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, 2014
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, 2014 |
2014 Semi-Annual Report to Shareholders
DWAQ | PowerShares DWA NASDAQ Momentum Portfolio | |
PWC | PowerShares Dynamic Market Portfolio | |
PRF | PowerShares FTSE RAFI US 1000 Portfolio | |
PRFZ | PowerShares FTSE RAFI US 1500 Small-Mid Portfolio |
| 2 |
|
Portfolio Composition
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ)
Sector Breakdown (Unaudited) | ||||
Health Care | 29.2 | |||
Information Technology | 27.5 | |||
Consumer Discretionary | 18.6 | |||
Industrials | 12.8 | |||
Consumer Staples | 5.6 | |||
Financials | 4.1 | |||
Materials | 0.9 | |||
Telecommunication Services | 0.8 | |||
Energy | 0.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% |
| |||||||
Consumer Discretionary—18.6% | ||||||||
1,123 | Charter Communications, Inc., Class A(b) | $ | 177,872 | |||||
2,472 | Comcast Corp., Class A | 136,825 | ||||||
3,056 | Core-Mark Holding Co., Inc. | 177,340 | ||||||
3,519 | Ctrip.com International Ltd. ADR (China)(b) | 205,158 | ||||||
2,273 | DISH Network Corp., Class A(b) | 144,676 | ||||||
2,088 | Expedia, Inc. | 177,417 | ||||||
4,355 | Gentherm, Inc.(b) | 181,603 | ||||||
2,092 | G-III Apparel Group Ltd.(b) | 166,000 | ||||||
10,547 | Liberty Interactive Corp., Class A(b) | 275,699 | ||||||
4,162 | Liberty Ventures, Series A(b) | 146,086 | ||||||
4,841 | Loral Space & Communications, Inc.(b) | 370,336 | ||||||
795 | Netflix, Inc.(b) | 312,252 | ||||||
1,604 | O’Reilly Automotive, Inc.(b) | 282,112 | ||||||
549 | Priceline Group, Inc. (The)(b) | 662,209 | ||||||
6,732 | Sonic Corp.(b) | 169,714 | ||||||
1,455 | Tesla Motors, Inc.(b) | 351,674 | ||||||
1,536 | TripAdvisor, Inc.(b) | 136,182 | ||||||
15,004 | Tuesday Morning Corp.(b) | 305,932 | ||||||
3,418 | Universal Electronics, Inc.(b) | 194,450 | ||||||
|
| |||||||
4,573,537 | ||||||||
|
| |||||||
Consumer Staples—5.6% | ||||||||
2,206 | Andersons, Inc. (The) | 140,588 | ||||||
1,593 | Cal-Maine Foods, Inc. | 139,849 | ||||||
2,282 | Hain Celestial Group, Inc. (The)(b) | 247,027 | ||||||
1,774 | J & J Snack Foods Corp. | 182,775 | ||||||
2,477 | Keurig Green Mountain, Inc. | 375,885 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
10,480 | Pilgrim’s Pride Corp.(b) | $ | 297,737 | |||||
|
| |||||||
1,383,861 | ||||||||
|
| |||||||
Energy—0.5% | ||||||||
1,968 | Golar LNG Ltd. (Norway) | 110,425 | ||||||
|
| |||||||
Financials—4.1% | ||||||||
9,596 | Bank of the Ozarks, Inc. | 338,163 | ||||||
5,616 | East West Bancorp, Inc. | 206,444 | ||||||
4,013 | Pinnacle Financial Partners, Inc. | 157,310 | ||||||
5,118 | PrivateBancorp, Inc. | 165,414 | ||||||
1,203 | Signature Bank(b) | 145,719 | ||||||
|
| |||||||
1,013,050 | ||||||||
|
| |||||||
Health Care—29.2% | ||||||||
17,017 | Akorn, Inc.(b) | 758,107 | ||||||
1,129 | Atrion Corp. | 372,581 | ||||||
26,125 | AVANIR Pharmaceuticals, Inc.(b) | 338,058 | ||||||
786 | Biogen Idec, Inc.(b) | 252,369 | ||||||
1,656 | Celgene Corp.(b) | 177,341 | ||||||
6,045 | DexCom, Inc.(b) | 271,723 | ||||||
21,669 | Dyax Corp.(b) | 268,046 | ||||||
6,676 | Gilead Sciences, Inc.(b) | 747,712 | ||||||
5,138 | Henry Schein, Inc.(b) | 616,714 | ||||||
2,656 | ICON PLC (Ireland)(b) | 139,732 | ||||||
1,687 | Illumina, Inc.(b) | 324,883 | ||||||
4,506 | Jazz Pharmaceuticals PLC(b) | 760,793 | ||||||
5,052 | Medidata Solutions, Inc.(b) | 227,896 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
48,719 | Mimedx Group, Inc.(b) | $ | 495,959 | |||||
4,974 | Natus Medical, Inc.(b) | 169,116 | ||||||
3,819 | NuVasive, Inc.(b) | 156,197 | ||||||
4,844 | Pacira Pharmaceuticals, Inc.(b) | 449,620 | ||||||
2,356 | PAREXEL International Corp.(b) | 127,954 | ||||||
1,469 | Salix Pharmaceuticals Ltd.(b) | 211,316 | ||||||
1,187 | United Therapeutics Corp.(b) | 155,461 | ||||||
1,413 | Vertex Pharmaceuticals, Inc.(b) | 159,160 | ||||||
|
| |||||||
7,180,738 | ||||||||
|
| |||||||
Industrials—12.8% | ||||||||
1,141 | Allegiant Travel Co. | 152,289 | ||||||
1,026 | AMERCO | 278,169 | ||||||
2,425 | American Railcar Industries, Inc. | 159,589 | ||||||
3,761 | American Woodmark Corp.(b) | 153,863 | ||||||
4,546 | Apogee Enterprises, Inc. | 199,570 | ||||||
5,799 | Astronics Corp.(b) | 300,446 | ||||||
4,293 | Avis Budget Group, Inc.(b) | 239,335 | ||||||
7,811 | H&E Equipment Services, Inc. | 292,053 | ||||||
3,326 | Middleby Corp. (The)(b) | 294,351 | ||||||
3,308 | Multi-Color Corp. | 163,085 | ||||||
2,829 | Old Dominion Freight Line, Inc.(b) | 206,149 | ||||||
6,020 | Saia, Inc.(b) | 295,100 | ||||||
2,690 | Spirit Airlines, Inc.(b) | 196,666 | ||||||
10,774 | TASER International, Inc.(b) | 202,982 | ||||||
|
| |||||||
3,133,647 | ||||||||
|
| |||||||
Information Technology—27.5% | ||||||||
6,723 | Apple, Inc. | 726,084 | ||||||
4,666 | ARRIS Group, Inc.(b) | 140,073 | ||||||
1,929 | Avago Technologies Ltd. (Singapore) | 166,376 | ||||||
1,868 | Baidu, Inc. ADR (China)(b) | 446,022 | ||||||
8,667 | Cadence Design Systems, Inc.(b) | 155,573 | ||||||
2,006 | Check Point Software Technologies Ltd. (Israel)(b) | 148,945 | ||||||
3,245 | Cognex Corp.(b) | 128,372 | ||||||
3,793 | comScore, Inc.(b) | 159,837 | ||||||
4,095 | Electronic Arts, Inc.(b) | 167,772 | ||||||
3,458 | Electronics for Imaging, Inc.(b) | 158,100 | ||||||
648 | Equinix, Inc. | 135,367 | ||||||
2,886 | Euronet Worldwide, Inc.(b) | 154,892 | ||||||
2,405 | Facebook, Inc., Class A(b) | 180,351 | ||||||
2,142 | IAC/InterActiveCorp. | 144,992 | ||||||
9,223 | Integrated Device Technology, Inc.(b) | 151,349 | ||||||
9,062 | Micron Technology, Inc.(b) | 299,862 | ||||||
3,705 | Monolithic Power Systems, Inc. | 163,724 | ||||||
3,494 | NetScout Systems, Inc.(b) | 128,789 | ||||||
3,080 | NXP Semiconductor NV (Netherlands)(b) | 211,473 | ||||||
4,235 | Proofpoint, Inc.(b) | 186,509 | ||||||
13,717 | RF Micro Devices, Inc.(b) | 178,458 | ||||||
1,418 | SanDisk Corp. | 133,491 | ||||||
6,295 | Sanmina Corp.(b) | 157,816 | ||||||
3,729 | Seagate Technology PLC | 234,293 | ||||||
5,706 | Skyworks Solutions, Inc. | 332,317 | ||||||
2,103 | Stratasys Ltd.(b) | 253,117 | ||||||
10,181 | SunPower Corp.(b) | 324,163 | ||||||
5,815 | Super Micro Computer, Inc.(b) | 185,847 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
3,279 | WebMD Health Corp.(b) | $ | 139,948 | |||||
1,635 | Western Digital Corp. | 160,835 | ||||||
3,437 | Yahoo!, Inc.(b) | 158,274 | ||||||
4,167 | YY, Inc. ADR (China)(b) | 345,278 | ||||||
|
| |||||||
6,758,299 | ||||||||
|
| |||||||
Materials—0.9% | ||||||||
7,508 | Century Aluminum Co.(b) | 219,834 | ||||||
|
| |||||||
Telecommunication Services—0.8% | ||||||||
1,836 | SBA Communications Corp., Class A(b) | 206,238 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $22,540,159) | 24,579,629 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
48,019 | Invesco Premier Portfolio—Institutional Class(c) (Cost $48,019) | 48,019 | ||||||
|
| |||||||
Total Investments (Cost $22,588,178)—100.2% | 24,627,648 | |||||||
Other assets less liabilities—(0.2)% | (46,156 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 24,581,492 | ||||||
|
|
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.
| 4 |
|
Portfolio Composition
PowerShares Dynamic Market Portfolio (PWC)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Information Technology | 18.9 | |||
Financials | 14.5 | |||
Health Care | 14.0 | |||
Consumer Discretionary | 13.6 | |||
Industrials | 10.9 | |||
Energy | 9.9 | |||
Consumer Staples | 9.1 | |||
Materials | 3.8 | |||
Utilities | 3.1 | |||
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—13.6% | ||||||||
22,556 | Cato Corp. (The), Class A | $ | 804,573 | |||||
53,105 | Expedia, Inc. | 4,512,332 | ||||||
13,937 | Foot Locker, Inc. | 780,611 | ||||||
7,616 | Hanesbrands, Inc. | 804,326 | ||||||
180,164 | Hilton Worldwide Holdings, Inc.(b) | 4,547,339 | ||||||
65,731 | Marriott International, Inc., Class A | 4,979,123 | ||||||
31,854 | ServiceMaster Global Holdings, Inc.(b) | 763,859 | ||||||
13,398 | Skechers U.S.A., Inc., Class A(b) | 733,540 | ||||||
24,993 | Starz, Class A(b) | 772,284 | ||||||
12,203 | Tenneco, Inc.(b) | 638,949 | ||||||
23,323 | Tower International, Inc.(b) | 566,749 | ||||||
8,121 | TRW Automotive Holdings Corp.(b) | 823,063 | ||||||
7,728 | Visteon Corp.(b) | 725,659 | ||||||
23,651 | Wynn Resorts Ltd. | 4,493,927 | ||||||
|
| |||||||
25,946,334 | ||||||||
|
| |||||||
Consumer Staples—9.1% | ||||||||
119,013 | Archer-Daniels-Midland Co. | 5,593,611 | ||||||
9,734 | Constellation Brands, Inc., Class A(b) | 891,050 | ||||||
13,473 | Dr Pepper Snapple Group, Inc. | 933,005 | ||||||
6,358 | Keurig Green Mountain, Inc. | 964,827 | ||||||
116,398 | Kroger Co. (The) | 6,484,533 | ||||||
11,464 | Molson Coors Brewing Co., Class B | 852,692 | ||||||
28,380 | Pilgrim’s Pride Corp.(b) | 806,276 | ||||||
9,137 | Sanderson Farms, Inc. | 767,325 | ||||||
|
| |||||||
17,293,319 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—9.9% | ||||||||
24,326 | Alliance Holdings GP LP | $ | 1,670,223 | |||||
109,687 | Cameron International Corp.(b) | 6,531,861 | ||||||
39,093 | Green Plains, Inc. | 1,336,981 | ||||||
120,589 | Halliburton Co. | 6,649,277 | ||||||
40,582 | NuStar GP Holdings LLC | 1,589,191 | ||||||
48,747 | Superior Energy Services, Inc. | 1,225,987 | ||||||
|
| |||||||
19,003,520 | ||||||||
|
| |||||||
Financials—14.5% | ||||||||
28,347 | American Equity Investment Life Holding Co. | 731,636 | ||||||
11,695 | American Financial Group, Inc. | 699,712 | ||||||
15,928 | AmTrust Financial Services, Inc. | 714,689 | ||||||
16,494 | Aspen Insurance Holdings Ltd. | 719,633 | ||||||
97,609 | Blackstone Group LP (The) | 2,939,983 | ||||||
8,922 | Cullen/Frost Bankers, Inc. | 720,987 | ||||||
31,087 | Fidelity & Guaranty Life | 738,316 | ||||||
59,462 | Lincoln National Corp. | 3,256,139 | ||||||
67,241 | MBIA, Inc.(b) | 656,272 | ||||||
6,279 | PartnerRe Ltd. | 726,418 | ||||||
13,143 | Piper Jaffray Cos.(b) | 742,054 | ||||||
60,284 | Principal Financial Group, Inc. | 3,157,073 | ||||||
36,486 | Prudential Financial, Inc. | 3,230,471 | ||||||
8,452 | Reinsurance Group of America, Inc. | 712,081 | ||||||
28,813 | Symetra Financial Corp. | 682,868 | ||||||
83,725 | Voya Financial, Inc. | 3,286,206 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic Market Portfolio (PWC) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
63,624 | Wells Fargo & Co. | $ | 3,377,798 | |||||
24,068 | Zions Bancorporation | 697,250 | ||||||
|
| |||||||
27,789,586 | ||||||||
|
| |||||||
Health Care—14.0% | ||||||||
12,542 | Amsurg Corp.(b) | 677,393 | ||||||
28,968 | Anacor Pharmaceuticals, Inc.(b) | 851,949 | ||||||
4,671 | athenahealth, Inc.(b) | 572,198 | ||||||
8,635 | Centene Corp.(b) | 800,206 | ||||||
43,613 | Edwards Lifesciences Corp.(b) | 5,273,684 | ||||||
40,240 | Gilead Sciences, Inc.(b) | 4,506,880 | ||||||
62,003 | HCA Holdings, Inc.(b) | 4,343,310 | ||||||
14,293 | Health Net, Inc.(b) | 679,060 | ||||||
17,128 | HealthSouth Corp. | 690,772 | ||||||
14,102 | Molina Healthcare, Inc.(b) | 685,921 | ||||||
35,248 | Phibro Animal Health Corp., Class A | 913,628 | ||||||
12,021 | Quintiles Transnational Holdings, Inc.(b) | 703,709 | ||||||
11,529 | Team Health Holdings, Inc.(b) | 721,024 | ||||||
6,162 | Teleflex, Inc. | 703,208 | ||||||
37,156 | WellPoint, Inc. | 4,707,294 | ||||||
|
| |||||||
26,830,236 | ||||||||
|
| |||||||
Industrials—10.9% | ||||||||
11,851 | Avis Budget Group, Inc.(b) | 660,693 | ||||||
125,774 | Delta Air Lines, Inc. | 5,059,888 | ||||||
11,186 | Greenbrier Cos., Inc. (The) | 699,572 | ||||||
7,835 | Huntington Ingalls Industries, Inc. | 829,100 | ||||||
6,707 | Kirby Corp.(b) | 741,660 | ||||||
26,448 | Korn/Ferry International(b) | 738,693 | ||||||
45,276 | L-3 Communications Holdings, Inc. | 5,499,223 | ||||||
52,670 | RPX Corp.(b) | 740,014 | ||||||
155,518 | Southwest Airlines Co. | 5,362,261 | ||||||
16,537 | Trinity Industries, Inc. | 590,536 | ||||||
|
| |||||||
20,921,640 | ||||||||
|
| |||||||
Information Technology—18.9% | ||||||||
98,166 | Amkor Technology, Inc.(b) | 665,565 | ||||||
24,846 | Aspen Technology, Inc.(b) | 917,563 | ||||||
17,075 | Computer Sciences Corp. | 1,031,330 | ||||||
137,915 | Hewlett-Packard Co. | 4,948,390 | ||||||
38,907 | Insight Enterprises, Inc.(b) | 885,134 | ||||||
150,080 | Intel Corp. | 5,104,221 | ||||||
20,192 | Lexmark International, Inc., Class A | 871,487 | ||||||
160,760 | Micron Technology, Inc.(b) | 5,319,548 | ||||||
72,612 | MoneyGram International, Inc.(b) | 624,463 | ||||||
37,659 | OmniVision Technologies, Inc.(b) | 1,008,508 | ||||||
43,481 | Sanmina Corp.(b) | 1,090,069 | ||||||
92,495 | Skyworks Solutions, Inc. | 5,386,909 | ||||||
43,425 | Take-Two Interactive Software, Inc.(b) | 1,148,591 | ||||||
15,125 | Tech Data Corp.(b) | 903,265 | ||||||
108,775 | Texas Instruments, Inc. | 5,401,767 | ||||||
63,808 | Vishay Intertechnology, Inc. | 862,046 | ||||||
|
| |||||||
36,168,856 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials—3.8% | ||||||||
59,905 | Graphic Packaging Holding Co.(b) | $ | 726,648 | |||||
112,295 | Mosaic Co. (The) | 4,975,791 | ||||||
1,883 | NewMarket Corp. | 730,623 | ||||||
25,236 | Westlake Chemical Partners LP(b) | 760,865 | ||||||
|
| |||||||
7,193,927 | ||||||||
|
| |||||||
Telecommunication Services—2.2% | ||||||||
42,462 | AT&T, Inc. | 1,479,376 | ||||||
36,216 | CenturyLink, Inc. | 1,502,240 | ||||||
17,397 | Consolidated Communications Holdings, Inc. | 450,582 | ||||||
62,373 | Frontier Communications Corp. | 407,920 | ||||||
37,534 | Windstream Holdings, Inc. | 393,356 | ||||||
|
| |||||||
4,233,474 | ||||||||
|
| |||||||
Utilities—3.1% | ||||||||
115,762 | Exelon Corp. | 4,235,731 | ||||||
20,898 | NiSource, Inc. | 878,970 | ||||||
23,472 | UGI Corp. | 884,660 | ||||||
|
| |||||||
5,999,361 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $190,804,724) | 191,380,253 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
85,353 | Invesco Premier Portfolio—Institutional Class(c) (Cost $85,353) | 85,353 | ||||||
|
| |||||||
Total Investments (Cost $190,890,077)—100.0% | 191,465,606 | |||||||
Other assets less liabilities—(0.0)% | (51,742 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 191,413,864 | ||||||
|
|
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 FTSE RAFI US 1000 Portfolio (PRF)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 20.9 | |||
Information Technology | 11.9 | |||
Energy | 11.7 | |||
Health Care | 11.0 | |||
Industrials | 10.7 | |||
Consumer Discretionary | 10.6 | |||
Consumer Staples | 10.0 | |||
Utilities | 5.3 | |||
Telecommunication Services | 4.0 | |||
Materials | 3.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares FTSE RAFI US 1000 Portfolio (PRF)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—10.6% | ||||||||
20,263 | Aaron’s, Inc. | $ | 501,712 | |||||
29,466 | Abercrombie & Fitch Co., Class A | 986,522 | ||||||
8,924 | Advance Auto Parts, Inc. | 1,311,471 | ||||||
16,441 | Amazon.com, Inc.(b) | 5,022,068 | ||||||
83,654 | American Eagle Outfitters, Inc. | 1,076,627 | ||||||
39,484 | Apollo Education Group, Inc.(b) | 1,131,611 | ||||||
28,529 | Ascena Retail Group, Inc.(b) | 355,186 | ||||||
20,262 | Autoliv, Inc. (Sweden)(c) | 1,858,836 | ||||||
12,243 | AutoNation, Inc.(b) | 701,034 | ||||||
3,651 | AutoZone, Inc.(b) | 2,020,902 | ||||||
36,615 | Barnes & Noble, Inc.(b) | 798,939 | ||||||
42,151 | Bed Bath & Beyond, Inc.(b) | 2,838,448 | ||||||
225,221 | Best Buy Co., Inc. | 7,689,045 | ||||||
35,468 | Big Lots, Inc. | 1,619,114 | ||||||
22,255 | BorgWarner, Inc. | 1,268,980 | ||||||
12,890 | Brinker International, Inc. | 691,420 | ||||||
7,316 | Cabela’s, Inc.(b)(c) | 351,314 | ||||||
94,152 | Cablevision Systems Corp., Class A | 1,753,110 | ||||||
37,107 | Caesars Entertainment Corp.(b)(c) | 452,334 | ||||||
74,347 | Career Education Corp.(b) | 431,213 | ||||||
41,368 | CarMax, Inc.(b) | 2,312,885 | ||||||
117,432 | Carnival Corp. | 4,714,895 | ||||||
6,986 | Carter’s, Inc. | 545,816 | ||||||
1,010 | CBS Corp., Class A | 54,833 | ||||||
70,867 | CBS Corp., Class B NVTG | 3,842,409 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
14,921 | Charter Communications, Inc., Class A(b) | $ | 2,363,337 | |||||
27,232 | Chico’s FAS, Inc. | 410,659 | ||||||
1,243 | Chipotle Mexican Grill, Inc.(b) | 793,034 | ||||||
27,338 | Cinemark Holdings, Inc. | 965,578 | ||||||
36,091 | Coach, Inc. | 1,240,809 | ||||||
369,231 | Comcast Corp., Class A | 20,436,936 | ||||||
81,836 | Comcast Corp., Class A Special | 4,512,437 | ||||||
27,174 | Cooper Tire & Rubber Co. | 875,275 | ||||||
60,830 | CST Brands, Inc. | 2,326,747 | ||||||
42,797 | D.R. Horton, Inc. | 975,344 | ||||||
48,662 | Dana Holding Corp. | 995,625 | ||||||
41,240 | Darden Restaurants, Inc.(c) | 2,135,407 | ||||||
43,434 | Delphi Automotive PLC (United Kingdom) | 2,996,077 | ||||||
11,750 | DeVry Education Group, Inc. | 568,817 | ||||||
14,539 | Dick’s Sporting Goods, Inc. | 659,634 | ||||||
9,898 | Dillard’s, Inc., Class A | 1,046,812 | ||||||
97,772 | DIRECTV(b) | 8,485,632 | ||||||
13,754 | Discovery Communications, Inc., Class A(b) | 486,204 | ||||||
40 | Discovery Communications, Inc., Class B(b) | 1,510 | ||||||
15,492 | Discovery Communications, Inc., Class C(b) | 542,065 | ||||||
33,861 | DISH Network Corp., Class A(b) | 2,155,253 | ||||||
44,203 | Dollar General Corp.(b) | 2,770,202 | ||||||
29,952 | Dollar Tree, Inc.(b) | 1,814,193 | ||||||
12,660 | Expedia, Inc. | 1,075,720 | ||||||
25,971 | Express, Inc.(b) | 388,786 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
19,003 | Family Dollar Stores, Inc. | $ | 1,487,745 | |||||
33,224 | Foot Locker, Inc. | 1,860,876 | ||||||
1,275,677 | Ford Motor Co. | 17,974,289 | ||||||
5,551 | Fossil Group, Inc.(b) | 564,315 | ||||||
44,659 | GameStop Corp., Class A(c) | 1,909,619 | ||||||
64,903 | Gannett Co., Inc. | 2,044,444 | ||||||
49,294 | Gap, Inc. (The) | 1,867,750 | ||||||
22,126 | Garmin Ltd.(c) | 1,227,550 | ||||||
544,979 | General Motors Co. | 17,112,341 | ||||||
6,731 | Genesco, Inc.(b) | 516,200 | ||||||
17,600 | Gentex Corp. | 576,224 | ||||||
32,407 | Genuine Parts Co. | 3,146,072 | ||||||
10,376 | GNC Holdings, Inc., Class A | 431,330 | ||||||
126,975 | Goodyear Tire & Rubber Co. (The) | 3,076,604 | ||||||
1,241 | Graham Holdings Co., Class B | 972,448 | ||||||
11,363 | Group 1 Automotive, Inc. | 970,741 | ||||||
24,811 | Guess?, Inc. | 550,060 | ||||||
47,658 | H&R Block, Inc. | 1,539,830 | ||||||
13,678 | Hanesbrands, Inc. | 1,444,534 | ||||||
29,110 | Harley-Davidson, Inc. | 1,912,527 | ||||||
6,547 | Harman International Industries, Inc. | 702,755 | ||||||
23,600 | Hasbro, Inc. | 1,357,708 | ||||||
231,948 | Home Depot, Inc. (The) | 22,619,569 | ||||||
73,421 | International Game Technology | 1,203,370 | ||||||
83,766 | Interpublic Group of Cos., Inc. (The) | 1,624,223 | ||||||
14,331 | ITT Educational Services, Inc.(b)(c) | 144,886 | ||||||
532,835 | J.C. Penney Co., Inc.(b)(c) | 4,054,874 | ||||||
17,621 | Jarden Corp.(b) | 1,146,951 | ||||||
7,914 | John Wiley & Sons, Inc., Class A | 462,098 | ||||||
144,908 | Johnson Controls, Inc. | 6,846,903 | ||||||
74,970 | Kohl’s Corp. | 4,064,873 | ||||||
65,901 | L Brands, Inc. | 4,752,780 | ||||||
10,682 | Lamar Advertising Co., Class A | 551,725 | ||||||
16,725 | Lands’ End, Inc.(b) | 793,936 | ||||||
27,685 | Las Vegas Sands Corp. | 1,723,668 | ||||||
25,268 | Lear Corp. | 2,337,290 | ||||||
40,169 | Leggett & Platt, Inc. | 1,581,855 | ||||||
17,350 | Lennar Corp., Class A | 747,438 | ||||||
1,008 | Lennar Corp., Class B | 35,391 | ||||||
53,937 | Liberty Global PLC, Class A (United Kingdom)(b) | 2,452,515 | ||||||
295 | Liberty Global PLC, Class B (United Kingdom)(b) | 13,358 | ||||||
42,036 | Liberty Global PLC, Series C (United Kingdom)(b) | 1,869,341 | ||||||
114,444 | Liberty Interactive Corp., Class A(b) | 2,991,566 | ||||||
330 | Liberty Interactive Corp., Class B(b) | 8,468 | ||||||
8,528 | Liberty Media Corp., Class A(b) | 409,515 | ||||||
46 | Liberty Media Corp., Class B(b) | 2,054 | ||||||
17,685 | Liberty Media Corp., Class C(b) | 847,642 | ||||||
39,345 | Live Nation Entertainment, Inc.(b) | 1,022,970 | ||||||
28,307 | LKQ Corp.(b) | 808,731 | ||||||
230,963 | Lowe’s Cos., Inc. | 13,211,084 | ||||||
99,744 | Macy’s, Inc. | 5,767,198 | ||||||
27,787 | Marriott International, Inc., Class A | 2,104,865 | ||||||
70,550 | Mattel, Inc. | 2,191,988 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
178,523 | McDonald’s Corp. | $ | 16,732,961 | |||||
10,743 | Men’s Wearhouse, Inc. (The) | 505,243 | ||||||
62,187 | MGM Resorts International(b) | 1,445,848 | ||||||
10,683 | Mohawk Industries, Inc.(b) | 1,517,413 | ||||||
60,815 | Murphy USA, Inc.(b) | 3,484,699 | ||||||
1,207 | Netflix, Inc.(b) | 474,073 | ||||||
50,519 | Newell Rubbermaid, Inc. | 1,683,798 | ||||||
119,230 | News Corp., Class A(b) | 1,845,680 | ||||||
33,291 | News Corp., Class B(b) | 501,030 | ||||||
60,237 | NIKE, Inc., Class B | 5,600,234 | ||||||
31,987 | Nordstrom, Inc. | 2,322,576 | ||||||
679 | NVR, Inc.(b) | 833,527 | ||||||
301,770 | Office Depot, Inc.(b) | 1,575,239 | ||||||
47,747 | Omnicom Group, Inc. | 3,431,099 | ||||||
10,187 | O’Reilly Automotive, Inc.(b) | 1,791,690 | ||||||
2,699 | Panera Bread Co., Class A(b) | 436,266 | ||||||
71,459 | Penn National Gaming, Inc.(b) | 935,398 | ||||||
16,301 | Penske Automotive Group, Inc. | 737,457 | ||||||
18,609 | PetSmart, Inc. | 1,346,361 | ||||||
4,807 | Polaris Industries, Inc. | 725,184 | ||||||
1,402 | Priceline Group, Inc. (The)(b) | 1,691,106 | ||||||
29,189 | PulteGroup, Inc. | 560,137 | ||||||
8,390 | PVH Corp. | 959,396 | ||||||
293,105 | RadioShack Corp.(b)(c) | 269,657 | ||||||
7,473 | Ralph Lauren Corp., Class A | 1,231,849 | ||||||
35,941 | Regal Entertainment Group, Class A(c) | 796,093 | ||||||
41,412 | Rent-A-Center, Inc. | 1,282,530 | ||||||
25,771 | Ross Stores, Inc. | 2,080,235 | ||||||
34,848 | Royal Caribbean Cruises Ltd. | 2,368,619 | ||||||
21,703 | Sally Beauty Holdings, Inc.(b) | 636,115 | ||||||
7,404 | Scripps Networks Interactive, Inc., Class A | 571,885 | ||||||
55,929 | Sears Holdings Corp.(b)(c) | 1,953,041 | ||||||
17,323 | SeaWorld Entertainment, Inc. | 333,295 | ||||||
42,125 | Service Corp. International | 921,274 | ||||||
11,089 | Signet Jewelers Ltd. | 1,330,791 | ||||||
181,443 | Sirius XM Holdings, Inc.(b)(c) | 622,349 | ||||||
11,818 | Six Flags Entertainment Corp. | 476,265 | ||||||
27,223 | Sonic Automotive, Inc., Class A | 677,580 | ||||||
368,500 | Staples, Inc. | 4,672,580 | ||||||
45,587 | Starbucks Corp. | 3,444,554 | ||||||
22,375 | Starwood Hotels & Resorts Worldwide, Inc. | 1,715,267 | ||||||
252,992 | Target Corp. | 15,639,965 | ||||||
18,351 | Tenneco, Inc.(b) | 960,858 | ||||||
8,494 | Thor Industries, Inc. | 449,248 | ||||||
14,446 | Tiffany & Co. | 1,388,550 | ||||||
55,335 | Time Warner Cable, Inc. | 8,145,865 | ||||||
200,390 | Time Warner, Inc. | 15,924,993 | ||||||
24,930 | Time, Inc.(b) | 563,169 | ||||||
78,613 | TJX Cos., Inc. (The) | 4,977,775 | ||||||
18,210 | Toll Brothers, Inc.(b) | 581,810 | ||||||
8,180 | Tractor Supply Co. | 598,940 | ||||||
40,110 | TRW Automotive Holdings Corp.(b) | 4,065,149 | ||||||
8,035 | Tupperware Brands Corp. | 512,231 | ||||||
202,821 | Twenty-First Century Fox, Inc., Class A | 6,993,268 | ||||||
59,586 | Twenty-First Century Fox, Inc., Class B | 1,976,468 | ||||||
16,825 | Urban Outfitters, Inc.(b) | 510,807 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
41,004 | VF Corp. | $ | 2,775,151 | |||||
1,209 | Viacom, Inc., Class A | 88,330 | ||||||
49,353 | Viacom, Inc., Class B | 3,586,976 | ||||||
17,545 | Visteon Corp.(b) | 1,647,476 | ||||||
199,915 | Walt Disney Co. (The) | 18,268,233 | ||||||
60,481 | Wendy’s Co. (The) | 485,058 | ||||||
24,421 | Whirlpool Corp. | 4,201,633 | ||||||
12,766 | Williams-Sonoma, Inc. | 830,173 | ||||||
19,386 | Wyndham Worldwide Corp. | 1,505,711 | ||||||
10,976 | Wynn Resorts Ltd. | 2,085,550 | ||||||
56,791 | Yum! Brands, Inc. | 4,079,298 | ||||||
|
| |||||||
436,354,983 | ||||||||
|
| |||||||
Consumer Staples—10.0% | ||||||||
460,859 | Altria Group, Inc. | 22,277,924 | ||||||
9,459 | Andersons, Inc. (The) | 602,822 | ||||||
299,824 | Archer-Daniels-Midland Co. | 14,091,728 | ||||||
195,398 | Avon Products, Inc. | 2,032,139 | ||||||
7,219 | Brown-Forman Corp., Class A | 656,135 | ||||||
15,869 | Brown-Forman Corp., Class B | 1,470,580 | ||||||
88,889 | Bunge Ltd. | 7,880,010 | ||||||
37,372 | Campbell Soup Co. | 1,650,721 | ||||||
12,024 | Casey’s General Stores, Inc. | 984,405 | ||||||
43,055 | Chiquita Brands International, Inc.(b) | 621,284 | ||||||
14,851 | Church & Dwight Co., Inc. | 1,075,361 | ||||||
23,672 | Clorox Co. (The) | 2,355,364 | ||||||
692,997 | Coca-Cola Co. (The) | 29,022,714 | ||||||
51,900 | Coca-Cola Enterprises, Inc. | 2,249,865 | ||||||
119,971 | Colgate-Palmolive Co. | 8,023,660 | ||||||
138,937 | ConAgra Foods, Inc. | 4,772,486 | ||||||
13,703 | Constellation Brands, Inc., Class A(b) | 1,254,373 | ||||||
100 | Constellation Brands, Inc., Class B(b) | 9,134 | ||||||
101,608 | Costco Wholesale Corp. | 13,551,459 | ||||||
281,247 | CVS Health Corp. | 24,133,805 | ||||||
23,106 | Darling Ingredients, Inc.(b) | 406,666 | ||||||
127,576 | Dean Foods Co. | 1,876,643 | ||||||
39,118 | Dr Pepper Snapple Group, Inc. | 2,708,922 | ||||||
15,257 | Energizer Holdings, Inc. | 1,871,271 | ||||||
19,220 | Estee Lauder Cos., Inc. (The), Class A | 1,444,960 | ||||||
30,021 | Flowers Foods, Inc. | 570,399 | ||||||
131,420 | General Mills, Inc. | 6,828,583 | ||||||
12,666 | Herbalife Ltd.(c) | 664,458 | ||||||
15,239 | Hershey Co. (The) | 1,461,573 | ||||||
20,159 | Hormel Foods Corp. | 1,086,772 | ||||||
17,650 | Ingredion, Inc. | 1,363,463 | ||||||
24,303 | J.M. Smucker Co. (The) | 2,527,512 | ||||||
51,302 | Kellogg Co. | 3,281,276 | ||||||
6,191 | Keurig Green Mountain, Inc. | 939,484 | ||||||
72,041 | Kimberly-Clark Corp. | 8,232,125 | ||||||
73,682 | Kraft Foods Group, Inc. | 4,151,981 | ||||||
259,129 | Kroger Co. (The) | 14,436,077 | ||||||
78,100 | Lorillard, Inc. | 4,803,150 | ||||||
1,981 | McCormick & Co., Inc. | 139,264 | ||||||
18,073 | McCormick & Co., Inc. NVTG | 1,278,123 | ||||||
15,557 | Mead Johnson Nutrition Co. | 1,544,966 | ||||||
30,634 | Molson Coors Brewing Co., Class B | 2,278,557 | ||||||
525,247 | Mondelez International, Inc., Class A | 18,520,209 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
300,561 | PepsiCo, Inc. | $ | 28,904,951 | |||||
311,929 | Philip Morris International, Inc. | 27,764,800 | ||||||
553,485 | Procter & Gamble Co. (The) | 48,302,636 | ||||||
79,555 | Reynolds American, Inc. | 5,004,805 | ||||||
372,717 | Rite Aid Corp.(b) | 1,956,764 | ||||||
162,071 | Safeway, Inc. | 5,649,795 | ||||||
506,121 | SUPERVALU, Inc.(b) | 4,367,824 | ||||||
200,582 | Sysco Corp. | 7,730,430 | ||||||
8,120 | TreeHouse Foods, Inc.(b) | 691,580 | ||||||
89,983 | Tyson Foods, Inc., Class A | 3,630,814 | ||||||
9,364 | United Natural Foods, Inc.(b) | 636,939 | ||||||
11,817 | Universal Corp. | 525,857 | ||||||
177,496 | Walgreen Co. | 11,398,793 | ||||||
551,974 | Wal-Mart Stores, Inc. | 42,099,057 | ||||||
16,358 | WhiteWave Foods Co. (The)(b) | 609,008 | ||||||
32,686 | Whole Foods Market, Inc. | 1,285,540 | ||||||
|
| |||||||
411,691,996 | ||||||||
|
| |||||||
Energy—11.7% | ||||||||
355,570 | Alpha Natural Resources, Inc.(b)(c) | 696,917 | ||||||
91,363 | Anadarko Petroleum Corp. | 8,385,296 | ||||||
112,653 | Apache Corp. | 8,696,812 | ||||||
294,123 | Arch Coal, Inc.(c) | 635,306 | ||||||
13,135 | Atwood Oceanics, Inc.(b) | 533,938 | ||||||
93,152 | Baker Hughes, Inc. | 4,933,330 | ||||||
21,673 | Bill Barrett Corp.(b) | 329,430 | ||||||
18,885 | Cabot Oil & Gas Corp. | 587,323 | ||||||
40,225 | Cameron International Corp.(b) | 2,395,399 | ||||||
207,799 | Chesapeake Energy Corp. | 4,608,982 | ||||||
692,654 | Chevron Corp. | 83,083,847 | ||||||
9,930 | Cimarex Energy Co. | 1,128,743 | ||||||
30,282 | Cloud Peak Energy, Inc.(b) | 362,476 | ||||||
9,386 | Concho Resources, Inc.(b) | 1,023,356 | ||||||
599,803 | ConocoPhillips | 43,275,786 | ||||||
47,281 | CONSOL Energy, Inc. | 1,739,941 | ||||||
79,524 | Cosan Ltd., Class A (Brazil) | 842,159 | ||||||
15,355 | Delek US Holdings, Inc. | 520,381 | ||||||
106,660 | Denbury Resources, Inc. | 1,322,584 | ||||||
117,489 | Devon Energy Corp. | 7,049,340 | ||||||
44,675 | Diamond Offshore Drilling, Inc.(c) | 1,684,694 | ||||||
13,102 | Dresser-Rand Group, Inc.(b) | 1,070,433 | ||||||
12,578 | Energen Corp. | 851,531 | ||||||
56,633 | Ensco PLC, Class A | 2,298,733 | ||||||
53,799 | EOG Resources, Inc. | 5,113,595 | ||||||
14,013 | EQT Corp. | 1,317,782 | ||||||
22,735 | Exterran Holdings, Inc. | 894,168 | ||||||
1,230,621 | Exxon Mobil Corp. | 119,013,357 | ||||||
26,763 | FMC Technologies, Inc.(b) | 1,499,798 | ||||||
157,564 | Frontline Ltd. (Norway)(b)(c) | 222,165 | ||||||
133,891 | Halliburton Co. | 7,382,750 | ||||||
25,539 | Helix Energy Solutions Group, Inc.(b) | 680,359 | ||||||
12,739 | Helmerich & Payne, Inc. | 1,106,000 | ||||||
105,222 | Hess Corp. | 8,923,878 | ||||||
63,572 | HollyFrontier Corp. | 2,884,897 | ||||||
67,515 | Key Energy Services, Inc.(b) | 205,246 | ||||||
128,008 | Kinder Morgan, Inc.(c) | 4,953,910 | ||||||
329,722 | Marathon Oil Corp. | 11,672,159 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
105,078 | Marathon Petroleum Corp. | $ | 9,551,590 | |||||
126,434 | McDermott International, Inc.(b)(c) | 485,507 | ||||||
94,129 | Murphy Oil Corp. | 5,025,547 | ||||||
118,893 | Nabors Industries Ltd. | 2,122,240 | ||||||
84,916 | National Oilwell Varco, Inc. | 6,168,298 | ||||||
57,594 | Newfield Exploration Co.(b) | 1,878,140 | ||||||
85,463 | Noble Corp. PLC | 1,787,886 | ||||||
38,733 | Noble Energy, Inc. | 2,232,183 | ||||||
180,247 | Occidental Petroleum Corp. | 16,029,366 | ||||||
10,193 | Oceaneering International, Inc. | 716,262 | ||||||
12,515 | Oil States International, Inc.(b) | 747,646 | ||||||
46,559 | ONEOK, Inc. | 2,744,187 | ||||||
28,487 | Paragon Offshore PLC(b)(c) | 138,732 | ||||||
33,814 | Patterson-UTI Energy, Inc. | 778,736 | ||||||
20,067 | PBF Energy, Inc., Class A | 523,147 | ||||||
144,985 | Peabody Energy Corp.(c) | 1,512,194 | ||||||
232,989 | Phillips 66 | 18,289,636 | ||||||
7,979 | Pioneer Natural Resources Co. | 1,508,510 | ||||||
40,159 | QEP Resources, Inc. | 1,006,786 | ||||||
9,152 | Range Resources Corp. | 625,997 | ||||||
32,111 | Rowan Cos. PLC, Class A | 779,334 | ||||||
123,223 | SandRidge Energy, Inc.(b)(c) | 480,570 | ||||||
173,108 | Schlumberger Ltd. | 17,078,835 | ||||||
9,066 | SEACOR Holdings, Inc.(b) | 747,492 | ||||||
14,731 | Seventy Seven Energy, Inc.(b) | 192,534 | ||||||
8,083 | SM Energy Co. | 455,073 | ||||||
40,240 | Southwestern Energy Co.(b) | 1,308,202 | ||||||
136,250 | Spectra Energy Corp. | 5,331,462 | ||||||
43,760 | Superior Energy Services, Inc. | 1,100,564 | ||||||
6,670 | Targa Resources Corp. | 857,962 | ||||||
10,972 | Teekay Corp. (Bermuda) | 641,423 | ||||||
64,369 | Tesoro Corp. | 4,596,590 | ||||||
14,886 | Tidewater, Inc. | 548,847 | ||||||
14,304 | Unit Corp.(b) | 692,600 | ||||||
291,759 | Valero Energy Corp. | 14,614,208 | ||||||
284,802 | Weatherford International PLC(b) | 4,676,449 | ||||||
19,845 | Western Refining, Inc. | 904,734 | ||||||
20,728 | Whiting Petroleum Corp.(b) | 1,269,383 | ||||||
105,649 | Williams Cos., Inc. (The) | 5,864,576 | ||||||
45,989 | World Fuel Services Corp. | 1,896,586 | ||||||
129,158 | WPX Energy, Inc.(b) | 2,469,501 | ||||||
|
| |||||||
484,306,316 | ||||||||
|
| |||||||
Financials—20.9% | ||||||||
83,914 | ACE Ltd. | 9,171,800 | ||||||
4,298 | Affiliated Managers Group, Inc.(b) | 858,697 | ||||||
114,336 | Aflac, Inc. | 6,829,289 | ||||||
12,627 | Alexandria Real Estate Equities, Inc. REIT | 1,048,041 | ||||||
3,121 | Alleghany Corp.(b) | �� | 1,386,598 | |||||
30,477 | Allied World Assurance Co. Holdings AG | 1,158,126 | ||||||
146,818 | Allstate Corp. (The) | 9,521,147 | ||||||
19,408 | American Campus Communities, Inc. REIT | 762,152 | ||||||
109,759 | American Capital Agency Corp. REIT | 2,495,920 | ||||||
26,026 | American Capital Mortgage Investment Corp. REIT | 509,849 | ||||||
21,848 | American Equity Investment Life Holding Co. | 563,897 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
128,016 | American Express Co. | $ | 11,515,039 | |||||
26,538 | American Financial Group, Inc. | 1,587,769 | ||||||
405,976 | American International Group, Inc. | 21,748,134 | ||||||
18,872 | American Tower Corp. REIT | 1,840,020 | ||||||
30,350 | Ameriprise Financial, Inc. | 3,829,259 | ||||||
613,443 | Annaly Capital Management, Inc. REIT | 6,999,385 | ||||||
38,724 | Aon PLC | 3,330,264 | ||||||
32,073 | Apartment Investment & Management Co., Class A REIT | 1,147,893 | ||||||
27,710 | Arch Capital Group Ltd.(b) | 1,560,627 | ||||||
23,166 | Arthur J. Gallagher & Co. | 1,105,018 | ||||||
23,227 | Aspen Insurance Holdings Ltd. | 1,013,394 | ||||||
51,159 | Associated Banc-Corp. | 961,789 | ||||||
33,894 | Assurant, Inc. | 2,312,249 | ||||||
41,535 | Assured Guaranty Ltd. | 958,628 | ||||||
35,515 | Astoria Financial Corp. | 467,022 | ||||||
16,267 | AvalonBay Communities, Inc. REIT | 2,535,049 | ||||||
36,703 | Axis Capital Holdings Ltd. | 1,766,882 | ||||||
19,558 | BancorpSouth, Inc. | 450,421 | ||||||
4,108,590 | Bank of America Corp. | 70,503,404 | ||||||
10,866 | Bank of Hawaii Corp. | 636,204 | ||||||
316,505 | Bank of New York Mellon Corp. (The) | 12,255,074 | ||||||
15,248 | BankUnited, Inc. | 455,915 | ||||||
202,664 | BB&T Corp. | 7,676,912 | ||||||
415,673 | Berkshire Hathaway, Inc., Class B(b) | 58,260,728 | ||||||
36,692 | BioMed Realty Trust, Inc. REIT | 796,950 | ||||||
19,846 | BlackRock, Inc., Class A | 6,769,669 | ||||||
19,823 | Boston Properties, Inc. REIT | 2,512,565 | ||||||
48,784 | Brandywine Realty Trust REIT | 752,737 | ||||||
18,957 | Brown & Brown, Inc. | 603,970 | ||||||
15,495 | Camden Property Trust REIT | 1,188,002 | ||||||
153,257 | Capital One Financial Corp. | 12,685,082 | ||||||
61,296 | Capitol Federal Financial, Inc. | 785,202 | ||||||
43,884 | Capstead Mortgage Corp. REIT | 557,766 | ||||||
42,825 | CBL & Associates Properties, Inc. REIT | 819,242 | ||||||
39,431 | CBRE Group, Inc., Class A(b) | 1,261,792 | ||||||
109,371 | Charles Schwab Corp. (The) | 3,135,667 | ||||||
71,991 | Chubb Corp. (The) | 7,153,026 | ||||||
41,530 | Cincinnati Financial Corp. | 2,096,019 | ||||||
42,895 | CIT Group, Inc. | 2,098,852 | ||||||
1,017,512 | Citigroup, Inc. | 54,467,417 | ||||||
9,100 | City National Corp. | 716,261 | ||||||
73,641 | CME Group, Inc., Class A | 6,171,852 | ||||||
71,384 | CNO Financial Group, Inc. | 1,294,192 | ||||||
40,584 | Columbia Property Trust, Inc. REIT | 1,023,934 | ||||||
44,920 | Comerica, Inc. | 2,144,481 | ||||||
21,323 | Commerce Bancshares, Inc. | 965,079 | ||||||
22,274 | Corporate Office Properties Trust REIT | 608,971 | ||||||
17,735 | Corrections Corp. of America REIT | 652,293 | ||||||
19,061 | Crown Castle International Corp. REIT | 1,489,045 | ||||||
11,073 | Cullen/Frost Bankers, Inc. | 894,809 | ||||||
81,790 | CYS Investments, Inc. REIT | 730,385 | ||||||
63,317 | DCT Industrial Trust, Inc. REIT | 542,627 | ||||||
47,777 | DDR Corp. REIT | 866,675 | ||||||
40,980 | DiamondRock Hospitality Co. REIT | 588,063 | ||||||
24,089 | Digital Realty Trust, Inc. REIT | 1,661,900 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
74,566 | Discover Financial Services | $ | 4,755,819 | |||||
23,029 | Douglas Emmett, Inc. REIT | 647,806 | ||||||
68,075 | Duke Realty Corp. REIT | 1,290,702 | ||||||
84,301 | E*TRADE Financial Corp.(b) | 1,879,912 | ||||||
18,688 | East West Bancorp, Inc. | 686,971 | ||||||
17,225 | Eaton Vance Corp. | 634,397 | ||||||
14,379 | Endurance Specialty Holdings Ltd. | 833,263 | ||||||
10,278 | EPR Properties REIT | 576,596 | ||||||
37,387 | Equity Commonwealth REIT | 998,607 | ||||||
52,786 | Equity Residential REIT | 3,671,794 | ||||||
4,697 | Essex Property Trust, Inc. REIT | 947,667 | ||||||
12,881 | Everest Re Group Ltd. | 2,198,143 | ||||||
42,192 | F.N.B. Corp. | 539,636 | ||||||
8,203 | Federal Realty Investment Trust REIT | 1,081,155 | ||||||
33,129 | Federated Investors, Inc., Class B | 1,035,944 | ||||||
219,275 | Fifth Third Bancorp | 4,383,307 | ||||||
35,387 | First American Financial Corp. | 1,072,934 | ||||||
64,291 | First Horizon National Corp. | 826,782 | ||||||
136,587 | First Niagara Financial Group, Inc. | 1,023,037 | ||||||
13,823 | First Republic Bank | 704,005 | ||||||
32,182 | FirstMerit Corp. | 590,540 | ||||||
55,627 | FNF Group | 1,659,910 | ||||||
18,504 | FNFV Group(b) | 248,694 | ||||||
54,063 | Franklin Resources, Inc. | 3,006,443 | ||||||
56,935 | Fulton Financial Corp. | 676,388 | ||||||
84,836 | General Growth Properties, Inc. REIT | 2,198,101 | ||||||
243,557 | Genworth Financial, Inc., Class A(b) | 3,407,362 | ||||||
126,355 | Goldman Sachs Group, Inc. (The) | 24,006,186 | ||||||
19,354 | Hancock Holding Co. | 681,067 | ||||||
15,317 | Hanover Insurance Group, Inc. (The) | 1,025,320 | ||||||
214,408 | Hartford Financial Services Group, Inc. (The) | 8,486,269 | ||||||
44,112 | Hatteras Financial Corp. REIT | 839,892 | ||||||
25,097 | HCC Insurance Holdings, Inc. | 1,309,812 | ||||||
89,009 | HCP, Inc. REIT | 3,913,726 | ||||||
43,626 | Health Care REIT, Inc. REIT | 3,102,245 | ||||||
20,746 | Healthcare Realty Trust, Inc. REIT | 549,147 | ||||||
18,132 | Highwoods Properties, Inc. REIT | 777,319 | ||||||
11,235 | Home Properties, Inc. REIT | 722,523 | ||||||
50,667 | Hospitality Properties Trust REIT | 1,500,250 | ||||||
107,805 | Host Hotels & Resorts, Inc. REIT | 2,512,935 | ||||||
187,390 | Hudson City Bancorp, Inc. | 1,808,313 | ||||||
208,099 | Huntington Bancshares, Inc. | 2,062,261 | ||||||
30,586 | Interactive Brokers Group, Inc., Class A | 789,731 | ||||||
5,448 | IntercontinentalExchange, Inc. | 1,134,764 | ||||||
76,528 | Invesco Ltd.(d) | 3,097,088 | ||||||
45,125 | Invesco Mortgage Capital, Inc. REIT(d) | 746,367 | ||||||
40,187 | Iron Mountain, Inc. REIT | 1,449,545 | ||||||
42,873 | Janus Capital Group, Inc.(c) | 642,666 | ||||||
6,364 | Jones Lang LaSalle, Inc. | 860,476 | ||||||
1,203,647 | JPMorgan Chase & Co. | 72,796,571 | ||||||
17,119 | Kemper Corp. | 630,835 | ||||||
273,408 | KeyCorp | 3,608,986 | ||||||
10,915 | Kilroy Realty Corp. REIT | 739,382 | ||||||
76,332 | Kimco Realty Corp. REIT | 1,904,483 | ||||||
16,156 | LaSalle Hotel Properties REIT | 633,477 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
27,297 | Legg Mason, Inc. | $ | 1,419,444 | |||||
48,000 | Leucadia National Corp. | 1,141,440 | ||||||
49,383 | Lexington Realty Trust REIT | 541,238 | ||||||
32,686 | Liberty Property Trust REIT | 1,136,492 | ||||||
75,208 | Lincoln National Corp. | 4,118,390 | ||||||
109,518 | Loews Corp. | 4,774,985 | ||||||
11,413 | LPL Financial Holdings, Inc. | 472,384 | ||||||
27,436 | M&T Bank Corp. | 3,352,130 | ||||||
23,739 | Macerich Co. (The) REIT | 1,673,599 | ||||||
43,240 | Mack-Cali Realty Corp. REIT | 809,885 | ||||||
1,840 | Markel Corp.(b) | 1,271,238 | ||||||
87,180 | Marsh & McLennan Cos., Inc. | 4,739,977 | ||||||
36,087 | McGraw Hill Financial, Inc. | 3,265,152 | ||||||
11,311 | Mercury General Corp. | 600,840 | ||||||
292,002 | MetLife, Inc. | 15,838,188 | ||||||
132,458 | MFA Financial, Inc. REIT | 1,109,998 | ||||||
7,699 | Mid-America Apartment Communities, Inc. REIT | 544,011 | ||||||
14,686 | Moody’s Corp. | 1,457,292 | ||||||
386,064 | Morgan Stanley | 13,492,937 | ||||||
12,885 | MSCI, Inc. | 601,214 | ||||||
30,311 | NASDAQ OMX Group, Inc. (The) | 1,311,254 | ||||||
17,537 | National Retail Properties, Inc. REIT | 668,510 | ||||||
107,128 | Navient Corp. | 2,118,992 | ||||||
162,516 | New York Community Bancorp, Inc.(c) | 2,592,130 | ||||||
48,830 | Northern Trust Corp. | 3,237,429 | ||||||
11,996 | Ocwen Financial Corp.(b) | 282,626 | ||||||
84,409 | Old Republic International Corp. | 1,246,721 | ||||||
15,328 | OMEGA Healthcare Investors, Inc. REIT(c) | 584,916 | ||||||
21,577 | PartnerRe Ltd. | 2,496,243 | ||||||
118,552 | People’s United Financial, Inc. | 1,733,230 | ||||||
53,498 | PHH Corp.(b) | 1,267,368 | ||||||
65,055 | Piedmont Office Realty Trust, Inc., Class A REIT | 1,265,320 | ||||||
8,860 | Platinum Underwriters Holdings Ltd. | 554,902 | ||||||
33,709 | Plum Creek Timber Co., Inc. REIT | 1,382,406 | ||||||
138,769 | PNC Financial Services Group, Inc. (The) | 11,988,254 | ||||||
43,829 | Popular, Inc.(b) | 1,397,269 | ||||||
13,506 | Primerica, Inc. | 690,832 | ||||||
73,250 | Principal Financial Group, Inc. | 3,836,102 | ||||||
14,700 | ProAssurance Corp. | 687,666 | ||||||
165,496 | Progressive Corp. (The) | 4,370,749 | ||||||
75,224 | Prologis, Inc. REIT | 3,133,080 | ||||||
8,354 | Prosperity Bancshares, Inc. | 504,498 | ||||||
28,178 | Protective Life Corp. | 1,963,443 | ||||||
151,547 | Prudential Financial, Inc. | 13,417,971 | ||||||
15,414 | Public Storage REIT | 2,841,417 | ||||||
17,983 | Raymond James Financial, Inc. | 1,009,386 | ||||||
24,726 | Rayonier, Inc. REIT | 827,579 | ||||||
16,583 | Realogy Holdings Corp.(b) | 680,069 | ||||||
17,198 | Realty Income Corp. REIT(c) | 791,624 | ||||||
16,520 | Regency Centers Corp. REIT | 1,002,764 | ||||||
440,922 | Regions Financial Corp. | 4,378,355 | ||||||
28,731 | Reinsurance Group of America, Inc. | 2,420,587 | ||||||
10,172 | RenaissanceRe Holdings Ltd. | 1,051,073 | ||||||
45,226 | Retail Properties of America, Inc., Class A REIT | 709,596 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
11,256 | RLI Corp. | $ | 558,185 | |||||
20,398 | RLJ Lodging Trust REIT | 657,224 | ||||||
41,477 | Senior Housing Properties Trust REIT | 936,965 | ||||||
4,217 | Signature Bank(b) | 510,805 | ||||||
30,350 | Simon Property Group, Inc. REIT | 5,439,023 | ||||||
13,558 | SL Green Realty Corp. REIT | 1,568,661 | ||||||
107,128 | SLM Corp. | 1,023,072 | ||||||
13,469 | StanCorp Financial Group, Inc. | 936,904 | ||||||
27,284 | Starwood Property Trust, Inc. REIT | 615,527 | ||||||
87,408 | State Street Corp. | 6,595,808 | ||||||
9,802 | Stifel Financial Corp.(b) | 465,693 | ||||||
175,589 | SunTrust Banks, Inc. | 6,872,553 | ||||||
60,131 | Susquehanna Bancshares, Inc. | 589,885 | ||||||
4,886 | SVB Financial Group(b) | 547,183 | ||||||
44,055 | Symetra Financial Corp. | 1,044,103 | ||||||
36,288 | Synovus Financial Corp. | 920,264 | ||||||
29,233 | T. Rowe Price Group, Inc. | 2,399,737 | ||||||
7,221 | Taubman Centers, Inc. REIT | 549,157 | ||||||
45,531 | TCF Financial Corp. | 703,454 | ||||||
18,598 | TD Ameritrade Holding Corp. | 627,497 | ||||||
31,259 | Torchmark Corp. | 1,655,477 | ||||||
150,232 | Travelers Cos., Inc. (The) | 15,143,386 | ||||||
20,680 | Trustmark Corp. | 503,144 | ||||||
64,789 | Two Harbors Investment Corp. REIT | 656,313 | ||||||
377,948 | U.S. Bancorp | 16,100,585 | ||||||
46,730 | UDR, Inc. REIT | 1,412,648 | ||||||
91,206 | Unum Group | 3,051,753 | ||||||
26,777 | Validus Holdings Ltd. | 1,065,189 | ||||||
76,356 | Valley National Bancorp(c) | 762,033 | ||||||
50,505 | Ventas, Inc. REIT | 3,460,098 | ||||||
31,427 | Vornado Realty Trust REIT | 3,440,628 | ||||||
41,960 | Voya Financial, Inc. | 1,646,930 | ||||||
34,093 | W.R. Berkley Corp. | 1,757,153 | ||||||
8,270 | Waddell & Reed Financial, Inc., Class A | 394,810 | ||||||
20,084 | Washington REIT | 567,574 | ||||||
25,906 | Washington Federal, Inc. | 565,528 | ||||||
15,322 | Washington Prime Group, Inc. REIT | 270,127 | ||||||
19,011 | Webster Financial Corp. | 595,805 | ||||||
23,267 | Weingarten Realty Investors REIT | �� | 843,429 | |||||
1,219,050 | Wells Fargo & Co. | 64,719,365 | ||||||
274,586 | Weyerhaeuser Co. REIT | 9,297,482 | ||||||
1,283 | White Mountains Insurance Group Ltd. | 801,772 | ||||||
34,873 | Willis Group Holdings PLC | 1,413,403 | ||||||
95,327 | XL Group PLC | 3,229,679 | ||||||
51,997 | Zions Bancorporation | 1,506,353 | ||||||
|
| |||||||
860,392,230 | ||||||||
|
| |||||||
Health Care—11.0% | ||||||||
504,078 | Abbott Laboratories | 21,972,760 | ||||||
136,337 | AbbVie, Inc. | 8,651,946 | ||||||
7,505 | Actavis PLC(b) | 1,821,764 | ||||||
90,081 | Aetna, Inc. | 7,432,583 | ||||||
31,061 | Agilent Technologies, Inc. | 1,717,052 | ||||||
19,316 | Alere, Inc.(b) | 772,061 | ||||||
2,979 | Alexion Pharmaceuticals, Inc.(b) | 570,061 | ||||||
17,702 | Allergan, Inc. | 3,364,442 | ||||||
114,782 | AmerisourceBergen Corp. | 9,803,531 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
66,913 | Amgen, Inc. | $ | 10,851,950 | |||||
90,014 | Baxter International, Inc. | 6,313,582 | ||||||
30,102 | Becton, Dickinson and Co. | 3,874,127 | ||||||
9,332 | Biogen Idec, Inc.(b) | 2,996,319 | ||||||
3,894 | Bio-Rad Laboratories, Inc., Class A(b) | 439,321 | ||||||
91 | Bio-Rad Laboratories, Inc., Class B(b) | 10,342 | ||||||
264,792 | Boston Scientific Corp.(b) | 3,516,438 | ||||||
269,291 | Bristol-Myers Squibb Co. | 15,670,043 | ||||||
8,174 | C.R. Bard, Inc. | 1,340,291 | ||||||
158,476 | Cardinal Health, Inc. | 12,437,196 | ||||||
46,853 | CareFusion Corp.(b) | 2,687,957 | ||||||
29,128 | Celgene Corp.(b) | 3,119,318 | ||||||
13,138 | Centene Corp.(b) | 1,217,498 | ||||||
15,787 | Cerner Corp.(b) | 999,949 | ||||||
54,823 | Cigna Corp. | 5,458,726 | ||||||
53,369 | Community Health Systems, Inc.(b) | 2,933,694 | ||||||
4,390 | Cooper Cos., Inc. (The) | 719,521 | ||||||
6,568 | Covance, Inc.(b) | 524,783 | ||||||
71,519 | Covidien PLC | 6,611,216 | ||||||
35,548 | DaVita HealthCare Partners, Inc.(b) | 2,775,232 | ||||||
18,873 | DENTSPLY International, Inc. | 958,182 | ||||||
9,903 | Edwards Lifesciences Corp.(b) | 1,197,471 | ||||||
233,899 | Eli Lilly & Co. | 15,514,521 | ||||||
10,697 | Endo International PLC(b) | 715,843 | ||||||
151,674 | Express Scripts Holding Co.(b) | 11,651,597 | ||||||
63,297 | Gilead Sciences, Inc.(b) | 7,089,264 | ||||||
197,137 | HCA Holdings, Inc.(b) | 13,809,447 | ||||||
61,490 | Health Net, Inc.(b) | 2,921,390 | ||||||
18,070 | HealthSouth Corp. | 728,763 | ||||||
14,961 | Henry Schein, Inc.(b) | 1,795,769 | ||||||
52,554 | Hologic, Inc.(b) | 1,376,389 | ||||||
35,015 | Hospira, Inc.(b) | 1,880,305 | ||||||
47,594 | Humana, Inc. | �� | 6,608,427 | |||||
2,780 | Illumina, Inc.(b) | 535,372 | ||||||
2,786 | Intuitive Surgical, Inc.(b) | 1,381,299 | ||||||
488,387 | Johnson & Johnson | 52,638,351 | ||||||
49,054 | Kindred Healthcare, Inc. | 1,066,925 | ||||||
20,741 | Laboratory Corp. of America Holdings(b) | 2,266,784 | ||||||
18,464 | LifePoint Hospitals, Inc.(b) | 1,292,480 | ||||||
11,107 | Magellan Health, Inc.(b) | 672,196 | ||||||
12,132 | Mallinckrodt PLC(b) | 1,118,328 | ||||||
73,318 | McKesson Corp. | 14,913,614 | ||||||
12,624 | MEDNAX, Inc.(b) | 788,116 | ||||||
176,035 | Medtronic, Inc. | 11,998,546 | ||||||
566,005 | Merck & Co., Inc. | 32,794,330 | ||||||
2,424 | Mettler-Toledo International, Inc.(b) | 626,531 | ||||||
12,887 | Molina Healthcare, Inc.(b) | 626,824 | ||||||
44,405 | Mylan, Inc.(b) | 2,377,888 | ||||||
23,368 | Omnicare, Inc. | 1,556,075 | ||||||
29,950 | Owens & Minor, Inc. | 997,934 | ||||||
16,136 | Patterson Cos., Inc. | 695,623 | ||||||
53,078 | PDL BioPharma, Inc.(c) | 452,755 | ||||||
15,021 | PerkinElmer, Inc. | 652,212 | ||||||
4,533 | Perrigo Co. PLC | 731,853 | ||||||
1,630,293 | Pfizer, Inc. | 48,827,275 | ||||||
42,335 | Quest Diagnostics, Inc. | 2,686,579 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
13,421 | ResMed, Inc.(c) | $ | 700,845 | |||||
32,092 | St. Jude Medical, Inc. | 2,059,344 | ||||||
12,488 | STERIS Corp. | 771,758 | ||||||
33,573 | Stryker Corp. | 2,938,645 | ||||||
7,420 | Teleflex, Inc. | 846,770 | ||||||
39,778 | Tenet Healthcare Corp.(b) | 2,229,557 | ||||||
34,661 | Thermo Fisher Scientific, Inc. | 4,075,094 | ||||||
241,633 | UnitedHealth Group, Inc. | 22,957,551 | ||||||
14,171 | Universal Health Services, Inc., Class B | 1,469,674 | ||||||
11,276 | Varian Medical Systems, Inc.(b) | 948,537 | ||||||
15,853 | VCA, Inc.(b) | 722,421 | ||||||
6,987 | Waters Corp.(b) | 774,160 | ||||||
18,009 | WellCare Health Plans, Inc.(b) | 1,222,271 | ||||||
132,889 | WellPoint, Inc. | 16,835,707 | ||||||
21,736 | Zimmer Holdings, Inc. | 2,417,913 | ||||||
63,239 | Zoetis, Inc. | 2,349,961 | ||||||
|
| |||||||
451,869,169 | ||||||||
|
| |||||||
Industrials—10.7% | ||||||||
102,882 | 3M Co. | 15,820,165 | ||||||
21,200 | ABM Industries, Inc. | 585,968 | ||||||
56,605 | ADT Corp. (The) | 2,028,723 | ||||||
44,552 | AECOM Technology Corp.(b) | 1,450,168 | ||||||
15,476 | AerCap Holdings NV (Netherlands)(b) | 670,730 | ||||||
38,895 | AGCO Corp. | 1,723,437 | ||||||
15,410 | Air Lease Corp. | 563,852 | ||||||
26,881 | Alaska Air Group, Inc. | 1,430,876 | ||||||
14,345 | Allegion PLC | 761,576 | ||||||
7,184 | Alliant Techsystems, Inc. | 840,241 | ||||||
22,862 | American Airlines Group, Inc. | 945,344 | ||||||
19,135 | AMETEK, Inc. | 997,890 | ||||||
22,336 | Armstrong World Industries, Inc.(b) | 1,081,509 | ||||||
48,882 | Avis Budget Group, Inc.(b) | 2,725,171 | ||||||
11,633 | B/E Aerospace, Inc.(b) | 866,077 | ||||||
15,774 | Babcock & Wilcox Co. (The) | 451,136 | ||||||
101,795 | Boeing Co. (The) | 12,715,213 | ||||||
19,578 | Brink’s Co. (The) | 411,138 | ||||||
37,355 | C.H. Robinson Worldwide, Inc. | 2,585,340 | ||||||
9,833 | Carlisle Cos., Inc. | 873,957 | ||||||
150,072 | Caterpillar, Inc. | 15,218,802 | ||||||
10,167 | Chicago Bridge & Iron Co. NV | 555,525 | ||||||
17,662 | Cintas Corp. | 1,293,565 | ||||||
24,911 | Civeo Corp. | 303,665 | ||||||
10,204 | Clean Harbors, Inc.(b) | 506,425 | ||||||
7,488 | Colfax Corp.(b) | 407,197 | ||||||
20,982 | Con-way, Inc. | 909,989 | ||||||
4,317 | Copa Holdings SA, Class A (Panama) | 504,744 | ||||||
36,981 | Covanta Holding Corp. | 816,171 | ||||||
8,369 | Crane Co. | 521,807 | ||||||
205,100 | CSX Corp. | 7,307,713 | ||||||
25,895 | Cummins, Inc. | 3,785,331 | ||||||
8,135 | Curtiss-Wright Corp. | 563,023 | ||||||
59,783 | Danaher Corp. | 4,806,553 | ||||||
82,111 | Deere & Co. | 7,023,775 | ||||||
178,192 | Delta Air Lines, Inc. | 7,168,664 | ||||||
11,272 | Deluxe Corp. | 685,338 | ||||||
14,044 | Donaldson Co., Inc. | 583,950 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
35,729 | Dover Corp. | $ | 2,838,312 | |||||
187,711 | DryShips, Inc. (Greece)(b)(c) | 277,812 | ||||||
6,683 | Dun & Bradstreet Corp. (The) | 820,739 | ||||||
74,395 | Eaton Corp. PLC | 5,087,874 | ||||||
18,365 | EMCOR Group, Inc. | 810,447 | ||||||
146,239 | Emerson Electric Co. | 9,368,070 | ||||||
8,901 | EnerSys | 558,983 | ||||||
13,078 | Equifax, Inc. | 990,528 | ||||||
6,185 | Esterline Technologies Corp.(b) | 724,325 | ||||||
59,858 | Exelis, Inc. | 1,068,465 | ||||||
32,221 | Expeditors International of Washington, Inc. | 1,374,548 | ||||||
25,283 | Fastenal Co. | 1,113,463 | ||||||
60,985 | FedEx Corp. | 10,208,889 | ||||||
15,256 | Flowserve Corp. | 1,037,255 | ||||||
42,459 | Fluor Corp. | 2,816,730 | ||||||
22,805 | Fortune Brands Home & Security, Inc. | 986,316 | ||||||
30,799 | Foster Wheeler AG | 955,693 | ||||||
19,182 | FTI Consulting, Inc.(b) | 774,569 | ||||||
9,270 | GATX Corp. | 587,718 | ||||||
11,064 | Generac Holdings, Inc.(b) | 501,642 | ||||||
36,055 | General Cable Corp. | 510,899 | ||||||
76,766 | General Dynamics Corp. | 10,728,816 | ||||||
2,744,050 | General Electric Co. | 70,823,931 | ||||||
4,824 | Genesee & Wyoming, Inc., Class A(b) | 464,069 | ||||||
55,680 | GrafTech International Ltd.(b) | 238,867 | ||||||
35,447 | Harsco Corp. | 768,491 | ||||||
129,029 | Hertz Global Holdings, Inc.(b) | 2,828,316 | ||||||
10,970 | Hexcel Corp.(b) | 459,533 | ||||||
110,232 | Honeywell International, Inc. | 10,595,500 | ||||||
586 | Hubbell, Inc., Class A | 70,578 | ||||||
7,373 | Hubbell, Inc., Class B | 836,172 | ||||||
9,281 | Huntington Ingalls Industries, Inc. | 982,115 | ||||||
9,280 | IDEX Corp. | 695,165 | ||||||
4,846 | IHS, Inc., Class A(b) | 634,971 | ||||||
73,297 | Illinois Tool Works, Inc. | 6,673,692 | ||||||
60,493 | Ingersoll-Rand PLC | 3,788,072 | ||||||
33,764 | ITT Corp. | 1,521,406 | ||||||
10,911 | J.B. Hunt Transport Services, Inc. | 870,370 | ||||||
39,461 | Jacobs Engineering Group, Inc.(b) | 1,872,424 | ||||||
130,014 | JetBlue Airways Corp.(b) | 1,500,362 | ||||||
24,732 | Joy Global, Inc. | 1,301,645 | ||||||
10,346 | Kansas City Southern | 1,270,385 | ||||||
20,164 | KAR Auction Services, Inc. | 612,179 | ||||||
52,466 | KBR, Inc. | 1,001,051 | ||||||
16,742 | Kennametal, Inc. | 646,409 | ||||||
7,211 | Kirby Corp.(b) | 797,392 | ||||||
30,367 | L-3 Communications Holdings, Inc. | 3,688,376 | ||||||
5,410 | Lennox International, Inc. | 481,057 | ||||||
7,587 | Lincoln Electric Holdings, Inc. | 549,906 | ||||||
62,419 | Lockheed Martin Corp. | 11,895,189 | ||||||
20,725 | Manitowoc Co., Inc. (The) | 431,909 | ||||||
34,454 | Manpowergroup, Inc. | 2,299,805 | ||||||
70,705 | Masco Corp. | 1,560,459 | ||||||
45,907 | Meritor, Inc.(b) | 527,471 | ||||||
8,354 | Moog, Inc., Class A(b) | 639,415 | ||||||
118 | Moog, Inc., Class B(b) | 9,005 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
40,709 | MRC Global, Inc.(b) | $ | 856,110 | |||||
6,677 | MSC Industrial Direct Co., Inc., Class A | 540,637 | ||||||
49,390 | Navistar International Corp.(b) | 1,746,924 | ||||||
34,776 | Nielsen Holdings NV | 1,477,632 | ||||||
65,310 | Norfolk Southern Corp. | 7,225,898 | ||||||
61,729 | Northrop Grumman Corp. | 8,516,133 | ||||||
21,404 | NOW, Inc.(b)(c) | 643,404 | ||||||
10,673 | Old Dominion Freight Line, Inc.(b) | 777,742 | ||||||
21,356 | Oshkosh Corp. | 955,895 | ||||||
32,288 | Owens Corning | 1,035,153 | ||||||
63,635 | PACCAR, Inc. | 4,156,638 | ||||||
11,010 | Pall Corp. | 1,006,534 | ||||||
26,426 | Parker Hannifin Corp. | 3,356,895 | ||||||
20,009 | Pentair PLC (United Kingdom) | 1,341,603 | ||||||
86,727 | Pitney Bowes, Inc. | 2,145,626 | ||||||
11,521 | Precision Castparts Corp. | 2,542,685 | ||||||
34,964 | Quanta Services, Inc.(b) | 1,191,573 | ||||||
124,144 | R.R. Donnelley & Sons Co. | 2,166,313 | ||||||
69,341 | Raytheon Co. | 7,203,143 | ||||||
9,328 | Regal-Beloit Corp. | 662,008 | ||||||
17,742 | Republic Airways Holdings, Inc.(b) | 222,130 | ||||||
90,139 | Republic Services, Inc. | 3,461,338 | ||||||
20,009 | Robert Half International, Inc. | 1,096,093 | ||||||
15,614 | Rockwell Automation, Inc. | 1,754,233 | ||||||
19,491 | Rockwell Collins, Inc. | 1,640,168 | ||||||
8,942 | Roper Industries, Inc. | 1,415,519 | ||||||
21,117 | Ryder System, Inc. | 1,868,221 | ||||||
14,103 | Sensata Technologies Holding NV(b) | 688,367 | ||||||
12,191 | SkyWest, Inc. | 140,440 | ||||||
8,993 | Snap-on, Inc. | 1,188,335 | ||||||
128,519 | Southwest Airlines Co. | 4,431,335 | ||||||
33,717 | Spirit Aerosystems Holdings, Inc., Class A(b) | 1,326,427 | ||||||
11,090 | SPX Corp. | 1,051,221 | ||||||
29,834 | Stanley Black & Decker, Inc. | 2,793,656 | ||||||
39,471 | Steelcase, Inc., Class A | 699,426 | ||||||
6,187 | Stericycle, Inc.(b) | 779,562 | ||||||
5,764 | Teledyne Technologies, Inc.(b) | 597,323 | ||||||
28,480 | Terex Corp. | 819,370 | ||||||
60,770 | Textron, Inc. | 2,523,778 | ||||||
17,691 | Timken Co. (The) | 760,536 | ||||||
6,557 | Towers Watson & Co., Class A | 723,172 | ||||||
4,244 | TransDigm Group, Inc. | 793,755 | ||||||
22,140 | Trinity Industries, Inc. | 790,619 | ||||||
11,587 | Triumph Group, Inc. | 806,803 | ||||||
26,342 | Tutor Perini Corp.(b) | 737,839 | ||||||
108,701 | Tyco International Ltd. | 4,666,534 | ||||||
114,884 | Union Pacific Corp. | 13,378,242 | ||||||
111,607 | United Continental Holdings, Inc.(b) | 5,893,966 | ||||||
122,211 | United Parcel Service, Inc., Class B | 12,821,156 | ||||||
13,822 | United Rentals, Inc.(b) | 1,521,249 | ||||||
16,390 | United Stationers, Inc. | 684,610 | ||||||
155,618 | United Technologies Corp. | 16,651,126 | ||||||
36,791 | UTi Worldwide, Inc.(b) | 402,126 | ||||||
3,803 | Valmont Industries, Inc.(c) | 517,855 | ||||||
3,345 | Vectrus, Inc.(b) | 81,752 | ||||||
2,408 | Veritiv Corp.(b)(c) | 108,625 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
7,357 | W.W. Grainger, Inc. | $ | 1,815,708 | |||||
4,702 | WABCO Holdings, Inc.(b) | 457,881 | ||||||
14,548 | Waste Connections, Inc. | 725,945 | ||||||
141,320 | Waste Management, Inc. | 6,909,135 | ||||||
67 | Watsco, Inc., Class B | 6,693 | ||||||
5,675 | Watsco, Inc. | 576,694 | ||||||
19,038 | Werner Enterprises, Inc. | 524,307 | ||||||
11,871 | WESCO International, Inc.(b) | 978,289 | ||||||
23,689 | Xylem, Inc. | 861,332 | ||||||
25,813 | YRC Worldwide, Inc.(b)(c) | 553,431 | ||||||
|
| |||||||
442,763,396 | ||||||||
|
| |||||||
Information Technology—11.9% | ||||||||
77,110 | Accenture PLC, Class A | 6,255,163 | ||||||
136,602 | Activision Blizzard, Inc. | 2,725,210 | ||||||
37,175 | Adobe Systems, Inc.(b) | 2,606,711 | ||||||
213,062 | Advanced Micro Devices, Inc.(b)(c) | 596,574 | ||||||
12,660 | Akamai Technologies, Inc.(b) | 763,398 | ||||||
3,528 | Alliance Data Systems Corp.(b) | 999,659 | ||||||
33,042 | Altera Corp. | 1,135,653 | ||||||
22,691 | Amdocs Ltd. | 1,078,730 | ||||||
88,009 | Amkor Technology, Inc.(b) | 596,701 | ||||||
25,404 | Amphenol Corp., Class A | 1,284,934 | ||||||
42,234 | Analog Devices, Inc. | 2,095,651 | ||||||
8,128 | Anixter International, Inc. | 692,262 | ||||||
6,991 | ANSYS, Inc.(b) | 549,213 | ||||||
36,561 | AOL, Inc.(b) | 1,591,500 | ||||||
517,288 | Apple, Inc. | 55,867,104 | ||||||
196,665 | Applied Materials, Inc. | 4,344,330 | ||||||
61,005 | Arrow Electronics, Inc.(b) | 3,468,744 | ||||||
16,496 | Autodesk, Inc.(b) | 949,180 | ||||||
66,452 | Automatic Data Processing, Inc. | 5,434,445 | ||||||
15,700 | Avago Technologies Ltd. (Singapore) | 1,354,125 | ||||||
87,578 | Avnet, Inc. | 3,787,748 | ||||||
23,101 | Benchmark Electronics, Inc.(b) | 547,956 | ||||||
26,604 | Blackhawk Network Holdings, Inc., Class B(b) | 888,574 | ||||||
38,398 | Booz Allen Hamilton Holding Corp., Class A | 1,011,787 | ||||||
73,387 | Broadcom Corp., Class A | 3,073,448 | ||||||
19,281 | Broadridge Financial Solutions, Inc. | 847,014 | ||||||
78,119 | Brocade Communications Systems, Inc. | 838,217 | ||||||
59,919 | CA, Inc. | 1,741,246 | ||||||
9,227 | CACI International, Inc., Class A(b) | 759,290 | ||||||
22,137 | CDK Global, Inc.(b) | 743,803 | ||||||
12,228 | Check Point Software Technologies Ltd. (Israel)(b) | 907,929 | ||||||
804,534 | Cisco Systems, Inc. | 19,686,947 | ||||||
18,449 | Citrix Systems, Inc.(b) | 1,184,979 | ||||||
40,900 | Cognizant Technology Solutions Corp., Class A(b) | 1,997,965 | ||||||
49,704 | Computer Sciences Corp. | 3,002,122 | ||||||
24,083 | Convergys Corp. | 485,754 | ||||||
30,237 | CoreLogic, Inc.(b) | 948,535 | ||||||
298,934 | Corning, Inc. | 6,107,222 | ||||||
10,248 | Cree, Inc.(b) | 322,607 | ||||||
21,160 | Diebold, Inc. | 749,699 | ||||||
5,159 | DST Systems, Inc. | 497,070 | ||||||
112,922 | eBay, Inc.(b) | 5,928,405 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
10,781 | EchoStar Corp., Class A(b) | $ | 503,796 | |||||
29,576 | Electronic Arts, Inc.(b) | 1,211,729 | ||||||
344,506 | EMC Corp. | 9,897,657 | ||||||
5,058 | Equinix, Inc. | 1,056,616 | ||||||
4,758 | F5 Networks, Inc.(b) | 585,139 | ||||||
32,314 | Facebook, Inc., Class A(b) | 2,423,227 | ||||||
43,870 | Fairchild Semiconductor International, Inc.(b) | 673,404 | ||||||
42,115 | Fidelity National Information Services, Inc. | 2,459,095 | ||||||
17,276 | First Solar, Inc.(b) | 1,017,556 | ||||||
35,662 | Fiserv, Inc.(b) | 2,477,796 | ||||||
464,575 | Flextronics International Ltd.(b) | 4,980,244 | ||||||
18,101 | FLIR Systems, Inc. | 606,926 | ||||||
35,644 | Genpact Ltd.(b) | 625,552 | ||||||
6,963 | Global Payments, Inc. | 560,521 | ||||||
17,027 | Google, Inc., Class A(b) | 9,669,122 | ||||||
16,981 | Google, Inc., Class C(b) | 9,493,737 | ||||||
22,928 | Harris Corp. | 1,595,789 | ||||||
830,985 | Hewlett-Packard Co. | 29,815,742 | ||||||
103,537 | Ingram Micro, Inc., Class A(b) | 2,778,933 | ||||||
25,864 | Insight Enterprises, Inc.(b) | 588,406 | ||||||
1,337,797 | Intel Corp. | 45,498,476 | ||||||
190,377 | International Business Machines Corp. | 31,297,979 | ||||||
16,698 | Intuit, Inc. | 1,469,591 | ||||||
17,447 | Itron, Inc.(b) | 679,212 | ||||||
104,047 | Jabil Circuit, Inc. | 2,179,785 | ||||||
80,698 | Juniper Networks, Inc. | 1,700,307 | ||||||
22,908 | KLA-Tencor Corp. | 1,813,168 | ||||||
29,026 | Lam Research Corp. | 2,259,964 | ||||||
33,760 | Leidos Holdings, Inc. | 1,234,603 | ||||||
21,192 | Lexmark International, Inc., Class A | 914,647 | ||||||
26,496 | Linear Technology Corp. | 1,135,089 | ||||||
67,920 | Marvell Technology Group Ltd. | 912,845 | ||||||
39,497 | MasterCard, Inc., Class A | 3,307,874 | ||||||
53,117 | Maxim Integrated Products, Inc. | 1,558,453 | ||||||
32,631 | Microchip Technology, Inc.(c) | 1,406,722 | ||||||
149,232 | Micron Technology, Inc.(b) | 4,938,087 | ||||||
1,109,454 | Microsoft Corp. | 52,088,865 | ||||||
37,599 | Motorola Solutions, Inc. | 2,425,135 | ||||||
31,323 | NCR Corp.(b) | 866,707 | ||||||
48,787 | NetApp, Inc. | 2,088,084 | ||||||
41,927 | Nuance Communications, Inc.(b) | 646,934 | ||||||
62,851 | NVIDIA Corp. | 1,228,108 | ||||||
16,870 | NXP Semiconductor NV (Netherlands)(b) | 1,158,294 | ||||||
89,936 | ON Semiconductor Corp.(b) | 745,569 | ||||||
402,385 | Oracle Corp. | 15,713,134 | ||||||
53,800 | Paychex, Inc. | 2,525,372 | ||||||
38,783 | Polycom, Inc.(b) | 507,282 | ||||||
165,819 | QUALCOMM, Inc. | 13,018,450 | ||||||
8,847 | Red Hat, Inc.(b) | 521,265 | ||||||
19,270 | Rovi Corp.(b) | 402,358 | ||||||
11,216 | salesforce.com, inc.(b) | 717,712 | ||||||
32,628 | SanDisk Corp. | 3,071,600 | ||||||
63,036 | Sanmina Corp.(b) | 1,580,312 | ||||||
20,094 | Science Applications International Corp. | 982,798 | ||||||
61,208 | Seagate Technology PLC | 3,845,699 | ||||||
18,729 | Skyworks Solutions, Inc. | 1,090,777 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
31,489 | SunEdison, Inc.(b) | $ | 614,350 | |||||
143,696 | Symantec Corp. | 3,566,535 | ||||||
17,083 | SYNNEX Corp. | 1,181,802 | ||||||
20,817 | Synopsys, Inc.(b) | 853,081 | ||||||
74,975 | TE Connectivity Ltd. (Switzerland) | 4,583,222 | ||||||
24,614 | Tech Data Corp.(b) | 1,469,948 | ||||||
20,076 | Teradata Corp.(b) | 849,616 | ||||||
33,028 | Teradyne, Inc. | 607,715 | ||||||
155,747 | Texas Instruments, Inc. | 7,734,396 | ||||||
22,963 | Total System Services, Inc. | 775,920 | ||||||
17,660 | Trimble Navigation Ltd.(b) | 474,348 | ||||||
26,329 | Unisys Corp.(b) | 675,076 | ||||||
16,580 | VeriFone Systems, Inc.(b) | 617,771 | ||||||
27,476 | Visa, Inc., Class A | 6,633,531 | ||||||
57,879 | Vishay Intertechnology, Inc. | 781,945 | ||||||
39,771 | Western Digital Corp. | 3,912,273 | ||||||
114,474 | Western Union Co. (The) | 1,941,479 | ||||||
491,482 | Xerox Corp. | 6,526,881 | ||||||
30,174 | Xilinx, Inc. | 1,342,139 | ||||||
101,043 | Yahoo!, Inc.(b) | 4,653,030 | ||||||
|
| |||||||
490,794,906 | ||||||||
|
| |||||||
Materials—3.9% | ||||||||
36,930 | Air Products & Chemicals, Inc. | 4,972,994 | ||||||
9,193 | Airgas, Inc. | 1,025,387 | ||||||
110,070 | AK Steel Holding Corp.(b)(c) | 833,230 | ||||||
14,421 | Albemarle Corp. | 841,898 | ||||||
490,410 | Alcoa, Inc. | 8,219,272 | ||||||
39,679 | Allegheny Technologies, Inc. | 1,303,455 | ||||||
10,392 | AptarGroup, Inc. | 646,798 | ||||||
17,123 | Ashland, Inc. | 1,850,483 | ||||||
30,436 | Avery Dennison Corp. | 1,425,927 | ||||||
28,043 | Ball Corp. | 1,806,810 | ||||||
31,916 | Bemis Co., Inc. | 1,227,809 | ||||||
22,529 | Berry Plastics Group, Inc.(b) | 586,205 | ||||||
14,625 | Cabot Corp. | 679,039 | ||||||
25,405 | Celanese Corp., Series A | 1,492,036 | ||||||
9,882 | CF Industries Holdings, Inc. | 2,569,320 | ||||||
23,268 | Chemtura Corp.(b) | 541,912 | ||||||
103,179 | Cliffs Natural Resources, Inc.(c) | 1,158,700 | ||||||
53,799 | Coeur Mining, Inc.(b) | 199,056 | ||||||
55,119 | Commercial Metals Co. | 953,007 | ||||||
5,764 | Compass Minerals International, Inc. | 493,860 | ||||||
38,425 | Crown Holdings, Inc.(b) | 1,841,710 | ||||||
14,266 | Cytec Industries, Inc. | 665,224 | ||||||
25,314 | Domtar Corp. | 1,039,646 | ||||||
291,200 | Dow Chemical Co. (The) | 14,385,280 | ||||||
177,616 | E.I. du Pont de Nemours & Co. | 12,282,146 | ||||||
23,631 | Eastman Chemical Co. | 1,908,912 | ||||||
24,177 | Ecolab, Inc. | 2,689,208 | ||||||
13,760 | FMC Corp. | 789,136 | ||||||
339,016 | Freeport-McMoRan, Inc. | 9,661,956 | ||||||
81,432 | Graphic Packaging Holding Co.(b) | 987,770 | ||||||
9,735 | Greif, Inc., Class A | 428,924 | ||||||
2,613 | Greif, Inc., Class B | 131,225 | ||||||
54,287 | Huntsman Corp. | 1,324,603 | ||||||
10,351 | International Flavors & Fragrances, Inc. | 1,026,302 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
124,590 | International Paper Co. | $ | 6,306,746 | |||||
106,096 | LyondellBasell Industries NV, Class A | 9,721,576 | ||||||
6,709 | Martin Marietta Materials, Inc. | 784,416 | ||||||
52,742 | MeadWestvaco Corp. | 2,329,614 | ||||||
58,709 | Monsanto Co. | 6,753,883 | ||||||
79,176 | Mosaic Co. (The) | 3,508,289 | ||||||
1,625 | NewMarket Corp. | 630,516 | ||||||
256,807 | Newmont Mining Corp. | 4,817,699 | ||||||
104,761 | Nucor Corp. | 5,663,380 | ||||||
24,479 | Olin Corp. | 593,371 | ||||||
56,186 | Owens-Illinois, Inc.(b) | 1,447,913 | ||||||
11,911 | Packaging Corp. of America | 858,545 | ||||||
21,387 | PPG Industries, Inc. | 4,356,318 | ||||||
41,639 | Praxair, Inc. | 5,246,098 | ||||||
8,242 | Rayonier Advanced Materials, Inc.(c) | 235,144 | ||||||
21,359 | Reliance Steel & Aluminum Co. | 1,441,305 | ||||||
56,734 | Resolute Forest Products, Inc.(b) | 1,052,983 | ||||||
23,996 | Rock-Tenn Co., Class A | 1,227,395 | ||||||
11,210 | Rockwood Holdings, Inc. | 862,161 | ||||||
26,628 | RPM International, Inc. | 1,206,248 | ||||||
20,249 | Schnitzer Steel Industries, Inc., Class A | 476,864 | ||||||
40,673 | Sealed Air Corp. | 1,474,396 | ||||||
10,128 | Sensient Technologies Corp. | 599,375 | ||||||
8,458 | Sherwin-Williams Co. (The) | 1,941,618 | ||||||
12,674 | Sigma-Aldrich Corp. | 1,722,523 | ||||||
10,687 | Silgan Holdings, Inc. | 525,373 | ||||||
27,728 | Sonoco Products Co. | 1,133,243 | ||||||
52,182 | Southern Copper Corp. | 1,501,798 | ||||||
85,105 | Steel Dynamics, Inc. | 1,958,266 | ||||||
8,898 | Timkensteel Corp. | 361,081 | ||||||
112,922 | United States Steel Corp.(c) | 4,521,397 | ||||||
12,629 | Valspar Corp. (The) | 1,037,599 | ||||||
21,841 | Vulcan Materials Co. | 1,347,808 | ||||||
7,341 | W.R. Grace & Co.(b) | 694,459 | ||||||
60,436 | Walter Energy, Inc.(c) | 145,651 | ||||||
|
| |||||||
160,474,291 | ||||||||
|
| |||||||
Telecommunication Services—4.0% | ||||||||
2,373,112 | AT&T, Inc. | 82,679,222 | ||||||
288,912 | CenturyLink, Inc. | 11,984,070 | ||||||
150,459 | Cincinnati Bell, Inc.(b) | 552,185 | ||||||
742,632 | Frontier Communications Corp. | 4,856,813 | ||||||
68,326 | Leap Wireless Corp.(b) | 172,182 | ||||||
29,877 | Level 3 Communications, Inc.(b) | 1,401,530 | ||||||
101,795 | Sprint Corp.(b) | 603,644 | ||||||
60,533 | Telephone & Data Systems, Inc. | 1,552,066 | ||||||
18,598 | T-Mobile US, Inc.(b) | 542,876 | ||||||
20,909 | tw telecom, inc.(b) | 894,487 | ||||||
1,065,114 | Verizon Communications, Inc. | 53,521,978 | ||||||
400,290 | Windstream Holdings, Inc.(c) | 4,195,039 | ||||||
|
| |||||||
162,956,092 | ||||||||
|
| |||||||
Utilities—5.3% | ||||||||
292,345 | AES Corp. (The) | 4,113,294 | ||||||
31,900 | AGL Resources, Inc. | 1,719,729 | ||||||
10,829 | ALLETE, Inc. | 565,707 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
32,812 | Alliant Energy Corp. | $ | 2,031,391 | |||||
99,745 | Ameren Corp. | 4,223,203 | ||||||
169,463 | American Electric Power Co., Inc. | 9,886,471 | ||||||
42,541 | American Water Works Co., Inc. | 2,270,413 | ||||||
23,144 | Aqua America, Inc. | 606,373 | ||||||
33,177 | Atmos Energy Corp. | 1,758,381 | ||||||
22,089 | Avista Corp. | 783,055 | ||||||
11,101 | Black Hills Corp. | 607,558 | ||||||
108,816 | Calpine Corp.(b) | 2,483,181 | ||||||
144,017 | CenterPoint Energy, Inc. | 3,535,617 | ||||||
14,090 | Cleco Corp. | 757,478 | ||||||
81,632 | CMS Energy Corp. | 2,666,918 | ||||||
117,793 | Consolidated Edison, Inc. | 7,463,365 | ||||||
119,732 | Dominion Resources, Inc. | 8,536,892 | ||||||
59,200 | DTE Energy Co. | 4,863,872 | ||||||
196,840 | Duke Energy Corp. | 16,170,406 | ||||||
31,386 | Dynegy, Inc.(b) | 957,273 | ||||||
109,216 | Edison International | 6,834,737 | ||||||
96,156 | Entergy Corp. | 8,079,027 | ||||||
432,518 | Exelon Corp. | 15,825,834 | ||||||
248,246 | FirstEnergy Corp. | 9,269,506 | ||||||
52,555 | Great Plains Energy, Inc. | 1,415,306 | ||||||
42,519 | Hawaiian Electric Industries, Inc.(c) | 1,197,335 | ||||||
12,619 | IDACORP, Inc. | 797,899 | ||||||
36,835 | Integrys Energy Group, Inc. | 2,677,168 | ||||||
17,532 | ITC Holdings Corp. | 694,443 | ||||||
44,878 | MDU Resources Group, Inc. | 1,264,662 | ||||||
13,676 | National Fuel Gas Co. | 946,790 | ||||||
14,089 | New Jersey Resources Corp. | 823,925 | ||||||
97,938 | NextEra Energy, Inc. | 9,815,346 | ||||||
84,084 | NiSource, Inc. | 3,536,573 | ||||||
71,084 | Northeast Utilities | 3,507,995 | ||||||
11,667 | NorthWestern Corp. | 616,484 | ||||||
115,344 | NRG Energy, Inc. | 3,458,013 | ||||||
45,373 | OGE Energy Corp. | 1,691,959 | ||||||
126,306 | Pepco Holdings, Inc. | 3,453,206 | ||||||
170,415 | PG&E Corp. | 8,575,283 | ||||||
21,182 | Piedmont Natural Gas Co., Inc.(c) | 805,128 | ||||||
41,269 | Pinnacle West Capital Corp. | 2,536,805 | ||||||
28,146 | PNM Resources, Inc. | 812,012 | ||||||
28,284 | Portland General Electric Co. | 1,029,821 | ||||||
193,444 | PPL Corp. | 6,768,606 | ||||||
186,282 | Public Service Enterprise Group, Inc. | 7,695,309 | ||||||
43,823 | Questar Corp. | 1,056,573 | ||||||
43,144 | SCANA Corp. | 2,368,174 | ||||||
53,249 | Sempra Energy | 5,857,390 | ||||||
288,454 | Southern Co. (The) | 13,372,727 | ||||||
13,581 | Southwest Gas Corp. | 788,920 | ||||||
98,048 | TECO Energy, Inc. | 1,922,721 | ||||||
54,053 | UGI Corp. | 2,037,258 | ||||||
15,634 | UIL Holdings Corp. | 643,183 | ||||||
28,092 | Vectren Corp. | 1,262,735 | ||||||
41,095 | Westar Energy, Inc. | 1,553,802 | ||||||
21,906 | WGL Holdings, Inc. | 1,029,582 | ||||||
48,222 | Wisconsin Energy Corp. | 2,394,705 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
169,609 | Xcel Energy, Inc. | $ | 5,676,813 | |||||
|
| |||||||
220,094,332 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $3,327,492,836)—100.0% | 4,121,697,711 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.7% | ||||||||
31,064,642 | Invesco Liquid Assets Portfolio—Institutional Class(e)(f) (Cost $31,064,642) | 31,064,642 | ||||||
|
| |||||||
Total Investments (Cost $3,358,557,478)—100.7% | 4,152,762,353 | |||||||
Other assets less liabilities—(0.7%) | (29,321,955 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 4,123,440,398 | ||||||
|
|
Investment Abbreviations:
NVTG—Non-voting Shares
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, 2014. |
(d) | Affiliated company. The 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. See Note 4. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. |
(f) | 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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 30,515,393 | $ | (30,515,393 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Portfolio Composition
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 22.4 | |||
Consumer Discretionary | 17.1 | |||
Information Technology | 17.0 | |||
Industrials | 16.9 | |||
Health Care | 8.2 | |||
Energy | 5.7 | |||
Materials | 5.7 | |||
Consumer Staples | 4.0 | |||
Utilities | 1.7 | |||
Telecommunication Services | 1.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—17.1% | ||||||||
38,961 | 1-800-FLOWERS.COM, Inc., Class A(b) | $ | 312,857 | |||||
262,525 | Aeropostale, Inc.(b)(c) | 790,200 | ||||||
21,765 | AH Belo Corp., Class A | 250,515 | ||||||
20,759 | AMC Entertainment Holdings, Inc., Class A | 527,279 | ||||||
18,856 | AMC Networks, Inc., Class A(b) | 1,143,616 | ||||||
278,538 | American Apparel, Inc.(b)(c) | 199,155 | ||||||
38,111 | American Axle & Manufacturing Holdings, Inc.(b) | 736,686 | ||||||
7,741 | American Public Education, Inc.(b) | 239,894 | ||||||
