 15,401 | ||||||
1,406 | GenCorp, Inc.(b) | 23,621 | ||||||
791 | Generac Holdings, Inc. | 39,036 | ||||||
327 | Gorman-Rupp Co. (The) | 13,322 | ||||||
296 | GP Strategies Corp.(b) | 8,294 | ||||||
865 | Graco, Inc. | 66,830 | ||||||
1,714 | Great Lakes Dredge & Dock Corp. | 13,918 | ||||||
1,177 | Healthcare Services Group, Inc. | 32,238 | ||||||
1,861 | Hexcel Corp.(b) | 78,739 | ||||||
1,117 | Hub Group, Inc., Class A(b) | 41,027 | ||||||
675 | Huron Consulting Group, Inc.(b) | 39,535 | ||||||
92 | Hyster-Yale Materials Handling, Inc. | 7,216 | ||||||
921 | ICF International, Inc.(b) | 31,885 | ||||||
1,635 | IDEX Corp. | 113,060 | ||||||
1,395 | Interface, Inc. | 28,249 | ||||||
930 | Kaman Corp. | 34,577 | ||||||
1,622 | KAR Auction Services, Inc. | 48,206 | ||||||
2,918 | Kratos Defense & Security Solutions, Inc.(b) | 24,745 | ||||||
844 | Landstar System, Inc. | 46,665 | ||||||
1,531 | Lincoln Electric Holdings, Inc. | 106,006 | ||||||
336 | LMI Aerospace, Inc.(b) | 5,275 | ||||||
916 | Macquarie Infrastructure Co. LLC (Australia) | 50,298 | ||||||
850 | Marten Transport Ltd. | 14,994 | ||||||
669 | Nordson Corp. | 48,228 | ||||||
1,310 | Old Dominion Freight Line, Inc.(b) | 61,439 | ||||||
66 | Preformed Line Products Co. | 5,545 | ||||||
397 | RBC Bearings, Inc.(b) | 27,310 | ||||||
948 | Regal-Beloit Corp. | 69,517 | ||||||
3,152 | Swift Transportation Co.(b) | 68,682 | ||||||
954 | TAL International Group, Inc.(b) | 46,088 | ||||||
479 | Taser International, Inc.(b) | 8,512 | ||||||
848 | Teledyne Technologies, Inc.(b) | 75,319 | ||||||
416 | Tennant Co. | 25,247 | ||||||
1,764 | Tetra Tech, Inc.(b) | 46,093 | ||||||
207 | TRC Cos., Inc.(b) | 1,592 | ||||||
327 | UniFirst Corp. | 33,622 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
429 | US Ecology, Inc. | $ | 15,251 | |||||
840 | WABCO Holdings, Inc.(b) | 71,971 | ||||||
703 | Watsco, Inc. | 66,989 | ||||||
|
| |||||||
2,735,966 | ||||||||
|
| |||||||
Information Technology—13.4% | ||||||||
408 | ACI Worldwide, Inc.(b) | 22,489 | ||||||
945 | Actuate Corp.(b) | 7,569 | ||||||
1,724 | ADTRAN, Inc. | 40,479 | ||||||
551 | Alpha & Omega Semiconductor Ltd.(b) | 4,055 | ||||||
10,156 | Atmel Corp.(b) | 73,936 | ||||||
222 | Badger Meter, Inc. | 11,546 | ||||||
643 | Blackbaud, Inc. | 23,148 | ||||||
631 | Blucora, Inc.(b) | 14,911 | ||||||
1,531 | Booz Allen Hamilton Holding Corp. | 30,314 | ||||||
1,672 | Brooks Automation, Inc. | 16,118 | ||||||
697 | Cabot Microelectronics Corp.(b) | 28,500 | ||||||
165 | Cass Information Systems, Inc. | 9,459 | ||||||
1,024 | Cognex Corp. | 32,000 | ||||||
478 | Coherent, Inc. | 31,639 | ||||||
283 | Computer Task Group, Inc. | 4,848 | ||||||
1,005 | Comtech Telecommunications Corp. | 30,170 | ||||||
414 | Cray, Inc.(b) | 9,257 | ||||||
849 | Dice Holdings, Inc.(b) | 6,266 | ||||||
1,187 | Diodes, Inc.(b) | 28,749 | ||||||
742 | DST Systems, Inc. | 62,899 | ||||||
304 | DTS, Inc.(b) | 6,080 | ||||||
835 | EPIQ Systems, Inc. | 12,492 | ||||||
1,494 | Euronet Worldwide, Inc.(b) | 64,840 | ||||||
609 | Exar Corp.(b) | 7,022 | ||||||
369 | Forrester Research, Inc. | 14,321 | ||||||
1,415 | Global Payments, Inc. | 84,164 | ||||||
480 | GSI Technology, Inc.(b) | 3,370 | ||||||
11,259 | GT Advanced Technologies, Inc.(b) | 84,442 | ||||||
1,109 | Heartland Payment Systems, Inc. | 44,859 | ||||||
1,303 | IAC/InterActiveCorp. | 69,567 | ||||||
1,113 | Integrated Silicon Solution, Inc.(b) | 11,998 | ||||||
461 | InterDigital, Inc. | 17,864 | ||||||
1,113 | Internap Network Services Corp.(b) | 8,091 | ||||||
2,339 | IntraLinks Holdings, Inc.(b) | 24,302 | ||||||
1,581 | Itron, Inc.(b) | 67,461 | ||||||
3,677 | JDS Uniphase Corp.(b) | 48,132 | ||||||
1,676 | Kopin Corp.(b) | 6,151 | ||||||
2,130 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 27,477 | ||||||
248 | KVH Industries, Inc.(b) | 3,408 | ||||||
3,235 | Lattice Semiconductor Corp.(b) | 16,596 | ||||||
2,162 | Limelight Networks, Inc.(b) | 4,151 | ||||||
1,562 | LTX-Credence Corp.(b) | 9,575 | ||||||
1,345 | Magnachip Semiconductor Corp. (South Korea)(b) | 25,138 | ||||||
167 | Manhattan Associates, Inc.(b) | 17,787 | ||||||
1,486 | ManTech International Corp., Class A | 41,519 | ||||||
657 | MAXIMUS, Inc. | 31,832 | ||||||
312 | Measurement Specialties, Inc.(b) | 17,388 | ||||||
2,464 | Mentor Graphics Corp. | 54,405 | ||||||
943 | Micrel, Inc. | 8,676 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares Fundamental Pure Small Core Portfolio (PXSC) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
115 | MicroStrategy, Inc., Class A(b) | $ | 14,029 | |||||
1,282 | MKS Instruments, Inc. | 37,998 | ||||||
560 | Move, Inc.(b) | 9,503 | ||||||
309 | MTS Systems Corp. | 20,184 | ||||||
996 | NETGEAR, Inc.(b) | 28,645 | ||||||
2,612 | OmniVision Technologies, Inc.(b) | 36,594 | ||||||
582 | Oplink Communications, Inc.(b) | 10,621 | ||||||
330 | OSI Systems, Inc.(b) | 24,037 | ||||||
356 | PC Connection, Inc. | 7,116 | ||||||
742 | Perficient, Inc.(b) | 13,423 | ||||||
705 | Plantronics, Inc. | 30,273 | ||||||
6,471 | PMC—Sierra, Inc.(b) | 37,985 | ||||||
6,642 | Polycom, Inc.(b) | 69,077 | ||||||
1,318 | Progress Software Corp.(b) | 34,215 | ||||||
1,868 | PTC, Inc.(b) | 51,781 | ||||||
1,541 | QuinStreet, Inc.(b) | 13,699 | ||||||
2,119 | Rambus, Inc.(b) | 18,520 | ||||||
353 | Rosetta Stone, Inc.(b) | 5,359 | ||||||
635 | SeaChange International, Inc.(b) | 9,011 | ||||||
561 | Silicon Graphics International Corp.(b) | 7,164 | ||||||
596 | Silicon Laboratories, Inc.(b) | 23,971 | ||||||
746 | SS&C Technologies Holdings, Inc.(b) | 29,318 | ||||||
147 | Stamps.com, Inc.(b) | 6,680 | ||||||
2,007 | Sykes Enterprises, Inc.(b) | 37,571 | ||||||
292 | Tessco Technologies, Inc. | 10,346 | ||||||
8,899 | TriQuint Semiconductor, Inc.(b) | 70,569 | ||||||
3,622 | TTM Technologies, Inc.(b) | 31,692 | ||||||
159 | Tyler Technologies, Inc.(b) | 15,377 | ||||||
773 | ViaSat, Inc.(b) | 51,111 | ||||||
1,047 | WebMD Health Corp.(b) | 36,875 | ||||||
|
| |||||||
2,114,204 | ||||||||
|
| |||||||
Materials—6.1% | ||||||||
1,592 | AptarGroup, Inc. | 102,143 | ||||||
399 | Arabian American Development Co.(b) | 3,631 | ||||||
943 | Axiall Corp. | 36,673 | ||||||
1,156 | Berry Plastics Group, Inc.(b) | 23,213 | ||||||
131 | Chase Corp. | 3,964 | ||||||
849 | Clearwater Paper Corp.(b) | 44,335 | ||||||
788 | Compass Minerals International, Inc. | 58,682 | ||||||
108 | Deltic Timber Corp. | 6,899 | ||||||
403 | Eagle Materials, Inc. | 30,229 | ||||||
3,073 | Golden Minerals Co.(b) | 2,366 | ||||||
12,309 | Golden Star Resources Ltd.(b) | 5,945 | ||||||
7,516 | Graphic Packaging Holding Co.(b) | 63,134 | ||||||
235 | Handy & Harman Ltd.(b) | 5,426 | ||||||
231 | Hawkins, Inc. | 8,318 | ||||||
300 | Haynes International, Inc. | 16,170 | ||||||
445 | Innospec, Inc. | 20,497 | ||||||
687 | Kaiser Aluminum Corp. | 46,338 | ||||||
765 | Koppers Holdings, Inc. | 34,050 | ||||||
1,571 | Kraton Performance Polymers, Inc.(b) | 33,415 | ||||||
673 | Kronos Worldwide, Inc. | 10,438 | ||||||
727 | Landec Corp.(b) | 8,513 | ||||||
2,251 | Omnova Solutions, Inc.(b) | 19,584 | ||||||
1,920 | PolyOne Corp. | 58,176 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
306 | Quaker Chemical Corp. | $ | 23,229 | |||||
779 | Schweitzer-Mauduit International, Inc. | 48,205 | ||||||
1,391 | Silgan Holdings, Inc. | 62,692 | ||||||
445 | Stepan Co. | 26,197 | ||||||
2,940 | Stillwater Mining Co.(b) | 32,075 | ||||||
18,269 | Thompson Creek Metals Co., Inc.(b) | 58,644 | ||||||
147 | US Silica Holdings, Inc. | 5,119 | ||||||
318 | Westlake Chemical Corp. | 34,160 | ||||||
798 | Zep, Inc. | 15,872 | ||||||
765 | Zoltek Cos., Inc.(b) | 12,776 | ||||||
|
| |||||||
961,108 | ||||||||
|
| |||||||
Telecommunication Services—1.9% | ||||||||
260 | Atlantic Tele-Network, Inc. | 14,409 | ||||||
840 | IDT Corp., Class B | 18,388 | ||||||
3,485 | Level 3 Communications, Inc.(b) | 106,467 | ||||||
687 | Lumos Networks Corp. | 15,121 | ||||||
707 | Shenandoah Telecommunications Co. | 19,605 | ||||||
420 | Straight Path Communications, Inc., Class B(b) | 2,293 | ||||||
2,998 | tw telecom, inc.(b) | 94,497 | ||||||
6,908 | Vonage Holdings Corp.(b) | 25,767 | ||||||
|
| |||||||
296,547 | ||||||||
|
| |||||||
Utilities—2.6% | ||||||||
964 | American States Water Co. | 27,455 | ||||||
3,658 | Aqua America, Inc. | 92,108 | ||||||
229 | Artesian Resources Corp., Class A | 5,244 | ||||||
10,238 | Atlantic Power Corp. | 45,969 | ||||||
318 | Chesapeake Utilities Corp. | 17,302 | ||||||
1,874 | Cleco Corp. | 86,841 | ||||||
265 | Connecticut Water Service, Inc. | 8,493 | ||||||
1,230 | El Paso Electric Co. | 43,259 | ||||||
523 | Ormat Technologies, Inc. (Israel) | 13,635 | ||||||
1,783 | UIL Holdings Corp. | 68,681 | ||||||
319 | York Water Co. (The) | 6,607 | ||||||
|
| |||||||
415,594 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $12,972,956) | 15,725,842 | |||||||
|
| |||||||
Money Market Fund—0.5% | ||||||||
71,200 | Premier Portfolio—Institutional Class(c) (Cost $71,200) | 71,200 | ||||||
|
| |||||||
Total Investments (Cost $13,044,156)—100.4% | 15,797,042 | |||||||
Other assets less liabilities—(0.4)% | (66,496 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 15,730,546 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
PowerShares Fundamental Pure Small Core Portfolio (PXSC) (continued)
October 31, 2013
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Portfolio Composition |
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) |
Sector Breakdown (Unaudited) | ||||
Information Technology | 21.7 | |||
Financials | 21.2 | |||
Health Care | 14.2 | |||
Consumer Discretionary | 14.0 | |||
Industrials | 13.5 | |||
Energy | 6.1 | |||
Materials | 4.9 | |||
Consumer Staples | 3.1 | |||
Utilities | 0.9 | |||
Telecommunication Services | 0.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Fundamental Pure Small Growth Portfolio (PXSG)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—14.0% | ||||||||
538 | AFC Enterprises, Inc.(b) | $ | 23,984 | |||||
1,558 | AMC Networks, Inc., Class A(b) | 109,200 | ||||||
712 | American Public Education, Inc.(b) | 28,501 | ||||||
465 | America’s Car-Mart, Inc.(b) | 21,269 | ||||||
8,654 | Ascena Retail Group, Inc.(b) | 171,263 | ||||||
1,432 | BJ’s Restaurants, Inc.(b) | 38,750 | ||||||
1,198 | Black Diamond, Inc.(b) | 17,862 | ||||||
1,567 | Bloomin’ Brands, Inc.(b) | 39,222 | ||||||
2,447 | Bridgepoint Education, Inc.(b) | 47,961 | ||||||
699 | Buffalo Wild Wings, Inc.(b) | 99,663 | ||||||
5,090 | Crocs, Inc.(b) | 61,996 | ||||||
2,602 | Deckers Outdoor Corp.(b) | 179,096 | ||||||
4,225 | Dick’s Sporting Goods, Inc. | 224,812 | ||||||
1,071 | Dorman Products, Inc. | 52,061 | ||||||
1,510 | DSW, Inc., Class A | 132,382 | ||||||
614 | Five Below, Inc.(b) | 29,632 | ||||||
1,751 | Fossil Group, Inc.(b) | 222,272 | ||||||
995 | Francesca’s Holdings Corp.(b) | 17,900 | ||||||
726 | Gentherm, Inc.(b) | 16,952 | ||||||
4,369 | GNC Holdings, Inc., Class A | 256,985 | ||||||
1,490 | Grand Canyon Education, Inc.(b) | 70,432 | ||||||
4,932 | Groupon, Inc.(b) | 45,029 | ||||||
598 | HomeAway, Inc.(b) | 17,731 | ||||||
4,806 | Iconix Brand Group, Inc.(b) | 173,449 | ||||||
1,381 | iRobot Corp.(b) | 46,774 | ||||||
739 | Jamba, Inc.(b) | 8,439 | ||||||
1,565 | K12, Inc.(b) | 28,608 | ||||||
664 | Lumber Liquidators Holdings, Inc.(b) | 75,822 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
637 | Mattress Firm Holding Corp.(b) | $ | 19,148 | |||||
1,374 | Monro Muffler Brake, Inc. | 63,204 | ||||||
571 | Morningstar, Inc. | 45,846 | ||||||
4,917 | National CineMedia, Inc. | 86,146 | ||||||
846 | Panera Bread Co., Class A(b) | 133,600 | ||||||
2,081 | Polaris Industries, Inc. | 272,507 | ||||||
2,676 | Scripps Networks Interactive, Inc., Class A | 215,418 | ||||||
2,203 | SHFL entertainment, Inc.(b) | 51,066 | ||||||
1,252 | Shutterfly, Inc.(b) | 61,523 | ||||||
1,497 | Skullcandy, Inc.(b) | 9,401 | ||||||
2,235 | Steven Madden Ltd.(b) | 81,980 | ||||||
454 | Sturm Ruger & Co., Inc. | 29,696 | ||||||
256 | Tesla Motors, Inc.(b) | 40,945 | ||||||
3,380 | Texas Roadhouse, Inc. | 92,680 | ||||||
1,335 | TripAdvisor, Inc.(b) | 110,418 | ||||||
428 | Tumi Holdings, Inc.(b) | 9,138 | ||||||
1,585 | Under Armour, Inc., Class A(b) | 128,623 | ||||||
4,489 | Urban Outfitters, Inc.(b) | 170,043 | ||||||
732 | Vera Bradley, Inc.(b) | 16,214 | ||||||
1,178 | Vitamin Shoppe, Inc.(b) | 55,260 | ||||||
1,175 | Zagg, Inc.(b) | 5,570 | ||||||
|
| |||||||
3,956,473 | ||||||||
|
| |||||||
Consumer Staples—3.1% | ||||||||
2,770 | B&G Foods, Inc. | 93,764 | ||||||
189 | Boston Beer Co., Inc. (The), Class A(b) | 43,393 | ||||||
3,454 | Boulder Brands, Inc.(b) | 56,611 | ||||||
557 | Chefs’ Warehouse, Inc. (The)(b) | 13,346 | ||||||
7,729 | Darling International, Inc.(b) | 179,854 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
1,539 | Fresh Market, Inc. (The)(b) | $ | 78,350 | |||||
3,198 | Green Mountain Coffee Roasters, Inc.(b) | 200,866 | ||||||
2,717 | Harbinger Group, Inc.(b) | 29,588 | ||||||
619 | Medifast, Inc.(b) | 14,429 | ||||||
658 | PriceSmart, Inc. | 74,874 | ||||||
3,086 | Snyders-Lance, Inc. | 92,549 | ||||||
|
| |||||||
877,624 | ||||||||
|
| |||||||
Energy—6.1% | ||||||||
1,465 | Approach Resources, Inc.(b) | 41,240 | ||||||
3,369 | Atwood Oceanics, Inc.(b) | 178,995 | ||||||
409 | Bonanza Creek Energy, Inc.(b) | 20,671 | ||||||
5,483 | BPZ Resources, Inc.(b) | 11,021 | ||||||
1,918 | C&J Energy Services, Inc.(b) | 44,191 | ||||||
821 | CARBO Ceramics, Inc. | 102,904 | ||||||
386 | Cheniere Energy, Inc.(b) | 15,363 | ||||||
2,168 | Clean Energy Fuels Corp.(b) | 24,694 | ||||||
2,761 | Cobalt International Energy, Inc.(b) | 64,083 | ||||||
1,067 | Contango Oil & Gas Co. | 45,721 | ||||||
587 | Continental Resources, Inc.(b) | 66,859 | ||||||
704 | CVR Energy, Inc. | 27,963 | ||||||
2,283 | Delek US Holdings, Inc. (Israel) | 58,331 | ||||||
1,905 | Forum Energy Technologies, Inc.(b) | 55,740 | ||||||
201 | Geospace Technologies Corp.(b) | 19,581 | ||||||
1,420 | Gulfport Energy Corp.(b) | 83,340 | ||||||
1,317 | Halcon Resources Corp.(b) | 6,822 | ||||||
6,034 | Kodiak Oil & Gas Corp.(b) | 78,261 | ||||||
1,140 | Laredo Petroleum Holdings, Inc.(b) | 36,218 | ||||||
6,425 | Magnum Hunter Resources Corp.(b) | 45,810 | ||||||
1,645 | Matador Resources Co.(b) | 30,284 | ||||||
2,998 | Midstates Petroleum Co., Inc.(b) | 16,909 | ||||||
3,371 | Miller Energy Resources, Inc.(b) | 22,788 | ||||||
2,366 | Northern Oil and Gas, Inc.(b) | 38,873 | ||||||
3,716 | Nuverra Environmental Solutions, Inc.(b) | 9,067 | ||||||
1,346 | Oasis Petroleum, Inc.(b) | 71,674 | ||||||
1,782 | PBF Energy, Inc. | 46,920 | ||||||
3,066 | Renewable Energy Group, Inc.(b) | 33,450 | ||||||
3,740 | Resolute Energy Corp.(b) | 35,081 | ||||||
1,673 | Rex Energy Corp.(b) | 35,969 | ||||||
414 | RigNet, Inc.(b) | 15,260 | ||||||
2,705 | RPC, Inc. | 49,610 | ||||||
615 | Sanchez Energy Corp.(b) | 17,534 | ||||||
34,174 | SandRidge Energy, Inc.(b) | 216,663 | ||||||
884 | Solazyme, Inc.(b) | 9,247 | ||||||
1,857 | Triangle Petroleum Corp.(b) | 19,628 | ||||||
21,993 | Vantage Drilling Co.(b) | 39,148 | ||||||
|
| |||||||
1,735,913 | ||||||||
|
| |||||||
Financials—21.2% | ||||||||
1,054 | 1st United Bancorp, Inc. | 8,053 | ||||||
86 | Alexander’s, Inc. REIT | 27,671 | ||||||
1,766 | American Assets Trust, Inc. REIT | 58,790 | ||||||
3,734 | American Campus Communities, Inc. REIT | 129,047 | ||||||
1,472 | AmTrust Financial Services, Inc. | 56,466 | ||||||
1,950 | Apollo Commercial Real Estate Finance, Inc. REIT | 31,414 | ||||||
4,603 | ARMOUR Residential REIT, Inc. | 18,964 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,365 | Associated Estates Realty Corp. REIT | $ | 36,279 | |||||
1,130 | Bank of the Ozarks, Inc. | 55,912 | ||||||
1,208 | Beneficial Mutual Bancorp, Inc.(b) | 11,778 | ||||||
414 | BofI Holding, Inc.(b) | 25,014 | ||||||
1,749 | Campus Crest Communities, Inc. REIT | 17,507 | ||||||
583 | Capital Bank Financial Corp., Class A(b) | 12,954 | ||||||
1,257 | Cardinal Financial Corp. | 20,741 | ||||||
2,719 | CBOE Holdings, Inc. | 131,871 | ||||||
1,110 | Chatham Lodging Trust REIT | 20,935 | ||||||
2,159 | Chesapeake Lodging Trust REIT | 50,888 | ||||||
1,434 | Colony Financial, Inc. REIT | 29,010 | ||||||
650 | Coresite Realty Corp. REIT | 21,086 | ||||||
198 | Credit Acceptance Corp.(b) | 23,423 | ||||||
13,449 | CYS Investments, Inc. REIT | 114,182 | ||||||
2,816 | DuPont Fabros Technology, Inc. REIT | 69,978 | ||||||
3,602 | Dynex Capital, Inc. REIT | 31,121 | ||||||
764 | Eagle Bancorp, Inc.(b) | 20,208 | ||||||
1,140 | eHealth, Inc.(b) | 48,587 | ||||||
2,780 | Equity Lifestyle Properties, Inc. REIT | 105,612 | ||||||
4,162 | Everbank Financial Corp. | 62,929 | ||||||
690 | Evercore Partners, Inc., Class A | 34,824 | ||||||
1,421 | Excel Trust, Inc. REIT | 17,166 | ||||||
3,304 | Extra Space Storage, Inc. REIT | 151,951 | ||||||
3,773 | EZCORP, Inc., Class A(b) | 59,349 | ||||||
483 | Fidus Investment Corp. | 9,810 | ||||||
600 | Financial Engines, Inc. | 33,522 | ||||||
914 | First Cash Financial Services, Inc.(b) | 55,288 | ||||||
824 | First Connecticut Bancorp, Inc. | 12,096 | ||||||
358 | Fox Chase Bancorp, Inc. | 6,183 | ||||||
524 | Franklin Financial Corp. | 9,888 | ||||||
4,253 | Geo Group, Inc. (The) REIT | 150,003 | ||||||
2,558 | Government Properties Income Trust REIT | 62,543 | ||||||
1,859 | Green Dot Corp., Class A(b) | 39,894 | ||||||
6,788 | Hancock Holding Co. | 222,511 | ||||||
9,250 | Hatteras Financial Corp. REIT | 168,350 | ||||||
5,073 | Healthcare Trust of America, Inc., Class A REIT | 58,948 | ||||||
3,721 | Hercules Technology Growth Capital, Inc. | 57,452 | ||||||
922 | HFF, Inc., Class A | 22,635 | ||||||
2,060 | Home BancShares, Inc. | 69,793 | ||||||
1,494 | Howard Hughes Corp. (The)(b) | 174,873 | ||||||
1,293 | Hudson Pacific Properties, Inc. REIT | 26,752 | ||||||
2,521 | IBERIABANK Corp. | 147,302 | ||||||
1,356 | ICG Group, Inc.(b) | 22,116 | ||||||
912 | INTL FCStone, Inc.(b) | 18,660 | ||||||
9,507 | Invesco Mortgage Capital, Inc. REIT(c) | 146,883 | ||||||
2,171 | Investors Bancorp, Inc. | 51,474 | ||||||
891 | Kennedy-Wilson Holdings, Inc. | 17,856 | ||||||
777 | MarketAxess Holdings, Inc. | 50,684 | ||||||
6,326 | Medical Properties Trust, Inc. REIT | 82,491 | ||||||
217 | Meridian Interstate Bancorp, Inc.(b) | 5,152 | ||||||
5,696 | National Retail Properties, Inc. REIT | 195,942 | ||||||
805 | Northfield Bancorp, Inc. | 10,409 | ||||||
2,750 | Ocwen Financial Corp.(b) | 154,633 | ||||||
5,276 | OMEGA Healthcare Investors, Inc. REIT | 175,374 | ||||||
2,494 | Oritani Financial Corp. | 40,453 | ||||||
3,103 | Pebblebrook Hotel Trust REIT | 93,711 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,395 | PennyMac Mortgage Investment Trust REIT | $ | 55,253 | |||||
1,484 | Portfolio Recovery Associates, Inc.(b) | 88,224 | ||||||
3,089 | Prosperity Bancshares, Inc. | 192,908 | ||||||
1,338 | Realogy Holdings Corp.(b) | 55,045 | ||||||
2,433 | Retail Opportunity Investments Corp. REIT | 36,008 | ||||||
7,249 | RLJ Lodging Trust REIT | 183,110 | ||||||
1,926 | Signature Bank(b) | 196,105 | ||||||
691 | STAG Industrial, Inc. REIT | 14,449 | ||||||
5,757 | Starwood Property Trust, Inc. REIT | 147,897 | ||||||
3,966 | Stifel Financial Corp.(b) | 162,408 | ||||||
2,771 | SVB Financial Group(b) | 265,406 | ||||||
3,313 | Tanger Factory Outlet Centers, Inc. REIT | 115,458 | ||||||
524 | Tejon Ranch Co.(b) | 19,398 | ||||||
545 | Terreno Realty Corp. REIT | 9,690 | ||||||
433 | Territorial Bancorp, Inc. | 9,444 | ||||||
1,658 | Texas Capital Bancshares, Inc.(b) | 86,299 | ||||||
7,390 | Two Harbors Investment Corp. REIT | 68,949 | ||||||
1,404 | ViewPoint Financial Group, Inc. | 30,621 | ||||||
85 | Virtus Investment Partners, Inc.(b) | 17,299 | ||||||
4,193 | Waddell & Reed Financial, Inc., Class A | 258,918 | ||||||
570 | Walker & Dunlop, Inc.(b) | 7,399 | ||||||
1,058 | Walter Investment Management Corp.(b) | 39,961 | ||||||
320 | Westwood Holdings Group, Inc. | 17,066 | ||||||
|
| |||||||
5,974,706 | ||||||||
|
| |||||||
Health Care—14.2% | ||||||||
442 | Abaxis, Inc. | 15,793 | ||||||
569 | Abiomed, Inc.(b) | 13,645 | ||||||
1,884 | Accretive Health, Inc.(b) | 15,562 | ||||||
4,736 | Accuray, Inc.(b) | 31,968 | ||||||
565 | Acorda Therapeutics, Inc.(b) | 17,295 | ||||||
1,144 | Air Methods Corp. | 50,016 | ||||||
811 | Akorn, Inc.(b) | 16,577 | ||||||
1,458 | Align Technology, Inc.(b) | 83,193 | ||||||
10,905 | Allscripts Healthcare Solutions, Inc.(b) | 150,816 | ||||||
381 | Alnylam Pharmaceuticals, Inc.(b) | 21,949 | ||||||
2,703 | Alphatec Holdings, Inc.(b) | 4,919 | ||||||
652 | AMAG Pharmaceuticals, Inc.(b) | 17,591 | ||||||
703 | Ariad Pharmaceuticals, Inc.(b) | 1,547 | ||||||
296 | athenahealth, Inc.(b) | 39,519 | ||||||
47 | Atrion Corp. | 12,557 | ||||||
662 | Auxilium Pharmaceuticals, Inc.(b) | 11,393 | ||||||
2,241 | Aveo Pharmaceuticals, Inc.(b) | 4,639 | ||||||
1,248 | Bio-Reference Labs, Inc.(b) | 40,448 | ||||||
3,547 | Bruker Corp.(b) | 72,536 | ||||||
931 | Cantel Medical Corp. | 32,678 | ||||||
5,177 | Centene Corp.(b) | 290,740 | ||||||
545 | Cepheid, Inc.(b) | 22,192 | ||||||
2,228 | Cubist Pharmaceuticals, Inc.(b) | 138,136 | ||||||
525 | Cyberonics, Inc.(b) | 30,324 | ||||||
3,929 | Dendreon Corp.(b) | 10,098 | ||||||
1,571 | Depomed, Inc.(b) | 11,311 | ||||||
489 | DexCom, Inc.(b) | 14,049 | ||||||
1,883 | Emeritus Corp.(b) | 36,078 | ||||||
1,217 | Ensign Group, Inc. (The) | 51,820 | ||||||
1,389 | ExamWorks Group, Inc.(b) | 35,906 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
2,370 | Exelixis, Inc.(b) | $ | 11,684 | |||||
2,645 | Globus Medical, Inc., Class A(b) | 50,784 | ||||||
441 | HealthStream, Inc.(b) | 15,752 | ||||||
95 | HeartWare International, Inc.(b) | 6,893 | ||||||
691 | Hi-Tech Pharmacal Co., Inc. | 29,775 | ||||||
1,607 | HMS Holdings Corp.(b) | 33,956 | ||||||
1,400 | IDEXX Laboratories, Inc.(b) | 151,004 | ||||||
611 | Immunogen, Inc.(b) | 10,057 | ||||||
5,736 | Impax Laboratories, Inc.(b) | 116,211 | ||||||
1,669 | InterMune, Inc.(b) | 23,516 | ||||||
745 | IPC The Hospitalist Co., Inc.(b) | 40,819 | ||||||
769 | Isis Pharmaceuticals, Inc.(b) | 25,585 | ||||||
3,994 | Lexicon Pharmaceuticals, Inc.(b) | 9,586 | ||||||
1,263 | Luminex Corp.(b) | 24,628 | ||||||
3,501 | Masimo Corp. | 89,696 | ||||||
2,998 | MedAssets, Inc.(b) | 69,044 | ||||||
1,586 | Medicines Co. (The)(b) | 53,797 | ||||||
252 | Medidata Solutions, Inc.(b) | 27,798 | ||||||
2,604 | MEDNAX, Inc.(b) | 283,888 | ||||||
3,240 | Merge Healthcare, Inc.(b) | 8,230 | ||||||
1,914 | Momenta Pharmaceuticals, Inc.(b) | 31,370 | ||||||
497 | MWI Veterinary Supply, Inc.(b) | 78,844 | ||||||
2,718 | Myriad Genetics, Inc.(b) | 66,265 | ||||||
819 | Neogen Corp.(b) | 37,854 | ||||||
1,009 | NPS Pharmaceuticals, Inc.(b) | 29,039 | ||||||
2,721 | NuVasive, Inc.(b) | 86,473 | ||||||
1,275 | NxStage Medical, Inc.(b) | 16,919 | ||||||
1,634 | Omnicell, Inc.(b) | 37,696 | ||||||
3,076 | PAREXEL International Corp.(b) | 140,604 | ||||||
1,679 | Pozen, Inc.(b) | 10,552 | ||||||
3,404 | Quality Systems, Inc. | 77,679 | ||||||
947 | Questcor Pharmaceuticals, Inc. | 58,117 | ||||||
821 | Quidel Corp.(b) | 20,279 | ||||||
4,901 | RTI Surgical, Inc.(b) | 13,674 | ||||||
1,052 | Salix Pharmaceuticals Ltd.(b) | 75,481 | ||||||
2,581 | Sciclone Pharmaceuticals, Inc.(b) | 12,208 | ||||||
427 | Seattle Genetics, Inc.(b) | 16,495 | ||||||
1,823 | Sirona Dental Systems, Inc.(b) | 131,712 | ||||||
3,180 | Solta Medical, Inc.(b) | 5,883 | ||||||
572 | Spectranetics Corp.(b) | 11,949 | ||||||
1,074 | Spectrum Pharmaceuticals, Inc. | 9,226 | ||||||
2,261 | Team Health Holdings, Inc.(b) | 98,218 | ||||||
1,176 | Techne Corp. | 102,771 | ||||||
1,877 | Thoratec Corp.(b) | 81,068 | ||||||
1,430 | United Therapeutics Corp.(b) | 126,584 | ||||||
731 | US Physical Therapy, Inc. | 23,334 | ||||||
541 | Vascular Solutions, Inc.(b) | 10,614 | ||||||
4,241 | ViroPharma, Inc.(b) | 164,636 | ||||||
882 | VIVUS, Inc.(b) | 8,282 | ||||||
1,771 | Volcano Corp.(b) | 33,950 | ||||||
|
| |||||||
3,995,774 | ||||||||
|
| |||||||
Industrials—13.5% | ||||||||
909 | Acacia Research Corp. | 13,717 | ||||||
640 | Advisory Board Co. (The)(b) | 43,904 | ||||||
4,457 | Air Lease Corp. | 131,036 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
531 | Allegiant Travel Co. | $ | 55,367 | |||||
1,682 | Ameresco, Inc., Class A(b) | 17,594 | ||||||
557 | Argan, Inc. | 12,393 | ||||||
124 | Astronics Corp., Class B(b) | 5,988 | ||||||
621 | Astronics Corp.(b) | 30,466 | ||||||
962 | AZZ, Inc. | 43,194 | ||||||
715 | CAI International, Inc.(b) | 15,651 | ||||||
2,700 | Clean Harbors, Inc.(b) | 166,725 | ||||||
925 | Colfax Corp.(b) | 51,763 | ||||||
461 | DXP Enterprises, Inc.(b) | 42,366 | ||||||
731 | Echo Global Logistics, Inc.(b) | 13,458 | ||||||
2,000 | Edgen Group, Inc.(b) | 23,940 | ||||||
1,081 | EnerNOC, Inc.(b) | 17,977 | ||||||
1,278 | Genesee & Wyoming, Inc., Class A(b) | 127,596 | ||||||
421 | Graham Corp. | 15,497 | ||||||
1,608 | HEICO Corp. | 86,157 | ||||||
3,259 | II-VI, Inc.(b) | 55,599 | ||||||
1,749 | InnerWorkings, Inc.(b) | 16,738 | ||||||
842 | KEYW Holding Corp. (The)(b) | 9,683 | ||||||
2,635 | Kirby Corp.(b) | 233,171 | ||||||
750 | LB Foster Co., Class A | 35,062 | ||||||
414 | Lindsay Corp. | 31,468 | ||||||
4,116 | MasTec, Inc.(b) | 131,589 | ||||||
581 | Middleby Corp. (The)(b) | 132,265 | ||||||
807 | Mistras Group, Inc.(b) | 14,817 | ||||||
2,024 | MSC Industrial Direct Co., Inc., Class A | 154,573 | ||||||
573 | Multi-Color Corp. | 19,958 | ||||||
1,620 | On Assignment, Inc.(b) | 54,740 | ||||||
5,583 | Pendrell Corp.(b) | 12,450 | ||||||
1,373 | PMFG, Inc.(b) | 10,764 | ||||||
2,420 | Polypore International, Inc.(b) | 109,384 | ||||||
1,734 | Primoris Services Corp. | 45,153 | ||||||
1,630 | Raven Industries, Inc. | 54,377 | ||||||
1,208 | Roadrunner Transportation Systems, Inc.(b) | 32,012 | ||||||
2,032 | Rollins, Inc. | 56,164 | ||||||
1,078 | RPX Corp.(b) | 19,253 | ||||||
3,542 | Sensata Technologies Holding NV(b) | 133,285 | ||||||
2,963 | Spirit Airlines, Inc.(b) | 127,853 | ||||||
773 | Sun Hydraulics Corp. | 30,673 | ||||||
981 | Team, Inc.(b) | 36,581 | ||||||
1,155 | Thermon Group Holdings, Inc.(b) | 27,154 | ||||||
2,749 | Titan International, Inc. | 39,860 | ||||||
1,934 | Titan Machinery, Inc.(b) | 34,116 | ||||||
3,026 | Towers Watson & Co., Class A(b) | 347,415 | ||||||
2,707 | Triumph Group, Inc. | 193,957 | ||||||
995 | Valmont Industries, Inc. | 139,798 | ||||||
2,749 | Wabtec Corp. | 179,207 | ||||||
4,831 | Waste Connections, Inc. | 206,477 | ||||||
2,025 | Wesco Aircraft Holdings, Inc.(b) | 37,098 | ||||||
3,366 | Woodward, Inc. | 134,943 | ||||||
536 | XPO Logistics, Inc.(b) | 10,816 | ||||||
|
| |||||||
3,823,242 | ||||||||
|
| |||||||
Information Technology—21.7% | ||||||||
696 | 3D Systems Corp.(b) | 43,319 | ||||||
2,120 | Accelrys, Inc.(b) | 19,822 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
4,687 | Active Network, Inc. (The)(b) | $ | 67,680 | |||||
1,353 | Advent Software, Inc. | 45,393 | ||||||
1,136 | Aruba Networks, Inc.(b) | 21,311 | ||||||
651 | Aspen Technology, Inc.(b) | 24,888 | ||||||
2,467 | Bankrate, Inc. (United Kingdom)(b) | 41,544 | ||||||
950 | Bottomline Technologies, Inc.(b) | 29,849 | ||||||
507 | BroadSoft, Inc.(b) | 16,589 | ||||||
2,251 | Calix, Inc.(b) | 22,893 | ||||||
1,854 | Cardtronics, Inc.(b) | 72,769 | ||||||
740 | Cavium, Inc.(b) | 29,829 | ||||||
991 | CEVA, Inc.(b) | 14,201 | ||||||
2,538 | Ciena Corp.(b) | 59,059 | ||||||
2,088 | Cirrus Logic, Inc.(b) | 46,834 | ||||||
421 | CommVault Systems, Inc.(b) | 32,872 | ||||||
1,129 | comScore, Inc.(b) | 30,167 | ||||||
1,182 | Comverse, Inc.(b) | 37,328 | ||||||
749 | Concur Technologies, Inc.(b) | 78,345 | ||||||
1,256 | Constant Contact, Inc.(b) | 32,543 | ||||||
551 | CoStar Group, Inc.(b) | 97,521 | ||||||
3,877 | Cree, Inc.(b) | 235,528 | ||||||
1,196 | Datalink Corp.(b) | 12,283 | ||||||
1,773 | Dealertrack Technologies, Inc.(b) | 66,133 | ||||||
2,523 | Demand Media, Inc.(b) | 12,060 | ||||||
2,998 | Dolby Laboratories, Inc., Class A | 107,148 | ||||||
1,803 | Ebix, Inc. | 20,518 | ||||||
2,602 | EchoStar Corp., Class A(b) | 124,792 | ||||||
6,030 | Entropic Communications, Inc.(b) | 25,808 | ||||||
549 | Envestnet, Inc.(b) | 19,929 | ||||||
1,039 | ExlService Holdings, Inc.(b) | 30,037 | ||||||
1,170 | FactSet Research Systems, Inc. | 127,460 | ||||||
602 | FARO Technologies, Inc.(b) | 28,595 | ||||||
1,373 | FEI Co. | 122,307 | ||||||
5,677 | Finisar Corp.(b) | 130,628 | ||||||
1,142 | FleetCor Technologies, Inc.(b) | 131,730 | ||||||
6,671 | FLIR Systems, Inc. | 189,990 | ||||||
1,372 | Fortinet, Inc.(b) | 27,591 | ||||||
873 | Fusion-io, Inc.(b) | 9,385 | ||||||
2,001 | Gartner, Inc.(b) | 117,959 | ||||||
9,613 | Genpact Ltd.(b) | 190,626 | ||||||
1,878 | Globecomm Systems, Inc.(b) | 26,348 | ||||||
10,096 | Harmonic, Inc.(b) | 73,802 | ||||||
1,105 | Higher One Holdings, Inc.(b) | 8,785 | ||||||
807 | Hittite Microwave Corp.(b) | 51,559 | ||||||
5,181 | Infinera Corp.(b) | 52,898 | ||||||
3,090 | Informatica Corp.(b) | 119,274 | ||||||
794 | Inphi Corp.(b) | 11,704 | ||||||
311 | Interactive Intelligence Group, Inc.(b) | 19,111 | ||||||
826 | InvenSense, Inc.(b) | 13,951 | ||||||
625 | IPG Photonics Corp. | 41,419 | ||||||
1,360 | Ixia(b) | 19,285 | ||||||
1,856 | j2 Global, Inc. | 102,043 | ||||||
3,103 | Jack Henry & Associates, Inc. | 169,455 | ||||||
623 | Liquidity Services, Inc.(b) | 16,266 | ||||||
886 | Littelfuse, Inc. | 75,337 | ||||||
994 | LivePerson, Inc.(b) | 9,284 | ||||||
765 | LogMeIn, Inc.(b) | 24,709 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
1,058 | Maxwell Technologies, Inc.(b) | $ | 7,935 | |||||
3,320 | MICROS Systems, Inc.(b) | 180,110 | ||||||
4,588 | Microsemi Corp.(b) | 115,296 | ||||||
2,503 | Mindspeed Technologies, Inc.(b) | 7,234 | ||||||
1,081 | Monolithic Power Systems, Inc. | 34,419 | ||||||
1,157 | Monotype Imaging Holdings, Inc. | 32,651 | ||||||
1,368 | Nanometrics, Inc.(b) | 25,417 | ||||||
3,524 | National Instruments Corp. | 102,372 | ||||||
1,048 | NeoPhotonics Corp.(b) | 7,430 | ||||||
1,452 | NetScout Systems, Inc.(b) | 41,121 | ||||||
2,219 | NeuStar, Inc., Class A(b) | 101,896 | ||||||
1,747 | NIC, Inc. | 43,011 | ||||||
164 | NVE Corp.(b) | 8,753 | ||||||
12,643 | OCZ Technology Group, Inc.(b) | 14,034 | ||||||
201 | OpenTable, Inc.(b) | 13,965 | ||||||
440 | Pegasystems, Inc. | 16,746 | ||||||
875 | Power Integrations, Inc. | 50,260 | ||||||
288 | PROS Holdings, Inc.(b) | 10,181 | ||||||
739 | QLIK Technologies, Inc.(b) | 18,726 | ||||||
1,376 | RealD, Inc.(b) | 9,522 | ||||||
639 | RealPage, Inc.(b) | 15,675 | ||||||
1,291 | Responsys, Inc.(b) | 21,095 | ||||||
4,446 | Riverbed Technology, Inc.(b) | 65,890 | ||||||
8,063 | Rovi Corp.(b) | 135,136 | ||||||
3,028 | Rubicon Technology, Inc.(b) | 26,041 | ||||||
6,495 | Sapient Corp.(b) | 102,686 | ||||||
2,090 | Semtech Corp.(b) | 65,020 | ||||||
1,864 | ServiceSource International, Inc.(b) | 20,168 | ||||||
2,839 | ShoreTel, Inc.(b) | 22,570 | ||||||
8,756 | Skyworks Solutions, Inc.(b) | 225,730 | ||||||
495 | SolarWinds, Inc.(b) | 17,914 | ||||||
1,768 | Solera Holdings, Inc. | 99,397 | ||||||
3,482 | Super Micro Computer, Inc.(b) | 48,469 | ||||||
1,483 | Synaptics, Inc.(b) | 68,959 | ||||||
827 | Synchronoss Technologies, Inc.(b) | 28,631 | ||||||
520 | Syntel, Inc. | 44,637 | ||||||
1,707 | Telenav, Inc.(b) | 12,376 | ||||||
4,631 | TIBCO Software, Inc.(b) | 113,737 | ||||||
2,315 | TiVo, Inc.(b) | 30,766 | ||||||
161 | Ultimate Software Group, Inc. (The)(b) | 24,871 | ||||||
648 | Ultratech, Inc.(b) | 15,416 | ||||||
590 | Universal Display Corp.(b) | 18,821 | ||||||
1,938 | Vantiv, Inc., Class A(b) | 53,295 | ||||||
1,604 | VASCO Data Security International, Inc.(b) | 12,046 | ||||||
3,060 | Veeco Instruments, Inc.(b) | 89,383 | ||||||
6,739 | VeriFone Systems, Inc.(b) | 152,706 | ||||||
909 | Verint Systems, Inc.(b) | 33,197 | ||||||
1,062 | Virtusa Corp.(b) | 33,007 | ||||||
724 | Vocus, Inc.(b) | 6,263 | ||||||
1,102 | Web.com Group, Inc.(b) | 29,699 | ||||||
1,337 | Wex, Inc.(b) | 124,809 | ||||||
25,685 | Zynga, Inc., Class A(b) | 92,209 | ||||||
|
| |||||||
6,122,191 | ||||||||
|
| |||||||
Materials—4.9% | ||||||||
1,999 | Allied Nevada Gold Corp.(b) | 8,156 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
644 | American Vanguard Corp. | $ | 16,808 | |||||
713 | Balchem Corp. | 40,826 | ||||||
3,177 | Calgon Carbon Corp.(b) | 63,381 | ||||||
10,170 | Coeur d’Alene Mines Corp.(b) | 124,176 | ||||||
1,312 | Flotek Industries, Inc.(b) | 28,051 | ||||||
1,622 | FutureFuel Corp. | 28,239 | ||||||
3,008 | Globe Specialty Metals, Inc. | 52,760 | ||||||
671 | Gold Resource Corp. | 3,482 | ||||||
21,290 | Hecla Mining Co. | 66,425 | ||||||
1,786 | Innophos Holdings, Inc. | 89,514 | ||||||
3,774 | Intrepid Potash, Inc. | 56,044 | ||||||
2,661 | KapStone Paper and Packaging Corp. | 138,266 | ||||||
369 | KMG Chemicals, Inc. | 7,373 | ||||||
1,324 | LSB Industries, Inc.(b) | 48,617 | ||||||
8,232 | Molycorp, Inc.(b) | 41,736 | ||||||
444 | NewMarket Corp. | 138,244 | ||||||
699 | PetroLogistics LP | 9,052 | ||||||
1,604 | Royal Gold, Inc. | 77,056 | ||||||
3,601 | Tronox Ltd., Class A | 83,147 | ||||||
2,725 | W.R. Grace & Co.(b) | 249,774 | ||||||
|
| |||||||
1,371,127 | ||||||||
|
| |||||||
Telecommunication Services—0.4% | ||||||||
1,377 | 8x8, Inc.(b) | 15,780 | ||||||
1,206 | Cogent Communications Group, Inc. | 42,367 | ||||||
7,944 | Iridium Communications, Inc.(b) | 47,902 | ||||||
2,053 | ORBCOMM, Inc.(b) | 12,380 | ||||||
|
| |||||||
118,429 | ||||||||
|
| |||||||
Utilities—0.9% | ||||||||
2,419 | ITC Holdings Corp. | 243,327 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $23,627,053) | 28,218,806 | |||||||
|
| |||||||
Warrants—0.0% | ||||||||
Energy—0.0% | ||||||||
637 | Magnum Hunter Resources Corp., expiring 05/15/16(b) (Cost $0) | 0 | ||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
82,079 | Premier Portfolio—Institutional Class(d) (Cost $82,079) | 82,079 | ||||||
|
| |||||||
Total Investments (Cost $23,709,132)—100.3% | 28,300,885 | |||||||
Other assets less liabilities—(0.3)% | (75,566 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 28,225,319 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) (continued)
October 31, 2013
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | Affiliated company. The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. is considered to be affiliated with the Fund. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Portfolio Composition |
PowerShares Fundamental Pure Small Value Portfolio (PXSV) |
Sector Breakdown (Unaudited) | ||||
Financials | 22.6 | |||
Consumer Discretionary | 22.4 | |||
Industrials | 19.9 | |||
Information Technology | 11.7 | |||
Energy | 5.2 | |||
Materials | 5.1 | |||
Utilities | 4.3 | |||
Health Care | 3.5 | |||
Consumer Staples | 3.4 | |||
Telecommunication Services | 1.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Fundamental Pure Small Value Portfolio (PXSV)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—22.4% | ||||||||
2,821 | 1-800-FLOWERS.COM, Inc., Class A(b) | $ | 15,318 | |||||
10,357 | Aeropostale, Inc.(b)(c) | 96,217 | ||||||
1,552 | Allison Transmission Holdings, Inc. | 37,791 | ||||||
6,236 | American Apparel, Inc.(b)(c) | 8,356 | ||||||
4,042 | ANN, Inc.(b) | 142,925 | ||||||
568 | Arctic Cat, Inc. | 29,763 | ||||||
3,058 | Asbury Automotive Group, Inc.(b) | 146,937 | ||||||
5,939 | Barnes & Noble, Inc.(b) | 83,918 | ||||||
1,194 | Bassett Furniture Industries, Inc. | 16,716 | ||||||
2,859 | Beazer Homes USA, Inc.(b)(c) | 51,948 | ||||||
7,267 | bebe Stores, Inc. | 43,820 | ||||||
7,720 | Belo Corp., Class A | 105,996 | ||||||
2,300 | Big 5 Sporting Goods Corp. | 43,493 | ||||||
100 | Biglari Holdings, Inc.(b) | 43,602 | ||||||
2,078 | Blyth, Inc.(c) | 28,697 | ||||||
2,658 | Bob Evans Farms, Inc. | 151,745 | ||||||
4,747 | Bon-Ton Stores, Inc. (The)(c) | 54,353 | ||||||
14,912 | Boyd Gaming Corp.(b) | 157,471 | ||||||
5,464 | Brinker International, Inc. | 242,711 | ||||||
5,337 | Brown Shoe Co., Inc. | 119,762 | ||||||
3,754 | Brunswick Corp. | 169,418 | ||||||
8,796 | Callaway Golf Co. | 74,150 | ||||||
39,579 | Career Education Corp.(b) | 216,893 | ||||||
1,372 | Carmike Cinemas, Inc.(b) | 31,405 | ||||||
2,465 | Cato Corp. (The), Class A | 73,876 | ||||||
1,533 | CEC Entertainment, Inc. | 71,055 | ||||||
2,869 | Cheesecake Factory, Inc. (The) | 135,560 | ||||||
2,339 | Children’s Place Retail Stores, Inc. (The)(b) | 127,686 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
3,118 | Christopher & Banks Corp.(b) | $ | 17,991 | |||||
3,132 | Citi Trends, Inc.(b) | 45,978 | ||||||
5,265 | Clear Channel Outdoor Holdings, Inc., Class A(b) | 44,752 | ||||||
875 | Columbia Sportswear Co. | 58,511 | ||||||
1,012 | Conn’s, Inc.(b) | 61,165 | ||||||
5,727 | Cooper Tire & Rubber Co. | 148,959 | ||||||
43,979 | Corinthian Colleges, Inc.(b) | 94,115 | ||||||
674 | Costa, Inc.(b) | 13,561 | ||||||
1,427 | Cracker Barrel Old Country Store, Inc. | 156,784 | ||||||
1,018 | CSS Industries, Inc. | 26,356 | ||||||
522 | Culp, Inc. | 10,101 | ||||||
5,606 | Cumulus Media, Inc., Class A(b) | 33,524 | ||||||
6,160 | Denny’s Corp.(b) | 39,116 | ||||||
4,523 | Destination XL Group, Inc.(b) | 31,435 | ||||||
2,374 | Dillard’s, Inc., Class A | 194,621 | ||||||
1,061 | Drew Industries, Inc. | 53,326 | ||||||
4,025 | E.W. Scripps Co. (The), Class A(b) | 79,776 | ||||||
6,923 | Education Management Corp.(b)(c) | 105,922 | ||||||
2,644 | Entercom Communications Corp., Class A(b) | 23,188 | ||||||
5,603 | Entravision Communications Corp., Class A | 37,764 | ||||||
1,782 | Ethan Allen Interiors, Inc. | 47,472 | ||||||
5,385 | Express, Inc.(b) | 124,986 | ||||||
8,998 | Federal-Mogul Corp.(b) | 184,369 | ||||||
924 | Fiesta Restaurant Group, Inc.(b) | 39,168 | ||||||
4,346 | Fifth & Pacific Cos., Inc.(b) | 115,126 | ||||||
3,626 | Finish Line, Inc. (The), Class A | 90,795 | ||||||
558 | Flexsteel Industries, Inc. | 15,323 | ||||||
5,217 | Fred’s, Inc., Class A | 84,515 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
PowerShares Fundamental Pure Small Value Portfolio (PXSV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,784 | Fuel Systems Solutions, Inc.(b) | $ | 32,041 | |||||
5,644 | Gray Television, Inc.(b) | 47,692 | ||||||
2,996 | Group 1 Automotive, Inc. | 191,744 | ||||||
3,988 | Harman International Industries, Inc. | 323,108 | ||||||
8,394 | Harte-Hanks, Inc. | 66,900 | ||||||
1,293 | Haverty Furniture Cos., Inc. | 35,958 | ||||||
3,903 | hhgregg, Inc.(b) | 60,536 | ||||||
842 | Hooker Furniture Corp. | 13,304 | ||||||
10,420 | Hovnanian Enterprises, Inc., Class A(b)(c) | 52,725 | ||||||
2,880 | Hyatt Hotels Corp., Class A(b) | 137,088 | ||||||
1,999 | International Speedway Corp., Class A | 65,387 | ||||||
1,597 | Interval Leisure Group, Inc. | 38,759 | ||||||
4,226 | Isle of Capri Casinos, Inc.(b) | 34,273 | ||||||
10,112 | ITT Educational Services, Inc.(b)(c) | 405,693 | ||||||
3,977 | Jack in the Box, Inc.(b) | 161,784 | ||||||
3,627 | JAKKS Pacific, Inc.(c) | 23,358 | ||||||
518 | Johnson Outdoors, Inc., Class A | 14,209 | ||||||
15,010 | Jones Group, Inc. (The) | 233,255 | ||||||
4,366 | Journal Communications, Inc., Class A(b) | 36,456 | ||||||
6,198 | KB Home(c) | 105,180 | ||||||
1,650 | Kirkland’s, Inc.(b) | 29,287 | ||||||
3,634 | Lamar Advertising Co., Class A(b) | 166,110 | ||||||
2,921 | La-Z-Boy, Inc. | 67,417 | ||||||
1,721 | Libbey, Inc.(b) | 36,743 | ||||||
1,629 | Lithia Motors, Inc., Class A | 102,383 | ||||||
15,631 | Live Nation Entertainment, Inc.(b) | 303,867 | ||||||
982 | Luby’s, Inc.(b) | 7,522 | ||||||
847 | M/I Homes, Inc.(b) | 17,338 | ||||||
493 | Mac-Gray Corp. | 10,392 | ||||||
2,331 | Marcus Corp. | 33,473 | ||||||
2,318 | MarineMax, Inc.(b) | 34,144 | ||||||
2,498 | Martha Stewart Living Omnimedia, Inc., Class A(b) | 6,395 | ||||||
1,839 | Matthews International Corp., Class A | 74,663 | ||||||
14,945 | McClatchy Co. (The), Class A(b)(c) | 42,145 | ||||||
2,303 | MDC Holdings, Inc. | 67,225 | ||||||
4,741 | Men’s Wearhouse, Inc. (The) | 200,544 | ||||||
2,874 | Meredith Corp. | 147,436 | ||||||
1,483 | Meritage Homes Corp.(b) | 67,313 | ||||||
7,163 | Modine Manufacturing Co.(b) | 95,411 | ||||||
967 | Monarch Casino & Resort, Inc.(b) | 16,352 | ||||||
2,620 | Morgans Hotel Group Co.(b) | 18,759 | ||||||
579 | Movado Group, Inc. | 26,999 | ||||||
845 | Multimedia Games Holding Co., Inc.(b) | 27,471 | ||||||
1,313 | NACCO Industries, Inc., Class A | 74,802 | ||||||
1,162 | Nautilus, Inc.(b) | 9,250 | ||||||
3,265 | New York & Co., Inc.(b) | 16,717 | ||||||
16,502 | New York Times Co. (The), Class A | 228,223 | ||||||
896 | Nexstar Broadcasting Group, Inc., Class A | 39,773 | ||||||
4,940 | Nutrisystem, Inc. | 92,872 | ||||||
4,954 | Orbitz Worldwide, Inc.(b) | 45,775 | ||||||
692 | Oxford Industries, Inc. | 49,665 | ||||||
808 | Papa John’s International, Inc. | 61,141 | ||||||
5,285 | Penske Automotive Group, Inc. | 209,392 | ||||||
7,445 | PEP Boys-Manny Moe & Jack (The)(b) | 96,338 | ||||||
2,601 | Perry Ellis International, Inc. | 49,445 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
5,963 | Pinnacle Entertainment, Inc.(b) | $ | 139,534 | |||||
1,868 | Pool Corp. | 101,582 | ||||||
14,419 | Quiksilver, Inc.(b) | 119,966 | ||||||
1,119 | Red Robin Gourmet Burgers, Inc.(b) | 85,245 | ||||||
12,912 | Regal Entertainment Group, Class A | 245,457 | ||||||
6,321 | Regis Corp. | 91,655 | ||||||
8,858 | Ruby Tuesday, Inc.(b) | 52,528 | ||||||
2,391 | Ruth’s Hospitality Group, Inc. | 29,146 | ||||||
1,799 | Ryland Group, Inc. (The) | 72,320 | ||||||
254 | Saga Communications, Inc., Class A | 12,093 | ||||||
10,883 | Saks, Inc.(b) | 174,019 | ||||||
3,100 | Scholastic Corp. | 88,939 | ||||||
6,070 | Scientific Games Corp., Class A(b) | 110,960 | ||||||
968 | Sears Hometown and Outlet Stores, Inc.(b) | 26,968 | ||||||
342 | Shiloh Industries, Inc. | 5,616 | ||||||
1,520 | Shoe Carnival, Inc. | 39,505 | ||||||
3,217 | Sinclair Broadcast Group, Inc., Class A | 103,137 | ||||||
3,762 | Skechers U.S.A., Inc., Class A(b) | 109,625 | ||||||
6,865 | Sonic Automotive, Inc., Class A | 152,952 | ||||||
4,392 | Sonic Corp.(b) | 84,766 | ||||||
4,617 | Spartan Motors, Inc. | 31,349 | ||||||
899 | Speedway Motorsports, Inc. | 16,416 | ||||||
2,732 | Stage Stores, Inc. | 56,416 | ||||||
1,302 | Standard Motor Products, Inc. | 47,080 | ||||||
2,246 | Standard Pacific Corp.(b) | 17,811 | ||||||
7,250 | Starz, Class A(b) | 218,588 | ||||||
3,577 | Stein Mart, Inc. | 52,832 | ||||||
4,911 | Stewart Enterprises, Inc., Class A | 64,874 | ||||||
4,325 | Stoneridge, Inc.(b) | 55,187 | ||||||
2,703 | Superior Industries International, Inc. | 50,681 | ||||||
995 | Systemax, Inc. | 9,453 | ||||||
3,598 | Thor Industries, Inc. | 208,720 | ||||||
889 | Tower International, Inc.(b) | 18,865 | ||||||
2,998 | Town Sports International Holdings, Inc. | 38,734 | ||||||
8,846 | TravelCenters of America LLC(b) | 73,510 | ||||||
4,834 | Tuesday Morning Corp.(b) | 68,401 | ||||||
1,001 | Unifi, Inc.(b) | 24,414 | ||||||
2,059 | Universal Technical Institute, Inc. | 27,364 | ||||||
3,445 | VOXX International Corp.(b) | 53,432 | ||||||
1,309 | West Marine, Inc.(b) | 15,983 | ||||||
11,631 | Wet Seal, Inc. (The), Class A(b) | 38,499 | ||||||
547 | Weyco Group, Inc. | 15,715 | ||||||
4,415 | Williams-Sonoma, Inc. | 231,523 | ||||||
1,113 | Winnebago Industries, Inc.(b) | 33,012 | ||||||
4,729 | World Wrestling Entertainment, Inc., Class A | 61,241 | ||||||
17,870 | Zale Corp.(b) | 279,308 | ||||||
|
| |||||||
12,807,934 | ||||||||
|
| |||||||
Consumer Staples—3.4% | ||||||||
8,103 | Alliance One International, Inc.(b) | 24,066 | ||||||
37 | Arden Group, Inc., Class A | 4,810 | ||||||
9,350 | Central Garden & Pet Co., Class A(b) | 68,816 | ||||||
23,925 | Chiquita Brands International, Inc.(b) | 247,624 | ||||||
568 | Coca-Cola Bottling Co. Consolidated | 35,966 | ||||||
1,554 | Elizabeth Arden, Inc.(b) | 56,239 | ||||||
470 | Farmer Brothers Co.(b) | 8,488 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
PowerShares Fundamental Pure Small Value Portfolio (PXSV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
4,351 | Fresh Del Monte Produce, Inc. | $ | 115,693 | |||||
3,942 | Harris Teeter Supermarkets, Inc. | 194,419 | ||||||
1,917 | Ingles Markets, Inc., Class A | 49,478 | ||||||
929 | John B. Sanfilippo & Son, Inc. | 22,835 | ||||||
1,065 | Lancaster Colony Corp. | 88,384 | ||||||
2,517 | Nash Finch Co. | 70,627 | ||||||
1,180 | National Beverage Corp. | 21,606 | ||||||
692 | Nature’s Sunshine Products, Inc. | 13,072 | ||||||
849 | Nutraceutical International Corp. | 20,418 | ||||||
354 | Oil-Dri Corp. of America | 12,563 | ||||||
4,433 | Pilgrim’s Pride Corp. (Brazil)(b) | 62,816 | ||||||
3,545 | Post Holdings, Inc.(b) | 152,258 | ||||||
1,973 | Prestige Brands Holdings, Inc.(b) | 61,617 | ||||||
799 | Revlon, Inc., Class A(b) | 18,976 | ||||||
14,396 | Roundy’s, Inc. | 133,883 | ||||||
969 | Seneca Foods Corp., Class A(b) | 28,411 | ||||||
2,648 | Spartan Stores, Inc. | 62,307 | ||||||
740 | Tootsie Roll Industries, Inc. | 23,680 | ||||||
3,049 | Universal Corp. | 161,689 | ||||||
6,736 | Vector Group Ltd.(c) | 108,921 | ||||||
592 | Village Super Market, Inc., Class A | 21,703 | ||||||
1,137 | Weis Markets, Inc. | 58,180 | ||||||
|
| |||||||
1,949,545 | ||||||||
|
| |||||||
Energy—5.2% | ||||||||
314 | Adams Resources & Energy, Inc. | 16,256 | ||||||
2,379 | Alon USA Energy, Inc. (Israel) | 28,738 | ||||||
5,323 | Basic Energy Services, Inc.(b) | 78,088 | ||||||
6,914 | Bill Barrett Corp.(b)(c) | 191,310 | ||||||
36,368 | Cal Dive International, Inc.(b)(c) | 71,645 | ||||||
4,550 | Callon Petroleum Co.(b) | 31,077 | ||||||
7,854 | Cloud Peak Energy, Inc.(b) | 122,601 | ||||||
5,940 | Comstock Resources, Inc. | 101,633 | ||||||
5,403 | Crosstex Energy, Inc. | 165,818 | ||||||
789 | Dawson Geophysical Co.(b) | 23,070 | ||||||
4,950 | Endeavour International Corp.(b)(c) | 29,403 | ||||||
1,711 | EPL Oil & Gas, Inc.(b) | 54,547 | ||||||
13,400 | EXCO Resources, Inc. | 72,494 | ||||||
32,880 | Forest Oil Corp.(b) | 155,851 | ||||||
1,034 | Gulf Island Fabrication, Inc. | 26,078 | ||||||
2,339 | Gulfmark Offshore, Inc., Class A | 116,435 | ||||||
3,012 | Harvest Natural Resources, Inc.(b)(c) | 15,060 | ||||||
13,380 | Hercules Offshore, Inc.(b) | 90,984 | ||||||
2,175 | Hornbeck Offshore Services, Inc.(b) | 120,212 | ||||||
7,133 | ION Geophysical Corp.(b) | 33,097 | ||||||
18,590 | Key Energy Services, Inc.(b) | 145,374 | ||||||
835 | Natural Gas Services Group, Inc.(b) | 23,372 | ||||||
7,009 | Newpark Resources, Inc.(b) | 89,365 | ||||||
18,452 | Parker Drilling Co.(b) | 132,854 | ||||||
19,081 | Penn Virginia Corp.(b) | 162,379 | ||||||
8,299 | PetroQuest Energy, Inc.(b) | 39,171 | ||||||
1,297 | PHI, Inc.(b) | 51,647 | ||||||
7,925 | Pioneer Energy Services Corp.(b) | 66,570 | ||||||
60,754 | Quicksilver Resources, Inc.(b)(c) | 130,014 | ||||||
765 | REX American Resources Corp.(b) | 22,063 | ||||||
5,802 | Stone Energy Corp.(b) | 202,258 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
7,985 | Swift Energy Co.(b) | $ | 109,554 | |||||
2,901 | Tesco Corp.(b) | 49,839 | ||||||
9,895 | TETRA Technologies, Inc.(b) | 128,338 | ||||||
3,945 | W&T Offshore, Inc. | 75,310 | ||||||
|
| |||||||
2,972,505 | ||||||||
|
| |||||||
Financials—22.6% | ||||||||
1,008 | 1st Source Corp. | 31,631 | ||||||
642 | Agree Realty Corp. REIT | 20,268 | ||||||
7,742 | American Equity Investment Life Holding Co. | 161,343 | ||||||
486 | American National Bankshares, Inc. | 11,149 | ||||||
1,319 | Ameris Bancorp(b) | 24,138 | ||||||
1,078 | AMERISAFE, Inc. | 41,503 | ||||||
497 | Ames National Corp. | 11,197 | ||||||
2,686 | Arbor Realty Trust, Inc. REIT | 17,862 | ||||||
805 | Arlington Asset Investment Corp., Class A | 19,859 | ||||||
942 | Arrow Financial Corp.(c) | 24,313 | ||||||
8,611 | Ashford Hospitality Trust, Inc. REIT | 112,460 | ||||||
14,273 | Astoria Financial Corp. | 188,546 | ||||||
704 | AV Homes, Inc.(b) | 13,446 | ||||||
622 | Baldwin & Lyons, Inc., Class B | 16,999 | ||||||
469 | BancFirst Corp. | 26,062 | ||||||
9,275 | BancorpSouth, Inc. | 204,977 | ||||||
4,492 | Bank Mutual Corp. | 28,569 | ||||||
3,722 | Bank of Hawaii Corp. | 215,802 | ||||||
895 | BankFinancial Corp. | 8,315 | ||||||
1,071 | Banner Corp. | 40,977 | ||||||
15,743 | BGC Partners, Inc., Class A | 83,753 | ||||||
1,493 | BOK Financial Corp. | 91,416 | ||||||
4,818 | Boston Private Financial Holdings, Inc. | 54,877 | ||||||
6,258 | Brookline Bancorp, Inc. | 55,508 | ||||||
3,885 | Calamos Asset Management, Inc., Class A | 38,151 | ||||||
656 | Camden National Corp. | 26,470 | ||||||
922 | Capital City Bank Group, Inc.(b) | 11,341 | ||||||
4,627 | Cathay General Bancorp | 113,963 | ||||||
6,945 | Cedar Realty Trust, Inc. REIT | 39,656 | ||||||
2,504 | Central Pacific Financial Corp.(b) | 46,124 | ||||||
158 | Century Bancorp, Inc., Class A | 5,135 | ||||||
688 | Charter Financial Corp. | 7,458 | ||||||
1,928 | Chemical Financial Corp. | 56,471 | ||||||
684 | Citizens & Northern Corp. | 13,516 | ||||||
1,234 | City Holding Co. | 56,147 | ||||||
3,262 | City National Corp. | 235,223 | ||||||
2,551 | CNA Financial Corp. | 103,545 | ||||||
2,133 | CoBiz Financial, Inc. | 23,143 | ||||||
1,121 | Community Trust Bancorp, Inc. | 47,743 | ||||||
659 | CommunityOne Bancorp(b) | 7,091 | ||||||
6,511 | Cousins Properties, Inc. REIT | 73,770 | ||||||
7,867 | Cowen Group, Inc., Class A(b) | 31,232 | ||||||
2,311 | Crawford & Co., Class B | 25,398 | ||||||
6,790 | CVB Financial Corp. | 98,727 | ||||||
18,892 | DCT Industrial Trust, Inc. REIT | 146,413 | ||||||
15,472 | DiamondRock Hospitality Co. REIT | 176,226 | ||||||
2,627 | Dime Community Bancshares, Inc. | 42,978 | ||||||
710 | Donegal Group, Inc., Class A | 11,253 | ||||||
528 | EMC Insurance Group, Inc. | 17,973 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
PowerShares Fundamental Pure Small Value Portfolio (PXSV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,301 | Employers Holdings, Inc. | $ | 69,191 | |||||
387 | Enterprise Bancorp, Inc. | 7,562 | ||||||
524 | ESB Financial Corp. | 6,974 | ||||||
11,685 | F.N.B. Corp. | 146,179 | ||||||
1,124 | FBL Financial Group, Inc., Class A | 50,288 | ||||||
799 | FBR & Co.(b) | 21,173 | ||||||
548 | Federal Agricultural Mortgage Corp., Class C | 19,558 | ||||||
10,566 | FelCor Lodging Trust, Inc. REIT(b) | 71,004 | ||||||
759 | Fidelity Southern Corp.(b) | 11,590 | ||||||
941 | Financial Institutions, Inc. | 22,273 | ||||||
1,725 | First Bancorp | 25,840 | ||||||
734 | First Bancorp, Inc. | 12,779 | ||||||
6,559 | First Busey Corp. | 33,910 | ||||||
454 | First Citizens BancShares, Inc., Class A | 96,125 | ||||||
9,756 | First Commonwealth Financial Corp. | 84,780 | ||||||
1,353 | First Community Bancshares, Inc. | 22,582 | ||||||
796 | First Defiance Financial Corp. | 20,553 | ||||||
874 | First Financial Corp. | 30,188 | ||||||
881 | First Financial Northwest, Inc. | 9,550 | ||||||
1,510 | First Interstate BancSystem, Inc. | 37,916 | ||||||
2,456 | First Merchants Corp. | 46,173 | ||||||
6,863 | First Midwest Bancorp, Inc. | 114,132 | ||||||
17,627 | FirstMerit Corp. | 395,902 | ||||||
1,640 | Flagstar Bancorp, Inc.(b) | 26,584 | ||||||
5,761 | Forest City Enterprises, Inc., Class A(b) | 116,718 | ||||||
1,686 | Forestar Group, Inc.(b) | 37,648 | ||||||
5,267 | Franklin Street Properties Corp. REIT | 69,524 | ||||||
3,270 | FXCM, Inc., Class A | 53,595 | ||||||
1,501 | Gain Capital Holdings, Inc. | 15,715 | ||||||
7,251 | GFI Group, Inc. | 25,161 | ||||||
5,096 | Glacier Bancorp, Inc. | 140,802 | ||||||
959 | Gladstone Commercial Corp. REIT | 18,125 | ||||||
10,632 | Gramercy Property Trust, Inc. REIT(b) | 48,588 | ||||||
888 | Great Southern Bancorp, Inc. | 24,935 | ||||||
1,007 | Guaranty Bancorp | 13,595 | ||||||
933 | Hallmark Financial Services, Inc.(b) | 7,940 | ||||||
1,620 | Hanmi Financial Corp. | 28,318 | ||||||
4,652 | Healthcare Realty Trust, Inc. REIT | 111,695 | ||||||
1,066 | Heartland Financial USA, Inc. | 28,238 | ||||||
1,020 | Heritage Commerce Corp. | 7,946 | ||||||
4,688 | Highwoods Properties, Inc. REIT | 180,957 | ||||||
1,785 | Hilltop Holdings, Inc.(b) | 30,952 | ||||||
320 | HomeStreet, Inc. | 6,086 | ||||||
879 | HomeTrust Bancshares, Inc.(b) | 14,196 | ||||||
4,426 | Horace Mann Educators Corp. | 122,600 | ||||||
505 | Horizon Bancorp | 10,964 | ||||||
1,206 | Hudson Valley Holding Corp. | 22,299 | ||||||
341 | Independence Holding Co. | 4,679 | ||||||
1,230 | Infinity Property & Casualty Corp. | 84,353 | ||||||
6,916 | Inland Real Estate Corp. REIT | 73,932 | ||||||
11,876 | Interactive Brokers Group, Inc., Class A | 245,002 | ||||||
5,487 | International Bancshares Corp. | 125,378 | ||||||
6,598 | Investment Technology Group, Inc.(b) | 105,700 | ||||||
7,452 | Investors Real Estate Trust REIT | 64,236 | ||||||
18,036 | iStar Financial, Inc. REIT(b) | 227,795 | ||||||
10,294 | Janus Capital Group, Inc. | 101,602 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
357 | Kansas City Life Insurance Co. | $ | 16,386 | |||||
12,571 | KCG Holdings, Inc., Class A(b) | 109,871 | ||||||
5,731 | Kite Realty Group Trust REIT | 36,678 | ||||||
1,622 | Lakeland Bancorp, Inc. | 18,491 | ||||||
1,226 | MainSource Financial Group, Inc. | 19,886 | ||||||
3,930 | MB Financial, Inc. | 116,721 | ||||||
5,017 | MBIA, Inc.(b) | 57,043 | ||||||
419 | Merchants Bancshares, Inc. | 12,562 | ||||||
3,987 | Mercury General Corp. | 185,635 | ||||||
978 | Metro Bancorp, Inc.(b) | 20,871 | ||||||
737 | MetroCorp Bancshares, Inc. | 10,561 | ||||||
19,106 | MGIC Investment Corp.(b) | 155,523 | ||||||
402 | MidSouth Bancorp, Inc. | 6,102 | ||||||
196 | NASB Financial, Inc.(b) | 5,047 | ||||||
342 | National Bankshares, Inc. | 12,021 | ||||||
8,120 | National Penn Bancshares, Inc. | 84,204 | ||||||
156 | National Western Life Insurance Co., Class A | 32,448 | ||||||
1,133 | Navigators Group, Inc. (The)(b) | 63,720 | ||||||
3,249 | NBT Bancorp, Inc. | 79,178 | ||||||
2,371 | Nelnet, Inc., Class A | 101,076 | ||||||
6,893 | New Residential Investment Corp. REIT | 45,563 | ||||||
6,841 | Newcastle Investment Corp. REIT | 39,267 | ||||||
7,658 | Northwest Bancshares, Inc. | 107,135 | ||||||
1,323 | OceanFirst Financial Corp. | 23,272 | ||||||
7,552 | Old National Bancorp | 109,806 | ||||||
813 | One Liberty Properties, Inc. REIT | 17,187 | ||||||
3,546 | OneBeacon Insurance Group Ltd., Class A | 56,594 | ||||||
935 | Oppenheimer Holdings, Inc., Class A | 18,541 | ||||||
1,240 | Pacific Continental Corp. | 17,087 | ||||||
1,907 | PacWest Bancorp(c) | 72,561 | ||||||
1,135 | Park National Corp. | 89,915 | ||||||
1,397 | Parkway Properties, Inc. REIT | 25,300 | ||||||
257 | Penns Woods Bancorp, Inc. | 13,158 | ||||||
5,130 | Pennsylvania Real Estate Investment Trust REIT | 93,007 | ||||||
850 | Peoples Bancorp, Inc. | 19,057 | ||||||
1,383 | Phoenix Cos., Inc. (The)(b) | 53,342 | ||||||
1,175 | PICO Holdings, Inc.(b) | 27,589 | ||||||
1,377 | Piper Jaffray Cos., Inc.(b) | 49,421 | ||||||
2,497 | Potlatch Corp. REIT | 101,953 | ||||||
666 | Preferred Bank(b) | 12,801 | ||||||
5,403 | Primerica, Inc. | 232,059 | ||||||
591 | Provident Financial Holdings, Inc. | 8,960 | ||||||
4,893 | Provident Financial Services, Inc. | 91,695 | ||||||
9,128 | Provident New York Bancorp(b) | 106,980 | ||||||
7,676 | Radian Group, Inc. | 111,839 | ||||||
13,920 | RAIT Financial Trust REIT | 105,096 | ||||||
3,200 | Ramco-Gershenson Properties Trust REIT | 52,032 | ||||||
7,309 | Redwood Trust, Inc. REIT(c) | 128,054 | ||||||
1,754 | Renasant Corp. | 50,305 | ||||||
954 | Republic Bancorp, Inc., Class A | 21,961 | ||||||
715 | Resource America, Inc., Class A | 6,170 | ||||||
6,482 | Retail Properties of America, Inc., Class A REIT | 92,757 | ||||||
1,852 | RLI Corp. | 174,977 | ||||||
589 | Rouse Properties, Inc. REIT(c) | 11,910 | ||||||
2,748 | S&T Bancorp, Inc. | 67,381 | ||||||
952 | S.Y. Bancorp, Inc. | 28,570 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
PowerShares Fundamental Pure Small Value Portfolio (PXSV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,689 | Sabra Health Care REIT, Inc. REIT | $ | 72,334 | |||||
1,282 | Safety Insurance Group, Inc. | 70,113 | ||||||
1,561 | Sandy Spring Bancorp, Inc. | 38,229 | ||||||
5,120 | Seacoast Banking Corp. of Florida(b) | 11,674 | ||||||
5,457 | Selective Insurance Group, Inc. | 143,355 | ||||||
763 | Sierra Bancorp | 14,444 | ||||||
1,393 | Simmons First National Corp., Class A | 45,607 | ||||||
1,542 | Southwest Bancorp, Inc.(b) | 24,687 | ||||||
1,254 | State Auto Financial Corp. | 23,826 | ||||||
2,416 | State Bank Financial Corp. | 41,217 | ||||||
1,927 | StellarOne Corp. | 44,861 | ||||||
1,993 | Sterling Financial Corp. | 57,717 | ||||||
2,180 | Stewart Information Services Corp. | 68,278 | ||||||
5,977 | Strategic Hotels & Resorts, Inc. REIT(b) | 52,000 | ||||||
1,004 | Suffolk Bancorp(b) | 19,628 | ||||||
9,176 | Sunstone Hotel Investors, Inc. REIT | 121,582 | ||||||
13,721 | Susquehanna Bancshares, Inc. | 161,702 | ||||||
5,028 | SWS Group, Inc.(b) | 28,308 | ||||||
12,715 | Symetra Financial Corp. | 238,152 | ||||||
672 | Taylor Capital Group, Inc.(b) | 15,456 | ||||||
701 | Tompkins Financial Corp. | 34,573 | ||||||
1,859 | TowneBank | 27,067 | ||||||
1,184 | TriCo Bancshares | 29,943 | ||||||
10,135 | TrustCo Bank Corp. NY | 68,107 | ||||||
4,987 | Trustmark Corp. | 135,447 | ||||||
1,110 | UMH Properties, Inc. REIT | 11,167 | ||||||
9,990 | Umpqua Holdings Corp.(c) | 163,536 | ||||||
1,458 | Union First Market Bankshares Corp. | 35,167 | ||||||
4,183 | United Bankshares, Inc.(c) | 123,733 | ||||||
2,826 | United Community Banks, Inc.(b) | 44,057 | ||||||
1,717 | United Fire Group, Inc. | 54,429 | ||||||
4,214 | Universal Insurance Holdings, Inc. | 33,038 | ||||||
1,435 | Univest Corp. of Pennsylvania | 28,657 | ||||||
1,328 | Urstadt Biddle Properties, Inc., Class A REIT | 26,215 | ||||||
1,264 | Virginia Commerce Bancorp, Inc.(b) | 20,262 | ||||||
9,509 | Washington Federal, Inc. | 216,615 | ||||||
1,001 | Washington Trust Bancorp, Inc. | 32,923 | ||||||
6,462 | Webster Financial Corp. | 180,225 | ||||||
2,556 | WesBanco, Inc. | 75,146 | ||||||
870 | West Bancorporation, Inc. | 12,023 | ||||||
1,901 | Westamerica Bancorp.(c) | 97,863 | ||||||
2,856 | Westfield Financial, Inc. | 20,592 | ||||||
3,458 | Wilshire Bancorp, Inc. | 29,289 | ||||||
2,214 | Winthrop Realty Trust REIT | 26,059 | ||||||
2,689 | Wintrust Financial Corp. | 116,998 | ||||||
552 | WSFS Financial Corp. | 38,646 | ||||||
|
| |||||||
12,914,470 | ||||||||
|
| |||||||
Health Care—3.5% | ||||||||
7,134 | Affymetrix, Inc.(b) | 50,437 | ||||||
1,525 | Albany Molecular Research, Inc.(b) | 19,977 | ||||||
8,307 | Amedisys, Inc.(b) | 135,238 | ||||||
3,180 | AMN Healthcare Services, Inc.(b) | 39,432 | ||||||
3,091 | AmSurg Corp.(b) | 132,573 | ||||||
7,222 | Cambrex Corp.(b) | 121,474 | ||||||
2,682 | Charles River Laboratories International, Inc.(b) | 131,981 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
2,158 | CONMED Corp. | $ | 78,271 | |||||
4,584 | Cross Country Healthcare, Inc.(b) | 27,229 | ||||||
597 | Cutera, Inc.(b) | 6,000 | ||||||
2,716 | Enzon Pharmaceuticals, Inc. | 4,020 | ||||||
7,582 | Five Star Quality Care, Inc.(b) | 38,441 | ||||||
5,995 | Gentiva Health Services, Inc.(b) | 68,643 | ||||||
4,818 | Geron Corp.(b) | 19,031 | ||||||
4,359 | Healthways, Inc.(b) | 41,977 | ||||||
4,281 | Hill-Rom Holdings, Inc. | 176,762 | ||||||
5,200 | Invacare Corp. | 111,644 | ||||||
3,073 | Magellan Health Services, Inc.(b) | 180,385 | ||||||
565 | National Healthcare Corp. | 27,335 | ||||||
4,978 | PerkinElmer, Inc. | 189,363 | ||||||
6,138 | PharMerica Corp.(b) | 90,597 | ||||||
2,022 | Providence Service Corp. (The)(b) | 60,438 | ||||||
3,958 | Skilled Healthcare Group, Inc., Class A(b) | 16,861 | ||||||
3,477 | STERIS Corp. | 157,126 | ||||||
574 | SurModics, Inc.(b) | 13,535 | ||||||
3,133 | Symmetry Medical, Inc.(b) | 25,377 | ||||||
7,281 | Universal American Corp. | 54,025 | ||||||
|
| |||||||
2,018,172 | ||||||||
|
| |||||||
Industrials—19.9% | ||||||||
6,101 | ABM Industries, Inc. | 167,839 | ||||||
9,461 | ACCO Brands Corp.(b) | 55,347 | ||||||
9,260 | Accuride Corp.(b) | 41,670 | ||||||
1,726 | Aceto Corp. | 27,530 | ||||||
1,751 | Acuity Brands, Inc. | 175,993 | ||||||
5,325 | Air Transport Services Group, Inc.(b) | 38,553 | ||||||
11,779 | Aircastle Ltd. | 222,270 | ||||||
459 | Alamo Group, Inc. | 21,660 | ||||||
2,054 | Albany International Corp., Class A | 75,608 | ||||||
340 | AMERCO | 68,656 | ||||||
342 | American Railcar Industries, Inc.(c) | 14,008 | ||||||
466 | American Woodmark Corp.(b) | 15,807 | ||||||
746 | Ampco-Pittsburgh Corp. | 13,734 | ||||||
1,668 | Apogee Enterprises, Inc. | 52,175 | ||||||
6,143 | Arkansas Best Corp. | 168,134 | ||||||
3,171 | Armstrong World Industries, Inc.(b) | 169,427 | ||||||
1,540 | Astec Industries, Inc. | 52,067 | ||||||
2,963 | Atlas Air Worldwide Holdings, Inc.(b) | 109,720 | ||||||
3,252 | Barnes Group, Inc. | 115,576 | ||||||
3,197 | BlueLinx Holdings, Inc.(b) | 5,946 | ||||||
3,696 | Brady Corp., Class A | 107,886 | ||||||
5,244 | Briggs & Stratton Corp. | 96,175 | ||||||
5,601 | Brink’s Co. (The) | 175,871 | ||||||
2,547 | Builders FirstSource, Inc.(b) | 18,873 | ||||||
8,199 | Casella Waste Systems, Inc., Class A(b) | 48,456 | ||||||
6,004 | CBIZ, Inc.(b) | 48,993 | ||||||
1,640 | CDI Corp. | 26,322 | ||||||
1,558 | Celadon Group, Inc. | 28,885 | ||||||
27,777 | Cenveo, Inc.(b) | 87,220 | ||||||
986 | CIRCOR International, Inc. | 72,737 | ||||||
949 | Coleman Cable, Inc. | 23,345 | ||||||
1,703 | Columbus McKinnon Corp.(b) | 44,295 | ||||||
4,058 | Comfort Systems USA, Inc. | 75,601 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
PowerShares Fundamental Pure Small Value Portfolio (PXSV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
2,629 | Commercial Vehicle Group, Inc.(b) | $ | 20,690 | |||||
1,529 | Consolidated Graphics, Inc.(b) | 97,994 | ||||||
1,202 | Corporate Executive Board Co. (The) | 87,626 | ||||||
8,732 | Covanta Holding Corp. | 149,928 | ||||||
1,220 | CRA International, Inc.(b) | 23,241 | ||||||
2,766 | Crane Co. | 175,641 | ||||||
3,666 | Curtiss-Wright Corp. | 182,493 | ||||||
3,598 | Deluxe Corp. | 169,430 | ||||||
1,952 | DigitalGlobe, Inc.(b) | 62,113 | ||||||
1,528 | Ducommun, Inc.(b) | 37,986 | ||||||
3,295 | Dycom Industries, Inc.(b) | 97,697 | ||||||
1,389 | Encore Wire Corp. | 68,797 | ||||||
3,106 | Ennis, Inc. | 55,132 | ||||||
1,381 | EnPro Industries, Inc.(b) | 82,404 | ||||||
5,370 | Federal Signal Corp.(b) | 73,515 | ||||||
593 | Franklin Covey Co.(b) | 11,148 | ||||||
1,060 | FreightCar America, Inc. | 23,574 | ||||||
4,179 | FTI Consulting, Inc.(b) | 169,584 | ||||||
1,470 | G&K Services, Inc., Class A | 91,728 | ||||||
2,767 | Gibraltar Industries, Inc.(b) | 44,300 | ||||||
2,034 | Global Power Equipment Group, Inc. | 41,412 | ||||||
18,463 | GrafTech International Ltd.(b)(c) | 164,321 | ||||||
3,768 | Granite Construction, Inc. | 121,895 | ||||||
2,309 | Greenbrier Cos., Inc.(b) | 61,281 | ||||||
5,610 | Griffon Corp. | 70,293 | ||||||
2,813 | H&E Equipment Services, Inc. | 70,409 | ||||||
11,904 | Hawaiian Holdings, Inc.(b)(c) | 98,208 | ||||||
4,357 | Heartland Express, Inc. | 62,567 | ||||||
2,416 | Heidrick & Struggles International, Inc. | 44,744 | ||||||
3,227 | Herman Miller, Inc. | 97,907 | ||||||
3,707 | HNI Corp. | 144,017 | ||||||
1,592 | Houston Wire & Cable Co. | 22,081 | ||||||
1,840 | Hudson Global, Inc.(b) | 5,980 | ||||||
502 | Hurco Cos., Inc. | 12,294 | ||||||
2,206 | Insperity, Inc. | 85,306 | ||||||
1,127 | Insteel Industries, Inc. | 18,697 | ||||||
1,057 | Intersections, Inc. | 9,058 | ||||||
2,127 | John Bean Technologies Corp. | 57,812 | ||||||
1,011 | Kadant, Inc. | 36,194 | ||||||
6,621 | Kelly Services, Inc., Class A | 138,114 | ||||||
4,740 | Kennametal, Inc. | 218,040 | ||||||
2,764 | Kforce, Inc. | 54,423 | ||||||
5,341 | Kimball International, Inc., Class B | 62,490 | ||||||
4,034 | Knight Transportation, Inc. | 68,457 | ||||||
3,205 | Knoll, Inc. | 52,626 | ||||||
3,709 | Korn/Ferry International(b) | 88,274 | ||||||
3,183 | Layne Christensen Co.(b) | 61,559 | ||||||
2,433 | Lennox International, Inc. | 189,920 | ||||||
1,819 | LSI Industries, Inc. | 16,753 | ||||||
1,224 | Lydall, Inc.(b) | 22,301 | ||||||
9,110 | Manitowoc Co., Inc. (The) | 177,281 | ||||||
6,232 | Matson, Inc. | 168,825 | ||||||
1,793 | McGrath RentCorp | 63,956 | ||||||
32,683 | Meritor, Inc.(b) | 224,532 | ||||||
1,001 | Miller Industries, Inc. | 18,759 | ||||||
1,696 | Mine Safety Appliances Co. | 81,679 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
2,281 | Mobile Mini, Inc.(b) | $ | 82,390 | |||||
3,452 | Moog, Inc., Class A(b) | 206,188 | ||||||
4,308 | MRC Global, Inc.(b) | 120,409 | ||||||
2,196 | Mueller Industries, Inc. | 132,397 | ||||||
13,702 | Mueller Water Products, Inc., Class A | 117,426 | ||||||
1,665 | MYR Group, Inc.(b) | 44,039 | ||||||
738 | National Presto Industries, Inc. | 52,066 | ||||||
5,130 | Navigant Consulting, Inc.(b) | 89,006 | ||||||
3,161 | NCI Building Systems, Inc.(b) | 45,613 | ||||||
469 | NL Industries, Inc. | 5,469 | ||||||
1,838 | NN, Inc. | 29,555 | ||||||
863 | Nortek, Inc.(b) | 60,557 | ||||||
1,210 | Northwest Pipe Co.(b) | 43,596 | ||||||
5,666 | Orbital Sciences Corp.(b) | 130,715 | ||||||
2,572 | Orion Marine Group, Inc.(b) | 32,150 | ||||||
1,202 | Park-Ohio Holdings Corp.(b) | 49,775 | ||||||
410 | Patriot Transportation Holding, Inc.(b) | 15,158 | ||||||
1,601 | Pike Electric Corp. | 17,307 | ||||||
557 | Powell Industries, Inc.(b) | 34,996 | ||||||
952 | PowerSecure International, Inc.(b) | 17,212 | ||||||
3,417 | Quad/Graphics, Inc. | 119,322 | ||||||
3,809 | Quality Distribution, Inc.(b) | 39,157 | ||||||
2,886 | Quanex Building Products Corp. | 51,313 | ||||||
13,099 | Republic Airways Holdings, Inc.(b) | 154,306 | ||||||
3,813 | Resources Connection, Inc. | 48,654 | ||||||
1,707 | Rexnord Corp.(b) | 40,149 | ||||||
3,630 | Rush Enterprises, Inc., Class A(b) | 103,891 | ||||||
2,381 | Saia, Inc.(b) | 77,454 | ||||||
1,065 | Schawk, Inc. | 15,570 | ||||||
2,174 | Simpson Manufacturing Co., Inc. | 77,068 | ||||||
12,557 | SkyWest, Inc. | 188,857 | ||||||
14,860 | Southwest Airlines Co. | 255,889 | ||||||
542 | Sparton Corp.(b) | 14,303 | ||||||
1,015 | Standard Parking Corp.(b) | 26,867 | ||||||
679 | Standex International Corp. | 41,765 | ||||||
8,427 | Steelcase, Inc., Class A | 138,119 | ||||||
1,617 | Sterling Construction Co., Inc.(b) | 15,523 | ||||||
2,189 | Toro Co. (The) | 129,020 | ||||||
287 | Trex Co., Inc.(b) | 20,153 | ||||||
1,836 | Trimas Corp.(b) | 69,511 | ||||||
3,063 | TrueBlue, Inc.(b) | 75,656 | ||||||
11,255 | Tutor Perini Corp.(b) | 258,302 | ||||||
697 | Twin Disc, Inc. | 18,031 | ||||||
4,518 | United Stationers, Inc. | 200,780 | ||||||
1,823 | Universal Forest Products, Inc. | 96,473 | ||||||
4,311 | USG Corp.(b) | 117,733 | ||||||
10,704 | UTi Worldwide, Inc. | 162,701 | ||||||
1,717 | Viad Corp. | 45,844 | ||||||
2,122 | Vicor Corp.(b) | 18,695 | ||||||
2,856 | Wabash National Corp.(b) | 33,301 | ||||||
1,655 | Watts Water Technologies, Inc., Class A | 95,626 | ||||||
5,574 | Werner Enterprises, Inc. | 129,094 | ||||||
|
| |||||||
11,329,016 | ||||||||
|
| |||||||
Information Technology—11.7% | ||||||||
4,749 | Acxiom Corp.(b) | 157,809 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
PowerShares Fundamental Pure Small Value Portfolio (PXSV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
1,791 | Advanced Energy Industries, Inc.(b) | $ | 37,396 | |||||
1,504 | Aeroflex Holding Corp.(b) | 11,656 | ||||||
1,183 | Agilysys, Inc.(b) | 13,900 | ||||||
1,657 | American Software, Inc., Class A | 14,499 | ||||||
22,770 | Amkor Technology, Inc.(b) | 120,909 | ||||||
7,058 | ANADIGICS, Inc.(b) | 14,257 | ||||||
834 | Anaren, Inc.(b) | 20,833 | ||||||
1,827 | Applied Micro Circuits Corp.(b) | 21,303 | ||||||
5,991 | ARRIS Group, Inc.(b) | 106,999 | ||||||
1,806 | ATMI, Inc.(b) | 49,376 | ||||||
7,536 | Aviat Networks, Inc.(b) | 15,524 | ||||||
5,581 | Avid Technology, Inc.(b) | 41,578 | ||||||
4,222 | AVX Corp. (Japan) | 55,941 | ||||||
1,024 | Bel Fuse, Inc., Class B | 21,545 | ||||||
2,009 | Belden, Inc. | 135,125 | ||||||
8,475 | Benchmark Electronics, Inc.(b) | 192,637 | ||||||
2,187 | Black Box Corp. | 54,762 | ||||||
7,656 | Broadridge Financial Solutions, Inc. | 269,185 | ||||||
3,601 | CACI International, Inc., Class A(b) | 259,200 | ||||||
5,346 | Cadence Design Systems, Inc.(b) | 69,338 | ||||||
4,969 | Checkpoint Systems, Inc.(b) | 84,572 | ||||||
7,353 | CIBER, Inc.(b) | 23,897 | ||||||
2,119 | Cohu, Inc. | 20,258 | ||||||
9,932 | Compuware Corp. | 106,074 | ||||||
10,720 | Convergys Corp. | 211,613 | ||||||
2,636 | CSG Systems International, Inc. | 73,439 | ||||||
3,346 | CTS Corp. | 62,303 | ||||||
2,455 | Cypress Semiconductor Corp.(b) | 22,782 | ||||||
2,885 | Daktronics, Inc. | 34,505 | ||||||
2,225 | Digi International, Inc.(b) | 22,428 | ||||||
3,384 | Digital River, Inc.(b) | 60,371 | ||||||
18,599 | EarthLink, Inc. | 94,111 | ||||||
1,511 | Electro Rent Corp. | 27,410 | ||||||
2,120 | Electro Scientific Industries, Inc. | 25,398 | ||||||
2,048 | Electronics for Imaging, Inc.(b) | 70,267 | ||||||
1,592 | EMCORE Corp.(b)(c) | 8,485 | ||||||
8,122 | Emulex Corp.(b) | 61,159 | ||||||
5,882 | Entegris, Inc.(b) | 60,879 | ||||||
423 | ePlus, Inc. | 22,994 | ||||||
4,425 | Extreme Networks, Inc.(b) | 23,718 | ||||||
1,304 | Fair Isaac Corp. | 74,693 | ||||||
11,158 | Fairchild Semiconductor International, Inc.(b) | 141,372 | ||||||
4,739 | FormFactor, Inc.(b) | 24,738 | ||||||
3,786 | Freescale Semiconductor Ltd.(b) | 58,456 | ||||||
5,227 | Global Cash Access Holdings, Inc.(b) | 43,384 | ||||||
2,264 | GSI Group, Inc.(b) | 22,595 | ||||||
9,035 | Integrated Device Technology, Inc.(b) | 96,132 | ||||||
5,388 | International Rectifier Corp.(b) | 140,304 | ||||||
16,145 | Intersil Corp., Class A | 180,178 | ||||||
1,688 | IXYS Corp. | 19,631 | ||||||
7,633 | Kemet Corp.(b) | 43,279 | ||||||
6,836 | Lender Processing Services, Inc. | 235,979 | ||||||
4,347 | Lionbridge Technologies, Inc.(b) | 18,953 | ||||||
24,514 | LSI Corp.(b) | 207,879 | ||||||
3,061 | Mercury Systems, Inc.(b) | 28,222 | ||||||
2,535 | Methode Electronics, Inc. | 64,845 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
522 | MoneyGram International, Inc.(b) | $ | 11,019 | |||||
22,620 | Monster Worldwide, Inc.(b) | 97,718 | ||||||
1,411 | Multi-Fineline Electronix, Inc. (Singapore)(b) | 18,922 | ||||||
2,451 | Newport Corp.(b) | 38,897 | ||||||
1,509 | Park Electrochemical Corp. | 42,327 | ||||||
2,473 | Pericom Semiconductor Corp.(b) | 19,982 | ||||||
9,035 | Photronics, Inc.(b) | 75,894 | ||||||
4,398 | Plexus Corp.(b) | 168,355 | ||||||
1,245 | PLX Technology, Inc.(b) | 7,520 | ||||||
1,877 | PRGX Global, Inc.(b) | 13,477 | ||||||
7,524 | QLogic Corp.(b) | 92,921 | ||||||
29,826 | Quantum Corp.(b) | 36,984 | ||||||
2,389 | RealNetworks, Inc.(b) | 18,324 | ||||||
17,030 | RF Micro Devices, Inc.(b) | 89,407 | ||||||
1,117 | Richardson Electronics Ltd. | 12,868 | ||||||
1,846 | Rofin-Sinar Technologies, Inc.(b) | 48,457 | ||||||
746 | Rogers Corp.(b) | 45,476 | ||||||
1,404 | Rudolph Technologies, Inc.(b) | 14,882 | ||||||
3,695 | ScanSource, Inc.(b) | 142,110 | ||||||
4,507 | Sigma Designs, Inc.(b) | 24,518 | ||||||
3,996 | Silicon Image, Inc.(b) | 20,979 | ||||||
11,973 | Sonus Networks, Inc.(b) | 35,919 | ||||||
5,778 | Spansion, Inc., Class A(b) | 69,163 | ||||||
30,444 | SunEdison, Inc.(b) | 283,129 | ||||||
3,867 | SunPower Corp. (France)(b)(c) | 116,745 | ||||||
507 | Supertex, Inc. | 12,934 | ||||||
3,943 | Symmetricom, Inc.(b) | 28,271 | ||||||
4,557 | Take-Two Interactive Software, Inc.(b) | 81,616 | ||||||
1,844 | TeleTech Holdings, Inc.(b) | 48,811 | ||||||
53,070 | Tellabs, Inc. | 129,491 | ||||||
8,831 | Teradyne, Inc.(b) | 154,454 | ||||||
3,557 | Tessera Technologies, Inc. | 67,654 | ||||||
2,276 | Ultra Clean Holdings, Inc.(b) | 21,190 | ||||||
11,619 | United Online, Inc. | 141,639 | ||||||
10,851 | Unwired Planet, Inc.(b) | 17,579 | ||||||
2,285 | ValueClick, Inc.(b) | 43,895 | ||||||
371 | Viasystems Group, Inc.(b) | 5,565 | ||||||
955 | Vishay Precision Group, Inc.(b) | 15,662 | ||||||
1,286 | XO Group, Inc.(b) | 17,850 | ||||||
2,164 | Zebra Technologies Corp., Class A(b) | 104,543 | ||||||
664 | Zygo Corp.(b) | 10,252 | ||||||
|
| |||||||
6,648,474 | ||||||||
|
| |||||||
Materials—5.1% | ||||||||
2,808 | A. Schulman, Inc. | 93,001 | ||||||
2,547 | A.M. Castle & Co.(b) | 36,448 | ||||||
364 | AEP Industries, Inc.(b) | 21,629 | ||||||
1,773 | AMCOL International Corp. | 56,878 | ||||||
489 | American Pacific Corp.(b) | 22,259 | ||||||
2,511 | Carpenter Technology Corp. | 148,978 | ||||||
9,272 | Century Aluminum Co.(b) | 80,481 | ||||||
7,922 | Chemtura Corp.(b) | 194,089 | ||||||
14,964 | Ferro Corp.(b) | 191,988 | ||||||
2,971 | Greif, Inc., Class A | 158,919 | ||||||
2,295 | H.B. Fuller Co. | 109,862 | ||||||
4,961 | Headwaters, Inc.(b) | 43,309 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
PowerShares Fundamental Pure Small Value Portfolio (PXSV) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
3,999 | Horsehead Holding Corp.(b) | $ | 58,025 | |||||
3,976 | Louisiana-Pacific Corp.(b) | 67,632 | ||||||
2,337 | Materion Corp. | 69,666 | ||||||
1,888 | Minerals Technologies, Inc. | 106,917 | ||||||
2,824 | Myers Industries, Inc. | 50,324 | ||||||
1,343 | Neenah Paper, Inc. | 55,251 | ||||||
8,660 | Noranda Aluminum Holding Corp. | 23,555 | ||||||
7,206 | Olin Corp. | 162,207 | ||||||
1,708 | Olympic Steel, Inc. | 46,748 | ||||||
5,192 | OM Group, Inc.(b) | 176,528 | ||||||
4,610 | P.H. Glatfelter Co. | 120,782 | ||||||
2,023 | RTI International Metals, Inc.(b) | 68,580 | ||||||
4,226 | Schnitzer Steel Industries, Inc., Class A | 122,723 | ||||||
3,550 | Sensient Technologies Corp. | 185,061 | ||||||
6,033 | SunCoke Energy, Inc.(b) | 120,660 | ||||||
687 | Texas Industries, Inc.(b) | 36,892 | ||||||
1,499 | Tredegar Corp. | 43,801 | ||||||
531 | Universal Stainless & Alloy Products, Inc.(b) | 17,162 | ||||||
1,942 | US Concrete, Inc.(b) | 42,433 | ||||||
4,820 | Wausau Paper Corp. | 56,394 | ||||||
3,636 | Worthington Industries, Inc. | 147,403 | ||||||
|
| |||||||
2,936,585 | ||||||||
|
| |||||||
Telecommunication Services—1.8% | ||||||||
3,769 | Cbeyond, Inc.(b) | 24,272 | ||||||
41,591 | Cincinnati Bell, Inc.(b) | 118,950 | ||||||
4,234 | Consolidated Communications Holdings, Inc. | 78,880 | ||||||
5,795 | Fairpoint Communications, Inc.(b)(c) | 54,125 | ||||||
4,408 | General Communication, Inc., Class A(b) | 41,920 | ||||||
667 | Hawaiian Telcom Holdco, Inc.(b) | 17,729 | ||||||
23,033 | Leap Wireless International, Inc.(b) | 370,831 | ||||||
4,619 | NTELOS Holdings Corp. | 87,946 | ||||||
3,861 | Premiere Global Services, Inc.(b) | 34,788 | ||||||
2,164 | United States Cellular Corp. | 104,738 | ||||||
5,197 | USA Mobility, Inc. | 77,539 | ||||||
|
| |||||||
1,011,718 | ||||||||
|
| |||||||
Utilities—4.3% | ||||||||
2,992 | ALLETE, Inc. | 151,186 | ||||||
6,455 | Avista Corp. | 179,384 | ||||||
3,627 | Black Hills Corp. | 183,961 | ||||||
3,081 | California Water Service Group | 67,166 | ||||||
4,792 | Empire District Electric Co. (The) | 107,772 | ||||||
3,932 | IDACORP, Inc. | 202,891 | ||||||
2,711 | Laclede Group, Inc. (The) | 127,607 | ||||||
1,564 | MGE Energy, Inc. | 88,069 | ||||||
1,130 | Middlesex Water Co. | 23,425 | ||||||
3,848 | New Jersey Resources Corp. | 177,123 | ||||||
2,757 | Northwest Natural Gas Co. | 119,737 | ||||||
3,640 | NorthWestern Corp. | 166,858 | ||||||
3,264 | Otter Tail Corp. | 97,365 | ||||||
5,925 | Piedmont Natural Gas Co., Inc. | 202,279 | ||||||
1,178 | SJW Corp. | 33,255 | ||||||
1,888 | South Jersey Industries, Inc. | 112,430 | ||||||
4,056 | Southwest Gas Corp. | 220,079 | ||||||
1,194 | Unitil Corp. | 36,083 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
3,296 | UNS Energy Corp. | $ | 163,086 | |||||
|
| |||||||
2,459,756 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $45,050,771) | 57,048,175 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
100,765 | Premier Portfolio—Institutional Class(d) (Cost $100,765) | 100,765 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $45,151,536)—100.1% | 57,148,940 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.5% | ||||||||
1,980,117 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $1,980,117)(d)(e) | 1,980,117 | ||||||
|
| |||||||
Total Investments (Cost $47,131,653)—103.6% | 59,129,057 | |||||||
Other assets less liabilities—(3.6)% | (2,055,510 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 57,073,547 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2013. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2G. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Portfolio Composition |
PowerShares Zacks Micro Cap Portfolio (PZI) |
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2013 (Unaudited) | ||||
Financials | 31.4 | |||
Industrials | 17.4 | |||
Consumer Discretionary | 15.3 | |||
Information Technology | 14.2 | |||
Energy | 8.2 | |||
Health Care | 7.9 | |||
Materials | 2.4 | |||
Consumer Staples | 1.7 | |||
Telecommunication Services | 1.3 | |||
Utilities | 0.2 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Zacks Micro Cap Portfolio (PZI)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—15.3% | ||||||||
17,685 | AH Belo Corp., Class A | $ | 142,187 | |||||
8,575 | Bassett Furniture Industries, Inc. | 120,050 | ||||||
8,576 | Big 5 Sporting Goods Corp. | 162,172 | ||||||
336 | Biglari Holdings, Inc.(b) | 146,503 | ||||||
11,342 | Black Diamond, Inc.(b) | 169,109 | ||||||
19,373 | Callaway Golf Co. | 163,314 | ||||||
49,968 | Career Education Corp.(b) | 273,825 | ||||||
6,246 | Carmike Cinemas, Inc.(b) | 142,971 | ||||||
7,108 | Carriage Services, Inc. | 142,800 | ||||||
18,466 | China Automotive Systems, Inc. (China)(b) | 126,492 | ||||||
19,129 | Christopher & Banks Corp.(b) | 110,374 | ||||||
7,889 | Citi Trends, Inc.(b) | 115,810 | ||||||
2,089 | Core-Mark Holding Co., Inc. | 147,755 | ||||||
63,391 | Corinthian Colleges, Inc.(b) | 135,657 | ||||||
5,744 | CSS Industries, Inc. | 148,712 | ||||||
8,332 | Delta Apparel, Inc.(b) | 157,475 | ||||||
21,319 | Destination XL Group, Inc.(b) | 148,167 | ||||||
10,671 | Digital Generation, Inc.(b) | 134,988 | ||||||
12,380 | Dixie Group, Inc. (The)(b) | 155,988 | ||||||
7,519 | E.W. Scripps Co. (The), Class A(b) | 149,027 | ||||||
15,706 | Entercom Communications Corp., Class A(b)(c) | 137,742 | ||||||
8,871 | Fred’s, Inc., Class A | 143,710 | ||||||
7,061 | Fuel Systems Solutions, Inc.(b) | 126,816 | ||||||
17,685 | Gray Television, Inc.(b) | 149,438 | ||||||
5,622 | Haverty Furniture Cos., Inc. | 156,348 | ||||||
7,700 | hhgregg, Inc.(b) | 119,427 | ||||||
35,360 | Iao Kun Group Holdings Co. Ltd. (Hong Kong) | 118,102 | ||||||
16,237 | Journal Communications, Inc., Class A(b) | 135,579 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
7,479 | Kirkland’s, Inc.(b) | $ | 132,752 | |||||
9,080 | Lifetime Brands, Inc. | 142,193 | ||||||
30,114 | Lincoln Educational Services Corp. | 143,945 | ||||||
11,305 | MarineMax, Inc.(b) | 166,523 | ||||||
9,436 | Modine Manufacturing Co.(b) | 125,687 | ||||||
7,268 | Monarch Casino & Resort, Inc.(b) | 122,902 | ||||||
19,105 | Nautilus, Inc.(b) | 152,076 | ||||||
7,319 | Perry Ellis International, Inc. | 139,134 | ||||||
40,711 | RadioShack Corp.(b)(c) | 114,398 | ||||||
6,816 | Remy International, Inc. | 150,156 | ||||||
11,702 | Rick’s Cabaret International, Inc.(b) | 132,116 | ||||||
7,924 | Rocky Brands, Inc. | 120,128 | ||||||
18,387 | Ruby Tuesday, Inc.(b) | 109,035 | ||||||
11,705 | Ruth’s Hospitality Group, Inc. | 142,684 | ||||||
16,657 | Salem Communications Corp., Class A | 137,587 | ||||||
37,087 | SORL Auto Parts, Inc.(b) | 178,388 | ||||||
7,705 | Speedway Motorsports, Inc. | 140,693 | ||||||
4,290 | Standard Motor Products, Inc. | 155,126 | ||||||
12,761 | Stoneridge, Inc.(b) | 162,830 | ||||||
3,598 | Strattec Security Corp. | 145,791 | ||||||
7,735 | Superior Industries International, Inc. | 145,031 | ||||||
6,900 | Tower International, Inc.(b) | 146,418 | ||||||
29,984 | Trans World Entertainment Corp. | 129,831 | ||||||
17,567 | TravelCenters of America LLC(b) | 145,982 | ||||||
9,033 | Tuesday Morning Corp.(b) | 127,817 | ||||||
5,903 | Unifi, Inc.(b) | 143,974 | ||||||
3,834 | Universal Electronics, Inc.(b) | 149,181 | ||||||
31,711 | ValueVision Media, Inc., Class A(b) | 169,337 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
10,068 | VOXX International Corp.(b) | $ | 156,155 | |||||
11,304 | West Marine, Inc.(b) | 138,022 | ||||||
5,315 | Winnebago Industries, Inc.(b) | 157,643 | ||||||
9,075 | Zale Corp.(b) | 141,842 | ||||||
|
| |||||||
8,645,915 | ||||||||
|
| |||||||
Consumer Staples—1.7% | ||||||||
47,401 | Alliance One International, Inc.(b) | 140,781 | ||||||
10,893 | Chiquita Brands International, Inc.(b) | 112,743 | ||||||
4,832 | Ingles Markets, Inc., Class A | 124,714 | ||||||
5,986 | John B. Sanfilippo & Son, Inc. | 147,136 | ||||||
13,651 | Omega Protein Corp.(b) | 127,773 | ||||||
6,252 | Spartan Stores, Inc. | 147,110 | ||||||
14,189 | SunOpta, Inc.(b) | 152,815 | ||||||
|
| |||||||
953,072 | ||||||||
|
| |||||||
Energy—8.2% | ||||||||
2,485 | Adams Resources & Energy, Inc. | 128,649 | ||||||
67,278 | Cal Dive International, Inc.(b) | 132,538 | ||||||
15,323 | Capital Product Partners LP (Greece)(c) | 143,423 | ||||||
6,589 | Compressco Partners, LP | 143,179 | ||||||
8,671 | Comstock Resources, Inc. | 148,361 | ||||||
6,602 | Crosstex Energy, Inc. | 202,615 | ||||||
4,248 | Dawson Geophysical Co.(b) | 124,212 | ||||||
29,282 | Equal Energy Ltd. (Canada) | 138,797 | ||||||
29,791 | Forbes Energy Services Ltd.(b) | 148,359 | ||||||
34,933 | Gastar Exploration Ltd.(b) | 150,911 | ||||||
8,594 | Green Plains Renewable Energy, Inc. | 138,621 | ||||||
69,672 | James River Coal Co.(b)(c) | 133,770 | ||||||
13,559 | Knightsbridge Tankers Ltd. (Bermuda) | 111,726 | ||||||
108,608 | L&L Energy, Inc.(b)(c) | 154,223 | ||||||
7,034 | Matrix Service Co.(b) | 146,237 | ||||||
19,007 | Miller Energy Resources, Inc.(b)(c) | 128,487 | ||||||
5,176 | Natural Gas Services Group, Inc.(b) | 144,876 | ||||||
37,387 | Navios Maritime Acquisition Corp. | 149,174 | ||||||
25,302 | North American Energy Partners, Inc. (Canada) | 152,318 | ||||||
24,202 | Parker Drilling Co.(b) | 174,254 | ||||||
20,750 | Penn Virginia Corp.(b) | 176,583 | ||||||
3,657 | PHI, Inc.(b) | 145,622 | ||||||
18,363 | Pioneer Energy Services Corp.(b) | 154,249 | ||||||
9,102 | Renewable Energy Group, Inc.(b) | 99,303 | ||||||
4,516 | REX American Resources Corp.(b) | 130,241 | ||||||
15,102 | StealthGas, Inc.(b) | 173,673 | ||||||
14,148 | Synergy Resources Corp.(b) | 146,573 | ||||||
8,328 | Tesco Corp.(b) | 143,075 | ||||||
14,054 | Triangle Petroleum Corp.(b) | 148,551 | ||||||
26,646 | Tsakos Energy Navigation Ltd.(c) | 133,497 | ||||||
47,072 | Warren Resources, Inc.(b) | 147,335 | ||||||
15,025 | Willbros Group, Inc.(b) | 146,644 | ||||||
|
| |||||||
4,640,076 | ||||||||
|
| |||||||
Financials—31.4% | ||||||||
18,814 | 1st United Bancorp, Inc. | 143,739 | ||||||
7,553 | Ameris Bancorp(b) | 138,220 | ||||||
3,909 | AMERISAFE, Inc. | 150,496 | ||||||
8,001 | Amreit, Inc., Class B REIT | 140,818 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
9,032 | Apollo Commercial Real Estate Finance, Inc. REIT | $ | 145,506 | |||||
9,452 | Apollo Residential Mortgage, Inc. REIT | 142,347 | ||||||
20,342 | Arbor Realty Trust, Inc. REIT | 135,274 | ||||||
11,097 | Ares Commercial Real Estate Corp. REIT | 137,936 | ||||||
5,799 | Arlington Asset Investment Corp., Class A | 143,061 | ||||||
9,971 | Banc of California, Inc. | 140,691 | ||||||
5,534 | Banco Latinoamericano de Comercio Exterior SA, Class E (Supranational) | 145,157 | ||||||
7,782 | Bancorp, Inc. (The)(b) | 125,835 | ||||||
22,141 | Bank Mutual Corp. | 140,817 | ||||||
3,638 | Banner Corp. | 139,190 | ||||||
5,493 | Berkshire Hills Bancorp, Inc. | 139,357 | ||||||
14,533 | BlackRock Kelso Capital Corp. | 136,465 | ||||||
5,474 | Blackstone Mortgage Trust, Inc., Class A REIT | 134,058 | ||||||
10,338 | BNC Bancorp | 135,531 | ||||||
2,134 | BofI Holding, Inc.(b) | 128,936 | ||||||
14,654 | Brookline Bancorp, Inc. | 129,981 | ||||||
2,850 | C&F Financial Corp. | 153,643 | ||||||
13,805 | Calamos Asset Management, Inc., Class A | 135,565 | ||||||
4,058 | Capital Southwest Corp. | 133,386 | ||||||
8,343 | Cardinal Financial Corp. | 137,660 | ||||||
14,342 | Centerstate Banks, Inc. | 141,412 | ||||||
12,770 | Charter Financial Corp. | 138,427 | ||||||
7,722 | Chatham Lodging Trust REIT | 145,637 | ||||||
14,276 | CoBiz Financial, Inc. | 154,895 | ||||||
23,265 | Consumer Portfolio Services, Inc.(b) | 156,341 | ||||||
4,090 | Coresite Realty Corp. REIT | 132,680 | ||||||
39,984 | Cowen Group, Inc., Class A(b) | 158,736 | ||||||
7,276 | Doral Financial Corp. (Puerto Rico)(b) | 122,964 | ||||||
4,883 | Eagle Bancorp, Inc.(b) | 129,155 | ||||||
6,138 | Ellington Financial LLC | 139,946 | ||||||
4,570 | EMC Insurance Group, Inc. | 155,563 | ||||||
4,637 | Employers Holdings, Inc. | 139,435 | ||||||
8,219 | Enterprise Financial Services Corp. | 148,189 | ||||||
6,310 | Farmers Capital Bank Corp.(b) | 129,607 | ||||||
5,144 | FBR & Co.(b) | 136,316 | ||||||
4,132 | Federal Agricultural Mortgage Corp., Class C | 147,471 | ||||||
14,491 | Federated National Holding Co.(b) | 148,533 | ||||||
9,093 | Fidelity Southern Corp.(b) | 138,850 | ||||||
7,108 | Fidus Investment Corp. | 144,363 | ||||||
9,607 | First Bancorp | 143,913 | ||||||
18,171 | First Commonwealth Financial Corp. | 157,906 | ||||||
5,897 | First Defiance Financial Corp. | 152,261 | ||||||
13,310 | First Financial Northwest, Inc. | 144,280 | ||||||
7,959 | First Merchants Corp. | 149,629 | ||||||
7,524 | Flushing Financial Corp. | 151,157 | ||||||
6,405 | Forestar Group, Inc.(b) | 143,024 | ||||||
7,029 | FXCM, Inc., Class A | 115,205 | ||||||
11,027 | Gain Capital Holdings, Inc. | 115,453 | ||||||
35,146 | GFI Group, Inc. | 121,957 | ||||||
5,453 | Global Indemnity PLC(b) | 134,307 | ||||||
7,953 | Golub Capital BDC, Inc. | 139,973 | ||||||
33,452 | Gramercy Property Trust, Inc. REIT(b) | 152,876 | ||||||
9,310 | GSV Capital Corp.(b)(c) | 142,350 | ||||||
3,378 | HCI Group, Inc. | 148,429 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
9,103 | Hercules Technology Growth Capital, Inc. | $ | 140,550 | |||||
7,918 | Heritage Financial Group, Inc. | 136,031 | ||||||
7,186 | HomeStreet, Inc. | 136,678 | ||||||
9,725 | ICG Group, Inc.(b) | 158,615 | ||||||
21,787 | Imperial Holdings, Inc.(b) | 127,672 | ||||||
3,864 | Independent Bank Corp. | 138,640 | ||||||
2,135 | Infinity Property & Casualty Corp. | 146,418 | ||||||
7,349 | Interactive Brokers Group, Inc., Class A | 151,610 | ||||||
17,506 | Intervest Bancshares Corp., Class A(b) | 127,619 | ||||||
6,745 | INTL FCStone, Inc.(b) | 138,003 | ||||||
8,831 | Investment Technology Group, Inc.(b) | 141,473 | ||||||
3,139 | Kansas City Life Insurance Co. | 144,080 | ||||||
15,358 | Kcap Financial, Inc. | 129,468 | ||||||
23,260 | Kite Realty Group Trust REIT | 148,864 | ||||||
12,258 | Lakeland Bancorp, Inc. | 139,741 | ||||||
25,804 | Macatawa Bank Corp.(b) | 126,698 | ||||||
11,680 | Maiden Holdings Ltd. | 127,896 | ||||||
9,139 | MainSource Financial Group, Inc. | 148,235 | ||||||
8,268 | Manning & Napier, Inc., Class A | 137,249 | ||||||
27,545 | MCG Capital Corp. | 129,737 | ||||||
21,220 | Meadowbrook Insurance Group, Inc. | 140,901 | ||||||
9,268 | Medallion Financial Corp. | 140,688 | ||||||
3,629 | Meta Financial Group, Inc. | 135,071 | ||||||
6,566 | Metro Bancorp, Inc.(b) | 140,118 | ||||||
10,561 | MVC Capital, Inc. | 146,059 | ||||||
683 | National Western Life Insurance Co., Class A | 142,064 | ||||||
2,387 | Navigators Group, Inc. (The)(b) | 134,245 | ||||||
19,043 | Newbridge Bancorp(b) | 142,061 | ||||||
8,520 | OFG Bancorp | 126,181 | ||||||
6,800 | One Liberty Properties, Inc. REIT | 143,752 | ||||||
7,812 | Oppenheimer Holdings, Inc., Class A | 154,912 | ||||||
10,589 | Pacific Continental Corp. | 145,916 | ||||||
10,329 | Pacific Premier Bancorp, Inc.(b) | 143,676 | ||||||
21,658 | Park Sterling Corp. | 140,994 | ||||||
12,247 | PennantPark Investment Corp. | 137,901 | ||||||
3,590 | Phoenix Cos., Inc. (The)(b) | 138,466 | ||||||
4,022 | Piper Jaffray Cos., Inc.(b) | 144,350 | ||||||
16,989 | Preferred Apartment Communities, Inc., Class A REIT | 140,669 | ||||||
7,753 | Preferred Bank(b) | 149,013 | ||||||
8,305 | Provident Financial Holdings, Inc. | 125,904 | ||||||
12,664 | Provident New York Bancorp(b)(c) | 148,422 | ||||||
19,608 | RAIT Financial Trust REIT | 148,040 | ||||||
4,338 | Regional Management Corp.(b) | 138,859 | ||||||
5,077 | Renasant Corp. | 145,608 | ||||||
5,006 | Republic Bancorp, Inc., Class A | 115,238 | ||||||
23,217 | Resource Capital Corp. REIT | 142,785 | ||||||
10,608 | Rockville Financial, Inc. | 139,495 | ||||||
2,603 | Safety Insurance Group, Inc. | 142,358 | ||||||
22,757 | Security National Financial Corp., Class A(b) | 133,584 | ||||||
8,770 | Sierra Bancorp | 166,016 | ||||||
9,374 | Southwest Bancorp, Inc.(b) | 150,078 | ||||||
4,312 | Stewart Information Services Corp. | 135,052 | ||||||
15,006 | Summit Hotel Properties, Inc. REIT | 137,905 | ||||||
8,503 | TCP Capital Corp. | 141,745 | ||||||
7,764 | Terreno Realty Corp. REIT | 138,044 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
8,829 | THL Credit, Inc. | $ | 143,471 | |||||
6,054 | TriCo Bancshares | 153,106 | ||||||
5,901 | Union First Market Bankshares Corp. | 142,332 | ||||||
9,195 | United Community Banks, Inc.(b) | 143,350 | ||||||
35,451 | United Community Financial Corp.(b) | 141,804 | ||||||
4,556 | United Fire Group, Inc. | 144,425 | ||||||
19,561 | Universal Insurance Holdings, Inc. | 153,358 | ||||||
13,591 | Waterstone Financial, Inc.(b) | 144,608 | ||||||
4,640 | WesBanco, Inc. | 136,416 | ||||||
16,861 | Wilshire Bancorp, Inc. | 142,813 | ||||||
12,370 | Winthrop Realty Trust REIT | 145,595 | ||||||
2,289 | WSFS Financial Corp. | 160,253 | ||||||
8,057 | Yadkin Financial Corp.(b) | 132,296 | ||||||
|
| |||||||
17,750,183 | ||||||||
|
| |||||||
Health Care—7.9% | ||||||||
4,769 | Addus HomeCare Corp.(b) | 123,279 | ||||||
22,249 | Affymetrix, Inc.(b) | 157,300 | ||||||
10,699 | Albany Molecular Research, Inc.(b) | 140,157 | ||||||
70,004 | Alphatec Holdings, Inc.(b) | 127,407 | ||||||
8,010 | Amedisys, Inc.(b) | 130,403 | ||||||
5,758 | Anika Therapeutics, Inc.(b) | 171,992 | ||||||
13,920 | Biotelemetry, Inc.(b) | 127,229 | ||||||
46,122 | Chelsea Therapeutics International Ltd.(b) | 130,525 | ||||||
36,296 | China Cord Blood Corp. (Hong Kong)(b) | 150,628 | ||||||
8,088 | Chindex International, Inc.(b) | 136,121 | ||||||
22,757 | Cross Country Healthcare, Inc.(b) | 135,177 | ||||||
15,497 | Cutera, Inc.(b) | 155,745 | ||||||
5,311 | ExamWorks Group, Inc.(b) | 137,289 | ||||||
26,675 | Five Star Quality Care, Inc.(b) | 135,242 | ||||||
4,053 | Greatbatch, Inc.(b) | 154,500 | ||||||
7,500 | Healthways, Inc.(b) | 72,225 | ||||||
5,278 | Hyperion Therapeutics, Inc.(b) | 105,718 | ||||||
66,630 | Inovio Pharmaceuticals, Inc.(b)(c) | 115,270 | ||||||
8,841 | Insmed, Inc.(b) | 125,896 | ||||||
7,985 | Invacare Corp. | 171,438 | ||||||
13,668 | Keryx Biopharmaceuticals, Inc.(b) | 141,464 | ||||||
10,274 | Kindred Healthcare, Inc.(c) | 142,603 | ||||||
6,362 | Lannett Co., Inc.(b) | 150,207 | ||||||
5,879 | LHC Group, Inc.(b) | 121,107 | ||||||
20,908 | Medical Action Industries, Inc.(b) | 126,703 | ||||||
5,825 | Omnicell, Inc.(b) | 134,383 | ||||||
24,938 | Pacific Biosciences of California, Inc.(b) | 102,495 | ||||||
10,395 | PharMerica Corp.(b) | 153,430 | ||||||
4,807 | Providence Service Corp. (The)(b) | 143,681 | ||||||
12,442 | Repligen Corp.(b) | 136,116 | ||||||
23,069 | Sinovac Biotech Ltd. (China)(b) | 127,110 | ||||||
25,980 | Targacept, Inc.(b) | 123,405 | ||||||
7,500 | Triple-S Management Corp., Class B (Puerto Rico)(b) | 133,575 | ||||||
|
| |||||||
4,439,820 | ||||||||
|
| |||||||
Industrials—17.4% | ||||||||
8,830 | Aceto Corp. | 140,839 | ||||||
11,640 | Aegean Marine Petroleum Network, Inc. (Greece) | 114,305 | ||||||
18,535 | Air Transport Services Group, Inc.(b) | 134,193 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
2,838 | Alamo Group, Inc. | $ | 133,925 | |||||
4,007 | American Woodmark Corp.(b) | 135,917 | ||||||
4,646 | Apogee Enterprises, Inc. | 145,327 | ||||||
5,373 | Arkansas Best Corp. | 147,059 | ||||||
28,215 | Baltic Trading Ltd. | 126,403 | ||||||
2,050 | Barrett Business Services, Inc. | 170,704 | ||||||
17,615 | Broadwind Energy, Inc.(b) | 128,590 | ||||||
5,927 | CAI International, Inc.(b) | 129,742 | ||||||
18,537 | CBIZ, Inc.(b) | 151,262 | ||||||
6,576 | Coleman Cable, Inc. | 161,770 | ||||||
5,739 | Columbus McKinnon Corp.(b) | 149,271 | ||||||
8,204 | Comfort Systems USA, Inc. | 152,841 | ||||||
2,460 | Consolidated Graphics, Inc.(b) | 157,661 | ||||||
8,718 | Courier Corp. | 148,119 | ||||||
21,761 | Covenant Transport Group, Inc., Class A(b) | 142,099 | ||||||
7,406 | CRA International, Inc.(b) | 141,084 | ||||||
4,811 | Ducommun, Inc.(b) | 119,601 | ||||||
19,220 | Eagle Bulk Shipping, Inc.(b) | 106,863 | ||||||
3,496 | Encore Wire Corp. | 173,157 | ||||||
4,375 | Engility Holdings, Inc.(b) | 135,494 | ||||||
7,695 | Ennis, Inc. | 136,586 | ||||||
8,814 | Erickson Air-Crane, Inc.(b)(c) | 172,754 | ||||||
6,669 | FreightCar America, Inc. | 148,319 | ||||||
35,325 | Genco Shipping & Trading Ltd.(b)(c) | 94,318 | ||||||
9,735 | Gibraltar Industries, Inc.(b) | 155,857 | ||||||
26,632 | Global Ship Lease, Inc., Class A (United Kingdom)(b) | 133,426 | ||||||
3,817 | Graham Corp. | 140,504 | ||||||
10,997 | Griffon Corp. | 137,792 | ||||||
8,985 | Hardinge, Inc. | 132,888 | ||||||
18,539 | Hawaiian Holdings, Inc.(b)(c) | 152,947 | ||||||
7,236 | Heidrick & Struggles International, Inc. | 134,011 | ||||||
5,368 | Hurco Cos., Inc. | 131,462 | ||||||
3,895 | ICF International, Inc.(b) | 134,845 | ||||||
8,566 | Insteel Industries, Inc. | 142,110 | ||||||
5,026 | International Shipholding Corp. | 124,745 | ||||||
4,133 | Kadant, Inc. | 147,961 | ||||||
7,083 | Kelly Services, Inc., Class A | 147,751 | ||||||
16,660 | Kratos Defense & Security Solutions, Inc.(b) | 141,277 | ||||||
27,701 | Lihua International, Inc. (China)(b) | 160,943 | ||||||
12,619 | Manitex International, Inc.(b) | 163,164 | ||||||
8,041 | Marten Transport Ltd. | 141,843 | ||||||
4,065 | Multi-Color Corp. | 141,584 | ||||||
8,927 | Navigant Consulting, Inc.(b) | 154,883 | ||||||
19,382 | Navios Maritime Holdings, Inc. | 137,225 | ||||||
8,865 | NN, Inc. | 142,549 | ||||||
4,195 | Northwest Pipe Co.(b) | 151,146 | ||||||
13,249 | Orion Marine Group, Inc.(b) | 165,613 | ||||||
4,589 | Patrick Industries, Inc.(b) | 143,544 | ||||||
12,183 | Pike Electric Corp. | 131,698 | ||||||
2,250 | Powell Industries, Inc.(b) | 141,368 | ||||||
8,594 | PowerSecure International, Inc.(b) | 155,380 | ||||||
11,666 | Republic Airways Holdings, Inc.(b) | 137,425 | ||||||
53,930 | Revolution Lighting Technologies, Inc.(b) | 161,251 | ||||||
20,286 | Safe Bulkers, Inc. (Greece) | 151,334 | ||||||
4,452 | Saia, Inc.(b) | 144,824 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
9,561 | SkyWest, Inc. | $ | 143,797 | |||||
5,644 | SL Industries, Inc. | 152,388 | ||||||
5,412 | Sparton Corp.(b) | 142,823 | ||||||
15,511 | Tecumseh Products Co., Class A(b) | 120,986 | ||||||
6,469 | Tutor Perini Corp.(b) | 148,464 | ||||||
37,119 | Ultrapetrol Bahamas Ltd.(b) | 133,628 | ||||||
5,527 | Viad Corp. | 147,571 | ||||||
27,930 | Vitran Corp., Inc. (Canada)(b) | 153,056 | ||||||
2,938 | VSE Corp. | 128,684 | ||||||
8,769 | Willis Lease Finance Corp.(b) | 152,844 | ||||||
6,364 | XPO Logistics, Inc.(b)(c) | 128,426 | ||||||
|
| |||||||
9,834,220 | ||||||||
|
| |||||||
Information Technology—14.2% | ||||||||
7,873 | Advanced Energy Industries, Inc.(b) | 164,388 | ||||||
6,782 | Alliance Fiber Optic Products, Inc. | 125,942 | ||||||
16,507 | Alpha & Omega Semiconductor Ltd.(b) | 121,492 | ||||||
18,901 | Amtech Systems, Inc.(b) | 151,208 | ||||||
19,709 | AudioCodes Ltd. (Israel)(b) | 120,028 | ||||||
65,388 | Axcelis Technologies, Inc.(b) | 141,892 | ||||||
4,501 | Black Box Corp. | 112,705 | ||||||
6,005 | Blucora, Inc.(b) | 141,898 | ||||||
14,812 | Brooks Automation, Inc. | 142,788 | ||||||
7,839 | CalAmp Corp.(b) | 184,452 | ||||||
8,122 | Canadian Solar, Inc. (Canada)(b) | 186,806 | ||||||
8,260 | Checkpoint Systems, Inc.(b) | 140,585 | ||||||
7,670 | ChipMOS TECHNOLOGIES Bermuda Ltd. (Taiwan) | 122,490 | ||||||
42,068 | CIBER, Inc.(b) | 136,721 | ||||||
10,273 | Clearfield, Inc.(b) | 152,451 | ||||||
12,640 | Cohu, Inc. | 120,838 | ||||||
8,748 | CTS Corp. | 162,888 | ||||||
19,563 | DSP Group, Inc.(b) | 145,744 | ||||||
17,771 | Emulex Corp.(b) | 133,816 | ||||||
2,686 | ePlus, Inc. | 146,011 | ||||||
10,352 | Exar Corp.(b) | 119,359 | ||||||
8,190 | Fabrinet (Cayman Islands)(b) | 137,101 | ||||||
20,237 | FormFactor, Inc.(b) | 105,637 | ||||||
28,274 | Gilat Satellite Networks Ltd. (Israel)(b) | 145,894 | ||||||
19,622 | GSI Technology, Inc.(b) | 137,746 | ||||||
9,225 | Hollysys Automation Technologies Ltd. (China)(b) | 154,703 | ||||||
39,892 | Hutchinson Technology, Inc.(b) | 148,398 | ||||||
10,457 | Immersion Corp.(b) | 133,013 | ||||||
12,664 | Integrated Silicon Solution, Inc.(b) | 136,518 | ||||||
15,672 | IntraLinks Holdings, Inc.(b) | 162,832 | ||||||
30,921 | Lattice Semiconductor Corp.(b) | 158,625 | ||||||
18,948 | Marchex, Inc., Class B | 169,016 | ||||||
57,761 | Mattson Technology, Inc.(b) | 170,973 | ||||||
13,896 | Mercury Systems, Inc.(b) | 128,121 | ||||||
18,660 | NeoPhotonics Corp.(b) | 132,299 | ||||||
13,841 | Netsol Technologies, Inc.(b) | 107,821 | ||||||
52,859 | Novatel Wireless, Inc.(b) | 162,013 | ||||||
7,377 | Oplink Communications, Inc.(b) | 134,630 | ||||||
11,578 | Orbotech Ltd. (Israel)(b) | 138,010 | ||||||
14,838 | PCM, Inc.(b) | 156,096 | ||||||
7,513 | Perficient, Inc.(b) | 135,910 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
10,482 | Perion Network Ltd. (Israel)(b)(c) | $ | 117,923 | |||||
17,619 | Photronics, Inc.(b) | 148,000 | ||||||
11,389 | Rubicon Technology, Inc.(b)(c) | 97,945 | ||||||
12,097 | Rudolph Technologies, Inc.(b) | 128,228 | ||||||
12,031 | SeaChange International, Inc.(b) | 170,720 | ||||||
8,426 | Sierra Wireless, Inc. (Canada)(b) | 152,174 | ||||||
3,736 | Silicom Ltd. (Israel) | 165,953 | ||||||
25,305 | Support.com, Inc.(b) | 112,860 | ||||||
56,062 | TeleCommunication Systems, Inc., Class A(b) | 127,821 | ||||||
4,093 | Tessco Technologies, Inc. | 145,015 | ||||||
7,784 | Uni-Pixel, Inc.(b) | 128,047 | ||||||
12,437 | United Online, Inc. | 151,609 | ||||||
4,777 | Virtusa Corp.(b) | 148,469 | ||||||
9,480 | Vishay Precision Group, Inc.(b) | 155,472 | ||||||
41,173 | Westell Technologies, Inc., Class A(b) | 147,811 | ||||||
12,395 | Xyratex Ltd. | 123,206 | ||||||
|
| |||||||
8,051,111 | ||||||||
|
| |||||||
Materials—2.4% | ||||||||
8,568 | A.M. Castle & Co.(b) | 122,608 | ||||||
2,535 | American Pacific Corp.(b) | 115,393 | ||||||
30,316 | China Green Agriculture, Inc. (China)(b) | 119,445 | ||||||
11,069 | Horsehead Holding Corp.(b) | 160,611 | ||||||
4,302 | Materion Corp. | 128,243 | ||||||
4,965 | Olympic Steel, Inc. | 135,892 | ||||||
25,307 | Primero Mining Corp. (Canada)(b) | 144,756 | ||||||
38,415 | Thompson Creek Metals Co., Inc.(b)(c) | 123,312 | ||||||
6,875 | US Concrete, Inc.(b) | 150,219 | ||||||
8,271 | Zoltek Cos., Inc.(b) | 138,126 | ||||||
|
| |||||||
1,338,605 | ||||||||
|
| |||||||
Telecommunication Services—1.3% | ||||||||
5,185 | Hawaiian Telcom Holdco, Inc.(b) | 137,817 | ||||||
20,043 | Iridium Communications, Inc.(b) | 120,859 | ||||||
26,173 | ORBCOMM, Inc.(b) | 157,823 | ||||||
9,739 | USA Mobility, Inc. | 145,306 | ||||||
43,930 | Vonage Holdings Corp.(b) | 163,860 | ||||||
|
| |||||||
725,665 | ||||||||
|
| |||||||
Utilities—0.2% | ||||||||
9,213 | Consolidated Water Co. Ltd. (Cayman Islands) | 138,563 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $51,047,230) | 56,517,230 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
101,588 | Premier Portfolio—Institutional Class(d) (Cost $101,588) | 101,588 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $51,148,818)—100.2% | 56,618,818 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.8% | ||||||||
1,588,750 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $1,588,750)(d)(e) | $ | 1,588,750 | |||||
|
| |||||||
Total Investments (Cost $52,737,568)—103.0% | 58,207,568 | |||||||
Other assets less liabilities—(3.0)% | (1,678,264 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 56,529,304 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2013. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2G. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Statements of Assets and Liabilities
October 31, 2013
(Unaudited)
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | PowerShares Dynamic Large Cap Value Portfolio (PWV) | PowerShares Fundamental Pure Large Core Portfolio (PXLC) | PowerShares Fundamental Pure Large Growth Portfolio (PXLG) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments, at value(a) | $ | 247,161,139 | $ | 676,251,528 | $ | 34,404,233 | $ | 96,487,323 | ||||||||
Affiliated investments, at value | 150,394 | — | 41,047 | 27,643 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 247,311,533 | 676,251,528 | 34,445,280 | 96,514,966 | ||||||||||||
Foreign currencies, at value | — | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 71,193 | 847,806 | 45,603 | 72,773 | ||||||||||||
Expenses absorbed | — | — | — | — | ||||||||||||
Investments sold | — | — | — | — | ||||||||||||
Security lending | — | — | — | — | ||||||||||||
Shares sold | — | 1,344,624 | — | — | ||||||||||||
Other assets | 1,195 | 1,535 | 8,965 | 24,595 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 247,383,921 | 678,445,493 | 34,499,848 | 96,612,334 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | 179,944 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | — | 1,342,338 | — | — | ||||||||||||
Collateral upon return of securities loaned | — | — | — | — | ||||||||||||
Accrued advisory fees | 102,390 | 281,706 | 2,391 | 18,216 | ||||||||||||
Accrued trustees fees | 25,518 | 29,891 | 11,266 | 6,473 | ||||||||||||
Accrued expenses | 114,975 | 265,680 | 74,999 | 97,378 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 242,883 | 2,099,559 | 88,656 | 122,067 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 247,141,038 | $ | 676,345,934 | $ | 34,411,192 | $ | 96,490,267 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 435,071,658 | $ | 674,344,516 | $ | 38,860,609 | $ | 85,484,002 | ||||||||
Undistributed net investment income (loss) | (31,452 | ) | 1,128,194 | 37,540 | (124,931 | ) | ||||||||||
Undistributed net realized gain (loss) | (236,951,225 | ) | (94,199,039 | ) | (10,805,492 | ) | 601,893 | |||||||||
Net unrealized appreciation | 49,052,057 | 95,072,263 | 6,318,535 | 10,529,303 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 247,141,038 | $ | 676,345,934 | $ | 34,411,192 | $ | 96,490,267 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 10,100,000 | 25,150,000 | 1,000,000 | 3,550,001 | ||||||||||||
Net asset value | $ | 24.47 | $ | 26.89 | $ | 34.41 | $ | 27.18 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 24.52 | $ | 26.93 | $ | 34.44 | $ | 27.27 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 198,109,082 | $ | 581,179,265 | $ | 28,085,698 | $ | 85,958,020 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 150,394 | $ | — | $ | 41,047 | $ | 27,643 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 198,259,476 | $ | 581,179,265 | $ | 28,126,745 | $ | 85,985,663 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
PowerShares Fundamental Pure Large Value Portfolio (PXLV) | PowerShares Fundamental Pure Mid Core Portfolio (PXMC) | PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) | PowerShares Fundamental Pure Mid Value Portfolio (PXMV) | PowerShares Fundamental Pure Small Core Portfolio (PXSC) | PowerShares Fundamental Pure Small Growth Portfolio (PXSG) | PowerShares Fundamental Pure Small Value Portfolio (PXSV) | PowerShares Zacks Micro Cap Portfolio (PZI) | |||||||||||||||||||||||
$ | 12,240,693 | $ | 25,103,182 | $ | 87,376,576 | $ | 37,703,523 | $ | 15,725,842 | $ | 28,071,923 | $ | 57,048,175 | $ | 56,517,230 | |||||||||||||||
— | 391,346 | 145,237 | — | 71,200 | 228,962 | 2,080,882 | 1,690,338 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
12,240,693 | 25,494,528 | 87,521,813 | 37,703,523 | 15,797,042 | 28,300,885 | 59,129,057 | 58,207,568 | |||||||||||||||||||||||
— | — | — | 147,656 | — | — | — | — | |||||||||||||||||||||||
21,858 | 19,128 | 34,735 | 16,539 | 6,880 | 9,728 | 23,339 | 21,773 | |||||||||||||||||||||||
3,806 | 269 | — | — | 3,350 | — | — | — | |||||||||||||||||||||||
74,743 | — | — | — | — | 415,317 | 124,130 | ||||||||||||||||||||||||
— | — | — | — | — | — | 1,467 | 14,346 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
8,629 | 20,418 | 9,784 | 4,060 | 812 | 26,750 | 5,869 | 1,535 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
12,349,729 | 25,534,343 | 87,566,332 | 37,871,778 | 15,808,084 | 28,337,363 | 59,575,049 | 58,369,352 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
40,418 | — | — | 65,210 | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | 401,501 | 122,392 | |||||||||||||||||||||||
— | — | — | — | — | — | 1,980,117 | 1,588,750 | |||||||||||||||||||||||
— | — | 18,228 | 2,585 | — | 129 | 7,228 | 19,415 | |||||||||||||||||||||||
5,634 | 10,786 | 18,099 | 12,103 | 10,483 | 11,733 | 13,185 | 12,965 | |||||||||||||||||||||||
62,996 | 82,722 | 99,440 | 76,720 | 67,055 | 100,182 | 99,471 | 96,526 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
109,048 | 93,508 | 135,767 | 156,618 | 77,538 | 112,044 | 2,501,502 | 1,840,048 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 12,240,681 | $ | 25,440,835 | $ | 87,430,565 | $ | 37,715,160 | $ | 15,730,546 | $ | 28,225,319 | $ | 57,073,547 | $ | 56,529,304 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 10,742,963 | $ | 31,616,424 | $ | 243,491,603 | $ | 75,427,902 | $ | 22,338,633 | $ | 73,915,718 | $ | 90,948,241 | $ | 139,295,094 | |||||||||||||||
35,103 | 24,975 | 135,442 | 37,379 | 16,746 | 18,116 | 55,162 | 53,384 | |||||||||||||||||||||||
8,381 | (10,328,088 | ) | (170,821,104 | ) | (45,209,720 | ) | (9,377,719 | ) | (50,300,268 | ) | (45,927,260 | ) | (88,289,174 | ) | ||||||||||||||||
1,454,234 | 4,127,524 | 14,624,624 | 7,459,599 | 2,752,886 | 4,591,753 | 11,997,404 | 5,470,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 12,240,681 | $ | 25,440,835 | $ | 87,430,565 | $ | 37,715,160 | $ | 15,730,546 | $ | 28,225,319 | $ | 57,073,547 | $ | 56,529,304 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
450,001 | 750,000 | 3,100,000 | 1,600,000 | 500,000 | 1,250,000 | 2,450,000 | 3,600,000 | |||||||||||||||||||||||
$ | 27.20 | $ | 33.92 | $ | 28.20 | $ | 23.57 | $ | 31.46 | $ | 22.58 | $ | 23.30 | $ | 15.70 | |||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 27.24 | $ | 34.00 | $ | 28.19 | $ | 23.58 | $ | 31.48 | $ | 22.61 | $ | 23.33 | $ | 15.72 | |||||||||||||||
|
|
|
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| |||||||||||||||
$ | 10,786,459 | $ | 21,015,652 | $ | 72,751,952 | $ | 30,254,665 | $ | 12,972,956 | $ | 23,439,260 | $ | 45,050,771 | $ | 51,047,230 | |||||||||||||||
|
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|
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| |||||||||||||||
$ | — | $ | 351,352 | $ | 145,237 | $ | — | $ | 71,200 | $ | 269,872 | $ | 2,080,882 | $ | 1,690,338 | |||||||||||||||
|
|
|
|
|
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|
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| |||||||||||||||
$ | 10,786,459 | $ | 21,367,004 | $ | 72,897,189 | $ | 30,254,665 | $ | 13,044,156 | $ | 23,709,132 | $ | 47,131,653 | $ | 52,737,568 | |||||||||||||||
|
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|
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| |||||||||||||||
$ | — | $ | — | $ | — | $ | 136,915 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
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|
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|
|
|
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| |||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,904,739 | $ | 1,463,465 | |||||||||||||||
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| 49 |
|
For the six months ended October 31, 2013
(Unaudited)
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | PowerShares Dynamic Large Cap Value Portfolio (PWV) | PowerShares Fundamental Pure Large Core Portfolio (PXLC) | PowerShares Fundamental Pure Large Growth Portfolio (PXLG) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 1,105,080 | $ | 8,326,563 | $ | 342,635 | $ | 1,047,174 | ||||||||
Affiliated dividend income | 8 | 19 | 4 | 2 | ||||||||||||
Securities lending income | — | — | — | — | ||||||||||||
Foreign withholding tax | — | — | — | (1,079 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 1,105,088 | 8,326,582 | 342,639 | 1,046,097 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 575,457 | 1,582,831 | 44,754 | 128,537 | ||||||||||||
Sub-licensing | 34,528 | 94,970 | 7,908 | 27,839 | ||||||||||||
Accounting & administration fees | 22,355 | 59,078 | 18,046 | 18,046 | ||||||||||||
Professional fees | 16,210 | 20,367 | 14,368 | 13,842 | ||||||||||||
Trustees fees | 7,050 | 12,208 | 4,345 | 5,004 | ||||||||||||
Custodian & transfer agent fees | 3,912 | 9,333 | 3,308 | 2,489 | ||||||||||||
Listing fee and expenses | 3,767 | 3,769 | 3,763 | 3,757 | ||||||||||||
Other expenses | 10,600 | 29,332 | 2,277 | 4,401 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 673,879 | 1,811,888 | 98,769 | 203,915 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Waivers | (42 | ) | (116 | ) | (39,069 | ) | (31,065 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 673,837 | 1,811,772 | 59,700 | 172,850 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 431,251 | 6,514,810 | 282,939 | 873,247 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | 1,526,193 | (6,202,287 | ) | 27,435 | (70,347 | ) | ||||||||||
In-kind redemptions | 22,566,553 | 48,711,467 | — | 372,843 | ||||||||||||
Foreign currencies | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain | 24,092,746 | 42,509,180 | 27,435 | 302,496 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 8,211,624 | (1,877,151 | ) | 3,170,245 | 7,214,048 | |||||||||||
Foreign currencies | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 8,211,624 | (1,877,151 | ) | 3,170,245 | 7,214,048 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 32,304,370 | 40,632,029 | 3,197,680 | 7,516,544 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | $ | 32,735,621 | $ | 47,146,839 | $ | 3,480,619 | $ | 8,389,791 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
PowerShares Fundamental Pure Large Value Portfolio (PXLV) | PowerShares Fundamental Pure Mid Core Portfolio (PXMC) | PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) | PowerShares Fundamental Pure Mid Value Portfolio (PXMV) | PowerShares Fundamental Pure Small Core Portfolio (PXSC) | PowerShares Fundamental Pure Small Growth Portfolio (PXSG) | PowerShares Fundamental Pure Small Value Portfolio (PXSV) | PowerShares Zacks MicroCap Portfolio (PZI) | |||||||||||||||||||||||
$ | 148,536 | $ | 197,282 | $ | 715,185 | $ | 319,896 | $ | 105,076 | $ | 138,894 | $ | 437,511 | $ | 319,793 | |||||||||||||||
3 | 3,863 | 6 | — | 4 | 9,597 | 4 | 4 | |||||||||||||||||||||||
— | — | — | — | — | — | 12,765 | 51,120 | |||||||||||||||||||||||
— | (167 | ) | — | — | (395 | ) | — | — | (259 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
148,539 | 200,978 | 715,191 | 319,896 | 104,685 | 148,491 | 450,280 | 370,658 | |||||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
15,819 | 33,705 | 122,218 | 48,867 | 21,713 | 39,076 | 77,211 | 125,026 | |||||||||||||||||||||||
2,824 | 6,064 | 22,365 | 8,441 | 3,996 | 6,952 | 13,891 | 25,005 | |||||||||||||||||||||||
18,046 | 18,046 | 18,046 | 18,046 | 18,046 | 18,046 | 18,046 | 18,046 | |||||||||||||||||||||||
13,632 | 14,191 | 15,397 | 14,158 | 14,443 | 14,699 | 15,510 | 16,638 | |||||||||||||||||||||||
3,916 | 4,277 | 5,138 | 4,392 | 4,164 | 4,261 | 4,654 | 4,552 | |||||||||||||||||||||||
2,685 | 3,482 | 5,053 | 7,626 | 6,835 | 8,866 | 11,791 | 6,993 | |||||||||||||||||||||||
3,757 | 3,767 | 3,763 | 3,763 | 3,763 | 3,763 | 3,763 | 3,769 | |||||||||||||||||||||||
754 | 1,691 | 6,893 | 2,770 | 1,325 | 2,674 | 4,939 | 4,435 | |||||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||
61,433 | 85,223 | 198,873 | 108,063 | 74,285 | 98,337 | 149,805 | 204,464 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(40,171 | ) | (40,446 | ) | (35,163 | ) | (42,923 | ) | (45,613 | ) | (46,429 | ) | (46,611 | ) | (29,454 | ) | |||||||||||||||
|
|
|
|
|
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|
|
|
| �� |
|
|
|
|
| |||||||||||||||
21,262 | 44,777 | 163,710 | 65,140 | 28,672 | 51,908 | 103,194 | 175,010 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
127,277 | 156,201 | 551,481 | 254,756 | 76,013 | 96,583 | 347,086 | 195,648 | |||||||||||||||||||||||
|
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|
| |||||||||||||||
14,748 | 233,110 | 802,803 | 135,816 | 42,757 | 132,794 | 314,385 | (356,330 | ) | ||||||||||||||||||||||
— | — | 267,771 | — | 435,155 | 337,395 | — | 5,234,226 | |||||||||||||||||||||||
— | — | — | — | — | — | — | (1,711 | ) | ||||||||||||||||||||||
|
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|
| |||||||||||||||
14,748 | 233,110 | 1,070,574 | 135,816 | 477,912 | 470,189 | 314,385 | 4,876,185 | |||||||||||||||||||||||
|
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| |||||||||||||||
| 737,131 | | 2,467,184 | 5,823,910 | 3,817,175 | 1,453,483 | 3,334,105 | 8,679,582 | 2,158,035 | |||||||||||||||||||||
— | — | — | 4,464 | — | — | — | 1,000 | |||||||||||||||||||||||
|
|
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|
|
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|
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|
|
|
|
|
| |||||||||||||||
737,131 | 2,467,184 | 5,823,910 | 3,821,639 | 1,453,483 | 3,334,105 | 8,679,582 | 2,159,035 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
751,879 | 2,700,294 | 6,894,484 | 3,957,455 | 1,931,395 | 3,804,294 | 8,993,967 | 7,035,220 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 879,156 | $ | 2,856,495 | $ | 7,445,965 | $ | 4,212,211 | $ | 2,007,408 | $ | 3,900,877 | $ | 9,341,053 | $ | 7,230,868 | |||||||||||||||
|
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|
|
|
|
| 51 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | PowerShares Dynamic Large Cap Value Portfolio (PWV) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 431,251 | $ | 2,024,457 | $ | 6,514,810 | $ | 10,894,233 | ||||||||
Net realized gain | 24,092,746 | 21,861,235 | 42,509,180 | 37,231,755 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 8,211,624 | 2,739,360 | (1,877,151 | ) | 57,544,945 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 32,735,621 | 26,625,052 | 47,146,839 | 105,670,933 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (697,203 | ) | (1,990,554 | ) | (6,755,344 | ) | (10,900,743 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 121,516,554 | 166,875,738 | 364,946,670 | 450,245,291 | ||||||||||||
Value of shares repurchased | (119,310,849 | ) | (169,626,504 | ) | (303,817,463 | ) | (389,930,643 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 2,205,705 | (2,750,766 | ) | 61,129,207 | 60,314,648 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 34,244,123 | 21,883,732 | 101,520,702 | 155,084,838 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 212,896,915 | 191,013,183 | 574,825,232 | 419,740,394 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 247,141,038 | $ | 212,896,915 | $ | 676,345,934 | $ | 574,825,232 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (31,452 | ) | $ | 234,500 | $ | 1,128,194 | $ | 1,368,728 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 5,500,000 | 8,950,000 | 14,150,000 | 20,750,000 | ||||||||||||
Shares repurchased | (5,400,000 | ) | (9,150,000 | ) | (11,800,000 | ) | (18,200,000 | ) | ||||||||
Shares outstanding, beginning of period | 10,000,000 | 10,200,000 | 22,800,000 | 20,250,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 10,100,000 | 10,000,000 | 25,150,000 | 22,800,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
PowerShares Fundamental Pure Large Core Portfolio (PXLC) | PowerShares Fundamental Pure Large Growth Portfolio (PXLG) | PowerShares Fundamental Pure Large Value Portfolio (PXLV) | PowerShares Fundamental Pure Mid Core Portfolio (PXMC) | |||||||||||||||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||||||||||||
$ | 282,939 | $ | 608,250 | $ | 873,247 | $ | 384,170 | $ | 127,277 | $ | 141,166 | $ | 156,201 | $ | 283,696 | |||||||||||||||
27,435 | 2,361,514 | 302,496 | 1,834,815 | 14,748 | 882,558 | 233,110 | 941,088 | |||||||||||||||||||||||
3,170,245 | 1,527,836 | 7,214,048 | 3,127,962 | 737,131 | 211,524 | 2,467,184 | 1,551,100 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,480,619 | 4,497,600 | 8,389,791 | 5,346,947 | 879,156 | 1,235,248 | 2,856,495 | 2,775,884 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(260,434 | ) | (662,935 | ) | (1,231,979 | ) | (166,518 | ) | (103,675 | ) | (147,580 | ) | (168,268 | ) | (280,344 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,317,466 | 10,362,143 | 9,102,207 | 97,586,544 | 3,916,290 | 2,477,129 | 2,984,287 | 2,985,502 | |||||||||||||||||||||||
— | (11,649,294 | ) | (2,586,163 | ) | (24,390,578 | ) | — | (4,164,302 | ) | — | (4,335,466 | ) | ||||||||||||||||||
|
|
|
|
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|
|
|
|
|
| |||||||||||||||
3,317,466 | (1,287,151 | ) | 6,516,044 | 73,195,966 | 3,916,290 | (1,687,173 | ) | 2,984,287 | (1,349,964 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
6,537,651 | 2,547,514 | 13,673,856 | 78,376,395 | 4,691,771 | (599,505 | ) | 5,672,514 | 1,145,576 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
27,873,541 | 25,326,027 | 82,816,411 | 4,440,016 | 7,548,910 | 8,148,415 | 19,768,321 | 18,622,745 | |||||||||||||||||||||||
|
|
|
|
|
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|
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|
|
|
|
|
| |||||||||||||||
$ | 34,411,192 | $ | 27,873,541 | $ | 96,490,267 | $ | 82,816,411 | $ | 12,240,681 | $ | 7,548,910 | $ | 25,440,835 | $ | 19,768,321 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 37,540 | $ | 15,035 | $ | (124,931 | ) | $ | 233,801 | $ | 35,103 | $ | 11,501 | $ | 24,975 | $ | 37,042 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
100,000 | 350,000 | 350,000 | 4,100,000 | 150,000 | 100,000 | 100,000 | 100,000 | |||||||||||||||||||||||
— | (400,000 | ) | (100,000 | ) | (1,000,000 | ) | — | (200,000 | ) | — | (150,000 | ) | ||||||||||||||||||
900,000 | 950,000 | 3,300,001 | 200,001 | 300,001 | 400,001 | 650,000 | 700,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,000,000 | 900,000 | 3,550,001 | 3,300,001 | 450,001 | 300,001 | 750,000 | 650,000 | |||||||||||||||||||||||
|
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|
|
|
|
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|
|
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|
|
|
|
| 53 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) | PowerShares Fundamental Pure Mid Value Portfolio (PXMV) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 551,481 | $ | 904,339 | $ | 254,756 | $ | 607,661 | ||||||||
Net realized gain | 1,070,574 | 3,643,371 | 135,816 | 2,891,074 | ||||||||||||
Net change in unrealized appreciation | 5,823,910 | 7,042,985 | 3,821,639 | 2,887,178 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 7,445,965 | 11,590,695 | 4,212,211 | 6,385,913 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (762,441 | ) | (795,069 | ) | (254,386 | ) | (648,717 | ) | ||||||||
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|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | — | 16,376,600 | 5,436,645 | 4,102,250 | ||||||||||||
Value of shares repurchased | (1,354,062 | ) | (32,274,525 | ) | — | (13,926,465 | ) | |||||||||
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|
|
|
|
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| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (1,354,062 | ) | (15,897,925 | ) | 5,436,645 | (9,824,215 | ) | |||||||||
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|
|
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| |||||||||
Increase (Decrease) in Net Assets | 5,329,462 | (5,102,299 | ) | 9,394,470 | (4,087,019 | ) | ||||||||||
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| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 82,101,103 | 87,203,402 | 28,320,690 | 32,407,709 | ||||||||||||
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End of period | $ | 87,430,565 | $ | 82,101,103 | $ | 37,715,160 | $ | 28,320,690 | ||||||||
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Undistributed net investment income (loss) at end of period | $ | 135,442 | $ | 346,402 | $ | 37,379 | $ | 37,009 | ||||||||
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| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | — | 650,000 | 250,000 | 200,000 | ||||||||||||
Shares repurchased | (50,000 | ) | (1,350,000 | ) | — | (750,000 | ) | |||||||||
Shares outstanding, beginning of period | 3,150,000 | 3,850,000 | 1,350,000 | 1,900,000 | ||||||||||||
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| |||||||||
Shares outstanding, end of period | 3,100,000 | 3,150,000 | 1,600,000 | 1,350,000 | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
PowerShares Fundamental Pure Small Core Portfolio (PXSC) | PowerShares Fundamental Pure Small Growth Portfolio (PXSG) | PowerShares Fundamental Pure Small Value Portfolio (PXSV) | PowerShares Zacks Micro Cap Portfolio (PZI) | |||||||||||||||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||||||||||||
$ | 76,013 | $ | 259,345 | $ | 96,583 | $ | 196,216 | $ | 347,086 | $ | 873,607 | $ | 195,648 | $ | 531,305 | |||||||||||||||
477,912 | 810,582 | 470,189 | 1,224,815 | 314,385 | 5,434,528 | 4,876,185 | 4,356,483 | |||||||||||||||||||||||
1,453,483 | 1,020,540 | 3,334,105 | 1,497,396 | 8,679,582 | 2,795,165 | 2,159,035 | 1,125,876 | |||||||||||||||||||||||
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2,007,408 | 2,090,467 | 3,900,877 | 2,918,427 | 9,341,053 | 9,103,300 | 7,230,868 | 6,013,664 | |||||||||||||||||||||||
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(112,734 | ) | (259,833 | ) | (268,387 | ) | (218,960 | ) | (351,551 | ) | (957,949 | ) | (270,832 | ) | (557,741 | ) | |||||||||||||||
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1,417,190 | 2,734,348 | — | 4,953,667 | — | 9,762,249 | 26,306,850 | 34,331,596 | |||||||||||||||||||||||
(2,870,954 | ) | (5,010,393 | ) | (2,053,259 | ) | (11,919,697 | ) | — | (22,135,140 | ) | (18,792,386 | ) | (31,751,422 | ) | ||||||||||||||||
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(1,453,764 | ) | (2,276,045 | ) | (2,053,259 | ) | (6,966,030 | ) | — | (12,372,891 | ) | 7,514,464 | 2,580,174 | ||||||||||||||||||
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440,910 | (445,411 | ) | 1,579,231 | (4,266,563 | ) | 8,989,502 | (4,227,540 | ) | 14,474,500 | 8,036,097 | ||||||||||||||||||||
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15,289,636 | 15,735,047 | 26,646,088 | 30,912,651 | 48,084,045 | 52,311,585 | 42,054,804 | 34,018,707 | |||||||||||||||||||||||
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$ | 15,730,546 | $ | 15,289,636 | $ | 28,225,319 | $ | 26,646,088 | $ | 57,073,547 | $ | 48,084,045 | $ | 56,529,304 | $ | 42,054,804 | |||||||||||||||
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$ | 16,746 | $ | 53,467 | $ | 18,116 | $ | 189,920 | $ | 55,162 | $ | 59,627 | $ | 53,384 | $ | 128,568 | |||||||||||||||
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50,000 | 100,000 | — | 250,000 | — | 500,000 | 1,750,000 | 2,700,000 | |||||||||||||||||||||||
(100,000 | ) | (200,000 | ) | (100,000 | ) | (650,000 | ) | — | (1,250,000 | ) | (1,250,000 | ) | (2,600,000 | ) | ||||||||||||||||
550,000 | 650,000 | 1,350,000 | 1,750,000 | 2,450,000 | 3,200,000 | 3,100,000 | 3,000,000 | |||||||||||||||||||||||
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500,000 | 550,000 | 1,250,000 | 1,350,000 | 2,450,000 | 2,450,000 | 3,600,000 | 3,100,000 | |||||||||||||||||||||||
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| 55 |
|
PowerShares Dynamic Large Cap Growth Portfolio (PWB)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.29 | $ | 18.73 | $ | 17.63 | $ | 14.91 | $ | 11.03 | $ | 17.33 | ||||||||||||
Net investment income(a) | 0.04 | 0.21 | 0.15 | 0.11 | 0.06 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.21 | 2.55 | 1.09 | 2.72 | 3.91 | (6.30 | ) | |||||||||||||||||
Total from investment operations | 3.25 | 2.76 | 1.24 | 2.83 | 3.97 | (6.22 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.20 | ) | (0.14 | ) | (0.11 | ) | (0.09 | ) | (0.08 | ) | ||||||||||||
Net asset value at end of period | $ | 24.47 | $ | 21.29 | $ | 18.73 | $ | 17.63 | $ | 14.91 | $ | 11.03 | ||||||||||||
Market price at end of period(b) | $ | 24.52 | $ | 21.28 | $ | 18.72 | $ | 17.63 | $ | 14.91 | $ | 11.03 | ||||||||||||
Net Asset Value Total Return(c) | 15.30 | % | 14.91 | % | 7.18 | % | 19.08 | % | 36.15 | % | (35.93 | )% | ||||||||||||
Market Price Total Return(c) | 15.59 | % | 14.92 | % | 7.12 | % | 19.08 | % | 36.15 | % | (35.93 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 247,141 | $ | 212,897 | $ | 191,013 | $ | 196,574 | $ | 230,334 | $ | 281,172 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.59 | %(d) | 0.59 | % | 0.61 | % | 0.63 | % | 0.61 | % | 0.61 | % | ||||||||||||
Expenses, prior to Waivers | 0.59 | %(d) | 0.59 | % | 0.62 | % | 0.64 | % | 0.61 | % | 0.60 | % | ||||||||||||
Net investment income, after Waivers | 0.37 | %(d) | 1.08 | % | 0.89 | % | 0.73 | % | 0.45 | % | 0.60 | % | ||||||||||||
Portfolio turnover rate(e) | 54 | % | 47 | % | 64 | % | 45 | % | 67 | % | 88 | % |
PowerShares Dynamic Large Cap Value Portfolio (PWV)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.21 | $ | 20.73 | $ | 20.35 | $ | 18.05 | $ | 13.54 | $ | 19.27 | ||||||||||||
Net investment income(a) | 0.27 | 0.52 | 0.46 | 0.40 | 0.39 | 0.41 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.69 | 4.48 | 0.38 | 2.33 | 4.52 | (5.81 | ) | |||||||||||||||||
Total from investment operations | 1.96 | 5.00 | 0.84 | 2.73 | 4.91 | (5.40 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.52 | ) | (0.46 | ) | (0.43 | ) | (0.40 | ) | (0.33 | ) | ||||||||||||
Net asset value at end of period | $ | 26.89 | $ | 25.21 | $ | 20.73 | $ | 20.35 | $ | 18.05 | $ | 13.54 | ||||||||||||
Market price at end of period(b) | $ | 26.93 | $ | 25.22 | $ | 20.71 | $ | 20.36 | $ | 18.05 | $ | 13.55 | ||||||||||||
Net Asset Value Total Return(c) | 7.85 | % | 24.55 | % | 4.34 | % | 15.50 | % | 36.69 | % | (28.30 | )% | ||||||||||||
Market Price Total Return(c) | 7.96 | % | 24.72 | % | 4.20 | % | 15.49 | % | 36.67 | % | (28.21 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 676,346 | $ | 574,825 | $ | 419,740 | $ | 422,319 | $ | 349,265 | $ | 262,699 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.57 | %(d) | 0.59 | % | 0.59 | % | 0.61 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.57 | %(d) | 0.59 | % | 0.59 | % | 0.61 | % | 0.60 | % | 0.61 | % | ||||||||||||
Net investment income, after Waivers | 2.06 | %(d) | 2.36 | % | 2.39 | % | 2.22 | % | 2.46 | % | 2.71 | % | ||||||||||||
Portfolio turnover rate(e) | 54 | % | 58 | % | 41 | % | 40 | % | 47 | % | 77 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Financial Highlights (continued)
PowerShares Fundamental Pure Large Core Portfolio (PXLC)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.97 | $ | 26.66 | $ | 26.42 | $ | 23.26 | $ | 17.56 | $ | 25.92 | ||||||||||||
Net investment income(a) | 0.30 | 0.65 | 0.57 | 0.37 | 0.27 | 0.34 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.42 | 4.35 | 0.32 | 3.16 | 5.74 | (8.44 | ) | |||||||||||||||||
Total from investment operations | 3.72 | 5.00 | 0.89 | 3.53 | 6.01 | (8.10 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.69 | ) | (0.65 | ) | (0.37 | ) | (0.31 | ) | (0.26 | ) | ||||||||||||
Net asset value at end of period | $ | 34.41 | $ | 30.97 | $ | 26.66 | $ | 26.42 | $ | 23.26 | $ | 17.56 | ||||||||||||
Market price at end of period(b) | $ | 34.44 | $ | 30.98 | $ | 26.66 | $ | 26.42 | $ | 23.26 | $ | 17.55 | ||||||||||||
Net Asset Value Total Return(c) | 12.07 | % | 19.10 | % | 3.64 | % | 15.40 | % | 34.56 | % | (31.47 | )% | ||||||||||||
Market Price Total Return(c) | 12.13 | % | 19.15 | % | 3.64 | % | 15.40 | % | 34.64 | % | (31.48 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 34,411 | $ | 27,874 | $ | 25,326 | $ | 35,673 | $ | 38,376 | $ | 33,355 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.43 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.80 | % | 0.90 | % | 0.99 | % | 0.88 | % | 0.93 | % | ||||||||||||
Net investment income, after Waivers | 1.83 | %(d) | 2.38 | % | 2.32 | % | 1.61 | % | 1.32 | % | 1.71 | % | ||||||||||||
Portfolio turnover rate(e) | 1 | % | 43 | % | 58 | % | 41 | % | 62 | % | 57 | % |
PowerShares Fundamental Pure Large Growth Portfolio (PXLG)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, 2013 | For the Period June 13, 2011(f) Through April 30, 2012 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 25.10 | $ | 22.20 | $ | 20.00 | ||||||
Net investment income(a) | 0.26 | 0.39 | 0.28 | |||||||||
Net realized and unrealized gain on investments | 2.19 | 2.87 | 2.09 | |||||||||
Total from investment operations | 2.45 | 3.26 | 2.37 | |||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.37 | ) | (0.36 | ) | (0.17 | ) | ||||||
Net asset value at end of period | $ | 27.18 | $ | 25.10 | $ | 22.20 | ||||||
Market price at end of period(b) | $ | 27.27 | $ | 25.08 | $ | 22.19 | ||||||
Net Asset Value Total Return(c) | 9.91 | % | 14.87 | % | 11.99 | %(g) | ||||||
Market Price Total Return(c) | 10.36 | % | 14.83 | % | 11.94 | %(g) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 96,490 | $ | 82,816 | $ | 4,440 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | %(d) | ||||||
Expenses, prior to Waivers | 0.46 | %(d) | 0.79 | % | 7.69 | %(d) | ||||||
Net investment income, after Waivers | 1.97 | %(d) | 1.63 | % | 1.54 | %(d) | ||||||
Portfolio turnover rate(e) | 1 | % | 90 | % | 3 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(f) | Commencement of Investment Operations. |
(g) | The net asset value total return from Fund Inception (June 16, 2011, the first day of trading on the Exchange) to April 30, 2012 was 13.81%. The market price total return from Fund Inception to April 30, 2012 was 13.87%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Financial Highlights (continued)
PowerShares Fundamental Pure Large Value Portfolio (PXLV)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, 2013 | For the Period June 13, 2011(a) Through April 30, 2012 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 25.16 | $ | 20.37 | $ | 20.00 | ||||||
Net investment income(b) | 0.31 | 0.52 | 0.39 | |||||||||
Net realized and unrealized gain on investments | 1.97 | 4.77 | 0.33 | |||||||||
Total from investment operations | 2.28 | 5.29 | 0.72 | |||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.24 | ) | (0.50 | ) | (0.35 | ) | ||||||
Net asset value at end of period | $ | 27.20 | $ | 25.16 | $ | 20.37 | ||||||
Market price at end of period(c) | $ | 27.24 | $ | 25.16 | $ | 20.35 | ||||||
Net Asset Value Total Return(d) | 9.13 | % | 26.41 | % | 3.80 | %(e) | ||||||
Market Price Total Return(d) | 9.29 | % | 26.53 | % | 3.70 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 12,241 | $ | 7,549 | $ | 8,148 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses, after Waivers | 0.39 | %(f) | 0.39 | % | 0.39 | %(f) | ||||||
Expenses, prior to Waivers | 1.13 | %(f) | 2.10 | % | 2.87 | %(f) | ||||||
Net investment income, after Waivers | 2.33 | %(f) | 2.43 | % | 2.38 | %(f) | ||||||
Portfolio turnover rate(g) | 3 | % | 9 | % | 2 | % |
PowerShares Fundamental Pure Mid Core Portfolio (PXMC)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.41 | $ | 26.60 | $ | 27.15 | $ | 23.05 | $ | 16.30 | $ | 25.47 | ||||||||||||
Net investment income(b) | 0.22 | 0.43 | 0.29 | 0.21 | 0.18 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.53 | 3.80 | (0.57 | ) | 4.10 | 6.73 | (9.17 | ) | ||||||||||||||||
Total from investment operations | 3.75 | 4.23 | (0.28 | ) | 4.31 | 6.91 | (9.04 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.42 | ) | (0.27 | ) | (0.21 | ) | (0.16 | ) | (0.13 | ) | ||||||||||||
Net asset value at end of period | $ | 33.92 | $ | 30.41 | $ | 26.60 | $ | 27.15 | $ | 23.05 | $ | 16.30 | ||||||||||||
Market price at end of period(c) | $ | 34.00 | $ | 30.39 | $ | 26.62 | $ | 27.15 | $ | 23.04 | $ | 16.29 | ||||||||||||
Net Asset Value Total Return(d) | 12.38 | % | 16.16 | % | (0.93 | )% | 18.84 | % | 42.59 | % | (35.57 | )% | ||||||||||||
Market Price Total Return(d) | 12.72 | % | 16.00 | % | (0.85 | )% | 18.89 | % | 42.62 | % | (35.63 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 25,441 | $ | 19,768 | $ | 18,623 | $ | 23,081 | $ | 25,353 | $ | 17,929 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(f) | 0.39 | % | 0.43 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.73 | %(f) | 1.00 | % | 1.01 | % | 1.20 | % | 1.11 | % | 1.17 | % | ||||||||||||
Net investment income, after Waivers | 1.34 | %(f) | 1.58 | % | 1.16 | % | 0.88 | % | 0.92 | % | 0.67 | % | ||||||||||||
Portfolio turnover rate(g) | 4 | % | 38 | % | 83 | % | 47 | % | 76 | % | 79 | % |
(a) | Commencement of Investment Operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (June 16, 2011, the first day of trading on the Exchange) to April 30, 2012 was 5.17%. The market price total return from Fund Inception to April 30, 2012 was 5.23%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Financial Highlights (continued)
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.06 | $ | 22.65 | $ | 24.13 | $ | 19.11 | $ | 13.87 | $ | 22.29 | ||||||||||||
Net investment income (loss)(a) | 0.18 | 0.26 | 0.13 | (0.01 | ) | 0.00 | (b) | (0.01 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.20 | 3.38 | (1.53 | ) | 5.09 | 5.25 | (8.41 | ) | ||||||||||||||||
Total from investment operations | 2.38 | 3.64 | (1.40 | ) | 5.08 | 5.25 | (8.42 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.23 | ) | (0.08 | ) | — | (0.00 | )(b) | — | ||||||||||||||
Return of capital | — | — | — | �� | (0.06 | ) | (0.01 | ) | — | |||||||||||||||
Total distributions | (0.24 | ) | (0.23 | ) | (0.08 | ) | (0.06 | ) | (0.01 | ) | — | |||||||||||||
Net asset value at end of period | $ | 28.20 | $ | 26.06 | $ | 22.65 | $ | 24.13 | $ | 19.11 | $ | 13.87 | ||||||||||||
Market price at end of period(c) | $ | 28.19 | $ | 26.04 | $ | 22.63 | $ | 24.13 | $ | 19.10 | $ | 13.85 | ||||||||||||
Net Asset Value Total Return(d) | 9.21 | % | 16.23 | % | (5.74 | )% | 26.61 | % | 37.89 | % | (37.78 | )% | ||||||||||||
Market Price Total Return(d) | 9.25 | % | 16.25 | % | (5.83 | )% | 26.67 | % | 38.02 | % | (37.86 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 87,431 | $ | 82,101 | $ | 87,203 | $ | 130,290 | $ | 128,044 | $ | 140,038 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(e) | 0.39 | % | 0.43 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.47 | %(e) | 0.54 | % | 0.55 | % | 0.69 | % | 0.66 | % | 0.61 | % | ||||||||||||
Net investment income (loss), after Waivers | 1.31 | %(e) | 1.14 | % | 0.61 | % | (0.06 | )% | 0.03 | % | (0.07 | )% | ||||||||||||
Portfolio turnover rate(f) | 3 | % | 33 | % | 75 | % | 49 | % | 75 | % | 81 | % |
PowerShares Fundamental Pure Mid Value Portfolio (PXMV)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.98 | $ | 17.06 | $ | 17.07 | $ | 15.37 | $ | 11.16 | $ | 16.89 | ||||||||||||
Net investment income(a) | 0.17 | 0.37 | 0.25 | 0.15 | 0.23 | 0.26 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.59 | 3.94 | (0.03 | ) | 1.70 | 4.24 | (5.75 | ) | ||||||||||||||||
Total from investment operations | 2.76 | 4.31 | 0.22 | 1.85 | 4.47 | (5.49 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.39 | ) | (0.23 | ) | (0.15 | ) | (0.26 | ) | (0.24 | ) | ||||||||||||
Net asset value at end of period | $ | 23.57 | $ | 20.98 | $ | 17.06 | $ | 17.07 | $ | 15.37 | $ | 11.16 | ||||||||||||
Market price at end of period(c) | $ | 23.58 | $ | 20.98 | $ | 17.04 | $ | 17.07 | $ | 15.36 | $ | 11.13 | ||||||||||||
Net Asset Value Total Return(d) | 13.25 | % | 25.74 | % | 1.42 | % | 12.16 | % | 40.58 | % | (32.71 | )% | ||||||||||||
Market Price Total Return(d) | 13.29 | % | 25.89 | % | 1.30 | % | 12.24 | % | 40.88 | % | (32.89 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 37,715 | $ | 28,321 | $ | 32,408 | $ | 40,970 | $ | 43,818 | $ | 39,056 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(e) | 0.39 | % | 0.43 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(e) | 0.82 | % | 0.79 | % | 0.91 | % | 0.84 | % | 0.78 | % | ||||||||||||
Net investment income, after Waivers | 1.51 | %(e) | 2.08 | % | 1.57 | % | 0.99 | % | 1.76 | % | 1.95 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 25 | % | 83 | % | 65 | % | 86 | % | 94 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Fundamental Pure Small Core Portfolio (PXSC)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.80 | $ | 24.21 | $ | 25.32 | $ | 21.07 | $ | 15.03 | $ | 23.31 | ||||||||||||
Net investment income(a) | 0.15 | 0.46 | 0.22 | 0.09 | 0.11 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.75 | 3.60 | (1.18 | ) | 4.25 | 6.08 | (8.31 | ) | ||||||||||||||||
Total from investment operations | 3.90 | 4.06 | (0.96 | ) | 4.34 | 6.19 | (8.23 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.47 | ) | (0.15 | ) | (0.09 | ) | (0.14 | ) | (0.05 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
Total distributions | (0.24 | ) | (0.47 | ) | (0.15 | ) | (0.09 | ) | (0.15 | ) | (0.05 | ) | ||||||||||||
Net asset value at end of period | $ | 31.46 | $ | 27.80 | $ | 24.21 | $ | 25.32 | $ | 21.07 | $ | 15.03 | ||||||||||||
Market price at end of period(b) | $ | 31.48 | $ | 27.76 | $ | 24.18 | $ | 25.33 | $ | 21.05 | $ | 15.00 | ||||||||||||
Net Asset Value Total Return(c) | 14.14 | % | 17.05 | % | (3.70 | )% | 20.64 | % | 41.37 | % | (35.34 | )% | ||||||||||||
Market Price Total Return(c) | 14.38 | % | 17.03 | % | (3.85 | )% | 20.80 | % | 41.52 | % | (35.41 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 15,731 | $ | 15,290 | $ | 15,735 | $ | 18,991 | $ | 18,960 | $ | 13,530 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.38 | %(d) | 0.39 | % | 0.43 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.99 | %(d) | 1.22 | % | 1.25 | % | 1.41 | % | 1.26 | % | 1.35 | % | ||||||||||||
Net investment income, after Waivers | 1.02 | %(d) | 1.88 | % | 0.97 | % | 0.42 | % | 0.59 | % | 0.47 | % | ||||||||||||
Portfolio turnover rate(e) | 3 | % | 45 | % | 97 | % | 68 | % | 93 | % | 81 | % |
PowerShares Fundamental Pure Small Growth Portfolio (PXSG)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.74 | $ | 17.66 | $ | 19.03 | $ | 14.12 | $ | 10.49 | $ | 15.71 | ||||||||||||
Net investment income (loss)(a) | 0.08 | 0.13 | 0.07 | (0.05 | ) | 0.05 | 0.01 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.97 | 2.08 | (1.44 | ) | 4.96 | 3.67 | (5.23 | ) | ||||||||||||||||
Total from investment operations | 3.05 | 2.21 | (1.37 | ) | 4.91 | 3.72 | (5.22 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.13 | ) | — | — | (0.07 | ) | — | |||||||||||||||
Return of capital | — | — | — | — | (0.02 | ) | — | |||||||||||||||||
Total distributions | (0.21 | ) | (0.13 | ) | — | — | (0.09 | ) | — | |||||||||||||||
Net asset value at end of period | $ | 22.58 | $ | 19.74 | $ | 17.66 | $ | 19.03 | $ | 14.12 | $ | 10.49 | ||||||||||||
Market price at end of period(b) | $ | 22.61 | $ | 19.72 | $ | 17.64 | $ | 19.05 | $ | 14.10 | $ | 10.48 | ||||||||||||
Net Asset Value Total Return(c) | 15.55 | % | 12.63 | % | (7.20 | )% | 34.77 | % | 35.60 | % | (33.23 | )% | ||||||||||||
Market Price Total Return(c) | 15.82 | % | 12.65 | % | (7.40 | )% | 35.11 | % | 35.54 | % | (33.25 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 28,225 | $ | 26,646 | $ | 30,913 | $ | 109,451 | $ | 32,473 | $ | 31,484 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(f) | 0.39 | %(d) | 0.39 | % | 0.48 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers(f) | 0.73 | %(d) | 0.92 | % | 0.69 | % | 0.93 | % | 0.94 | % | 0.86 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.72 | %(d) | 0.72 | % | 0.41 | % | (0.37 | )% | 0.41 | % | 0.11 | % | ||||||||||||
Portfolio turnover rate(e) | 2 | % | 39 | % | 189 | % | 57 | % | 113 | % | 109 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net assets value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning at the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(f) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the expense ratio shown. Estimated investment company expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the funds that the Fund invests in. The effect of the estimated investment company expenses that the Fund bears indirectly is included in the Fund’s total return. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Fundamental Pure Small Value Portfolio (PXSV)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.63 | $ | 16.35 | $ | 17.07 | $ | 14.64 | $ | 10.38 | $ | 15.80 | ||||||||||||
Net investment income(a) | 0.14 | 0.32 | 0.19 | 0.16 | 0.09 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.67 | 3.31 | (0.72 | ) | 2.45 | 4.25 | (5.43 | ) | ||||||||||||||||
Total from investment operations | 3.81 | 3.63 | (0.53 | ) | 2.61 | 4.34 | (5.31 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.35 | ) | (0.19 | ) | (0.18 | ) | (0.08 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period | $ | 23.30 | $ | 19.63 | $ | 16.35 | $ | 17.07 | $ | 14.64 | $ | 10.38 | ||||||||||||
Market price at end of period(b) | $ | 23.33 | $ | 19.61 | $ | 16.33 | $ | 17.08 | $ | 14.62 | $ | 10.36 | ||||||||||||
Net Asset Value Total Return(c) | 19.52 | % | 22.56 | % | (3.01 | )% | 18.03 | % | 42.03 | % | (33.69 | )% | ||||||||||||
Market Price Total Return(c) | 19.79 | % | 22.58 | % | (3.18 | )% | 18.26 | % | 42.11 | % | (33.78 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 57,074 | $ | 48,084 | $ | 52,312 | $ | 72,540 | $ | 72,453 | $ | 62,253 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.43 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.70 | % | 0.64 | % | 0.80 | % | 0.74 | % | 0.73 | % | ||||||||||||
Net investment income, after Waivers | 1.30 | %(d) | 1.87 | % | 1.28 | % | 1.14 | % | 0.73 | % | 1.00 | % | ||||||||||||
Portfolio turnover rate(e) | 4 | % | 31 | % | 109 | % | 90 | % | 116 | % | 98 | % |
PowerShares Zacks Micro Cap Portfolio (PZI)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.57 | $ | 11.34 | $ | 12.53 | $ | 11.69 | $ | 8.10 | $ | 13.63 | ||||||||||||
Net investment income(a) | 0.06 | 0.20 | 0.10 | 0.04 | 0.04 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.15 | 2.25 | (1.16 | ) | 0.88 | 3.62 | (5.48 | ) | ||||||||||||||||
Total from investment operations | 2.21 | 2.45 | (1.06 | ) | 0.92 | 3.66 | (5.36 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.22 | ) | (0.13 | ) | (0.08 | ) | (0.07 | ) | (0.17 | ) | ||||||||||||
Net asset value at end of period | $ | 15.70 | $ | 13.57 | $ | 11.34 | $ | 12.53 | $ | 11.69 | $ | 8.10 | ||||||||||||
Market price at end of period(b) | $ | 15.72 | $ | 13.54 | $ | 11.32 | $ | 12.52 | $ | 11.68 | $ | 8.10 | ||||||||||||
Net Asset Value Total Return(c) | 16.39 | % | 21.95 | % | (8.34 | )% | 7.97 | % | 45.49 | % | (39.70 | )% | ||||||||||||
Market Price Total Return(c) | 16.79 | % | 21.90 | % | (8.42 | )% | 7.97 | % | 45.37 | % | (39.66 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 56,529 | $ | 42,055 | $ | 34,019 | $ | 98,964 | $ | 53,758 | $ | 46,960 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(f) | 0.70 | %(d) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers(f) | 0.82 | %(d) | 0.98 | % | 0.92 | % | 0.85 | % | 0.93 | % | 0.86 | % | ||||||||||||
Net investment income, after Waivers | 0.78 | %(d) | 1.72 | % | 0.92 | % | 0.39 | % | 0.38 | % | 1.11 | % | ||||||||||||
Portfolio turnover rate(e) | 61 | % | 96 | % | 67 | % | 61 | % | 78 | % | 51 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(f) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the expense ratio shown. Estimated investment company expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the funds that the Fund invests in. The effect of the estimated investment company expenses that the Fund bears indirectly is included in the Fund’s total return. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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PowerShares Exchange-Traded Fund Trust
October 31, 2013
(Unaudited)
Note 1. Organization
PowerShares Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of October 31, 2013, the Trust offered fifty-five portfolios. This report includes the following portfolios:
Full Name | Short Name | |
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | “Dynamic Large Cap Growth Portfolio” | |
PowerShares Dynamic Large Cap Value Portfolio (PWV) | “Dynamic Large Cap Value Portfolio” | |
PowerShares Fundamental Pure Large Core Portfolio (PXLC) | “Fundamental Pure Large Core Portfolio” | |
PowerShares Fundamental Pure Large Growth Portfolio (PXLG) | “Fundamental Pure Large Growth Portfolio” | |
PowerShares Fundamental Pure Large Value Portfolio (PXLV) | “Fundamental Pure Large Value Portfolio” | |
PowerShares Fundamental Pure Mid Core Portfolio (PXMC) | “Fundamental Pure Mid Core Portfolio” | |
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) | “Fundamental Pure Mid Growth Portfolio” | |
PowerShares Fundamental Pure Mid Value Portfolio (PXMV) | “Fundamental Pure Mid Value Portfolio” | |
PowerShares Fundamental Pure Small Core Portfolio (PXSC) | “Fundamental Pure Small Core Portfolio” | |
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) | “Fundamental Pure Small Growth Portfolio” | |
PowerShares Fundamental Pure Small Value Portfolio (PXSV) | “Fundamental Pure Small Value Portfolio” | |
PowerShares Zacks Micro Cap Portfolio (PZI) | “Zacks Micro Cap Portfolio” |
Each portfolio (each, a “Fund” and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market prices of each Fund’s Shares may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed generally in-kind for securities included in each Fund’s relevant index. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek investment results that generally correspond (before fees and expenses) to the price and yield of its respective index listed below (each, an “Underlying Index”):
Fund | Index | |
Dynamic Large Cap Growth Portfolio | Dynamic Large Cap Growth IntellidexSM Index | |
Dynamic Large Cap Value Portfolio | Dynamic Large Cap Value IntellidexSM Index | |
Fundamental Pure Large Core Portfolio | RAFI® Fundamental Large Core Index | |
Fundamental Pure Large Growth Portfolio | RAFI® Fundamental Large Growth Index | |
Fundamental Pure Large Value Portfolio | RAFI® Fundamental Large Value Index | |
Fundamental Pure Mid Core Portfolio | RAFI® Fundamental Mid Core Index | |
Fundamental Pure Mid Growth Portfolio | RAFI® Fundamental Mid Growth Index | |
Fundamental Pure Mid Value Portfolio | RAFI® Fundamental Mid Value Index | |
Fundamental Pure Small Core Portfolio | RAFI® Fundamental Small Core Index | |
Fundamental Pure Small Growth Portfolio | RAFI® Fundamental Small Growth Index | |
Fundamental Pure Small Value Portfolio | RAFI® Fundamental Small Value Index | |
Zacks Micro Cap Portfolio | Zacks Micro Cap IndexTM |
Note 2. Significant Accounting Policies
The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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A. Security Valuation
Securities, including restricted securities, are valued according to the following policies.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. Listed options, if no closing price is available, are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices.