9,133 | America’s Car-Mart, Inc.(b) | 419,935 | ||||||
51,793 | ANN INC.(b) | 1,988,333 | ||||||
53,947 | Aramark | 1,505,661 | ||||||
167,699 | Arcos Dorados Holdings, Inc., Class A (Argentina)(c) | 1,033,026 | ||||||
7,788 | Arctic Cat, Inc. | 262,144 | ||||||
31,782 | Asbury Automotive Group, Inc.(b) | 2,226,011 | ||||||
11,020 | Ascent Capital Group, Inc., Class A(b) | 708,586 | ||||||
15,816 | Bally Technologies, Inc.(b) | 1,271,606 | ||||||
14,014 | Bassett Furniture Industries, Inc. | 243,563 | ||||||
29,377 | Beazer Homes USA, Inc.(b) | 526,730 | ||||||
53,748 | bebe stores, inc. | 123,083 | ||||||
42,215 | Belmond Ltd., Class A(b) | 483,784 | ||||||
27,667 | Big 5 Sporting Goods Corp. | 340,581 | ||||||
1,497 | Biglari Holdings, Inc.(b) | 522,693 | ||||||
20,494 | BJ’s Restaurants, Inc.(b) | 902,146 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
46,760 | Bloomin’ Brands, Inc.(b) | $ | 884,232 | |||||
6,246 | Blue Nile, Inc.(b) | 221,733 | ||||||
38,816 | Blyth, Inc.(c) | 325,666 | ||||||
30,811 | Bob Evans Farms, Inc. | 1,505,117 | ||||||
75,663 | Bon-Ton Stores, Inc. (The)(c) | 666,591 | ||||||
114,105 | Boyd Gaming Corp.(b) | 1,317,913 | ||||||
20,609 | Bravo Brio Restaurant Group, Inc.(b) | 285,847 | ||||||
17,008 | Bridgepoint Education, Inc.(b) | 214,981 | ||||||
10,732 | Bright Horizons Family Solutions, Inc.(b) | 478,218 | ||||||
61,651 | Brown Shoe Co., Inc. | 1,639,300 | ||||||
39,887 | Brunswick Corp. | 1,866,712 | ||||||
35,919 | Buckle, Inc. (The)(c) | 1,771,884 | ||||||
6,284 | Buffalo Wild Wings, Inc.(b) | 938,076 | ||||||
31,283 | Burger King Worldwide, Inc.(c) | 1,022,328 | ||||||
40,079 | Burlington Stores, Inc.(b) | 1,680,913 | ||||||
57,416 | Callaway Golf Co. | 450,141 | ||||||
7,229 | Capella Education Co. | 511,379 | ||||||
13,785 | Carmike Cinemas, Inc.(b) | 441,809 | ||||||
11,320 | Carriage Services, Inc. | 225,947 | ||||||
42,146 | Carrols Restaurant Group, Inc.(b) | 324,946 | ||||||
34,119 | Cato Corp. (The), Class A | 1,217,025 | ||||||
3,246 | Cavco Industries, Inc.(b) | 236,536 | ||||||
300,922 | Central European Media Enterprises Ltd., Class A (Czech Republic)(b)(c) | 731,240 | ||||||
25,743 | Cheesecake Factory, Inc. (The) | 1,182,633 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
24,906 | Children’s Place, Inc. (The) | $ | 1,226,620 | |||||
28,124 | Choice Hotels International, Inc. | 1,504,634 | ||||||
42,289 | Christopher & Banks Corp.(b) | 276,147 | ||||||
6,686 | Churchill Downs, Inc. | 681,838 | ||||||
20,601 | Citi Trends, Inc.(b) | 466,613 | ||||||
79,340 | Clear Channel Outdoor Holdings, Inc., Class A | 576,008 | ||||||
13,875 | ClubCorp Holdings, Inc. | 264,457 | ||||||
15,908 | Columbia Sportswear Co. | 613,094 | ||||||
17,471 | Conn’s, Inc.(b)(c) | 543,523 | ||||||
4,429 | Container Store Group, Inc. (The)(b)(c) | 81,671 | ||||||
9,164 | Cooper-Standard Holding, Inc.(b) | 500,171 | ||||||
38,516 | Core-Mark Holding Co., Inc. | 2,235,083 | ||||||
603,838 | Corinthian Colleges, Inc.(b)(c) | 111,770 | ||||||
16,740 | Cracker Barrel Old Country Store, Inc. | 1,930,959 | ||||||
63,940 | Crocs, Inc.(b) | 746,819 | ||||||
9,346 | CSS Industries, Inc. | 266,922 | ||||||
64,831 | CTC Media, Inc. (Russia) | 412,325 | ||||||
59,937 | Cumulus Media, Inc., Class A(b) | 231,357 | ||||||
19,355 | Deckers Outdoor Corp.(b) | 1,692,788 | ||||||
11,568 | Del Frisco’s Restaurant Group, Inc.(b) | 268,609 | ||||||
11,562 | Delta Apparel, Inc.(b) | 121,401 | ||||||
79,377 | Denny’s Corp.(b) | 684,230 | ||||||
12,153 | Destination Maternity Corp. | 182,052 | ||||||
66,673 | Destination XL Group, Inc.(b) | 349,367 | ||||||
103,930 | Dex Media, Inc.(b)(c) | 809,615 | ||||||
14,398 | DineEquity, Inc. | 1,280,846 | ||||||
12,628 | Dixie Group, Inc. (The)(b) | 99,509 | ||||||
18,551 | Domino’s Pizza, Inc. | 1,647,143 | ||||||
8,029 | Dorman Products, Inc.(b) | 372,224 | ||||||
36,391 | DreamWorks Animation SKG, Inc., Class A(b) | 810,791 | ||||||
11,662 | Drew Industries, Inc. | 560,476 | ||||||
47,159 | DSW, Inc., Class A | 1,398,264 | ||||||
21,787 | Dunkin’ Brands Group, Inc. | 990,873 | ||||||
24,067 | E.W. Scripps Co. (The), Class A(b) | 462,086 | ||||||
67,675 | Education Management Corp.(b)(c) | 40,273 | ||||||
20,546 | Einstein Noah Restaurant Group, Inc. | 416,056 | ||||||
50,944 | Emmis Communications Corp., Class A(b) | 111,058 | ||||||
33,990 | Entercom Communications Corp., Class A(b) | 349,417 | ||||||
26,680 | Entravision Communications Corp., Class A | 137,669 | ||||||
25,771 | Ethan Allen Interiors, Inc. | 729,319 | ||||||
9,047 | Extended Stay America, Inc. | 208,624 | ||||||
59,321 | Federal-Mogul Holdings Corp.(b) | 926,001 | ||||||
7,579 | Fiesta Restaurant Group, Inc.(b) | 417,982 | ||||||
43,860 | Finish Line, Inc. (The), Class A | 1,160,974 | ||||||
20,609 | Five Below, Inc.(b) | 821,681 | ||||||
6,864 | Flexsteel Industries, Inc. | 235,504 | ||||||
23,009 | Francesca’s Holdings Corp.(b) | 274,037 | ||||||
53,877 | Fred’s, Inc., Class A | 845,869 | ||||||
35,993 | Fuel Systems Solutions, Inc.(b) | 332,215 | ||||||
10,119 | Gentherm, Inc.(b) | 421,962 | ||||||
12,290 | G-III Apparel Group Ltd.(b) | 975,211 | ||||||
32,294 | Gordmans Stores, Inc.(b) | 101,726 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
11,167 | Grand Canyon Education, Inc.(b) | $ | 534,899 | |||||
34,549 | Gray Television, Inc.(b) | 319,233 | ||||||
79,736 | Harte-Hanks, Inc. | 519,081 | ||||||
605 | Haverty Furniture Cos., Inc., Class A | 13,249 | ||||||
15,092 | Haverty Furniture Cos., Inc. | 332,175 | ||||||
22,527 | Helen of Troy Ltd.(b) | 1,393,295 | ||||||
56,005 | hhgregg, Inc.(b)(c) | 290,106 | ||||||
13,003 | Hibbett Sports, Inc.(b)(c) | 590,206 | ||||||
52,417 | Hilton Worldwide Holdings, Inc.(b) | 1,323,005 | ||||||
11,812 | Hooker Furniture Corp. | 180,605 | ||||||
18,188 | Houghton Mifflin Harcourt Co.(b) | 363,942 | ||||||
105,181 | Hovnanian Enterprises, Inc., Class A(b)(c) | 395,481 | ||||||
32,589 | HSN, Inc. | 2,153,155 | ||||||
33,473 | Hyatt Hotels Corp., Class A(b) | 1,982,271 | ||||||
62,296 | Iao Kun Group Holding Co., Ltd. (Hong Kong)(c) | 127,084 | ||||||
33,594 | Iconix Brand Group, Inc.(b) | 1,344,096 | ||||||
22,668 | International Speedway Corp., Class A | 710,188 | ||||||
16,841 | Interval Leisure Group, Inc. | 354,335 | ||||||
9,602 | iRobot Corp.(b)(c) | 342,983 | ||||||
47,857 | Isle of Capri Casinos, Inc.(b) | 355,578 | ||||||
30,650 | Jack in the Box, Inc. | 2,177,376 | ||||||
78,899 | JAKKS Pacific, Inc.(b)(c) | 503,376 | ||||||
1,012 | John Wiley & Sons, Inc., Class B | 59,030 | ||||||
7,195 | Johnson Outdoors, Inc., Class A | 216,210 | ||||||
42,041 | Journal Communications, Inc., Class A(b) | 412,422 | ||||||
24,460 | K12, Inc.(b) | 303,304 | ||||||
27,316 | Kate Spade & Co.(b) | 741,083 | ||||||
56,307 | KB Home(c) | 886,272 | ||||||
136,336 | Kingold Jewelry, Inc.(c) | 163,603 | ||||||
14,930 | Kirkland’s, Inc.(b) | 265,754 | ||||||
17,954 | Krispy Kreme Doughnuts, Inc.(b) | 339,690 | ||||||
32,240 | La-Z-Boy, Inc. | 737,006 | ||||||
67,077 | LeapFrog Enterprises, Inc.(b) | 356,850 | ||||||
153,597 | Lee Enterprises, Inc.(b)(c) | 572,917 | ||||||
20,009 | Libbey, Inc.(b) | 575,259 | ||||||
38,190 | Life Time Fitness, Inc.(b) | 2,129,856 | ||||||
12,913 | Lifetime Brands, Inc. | 220,941 | ||||||
15,608 | LIN Media LLC, Class A(b) | 373,499 | ||||||
67,638 | Lincoln Educational Services Corp. | 179,241 | ||||||
49,026 | Lions Gate Entertainment Corp. | 1,624,231 | ||||||
18,042 | Lithia Motors, Inc., Class A | 1,400,420 | ||||||
17,823 | Loral Space & Communications, Inc.(b) | 1,363,460 | ||||||
22,204 | Lululemon Athletica, Inc.(b)(c) | 924,797 | ||||||
5,549 | Lumber Liquidators Holdings, Inc.(b)(c) | 298,370 | ||||||
13,751 | M/I Homes, Inc.(b) | 296,197 | ||||||
27,468 | Madison Square Garden Co. (The), Class A(b) | 2,080,976 | ||||||
31,531 | Marcus Corp. (The) | 540,126 | ||||||
28,208 | MarineMax, Inc.(b) | 540,747 | ||||||
24,443 | Marriott Vacations Worldwide Corp. | 1,697,322 | ||||||
5,447 | Mattress Firm Holding Corp.(b) | 344,196 | ||||||
207,918 | McClatchy Co. (The), Class A(b)(c) | 740,188 | ||||||
40,290 | MDC Holdings, Inc. | 983,882 | ||||||
19,054 | Media General, Inc.(b)(c) | 284,667 | ||||||
36,823 | Meredith Corp. | 1,919,951 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
19,132 | Meritage Homes Corp.(b) | $ | 703,866 | |||||
17,473 | Michael Kors Holdings Ltd.(b) | 1,373,203 | ||||||
45,666 | Modine Manufacturing Co.(b) | 585,895 | ||||||
11,201 | Monro Muffler Brake, Inc. | 598,581 | ||||||
5,591 | Morningstar, Inc. | 381,586 | ||||||
9,854 | Movado Group, Inc. | 347,846 | ||||||
8,420 | Multimedia Games Holding Co., Inc.(b) | 293,858 | ||||||
8,319 | NACCO Industries, Inc., Class A | 487,244 | ||||||
70,188 | National CineMedia, Inc. | 1,115,989 | ||||||
51,844 | New York & Co., Inc.(b) | 169,530 | ||||||
102,296 | New York Times Co. (The), Class A | 1,313,481 | ||||||
9,242 | Nexstar Broadcasting Group, Inc., Class A(c) | 416,999 | ||||||
25,679 | Norwegian Cruise Line Holdings Ltd.(b) | 1,001,481 | ||||||
28,184 | Nutrisystem, Inc. | 474,619 | ||||||
36,386 | Orbitz Worldwide, Inc.(b) | 300,912 | ||||||
23,018 | Outerwall, Inc.(b)(c) | 1,456,349 | ||||||
15,760 | Overstock.com, Inc.(b) | 364,371 | ||||||
8,712 | Oxford Industries, Inc. | 533,610 | ||||||
150,799 | Pacific Sunwear of California, Inc.(b) | 229,214 | ||||||
15,344 | Papa John’s International, Inc. | 717,485 | ||||||
89,898 | Pep Boys-Manny, Moe & Jack (The)(b) | 856,728 | ||||||
41,072 | Perry Ellis International, Inc.(b) | 839,922 | ||||||
15,687 | PetMed Express, Inc.(c) | 207,225 | ||||||
52,456 | Pier 1 Imports, Inc. | 676,682 | ||||||
56,487 | Pinnacle Entertainment, Inc.(b) | 1,447,762 | ||||||
21,573 | Pool Corp. | 1,287,908 | ||||||
4,298 | Popeyes Louisiana Kitchen, Inc.(b) | 199,212 | ||||||
163,950 | Quiksilver, Inc.(b)(c) | 286,913 | ||||||
58,147 | Radio One, Inc., Class D(b) | 144,786 | ||||||
14,325 | RCI Hospitality Holdings, Inc.(b) | 170,468 | ||||||
8,553 | Red Robin Gourmet Burgers, Inc.(b) | 470,158 | ||||||
123,673 | Regis Corp. | 2,099,968 | ||||||
17,733 | Remy International, Inc. | 327,706 | ||||||
8,534 | Restoration Hardware Holdings, Inc.(b) | 685,451 | ||||||
13,651 | Rocky Brands, Inc. | 179,374 | ||||||
217,942 | Ruby Tuesday, Inc.(b) | 1,673,795 | ||||||
24,206 | Ruth’s Hospitality Group, Inc. | 294,587 | ||||||
17,124 | Ryland Group, Inc. (The) | 613,210 | ||||||
44,591 | Scholastic Corp. | 1,552,213 | ||||||
60,965 | Scientific Games Corp., Class A(b)(c) | 717,558 | ||||||
29,964 | Sears Hometown and Outlet Stores, Inc.(b) | 450,659 | ||||||
36,087 | Select Comfort Corp.(b) | 927,075 | ||||||
48,656 | SGOCO Group Ltd. (China)(b)(c) | 72,011 | ||||||
12,835 | Shoe Carnival, Inc. | 236,164 | ||||||
15,537 | Shutterfly, Inc.(b) | 649,913 | ||||||
38,152 | Sinclair Broadcast Group, Inc., Class A(c) | 1,108,316 | ||||||
35,110 | Skechers U.S.A., Inc., Class A(b) | 1,922,273 | ||||||
41,424 | Smith & Wesson Holding Corp.(b)(c) | 420,868 | ||||||
8,662 | SodaStream International Ltd. (Israel)(b)(c) | 190,910 | ||||||
36,458 | Sonic Corp.(b) | 919,106 | ||||||
26,119 | Sotheby’s | 1,035,880 | ||||||
40,596 | Spartan Motors, Inc. | 230,991 | ||||||
14,905 | Speedway Motorsports, Inc. | 291,691 | ||||||
48,592 | Stage Stores, Inc. | 819,747 | ||||||
15,107 | Standard Motor Products, Inc. | 597,029 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
66,262 | Standard Pacific Corp.(b) | $ | 490,339 | |||||
39,308 | Starz, Class A(b) | 1,214,617 | ||||||
276 | Starz, Class B(b) | 8,777 | ||||||
35,999 | Stein Mart, Inc. | 481,667 | ||||||
13,489 | Steiner Leisure Ltd.(b) | 568,966 | ||||||
32,140 | Steven Madden Ltd.(b) | 1,007,589 | ||||||
45,737 | Stoneridge, Inc.(b) | 594,124 | ||||||
22,756 | Strayer Education, Inc.(b) | 1,665,512 | ||||||
9,426 | Sturm Ruger & Co., Inc.(c) | 392,876 | ||||||
38,452 | Superior Industries International, Inc. | 750,199 | ||||||
23,222 | Taylor Morrison Home Corp., Class A(b) | 400,347 | ||||||
20,476 | Tempur Sealy International, Inc.(b) | 1,077,857 | ||||||
29,883 | Texas Roadhouse, Inc. | 862,722 | ||||||
47,673 | Tower International, Inc.(b) | 1,158,454 | ||||||
58,286 | Town Sports International Holdings, Inc. | 345,053 | ||||||
162,537 | TravelCenters of America LLC(b) | 1,573,358 | ||||||
10,272 | TripAdvisor, Inc.(b) | 910,716 | ||||||
30,568 | Tuesday Morning Corp.(b) | 623,282 | ||||||
17,170 | Tumi Holdings, Inc.(b) | 356,621 | ||||||
16,931 | Ulta Salon, Cosmetics & Fragrance, Inc.(b) | 2,045,434 | ||||||
21,659 | Under Armour, Inc., Class A(b) | 1,420,397 | ||||||
23,303 | Unifi, Inc.(b) | 651,785 | ||||||
9,367 | Universal Electronics, Inc.(b) | 532,889 | ||||||
22,284 | Universal Technical Institute, Inc. | 265,402 | ||||||
17,960 | Vail Resorts, Inc. | 1,551,026 | ||||||
39,738 | ValueVision Media, Inc., Class A(b) | 224,917 | ||||||
10,164 | Vera Bradley, Inc.(b)(c) | 231,739 | ||||||
17,738 | Vitamin Shoppe, Inc.(b) | 832,444 | ||||||
47,708 | VOXX International Corp.(b) | 406,949 | ||||||
51,678 | Weight Watchers International, Inc.(b)(c) | 1,346,212 | ||||||
24,803 | West Marine, Inc.(b) | 244,062 | ||||||
222,087 | Wet Seal, Inc. (The), Class A(b)(c) | 75,510 | ||||||
7,714 | Weyco Group, Inc. | 240,291 | ||||||
10,691 | Winnebago Industries, Inc.(b) | 226,756 | ||||||
54,590 | Wolverine World Wide, Inc. | 1,481,573 | ||||||
23,610 | World Wrestling Entertainment, Inc., Class A(c) | 291,584 | ||||||
18,949 | Zumiez, Inc.(b) | 632,518 | ||||||
|
| |||||||
174,338,242 | ||||||||
|
| |||||||
Consumer Staples—4.0% | ||||||||
78,555 | Adecoagro S.A. (Luxembourg)(b) | 712,494 | ||||||
150,186 | Alliance One International, Inc.(b) | 304,878 | ||||||
37,511 | B&G Foods, Inc. | 1,105,074 | ||||||
1,423 | Boston Beer Co., Inc. (The), Class A(b) | 354,327 | ||||||
27,497 | Boulder Brands, Inc.(b) | 244,173 | ||||||
11,402 | Calavo Growers, Inc. | 553,453 | ||||||
11,767 | Cal-Maine Foods, Inc. | 1,033,025 | ||||||
24,512 | Central Garden & Pet Co.(b) | 195,606 | ||||||
76,393 | Central Garden & Pet Co., Class A(b) | 656,216 | ||||||
8,400 | Chefs’ Warehouse, Inc. (The)(b) | 150,108 | ||||||
5,404 | Coca-Cola Bottling Co. Consolidated | 488,738 | ||||||
47,023 | Coty, Inc., Class A(b) | 780,582 | ||||||
20,528 | Diamond Foods, Inc.(b) | 618,919 | ||||||
33,022 | Elizabeth Arden, Inc.(b)(c) | 541,561 | ||||||
69,401 | Fresh Del Monte Produce, Inc. | 2,228,466 | ||||||
21,845 | Fresh Market, Inc. (The)(b) | 801,930 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
16,479 | Hain Celestial Group, Inc. (The)(b) | $ | 1,783,852 | |||||
93,534 | Harbinger Group, Inc.(b) | 1,229,037 | ||||||
22,472 | Ingles Markets, Inc., Class A | 604,497 | ||||||
7,624 | Inter Parfums, Inc. | 216,522 | ||||||
6,606 | J & J Snack Foods Corp. | 680,616 | ||||||
15,405 | John B. Sanfilippo & Son, Inc. | 572,296 | ||||||
11,994 | Lancaster Colony Corp. | 1,097,331 | ||||||
8,644 | Medifast, Inc.(b) | 274,361 | ||||||
24,022 | Monster Beverage Corp.(b) | 2,423,339 | ||||||
13,498 | National Beverage Corp.(b) | 339,070 | ||||||
18,701 | Nu Skin Enterprises, Inc., Class A | 987,974 | ||||||
10,078 | Nutraceutical International Corp.(b) | 226,553 | ||||||
27,918 | Omega Protein Corp.(b) | 403,415 | ||||||
101,021 | Pantry, Inc. (The)(b) | 2,603,311 | ||||||
48,467 | Pilgrim’s Pride Corp.(b) | 1,376,947 | ||||||
40,970 | Pinnacle Foods, Inc. | 1,384,786 | ||||||
27,745 | Post Holdings, Inc.(b) | 1,040,438 | ||||||
8,046 | PriceSmart, Inc. | 716,335 | ||||||
11,887 | Revlon, Inc., Class A(b) | 407,724 | ||||||
175,717 | Roundy’s, Inc.(c) | 592,166 | ||||||
16,235 | Sanderson Farms, Inc. | 1,363,415 | ||||||
267 | Seaboard Corp.(b) | 820,456 | ||||||
9,597 | Seneca Foods Corp., Class A(b) | 257,967 | ||||||
1,469 | Seneca Foods Corp., Class B(b) | 45,936 | ||||||
44,580 | Snyders-Lance, Inc. | 1,328,038 | ||||||
58,262 | SpartanNash Co. | 1,305,651 | ||||||
14,782 | Spectrum Brands Holdings, Inc. | 1,339,101 | ||||||
11,290 | Sprouts Farmers Market, Inc.(b) | 328,652 | ||||||
13,926 | Tootsie Roll Industries, Inc., Class A(c) | 412,906 | ||||||
3,314 | USANA Health Sciences, Inc.(b)(c) | 377,730 | ||||||
77,936 | Vector Group Ltd.(c) | 1,741,090 | ||||||
9,542 | Village Super Market, Inc., Class A | 264,791 | ||||||
6,785 | WD-40 Co. | 520,206 | ||||||
14,105 | Weis Markets, Inc. | 629,647 | ||||||
|
| |||||||
40,465,706 | ||||||||
|
| |||||||
Energy—5.7% | ||||||||
4,263 | Adams Resources & Energy, Inc. | 179,259 | ||||||
122,620 | Aegean Marine Petroleum Network, Inc. (Greece) | 1,036,139 | ||||||
67,857 | Alon USA Energy, Inc. | 1,088,426 | ||||||
4,853 | Antero Resources Corp.(b) | 254,491 | ||||||
22,426 | Approach Resources, Inc.(b)(c) | 222,017 | ||||||
47,067 | Basic Energy Services, Inc.(b) | 607,164 | ||||||
8,478 | Bonanza Creek Energy, Inc.(b) | 383,545 | ||||||
21,679 | Bristow Group, Inc. | 1,602,078 | ||||||
34,868 | C&J Energy Services, Inc.(b) | 673,301 | ||||||
266,216 | Cal Dive International, Inc.(b)(c) | 26,622 | ||||||
54,025 | Callon Petroleum Co.(b) | 354,404 | ||||||
7,689 | CARBO Ceramics, Inc.(c) | 397,291 | ||||||
16,789 | Carrizo Oil & Gas, Inc.(b) | 872,021 | ||||||
11,258 | Cheniere Energy, Inc.(b) | 844,350 | ||||||
5,086 | Clayton Williams Energy, Inc.(b) | 422,850 | ||||||
35,701 | Clean Energy Fuels Corp.(b)(c) | 260,974 | ||||||
82,240 | Cobalt International Energy, Inc.(b) | 963,030 | ||||||
61,504 | Comstock Resources, Inc. | 728,207 | ||||||
9,929 | Contango Oil & Gas Co.(b) | 363,104 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
17,973 | Continental Resources, Inc.(b)(c) | $ | 1,013,138 | |||||
7,514 | Core Laboratories NV | 1,048,428 | ||||||
23,303 | CVR Energy, Inc.(c) | 1,132,060 | ||||||
11,383 | Dawson Geophysical Co. | 193,397 | ||||||
69,766 | DHT Holdings, Inc. | 464,642 | ||||||
4,533 | Diamondback Energy, Inc.(b) | 310,239 | ||||||
13,430 | Dril-Quip, Inc.(b) | 1,208,028 | ||||||
68,334 | Energy XXI Bermuda Ltd.(c) | 525,488 | ||||||
26,030 | EnLink Midstream LLC | 986,537 | ||||||
15,206 | Era Group, Inc.(b) | 355,668 | ||||||
256,734 | EXCO Resources, Inc.(c) | 783,039 | ||||||
484,736 | Forest Oil Corp.(b)(c) | 392,636 | ||||||
31,616 | Forum Energy Technologies, Inc.(b) | 863,117 | ||||||
12,025 | Frank’s International NV | 207,191 | ||||||
9,028 | GasLog Ltd. (Monaco) | 187,963 | ||||||
4,207 | Geospace Technologies Corp.(b) | 129,534 | ||||||
26,546 | Golar LNG Ltd. (Norway) | 1,489,496 | ||||||
26,537 | Goodrich Petroleum Corp.(b)(c) | 218,665 | ||||||
210,824 | Gran Tierra Energy, Inc. (Canada)(b) | 961,357 | ||||||
48,865 | Green Plains, Inc. | 1,671,183 | ||||||
15,670 | Gulf Island Fabrication, Inc. | 331,264 | ||||||
5,482 | Gulfmark Offshore, Inc., Class A | 165,337 | ||||||
15,326 | Gulfport Energy Corp.(b) | 769,059 | ||||||
211,153 | Halcon Resources Corp.(b)(c) | 656,686 | ||||||
58,332 | Harvest Natural Resources, Inc.(b) | 216,995 | ||||||
288,392 | Hercules Offshore, Inc.(b)(c) | 475,847 | ||||||
37,096 | Hornbeck Offshore Services, Inc.(b) | 1,137,363 | ||||||
13,862 | InterOil Corp.(b)(c) | 785,144 | ||||||
173,674 | ION Geophysical Corp.(b) | 486,287 | ||||||
75,256 | Kodiak Oil & Gas Corp.(b) | 812,012 | ||||||
22,976 | Kosmos Energy Ltd.(b) | 214,366 | ||||||
19,964 | Laredo Petroleum, Inc.(b) | 378,517 | ||||||
35,301 | Magnum Hunter Resources Corp.(b)(c) | 163,797 | ||||||
10,806 | Matador Resources Co.(b) | 262,262 | ||||||
17,428 | Matrix Service Co.(b) | 436,746 | ||||||
71,612 | Midstates Petroleum Co., Inc.(b)(c) | 212,688 | ||||||
17,318 | Mitcham Industries, Inc.(b) | 176,644 | ||||||
7,423 | Natural Gas Services Group, Inc.(b) | 190,994 | ||||||
86,981 | Newpark Resources, Inc.(b) | 994,193 | ||||||
107,893 | Nordic American Tankers Ltd.(c) | 911,696 | ||||||
33,147 | Northern Oil and Gas, Inc.(b)(c) | 374,561 | ||||||
22,844 | Nuverra Environmental Solutions, Inc.(b)(c) | 216,333 | ||||||
21,439 | Oasis Petroleum, Inc.(b) | 642,312 | ||||||
70,124 | Ocean Rig UDW, Inc. (Cyprus)(c) | 964,205 | ||||||
54,677 | Pacific Drilling SA(b) | 398,049 | ||||||
31,201 | Pacific Ethanol, Inc.(b)(c) | 440,246 | ||||||
151,016 | Parker Drilling Co.(b) | 670,511 | ||||||
18,775 | PDC Energy, Inc.(b) | 820,843 | ||||||
61,086 | Penn Virginia Corp.(b) | 523,507 | ||||||
99,150 | PetroQuest Energy, Inc.(b) | 466,005 | ||||||
1,285 | PHI, Inc.(b) | 54,625 | ||||||
8,176 | PHI, Inc. NVTG(b) | 365,794 | ||||||
107,091 | Pioneer Energy Services Corp.(b) | 983,095 | ||||||
302,665 | Quicksilver Resources, Inc.(b)(c) | 165,437 | ||||||
32,305 | Renewable Energy Group, Inc.(b) | 340,172 | ||||||
60,602 | Resolute Energy Corp.(b)(c) | 210,895 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
6,088 | REX American Resources Corp.(b) | $ | 442,963 | |||||
19,196 | Rex Energy Corp.(b) | 150,497 | ||||||
28,711 | Rosetta Resources, Inc.(b) | 1,091,879 | ||||||
34,925 | RPC, Inc. | 572,770 | ||||||
7,252 | Sanchez Energy Corp.(b)(c) | 123,792 | ||||||
28,681 | Scorpio Tankers, Inc. (Monaco) | 250,385 | ||||||
23,374 | SemGroup Corp., Class A | 1,793,954 | ||||||
84,250 | Ship Finance International Ltd. (Norway) | 1,448,257 | ||||||
32,393 | StealthGas, Inc. (Greece)(b) | 272,101 | ||||||
45,488 | Stone Energy Corp.(b) | 1,114,456 | ||||||
132,957 | Swift Energy Co.(b)(c) | 910,755 | ||||||
234,073 | Teekay Tankers Ltd., Class A(c) | 992,470 | ||||||
34,853 | Tesco Corp. | 663,601 | ||||||
104,720 | TETRA Technologies, Inc.(b) | 997,982 | ||||||
151,435 | Tsakos Energy Navigation Ltd. | 1,025,215 | ||||||
44,394 | Ultra Petroleum Corp.(b)(c) | 1,012,183 | ||||||
60,619 | VAALCO Energy, Inc.(b) | 449,793 | ||||||
240,965 | Vantage Drilling Co.(b)(c) | 233,134 | ||||||
52,379 | W&T Offshore, Inc. | 476,125 | ||||||
77,826 | Warren Resources, Inc.(b) | 269,278 | ||||||
17,341 | Westmoreland Coal Co.(b) | 634,160 | ||||||
120,278 | Willbros Group, Inc.(b) | 706,032 | ||||||
|
| |||||||
58,467,348 | ||||||||
|
| |||||||
Financials—22.4% | ||||||||
15,215 | 1st Source Corp. | 476,077 | ||||||
24,501 | 1st United Bancorp, Inc. | 216,834 | ||||||
34,546 | Acadia Realty Trust REIT | 1,077,835 | ||||||
64,784 | AG Mortgage Investment Trust, Inc. REIT | 1,235,431 | ||||||
8,903 | Agree Realty Corp. REIT | 272,521 | ||||||
20,350 | Alexander & Baldwin, Inc. | 814,610 | ||||||
1,454 | Alexander’s, Inc. REIT | 642,668 | ||||||
2,916 | Altisource Portfolio Solutions SA(b)(c) | 217,709 | ||||||
28,850 | American Assets Trust, Inc. REIT | 1,106,109 | ||||||
9,427 | American National Bankshares, Inc. | 228,133 | ||||||
5,818 | American National Insurance Co. | 663,717 | ||||||
12,682 | Ameris Bancorp | 314,514 | ||||||
13,295 | AMERISAFE, Inc. | 554,401 | ||||||
10,782 | AmREIT, Inc. REIT | 265,668 | ||||||
19,461 | AmTrust Financial Services, Inc.(c) | 873,215 | ||||||
354,015 | Anworth Mortgage Asset Corp. REIT | 1,837,338 | ||||||
32,469 | Apollo Commercial Real Estate Finance, Inc. REIT | 533,790 | ||||||
57,371 | Apollo Residential Mortgage, Inc. REIT | 956,948 | ||||||
42,363 | Arbor Realty Trust, Inc. REIT | 285,103 | ||||||
35,860 | Argo Group International Holdings Ltd. | 2,000,988 | ||||||
11,738 | Arlington Asset Investment Corp., Class A(c) | 321,386 | ||||||
357,457 | ARMOUR Residential REIT , Inc. REIT | 1,415,530 | ||||||
11,231 | Arrow Financial Corp. | 307,617 | ||||||
95,081 | Ashford Hospitality Trust, Inc. REIT | 1,074,415 | ||||||
35,550 | Associated Estates Realty Corp. REIT | 694,291 | ||||||
1,295 | Baldwin & Lyons, Inc., Class A | 31,753 | ||||||
10,575 | Baldwin & Lyons, Inc., Class B | 284,679 | ||||||
12,317 | Banc of California, Inc. | 144,971 | ||||||
6,575 | BancFirst Corp. | 427,375 | ||||||
19,639 | Bancorp, Inc. (The)(b) | 185,785 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
46,727 | Bank Mutual Corp. | $ | 307,931 | |||||
4,505 | Bank of Marin Bancorp | 224,890 | ||||||
21,164 | Bank of the Ozarks, Inc. | 745,819 | ||||||
12,123 | Banner Corp. | 523,956 | ||||||
36,930 | BBCN Bancorp, Inc. | 522,190 | ||||||
22,438 | Beneficial Mutual Bancorp, Inc.(b) | 301,342 | ||||||
23,725 | Berkshire Hills Bancorp, Inc. | 611,630 | ||||||
81,354 | BGC Partners, Inc., Class A | 689,882 | ||||||
12,314 | Blackstone Mortgage Trust, Inc., Class A REIT | 343,807 | ||||||
12,676 | BNC Bancorp | 215,619 | ||||||
2,624 | BofI Holding, Inc.(b) | 202,100 | ||||||
20,190 | BOK Financial Corp. | 1,384,226 | ||||||
51,482 | Boston Private Financial Holdings, Inc. | 676,988 | ||||||
7,462 | Bridge Bancorp, Inc. | 195,952 | ||||||
21,484 | Brixmor Property Group, Inc. REIT | 523,350 | ||||||
96,096 | Brookline Bancorp, Inc. | 921,561 | ||||||
10,112 | Bryn Mawr Bank Corp. | 311,753 | ||||||
5,472 | C&F Financial Corp. | 187,908 | ||||||
53,856 | Calamos Asset Management, Inc., Class A | 737,827 | ||||||
9,224 | Camden National Corp. | 377,354 | ||||||
39,319 | Campus Crest Communities, Inc. REIT | 249,282 | ||||||
9,111 | Capital Bank Financial Corp., Class A(b) | 235,884 | ||||||
16,680 | Capital City Bank Group, Inc. | 252,035 | ||||||
19,025 | Cardinal Financial Corp. | 365,280 | ||||||
13,225 | CareTrust REIT, Inc. REIT(b) | 205,384 | ||||||
33,632 | Cash America International, Inc. | 1,653,013 | ||||||
45,379 | Cathay General Bancorp | 1,198,459 | ||||||
25,517 | CBOE Holdings, Inc. | 1,503,972 | ||||||
90,627 | Cedar Realty Trust, Inc. REIT | 623,514 | ||||||
20,341 | Centerstate Banks, Inc. | 236,769 | ||||||
19,263 | Central Pacific Financial Corp. | 364,071 | ||||||
170,223 | Chambers Street Properties REIT | 1,397,531 | ||||||
20,591 | Charter Financial Corp. | 233,502 | ||||||
10,745 | Chatham Lodging Trust REIT | 275,287 | ||||||
30,976 | Chemical Financial Corp. | 922,465 | ||||||
27,399 | Chesapeake Lodging Trust REIT | 905,263 | ||||||
476,273 | Chimera Investment Corp. REIT | 1,485,972 | ||||||
12,043 | Citizens & Northern Corp. | 239,656 | ||||||
33,030 | Citizens, Inc.(b)(c) | 240,789 | ||||||
14,703 | City Holding Co. | 661,488 | ||||||
29,306 | CNA Financial Corp. | 1,145,278 | ||||||
9,920 | CNB Financial Corp. | 179,651 | ||||||
23,825 | CoBiz Financial, Inc. | 286,376 | ||||||
13,084 | Cohen & Steers, Inc.(c) | 560,780 | ||||||
28,582 | Colony Financial, Inc. REIT | 636,807 | ||||||
32,705 | Columbia Banking System, Inc. | 908,545 | ||||||
32,639 | Community Bank System, Inc. | 1,245,178 | ||||||
14,686 | Community Trust Bancorp, Inc. | 527,962 | ||||||
9,729 | ConnectOne Bancorp, Inc. | 179,986 | ||||||
25,313 | Consumer Portfolio Services, Inc.(b) | 178,710 | ||||||
9,794 | CoreSite Realty Corp. REIT | 362,574 | ||||||
79,257 | Cousins Properties, Inc. REIT | 1,031,134 | ||||||
62,643 | Cowen Group, Inc., Class A(b) | 253,078 | ||||||
15,122 | Crawford & Co., Class A | 133,376 | ||||||
17,413 | Crawford & Co., Class B | 177,264 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
4,001 | Credit Acceptance Corp.(b)(c) | $ | 590,388 | |||||
62,106 | CubeSmart REIT | 1,307,331 | ||||||
17,050 | Customers Bancorp, Inc.(b) | 325,655 | ||||||
69,050 | CVB Financial Corp. | 1,089,609 | ||||||
20,659 | CyrusOne, Inc. REIT | 564,197 | ||||||
2,379 | Diamond Hill Investment Group, Inc. | 318,762 | ||||||
33,068 | Dime Community Bancshares, Inc. | 520,821 | ||||||
12,857 | Donegal Group, Inc., Class A | 203,398 | ||||||
1,301 | Donegal Group, Inc., Class B | 27,998 | ||||||
17,197 | Doral Financial Corp.(b)(c) | 99,915 | ||||||
40,728 | DuPont Fabros Technology, Inc. REIT | 1,261,346 | ||||||
74,151 | Dynex Capital, Inc. REIT | 624,351 | ||||||
8,378 | Eagle Bancorp, Inc.(b) | 301,022 | ||||||
19,295 | EastGroup Properties, Inc. REIT | 1,328,654 | ||||||
78,776 | Education Realty Trust, Inc. REIT | 887,018 | ||||||
5,340 | eHealth, Inc.(b) | 133,233 | ||||||
17,218 | Empire State Realty Trust, Inc., Class A REIT | 274,799 | ||||||
39,709 | Employers Holdings, Inc. | 809,667 | ||||||
13,778 | Encore Capital Group, Inc.(b)(c) | 627,037 | ||||||
4,915 | Enstar Group Ltd.(b) | 727,764 | ||||||
15,442 | Enterprise Financial Services Corp. | 291,082 | ||||||
32,098 | Equity Lifestyle Properties, Inc. REIT | 1,576,012 | ||||||
44,995 | Equity One, Inc. REIT | 1,079,880 | ||||||
13,578 | Erie Indemnity Co., Class A | 1,152,365 | ||||||
57,883 | EverBank Financial Corp. | 1,108,459 | ||||||
9,378 | Evercore Partners, Inc., Class A | 485,499 | ||||||
30,798 | Excel Trust, Inc. REIT | 400,374 | ||||||
36,280 | Extra Space Storage, Inc. REIT | 2,110,045 | ||||||
97,550 | EZCORP, Inc., Class A(b) | 1,100,364 | ||||||
9,098 | Farmers Capital Bank Corp.(b) | 204,159 | ||||||
14,687 | FBL Financial Group, Inc., Class A | 728,181 | ||||||
7,659 | FBR & Co.(b) | 184,888 | ||||||
8,368 | Federal Agricultural Mortgage Corp., Class C | 278,654 | ||||||
73,712 | FelCor Lodging Trust, Inc. REIT | 790,930 | ||||||
12,730 | Fidelity & Guaranty Life | 302,338 | ||||||
4,593 | Financial Engines, Inc. | 183,123 | ||||||
11,778 | Financial Institutions, Inc. | 296,099 | ||||||
17,531 | First Bancorp | 317,662 | ||||||
206,077 | First BanCorp(b) | 1,073,661 | ||||||
69,295 | First Busey Corp. | 433,094 | ||||||
13,754 | First Cash Financial Services, Inc.(b) | 812,586 | ||||||
4,571 | First Citizens BancShares, Inc., Class A | 1,148,281 | ||||||
102,987 | First Commonwealth Financial Corp. | 962,928 | ||||||
21,299 | First Community Bancshares, Inc. | 348,665 | ||||||
11,005 | First Connecticut Bancorp, Inc. | 172,118 | ||||||
10,811 | First Defiance Financial Corp. | 331,141 | ||||||
76,110 | First Financial Bancorp | 1,334,969 | ||||||
28,857 | First Financial Bankshares, Inc.(c) | 917,075 | �� | |||||
11,391 | First Financial Corp. | 395,040 | ||||||
57,510 | First Industrial Realty Trust, Inc. REIT | 1,123,170 | ||||||
18,866 | First Interstate BancSystem, Inc., Class A | 553,528 | ||||||
24,168 | First Merchants Corp. | 547,405 | ||||||
62,837 | First Midwest Bancorp, Inc. | 1,055,033 | ||||||
7,663 | First of Long Island Corp. (The) | 201,843 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
67,713 | First Potomac Realty Trust REIT | $ | 846,413 | |||||
23,705 | Flagstar Bancorp, Inc.(b) | 372,643 | ||||||
31,115 | Flushing Financial Corp. | 626,656 | ||||||
59,224 | Forest City Enterprises, Inc., Class A(b) | 1,237,189 | ||||||
1,248 | Forest City Enterprises, Inc., Class B(b) | 25,971 | ||||||
25,284 | Forestar Group, Inc.(b) | 441,206 | ||||||
83,745 | Franklin Street Properties Corp., Class C REIT | 1,004,103 | ||||||
24,940 | FXCM, Inc., Class A | 410,512 | ||||||
21,738 | Gain Capital Holdings, Inc. | 186,077 | ||||||
2,727 | GAMCO Investors, Inc., Class A | 225,305 | ||||||
49,047 | Geo Group, Inc. (The) REIT | 1,958,937 | ||||||
9,984 | German American Bancorp, Inc. | 298,222 | ||||||
26,966 | Getty Realty Corp. REIT | 501,837 | ||||||
107,353 | GFI Group, Inc. | 590,442 | ||||||
54,660 | Glacier Bancorp, Inc. | 1,568,195 | ||||||
16,021 | Gladstone Commercial Corp. REIT | 289,980 | ||||||
107,839 | Glimcher Realty Trust REIT | 1,480,629 | ||||||
7,665 | Global Indemnity PLC(b) | 222,132 | ||||||
49,984 | Government Properties Income Trust REIT | 1,140,635 | ||||||
60,285 | Gramercy Property Trust, Inc. REIT | 376,781 | ||||||
11,953 | Great Southern Bancorp, Inc. | 454,334 | ||||||
24,170 | Green Dot Corp., Class A(b) | 577,663 | ||||||
19,724 | Greenhill & Co., Inc. | 887,580 | ||||||
21,448 | Greenlight Capital Re Ltd., Class A(b) | 695,988 | ||||||
30,927 | Hallmark Financial Services, Inc.(b) | 360,609 | ||||||
16,800 | Hanmi Financial Corp. | 360,360 | ||||||
3,682 | HCI Group, Inc. | 187,193 | ||||||
115,230 | Healthcare Trust of America, Inc., Class A REIT | 1,479,553 | ||||||
18,722 | Heartland Financial USA, Inc. | 498,005 | ||||||
12,522 | Heritage Financial Corp. | 219,761 | ||||||
170,192 | Hersha Hospitality Trust REIT | 1,240,700 | ||||||
10,583 | HFF, Inc., Class A | 333,153 | ||||||
16,380 | Home BancShares, Inc. | 522,850 | ||||||
27,414 | Home Loan Servicing Solutions Ltd. | 526,623 | ||||||
9,106 | HomeStreet, Inc. | 158,627 | ||||||
14,188 | HomeTrust Bancshares, Inc.(b) | 219,205 | ||||||
50,070 | Horace Mann Educators Corp. | 1,522,629 | ||||||
8,116 | Horizon Bancorp | 208,744 | ||||||
11,089 | Howard Hughes Corp. (The)(b) | 1,634,297 | ||||||
16,401 | Hudson Pacific Properties, Inc. REIT | 447,911 | ||||||
15,099 | Hudson Valley Holding Corp. | 343,351 | ||||||
20,002 | IBERIABANK Corp. | 1,377,338 | ||||||
24,567 | Impac Mortgage Holdings, Inc. REIT(b)(c) | 145,682 | ||||||
17,981 | Independent Bank Corp. | 733,625 | ||||||
13,794 | Infinity Property & Casualty Corp. | 1,007,100 | ||||||
83,798 | Inland Real Estate Corp. REIT | 889,097 | ||||||
68,721 | International Bancshares Corp. | 1,949,615 | ||||||
21,593 | Intervest Bancshares Corp. | 210,532 | ||||||
19,471 | INTL FCStone, Inc.(b) | 352,425 | ||||||
53,400 | Investment Technology Group, Inc.(b) | 957,462 | ||||||
46,644 | Investors Bancorp, Inc. | 501,423 | ||||||
127,192 | Investors Real Estate Trust REIT | 1,068,413 | ||||||
79,264 | iStar Financial, Inc. REIT(b) | 1,124,756 | ||||||
5,099 | Kansas City Life Insurance Co. | 253,063 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
9,225 | Kennedy-Wilson Holdings, Inc. | $ | 249,905 | |||||
21,996 | Kite Realty Group Trust REIT | 569,476 | ||||||
32,634 | Lakeland Bancorp, Inc. | 358,648 | ||||||
12,022 | Lakeland Financial Corp. | 498,192 | ||||||
17,187 | LTC Properties, Inc. REIT | 720,823 | ||||||
84,719 | Maiden Holdings Ltd. | 1,012,392 | ||||||
16,708 | MainSource Financial Group, Inc. | 303,919 | ||||||
7,788 | MarketAxess Holdings, Inc. | 503,494 | ||||||
36,894 | MB Financial, Inc. | 1,164,006 | ||||||
119,724 | MBIA, Inc.(b) | 1,168,506 | ||||||
142,005 | Meadowbrook Insurance Group, Inc. | 904,572 | ||||||
97,687 | Medical Properties Trust, Inc. REIT | 1,317,798 | ||||||
7,690 | Mercantile Bank Corp. | 151,724 | ||||||
5,136 | Merchants Bancshares, Inc. | 153,001 | ||||||
4,280 | Meta Financial Group, Inc. | 160,543 | ||||||
10,422 | Metro Bancorp, Inc.(b) | 260,967 | ||||||
72,987 | MGIC Investment Corp.(b) | 651,044 | ||||||
6,847 | MidWestOne Financial Group, Inc. | 182,678 | ||||||
32,190 | Monmouth Real Estate Investment Corp. REIT | 360,528 | ||||||
48,927 | Montpelier Re Holdings Ltd. (Bermuda) | 1,621,441 | ||||||
4,926 | National Bankshares, Inc. | 154,233 | ||||||
9,240 | National Health Investors, Inc. REIT | 609,008 | ||||||
7,609 | National Interstate Corp. | 216,400 | ||||||
112,681 | National Penn Bancshares, Inc. | 1,159,487 | ||||||
3,161 | National Western Life Insurance Co., Class A | 856,631 | ||||||
5,308 | Nationstar Mortgage Holdings, Inc.(b) | 186,417 | ||||||
14,844 | Navigators Group, Inc. (The)(b) | 1,010,728 | ||||||
43,631 | NBT Bancorp, Inc. | 1,120,444 | ||||||
20,347 | Nelnet, Inc., Class A | 968,314 | ||||||
48,901 | New York Mortgage Trust, Inc. REIT(c) | 381,917 | ||||||
47,725 | Newcastle Investment Corp. REIT | 1,152,559 | ||||||
17,187 | NewStar Financial, Inc.(b) | 235,118 | ||||||
15,455 | Nicholas Financial, Inc.(b) | 188,706 | ||||||
25,628 | NMI Holdings, Inc., Class A(b) | 229,371 | ||||||
26,948 | Northfield Bancorp, Inc. | 383,740 | ||||||
52,004 | Northstar Asset Management Group, Inc.(b) | 942,312 | ||||||
63,604 | NorthStar Realty Finance Corp. REIT | 1,181,762 | ||||||
102,076 | Northwest Bancshares, Inc. | 1,309,635 | ||||||
10,773 | OceanFirst Financial Corp. | 178,509 | ||||||
38,323 | OFG Bancorp | 596,689 | ||||||
108,426 | Old National Bancorp | 1,577,598 | ||||||
9,413 | OmniAmerican Bancorp, Inc. | 254,528 | ||||||
12,490 | One Liberty Properties, Inc. REIT | 285,896 | ||||||
32,696 | OneBeacon Insurance Group Ltd., Class A | 520,847 | ||||||
12,303 | Oppenheimer Holdings, Inc., Class A | 302,039 | ||||||
32,071 | Oritani Financial Corp. | 473,689 | ||||||
14,288 | Pacific Continental Corp. | 206,033 | ||||||
9,669 | Pacific Premier Bancorp, Inc.(b) | 156,541 | ||||||
18,909 | PacWest Bancorp | 806,658 | ||||||
12,861 | Park National Corp.(c) | 1,085,083 | ||||||
31,119 | Park Sterling Corp. | 238,372 | ||||||
29,804 | Parkway Properties, Inc. REIT | 597,570 | ||||||
28,674 | Pebblebrook Hotel Trust REIT | 1,221,512 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
4,056 | Penns Woods Bancorp, Inc. | $ | 196,838 | |||||
65,324 | Pennsylvania Real Estate Investment Trust REIT | 1,399,893 | ||||||
63,549 | PennyMac Mortgage Investment Trust REIT | 1,372,023 | ||||||
11,343 | Peoples Bancorp, Inc. | 279,605 | ||||||
30,613 | Phoenix Cos., Inc. (The)(b) | 1,817,188 | ||||||
13,888 | PICO Holdings, Inc.(b) | 306,925 | ||||||
21,287 | Pinnacle Financial Partners, Inc. | 834,450 | ||||||
20,797 | Piper Jaffray Cos.(b) | 1,174,199 | ||||||
17,854 | Portfolio Recovery Associates, Inc.(b) | 1,129,266 | ||||||
29,996 | Post Properties, Inc. REIT | 1,677,976 | ||||||
33,590 | Potlatch Corp. REIT | 1,477,624 | ||||||
40,155 | PrivateBancorp, Inc. | 1,297,810 | ||||||
10,207 | Provident Financial Holdings, Inc. | 148,818 | ||||||
66,691 | Provident Financial Services, Inc. | 1,215,777 | ||||||
11,363 | PS Business Parks, Inc. REIT | 956,992 | ||||||
52,911 | Radian Group, Inc. | 891,550 | ||||||
103,145 | RAIT Financial Trust REIT | 756,053 | ||||||
43,185 | Ramco-Gershenson Properties Trust REIT | 754,874 | ||||||
85,460 | Redwood Trust, Inc. REIT(c) | 1,605,793 | ||||||
7,983 | Regional Management Corp.(b) | 93,082 | ||||||
23,619 | Renasant Corp. | 712,113 | ||||||
11,723 | Republic Bancorp, Inc., Class A | 284,283 | ||||||
161,284 | Resource Capital Corp. REIT | 853,192 | ||||||
29,431 | Retail Opportunity Investments Corp. REIT | 480,903 | ||||||
18,402 | Rouse Properties, Inc. REIT(c) | 335,100 | ||||||
32,860 | Ryman Hospitality Properties, Inc. REIT(c) | 1,621,641 | ||||||
29,072 | S&T Bancorp, Inc. | 802,096 | ||||||
41,103 | Sabra Health Care REIT, Inc. REIT | 1,174,313 | ||||||
11,285 | Safeguard Scientifics, Inc.(b) | 225,136 | ||||||
19,021 | Safety Insurance Group, Inc. | 1,186,530 | ||||||
22,947 | Sandy Spring Bancorp, Inc. | 592,033 | ||||||
9,350 | Saul Centers, Inc. REIT | 513,783 | ||||||
50,494 | SEI Investments Co. | 1,952,098 | ||||||
19,713 | Select Income REIT | 483,166 | ||||||
72,600 | Selective Insurance Group, Inc. | 1,874,532 | ||||||
9,730 | Sierra Bancorp | 166,967 | ||||||
27,253 | Silver Bay Realty Trust Corp. REIT | 461,393 | ||||||
13,676 | Simmons First National Corp., Class A | 574,255 | ||||||
8,998 | South State Corp. | 542,669 | ||||||
18,009 | Southside Bancshares, Inc.(c) | 604,742 | ||||||
16,045 | Southwest Bancorp, Inc. | 289,291 | ||||||
17,361 | Sovran Self Storage, Inc. REIT | 1,477,247 | ||||||
96,219 | Spirit Realty Capital, Inc. REIT | 1,145,006 | ||||||
15,817 | Springleaf Holdings, Inc.(b) | 591,872 | ||||||
24,740 | St. Joe Co. (The)(b) | 473,771 | ||||||
14,510 | STAG Industrial, Inc., Class A REIT | 354,044 | ||||||
16,413 | State Auto Financial Corp. | 343,524 | ||||||
24,605 | State Bank Financial Corp. | 440,922 | ||||||
38,933 | Sterling Bancorp | 547,398 | ||||||
23,054 | Stewart Information Services Corp. | 814,267 | ||||||
10,193 | Stock Yards Bancorp, Inc. | 339,223 | ||||||
67,087 | Strategic Hotels & Resorts, Inc. REIT(b) | 862,068 | ||||||
11,839 | Suffolk Bancorp | 271,823 | ||||||
50,151 | Summit Hotel Properties, Inc. REIT | 583,758 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
23,059 | Sun Communities, Inc. REIT | $ | 1,336,730 | |||||
100,598 | Sunstone Hotel Investors, Inc. REIT | 1,540,155 | ||||||
54,888 | SWS Group, Inc.(b) | 405,622 | ||||||
41,872 | Tanger Factory Outlet Centers, Inc. REIT | 1,497,761 | ||||||
4,799 | Tejon Ranch Co.(b) | 144,834 | ||||||
8,279 | Terreno Realty Corp. REIT | 174,356 | ||||||
9,469 | Territorial Bancorp, Inc. | 203,394 | ||||||
18,021 | Texas Capital Bancshares, Inc.(b) | 1,101,984 | ||||||
49,077 | TFS Financial Corp. | 733,210 | ||||||
12,861 | Third Point Reinsurance Ltd.(b) | 196,773 | ||||||
9,013 | Tompkins Financial Corp. | 452,453 | ||||||
27,655 | TowneBank | 419,250 | ||||||
15,138 | Trico Bancshares | 398,129 | ||||||
102,286 | TrustCo Bank Corp. NY | 746,688 | ||||||
24,208 | UMB Financial Corp. | 1,442,313 | ||||||
17,335 | UMH Properties, Inc. REIT | 175,084 | ||||||
97,561 | Umpqua Holdings Corp. | 1,717,074 | ||||||
20,678 | Union Bankshares Corp. | 464,841 | ||||||
49,492 | United Bankshares, Inc. | 1,696,586 | ||||||
19,808 | United Community Banks, Inc. | 357,138 | ||||||
24,794 | United Financial Bancorp, Inc. | 347,860 | ||||||
23,010 | United Fire Group, Inc. | 747,365 | ||||||
6,652 | Universal Health Realty Income Trust REIT | 322,289 | ||||||
26,818 | Universal Insurance Holdings, Inc. | 469,315 | ||||||
23,108 | Univest Corp. of Pennsylvania | 474,176 | ||||||
2,673 | Urstadt Biddle Properties, Inc. REIT | 49,130 | ||||||
19,940 | Urstadt Biddle Properties, Inc., Class A REIT | 431,302 | ||||||
20,228 | ViewPoint Financial Group, Inc. | 551,618 | ||||||
1,386 | Virtus Investment Partners, Inc. | 248,385 | ||||||
13,883 | Walker & Dunlop, Inc.(b) | 223,655 | ||||||
30,405 | Walter Investment Management Corp.(b) | 690,802 | ||||||
11,995 | Washington Trust Bancorp, Inc. | 460,248 | ||||||
21,995 | Waterstone Financial, Inc. | 269,219 | ||||||
32,100 | WesBanco, Inc. | 1,106,166 | ||||||
22,954 | Westamerica Bancorp.(c) | 1,132,550 | ||||||
31,537 | Western Alliance Bancorp(b) | 839,515 | ||||||
16,919 | Western Asset Mortgage Capital Corp. REIT(c) | 254,123 | ||||||
24,405 | Westfield Financial, Inc. | 172,543 | ||||||
4,397 | Westwood Holdings Group, Inc. | 296,798 | ||||||
14,186 | Whitestone REIT(c) | 212,790 | ||||||
36,861 | Wilshire Bancorp, Inc. | 364,924 | ||||||
35,756 | Winthrop Realty Trust REIT | 558,866 | ||||||
26,262 | Wintrust Financial Corp. | 1,216,456 | ||||||
8,158 | World Acceptance Corp.(b)(c) | 584,602 | ||||||
5,075 | WSFS Financial Corp. | 399,149 | ||||||
9,331 | Yadkin Financial Corp.(b) | 181,115 | ||||||
|
| |||||||
228,074,193 | ||||||||
|
| |||||||
Health Care—8.2% | ||||||||
6,486 | Abaxis, Inc. | 341,553 | ||||||
5,529 | Acadia Healthcare Co., Inc.(b) | 343,075 | ||||||
20,503 | Accuray, Inc.(b)(c) | 129,784 | ||||||
9,004 | Acorda Therapeutics, Inc.(b) | 313,519 | ||||||
47,135 | Affymetrix, Inc.(b) | 424,686 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
14,262 | Air Methods Corp.(b) | $ | 673,594 | |||||
7,230 | Akorn, Inc.(b) | 322,097 | ||||||
12,594 | Albany Molecular Research, Inc.(b) | 292,936 | ||||||
11,682 | Align Technology, Inc.(b) | 614,707 | ||||||
14,866 | Alkermes PLC(b) | 751,476 | ||||||
10,508 | Alliance HealthCare Services, Inc.(b) | 253,558 | ||||||
87,406 | Allscripts Healthcare Solutions, Inc.(b) | 1,199,210 | ||||||
10,255 | Almost Family, Inc.(b) | 301,907 | ||||||
87,893 | Amedisys, Inc.(b) | 2,294,007 | ||||||
46,587 | AMN Healthcare Services, Inc.(b) | 798,967 | ||||||
33,818 | Amsurg Corp.(b) | 1,826,510 | ||||||
5,510 | Analogic Corp. | 401,899 | ||||||
26,150 | AngioDynamics, Inc.(b) | 444,550 | ||||||
2,108 | athenahealth, Inc.(b) | 258,230 | ||||||
904 | Atrion Corp. | 298,329 | ||||||
6,852 | Auxilium Pharmaceuticals, Inc.(b)(c) | 220,429 | ||||||
10,794 | BioMarin Pharmaceutical, Inc.(b) | 890,505 | ||||||
19,673 | Bio-Reference Laboratories, Inc.(b)(c) | 590,977 | ||||||
84,373 | BioScrip, Inc.(b)(c) | 545,050 | ||||||
50,079 | Brookdale Senior Living, Inc.(b) | 1,688,163 | ||||||
49,254 | Bruker Corp.(b) | 1,021,035 | ||||||
14,715 | Cambrex Corp.(b) | 310,192 | ||||||
7,781 | Cantel Medical Corp. | 329,914 | ||||||
12,327 | Capital Senior Living Corp.(b) | 277,358 | ||||||
5,445 | Cepheid, Inc.(b) | 288,639 | ||||||
28,951 | Charles River Laboratories International, Inc.(b) | 1,828,545 | ||||||
11,544 | Chemed Corp. | 1,193,188 | ||||||
5,316 | Computer Programs & Systems, Inc. | 334,802 | ||||||
16,727 | CONMED Corp. | 702,367 | ||||||
5,215 | CorVel Corp.(b) | 179,500 | ||||||
42,029 | Cross Country Healthcare, Inc.(b) | 406,420 | ||||||
19,360 | Cubist Pharmaceuticals, Inc.(b) | 1,399,534 | ||||||
5,474 | Cyberonics, Inc.(b) | 287,385 | ||||||
6,610 | Cynosure, Inc., Class A(b) | 167,167 | ||||||
12,652 | Emergent Biosolutions, Inc.(b) | 286,188 | ||||||
13,153 | Ensign Group, Inc. (The) | 509,284 | ||||||
17,256 | Envision Healthcare Holdings, Inc.(b) | 603,097 | ||||||
301,736 | Enzon Pharmaceuticals, Inc. | 268,545 | ||||||
6,921 | Exactech, Inc.(b) | 147,417 | ||||||
9,022 | ExamWorks Group, Inc.(b) | 349,873 | ||||||
37,625 | Exelixis, Inc.(b)(c) | 63,963 | ||||||
125,255 | Five Star Quality Care, Inc.(b) | 517,303 | ||||||
110,131 | Gentiva Health Services, Inc.(b) | 2,169,581 | ||||||
16,614 | Globus Medical, Inc., Class A(b) | 368,332 | ||||||
20,064 | Greatbatch, Inc.(b) | 1,007,012 | ||||||
32,264 | Haemonetics Corp.(b) | 1,216,998 | ||||||
29,449 | Hanger, Inc.(b) | 704,715 | ||||||
49,102 | Healthways, Inc.(b) | 761,081 | ||||||
42,577 | Hill-Rom Holdings, Inc. | 1,893,825 | ||||||
34,911 | HMS Holdings Corp.(b) | 810,983 | ||||||
26,972 | ICON PLC (Ireland)(b) | 1,418,997 | ||||||
8,526 | ICU Medical, Inc.(b) | 604,493 | ||||||
13,419 | IDEXX Laboratories, Inc.(b) | 1,901,070 | ||||||
49,048 | Impax Laboratories, Inc.(b) | 1,420,921 | ||||||
11,510 | Infinity Pharmaceuticals, Inc.(b) | 156,766 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
16,103 | Integra LifeSciences Holdings Corp.(b) | $ | 823,024 | |||||
52,134 | Invacare Corp. | 819,025 | ||||||
8,433 | IPC The Hospitalist Co., Inc.(b) | 351,319 | ||||||
3,058 | Isis Pharmaceuticals, Inc.(b) | 140,852 | ||||||
5,680 | Jazz Pharmaceuticals PLC(b) | 959,011 | ||||||
8,421 | Landauer, Inc. | 301,388 | ||||||
16,550 | LHC Group, Inc.(b) | 402,993 | ||||||
15,204 | Luminex Corp.(b) | 288,876 | ||||||
31,376 | Masimo Corp.(b) | 791,930 | ||||||
38,133 | MedAssets, Inc.(b) | 825,961 | ||||||
23,091 | Medicines Co. (The)(b) | 584,664 | ||||||
3,054 | Medidata Solutions, Inc.(b) | 137,766 | ||||||
28,015 | Meridian Bioscience, Inc. | 519,398 | ||||||
33,429 | Merit Medical Systems, Inc.(b) | 506,449 | ||||||
16,472 | Momenta Pharmaceuticals, Inc.(b) | 179,710 | ||||||
6,027 | MWI Veterinary Supply, Inc.(b) | 1,022,511 | ||||||
22,704 | Myriad Genetics, Inc.(b)(c) | 896,581 | ||||||
9,716 | National Healthcare Corp. | 585,972 | ||||||
13,274 | Natus Medical, Inc.(b) | 451,316 | ||||||
7,679 | Neogen Corp.(b) | 337,108 | ||||||
19,928 | NuVasive, Inc.(b) | 815,055 | ||||||
15,693 | NxStage Medical, Inc.(b) | 237,906 | ||||||
13,438 | Omnicell, Inc.(b) | 434,182 | ||||||
30,279 | Orthofix International NV(b) | 888,689 | ||||||
27,148 | PAREXEL International Corp.(b) | 1,474,408 | ||||||
58,225 | PharMerica Corp.(b) | 1,670,475 | ||||||
29,898 | Prestige Brands Holdings, Inc.(b) | 1,058,987 | ||||||
22,935 | Providence Service Corp. (The)(b) | 1,013,268 | ||||||
44,104 | QLT, Inc. (Canada)(b) | 175,534 | ||||||
41,248 | Quality Systems, Inc. | 623,257 | ||||||
8,411 | Quidel Corp.(b) | 240,134 | ||||||
9,395 | Quintiles Transnational Holdings, Inc.(b) | 549,983 | ||||||
133,602 | RadNet, Inc.(b) | 1,242,499 | ||||||
2,650 | Regeneron Pharmaceuticals, Inc.(b) | 1,043,358 | ||||||
58,188 | Rigel Pharmaceuticals, Inc.(b) | 115,212 | ||||||
64,521 | RTI Surgical, Inc.(b) | 328,412 | ||||||
7,391 | Salix Pharmaceuticals Ltd.(b) | 1,063,195 | ||||||
34,449 | SciClone Pharmaceuticals, Inc.(b) | 263,190 | ||||||
3,189 | Seattle Genetics, Inc.(b) | 116,941 | ||||||
67,347 | Select Medical Holdings Corp. | 971,144 | ||||||
24,451 | Sirona Dental Systems, Inc.(b) | 1,920,626 | ||||||
44,778 | Skilled Healthcare Group, Inc., Class A(b) | 310,312 | ||||||
27,282 | Spectrum Pharmaceuticals, Inc.(b)(c) | 206,798 | ||||||
7,719 | Surgical Care Affiliates, Inc.(b) | 236,819 | ||||||
7,592 | SurModics, Inc.(b) | 164,367 | ||||||
51,726 | Symmetry Medical, Inc.(b) | 512,087 | ||||||
15,588 | Syneron Medical Ltd. (Israel)(b) | 145,904 | ||||||
3,989 | Taro Pharmaceutical Industries Ltd. (Israel)(b) | 645,979 | ||||||
26,877 | Team Health Holdings, Inc.(b) | 1,680,888 | ||||||
11,474 | Techne Corp. | 1,044,708 | ||||||
24,177 | Thoratec Corp.(b) | 657,131 | ||||||
11,966 | Tornier NV(b) | 334,450 | ||||||
59,156 | Triple-S Management Corp., Class B(b) | 1,309,714 | ||||||
14,721 | United Therapeutics Corp.(b) | 1,928,009 | ||||||
109,835 | Universal American Corp.(b) | 1,023,662 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
7,862 | US Physical Therapy, Inc. | $ | 339,245 | |||||
11,732 | Vertex Pharmaceuticals, Inc.(b) | 1,321,493 | ||||||
23,785 | VIVUS, Inc.(b)(c) | 80,631 | ||||||
24,033 | Volcano Corp.(b) | 243,214 | ||||||
30,744 | West Pharmaceutical Services, Inc. | 1,575,630 | ||||||
19,420 | Wright Medical Group, Inc.(b) | 614,060 | ||||||
|
| |||||||
83,673,618 | ||||||||
|
| |||||||
Industrials—16.9% | ||||||||
27,064 | A.O. Smith Corp. | 1,443,864 | ||||||
13,333 | AAON, Inc. | 261,993 | ||||||
54,477 | AAR Corp. | 1,443,640 | ||||||
40,581 | Acacia Research Corp.(c) | 730,458 | ||||||
206,065 | ACCO Brands Corp.(b) | 1,695,915 | ||||||
123,783 | Accuride Corp.(b) | 596,634 | ||||||
17,689 | Aceto Corp. | 402,248 | ||||||
41,027 | Actuant Corp., Class A | 1,300,146 | ||||||
13,058 | Acuity Brands, Inc. | 1,820,677 | ||||||
7,075 | Advisory Board Co. (The)(b) | 379,715 | ||||||
53,239 | Aegion Corp., Class A(b) | 975,338 | ||||||
8,779 | Aerovironment, Inc.(b) | 269,076 | ||||||
74,823 | Air Transport Services Group, Inc.(b) | 612,052 | ||||||
92,049 | Aircastle Ltd. | 1,756,295 | ||||||
6,721 | Alamo Group, Inc. | 287,928 | ||||||
19,038 | Albany International Corp., Class A | 719,256 | ||||||
2,239 | Allegiant Travel Co. | 298,839 | ||||||
34,320 | Allison Transmission Holdings, Inc. | 1,114,714 | ||||||
13,817 | Altra Industrial Motion Corp. | 435,512 | ||||||
6,836 | AMERCO | 1,853,376 | ||||||
26,640 | Ameresco, Inc., Class A(b) | 219,514 | ||||||
3,667 | American Railcar Industries, Inc. | 241,325 | ||||||
6,570 | American Science & Engineering, Inc. | 363,321 | ||||||
6,476 | American Woodmark Corp.(b) | 264,933 | ||||||
16,199 | Apogee Enterprises, Inc. | 711,136 | ||||||
28,490 | Applied Industrial Technologies, Inc. | 1,390,597 | ||||||
51,392 | ARC Document Solutions, Inc.(b) | 521,629 | ||||||
27,344 | ArcBest Corp. | 1,058,213 | ||||||
16,828 | Astec Industries, Inc. | 637,949 | ||||||
2,774 | Astronics Corp.(b) | 143,721 | ||||||
56,124 | Atlas Air Worldwide Holdings, Inc.(b) | 2,072,098 | ||||||
14,293 | AZZ, Inc. | 668,341 | ||||||
37,415 | Baltic Trading Ltd.(c) | 140,306 | ||||||
33,645 | Barnes Group, Inc. | 1,230,061 | ||||||
2,671 | Barrett Business Services, Inc. | 62,795 | ||||||
40,755 | Beacon Roofing Supply, Inc.(b) | 1,127,691 | ||||||
48,662 | Blount International, Inc.(b) | 745,015 | ||||||
92,623 | Box Ships, Inc. (Greece)(b)(c) | 100,033 | ||||||
62,282 | Brady Corp., Class A | 1,484,803 | ||||||
70,762 | Briggs & Stratton Corp. | 1,430,100 | ||||||
20,392 | Builders FirstSource, Inc.(b) | 120,925 | ||||||
10,600 | CAI International, Inc.(b) | 223,130 | ||||||
56,554 | Casella Waste Systems, Inc., Class A(b) | 254,493 | ||||||
70,367 | CBIZ, Inc.(b) | 649,487 | ||||||
23,779 | CDI Corp. | 408,761 | ||||||
19,407 | Celadon Group, Inc. | 377,660 | ||||||
220,705 | Cenveo, Inc.(b) | 503,207 | ||||||
12,817 | Chart Industries, Inc.(b) | 596,631 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
31,023 | China Yuchai International Ltd. | $ | 564,308 | |||||
8,757 | CIRCOR International, Inc. | 658,089 | ||||||
24,160 | CLARCOR, Inc. | 1,617,754 | ||||||
22,251 | Columbus McKinnon Corp. | 633,041 | ||||||
45,930 | Comfort Systems USA, Inc. | 705,485 | ||||||
51,917 | Commercial Vehicle Group, Inc.(b) | 340,056 | ||||||
37,020 | Copart, Inc.(b) | 1,237,949 | ||||||
11,837 | Corporate Executive Board Co. (The) | 872,387 | ||||||
17,639 | Costamare, Inc. (Greece)(c) | 362,834 | ||||||
17,754 | Courier Corp. | 240,922 | ||||||
12,446 | CRA International, Inc.(b) | 373,380 | ||||||
14,859 | Cubic Corp. | 716,798 | ||||||
34,883 | Danaos Corp. (Greece)(b)(c) | 191,159 | ||||||
66,373 | Diana Containerships, Inc. (Greece)(c) | 134,737 | ||||||
100,774 | Diana Shipping, Inc. (Greece)(b)(c) | 851,540 | ||||||
19,852 | DigitalGlobe, Inc.(b) | 567,569 | ||||||
21,805 | Douglas Dynamics, Inc. | 452,018 | ||||||
16,496 | Ducommun, Inc.(b) | 435,659 | ||||||
4,334 | DXP Enterprises, Inc.(b) | 287,301 | ||||||
40,904 | Dycom Industries, Inc.(b) | 1,283,977 | ||||||
9,242 | Dynamic Materials Corp. | 168,297 | ||||||
12,817 | Echo Global Logistics, Inc.(b) | 334,908 | ||||||
13,229 | Encore Wire Corp. | 501,908 | ||||||
32,186 | Engility Holdings, Inc.(b) | 1,390,435 | ||||||
47,601 | Ennis, Inc. | 705,923 | ||||||
15,086 | EnPro Industries, Inc.(b) | 973,500 | ||||||
22,893 | ESCO Technologies, Inc. | 870,392 | ||||||
5,572 | Exponent, Inc. | 444,757 | ||||||
41,121 | Federal Signal Corp. | 583,918 | ||||||
14,288 | Forward Air Corp. | 683,967 | ||||||
17,676 | Franklin Electric Co., Inc. | 660,022 | ||||||
11,953 | FreightCar America, Inc. | 394,090 | ||||||
22,587 | Furmanite Corp.(b) | 168,951 | ||||||
18,196 | G&K Services, Inc., Class A | 1,147,622 | ||||||
27,973 | GenCorp, Inc.(b)(c) | 474,422 | ||||||
34,746 | Gibraltar Industries, Inc.(b) | 529,876 | ||||||
33,977 | Global Brass & Copper Holdings, Inc. | 475,678 | ||||||
21,927 | Global Power Equipment Group, Inc. | 298,865 | ||||||
9,853 | Gorman-Rupp Co. (The) | 312,734 | ||||||
10,134 | GP Strategies Corp.(b) | 336,043 | ||||||
20,924 | Graco, Inc. | 1,642,534 | ||||||
38,595 | Granite Construction, Inc. | 1,424,541 | ||||||
71,341 | Great Lakes Dredge & Dock Corp.(b) | 498,674 | ||||||
21,103 | Greenbrier Cos., Inc. (The)(c) | 1,319,782 | ||||||
63,426 | Griffon Corp. | 779,506 | ||||||
32,474 | H&E Equipment Services, Inc. | 1,214,203 | ||||||
14,721 | Hardinge, Inc. | 165,170 | ||||||
28,502 | Hawaiian Holdings, Inc.(b) | 494,225 | ||||||
53,082 | HD Supply Holdings, Inc.(b) | 1,530,885 | ||||||
37,518 | Healthcare Services Group, Inc. | 1,117,286 | ||||||
33,707 | Heartland Express, Inc. | 847,394 | ||||||
5,219 | HEICO Corp. | 283,079 | ||||||
10,627 | HEICO Corp., Class A | 486,185 | ||||||
24,946 | Heidrick & Struggles International, Inc. | 519,376 | ||||||
41,387 | Herman Miller, Inc. | 1,324,384 | ||||||
49,671 | Hillenbrand, Inc. | 1,653,548 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
46,665 | HNI Corp. | $ | 2,176,922 | |||||
18,765 | Houston Wire & Cable Co. | 254,453 | ||||||
40,358 | Hub Group, Inc., Class A(b) | 1,464,592 | ||||||
6,972 | Hurco Cos., Inc. | 268,631 | ||||||
13,151 | Huron Consulting Group, Inc.(b) | 915,441 | ||||||
6,665 | Hyster-Yale Materials Handling, Inc. | 523,136 | ||||||
16,337 | ICF International, Inc.(b) | 593,687 | ||||||
49,071 | InnerWorkings, Inc.(b) | 445,565 | ||||||
30,903 | Insperity, Inc. | 975,299 | ||||||
14,756 | Insteel Industries, Inc. | 351,783 | ||||||
41,366 | Interface, Inc. | 663,097 | ||||||
9,834 | International Shipholding Corp. | 197,073 | ||||||
26,625 | Intersections, Inc.(c) | 106,500 | ||||||
18,825 | Jinpan International Ltd. (China) | 144,576 | ||||||
21,916 | John Bean Technologies Corp. | 656,823 | ||||||
10,171 | Kadant, Inc. | 420,469 | ||||||
27,159 | Kaman Corp. | 1,169,467 | ||||||
73,333 | Kelly Services, Inc., Class A | 1,292,861 | ||||||
13,350 | KEYW Holding Corp. (The)(b)(c) | 135,502 | ||||||
22,366 | Kforce, Inc. | 517,773 | ||||||
34,539 | Kimball International, Inc., Class B | 621,011 | ||||||
41,386 | Knight Transportation, Inc. | 1,210,954 | ||||||
51,287 | Knightsbridge Shipping Ltd. (Bermuda)(c) | 450,300 | ||||||
48,460 | Knoll, Inc. | 963,869 | ||||||
35,490 | Korn/Ferry International(b) | 991,236 | ||||||
67,702 | Kratos Defense & Security Solutions, Inc.(b) | 471,883 | ||||||
27,719 | Landstar System, Inc. | 2,051,483 | ||||||
54,528 | Layne Christensen Co.(b) | 392,602 | ||||||
8,444 | LB Foster Co., Class A | 456,736 | ||||||
5,312 | Lindsay Corp.(c) | 465,862 | ||||||
17,127 | LMI Aerospace, Inc.(b) | 225,734 | ||||||
9,770 | LS Starrett Co. (The), Class A | 144,401 | ||||||
32,902 | LSI Industries, Inc. | 235,578 | ||||||
16,248 | Lydall, Inc.(b) | 502,551 | ||||||
28,301 | Macquarie Infrastructure Co. LLC | 2,027,484 | ||||||
21,284 | Marten Transport Ltd. | 417,592 | ||||||
13,118 | Masonite International Corp.(b) | 709,159 | ||||||
47,245 | MasTec, Inc.(b) | 1,353,097 | ||||||
276,447 | Matson, Inc. | 7,875,975 | ||||||
21,881 | Matthews International Corp., Class A | 1,008,276 | ||||||
19,728 | McGrath RentCorp | 720,664 | ||||||
132,547 | Metalico, Inc.(b)(c) | 82,179 | ||||||
73,901 | MFC Industrial Ltd. (Canada)(c) | 459,664 | ||||||
12,026 | Middleby Corp. (The)(b) | 1,064,301 | ||||||
12,514 | Miller Industries, Inc. | 247,402 | ||||||
12,808 | Mistras Group, Inc.(b) | 211,204 | ||||||
27,974 | Mobile Mini, Inc. | 1,226,100 | ||||||
23,594 | MSA Safety, Inc. | 1,355,947 | ||||||
39,242 | Mueller Industries, Inc. | 1,273,795 | ||||||
97,787 | Mueller Water Products, Inc., Class A | 965,158 | ||||||
12,050 | Multi-Color Corp. | 594,065 | ||||||
28,098 | MYR Group, Inc.(b) | 728,862 | ||||||
9,914 | National Presto Industries, Inc.(c) | 625,177 | ||||||
59,434 | Navigant Consulting, Inc.(b) | 914,689 | ||||||
123,815 | Navios Maritime Holdings, Inc.(c) | 729,270 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
14,282 | NCI Building Systems, Inc.(b) | $ | 283,783 | |||||
10,766 | NN, Inc. | 269,150 | ||||||
21,095 | Nordson Corp. | 1,614,822 | ||||||
12,799 | Nortek, Inc.(b) | 1,065,901 | ||||||
13,495 | Northwest Pipe Co.(b) | 482,851 | ||||||
20,742 | On Assignment, Inc.(b) | 603,592 | ||||||
48,618 | Orbital Sciences Corp.(b) | 1,278,653 | ||||||
36,225 | Orion Marine Group, Inc.(b) | 397,026 | ||||||
43,751 | Paragon Shipping, Inc., Class A (Greece)(b)(c) | 159,691 | ||||||
8,513 | Park-Ohio Holdings Corp. | 452,125 | ||||||
49,132 | Pike Corp.(b) | 586,636 | ||||||
15,311 | Ply Gem Holdings, Inc.(b) | 173,780 | ||||||
27,734 | PMFG, Inc.(b) | 145,881 | ||||||
35,436 | Polypore International, Inc.(b) | 1,556,349 | ||||||
7,843 | Powell Industries, Inc. | 357,092 | ||||||
2,642 | Preformed Line Products Co. | 150,568 | ||||||
13,528 | Primoris Services Corp. | 388,524 | ||||||
69,088 | Quad Graphics, Inc. | 1,523,390 | ||||||
34,146 | Quality Distribution, Inc.(b) | 442,532 | ||||||
34,433 | Quanex Building Products Corp. | 689,349 | ||||||
17,266 | Raven Industries, Inc. | 437,693 | ||||||
10,566 | RBC Bearings, Inc. | 641,885 | ||||||
36,429 | Resources Connection, Inc. | 563,557 | ||||||
26,606 | Rexnord Corp.(b) | 786,207 | ||||||
22,309 | Roadrunner Transportation Systems, Inc.(b) | 459,788 | ||||||
24,947 | Rollins, Inc. | 795,061 | ||||||
10,477 | RPX Corp.(b) | 147,202 | ||||||
39,975 | Rush Enterprises, Inc., Class A(b) | 1,523,048 | ||||||
7,908 | Rush Enterprises, Inc., Class B(b) | 255,666 | ||||||
48,476 | Safe Bulkers, Inc. (Greece)(c) | 258,862 | ||||||
23,463 | Saia, Inc.(b) | 1,150,156 | ||||||
65,378 | Seaspan Corp.(c) | 1,333,711 | ||||||
22,402 | Simpson Manufacturing Co., Inc. | 741,058 | ||||||
21,258 | SP Plus Corp.(b) | 463,850 | ||||||
5,253 | Sparton Corp.(b) | 142,356 | ||||||
5,167 | Spirit Airlines, Inc.(b) | 377,759 | ||||||
9,309 | Standex International Corp. | 802,901 | ||||||
44,218 | Star Bulk Carriers Corp. (Greece)(b)(c) | 456,330 | ||||||
23,458 | Sterling Construction Co., Inc.(b) | 206,900 | ||||||
6,417 | Sun Hydraulics Corp. | 255,461 | ||||||
59,313 | Swift Transportation Co.(b) | 1,465,031 | ||||||
35,249 | TAL International Group, Inc.(b) | 1,520,289 | ||||||
13,653 | Team, Inc.(b) | 575,337 | ||||||
42,151 | Tecumseh Products Co.(b) | 155,537 | ||||||
9,892 | Tennant Co. | 729,337 | ||||||
62,636 | Tetra Tech, Inc. | 1,679,271 | ||||||
17,956 | Textainer Group Holdings Ltd.(c) | 618,405 | ||||||
12,394 | Thermon Group Holdings, Inc.(b) | 302,042 | ||||||
49,435 | Titan International, Inc. | 522,034 | ||||||
50,739 | Titan Machinery, Inc.(b)(c) | 698,169 | ||||||
22,888 | Toro Co. (The) | 1,412,876 | ||||||
7,102 | Trex Co., Inc.(b) | 305,386 | ||||||
30,144 | TriMas Corp.(b) | 954,359 | ||||||
36,471 | TrueBlue, Inc.(b) | 901,563 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
9,850 | Twin Disc, Inc. | $ | 256,297 | |||||
9,016 | UniFirst Corp. | 1,005,825 | ||||||
21,159 | Universal Forest Products, Inc. | 1,057,315 | ||||||
9,883 | US Ecology, Inc. | 496,917 | ||||||
17,964 | USA Truck, Inc.(b) | 303,592 | ||||||
29,823 | USG Corp.(b)(c) | 801,046 | ||||||
27,335 | Verisk Analytics, Inc., Class A(b) | 1,704,337 | ||||||
28,693 | Viad Corp. | 731,958 | ||||||
6,102 | VSE Corp. | 367,829 | ||||||
36,139 | Wabash National Corp.(b) | 372,232 | ||||||
19,329 | Wabtec Corp. | 1,668,093 | ||||||
3,123 | WageWorks, Inc.(b) | 178,042 | ||||||
16,941 | Watts Water Technologies, Inc., Class A | 1,027,133 | ||||||
32,682 | Wesco Aircraft Holdings, Inc.(b) | 580,106 | ||||||
29,331 | West Corp. | 938,592 | ||||||
39,779 | Woodward, Inc. | 2,037,083 | ||||||
15,257 | Xerium Technologies, Inc.(b) | 227,634 | ||||||
|
| |||||||
172,492,317 | ||||||||
|
| |||||||
Information Technology—17.0% | ||||||||
6,020 | 3D Systems Corp.(b)(c) | 227,556 | ||||||
42,062 | ACI Worldwide, Inc.(b) | 809,273 | ||||||
11,314 | Actua Corp.(b) | 212,703 | ||||||
33,491 | Actuate Corp.(b) | 143,676 | ||||||
29,710 | Acxiom Corp.(b) | 559,736 | ||||||
36,228 | ADTRAN, Inc. | 768,396 | ||||||
17,474 | Advanced Energy Industries, Inc.(b) | 345,636 | ||||||
14,732 | Advent Software, Inc. | 509,138 | ||||||
15,199 | Agilysys, Inc.(b) | 171,749 | ||||||
25,022 | Alpha & Omega Semiconductor Ltd.(b) | 231,954 | ||||||
18,774 | American Software, Inc., Class A | 181,357 | ||||||
45,670 | ARRIS Group, Inc.(b) | 1,371,013 | ||||||
18,382 | Aruba Networks, Inc.(b) | 396,684 | ||||||
4,017 | Aspen Technology, Inc.(b) | 148,348 | ||||||
219,747 | Atmel Corp.(b) | 1,630,523 | ||||||
9,372 | AVG Technologies NV(b) | 167,946 | ||||||
146,191 | Aviat Networks, Inc.(b) | 257,296 | ||||||
61,144 | AVX Corp. | 882,919 | ||||||
103,621 | Axcelis Technologies, Inc.(b) | 225,894 | ||||||
6,776 | Badger Meter, Inc. | 385,690 | ||||||
18,180 | Bankrate, Inc.(b) | 197,435 | ||||||
2,850 | Bel Fuse, Inc., Class A | 72,390 | ||||||
12,080 | Bel Fuse, Inc., Class B | 341,743 | ||||||
21,104 | Belden, Inc. | 1,502,394 | ||||||
26,736 | Black Box Corp. | 587,925 | ||||||
17,871 | Blackbaud, Inc. | 795,259 | ||||||
23,178 | Blucora, Inc.(b) | 392,867 | ||||||
8,830 | Bottomline Technologies (de), Inc.(b) | 221,545 | ||||||
5,599 | BroadSoft, Inc.(b) | 128,217 | ||||||
57,230 | Brooks Automation, Inc. | 705,646 | ||||||
31,702 | Cabot Microelectronics Corp.(b) | 1,528,987 | ||||||
93,782 | Cadence Design Systems, Inc.(b) | 1,683,387 | ||||||
32,190 | Calix, Inc.(b) | 347,974 | ||||||
13,457 | Canadian Solar, Inc. (Canada)(b)(c) | 429,278 | ||||||
14,911 | Cardtronics, Inc.(b) | 572,433 | ||||||
3,967 | Cass Information Systems, Inc. | 188,591 | ||||||
6,602 | Cavium, Inc.(b) | 338,749 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
72,081 | CDW Corp. | $ | 2,222,978 | |||||
10,321 | CEVA, Inc.(b) | 168,232 | ||||||
57,517 | Checkpoint Systems, Inc.(b) | 762,675 | ||||||
19,431 | ChipMOS TECHNOLOGIES Bermuda Ltd. (Taiwan) | 417,378 | ||||||
115,214 | Ciber, Inc.(b) | 376,750 | ||||||
22,892 | Ciena Corp.(b) | 383,670 | ||||||
43,535 | Cirrus Logic, Inc.(b) | 840,225 | ||||||
20,025 | Cognex Corp.(b) | 792,189 | ||||||
14,592 | Coherent, Inc.(b) | 950,669 | ||||||
31,536 | Cohu, Inc. | 321,667 | ||||||
31,569 | CommScope Holding Co., Inc.(b) | 679,996 | ||||||
7,176 | CommVault Systems, Inc.(b) | 318,184 | ||||||
12,523 | Computer Task Group, Inc. | 110,202 | ||||||
141,565 | Compuware Corp. | 1,436,885 | ||||||
7,635 | comScore, Inc.(b) | 321,739 | ||||||
25,091 | Comtech Telecommunications Corp. | 955,214 | ||||||
10,185 | Comverse, Inc.(b) | 222,033 | ||||||
4,646 | Concur Technologies, Inc.(b) | 596,175 | ||||||
9,267 | Constant Contact, Inc.(b) | 327,681 | ||||||
38,186 | Conversant, Inc.(b) | 1,346,056 | ||||||
3,382 | CoStar Group, Inc.(b) | 544,806 | ||||||
19,854 | Covisint Corp.(b) | 57,378 | ||||||
11,500 | Cray, Inc.(b) | 398,590 | ||||||
30,397 | CSG Systems International, Inc. | 805,824 | ||||||
23,025 | CTS Corp. | 423,660 | ||||||
74,664 | Cypress Semiconductor Corp.(b) | 739,920 | ||||||
41,037 | Daktronics, Inc. | 546,202 | ||||||
14,690 | Datalink Corp.(b) | 185,829 | ||||||
12,049 | Dealertrack Technologies, Inc.(b) | 566,905 | ||||||
5,896 | Demand Media, Inc.(b) | 41,508 | ||||||
37,397 | Dice Holdings, Inc.(b) | 372,848 | ||||||
32,581 | Digi International, Inc.(b) | 269,771 | ||||||
31,278 | Digital River, Inc.(b) | 799,778 | ||||||
29,372 | Diodes, Inc.(b) | 758,679 | ||||||
30,614 | Dolby Laboratories, Inc., Class A | 1,283,339 | ||||||
30,383 | DSP Group, Inc.(b) | 294,411 | ||||||
11,057 | DTS, Inc.(b) | 329,277 | ||||||
343,480 | EarthLink Holdings Corp. | 1,229,658 | ||||||
26,205 | Eastman Kodak Co.(b)(c) | 565,242 | ||||||
19,685 | Ebix, Inc.(c) | 290,354 | ||||||
19,088 | Electro Rent Corp. | 290,901 | ||||||
41,564 | Electro Scientific Industries, Inc. | 295,104 | ||||||
18,011 | Electronics for Imaging, Inc.(b) | 823,463 | ||||||
99,770 | Emulex Corp.(b) | 564,698 | ||||||
11,424 | EnerNOC, Inc.(b) | 168,732 | ||||||
70,444 | Entegris, Inc.(b) | 956,630 | ||||||
79,477 | Entropic Communications, Inc.(b) | 198,693 | ||||||
4,401 | EPAM Systems, Inc.(b) | 210,104 | ||||||
26,950 | EPIQ Systems, Inc. | 432,278 | ||||||
5,959 | ePlus, Inc.(b) | 363,916 | ||||||
33,882 | Euronet Worldwide, Inc.(b) | 1,818,447 | ||||||
17,126 | EVERTEC, Inc. | 388,760 | ||||||
16,333 | Exar Corp.(b) | 155,980 | ||||||
13,746 | ExlService Holdings, Inc.(b) | 384,751 | ||||||
43,863 | Extreme Networks, Inc.(b) | 157,468 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
21,418 | Fabrinet (Thailand)(b) | $ | 390,022 | |||||
14,234 | FactSet Research Systems, Inc. | 1,870,917 | ||||||
14,326 | Fair Isaac Corp. | 892,510 | ||||||
6,375 | FARO Technologies, Inc.(b) | 357,000 | ||||||
8,968 | FEI Co. | 755,823 | ||||||
42,858 | Finisar Corp.(b) | 716,586 | ||||||
10,116 | FleetCor Technologies, Inc.(b) | 1,523,065 | ||||||
40,501 | FormFactor, Inc.(b) | 322,793 | ||||||
9,216 | Forrester Research, Inc. | 371,220 | ||||||
24,010 | Fortinet, Inc.(b) | 625,461 | ||||||
36,749 | Freescale Semiconductor Ltd.(b)(c) | 730,938 | ||||||
18,484 | Gartner, Inc.(b) | 1,491,844 | ||||||
38,525 | Global Cash Access Holdings, Inc.(b) | 280,847 | ||||||
25,996 | GSI Group, Inc.(b) | 334,049 | ||||||
3,206 | Guidewire Software, Inc.(b) | 160,108 | ||||||
32,946 | Hackett Group, Inc. (The) | 230,951 | ||||||
104,736 | Harmonic, Inc.(b) | 698,589 | ||||||
26,855 | Heartland Payment Systems, Inc. | 1,387,061 | ||||||
13,243 | Hollysys Automation Technologies Ltd. (China)(b) | 324,851 | ||||||
6,196 | HomeAway, Inc.(b) | 216,240 | ||||||
79,069 | Hutchinson Technology, Inc.(b) | 282,276 | ||||||
24,119 | IAC/InterActiveCorp. | 1,632,615 | ||||||
6,996 | iGATE Corp.(b) | 259,202 | ||||||
49,955 | II-VI, Inc.(b) | 673,893 | ||||||
43,318 | Imation Corp.(b) | 126,922 | ||||||
47,516 | Infinera Corp.(b)(c) | 690,407 | ||||||
31,429 | Informatica Corp.(b) | 1,120,758 | ||||||
67,001 | Integrated Device Technology, Inc.(b) | 1,099,486 | ||||||
27,579 | Integrated Silicon Solution, Inc. | 374,523 | ||||||
2,027 | Interactive Intelligence Group, Inc.(b) | 97,823 | ||||||
33,344 | InterDigital, Inc. | 1,648,194 | ||||||
42,962 | Internap Network Services Corp.(b) | 344,126 | ||||||
56,543 | International Rectifier Corp.(b) | 2,248,715 | ||||||
124,462 | Intersil Corp., Class A | 1,654,100 | ||||||
13,646 | InterXion Holding NV (Netherlands)(b) | 373,082 | ||||||
22,529 | Intralinks Holdings, Inc.(b) | 194,651 | ||||||
8,224 | InvenSense, Inc.(b)(c) | 133,311 | ||||||
7,487 | IPG Photonics Corp.(b) | 549,621 | ||||||
33,180 | Ixia(b) | 319,523 | ||||||
17,512 | IXYS Corp. | 204,365 | ||||||
16,222 | j2 Global, Inc. | 877,448 | ||||||
23,681 | Jack Henry & Associates, Inc. | 1,416,597 | ||||||
120,933 | JDS Uniphase Corp.(b) | 1,627,758 | ||||||
84,805 | Kemet Corp.(b) | 407,064 | ||||||
16,265 | Key Tronic Corp.(b) | 133,698 | ||||||
81,416 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 1,174,019 | ||||||
55,461 | Lattice Semiconductor Corp.(b) | 372,143 | ||||||
3,999 | LinkedIn Corp., Class A(b) | 915,611 | ||||||
41,413 | Lionbridge Technologies, Inc.(b) | 200,025 | ||||||
13,159 | Liquidity Services, Inc.(b) | 168,172 | ||||||
8,256 | Littelfuse, Inc. | 805,290 | ||||||
12,746 | LivePerson, Inc.(b) | 183,542 | ||||||
4,251 | LogMeIn, Inc.(b) | 204,261 | ||||||
49,881 | Magnachip Semiconductor Corp. (South Korea)(b) | 555,176 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
11,341 | Manhattan Associates, Inc.(b) | $ | 454,888 | |||||
46,721 | ManTech International Corp., Class A | 1,315,663 | ||||||
16,419 | MAXIMUS, Inc. | 795,665 | ||||||
15,993 | Mellanox Technologies Ltd. (Israel)(b)(c) | 716,326 | ||||||
67,902 | Mentor Graphics Corp. | 1,438,843 | ||||||
3,117 | MercadoLibre, Inc. (Argentina)(c) | 424,380 | ||||||
35,185 | Mercury Systems, Inc.(b) | 491,886 | ||||||
15,332 | Methode Electronics, Inc. | 603,774 | ||||||
32,540 | Micrel, Inc. | 395,036 | ||||||
55,701 | Microsemi Corp.(b) | 1,452,125 | ||||||
3,212 | MicroStrategy, Inc., Class A(b) | 516,747 | ||||||
35,020 | MKS Instruments, Inc. | 1,274,728 | ||||||
105,078 | ModusLink Global Solutions, Inc.(b)(c) | 367,773 | ||||||
15,731 | MoneyGram International, Inc.(b) | 135,287 | ||||||
8,900 | Monolithic Power Systems, Inc. | 393,291 | ||||||
146,322 | Monster Worldwide, Inc.(b) | 564,803 | ||||||
15,072 | Move, Inc.(b) | 315,758 | ||||||
7,185 | MTS Systems Corp. | 474,282 | ||||||
14,683 | Multi-Fineline Electronix, Inc.(b) | 149,032 | ||||||
88,845 | Nam Tai Property, Inc. (China)(c) | 490,424 | ||||||
10,799 | Nanometrics, Inc.(b) | 146,218 | ||||||
45,808 | National Instruments Corp. | 1,451,197 | ||||||
53,709 | Net 1 UEPS Technologies, Inc. (South Africa)(b) | 684,253 | ||||||
35,963 | NETGEAR, Inc.(b) | 1,224,181 | ||||||
15,439 | NetScout Systems, Inc.(b) | 569,082 | ||||||
41,502 | NeuStar, Inc., Class A(b)(c) | 1,096,068 | ||||||
28,499 | Newport Corp.(b) | 509,847 | ||||||
21,269 | NIC, Inc. | 391,988 | ||||||
84,557 | Novatel Wireless, Inc.(b) | 240,987 | ||||||
84,890 | Oclaro, Inc.(b) | 133,277 | ||||||
67,951 | OmniVision Technologies, Inc.(b) | 1,819,728 | ||||||
17,820 | Oplink Communications, Inc. | 371,547 | ||||||
42,975 | Orbotech Ltd. (Israel)(b) | 689,319 | ||||||
11,086 | OSI Systems, Inc.(b) | 785,776 | ||||||
21,469 | Park Electrochemical Corp. | 553,900 | ||||||
14,199 | PC Connection, Inc. | 338,646 | ||||||
7,418 | Pegasystems, Inc. | 160,748 | ||||||
16,370 | Perficient, Inc.(b) | 271,415 | ||||||
28,082 | Pericom Semiconductor Corp.(b) | 306,936 | ||||||
95,528 | Photronics, Inc.(b) | 858,797 | ||||||
21,170 | Plantronics, Inc. | 1,098,088 | ||||||
40,048 | Plexus Corp.(b) | 1,655,985 | ||||||
136,927 | PMC—Sierra, Inc.(b) | 1,066,661 | ||||||
6,565 | Power Integrations, Inc. | 330,613 | ||||||
28,974 | PRGX Global, Inc.(b) | 153,272 | ||||||
39,063 | Progress Software Corp.(b) | 1,011,732 | ||||||
39,097 | PTC, Inc.(b) | 1,491,551 | ||||||
9,436 | Qlik Technologies, Inc.(b) | 267,511 | ||||||
106,972 | QLogic Corp.(b) | 1,263,339 | ||||||
401,482 | Quantum Corp.(b) | 513,897 | ||||||
48,615 | QuinStreet, Inc.(b) | 196,891 | ||||||
38,247 | Rackspace Hosting, Inc.(b) | 1,467,155 | ||||||
72,374 | Radisys Corp.(b) | 180,935 | ||||||
16,003 | Radware Ltd. (Israel)(b) | 303,897 | ||||||
29,358 | Rambus, Inc.(b) | 336,149 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
16,994 | RealD, Inc.(b) | $ | 192,372 | |||||
34,491 | RealNetworks, Inc.(b) | 237,988 | ||||||
10,170 | RealPage, Inc.(b) | 202,078 | ||||||
158,676 | RF Micro Devices, Inc.(b) | 2,064,375 | ||||||
5,891 | Rightside Group Ltd.(b) | 55,788 | ||||||
48,638 | Riverbed Technology, Inc.(b) | 923,636 | ||||||
32,640 | Rofin-Sinar Technologies, Inc.(b) | 730,810 | ||||||
9,913 | Rogers Corp.(b) | 677,752 | ||||||
15,075 | Rosetta Stone, Inc.(b) | 144,268 | ||||||
13,926 | Rubicon Technology, Inc.(b)(c) | 61,692 | ||||||
24,206 | Rudolph Technologies, Inc.(b) | 212,529 | ||||||
46,983 | Sapient Corp.(b) | 813,746 | ||||||
46,800 | ScanSource, Inc.(b) | 1,786,824 | ||||||
22,295 | Seachange International, Inc.(b) | 150,714 | ||||||
31,915 | Semtech Corp.(b) | 810,003 | ||||||
20,611 | ShoreTel, Inc.(b) | 166,743 | ||||||