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Invesco PowerShares Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize an investing strategy that seeks returns in excess of each Fund’s respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Equity Risk. The Funds may invest in equity securities. Equity risk is the risk that the value of the securities that a Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities a Fund holds participate or factors relating to specific companies in which the Funds invest. For example, an adverse event, such as an unfavorable
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earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Funds’ portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, a Fund may face more risks than if it were diversified broadly over numerous industries or sectors. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV.
Non-Diversified Fund Risk. Each Fund (except for Dynamic Large Cap Growth Portfolio, Dynamic Large Cap Value Portfolio, Fundamental Pure Large Core Portfolio, Fundamental Pure Mid Core Portfolio, Fundamental Pure Mid Growth Portfolio, Fundamental Pure Mid Value Portfolio, Fundamental Pure Small Core Portfolio, Fundamental Pure Small Growth Portfolio, Fundamental Pure Small Value Portfolio and Zacks Micro Cap Portfolio) is non-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Core Risk. For Fundamental Pure Large Core Portfolio, Fundamental Pure Mid Core Portfolio and Fundamental Pure Small Core Portfolio, the returns on “core” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.
“Fundamentally Large” Company Risk. For Fundamental Pure Large Core Portfolio, Fundamental Pure Large Growth Portfolio and Fundamental Pure Large Value Portfolio, returns on investments in common stocks of “fundamentally large” U.S. companies could trail the returns on investments in common stocks of smaller companies or other large companies based on market capitalization.
“Fundamentally Mid-Sized” Company Risk. For Fundamental Pure Mid Core Portfolio, Fundamental Pure Mid Growth Portfolio and Fundamental Pure Mid Value Portfolio, investing in common stocks of “fundamentally mid-sized” companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ common stocks may be more volatile and less liquid than those of more established companies. These common stocks may have returns that vary, sometimes significantly, from the overall stock market. Often “fundamentally mid-sized” companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
“Fundamentally Small” Company Risk. For Fundamental Pure Small Core Portfolio, Fundamental Pure Small Growth Portfolio and Fundamental Pure Small Value Portfolio, investing in common stocks of “fundamentally small” companies involves greater risk than customarily in associated with investing in larger, more established companies. These companies’ common stocks may be more volatile and less liquid than those of more established companies. These common stocks may have returns that vary, sometimes significantly, from the overall stock market. Often “fundamentally small” companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Growth Risk. For Dynamic Large Cap Growth Portfolio, Fundamental Pure Large Growth Portfolio, Fundamental Pure Mid Growth Portfolio and Fundamental Pure Small Growth Portfolio, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.
Micro Capitalization Company Risk. The Zacks Micro Cap Portfolio’s investments in the securities of micro capitalization companies involve substantially greater risks of loss and price fluctuations. Micro capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Also, it may take a long time before the Fund realizes a gain, if any, on an investment in a micro capitalization company.
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Value Risk. For Dynamic Large Cap Value Portfolio, Fundamental Pure Large Value Portfolio, Fundamental Pure Mid Value Portfolio and Fundamental Pure Small Value Portfolio, “value” securities are subject to the risk that the valuations never improve or that the returns on “value” securities are less than returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These timing differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
Corporate actions (including cash dividends) are recorded net of non-reclaimable foreign tax withholdings on the ex-dividend date.
E. Expenses
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
F. Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal period-end.
G. Securities Lending
Fundamental Pure Small Value Portfolio and Zacks Micro Cap Portfolio may lend portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in an affiliated money market fund and is shown as such on the Schedule of Investments. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to a Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. A Fund could experience delays and costs in gaining access to the collateral. A Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash
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collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan is shown on the Statements of Assets and Liabilities, if any.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Each Fund (except for the Dynamic Large Cap Growth Portfolio, Dynamic Large Cap Value Portfolio and Zacks Micro Cap Portfolio) has agreed to pay the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. Each of the Dynamic Large Cap Growth Portfolio, Dynamic Large Cap Value Portfolio and Zacks Micro Cap Portfolio has agreed to pay the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
The Adviser has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Trust, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except for Dynamic Large Cap Growth Portfolio, Dynamic Large Cap Value Portfolio and Zacks Micro Cap Portfolio) from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2014. The Expense Cap for each of Dynamic Large Cap Growth Portfolio, Dynamic Large Cap Value Portfolio and Zacks Micro Cap Portfolio is 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2014, and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Offering costs excluded from each Expense Cap are: (a) initial legal fees pertaining to the Funds’ Shares offered for sale; (b) initial Securities and Exchange Commission and state registration fees; and (c) initial fees paid to be listed on an exchange. Unless the Adviser continues the fee waiver agreement, it will terminate on August 31, 2014. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or pay Fund expenses during the period under this expense limitation for Dynamic Large Cap Growth Portfolio and Dynamic Large Cap Value Portfolio.
Further, the Adviser has contractually agreed, through at least August 31, 2015, to waive the advisory fee payable by each Fund in an amount equal to 100% of the net advisory fees the Adviser’s affiliate receives from the affiliated money market funds on investments by a Fund (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six-months ended October 31, 2013, the Adviser waived fees and/or paid Fund expenses for each Fund, in the following amounts:
Dynamic Large Cap Growth Portfolio | $ | 42 | ||
Dynamic Large Cap Value Portfolio | | 116 | | |
Fundamental Pure Large Core Portfolio | | 39,069 | | |
Fundamental Pure Large Growth Portfolio | | 31,065 | | |
Fundamental Pure Large Value Portfolio | | 40,171 | | |
Fundamental Pure Mid Core Portfolio | 40,446 | |||
Fundamental Pure Mid Growth Portfolio | 35,163 | |||
Fundamental Pure Mid Value Portfolio | 42,923 | |||
Fundamental Pure Small Core Portfolio | 45,613 | |||
Fundamental Pure Small Growth Portfolio | 46,429 | |||
Fundamental Pure Small Value Portfolio | 46,611 | |||
Zacks Micro Cap Portfolio | 29,454 |
The Expense Agreement provides that the fees waived or expenses borne by the Adviser are subject to recapture by the Adviser for up to three years from the date the fee was waived or expense was borne by the Adviser, but no recapture payment will be made by a Fund if it would result in the Fund exceeding its Expense Cap as specified above.
The amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2013 are as follows:
Total Potential Recapture Amount | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/14 | 04/30/15 | 04/30/16 | 10/31/16 | |||||||||||||||||
Fundamental Pure Large Core Portfolio | $ | 322,497 | $ | 58,986 | $ | 119,199 | $ | 105,264 | $ | 39,048 | ||||||||||
Fundamental Pure Large Growth Portfolio | 255,108 | — | 129,956 | 94,097 | 31,055 | |||||||||||||||
Fundamental Pure Large Value Portfolio | 272,495 | — | 133,196 | 99,141 | 40,158 | |||||||||||||||
Fundamental Pure Mid Core Portfolio | 334,685 | 63,040 | 121,623 | 109,592 | 40,430 |
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Total Potential Recapture Amount | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/14 | 04/30/15 | 04/30/16 | 10/31/16 | |||||||||||||||||
Fundamental Pure Mid Growth Portfolio | 306,668 | 32,732 | 120,951 | 117,856 | 35,129 | |||||||||||||||
Fundamental Pure Mid Value Portfolio | 344,071 | 58,338 | 117,234 | 125,577 | 42,922 | |||||||||||||||
Fundamental Pure Small Core Portfolio | 354,260 | 68,788 | 125,378 | 114,500 | 45,594 | |||||||||||||||
Fundamental Pure Small Growth Portfolio | 358,435 | 54,375 | 114,756 | 142,898 | 46,406 | |||||||||||||||
Fundamental Pure Small Value Portfolio | 370,671 | 58,043 | 120,928 | 145,112 | 46,588 | |||||||||||||||
Zacks Micro Cap Portfolio | 270,562 | 52,593 | 102,215 | 86,324 | 29,430 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Dynamic Large Cap Growth Portfolio | NYSE Arca, Inc. | |
Dynamic Large Cap Value Portfolio | NYSE Arca, Inc. | |
Fundamental Pure Large Core Portfolio | Research Affiliates, LLC | |
Fundamental Pure Large Growth Portfolio | Research Affiliates, LLC | |
Fundamental Pure Large Value Portfolio | Research Affiliates, LLC | |
Fundamental Pure Mid Core Portfolio | Research Affiliates, LLC | |
Fundamental Pure Mid Growth Portfolio | Research Affiliates, LLC | |
Fundamental Pure Mid Value Portfolio | Research Affiliates, LLC | |
Fundamental Pure Small Core Portfolio | Research Affiliates, LLC | |
Fundamental Pure Small Growth Portfolio | Research Affiliates, LLC | |
Fundamental Pure Small Value Portfolio | Research Affiliates, LLC | |
Zacks Micro Cap Portfolio | Zacks Investment Research |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use with the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of these Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Note 4. Investments in Affiliates
Each Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd., and therefore Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. The table below shows each Fund’s transactions in, and earnings from, its investments in Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT for the six-month period ended October 31, 2013.
Fundamental Pure Mid Core Portfolio
Value April 30, 2013 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2013 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 250,556 | $ | 50,772 | $ | (3,169 | ) | $ | 19,470 | $ | (177 | ) | $ | 317,452 | $ | 3,860 |
Fundamental Pure Small Growth Portfolio
Value April 30, 2013 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2013 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 216,525 | $ | 5,036 | $ | (19,054 | ) | $ | (57,283 | ) | $ | 1,659 | $ | 146,883 | $ | 9,594 |
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Note 5. Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of October 31, 2013, the securities in each Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Note 6. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in 8 tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following Funds had a capital loss carryforward as of April 30, 2013, which expires as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | ||||||||||||||||||||||||||||
Dynamic Large Cap Growth Portfolio | $ | 191,864 | $ | 10,916,066 | $ | 14,024,455 | $ | 68,715,641 | $ | 131,638,879 | $ | 15,986,258 | $ | 17,002,918 | $ | 1,187,467 | $ | 259,663,548 | ||||||||||||||||||
Dynamic Large Cap Value Portfolio | 70,814 | 1,378,743 | 2,783,761 | 22,558,581 | 56,819,182 | 17,964,198 | 25,618,203 | 7,417,904 | 134,611,386 | |||||||||||||||||||||||||||
Fundamental Pure Large Core Portfolio** | — | — | 87,112 | 2,328,337 | 5,621,834 | 1,626,267 | 1,095,743 | — | 10,759,293 | |||||||||||||||||||||||||||
Fundamental Pure Large Growth Portfolio** | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Fundamental Pure Large Value Portfolio** | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Fundamental Pure Mid Core Portfolio | — | — | 628,828 | 3,815,763 | 3,611,366 | 741,893 | 1,573,847 | 67,978 | 10,439,675 | |||||||||||||||||||||||||||
Fundamental Pure Mid Growth Portfolio | 422,220 | 8,055,857 | 5,112,579 | 54,769,394 | 82,364,246 | 12,021,724 | 7,467,612 | 556 | 170,214,188 | |||||||||||||||||||||||||||
Fundamental Pure Mid Value Portfolio | 237,806 | 2,384,765 | 5,347,255 | 12,697,113 | 18,996,863 | 2,751,107 | 2,697,084 | 158,928 | 45,270,921 | |||||||||||||||||||||||||||
Fundamental Pure Small Core Portfolio | — | — | 1,028,299 | 2,738,120 | 2,009,294 | 2,491,519 | 1,228,681 | 178,508 | 9,674,421 | |||||||||||||||||||||||||||
Fundamental Pure Small Growth Portfolio | 823,782 | 13,094,039 | 6,666,558 | 9,888,431 | 10,392,627 | 4,547,805 | 4,774,753 | — | 50,187,995 | |||||||||||||||||||||||||||
Fundamental Pure Small Value Portfolio | 703,862 | 3,929,009 | 8,615,687 | 16,547,947 | 9,588,502 | 5,376,983 | 1,170,650 | — | 45,932,640 | |||||||||||||||||||||||||||
Zacks Micro Cap Portfolio | 1,951,245 | 15,172,527 | 14,330,930 | 28,782,755 | 12,380,833 | 7,234,973 | 11,560,691 | 1,194,138 | 92,608,092 |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
** | During the fiscal year ended April 30, 2013, the Fundamental Pure Large Core, Fundamental Pure Large Growth and Fundamental Pure Large Value Portfolios utilized capital loss carryforwards of $270,367, $288 and $888, respectively, to offset realized gains. |
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Note 7. Investment Transactions
For the six-month period ended October 31, 2013, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Dynamic Large Cap Growth Portfolio | $ | 121,637,921 | $ | 122,625,363 | ||||
Dynamic Large Cap Value Portfolio | 334,440,924 | 334,250,598 | ||||||
Fundamental Pure Large Core Portfolio | 1,378,862 | 411,795 | ||||||
Fundamental Pure Large Growth Portfolio | 840,758 | 1,215,945 | ||||||
Fundamental Pure Large Value Portfolio | 353,867 | 316,195 | ||||||
Fundamental Pure Mid Core Portfolio | 847,616 | 867,068 | ||||||
Fundamental Pure Mid Growth Portfolio | 2,628,703 | 2,799,022 | ||||||
Fundamental Pure Mid Value Portfolio | 753,982 | 726,807 | ||||||
Fundamental Pure Small Core Portfolio | 383,761 | 419,585 | ||||||
Fundamental Pure Small Growth Portfolio | 542,275 | 713,088 | ||||||
Fundamental Pure Small Value Portfolio | 2,156,997 | 2,155,357 | ||||||
Zacks Micro Cap Portfolio | 30,020,486 | 30,199,594 |
For the six-month period ended October 31, 2013, in-kind transactions associated with creations and redemptions were as follows:
Securities Received | Securities Delivered | |||||||
Dynamic Large Cap Growth Portfolio | $ | 121,355,735 | $ | 118,294,683 | ||||
Dynamic Large Cap Value Portfolio | 363,261,917 | 302,725,677 | ||||||
Fundamental Pure Large Core Portfolio | 2,368,396 | — | ||||||
Fundamental Pure Large Growth Portfolio | 9,128,111 | 2,575,216 | ||||||
Fundamental Pure Large Value Portfolio | 3,905,195 | — | ||||||
Fundamental Pure Mid Core Portfolio | 2,984,064 | — | ||||||
Fundamental Pure Mid Growth Portfolio | — | 1,354,242 | ||||||
Fundamental Pure Mid Value Portfolio | 5,431,926 | — | ||||||
Fundamental Pure Small Core Portfolio | 1,418,730 | 2,855,603 | ||||||
Fundamental Pure Small Growth Portfolio | — | 2,037,240 | ||||||
Fundamental Pure Small Value Portfolio | — | — | ||||||
Zacks Micro Cap Portfolio | 26,284,924 | 18,588,906 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2013, cost of investments on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
At October 31, 2013, the aggregate cost and the net unrealized appreciation of investments for tax purposes were as follows:
Cost | Net Unrealized Appreciation | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Dynamic Large Cap Growth Portfolio | $ | 198,353,160 | $ | 48,958,373 | $ | 49,475,600 | $ | (517,227 | ) | |||||||
Dynamic Large Cap Value Portfolio | 582,934,939 | 93,316,589 | 99,006,458 | �� | (5,689,869 | ) | ||||||||||
Fundamental Pure Large Core Portfolio | 28,200,379 | 6,244,901 | 6,394,573 | (149,672 | ) | |||||||||||
Fundamental Pure Large Growth Portfolio | 86,088,121 | 10,426,845 | 11,479,694 | (1,052,849 | ) | |||||||||||
Fundamental Pure Large Value Portfolio | 10,793,821 | 1,446,872 | 1,526,323 | (79,451 | ) | |||||||||||
Fundamental Pure Mid Core Portfolio | 21,392,540 | 4,101,988 | 4,457,076 | (355,088 | ) | |||||||||||
Fundamental Pure Mid Growth Portfolio | 72,979,087 | 14,542,726 | 17,811,621 | (3,268,895 | ) | |||||||||||
Fundamental Pure Mid Value Portfolio | 30,322,328 | 7,381,195 | 8,109,351 | (728,156 | ) | |||||||||||
Fundamental Pure Small Core Portfolio | 13,070,062 | 2,726,980 | 3,207,165 | (480,185 | ) | |||||||||||
Fundamental Pure Small Growth Portfolio | 23,794,387 | 4,506,498 | 6,287,196 | (1,780,698 | ) | |||||||||||
Fundamental Pure Small Value Portfolio | 47,440,658 | 11,688,399 | 13,718,550 | (2,030,151 | ) | |||||||||||
Zacks Micro Cap Portfolio | 52,961,071 | 5,246,497 | 7,066,119 | (1,819,622 | ) |
| 69 |
|
Note 8. Trustees’ Fees
The Funds compensate each Independent Trustee. The Trustee who is an “interested person” (the “Non-Independent Trustee”) of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, an Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select PowerShares Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.
Note 9. Capital
Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. Cash may be substituted equivalent to the value of certain securities, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
Each Fund may issue Shares in advance of receipt of a basket of securities (“Deposit Securities”) subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with each Fund’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Transactions in a Fund’s Shares are disclosed in detail on the Statements of Changes in Net Assets.
Note 10. Indemnifications
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between the Independent Trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
| 70 |
|
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invescopowershares.com.
©2013 Invesco PowerShares Capital Management LLC | P-PS-SAR-5 | |||||
3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
invescopowershares.com 800.983.0903 | @PowerShares |
October 31, 2013 |
2013 Semi-Annual Report to Shareholders
PPA | PowerShares Aerospace & Defense Portfolio | |
PZD | PowerShares CleantechTM Portfolio | |
PDP | PowerShares DWA Momentum Portfolio | |
PSP | PowerShares Global Listed Private Equity Portfolio | |
PGJ | PowerShares Golden Dragon China Portfolio | |
PXN | PowerShares Lux Nanotech Portfolio | |
PBP | PowerShares S&P 500 BuyWrite Portfolio | |
SPHQ | PowerShares S&P 500® High Quality Portfolio | |
PHO | PowerShares Water Resources Portfolio | |
PBW | PowerShares WilderHill Clean Energy Portfolio | |
PUW | PowerShares WilderHill Progressive Energy Portfolio |
| 2 |
|
As a shareholder of a Fund of the PowerShares Exchange-Traded Fund Trust, (excluding PowerShares S&P 500 BuyWrite Portfolio), you incur advisory fees and other Fund expenses. As a shareholder of a Fund of the PowerShares S&P 500 BuyWrite Portfolio, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2013.
In pursuing their investment objectives, PowerShares DWA Momentum Portfolio, PowerShares Global Listed Private Equity Portfolio and PowerShares Lux Nanotech Portfolio (the “Portfolios”) may invest a portion of their assets in investment companies. Each Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which each Portfolio invests. The effect of such expenses are included in each Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds 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.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Aerospace & Defense Portfolio (PPA) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,248.10 | 0.66 | % | $ | 3.74 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.88 | 0.66 | 3.36 | ||||||||||||
PowerShares CleantechTM Portfolio (PZD) | ||||||||||||||||
Actual | 1,000.00 | 1,189.37 | 0.67 | 3.70 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.83 | 0.67 | 3.41 | ||||||||||||
PowerShares DWA Momentum Portfolio (PDP) | ||||||||||||||||
Actual | 1,000.00 | 1,093.70 | 0.64 | 3.38 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.98 | 0.64 | 3.26 | ||||||||||||
PowerShares Global Listed Private Equity Portfolio (PSP) | ||||||||||||||||
Actual | 1,000.00 | 1,114.26 | 0.69 | 3.68 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.73 | 0.69 | 3.52 | ||||||||||||
PowerShares Golden Dragon China Portfolio (PGJ) | ||||||||||||||||
Actual | 1,000.00 | 1,454.82 | 0.70 | 4.33 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 |
| 3 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Lux Nanotech Portfolio (PXN) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,024.35 | 0.69 | % | $ | 3.52 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.73 | 0.69 | 3.52 | ||||||||||||
PowerShares S&P 500 BuyWrite Portfolio (PBP) | ||||||||||||||||
Actual | 1,000.00 | 1,025.93 | 0.75 | 3.83 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||||||||||
PowerShares S&P 500® High Quality Portfolio (SPHQ) | ||||||||||||||||
Actual | 1,000.00 | 1,106.64 | 0.29 | 1.54 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.74 | 0.29 | 1.48 | ||||||||||||
PowerShares Water Resources Portfolio (PHO) | ||||||||||||||||
Actual | 1,000.00 | 1,130.02 | 0.62 | 3.33 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.08 | 0.62 | 3.16 | ||||||||||||
PowerShares WilderHill Clean Energy Portfolio (PBW) | ||||||||||||||||
Actual | 1,000.00 | 1,360.73 | 0.70 | 4.17 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||||||||||
PowerShares WilderHill Progressive Energy Portfolio (PUW) | ||||||||||||||||
Actual | 1,000.00 | 1,104.44 | 0.70 | 3.71 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2013. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
| 4 |
|
Portfolio Composition |
PowerShares Aerospace & Defense Portfolio (PPA) |
Industry Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Aerospace & Defense | 77.7 | |||
IT Services | 7.9 | |||
Communications Equipment | 4.5 | |||
Containers & Packaging | 3.0 | |||
Electronic Equipment, Instruments & Components | 2.5 | |||
Machinery | 1.8 | |||
Construction & Engineering | 1.7 | |||
Diversified Telecommunication Services | 0.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
PowerShares Aerospace & Defense Portfolio (PPA)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—77.7% | ||||||||
13,640 | AAR Corp. | $ | 399,379 | |||||
7,895 | Aerovironment, Inc.(b) | 214,033 | ||||||
11,148 | Alliant Techsystems, Inc. | 1,213,683 | ||||||
2,721 | American Science & Engineering, Inc. | 178,987 | ||||||
42,457 | Boeing Co. (The) | 5,540,638 | ||||||
9,304 | Cubic Corp. | 488,460 | ||||||
26,065 | DigitalGlobe, Inc.(b) | 829,388 | ||||||
3,716 | Ducommun, Inc.(b) | 92,380 | ||||||
5,990 | Engility Holdings, Inc.(b) | 185,510 | ||||||
10,922 | Esterline Technologies Corp.(b) | 875,508 | ||||||
65,540 | Exelis, Inc. | 1,080,755 | ||||||
21,091 | GenCorp, Inc.(b) | 354,329 | ||||||
44,789 | General Dynamics Corp. | 3,880,071 | ||||||
23,092 | HEICO Corp. | 1,237,269 | ||||||
34,629 | Hexcel Corp.(b) | 1,465,153 | ||||||
59,968 | Honeywell International, Inc. | 5,201,025 | ||||||
17,326 | Huntington Ingalls Industries, Inc. | 1,239,675 | ||||||
12,763 | KEYW Holding Corp. (The)(b) | 146,775 | ||||||
19,840 | Kratos Defense & Security Solutions, Inc.(b) | 168,243 | ||||||
31,179 | L-3 Communications Holdings, Inc. | 3,131,931 | ||||||
4,477 | LMI Aerospace, Inc.(b) | 70,289 | ||||||
39,430 | Lockheed Martin Corp. | 5,257,596 | ||||||
15,730 | Moog, Inc., Class A(b) | 939,553 | ||||||
37,041 | Northrop Grumman Corp. | 3,982,278 | ||||||
20,938 | Orbital Sciences Corp.(b) | 483,040 | ||||||
18,631 | Precision Castparts Corp. | 4,722,027 | ||||||
45,153 | Raytheon Co. | 3,719,253 | ||||||
45,517 | Rockwell Collins, Inc. | 3,178,452 | ||||||
17,773 | Taser International, Inc.(b) | 315,826 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Aerospace & Defense (continued) | ||||||||
13,031 | Teledyne Technologies, Inc.(b) | $ | 1,157,413 | |||||
97,628 | Textron, Inc. | 2,810,710 | ||||||
18,287 | TransDigm Group, Inc. | 2,659,113 | ||||||
18,105 | Triumph Group, Inc. | 1,297,223 | ||||||
45,931 | United Technologies Corp. | 4,880,169 | ||||||
|
| |||||||
63,396,134 | ||||||||
|
| |||||||
Communications Equipment—4.5% | ||||||||
4,636 | Anaren, Inc.(b) | 115,808 | ||||||
5,709 | Comtech Telecommunications Corp. | 171,384 | ||||||
37,218 | Harris Corp. | 2,306,027 | ||||||
15,818 | ViaSat, Inc.(b) | 1,045,886 | ||||||
|
| |||||||
3,639,105 | ||||||||
|
| |||||||
Construction & Engineering—1.7% | ||||||||
26,063 | URS Corp. | 1,413,136 | ||||||
|
| |||||||
Containers & Packaging—3.0% | ||||||||
50,500 | Ball Corp. | 2,468,945 | ||||||
|
| |||||||
Diversified Telecommunication Services—0.9% | ||||||||
36,689 | Intelsat SA(b) | 748,089 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.5% | ||||||||
49,450 | FLIR Systems, Inc. | 1,408,336 | ||||||
11,564 | Mercury Systems, Inc.(b) | 106,620 | ||||||
6,954 | OSI Systems, Inc.(b) | 506,529 | ||||||
|
| |||||||
2,021,485 | ||||||||
|
| |||||||
IT Services—7.9% | ||||||||
50,996 | Booz Allen Hamilton Holding Corp. | 1,009,721 | ||||||
8,097 | CACI International, Inc., Class A(b) | 582,822 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Aerospace & Defense Portfolio (PPA) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
IT Services (continued) | ||||||||
51,402 | Computer Sciences Corp. | $ | 2,532,062 | |||||
29,820 | Leidos Holdings, Inc. | 1,404,224 | ||||||
12,933 | ManTech International Corp., Class A | 361,348 | ||||||
17,041 | Science Applications International Corp. | 600,695 | ||||||
|
| |||||||
6,490,872 | ||||||||
|
| |||||||
Machinery—1.8% | ||||||||
30,273 | Oshkosh Corp.(b) | 1,440,692 | ||||||
|
| |||||||
Total Common Stocks (Cost $72,463,483) | 81,618,458 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
96,780 | Premier Portfolio—Institutional Class(c) (Cost $96,780) | 96,780 | ||||||
|
| |||||||
Total Investments (Cost $72,560,263)—100.1% | 81,715,238 | |||||||
Other assets less liabilities—(0.1)% | (95,066 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 81,620,172 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Portfolio Composition |
PowerShares Cleantech™ Portfolio (PZD) |
Industry Breakdown (Unaudited) | ||||
Electrical Equipment | 20.1 | |||
Machinery | 19.4 | |||
Electronic Equipment, Instruments & Components | 9.2 | |||
Software | 7.3 | |||
Auto Components | 6.8 | |||
Semiconductors & Semiconductor Equipment | 6.3 | |||
Chemicals | 5.2 | |||
Industrial Conglomerates | 4.2 | |||
Professional Services | 3.6 | |||
Biotechnology | 3.2 | |||
Construction & Engineering | 2.9 | |||
Life Sciences Tools & Services | 2.3 | |||
Commercial Services & Supplies | 2.3 | |||
Aerospace & Defense | 2.3 | |||
Independent Power Producers & Energy Traders | 2.1 | |||
Building Products | 2.1 | |||
Water Utilities | 0.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Cleantech™ Portfolio (PZD)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—2.3% | ||||||||
42,312 | Hexcel Corp.(b) | $ | 1,790,221 | |||||
|
| |||||||
Auto Components—6.8% | ||||||||
23,037 | BorgWarner, Inc. | 2,375,806 | ||||||
21,487 | Fuel Systems Solutions, Inc.(b) | 385,906 | ||||||
54,844 | Johnson Controls, Inc. | 2,531,051 | ||||||
|
| |||||||
5,292,763 | ||||||||
|
| |||||||
Biotechnology—3.2% | ||||||||
62,535 | Novozymes A/S, Class B (Denmark) | 2,452,956 | ||||||
|
| |||||||
Building Products—2.1% | ||||||||
79,484 | Kingspan Group PLC (Ireland) | 1,331,280 | ||||||
12,963 | WaterFurnace Renewable Energy, Inc. (Canada) | 285,774 | ||||||
|
| |||||||
1,617,054 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Chemicals—5.2% | ||||||||
430 | Gurit Holding AG (Switzerland)(b) | $ | 200,268 | |||||
30,202 | Koninklijke DSM NV (Netherlands) | 2,290,715 | ||||||
33,217 | Umicore SA (Belgium) | 1,586,643 | ||||||
|
| |||||||
4,077,626 | ||||||||
|
| |||||||
Commercial Services & Supplies—2.3% | ||||||||
37,328 | Tetra Tech, Inc.(b) | 975,381 | ||||||
91,382 | Tomra Systems ASA (Norway) | 841,186 | ||||||
|
| |||||||
1,816,567 | ||||||||
|
| |||||||
Construction & Engineering—2.9% | ||||||||
31,824 | Aegion Corp.(b) | 652,392 | ||||||
49,355 | Ameresco, Inc., Class A(b) | 516,253 | ||||||
35,379 | Arcadis NV (Netherlands) | 1,112,260 | ||||||
|
| |||||||
2,280,905 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Cleantech™ Portfolio (PZD) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Electrical Equipment—20.1% | ||||||||
98,948 | ABB Ltd. (Switzerland)(b) | $ | 2,531,749 | |||||
22,147 | EnerSys | 1,469,453 | ||||||
121,964 | Gamesa Corp. Tecnologica SA (Spain)(b) | 1,183,883 | ||||||
23,478 | Polypore International, Inc.(b)(c) | 1,061,206 | ||||||
25,680 | PowerSecure International, Inc.(b) | 464,294 | ||||||
17,552 | Roper Industries, Inc. | 2,225,769 | ||||||
18,975 | Saft Groupe SA (France) | 603,122 | ||||||
26,622 | Schneider Electric SA (France) | 2,245,750 | ||||||
31,950 | SGL Carbon SE (Germany)(c) | 1,250,522 | ||||||
9,697 | Vacon Oyj (Finland) | 722,432 | ||||||
71,457 | Vestas Wind Systems A/S (Denmark)(b) | 1,921,150 | ||||||
|
| |||||||
15,679,330 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—9.2% | ||||||||
11,006 | Badger Meter, Inc. | 572,422 | ||||||
158,415 | Corning, Inc.(c) | 2,707,312 | ||||||
25,096 | HORIBA Ltd. (Japan) | 915,745 | ||||||
22,669 | Itron, Inc.(b)(c) | 967,286 | ||||||
71,710 | Trimble Navigation Ltd.(b) | 2,048,755 | ||||||
|
| |||||||
7,211,520 | ||||||||
|
| |||||||
Independent Power Producers & Energy Traders—2.1% | ||||||||
8,086,708 | Energy Development Corp. (Netherlands) | 1,085,464 | ||||||
22,354 | Ormat Technologies, Inc. (Israel) | 582,769 | ||||||
|
| |||||||
1,668,233 | ||||||||
|
| |||||||
Industrial Conglomerates—4.2% | ||||||||
22,123 | Raven Industries, Inc. | 738,023 | ||||||
19,510 | Siemens AG (Germany) | 2,498,014 | ||||||
|
| |||||||
3,236,037 | ||||||||
|
| |||||||
Life Sciences Tools & Services—2.3% | ||||||||
6,641 | Eurofins Scientific (France) | 1,823,292 | ||||||
|
| |||||||
Machinery—19.4% | ||||||||
94,712 | Alfa Laval AB (Sweden) | 2,166,167 | ||||||
23,757 | CLARCOR, Inc. | 1,389,309 | ||||||
49,652 | Donaldson Co., Inc. | 1,966,716 | ||||||
20,764 | ESCO Technologies, Inc. | 749,165 | ||||||
14,317 | Kadant, Inc.(b) | 512,549 | ||||||
47,818 | Kurita Water Industries Ltd. (Japan) | 1,043,018 | ||||||
8,629 | Lindsay Corp. | 655,890 | ||||||
69,481 | Meyer Burger Technology AG (Switzerland)(b)(c) | 817,153 | ||||||
27,412 | Pall Corp. | 2,207,214 | ||||||
14,279 | Westport Innovations, Inc. (Canada)(b)(c) | 334,366 | ||||||
31,667 | Woodward, Inc. | 1,269,530 | ||||||
59,370 | Xylem, Inc. | 2,048,265 | ||||||
|
| |||||||
15,159,342 | ||||||||
|
| |||||||
Professional Services—3.6% | ||||||||
25,908 | Mistras Group, Inc.(b) | 475,671 | ||||||
999 | SGS SA (Switzerland) | 2,345,397 | ||||||
|
| |||||||
2,821,068 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—6.3% | ||||||||
29,777 | Advanced Energy Industries, Inc.(b) | 621,744 | ||||||
31,873 | Cree, Inc.(b)(c) | 1,936,285 | ||||||
89,094 | GT Advanced Technologies, Inc.(b)(c) | 668,205 | ||||||
16,729 | Power Integrations, Inc. | 960,914 | ||||||
17,706 | SMA Solar Technology AG (Germany) | 724,064 | ||||||
|
| |||||||
4,911,212 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Software—7.3% | ||||||||
24,598 | ANSYS, Inc.(b) | $ | 2,151,095 | |||||
57,746 | Autodesk, Inc.(b) | 2,304,643 | ||||||
22,590 | FleetMarics Group PLC(b) | 717,233 | ||||||
25,587 | Silver Spring Networks, Inc.(b) | 558,820 | ||||||
|
| |||||||
5,731,791 | ||||||||
|
| |||||||
Water Utilities—0.7% | ||||||||
535,930 | Hyflux Ltd. (Singapore) | 501,212 | ||||||
|
| |||||||
Total Common Stocks (Cost $59,116,438) | 78,071,129 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
32,355 | Premier Portfolio—Institutional Class(d) (Cost $32,355) | 32,355 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $59,148,793)—100.0% | 78,103,484 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—9.2% | ||||||||
7,155,748 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $7,155,748)(d)(e) | 7,155,748 | ||||||
|
| |||||||
Total Investments (Cost $66,304,541)—109.2% | 85,259,232 | |||||||
Other assets less liabilities—(9.2)% | (7,149,998 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 78,109,234 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2013. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Portfolio Composition |
PowerShares DWA Momentum Portfolio (PDP) |
Sector Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Consumer Discretionary | 28.5 | |||
Industrials | 17.7 | |||
Health Care | 17.2 | |||
Materials | 11.6 | |||
Information Technology | 9.1 | |||
Financials | 6.3 | |||
Energy | 3.5 | |||
Consumer Staples | 3.3 | |||
Utilities | 2.1 | |||
Telecommunication Services | 0.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares DWA Momentum Portfolio (PDP)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—28.5% | ||||||||
16,593 | Amazon.com, Inc.(b) | $ | 6,040,350 | |||||
149,743 | Brinker International, Inc. | 6,651,584 | ||||||
71,072 | Carter’s, Inc. | 4,914,629 | ||||||
161,043 | CBS Corp., Class B | 9,524,083 | ||||||
20,450 | Chipotle Mexican Grill, Inc.(b) | 10,776,536 | ||||||
76,780 | Discovery Communications, Inc., Class A(b) | 6,827,278 | ||||||
141,707 | Dollar Tree, Inc.(b) | 8,275,689 | ||||||
213,183 | Domino’s Pizza, Inc. | 14,296,052 | ||||||
97,827 | Hanesbrands, Inc. | 6,663,975 | ||||||
110,972 | Jarden Corp.(b) | 6,143,410 | ||||||
331,001 | Liberty Interactive Corp., Class A(b) | 8,923,787 | ||||||
162,824 | Lions Gate Entertainment Corp.(b) | 5,630,454 | ||||||
20,114 | Netflix, Inc.(b) | 6,486,363 | ||||||
213,895 | O’Reilly Automotive, Inc.(b) | 26,482,340 | ||||||
63,364 | Polaris Industries, Inc. | 8,297,516 | ||||||
27,363 | Priceline.com, Inc.(b) | 28,835,950 | ||||||
297,311 | Service Corp. International | 5,354,571 | ||||||
95,300 | Signet Jewelers Ltd. | 7,115,098 | ||||||
73,375 | Starbucks Corp. | 5,947,044 | ||||||
994,989 | Starz, Class A(b) | 29,998,918 | ||||||
40,017 | Tesla Motors, Inc.(b) | 6,400,319 | ||||||
90,020 | TJX Cos., Inc. (The) | 5,472,316 | ||||||
318,852 | TRW Automotive Holdings Corp.(b) | 23,948,974 | ||||||
113,840 | Ulta Salon, Cosmetics & Fragrance, Inc.(b) | 14,668,284 | ||||||
77,662 | Under Armour, Inc., Class A(b) | 6,302,271 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
48,909 | VF Corp. | $ | 10,515,435 | |||||
195,931 | Wyndham Worldwide Corp. | 13,009,818 | ||||||
32,162 | Wynn Resorts Ltd. | 5,346,932 | ||||||
|
| |||||||
298,849,976 | ||||||||
|
| |||||||
Consumer Staples—3.3% | ||||||||
92,956 | Brown-Forman Corp., Class B | 6,783,929 | ||||||
84,160 | Herbalife Ltd. (Cayman Islands) | 5,455,251 | ||||||
154,679 | Hormel Foods Corp. | 6,722,349 | ||||||
58,906 | J.M. Smucker Co. (The) | 6,550,936 | ||||||
137,920 | Whole Foods Market, Inc. | 8,706,890 | ||||||
|
| |||||||
34,219,355 | ||||||||
|
| |||||||
Energy—3.5% | ||||||||
183,962 | Cheniere Energy, Inc.(b) | 7,321,688 | ||||||
173,517 | EQT Corp. | 14,854,790 | ||||||
66,443 | Oceaneering International, Inc. | 5,706,125 | ||||||
43,514 | Pioneer Natural Resources Co. | 8,910,797 | ||||||
|
| |||||||
36,793,400 | ||||||||
|
| |||||||
Financials—6.3% | ||||||||
66,595 | ACE Ltd. | 6,355,827 | ||||||
31,454 | Affiliated Managers Group, Inc.(b) | 6,210,278 | ||||||
279,165 | Arch Capital Group Ltd.(b) | 16,180,403 | ||||||
105,128 | Discover Financial Services | 5,454,041 | ||||||
110,561 | Extra Space Storage, Inc. REIT | 5,084,700 | ||||||
169,543 | HCC Insurance Holdings, Inc. | 7,739,638 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares DWA Momentum Portfolio (PDP) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
104,571 | Ocwen Financial Corp.(b) | $ | 5,880,027 | |||||
125,075 | Rayonier, Inc. REIT | 5,881,027 | ||||||
235,462 | XL Group PLC | 7,198,073 | ||||||
|
| |||||||
65,984,014 | ||||||||
|
| |||||||
Health Care—17.2% | ||||||||
40,275 | Actavis PLC(b) | 6,225,709 | ||||||
187,246 | Alexion Pharmaceuticals, Inc.(b) | 23,021,896 | ||||||
476,926 | ARIAD Pharmaceuticals, Inc.(b) | 1,049,237 | ||||||
102,917 | Cerner Corp.(b) | 5,766,440 | ||||||
67,076 | Cigna Corp. | 5,163,510 | ||||||
51,537 | Cooper Cos., Inc. (The) | 6,659,096 | ||||||
435,105 | Gilead Sciences, Inc.(b) | 30,888,104 | ||||||
160,387 | Henry Schein, Inc.(b) | 18,032,310 | ||||||
311,247 | Jazz Pharmaceuticals PLC(b) | 28,242,553 | ||||||
164,668 | Medivation, Inc.(b) | 9,857,026 | ||||||
23,782 | Mettler-Toledo International, Inc.(b) | 5,885,094 | ||||||
166,934 | Pharmacyclics, Inc.(b) | 19,805,050 | ||||||
67,163 | Regeneron Pharmaceuticals, Inc.(b) | 19,316,079 | ||||||
|
| |||||||
179,912,104 | ||||||||
|
| |||||||
Industrials—17.7% | ||||||||
95,473 | B/E Aerospace, Inc.(b) | 7,748,589 | ||||||
106,766 | Chicago Bridge & Iron Co. NV | 7,910,293 | ||||||
96,279 | Colfax Corp.(b) | 5,387,773 | ||||||
108,794 | Danaher Corp. | 7,842,959 | ||||||
368,987 | J.B. Hunt Transport Services, Inc. | 27,685,095 | ||||||
123,524 | Kirby Corp.(b) | 10,930,639 | ||||||
65,833 | Lockheed Martin Corp. | 8,778,172 | ||||||
109,223 | Nordson Corp. | 7,873,886 | ||||||
115,854 | Old Dominion Freight Line, Inc.(b) | 5,433,552 | ||||||
90,941 | Pentair Ltd. | 6,101,232 | ||||||
76,031 | Precision Castparts Corp. | 19,270,057 | ||||||
102,796 | Roper Industries, Inc. | 13,035,561 | ||||||
59,305 | Towers Watson & Co., Class A | 6,808,807 | ||||||
59,395 | Union Pacific Corp. | 8,992,403 | ||||||
153,598 | United Rentals, Inc.(b) | 9,920,895 | ||||||
40,924 | W.W. Grainger, Inc. | 11,007,328 | ||||||
62,080 | WABCO Holdings, Inc.(b) | 5,319,014 | ||||||
356,261 | Waste Connections, Inc. | 15,226,595 | ||||||
|
| |||||||
185,272,850 | ||||||||
|
| |||||||
Information Technology—9.1% | ||||||||
94,834 | 3D Systems Corp.(b) | 5,902,468 | ||||||
107,690 | Amphenol Corp., Class A | 8,646,430 | ||||||
167,823 | ANSYS, Inc.(b) | 14,676,121 | ||||||
59,368 | Apple, Inc. | 31,010,875 | ||||||
58,098 | Fiserv, Inc.(b) | 6,084,604 | ||||||
99,429 | Gartner, Inc.(b) | 5,861,340 | ||||||
20,196 | MasterCard, Inc., Class A | 14,482,552 | ||||||
89,704 | NetSuite, Inc.(b) | 9,049,339 | ||||||
|
| |||||||
95,713,729 | ||||||||
|
| |||||||
Materials—11.6% | ||||||||
229,623 | Airgas, Inc. | 25,044,981 | ||||||
303,392 | Ball Corp. | 14,832,835 | ||||||
69,330 | Ecolab, Inc. | 7,348,980 | ||||||
167,851 | FMC Corp. | 12,212,839 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
66,330 | International Flavors & Fragrances, Inc. | $ | 5,482,174 | |||||
131,346 | International Paper Co. | 5,859,345 | ||||||
22,098 | NewMarket Corp. | 6,880,433 | ||||||
125,072 | Rockwood Holdings, Inc. | 7,910,804 | ||||||
57,136 | Sherwin-Williams Co. (The) | 10,741,568 | ||||||
96,321 | Sigma-Aldrich Corp. | 8,325,024 | ||||||
181,799 | W.R. Grace & Co.(b) | 16,663,696 | ||||||
|
| |||||||
121,302,679 | ||||||||
|
| |||||||
Telecommunication Services—0.7% | ||||||||
252,075 | T-Mobile US, Inc. (Germany)(b) | 6,990,040 | ||||||
|
| |||||||
Utilities—2.1% | ||||||||
227,182 | Aqua America, Inc. | 5,720,443 | ||||||
178,996 | ONEOK, Inc. | 10,113,274 | ||||||
66,480 | Sempra Energy | 6,058,987 | ||||||
|
| |||||||
21,892,704 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $882,213,345) | 1,046,930,851 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
756,515 | Premier Portfolio—Institutional Class(c) (Cost $756,515) | 756,515 | ||||||
|
| |||||||
Total Investments (Cost $882,969,860)—100.1% | 1,047,687,366 | |||||||
Other assets less liabilities—(0.1)% | (937,522 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,046,749,844 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Portfolio Composition |
PowerShares Global Listed Private Equity Portfolio (PSP) |
Industry Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Capital Markets | 52.5 | |||
Diversified Financial Services | 26.3 | |||
Machinery | 4.3 | |||
Metals & Mining | 2.9 | |||
Industrial Conglomerates | 1.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 12.2 |
Schedule of Investments(a)
PowerShares Global Listed Private Equity Portfolio (PSP)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—87.8% | ||||||||
Capital Markets—52.5% | ||||||||
3,026,881 | 3i Group PLC (United Kingdom) | $ | 18,143,818 | |||||
129,434 | Alaris Royalty Corp. (Canada) | 4,416,035 | ||||||
250,903 | Altamir (France) | 3,428,079 | ||||||
752,672 | American Capital Ltd.(b) | 10,544,935 | ||||||
431,913 | Apollo Global Management LLC, Class A | 13,933,513 | ||||||
682,659 | Apollo Investment Corp. | 5,823,081 | ||||||
697,994 | Ares Capital Corp. | 12,124,156 | ||||||
138,451 | Aurelius AG (Germany) | 4,731,952 | ||||||
303,041 | BlackRock Kelso Capital Corp. | 2,845,555 | ||||||
2,083,859 | Brait SE (South Africa)(b) | 10,184,469 | ||||||
623,437 | Bure Equity AB (Sweden) | 2,418,196 | ||||||
68,067 | Capital Southwest Corp. | 2,237,362 | ||||||
352,492 | Carlyle Group LP (The) | 10,899,053 | ||||||
1,311,397 | DeA Capital SpA (Italy)(b) | 2,495,980 | ||||||
94,682 | Deutsche Beteiligungs AG (Germany) | 2,492,021 | ||||||
434,223 | Fifth Street Finance Corp. | 4,429,075 | ||||||
110,577 | Gimv NV (Belgium) | 5,607,284 | ||||||
168,157 | Golub Capital BDC, Inc. | 2,959,563 | ||||||
1,166,598 | GP Investments Ltd. (Brazil)(b) | 2,109,305 | ||||||
221,749 | Hercules Technology Growth Capital, Inc. | 3,423,805 | ||||||
135,767 | ICG Group, Inc.(b) | 2,214,360 | ||||||
1,820,312 | Intermediate Capital Group PLC (United Kingdom) | 14,023,052 | ||||||
1,320,597 | IP Group PLC (United Kingdom)(b) | 3,118,859 | ||||||
250,960 | JAFCO Co. Ltd. (Japan) | 12,533,931 | ||||||
148,824 | Main Street Capital Corp. | 4,524,250 | ||||||
354,322 | MCG Capital Corp. | 1,668,857 | ||||||
180,579 | Medley Capital Corp. | 2,517,271 | ||||||
134,930 | MVC Capital, Inc. | 1,866,082 | ||||||
167,539 | New Mountain Finance Corp. | 2,375,703 | ||||||
80,862 | Partners Group Holding AG (Switzerland) | 20,993,491 | ||||||
274,128 | PennantPark Investment Corp. | 3,086,681 | ||||||
515,486 | Princess Private Equity Holding Ltd. (Switzerland) | 4,702,387 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Capital Markets (continued) | ||||||||
681,701 | Prospect Capital Corp. | $ | 7,730,489 | |||||
1,593,320 | Ratos AB, Class B (Sweden) | 13,825,410 | ||||||
131,819 | Safeguard Scientifics, Inc.(b) | 2,300,242 | ||||||
151,677 | Solar Capital Ltd. | 3,480,987 | ||||||
1,218,653 | SVG Capital PLC (United Kingdom)(b) | 7,819,810 | ||||||
4,399,748 | Symphony International Holdings Ltd. (Singapore)(b) | 3,321,810 | ||||||
226,441 | TICC Capital Corp. | 2,264,410 | ||||||
105,956 | Triangle Capital Corp. | 3,153,251 | ||||||
|
| |||||||
242,768,570 | ||||||||
|
| |||||||
Diversified Financial Services—26.3% | ||||||||
88,861 | Ackermans & van Haaren NV (Belgium) | 9,639,147 | ||||||
1,352,484 | Better Capital PCC Ltd. (United Kingdom)(b) | 3,367,999 | ||||||
1,568,000 | China Merchants China Direct Investments Ltd. (China) | 2,151,865 | ||||||
174,568 | Compass Diversified Holdings | 3,348,214 | ||||||
185,362 | Electra Private Equity PLC (United Kingdom)(b) | 6,775,014 | ||||||
216,699 | Eurazeo (France) | 16,418,176 | ||||||
92,257 | Hal Trust (Netherlands) | 12,855,890 | ||||||
239,247 | HgCapital Trust PLC (United Kingdom) | 4,266,557 | ||||||
353,754 | JZ Capital Partners Ltd. (Guernsey) | 2,500,703 | ||||||
649,665 | Leucadia National Corp. | 18,411,506 | ||||||
431,759 | Onex Corp. (Canada) | 22,808,269 | ||||||
97,300 | PICO Holdings, Inc.(b) | 2,284,604 | ||||||
121,546 | Wendel (France) | 16,986,845 | ||||||
|
| |||||||
121,814,789 | ||||||||
|
| |||||||
Industrial Conglomerates—1.8% | ||||||||
340,228 | Hosken Consolidated Investments Ltd. (South Africa) | 5,015,604 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Global Listed Private Equity Portfolio (PSP) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrial Conglomerates (continued) | ||||||||
90,998 | Schouw & Co. (Denmark) | $ | 3,408,538 | |||||
|
| |||||||
8,424,142 | ||||||||
|
| |||||||
Machinery—4.3% | ||||||||
3,863,500 | Melrose Industries PLC (United Kingdom) | 19,875,146 | ||||||
|
| |||||||
Metals & Mining—2.9% | ||||||||
13,801,000 | Fosun International Ltd. (China) | 13,261,549 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $320,618,550) | 406,144,196 | |||||||
|
| |||||||
Money Market Fund—9.2% | ||||||||
42,799,439 | Premier Portfolio—Institutional Class(c) (Cost $42,799,439) | 42,799,439 | ||||||
|
| |||||||
Total Investments (Cost $363,417,989)—97.0% | 448,943,635 | |||||||
Other assets less liabilities—3.0% | 13,804,531 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 462,748,166 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
This Fund has holdings greater than 10% of net assets in the following countries:
United Kingdom | 16.7 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Portfolio Composition |
PowerShares Golden Dragon China Portfolio (PGJ) |
Sector Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Information Technology | 55.7 | |||
Consumer Discretionary | 19.0 | |||
Health Care | 7.9 | |||
Energy | 5.6 | |||
Telecommunication Services | 4.9 | |||
Industrials | 2.8 | |||
Financials | 2.7 | |||
Materials | 1.1 | |||
Utilities | 0.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments
PowerShares Golden Dragon China Portfolio (PGJ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
British Virgin Islands—0.4% | ||||||||
259,275 | Shanda Games Ltd. ADR(a) | $ | 1,145,996 | |||||
|
| |||||||
Canada—2.2% | ||||||||
203,951 | Canadian Solar, Inc.(a) | 4,690,873 | ||||||
693,007 | Silvercorp Metals, Inc. | 2,196,832 | ||||||
|
| |||||||
6,887,705 | ||||||||
|
| |||||||
China—94.9% | ||||||||
163,069 | 21Vianet Group, Inc. ADR(a) | 2,935,242 | ||||||
46,173 | 51job, Inc. ADR(a)(b) | 3,536,852 | ||||||
109,630 | AutoNavi Holdings Ltd. ADR(a)(b) | 1,694,880 | ||||||
159,324 | Baidu, Inc. ADR(a) | 25,635,232 | ||||||
65,501 | Bitauto Holdings Ltd. ADR(a) | 1,605,429 | ||||||
49,447 | Changyou.com Ltd. ADR(a)(b) | 1,372,649 | ||||||
114,193 | China Automotive Systems, Inc.(a)(b) | 782,222 | ||||||
109,365 | China Biologic Products, Inc.(a) | 3,128,933 | ||||||
42,503 | China Life Insurance Co. Ltd. ADR | 1,675,893 | ||||||
101,008 | China Lodging Group Ltd. ADR(a) | 2,220,156 | ||||||
271,151 | China Ming Yang Wind Power Group Ltd. ADR(a)(b) | 672,454 | ||||||
200,054 | China Mobile Ltd. ADR(b) | 10,406,809 | ||||||
51,236 | China Petroleum & Chemical Corp. ADR | 4,117,837 | ||||||
25,774 | China Telecom Corp. Ltd. ADR | 1,332,000 | ||||||
194,326 | China Unicom (Hong Kong) Ltd. ADR | 3,031,486 | ||||||
142,628 | CNinsure, Inc. ADR(a) | 691,746 | ||||||
35,167 | CNOOC Ltd. ADR | 7,114,636 | ||||||
469,234 | Ctrip.com International Ltd. ADR(a)(b) | 25,455,944 | ||||||
223,717 | E-Commerce China Dangdang, Inc., Class A ADR(a)(b) | 1,979,895 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
252,876 | E-House China Holdings Ltd. ADR | $ | 2,344,161 | |||||
616,149 | Giant Interactive Group, Inc. ADR(b) | 5,452,919 | ||||||
227,227 | Hollysys Automation Technologies Ltd.(a) | 3,810,597 | ||||||
138,719 | Home Inns & Hotels Management, Inc. ADR(a)(b) | 4,832,970 | ||||||
23,981 | Huaneng Power International, Inc. ADR | 991,375 | ||||||
186,451 | iSoftStone Holdings Ltd. ADR(a) | 924,797 | ||||||
115,994 | JA Solar Holdings Co. Ltd. ADR(a)(b) | 1,118,182 | ||||||
42,866 | JinkoSolar Holding Co. Ltd. ADR(a)(b) | 965,342 | ||||||
96,840 | KongZhong Corp. ADR(a) | 798,930 | ||||||
339,661 | LDK Solar Co. Ltd. ADR(a)(b) | 458,542 | ||||||
121,052 | Lihua International, Inc.(a) | 703,312 | ||||||
277,635 | Mindray Medical International Ltd. ADR(b) | 10,441,852 | ||||||
181,811 | Nam Tai Electronics, Inc.(b) | 1,270,859 | ||||||
276,024 | NetEase, Inc. ADR(b) | 18,634,380 | ||||||
508,774 | New Oriental Education & Technology Group, Inc. ADR | 13,334,967 | ||||||
59,854 | Noah Holdings Ltd. ADR(b) | 1,154,584 | ||||||
116,553 | NQ Mobile, Inc. ADR(a)(b) | 1,678,363 | ||||||
308,517 | Pactera Technology International Ltd. ADR(a)(b) | 2,178,130 | ||||||
175,640 | Perfect World Co. Ltd. ADR | 3,078,969 | ||||||
47,649 | PetroChina Co. Ltd. ADR(b) | 5,397,202 | ||||||
125,763 | Phoenix New Media Ltd. ADR(a) | 1,129,352 | ||||||
277,159 | Qihoo 360 Technology Co. Ltd. ADR(a) | 22,904,420 | ||||||
98,696 | RDA Microelectronics, Inc. ADR | 1,465,636 | ||||||
266,884 | ReneSola Ltd. ADR(a)(b) | 1,160,945 | ||||||
459,147 | Renren, Inc. ADR(a) | 1,519,777 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares Golden Dragon China Portfolio (PGJ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
121,211 | Semiconductor Manufacturing International Corp. ADR(a) | $ | 443,632 | |||||
249,796 | SINA Corp.(a)(b) | 20,872,954 | ||||||
26,179 | Sino Clean Energy, Inc. CVR(a) | 0 | ||||||
223,552 | Sinovac Biotech Ltd.(a)(b) | 1,231,772 | ||||||
155,392 | Sohu.com, Inc.(a) | 10,405,048 | ||||||
102,706 | SouFun Holdings Ltd. ADR | 5,467,040 | ||||||
542,012 | Suntech Power Holdings Co. Ltd. ADR(a)(b) | 747,977 | ||||||
138,682 | TAL Education Group ADR | 2,661,308 | ||||||
300,640 | Trina Solar Ltd. ADR(a)(b) | 4,410,389 | ||||||
82,045 | Vipshop Holdings Ltd. ADR(a)(b) | 5,655,362 | ||||||
276,238 | WuXi PharmaTech Cayman, Inc. ADR(a) | 8,079,961 | ||||||
179,306 | Xinyuan Real Estate Co. Ltd. ADR | 1,176,247 | ||||||
42,128 | Yanzhou Coal Mining Co. Ltd. ADR(b) | 431,812 | ||||||
418,806 | Yingli Green Energy Holding Co. Ltd. ADR(a)(b) | 2,512,836 | ||||||
205,664 | Yongye International, Inc.(a) | 1,295,683 | ||||||
443,126 | Youku Tudou, Inc. ADR(a)(b) | 12,070,752 | ||||||
76,794 | YY, Inc. ADR(a)(b) | 3,775,961 | ||||||
|
| |||||||
288,379,592 | ||||||||
|
| |||||||
South Korea—0.3% | ||||||||
196,745 | Hanwha SolarOne Co. Ltd. ADR(a)(b) | 853,873 | ||||||
|
| |||||||
United States—2.2% | ||||||||
182,802 | China HGS Real Estate, Inc.(a)(b) | 1,069,392 | ||||||
151,220 | China Yuchai International Ltd. | 3,534,011 | ||||||
65,178 | Chindex International, Inc.(a) | 1,096,946 | ||||||
150,021 | Kandi Technologies Group, Inc.(a)(b) | 982,638 | ||||||
|
| |||||||
6,682,987 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $244,530,519) | 303,950,153 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
281,838 | Premier Portfolio—Institutional Class(c) (Cost $281,838) | 281,838 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $244,812,357)—100.1% | 304,231,991 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—16.6% | ||||||||
50,352,612 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $50,352,612)(c)(d) | 50,352,612 | ||||||
|
| |||||||
Total Investments (Cost $295,164,969)—116.7% | 354,584,603 | |||||||
Other assets less liabilities—(16.7)% | (50,604,082 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 303,980,521 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2013. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Portfolio Composition |
PowerShares Lux Nanotech Portfolio (PXN) |
Industry Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Semiconductors & Semiconductor Equipment | 15.0 | |||
Electronic Equipment, Instruments & Components | 13.3 | |||
Biotechnology | 11.7 | |||
Electrical Equipment | 8.2 | |||
Chemicals | 7.6 | |||
Communications Equipment | 6.0 | |||
Auto Components | 5.6 | |||
Industrial Conglomerates | 5.2 | |||
Pharmaceuticals | 5.1 | |||
Computers & Peripherals | 2.8 | |||
Health Care Equipment & Supplies | 2.8 | |||
Capital Markets | 2.7 | |||
Construction & Engineering | 2.6 | |||
Construction Materials | 2.5 | |||
Software | 2.5 | |||
Automobiles | 2.5 | |||
IT Services | 2.3 | |||
Life Sciences Tools & Services | 1.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Lux Nanotech Portfolio (PXN)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Auto Components—5.6% | ||||||||
352,692 | Ballard Power Systems, Inc. (Canada)(b)(c) | $ | 483,188 | |||||
28,032 | Gentherm, Inc.(c) | 654,547 | ||||||
|
| |||||||
1,137,735 | ||||||||
|
| |||||||
Automobiles—2.5% | ||||||||
3,858 | Toyota Motor Corp. ADR (Japan) | 499,302 | ||||||
|
| |||||||
Biotechnology—11.7% | ||||||||
103,178 | Arrowhead Research Corp.(b)(c) | 722,246 | ||||||
34,702 | Elan Corp. PLC ADR (Ireland)(c) | 578,135 | ||||||
276,727 | Nanosphere, Inc.(c) | 539,618 | ||||||
424,896 | Vical, Inc.(c) | 531,120 | ||||||
|
| |||||||
2,371,119 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Capital Markets—2.7% | ||||||||
175,771 | Harris & Harris Group, Inc.(c) | $ | 550,163 | |||||
|
| |||||||
Chemicals—7.6% | ||||||||
4,698 | Air Products & Chemicals, Inc. | 512,129 | ||||||
8,490 | E.I. du Pont de Nemours & Co. | 519,588 | ||||||
8,102 | Rockwood Holdings, Inc. | 512,451 | ||||||
|
| |||||||
1,544,168 | ||||||||
|
| |||||||
Communications Equipment—6.0% | ||||||||
121,263 | EMCORE Corp.(b)(c) | 646,332 | ||||||
9,301 | Harris Corp. | 576,290 | ||||||
|
| |||||||
1,222,622 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares Lux Nanotech Portfolio (PXN) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Computers & Peripherals—2.8% | ||||||||
23,712 | Hewlett-Packard Co. | $ | 577,861 | |||||
|
| |||||||
Construction & Engineering—2.6% | ||||||||
27,144 | Layne Christensen Co.(c) | 524,965 | ||||||
|
| |||||||
Construction Materials—2.5% | ||||||||
59,364 | Headwaters, Inc.(c) | 518,248 | ||||||
|
| |||||||
Electrical Equipment—8.2% | ||||||||
224,841 | American Superconductor Corp.(b)(c) | 490,154 | ||||||
47,838 | Hydrogenics Corp. (Canada)(b)(c) | 584,102 | ||||||
13,101 | Polypore International, Inc.(b)(c) | 592,165 | ||||||
|
| |||||||
1,666,421 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—13.3% | ||||||||
6,148 | FEI Co. | 547,664 | ||||||
56,802 | Maxwell Technologies, Inc.(c) | 426,015 | ||||||
129,095 | Research Frontiers, Inc.(b)(c) | 622,238 | ||||||
33,726 | Uni-Pixel, Inc.(b)(c) | 554,793 | ||||||
17,104 | Universal Display Corp.(c) | 545,617 | ||||||
|
| |||||||
2,696,327 | ||||||||
|
| |||||||
Health Care Equipment & Supplies—2.8% | ||||||||
23,845 | SurModics, Inc.(c) | 562,265 | ||||||
|
| |||||||
Industrial Conglomerates—5.2% | ||||||||
4,169 | 3M Co. | 524,669 | ||||||
20,709 | General Electric Co. | 541,333 | ||||||
|
| |||||||
1,066,002 | ||||||||
|
| |||||||
IT Services—2.3% | ||||||||
2,651 | International Business Machines Corp. | 475,086 | ||||||
|
| |||||||
Life Sciences Tools & Services—1.6% | ||||||||
133,239 | pSivida Corp. (Australia)(b)(c) | 326,436 | ||||||
|
| |||||||
Pharmaceuticals—5.1% | ||||||||
99,745 | BioDelivery Sciences International, Inc.(c) | 523,661 | ||||||
83,275 | Flamel Technologies SA ADR (France)(c) | 514,640 | ||||||
|
| |||||||
1,038,301 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—15.0% | ||||||||
31,228 | Aixtron SE ADR (Germany)(b)(c) | 446,560 | ||||||
28,879 | Applied Materials, Inc.(b) | 515,490 | ||||||
21,260 | Intel Corp.(b) | 519,382 | ||||||
16,766 | Maxim Integrated Products, Inc. | 497,950 | ||||||
33,600 | Nanometrics, Inc.(c) | 624,288 | ||||||
15,136 | Veeco Instruments, Inc.(c) | 442,123 | ||||||
|
| |||||||
3,045,793 | ||||||||
|
| |||||||
Software—2.5% | ||||||||
54,233 | Accelrys, Inc.(c) | 507,079 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $20,194,056) | 20,329,893 | |||||||
|
| |||||||
Money Market Fund—0.4% | ||||||||
76,236 | Premier Portfolio—Institutional Class(d) (Cost $76,236) | 76,236 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $20,270,292)—100.4% | 20,406,129 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—17.1% | ||||||||
3,483,775 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $3,483,775)(d)(e) | $ | 3,483,775 | |||||
|
| |||||||
Total Investments (Cost $23,754,067)—117.5% | 23,889,904 | |||||||
Other assets less liabilities—(17.5)% | (3,555,177 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 20,334,727 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2013. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Portfolio Composition |
PowerShares S&P 500 BuyWrite Portfolio (PBP) |
Sector Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Information Technology | 18.0 | |||
Financials | 16.3 | |||
Health Care | 13.2 | |||
Consumer Discretionary | 12.7 | |||
Industrials | 10.9 | |||
Energy | 10.7 | |||
Consumer Staples | 10.3 | |||
Materials | 3.6 | |||
Utilities | 3.2 | |||
Telecommunication Services | 2.5 | |||
Other Assets Less Liabilities | (1.4) |
Schedule of Investments(a)
PowerShares S&P 500 BuyWrite Portfolio (PBP)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b)—101.4% | ||||||||
Consumer Discretionary—12.7% | ||||||||
998 | Abercrombie & Fitch Co., Class A | $ | 37,405 | |||||
4,350 | Amazon.com, Inc.(c) | 1,583,530 | ||||||
856 | AutoNation, Inc.(c) | 41,285 | ||||||
418 | AutoZone, Inc.(c) | 181,700 | ||||||
2,560 | Bed Bath & Beyond, Inc.(c) | 197,939 | ||||||
3,171 | Best Buy Co., Inc. | 135,719 | ||||||
1,346 | BorgWarner, Inc. | 138,813 | ||||||
2,515 | Cablevision Systems Corp., Class A | 39,108 | ||||||
2,628 | CarMax, Inc.(c) | 123,490 | ||||||
5,146 | Carnival Corp. | 178,309 | ||||||
6,612 | CBS Corp., Class B | 391,034 | ||||||
363 | Chipotle Mexican Grill, Inc.(c) | 191,290 | ||||||
3,314 | Coach, Inc. | 167,953 | ||||||
30,744 | Comcast Corp., Class A | 1,462,799 | ||||||
3,339 | D.R. Horton, Inc. | 63,274 | ||||||
1,532 | Darden Restaurants, Inc. | 78,944 | ||||||
3,318 | Delphi Automotive PLC (United Kingdom) | 189,790 | ||||||
6,002 | DIRECTV(c) | 375,065 | ||||||
2,714 | Discovery Communications, Inc., Class A(c) | 241,329 | ||||||
3,500 | Dollar General Corp.(c) | 202,230 | ||||||
2,621 | Dollar Tree, Inc.(c) | 153,066 | ||||||
1,263 | Expedia, Inc. | 74,365 | ||||||
1,135 | Family Dollar Stores, Inc. | 78,179 | ||||||
46,309 | Ford Motor Co. | 792,347 | ||||||
591 | Fossil Group, Inc.(c) | 75,022 | ||||||
1,374 | GameStop Corp., Class A | 75,323 | ||||||
2,693 | Gannett Co., Inc. | 74,515 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
3,242 | Gap, Inc. (The) | $ | 119,922 | |||||
1,446 | Garmin Ltd. | 67,600 | ||||||
11,064 | General Motors Co.(c) | 408,815 | ||||||
1,820 | Genuine Parts Co. | 143,471 | ||||||
2,891 | Goodyear Tire & Rubber Co. (The) | 60,653 | ||||||
3,219 | H&R Block, Inc. | 91,548 | ||||||
2,622 | Harley-Davidson, Inc. | 167,913 | ||||||
800 | Harman International Industries, Inc. | 64,816 | ||||||
1,357 | Hasbro, Inc. | 70,089 | ||||||
16,838 | Home Depot, Inc. (The) | 1,311,512 | ||||||
3,066 | International Game Technology | 57,641 | ||||||
4,962 | Interpublic Group of Cos., Inc. (The) | 83,362 | ||||||
3,580 | J.C. Penney Co., Inc.(c) | 26,850 | ||||||
8,042 | Johnson Controls, Inc. | 371,138 | ||||||
2,400 | Kohl’s Corp. | 136,320 | ||||||
2,863 | L Brands, Inc. | 179,252 | ||||||
1,669 | Leggett & Platt, Inc. | 49,636 | ||||||
1,951 | Lennar Corp., Class A | 69,358 | ||||||
12,363 | Lowe’s Cos., Inc. | 615,430 | ||||||
4,423 | Macy’s, Inc. | 203,944 | ||||||
2,673 | Marriott International, Inc., Class A | 120,499 | ||||||
4,050 | Mattel, Inc. | 179,698 | ||||||
11,750 | McDonald’s Corp. | 1,134,110 | ||||||
693 | Netflix, Inc.(c) | 223,479 | ||||||
3,385 | Newell Rubbermaid, Inc. | 100,298 | ||||||
5,853 | News Corp., Class A(c) | 103,013 | ||||||
8,791 | NIKE, Inc., Class B | 666,006 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,695 | Nordstrom, Inc. | $ | 102,497 | |||||
3,023 | Omnicom Group, Inc. | 205,896 | ||||||
1,276 | O’Reilly Automotive, Inc.(c) | 157,982 | ||||||
1,221 | PetSmart, Inc. | 88,840 | ||||||
605 | Priceline.com, Inc.(c) | 637,567 | ||||||
4,108 | PulteGroup, Inc. | 72,506 | ||||||
959 | PVH Corp. | 119,463 | ||||||
712 | Ralph Lauren Corp. | 117,936 | ||||||
2,547 | Ross Stores, Inc. | 197,010 | ||||||
1,286 | Scripps Networks Interactive, Inc., Class A | 103,523 | ||||||
7,764 | Staples, Inc. | 125,156 | ||||||
8,832 | Starbucks Corp. | 715,834 | ||||||
2,291 | Starwood Hotels & Resorts Worldwide, Inc. | 168,663 | ||||||
7,419 | Target Corp. | 480,677 | ||||||
1,293 | Tiffany & Co. | 102,367 | ||||||
3,359 | Time Warner Cable, Inc. | 403,584 | ||||||
10,814 | Time Warner, Inc. | 743,354 | ||||||
8,407 | TJX Cos., Inc. (The) | 511,062 | ||||||
1,311 | TripAdvisor, Inc.(c) | 108,433 | ||||||
23,347 | Twenty-First Century Fox, Inc. | 795,666 | ||||||
1,282 | Urban Outfitters, Inc.(c) | 48,562 | ||||||
1,034 | VF Corp. | 222,310 | ||||||
5,102 | Viacom, Inc., Class B | 424,946 | ||||||
19,529 | Walt Disney Co. (The) | 1,339,494 | ||||||
56 | Washington Post Co. (The), Class B | 36,026 | ||||||
932 | Whirlpool Corp. | 136,081 | ||||||
1,563 | Wyndham Worldwide Corp. | 103,783 | ||||||
951 | Wynn Resorts Ltd. | 158,104 | ||||||
5,245 | Yum! Brands, Inc. | 354,667 | ||||||
|
| |||||||
22,952,185 | ||||||||
|
| |||||||
Consumer Staples—10.3% | ||||||||
23,561 | Altria Group, Inc. | 877,176 | ||||||
7,748 | Archer-Daniels-Midland Co. | 316,893 | ||||||
5,097 | Avon Products, Inc. | 89,197 | ||||||
1,903 | Beam, Inc. | 128,072 | ||||||
1,910 | Brown-Forman Corp., Class B | 139,392 | ||||||
2,098 | Campbell Soup Co. | 89,312 | ||||||
1,533 | Clorox Co. (The) | 138,261 | ||||||
44,815 | Coca-Cola Co. (The) | 1,773,330 | ||||||
2,923 | Coca-Cola Enterprises, Inc. | 121,977 | ||||||
10,359 | Colgate-Palmolive Co. | 670,538 | ||||||
4,961 | ConAgra Foods, Inc. | 157,809 | ||||||
1,949 | Constellation Brands, Inc., Class A(c) | 127,270 | ||||||
5,133 | Costco Wholesale Corp. | 605,694 | ||||||
14,439 | CVS Caremark Corp. | 898,972 | ||||||
2,393 | Dr Pepper Snapple Group, Inc. | 113,309 | ||||||
3,006 | Estee Lauder Cos., Inc. (The), Class A | 213,306 | ||||||
7,544 | General Mills, Inc. | 380,368 | ||||||
1,758 | Hershey Co. (The) | 174,464 | ||||||
1,582 | Hormel Foods Corp. | 68,754 | ||||||
1,236 | J.M. Smucker Co. (The) | 137,456 | ||||||
3,025 | Kellogg Co. | 191,331 | ||||||
4,503 | Kimberly-Clark Corp. | 486,324 | ||||||
7,001 | Kraft Foods Group, Inc. | 380,714 | ||||||
6,092 | Kroger Co. (The) | 260,981 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Consumer Staples (continued) | ||||||||
4,395 | Lorillard, Inc. | $ | 224,189 | |||||
1,551 | McCormick & Co., Inc., | 107,252 | ||||||
2,379 | Mead Johnson Nutrition Co. | 194,269 | ||||||
1,854 | Molson Coors Brewing Co., Class B | 100,116 | ||||||
20,931 | Mondelez International, Inc., Class A | 704,119 | ||||||
1,594 | Monster Beverage Corp.(c) | 91,225 | ||||||
18,128 | PepsiCo, Inc. | 1,524,383 | ||||||
19,025 | Philip Morris International, Inc. | 1,695,508 | ||||||
32,193 | Procter & Gamble Co. (The) | 2,599,585 | ||||||
3,721 | Reynolds American, Inc. | 191,148 | ||||||
2,836 | Safeway, Inc. | 98,976 | ||||||
6,916 | Sysco Corp. | 223,663 | ||||||
3,271 | Tyson Foods, Inc., Class A | 90,509 | ||||||
10,220 | Walgreen Co. | 605,433 | ||||||
19,133 | Wal-Mart Stores, Inc. | 1,468,458 | ||||||
4,379 | Whole Foods Market, Inc. | 276,446 | ||||||
|
| |||||||
18,736,179 | ||||||||
|
| |||||||
Energy—10.7% | ||||||||
5,909 | Anadarko Petroleum Corp. | 563,069 | ||||||
4,747 | Apache Corp. | 421,533 | ||||||
5,208 | Baker Hughes, Inc. | 302,533 | ||||||
4,945 | Cabot Oil & Gas Corp. | 174,657 | ||||||
2,893 | Cameron International Corp.(c) | 158,710 | ||||||
5,955 | Chesapeake Energy Corp. | 166,502 | ||||||
22,710 | Chevron Corp. | 2,724,291 | ||||||
14,376 | ConocoPhillips | 1,053,761 | ||||||
2,690 | CONSOL Energy, Inc. | 98,185 | ||||||
4,383 | Denbury Resources, Inc.(c) | 83,233 | ||||||
4,486 | Devon Energy Corp. | 283,605 | ||||||
817 | Diamond Offshore Drilling, Inc. | 50,597 | ||||||
2,746 | Ensco PLC, Class A | 158,307 | ||||||
3,202 | EOG Resources, Inc. | 571,237 | ||||||
1,770 | EQT Corp. | 151,530 | ||||||
51,740 | Exxon Mobil Corp. | 4,636,939 | ||||||
2,785 | FMC Technologies, Inc.(c) | 140,782 | ||||||
9,940 | Halliburton Co. | 527,118 | ||||||
1,252 | Helmerich & Payne, Inc. | 97,093 | ||||||
3,391 | Hess Corp. | 275,349 | ||||||
7,914 | Kinder Morgan, Inc. | 279,443 | ||||||
8,342 | Marathon Oil Corp. | 294,139 | ||||||
3,680 | Marathon Petroleum Corp. | 263,709 | ||||||
2,065 | Murphy Oil Corp. | 124,561 | ||||||
3,052 | Nabors Industries Ltd. | 53,349 | ||||||
5,025 | National Oilwell Varco, Inc. | 407,929 | ||||||
1,595 | Newfield Exploration Co.(c) | 48,568 | ||||||
2,978 | Noble Corp. | 112,271 | ||||||
4,222 | Noble Energy, Inc. | 316,354 | ||||||
9,471 | Occidental Petroleum Corp. | 909,974 | ||||||
3,172 | Peabody Energy Corp. | 61,790 | ||||||
7,182 | Phillips 66 | 462,736 | ||||||
1,629 | Pioneer Natural Resources Co. | 333,587 | ||||||
2,107 | QEP Resources, Inc. | 69,657 | ||||||
1,921 | Range Resources Corp. | 145,439 | ||||||
1,460 | Rowan Cos. PLC, Class A(c) | 52,677 | ||||||
15,554 | Schlumberger Ltd. | 1,457,721 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Energy (continued) | ||||||||
4,132 | Southwestern Energy Co.(c) | $ | 153,793 | |||||
7,868 | Spectra Energy Corp. | 279,865 | ||||||
1,588 | Tesoro Corp. | 77,637 | ||||||
3,982 | Transocean Ltd. | 187,433 | ||||||
6,373 | Valero Energy Corp. | 262,376 | ||||||
8,031 | Williams Cos., Inc. (The) | 286,787 | ||||||
2,358 | WPX Energy, Inc.(c) | 52,206 | ||||||
|
| |||||||
19,333,032 | ||||||||
|
| |||||||
Financials—16.3% | ||||||||
3,998 | ACE Ltd. | 381,569 | ||||||
5,467 | Aflac, Inc. | 355,246 | ||||||
5,448 | Allstate Corp. (The) | 289,071 | ||||||
10,906 | American Express Co. | 892,111 | ||||||
17,354 | American International Group, Inc. | 896,334 | ||||||
4,643 | American Tower Corp. REIT | 368,422 | ||||||
2,326 | Ameriprise Financial, Inc. | 233,856 | ||||||
3,614 | Aon PLC (United Kingdom) | 285,831 | ||||||
1,715 | Apartment Investment & Management Co., Class A REIT | 47,986 | ||||||
881 | Assurant, Inc. | 51,521 | ||||||
1,430 | AvalonBay Communities, Inc. REIT | 178,821 | ||||||
126,282 | Bank of America Corp. | 1,762,897 | ||||||
13,523 | Bank of New York Mellon Corp. (The) | 430,031 | ||||||
8,274 | BB&T Corp. | 281,068 | ||||||
21,157 | Berkshire Hathaway, Inc., Class B(c) | 2,434,748 | ||||||
1,480 | BlackRock, Inc. | 445,199 | ||||||
1,791 | Boston Properties, Inc. REIT | 185,368 | ||||||
6,880 | Capital One Financial Corp. | 472,450 | ||||||
3,259 | CBRE Group, Inc., Class A(c) | 75,707 | ||||||
13,593 | Charles Schwab Corp. (The) | 307,881 | ||||||
3,003 | Chubb Corp. (The) | 276,516 | ||||||
1,731 | Cincinnati Financial Corp. | 86,550 | ||||||
35,746 | Citigroup, Inc. | 1,743,690 | ||||||
3,694 | CME Group, Inc. | 274,132 | ||||||
2,174 | Comerica, Inc. | 94,134 | ||||||
5,687 | Discover Financial Services | 295,042 | ||||||
3,374 | E*TRADE Financial Corp.(c) | 57,054 | ||||||
3,939 | Equity Residential REIT | 206,246 | ||||||
10,426 | Fifth Third Bancorp | 198,407 | ||||||
4,779 | Franklin Resources, Inc. | 257,397 | ||||||
5,804 | Genworth Financial, Inc., Class A(c) | 84,332 | ||||||
4,910 | Goldman Sachs Group, Inc. (The) | 789,823 | ||||||
5,349 | Hartford Financial Services Group, Inc. (The) | 180,261 | ||||||
5,350 | HCP, Inc. REIT | 222,025 | ||||||
3,371 | Health Care REIT, Inc. | 218,609 | ||||||
8,816 | Host Hotels & Resorts, Inc. REIT | 163,537 | ||||||
5,588 | Hudson City Bancorp, Inc. | 50,180 | ||||||
9,753 | Huntington Bancshares, Inc. | 85,826 | ||||||
856 | IntercontinentalExchange, Inc.(c) | 164,977 | ||||||
5,205 | Invesco Ltd.(d) | 175,669 | ||||||
44,247 | JPMorgan Chase & Co. | 2,280,490 | ||||||
10,713 | KeyCorp | 134,234 | ||||||
4,815 | Kimco Realty Corp. REIT | 103,426 | ||||||
1,276 | Legg Mason, Inc. | 49,088 | ||||||
3,684 | Leucadia National Corp. | 104,405 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Financials (continued) | ||||||||
3,109 | Lincoln National Corp. | $ | 141,180 | |||||
3,597 | Loews Corp. | 173,771 | ||||||
1,529 | M&T Bank Corp. | 172,058 | ||||||
1,652 | Macerich Co. (The) REIT | 97,815 | ||||||
6,460 | Marsh & McLennan Cos., Inc. | 295,868 | ||||||
3,235 | McGraw Hill Financial, Inc. | 225,415 | ||||||
13,163 | MetLife, Inc. | 622,742 | ||||||
2,280 | Moody’s Corp. | 161,105 | ||||||
16,346 | Morgan Stanley | 469,621 | ||||||
1,357 | NASDAQ OMX Group, Inc. (The) | 48,078 | ||||||
2,653 | Northern Trust Corp. | 149,682 | ||||||
2,856 | NYSE Euronext | 125,721 | ||||||
3,775 | People’s United Financial, Inc. | 54,473 | ||||||
1,916 | Plum Creek Timber Co., Inc. REIT | 86,986 | ||||||
6,248 | PNC Financial Services Group, Inc. | 459,415 | ||||||
3,218 | Principal Financial Group, Inc. | 152,726 | ||||||
6,502 | Progressive Corp. (The) | 168,857 | ||||||
5,861 | Prologis, Inc. REIT | 234,147 | ||||||
5,466 | Prudential Financial, Inc. | 444,878 | ||||||
1,698 | Public Storage REIT | 283,515 | ||||||
16,408 | Regions Financial Corp. | 158,009 | ||||||
3,648 | Simon Property Group, Inc. REIT | 563,798 | ||||||
5,127 | SLM Corp. | 130,072 | ||||||
5,242 | State Street Corp. | 367,307 | ||||||
6,335 | SunTrust Banks, Inc. | 213,109 | ||||||
3,058 | T. Rowe Price Group, Inc. | 236,720 | ||||||
1,077 | Torchmark Corp. | 78,470 | ||||||
4,390 | Travelers Cos., Inc. (The) | 378,857 | ||||||
21,620 | U.S. Bancorp | 807,723 | ||||||
3,098 | Unum Group | 98,331 | ||||||
3,447 | Ventas, Inc. REIT | 224,882 | ||||||
2,044 | Vornado Realty Trust REIT | 182,039 | ||||||
56,797 | Wells Fargo & Co. | 2,424,664 | ||||||
6,865 | Weyerhaeuser Co. REIT | 208,696 | ||||||
3,364 | XL Group PLC | 102,837 | ||||||
2,169 | Zions Bancorp. | 61,535 | ||||||
|
| |||||||
29,477,269 | ||||||||
|
| |||||||
Health Care—13.2% | ||||||||
18,268 | Abbott Laboratories | 667,695 | ||||||
18,636 | AbbVie, Inc. | 902,914 | ||||||
2,038 | Actavis PLC(c) | 315,034 | ||||||
4,374 | Aetna, Inc. | 274,250 | ||||||
3,888 | Agilent Technologies, Inc. | 197,355 | ||||||
2,299 | Alexion Pharmaceuticals, Inc.(c) | 282,662 | ||||||
3,489 | Allergan, Inc. | 316,138 | ||||||
2,715 | AmerisourceBergen Corp. | 177,371 | ||||||
8,855 | Amgen, Inc. | 1,027,180 | ||||||
6,380 | Baxter International, Inc. | 420,251 | ||||||
2,283 | Becton, Dickinson and Co. | 240,012 | ||||||
2,794 | Biogen Idec, Inc.(c) | 682,267 | ||||||
15,785 | Boston Scientific Corp.(c) | 184,527 | ||||||
19,352 | Bristol-Myers Squibb Co. | 1,016,367 | ||||||
930 | C.R. Bard, Inc. | 126,685 | ||||||
3,990 | Cardinal Health, Inc. | 234,053 | ||||||
2,520 | CareFusion Corp.(c) | 97,700 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Health Care (continued) | ||||||||
4,834 | Celgene Corp.(c) | $ | 717,801 | |||||
3,468 | Cerner Corp.(c) | 194,312 | ||||||
3,325 | Cigna Corp. | 255,958 | ||||||
5,407 | Covidien PLC | 346,643 | ||||||
2,074 | DaVita HealthCare Partners, Inc.(c) | 116,579 | ||||||
1,673 | DENTSPLY International, Inc. | 78,798 | ||||||
1,320 | Edwards Lifesciences Corp.(c) | 86,051 | ||||||
11,654 | Eli Lilly & Co. | 580,602 | ||||||
9,571 | Express Scripts Holding Co.(c) | 598,379 | ||||||
2,777 | Forest Laboratories, Inc.(c) | 130,602 | ||||||
17,992 | Gilead Sciences, Inc.(c) | 1,277,252 | ||||||
1,947 | Hospira, Inc.(c) | 78,892 | ||||||
1,839 | Humana, Inc. | 169,464 | ||||||
467 | Intuitive Surgical, Inc.(c) | 173,490 | ||||||
33,125 | Johnson & Johnson | 3,067,706 | ||||||
1,059 | Laboratory Corp. of America Holdings(c) | 106,853 | ||||||
2,030 | Life Technologies Corp.(c) | 152,879 | ||||||
2,687 | McKesson Corp. | 420,086 | ||||||
11,725 | Medtronic, Inc. | 673,015 | ||||||
34,399 | Merck & Co., Inc. | 1,551,051 | ||||||
4,488 | Mylan, Inc.(c) | 169,961 | ||||||
1,078 | Patterson Cos., Inc. | 45,826 | ||||||
1,317 | PerkinElmer, Inc. | 50,099 | ||||||
1,106 | Perrigo Co. | 152,506 | ||||||
77,819 | Pfizer, Inc. | 2,387,487 | ||||||
1,785 | Quest Diagnostics, Inc. | 106,939 | ||||||
917 | Regeneron Pharmaceuticals, Inc.(c) | 263,729 | ||||||
3,376 | St. Jude Medical, Inc. | 193,749 | ||||||
3,467 | Stryker Corp. | 256,073 | ||||||
1,194 | Tenet Healthcare Corp.(c) | 56,345 | ||||||
4,238 | Thermo Fisher Scientific, Inc. | 414,392 | ||||||
11,951 | UnitedHealth Group, Inc. | 815,775 | ||||||
1,265 | Varian Medical Systems, Inc.(c) | 91,814 | ||||||
2,737 | Vertex Pharmaceuticals, Inc.(c) | 195,258 | ||||||
1,002 | Waters Corp.(c) | 101,122 | ||||||
3,514 | WellPoint, Inc. | 297,987 | ||||||
1,993 | Zimmer Holdings, Inc. | 174,328 | ||||||
5,877 | Zoetis, Inc. | 186,066 | ||||||
|
| |||||||
23,898,330 | ||||||||
|
| |||||||
Industrials—10.9% | ||||||||
7,632 | 3M Co. | 960,487 | ||||||
2,351 | ADT Corp. (The) | 101,963 | ||||||
2,871 | AMETEK, Inc. | 137,320 | ||||||
8,159 | Boeing Co. (The) | 1,064,749 | ||||||
1,874 | C.H. Robinson Worldwide, Inc. | 111,953 | ||||||
7,478 | Caterpillar, Inc. | 623,366 | ||||||
1,208 | Cintas Corp. | 64,954 | ||||||
11,976 | CSX Corp. | 312,095 | ||||||
2,047 | Cummins, Inc. | 260,010 | ||||||
7,032 | Danaher Corp. | 506,937 | ||||||
4,500 | Deere & Co. | 368,280 | ||||||
10,085 | Delta Air Lines, Inc. | 266,042 | ||||||
2,006 | Dover Corp. | 184,131 | ||||||
456 | Dun & Bradstreet Corp. (The) | 49,608 | ||||||
5,571 | Eaton Corp. PLC | 393,090 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Industrials (continued) | ||||||||
8,399 | Emerson Electric Co. | $ | 562,481 | |||||
1,426 | Equifax, Inc. | 92,219 | ||||||
2,426 | Expeditors International of Washington, Inc. | 109,874 | ||||||
3,210 | Fastenal Co. | 159,858 | ||||||
3,493 | FedEx Corp. | 457,583 | ||||||
1,653 | Flowserve Corp. | 114,834 | ||||||
1,916 | Fluor Corp. | 142,206 | ||||||
3,907 | General Dynamics Corp. | 338,463 | ||||||
119,707 | General Electric Co. | 3,129,141 | ||||||
9,226 | Honeywell International, Inc. | 800,171 | ||||||
4,843 | Illinois Tool Works, Inc. | 381,580 | ||||||
3,181 | Ingersoll-Rand PLC | 214,813 | ||||||
1,999 | Iron Mountain, Inc. | 53,053 | ||||||
1,545 | Jacobs Engineering Group, Inc.(c) | 93,967 | ||||||
1,249 | Joy Global, Inc. | 70,881 | ||||||
1,296 | Kansas City Southern | 157,490 | ||||||
1,053 | L-3 Communications Holdings, Inc. | 105,774 | ||||||
3,169 | Lockheed Martin Corp. | 422,554 | ||||||
4,196 | Masco Corp. | 88,661 | ||||||
2,527 | Nielsen Holdings NV | 99,665 | ||||||
3,667 | Norfolk Southern Corp. | 315,435 | ||||||
2,706 | Northrop Grumman Corp. | 290,922 | ||||||
4,161 | PACCAR, Inc. | 231,352 | ||||||
1,315 | Pall Corp. | 105,884 | ||||||
1,754 | Parker Hannifin Corp. | 204,727 | ||||||
2,341 | Pentair Ltd. | 157,058 | ||||||
2,372 | Pitney Bowes, Inc. | 50,618 | ||||||
1,711 | Precision Castparts Corp. | 433,653 | ||||||
2,512 | Quanta Services, Inc.(c) | 75,888 | ||||||
3,791 | Raytheon Co. | 312,265 | ||||||
3,192 | Republic Services, Inc. | 106,836 | ||||||
1,632 | Robert Half International, Inc. | 62,881 | ||||||
1,630 | Rockwell Automation, Inc. | 179,968 | ||||||
1,587 | Rockwell Collins, Inc. | 110,820 | ||||||
1,166 | Roper Industries, Inc. | 147,860 | ||||||
715 | Ryder System, Inc. | 47,068 | ||||||
684 | Snap-On, Inc. | 71,184 | ||||||
8,301 | Southwest Airlines Co. | 142,943 | ||||||
1,882 | Stanley Black & Decker, Inc. | 148,847 | ||||||
1,010 | Stericycle, Inc.(c) | 117,362 | ||||||
3,297 | Textron, Inc. | 94,921 | ||||||
5,434 | Tyco International Ltd. | 198,613 | ||||||
5,452 | Union Pacific Corp. | 825,433 | ||||||
8,492 | United Parcel Service, Inc., Class B | 834,254 | ||||||
9,922 | United Technologies Corp. | 1,054,213 | ||||||
727 | W.W. Grainger, Inc. | 195,541 | ||||||
5,125 | Waste Management, Inc. | 223,143 | ||||||
2,178 | Xylem, Inc. | 75,141 | ||||||
|
| |||||||
19,815,083 | ||||||||
|
| |||||||
Information Technology—18.0% | ||||||||
7,580 | Accenture PLC, Class A | 557,130 | ||||||
5,491 | Adobe Systems, Inc.(c) | 297,612 | ||||||
2,094 | Akamai Technologies, Inc.(c) | 93,686 | ||||||
3,755 | Altera Corp. | 126,168 | ||||||
1,871 | Amphenol Corp., Class A | 150,223 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Information Technology (continued) | ||||||||
3,652 | Analog Devices, Inc. | $ | 180,044 | |||||
10,679 | Apple, Inc. | 5,578,176 | ||||||
14,139 | Applied Materials, Inc. | 252,381 | ||||||
2,621 | Autodesk, Inc.(c) | 104,604 | ||||||
5,675 | Automatic Data Processing, Inc. | 425,455 | ||||||
6,466 | Broadcom Corp., Class A | 172,771 | ||||||
3,856 | CA, Inc. | 122,467 | ||||||
63,023 | Cisco Systems, Inc. | 1,418,017 | ||||||
2,203 | Citrix Systems, Inc.(c) | 125,086 | ||||||
3,542 | Cognizant Technology Solutions Corp., Class A(c) | 307,906 | ||||||
1,736 | Computer Sciences Corp. | 85,515 | ||||||
17,167 | Corning, Inc. | 293,384 | ||||||
13,695 | eBay, Inc.(c) | 721,863 | ||||||
3,604 | Electronic Arts, Inc.(c) | 94,605 | ||||||
24,460 | EMC Corp. | 588,752 | ||||||
920 | F5 Networks, Inc.(c) | 74,989 | ||||||
3,434 | Fidelity National Information Services, Inc. | 167,407 | ||||||
915 | First Solar, Inc.(c) | 45,997 | ||||||
1,529 | Fiserv, Inc.(c) | 160,132 | ||||||
1,670 | FLIR Systems, Inc. | 47,562 | ||||||
3,288 | Google, Inc., Class A(c) | 3,388,547 | ||||||
1,257 | Harris Corp. | 77,884 | ||||||
22,590 | Hewlett-Packard Co. | 550,518 | ||||||
58,562 | Intel Corp. | 1,430,670 | ||||||
12,104 | International Business Machines Corp. | 2,169,158 | ||||||
3,490 | Intuit, Inc. | 249,221 | ||||||
2,168 | Jabil Circuit, Inc. | 45,224 | ||||||
2,792 | JDS Uniphase Corp.(c) | 36,547 | ||||||
5,958 | Juniper Networks, Inc.(c) | 111,057 | ||||||
1,948 | KLA-Tencor Corp. | 127,789 | ||||||
1,918 | Lam Research Corp.(c) | 104,013 | ||||||
2,741 | Linear Technology Corp. | 112,765 | ||||||
6,431 | LSI Corp. | 54,535 | ||||||
1,219 | MasterCard, Inc., Class A | 874,145 | ||||||
2,319 | Microchip Technology, Inc. | 99,624 | ||||||
12,207 | Micron Technology, Inc.(c) | 215,820 | ||||||
89,103 | Microsoft Corp. | 3,149,791 | ||||||
1,613 | Molex, Inc. | 62,262 | ||||||
2,781 | Motorola Solutions, Inc. | 173,868 | ||||||
3,998 | NetApp, Inc. | 155,162 | ||||||
6,801 | NVIDIA Corp. | 103,239 | ||||||
41,914 | Oracle Corp. | 1,404,119 | ||||||
3,824 | Paychex, Inc. | 161,602 | ||||||
20,164 | QUALCOMM, Inc. | 1,400,793 | ||||||
2,225 | Red Hat, Inc.(c) | 96,276 | ||||||
6,445 | Salesforce.com, Inc.(c) | 343,905 | ||||||
2,826 | SanDisk Corp. | 196,407 | ||||||
3,810 | Seagate Technology PLC | 185,471 | ||||||
8,212 | Symantec Corp. | 186,741 | ||||||
4,861 | TE Connectivity Ltd. (Switzerland) | 250,293 | ||||||
1,917 | Teradata Corp.(c) | 84,482 | ||||||
2,351 | Teradyne, Inc.(c) | 41,119 | ||||||
12,944 | Texas Instruments, Inc. | 544,684 | ||||||
1,959 | Total System Services, Inc. | 58,437 | ||||||
1,586 | Verisign, Inc.(c) | 86,088 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Information Technology (continued) | ||||||||
6,068 | Visa, Inc., Class A | $ | 1,193,394 | |||||
2,479 | Western Digital Corp. | 172,613 | ||||||
6,488 | Western Union Co. (The) | 110,426 | ||||||
13,619 | Xerox Corp. | 135,373 | ||||||
3,130 | Xilinx, Inc. | 142,165 | ||||||
11,154 | Yahoo!, Inc.(c) | 367,301 | ||||||
|
| |||||||
32,645,460 | ||||||||
|
| |||||||
Materials—3.6% | ||||||||
2,464 | Air Products & Chemicals, Inc. | 268,601 | ||||||
778 | Airgas, Inc. | 84,857 | ||||||
12,572 | Alcoa, Inc. | 116,542 | ||||||
1,269 | Allegheny Technologies, Inc. | 42,004 | ||||||
1,153 | Avery Dennison Corp. | 54,329 | ||||||
1,706 | Ball Corp. | 83,406 | ||||||
1,210 | Bemis Co., Inc. | 48,279 | ||||||
673 | CF Industries Holdings, Inc. | 145,099 | ||||||
1,800 | Cliffs Natural Resources, Inc. | 46,224 | ||||||
14,226 | Dow Chemical Co. (The) | 561,500 | ||||||
10,855 | E.I. du Pont de Nemours & Co. | 664,326 | ||||||
1,813 | Eastman Chemical Co. | 142,846 | ||||||
3,188 | Ecolab, Inc. | 337,928 | ||||||
1,603 | FMC Corp. | 116,634 | ||||||
12,200 | Freeport-McMoRan Copper & Gold, Inc. | 448,472 | ||||||
961 | International Flavors & Fragrances, Inc. | 79,427 | ||||||
5,242 | International Paper Co. | 233,846 | ||||||
5,267 | LyondellBasell Industries NV, Class A | 392,918 | ||||||
2,087 | MeadWestvaco Corp. | 72,732 | ||||||
6,267 | Monsanto Co. | 657,283 | ||||||
4,004 | Mosaic Co. (The) | 183,583 | ||||||
5,850 | Newmont Mining Corp. | 159,471 | ||||||
3,740 | Nucor Corp. | 193,620 | ||||||
1,932 | Owens-Illinois, Inc.(c) | 61,418 | ||||||
1,680 | PPG Industries, Inc. | 306,734 | ||||||
3,466 | Praxair, Inc. | 432,245 | ||||||
2,303 | Sealed Air Corp. | 69,505 | ||||||
1,026 | Sherwin-Williams Co. (The) | 192,888 | ||||||
1,413 | Sigma-Aldrich Corp. | 122,126 | ||||||
1,800 | United States Steel Corp. | 44,802 | ||||||
1,528 | Vulcan Materials Co. | 81,824 | ||||||
|
| |||||||
6,445,469 | ||||||||
|
| |||||||
Telecommunication Services—2.5% | ||||||||
62,429 | AT&T, Inc. | 2,259,930 | ||||||
7,061 | CenturyLink, Inc. | 239,086 | ||||||
3,869 | Crown Castle International Corp.(c) | 294,121 | ||||||
11,751 | Frontier Communications Corp. | 51,822 | ||||||
33,638 | Verizon Communications, Inc. | 1,699,055 | ||||||
6,968 | Windstream Holdings, Inc. | 59,576 | ||||||
|
| |||||||
4,603,590 | ||||||||
|
| |||||||
Utilities—3.2% | ||||||||
7,235 | AES Corp. (The) | 101,941 | ||||||
1,394 | AGL Resources, Inc. | 66,717 | ||||||
2,852 | Ameren Corp. | 103,185 | ||||||
5,722 | American Electric Power Co., Inc. | 268,018 | ||||||
5,038 | CenterPoint Energy, Inc. | 123,935 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Utilities (continued) | ||||||||
3,125 | CMS Energy Corp. | $ | 85,813 | |||||
3,443 | Consolidated Edison, Inc. | 200,451 | ||||||
6,806 | Dominion Resources, Inc. | 433,883 | ||||||
2,057 | DTE Energy Co. | 142,221 | ||||||
8,298 | Duke Energy Corp. | 595,216 | ||||||
3,830 | Edison International | 187,785 | ||||||
2,096 | Entergy Corp. | 135,653 | ||||||
10,069 | Exelon Corp. | 287,369 | ||||||
4,916 | FirstEnergy Corp. | 186,169 | ||||||
936 | Integrys Energy Group, Inc. | 54,924 | ||||||
4,992 | NextEra Energy, Inc. | 423,072 | ||||||
3,674 | NiSource, Inc. | 115,804 | ||||||
3,700 | Northeast Utilities | 158,693 | ||||||
3,796 | NRG Energy, Inc. | 108,300 | ||||||
2,424 | ONEOK, Inc. | 136,956 | ||||||
2,928 | Pepco Holdings, Inc. | 56,452 | ||||||
5,234 | PG&E Corp. | 219,043 | ||||||
1,293 | Pinnacle West Capital Corp. | 72,447 | ||||||
7,425 | PPL Corp. | 227,428 | ||||||
5,946 | Public Service Enterprise Group, Inc. | 199,191 | ||||||
1,645 | SCANA Corp. | 76,706 | ||||||
2,670 | Sempra Energy | 243,344 | ||||||
10,272 | Southern Co. (The) | 420,228 | ||||||
2,401 | TECO Energy, Inc. | 41,225 | ||||||
2,676 | Wisconsin Energy Corp. | 112,686 | ||||||
5,849 | Xcel Energy, Inc. | 168,802 | ||||||
|
| |||||||
5,753,657 | ||||||||
|
| |||||||
Total Investments (Cost $142,713,742)—101.4% | 183,660,254 | |||||||
Other assets less liabilities—(1.4)% | (2,484,994 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 181,175,260 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | A portion of the securities in the portfolio are subject to call options written. In addition, the unrealized appreciation (depreciation) of the call options written was based on Level 1 inputs. See Note 2G and Note 6. |
(c) | Non-income producing security. |
(d) | Affiliated company. The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. See Note 4. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Portfolio Composition |
PowerShares S&P 500® High Quality Portfolio (SPHQ) |
Sector Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Industrials | 26.3 | |||
Consumer Staples | 19.5 | |||
Consumer Discretionary | 19.4 | |||
Health Care | 10.6 | |||
Materials | 7.9 | |||
Financials | 5.0 | |||
Utilities | 4.3 | |||
Information Technology | 4.3 | |||
Energy | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares S&P 500® High Quality Portfolio (SPHQ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—19.4% | ||||||||
24,272 | Comcast Corp., Class A | $ | 1,154,862 | |||||
44,272 | Darden Restaurants, Inc. | 2,281,336 | ||||||
48,148 | Family Dollar Stores, Inc. | 3,316,434 | ||||||
30,352 | Gap, Inc. (The) | 1,122,720 | ||||||
27,731 | Genuine Parts Co. | 2,186,035 | ||||||
17,096 | Harley-Davidson, Inc. | 1,094,828 | ||||||
47,860 | Hasbro, Inc. | 2,471,969 | ||||||
29,290 | Home Depot, Inc. (The) | 2,281,398 | ||||||
26,674 | Johnson Controls, Inc. | 1,231,005 | ||||||
22,988 | Lowe’s Cos., Inc. | 1,144,343 | ||||||
26,772 | Mattel, Inc. | 1,187,874 | ||||||
23,597 | McDonald’s Corp. | 2,277,582 | ||||||
45,734 | NIKE, Inc., Class B | 3,464,808 | ||||||
39,334 | Nordstrom, Inc. | 2,378,527 | ||||||
52,692 | Omnicom Group, Inc. | 3,588,852 | ||||||
30,324 | PetSmart, Inc. | 2,206,374 | ||||||
13,859 | Ralph Lauren Corp. | 2,295,605 | ||||||
46,142 | Ross Stores, Inc. | 3,569,084 | ||||||
53,098 | Target Corp. | 3,440,219 | ||||||
14,598 | Tiffany & Co. | 1,155,724 | ||||||
60,487 | TJX Cos., Inc. (The) | 3,677,005 | ||||||
11,402 | VF Corp. | 2,451,430 | ||||||
50,691 | Walt Disney Co. (The) | 3,476,896 | ||||||
50,094 | Yum! Brands, Inc. | 3,387,356 | ||||||
|
| |||||||
56,842,266 | ||||||||
|
| |||||||
Consumer Staples—19.5% | ||||||||
31,449 | Altria Group, Inc. | 1,170,846 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
30,546 | Archer-Daniels-Midland Co. | $ | 1,249,331 | |||||
31,836 | Brown-Forman Corp., Class B | 2,323,391 | ||||||
27,343 | Campbell Soup Co. | 1,163,992 | ||||||
26,513 | Clorox Co. (The) | 2,391,207 | ||||||
88,862 | Coca-Cola Co. (The) | 3,516,269 | ||||||
54,621 | Colgate-Palmolive Co. | 3,535,617 | ||||||
19,280 | Costco Wholesale Corp. | 2,275,040 | ||||||
56,341 | CVS Caremark Corp. | 3,507,791 | ||||||
15,744 | Estee Lauder Cos., Inc. (The), Class A | 1,117,194 | ||||||
46,238 | General Mills, Inc. | 2,331,320 | ||||||
77,878 | Hormel Foods Corp. | 3,384,578 | ||||||
20,975 | J.M. Smucker Co. (The) | 2,332,630 | ||||||
55,241 | Kellogg Co. | 3,493,993 | ||||||
23,057 | Kimberly-Clark Corp. | 2,490,156 | ||||||
72,786 | Lorillard, Inc. | 3,712,814 | ||||||
50,639 | McCormick & Co., Inc., | 3,501,687 | ||||||
27,657 | PepsiCo, Inc. | 2,325,677 | ||||||
42,770 | Procter & Gamble Co. (The) | 3,453,678 | ||||||
69,381 | Sysco Corp. | 2,243,782 | ||||||
40,005 | Walgreen Co. | 2,369,896 | ||||||
44,856 | Wal-Mart Stores, Inc. | 3,442,698 | ||||||
|
| |||||||
57,333,587 | ||||||||
|
| |||||||
Energy—2.7% | ||||||||
28,525 | Chevron Corp. | 3,421,859 | ||||||
38,599 | Exxon Mobil Corp. | 3,459,242 | ||||||
13,844 | Hess Corp. | 1,124,133 | ||||||
|
| |||||||
8,005,234 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
PowerShares S&P 500® High Quality Portfolio (SPHQ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—5.0% | ||||||||
17,395 | Aflac, Inc. | $ | 1,130,327 | |||||
3,986 | BlackRock, Inc. | 1,199,029 | ||||||
24,797 | Chubb Corp. (The) | 2,283,308 | ||||||
17,562 | Health Care REIT, Inc. | 1,138,896 | ||||||
119,674 | Hudson City Bancorp, Inc. | 1,074,672 | ||||||
54,824 | Kimco Realty Corp. REIT | 1,177,619 | ||||||
15,729 | Moody’s Corp. | 1,111,411 | ||||||
14,970 | T. Rowe Price Group, Inc. | 1,158,828 | ||||||
30,629 | Torchmark Corp. | 2,231,629 | ||||||
13,207 | Travelers Cos., Inc. (The) | 1,139,764 | ||||||
26,981 | Wells Fargo & Co. | 1,151,819 | ||||||
|
| |||||||
14,797,302 | ||||||||
|
| |||||||
Health Care—10.6% | ||||||||
66,218 | Abbott Laboratories | 2,420,268 | ||||||
35,785 | AmerisourceBergen Corp. | 2,337,834 | ||||||
50,858 | Baxter International, Inc. | 3,350,017 | ||||||
21,745 | Becton, Dickinson and Co. | 2,286,052 | ||||||
18,828 | C.R. Bard, Inc. | 2,564,750 | ||||||
25,081 | DENTSPLY International, Inc. | 1,181,315 | ||||||
37,524 | Johnson & Johnson | 3,475,098 | ||||||
8,124 | McKesson Corp. | 1,270,106 | ||||||
40,655 | Medtronic, Inc. | 2,333,597 | ||||||
28,215 | Mylan, Inc.(b) | 1,068,502 | ||||||
8,627 | Perrigo Co. | 1,189,577 | ||||||
19,233 | Quest Diagnostics, Inc. | 1,152,249 | ||||||
47,798 | Stryker Corp. | 3,530,360 | ||||||
45,192 | UnitedHealth Group, Inc. | 3,084,806 | ||||||
|
| |||||||
31,244,531 | ||||||||
|
| |||||||
Industrials—26.3% | ||||||||
27,839 | 3M Co. | 3,503,538 | ||||||
49,206 | AMETEK, Inc. | 2,353,523 | ||||||
56,980 | C.H. Robinson Worldwide, Inc. | 3,403,985 | ||||||
39,203 | Caterpillar, Inc. | 3,267,962 | ||||||
21,660 | Cintas Corp. | 1,164,658 | ||||||
86,552 | CSX Corp. | 2,255,545 | ||||||
8,489 | Cummins, Inc. | 1,078,273 | ||||||
48,337 | Danaher Corp. | 3,484,614 | ||||||
27,157 | Deere & Co. | 2,222,529 | ||||||
24,834 | Dover Corp. | 2,279,513 | ||||||
51,399 | Emerson Electric Co. | 3,442,191 | ||||||
51,454 | Expeditors International of Washington, Inc. | 2,330,352 | ||||||
47,243 | Fastenal Co. | 2,352,701 | ||||||
15,410 | Fluor Corp. | 1,143,730 | ||||||
25,473 | General Dynamics Corp. | 2,206,726 | ||||||
45,815 | General Electric Co. | 1,197,604 | ||||||
12,931 | Honeywell International, Inc. | 1,121,506 | ||||||
29,063 | Illinois Tool Works, Inc. | 2,289,874 | ||||||
35,729 | L-3 Communications Holdings, Inc. | 3,588,978 | ||||||
17,792 | Lockheed Martin Corp. | 2,372,385 | ||||||
28,385 | Norfolk Southern Corp. | 2,441,678 | ||||||
22,819 | Northrop Grumman Corp. | 2,453,271 | ||||||
28,989 | �� | Pall Corp. | 2,334,194 | |||||
20,744 | Parker Hannifin Corp. | 2,421,240 | ||||||
29,419 | Raytheon Co. | 2,423,243 | ||||||
33,822 | Republic Services, Inc. | 1,132,022 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
32,617 | Rockwell Collins, Inc. | $ | 2,277,645 | |||||
17,082 | Roper Industries, Inc. | 2,166,169 | ||||||
22,599 | Snap-On, Inc. | 2,351,878 | ||||||
14,208 | Union Pacific Corp. | 2,151,091 | ||||||
31,421 | United Technologies Corp. | 3,338,481 | ||||||
13,013 | W.W. Grainger, Inc. | 3,500,107 | ||||||
26,778 | Waste Management, Inc. | 1,165,914 | ||||||
|
| |||||||
77,217,120 | ||||||||
|
| |||||||
Information Technology—4.3% | ||||||||
30,829 | Automatic Data Processing, Inc. | 2,311,250 | ||||||
18,030 | International Business Machines Corp. | 3,231,157 | ||||||
28,179 | Linear Technology Corp. | 1,159,284 | ||||||
32,783 | Microsoft Corp. | 1,158,879 | ||||||
33,606 | Oracle Corp. | 1,125,801 | ||||||
54,877 | Paychex, Inc. | 2,319,102 | ||||||
16,543 | QUALCOMM, Inc. | 1,149,242 | ||||||
|
| |||||||
12,454,715 | ||||||||
|
| |||||||
Materials—7.9% | ||||||||
20,587 | Air Products & Chemicals, Inc. | 2,244,189 | ||||||
20,683 | Airgas, Inc. | 2,255,895 | ||||||
49,153 | Ball Corp. | 2,403,090 | ||||||
19,294 | E.I. du Pont de Nemours & Co. | 1,180,793 | ||||||
33,575 | Ecolab, Inc. | 3,558,950 | ||||||
13,783 | International Flavors & Fragrances, Inc. | 1,139,165 | ||||||
10,490 | Monsanto Co. | 1,100,191 | ||||||
27,578 | Praxair, Inc. | 3,439,252 | ||||||
12,408 | Sherwin-Williams Co. (The) | 2,332,704 | ||||||
40,142 | Sigma-Aldrich Corp. | 3,469,473 | ||||||
|
| |||||||
23,123,702 | ||||||||
|
| |||||||
Utilities—4.3% | ||||||||
49,330 | AGL Resources, Inc. | 2,360,934 | ||||||
34,233 | Entergy Corp. | 2,215,560 | ||||||
27,346 | NextEra Energy, Inc. | 2,317,573 | ||||||
20,368 | ONEOK, Inc. | 1,150,792 | ||||||
24,226 | SCANA Corp. | 1,129,658 | ||||||
26,809 | Southern Co. (The) | 1,096,756 | ||||||
53,899 | Wisconsin Energy Corp. | 2,269,687 | ||||||
|
| |||||||
12,540,960 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $235,187,891) | 293,559,417 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
21,286 | Premier Portfolio—Institutional Class(c) (Cost $21,286) | 21,286 | ||||||
|
| |||||||
Total Investments (Cost $235,209,177)—100.0% | 293,580,703 | |||||||
Other assets less liabilities—0.0% | 67,288 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 293,647,991 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
PowerShares S&P 500® High Quality Portfolio (SPHQ) (continued)
October 31, 2013
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Portfolio Composition |
PowerShares Water Resources Portfolio (PHO) |
Industry Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Machinery | 50.5 | |||
Water Utilities | 17.4 | |||
Electrical Equipment | 9.3 | |||
Life Sciences Tools & Services | 7.2 | |||
Electronic Equipment, Instruments & Components | 5.0 | |||
Commercial Services & Supplies | 4.1 | |||
Construction & Engineering | 2.7 | |||
Chemicals | 2.4 | |||
Multi-Utilities | 1.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Water Resources Portfolio (PHO)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Chemicals—2.4% | ||||||||
1,132,938 | Calgon Carbon Corp.(b) | $ | 22,602,113 | |||||
|
| |||||||
Commercial Services & Supplies—4.1% | ||||||||
1,495,616 | Tetra Tech, Inc.(b) | 39,080,446 | ||||||
|
| |||||||
Construction & Engineering—2.7% | ||||||||
609,824 | Aegion Corp.(b) | 12,501,392 | ||||||
462,095 | Layne Christensen Co.(b) | 8,936,917 | ||||||
116,949 | Northwest Pipe Co.(b) | 4,213,673 | ||||||
|
| |||||||
25,651,982 | ||||||||
|
| |||||||
Electrical Equipment—9.3% | ||||||||
504,633 | Franklin Electric Co., Inc. | 19,100,359 | ||||||
550,851 | Roper Industries, Inc. | 69,853,416 | ||||||
|
| |||||||
88,953,775 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—5.0% | ||||||||
169,239 | Badger Meter, Inc. | 8,802,121 | ||||||
909,508 | Itron, Inc.(b) | 38,808,706 | ||||||
|
| |||||||
47,610,827 | ||||||||
|
| |||||||
Life Sciences Tools & Services—7.2% | ||||||||
689,330 | Waters Corp.(b) | 69,567,184 | ||||||
|
| |||||||
Machinery—50.5% | ||||||||
663,905 | Energy Recovery, Inc.(b) | 3,877,205 | ||||||
1,221,371 | Flowserve Corp. | 84,848,643 | ||||||
95,735 | Gorman-Rupp Co. (The) | 3,900,244 | ||||||
448,175 | Lindsay Corp. | 34,065,782 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Machinery (continued) | ||||||||
4,512,602 | Mueller Water Products, Inc., Class A | $ | 38,672,999 | |||||
492,771 | Pall Corp. | 39,677,921 | ||||||
1,133,594 | Pentair Ltd. | 76,052,821 | ||||||
645,145 | Toro Co. (The) | 38,024,846 | ||||||
252,447 | Valmont Industries, Inc. | 35,468,804 | ||||||
604,958 | Watts Water Technologies, Inc., Class A | 34,954,473 | ||||||
2,749,811 | Xylem, Inc. | 94,868,480 | ||||||
|
| |||||||
484,412,218 | ||||||||
|
| |||||||
Multi-Utilities—1.4% | ||||||||
810,671 | Veolia Environnement SA ADR (France)(c) | 13,951,648 | ||||||
|
| |||||||
Water Utilities—17.4% | ||||||||
1,019,126 | American States Water Co. | 29,024,709 | ||||||
836,282 | American Water Works Co., Inc. | 35,851,409 | ||||||
1,402,295 | Aqua America, Inc. | 35,309,788 | ||||||
758,429 | California Water Service Group | 16,533,752 | ||||||
3,994,156 | Cia de Saneamento Basico do Estado de Sao Paulo ADR (Brazil)(c) | 42,377,995 | ||||||
130,119 | Connecticut Water Service, Inc. | 4,170,314 | ||||||
270,570 | Consolidated Water Co. Ltd. (Cayman Islands) | 4,069,373 | ||||||
|
| |||||||
167,337,340 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $720,414,769) | 959,167,533 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares Water Resources Portfolio (PHO) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
333,016 | Premier Portfolio—Institutional Class(d) (Cost $333,016) | $ | 333,016 | |||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $720,747,785)—100.0% | 959,500,549 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.8% | ||||||||
7,119,340 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $7,119,340)(d)(e) | 7,119,340 | ||||||
|
| |||||||
Total Investments (Cost $727,867,125)—100.8% | 966,619,889 | |||||||
Other assets less liabilities—(0.8)% | (7,579,273 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 959,040,616 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2013. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Portfolio Composition |
PowerShares WilderHill Clean Energy Portfolio (PBW) |
Industry Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Semiconductors & Semiconductor Equipment | 36.2 | |||
Electrical Equipment | 15.4 | |||
Chemicals | 8.3 | |||
Oil, Gas & Consumable Fuels | 7.0 | |||
Electronic Equipment, Instruments & Components | 6.5 | |||
Auto Components | 4.9 | |||
Construction & Engineering | 4.5 | |||
Electric Utilities | 4.2 | |||
Independent Power Producers & Energy Traders | 4.2 | |||
Software | 2.8 | |||
Commercial Services & Supplies | 2.3 | |||
Automobiles | 1.9 | |||
Metals & Mining | 1.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares WilderHill Clean Energy Portfolio (PBW)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Auto Components—4.9% | ||||||||
681,495 | Ballard Power Systems, Inc. (Canada)(b)(c) | $ | 933,648 | |||||
229,279 | Fuel Systems Solutions, Inc.(c) | 4,117,851 | ||||||
241,015 | Gentherm, Inc.(c) | 5,627,700 | ||||||
|
| |||||||
10,679,199 | ||||||||
|
| |||||||
Automobiles—1.9% | ||||||||
25,217 | Tesla Motors, Inc.(b)(c) | 4,033,207 | ||||||
|
| |||||||
Chemicals—8.3% | ||||||||
40,182 | Air Products & Chemicals, Inc. | 4,380,240 | ||||||
140,599 | OM Group, Inc.(c) | 4,780,366 | ||||||
143,245 | Sociedad Quimica y Minera de Chile SA ADR (Chile) | 3,954,994 | ||||||
294,734 | Zoltek Cos., Inc.(c) | 4,922,058 | ||||||
|
| |||||||
18,037,658 | ||||||||
|
| |||||||
Commercial Services & Supplies—2.3% | ||||||||
302,881 | EnerNOC, Inc.(c) | 5,036,911 | ||||||
|
| |||||||
Construction & Engineering—4.5% | ||||||||
442,878 | Ameresco, Inc., Class A(c) | 4,632,504 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Construction & Engineering (continued) | ||||||||
165,669 | Quanta Services, Inc.(c) | $ | 5,004,860 | |||||
|
| |||||||
9,637,364 | ||||||||
|
| |||||||
Electric Utilities—4.2% | ||||||||
255,295 | CPFL Energia SA ADR (Brazil)(b) | 4,309,380 | ||||||
47,892 | ITC Holdings Corp. | 4,817,456 | ||||||
|
| |||||||
9,126,836 | ||||||||
|
| |||||||
Electrical Equipment—15.4% | ||||||||
433,943 | American Superconductor Corp.(c) | 945,996 | ||||||
2,403,936 | China Ming Yang Wind Power Group Ltd. ADR (China)(b)(c) | 5,961,761 | ||||||
536,312 | Enphase Energy, Inc.(b)(c) | 4,049,156 | ||||||
3,569,840 | FuelCell Energy, Inc.(b)(c) | 4,783,586 | ||||||
112,994 | Polypore International, Inc.(b)(c) | 5,107,329 | ||||||
316,257 | PowerSecure International, Inc.(c) | 5,717,926 | ||||||
124,915 | SolarCity Corp.(b)(c) | 6,655,471 | ||||||
|
| |||||||
33,221,225 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares WilderHill Clean Energy Portfolio (PBW) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Electronic Equipment, Instruments & Components—6.5% | ||||||||
472,292 | Echelon Corp.(c) | $ | 1,024,874 | |||||
105,992 | Itron, Inc.(b)(c) | 4,522,679 | ||||||
498,833 | Maxwell Technologies, Inc.(c) | 3,741,247 | ||||||
145,559 | Universal Display Corp.(c) | 4,643,332 | ||||||
|
| |||||||
13,932,132 | ||||||||
|
| |||||||
Independent Power Producers & Energy Traders—4.2% | ||||||||
227,014 | Calpine Corp.(c) | 4,578,872 | ||||||
172,994 | Ormat Technologies, Inc. (Israel)(b) | 4,509,954 | ||||||
|
| |||||||
9,088,826 | ||||||||
|
| |||||||
Metals & Mining—1.8% | ||||||||
635,528 | Molycorp, Inc.(b)(c) | 3,222,127 | ||||||
340,734 | Rare Element Resources Ltd. (Canada)(b)(c) | 633,765 | ||||||
|
| |||||||
3,855,892 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—7.0% | ||||||||
396,646 | Amyris, Inc.(b)(c) | 999,548 | ||||||
287,504 | Cosan Ltd., Class A (Brazil) | 4,531,063 | ||||||
523,416 | Gevo, Inc.(b)(c) | 889,807 | ||||||
543,006 | KiOR, Inc., Class A(b)(c) | 1,265,204 | ||||||
282,793 | Renewable Energy Group, Inc.(c) | 3,085,272 | ||||||
410,232 | Solazyme, Inc.(b)(c) | 4,291,027 | ||||||
|
| |||||||
15,061,921 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—36.2% | ||||||||
260,366 | Advanced Energy Industries, Inc.(c) | 5,436,442 | ||||||
259,811 | Aixtron SE ADR (Germany)(c) | 3,715,297 | ||||||
321,426 | Canadian Solar, Inc. (Canada)(c) | 7,392,798 | ||||||
77,877 | Cree, Inc.(c) | 4,731,028 | ||||||
118,964 | First Solar, Inc.(c) | 5,980,320 | ||||||
550,366 | GT Advanced Technologies, Inc.(c) | 4,127,745 | ||||||
1,349,576 | Hanwha SolarOne Co. Ltd. ADR (South Korea)(b)(c) | 5,857,160 | ||||||
182,408 | International Rectifier Corp.(c) | 4,749,904 | ||||||
536,703 | JA Solar Holdings Co. Ltd. ADR (China)(b)(c) | 5,173,817 | ||||||
1,095,386 | ReneSola Ltd. ADR (China)(b)(c) | 4,764,929 | ||||||
358,394 | Rubicon Technology, Inc.(b)(c) | 3,082,189 | ||||||
472,292 | STR Holdings, Inc.(c) | 939,861 | ||||||
578,591 | SunEdison, Inc.(c) | 5,380,896 | ||||||
195,902 | SunPower Corp. (France)(b)(c) | 5,914,282 | ||||||
409,552 | Trina Solar Ltd. ADR (China)(b)(c) | 6,008,128 | ||||||
845,330 | Yingli Green Energy Holding Co. Ltd. ADR (China)(b)(c) | 5,071,980 | ||||||
|
| |||||||
78,326,776 | ||||||||
|
| |||||||
Software—2.8% | ||||||||
278,186 | Silver Spring Networks, Inc.(c) | 6,075,582 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $198,600,138) | 216,113,529 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
215,528 | Premier Portfolio—Institutional Class(d) (Cost $215,528) | 215,528 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $198,815,666)—100.1% | 216,329,057 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—22.0% | ||||||||
47,636,757 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $47,636,757)(d)(e) | $ | 47,636,757 | |||||
|
| |||||||
Total Investments (Cost $246,452,423)—122.1% | 263,965,814 | |||||||
Other assets less liabilities—(22.1)% | (47,774,554 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 216,191,260 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2013. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
This Fund has holdings greater than 10% of net assets in the following countries:
China | 12.5 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Portfolio Composition |
PowerShares WilderHill Progressive Energy Portfolio (PUW) |
Industry Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Oil, Gas & Consumable Fuels | 17.4 | |||
Electrical Equipment | 16.8 | |||
Machinery | 13.5 | |||
Chemicals | 7.8 | |||
Electric Utilities | 7.3 | |||
Construction & Engineering | 5.9 | |||
Building Products | 5.9 | |||
Industrial Conglomerates | 4.0 | |||
Auto Components | 3.9 | |||
Energy Equipment & Services | 3.6 | |||
Food & Staples Retailing | 2.2 | |||
Automobiles | 2.1 | |||
Electronic Equipment, Instruments & Components | 2.1 | |||
Aerospace & Defense | 2.1 | |||
Household Products | 1.9 | |||
Semiconductors & Semiconductor Equipment | 1.5 | |||
Commercial Services & Supplies | 1.5 | |||
Capital Markets | 0.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares WilderHill Progressive Energy Portfolio (PUW)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Aerospace & Defense—2.1% | ||||||||
19,710 | Hexcel Corp.(b) | $ | 833,930 | |||||
|
| |||||||
Auto Components—3.9% | ||||||||
17,582 | Johnson Controls, Inc. | 811,410 | ||||||
14,546 | Tenneco, Inc.(b) | 771,956 | ||||||
|
| |||||||
1,583,366 | ||||||||
|
| |||||||
Automobiles—2.1% | ||||||||
27,108 | Tata Motors Ltd. ADR (India) | 849,023 | ||||||
|
| |||||||
Building Products—5.9% | ||||||||
17,257 | A.O. Smith Corp. | 891,324 | ||||||
26,023 | Apogee Enterprises, Inc. | 813,999 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Building Products (continued) | ||||||||
19,100 | Owens Corning(b) | $ | 686,263 | |||||
|
| |||||||
2,391,586 | ||||||||
|
| |||||||
Capital Markets—0.5% | ||||||||
16,938 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 207,491 | ||||||
|
| |||||||
Chemicals—7.8% | ||||||||
17,218 | Advanced Emissions Solutions, Inc.(b) | 650,324 | ||||||
22,868 | LSB Industries, Inc.(b) | 839,713 | ||||||
16,870 | Methanex Corp. (Canada) | 981,159 | ||||||
11,297 | Rockwood Holdings, Inc. | 714,535 | ||||||
|
| |||||||
3,185,731 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
PowerShares WilderHill Progressive Energy Portfolio (PUW) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Commercial Services & Supplies—1.5% | ||||||||
35,020 | Covanta Holding Corp. | $ | 601,293 | |||||
|
| |||||||
Construction & Engineering—5.9% | ||||||||
11,400 | Chicago Bridge & Iron Co. NV | 844,626 | ||||||
28,890 | Foster Wheeler AG (Switzerland)(b) | 779,741 | ||||||
24,399 | MasTec, Inc.(b) | 780,036 | ||||||
|
| |||||||
2,404,403 | ||||||||
|
| |||||||
Electric Utilities—7.3% | ||||||||
246,419 | Centrais Eletricas Brasileiras SA ADR (Brazil) | 778,684 | ||||||
80,422 | �� | Companhia Energetica de Minas Gerais ADR (Brazil) | 721,385 | |||||
40,165 | Enersis SA ADR (Italy) | 662,723 | ||||||
22,666 | NRG Yield, Inc., Class A(b) | 802,830 | ||||||
|
| |||||||
2,965,622 | ||||||||
|
| |||||||
Electrical Equipment—16.8% | ||||||||
8,409 | Acuity Brands, Inc. | 845,189 | ||||||
10,755 | Eaton Corp. PLC | 758,873 | ||||||
11,878 | Emerson Electric Co. | 795,470 | ||||||
12,708 | EnerSys | 843,176 | ||||||
24,340 | General Cable Corp. | 801,516 | ||||||
9,848 | Global Power Equipment Group, Inc. | 200,505 | ||||||
85,319 | GrafTech International Ltd.(b) | 759,339 | ||||||
13,111 | Power Solutions International, Inc.(b) | 763,847 | ||||||
11,328 | Regal-Beloit Corp. | 830,682 | ||||||
79,774 | Revolution Lighting Technologies, Inc.(b) | 238,524 | ||||||
|
| |||||||
6,837,121 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.1% | ||||||||
48,948 | Corning, Inc. | 836,521 | ||||||
|
| |||||||
Energy Equipment & Services—3.6% | ||||||||
98,294 | McDermott International, Inc.(b) | 694,938 | ||||||
308,686 | Nuverra Environmental Solutions, Inc.(b) | 753,194 | ||||||
|
| |||||||
1,448,132 | ||||||||
|
| |||||||
Food & Staples Retailing—2.2% | ||||||||
12,124 | Andersons, Inc. (The) | 899,358 | ||||||
|
| |||||||
Household Products—1.9% | ||||||||
7,993 | Energizer Holdings, Inc. | 784,193 | ||||||
|
| |||||||
Industrial Conglomerates—4.0% | ||||||||
23,431 | Koninklijke Philips NV (Netherlands) | 829,692 | ||||||
6,184 | Siemens AG ADR (Germany) | 791,614 | ||||||
|
| |||||||
1,621,306 | ||||||||
|
| |||||||
Machinery—13.5% | ||||||||
27,843 | Altra Holdings, Inc. | 845,592 | ||||||
6,269 | Chart Industries, Inc.(b) | 673,729 | ||||||
23,409 | ESCO Technologies, Inc. | 844,597 | ||||||
43,594 | Luxfer Holdings PLC ADR (United Kingdom) | 803,001 | ||||||
25,828 | PMFG, Inc.(b) | 202,492 | ||||||
8,946 | WABCO Holdings, Inc.(b) | 766,493 | ||||||
26,988 | Westport Innovations, Inc. (Canada)(b) | 632,329 | ||||||
18,481 | Woodward, Inc. | 740,903 | ||||||
|
| |||||||
5,509,136 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Oil, Gas & Consumable Fuels—17.4% | ||||||||
43,884 | Cameco Corp. (Canada) | $ | 833,796 | |||||
31,873 | Chesapeake Energy Corp. | 891,169 | ||||||
58,241 | Clean Energy Fuels Corp.(b) | 663,365 | ||||||
764,380 | Denison Mines Corp. (Canada)(b) | 833,174 | ||||||
20,192 | Golar LNG Ltd. (Norway) | 749,729 | ||||||
10,754 | Range Resources Corp. | 814,186 | ||||||
398,492 | Rentech, Inc. | 681,421 | ||||||
14,920 | Sasol Ltd. ADR (South Africa) | 761,219 | ||||||
22,633 | Southwestern Energy Co.(b) | 842,400 | ||||||
|
| |||||||
7,070,459 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—1.5% | ||||||||
21,179 | Veeco Instruments, Inc.(b) | 618,639 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $33,617,790) | 40,647,310 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
51,460 | Premier Portfolio—Institutional Class(c) (Cost $51,460) | 51,460 | ||||||
|
| |||||||
Total Investments (Cost $33,669,250)—100.1% | 40,698,770 | |||||||
Other assets less liabilities—(0.1)% | (32,784 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 40,665,986 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Statements of Assets and Liabilities
October 31, 2013
(Unaudited)
PowerShares Aerospace & Defense Portfolio (PPA) | PowerShares Cleantech™ Portfolio (PZD) | PowerShares DWA Momentum Portfolio (PDP) | PowerShares Global Listed Private Equity Portfolio (PSP) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments, at value(a) | $ | 81,618,458 | $ | 78,071,129 | $ | 1,046,930,851 | $ | 406,144,196 | ||||||||
Affiliated investments, at value | 96,780 | 7,188,103 | 756,515 | 42,799,439 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 81,715,238 | 85,259,232 | 1,047,687,366 | 448,943,635 | ||||||||||||
Cash | — | — | — | 4,221,405 | ||||||||||||
Cash segregated as collateral | — | — | — | 2,534,053 | ||||||||||||
Foreign currencies, at value | — | — | — | 14,263 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 27,677 | 41,257 | 141,096 | 211,008 | ||||||||||||
Investments sold | — | — | 1,732,111 | 11,179,345 | ||||||||||||
Foreign tax reclaims | — | 92,790 | — | 416,135 | ||||||||||||
Security lending | — | 7,437 | — | — | ||||||||||||
Shares sold | — | — | 10,427,423 | 3,077,140 | ||||||||||||
Other assets | 1,195 | 1,195 | 2,517 | 1,601 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 81,744,110 | 85,401,911 | 1,059,990,513 | 470,598,585 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | — | — | ||||||||||||
Payables: | ||||||||||||||||
Shares repurchased | — | — | 1,733,030 | 880 | ||||||||||||
Collateral upon receipt of securities in-kind | — | — | — | 2,534,053 | ||||||||||||
Investments purchased | — | — | 10,420,533 | 3,176,784 | ||||||||||||
Collateral upon return of securities loaned | — | 7,155,748 | — | — | ||||||||||||
Expenses recaptured | — | — | — | 19,164 | ||||||||||||
Unrealized depreciation on swap agreements | — | — | — | 1,567,173 | ||||||||||||
Open written options, at value | — | — | — | — | ||||||||||||
Accrued advisory fees | 31,589 | 29,255 | 423,885 | 181,957 | ||||||||||||
Accrued trustees fees | 16,323 | 15,361 | 33,547 | 22,381 | ||||||||||||
Accrued expenses | 76,026 | 92,313 | 629,674 | 348,027 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 123,938 | 7,292,677 | 13,240,669 | 7,850,419 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 81,620,172 | $ | 78,109,234 | $ | 1,046,749,844 | $ | 462,748,166 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 100,025,671 | $ | 142,759,115 | $ | 1,063,539,008 | $ | 482,440,716 | ||||||||
Undistributed net investment income (loss) | (21,010 | ) | (4,403 | ) | 163,705 | (22,888,484 | ) | |||||||||
Undistributed net realized gain (loss) | (27,539,464 | ) | (83,601,861 | ) | (181,670,375 | ) | (80,778,476 | ) | ||||||||
Net unrealized appreciation | 9,154,975 | 18,956,383 | 164,717,506 | 83,974,410 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 81,620,172 | $ | 78,109,234 | $ | 1,046,749,844 | $ | 462,748,166 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 2,850,000 | 2,600,000 | 30,200,000 | 38,400,000 | ||||||||||||
Net asset value | $ | 28.64 | $ | 30.04 | $ | 34.66 | $ | 12.05 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 28.63 | $ | 30.04 | $ | 34.72 | $ | 12.10 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 72,463,483 | $ | 59,116,438 | $ | 882,213,345 | $ | 320,618,550 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 96,780 | $ | 7,188,103 | $ | 756,515 | $ | 42,799,439 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 72,560,263 | $ | 66,304,541 | $ | 882,969,860 | $ | 363,417,989 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | — | $ | — | $ | — | $ | 14,278 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Premium received on written options | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | 6,835,775 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
PowerShares Golden Dragon China Portfolio (PGJ) | PowerShares Lux Nanotech Portfolio (PXN) | PowerShares S&P 500 BuyWrite Portfolio (PBP) | PowerShares S&P 500® High Quality Portfolio (SPHQ) | PowerShares Water Resources Portfolio (PHO) | PowerShares WilderHill Clean Energy Portfolio (PBW) | PowerShares WilderHill Progressive Energy Portfolio (PUW) | ||||||||||||||||||||
$ | 303,950,153 | $ | 20,329,893 | $ | 183,484,585 | $ | 293,559,417 | $ | 959,167,533 | $ | 216,113,529 | $ | 40,647,310 | |||||||||||||
50,634,450 | 3,560,011 | 175,669 | 21,286 | 7,452,356 | 47,852,285 | 51,460 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
354,584,603 | 23,889,904 | 183,660,254 | 293,580,703 | 966,619,889 | 263,965,814 | 40,698,770 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
93,048 | 4,668 | 186,868 | 328,296 | 737,489 | 29,513 | 50,878 | ||||||||||||||||||||
— | — | 238,418 | — | — | 1,971,962 | — | ||||||||||||||||||||
— | — | 144 | — | — | 32,697 | 12,091 | ||||||||||||||||||||
120,164 | 18,731 | — | — | 2,548 | 184,042 | — | ||||||||||||||||||||
— | — | — | — | 1,243,480 | 1,971,298 | — | ||||||||||||||||||||
1,195 | 813 | — | 1,535 | 1,601 | 1,601 | 812 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
354,799,010 | 23,914,116 | 184,085,684 | 293,910,534 | 968,605,007 | 268,156,927 | 40,762,551 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | — | 166,125 | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 1,971,298 | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | 1,242,942 | 1,971,962 | — | ||||||||||||||||||||
50,352,612 | 3,483,775 | — | — | 7,119,340 | 47,636,757 | — | ||||||||||||||||||||
4,084 | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | 2,630,880 | — | — | — | — | ||||||||||||||||||||
130,807 | 2,165 | 113,419 | 42,500 | 393,654 | 91,019 | 12,561 | ||||||||||||||||||||
27,820 | 12,137 | — | 17,573 | 77,082 | 40,951 | 12,300 | ||||||||||||||||||||
303,166 | 81,312 | — | 202,470 | 731,373 | 253,680 | 71,704 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
50,818,489 | 3,579,389 | 2,910,424 | 262,543 | 9,564,391 | 51,965,667 | 96,565 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 303,980,521 | $ | 20,334,727 | $ | 181,175,260 | $ | 293,647,991 | $ | 959,040,616 | $ | 216,191,260 | $ | 40,665,986 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 522,197,695 | $ | 101,915,751 | $ | 175,248,813 | $ | 368,514,108 | $ | 1,269,638,511 | $ | 1,628,726,069 | $ | 66,180,151 | |||||||||||||
(761,861 | ) | 8,843 | (3,895,422 | ) | 504,472 | 291,117 | 151,648 | 24,584 | ||||||||||||||||||
(276,874,947 | ) | (81,725,704 | ) | (30,468,220 | ) | (133,742,115 | ) | (549,641,776 | ) | (1,430,199,848 | ) | (32,568,269 | ) | |||||||||||||
59,419,634 | 135,837 | 40,290,089 | 58,371,526 | 238,752,764 | 17,513,391 | 7,029,520 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 303,980,521 | $ | 20,334,727 | $ | 181,175,260 | $ | 293,647,991 | $ | 959,040,616 | $ | 216,191,260 | $ | 40,665,986 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
10,700,000 | 2,950,000 | 8,750,000 | 15,000,000 | 38,650,000 | 33,650,000 | 1,350,000 | ||||||||||||||||||||
$ | 28.41 | $ | 6.89 | $ | 20.71 | $ | 19.58 | $ | 24.81 | $ | 6.42 | $ | 30.12 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 28.46 | $ | 6.92 | $ | 20.74 | $ | 19.61 | $ | 24.84 | $ | 6.43 | $ | 30.13 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 244,530,519 | $ | 20,194,056 | $ | 142,593,379 | $ | 235,187,891 | $ | 720,414,769 | $ | 198,600,138 | $ | 33,617,790 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 50,634,450 | $ | 3,560,011 | $ | 120,363 | $ | 21,286 | $ | 7,452,356 | $ | 47,852,285 | $ | 51,460 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 295,164,969 | $ | 23,754,067 | $ | 142,713,742 | $ | 235,209,177 | $ | 727,867,125 | $ | 246,452,423 | $ | 33,669,250 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | — | $ | — | $ | 1,974,457 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 48,669,693 | $ | 3,355,726 | $ | — | $ | — | $ | 6,812,631 | $ | 44,187,445 | $ | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 33 |
|
For the six months ended October 31, 2013
(Unaudited)
PowerShares Aerospace & Defense Portfolio (PPA) | PowerShares Cleantech™ Portfolio (PZD) | PowerShares DWA Momentum Portfolio (PDP) | PowerShares Global Listed Private Equity Portfolio (PSP) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 864,873 | $ | 489,545 | $ | 5,046,760 | $ | 7,418,533 | ||||||||
Affiliated dividend income | 5 | 2 | 42 | 1,989 | ||||||||||||
Securities lending income | — | 72,022 | — | — | ||||||||||||
Foreign withholding tax | — | (48,766 | ) | — | (386,635 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 864,878 | 512,803 | 5,046,802 | 7,033,887 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 156,599 | 182,597 | 2,353,944 | 1,084,084 | ||||||||||||
Sub-licensing | 18,792 | 27,390 | 470,789 | 216,817 | ||||||||||||
Accounting & administration fees | 18,046 | 18,046 | 91,027 | 41,714 | ||||||||||||
Professional fees | 14,101 | 15,692 | 24,827 | 28,000 | ||||||||||||
Trustees fees | 4,697 | 4,904 | 16,663 | 9,447 | ||||||||||||
Custodian & transfer agent fees | 2,727 | 6,735 | 10,438 | 20,681 | ||||||||||||
Recapture (Note 3) | — | — | — | 91,004 | ||||||||||||
Other expenses | 8,472 | 11,768 | 48,874 | 25,971 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 223,434 | 267,132 | 3,016,562 | 1,517,718 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Waivers | (17,177 | ) | (21,170 | ) | (215 | ) | (11,355 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 206,257 | 245,962 | 3,016,347 | 1,506,363 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 658,621 | 266,841 | 2,030,455 | 5,527,524 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (120,377 | ) | (1,226,820 | ) | 24,443,423 | 983,777 | ||||||||||
Swap agreements | — | — | — | 8,648,537 | ||||||||||||
Written options | — | — | — | — | ||||||||||||
In-kind redemptions | 2,419,304 | 1,512,917 | 20,121,513 | 9,719,732 | ||||||||||||
Foreign currencies | — | 4 | — | (94,475 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 2,298,927 | 286,101 | 44,564,936 | 19,257,571 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 10,045,251 | 12,054,235 | 36,347,058 | 23,418,495 | ||||||||||||
Swap agreements | — | — | — | (1,486,632 | ) | |||||||||||
Written options | — | — | — | — | ||||||||||||
Foreign currencies | — | 1,209 | — | 8,244 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 10,045,251 | 12,055,444 | 36,347,058 | 21,940,107 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 12,344,178 | 12,341,545 | 80,911,994 | 41,197,678 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | $ | 13,002,799 | $ | 12,608,386 | $ | 82,942,449 | $ | 46,725,202 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
PowerShares Golden Dragon China Portfolio (PGJ) | PowerShares Lux Nanotech Portfolio (PXN) | PowerShares S&P 500 BuyWrite Portfolio (PBP) | PowerShares S&P 500® High Quality Portfolio (SPHQ) | PowerShares Water Resources Portfolio (PHO) | PowerShares WilderHill Clean Energy Portfolio (PBW) | PowerShares WilderHill Progressive Energy Portfolio (PUW) | ||||||||||||||||||||
$ | 1,891,257 | $ | 67,430 | $ | 2,098,221 | $ | 2,864,965 | $ | 6,519,617 | $ | 369,229 | $ | 346,063 | |||||||||||||
33 | 5 | 2,753 | 10 | 54 | 11 | 1 | ||||||||||||||||||||
387,545 | 46,529 | — | — | 4,057 | 1,739,449 | — | ||||||||||||||||||||
(146,681 | ) | (453 | ) | (229 | ) | — | (295,580 | ) | (4,008 | ) | (12,514 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2,132,154 | 113,511 | 2,100,745 | 2,864,975 | 6,228,148 | 2,104,681 | 333,550 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
563,856 | 52,979 | 717,420 | 378,933 | 2,275,715 | 472,319 | 98,433 | ||||||||||||||||||||
112,374 | 10,596 | — | 66,588 | 341,357 | 94,464 | 19,687 | ||||||||||||||||||||
19,585 | 18,046 | — | 23,524 | 94,559 | 18,102 | 18,046 | ||||||||||||||||||||
18,754 | 17,209 | — | 17,079 | 24,798 | 14,704 | 14,108 | ||||||||||||||||||||
6,481 | 4,255 | — | 7,286 | 16,449 | 6,279 | 4,485 | ||||||||||||||||||||
62,788 | 1,663 | — | 5,184 | 7,089 | 34,363 | 3,247 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
20,361 | 7,083 | — | 13,146 | 65,297 | 32,933 | 7,649 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
804,199 | 111,831 | 717,420 | 511,740 | 2,825,264 | 673,164 | 165,655 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(14,948 | ) | (38,283 | ) | (84 | ) | (133,571 | ) | (333 | ) | (12,600 | ) | (27,854 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
789,251 | 73,548 | 717,336 | 378,169 | 2,824,931 | 660,564 | 137,801 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
1,342,903 | 39,963 | 1,383,409 | 2,486,806 | 3,403,217 | 1,444,117 | 195,749 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(2,985,185 | ) | (355,773 | ) | 2,866,771 | (123,044 | ) | 9,614,460 | (14,812,352 | ) | (1,534,085 | ) | |||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | (18,647,052 | ) | — | — | — | — | |||||||||||||||||||
16,185,403 | 1,123,940 | 5,794,580 | 7,380,182 | 13,732,368 | 35,942,795 | 1,763,416 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
13,200,218 | 768,167 | (9,985,701 | ) | 7,257,138 | 23,346,828 | 21,130,443 | 229,331 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
61,761,672 | (391,192 | ) | 9,948,754 | 16,686,472 | 84,125,241 | 31,572,447 | 3,448,066 | |||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | 3,007,738 | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
61,761,672 | (391,192 | ) | 12,956,492 | 16,686,472 | 84,125,241 | 31,572,447 | 3,448,066 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
74,961,890 | 376,975 | 2,970,791 | 23,943,610 | 107,472,069 | 52,702,890 | 3,677,397 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 76,304,793 | $ | 416,938 | $ | 4,354,200 | $ | 26,430,416 | $ | 110,875,286 | $ | 54,147,007 | $ | 3,873,146 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 35 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares Aerospace & Defense Portfolio (PPA) | PowerShares Cleantech™ Portfolio (PZD) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 658,621 | $ | 1,038,703 | $ | 266,841 | $ | 817,105 | ||||||||
Net realized gain (loss) | 2,298,927 | (893,302 | ) | 286,101 | (4,786,886 | ) | ||||||||||
Net increase from payment by affiliate | — | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 10,045,251 | 7,542,587 | 12,055,444 | 9,902,157 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 13,002,799 | 7,687,988 | 12,608,386 | 5,932,376 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (762,332 | ) | (1,029,052 | ) | (568,380 | ) | (712,757 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 32,984,873 | 998,228 | — | — | ||||||||||||
Value of shares repurchased | (11,211,753 | ) | (15,017,115 | ) | (5,244,821 | ) | (34,211,049 | ) | ||||||||
|
|
|
|
|
| �� |
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 21,773,120 | (14,018,887 | ) | (5,244,821 | ) | (34,211,049 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 34,013,587 | (7,359,951 | ) | 6,795,185 | (28,991,430 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 47,606,585 | 54,966,536 | 71,314,049 | 100,305,479 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 81,620,172 | $ | 47,606,585 | $ | 78,109,234 | $ | 71,314,049 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (21,010 | ) | $ | 82,701 | $ | (4,403 | ) | $ | 297,136 | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,250,000 | 50,000 | — | — | ||||||||||||
Shares repurchased | (450,000 | ) | (750,000 | ) | (200,000 | ) | (1,550,000 | ) | ||||||||
Shares outstanding, beginning of period | 2,050,000 | 2,750,000 | 2,800,000 | 4,350,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 2,850,000 | 2,050,000 | 2,600,000 | 2,800,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
PowerShares DWA Momentum Portfolio (PDP) | PowerShares Global Listed Private Equity Portfolio (PSP) | PowerShares Golden Dragon China Portfolio (PGJ) | PowerShares Lux Nanotech Portfolio (PXN) | |||||||||||||||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||||||||||||
$ | 2,030,455 | $ | 5,543,441 | $ | 5,527,524 | $ | 7,617,711 | $ | 1,342,903 | $ | 3,494,223 | $ | 39,963 | $ | 292,362 | |||||||||||||||
44,564,936 | 74,176,381 | 19,257,571 | 17,590,747 | 13,200,218 | (63,947,150 | ) | 768,167 | (430,027 | ) | |||||||||||||||||||||
— | — | — | — | — | 36,920 | — | — | |||||||||||||||||||||||
36,347,058 | 33,244,128 | 21,940,107 | 63,857,819 | 61,761,672 | 41,814,758 | (391,192 | ) | 2,268,946 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
82,942,449 | 112,963,950 | 46,725,202 | 89,066,277 | 76,304,793 | (18,601,249 | ) | 416,938 | 2,131,281 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(2,253,518 | ) | (5,799,247 | ) | (33,712,250 | ) | (12,397,099 | ) | (1,371,248 | ) | (4,722,570 | ) | (140,704 | ) | (319,441 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
177,050,329 | 698,921,973 | 71,720,230 | 70,242,710 | 91,499,278 | 13,060,293 | 5,550,413 | 36,885,485 | |||||||||||||||||||||||
(87,918,379 | ) | (500,235,301 | ) | (30,476,523 | ) | (35,164,174 | ) | (44,196,543 | ) | (53,830,199 | ) | (5,127,001 | ) | (41,345,037 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
89,131,950 | 198,686,672 | 41,243,707 | 35,078,536 | 47,302,735 | (40,769,906 | ) | 423,412 | (4,459,552 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
169,820,881 | 305,851,375 | 54,256,659 | 111,747,714 | 122,236,280 | (64,093,725 | ) | 699,646 | (2,647,712 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
876,928,963 | 571,077,588 | 408,491,507 | 296,743,793 | 181,744,241 | 245,837,966 | 19,635,081 | 22,282,793 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 1,046,749,844 | $ | 876,928,963 | $ | 462,748,166 | $ | 408,491,507 | $ | 303,980,521 | $ | 181,744,241 | $ | 20,334,727 | $ | 19,635,081 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 163,705 | $ | 386,768 | $ | (22,888,484 | ) | $ | 5,296,242 | $ | (761,861 | ) | $ | (733,516 | ) | $ | 8,843 | $ | 109,584 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
5,300,000 | 24,850,000 | 6,150,000 | 6,400,000 | 3,300,000 | 700,000 | 800,000 | 5,750,000 | |||||||||||||||||||||||
(2,700,000 | ) | (17,750,000 | ) | (2,650,000 | ) | (3,700,000 | ) | (1,850,000 | ) | (2,850,000 | ) | (750,000 | ) | (6,350,000 | ) | |||||||||||||||
27,600,000 | 20,500,000 | 34,900,000 | 32,200,000 | 9,250,000 | 11,400,000 | 2,900,000 | 3,500,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
30,200,000 | 27,600,000 | 38,400,000 | 34,900,000 | 10,700,000 | 9,250,000 | 2,950,000 | 2,900,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 37 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares S&P 500 BuyWrite Portfolio (PBP) | PowerShares S&P 500® High Quality Portfolio (SPHQ) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,383,409 | $ | 3,830,146 | $ | 2,486,806 | $ | 3,520,778 | ||||||||
Net realized gain (loss) | (9,985,701 | ) | 8,777,327 | 7,257,138 | 5,178,617 | |||||||||||
Net change in unrealized appreciation (depreciation) | 12,956,492 | 406,705 | 16,686,472 | 24,339,195 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 4,354,200 | 13,014,178 | 26,430,416 | 33,038,590 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (5,792,700 | ) | (8,424,421 | ) | (2,509,608 | ) | (3,292,190 | ) | ||||||||
Net realized gains | — | (2,056,844 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
(5,792,700 | ) | (10,481,265 | ) | (2,509,608 | ) | (3,292,190 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | — | 155,680,453 | 59,942,420 | 76,363,194 | ||||||||||||
Value of shares repurchased | (22,608,069 | ) | (107,519,457 | ) | (18,951,306 | ) | (23,794,170 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (22,608,069 | ) | 48,160,996 | 40,991,114 | 52,569,024 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (24,046,569 | ) | 50,693,909 | 64,911,922 | 82,315,424 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 205,221,829 | 154,527,920 | 228,736,069 | 146,420,645 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 181,175,260 | $ | 205,221,829 | $ | 293,647,991 | $ | 228,736,069 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (3,895,422 | ) | $ | 513,869 | $ | 504,472 | $ | 527,274 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | — | 7,650,000 | 3,200,000 | 4,700,000 | ||||||||||||
Shares repurchased | (1,100,000 | ) | (5,300,000 | ) | (1,000,000 | ) | (1,450,000 | ) | ||||||||
Shares outstanding, beginning of period | 9,850,000 | 7,500,000 | 12,800,000 | 9,550,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 8,750,000 | 9,850,000 | 15,000,000 | 12,800,000 | ||||||||||||
|
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|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
PowerShares Water Resources Portfolio (PHO) | PowerShares WilderHill Clean Energy Portfolio (PBW) | PowerShares WilderHill Progressive Energy Portfolio (PUW) | ||||||||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||||||
$ | 3,403,217 | $ | 6,573,110 | $ | 1,444,117 | $ | 3,362,695 | $ | 195,749 | $ | 550,558 | |||||||||||
23,346,828 | (8,583,436 | ) | 21,130,443 | (138,364,257 | ) | 229,331 | 757,073 | |||||||||||||||
84,125,241 | 137,318,912 | 31,572,447 | 125,881,934 | 3,448,066 | 791,507 | |||||||||||||||||
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|
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| |||||||||||
110,875,286 | 135,308,586 | 54,147,007 | (9,119,628 | ) | 3,873,146 | 2,099,138 | ||||||||||||||||
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|
|
|
|
|
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| |||||||||||
(4,140,286 | ) | (6,646,911 | ) | (2,658,953 | ) | (4,631,864 | ) | (397,650 | ) | (318,497 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
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|
|
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|
| |||||||||||
(4,140,286 | ) | (6,646,911 | ) | (2,658,953 | ) | (4,631,864 | ) | (397,650 | ) | (318,497 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
16,880,852 | 53,224,195 | 94,493,130 | 24,870,370 | 2,681,085 | — | |||||||||||||||||
(41,639,531 | ) | (130,331,858 | ) | (72,283,755 | ) | (46,640,787 | ) | (4,074,718 | ) | (11,055,489 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(24,758,679 | ) | (77,107,663 | ) | 22,209,375 | (21,770,417 | ) | (1,393,633 | ) | (11,055,489 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
81,976,321 | 51,554,012 | 73,697,429 | (35,521,909 | ) | 2,081,863 | (9,274,848 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
877,064,295 | 825,510,283 | 142,493,831 | 178,015,740 | 38,584,123 | 47,858,971 | |||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
| |||||||||||
$ | 959,040,616 | $ | 877,064,295 | $ | 216,191,260 | $ | 142,493,831 | $ | 40,665,986 | $ | 38,584,123 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 291,117 | $ | 1,028,186 | $ | 151,648 | $ | 1,366,484 | $ | 24,584 | $ | 226,485 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
700,000 | 2,550,000 | 16,250,000 | 5,500,000 | 100,000 | — | |||||||||||||||||
(1,800,000 | ) | (6,750,000 | ) | (12,350,000 | ) | (10,800,000 | ) | (150,000 | ) | (450,000 | ) | |||||||||||
39,750,000 | 43,950,000 | 29,750,000 | 35,050,000 | 1,400,000 | 1,850,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
38,650,000 | 39,750,000 | 33,650,000 | 29,750,000 | 1,350,000 | 1,400,000 | |||||||||||||||||
|
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|
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| 39 |
|
PowerShares Aerospace & Defense Portfolio (PPA)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.22 | $ | 19.99 | $ | 20.57 | $ | 19.07 | $ | 13.38 | $ | 20.93 | ||||||||||||
Net investment income(a) | 0.28 | 0.44 | 0.21 | 0.18 | 0.17 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.45 | 3.22 | (0.60 | ) | 1.49 | 5.73 | (7.56 | ) | ||||||||||||||||
Total from investment operations | 5.73 | 3.66 | (0.39 | ) | 1.67 | 5.90 | (7.40 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.43 | ) | (0.19 | ) | (0.17 | ) | (0.21 | ) | (0.15 | ) | ||||||||||||
Net asset value at end of period | $ | 28.64 | $ | 23.22 | $ | 19.99 | $ | 20.57 | $ | 19.07 | $ | 13.38 | ||||||||||||
Market price at end of period(b) | $ | 28.63 | $ | 23.20 | $ | 19.98 | $ | 20.57 | $ | 19.07 | $ | 13.37 | ||||||||||||
Net Asset Value Total Return(c) | 24.81 | % | 18.69 | % | (1.82 | )% | 8.91 | % | 44.36 | % | (35.46 | )% | ||||||||||||
Market Price Total Return(c) | 24.87 | % | 18.65 | % | (1.87 | )% | 8.91 | % | 44.47 | % | (35.48 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 81,620 | $ | 47,607 | $ | 54,967 | $ | 107,971 | $ | 137,338 | $ | 116,429 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.66 | %(d) | 0.66 | % | 0.66 | % | 0.66 | % | 0.66 | % | 0.66 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.74 | % | 0.76 | % | 0.73 | % | 0.69 | % | 0.67 | % | ||||||||||||
Net investment income, after Waivers | 2.10 | %(d) | 2.18 | % | 1.09 | % | 0.99 | % | 1.08 | % | 1.01 | % | ||||||||||||
Portfolio turnover rate(e) | 5 | % | 17 | % | 25 | % | 12 | % | 17 | % | 9 | % |
PowerShares CleantechTM Portfolio (PZD)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.47 | $ | 23.06 | $ | 30.10 | $ | 25.00 | $ | 19.25 | $ | 33.63 | ||||||||||||
Net investment income (loss)(a) | 0.10 | 0.26 | 0.24 | 0.06 | 0.03 | (0.00 | )(f) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.68 | 2.37 | (7.07 | ) | 5.05 | 5.77 | (14.38 | ) | ||||||||||||||||
Total from investment operations | 4.78 | 2.63 | (6.83 | ) | 5.11 | 5.80 | (14.38 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.22 | ) | (0.21 | ) | (0.01 | ) | (0.04 | ) | — | |||||||||||||
Return of capital | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
Total distributions | (0.21 | ) | (0.22 | ) | (0.21 | ) | (0.01 | ) | (0.05 | ) | — | |||||||||||||
Net asset value at end of period | $ | 30.04 | $ | 25.47 | $ | 23.06 | $ | 30.10 | $ | 25.00 | $ | 19.25 | ||||||||||||
Market price at end of period(b) | $ | 30.04 | $ | 25.36 | $ | 22.98 | $ | 30.08 | $ | 24.80 | $ | 19.35 | ||||||||||||
Net Asset Value Total Return(c) | 18.94 | % | 11.59 | % | (22.65 | )% | 20.43 | % | 30.16 | % | (42.76 | )% | ||||||||||||
Market Price Total Return(c) | 19.45 | % | 11.50 | % | (22.87 | )% | 21.32 | % | 28.45 | % | (42.45 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 78,109 | $ | 71,314 | $ | 100,305 | $ | 162,530 | $ | 160,021 | $ | 111,674 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.67 | %(d) | 0.67 | % | 0.67 | % | 0.67 | % | 0.67 | % | 0.67 | % | ||||||||||||
Expenses, prior to Waivers | 0.73 | %(d) | 0.76 | % | 0.74 | % | 0.74 | % | 0.71 | % | 0.73 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.73 | %(d) | 1.16 | % | 0.97 | % | 0.22 | % | 0.11 | % | (0.01 | )% | ||||||||||||
Portfolio turnover rate(e) | 11 | % | 22 | % | 27 | % | 24 | % | 31 | % | 72 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(f) | Amount represents less than $0.005. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Financial Highlights (continued)
PowerShares DWA Momentum Portfolio (PDP)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.77 | $ | 27.86 | $ | 26.52 | $ | 21.25 | $ | 14.14 | $ | 25.97 | ||||||||||||
Net investment income(a) | 0.07 | 0.23 | 0.07 | 0.04 | 0.06 | 0.07 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.90 | 3.92 | 1.31 | 5.29 | 7.15 | (11.86 | ) | |||||||||||||||||
Total from investment operations | 2.97 | 4.15 | 1.38 | 5.33 | 7.21 | (11.79 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.24 | ) | (0.04 | ) | (0.06 | ) | (0.10 | ) | (0.04 | ) | ||||||||||||
Net asset value at end of period | $ | 34.66 | $ | 31.77 | $ | 27.86 | $ | 26.52 | $ | 21.25 | $ | 14.14 | ||||||||||||
Market price at end of period(b) | $ | 34.72 | $ | 31.76 | $ | 27.86 | $ | 26.54 | $ | 21.24 | $ | 14.13 | ||||||||||||
Net Asset Value Total Return(c) | 9.37 | % | 15.02 | % | 5.22 | % | 25.11 | % | 51.28 | % | (45.40 | )% | ||||||||||||
Market Price Total Return(c) | 9.59 | % | 14.98 | % | 5.15 | % | 25.26 | % | 51.31 | % | (45.49 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,046,750 | $ | 876,929 | $ | 571,078 | $ | 450,904 | $ | 159,371 | $ | 138,549 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(d) | 0.64 | %(e) | 0.67 | % | 0.65 | % | 0.70 | % | 0.70 | % | 0.69 | % | ||||||||||||
Expenses, prior to Waivers(d) | 0.64 | %(e) | 0.67 | % | 0.65 | % | 0.71 | % | 0.73 | % | 0.68 | % | ||||||||||||
Net investment income, after Waivers | 0.43 | %(e) | 0.82 | % | 0.29 | % | 0.19 | % | 0.35 | % | 0.38 | % | ||||||||||||
Portfolio turnover rate(f) | 47 | % | 66 | % | 96 | % | 42 | % | 52 | % | 87 | % |
PowerShares Global Listed Private Equity Portfolio (PSP)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.70 | $ | 9.22 | $ | 12.17 | $ | 10.04 | $ | 6.72 | $ | 20.27 | ||||||||||||
Net investment income(a) | 0.15 | 0.24 | 0.26 | 0.26 | 0.33 | 0.87 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.10 | 2.64 | (2.58 | ) | 2.41 | 3.27 | (13.55 | ) | ||||||||||||||||
Total from investment operations | 1.25 | 2.88 | (2.32 | ) | 2.67 | 3.60 | (12.68 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.90 | ) | (0.40 | ) | (0.56 | ) | (0.54 | ) | (0.28 | ) | (0.87 | ) | ||||||||||||
Return of capital | — | — | (0.07 | ) | — | — | — | |||||||||||||||||
Total distributions | (0.90 | ) | (0.40 | ) | (0.63 | ) | (0.54 | ) | (0.28 | ) | (0.87 | ) | ||||||||||||
Net asset value at end of period | $ | 12.05 | $ | 11.70 | $ | 9.22 | $ | 12.17 | $ | 10.04 | $ | 6.72 | ||||||||||||
Market price at end of period(b) | $ | 12.10 | $ | 11.75 | $ | 9.25 | $ | 12.25 | $ | 10.06 | $ | 6.71 | ||||||||||||
Net Asset Value Total Return(c) | 11.43 | % | 31.87 | % | (19.51 | )% | 27.93 | % | 54.20 | % | (64.23 | )% | ||||||||||||
Market Price Total Return(c) | 11.44 | % | 32.00 | % | (19.80 | )% | 28.48 | % | 54.70 | % | (64.29 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 462,748 | $ | 408,492 | $ | 296,744 | $ | 493,622 | $ | 211,879 | $ | 60,476 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(d) | 0.69 | %(e) | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers(d) | 0.70 | %(e) | 0.70 | % | 0.76 | % | 0.73 | % | 0.72 | % | 0.78 | % | ||||||||||||
Net investment income, after Waivers | 2.55 | %(e) | 2.47 | % | 2.79 | % | 2.50 | % | 3.66 | %(g) | 7.75 | % | ||||||||||||
Portfolio turnover rate(f) | 22 | % | 53 | % | 88 | % | 112 | % | 121 | % | 74 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment company expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the funds that the Fund invests in. The effect of the estimated investment company expenses that you bear indirectly is included in the Fund’s total return. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(g) | Net investment income per share and the ratio of net investment income to average net assets include a special stock dividend in which the Fund elected a cash payment of $0.96 per share owned of American Capital Ltd. on August 7, 2009. Net investment income per share and the ratio of net investment income to average net assets excluding the special dividend are $0.27 and 2.94%, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Financial Highlights (continued)
PowerShares Golden Dragon China Portfolio (PGJ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.65 | $ | 21.56 | $ | 28.98 | $ | 25.03 | $ | 17.47 | $ | 28.88 | ||||||||||||
Net investment income(a) | 0.15 | 0.34 | 0.48 | 0.21 | 0.13 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.76 | (1.81 | ) | (7.43 | ) | 3.92 | 7.63 | (11.44 | ) | |||||||||||||||
Total from investment operations | 8.91 | (1.47 | ) | (6.95 | ) | 4.13 | 7.76 | (11.24 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.44 | ) | (0.47 | ) | (0.18 | ) | (0.17 | ) | (0.17 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.03 | ) | — | |||||||||||||||||
Total distributions | (0.15 | ) | (0.44 | ) | (0.47 | ) | (0.18 | ) | (0.20 | ) | (0.17 | ) | ||||||||||||
Net asset value at end of period | $ | 28.41 | $ | 19.65 | $ | 21.56 | $ | 28.98 | $ | 25.03 | $ | 17.47 | ||||||||||||
Market price at end of period(b) | $ | 28.46 | $ | 19.59 | $ | 21.49 | $ | 28.87 | $ | 25.04 | $ | 17.48 | ||||||||||||
Net Asset Value Total Return(c) | 45.48 | % | (6.73 | )%(d) | (23.98 | )% | 16.60 | % | 44.51 | % | (39.06 | )% | ||||||||||||
Market Price Total Return(c) | 46.18 | % | (6.70 | )% | (23.93 | )% | 16.11 | % | 44.49 | % | (38.92 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 303,981 | $ | 181,744 | $ | 245,838 | $ | 446,292 | $ | 455,523 | $ | 279,490 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(e) | 0.70 | % | 0.69 | % | 0.70 | % | 0.70 | % | 0.69 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(e) | 0.75 | % | 0.71 | % | 0.72 | % | 0.71 | % | 0.71 | % | ||||||||||||
Net investment income, after Waivers | 1.19 | %(e) | 1.78 | % | 2.08 | % | 0.82 | % | 0.56 | % | 1.06 | % | ||||||||||||
Portfolio turnover rate(f) | 16 | % | 63 | % | 23 | % | 15 | % | 35 | % | 20 | % |
PowerShares Lux Nanotech Portfolio (PXN)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.77 | $ | 6.37 | $ | 9.60 | $ | 10.33 | $ | 7.59 | $ | 14.07 | ||||||||||||
Net investment income (loss)(a) | 0.01 | 0.09 | 0.06 | (0.00 | )(g) | (0.00 | )(g) | 0.02 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.15 | 0.40 | (3.26 | ) | (0.73 | ) | 2.76 | (6.50 | ) | |||||||||||||||
Total from investment operations | 0.16 | 0.49 | (3.20 | ) | (0.73 | ) | 2.76 | (6.48 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.04 | ) | (0.09 | ) | (0.03 | ) | — | (0.02 | ) | — | ||||||||||||||
Return of capital | — | — | — | — | 0.00 | (g) | — | |||||||||||||||||
Total distributions | (0.04 | ) | (0.09 | ) | (0.03 | ) | — | (0.02 | ) | — | ||||||||||||||
Net asset value at end of period | $ | 6.89 | $ | 6.77 | $ | 6.37 | $ | 9.60 | $ | 10.33 | $ | 7.59 | ||||||||||||
Market price at end of period(b) | $ | 6.92 | $ | 6.80 | $ | 6.37 | $ | 9.70 | $ | 10.32 | $ | 7.60 | ||||||||||||
Net Asset Value Total Return(c) | 2.44 | % | 7.84 | % | (33.40 | )% | (7.07 | )% | 36.39 | % | (46.06 | )% | ||||||||||||
Market Price Total Return(c) | 2.43 | % | 8.32 | % | (34.09 | )% | (6.01 | )% | 36.08 | % | (45.79 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 20,335 | $ | 19,635 | $ | 22,283 | $ | 38,390 | $ | 55,290 | $ | 39,484 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(h) | 0.69 | %(e) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers(h) | 1.06 | %(e) | 1.14 | % | 1.08 | % | 0.95 | % | 0.85 | % | 0.89 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.38 | %(e) | 1.44 | % | 0.90 | % | (0.04 | )% | (0.04 | )% | 0.17 | % | ||||||||||||
Portfolio turnover rate(f) | 40 | % | 30 | % | 55 | % | 58 | % | 57 | % | 50 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Amount includes the effect of the Adviser pay-in for an economic loss of $0.004 per share. Had the pay-in not been made, the net asset value total return would have been (6.77)%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(g) | Amount represents less than $0.005. |
(h) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment company expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the funds that the Fund invests in. The effect of the estimated investment company expenses that you bear indirectly is included in the Fund’s total return. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares S&P 500 BuyWrite Portfolio (PBP)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.83 | $ | 20.60 | $ | 21.52 | $ | 21.52 | $ | 17.54 | $ | 25.00 | ||||||||||||
Net investment income(a) | 0.15 | 0.33 | 0.29 | 0.29 | 0.27 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.37 | 0.70 | 1.00 | 1.34 | 4.00 | (7.38 | ) | |||||||||||||||||
Total from investment operations | 0.52 | 1.03 | 1.29 | 1.63 | 4.27 | (7.00 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.64 | ) | (0.65 | ) | (2.10 | ) | (0.27 | ) | (0.29 | ) | (0.46 | ) | ||||||||||||
Net realized gains | — | (0.15 | ) | (0.11 | ) | (1.36 | ) | — | — | |||||||||||||||
Total distributions | (0.64 | ) | (0.80 | ) | (2.21 | ) | (1.63 | ) | (0.29 | ) | (0.46 | ) | ||||||||||||
Net asset value at end of period | $ | 20.71 | $ | 20.83 | $ | 20.60 | $ | 21.52 | $ | 21.52 | $ | 17.54 | ||||||||||||
Market price at end of period(b) | $ | 20.74 | $ | 20.83 | $ | 20.65 | $ | 21.52 | $ | 21.52 | $ | 17.59 | ||||||||||||
Net Asset Value Total Return(c) | 2.54 | % | 5.22 | % | 6.74 | % | 8.11 | % | 24.48 | % | (28.26 | )% | ||||||||||||
Market Price Total Return(c) | 2.76 | % | 4.97 | % | 7.02 | % | 8.09 | % | 24.11 | % | (28.16 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 181,175 | $ | 205,222 | $ | 154,528 | $ | 120,511 | $ | 167,840 | $ | 84,211 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.75 | %(d) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
Net investment income | 1.45 | %(d) | 1.61 | % | 1.42 | % | 1.37 | % | 1.35 | % | 2.09 | % | ||||||||||||
Portfolio turnover rate(e) | 17 | % | 22 | % | 58 | % | 61 | % | 51 | % | 83 | % |
PowerShares S&P 500® High Quality Portfolio (SPHQ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.87 | $ | 15.33 | $ | 14.64 | $ | 12.21 | $ | 9.60 | $ | 16.76 | ||||||||||||
Net investment income(a) | 0.18 | 0.33 | 0.26 | 0.20 | 0.00 | (f) | 0.04 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.71 | 2.52 | 0.74 | 2.31 | 2.64 | (7.19 | ) | |||||||||||||||||
Total from investment operations | 1.89 | 2.85 | 1.00 | 2.51 | 2.64 | (7.15 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.31 | ) | (0.31 | ) | (0.08 | ) | (0.03 | ) | (0.01 | ) | ||||||||||||
Net asset value at end of period | $ | 19.58 | $ | 17.87 | $ | 15.33 | $ | 14.64 | $ | 12.21 | $ | 9.60 | ||||||||||||
Market price at end of period(b) | $ | 19.61 | $ | 17.87 | $ | 15.33 | $ | 14.64 | $ | 12.21 | $ | 9.60 | ||||||||||||
Net Asset Value Total Return(c) | 10.66 | % | 18.86 | % | 7.04 | % | 20.61 | % | 27.63 | % | (42.66 | )% | ||||||||||||
Market Price Total Return(c) | 10.83 | % | 18.86 | % | 7.04 | % | 20.61 | % | 27.63 | % | (42.62 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 293,648 | $ | 228,736 | $ | 146,421 | $ | 112,695 | $ | 67,746 | $ | 71,048 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(d) | 0.39 | % | 0.50 | % | 0.52 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.39 | %(d) | 0.55 | % | 0.70 | % | 0.84 | % | 0.80 | % | 0.72 | % | ||||||||||||
Net investment income (loss), after Waivers | 1.90 | %(d) | 2.06 | % | 1.82 | % | 1.49 | % | (0.03 | )% | 0.27 | % | ||||||||||||
Portfolio turnover rate(e) | 5 | % | 17 | % | 14 | % | 64 | % | 138 | % | 143 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(f) | Amount represents less than $0.005. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Water Resources Portfolio (PHO)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.06 | $ | 18.78 | $ | 20.25 | $ | 18.05 | $ | 14.04 | $ | 20.66 | ||||||||||||
Net investment income(a) | 0.09 | 0.16 | 0.14 | 0.11 | 0.09 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.77 | 3.28 | (1.48 | ) | 2.19 | 4.03 | (6.64 | ) | ||||||||||||||||
Total from investment operations | 2.86 | 3.44 | (1.34 | ) | 2.30 | 4.12 | (6.56 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.16 | ) | (0.13 | ) | (0.10 | ) | (0.11 | ) | (0.06 | ) | ||||||||||||
Net asset value at end of period | $ | 24.81 | $ | 22.06 | $ | 18.78 | $ | 20.25 | $ | 18.05 | $ | 14.04 | ||||||||||||
Market price at end of period(b) | $ | 24.84 | $ | 22.05 | $ | 18.77 | $ | 20.24 | $ | 18.05 | $ | 14.02 | ||||||||||||
Net Asset Value Total Return(c) | 13.00 | % | 18.48 | % | (6.59 | )% | 12.81 | % | 29.48 | % | (31.76 | )% | ||||||||||||
Market Price Total Return(c) | 13.19 | % | 18.49 | % | (6.59 | )% | 12.75 | % | 29.67 | % | (31.63 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 959,041 | $ | 877,064 | $ | 825,510 | $ | 1,260,648 | $ | 1,335,033 | $ | 1,220,027 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(d) | 0.62 | % | 0.62 | % | 0.66 | % | 0.64 | % | 0.64 | % | ||||||||||||
Expenses, prior to Waivers | 0.62 | %(d) | 0.62 | % | 0.62 | % | 0.66 | % | 0.64 | % | 0.64 | % | ||||||||||||
Net investment income, after Waivers | 0.75 | %(d) | 0.81 | % | 0.77 | % | 0.63 | % | 0.57 | % | 0.49 | % | ||||||||||||
Portfolio turnover rate(e) | 22 | % | 31 | % | 44 | % | 13 | % | 20 | % | 33 | % |
PowerShares WilderHill Clean Energy Portfolio (PBW)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 4.79 | $ | 5.08 | $ | 10.35 | $ | 10.12 | $ | 9.03 | $ | 20.94 | ||||||||||||
Net investment income (loss)(a) | 0.04 | 0.11 | 0.20 | (0.03 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.67 | (0.26 | ) | (5.33 | ) | 0.26 | 1.11 | (11.89 | ) | |||||||||||||||
Total from investment operations | 1.71 | (0.15 | ) | (5.13 | ) | 0.23 | 1.09 | (11.91 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.14 | ) | (0.14 | ) | — | — | — | |||||||||||||||
Net asset value at end of period | $ | 6.42 | $ | 4.79 | $ | 5.08 | $ | 10.35 | $ | 10.12 | $ | 9.03 | ||||||||||||
Market price at end of period(b) | $ | 6.43 | $ | 4.79 | $ | 5.08 | $ | 10.33 | $ | 10.11 | $ | 8.99 | ||||||||||||
Net Asset Value Total Return(c) | 36.07 | % | (2.64 | )% | (49.78 | )% | 2.27 | % | 12.07 | % | (56.88 | )% | ||||||||||||
Market Price Total Return(c) | 36.29 | % | (2.65 | )% | (49.68 | )% | 2.18 | % | 12.46 | % | (57.07 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 216,191 | $ | 142,494 | $ | 178,016 | $ | 541,472 | $ | 657,486 | $ | 658,400 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(d) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.69 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.70 | % | 0.76 | % | 0.75 | % | 0.70 | % | 0.69 | % | ||||||||||||
Net investment income (loss), after Waivers | 1.53 | %(d) | 2.48 | % | 2.98 | % | (0.27 | )% | (0.18 | )% | (0.12 | )% | ||||||||||||
Portfolio turnover rate(e) | 26 | % | 52 | % | 46 | % | 32 | % | 42 | % | 41 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares WilderHill Progressive Energy Portfolio (PUW)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.56 | $ | 25.87 | $ | 30.68 | $ | 25.19 | $ | 17.38 | $ | 28.23 | ||||||||||||
Net investment income(a) | 0.14 | 0.35 | 0.14 | 0.10 | 0.14 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.70 | 1.54 | (4.71 | ) | 5.53 | 7.81 | (10.91 | ) | ||||||||||||||||
Total from investment operations | 2.84 | 1.89 | (4.57 | ) | 5.63 | 7.95 | (10.78 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.20 | ) | (0.24 | ) | (0.14 | ) | (0.14 | ) | (0.07 | ) | ||||||||||||
Net asset value at end of period | $ | 30.12 | $ | 27.56 | $ | 25.87 | $ | 30.68 | $ | 25.19 | $ | 17.38 | ||||||||||||
Market price at end of period(b) | $ | 30.13 | $ | 27.55 | $ | 25.86 | $ | 30.70 | $ | 25.19 | $ | 17.38 | ||||||||||||
Net Asset Value Total Return(c) | 10.44 | % | 7.38 | % | (14.84 | )% | 22.47 | % | 45.96 | % | (38.23 | )% | ||||||||||||
Market Price Total Return(c) | 10.53 | % | 7.38 | % | (14.93 | )% | 22.55 | % | 45.96 | % | (38.16 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 40,666 | $ | 38,584 | $ | 47,859 | $ | 75,175 | $ | 60,451 | $ | 39,970 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(d) | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.84 | %(d) | 0.87 | % | 0.86 | % | 0.86 | % | 0.84 | % | 0.86 | % | ||||||||||||
Net investment income, after Waivers | 0.99 | %(d) | 1.40 | % | 0.56 | % | 0.37 | % | 0.63 | % | 0.62 | % | ||||||||||||
Portfolio turnover rate(e) | 17 | % | 32 | % | 36 | % | 22 | % | 52 | % | 32 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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PowerShares Exchange-Traded Fund Trust
October 31, 2013
(Unaudited)
Note 1. Organization
PowerShares Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of October 31, 2013, the Trust offered fifty-five portfolios. This report includes the following portfolios:
Full Name | Short Name | |
PowerShares Aerospace & Defense Portfolio (PPA) | “Aerospace & Defense Portfolio” | |
PowerShares CleantechTM Portfolio (PZD) | “CleantechTM Portfolio” | |
PowerShares DWA Momentum Portfolio (PDP) (formerly PowerShares DWA Technical LeadersTM Portfolio) | “DWA Momentum Portfolio” | |
PowerShares Global Listed Private Equity Portfolio (PSP) | “Global Listed Private Equity Portfolio” | |
PowerShares Golden Dragon China Portfolio (PGJ) | “Golden Dragon China Portfolio” | |
PowerShares Lux Nanotech Portfolio (PXN) | “Lux Nanotech Portfolio” | |
PowerShares S&P 500 BuyWrite Portfolio (PBP) | “S&P 500 BuyWrite Portfolio” | |
PowerShares S&P 500® High Quality Portfolio (SPHQ) | “S&P 500® High Quality Portfolio” | |
PowerShares Water Resources Portfolio (PHO) | “Water Resources Portfolio” | |
PowerShares WilderHill Clean Energy Portfolio (PBW) | “WilderHill Clean Energy Portfolio” | |
PowerShares WilderHill Progressive Energy Portfolio (PUW) | “WilderHill Progressive Energy Portfolio” |
Each portfolio (each, a “Fund” and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market prices of each Fund’s Shares may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed generally in-kind for securities included in each Fund’s relevant index. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek investment results that generally correspond (before fees and expenses) to the price and yield of its respective index listed below (each, an “Underlying Index”):
Fund | Index | |
Aerospace & Defense Portfolio | SPADETM Defense Index | |
CleantechTM Portfolio | The Cleantech IndexTM | |
DWA Momentum Portfolio | Dorsey Wright Technical LeadersTM Index | |
Global Listed Private Equity Portfolio | Red Rocks Global Listed Private Equity Index | |
Golden Dragon China Portfolio | NASDAQ Golden Dragon China Index | |
Lux Nanotech Portfolio | Lux Nanotech IndexTM | |
S&P 500 BuyWrite Portfolio | CBOE S&P 500 BuyWrite IndexTM | |
S&P 500® High Quality Portfolio | S&P 500® High Quality Rankings Index | |
Water Resources Portfolio | NASDAQ OMX US Water IndexSM | |
WilderHill Clean Energy Portfolio | WilderHill Clean Energy Index | |
WilderHill Progressive Energy Portfolio | WilderHill Progressive Energy Index |
Note 2. Significant Accounting Policies
The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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A. Security Valuation
Securities, including restricted securities, are valued according to the following policies.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. Listed options, if no closing price is available, are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices.