43,439 | Sigma Designs, Inc.(b) | 173,322 | ||||||
22,274 | Silicon Graphics International Corp.(b) | 193,338 | ||||||
32,553 | Silicon Image, Inc.(b) | 174,484 | ||||||
16,748 | Silicon Laboratories, Inc.(b) | 763,541 | ||||||
15,155 | SINA Corp. (China)(b) | 620,900 | ||||||
18,771 | Sohu.com, Inc. (China)(b) | 912,083 | ||||||
10,562 | SolarWinds, Inc.(b) | 502,223 | ||||||
18,176 | Solera Holdings, Inc. | 944,243 | ||||||
73,317 | Sonus Networks, Inc.(b) | 254,410 | ||||||
77,614 | Spansion, Inc., Class A(b) | 1,597,296 | ||||||
54,700 | Speed Commerce, Inc.(b)(c) | 162,459 | ||||||
26,926 | SS&C Technologies Holdings, Inc.(b) | 1,301,064 | ||||||
148,760 | STR Holdings, Inc.(b) | 190,413 | ||||||
8,118 | Stratasys Ltd.(b) | 977,082 | ||||||
19,089 | SunPower Corp.(b)(c) | 607,794 | ||||||
25,028 | Super Micro Computer, Inc.(b) | 799,895 | ||||||
51,931 | Sykes Enterprises, Inc.(b) | 1,118,594 | ||||||
10,360 | Synaptics, Inc.(b) | 708,935 | ||||||
9,939 | Synchronoss Technologies, Inc.(b) | 513,548 | ||||||
5,564 | Syntel, Inc.(b) | 481,898 | ||||||
68,878 | Take-Two Interactive Software, Inc.(b) | 1,821,823 | ||||||
103,350 | TeleCommunication Systems, Inc., Class A(b) | 297,648 | ||||||
22,280 | TeleTech Holdings, Inc.(b) | 575,047 | ||||||
6,787 | Tessco Technologies, Inc. | 215,487 | ||||||
35,850 | Tessera Technologies, Inc. | 1,089,482 | ||||||
68,172 | TIBCO Software, Inc.(b) | 1,593,180 | ||||||
22,180 | TiVo, Inc.(b) | 289,449 | ||||||
97,137 | TriQuint Semiconductor, Inc.(b) | 2,101,073 | ||||||
109,525 | TTM Technologies, Inc.(b) | 756,818 | ||||||
3,880 | Tyler Technologies, Inc.(b) | 434,250 | ||||||
1,468 | Ultimate Software Group, Inc. (The)(b) | 220,949 | ||||||
15,915 | Ultra Clean Holdings, Inc.(b) | 139,734 | ||||||
15,800 | Ultratech, Inc.(b) | 302,254 | ||||||
120,581 | United Online, Inc. | 1,352,919 | ||||||
6,758 | Universal Display Corp.(b)(c) | 211,390 | ||||||
42,738 | Vantiv, Inc., Class A(b) | 1,321,459 | ||||||
30,688 | Veeco Instruments, Inc.(b) | 1,104,461 | ||||||
16,388 | Verint Systems, Inc.(b) | 942,146 | ||||||
26,107 | VeriSign, Inc.(b) | 1,560,154 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
19,692 | ViaSat, Inc.(b) | $ | 1,233,507 | |||||
8,499 | Virtusa Corp.(b) | 348,289 | ||||||
17,375 | Vishay Precision Group, Inc.(b) | 295,201 | ||||||
13,851 | Vistaprint NV(b)(c) | 926,078 | ||||||
13,157 | VMware, Inc., Class A(b) | 1,099,530 | ||||||
14,559 | WebMD Health Corp.(b)(c) | 621,378 | ||||||
14,454 | WEX, Inc.(b) | 1,641,396 | ||||||
1,923 | Workday, Inc., Class A(b) | 183,608 | ||||||
28,318 | Xcerra Corp.(b) | 240,420 | ||||||
13,153 | XO Group, Inc.(b) | 167,438 | ||||||
34,677 | Yandex NV, Class A (Russia)(b) | 992,456 | ||||||
22,709 | Zebra Technologies Corp., Class A(b) | 1,674,789 | ||||||
234,973 | Zynga, Inc., Class A(b) | 599,181 | ||||||
|
| |||||||
172,970,212 | ||||||||
|
| |||||||
Materials—5.7% |
| |||||||
39,625 | A. Schulman, Inc. | 1,403,121 | ||||||
26,813 | A.M. Castle & Co.(b)(c) | 197,076 | ||||||
10,406 | AEP Industries, Inc.(b) | 478,572 | ||||||
87,408 | Allied Nevada Gold Corp.(b)(c) | 121,497 | ||||||
9,600 | American Vanguard Corp. | 110,784 | ||||||
15,530 | Ampco-Pittsburgh Corp. | 338,399 | ||||||
44,357 | Axiall Corp. | 1,787,587 | ||||||
8,055 | Balchem Corp. | 521,158 | ||||||
43,607 | Boise Cascade Co.(b) | 1,572,468 | ||||||
4,457 | Caesarstone Sdot-Yam Ltd. (Israel) | 248,968 | ||||||
33,260 | Calgon Carbon Corp.(b) | 699,458 | ||||||
28,853 | Carpenter Technology Corp. | 1,444,093 | ||||||
89,913 | Century Aluminum Co.(b) | 2,632,653 | ||||||
71,357 | China Green Agriculture, Inc. (China)(c) | 146,282 | ||||||
22,775 | Clearwater Paper Corp.(b) | 1,465,571 | ||||||
38,476 | Constellium NV, Class A (Netherlands)(b) | 779,139 | ||||||
3,448 | Deltic Timber Corp. | 224,430 | ||||||
11,305 | Eagle Materials, Inc. | 988,396 | ||||||
87,995 | Ferro Corp.(b) | 1,154,494 | ||||||
10,015 | Flotek Industries, Inc.(b) | 221,932 | ||||||
16,331 | FutureFuel Corp. | 217,529 | ||||||
30,476 | Globe Specialty Metals, Inc. | 573,254 | ||||||
29,528 | Gold Resource Corp.(c) | 114,864 | ||||||
170,025 | Golden Minerals Co.(b)(c) | 93,514 | ||||||
89,184 | Gulf Resources, Inc. (China)(b) | 119,507 | ||||||
29,850 | H.B. Fuller Co. | 1,252,804 | ||||||
10,057 | Handy & Harman Ltd.(b) | 355,113 | ||||||
10,464 | Hawkins, Inc. | 402,969 | ||||||
10,433 | Haynes International, Inc. | 485,030 | ||||||
40,920 | Headwaters, Inc.(b) | 519,684 | ||||||
287,524 | Hecla Mining Co. | 626,802 | ||||||
28,833 | Horsehead Holding Corp.(b) | 452,966 | ||||||
22,412 | Innophos Holdings, Inc. | 1,277,484 | ||||||
13,308 | Innospec, Inc. | 537,244 | ||||||
61,634 | Intrepid Potash, Inc.(b)(c) | 828,977 | ||||||
20,556 | Kaiser Aluminum Corp. | 1,429,670 | ||||||
29,420 | KapStone Paper and Packaging Corp.(b) | 904,959 | ||||||
24,956 | Koppers Holdings, Inc. | 985,263 | ||||||
47,861 | Kraton Performance Polymers, Inc.(b) | 856,233 | ||||||
32,306 | Kronos Worldwide, Inc. | 434,193 | ||||||
30,427 | Landec Corp.(b) | 383,076 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
54,360 | Louisiana-Pacific Corp.(b) | $ | 793,656 | |||||
17,085 | LSB Industries, Inc.(b) | 641,200 | ||||||
27,556 | Materion Corp. | 1,087,084 | ||||||
155,003 | McEwen Mining, Inc.(b)(c) | 192,204 | ||||||
23,937 | Mercer International, Inc.(b) | 301,127 | ||||||
21,470 | Minerals Technologies, Inc. | 1,646,964 | ||||||
127,045 | Molycorp, Inc.(b)(c) | 175,322 | ||||||
24,515 | Myers Industries, Inc. | 366,254 | ||||||
12,250 | Neenah Paper, Inc. | 747,373 | ||||||
147,166 | Noranda Aluminum Holding Corp. | 649,002 | ||||||
21,932 | Olympic Steel, Inc. | 441,272 | ||||||
55,671 | OM Group, Inc. | 1,449,116 | ||||||
60,663 | OMNOVA Solutions, Inc.(b) | 426,461 | ||||||
44,358 | P.H. Glatfelter Co. | 1,119,152 | ||||||
13,105 | Penford Corp.(b) | 247,029 | ||||||
44,745 | PolyOne Corp. | 1,656,012 | ||||||
8,636 | Quaker Chemical Corp. | 708,843 | ||||||
139,509 | Rentech, Inc.(b) | 221,819 | ||||||
19,221 | Royal Gold, Inc. | 1,098,480 | ||||||
31,053 | RTI International Metals, Inc.(b) | 731,298 | ||||||
20,548 | Schweitzer-Mauduit International, Inc. | 884,797 | ||||||
27,942 | Scotts Miracle-Gro Co. (The), Class A | 1,655,284 | ||||||
16,414 | Stepan Co. | 726,812 | ||||||
104,476 | Stillwater Mining Co.(b) | 1,371,770 | ||||||
69,554 | SunCoke Energy, Inc.(b) | 1,662,341 | ||||||
13,572 | Taminco Corp.(b) | 351,379 | ||||||
21,554 | Tredegar Corp. | 409,957 | ||||||
58,927 | Tronox Ltd., Class A | 1,424,855 | ||||||
8,179 | Universal Stainless & Alloy Products, Inc.(b) | 210,282 | ||||||
7,841 | US Concrete, Inc.(b) | 193,673 | ||||||
19,855 | US Silica Holdings, Inc. | 891,490 | ||||||
148,633 | Verso Paper Corp.(b)(c) | 431,036 | ||||||
45,027 | Wausau Paper Corp. | 445,317 | ||||||
17,751 | Westlake Chemical Corp. | 1,252,333 | ||||||
41,535 | Worthington Industries, Inc. | 1,605,328 | ||||||
24,672 | Zep, Inc. | 396,232 | ||||||
|
| |||||||
57,999,767 | ||||||||
|
| |||||||
Telecommunication Services—1.3% | ||||||||
235,553 | Alaska Communications Systems Group, Inc.(b) | 317,997 | ||||||
8,550 | Atlantic Tele-Network, Inc. | 574,474 | ||||||
8,842 | Cogent Communications Group, Inc. | 300,097 | ||||||
61,649 | Consolidated Communications Holdings, Inc.(c) | 1,596,709 | ||||||
61,761 | FairPoint Communications, Inc.(b) | 1,025,233 | ||||||
66,623 | General Communication, Inc., Class A(b) | 781,488 | ||||||
9,500 | Hawaiian Telcom Holdco, Inc.(b) | 255,550 | ||||||
24,973 | IDT Corp., Class B | 411,555 | ||||||
39,194 | Inteliquent, Inc. | 659,635 | ||||||
44,613 | Intelsat SA(b) | 868,169 | ||||||
88,307 | Iridium Communications, Inc.(b)(c) | 838,916 | ||||||
17,514 | Lumos Networks Corp. | 301,241 | ||||||
55,048 | NTELOS Holdings Corp.(c) | 554,884 | ||||||
51,089 | Premiere Global Services, Inc.(b) | 534,902 | ||||||
16,676 | SBA Communications Corp., Class A(b) | 1,873,215 | ||||||
17,482 | Shenandoah Telecommunications Co. | 517,292 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Telecommunication Services (continued) | ||||||||
47,968 | Spok Holdings, Inc. | $ | 779,000 | |||||
30,699 | United States Cellular Corp.(b) | 1,118,058 | ||||||
120,841 | Vonage Holdings Corp.(b) | 420,527 | ||||||
|
| |||||||
13,728,942 | ||||||||
|
| |||||||
Utilities—1.7% | ||||||||
30,560 | American States Water Co. | 1,093,437 | ||||||
7,176 | Artesian Resources Corp., Class A | 159,810 | ||||||
42,948 | California Water Service Group | 1,117,936 | ||||||
13,840 | Chesapeake Utilities Corp. | 670,271 | ||||||
8,311 | Connecticut Water Service, Inc. | 308,920 | ||||||
14,019 | Consolidated Water Co. Ltd. (Cayman Islands) | 168,088 | ||||||
40,918 | El Paso Electric Co. | 1,548,337 | ||||||
62,602 | Empire District Electric Co. (The)(c) | 1,780,401 | ||||||
15,906 | Genie Energy Ltd., Class B(b) | 115,318 | ||||||
34,967 | Laclede Group, Inc. (The) | 1,775,275 | ||||||
31,830 | MGE Energy, Inc. | 1,415,480 | ||||||
16,726 | Middlesex Water Co. | 377,171 | ||||||
41,407 | Northwest Natural Gas Co. | 1,943,230 | ||||||
6,638 | NRG Yield, Inc., Class A | 331,701 | ||||||
13,720 | Ormat Technologies, Inc. | 397,194 | ||||||
40,536 | Otter Tail Corp. | 1,256,616 | ||||||
6,567 | Pattern Energy Group, Inc., Class A | 188,998 | ||||||
14,072 | SJW Corp. | 449,741 | ||||||
28,450 | South Jersey Industries, Inc. | 1,668,308 | ||||||
18,096 | Unitil Corp. | 630,465 | ||||||
9,316 | York Water Co. (The) | 204,766 | ||||||
|
| |||||||
17,601,463 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $887,944,243) | 1,019,811,808 | |||||||
|
| |||||||
Warrants—0.0% | ||||||||
Energy—0.0% | ||||||||
4,742 | Magnum Hunter Resources Corp., expiring 05/15/16(b) (Cost $0) | 0 | ||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
472,367 | Invesco Premier Portfolio—Institutional Class(d) (Cost $472,367) | 472,367 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $888,416,610)—100.0% | 1,020,284,175 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.3% | ||||||||
53,725,656 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $53,725,656) | $ | 53,725,656 | |||||
|
| |||||||
Total Investments (Cost $942,142,266)—105.3% | 1,074,009,831 | |||||||
Other assets less liabilities—(5.3)% | (53,834,167 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,020,175,664 | ||||||
|
|
Investment Abbreviations:
NVTG—Non-voting Shares
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 52,554,319 | $ | (52,554,319 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Statements of Assets and Liabilities
October 31, 2014
(Unaudited)
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ) | PowerShares Dynamic Market Portfolio (PWC) | PowerShares FTSE RAFI US 1000 Portfolio (PRF) | PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments, at value(a) | $ | 24,579,629 | $ | 191,380,253 | $ | 4,117,854,256 | $ | 1,019,811,808 | ||||||||
Affiliated investments, at value | 48,019 | 85,353 | 34,908,097 | 54,198,023 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 24,627,648 | 191,465,606 | 4,152,762,353 | 1,074,009,831 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 7,404 | 81,287 | 4,886,617 | 415,743 | ||||||||||||
Foreign tax reclaims | 184 | — | 2,074 | 709 | ||||||||||||
Investments sold | — | 42,067 | 962,376 | — | ||||||||||||
Securities lending | — | — | 54,518 | 125,159 | ||||||||||||
Shares sold | — | — | 40,174,597 | 9,702,133 | ||||||||||||
Other assets | 2,953 | 5,749 | 8,082 | 1,565 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 24,638,189 | 191,594,709 | 4,198,850,617 | 1,084,255,140 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 296 | — | 1,767,268 | 14,365 | ||||||||||||
Payables: | ||||||||||||||||
Shares repurchased | — | — | 40,077,182 | — | ||||||||||||
Investments purchased | — | — | — | 9,648,761 | ||||||||||||
Collateral upon return of securities loaned | — | — | 31,064,642 | 53,725,656 | ||||||||||||
Accrued advisory fees | 1,641 | 76,310 | 884,139 | 210,863 | ||||||||||||
Accrued trustees’ and officer’s fees | 13,021 | 25,959 | 80,040 | 30,503 | ||||||||||||
Accrued expenses | 41,739 | 78,576 | 1,536,948 | 449,328 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 56,697 | 180,845 | 75,410,219 | 64,079,476 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 24,581,492 | $ | 191,413,864 | $ | 4,123,440,398 | $ | 1,020,175,664 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 99,327,484 | $ | 536,277,242 | $ | 3,497,291,497 | $ | 907,316,694 | ||||||||
Undistributed net investment income (loss) | (36,227 | ) | (20,108 | ) | 8,886,821 | 1,515,280 | ||||||||||
Undistributed net realized gain (loss) | (76,749,235 | ) | (345,418,799 | ) | (176,942,795 | ) | (20,523,875 | ) | ||||||||
Net unrealized appreciation | 2,039,470 | 575,529 | 794,204,875 | 131,867,565 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 24,581,492 | $ | 191,413,864 | $ | 4,123,440,398 | $ | 1,020,175,664 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 350,000 | 2,650,000 | 45,950,000 | 10,300,000 | ||||||||||||
Net asset value | $ | 70.23 | $ | 72.23 | $ | 89.74 | $ | 99.05 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 70.22 | $ | 72.20 | $ | 89.76 | $ | 99.11 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 22,540,159 | $ | 190,804,724 | $ | 3,324,327,244 | $ | 887,944,243 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 48,019 | $ | 85,353 | $ | 34,230,234 | $ | 54,198,023 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 22,588,178 | $ | 190,890,077 | $ | 3,358,557,478 | $ | 942,142,266 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | 30,515,393 | $ | 52,554,319 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
For the six months ended October 31, 2014
(Unaudited)
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ) | PowerShares Dynamic Market Portfolio (PWC) | PowerShares FTSE RAFI US 1000 Portfolio (PRF) | PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 48,937 | $ | 1,281,095 | $ | 41,270,038 | $ | 6,685,134 | ||||||||
Affiliated dividend income | 4 | 9 | 74,875 | 24 | ||||||||||||
Securities lending income | — | — | 335,883 | 802,574 | ||||||||||||
Foreign withholding tax | (99 | ) | — | (2,868 | ) | (5,680 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 48,842 | 1,281,104 | 41,677,928 | 7,482,052 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 60,050 | 475,086 | 5,342,068 | 1,433,003 | ||||||||||||
Accounting & administration fees | 18,467 | 18,693 | 330,105 | 97,422 | ||||||||||||
Professional fees | 14,123 | 14,159 | 41,028 | 19,949 | ||||||||||||
Sub-licensing | 6,084 | 28,505 | 1,657,883 | 444,726 | ||||||||||||
Custodian & transfer agent fees | 4,951 | 4,731 | 36,442 | 20,239 | ||||||||||||
Trustees’ and officer’s fees | 3,923 | 5,467 | 35,589 | 12,691 | ||||||||||||
Other expenses | 7,694 | 11,280 | 55,845 | 28,098 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 115,292 | 557,921 | 7,498,960 | 2,056,128 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (43,274 | ) | (101 | ) | (310,682 | ) | (129,248 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 72,018 | 557,820 | 7,188,278 | 1,926,880 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | (23,176 | ) | 723,284 | 34,489,650 | 5,555,172 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (2,207,518 | ) | (8,310,266 | ) | 655,837 | 1,805,612 | ||||||||||
In-kind redemptions | (50,554 | ) | 20,313,708 | 6,675,447 | 11,832,373 | |||||||||||
Foreign currencies | — | — | — | (1,288 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (2,258,072 | ) | 12,003,442 | 7,331,284 | 13,636,697 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 4,265,348 | (5,715,663 | ) | 175,181,056 | 13,779,572 | |||||||||||
Foreign currencies | — | — | — | (938 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 4,265,348 | (5,715,663 | ) | 175,181,056 | 13,778,634 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 2,007,276 | 6,287,779 | 182,512,340 | 27,415,331 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | $ | 1,984,100 | $ | 7,011,063 | $ | 217,001,990 | $ | 32,970,503 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
(This Page Intentionally Left Blank)
Statements of Changes in Net Assets
For the six months ended October 31, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ) | PowerShares Dynamic Market Portfolio (PWC) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (23,176 | ) | $ | 81,140 | $ | 723,284 | $ | 1,507,145 | |||||||
Net realized gain (loss) | (2,258,072 | ) | 7,845,444 | 12,003,442 | 42,915,167 | |||||||||||
Net change in unrealized appreciation (depreciation) | 4,265,348 | (5,108,462 | ) | (5,715,663 | ) | (7,584,688 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 1,984,100 | 2,818,122 | 7,011,063 | 36,837,624 | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | — | (102,874 | ) | (977,311 | ) | (1,443,855 | ) | |||||||||
|
|
|
|
|
|
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| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 3,332,048 | 38,073,218 | 266,091,061 | 310,118,300 | ||||||||||||
Value of shares repurchased | (6,468,984 | ) | (37,214,086 | ) | (266,929,760 | ) | (299,950,822 | ) | ||||||||
|
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|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (3,136,936 | ) | 859,132 | (838,699 | ) | 10,167,478 | ||||||||||
|
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|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (1,152,836 | ) | 3,574,380 | 5,195,053 | 45,561,247 | |||||||||||
|
|
|
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|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 25,734,328 | 22,159,948 | 186,218,811 | 140,657,564 | ||||||||||||
|
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| |||||||||
End of period | $ | 24,581,492 | $ | 25,734,328 | $ | 191,413,864 | $ | 186,218,811 | ||||||||
|
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|
|
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| |||||||||
Undistributed net investment income (loss) at end of period | $ | (36,227 | ) | $ | (13,051 | ) | $ | (20,108 | ) | $ | 233,919 | |||||
|
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|
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| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 50,000 | 600,000 | 3,650,000 | 4,900,000 | ||||||||||||
Shares repurchased | (100,000 | ) | (600,000 | ) | (3,650,000 | ) | (4,750,000 | ) | ||||||||
Shares outstanding, beginning of period | 400,000 | 400,000 | 2,650,000 | 2,500,000 | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 350,000 | 400,000 | 2,650,000 | 2,650,000 | ||||||||||||
|
|
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|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) | PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | |||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||
$ | 34,489,650 | $ | 45,938,852 | $ | 5,555,172 | $ | 8,550,955 | |||||||
7,331,284 | 119,763,331 | 13,636,697 | 79,175,946 | |||||||||||
175,181,056 | 316,724,319 | 13,778,634 | 69,309,882 | |||||||||||
|
|
|
|
|
|
|
| |||||||
217,001,990 | 482,426,502 | 32,970,503 | 157,036,783 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(32,968,148 | ) | (42,658,537 | ) | (5,968,065 | ) | (7,637,848 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
651,056,116 | 1,350,714,852 | 72,529,207 | 443,192,650 | |||||||||||
(17,346,016 | ) | (263,236,412 | ) | (38,086,976 | ) | (197,623,306 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
633,710,100 | 1,087,478,440 | 34,442,231 | 245,569,344 | |||||||||||
|
|
|
|
|
|
|
| |||||||
817,743,942 | 1,527,246,405 | 61,444,669 | 394,968,279 | |||||||||||
|
|
|
|
|
|
|
| |||||||
3,305,696,456 | 1,778,450,051 | 958,730,995 | 563,762,716 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 4,123,440,398 | $ | 3,305,696,456 | $ | 1,020,175,664 | $ | 958,730,995 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 8,886,821 | $ | 7,365,319 | $ | 1,515,280 | $ | 1,928,173 | |||||||
|
|
|
|
|
|
|
| |||||||
7,450,000 | 17,000,000 | 750,000 | 4,700,000 | |||||||||||
(200,000 | ) | (3,200,000 | ) | (400,000 | ) | (2,000,000 | ) | |||||||
38,700,000 | 24,900,000 | 9,950,000 | 7,250,000 | |||||||||||
|
|
|
|
|
|
|
| |||||||
45,950,000 | 38,700,000 | 10,300,000 | 9,950,000 | |||||||||||
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|
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|
| 37 |
|
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 64.34 | $ | 55.40 | $ | 51.32 | $ | 53.76 | $ | 45.15 | $ | 32.83 | ||||||||||||
Net investment income (loss)(a) | (0.07 | ) | 0.21 | 0.71 | (b) | 0.10 | 0.07 | 0.01 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.96 | 9.00 | 4.18 | (2.50 | ) | 8.65 | 12.36 | |||||||||||||||||
Total from investment operations | 5.89 | 9.21 | 4.89 | (2.40 | ) | 8.72 | 12.37 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.27 | ) | (0.81 | ) | (0.04 | ) | (0.11 | ) | (0.05 | ) | |||||||||||||
Net asset value at end of period | $ | 70.23 | $ | 64.34 | $ | 55.40 | $ | 51.32 | $ | 53.76 | $ | 45.15 | ||||||||||||
Market price at end of period(c) | $ | 70.22 | $ | 64.32 | $ | 55.32 | $ | 51.30 | $ | 53.75 | $ | 45.15 | ||||||||||||
Net Asset Value Total Return(d) | 9.15 | % | 16.64 | % | 9.75 | % | (4.46 | )% | 19.34 | % | 37.73 | % | ||||||||||||
Market Price Total Return(d) | 9.17 | % | 16.77 | % | 9.63 | % | (4.48 | )% | 19.31 | % | 37.73 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 24,581 | $ | 25,734 | $ | 22,160 | $ | 28,224 | $ | 40,321 | $ | 40,635 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.60 | %(f) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.96 | %(e) | 0.91 | %(f) | 0.95 | % | 0.93 | % | 0.91 | % | 0.85 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.19 | )%(e) | 0.32 | % | 1.42 | %(b) | 0.22 | % | 0.15 | % | 0.01 | % | ||||||||||||
Portfolio turnover rate(g) | 92 | % | 296 | % | 118 | % | 99 | % | 75 | % | 90 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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) | 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. |
(g) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
PowerShares Dynamic Market Portfolio (PWC)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 70.27 | $ | 56.26 | $ | 46.78 | $ | 48.26 | $ | 40.38 | $ | 31.42 | ||||||||||||
Net investment income(a) | 0.27 | 0.60 | 0.82 | 0.44 | 0.57 | 0.33 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.05 | 13.99 | 9.51 | (1.52 | ) | 7.94 | 8.97 | |||||||||||||||||
Total from investment operations | 2.32 | 14.59 | 10.33 | (1.08 | ) | 8.51 | 9.30 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.58 | ) | (0.85 | ) | (0.40 | ) | (0.63 | ) | (0.34 | ) | ||||||||||||
Net asset value at end of period | $ | 72.23 | $ | 70.27 | $ | 56.26 | $ | 46.78 | $ | 48.26 | $ | 40.38 | ||||||||||||
Market price at end of period(b) | $ | 72.20 | $ | 70.27 | $ | 56.23 | $ | 46.75 | $ | 48.24 | $ | 40.38 | ||||||||||||
Net Asset Value Total Return(c) | 3.30 | % | 26.09 | % | 22.39 | % | (2.12 | )% | 21.34 | % | 29.75 | % | ||||||||||||
Market Price Total Return(c) | 3.26 | % | 26.15 | % | 22.40 | % | (2.14 | )% | 21.29 | % | 29.80 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 191,414 | $ | 186,219 | $ | 140,658 | $ | 128,644 | $ | 188,207 | $ | 230,151 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.59 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.59 | %(d) | 0.60 | % | 0.60 | % | 0.62 | % | 0.64 | % | 0.60 | % | ||||||||||||
Net investment income, after Waivers | 0.76 | %(d) | 0.94 | % | 1.68 | % | 1.00 | % | 1.38 | % | 0.92 | % | ||||||||||||
Portfolio turnover rate(e) | 123 | % | 244 | % | 166 | % | 133 | % | 107 | % | 98 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 38 |
|
Financial Highlights (continued)
PowerShares FTSE RAFI US 1000 Portfolio (PRF)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 85.42 | $ | 71.42 | $ | 59.73 | $ | 60.72 | $ | 52.93 | $ | 34.78 | ||||||||||||
Net investment income(a) | 0.83 | 1.45 | 1.31 | 1.12 | 1.07 | 0.62 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.28 | 13.89 | 11.66 | (0.99 | ) | 7.63 | 18.21 | |||||||||||||||||
Total from investment operations | 5.11 | 15.34 | 12.97 | 0.13 | 8.70 | 18.83 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.79 | ) | (1.34 | ) | (1.28 | ) | (1.12 | ) | (0.91 | ) | (0.68 | ) | ||||||||||||
Net asset value at end of period | $ | 89.74 | $ | 85.42 | $ | 71.42 | $ | 59.73 | $ | 60.72 | $ | 52.93 | ||||||||||||
Market price at end of period(b) | $ | 89.76 | $ | 85.37 | $ | 71.42 | $ | 59.72 | $ | 60.71 | $ | 52.96 | ||||||||||||
Net Asset Value Total Return(c) | 5.99 | % | 21.68 | % | 22.06 | % | 0.41 | % | 16.72 | % | 54.57 | % | ||||||||||||
Market Price Total Return(c) | 6.08 | % | 21.61 | % | 22.09 | % | 0.41 | % | 16.63 | % | 54.66 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 4,123,440 | $ | 3,305,696 | $ | 1,778,450 | $ | 1,388,661 | $ | 1,208,246 | $ | 648,428 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Expenses, prior to Waivers | 0.41 | %(d) | 0.41 | % | 0.43 | % | 0.43 | % | 0.44 | % | 0.45 | % | ||||||||||||
Net investment income, after Waivers | 1.87 | %(d) | 1.84 | % | 2.10 | % | 2.00 | % | 2.01 | % | 1.38 | % | ||||||||||||
Portfolio turnover rate(e) | 1 | % | 12 | % | 13 | % | 6 | % | 9 | % | 24 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 96.35 | $ | 77.76 | $ | 66.71 | $ | 70.66 | $ | 59.82 | $ | 34.96 | ||||||||||||
Net investment income(a) | 0.55 | 0.98 | 1.13 | 0.73 | 0.50 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.74 | 18.52 | 11.08 | (4.04 | ) | 10.80 | 24.88 | |||||||||||||||||
Total from investment operations | 3.29 | 19.50 | 12.21 | (3.31 | ) | 11.30 | 25.20 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.59 | ) | (0.91 | ) | (1.16 | ) | (0.64 | ) | (0.46 | ) | (0.34 | ) | ||||||||||||
Net asset value at end of period | $ | 99.05 | $ | 96.35 | $ | 77.76 | $ | 66.71 | $ | 70.66 | $ | 59.82 | ||||||||||||
Market price at end of period(b) | $ | 99.11 | $ | 96.38 | $ | 77.67 | $ | 66.72 | $ | 70.64 | $ | 59.79 | ||||||||||||
Net Asset Value Total Return(c) | 3.42 | % | 25.22 | % | 18.56 | % | (4.60 | )% | 19.04 | % | 72.38 | %(d) | ||||||||||||
Market Price Total Return(c) | 3.45 | % | 25.40 | % | 18.41 | % | (4.56 | )% | 19.06 | % | 72.59 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,020,176 | $ | 958,731 | $ | 563,763 | $ | 463,645 | $ | 409,826 | $ | 284,135 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Expenses, prior to Waivers | 0.42 | %(e) | 0.42 | % | 0.43 | % | 0.44 | % | 0.46 | % | 0.51 | % | ||||||||||||
Net investment income, after Waivers | 1.12 | %(e) | 1.08 | % | 1.64 | % | 1.17 | % | 0.82 | % | 0.67 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 31 | % | 30 | % | 15 | % | 19 | % | 16 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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 $0.17 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.
| 39 |
|
PowerShares Exchange-Traded Fund Trust
October 31, 2014
(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, 2014, the Trust offered fifty-three portfolios. This report includes the following portfolios:
Full Name | Short Name | |
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ) | “DWA NASDAQ Momentum Portfolio” | |
PowerShares Dynamic Market Portfolio (PWC) | “Dynamic Market 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., except for Shares of FTSE RAFI US 1500 Small-Mid Portfolio, which are 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 in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). 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 | Underlying Index | |
DWA NASDAQ Momentum Portfolio | Dorsey Wright NASDAQ Technical LeadersTM Index | |
Dynamic Market Portfolio | Dynamic Market 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 securities) 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. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options 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. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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 securities) 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 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 ask 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.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
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 investing strategies that seek returns in excess of their Underlying Indexes. 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. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that 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 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
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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.
Momentum Investing Risk. DWA NASDAQ Momentum Portfolio employs a “momentum” style of investing that is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.
Small and Medium Capitalization Company Risk. For 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.
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.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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-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 year-end.
G. Securities Lending
During the six-month period ended October 31, 2014, FTSE RAFI US 1000 Portfolio and FTSE RAFI US 1500 Small-Mid Portfolio participated in securities lending. Each Fund loaned 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 of DWA NASDAQ Momentum Portfolio and Dynamic Market Portfolio has agreed to pay the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. Each of FTSE RAFI US 1000 Portfolio and 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 on behalf of each Fund. For the FTSE RAFI US 1000 Portfolio and the FTSE RAFI US 1500 Small-Mid 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, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2015. 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 DWA NASDAQ Momentum Portfolio and the Dynamic Market 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, 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, through at least August 31, 2015. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2015. The Expense Agreement cannot be terminated during its term.
Further, through August 31, 2015, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended October 31, 2014, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA NASDAQ Momentum Portfolio | $ | 43,274 | ||
Dynamic Market Portfolio | 101 | |||
FTSE RAFI US 1000 Portfolio | 310,682 | |||
FTSE RAFI US 1500 Small-Mid Portfolio | 129,248 |
For FTSE RAFI US 1000 Portfolio and 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 DWA NASDAQ Momentum Portfolio and Dynamic Market Portfolio, the expenses borne by the Adviser are not subject to recapture.
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For the following Funds, the amounts available for potential future recapture by the Adviser under the Excess Expense Agreement and the expiration schedule at October 31, 2014 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/15 | 4/30/16 | 4/30/17 | 10/31/17 | |||||||||||||||||
FTSE RAFI US 1000 Portfolio | $ | 1,667,961 | $ | 201,557 | $ | 519,689 | $ | 637,211 | $ | 309,504 | ||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 684,986 | 70,292 | 211,738 | 273,970 | 128,986 |
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 | |
DWA NASDAQ Momentum Portfolio | Dorsey Wright & Associates, Inc. | |
Dynamic Market 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 by 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 the 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 with the Funds. 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, 2014.
FTSE RAFI US 1000 Portfolio
Value April 30, 2014 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2014 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 2,251,609 | $ | 492,131 | $ | (13,104 | ) | $ | 360,632 | $ | 5,820 | $ | 3,097,088 | $ | 33,779 | |||||||||||||
Invesco Mortgage Capital, Inc. REIT | 628,892 | 127,910 | (3,091 | ) | (7,528 | ) | 184 | 746,367 | 41,009 | |||||||||||||||||||
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Total Investments in Affiliates | $ | 2,880,501 | $ | 620,041 | $ | (16,195 | ) | $ | 353,104 | $ | 6,004 | $ | 3,843,455 | $ | 74,788 | |||||||||||||
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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), |
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unobservable inputs may be used. Unobservable inputs reflect a 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, 2014, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules 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.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
FTSE RAFI US 1000 Portfolio | ||||||||||||||||
Equity Securities | $ | 4,152,590,171 | $ | — | $ | 172,182 | $ | 4,152,762,353 | ||||||||
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FTSE RAFI US 1500 Small-Mid Portfolio | ||||||||||||||||
Equity Securities | $ | 1,074,009,831 | $ | 0 | $ | — | $ | 1,074,009,831 | ||||||||
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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 eight 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 carryforwards 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 carryforwards as of April 30, 2014, which expire as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | Utilized | Expired | |||||||||||||||||||||||||||||||
DWA NASDAQ Momentum Portfolio | $ | 21,767,708 | $ | 11,353,752 | $ | 15,764,010 | $ | 14,947,690 | $ | 3,683,431 | $ | 6,964,855 | $ | — | $ | 74,481,446 | $ | 1,207,581 | $ | 5,449,844 | ||||||||||||||||||||
Dynamic Market Portfolio | 65,552,628 | 39,899,556 | 96,635,542 | 104,214,879 | 15,461,574 | 35,227,451 | 167,125 | 357,158,755 | 179,727 | 13,686,812 | ||||||||||||||||||||||||||||||
FTSE RAFI US 1000 Portfolio | 44,432 | 1,148,192 | 44,806,580 | 49,808,238 | 38,490,195 | — | 6,179,055 | 140,476,692 | — | — | ||||||||||||||||||||||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 5,818 | 128,460 | 8,229,508 | 5,168,127 | 2,475,894 | — | 44,504 | 16,052,311 | 1,644,991 | — |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Note 7. Investment Transactions
For the six-month period ended October 31, 2014, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
DWA NASDAQ Momentum Portfolio | $ | 22,723,919 | $ | 22,754,025 | ||||
Dynamic Market Portfolio | 234,472,769 | 237,215,153 | ||||||
FTSE RAFI US 1000 Portfolio | 43,538,185 | 40,491,795 | ||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 24,092,996 | 22,547,771 |
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For the six-month period ended October 31, 2014, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA NASDAQ Momentum Portfolio | $ | 3,336,776 | $ | 6,474,813 | ||||
Dynamic Market Portfolio | 265,809,887 | 264,122,078 | ||||||
FTSE RAFI US 1000 Portfolio | 649,105,262 | 17,316,646 | ||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 72,114,573 | 37,885,123 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2014, 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) | |||||||||||||
DWA NASDAQ Momentum Portfolio | $ | 22,597,895 | $ | 2,029,753 | $ | 2,326,987 | $ | (297,234 | ) | |||||||
Dynamic Market Portfolio | 191,153,563 | 312,043 | 8,803,849 | (8,491,806 | ) | |||||||||||
FTSE RAFI US 1000 Portfolio | 3,401,522,767 | 751,239,586 | 835,704,061 | (84,464,475 | ) | |||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 957,849,657 | 116,160,174 | 190,336,859 | (74,176,685 | ) |
Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and Officer of the Funds. 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. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
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 in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, 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.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of 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 the Trust’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 each Fund’s Shares are disclosed in detail in 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.
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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, 2014.
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. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,091.51 | 0.60 | % | $ | 3.16 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares Dynamic Market Portfolio (PWC) | ||||||||||||||||
Actual | 1,000.00 | 1,033.03 | 0.59 | 3.02 | ||||||||||||
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 | 1,059.92 | 0.39 | 2.02 | ||||||||||||
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 | 1,034.08 | 0.39 | 2.00 | ||||||||||||
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, 2014. 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. |
| 47 |
|
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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.
©2014 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, 2014 |
2014 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 |
Fundamental Pure and Style Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
16 | ||||
18 | ||||
22 | ||||
28 | ||||
33 | ||||
42 | ||||
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 | |||
Fees and Expenses | 72 |
| 2 |
|
Portfolio Composition
PowerShares Dynamic Large Cap Growth Portfolio (PWB)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Information Technology | 23.5 | |||
Consumer Discretionary | 22.4 | |||
Health Care | 14.7 | |||
Industrials | 10.8 | |||
Financials | 7.7 | |||
Consumer Staples | 7.7 | |||
Energy | 7.7 | |||
Materials | 4.1 | |||
Telecommunication Services | 1.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Large Cap Growth Portfolio (PWB)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—22.4% | ||||||||
5,755 | Chipotle Mexican Grill, Inc.(b) | $ | 3,671,690 | |||||
166,500 | Comcast Corp., Class A | 9,215,775 | ||||||
154,241 | Hilton Worldwide Holdings, Inc.(b) | 3,893,043 | ||||||
97,460 | Home Depot, Inc. (The) | 9,504,299 | ||||||
74,373 | Lowe’s Cos., Inc. | 4,254,135 | ||||||
56,273 | Marriott International, Inc., Class A | 4,262,680 | ||||||
116,010 | NIKE, Inc., Class B | 10,785,450 | ||||||
3,138 | Priceline Group, Inc. (The)(b) | 3,785,087 | ||||||
60,908 | VF Corp. | 4,122,253 | ||||||
101,386 | Walt Disney Co. (The) | 9,264,653 | ||||||
|
| |||||||
62,759,065 | ||||||||
|
| |||||||
Consumer Staples—7.7% | ||||||||
42,148 | Brown-Forman Corp., Class B | 3,905,855 | ||||||
114,697 | CVS Health Corp. | 9,842,150 | ||||||
40,852 | Mead Johnson Nutrition Co. | 4,057,012 | ||||||
107,914 | Mondelez International, Inc., Class A | 3,805,048 | ||||||
|
| |||||||
21,610,065 | ||||||||
|
| |||||||
Energy—7.7% | ||||||||
56,485 | Baker Hughes, Inc. | 2,991,445 | ||||||
64,391 | Energy Transfer Equity LP | 3,757,859 | ||||||
35,542 | EOG Resources, Inc. | 3,378,267 | ||||||
57,764 | Halliburton Co. | 3,185,107 | ||||||
83,112 | Schlumberger Ltd. | 8,199,830 | ||||||
|
| |||||||
21,512,508 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—7.7% | ||||||||
66,394 | Berkshire Hathaway, Inc., Class B(b) | $ | 9,305,783 | |||||
136,984 | Charles Schwab Corp. (The) | 3,927,331 | ||||||
48,137 | McGraw Hill Financial, Inc. | 4,355,436 | ||||||
41,738 | Moody’s Corp. | 4,141,662 | ||||||
|
| |||||||
21,730,212 | ||||||||
|
| |||||||
Health Care—14.7% | ||||||||
17,206 | Actavis PLC(b) | 4,176,584 | ||||||
23,860 | Allergan, Inc. | 4,534,832 | ||||||
26,565 | Biogen Idec, Inc.(b) | 8,529,490 | ||||||
179,914 | Bristol-Myers Squibb Co. | 10,469,196 | ||||||
84,704 | Gilead Sciences, Inc.(b) | 9,486,848 | ||||||
20,025 | McKesson Corp. | 4,073,285 | ||||||
|
| |||||||
41,270,235 | ||||||||
|
| |||||||
Industrials—10.8% | ||||||||
100,371 | American Airlines Group, Inc. | 4,150,341 | ||||||
26,915 | Cummins, Inc. | 3,934,435 | ||||||
26,409 | FedEx Corp. | 4,420,867 | ||||||
122,005 | Southwest Airlines Co. | 4,206,732 | ||||||
87,526 | Tyco International Ltd. | 3,757,491 | ||||||
93,625 | United Parcel Service, Inc., Class B | 9,822,199 | ||||||
|
| |||||||
30,292,065 | ||||||||
|
| |||||||
Information Technology—23.5% | ||||||||
54,316 | Adobe Systems, Inc.(b) | 3,808,638 | ||||||
169,030 | Applied Materials, Inc. | 3,733,873 | ||||||
53,292 | Automatic Data Processing, Inc. | 4,358,220 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares Dynamic Large Cap Growth Portfolio (PWB) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
85,401 | Cognizant Technology Solutions Corp., Class A(b) | $ | 4,171,839 | |||||
121,793 | Facebook, Inc., Class A(b) | 9,133,257 | ||||||
15,648 | Google, Inc., Class A(b) | 8,886,030 | ||||||
120,203 | MasterCard, Inc., Class A | 10,067,001 | ||||||
119,797 | Micron Technology, Inc.(b) | 3,964,083 | ||||||
39,868 | SanDisk Corp. | 3,753,173 | ||||||
62,307 | TE Connectivity Ltd. (Switzerland) | 3,808,827 | ||||||
42,880 | Visa, Inc., Class A | 10,352,518 | ||||||
|
| |||||||
66,037,459 | ||||||||
|
| |||||||
Materials—4.1% | ||||||||
34,013 | Ecolab, Inc. | 3,783,266 | ||||||
29,688 | Praxair, Inc. | 3,740,391 | ||||||
17,906 | Sherwin-Williams Co. (The) | 4,110,501 | ||||||
|
| |||||||
11,634,158 | ||||||||
|
| |||||||
Telecommunication Services—1.4% | ||||||||
129,835 | T-Mobile US, Inc.(b) | 3,789,884 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $250,174,966) | 280,635,651 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
296,427 | Invesco Premier Portfolio—Institutional Class(c) (Cost $296,427) | 296,427 | ||||||
|
| |||||||
Total Investments (Cost $250,471,393)—100.1% | 280,932,078 | |||||||
Other assets less liabilities—(0.1%) | (217,813 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 280,714,265 | ||||||
|
|
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.
| 4 |
|
Portfolio Composition
PowerShares Dynamic Large Cap Value Portfolio (PWV)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 18.7 | |||
Information Technology | 18.3 | |||
Energy | 16.0 | |||
Health Care | 14.4 | |||
Industrials | 9.5 | |||
Consumer Staples | 7.9 | |||
Telecommunication Services | 6.8 | |||
Utilities | 3.1 | |||
Consumer Discretionary | 2.8 | |||
Materials | 2.5 | |||
Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Dynamic Large Cap Value Portfolio (PWV)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Consumer Discretionary—2.8% | ||||||||
155,773 | DIRECTV(b) | $ | 13,519,539 | |||||
216,190 | Macy’s, Inc. | 12,500,106 | ||||||
|
| |||||||
26,019,645 | ||||||||
|
| |||||||
Consumer Staples—7.9% | ||||||||
270,086 | Archer-Daniels-Midland Co. | 12,694,042 | ||||||
264,156 | Kroger Co. (The) | 14,716,131 | ||||||
225,574 | Lorillard, Inc. | 13,872,801 | ||||||
416,187 | Wal-Mart Stores, Inc. | 31,742,582 | ||||||
|
| |||||||
73,025,556 | ||||||||
|
| |||||||
Energy—16.0% | ||||||||
242,733 | Chevron Corp. | 29,115,823 | ||||||
386,877 | ConocoPhillips | 27,913,176 | ||||||
315,929 | Exxon Mobil Corp. | 30,553,494 | ||||||
133,203 | Hess Corp. | 11,296,946 | ||||||
323,022 | Marathon Oil Corp. | 11,434,979 | ||||||
147,968 | Marathon Petroleum Corp. | 13,450,291 | ||||||
154,752 | Phillips 66 | 12,148,032 | ||||||
248,738 | Valero Energy Corp. | 12,459,286 | ||||||
|
| |||||||
148,372,027 | ||||||||
|
| |||||||
Financials—18.7% | ||||||||
126,652 | ACE Ltd. | 13,843,064 | ||||||
219,003 | Allstate Corp. (The) | 14,202,344 | ||||||
240,217 | American International Group, Inc. | 12,868,425 | ||||||
164,108 | Capital One Financial Corp. | 13,583,219 | ||||||
215,914 | Discover Financial Services | 13,770,995 | ||||||
528,547 | JPMorgan Chase & Co. | 31,966,523 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
246,013 | MetLife, Inc. | $ | 13,343,745 | |||||
150,133 | Prudential Financial, Inc. | 13,292,776 | ||||||
142,184 | Travelers Cos., Inc. (The) | 14,332,147 | ||||||
610,848 | Wells Fargo & Co. | 32,429,920 | ||||||
|
| |||||||
173,633,158 | ||||||||
|
| |||||||
Health Care—14.4% | ||||||||
163,964 | Aetna, Inc. | 13,528,669 | ||||||
114,932 | Becton, Dickinson and Co. | 14,791,748 | ||||||
182,152 | Express Scripts Holding Co.(b) | 13,992,917 | ||||||
104,602 | Humana, Inc. | 14,523,988 | ||||||
522,745 | Merck & Co., Inc. | 30,287,845 | ||||||
1,069,144 | Pfizer, Inc. | 32,020,863 | ||||||
115,584 | WellPoint, Inc. | 14,643,337 | ||||||
|
| |||||||
133,789,367 | ||||||||
|
| |||||||
Industrials—9.5% | ||||||||
123,472 | Caterpillar, Inc. | 12,521,296 | ||||||
109,262 | General Dynamics Corp. | 15,270,457 | ||||||
1,209,473 | General Electric Co. | 31,216,498 | ||||||
77,397 | Lockheed Martin Corp. | 14,749,546 | ||||||
105,858 | Northrop Grumman Corp. | 14,604,170 | ||||||
|
| |||||||
88,361,967 | ||||||||
|
| |||||||
Information Technology—18.3% | ||||||||
1,257,388 | Cisco Systems, Inc. | 30,768,284 | ||||||
645,570 | Corning, Inc. | 13,188,995 | ||||||
354,384 | Hewlett-Packard Co. | 12,715,298 | ||||||
899,834 | Intel Corp. | 30,603,354 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic Large Cap Value Portfolio (PWV) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Information Technology (continued) | ||||||||
163,398 | International Business Machines Corp. | $ | 26,862,631 | |||||
756,608 | Oracle Corp. | 29,545,543 | ||||||
215,191 | Seagate Technology PLC | 13,520,451 | ||||||
130,735 | Western Digital Corp. | 12,860,402 | ||||||
|
| |||||||
170,064,958 | ||||||||
|
| |||||||
Materials—2.5% | ||||||||
251,480 | Dow Chemical Co. (The) | 12,423,112 | ||||||
117,767 | LyondellBasell Industries NV, Class A | 10,790,990 | ||||||
|
| |||||||
23,214,102 | ||||||||
|
| |||||||
Telecommunication Services—6.8% | ||||||||
898,803 | AT&T, Inc. | 31,314,297 | ||||||
630,714 | Verizon Communications, Inc. | 31,693,378 | ||||||
|
| |||||||
63,007,675 | ||||||||
|
| |||||||
Utilities—3.1% | ||||||||
250,774 | American Electric Power Co., Inc. | 14,630,155 | ||||||
227,705 | Edison International | 14,249,779 | ||||||
|
| |||||||
28,879,934 | ||||||||
|
| |||||||
Total Investments (Cost $827,054,907)—100.0% | 928,368,389 | |||||||
Other assets less liabilities—0.0% | (201,263 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 928,167,126 | ||||||
|
|
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.
| 6 |
|
Portfolio Composition
PowerShares Fundamental Pure Large Core Portfolio (PXLC)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 17.0 | |||
Health Care | 16.4 | |||
Industrials | 16.3 | |||
Consumer Staples | 13.7 | |||
Consumer Discretionary | 12.8 | |||
Information Technology | 10.3 | |||
Energy | 5.7 | |||
Utilities | 4.0 | |||
Materials | 3.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Fundamental Pure Large Core Portfolio (PXLC)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—12.8% | ||||||||
3,135 | CBS Corp., Class B | $ | 169,980 | |||||
4,049 | DIRECTV(b) | 351,413 | ||||||
53,527 | Ford Motor Co. | 754,195 | ||||||
23,639 | General Motors Co. | 742,265 | ||||||
10,485 | Home Depot, Inc. (The) | 1,022,497 | ||||||
6,550 | Johnson Controls, Inc. | 309,488 | ||||||
3,387 | L Brands, Inc. | 244,270 | ||||||
8,202 | McDonald’s Corp. | 768,773 | ||||||
2,122 | Omnicom Group, Inc. | 152,487 | ||||||
2,330 | Time Warner Cable, Inc. | 342,999 | ||||||
11,510 | Twenty-First Century Fox, Inc., Class A | 396,865 | ||||||
|
| |||||||
5,255,232 | ||||||||
|
| |||||||
Consumer Staples—13.7% | ||||||||
12,920 | Archer-Daniels-Midland Co. | 607,240 | ||||||
5,422 | Colgate-Palmolive Co. | 362,623 | ||||||
12,651 | CVS Health Corp. | 1,085,582 | ||||||
5,963 | General Mills, Inc. | 309,838 | ||||||
3,684 | Lorillard, Inc. | 226,566 | ||||||
13,784 | PepsiCo, Inc. | 1,325,607 | ||||||
13,413 | Philip Morris International, Inc. | 1,193,891 | ||||||
8,025 | Walgreen Co. | 515,366 | ||||||
|
| |||||||
5,626,713 | ||||||||
|
| |||||||
Energy—5.7% | ||||||||
4,024 | Anadarko Petroleum Corp. | 369,323 | ||||||
5,049 | Apache Corp. | 389,783 | ||||||
4,157 | Marathon Petroleum Corp. | 377,871 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
7,982 | Occidental Petroleum Corp. | $ | 709,839 | |||||
6,346 | Spectra Energy Corp. | 248,319 | ||||||
4,875 | Williams Cos., Inc. (The) | 270,611 | ||||||
|
| |||||||
2,365,746 | ||||||||
|
| |||||||
Financials—17.0% | ||||||||
3,447 | ACE Ltd. | 376,757 | ||||||
5,205 | Aflac, Inc. | 310,895 | ||||||
6,603 | American Express Co. | 593,940 | ||||||
27,918 | Annaly Capital Management, Inc. REIT | 318,544 | ||||||
17,381 | Berkshire Hathaway, Inc., Class B(b) | 2,436,121 | ||||||
7,427 | Capital One Financial Corp. | 614,733 | ||||||
3,984 | Marsh & McLennan Cos., Inc. | 216,610 | ||||||
6,190 | PNC Financial Services Group, Inc. (The) | 534,754 | ||||||
6,748 | Prudential Financial, Inc. | 597,468 | ||||||
3,745 | State Street Corp. | 282,598 | ||||||
17,055 | U.S. Bancorp | 726,543 | ||||||
|
| |||||||
7,008,963 | ||||||||
|
| |||||||
Health Care—16.4% | ||||||||
5,828 | AbbVie, Inc. | 369,845 | ||||||
4,106 | Aetna, Inc. | 338,786 | ||||||
5,037 | AmerisourceBergen Corp. | 430,210 | ||||||
4,094 | Baxter International, Inc. | 287,153 | ||||||
12,325 | Bristol-Myers Squibb Co. | 717,192 | ||||||
22,131 | Johnson & Johnson | 2,385,279 | ||||||
3,184 | McKesson Corp. | 647,658 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Fundamental Pure Large Core Portfolio (PXLC) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
8,150 | Medtronic, Inc. | $ | 555,504 | |||||
10,812 | UnitedHealth Group, Inc. | 1,027,248 | ||||||
|
| |||||||
6,758,875 | ||||||||
|
| |||||||
Industrials—16.3% | ||||||||
4,670 | 3M Co. | 718,106 | ||||||
4,960 | Boeing Co. (The) | 619,554 | ||||||
6,762 | Caterpillar, Inc. | 685,734 | ||||||
9,250 | CSX Corp. | 329,578 | ||||||
3,901 | Deere & Co. | 333,692 | ||||||
6,641 | Emerson Electric Co. | 425,422 | ||||||
2,723 | FedEx Corp. | 455,830 | ||||||
4,950 | Honeywell International, Inc. | 475,794 | ||||||
3,640 | Illinois Tool Works, Inc. | 331,422 | ||||||
2,404 | Lockheed Martin Corp. | 458,130 | ||||||
2,937 | Norfolk Southern Corp. | 324,950 | ||||||
2,912 | PACCAR, Inc. | 190,212 | ||||||
5,539 | United Parcel Service, Inc., Class B | 581,096 | ||||||
7,179 | United Technologies Corp. | 768,153 | ||||||
|
| |||||||
6,697,673 | ||||||||
|
| |||||||
Information Technology—10.3% | ||||||||
60,517 | Intel Corp. | 2,058,183 | ||||||
8,515 | International Business Machines Corp. | 1,399,866 | ||||||
6,333 | Micron Technology, Inc.(b) | 209,559 | ||||||
7,088 | Texas Instruments, Inc. | 351,990 | ||||||
4,576 | Yahoo!, Inc.(b) | 210,725 | ||||||
|
| |||||||
4,230,323 | ||||||||
|
| |||||||
Materials—3.8% | ||||||||
1,678 | Air Products & Chemicals, Inc. | 225,959 | ||||||
8,116 | E.I. du Pont de Nemours & Co. | 561,221 | ||||||
3,826 | Mosaic Co. (The) | 169,530 | ||||||
11,099 | Newmont Mining Corp. | 208,217 | ||||||
917 | PPG Industries, Inc. | 186,784 | ||||||
1,848 | Praxair, Inc. | 232,830 | ||||||
|
| |||||||
1,584,541 | ||||||||
|
| |||||||
Utilities—4.0% | ||||||||
12,106 | AES Corp. (The) | 170,331 | ||||||
8,943 | Duke Energy Corp. | 734,667 | ||||||
4,344 | NextEra Energy, Inc. | 435,356 | ||||||
8,653 | PPL Corp. | 302,769 | ||||||
|
| |||||||
1,643,123 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $34,017,473) | 41,171,189 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
36,030 | Invesco Premier Portfolio—Institutional Class(c) (Cost $36,030) | 36,030 | ||||||
|
| |||||||
Total Investments (Cost $34,053,503)—100.1% | 41,207,219 | |||||||
Other assets less liabilities—(0.1%) | (22,732 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 41,184,487 | ||||||
|
|
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.
| 8 |
|
Portfolio Composition
PowerShares Fundamental Pure Large Growth Portfolio (PXLG)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Information Technology | 36.2 | |||
Health Care | 14.5 | |||
Financials | 11.8 | |||
Consumer Discretionary | 10.8 | |||
Energy | 10.3 | |||
Consumer Staples | 7.7 | |||
Industrials | 3.8 | |||
Materials | 2.8 | |||
Telecommunication Services | 2.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Fundamental Pure Large Growth Portfolio (PXLG)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—10.8% | ||||||||
3,394 | Amazon.com, Inc.(b) | $ | 1,036,731 | |||||
88,566 | Comcast Corp., Class A | 4,902,128 | ||||||
15,752 | NIKE, Inc., Class B | 1,464,463 | ||||||
15,490 | TJX Cos., Inc. (The) | 980,827 | ||||||
10,618 | Viacom, Inc., Class B | 771,716 | ||||||
38,597 | Walt Disney Co. (The) | 3,526,994 | ||||||
11,990 | Yum! Brands, Inc. | 861,242 | ||||||
|
| |||||||
13,544,101 | ||||||||
|
| |||||||
Consumer Staples—7.7% | ||||||||
143,211 | Coca-Cola Co. (The) | 5,997,676 | ||||||
20,783 | Costco Wholesale Corp. | 2,771,829 | ||||||
15,342 | Kraft Foods Group, Inc. | 864,522 | ||||||
|
| |||||||
9,634,027 | ||||||||
|
| |||||||
Energy—10.3% | ||||||||
20,149 | Baker Hughes, Inc. | 1,067,091 | ||||||
11,200 | EOG Resources, Inc. | 1,064,560 | ||||||
27,424 | Halliburton Co. | 1,512,159 | ||||||
26,192 | Kinder Morgan, Inc. | 1,013,630 | ||||||
17,795 | National Oilwell Varco, Inc. | 1,292,629 | ||||||
41,329 | Phillips 66 | 3,244,327 | ||||||
37,520 | Schlumberger Ltd. | 3,701,723 | ||||||
|
| |||||||
12,896,119 | ||||||||
|
| |||||||
Financials—11.8% | ||||||||
3,586 | BlackRock, Inc., Class A | 1,223,220 | ||||||
15,567 | CME Group, Inc., Class A | 1,304,670 | ||||||
15,288 | Discover Financial Services | 975,069 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
6,599 | Simon Property Group, Inc. REIT | $ | 1,182,607 | |||||
3,302 | Washington Prime Group, Inc. REIT | 58,214 | ||||||
189,295 | Wells Fargo & Co. | 10,049,672 | ||||||
|
| |||||||
14,793,452 | ||||||||
|
| |||||||
Health Care—14.5% | ||||||||
14,041 | Amgen, Inc. | 2,277,169 | ||||||
11,571 | Cigna Corp. | 1,152,125 | ||||||
15,040 | Covidien PLC | 1,390,298 | ||||||
30,665 | Express Scripts Holding Co.(b) | 2,355,685 | ||||||
12,876 | Gilead Sciences, Inc.(b) | 1,442,112 | ||||||
10,922 | Humana, Inc. | 1,516,520 | ||||||
123,932 | Merck & Co., Inc. | 7,180,620 | ||||||
7,260 | Thermo Fisher Scientific, Inc. | 853,558 | ||||||
|
| |||||||
18,168,087 | ||||||||
|
| |||||||
Industrials—3.8% | ||||||||
5,480 | Cummins, Inc. | 801,067 | ||||||
12,844 | Danaher Corp. | 1,032,658 | ||||||
4,455 | NOW, Inc.(b) | 133,917 | ||||||
24,374 | Union Pacific Corp. | 2,838,352 | ||||||
|
| |||||||
4,805,994 | ||||||||
|
| |||||||
Information Technology—36.2% | ||||||||
16,575 | Accenture PLC, Class A | 1,344,564 | ||||||
104,076 | Apple, Inc. | 11,240,208 | ||||||
13,607 | Automatic Data Processing, Inc. | 1,112,780 | ||||||
4,535 | CDK Global, Inc.(b) | 152,376 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Fundamental Pure Large Growth Portfolio (PXLG) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
165,806 | Cisco Systems, Inc. | $ | 4,057,273 | |||||
64,786 | Corning, Inc. | 1,323,578 | ||||||
24,571 | eBay, Inc.(b) | 1,289,978 | ||||||
71,827 | EMC Corp. | 2,063,590 | ||||||
3,562 | Google, Inc., Class A(b) | 2,022,753 | ||||||
3,562 | Google, Inc., Class C(b) | 1,991,443 | ||||||
243,232 | Microsoft Corp. | 11,419,742 | ||||||
82,796 | Oracle Corp. | 3,233,184 | ||||||
35,269 | QUALCOMM, Inc. | 2,768,969 | ||||||
5,805 | Visa, Inc., Class A | 1,401,501 | ||||||
|
| |||||||
45,421,939 | ||||||||
|
| |||||||
Materials—2.8% | ||||||||
23,163 | LyondellBasell Industries NV, Class A | 2,122,426 | ||||||
12,369 | Monsanto Co. | 1,422,930 | ||||||
|
| |||||||
3,545,356 | ||||||||
|
| |||||||
Telecommunication Services—2.0% | ||||||||
62,530 | CenturyLink, Inc. | 2,593,744 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $99,441,038) | 125,402,819 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
130,788 | Invesco Premier Portfolio—Institutional Class(c) (Cost $130,788) | 130,788 | ||||||
|
| |||||||
Total Investments (Cost $99,571,826)—100.0% | 125,533,607 | |||||||
Other assets less liabilities—0.0% | (50,833 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 125,482,774 | ||||||
|
|
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 Fundamental Pure Large Value Portfolio (PXLV)
Sector Breakdown (% of the Fund’s Net Assets) (Unaudited) | ||||
Financials | 24.5 | |||
Energy | 19.8 | |||
Consumer Staples | 12.4 | |||
Telecommunication Services | 9.0 | |||
Health Care | 8.7 | |||
Utilities | 8.0 | |||
Industrials | 7.2 | |||
Consumer Discretionary | 4.7 | |||
Materials | 2.9 | |||
Information Technology | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Fundamental Pure Large Value Portfolio (PXLV)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—4.7% | ||||||||
5,451 | Best Buy Co., Inc. | $ | 186,097 | |||||
3,044 | Carnival Corp. | 122,217 | ||||||
1,710 | Kohl’s Corp. | 92,716 | ||||||
5,568 | Lowe’s Cos., Inc. | 318,490 | ||||||
2,354 | Macy’s, Inc. | 136,108 | ||||||
8,917 | Staples, Inc. | 113,067 | ||||||
6,002 | Target Corp. | 371,044 | ||||||
4,549 | Time Warner, Inc. | 361,509 | ||||||
568 | Time, Inc.(b) | 12,831 | ||||||
|
| |||||||
1,714,079 | ||||||||
|
| |||||||
Consumer Staples—12.4% | ||||||||
11,511 | Altria Group, Inc. | 556,442 | ||||||
2,033 | Bunge Ltd. | 180,225 | ||||||
3,291 | ConAgra Foods, Inc. | 113,046 | ||||||
1,860 | Kellogg Co. | 118,966 | ||||||
1,777 | Kimberly-Clark Corp. | 203,058 | ||||||
6,382 | Kroger Co. (The) | 355,541 | ||||||
12,655 | Mondelez International, Inc., Class A | 446,215 | ||||||
13,600 | Procter & Gamble Co. (The) | 1,186,872 | ||||||
2,020 | Reynolds American, Inc. | 127,078 | ||||||
4,109 | Safeway, Inc. | 143,240 | ||||||
4,850 | Sysco Corp. | 186,919 | ||||||
12,415 | Wal-Mart Stores, Inc. | 946,892 | ||||||
|
| |||||||
4,564,494 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—19.8% | ||||||||
4,607 | Chesapeake Energy Corp. | $ | 102,183 | |||||
16,987 | Chevron Corp. | 2,037,591 | ||||||
14,724 | ConocoPhillips | 1,062,337 | ||||||
2,703 | Devon Energy Corp. | 162,180 | ||||||
30,445 | Exxon Mobil Corp. | 2,944,336 | ||||||
2,535 | Hess Corp. | 214,993 | ||||||
7,969 | Marathon Oil Corp. | 282,103 | ||||||
2,301 | Murphy Oil Corp. | 122,850 | ||||||
329 | Seventy Seven Energy, Inc.(b) | 4,300 | ||||||
6,901 | Valero Energy Corp. | 345,671 | ||||||
|
| |||||||
7,278,544 | ||||||||
|
| |||||||
Financials—24.5% | ||||||||
3,562 | Allstate Corp. (The) | 230,996 | ||||||
9,715 | American International Group, Inc. | 520,433 | ||||||
99,002 | Bank of America Corp. | 1,698,874 | ||||||
7,724 | Bank of New York Mellon Corp. (The) | 299,073 | ||||||
4,908 | BB&T Corp. | 185,915 | ||||||
1,748 | Chubb Corp. (The) | 173,681 | ||||||
23,447 | Citigroup, Inc. | 1,255,118 | ||||||
5,253 | Fifth Third Bancorp | 105,007 | ||||||
5,732 | Genworth Financial, Inc., Class A(b) | 80,191 | ||||||
2,899 | Goldman Sachs Group, Inc. (The) | 550,781 | ||||||
4,946 | Hartford Financial Services Group, Inc. (The) | 195,763 | ||||||
28,593 | JPMorgan Chase & Co. | 1,729,305 | ||||||
6,569 | KeyCorp | 86,711 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Fundamental Pure Large Value Portfolio (PXLV) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,849 | Lincoln National Corp. | $ | 101,251 | |||||
2,614 | Loews Corp. | 113,970 | ||||||
6,766 | MetLife, Inc. | 366,988 | ||||||
9,537 | Morgan Stanley | 333,318 | ||||||
3,977 | Progressive Corp. (The) | 105,033 | ||||||
10,693 | Regions Financial Corp. | 106,181 | ||||||
4,191 | SunTrust Banks, Inc. | 164,036 | ||||||
3,543 | Travelers Cos., Inc. (The) | 357,134 | ||||||
6,859 | Weyerhaeuser Co. REIT | 232,246 | ||||||
|
| |||||||
8,992,005 | ||||||||
|
| |||||||
Health Care—8.7% | ||||||||
12,483 | Abbott Laboratories | 544,134 | ||||||
3,808 | Cardinal Health, Inc. | 298,852 | ||||||
5,978 | Eli Lilly & Co. | 396,521 | ||||||
4,886 | HCA Holdings, Inc.(b) | 342,264 | ||||||
40,292 | Pfizer, Inc. | 1,206,745 | ||||||
3,268 | WellPoint, Inc. | 414,023 | ||||||
|
| |||||||
3,202,539 | ||||||||
|
| |||||||
Industrials—7.2% | ||||||||
1,807 | General Dynamics Corp. | 252,547 | ||||||
66,617 | General Electric Co. | 1,719,385 | ||||||
1,498 | Northrop Grumman Corp. | 206,664 | ||||||
1,707 | Raytheon Co. | 177,323 | ||||||
2,640 | Tyco International Ltd. | 113,335 | ||||||
55 | Veritiv Corp.(b) | 2,481 | ||||||
3,281 | Waste Management, Inc. | 160,408 | ||||||
|
| |||||||
2,632,143 | ||||||||
|
| |||||||
Information Technology—2.7% | ||||||||
4,825 | Applied Materials, Inc. | 106,584 | ||||||
672 | Blackhawk Network Holdings, Inc., Class B(b) | 22,445 | ||||||
19,594 | Hewlett-Packard Co. | 703,033 | ||||||
11,196 | Xerox Corp. | 148,683 | ||||||
|
| |||||||
980,745 | ||||||||
|
| |||||||
Materials—2.9% | ||||||||
12,177 | Alcoa, Inc. | 204,087 | ||||||
7,053 | Dow Chemical Co. (The) | 348,418 | ||||||
7,890 | Freeport-McMoRan, Inc. | 224,865 | ||||||
2,941 | International Paper Co. | 148,873 | ||||||
2,459 | Nucor Corp. | 132,934 | ||||||
|
| |||||||
1,059,177 | ||||||||
|
| |||||||
Telecommunication Services—9.0% | ||||||||
57,814 | AT&T, Inc. | 2,014,240 | ||||||
26,034 | Verizon Communications, Inc. | 1,308,208 | ||||||
|
| |||||||
3,322,448 | ||||||||
|
| |||||||
Utilities—8.0% | ||||||||
2,546 | Ameren Corp. | 107,797 | ||||||
4,102 | American Electric Power Co., Inc. | 239,311 | ||||||
3,510 | CenterPoint Energy, Inc. | 86,170 | ||||||
2,903 | Consolidated Edison, Inc. | 183,934 | ||||||
2,949 | Dominion Resources, Inc. | 210,264 | ||||||
1,421 | DTE Energy Co. | 116,749 | ||||||
2,665 | Edison International | 166,776 | ||||||
2,303 | Entergy Corp. | 193,498 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
10,666 | Exelon Corp. | $ | 390,269 | |||||
6,046 | FirstEnergy Corp. | 225,758 | ||||||
4,193 | PG&E Corp. | 210,992 | ||||||
4,747 | Public Service Enterprise Group, Inc. | 196,098 | ||||||
1,201 | Sempra Energy | 132,110 | ||||||
7,005 | Southern Co. (The) | 324,752 | ||||||
4,159 | Xcel Energy, Inc. | 139,202 | ||||||
|
| |||||||
2,923,680 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $33,788,609) | 36,669,854 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
8,458 | Invesco Premier Portfolio—Institutional Class(c) (Cost $8,458) | 8,458 | ||||||
|
| |||||||
Total Investments (Cost $33,797,067)—99.9% | 36,678,312 | |||||||
Other assets less liabilities—0.1% | 26,776 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 36,705,088 | ||||||
|
|
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 Mid Core Portfolio (PXMC)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 25.0 | |||
Consumer Discretionary | 15.5 | |||
Industrials | 14.3 | |||
Information Technology | 13.1 | |||
Health Care | 10.4 | |||
Materials | 6.4 | |||
Utilities | 5.2 | |||
Consumer Staples | 5.0 | |||
Energy | 4.4 | |||
Telecommunication Services | 0.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Fundamental Pure Mid Core Portfolio (PXMC)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—15.5% | ||||||||
887 | Advance Auto Parts, Inc. | $ | 130,353 | |||||
355 | AutoZone, Inc.(b) | 196,500 | ||||||
4,096 | Bed Bath & Beyond, Inc.(b) | 275,825 | ||||||
2,338 | BorgWarner, Inc. | 133,313 | ||||||
4,236 | CarMax, Inc.(b) | 236,835 | ||||||
2,720 | Cinemark Holdings, Inc. | 96,070 | ||||||
5,068 | Dana Holding Corp. | 103,691 | ||||||
3,617 | DISH Network Corp., Class A(b) | 230,222 | ||||||
4,809 | Dollar General Corp.(b) | 301,380 | ||||||
1,280 | Expedia, Inc. | 108,762 | ||||||
2,018 | Family Dollar Stores, Inc. | 157,989 | ||||||
1,373 | Hanesbrands, Inc. | 145,003 | ||||||
8,882 | Interpublic Group of Cos., Inc. (The) | 172,222 | ||||||
1,746 | Jarden Corp.(b) | 113,647 | ||||||
2,010 | Lennar Corp., Class A | 86,591 | ||||||
1,741 | Murphy USA, Inc.(b) | 99,759 | ||||||
3,199 | Nordstrom, Inc. | 232,279 | ||||||
1,856 | PetSmart, Inc. | 134,282 | ||||||
2,227 | SeaWorld Entertainment, Inc. | 42,847 | ||||||
2,388 | Starwood Hotels & Resorts Worldwide, Inc. | 183,064 | ||||||
1,431 | Tiffany & Co. | 137,548 | ||||||
4,524 | VF Corp. | 306,184 | ||||||
1,483 | Williams-Sonoma, Inc. | 96,439 | ||||||
2,001 | Wyndham Worldwide Corp. | 155,418 | ||||||
|
| |||||||
3,876,223 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples—5.0% | ||||||||
1,819 | Brown-Forman Corp., Class B | $ | 168,567 | |||||
1,207 | Casey’s General Stores, Inc. | 98,817 | ||||||
1,398 | Constellation Brands, Inc., Class A(b) | 127,973 | ||||||
1,493 | Energizer Holdings, Inc. | 183,116 | ||||||
2,086 | Hormel Foods Corp. | 112,456 | ||||||
1,998 | Ingredion, Inc. | 154,346 | ||||||
2,619 | J.M. Smucker Co. (The) | 272,376 | ||||||
1,922 | McCormick & Co., Inc. | 135,924 | ||||||
|
| |||||||
1,253,575 | ||||||||
|
| |||||||
Energy—4.4% | ||||||||
1,007 | Cimarex Energy Co. | 114,466 | ||||||
4,978 | CONSOL Energy, Inc. | 183,190 | ||||||
10,628 | Denbury Resources, Inc. | 131,787 | ||||||
1,322 | Energen Corp. | 89,499 | ||||||
4,714 | LinnCo LLC | 112,995 | ||||||
1,209 | Oil States International, Inc.(b) | 72,226 | ||||||
4,032 | QEP Resources, Inc. | 101,082 | ||||||
12,416 | SandRidge Energy, Inc.(b) | 48,422 | ||||||
4,902 | Superior Energy Services, Inc. | 123,285 | ||||||
912 | Targa Resources Corp. | 117,311 | ||||||
|
| |||||||
1,094,263 | ||||||||
|
| |||||||
Financials—25.0% | ||||||||
1,307 | Alexandria Real Estate Equities, Inc. REIT | 108,481 | ||||||
297 | Alleghany Corp.(b) | 131,951 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares Fundamental Pure Mid Core Portfolio (PXMC) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
3,148 | Ameriprise Financial, Inc. | $ | 397,183 | |||||
2,387 | Arthur J. Gallagher & Co. | 113,860 | ||||||
3,883 | BioMed Realty Trust, Inc. REIT | 84,339 | ||||||
2,072 | Boston Properties, Inc. REIT | 262,626 | ||||||
1,631 | Camden Property Trust REIT | 125,049 | ||||||
3,927 | CBRE Group, Inc., Class A(b) | 125,664 | ||||||
11,750 | Charles Schwab Corp. (The) | 336,872 | ||||||
8,536 | E*TRADE Financial Corp.(b) | 190,353 | ||||||
5,559 | Equity Residential REIT | 386,684 | ||||||
867 | Federal Realty Investment Trust REIT | 114,271 | ||||||
3,485 | First American Financial Corp. | 105,665 | ||||||
14,997 | First Niagara Financial Group, Inc. | 112,328 | ||||||
5,611 | FNF Group | 167,432 | ||||||
1,853 | FNFV Group(b) | 24,904 | ||||||
5,592 | Franklin Resources, Inc. | 310,971 | ||||||
10,591 | General Growth Properties, Inc. REIT | 274,413 | ||||||
4,603 | Hatteras Financial Corp. REIT | 87,641 | ||||||
7,765 | Invesco Ltd.(c) | 314,250 | ||||||
642 | Jones Lang LaSalle, Inc. | 86,805 | ||||||
1,418 | LPL Financial Holdings, Inc. | 58,691 | ||||||
2,531 | Macerich Co. (The) REIT | 178,435 | ||||||
196 | Markel Corp.(b) | 135,414 | ||||||
13,617 | MFA Financial, Inc. REIT | 114,110 | ||||||
2,743 | NASDAQ OMX Group, Inc. (The) | 118,662 | ||||||
10,764 | Navient Corp. | 212,912 | ||||||
1,658 | Public Storage REIT | 305,636 | ||||||
2,068 | Raymond James Financial, Inc. | 116,077 | ||||||
2,655 | Rayonier, Inc. REIT | 88,863 | ||||||
1,547 | Reinsurance Group of America, Inc. | 130,335 | ||||||
1,387 | SL Green Realty Corp. REIT | 160,476 | ||||||
10,704 | SLM Corp. | 102,223 | ||||||
4,909 | UDR, Inc. REIT | 148,399 | ||||||
3,360 | Vornado Realty Trust REIT | 367,853 | ||||||
3,914 | Voya Financial, Inc. | 153,624 | ||||||
|
| |||||||
6,253,452 | ||||||||
|
| |||||||
Health Care—10.4% | ||||||||
2,228 | Alere, Inc.(b) | 89,053 | ||||||
3,076 | Becton, Dickinson and Co. | 395,881 | ||||||
835 | C.R. Bard, Inc. | 136,915 | ||||||
1,351 | Centene Corp.(b) | 125,197 | ||||||
5,341 | Community Health Systems, Inc.(b) | 293,595 | ||||||
3,466 | DaVita HealthCare Partners, Inc.(b) | 270,591 | ||||||
1,892 | DENTSPLY International, Inc. | 96,057 | ||||||
1,505 | Henry Schein, Inc.(b) | 180,645 | ||||||
4,591 | Mylan, Inc.(b) | 245,848 | ||||||
2,190 | Omnicare, Inc. | 145,832 | ||||||
4,057 | Tenet Healthcare Corp.(b) | 227,395 | ||||||
1,416 | Universal Health Services, Inc., Class B | 146,853 | ||||||
2,190 | Zimmer Holdings, Inc. | 243,616 | ||||||
|
| |||||||
2,597,478 | ||||||||
|
| |||||||
Industrials—14.3% | ||||||||
2,814 | Alaska Air Group, Inc. | 149,789 | ||||||
733 | Alliant Techsystems, Inc. | 85,732 | ||||||
3,769 | C.H. Robinson Worldwide, Inc. | 260,852 | ||||||
1,054 | Carlisle Cos., Inc. | 93,680 | ||||||
2,422 | Civeo Corp. | 29,524 | ||||||
4,623 | Delta Air Lines, Inc. | 185,983 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
3,113 | Dover Corp. | $ | 247,297 | |||||
1,805 | EMCOR Group, Inc. | 79,655 | ||||||
1,328 | Equifax, Inc. | 100,583 | ||||||
3,303 | Expeditors International of Washington, Inc. | 140,906 | ||||||
4,227 | Fluor Corp. | 280,419 | ||||||
2,247 | Fortune Brands Home & Security, Inc. | 97,183 | ||||||
788 | Hubbell, Inc., Class B | 89,367 | ||||||
921 | Huntington Ingalls Industries, Inc. | 97,460 | ||||||
3,833 | Jacobs Engineering Group, Inc.(b) | 181,876 | ||||||
2,550 | Joy Global, Inc. | 134,206 | ||||||
2,697 | Parker Hannifin Corp. | 342,600 | ||||||
4,500 | Quanta Services, Inc.(b) | 153,360 | ||||||
8,469 | Republic Services, Inc. | 325,210 | ||||||
1,652 | Rockwell Automation, Inc. | 185,602 | ||||||
927 | Snap-on, Inc. | 122,494 | ||||||
794 | W.W. Grainger, Inc. | 195,959 | ||||||
|
| |||||||
3,579,737 | ||||||||
|
| |||||||
Information Technology—13.1% | ||||||||
334 | Alliance Data Systems Corp.(b) | 94,639 | ||||||
2,284 | Amdocs Ltd. | 108,581 | ||||||
4,408 | Analog Devices, Inc. | 218,725 | ||||||
1,656 | Autodesk, Inc.(b) | 95,286 | ||||||
9,466 | Brocade Communications Systems, Inc. | 101,570 | ||||||
5,888 | CA, Inc. | 171,105 | ||||||
2,969 | Electronic Arts, Inc.(b) | 121,640 | ||||||
3,544 | Fiserv, Inc.(b) | 246,237 | ||||||
2,310 | Harris Corp. | 160,776 | ||||||
8,073 | Juniper Networks, Inc. | 170,098 | ||||||
2,435 | KLA-Tencor Corp. | 192,730 | ||||||
3,024 | Lam Research Corp. | 235,449 | ||||||
3,372 | Microchip Technology, Inc. | 145,367 | ||||||
6,716 | NVIDIA Corp. | 131,231 | ||||||
8,875 | ON Semiconductor Corp.(b) | 73,574 | ||||||
5,733 | Paychex, Inc. | 269,107 | ||||||
3,327 | SanDisk Corp. | 313,204 | ||||||
2,066 | Synopsys, Inc.(b) | 84,665 | ||||||
11,789 | Western Union Co. (The) | 199,941 | ||||||
3,226 | Xilinx, Inc. | 143,493 | ||||||
|
| |||||||
3,277,418 | ||||||||
|
| |||||||
Materials—6.4% | ||||||||
1,111 | Airgas, Inc. | 123,921 | ||||||
1,448 | Albemarle Corp. | 84,534 | ||||||
2,557 | Celanese Corp., Series A | 150,173 | ||||||
9,639 | Cliffs Natural Resources, Inc. | 108,246 | ||||||
2,278 | Eastman Chemical Co. | 184,017 | ||||||
7,439 | Graphic Packaging Holding Co.(b) | 90,235 | ||||||
1,044 | International Flavors & Fragrances, Inc. | 103,513 | ||||||
688 | Martin Marietta Materials, Inc. | 80,441 | ||||||
1,202 | Packaging Corp. of America | 86,640 | ||||||
886 | Rayonier Advanced Materials, Inc. | 25,277 | ||||||
1,232 | Rockwood Holdings, Inc. | 94,753 | ||||||
4,099 | Sealed Air Corp. | 148,589 | ||||||
910 | Sherwin-Williams Co. (The) | 208,900 | ||||||
1,171 | Valspar Corp. (The) | 96,209 | ||||||
|
| |||||||
1,585,448 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares Fundamental Pure Mid Core Portfolio (PXMC) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Telecommunication Services—0.7% | ||||||||
2,668 | Level 3 Communications, Inc.(b) | $ | 125,156 | |||||
9,860 | Sprint Corp.(b) | 58,470 | ||||||
|
| |||||||
183,626 | ||||||||
|
| |||||||
Utilities—5.2% | ||||||||
2,992 | AGL Resources, Inc. | 161,299 | ||||||
3,323 | American Water Works Co., Inc. | 177,348 | ||||||
7,242 | Northeast Utilities | 357,393 | ||||||
11,592 | NRG Energy, Inc. | 347,528 | ||||||
5,005 | Wisconsin Energy Corp. | 248,548 | ||||||
|
| |||||||
1,292,116 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $21,160,149) | 24,993,336 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
59,787 | Invesco Premier Portfolio—Institutional Class(d) (Cost $59,787) | 59,787 | ||||||
|
| |||||||
Total Investments (Cost $21,219,936)—100.2% | 25,053,123 | |||||||
Other assets less liabilities—(0.2%) | (53,440 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 24,999,683 | ||||||
|
|
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 Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. 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.