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco PowerShares Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize an investing strategy that seeks returns in excess of each Fund’s respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Equity Risk. The Funds may invest in equity securities. Equity risk is the risk that the value of the securities that a Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities a Fund holds participate or factors relating to specific companies in which the Funds invest. For example, an adverse event, such as an unfavorable
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earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Funds’ portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, a Fund may face more risks than if it were diversified broadly over numerous industries or sectors. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Non-Diversified Fund Risk. Each Fund (except for CleantechTM Portfolio, DWA Momentum Portfolio, S&P 500 BuyWrite Portfolio, S&P 500® High Quality Portfolio, WilderHill Clean Energy Portfolio and WilderHill Progressive Energy Portfolio) is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Foreign Investment Risk. For CleantechTM Portfolio, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, local taxation, potential currency transfer restrictions or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. As the Fund may invest in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.
Foreign Securities Risk. For Global Listed Private Equity Portfolio, investments in foreign securities involve risks that are in addition to the risks associated with domestic securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign companies often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record-keeping than are U.S. companies. Therefore, not all material information regarding these companies will be available.
Risk of Investing in Listed Private Equity Companies. For Global Listed Private Equity Portfolio, there are certain risks inherent in investing in listed private equity companies, which encompass BDCs and other financial institutions or vehicles whose principal business is to invest in and lend capital to, or provide services to privately held companies. The 1940 Act imposes certain restraints upon the operations of a BDC. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Additionally, a BDC may incur indebtedness only in amounts such that the BDC’s asset coverage equals at least 200% after such incurrence. These limitations on asset mix and leverage may prohibit the way that the BDC raises capital. BDCs generally invest in less mature private companies, which involve greater risk than well-established, publicly-traded companies.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
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Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These timing differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
Corporate actions (including cash dividends) are recorded net of non-reclaimable foreign tax withholdings on the ex-dividend date.
E. Expenses
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Each Fund (except for S&P 500 BuyWrite Portfolio) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
The S&P 500 BuyWrite Portfolio has agreed to pay an annual unitary management fee to the Adviser. The Adviser has agreed to pay for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
F. Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal period-end.
G. Option Contracts Written
S&P 500 BuyWrite Portfolio may engage in certain strategies involving options to manage or minimize the risk of its investments or for investment purposes. A call option gives the purchaser of such option the right to buy, and the writer (the Fund) the obligation to sell, the underlying security at the stated exercise price during the option period. When the Fund writes (sells) call options, the amount of the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently “marked-to-market” to reflect the current value of the option written. The difference between the premium received and the current value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation (depreciation) is reported in the Statements of Operations. If a written call option expires, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written option is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. The primary risk in writing a call option is market risk; the Fund gives up the opportunity for profit if the market price of the underlying security increases and the option is exercised but will continue to bear the risk of loss should the price of the underlying security decline. There is also a risk the Fund may not be able to enter into a closing transaction because of an illiquid market.
Writing Covered Call Option Risk. By writing covered call options in return for the receipt of premiums, the S&P 500 BuyWrite Portfolio will give up the opportunity to benefit from potential increases in the value of the S&P 500® Index above the exercise prices of the
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Written Options, but will continue to bear the risk of declines in the value of the S&P 500® Index. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time. In addition, the Fund’s ability to sell the underlying securities will be limited while the option is in effect unless the Fund extinguishes the option position through the purchase of an offsetting identical option prior to the expiration of the written option. If trading of options is suspended, the Fund may be unable to write options at times that may be desirable or advantageous to the Fund to do so.
H. Swap Agreements
Global Listed Private Equity Portfolio may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts for investment purposes or to manage interest rate, currency or credit risk.
Interest rate, total return, index, and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index).
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss), on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations.
I. Securities Lending
CleantechTM Portfolio, Golden Dragon China Portfolio, Lux Nanotech Portfolio, Water Resources Portfolio and WilderHill Clean Energy Portfolio may lend portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in an affiliated money market fund and is shown as such on the Schedule of Investments. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to a Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. A Fund could experience delays and costs in gaining access to the collateral. A Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan is shown on the Statements of Assets and Liabilities, if any.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Each Fund (except for S&P 500 BuyWrite Portfolio and S&P 500® High Quality Portfolio) has agreed to pay the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500® High Quality Portfolio has agreed to pay the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. As compensation for its services, the S&P 500 BuyWrite Portfolio has agreed to pay the Adviser an annual unitary management fee of 0.75% of its average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of S&P 500 BuyWrite Portfolio, including the cost of transfer agency, custody, fund administration, legal, audit, and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).
The Adviser’s parent, Invesco Ltd., has agreed to indemnify and hold harmless the Global Listed Private Equity Portfolio and the Independent Trustees of the Trust against any and all loss, damages, liability and expenses arising from certain alleged omission or misstatement in the Fund’s registration statement.
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The Adviser has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Trust, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except for S&P 500® High Quality Portfolio and S&P 500 BuyWrite Portfolio) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2014. The Expense Cap (including sublicensing fees) for S&P 500® High Quality Portfolio is 0.29% of the Fund’s average daily net assets per year through at least August 31, 2014. Offering costs excluded from the Expense Cap are: (a) initial legal fees pertaining to the Funds’ Shares offered for sale; (b) initial Securities and Exchange Commission and state registration fees; and (c) initial fees paid to be listed on an exchange. Unless the Adviser continues the fee waiver agreement, it will terminate on August 31, 2014. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or pay Fund expenses during the period under this expense limitation for DWA Momentum Portfolio, Global Listed Private Equity Portfolio and Water Resources Portfolio.
Further, the Adviser has contractually agreed, through at least August 31, 2015, to waive the advisory fee payable by each Fund in an amount equal to 100% of the net advisory fees the Adviser’s affiliate receives from the affiliated money market funds on investments by a Fund (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six-month period ended October 31, 2013, the Adviser waived fees and/or paid Fund expenses for each Fund, in the following amounts:
Aerospace & Defense Portfolio | $ | 17,177 | ||
CleantechTM Portfolio | 21,170 | |||
DWA Momentum Portfolio | 215 | |||
Global Listed Private Equity Portfolio | 11,355 | |||
Golden Dragon China Portfolio | 14,948 | |||
Lux Nanotech Portfolio | 38,283 | |||
S&P 500 BuyWrite Portfolio | 84 | |||
S&P 500® High Quality Portfolio | 133,571 | |||
Water Resources Portfolio | 333 | |||
WilderHill Clean Energy Portfolio | 12,600 | |||
WilderHill Progressive Energy Portfolio | 27,854 |
The Expense Agreement provides that the fees waived or expenses borne by the Adviser are subject to recapture by the Adviser for up to three years from the date the fee was waived or expense was borne by the Adviser, but no recapture payment will be made by a Fund if it would result in the Fund exceeding its Expense Cap as specified above. The Expense Agreement does not apply to S&P 500 BuyWrite Portfolio.
The amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2013 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/14 | 04/30/15 | 04/30/16 | 10/31/16 | |||||||||||||||||
Aerospace & Defense Portfolio | $ | 180,426 | $ | 46,105 | $ | 80,440 | $ | 36,735 | $ | 17,146 | ||||||||||
CleantechTM Portfolio | 217,186 | 58,976 | 75,189 | 61,862 | 21,159 | |||||||||||||||
Global Listed Private Equity Portfolio | 169,014 | — | 161,855 | 7,159 | — | |||||||||||||||
Golden Dragon China Portfolio | 243,560 | 67,057 | 70,047 | 91,655 | 14,801 | |||||||||||||||
Lux Nanotech Portfolio | 288,824 | 60,565 | 101,134 | 88,862 | 38,263 | |||||||||||||||
S&P 500® High Quality Portfolio | 853,031 | 188,403 | 259,976 | 271,138 | 133,514 | |||||||||||||||
WilderHill Clean Energy Portfolio | 233,717 | 43,397 | 177,783 | — | 12,537 | |||||||||||||||
WilderHill Progressive Energy Portfolio | 223,721 | 52,052 | 79,732 | 64,090 | 27,847 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
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The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Aerospace & Defense Portfolio | International Space Business Council | |
CleantechTM Portfolio | Cleantech Indices LLC | |
DWA Momentum Portfolio | Dorsey Wright & Associates, Inc. | |
Global Listed Private Equity Portfolio | Red Rocks Capital Partners, LLC | |
Golden Dragon China Portfolio | NASDAQ OMX Group, Inc. | |
Lux Nanotech Portfolio | Lux Research, Inc. | |
S&P 500 BuyWrite Portfolio | Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. | |
S&P 500® High Quality Portfolio | Standard & Poor’s Financial Services LLC | |
Water Resources Portfolio | NASDAQ OMX Group, Inc. | |
WilderHill Clean Energy Portfolio | WilderShares, LLC | |
WilderHill Progressive Energy Portfolio | WilderShares, LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use with the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (other than the S&P 500 BuyWrite Portfolio) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of these Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Note 4. Investments in Affiliates
Each Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd., and therefore Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in Invesco Ltd. for the six-month period ended October 31, 2013.
S&P 500 BuyWrite Portfolio
Value April 30, 2013 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2013 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 208,341 | $ | 13,476 | $ | (58,187 | ) | $ | (1,221 | ) | $ | 13,260 | $ | 175,669 | $ | 2,740 |
Note 5. Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
Except for the Funds listed below, as of October 31, 2013, the securities in each Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The appreciation (depreciation) on options held in S&P 500 BuyWrite Portfolio was based on Level 1 inputs. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with
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investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Global Listed Private Equity Portfolio | ||||||||||||||||
Equity Securities | $ | 448,943,635 | $ | — | $ | — | $ | 448,943,635 | ||||||||
Swap Agreements* | — | (1,567,173 | ) | — | (1,567,173 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 448,943,635 | $ | (1,567,173 | ) | $ | — | $ | 447,376,462 | |||||||
|
|
|
|
|
|
|
| |||||||||
Golden Dragon China Portfolio | ||||||||||||||||
Equity Securities | $ | 354,584,603 | $ | — | $ | 0 | $ | 354,584,603 | ||||||||
|
|
|
|
|
|
|
|
* | Unrealized appreciation (depreciation). |
Note 6. Derivative Investments
Global Listed Private Equity Portfolio and S&P 500 BuyWrite Portfolio have implemented required disclosures about derivative instruments and hedging activities in accordance with GAAP. This disclosure is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position and financial performance. The enhanced disclosure has no impact on the results of operations reported in the financial statements.
Value of Derivative Instruments at Period-End
The table below summarizes the value of each Fund’s derivative instruments, detailed by primary risk exposure, held as of October 31, 2013:
Value | ||||||||
Risk Exposure/Derivative Type | Assets | Liabilities | ||||||
Global Listed Private Equity Portfolio | ||||||||
Equity risk | ||||||||
Swap agreements(a) | $ | — | $ | (1,567,173 | ) | |||
|
|
|
| |||||
S&P 500 BuyWrite Portfolio | ||||||||
Equity risk | ||||||||
Options written contracts(a) | $ | — | $ | (2,630,880 | ) | |||
|
|
|
|
(a) | Values are disclosed on the Statement of Assets and Liabilities under Unrealized depreciation on swap agreements and Open written options, at value, respectively. |
Effect of Derivative Instruments for the six-month period ended October 31, 2013
The table below summarizes the gains (losses) on derivative instruments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statements of Operations | ||||||||
Options* | Swap Agreements* | |||||||
Global Listed Private Equity Portfolio* | ||||||||
Realized Gain | ||||||||
Equity risk | $ | — | $ | 8,648,537 | ||||
Change in Unrealized Appreciation (Depreciation) | ||||||||
Equity risk | — | (1,486,632 | ) | |||||
S&P 500 BuyWrite Portfolio* | ||||||||
Realized Gain (Loss) | ||||||||
Equity risk | (18,647,052 | ) | — | |||||
Change in Unrealized Appreciation | ||||||||
Equity risk | 3,007,738 | — | ||||||
|
|
|
| |||||
Total | $ | (15,639,314 | ) | $ | 7,161,905 | |||
|
|
|
|
* | The average notional value of options and swap agreements outstanding during year was $189,652,333 and $43,081,218, respectively. |
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Global Listed Private Equity Portfolio
Open Total Return Swap Agreements | ||||||||||||||||||
Counterparty | Reference Entity | Buy/Sell Protection | Termination Date | Notional Amount | Value Unrealized Appreciation (Depreciation) | |||||||||||||
Citibank, N.A. | Fortress Investment Group LLC | Buy | 10/31/14 | $ | 5,075,000 | $ | (290,647 | ) | ||||||||||
Citibank, N.A. | KKR & Co. LP | Buy | 10/31/14 | 15,899,100 | (1,040,527 | ) | ||||||||||||
Citibank, N.A. | KKR Financial Holdings LLC | Buy | 10/31/14 | 5,921,160 | (94,835 | ) | ||||||||||||
Citibank, N.A. | The Blackstone Group LP | Buy | 10/31/14 | 19,323,100 | (141,164 | ) | ||||||||||||
|
| |||||||||||||||||
Total | $ | (1,567,173 | ) | |||||||||||||||
|
|
S&P 500 BuyWrite Portfolio
Transactions During the Period | ||||||||
Call Option Contracts | ||||||||
Number of Contracts | Premiums Received | |||||||
Beginning of period | 1,352 | $ | 2,940,359 | |||||
Written | 6,817 | 13,712,929 | ||||||
Closed | (4,806 | ) | (10,193,579 | ) | ||||
Expired | (2,319 | ) | (4,485,252 | ) | ||||
|
|
|
| |||||
End of period | 1,044 | $ | 1,974,457 | |||||
|
|
|
|
Open Options Written at Period-End | ||||||||||||||||||||||||
Contract Month | Strike Price | Number of Contracts | Premiums Received | Unrealized Appreciation (Depreciation) | Value | |||||||||||||||||||
Call Option S&P 500 Index | Nov-13 | $ | 1,740 | 1,044 | $ | 1,974,457 | $ | (656,423 | ) | $ | 2,630,880 |
Offsetting Assets and Liabilities
Effective with the beginning of the Funds’ fiscal year, Global Listed Private Equity Portfolio has adopted Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. This update is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting on the Statements of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on its financial position. In order for an arrangement to be eligible for netting, the Funds must have a basis to conclude that such netting arrangements are legally enforceable. The Funds enter into netting agreements and collateral agreements in an attempt to reduce the Funds’ counterparty credit risk by providing for a single net settlement with a counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.
There were no derivative instruments subject to a netting agreement for which the Funds are not currently netting. The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2013.
Global Listed Private Equity Portfolio
Liabilities: | Collateral Pledged | |||||||||||||||||||||||
Counterparty | Gross amounts presented in Statement of Assets & Liabilities | Gross amounts offset in Statement of Assets & Liabilities | Net amounts of liabilities presented in the Statement of Assets and Liabilities | Financial Instruments | Cash | Net Amount | ||||||||||||||||||
CitiBank, N.A. | $ | 1,567,173 | $ | — | $ | 1,567,173 | $ | — | $ | — | $ | 1,567,173 |
Note 7. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
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Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in 8 tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following Funds had capital loss carryforward as of April 30, 2013, which expires as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | ||||||||||||||||||||||||||||
Aerospace & Defense Portfolio | $ | — | $ | 104,662 | $ | 2,374,303 | $ | 7,470,897 | $ | 6,428,813 | $ | 9,464,875 | $ | — | $ | 2,845,904 | $ | 28,689,454 | ||||||||||||||||||
CleantechTM Portfolio | — | — | 1,171,839 | 14,341,075 | 25,186,026 | 12,098,616 | 2,508,773 | 25,440,911 | 80,747,240 | |||||||||||||||||||||||||||
DWA Momentum Portfolio | — | — | 5,046,566 | 92,771,702 | 60,219,842 | 10,496,532 | 51,526,295 | — | 220,060,937 | |||||||||||||||||||||||||||
Global Listed Private Equity Portfolio | — | — | 796,018 | 7,687,052 | 47,149,399 | — | 17,753,892 | 12,389,612 | 85,775,973 | |||||||||||||||||||||||||||
Golden Dragon China Portfolio | 1,018,146 | 3,128,677 | 1,235,904 | 22,836,421 | 74,072,167 | 35,483,714 | 13,128,297 | 115,354,119 | 266,257,445 | |||||||||||||||||||||||||||
Lux Nanotech Portfolio | — | 3,986,980 | 793,005 | 27,406,131 | 14,663,516 | 12,379,025 | 8,600,062 | 14,438,652 | 82,267,371 | |||||||||||||||||||||||||||
S&P 500 BuyWrite Portfolio | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
S&P 500® High Quality Portfolio | — | 28,563,259 | 21,013,690 | 37,241,965 | 42,466,537 | 9,869,908 | — | 452,022 | 139,607,381 | |||||||||||||||||||||||||||
Water Resources Portfolio | — | 11,876,489 | 3,553,481 | 93,208,162 | 265,948,030 | 33,978,301 | 24,939,435 | 68,195,760 | 501,699,658 | |||||||||||||||||||||||||||
WilderHill Clean Energy Portfolio | 2,098,368 | 89,533,576 | 44,707,703 | 261,712,498 | 460,657,845 | 241,008,862 | 54,265,564 | 249,470,990 | 1,403,455,406 | |||||||||||||||||||||||||||
WilderHill Progressive Energy Portfolio | — | — | 179,432 | 8,319,827 | 12,433,887 | 2,282,887 | 3,867,926 | 4,564,079 | 31,648,038 |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
Note 8. Investment Transactions
For the six-month period ended October 31, 2013, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Aerospace & Defense Portfolio | $ | 3,325,850 | $ | 3,317,312 | ||||
CleantechTM Portfolio | 7,605,750 | 7,765,334 | ||||||
DWA Momentum Portfolio | 438,969,529 | 438,496,143 | ||||||
Global Listed Private Equity Portfolio | 84,902,420 | 116,605,023 | ||||||
Golden Dragon China Portfolio | 36,687,520 | 36,946,737 | ||||||
Lux Nanotech Portfolio | 8,248,038 | 8,452,199 | ||||||
S&P 500 BuyWrite Portfolio | 32,721,852 | 56,562,616 | ||||||
S&P 500® High Quality Portfolio | 14,030,085 | 13,864,272 | ||||||
Water Resources Portfolio | 201,726,547 | 201,942,702 | ||||||
WilderHill Clean Energy Portfolio | 48,787,625 | 48,694,884 | ||||||
WilderHill Progressive Energy Portfolio | 6,519,972 | 6,696,154 |
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For the six-month period ended October 31, 2013, in-kind transactions associated with creations and redemptions were as follows:
Securities Received | Securities Delivered | |||||||
Aerospace & Defense Portfolio | $ | 32,878,908 | $ | 11,201,716 | ||||
CleantechTM Portfolio | — | 5,244,224 | ||||||
DWA Momentum Portfolio | 176,881,467 | 87,828,249 | ||||||
Global Listed Private Equity Portfolio | 62,767,831 | 26,836,850 | ||||||
Golden Dragon China Portfolio | 91,522,747 | 43,923,078 | ||||||
Lux Nanotech Portfolio | 5,481,068 | 4,964,396 | ||||||
S&P 500 BuyWrite Portfolio | — | 22,796,890 | ||||||
S&P 500® High Quality Portfolio | 59,845,214 | 18,937,495 | ||||||
Water Resources Portfolio | 16,870,849 | 41,475,362 | ||||||
WilderHill Clean Energy Portfolio | 93,431,178 | 72,578,998 | ||||||
WilderHill Progressive Energy Portfolio | 2,681,325 | 4,110,514 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2013, cost of investments on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Cost | Net Unrealized Appreciation (Depreciation) | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Aerospace & Defense Portfolio | $ | 73,003,235 | $ | 8,712,003 | $ | 11,489,732 | $ | (2,777,729 | ) | |||||||
CleantechTM Portfolio | 67,159,800 | 18,099,432 | 22,232,870 | (4,133,438 | ) | |||||||||||
DWA Momentum Portfolio | 884,258,274 | 163,429,092 | 182,175,264 | (18,746,172 | ) | |||||||||||
Global Listed Private Equity Portfolio | 376,785,570 | 72,158,065 | 91,851,174 | (19,693,109 | ) | |||||||||||
Golden Dragon China Portfolio | 304,730,583 | 49,854,020 | 67,434,123 | (17,580,103 | ) | |||||||||||
Lux Nanotech Portfolio | 23,980,567 | (90,663 | ) | 1,861,916 | (1,952,579 | ) | ||||||||||
S&P 500 BuyWrite Portfolio | 142,713,742 | 40,946,512 | 42,630,032 | (1,683,520 | ) | |||||||||||
S&P 500® High Quality Portfolio | 236,012,610 | 57,568,093 | 58,892,425 | (1,324,332 | ) | |||||||||||
Water Resources Portfolio | 753,617,090 | 213,002,799 | 254,768,388 | (41,765,589 | ) | |||||||||||
WilderHill Clean Energy Portfolio | 255,228,730 | 8,737,084 | 38,165,552 | (29,428,468 | ) | |||||||||||
WilderHill Progressive Energy Portfolio | 34,753,153 | 5,945,617 | 9,328,925 | (3,383,308 | ) |
Note 9. Trustees’ Fees
The Funds compensate each Independent Trustee. The Adviser, as a result of the unitary management fee, pays for such compensation for S&P 500 BuyWrite Portfolio. The Trustee who is an “interested person” (the “Non-Independent Trustee”) of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, an Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select PowerShares Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.
Note 10. Capital
Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. Cash may be substituted equivalent to the value of certain securities, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
Each Fund may issue Shares in advance of receipt of a basket of securities (“Deposit Securities”) subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with each Fund’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the
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fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Transactions in a Fund’s Shares are disclosed in detail on the Statements of Changes in Net Assets.
Note 11. Indemnifications
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between the Independent Trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
Note 12. Subsequent Event
At a meeting held on December 17, 2013, the Board of Trustees of the Trust approved the liquidation of PowerShares Lux Nanotech Portfolio, which is expected to commence on February 18, 2014. Investors, who have elected not to sell their shares before February 18, 2014, will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 25, 2014.
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(This Page Intentionally Left Blank)
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invescopowershares.com.
©2013 Invesco PowerShares Capital Management LLC | P-PS-SAR-4 | |||||
3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
invescopowershares.com 800.983.0903 | @PowerShares |
October 31, 2013 |
2013 Semi-Annual Report to Shareholders
PKW | PowerShares Buyback AchieversTM Portfolio | |
PFM | PowerShares Dividend AchieversTM Portfolio | |
PGF | PowerShares Financial Preferred Portfolio | |
PEY | PowerShares High Yield Equity Dividend AchieversTM Portfolio | |
PID | PowerShares International Dividend AchieversTM Portfolio |
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As a shareholder of a Fund of the PowerShares Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2013.
In pursuing its investment objective, PowerShares Buyback Achievers PortfolioTM (the “Portfolio”) may invest a portion of its assets in investment companies. The Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The effect of such expenses are included in the Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds 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.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Number of Days in the Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Buyback AchieversTM Portfolio (PKW) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,184.18 | 0.65 | % | $ | 3.58 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||
PowerShares Dividend AchieversTM Portfolio (PFM) | ||||||||||||||||
Actual | 1,000.00 | 1,067.50 | 0.56 | 2.92 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||
PowerShares Financial Preferred Portfolio (PGF) | ||||||||||||||||
Actual | 1,000.00 | 955.26 | 0.64 | 3.15 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.98 | 0.64 | 3.26 | ||||||||||||
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) | ||||||||||||||||
Actual | 1,000.00 | 1,089.45 | 0.55 | 2.90 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.55 | 2.80 | ||||||||||||
PowerShares International Dividend AchieversTM Portfolio (PID) | ||||||||||||||||
Actual | 1,000.00 | 1,050.74 | 0.55 | 2.84 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.55 | 2.80 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2013. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
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Portfolio Composition |
PowerShares Buyback Achievers™ Portfolio (PKW) |
Sector Breakdown (Unaudited) | ||||
Consumer Discretionary | 34.2 | |||
Financials | 19.7 | |||
Information Technology | 16.1 | |||
Health Care | 12.3 | |||
Industrials | 7.3 | |||
Energy | 5.1 | |||
Consumer Staples | 4.4 | |||
Materials | 0.9 | |||
Telecommunication Services | 0.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
PowerShares Buyback Achievers™ Portfolio (PKW)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—34.2% | ||||||||
98,280 | Abercrombie & Fitch Co., Class A | $ | 3,683,534 | |||||
10,822 | America’s Car-Mart, Inc.(b) | 494,998 | ||||||
57,572 | ANN, Inc.(b) | 2,035,746 | ||||||
133,225 | Apollo Group, Inc., Class A(b) | 3,555,775 | ||||||
15,770 | Arctic Cat, Inc. | 826,348 | ||||||
144,924 | AutoNation, Inc.(b) | 6,989,685 | ||||||
43,957 | AutoZone, Inc.(b) | 19,107,668 | ||||||
48,829 | Bally Technologies, Inc.(b) | 3,571,353 | ||||||
259,188 | Bed Bath & Beyond, Inc.(b) | 20,040,416 | ||||||
400,708 | Best Buy Co., Inc. | 17,150,302 | ||||||
70,894 | Big Lots, Inc.(b) | 2,577,706 | ||||||
14,793 | Blue Nile, Inc.(b) | 607,549 | ||||||
87,053 | Brinker International, Inc. | 3,866,894 | ||||||
248,782 | Cablevision Systems Corp., Class A | 3,868,560 | ||||||
15,129 | Capella Education Co.(b) | 921,659 | ||||||
79,868 | Career Education Corp.(b) | 437,677 | ||||||
21,285 | CEC Entertainment, Inc. | 986,560 | ||||||
120,740 | Charter Communications, Inc. , Class A(b) | 16,208,138 | ||||||
28,076 | Children’s Place Retail Stores, Inc. (The)(b) | 1,532,669 | ||||||
41,969 | Deckers Outdoor Corp.(b) | 2,888,726 | ||||||
75,517 | DeVry, Inc. | 2,711,060 | ||||||
51,460 | Dillard’s, Inc., Class A | 4,218,691 | ||||||
653,423 | DIRECTV(b) | 40,832,403 | ||||||
175,224 | Discovery Communications, Inc., Class A(b) | 15,580,918 | ||||||
146,908 | GameStop Corp., Class A | 8,053,497 | ||||||
118,187 | GNC Holdings, Inc., Class A | 6,951,759 | ||||||
101,348 | Guess?, Inc. | 3,167,125 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
322,680 | H&R Block, Inc. | $ | 9,177,019 | |||||
36,846 | hhgregg, Inc.(b) | 571,481 | ||||||
64,573 | HSN, Inc. | 3,383,625 | ||||||
67,869 | Iconix Brand Group, Inc.(b) | 2,449,392 | ||||||
316,717 | International Game Technology | 5,954,280 | ||||||
513,446 | Interpublic Group of Cos., Inc. (The) | 8,625,893 | ||||||
27,761 | ITT Educational Services, Inc.(b) | 1,113,771 | ||||||
26,207 | JAKKS Pacific, Inc. | 168,773 | ||||||
139,473 | Jarden Corp.(b) | 7,721,225 | ||||||
20,307 | Kirkland’s, Inc.(b) | 360,449 | ||||||
279,115 | Kohl’s Corp. | 15,853,732 | ||||||
95,982 | Lear Corp. | 7,428,047 | ||||||
585,009 | Liberty Interactive Corp., Class A(b) | 15,771,843 | ||||||
35,580 | LIN Media LLC, Class A(b) | 874,201 | ||||||
1,357,521 | Lowe’s Cos., Inc. | 67,577,395 | ||||||
479,089 | Macy’s, Inc. | 22,090,794 | ||||||
375,561 | Marriott International, Inc., Class A | 16,930,290 | ||||||
56,096 | Morningstar, Inc. | 4,503,948 | ||||||
129,204 | O’Reilly Automotive, Inc.(b) | 15,996,747 | ||||||
27,530 | Papa John’s International, Inc. | 2,083,195 | ||||||
70,130 | Pinnacle Entertainment, Inc.(b) | 1,641,042 | ||||||
101,261 | Scientific Games Corp., Class A(b) | 1,851,051 | ||||||
137,513 | Scripps Networks Interactive, Inc., Class A | 11,069,797 | ||||||
253,168 | Service Corp. International | 4,559,556 | ||||||
68,987 | Sonic Corp.(b) | 1,331,449 | ||||||
70,922 | Tempur-Sealy International, Inc.(b) | 2,719,859 | ||||||
359,176 | Time Warner Cable, Inc. | 43,154,996 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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PowerShares Buyback Achievers™ Portfolio (PKW) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,126,966 | Time Warner, Inc. | $ | 77,467,643 | |||||
1,806,578 | Twenty-First Century Fox, Inc., Class A | 61,568,178 | ||||||
46,683 | Valassis Communications, Inc. | 1,277,247 | ||||||
506,768 | Viacom, Inc., Class B | 42,208,707 | ||||||
66,239 | Weight Watchers International, Inc. (Luxembourg) | 2,126,934 | ||||||
167,294 | Wyndham Worldwide Corp. | 11,108,322 | ||||||
120,334 | Wynn Resorts Ltd. | 20,005,528 | ||||||
|
| |||||||
683,593,825 | ||||||||
|
| |||||||
Consumer Staples—4.4% | ||||||||
341,651 | Coca-Cola Enterprises, Inc. | 14,257,096 | ||||||
189,171 | Constellation Brands, Inc., Class A(b) | 12,352,866 | ||||||
73,686 | Energizer Holdings, Inc. | 7,229,334 | ||||||
128,545 | Herbalife Ltd. (Cayman Islands) | 8,332,287 | ||||||
627,947 | Kroger Co. (The) | 26,901,250 | ||||||
69,858 | Nu Skin Enterprises, Inc., Class A | 8,168,496 | ||||||
285,176 | Safeway, Inc. | 9,952,642 | ||||||
10,340 | Seneca Foods Corp., Class A(b) | 303,169 | ||||||
|
| |||||||
87,497,140 | ||||||||
|
| |||||||
Energy—5.1% | ||||||||
1,377,985 | ConocoPhillips | 101,006,301 | ||||||
35,942 | Green Plains Renewable Energy, Inc. | 579,744 | ||||||
|
| |||||||
101,586,045 | ||||||||
|
| |||||||
Financials—19.7% | ||||||||
358,662 | American Capital Ltd.(b) | 5,024,855 | ||||||
107,398 | American Financial Group, Inc. | 6,042,211 | ||||||
1,757,124 | American International Group, Inc. | 90,755,455 | ||||||
244,966 | Ameriprise Financial, Inc. | 24,628,882 | ||||||
32,888 | Argo Group International Holdings Ltd. | 1,380,638 | ||||||
93,680 | Assurant, Inc. | 5,478,406 | ||||||
251,769 | CapitalSource, Inc. | 3,293,138 | ||||||
175,963 | Capitol Federal Financial, Inc. | 2,229,451 | ||||||
311,771 | Chubb Corp. (The) | 28,707,874 | ||||||
270,193 | CNO Financial Group, Inc. | 4,209,607 | ||||||
600,793 | Discover Financial Services | 31,169,141 | ||||||
163,943 | East West Bancorp, Inc. | 5,523,240 | ||||||
36,569 | Employers Holdings, Inc. | 1,099,630 | ||||||
29,276 | FBL Financial Group, Inc., Class A | 1,309,808 | ||||||
294,143 | First Horizon National Corp. | 3,132,623 | ||||||
37,279 | Green Dot Corp., Class A(b) | 800,007 | ||||||
45,179 | Investment Technology Group, Inc.(b) | 723,768 | ||||||
156,767 | Legg Mason, Inc. | 6,030,826 | ||||||
327,329 | Lincoln National Corp. | 14,864,010 | ||||||
86,634 | MCG Capital Corp. | 408,046 | ||||||
330,523 | McGraw Hill Financial, Inc. | 23,030,843 | ||||||
66,084 | Montpelier Re Holdings Ltd. | 1,824,579 | ||||||
196,312 | NASDAQ OMX Group, Inc. (The) | 6,955,334 | ||||||
21,044 | Piper Jaffray Cos., Inc.(b) | 755,269 | ||||||
34,835 | Platinum Underwriters Holdings Ltd. | 2,166,389 | ||||||
68,520 | Primerica, Inc. | 2,942,934 | ||||||
12,724 | Provident Financial Holdings, Inc. | 192,896 | ||||||
57,317 | RenaissanceRe Holdings Ltd. | 5,371,176 | ||||||
62,757 | Ryman Hospitality Properties, Inc. REIT | 2,316,361 | ||||||
549,881 | SLM Corp. | 13,950,481 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
553,223 | State Street Corp. | $ | 38,764,336 | |||||
112,988 | Torchmark Corp. | 8,232,306 | ||||||
454,007 | Travelers Cos., Inc. (The) | 39,180,804 | ||||||
327,456 | Unum Group | 10,393,453 | ||||||
26,255 | Westfield Financial, Inc. | 189,298 | ||||||
15,384 | World Acceptance Corp.(b) | 1,601,782 | ||||||
|
| |||||||
394,679,857 | ||||||||
|
| |||||||
Health Care—12.3% | ||||||||
442,880 | Aetna, Inc. | 27,768,576 | ||||||
96,239 | Alere, Inc.(b) | 3,246,141 | ||||||
204,403 | Allscripts Healthcare Solutions, Inc.(b) | 2,826,893 | ||||||
280,267 | AmerisourceBergen Corp. | 18,309,843 | ||||||
855,671 | Amgen, Inc. | 99,257,836 | ||||||
234,423 | Becton, Dickinson and Co. | 24,644,890 | ||||||
1,634,149 | Boston Scientific Corp.(b) | 19,103,202 | ||||||
65,138 | Covance, Inc.(b) | 5,814,218 | ||||||
52,262 | Enzon Pharmaceuticals, Inc.(b) | 77,348 | ||||||
20,943 | LHC Group, Inc.(b) | 431,426 | ||||||
71,406 | Questcor Pharmaceuticals, Inc. | 4,382,186 | ||||||
64,648 | Sciclone Pharmaceuticals, Inc.(b) | 305,785 | ||||||
167,250 | Select Medical Holdings Corp. | 1,418,280 | ||||||
17,451 | SurModics, Inc.(b) | 411,495 | ||||||
59,420 | United Therapeutics Corp.(b) | 5,259,858 | ||||||
77,988 | ViroPharma, Inc.(b) | 3,027,494 | ||||||
361,416 | WellPoint, Inc. | 30,648,077 | ||||||
|
| |||||||
246,933,548 | ||||||||
|
| |||||||
Industrials—7.3% | ||||||||
128,637 | AECOM Technology Corp.(b) | 4,088,084 | ||||||
9,880 | American Science & Engineering, Inc. | 649,906 | ||||||
8,346 | Barrett Business Services, Inc. | 694,971 | ||||||
56,570 | Briggs & Stratton Corp. | 1,037,494 | ||||||
11,442 | Consolidated Graphics, Inc.(b) | 733,318 | ||||||
47,490 | Dun & Bradstreet Corp. (The) | 5,166,437 | ||||||
24,591 | Encore Wire Corp. | 1,217,992 | ||||||
167,359 | Flowserve Corp. | 11,626,430 | ||||||
160,706 | GrafTech International Ltd.(b) | 1,430,283 | ||||||
226,308 | Iron Mountain, Inc. | 6,006,214 | ||||||
13,285 | Kadant, Inc. | 475,603 | ||||||
42,795 | Kforce, Inc. | 842,634 | ||||||
111,950 | L-3 Communications Holdings, Inc. | 11,245,378 | ||||||
91,778 | MasTec, Inc.(b) | 2,934,143 | ||||||
33,439 | Mueller Industries, Inc. | 2,016,037 | ||||||
376,160 | Norfolk Southern Corp. | 32,357,283 | ||||||
292,132 | Northrop Grumman Corp. | 31,407,111 | ||||||
49,355 | Resources Connection, Inc. | 629,770 | ||||||
166,884 | Rockwell Collins, Inc. | 11,653,510 | ||||||
878,356 | Southwest Airlines Co. | 15,125,290 | ||||||
39,989 | TAL International Group, Inc. | 1,931,869 | ||||||
61,196 | Taser International, Inc.(b) | 1,087,453 | ||||||
47,877 | United Stationers, Inc. | 2,127,654 | ||||||
|
| |||||||
146,484,864 | ||||||||
|
| |||||||
Information Technology—16.1% | ||||||||
47,373 | Advanced Energy Industries, Inc.(b) | 989,148 | ||||||
259,310 | Amkor Technology, Inc.(b) | 1,376,936 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Buyback Achievers™ Portfolio (PKW) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
16,396 | Anaren, Inc.(b) | $ | 409,572 | |||||
91,379 | AOL, Inc. | 3,311,575 | ||||||
1,431,625 | Applied Materials, Inc. | 25,554,506 | ||||||
126,118 | Arrow Electronics, Inc.(b) | 6,056,186 | ||||||
163,338 | Avnet, Inc. | 6,484,519 | ||||||
17,103 | Badger Meter, Inc. | 889,527 | ||||||
52,561 | Belden, Inc. | 3,535,253 | ||||||
19,681 | Black Box Corp. | 492,812 | ||||||
542,298 | CA, Inc. | 17,223,384 | ||||||
27,170 | CACI International, Inc., Class A(b) | 1,955,697 | ||||||
20,703 | Comtech Telecommunications Corp. | 621,504 | ||||||
129,853 | Convergys Corp. | 2,563,298 | ||||||
1,738,198 | Corning, Inc. | 29,705,804 | ||||||
177,657 | Cypress Semiconductor Corp. | 1,648,657 | ||||||
70,275 | Dice Holdings, Inc.(b) | 518,629 | ||||||
54,556 | Dolby Laboratories, Inc., Class A | 1,949,831 | ||||||
364,942 | Electronic Arts, Inc.(b) | 9,579,728 | ||||||
154,836 | Fiserv, Inc.(b) | 16,215,974 | ||||||
147,159 | GT Advanced Technologies, Inc.(b) | 1,103,693 | ||||||
55,144 | Higher One Holdings, Inc.(b) | 438,395 | ||||||
32,461 | Immersion Corp.(b) | 412,904 | ||||||
49,017 | InterDigital, Inc. | 1,899,409 | ||||||
74,502 | Lexmark International, Inc., Class A | 2,648,546 | ||||||
117,989 | Limelight Networks, Inc.(b) | 226,539 | ||||||
585,706 | Marvell Technology Group Ltd. | 7,028,472 | ||||||
68,834 | Micrel, Inc. | 633,273 | ||||||
134,536 | Monster Worldwide, Inc.(b) | 581,196 | ||||||
316,425 | Motorola Solutions, Inc. | 19,782,891 | ||||||
78,899 | NeuStar, Inc., Class A(b) | 3,623,042 | ||||||
63,683 | OmniVision Technologies, Inc.(b) | 892,199 | ||||||
2,887,662 | Oracle Corp. | 96,736,677 | ||||||
239,099 | PMC—Sierra, Inc.(b) | 1,403,511 | ||||||
110,359 | QLogic Corp.(b) | 1,362,934 | ||||||
51,461 | QuinStreet, Inc.(b) | 457,488 | ||||||
61,253 | RealD, Inc.(b) | 423,871 | ||||||
123,119 | Rovi Corp.(b) | 2,063,474 | ||||||
832,437 | Symantec Corp. | 18,929,617 | ||||||
44,943 | Tech Data Corp.(b) | 2,339,733 | ||||||
222,378 | Total System Services, Inc. | 6,633,536 | ||||||
88,432 | ValueClick, Inc.(b) | 1,698,779 | ||||||
156,089 | Vishay Intertechnology, Inc.(b) | 1,915,212 | ||||||
59,993 | WebMD Health Corp.(b) | 2,112,953 | ||||||
1,514,608 | Xerox Corp. | 15,055,204 | ||||||
30,797 | XO Group, Inc.(b) | 427,462 | ||||||
|
| |||||||
321,913,550 | ||||||||
|
| |||||||
Materials—0.9% | ||||||||
118,537 | Avery Dennison Corp. | 5,585,464 | ||||||
183,117 | Ball Corp. | 8,952,590 | ||||||
43,427 | Cytec Industries, Inc. | 3,608,349 | ||||||
|
| |||||||
18,146,403 | ||||||||
|
| |||||||
Telecommunication Services—0.0% | ||||||||
45,863 | General Communication, Inc., Class A(b) | 436,157 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $1,795,875,588) | 2,001,271,389 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
82,350 | Premier Portfolio—Institutional Class(c) (Cost $82,350) | $ | 82,350 | |||||
|
| |||||||
Total Investments (Cost $1,795,957,938)—100.0% | 2,001,353,739 | |||||||
Other assets less liabilities—(0.0)% | (143,573 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 2,001,210,166 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Portfolio Composition |
PowerShares Dividend Achievers™ Portfolio (PFM) |
Sector Breakdown (Unaudited) | ||||
Consumer Staples | 24.5 | |||
Energy | 17.7 | |||
Industrials | 13.3 | |||
Health Care | 9.5 | |||
Consumer Discretionary | 8.6 | |||
Information Technology | 6.0 | |||
Financials | 5.9 | |||
Materials | 5.8 | |||
Telecommunication Services | 4.4 | |||
Utilities | 4.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dividend Achievers™ Portfolio (PFM)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—8.6% | ||||||||
1,736 | Cracker Barrel Old Country Store, Inc. | $ | 190,734 | |||||
8,479 | Family Dollar Stores, Inc. | 584,034 | ||||||
11,397 | Genuine Parts Co. | 898,425 | ||||||
3,704 | John Wiley & Sons, Inc., Class A | 186,274 | ||||||
10,353 | Leggett & Platt, Inc. | 307,898 | ||||||
83,661 | Lowe’s Cos., Inc. | 4,164,645 | ||||||
2,016 | Matthews International Corp., Class A | 81,850 | ||||||
73,605 | McDonald’s Corp. | 7,104,355 | ||||||
2,647 | Meredith Corp. | 135,791 | ||||||
497 | NACCO Industries, Inc., Class A | 28,314 | ||||||
52,966 | NIKE, Inc., Class B | 4,012,704 | ||||||
5,070 | Polaris Industries, Inc. | 663,916 | ||||||
16,149 | Ross Stores, Inc. | 1,249,125 | ||||||
47,628 | Target Corp. | 3,085,818 | ||||||
9,304 | Tiffany & Co. | 736,598 | ||||||
53,549 | TJX Cos., Inc. (The) | 3,255,244 | ||||||
8,043 | VF Corp. | 1,729,245 | ||||||
|
| |||||||
28,414,970 | ||||||||
|
| |||||||
Consumer Staples—24.5% | ||||||||
148,483 | Altria Group, Inc. | 5,528,022 | ||||||
1,363 | Andersons, Inc. (The) | 101,107 | ||||||
48,113 | Archer-Daniels-Midland Co. | 1,967,822 | ||||||
9,468 | Brown-Forman Corp., Class B | 690,975 | ||||||
2,806 | Casey’s General Stores, Inc. | 204,501 | ||||||
10,266 | Church & Dwight Co., Inc. | 668,830 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
9,586 | Clorox Co. (The) | $ | 864,561 | |||||
328,757 | Coca-Cola Co. (The) | 13,008,915 | ||||||
69,346 | Colgate-Palmolive Co. | 4,488,767 | ||||||
19,313 | Hormel Foods Corp. | 839,343 | ||||||
8,041 | J.M. Smucker Co. (The) | 894,240 | ||||||
28,723 | Kimberly-Clark Corp. | 3,102,084 | ||||||
2,001 | Lancaster Colony Corp. | 166,063 | ||||||
8,826 | McCormick & Co., Inc., | 610,318 | ||||||
4,301 | Nu Skin Enterprises, Inc., Class A | 502,916 | ||||||
113,382 | PepsiCo, Inc. | 9,534,292 | ||||||
201,135 | Procter & Gamble Co. (The) | 16,241,651 | ||||||
43,186 | Sysco Corp. | 1,396,635 | ||||||
2,787 | Tootsie Roll Industries, Inc. | 89,184 | ||||||
1,718 | Universal Corp. | 91,106 | ||||||
6,697 | Vector Group Ltd. | 108,290 | ||||||
69,422 | Walgreen Co. | 4,112,559 | ||||||
207,737 | Wal-Mart Stores, Inc. | 15,943,815 | ||||||
|
| |||||||
81,155,996 | ||||||||
|
| |||||||
Energy—17.7% | ||||||||
2,703 | Alliance Resource Partners LP | 205,185 | ||||||
6,636 | Buckeye Partners LP | 446,404 | ||||||
1,693 | CARBO Ceramics, Inc. | 212,201 | ||||||
130,764 | Chevron Corp. | 15,686,449 | ||||||
89,048 | ConocoPhillips | 6,527,218 | ||||||
5,285 | Energen Corp. | 413,921 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Dividend Achievers™ Portfolio (PFM) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
65,699 | Enterprise Products Partners LP | $ | 4,157,433 | |||||
19,820 | EOG Resources, Inc. | 3,535,888 | ||||||
171,280 | Exxon Mobil Corp. | 15,350,114 | ||||||
7,769 | Helmerich & Payne, Inc. | 602,486 | ||||||
22,485 | Kinder Morgan Energy Partners LP | 1,814,539 | ||||||
16,618 | Magellan Midstream Partners LP | 997,745 | ||||||
14,175 | Murphy Oil Corp. | 855,036 | ||||||
5,710 | NuStar Energy LP | 246,215 | ||||||
59,410 | Occidental Petroleum Corp. | 5,708,113 | ||||||
24,543 | Plains All American Pipeline LP | 1,257,092 | ||||||
7,301 | Sunoco Logistics Partners LP | 512,384 | ||||||
4,579 | TC Pipelines LP | 233,575 | ||||||
|
| |||||||
58,761,998 | ||||||||
|
| |||||||
Financials—5.9% | ||||||||
1,785 | 1st Source Corp. | 56,013 | ||||||
34,451 | Aflac, Inc. | 2,238,626 | ||||||
906 | Arrow Financial Corp. | 23,384 | ||||||
1,115 | BancFirst Corp. | 61,960 | ||||||
2,594 | Bank of the Ozarks, Inc. | 128,351 | ||||||
10,542 | Brown & Brown, Inc. | 336,606 | ||||||
19,134 | Chubb Corp. (The) | 1,761,859 | ||||||
11,953 | Cincinnati Financial Corp. | 597,650 | ||||||
6,644 | Commerce Bancshares, Inc. | 305,690 | ||||||
2,899 | Community Bank System, Inc. | 105,263 | ||||||
1,146 | Community Trust Bancorp, Inc. | 48,808 | ||||||
4,504 | Cullen/Frost Bankers, Inc. | 318,838 | ||||||
8,411 | Eaton Vance Corp. | 351,664 | ||||||
3,449 | Erie Indemnity Co., Class A | 247,707 | ||||||
2,678 | Essex Property Trust, Inc. REIT | 431,158 | ||||||
4,748 | Federal Realty Investment Trust REIT | 491,893 | ||||||
976 | First Financial Corp. | 33,711 | ||||||
46,779 | Franklin Resources, Inc. | 2,519,517 | ||||||
7,426 | HCC Insurance Holdings, Inc. | 338,997 | ||||||
33,028 | HCP, Inc. REIT | 1,370,662 | ||||||
20,402 | McGraw Hill Financial, Inc. | 1,421,611 | ||||||
4,026 | Mercury General Corp. | 187,450 | ||||||
2,040 | National Health Investors, Inc. REIT | 127,541 | ||||||
8,904 | National Retail Properties, Inc. REIT | 306,298 | ||||||
19,013 | Old Republic International Corp. | 319,228 | ||||||
25,476 | People’s United Financial, Inc. | 367,619 | ||||||
4,135 | Prosperity Bancshares, Inc. | 258,231 | ||||||
13,145 | Realty Income Corp. REIT | 547,489 | ||||||
1,357 | Republic Bancorp, Inc., Class A | 31,238 | ||||||
1,558 | RLI Corp. | 147,200 | ||||||
12,672 | SEI Investments Co. | 420,584 | ||||||
12,941 | Senior Housing Properties Trust REIT | 318,866 | ||||||
1,373 | Southside Bancshares, Inc. | 37,483 | ||||||
3,240 | StanCorp Financial Group, Inc. | 190,836 | ||||||
18,944 | T. Rowe Price Group, Inc. | 1,466,455 | ||||||
6,882 | Tanger Factory Outlet Centers, Inc. REIT | 239,838 | ||||||
1,052 | Tompkins Financial Corp. | 51,885 | ||||||
3,361 | UMB Financial Corp. | 198,030 | ||||||
3,691 | United Bankshares, Inc. | 109,180 | ||||||
931 | Universal Health Realty Income Trust REIT | 40,889 | ||||||
1,724 | Urstadt Biddle Properties, Inc., Class A REIT | 34,032 | ||||||
9,954 | W.R. Berkley Corp. | 437,080 | ||||||
1,979 | Westamerica Bancorp. | 101,879 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
590 | Westwood Holdings Group, Inc. | $ | 31,465 | |||||
5,049 | WP Carey, Inc. REIT | 336,314 | ||||||
|
| |||||||
19,497,078 | ||||||||
|
| |||||||
Health Care—9.5% | ||||||||
115,951 | Abbott Laboratories | 4,238,009 | ||||||
14,373 | Becton, Dickinson and Co. | 1,511,033 | ||||||
6,048 | C.R. Bard, Inc. | 823,859 | ||||||
24,964 | Cardinal Health, Inc. | 1,464,388 | ||||||
180,232 | Johnson & Johnson | 16,691,285 | ||||||
74,834 | Medtronic, Inc. | 4,295,472 | ||||||
4,649 | Owens & Minor, Inc. | 173,966 | ||||||
27,926 | Stryker Corp. | 2,062,614 | ||||||
5,000 | West Pharmaceutical Services, Inc. | 241,750 | ||||||
|
| |||||||
31,502,376 | ||||||||
|
| |||||||
Industrials—13.3% | ||||||||
50,761 | 3M Co. | 6,388,272 | ||||||
5,796 | A.O. Smith Corp. | 299,363 | ||||||
3,976 | ABM Industries, Inc. | 109,380 | ||||||
3,474 | Brady Corp., Class A | 101,406 | ||||||
11,796 | C.H. Robinson Worldwide, Inc. | 704,693 | ||||||
4,608 | Carlisle Cos., Inc. | 334,910 | ||||||
47,850 | Caterpillar, Inc. | 3,988,776 | ||||||
9,001 | Cintas Corp. | 483,984 | ||||||
3,643 | CLARCOR, Inc. | 213,043 | ||||||
10,791 | Donaldson Co., Inc. | 427,432 | ||||||
13,151 | Dover Corp. | 1,207,130 | ||||||
52,737 | Emerson Electric Co. | 3,531,797 | ||||||
15,179 | Expeditors International of Washington, Inc. | 687,457 | ||||||
21,799 | Fastenal Co. | 1,085,590 | ||||||
3,474 | Franklin Electric Co., Inc. | 131,491 | ||||||
25,805 | General Dynamics Corp. | 2,235,487 | ||||||
1,536 | Gorman-Rupp Co. (The) | 62,577 | ||||||
4,447 | Graco, Inc. | 343,575 | ||||||
34,032 | Illinois Tool Works, Inc. | 2,681,381 | ||||||
6,089 | Lincoln Electric Holdings, Inc. | 421,602 | ||||||
943 | Lindsay Corp. | 71,677 | ||||||
23,667 | Lockheed Martin Corp. | 3,155,758 | ||||||
1,817 | �� | McGrath RentCorp | 64,812 | |||||
2,709 | Mine Safety Appliances Co. | 130,465 | ||||||
4,708 | Nordson Corp. | 339,400 | ||||||
23,090 | Norfolk Southern Corp. | 1,986,202 | ||||||
10,960 | Parker Hannifin Corp. | 1,279,251 | ||||||
14,765 | Pitney Bowes, Inc. | 315,085 | ||||||
2,661 | Raven Industries, Inc. | 88,771 | ||||||
10,702 | Rollins, Inc. | 295,803 | ||||||
7,274 | Roper Industries, Inc. | 922,416 | ||||||
12,400 | Stanley Black & Decker, Inc. | 980,716 | ||||||
1,362 | Tennant Co. | 82,660 | ||||||
67,195 | United Technologies Corp. | 7,139,469 | ||||||
1,962 | Valmont Industries, Inc. | 275,661 | ||||||
5,106 | W.W. Grainger, Inc. | 1,373,361 | ||||||
2,180 | Watsco, Inc. | 207,732 | ||||||
|
| |||||||
44,148,585 | ||||||||
|
| |||||||
Information Technology—6.0% | ||||||||
35,634 | Automatic Data Processing, Inc. | 2,671,481 | ||||||
1,052 | Badger Meter, Inc. | 54,715 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares Dividend Achievers™ Portfolio (PFM) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
840 | Cass Information Systems, Inc. | $ | 48,157 | |||||
4,667 | Diebold, Inc. | 139,823 | ||||||
3,251 | FactSet Research Systems, Inc. | 354,164 | ||||||
8,050 | Harris Corp. | 498,778 | ||||||
80,972 | International Business Machines Corp. | 14,510,992 | ||||||
6,306 | Jack Henry & Associates, Inc. | 344,371 | ||||||
17,137 | Linear Technology Corp. | 705,016 | ||||||
21,384 | Maxim Integrated Products, Inc. | 635,105 | ||||||
|
| |||||||
19,962,602 | ||||||||
|
| |||||||
Materials—5.8% | ||||||||
15,546 | Air Products & Chemicals, Inc. | 1,694,669 | ||||||
6,558 | Albemarle Corp. | 434,074 | ||||||
4,867 | AptarGroup, Inc. | 312,267 | ||||||
7,570 | Bemis Co., Inc. | 302,043 | ||||||
21,519 | Ecolab, Inc. | 2,281,014 | ||||||
3,658 | H.B. Fuller Co. | 175,108 | ||||||
5,992 | International Flavors & Fragrances, Inc. | 495,239 | ||||||
39,240 | Monsanto Co. | 4,115,491 | ||||||
23,347 | Nucor Corp. | 1,208,674 | ||||||
11,207 | PPG Industries, Inc. | 2,046,174 | ||||||
21,719 | Praxair, Inc. | 2,708,576 | ||||||
4,719 | Royal Gold, Inc. | 226,701 | ||||||
9,694 | RPM International, Inc. | 375,352 | ||||||
7,575 | Sherwin-Williams Co. (The) | 1,424,100 | ||||||
8,841 | Sigma-Aldrich Corp. | 764,128 | ||||||
7,383 | Sonoco Products Co. | 300,045 | ||||||
1,518 | Stepan Co. | 89,365 | ||||||
6,669 | Valspar Corp. (The) | 466,630 | ||||||
|
| |||||||
19,419,650 | ||||||||
|
| |||||||
Telecommunication Services—4.4% | ||||||||
394,326 | AT&T, Inc. | 14,274,602 | ||||||
1,148 | Atlantic Tele-Network, Inc. | 63,622 | ||||||
7,395 | Telephone & Data Systems, Inc. | 230,576 | ||||||
|
| |||||||
14,568,800 | ||||||||
|
| |||||||
Utilities—4.3% | ||||||||
8,631 | AGL Resources, Inc. | 413,080 | ||||||
2,826 | American States Water Co. | 80,484 | ||||||
12,893 | Aqua America, Inc. | 324,646 | ||||||
6,612 | Atmos Energy Corp. | 292,713 | ||||||
4,381 | Avista Corp. | 121,748 | ||||||
3,236 | Black Hills Corp. | 164,130 | ||||||
3,497 | California Water Service Group | 76,235 | ||||||
762 | Connecticut Water Service, Inc. | 24,422 | ||||||
21,520 | Consolidated Edison, Inc. | 1,252,894 | ||||||
13,837 | MDU Resources Group, Inc. | 412,066 | ||||||
1,694 | MGE Energy, Inc. | 95,389 | ||||||
1,153 | Middlesex Water Co. | 23,902 | ||||||
6,111 | National Fuel Gas Co. | 437,242 | ||||||
3,056 | New Jersey Resources Corp. | 140,668 | ||||||
31,180 | NextEra Energy, Inc. | 2,642,505 | ||||||
23,115 | Northeast Utilities | 991,402 | ||||||
1,971 | Northwest Natural Gas Co. | 85,601 | ||||||
15,033 | ONEOK, Inc. | 849,364 | ||||||
5,280 | Piedmont Natural Gas Co., Inc. | 180,259 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
42,739 | PPL Corp. | $ | 1,309,096 | |||||
12,830 | Questar Corp. | 303,558 | ||||||
9,682 | SCANA Corp. | 451,472 | ||||||
1,367 | SJW Corp. | 38,590 | ||||||
2,293 | South Jersey Industries, Inc. | 136,548 | ||||||
63,923 | Southern Co. (The) | 2,615,090 | ||||||
8,260 | UGI Corp. | 341,716 | ||||||
3,034 | UNS Energy Corp. | 150,122 | ||||||
6,019 | Vectren Corp. | 210,183 | ||||||
3,783 | WGL Holdings, Inc. | 170,273 | ||||||
946 | York Water Co. (The) | 19,592 | ||||||
|
| |||||||
14,354,990 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $256,000,494) | 331,787,045 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
33,905 | Premier Portfolio—Institutional Class(b) (Cost $33,905) | 33,905 | ||||||
|
| |||||||
Total Investments (Cost $256,034,399)—100.0% | 331,820,950 | |||||||
Other assets less liabilities—0.0% | 7,774 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 331,828,724 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Portfolio Composition |
PowerShares Financial Preferred Portfolio (PGF) |
Industry Breakdown (Unaudited) | ||||
Commercial Banks | 53.4 | |||
Diversified Financial Services | 23.0 | |||
Insurance | 13.5 | |||
Capital Markets | 8.0 | |||
Consumer Finance | 2.5 | |||
Other Assets Less Liabilities | (0.4 | ) |
Schedule of Investments(a)
PowerShares Financial Preferred Portfolio (PGF)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks—100.4% | ||||||||
Capital Markets—8.0% | ||||||||
676,043 | Bank of New York Mellon Corp. (The), 5.20% | $ | 14,075,215 | |||||
549,747 | Charles Schwab Corp. (The), 6.00%, Series B | 12,985,024 | ||||||
901,861 | Goldman Sachs Group, Inc. (The), 5.50%, Series J | 20,589,487 | ||||||
1,106,359 | Goldman Sachs Group, Inc. (The), 5.95% | 24,782,442 | ||||||
1,001,587 | Goldman Sachs Group, Inc. (The), 6.20%, Series B | 24,438,723 | ||||||
447,410 | Morgan Stanley, 7.13%, Series E(b) | 11,610,289 | ||||||
604,984 | State Street Corp., 5.25%, Series C | 13,206,801 | ||||||
|
| |||||||
121,687,981 | ||||||||
|
| |||||||
Commercial Banks—53.4% | ||||||||
804,071 | Barclays Bank PLC, 6.63%, Series 2 (United Kingdom) | 19,780,147 | ||||||
909,596 | Barclays Bank PLC, 7.10%, Series 3 (United Kingdom) | 22,921,819 | ||||||
674,707 | Barclays Bank PLC, 7.75%, Series 4 (United Kingdom) | 17,157,799 | ||||||
2,599,061 | Barclays Bank PLC, 8.13%, Series 5 (United Kingdom) | 66,302,046 | ||||||
132,257 | BB&T Corp., 5.20%, Series G | 2,671,591 | ||||||
2,264,115 | BB&T Corp., 5.63%, Series E | 47,999,238 | ||||||
434,582 | BB&T Corp., 5.85% | 9,891,086 | ||||||
399,730 | First Niagara Financial Group, Inc., 8.63%, Series B | 11,488,240 | ||||||
590,251 | HSBC Finance Corp., 6.36%, Series B (United Kingdom) | 14,242,757 | ||||||
4,822,505 | HSBC Holdings PLC, 8.00%, Series 2 (United Kingdom) | 131,895,512 | ||||||
2,607,902 | HSBC Holdings PLC, 8.13% (United Kingdom) | 67,101,318 | ||||||
500,113 | HSBC USA, Inc., 6.50%, Series H (United Kingdom) | 12,252,768 | ||||||
2,237,565 | PNC Financial Services Group, Inc. (The), 6.13%, Series P | 56,789,400 |
Number of Shares | Value | |||||||
Preferred Stocks (continued) | ||||||||
Commercial Banks (continued) | ||||||||
644,764 | Regions Financial Corp., 6.38%, Series A | $ | 14,765,096 | |||||
475,419 | Royal Bank of Scotland Group PLC, 5.75%, Series L (United Kingdom) | 9,508,380 | ||||||
361,834 | Royal Bank of Scotland Group PLC, 6.35%, Series N (United Kingdom) | 7,703,446 | ||||||
404,118 | Royal Bank of Scotland Group PLC, 6.60%, Series S (United Kingdom) | 8,894,637 | ||||||
343,195 | Royal Bank of Scotland Group PLC, 6.75%, Series Q (United Kingdom) | 7,704,728 | ||||||
1,581,842 | Royal Bank of Scotland Group PLC, 7.25%, Series T (United Kingdom) | 38,074,937 | ||||||
997,330 | Santander Finance Preferred SA Unipersonal, 10.50%, Series 10 (Spain) | 26,778,311 | ||||||
594,846 | SunTrust Banks, Inc., 5.88%, Series E | 12,818,931 | ||||||
820,020 | U.S. Bancorp, 5.15%, Series H | 17,523,827 | ||||||
713,079 | U.S. Bancorp, 6.00%, Series G | 19,374,356 | ||||||
1,130,856 | U.S. Bancorp, 6.50%, Series F | 30,329,558 | ||||||
56,534 | Wells Fargo & Co., 5.13%, Series O | 1,171,950 | ||||||
1,039,453 | Wells Fargo & Co., 5.20% | 21,828,513 | ||||||
479,611 | Wells Fargo & Co., 5.25%, Series P | 10,335,617 | ||||||
1,462,481 | Wells Fargo & Co., 5.85% | 35,567,538 | ||||||
16,161 | Wells Fargo & Co., 7.50%, Series L | 18,407,379 | ||||||
1,931,906 | Wells Fargo & Co., 8.00%, Series J | 54,943,407 | ||||||
|
| |||||||
816,224,332 | ||||||||
|
| |||||||
Consumer Finance—2.5% | ||||||||
982,480 | Capital One Financial Corp., 6.00%, Series B | 21,899,479 | ||||||
684,040 | Discover Financial Services, 6.50%, Series B | 16,362,237 | ||||||
|
| |||||||
38,261,716 | ||||||||
|
| |||||||
Diversified Financial Services—23.0% | ||||||||
620,954 | Bank of America Corp., 6.20%, Series D | 14,958,782 | ||||||
83,030 | Bank of America Corp., 6.38%, Series 3 | 1,983,587 | ||||||
27,488 | Bank of America Corp., 7.25%, Series L | 29,618,320 | ||||||
763,746 | Citigroup, Inc., 5.80%, Series C | 16,260,152 | ||||||
950,000 | Citigroup, Inc., 6.88%, Series K(b) | 23,571,875 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Financial Preferred Portfolio (PGF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks (continued) | ||||||||
Diversified Financial Services (continued) | ||||||||
875,000 | Citigroup, Inc., 7.13%, Series J | $ | 22,671,250 | |||||
532,617 | ING Groep NV, 6.13% (Netherlands) | 12,388,671 | ||||||
1,278,016 | ING Groep NV, 6.38% (Netherlands) | 30,161,178 | ||||||
2,519,638 | ING Groep NV, 7.38% (Netherlands) | 63,595,663 | ||||||
3,411,216 | ING Groep NV, 8.50% (Netherlands) | 87,941,148 | ||||||
953,357 | JPMorgan Chase & Co., 5.45%, Series P | 20,487,642 | ||||||
1,296,823 | JPMorgan Chase & Co., 5.50%, Series O | 28,128,091 | ||||||
|
| |||||||
351,766,359 | ||||||||
|
| |||||||
Insurance—13.5% | ||||||||
788,854 | Aegon NV, 6.38% (Netherlands) | 19,177,041 | ||||||
265,893 | Aegon NV, 6.50% (Netherlands) | 6,447,905 | ||||||
380,495 | Aegon NV, 6.88% (Netherlands) | 9,432,471 | ||||||
1,240,533 | Aegon NV, 7.25% (Netherlands) | 31,373,079 | ||||||
306,238 | Allstate Corp. (The), 5.63% | 7,187,406 | ||||||
266,191 | Allstate Corp. (The), 6.75%, Series C(b) | 6,737,294 | ||||||
375,544 | Arch Capital Group Ltd., 6.75%, Series C | 9,099,431 | ||||||
307,307 | Aspen Insurance Holdings Ltd., 5.95% | 7,363,076 | ||||||
496,078 | Axis Capital Holdings Ltd., 6.88%, Series C | 12,129,107 | ||||||
1,804,088 | MetLife, Inc., 6.50%, Series B | 44,849,628 | ||||||
105,547 | PartnerRe Ltd., 5.88%, Series F | 2,272,427 | ||||||
571,621 | PartnerRe Ltd., 7.25%, Series E | 14,650,646 | ||||||
402,709 | Principal Financial Group, Inc., 6.52%, Series B | 9,983,156 | ||||||
332,067 | Prudential PLC, 6.50% (United Kingdom) | 8,301,675 | ||||||
381,511 | Prudential PLC, 6.75% (United Kingdom) | 9,564,481 | ||||||
350,045 | RenaissanceRe Holdings Ltd., 5.38%, Series E | 6,913,389 | ||||||
|
| |||||||
205,482,212 | ||||||||
|
| |||||||
Total Investments (Cost $1,482,069,245)—100.4% | 1,533,422,600 | |||||||
Other assets less liabilities—(0.4)% | (6,249,797 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,527,172,803 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
This Fund has holdings greater than 10% of net assets in the following countries:
United Kingdom | 28.9 | % | ||
Netherlands | 17.1 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Portfolio Composition |
PowerShares High Yield Equity Dividend Achievers™ Portfolio (PEY) |
Industry Breakdown (Unaudited) | ||||
Commercial Banks | 15.1 | |||
Gas Utilities | 14.6 | |||
Electric Utilities | 9.6 | |||
Multi-Utilities | 9.5 | |||
Insurance | 9.2 | |||
Tobacco | 8.8 | |||
Water Utilities | 3.5 | |||
Commercial Services & Supplies | 3.5 | |||
Household Products | 3.3 | |||
Oil, Gas & Consumable Fuels | 2.5 | |||
Aerospace & Defense | 2.4 | |||
Diversified Telecommunication Services | 2.4 | |||
Capital Markets | 2.2 | |||
Thrifts & Mortgage Finance | 2.0 | |||
Containers & Packaging | 2.0 | |||
Media | 1.7 | |||
Household Durables | 1.7 | |||
Pharmaceuticals | 1.6 | |||
Food & Staples Retailing | 1.5 | |||
Computers & Peripherals | 1.4 | |||
Hotels, Restaurants & Leisure | 1.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares High Yield Equity Dividend Achievers™ Portfolio (PEY)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Aerospace & Defense—2.4% | ||||||||
64,768 | Lockheed Martin Corp. | $ | 8,636,165 | |||||
|
| |||||||
Capital Markets—2.2% | ||||||||
143,861 | Westwood Holdings Group, Inc. | 7,672,107 | ||||||
|
| |||||||
Commercial Banks—15.1% | ||||||||
275,799 | Arrow Financial Corp. | 7,118,372 | ||||||
187,956 | Community Bank System, Inc. | 6,824,683 | ||||||
164,485 | Community Trust Bancorp, Inc. | 7,005,416 | ||||||
74,304 | Cullen/Frost Bankers, Inc. | 5,259,980 | ||||||
232,361 | Southside Bancshares, Inc. | 6,343,455 | ||||||
123,283 | Tompkins Financial Corp. | 6,080,318 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Commercial Banks (continued) | ||||||||
293,571 | United Bankshares, Inc. | $ | 8,683,830 | |||||
117,425 | Westamerica Bancorp. | 6,045,039 | ||||||
|
| |||||||
53,361,093 | ||||||||
|
| |||||||
Commercial Services & Supplies—3.5% | ||||||||
576,437 | Pitney Bowes, Inc. | 12,301,166 | ||||||
|
| |||||||
Computers & Peripherals—1.4% | ||||||||
167,818 | Diebold, Inc. | 5,027,827 | ||||||
|
| |||||||
Containers & Packaging—2.0% | ||||||||
171,856 | Sonoco Products Co. | 6,984,228 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares High Yield Equity Dividend Achievers™ Portfolio (PEY) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Diversified Telecommunication Services—2.4% | ||||||||
237,908 | AT&T, Inc. | $ | 8,612,270 | |||||
|
| |||||||
Electric Utilities—9.6% | ||||||||
65,863 | NextEra Energy, Inc. | 5,581,889 | ||||||
137,895 | Northeast Utilities | 5,914,317 | ||||||
265,902 | PPL Corp. | 8,144,578 | ||||||
172,652 | Southern Co. (The) | 7,063,194 | ||||||
144,044 | UNS Energy Corp. | 7,127,297 | ||||||
|
| |||||||
33,831,275 | ||||||||
|
| |||||||
Food & Staples Retailing—1.5% | ||||||||
158,974 | Sysco Corp. | 5,141,219 | ||||||
|
| |||||||
Gas Utilities—14.6% | ||||||||
169,510 | AGL Resources, Inc. | 8,112,749 | ||||||
137,541 | Atmos Energy Corp. | 6,088,940 | ||||||
153,652 | New Jersey Resources Corp. | 7,072,601 | ||||||
167,049 | Northwest Natural Gas Co. | 7,254,938 | ||||||
180,416 | Piedmont Natural Gas Co., Inc. | 6,159,402 | ||||||
209,652 | Questar Corp. | 4,960,366 | ||||||
88,949 | South Jersey Industries, Inc. | 5,296,913 | ||||||
148,964 | WGL Holdings, Inc. | 6,704,870 | ||||||
|
| |||||||
51,650,779 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—1.4% | ||||||||
52,050 | McDonald’s Corp. | 5,023,866 | ||||||
|
| |||||||
Household Durables—1.7% | ||||||||
198,774 | Leggett & Platt, Inc. | 5,911,539 | ||||||
|
| |||||||
Household Products—3.3% | ||||||||
61,343 | Clorox Co. (The) | 5,532,525 | ||||||
56,871 | Kimberly-Clark Corp. | 6,142,068 | ||||||
|
| |||||||
11,674,593 | ||||||||
|
| |||||||
Insurance—9.2% | ||||||||
128,146 | Cincinnati Financial Corp. | 6,407,300 | ||||||
61,813 | Erie Indemnity Co., Class A | 4,439,409 | ||||||
209,987 | Mercury General Corp. | 9,776,995 | ||||||
719,976 | Old Republic International Corp. | 12,088,397 | ||||||
|
| |||||||
32,712,101 | ||||||||
|
| |||||||
Media—1.7% | ||||||||
118,657 | Meredith Corp. | 6,087,104 | ||||||
|
| |||||||
Multi-Utilities—9.5% | ||||||||
276,778 | Avista Corp. | 7,691,661 | ||||||
105,934 | Black Hills Corp. | 5,372,973 | ||||||
119,837 | Consolidated Edison, Inc. | 6,976,910 | ||||||
139,468 | SCANA Corp. | 6,503,393 | ||||||
205,507 | Vectren Corp. | 7,176,304 | ||||||
|
| |||||||
33,721,241 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.5% | ||||||||
119,464 | ConocoPhillips | 8,756,711 | ||||||
|
| |||||||
Pharmaceuticals—1.6% | ||||||||
59,315 | Johnson & Johnson | 5,493,162 | ||||||
|
| |||||||
Thrifts & Mortgage Finance—2.0% | ||||||||
484,935 | People’s United Financial, Inc. | 6,997,612 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Tobacco—8.8% | ||||||||
238,104 | Altria Group, Inc. | $ | 8,864,612 | |||||
98,984 | Universal Corp. | 5,249,121 | ||||||
1,057,670 | Vector Group Ltd. | 17,102,524 | ||||||
|
| |||||||
31,216,257 | ||||||||
|
| |||||||
Water Utilities—3.5% | ||||||||
278,489 | California Water Service Group | 6,071,060 | ||||||
313,058 | Middlesex Water Co. | 6,489,693 | ||||||
|
| |||||||
12,560,753 | ||||||||
|
| |||||||
Total Common Stocks (Cost $300,752,659) | 353,373,068 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
52,471 | Premier Portfolio—Institutional Class(b) | |||||||
(Cost $52,471) | 52,471 | |||||||
|
| |||||||
Total Investments (Cost $300,805,130)—99.9% | 353,425,539 | |||||||
Other assets less liabilities—0.1% | 236,917 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 353,662,456 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Portfolio Composition |
PowerShares International Dividend Achievers™ Portfolio (PID) |
Sector Breakdown (Unaudited) | ||||
Energy | 22.3 | |||
Health Care | 14.7 | |||
Telecommunication Services | 13.1 | |||
Consumer Staples | 11.9 | |||
Financials | 10.5 | |||
Consumer Discretionary | 9.9 | |||
Materials | 7.0 | |||
Industrials | 6.6 | |||
Information Technology | 2.9 | |||
Utilities | 1.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments
PowerShares International Dividend Achievers™ Portfolio (PID)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Australia—2.6% | ||||||||
386,992 | BHP Billiton Ltd. ADR(a) | $ | 27,356,465 | |||||
|
| |||||||
Belgium—3.1% | ||||||||
422,344 | Companhia de Bebidas das Americas ADR | 15,690,080 | ||||||
267,578 | Delhaize Group SA ADR(a) | 17,108,937 | ||||||
|
| |||||||
32,799,017 | ||||||||
|
| |||||||
Canada—21.8% | ||||||||
501,907 | Cameco Corp. | 9,536,233 | ||||||
97,376 | Canadian National Railway Co. | 10,704,544 | ||||||
335,201 | Canadian Natural Resources Ltd. | 10,642,632 | ||||||
50,931 | Canadian Pacific Railway Ltd. | 7,286,698 | ||||||
381,044 | Enbridge, Inc.(a) | 16,533,499 | ||||||
748,690 | Ritchie Bros. Auctioneers, Inc.(a) | 14,824,062 | ||||||
606,135 | Rogers Communications, Inc., Class B | 27,524,590 | ||||||
944,979 | Shaw Communications, Inc., Class B(a) | 22,613,347 | ||||||
492,526 | Suncor Energy, Inc. | 17,903,320 | ||||||
804,112 | TELUS Corp. | 28,192,167 | ||||||
691,702 | Thomson Reuters Corp. | 25,987,244 | ||||||
190,013 | Tim Hortons, Inc. | 11,351,377 | ||||||
529,737 | TransCanada Corp. | 23,896,436 | ||||||
|
| |||||||
226,996,149 | ||||||||
|
| |||||||
China—1.1% | ||||||||
221,818 | China Mobile Ltd. ADR | 11,538,972 | ||||||
|
| |||||||
Denmark—1.2% | ||||||||
72,913 | Novo Nordisk A/S ADR | 12,152,410 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
France—2.0% | ||||||||
381,575 | Sanofi ADR | $ | 20,406,631 | |||||
|
| |||||||
India—2.2% | ||||||||
317,572 | Axis Bank Ltd. GDR | 6,592,795 | ||||||
100,263 | HDFC Bank Ltd. ADR | 3,634,534 | ||||||
245,662 | Infosys Ltd. ADR | 13,034,825 | ||||||
|
| |||||||
23,262,154 | ||||||||
|
| |||||||
Ireland—0.4% | ||||||||
32,380 | Shire PLC ADR | 4,309,778 | ||||||
|
| |||||||
Israel—1.5% | ||||||||
416,382 | Teva Pharmaceutical Industries Ltd. ADR | 15,443,608 | ||||||
|
| |||||||
Italy—1.1% | ||||||||
255,011 | Empresa Nacional de Electricidad SA ADR | 11,500,996 | ||||||
|
| |||||||
Japan—2.3% | ||||||||
405,174 | Nippon Telegraph & Telephone Corp. ADR | 10,575,041 | ||||||
848,518 | NTT DOCOMO, Inc. ADR | 13,465,981 | ||||||
|
| |||||||
24,041,022 | ||||||||
|
| |||||||
Mexico—1.1% | ||||||||
360,227 | America Movil SAB de CV, Series L ADR | 7,712,460 | ||||||
34,231 | Coca-Cola Femsa SAB de CV ADR | 4,160,436 | ||||||
|
| |||||||
11,872,896 | ||||||||
|
| |||||||
Netherlands—1.8% | ||||||||
468,889 | Unilever NV | 18,624,271 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares International Dividend Achievers™ Portfolio (PID) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Norway—3.4% | ||||||||
1,509,616 | Statoil ASA ADR | $ | 35,672,226 | |||||
|
| |||||||
Russia—3.9% | ||||||||
623,496 | LUKOIL OAO ADR | 40,901,338 | ||||||
|
| |||||||
South Africa—2.5% | ||||||||
676,158 | Textainer Group Holdings Ltd.(a) | 25,626,388 | ||||||
|
| |||||||
Switzerland—3.5% | ||||||||
273,949 | Novartis AG ADR | 21,244,745 | ||||||
188,680 | Syngenta AG ADR | 15,235,910 | ||||||
|
| |||||||
36,480,655 | ||||||||
|
| |||||||
United Kingdom—26.2% | ||||||||
89,681 | ARM Holdings PLC ADR | 4,232,046 | ||||||
706,290 | AstraZeneca PLC ADR | 37,334,490 | ||||||
489,786 | BHP Billiton PLC ADR(a) | 30,190,409 | ||||||
225,917 | British American Tobacco PLC ADR | 24,961,569 | ||||||
120,849 | Diageo PLC ADR | 15,419,124 | ||||||
530,070 | GlaxoSmithKline PLC ADR | 27,897,584 | ||||||
1,245,233 | Pearson PLC ADR | 26,149,893 | ||||||
473,776 | Prudential PLC ADR | 19,405,865 | ||||||
234,105 | Smith & Nephew PLC ADR(a) | 15,031,882 | ||||||
442,887 | Unilever PLC ADR | 17,976,783 | ||||||
1,044,481 | Vodafone Group PLC ADR | 38,457,791 | ||||||
156,722 | WPP PLC ADR | 16,697,162 | ||||||
|
| |||||||
273,754,598 | ||||||||
|
| |||||||
United States—18.3% | ||||||||
176,626 | Accenture PLC, Class A | 12,982,011 | ||||||
138,191 | ACE Ltd. | 13,188,949 | ||||||
101,171 | Allied World Assurance Co. Holdings AG | 10,955,808 | ||||||
264,014 | Axis Capital Holdings Ltd. | 12,519,544 | ||||||
121,825 | Bunge Ltd. | 10,005,487 | ||||||
176,213 | Imperial Oil Ltd. | 7,691,697 | ||||||
464,493 | Lazard Ltd., Class A | 17,952,655 | ||||||
173,491 | PartnerRe Ltd. | 17,385,533 | ||||||
152,752 | Pentair Ltd. | 10,248,132 | ||||||
82,564 | RenaissanceRe Holdings Ltd. | 7,737,072 | ||||||
797,804 | Teekay LNG Partners LP(a) | 33,108,866 | ||||||
1,104,173 | Teekay Offshore Partners LP(a) | 37,111,255 | ||||||
|
| |||||||
190,887,009 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $901,700,375)—100.0% | 1,043,626,583 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—10.3% | ||||||||
107,312,664 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $107,312,664)(b)(c) | $ | 107,312,664 | |||||
|
| |||||||
Total Investments (Cost $1,009,013,039)—110.3% | 1,150,939,247 | |||||||
Other assets less liabilities—(10.3)% | (107,284,800 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,043,654,447 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2013. |
(b) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2G. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Statements of Assets and Liabilities
October 31, 2013
(Unaudited)
PowerShares Buyback AchieversTM Portfolio (PKW) | PowerShares Dividend AchieversTM Portfolio (PFM) | PowerShares Financial Preferred Portfolio (PGF) | PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) | PowerShares International Dividend AchieversTM Portfolio (PID) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments, at value(a) | $ | 2,001,271,389 | $ | 331,787,045 | $ | 1,533,422,600 | $ | 353,373,068 | $ | 1,043,626,583 | ||||||||||
Affiliated investments, at value | 82,350 | 33,905 | — | 52,471 | 107,312,664 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at value | 2,001,353,739 | 331,820,950 | 1,533,422,600 | 353,425,539 | 1,150,939,247 | |||||||||||||||
Cash segregated as collateral | — | — | — | — | 641,035 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Shares sold | 22,633,904 | — | — | — | 105,668 | |||||||||||||||
Investments sold | 14,382,403 | 90,413 | 8,582,484 | — | 1,107,841 | |||||||||||||||
Dividends | 1,435,029 | 590,959 | 2,747,473 | 683,022 | 1,265,700 | |||||||||||||||
Foreign tax reclaims | — | — | — | — | 318,424 | |||||||||||||||
Security lending | — | — | — | — | 81,044 | |||||||||||||||
Other assets | 812 | 1,535 | 2,348 | 1,941 | 1,942 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 2,039,805,887 | 332,503,857 | 1,544,754,905 | 354,110,502 | 1,154,460,901 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | — | — | 11,877,991 | — | 781,354 | |||||||||||||||
Investments purchased | 33,035,823 | 252,892 | 3,951,375 | — | 857,490 | |||||||||||||||
Shares repurchased | 4,083,492 | — | — | — | — | |||||||||||||||
Collateral upon receipt of securities in-kind | — | — | — | — | 641,035 | |||||||||||||||
Collateral upon return of securities loaned | — | — | — | — | 107,312,664 | |||||||||||||||
Accrued advisory fees | 758,806 | 109,681 | 629,670 | 117,110 | 344,175 | |||||||||||||||
Accrued trustees fees | 19,301 | 19,138 | 76,475 | 21,314 | 40,490 | |||||||||||||||
Accrued expenses | 698,299 | 293,422 | 1,046,591 | 309,622 | 829,246 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 38,595,721 | 675,133 | 17,582,102 | 448,046 | 110,806,454 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 2,001,210,166 | $ | 331,828,724 | $ | 1,527,172,803 | $ | 353,662,456 | $ | 1,043,654,447 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 1,809,664,238 | $ | 277,912,321 | $ | 1,473,661,117 | $ | 440,676,405 | $ | 1,172,181,401 | ||||||||||
Undistributed net investment income | 1,335,307 | 664,356 | 3,841,625 | 278,118 | 1,645,619 | |||||||||||||||
Undistributed net realized gain (loss) | (15,185,180 | ) | (22,534,504 | ) | (1,683,294 | ) | (139,912,476 | ) | (272,098,781 | ) | ||||||||||
Net unrealized appreciation | 205,395,801 | 75,786,551 | 51,353,355 | 52,620,409 | 141,926,208 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 2,001,210,166 | $ | 331,828,724 | $ | 1,527,172,803 | $ | 353,662,456 | $ | 1,043,654,447 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 49,050,000 | 17,150,000 | 88,400,000 | 30,700,000 | 58,450,000 | |||||||||||||||
Net asset value | $ | 40.80 | $ | 19.35 | $ | 17.28 | $ | 11.52 | $ | 17.86 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 40.86 | $ | 19.37 | $ | 17.26 | $ | 11.54 | $ | 17.89 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments, at cost | $ | 1,795,875,588 | $ | 256,000,494 | $ | 1,482,069,245 | $ | 300,752,659 | $ | 901,700,375 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments, at cost | $ | 82,350 | $ | 33,905 | $ | – | $ | 52,471 | $ | 107,312,664 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at cost | $ | 1,795,957,938 | $ | 256,034,399 | $ | 1,482,069,245 | $ | 300,805,130 | $ | 1,009,013,039 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | — | $ | — | $ | 105,480,059 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
For the six months ended October 31, 2013
(Unaudited)
PowerShares Buyback AchieversTM Portfolio (PKW) | PowerShares Dividend AchieversTM Portfolio (PFM) | PowerShares Financial Preferred Portfolio (PGF) | PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) | PowerShares International Dividend AchieversTM Portfolio (PID) | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 8,825,498 | $ | 4,202,855 | $ | 56,723,928 | $ | 7,241,676 | $ | 16,459,750 | ||||||||||
Affiliated dividend income | 20 | 11 | 238 | 20 | 23 | |||||||||||||||
Securities lending income | — | — | — | — | 753,879 | |||||||||||||||
Foreign withholding tax | — | — | — | — | (1,440,910 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 8,825,518 | 4,202,866 | 56,724,166 | 7,241,696 | 15,772,742 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 2,715,335 | 633,159 | 4,141,099 | 672,148 | 1,890,380 | |||||||||||||||
Sub-licensing | 543,067 | 158,290 | 807,338 | 168,037 | 472,594 | |||||||||||||||
Recapture (Note 3) | 169,825 | 8,351 | — | — | — | |||||||||||||||
Accounting & administration fees | 48,115 | 31,007 | 192,241 | 32,997 | 89,210 | |||||||||||||||
Trustees fees | 13,327 | 8,297 | 28,242 | 8,427 | 16,216 | |||||||||||||||
Custodian & transfer agent fees | 6,605 | 7,825 | 26,246 | 6,752 | 41,682 | |||||||||||||||
Other expenses | 38,668 | 34,625 | 122,829 | 39,243 | 69,557 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 3,534,942 | 881,554 | 5,317,995 | 927,604 | 2,579,639 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Waivers | (126 | ) | (69 | ) | (1,572 | ) | (98 | ) | (143 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 3,534,816 | 881,485 | 5,316,423 | 927,506 | 2,579,496 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 5,290,702 | 3,321,381 | 51,407,743 | 6,314,190 | 13,193,246 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | 1,230,284 | (79,816 | ) | 10,122,558 | 945,827 | (784,973 | ) | |||||||||||||
In-kind redemptions | 9,697,039 | — | 40,547,059 | 5,306,151 | 387,814 | |||||||||||||||
Foreign currencies | — | — | — | — | 828 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 10,927,323 | (79,816 | ) | 50,669,617 | 6,251,978 | (396,331 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | 166,493,638 | 17,490,742 | (186,954,499 | ) | 16,075,295 | 37,178,486 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | 177,420,961 | 17,410,926 | (136,284,882 | ) | 22,327,273 | 36,782,155 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 182,711,663 | $ | 20,732,307 | $ | (84,877,139 | ) | $ | 28,641,463 | $ | 49,975,401 | |||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares Buyback AchieversTM Portfolio (PKW) | PowerShares Dividend AchieversTM Portfolio (PFM) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 5,290,702 | $ | 2,572,438 | $ | 3,321,381 | $ | 6,093,821 | ||||||||
Net realized gain (loss) | 10,927,323 | 13,560,070 | (79,816 | ) | 12,133,553 | |||||||||||
Net change in unrealized appreciation (depreciation) | 166,493,638 | 30,026,839 | 17,490,742 | 26,678,396 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 182,711,663 | 46,159,347 | 20,732,307 | 44,905,770 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (4,337,646 | ) | (2,319,935 | ) | (3,467,149 | ) | (6,171,759 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 1,448,123,969 | 319,435,178 | 17,635,194 | 64,933,146 | ||||||||||||
Value of shares repurchased | (43,909,152 | ) | (84,294,640 | ) | — | (59,726,392 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 1,404,214,817 | 235,140,538 | 17,635,194 | 5,206,754 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 1,582,588,834 | 278,979,950 | 34,900,352 | 43,940,765 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 418,621,332 | 139,641,382 | 296,928,372 | 252,987,607 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,001,210,166 | $ | 418,621,332 | $ | 331,828,724 | $ | 296,928,372 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 1,335,307 | $ | 382,251 | $ | 664,356 | $ | 810,124 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 38,100,000 | 10,050,000 | 950,000 | 3,850,000 | ||||||||||||
Shares repurchased | (1,150,000 | ) | (2,700,000 | ) | — | (3,650,000 | ) | |||||||||
Shares outstanding, beginning of period | 12,100,000 | 4,750,000 | 16,200,000 | 16,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 49,050,000 | 12,100,000 | 17,150,000 | 16,200,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares Financial Preferred Portfolio (PGF) | PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) | PowerShares International Dividend AchieversTM Portfolio (PID) | ||||||||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||||||
$ | 51,407,743 | $ | 111,756,026 | $ | 6,314,190 | $ | 12,623,486 | $ | 13,193,246 | $ | 18,558,027 | |||||||||||
50,669,617 | 35,624,306 | 6,251,978 | 12,693,611 | (396,331 | ) | 10,566,822 | ||||||||||||||||
(186,954,499 | ) | 43,703,045 | 16,075,295 | 29,287,799 | 37,178,486 | 81,786,224 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(84,877,139 | ) | 191,083,377 | 28,641,463 | 54,604,896 | 49,975,401 | 110,911,073 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(51,582,201 | ) | (109,257,015 | ) | (6,115,958 | ) | (12,584,468 | ) | (14,555,667 | ) | (18,882,785 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
71,272,077 | 316,357,552 | 36,405,924 | 108,648,485 | 132,587,961 | 213,885,031 | |||||||||||||||||
(299,091,903 | ) | (119,429,930 | ) | (27,744,801 | ) | (104,362,404 | ) | (1,694,077 | ) | (118,768,746 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(227,819,826 | ) | 196,927,622 | 8,661,123 | 4,286,081 | 130,893,884 | 95,116,285 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(364,279,166 | ) | 278,753,984 | 31,186,628 | 46,306,509 | 166,313,618 | 187,144,573 | ||||||||||||||||
1,891,451,969 | 1,612,697,985 | 322,475,828 | 276,169,319 | 877,340,829 | 690,196,256 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,527,172,803 | $ | 1,891,451,969 | $ | 353,662,456 | $ | 322,475,828 | $ | 1,043,654,447 | $ | 877,340,829 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 3,841,625 | $ | 4,016,083 | $ | 278,118 | $ | 79,886 | $ | 1,645,619 | $ | 3,008,040 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
4,050,000 | 17,250,000 | 3,250,000 | 11,250,000 | 7,750,000 | 13,250,000 | |||||||||||||||||
(16,950,000 | ) | (6,600,000 | ) | (2,500,000 | ) | (10,800,000 | ) | (100,000 | ) | (7,400,000 | ) | |||||||||||
101,300,000 | 90,650,000 | 29,950,000 | 29,500,000 | 50,800,000 | 44,950,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
88,400,000 | 101,300,000 | 30,700,000 | 29,950,000 | 58,450,000 | 50,800,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 19 |
|
PowerShares Buyback AchieversTM Portfolio (PKW)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.60 | $ | 29.40 | $ | 27.27 | $ | 22.36 | $ | 16.15 | $ | 22.64 | ||||||||||||
Net investment income(a) | 0.19 | 0.37 | 0.27 | 0.11 | 0.19 | 0.26 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.16 | 5.18 | 2.12 | 4.87 | 6.29 | (6.55 | ) | |||||||||||||||||
Total from investment operations | 6.35 | 5.55 | 2.39 | 4.98 | 6.48 | (6.29 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.35 | ) | (0.26 | ) | (0.07 | ) | (0.27 | ) | (0.20 | ) | ||||||||||||
Net asset value at end of period | $ | 40.80 | $ | 34.60 | $ | 29.40 | $ | 27.27 | $ | 22.36 | $ | 16.15 | ||||||||||||
Market price at end of period(b) | $ | 40.86 | $ | 34.61 | $ | 29.40 | $ | 27.27 | $ | 22.37 | $ | 16.16 | ||||||||||||
Net Asset Value Total Return(c) | 18.42 | % | 19.08 | % | 8.91 | % | 22.34 | % | 40.46 | % | (27.87 | )% | ||||||||||||
Market Price Total Return(c) | 18.56 | % | 19.11 | % | 8.91 | % | 22.29 | % | 40.43 | % | (27.80 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,001,210 | $ | 418,621 | $ | 139,641 | $ | 43,637 | $ | 38,019 | $ | 27,456 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d)(e) | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.65 | %(d)(e) | 0.70 | % | 0.79 | % | 1.00 | % | 0.97 | % | 0.92 | % | ||||||||||||
Net investment income, after Waivers | 0.97 | %(d) | 1.21 | % | 1.00 | % | 0.49 | % | 0.98 | % | 1.39 | % | ||||||||||||
Portfolio turnover rate(f) | 4 | % | 80 | % | 32 | % | 26 | % | 23 | % | 56 | % |
PowerShares Dividend AchieversTM Portfolio (PFM)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.33 | $ | 15.81 | $ | 15.29 | $ | 13.21 | $ | 10.30 | $ | 16.15 | ||||||||||||
Net investment income(a) | 0.20 | 0.38 | 0.34 | 0.31 | 0.27 | 0.36 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.02 | 2.52 | 0.51 | 2.08 | 2.96 | (5.92 | ) | |||||||||||||||||
Total from investment operations | 1.22 | 2.90 | 0.85 | 2.39 | 3.23 | (5.56 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.38 | ) | (0.33 | ) | (0.31 | ) | (0.32 | ) | (0.29 | ) | ||||||||||||
Net asset value at end of period | $ | 19.35 | $ | 18.33 | $ | 15.81 | $ | 15.29 | $ | 13.21 | $ | 10.30 | ||||||||||||
Market price at end of period(b) | $ | 19.37 | $ | 18.32 | $ | 15.80 | $ | 15.29 | $ | 13.21 | $ | 10.30 | ||||||||||||
Net Asset Value Total Return(c) | 6.75 | % | 18.67 | % | 5.78 | % | 18.39 | % | 31.76 | % | (34.84 | )% | ||||||||||||
Market Price Total Return(c) | 6.92 | % | 18.68 | % | 5.71 | % | 18.39 | % | 31.76 | % | (34.84 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 331,829 | $ | 296,928 | $ | 252,988 | $ | 217,859 | $ | 133,380 | $ | 85,451 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(d) | 0.58 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.58 | % | 0.60 | % | 0.61 | % | 0.64 | % | 0.74 | % | ||||||||||||
Net investment income, after Waivers | 2.10 | %(d) | 2.28 | % | 2.28 | % | 2.30 | % | 2.28 | % | 3.11 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 18 | % | 20 | % | 11 | % | 18 | % | 31 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment return calculated for a period of less than one period is not annualized. |
(d) | Annualized. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment company expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the funds that the Fund invests in. The effect of the estimated investment company expenses that you bear indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Financial Preferred Portfolio (PGF)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.67 | $ | 17.79 | $ | 18.26 | $ | 16.97 | $ | 11.41 | $ | 21.17 | ||||||||||||
Net investment income(a) | 0.55 | 1.18 | 1.17 | 1.18 | 1.31 | 1.35 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.38 | ) | 0.85 | (0.42 | ) | 1.36 | 5.61 | (9.63 | ) | |||||||||||||||
Total from investment operations | (0.83 | ) | 2.03 | 0.75 | 2.54 | 6.92 | (8.28 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.56 | ) | (1.15 | ) | (1.17 | ) | (1.21 | ) | (1.30 | ) | (1.46 | ) | ||||||||||||
Return of capital | — | — | (0.05 | ) | (0.04 | ) | (0.06 | ) | (0.02 | ) | ||||||||||||||
Total distributions | (0.56 | ) | (1.15 | ) | (1.22 | ) | (1.25 | ) | (1.36 | ) | (1.48 | ) | ||||||||||||
Net asset value at end of period | $ | 17.28 | $ | 18.67 | $ | 17.79 | $ | 18.26 | $ | 16.97 | $ | 11.41 | ||||||||||||
Market price at end of period(b) | $ | 17.26 | $ | 18.70 | $ | 17.83 | $ | 18.28 | $ | 16.93 | $ | 11.41 | ||||||||||||
Net Asset Value Total Return(c) | (4.47 | )% | 11.78 | % | 4.56 | % | 15.57 | % | 62.16 | % | (39.56 | )% | ||||||||||||
Market Price Total Return(c) | (4.74 | )% | 11.71 | % | 4.68 | % | 15.97 | % | 61.76 | % | (39.82 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,527,173 | $ | 1,891,452 | $ | 1,612,698 | $ | 1,832,516 | $ | 1,714,824 | $ | 773,644 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.64 | % | 0.66 | % | 0.66 | % | 0.65 | % | 0.69 | % | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.64 | % | 0.66 | % | 0.66 | % | 0.65 | % | 0.68 | % | ||||||||||||
Net investment income, after Waivers | 6.21 | %(d) | 6.47 | % | 6.76 | % | 6.75 | % | 8.30 | % | 11.49 | % | ||||||||||||
Portfolio turnover rate(e) | 17 | % | 18 | % | 6 | % | 26 | % | 23 | % | 45 | % |
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.77 | $ | 9.36 | $ | 9.06 | $ | 8.44 | $ | 6.12 | $ | 11.36 | ||||||||||||
Net investment income(a) | 0.21 | 0.42 | 0.35 | 0.34 | 0.32 | 0.43 | ||||||||||||||||||
Net realized and unrealized gain (loss) on | 0.74 | 1.41 | 0.29 | 0.63 | 2.35 | (5.21 | ) | |||||||||||||||||
Total from investment operations | 0.95 | 1.83 | 0.64 | 0.97 | 2.67 | (4.78 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.42 | ) | (0.34 | ) | (0.34 | ) | (0.33 | ) | (0.43 | ) | ||||||||||||
Return of capital | — | — | — | (0.01 | ) | (0.02 | ) | (0.03 | ) | |||||||||||||||
Total distributions | (0.20 | ) | (0.42 | ) | (0.34 | ) | (0.35 | ) | (0.35 | ) | (0.46 | ) | ||||||||||||
Net asset value at end of period | $ | 11.52 | $ | 10.77 | $ | 9.36 | $ | 9.06 | $ | 8.44 | $ | 6.12 | ||||||||||||
Market price at end of period(b) | $ | 11.54 | $ | 10.76 | $ | 9.36 | $ | 9.06 | $ | 8.44 | $ | 6.12 | ||||||||||||
Net Asset Value Total Return(c) | 8.94 | % | 20.16 | % | 7.37 | % | 11.91 | % | 44.59 | % | (42.88 | )% | ||||||||||||
Market Price Total Return(c) | 9.23 | % | 20.05 | % | 7.37 | % | 11.91 | % | 44.58 | % | (42.88 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 353,662 | $ | 322,476 | $ | 276,169 | $ | 208,471 | $ | 127,424 | $ | 86,846 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | %(d) | 0.57 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.55 | %(d) | 0.57 | % | 0.60 | % | 0.62 | % | 0.65 | % | 0.62 | % | ||||||||||||
Net investment income, after Waivers | 3.76 | %(d) | 4.31 | % | 3.88 | % | 4.02 | % | 4.42 | % | 5.24 | % | ||||||||||||
Portfolio turnover rate(e) | 5 | % | 32 | % | 35 | % | 44 | % | 57 | % | 77 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment return calculated for a period of less than one period is not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares International Dividend AchieversTM Portfolio (PID)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.27 | $ | 15.35 | $ | 16.85 | $ | 14.26 | $ | 10.14 | $ | 19.63 | ||||||||||||
Net investment income(a) | 0.24 | 0.40 | 0.48 | 0.47 | 0.35 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.62 | 1.93 | (1.49 | ) | 2.59 | 4.24 | (9.46 | ) | ||||||||||||||||
Total from investment operations | 0.86 | 2.33 | (1.01 | ) | 3.06 | 4.59 | (8.94 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.41 | ) | (0.49 | ) | (0.47 | ) | (0.47 | ) | (0.55 | ) | ||||||||||||
Net asset value at end of period | $ | 17.86 | $ | 17.27 | $ | 15.35 | $ | 16.85 | $ | 14.26 | $ | 10.14 | ||||||||||||
Market price at end of period(b) | $ | 17.89 | $ | 17.31 | $ | 15.37 | $ | 16.89 | $ | 14.26 | $ | 10.15 | ||||||||||||
Net Asset Value Total Return(c) | 5.07 | % | 15.63 | % | (5.87 | )% | 21.95 | % | 45.77 | % | (46.44 | )% | ||||||||||||
Market Price Total Return(c) | 5.00 | % | 15.75 | % | (5.97 | )% | 22.23 | % | 45.62 | % | (46.30 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,043,654 | $ | 877,341 | $ | 690,196 | $ | 550,282 | $ | 427,783 | $ | 256,584 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | %(d) | 0.56 | % | 0.55 | % | 0.58 | % | 0.57 | % | 0.57 | % | ||||||||||||
Expenses, prior to Waivers | 0.55 | %(d) | 0.56 | % | 0.56 | % | 0.58 | % | 0.57 | % | 0.57 | % | ||||||||||||
Net investment income, after Waivers | 2.79 | %(d) | 2.57 | % | 3.20 | % | 3.20 | % | 2.65 | % | 3.87 | % | ||||||||||||
Portfolio turnover rate(e) | 13 | % | 46 | % | 33 | % | 42 | % | 63 | % | 50 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment return calculated for a period of less than one period is not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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PowerShares Exchange-Traded Fund Trust
October 31, 2013
(Unaudited)
Note 1. Organization
PowerShares Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of October 31, 2013, the Trust offered fifty-five portfolios. This report includes the following portfolios:
Full Name | Short Name | |
PowerShares Buyback AchieversTM Portfolio (PKW) | “Buyback AchieversTM Portfolio” | |
PowerShares Dividend AchieversTM Portfolio (PFM) | “Dividend AchieversTM Portfolio” | |
PowerShares Financial Preferred Portfolio (PGF) | “Financial Preferred Portfolio” | |
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) | “High Yield Equity Dividend AchieversTM Portfolio” | |
PowerShares International Dividend AchieversTM Portfolio (PID) | “International Dividend AchieversTM Portfolio” |
Each portfolio (each, a “Fund” and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market prices of each Fund’s Shares may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed generally in-kind for securities included in each Fund’s relevant index. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek investment results that generally correspond (before fees and expenses) to the price and yield of its respective index listed below (each, an “Underlying Index”):
Fund | Index | |
Buyback AchieversTM Portfolio | NASDAQ US Buyback AchieversTM Index | |
Dividend AchieversTM Portfolio | NASDAQ US Broad Dividend AchieversTM Index | |
Financial Preferred Portfolio | Wells Fargo® Hybrid & Preferred Securities Financial Index | |
High Yield Equity Dividend AchieversTM Portfolio | NASDAQ US Dividend AchieversTM 50 Index | |
International Dividend AchieversTM Portfolio | NASDAQ International Dividend AchieversTM Index |
Note 2. Significant Accounting Policies
The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
A. Security Valuation
Securities, including restricted securities, are valued according to the following policies.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. Listed options, if no closing price is available, are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices.