| 15 |
|
Portfolio Composition
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 24.3 | |||
Information Technology | 17.6 | |||
Consumer Discretionary | 12.5 | |||
Health Care | 12.2 | |||
Energy | 12.1 | |||
Industrials | 11.1 | |||
Materials | 5.7 | |||
Consumer Staples | 4.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—12.5% | ||||||||
20,009 | Coach, Inc. | $ | 687,909 | |||||
9,692 | Dick’s Sporting Goods, Inc. | 439,726 | ||||||
11,709 | Discovery Communications, Inc., Class A(b) | 413,913 | ||||||
11,709 | Discovery Communications, Inc., Class C(b) | 409,698 | ||||||
15,763 | Dollar Tree, Inc.(b) | 954,765 | ||||||
15,803 | Las Vegas Sands Corp. | 983,895 | ||||||
14,515 | Lear Corp. | 1,342,637 | ||||||
5,079 | Liberty Media Corp., Class A(b) | 243,894 | ||||||
10,171 | Liberty Media Corp., Class C(b) | 487,496 | ||||||
16,193 | LKQ Corp.(b) | 462,634 | ||||||
5,409 | O’Reilly Automotive, Inc.(b) | 951,335 | ||||||
5,172 | PVH Corp. | 591,418 | ||||||
4,201 | Ralph Lauren Corp., Class A | 692,493 | ||||||
14,162 | Ross Stores, Inc. | 1,143,157 | ||||||
6,666 | Wynn Resorts Ltd. | 1,266,607 | ||||||
|
| |||||||
11,071,577 | ||||||||
|
| |||||||
Consumer Staples—4.4% | ||||||||
8,654 | Church & Dwight Co., Inc. | 626,636 | ||||||
10,277 | Estee Lauder Cos., Inc. (The), Class A | 772,625 | ||||||
8,287 | Hershey Co. (The) | 794,806 | ||||||
9,241 | Mead Johnson Nutrition Co. | 917,724 | ||||||
20,128 | Whole Foods Market, Inc. | 791,634 | ||||||
|
| |||||||
3,903,425 | ||||||||
|
| |||||||
Energy—12.1% | ||||||||
22,394 | Cameron International Corp.(b) | 1,333,563 | ||||||
5,270 | Concho Resources, Inc.(b) | 574,588 | ||||||
7,534 | EQT Corp. | 708,497 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
14,515 | FMC Technologies, Inc.(b) | $ | 813,421 | |||||
7,516 | Helmerich & Payne, Inc. | 652,539 | ||||||
36,749 | HollyFrontier Corp. | 1,667,670 | ||||||
22,322 | Noble Energy, Inc. | 1,286,417 | ||||||
5,824 | Oceaneering International, Inc. | 409,252 | ||||||
15,493 | PBF Energy, Inc., Class A | 403,902 | ||||||
4,474 | Pioneer Natural Resources Co. | 845,854 | ||||||
5,019 | Range Resources Corp. | 343,300 | ||||||
22,248 | Southwestern Energy Co.(b) | 723,282 | ||||||
11,646 | Whiting Petroleum Corp.(b) | 713,201 | ||||||
5,532 | World Fuel Services Corp. | 228,140 | ||||||
|
| |||||||
10,703,626 | ||||||||
|
| |||||||
Financials—24.3% | ||||||||
2,336 | Affiliated Managers Group, Inc.(b) | 466,709 | ||||||
11,310 | American Campus Communities, Inc. REIT | 444,144 | ||||||
62,529 | American Capital Agency Corp. REIT | 1,421,909 | ||||||
10,530 | American Tower Corp. REIT | 1,026,675 | ||||||
9,120 | AvalonBay Communities, Inc. REIT | 1,421,261 | ||||||
10,421 | Crown Castle International Corp. REIT | 814,089 | ||||||
46,615 | CYS Investments, Inc. REIT | 416,272 | ||||||
14,274 | Digital Realty Trust, Inc. REIT | 984,763 | ||||||
2,741 | Essex Property Trust, Inc. REIT | 553,024 | ||||||
8,732 | First Republic Bank | 444,721 | ||||||
51,486 | HCP, Inc. REIT | 2,263,839 | ||||||
25,856 | Health Care REIT, Inc. REIT | 1,838,620 | ||||||
2,975 | IntercontinentalExchange, Inc. | 619,663 | ||||||
23,390 | Invesco Mortgage Capital, Inc. REIT(c) | 386,871 | ||||||
25,462 | Leucadia National Corp. | 605,486 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
7,893 | Moody’s Corp. | $ | 783,222 | |||||
42,007 | Prologis, Inc. REIT | 1,749,592 | ||||||
9,060 | Realogy Holdings Corp.(b) | 371,551 | ||||||
10,344 | Realty Income Corp. REIT | 476,134 | ||||||
24,614 | Senior Housing Properties Trust REIT | 556,030 | ||||||
17,093 | T. Rowe Price Group, Inc. | 1,403,164 | ||||||
12,552 | TD Ameritrade Holding Corp. | 423,505 | ||||||
29,335 | Ventas, Inc. REIT | 2,009,741 | ||||||
|
| |||||||
21,480,985 | ||||||||
|
| |||||||
Health Care—12.2% | ||||||||
4,478 | Actavis PLC(b) | 1,086,990 | ||||||
17,703 | Agilent Technologies, Inc. | 978,622 | ||||||
14,519 | Catamaran Corp.(b) | 692,121 | ||||||
9,307 | Cerner Corp.(b) | 589,505 | ||||||
6,639 | Endo International PLC(b) | 444,282 | ||||||
25,452 | Hologic, Inc.(b) | 666,588 | ||||||
1,521 | Intuitive Surgical, Inc.(b) | 754,112 | ||||||
6,915 | MEDNAX, Inc.(b) | 431,703 | ||||||
17,621 | St. Jude Medical, Inc. | 1,130,740 | ||||||
19,431 | Stryker Corp. | 1,700,795 | ||||||
6,296 | Varian Medical Systems, Inc.(b) | 529,619 | ||||||
3,882 | Waters Corp.(b) | 430,126 | ||||||
35,731 | Zoetis, Inc. | 1,327,764 | ||||||
|
| |||||||
10,762,967 | ||||||||
|
| |||||||
Industrials—11.1% | ||||||||
10,758 | AMETEK, Inc. | 561,030 | ||||||
6,501 | B/E Aerospace, Inc.(b) | 483,999 | ||||||
14,799 | Fastenal Co. | 651,748 | ||||||
9,028 | Flowserve Corp. | 613,814 | ||||||
5,926 | J.B. Hunt Transport Services, Inc. | 472,717 | ||||||
5,889 | Kansas City Southern | 723,110 | ||||||
22,197 | Nielsen Holdings NV | 943,151 | ||||||
6,246 | Pall Corp. | 571,009 | ||||||
4,898 | Roper Industries, Inc. | 775,353 | ||||||
18,998 | Stanley Black & Decker, Inc. | 1,778,973 | ||||||
4,005 | Towers Watson & Co., Class A | 441,711 | ||||||
2,333 | TransDigm Group, Inc. | 436,341 | ||||||
15,912 | United Continental Holdings, Inc.(b) | 840,313 | ||||||
13,386 | Xylem, Inc. | 486,715 | ||||||
|
| |||||||
9,779,984 | ||||||||
|
| |||||||
Information Technology—17.6% | ||||||||
54,636 | Activision Blizzard, Inc. | 1,089,988 | ||||||
19,466 | Adobe Systems, Inc.(b) | 1,364,956 | ||||||
7,296 | Akamai Technologies, Inc.(b) | 439,949 | ||||||
19,267 | Altera Corp. | 662,207 | ||||||
14,028 | Amphenol Corp., Class A | 709,536 | ||||||
41,908 | Broadcom Corp., Class A | 1,755,107 | ||||||
10,614 | Citrix Systems, Inc.(b) | 681,737 | ||||||
23,475 | Cognizant Technology Solutions Corp., Class A(b) | 1,146,754 | ||||||
2,591 | Equinix, Inc. | 541,260 | ||||||
21,236 | Fidelity National Information Services, Inc. | 1,239,970 | ||||||
10,067 | First Solar, Inc.(b) | 592,946 | ||||||
10,041 | Intuit, Inc. | 883,708 | ||||||
15,190 | Linear Technology Corp. | 650,740 | ||||||
26,590 | NetApp, Inc. | 1,138,052 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
11,542 | Teradata Corp.(b) | $ | 488,458 | |||||
22,303 | Western Digital Corp. | 2,193,946 | ||||||
|
| |||||||
15,579,314 | ||||||||
|
| |||||||
Materials—5.7% | ||||||||
5,823 | CF Industries Holdings, Inc. | 1,513,980 | ||||||
13,266 | Ecolab, Inc. | 1,475,577 | ||||||
7,546 | FMC Corp. | 432,763 | ||||||
13,264 | Rock-Tenn Co., Class A | 678,454 | ||||||
6,947 | Sigma-Aldrich Corp. | 944,167 | ||||||
|
| |||||||
5,044,941 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $72,444,588) | 88,326,819 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
90,228 | Invesco Premier Portfolio—Institutional Class(d) (Cost $90,228) | 90,228 | ||||||
|
| |||||||
Total Investments (Cost $72,534,816)—100.0% | 88,417,047 | |||||||
Other assets less liabilities—0.0% | (37,699 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 88,379,348 | ||||||
|
|
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 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. 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 Value Portfolio (PXMV)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 21.3 | |||
Consumer Discretionary | 19.4 | |||
Industrials | 14.9 | |||
Utilities | 9.8 | |||
Information Technology | 7.7 | |||
Materials | 7.2 | |||
Consumer Staples | 6.3 | |||
Energy | 5.7 | |||
Health Care | 5.2 | |||
Telecommunication Services | 2.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Fundamental Pure Mid Value Portfolio (PXMV)
October 31, 2014
(Unaudited)
| Number of Shares | | Value | |||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—19.4% | ||||||||
3,845 | Abercrombie & Fitch Co., Class A | $ | 128,731 | |||||
10,276 | American Eagle Outfitters, Inc. | 132,252 | ||||||
5,031 | Apollo Education Group, Inc.(b) | 144,188 | ||||||
3,191 | AutoNation, Inc.(b) | 182,717 | ||||||
4,507 | Big Lots, Inc. | 205,745 | ||||||
12,834 | Cablevision Systems Corp., Class A | 238,969 | ||||||
4,954 | Caesars Entertainment Corp.(b)(c) | 60,389 | ||||||
1,838 | Charter Communications, Inc., Class A(b) | 291,121 | ||||||
7,474 | CST Brands, Inc. | 285,880 | ||||||
5,713 | D.R. Horton, Inc. | 130,199 | ||||||
5,480 | Darden Restaurants, Inc. | 283,754 | ||||||
1,082 | Dillard’s, Inc., Class A | 114,432 | ||||||
4,432 | Foot Locker, Inc. | 248,236 | ||||||
5,482 | GameStop Corp., Class A | 234,410 | ||||||
8,520 | Gannett Co., Inc. | 268,380 | ||||||
6,246 | Gap, Inc. (The) | 236,661 | ||||||
4,089 | Genuine Parts Co. | 396,960 | ||||||
15,312 | Goodyear Tire & Rubber Co. (The) | 371,010 | ||||||
159 | Graham Holdings Co., Class B | 124,592 | ||||||
3,177 | Guess?, Inc. | 70,434 | ||||||
6,322 | H&R Block, Inc. | 204,264 | ||||||
3,778 | Harley-Davidson, Inc. | 248,215 | ||||||
3,105 | Hasbro, Inc. | 178,631 | ||||||
9,499 | International Game Technology | 155,689 | ||||||
56,019 | J.C. Penney Co., Inc.(b)(c) | 426,305 | ||||||
1,370 | Lands’ End, Inc.(b) | 65,034 |
| Number of Shares | | Value | |||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
5,213 | Leggett & Platt, Inc. | $ | 205,288 | |||||
14,437 | Liberty Interactive Corp., Class A(b) | 377,383 | ||||||
2,052 | Liberty Ventures, Series A(b) | 72,025 | ||||||
3,154 | Marriott International, Inc., Class A | 238,916 | ||||||
9,319 | Mattel, Inc. | 289,541 | ||||||
8,474 | MGM Resorts International(b) | 197,020 | ||||||
1,271 | Mohawk Industries, Inc.(b) | 180,533 | ||||||
6,547 | Newell Rubbermaid, Inc. | 218,212 | ||||||
19,701 | News Corp., Class A(b) | 304,971 | ||||||
81 | NVR, Inc.(b) | 99,434 | ||||||
35,747 | Office Depot, Inc.(b) | 186,599 | ||||||
4,818 | Rent-A-Center, Inc. | 149,213 | ||||||
4,003 | Royal Caribbean Cruises Ltd. | 272,084 | ||||||
4,555 | Sears Holdings Corp.(b)(c) | 159,061 | ||||||
5,368 | Service Corp. International | 117,398 | ||||||
2,274 | Tenneco, Inc.(b) | 119,067 | ||||||
5,074 | TRW Automotive Holdings Corp.(b) | 514,250 | ||||||
2,222 | Visteon Corp.(b) | 208,646 | ||||||
3,159 | Whirlpool Corp. | 543,506 | ||||||
|
| |||||||
9,880,345 | ||||||||
|
| |||||||
Consumer Staples—6.3% | ||||||||
25,745 | Avon Products, Inc. | 267,748 | ||||||
5,328 | Campbell Soup Co. | 235,338 | ||||||
3,025 | Clorox Co. (The) | 300,987 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares Fundamental Pure Mid Value Portfolio (PXMV) (continued)
October 31, 2014
(Unaudited)
| Number of Shares | | Value | |||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
6,201 | Coca-Cola Enterprises, Inc. | $ | 268,813 | |||||
16,612 | Dean Foods Co. | 244,362 | ||||||
5,119 | Dr Pepper Snapple Group, Inc. | 354,491 | ||||||
4,491 | Molson Coors Brewing Co., Class B | 334,041 | ||||||
67,643 | Rite Aid Corp.(b) | 355,126 | ||||||
46,362 | SUPERVALU, Inc.(b) | 400,104 | ||||||
11,134 | Tyson Foods, Inc., Class A | 449,257 | ||||||
|
| |||||||
3,210,267 | ||||||||
|
| |||||||
Energy—5.7% | ||||||||
45,943 | Alpha Natural Resources, Inc.(b)(c) | 90,048 | ||||||
37,320 | Arch Coal, Inc.(c) | 80,611 | ||||||
6,023 | Diamond Offshore Drilling, Inc.(c) | 227,127 | ||||||
2,885 | Exterran Holdings, Inc. | 113,467 | ||||||
15,860 | McDermott International, Inc.(b)(c) | 60,902 | ||||||
6,803 | Newfield Exploration Co.(b) | 221,846 | ||||||
5,959 | ONEOK, Inc. | 351,224 | ||||||
4,381 | Patterson-UTI Energy, Inc. | 100,895 | ||||||
18,757 | Peabody Energy Corp.(c) | 195,636 | ||||||
4,203 | Rowan Cos. PLC, Class A | 102,007 | ||||||
1,218 | SEACOR Holdings, Inc.(b) | 100,424 | ||||||
8,623 | Tesoro Corp. | 615,768 | ||||||
2,152 | Tidewater, Inc. | 79,344 | ||||||
1,982 | Unit Corp.(b) | 95,969 | ||||||
2,904 | Western Refining, Inc. | 132,393 | ||||||
17,042 | WPX Energy, Inc.(b) | 325,843 | ||||||
|
| |||||||
2,893,504 | ||||||||
|
| |||||||
Financials—21.3% | ||||||||
7,986 | American Capital Ltd.(b) | 118,432 | ||||||
3,197 | American Financial Group, Inc. | 191,276 | ||||||
98 | American National Insurance Co. | 11,180 | ||||||
4,231 | Apartment Investment & Management Co., Class A REIT | 151,427 | ||||||
6,679 | Associated Banc-Corp. | 125,565 | ||||||
4,163 | Assurant, Inc. | 284,000 | ||||||
6,402 | Brandywine Realty Trust REIT | 98,783 | ||||||
5,859 | CBL & Associates Properties, Inc. REIT | 112,083 | ||||||
5,843 | Cincinnati Financial Corp. | 294,896 | ||||||
5,441 | CIT Group, Inc. | 266,228 | ||||||
9,733 | CNO Financial Group, Inc. | 176,459 | ||||||
5,625 | Columbia Property Trust, Inc. REIT | 141,919 | ||||||
5,739 | Comerica, Inc. | 273,980 | ||||||
2,527 | Commerce Bancshares, Inc. | 114,372 | ||||||
1,487 | Cullen/Frost Bankers, Inc. | 120,164 | ||||||
6,007 | DDR Corp. REIT | 108,967 | ||||||
9,183 | Duke Realty Corp. REIT | 174,110 | ||||||
4,801 | Equity Commonwealth REIT | 128,235 | ||||||
4,617 | Federated Investors, Inc., Class B | 144,374 | ||||||
7,895 | First Horizon National Corp. | 101,530 | ||||||
1,895 | Hanover Insurance Group, Inc. (The) | 126,851 | ||||||
3,344 | HCC Insurance Holdings, Inc. | 174,523 | ||||||
6,671 | Hospitality Properties Trust REIT | 197,528 | ||||||
14,381 | Host Hotels & Resorts, Inc. REIT | 335,221 | ||||||
26,820 | Hudson City Bancorp, Inc. | 258,813 | ||||||
27,026 | Huntington Bancshares, Inc. | 267,828 | ||||||
5,233 | Iron Mountain, Inc. REIT | 188,754 |
| Number of Shares | | Value | |||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,022 | Kemper Corp. | $ | 37,661 | |||||
9,951 | Kimco Realty Corp. REIT | 248,277 | ||||||
3,456 | Legg Mason, Inc. | 179,712 | ||||||
4,367 | Liberty Property Trust REIT | 151,841 | ||||||
3,751 | M&T Bank Corp. | 458,297 | ||||||
5,467 | Mack-Cali Realty Corp. REIT | 102,397 | ||||||
4,564 | McGraw Hill Financial, Inc. | 412,951 | ||||||
21,169 | New York Community Bancorp, Inc. | 337,646 | ||||||
5,832 | Northern Trust Corp. | 386,662 | ||||||
10,952 | Old Republic International Corp. | 161,761 | ||||||
15,627 | People’s United Financial, Inc. | 228,467 | ||||||
6,641 | PHH Corp.(b) | 157,325 | ||||||
8,633 | Piedmont Office Realty Trust, Inc., Class A REIT | 167,912 | ||||||
4,451 | Plum Creek Timber Co., Inc. REIT | 182,535 | ||||||
9,424 | Principal Financial Group, Inc. | 493,535 | ||||||
3,514 | Protective Life Corp. | 244,856 | ||||||
2,140 | Regency Centers Corp. REIT | 129,898 | ||||||
7,567 | Retail Properties of America, Inc., Class A REIT | 118,726 | ||||||
1,688 | StanCorp Financial Group, Inc. | 117,417 | ||||||
4,337 | Synovus Financial Corp. | 109,986 | ||||||
5,793 | TCF Financial Corp. | 89,502 | ||||||
4,056 | Torchmark Corp. | 214,806 | ||||||
11,667 | Unum Group | 390,378 | ||||||
10,113 | Valley National Bancorp(c) | 100,928 | ||||||
4,352 | W.R. Berkley Corp. | 224,302 | ||||||
3,224 | Weingarten Realty Investors REIT | 116,870 | ||||||
12,542 | XL Group PLC | 424,923 | ||||||
6,336 | Zions Bancorporation | 183,554 | ||||||
|
| |||||||
10,860,623 | ||||||||
|
| |||||||
Health Care—5.2% | ||||||||
32,029 | Boston Scientific Corp.(b) | 425,345 | ||||||
5,773 | CareFusion Corp.(b) | 331,197 | ||||||
7,832 | Health Net, Inc.(b) | 372,098 | ||||||
4,256 | Hospira, Inc.(b) | 228,547 | ||||||
4,295 | Kindred Healthcare, Inc. | 93,416 | ||||||
2,578 | Laboratory Corp. of America Holdings(b) | 281,750 | ||||||
2,431 | LifePoint Hospitals, Inc.(b) | 170,170 | ||||||
3,928 | Owens & Minor, Inc. | 130,881 | ||||||
5,429 | Quest Diagnostics, Inc. | 344,524 | ||||||
991 | Teleflex, Inc. | 113,093 | ||||||
2,288 | WellCare Health Plans, Inc.(b) | 155,287 | ||||||
|
| |||||||
2,646,308 | ||||||||
|
| |||||||
Industrials—14.9% | ||||||||
7,114 | ADT Corp. (The) | 254,966 | ||||||
5,644 | AECOM Technology Corp.(b) | 183,712 | ||||||
4,474 | AGCO Corp. | 198,243 | ||||||
11,903 | American Airlines Group, Inc. | 492,189 | ||||||
2,565 | Armstrong World Industries, Inc.(b) | 124,197 | ||||||
7,412 | Avis Budget Group, Inc.(b) | 413,219 | ||||||
2,109 | Cintas Corp. | 154,463 | ||||||
2,726 | Con-way, Inc. | 118,227 | ||||||
7,570 | Exelis, Inc. | 135,125 | ||||||
4,446 | General Cable Corp. | 63,000 | ||||||
3,961 | Harsco Corp. | 85,874 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares Fundamental Pure Mid Value Portfolio (PXMV) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
16,901 | Hertz Global Holdings, Inc.(b) | $ | 370,470 | |||||
7,428 | Ingersoll-Rand PLC | 465,141 | ||||||
4,340 | ITT Corp. | 195,560 | ||||||
14,417 | JetBlue Airways Corp.(b) | 166,372 | ||||||
6,539 | KBR, Inc. | 124,764 | ||||||
2,153 | Kennametal, Inc. | 83,127 | ||||||
3,892 | L-3 Communications Holdings, Inc. | 472,722 | ||||||
4,085 | Manpowergroup, Inc. | 272,674 | ||||||
8,983 | Masco Corp. | 198,255 | ||||||
4,499 | MRC Global, Inc.(b) | 94,614 | ||||||
4,599 | Navistar International Corp.(b) | 162,667 | ||||||
3,009 | Oshkosh Corp. | 134,683 | ||||||
4,338 | Owens Corning | 139,076 | ||||||
10,829 | Pitney Bowes, Inc. | 267,909 | ||||||
16,413 | R.R. Donnelley & Sons Co. | 286,407 | ||||||
2,542 | Robert Half International, Inc. | 139,251 | ||||||
2,622 | Rockwell Collins, Inc. | 220,641 | ||||||
2,708 | Ryder System, Inc. | 239,577 | ||||||
4,018 | Spirit Aerosystems Holdings, Inc., Class A(b) | 158,068 | ||||||
1,315 | SPX Corp. | 124,649 | ||||||
3,389 | Terex Corp. | 97,502 | ||||||
7,903 | Textron, Inc. | 328,212 | ||||||
2,537 | Timken Co. (The) | 109,066 | ||||||
3,865 | Trinity Industries, Inc. | 138,019 | ||||||
1,937 | United Rentals, Inc.(b) | 213,186 | ||||||
420 | Vectrus, Inc.(b) | 10,265 | ||||||
1,682 | WESCO International, Inc.(b) | 138,614 | ||||||
|
| |||||||
7,574,706 | ||||||||
|
| |||||||
Information Technology—7.7% | ||||||||
30,123 | Advanced Micro Devices, Inc.(b)(c) | 84,344 | ||||||
1,034 | Anixter International, Inc. | 88,066 | ||||||
4,487 | AOL, Inc.(b) | 195,319 | ||||||
5,748 | Arrow Electronics, Inc.(b) | 326,831 | ||||||
4,059 | Booz Allen Hamilton Holding Corp., Class A | 106,955 | ||||||
1,282 | CACI International, Inc., Class A(b) | 105,496 | ||||||
6,253 | Computer Sciences Corp. | 377,681 | ||||||
3,759 | CoreLogic, Inc.(b) | 117,920 | ||||||
1,696 | Insight Enterprises, Inc.(b) | 38,584 | ||||||
12,959 | Jabil Circuit, Inc. | 271,491 | ||||||
4,947 | Leidos Holdings, Inc. | 180,912 | ||||||
2,645 | Lexmark International, Inc., Class A | 114,158 | ||||||
7,115 | Maxim Integrated Products, Inc. | 208,754 | ||||||
4,449 | Motorola Solutions, Inc. | 286,960 | ||||||
3,914 | NCR Corp.(b) | 108,300 | ||||||
7,759 | Sanmina Corp.(b) | 194,518 | ||||||
2,545 | Science Applications International Corp. | 124,476 | ||||||
17,980 | Symantec Corp. | 446,264 | ||||||
1,683 | SYNNEX Corp. | 116,430 | ||||||
1,958 | Tech Data Corp.(b) | 116,932 | ||||||
3,146 | Total System Services, Inc. | 106,303 | ||||||
3,279 | Unisys Corp.(b) | 84,074 | ||||||
7,056 | Vishay Intertechnology, Inc. | 95,327 | ||||||
|
| |||||||
3,896,095 | ||||||||
|
| |||||||
Materials—7.2% | ||||||||
4,815 | Allegheny Technologies, Inc. | 158,173 |
| Number of Shares | | Value | |||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
2,130 | Ashland, Inc. | $ | 230,189 | |||||
3,852 | Avery Dennison Corp. | 180,466 | ||||||
3,442 | Ball Corp. | 221,768 | ||||||
3,994 | Bemis Co., Inc. | 153,649 | ||||||
1,875 | Cabot Corp. | 87,056 | ||||||
7,323 | Commercial Metals Co. | 126,615 | ||||||
4,670 | Crown Holdings, Inc.(b) | 223,833 | ||||||
8,487 | Huntsman Corp. | 207,083 | ||||||
6,782 | MeadWestvaco Corp. | 299,561 | ||||||
6,831 | Owens-Illinois, Inc.(b) | 176,035 | ||||||
2,634 | Reliance Steel & Aluminum Co. | 177,742 | ||||||
3,383 | RPM International, Inc. | 153,250 | ||||||
3,714 | Sonoco Products Co. | 151,791 | ||||||
6,126 | Southern Copper Corp. | 176,306 | ||||||
10,315 | Steel Dynamics, Inc. | 237,348 | ||||||
1,268 | Timkensteel Corp. | 51,456 | ||||||
12,041 | United States Steel Corp. | 482,122 | �� | |||||
2,772 | Vulcan Materials Co. | 171,060 | ||||||
|
| |||||||
3,665,503 | ||||||||
|
| |||||||
Telecommunication Services—2.4% | ||||||||
80,357 | Frontier Communications Corp. | 525,535 | ||||||
6,529 | Telephone & Data Systems, Inc. | 167,403 | ||||||
52,123 | Windstream Holdings, Inc. | 546,249 | ||||||
|
| |||||||
1,239,187 | ||||||||
|
| |||||||
Utilities—9.8% | ||||||||
4,225 | Alliant Energy Corp. | 261,570 | ||||||
3,505 | Atmos Energy Corp. | 185,765 | ||||||
14,531 | Calpine Corp.(b) | 331,597 | ||||||
10,351 | CMS Energy Corp. | 338,167 | ||||||
7,158 | Great Plains Energy, Inc. | 192,765 | ||||||
3,732 | Hawaiian Electric Industries, Inc.(c) | 105,093 | ||||||
3,415 | Integrys Energy Group, Inc. | 248,202 | ||||||
4,920 | MDU Resources Group, Inc. | 138,646 | ||||||
1,897 | National Fuel Gas Co. | 131,329 | ||||||
10,827 | NiSource, Inc. | 455,384 | ||||||
5,836 | OGE Energy Corp. | 217,624 | ||||||
16,294 | Pepco Holdings, Inc. | 445,478 | ||||||
5,242 | Pinnacle West Capital Corp. | 322,226 | ||||||
3,644 | Portland General Electric Co. | 132,678 | ||||||
5,432 | Questar Corp. | 130,965 | ||||||
5,663 | SCANA Corp. | 310,842 | ||||||
1,216 | Southwest Gas Corp. | 70,637 | ||||||
12,565 | TECO Energy, Inc. | 246,400 | ||||||
6,855 | UGI Corp. | 258,365 | ||||||
2,748 | Vectren Corp. | 123,523 | ||||||
5,334 | Westar Energy, Inc. | 201,679 | ||||||
2,864 | WGL Holdings, Inc. | 134,608 | ||||||
|
| |||||||
4,983,543 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $42,304,895)—99.9% | 50,850,081 | |||||||
|
| |||||||
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.3% | ||||||||
1,178,834 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $1,178,834) | $ | 1,178,834 | |||||
|
| |||||||
Total Investments (Cost $43,483,729)—102.2% | 52,028,915 | |||||||
Other assets less liabilities—(2.2%) | (1,141,439 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 50,887,476 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 1,139,209 | $ | (1,139,209 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Portfolio Composition
PowerShares Fundamental Pure Small Core Portfolio (PXSC)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 22.2 | |||
Industrials | 20.5 | |||
Consumer Discretionary | 16.9 | |||
Information Technology | 11.6 | |||
Health Care | 9.3 | |||
Materials | 5.8 | |||
Consumer Staples | 5.3 | |||
Energy | 5.0 | |||
Utilities | 1.7 | |||
Telecommunication Services | 0.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.8 |
Schedule of Investments(a)
PowerShares Fundamental Pure Small Core Portfolio (PXSC)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.2% | ||||||||
Consumer Discretionary—16.9% | ||||||||
3,030 | Aaron’s, Inc. | $ | 75,023 | |||||
265 | America’s Car-Mart, Inc.(b) | 12,185 | ||||||
4,007 | Ascena Retail Group, Inc.(b) | 49,887 | ||||||
587 | Bally Technologies, Inc.(b) | 47,195 | ||||||
610 | BJ’s Restaurants, Inc.(b) | 26,852 | ||||||
1,460 | Bloomin’ Brands, Inc.(b) | 27,609 | ||||||
671 | Bravo Brio Restaurant Group, Inc.(b) | 9,307 | ||||||
365 | Bright Horizons Family Solutions, Inc.(b) | 16,264 | ||||||
1,488 | Buckle, Inc. (The) | 73,403 | ||||||
1,032 | Cabela’s, Inc.(b) | 49,557 | ||||||
228 | Capella Education Co. | 16,129 | ||||||
303 | Carriage Services, Inc. | 6,048 | ||||||
1,043 | Carter’s, Inc. | 81,490 | ||||||
880 | Cheesecake Factory, Inc. (The) | 40,427 | ||||||
3,941 | Chico’s FAS, Inc. | 59,430 | ||||||
936 | Choice Hotels International, Inc. | 50,076 | ||||||
193 | Collectors Universe, Inc. | 4,748 | ||||||
387 | Conn’s, Inc.(b) | 12,040 | ||||||
141 | Container Store Group, Inc. (The)(b) | 2,600 | ||||||
1,720 | Core-Mark Holding Co., Inc. | 99,812 | ||||||
598 | Cracker Barrel Old Country Store, Inc. | 68,979 | ||||||
237 | Culp, Inc. | 4,496 | ||||||
1,717 | DeVry Education Group, Inc. | 83,120 | ||||||
467 | DineEquity, Inc. | 41,544 | ||||||
701 | Domino’s Pizza, Inc. | 62,242 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
382 | Drew Industries, Inc. | $ | 18,359 | |||||
893 | Entravision Communications Corp., Class A | 4,608 | ||||||
319 | Extended Stay America, Inc. | 7,356 | ||||||
245 | Fiesta Restaurant Group, Inc.(b) | 13,512 | ||||||
1,450 | Finish Line, Inc. (The), Class A | 38,381 | ||||||
849 | Genesco, Inc.(b) | 65,110 | ||||||
2,342 | Gentex Corp. | 76,677 | ||||||
614 | Houghton Mifflin Harcourt Co.(b) | 12,286 | ||||||
674 | HSN, Inc. | 44,531 | ||||||
543 | Interval Leisure Group, Inc. | 11,425 | ||||||
364 | Jamba, Inc.(b) | 4,859 | ||||||
555 | Kirkland’s, Inc.(b) | 9,879 | ||||||
986 | La-Z-Boy, Inc. | 22,540 | ||||||
2,307 | LeapFrog Enterprises, Inc.(b) | 12,273 | ||||||
1,337 | Life Time Fitness, Inc.(b) | 74,564 | ||||||
493 | LIN Media LLC, Class A(b) | 11,797 | ||||||
4,298 | Live Nation Entertainment, Inc.(b) | 111,748 | ||||||
900 | Madison Square Garden Co. (The), Class A(b) | 68,184 | ||||||
448 | MDC Partners, Inc., Class A | 9,274 | ||||||
160 | Motorcar Parts of America, Inc.(b) | 4,646 | ||||||
331 | Movado Group, Inc. | 11,684 | ||||||
312 | Multimedia Games Holding Co., Inc.(b) | 10,889 | ||||||
1,880 | National CineMedia, Inc. | 29,892 | ||||||
1,578 | Norwegian Cruise Line Holdings Ltd.(b) | 61,542 | ||||||
838 | Outerwall, Inc.(b) | 53,020 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
PowerShares Fundamental Pure Small Core Portfolio (PXSC) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
552 | Overstock.com, Inc.(b) | $ | 12,762 | |||||
261 | Oxford Industries, Inc. | 15,986 | ||||||
508 | Papa John’s International, Inc. | 23,754 | ||||||
756 | Pool Corp. | 45,133 | ||||||
4,416 | PulteGroup, Inc. | 84,743 | ||||||
411 | Remy International, Inc. | 7,595 | ||||||
2,985 | Sally Beauty Holdings, Inc.(b) | 87,490 | ||||||
1,156 | Select Comfort Corp.(b) | 29,698 | ||||||
503 | Shoe Carnival, Inc. | 9,255 | ||||||
1,316 | Sinclair Broadcast Group, Inc., Class A | 38,230 | ||||||
608 | Skullcandy, Inc.(b) | 5,071 | ||||||
1,110 | Sotheby’s | 44,023 | ||||||
589 | Standard Motor Products, Inc. | 23,277 | ||||||
2,269 | Standard Pacific Corp.(b) | 16,791 | ||||||
1,519 | Starz, Class A(b) | 46,937 | ||||||
91 | Strattec Security Corp. | 9,438 | ||||||
807 | Taylor Morrison Home Corp., Class A(b) | 13,913 | ||||||
384 | Tilly’s, Inc., Class A(b) | 2,734 | ||||||
1,057 | Tupperware Brands Corp. | 67,384 | ||||||
392 | Universal Electronics, Inc.(b) | 22,301 | ||||||
2,280 | Urban Outfitters, Inc.(b) | 69,221 | ||||||
602 | Vail Resorts, Inc. | 51,989 | ||||||
1,849 | Wolverine World Wide, Inc. | 50,182 | ||||||
674 | Zumiez, Inc.(b) | 22,498 | ||||||
|
| |||||||
2,609,904 | ||||||||
|
| |||||||
Consumer Staples—5.3% | ||||||||
1,181 | Andersons, Inc. (The) | 75,265 | ||||||
1,288 | B&G Foods, Inc. | 37,944 | ||||||
348 | Calavo Growers, Inc. | 16,892 | ||||||
700 | Diamond Foods, Inc.(b) | 21,105 | ||||||
4,248 | Flowers Foods, Inc. | 80,712 | ||||||
732 | Fresh Market, Inc. (The)(b) | 26,872 | ||||||
2,439 | Harbinger Group, Inc.(b) | 32,048 | ||||||
245 | J & J Snack Foods Corp. | 25,242 | ||||||
414 | Lancaster Colony Corp. | 37,877 | ||||||
322 | Nature’s Sunshine Products, Inc. | 4,798 | ||||||
1,326 | Pinnacle Foods, Inc. | 44,819 | ||||||
536 | Sanderson Farms, Inc. | 45,013 | ||||||
8 | Seaboard Corp.(b) | 24,583 | ||||||
1,719 | Snyder’s-Lance, Inc. | 51,209 | ||||||
390 | Tootsie Roll Industries, Inc., Class A | 11,564 | ||||||
1,037 | TreeHouse Foods, Inc.(b) | 88,321 | ||||||
1,353 | United Natural Foods, Inc.(b) | 92,031 | ||||||
124 | USANA Health Sciences, Inc.(b) | 14,134 | ||||||
2,305 | WhiteWave Foods Co. (The)(b) | 85,815 | ||||||
|
| |||||||
816,244 | ||||||||
|
| |||||||
Energy—5.0% | ||||||||
1,716 | Atwood Oceanics, Inc.(b) | 69,755 | ||||||
860 | Bristow Group, Inc. | 63,554 | ||||||
166 | Clayton Williams Energy, Inc.(b) | 13,801 | ||||||
2,285 | Delek US Holdings, Inc. | 77,439 | ||||||
1,721 | Dresser-Rand Group, Inc.(b) | 140,606 | ||||||
464 | Dril-Quip, Inc.(b) | 41,737 | ||||||
546 | Era Group, Inc.(b) | 12,771 | ||||||
685 | Goodrich Petroleum Corp.(b) | 5,644 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
1,515 | Green Plains, Inc. | $ | 51,813 | |||||
773 | Gulfmark Offshore, Inc., Class A | 23,314 | ||||||
514 | Hallador Energy Co. | 6,168 | ||||||
553 | Matrix Service Co.(b) | 13,858 | ||||||
2,176 | Midstates Petroleum Co., Inc.(b) | 6,463 | ||||||
248 | Natural Gas Services Group, Inc.(b) | 6,381 | ||||||
802 | Nuverra Environmental Solutions, Inc.(b) | 7,595 | ||||||
232 | Panhandle Oil and Gas, Inc., Class A | 4,770 | ||||||
676 | PDC Energy, Inc.(b) | 29,555 | ||||||
224 | REX American Resources Corp.(b) | 16,298 | ||||||
975 | Rosetta Resources, Inc.(b) | 37,079 | ||||||
875 | SemGroup Corp., Class A | 67,156 | ||||||
877 | SM Energy Co. | 49,375 | ||||||
642 | TGC Industries, Inc.(b) | 2,016 | ||||||
9,427 | Vantage Drilling Co.(b) | 9,121 | ||||||
510 | Westmoreland Coal Co.(b) | 18,651 | ||||||
|
| |||||||
774,920 | ||||||||
|
| |||||||
Financials—22.2% | ||||||||
1,218 | Acadia Realty Trust REIT | 38,002 | ||||||
258 | Access National Corp. | 4,347 | ||||||
320 | Agree Realty Corp. REIT | 9,795 | ||||||
54 | Alexander’s, Inc. REIT | 23,868 | ||||||
3,542 | American Capital Mortgage Investment Corp. REIT | 69,388 | ||||||
3,071 | American Equity Investment Life Holding Co. | 79,263 | ||||||
402 | AmREIT, Inc. REIT | 9,905 | ||||||
2,046 | Apollo Residential Mortgage, Inc. REIT | 34,127 | ||||||
393 | Arlington Asset Investment Corp., Class A | 10,760 | ||||||
64 | Artisan Partners Asset Management, Inc., Class A | 3,103 | ||||||
346 | Banc of California, Inc. | 4,072 | ||||||
588 | Bancorp, Inc. (The)(b) | 5,562 | ||||||
155 | Bank of Kentucky Financial Corp. (The) | 7,271 | ||||||
149 | Bank of Marin Bancorp | 7,438 | ||||||
2,203 | BankUnited, Inc. | 65,870 | ||||||
854 | Berkshire Hills Bancorp, Inc. | 22,016 | ||||||
4,316 | BGC Partners, Inc., Class A | 36,600 | ||||||
255 | Bridge Bancorp, Inc. | 6,696 | ||||||
163 | Bridge Capital Holdings(b) | 3,932 | ||||||
2,505 | Brown & Brown, Inc. | 79,809 | ||||||
309 | Bryn Mawr Bank Corp. | 9,526 | ||||||
87 | BSB Bancorp, Inc.(b) | 1,661 | ||||||
685 | Centerstate Banks, Inc. | 7,973 | ||||||
294 | CNB Financial Corp. | 5,324 | ||||||
1,200 | Community Bank System, Inc. | 45,780 | ||||||
241 | ConnectOne Bancorp, Inc. | 4,458 | ||||||
2,428 | Corrections Corp. of America REIT | 89,302 | ||||||
3,313 | Cowen Group, Inc., Class A(b) | 13,385 | ||||||
2,074 | CubeSmart REIT | 43,658 | ||||||
73 | Diamond Hill Investment Group, Inc. | 9,781 | ||||||
2,620 | East West Bancorp, Inc. | 96,311 | ||||||
657 | EastGroup Properties, Inc. REIT | 45,241 | ||||||
2,338 | Eaton Vance Corp. | 86,109 | ||||||
2,817 | Education Realty Trust, Inc. REIT | 31,719 | ||||||
160 | eHealth, Inc.(b) | 3,992 | ||||||
547 | Empire State Realty Trust, Inc., Class A REIT | 8,730 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,684 | Equity One, Inc. REIT | $ | 40,416 | |||||
329 | Erie Indemnity Co., Class A | 27,922 | ||||||
2,992 | EZCORP, Inc., Class A(b) | 33,750 | ||||||
350 | Fidelity Southern Corp. | 5,373 | ||||||
2,599 | First Financial Bancorp | 45,586 | ||||||
1,041 | First Financial Bankshares, Inc. | 33,083 | ||||||
1,890 | First Industrial Realty Trust, Inc. REIT | 36,912 | ||||||
301 | First of Long Island Corp. (The) | 7,928 | ||||||
239 | Fox Chase Bancorp, Inc. | 3,915 | ||||||
211 | Franklin Financial Corp.(b) | 4,380 | ||||||
1,721 | Geo Group, Inc. (The) REIT | 68,737 | ||||||
318 | German American Bancorp, Inc. | 9,499 | ||||||
547 | Gladstone Commercial Corp. REIT | 9,901 | ||||||
903 | Gladstone Investment Corp. | 6,637 | ||||||
3,771 | Glimcher Realty Trust REIT | 51,776 | ||||||
2,991 | Healthcare Realty Trust, Inc. REIT | 79,172 | ||||||
1,209 | Hercules Technology Growth Capital, Inc. | 19,054 | ||||||
780 | Heritage Financial Corp. | 13,689 | ||||||
6,613 | Hersha Hospitality Trust REIT | 48,209 | ||||||
2,480 | Highwoods Properties, Inc. REIT | 106,318 | ||||||
139 | Home Bancorp, Inc.(b) | 3,168 | ||||||
1,521 | Home Properties, Inc. REIT | 97,816 | ||||||
432 | HomeStreet, Inc. | 7,525 | ||||||
802 | IBERIABANK Corp. | 55,226 | ||||||
654 | Independent Bank Corp. | 26,683 | ||||||
416 | Lakeland Financial Corp. | 17,239 | ||||||
2,138 | LaSalle Hotel Properties REIT | 83,831 | ||||||
601 | LTC Properties, Inc. REIT | 25,206 | ||||||
4,939 | MBIA, Inc.(b) | 48,205 | ||||||
121 | Meta Financial Group, Inc. | 4,539 | ||||||
226 | MidSouth Bancorp, Inc. | 4,280 | ||||||
180 | MidWestOne Financial Group, Inc. | 4,802 | ||||||
1,175 | Monmouth Real Estate Investment Corp. REIT | 13,160 | ||||||
310 | National Health Investors, Inc. REIT | 20,432 | ||||||
4,013 | National Penn Bancshares, Inc. | 41,294 | ||||||
2,465 | National Retail Properties, Inc. REIT | 93,966 | ||||||
399 | NewStar Financial, Inc.(b) | 5,458 | ||||||
410 | Nicholas Financial, Inc.(b) | 5,006 | ||||||
254 | OmniAmerican Bancorp, Inc. | 6,868 | ||||||
307 | Pacific Premier Bancorp, Inc.(b) | 4,970 | ||||||
1,005 | Parkway Properties, Inc. REIT | 20,150 | ||||||
460 | PICO Holdings, Inc.(b) | 10,166 | ||||||
683 | Pinnacle Financial Partners, Inc. | 26,774 | ||||||
1,052 | Post Properties, Inc. REIT | 58,849 | ||||||
1,280 | PrivateBancorp, Inc. | 41,370 | ||||||
1,868 | ProAssurance Corp. | 87,385 | ||||||
1,112 | Prosperity Bancshares, Inc. | 67,154 | ||||||
387 | PS Business Parks, Inc. REIT | 32,593 | ||||||
1,736 | Radian Group, Inc. | 29,252 | ||||||
5,638 | Resource Capital Corp. REIT | 29,825 | ||||||
639 | Rouse Properties, Inc. REIT | 11,636 | ||||||
373 | Safeguard Scientifics, Inc.(b) | 7,441 | ||||||
2,991 | Santander Consumer USA Holdings, Inc. | 55,334 | ||||||
278 | Saul Centers, Inc. REIT | 15,276 | ||||||
2,096 | SEI Investments Co. | 81,031 | ||||||
708 | Select Income REIT | 17,353 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
564 | Southside Bancshares, Inc. | $ | 18,939 | |||||
603 | Sovran Self Storage, Inc. REIT | 51,309 | ||||||
3,307 | Spirit Realty Capital, Inc. REIT | 39,353 | ||||||
1,379 | Sterling Bancorp | 19,389 | ||||||
1,871 | Summit Hotel Properties, Inc. REIT | 21,778 | ||||||
4,875 | Symetra Financial Corp. | 115,538 | ||||||
970 | Taubman Centers, Inc. REIT | 73,769 | ||||||
276 | Territorial Bancorp, Inc. | 5,928 | ||||||
1,386 | TFS Financial Corp. | 20,707 | ||||||
358 | Tompkins Financial Corp. | 17,972 | ||||||
912 | UMB Financial Corp. | 54,337 | ||||||
634 | UMH Properties, Inc. REIT | 6,403 | ||||||
680 | Union Bankshares Corp. | 15,286 | ||||||
1,460 | United Financial Bancorp, Inc. | 20,484 | ||||||
210 | Universal Health Realty Income Trust REIT | 10,175 | ||||||
427 | Walker & Dunlop, Inc.(b) | 6,879 | ||||||
1,054 | Western Alliance Bancorp(b) | 28,057 | ||||||
1,172 | Wintrust Financial Corp. | 54,287 | ||||||
197 | WSFS Financial Corp. | 15,494 | ||||||
|
| |||||||
3,434,378 | ||||||||
|
| |||||||
Health Care—9.3% | ||||||||
150 | Addus HomeCare Corp.(b) | 2,981 | ||||||
318 | Almost Family, Inc.(b) | 9,362 | ||||||
2,594 | Alphatec Holdings, Inc.(b) | 3,943 | ||||||
183 | Analogic Corp. | 13,348 | ||||||
858 | AngioDynamics, Inc.(b) | 14,586 | ||||||
31 | Atrion Corp. | 10,230 | ||||||
587 | Bio-Rad Laboratories, Inc., Class A(b) | 66,225 | ||||||
1,528 | Bruker Corp.(b) | 31,675 | ||||||
449 | Capital Senior Living Corp.(b) | 10,103 | ||||||
453 | Chemed Corp. | 46,822 | ||||||
182 | Computer Programs & Systems, Inc. | 11,462 | ||||||
553 | CONMED Corp. | 23,220 | ||||||
148 | CorVel Corp.(b) | 5,094 | ||||||
864 | Covance, Inc.(b) | 69,034 | ||||||
210 | Cynosure, Inc., Class A(b) | 5,311 | ||||||
587 | Emergent Biosolutions, Inc.(b) | 13,278 | ||||||
1,042 | Envision Healthcare Holdings, Inc.(b) | 36,418 | ||||||
301 | Exactech, Inc.(b) | 6,411 | ||||||
664 | Greatbatch, Inc.(b) | 33,326 | ||||||
1,074 | Haemonetics Corp.(b) | 40,511 | ||||||
968 | Hanger, Inc.(b) | 23,164 | ||||||
2,162 | HealthSouth Corp. | 87,193 | ||||||
270 | ICU Medical, Inc.(b) | 19,143 | ||||||
1,668 | Impax Laboratories, Inc.(b) | 48,322 | ||||||
538 | Integra LifeSciences Holdings Corp.(b) | 27,497 | ||||||
299 | Landauer, Inc. | 10,701 | ||||||
985 | Meridian Bioscience, Inc. | 18,262 | ||||||
1,159 | Merit Medical Systems, Inc.(b) | 17,559 | ||||||
468 | Omnicell, Inc.(b) | 15,121 | ||||||
2,108 | Patterson Cos., Inc. | 90,876 | ||||||
2,036 | PerkinElmer, Inc. | 88,403 | ||||||
978 | Prestige Brands Holdings, Inc.(b) | 34,641 | ||||||
1,413 | Quality Systems, Inc. | 21,350 | ||||||
298 | Quidel Corp.(b) | 8,508 | ||||||
765 | Quintiles Transnational Holdings, Inc.(b) | 44,783 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
2,213 | Rigel Pharmaceuticals, Inc.(b) | $ | 4,382 | |||||
2,089 | RTI Surgical, Inc.(b) | 10,633 | ||||||
5,095 | Select Medical Holdings Corp. | 73,470 | ||||||
790 | Sirona Dental Systems, Inc.(b) | 62,055 | ||||||
1,664 | STERIS Corp. | 102,835 | ||||||
75 | Utah Medical Products, Inc. | 4,260 | ||||||
2,210 | VCA, Inc.(b) | 100,710 | ||||||
668 | VIVUS, Inc.(b) | 2,265 | ||||||
996 | West Pharmaceutical Services, Inc. | 51,045 | ||||||
801 | Wright Medical Group, Inc.(b) | 25,328 | ||||||
|
| |||||||
1,445,846 | ||||||||
|
| |||||||
Industrials—20.5% | ||||||||
1,157 | A.O. Smith Corp. | 61,726 | ||||||
433 | AAON, Inc. | 8,508 | ||||||
497 | Aceto Corp. | 11,302 | ||||||
1,349 | Actuant Corp., Class A | 42,750 | ||||||
462 | Acuity Brands, Inc. | 64,417 | ||||||
1,716 | Aegion Corp.(b) | 31,437 | ||||||
175 | Alamo Group, Inc. | 7,497 | ||||||
498 | Altra Industrial Motion Corp. | 15,697 | ||||||
151 | AMERCO | 40,939 | ||||||
764 | Ameresco, Inc., Class A(b) | 6,295 | ||||||
155 | American Railcar Industries, Inc. | 10,201 | ||||||
2,053 | Babcock & Wilcox Co. (The) | 58,716 | ||||||
106 | Barrett Business Services, Inc. | 2,492 | ||||||
1,442 | Beacon Roofing Supply, Inc.(b) | 39,900 | ||||||
1,831 | Blount International, Inc.(b) | 28,033 | ||||||
505 | CAI International, Inc.(b) | 10,630 | ||||||
625 | Celadon Group, Inc. | 12,163 | ||||||
297 | CIRCOR International, Inc. | 22,320 | ||||||
888 | CLARCOR, Inc. | 59,461 | ||||||
1,403 | Copart, Inc.(b) | 46,916 | ||||||
404 | Corporate Executive Board Co. (The) | 29,775 | ||||||
500 | Cubic Corp. | 24,120 | ||||||
1,000 | Curtiss-Wright Corp. | 69,210 | ||||||
800 | DigitalGlobe, Inc.(b) | 22,872 | ||||||
1,919 | Donaldson Co., Inc. | 79,792 | ||||||
1,121 | EnerSys | 70,399 | ||||||
212 | Erickson, Inc.(b) | 2,976 | ||||||
755 | ESCO Technologies, Inc. | 28,705 | ||||||
756 | Esterline Technologies Corp.(b) | 88,535 | ||||||
176 | Exponent, Inc. | 14,048 | ||||||
469 | Forward Air Corp. | 22,451 | ||||||
628 | Franklin Electric Co., Inc. | 23,450 | ||||||
1,524 | Generac Holdings, Inc.(b) | 69,098 | ||||||
520 | Global Power Equipment Group, Inc. | 7,088 | ||||||
335 | Gorman-Rupp Co. (The) | 10,633 | ||||||
303 | GP Strategies Corp.(b) | 10,047 | ||||||
716 | Graco, Inc. | 56,206 | ||||||
115 | Graham Corp. | 3,853 | ||||||
2,153 | Griffon Corp. | 26,460 | ||||||
1,985 | HD Supply Holdings, Inc.(b) | 57,247 | ||||||
1,236 | Healthcare Services Group, Inc. | 36,808 | ||||||
1,642 | Hillenbrand, Inc. | 54,662 | ||||||
1,262 | Hub Group, Inc., Class A(b) | 45,798 | ||||||
427 | Huron Consulting Group, Inc.(b) | 29,723 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,248 | IDEX Corp. | $ | 93,488 | |||||
1,630 | InnerWorkings, Inc.(b) | 14,800 | ||||||
2,794 | KAR Auction Services, Inc. | 84,826 | ||||||
1,988 | Kratos Defense & Security Solutions, Inc.(b) | 13,856 | ||||||
915 | Landstar System, Inc. | 67,719 | ||||||
1,307 | Lincoln Electric Holdings, Inc. | 94,731 | ||||||
731 | Marten Transport Ltd. | 14,342 | ||||||
906 | Mobile Mini, Inc. | 39,710 | ||||||
1,328 | Moog, Inc., Class A(b) | 101,645 | ||||||
892 | MSC Industrial Direct Co., Inc., Class A | 72,225 | ||||||
883 | MYR Group, Inc.(b) | 22,905 | ||||||
699 | Nordson Corp. | 53,508 | ||||||
1,566 | Orbital Sciences Corp.(b) | 41,186 | ||||||
119 | Patrick Industries, Inc.(b) | 5,084 | ||||||
261 | Powell Industries, Inc. | 11,883 | ||||||
227 | PowerSecure International, Inc.(b) | 2,536 | ||||||
356 | RBC Bearings, Inc. | 21,627 | ||||||
1,242 | Regal-Beloit Corp. | 88,145 | ||||||
4,466 | Southwest Airlines Co. | 153,988 | ||||||
517 | SP Plus Corp.(b) | 11,281 | ||||||
140 | Sparton Corp.(b) | 3,794 | ||||||
240 | Stock Building Supply Holdings, Inc.(b) | 3,766 | ||||||
1,920 | Swift Transportation Co.(b) | 47,424 | ||||||
1,244 | TAL International Group, Inc.(b) | 53,654 | ||||||
239 | TASER International, Inc.(b) | 4,503 | ||||||
453 | Team, Inc.(b) | 19,089 | ||||||
771 | Teledyne Technologies, Inc.(b) | 79,899 | ||||||
330 | Tennant Co. | 24,331 | ||||||
2,182 | Tetra Tech, Inc. | 58,499 | ||||||
446 | Thermon Group Holdings, Inc.(b) | 10,869 | ||||||
1,750 | Titan International, Inc. | 18,480 | ||||||
1,708 | Titan Machinery, Inc.(b) | 23,502 | ||||||
772 | Toro Co. (The) | 47,656 | ||||||
266 | Trex Co., Inc.(b) | 11,438 | ||||||
302 | UniFirst Corp. | 33,691 | ||||||
166 | Universal Truckload Services, Inc. | 4,369 | ||||||
339 | US Ecology, Inc. | 17,045 | ||||||
1,222 | Wabash National Corp.(b) | 12,587 | ||||||
635 | WABCO Holdings, Inc.(b) | 61,836 | ||||||
782 | Watsco, Inc. | 79,467 | ||||||
1,084 | Wesco Aircraft Holdings, Inc.(b) | 19,241 | ||||||
1,262 | Woodward, Inc. | 64,627 | ||||||
|
| |||||||
3,174,608 | ||||||||
|
| |||||||
Information Technology—11.6% | ||||||||
1,604 | ARRIS Group, Inc.(b) | 48,152 | ||||||
135 | Aspen Technology, Inc.(b) | 4,986 | ||||||
249 | Badger Meter, Inc. | 14,173 | ||||||
614 | Blackbaud, Inc. | 27,323 | ||||||
2,536 | Broadridge Financial Solutions, Inc. | 111,406 | ||||||
169 | Cass Information Systems, Inc. | 8,034 | ||||||
772 | Ciena Corp.(b) | 12,939 | ||||||
491 | Coherent, Inc.(b) | 31,989 | ||||||
421 | Computer Task Group, Inc. | 3,705 | ||||||
329 | Comverse, Inc.(b) | 7,172 | ||||||
1,032 | CSG Systems International, Inc. | 27,358 | ||||||
465 | Dealertrack Technologies, Inc.(b) | 21,878 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
323 | Demand Media, Inc.(b) | $ | 2,274 | |||||
1,038 | Dolby Laboratories, Inc., Class A | 43,513 | ||||||
611 | DST Systems, Inc. | 58,870 | ||||||
358 | DTS, Inc.(b) | 10,661 | ||||||
1,477 | EchoStar Corp., Class A(b) | 69,020 | ||||||
605 | Electronics for Imaging, Inc.(b) | 27,661 | ||||||
2,950 | Entropic Communications, Inc.(b) | 7,375 | ||||||
900 | EPIQ Systems, Inc. | 14,436 | ||||||
640 | Exar Corp.(b) | 6,112 | ||||||
1,596 | Extreme Networks, Inc.(b) | 5,730 | ||||||
210 | FARO Technologies, Inc.(b) | 11,760 | ||||||
318 | Forrester Research, Inc. | 12,809 | ||||||
1,100 | Global Payments, Inc. | 88,550 | ||||||
920 | Heartland Payment Systems, Inc. | 47,518 | ||||||
1,539 | II-VI, Inc.(b) | 20,761 | ||||||
1,641 | Infinera Corp.(b) | 23,844 | ||||||
1,117 | Intralinks Holdings, Inc.(b) | 9,651 | ||||||
4,469 | JDS Uniphase Corp.(b) | 60,153 | ||||||
294 | KVH Industries, Inc.(b) | 3,798 | ||||||
2,011 | Lattice Semiconductor Corp.(b) | 13,494 | ||||||
1,942 | Limelight Networks, Inc.(b) | 4,738 | ||||||
390 | Manhattan Associates, Inc.(b) | 15,643 | ||||||
1,504 | ManTech International Corp., Class A | 42,353 | ||||||
2,391 | Mentor Graphics Corp. | 50,665 | ||||||
1,139 | Mercury Systems, Inc.(b) | 15,923 | ||||||
107 | MicroStrategy, Inc., Class A(b) | 17,214 | ||||||
472 | MoneyGram International, Inc.(b) | 4,059 | ||||||
270 | MTS Systems Corp. | 17,823 | ||||||
472 | Nanometrics, Inc.(b) | 6,391 | ||||||
1,636 | National Instruments Corp. | 51,828 | ||||||
1,183 | NETGEAR, Inc.(b) | 40,269 | ||||||
1,346 | NeuStar, Inc., Class A(b) | 35,548 | ||||||
2,567 | Oclaro, Inc.(b) | 4,030 | ||||||
956 | PC Connection, Inc. | 22,801 | ||||||
495 | PC-Tel, Inc. | 3,811 | ||||||
554 | Perficient, Inc.(b) | 9,185 | ||||||
801 | Plantronics, Inc. | 41,548 | ||||||
1,288 | PTC, Inc.(b) | 49,137 | ||||||
1,137 | Rambus, Inc.(b) | 13,019 | ||||||
323 | Rightside Group Ltd.(b) | 3,059 | ||||||
345 | Rogers Corp.(b) | 23,588 | ||||||
548 | Rosetta Stone, Inc.(b) | 5,244 | ||||||
593 | Rubicon Technology, Inc.(b) | 2,627 | ||||||
706 | Seachange International, Inc.(b) | 4,773 | ||||||
1,228 | Semtech Corp.(b) | 31,167 | ||||||
589 | ServiceSource International, Inc.(b) | 2,250 | ||||||
585 | Silicon Laboratories, Inc.(b) | 26,670 | ||||||
656 | SunPower Corp.(b) | 20,887 | ||||||
2,222 | Take-Two Interactive Software, Inc.(b) | 58,772 | ||||||
1,195 | Telenav, Inc.(b) | 8,628 | ||||||
4,440 | Teradyne, Inc. | 81,696 | ||||||
232 | Tessco Technologies, Inc. | 7,366 | ||||||
1,089 | Tessera Technologies, Inc. | 33,095 | ||||||
2,143 | TIBCO Software, Inc.(b) | 50,082 | ||||||
4,492 | TriQuint Semiconductor, Inc.(b) | 97,162 | ||||||
947 | Veeco Instruments, Inc.(b) | 34,082 | ||||||
|
| |||||||
1,794,238 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials—5.8% | ||||||||
1,470 | AptarGroup, Inc. | $ | 91,493 | |||||
1,452 | Axiall Corp. | 58,516 | ||||||
3,009 | Berry Plastics Group, Inc.(b) | 78,294 | ||||||
1,041 | Calgon Carbon Corp.(b) | 21,892 | ||||||
132 | Chase Corp. | 4,735 | ||||||
720 | Clearwater Paper Corp.(b) | 46,332 | ||||||
759 | Compass Minerals International, Inc. | 65,031 | ||||||
128 | Deltic Timber Corp. | 8,332 | ||||||
356 | Eagle Materials, Inc. | 31,125 | ||||||
719 | FutureFuel Corp. | 9,577 | ||||||
299 | Hawkins, Inc. | 11,514 | ||||||
765 | Innophos Holdings, Inc. | 43,605 | ||||||
520 | Innospec, Inc. | 20,992 | ||||||
2,131 | Intrepid Potash, Inc.(b) | 28,662 | ||||||
288 | KMG Chemicals, Inc. | 5,098 | ||||||
967 | Landec Corp.(b) | 12,175 | ||||||
2,088 | Louisiana-Pacific Corp.(b) | 30,485 | ||||||
693 | LSB Industries, Inc.(b) | 26,008 | ||||||
205 | NewMarket Corp. | 79,542 | ||||||
1,622 | OMNOVA Solutions, Inc.(b) | 11,403 | ||||||
1,490 | PolyOne Corp. | 55,145 | ||||||
279 | Quaker Chemical Corp. | 22,900 | ||||||
712 | Schweitzer-Mauduit International, Inc. | 30,659 | ||||||
560 | Stepan Co. | 24,797 | ||||||
3,514 | Stillwater Mining Co.(b) | 46,139 | ||||||
770 | Taminco Corp.(b) | 19,935 | ||||||
309 | Trecora Resources(b) | 4,063 | ||||||
155 | UFP Technologies, Inc.(b) | 3,413 | ||||||
833 | Zep, Inc. | 13,378 | ||||||
|
| |||||||
905,240 | ||||||||
|
| |||||||
Telecommunication Services—0.9% | ||||||||
277 | Atlantic Tele-Network, Inc. | 18,612 | ||||||
983 | IDT Corp., Class B | 16,200 | ||||||
1,414 | Inteliquent, Inc. | 23,798 | ||||||
3,839 | Iridium Communications, Inc.(b) | 36,470 | ||||||
572 | Shenandoah Telecommunications Co. | 16,925 | ||||||
5,661 | Vonage Holdings Corp.(b) | 19,700 | ||||||
|
| |||||||
131,705 | ||||||||
|
| |||||||
Utilities—1.7% | ||||||||
1,062 | American States Water Co. | 37,998 | ||||||
3,862 | Aqua America, Inc. | 101,185 | ||||||
438 | Chesapeake Utilities Corp. | 21,212 | ||||||
280 | Connecticut Water Service, Inc. | 10,408 | ||||||
2,105 | UIL Holdings Corp. | 86,600 | ||||||
333 | York Water Co. (The) | 7,319 | ||||||
|
| |||||||
264,722 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $13,587,231) | 15,351,805 | |||||||
|
| |||||||
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.3% | ||||||||
52,911 | Invesco Premier Portfolio—Institutional Class(c) (Cost $52,911) | $ | 52,911 | |||||
|
| |||||||
Total Investments (Cost $13,640,142)—99.5% | 15,404,716 | |||||||
Other assets less liabilities—0.5% | 70,510 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 15,475,226 | ||||||
|
|
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.
| 27 |
|
Portfolio Composition
PowerShares Fundamental Pure Small Growth Portfolio (PXSG)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 27.6 | |||
Information Technology | 22.6 | |||
Industrials | 13.2 | |||
Consumer Discretionary | 13.1 | |||
Health Care | 11.8 | |||
Energy | 4.4 | |||
Consumer Staples | 3.0 | |||
Materials | 2.9 | |||
Utilities | 1.2 | |||
Telecommunication Services | 0.2 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Fundamental Pure Small Growth Portfolio (PXSG)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—13.1% | ||||||||
1,842 | AMC Networks, Inc., Class A(b) | $ | 111,717 | |||||
840 | American Public Education, Inc.(b) | 26,032 | ||||||
1,556 | Black Diamond, Inc.(b) | 12,075 | ||||||
2,981 | Bridgepoint Education, Inc.(b) | 37,680 | ||||||
649 | Buffalo Wild Wings, Inc.(b) | 96,883 | ||||||
338 | Cavco Industries, Inc.(b) | 24,630 | ||||||
729 | Churchill Downs, Inc. | 74,343 | ||||||
372 | Chuy’s Holdings, Inc.(b) | 11,126 | ||||||
5,908 | Cumulus Media, Inc., Class A(b) | 22,805 | ||||||
1,810 | Deckers Outdoor Corp.(b) | 158,303 | ||||||
1,152 | Del Frisco’s Restaurant Group, Inc.(b) | 26,749 | ||||||
651 | Diamond Resorts International, Inc.(b) | 16,900 | ||||||
1,086 | Dorman Products, Inc.(b) | 50,347 | ||||||
5,180 | DSW, Inc., Class A | 153,587 | ||||||
2,831 | Dunkin’ Brands Group, Inc. | 128,754 | ||||||
2,134 | Five Below, Inc.(b) | 85,083 | ||||||
2,003 | Fossil Group, Inc.(b) | 203,625 | ||||||
2,544 | Francesca’s Holdings Corp.(b) | 30,299 | ||||||
1,089 | Gentherm, Inc.(b) | 45,411 | ||||||
1,278 | G-III Apparel Group Ltd.(b) | 101,409 | ||||||
4,347 | GNC Holdings, Inc., Class A | 180,705 | ||||||
1,144 | Grand Canyon Education, Inc.(b) | 54,798 | ||||||
6,334 | Groupon, Inc.(b) | 46,302 | ||||||
1,256 | Hibbett Sports, Inc.(b) | 57,010 | ||||||
6,086 | Hilton Worldwide Holdings, Inc.(b) | 153,611 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
3,529 | Iconix Brand Group, Inc.(b) | $ | 141,195 | |||||
1,002 | iRobot Corp.(b) | 35,791 | ||||||
2,353 | K12, Inc.(b) | 29,177 | ||||||
2,353 | Krispy Kreme Doughnuts, Inc.(b) | 44,519 | ||||||
708 | LifeLock, Inc.(b) | 11,972 | ||||||
3,814 | Lions Gate Entertainment Corp. | 126,358 | ||||||
618 | Lumber Liquidators Holdings, Inc.(b) | 33,230 | ||||||
669 | Mattress Firm Holding Corp.(b) | 42,274 | ||||||
1,240 | Monro Muffler Brake, Inc. | 66,266 | ||||||
574 | Morningstar, Inc. | 39,175 | ||||||
954 | Nexstar Broadcasting Group, Inc., Class A | 43,044 | ||||||
1,119 | Panera Bread Co., Class A(b) | 180,875 | ||||||
5,116 | Pier 1 Imports, Inc. | 65,996 | ||||||
569 | Popeyes Louisiana Kitchen, Inc.(b) | 26,373 | ||||||
1,125 | Restoration Hardware Holdings, Inc.(b) | 90,360 | ||||||
2,834 | Scripps Networks Interactive, Inc., Class A | 218,898 | ||||||
1,643 | Shutterfly, Inc.(b) | 68,727 | ||||||
3,760 | Six Flags Entertainment Corp. | 151,528 | ||||||
3,974 | Smith & Wesson Holding Corp.(b)(c) | 40,376 | ||||||
3,002 | Steven Madden Ltd.(b) | 94,113 | ||||||
928 | Sturm Ruger & Co., Inc.(c) | 38,679 | ||||||
3,745 | Texas Roadhouse, Inc. | 108,118 | ||||||
1,742 | Tumi Holdings, Inc.(b) | 36,181 | ||||||
1,689 | Ulta Salon, Cosmetics & Fragrance, Inc.(b) | 204,048 | ||||||
980 | Vera Bradley, Inc.(b) | 22,344 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
2,147 | Vitamin Shoppe, Inc.(b) | $ | 100,759 | |||||
591 | WCI Communities, Inc.(b) | 11,087 | ||||||
|
| |||||||
3,981,647 | ||||||||
|
| |||||||
Consumer Staples—3.0% | ||||||||
188 | Boston Beer Co., Inc. (The), Class A(b) | 46,812 | ||||||
2,899 | Boulder Brands, Inc.(b) | 25,743 | ||||||
788 | Chefs’ Warehouse, Inc. (The)(b) | 14,082 | ||||||
4,607 | Coty, Inc., Class A(b) | 76,476 | ||||||
9,100 | Darling Ingredients, Inc.(b) | 160,160 | ||||||
1,715 | Hain Celestial Group, Inc. (The)(b) | 185,649 | ||||||
1,099 | Inter Parfums, Inc. | 31,212 | ||||||
872 | Medifast, Inc.(b) | 27,677 | ||||||
2,096 | Nu Skin Enterprises, Inc., Class A | 110,732 | ||||||
747 | PriceSmart, Inc. | 66,505 | ||||||
1,337 | Spectrum Brands Holdings, Inc. | 121,119 | ||||||
1,875 | Sprouts Farmers Market, Inc.(b) | 54,581 | ||||||
|
| |||||||
920,748 | ||||||||
|
| |||||||
Energy—4.4% | ||||||||
539 | Antero Resources Corp.(b) | 28,265 | ||||||
2,643 | Approach Resources, Inc.(b)(c) | 26,166 | ||||||
967 | Bonanza Creek Energy, Inc.(b) | 43,747 | ||||||
6,704 | BPZ Resources, Inc.(b)(c) | 8,313 | ||||||
3,536 | C&J Energy Services, Inc.(b) | 68,280 | ||||||
803 | CARBO Ceramics, Inc.(c) | 41,491 | ||||||
1,747 | Carrizo Oil & Gas, Inc.(b) | 90,739 | ||||||
3,780 | Clean Energy Fuels Corp.(b)(c) | 27,632 | ||||||
8,685 | Cobalt International Energy, Inc.(b) | 101,701 | ||||||
1,094 | Contango Oil & Gas Co.(b) | 40,008 | ||||||
1,840 | Continental Resources, Inc.(b) | 103,721 | ||||||
367 | Diamondback Energy, Inc.(b) | 25,117 | ||||||
3,666 | Forum Energy Technologies, Inc.(b) | 100,082 | ||||||
404 | Geospace Technologies Corp.(b) | 12,439 | ||||||
1,687 | Gulfport Energy Corp.(b) | 84,654 | ||||||
17,329 | Halcon Resources Corp.(b)(c) | 53,893 | ||||||
7,765 | Kodiak Oil & Gas Corp.(b) | 83,784 | ||||||
1,926 | Laredo Petroleum, Inc.(b) | 36,517 | ||||||
3,412 | Magnum Hunter Resources Corp.(b)(c) | 15,832 | ||||||
1,073 | Matador Resources Co.(b) | 26,042 | ||||||
2,147 | Miller Energy Resources, Inc.(b) | 7,471 | ||||||
3,652 | Northern Oil and Gas, Inc.(b)(c) | 41,268 | ||||||
2,009 | Oasis Petroleum, Inc.(b) | 60,190 | ||||||
3,115 | Renewable Energy Group, Inc.(b) | 32,801 | ||||||
6,406 | Resolute Energy Corp.(b) | 22,293 | ||||||
2,146 | Rex Energy Corp.(b) | 16,825 | ||||||
424 | RigNet, Inc.(b) | 18,423 | ||||||
3,671 | RPC, Inc. | 60,204 | ||||||
500 | RSP Permian, Inc.(b) | 12,235 | ||||||
774 | Sanchez Energy Corp.(b)(c) | 13,212 | ||||||
1,586 | Triangle Petroleum Corp.(b) | 12,291 | ||||||
|
| |||||||
1,315,636 | ||||||||
|
| |||||||
Financials—27.6% | ||||||||
3,073 | American Assets Trust, Inc. REIT | 117,819 | ||||||
3,765 | American Homes 4 Rent, Class A REIT | 66,000 | ||||||
1,995 | AmTrust Financial Services, Inc.(c) | 89,516 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
3,404 | Apollo Commercial Real Estate Finance, Inc. REIT | $ | 55,962 | |||||
899 | Ares Commercial Real Estate Corp. REIT | 10,932 | ||||||
36,954 | ARMOUR Residential REIT, Inc. REIT | 146,338 | ||||||
3,531 | Associated Estates Realty Corp. REIT | 68,960 | ||||||
690 | Aviv REIT, Inc. REIT | 23,274 | ||||||
2,115 | Bank of the Ozarks, Inc. | 74,533 | ||||||
3,999 | BBCN Bancorp, Inc. | 56,546 | ||||||
1,235 | BNC Bancorp | 21,007 | ||||||
262 | BofI Holding, Inc.(b) | 20,179 | ||||||
4,238 | Campus Crest Communities, Inc. REIT | 26,869 | ||||||
2,246 | Capital Bank Financial Corp., Class A(b) | 58,149 | ||||||
1,908 | Cardinal Financial Corp. | 36,634 | ||||||
1,462 | CareTrust REIT, Inc. REIT(b) | 22,705 | ||||||
2,526 | CBOE Holdings, Inc. | 148,882 | ||||||
18,360 | Chambers Street Properties REIT | 150,736 | ||||||
1,185 | Chatham Lodging Trust REIT | 30,360 | ||||||
2,860 | Chesapeake Lodging Trust REIT | 94,494 | ||||||
52,350 | Chimera Investment Corp. REIT | 163,332 | ||||||
3,146 | Colony Financial, Inc. REIT | 70,093 | ||||||
3,336 | Columbia Banking System, Inc. | 92,674 | ||||||
1,000 | CoreSite Realty Corp. REIT | 37,020 | ||||||
254 | Credit Acceptance Corp.(b) | 37,480 | ||||||
1,722 | Customers Bancorp, Inc.(b) | 32,890 | ||||||
2,167 | CyrusOne, Inc. REIT | 59,181 | ||||||
4,175 | DuPont Fabros Technology, Inc. REIT | 129,300 | ||||||
7,230 | Dynex Capital, Inc. REIT | 60,877 | ||||||
727 | Eagle Bancorp, Inc.(b) | 26,121 | ||||||
1,288 | Encore Capital Group, Inc.(b) | 58,617 | ||||||
3,559 | Equity Lifestyle Properties, Inc. REIT | 174,747 | ||||||
6,893 | EverBank Financial Corp. | 132,001 | ||||||
803 | Evercore Partners, Inc., Class A | 41,571 | ||||||
3,163 | Excel Trust, Inc. REIT | 41,119 | ||||||
3,940 | Extra Space Storage, Inc. REIT | 229,150 | ||||||
1,505 | Fidelity & Guaranty Life | 35,744 | ||||||
800 | Fidus Investment Corp. | 13,584 | ||||||
468 | Financial Engines, Inc. | 18,659 | ||||||
1,298 | First Cash Financial Services, Inc.(b) | 76,686 | ||||||
685 | First Connecticut Bancorp, Inc. | 10,713 | ||||||
475 | First NBC Bank Holding Co.(b) | 17,447 | ||||||
5,319 | Government Properties Income Trust REIT | 121,380 | ||||||
2,194 | Green Dot Corp., Class A(b) | 52,437 | ||||||
1,354 | GSV Capital Corp.(b) | 13,147 | ||||||
7,842 | Hancock Holding Co. | 275,960 | ||||||
330 | HCI Group, Inc. | 16,777 | ||||||
12,197 | Healthcare Trust of America, Inc., Class A REIT | 156,609 | ||||||
1,036 | HFF, Inc., Class A | �� | 32,613 | |||||
1,592 | Home BancShares, Inc. | 50,817 | ||||||
1,031 | Howard Hughes Corp. (The)(b) | 151,949 | ||||||
2,167 | Hudson Pacific Properties, Inc. REIT | 59,181 | ||||||
1,916 | INTL FCStone, Inc.(b) | 34,680 | ||||||
3,776 | Investors Bancorp, Inc. | 40,592 | ||||||
1,064 | Kennedy-Wilson Holdings, Inc. | 28,824 | ||||||
4,489 | Kilroy Realty Corp. REIT | 304,085 | ||||||
898 | MarketAxess Holdings, Inc. | 58,056 | ||||||
10,194 | Medical Properties Trust, Inc. REIT | 137,517 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,185 | Medley Capital Corp. | $ | 25,390 | |||||
3,227 | Mid-America Apartment Communities, Inc. REIT | 228,020 | ||||||
5,027 | MSCI, Inc. | 234,560 | ||||||
616 | Nationstar Mortgage Holdings, Inc.(b) | 21,634 | ||||||
5,329 | New York Mortgage Trust, Inc. REIT(c) | 41,619 | ||||||
976 | Northfield Bancorp, Inc. | 13,898 | ||||||
5,690 | Northstar Asset Management Group, Inc.(b) | 103,103 | ||||||
5,691 | NorthStar Realty Finance Corp. REIT | 105,739 | ||||||
4,279 | Ocwen Financial Corp.(b) | 100,813 | ||||||
6,609 | OMEGA Healthcare Investors, Inc. REIT(c) | 252,199 | ||||||
2,846 | Oritani Financial Corp. | 42,035 | ||||||
1,829 | Park Sterling Corp. | 14,010 | ||||||
3,017 | Pebblebrook Hotel Trust REIT | 128,524 | ||||||
6,378 | PennyMac Mortgage Investment Trust REIT | 137,701 | ||||||
2,100 | Portfolio Recovery Associates, Inc.(b) | 132,825 | ||||||
674 | Regional Management Corp.(b) | 7,859 | ||||||
3,075 | Retail Opportunity Investments Corp. REIT | 50,245 | ||||||
8,260 | RLJ Lodging Trust REIT | 266,137 | ||||||
1,613 | Signature Bank(b) | 195,383 | ||||||
942 | South State Corp. | 56,812 | ||||||
1,549 | STAG Industrial, Inc. REIT | 37,796 | ||||||
11,145 | Starwood Property Trust, Inc. REIT | 251,431 | ||||||
3,997 | Stifel Financial Corp.(b) | 189,897 | ||||||
2,287 | Sun Communities, Inc. REIT | 132,577 | ||||||
2,080 | SVB Financial Group(b) | 232,939 | ||||||
4,393 | Tanger Factory Outlet Centers, Inc. REIT | 157,138 | ||||||
525 | Tejon Ranch Co.(b) | 15,844 | ||||||
908 | Terreno Realty Corp. REIT | 19,122 | ||||||
1,792 | Texas Capital Bancshares, Inc.(b) | 109,581 | ||||||
28,447 | Two Harbors Investment Corp. REIT | 288,168 | ||||||
1,900 | ViewPoint Financial Group, Inc. | 51,813 | ||||||
180 | Virtus Investment Partners, Inc. | 32,258 | ||||||
3,562 | Waddell & Reed Financial, Inc., Class A | 170,050 | ||||||
3,188 | Walter Investment Management Corp.(b) | 72,431 | ||||||
417 | Westwood Holdings Group, Inc. | 28,148 | ||||||
1,497 | Whitestone REIT | 22,455 | ||||||
|
| |||||||
8,383,679 | ||||||||
|
| |||||||
Health Care—11.8% | ||||||||
646 | Abaxis, Inc. | 34,018 | ||||||
453 | Abiomed, Inc.(b) | 14,854 | ||||||
597 | Acadia Healthcare Co., Inc.(b) | 37,044 | ||||||
2,494 | Accuray, Inc.(b) | 15,787 | ||||||
1,025 | Acorda Therapeutics, Inc.(b) | 35,690 | ||||||
1,584 | Air Methods Corp.(b) | 74,812 | ||||||
836 | Akorn, Inc.(b) | 37,244 | ||||||
1,305 | Align Technology, Inc.(b) | 68,669 | ||||||
9,564 | Allscripts Healthcare Solutions, Inc.(b) | 131,218 | ||||||
682 | AMAG Pharmaceuticals, Inc.(b) | 22,513 | ||||||
400 | Anika Therapeutics, Inc.(b) | 16,056 | ||||||
900 | Auxilium Pharmaceuticals, Inc.(b) | 28,953 | ||||||
1,789 | Bio-Reference Laboratories, Inc.(b) | 53,742 | ||||||
889 | Cantel Medical Corp. | 37,694 | ||||||
587 | Cepheid, Inc.(b) | 31,117 | ||||||
1,752 | Cooper Cos., Inc. (The) | 287,153 | ||||||
1,236 | CryoLife, Inc. | 12,681 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
2,054 | Cubist Pharmaceuticals, Inc.(b) | $ | 148,484 | |||||
528 | Cyberonics, Inc.(b) | 27,720 | ||||||
1,492 | Ensign Group, Inc. (The) | 57,770 | ||||||
980 | ExamWorks Group, Inc.(b) | 38,004 | ||||||
3,583 | Exelixis, Inc.(b) | 6,091 | ||||||
1,954 | Globus Medical, Inc., Class A(b) | 43,320 | ||||||
397 | HealthStream, Inc.(b) | 12,291 | ||||||
3,193 | HMS Holdings Corp.(b) | 74,173 | ||||||
1,327 | IDEXX Laboratories, Inc.(b) | 187,996 | ||||||
1,743 | Infinity Pharmaceuticals, Inc.(b) | 23,740 | ||||||
856 | IPC The Hospitalist Co., Inc.(b) | 35,661 | ||||||
344 | Isis Pharmaceuticals, Inc.(b) | 15,845 | ||||||
1,559 | Luminex Corp.(b) | 29,621 | ||||||
3,620 | Masimo Corp.(b) | 91,369 | ||||||
4,036 | MedAssets, Inc.(b) | 87,420 | ||||||
2,427 | Medicines Co. (The)(b) | 61,452 | ||||||
370 | Medidata Solutions, Inc.(b) | 16,691 | ||||||
5,799 | Merge Healthcare, Inc.(b) | 15,947 | ||||||
1,619 | Momenta Pharmaceuticals, Inc.(b) | 17,663 | ||||||
626 | MWI Veterinary Supply, Inc.(b) | 106,204 | ||||||
2,879 | Myriad Genetics, Inc.(b)(c) | 113,692 | ||||||
1,336 | Natus Medical, Inc.(b) | 45,424 | ||||||
814 | Neogen Corp.(b) | 35,735 | ||||||
690 | Neurocrine Biosciences, Inc.(b) | 12,779 | ||||||
2,017 | NuVasive, Inc.(b) | 82,495 | ||||||
1,445 | NxStage Medical, Inc.(b) | 21,906 | ||||||
2,733 | PAREXEL International Corp.(b) | 148,429 | ||||||
786 | PhotoMedex, Inc.(b) | 3,018 | ||||||
371 | Premier, Inc., Class A(b) | 12,384 | ||||||
5,279 | ResMed, Inc.(c) | 275,669 | ||||||
769 | Salix Pharmaceuticals Ltd.(b) | 110,621 | ||||||
3,568 | SciClone Pharmaceuticals, Inc.(b) | 27,260 | ||||||
322 | Seattle Genetics, Inc.(b) | 11,808 | ||||||
526 | Spectranetics Corp. (The)(b) | 16,711 | ||||||
2,499 | Spectrum Pharmaceuticals, Inc.(b)(c) | 18,942 | ||||||
3,236 | Targacept, Inc.(b) | 7,572 | ||||||
2,750 | Team Health Holdings, Inc.(b) | 171,985 | ||||||
1,275 | Techne Corp. | 116,089 | ||||||
2,429 | Thoratec Corp.(b) | 66,020 | ||||||
1,391 | United Therapeutics Corp.(b) | 182,179 | ||||||
760 | US Physical Therapy, Inc. | 32,794 | ||||||
451 | Vascular Solutions, Inc.(b) | 13,264 | ||||||
2,560 | Volcano Corp.(b) | 25,907 | ||||||
|
| |||||||
3,589,390 | ||||||||
|
| |||||||
Industrials—13.2% | ||||||||
3,991 | Acacia Research Corp.(c) | 71,838 | ||||||
742 | Advisory Board Co. (The)(b) | 39,823 | ||||||
6,302 | Air Lease Corp. | 230,590 | ||||||
755 | Allegiant Travel Co. | 100,770 | ||||||
4,049 | Allison Transmission Holdings, Inc. | 131,512 | ||||||
560 | Argan, Inc. | 19,494 | ||||||
450 | Astronics Corp.(b) | 23,314 | ||||||
1,436 | AZZ, Inc. | 67,147 | ||||||
1,304 | Chart Industries, Inc.(b) | 60,701 | ||||||
3,966 | Clean Harbors, Inc.(b) | 196,833 | ||||||
2,322 | Colfax Corp.(b) | 126,270 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
455 | DXP Enterprises, Inc.(b) | $ | 30,162 | |||||
1,573 | Echo Global Logistics, Inc.(b) | 41,102 | ||||||
1,948 | Genesee & Wyoming, Inc., Class A(b) | 187,398 | ||||||
1,302 | HEICO Corp. | 70,620 | ||||||
652 | Heritage-Crystal Clean, Inc.(b) | 11,827 | ||||||
4,354 | Hexcel Corp.(b) | 182,389 | ||||||
748 | Hyster-Yale Materials Handling, Inc. | 58,711 | ||||||
1,215 | KEYW Holding Corp. (The)(b) | 12,332 | ||||||
2,660 | Kirby Corp.(b) | 294,143 | ||||||
533 | Lindsay Corp.(c) | 46,744 | ||||||
755 | Manitex International, Inc.(b) | 8,630 | ||||||
5,023 | MasTec, Inc.(b) | 143,859 | ||||||
1,443 | Middleby Corp. (The)(b) | 127,706 | ||||||
997 | Mistras Group, Inc.(b) | 16,441 | ||||||
1,041 | Multi-Color Corp. | 51,321 | ||||||
3,279 | Old Dominion Freight Line, Inc.(b) | 238,941 | ||||||
2,430 | On Assignment, Inc.(b) | 70,713 | ||||||
7,211 | Pendrell Corp.(b) | 12,042 | ||||||
1,648 | Performant Financial Corp.(b) | 14,222 | ||||||
1,654 | Primoris Services Corp. | 47,503 | ||||||
203 | Proto Labs, Inc.(b) | 13,270 | ||||||
1,802 | Raven Industries, Inc. | 45,681 | ||||||
2,359 | Roadrunner Transportation Systems, Inc.(b) | 48,619 | ||||||
2,233 | Rollins, Inc. | 71,166 | ||||||
2,628 | RPX Corp.(b) | 36,923 | ||||||
2,421 | Spirit Airlines, Inc.(b) | 176,999 | ||||||
979 | Sun Hydraulics Corp. | 38,974 | ||||||
4,413 | Triumph Group, Inc. | 307,277 | ||||||
1,479 | Valmont Industries, Inc.(c) | 201,395 | ||||||
332 | WageWorks, Inc.(b) | 18,927 | ||||||
5,604 | Waste Connections, Inc. | 279,640 | ||||||
789 | XPO Logistics, Inc.(b) | 31,497 | ||||||
|
| |||||||
4,005,466 | ||||||||
|
| |||||||
Information Technology—22.6% | ||||||||
4,269 | ACI Worldwide, Inc.(b) | 82,136 | ||||||
1,096 | Actua Corp.(b) | 20,605 | ||||||
1,309 | Advent Software, Inc. | 45,239 | ||||||
398 | Ambarella, Inc.(b)(c) | 17,627 | ||||||
2,322 | Aruba Networks, Inc.(b) | 50,109 | ||||||
1,761 | Bankrate, Inc.(b) | 19,124 | ||||||
1,897 | Bazaarvoice, Inc.(b) | 14,133 | ||||||
508 | Blackhawk Network Holdings, Inc., Class A(b) | 17,556 | ||||||
2,131 | Blucora, Inc.(b) | 36,120 | ||||||
1,024 | Bottomline Technologies (de), Inc.(b) | 25,692 | ||||||
637 | BroadSoft, Inc.(b) | 14,587 | ||||||
472 | CalAmp Corp.(b) | 9,100 | ||||||
3,148 | Calix, Inc.(b) | 34,030 | ||||||
1,786 | Cardtronics, Inc.(b) | 68,565 | ||||||
698 | Cavium, Inc.(b) | 35,814 | ||||||
1,064 | CEVA, Inc.(b) | 17,343 | ||||||
4,444 | Cirrus Logic, Inc.(b) | 85,769 | ||||||
2,174 | Cognex Corp.(b) | 86,003 | ||||||
741 | CommVault Systems, Inc.(b) | 32,856 | ||||||
801 | comScore, Inc.(b) | 33,754 | ||||||
529 | Concur Technologies, Inc.(b) | 67,881 | ||||||
967 | Constant Contact, Inc.(b) | 34,193 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
440 | CoStar Group, Inc.(b) | $ | 70,880 | |||||
1,184 | Cray, Inc.(b) | 41,037 | ||||||
1,570 | Datalink Corp.(b) | 19,861 | ||||||
2,189 | Ebix, Inc. | 32,288 | ||||||
516 | Ellie Mae, Inc.(b) | 19,804 | ||||||
1,009 | EnerNOC, Inc.(b) | 14,903 | ||||||
339 | Envestnet, Inc.(b) | 15,058 | ||||||
761 | EPAM Systems, Inc.(b) | 36,330 | ||||||
1,931 | ExlService Holdings, Inc.(b) | 54,049 | ||||||
1,507 | FactSet Research Systems, Inc. | 198,080 | ||||||
929 | FEI Co. | 78,296 | ||||||
4,762 | Finisar Corp.(b) | 79,621 | ||||||
7,539 | FLIR Systems, Inc. | 252,783 | ||||||
2,541 | Fortinet, Inc.(b) | 66,193 | ||||||
2,095 | Gartner, Inc.(b) | 169,087 | ||||||
413 | Guidewire Software, Inc.(b) | 20,625 | ||||||
1,794 | Higher One Holdings, Inc.(b) | 4,611 | ||||||
925 | HomeAway, Inc.(b) | 32,283 | ||||||
2,857 | IAC/InterActiveCorp. | 193,390 | ||||||
822 | iGATE Corp.(b) | 30,455 | ||||||
713 | Infoblox, Inc.(b) | 11,508 | ||||||
3,671 | Informatica Corp.(b) | 130,908 | ||||||
883 | Inphi Corp.(b) | 13,669 | ||||||
237 | Interactive Intelligence Group, Inc.(b) | 11,438 | ||||||
3,771 | InterDigital, Inc. | 186,401 | ||||||
1,140 | InvenSense, Inc.(b)(c) | 18,479 | ||||||
825 | IPG Photonics Corp.(b) | 60,563 | ||||||
3,662 | Ixia(b) | 35,265 | ||||||
1,567 | j2 Global, Inc. | 84,759 | ||||||
3,156 | Jack Henry & Associates, Inc. | 188,792 | ||||||
1,425 | Liquidity Services, Inc.(b) | 18,212 | ||||||
877 | Littelfuse, Inc. | 85,543 | ||||||
1,585 | LivePerson, Inc.(b) | 22,824 | ||||||
473 | LogMeIn, Inc.(b) | 22,728 | ||||||
1,924 | MAXIMUS, Inc. | 93,237 | ||||||
1,553 | Maxwell Technologies, Inc.(b) | 18,108 | ||||||
5,632 | Microsemi Corp.(b) | 146,826 | ||||||
990 | Monolithic Power Systems, Inc. | 43,748 | ||||||
887 | Monotype Imaging Holdings, Inc. | 25,377 | ||||||
1,833 | NeoPhotonics Corp.(b) | 5,939 | ||||||
1,387 | NetScout Systems, Inc.(b) | 51,125 | ||||||
2,282 | NIC, Inc. | 42,057 | ||||||
16,578 | Nuance Communications, Inc.(b) | 255,799 | ||||||
199 | NVE Corp.(b) | 14,264 | ||||||
1,207 | OSI Systems, Inc.(b) | 85,552 | ||||||
211 | Palo Alto Networks, Inc.(b) | 22,303 | ||||||
335 | Pandora Media, Inc.(b) | 6,459 | ||||||
772 | Pegasystems, Inc. | 16,729 | ||||||
735 | Power Integrations, Inc. | 37,015 | ||||||
939 | Procera Networks, Inc.(b) | 7,033 | ||||||
1,070 | QLIK Technologies, Inc.(b) | 30,335 | ||||||
4,009 | Rackspace Hosting, Inc.(b) | 153,785 | ||||||
1,847 | RealD, Inc.(b) | 20,908 | ||||||
1,061 | RealPage, Inc.(b) | 21,082 | ||||||
5,165 | Riverbed Technology, Inc.(b) | 98,083 | ||||||
8,073 | Rovi Corp.(b) | 168,564 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
1,022 | Ruckus Wireless, Inc.(b) | $ | 13,266 | |||||
5,586 | Sapient Corp.(b) | 96,750 | ||||||
2,216 | ShoreTel, Inc.(b) | 17,927 | ||||||
8,132 | Skyworks Solutions, Inc. | 473,608 | ||||||
1,085 | SolarWinds, Inc.(b) | 51,592 | ||||||
1,945 | Solera Holdings, Inc. | 101,043 | ||||||
198 | SPS Commerce, Inc.(b) | 11,543 | ||||||
2,698 | SS&C Technologies Holdings, Inc.(b) | 130,367 | ||||||
411 | Stamps.com, Inc.(b) | 15,166 | ||||||
821 | Stratasys Ltd.(b) | 98,816 | ||||||
2,456 | Super Micro Computer, Inc.(b) | 78,494 | ||||||
1,086 | Synaptics, Inc.(b) | 74,315 | ||||||
1,062 | Synchronoss Technologies, Inc.(b) | 54,874 | ||||||
562 | Syntel, Inc.(b) | 48,675 | ||||||
788 | Tangoe, Inc.(b) | 11,560 | ||||||
2,721 | TiVo, Inc.(b) | 35,509 | ||||||
397 | Tyler Technologies, Inc.(b) | 44,432 | ||||||
142 | Ultimate Software Group, Inc. (The)(b) | 21,372 | ||||||
1,580 | Ultratech, Inc.(b) | 30,225 | ||||||
684 | Universal Display Corp.(b)(c) | 21,396 | ||||||
4,128 | Vantiv, Inc., Class A(b) | 127,638 | ||||||
6,669 | VeriFone Systems, Inc.(b) | 248,487 | ||||||
1,651 | Verint Systems, Inc.(b) | 94,916 | ||||||
1,927 | ViaSat, Inc.(b) | 120,707 | ||||||
902 | Virtusa Corp.(b) | 36,964 | ||||||
629 | Web.com Group, Inc.(b) | 12,913 | ||||||
1,473 | WEX, Inc.(b) | 167,274 | ||||||
127 | Yelp, Inc., Class A(b) | 7,620 | ||||||
176 | Zillow, Inc., Class A(b)(c) | 19,136 | ||||||
24,097 | Zynga, Inc., Class A(b) | 61,447 | ||||||
|
| |||||||
6,861,319 | ||||||||
|
| |||||||
Materials—2.9% | ||||||||
8,937 | Allied Nevada Gold Corp.(b)(c) | 12,422 | ||||||
1,247 | American Vanguard Corp. | 14,390 | ||||||
798 | Balchem Corp. | 51,631 | ||||||
1,197 | Flotek Industries, Inc.(b) | 26,526 | ||||||
3,401 | Globe Specialty Metals, Inc. | 63,973 | ||||||
4,499 | Gold Resource Corp. | 17,501 | ||||||
30,147 | Hecla Mining Co. | 65,721 | ||||||
2,766 | KapStone Paper and Packaging Corp.(b) | 85,082 | ||||||
11,701 | Molycorp, Inc.(b)(c) | 16,147 | ||||||
16,111 | Rentech, Inc.(b) | 25,617 | ||||||
2,099 | Royal Gold, Inc. | 119,958 | ||||||
5,839 | Tronox Ltd., Class A | 141,187 | ||||||
2,229 | US Silica Holdings, Inc. | 100,082 | ||||||
1,902 | Westlake Chemical Corp. | 134,186 | ||||||
|
| |||||||
874,423 | ||||||||
|
| |||||||
Telecommunication Services—0.2% | ||||||||
1,406 | 8x8, Inc.(b) | 11,051 | ||||||
2,049 | Boingo Wireless, Inc.(b) | 14,364 | ||||||
759 | Cogent Communications Group, Inc. | 25,760 | ||||||
1,680 | ORBCOMM, Inc.(b) | 10,618 | ||||||
|
| |||||||
61,793 | ||||||||
|
| |||||||
Utilities—1.2% | ||||||||
7,738 | ITC Holdings Corp. | 306,502 | ||||||
699 | NRG Yield, Inc., Class A | 34,929 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
518 | Pattern Energy Group, Inc., Class A | $ | 14,908 | |||||
|
| |||||||
356,339 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $26,155,479) | 30,350,440 | |||||||
|
| |||||||
Warrant—0.0% | ||||||||
Energy—0.0% | ||||||||
637 | Magnum Hunter Resources Corp., expiring 05/15/16 (Cost $0) | 0 | ||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
57,050 | Invesco Premier Portfolio—Institutional Class(d) (Cost $57,050) | 57,050 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $26,212,529)—100.2% | 30,407,490 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.5% | ||||||||
1,072,449 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $1,072,449) | 1,072,449 | ||||||
|
| |||||||
Total Investments (Cost $27,284,978)—103.7% | 31,479,939 | |||||||
Other assets less liabilities—(3.7%) | (1,129,546 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 30,350,393 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 1,052,434 | $ | (1,052,434 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Portfolio Composition
PowerShares Fundamental Pure Small Value Portfolio (PXSV)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Financials | 25.1 | |||
Industrials | 19.5 | |||
Consumer Discretionary | 17.7 | |||
Information Technology | 12.4 | |||
Materials | 7.0 | |||
Utilities | 6.1 | |||
Health Care | 4.3 | |||
Energy | 3.5 | |||
Consumer Staples | 3.0 | |||
Telecommunication Services | 1.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Fundamental Pure Small Value Portfolio (PXSV)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—17.7% | ||||||||
3,562 | 1-800-FLOWERS.COM, Inc., Class A(b) | $ | 28,603 | |||||
26,455 | Aeropostale, Inc.(b)(c) | 79,630 | ||||||
2,398 | AH Belo Corp., Class A | 27,601 | ||||||
2,094 | AMC Entertainment Holdings, Inc., Class A | 53,188 | ||||||
3,583 | American Axle & Manufacturing Holdings, Inc.(b) | 69,259 | ||||||
4,623 | ANN INC.(b) | 177,477 | ||||||
5,199 | Aramark | 145,104 | ||||||
714 | Arctic Cat, Inc. | 24,033 | ||||||
2,908 | Asbury Automotive Group, Inc.(b) | 203,676 | ||||||
902 | Ascent Capital Group, Inc., Class A(b) | 57,999 | ||||||
11,573 | Barnes & Noble, Inc.(b) | 252,523 | ||||||
1,510 | Bassett Furniture Industries, Inc. | 26,244 | ||||||
2,919 | Beazer Homes USA, Inc.(b) | 52,338 | ||||||
5,801 | bebe stores, Inc. | 13,284 | ||||||
2,612 | Big 5 Sporting Goods Corp. | 32,154 | ||||||
126 | Biglari Holdings, Inc.(b) | 43,994 | ||||||
556 | Blue Nile, Inc.(b) | 19,738 | ||||||
2,813 | Blyth, Inc.(c) | 23,601 | ||||||
2,713 | Bob Evans Farms, Inc. | 132,530 | ||||||
9,940 | Bon-Ton Stores, Inc. (The)(c) | 87,571 | ||||||
10,514 | Boyd Gaming Corp.(b) | 121,437 | ||||||
4,670 | Brinker International, Inc. | 250,499 | ||||||
5,187 | Brown Shoe Co., Inc. | 137,922 | ||||||
3,535 | Brunswick Corp. | 165,438 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,848 | Build-A-Bear Workshop, Inc.(b) | $ | 31,324 | |||||
2,642 | Burger King Worldwide, Inc.(c) | 86,341 | ||||||
4,276 | Burlington Stores, Inc.(b) | 179,335 | ||||||
6,158 | Callaway Golf Co. | 48,279 | ||||||
25,300 | Career Education Corp.(b) | 146,740 | ||||||
1,283 | Carmike Cinemas, Inc.(b) | 41,120 | ||||||
3,701 | Cato Corp. (The), Class A | 132,015 | ||||||
2,776 | Children’s Place, Inc. (The) | 136,718 | ||||||
4,188 | Christopher & Banks Corp.(b) | 27,348 | ||||||
3,384 | Cinedigm Corp., Class A(b) | 5,245 | ||||||
2,671 | Citi Trends, Inc.(b) | 60,498 | ||||||
8,178 | Clear Channel Outdoor Holdings, Inc., Class A | 59,372 | ||||||
1,285 | ClubCorp Holdings, Inc. | 24,492 | ||||||
1,754 | Columbia Sportswear Co. | 67,599 | ||||||
8,941 | Cooper Tire & Rubber Co. | 287,990 | ||||||
792 | Cooper-Standard Holding, Inc.(b) | 43,227 | ||||||
6,085 | Crocs, Inc.(b) | 71,073 | ||||||
1,324 | CSS Industries, Inc. | 37,813 | ||||||
6,892 | Denny’s Corp.(b) | 59,409 | ||||||
1,111 | Destination Maternity Corp. | 16,643 | ||||||
4,478 | Destination XL Group, Inc.(b) | 23,465 | ||||||
835 | Dixie Group, Inc. (The)(b) | 6,580 | ||||||
3,460 | DreamWorks Animation SKG, Inc., Class A(b) | 77,089 | ||||||
2,297 | E.W. Scripps Co. (The), Class A(b) | 44,102 | ||||||
5,326 | Education Management Corp.(b)(c) | 3,169 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
PowerShares Fundamental Pure Small Value Portfolio (PXSV) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,894 | Einstein Noah Restaurant Group, Inc. | $ | 38,353 | |||||
2,900 | Entercom Communications Corp., Class A(b) | 29,812 | ||||||
2,353 | Ethan Allen Interiors, Inc. | 66,590 | ||||||
8,602 | Express, Inc.(b) | 128,772 | ||||||
4,904 | Federal-Mogul Holdings Corp.(b) | 76,551 | ||||||
536 | Flexsteel Industries, Inc. | 18,390 | ||||||
5,417 | Fred’s, Inc., Class A | 85,047 | ||||||
2,507 | Fuel Systems Solutions, Inc.(b) | 23,140 | ||||||
3,006 | Gray Television, Inc.(b) | 27,775 | ||||||
3,808 | Group 1 Automotive, Inc. | 325,317 | ||||||
9,612 | Harte-Hanks, Inc. | 62,574 | ||||||
1,400 | Haverty Furniture Cos., Inc. | 30,814 | ||||||
5,855 | hhgregg, Inc.(b) | 30,329 | ||||||
1,253 | Hooker Furniture Corp. | 19,158 | ||||||
10,100 | Hovnanian Enterprises, Inc., Class A(b)(c) | 37,976 | ||||||
3,060 | Hyatt Hotels Corp., Class A(b) | 181,213 | ||||||
2,444 | International Speedway Corp., Class A | 76,571 | ||||||
5,398 | Isle of Capri Casinos, Inc.(b) | 40,107 | ||||||
5,498 | ITT Educational Services, Inc.(b)(c) | 55,585 | ||||||
3,130 | Jack in the Box, Inc. | 222,355 | ||||||
2,855 | John Wiley & Sons, Inc., Class A | 166,703 | ||||||
3,917 | Journal Communications, Inc., Class A(b) | 38,426 | ||||||
2,506 | Kate Spade & Co.(b) | 67,988 | ||||||
5,744 | KB Home | 90,411 | ||||||
3,620 | Lamar Advertising Co., Class A | 186,973 | ||||||
14,237 | Lee Enterprises, Inc.(b)(c) | 53,104 | ||||||
1,854 | Libbey, Inc.(b) | 53,303 | ||||||
1,397 | Lifetime Brands, Inc. | 23,903 | ||||||
1,757 | Lithia Motors, Inc., Class A | 136,378 | ||||||
1,891 | Loral Space & Communications, Inc.(b) | 144,662 | ||||||
2,093 | Luby’s, Inc.(b) | 10,444 | ||||||
1,254 | M/I Homes, Inc.(b) | 27,011 | ||||||
2,886 | Marcus Corp. (The) | 49,437 | ||||||
2,492 | MarineMax, Inc.(b) | 47,772 | ||||||
2,792 | Marriott Vacations Worldwide Corp. | 193,876 | ||||||
16,739 | McClatchy Co. (The), Class A(b) | 59,591 | ||||||
4,143 | MDC Holdings, Inc. | 101,172 | ||||||
1,891 | Media General, Inc.(b) | 28,252 | ||||||
4,178 | Men’s Wearhouse, Inc. (The) | 196,491 | ||||||
3,527 | Meredith Corp. | 183,898 | ||||||
1,891 | Meritage Homes Corp.(b) | 69,570 | ||||||
5,026 | Modine Manufacturing Co.(b) | 64,484 | ||||||
710 | Monarch Casino & Resort, Inc.(b) | 11,552 | ||||||
1,412 | Morgans Hotel Group Co.(b) | 11,282 | ||||||
869 | NACCO Industries, Inc., Class A | 50,897 | ||||||
1,310 | Nautilus, Inc.(b) | 17,528 | ||||||
5,171 | New York & Co., Inc.(b) | 16,909 | ||||||
10,722 | New York Times Co. (The), Class A | 137,670 | ||||||
3,325 | Nutrisystem, Inc. | 55,993 | ||||||
3,588 | Orbitz Worldwide, Inc.(b) | 29,673 | ||||||
10,211 | Pacific Sunwear of California, Inc.(b) | 15,521 | ||||||
5,431 | Penske Automotive Group, Inc. | 245,698 | ||||||
8,985 | Pep Boys-Manny, Moe & Jack (The)(b) | 85,627 | ||||||
3,697 | Perry Ellis International, Inc.(b) | 75,604 | ||||||
2,271 | PetMed Express, Inc.(c) | 30,000 | ||||||
4,936 | Pinnacle Entertainment, Inc.(b) | 126,510 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
15,260 | Quiksilver, Inc.(b) | $ | 26,705 | |||||
4,983 | Radio One, Inc., Class D(b) | 12,408 | ||||||
98,858 | RadioShack Corp.(b)(c) | 90,949 | ||||||
1,678 | Reading International, Inc., Class A(b) | 16,730 | ||||||
966 | Red Robin Gourmet Burgers, Inc.(b) | 53,101 | ||||||
13,263 | Regal Entertainment Group, Class A(c) | 293,775 | ||||||
10,004 | Regis Corp. | 169,868 | ||||||
18,566 | Ruby Tuesday, Inc.(b) | 142,587 | ||||||
2,312 | Ruth’s Hospitality Group, Inc. | 28,137 | ||||||
1,688 | Ryland Group, Inc. (The) | 60,447 | ||||||
320 | Saga Communications, Inc., Class A | 12,832 | ||||||
1,376 | Salem Communications Corp., Class A | 10,609 | ||||||
3,667 | Scholastic Corp. | 127,648 | ||||||
5,062 | Scientific Games Corp., Class A(b) | 59,580 | ||||||
3,317 | Sears Hometown and Outlet Stores, Inc.(b) | 49,888 | ||||||
640 | Shiloh Industries, Inc.(b) | 10,906 | ||||||
3,027 | Skechers U.S.A., Inc., Class A(b) | 165,728 | ||||||
8,693 | Sonic Automotive, Inc., Class A | 216,369 | ||||||
3,470 | Sonic Corp.(b) | 87,479 | ||||||
4,883 | Spartan Motors, Inc. | 27,784 | ||||||
1,679 | Speedway Motorsports, Inc. | 32,858 | ||||||
5,156 | Stage Stores, Inc. | 86,982 | ||||||
3,524 | Stein Mart, Inc. | 47,151 | ||||||
4,313 | Stoneridge, Inc.(b) | 56,026 | ||||||
2,847 | Strayer Education, Inc.(b) | 208,372 | ||||||
3,881 | Superior Industries International, Inc. | 75,718 | ||||||
1,368 | Systemax, Inc.(b) | 20,930 | ||||||
1,781 | Tempur Sealy International, Inc.(b) | 93,752 | ||||||
3,249 | Thor Industries, Inc. | 171,840 | ||||||
6,823 | Toll Brothers, Inc.(b) | 217,995 | ||||||
4,774 | Tower International, Inc.(b) | 116,008 | ||||||
4,063 | Town Sports International Holdings, Inc. | 24,053 | ||||||
18,002 | TravelCenters of America LLC(b) | 174,259 | ||||||
3,817 | Tuesday Morning Corp.(b) | 77,829 | ||||||
1,976 | Unifi, Inc.(b) | 55,269 | ||||||
2,931 | Universal Technical Institute, Inc. | 34,908 | ||||||
3,734 | ValueVision Media, Inc., Class A(b) | 21,134 | ||||||
3,927 | VOXX International Corp., Class A(b) | 33,497 | ||||||
4,729 | Weight Watchers International, Inc.(b)(c) | 123,190 | ||||||
22,203 | Wendy’s Co. (The) | 178,068 | ||||||
2,718 | West Marine, Inc.(b) | 26,745 | ||||||
20,723 | Wet Seal, Inc. (The), Class A(b)(c) | 7,046 | ||||||
704 | Weyco Group, Inc. | 21,930 | ||||||
969 | Winnebago Industries, Inc.(b) | 20,552 | ||||||
2,267 | World Wrestling Entertainment, Inc., Class A(c) | 27,997 | ||||||
|
| |||||||
12,041,210 | ||||||||
|
| |||||||
Consumer Staples—3.0% | ||||||||
20,553 | Alliance One International, Inc.(b) | 41,722 | ||||||
1,196 | Cal-Maine Foods, Inc. | 104,997 | ||||||
14,279 | Central Garden & Pet Co., Class A(b) | 122,657 | ||||||
16,253 | Chiquita Brands International, Inc.(b) | 234,531 | ||||||
635 | Coca-Cola Bottling Co. Consolidated | 57,429 | ||||||
3,002 | Elizabeth Arden, Inc.(b)(c) | 49,233 | ||||||
6,783 | Fresh Del Monte Produce, Inc. | 217,802 | ||||||
4,580 | Ingles Markets, Inc., Class A | 123,202 | ||||||
1,211 | John B. Sanfilippo & Son, Inc. | 44,989 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
PowerShares Fundamental Pure Small Value Portfolio (PXSV) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
1,239 | National Beverage Corp.(b) | $ | 31,124 | |||||
798 | Nutraceutical International Corp.(b) | 17,939 | ||||||
400 | Oil-Dri Corp. of America | 12,072 | ||||||
2,466 | Omega Protein Corp.(b) | 35,634 | ||||||
3,395 | Pilgrim’s Pride Corp.(b) | 96,452 | ||||||
3,019 | Post Holdings, Inc.(b) | 113,212 | ||||||
982 | Revlon, Inc., Class A(b) | 33,682 | ||||||
18,089 | Roundy’s, Inc. | 60,960 | ||||||
1,265 | Seneca Foods Corp., Class A(b) | 34,003 | ||||||
5,293 | SpartanNash Co. | 118,616 | ||||||
4,178 | Universal Corp. | 185,921 | ||||||
7,799 | Vector Group Ltd.(c) | 174,230 | ||||||
1,022 | Village Super Market, Inc., Class A | 28,360 | ||||||
691 | WD-40 Co. | 52,979 | ||||||
1,645 | Weis Markets, Inc. | 73,433 | ||||||
|
| |||||||
2,065,179 | ||||||||
|
| |||||||
Energy—3.5% | ||||||||
3,855 | Abraxas Petroleum Corp.(b) | 15,921 | ||||||
516 | Adams Resources & Energy, Inc. | 21,698 | ||||||
5,430 | Alon USA Energy, Inc. | 87,097 | ||||||
5,412 | Basic Energy Services, Inc.(b) | 69,815 | ||||||
7,394 | Bill Barrett Corp.(b) | 112,389 | ||||||
4,685 | Callon Petroleum Co.(b) | 30,734 | ||||||
10,676 | Cloud Peak Energy, Inc.(b) | 127,792 | ||||||
6,053 | Comstock Resources, Inc. | 71,667 | ||||||
2,043 | CVR Energy, Inc. | 99,249 | ||||||
1,102 | Dawson Geophysical Co. | 18,723 | ||||||
3,256 | EP Energy Corp., Class A(b) | 47,538 | ||||||
16,275 | EXCO Resources, Inc.(c) | 49,639 | ||||||
51,500 | Forest Oil Corp.(b) | 41,715 | ||||||
1,554 | Gulf Island Fabrication, Inc. | 32,851 | ||||||
5,098 | Harvest Natural Resources, Inc.(b) | 18,965 | ||||||
9,741 | Helix Energy Solutions Group, Inc.(b) | 259,500 | ||||||
29,000 | Hercules Offshore, Inc.(b)(c) | 47,850 | ||||||
2,888 | Hornbeck Offshore Services, Inc.(b) | 88,546 | ||||||
15,538 | ION Geophysical Corp.(b) | 43,506 | ||||||
22,496 | Key Energy Services, Inc.(b) | 68,388 | ||||||
1,493 | Mitcham Industries, Inc.(b) | 15,229 | ||||||
7,947 | Newpark Resources, Inc.(b) | 90,834 | ||||||
15,266 | Parker Drilling Co.(b) | 67,781 | ||||||
7,593 | Penn Virginia Corp.(b) | 65,072 | ||||||
7,768 | PetroQuest Energy, Inc.(b) | 36,510 | ||||||
1,208 | PHI, Inc.(b) | 54,046 | ||||||
9,830 | Pioneer Energy Services Corp.(b) | 90,239 | ||||||
28,570 | Quicksilver Resources, Inc.(b) | 15,616 | ||||||
4,904 | Stone Energy Corp.(b) | 120,148 | ||||||
12,213 | Swift Energy Co.(b)(c) | 83,659 | ||||||
2,653 | Tesco Corp. | 50,513 | ||||||
9,637 | TETRA Technologies, Inc.(b) | 91,841 | ||||||
4,157 | Ultra Petroleum Corp.(b)(c) | 94,780 | ||||||
5,693 | VAALCO Energy, Inc.(b) | 42,242 | ||||||
5,855 | W&T Offshore, Inc. | 53,222 | ||||||
7,118 | Warren Resources, Inc.(b) | 24,628 | ||||||
8,859 | Willbros Group, Inc.(b) | 52,002 | ||||||
|
| |||||||
2,401,945 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—25.1% | ||||||||
1,151 | 1st Source Corp. | $ | 36,015 | |||||
6,530 | AG Mortgage Investment Trust, Inc. REIT | 124,527 | ||||||
2,199 | Alexander & Baldwin, Inc. | 88,026 | ||||||
871 | American National Bankshares, Inc. | 21,078 | ||||||
1,169 | American Residential Properties, Inc. REIT(b) | 22,211 | ||||||
1,174 | Ameris Bancorp | 29,115 | ||||||
1,164 | AMERISAFE, Inc. | 48,539 | ||||||
792 | Ames National Corp. | 19,642 | ||||||
33,664 | Anworth Mortgage Asset Corp. REIT | 174,716 | ||||||
3,432 | Arbor Realty Trust, Inc. REIT | 23,097 | ||||||
1,075 | Armada Hoffler Properties, Inc. REIT | 10,083 | ||||||
1,269 | Arrow Financial Corp. | 34,758 | ||||||
11,581 | Ashford Hospitality Trust, Inc. REIT | 130,865 | ||||||
12,710 | Astoria Financial Corp. | 167,136 | ||||||
1,317 | Baldwin & Lyons, Inc., Class B | 35,454 | ||||||
508 | BancFirst Corp. | 33,020 | ||||||
7,404 | BancorpSouth, Inc. | 170,514 | ||||||
4,490 | Bank Mutual Corp. | 29,589 | ||||||
4,087 | Bank of Hawaii Corp. | 239,294 | ||||||
1,715 | BankFinancial Corp. | 20,460 | ||||||
1,199 | Banner Corp. | 51,821 | ||||||
523 | Bar Harbor Bankshares | 15,219 | ||||||
671 | BBX Capital Corp., Class A(b) | 12,346 | ||||||
2,055 | Beneficial Mutual Bancorp, Inc.(b) | 27,599 | ||||||
1,015 | Blackstone Mortgage Trust, Inc., Class A REIT | 28,339 | ||||||
1,963 | BOK Financial Corp. | 134,583 | ||||||
4,484 | Boston Private Financial Holdings, Inc. | 58,965 | ||||||
2,322 | Brixmor Property Group, Inc. REIT | 56,564 | ||||||
8,897 | Brookline Bancorp, Inc. | 85,322 | ||||||
4,423 | Calamos Asset Management, Inc., Class A | 60,595 | ||||||
925 | Camden National Corp. | 37,842 | ||||||
1,600 | Capital City Bank Group, Inc. | 24,176 | ||||||
20,950 | Capitol Federal Financial, Inc. | 268,369 | ||||||
16,087 | Capstead Mortgage Corp. REIT | 204,466 | ||||||
3,335 | Cash America International, Inc. | 163,915 | ||||||
4,861 | Cathay General Bancorp | 128,379 | ||||||
8,642 | Cedar Realty Trust, Inc. REIT | 59,457 | ||||||
1,759 | Central Pacific Financial Corp. | 33,245 | ||||||
302 | Century Bancorp, Inc., Class A | 11,470 | ||||||
1,908 | Charter Financial Corp. | 21,637 | ||||||
2,854 | Chemical Financial Corp. | 84,992 | ||||||
1,114 | Citizens & Northern Corp. | 22,169 | ||||||
3,245 | Citizens, Inc.(b) | 23,656 | ||||||
1,405 | City Holding Co. | 63,211 | ||||||
3,358 | City National Corp. | 264,308 | ||||||
2,532 | CNA Financial Corp. | 98,951 | ||||||
2,156 | CoBiz Financial, Inc. | 25,915 | ||||||
1,171 | Cohen & Steers, Inc.(c) | 50,189 | ||||||
1,459 | Community Trust Bancorp, Inc. | 52,451 | ||||||
2,403 | Consumer Portfolio Services, Inc.(b) | 16,965 | ||||||
8,874 | Corporate Office Properties Trust REIT | 242,615 | ||||||
7,801 | Cousins Properties, Inc. REIT | 101,491 | ||||||
3,525 | Crawford & Co., Class B | 35,884 | ||||||
6,799 | CVB Financial Corp. | 107,288 | ||||||
23,640 | DCT Industrial Trust, Inc. REIT | 202,595 | ||||||
15,666 | DiamondRock Hospitality Co. REIT | 224,807 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
3,147 | Dime Community Bancshares, Inc. | $ | 49,565 | |||||
1,126 | Donegal Group, Inc., Class A | 17,813 | ||||||
8,589 | Douglas Emmett, Inc. REIT | 241,609 | ||||||
688 | EMC Insurance Group, Inc. | 22,044 | ||||||
2,814 | Employers Holdings, Inc. | 57,377 | ||||||
606 | Enterprise Bancorp, Inc. | 14,259 | ||||||
1,422 | Enterprise Financial Services Corp. | 26,805 | ||||||
3,801 | EPR Properties REIT | 213,236 | ||||||
902 | ESB Financial Corp. | 16,831 | ||||||
16,169 | F.N.B. Corp. | 206,802 | ||||||
1,397 | FBL Financial Group, Inc., Class A | 69,263 | ||||||
755 | FBR & Co.(b) | 18,226 | ||||||
987 | Federal Agricultural Mortgage Corp., Class C | 32,867 | ||||||
5,961 | FelCor Lodging Trust, Inc. REIT | 63,962 | ||||||
1,296 | Financial Institutions, Inc. | 32,581 | ||||||
1,970 | First Bancorp | 35,696 | ||||||
724 | First Bancorp, Inc. | 12,808 | ||||||
7,959 | First Busey Corp. | 49,744 | ||||||
519 | First Citizens BancShares, Inc., Class A | 130,378 | ||||||
10,651 | First Commonwealth Financial Corp. | 99,587 | ||||||
1,833 | First Community Bancshares, Inc. | 30,006 | ||||||
958 | First Defiance Financial Corp. | 29,344 | ||||||
1,128 | First Financial Corp. | 39,119 | ||||||
1,050 | First Financial Northwest, Inc. | 12,180 | ||||||
1,743 | First Interstate BancSystem, Inc. | 51,140 | ||||||
2,360 | First Merchants Corp. | 53,454 | ||||||
5,953 | First Midwest Bancorp, Inc. | 99,951 | ||||||
6,216 | First Potomac Realty Trust REIT | 77,700 | ||||||
11,850 | FirstMerit Corp. | 217,447 | ||||||
2,187 | Flagstar Bancorp, Inc.(b) | 34,380 | ||||||
2,764 | Flushing Financial Corp. | 55,667 | ||||||
6,485 | Forest City Enterprises, Inc., Class A(b) | 135,472 | ||||||
2,311 | Forestar Group, Inc.(b) | 40,327 | ||||||
8,263 | Franklin Street Properties Corp. REIT | 99,073 | ||||||
19,920 | Fulton Financial Corp. | 236,650 | ||||||
2,671 | FXCM, Inc., Class A | 43,965 | ||||||
257 | GAMCO Investors, Inc., Class A | 21,233 | ||||||
311 | Gaming and Leisure Properties, Inc. REIT | 9,719 | ||||||
2,616 | Getty Realty Corp. REIT | 48,684 | ||||||
12,768 | GFI Group, Inc. | 70,224 | ||||||
4,958 | Glacier Bancorp, Inc. | 142,245 | ||||||
5,463 | Gramercy Property Trust, Inc. REIT | 34,144 | ||||||
1,267 | Great Southern Bancorp, Inc. | 48,159 | ||||||
1,888 | Greenhill & Co., Inc. | 84,960 | ||||||
961 | Guaranty Bancorp | 15,155 | ||||||
2,505 | Hallmark Financial Services, Inc.(b) | 29,208 | ||||||
1,529 | Hanmi Financial Corp. | 32,797 | ||||||
1,449 | Heartland Financial USA, Inc. | 38,543 | ||||||
1,150 | HomeTrust Bancshares, Inc.(b) | 17,767 | ||||||
4,582 | Horace Mann Educators Corp. | 139,339 | ||||||
742 | Horizon Bancorp | 19,084 | ||||||
1,712 | Hudson Valley Holding Corp. | 38,931 | ||||||
529 | Independence Holding Co. | 7,485 | ||||||
1,133 | Independent Bank Corp. | 13,675 | ||||||
1,202 | Infinity Property & Casualty Corp. | 87,758 | ||||||
7,959 | Inland Real Estate Corp. REIT | 84,445 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
10,670 | Interactive Brokers Group, Inc., Class A | $ | 275,499 | |||||
6,548 | International Bancshares Corp. | 185,767 | ||||||
2,004 | Intervest Bancshares Corp., Class A | 19,539 | ||||||
4,828 | Investment Technology Group, Inc.(b) | 86,566 | ||||||
11,858 | Investors Real Estate Trust REIT | 99,607 | ||||||
6,762 | iStar Financial, Inc. REIT(b) | 95,953 | ||||||
12,489 | Janus Capital Group, Inc.(c) | 187,210 | ||||||
1,420 | JMP Group, Inc. | 10,366 | ||||||
557 | Kansas City Life Insurance Co. | 27,644 | ||||||
2,046 | Kite Realty Group Trust REIT | 52,971 | ||||||
3,035 | Lakeland Bancorp, Inc. | 33,355 | ||||||
643 | LCNB Corp. | 9,645 | ||||||
15,228 | Lexington Realty Trust REIT | 166,899 | ||||||
1,904 | MainSource Financial Group, Inc. | 34,634 | ||||||
522 | Marlin Business Services Corp. | 11,035 | ||||||
4,169 | MB Financial, Inc. | 131,532 | ||||||
10,323 | Meadowbrook Insurance Group, Inc. | 65,758 | ||||||
614 | Mercantile Bank Corp. | 12,114 | ||||||
523 | Merchants Bancshares, Inc. | 15,580 | ||||||
4,124 | Mercury General Corp. | 219,067 | ||||||
1,197 | Metro Bancorp, Inc.(b) | 29,973 | ||||||
6,407 | MGIC Investment Corp.(b) | 57,150 | ||||||
577 | National Bankshares, Inc. | 18,066 | ||||||
672 | National Interstate Corp. | 19,112 | ||||||
300 | National Western Life Insurance Co., Class A | 81,300 | ||||||
1,331 | Navigators Group, Inc. (The)(b) | 90,628 | ||||||
3,947 | NBT Bancorp, Inc. | 101,359 | ||||||
2,368 | Nelnet, Inc., Class A | 112,693 | ||||||
4,633 | Newcastle Investment Corp. REIT | 111,887 | ||||||
611 | Northrim BanCorp, Inc. | 17,658 | ||||||
8,799 | Northwest Bancshares, Inc. | 112,891 | ||||||
1,449 | OceanFirst Financial Corp. | 24,010 | ||||||
10,053 | Old National Bancorp | 146,271 | ||||||
1,139 | One Liberty Properties, Inc. REIT | 26,072 | ||||||
5,244 | OneBeacon Insurance Group Ltd., Class A | 83,537 | ||||||
1,828 | Oppenheimer Holdings, Inc., Class A | 44,877 | ||||||
1,346 | Pacific Continental Corp. | 19,409 | ||||||
6,916 | PacWest Bancorp | 295,037 | ||||||
1,470 | Park National Corp. | 124,024 | ||||||
702 | Peapack Gladstone Financial Corp. | 12,811 | ||||||
366 | Penns Woods Bancorp, Inc. | 17,762 | ||||||
6,369 | Pennsylvania Real Estate Investment Trust REIT | 136,488 | ||||||
1,198 | Peoples Bancorp, Inc. | 29,531 | ||||||
2,785 | Phoenix Cos., Inc. (The)(b) | 165,318 | ||||||
1,794 | Piper Jaffray Cos.(b) | 101,289 | ||||||
3,450 | Potlatch Corp. REIT | 151,765 | ||||||
560 | Preferred Bank | 14,885 | ||||||
5,248 | Primerica, Inc. | 268,435 | ||||||
717 | Provident Financial Holdings, Inc. | 10,454 | ||||||
5,953 | Provident Financial Services, Inc. | 108,523 | ||||||
9,353 | RAIT Financial Trust REIT | 68,557 | ||||||
4,147 | Ramco-Gershenson Properties Trust REIT | 72,490 | ||||||
9,954 | Redwood Trust, Inc. REIT | 187,036 | ||||||
2,090 | Renasant Corp. | 63,014 | ||||||
1,358 | Republic Bancorp, Inc., Class A | 32,932 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,336 | Resource America, Inc., Class A | $ | 12,745 | |||||
4,457 | RLI Corp. | 221,023 | ||||||
2,733 | Ryman Hospitality Properties, Inc. REIT(c) | 134,874 | ||||||
3,300 | S&T Bancorp, Inc. | 91,047 | ||||||
3,831 | Sabra Health Care REIT, Inc. REIT | 109,452 | ||||||
1,728 | Safety Insurance Group, Inc. | 107,793 | ||||||
2,170 | Sandy Spring Bancorp, Inc. | 55,986 | ||||||
6,714 | Selective Insurance Group, Inc. | 173,355 | ||||||
1,056 | Sierra Bancorp | 18,121 | ||||||
2,414 | Silver Bay Realty Trust Corp. REIT | 40,869 | ||||||
1,327 | Simmons First National Corp., Class A | 55,721 | ||||||
1,396 | Southwest Bancorp, Inc. | 25,170 | ||||||
1,857 | Springleaf Holdings, Inc.(b) | 69,489 | ||||||
1,315 | St. Joe Co. (The)(b) | 25,182 | ||||||
1,750 | State Auto Financial Corp. | 36,628 | ||||||
2,292 | State Bank Financial Corp. | 41,073 | ||||||
2,062 | Stewart Information Services Corp. | 72,830 | ||||||
1,058 | Stock Yards Bancorp, Inc. | 35,210 | ||||||
7,121 | Strategic Hotels & Resorts, Inc. REIT(b) | 91,505 | ||||||
1,140 | Suffolk Bancorp | 26,174 | ||||||
9,243 | Sunstone Hotel Investors, Inc. REIT | 141,510 | ||||||
22,416 | Susquehanna Bancshares, Inc. | 219,901 | ||||||
4,959 | SWS Group, Inc.(b) | 36,647 | ||||||
2,859 | TowneBank | 43,342 | ||||||
1,132 | Trico Bancshares | 29,772 | ||||||
9,934 | TrustCo Bank Corp. NY | 72,518 | ||||||
7,649 | Trustmark Corp. | 186,100 | ||||||
13,039 | Umpqua Holdings Corp. | 229,486 | ||||||
4,920 | United Bankshares, Inc. | 168,658 | ||||||
2,313 | United Community Banks, Inc. | 41,703 | ||||||
4,366 | United Community Financial Corp. | 22,354 | ||||||
1,759 | United Fire Group, Inc. | 57,132 | ||||||
3,193 | Universal Insurance Holdings, Inc. | 55,878 | ||||||
2,089 | Univest Corp. of Pennsylvania | 42,866 | ||||||
2,048 | Urstadt Biddle Properties, Inc., Class A REIT | 44,298 | ||||||
7,559 | Washington Real Estate Investment Trust REIT | 213,617 | ||||||
9,303 | Washington Federal, Inc. | 203,084 | ||||||
1,124 | Washington Trust Bancorp, Inc. | 43,128 | ||||||
6,832 | Webster Financial Corp. | 214,115 | ||||||
3,017 | WesBanco, Inc. | 103,966 | ||||||
1,135 | West Bancorporation, Inc. | 18,818 | ||||||
2,165 | Westamerica Bancorp. | 106,821 | ||||||
1,951 | Western Asset Mortgage Capital Corp. REIT(c) | 29,304 | ||||||
2,955 | Westfield Financial, Inc. | 20,892 | ||||||
355 | White Mountains Insurance Group Ltd. | 221,847 | ||||||
3,246 | Wilshire Bancorp, Inc. | 32,135 | ||||||
3,454 | Winthrop Realty Trust REIT | 53,986 | ||||||
711 | World Acceptance Corp.(b)(c) | 50,950 | ||||||
745 | Yadkin Financial Corp.(b) | 14,460 | ||||||
|
| |||||||
17,072,338 | ||||||||
|
| |||||||
Health Care—4.3% | ||||||||
5,096 | Affymetrix, Inc.(b) | 45,915 | ||||||
1,501 | Albany Molecular Research, Inc.(b) | 34,913 | ||||||
921 | Alliance HealthCare Services, Inc.(b) | 22,224 | ||||||
7,780 | Amedisys, Inc.(b) | 203,058 | ||||||
4,325 | AMN Healthcare Services, Inc.(b) | 74,174 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
3,178 | Amsurg Corp.(b) | $ | 171,644 | |||||
8,274 | BioScrip, Inc.(b) | 53,450 | ||||||
9,232 | Brookdale Senior Living, Inc.(b) | 311,211 | ||||||
1,443 | Cambrex Corp.(b) | 30,418 | ||||||
2,564 | Charles River Laboratories International, Inc.(b) | 161,942 | ||||||
3,376 | Cross Country Healthcare, Inc.(b) | 32,646 | ||||||
11,401 | Five Star Quality Care, Inc.(b) | 47,086 | ||||||
8,598 | Gentiva Health Services, Inc.(b) | 169,381 | ||||||
5,286 | Healthways, Inc.(b) | 81,933 | ||||||
4,629 | Hill-Rom Holdings, Inc. | 205,898 | ||||||
4,824 | Invacare Corp. | 75,785 | ||||||
1,682 | LHC Group, Inc.(b) | 40,957 | ||||||
3,921 | Magellan Health, Inc.(b) | 237,299 | ||||||
4,784 | Molina Healthcare, Inc.(b) | 232,694 | ||||||
1,048 | National Healthcare Corp. | 63,205 | ||||||
2,095 | OraSure Technologies, Inc.(b) | 18,750 | ||||||
20,318 | PDL BioPharma, Inc.(c) | 173,313 | ||||||
5,073 | PharMerica Corp.(b) | 145,544 | ||||||
1,636 | Providence Service Corp. (The)(b) | 72,278 | ||||||
5,317 | Skilled Healthcare Group, Inc., Class A(b) | 36,847 | ||||||
758 | Surgical Care Affiliates, Inc.(b) | 23,255 | ||||||
660 | SurModics, Inc.(b) | 14,289 | ||||||
4,655 | Symmetry Medical, Inc.(b) | 46,084 | ||||||
9,359 | Universal American Corp.(b) | 87,226 | ||||||
|
| |||||||
2,913,419 | ||||||||
|
| |||||||
Industrials—19.5% | ||||||||
4,730 | AAR Corp. | 125,345 | ||||||
7,339 | ABM Industries, Inc. | 202,850 | ||||||
22,598 | ACCO Brands Corp.(b) | 185,982 | ||||||
10,574 | Accuride Corp.(b) | 50,967 | ||||||
1,012 | Aerovironment, Inc.(b) | 31,018 | ||||||
8,226 | Air Transport Services Group, Inc.(b) | 67,289 | ||||||
8,226 | Aircastle Ltd. | 156,952 | ||||||
2,247 | Albany International Corp., Class A | 84,892 | ||||||
611 | American Science & Engineering, Inc. | 33,788 | ||||||
715 | American Woodmark Corp.(b) | 29,251 | ||||||
1,719 | Apogee Enterprises, Inc. | 75,464 | ||||||
2,986 | Applied Industrial Technologies, Inc. | 145,747 | ||||||
5,419 | ARC Document Solutions, Inc.(b) | 55,003 | ||||||
2,726 | ArcBest Corp. | 105,496 | ||||||
1,607 | Astec Industries, Inc. | 60,921 | ||||||
5,661 | Atlas Air Worldwide Holdings, Inc.(b) | 209,004 | ||||||
3,461 | Baltic Trading Ltd.(c) | 12,979 | ||||||
3,109 | Barnes Group, Inc. | 113,665 | ||||||
5,666 | Brady Corp., Class A | 135,077 | ||||||
6,906 | Briggs & Stratton Corp. | 139,570 | ||||||
6,690 | Brink’s Co. (The) | 140,490 | ||||||
2,140 | Builders FirstSource, Inc.(b) | 12,690 | ||||||
6,453 | Casella Waste Systems, Inc., Class A(b) | 29,038 | ||||||
6,433 | CBIZ, Inc.(b) | 59,377 | ||||||
2,744 | CDI Corp. | 47,169 | ||||||
25,556 | Cenveo, Inc.(b) | 58,268 | ||||||
1,842 | Columbus McKinnon Corp. | 52,405 | ||||||
4,178 | Comfort Systems USA, Inc. | 64,174 | ||||||
3,978 | Commercial Vehicle Group, Inc.(b) | 26,056 | ||||||
1,897 | Courier Corp. | 25,742 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
14,446 | Covanta Holding Corp. | $ | 318,823 | |||||
1,483 | CRA International, Inc.(b) | 44,490 | ||||||
2,984 | Crane Co. | 186,052 | ||||||
4,158 | Deluxe Corp. | 252,806 | ||||||
2,323 | Douglas Dynamics, Inc. | 48,156 | ||||||
1,395 | Ducommun, Inc.(b) | 36,842 | ||||||
2,476 | Dun & Bradstreet Corp. (The) | 304,078 | ||||||
3,696 | Dycom Industries, Inc.(b) | 116,017 | ||||||
911 | Dynamic Materials Corp. | 16,589 | ||||||
1,091 | Encore Wire Corp. | 41,393 | ||||||
2,911 | Engility Holdings, Inc.(b) | 125,755 | ||||||
4,177 | Ennis, Inc. | 61,945 | ||||||
1,308 | EnPro Industries, Inc.(b) | 84,405 | ||||||
3,830 | Federal Signal Corp. | 54,386 | ||||||
541 | Franklin Covey Co.(b) | 10,609 | ||||||
1,199 | FreightCar America, Inc. | 39,531 | ||||||
5,173 | FTI Consulting, Inc.(b) | 208,886 | ||||||
1,986 | Furmanite Corp.(b) | 14,855 | ||||||
1,698 | G&K Services, Inc., Class A | 107,093 | ||||||
4,221 | GATX Corp. | 267,611 | ||||||
2,498 | GenCorp, Inc.(b)(c) | 42,366 | ||||||
3,130 | Gibraltar Industries, Inc.(b) | 47,732 | ||||||
4,372 | Global Brass & Copper Holdings, Inc. | 61,208 | ||||||
15,073 | GrafTech International Ltd.(b) | 64,663 | ||||||
4,199 | Granite Construction, Inc. | 154,985 | ||||||
6,562 | Great Lakes Dredge & Dock Corp.(b) | 45,868 | ||||||
1,885 | Greenbrier Cos., Inc. (The)(c) | 117,888 | ||||||
3,462 | H&E Equipment Services, Inc. | 129,444 | ||||||
1,261 | Hardinge, Inc. | 14,148 | ||||||
10,374 | Hawaiian Holdings, Inc.(b) | 179,885 | ||||||
3,425 | Heartland Express, Inc. | 86,104 | ||||||
2,394 | Heidrick & Struggles International, Inc. | 49,843 | ||||||
3,753 | Herman Miller, Inc. | 120,096 | ||||||
3,504 | Hill International, Inc.(b) | 13,596 | ||||||
4,091 | HNI Corp. | 190,845 | ||||||
2,131 | Houston Wire & Cable Co. | 28,896 | ||||||
742 | Hurco Cos., Inc. | 28,589 | ||||||
2,208 | ICF International, Inc.(b) | 80,239 | ||||||
3,378 | Insperity, Inc. | 106,610 | ||||||
1,262 | Insteel Industries, Inc. | 30,086 | ||||||
3,137 | Interface, Inc. | 50,286 | ||||||
1,171 | International Shipholding Corp. | 23,467 | ||||||
1,895 | John Bean Technologies Corp. | 56,793 | ||||||
964 | Kadant, Inc. | 39,852 | ||||||
2,473 | Kaman Corp. | 106,487 | ||||||
6,634 | Kelly Services, Inc., Class A | 116,957 | ||||||
2,165 | Kforce, Inc. | 50,120 | ||||||
3,131 | Kimball International, Inc., Class B | 56,295 | ||||||
4,475 | Knight Transportation, Inc. | 130,938 | ||||||
4,703 | Knoll, Inc. | 93,543 | ||||||
3,810 | Korn/Ferry International(b) | 106,413 | ||||||
4,751 | Layne Christensen Co.(b) | 34,207 | ||||||
821 | LB Foster Co., Class A | 44,408 | ||||||
2,166 | Lennox International, Inc. | 192,601 | ||||||
1,705 | LMI Aerospace, Inc.(b) | 22,472 | ||||||
3,167 | LSI Industries, Inc. | 22,676 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,478 | Lydall, Inc.(b) | $ | 45,715 | |||||
2,393 | Macquarie Infrastructure Co. LLC | 171,435 | ||||||
7,810 | Manitowoc Co., Inc. (The) | 162,760 | ||||||
1,169 | Masonite International Corp.(b) | 63,196 | ||||||
6,185 | Matson, Inc. | 176,211 | ||||||
2,296 | Matthews International Corp., Class A | 105,800 | ||||||
2,052 | McGrath RentCorp | 74,960 | ||||||
15,064 | Meritor, Inc.(b) | 173,085 | ||||||
1,290 | Miller Industries, Inc. | 25,503 | ||||||
2,161 | MSA Safety, Inc. | 124,193 | ||||||
4,373 | Mueller Industries, Inc. | 141,948 | ||||||
9,734 | Mueller Water Products, Inc., Class A | 96,075 | ||||||
1,094 | National Presto Industries, Inc.(c) | 68,988 | ||||||
5,257 | Navigant Consulting, Inc.(b) | 80,905 | ||||||
1,338 | NCI Building Systems, Inc.(b) | 26,586 | ||||||
1,245 | NN, Inc. | 31,125 | ||||||
1,059 | Nortek, Inc.(b) | 88,194 | ||||||
1,098 | Northwest Pipe Co.(b) | 39,286 | ||||||
3,019 | Orion Marine Group, Inc.(b) | 33,088 | ||||||
611 | P.A.M. Transportation Services, Inc.(b) | 26,261 | ||||||
898 | Park-Ohio Holdings Corp. | 47,693 | ||||||
422 | Patriot Transportation Holding, Inc.(b) | 17,876 | ||||||
1,226 | PGT, Inc.(b) | 11,531 | ||||||
4,947 | Pike Corp.(b) | 59,067 | ||||||
1,550 | Ply Gem Holdings, Inc.(b) | 17,593 | ||||||
3,232 | Polypore International, Inc.(b) | 141,949 | ||||||
312 | Preformed Line Products Co. | 17,781 | ||||||
7,340 | Quad Graphics, Inc. | 161,847 | ||||||
3,103 | Quality Distribution, Inc.(b) | 40,215 | ||||||
3,071 | Quanex Building Products Corp. | 61,481 | ||||||
24,351 | Republic Airways Holdings, Inc.(b) | 304,875 | ||||||
3,538 | Resources Connection, Inc. | 54,733 | ||||||
2,817 | Rexnord Corp.(b) | 83,242 | ||||||
4,919 | Rush Enterprises, Inc., Class A(b) | 187,414 | ||||||
2,171 | Saia, Inc.(b) | 106,422 | ||||||
2,532 | Simpson Manufacturing Co., Inc. | 83,759 | ||||||
20,171 | SkyWest, Inc. | 232,370 | ||||||
874 | Standex International Corp. | 75,383 | ||||||
13,805 | Steelcase, Inc., Class A | 244,625 | ||||||
2,420 | Sterling Construction Co., Inc.(b) | 21,344 | ||||||
1,506 | TRC Cos., Inc.(b) | 10,964 | ||||||
2,662 | TriMas Corp.(b) | 84,279 | ||||||
3,214 | TrueBlue, Inc.(b) | 79,450 | ||||||
10,334 | Tutor Perini Corp.(b) | 289,455 | ||||||
1,086 | Twin Disc, Inc. | 28,258 | ||||||
5,838 | United Stationers, Inc. | 243,853 | ||||||
1,788 | Universal Forest Products, Inc. | 89,346 | ||||||
3,966 | USG Corp.(b) | 106,527 | ||||||
11,639 | UTi Worldwide, Inc.(b) | 127,214 | ||||||
2,513 | Viad Corp. | 64,107 | ||||||
1,088 | Vicor Corp.(b) | 14,808 | ||||||
772 | VSE Corp. | 46,536 | ||||||
1,815 | Watts Water Technologies, Inc., Class A | 110,043 | ||||||
7,146 | Werner Enterprises, Inc. | 196,801 | ||||||
3,532 | West Corp. | 113,024 | ||||||
869 | Willis Lease Finance Corp.(b) | 19,822 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
2,079 | Xerium Technologies, Inc.(b) | $ | 31,019 | |||||
10,600 | YRC Worldwide, Inc.(b) | 227,264 | ||||||
|
| |||||||
13,226,881 | ||||||||
|
| |||||||
Information Technology—12.4% | ||||||||
2,935 | Actuate Corp.(b) | 12,591 | ||||||
2,947 | Acxiom Corp.(b) | 55,521 | ||||||
3,857 | ADTRAN, Inc. | 81,807 | ||||||
1,670 | Advanced Energy Industries, Inc.(b) | 33,033 | ||||||
1,430 | Agilysys, Inc.(b) | 16,159 | ||||||
2,455 | Alpha & Omega Semiconductor Ltd.(b) | 22,758 | ||||||
1,691 | American Software, Inc., Class A | 16,335 | ||||||
32,743 | Amkor Technology, Inc.(b) | 221,998 | ||||||
6,309 | ANADIGICS, Inc.(b) | 4,479 | ||||||
1,269 | Applied Micro Circuits Corp.(b) | 8,210 | ||||||
21,874 | Atmel Corp.(b) | 162,305 | ||||||
4,905 | AVX Corp. | 70,828 | ||||||
9,657 | Axcelis Technologies, Inc.(b) | 21,052 | ||||||
1,187 | Bel Fuse, Inc., Class B | 33,580 | ||||||
1,947 | Belden, Inc. | 138,607 | ||||||
8,357 | Benchmark Electronics, Inc.(b) | 198,228 | ||||||
2,775 | Black Box Corp. | 61,022 | ||||||
5,263 | Brooks Automation, Inc. | 64,893 | ||||||
3,059 | Cabot Microelectronics Corp.(b) | 147,536 | ||||||
8,710 | Cadence Design Systems, Inc.(b) | 156,344 | ||||||
6,597 | CDW Corp. | 203,451 | ||||||
5,219 | Checkpoint Systems, Inc.(b) | 69,204 | ||||||
14,719 | Ciber, Inc.(b) | 48,131 | ||||||
2,910 | Cohu, Inc. | 29,682 | ||||||
3,971 | CommScope Holding Co., Inc.(b) | 85,535 | ||||||
13,994 | Compuware Corp. | 142,039 | ||||||
2,211 | Comtech Telecommunications Corp. | 84,173 | ||||||
8,294 | Convergys Corp. | 167,290 | ||||||
3,312 | Conversant, Inc.(b) | 116,748 | ||||||
1,962 | Covisint Corp.(b) | 5,670 | ||||||
2,108 | CTS Corp. | 38,787 | ||||||
6,456 | Cypress Semiconductor Corp.(b) | 63,979 | ||||||
3,016 | Daktronics, Inc. | 40,143 | ||||||
3,231 | Dice Holdings, Inc.(b) | 32,213 | ||||||
6,907 | Diebold, Inc. | 244,715 | ||||||
2,965 | Digi International, Inc.(b) | 24,550 | ||||||
3,178 | Digital River, Inc.(b) | 81,261 | ||||||
2,857 | Diodes, Inc.(b) | 73,796 | ||||||
2,065 | Dot Hill Systems Corp.(b) | 8,157 | ||||||
3,062 | DSP Group, Inc.(b) | 29,671 | ||||||
33,837 | EarthLink Holdings Corp. | 121,136 | ||||||
2,929 | Eastman Kodak Co.(b)(c) | 63,179 | ||||||
2,271 | Electro Rent Corp. | 34,610 | ||||||
3,314 | Electro Scientific Industries, Inc. | 23,529 | ||||||
9,277 | Emulex Corp.(b) | 52,508 | ||||||
7,712 | Entegris, Inc.(b) | 104,729 | ||||||
582 | ePlus, Inc.(b) | 35,543 | ||||||
2,814 | Euronet Worldwide, Inc.(b) | 151,027 | ||||||
1,460 | Fair Isaac Corp. | 90,958 | ||||||
15,420 | Fairchild Semiconductor International, Inc.(b) | 236,697 | ||||||
4,242 | FormFactor, Inc.(b) | 33,809 | ||||||
5,398 | Freescale Semiconductor Ltd.(b) | 107,366 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
6,739 | Global Cash Access Holdings, Inc.(b) | $ | 49,127 | |||||
2,641 | GSI Group, Inc.(b) | 33,937 | ||||||
1,397 | GSI Technology, Inc.(b) | 6,720 | ||||||
2,497 | Hackett Group, Inc. (The) | 17,504 | ||||||
9,404 | Harmonic, Inc.(b) | 62,725 | ||||||
7,956 | Imation Corp.(b) | 23,311 | ||||||
6,151 | Integrated Device Technology, Inc.(b) | 100,938 | ||||||
2,559 | Integrated Silicon Solution, Inc. | 34,751 | ||||||
3,625 | Internap Network Services Corp.(b) | 29,036 | ||||||
5,343 | International Rectifier Corp.(b) | 212,491 | ||||||
14,700 | Intersil Corp., Class A | 195,363 | ||||||
1,551 | Intevac, Inc.(b) | 11,477 | ||||||
5,808 | Itron, Inc.(b) | 226,105 | ||||||
1,967 | IXYS Corp. | 22,955 | ||||||
10,192 | Kemet Corp.(b) | 48,922 | ||||||
2,655 | Kofax Ltd. (United Kingdom)(b) | 16,859 | ||||||
3,212 | Kopin Corp.(b) | 12,206 | ||||||
3,213 | Lionbridge Technologies, Inc.(b) | 15,519 | ||||||
1,410 | Methode Electronics, Inc. | 55,526 | ||||||
3,287 | Micrel, Inc. | 39,904 | ||||||
3,502 | MKS Instruments, Inc. | 127,473 | ||||||
7,814 | ModusLink Global Solutions, Inc.(b)(c) | 27,349 | ||||||
16,221 | Monster Worldwide, Inc.(b) | 62,613 | ||||||
1,266 | Move, Inc.(b) | 26,523 | ||||||
1,729 | Multi-Fineline Electronix, Inc.(b) | 17,549 | ||||||
1,295 | NCI, Inc., Class A(b) | 13,183 | ||||||
2,545 | Newport Corp.(b) | 45,530 | ||||||
6,902 | OmniVision Technologies, Inc.(b) | 184,836 | ||||||
1,471 | Oplink Communications, Inc. | 30,670 | ||||||
1,977 | Park Electrochemical Corp. | 51,007 | ||||||
2,586 | Pericom Semiconductor Corp.(b) | 28,265 | ||||||
9,998 | Photronics, Inc.(b) | 89,882 | ||||||
3,808 | Plexus Corp.(b) | 157,461 | ||||||
10,923 | PMC - Sierra, Inc.(b) | 85,090 | ||||||
13,712 | Polycom, Inc.(b) | 179,353 | ||||||
2,661 | PRGX Global, Inc.(b) | 14,077 | ||||||
3,453 | Progress Software Corp.(b) | 89,433 | ||||||
9,413 | QLogic Corp.(b) | 111,168 | ||||||
31,233 | Quantum Corp.(b) | 39,978 | ||||||
4,730 | QuinStreet, Inc.(b) | 19,156 | ||||||
3,461 | RealNetworks, Inc.(b) | 23,881 | ||||||
16,692 | RF Micro Devices, Inc.(b) | 217,163 | ||||||
1,194 | Richardson Electronics Ltd. | 11,952 | ||||||
3,058 | Rofin-Sinar Technologies, Inc.(b) | 68,469 | ||||||
2,228 | Rudolph Technologies, Inc.(b) | 19,562 | ||||||
4,190 | ScanSource, Inc.(b) | 159,974 | ||||||
3,487 | Sigma Designs, Inc.(b) | 13,913 | ||||||
2,114 | Silicon Graphics International Corp.(b) | 18,350 | ||||||
3,458 | Silicon Image, Inc.(b) | 18,535 | ||||||
10,244 | Sonus Networks, Inc.(b) | 35,547 | ||||||
6,508 | Spansion, Inc., Class A(b) | 133,935 | ||||||
4,502 | Speed Commerce, Inc.(b)(c) | 13,371 | ||||||
11,972 | SunEdison, Inc.(b) | 233,574 | ||||||
4,669 | Sykes Enterprises, Inc.(b) | 100,570 | ||||||
1,953 | TeleTech Holdings, Inc.(b) | 50,407 | ||||||
9,701 | TTM Technologies, Inc.(b) | 67,034 | ||||||
1,901 | Ultra Clean Holdings, Inc.(b) | 16,691 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
11,067 | United Online, Inc. | $ | 124,172 | |||||
1,850 | VASCO Data Security International, Inc.(b) | 46,842 | ||||||
489 | Viasystems Group, Inc.(b) | 7,760 | ||||||
1,504 | Vishay Precision Group, Inc.(b) | 25,553 | ||||||
1,376 | WebMD Health Corp.(b) | 58,728 | ||||||
2,530 | Xcerra Corp.(b) | 21,480 | ||||||
1,192 | XO Group, Inc.(b) | 15,174 | ||||||
2,353 | Zebra Technologies Corp., Class A(b) | 173,534 | ||||||
|
| |||||||
8,463,715 | ||||||||
|
| |||||||
Materials—7.0% | ||||||||
3,624 | A. Schulman, Inc. | 128,326 | ||||||
3,424 | A.M. Castle & Co.(b)(c) | 25,166 | ||||||
958 | AEP Industries, Inc.(b) | 44,058 | ||||||
37,208 | AK Steel Holding Corp.(b)(c) | 281,665 | ||||||
1,661 | Ampco-Pittsburgh Corp. | 36,193 | ||||||
3,766 | Boise Cascade Co.(b) | 135,802 | ||||||
2,975 | Carpenter Technology Corp. | 148,899 | ||||||
7,489 | Century Aluminum Co.(b) | 219,278 | ||||||
8,224 | Chemtura Corp.(b) | 191,537 | ||||||
18,731 | Coeur Mining, Inc.(b) | 69,305 | ||||||
5,037 | Cytec Industries, Inc. | 234,875 | ||||||
7,773 | Ferro Corp.(b) | 101,982 | ||||||
4,154 | Greif, Inc., Class A | 183,025 | ||||||
2,677 | H.B. Fuller Co. | 112,354 | ||||||
752 | Handy & Harman Ltd.(b) | 26,553 | ||||||
952 | Haynes International, Inc. | 44,259 | ||||||
3,697 | Headwaters, Inc.(b) | 46,952 | ||||||
2,631 | Horsehead Holding Corp.(b) | 41,333 | ||||||
1,866 | Kaiser Aluminum Corp. | 129,780 | ||||||
2,551 | Koppers Holdings, Inc. | 100,713 | ||||||
4,341 | Kraton Performance Polymers, Inc.(b) | 77,661 | ||||||
2,579 | Kronos Worldwide, Inc. | 34,662 | ||||||
2,417 | Materion Corp. | 95,351 | ||||||
1,892 | Minerals Technologies, Inc. | 145,135 | ||||||
2,833 | Myers Industries, Inc. | 42,325 | ||||||
1,196 | Neenah Paper, Inc. | 72,968 | ||||||
21,313 | Noranda Aluminum Holding Corp. | 93,990 | ||||||
9,206 | Olin Corp. | 223,153 | ||||||
1,618 | Olympic Steel, Inc. | 32,554 | ||||||
5,125 | OM Group, Inc. | 133,404 | ||||||
4,097 | P.H. Glatfelter Co. | 103,367 | ||||||
841 | Penford Corp.(b) | 15,853 | ||||||
2,676 | RTI International Metals, Inc.(b) | 63,020 | ||||||
6,588 | Schnitzer Steel Industries, Inc., Class A | 155,147 | ||||||
3,163 | Scotts Miracle-Gro Co. (The), Class A | 187,376 | ||||||
3,677 | Sensient Technologies Corp. | 217,605 | ||||||
3,819 | Silgan Holdings, Inc. | 187,742 | ||||||
6,055 | SunCoke Energy, Inc.(b) | 144,715 | ||||||
46,133 | Thompson Creek Metals Co., Inc.(b) | 87,191 | ||||||
2,449 | Tredegar Corp. | 46,580 | ||||||
796 | Universal Stainless & Alloy Products, Inc.(b) | 20,465 | ||||||
1,260 | US Concrete, Inc.(b) | 31,122 | ||||||
19,675 | Walter Energy, Inc.(c) | 47,417 | ||||||
4,843 | Wausau Paper Corp. | 47,897 | ||||||
3,551 | Worthington Industries, Inc. | 137,246 | ||||||
|
| |||||||
4,746,001 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Telecommunication Services—1.4% | ||||||||
52,904 | Cincinnati Bell, Inc.(b) | $ | 194,158 | |||||
6,653 | Consolidated Communications Holdings, Inc.(c) | 172,313 | ||||||
5,814 | FairPoint Communications, Inc.(b) | 96,512 | ||||||
4,700 | General Communication, Inc., Class A(b) | 55,131 | ||||||
1,226 | Hawaiian Telcom Holdco, Inc.(b) | 32,979 | ||||||
26,440 | Leap Wireless Corp.(b) | 66,629 | ||||||
1,618 | Lumos Networks Corp. | 27,830 | ||||||
4,967 | NTELOS Holdings Corp.(c) | 50,067 | ||||||
4,777 | Premiere Global Services, Inc.(b) | 50,015 | ||||||
5,455 | Spok Holdings, Inc. | 88,589 | ||||||
2,373 | United States Cellular Corp.(b) | 86,425 | ||||||
|
| |||||||
920,648 | ||||||||
|
| |||||||
Utilities—6.1% | ||||||||
3,950 | ALLETE, Inc. | 206,348 | ||||||
781 | Artesian Resources Corp., Class A | 17,393 | ||||||
55,661 | Atlantic Power Corp.(c) | 123,567 | ||||||
7,643 | Avista Corp. | 270,944 | ||||||
4,003 | Black Hills Corp. | 219,084 | ||||||
3,881 | California Water Service Group | 101,022 | ||||||
5,073 | Cleco Corp. | 272,724 | ||||||
10,092 | Dynegy, Inc.(b) | 307,806 | ||||||
3,639 | El Paso Electric Co. | 137,700 | ||||||
5,879 | Empire District Electric Co. (The) | 167,199 | ||||||
1,047 | Genie Energy Ltd., Class B(b) | 7,591 | ||||||
4,604 | IDACORP, Inc. | 291,111 | ||||||
3,286 | Laclede Group, Inc. (The) | 166,830 | ||||||
2,941 | MGE Energy, Inc. | 130,786 | ||||||
1,517 | Middlesex Water Co. | 34,208 | ||||||
5,124 | New Jersey Resources Corp. | 299,652 | ||||||
3,747 | Northwest Natural Gas Co. | 175,847 | ||||||
4,176 | NorthWestern Corp. | 220,660 | ||||||
1,004 | Ormat Technologies, Inc. | 29,066 | ||||||
4,262 | Otter Tail Corp. | 132,122 | ||||||
7,714 | Piedmont Natural Gas Co., Inc.(c) | 293,209 | ||||||
10,123 | PNM Resources, Inc. | 292,049 | ||||||
1,422 | SJW Corp. | 45,447 | ||||||
2,617 | South Jersey Industries, Inc. | 153,461 | ||||||
1,582 | Unitil Corp. | 55,117 | ||||||
|
| |||||||
4,150,943 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $59,551,633) | 68,002,279 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
64,551 | Invesco Premier Portfolio—Institutional Class(d) (Cost $64,551) | 64,551 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $59,616,184)—100.1% | 68,066,830 | |||||||
|
| |||||||
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.6% | ||||||||
2,444,020 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $2,444,020) | $ | 2,444,020 | |||||
|
| |||||||
Total Investments (Cost $62,060,204)—103.7% | 70,510,850 | |||||||
Other assets less liabilities—(3.7%) | (2,487,387 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 68,023,463 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 2,365,693 | $ | (2,365,693 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Portfolio Composition
PowerShares Zacks Micro Cap Portfolio (PZI)
Sector Breakdown (Unaudited) | ||||
Financials | 39.1 | |||
Industrials | 13.5 | |||
Information Technology | 13.4 | |||
Consumer Discretionary | 11.4 | |||
Energy | 8.2 | |||
Health Care | 6.8 | |||
Materials | 2.7 | |||
Telecommunication Services | 2.2 | |||
Consumer Staples | 2.2 | |||
Utilities | 0.5 | |||
Pharmaceuticals | 0.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Zacks Micro Cap Portfolio (PZI)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—11.4% | ||||||||
7,780 | AH Belo Corp., Class A | $ | 89,548 | |||||
244 | Biglari Holdings, Inc.(b) | 85,195 | ||||||
10,981 | Black Diamond, Inc.(b) | 85,213 | ||||||
6,347 | Build-A-Bear Workshop, Inc.(b) | 107,582 | ||||||
16,341 | Career Education Corp.(b) | 94,778 | ||||||
2,680 | Carmike Cinemas, Inc.(b) | 85,894 | ||||||
1,221 | Cavco Industries, Inc.(b) | 88,974 | ||||||
16,182 | Century Casinos, Inc.(b) | 88,030 | ||||||
9,043 | China Automotive Systems, Inc. (China)(b) | 83,105 | ||||||
15,176 | China XD Plastics Co. Ltd. (China)(b)(c) | 80,888 | ||||||
3,756 | Citi Trends, Inc.(b) | 85,073 | ||||||
9,575 | Dixie Group, Inc. (The)(b) | 75,451 | ||||||
6,883 | Escalade, Inc. | 78,742 | ||||||
2,461 | Flexsteel Industries, Inc. | 84,437 | ||||||
11,310 | Gaiam, Inc., Class A(b) | 85,617 | ||||||
10,535 | Gray Television, Inc.(b) | 97,343 | ||||||
11,692 | JAKKS Pacific, Inc.(b)(c) | 74,595 | ||||||
9,848 | Journal Communications, Inc., Class A(b) | 96,609 | ||||||
6,391 | Kandi Technologies Group, Inc. (China)(b)(c) | 105,579 | ||||||
9,966 | Lakes Entertainment, Inc.(b) | 85,209 | ||||||
5,422 | Lifetime Brands, Inc. | 92,770 | ||||||
4,188 | M/I Homes, Inc.(b) | 90,210 | ||||||
5,037 | Manchester United PLC (United Kingdom) Class A(b) | 80,491 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
5,254 | Marcus Corp. (The) | $ | 90,001 | |||||
4,927 | MarineMax, Inc.(b) | 94,451 | ||||||
24,707 | McClatchy Co. (The), Class A(b) | 87,957 | ||||||
6,994 | Modine Manufacturing Co.(b) | 89,733 | ||||||
3,051 | Motorcar Parts of America, Inc.(b) | 88,601 | ||||||
22,316 | Quantum Fuel Systems Technologies Worldwide, Inc.(b)(c) | 88,818 | ||||||
26,105 | Radio One, Inc., Class D(b) | 65,002 | ||||||
7,533 | RCI Hospitality Holdings, Inc.(b) | 89,643 | ||||||
9,883 | Reading International, Inc., Class A(b) | 98,534 | ||||||
10,909 | Salem Communications Corp., Class A | 84,108 | ||||||
4,880 | Shiloh Industries, Inc.(b) | 83,155 | ||||||
10,657 | Skullcandy, Inc.(b) | 88,879 | ||||||
1,020 | Strattec Security Corp. | 105,794 | ||||||
4,736 | Superior Industries International, Inc. | 92,399 | ||||||
6,657 | Systemax, Inc.(b) | 101,852 | ||||||
8,402 | TravelCenters of America LLC(b) | 81,331 | ||||||
4,278 | Tuesday Morning Corp.(b) | 87,228 | ||||||
3,205 | Unifi, Inc.(b) | 89,644 | ||||||
1,681 | Universal Electronics, Inc.(b) | 95,632 | ||||||
4,502 | WCI Communities, Inc.(b) | 84,458 | ||||||
3,756 | William Lyon Homes, Class A(b) | 88,867 | ||||||
14,877 | ZAGG, Inc.(b) | 99,973 | ||||||
|
| |||||||
3,997,393 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples—2.2% | ||||||||
5,301 | Amira Nature Foods Ltd. (United Arab Emirates)(b)(c) | $ | 92,290 | |||||
10,325 | Central Garden & Pet Co., Class A(b) | 88,692 | ||||||
2,902 | Diamond Foods, Inc.(b) | 87,495 | ||||||
2,565 | John B. Sanfilippo & Son, Inc. | 95,290 | ||||||
6,641 | Omega Protein Corp.(b) | 95,962 | ||||||
4,104 | Pantry, Inc. (The)(b) | 105,760 | ||||||
4,268 | SpartanNash Co. | 95,646 | ||||||
6,878 | SunOpta, Inc. (Canada)(b) | 97,393 | ||||||
|
| |||||||
758,528 | ||||||||
|
| |||||||
Energy—8.2% | ||||||||
16,309 | Advantage Oil & Gas Ltd. (Canada)(b) | 69,639 | ||||||
2,856 | American Midstream Partners LP(c) | 81,396 | ||||||
7,616 | Ardmore Shipping Corp. (Ireland) | 77,150 | ||||||
9,423 | Callon Petroleum Co.(b) | 61,815 | ||||||
8,318 | Capital Product Partners LP (Greece)(c) | 76,775 | ||||||
2,497 | Contango Oil & Gas Co.(b) | 91,315 | ||||||
13,476 | DHT Holdings, Inc. | 89,750 | ||||||
13,498 | Emerald Oil, Inc.(b)(c) | 42,924 | ||||||
7,346 | Enduro Royalty Trust | 64,718 | ||||||
3,817 | Era Group, Inc.(b) | 89,280 | ||||||
14,142 | Gastar Exploration, Inc.(b) | 56,568 | ||||||
22,620 | Harvest Natural Resources, Inc.(b) | 84,146 | ||||||
3,325 | KNOT Offshore Partners LP (United Kingdom)(c) | 80,033 | ||||||
38,974 | Magellan Petroleum Corp.(b) | 70,153 | ||||||
3,442 | Matrix Service Co.(b) | 86,257 | ||||||
18,867 | Miller Energy Resources, Inc.(b)(c) | 65,657 | ||||||
3,449 | Natural Gas Services Group, Inc.(b) | 88,743 | ||||||
3,481 | New Source Energy Partners LP(c) | 64,085 | ||||||
6,652 | Niska Gas Storage Partners LLC, Class U | 38,515 | ||||||
10,442 | Nordic American Tankers Ltd.(c) | 88,235 | ||||||
12,890 | North American Energy Partners, Inc. (Canada) | 69,735 | ||||||
5,947 | Pacific Ethanol, Inc.(b) | 83,912 | ||||||
16,805 | Parker Drilling Co.(b) | 74,614 | ||||||
2,017 | PHI, Inc.(b) | 90,241 | ||||||
3,504 | QEP Midstream Partners LP | 56,590 | ||||||
13,240 | Resolute Energy Corp.(b)(c) | 46,075 | ||||||
1,139 | REX American Resources Corp.(b) | 82,874 | ||||||
6,941 | Rhino Resource Partners LP | 24,849 | ||||||
3,888 | Southcross Energy Partners LP | 77,255 | ||||||
9,112 | StealthGas, Inc. (Greece)(b) | 76,541 | ||||||
8,647 | Swift Energy Co.(b)(c) | 59,232 | ||||||
22,256 | Teekay Tankers Ltd., Class A(c) | 94,365 | ||||||
4,182 | Tesco Corp. | 79,625 | ||||||
7,540 | Triangle Petroleum Corp.(b)(c) | 58,435 | ||||||
13,012 | Tsakos Energy Navigation Ltd. | 88,091 | ||||||
26,023 | US Energy Corp. Wyoming(b) | 67,920 | ||||||
3,418 | USA Compression Partners LP | 77,930 | ||||||
9,766 | VAALCO Energy, Inc.(b) | 72,464 | ||||||
11,927 | Vertex Energy, Inc.(b) | 75,379 | ||||||
15,663 | Warren Resources, Inc.(b) | 54,194 | ||||||
|
| |||||||
2,877,475 | ||||||||
|
| |||||||
Financials—39.1% | ||||||||
2,915 | 1st Source Corp. | 91,210 | ||||||
4,664 | AG Mortgage Investment Trust, Inc. REIT | 88,943 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
4,526 | American Residential Properties, Inc. REIT(b) | $ | 85,994 | |||||
3,782 | Ameris Bancorp | 93,794 | ||||||
17,331 | Anworth Mortgage Asset Corp. REIT | 89,948 | ||||||
5,284 | Apollo Commercial Real Estate Finance, Inc. REIT | 86,869 | ||||||
5,380 | Apollo Residential Mortgage, Inc. REIT | 89,738 | ||||||
12,317 | Arbor Realty Trust, Inc. REIT | 82,893 | ||||||
7,101 | Ares Commercial Real Estate Corp. REIT | 86,348 | ||||||
3,267 | Arlington Asset Investment Corp., Class A | 89,451 | ||||||
5,998 | Atlas Financial Holdings, Inc. (Canada)(b) | 88,950 | ||||||
3,361 | Baldwin & Lyons, Inc., Class B | 90,478 | ||||||
7,138 | Banc of California, Inc. | 84,014 | ||||||
1,796 | Bank of Kentucky Financial Corp. (The) | 84,250 | ||||||
7,998 | BankFinancial Corp. | 95,416 | ||||||
2,158 | Banner Corp. | 93,269 | ||||||
4,763 | BBX Capital Corp., Class A(b) | 87,639 | ||||||
3,534 | Berkshire Hills Bancorp, Inc. | 91,107 | ||||||
9,721 | BlackRock Kelso Capital Corp. | 85,739 | ||||||
5,301 | BNC Bancorp | 90,170 | ||||||
9,709 | Brookline Bancorp, Inc. | 93,109 | ||||||
7,366 | Calamos Asset Management, Inc., Class A | 100,914 | ||||||
3,476 | Capital Bank Financial Corp., Class A(b) | 89,994 | ||||||
6,131 | Capital City Bank Group, Inc. | 92,639 | ||||||
2,321 | Capital Southwest Corp. | 85,088 | ||||||
4,863 | Cardinal Financial Corp. | 93,370 | ||||||
14,070 | Cedar Realty Trust, Inc. REIT | 96,802 | ||||||
8,021 | Centerstate Banks, Inc. | 93,364 | ||||||
4,630 | Central Pacific Financial Corp. | 87,507 | ||||||
7,758 | Charter Financial Corp. | 87,976 | ||||||
3,597 | Chatham Lodging Trust REIT | 92,155 | ||||||
2,468 | Community Trust Bancorp, Inc. | 88,725 | ||||||
4,358 | ConnectOne Bancorp, Inc. | 80,623 | ||||||
11,098 | CorEnergy Infrastructure Trust, Inc. REIT | 83,346 | ||||||
2,526 | CoreSite Realty Corp. REIT | 93,513 | ||||||
22,137 | Cowen Group, Inc., Class A(b) | 89,434 | ||||||
4,622 | Customers Bancorp, Inc.(b) | 88,280 | ||||||
3,453 | CyrusOne, Inc. REIT | 94,301 | ||||||
5,765 | Dime Community Bancshares, Inc. | 90,799 | ||||||
10,274 | Dynex Capital, Inc. REIT | 86,507 | ||||||
2,609 | Eagle Bancorp, Inc.(b) | 93,741 | ||||||
3,736 | Ellington Financial LLC | 84,023 | ||||||
5,128 | Ellington Residential Mortgage REIT | 91,432 | ||||||
2,874 | EMC Insurance Group, Inc. | 92,083 | ||||||
7,053 | Excel Trust, Inc. REIT | 91,689 | ||||||
3,017 | FBR & Co.(b) | 72,830 | ||||||
2,583 | Federal Agricultural Mortgage Corp., Class C | 86,014 | ||||||
2,955 | Federated National Holding Co. | 98,874 | ||||||
3,693 | Financial Institutions, Inc. | 92,842 | ||||||
33,339 | First Acceptance Corp.(b) | 85,348 | ||||||
5,182 | First Bancorp | 93,898 | ||||||
1,891 | First Business Financial Services, Inc. | 88,745 | ||||||
9,894 | First Commonwealth Financial Corp. | 92,509 | ||||||
3,073 | First Defiance Financial Corp. | 94,126 | ||||||
8,131 | First Financial Northwest, Inc. | 94,320 | ||||||
4,108 | First Merchants Corp. | 93,046 | ||||||
2,535 | First NBC Bank Holding Co.(b) | 93,111 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
3,925 | Firsthand Technology Value Fund, Inc. | $ | 88,352 | |||||
7,906 | Five Oaks Investment Corp. REIT | 87,994 | ||||||
4,544 | Flushing Financial Corp. | 91,516 | ||||||
4,461 | Franklin Financial Corp.(b) | 92,610 | ||||||
5,238 | FXCM, Inc., Class A | 86,218 | ||||||
5,737 | Garrison Capital, Inc. | 84,621 | ||||||
9,466 | Gladstone Capital Corp. | 86,993 | ||||||
11,676 | Gladstone Investment Corp. | 85,819 | ||||||
3,290 | Global Indemnity PLC(b) | 95,344 | ||||||
5,205 | Golub Capital BDC, Inc. | 90,203 | ||||||
14,412 | Gramercy Property Trust, Inc. REIT | 90,075 | ||||||
8,293 | GSV Capital Corp.(b) | 80,525 | ||||||
8,052 | Hallmark Financial Services, Inc.(b) | 93,886 | ||||||
4,118 | Hanmi Financial Corp. | 88,331 | ||||||
6,007 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 83,978 | ||||||
5,741 | Hercules Technology Growth Capital, Inc. | 90,478 | ||||||
4,112 | Heritage Financial Group, Inc. | 87,133 | ||||||
11,859 | Heritage Oaks Bancorp | 93,330 | ||||||
3,655 | Home Bancorp, Inc.(b) | 83,297 | ||||||
5,682 | HomeTrust Bancshares, Inc.(b) | 87,787 | ||||||
6,168 | Horizon Technology Finance Corp. | 86,907 | ||||||
12,871 | Imperial Holdings, Inc.(b) | 80,701 | ||||||
6,246 | Independence Holding Co. | 88,381 | ||||||
8,576 | Independence Realty Trust, Inc. REIT | 84,302 | ||||||
6,964 | Independent Bank Corp. | 84,056 | ||||||
2,324 | Independent Bank Corp. | 94,819 | ||||||
1,750 | Independent Bank Group, Inc. | 78,208 | ||||||
1,297 | Infinity Property & Casualty Corp. | 94,694 | ||||||
8,684 | Intervest Bancshares Corp. | 84,669 | ||||||
4,793 | INTL FCStone, Inc.(b) | 86,753 | ||||||
5,267 | Investment Technology Group, Inc.(b) | 94,437 | ||||||
6,912 | JAVELIN Mortgage Investment Corp. REIT | 87,368 | ||||||
1,872 | Kansas City Life Insurance Co. | 92,907 | ||||||
2,214 | Lakeland Financial Corp. | 91,748 | ||||||
5,809 | LNB Bancorp, Inc. | 81,558 | ||||||
7,492 | Maiden Holdings Ltd. | 89,529 | ||||||
4,812 | MainSource Financial Group, Inc. | 87,530 | ||||||
7,861 | Meridian Bancorp, Inc.(b) | 89,144 | ||||||
7,715 | MVC Capital, Inc. | 86,948 | ||||||
4,342 | National Bank Holdings Corp., Class A | 85,060 | ||||||
336 | National Western Life Insurance Co., Class A | 91,056 | ||||||
1,350 | Navigators Group, Inc. (The)(b) | 91,922 | ||||||
5,651 | New Mountain Finance Corp. | 82,957 | ||||||
11,482 | New York Mortgage Trust, Inc. REIT(c) | 89,674 | ||||||
10,937 | NewBridge Bancorp(b) | 97,230 | ||||||
6,095 | Northfield Bancorp, Inc. | 86,793 | ||||||
5,542 | OFG Bancorp | 86,289 | ||||||
6,878 | OFS Capital Corp. | 80,473 | ||||||
4,099 | Oppenheimer Holdings, Inc., Class A | 100,630 | ||||||
6,256 | Orchid Island Capital, Inc.(c) | 86,771 | ||||||
7,609 | PennantPark Investment Corp. | 82,786 | ||||||
3,495 | Peoples Bancorp, Inc. | 86,152 | ||||||
1,481 | Phoenix Cos., Inc. (The)(b) | 87,912 | ||||||
6,051 | Physicians Realty Trust REIT | 92,822 | ||||||
4,161 | PICO Holdings, Inc.(b) | 91,958 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,589 | Piper Jaffray Cos.(b) | $ | 89,715 | |||||
9,978 | Preferred Apartment Communities, Inc., Class A REIT | 84,813 | ||||||
3,686 | Preferred Bank | 97,974 | ||||||
11,173 | RAIT Financial Trust REIT | 81,898 | ||||||
3,069 | Renasant Corp. | 92,530 | ||||||
17,046 | Resource Capital Corp. REIT | 90,173 | ||||||
5,998 | Rexford Industrial Realty, Inc. REIT | 92,669 | ||||||
3,539 | S&T Bancorp, Inc. | 97,641 | ||||||
4,512 | Safeguard Scientifics, Inc.(b) | 90,014 | ||||||
1,540 | Safety Insurance Group, Inc. | 96,065 | ||||||
3,627 | Sandy Spring Bancorp, Inc. | 93,577 | ||||||
5,121 | Silver Bay Realty Trust Corp. REIT | 86,699 | ||||||
2,155 | Simmons First National Corp., Class A | 90,488 | ||||||
2,497 | Southside Bancshares, Inc. | 83,849 | ||||||
5,062 | Southwest Bancorp, Inc. | 91,268 | ||||||
5,112 | State Bank Financial Corp. | 91,607 | ||||||
4,998 | Steel Partners Holdings LP(b) | 84,216 | ||||||
5,977 | Stellus Capital Investment Corp. | 81,825 | ||||||
6,491 | Sterling Bancorp | 91,264 | ||||||
2,828 | Stewart Information Services Corp. | 99,885 | ||||||
4,277 | Suffolk Bancorp | 98,200 | ||||||
7,701 | Summit Hotel Properties, Inc. REIT | 89,640 | ||||||
5,166 | TCP Capital Corp. | 87,254 | ||||||
4,409 | Terreno Realty Corp. REIT | 92,854 | ||||||
1,883 | Tompkins Financial Corp. | 94,527 | ||||||
6,113 | TowneBank | 92,673 | ||||||
3,670 | Trico Bancshares | 96,521 | ||||||
5,043 | United Community Banks, Inc. | 90,925 | ||||||
6,542 | United Financial Bancorp, Inc. | 91,784 | ||||||
2,989 | United Fire Group, Inc. | 97,083 | ||||||
5,534 | United Insurance Holdings Corp. | 108,466 | ||||||
6,420 | Universal Insurance Holdings, Inc. | 112,350 | ||||||
7,187 | Waterstone Financial, Inc. | 87,969 | ||||||
2,714 | WesBanco, Inc. | 93,524 | ||||||
5,617 | Western Asset Mortgage Capital Corp. REIT | 84,367 | ||||||
8,994 | Wilshire Bancorp, Inc. | 89,041 | ||||||
5,509 | Winthrop Realty Trust REIT | 86,106 | ||||||
1,159 | WSFS Financial Corp. | 91,155 | ||||||
4,571 | Yadkin Financial Corp.(b) | 88,723 | ||||||
4,810 | ZAIS Financial Corp. REIT | 87,253 | ||||||
|
| |||||||
13,645,516 | ||||||||
|
| |||||||
Health Care—6.8% | ||||||||
10,403 | Affymetrix, Inc.(b) | 93,731 | ||||||
3,761 | Albany Molecular Research, Inc.(b) | 87,481 | ||||||
3,055 | Almost Family, Inc.(b) | 89,939 | ||||||
4,116 | Amedisys, Inc.(b) | 107,428 | ||||||
6,051 | AngioDynamics, Inc.(b) | 102,867 | ||||||
2,935 | ANI Pharmaceuticals, Inc.(b) | 99,673 | ||||||
2,264 | Anika Therapeutics, Inc.(b) | 90,877 | ||||||
5,620 | Arrowhead Research Corp.(b)(c) | 36,642 | ||||||
5,640 | AtriCure, Inc.(b) | 98,362 | ||||||
16,976 | China Cord Blood Corp. (Hong Kong)(b) | 86,408 | ||||||
8,936 | Cross Country Healthcare, Inc.(b) | 86,411 | ||||||
8,411 | CryoLife, Inc. | 86,297 | ||||||
36,251 | Idera Pharmaceuticals, Inc.(b)(c) | 92,440 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
7,029 | Invacare Corp. | $ | 110,425 | |||||
6,988 | Merit Medical Systems, Inc.(b) | 105,868 | ||||||
2,813 | Natus Medical, Inc.(b) | 95,642 | ||||||
11,498 | OraSure Technologies, Inc.(b) | 102,907 | ||||||
2,681 | Orthofix International NV(b) | 78,687 | ||||||
10,809 | Pernix Therapeutics Holdings, Inc.(b) | 105,388 | ||||||
3,398 | PharMerica Corp.(b) | 97,489 | ||||||
3,746 | Prothena Corp. PLC (Ireland)(b) | 82,150 | ||||||
8,227 | Symmetry Medical, Inc.(b) | 81,447 | ||||||
3,927 | Tekmira Pharmaceuticals Corp. (Canada)(b) | 65,502 | ||||||
12,119 | Tonix Pharmaceuticals Holding Corp.(b) | 91,741 | ||||||
4,172 | Triple-S Management Corp., Class B(b) | 92,368 | ||||||
10,325 | Universal American Corp.(b) | 96,229 | ||||||
|
| |||||||
2,364,399 | ||||||||
|
| |||||||
Industrials—13.5% | ||||||||
12,031 | ACCO Brands Corp.(b) | 99,015 | ||||||
4,297 | Aceto Corp. | 97,714 | ||||||
2,761 | Aerovironment, Inc.(b) | 84,625 | ||||||
11,403 | Air Transport Services Group, Inc.(b) | 93,277 | ||||||
2,025 | Alamo Group, Inc. | 86,751 | ||||||
10,249 | ARC Document Solutions, Inc.(b) | 104,027 | ||||||
2,487 | Argan, Inc. | 86,572 | ||||||
25,543 | Arotech Corp.(b)(c) | 75,352 | ||||||
20,052 | Baltic Trading Ltd.(c) | 75,195 | ||||||
11,083 | Broadwind Energy, Inc.(b) | 70,710 | ||||||
10,548 | CBIZ, Inc.(b) | 97,358 | ||||||
4,478 | China Yuchai International Ltd. | 81,455 | ||||||
3,775 | Columbus McKinnon Corp. | 107,399 | ||||||
4,466 | Covenant Transportation Group, Inc., Class A(b) | 92,625 | ||||||
3,264 | CRA International, Inc.(b) | 97,920 | ||||||
16,151 | Danaos Corp. (Greece)(b) | 88,507 | ||||||
3,029 | Ducommun, Inc.(b) | 79,996 | ||||||
2,663 | Engility Holdings, Inc.(b) | 115,042 | ||||||
2,493 | FreightCar America, Inc. | 82,194 | ||||||
19,533 | Fuel Tech, Inc.(b) | 79,109 | ||||||
8,402 | Gencor Industries, Inc.(b) | 81,415 | ||||||
9,359 | General Finance Corp.(b) | 80,675 | ||||||
6,064 | Gibraltar Industries, Inc.(b) | 92,476 | ||||||
7,288 | Griffon Corp. | 89,569 | ||||||
6,172 | Hawaiian Holdings, Inc.(b) | 107,022 | ||||||