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
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Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco PowerShares Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize an investing strategy that seeks returns in excess of each Fund’s respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Equity Risk. The Funds may invest in equity securities. Equity risk is the risk that the value of the securities a Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities a Fund holds participate or factors relating to specific companies in which a Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in a Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, a Fund may face more risks than if it were diversified broadly over numerous industries or sectors. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV.
Non-Diversified Fund Risk. Buyback AchieversTM Portfolio and Financial Preferred Portfolio are non-diversified and can invest a greater portion of assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Funds’ performance.
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Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Sampling Risk. Financial Preferred Portfolio’s use of a representative sampling approach will result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Dividend Paying Security Risk. Dividend AchieversTM Portfolio, High Yield Equity Dividend AchieversTM Portfolio and International Dividend AchieversTM Portfolio invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.
Foreign Securities Risk. For Financial Preferred Portfolio and International Dividend AchieversTM Portfolio, investments in foreign securities involve risks that are in addition to the risks associated with domestic securities. Foreign companies, in general, are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign companies often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record-keeping than are U.S. companies. Therefore, not all material information regarding these companies will be available.
In addition, securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers generally are subject to less government and exchange scrutiny and regulation than their U.S. counterparts. In addition, differences in clearance and settlement procedures in foreign markets may cause delays in settlement of a Fund’s trades effected in those markets and could result in losses to a Fund due to subsequent declines in the value of the securities subject to the trades. Depositary receipts also involve substantially identical risks to those associated with investments in foreign securities. Additionally, the issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, have no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.
High Yield Securities Risk. With respect to Financial Preferred Portfolio and High Yield Equity Dividend AchieversTM Portfolio, investments in high yield securities typically involve greater risk and are less liquid than higher grade issues. Changes in general economic conditions, changes in the financial condition of the issuers and changes in interest rates may adversely impact the ability of issuers of high yield securities to make timely payments of interest and principal.
Preferred Securities Risk. Financial Preferred Portfolio faces special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received this income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities. In addition, in certain circumstances, an issuer of preferred securities may redeem the securities prior to a specified date, and this may negatively impact the return of the security.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These timing differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
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The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
Corporate actions (including cash dividends) are recorded net of non-reclaimable foreign tax withholdings on the ex-dividend date.
E. Expenses
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
F. Dividends and Distributions to Shareholders
Each Fund (except for High Yield Dividend AchieversTM Portfolio and Financial Preferred Portfolio, which declare and pay dividends, if any, monthly) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal period-end.
G. Securities Lending
International Dividend AchieversTM Portfolio may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in an affiliated money market fund and is shown as such on the Schedule of Investments. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to a Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. A Fund could experience delays and costs in gaining access to the collateral. A Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan is shown on the Statements of Assets and Liabilities, if any.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Each Fund has agreed to pay the Adviser an annual fee of 0.40% of each Fund’s average daily net assets, except for Buyback AchieversTM Portfolio and Financial Preferred Portfolio, each of which pay the Adviser an annual fee of 0.50% of each Fund’s average daily net assets.
The Adviser has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Trust, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes,
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acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except for Buyback AchieversTM Portfolio and Financial Preferred Portfolio) from exceeding 0.50% of the Fund’s average daily net assets per year (0.60% of the Fund’s average daily net assets per year for the Buyback AchieversTM Portfolio and Financial Preferred Portfolio) (the “Expense Cap”), through at least August 31, 2014. Offering costs excluded from the Expense Cap are: (a) initial legal fees pertaining to the Funds’ Shares offered for sale; (b) initial Securities and Exchange Commission and state registration fees; and (c) initial fees paid to be listed on an exchange. Unless the Adviser continues the fee waiver agreement, it will terminate on August 31, 2014. The fee waiver agreement cannot be terminated during its term. For each portfolio, the Adviser did not waive fees and/or pay Fund expenses during the period under this expense limitation.
Further, the Adviser has contractually agreed, through at least August 31, 2015, to waive the advisory fee payable by each Fund in an amount equal to 100% of the net advisory fees the Adviser’s affiliate receives from the affiliated money market funds on investments by a Fund (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six months ended October 31, 2013, the Adviser waived fees and/or paid Fund expenses for each Fund, in the following amounts:
Buyback Achievers™ Portfolio | $ | 126 | ||
Dividend Achievers™ Portfolio | 69 | |||
Financial Preferred Portfolio | 1,572 | |||
High Yield Equity Dividend Achievers™ Portfolio | 98 | |||
International Dividend Achievers™ Portfolio | 143 |
The Expense Agreement provides that the fees waived or expenses borne by the Adviser are subject to recapture by the Adviser for up to three years from the date the fee was waived or expense was borne by the Adviser, but no recapture payment will be made by a Fund if it would result in the Fund exceeding its Expense Cap as specified above.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Buyback AchieversTM Portfolio | NASDAQ OMX Group, Inc. | |
Dividend AchieversTM Portfolio | NASDAQ OMX Group, Inc. | |
Financial Preferred Portfolio | Wells Fargo Securities, LLC | |
High Yield Equity Dividend AchieversTM Portfolio | NASDAQ OMX Group, Inc. | |
International Dividend AchieversTM Portfolio | NASDAQ OMX Group, Inc. |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use with the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of these Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Note 4. Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
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As of October 31, 2013, the securities in each Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Note 5. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in 8 tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following Funds had a capital loss carryforward as of April 30, 2013, which expires as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | Utilized | |||||||||||||||||||||||||||||||
Buyback AchieversTM Portfolio | $ | — | $ | — | $ | 8,126,181 | $ | 800,254 | $ | 12,142,749 | $ | 2,107,645 | $ | — | $ | — | $ | 23,176,829 | $ | 1,757,404 | ||||||||||||||||||||
Dividend AchieversTM Portfolio | 7,896 | — | 50,943 | 1,716,151 | 14,632,363 | 2,339,194 | 320,395 | 591,288 | 19,658,230 | — | ||||||||||||||||||||||||||||||
Financial Preferred Portfolio(1) | — | — | 24,467,971 | 9,034,558 | 7,354,935 | — | — | — | 40,857,464 | 7,550,854 | ||||||||||||||||||||||||||||||
High Yield Equity Dividend AchieversTM Portfolio | 1,616,610 | 7,009,598 | 5,162,362 | 81,487,358 | 44,815,128 | 2,187,574 | — | — | 142,278,630 | 735,489 | ||||||||||||||||||||||||||||||
International Dividend AchieversTM Portfolio | — | 148,582 | 1,975,339 | 59,472,841 | 145,514,837 | 11,745,409 | 28,700,063 | 12,185,450 | 259,742,521 | — |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
(1) | Tax year-end and carryforward expiration is October 31. |
Note 6. Investment Transactions
For the six-month period ended October 31, 2013, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Buyback Achievers™ Portfolio | $ | 44,488,809 | $ | 41,649,976 | ||||
Dividend Achievers™ Portfolio | 9,404,017 | 6,157,409 | ||||||
Financial Preferred Portfolio | 286,605,923 | 341,580,173 | ||||||
High Yield Equity Dividend Achievers™ Portfolio | 16,450,233 | 16,652,663 | ||||||
International Dividend Achievers™ Portfolio | 121,297,742 | 118,889,896 |
For the six-month period ended October 31, 2013, in-kind transactions associated with creations and redemptions were as follows:
Securities Received | Securities Delivered | |||||||
Buyback Achievers™ Portfolio | $ | 1,445,733,835 | $ | 43,354,767 | ||||
Dividend Achievers™ Portfolio | 14,474,686 | — | ||||||
Financial Preferred Portfolio | 58,684,657 | 264,370,361 | ||||||
High Yield Equity Dividend Achievers™ Portfolio | 36,395,645 | 27,309,419 | ||||||
International Dividend Achievers™ Portfolio | 130,866,565 | 1,693,852 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
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At October 31, 2013, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end.
Cost | Net Unrealized Appreciation | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Buyback Achievers™ Portfolio | $ | 1,797,725,397 | $ | 203,628,342 | $ | 212,548,207 | $ | (8,919,865 | ) | |||||||
Dividend Achievers™ Portfolio | 258,641,814 | 73,179,136 | 76,671,105 | (3,491,969 | ) | |||||||||||
Financial Preferred Portfolio(1) | 1,501,301,594 | 32,121,006 | 111,657,821 | (79,536,815 | ) | |||||||||||
High Yield Equity Dividend Achievers™ Portfolio | 302,793,360 | 50,632,179 | 54,150,977 | (3,518,798 | ) | |||||||||||
International Dividend Achievers™ Portfolio | 1,015,042,465 | 135,896,782 | 148,943,820 | (13,047,038 | ) |
(1) | Tax year-end is October 31. |
Note 7. Trustees’ Fees
The Funds compensate each Independent Trustee. The Trustee who is an “interested person” (the “Non-Independent Trustee”) of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, an Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select PowerShares Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.
Note 8. Capital
Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. Cash may be substituted equivalent to the value of certain securities, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
Each Fund may issue Shares in advance of receipt of a basket of securities (“Deposit Securities”) subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with each Fund’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Transactions in a Fund’s Shares are disclosed in detail on the Statements of Changes in Net Assets.
Note 9. Indemnifications
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between the Independent Trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
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(This Page Intentionally Left Blank)
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invescopowershares.com.
©2013 Invesco PowerShares Capital Management LLC | P-PS-SAR-1 | |||||
3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
invescopowershares.com 800.983.0903 | @PowerShares |
October 31, 2013 |
2013 Semi-Annual Report to Shareholders
PBE | PowerShares Dynamic Biotechnology & Genome Portfolio | |
PKB | PowerShares Dynamic Building & Construction Portfolio | |
PXE | PowerShares Dynamic Energy Exploration & Production Portfolio | |
PBJ | PowerShares Dynamic Food & Beverage Portfolio | |
PEJ | PowerShares Dynamic Leisure and Entertainment Portfolio | |
PBS | PowerShares Dynamic Media Portfolio | |
PXQ | PowerShares Dynamic Networking Portfolio | |
PXJ | PowerShares Dynamic Oil & Gas Services Portfolio | |
PJP | PowerShares Dynamic Pharmaceuticals Portfolio | |
PMR | PowerShares Dynamic Retail Portfolio | |
PSI | PowerShares Dynamic Semiconductors Portfolio | |
PSJ | PowerShares Dynamic Software Portfolio |
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As a shareholder of a Fund of the PowerShares Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2013.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds 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.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in 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.
Beginning May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,242.05 | 0.61 | % | $ | 3.45 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.13 | 0.61 | 3.11 | ||||||||||||
PowerShares Dynamic Building & Construction Portfolio (PKB) | ||||||||||||||||
Actual | 1,000.00 | 1,059.04 | 0.63 | 3.27 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) | ||||||||||||||||
Actual | 1,000.00 | 1,111.47 | 0.65 | 3.46 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||
PowerShares Dynamic Food & Beverage Portfolio (PBJ) | ||||||||||||||||
Actual | 1,000.00 | 1,107.44 | 0.63 | 3.35 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | ||||||||||||||||
Actual | 1,000.00 | 1,216.24 | 0.63 | 3.52 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Media Portfolio (PBS) | ||||||||||||||||
Actual | 1,000.00 | 1,199.46 | 0.63 | 3.49 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Networking Portfolio (PXQ) | ||||||||||||||||
Actual | 1,000.00 | 1,184.38 | 0.63 | 3.47 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | ||||||||||||||||
Actual | 1,000.00 | 1,167.31 | 0.62 | 3.39 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.08 | 0.62 | 3.16 |
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Fees and Expenses (continued)
Beginning May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,180.69 | 0.57 | % | $ | 3.13 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.33 | 0.57 | 2.91 | ||||||||||||
PowerShares Dynamic Retail Portfolio (PMR) | ||||||||||||||||
Actual | 1,000.00 | 1,191.25 | 0.63 | 3.48 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Semiconductors Portfolio (PSI) | ||||||||||||||||
Actual | 1,000.00 | 1,176.00 | 0.62 | 3.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.08 | 0.62 | 3.16 | ||||||||||||
PowerShares Dynamic Software Portfolio (PSJ) | ||||||||||||||||
Actual | 1,000.00 | 1,115.37 | 0.63 | 3.36 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2013. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value of the period, then multiplying the result by 184/365. |
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Portfolio Composition |
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) |
Sub-Industry Breakdown (Unaudited) | ||||
Biotechnology | 67.0 | |||
Life Sciences Tools & Services | 21.6 | |||
Specialty Chemicals | 5.1 | |||
Health Care Supplies | 3.4 | |||
Electronic Equipment & Instruments | 3.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1 | ) |
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.1% | ||||||||
Biotechnology—67.0% | ||||||||
204,161 | Acorda Therapeutics, Inc.(b) | $ | 6,249,368 | |||||
117,366 | Alexion Pharmaceuticals, Inc.(b) | 14,430,150 | ||||||
116,095 | Amgen, Inc. | 13,467,020 | ||||||
1,076,224 | Arena Pharmaceuticals, Inc.(b) | 4,724,623 | ||||||
59,372 | Biogen Idec, Inc.(b) | 14,498,049 | ||||||
108,879 | Cubist Pharmaceuticals, Inc.(b) | 6,750,498 | ||||||
392,412 | Emergent Biosolutions, Inc.(b) | 7,663,806 | ||||||
209,846 | Gilead Sciences, Inc.(b) | 14,896,967 | ||||||
246,290 | Insys Therapeutics, Inc.(b) | 9,824,508 | ||||||
317,469 | Intrexon Corp.(b) | 6,730,343 | ||||||
267,077 | Isis Pharmaceuticals, Inc.(b) | 8,885,652 | ||||||
122,034 | Medivation, Inc.(b) | 7,304,955 | ||||||
263,607 | Myriad Genetics, Inc.(b) | 6,426,739 | ||||||
473,479 | Neurocrine Biosciences, Inc.(b) | 4,469,642 | ||||||
395,335 | Osiris Therapeutics, Inc.(b) | 5,261,909 | ||||||
868,840 | PDL BioPharma, Inc. | 7,028,916 | ||||||
52,195 | Regeneron Pharmaceuticals, Inc.(b) | 15,011,282 | ||||||
698,946 | Sangamo BioSciences, Inc.(b) | 6,549,124 | ||||||
162,703 | Seattle Genetics, Inc.(b) | 6,285,217 | ||||||
97,287 | United Therapeutics Corp.(b) | 8,611,845 | ||||||
|
| |||||||
175,070,613 | ||||||||
|
| |||||||
Electronic Equipment & Instruments—3.0% | ||||||||
88,127 | FEI Co. | 7,850,353 | ||||||
|
| |||||||
Health Care Supplies—3.4% | ||||||||
191,334 | Neogen Corp.(b) | 8,843,457 | ||||||
|
| |||||||
Life Sciences Tools & Services—21.6% | ||||||||
344,241 | Bruker Corp.(b) | 7,039,729 | ||||||
162,479 | Illumina, Inc.(b) | 15,193,411 | ||||||
169,969 | Life Technologies Corp.(b) | 12,800,365 | ||||||
339,832 | Luminex Corp.(b) | 6,626,724 | ||||||
89,002 | Techne Corp. | 7,777,885 | ||||||
69,788 | Waters Corp.(b) | 7,043,005 | ||||||
|
| |||||||
56,481,119 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Specialty Chemicals—5.1% | ||||||||
153,358 | Sigma-Aldrich Corp. | $ | 13,254,732 | |||||
|
| |||||||
Total Common Stocks (Cost $213,861,867) | 261,500,274 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
125,541 | Premier Portfolio—Institutional Class(c) (Cost $125,541) | 125,541 | ||||||
|
| |||||||
Total Investments (Cost $213,987,408)—100.1% | 261,625,815 | |||||||
Other assets less liabilities—(0.1)% | (133,079 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 261,492,736 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Portfolio Composition |
PowerShares Dynamic Building & Construction Portfolio (PKB) |
Sub-Industry Breakdown (Unaudited) | ||||
Construction & Engineering | 31.7 | |||
Home Improvement Retail | 12.6 | |||
Building Products | 11.2 | |||
Industrial Machinery | 10.4 | |||
Construction Materials | 10.2 | |||
Forest Products | 8.2 | |||
Construction & Farm Machinery & Heavy Trucks | 5.1 | |||
Home Furnishings | 5.1 | |||
Real Estate Development | 2.9 | |||
Heavy Electrical Equipment | 2.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Dynamic Building & Construction Portfolio (PKB)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Building Products—11.2% | ||||||||
55,448 | A.O. Smith Corp. | $ | 2,863,889 | |||||
99,980 | AAON, Inc. | 2,700,460 | ||||||
66,864 | American Woodmark Corp.(b) | 2,268,027 | ||||||
33,967 | Lennox International, Inc. | 2,651,464 | ||||||
|
| |||||||
10,483,840 | ||||||||
|
| |||||||
Construction & Engineering—31.7% | ||||||||
80,043 | AECOM Technology Corp.(b) | 2,543,766 | ||||||
154,405 | Comfort Systems USA, Inc. | 2,876,565 | ||||||
62,028 | EMCOR Group, Inc. | 2,298,758 | ||||||
67,387 | Fluor Corp. | 5,001,463 | ||||||
73,344 | Jacobs Engineering Group, Inc.(b) | 4,460,782 | ||||||
78,079 | KBR, Inc. | 2,696,849 | ||||||
73,316 | MasTec, Inc.(b) | 2,343,912 | ||||||
163,524 | Quanta Services, Inc.(b) | 4,940,060 | ||||||
47,085 | URS Corp. | 2,552,949 | ||||||
|
| |||||||
29,715,104 | ||||||||
|
| |||||||
Construction & Farm Machinery & Heavy Trucks—5.1% | ||||||||
116,691 | Manitowoc Co., Inc. (The) | 2,270,807 | ||||||
51,902 | Oshkosh Corp.(b) | 2,470,016 | ||||||
|
| |||||||
4,740,823 | ||||||||
|
| |||||||
Construction Materials—10.2% | ||||||||
272,384 | Headwaters, Inc.(b) | 2,377,912 | ||||||
24,272 | Martin Marietta Materials, Inc. | 2,380,841 | ||||||
89,422 | Vulcan Materials Co. | 4,788,548 | ||||||
|
| |||||||
9,547,301 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Forest Products—8.2% | ||||||||
100,938 | Boise Cascade Co.(b) | $ | 2,585,022 | |||||
38,759 | Deltic Timber Corp. | 2,475,925 | ||||||
155,850 | Louisiana-Pacific Corp.(b) | 2,651,009 | ||||||
|
| |||||||
7,711,956 | ||||||||
|
| |||||||
Heavy Electrical Equipment—2.6% | ||||||||
75,236 | Babcock & Wilcox Co. (The) | 2,423,352 | ||||||
|
| |||||||
Home Furnishings—5.1% | ||||||||
36,385 | Mohawk Industries, Inc.(b) | 4,818,102 | ||||||
|
| |||||||
Home Improvement Retail—12.6% | ||||||||
57,380 | Home Depot, Inc. (The) | 4,469,328 | ||||||
93,285 | Lowe’s Cos., Inc. | 4,643,727 | ||||||
23,447 | Lumber Liquidators Holdings, Inc.(b) | 2,677,413 | ||||||
|
| |||||||
11,790,468 | ||||||||
|
| |||||||
Industrial Machinery—10.4% | ||||||||
30,833 | Hyster-Yale Materials Handling, Inc. | 2,418,540 | ||||||
72,279 | Ingersoll-Rand PLC | 4,881,001 | ||||||
17,276 | Valmont Industries, Inc. | 2,427,278 | ||||||
|
| |||||||
9,726,819 | ||||||||
|
| |||||||
Real Estate Development—2.9% | ||||||||
22,818 | Howard Hughes Corp. (The)(b) | 2,670,847 | ||||||
|
| |||||||
Total Common Stocks (Cost $83,925,111) | 93,628,612 | |||||||
|
| |||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares Dynamic Building & Construction Portfolio (PKB) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
79,842 | Premier Portfolio—Institutional Class(c) (Cost $79,842) | $ | 79,842 | |||||
|
| |||||||
Total Investments (Cost $84,004,953)—100.1% | 93,708,454 | |||||||
Other assets less liabilities—(0.1)% | (82,436 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 93,626,018 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Portfolio Composition |
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) |
Sub-Industry Breakdown (Unaudited) | ||||
Oil & Gas Exploration & Production | 62.7 | |||
Oil & Gas Refining & Marketing | 34.7 | |||
Gas Utilities | 2.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Gas Utilities—2.6% | ||||||||
117,159 | Questar Corp. | $ | 2,771,982 | |||||
|
| |||||||
Oil & Gas Exploration & Production—62.7% | ||||||||
51,500 | Anadarko Petroleum Corp. | 4,907,435 | ||||||
54,952 | Apache Corp. | 4,879,738 | ||||||
62,408 | Berry Petroleum Co., Class A | 2,979,982 | ||||||
74,963 | Carrizo Oil & Gas, Inc.(b) | 3,286,378 | ||||||
30,641 | Cimarex Energy Co. | 3,228,029 | ||||||
71,015 | ConocoPhillips | 5,205,399 | ||||||
148,534 | Denbury Resources, Inc.(b) | 2,820,661 | ||||||
38,733 | Energen Corp. | 3,033,569 | ||||||
29,981 | EOG Resources, Inc. | 5,348,610 | ||||||
136,749 | Marathon Oil Corp. | 4,821,770 | ||||||
44,141 | Murphy Oil Corp. | 2,662,585 | ||||||
76,643 | Noble Energy, Inc. | 5,742,860 | ||||||
65,511 | Oasis Petroleum, Inc.(b) | 3,488,461 | ||||||
498,675 | SandRidge Energy, Inc.(b) | 3,161,599 | ||||||
37,592 | SM Energy Co. | 3,331,027 | ||||||
93,730 | Stone Energy Corp.(b) | 3,267,428 | ||||||
50,888 | Whiting Petroleum Corp.(b) | 3,403,898 | ||||||
|
| |||||||
65,569,429 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing—34.7% | ||||||||
206,780 | Alon USA Energy, Inc. (Israel) | 2,497,902 | ||||||
162,127 | Alon USA Partners LP (Israel) | 2,208,170 | ||||||
59,977 | CVR Energy, Inc. | 2,382,287 | ||||||
94,347 | CVR Refining LP | 2,296,406 | ||||||
103,304 | Delek US Holdings, Inc. (Israel) | 2,639,417 | ||||||
57,736 | HollyFrontier Corp. | 2,659,320 | ||||||
64,935 | Marathon Petroleum Corp. | 4,653,242 | ||||||
123,293 | Northern Tier Energy LP | 2,867,795 | ||||||
116,894 | PBF Energy, Inc., Class A | 3,077,819 | ||||||
55,719 | Tesoro Corp. | 2,724,102 | ||||||
132,517 | Valero Energy Corp. | 5,455,725 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Oil & Gas Refining & Marketing (continued) | ||||||||
87,563 | Western Refining, Inc. | $ | 2,825,658 | |||||
|
| |||||||
36,287,843 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $99,078,115) | 104,629,254 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
45,921 | Premier Portfolio—Institutional Class(c) (Cost $45,921) | 45,921 | ||||||
|
| |||||||
Total Investments (Cost $99,124,036)—100.0% | 104,675,175 | |||||||
Other assets less liabilities—(0.0)% | (50,228 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 104,624,947 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Portfolio Composition |
PowerShares Dynamic Food & Beverage Portfolio (PBJ) |
Sub-Industry Breakdown (Unaudited) | ||||
Packaged Foods & Meats | 48.2 | |||
Restaurants | 11.6 | |||
Agricultural Products | 10.8 | |||
Food Retail | 10.8 | |||
Food Distributors | 7.8 | |||
Brewers | 5.7 | |||
Soft Drinks | 5.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Dynamic Food & Beverage Portfolio (PBJ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Agricultural Products—10.8% | ||||||||
312,630 | Archer-Daniels-Midland Co. | $ | 12,786,567 | |||||
79,232 | Bunge Ltd. | 6,507,324 | ||||||
208,047 | Fresh Del Monte Produce, Inc. | 5,531,970 | ||||||
|
| |||||||
24,825,861 | ||||||||
|
| |||||||
Brewers—5.7% | ||||||||
28,343 | Boston Beer Co., Inc. (The), Class A(b) | 6,507,269 | ||||||
123,066 | Molson Coors Brewing Co., Class B | 6,645,564 | ||||||
|
| |||||||
13,152,833 | ||||||||
|
| |||||||
Food Distributors—7.8% | ||||||||
91,444 | Andersons, Inc. (The) | 6,783,316 | ||||||
343,780 | Sysco Corp. | 11,117,845 | ||||||
|
| |||||||
17,901,161 | ||||||||
|
| |||||||
Food Retail—10.8% | ||||||||
240,267 | Ingles Markets, Inc., Class A | 6,201,291 | ||||||
300,758 | Kroger Co. (The) | 12,884,473 | ||||||
837,417 | SUPERVALU, Inc.(b) | 5,887,042 | ||||||
|
| |||||||
24,972,806 | ||||||||
|
| |||||||
Packaged Foods & Meats—48.2% | ||||||||
486,964 | Chiquita Brands International, Inc.(b) | 5,040,077 | ||||||
177,537 | ConAgra Foods, Inc. | 5,647,452 | ||||||
313,378 | Dean Foods Co.(b) | 6,110,871 | ||||||
288,807 | Flowers Foods, Inc. | 7,318,369 | ||||||
223,194 | General Mills, Inc. | 11,253,442 | ||||||
69,569 | Green Mountain Coffee Roasters, Inc.(b) | 4,369,629 | ||||||
119,717 | Hershey Co. (The) | 11,880,715 | ||||||
78,061 | J & J Snack Foods Corp. | 6,679,680 | ||||||
56,568 | J.M. Smucker Co. (The) | 6,290,927 | ||||||
181,317 | Kellogg Co. | 11,468,300 | ||||||
212,630 | Kraft Foods Group, Inc. | 11,562,819 | ||||||
391,671 | Pilgrim’s Pride Corp. (Brazil)(b) | 5,549,978 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Packaged Foods & Meats (continued) | ||||||||
91,699 | Sanderson Farms, Inc. | $ | 5,796,294 | |||||
200,210 | Tootsie Roll Industries, Inc. | 6,406,720 | ||||||
207,404 | Tyson Foods, Inc., Class A | 5,738,869 | ||||||
|
| |||||||
111,114,142 | ||||||||
|
| |||||||
Restaurants—11.6% | ||||||||
146,627 | AFC Enterprises, Inc.(b) | 6,536,632 | ||||||
97,729 | Domino’s Pizza, Inc. | 6,553,707 | ||||||
152,046 | Jack in the Box, Inc.(b) | 6,185,231 | ||||||
304,475 | Krispy Kreme Doughnuts, Inc.(b) | 7,386,563 | ||||||
|
| |||||||
26,662,133 | ||||||||
|
| |||||||
Soft Drinks—5.0% | ||||||||
138,063 | PepsiCo, Inc. | 11,609,718 | ||||||
|
| |||||||
Total Common Stocks (Cost $216,242,936) | 230,238,654 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
157,878 | Premier Portfolio—Institutional Class(c) (Cost $157,878) | 157,878 | ||||||
|
| |||||||
Total Investments (Cost $216,400,814)—100.0% | 230,396,532 | |||||||
Other assets less liabilities—(0.0)% | (85,521 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 230,311,011 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Portfolio Composition |
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) |
Sub-Industry Breakdown (Unaudited) | ||||
Restaurants | 44.7 | |||
Broadcasting | 15.1 | |||
Movies & Entertainment | 12.9 | |||
Casinos & Gaming | 9.6 | |||
Internet Retail | 7.4 | |||
Hotels, Resorts & Cruise Lines | 5.2 | |||
Leisure Facilities | 5.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Broadcasting—15.1% | ||||||||
104,245 | Discovery Communications, Inc., Class A(b) | $ | 9,269,465 | |||||
59,197 | Liberty Media Corp., Class A(b) | 9,051,813 | ||||||
109,879 | Scripps Networks Interactive, Inc., Class A | 8,845,260 | ||||||
|
| |||||||
27,166,538 | ||||||||
|
| |||||||
Casinos & Gaming—9.6% | ||||||||
61,103 | Bally Technologies, Inc.(b) | 4,469,074 | ||||||
233,303 | International Game Technology | 4,386,096 | ||||||
249,127 | MGM Resorts International(b) | 4,743,378 | ||||||
112,316 | Multimedia Games Holding Co., Inc.(b) | 3,651,393 | ||||||
|
| |||||||
17,249,941 | ||||||||
|
| |||||||
Hotels, Resorts & Cruise Lines—5.2% | ||||||||
126,368 | Starwood Hotels & Resorts Worldwide, Inc. | 9,303,212 | ||||||
|
| |||||||
Internet Retail—7.4% | ||||||||
463,409 | Orbitz Worldwide, Inc.(b) | 4,281,899 | ||||||
8,609 | priceline.com, Inc.(b) | 9,072,423 | ||||||
|
| |||||||
13,354,322 | ||||||||
|
| |||||||
Leisure Facilities—5.1% | ||||||||
103,822 | Cedar Fair LP | 4,760,239 | ||||||
147,244 | SeaWorld Entertainment, Inc. | 4,421,737 | ||||||
|
| |||||||
9,181,976 | ||||||||
|
| |||||||
Movies & Entertainment—12.9% | ||||||||
125,879 | Lions Gate Entertainment Corp.(b) | 4,352,896 | ||||||
261,397 | Live Nation Entertainment, Inc.(b) | 5,081,558 | ||||||
246,349 | Regal Entertainment Group, Class A | 4,683,095 | ||||||
133,483 | Time Warner, Inc. | 9,175,621 | ||||||
|
| |||||||
23,293,170 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Restaurants—44.7% | ||||||||
107,626 | AFC Enterprises, Inc.(b) | $ | 4,797,967 | |||||
10,558 | Biglari Holdings, Inc.(b) | 4,603,499 | ||||||
89,887 | Bob Evans Farms, Inc. | 5,131,649 | ||||||
42,410 | Buffalo Wild Wings, Inc.(b) | 6,046,818 | ||||||
108,894 | CEC Entertainment, Inc. | 5,047,237 | ||||||
19,799 | Chipotle Mexican Grill, Inc.(b) | 10,433,479 | ||||||
44,780 | Cracker Barrel Old Country Store, Inc. | 4,919,979 | ||||||
71,727 | Domino’s Pizza, Inc. | 4,810,013 | ||||||
111,599 | Jack in the Box, Inc.(b) | 4,539,847 | ||||||
223,485 | Krispy Kreme Doughnuts, Inc.(b) | 5,421,746 | ||||||
67,953 | Red Robin Gourmet Burgers, Inc.(b) | 5,176,659 | ||||||
276,133 | Sonic Corp.(b) | 5,329,367 | ||||||
114,568 | Starbucks Corp. | 9,285,736 | ||||||
582,942 | Wendy’s Co. (The) | 5,065,766 | ||||||
|
| |||||||
80,609,762 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $154,323,950) | 180,158,921 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
96,199 | Premier Portfolio—Institutional Class(c) (Cost $96,199) | 96,199 | ||||||
|
| |||||||
Total Investments (Cost $154,420,149)—100.1% | 180,255,120 | |||||||
Other assets less liabilities—(0.1)% | (134,146 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 180,120,974 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) (continued)
October 31, 2013
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Portfolio Composition |
PowerShares Dynamic Media Portfolio (PBS) |
Sub-Industry Breakdown (Unaudited) | ||||
Internet Software & Services | 29.5 | |||
Broadcasting | 21.2 | |||
Publishing | 10.5 | |||
Cable & Satellite | 9.8 | |||
Advertising | 7.8 | |||
Movies & Entertainment | 7.5 | |||
Data Processing & Outsourced Services | 3.0 | |||
Specialized Finance | 2.9 | |||
Internet Retail | 2.8 | |||
IT Consulting & Other Services | 2.6 | |||
Catalog Retail | 2.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Dynamic Media Portfolio (PBS)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Advertising—7.8% | ||||||||
410,425 | Interpublic Group of Cos., Inc. (The) | $ | 6,895,140 | |||||
358,844 | National CineMedia, Inc. | 6,286,947 | ||||||
106,381 | Omnicom Group, Inc. | 7,245,610 | ||||||
|
| |||||||
20,427,697 | ||||||||
|
| |||||||
Broadcasting—21.2% | ||||||||
456,293 | Belo Corp., Class A | 6,264,903 | ||||||
231,480 | CBS Corp., Class B | 13,689,727 | ||||||
1,344,154 | Cumulus Media, Inc., Class A(b)(c) | 8,038,041 | ||||||
152,607 | Discovery Communications, Inc., Class A(b)(c) | 13,569,815 | ||||||
47,275 | Liberty Media Corp., Class A(c) | 7,228,820 | ||||||
87,749 | Scripps Networks Interactive, Inc., Class A(b) | 7,063,794 | ||||||
|
| |||||||
55,855,100 | ||||||||
|
| |||||||
Cable & Satellite—9.8% | ||||||||
263,088 | DISH Network Corp., Class A | 12,680,842 | ||||||
110,182 | Time Warner Cable, Inc. | 13,238,367 | ||||||
|
| |||||||
25,919,209 | ||||||||
|
| |||||||
Catalog Retail—2.4% | ||||||||
119,789 | HSN, Inc. | 6,276,944 | ||||||
|
| |||||||
Data Processing & Outsourced Services—3.0% | ||||||||
32,976 | Alliance Data Systems Corp.(b)(c) | 7,817,291 | ||||||
|
| |||||||
Internet Retail—2.8% | ||||||||
22,730 | Netflix, Inc.(c) | 7,329,970 | ||||||
|
| |||||||
Internet Software & Services—29.5% | ||||||||
322,280 | Blucora, Inc.(b)(c) | 7,615,476 | ||||||
43,441 | CoStar Group, Inc.(b)(c) | 7,688,623 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
13,971 | Google, Inc., Class A(c) | $ | 14,398,233 | |||||
49,277 | LinkedIn Corp., Class A(c) | 11,021,787 | ||||||
129,980 | Shutterstock, Inc.(b)(c) | 9,202,584 | ||||||
155,396 | Trulia, Inc.(b)(c) | 6,211,178 | ||||||
205,348 | WebMD Health Corp.(b)(c) | 7,232,356 | ||||||
436,157 | Yahoo!, Inc.(c) | 14,362,650 | ||||||
|
| |||||||
77,732,887 | ||||||||
|
| |||||||
IT Consulting & Other Services—2.6% | ||||||||
431,569 | Sapient Corp.(c) | 6,823,106 | ||||||
|
| |||||||
Movies & Entertainment—7.5% | ||||||||
184,292 | Lions Gate Entertainment Corp.(b)(c) | 6,372,817 | ||||||
195,413 | Time Warner, Inc. | 13,432,690 | ||||||
|
| |||||||
19,805,507 | ||||||||
|
| |||||||
Publishing—10.5% | ||||||||
267,826 | Gannett Co., Inc.(b) | 7,410,746 | ||||||
150,008 | Meredith Corp. | 7,695,410 | ||||||
218,635 | Scholastic Corp. | 6,272,638 | ||||||
234,186 | Valassis Communications, Inc.(b) | 6,407,329 | ||||||
|
| |||||||
27,786,123 | ||||||||
|
| |||||||
Specialized Finance—2.9% | ||||||||
110,538 | McGraw Hill Financial, Inc. | 7,702,288 | ||||||
|
| |||||||
Total Common Stocks (Cost $232,253,767) | 263,476,122 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares Dynamic Media Portfolio (PBS) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
147,405 | Premier Portfolio—Institutional Class(d) (Cost $147,405) | $ | 147,405 | |||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $232,401,172)—100.1% | 263,623,527 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—15.0% | ||||||||
39,493,550 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $39,493,550)(d)(e) | 39,493,550 | ||||||
|
| |||||||
Total Investments (Cost $271,894,722)—115.1% | 303,117,077 | |||||||
Other assets less liabilities—(15.1)% | (39,651,728 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 263,465,349 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2013. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2G. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Portfolio Composition |
PowerShares Dynamic Networking Portfolio (PXQ) |
Sub-Industry Breakdown (Unaudited) | ||||
Communications Equipment | 59.2 | |||
Systems Software | 11.2 | |||
Electronic Components | 8.1 | |||
Application Software | 6.7 | |||
Electronic Manufacturing Services | 6.3 | |||
Computer Storage & Peripherals | 3.0 | |||
Internet Software & Services | 2.8 | |||
Semiconductors | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Networking Portfolio (PXQ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Application Software—6.7% | ||||||||
21,632 | Citrix Systems, Inc.(b) | $ | 1,228,265 | |||||
33,617 | NetScout Systems, Inc.(b) | 952,034 | ||||||
|
| |||||||
2,180,299 | ||||||||
|
| |||||||
Communications Equipment—59.2% | ||||||||
34,620 | ADTRAN, Inc. | 812,878 | ||||||
53,289 | ARRIS Group, Inc.(b) | 951,741 | ||||||
50,213 | Aruba Networks, Inc.(b) | 941,996 | ||||||
112,843 | Brocade Communications Systems, Inc.(b) | 905,001 | ||||||
64,983 | Calix, Inc.(b) | 660,877 | ||||||
41,920 | Ciena Corp.(b) | 975,478 | ||||||
65,676 | Cisco Systems, Inc. | 1,477,710 | ||||||
18,360 | F5 Networks, Inc.(b) | 1,496,524 | ||||||
40,793 | Finisar Corp.(b) | 938,647 | ||||||
118,109 | Harmonic, Inc.(b) | 863,377 | ||||||
90,080 | Infinera Corp.(b) | 919,717 | ||||||
80,999 | Juniper Networks, Inc.(b) | 1,509,821 | ||||||
27,333 | Motorola Solutions, Inc. | 1,708,859 | ||||||
28,855 | NETGEAR, Inc.(b) | 829,870 | ||||||
23,097 | QUALCOMM, Inc. | 1,604,548 | ||||||
61,444 | Ruckus Wireless, Inc.(b) | 890,938 | ||||||
242,039 | Sonus Networks, Inc.(b) | 726,117 | ||||||
376,143 | Tellabs, Inc. | 917,789 | ||||||
|
| |||||||
19,131,888 | ||||||||
|
| |||||||
Computer Storage & Peripherals—3.0% | ||||||||
78,851 | QLogic Corp.(b) | 973,810 | ||||||
|
| |||||||
Electronic Components—8.1% | ||||||||
20,205 | Amphenol Corp., Class A | 1,622,259 | ||||||
14,722 | Belden, Inc. | 990,202 | ||||||
|
| |||||||
2,612,461 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Electronic Manufacturing Services—6.3% | ||||||||
52,754 | Molex, Inc. | $ | 2,036,304 | |||||
|
| |||||||
Internet Software & Services—2.8% | ||||||||
28,031 | LogMeIn, Inc.(b) | 905,401 | ||||||
|
| |||||||
Semiconductors—2.7% | ||||||||
21,992 | Cavium, Inc.(b) | 886,498 | ||||||
|
| |||||||
Systems Software—11.2% | ||||||||
24,705 | Gigamon, Inc.(b) | 760,420 | ||||||
23,927 | Infoblox, Inc.(b) | 1,063,555 | ||||||
28,985 | Proofpoint, Inc.(b) | 917,085 | ||||||
41,772 | Qualys, Inc.(b) | 868,858 | ||||||
|
| |||||||
3,609,918 | ||||||||
|
| |||||||
Total Common Stocks (Cost $28,286,078) | 32,336,579 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
79,288 | Premier Portfolio—Institutional Class(c) (Cost $79,288) | 79,288 | ||||||
|
| |||||||
Total Investments (Cost $28,365,366)—100.2% | 32,415,867 | |||||||
Other assets less liabilities—(0.2)% | (76,130 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 32,339,737 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Portfolio Composition |
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) |
Sub-Industry Breakdown (Unaudited) | ||||
Oil & Gas Equipment & Services | 72.2 | |||
Oil & Gas Drilling | 27.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Oil & Gas Drilling—27.8% | ||||||||
53,093 | Atwood Oceanics, Inc.(b) | $ | 2,820,831 | |||||
84,644 | Diamond Offshore Drilling, Inc. | 5,242,003 | ||||||
46,895 | Helmerich & Payne, Inc. | 3,636,707 | ||||||
191,965 | Nabors Industries Ltd. | 3,355,548 | ||||||
145,693 | Noble Corp. | 5,492,626 | ||||||
515,027 | Parker Drilling Co.(b) | 3,708,195 | ||||||
150,907 | Patterson-UTI Energy, Inc. | 3,661,004 | ||||||
120,093 | Transocean Ltd. | 5,652,778 | ||||||
|
| |||||||
33,569,692 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services—72.2% | ||||||||
116,580 | Baker Hughes, Inc. | 6,772,132 | ||||||
44,996 | Bristow Group, Inc. | 3,620,828 | ||||||
143,997 | C&J Energy Services, Inc.(b) | 3,317,691 | ||||||
19,512 | Core Laboratories NV | 3,653,037 | ||||||
28,980 | Dril-Quip, Inc.(b) | 3,402,832 | ||||||
107,774 | Exterran Holdings, Inc.(b) | 3,076,948 | ||||||
105,845 | Exterran Partners LP | 3,285,429 | ||||||
101,059 | FMC Technologies, Inc.(b) | 5,108,533 | ||||||
64,295 | Gulfmark Offshore, Inc., Class A | 3,200,605 | ||||||
112,912 | Halliburton Co. | 5,987,723 | ||||||
118,108 | Helix Energy Solutions Group, Inc.(b) | 2,794,435 | ||||||
54,264 | Hornbeck Offshore Services, Inc.(b) | 2,999,171 | ||||||
443,217 | Key Energy Services, Inc.(b) | 3,465,957 | ||||||
265,611 | Newpark Resources, Inc.(b) | 3,386,540 | ||||||
38,106 | Oceaneering International, Inc. | 3,272,543 | ||||||
33,135 | Oil States International, Inc.(b) | 3,599,455 | ||||||
207,021 | RPC, Inc. | 3,796,765 | ||||||
66,961 | Schlumberger Ltd. | 6,275,585 | ||||||
35,583 | SEACOR Holdings, Inc. | 3,480,017 | ||||||
120,368 | Superior Energy Services, Inc.(b) | 3,229,474 | ||||||
191,343 | Tesco Corp.(b) | 3,287,273 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Oil & Gas Equipment & Services (continued) | ||||||||
363,501 | Weatherford International Ltd.(b) | $ | 5,975,956 | |||||
|
| |||||||
86,988,929 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $108,729,970) | 120,558,621 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
67,577 | Premier Portfolio—Institutional Class(c) (Cost $67,577) | 67,577 | ||||||
|
| |||||||
Total Investments (Cost $108,797,547)—100.1% | 120,626,198 | |||||||
Other assets less liabilities—(0.1)% | (130,577 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 120,495,621 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Portfolio Composition |
PowerShares Dynamic Pharmaceuticals Portfolio (PJP) |
Sub-Industry Breakdown (Unaudited) | ||||
Pharmaceuticals | 69.3 | |||
Biotechnology | 22.3 | |||
Health Care Equipment | 5.7 | |||
Personal Products | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Pharmaceuticals Portfolio (PJP)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Biotechnology—22.3% | ||||||||
333,128 | Amgen, Inc. | $ | 38,642,848 | |||||
97,351 | Biogen Idec, Inc.(b) | 23,772,141 | ||||||
259,266 | Celgene Corp.(b) | 38,498,408 | ||||||
602,144 | Gilead Sciences, Inc.(b) | 42,746,203 | ||||||
431,225 | Ligand Pharmaceuticals, Inc., Class B(b) | 22,320,206 | ||||||
|
| |||||||
165,979,806 | ||||||||
|
| |||||||
Health Care Equipment—5.7% | ||||||||
622,190 | Abbott Laboratories | 22,741,045 | ||||||
298,136 | Baxter International, Inc. | 19,638,218 | ||||||
|
| |||||||
42,379,263 | ||||||||
|
| |||||||
Personal Products—2.7% | ||||||||
638,672 | Prestige Brands Holdings, Inc.(b) | 19,945,726 | ||||||
|
| |||||||
Pharmaceuticals—69.3% | ||||||||
153,405 | Actavis PLC(b) | 23,713,345 | ||||||
1,154,021 | Akorn, Inc.(b) | 23,588,189 | ||||||
234,638 | Allergan, Inc. | 21,260,549 | ||||||
1,188,415 | Auxilium Pharmaceuticals, Inc.(b) | 20,452,622 | ||||||
870,503 | Bristol-Myers Squibb Co. | 45,718,818 | ||||||
706,053 | Eli Lilly & Co. | 35,175,561 | ||||||
504,698 | Endo Health Solutions, Inc.(b) | 22,070,444 | ||||||
487,609 | Forest Laboratories, Inc.(b) | 22,932,251 | ||||||
531,327 | Hospira, Inc.(b) | 21,529,370 | ||||||
1,017,561 | Impax Laboratories, Inc.(b) | 20,615,786 | ||||||
419,984 | Johnson & Johnson | 38,894,718 | ||||||
656,050 | Medicines Co. (The)(b) | 22,253,216 | ||||||
767,412 | Merck & Co., Inc. | 34,602,607 | ||||||
586,813 | Mylan, Inc.(b) | 22,222,608 | ||||||
170,618 | Perrigo Co. | 23,526,516 | ||||||
1,286,464 | Pfizer, Inc. | 39,468,716 | ||||||
311,008 | Questcor Pharmaceuticals, Inc. | 19,086,561 | ||||||
309,796 | Salix Pharmaceuticals Ltd.(b) | 22,227,863 | ||||||
920,868 | Santarus, Inc.(b) | 21,483,850 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Pharmaceuticals (continued) | ||||||||
1,655,051 | VIVUS, Inc.(b) | $ | 15,540,929 | |||||
|
| |||||||
516,364,519 | ||||||||
|
| |||||||
Total Common Stocks (Cost $589,299,164) | 744,669,314 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
273,185 | Premier Portfolio—Institutional Class(c) (Cost $273,185) | 273,185 | ||||||
|
| |||||||
Total Investments (Cost $589,572,349)—100.0% | 744,942,499 | |||||||
Other assets less liabilities—(0.0)% | (173,892 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 744,768,607 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Portfolio Composition |
PowerShares Dynamic Retail Portfolio (PMR) |
Sub-Industry Breakdown (Unaudited) | ||||
Food Retail | 21.8 | |||
Drug Retail | 14.2 | |||
Hypermarkets & Super Centers | 12.7 | |||
Computer & Electronics Retail | 12.4 | |||
Automotive Retail | 9.4 | |||
Apparel Retail | 7.9 | |||
Home Improvement Retail | 7.7 | |||
Internet Software & Services | 5.3 | |||
Trucking | 3.0 | |||
Home Furnishing Retail | 2.8 | |||
Forest Products | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Dynamic Retail Portfolio (PMR)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Apparel Retail—7.9% | ||||||||
37,776 | Brown Shoe Co., Inc. | $ | 847,693 | |||||
33,661 | Cato Corp. (The), Class A | 1,008,820 | ||||||
15,925 | Children’s Place Retail Stores, Inc. (The)(b) | 869,346 | ||||||
|
| |||||||
2,725,859 | ||||||||
|
| |||||||
Automotive Retail—9.4% | ||||||||
12,906 | Lithia Motors, Inc., Class A | 811,142 | ||||||
12,654 | O’Reilly Automotive, Inc.(b) | 1,566,692 | ||||||
21,699 | Penske Automotive Group, Inc. | 859,714 | ||||||
|
| |||||||
3,237,548 | ||||||||
|
| |||||||
Computer & Electronics Retail—12.4% | ||||||||
43,130 | Best Buy Co., Inc. | 1,845,964 | ||||||
16,867 | GameStop Corp., Class A | 924,649 | ||||||
46,765 | hhgregg, Inc.(b) | 725,325 | ||||||
22,579 | Rent-A-Center, Inc. | 773,105 | ||||||
|
| |||||||
4,269,043 | ||||||||
|
| |||||||
Drug Retail—14.2% | ||||||||
26,747 | CVS Caremark Corp. | 1,665,268 | ||||||
244,774 | Rite Aid Corp.(b) | 1,304,646 | ||||||
32,301 | Walgreen Co. | 1,913,511 | ||||||
|
| |||||||
4,883,425 | ||||||||
|
| |||||||
Food Retail—21.8% | ||||||||
17,351 | Fresh Market, Inc. (The)(b) | 883,339 | ||||||
33,890 | Ingles Markets, Inc., Class A | 874,701 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Food Retail (continued) | ||||||||
42,423 | Kroger Co. (The) | $ | 1,817,401 | |||||
32,700 | Safeway, Inc. | 1,141,230 | ||||||
22,915 | Sprouts Farmers Market, Inc.(b) | 1,055,465 | ||||||
118,119 | SUPERVALU, Inc.(b) | 830,377 | ||||||
18,027 | Weis Markets, Inc. | 922,442 | ||||||
|
| |||||||
7,524,955 | ||||||||
|
| |||||||
Forest Products—2.7% | ||||||||
36,663 | Boise Cascade Co.(b) | 938,939 | ||||||
|
| |||||||
Home Improvement Retail—7.7% | ||||||||
33,886 | Lowe’s Cos., Inc. | 1,686,845 | ||||||
8,519 | Lumber Liquidators Holdings, Inc.(b) | 972,785 | ||||||
|
| |||||||
2,659,630 | ||||||||
|
| |||||||
Home Furnishing Retail—2.8% | ||||||||
34,982 | Haverty Furniture Cos., Inc. | 972,849 | ||||||
|
| |||||||
Hypermarkets & Super Centers—12.7% | ||||||||
13,879 | Costco Wholesale Corp. | 1,637,722 | ||||||
9,852 | PriceSmart, Inc. | 1,121,059 | ||||||
21,276 | Wal-Mart Stores, Inc. | 1,632,933 | ||||||
|
| |||||||
4,391,714 | ||||||||
|
| |||||||
Internet Software & Services—5.3% | ||||||||
20,222 | Stamps.com, Inc.(b) | 918,888 | ||||||
74,313 | United Online, Inc. | 905,870 | ||||||
|
| |||||||
1,824,758 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
PowerShares Dynamic Retail Portfolio (PMR) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Trucking—3.0% | ||||||||
5,177 | AMERCO | $ | 1,045,392 | |||||
|
| |||||||
Total Common Stocks (Cost $30,273,235) | 34,474,112 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
69,591 | Premier Portfolio—Institutional Class(c) (Cost $69,591) | 69,591 | ||||||
|
| |||||||
Total Investments (Cost $30,342,826)—100.1% | 34,543,703 | |||||||
Other assets less liabilities—(0.1)% | (26,432 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 34,517,271 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Portfolio Composition |
PowerShares Dynamic Semiconductors Portfolio (PSI) |
Sub-Industry Breakdown (Unaudited) | ||||
Semiconductors | 66.5 | |||
Semiconductor Equipment | 30.8 | |||
Communications Equipment | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Dynamic Semiconductors Portfolio (PSI)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Communications Equipment—2.7% | ||||||||
10,519 | InterDigital, Inc. | $ | 407,611 | |||||
|
| |||||||
Semiconductor Equipment—30.8% | ||||||||
20,509 | Advanced Energy Industries, Inc.(b) | 428,228 | ||||||
93,234 | Amkor Technology, Inc.(b) | 495,073 | ||||||
45,666 | Applied Materials, Inc. | 815,138 | ||||||
15,228 | ATMI, Inc.(b) | 416,333 | ||||||
42,486 | Brooks Automation, Inc. | 409,565 | ||||||
39,773 | Entegris, Inc.(b) | 411,651 | ||||||
12,428 | KLA-Tencor Corp. | 815,277 | ||||||
33,803 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 436,059 | ||||||
8,011 | Lam Research Corp.(b) | 434,436 | ||||||
|
| |||||||
4,661,760 | ||||||||
|
| |||||||
Semiconductors—66.5% | ||||||||
14,810 | Analog Devices, Inc. | 730,133 | ||||||
34,747 | Applied Micro Circuits Corp.(b) | 405,150 | ||||||
6,738 | Cree, Inc.(b) | 409,334 | ||||||
15,015 | Diodes, Inc.(b) | 363,663 | ||||||
30,595 | Exar Corp.(b) | 352,760 | ||||||
42,925 | Integrated Device Technology, Inc.(b) | 456,722 | ||||||
31,184 | Intel Corp. | 761,825 | ||||||
15,655 | International Rectifier Corp.(b) | 407,656 | ||||||
36,053 | Intersil Corp., Class A | 402,352 | ||||||
17,881 | Linear Technology Corp. | 735,624 | ||||||
18,283 | Magnachip Semiconductor Corp. (South Korea)(b) | 341,709 | ||||||
30,874 | Marvell Technology Group Ltd. | 370,488 | ||||||
50,512 | Micron Technology, Inc.(b) | 893,052 | ||||||
12,210 | Monolithic Power Systems, Inc. | 388,767 | ||||||
25,346 | NVIDIA Corp. | 384,752 | ||||||
51,639 | ON Semiconductor Corp.(b) | 364,571 | ||||||
7,173 | Power Integrations, Inc. | 412,017 | ||||||
17,944 | Texas Instruments, Inc. | 755,084 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Semiconductors (continued) | ||||||||
49,585 | TriQuint Semiconductor, Inc.(b) | $ | 393,209 | |||||
15,787 | Xilinx, Inc. | 717,046 | ||||||
|
| |||||||
10,045,914 | ||||||||
|
| |||||||
Total Common Stocks (Cost $13,182,854) | 15,115,285 | |||||||
|
| |||||||
Money Market Fund—0.4% | ||||||||
56,666 | Premier Portfolio—Institutional Class(c) (Cost $56,666) | 56,666 | ||||||
|
| |||||||
Total Investments (Cost $13,239,520)—100.4% | 15,171,951 | |||||||
Other assets less liabilities—(0.4)% | (61,265 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 15,110,686 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Portfolio Composition |
PowerShares Dynamic Software Portfolio (PSJ) |
Sub-Industry Breakdown (Unaudited) | ||||
Application Software | 41.1 | |||
Health Care Technology | 17.8 | |||
Home Entertainment Software | 12.5 | |||
Systems Software | 9.7 | |||
Data Processing & Outsourced Services | 9.3 | |||
Semiconductor Equipment | 3.1 | |||
IT Consulting & Other Services | 2.8 | |||
Internet Software & Services | 2.4 | |||
Education Services | 1.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1 | ) |
Schedule of Investments(a)
PowerShares Dynamic Software Portfolio (PSJ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.1% | ||||||||
Application Software—41.1% | ||||||||
59,834 | Adobe Systems, Inc.(b) | $ | 3,243,003 | |||||
55,321 | Advent Software, Inc. | 1,856,020 | ||||||
32,596 | ANSYS, Inc.(b) | 2,850,520 | ||||||
44,664 | Aspen Technology, Inc.(b) | 1,707,505 | ||||||
41,452 | Blackbaud, Inc. | 1,492,272 | ||||||
49,359 | Comverse, Inc.(b) | 1,558,757 | ||||||
25,350 | Interactive Intelligence Group, Inc.(b) | 1,557,757 | ||||||
17,064 | Manhattan Associates, Inc.(b) | 1,817,487 | ||||||
67,379 | Mentor Graphics Corp. | 1,487,728 | ||||||
57,985 | Monotype Imaging Holdings, Inc. | 1,636,337 | ||||||
42,190 | SS&C Technologies Holdings, Inc.(b) | 1,658,067 | ||||||
20,207 | Tyler Technologies, Inc.(b) | 1,954,219 | ||||||
|
| |||||||
22,819,672 | ||||||||
|
| |||||||
Data Processing & Outsourced Services—9.3% | ||||||||
63,429 | CSG Systems International, Inc. | 1,767,132 | ||||||
20,921 | DST Systems, Inc. | 1,773,473 | ||||||
29,922 | Jack Henry & Associates, Inc. | 1,634,040 | ||||||
|
| |||||||
5,174,645 | ||||||||
|
| |||||||
Education Services—1.4% | ||||||||
41,121 | K12, Inc.(b) | 751,692 | ||||||
|
| |||||||
Health Care Technology—17.8% | ||||||||
102,690 | Allscripts Healthcare Solutions, Inc.(b) | 1,420,203 | ||||||
59,431 | Cerner Corp.(b) | 3,329,919 | ||||||
45,041 | HealthStream, Inc.(b) | 1,608,864 | ||||||
16,694 | Medidata Solutions, Inc.(b) | 1,841,515 | ||||||
72,166 | Quality Systems, Inc. | 1,646,828 | ||||||
|
| |||||||
9,847,329 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Home Entertainment Software—12.5% | ||||||||
167,732 | Activision Blizzard, Inc. | $ | 2,791,060 | |||||
102,755 | Electronic Arts, Inc.(b) | 2,697,319 | ||||||
81,325 | Take-Two Interactive Software, Inc.(b) | 1,456,531 | ||||||
|
| |||||||
6,944,910 | ||||||||
|
| |||||||
Internet Software & Services—2.4% | ||||||||
41,930 | Cvent, Inc.(b) | 1,299,411 | ||||||
|
| |||||||
IT Consulting & Other Services—2.8% | ||||||||
40,508 | Amdocs Ltd. | 1,557,533 | ||||||
|
| |||||||
Semiconductor Equipment—3.1% | ||||||||
75,220 | PDF Solutions, Inc.(b) | 1,727,803 | ||||||
|
| |||||||
Systems Software—9.7% | ||||||||
93,586 | CA, Inc. | 2,972,291 | ||||||
106,887 | Symantec Corp. | 2,430,611 | ||||||
|
| |||||||
5,402,902 | ||||||||
|
| |||||||
Total Common Stocks (Cost $46,607,463) | 55,525,897 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
67,670 | Premier Portfolio—Institutional Class(c) (Cost $67,670) | 67,670 | ||||||
|
| |||||||
Total Investments (Cost $46,675,133)—100.2% | 55,593,567 | |||||||
Other assets less liabilities—(0.2)% | (95,743 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 55,497,824 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares Dynamic Software Portfolio (PSJ) (continued)
October 31, 2013
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Statements of Assets and Liabilities
October 31, 2013
(Unaudited)
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) | PowerShares Dynamic Building & Construction Portfolio (PKB) | PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) | PowerShares Dynamic Food & Beverage Portfolio (PBJ) | PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments, at value(a) | $ | 261,500,274 | $ | 93,628,612 | $ | 104,629,254 | $ | 230,238,654 | $ | 180,158,921 | ||||||||||
Affiliated investments, at value | 125,541 | 79,842 | 45,921 | 157,878 | 96,199 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at value | 261,625,815 | 93,708,454 | 104,675,175 | 230,396,532 | 180,255,120 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | 77,551 | — | — | — | — | |||||||||||||||
Dividends | 3 | 38,627 | 87,080 | 124,983 | 29,888 | |||||||||||||||
Shares sold | — | — | 1,660,713 | 9,108,345 | 13,172,589 | |||||||||||||||
Security lending | — | — | — | — | — | |||||||||||||||
Other assets | 1,195 | 812 | 813 | 1,195 | 813 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 261,704,564 | 93,747,893 | 106,423,781 | 239,631,055 | 193,458,410 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Expenses recaptured | — | 72 | — | 6,489 | 4,456 | |||||||||||||||
Shares repurchased | — | — | — | 9,096,631 | 13,180,239 | |||||||||||||||
Collateral upon return of securities loaned | — | — | — | — | — | |||||||||||||||
Investments purchased | — | — | 1,660,632 | — | — | |||||||||||||||
Accrued advisory fees | 98,494 | 39,532 | 40,000 | 94,117 | 66,013 | |||||||||||||||
Accrued trustees fees | 19,032 | 12,515 | 14,507 | 16,673 | 12,257 | |||||||||||||||
Accrued expenses | 94,302 | 69,756 | 83,695 | 106,134 | 74,471 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 211,828 | 121,875 | 1,798,834 | 9,320,044 | 13,337,436 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 261,492,736 | $ | 93,626,018 | $ | 104,624,947 | $ | 230,311,011 | $ | 180,120,974 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 347,501,914 | $ | 94,948,604 | $ | 131,189,717 | $ | 233,150,265 | $ | 162,568,702 | ||||||||||
Undistributed net investment income (loss) | (383,189 | ) | (81,236 | ) | 25,562 | 297,487 | (68,063 | ) | ||||||||||||
Undistributed net realized gain (loss) | (133,264,396 | ) | (10,944,851 | ) | (32,141,471 | ) | (17,132,459 | ) | (8,214,636 | ) | ||||||||||
Net unrealized appreciation | 47,638,407 | 9,703,501 | 5,551,139 | 13,995,718 | 25,834,971 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 261,492,736 | $ | 93,626,018 | $ | 104,624,947 | $ | 230,311,011 | $ | 180,120,974 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 7,450,000 | 4,500,000 | 3,150,000 | 8,850,000 | 5,450,000 | |||||||||||||||
Net asset value | $ | 35.10 | $ | 20.81 | $ | 33.21 | $ | 26.02 | $ | 33.05 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 35.15 | $ | 20.84 | $ | 33.28 | $ | 26.03 | $ | 33.10 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments, at cost | $ | 213,861,867 | $ | 83,925,111 | $ | 99,078,115 | $ | 216,242,936 | $ | 154,323,950 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments, at cost | $ | 125,541 | $ | 79,842 | $ | 45,921 | $ | 157,878 | $ | 96,199 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at cost | $ | 213,987,408 | $ | 84,004,953 | $ | 99,124,036 | $ | 216,400,814 | $ | 154,420,149 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
PowerShares Dynamic Media Portfolio (PBS) | PowerShares Dynamic Networking Portfolio (PXQ) | PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | PowerShares Dynamic Retail Portfolio (PMR) | PowerShares Dynamic Semiconductors Portfolio (PSI) | PowerShares Dynamic Software Portfolio (PSJ) | ||||||||||||||||||||
$ | 263,476,122 | $ | 32,336,579 | $ | 120,558,621 | $ | 744,669,314 | $ | 34,474,112 | $ | 15,115,285 | $ | 55,525,897 | |||||||||||||
39,640,955 | 79,288 | 67,577 | 273,185 | 69,591 | 56,666 | 67,670 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
303,117,077 | 32,415,867 | 120,626,198 | 744,942,499 | 34,543,703 | 15,171,951 | 55,593,567 | ||||||||||||||||||||
— | — | — | — | 757,361 | 2,666,670 | — | ||||||||||||||||||||
69,339 | 2,976 | 22,855 | 375,417 | 17,528 | 6,335 | 2 | ||||||||||||||||||||
2,437,341 | — | — | 2,446,898 | — | — | — | ||||||||||||||||||||
4,173 | — | — | — | — | — | — | ||||||||||||||||||||
813 | 813 | 1,195 | 813 | 812 | 812 | 813 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
305,628,743 | 32,419,656 | 120,650,248 | 747,765,627 | 35,319,404 | 17,845,768 | 55,594,382 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
12,641 | — | — | 5,058 | — | — | — | ||||||||||||||||||||
2,437,785 | — | — | 2,446,277 | — | 2,666,591 | — | ||||||||||||||||||||
39,493,550 | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | 717,697 | — | — | ||||||||||||||||||||
108,028 | 7,410 | 50,411 | 301,068 | 9,647 | 1,394 | 20,294 | ||||||||||||||||||||
14,208 | 12,041 | 20,325 | 21,234 | 11,211 | 11,752 | 12,312 | ||||||||||||||||||||
97,182 | 60,468 | 83,891 | 223,383 | 63,578 | 55,345 | 63,952 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
42,163,394 | 79,919 | 154,627 | 2,997,020 | 802,133 | 2,735,082 | 96,558 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 263,465,349 | $ | 32,339,737 | $ | 120,495,621 | $ | 744,768,607 | $ | 34,517,271 | $ | 15,110,686 | $ | 55,497,824 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 249,616,429 | $ | 60,586,845 | $ | 304,406,844 | $ | 592,940,717 | $ | 44,075,273 | $ | 65,397,610 | $ | 67,196,856 | |||||||||||||
(48,571 | ) | (16,281 | ) | (73,248 | ) | 176,090 | 6,933 | (13,700 | ) | (8,494 | ) | |||||||||||||||
(17,324,864 | ) | (32,281,328 | ) | (195,666,626 | ) | (3,718,350 | ) | (13,765,812 | ) | (52,205,655 | ) | (20,608,972 | ) | |||||||||||||
31,222,355 | 4,050,501 | 11,828,651 | 155,370,150 | 4,200,877 | 1,932,431 | 8,918,434 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 263,465,349 | $ | 32,339,737 | $ | 120,495,621 | $ | 744,768,607 | $ | 34,517,271 | $ | 15,110,686 | $ | 55,497,824 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 10,950,000 | | 1,100,000 | 4,600,000 | 15,550,000 | 1,000,000 | 850,000 | 1,650,000 | ||||||||||||||||||
$ | 24.06 | $ | 29.40 | $ | 26.19 | $ | 47.90 | $ | 34.52 | $ | 17.78 | $ | 33.64 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 24.09 | $ | 29.41 | $ | 26.21 | $ | 47.97 | $ | 34.57 | $ | 17.73 | $ | 33.66 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 232,253,767 | $ | 28,286,078 | $ | 108,729,970 | $ | 589,299,164 | $ | 30,273,235 | $ | 13,182,854 | $ | 46,607,463 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 39,640,955 | $ | 79,288 | $ | 67,577 | $ | 273,185 | $ | 69,591 | $ | 56,666 | $ | 67,670 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 271,894,722 | $ | 28,365,366 | $ | 108,797,547 | $ | 589,572,349 | $ | 30,342,826 | $ | 13,239,520 | $ | 46,675,133 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 38,413,275 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 23 |
|
For the six months ended October 31, 2013
(Unaudited)
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) | PowerShares Dynamic Building & Construction Portfolio (PKB) | PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) | PowerShares Dynamic Food & Beverage Portfolio (PBJ) | PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 342,731 | $ | 315,054 | $ | 1,297,788 | $ | 2,261,671 | $ | 585,600 | ||||||||||
Affiliated dividend income | 5 | 4 | 8 | 7 | 5 | |||||||||||||||
Securities lending income | — | — | — | — | — | |||||||||||||||
Foreign withholding tax | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 342,736 | 315,058 | 1,297,796 | 2,261,678 | 585,605 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 479,526 | 257,418 | 253,668 | 668,158 | 309,985 | |||||||||||||||
Sub-licensing | 28,772 | 15,445 | 15,220 | 40,090 | 18,599 | |||||||||||||||
Accounting & administration fees | 18,114 | 18,046 | 18,046 | 22,534 | 18,046 | |||||||||||||||
Recapture | 17,548 | 2,440 | — | 66,671 | 11,552 | |||||||||||||||
Professional fees | 15,460 | 14,103 | 14,769 | 15,508 | 14,357 | |||||||||||||||
Trustees fees | 6,215 | 5,443 | 5,462 | 8,066 | 5,392 | |||||||||||||||
Custodian & transfer agent fees | 2,432 | 2,611 | 3,731 | 3,429 | 2,402 | |||||||||||||||
Other expenses | 14,048 | 8,263 | 18,207 | 16,813 | 9,837 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 582,115 | 323,769 | 329,103 | 841,269 | 390,170 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Waivers | (33 | ) | (24 | ) | (1,668 | ) | (41 | ) | (26 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 582,082 | 323,745 | 327,435 | 841,228 | 390,144 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income (Loss) | (239,346 | ) | (8,687 | ) | 970,361 | 1,420,450 | 195,461 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | 2,139,668 | (1,252,015 | ) | (1,818,144 | ) | 7,323,967 | 4,258,010 | |||||||||||||
In-kind redemptions | 29,868,381 | 8,955,466 | 16,050,731 | 21,895,302 | 7,905,417 | |||||||||||||||
Net increase from payment by affiliate (see Note 3) | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain | 32,008,049 | 7,703,451 | 14,232,587 | 29,219,269 | 12,163,427 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | 8,201,360 | (2,942,499 | ) | (5,617,661 | ) | (5,324,213 | ) | 12,090,617 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain | 40,209,409 | 4,760,952 | 8,614,926 | 23,895,056 | 24,254,044 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase in net assets resulting from operations | $ | 39,970,063 | $ | 4,752,265 | $ | 9,585,287 | $ | 25,315,506 | $ | 24,449,505 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
PowerShares Dynamic Media Portfolio (PBS) | PowerShares Dynamic Networking Portfolio (PXQ) | PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | PowerShares Dynamic Retail Portfolio (PMR) | PowerShares Dynamic Semiconductors Portfolio (PSI) | PowerShares Dynamic Software Portfolio (PSJ) | ||||||||||||||||||||
$ | 983,145 | $ | 92,271 | $ | 497,539 | $ | 3,549,502 | $ | 204,248 | $ | 102,092 | $ | 163,040 | |||||||||||||
8 | 4 | 5 | 17 | 3 | 3 | 11 | ||||||||||||||||||||
20,077 | — | — | — | — | — | — | ||||||||||||||||||||
— | — | (2,844 | ) | — | — | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
1,003,230 | 92,275 | 494,700 | 3,549,519 | 204,251 | 102,095 | 163,051 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
520,370 | 80,105 | 291,643 | 1,546,940 | 79,541 | 42,222 | 130,010 | ||||||||||||||||||||
31,222 | 4,806 | 17,499 | 92,817 | 4,772 | 2,533 | 7,801 | ||||||||||||||||||||
18,201 | 18,046 | 18,046 | 49,118 | 18,046 | 18,046 | 18,046 | ||||||||||||||||||||
48,455 | — | 118 | 18,411 | — | — | — | ||||||||||||||||||||
15,507 | 14,328 | 15,444 | 18,602 | 14,418 | 13,762 | 14,221 | ||||||||||||||||||||
6,381 | 4,352 | 5,505 | 11,617 | 4,291 | 4,174 | 4,644 | ||||||||||||||||||||
3,581 | 2,238 | 2,445 | 4,187 | 2,594 | 2,099 | 2,022 | ||||||||||||||||||||
11,822 | 8,221 | 13,561 | 30,232 | 6,433 | 5,405 | 7,075 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
655,539 | 132,096 | 364,261 | 1,771,924 | 130,095 | 88,241 | 183,819 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(43 | ) | (31,796 | ) | (30 | ) | (96 | ) | (30,497 | ) | (35,669 | ) | (20,662 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
655,496 | 100,300 | 364,231 | 1,771,828 | 99,598 | 52,572 | 163,157 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
347,734 | (8,025 | ) | 130,469 | 1,777,691 | 104,653 | 49,523 | (106 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(2,090,767 | ) | (1,474,988 | ) | (3,412,748 | ) | 2,558,266 | (13,432 | ) | (299,527 | ) | 395,165 | |||||||||||||||
29,406,584 | 2,770,402 | 5,862,379 | 22,860,222 | 4,098,457 | 2,297,324 | 4,148,591 | ||||||||||||||||||||
— | — | 2,071,089 | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
27,315,817 | 1,295,414 | 4,520,720 | 25,418,488 | 4,085,025 | 1,997,797 | 4,543,756 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 9,354,465 | | 4,185,419 | 13,267,606 | 69,006,767 | 703,411 | 749,999 | 1,290,638 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
36,670,282 | 5,480,833 | 17,788,326 | 94,425,255 | 4,788,436 | 2,747,796 | 5,834,394 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 37,018,016 | $ | 5,472,808 | $ | 17,918,795 | $ | 96,202,946 | $ | 4,893,089 | $ | 2,797,319 | $ | 5,834,288 | |||||||||||||
|
|
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|
|
|
|
|
|
|
|
| 25 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) | PowerShares Dynamic Building & Construction Portfolio (PKB) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (239,346 | ) | $ | (265,369 | ) | $ | (8,687 | ) | $ | 241,987 | |||||
Net realized gain (loss) | 32,008,049 | 12,127,152 | 7,703,451 | 8,903,971 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 8,201,360 | 21,227,732 | (2,942,499 | ) | 8,901,943 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 39,970,063 | 33,089,515 | 4,752,265 | 18,047,901 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | — | — | — | (322,061 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 138,982,557 | 79,409,291 | 39,996,985 | 117,839,052 | ||||||||||||
Value of shares repurchased | (72,913,267 | ) | (93,948,251 | ) | (55,244,057 | ) | (62,044,425 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 66,069,290 | (14,538,960 | ) | (15,247,072 | ) | 55,794,627 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 106,039,353 | 18,550,555 | (10,494,807 | ) | 73,520,467 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 155,453,383 | 136,902,828 | 104,120,825 | 30,600,358 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 261,492,736 | $ | 155,453,383 | $ | 93,626,018 | $ | 104,120,825 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (383,189 | ) | $ | (143,843 | ) | $ | (81,236 | ) | $ | (72,549 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 4,200,000 | 3,450,000 | 2,000,000 | 6,850,000 | ||||||||||||
Shares repurchased | (2,250,000 | ) | (4,100,000 | ) | (2,800,000 | ) | (3,700,000 | ) | ||||||||
Shares outstanding, beginning of period | 5,500,000 | 6,150,000 | 5,300,000 | 2,150,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 7,450,000 | 5,500,000 | 4,500,000 | 5,300,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) | PowerShares Dynamic Food & Beverage Portfolio (PBJ) | PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | PowerShares Dynamic Media Portfolio (PBS) | |||||||||||||||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||||||||||||
$ | 970,361 | $ | 1,477,559 | $ | 1,420,450 | $ | 1,693,886 | $ | 195,461 | $ | 321,637 | $ | 347,734 | $ | 881,044 | |||||||||||||||
14,232,587 | 2,451,491 | 29,219,269 | 9,879,651 | 12,163,427 | 7,601,493 | 27,315,817 | 22,114,907 | |||||||||||||||||||||||
(5,617,661 | ) | 11,077,590 | (5,324,213 | ) | 12,783,411 | 12,090,617 | 5,981,019 | 9,354,465 | 11,226,828 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
9,585,287 | 15,006,640 | 25,315,506 | 24,356,948 | 24,449,505 | 13,904,149 | 37,018,016 | 34,222,779 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(1,209,069 | ) | (1,748,096 | ) | (1,334,293 | ) | (1,927,726 | ) | (255,723 | ) | (444,843 | ) | (455,656 | ) | (917,905 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
110,700,047 | 85,567,201 | 134,803,081 | 213,982,354 | 124,133,048 | 98,219,830 | 223,763,766 | 167,843,900 | |||||||||||||||||||||||
(118,878,295 | ) | (61,990,794 | ) | (164,699,605 | ) | (169,224,165 | ) | (53,971,198 | ) | (83,592,336 | ) | (147,649,177 | ) | (188,335,046 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(8,178,248 | ) | 23,576,407 | (29,896,524 | ) | 44,758,189 | 70,161,850 | 14,627,494 | 76,114,589 | (20,491,146 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
197,970 | 36,834,951 | (5,915,311 | ) | 67,187,411 | 94,355,632 | 28,086,800 | 112,676,949 | 12,813,728 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
104,426,977 | 67,592,026 | 236,226,322 | 169,038,911 | 85,765,342 | 57,678,542 | 150,788,400 | 137,974,672 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 104,624,947 | $ | 104,426,977 | $ | 230,311,011 | $ | 236,226,322 | $ | 180,120,974 | $ | 85,765,342 | $ | 263,465,349 | $ | 150,788,400 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 25,562 | $ | 264,270 | $ | 297,487 | $ | 211,330 | $ | (68,063 | ) | $ | (7,801 | ) | $ | (48,571 | ) | $ | 59,351 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,550,000 | 3,000,000 | 5,400,000 | 9,800,000 | 4,150,000 | 4,300,000 | 10,300,000 | 9,950,000 | |||||||||||||||||||||||
(3,850,000 | ) | (2,300,000 | ) | (6,550,000 | ) | (8,350,000 | ) | (1,850,000 | ) | (3,750,000 | ) | (6,850,000 | ) | (11,750,000 | ) | |||||||||||||||
3,450,000 | 2,750,000 | 10,000,000 | 8,550,000 | 3,150,000 | 2,600,000 | 7,500,000 | 9,300,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,150,000 | 3,450,000 | 8,850,000 | 10,000,000 | 5,450,000 | 3,150,000 | 10,950,000 | 7,500,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares Dynamic Networking Portfolio (PXQ) | PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (8,025 | ) | $ | 385,175 | $ | 130,469 | $ | 228,116 | |||||||
Net realized gain (loss) | 1,295,414 | (7,027,151 | ) | 2,449,631 | (6,085,786 | ) | ||||||||||
Net increase from payment by affiliate (see Note 3) | — | — | 2,071,089 | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 4,185,419 | (2,041,654 | ) | 13,267,606 | 14,972,383 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 5,472,808 | (8,683,630 | ) | 17,918,795 | 9,114,713 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (230,610 | ) | (93,171 | ) | (274,873 | ) | (143,856 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 8,252,130 | 11,278,766 | 58,612,916 | 149,307,907 | ||||||||||||
Value of shares repurchased | (11,154,207 | ) | (54,241,007 | ) | (72,733,925 | ) | (188,790,791 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (2,902,077 | ) | (42,962,241 | ) | (14,121,009 | ) | (39,482,884 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 2,340,121 | (51,739,042 | ) | 3,522,913 | (30,512,027 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 29,999,616 | 81,738,658 | 116,972,708 | 147,484,735 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 32,339,737 | $ | 29,999,616 | $ | 120,495,621 | $ | 116,972,708 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (16,281 | ) | $ | 222,354 | $ | (73,248 | ) | $ | 71,156 | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 300,000 | 450,000 | 2,450,000 | 7,200,000 | ||||||||||||
Shares repurchased | (400,000 | ) | (2,200,000 | ) | (3,050,000 | ) | (9,200,000 | ) | ||||||||
Shares outstanding, beginning of period | 1,200,000 | 2,950,000 | 5,200,000 | 7,200,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,100,000 | 1,200,000 | 4,600,000 | 5,200,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | PowerShares Dynamic Retail Portfolio (PMR) | PowerShares Dynamic Semiconductors Portfolio (PSI) | PowerShares Dynamic Software Portfolio (PSJ) | |||||||||||||||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||||||||||||
$ | 1,777,691 | $ | 5,001,201 | $ | 104,653 | $ | 1,272,606 | $ | 49,523 | $ | 135,816 | $ | (106 | ) | $ | (12,345 | ) | |||||||||||||
25,418,488 | 24,761,162 | 4,085,025 | 3,492,860 | 1,997,797 | (742,479 | ) | 4,543,756 | 2,492,754 | ||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
69,006,767 | 57,938,799 | 703,411 | (2,243,383 | ) | 749,999 | (64,085 | ) | 1,290,638 | 2,706,450 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
96,202,946 | 87,701,162 | 4,893,089 | 2,522,083 | 2,797,319 | (670,748 | ) | 5,834,288 | 5,186,859 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(2,136,670 | ) | (4,861,110 | ) | (135,621 | ) | (1,304,529 | ) | (107,690 | ) | (140,761 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
230,784,770 | 215,166,666 | 28,380,820 | 63,080,768 | 8,097,539 | 10,919,661 | 21,756,437 | 36,626,496 | |||||||||||||||||||||||
(48,387,772 | ) | (100,086,731 | ) | (23,371,337 | ) | (116,191,131 | ) | (12,420,852 | ) | (14,625,193 | ) | (20,350,108 | ) | (43,265,846 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
182,396,998 | 115,079,935 | 5,009,483 | (53,110,363 | ) | (4,323,313 | ) | (3,705,532 | ) | 1,406,329 | (6,639,350 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
276,463,274 | 197,919,987 | 9,766,951 | (51,892,809 | ) | (1,633,684 | ) | (4,517,041 | ) | 7,240,617 | (1,452,491 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
468,305,333 | 270,385,346 | 24,750,320 | 76,643,129 | 16,744,370 | 21,261,411 | 48,257,207 | 49,709,698 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 744,768,607 | $ | 468,305,333 | $ | 34,517,271 | $ | 24,750,320 | $ | 15,110,686 | $ | 16,744,370 | $ | 55,497,824 | $ | 48,257,207 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 176,090 | $ | 535,069 | $ | 6,933 | $ | 37,901 | $ | (13,700 | ) | $ | 44,467 | $ | (8,494 | ) | $ | (8,388 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
5,150,000 | 6,050,000 | 900,000 | 2,500,000 | 500,000 | 750,000 | 700,000 | 1,350,000 | |||||||||||||||||||||||
(1,100,000 | ) | (3,000,000 | ) | (750,000 | ) | (4,600,000 | ) | (750,000 | ) | (1,000,000 | ) | (650,000 | ) | (1,600,000 | ) | |||||||||||||||
11,500,000 | 8,450,000 | 850,000 | 2,950,000 | 1,100,000 | 1,350,000 | 1,600,000 | 1,850,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
15,550,000 | 11,500,000 | 1,000,000 | 850,000 | 850,000 | 1,100,000 | 1,650,000 | 1,600,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.26 | $ | 22.26 | $ | 23.14 | $ | 19.67 | $ | 12.90 | $ | 17.77 | ||||||||||||
Net investment income (loss)(a) | (0.04 | ) | (0.05 | ) | (0.04 | ) | (0.05 | ) | 0.06 | (b) | (0.06 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 6.88 | 6.05 | (0.84 | ) | 3.52 | 6.79 | (4.81 | ) | ||||||||||||||||
Total from investment operations | 6.84 | 6.00 | (0.88 | ) | 3.47 | 6.85 | (4.87 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (0.06 | ) | — | |||||||||||||||||
Return of capital | — | — | — | — | (0.02 | ) | — | |||||||||||||||||
Total distributions | — | — | — | — | (0.08 | ) | — | |||||||||||||||||
Net asset value at end of period | $ | 35.10 | $ | 28.26 | $ | 22.26 | $ | 23.14 | $ | 19.67 | $ | 12.90 | ||||||||||||
Market price at end of period(c) | $ | 35.15 | $ | 28.27 | $ | 22.21 | $ | 23.18 | $ | 19.68 | $ | 12.87 | ||||||||||||
Net Asset Value Total Return:(d) | 24.20 | % | 26.96 | % | (3.80 | )% | 17.64 | % | 53.19 | % | (27.41 | )% | ||||||||||||
Market Price Total Return(d) | 24.34 | % | 27.29 | % | (4.18 | )% | 17.78 | % | 53.63 | % | (27.62 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 261,493 | $ | 155,453 | $ | 136,903 | $ | 217,553 | $ | 214,391 | $ | 139,297 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.61 | %(e) | 0.63 | % | 0.64 | % | 0.65 | % | 0.61 | % | 0.62 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.25 | )%(e) | (0.20 | )% | (0.21 | )% | (0.23 | )% | 0.36 | %(b) | (0.38 | )% | ||||||||||||
Portfolio turnover rate(f) | 39 | % | 53 | % | 53 | % | 81 | % | 80 | % | 93 | % |
PowerShares Dynamic Building & Construction Portfolio (PKB)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.65 | $ | 14.23 | $ | 14.11 | $ | 13.92 | $ | 10.92 | $ | 17.25 | ||||||||||||
Net investment income(a) | (0.00 | )(g) | 0.07 | 0.02 | 0.68 | (h) | 0.01 | 0.02 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.16 | 5.44 | 0.12 | 0.29 | (i) | 3.01 | (6.33 | ) | ||||||||||||||||
Total from investment operations | 1.16 | 5.51 | 0.14 | 0.97 | 3.02 | (6.31 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.09 | ) | (0.02 | ) | (0.66 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||
Return of capital | — | — | — | (0.12 | ) | — | — | |||||||||||||||||
Total distributions | — | (0.09 | ) | (0.02 | ) | (0.78 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||
Net asset value at end of period | $ | 20.81 | $ | 19.65 | $ | 14.23 | $ | 14.11 | $ | 13.92 | $ | 10.92 | ||||||||||||