4,042 | Heidrick & Struggles International, Inc. | 84,154 | ||||||
10,455 | Highpower International, Inc. (China)(b)(c) | 67,644 | ||||||
20,754 | Hill International, Inc.(b) | 80,525 | ||||||
2,204 | Hurco Cos., Inc. | 84,920 | ||||||
2,696 | ICF International, Inc.(b) | 97,973 | ||||||
10,482 | Jinpan International Ltd. (China)(c) | 80,502 | ||||||
2,126 | Kadant, Inc. | 87,889 | ||||||
5,298 | Kelly Services, Inc., Class A | 93,404 | ||||||
5,516 | Kimball International, Inc., Class B | 99,178 | ||||||
9,380 | Knightsbridge Tankers Ltd. (Bermuda)(c) | 82,356 | ||||||
5,998 | LS Starrett Co. (The), Class A | 88,650 | ||||||
3,073 | Lydall, Inc.(b) | 95,048 | ||||||
7,353 | Manitex International, Inc.(b) | 84,045 | ||||||
4,661 | Marten Transport Ltd. | 91,449 | ||||||
3,447 | MYR Group, Inc.(b) | 89,415 | ||||||
5,968 | Navigant Consulting, Inc.(b) | 91,847 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
13,836 | Navios Maritime Holdings, Inc.(c) | $ | 81,494 | |||||
3,107 | NN, Inc. | 77,675 | ||||||
2,434 | Northwest Pipe Co.(b) | 87,089 | ||||||
15,517 | Orion Energy Systems, Inc.(b) | 89,223 | ||||||
2,290 | P.A.M. Transportation Services, Inc.(b) | 98,424 | ||||||
7,472 | Republic Airways Holdings, Inc.(b) | 93,549 | ||||||
5,955 | Resources Connection, Inc. | 92,124 | ||||||
12,465 | Safe Bulkers, Inc. (Greece) | 66,563 | ||||||
2,758 | SIFCO Industries, Inc. | 93,827 | ||||||
10,670 | SkyWest, Inc. | 122,918 | ||||||
7,533 | Star Bulk Carriers Corp. (Greece)(b)(c) | 77,741 | ||||||
4,046 | Willis Lease Finance Corp.(b) | 92,289 | ||||||
|
| |||||||
4,717,915 | ||||||||
|
| |||||||
Information Technology—13.4% | ||||||||
5,182 | Actua Corp.(b) | 97,422 | ||||||
8,831 | Alpha & Omega Semiconductor Ltd.(b) | 81,863 | ||||||
7,758 | Amtech Systems, Inc.(b) | 81,692 | ||||||
5,156 | Applied Optoelectronics, Inc.(b) | 83,218 | ||||||
9,664 | Autobytel, Inc.(b) | 89,295 | ||||||
3,355 | Bel Fuse, Inc., Class B | 94,913 | ||||||
7,899 | Brooks Automation, Inc. | 97,395 | ||||||
21,123 | Camtek Ltd. (Israel)(b)(c) | 69,917 | ||||||
8,195 | Cascade Microtech, Inc.(b) | 88,014 | ||||||
3,670 | ChipMOS TECHNOLOGIES Bermuda Ltd. (Taiwan) | 78,832 | ||||||
24,203 | Ciber, Inc.(b) | 79,144 | ||||||
7,439 | Communications Systems, Inc. | 88,003 | ||||||
2,235 | Comtech Telecommunications Corp. | 85,086 | ||||||
5,224 | CTS Corp. | 96,122 | ||||||
5,854 | Ebix, Inc.(c) | 86,347 | ||||||
14,590 | EMCORE Corp.(b) | 75,284 | ||||||
16,805 | Emulex Corp.(b) | 95,116 | ||||||
4,895 | EnerNOC, Inc.(b) | 72,299 | ||||||
4,727 | EPIQ Systems, Inc. | 75,821 | ||||||
5,686 | Fabrinet (Thailand)(b) | 103,542 | ||||||
11,578 | FormFactor, Inc.(b) | 92,277 | ||||||
7,225 | GSI Group, Inc.(b) | 92,841 | ||||||
22,682 | Hutchinson Technology, Inc.(b) | 80,975 | ||||||
6,042 | Integrated Silicon Solution, Inc. | 82,050 | ||||||
12,446 | Intevac, Inc.(b) | 92,100 | ||||||
10,249 | Intralinks Holdings, Inc.(b) | 88,551 | ||||||
7,906 | IXYS Corp. | 92,263 | ||||||
20,149 | Kemet Corp.(b) | 96,715 | ||||||
11,069 | Lattice Semiconductor Corp.(b) | 74,273 | ||||||
9,520 | Maxwell Technologies, Inc.(b)(c) | 111,003 | ||||||
42,139 | MeetMe, Inc.(b)(c) | 83,435 | ||||||
7,540 | Mercury Systems, Inc.(b) | 105,409 | ||||||
23,253 | ModusLink Global Solutions, Inc.(b) | 81,386 | ||||||
15,094 | Monster Worldwide, Inc.(b) | 58,263 | ||||||
8,729 | NCI, Inc., Class A(b) | 88,861 | ||||||
4,685 | Newport Corp.(b) | 83,815 | ||||||
5,328 | Orbotech Ltd. (Israel)(b) | 85,461 | ||||||
3,867 | PC Connection, Inc. | 92,228 | ||||||
8,497 | PCM, Inc.(b) | 82,081 | ||||||
8,523 | Pericom Semiconductor Corp.(b) | 93,156 | ||||||
10,312 | Photronics, Inc.(b) | 92,705 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
19,533 | Rubicon Technology, Inc.(b) | $ | 86,531 | |||||
12,483 | ShoreTel, Inc.(b) | 100,988 | ||||||
3,105 | Sierra Wireless, Inc. (Canada)(b) | 85,015 | ||||||
4,155 | Sykes Enterprises, Inc.(b) | 89,499 | ||||||
9,664 | TechTarget, Inc.(b) | 92,195 | ||||||
29,754 | TeleCommunication Systems, Inc., Class A(b) | 85,692 | ||||||
12,390 | Telenav, Inc.(b) | 89,456 | ||||||
8,163 | Tower Semiconductor Ltd. (Israel)(b)(c) | 79,997 | ||||||
12,190 | TTM Technologies, Inc.(b) | 84,233 | ||||||
9,275 | Ultra Clean Holdings, Inc.(b) | 81,435 | ||||||
5,557 | Vishay Precision Group, Inc.(b) | 94,413 | ||||||
8,480 | Xcerra Corp.(b) | 71,995 | ||||||
30,746 | Zhone Technologies, Inc.(b)(c) | 70,101 | ||||||
|
| |||||||
4,680,723 | ||||||||
|
| |||||||
Materials—2.7% | ||||||||
4,151 | Ampco-Pittsburgh Corp. | 90,450 | ||||||
5,854 | Core Molding Technologies, Inc.(b) | 77,858 | ||||||
5,022 | Horsehead Holding Corp.(b) | 78,896 | ||||||
2,707 | Materion Corp. | 106,791 | ||||||
42,354 | McEwen Mining, Inc.(b) | 52,519 | ||||||
8,514 | Mercer International, Inc.(b) | 107,106 | ||||||
22,996 | Nevsun Resources Ltd. (Canada) | 77,956 | ||||||
18,366 | Noranda Aluminum Holding Corp. | 80,994 | ||||||
17,116 | Primero Mining Corp. (Canada)(b) | 58,537 | ||||||
3,452 | Schnitzer Steel Industries, Inc., Class A | 81,295 | ||||||
13,609 | Silver Standard Resources, Inc. (Canada)(b) | 59,471 | ||||||
2,821 | SunCoke Energy Partners LP | 73,290 | ||||||
|
| |||||||
945,163 | ||||||||
|
| |||||||
Pharmaceuticals—0.0% | ||||||||
27,615 | Chelsea Therapeutics International Ltd.(b) | 2,209 | ||||||
|
| |||||||
Telecommunication Services—2.2% | ||||||||
1,540 | Atlantic Tele-Network, Inc. | 103,473 | ||||||
7,609 | General Communication, Inc., Class A(b) | 89,254 | ||||||
3,231 | Hawaiian Telcom Holdco, Inc.(b) | 86,914 | ||||||
6,668 | Inteliquent, Inc. | 112,222 | ||||||
9,380 | Iridium Communications, Inc.(b)(c) | 89,110 | ||||||
14,437 | ORBCOMM, Inc.(b) | 91,242 | ||||||
3,346 | Shenandoah Telecommunications Co. | 99,008 | ||||||
6,381 | Spok Holdings, Inc. | 103,627 | ||||||
|
| |||||||
774,850 | ||||||||
|
| |||||||
Utilities—0.5% | ||||||||
7,107 | Consolidated Water Co. Ltd. (Cayman Islands) | 85,213 | ||||||
14,538 | Star Gas Partners LP | 90,717 | ||||||
|
| |||||||
175,930 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $34,052,461) | 34,940,101 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.2% | ||||||||
60,782 | Invesco Premier Portfolio—Institutional Class(d) (Cost $60,782) | $ | 60,782 | |||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $34,113,243)—100.2% | 35,000,883 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.9% | ||||||||
1,714,856 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $1,714,856) | 1,714,856 | ||||||
|
| |||||||
Total Investments (Cost $35,828,099)—105.1% | 36,715,739 | |||||||
Other assets less liabilities—(5.1%) | (1,775,577 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 34,940,162 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Citibank | $ | 1,643,164 | $ | (1,643,164 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
October 31, 2014
(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) | $ | 280,635,651 | $ | 928,368,389 | $ | 41,171,189 | $ | 125,402,819 | ||||||||
Affiliated investments, at value | 296,427 | — | 36,030 | 130,788 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 280,932,078 | 928,368,389 | 41,207,219 | 125,533,607 | ||||||||||||
Foreign currencies, at value | — | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 2,777,249 | — | — | — | ||||||||||||
Dividends | 176,365 | 1,183,933 | 42,587 | 42,188 | ||||||||||||
Expenses absorbed | — | — | — | — | ||||||||||||
Foreign tax reclaims | — | — | — | — | ||||||||||||
Securities lending | — | — | — | — | ||||||||||||
Shares sold | — | 3,011,046 | — | — | ||||||||||||
Other assets | 1,313 | 3,944 | 1,282 | 1,375 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 283,887,005 | 932,567,312 | 41,251,088 | 125,577,170 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 173,098 | 708,926 | 946 | 379 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | — | 3,004,372 | — | — | ||||||||||||
Collateral upon return of securities loaned | — | — | — | — | ||||||||||||
Shares repurchased | 2,749,812 | — | — | — | ||||||||||||
Accrued advisory fees | 114,878 | 376,525 | 4,046 | 26,234 | ||||||||||||
Accrued trustees’ and officer’s fees | 26,867 | 32,963 | 12,138 | 7,766 | ||||||||||||
Accrued expenses | 108,085 | 277,400 | 49,471 | 60,017 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 3,172,740 | 4,400,186 | 66,601 | 94,396 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 280,714,265 | $ | 928,167,126 | $ | 41,184,487 | $ | 125,482,774 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 488,100,697 | $ | 930,079,715 | $ | 43,971,708 | $ | 100,075,158 | ||||||||
Undistributed net investment income | 33,047 | 2,051,608 | 71,508 | 176,105 | ||||||||||||
Undistributed net realized gain (loss) | (237,880,164 | ) | (105,277,679 | ) | (10,012,445 | ) | (730,270 | ) | ||||||||
Net unrealized appreciation | 30,460,685 | 101,313,482 | 7,153,716 | 25,961,781 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 280,714,265 | $ | 928,167,126 | $ | 41,184,487 | $ | 125,482,774 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 9,950,000 | 30,250,000 | 1,050,000 | 3,900,000 | ||||||||||||
Net asset value | $ | 28.21 | $ | 30.68 | $ | 39.22 | $ | 32.18 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 28.20 | $ | 30.68 | $ | 39.16 | $ | 32.20 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 250,174,966 | $ | 827,054,907 | $ | 34,017,473 | $ | 99,441,038 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 296,427 | $ | — | $ | 36,030 | $ | 130,788 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 250,471,393 | $ | 827,054,907 | $ | 34,053,503 | $ | 99,571,826 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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) | |||||||||||||||||||||||
$ | 36,669,854 | $ | 24,679,086 | $ | 87,939,948 | $ | 50,850,081 | $ | 15,351,805 | $ | 30,350,440 | $ | 68,002,279 | $ | 34,940,101 | |||||||||||||||
8,458 | 374,037 | 477,099 | 1,178,834 | 52,911 | 1,129,499 | 2,508,571 | 1,775,638 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
36,678,312 | 25,053,123 | 88,417,047 | 52,028,915 | 15,404,716 | 31,479,939 | 70,510,850 | 36,715,739 | |||||||||||||||||||||||
— | — | — | 136,078 | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | 118,684 | 15,390 | 2,502 | 6,790 | |||||||||||||||||||||||
76,121 | 8,135 | 58,690 | 54,517 | 6,014 | 13,984 | 26,783 | 23,621 | |||||||||||||||||||||||
— | — | — | — | 4,883 | 1,091 | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | 465 | |||||||||||||||||||||||
— | — | — | 3,122 | — | 2,519 | 9,057 | 11,752 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
1,292 | 688 | 1,697 | 1,291 | 1,244 | 1,261 | 1,296 | 1,036 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
36,755,725 | 25,061,946 | 88,477,434 | 52,223,923 | 15,535,541 | 31,514,184 | 70,550,488 | 36,759,403 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
354 | 667 | 2,245 | 82,560 | 440 | 1,162 | 2,715 | 1,787 | |||||||||||||||||||||||
— | — | — | — | — | 24,438 | — | — | |||||||||||||||||||||||
— | — | — | 1,178,834 | — | 1,072,449 | 2,444,020 | 1,714,856 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
2,542 | 252 | 15,818 | 5,284 | — | — | 1,838 | 7,165 | |||||||||||||||||||||||
6,687 | 11,627 | 19,011 | 12,978 | 11,251 | 12,498 | 14,080 | 13,850 | |||||||||||||||||||||||
41,054 | 49,717 | 61,012 | 56,791 | 48,624 | 53,244 | 64,372 | 81,583 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
50,637 | 62,263 | 98,086 | 1,336,447 | 60,315 | 1,163,791 | 2,527,025 | 1,819,241 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 36,705,088 | $ | 24,999,683 | $ | 88,379,348 | $ | 50,887,476 | $ | 15,475,226 | $ | 30,350,393 | $ | 68,023,463 | $ | 34,940,162 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 33,778,909 | $ | 30,454,098 | $ | 243,236,950 | $ | 87,162,439 | $ | 23,692,159 | $ | 76,643,733 | $ | 104,535,824 | $ | 125,047,553 | |||||||||||||||
111,687 | 28,557 | 117,133 | 100,460 | 13,250 | 118,886 | 168,659 | 52,904 | |||||||||||||||||||||||
(66,753 | ) | (9,316,159 | ) | (170,856,966 | ) | (44,919,772 | ) | (9,994,757 | ) | (50,607,187 | ) | (45,131,666 | ) | (91,047,935 | ) | |||||||||||||||
2,881,245 | 3,833,187 | 15,882,231 | 8,544,349 | 1,764,574 | 4,194,961 | 8,450,646 | 887,640 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 36,705,088 | $ | 24,999,683 | $ | 88,379,348 | $ | 50,887,476 | $ | 15,475,226 | $ | 30,350,393 | $ | 68,023,463 | $ | 34,940,162 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,200,000 | 650,000 | 2,850,000 | 1,900,000 | 450,000 | 1,250,000 | 2,700,000 | 2,150,000 | |||||||||||||||||||||||
$ | 30.59 | $ | 38.46 | $ | 31.01 | $ | 26.78 | $ | 34.39 | $ | 24.28 | $ | 25.19 | $ | 16.25 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 30.59 | $ | 38.45 | $ | 30.99 | $ | 26.79 | $ | 34.38 | $ | 24.28 | $ | 25.20 | $ | 16.23 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 33,788,609 | $ | 20,923,034 | $ | 72,038,766 | $ | 42,304,895 | $ | 13,587,231 | $ | 26,155,479 | $ | 59,551,633 | $ | 34,052,461 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 8,458 | $ | 296,902 | $ | 496,050 | $ | 1,178,834 | $ | 52,911 | $ | 1,129,499 | $ | 2,508,571 | $ | 1,775,638 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 33,797,067 | $ | 21,219,936 | $ | 72,534,816 | $ | 43,483,729 | $ | 13,640,142 | $ | 27,284,978 | $ | 62,060,204 | $ | 35,828,099 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | — | $ | 136,915 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | — | $ | 1,139,209 | $ | — | $ | 1,052,434 | $ | 2,365,693 | $ | 1,643,164 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 49 |
|
For the six months ended October 31, 2014
(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 | $ | 1,518,070 | $ | 11,306,170 | $ | 482,480 | $ | 1,123,986 | ||||||||
Affiliated dividend income | 11 | 44 | 3 | 7 | ||||||||||||
Securities lending income | — | — | — | — | ||||||||||||
Foreign withholding tax | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 1,518,081 | 11,306,214 | 482,483 | 1,123,993 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 692,035 | 2,168,060 | 61,707 | 167,809 | ||||||||||||
Sub-licensing | 41,522 | 130,084 | 11,604 | 30,893 | ||||||||||||
Accounting & administration fees | 28,183 | 79,592 | 18,467 | 18,467 | ||||||||||||
Professional fees | 14,979 | 19,029 | 13,006 | 14,245 | ||||||||||||
Trustees’ and officer’s fees | 6,229 | 11,248 | 4,080 | 4,730 | ||||||||||||
Custodian & transfer agent fees | 3,562 | 9,711 | 3,301 | 3,532 | ||||||||||||
Other expenses | 13,536 | 26,874 | 7,460 | 7,682 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 800,046 | 2,444,598 | 119,625 | 247,358 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (124 | ) | (355 | ) | (36,676 | ) | (21,765 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 799,922 | 2,444,243 | 82,949 | 225,593 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 718,159 | 8,861,971 | 399,534 | 898,400 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (6,171,199 | ) | (3,905,629 | ) | 5,769 | 221 | ||||||||||
In-kind redemptions | 25,594,477 | 46,626,018 | 804,152 | 394,967 | ||||||||||||
Foreign currencies | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 19,423,278 | 42,720,389 | 809,921 | 395,188 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 7,095,630 | (10,568,919 | ) | 1,394,444 | 9,492,012 | |||||||||||
Foreign currencies | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 7,095,630 | (10,568,919 | ) | 1,394,444 | 9,492,012 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 26,518,908 | 32,151,470 | 2,204,365 | 9,887,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | $ | 27,237,067 | $ | 41,013,441 | $ | 2,603,899 | $ | 10,785,600 | ||||||||
|
|
|
|
|
|
|
|
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 Micro Cap Portfolio (PZI) | |||||||||||||||||||||||
$ | 422,931 | $ | 253,941 | $ | 780,535 | $ | 468,022 | $ | 100,223 | $ | 174,902 | $ | 503,007 | $ | 328,056 | |||||||||||||||
2 | 5,025 | 24,629 | — | 4 | 5 | 5 | 6 | |||||||||||||||||||||||
— | — | — | 17,272 | — | 14,051 | 54,281 | 124,208 | |||||||||||||||||||||||
— | — | (1,755 | ) | — | (25 | ) | (68 | ) | (1,229 | ) | (1,297 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
422,933 | 258,966 | 803,409 | 485,294 | 100,202 | 188,890 | 556,064 | 450,973 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
43,751 | 46,045 | 134,205 | 69,123 | 21,870 | 43,975 | 96,016 | 118,923 | |||||||||||||||||||||||
5,144 | 9,007 | 26,521 | 12,467 | 4,598 | 8,688 | 19,014 | 23,843 | |||||||||||||||||||||||
18,467 | 18,467 | 18,467 | 18,467 | 18,467 | 18,467 | 18,467 | 18,467 | |||||||||||||||||||||||
12,814 | 12,940 | 13,497 | 13,031 | 12,945 | 13,053 | 13,247 | 13,750 | |||||||||||||||||||||||
3,913 | 3,991 | 4,553 | 4,114 | 3,841 | 3,979 | 4,312 | 4,248 | |||||||||||||||||||||||
3,807 | 4,604 | 4,597 | 10,764 | 7,451 | 9,404 | 22,941 | 10,396 | |||||||||||||||||||||||
6,757 | 7,492 | 9,603 | 8,142 | 7,780 | 8,597 | 10,718 | 9,712 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
94,653 | 102,546 | 211,443 | 136,108 | 76,952 | 106,163 | 184,715 | 199,339 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(35,838 | ) | (40,668 | ) | (31,029 | ) | (43,152 | ) | (47,587 | ) | (47,077 | ) | (55,643 | ) | (32,858 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
58,815 | 61,878 | 180,414 | 92,956 | 29,365 | 59,086 | 129,072 | 166,481 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
364,118 | 197,088 | 622,995 | 392,338 | 70,837 | 129,804 | 426,992 | 284,492 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(1,884 | ) | 211,940 | 694,373 | 212,292 | 125,932 | 52,787 | 141,142 | (3,424,946 | ) | |||||||||||||||||||||
— | 1,310,618 | 965,582 | — | — | — | — | 3,940,443 | |||||||||||||||||||||||
— | — | — | — | — | — | (188 | ) | — | ||||||||||||||||||||||
|
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|
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|
|
|
|
|
| |||||||||||||||
(1,884 | ) | 1,522,558 | 1,659,955 | 212,292 | 125,932 | 52,787 | 140,954 | 515,497 | ||||||||||||||||||||||
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| |||||||||||||||
1,103,743 | 13,822 | 1,334,143 | 1,280,290 | 574,195 | 480,029 | 1,213,132 | (688,585 | ) | ||||||||||||||||||||||
— | — | — | (14,517 | ) | — | — | (9 | ) | — | |||||||||||||||||||||
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| |||||||||||||||
1,103,743 | 13,822 | 1,334,143 | 1,265,773 | 574,195 | 480,029 | 1,213,123 | (688,585 | ) | ||||||||||||||||||||||
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| |||||||||||||||
1,101,859 | 1,536,380 | 2,994,098 | 1,478,065 | 700,127 | 532,816 | 1,354,077 | (173,088 | ) | ||||||||||||||||||||||
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| |||||||||||||||
$ | 1,465,977 | $ | 1,733,468 | $ | 3,617,093 | $ | 1,870,403 | $ | 770,964 | $ | 662,620 | $ | 1,781,069 | $ | 111,404 | |||||||||||||||
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| 51 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | PowerShares Dynamic Large Cap Value Portfolio (PWV) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 718,159 | $ | 1,071,782 | $ | 8,861,971 | $ | 14,117,950 | ||||||||
Net realized gain (loss) | 19,423,278 | 61,188,563 | 42,720,389 | 93,058,616 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 7,095,630 | (17,475,378 | ) | (10,568,919 | ) | 14,932,987 | ||||||||||
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| |||||||||
Net increase in net assets resulting from operations | 27,237,067 | 44,784,967 | 41,013,441 | 122,109,553 | ||||||||||||
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|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (882,603 | ) | (1,108,791 | ) | (8,399,934 | ) | (13,897,107 | ) | ||||||||
Capital gains | — | — | — | — | ||||||||||||
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| |||||||||
Total distributions to shareholders | (882,603 | ) | (1,108,791 | ) | (8,399,934 | ) | (13,897,107 | ) | ||||||||
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| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 153,418,721 | 323,660,690 | 397,871,489 | 868,969,018 | ||||||||||||
Value of shares repurchased | (184,733,478 | ) | (294,559,223 | ) | (303,405,773 | ) | (750,918,793 | ) | ||||||||
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| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (31,314,757 | ) | 29,101,467 | 94,465,716 | 118,050,225 | |||||||||||
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| |||||||||
Increase (Decrease) in Net Assets | (4,960,293 | ) | 72,777,643 | 127,079,223 | 226,262,671 | |||||||||||
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| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 285,674,558 | 212,896,915 | 801,087,903 | 574,825,232 | ||||||||||||
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| |||||||||
End of period | $ | 280,714,265 | $ | 285,674,558 | $ | 928,167,126 | $ | 801,087,903 | ||||||||
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Undistributed net investment income at end of period | $ | 33,047 | $ | 197,491 | $ | 2,051,608 | $ | 1,589,571 | ||||||||
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| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 5,650,000 | 13,350,000 | 13,050,000 | 32,150,000 | ||||||||||||
Shares repurchased | (6,850,000 | ) | (12,200,000 | ) | (9,950,000 | ) | (27,800,000 | ) | ||||||||
Shares outstanding, beginning of period | 11,150,000 | 10,000,000 | 27,150,000 | 22,800,000 | ||||||||||||
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| |||||||||
Shares outstanding, end of period | 9,950,000 | 11,150,000 | 30,250,000 | 27,150,000 | ||||||||||||
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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, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||||||||||||
$ | 399,534 | $ | 628,419 | $ | 898,400 | $ | 1,734,307 | $ | 364,118 | $ | 286,110 | $ | 197,088 | $ | 312,711 | |||||||||||||||
809,921 | 3,306,997 | 395,188 | 2,797,144 | (1,884 | ) | 741,217 | 1,522,558 | 2,534,338 | ||||||||||||||||||||||
1,394,444 | 2,610,982 | 9,492,012 | 13,154,514 | 1,103,743 | 1,060,399 | 13,822 | 2,159,025 | |||||||||||||||||||||||
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| |||||||||||||||
2,603,899 | 6,546,398 | 10,785,600 | 17,685,965 | 1,465,977 | 2,087,726 | 1,733,468 | 5,006,074 | |||||||||||||||||||||||
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(358,974 | ) | (612,506 | ) | (924,593 | ) | (2,133,201 | ) | (299,443 | ) | (263,618 | ) | (208,420 | ) | (309,864 | ) | |||||||||||||||
— | — | — | (65,835 | ) | — | (7,335 | ) | — | — | |||||||||||||||||||||
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(358,974 | ) | (612,506 | ) | (924,593 | ) | (2,199,036 | ) | (299,443 | ) | (270,953 | ) | (208,420 | ) | (309,864 | ) | |||||||||||||||
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1,927,148 | 21,427,256 | 10,864,638 | 30,772,536 | 20,837,863 | 8,206,110 | — | 17,246,882 | |||||||||||||||||||||||
(3,757,982 | ) | (14,464,293 | ) | (1,564,595 | ) | (22,754,152 | ) | (29 | ) | (2,871,073 | ) | (7,392,512 | ) | (10,844,266 | ) | |||||||||||||||
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| |||||||||||||||
(1,830,834 | ) | 6,962,963 | 9,300,043 | 8,018,384 | 20,837,834 | 5,335,037 | (7,392,512 | ) | 6,402,616 | |||||||||||||||||||||
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| |||||||||||||||
414,091 | 12,896,855 | 19,161,050 | 23,505,313 | 22,004,368 | 7,151,810 | (5,867,464 | ) | 11,098,826 | ||||||||||||||||||||||
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| |||||||||||||||
40,770,396 | 27,873,541 | 106,321,724 | 82,816,411 | 14,700,720 | 7,548,910 | 30,867,147 | 19,768,321 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 41,184,487 | $ | 40,770,396 | $ | 125,482,774 | $ | 106,321,724 | $ | 36,705,088 | $ | 14,700,720 | $ | 24,999,683 | $ | 30,867,147 | |||||||||||||||
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| |||||||||||||||
$ | 71,508 | $ | 30,948 | $ | 176,105 | $ | 202,298 | $ | 111,687 | $ | 47,012 | $ | 28,557 | $ | 39,889 | |||||||||||||||
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| |||||||||||||||
50,000 | 600,000 | 350,000 | 1,100,000 | 700,000 | 300,000 | — | 500,000 | |||||||||||||||||||||||
(100,000 | ) | (400,000 | ) | (50,001 | ) | (800,000 | ) | (1 | ) | (100,000 | ) | (200,000 | ) | (300,000 | ) | |||||||||||||||
1,100,000 | 900,000 | 3,600,001 | 3,300,001 | 500,001 | 300,001 | 850,000 | 650,000 | |||||||||||||||||||||||
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1,050,000 | 1,100,000 | 3,900,000 | 3,600,001 | 1,200,000 | 500,001 | 650,000 | 850,000 | |||||||||||||||||||||||
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| 53 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) | PowerShares Fundamental Pure Mid Value Portfolio (PXMV) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 622,995 | $ | 1,029,330 | $ | 392,338 | $ | 572,308 | ||||||||
Net realized gain | 1,659,955 | 6,742,034 | 212,292 | 3,996,687 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 1,334,143 | 5,747,374 | 1,265,773 | 3,640,616 | ||||||||||||
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|
|
|
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| |||||||||
Net increase in net assets resulting from operations | 3,617,093 | 13,518,738 | 1,870,403 | 8,209,611 | ||||||||||||
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|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (703,536 | ) | (1,178,058 | ) | (351,409 | ) | (549,786 | ) | ||||||||
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|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | — | 24,086,636 | 6,659,517 | 18,202,301 | ||||||||||||
Value of shares repurchased | (6,089,348 | ) | (26,973,280 | ) | — | (11,473,851 | ) | |||||||||
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|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (6,089,348 | ) | (2,886,644 | ) | 6,659,517 | 6,728,450 | ||||||||||
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|
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| |||||||||
Increase (Decrease) in Net Assets | (3,175,791 | ) | 9,454,036 | 8,178,511 | 14,388,275 | |||||||||||
|
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|
|
|
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| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 91,555,139 | 82,101,103 | 42,708,965 | 28,320,690 | ||||||||||||
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| |||||||||
End of period | $ | 88,379,348 | $ | 91,555,139 | $ | 50,887,476 | $ | 42,708,965 | ||||||||
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| |||||||||
Undistributed net investment income at end of period | $ | 117,133 | $ | 197,674 | $ | 100,460 | $ | 59,531 | ||||||||
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|
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| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | — | 800,000 | 250,000 | 750,000 | ||||||||||||
Shares repurchased | (200,000 | ) | (900,000 | ) | — | (450,000 | ) | |||||||||
Shares outstanding, beginning of period | 3,050,000 | 3,150,000 | 1,650,000 | 1,350,000 | ||||||||||||
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|
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| |||||||||
Shares outstanding, end of period | 2,850,000 | 3,050,000 | 1,900,000 | 1,650,000 | ||||||||||||
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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, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||||||||||||
$ | 70,837 | $ | 166,719 | $ | 129,804 | $ | 252,303 | $ | 426,992 | $ | 751,850 | $ | 284,492 | $ | 701,465 | |||||||||||||||
125,932 | 2,710,573 | 52,787 | 2,796,204 | 140,954 | 8,481,682 | 515,497 | 10,130,819 | |||||||||||||||||||||||
574,195 | (109,024 | ) | 480,029 | 2,457,284 | 1,213,123 | 3,919,701 | (688,585 | ) | (1,734,740 | ) | ||||||||||||||||||||
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| |||||||||||||||
770,964 | 2,768,268 | 662,620 | 5,505,791 | 1,781,069 | 13,153,233 | 111,404 | 9,097,544 | |||||||||||||||||||||||
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| |||||||||||||||
(79,384 | ) | (198,389 | ) | (184,438 | ) | (268,388 | ) | (334,642 | ) | (729,968 | ) | (597,123 | ) | (512,267 | ) | |||||||||||||||
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| |||||||||||||||
— | 9,749,513 | — | 8,700,003 | 1,201,255 | 28,894,203 | 11,123,940 | 48,525,479 | |||||||||||||||||||||||
— | (12,825,382 | ) | — | (10,711,283 | ) | — | (24,025,732 | ) | (37,479,590 | ) | (37,384,029 | ) | ||||||||||||||||||
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| |||||||||||||||
— | (3,075,869 | ) | — | (2,011,280 | ) | 1,201,255 | 4,868,471 | (26,355,650 | ) | 11,141,450 | ||||||||||||||||||||
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| |||||||||||||||
691,580 | (505,990 | ) | 478,182 | 3,226,123 | 2,647,682 | 17,291,736 | (26,841,369 | ) | 19,726,727 | |||||||||||||||||||||
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| |||||||||||||||
14,783,646 | 15,289,636 | 29,872,211 | 26,646,088 | 65,375,781 | 48,084,045 | 61,781,531 | 42,054,804 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 15,475,226 | $ | 14,783,646 | $ | 30,350,393 | $ | 29,872,211 | $ | 68,023,463 | $ | 65,375,781 | $ | 34,940,162 | $ | 61,781,531 | |||||||||||||||
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| |||||||||||||||
$ | 13,250 | $ | 21,797 | $ | 118,886 | $ | 173,520 | $ | 168,659 | $ | 76,309 | $ | 52,904 | $ | 365,535 | |||||||||||||||
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| |||||||||||||||
— | 300,000 | — | 350,000 | 50,000 | 1,150,000 | 650,000 | 3,050,000 | |||||||||||||||||||||||
— | (400,000 | ) | — | (450,000 | ) | — | (950,000 | ) | (2,300,000 | ) | (2,350,000 | ) | ||||||||||||||||||
450,000 | 550,000 | 1,250,000 | 1,350,000 | 2,650,000 | 2,450,000 | 3,800,000 | 3,100,000 | |||||||||||||||||||||||
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| |||||||||||||||
450,000 | 450,000 | 1,250,000 | 1,250,000 | 2,700,000 | 2,650,000 | 2,150,000 | 3,800,000 | |||||||||||||||||||||||
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| 55 |
|
PowerShares Dynamic Large Cap Growth Portfolio (PWB)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.62 | $ | 21.29 | $ | 18.73 | $ | 17.63 | $ | 14.91 | $ | 11.03 | ||||||||||||
Net investment income(a) | 0.07 | 0.10 | 0.21 | 0.15 | 0.11 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain on investments | 2.61 | 4.34 | 2.55 | 1.09 | 2.72 | 3.91 | ||||||||||||||||||
Total from investment operations | 2.68 | 4.44 | 2.76 | 1.24 | 2.83 | 3.97 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.11 | ) | (0.20 | ) | (0.14 | ) | (0.11 | ) | (0.09 | ) | ||||||||||||
Net asset value at end of period | $ | 28.21 | $ | 25.62 | $ | 21.29 | $ | 18.73 | $ | 17.63 | $ | 14.91 | ||||||||||||
Market price at end of period(b) | $ | 28.20 | $ | 25.62 | $ | 21.28 | $ | 18.72 | $ | 17.63 | $ | 14.91 | ||||||||||||
Net Asset Value Total Return(c) | 10.46 | % | 20.91 | % | 14.91 | % | 7.18 | % | 19.08 | % | 36.15 | % | ||||||||||||
Market Price Total Return(c) | 10.42 | % | 20.96 | % | 14.92 | % | 7.12 | % | 19.08 | % | 36.15 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 280,714 | $ | 285,675 | $ | 212,897 | $ | 191,013 | $ | 196,574 | $ | 230,334 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.58 | %(d) | 0.58 | % | 0.59 | % | 0.61 | % | 0.63 | % | 0.61 | % | ||||||||||||
Expenses, prior to Waivers | 0.58 | %(d) | 0.58 | % | 0.59 | % | 0.62 | % | 0.64 | % | 0.61 | % | ||||||||||||
Net investment income, after Waivers | 0.52 | %(d) | 0.43 | % | 1.08 | % | 0.89 | % | 0.73 | % | 0.45 | % | ||||||||||||
Portfolio turnover rate(e) | 75 | % | 123 | % | 47 | % | 64 | % | 45 | % | 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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Dynamic Large Cap Value Portfolio (PWV)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.51 | $ | 25.21 | $ | 20.73 | $ | 20.35 | $ | 18.05 | $ | 13.54 | ||||||||||||
Net investment income(a) | 0.31 | 0.55 | 0.52 | 0.46 | 0.40 | 0.39 | ||||||||||||||||||
Net realized and unrealized gain on investments | 1.15 | 4.30 | 4.48 | 0.38 | 2.33 | 4.52 | ||||||||||||||||||
Total from investment operations | 1.46 | 4.85 | 5.00 | 0.84 | 2.73 | 4.91 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.55 | ) | (0.52 | ) | (0.46 | ) | (0.43 | ) | (0.40 | ) | ||||||||||||
Net asset value at end of period | $ | 30.68 | $ | 29.51 | $ | 25.21 | $ | 20.73 | $ | 20.35 | $ | 18.05 | ||||||||||||
Market price at end of period(b) | $ | 30.68 | $ | 29.49 | $ | 25.22 | $ | 20.71 | $ | 20.36 | $ | 18.05 | ||||||||||||
Net Asset Value Total Return(c) | 4.96 | % | 19.48 | % | 24.55 | % | 4.34 | % | 15.50 | % | 36.69 | % | ||||||||||||
Market Price Total Return(c) | 5.03 | % | 19.35 | % | 24.72 | % | 4.20 | % | 15.49 | % | 36.67 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 928,167 | $ | 801,088 | $ | 574,825 | $ | 419,740 | $ | 422,319 | $ | 349,265 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(d) | 0.57 | % | 0.59 | % | 0.59 | % | 0.61 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.57 | % | 0.59 | % | 0.59 | % | 0.61 | % | 0.60 | % | ||||||||||||
Net investment income, after Waivers | 2.04 | %(d) | 2.04 | % | 2.36 | % | 2.39 | % | 2.22 | % | 2.46 | % | ||||||||||||
Portfolio turnover rate(e) | 36 | % | 103 | % | 58 | % | 41 | % | 40 | % | 47 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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 |
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Financial Highlights (continued)
PowerShares Fundamental Pure Large Core Portfolio (PXLC)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 37.06 | $ | 30.97 | $ | 26.66 | $ | 26.42 | $ | 23.26 | $ | 17.56 | ||||||||||||
Net investment income(a) | 0.36 | 0.63 | 0.65 | 0.57 | 0.37 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain on investments | 2.13 | 6.03 | 4.35 | 0.32 | 3.16 | 5.74 | ||||||||||||||||||
Total from investment operations | 2.49 | 6.66 | 5.00 | 0.89 | 3.53 | 6.01 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.33 | ) | (0.57 | ) | (0.69 | ) | (0.65 | ) | (0.37 | ) | (0.31 | ) | ||||||||||||
Net asset value at end of period | $ | 39.22 | $ | 37.06 | $ | 30.97 | $ | 26.66 | $ | 26.42 | $ | 23.26 | ||||||||||||
Market price at end of period(b) | $ | 39.16 | $ | 37.08 | $ | 30.98 | $ | 26.66 | $ | 26.42 | $ | 23.26 | ||||||||||||
Net Asset Value Total Return(c) | 6.71 | % | 21.69 | % | 19.10 | % | 3.64 | % | 15.40 | % | 34.56 | % | ||||||||||||
Market Price Total Return(c) | 6.50 | % | 21.72 | % | 19.15 | % | 3.64 | % | 15.40 | % | 34.64 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 41,184 | $ | 40,770 | $ | 27,874 | $ | 25,326 | $ | 35,673 | $ | 38,376 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.43 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.60 | % | 0.80 | % | 0.90 | % | 0.99 | % | 0.88 | % | ||||||||||||
Net investment income, after Waivers | 1.88 | %(d) | 1.85 | % | 2.38 | % | 2.32 | % | 1.61 | % | 1.32 | % | ||||||||||||
Portfolio turnover rate(e) | 1 | % | 38 | % | 43 | % | 58 | % | 41 | % | 62 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Fundamental Pure Large Growth Portfolio (PXLG)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | For the Period June 13, 2011(a) Through April 30, 2012 | ||||||||||||||
2014 | 2013 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value at beginning of period | $ | 29.53 | $ | 25.10 | $ | 22.20 | $ | 20.00 | ||||||||
Net investment income(b) | 0.24 | 0.50 | 0.39 | 0.28 | ||||||||||||
Net realized and unrealized gain on investments | 2.66 | 4.57 | 2.87 | 2.09 | ||||||||||||
Total from investment operations | 2.90 | 5.07 | 3.26 | 2.37 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.25 | ) | (0.62 | ) | (0.36 | ) | (0.17 | ) | ||||||||
Capital gains | — | (0.02 | ) | — | — | |||||||||||
Total distributions | (0.25 | ) | (0.64 | ) | (0.36 | ) | (0.17 | ) | ||||||||
Net asset value at end of period | $ | 32.18 | $ | 29.53 | $ | 25.10 | $ | 22.20 | ||||||||
Market price at end of period(c) | $ | 32.20 | $ | 29.52 | $ | 25.08 | $ | 22.19 | ||||||||
Net Asset Value Total Return(d) | 9.84 | % | 20.54 | % | 14.87 | % | 11.99 | %(e) | ||||||||
Market Price Total Return(d) | 9.95 | % | 20.59 | % | 14.83 | % | 11.94 | %(e) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 125,483 | $ | 106,322 | $ | 82,816 | $ | 4,440 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses, after Waivers | 0.39 | %(f) | 0.39 | % | 0.39 | % | 0.39 | %(f) | ||||||||
Expenses, prior to Waivers | 0.43 | %(f) | 0.45 | % | 0.79 | % | 7.69 | %(f) | ||||||||
Net investment income, after Waivers | 1.55 | %(f) | 1.84 | % | 1.63 | % | 1.54 | %(f) | ||||||||
Portfolio turnover rate(g) | 1 | % | 22 | % | 90 | % | 3 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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 13.81%. The market price total return from Fund Inception to April 30, 2012 was 13.87%. |
(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.
| 57 |
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Financial Highlights (continued)
PowerShares Fundamental Pure Large Value Portfolio (PXLV)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | For the Period June 13, 2011(a) Through April 30, 2012 | ||||||||||||||
2014 | 2013 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value at beginning of period | $ | 29.40 | $ | 25.16 | $ | 20.37 | $ | 20.00 | ||||||||
Net investment income(b) | 0.36 | 0.63 | 0.52 | 0.39 | ||||||||||||
Net realized and unrealized gain on investments | 1.13 | 4.17 | 4.77 | 0.33 | ||||||||||||
Total from investment operations | 1.49 | 4.80 | 5.29 | 0.72 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.30 | ) | (0.54 | ) | (0.50 | ) | (0.35 | ) | ||||||||
Capital gains | — | (0.02 | ) | — | — | |||||||||||
Total distributions | (0.30 | ) | (0.56 | ) | (0.50 | ) | (0.35 | ) | ||||||||
Net asset value at end of period | $ | 30.59 | $ | 29.40 | $ | 25.16 | $ | 20.37 | ||||||||
Market price at end of period(c) | $ | 30.59 | $ | 29.39 | $ | 25.16 | $ | 20.35 | ||||||||
Net Asset Value Total Return(d) | 5.07 | % | 19.27 | % | 26.41 | % | 3.80 | %(e) | ||||||||
Market Price Total Return(d) | 5.10 | % | 19.23 | % | 26.53 | % | 3.70 | %(e) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 36,705 | $ | 14,701 | $ | 7,549 | $ | 8,148 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses, after Waivers | 0.39 | %(f) | 0.39 | % | 0.39 | % | 0.39 | %(f) | ||||||||
Expenses, prior to Waivers | 0.63 | %(f) | 1.05 | % | 2.10 | % | 2.87 | %(f) | ||||||||
Net investment income, after Waivers | 2.41 | %(f) | 2.32 | % | 2.43 | % | 2.38 | %(f) | ||||||||
Portfolio turnover rate(g) | 1 | % | 23 | % | 9 | % | 2 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Fundamental Pure Mid Core Portfolio (PXMC)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.31 | $ | 30.41 | $ | 26.60 | $ | 27.15 | $ | 23.05 | $ | 16.30 | ||||||||||||
Net investment income(a) | 0.24 | 0.40 | 0.43 | 0.29 | 0.21 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.16 | 5.90 | 3.80 | (0.57 | ) | 4.10 | 6.73 | |||||||||||||||||
Total from investment operations | 2.40 | 6.30 | 4.23 | (0.28 | ) | 4.31 | 6.91 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.40 | ) | (0.42 | ) | (0.27 | ) | (0.21 | ) | (0.16 | ) | ||||||||||||
Net asset value at end of period | $ | 38.46 | $ | 36.31 | $ | 30.41 | $ | 26.60 | $ | 27.15 | $ | 23.05 | ||||||||||||
Market price at end of period(b) | $ | 38.45 | $ | 36.25 | $ | 30.39 | $ | 26.62 | $ | 27.15 | $ | 23.04 | ||||||||||||
Net Asset Value Total Return(c) | 6.60 | % | 20.85 | % | 16.16 | % | (0.93 | )% | 18.84 | % | 42.59 | % | ||||||||||||
Market Price Total Return(c) | 6.75 | % | 20.73 | % | 16.00 | % | (0.85 | )% | 18.89 | % | 42.62 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 25,000 | $ | 30,867 | $ | 19,768 | $ | 18,623 | $ | 23,081 | $ | 25,353 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.43 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.65 | %(d) | 0.69 | % | 1.00 | % | 1.01 | % | 1.20 | % | 1.11 | % | ||||||||||||
Net investment income, after Waivers | 1.24 | %(d) | 1.19 | % | 1.58 | % | 1.16 | % | 0.88 | % | 0.92 | % | ||||||||||||
Portfolio turnover rate(e) | 2 | % | 50 | % | 38 | % | 83 | % | 47 | % | 76 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 58 |
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Financial Highlights (continued)
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.02 | $ | 26.06 | $ | 22.65 | $ | 24.13 | $ | 19.11 | $ | 13.87 | ||||||||||||
Net investment income (loss)(a) | 0.21 | 0.33 | 0.26 | 0.13 | (0.01 | ) | 0.00 | (b) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.01 | 4.01 | 3.38 | (1.53 | ) | 5.09 | 5.25 | |||||||||||||||||
Total from investment operations | 1.22 | 4.34 | 3.64 | (1.40 | ) | 5.08 | 5.25 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.38 | ) | (0.23 | ) | (0.08 | ) | — | (0.00 | )(b) | |||||||||||||
Return of capital | — | — | — | — | (0.06 | ) | (0.01 | ) | ||||||||||||||||
Total distributions | (0.23 | ) | (0.38 | ) | (0.23 | ) | (0.08 | ) | (0.06 | ) | (0.01 | ) | ||||||||||||
Net asset value at end of period | $ | 31.01 | $ | 30.02 | $ | 26.06 | $ | 22.65 | $ | 24.13 | $ | 19.11 | ||||||||||||
Market price at end of period(c) | $ | 30.99 | $ | 29.99 | $ | 26.04 | $ | 22.63 | $ | 24.13 | $ | 19.10 | ||||||||||||
Net Asset Value Total Return(d) | 4.08 | % | 16.80 | % | 16.23 | % | (5.74 | )% | 26.61 | % | 37.89 | % | ||||||||||||
Market Price Total Return(d) | 4.12 | % | 16.77 | % | 16.25 | % | (5.83 | )% | 26.67 | % | 38.02 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 88,379 | $ | 91,555 | $ | 82,101 | $ | 87,203 | $ | 130,290 | $ | 128,044 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.43 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.46 | %(e) | 0.45 | % | 0.54 | % | 0.55 | % | 0.69 | % | 0.66 | % | ||||||||||||
Net investment income (loss), after Waivers | 1.35 | %(e) | 1.19 | % | 1.14 | % | 0.61 | % | (0.06 | )% | 0.03 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 33 | % | 33 | % | 75 | % | 49 | % | 75 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Fundamental Pure Mid Value Portfolio (PXMV)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.88 | $ | 20.98 | $ | 17.06 | $ | 17.07 | $ | 15.37 | $ | 11.16 | ||||||||||||
Net investment income(a) | 0.22 | 0.37 | 0.37 | 0.25 | 0.15 | 0.23 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.88 | 4.87 | 3.94 | (0.03 | ) | 1.70 | 4.24 | |||||||||||||||||
Total from investment operations | 1.10 | 5.24 | 4.31 | 0.22 | 1.85 | 4.47 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.34 | ) | (0.39 | ) | (0.23 | ) | (0.15 | ) | (0.26 | ) | ||||||||||||
Net asset value at end of period | $ | 26.78 | $ | 25.88 | $ | 20.98 | $ | 17.06 | $ | 17.07 | $ | 15.37 | ||||||||||||
Market price at end of period(b) | $ | 26.79 | $ | 25.87 | $ | 20.98 | $ | 17.04 | $ | 17.07 | $ | 15.36 | ||||||||||||
Net Asset Value Total Return(c) | 4.24 | % | 25.19 | % | 25.74 | % | 1.42 | % | 12.16 | % | 40.58 | % | ||||||||||||
Market Price Total Return(c) | 4.31 | % | 25.14 | % | 25.89 | % | 1.30 | % | 12.24 | % | 40.88 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 50,887 | $ | 42,709 | $ | 28,321 | $ | 32,408 | $ | 40,970 | $ | 43,818 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d)(e) | 0.39 | % | 0.39 | % | 0.43 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.57 | %(d)(e) | 0.62 | % | 0.82 | % | 0.79 | % | 0.91 | % | 0.84 | % | ||||||||||||
Net investment income, after Waivers | 1.65 | %(d) | 1.56 | % | 2.08 | % | 1.57 | % | 0.99 | % | 1.76 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 33 | % | 25 | % | 83 | % | 65 | % | 86 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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) | 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. |
(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.
| 59 |
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Financial Highlights (continued)
PowerShares Fundamental Pure Small Core Portfolio (PXSC)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.85 | $ | 27.80 | $ | 24.21 | $ | 25.32 | $ | 21.07 | $ | 15.03 | ||||||||||||
Net investment income(a) | 0.16 | 0.33 | 0.46 | 0.22 | 0.09 | 0.11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.56 | 5.12 | 3.60 | (1.18 | ) | 4.25 | 6.08 | |||||||||||||||||
Total from investment operations | 1.72 | 5.45 | 4.06 | (0.96 | ) | 4.34 | 6.19 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.40 | ) | (0.47 | ) | (0.15 | ) | (0.09 | ) | (0.14 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
Total distributions | (0.18 | ) | (0.40 | ) | (0.47 | ) | (0.15 | ) | (0.09 | ) | (0.15 | ) | ||||||||||||
Net asset value at end of period | $ | 34.39 | $ | 32.85 | $ | 27.80 | $ | 24.21 | $ | 25.32 | $ | 21.07 | ||||||||||||
Market price at end of period(b) | $ | 34.38 | $ | 32.84 | $ | 27.76 | $ | 24.18 | $ | 25.33 | $ | 21.05 | ||||||||||||
Net Asset Value Total Return(c) | 5.23 | % | 19.76 | % | 17.05 | % | (3.70 | )% | 20.64 | % | 41.37 | % | ||||||||||||
Market Price Total Return(c) | 5.24 | % | 19.90 | % | 17.03 | % | (3.85 | )% | 20.80 | % | 41.52 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 15,475 | $ | 14,784 | $ | 15,290 | $ | 15,735 | $ | 18,991 | $ | 18,960 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d)(e) | 0.39 | % | 0.39 | % | 0.43 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 1.02 | %(d)(e) | 0.94 | % | 1.22 | % | 1.25 | % | 1.41 | % | 1.26 | % | ||||||||||||
Net investment income, after Waivers | 0.94 | %(d) | 1.06 | % | 1.88 | % | 0.97 | % | 0.42 | % | 0.59 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 50 | % | 45 | % | 97 | % | 68 | % | 93 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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) | 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. |
(f) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
PowerShares Fundamental Pure Small Growth Portfolio (PXSG)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.90 | $ | 19.74 | $ | 17.66 | $ | 19.03 | $ | 14.12 | $ | 10.49 | ||||||||||||
Net investment income (loss)(a) | 0.10 | 0.20 | 0.13 | 0.07 | (0.05 | ) | 0.05 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.43 | 4.17 | 2.08 | (1.44 | ) | 4.96 | 3.67 | |||||||||||||||||
Total from investment operations | 0.53 | 4.37 | 2.21 | (1.37 | ) | 4.91 | 3.72 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.21 | ) | (0.13 | ) | — | — | (0.07 | ) | ||||||||||||||
Return of capital | — | — | — | — | — | (0.02 | ) | |||||||||||||||||
Total distributions | (0.15 | ) | (0.21 | ) | (0.13 | ) | — | — | (0.09 | ) | ||||||||||||||
Net asset value at end of period | $ | 24.28 | $ | 23.90 | $ | 19.74 | $ | 17.66 | $ | 19.03 | $ | 14.12 | ||||||||||||
Market price at end of period(b) | $ | 24.28 | $ | 23.89 | $ | 19.72 | $ | 17.64 | $ | 19.05 | $ | 14.10 | ||||||||||||
Net Asset Value Total Return(c) | 2.19 | % | 22.31 | % | 12.63 | % | (7.20 | )% | 34.77 | % | 35.60 | % | ||||||||||||
Market Price Total Return(c) | 2.24 | % | 22.38 | % | 12.65 | % | (7.40 | )% | 35.11 | % | 35.54 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 30,350 | $ | 29,872 | $ | 26,646 | $ | 30,913 | $ | 109,451 | $ | 32,473 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d)(e) | 0.39 | %(e) | 0.39 | %(e) | 0.48 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.70 | %(d)(e) | 0.70 | %(e) | 0.92 | %(e) | 0.69 | % | 0.93 | % | 0.94 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.86 | %(d) | 0.90 | % | 0.72 | % | 0.41 | % | (0.37 | )% | 0.41 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 39 | % | 39 | % | 189 | % | 57 | % | 113 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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) | 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. |
(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 Value Portfolio (PXSV)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.67 | $ | 19.63 | $ | 16.35 | $ | 17.07 | $ | 14.64 | $ | 10.38 | ||||||||||||
Net investment income(a) | 0.16 | 0.30 | 0.32 | 0.19 | 0.16 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.49 | 5.03 | 3.31 | (0.72 | ) | 2.45 | 4.25 | |||||||||||||||||
Total from investment operations | 0.65 | 5.33 | 3.63 | (0.53 | ) | 2.61 | 4.34 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.29 | ) | (0.35 | ) | (0.19 | ) | (0.18 | ) | (0.08 | ) | ||||||||||||
Net asset value at end of period | $ | 25.19 | $ | 24.67 | $ | 19.63 | $ | 16.35 | $ | 17.07 | $ | 14.64 | ||||||||||||
Market price at end of period(b) | $ | 25.20 | $ | 24.68 | $ | 19.61 | $ | 16.33 | $ | 17.08 | $ | 14.62 | ||||||||||||
Net Asset Value Total Return(c) | 2.62 | % | 27.29 | % | 22.56 | % | (3.01 | )% | 18.03 | % | 42.03 | % | ||||||||||||
Market Price Total Return(c) | 2.62 | % | 27.47 | % | 22.58 | % | (3.18 | )% | 18.26 | % | 42.11 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 68,023 | $ | 65,376 | $ | 48,084 | $ | 52,312 | $ | 72,540 | $ | 72,453 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.43 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.54 | % | 0.70 | % | 0.64 | % | 0.80 | % | 0.74 | % | ||||||||||||
Net investment income, after Waivers | 1.29 | %(d) | 1.31 | % | 1.87 | % | 1.28 | % | 1.14 | % | 0.73 | % | ||||||||||||
Portfolio turnover rate(e) | 2 | % | 43 | % | 31 | % | 109 | % | 90 | % | 116 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Zacks Micro Cap Portfolio (PZI)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.26 | $ | 13.57 | $ | 11.34 | $ | 12.53 | $ | 11.69 | $ | 8.10 | ||||||||||||
Net investment income(a) | 0.10 | 0.20 | 0.20 | 0.10 | 0.04 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.08 | 2.65 | 2.25 | (1.16 | ) | 0.88 | 3.62 | |||||||||||||||||
Total from investment operations | 0.18 | 2.85 | 2.45 | (1.06 | ) | 0.92 | 3.66 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.16 | ) | (0.22 | ) | (0.13 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||
Net asset value at end of period | $ | 16.25 | $ | 16.26 | $ | 13.57 | $ | 11.34 | $ | 12.53 | $ | 11.69 | ||||||||||||
Market price at end of period(b) | $ | 16.23 | $ | 16.25 | $ | 13.54 | $ | 11.32 | $ | 12.52 | $ | 11.68 | ||||||||||||
Net Asset Value Total Return(c) | 1.08 | % | 21.06 | % | 21.95 | % | (8.34 | )% | 7.97 | % | 45.49 | % | ||||||||||||
Market Price Total Return(c) | 1.02 | % | 21.25 | % | 21.90 | % | (8.42 | )% | 7.97 | % | 45.37 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 34,940 | $ | 61,782 | $ | 42,055 | $ | 34,019 | $ | 98,964 | $ | 53,758 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(d) | 0.70 | %(e) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers(d) | 0.84 | %(e) | 0.79 | % | 0.98 | % | 0.92 | % | 0.85 | % | 0.93 | % | ||||||||||||
Net investment income, after Waivers | 1.20 | %(e) | 1.29 | % | 1.72 | % | 0.92 | % | 0.39 | % | 0.38 | % | ||||||||||||
Portfolio turnover rate(f) | 51 | % | 123 | % | 96 | % | 67 | % | 61 | % | 78 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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 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. |
(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, 2014
(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, 2014, the Trust offered fifty-three 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 in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). 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 | Underlying 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 securities) 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. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options 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. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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 securities) 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 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 ask 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.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
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.
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B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. 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. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that 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 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. Fundamental Pure Large Growth Portfolio and Fundamental Pure Large Value Portfolio are 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.
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.
Small and Medium Capitalization Company Risk. For 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 and Fundamental Pure Small Value 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.
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. 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.
REIT Risk. For each Fund (except for Dynamic Large Cap Growth Portfolio, Dynamic Large Cap Value Portfolio and Zacks Micro Cap Portfolio), although the Funds will not invest in real estate directly, the REITs in which the Funds invest are subject to risks inherent in the direct ownership of real estate. These risks include, but are not limited to, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers.
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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.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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-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 year-end.
G. Securities Lending
During the six-month period ended October 31, 2014, Fundamental Pure Mid Value Portfolio, Fundamental Pure Small Growth Portfolio, Fundamental Pure Small Value Portfolio and Zacks Micro Cap Portfolio participated in securities lending. Each Fund loaned 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
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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 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 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 on behalf of each Fund, 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, 2015. 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, 2015, 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 Expense Agreement, it will terminate on August 31, 2015. The Expense Agreement cannot be terminated during its term. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Large Cap Growth Portfolio and Dynamic Large Cap Value Portfolio.
Further, through August 31, 2015, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended October 31, 2014, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Large Cap Growth Portfolio | $ | 124 | ||
Dynamic Large Cap Value Portfolio | 355 | |||
Fundamental Pure Large Core Portfolio | 36,676 | |||
Fundamental Pure Large Growth Portfolio | 21,765 | |||
Fundamental Pure Large Value Portfolio | 35,838 | |||
Fundamental Pure Mid Core Portfolio | 40,668 | |||
Fundamental Pure Mid Growth Portfolio | 31,029 | |||
Fundamental Pure Mid Value Portfolio | 43,152 | |||
Fundamental Pure Small Core Portfolio | 47,587 | |||
Fundamental Pure Small Growth Portfolio | 47,077 | |||
Fundamental Pure Small Value Portfolio | 55,643 | |||
Zacks Micro Cap Portfolio | 32,858 |
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.
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For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2014 are as follows:
Total Potential Recapture Amount | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/15 | 04/30/16 | 04/30/17 | 10/31/17 | |||||||||||||||||
Fundamental Pure Large Core Portfolio | $ | 273,082 | $ | 58,805 | $ | 105,264 | $ | 72,372 | $ | 36,641 | ||||||||||
Fundamental Pure Large Growth Portfolio | 263,148 | 91,755 | 94,097 | 55,612 | 21,684 | |||||||||||||||
Fundamental Pure Large Value Portfolio | 308,030 | 91,491 | 99,141 | 81,582 | 35,816 | |||||||||||||||
Fundamental Pure Mid Core Portfolio | 290,221 | 60,267 | 109,592 | 79,739 | 40,623 | |||||||||||||||
Fundamental Pure Mid Growth Portfolio | 267,219 | 65,801 | 117,856 | 52,602 | 30,960 | |||||||||||||||
Fundamental Pure Mid Value Portfolio | 309,653 | 56,205 | 125,577 | 84,721 | 43,150 | |||||||||||||||
Fundamental Pure Small Core Portfolio | 312,490 | 61,683 | 114,500 | 88,766 | 47,541 | |||||||||||||||
Fundamental Pure Small Growth Portfolio | 344,249 | 66,139 | 142,898 | 88,188 | 47,024 | |||||||||||||||
Fundamental Pure Small Value Portfolio | 349,295 | 60,052 | 145,112 | 88,541 | 55,590 | |||||||||||||||
Zacks Micro Cap Portfolio | 220,014 | 50,688 | 86,324 | 50,214 | 32,788 |
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 by 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 the 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 with the Funds. 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, 2014.
Fundamental Pure Mid Core Portfolio
Value April 30, 2014 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2014 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 353,579 | $ | 4,950 | $ | (90,672 | ) | $ | 25,657 | $ | 20,736 | $ | 314,250 | $ | 5,021 |
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Fundamental Pure Mid Growth Portfolio
Value April 30, 2014 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2014 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 417,084 | $ | 1,770 | $ | (29,260 | ) | $ | (1,937 | ) | $ | (786 | ) | $ | 386,871 | $ | 24,623 |
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 a 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, 2014, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules 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.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fundamental Pure Small Growth Portfolio | ||||||||||||||||
Equity Securities | $ | 31,479,939 | $ | 0 | $ | — | $ | 31,479,939 | ||||||||
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Fundamental Pure Small Value Portfolio | ||||||||||||||||
Equity Securities | $ | 70,444,221 | $ | — | $ | 66,629 | $ | 70,510,850 | ||||||||
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Zacks Micro Cap Portfolio | ||||||||||||||||
Equity Securities | $ | 36,713,530 | $ | — | $ | 2,209 | $ | 36,715,739 | ||||||||
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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 eight 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 carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
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The following Funds had capital loss carryforwards as of April 30, 2014, which expire as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Short- Term | Long- Term | Total* | Utilized | Expiring | |||||||||||||||||||||||||||||||
Dynamic Large Cap Growth Portfolio | $ | 10,916,066 | $ | 14,024,455 | $ | 68,715,641 | $ | 131,638,879 | $ | 15,986,258 | $ | 15,645,106 | $ | — | $ | 256,926,405 | $ | 2,545,279 | $ | 191,864 | ||||||||||||||||||||
Dynamic Large Cap Value Portfolio | 1,378,743 | 2,783,761 | 22,558,581 | 56,819,182 | 17,964,198 | 29,535,406 | 7,209,548 | 138,249,419 | — | 70,814 | ||||||||||||||||||||||||||||||
Fundamental Pure Large Core Portfolio | — | 87,112 | 2,328,337 | 5,621,834 | 1,626,267 | 1,058,078 | — | 10,721,628 | 37,665 | — | ||||||||||||||||||||||||||||||
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 | 1,482,320 | 12,280 | 10,292,450 | 147,225 | — | ||||||||||||||||||||||||||||||
Fundamental Pure Mid Growth Portfolio | 8,055,857 | 5,112,579 | 54,769,394 | 82,364,246 | 12,021,724 | 7,286,499 | 895,020 | 170,505,319 | — | 422,220 | ||||||||||||||||||||||||||||||
Fundamental Pure Mid Value Portfolio | 2,384,765 | 5,347,255 | 12,697,113 | 18,996,863 | 2,751,107 | 2,681,305 | 15,979 | 44,874,387 | 158,728 | 237,806 | ||||||||||||||||||||||||||||||
Fundamental Pure Small Core Portfolio | — | 1,028,299 | 2,738,120 | 2,009,294 | 2,491,519 | 1,324,219 | 186,315 | 9,777,766 | — | — | ||||||||||||||||||||||||||||||
Fundamental Pure Small Growth Portfolio | 13,094,039 | 6,666,558 | 9,888,431 | 10,392,627 | 4,547,805 | 4,797,048 | 290,655 | 49,677,163 | — | 823,782 | ||||||||||||||||||||||||||||||
Fundamental Pure Small Value Portfolio | 3,929,009 | 8,615,687 | 16,547,947 | 9,588,502 | 5,376,983 | 588,434 | — | 44,646,562 | 581,242 | 703,862 | ||||||||||||||||||||||||||||||
Zacks Micro Cap Portfolio | 15,172,527 | 14,330,930 | 28,782,755 | 12,380,833 | 7,234,973 | 12,284,744 | 868,129 | 91,054,891 | — | 1,951,245 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Note 7. Investment Transactions
For the six-month period ended October 31, 2014, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Dynamic Large Cap Growth Portfolio | $ | 209,353,880 | $ | 210,518,932 | ||||
Dynamic Large Cap Value Portfolio | 316,188,767 | 313,793,098 | ||||||
Fundamental Pure Large Core Portfolio | 410,102 | 364,753 | ||||||
Fundamental Pure Large Growth Portfolio | 1,756,350 | 1,242,013 | ||||||
Fundamental Pure Large Value Portfolio | 320,671 | 240,460 | ||||||
Fundamental Pure Mid Core Portfolio | 687,737 | 672,040 | ||||||
Fundamental Pure Mid Growth Portfolio | 1,853,676 | 1,831,961 | ||||||
Fundamental Pure Mid Value Portfolio | 790,396 | 767,674 | ||||||
Fundamental Pure Small Core Portfolio | 370,472 | 440,238 | ||||||
Fundamental Pure Small Growth Portfolio | 724,078 | 743,251 | ||||||
Fundamental Pure Small Value Portfolio | 1,607,810 | 1,369,543 | ||||||
Zacks Micro Cap Portfolio | 24,437,647 | 24,722,429 |
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For the six-month period ended October 31, 2014, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Large Cap Growth Portfolio | $ | 153,263,082 | $ | 183,496,537 | ||||
Dynamic Large Cap Value Portfolio | 396,105,302 | 303,236,502 | ||||||
Fundamental Pure Large Core Portfolio | 1,925,041 | 3,751,879 | ||||||
Fundamental Pure Large Growth Portfolio | 10,333,467 | 1,567,962 | ||||||
Fundamental Pure Large Value Portfolio | 20,795,303 | — | ||||||
Fundamental Pure Mid Core Portfolio | — | 7,391,714 | ||||||
Fundamental Pure Mid Growth Portfolio | — | 6,088,838 | ||||||
Fundamental Pure Mid Value Portfolio | 6,646,020 | — | ||||||
Fundamental Pure Small Core Portfolio | — | — | ||||||
Fundamental Pure Small Growth Portfolio | — | — | ||||||
Fundamental Pure Small Value Portfolio | 1,196,318 | — | ||||||
Zacks Micro Cap Portfolio | 11,085,645 | 37,340,719 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2014, 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 Large Cap Growth Portfolio | $ | 250,848,430 | $ | 30,083,648 | $ | 33,109,418 | $ | (3,025,770 | ) | |||||||
Dynamic Large Cap Value Portfolio | 831,062,093 | 97,306,296 | 111,779,165 | (14,472,869 | ) | |||||||||||
Fundamental Pure Large Core Portfolio | 34,134,529 | 7,072,690 | 7,552,101 | (479,411 | ) | |||||||||||
Fundamental Pure Large Growth Portfolio | 99,702,133 | 25,831,474 | 26,009,342 | (177,868 | ) | |||||||||||
Fundamental Pure Large Value Portfolio | 33,846,115 | 2,832,197 | 3,116,385 | (284,188 | ) | |||||||||||
Fundamental Pure Mid Core Portfolio | 21,269,721 | 3,783,402 | 4,368,422 | (585,020 | ) | |||||||||||
Fundamental Pure Mid Growth Portfolio | 72,787,126 | 15,629,921 | 17,989,868 | (2,359,947 | ) | |||||||||||
Fundamental Pure Mid Value Portfolio | 43,733,344 | 8,295,571 | 10,222,215 | (1,926,644 | ) | |||||||||||
Fundamental Pure Small Core Portfolio | 13,673,998 | 1,730,718 | 2,372,030 | (641,312 | ) | |||||||||||
Fundamental Pure Small Growth Portfolio | 27,410,918 | 4,069,021 | 6,005,862 | (1,936,841 | ) | |||||||||||
Fundamental Pure Small Value Portfolio | 62,705,289 | 7,805,561 | 12,489,178 | (4,683,617 | ) | |||||||||||
Zacks Micro Cap Portfolio | 36,067,484 | 648,255 | 3,310,615 | (2,662,360 | ) |
Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and Officer of the Funds. 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. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
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 in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, 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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To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of 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 the Trust’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 each Fund’s Shares are disclosed in detail in 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.
| 71 |
|
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, 2014.
In addition to the fees and expenses which the PowerShares Fundamental Pure Mid Value Portfolio, PowerShares Fundamental Pure Small Core Portfolio, PowerShares Fundamental Pure Small Growth Portfolio and PowerShares Zacks Micro Cap Portfolio (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated 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 the estimated investment companies’ expenses that you bear indirectly are included in each Portfolio’s total returns.
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 the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | 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 | $ | 1,104.59 | 0.58 | % | $ | 3.08 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.28 | 0.58 | 2.96 | ||||||||||||
PowerShares Dynamic Large Cap Value Portfolio (PWV) | ||||||||||||||||
Actual | 1,000.00 | 1,049.59 | 0.56 | 2.89 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||
PowerShares Fundamental Pure Large Core Portfolio (PXLC) | ||||||||||||||||
Actual | 1,000.00 | 1,067.14 | 0.39 | 2.03 | ||||||||||||
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 | 1,098.09 | 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 | 1,050.71 | 0.39 | 2.02 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 |
| 72 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Fundamental Pure Mid Core Portfolio (PXMC) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,066.03 | 0.39 | % | $ | 2.03 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Fundamental Pure Mid Growth Portfolio (PXMG) | ||||||||||||||||
Actual | 1,000.00 | 1,040.82 | 0.39 | 2.01 | ||||||||||||
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 | 1,042.36 | 0.39 | 2.01 | ||||||||||||
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 | 1,052.33 | 0.39 | 2.02 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Fundamental Pure Small Growth Portfolio (PXSG) | ||||||||||||||||
Actual | 1,000.00 | 1,021.92 | 0.39 | 1.99 | ||||||||||||
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 | 1,026.17 | 0.39 | 1.99 | ||||||||||||
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 | 1,010.80 | 0.70 | 3.55 | ||||||||||||
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, 2014. 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. |
| 73 |
|
(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.
©2014 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, 2014 |
2014 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 | |
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 |
Specialty Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
19 | ||||
21 | ||||
23 | ||||
25 | ||||
Statements of Assets and Liabilities | 28 | |||
Statements of Operations | 30 | |||
Statements of Changes in Net Assets | 32 | |||
Financial Highlights | 36 | |||
Notes to Financial Statements | 42 | |||
Fees and Expenses | 54 |
| 2 |
|
Portfolio Composition
PowerShares Aerospace & Defense Portfolio (PPA)
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Aerospace & Defense | 79.2 | |||
IT Services | 8.0 | |||
Communications Equipment | 4.2 | |||
Containers & Packaging | 3.4 | |||
Electronic Equipment, Instruments & Components | 2.5 | |||
Machinery | 1.5 | |||
Diversified Telecommunication Services | 0.8 | |||
Trading Companies & Distributors | 0.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares Aerospace & Defense Portfolio (PPA)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—79.2% | ||||||||
24,258 | AAR Corp. | $ | 642,837 | |||||
14,208 | Aerovironment, Inc.(b) | 435,475 | ||||||
19,426 | Alliant Techsystems, Inc. | 2,272,065 | ||||||
4,813 | American Science & Engineering, Inc. | 266,159 | ||||||
76,134 | Boeing Co. (The) | 9,509,898 | ||||||
16,296 | Cubic Corp. | 786,119 | ||||||
45,944 | DigitalGlobe, Inc.(b) | 1,313,539 | ||||||
6,629 | Ducommun, Inc.(b) | 175,072 | ||||||
10,718 | Engility Holdings, Inc.(b) | 463,017 | ||||||
19,430 | Esterline Technologies Corp.(b) | 2,275,447 | ||||||
114,562 | Exelis, Inc. | 2,044,932 | ||||||
35,708 | GenCorp, Inc.(b) | 605,608 | ||||||
71,305 | General Dynamics Corp. | 9,965,587 | ||||||
40,466 | HEICO Corp. | 2,194,876 | ||||||
58,601 | Hexcel Corp.(b) | 2,454,796 | ||||||
104,330 | Honeywell International, Inc. | 10,028,200 | ||||||
29,544 | Huntington Ingalls Industries, Inc. | 3,126,346 | ||||||
22,853 | KEYW Holding Corp. (The)(b) | 231,958 | ||||||
35,129 | Kratos Defense & Security Solutions, Inc.(b) | 244,849 | ||||||
52,457 | L-3 Communications Holdings, Inc. | 6,371,427 | ||||||
7,936 | LMI Aerospace, Inc.(b) | 104,596 | ||||||
54,876 | Lockheed Martin Corp. | 10,457,719 | ||||||
26,203 | Moog, Inc., Class A(b) | 2,005,578 | ||||||
53,426 | Northrop Grumman Corp. | 7,370,651 | ||||||
36,859 | Orbital Sciences Corp.(b) | 969,392 | ||||||
30,601 | Precision Castparts Corp. | 6,753,641 | ||||||
68,727 | Raytheon Co. | 7,139,361 | ||||||
78,151 | Rockwell Collins, Inc. | 6,576,407 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Aerospace & Defense (continued) | ||||||||
6,162 | Sparton Corp.(b) | $ | 166,990 | |||||
31,957 | TASER International, Inc.(b) | 602,070 | ||||||
22,830 | Teledyne Technologies, Inc.(b) | 2,365,873 | ||||||
169,844 | Textron, Inc. | 7,053,621 | ||||||
31,941 | TransDigm Group, Inc. | 5,973,925 | ||||||
31,282 | Triumph Group, Inc. | 2,178,166 | ||||||
92,291 | United Technologies Corp. | 9,875,137 | ||||||
6,083 | Vectrus, Inc.(b) | 148,668 | ||||||
|
| |||||||
125,150,002 | ||||||||
|
| |||||||
Communications Equipment—4.2% | ||||||||
9,754 | Comtech Telecommunications Corp. | 371,335 | ||||||
63,562 | Harris Corp. | 4,423,915 | ||||||
28,416 | ViaSat, Inc.(b) | 1,779,978 | ||||||
|
| |||||||
6,575,228 | ||||||||
|
| |||||||
Containers & Packaging—3.4% | ||||||||
84,215 | Ball Corp. | 5,425,972 | ||||||
|
| |||||||
Diversified Telecommunication Services—0.8% | ||||||||
64,124 | Intelsat SA(b) | 1,247,853 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.5% | ||||||||
86,217 | FLIR Systems, Inc. | 2,890,856 | ||||||
20,660 | Mercury Systems, Inc.(b) | 288,827 | ||||||
12,043 | OSI Systems, Inc.(b) | 853,608 | ||||||
|
| |||||||
4,033,291 | ||||||||
|
| |||||||
IT Services—8.0% | ||||||||
91,553 | Booz Allen Hamilton Holding Corp., Class A | 2,412,422 | ||||||
14,305 | CACI International, Inc., Class A(b) | 1,177,158 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares Aerospace & Defense Portfolio (PPA) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
IT Services (continued) | ||||||||
88,246 | Computer Sciences Corp. | $ | 5,330,058 | |||||
45,039 | Leidos Holdings, Inc. | 1,647,076 | ||||||
22,672 | ManTech International Corp., Class A | 638,444 | ||||||
28,604 | Science Applications International Corp. | 1,399,022 | ||||||
|
| |||||||
12,604,180 | ||||||||
|
| |||||||
Machinery—1.5% | ||||||||
51,716 | Oshkosh Corp. | 2,314,808 | ||||||
|
| |||||||
Trading Companies & Distributors—0.4% | ||||||||
16,481 | Kaman Corp. | 709,672 | ||||||
|
| |||||||
Total Common Stocks (Cost $136,141,142) | 158,061,006 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
97,480 | Invesco Premier Portfolio—Institutional Class(c) (Cost $97,480) | 97,480 | ||||||
|
| |||||||
Total Investments (Cost $136,238,622)—100.1% | 158,158,486 | |||||||
Other assets less liabilities—(0.1%) | (110,734 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 158,047,752 | ||||||
|
|
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.
| 4 |
|
Portfolio Composition
PowerShares Cleantech™ Portfolio (PZD)
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Electrical Equipment | 18.7 | |||
Machinery | 17.5 | |||
Chemicals | 8.7 | |||
Software | 8.0 | |||
Industrial Conglomerates | 7.1 | |||
Electronic Equipment, Instruments & Components | 6.4 | |||
Professional Services | 6.3 | |||
Auto Components | 6.3 | |||
Semiconductors & Semiconductor Equipment | 4.8 | |||
Commercial Services & Supplies | 4.3 | |||
Aerospace & Defense | 2.6 | |||
Independent Power Producers & Energy Traders | 2.6 | |||
Life Sciences Tools & Services | 2.3 | |||
Construction & Engineering | 2.1 | |||
Building Products | 1.4 | |||
Communications Equipment | 0.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Cleantech™ Portfolio (PZD)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% |
| |||||||
Aerospace & Defense—2.6% | ||||||||
45,661 | Hexcel Corp.(b) | $ | 1,912,739 | |||||
|
| |||||||
Auto Components—6.3% | ||||||||
40,206 | BorgWarner, Inc. | 2,292,546 | ||||||
50,418 | Johnson Controls, Inc. | 2,382,251 | ||||||
|
| |||||||
4,674,797 | ||||||||
|
| |||||||
Building Products—1.4% | ||||||||
66,877 | Kingspan Group PLC (Ireland) | 1,045,702 | ||||||
|
| |||||||
Chemicals—8.7% | ||||||||
638 | Gurit Holding AG (Switzerland) | 267,808 | ||||||
35,888 | Koninklijke DSM NV (Netherlands) | 2,246,631 | ||||||
51,963 | Novozymes A/S, Class B (Denmark) | 2,409,724 | ||||||
38,898 | Umicore SA (Belgium) | 1,522,491 | ||||||
|
| |||||||
6,446,654 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Commercial Services & Supplies—4.3% | ||||||||
29,847 | Ceco Environmental Corp. | $ | 427,409 | |||||
32,718 | Mix Telematics Ltd. ADR (South Africa)(b) | 291,518 | ||||||
34,846 | Tetra Tech, Inc. | 934,221 | ||||||
112,096 | Tomra Systems ASA (Norway) | 838,520 | ||||||
622,025 | United Envirotech Ltd. (Singapore) | 708,881 | ||||||
|
| |||||||
3,200,549 | ||||||||
|
| |||||||
Communications Equipment—0.8% | ||||||||
30,408 | CalAmp Corp.(b) | 586,266 | ||||||
|
| |||||||
Construction & Engineering—2.1% | ||||||||
30,298 | Aegion Corp.(b) | 555,059 | ||||||
31,817 | Arcadis NV (Netherlands) | 977,653 | ||||||
|
| |||||||
1,532,712 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Cleantech™ Portfolio (PZD) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Electrical Equipment—18.7% | ||||||||
100,196 | ABB Ltd. (Switzerland) | $ | 2,192,454 | |||||
19,762 | EnerSys | 1,241,054 | ||||||
107,156 | Gamesa Corp. Tecnologica SA (Spain)(b) | 1,056,593 | ||||||
21,482 | Polypore International, Inc.(b) | 943,489 | ||||||
20,218 | Saft Groupe SA (France) | 600,348 | ||||||
29,026 | Schneider Electric SE (France) | 2,286,737 | ||||||
45,087 | Sensata Technologies Holding NV(b) | 2,200,697 | ||||||
38,664 | SGL Carbon SE (Germany)(b)(c) | 597,776 | ||||||
20,346 | Vacon Oyj (Finland) | 861,358 | ||||||
56,708 | Vestas Wind Systems A/S (Denmark)(b) | 1,897,633 | ||||||
|
| |||||||
13,878,139 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—6.4% | ||||||||
10,833 | Badger Meter, Inc. | 616,614 | ||||||
24,277 | Horiba Ltd. (Japan) | 868,389 | ||||||
22,574 | Itron, Inc.(b) | 878,806 | ||||||
255,795 | Opus Group AB (Sweden)(c) | 387,136 | ||||||
75,395 | Trimble Navigation Ltd.(b) | 2,025,110 | ||||||
|
| |||||||
4,776,055 | ||||||||
|
| |||||||
Independent Power Producers & Energy Traders—2.6% | ||||||||
7,038,659 | Energy Development Corp. (Philippines) | 1,207,748 | ||||||
24,129 | Ormat Technologies, Inc. | 698,534 | ||||||
|
| |||||||
1,906,282 | ||||||||
|
| |||||||
Industrial Conglomerates—7.1% | ||||||||
27,685 | Raven Industries, Inc. | 701,815 | ||||||
15,439 | Roper Industries, Inc. | 2,443,994 | ||||||
18,867 | Siemens AG (Germany) | 2,125,335 | ||||||
|
| |||||||
5,271,144 | ||||||||
|
| |||||||
Life Sciences Tools & Services—2.3% | ||||||||
6,946 | Eurofins Scientific (France) | 1,754,889 | ||||||
|
| |||||||
Machinery—17.5% | ||||||||
109,119 | Alfa Laval AB (Sweden) | 2,238,338 | ||||||
19,001 | CLARCOR, Inc. | 1,272,307 | ||||||
46,485 | Donaldson Co., Inc. | 1,932,846 | ||||||
11,360 | Kadant, Inc. | 469,622 | ||||||
9,780 | Lindsay Corp.(c) | 857,706 | ||||||
70,854 | Meyer Burger Technology AG (Switzerland)(b)(c) | 595,573 | ||||||
27,192 | Pall Corp. | 2,485,893 | ||||||
24,592 | Woodward, Inc. | 1,259,356 | ||||||
51,110 | Xylem, Inc. | 1,858,360 | ||||||
|
| |||||||
12,970,001 | ||||||||
|
| |||||||
Professional Services—6.3% | ||||||||
44,488 | Intertek Group PLC (United Kingdom) | 1,937,358 | ||||||
22,247 | Mistras Group, Inc.(b) | 366,853 | ||||||
1,088 | SGS SA (Switzerland) | 2,387,507 | ||||||
|
| |||||||
4,691,718 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—4.8% | ||||||||
29,299 | Advanced Energy Industries, Inc.(b) | 579,534 | ||||||
42,415 | Cree, Inc.(b)(c) | 1,335,224 | ||||||
446,000 | Lextar Electronics Corp. (Taiwan) | 370,976 | ||||||
16,073 | Power Integrations, Inc. | 809,437 | ||||||
19,589 | SMA Solar Technology AG (Germany)(b)(c) | 486,444 | ||||||
|
| |||||||
3,581,615 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Software—8.0% | ||||||||
27,310 | ANSYS, Inc.(b) | $ | 2,145,474 | |||||
41,052 | Autodesk, Inc.(b) | 2,362,132 | ||||||
27,454 | FleetMatics Group PLC(b)(c) | 1,019,642 | ||||||
43,273 | Silver Spring Networks, Inc.(b)(c) | 414,555 | ||||||
|
| |||||||
5,941,803 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $59,830,172)—99.9% | 74,171,065 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.7% | ||||||||
3,450,043 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $3,450,043) | 3,450,043 | ||||||
|
| |||||||
Total Investments (Cost $63,280,215)—104.6% | 77,621,108 | |||||||
Other assets less liabilities—(4.6%) | (3,394,169 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 74,226,939 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Citibank | $ | 3,339,005 | $ | (3,339,005 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Portfolio Composition
PowerShares DWA Momentum Portfolio (PDP)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Consumer Discretionary | 25.7 | |||
Industrials | 19.0 | |||
Health Care | 16.2 | |||
Materials | 11.2 | |||
Information Technology | 8.5 | |||
Consumer Staples | 5.7 | |||
Energy | 5.6 | |||
Financials | 5.1 | |||
Utilities | 2.4 | |||
Telecommunication Services | 0.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
PowerShares DWA Momentum Portfolio (PDP)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—25.7% | ||||||||
58,131 | Advance Auto Parts, Inc. | $ | 8,542,932 | |||||
35,425 | Chipotle Mexican Grill, Inc.(b) | 22,601,150 | ||||||
319,977 | Dillard’s, Inc., Class A | 33,840,768 | ||||||
116,417 | DISH Network Corp., Class A(b) | 7,409,942 | ||||||
350,045 | Domino’s Pizza, Inc. | 31,080,496 | ||||||
153,356 | Foot Locker, Inc. | 8,589,470 | ||||||
154,282 | Hanesbrands, Inc. | 16,293,722 | ||||||
152,599 | Jarden Corp.(b) | 9,932,669 | ||||||
406,177 | Liberty Interactive Corp., Class A(b) | 10,617,467 | ||||||
57,722 | Liberty Ventures, Series A(b) | 2,026,042 | ||||||
240,262 | Lions Gate Entertainment Corp. | 7,959,880 | ||||||
143,584 | Macy’s, Inc. | 8,302,027 | ||||||
29,822 | Netflix, Inc.(b) | 11,713,187 | ||||||
216,292 | NIKE, Inc., Class B | 20,108,667 | ||||||
249,645 | O’Reilly Automotive, Inc.(b) | 43,907,563 | ||||||
193,608 | Penske Automotive Group, Inc. | 8,758,826 | ||||||
104,618 | Polaris Industries, Inc. | 15,782,671 | ||||||
417,196 | Service Corp. International | 9,124,077 | ||||||
154,336 | Signet Jewelers Ltd. | 18,521,863 | ||||||
61,182 | Tesla Motors, Inc.(b) | 14,787,689 | ||||||
246,961 | Under Armour, Inc., Class A(b) | 16,195,702 | ||||||
322,480 | VF Corp. | 21,825,446 | ||||||
312,472 | Wyndham Worldwide Corp. | 24,269,700 | ||||||
|
| |||||||
372,191,956 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples—5.7% | ||||||||
142,344 | Brown-Forman Corp., Class B | $ | 13,191,019 | |||||
173,663 | Coca-Cola Enterprises, Inc. | 7,528,291 | ||||||
88,666 | Constellation Brands, Inc., Class A(b) | 8,116,486 | ||||||
77,709 | Hain Celestial Group, Inc. (The)(b) | 8,411,999 | ||||||
200,129 | Hormel Foods Corp. | 10,788,954 | ||||||
77,897 | Keurig Green Mountain, Inc. | 11,820,870 | ||||||
121,799 | Monster Beverage Corp.(b) | 12,287,083 | ||||||
358,944 | Pilgrim’s Pride Corp.(b) | 10,197,599 | ||||||
|
| |||||||
82,342,301 | ||||||||
|
| |||||||
Energy—5.6% | ||||||||
329,223 | Cheniere Energy, Inc.(b) | 24,691,725 | ||||||
106,549 | ConocoPhillips | 7,687,510 | ||||||
133,912 | Continental Resources, Inc.(b) | 7,548,620 | ||||||
336,099 | ONEOK, Inc. | 19,809,675 | ||||||
69,890 | Pioneer Natural Resources Co. | 13,213,403 | ||||||
57,488 | Targa Resources Corp. | 7,394,681 | ||||||
|
| |||||||
80,345,614 | ||||||||
|
| |||||||
Financials—5.1% | ||||||||
92,733 | ACE Ltd. | 10,135,717 | ||||||
131,128 | American Financial Group, Inc. | 7,845,388 | ||||||
67,284 | Ameriprise Financial, Inc. | 8,489,222 | ||||||
95,271 | Capital One Financial Corp. | 7,885,581 | ||||||
144,007 | Discover Financial Services | 9,184,766 | ||||||
155,685 | Extra Space Storage, Inc. REIT | 9,054,640 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares DWA Momentum Portfolio (PDP) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
260,227 | HCC Insurance Holdings, Inc. | $ | 13,581,247 | |||||
432,531 | NorthStar Realty Finance Corp. REIT | 8,036,426 | ||||||
|
| |||||||
74,212,987 | ||||||||
|
| |||||||
Health Care—16.2% | ||||||||
66,770 | Actavis PLC(b) | 16,207,750 | ||||||
98,610 | AmerisourceBergen Corp. | 8,422,280 | ||||||
57,303 | athenahealth, Inc.(b) | 7,019,617 | ||||||
95,583 | Cigna Corp. | 9,517,199 | ||||||
75,849 | Cooper Cos., Inc. (The) | 12,431,651 | ||||||
367,564 | Gilead Sciences, Inc.(b) | 41,167,168 | ||||||
252,960 | Henry Schein, Inc.(b) | 30,362,789 | ||||||
50,316 | Illumina, Inc.(b) | 9,689,855 | ||||||
265,109 | Jazz Pharmaceuticals PLC(b) | 44,761,004 | ||||||
48,161 | McKesson Corp. | 9,796,429 | ||||||
280,841 | Medivation, Inc.(b) | 29,684,894 | ||||||
34,155 | Mettler-Toledo International, Inc.(b) | 8,828,043 | ||||||
49,192 | Salix Pharmaceuticals Ltd.(b) | 7,076,269 | ||||||
|
| |||||||
234,964,948 | ||||||||
|
| |||||||
Industrials—19.0% | ||||||||
276,766 | Alaska Air Group, Inc. | 14,732,254 | ||||||
32,127 | AMERCO | 8,710,272 | ||||||
145,586 | Avis Budget Group, Inc.(b) | 8,116,419 | ||||||
172,904 | Danaher Corp. | 13,901,482 | ||||||
207,638 | Delta Air Lines, Inc. | 8,353,277 | ||||||
138,035 | IDEX Corp. | 10,340,202 | ||||||
193,558 | Kirby Corp.(b) | 21,403,644 | ||||||
102,298 | Lockheed Martin Corp. | 19,494,930 | ||||||
111,833 | Middleby Corp. (The)(b) | 9,897,220 | ||||||
174,151 | Old Dominion Freight Line, Inc.(b) | 12,690,383 | ||||||
92,591 | Pall Corp. | 8,464,669 | ||||||
167,377 | Roper Industries, Inc. | 26,495,779 | ||||||
66,964 | Snap-on, Inc. | 8,848,623 | ||||||
124,364 | Spirit Airlines, Inc.(b) | 9,092,252 | ||||||
52,119 | TransDigm Group, Inc. | 9,747,817 | ||||||
160,448 | Trinity Industries, Inc. | 5,729,598 | ||||||
183,795 | Union Pacific Corp. | 21,402,928 | ||||||
261,070 | United Rentals, Inc.(b) | 28,733,364 | ||||||
585,560 | Waste Connections, Inc. | 29,219,444 | ||||||
|
| |||||||
275,374,557 | ||||||||
|
| |||||||
Information Technology—8.5% | ||||||||
362,980 | Amphenol Corp., Class A | 18,359,529 | ||||||
404,992 | Apple, Inc. | 43,739,136 | ||||||
95,301 | Facebook, Inc., Class A(b) | 7,146,622 | ||||||
161,557 | Fiserv, Inc.(b) | 11,224,980 | ||||||
53,906 | FleetCor Technologies, Inc.(b) | 8,116,087 | ||||||
144,394 | Gartner, Inc.(b) | 11,654,040 | ||||||
235,490 | Micron Technology, Inc.(b) | 7,792,364 | ||||||
262,692 | Skyworks Solutions, Inc. | 15,299,182 | ||||||
|
| |||||||
123,331,940 | ||||||||
|
| |||||||
Materials—11.2% | ||||||||
476,677 | Ball Corp. | 30,712,299 | ||||||
160,847 | Cytec Industries, Inc. | 7,500,296 | ||||||
77,472 | Eagle Materials, Inc. | 6,773,377 | ||||||
93,443 | Eastman Chemical Co. | 7,548,325 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
�� | Materials (continued) | |||||||
93,926 | Ecolab, Inc. | $ | 10,447,389 | |||||
94,673 | International Flavors & Fragrances, Inc. | 9,386,828 | ||||||
82,694 | LyondellBasell Industries NV, Class A | 7,577,251 | ||||||
37,056 | NewMarket Corp. | 14,378,099 | ||||||
185,034 | RPM International, Inc. | 8,382,040 | ||||||
94,037 | Sherwin-Williams Co. (The) | 21,587,134 | ||||||
304,017 | W.R. Grace & Co.(b) | 28,760,008 | ||||||
131,296 | Westlake Chemical Corp. | 9,262,933 | ||||||
|
| |||||||
162,315,979 | ||||||||
|
| |||||||
Telecommunication Services—0.6% | ||||||||
73,939 | SBA Communications Corp., Class A(b) | 8,305,568 | ||||||
|
| |||||||
Utilities—2.4% | ||||||||
83,108 | NextEra Energy, Inc. | 8,329,084 | ||||||
90,007 | Sempra Energy | 9,900,770 | ||||||
424,542 | UGI Corp. | 16,000,988 | ||||||
|
| |||||||
34,230,842 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $1,238,479,314) | 1,447,616,692 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
662,346 | Invesco Premier Portfolio—Institutional Class(c) (Cost $662,346) | 662,346 | ||||||
|
| |||||||
Total Investments (Cost $1,239,141,660)—100.1% | 1,448,279,038 | |||||||
Other assets less liabilities—(0.1%) | (782,526 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,447,496,512 | ||||||
|
|
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.