Market price at end of period(c) | $ | 20.84 | $ | 19.63 | $ | 14.20 | $ | 14.09 | $ | 13.92 | $ | 10.94 | ||||||||||||
Net Asset Value Total Return:(d) | 5.90 | % | 38.85 | % | 0.99 | % | 7.49 | % | 27.65 | % | (36.61 | )% | ||||||||||||
Market Price Total Return(d) | 6.16 | % | 39.01 | % | 0.92 | % | 7.34 | % | 27.42 | % | (36.46 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 93,626 | $ | 104,121 | $ | 30,600 | $ | 40,204 | $ | 50,114 | $ | 49,142 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(e) | 0.69 | % | 1.01 | % | 0.91 | % | 0.76 | % | 1.06 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.02 | )%(e) | 0.44 | % | 0.12 | % | 5.25 | %(h) | 0.07 | % | 0.19 | % | ||||||||||||
Portfolio turnover rate(f) | 74 | % | 95 | % | 72 | % | 75 | % | 59 | % | 50 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a special cash dividend received of $1.41 per share owned of PDL BioPharma, Inc. on December 15, 2009. Net investment loss per share and the ratio of net investment loss to average net assets excluding the special dividend are $(0.03) and (0.18)%, respectively. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(g) | Amount represents less than $0.005. |
(h) | Net investment income per share and the ratio of net investment income to average net assets include a special cash dividend received of $1.65 per share owned of Weyerhaeuser Co. on July 20, 2010. Net investment income per share and the ratio of net investment income to average net assets excluding the special dividend are $0.03 and 0.26%, respectively. |
(i) | Due to the timing of creations and redemptions of capital shares, the net realized and unrealized gain (loss) per share is not in accord with the Fund’s change in net realized and unrealized gain (loss) on investment securities and in-kind transactions for the period. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
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Financial Highlights (continued)
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.27 | $ | 24.58 | $ | 27.67 | $ | 18.46 | $ | 13.17 | $ | 26.69 | ||||||||||||
Net investment income(a) | 0.30 | 0.53 | 0.19 | 0.12 | 0.10 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.03 | 5.81 | (2.94 | ) | 9.21 | 5.27 | (13.50 | ) | ||||||||||||||||
Total from investment operations | 3.33 | 6.34 | (2.75 | ) | 9.33 | 5.37 | (13.44 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.65 | ) | (0.34 | ) | (0.12 | ) | (0.07 | ) | (0.08 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
Total distributions | (0.39 | ) | (0.65 | ) | (0.34 | ) | (0.12 | ) | (0.08 | ) | (0.08 | ) | ||||||||||||
Net asset value at end of period | $ | 33.21 | $ | 30.27 | $ | 24.58 | $ | 27.67 | $ | 18.46 | $ | 13.17 | ||||||||||||
Market price at end of period(b) | $ | 33.28 | $ | 30.23 | $ | 24.57 | $ | 27.65 | $ | 18.46 | $ | 13.15 | ||||||||||||
Net Asset Value Total Return:(c) | 11.15 | % | 26.14 | % | (9.86 | )% | 50.80 | % | 40.87 | % | (50.42 | )% | ||||||||||||
Market Price Total Return(c) | 11.53 | % | 26.03 | % | (9.83 | )% | 50.69 | % | 41.08 | % | (50.44 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 104,625 | $ | 104,427 | $ | 67,592 | $ | 118,975 | $ | 59,983 | $ | 51,344 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d) | 0.65 | % | 0.65 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.65 | %(d) | 0.69 | % | 0.73 | % | 0.76 | % | 0.76 | % | 0.69 | % | ||||||||||||
Net investment income, after Waivers | 1.91 | %(d) | 1.97 | % | 0.81 | % | 0.57 | % | 0.62 | % | 0.30 | % | ||||||||||||
Portfolio turnover rate(e) | 51 | % | 80 | % | 94 | % | 57 | % | 68 | % | 68 | % |
PowerShares Dynamic Food & Beverage Portfolio (PBJ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.62 | $ | 19.77 | $ | 19.76 | $ | 16.00 | $ | 12.73 | $ | 16.73 | ||||||||||||
Net investment income(a) | 0.14 | 0.26 | 0.22 | 0.24 | 0.20 | 0.25 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.39 | 3.92 | (0.03 | ) | 3.73 | 3.33 | (4.08 | ) | ||||||||||||||||
Total from investment operations | 2.53 | 4.18 | 0.19 | 3.97 | 3.53 | (3.83 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.33 | ) | (0.18 | ) | (0.21 | ) | (0.26 | ) | (0.17 | ) | ||||||||||||
Net asset value at end of period | $ | 26.02 | $ | 23.62 | $ | 19.77 | $ | 19.76 | $ | 16.00 | $ | 12.73 | ||||||||||||
Market price at end of period(b) | $ | 26.03 | $ | 23.61 | $ | 19.77 | $ | 19.81 | $ | 16.01 | $ | 12.74 | ||||||||||||
Net Asset Value Total Return:(c) | 10.74 | % | 21.45 | % | 1.02 | % | 24.99 | % | 28.08 | % | (22.99 | )% | ||||||||||||
Market Price Total Return(c) | 10.83 | % | 21.40 | % | 0.77 | % | 25.23 | % | 28.06 | % | (22.89 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 230,311 | $ | 236,226 | $ | 169,039 | $ | 91,881 | $ | 72,795 | $ | 86,592 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.63 | % | 0.64 | % | 0.71 | % | 0.74 | % | 0.71 | % | ||||||||||||
Net investment income, after Waivers | 1.06 | %(d) | 1.28 | % | 1.13 | % | 1.39 | % | 1.41 | % | 1.80 | % | ||||||||||||
Portfolio turnover rate(e) | 59 | % | 92 | % | 134 | % | 73 | % | 65 | % | 65 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.23 | $ | 22.18 | $ | 19.34 | $ | 16.52 | $ | 10.65 | $ | 15.11 | ||||||||||||
Net investment income(a) | 0.05 | 0.12 | 0.15 | 0.16 | 0.05 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.83 | 5.09 | 2.82 | 2.81 | 5.88 | (4.46 | ) | |||||||||||||||||
Total from investment operations | 5.88 | 5.21 | 2.97 | 2.97 | 5.93 | (4.36 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.16 | ) | (0.13 | ) | (0.15 | ) | (0.06 | ) | (0.10 | ) | ||||||||||||
Net asset value at end of period | $ | 33.05 | $ | 27.23 | $ | 22.18 | $ | 19.34 | $ | 16.52 | $ | 10.65 | ||||||||||||
Market price at end of period(b) | $ | 33.10 | $ | 27.21 | $ | 22.20 | $ | 19.34 | $ | 16.54 | $ | 10.63 | ||||||||||||
Net Asset Value Total Return:(c) | 21.62 | % | 23.67 | % | 15.49 | % | 18.03 | % | 55.81 | % | (28.91 | )% | ||||||||||||
Market Price Total Return(c) | 21.90 | % | 23.47 | % | 15.59 | % | 17.89 | % | 56.29 | % | (29.09 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 180,121 | $ | 85,765 | $ | 57,679 | $ | 60,933 | $ | 62,794 | $ | 12,776 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.69 | % | 0.80 | % | 0.78 | % | 1.06 | % | 1.65 | % | ||||||||||||
Net investment income, after Waivers | 0.32 | %(d) | 0.52 | % | 0.80 | % | 0.92 | % | 0.41 | % | 0.96 | % | ||||||||||||
Portfolio turnover rate(e) | 75 | % | 93 | % | 90 | % | 58 | % | 68 | % | 50 | % |
PowerShares Dynamic Media Portfolio (PBS)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.11 | $ | 14.84 | $ | 15.61 | $ | 13.68 | $ | 8.25 | $ | 13.44 | ||||||||||||
Net investment income(a) | 0.04 | 0.12 | 0.08 | 0.07 | 0.06 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.96 | 5.28 | (0.76 | ) | 1.93 | 5.42 | (5.18 | ) | ||||||||||||||||
Total from investment operations | 4.00 | 5.40 | (0.68 | ) | 2.00 | 5.48 | (5.13 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.05 | ) | (0.13 | ) | (0.09 | ) | (0.07 | ) | (0.05 | ) | (0.04 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.00 | )(f) | (0.02 | ) | ||||||||||||||||
Total distributions | (0.05 | ) | (0.13 | ) | (0.09 | ) | (0.07 | ) | (0.05 | ) | (0.06 | ) | ||||||||||||
Net asset value at end of period | $ | 24.06 | $ | 20.11 | $ | 14.84 | $ | 15.61 | $ | 13.68 | $ | 8.25 | ||||||||||||
Market price at end of period(b) | $ | 24.09 | $ | 20.10 | $ | 14.84 | $ | 15.61 | $ | 13.70 | $ | 8.26 | ||||||||||||
Net Asset Value Total Return:(c) | 19.95 | % | 36.62 | % | (4.33 | )% | 14.68 | % | 66.55 | % | (38.30 | )% | ||||||||||||
Market Price Total Return(c) | 20.15 | % | 36.55 | % | (4.33 | )% | 14.51 | % | 66.59 | % | (38.31 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 263,465 | $ | 150,788 | $ | 137,975 | $ | 156,881 | $ | 125,875 | $ | 8,254 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.63 | % | 0.65 | % | 0.69 | % | 0.77 | % | 1.22 | % | ||||||||||||
Net investment income, after Waivers | 0.33 | %(d) | 0.71 | % | 0.60 | % | 0.57 | % | 0.51 | % | 0.52 | % | ||||||||||||
Portfolio turnover rate(e) | 53 | % | 70 | % | 89 | % | 53 | % | 50 | % | 69 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(f) | Amount represents less than $0.005. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Dynamic Networking Portfolio (PXQ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.00 | $ | 27.71 | $ | 29.20 | $ | 21.08 | $ | 13.56 | $ | 16.04 | ||||||||||||
Net investment income (loss)(a) | (0.01 | ) | 0.20 | (b) | (0.06 | ) | (0.10 | ) | (0.09 | ) | (0.06 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 4.61 | (2.85 | ) | (1.43 | ) | 8.33 | 7.61 | (2.42 | ) | |||||||||||||||
Total from investment operations | 4.60 | (2.65 | ) | (1.49 | ) | 8.23 | 7.52 | (2.48 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.06 | ) | — | — | — | — | ||||||||||||||||
Return of capital | — | — | — | (0.11 | ) | — | — | |||||||||||||||||
Total distributions | (0.20 | ) | (0.06 | ) | — | (0.11 | ) | — | — | |||||||||||||||
Net asset value at end of period | $ | 29.40 | $ | 25.00 | $ | 27.71 | $ | 29.20 | $ | 21.08 | $ | 13.56 | ||||||||||||
Market price at end of period(c) | $ | 29.41 | $ | 24.97 | $ | 27.68 | $ | 29.20 | $ | 21.11 | $ | 13.58 | ||||||||||||
Net Asset Value Total Return:(d) | 18.44 | % | (9.57 | )% | (5.10 | )% | 39.08 | % | 55.46 | % | (15.46 | )% | ||||||||||||
Market Price Total Return(d) | 18.62 | % | (9.58 | )% | (5.20 | )% | 38.89 | % | 55.45 | % | (15.28 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 32,340 | $ | 30,000 | $ | 81,739 | $ | 172,291 | $ | 47,437 | $ | 16,276 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.64 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.82 | %(e) | 0.75 | % | 0.67 | % | 0.70 | % | 0.95 | % | 1.92 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.05 | )%(e) | 0.81 | %(b) | (0.22 | )% | (0.38 | )% | (0.50 | )% | (0.49 | )% | ||||||||||||
Portfolio turnover rate(f) | 40 | % | 68 | % | 84 | % | 61 | % | 29 | % | 23 | % |
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.49 | $ | 20.48 | $ | 26.38 | $ | 18.03 | $ | 13.09 | $ | 29.23 | ||||||||||||
Net investment income (loss)(a) | 0.03 | 0.04 | (0.01 | ) | 0.07 | 0.04 | 0.06 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.73 | 2.00 | (5.89 | ) | 8.36 | 4.98 | (16.16 | ) | ||||||||||||||||
Total from investment operations | 3.76 | 2.04 | (5.90 | ) | 8.43 | 5.02 | (16.10 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.03 | ) | (0.00 | )(g) | (0.08 | ) | (0.06 | ) | (0.04 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.02 | ) | — | |||||||||||||||||
Total distributions | (0.06 | ) | (0.03 | ) | (0.00 | )(g) | (0.08 | ) | (0.08 | ) | (0.04 | ) | ||||||||||||
Net asset value at end of period | $ | 26.19 | $ | 22.49 | $ | 20.48 | $ | 26.38 | $ | 18.03 | $ | 13.09 | ||||||||||||
Market price at end of period(c) | $ | 26.21 | $ | 22.49 | $ | 20.48 | $ | 26.38 | $ | 18.02 | $ | 13.11 | ||||||||||||
Net Asset Value Total Return:(d) | 16.73 | %(h) | 9.95 | % | (22.36 | )% | 46.84 | % | 38.41 | % | (55.04 | )% | ||||||||||||
Market Price Total Return(d) | 16.82 | % | 9.95 | % | (22.36 | )% | 46.93 | % | 38.13 | % | (54.93 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 120,496 | $ | 116,973 | $ | 147,485 | $ | 309,972 | $ | 170,358 | $ | 155,716 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(e) | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.62 | % | ||||||||||||
Expenses, prior to Waivers | 0.62 | %(e) | 0.62 | % | 0.63 | % | 0.64 | % | 0.63 | % | 0.61 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.22 | %(e) | 0.18 | % | (0.03 | )% | 0.36 | % | 0.24 | % | 0.29 | % | ||||||||||||
Portfolio turnover rate(f) | 221 | % | 68 | % | 70 | % | 39 | % | 56 | % | 48 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a special cash dividend received of $1 per share owned of Tellabs, Inc. on December 24, 2012. Net investment loss per share and the ratio of net investment loss to average net assets excluding the special dividend are $(0.01) and (0.05)%, respectively. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(g) | Amount represents less than $0.005. |
(h) | Amount includes the effect of the Adviser pay-in for an economic loss of $0.43 per share. Had the pay-in not been made, the net asset value total return would have been 14.81%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
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Financial Highlights (continued)
PowerShares Dynamic Pharmaceuticals Portfolio (PJP)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.72 | $ | 32.00 | $ | 26.15 | $ | 19.55 | $ | 13.91 | $ | 17.20 | ||||||||||||
Net investment income(a) | 0.13 | 0.54 | (b) | 0.22 | 0.17 | 0.14 | 0.15 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.21 | 8.72 | 5.83 | 6.56 | 5.76 | (3.32 | ) | |||||||||||||||||
Total from investment operations | 7.34 | 9.26 | 6.05 | 6.73 | 5.90 | (3.17 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.54 | ) | (0.20 | ) | (0.13 | ) | (0.26 | ) | (0.12 | ) | ||||||||||||
Net asset value at end of period | $ | 47.90 | $ | 40.72 | $ | 32.00 | $ | 26.15 | $ | 19.55 | $ | 13.91 | ||||||||||||
Market price at end of period(c) | $ | 47.97 | $ | 40.72 | $ | 31.99 | $ | 26.17 | $ | 19.54 | $ | 13.92 | ||||||||||||
Net Asset Value Total Return:(d) | 18.07 | % | 29.25 | % | 23.29 | % | 34.55 | % | 42.69 | % | (18.52 | )% | ||||||||||||
Market Price Total Return(d) | 18.24 | % | 29.29 | % | 23.16 | % | 34.73 | % | 42.51 | % | (18.41 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 744,769 | $ | 468,305 | $ | 270,385 | $ | 87,606 | $ | 57,662 | $ | 104,349 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.57 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.57 | %(e) | 0.63 | % | 0.64 | % | 0.76 | % | 0.74 | % | 0.66 | % | ||||||||||||
Net investment income, after Waivers | 0.57 | %(e) | 1.52 | %(b) | 0.77 | % | 0.78 | % | 0.83 | % | 0.95 | % | ||||||||||||
Portfolio turnover rate(f) | 19 | % | 24 | % | 23 | % | 9 | % | 35 | % | 31 | % |
PowerShares Dynamic Retail Portfolio (PMR)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.12 | $ | 25.98 | $ | 21.88 | $ | 18.67 | $ | 14.64 | $ | 15.99 | ||||||||||||
Net investment income(a) | 0.11 | 0.66 | 0.16 | 0.18 | 0.06 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.44 | 3.11 | 4.17 | 3.21 | 4.08 | (1.36 | ) | |||||||||||||||||
Total from investment operations | 5.55 | 3.77 | 4.33 | 3.39 | 4.14 | (1.31 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.63 | ) | (0.23 | ) | (0.18 | ) | (0.11 | ) | (0.04 | ) | ||||||||||||
Net asset value at end of period | $ | 34.52 | $ | 29.12 | $ | 25.98 | $ | 21.88 | $ | 18.67 | $ | 14.64 | ||||||||||||
Market price at end of period(c) | $ | 34.57 | $ | 29.11 | $ | 25.98 | $ | 21.90 | $ | 18.68 | $ | 14.64 | ||||||||||||
Net Asset Value Total Return:(d) | 19.13 | % | 14.87 | % | 20.06 | % | 18.35 | % | 28.49 | % | (8.11 | )% | ||||||||||||
Market Price Total Return(d) | 19.34 | % | 14.83 | % | 19.95 | % | 18.39 | % | 28.56 | % | (8.11 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 34,517 | $ | 24,750 | $ | 76,643 | $ | 13,130 | $ | 24,273 | $ | 77,607 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.82 | %(e) | 0.74 | % | 0.87 | % | 1.63 | % | 0.89 | % | 1.08 | % | ||||||||||||
Net investment income, after Waivers | 0.66 | %(e) | 2.59 | % | 0.75 | % | 1.01 | % | 0.44 | % | 0.45 | % | ||||||||||||
Portfolio turnover rate(f) | 92 | % | 83 | % | 111 | % | 102 | % | 52 | % | 53 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a special cash dividend received of $4 per share owned of Warner Chilcott PLC. on August 29, 2012. Net investment income per share and the ratio of net investment income to average net assets excluding the special dividend are $0.32 and 0.91%, respectively. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Dynamic Semiconductors Portfolio (PSI)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.22 | $ | 15.75 | $ | 18.19 | $ | 14.29 | $ | 10.39 | $ | 16.32 | ||||||||||||
Net investment income(a) | 0.05 | 0.11 | 0.06 | 0.01 | 0.05 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.62 | (0.52 | ) | (2.47 | ) | 3.92 | 3.91 | (5.92 | ) | |||||||||||||||
Total from investment operations | 2.67 | (0.41 | ) | (2.41 | ) | 3.93 | 3.96 | (5.88 | ) | |||||||||||||||
Distribution to shareholder from: | ||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.12 | ) | (0.03 | ) | (0.01 | ) | (0.06 | ) | (0.05 | ) | ||||||||||||
Return of capital | — | — | — | (0.02 | ) | (0.00 | )(b) | — | ||||||||||||||||
Total distributions | (0.11 | ) | (0.12 | ) | (0.03 | ) | (0.03 | ) | (0.06 | ) | (0.05 | ) | ||||||||||||
Net asset value at end of period | $ | 17.78 | $ | 15.22 | $ | 15.75 | $ | 18.19 | $ | 14.29 | $ | 10.39 | ||||||||||||
Market price at end of period(c) | $ | 17.73 | $ | 15.19 | $ | 15.71 | $ | 18.20 | $ | 14.29 | $ | 10.39 | ||||||||||||
Net Asset Value Total Return:(d) | 17.60 | % | (2.56 | )% | (13.20 | )% | 27.57 | % | 38.16 | % | (36.01 | )% | ||||||||||||
Market Price Total Return(d) | 17.50 | % | (2.50 | )% | (13.47 | )% | 27.64 | % | 38.16 | % | (36.01 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 15,111 | $ | 16,744 | $ | 21,261 | $ | 42,749 | $ | 28,573 | $ | 36,373 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 1.04 | %(e) | 1.05 | % | 1.02 | % | 0.97 | % | 0.90 | % | 0.82 | % | ||||||||||||
Net investment income, after Waivers | 0.59 | %(e) | 0.77 | % | 0.42 | % | 0.04 | % | 0.39 | % | 0.32 | % | ||||||||||||
Portfolio turnover rate(f) | 71 | % | 91 | % | 57 | % | 64 | % | 68 | % | 65 | % |
PowerShares Dynamic Software Portfolio (PSJ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.16 | $ | 26.87 | $ | 27.47 | $ | 22.54 | $ | 15.37 | $ | 17.53 | ||||||||||||
Net investment income (loss)(a) | (0.00 | )(b) | (0.01 | ) | (0.07 | ) | (0.07 | ) | (0.07 | ) | (0.06 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 3.48 | 3.30 | (0.53 | ) | 5.00 | 7.24 | (2.10 | ) | ||||||||||||||||
Total from investment operations | 3.48 | 3.29 | (0.60 | ) | 4.93 | 7.17 | (2.16 | ) | ||||||||||||||||
Net asset value at end of period | $ | 33.64 | $ | 30.16 | $ | 26.87 | $ | 27.47 | $ | 22.54 | $ | 15.37 | ||||||||||||
Market price at end of period(c) | $ | 33.66 | $ | 30.12 | $ | 26.87 | $ | 27.48 | $ | 22.55 | $ | 15.37 | ||||||||||||
Net Asset Value Total Return:(d) | 11.54 | % | 12.24 | % | (2.19 | )% | 21.87 | % | 46.65 | % | (12.32 | )% | ||||||||||||
Market Price Total Return(d) | 11.75 | % | 12.09 | % | (2.22 | )% | 21.86 | % | 46.71 | % | (12.37 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 55,498 | $ | 48,257 | $ | 49,710 | $ | 83,774 | $ | 67,626 | $ | 36,896 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(e) | 0.74 | % | 0.78 | % | 0.77 | % | 0.75 | % | 0.97 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.00 | )%(e)(g) | (0.03 | )% | (0.29 | )% | (0.29 | )% | (0.38 | )% | (0.42 | )% | ||||||||||||
Portfolio turnover rate(f) | 80 | % | 95 | % | 100 | % | 46 | % | 33 | % | 53 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(g) | Amount represents less than 0.005%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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PowerShares Exchange-Traded Fund Trust
October 31, 2013
(Unaudited)
Note 1. Organization
PowerShares Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of October 31, 2013, the Trust offered fifty-five portfolios. This report includes the following portfolios:
Full Name | Short Name | |
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) | “Dynamic Biotechnology & Genome Portfolio” | |
PowerShares Dynamic Building & Construction Portfolio (PKB) | “Dynamic Building & Construction Portfolio” | |
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) | “Dynamic Energy Exploration & Production Portfolio” | |
PowerShares Dynamic Food & Beverage Portfolio (PBJ) | “Dynamic Food & Beverage Portfolio” | |
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | “Dynamic Leisure and Entertainment Portfolio” | |
PowerShares Dynamic Media Portfolio (PBS) | “Dynamic Media Portfolio” | |
PowerShares Dynamic Networking Portfolio (PXQ) | “Dynamic Networking Portfolio” | |
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | “Dynamic Oil & Gas Services Portfolio” | |
PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | “Dynamic Pharmaceuticals Portfolio” | |
PowerShares Dynamic Retail Portfolio (PMR) | “Dynamic Retail Portfolio” | |
PowerShares Dynamic Semiconductors Portfolio (PSI) | “Dynamic Semiconductors Portfolio” | |
PowerShares Dynamic Software Portfolio (PSJ) | “Dynamic Software Portfolio” |
Each portfolio (each, a “Fund” and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market prices of each Fund’s Shares may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed generally in-kind for securities included in each Fund’s relevant index. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek investment results that generally correspond (before fees and expenses) to the price and yield of its respective index listed below (each, an “Underlying Index”):
Fund | Index | |
Dynamic Biotechnology & Genome Portfolio | Dynamic Biotech & Genome IntellidexSM Index | |
Dynamic Building & Construction Portfolio | Dynamic Building & Construction IntellidexSM Index | |
Dynamic Energy Exploration & Production Portfolio | Dynamic Energy Exploration & Production IntellidexSM Index | |
Dynamic Food & Beverage Portfolio | Dynamic Food & Beverage IntellidexSM Index | |
Dynamic Leisure and Entertainment Portfolio | Dynamic Leisure and Entertainment IntellidexSM Index | |
Dynamic Media Portfolio | Dynamic Media IntellidexSM Index | |
Dynamic Networking Portfolio | Dynamic Networking IntellidexSM Index | |
Dynamic Oil & Gas Services Portfolio | Dynamic Oil Services IntellidexSM Index | |
Dynamic Pharmaceuticals Portfolio | Dynamic Pharmaceutical IntellidexSM Index | |
Dynamic Retail Portfolio | Dynamic Retail IntellidexSM Index | |
Dynamic Semiconductors Portfolio | Dynamic Semiconductor IntellidexSM Index | |
Dynamic Software Portfolio | Dynamic Software IntellidexSM Index |
Note 2. Significant Accounting Policies
The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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A. Security Valuation
Securities, including restricted securities, are valued according to the following policies.
A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. Listed options, if no closing price is available, are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices.
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco PowerShares Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize an investing strategy that seeks returns in excess of each Fund’s respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Equity Risk. The Funds may invest in equity securities. Equity risk is the risk that the value of the securities that a Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities a Fund holds participate or factors relating to specific companies in which a Fund invests. For example, an adverse event, such as an unfavorable
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earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in a Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, a Fund may face more risks than if it were diversified broadly over numerous industries or sectors. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV.
Non-Diversified Fund Risk. Each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These timing differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
Corporate actions (including cash dividends) are recorded net of non-reclaimable foreign tax withholdings on the ex-dividend date.
E. Expenses
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
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F. Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal period-end.
G. Securities Lending
Dynamic Media Portfolio may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in an affiliated money market fund and is shown as such on the Schedule of Investments. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to a Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. A Fund could experience delays and costs in gaining access to the collateral. A Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan is shown on the Statements of Assets and Liabilities, if any.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Each Fund has agreed to pay the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
The Adviser has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Trust, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2014. Offering costs excluded from the Expense Cap are: (a) initial legal fees pertaining to the Funds’ Shares offered for sale; (b) initial Securities and Exchange Commission and state registration fees; and (c) initial fees paid to be listed on an exchange. Unless the Adviser continues the fee waiver agreement, it will terminate on August 31, 2014. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or pay fund expenses during the period under this expense limitation for Dynamic Biotechnology & Genome Portfolio, Dynamic Building & Construction Portfolio, Dynamic Food & Beverage Portfolio, Dynamic Leisure and Entertainment Portfolio, Dynamic Media Portfolio, Dynamic Oil & Gas Services Portfolio and Dynamic Pharmaceuticals Portfolio.
Further, the Adviser has contractually agreed, through at least August 31, 2015, to waive the advisory fee payable by each Fund in an amount equal to 100% of the net advisory fees the Adviser’s affiliate receives from the affiliated money market funds on investments by a Fund (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six-month period ended October 31, 2013, the Adviser waived fees and/or paid Fund expenses for each Fund, in the following amounts:
Dynamic Biotechnology & Genome Portfolio | $ | 33 | ||
Dynamic Building & Construction Portfolio | 24 | |||
Dynamic Energy Exploration & Production Portfolio | 1,668 | |||
Dynamic Food & Beverage Portfolio | 41 | |||
Dynamic Leisure and Entertainment Portfolio | 26 | |||
Dynamic Media Portfolio | 43 | |||
Dynamic Networking Portfolio | 31,796 | |||
Dynamic Oil & Gas Services Portfolio | 30 | |||
Dynamic Pharmaceuticals Portfolio | 96 | |||
Dynamic Retail Portfolio | 30,497 | |||
Dynamic Semiconductors Portfolio | 35,669 | |||
Dynamic Software Portfolio | 20,662 |
For the six-month period ended October 31, 2013, the Adviser reimbursed Dynamic Oil & Gas Services Portfolio for an economic loss of $2,071,089 as a result of trading related activity.
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The Expense Agreement provides that the fees waived or expenses borne by the Adviser are subject to recapture by the Adviser for up to three years, but no recapture payment will be made by a Fund if it would result in the Fund exceeding its Expense Cap as specified above.
The amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2013 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/14 | 04/30/15 | 04/30/16 | 10/31/16 | |||||||||||||||||
Dynamic Building & Construction Portfolio | $ | 205,620 | $ | 63,254 | $ | 107,359 | $ | 35,007 | $ | — | ||||||||||
Dynamic Energy Exploration & Production Portfolio | 140,303 | 45,801 | 61,176 | 31,709 | 1,617 | |||||||||||||||
Dynamic Food & Beverage Portfolio | 19,515 | 9,023 | 10,492 | — | — | |||||||||||||||
Dynamic Leisure and Entertainment Portfolio | 172,325 | 45,238 | 87,312 | 39,775 | — | |||||||||||||||
Dynamic Media Portfolio | 37,194 | 10,503 | 24,252 | 2,439 | — | |||||||||||||||
Dynamic Networking Portfolio | 162,004 | 29,990 | 47,952 | 52,287 | 31,775 | |||||||||||||||
Dynamic Retail Portfolio | 234,299 | 60,219 | 87,876 | 55,726 | 30,478 | |||||||||||||||
Dynamic Semiconductors Portfolio | 265,298 | 56,812 | 99,564 | 73,270 | 35,652 | |||||||||||||||
Dynamic Software Portfolio | 201,563 | 47,316 | 81,932 | 51,699 | 20,616 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with NYSE Arca, Inc. (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use with the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of these Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Note 4. Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of October 31, 2013, the securities in each Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Note 5. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for
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distribution (or available capital loss carryforward) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in 8 tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under Internal Revenue Code and related regulations based on the results of future transactions.
The following Funds had a capital loss carryforward as of April 30, 2013, which expires as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | |||||||||||||||||||||||||||||||
Dynamic Biotechnology & Genome Portfolio | $ | — | $ | 321,497 | $ | 19,612,223 | $ | 15,818,255 | $ | 34,286,844 | $ | 50,397,332 | $ | 12,898,182 | $ | 29,306,093 | $ | — | $ | 162,640,426 | ||||||||||||||||||||
Dynamic Building & Construction Portfolio | — | — | 2,263,182 | 742,893 | 2,843,349 | 3,001,058 | 6,653,613 | 2,700,915 | 277,321 | 18,482,331 | ||||||||||||||||||||||||||||||
Dynamic Energy Exploration & Production Portfolio | — | — | 285,311 | 3,232,521 | 7,646,917 | 21,471,013 | 1,361,799 | 7,985,637 | 1,014,593 | 42,997,791 | ||||||||||||||||||||||||||||||
Dynamic Food & Beverage Portfolio | — | — | 239,185 | 1,260,041 | 7,585,250 | 10,245,302 | — | 23,852,022 | 786,201 | 43,968,001 | ||||||||||||||||||||||||||||||
Dynamic Leisure and Entertainment Portfolio | — | 751,908 | 1,611,839 | 2,111,801 | 2,895,936 | 2,889,449 | 2,356,106 | 7,583,457 | — | 20,200,496 | ||||||||||||||||||||||||||||||
Dynamic Media Portfolio | — | 545,973 | 3,187,134 | 2,505,039 | 4,930,761 | 5,161,647 | 6,294,489 | 18,655,535 | 973,678 | 42,254,256 | ||||||||||||||||||||||||||||||
Dynamic Networking Portfolio | — | 383,187 | 1,939,441 | 1,064,275 | 1,975,581 | 512,618 | 730,670 | 18,934,345 | 5,521,809 | 31,061,926 | ||||||||||||||||||||||||||||||
Dynamic Oil & Gas Services Portfolio | — | — | 15,026,862 | 7,909,602 | 24,680,663 | 85,028,926 | 35,877,910 | 18,344,489 | 7,583,730 | 194,452,182 | ||||||||||||||||||||||||||||||
Dynamic Pharmaceuticals Portfolio | 164,751 | 66,659 | 644,797 | 1,727,610 | 2,128,715 | 15,494,879 | 1,618,918 | 2,355,738 | 1,193,703 | 25,395,770 | ||||||||||||||||||||||||||||||
Dynamic Retail Portfolio | — | — | 937,070 | 1,908,967 | 2,427,604 | 1,816,180 | 2,176,015 | 6,951,511 | 144,198 | 16,361,545 | ||||||||||||||||||||||||||||||
Dynamic Semiconductors Portfolio | — | 271,588 | 9,158,832 | 10,196,415 | 14,001,359 | 10,902,954 | 2,120,823 | 5,209,256 | 1,053,566 | 52,914,793 | ||||||||||||||||||||||||||||||
Dynamic Software Portfolio | — | 108,427 | 3,017,278 | 1,542,190 | 7,095,351 | 2,938,722 | 3,242,208 | 5,710,603 | — | 23,654,779 |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
Note 6. Investment Transactions
For the six-month period ended October 31, 2013, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Dynamic Biotechnology & Genome Portfolio | $ | 74,619,039 | $ | 74,596,733 | ||||
Dynamic Building & Construction Portfolio | 75,231,461 | 74,660,344 | ||||||
Dynamic Energy Exploration & Production Portfolio | 52,366,483 | 51,566,145 | ||||||
Dynamic Food & Beverage Portfolio | 152,668,056 | 151,257,555 | ||||||
Dynamic Leisure and Entertainment Portfolio | 93,681,438 | 93,423,132 | ||||||
Dynamic Media Portfolio | 107,570,595 | 108,192,707 | ||||||
Dynamic Networking Portfolio | 12,361,797 | 12,512,269 | ||||||
Dynamic Oil & Gas Services Portfolio | 254,753,829 | 252,130,380 | ||||||
Dynamic Pharmaceuticals Portfolio | 118,844,146 | 117,624,436 | ||||||
Dynamic Retail Portfolio | 29,098,844 | 28,484,737 | ||||||
Dynamic Semiconductors Portfolio | 11,593,412 | 11,568,230 | ||||||
Dynamic Software Portfolio | 41,579,060 | 41,266,497 |
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For the six-month period ended October 31, 2013, in-kind transactions associated with creations and redemptions were as follows:
Securities Received | Securities Delivered | |||||||
Dynamic Biotechnology & Genome Portfolio | $ | 138,951,319 | $ | 73,190,514 | ||||
Dynamic Building & Construction Portfolio | 40,007,647 | 55,821,471 | ||||||
Dynamic Energy Exploration & Production Portfolio | 110,696,486 | 119,352,590 | ||||||
Dynamic Food & Beverage Portfolio | 133,781,329 | 165,004,143 | ||||||
Dynamic Leisure and Entertainment Portfolio | 124,087,507 | 54,215,114 | ||||||
Dynamic Media Portfolio | 223,941,549 | 147,361,276 | ||||||
Dynamic Networking Portfolio | 8,251,681 | 11,246,314 | ||||||
Dynamic Oil & Gas Services Portfolio | 58,608,192 | 73,263,072 | ||||||
Dynamic Pharmaceuticals Portfolio | 229,328,319 | 48,493,248 | ||||||
Dynamic Retail Portfolio | 28,348,145 | 24,012,936 | ||||||
Dynamic Semiconductors Portfolio | 8,096,512 | 12,501,813 | ||||||
Dynamic Software Portfolio | 21,755,795 | 20,638,970 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2013, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end.
Cost | Net Unrealized Appreciation | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Dynamic Biotechnology & Genome Portfolio | $ | 214,496,181 | $ | 47,129,634 | $ | 54,272,321 | $ | (7,142,687 | ) | |||||||
Dynamic Building & Construction Portfolio | 84,170,924 | 9,537,530 | 11,119,145 | (1,581,615 | ) | |||||||||||
Dynamic Energy Exploration & Production Portfolio | 99,846,854 | 4,828,321 | 8,554,747 | (3,726,426 | ) | |||||||||||
Dynamic Food & Beverage Portfolio | 216,558,882 | 13,837,650 | 17,635,647 | (3,797,997 | ) | |||||||||||
Dynamic Leisure and Entertainment Portfolio | 154,597,716 | 25,657,404 | 25,834,971 | (177,567 | ) | |||||||||||
Dynamic Media Portfolio | 272,141,022 | 30,976,055 | 32,745,078 | (1,769,023 | ) | |||||||||||
Dynamic Networking Portfolio | 28,556,440 | 3,859,427 | 5,335,985 | (1,476,558 | ) | |||||||||||
Dynamic Oil & Gas Services Portfolio | 110,006,096 | 10,620,102 | 13,630,504 | (3,010,402 | ) | |||||||||||
Dynamic Pharmaceuticals Portfolio | 593,313,417 | 151,629,082 | 159,778,066 | (8,148,984 | ) | |||||||||||
Dynamic Retail Portfolio | 30,392,493 | 4,151,210 | 4,526,685 | (375,475 | ) | |||||||||||
Dynamic Semiconductors Portfolio | 13,278,646 | 1,893,305 | 2,081,120 | (187,815 | ) | |||||||||||
Dynamic Software Portfolio | 46,694,538 | 8,899,029 | 9,939,214 | (1,040,185 | ) |
Note 7. Trustees’ Fees
The Funds compensate each Independent Trustee. The Trustee who is an “interested person” (the “Non-Independent Trustee”) of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, an Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select PowerShares Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.
Note 8. Capital
Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. Cash may be substituted equivalent to the value of certain securities, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
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Each Fund may issue Shares in advance of receipt of a basket of securities (“Deposit Securities”) subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with each Fund’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Transactions in a Fund’s Shares are disclosed in detail on the Statements of Changes in Net Assets.
Note 9. Indemnifications
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between the Independent Trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invescopowershares.com.
©2013 Invesco PowerShares Capital Management LLC | P-PS-SAR-7 | |||||
3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
invescopowershares.com 800.983.0903 | @PowerShares |
October 31, 2013 |
2013 Semi-Annual Report to Shareholders
PYZ | PowerShares Dynamic Basic Materials Sector Portfolio | |
PEZ | PowerShares Dynamic Consumer Discretionary Sector Portfolio | |
PSL | PowerShares Dynamic Consumer Staples Sector Portfolio | |
PXI | PowerShares Dynamic Energy Sector Portfolio | |
PFI | PowerShares Dynamic Financial Sector Portfolio | |
PTH | PowerShares Dynamic Healthcare Sector Portfolio | |
PRN | PowerShares Dynamic Industrials Sector Portfolio | |
PTF | PowerShares Dynamic Technology Sector Portfolio | |
PUI | PowerShares Dynamic Utilities Portfolio | |
PNQI | PowerShares NASDAQ Internet Portfolio |
Fees and Expenses | 3 | |||
Sector Portfolios | ||||
Schedules of Investments | ||||
5 | ||||
PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ) | 7 | |||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
19 | ||||
21 | ||||
23 | ||||
Statements of Assets and Liabilities | 26 | |||
Statements of Operations | 28 | |||
Statements of Changes in Net Assets | 30 | |||
Financial Highlights | 34 | |||
Notes to Financial Statements | 39 |
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As a shareholder of a Fund of the PowerShares Exchange-Traded Fund Trust (excluding PowerShares NASDAQ Internet Portfolio), you incur advisory fees and other Fund expenses. As a shareholder of a Fund of the PowerShares NASDAQ Internet Portfolio, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2013.
In pursuing its investment objective, PowerShares Dynamic Financial Sector Portfolio (the “Portfolio”) may invest a portion of its assets in investment companies. The Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The effect of such expenses are included in the Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds 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. Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in 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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Dynamic Basic Materials Sector Portfolio (PYZ) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,121.20 | 0.65 | % | $ | 3.48 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||
PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ) | ||||||||||||||||
Actual | 1,000.00 | 1,191.58 | 0.65 | 3.59 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||
PowerShares Dynamic Consumer Staples Sector Portfolio (PSL) | ||||||||||||||||
Actual | 1,000.00 | 1,095.08 | 0.65 | 3.43 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||
PowerShares Dynamic Energy Sector Portfolio (PXI) | ||||||||||||||||
Actual | 1,000.00 | 1,117.27 | 0.65 | 3.47 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||
PowerShares Dynamic Financial Sector Portfolio (PFI) | ||||||||||||||||
Actual | 1,000.00 | 1,138.64 | 0.65 | 3.50 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 |
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Fees and Expenses (continued)
Beginning Account Value May 1, 2013 | Ending Account Value October 31, 2013 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Dynamic Healthcare Sector Portfolio (PTH) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,153.86 | 0.65 | % | $ | 3.53 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||
PowerShares Dynamic Industrials Sector Portfolio (PRN) | ||||||||||||||||
Actual | 1,000.00 | 1,225.32 | 0.65 | 3.65 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||
PowerShares Dynamic Technology Sector Portfolio (PTF) | ||||||||||||||||
Actual | 1,000.00 | 1,147.22 | 0.65 | 3.52 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||
PowerShares Dynamic Utilities Portfolio (PUI) | ||||||||||||||||
Actual | 1,000.00 | 1,037.48 | 0.63 | 3.24 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic NASDAQ Internet Portfolio (PNQI) | ||||||||||||||||
Actual | 1,000.00 | 1,356.71 | 0.60 | 3.56 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2013. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value of the period, then multiplying the result by 184/365. |
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Portfolio Composition |
PowerShares Dynamic Basic Materials Sector Portfolio (PYZ) |
Sub-Industry Breakdown (Unaudited) | ||||
Specialty Chemicals | 28.8 | |||
Paper Products | 10.8 | |||
Diversified Chemicals | 10.1 | |||
Paper Packaging | 10.0 | |||
Commodity Chemicals | 8.8 | |||
Fertilizers & Agricultural Chemicals | 7.6 | |||
Industrial Gases | 7.3 | |||
Steel | 5.8 | |||
Metal & Glass Containers | 5.1 | |||
Forest Products | 2.8 | |||
Diversified Metals & Mining | 1.6 | |||
Aluminum | 1.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Dynamic Basic Materials Sector Portfolio (PYZ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Aluminum—1.2% | ||||||||
13,868 | Kaiser Aluminum Corp. | $ | 935,396 | |||||
|
| |||||||
Commodity Chemicals—8.8% | ||||||||
23,946 | Axiall Corp. | 931,260 | ||||||
24,724 | Koppers Holdings, Inc. | 1,100,465 | ||||||
25,051 | LyondellBasell Industries NV, Class A | 1,868,805 | ||||||
79,812 | PetroLogistics LP | 1,033,565 | ||||||
17,368 | Westlake Chemical Corp. | 1,865,671 | ||||||
|
| |||||||
6,799,766 | ||||||||
|
| |||||||
Diversified Chemicals—10.1% | ||||||||
46,987 | Dow Chemical Co. (The) | 1,854,577 | ||||||
31,037 | E.I. du Pont de Nemours & Co. | 1,899,464 | ||||||
23,123 | Eastman Chemical Co. | 1,821,861 | ||||||
54,774 | Huntsman Corp. | 1,271,852 | ||||||
41,495 | Olin Corp. | 934,053 | ||||||
|
| |||||||
7,781,807 | ||||||||
|
| |||||||
Diversified Metals & Mining—1.6% | ||||||||
41,174 | Hi-Crush Partners LP | 1,248,807 | ||||||
|
| |||||||
Fertilizers & Agricultural Chemicals—7.6% | ||||||||
9,233 | CF Industries Holdings, Inc. | 1,990,635 | ||||||
42,193 | Mosaic Co. (The) | 1,934,549 | ||||||
18,185 | Scotts Miracle-Gro Co. (The), Class A | 1,067,823 | ||||||
4,484 | Terra Nitrogen Co. LP | 916,216 | ||||||
|
| |||||||
5,909,223 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Forest Products—2.8% | ||||||||
41,495 | Boise Cascade Co.(b) | $ | 1,062,687 | |||||
64,073 | Louisiana-Pacific Corp.(b) | 1,089,882 | ||||||
|
| |||||||
2,152,569 | ||||||||
|
| |||||||
Industrial Gases—7.3% | ||||||||
17,205 | Air Products & Chemicals, Inc. | 1,875,517 | ||||||
17,288 | Airgas, Inc. | 1,885,602 | ||||||
14,969 | Praxair, Inc. | 1,866,784 | ||||||
|
| |||||||
5,627,903 | ||||||||
|
| |||||||
Metal & Glass Containers—5.1% | ||||||||
22,056 | Crown Holdings, Inc.(b) | 961,642 | ||||||
17,793 | Greif, Inc., Class A | 951,747 | ||||||
51,645 | Myers Industries, Inc. | 920,314 | ||||||
33,763 | Owens-Illinois, Inc.(b) | 1,073,326 | ||||||
|
| |||||||
3,907,029 | ||||||||
|
| |||||||
Paper Packaging—10.0% | ||||||||
22,417 | Avery Dennison Corp. | 1,056,289 | ||||||
24,090 | Bemis Co., Inc. | 961,191 | ||||||
115,348 | Graphic Packaging Holding Co.(b) | 968,923 | ||||||
26,738 | MeadWestvaco Corp. | 931,820 | ||||||
18,072 | Packaging Corp. of America | 1,125,524 | ||||||
15,816 | Rock-Tenn Co., Class A | 1,692,470 | ||||||
33,751 | Sealed Air Corp. | 1,018,605 | ||||||
|
| |||||||
7,754,822 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic Basic Materials Sector Portfolio (PYZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Paper Products—10.8% | ||||||||
14,523 | Domtar Corp. | $ | 1,230,243 | |||||
37,224 | International Paper Co. | 1,660,563 | ||||||
22,822 | KapStone Paper and Packaging Corp. | 1,185,831 | ||||||
26,190 | Neenah Paper, Inc. | 1,077,457 | ||||||
37,414 | P.H. Glatfelter Co. | 980,247 | ||||||
76,014 | Resolute Forest Products(b) | 1,215,464 | ||||||
16,737 | Schweitzer-Mauduit International, Inc. | 1,035,685 | ||||||
|
| |||||||
8,385,490 | ||||||||
|
| |||||||
Specialty Chemicals—28.8% | ||||||||
20,028 | Balchem Corp. | 1,146,803 | ||||||
35,689 | Celanese Corp., Series A | 1,998,941 | ||||||
12,818 | Cytec Industries, Inc. | 1,065,048 | ||||||
19,237 | Ecolab, Inc. | 2,039,122 | ||||||
59,389 | FutureFuel Corp. | 1,033,962 | ||||||
23,425 | Innospec, Inc. | 1,078,955 | ||||||
12,132 | International Flavors & Fragrances, Inc. | 1,002,710 | ||||||
21,589 | Minerals Technologies, Inc. | 1,222,585 | ||||||
3,496 | NewMarket Corp. | 1,088,515 | ||||||
33,728 | OM Group, Inc.(b) | 1,146,752 | ||||||
35,475 | PolyOne Corp. | 1,074,893 | ||||||
11,250 | PPG Industries, Inc. | 2,054,025 | ||||||
14,445 | Quaker Chemical Corp. | 1,096,520 | ||||||
28,209 | RPM International, Inc. | 1,092,252 | ||||||
23,120 | Sensient Technologies Corp. | 1,205,246 | ||||||
21,309 | Sigma-Aldrich Corp. | 1,841,737 | ||||||
11,929 | W.R. Grace & Co.(b) | 1,093,412 | ||||||
|
| |||||||
22,281,478 | ||||||||
|
| |||||||
Steel—5.8% | ||||||||
45,929 | Cliffs Natural Resources, Inc. | 1,179,457 | ||||||
14,373 | Reliance Steel & Aluminum Co. | 1,053,397 | ||||||
41,639 | Suncoke Energy Partners LP | 1,085,945 | ||||||
28,759 | Worthington Industries, Inc. | 1,165,890 | ||||||
|
| |||||||
4,484,689 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $64,990,972) | 77,268,979 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
119,300 | Premier Portfolio—Institutional Class (c) (Cost $119,300) | 119,300 | ||||||
|
| |||||||
Total Investments (Cost $65,110,272)—100.1% | 77,388,279 | |||||||
Other assets less liabilities—(0.1)% | (40,694 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 77,347,585 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Portfolio Composition |
PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ) |
Sub-Industry Breakdown (Unaudited) | ||||
Auto Parts & Equipment | 16.8 | |||
Restaurants | 12.9 | |||
Movies & Entertainment | 9.1 | |||
Broadcasting | 8.0 | |||
Home Improvement Retail | 6.4 | |||
Computer & Electronics Retail | 5.2 | |||
Cable & Satellite | 5.1 | |||
Automobile Manufacturers | 5.0 | |||
Casinos & Gaming | 5.0 | |||
Education Services | 4.8 | |||
Automotive Retail | 3.6 | |||
Apparel Retail | 3.4 | |||
Leisure Products | 2.8 | |||
Specialized Consumer Services | 2.5 | |||
Apparel, Accessories & Luxury Goods | 1.5 | |||
Publishing | 1.5 | |||
Distributors | 1.4 | |||
Leisure Facilities | 1.4 | |||
Tires & Rubber | 1.3 | |||
Advertising | 1.2 | |||
Internet Retail | 1.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1 | ) |
Schedule of Investments(a)
PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.1% | ||||||||
Advertising—1.2% | ||||||||
17,169 | National CineMedia, Inc. | $ | 300,801 | |||||
|
| |||||||
Apparel Retail—3.4% | ||||||||
5,805 | Children’s Place Retail Stores, Inc. (The)(b) | 316,895 | ||||||
13,995 | Gap, Inc. (The) | 517,675 | ||||||
|
| |||||||
834,570 | ||||||||
|
| |||||||
Apparel, Accessories & Luxury Goods—1.5% | ||||||||
5,190 | Hanesbrands, Inc. | 353,543 | ||||||
|
| |||||||
Auto Parts & Equipment—16.8% | ||||||||
5,860 | BorgWarner, Inc. | 604,342 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Auto Parts & Equipment (continued) | ||||||||
14,728 | Dana Holding Corp. | $ | 288,669 | |||||
10,286 | Delphi Automotive PLC (United Kingdom) | 588,359 | ||||||
16,999 | Fox Factory Holding Corp.(b) | 296,122 | ||||||
13,964 | Johnson Controls, Inc. | 644,439 | ||||||
4,490 | Lear Corp. | 347,481 | ||||||
23,692 | Modine Manufacturing Co.(b) | 315,577 | ||||||
15,798 | Remy International, Inc. | 348,030 | ||||||
4,469 | TRW Automotive Holdings Corp.(b) | 335,667 | ||||||
4,311 | Visteon Corp.(b) | 332,335 | ||||||
|
| |||||||
4,101,021 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Automobile Manufacturers—5.0% | ||||||||
34,957 | Ford Motor Co. | $ | 598,114 | |||||
16,607 | General Motors Co.(b) | 613,629 | ||||||
|
| |||||||
1,211,743 | ||||||||
|
| |||||||
Automotive Retail—3.6% | ||||||||
4,704 | Lithia Motors, Inc., Class A | 295,646 | ||||||
4,612 | O’Reilly Automotive, Inc.(b) | 571,012 | ||||||
|
| |||||||
866,658 | ||||||||
|
| |||||||
Broadcasting—8.0% | ||||||||
21,832 | Belo Corp., Class A | 299,753 | ||||||
64,312 | Cumulus Media, Inc., Class A(b) | 384,586 | ||||||
4,147 | Liberty Media Corp., Class A(b) | 634,118 | ||||||
7,697 | Scripps Networks Interactive, Inc., Class A | 619,608 | ||||||
|
| |||||||
1,938,065 | ||||||||
|
| |||||||
Cable & Satellite—5.1% | ||||||||
13,446 | Comcast Corp., Class A | 639,761 | ||||||
12,588 | DISH Network Corp., Class A | 606,741 | ||||||
|
| |||||||
1,246,502 | ||||||||
|
| |||||||
Casinos & Gaming—5.0% | ||||||||
4,280 | Bally Technologies, Inc.(b) | 313,039 | ||||||
16,342 | International Game Technology | 307,230 | ||||||
17,451 | MGM Resorts International(b) | 332,267 | ||||||
7,867 | Multimedia Games Holding Co., Inc.(b) | 255,756 | ||||||
|
| |||||||
1,208,292 | ||||||||
|
| |||||||
Computer & Electronics Retail—5.2% | ||||||||
15,721 | Best Buy Co., Inc. | 672,859 | ||||||
6,148 | GameStop Corp., Class A | 337,033 | ||||||
17,046 | hhgregg, Inc.(b) | 264,383 | ||||||
|
| |||||||
1,274,275 | ||||||||
|
| |||||||
Distributors—1.4% | ||||||||
10,557 | LKQ Corp.(b) | 348,698 | ||||||
|
| |||||||
Education Services—4.8% | ||||||||
16,624 | Apollo Group, Inc., Class A(b) | 443,694 | ||||||
18,686 | Bridgepoint Education, Inc.(b) | 366,246 | ||||||
5,680 | Capella Education Co.(b) | 346,026 | ||||||
|
| |||||||
1,155,966 | ||||||||
|
| |||||||
Home Improvement Retail—6.4% | ||||||||
7,598 | Home Depot, Inc. (The) | 591,808 | ||||||
12,352 | Lowe’s Cos., Inc. | 614,883 | ||||||
3,105 | Lumber Liquidators Holdings, Inc.(b) | 354,560 | ||||||
|
| |||||||
1,561,251 | ||||||||
|
| |||||||
Internet Retail—1.2% | ||||||||
32,461 | Orbitz Worldwide, Inc.(b) | 299,940 | ||||||
|
| |||||||
Leisure Facilities—1.4% | ||||||||
7,272 | Cedar Fair, LP | 333,421 | ||||||
|
| |||||||
Leisure Products—2.8% | ||||||||
8,490 | Brunswick Corp. | 383,154 | ||||||
28,218 | Smith & Wesson Holding Corp.(b) | 304,190 | ||||||
|
| |||||||
687,344 | ||||||||
|
| |||||||
Movies & Entertainment—9.1% | ||||||||
8,818 | Lions Gate Entertainment Corp.(b) | 304,926 | ||||||
18,310 | Live Nation Entertainment, Inc.(b) | 355,946 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Movies & Entertainment (continued) | ||||||||
17,255 | Regal Entertainment Group, Class A | $ | 328,018 | |||||
9,350 | Time Warner, Inc. | 642,719 | ||||||
7,113 | Viacom, Inc., Class B | 592,442 | ||||||
|
| |||||||
2,224,051 | ||||||||
|
| |||||||
Publishing—1.5% | ||||||||
547 | Washington Post Co. (The), Class B | 351,896 | ||||||
|
| |||||||
Restaurants—12.9% | ||||||||
7,538 | AFC Enterprises, Inc.(b) | 336,044 | ||||||
739 | Biglari Holdings, Inc.(b) | 322,219 | ||||||
7,628 | CEC Entertainment, Inc. | 353,558 | ||||||
5,024 | Domino’s Pizza, Inc. | 336,909 | ||||||
7,817 | Jack in the Box, Inc.(b) | 317,995 | ||||||
15,654 | Krispy Kreme Doughnuts, Inc.(b) | 379,766 | ||||||
4,759 | Red Robin Gourmet Burgers, Inc.(b) | 362,541 | ||||||
19,342 | Sonic Corp.(b) | 373,301 | ||||||
40,833 | Wendy’s Co. (The) | 354,839 | ||||||
|
| |||||||
3,137,172 | ||||||||
|
| |||||||
Specialized Consumer Services—2.5% | ||||||||
17,074 | Service Corp. International | 307,502 | ||||||
5,540 | Steiner Leisure Ltd.(b) | 310,351 | ||||||
|
| |||||||
617,853 | ||||||||
|
| |||||||
Tires & Rubber—1.3% | ||||||||
15,343 | Goodyear Tire & Rubber Co. (The) | 321,896 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $21,764,356) | 24,374,958 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
55,183 | Premier Portfolio—Institutional Class(c) (Cost $55,183) | 55,183 | ||||||
|
| |||||||
Total Investments (Cost $21,819,539)—100.3% | 24,430,141 | |||||||
Other assets less liabilities—(0.3)% | (67,113 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 24,363,028 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Portfolio Composition |
PowerShares Dynamic Consumer Staples Sector Portfolio (PSL) |
Sub-Industry Breakdown (Unaudited) | ||||
Packaged Foods & Meats | 35.1 | |||
Household Products | 13.7 | |||
Personal Products | 8.5 | |||
Tobacco | 8.2 | |||
Drug Retail | 7.5 | |||
Food Retail | 7.0 | |||
Agricultural Products | 5.4 | |||
Hypermarkets & Super Centers | 5.0 | |||
Soft Drinks | 4.0 | |||
Brewers | 2.8 | |||
Food Distributors | 2.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Consumer Staples Sector Portfolio (PSL)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Agricultural Products—5.4% | ||||||||
26,333 | Archer-Daniels-Midland Co. | $ | 1,077,020 | |||||
6,674 | Bunge Ltd. | 548,135 | ||||||
17,524 | Fresh Del Monte Produce, Inc. | 465,963 | ||||||
|
| |||||||
2,091,118 | ||||||||
|
| |||||||
Brewers—2.8% | ||||||||
2,387 | Boston Beer Co., Inc. (The), Class A (b) | 548,031 | ||||||
10,365 | Molson Coors Brewing Co., Class B | 559,710 | ||||||
|
| |||||||
1,107,741 | ||||||||
|
| |||||||
Drug Retail—7.5% | ||||||||
15,972 | CVS Caremark Corp. | 994,417 | ||||||
146,165 | Rite Aid Corp.(b) | 779,059 | ||||||
19,288 | Walgreen Co. | 1,142,621 | ||||||
|
| |||||||
2,916,097 | ||||||||
|
| |||||||
Food Distributors—2.8% | ||||||||
7,702 | Andersons, Inc. (The) | 571,334 | ||||||
15,794 | Sysco Corp. | 510,778 | ||||||
|
| |||||||
1,082,112 | ||||||||
|
| |||||||
Food Retail—7.0% | ||||||||
7,669 | Casey’s General Stores, Inc. | 558,917 | ||||||
20,237 | Ingles Markets, Inc., Class A | 522,317 | ||||||
13,818 | Kroger Co. (The) | 591,963 | ||||||
70,534 | SUPERVALU, Inc.(b) | 495,854 | ||||||
10,765 | Weis Markets, Inc. | 550,845 | ||||||
|
| |||||||
2,719,896 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Household Products—13.7% | ||||||||
8,521 | Church & Dwight Co., Inc. | $ | 555,143 | |||||
6,115 | Clorox Co. (The) | 551,512 | ||||||
16,049 | Colgate-Palmolive Co. | 1,038,852 | ||||||
5,117 | Energizer Holdings, Inc. | 502,029 | ||||||
9,918 | Kimberly-Clark Corp. | 1,071,144 | ||||||
11,904 | Procter & Gamble Co. (The) | 961,248 | ||||||
8,692 | WD-40 Co. | 630,083 | ||||||
|
| |||||||
5,310,011 | ||||||||
|
| |||||||
Hypermarkets & Super Centers—5.0% | ||||||||
8,288 | Costco Wholesale Corp. | 977,984 | ||||||
12,704 | Wal-Mart Stores, Inc. | 975,032 | ||||||
|
| |||||||
1,953,016 | ||||||||
|
| |||||||
Packaged Foods & Meats—35.1% | ||||||||
11,712 | Campbell Soup Co. | 498,580 | ||||||
41,016 | Chiquita Brands International, Inc.(b) | 424,516 | ||||||
14,954 | ConAgra Foods, Inc. | 475,687 | ||||||
26,395 | Dean Foods Co.(b) | 514,702 | ||||||
24,326 | Flowers Foods, Inc. | 616,421 | ||||||
18,799 | General Mills, Inc. | 947,845 | ||||||
5,860 | Green Mountain Coffee Roasters, Inc.(b) | 368,067 | ||||||
10,083 | Hershey Co. (The) | 1,000,637 | ||||||
15,652 | Hillshire Brands Co. | 513,855 | ||||||
6,575 | J & J Snack Foods Corp. | 562,623 | ||||||
4,765 | J.M. Smucker Co. (The) | 529,916 | ||||||
15,272 | Kellogg Co. | 965,954 | ||||||
17,909 | Kraft Foods Group, Inc. | 973,891 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Dynamic Consumer Staples Sector Portfolio (PSL) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Packaged Foods & Meats (continued) | ||||||||
6,856 | Lancaster Colony Corp. | $ | 568,979 | |||||
30,231 | Mondelez International, Inc., Class A | 1,016,971 | ||||||
32,990 | Pilgrim’s Pride Corp. (Brazil)(b) | 467,468 | ||||||
7,723 | Sanderson Farms, Inc. | 488,171 | ||||||
189 | Seaboard Corp. | 515,970 | ||||||
18,800 | Snyders-Lance, Inc. | 563,812 | ||||||
16,863 | Tootsie Roll Industries, Inc. | 539,616 | ||||||
7,777 | TreeHouse Foods, Inc.(b) | 569,743 | ||||||
17,469 | Tyson Foods, Inc., Class A | 483,367 | ||||||
|
| |||||||
13,606,791 | ||||||||
|
| |||||||
Personal Products—8.5% | ||||||||
25,581 | Avon Products, Inc. | 447,668 | ||||||
8,289 | Herbalife Ltd. (Cayman Islands) | 537,293 | ||||||
19,034 | Inter Parfums, Inc. | 669,235 | ||||||
6,041 | Nu Skin Enterprises, Inc., Class A | 706,374 | ||||||
15,575 | Prestige Brands Holdings, Inc.(b) | 486,407 | ||||||
6,659 | USANA Health Sciences, Inc.(b) | 454,344 | ||||||
|
| |||||||
3,301,321 | ||||||||
|
| |||||||
Soft Drinks—4.0% | ||||||||
13,522 | Coca-Cola Enterprises, Inc. | 564,273 | ||||||
11,629 | PepsiCo, Inc. | 977,883 | ||||||
|
| |||||||
1,542,156 | ||||||||
|
| |||||||
Tobacco—8.2% | ||||||||
27,366 | Altria Group, Inc. | 1,018,836 | ||||||
11,956 | Lorillard, Inc. | 609,876 | ||||||
19,466 | Reynolds American, Inc. | 999,968 | ||||||
10,317 | Universal Corp. | 547,111 | ||||||
|
| |||||||
3,175,791 | ||||||||
|
| |||||||
Total Common Stocks (Cost $31,223,852) | 38,806,050 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
66,218 | Premier Portfolio—Institutional Class(c) (Cost $66,218) | 66,218 | ||||||
|
| |||||||
Total Investments (Cost $31,290,070)—100.2% | 38,872,268 | |||||||
Other assets less liabilities— (0.2)% | (60,317 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 38,811,951 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Portfolio Composition |
PowerShares Dynamic Energy Sector Portfolio (PXI) |
Sub-Industry Breakdown (Unaudited) | ||||
Oil & Gas Exploration & Production | 31.8 | |||
Oil & Gas Equipment & Services | 23.3 | |||
Oil & Gas Refining & Marketing | 22.9 | |||
Oil & Gas Drilling | 9.6 | |||
Coal & Consumable Fuels | 6.3 | |||
Oil & Gas Storage & Transportation | 3.6 | |||
Integrated Oil & Gas | 2.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Energy Sector Portfolio (PXI)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Coal & Consumable Fuels—6.3% | ||||||||
32,481 | Alliance Holdings GP LP | $ | 1,937,167 | |||||
26,512 | Alliance Resource Partners LP | 2,012,526 | ||||||
446,482 | Arch Coal, Inc. | 1,893,084 | ||||||
126,794 | Cloud Peak Energy, Inc.(b) | 1,979,254 | ||||||
116,034 | Peabody Energy Corp. | 2,260,342 | ||||||
|
| |||||||
10,082,373 | ||||||||
|
| |||||||
Integrated Oil & Gas—2.5% | ||||||||
48,884 | Hess Corp. | 3,969,381 | ||||||
|
| |||||||
Oil & Gas Drilling—9.6% | ||||||||
31,659 | Helmerich & Payne, Inc. | 2,455,156 | ||||||
129,596 | Nabors Industries Ltd. | 2,265,338 | ||||||
53,650 | Noble Corp. | 2,022,605 | ||||||
347,695 | Parker Drilling Co.(b) | 2,503,404 | ||||||
101,878 | Patterson-UTI Energy, Inc. | 2,471,560 | ||||||
81,073 | Transocean Ltd. | 3,816,106 | ||||||
|
| |||||||
15,534,169 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services—23.3% | ||||||||
97,211 | C&J Energy Services, Inc.(b) | 2,239,741 | ||||||
13,173 | Core Laboratories NV | 2,466,249 | ||||||
19,565 | Dril-Quip, Inc.(b) | 2,297,322 | ||||||
72,760 | Exterran Holdings, Inc.(b) | 2,077,298 | ||||||
76,229 | Halliburton Co. | 4,042,424 | ||||||
79,736 | Helix Energy Solutions Group, Inc.(b) | 1,886,554 | ||||||
299,215 | Key Energy Services, Inc.(b) | 2,339,861 | ||||||
179,316 | Newpark Resources, Inc.(b) | 2,286,279 | ||||||
25,726 | Oceaneering International, Inc. | 2,209,349 | ||||||
22,370 | Oil States International, Inc.(b) | 2,430,053 | ||||||
139,758 | RPC, Inc. | 2,563,162 | ||||||
45,203 | Schlumberger Ltd. | 4,236,425 | ||||||
81,259 | Superior Energy Services, Inc.(b) | 2,180,179 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Oil & Gas Equipment & Services (continued) | ||||||||
129,177 | Tesco Corp.(b) | $ | 2,219,261 | |||||
133,855 | Weatherford International Ltd.(b) | 2,200,576 | ||||||
|
| |||||||
37,674,733 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production—31.8% | ||||||||
40,023 | Anadarko Petroleum Corp. | 3,813,792 | ||||||
42,705 | Apache Corp. | 3,792,204 | ||||||
48,497 | Berry Petroleum Co., Class A | 2,315,732 | ||||||
58,254 | Carrizo Oil & Gas, Inc.(b) | 2,553,855 | ||||||
23,813 | Cimarex Energy Co. | 2,508,700 | ||||||
55,188 | ConocoPhillips | 4,045,280 | ||||||
115,430 | Denbury Resources, Inc.(b) | 2,192,016 | ||||||
23,297 | EOG Resources, Inc. | 4,156,185 | ||||||
106,269 | Marathon Oil Corp. | 3,747,045 | ||||||
62,887 | Murphy Oil Corp. | 3,793,344 | ||||||
59,563 | Noble Energy, Inc. | 4,463,056 | ||||||
50,914 | Oasis Petroleum, Inc.(b) | 2,711,170 | ||||||
387,528 | SandRidge Energy, Inc.(b) | 2,456,927 | ||||||
95,781 | Southwestern Energy Co.(b) | 3,564,969 | ||||||
72,839 | Stone Energy Corp.(b) | 2,539,167 | ||||||
39,544 | Whiting Petroleum Corp.(b) | 2,645,098 | ||||||
|
| |||||||
51,298,540 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing—22.9% | ||||||||
160,688 | Alon USA Energy, Inc. (Israel) | 1,941,111 | ||||||
125,996 | Alon USA Partners LP (Israel) | 1,716,066 | ||||||
46,609 | CVR Energy, Inc. | 1,851,309 | ||||||
73,320 | CVR Refining LP | 1,784,609 | ||||||
80,281 | Delek US Holdings, Inc. (Israel) | 2,051,180 | ||||||
69,275 | Emerge Energy Services LP | 2,628,294 | ||||||
44,869 | HollyFrontier Corp. | 2,066,666 | ||||||
50,461 | Marathon Petroleum Corp. | 3,616,035 | ||||||
95,813 | Northern Tier Energy LP | 2,228,610 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Dynamic Energy Sector Portfolio (PXI) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Oil & Gas Refining & Marketing (continued) | ||||||||
90,841 | PBF Energy, Inc., Class A | $ | 2,391,844 | |||||
64,079 | Phillips 66 | 4,128,610 | ||||||
43,302 | Tesoro Corp. | 2,117,035 | ||||||
102,979 | Valero Energy Corp. | 4,239,645 | ||||||
68,045 | Western Refining, Inc. | 2,195,812 | ||||||
52,314 | World Fuel Services Corp. | 1,995,779 | ||||||
|
| |||||||
36,952,605 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation—3.6% | ||||||||
71,363 | Energy Transfer Partners LP | 3,780,098 | ||||||
88,817 | PAA Natural Gas Storage LP | 2,023,252 | ||||||
|
| |||||||
5,803,350 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $140,595,215) | 161,315,151 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
86,297 | Premier Portfolio—Institutional Class(c) (Cost $86,296) | 86,296 | ||||||
|
| |||||||
Total Investments (Cost $140,681,511)—100.0% | 161,401,447 | |||||||
Other assets less liabilities—(0.0)% | (21,427 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 161,380,020 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Portfolio Composition |
PowerShares Dynamic Financial Sector Portfolio (PFI) |
Sub-Industry Breakdown (Unaudited) | ||||
Property & Casualty Insurance | 27.6 | |||
Life & Health Insurance | 24.7 | |||
Regional Banks | 17.5 | |||
Multi-line Insurance | 9.2 | |||
Asset Management & Custody Banks | 5.7 | |||
Diversified Banks | 3.7 | |||
Investment Banking & Brokerage | 3.7 | |||
Reinsurance | 2.9 | |||
Other Diversified Financial Services | 2.4 | |||
Consumer Finance | 1.4 | |||
Thrifts & Mortgage Finance | 1.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Financial Sector Portfolio (PFI)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Asset Management & Custody Banks—5.7% | ||||||||
6,511 | Ameriprise Financial, Inc. | $ | 654,616 | |||||
42,435 | Fortress Investment Group LLC, Class A | 350,089 | ||||||
5,323 | GAMCO Investors, Inc., Class A | 380,647 | ||||||
|
| |||||||
1,385,352 | ||||||||
|
| |||||||
Consumer Finance—1.4% | ||||||||
8,077 | Nelnet, Inc., Class A | 344,323 | ||||||
|
| |||||||
Diversified Banks—3.7% | ||||||||
7,492 | Comerica, Inc. | 324,404 | ||||||
13,654 | Wells Fargo & Co. | 582,889 | ||||||
|
| |||||||
907,293 | ||||||||
|
| |||||||
Investment Banking & Brokerage—3.7% | ||||||||
16,111 | FXCM, Inc., Class A | 264,059 | ||||||
17,997 | Investment Technology Group, Inc.(b) | 288,312 | ||||||
7,314 | Raymond James Financial, Inc. | 333,884 | ||||||
|
| |||||||
886,255 | ||||||||
|
| |||||||
Life & Health Insurance—24.7% | ||||||||
9,706 | Aflac, Inc. | 630,696 | ||||||
15,444 | American Equity Investment Life Holding Co. | 321,853 | ||||||
22,513 | CNO Financial Group, Inc. | 350,752 | ||||||
7,271 | FBL Financial Group, Inc., Class A | 325,305 | ||||||
13,342 | Lincoln National Corp. | 605,860 | ||||||
12,144 | MetLife, Inc. | 574,533 | ||||||
13,708 | Principal Financial Group, Inc. | 650,582 | ||||||
7,321 | Protective Life Corp. | 337,352 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Life & Health Insurance (continued) | ||||||||
7,491 | Prudential Financial, Inc. | $ | 609,692 | |||||
5,848 | StanCorp Financial Group, Inc. | 344,447 | ||||||
17,716 | Symetra Financial Corp. | 331,821 | ||||||
4,441 | Torchmark Corp. | 323,571 | ||||||
18,995 | Unum Group | 602,901 | ||||||
|
| |||||||
6,009,365 | ||||||||
|
| |||||||
Multi-line Insurance—9.2% | ||||||||
5,937 | American Financial Group, Inc. | 334,016 | ||||||
12,073 | American International Group, Inc. | 623,570 | ||||||
2,915 | American National Insurance Co. | 294,619 | ||||||
5,768 | Assurant, Inc. | 337,313 | ||||||
7,250 | HCC Insurance Holdings, Inc. | 330,962 | ||||||
11,607 | Horace Mann Educators Corp. | 321,514 | ||||||
|
| |||||||
2,241,994 | ||||||||
|
| |||||||
Other Diversified Financial Services—2.4% | ||||||||
11,101 | JPMorgan Chase & Co. | 572,146 | ||||||
|
| |||||||
Property & Casualty Insurance—27.6% | ||||||||
6,394 | ACE Ltd. | 610,243 | ||||||
11,705 | Allstate Corp. (The) | 621,067 | ||||||
13,807 | AMBAC Financial Group, Inc.(b) | 278,763 | ||||||
8,565 | AmTrust Financial Services, Inc. | 328,553 | ||||||
5,739 | Arch Capital Group Ltd.(b) | 332,633 | ||||||
8,601 | Aspen Insurance Holdings Ltd. | 335,525 | ||||||
15,899 | CNA Financial Corp. | 645,340 | ||||||
11,541 | Employers Holdings, Inc. | 347,038 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares Dynamic Financial Sector Portfolio (PFI) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Property & Casualty Insurance (continued) | ||||||||
5,744 | Hanover Insurance Group, Inc. (The) | $ | 336,254 | |||||
5,590 | Navigators Group, Inc. (The)(b) | 314,382 | ||||||
21,546 | Old Republic International Corp. | 361,757 | ||||||
13,343 | Selective Insurance Group, Inc. | 350,521 | ||||||
10,002 | Stewart Information Services Corp. | 313,263 | ||||||
7,020 | Travelers Cos., Inc. (The) | 605,826 | ||||||
10,664 | United Fire Group, Inc. | 338,049 | ||||||
18,976 | XL Group PLC | 580,096 | ||||||
|
| |||||||
6,699,310 | ||||||||
|
| |||||||
Regional Banks—17.5% | ||||||||
10,467 | East West Bancorp, Inc. | 352,633 | ||||||
30,668 | Fifth Third Bancorp | 583,612 | ||||||
13,460 | First Interstate BancSystem, Inc. | 337,981 | ||||||
12,964 | Glacier Bancorp, Inc. | 358,195 | ||||||
17,809 | OFG Bancorp | 263,751 | ||||||
14,022 | PrivateBancorp, Inc. | 341,576 | ||||||
13,610 | S&T Bancorp, Inc. | 333,717 | ||||||
13,689 | Sandy Spring Bancorp, Inc. | 335,244 | ||||||
95,911 | Synovus Financial Corp. | 311,711 | ||||||
20,985 | United Community Banks, Inc.(b) | 327,156 | ||||||
10,664 | WesBanco, Inc. | 313,522 | ||||||
18,690 | Western Alliance Bancorp(b) | 395,293 | ||||||
|
| |||||||
4,254,391 | ||||||||
|
| |||||||
Reinsurance—2.9% | ||||||||
2,234 | Everest Re Group Ltd. | 343,455 | ||||||
23,196 | Third Point Reinsurance Ltd. (Bermuda)(b) | 361,858 | ||||||
|
| |||||||
705,313 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—1.2% | ||||||||
4,724 | BofI Holding, Inc.(b) | 285,424 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $21,439,238) | 24,291,166 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
79,064 | Premier Portfolio—Institutional Class(c) (Cost $79,064) | 79,064 | ||||||
|
| |||||||
Total Investments (Cost $21,518,302)—100.3% | 24,370,230 | |||||||
Other assets less liabilities—(0.3)% | (68,808 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 24,301,422 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Portfolio Composition |
PowerShares Dynamic Healthcare Sector Portfolio (PTH) |
Sub-Industry Breakdown (Unaudited) | ||||
Pharmaceuticals | 15.1 | |||
Health Care Distributors | 12.7 | |||
Life Sciences Tools & Services | 11.9 | |||
Biotechnology | 10.8 | |||
Managed Health Care | 9.6 | |||
Health Care Services | 9.5 | |||
Health Care Equipment | 9.1 | |||
Health Care Supplies | 8.6 | |||
Health Care Facilities | 8.4 | |||
Health Care Technology | 4.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Dynamic Healthcare Sector Portfolio (PTH)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Biotechnology—10.8% | ||||||||
13,504 | Celgene Corp.(b) | $ | 2,005,209 | |||||
31,363 | Gilead Sciences, Inc.(b) | 2,226,460 | ||||||
21,442 | Ligand Pharmaceuticals, Inc., Class B(b) | 1,109,838 | ||||||
39,398 | Myriad Genetics, Inc.(b) | 960,523 | ||||||
129,858 | PDL BioPharma, Inc. | 1,050,551 | ||||||
14,541 | United Therapeutics Corp.(b) | 1,287,169 | ||||||
|
| |||||||
8,639,750 | ||||||||
|
| |||||||
Health Care Distributors—12.7% | ||||||||
33,208 | AmerisourceBergen Corp. | 2,169,479 | ||||||
37,595 | Cardinal Health, Inc. | 2,205,323 | ||||||
10,202 | Henry Schein, Inc.(b) | 1,147,011 | ||||||
15,568 | McKesson Corp. | 2,433,901 | ||||||
6,779 | MWI Veterinary Supply, Inc.(b) | 1,075,420 | ||||||
30,229 | Owens & Minor, Inc. | 1,131,169 | ||||||
|
| |||||||
10,162,303 | ||||||||
|
| |||||||
Health Care Equipment—9.1% | ||||||||
19,411 | Becton, Dickinson and Co. | 2,040,678 | ||||||
178,668 | Boston Scientific Corp.(b) | 2,088,629 | ||||||
21,825 | ResMed, Inc. | 1,129,226 | ||||||
23,901 | Zimmer Holdings, Inc. | 2,090,620 | ||||||
|
| |||||||
7,349,153 | ||||||||
|
| |||||||
Health Care Facilities—8.4% | ||||||||
27,650 | AmSurg Corp.(b) | 1,185,909 | ||||||
26,264 | Community Health Systems, Inc. | 1,145,898 | ||||||
32,773 | HealthSouth Corp. | 1,150,660 | ||||||
70,140 | Kindred Healthcare, Inc. | 973,543 | ||||||
15,220 | Universal Health Services, Inc., Class B | 1,226,123 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care Facilities (continued) | ||||||||
37,781 | VCA Antech, Inc.(b) | $ | 1,074,870 | |||||
|
| |||||||
6,757,003 | ||||||||
|
| |||||||
Health Care Services—9.5% | ||||||||
63,294 | Amedisys, Inc.(b) | 1,030,426 | ||||||
75,814 | AMN Healthcare Services, Inc.(b) | 940,093 | ||||||
14,805 | Chemed Corp. | 1,004,075 | ||||||
31,300 | CorVel Corp.(b) | 1,302,080 | ||||||
43,876 | ExamWorks Group, Inc.(b) | 1,134,195 | ||||||
10,589 | MEDNAX, Inc.(b) | 1,154,413 | ||||||
18,965 | Omnicare, Inc. | 1,045,920 | ||||||
|
| |||||||
7,611,202 | ||||||||
|
| |||||||
Health Care Supplies—8.6% | ||||||||
33,079 | Alere, Inc.(b) | 1,115,755 | ||||||
23,677 | Align Technology, Inc.(b) | 1,351,010 | ||||||
7,893 | Cooper Cos., Inc. (The) | 1,019,855 | ||||||
45,845 | Meridian Bioscience, Inc. | 1,133,288 | ||||||
38,879 | Quidel Corp.(b) | 960,311 | ||||||
27,887 | West Pharmaceutical Services, Inc. | 1,348,336 | ||||||
|
| |||||||
6,928,555 | ||||||||
|
| |||||||
Health Care Technology—4.3% | ||||||||
45,988 | MedAssets, Inc.(b) | 1,059,103 | ||||||
11,528 | Medidata Solutions, Inc.(b) | 1,271,654 | ||||||
47,426 | Omnicell, Inc.(b) | 1,094,118 | ||||||
|
| |||||||
3,424,875 | ||||||||
|
| |||||||
Life Sciences Tools & Services—11.9% | ||||||||
40,530 | Agilent Technologies, Inc. | 2,057,303 | ||||||
22,391 | Charles River Laboratories International, Inc.(b) | 1,101,861 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares Dynamic Healthcare Sector Portfolio (PTH) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Life Sciences Tools & Services (continued) | ||||||||
12,722 | Covance, Inc.(b) | $ | 1,135,566 | |||||
4,682 | Mettler-Toledo International, Inc.(b) | 1,158,608 | ||||||
22,208 | PAREXEL International Corp.(b) | 1,015,128 | ||||||
23,834 | Quintiles Transnational Holdings, Inc.(b) | 1,000,789 | ||||||
21,280 | Thermo Fisher Scientific, Inc. | 2,080,758 | ||||||
|
| |||||||
9,550,013 | ||||||||
|
| |||||||
Managed Health Care—9.6% | ||||||||
29,819 | Aetna, Inc. | 1,869,651 | ||||||
18,041 | Centene Corp.(b) | 1,013,183 | ||||||
24,021 | Cigna Corp. | 1,849,137 | ||||||
18,345 | Magellan Health Services, Inc.(b) | 1,076,852 | ||||||
22,203 | WellPoint, Inc. | 1,882,814 | ||||||
|
| |||||||
7,691,637 | ||||||||
|
| |||||||
Pharmaceuticals—15.1% | ||||||||
44,362 | AbbVie, Inc. | 2,149,339 | ||||||
36,778 | Eli Lilly & Co. | 1,832,280 | ||||||
25,093 | Endo Health Solutions, Inc.(b) | 1,097,317 | ||||||
50,592 | Impax Laboratories, Inc.(b) | 1,024,994 | ||||||
21,877 | Johnson & Johnson | 2,026,029 | ||||||
23,621 | Mallinckrodt PLC(b) | 992,318 | ||||||
15,465 | Questcor Pharmaceuticals, Inc. | 949,087 | ||||||
46,739 | Sagent Pharmaceuticals, Inc.(b) | 1,013,769 | ||||||
45,786 | Santarus, Inc.(b) | 1,068,187 | ||||||
|
| |||||||
12,153,320 | ||||||||
|
| |||||||
Total Common Stocks (Cost $70,122,213) | 80,267,811 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
82,155 | Premier Portfolio—Institutional Class(c) (Cost $82,155) | 82,155 | ||||||
|
| |||||||
Total Investments (Cost $70,204,368)—100.1% | 80,349,966 | |||||||
Other assets less liabilities—(0.1)% | (96,928 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 80,253,038 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Portfolio Composition |
PowerShares Dynamic Industrials Sector Portfolio (PRN) |
Sub-Industry Breakdown (Unaudited) | ||||
Aerospace & Defense | 26.2 | |||
Construction & Farm Machinery & Heavy Trucks | 13.8 | |||
Airlines | 11.7 | |||
Industrial Machinery | 10.5 | |||
Construction & Engineering | 6.4 | |||
Trucking | 5.5 | |||
Human Resource & Employment Services | 4.7 | |||
Commercial Printing | 4.1 | |||
Research & Consulting Services | 4.1 | |||
Electrical Components & Equipment | 4.0 | |||
Diversified Support Services | 2.7 | |||
Security & Alarm Services | 2.4 | |||
Building Products | 1.4 | |||
Office Services & Supplies | 1.3 | |||
Heavy Electrical Equipment | 1.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Dynamic Industrials Sector Portfolio (PRN)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—26.2% | ||||||||
42,770 | AAR Corp. | $ | 1,252,306 | |||||
11,088 | Alliant Techsystems, Inc. | 1,207,151 | ||||||
15,734 | B/E Aerospace, Inc.(b) | 1,276,971 | ||||||
18,930 | Boeing Co. (The) | 2,470,365 | ||||||
31,882 | Engility Holdings, Inc.(b) | 987,385 | ||||||
14,070 | Esterline Technologies Corp.(b) | 1,127,851 | ||||||
72,955 | Exelis, Inc. | 1,203,028 | ||||||
23,635 | General Dynamics Corp. | 2,047,500 | ||||||
24,725 | Honeywell International, Inc. | 2,144,399 | ||||||
16,951 | Huntington Ingalls Industries, Inc. | 1,212,844 | ||||||
21,785 | L-3 Communications Holdings, Inc. | 2,188,303 | ||||||
21,322 | Northrop Grumman Corp. | 2,292,328 | ||||||
26,088 | Raytheon Co. | 2,148,869 | ||||||
27,801 | Rockwell Collins, Inc. | 1,941,344 | ||||||
|
| |||||||
23,500,644 | ||||||||
|
| |||||||
Airlines—11.7% | ||||||||
18,955 | Alaska Air Group, Inc. | 1,339,361 | ||||||
99,719 | Delta Air Lines, Inc. | 2,630,587 | ||||||
96,076 | Republic Airways Holdings, Inc.(b) | 1,131,775 | ||||||
83,254 | SkyWest, Inc. | 1,252,140 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Airlines (continued) | ||||||||
153,590 | Southwest Airlines Co. | $ | 2,644,820 | |||||
66,406 | US Airways Group, Inc.(b) | 1,458,940 | ||||||
|
| |||||||
10,457,623 | ||||||||
|
| |||||||
Building Products—1.4% | ||||||||
46,023 | AAON, Inc. | 1,243,081 | ||||||
|
| |||||||
Commercial Printing—4.1% | ||||||||
20,060 | Consolidated Graphics, Inc.(b) | 1,285,645 | ||||||
34,242 | Quad/Graphics, Inc. | 1,195,731 | ||||||
64,342 | R.R. Donnelley & Sons Co. | 1,194,831 | ||||||
|
| |||||||
3,676,207 | ||||||||
|
| |||||||
Construction & Engineering—6.4% | ||||||||
36,840 | AECOM Technology Corp.(b) | 1,170,775 | ||||||
71,072 | Comfort Systems USA, Inc. | 1,324,071 | ||||||
33,759 | Jacobs Engineering Group, Inc.(b) | 2,053,223 | ||||||
21,673 | URS Corp. | 1,175,110 | ||||||
|
| |||||||
5,723,179 | ||||||||
|
| |||||||
Construction & Farm Machinery & Heavy Trucks—13.8% | ||||||||
18,971 | AGCO Corp. | 1,107,527 | ||||||
23,656 | Alamo Group, Inc. | 1,116,326 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
PowerShares Dynamic Industrials Sector Portfolio (PRN) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Construction & Farm Machinery & Heavy Trucks (continued) | ||||||||
15,967 | Cummins, Inc. | $ | 2,028,128 | |||||
91,959 | Federal Signal Corp.(b) | 1,258,919 | ||||||
23,888 | Oshkosh Corp.(b) | 1,136,830 | ||||||
36,704 | PACCAR, Inc. | 2,040,742 | ||||||
25,414 | Trinity Industries, Inc. | 1,286,711 | ||||||
102,992 | Wabash National Corp.(b) | 1,200,887 | ||||||
13,760 | WABCO Holdings, Inc.(b) | 1,178,957 | ||||||
|
| |||||||
12,355,027 | ||||||||
|
| |||||||
Diversified Support Services—2.7% | ||||||||
20,866 | G&K Services, Inc., Class A | 1,302,038 | ||||||
11,194 | UniFirst Corp. | 1,150,967 | ||||||
|
| |||||||
2,453,005 | ||||||||
|
| |||||||
Electrical Components & Equipment—4.0% | ||||||||
20,926 | EnerSys | 1,388,440 | ||||||
20,236 | Rockwell Automation, Inc. | 2,234,257 | ||||||
|
| |||||||
3,622,697 | ||||||||
|
| |||||||
Heavy Electrical Equipment—1.2% | ||||||||
34,632 | Babcock & Wilcox Co. (The) | 1,115,497 | ||||||
|
| |||||||
Human Resource & Employment Services—4.7% | ||||||||
60,597 | Korn/Ferry International(b) | 1,442,209 | ||||||
16,551 | Manpowergroup, Inc. | 1,292,633 | ||||||
13,046 | Towers Watson & Co., Class A | 1,497,811 | ||||||
|
| |||||||
4,232,653 | ||||||||
|
| |||||||
Industrial Machinery—10.5% | ||||||||
18,670 | CIRCOR International, Inc. | 1,377,286 | ||||||
23,130 | Dover Corp. | 2,123,103 | ||||||
14,195 | Hyster-Yale Materials Handling, Inc. | 1,113,456 | ||||||
18,077 | IDEX Corp. | 1,250,024 | ||||||
33,270 | Ingersoll-Rand PLC | 2,246,723 | ||||||
32,671 | ITT Corp. | 1,298,019 | ||||||
|
| |||||||
9,408,611 | ||||||||
|
| |||||||
Office Services & Supplies—1.3% | ||||||||
27,004 | United Stationers, Inc. | 1,200,058 | ||||||
|
| |||||||
Research & Consulting Services—4.1% | ||||||||
32,631 | ICF International, Inc.(b) | 1,129,685 | ||||||
78,624 | Navigant Consulting, Inc.(b) | 1,364,127 | ||||||
68,398 | RPX Corp.(b) | 1,221,588 | ||||||
|
| |||||||
3,715,400 | ||||||||
|
| |||||||
Security & Alarm Services—2.4% | ||||||||
49,397 | ADT Corp. (The) | 2,142,348 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Trucking—5.5% | ||||||||
6,560 | AMERCO | $ | 1,324,661 | |||||
43,130 | Arkansas Best Corp. | 1,180,468 | ||||||
24,717 | Old Dominion Freight Line, Inc.(b) | 1,159,227 | ||||||
59,754 | Swift Transportation Co.(b) | 1,302,040 | ||||||
|
| |||||||
4,966,396 | ||||||||
|
| |||||||
Total Common Stocks (Cost $76,461,716) | 89,812,426 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
82,610 | Premier Portfolio—Institutional Class(c) (Cost $82,610) | 82,610 | ||||||
|
| |||||||
Total Investments (Cost $76,544,326)—100.1% | 89,895,036 | |||||||
Other assets less liabilities—(0.1)% | (91,505 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 89,803,531 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Portfolio Composition |
PowerShares Dynamic Technology Sector Portfolio (PTF) |
Sub-Industry Breakdown (Unaudited) | ||||
Data Processing & Outsourced Services | 18.4 | |||
Semiconductors | 12.5 | |||
Communications Equipment | 8.7 | |||
Internet Software & Services | 8.4 | |||
Computer Storage & Peripherals | 8.2 | |||
Technology Distributors | 8.2 | |||
Electronic Manufacturing Services | 7.1 | |||
Electronic Components | 6.4 | |||
Application Software | 4.5 | |||
Semiconductor Equipment | 4.1 | |||
IT Consulting & Other Services | 3.9 | |||
Computer Hardware | 2.5 | |||
Home Entertainment Software | 2.3 | |||
Office Electronics | 2.3 | |||
Electronic Equipment & Instruments | 1.4 | |||
Systems Software | 1.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Technology Sector Portfolio (PTF)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Application Software—4.5% | ||||||||
16,244 | Advent Software, Inc. | $ | 544,986 | |||||
7,444 | Interactive Intelligence Group, Inc.(b) | 457,434 | ||||||
5,934 | Tyler Technologies, Inc.(b) | 573,877 | ||||||
|
| |||||||
1,576,297 | ||||||||
|
| |||||||
Communications Equipment—8.7% | ||||||||
34,118 | Calix, Inc.(b) | 346,980 | ||||||
34,482 | Cisco Systems, Inc. | 775,845 | ||||||
10,890 | EchoStar Corp., Class A(b) | 522,284 | ||||||
62,012 | Harmonic, Inc.(b) | 453,308 | ||||||
12,336 | InterDigital, Inc. | 478,020 | ||||||
12,505 | Ubiquiti Networks, Inc. | 482,443 | ||||||
|
| |||||||
3,058,880 | ||||||||
|
| |||||||
Computer Hardware—2.5% | ||||||||
35,979 | Hewlett-Packard Co. | 876,808 | ||||||
|
| |||||||
Computer Storage & Peripherals—8.2% | ||||||||
14,973 | Electronics for Imaging, Inc.(b) | 513,724 | ||||||
12,834 | Lexmark International, Inc., Class A | 456,249 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Computer Storage & Peripherals (continued) | ||||||||
14,566 | SanDisk Corp. | $ | 1,012,337 | |||||
12,964 | Western Digital Corp. | 902,683 | ||||||
|
| |||||||
2,884,993 | ||||||||
|
| |||||||
Data Processing & Outsourced Services—18.4% | ||||||||
16,027 | Computer Sciences Corp. | 789,490 | ||||||
24,868 | Convergys Corp. | 490,894 | ||||||
6,143 | DST Systems, Inc. | 520,742 | ||||||
12,763 | Euronet Worldwide, Inc.(b) | 553,914 | ||||||
7,795 | FleetCor Technologies, Inc.(b) | 899,153 | ||||||
8,786 | Jack Henry & Associates, Inc. | 479,804 | ||||||
1,326 | MasterCard, Inc., Class A | 950,875 | ||||||
8,675 | NeuStar, Inc., Class A(b) | 398,356 | ||||||
17,917 | TeleTech Holdings, Inc.(b) | 474,263 | ||||||
4,608 | Visa, Inc., Class A | 906,255 | ||||||
|
| |||||||
6,463,746 | ||||||||
|
| |||||||
Electronic Components—6.4% | ||||||||
10,608 | Amphenol Corp., Class A | 851,717 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares Dynamic Technology Sector Portfolio (PTF) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Electronic Components (continued) | ||||||||
34,066 | AVX Corp. (Japan) | $ | 451,375 | |||||
5,943 | Littelfuse, Inc. | 505,333 | ||||||
35,790 | Vishay Intertechnology, Inc.(b) | 439,143 | ||||||
|
| |||||||
2,247,568 | ||||||||
|
| |||||||
Electronic Equipment & Instruments—1.4% | ||||||||
29,886 | Checkpoint Systems, Inc.(b) | 508,660 | ||||||
|
| |||||||
Electronic Manufacturing Services—7.1% | ||||||||
19,956 | Benchmark Electronics, Inc.(b) | 453,600 | ||||||
48,822 | Flextronics International Ltd. (Singapore)(b) | 385,206 | ||||||
19,212 | Jabil Circuit, Inc. | 400,762 | ||||||
26,947 | Sanmina Corp.(b) | 392,348 | ||||||
16,404 | TE Connectivity Ltd. (Switzerland) | 844,642 | ||||||
|
| |||||||
2,476,558 | ||||||||
|
| |||||||
Home Entertainment Software—2.3% | ||||||||
30,172 | Electronic Arts, Inc.(b) | 792,015 | ||||||
|
| |||||||
Internet Software & Services—8.4% | ||||||||
2,952 | CoStar Group, Inc.(b) | 522,475 | ||||||
8,904 | j2 Global, Inc. | 489,542 | ||||||
10,469 | Stamps.com, Inc.(b) | 475,711 | ||||||
38,539 | United Online, Inc. | 469,785 | ||||||
29,638 | Yahoo!, Inc.(b) | 975,979 | ||||||
|
| |||||||
2,933,492 | ||||||||
|
| |||||||
IT Consulting & Other Services—3.9% | ||||||||
11,894 | Amdocs Ltd. | 457,324 | ||||||
29,326 | Sapient Corp.(b) | 463,644 | ||||||
17,425 | Unisys Corp.(b) | 459,149 | ||||||
|
| |||||||
1,380,117 | ||||||||
|
| |||||||
Office Electronics—2.3% | ||||||||
80,539 | Xerox Corp. | 800,558 | ||||||
|
| |||||||
Semiconductor Equipment—4.1% | ||||||||
39,641 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 511,369 | ||||||
17,223 | Lam Research Corp.(b) | 934,003 | ||||||
|
| |||||||
1,445,372 | ||||||||
|
| |||||||
Semiconductors—12.5% | ||||||||
11,940 | First Solar, Inc.(b) | 600,224 | ||||||
18,360 | International Rectifier Corp.(b) | 478,095 | ||||||
20,970 | Linear Technology Corp. | 862,706 | ||||||
21,439 | Magnachip Semiconductor Corp. (South Korea)(b) | 400,695 | ||||||
20,401 | SunPower Corp. (France)(b) | 615,906 | ||||||
11,340 | Synaptics, Inc.(b) | 527,310 | ||||||
21,041 | Texas Instruments, Inc. | 885,405 | ||||||
|
| |||||||
4,370,341 | ||||||||
|
| |||||||
Systems Software—1.1% | ||||||||
12,971 | Gigamon, Inc.(b) | 399,246 | ||||||
|
| |||||||
Technology Distributors—8.2% | ||||||||
5,247 | Anixter International, Inc.(b) | 448,566 | ||||||
9,445 | Arrow Electronics, Inc.(b) | 453,549 | ||||||
11,370 | Avnet, Inc. | 451,389 | ||||||
19,838 | Ingram Micro, Inc., Class A(b) | 459,647 | ||||||
22,942 | Insight Enterprises, Inc.(b) | 483,388 | ||||||
9,228 | SYNNEX Corp.(b) | 565,676 | ||||||
|
| |||||||
2,862,215 | ||||||||
|
| |||||||
Total Common Stocks (Cost $30,660,848) | 35,076,866 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.2% | ||||||||
79,292 | Premier Portfolio—Institutional Class(c) (Cost $79,292) | $ | 79,292 | |||||
|
| |||||||
Total Investments (Cost $30,740,140)—100.2% | 35,156,158 | |||||||
Other assets less liabilities—(0.2)% | (56,788 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 35,099,370 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Portfolio Composition |
PowerShares Dynamic Utilities Portfolio (PUI) |
Sub-Industry Breakdown (Unaudited) | ||||
Electric Utilities | 28.3 | |||
Multi-Utilities | 20.0 | |||
Integrated Telecommunication Services | 14.2 | |||
Wireless Telecommunication Services | 12.7 | |||
Alternative Carriers | 7.7 | |||
Cable & Satellite | 5.1 | |||
Water Utilities | 4.1 | |||
Gas Utilities | 2.9 | |||
Independent Power Producers & Energy Traders | 2.7 | |||
Communications Equipment | 2.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Utilities Portfolio (PUI)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Alternative Carriers—7.7% | ||||||||
55,827 | 8x8, Inc.(b) | $ | 639,777 | |||||
16,642 | Cogent Communications Group, Inc. | 584,634 | ||||||
23,095 | Level 3 Communications, Inc.(b) | 705,552 | ||||||
18,043 | tw telecom, inc.(b) | 568,715 | ||||||
165,512 | Vonage Holdings Corp.(b) | 617,360 | ||||||
|
| |||||||
3,116,038 | ||||||||
|
| |||||||
Cable & Satellite—5.1% | ||||||||
22,512 | Comcast Corp., Class A | 1,071,121 | ||||||
21,076 | DISH Network Corp., Class A | 1,015,863 | ||||||
|
| |||||||
2,086,984 | ||||||||
|
| |||||||
Communications Equipment—2.3% | ||||||||
40,658 | Cisco Systems, Inc. | 914,805 | ||||||
|
| |||||||
Electric Utilities—28.3% | ||||||||
22,142 | American Electric Power Co., Inc. | 1,037,131 | ||||||
14,446 | Duke Energy Corp. | 1,036,212 | ||||||
11,253 | Edison International | 551,735 | ||||||
24,393 | Empire District Electric Co. (The) | 548,599 | ||||||
31,085 | Exelon Corp. | 887,166 | ||||||
13,758 | FirstEnergy Corp. | 521,015 | ||||||
23,519 | Great Plains Energy, Inc. | 551,285 | ||||||
10,787 | IDACORP, Inc. | 556,609 | ||||||
9,910 | MGE Energy, Inc. | 558,032 | ||||||
11,793 | NextEra Energy, Inc. | 999,457 | ||||||
19,650 | Otter Tail Corp. | 586,159 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Electric Utilities (continued) | ||||||||
9,515 | Pinnacle West Capital Corp. | $ | 533,125 | |||||
23,569 | PNM Resources, Inc. | 563,770 | ||||||
17,894 | Portland General Electric Co. | 513,558 | ||||||
30,871 | PPL Corp. | 945,579 | ||||||
13,653 | UIL Holdings Corp. | 525,914 | ||||||
11,273 | UNS Energy Corp. | 557,788 | ||||||
|
| |||||||
11,473,134 | ||||||||
|
| |||||||
Gas Utilities—2.9% | ||||||||
12,798 | Atmos Energy Corp. | 566,568 | ||||||
11,039 | Southwest Gas Corp. | 598,976 | ||||||
|
| |||||||
1,165,544 | ||||||||
|
| |||||||
Independent Power Producers & Energy Traders—2.7% | ||||||||
40,629 | AES Corp. (The) | 572,462 | ||||||
26,532 | Dynegy, Inc., Class A(b) | 515,517 | ||||||
|
| |||||||
1,087,979 | ||||||||
|
| |||||||
Integrated Telecommunication Services—14.2% | ||||||||
28,015 | AT&T, Inc. | 1,014,143 | ||||||
10,931 | Atlantic Tele-Network, Inc. | 605,796 | ||||||
28,618 | CenturyLink, Inc. | 969,005 | ||||||
172,416 | Cincinnati Bell, Inc.(b) | 493,110 | ||||||
30,959 | Consolidated Communications Holdings, Inc. | 576,766 | ||||||
119,059 | Frontier Communications Corp. | 525,050 | ||||||
20,004 | Verizon Communications, Inc. | 1,010,402 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares Dynamic Utilities Portfolio (PUI) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Integrated Telecommunication Services (continued) | ||||||||
63,990 | Windstream Holdings, Inc. | $ | 547,115 | |||||
|
| |||||||
5,741,387 | ||||||||
|
| |||||||
Multi-Utilities—20.0% | ||||||||
15,248 | Ameren Corp. | 551,673 | ||||||
19,624 | Avista Corp. | 545,351 | ||||||
10,736 | Black Hills Corp. | 544,530 | ||||||
22,521 | CenterPoint Energy, Inc. | 554,017 | ||||||
19,432 | CMS Energy Corp. | 533,603 | ||||||
16,240 | Dominion Resources, Inc. | 1,035,300 | ||||||
7,709 | DTE Energy Co. | 533,000 | ||||||
9,235 | Integrys Energy Group, Inc. | 541,910 | ||||||
17,649 | NiSource, Inc. | 556,296 | ||||||
12,855 | NorthWestern Corp. | 589,273 | ||||||
11,214 | Sempra Energy | 1,022,044 | ||||||
15,814 | Vectren Corp. | 552,225 | ||||||
12,583 | Wisconsin Energy Corp. | 529,870 | ||||||
|
| |||||||
8,089,092 | ||||||||
|
| |||||||
Water Utilities—4.1% | ||||||||
19,635 | American States Water Co. | 559,205 | ||||||
12,676 | American Water Works Co., Inc. | 543,420 | ||||||
25,885 | California Water Service Group | 564,293 | ||||||
|
| |||||||
1,666,918 | ||||||||
|
| |||||||
Wireless Telecommunication Services—12.7% | ||||||||
13,651 | Crown Castle International Corp.(b) | 1,037,749 | ||||||
34,018 | Leap Wireless International, Inc.(b) | 547,690 | ||||||
86,208 | NII Holdings, Inc.(b) | 296,556 | ||||||
6,874 | SBA Communications Corp., Class A(b) | 601,269 | ||||||
141,092 | Sprint Corp. (Japan)(b) | 949,549 | ||||||
40,575 | T-Mobile US, Inc. (Germany)(b) | 1,125,145 | ||||||
12,071 | United States Cellular Corp. | 584,236 | ||||||
|
| |||||||
5,142,194 | ||||||||
|
| |||||||
Total Common Stocks (Cost $34,559,835) | 40,484,075 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
41,514 | Premier Portfolio—Institutional Class(c) (Cost $41,514) | 41,514 | ||||||
|
| |||||||
Total Investments (Cost $34,601,349)—100.1% | 40,525,589 | |||||||
Other assets less liabilities—(0.1)% | (38,635 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 40,486,954 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Portfolio Composition |
PowerShares NASDAQ Internet Portfolio (PNQI) |
Sub-Industry Breakdown (Unaudited) | ||||
Internet Software & Services | 66.4 | |||
Internet Retail | 31.8 | |||
Application Software | 1.3 | |||
Alternative Carriers | 0.4 | |||
Wireless Telecommunication Services | 0.1 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares NASDAQ Internet Portfolio (PNQI)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Alternative Carriers—0.4% | ||||||||
27,265 | Cogent Communications Group, Inc. | $ | 957,820 | |||||
|
| |||||||
Application Software—1.3% | ||||||||
17,278 | NQ Mobile, Inc. ADR (China)(b)(c) | 248,803 | ||||||
34,049 | Open Text Corp. (Canada) | 2,497,154 | ||||||
|
| |||||||
2,745,957 | ||||||||
|
| |||||||
Internet Retail—31.8% | ||||||||
54,651 | Amazon.com, Inc.(c) | 19,894,604 | ||||||
7,168 | Blue Nile, Inc.(c) | 294,390 | ||||||
84,373 | Ctrip.com International Ltd. ADR (China)(b)(c) | 4,577,235 | ||||||
71,143 | Expedia, Inc. | 4,188,900 | ||||||
383,087 | Groupon, Inc.(c) | 3,497,584 | ||||||
49,150 | HomeAway, Inc.(c) | 1,457,297 | ||||||
27,049 | Netflix, Inc.(c) | 8,722,762 | ||||||
16,560 | Nutrisystem, Inc. | 311,328 | ||||||
62,247 | Orbitz Worldwide, Inc.(c) | 575,162 | ||||||
13,687 | Overstock.com, Inc.(c) | 320,686 | ||||||
11,645 | PetMed Express, Inc. | 172,812 | ||||||
16,363 | priceline.com, Inc.(c) | 17,243,820 | ||||||
21,754 | Shutterfly, Inc.(c) | 1,068,992 | ||||||
75,172 | TripAdvisor, Inc.(c) | 6,217,476 | ||||||
|
| |||||||
68,543,048 | ||||||||
|
| |||||||
Internet Software & Services—66.4% | ||||||||
23,196 | 21Vianet Group, Inc. ADR (China)(b)(c) | 417,528 | ||||||
102,889 | Akamai Technologies, Inc.(c) | 4,603,254 | ||||||
33,663 | Angie’s List, Inc.(b)(c) | 474,312 | ||||||
44,261 | AOL, Inc.(c) | 1,604,019 | ||||||
56,664 | Baidu, Inc. ADR (China)(c) | 9,117,238 | ||||||
58,433 | Bankrate, Inc. (United Kingdom)(c) | 984,012 | ||||||
43,020 | Bazaarvoice, Inc.(b)(c) | 403,528 | ||||||
23,727 | Blucora, Inc.(c) | 560,669 | ||||||
16,332 | Brightcove, Inc.(c) | 249,390 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
20,560 | comScore, Inc.(c) | $ | 549,363 | |||||
17,685 | Constant Contact, Inc.(c) | 458,218 | ||||||
29,638 | Cornerstone OnDemand, Inc.(c) | 1,403,952 | ||||||
16,541 | CoStar Group, Inc.(c) | 2,927,592 | ||||||
25,221 | Dealertrack Technologies, Inc.(c) | 940,743 | ||||||
17,659 | Demandware, Inc.(c) | 873,237 | ||||||
34,038 | Dice Holdings, Inc.(c) | 251,200 | ||||||
19,745 | Digital River, Inc.(c) | 352,251 | ||||||
14,857 | E2open, Inc.(c) | 334,282 | ||||||
59,379 | EarthLink, Inc. | 300,458 | ||||||
307,214 | eBay, Inc.(c) | 16,193,250 | ||||||
28,542 | Equinix, Inc.(c) | 4,608,962 | ||||||
371,999 | Facebook, Inc., Class A(c) | 18,696,670 | ||||||
20,787 | Global Eagle Entertainment, Inc.(c) | 211,612 | ||||||
18,132 | Google, Inc., Class A(c) | 18,686,477 | ||||||
44,502 | IAC/InterActiveCorp. | 2,375,962 | ||||||
30,972 | Internap Network Services Corp.(c) | 225,166 | ||||||
26,682 | j2 Global, Inc. | 1,466,976 | ||||||
18,300 | Liquidity Services, Inc.(b)(c) | 477,813 | ||||||
31,148 | LivePerson, Inc.(c) | 290,922 | ||||||
13,994 | LogMeIn, Inc.(c) | 452,006 | ||||||
25,509 | MercadoLibre, Inc. (Argentina) | 3,434,404 | ||||||
65,164 | Monster Worldwide, Inc.(c) | 281,508 | ||||||
23,241 | Move, Inc.(c) | 394,400 | ||||||
42,645 | NetEase, Inc. ADR (China) | 2,878,964 | ||||||
37,419 | NIC, Inc. | 921,256 | ||||||
13,229 | OpenTable, Inc.(c) | 919,151 | ||||||
101,714 | Pandora Media, Inc.(b)(c) | 2,556,073 | ||||||
19,068 | Perficient, Inc.(c) | 344,940 | ||||||
49,873 | Qihoo 360 Technology Co. Ltd. ADR (China)(c) | 4,121,505 | ||||||
24,925 | QuinStreet, Inc.(c) | 221,583 | ||||||
80,242 | Rackspace Hosting, Inc.(c) | 4,110,798 | ||||||
29,032 | Responsys, Inc.(c) | 474,383 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
PowerShares NASDAQ Internet Portfolio (PNQI) (continued)
October 31, 2013
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
13,199 | Sciquest, Inc.(c) | $ | 288,266 | |||||
38,562 | SINA Corp. (China)(c) | 3,222,241 | ||||||
22,072 | Sohu.com, Inc. (China)(c) | 1,477,941 | ||||||
9,023 | Stamps.com, Inc.(c) | 410,005 | ||||||
29,951 | Support.com, Inc.(c) | 133,581 | ||||||
8,853 | Travelzoo, Inc.(c) | 190,605 | ||||||
18,758 | Trulia, Inc.(c) | 749,757 | ||||||
7,621 | United Online, Inc. | 92,900 | ||||||
42,839 | ValueClick, Inc.(c) | 822,937 | ||||||
52,345 | Velti PLC (Ireland)(b)(c) | 14,117 | ||||||
82,923 | Verisign, Inc.(c) | 4,501,060 | ||||||
18,960 | VistaPrint NV (Netherlands)(b)(c) | 1,024,788 | ||||||
12,172 | Vocus, Inc.(c) | 105,288 | ||||||
29,086 | Web.com Group, Inc.(c) | 783,868 | ||||||
29,059 | WebMD Health Corp.(b)(c) | 1,023,458 | ||||||
21,259 | Xoom Corp.(c) | 632,455 | ||||||
283,144 | Yahoo!, Inc.(c) | 9,323,932 | ||||||
133,410 | Yandex NV, Class A (Russia)(c) | 4,917,493 | ||||||
10,900 | YY, Inc. ADR (China)(b)(c) | 535,953 | ||||||
22,275 | Zillow, Inc., Class A(b)(c) | 1,773,758 | ||||||
35,745 | Zix Corp.(c) | 145,840 | ||||||
|
| |||||||
143,320,270 | ||||||||
|
| |||||||
Wireless Telecommunication Services—0.1% | ||||||||
20,514 | Boingo Wireless, Inc.(c) | 139,085 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $180,336,063) | 215,706,180 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
1,315 | Premier Portfolio—Institutional Class(d) (Cost $1,315) | 1,315 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $180,337,378)—100.0% | 215,707,495 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.3% | ||||||||
4,954,750 | Invesco Liquid Assets Portfolio—Institutional Class (Cost $4,954,750)(d)(e) | 4,954,750 | ||||||
|
| |||||||
Total Investments (Cost $185,292,128)—102.3% | 220,662,245 | |||||||
Other assets less liabilities—(2.3)% | (4,948,957 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 215,713,288 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
Notes | to Schedule of Investments: |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2013. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2G. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 12.3% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
October 31, 2013
(Unaudited)
PowerShares Dynamic Basic Materials Sector Portfolio (PYZ) | PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ) | PowerShares Dynamic Consumer Staples Sector Portfolio (PSL) | PowerShares Dynamic Energy Sector Portfolio (PXI) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments, at value(a) | $ | 77,268,979 | $ | 24,374,958 | $ | 38,806,050 | $ | 161,315,151 | ||||||||
Affiliated investments, at value | 119,300 | 55,183 | 66,218 | 86,296 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 77,388,279 | 24,430,141 | 38,872,268 | 161,401,447 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 62,460 | 9,699 | 40,672 | 75,967 | ||||||||||||
Investments sold | 20,175 | — | 492,779 | 5,478,124 | ||||||||||||
Security lending | — | — | — | — | ||||||||||||
Other assets | 813 | 813 | 813 | 813 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 77,471,727 | 24,440,653 | 39,406,532 | 166,956,351 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Shares repurchased | — | — | — | 5,379,334 | ||||||||||||
Investments purchased | — | — | 504,146 | — | ||||||||||||
Collateral upon return of securities loaned | — | — | — | — | ||||||||||||
Expenses recaptured | — | — | — | 4,696 | ||||||||||||
Accrued advisory fees | 30,410 | 5,088 | 11,562 | 68,520 | ||||||||||||
Accrued trustees fees | 12,530 | 10,685 | 11,543 | 14,070 | ||||||||||||
Accrued expenses | 81,202 | 61,852 | 67,330 | 109,711 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 124,142 | 77,625 | 594,581 | 5,576,331 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 77,347,585 | $ | 24,363,028 | $ | 38,811,951 | $ | 161,380,020 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 82,759,039 | $ | 27,622,170 | $ | 39,547,536 | $ | 159,307,126 | ||||||||
Undistributed net investment income (loss) | 89,326 | (7,438 | ) | 45,202 | (24,253 | ) | ||||||||||
Undistributed net realized gain (loss) | (17,778,787 | ) | (5,862,306 | ) | (8,362,985 | ) | (18,622,789 | ) | ||||||||
Net unrealized appreciation | 12,278,007 | 2,610,602 | 7,582,198 | 20,719,936 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 77,347,585 | $ | 24,363,028 | $ | 38,811,951 | $ | 161,380,020 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,600,000 | 600,000 | 900,000 | 3,000,000 | ||||||||||||
Net asset value | $ | 48.34 | $ | 40.61 | $ | 43.12 | $ | 53.79 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 48.40 | $ | 40.68 | $ | 43.14 | $ | 53.85 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 64,990,972 | $ | 21,764,356 | $ | 31,223,852 | $ | 140,595,215 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 119,300 | $ | 55,183 | $ | 66,218 | $ | 86,296 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 65,110,272 | $ | 21,819,539 | $ | 31,290,070 | $ | 140,681,511 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares Dynamic Financial Sector Portfolio (PFI) | PowerShares Dynamic Healthcare Sector Portfolio (PTH) | PowerShares Dynamic Industrials Sector Portfolio (PRN) | PowerShares Dynamic Technology Sector Portfolio (PTF) | PowerShares Dynamic Utilities Portfolio (PUI) | PowerShares NASDAQ Internet Portfolio (PNQI) | |||||||||||||||||
$ | 24,291,166 | $ | 80,267,811 | $ | 89,812,426 | $ | 35,076,866 | $ | 40,484,075 | $ | 215,706,180 | |||||||||||
79,064 | 82,155 | 82,610 | 79,292 | 41,514 | 4,956,065 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
24,370,230 | 80,349,966 | 89,895,036 | 35,156,158 | 40,525,589 | 220,662,245 | |||||||||||||||||
8,567 | 19,965 | 28,614 | 10,388 | 51,575 | 2 | |||||||||||||||||
— | — | — | 391,949 | — | 374,516 | |||||||||||||||||
— | — | — | — | — | 4,997 | |||||||||||||||||
813 | 813 | 813 | 4,670 | 3,803 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
24,379,610 | 80,370,744 | 89,924,463 | 35,563,165 | 40,580,967 | 221,041,760 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | 372,832 | — | 276,965 | |||||||||||||||||
— | — | — | — | — | 4,954,750 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
4,726 | 31,007 | 34,454 | 10,340 | 12,229 | 96,757 | |||||||||||||||||
10,728 | 13,604 | 12,142 | 11,512 | 11,875 | — | |||||||||||||||||
62,734 | 73,095 | 74,336 | 69,111 | 69,909 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
78,188 | 117,706 | 120,932 | 463,795 | 94,013 | 5,328,472 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 24,301,422 | $ | 80,253,038 | $ | 89,803,531 | $ | 35,099,370 | $ | 40,486,954 | $ | 215,713,288 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 30,924,018 | $ | 115,931,029 | $ | 115,730,385 | $ | 57,394,106 | $ | 50,902,914 | $ | 182,519,972 | |||||||||||
13,288 | (12,960 | ) | (11,601 | ) | (485 | ) | 76,341 | (289,716 | ) | |||||||||||||
(9,487,812 | ) | (45,810,629 | ) | (39,265,963 | ) | (26,710,269 | ) | (16,416,541 | ) | (1,887,085 | ) | |||||||||||
2,851,928 | 10,145,598 | 13,350,710 | 4,416,018 | 5,924,240 | 35,370,117 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 24,301,422 | $ | 80,253,038 | $ | 89,803,531 | $ | 35,099,370 | $ | 40,486,954 | $ | 215,713,288 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
900,000 | 1,800,000 | 2,000,000 | 1,050,000 | 2,000,000 | 3,450,000 | |||||||||||||||||
$ | 27.00 | $ | 44.59 | $ | 44.90 | $ | 33.43 | $ | 20.24 | $ | 62.53 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 27.05 | $ | 44.68 | $ | 44.98 | $ | 33.47 | $ | 20.25 | $ | 62.52 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 21,439,238 | $ | 70,122,213 | $ | 76,461,716 | $ | 30,660,848 | $ | 34,559,835 | $ | 180,336,063 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 79,064 | $ | 82,155 | $ | 82,610 | $ | 79,292 | $ | 41,514 | $ | 4,956,065 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 21,518,302 | $ | 70,204,368 | $ | 76,544,326 | $ | 30,740,140 | $ | 34,601,349 | $ | 185,292,128 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,846,009 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
For the six months ended October 31, 2013
(Unaudited)
PowerShares Dynamic Basic Materials Sector Portfolio (PYZ) | PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ) | PowerShares Dynamic Consumer Staples Sector Portfolio (PSL) | PowerShares Dynamic Energy Sector Portfolio (PXI) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 657,393 | $ | 117,522 | $ | 368,084 | $ | 1,125,746 | ||||||||
Affiliated dividend income | 5 | 3 | 3 | 10 | ||||||||||||
Securities lending income | — | — | — | — | ||||||||||||
Foreign withholding tax | — | — | — | (1,294 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 657,398 | 117,525 | 368,087 | 1,124,462 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 189,046 | 57,937 | 93,909 | 364,728 | ||||||||||||
Sub-licensing | 18,905 | 5,794 | 9,391 | 36,472 | ||||||||||||
Accounting & administration fees | 18,046 | 18,046 | 18,046 | 18,046 | ||||||||||||
Recapture | — | — | — | 13,027 | ||||||||||||
Professional fees | 14,394 | 13,925 | 14,077 | 15,569 | ||||||||||||
Trustees fees | 4,995 | 4,309 | 4,476 | 5,856 | ||||||||||||
Custodian & transfer agent fees | 3,861 | 2,568 | 3,131 | 5,279 | ||||||||||||
Other expenses | 9,805 | 6,283 | 7,003 | 15,169 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 259,052 | 108,862 | 150,033 | 474,146 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Waivers | (13,852 | ) | (33,562 | ) | (28,503 | ) | (44 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 245,200 | 75,300 | 121,530 | 474,102 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | 412,198 | 42,225 | 246,557 | 650,360 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (1,943,051 | ) | 327,255 | 329,454 | (85,590 | ) | ||||||||||
In-kind redemptions | 7,445,387 | 4,110,127 | 3,479,222 | 10,290,461 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain | 5,502,336 | 4,437,382 | 3,808,676 | 10,204,871 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on investment securities | 2,654,426 | (438,521 | ) | (592,177 | ) | 5,781,798 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 8,156,762 | 3,998,861 | 3,216,499 | 15,986,669 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | $ | 8,568,960 | $ | 4,041,086 | $ | 3,463,056 | $ | 16,637,029 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares Dynamic Financial Sector Portfolio (PFI) | PowerShares Dynamic Healthcare Sector Portfolio (PTH) | PowerShares Dynamic Industrials Sector Portfolio (PRN) | PowerShares Dynamic Technology Sector Portfolio (PTF) | PowerShares Dynamic Utilities Portfolio (PUI) | PowerShares NASDAQ Internet Portfolio (PNQI) | |||||||||||||||||
$ | 212,494 | $ | 309,252 | $ | 328,189 | $ | 133,203 | $ | 689,992 | $ | 59,975 | |||||||||||
3 | 3 | 4 | 4 | 4 | 3 | |||||||||||||||||
— | — | — | — | — | 27,064 | |||||||||||||||||
(107 | ) | — | (674 | ) | — | — | (1,639 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
212,390 | 309,255 | 327,519 | 133,207 | 689,996 | 85,403 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
56,441 | 171,459 | 144,549 | 82,286 | 98,981 | 329,942 | |||||||||||||||||
5,643 | 17,147 | 14,455 | 8,229 | 5,939 | — | |||||||||||||||||
18,046 | 18,046 | 18,046 | 18,046 | 18,046 | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
14,061 | 14,033 | 13,965 | 13,945 | 14,186 | — | |||||||||||||||||
4,254 | 4,876 | 4,547 | 4,378 | 4,507 | — | |||||||||||||||||
2,564 | 2,642 | 4,355 | 3,283 | 3,595 | — | |||||||||||||||||
6,285 | 8,150 | 6,929 | 6,278 | 7,455 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
107,294 | 236,353 | 206,846 | 136,445 | 152,709 | 329,942 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(33,788 | ) | (13,730 | ) | (19,490 | ) | (30,027 | ) | (28,622 | ) | (15 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
73,506 | 222,623 | 187,356 | 106,418 | 124,087 | 329,927 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
138,884 | 86,632 | 140,163 | 26,789 | 565,909 | (244,524 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
148,432 | (600,257 | ) | (235,300 | ) | (133,108 | ) | (640,393 | ) | (891,581 | ) | ||||||||||||
2,432,424 | 7,658,252 | 4,489,158 | 4,670,465 | 2,323,316 | 4,598,663 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,580,856 | 7,057,995 | 4,253,858 | 4,537,357 | 1,682,923 | 3,707,082 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
92,115 | 2,208,702 | 7,998,765 | (60,928 | ) | (838,283 | ) | 27,143,754 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,672,971 | 9,266,697 | 12,252,623 | 4,476,429 | 844,640 | 30,850,836 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 2,811,855 | $ | 9,353,329 | $ | 12,392,786 | $ | 4,503,218 | $ | 1,410,549 | $ | 30,606,312 | |||||||||||
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| 29 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares Dynamic Basic Materials Sector Portfolio (PYZ) | PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 412,198 | $ | 1,045,060 | $ | 42,225 | $ | 356,766 | ||||||||
Net realized gain | 5,502,336 | 3,018,440 | 4,437,382 | 4,261,722 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 2,654,426 | 4,647,985 | (438,521 | ) | 174,934 | |||||||||||
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|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 8,568,960 | 8,711,485 | 4,041,086 | 4,793,422 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (448,080 | ) | (1,050,895 | ) | (69,972 | ) | (332,955 | ) | ||||||||
Return of capital | — | — | — | — | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (448,080 | ) | (1,050,895 | ) | (69,972 | ) | (332,955 | ) | ||||||||
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|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 33,305,020 | 59,425,865 | 20,141,249 | 47,664,294 | ||||||||||||
Value of shares repurchased | (44,331,450 | ) | (53,756,851 | ) | (23,682,425 | ) | (47,628,525 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (11,026,430 | ) | 5,669,014 | (3,541,176 | ) | 35,769 | ||||||||||
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|
|
|
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| |||||||||
Increase (Decrease) in Net Assets | (2,905,550 | ) | 13,329,604 | 429,938 | 4,496,236 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 80,253,135 | 66,923,531 | 23,933,090 | 19,436,854 | ||||||||||||
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| |||||||||
End of period | $ | 77,347,585 | $ | 80,253,135 | $ | 24,363,028 | $ | 23,933,090 | ||||||||
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| |||||||||
Undistributed net investment income (loss) at end of period | $ | 89,326 | $ | 125,208 | $ | (7,438 | ) | $ | 20,309 | |||||||
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| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 750,000 | 1,500,000 | 550,000 | 1,600,000 | ||||||||||||
Shares repurchased | (1,000,000 | ) | (1,400,000 | ) | (650,000 | ) | (1,550,000 | ) | ||||||||
Shares outstanding, beginning of period | 1,850,000 | 1,750,000 | 700,000 | 650,000 | ||||||||||||
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| |||||||||
Shares outstanding, end of period | 1,600,000 | 1,850,000 | 600,000 | 700,000 | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
PowerShares Dynamic Consumer Staples Sector Portfolio (PSL) | PowerShares Dynamic Energy Sector Portfolio (PXI) | PowerShares Dynamic Financial Sector Portfolio (PFI) | PowerShares Dynamic Healthcare Sector Portfolio (PTH) | |||||||||||||||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||||||||||||
$ | 246,557 | $ | 719,200 | $ | 650,360 | $ | 1,346,417 | $ | 138,884 | $ | 310,737 | $ | 86,632 | $ | 582,499 | |||||||||||||||
3,808,676 | 4,386,527 | 10,204,871 | 6,107,583 | 2,580,856 | 2,261,425 | 7,057,995 | 5,178,641 | |||||||||||||||||||||||
(592,177 | ) | 2,798,508 | 5,781,798 | 14,877,574 | 92,115 | 1,179,820 | 2,208,702 | 4,322,451 | ||||||||||||||||||||||
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| |||||||||||||||
3,463,056 | 7,904,235 | 16,637,029 | 22,331,574 | 2,811,855 | 3,751,982 | 9,353,329 | 10,083,591 | |||||||||||||||||||||||
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| |||||||||||||||
(289,467 | ) | (761,607 | ) | (692,242 | ) | (1,757,378 | ) | (186,633 | ) | (308,168 | ) | (183,900 | ) | (519,661 | ) | |||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
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(289,467 | ) | (761,607 | ) | (692,242 | ) | (1,757,378 | ) | (186,633 | ) | (308,168 | ) | (183,900 | ) | (519,661 | ) | |||||||||||||||
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| |||||||||||||||
12,037,658 | 16,887,134 | 82,040,726 | 95,321,127 | 16,213,943 | 22,746,892 | 52,045,878 | 68,466,346 | |||||||||||||||||||||||
(14,107,212 | ) | (25,453,074 | ) | (74,521,340 | ) | (119,541,343 | ) | (14,867,721 | ) | (23,931,832 | ) | (41,032,994 | ) | (55,093,388 | ) | |||||||||||||||
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| |||||||||||||||
(2,069,554 | ) | (8,565,940 | ) | 7,519,386 | (24,220,216 | ) | 1,346,222 | (1,184,940 | ) | 11,012,884 | 13,372,958 | |||||||||||||||||||
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1,104,035 | (1,423,312 | ) | 23,464,173 | (3,646,020 | ) | 3,971,444 | 2,258,874 | 20,182,313 | 22,936,888 | |||||||||||||||||||||
37,707,916 | 39,131,228 | 137,915,847 | 141,561,867 | 20,329,978 | 18,071,104 | 60,070,725 | 37,133,837 | |||||||||||||||||||||||
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$ | 38,811,951 | $ | 37,707,916 | $ | 161,380,020 | $ | 137,915,847 | $ | 24,301,422 | $ | 20,329,978 | $ | 80,253,038 | $ | 60,070,725 | |||||||||||||||
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$ | 45,202 | $ | 88,112 | $ | (24,253 | ) | $ | 17,629 | $ | 13,288 | $ | 61,037 | $ | (12,960 | ) | $ | 84,308 | |||||||||||||
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| |||||||||||||||
300,000 | 500,000 | 1,650,000 | 2,200,000 | 650,000 | 1,100,000 | 1,250,000 | 2,050,000 | |||||||||||||||||||||||
(350,000 | ) | (750,000 | ) | (1,500,000 | ) | (2,850,000 | ) | (600,000 | ) | (1,150,000 | ) | (1,000,000 | ) | (1,650,000 | ) | |||||||||||||||
950,000 | 1,200,000 | 2,850,000 | 3,500,000 | 850,000 | 900,000 | 1,550,000 | 1,150,000 | |||||||||||||||||||||||
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900,000 | 950,000 | 3,000,000 | 2,850,000 | 900,000 | 850,000 | 1,800,000 | 1,550,000 | |||||||||||||||||||||||
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| 31 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2013 and the year ended April 30, 2013
(Unaudited)
PowerShares Dynamic Industrials Sector Portfolio (PRN) | PowerShares Dynamic Technology Sector Portfolio (PTF) | |||||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 140,163 | $ | 494,811 | $ | 26,789 | $ | 187,651 | ||||||||
Net realized gain | 4,253,858 | 2,227,742 | 4,537,357 | 1,922,360 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 7,998,765 | 4,044,778 | (60,928 | ) | 166,645 | |||||||||||
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|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 12,392,786 | 6,767,331 | 4,503,218 | 2,276,656 | ||||||||||||
|
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|
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|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (143,474 | ) | (607,832 | ) | — | (220,275 | ) | |||||||||
Return of capital | — | (39,658 | ) | — | — | |||||||||||
|
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|
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|
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| |||||||||
Total distributions to shareholders | (143,474 | ) | (647,490 | ) | — | (220,275 | ) | |||||||||
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|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 62,427,342 | 31,963,235 | 21,485,581 | 21,294,978 | ||||||||||||
Value of shares repurchased | (23,446,558 | ) | (29,526,956 | ) | (22,942,353 | ) | (22,685,236 | ) | ||||||||
|
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|
|
|
|
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| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 38,980,784 | 2,436,279 | (1,456,772 | ) | (1,390,258 | ) | ||||||||||
|
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|
|
|
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| |||||||||
Increase (Decrease) in Net Assets | 51,230,096 | 8,556,120 | 3,046,446 | 666,123 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 38,573,435 | 30,017,315 | 32,052,924 | 31,386,801 | ||||||||||||
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| |||||||||
End of period | $ | 89,803,531 | $ | 38,573,435 | $ | 35,099,370 | $ | 32,052,924 | ||||||||
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| |||||||||
Undistributed net investment income (loss) at end of period | $ | (11,601 | ) | $ | (8,290 | ) | $ | (485 | ) | $ | (27,274 | ) | ||||
|
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|
|
|
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| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,550,000 | 1,000,000 | 700,000 | 800,000 | ||||||||||||
Shares repurchased | (600,000 | ) | (950,000 | ) | (750,000 | ) | (850,000 | ) | ||||||||
Shares outstanding, beginning of period | 1,050,000 | 1,000,000 | 1,100,000 | 1,150,000 | ||||||||||||
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| |||||||||
Shares outstanding, end of period | 2,000,000 | 1,050,000 | 1,050,000 | 1,100,000 | ||||||||||||
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|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
PowerShares Dynamic Utilities Portfolio (PUI) | PowerShares NASDAQ Internet Portfolio (PNQI) | |||||||||||||
October 31, 2013 | April 30, 2013 | October 31, 2013 | April 30, 2013 | |||||||||||
$ | 565,909 | $ | 1,033,426 | $ | (244,524 | ) | $ | (8,440 | ) | |||||
1,682,923 | 866,472 | 3,707,082 | 5,214,400 | |||||||||||
(838,283 | ) | 6,101,677 | 27,143,754 | 243,934 | ||||||||||
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| |||||||
1,410,549 | 8,001,575 | 30,606,312 | 5,449,894 | |||||||||||
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|
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|
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|
|
| |||||||
(604,340 | ) | (1,054,339 | ) | — | (27,038 | ) | ||||||||
— | — | — | — | |||||||||||
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|
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|
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|
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| |||||||
(604,340 | ) | (1,054,339 | ) | — | (27,038 | ) | ||||||||
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| |||||||
8,568,492 | 15,274,609 | 132,171,569 | 26,166,289 | |||||||||||
(11,491,689 | ) | (23,011,381 | ) | (11,589,734 | ) | (30,742,175 | ) | |||||||
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| |||||||
(2,923,197 | ) | (7,736,772 | ) | 120,581,835 | (4,575,886 | ) | ||||||||
|
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|
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| |||||||
(2,116,988 | ) | (789,536 | ) | 151,188,147 | 846,970 | |||||||||
42,603,942 | 43,393,478 | 64,525,141 | 63,678,171 | |||||||||||
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|
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| |||||||
$ | 40,486,954 | $ | 42,603,942 | $ | 215,713,288 | $ | 64,525,141 | |||||||
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| |||||||
$ | 76,341 | $ | 114,772 | $ | (289,716 | ) | $ | (45,192 | ) | |||||
|
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|
|
|
|
|
| |||||||
450,000 | 900,000 | 2,250,000 | 600,000 | |||||||||||
(600,000 | ) | (1,350,000 | ) | (200,000 | ) | (750,000 | ) | |||||||
2,150,000 | 2,600,000 | 1,400,000 | 1,550,000 | |||||||||||
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| |||||||
2,000,000 | 2,150,000 | 3,450,000 | 1,400,000 | |||||||||||
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| 33 |
|
PowerShares Dynamic Basic Materials Sector Portfolio (PYZ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 43.38 | $ | 38.24 | $ | 40.66 | $ | 31.30 | $ | 20.14 | $ | 36.29 | ||||||||||||
Net investment income(a) | 0.25 | 0.63 | 0.47 | 0.86 | (b) | 0.28 | 0.42 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.98 | 5.16 | (2.46 | ) | 9.34 | 11.20 | (16.15 | ) | ||||||||||||||||
Total from investment operations | 5.23 | 5.79 | (1.99 | ) | 10.20 | 11.48 | (15.73 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.65 | ) | (0.43 | ) | (0.84 | ) | (0.32 | ) | (0.42 | ) | ||||||||||||
Net asset value at end of period | $ | 48.34 | $ | 43.38 | $ | 38.24 | $ | 40.66 | $ | 31.30 | $ | 20.14 | ||||||||||||
Market price at end of period(c) | $ | 48.40 | $ | 43.29 | $ | 38.20 | $ | 40.67 | $ | 31.34 | $ | 20.15 | ||||||||||||
Net Asset Value Total Return(d) | 12.12 | % | 15.37 | % | (4.76 | )% | 33.12 | % | 57.46 | % | (43.63 | )% | ||||||||||||
Market Price Total Return(d) | 12.49 | % | 15.26 | % | (4.88 | )% | 32.98 | % | 57.59 | % | (43.59 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 77,348 | $ | 80,253 | $ | 66,924 | $ | 97,591 | $ | 48,517 | $ | 18,129 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(e) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.69 | %(e) | 0.72 | % | 0.76 | % | 0.79 | % | 0.91 | % | 0.97 | % | ||||||||||||
Net investment income, after Waivers | 1.09 | %(e) | 1.59 | % | 1.33 | % | 2.56 | %(b) | 1.05 | % | 1.57 | % | ||||||||||||
Portfolio turnover rate(f) | 57 | % | 63 | % | 78 | % | 28 | % | 46 | % | 47 | % |
PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.19 | $ | 29.90 | $ | 27.54 | $ | 23.72 | $ | 17.07 | $ | 22.45 | ||||||||||||
Net investment income(a) | 0.07 | 0.39 | 0.18 | 0.20 | 0.06 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.47 | 4.24 | 2.37 | 3.79 | 6.65 | (5.35 | ) | |||||||||||||||||
Total from investment operations | 6.54 | 4.63 | 2.55 | 3.99 | 6.71 | (5.22 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.34 | ) | (0.19 | ) | (0.17 | ) | (0.06 | ) | (0.15 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
Total distributions | (0.12 | ) | (0.34 | ) | (0.19 | ) | (0.17 | ) | (0.06 | ) | (0.16 | ) | ||||||||||||
Net asset value at end of period | $ | 40.61 | $ | 34.19 | $ | 29.90 | $ | 27.54 | $ | 23.72 | $ | 17.07 | ||||||||||||
Market price at end of period(c) | $ | 40.68 | $ | 34.16 | $ | 29.89 | $ | 27.53 | $ | 23.74 | $ | 17.07 | ||||||||||||
Net Asset Value Total Return(d) | 19.16 | % | 15.67 | % | 9.41 | % | 16.91 | % | 39.37 | % | (23.19 | )% | ||||||||||||
Market Price Total Return(d) | 19.47 | % | 15.60 | % | 9.41 | % | 16.77 | % | 39.49 | % | (23.22 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 24,363 | $ | 23,933 | $ | 19,437 | $ | 20,657 | $ | 21,345 | $ | 13,658 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(e) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.64 | % | ||||||||||||
Expenses, prior to Waivers | 0.94 | %(e) | 0.93 | % | 1.19 | % | 1.24 | % | 1.32 | % | 1.68 | % | ||||||||||||
Net investment income, after Waivers | 0.36 | %(e) | 1.29 | % | 0.69 | % | 0.86 | % | 0.31 | % | 0.81 | % | ||||||||||||
Portfolio turnover rate(f) | 104 | % | 130 | % | 88 | % | 68 | % | 86 | % | 157 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a special cash dividend received of $1.65 per share owned of Weyerhaeuser Co. on July 20, 2010. Net investment income per share and the ratio of net investment income to average net assets excluding the special dividend are $0.26 and 0.78%, respectively. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Financial Highlights (continued)
PowerShares Dynamic Consumer Staples Sector Portfolio (PSL)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 39.69 | $ | 32.61 | $ | 31.36 | $ | 26.74 | $ | 20.81 | $ | 26.75 | ||||||||||||
Net investment income(a) | 0.27 | 0.66 | 0.48 | 0.52 | 0.36 | 0.45 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.48 | 7.13 | 1.22 | 4.61 | 5.99 | (6.04 | ) | |||||||||||||||||
Total from investment operations | 3.75 | 7.79 | 1.70 | 5.13 | 6.35 | (5.59 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.71 | ) | (0.45 | ) | (0.51 | ) | (0.42 | ) | (0.35 | ) | ||||||||||||
Net asset value at end of period | $ | 43.12 | $ | 39.69 | $ | 32.61 | $ | 31.36 | $ | 26.74 | $ | 20.81 | ||||||||||||
Market price at end of period(b) | $ | 43.14 | $ | 39.67 | $ | 32.60 | $ | 31.37 | $ | 26.74 | $ | 20.79 | ||||||||||||
Net Asset Value Total Return(c) | 9.51 | % | 24.29 | % | 5.53 | % | 19.46 | % | 30.87 | % | (21.02 | )% | ||||||||||||
Market Price Total Return(c) | 9.62 | % | 24.27 | % | 5.47 | % | 19.50 | % | 30.99 | % | (21.09 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 38,812 | $ | 37,708 | $ | 39,131 | $ | 40,772 | $ | 38,772 | $ | 37,453 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.80 | %(d) | 0.82 | % | 0.89 | % | 0.94 | % | 0.87 | % | 0.94 | % | ||||||||||||
Net investment income, after Waivers | 1.31 | %(d) | 1.94 | % | 1.54 | % | 1.91 | % | 1.50 | % | 2.07 | % | ||||||||||||
Portfolio turnover rate(e) | 43 | % | 57 | % | 35 | % | 54 | % | 67 | % | 48 | % |
PowerShares Dynamic Energy Sector Portfolio (PXI)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 48.39 | $ | 40.45 | $ | 44.63 | $ | 29.75 | $ | 19.91 | $ | 38.80 | ||||||||||||
Net investment income(a) | 0.22 | 0.47 | 0.21 | 0.32 | 0.20 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.43 | 8.13 | (4.15 | ) | 14.77 | 9.87 | (18.93 | ) | ||||||||||||||||
Total from investment operations | 5.65 | 8.60 | (3.94 | ) | 15.09 | 10.07 | (18.75 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.66 | ) | (0.24 | ) | (0.21 | ) | (0.23 | ) | (0.14 | ) | ||||||||||||
Net asset value at end of period | $ | 53.79 | $ | 48.39 | $ | 40.45 | $ | 44.63 | $ | 29.75 | $ | 19.91 | ||||||||||||
Market price at end of period(b) | $ | 53.85 | $ | 48.36 | $ | 40.47 | $ | 44.65 | $ | 29.75 | $ | 19.92 | ||||||||||||
Net Asset Value Total Return(c) | 11.73 | % | 21.48 | % | (8.79 | )% | 51.01 | % | 50.81 | % | (48.52 | )% | ||||||||||||
Market Price Total Return(c) | 11.92 | % | 21.35 | % | (8.78 | )% | 51.07 | % | 50.73 | % | (48.44 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 161,380 | $ | 137,916 | $ | 141,562 | $ | 191,903 | $ | 38,671 | $ | 25,878 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d) | 0.66 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.65 | %(d) | 0.69 | % | 0.66 | % | 0.74 | % | 0.93 | % | 0.98 | % | ||||||||||||
Net investment income, after Waivers | 0.89 | %(d) | 1.10 | % | 0.54 | % | 0.90 | % | 0.79 | % | 0.65 | % | ||||||||||||
Portfolio turnover rate(e) | 64 | % | 80 | % | 107 | % | 35 | % | 63 | % | 67 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Financial Highlights (continued)
PowerShares Dynamic Financial Sector Portfolio (PFI)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.92 | $ | 20.08 | $ | 20.45 | $ | 18.46 | $ | 14.63 | $ | 22.94 | ||||||||||||
Net investment income(a) | 0.16 | 0.35 | 0.25 | 0.27 | 0.21 | 0.24 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.13 | 3.83 | (0.42 | ) | 2.04 | 3.84 | (8.33 | ) | ||||||||||||||||
Total from investment operations | 3.29 | 4.18 | (0.17 | ) | 2.31 | 4.05 | (8.09 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.34 | ) | (0.20 | ) | (0.32 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||
Net asset value at end of period | $ | 27.00 | $ | 23.92 | $ | 20.08 | $ | 20.45 | $ | 18.46 | $ | 14.63 | ||||||||||||
Market price at end of period(b) | $ | 27.05 | $ | 23.90 | $ | 20.07 | $ | 20.44 | $ | 18.45 | $ | 14.60 | ||||||||||||
Net Asset Value Total Return(c) | 13.86 | % | 21.07 | % | (0.66 | )% | 12.76 | % | 27.90 | % | (35.53 | )% | ||||||||||||
Market Price Total Return(c) | 14.17 | % | 21.03 | % | (0.66 | )% | 12.77 | % | 28.09 | % | (35.66 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 24,301 | $ | 20,330 | $ | 18,071 | $ | 22,492 | $ | 17,539 | $ | 14,630 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(d) | 0.65 | %(e) | 0.66 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.95 | %(e) | 1.10 | % | 1.21 | % | 1.30 | % | 1.25 | % | 1.13 | % | ||||||||||||
Net investment income, after Waivers | 1.23 | %(e) | 1.66 | % | 1.33 | % | 1.50 | % | 1.26 | % | 1.27 | % | ||||||||||||
Portfolio turnover rate(f) | 91 | % | 118 | % | 102 | % | 59 | % | 97 | % | 66 | % |
PowerShares Dynamic Healthcare Sector Portfolio (PTH)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 38.76 | $ | 32.29 | $ | 31.41 | $ | 25.68 | $ | 17.89 | $ | 25.87 | ||||||||||||
Net investment income (loss)(a) | 0.05 | 0.43 | 0.02 | (0.05 | ) | 0.03 | 0.02 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.90 | 6.39 | 0.86 | 5.78 | 7.84 | (8.00 | ) | |||||||||||||||||
Total from investment operations | 5.95 | 6.82 | 0.88 | 5.73 | 7.87 | (7.98 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.35 | ) | — | — | (0.05 | ) | — | |||||||||||||||
Return of capital | — | — | — | — | (0.03 | ) | — | |||||||||||||||||
Total distributions | (0.12 | ) | (0.35 | ) | — | — | (0.08 | ) | — | |||||||||||||||
Net asset value at end of period | $ | 44.59 | $ | 38.76 | $ | 32.29 | $ | 31.41 | $ | 25.68 | $ | 17.89 | ||||||||||||
Market price at end of period(b) | $ | 44.68 | $ | 38.69 | $ | 32.30 | $ | 31.44 | $ | 25.67 | $ | 17.86 | ||||||||||||
Net Asset Value Total Return(c) | 15.39 | % | 21.31 | % | 2.80 | % | 22.31 | % | 44.09 | % | (30.85 | )% | ||||||||||||
Market Price Total Return(c) | 15.82 | % | 21.06 | % | 2.74 | % | 22.48 | % | 44.28 | % | (30.94 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 80,253 | $ | 60,071 | $ | 37,134 | $ | 62,822 | $ | 97,598 | $ | 71,576 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(e) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.69 | %(e) | 0.74 | % | 0.82 | % | 0.84 | % | 0.72 | % | 0.71 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.25 | %(e) | 1.26 | % | 0.05 | % | (0.21 | )% | 0.13 | % | 0.10 | % | ||||||||||||
Portfolio turnover rate(f) | 91 | % | 93 | % | 99 | % | 63 | % | 79 | % | 96 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment company expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the funds that the Fund invests in. The effect of the estimated investment company expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
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Financial Highlights (continued)
PowerShares Dynamic Industrials Sector Portfolio (PRN)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.74 | $ | 30.02 | $ | 32.47 | $ | 25.21 | $ | 18.85 | $ | 30.33 | ||||||||||||
Net investment income(a) | 0.10 | 0.52 | 0.22 | 0.17 | 0.20 | 0.22 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.17 | 6.89 | (2.48 | ) | 7.29 | 6.48 | (11.55 | ) | ||||||||||||||||
Total from investment operations | 8.27 | 7.41 | (2.26 | ) | 7.46 | 6.68 | (11.33 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.65 | ) | (0.19 | ) | (0.20 | ) | (0.32 | ) | (0.15 | ) | ||||||||||||
Return of capital | — | (0.04 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.11 | ) | (0.69 | ) | (0.19 | ) | (0.20 | ) | (0.32 | ) | (0.15 | ) | ||||||||||||
Net asset value at end of period | $ | 44.90 | $ | 36.74 | $ | 30.02 | $ | 32.47 | $ | 25.21 | $ | 18.85 | ||||||||||||
Market price at end of period(b) | $ | 44.98 | $ | 36.72 | $ | 30.00 | $ | 32.48 | $ | 25.20 | $ | 18.82 | ||||||||||||
Net Asset Value Total Return(c) | 22.53 | % | 25.18 | % | (6.91 | )% | 29.83 | % | 35.73 | % | (37.41 | )% | ||||||||||||
Market Price Total Return(c) | 22.82 | % | 25.19 | % | (7.00 | )% | 29.92 | % | 35.89 | % | (37.51 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 89,804 | $ | 38,573 | $ | 30,017 | $ | 113,629 | $ | 32,779 | $ | 60,324 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.72 | %(d) | 0.92 | % | 0.80 | % | 0.88 | % | 0.82 | % | 0.81 | % | ||||||||||||
Net investment income, after Waivers | 0.48 | %(d) | 1.65 | % | 0.77 | % | 0.62 | % | 0.93 | % | 1.05 | % | ||||||||||||
Portfolio turnover rate(e) | 72 | % | 116 | % | 129 | % | 48 | % | 121 | % | 81 | % |
PowerShares Dynamic Technology Sector Portfolio (PTF)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.14 | $ | 27.29 | $ | 27.66 | $ | 23.60 | $ | 17.29 | $ | 24.83 | ||||||||||||
Net investment income (loss)(a) | 0.03 | 0.17 | 0.01 | (0.02 | ) | (0.05 | ) | (0.01 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.26 | 1.88 | (0.38 | ) | 4.09 | 6.36 | (7.53 | ) | ||||||||||||||||
Total from investment operations | 4.29 | 2.05 | (0.37 | ) | 4.07 | 6.31 | (7.54 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.20 | ) | — | — | — | — | |||||||||||||||||
Return of capital | — | — | — | (0.01 | ) | — | — | |||||||||||||||||
Total distributions | — | (0.20 | ) | — | (0.01 | ) | — | — | ||||||||||||||||
Net asset value at end of period | $ | 33.43 | $ | 29.14 | $ | 27.29 | $ | 27.66 | $ | 23.60 | $ | 17.29 | ||||||||||||
Market price at end of period(b) | $ | 33.47 | $ | 29.06 | $ | 27.28 | $ | 27.65 | $ | 23.59 | $ | 17.29 | ||||||||||||
Net Asset Value Total Return(c) | 14.72 | % | 7.59 | % | (1.34 | )% | 17.26 | % | 36.50 | % | (30.37 | )% | ||||||||||||
Market Price Total Return(c) | 15.18 | % | 7.34 | % | (1.34 | )% | 17.27 | % | 36.44 | % | (30.31 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 35,099 | $ | 32,053 | $ | 31,387 | $ | 49,793 | $ | 38,942 | $ | 25,932 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.83 | %(d) | 0.89 | % | 0.94 | % | 0.91 | % | 0.90 | % | 0.89 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.16 | %(d) | 0.63 | % | 0.03 | % | (0.07 | )% | (0.24 | )% | (0.04 | )% | ||||||||||||
Portfolio turnover rate(e) | 82 | % | 95 | % | 108 | % | 67 | % | 71 | % | 90 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment return calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
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Financial Highlights (continued)
PowerShares Dynamic Utilities Portfolio (PUI)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.82 | $ | 16.69 | $ | 17.12 | $ | 14.96 | $ | 13.15 | $ | 19.01 | ||||||||||||
Net investment income(a) | 0.28 | 0.45 | 0.41 | 0.48 | 0.52 | 0.54 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.44 | 3.14 | (0.38 | ) | 2.19 | 2.04 | (5.95 | ) | ||||||||||||||||
Total from investment operations | 0.72 | 3.59 | 0.03 | 2.67 | 2.56 | (5.41 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.46 | ) | (0.46 | ) | (0.51 | ) | (0.75 | ) | (0.45 | ) | ||||||||||||
Net asset value at end of period | $ | 20.24 | $ | 19.82 | $ | 16.69 | $ | 17.12 | $ | 14.96 | $ | 13.15 | ||||||||||||
Market price at end of period(b) | $ | 20.25 | $ | 19.79 | $ | 16.66 | $ | 17.13 | $ | 14.96 | $ | 13.13 | ||||||||||||
Net Asset Value Total Return(c) | 3.75 | % | 21.90 | % | 0.26 | % | 18.36 | % | 19.79 | % | (29.00 | )% | ||||||||||||
Market Price Total Return(c) | 3.96 | % | 21.94 | % | 0.02 | % | 18.42 | % | 19.97 | % | (29.11 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 40,487 | $ | 42,604 | $ | 43,393 | $ | 47,089 | $ | 38,139 | $ | 42,071 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.77 | %(d) | 0.81 | % | 0.77 | % | 0.89 | % | 0.95 | % | 0.82 | % | ||||||||||||
Net investment income, after Waivers | 2.86 | %(d) | 2.54 | % | 2.45 | % | 3.12 | % | 3.71 | % | 3.44 | % | ||||||||||||
Portfolio turnover rate(e) | 39 | % | 48 | % | 71 | % | 68 | % | 81 | % | 68 | % |
PowerShares NASDAQ Internet Portfolio (PNQI)
Six-Months Ended October 31, 2013 (Unaudited) | Year Ended April 30, | For the Period June 10, 2008(f) Through April 30, 2009 | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 46.09 | $ | 41.08 | $ | 41.37 | $ | 27.99 | $ | 17.89 | $ | 24.72 | ||||||||||||
Net investment income (loss)(a) | (0.12 | ) | (0.01 | ) | (0.08 | ) | (0.06 | ) | (0.12 | ) | (0.08 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 16.56 | 5.04 | (0.21 | ) | 13.44 | 10.22 | (6.74 | ) | ||||||||||||||||
Total from investment operations | 16.44 | 5.03 | (0.29 | ) | 13.38 | 10.10 | (6.82 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.02 | ) | — | — | — | — | |||||||||||||||||
Return of capital | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
Total distributions | — | (0.02 | ) | — | — | — | (0.01 | ) | ||||||||||||||||
Net asset value at end of period | $ | 62.53 | $ | 46.09 | $ | 41.08 | $ | 41.37 | $ | 27.99 | $ | 17.89 | ||||||||||||
Market price at end of period(b) | $ | 62.52 | $ | 46.08 | $ | 41.08 | $ | 41.40 | $ | 28.01 | $ | 17.88 | ||||||||||||
Net Asset Value Total Return(c) | 35.67 | % | 12.26 | % | (0.70 | )% | 47.80 | % | 56.46 | % | (27.56 | )%(g) | ||||||||||||
Market Price Total Return(c) | 35.67 | % | 12.23 | % | (0.77 | )% | 47.81 | % | 56.65 | % | (27.60 | )%(g) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 215,713 | $ | 64,525 | $ | 63,678 | $ | 45,507 | $ | 15,396 | $ | 1,789 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||||||
Net investment income (loss) | (0.44 | )%(d) | (0.02 | )% | (0.22 | )% | (0.17 | )% | (0.46 | )% | (0.51 | )%(d) | ||||||||||||
Portfolio turnover rate(e) | 8 | % | 20 | % | 23 | % | 20 | % | 23 | % | 25 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
(f) | Commencement of Investment Operations. |
(g) | The net asset value, total return from Fund Inception (June 12, 2008, the first day of trading on the Exchange) to April 30, 2009 was (25.33)%. The market price total return from Fund Inception to April 30, 2009 was (26.53)%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
PowerShares Exchange-Traded Fund Trust
October 31, 2013
(Unaudited)
Note 1. Organization
PowerShares Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of October 31, 2013, the Trust offered fifty-five portfolios. This report includes the following portfolios:
Full Name | Short Name | |
PowerShares Dynamic Basic Materials Sector Portfolio (PYZ) | “Dynamic Basic Materials Sector Portfolio” | |
PowerShares Dynamic Consumer Discretionary Sector Portfolio (PEZ) | “Dynamic Consumer Discretionary Sector Portfolio” | |
PowerShares Dynamic Consumer Staples Sector Portfolio (PSL) | “Dynamic Consumer Staples Sector Portfolio” | |
PowerShares Dynamic Energy Sector Portfolio (PXI) | “Dynamic Energy Sector Portfolio” | |
PowerShares Dynamic Financial Sector Portfolio (PFI) | “Dynamic Financial Sector Portfolio” | |
PowerShares Dynamic Healthcare Sector Portfolio (PTH) | “Dynamic Healthcare Sector Portfolio” | |
PowerShares Dynamic Industrials Sector Portfolio (PRN) | “Dynamic Industrials Sector Portfolio” | |
PowerShares Dynamic Technology Sector Portfolio (PTF) | “Dynamic Technology Sector Portfolio” | |
PowerShares Dynamic Utilities Portfolio (PUI) | “Dynamic Utilities Portfolio” | |
PowerShares NASDAQ Internet Portfolio (PNQI) | “NASDAQ Internet Portfolio” |
Each portfolio (each, a “Fund” and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc. (“NYSE Arca”), except for Shares of NASDAQ Internet Portfolio, which is listed and traded on The NASDAQ Stock Market LLC.
The market prices of each Fund’s Shares may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed generally in-kind for securities included in each Fund’s relevant index. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek investment results that generally correspond (before fees and expenses) to the price and yield of its respective index listed below (each, an “Underlying Index”):
Full Name | Index | |
Dynamic Basic Materials Sector Portfolio | Dynamic Basic Materials Sector IntellidexSM Index | |
Dynamic Consumer Discretionary Sector Portfolio | Dynamic Consumer Discretionary Sector IntellidexSM Index | |
Dynamic Consumer Staples Sector Portfolio | Dynamic Consumer Staples Sector IntellidexSM Index | |
Dynamic Energy Sector Portfolio | Dynamic Energy Sector IntellidexSM Index | |
Dynamic Financial Sector Portfolio | Dynamic Financial Sector IntellidexSM Index | |
Dynamic Healthcare Sector Portfolio | Dynamic Healthcare Sector IntellidexSM Index | |
Dynamic Industrials Sector Portfolio | Dynamic Industrials Sector IntellidexSM Index | |
Dynamic Technology Sector Portfolio | Dynamic Technology Sector IntellidexSM Index | |
Dynamic Utilities Portfolio | Dynamic Utilities IntellidexSM Index | |
NASDAQ Internet Portfolio | NASDAQ Internet IndexSM |
Note 2. Significant Accounting Policies
The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
A. Security Valuation
Securities, including restricted securities, are valued according to the following policies.
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A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. Listed options, if no closing price is available, are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices.
Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco PowerShares Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize an investing strategy that seeks returns in excess of each Fund’s respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Equity Risk. The Funds may invest in equity securities. Equity risk is the risk that the value of the securities that a Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities a Fund holds participate or factors relating to specific companies in which a Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in a Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
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Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, a Fund may face more risks than if it were diversified broadly over numerous industries or sectors. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV.
Non-Diversified Fund Risk. NASDAQ Internet Portfolio is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These timing differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
Corporate actions (including cash dividends) are recorded net of non-reclaimable foreign tax withholdings on the ex-dividend date.
E. Expenses
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Each Fund (except for NASDAQ Internet Portfolio) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
NASDAQ Internet Portfolio has agreed to pay an annual unitary management fee to the Adviser. The Adviser has agreed to pay for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).
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To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
F. Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal period-end.
G. Securities Lending
NASDAQ Internet Portfolio may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in an affiliated money market fund and is shown as such on the Schedule of Investments. It is the policy of the Fund to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to a Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. A Fund could experience delays and costs in gaining access to the collateral. A Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan is shown on the Statements of Assets and Liabilities, if any.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Each Fund (except for NASDAQ Internet Portfolio) has agreed to pay the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. As compensation for its services, NASDAQ Internet Portfolio has agreed to pay the Adviser an annual unitary management fee of 0.60% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of NASDAQ Internet Portfolio, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).
The Adviser has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Trust, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund other than NASDAQ Internet Portfolio from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2014. Offering costs excluded from the Expense Cap are: (a) initial legal fees pertaining to the Funds’ Shares offered for sale; (b) initial Securities and Exchange Commission and state registration fees; and (c) initial fees paid to be listed on an exchange. Unless the Adviser continues the fee waiver agreement, it will terminate on August 31, 2014. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or pay Fund expenses during the period under this expense limitation for Dynamic Energy Sector Portfolio.
Further, the Adviser has contractually agreed, through at least August 31, 2015, to waive the advisory fee payable by each Fund in an amount equal to 100% of the net advisory fees the Adviser’s affiliate receives from the affiliated money market funds on investments by a Fund (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six-month period ended October 31, 2013, the Adviser waived fees and/or paid Fund expenses for each Fund, in the following amounts:
Dynamic Basic Materials Sector Portfolio | $ | 13,852 | ||
Dynamic Consumer Discretionary Sector Portfolio | 33,562 | |||
Dynamic Consumer Staples Sector Portfolio | 28,503 | |||
Dynamic Energy Sector Portfolio | 44 | |||
Dynamic Financial Sector Portfolio | 33,788 | |||
Dynamic Healthcare Sector Portfolio | 13,730 | |||
Dynamic Industrials Sector Portfolio | 19,490 | |||
Dynamic Technology Sector Portfolio | 30,027 | |||
Dynamic Utilities Portfolio | 28,622 | |||
NASDAQ Internet Portfolio | 15 |
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The Expense Agreement provides that the fees waived or expenses borne by the Adviser are subject to recapture by the Adviser for up to three years from the date the fee was waived or expense was borne by the Adviser, but no recapture payment will be made by a Fund if it would result in the Fund exceeding its Expense Cap as specified above. The Expense Agreement does not apply to NASDAQ Internet Portfolio.
The amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2013 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/14 | 04/30/15 | 04/30/16 | 10/31/16 | |||||||||||||||||
Dynamic Basic Materials Sector Portfolio | $ | 183,266 | $ | 49,158 | $ | 73,906 | $ | 46,379 | $ | 13,823 | ||||||||||
Dynamic Consumer Discretionary Sector Portfolio | 278,372 | 61,768 | 106,566 | 76,493 | 33,545 | |||||||||||||||
Dynamic Consumer Staples Sector Portfolio | 240,511 | 56,840 | 91,705 | 63,480 | 28,486 | |||||||||||||||
Dynamic Energy Sector Portfolio | 68,461 | 23,101 | 13,542 | 31,818 | — | |||||||||||||||
Dynamic Financial Sector Portfolio | 281,460 | 60,063 | 104,587 | 83,041 | 33,769 | |||||||||||||||
Dynamic Healthcare Sector Portfolio | 215,840 | 64,881 | 95,928 | 41,317 | 13,714 | |||||||||||||||
Dynamic Industrials Sector Portfolio | 228,196 | 44,912 | 81,718 | 82,100 | 19,466 | |||||||||||||||
Dynamic Technology Sector Portfolio | 247,551 | 51,466 | 93,489 | 72,589 | 30,007 | |||||||||||||||
Dynamic Utilities Portfolio | 231,799 | 53,903 | 77,540 | 71,758 | 28,598 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Full Name | Licensor | |
Dynamic Basic Materials Sector Portfolio | NYSE Arca, Inc. | |
Dynamic Consumer Discretionary Sector Portfolio | NYSE Arca, Inc. | |
Dynamic Consumer Staples Sector Portfolio | NYSE Arca, Inc. | |
Dynamic Energy Sector Portfolio | NYSE Arca, Inc. | |
Dynamic Financial Sector Portfolio | NYSE Arca, Inc. | |
Dynamic Healthcare Sector Portfolio | NYSE Arca, Inc. | |
Dynamic Industrials Sector Portfolio | NYSE Arca, Inc. | |
Dynamic Technology Sector Portfolio | NYSE Arca, Inc. | |
Dynamic Utilities Portfolio | NYSE Arca, Inc. | |
NASDAQ Internet Portfolio | NASDAQ OMX Group, Inc. |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use with the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for NASDAQ Internet Portfolio) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of these Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Note 4. Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices | are determined using quoted prices in an active market for identical assets. |
Level 2 — Prices | are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
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Level 3 — Prices | are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of October 31, 2013, the securities in each Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Note 5. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in 8 tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under Internal Revenue Code and related regulations based on the results of future transactions.
The following Funds had a capital loss carryforward as of April 30, 2013, which expires as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | |||||||||||||||||||||||||
Dynamic Basic Materials Sector Portfolio | $ | — | $ | 205,528 | $ | 3,783,798 | $ | 4,534,904 | $ | 2,521,492 | $ | 8,909,869 | $ | 1,672,999 | $ | 21,628,590 | ||||||||||||||||
Dynamic Consumer Discretionary Sector Portfolio | — | 1,246,058 | 1,993,654 | — | 2,042,056 | 4,101,567 | — | 9,383,335 | ||||||||||||||||||||||||
Dynamic Consumer Staples Sector Portfolio | — | 634,544 | 2,156,980 | 3,935,363 | 1,180,566 | 3,579,323 | 134,502 | 11,621,278 | ||||||||||||||||||||||||
Dynamic Energy Sector Portfolio | — | 880,885 | 2,869,667 | 3,914,682 | 1,167,692 | 15,165,606 | 1,073,503 | 25,072,035 | ||||||||||||||||||||||||
Dynamic Financial Sector Portfolio | — | 614,940 | 1,821,971 | 4,413,894 | 1,979,006 | 3,051,498 | 71,283 | 11,952,592 | ||||||||||||||||||||||||
Dynamic Healthcare Sector Portfolio | — | 2,234,184 | 17,890,879 | 18,737,951 | 2,739,963 | 9,956,355 | 231,847 | 51,791,179 | ||||||||||||||||||||||||
Dynamic Industrials Sector Portfolio | — | 1,476,057 | 6,525,387 | 21,245,288 | 2,746,746 | 11,306,561 | 144,832 | 43,444,871 | ||||||||||||||||||||||||
Dynamic Technology Sector Portfolio | — | 2,465,875 | 8,220,697 | 7,658,564 | 3,016,840 | 8,744,270 | 75,097 | 30,181,343 | ||||||||||||||||||||||||
Dynamic Utilities Portfolio | 430,964 | 2,124,736 | 1,366,073 | 5,885,935 | 874,386 | 4,628,005 | 2,064,645 | 17,374,744 | ||||||||||||||||||||||||
NASDAQ Internet Portfolio | — | — | — | 3,360 | 74,863 | 691,683 | 974,157 | 1,744,063 |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
Note 6. Investment Transactions
For the six-month period ended October 31, 2013, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Dynamic Basic Materials Sector Portfolio | $ | 43,234,683 | $ | 42,702,929 | ||||
Dynamic Consumer Discretionary Sector Portfolio | 24,377,263 | 23,851,289 | ||||||
Dynamic Consumer Staples Sector Portfolio | 16,248,794 | 15,914,020 | ||||||
Dynamic Energy Sector Portfolio | 92,263,959 | 91,511,792 | ||||||
Dynamic Financial Sector Portfolio | 20,319,239 | 20,513,672 | ||||||
Dynamic Healthcare Sector Portfolio | 61,783,971 | 61,419,596 | ||||||
Dynamic Industrials Sector Portfolio | 41,423,049 | 41,396,371 | ||||||
Dynamic Technology Sector Portfolio | 26,523,873 | 26,568,450 | ||||||
Dynamic Utilities Portfolio | 15,371,347 | 15,527,770 | ||||||
NASDAQ Internet Portfolio | 9,762,340 | 10,300,099 |
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For the six-month period ended October 31, 2013, in-kind transactions associated with creations and redemptions were as follows:
Securities Received | Securities Delivered | |||||||
Dynamic Basic Materials Sector Portfolio | $ | 33,310,789 | $ | 44,811,649 | ||||
Dynamic Consumer Discretionary Sector Portfolio | 20,140,110 | 24,234,513 | ||||||
Dynamic Consumer Staples Sector Portfolio | 12,004,415 | 14,434,134 | ||||||
Dynamic Energy Sector Portfolio | 81,983,373 | 74,479,648 | ||||||
Dynamic Financial Sector Portfolio | 16,174,016 | 14,665,744 | ||||||
Dynamic Healthcare Sector Portfolio | 51,998,057 | 41,417,481 | ||||||
Dynamic Industrials Sector Portfolio | 62,436,022 | 23,477,501 | ||||||
Dynamic Technology Sector Portfolio | 21,484,411 | 22,891,083 | ||||||
Dynamic Utilities Portfolio | 8,508,959 | 11,632,277 | ||||||
NASDAQ Internet Portfolio | 132,167,691 | 11,321,984 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2013, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end.
Cost | Net Unrealized Appreciation | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
Dynamic Basic Materials Sector Portfolio | $ | 65,670,246 | $ | 11,718,033 | $ | 13,040,103 | $ | (1,322,070 | ) | |||||||
Dynamic Consumer Discretionary Sector Portfolio | 21,841,153 | 2,588,988 | 2,775,356 | (186,368 | ) | |||||||||||
Dynamic Consumer Staples Sector Portfolio | 31,309,483 | 7,562,785 | 7,947,701 | (384,916 | ) | |||||||||||
Dynamic Energy Sector Portfolio | 141,571,965 | 19,829,482 | 22,424,282 | (2,594,800 | ) | |||||||||||
Dynamic Financial Sector Portfolio | 21,557,064 | 2,813,166 | 3,004,725 | (191,559 | ) | |||||||||||
Dynamic Healthcare Sector Portfolio | 70,363,279 | 9,986,687 | 10,938,054 | (951,367 | ) | |||||||||||
Dynamic Industrials Sector Portfolio | 76,581,664 | 13,313,372 | 13,491,081 | (177,709 | ) | |||||||||||
Dynamic Technology Sector Portfolio | 30,793,111 | 4,363,047 | 4,844,835 | (481,788 | ) | |||||||||||
Dynamic Utilities Portfolio | 34,865,833 | 5,659,756 | 6,753,718 | (1,093,962 | ) | |||||||||||
NASDAQ Internet Portfolio | 186,883,814 | 33,778,431 | 36,719,922 | (2,941,491 | ) |
Note 7. Trustees’ Fees
The Funds compensate each Independent Trustee. The Adviser, as a result of the unitary management fee, pays for such compensation for NASDAQ Internet Portfolio. The Trustee who is an “interested person” (the “Non-Independent Trustee”) of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, an Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select PowerShares Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.
Note 8. Capital
Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. Cash may be substituted equivalent to the value of certain securities, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
Each Fund may issue Shares in advance of receipt of a basket of securities (“Deposit Securities”) subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with each Fund’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the
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Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Transactions in a Fund’s Shares are disclosed in detail on the Statements of Changes in Net Assets.
Note 9. Indemnifications
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between the Independent Trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
Note 10. Subsequent Event
At a meeting held on December 17, 2013, the Board of Trustees of the Trust approved changes to each Fund’s name, investment objective, underlying index, and investment policies and strategies. These changes are scheduled to take effect on February 19, 2014. The name changes for each Fund are as follows:
Current Portfolio Name | New Portfolio Name | |
PowerShares Dynamic Basic Materials Sector Portfolio | PowerShares DWA Basic Materials Momentum Portfolio | |
PowerShares Dynamic Consumer Discretionary Sector Portfolio | PowerShares DWA Consumer Cyclicals Momentum Portfolio | |
PowerShares Dynamic Consumer Staples Sector Portfolio | PowerShares DWA Consumer Staples Momentum Portfolio | |
PowerShares Dynamic Energy Sector Portfolio | PowerShares DWA Energy Momentum Portfolio | |
PowerShares Dynamic Financial Sector Portfolio | PowerShares DWA Financial Momentum Portfolio | |
PowerShares Dynamic Healthcare Sector Portfolio | PowerShares DWA Healthcare Momentum Portfolio | |
PowerShares Dynamic Industrials Sector Portfolio | PowerShares DWA Industrials Momentum Portfolio | |
PowerShares Dynamic Technology Sector Portfolio | PowerShares DWA Technology Momentum Portfolio | |
PowerShares Dynamic Utilities Portfolio | PowerShares DWA Utilities Momentum Portfolio |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invescopowershares.com.
©2013 Invesco PowerShares Capital Management LLC | P-PS-SAR-3 | |||||
3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
invescopowershares.com 800.983.0903 | @PowerShares |
Item 2. Code of Ethics.
Not required for a semi-annual period.
Item 3. Audit Committee Financial Expert.
Not required for a semi-annual period.
Item 4. Principal Accountant Fees and Services.
Not required for a semi-annual period.
Item 5. Audit Committee of Listed Registrants.
Not required for a semi-annual period.
Item 6. Schedule of Investments. The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures.
a) | Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective. |
b) | There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) Code of Ethics
Not required for a semi-annual report.
(a)(2) Certifications of the Registrant’s President and Treasurer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.
(a)(3) Not Applicable.
(b) Certifications of the Registrant’s President and Treasurer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | PowerShares Exchange-Traded Fund Trust |
By: | /s/ Andrew Schlossberg | |
Name: | Andrew Schlossberg | |
Title: | President | |
Date: January 6, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Andrew Schlossberg | |
Name: | Andrew Schlossberg | |
Title: | President | |
Date: January 6, 2014 |
By: | /s/ Steven Hill | |
Name: | Steven Hill | |
Title: | Treasurer | |
Date: January 6, 2014 |