| 8 |
|
Portfolio Composition
PowerShares Global Listed Private Equity Portfolio (PSP)
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Capital Markets | 51.9 | |||
Diversified Financial Services | 24.5 | |||
Machinery | 4.0 | |||
Internet Software & Services | 3.4 | |||
Metals & Mining | 3.2 | |||
Food Products | 1.0 | |||
Industrial Conglomerates | 1.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | 11.0 |
Schedule of Investments(a)
PowerShares Global Listed Private Equity Portfolio (PSP)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—89.0% | ||||||||
Capital Markets—51.9% | ||||||||
3,690,971 | 3i Group PLC (United Kingdom) | $ | 23,436,930 | |||||
179,061 | Alaris Royalty Corp. (Canada)(b) | 5,363,333 | ||||||
251,809 | Altamir (France) | 3,154,916 | ||||||
717,300 | American Capital Ltd.(c) | 10,637,559 | ||||||
527,642 | Apollo Global Management LLC, Class A | 12,003,855 | ||||||
621,960 | Apollo Investment Corp.(b) | 5,131,170 | ||||||
897,583 | Ares Capital Corp. | 14,352,352 | ||||||
187,248 | Aurelius AG (Germany) | 6,503,198 | ||||||
301,446 | BlackRock Kelso Capital Corp.(b) | 2,658,754 | ||||||
1,981,459 | Brait SE (South Africa)(c) | 14,865,875 | ||||||
622,997 | Bure Equity AB (Sweden) | 2,601,345 | ||||||
68,061 | Capital Southwest Corp. | 2,495,116 | ||||||
384,416 | Carlyle Group LP (The) | 10,671,388 | ||||||
104,358 | Deutsche Beteiligungs AG (Germany) | 2,854,277 | ||||||
422,900 | Fifth Street Finance Corp. | 3,763,810 | ||||||
749,520 | FS Investment Corp.(b) | 7,944,912 | ||||||
140,055 | Gimv NV (Belgium) | 6,360,968 | ||||||
180,235 | Golub Capital BDC, Inc.(b) | 3,123,473 | ||||||
1,273,298 | GP Investments Ltd. (Brazil)(c) | 2,600,103 | ||||||
233,270 | Hercules Technology Growth Capital, Inc.(b) | 3,676,335 | ||||||
1,781,870 | Intermediate Capital Group PLC (United Kingdom) | 11,690,815 | ||||||
2,530,825 | IP Group PLC (United Kingdom)(c) | 8,377,252 | ||||||
297,006 | JAFCO Co. Ltd. (Japan) | 11,193,527 | ||||||
124,257 | Main Street Capital Corp.(b) | 3,948,887 | ||||||
214,348 | Medley Capital Corp.(b) | 2,490,724 | ||||||
116,490 | MVC Capital, Inc. | 1,312,842 | ||||||
180,059 | New Mountain Finance Corp.(b) | 2,643,266 | ||||||
89,840 | Partners Group Holding AG (Switzerland) | 23,873,012 | ||||||
258,322 | PennantPark Investment Corp. | 2,810,543 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Capital Markets (continued) | ||||||||
428,814 | Princess Private Equity Holding Ltd. (Guernsey) | $ | 3,787,692 | |||||
919,420 | Prospect Capital Corp.(b) | 8,808,044 | ||||||
1,962,591 | Ratos AB, Class B (Sweden) | 13,130,351 | ||||||
111,529 | Safeguard Scientifics, Inc.(c) | 2,225,004 | ||||||
150,048 | Solar Capital Ltd. | 2,789,392 | ||||||
969,188 | SVG Capital PLC (United Kingdom)(c) | 6,620,867 | ||||||
4,412,228 | Symphony International Holdings Ltd. (Singapore) | 3,529,782 | ||||||
159,595 | TCP Capital Corp.(b) | 2,695,560 | ||||||
260,371 | TICC Capital Corp.(b) | 2,283,454 | ||||||
101,321 | Triangle Capital Corp. | 2,569,501 | ||||||
5,075,932 | Zeder Investments Ltd. (South Africa) | 2,665,014 | ||||||
|
| |||||||
263,645,198 | ||||||||
|
| |||||||
Diversified Financial Services—24.5% | ||||||||
107,383 | Ackermans & van Haaren NV (Belgium) | 13,385,406 | ||||||
1,773,330 | Better Capital PCC Ltd. (United Kingdom)(c) | 2,376,038 | ||||||
1,628,913 | China Merchants China Direct Investments Ltd. (China) | 2,797,751 | ||||||
188,161 | Compass Diversified Holdings | 3,471,570 | ||||||
214,156 | Electra Private Equity PLC (United Kingdom)(c) | 8,736,740 | ||||||
272,340 | Eurazeo SA (France) | 18,203,816 | ||||||
229,341 | HgCapital Trust PLC (United Kingdom) | 3,889,256 | ||||||
341,187 | JZ Capital Partners Ltd. (United Kingdom) | 2,295,290 | ||||||
787,212 | Leucadia National Corp. | 18,719,901 | ||||||
5,924,873 | Marfin Investment Group Holdings SA (Greece)(c) | 1,566,311 | ||||||
491,947 | Onex Corp. (Canada) | 27,746,605 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Global Listed Private Equity Portfolio (PSP) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Diversified Financial Services (continued) | ||||||||
101,455 | PICO Holdings, Inc.(c) | $ | 2,242,156 | |||||
184,434 | TPG Specialty Lending, Inc.(b) | 3,092,958 | ||||||
143,040 | Wendel SA (France) | 15,760,157 | ||||||
|
| |||||||
124,283,955 | ||||||||
|
| |||||||
Food Products—1.0% | ||||||||
121,251 | A/S Schouw & Co. (Denmark) | 5,367,753 | ||||||
|
| |||||||
Industrial Conglomerates—1.0% | ||||||||
361,233 | Hosken Consolidated Investments Ltd. (South Africa) | 4,879,441 | ||||||
|
| |||||||
Internet Software & Services—3.4% | ||||||||
149,476 | Actua Corp.(c) | 2,810,149 | ||||||
214,234 | IAC/InterActiveCorp. | 14,501,499 | ||||||
|
| |||||||
17,311,648 | ||||||||
|
| |||||||
Machinery—4.0% | ||||||||
4,911,201 | Melrose Industries PLC (United Kingdom) | 20,122,238 | ||||||
|
| |||||||
Metals & Mining—3.2% | ||||||||
13,648,245 | Fosun International Ltd. (China) | 16,173,325 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $433,881,938) | 451,783,558 | |||||||
|
| |||||||
Money Market Fund—9.8% | ||||||||
49,734,438 | Invesco Premier Portfolio—Institutional Class(d) (Cost $49,734,438) | 49,734,438 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $483,616,376)—98.8% | 501,517,996 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.8% | ||||||||
34,652,545 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $34,652,545) | 34,652,545 | ||||||
|
| |||||||
Total Investments (Cost $518,268,921)—105.6% | 536,170,541 | |||||||
Other assets less liabilities—(5.6%) | (28,730,052 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 507,440,489 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 33,860,267 | $ | (33,860,267 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
This Fund has holdings greater than 10% of net assets in the following country:
United Kingdom | 17.3 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Portfolio Composition
PowerShares Golden Dragon China Portfolio (PGJ)
Sector Breakdown | ||||
Information Technology | 52.9 | |||
Consumer Discretionary | 23.0 | |||
Telecommunication Services | 8.0 | |||
Health Care | 7.8 | |||
Energy | 4.0 | |||
Financials | 2.0 | |||
Industrials | 1.8 | |||
Utilities | 0.3 | |||
Materials | 0.2 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Golden Dragon China Portfolio (PGJ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—23.0% | ||||||||
19,739 | 500.com Ltd., Class A ADR (China)(b)(c) | $ | 608,948 | |||||
82,235 | Bona FILM Group Ltd. ADR (China)(b)(c) | 575,645 | ||||||
83,170 | China Automotive Systems, Inc. (China)(c) | 764,332 | ||||||
57,331 | China Distance Education Holdings Ltd. ADR (China) | 859,965 | ||||||
85,795 | China Lodging Group Ltd. ADR (China)(c) | 2,358,505 | ||||||
147,070 | China XD Plastics Co. Ltd. (China)(b)(c) | 783,883 | ||||||
351,064 | Ctrip.com International Ltd. ADR (China)(c) | 20,467,031 | ||||||
163,504 | E-Commerce China Dangdang, Inc., Class A ADR (China)(b)(c) | 2,146,807 | ||||||
36,000 | eLong, Inc. ADR(b)(c) | 698,400 | ||||||
108,319 | Home Inns & Hotels Management, Inc. ADR (China)(c) | 3,272,317 | ||||||
124,964 | Kandi Technologies Group, Inc. (China)(b)(c) | 2,064,405 | ||||||
66,561 | LightInTheBox Holding Co. Ltd. ADR (China)(b)(c) | 435,975 | ||||||
416,916 | New Oriental Education & Technology | |||||||
Group, Inc. ADR (China)(c) | 9,005,386 | |||||||
37,887 | Qunar Cayman Islands Ltd. ADR (China)(c) | 1,019,160 | ||||||
116,012 | TAL Education Group ADR (China)(b)(c) | 3,684,541 | ||||||
57,316 | Vipshop Holdings Ltd. ADR (China)(c) | 13,141,986 | ||||||
|
| |||||||
61,887,286 | ||||||||
|
| |||||||
Energy—4.0% | ||||||||
34,205 | China Petroleum & Chemical Corp. ADR (China)(b) | 2,975,151 | ||||||
24,197 | CNOOC Ltd. ADR (China) | 3,783,685 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
31,960 | PetroChina Co. Ltd. ADR (China) | $ | 4,010,980 | |||||
26,179 | Sino Clean Energy, Inc. (China)(c) | 0 | ||||||
|
| |||||||
10,769,816 | ||||||||
|
| |||||||
Financials—2.0% | ||||||||
28,673 | China Life Insurance Co. Ltd. ADR (China) | 1,283,117 | ||||||
104,235 | CNinsure, Inc. ADR (China)(c) | 570,687 | ||||||
232,877 | E-House China Holdings Ltd. ADR (China)(b) | 2,326,441 | ||||||
53,151 | Noah Holdings Ltd. ADR (China)(b)(c) | 871,676 | ||||||
130,107 | Xinyuan Real Estate Co. Ltd. ADR (China) | 370,805 | ||||||
|
| |||||||
5,422,726 | ||||||||
|
| |||||||
Health Care—7.8% | ||||||||
72,597 | China Biologic Products, Inc. (China)(c) | 4,373,969 | ||||||
56,680 | Concord Medical Services Holdings Ltd. ADR (China) | 419,432 | ||||||
258,933 | Mindray Medical International Ltd. ADR (China)(b) | 7,545,308 | ||||||
164,801 | Sinovac Biotech Ltd. (China)(b)(c) | 871,797 | ||||||
208,261 | WuXi PharmaTech Cayman, Inc. ADR (China)(c) | 7,851,440 | ||||||
|
| |||||||
21,061,946 | ||||||||
|
| |||||||
Industrials—1.8% | ||||||||
69,844 | 51job, Inc. ADR (China)(c) | 2,144,211 | ||||||
283,881 | China Ming Yang Wind Power Group Ltd. ADR (China)(b)(c) | 715,380 | ||||||
110,528 | China Yuchai International Ltd. | 2,010,504 | ||||||
|
| |||||||
4,870,095 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Golden Dragon China Portfolio (PGJ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology—52.9% | ||||||||
137,154 | 21Vianet Group, Inc. ADR (China)(b)(c) | $ | 2,869,262 | |||||
71,912 | 58.Com, Inc. ADR (China)(b)(c) | 2,845,558 | ||||||
26,671 | Autohome, Inc. ADR (China)(c) | 1,410,629 | ||||||
105,001 | Baidu, Inc. ADR (China)(c) | 25,071,089 | ||||||
76,355 | Bitauto Holdings Ltd. ADR (China)(c) | 6,392,441 | ||||||
162,793 | Canadian Solar, Inc. (Canada)(b)(c) | 5,193,097 | ||||||
36,231 | Changyou.com Ltd. ADR (China)(b)(c) | 870,993 | ||||||
115,346 | China Digital TV Holding Co. Ltd. ADR (China)(b) | 454,463 | ||||||
88,898 | China Information Technology, Inc. (China)(b)(c) | 352,925 | ||||||
41,234 | China Mobile Games & Entertainment Group Ltd. ADR (China)(b)(c) | 1,002,399 | ||||||
46,137 | ChinaCache International Holdings Ltd. ADR (China)(b)(c) | 475,211 | ||||||
163,161 | Hanwha SolarOne Co. Ltd. ADR (South Korea)(b)(c) | 339,375 | ||||||
174,679 | Hollysys Automation Technologies Ltd. (China)(c) | 4,284,876 | ||||||
128,292 | JA Solar Holdings Co. Ltd. ADR (China)(b)(c) | 1,073,804 | ||||||
66,261 | JinkoSolar Holding Co. Ltd. ADR (China)(b)(c) | 1,634,659 | ||||||
94,770 | KongZhong Corp. ADR (China) | 557,248 | ||||||
132,863 | Nam Tai Property, Inc. (China) | 733,404 | ||||||
212,367 | NetEase, Inc. ADR (China) | 20,115,402 | ||||||
160,943 | NQ Mobile, Inc. ADR (China)(b)(c) | 1,176,493 | ||||||
131,812 | Perfect World Co. Ltd. ADR (China) | 2,739,053 | ||||||
102,467 | Phoenix New Media Ltd. ADR (China)(c) | 1,051,311 | ||||||
256,528 | Qihoo 360 Technology Co. Ltd. ADR (China)(b)(c) | 18,721,413 | ||||||
243,467 | ReneSola Ltd. ADR (China)(b)(c) | 584,321 | ||||||
338,930 | Renren, Inc. ADR (China)(c) | 1,176,087 | ||||||
73,003 | Semiconductor Manufacturing International Corp. ADR (China)(c) | 375,235 | ||||||
183,531 | Shanda Games Ltd. ADR (China)(c) | 1,186,528 | ||||||
195,984 | SINA Corp. (China)(c) | 8,029,465 | ||||||
114,114 | Sohu.com, Inc. (China)(c) | 5,544,799 | ||||||
643,708 | SouFun Holdings Ltd. ADR (China)(b) | 6,276,153 | ||||||
221,236 | Trina Solar Ltd. ADR (China)(b)(c) | 2,336,252 | ||||||
381,365 | Yingli Green Energy Holding Co. Ltd. ADR (China)(b)(c) | 1,117,399 | ||||||
387,601 | Youku Tudou, Inc. ADR (China)(b)(c) | 7,596,980 | ||||||
109,798 | YY, Inc. ADR (China)(b)(c) | 9,097,862 | ||||||
|
| |||||||
142,686,186 | ||||||||
|
| |||||||
Materials—0.2% | ||||||||
506,791 | Silvercorp Metals, Inc. (Canada)(b) | 608,149 | ||||||
|
| |||||||
Telecommunication Services—8.0% | ||||||||
303,364 | China Mobile Ltd. ADR (China) | 18,835,871 | ||||||
19,703 | China Telecom Corp. Ltd. ADR (China) | 1,252,717 | ||||||
102,736 | China Unicom (Hong Kong) Ltd. ADR (China) | 1,538,985 | ||||||
|
| |||||||
21,627,573 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities—0.3% | ||||||||
14,474 | Huaneng Power International, Inc. ADR (China) | $ | 717,187 | |||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $246,905,265) | 269,650,964 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
197,247 | Invesco Premier Portfolio—Institutional Class(d) (Cost $197,247) | 197,247 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $247,102,512)—100.1% | 269,848,211 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—17.7% | ||||||||
47,877,357 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $47,877,357) | 47,877,357 | ||||||
|
| |||||||
Total Investments (Cost $294,979,869)—117.8% | 317,725,568 | |||||||
Other assets less liabilities—(17.8%) | (48,051,592 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 269,673,976 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Citibank | $ | 47,653,063 | $ | (47,653,063 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 96.7 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Portfolio Composition
PowerShares S&P 500 BuyWrite Portfolio (PBP)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Information Technology | 20.8 | |||
Financials | 17.5 | |||
Health Care | 15.2 | |||
Consumer Discretionary | 12.4 | |||
Industrials | 11.1 | |||
Consumer Staples | 10.2 | |||
Energy | 9.8 | |||
Materials | 3.5 | |||
Utilities | 3.4 | |||
Telecommunication Services | 2.5 | |||
Other Assets Less Liabilities | (6.4) |
Schedule of Investments(a)
PowerShares S&P 500 BuyWrite Portfolio (PBP)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b)—106.4% | ||||||||
Consumer Discretionary—12.4% | ||||||||
8,193 | Amazon.com, Inc.(c) | $ | 2,502,634 | |||||
1,691 | AutoNation, Inc.(c) | 96,827 | ||||||
705 | AutoZone, Inc.(c) | 390,232 | ||||||
4,007 | Bed Bath & Beyond, Inc.(c) | 269,831 | ||||||
6,274 | Best Buy Co., Inc. | 214,194 | ||||||
4,939 | BorgWarner, Inc. | 281,622 | ||||||
4,691 | Cablevision Systems Corp., Class A | 87,346 | ||||||
4,738 | CarMax, Inc.(c) | 264,902 | ||||||
9,737 | Carnival Corp. | 390,941 | ||||||
10,479 | CBS Corp., Class B | 568,171 | ||||||
670 | Chipotle Mexican Grill, Inc.(c) | 427,460 | ||||||
5,938 | Coach, Inc. | 204,148 | ||||||
55,962 | Comcast Corp., Class A | 3,097,497 | ||||||
7,173 | D.R. Horton, Inc. | 163,473 | ||||||
2,862 | Darden Restaurants, Inc. | 148,194 | ||||||
6,481 | Delphi Automotive PLC (United Kingdom) | 447,059 | ||||||
10,859 | DIRECTV(c) | 942,453 | ||||||
3,200 | Discovery Communications, Inc., Class A(c) | 113,120 | ||||||
5,908 | Discovery Communications, Inc., Class C(c) | 206,721 | ||||||
6,559 | Dollar General Corp.(c) | 411,053 | ||||||
4,445 | Dollar Tree, Inc.(c) | 269,234 | ||||||
2,146 | Expedia, Inc. | 182,346 | ||||||
2,069 | Family Dollar Stores, Inc. | 161,982 | ||||||
83,860 | Ford Motor Co. | 1,181,587 | ||||||
1,006 | Fossil Group, Inc.(c) | 102,270 | ||||||
2,436 | GameStop Corp., Class A | 104,163 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
4,879 | Gannett Co., Inc. | $ | 153,688 | |||||
5,923 | Gap, Inc. (The) | 224,422 | ||||||
2,626 | Garmin Ltd. | 145,690 | ||||||
29,145 | General Motors Co. | 915,153 | ||||||
3,312 | Genuine Parts Co. | 321,529 | ||||||
5,953 | Goodyear Tire & Rubber Co. (The) | 144,241 | ||||||
5,948 | H&R Block, Inc. | 192,180 | ||||||
4,704 | Harley-Davidson, Inc. | 309,053 | ||||||
1,473 | Harman International Industries, Inc. | 158,112 | ||||||
2,481 | Hasbro, Inc. | 142,732 | ||||||
29,101 | Home Depot, Inc. (The) | 2,837,929 | ||||||
9,111 | Interpublic Group of Cos., Inc. (The) | 176,662 | ||||||
14,400 | Johnson Controls, Inc. | 680,400 | ||||||
4,424 | Kohl’s Corp. | 239,869 | ||||||
5,310 | L Brands, Inc. | 382,957 | ||||||
2,970 | Leggett & Platt, Inc. | 116,959 | ||||||
3,845 | Lennar Corp., Class A | 165,643 | ||||||
21,343 | Lowe’s Cos., Inc. | 1,220,820 | ||||||
7,634 | Macy’s, Inc. | 441,398 | ||||||
4,714 | Marriott International, Inc., Class A | 357,085 | ||||||
7,304 | Mattel, Inc. | 226,935 | ||||||
21,233 | McDonald’s Corp. | 1,990,169 | ||||||
4,437 | Michael Kors Holdings Ltd.(c) | 348,704 | ||||||
1,338 | Mohawk Industries, Inc.(c) | 190,049 | ||||||
1,298 | Netflix, Inc.(c) | 509,815 | ||||||
5,920 | Newell Rubbermaid, Inc. | 197,314 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
10,766 | News Corp., Class A(c) | $ | 166,658 | |||||
15,209 | NIKE, Inc., Class B | 1,413,981 | ||||||
3,081 | Nordstrom, Inc. | 223,711 | ||||||
5,432 | Omnicom Group, Inc. | 390,343 | ||||||
2,245 | O’Reilly Automotive, Inc.(c) | 394,851 | ||||||
2,148 | PetSmart, Inc. | 155,408 | ||||||
1,135 | Priceline Group, Inc. (The)(c) | 1,369,048 | ||||||
7,315 | PulteGroup, Inc. | 140,375 | ||||||
1,782 | PVH Corp. | 203,772 | ||||||
1,311 | Ralph Lauren Corp., Class A | 216,105 | ||||||
4,537 | Ross Stores, Inc. | 366,227 | ||||||
2,244 | Scripps Networks Interactive, Inc., Class A | 173,327 | ||||||
13,928 | Staples, Inc. | 176,607 | ||||||
16,244 | Starbucks Corp. | 1,227,397 | ||||||
4,118 | Starwood Hotels & Resorts Worldwide, Inc. | 315,686 | ||||||
13,702 | Target Corp. | 847,058 | ||||||
2,432 | Tiffany & Co. | 233,764 | ||||||
6,025 | Time Warner Cable, Inc. | 886,940 | ||||||
18,482 | Time Warner, Inc. | 1,468,765 | ||||||
14,982 | TJX Cos., Inc. (The) | 948,660 | ||||||
2,979 | Tractor Supply Co. | 218,122 | ||||||
2,408 | TripAdvisor, Inc.(c) | 213,493 | ||||||
40,724 | Twenty-First Century Fox, Inc., Class A | 1,404,164 | ||||||
3,598 | Under Armour, Inc., Class A(c) | 235,957 | ||||||
2,209 | Urban Outfitters, Inc.(c) | 67,065 | ||||||
7,458 | VF Corp. | 504,757 | ||||||
8,234 | Viacom, Inc., Class B | 598,447 | ||||||
34,147 | Walt Disney Co. (The) | 3,120,353 | ||||||
1,686 | Whirlpool Corp. | 290,076 | ||||||
2,705 | Wyndham Worldwide Corp. | 210,097 | ||||||
1,753 | Wynn Resorts Ltd. | 333,088 | ||||||
9,507 | Yum! Brands, Inc. | 682,888 | ||||||
|
| |||||||
45,216,158 | ||||||||
|
| |||||||
Consumer Staples—10.2% | ||||||||
42,887 | Altria Group, Inc. | 2,073,158 | ||||||
13,957 | Archer-Daniels-Midland Co. | 655,979 | ||||||
9,397 | Avon Products, Inc. | 97,729 | ||||||
3,415 | Brown-Forman Corp., Class B | 316,468 | ||||||
3,869 | Campbell Soup Co. | 170,894 | ||||||
2,786 | Clorox Co. (The) | 277,207 | ||||||
85,351 | Coca-Cola Co. (The) | 3,574,500 | ||||||
4,884 | Coca-Cola Enterprises, Inc. | 211,721 | ||||||
18,562 | Colgate-Palmolive Co. | 1,241,427 | ||||||
9,135 | ConAgra Foods, Inc. | 313,787 | ||||||
3,624 | Constellation Brands, Inc., Class A(c) | 331,741 | ||||||
9,477 | Costco Wholesale Corp. | 1,263,947 | ||||||
25,043 | CVS Health Corp. | 2,148,940 | ||||||
4,219 | Dr Pepper Snapple Group, Inc. | 292,166 | ||||||
4,864 | Estee Lauder Cos., Inc. (The), Class A | 365,675 | ||||||
13,243 | General Mills, Inc. | 688,106 | ||||||
3,227 | Hershey Co. (The) | 309,502 | ||||||
2,906 | Hormel Foods Corp. | 156,662 | ||||||
2,203 | J.M. Smucker Co. (The) | 229,112 | ||||||
5,528 | Kellogg Co. | 353,571 | ||||||
2,632 | Keurig Green Mountain, Inc. | 399,406 | ||||||
8,085 | Kimberly-Clark Corp. when-issued | 885,523 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Consumer Staples (continued) | ||||||||
12,841 | Kraft Foods Group, Inc. | $ | 723,590 | |||||
10,572 | Kroger Co. (The) | 588,966 | ||||||
7,785 | Lorillard, Inc. | 478,777 | ||||||
2,807 | McCormick & Co., Inc. | 198,511 | ||||||
4,373 | Mead Johnson Nutrition Co. | 434,283 | ||||||
3,441 | Molson Coors Brewing Co., Class B | 255,942 | ||||||
36,452 | Mondelez International, Inc., Class A | 1,285,298 | ||||||
3,108 | Monster Beverage Corp.(c) | 313,535 | ||||||
32,579 | PepsiCo, Inc. | 3,133,122 | ||||||
33,778 | Philip Morris International, Inc. | 3,006,580 | ||||||
58,545 | Procter & Gamble Co. (The) | 5,109,222 | ||||||
6,663 | Reynolds American, Inc. | 419,169 | ||||||
4,983 | Safeway, Inc. | 173,707 | ||||||
12,688 | Sysco Corp. | 488,996 | ||||||
6,333 | Tyson Foods, Inc., Class A | 255,537 | ||||||
19,029 | Walgreen Co. | 1,222,042 | ||||||
34,143 | Wal-Mart Stores, Inc. | 2,604,087 | ||||||
7,812 | Whole Foods Market, Inc. | 307,246 | ||||||
|
| |||||||
37,355,831 | ||||||||
|
| |||||||
Energy—9.8% | ||||||||
10,941 | Anadarko Petroleum Corp. | 1,004,165 | ||||||
8,268 | Apache Corp. | 638,290 | ||||||
9,406 | Baker Hughes, Inc. | 498,142 | ||||||
9,022 | Cabot Oil & Gas Corp. | 280,584 | ||||||
4,389 | Cameron International Corp.(c) | 261,365 | ||||||
11,228 | Chesapeake Energy Corp. | 249,037 | ||||||
41,059 | Chevron Corp. | 4,925,027 | ||||||
1,883 | Cimarex Energy Co. | 214,041 | ||||||
26,585 | ConocoPhillips | 1,918,108 | ||||||
4,977 | CONSOL Energy, Inc. | 183,154 | ||||||
7,616 | Denbury Resources, Inc. | 94,438 | ||||||
8,314 | Devon Energy Corp. | 498,840 | ||||||
1,454 | Diamond Offshore Drilling, Inc. | 54,830 | ||||||
5,055 | Ensco PLC, Class A | 205,182 | ||||||
11,836 | EOG Resources, Inc. | 1,125,012 | ||||||
3,277 | EQT Corp. | 308,169 | ||||||
92,211 | Exxon Mobil Corp. | 8,917,726 | ||||||
5,080 | FMC Technologies, Inc.(c) | 284,683 | ||||||
18,392 | Halliburton Co. | 1,014,135 | ||||||
2,339 | Helmerich & Payne, Inc. | 203,072 | ||||||
5,656 | Hess Corp. | 479,685 | ||||||
14,222 | Kinder Morgan, Inc. | 550,391 | ||||||
14,582 | Marathon Oil Corp. | 516,203 | ||||||
6,128 | Marathon Petroleum Corp. | 557,035 | ||||||
3,610 | Murphy Oil Corp. | 192,738 | ||||||
6,256 | Nabors Industries Ltd. | 111,670 | ||||||
9,301 | National Oilwell Varco, Inc. | 675,625 | ||||||
2,956 | Newfield Exploration Co.(c) | 96,395 | ||||||
5,496 | Noble Corp. PLC | 114,976 | ||||||
7,790 | Noble Energy, Inc. | 448,938 | ||||||
16,857 | Occidental Petroleum Corp. | 1,499,093 | ||||||
4,497 | ONEOK, Inc. | 265,053 | ||||||
12,086 | Phillips 66 | 948,751 | ||||||
3,093 | Pioneer Natural Resources Co. | 584,763 | ||||||
3,583 | QEP Resources, Inc. | 89,826 | ||||||
3,649 | Range Resources Corp. | 249,592 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Energy (continued) | ||||||||
28,031 | Schlumberger Ltd. | $ | 2,765,538 | |||||
7,635 | Southwestern Energy Co.(c) | 248,214 | ||||||
14,508 | Spectra Energy Corp. | 567,698 | ||||||
2,772 | Tesoro Corp. | 197,948 | ||||||
7,361 | Transocean Ltd. | 219,579 | ||||||
11,414 | Valero Energy Corp. | 571,727 | ||||||
14,544 | Williams Cos., Inc. (The) | 807,337 | ||||||
|
| |||||||
35,636,775 | ||||||||
|
| |||||||
Financials—17.5% | ||||||||
7,257 | ACE Ltd. | 793,190 | ||||||
1,203 | Affiliated Managers Group, Inc.(c) | 240,347 | ||||||
9,795 | Aflac, Inc. | 585,055 | ||||||
9,370 | Allstate Corp. (The) | 607,644 | ||||||
19,463 | American Express Co. | 1,750,697 | ||||||
30,852 | American International Group, Inc. | 1,652,742 | ||||||
8,567 | American Tower Corp. REIT | 835,282 | ||||||
4,046 | Ameriprise Financial, Inc. | 510,484 | ||||||
6,280 | Aon PLC | 540,080 | ||||||
3,159 | Apartment Investment & Management Co., Class A REIT | 113,061 | ||||||
1,545 | Assurant, Inc. | 105,400 | ||||||
2,837 | AvalonBay Communities, Inc. REIT | 442,118 | ||||||
227,375 | Bank of America Corp. | 3,901,755 | ||||||
24,466 | Bank of New York Mellon Corp. (The) | 947,324 | ||||||
15,560 | BB&T Corp. | 589,413 | ||||||
39,419 | Berkshire Hathaway, Inc., Class B(c) | 5,524,967 | ||||||
2,727 | BlackRock, Inc., Class A | 930,207 | ||||||
3,312 | Boston Properties, Inc. REIT | 419,796 | ||||||
12,135 | Capital One Financial Corp. | 1,004,414 | ||||||
6,033 | CBRE Group, Inc., Class A(c) | 193,056 | ||||||
24,798 | Charles Schwab Corp. (The) | 710,959 | ||||||
5,199 | Chubb Corp. (The) | 516,573 | ||||||
3,185 | Cincinnati Financial Corp. | 160,747 | ||||||
65,553 | Citigroup, Inc. | 3,509,052 | ||||||
6,831 | CME Group, Inc., Class A | 572,506 | ||||||
3,910 | Comerica, Inc. | 186,663 | ||||||
7,217 | Crown Castle International Corp. REIT | 563,792 | ||||||
9,989 | Discover Financial Services | 637,098 | ||||||
6,242 | E*TRADE Financial Corp.(c) | 139,197 | ||||||
7,823 | Equity Residential REIT | 544,168 | ||||||
1,372 | Essex Property Trust, Inc. REIT | 276,815 | ||||||
18,040 | Fifth Third Bancorp | 360,620 | ||||||
8,519 | Franklin Resources, Inc. | 473,742 | ||||||
13,567 | General Growth Properties, Inc. REIT | 351,521 | ||||||
10,736 | Genworth Financial, Inc., Class A(c) | 150,197 | ||||||
8,860 | Goldman Sachs Group, Inc. (The) | 1,683,311 | ||||||
9,681 | Hartford Financial Services Group, Inc. (The) | 383,174 | ||||||
9,922 | HCP, Inc. REIT | 436,270 | ||||||
7,006 | Health Care REIT, Inc. | 498,197 | ||||||
16,365 | Host Hotels & Resorts, Inc. REIT | 381,468 | ||||||
10,403 | Hudson City Bancorp, Inc. | 100,389 | ||||||
17,667 | Huntington Bancshares, Inc. | 175,080 | ||||||
2,453 | IntercontinentalExchange, Inc. | 510,935 | ||||||
9,359 | Invesco Ltd.(d) | 378,759 | ||||||
3,715 | Iron Mountain, Inc. REIT | 134,000 | ||||||
81,326 | JPMorgan Chase & Co. | 4,918,596 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Financials (continued) | ||||||||
18,959 | KeyCorp | $ | 250,259 | |||||
8,888 | Kimco Realty Corp. REIT | 221,756 | ||||||
2,205 | Legg Mason, Inc. | 114,660 | ||||||
6,851 | Leucadia National Corp. | 162,917 | ||||||
5,645 | Lincoln National Corp. | 309,120 | ||||||
6,591 | Loews Corp. | 287,368 | ||||||
2,854 | M&T Bank Corp. | 348,702 | ||||||
3,041 | Macerich Co. (The) REIT | 214,390 | ||||||
11,767 | Marsh & McLennan Cos., Inc. | 639,772 | ||||||
5,856 | McGraw Hill Financial, Inc. | 529,851 | ||||||
24,320 | MetLife, Inc. | 1,319,117 | ||||||
4,020 | Moody’s Corp. | 398,905 | ||||||
33,114 | Morgan Stanley | 1,157,334 | ||||||
2,555 | NASDAQ OMX Group, Inc. (The) | 110,529 | ||||||
9,069 | Navient Corp. | 179,385 | ||||||
4,787 | Northern Trust Corp. | 317,378 | ||||||
6,710 | People’s United Financial, Inc. | 98,100 | ||||||
3,829 | Plum Creek Timber Co., Inc. REIT | 157,027 | ||||||
11,689 | PNC Financial Services Group, Inc. (The) | 1,009,813 | ||||||
5,909 | Principal Financial Group, Inc. | 309,454 | ||||||
11,639 | Progressive Corp. (The) | 307,386 | ||||||
10,810 | Prologis, Inc. REIT | 450,236 | ||||||
9,948 | Prudential Financial, Inc. | 880,796 | ||||||
3,135 | Public Storage REIT | 577,906 | ||||||
29,806 | Regions Financial Corp. | 295,974 | ||||||
6,720 | Simon Property Group, Inc. REIT | 1,204,291 | ||||||
9,158 | State Street Corp. | 691,063 | ||||||
11,479 | SunTrust Banks, Inc. | 449,288 | ||||||
5,689 | T. Rowe Price Group, Inc. | 467,010 | ||||||
2,824 | Torchmark Corp. | 149,559 | ||||||
7,330 | Travelers Cos., Inc. (The) | 738,864 | ||||||
38,962 | U.S. Bancorp | 1,659,781 | ||||||
5,508 | Unum Group | 184,298 | ||||||
6,365 | Ventas, Inc. REIT | 436,066 | ||||||
3,773 | Vornado Realty Trust REIT | 413,068 | ||||||
102,716 | Wells Fargo & Co. | 5,453,192 | ||||||
11,421 | Weyerhaeuser Co. REIT | 386,715 | ||||||
5,742 | XL Group PLC | 194,539 | ||||||
4,387 | Zions Bancorporation | 127,091 | ||||||
|
| |||||||
63,643,821 | ||||||||
|
| |||||||
Health Care—15.2% | ||||||||
32,512 | Abbott Laboratories | 1,417,198 | ||||||
34,416 | AbbVie, Inc. | 2,184,039 | ||||||
5,715 | Actavis PLC(c) | 1,387,259 | ||||||
7,667 | Aetna, Inc. | 632,604 | ||||||
7,209 | Agilent Technologies, Inc. when-issued | 284,988 | ||||||
4,278 | Alexion Pharmaceuticals, Inc.(c) | 818,638 | ||||||
6,427 | Allergan, Inc. | 1,221,516 | ||||||
4,610 | AmerisourceBergen Corp. | 393,740 | ||||||
16,424 | Amgen, Inc. | 2,663,644 | ||||||
11,714 | Baxter International, Inc. | 821,620 | ||||||
4,147 | Becton, Dickinson and Co. | 533,719 | ||||||
5,104 | Biogen Idec, Inc.(c) | 1,638,792 | ||||||
28,663 | Boston Scientific Corp.(c) | 380,645 | ||||||
35,848 | Bristol-Myers Squibb Co. | 2,085,995 | ||||||
1,612 | C.R. Bard, Inc. | 264,320 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Health Care (continued) | ||||||||
7,278 | Cardinal Health, Inc. | $ | 571,177 | |||||
4,388 | CareFusion Corp.(c) | 251,740 | ||||||
17,288 | Celgene Corp.(c) | 1,851,372 | ||||||
6,562 | Cerner Corp.(c) | 415,637 | ||||||
5,705 | Cigna Corp. | 568,047 | ||||||
9,767 | Covidien PLC | 902,861 | ||||||
3,713 | DaVita HealthCare Partners, Inc.(c) | 289,874 | ||||||
3,064 | DENTSPLY International, Inc. | 155,559 | ||||||
2,291 | Edwards Lifesciences Corp.(c) | 277,028 | ||||||
21,258 | Eli Lilly & Co. | 1,410,043 | ||||||
16,118 | Express Scripts Holding Co.(c) | 1,238,185 | ||||||
32,686 | Gilead Sciences, Inc.(c) | 3,660,832 | ||||||
3,650 | Hospira, Inc.(c) | 196,005 | ||||||
3,333 | Humana, Inc. | 462,787 | ||||||
778 | Intuitive Surgical, Inc.(c) | 385,732 | ||||||
60,980 | Johnson & Johnson | 6,572,424 | ||||||
1,837 | Laboratory Corp. of America Holdings(c) | 200,766 | ||||||
2,449 | Mallinckrodt PLC(c) | 225,749 | ||||||
5,009 | McKesson Corp. | 1,018,881 | ||||||
21,181 | Medtronic, Inc. | 1,443,697 | ||||||
62,371 | Merck & Co., Inc. | 3,613,776 | ||||||
8,088 | Mylan, Inc.(c) | 433,112 | ||||||
1,872 | Patterson Cos., Inc. | 80,702 | ||||||
2,441 | PerkinElmer, Inc. | 105,988 | ||||||
2,894 | Perrigo Co. PLC | 467,236 | ||||||
137,102 | Pfizer, Inc. | 4,106,205 | ||||||
3,122 | Quest Diagnostics, Inc. | 198,122 | ||||||
1,593 | Regeneron Pharmaceuticals, Inc.(c) | 627,196 | ||||||
6,154 | St. Jude Medical, Inc. | 394,902 | ||||||
6,468 | Stryker Corp. | 566,144 | ||||||
2,117 | Tenet Healthcare Corp.(c) | 118,658 | ||||||
8,624 | Thermo Fisher Scientific, Inc. | 1,013,924 | ||||||
21,008 | UnitedHealth Group, Inc. | 1,995,970 | ||||||
1,971 | Universal Health Services, Inc., Class B | 204,412 | ||||||
2,233 | Varian Medical Systems, Inc.(c) | 187,840 | ||||||
5,147 | Vertex Pharmaceuticals, Inc.(c) | 579,758 | ||||||
1,816 | Waters Corp.(c) | 201,213 | ||||||
5,929 | WellPoint, Inc. | 751,145 | ||||||
3,654 | Zimmer Holdings, Inc. | 406,471 | ||||||
10,836 | Zoetis, Inc. | 402,666 | ||||||
|
| |||||||
55,282,553 | ||||||||
|
| |||||||
Industrials—11.1% | ||||||||
14,010 | 3M Co. | 2,154,318 | ||||||
3,761 | ADT Corp. (The) | 134,794 | ||||||
2,077 | Allegion PLC | 110,268 | ||||||
5,315 | AMETEK, Inc. | 277,177 | ||||||
14,492 | Boeing Co. (The) | 1,810,196 | ||||||
3,182 | C.H. Robinson Worldwide, Inc. | 220,226 | ||||||
13,574 | Caterpillar, Inc. | 1,376,539 | ||||||
2,089 | Cintas Corp. | 152,998 | ||||||
21,611 | CSX Corp. | 770,000 | ||||||
3,696 | Cummins, Inc. | 540,281 | ||||||
13,179 | Danaher Corp. | 1,059,592 | ||||||
7,750 | Deere & Co. | 662,935 | ||||||
18,227 | Delta Air Lines, Inc. | 733,272 | ||||||
3,602 | Dover Corp. | 286,143 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Industrials (continued) | ||||||||
787 | Dun & Bradstreet Corp. (The) | $ | 96,652 | |||||
10,291 | Eaton Corp. PLC | 703,802 | ||||||
15,090 | Emerson Electric Co. | 966,665 | ||||||
2,631 | Equifax, Inc. | 199,272 | ||||||
4,219 | Expeditors International of Washington, Inc. | 179,983 | ||||||
5,903 | Fastenal Co. | 259,968 | ||||||
5,741 | FedEx Corp. | 961,043 | ||||||
2,960 | Flowserve Corp. | 201,250 | ||||||
3,405 | Fluor Corp. | 225,888 | ||||||
6,865 | General Dynamics Corp. | 959,452 | ||||||
216,955 | General Electric Co. | 5,599,609 | ||||||
16,921 | Honeywell International, Inc. | 1,626,447 | ||||||
7,889 | Illinois Tool Works, Inc. | 718,294 | ||||||
5,786 | Ingersoll-Rand PLC | 362,319 | ||||||
2,878 | Jacobs Engineering Group, Inc.(c) | 136,561 | ||||||
2,123 | Joy Global, Inc. | 111,734 | ||||||
2,385 | Kansas City Southern | 292,854 | ||||||
1,866 | L-3 Communications Holdings, Inc. | 226,644 | ||||||
5,832 | Lockheed Martin Corp. | 1,111,404 | ||||||
7,707 | Masco Corp. | 170,094 | ||||||
6,577 | Nielsen NV | 279,457 | ||||||
6,693 | Norfolk Southern Corp. | 740,514 | ||||||
4,495 | Northrop Grumman Corp. | 620,130 | ||||||
7,670 | PACCAR, Inc. | 501,004 | ||||||
2,308 | Pall Corp. | 210,997 | ||||||
3,218 | Parker Hannifin Corp. | 408,783 | ||||||
4,163 | Pentair PLC (United Kingdom) | 279,129 | ||||||
4,387 | Pitney Bowes, Inc. | 108,534 | ||||||
3,102 | Precision Castparts Corp. | 684,611 | ||||||
4,689 | Quanta Services, Inc.(c) | 159,801 | ||||||
6,719 | Raytheon Co. | 697,970 | ||||||
5,459 | Republic Services, Inc. | 209,626 | ||||||
2,975 | Robert Half International, Inc. | 162,971 | ||||||
2,983 | Rockwell Automation, Inc. | 335,140 | ||||||
2,922 | Rockwell Collins, Inc. | 245,886 | ||||||
2,164 | Roper Industries, Inc. | 342,561 | ||||||
1,149 | Ryder System, Inc. | 101,652 | ||||||
1,255 | Snap-on, Inc. | 165,836 | ||||||
14,815 | Southwest Airlines Co. | 510,821 | ||||||
3,378 | Stanley Black & Decker, Inc. | 316,316 | ||||||
1,835 | Stericycle, Inc.(c) | 231,210 | ||||||
6,038 | Textron, Inc. | 250,758 | ||||||
9,591 | Tyco International Ltd. | 411,742 | ||||||
19,405 | Union Pacific Corp. | 2,259,712 | ||||||
15,210 | United Parcel Service, Inc., Class B | 1,595,681 | ||||||
2,073 | United Rentals, Inc.(c) | 228,154 | ||||||
18,397 | United Technologies Corp. | 1,968,479 | ||||||
1,315 | W.W. Grainger, Inc. | 324,542 | ||||||
9,378 | Waste Management, Inc. | 458,491 | ||||||
3,951 | Xylem, Inc. | 143,658 | ||||||
|
| |||||||
40,352,840 | ||||||||
|
| |||||||
Information Technology—20.8% | ||||||||
13,648 | Accenture PLC, Class A | 1,107,126 | ||||||
10,217 | Adobe Systems, Inc.(c) | 716,416 | ||||||
3,852 | Akamai Technologies, Inc.(c) | 232,276 | ||||||
1,202 | Alliance Data Systems Corp.(c) | 340,587 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Information Technology (continued) | ||||||||
6,681 | Altera Corp. | $ | 229,626 | |||||
6,783 | Amphenol Corp., Class A | 343,084 | ||||||
6,795 | Analog Devices, Inc. | 337,168 | ||||||
129,470 | Apple, Inc. | 13,982,760 | ||||||
26,345 | Applied Materials, Inc. | 581,961 | ||||||
4,913 | Autodesk, Inc.(c) | 282,694 | ||||||
10,397 | Automatic Data Processing, Inc. | 850,267 | ||||||
5,441 | Avago Technologies Ltd. (Singapore) | 469,286 | ||||||
11,629 | Broadcom Corp., Class A | 487,023 | ||||||
6,928 | CA, Inc. | 201,328 | ||||||
110,256 | Cisco Systems, Inc. | 2,697,964 | ||||||
3,557 | Citrix Systems, Inc.(c) | 228,466 | ||||||
13,146 | Cognizant Technology Solutions Corp., Class A(c) | 642,182 | ||||||
3,136 | Computer Sciences Corp. | 189,414 | ||||||
27,913 | Corning, Inc. | 570,263 | ||||||
24,421 | eBay, Inc.(c) | 1,282,102 | ||||||
6,760 | Electronic Arts, Inc.(c) | 276,957 | ||||||
43,864 | EMC Corp. | 1,260,213 | ||||||
1,600 | F5 Networks, Inc.(c) | 196,768 | ||||||
45,048 | Facebook, Inc., Class A(c) | 3,378,150 | ||||||
6,170 | Fidelity National Information Services, Inc. | 360,266 | ||||||
1,623 | First Solar, Inc.(c) | 95,595 | ||||||
5,390 | Fiserv, Inc.(c) | 374,497 | ||||||
3,063 | FLIR Systems, Inc. | 102,702 | ||||||
6,141 | Google, Inc., Class A(c) | 3,487,290 | ||||||
6,133 | Google, Inc., Class C(c) | 3,428,838 | ||||||
2,267 | Harris Corp. | 157,783 | ||||||
40,353 | Hewlett-Packard Co. | 1,447,866 | ||||||
107,051 | Intel Corp. | 3,640,805 | ||||||
20,061 | International Business Machines Corp. | 3,298,028 | ||||||
6,140 | Intuit, Inc. | 540,381 | ||||||
4,322 | Jabil Circuit, Inc. | 90,546 | ||||||
8,681 | Juniper Networks, Inc. | 182,909 | ||||||
3,576 | KLA-Tencor Corp. | 283,040 | ||||||
3,504 | Lam Research Corp. | 272,821 | ||||||
5,156 | Linear Technology Corp. | 220,883 | ||||||
21,281 | MasterCard, Inc., Class A | 1,782,284 | ||||||
4,334 | Microchip Technology, Inc. | 186,839 | ||||||
23,153 | Micron Technology, Inc.(c) | 766,133 | ||||||
178,162 | Microsoft Corp. | 8,364,706 | ||||||
4,772 | Motorola Solutions, Inc. | 307,794 | ||||||
6,902 | NetApp, Inc. | 295,406 | ||||||
11,130 | NVIDIA Corp. | 217,480 | ||||||
70,318 | Oracle Corp. | 2,745,918 | ||||||
7,066 | Paychex, Inc. | 331,678 | ||||||
36,240 | QUALCOMM, Inc. | 2,845,202 | ||||||
4,087 | Red Hat, Inc.(c) | 240,806 | ||||||
12,449 | Salesforce.com, Inc.(c) | 796,612 | ||||||
4,848 | SanDisk Corp. | 456,391 | ||||||
7,067 | Seagate Technology PLC | 444,020 | ||||||
14,928 | Symantec Corp. | 370,513 | ||||||
8,850 | TE Connectivity Ltd. (Switzerland) | 541,000 | ||||||
3,350 | Teradata Corp.(c) | 141,772 | ||||||
23,082 | Texas Instruments, Inc. | 1,146,252 | ||||||
3,574 | Total System Services, Inc. | 120,765 | ||||||
2,433 | VeriSign, Inc.(c) | 145,396 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Information Technology (continued) | ||||||||
10,645 | Visa, Inc., Class A | $ | 2,570,022 | |||||
4,754 | Western Digital Corp. | 467,651 | ||||||
11,453 | Western Union Co. (The) | 194,243 | ||||||
23,437 | Xerox Corp. | 311,243 | ||||||
5,803 | Xilinx, Inc. | 258,117 | ||||||
20,000 | Yahoo!, Inc.(c) | 921,000 | ||||||
|
| |||||||
75,837,574 | ||||||||
|
| |||||||
Materials—3.5% | ||||||||
4,145 | Air Products & Chemicals, Inc. | 558,166 | ||||||
1,451 | Airgas, Inc. | 161,845 | ||||||
25,437 | Alcoa, Inc. | 426,324 | ||||||
2,350 | Allegheny Technologies, Inc. | 77,197 | ||||||
2,026 | Avery Dennison Corp. | 94,918 | ||||||
2,991 | Ball Corp. | 192,710 | ||||||
2,160 | Bemis Co., Inc. | 83,095 | ||||||
1,074 | CF Industries Holdings, Inc. | 279,240 | ||||||
24,270 | Dow Chemical Co. (The) | 1,198,938 | ||||||
19,791 | E.I. du Pont de Nemours & Co. | 1,368,548 | ||||||
3,225 | Eastman Chemical Co. | 260,515 | ||||||
5,829 | Ecolab, Inc. | 648,360 | ||||||
2,880 | FMC Corp. | 165,168 | ||||||
22,466 | Freeport-McMoRan, Inc. | 640,281 | ||||||
1,755 | International Flavors & Fragrances, Inc. | 174,008 | ||||||
9,234 | International Paper Co. | 467,425 | ||||||
9,195 | LyondellBasell Industries NV, Class A | 842,538 | ||||||
1,330 | Martin Marietta Materials, Inc. | 155,504 | ||||||
3,644 | MeadWestvaco Corp. | 160,955 | ||||||
11,344 | Monsanto Co. | 1,305,014 | ||||||
6,884 | Mosaic Co. (The) | 305,030 | ||||||
10,783 | Newmont Mining Corp. | 202,289 | ||||||
6,893 | Nucor Corp. | 372,636 | ||||||
3,565 | Owens-Illinois, Inc.(c) | 91,870 | ||||||
2,982 | PPG Industries, Inc. | 607,404 | ||||||
6,314 | Praxair, Inc. | 795,501 | ||||||
4,585 | Sealed Air Corp. | 166,206 | ||||||
1,798 | Sherwin-Williams Co. (The) | 412,749 | ||||||
2,574 | Sigma-Aldrich Corp. | 349,832 | ||||||
2,831 | Vulcan Materials Co. | 174,701 | ||||||
|
| |||||||
12,738,967 | ||||||||
|
| |||||||
Telecommunication Services—2.5% | ||||||||
112,135 | AT&T, Inc. | 3,906,783 | ||||||
12,329 | CenturyLink, Inc. | 511,407 | ||||||
21,667 | Frontier Communications Corp. | 141,702 | ||||||
89,630 | Verizon Communications, Inc. | 4,503,908 | ||||||
13,032 | Windstream Holdings, Inc. | 136,575 | ||||||
|
| |||||||
9,200,375 | ||||||||
|
| |||||||
Utilities—3.4% | ||||||||
14,388 | AES Corp. (The) | 202,439 | ||||||
2,585 | AGL Resources, Inc. | 139,357 | ||||||
5,246 | Ameren Corp. | 222,116 | ||||||
10,567 | American Electric Power Co., Inc. | 616,479 | ||||||
9,295 | CenterPoint Energy, Inc. | 228,192 | ||||||
5,945 | CMS Energy Corp. | 194,223 | ||||||
6,333 | Consolidated Edison, Inc. | 401,259 | ||||||
12,598 | Dominion Resources, Inc. | 898,237 |
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, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Utilities (continued) | ||||||||
3,827 | DTE Energy Co. | $ | 314,426 | |||||
15,291 | Duke Energy Corp. | 1,256,156 | ||||||
7,045 | Edison International | 440,876 | ||||||
3,884 | Entergy Corp. | 326,334 | ||||||
18,577 | Exelon Corp. | 679,733 | ||||||
9,088 | FirstEnergy Corp. | 339,346 | ||||||
1,729 | Integrys Energy Group, Inc. | 125,664 | ||||||
9,435 | NextEra Energy, Inc. | 945,576 | ||||||
6,820 | NiSource, Inc. | 286,849 | ||||||
6,834 | Northeast Utilities | 337,258 | ||||||
7,301 | NRG Energy, Inc. | 218,884 | ||||||
5,430 | Pepco Holdings, Inc. | 148,456 | ||||||
10,193 | PG&E Corp. | 512,912 | ||||||
2,386 | Pinnacle West Capital Corp. | 146,667 | ||||||
14,365 | PPL Corp. | 502,631 | ||||||
10,940 | Public Service Enterprise Group, Inc. | 451,931 | ||||||
3,071 | SCANA Corp. | 168,567 | ||||||
4,999 | Sempra Energy | 549,890 | ||||||
19,368 | Southern Co. (The) | 897,901 | ||||||
5,046 | TECO Energy, Inc. | 98,952 | ||||||
4,876 | Wisconsin Energy Corp. | 242,142 | ||||||
10,928 | Xcel Energy, Inc. | 365,760 | ||||||
|
| |||||||
12,259,213 | ||||||||
|
| |||||||
Total Investments (Cost $320,760,651)—106.4% | 387,524,107 | |||||||
Other assets less liabilities—(6.4%) | (23,185,046 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 364,339,061 | ||||||
|
|
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 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 wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Portfolio Composition
PowerShares S&P 500® High Quality Portfolio (SPHQ)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Industrials | 27.9 | |||
Consumer Discretionary | 18.9 | |||
Consumer Staples | 18.8 | |||
Health Care | 9.9 | |||
Materials | 8.2 | |||
Financials | 5.6 | |||
Information Technology | 5.1 | |||
Utilities | 3.6 | |||
Energy | 2.0 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares S&P 500® High Quality Portfolio (SPHQ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—18.9% | ||||||||
31,077 | Comcast Corp., Class A | $ | 1,720,112 | |||||
33,807 | Darden Restaurants, Inc. | 1,750,526 | ||||||
63,292 | Family Dollar Stores, Inc. | 4,955,131 | ||||||
89,970 | Gap, Inc. (The) | 3,408,963 | ||||||
37,534 | Genuine Parts Co. | 3,643,801 | ||||||
28,954 | Harley-Davidson, Inc. | 1,902,278 | ||||||
59,446 | Hasbro, Inc. | 3,419,928 | ||||||
35,324 | Home Depot, Inc. (The) | 3,444,796 | ||||||
30,453 | Lowe’s Cos., Inc. | 1,741,912 | ||||||
106,395 | Mattel, Inc. | 3,305,693 | ||||||
35,431 | McDonald’s Corp. | 3,320,948 | ||||||
56,257 | NIKE, Inc., Class B | 5,230,213 | ||||||
46,699 | Nordstrom, Inc. | 3,390,814 | ||||||
74,862 | Omnicom Group, Inc. | 5,379,583 | ||||||
50,433 | PetSmart, Inc. | 3,648,828 | ||||||
20,378 | Ralph Lauren Corp., Class A | 3,359,109 | ||||||
63,266 | Ross Stores, Inc. | 5,106,832 | ||||||
53,962 | Target Corp. | 3,335,931 | ||||||
17,875 | Tiffany & Co. | 1,718,145 | ||||||
79,658 | TJX Cos., Inc. (The) | 5,043,945 | ||||||
50,668 | VF Corp. | 3,429,210 | ||||||
56,859 | Walt Disney Co. (The) | 5,195,775 | ||||||
70,760 | Yum! Brands, Inc. | 5,082,691 | ||||||
|
| |||||||
82,535,164 | ||||||||
|
| |||||||
Consumer Staples—18.8% | ||||||||
35,001 | Altria Group, Inc. | 1,691,948 | ||||||
37,698 | Brown-Forman Corp., Class B | 3,493,474 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
38,747 | Campbell Soup Co. | $ | 1,711,455 | |||||
33,683 | Clorox Co. (The) | 3,351,458 | ||||||
110,287 | Coca-Cola Co. (The) | 4,618,820 | ||||||
75,115 | Colgate-Palmolive Co. | 5,023,691 | ||||||
25,376 | Costco Wholesale Corp. | 3,384,397 | ||||||
59,460 | CVS Health Corp. | 5,102,263 | ||||||
45,003 | Estee Lauder Cos., Inc. (The), Class A | 3,383,326 | ||||||
65,642 | General Mills, Inc. | 3,410,758 | ||||||
17,542 | Hershey Co. (The) | 1,682,453 | ||||||
94,746 | Hormel Foods Corp. | 5,107,757 | ||||||
33,470 | J.M. Smucker Co. (The) | 3,480,880 | ||||||
81,332 | Kellogg Co. | 5,201,995 | ||||||
31,459 | Kimberly-Clark Corp. when-issued | 3,449,167 | ||||||
81,101 | Lorillard, Inc. | 4,987,711 | ||||||
72,534 | McCormick & Co., Inc. | 5,129,604 | ||||||
34,540 | PepsiCo, Inc. | 3,321,712 | ||||||
57,908 | Procter & Gamble Co. (The) | 5,053,631 | ||||||
44,142 | Sysco Corp. | 1,701,233 | ||||||
51,909 | Walgreen Co. | 3,333,596 | ||||||
62,641 | Wal-Mart Stores, Inc. | 4,777,629 | ||||||
|
| |||||||
82,398,958 | ||||||||
|
| |||||||
Energy—2.0% | ||||||||
28,703 | Chevron Corp. | 3,442,925 | ||||||
35,690 | Exxon Mobil Corp. | 3,451,580 | ||||||
19,813 | Hess Corp. | 1,680,340 | ||||||
|
| |||||||
8,574,845 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares S&P 500® High Quality Portfolio (SPHQ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—5.6% | ||||||||
28,924 | Aflac, Inc. | $ | 1,727,631 | |||||
14,280 | Ameriprise Financial, Inc. | 1,801,708 | ||||||
10,585 | BlackRock, Inc., Class A | 3,610,649 | ||||||
35,011 | Chubb Corp. (The) | 3,478,693 | ||||||
24,592 | Health Care REIT, Inc. | 1,748,737 | ||||||
72,091 | Kimco Realty Corp. REIT | 1,798,671 | ||||||
17,755 | Moody’s Corp. | 1,761,829 | ||||||
21,705 | T. Rowe Price Group, Inc. | 1,781,763 | ||||||
63,497 | Torchmark Corp. | 3,362,801 | ||||||
17,393 | Travelers Cos., Inc. (The) | 1,753,214 | ||||||
32,291 | Wells Fargo & Co. | 1,714,329 | ||||||
|
| |||||||
24,540,025 | ||||||||
|
| |||||||
Health Care—9.9% | ||||||||
78,718 | Abbott Laboratories | 3,431,318 | ||||||
42,528 | AmerisourceBergen Corp. | 3,632,317 | ||||||
45,884 | Baxter International, Inc. | 3,218,304 | ||||||
25,572 | Becton, Dickinson and Co. | 3,291,116 | ||||||
21,819 | C.R. Bard, Inc. | 3,577,661 | ||||||
36,384 | DENTSPLY International, Inc. | 1,847,216 | ||||||
48,449 | Johnson & Johnson | 5,221,833 | ||||||
8,436 | McKesson Corp. | 1,715,967 | ||||||
51,009 | Medtronic, Inc. | 3,476,773 | ||||||
33,133 | Mylan, Inc.(b) | 1,774,272 | ||||||
28,015 | Quest Diagnostics, Inc. | 1,777,832 | ||||||
39,920 | Stryker Corp. | 3,494,198 | ||||||
57,436 | UnitedHealth Group, Inc. | 5,456,994 | ||||||
15,737 | Universal Health Services, Inc., Class B | 1,632,084 | ||||||
|
| |||||||
43,547,885 | ||||||||
|
| |||||||
Industrials—27.9% | ||||||||
36,652 | 3M Co. | 5,635,978 | ||||||
68,974 | AMETEK, Inc. | 3,596,994 | ||||||
75,894 | C.H. Robinson Worldwide, Inc. | 5,252,624 | ||||||
35,110 | Caterpillar, Inc. | 3,560,505 | ||||||
23,852 | Cintas Corp. | 1,746,921 | ||||||
109,212 | CSX Corp. | 3,891,224 | ||||||
12,840 | Cummins, Inc. | 1,876,951 | ||||||
68,254 | Danaher Corp. | 5,487,622 | ||||||
40,372 | Deere & Co. | 3,453,421 | ||||||
43,152 | Dover Corp. | 3,427,995 | ||||||
82,522 | Emerson Electric Co. | 5,286,359 | ||||||
85,255 | Expeditors International of Washington, Inc. | 3,636,978 | ||||||
76,864 | Fastenal Co. | 3,385,091 | ||||||
26,007 | Fluor Corp. | 1,725,304 | ||||||
26,972 | General Dynamics Corp. | 3,769,607 | ||||||
67,355 | General Electric Co. | 1,738,433 | ||||||
37,195 | Honeywell International, Inc. | 3,575,184 | ||||||
20,241 | Illinois Tool Works, Inc. | 1,842,943 | ||||||
42,592 | L-3 Communications Holdings, Inc. | 5,173,224 | ||||||
28,114 | Lockheed Martin Corp. | 5,357,685 | ||||||
31,948 | Norfolk Southern Corp. | 3,534,727 | ||||||
26,369 | Northrop Grumman Corp. | 3,637,867 | ||||||
39,873 | Pall Corp. | 3,645,190 | ||||||
30,008 | Parker Hannifin Corp. | 3,811,916 | ||||||
51,381 | Raytheon Co. | 5,337,458 | ||||||
42,725 | Republic Services, Inc. | 1,640,640 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
43,702 | Rockwell Collins, Inc. | $ | 3,677,523 | |||||
23,058 | Roper Industries, Inc. | 3,650,081 | ||||||
28,237 | Snap-on, Inc. | 3,731,237 | ||||||
48,398 | Union Pacific Corp. | 5,635,947 | ||||||
49,082 | United Technologies Corp. | 5,251,774 | ||||||
20,375 | W.W. Grainger, Inc. | 5,028,550 | ||||||
|
| |||||||
122,003,953 | ||||||||
|
| |||||||
Information Technology—5.1% | ||||||||
35,781 | Amphenol Corp., Class A | 1,809,803 | ||||||
44,997 | Automatic Data Processing, Inc. | 3,679,855 | ||||||
26,387 | International Business Machines Corp. | 4,338,023 | ||||||
20,390 | Intuit, Inc. | 1,794,524 | ||||||
41,628 | Linear Technology Corp. | 1,783,343 | ||||||
37,129 | Microsoft Corp. | 1,743,206 | ||||||
42,911 | Oracle Corp. | 1,675,674 | ||||||
75,323 | Paychex, Inc. | 3,535,662 | ||||||
22,960 | QUALCOMM, Inc. | 1,802,590 | ||||||
|
| |||||||
22,162,680 | ||||||||
|
| |||||||
Materials—8.2% | ||||||||
26,590 | Air Products & Chemicals, Inc. | 3,580,609 | ||||||
30,920 | Airgas, Inc. | 3,448,817 | ||||||
52,221 | Ball Corp. | 3,364,599 | ||||||
24,570 | E.I. du Pont de Nemours & Co. | 1,699,015 | ||||||
44,881 | Ecolab, Inc. | 4,992,114 | ||||||
17,592 | International Flavors & Fragrances, Inc. | 1,744,247 | ||||||
30,633 | Monsanto Co. | 3,524,020 | ||||||
40,611 | Praxair, Inc. | 5,116,580 | ||||||
15,339 | Sherwin-Williams Co. (The) | 3,521,221 | ||||||
36,213 | Sigma-Aldrich Corp. | 4,921,709 | ||||||
|
| |||||||
35,912,931 | ||||||||
|
| |||||||
Utilities—3.6% | ||||||||
63,105 | AGL Resources, Inc. | 3,401,991 | ||||||
21,015 | Entergy Corp. | 1,765,680 | ||||||
34,916 | NextEra Energy, Inc. | 3,499,281 | ||||||
33,094 | SCANA Corp. | 1,816,530 | ||||||
36,256 | Southern Co. (The) | 1,680,828 | ||||||
71,772 | Wisconsin Energy Corp. | 3,564,198 | ||||||
|
| |||||||
15,728,508 | ||||||||
|
| |||||||
Total Investments (Cost $347,269,630)—100.0% | 437,404,949 | |||||||
Other assets less liabilities—0.0% | 91,003 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 437,495,952 | ||||||
|
|
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.
| 20 |
|
Portfolio Composition
PowerShares Water Resources Portfolio (PHO)
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Machinery | 49.0 | |||
Water Utilities | 16.4 | |||
Life Sciences Tools & Services | 8.6 | |||
Industrial Conglomerates | 8.5 | |||
Electronic Equipment, Instruments & Components | 4.6 | |||
Commercial Services & Supplies | 4.2 | |||
Construction & Engineering | 3.3 | |||
Electrical Equipment | 2.3 | |||
Chemicals | 1.9 | |||
Multi-Utilities | 1.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Water Resources Portfolio (PHO)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Chemicals—1.9% | ||||||||
878,290 | Calgon Carbon Corp.(b) | $ | 18,470,439 | |||||
|
| |||||||
Commercial Services & Supplies—4.2% | ||||||||
1,514,123 | Tetra Tech, Inc. | 40,593,638 | ||||||
|
| |||||||
Construction & Engineering—3.3% | ||||||||
1,077,028 | Aegion Corp.(b) | 19,731,153 | ||||||
914,131 | Layne Christensen Co.(b) | 6,581,743 | ||||||
143,876 | Northwest Pipe Co.(b) | 5,147,883 | ||||||
|
| |||||||
31,460,779 | ||||||||
|
| |||||||
Electrical Equipment—2.3% | ||||||||
581,570 | Franklin Electric Co., Inc. | 21,715,824 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—4.6% | ||||||||
143,425 | Badger Meter, Inc. | 8,163,751 | ||||||
914,502 | Itron, Inc.(b) | 35,601,563 | ||||||
|
| |||||||
43,765,314 | ||||||||
|
| |||||||
Industrial Conglomerates—8.5% | ||||||||
512,897 | Roper Industries, Inc. | 81,191,595 | ||||||
|
| |||||||
Life Sciences Tools & Services—8.6% | ||||||||
746,594 | Waters Corp.(b) | 82,722,615 | ||||||
|
| |||||||
Machinery—49.0% | ||||||||
1,098,044 | Energy Recovery, Inc.(b) | 5,029,042 | ||||||
1,017,527 | Flowserve Corp. | 69,181,661 | ||||||
300,196 | Gorman-Rupp Co. (The) | 9,528,221 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Machinery (continued) | ||||||||
496,402 | Lindsay Corp. | $ | 43,534,455 | |||||
3,700,507 | Mueller Water Products, Inc., Class A | 36,524,004 | ||||||
457,627 | Pall Corp. | 41,836,260 | ||||||
1,134,426 | Pentair PLC (United Kingdom) | 76,063,263 | ||||||
627,502 | Toro Co. (The) | 38,735,698 | ||||||
548,633 | Valmont Industries, Inc. | 74,707,356 | ||||||
610,058 | Watts Water Technologies, Inc., Class A | 36,987,817 | ||||||
1,036,234 | Xylem, Inc. | 37,677,468 | ||||||
|
| |||||||
469,805,245 | ||||||||
|
| |||||||
Multi-Utilities—1.1% | ||||||||
683,679 | Veolia Environnement SA ADR (France) | 11,123,457 | ||||||
|
| |||||||
Water Utilities—16.4% | ||||||||
517,861 | American States Water Co. | 18,529,067 | ||||||
762,899 | American Water Works Co., Inc. | 40,715,920 | ||||||
1,543,789 | Aqua America, Inc. | 40,447,272 | ||||||
563,035 | California Water Service Group | 14,655,801 | ||||||
4,090,058 | Cia de Saneamento Basico do Estado de Sao Paulo ADR (Brazil) | 31,738,850 | ||||||
94,058 | Connecticut Water Service, Inc. | 3,496,136 | ||||||
634,746 | Consolidated Water Co. Ltd. (Cayman Islands) | 7,610,604 | ||||||
|
| |||||||
157,193,650 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $744,672,041) | 958,042,556 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares Water Resources Portfolio (PHO) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
1,007,269 | Invesco Premier Portfolio—Institutional Class(c) (Cost $1,007,269) | $ | 1,007,269 | |||||
|
| |||||||
Total Investments (Cost $745,679,310)—100.0% | 959,049,825 | |||||||
Other assets less liabilities—(0.0%) | (297,384 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 958,752,441 | ||||||
|
|
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.
| 22 |
|
Portfolio Composition
PowerShares WilderHill Clean Energy Portfolio (PBW)
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Semiconductors & Semiconductor Equipment | 28.2 | |||
Electrical Equipment | 20.4 | |||
Chemicals | 9.3 | |||
Electronic Equipment, Instruments & Components | 8.0 | |||
Independent Power Producers & Energy Traders | 7.4 | |||
Oil, Gas & Consumable Fuels | 6.7 | |||
Construction & Engineering | 4.5 | |||
Software | 4.4 | |||
Auto Components | 3.7 | |||
Electric Utilities | 2.7 | |||
Automobiles | 2.4 | |||
Internet Software & Services | 2.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares WilderHill Clean Energy Portfolio (PBW)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Auto Components—3.7% | ||||||||
93,421 | Fuel Systems Solutions, Inc.(b) | $ | 862,276 | |||||
85,957 | Gentherm, Inc.(b) | 3,584,407 | ||||||
241,269 | Quantum Fuel Systems Technologies Worldwide, Inc.(b)(c) | 960,251 | ||||||
645,140 | UQM Technologies, Inc.(b)(c) | 716,105 | ||||||
|
| |||||||
6,123,039 | ||||||||
|
| |||||||
Automobiles—2.4% | ||||||||
16,380 | Tesla Motors, Inc.(b) | 3,959,046 | ||||||
|
| |||||||
Chemicals—9.3% | ||||||||
30,077 | Air Products & Chemicals, Inc. | 4,050,169 | ||||||
83,155 | Cytec Industries, Inc. | 3,877,517 | ||||||
149,511 | OM Group, Inc. | 3,891,771 | ||||||
151,942 | Sociedad Quimica y Minera de Chile SA ADR (Chile) | 3,605,584 | ||||||
|
| |||||||
15,425,041 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Construction & Engineering—4.5% | ||||||||
507,767 | Ameresco, Inc., Class A(b) | $ | 4,184,000 | |||||
99,325 | Quanta Services, Inc.(b) | 3,384,996 | ||||||
|
| |||||||
7,568,996 | ||||||||
|
| |||||||
Electric Utilities—2.7% | ||||||||
111,930 | ITC Holdings Corp. | 4,433,547 | ||||||
|
| |||||||
Electrical Equipment—20.4% | ||||||||
626,969 | American Superconductor Corp.(b) | 821,329 | ||||||
1,191,603 | Ballard Power Systems, Inc. (Canada)(b)(c) | 3,336,488 | ||||||
111,010 | Broadwind Energy, Inc.(b) | 708,244 | ||||||
1,333,498 | China Ming Yang Wind Power Group Ltd. ADR (China)(b)(c) | 3,360,415 | ||||||
236,736 | Enphase Energy, Inc.(b) | 3,555,775 | ||||||
1,699,699 | FuelCell Energy, Inc.(b)(c) | 3,433,392 | ||||||
47,156 | Hydrogenics Corp. (Canada)(b)(c) | 834,661 | ||||||
160,412 | Orion Energy Systems, Inc.(b) | 922,369 | ||||||
806,727 | Plug Power, Inc.(b)(c) | 3,799,684 | ||||||
103,204 | Polypore International, Inc.(b) | 4,532,720 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
PowerShares WilderHill Clean Energy Portfolio (PBW) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Electrical Equipment (continued) | ||||||||
377,165 | PowerSecure International, Inc.(b)(c) | $ | 4,212,933 | |||||
626,969 | Real Goods Solar, Inc., Class A(b)(c) | 504,773 | ||||||
66,443 | SolarCity Corp.(b)(c) | 3,932,097 | ||||||
|
| |||||||
33,954,880 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—8.0% | ||||||||
392,197 | Echelon Corp.(b) | 823,614 | ||||||
93,528 | Itron, Inc.(b) | 3,641,045 | ||||||
465,537 | Maxwell Technologies, Inc.(b)(c) | 5,428,161 | ||||||
110,332 | Universal Display Corp.(b)(c) | 3,451,185 | ||||||
|
| |||||||
13,344,005 | ||||||||
|
| |||||||
Independent Power Producers & Energy Traders—7.4% | ||||||||
179,047 | Calpine Corp.(b) | 4,085,852 | ||||||
150,768 | Ormat Technologies, Inc. | 4,364,734 | ||||||
131,314 | Pattern Energy Group, Inc., Class A | 3,779,217 | ||||||
|
| |||||||
12,229,803 | ||||||||
|
| |||||||
Internet Software & Services—2.3% | ||||||||
211,553 | Opower, Inc.(b)(c) | 3,841,803 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—6.7% | ||||||||
1,024,632 | Amyris, Inc.(b)(c) | 3,094,389 | ||||||
390,704 | Renewable Energy Group, Inc.(b) | 4,114,113 | ||||||
509,064 | Solazyme, Inc.(b)(c) | 3,904,521 | ||||||
|
| |||||||
11,113,023 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—28.2% | ||||||||
200,467 | Advanced Energy Industries, Inc.(b) | 3,965,237 | ||||||
294,689 | Aixtron SE ADR (Germany)(b)(c) | 3,574,578 | ||||||
83,518 | Amtech Systems, Inc.(b) | 879,445 | ||||||
107,806 | Canadian Solar, Inc. (Canada)(b) | 3,439,011 | ||||||
87,819 | Cree, Inc.(b)(c) | 2,764,542 | ||||||
101,685 | Daqo New Energy Corp. ADR (China)(b)(c) | 3,957,580 | ||||||
60,320 | First Solar, Inc.(b) | 3,552,848 | ||||||
1,681,748 | Hanwha SolarOne Co. Ltd. ADR (South Korea)(b)(c) | 3,498,036 | ||||||
422,720 | JA Solar Holdings Co. Ltd. ADR (China)(b)(c) | 3,538,166 | ||||||
1,147,362 | ReneSola Ltd. ADR (China)(b)(c) | 2,753,669 | ||||||
187,825 | Rubicon Technology, Inc.(b) | 832,065 | ||||||
189,967 | SunEdison, Inc.(b) | 3,706,256 | ||||||
116,253 | SunPower Corp.(b)(c) | 3,701,495 | ||||||
298,936 | Trina Solar Ltd. ADR (China)(b)(c) | 3,156,764 | ||||||
1,181,105 | Yingli Green Energy Holding Co. Ltd. ADR (China)(b)(c) | 3,460,638 | ||||||
|
| |||||||
46,780,330 | ||||||||
|
| |||||||
Software—4.4% | ||||||||
202,662 | EnerNOC, Inc.(b) | 2,993,318 | ||||||
444,344 | Silver Spring Networks, Inc.(b)(c) | 4,256,815 | ||||||
|
| |||||||
7,250,133 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $172,332,301)—100.0% | 166,023,646 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—28.4% | ||||||||
47,233,325 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $47,233,325) | $ | 47,233,325 | |||||
|
| |||||||
Total Investments (Cost $219,565,626)—128.4% | 213,256,971 | |||||||
Other assets less liabilities—(28.4%) | (47,168,040 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 166,088,931 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Citibank | $ | 46,037,567 | $ | (46,037,567 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 12.2 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Portfolio Composition
PowerShares WilderHill Progressive Energy Portfolio (PUW)
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Oil, Gas & Consumable Fuels | 18.7 | |||
Electrical Equipment | 16.4 | |||
Machinery | 13.3 | |||
Chemicals | 9.2 | |||
Construction & Engineering | 7.2 | |||
Building Products | 5.9 | |||
Auto Components | 5.4 | |||
Electric Utilities | 5.2 | |||
Automobiles | 4.0 | |||
Commercial Services & Supplies | 2.4 | |||
Energy Equipment & Services | 2.2 | |||
Food & Staples Retailing | 2.1 | |||
Aerospace & Defense | 2.0 | |||
Semiconductors & Semiconductor Equipment | 2.0 | |||
Electronic Equipment, Instruments & Components | 1.8 | |||
Industrial Conglomerates | 1.6 | |||
Real Estate Investment Trusts | 0.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares WilderHill Progressive Energy Portfolio (PUW)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Aerospace & Defense—2.0% | ||||||||
17,455 | Hexcel Corp.(b) | $ | 731,190 | |||||
|
| |||||||
Auto Components—5.4% | ||||||||
15,148 | Johnson Controls, Inc. | 715,743 | ||||||
33,294 | Remy International, Inc. | 615,273 | ||||||
11,615 | Tenneco, Inc.(b) | 608,162 | ||||||
|
| |||||||
1,939,178 | ||||||||
|
| |||||||
Automobiles—4.0% | ||||||||
46,691 | Kandi Technologies Group, Inc. (China)(b)(c) | 771,335 | ||||||
14,595 | Tata Motors Ltd. ADR (India) | 687,425 | ||||||
|
| |||||||
1,458,760 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Building Products—5.9% | ||||||||
13,908 | A.O. Smith Corp. | $ | 741,992 | |||||
16,407 | Apogee Enterprises, Inc. | 720,267 | ||||||
20,728 | Owens Corning | 664,540 | ||||||
|
| |||||||
2,126,799 | ||||||||
|
| |||||||
Chemicals—9.2% | ||||||||
32,086 | Advanced Emissions Solutions, Inc.(b) | 648,779 | ||||||
18,329 | LSB Industries, Inc.(b) | 687,887 | ||||||
11,071 | Methanex Corp. (Canada) | 656,953 | ||||||
431,469 | Rentech, Inc.(b) | 686,036 | ||||||
8,572 | Rockwood Holdings, Inc. | 659,273 | ||||||
|
| |||||||
3,338,928 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
PowerShares WilderHill Progressive Energy Portfolio (PUW) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Commercial Services & Supplies—2.4% | ||||||||
57,465 | Blue Earth, Inc.(b)(c) | $ | 87,921 | |||||
35,057 | Covanta Holding Corp. | 773,708 | ||||||
|
| |||||||
861,629 | ||||||||
|
| |||||||
Construction & Engineering—7.2% | ||||||||
25,085 | Abengoa SA ADR (Spain)(c) | 539,327 | ||||||
12,544 | Chicago Bridge & Iron Co. NV | 685,404 | ||||||
22,025 | Foster Wheeler AG | 683,436 | ||||||
23,815 | MasTec, Inc.(b) | 682,062 | ||||||
|
| |||||||
2,590,229 | ||||||||
|
| |||||||
Electric Utilities—5.2% | ||||||||
226,016 | Centrais Eletricas Brasileiras SA ADR (Brazil)(c) | 571,820 | ||||||
106,760 | Companhia Energetica de Minas Gerais ADR (Brazil) | 617,073 | ||||||
13,672 | NRG Yield, Inc., Class A | 683,190 | ||||||
|
| |||||||
1,872,083 | ||||||||
|
| |||||||
Electrical Equipment—16.4% | ||||||||
5,489 | Acuity Brands, Inc. | 765,331 | ||||||
177,140 | Capstone Turbine Corp.(b) | 177,140 | ||||||
10,460 | Eaton Corp. PLC | 715,359 | ||||||
10,525 | Emerson Electric Co. | 674,232 | ||||||
12,171 | EnerSys | 764,339 | ||||||
39,290 | General Cable Corp. | 556,739 | ||||||
12,779 | Global Power Equipment Group, Inc. | 174,178 | ||||||
138,410 | GrafTech International Ltd.(b) | 593,779 | ||||||
9,142 | Power Solutions International, Inc.(b) | 598,801 | ||||||
10,253 | Regal-Beloit Corp. | 727,655 | ||||||
113,578 | Revolution Lighting Technologies, Inc.(b)(c) | 196,490 | ||||||
|
| |||||||
5,944,043 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—1.8% | ||||||||
32,515 | Corning, Inc. | 664,282 | ||||||
|
| |||||||
Energy Equipment & Services—2.2% | ||||||||
107,620 | McDermott International, Inc.(b)(c) | 413,261 | ||||||
41,948 | Nuverra Environmental Solutions, Inc.(b)(c) | 397,247 | ||||||
|
| |||||||
810,508 | ||||||||
|
| |||||||
Food & Staples Retailing—2.1% | ||||||||
12,128 | Andersons, Inc. (The) | 772,918 | ||||||
|
| |||||||
Industrial Conglomerates—1.6% | ||||||||
21,066 | Koninklijke Philips NV (Netherlands) | 588,584 | ||||||
|
| |||||||
Machinery—13.3% | ||||||||
24,762 | Altra Industrial Motion Corp. | 780,498 | ||||||
11,728 | Chart Industries, Inc.(b) | 545,938 | ||||||
50,945 | Energy Recovery, Inc.(b)(c) | 233,328 | ||||||
19,182 | ESCO Technologies, Inc. | 729,300 | ||||||
38,914 | Luxfer Holdings PLC ADR (United Kingdom) | 619,900 | ||||||
8,059 | WABCO Holdings, Inc.(b) | 784,786 | ||||||
68,147 | Westport Innovations, Inc. (Canada)(b)(c) | 420,467 | ||||||
13,592 | Woodward, Inc. | 696,046 | ||||||
|
| |||||||
4,810,263 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—18.7% | ||||||||
42,836 | Cameco Corp. (Canada) | 744,490 | ||||||
32,275 | Chesapeake Energy Corp. | 715,860 | ||||||
85,474 | Clean Energy Fuels Corp.(b)(c) | 624,815 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
67,511 | Cosan Ltd., Class A (Brazil) | $ | 714,941 | |||||
643,608 | Denison Mines Corp. (Canada)(b)(c) | 598,877 | ||||||
10,705 | Golar LNG Ltd. (Norway) | 600,658 | ||||||
20,557 | Green Plains, Inc. | 703,049 | ||||||
11,203 | Range Resources Corp. | 766,285 | ||||||
11,784 | Sasol Ltd. ADR (South Africa) | 591,439 | ||||||
21,634 | Southwestern Energy Co.(b) | 703,321 | ||||||
|
| |||||||
6,763,735 | ||||||||
|
| |||||||
Real Estate Investment Trusts—0.6% | ||||||||
14,156 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 197,901 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—2.0% | ||||||||
19,957 | Veeco Instruments, Inc.(b) | 718,252 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $34,884,447) | 36,189,282 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
32,804 | Invesco Premier Portfolio—Institutional Class(d) (Cost $32,804) | 32,804 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $34,917,251)—100.1% | 36,222,086 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—9.6% | ||||||||
3,475,467 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $3,475,467) | 3,475,467 | ||||||
|
| |||||||
Total Investments (Cost $38,392,718)—109.7% | 39,697,553 | |||||||
Other assets less liabilities—(9.7%) | (3,492,101 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 36,205,452 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares WilderHill Progressive Energy Portfolio (PUW) (continued)
October 31, 2014
(Unaudited)
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 3,377,105 | $ | (3,377,105 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Statements of Assets and Liabilities
October 31, 2014
(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) | $ | 158,061,006 | $ | 74,171,065 | $ | 1,447,616,692 | $ | 451,783,558 | ||||||||
Affiliated investments, at value | 97,480 | 3,450,043 | 662,346 | 84,386,983 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 158,158,486 | 77,621,108 | 1,448,279,038 | 536,170,541 | ||||||||||||
Foreign currencies, at value | — | — | — | 20,276 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 48,222 | 27,910 | 499,803 | 305,687 | ||||||||||||
Foreign tax reclaims | — | 82,090 | — | 645,235 | ||||||||||||
Securities lending | — | 8,149 | — | 38,008 | ||||||||||||
Shares sold | — | — | 16,061,801 | — | ||||||||||||
Investments sold | — | — | — | 5,051,144 | ||||||||||||
Unrealized appreciation on swap agreements | — | — | — | 424,720 | ||||||||||||
Settlement proceeds | — | 105,540 | — | — | ||||||||||||
Other assets | 1,274 | 1,100 | 3,585 | 2,011 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 158,207,982 | 77,845,897 | 1,464,844,227 | 542,657,622 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 4,435 | 57,359 | 44,809 | 17,347 | ||||||||||||
Payables: | ||||||||||||||||
Expenses recaptured | 3,921 | — | — | — | ||||||||||||
Collateral upon return of securities loaned | — | 3,450,043 | — | 34,652,545 | ||||||||||||
Investments purchased | — | — | 16,073,084 | — | ||||||||||||
Payable for swaps | — | — | — | 1,973 | ||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Open options written, at value | — | — | — | — | ||||||||||||
Accrued advisory fees | 63,024 | 26,557 | 566,209 | 206,323 | ||||||||||||
Accrued trustees’ and officer’s fees | 17,656 | 16,297 | 37,430 | 24,919 | ||||||||||||
Accrued expenses | 71,194 | 68,702 | 626,183 | 314,026 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 160,230 | 3,618,958 | 17,347,715 | 35,217,133 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 158,047,752 | $ | 74,226,939 | $ | 1,447,496,512 | $ | 507,440,489 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 165,045,321 | $ | 142,642,662 | $ | 1,320,140,633 | $ | 589,133,700 | ||||||||
Undistributed net investment income | (50,220 | ) | (5,916 | ) | (870,349 | ) | (21,627,092 | ) | ||||||||
Undistributed net realized gain (loss) | (28,867,213 | ) | (82,745,885 | ) | (80,911,150 | ) | (78,356,610 | ) | ||||||||
Net unrealized appreciation (depreciation) | 21,919,864 | 14,336,078 | 209,137,378 | 18,290,491 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 158,047,752 | $ | 74,226,939 | $ | 1,447,496,512 | $ | 507,440,489 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 4,700,000 | 2,550,000 | 35,900,000 | 45,650,000 | ||||||||||||
Net asset value | $ | 33.63 | $ | 29.11 | $ | 40.32 | $ | 11.12 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 33.63 | $ | 29.12 | $ | 40.33 | $ | 11.13 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 136,141,142 | $ | 59,830,172 | $ | 1,238,479,314 | $ | 433,881,938 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 97,480 | $ | 3,450,043 | $ | 662,346 | $ | 84,386,983 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 136,238,622 | $ | 63,280,215 | $ | 1,239,141,660 | $ | 518,268,921 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | — | $ | — | $ | — | $ | 20,290 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Premium received on written options | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | 3,339,005 | $ | — | $ | 33,860,267 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares Golden Dragon China Portfolio (PGJ) | 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) | |||||||||||||||||
$ | 269,650,964 | $ | 387,145,348 | $ | 437,404,949 | $ | 958,042,556 | $ | 166,023,646 | $ | 36,189,282 | |||||||||||
48,074,604 | 378,759 | — | 1,007,269 | 47,233,325 | 3,508,271 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
317,725,568 | 387,524,107 | 437,404,949 | 959,049,825 | 213,256,971 | 39,697,553 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
83,703 | 389,191 | 415,411 | 613,386 | 23,335 | 21,234 | |||||||||||||||||
— | 144 | — | — | 32,697 | 18,254 | |||||||||||||||||
82,360 | — | — | — | 444,894 | 23,356 | |||||||||||||||||
— | — | 9,999,414 | — | — | — | |||||||||||||||||
4,622,842 | 151,872 | 145,663 | 1,293,275 | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
1,398 | — | 1,523 | 2,194 | 1,548 | 1,263 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
322,515,871 | 388,065,314 | 447,966,960 | 960,958,680 | 213,759,445 | 39,761,660 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
9,398 | 107,654 | 118,945 | 33,839 | 165,277 | 1,925 | |||||||||||||||||
820 | — | — | — | — | — | |||||||||||||||||
47,877,357 | — | — | — | 47,233,325 | 3,475,467 | |||||||||||||||||
— | — | 10,133,929 | — | 11,082 | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
4,596,191 | — | — | 1,293,820 | — | — | |||||||||||||||||
— | 23,383,015 | — | — | — | — | |||||||||||||||||
112,937 | 235,584 | 69,553 | 386,667 | 64,626 | 9,101 | |||||||||||||||||
29,333 | — | 19,476 | 79,519 | 42,079 | 13,118 | |||||||||||||||||
215,859 | — | 129,105 | 412,394 | 154,125 | 56,597 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
52,841,895 | 23,726,253 | 10,471,008 | 2,206,239 | 47,670,514 | 3,556,208 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 269,673,976 | $ | 364,339,061 | $ | 437,495,952 | $ | 958,752,441 | $ | 166,088,931 | $ | 36,205,452 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 513,281,476 | $ | 363,144,564 | $ | 478,175,292 | $ | 1,294,714,882 | $ | 1,629,091,104 | $ | 65,073,002 | |||||||||||
(1,523,404 | ) | (8,551,813 | ) | 722,131 | 469,271 | (395,348 | ) | 77,186 | ||||||||||||||
(264,829,795 | ) | (40,605,668 | ) | (131,536,790 | ) | (549,802,227 | ) | (1,456,298,170 | ) | (30,249,571 | ) | |||||||||||
22,745,699 | 50,351,978 | 90,135,319 | 213,370,515 | (6,308,655 | ) | 1,304,835 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 269,673,976 | $ | 364,339,061 | $ | 437,495,952 | $ | 958,752,441 | $ | 166,088,931 | $ | 36,205,452 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
8,600,000 | 17,550,000 | 19,500,000 | 37,050,000 | 27,450,000 | 1,250,000 | |||||||||||||||||
$ | 31.36 | $ | 20.76 | $ | 22.44 | $ | 25.88 | $ | 6.05 | $ | 28.96 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 31.34 | $ | 20.77 | $ | 22.43 | $ | 25.87 | $ | 6.05 | $ | 28.96 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 246,905,265 | $ | 320,471,654 | $ | 347,269,630 | $ | 744,672,041 | $ | 172,332,301 | $ | 34,884,447 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 48,074,604 | $ | 288,997 | $ | — | $ | 1,007,269 | $ | 47,233,325 | $ | 3,508,271 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 294,979,869 | $ | 320,760,651 | $ | 347,269,630 | $ | 745,679,310 | $ | 219,565,626 | $ | 38,392,718 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | — | $ | 6,971,537 | $ | — | $ | — | $ | — | $ | — | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 47,653,063 | $ | — | $ | — | $ | — | $ | 46,037,567 | $ | 3,377,105 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
For the six months ended October 31, 2014
(Unaudited)
PowerShares Aerospace & Defense Portfolio (PPA) | PowerShares CleantechTM Portfolio (PZD) | PowerShares DWA Momentum Portfolio (PDP) | PowerShares Global Listed Private Equity Portfolio (PSP) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 1,138,221 | $ | 681,730 | $ | 5,328,815 | $ | 11,069,271 | ||||||||
Affiliated dividend income | 7 | 2 | 74 | 4,605 | ||||||||||||
Securities lending income | — | 61,713 | — | 297,305 | ||||||||||||
Foreign withholding tax | — | (46,145 | ) | (1,278 | ) | (493,919 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 1,138,228 | 697,300 | 5,327,611 | 10,877,262 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 340,647 | 205,934 | 3,226,893 | 1,518,244 | ||||||||||||
Sub-licensing | 40,877 | 30,890 | 645,379 | 303,649 | ||||||||||||
Accounting & administration fees | 18,467 | 18,467 | 128,832 | 59,996 | ||||||||||||
Recapture (Note 3) | 17,502 | — | — | 32,811 | ||||||||||||
Professional fees | 13,388 | 13,415 | 22,368 | 18,847 | ||||||||||||
Trustees’ and officer’s fees | 4,904 | 4,491 | 15,285 | 9,561 | ||||||||||||
Custodian & transfer agent fees | 2,751 | 8,185 | 8,802 | 24,562 | ||||||||||||
Other expenses | 11,118 | 11,081 | 49,930 | 27,539 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 449,654 | 292,463 | 4,097,489 | 1,995,209 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (77 | ) | (14,471 | ) | (802 | ) | (51,439 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 449,577 | 277,992 | 4,096,687 | 1,943,770 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 688,651 | 419,308 | 1,230,924 | 8,933,492 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (64,620 | ) | 106,613 | (9,422,531 | ) | (5,692,637 | ) | |||||||||
Swap agreements | — | — | — | (2,039,040 | ) | |||||||||||
Written options | — | — | — | — | ||||||||||||
In-kind redemptions | 941,163 | 2,553,998 | 136,783,045 | 25,849,620 | ||||||||||||
Foreign currencies | — | (1,716 | ) | — | (38,605 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 876,543 | 2,658,895 | 127,360,514 | 18,079,338 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 5,138,106 | (9,826,572 | ) | (14,789,202 | ) | (61,331,701 | ) | |||||||||
Swaps agreements | — | — | — | 3,699,794 | ||||||||||||
Written options | — | — | — | — | ||||||||||||
Foreign currencies | — | (7,953 | ) | — | (60,883 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 5,138,106 | (9,834,525 | ) | (14,789,202 | ) | (57,692,790 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 6,014,649 | (7,175,630 | ) | 112,571,312 | (39,613,452 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 6,703,300 | $ | (6,756,322 | ) | $ | 113,802,236 | $ | (30,679,960 | ) | ||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
PowerShares Golden Dragon China Portfolio (PGJ) | 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) | |||||||||||||||||
$ | 1,727,584 | $ | 3,252,516 | $ | 4,133,238 | $ | 5,604,894 | $ | 328,212 | $ | 402,086 | |||||||||||
15 | 3,742 | 14 | 68 | 9 | 2 | |||||||||||||||||
577,356 | — | — | — | 2,663,310 | 171,412 | |||||||||||||||||
(122,240 | ) | (420 | ) | — | — | (17,129 | ) | (1,179 | ) | |||||||||||||
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2,182,715 | 3,255,838 | 4,133,252 | 5,604,962 | 2,974,402 | 572,321 | |||||||||||||||||
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673,161 | 1,214,261 | 570,509 | 2,428,922 | 468,967 | 108,576 | |||||||||||||||||
134,632 | — | 91,281 | 364,338 | 93,794 | 21,715 | |||||||||||||||||
28,096 | — | 36,029 | 99,126 | 21,875 | 18,467 | |||||||||||||||||
4,081 | — | — | — | — | — | |||||||||||||||||
17,265 | — | 15,594 | 21,376 | 14,672 | 13,857 | |||||||||||||||||
5,930 | — | 7,150 | 12,824 | 5,509 | 4,119 | |||||||||||||||||
58,732 | — | 5,582 | 6,856 | 31,176 | 4,379 | |||||||||||||||||
20,528 | — | 15,755 | 52,826 | 31,931 | 8,604 | |||||||||||||||||
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942,425 | 1,214,261 | 741,900 | 2,986,268 | 667,924 | 179,717 | |||||||||||||||||
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(145 | ) | (380 | ) | (170,552 | ) | (747 | ) | (11,473 | ) | (27,730 | ) | |||||||||||
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942,280 | 1,213,881 | 571,348 | 2,985,521 | 656,451 | 151,987 | |||||||||||||||||
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1,240,435 | 2,041,957 | 3,561,904 | 2,619,441 | 2,317,951 | 420,334 | |||||||||||||||||
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(3,526,045 | ) | (227,348 | ) | (333,343 | ) | (11,764,690 | ) | (15,815,970 | ) | 92,664 | ||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | (9,309,395 | ) | — | — | — | — | ||||||||||||||||
33,465,552 | 8,131,706 | 9,722,056 | 15,598,792 | 16,615,541 | 3,236,605 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
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29,939,507 | (1,405,037 | ) | 9,388,713 | 3,834,102 | 799,571 | 3,329,269 | ||||||||||||||||
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(3,327,468 | ) | 14,473,400 | 18,996,476 | (4,187,267 | ) | (16,645,316 | ) | (7,989,971 | ) | |||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | (15,594,115 | ) | — | — | — | — | ||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
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(3,327,468 | ) | (1,120,715 | ) | 18,996,476 | (4,187,267 | ) | (16,645,316 | ) | (7,989,971 | ) | ||||||||||||
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26,612,039 | (2,525,752 | ) | 28,385,189 | (353,165 | ) | (15,845,745 | ) | (4,660,702 | ) | |||||||||||||
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$ | 27,852,474 | $ | (483,795 | ) | $ | 31,947,093 | $ | 2,266,276 | $ | (13,527,794 | ) | $ | (4,240,368 | ) | ||||||||
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| 31 |
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Statements of Changes in Net Assets
For the six months ended October 31, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares Aerospace & Defense Portfolio (PPA) | PowerShares CleantechTM Portfolio (PZD) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 688,651 | $ | 881,865 | $ | 419,308 | $ | 452,908 | ||||||||
Net realized gain (loss) | 876,543 | 5,236,366 | 2,658,895 | (41,079 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 5,138,106 | 17,672,034 | (9,834,525 | ) | 17,269,664 | |||||||||||
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Net increase (decrease) in net assets resulting from operations | 6,703,300 | 23,790,265 | (6,756,322 | ) | 17,681,493 | |||||||||||
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Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (723,239 | ) | (993,578 | ) | (581,436 | ) | (713,573 | ) | ||||||||
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Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 57,108,686 | 48,361,326 | 4,394,717 | 1,498,269 | ||||||||||||
Value of shares repurchased | (3,127,222 | ) | (20,678,371 | ) | (7,365,438 | ) | (5,244,820 | ) | ||||||||
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Net increase (decrease) in net assets resulting from shares transactions | 53,981,464 | 27,682,955 | (2,970,721 | ) | (3,746,551 | ) | ||||||||||
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Increase (Decrease) in Net Assets | 59,961,525 | 50,479,642 | (10,308,479 | ) | 13,221,369 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 98,086,227 | 47,606,585 | 84,535,418 | 71,314,049 | ||||||||||||
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End of period | $ | 158,047,752 | $ | 98,086,227 | $ | 74,226,939 | $ | 84,535,418 | ||||||||
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Undistributed net investment income at end of period | $ | (50,220 | ) | $ | (15,632 | ) | $ | (5,916 | ) | $ | 156,212 | |||||
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Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,750,000 | 1,750,000 | 150,000 | 50,000 | ||||||||||||
Shares repurchased | (100,000 | ) | (750,000 | ) | (250,000 | ) | (200,000 | ) | ||||||||
Shares outstanding, beginning of period | 3,050,000 | 2,050,000 | 2,650,000 | 2,800,000 | ||||||||||||
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Shares outstanding, end of period | 4,700,000 | 3,050,000 | 2,550,000 | 2,650,000 | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
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PowerShares DWA Momentum Portfolio (PDP) | PowerShares Global Listed Private Equity Portfolio (PSP) | PowerShares Golden Dragon China Portfolio (PGJ) | ||||||||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||||||
$ | 1,230,924 | $ | 1,800,480 | $ | 8,933,492 | $ | 15,159,334 | $ | 1,240,435 | $ | 2,006,913 | |||||||||||
127,360,514 | 56,424,570 | 18,079,338 | 35,699,870 | 29,939,507 | 39,890,527 | |||||||||||||||||
(14,789,202 | ) | 95,556,132 | (57,692,790 | ) | 13,948,978 | (3,327,468 | ) | 28,415,205 | ||||||||||||||
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113,802,236 | 153,781,182 | (30,679,960 | ) | 64,808,182 | 27,852,474 | 70,312,645 | ||||||||||||||||
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(2,069,760 | ) | (3,053,165 | ) | (7,044,279 | ) | (65,805,444 | ) | (1,470,298 | ) | (2,898,245 | ) | |||||||||||
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608,115,800 | 391,192,705 | 75,585,089 | 239,772,662 | 79,503,122 | 123,413,615 | |||||||||||||||||
(532,795,307 | ) | (158,406,142 | ) | (114,021,627 | ) | (63,665,641 | ) | (94,779,896 | ) | (114,003,682 | ) | |||||||||||
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75,320,493 | 232,786,563 | (38,436,538 | ) | 176,107,021 | (15,276,774 | ) | 9,409,933 | |||||||||||||||
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187,052,969 | 383,514,580 | (76,160,777 | ) | 175,109,759 | 11,105,402 | 76,824,333 | ||||||||||||||||
1,260,443,543 | 876,928,963 | 583,601,266 | 408,491,507 | 258,568,574 | 181,744,241 | |||||||||||||||||
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$ | 1,447,496,512 | $ | 1,260,443,543 | $ | 507,440,489 | $ | 583,601,266 | $ | 269,673,976 | $ | 258,568,574 | |||||||||||
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$ | (870,349 | ) | $ | (31,513 | ) | $ | (21,627,092 | ) | $ | (23,516,305 | ) | $ | (1,523,404 | ) | $ | (1,293,541 | ) | |||||
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15,500,000 | 11,150,000 | 6,200,000 | 20,100,000 | 2,500,000 | 4,350,000 | |||||||||||||||||
(13,700,000 | ) | (4,650,000 | ) | (10,050,000 | ) | (5,500,000 | ) | (3,250,000 | ) | (4,250,000 | ) | |||||||||||
34,100,000 | 27,600,000 | 49,500,000 | 34,900,000 | 9,350,000 | 9,250,000 | |||||||||||||||||
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35,900,000 | 34,100,000 | 45,650,000 | 49,500,000 | 8,600,000 | 9,350,000 | |||||||||||||||||
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| 33 |
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Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares S&P 500 BuyWrite Portfolio (PBP) | PowerShares S&P 500® High Quality Portfolio (SPHQ) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,041,957 | $ | 2,774,392 | $ | 3,561,904 | $ | 5,453,071 | ||||||||
Net realized gain (loss) | (1,405,037 | ) | (8,894,757 | ) | 9,388,713 | 15,539,020 | ||||||||||
Net change in unrealized appreciation (depreciation) | (1,120,715 | ) | 24,139,096 | 18,996,476 | 29,453,789 | |||||||||||
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Net increase (decrease) in net assets resulting from operations | (483,795 | ) | 18,018,731 | 31,947,093 | 50,445,880 | |||||||||||
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Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (11,085,960 | ) | (12,551,907 | ) | (3,499,976 | ) | (5,320,142 | ) | ||||||||
Net realized gains | — | (67,519 | ) | — | — | |||||||||||
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Total distributions to shareholders | (11,085,960 | ) | (12,619,426 | ) | (3,499,976 | ) | (5,320,142 | ) | ||||||||
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Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 149,495,084 | 72,951,504 | 66,787,110 | 137,479,261 | ||||||||||||
Value of shares repurchased | (23,044,693 | ) | (34,114,213 | ) | (23,424,478 | ) | (45,654,865 | ) | ||||||||
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Net increase (decrease) in net assets resulting from shares transactions | 126,450,391 | 38,837,291 | 43,362,632 | 91,824,396 | ||||||||||||
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Increase (Decrease) in Net Assets | 114,880,636 | 44,236,596 | 71,809,749 | 136,950,134 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 249,458,425 | 205,221,829 | 365,686,203 | 228,736,069 | ||||||||||||
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End of period | $ | 364,339,061 | $ | 249,458,425 | $ | 437,495,952 | $ | 365,686,203 | ||||||||
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Undistributed net investment income at end of period | $ | (8,551,813 | ) | $ | 492,190 | $ | 722,131 | $ | 660,203 | |||||||
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Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 6,950,000 | 3,500,000 | 3,100,000 | 7,000,000 | ||||||||||||
Shares repurchased | (1,100,000 | ) | (1,650,000 | ) | (1,100,000 | ) | (2,300,000 | ) | ||||||||
Shares outstanding, beginning of period | 11,700,000 | 9,850,000 | 17,500,000 | 12,800,000 | ||||||||||||
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Shares outstanding, end of period | 17,550,000 | 11,700,000 | 19,500,000 | 17,500,000 | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
PowerShares Water Resources Portfolio (PHO) | PowerShares WilderHill Clean Energy Portfolio (PBW) | PowerShares WilderHill Progressive Energy Portfolio (PUW) | ||||||||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||||||
$ | 2,619,441 | $ | 6,200,491 | $ | 2,317,951 | $ | 3,171,838 | $ | 420,334 | $ | 317,552 | |||||||||||
3,834,102 | 84,949,788 | 799,571 | 31,745,124 | 3,329,269 | 1,303,228 | |||||||||||||||||
(4,187,267 | ) | 62,930,259 | (16,645,316 | ) | 24,395,717 | (7,989,971 | ) | 5,713,352 | ||||||||||||||
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2,266,276 | 154,080,538 | (13,527,794 | ) | 59,312,679 | (4,240,368 | ) | 7,334,132 | |||||||||||||||
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(4,343,723 | ) | (5,035,124 | ) | (2,376,741 | ) | (5,058,769 | ) | (413,875 | ) | (473,310 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
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(4,343,723 | ) | (5,035,124 | ) | (2,376,741 | ) | (5,058,769 | ) | (413,875 | ) | (473,310 | ) | |||||||||||
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15,343,507 | 157,626,289 | 26,622,725 | 125,579,841 | 5,044,172 | 5,983,872 | |||||||||||||||||
(44,760,706 | ) | (193,488,911 | ) | (62,730,483 | ) | (104,226,358 | ) | (10,003,583 | ) | (5,609,711 | ) | |||||||||||
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(29,417,199 | ) | (35,862,622 | ) | (36,107,758 | ) | 21,353,483 | (4,959,411 | ) | 374,161 | |||||||||||||
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(31,494,646 | ) | 113,182,792 | (52,012,293 | ) | 75,607,393 | (9,613,654 | ) | 7,234,983 | ||||||||||||||
990,247,087 | 877,064,295 | 218,101,224 | 142,493,831 | 45,819,106 | 38,584,123 | |||||||||||||||||
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$ | 958,752,441 | $ | 990,247,087 | $ | 166,088,931 | $ | 218,101,224 | $ | 36,205,452 | $ | 45,819,106 | |||||||||||
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$ | 469,271 | $ | 2,193,553 | $ | (395,348 | ) | $ | (336,558 | ) | $ | 77,186 | $ | 70,727 | |||||||||
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600,000 | 6,100,000 | 4,000,000 | 20,650,000 | 150,000 | 200,000 | |||||||||||||||||
(1,750,000 | ) | (7,650,000 | ) | (9,650,000 | ) | (17,300,000 | ) | (300,000 | ) | (200,000 | ) | |||||||||||
38,200,000 | 39,750,000 | 33,100,000 | 29,750,000 | 1,400,000 | 1,400,000 | |||||||||||||||||
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37,050,000 | 38,200,000 | 27,450,000 | 33,100,000 | 1,250,000 | 1,400,000 | |||||||||||||||||
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| 35 |
|
PowerShares Aerospace & Defense Portfolio (PPA)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.16 | $ | 23.22 | $ | 19.99 | $ | 20.57 | $ | 19.07 | $ | 13.38 | ||||||||||||
Net investment income(a) | 0.16 | 0.33 | 0.44 | 0.21 | 0.18 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.47 | 9.00 | 3.22 | (0.60 | ) | 1.49 | 5.73 | |||||||||||||||||
Total from investment operations | 1.63 | 9.33 | 3.66 | (0.39 | ) | 1.67 | 5.90 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.39 | ) | (0.43 | ) | (0.19 | ) | (0.17 | ) | (0.21 | ) | ||||||||||||
Net asset value at end of period | $ | 33.63 | $ | 32.16 | $ | 23.22 | $ | 19.99 | $ | 20.57 | $ | 19.07 | ||||||||||||
Market price at end of period(b) | $ | 33.63 | $ | 32.15 | $ | 23.20 | $ | 19.98 | $ | 20.57 | $ | 19.07 | ||||||||||||
Net Asset Value Total Return(c) | 5.08 | % | 40.52 | % | 18.69 | % | (1.82 | )% | 8.91 | % | 44.36 | % | ||||||||||||
Market Price Total Return(c) | 5.11 | % | 40.59 | % | 18.65 | % | (1.87 | )% | 8.91 | % | 44.47 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 158,048 | $ | 98,086 | $ | 47,607 | $ | 54,967 | $ | 107,971 | $ | 137,338 | ||||||||||||
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 | 0.66 | %(d) | 0.69 | % | 0.74 | % | 0.76 | % | 0.73 | % | 0.69 | % | ||||||||||||
Net investment income, after Waivers | 1.01 | %(d) | 1.13 | % | 2.18 | % | 1.09 | % | 0.99 | % | 1.08 | % | ||||||||||||
Portfolio turnover rate(e) | 5 | % | 8 | % | 17 | % | 25 | % | 12 | % | 17 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares CleantechTM Portfolio (PZD)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.90 | $ | 25.47 | $ | 23.06 | $ | 30.10 | $ | 25.00 | $ | 19.25 | ||||||||||||
Net investment income (loss)(a) | 0.16 | 0.17 | 0.26 | 0.24 | 0.06 | 0.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.73 | ) | 6.53 | 2.37 | (7.07 | ) | 5.05 | 5.77 | ||||||||||||||||
Total from investment operations | (2.57 | ) | 6.70 | 2.63 | (6.83 | ) | 5.11 | 5.80 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.27 | ) | (0.22 | ) | (0.21 | ) | (0.01 | ) | (0.04 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
Total distributions | (0.22 | ) | (0.27 | ) | (0.22 | ) | (0.21 | ) | (0.01 | ) | (0.05 | ) | ||||||||||||
Net asset value at end of period | $ | 29.11 | $ | 31.90 | $ | 25.47 | $ | 23.06 | $ | 30.10 | $ | 25.00 | ||||||||||||
Market price at end of period(b) | $ | 29.12 | $ | 31.92 | $ | 25.36 | $ | 22.98 | $ | 30.08 | $ | 24.80 | ||||||||||||
Net Asset Value Total Return(c) | (8.13 | )% | 26.52 | % | 11.59 | % | (22.65 | )% | 20.43 | % | 30.16 | % | ||||||||||||
Market Price Total Return(c) | (8.16 | )% | 27.15 | % | 11.50 | % | (22.87 | )% | 21.32 | % | 28.45 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 74,227 | $ | 84,535 | $ | 71,314 | $ | 100,305 | $ | 162,530 | $ | 160,021 | ||||||||||||
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 | 0.71 | %(d) | 0.72 | % | 0.76 | % | 0.74 | % | 0.74 | % | 0.71 | % | ||||||||||||
Net investment income, after Waivers | 1.02 | %(d) | 0.58 | % | 1.16 | % | 0.97 | % | 0.22 | % | 0.11 | % | ||||||||||||
Portfolio turnover rate(e) | 11 | % | 24 | % | 22 | % | 27 | % | 24 | % | 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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 36 |
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Financial Highlights (continued)
PowerShares DWA Momentum Portfolio (PDP)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.96 | $ | 31.77 | $ | 27.86 | $ | 26.52 | $ | 21.25 | $ | 14.14 | ||||||||||||
Net investment income(a) | 0.04 | 0.06 | 0.23 | 0.07 | 0.04 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain on investments | 3.38 | 5.23 | 3.92 | 1.31 | 5.29 | 7.15 | ||||||||||||||||||
Total from investment operations | 3.42 | 5.29 | 4.15 | 1.38 | 5.33 | 7.21 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.10 | ) | (0.24 | ) | (0.04 | ) | (0.06 | ) | (0.10 | ) | ||||||||||||
Net asset value at end of period | $ | 40.32 | $ | 36.96 | $ | 31.77 | $ | 27.86 | $ | 26.52 | $ | 21.25 | ||||||||||||
Market price at end of period(b) | $ | 40.33 | $ | 36.93 | $ | 31.76 | $ | 27.86 | $ | 26.54 | $ | 21.24 | ||||||||||||
Net Asset Value Total Return(c) | 9.26 | % | 16.71 | % | 15.02 | % | 5.22 | % | 25.11 | % | 51.28 | % | ||||||||||||
Market Price Total Return(c) | 9.37 | % | 16.65 | % | 14.98 | % | 5.15 | % | 25.26 | % | 51.31 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,447,497 | $ | 1,260,444 | $ | 876,929 | $ | 571,078 | $ | 450,904 | $ | 159,371 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d)(e) | 0.64 | %(e) | 0.67 | %(e) | 0.65 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d)(e) | 0.64 | %(e) | 0.67 | %(e) | 0.65 | % | 0.71 | % | 0.73 | % | ||||||||||||
Net investment income, after Waivers | 0.19 | %(d) | 0.17 | % | 0.82 | % | 0.29 | % | 0.19 | % | 0.35 | % | ||||||||||||
Portfolio turnover rate(f) | 39 | % | 75 | % | 66 | % | 96 | % | 42 | % | 52 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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) | 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.
| 37 |
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Financial Highlights (continued)
PowerShares Global Listed Private Equity Portfolio (PSP)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.79 | $ | 11.70 | $ | 9.22 | $ | 12.17 | $ | 10.04 | $ | 6.72 | ||||||||||||
Net investment income(a) | 0.17 | 0.38 | (b) | 0.24 | 0.26 | 0.26 | 0.33 | (g) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.70 | ) | 1.38 | 2.64 | (2.58 | ) | 2.41 | 3.27 | ||||||||||||||||
Total from investment operations | (0.53 | ) | 1.76 | 2.88 | (2.32 | ) | 2.67 | 3.60 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.14 | ) | (1.67 | ) | (0.40 | ) | (0.56 | ) | (0.54 | ) | (0.28 | ) | ||||||||||||
Return of capital | — | — | — | (0.07 | ) | — | — | |||||||||||||||||
Total distributions | (0.14 | ) | (1.67 | ) | (0.40 | ) | (0.63 | ) | (0.54 | ) | (0.28 | ) | ||||||||||||
Net asset value at end of period | $ | 11.12 | $ | 11.79 | $ | 11.70 | $ | 9.22 | $ | 12.17 | $ | 10.04 | ||||||||||||
Market price at end of period(c) | $ | 11.13 | $ | 11.85 | $ | 11.75 | $ | 9.25 | $ | 12.25 | $ | 10.06 | ||||||||||||
Net Asset Value Total Return(d) | (4.55 | )% | 16.20 | % | 31.87 | % | (19.51 | )% | 27.93 | % | 54.20 | % | ||||||||||||
Market Price Total Return(d) | (4.95 | )% | 16.31 | % | 32.00 | % | (19.80 | )% | 28.48 | % | 54.70 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 507,440 | $ | 583,601 | $ | 408,492 | $ | 296,744 | $ | 493,622 | $ | 211,879 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(e) | 0.64 | %(f) | 0.69 | % | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers(e) | 0.66 | %(f) | 0.70 | % | 0.70 | % | 0.76 | % | 0.73 | % | 0.72 | % | ||||||||||||
Net investment income, after Waivers | 2.94 | %(f) | 3.20 | %(b) | 2.47 | % | 2.79 | % | 2.50 | % | 3.66 | %(g) | ||||||||||||
Portfolio turnover rate(h) | 15 | % | 53 | % | 53 | % | 88 | % | 112 | % | 121 | % |
(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 significant dividend received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.28 and 2.39%, 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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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) | 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. |
(h) | 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.
| 38 |
|
Financial Highlights (continued)
PowerShares Golden Dragon China Portfolio (PGJ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.65 | $ | 19.65 | $ | 21.56 | $ | 28.98 | $ | 25.03 | $ | 17.47 | ||||||||||||
Net investment income(a) | 0.14 | 0.21 | 0.34 | 0.48 | 0.21 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.74 | 8.08 | (1.81 | ) | (7.43 | ) | 3.92 | 7.63 | ||||||||||||||||
Total from investment operations | 3.88 | 8.29 | (1.47 | ) | (6.95 | ) | 4.13 | 7.76 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.29 | ) | (0.44 | ) | (0.47 | ) | (0.18 | ) | (0.17 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
Total distributions | (0.17 | ) | (0.29 | ) | (0.44 | ) | (0.47 | ) | (0.18 | ) | (0.20 | ) | ||||||||||||
Net asset value at end of period | $ | 31.36 | $ | 27.65 | $ | 19.65 | $ | 21.56 | $ | 28.98 | $ | 25.03 | ||||||||||||
Market price at end of period(b) | $ | 31.34 | $ | 27.60 | $ | 19.59 | $ | 21.49 | $ | 28.87 | $ | 25.04 | ||||||||||||
Net Asset Value Total Return(c) | 14.04 | % | 42.28 | % | (6.73 | )%(d) | (23.98 | )% | 16.60 | % | 44.51 | % | ||||||||||||
Market Price Total Return(c) | 14.18 | % | 42.46 | % | (6.70 | )% | (23.93 | )% | 16.11 | % | 44.49 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 269,674 | $ | 258,569 | $ | 181,744 | $ | 245,838 | $ | 446,292 | $ | 455,523 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(e) | 0.70 | % | 0.70 | % | 0.69 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.70 | %(e) | 0.70 | % | 0.75 | % | 0.71 | % | 0.72 | % | 0.71 | % | ||||||||||||
Net investment income, after Waivers | 0.92 | %(e) | 0.75 | % | 1.78 | % | 2.08 | % | 0.82 | % | 0.56 | % | ||||||||||||
Portfolio turnover rate(f) | 9 | % | 37 | % | 63 | % | 23 | % | 15 | % | 35 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares S&P 500 BuyWrite Portfolio (PBP)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.32 | $ | 20.83 | $ | 20.60 | $ | 21.52 | $ | 21.52 | $ | 17.54 | ||||||||||||
Net investment income(a) | 0.14 | 0.28 | 0.33 | 0.29 | 0.29 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.04 | 1.57 | 0.70 | 1.00 | 1.34 | 4.00 | ||||||||||||||||||
Total from investment operations | 0.18 | 1.85 | 1.03 | 1.29 | 1.63 | 4.27 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.74 | ) | (1.35 | ) | (0.65 | ) | (2.10 | ) | (0.27 | ) | (0.29 | ) | ||||||||||||
Net realized gains | — | (0.01 | ) | (0.15 | ) | (0.11 | ) | (1.36 | ) | — | ||||||||||||||
Total distributions | (0.74 | ) | (1.36 | ) | (0.80 | ) | (2.21 | ) | (1.63 | ) | (0.29 | ) | ||||||||||||
Net asset value at end of period | $ | 20.76 | $ | 21.32 | $ | 20.83 | $ | 20.60 | $ | 21.52 | $ | 21.52 | ||||||||||||
Market price at end of period(b) | $ | 20.77 | $ | 21.35 | $ | 20.83 | $ | 20.65 | $ | 21.52 | $ | 21.52 | ||||||||||||
Net Asset Value Total Return(c) | 0.78 | % | 9.34 | % | 5.22 | % | 6.74 | % | 8.11 | % | 24.48 | % | ||||||||||||
Market Price Total Return(c) | 0.68 | % | 9.50 | % | 4.97 | % | 7.02 | % | 8.09 | % | 24.11 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 364,339 | $ | 249,458 | $ | 205,222 | $ | 154,528 | $ | 120,511 | $ | 167,840 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.75 | %(d) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
Net investment income | 1.26 | %(d) | 1.37 | % | 1.61 | % | 1.42 | % | 1.37 | % | 1.35 | % | ||||||||||||
Portfolio turnover rate(e) | 21 | % | 32 | % | 22 | % | 58 | % | 61 | % | 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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 39 |
|
Financial Highlights (continued)
PowerShares S&P 500® High Quality Portfolio (SPHQ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.90 | $ | 17.87 | $ | 15.33 | $ | 14.64 | $ | 12.21 | $ | 9.60 | ||||||||||||
Net investment income(a) | 0.19 | 0.36 | 0.33 | 0.26 | 0.20 | 0.00 | (b) | |||||||||||||||||
Net realized and unrealized gain on investments | 1.54 | 3.03 | 2.52 | 0.74 | 2.31 | 2.64 | ||||||||||||||||||
Total from investment operations | 1.73 | 3.39 | 2.85 | 1.00 | 2.51 | 2.64 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.36 | ) | (0.31 | ) | (0.31 | ) | (0.08 | ) | (0.03 | ) | ||||||||||||
Net asset value at end of period | $ | 22.44 | $ | 20.90 | $ | 17.87 | $ | 15.33 | $ | 14.64 | $ | 12.21 | ||||||||||||
Market price at end of period(c) | $ | 22.43 | $ | 20.89 | $ | 17.87 | $ | 15.33 | $ | 14.64 | $ | 12.21 | ||||||||||||
Net Asset Value Total Return(d) | 8.32 | % | 19.15 | % | 18.86 | % | 7.04 | % | 20.61 | % | 27.63 | % | ||||||||||||
Market Price Total Return(d) | 8.33 | % | 19.09 | % | 18.86 | % | 7.04 | % | 20.61 | % | 27.63 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 437,496 | $ | 365,686 | $ | 228,736 | $ | 146,421 | $ | 112,695 | $ | 67,746 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(e) | 0.29 | % | 0.39 | % | 0.50 | % | 0.52 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.38 | %(e) | 0.39 | % | 0.55 | % | 0.70 | % | 0.84 | % | 0.80 | % | ||||||||||||
Net investment income (loss), after Waivers | 1.81 | %(e) | 1.87 | % | 2.06 | % | 1.82 | % | 1.49 | % | (0.03 | )% | ||||||||||||
Portfolio turnover rate(f) | 5 | % | 13 | % | 17 | % | 14 | % | 64 | % | 138 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Water Resources Portfolio (PHO)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.92 | $ | 22.06 | $ | 18.78 | $ | 20.25 | $ | 18.05 | $ | 14.04 | ||||||||||||
Net investment income(a) | 0.07 | 0.16 | 0.16 | 0.14 | 0.11 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.01 | 3.83 | 3.28 | (1.48 | ) | 2.19 | 4.03 | |||||||||||||||||
Total from investment operations | 0.08 | 3.99 | 3.44 | (1.34 | ) | 2.30 | 4.12 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.13 | ) | (0.16 | ) | (0.13 | ) | (0.10 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period | $ | 25.88 | $ | 25.92 | $ | 22.06 | $ | 18.78 | $ | 20.25 | $ | 18.05 | ||||||||||||
Market price at end of period(b) | $ | 25.87 | $ | 25.91 | $ | 22.05 | $ | 18.77 | $ | 20.24 | $ | 18.05 | ||||||||||||
Net Asset Value Total Return(c) | 0.28 | % | 18.16 | % | 18.48 | % | (6.59 | )% | 12.81 | % | 29.48 | % | ||||||||||||
Market Price Total Return(c) | 0.28 | % | 18.17 | % | 18.49 | % | (6.59 | )% | 12.75 | % | 29.67 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 958,752 | $ | 990,247 | $ | 877,064 | $ | 825,510 | $ | 1,260,648 | $ | 1,335,033 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(d) | 0.61 | % | 0.62 | % | 0.62 | % | 0.66 | % | 0.64 | % | ||||||||||||
Expenses, prior to Waivers | 0.61 | %(d) | 0.61 | % | 0.62 | % | 0.62 | % | 0.66 | % | 0.64 | % | ||||||||||||
Net investment income, after Waivers | 0.54 | %(d) | 0.66 | % | 0.81 | % | 0.77 | % | 0.63 | % | 0.57 | % | ||||||||||||
Portfolio turnover rate(e) | 12 | % | 34 | % | 31 | % | 44 | % | 13 | % | 20 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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 Clean Energy Portfolio (PBW)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.59 | $ | 4.79 | $ | 5.08 | $ | 10.35 | $ | 10.12 | $ | 9.03 | ||||||||||||
Net investment income (loss)(a) | 0.08 | 0.10 | 0.11 | 0.20 | (0.03 | ) | (0.02 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.54 | ) | 1.85 | (0.26 | ) | (5.33 | ) | 0.26 | 1.11 | |||||||||||||||
Total from investment operations | (0.46 | ) | 1.95 | (0.15 | ) | (5.13 | ) | 0.23 | 1.09 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.15 | ) | (0.14 | ) | (0.14 | ) | — | — | ||||||||||||||
Net asset value at end of period | $ | 6.05 | $ | 6.59 | $ | 4.79 | $ | 5.08 | $ | 10.35 | $ | 10.12 | ||||||||||||
Market price at end of period(b) | $ | 6.05 | $ | 6.59 | $ | 4.79 | $ | 5.08 | $ | 10.33 | $ | 10.11 | ||||||||||||
Net Asset Value Total Return(c) | (7.04 | )% | 41.23 | % | (2.64 | )% | (49.78 | )% | 2.27 | % | 12.07 | % | ||||||||||||
Market Price Total Return(c) | (7.04 | )% | 41.23 | % | (2.65 | )% | (49.68 | )% | 2.18 | % | 12.46 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 166,089 | $ | 218,101 | $ | 142,494 | $ | 178,016 | $ | 541,472 | $ | 657,486 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(d) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.70 | % | 0.70 | % | 0.76 | % | 0.75 | % | 0.70 | % | ||||||||||||
Net investment income (loss), after Waivers | 2.47 | %(d) | 1.55 | % | 2.48 | % | 2.98 | % | (0.27 | )% | (0.18 | )% | ||||||||||||
Portfolio turnover rate(e) | 21 | % | 57 | % | 52 | % | 46 | % | 32 | % | 42 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares WilderHill Progressive Energy Portfolio (PUW)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.73 | $ | 27.56 | $ | 25.87 | $ | 30.68 | $ | 25.19 | $ | 17.38 | ||||||||||||
Net investment income(a) | 0.31 | 0.24 | 0.35 | 0.14 | 0.10 | 0.14 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.76 | ) | 5.27 | 1.54 | (4.71 | ) | 5.53 | 7.81 | ||||||||||||||||
Total from investment operations | (3.45 | ) | 5.51 | 1.89 | (4.57 | ) | 5.63 | 7.95 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.34 | ) | (0.20 | ) | (0.24 | ) | (0.14 | ) | (0.14 | ) | ||||||||||||
Net asset value at end of period | $ | 28.96 | $ | 32.73 | $ | 27.56 | $ | 25.87 | $ | 30.68 | $ | 25.19 | ||||||||||||
Market price at end of period(b) | $ | 28.96 | $ | 32.71 | $ | 27.55 | $ | 25.86 | $ | 30.70 | $ | 25.19 | ||||||||||||
Net Asset Value Total Return(c) | (10.67 | )% | 20.24 | % | 7.38 | % | (14.84 | )% | 22.47 | % | 45.96 | % | ||||||||||||
Market Price Total Return(c) | (10.61 | )% | 20.21 | % | 7.38 | % | (14.93 | )% | 22.55 | % | 45.96 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 36,205 | $ | 45,819 | $ | 38,584 | $ | 47,859 | $ | 75,175 | $ | 60,451 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(d) | 0.70 | % | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.83 | %(d) | 0.84 | % | 0.87 | % | 0.86 | % | 0.86 | % | 0.84 | % | ||||||||||||
Net investment income, after Waivers | 1.94 | %(d) | 0.78 | % | 1.40 | % | 0.56 | % | 0.37 | % | 0.63 | % | ||||||||||||
Portfolio turnover rate(e) | 17 | % | 37 | % | 32 | % | 36 | % | 22 | % | 52 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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, 2014
(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, 2014, the Trust offered fifty-three 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) | “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 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 in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). 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 | Underlying 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 | |
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.
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 securities) 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. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options 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. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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 securities) 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 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 (“ADRs”) 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.
Swap agreements are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end of day net present values, spreads, ratings, industry, and company performance.
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 ask 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.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
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.
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B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. 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. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that 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 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 (except for CleantechTM Portfolio, DWA Momentum Portfolio, Global Listed Private Equity 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.
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.
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 Cleantech™ Portfolio, Global Listed Private Equity Portfolio and Water Resources Portfolio, since their Underlying Indexes may include ADRs and global depositary receipts (“GDRs”), investing in these Funds involve risks of investing in foreign securities, in addition to the risks associated with domestic securities. In general, foreign companies 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 business development companies (“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 BDCs. 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
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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.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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-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. Out of the unitary management fee, 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 year-end.
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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 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
The 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 (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (“Counterparties”). These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.
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 the Fund under any swap transaction. 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. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.
I. Securities Lending
During the six-month period ended October 31, 2014, CleantechTM Portfolio, Global Listed Private Equity Portfolio, Golden Dragon China Portfolio, WilderHill Clean Energy Portfolio and WilderHill Progressive Energy Portfolio participated in securities lending. Each Fund loaned 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 Schedules 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
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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 has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Trust on behalf of each Fund (excluding S&P BuyWrite Portfolio), 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, 2015. The Expense Cap (including sub-licensing 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, 2015. 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 Expense Agreement, it will terminate on August 31, 2015. The Expense Agreement cannot be terminated during its term. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for DWA Momentum Portfolio, Global Listed Private Equity Portfolio and Water Resources Portfolio.
Further, through August 31, 2015, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended October 31, 2014, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Aerospace & Defense Portfolio | $ | 77 | ||
CleantechTM Portfolio | 14,471 | |||
DWA Momentum Portfolio | 802 | |||
Global Listed Private Equity Portfolio | 51,349 | |||
Golden Dragon China Portfolio | 145 | |||
S&P 500 BuyWrite Portfolio | 380 | |||
S&P 500® High Quality Portfolio | 170,552 | |||
Water Resources Portfolio | 747 | |||
WilderHill Clean Energy Portfolio | 11,473 | |||
WilderHill Progressive Energy Portfolio | 27,730 |
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.
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For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2014 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/15 | 04/30/16 | 04/30/17 | 10/31/17 | |||||||||||||||||
Aerospace & Defense Portfolio | $ | 103,785 | $ | 44,135 | $ | 36,735 | $ | 22,915 | $ | — | ||||||||||
CleantechTM Portfolio | 145,130 | 34,642 | 61,862 | 34,174 | 14,452 | |||||||||||||||
Golden Dragon China Portfolio | 157,621 | 65,966 | 91,655 | — | — | |||||||||||||||
S&P 500® High Quality Portfolio | 849,934 | 121,405 | 271,138 | 286,999 | 170,392 | |||||||||||||||
WilderHill Clean Energy Portfolio | 133,176 | 121,807 | — | — | 11,369 | |||||||||||||||
WilderHill Progressive Energy Portfolio | 183,919 | 36,181 | 64,090 | 55,938 | 27,710 |
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 | |
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 | The NASDAQ OMX Group, 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 | The 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 by 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 the 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 with the Funds. The table below shows each Fund’s transactions in, and earnings from, its investment in Invesco Ltd. for the six-month period ended October 31, 2014.
S&P 500 BuyWrite Portfolio
Value April 30, 2014 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2014 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 227,034 | $ | 162,894 | $ | (52,437 | ) | $ | 30,824 | $ | 10,444 | $ | 378,759 | $ | 3,713 |
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
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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 a 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, 2014, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules 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 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 | $ | 536,170,541 | $ | — | $ | — | $ | 536,170,541 | ||||||||
Swap Agreements* | — | 424,720 | — | 424,720 | ||||||||||||
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|
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|
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| |||||||||
Total Investments | $ | 536,170,541 | $ | 424,720 | $ | — | $ | 536,595,261 | ||||||||
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|
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| |||||||||
Golden Dragon China Portfolio | ||||||||||||||||
Equity Securities | $ | 317,725,568 | $ | — | $ | 0 | $ | 317,725,568 | ||||||||
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|
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* | Unrealized appreciation. |
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 enabling 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 Investments 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, 2014:
Value | ||||||||
Risk Exposure/Derivative Type | Assets | Liabilities | ||||||
Global Listed Private Equity Portfolio | ||||||||
Equity risk: | ||||||||
Swap agreements(a) | $ | 424,720 | $ | — | ||||
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| |||||
S&P 500 BuyWrite Portfolio | ||||||||
Equity risk: | ||||||||
Options written contracts(a) | $ | — | $ | (23,383,015 | ) | |||
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(a) | Values are disclosed on the Statements of Assets and Liabilities under Unrealized appreciation on swap agreements and Open options written, at value, respectively. |
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Effect of Derivative Investments for the Six-Month Period Ended October 31, 2014
The table below summarizes each Fund’s gains (losses) on derivative instruments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statements of Operations | ||||||||
Swap Agreements* | Options* | |||||||
Global Listed Private Equity Portfolio* | ||||||||
Realized Gain (Loss) | ||||||||
Equity risk | $ | (2,039,040 | ) | $ | — | |||
Change in Unrealized Appreciation (Depreciation) | ||||||||
Equity risk | 3,699,794 | — | ||||||
S&P 500 BuyWrite Portfolio* | ||||||||
Realized Gain (Loss) | ||||||||
Equity risk | — | (9,309,395 | ) | |||||
Change in Unrealized Appreciation (Depreciation) | ||||||||
Equity risk | — | (15,594,115 | ) | |||||
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|
|
| |||||
Total | $ | 1,660,754 | $ | (24,903,510 | ) | |||
|
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|
* | The average notional value of swap agreements and options outstanding during the year was $56,218,115 and $335,590,083, respectively. |
Global Listed Private Equity Portfolio
Open Total Return Swap Agreements | ||||||||||||||
Counterparty | Swap Agreements | Termination Date | Notional Amount | Value Unrealized Appreciation | ||||||||||
Citibank, N.A. | Receive a return equal to common shares of The Blackstone Group LP and pay the product of (i) 1-Month LIBOR plus 75 basis points multiplied by (ii) days in the period divided by 360 | 10/23/15 | $ | 21,694,953 | $ | 162,559 | ||||||||
Citibank, N.A. | Receive a return equal to common shares of KKR & Co. LP and pay the product of (i) 1-Month LIBOR plus 75 basis points multiplied by (ii) days in the period divided by 360 | 10/23/15 | 23,228,363 | 262,161 | ||||||||||
Morgan Stanley Capital Services LLC | Receive a return equal to common shares of Riverstone Energy Ltd. and pay the product of (i) 1-Month LIBOR plus 85 basis points multiplied by (ii) days in the period divided by 365 | 08/03/16 | 3,582,011 | — | ||||||||||
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Total | $ | 424,720 | ||||||||||||
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S&P 500 BuyWrite Portfolio
Options Written Transactions During the Period | ||||||||
Call Option Contracts | ||||||||
Number of Contracts | Premiums Received | |||||||
Beginning of period | 1,343 | $ | 2,842,312 | |||||
Written | 10,621 | 23,987,971 | ||||||
Closed | (6,545 | ) | (14,313,407 | ) | ||||
Expired | (3,500 | ) | (5,545,339 | ) | ||||
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End of period | 1,919 | $ | 6,971,537 | |||||
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Open Options Written at Period-End | ||||||||||||||||||||||||||||
Contract Month | Strike Price | Number of Contracts | Premiums Received | Unrealized Appreciation (Depreciation) | Notional Value* | Value | ||||||||||||||||||||||
Call Option S&P 500 Index | Nov-14 | $ | 1,895 | 1,919 | $ | 6,971,537 | ($ | 16,411,478 | ) | $ | 3,636,505 | $ | 23,383,015 |
* | Notional Value is calculated by multiplying the Number of Contracts by the Strike Price. |
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Offsetting Assets and Liabilities
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,” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statements of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on each fund’s 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 table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2014.
Global Listed Private Equity Portfolio
Assets: | Collateral Received | |||||||||||||||||||||||
Counterparty | Gross amounts presented in Statement of Assets & Liabilities | Gross amounts offset in Statement of Assets & Liabilities | Net amounts of assets presented in the Statement of Assets and Liabilities | Financial Instruments | Cash | Net Amount | ||||||||||||||||||
Citibank, N.A. | $ | 424,720 | $ | — | $ | 424,720 | $ | — | $ | — | $ | 424,720 |
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.
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 eight 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 carryforwards 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 carryforwards as of April 30, 2014, which expire as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | Utilized | Expired | |||||||||||||||||||||||||||||||
Aerospace & Defense Portfolio | $ | 104,662 | $ | 2,374,303 | $ | 7,470,897 | $ | 6,428,813 | $ | 9,464,875 | $ | — | $ | 3,466,723 | $ | 29,310,273 | $ | — | $ | — | ||||||||||||||||||||
CleantechTM Portfolio | — | 1,171,839 | 14,341,075 | 25,186,026 | 12,098,616 | 1,476,508 | 29,311,493 | 83,585,557 | — | — | ||||||||||||||||||||||||||||||
DWA Momentum Portfolio | — | 5,046,566 | 92,771,702 | 60,219,842 | 10,496,532 | 21,263,683 | — | 189,798,325 | 30,262,612 | — | ||||||||||||||||||||||||||||||
Global Listed Private Equity Portfolio | — | 796,018 | 7,687,052 | 47,149,399 | — | 13,517,688 | 9,858,041 | 79,008,198 | 6,727,087 | — | ||||||||||||||||||||||||||||||
Golden Dragon China Portfolio | 3,128,677 | 1,235,904 | 22,836,421 | 74,072,167 | 35,483,714 | 13,898,904 | 132,661,873 | 283,317,660 | — | 1,018,146 | ||||||||||||||||||||||||||||||
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 | — | 523,009 | 139,678,368 | — | — | ||||||||||||||||||||||||||||||
Water Resources Portfolio | 11,876,489 | 3,553,481 | 93,208,162 | 265,948,030 | 33,978,301 | 18,359,580 | 103,953,663 | 530,877,706 | — | — |
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Post-effective no expiration | ||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | Utilized | Expired | |||||||||||||||||||||||||||||||||||||||||
WilderHill Clean Energy Portfolio | $ | 89,533,576 | $ | 44,707,703 | $ | 261,712,498 | $ | 460,657,845 | $ | 241,008,862 | $ | 57,314,443 | $ | 283,242,997 | $ | 1,438,177,924 | $ | — | $ | 2,098,368 | ||||||||||||||||||||||||||||||
WilderHill Progressive Energy Portfolio | — | 179,432 | 8,319,827 | 12,433,887 | 2,282,887 | 3,244,080 | 5,860,967 | 32,321,080 | — | — |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Note 8. Investment Transactions
For the six-month period ended October 31, 2014, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Aerospace & Defense Portfolio | $ | 7,785,955 | $ | 7,053,194 | ||||
CleantechTM Portfolio | 9,084,366 | 9,219,959 | ||||||
DWA Momentum Portfolio | 508,959,820 | 511,827,420 | ||||||
Global Listed Private Equity Portfolio | 78,141,473 | 82,504,295 | ||||||
Golden Dragon China Portfolio | 23,145,187 | 22,970,343 | ||||||
S&P 500 BuyWrite Portfolio | 68,605,659 | 84,287,279 | ||||||
S&P 500® High Quality Portfolio | 22,019,368 | 21,509,263 | ||||||
Water Resources Portfolio | 117,433,551 | 119,093,748 | ||||||
WilderHill Clean Energy Portfolio | 39,198,052 | 38,878,053 | ||||||
WilderHill Progressive Energy Portfolio | 7,402,090 | 7,417,385 |
For the six-month period ended October 31, 2014, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Aerospace & Defense Portfolio | $ | 56,935,209 | $ | 3,109,246 | ||||
CleantechTM Portfolio | 4,389,849 | 7,356,692 | ||||||
DWA Momentum Portfolio | 607,938,027 | 529,733,167 | ||||||
Global Listed Private Equity Portfolio | 66,691,966 | 97,781,965 | ||||||
Golden Dragon China Portfolio | 79,977,333 | 95,381,349 | ||||||
S&P 500 BuyWrite Portfolio | 151,708,724 | 23,642,185 | ||||||
S&P 500® High Quality Portfolio | 66,637,648 | 23,674,406 | ||||||
Water Resources Portfolio | 15,328,655 | 45,017,608 | ||||||
WilderHill Clean Energy Portfolio | 26,643,270 | 62,577,470 | ||||||
WilderHill Progressive Energy Portfolio | 5,021,675 | 9,957,488 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2014, the 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 | $ | 136,603,743 | $ | 21,554,743 | $ | 23,551,500 | $ | (1,996,757 | ) | |||||||
CleantechTM Portfolio | 64,044,393 | 13,576,715 | 18,789,999 | (5,213,284 | ) | |||||||||||
DWA Momentum Portfolio | 1,240,624,890 | 207,654,148 | 223,740,052 | (16,085,904 | ) | |||||||||||
Global Listed Private Equity Portfolio | 563,371,016 | (27,200,475 | ) | 43,166,253 | (70,366,728 | ) | ||||||||||
Golden Dragon China Portfolio | 305,690,097 | 12,035,471 | 48,132,246 | (36,096,775 | ) | |||||||||||
S&P 500 BuyWrite Portfolio | 373,050,707 | 14,473,400 | 68,847,366 | (54,373,966 | ) |
| 52 |
|
Cost | Net Unrealized Appreciation (Depreciation) | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | |||||||||||||
S&P 500® High Quality Portfolio | $ | 348,516,765 | $ | 88,888,184 | $ | 91,096,592 | $ | (2,208,408 | ) | |||||||
Water Resources Portfolio | 768,437,933 | 190,611,892 | 242,224,004 | (51,612,112 | ) | |||||||||||
WilderHill Clean Energy Portfolio | 231,068,573 | (17,811,602 | ) | 21,826,780 | (39,638,382 | ) | ||||||||||
WilderHill Progressive Energy Portfolio | 39,650,478 | 47,075 | 6,679,765 | (6,632,690 | ) |
Note 9. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and Officer of the Funds. 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. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
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 in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, 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.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt 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 the Trust’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 each 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.
| 53 |
|
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, 2014.
In addition to the fees and expenses which the PowerShares DWA Momentum Portfolio and PowerShares Global Listed Private Equity Portfolio (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated 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 invests in. The effect of the estimated investment companies’ expenses that you bear indirectly 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, 2014 | Ending Account Value October 31, 2014 | 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 | $ | 1,050.84 | 0.66 | % | $ | 3.41 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.88 | 0.66 | 3.36 | ||||||||||||
PowerShares CleantechTM Portfolio (PZD) | ||||||||||||||||
Actual | 1,000.00 | 918.68 | 0.67 | 3.24 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.83 | 0.67 | 3.41 | ||||||||||||
PowerShares DWA Momentum Portfolio (PDP) | ||||||||||||||||
Actual | 1,000.00 | 1,092.59 | 0.63 | 3.32 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Global Listed Private Equity Portfolio (PSP) | ||||||||||||||||
Actual | 1,000.00 | 954.46 | 0.64 | 3.15 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.98 | 0.64 | 3.26 |
| 54 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Golden Dragon China Portfolio (PGJ) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,140.44 | 0.70 | % | $ | 3.78 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||||||||||
PowerShares S&P 500 BuyWrite Portfolio (PBP) | ||||||||||||||||
Actual | 1,000.00 | 1,007.84 | 0.75 | 3.80 | ||||||||||||
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 | 1,083.22 | 0.29 | 1.52 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.74 | 0.29 | 1.48 | ||||||||||||
PowerShares Water Resources Portfolio (PHO) | ||||||||||||||||
Actual | 1,000.00 | 1,002.77 | 0.61 | 3.08 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.13 | 0.61 | 3.11 | ||||||||||||
PowerShares WilderHill Clean Energy Portfolio (PBW) | ||||||||||||||||
Actual | 1,000.00 | 929.63 | 0.70 | 3.40 | ||||||||||||
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 | 893.30 | 0.70 | 3.34 | ||||||||||||
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, 2014. 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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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.
©2014 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, 2014 |
2014 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 |
| 2 |
|
Portfolio Composition
PowerShares Buyback AchieversTM Portfolio (PKW)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Consumer Discretionary | 32.0 | |||
Information Technology | 17.3 | |||
Health Care | 11.6 | |||
Financials | 11.4 | |||
Industrials | 7.8 | |||
Telecommunication Services | 6.3 | |||
Energy | 5.5 | |||
Materials | 5.2 | |||
Consumer Staples | 2.3 | |||
Utilities | 0.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Buyback AchieversTM Portfolio (PKW)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—32.0% | ||||||||
73,613 | ANN INC.(b) | $ | 2,826,003 | |||||
52,460 | AutoZone, Inc.(b) | 29,037,659 | ||||||
61,663 | Bally Technologies, Inc.(b) | 4,957,705 | ||||||
128,025 | bebe stores, Inc. | 293,177 | ||||||
324,985 | Bed Bath & Beyond, Inc.(b) | 21,884,490 | ||||||
25,834 | Blyth, Inc.(c) | 216,747 | ||||||
37,959 | Bob Evans Farms, Inc. | 1,854,297 | ||||||
103,983 | Brinker International, Inc. | 5,577,648 | ||||||
85,518 | Carter’s, Inc. | 6,681,521 | ||||||
785,217 | CBS Corp., Class B | 42,574,466 | ||||||
34,704 | Children’s Place, Inc. (The) | 1,709,172 | ||||||
62,865 | Dillard’s, Inc., Class A | 6,648,602 | ||||||
808,201 | DIRECTV(b) | 70,143,765 | ||||||
330,893 | Dollar Tree, Inc.(b) | 20,042,189 | ||||||
85,141 | Fossil Group, Inc.(b) | 8,655,434 | ||||||
699,787 | Gap, Inc. (The) | 26,514,929 | ||||||
2,582,259 | General Motors Co. | 81,082,933 | ||||||
45,692 | hhgregg, Inc.(b) | 236,685 | ||||||
1,414,262 | Home Depot, Inc. (The) | 137,918,830 | ||||||
77,430 | Iconix Brand Group, Inc.(b) | 3,097,974 | ||||||
397,795 | International Game Technology | 6,519,860 | ||||||
329,353 | Kohl’s Corp. | 17,857,520 | ||||||
129,095 | Lear Corp. | 11,941,288 | ||||||
728,430 | Liberty Interactive Corp., Class A(b) | 19,041,160 | ||||||
1,588,461 | Lowe’s Cos., Inc. | 90,859,969 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
568,253 | Macy’s, Inc. | $ | 32,856,388 | |||||
29,991 | Marcus Corp. (The) | 513,746 | ||||||
467,586 | Marriott International, Inc., Class A | 35,419,640 | ||||||
50,832 | Martha Stewart Living Omnimedia, Inc., Class A(b) | 220,103 | ||||||
77,329 | Men’s Wearhouse, Inc. (The) | 3,636,783 | ||||||
9,730 | NACCO Industries, Inc., Class A | 569,886 | ||||||
6,751 | NVR, Inc.(b) | 8,287,393 | ||||||
166,982 | O’Reilly Automotive, Inc.(b) | 29,368,794 | ||||||
30,078 | Outerwall, Inc.(b)(c) | 1,903,035 | ||||||
41,330 | Panera Bread Co., Class A(b) | 6,680,581 | ||||||
65,859 | Papa John’s International, Inc. | 3,079,567 | ||||||
85,051 | Rent-A-Center, Inc. | 2,634,030 | ||||||
249,678 | Sally Beauty Holdings, Inc.(b) | 7,318,062 | ||||||
153,320 | Six Flags Entertainment Corp. | 6,178,796 | ||||||
85,998 | Smith & Wesson Holding Corp.(b)(c) | 873,740 | ||||||
65,346 | Sonic Automotive, Inc., Class A | 1,626,462 | ||||||
17,550 | Strayer Education, Inc.(b) | 1,284,485 | ||||||
179,004 | TRW Automotive Holdings Corp.(b) | 18,142,055 | ||||||
81,088 | Tupperware Brands Corp. | 5,169,360 | ||||||
598,737 | Viacom, Inc., Class B | 43,516,205 | ||||||
70,779 | Visteon Corp.(b) | 6,646,148 | ||||||
135,671 | Wet Seal, Inc. (The), Class A(b)(c) | 46,128 | ||||||
201,414 | Wyndham Worldwide Corp. | 15,643,825 | ||||||
|
| |||||||
849,789,235 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares Buyback AchieversTM Portfolio (PKW) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples—2.3% | ||||||||
395,120 | Coca-Cola Enterprises, Inc. | $ | 17,128,452 | |||||
147,696 | Herbalife Ltd.(c) | 7,748,132 | ||||||
21,756 | Ingles Markets, Inc., Class A | 585,236 | ||||||
579,341 | Lorillard, Inc. | 35,629,472 | ||||||
|
| |||||||
61,091,292 | ||||||||
|
| |||||||
Energy—5.5% | ||||||||
566,905 | Denbury Resources, Inc. | 7,029,622 | ||||||
1,368,672 | Halliburton Co. | 75,468,574 | ||||||
455,928 | Marathon Petroleum Corp. | 41,443,855 | ||||||
206,363 | Tesoro Corp. | 14,736,382 | ||||||
162,670 | Western Refining, Inc. | 7,416,125 | ||||||
|
| |||||||
146,094,558 | ||||||||
|
| |||||||
Financials—11.4% | ||||||||
155,790 | AllianceBernstein Holding LP | 4,144,014 | ||||||
697,429 | Allstate Corp. (The) | 45,228,271 | ||||||
432,238 | American Capital Ltd.(b) | 6,410,090 | ||||||
301,244 | Ameriprise Financial, Inc. | 38,007,956 | ||||||
105,344 | Aspen Insurance Holdings Ltd. | 4,596,159 | ||||||
249,211 | Associated Banc-Corp. | 4,685,167 | ||||||
114,864 | Assurant, Inc. | 7,836,022 | ||||||
272,291 | Assured Guaranty Ltd. | 6,284,476 | ||||||
34,749 | Credit Acceptance Corp.(b) | 5,127,562 | ||||||
743,298 | Discover Financial Services | 47,407,546 | ||||||
28,591 | eHealth, Inc.(b) | 713,345 | ||||||
73,173 | Everest Re Group Ltd. | 12,486,972 | ||||||
14,311 | FBR & Co.(b) | 345,468 | ||||||
13,817 | First Citizens BancShares, Inc., Class A | 3,470,969 | ||||||
150,477 | First Commonwealth Financial Corp. | 1,406,960 | ||||||
29,613 | First Community Bancshares, Inc. | 484,765 | ||||||
334,391 | Fortress Investment Group LLC, Class A | 2,514,620 | ||||||
186,370 | Legg Mason, Inc. | 9,691,240 | ||||||
161,531 | LPL Financial Holdings, Inc. | 6,685,768 | ||||||
73,575 | Montpelier Re Holdings Ltd. (Bermuda) | 2,438,276 | ||||||
36,533 | MVC Capital, Inc. | 411,727 | ||||||
499,344 | People’s United Financial, Inc.(c) | 7,300,409 | ||||||
26,161 | Piper Jaffray Cos.(b) | 1,477,050 | ||||||
42,627 | Platinum Underwriters Holdings Ltd. | 2,669,729 | ||||||
65,206 | RenaissanceRe Holdings Ltd. | 6,737,736 | ||||||
680,591 | SLM Corp. | 6,499,644 | ||||||
681,529 | State Street Corp. | 51,428,178 | ||||||
84,997 | United Financial Bancorp, Inc. | 1,192,508 | ||||||
55,970 | Universal Insurance Holdings, Inc. | 979,475 | ||||||
409,991 | Unum Group | 13,718,299 | ||||||
15,409 | World Acceptance Corp.(b)(c) | 1,104,209 | ||||||
|
| |||||||
303,484,610 | ||||||||
|
| |||||||
Health Care—11.6% | ||||||||
120,104 | C.R. Bard, Inc. | 19,693,453 | ||||||
27,819 | Chemed Corp. | 2,875,372 | ||||||
33,551 | CorVel Corp.(b) | 1,154,825 | ||||||
170,629 | Edwards Lifesciences Corp.(b) | 20,632,459 | ||||||
141,170 | HealthSouth Corp. | 5,693,386 | ||||||
80,895 | IDEXX Laboratories, Inc.(b) | 11,460,395 | ||||||
136,621 | Laboratory Corp. of America Holdings(b) | 14,931,309 | ||||||
601,918 | Mylan, Inc.(b) | 32,232,709 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
117,142 | Myriad Genetics, Inc.(b)(c) | $ | 4,625,938 | |||||
157,464 | Omnicare, Inc. | 10,485,528 | ||||||
4,387,677 | Pfizer, Inc. | 131,410,926 | ||||||
30,655 | PhotoMedex, Inc.(b)(c) | 117,715 | ||||||
232,393 | Quest Diagnostics, Inc. | 14,747,660 | ||||||
458,130 | St. Jude Medical, Inc. | 29,398,202 | ||||||
21,880 | SurModics, Inc.(b) | 473,702 | ||||||
157,566 | Tenet Healthcare Corp.(b) | 8,831,574 | ||||||
|
| |||||||
308,765,153 | ||||||||
|
| |||||||
Industrials—7.8% | ||||||||
280,014 | ADT Corp. (The) | 10,035,702 | ||||||
160,083 | AECOM Technology Corp., Class W(b) | 5,210,702 | ||||||
12,731 | American Science & Engineering, Inc. | 704,024 | ||||||
88,259 | Armstrong World Industries, Inc.(b) | 4,273,501 | ||||||
40,646 | Atlas Air Worldwide Holdings, Inc.(b) | 1,500,650 | ||||||
172,927 | Babcock & Wilcox Co. (The) | 4,945,712 | ||||||
236,806 | C.H. Robinson Worldwide, Inc. | 16,389,343 | ||||||
79,397 | CBIZ, Inc.(b) | 732,834 | ||||||
58,526 | Dun & Bradstreet Corp. (The) | 7,187,578 | ||||||
220,145 | Flowserve Corp. | 14,967,659 | ||||||
27,128 | Franklin Covey Co.(b) | 531,980 | ||||||
52,690 | Kforce, Inc. | 1,219,774 | ||||||
138,765 | L-3 Communications Holdings, Inc. | 16,854,397 | ||||||
334,624 | Northrop Grumman Corp. | 46,164,727 | ||||||
136,805 | Oshkosh Corp. | 6,123,392 | ||||||
76,113 | PGT, Inc.(b) | 715,843 | ||||||
51,399 | Pike Corp.(b) | 613,704 | ||||||
1,102,530 | Southwest Airlines Co. | 38,015,234 | ||||||
68,490 | SPX Corp. | 6,492,167 | ||||||
251,478 | Stanley Black & Decker, Inc. | 23,548,400 | ||||||
|
| |||||||
206,227,323 | ||||||||
|
| |||||||
Information Technology—17.3% | ||||||||
1,154,574 | Activision Blizzard, Inc. | 23,033,751 | ||||||
88,031 | ADTRAN, Inc. | 1,867,138 | ||||||
126,594 | AOL, Inc.(b) | 5,510,637 | ||||||
233,438 | Computer Sciences Corp. | 14,099,655 | ||||||
25,802 | Comtech Telecommunications Corp. | 982,282 | ||||||
162,696 | Convergys Corp. | 3,281,578 | ||||||
103,121 | Conversant, Inc.(b) | 3,635,015 | ||||||
87,317 | Dice Holdings, Inc.(b) | 870,550 | ||||||
51,461 | Digital River, Inc.(b) | 1,315,858 | ||||||
63,938 | DST Systems, Inc. | 6,160,426 | ||||||
228,071 | FLIR Systems, Inc. | 7,647,221 | ||||||
29,365 | Forrester Research, Inc. | 1,182,822 | ||||||
108,843 | Global Payments, Inc. | 8,761,861 | ||||||
147,523 | Harmonic, Inc.(b) | 983,978 | ||||||
168,141 | Harris Corp. | 11,702,614 | ||||||
76,578 | Higher One Holdings, Inc.(b) | 196,805 | ||||||
124,869 | IAC/InterActiveCorp. | 8,452,383 | ||||||
261,401 | Lam Research Corp. | 20,352,682 | ||||||
827,774 | Marvell Technology Group Ltd. | 11,125,283 | ||||||
142,934 | Monster Worldwide, Inc.(b) | 551,725 | ||||||
403,715 | Motorola Solutions, Inc. | 26,039,618 | ||||||
90,260 | NeuStar, Inc., Class A(b)(c) | 2,383,767 | ||||||
872,052 | NVIDIA Corp. | 17,039,896 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares Buyback AchieversTM Portfolio (PKW) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
3,389,331 | Oracle Corp. | $ | 132,353,376 | |||||
81,522 | Progress Software Corp.(b) | 2,111,420 | ||||||
141,320 | QLogic Corp.(b) | 1,668,989 | ||||||
360,830 | SanDisk Corp. | 33,968,536 | ||||||
125,903 | Silicon Image, Inc.(b) | 674,840 | ||||||
63,503 | Telenav, Inc.(b) | 458,492 | ||||||
79,152 | TeleTech Holdings, Inc.(b) | 2,042,913 | ||||||
234,947 | Vantiv, Inc., Class A(b) | 7,264,561 | ||||||
201,184 | VeriSign, Inc.(b) | 12,022,756 | ||||||
62,968 | WebMD Health Corp.(b)(c) | 2,687,474 | ||||||
852,507 | Western Union Co. (The) | 14,458,519 | ||||||
1,600,520 | Yahoo!, Inc.(b) | 73,703,946 | ||||||
|
| |||||||
460,593,367 | ||||||||
|
| |||||||
Materials—5.2% | ||||||||
119,935 | Airgas, Inc. | 13,377,550 | ||||||
125,906 | Albemarle Corp. | 7,350,392 | ||||||
222,775 | Ball Corp. | 14,353,393 | ||||||
79,930 | CF Industries Holdings, Inc. | 20,781,800 | ||||||
31,871 | Clearwater Paper Corp.(b) | 2,050,899 | ||||||
115,555 | Cytec Industries, Inc. | 5,388,330 | ||||||
526,243 | Graphic Packaging Holding Co.(b) | 6,383,328 | ||||||
221,804 | PPG Industries, Inc. | 45,179,257 | ||||||
114,635 | Rockwood Holdings, Inc. | 8,816,578 | ||||||
102,040 | Silgan Holdings, Inc. | 5,016,286 | ||||||
133,339 | Valspar Corp. (The) | 10,955,132 | ||||||
|
| |||||||
139,652,945 | ||||||||
|
| |||||||
Telecommunication Services—6.3% | ||||||||
3,681,714 | AT&T, Inc. | 128,270,916 | ||||||
917,511 | CenturyLink, Inc. | 38,058,356 | ||||||
336,407 | Vonage Holdings Corp.(b) | 1,170,696 | ||||||
|
| |||||||
167,499,968 | ||||||||
|
| |||||||
Utilities—0.6% | ||||||||
647,778 | Calpine Corp.(b) | 14,782,294 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $2,360,383,358)—100.0% | 2,657,980,745 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.7% | ||||||||
18,271,105 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $18,271,105) | 18,271,105 | ||||||
|
| |||||||
Total Investments (Cost $2,378,654,463)—100.7% | 2,676,251,850 | |||||||
Other assets less liabilities—(0.7%) | (18,864,169 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 2,657,387,681 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 18,478,293 | $ | (18,271,105 | ) | $ | 207,188 |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Portfolio Composition
PowerShares Dividend AchieversTM Portfolio (PFM)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Consumer Staples | 23.4 | |||
Energy | 15.6 | |||
Industrials | 14.5 | |||
Information Technology | 10.9 | |||
Health Care | 8.3 | |||
Consumer Discretionary | 7.2 | |||
Financials | 6.5 | |||
Utilities | 5.2 | |||
Materials | 5.2 | |||
Telecommunication Services | 3.2 | |||
Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Dividend AchieversTM Portfolio (PFM)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—7.2% | ||||||||
4,544 | Aaron’s, Inc. | $ | 112,509 | |||||
1,497 | Cracker Barrel Old Country Store, Inc. | 172,679 | ||||||
7,160 | Family Dollar Stores, Inc. | 560,556 | ||||||
9,620 | Genuine Parts Co. | 933,910 | ||||||
8,011 | Hasbro, Inc. | 460,873 | ||||||
3,131 | John Wiley & Sons, Inc., Class A | 182,819 | ||||||
8,625 | Leggett & Platt, Inc. | 339,652 | ||||||
62,669 | Lowe’s Cos., Inc. | 3,584,667 | ||||||
61,702 | McDonald’s Corp. | 5,783,328 | ||||||
2,311 | Meredith Corp. | 120,496 | ||||||
43,405 | NIKE, Inc., Class B | 4,035,363 | ||||||
4,145 | Polaris Industries, Inc. | 625,315 | ||||||
13,296 | Ross Stores, Inc. | 1,073,253 | ||||||
39,821 | Target Corp. | 2,461,734 | ||||||
8,125 | Tiffany & Co. | 780,975 | ||||||
43,543 | TJX Cos., Inc. (The) | 2,757,143 | ||||||
27,089 | VF Corp. | 1,833,384 | ||||||
|
| |||||||
25,818,656 | ||||||||
|
| |||||||
Consumer Staples—23.4% | ||||||||
124,636 | Altria Group, Inc. | 6,024,904 | ||||||
1,785 | Andersons, Inc. (The) | 113,758 | ||||||
40,563 | Archer-Daniels-Midland Co. | 1,906,461 | ||||||
8,104 | Brown-Forman Corp., Class B | 750,998 | ||||||
9,168 | Bunge Ltd. | 812,743 | ||||||
2,427 | Casey’s General Stores, Inc. | 198,699 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
8,399 | Church & Dwight Co., Inc. | $ | 608,172 | |||||
8,096 | Clorox Co. (The) | 805,552 | ||||||
275,602 | Coca-Cola Co. (The) | 11,542,212 | ||||||
57,390 | Colgate-Palmolive Co. | 3,838,243 | ||||||
72,774 | CVS Health Corp. | 6,244,737 | ||||||
13,167 | Flowers Foods, Inc. | 250,173 | ||||||
38,335 | General Mills, Inc. | 1,991,887 | ||||||
16,589 | Hormel Foods Corp. | 894,313 | ||||||
6,398 | J.M. Smucker Co. (The) | 665,392 | ||||||
23,480 | Kimberly-Clark Corp. when-issued | 2,571,618 | ||||||
1,718 | Lancaster Colony Corp. | 157,180 | ||||||
7,392 | McCormick & Co., Inc. | 522,762 | ||||||
3,722 | Nu Skin Enterprises, Inc., Class A | 196,633 | ||||||
94,683 | PepsiCo, Inc. | 9,105,664 | ||||||
170,101 | Procter & Gamble Co. (The) | 14,844,714 | ||||||
36,871 | Sysco Corp. | 1,421,008 | ||||||
2,374 | Tootsie Roll Industries, Inc. | 70,389 | ||||||
1,456 | Universal Corp. | 64,792 | ||||||
6,627 | Vector Group Ltd. | 148,047 | ||||||
60,108 | Walgreen Co. | 3,860,136 | ||||||
189,072 | Wal-Mart Stores, Inc. | 14,420,521 | ||||||
|
| |||||||
84,031,708 | ||||||||
|
| |||||||
Energy—15.6% | ||||||||
4,654 | Alliance Resource Partners LP | 223,811 | ||||||
7,468 | Buckeye Partners LP | 563,087 | ||||||
1,452 | CARBO Ceramics, Inc. | 75,025 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares Dividend AchieversTM Portfolio (PFM) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
110,274 | Chevron Corp. | $ | 13,227,366 | |||||
77,263 | ConocoPhillips | 5,574,525 | ||||||
4,599 | Energen Corp. | 311,352 | ||||||
118,005 | Enterprise Products Partners LP | 4,354,384 | ||||||
34,401 | EOG Resources, Inc. | 3,269,815 | ||||||
143,524 | Exxon Mobil Corp. | 13,880,206 | ||||||
5,571 | Genesis Energy LP | 267,297 | ||||||
6,801 | Helmerich & Payne, Inc. | 590,463 | ||||||
20,429 | Kinder Morgan Energy Partners LP | 1,916,240 | ||||||
14,268 | Magellan Midstream Partners LP | 1,168,121 | ||||||
11,158 | Murphy Oil Corp. | 595,726 | ||||||
48,990 | Occidental Petroleum Corp. | 4,356,681 | ||||||
13,070 | ONEOK, Inc. | 770,346 | ||||||
23,183 | Plains All American Pipeline LP | 1,306,362 | ||||||
13,208 | Sunoco Logistics Partners LP | 630,418 | ||||||
3,917 | TC Pipelines LP | 244,225 | ||||||
46,960 | Williams Cos., Inc. (The) | 2,606,750 | ||||||
|
| |||||||
55,932,200 | ||||||||
|
| |||||||
Financials—6.5% | ||||||||
1,500 | 1st Source Corp. | 46,935 | ||||||
21,095 | ACE Ltd. | 2,305,684 | ||||||
28,468 | Aflac, Inc. | 1,700,394 | ||||||
4,700 | American Equity Investment Life Holding Co. | 121,307 | ||||||
6,618 | Axis Capital Holdings Ltd. | 318,591 | ||||||
969 | BancFirst Corp. | 62,985 | ||||||
5,006 | Bank of the Ozarks, Inc. | 176,411 | ||||||
9,083 | Brown & Brown, Inc. | 289,384 | ||||||
15,111 | Chubb Corp. (The) | 1,501,429 | ||||||
10,283 | Cincinnati Financial Corp. | 518,983 | ||||||
5,758 | Commerce Bancshares, Inc. | 260,607 | ||||||
2,557 | Community Bank System, Inc. | 97,550 | ||||||
1,095 | Community Trust Bancorp, Inc. | 39,365 | ||||||
3,957 | Cullen/Frost Bankers, Inc. | 319,765 | ||||||
7,435 | Eaton Vance Corp. | 273,831 | ||||||
2,902 | Erie Indemnity Co., Class A | 246,293 | ||||||
3,989 | Essex Property Trust, Inc. REIT | 804,821 | ||||||
4,255 | Federal Realty Investment Trust REIT | 560,809 | ||||||
39,292 | Franklin Resources, Inc. | 2,185,028 | ||||||
6,284 | HCC Insurance Holdings, Inc. | 327,962 | ||||||
28,831 | HCP, Inc. REIT | 1,267,699 | ||||||
19,388 | Health Care REIT, Inc. REIT | 1,378,681 | ||||||
723 | Infinity Property & Casualty Corp. | 52,786 | ||||||
17,023 | McGraw Hill Financial, Inc. | 1,540,241 | ||||||
3,455 | Mercury General Corp. | 183,530 | ||||||
2,077 | National Health Investors, Inc. REIT | 136,895 | ||||||
7,860 | National Retail Properties, Inc. REIT | 299,623 | ||||||
16,390 | Old Republic International Corp. | 242,080 | ||||||
7,995 | OMEGA Healthcare Investors, Inc. REIT | 305,089 | ||||||
3,122 | PartnerRe Ltd. | 361,184 | ||||||
19,499 | People’s United Financial, Inc. | 285,075 | ||||||
4,383 | Prosperity Bancshares, Inc. | 264,689 | ||||||
13,990 | Realty Income Corp. REIT | 643,960 | ||||||
2,546 | RenaissanceRe Holdings Ltd. | 263,078 | ||||||
2,704 | RLI Corp. | 134,091 | ||||||
10,542 | SEI Investments Co. | 407,554 | ||||||
12,804 | Senior Housing Properties Trust REIT | 289,242 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,184 | Southside Bancshares, Inc. | $ | 39,759 | |||||
2,695 | StanCorp Financial Group, Inc. | 187,464 | ||||||
16,530 | T. Rowe Price Group, Inc. | 1,356,948 | ||||||
6,025 | Tanger Factory Outlet Centers, Inc. REIT | 215,514 | ||||||
933 | Tompkins Financial Corp. | 46,837 | ||||||
2,859 | UMB Financial Corp. | 170,339 | ||||||
4,347 | United Bankshares, Inc. | 149,015 | ||||||
812 | Universal Health Realty Income Trust REIT | 39,341 | ||||||
1,484 | Urstadt Biddle Properties, Inc., Class A REIT | 32,099 | ||||||
8,014 | W.R. Berkley Corp. | 413,042 | ||||||
1,634 | Westamerica Bancorp. | 80,622 | ||||||
521 | Westwood Holdings Group, Inc. | 35,167 | ||||||
6,247 | WP Carey, Inc. REIT | 423,047 | ||||||
|
| |||||||
23,402,825 | ||||||||
|
| |||||||
Health Care—8.3% | ||||||||
94,489 | Abbott Laboratories | 4,118,776 | ||||||
12,055 | Becton, Dickinson and Co. | 1,551,479 | ||||||
4,690 | C.R. Bard, Inc. | 769,019 | ||||||
21,155 | Cardinal Health, Inc. | 1,660,244 | ||||||
137,616 | Johnson & Johnson | 14,832,252 | ||||||
61,551 | Medtronic, Inc. | 4,195,316 | ||||||
3,963 | Owens & Minor, Inc. | 132,047 | ||||||
23,789 | Stryker Corp. | 2,082,251 | ||||||
4,447 | West Pharmaceutical Services, Inc. | 227,909 | ||||||
|
| |||||||
29,569,293 | ||||||||
|
| |||||||
Industrials—14.5% | ||||||||
40,717 | 3M Co. | 6,261,053 | ||||||
4,830 | A.O. Smith Corp. | 257,681 | ||||||
3,519 | ABM Industries, Inc. | 97,265 | ||||||
2,994 | Brady Corp., Class A | 71,377 | ||||||
9,247 | C.H. Robinson Worldwide, Inc. | 639,985 | ||||||
4,029 | Carlisle Cos., Inc. | 358,098 | ||||||
39,453 | Caterpillar, Inc. | 4,000,929 | ||||||
7,315 | Cintas Corp. | 535,751 | ||||||
3,171 | CLARCOR, Inc. | 212,330 | ||||||
22,522 | Deere & Co. | 1,926,532 | ||||||
8,983 | Donaldson Co., Inc. | 373,513 | ||||||
10,466 | Dover Corp. | 831,419 | ||||||
43,856 | Emerson Electric Co. | 2,809,415 | ||||||
12,260 | Expeditors International of Washington, Inc. | 523,012 | ||||||
18,648 | Fastenal Co. | 821,258 | ||||||
17,843 | FedEx Corp. | 2,986,918 | ||||||
2,989 | Franklin Electric Co., Inc. | 111,609 | ||||||
21,008 | General Dynamics Corp. | 2,936,078 | ||||||
1,650 | Gorman-Rupp Co. (The) | 52,371 | ||||||
3,775 | Graco, Inc. | 296,337 | ||||||
4,419 | Healthcare Services Group, Inc. | 131,598 | ||||||
24,916 | Illinois Tool Works, Inc. | 2,268,602 | ||||||
5,756 | ITT Corp. | 259,365 | ||||||
4,993 | Lincoln Electric Holdings, Inc. | 361,893 | ||||||
800 | Lindsay Corp. | 70,160 | ||||||
19,944 | Lockheed Martin Corp. | 3,800,728 | ||||||
2,063 | Matthews International Corp., Class A | 95,063 | ||||||
1,630 | McGrath RentCorp | 59,544 | ||||||
2,350 | MSA Safety, Inc. | 135,054 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Dividend AchieversTM Portfolio (PFM) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
3,079 | MSC Industrial Direct Co., Inc., Class A | $ | 249,307 | |||||
3,979 | Nordson Corp. | 304,592 | ||||||
19,449 | Norfolk Southern Corp. | 2,151,837 | ||||||
13,066 | Northrop Grumman Corp. | 1,802,585 | ||||||
9,350 | Parker Hannifin Corp. | 1,187,731 | ||||||
12,100 | Pentair PLC (United Kingdom) | 811,305 | ||||||
2,293 | Raven Industries, Inc. | 58,128 | ||||||
22,351 | Republic Services, Inc. | 858,278 | ||||||
9,159 | Rollins, Inc. | 291,897 | ||||||
6,286 | Roper Industries, Inc. | 995,074 | ||||||
9,820 | Stanley Black & Decker, Inc. | 919,545 | ||||||
1,155 | Tennant Co. | 85,158 | ||||||
3,498 | Toro Co. (The) | 215,932 | ||||||
57,485 | United Technologies Corp. | 6,150,895 | ||||||
1,646 | Valmont Industries, Inc. | 224,136 | ||||||
4,298 | W.W. Grainger, Inc. | 1,060,746 | ||||||
29,308 | Waste Management, Inc. | 1,432,868 | ||||||
|
| |||||||
52,084,952 | ||||||||
|
| |||||||
Information Technology—10.9% | ||||||||
19,744 | Analog Devices, Inc. | 979,697 | ||||||
30,220 | Automatic Data Processing, Inc. | 2,471,392 | ||||||
908 | Badger Meter, Inc. | 51,683 | ||||||
725 | Cass Information Systems, Inc. | 34,467 | ||||||
4,060 | Diebold, Inc. | 143,846 | ||||||
2,644 | FactSet Research Systems, Inc. | 347,527 | ||||||
6,583 | Harris Corp. | 458,177 | ||||||
311,110 | Intel Corp. | 10,580,851 | ||||||
62,687 | International Business Machines Corp. | 10,305,743 | ||||||
5,183 | Jack Henry & Associates, Inc. | 310,047 | ||||||
14,988 | Linear Technology Corp. | 642,086 | ||||||
17,842 | Maxim Integrated Products, Inc. | 523,484 | ||||||
221 | Mesa Laboratories, Inc. | 16,878 | ||||||
12,593 | Microchip Technology, Inc. | 542,884 | ||||||
105,318 | QUALCOMM, Inc. | 8,268,516 | ||||||
67,083 | Texas Instruments, Inc. | 3,331,342 | ||||||
|
| |||||||
39,008,620 | ||||||||
|
| |||||||
Materials—5.2% | ||||||||
13,385 | Air Products & Chemicals, Inc. | 1,802,424 | ||||||
4,683 | Airgas, Inc. | 522,342 | ||||||
4,917 | Albemarle Corp. | 287,054 | ||||||
4,096 | AptarGroup, Inc. | 254,935 | ||||||
6,276 | Bemis Co., Inc. | 241,438 | ||||||
18,828 | Ecolab, Inc. | 2,094,238 | ||||||
3,155 | H.B. Fuller Co. | 132,415 | ||||||
5,100 | International Flavors & Fragrances, Inc. | 505,665 | ||||||
32,964 | Monsanto Co. | 3,792,179 | ||||||
20,035 | Nucor Corp. | 1,083,092 | ||||||
8,661 | PPG Industries, Inc. | 1,764,159 | ||||||
18,351 | Praxair, Inc. | 2,312,043 | ||||||
4,069 | Royal Gold, Inc. | 232,543 | ||||||
8,389 | RPM International, Inc. | 380,022 | ||||||
6,145 | Sherwin-Williams Co. (The) | 1,410,646 | ||||||
7,476 | Sigma-Aldrich Corp. | 1,016,063 | ||||||
6,393 | Sonoco Products Co. | 261,282 | ||||||
1,401 | Stepan Co. | 62,036 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
5,247 | Valspar Corp. (The) | $ | 431,094 | |||||
|
| |||||||
18,585,670 | ||||||||
|
| |||||||
Telecommunication Services—3.2% | ||||||||
325,877 | AT&T, Inc. | 11,353,555 | ||||||
1,001 | Atlantic Tele-Network, Inc. | 67,257 | ||||||
6,349 | Telephone & Data Systems, Inc. | 162,788 | ||||||
|
| |||||||
11,583,600 | ||||||||
|
| |||||||
Utilities—5.2% | ||||||||
7,508 | AGL Resources, Inc. | 404,756 | ||||||
6,971 | Alliant Energy Corp. | 431,575 | ||||||
2,432 | American States Water Co. | 87,017 | ||||||
11,134 | Aqua America, Inc. | 291,711 | ||||||
6,306 | Atmos Energy Corp. | 334,218 | ||||||
4,049 | Avista Corp. | 143,537 | ||||||
2,805 | Black Hills Corp. | 153,518 | ||||||
3,004 | California Water Service Group | 78,194 | ||||||
916 | Chesapeake Utilities Corp. | 44,362 | ||||||
697 | Connecticut Water Service, Inc. | 25,908 | ||||||
18,404 | Consolidated Edison, Inc. | 1,166,077 | ||||||
36,614 | Dominion Resources, Inc. | 2,610,578 | ||||||
2,713 | Laclede Group, Inc. (The) | 137,739 | ||||||
12,187 | MDU Resources Group, Inc. | 343,430 | ||||||
2,178 | MGE Energy, Inc. | 96,856 | ||||||
5,286 | National Fuel Gas Co. | 365,950 | ||||||
2,653 | New Jersey Resources Corp. | 155,147 | ||||||
27,420 | NextEra Energy, Inc. | 2,748,032 | ||||||
19,881 | Northeast Utilities | 981,127 | ||||||
1,708 | Northwest Natural Gas Co. | 80,156 | ||||||
4,911 | Piedmont Natural Gas Co., Inc. | 186,667 | ||||||
41,748 | PPL Corp. | 1,460,763 | ||||||
11,014 | Questar Corp. | 265,548 | ||||||
8,926 | SCANA Corp. | 489,948 | ||||||
2,082 | South Jersey Industries, Inc. | 122,088 | ||||||
56,284 | Southern Co. (The) | 2,609,326 | ||||||
10,832 | UGI Corp. | 408,258 | ||||||
5,184 | Vectren Corp. | 233,021 | ||||||
8,149 | Westar Energy, Inc. | 308,114 | ||||||
3,264 | WGL Holdings, Inc. | 153,408 | ||||||
14,171 | Wisconsin Energy Corp. | 703,732 | ||||||
31,756 | Xcel Energy, Inc. | 1,062,873 | ||||||
|
| |||||||
18,683,634 | ||||||||
|
| |||||||
Total Investments (Cost $273,270,249)—100.0% | 358,701,158 | |||||||
Other assets less liabilities—(0.0)% | (107 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 358,701,051 | ||||||
|
|
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Portfolio Composition
PowerShares Financial Preferred Portfolio (PGF)
Industry Breakdown as of October 31, 2014 | ||||
Banks | 72.2 | |||
Capital Markets | 13.1 | |||
Insurance | 10.4 | |||
Consumer Finance | 4.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Financial Preferred Portfolio (PGF)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests—100.0% | ||||||||
Banks—72.2% | ||||||||
546,681 | Bank of America Corp., | |||||||
6.20%, Series D(b) | $ | 13,738,094 | ||||||
75,033 | Bank of America Corp., | |||||||
6.38%, Series 3(b) | 1,893,083 | |||||||
769,739 | Bank of America Corp., | |||||||
6.63%, Series W | 19,466,699 | |||||||
14,939 | Bank of America Corp., | |||||||
7.25%, Series L | 17,078,414 | |||||||
727,246 | Barclays Bank PLC, | |||||||
6.63%, Series 2 (United Kingdom) | 18,435,686 | |||||||
805,298 | Barclays Bank PLC, | |||||||
7.10%, Series 3 (United Kingdom) | 20,599,523 | |||||||
594,055 | Barclays Bank PLC, | |||||||
7.75%, Series 4 (United Kingdom) | 15,249,392 | |||||||
2,288,268 | Barclays Bank PLC, | |||||||
8.13%, Series 5 (United Kingdom) | 59,060,197 | |||||||
116,458 | BB&T Corp., | |||||||
5.20%, Series G | 2,649,419 | |||||||
1,675,042 | BB&T Corp., | |||||||
5.63%, Series E(b) | 40,770,522 | |||||||
382,594 | BB&T Corp., | |||||||
5.85% | 9,629,891 | |||||||
672,436 | Citigroup, Inc., | |||||||
5.80%, Series C(b) | 16,272,951 | |||||||
1,014,480 | Citigroup, Inc., | |||||||
6.88%, Series K | 27,147,485 | |||||||
790,433 | Citigroup, Inc., | |||||||
7.13%, Series J | 21,389,117 | |||||||
368,593 | Fifth Third Bancorp, | |||||||
6.63%, Series I | 9,999,928 | |||||||
284,263 | First Niagara Financial Group, Inc., | |||||||
8.63%, Series B | 7,930,938 |
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
474,470 | HSBC Finance Corp., | |||||||
6.36%, Series B | $ | 12,027,814 | ||||||
4,046,519 | HSBC Holdings PLC, | |||||||
8.00%, Series 2 (United Kingdom) | 108,446,709 | |||||||
1,505,467 | HSBC Holdings PLC, | |||||||
8.13% (United Kingdom)(b) | 39,563,673 | |||||||
332,692 | HSBC USA, Inc., | |||||||
6.50%, Series H | 8,473,665 | |||||||
665,372 | ING Groep NV, | |||||||
6.13% (Netherlands)(b) | 16,707,491 | |||||||
155,335 | ING Groep NV, | |||||||
6.20% (Netherlands) | 3,903,569 | |||||||
1,294,703 | ING Groep NV, | |||||||
6.38% (Netherlands) | 32,768,933 | |||||||
2,218,360 | ING Groep NV, | |||||||
7.38% (Netherlands) | 56,568,180 | |||||||
816,167 | JPMorgan Chase & Co., | |||||||
5.45%, Series P(b) | 18,731,033 | |||||||
1,213,399 | JPMorgan Chase & Co., | |||||||
5.50%, Series O(b) | 28,017,383 | |||||||
107,358 | JPMorgan Chase & Co., | |||||||
6.30%, Series W | 2,679,656 | |||||||
529,942 | JPMorgan Chase & Co., | |||||||
6.70%, Series T | 13,635,408 | |||||||
269,227 | KKR Financial Holdings LLC, | |||||||
7.38%, Series A | 6,999,902 | |||||||
1,559,288 | PNC Financial Services Group, Inc. (The), | |||||||
6.13%, Series P | 42,475,005 | |||||||
427,204 | Regions Financial Corp., | |||||||
6.38%, Series A | 10,731,364 | |||||||
396,893 | Regions Financial Corp., | |||||||
6.38%, Series B | 10,160,461 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Financial Preferred Portfolio (PGF) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
418,596 | Royal Bank of Scotland Group PLC, | |||||||
5.75%, Series L (United Kingdom) | $ | 9,824,448 | ||||||
71,374 | Royal Bank of Scotland Group PLC, | |||||||
6.13%, Series R (United Kingdom) | 1,715,831 | |||||||
505,397 | Royal Bank of Scotland Group PLC, | |||||||
6.35%, Series N (United Kingdom)(b) | 12,437,820 | |||||||
163,000 | Royal Bank of Scotland Group PLC, | |||||||
6.40%, Series M (United Kingdom)(b) | 4,006,540 | |||||||
438,835 | Royal Bank of Scotland Group PLC, | |||||||
6.60%, Series S (United Kingdom) | 10,891,885 | |||||||
306,965 | Royal Bank of Scotland Group PLC, | |||||||
6.75%, Series Q (United Kingdom) | 7,717,100 | |||||||
1,289,310 | Royal Bank of Scotland Group PLC, | |||||||
7.25%, Series T (United Kingdom) | 32,684,008 | |||||||
355,109 | SunTrust Banks, Inc., | |||||||
5.88%, Series E | 8,501,309 | |||||||
793,961 | U.S. Bancorp, | |||||||
5.15%, Series H | 18,126,130 | |||||||
440,272 | U.S. Bancorp, | |||||||
6.00%, Series G | 11,913,760 | |||||||
995,609 | U.S. Bancorp, | |||||||
6.50%, Series F | 29,181,300 | |||||||
49,814 | Wells Fargo & Co., | |||||||
5.13%, Series O | 1,148,711 | |||||||
960,270 | Wells Fargo & Co., | |||||||
5.20%(b) | 22,307,072 | |||||||
422,276 | Wells Fargo & Co., | |||||||
5.25%, Series P(b) | 10,016,387 | |||||||
1,287,633 | Wells Fargo & Co., | |||||||
5.85% | 33,426,953 | |||||||
446,945 | Wells Fargo & Co., | |||||||
6.00%, Series T | 11,164,686 | |||||||
161,045 | Wells Fargo & Co., | |||||||
6.63%(b) | 4,520,533 | |||||||
17,140 | Wells Fargo & Co., | |||||||
7.50%, Series L | 20,636,560 | |||||||
1,700,873 | Wells Fargo & Co., | |||||||
8.00%, Series J | 49,954,640 | |||||||
|
| |||||||
1,013,377,258 | ||||||||
|
| |||||||
Capital Markets—13.1% | ||||||||
457,841 | Bank of New York Mellon Corp. (The), | |||||||
5.20% | 10,914,930 | |||||||
402,358 | Charles Schwab Corp. (The), | |||||||
6.00%, Series B | 10,280,247 | |||||||
808,802 | Goldman Sachs Group, Inc. (The), | |||||||
5.50%, Series J | 19,354,632 | |||||||
884,179 | Goldman Sachs Group, Inc. (The), | |||||||
5.95%(b) | 21,264,505 | |||||||
580,661 | Goldman Sachs Group, Inc. (The), | |||||||
6.20%, Series B | 14,487,492 | |||||||
356,095 | Goldman Sachs Group, Inc. (The), | |||||||
6.38%, Series K | 9,044,813 | |||||||
523,342 | Morgan Stanley, | |||||||
6.38%, Series I(c) | 13,193,452 | |||||||
334,882 | Morgan Stanley, | |||||||
6.63%, Series G | 8,532,793 |
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Capital Markets (continued) | ||||||||
739,450 | Morgan Stanley, | |||||||
6.88% | $ | 19,610,214 | ||||||
792,531 | Morgan Stanley, | |||||||
7.13%, Series E | 21,604,395 | |||||||
311,836 | Northern Trust Corp., | |||||||
5.85%, Series C(c) | 7,721,059 | |||||||
532,671 | State Street Corp., | |||||||
5.25%, Series C | 13,002,499 | |||||||
545,643 | State Street Corp., | |||||||
5.90%, Series D | 14,241,282 | |||||||
|
| |||||||
183,252,313 | ||||||||
|
| |||||||
Consumer Finance—4.3% | ||||||||
802,295 | Ally Financial, Inc., | |||||||
8.50%, Series A | 21,244,772 | |||||||
762,288 | Capital One Financial Corp., | |||||||
6.00%, Series B | 18,401,632 | |||||||
339,285 | Capital One Financial Corp., | |||||||
6.25%, Series C | 8,258,197 | |||||||
50,064 | Capital One Financial Corp., | |||||||
6.70%, Series D(c) | 1,258,609 | |||||||
457,718 | Discover Financial Services, | |||||||
6.50%, Series B | 11,749,621 | |||||||
|
| |||||||
60,912,831 | ||||||||
|
| |||||||
Insurance—10.4% | ||||||||
678,725 | Aegon NV, | |||||||
6.38% (Netherlands) | 17,327,849 | |||||||
234,070 | Aegon NV, | |||||||
6.50% (Netherlands) | 5,964,104 | |||||||
296,814 | Allstate Corp. (The), | |||||||
5.63% | 7,420,350 | |||||||
111,016 | Allstate Corp. (The), | |||||||
6.25%, Series F | 2,913,060 | |||||||
605,308 | Allstate Corp. (The), | |||||||
6.63%, Series E | 15,943,813 | |||||||
269,249 | Allstate Corp. (The), | |||||||
6.75%, Series C | 7,267,030 | |||||||
257,389 | Arch Capital Group Ltd., | |||||||
6.75%, Series C | 6,882,582 | |||||||
246,418 | Aspen Insurance Holdings Ltd., | |||||||
5.95% | 6,374,834 | |||||||
311,324 | Axis Capital Holdings Ltd., | |||||||
6.88%, Series C | 8,296,785 | |||||||
1,152,417 | MetLife, Inc., | |||||||
6.50%, Series B | 29,905,221 | |||||||
92,947 | PartnerRe Ltd., | |||||||
5.88%, Series F | 2,319,028 | |||||||
391,246 | PartnerRe Ltd., | |||||||
7.25%, Series E | 10,712,315 | |||||||
247,175 | Principal Financial Group, Inc., | |||||||
6.52%, Series B | 6,327,680 | |||||||
292,330 | Prudential PLC, | |||||||
6.50% (United Kingdom) | 7,583,040 | |||||||
175,472 | Prudential PLC, | |||||||
6.75% (United Kingdom) | 4,535,951 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Financial Preferred Portfolio (PGF) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Insurance (continued) | ||||||||
239,643 | RenaissanceRe Holdings Ltd., | |||||||
5.38%, Series E | $ | 5,509,392 | ||||||
|
| |||||||
145,283,034 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $1,313,782,757)—100% | 1,402,825,436 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.7% | ||||||||
9,363,870 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $9,363,870) | 9,363,870 | ||||||
|
| |||||||
Total Investments (Cost $1,323,146,627)—100.7% | 1,412,189,306 | |||||||
Other assets less liabilities—(0.7%) | (9,564,738 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,402,624,568 | ||||||
|
|
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, 2014. |
(c) | Non-incoming 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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 9,158,134 | $ | (9,158,134 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
This Fund has holdings greater than 10% of net assets in the following country:
United Kingdom | 25.1 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Portfolio Composition
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY)
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Gas Utilities | 10.0 | |||
Insurance | 9.5 | |||
Multi-Utilities | 8.9 | |||
Tobacco | 8.5 | |||
Electric Utilities | 6.8 | |||
Commercial Services & Supplies | 6.2 | |||
Banks | 6.0 | |||
Household Products | 5.6 | |||
Oil, Gas & Consumable Fuels | 4.8 | |||
Semiconductors & Semiconductor Equipment | 4.7 | |||
Hotels, Restaurants & Leisure | 4.1 | |||
Diversified Telecommunication Services | 2.9 | |||
Thrifts & Mortgage Finance | 2.4 | |||
Media | 2.3 | |||
Household Durables | 2.2 | |||
Leisure Products | 1.9 | |||
Aerospace & Defense | 1.9 | |||
Food & Staples Retailing | 1.8 | |||
Containers & Packaging | 1.7 | |||
Food Products | 1.6 | |||
Technology Hardware, Storage & Peripherals | 1.6 | |||
Beverages | 1.6 | |||
Pharmaceuticals | 1.5 | |||
Metals & Mining | 1.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—1.9% | ||||||||
50,447 | Lockheed Martin Corp. | $ | 9,613,685 | |||||
|
| |||||||
Banks—6.0% | ||||||||
257,460 | Community Bank System, Inc. | 9,822,099 | ||||||
335,828 | United Bankshares, Inc. | 11,512,184 | ||||||
186,516 | Westamerica Bancorp.(b) | 9,202,699 | ||||||
|
| |||||||
30,536,982 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Beverages—1.6% | ||||||||
192,984 | Coca-Cola Co. (The) | $ | 8,082,170 | |||||
|
| |||||||
Commercial Services & Supplies—6.2% | ||||||||
316,012 | Brady Corp., Class A | 7,533,726 | ||||||
203,420 | McGrath RentCorp | 7,430,933 | ||||||
193,023 | Republic Services, Inc. | 7,412,083 | ||||||
192,595 | Waste Management, Inc. | 9,415,969 | ||||||
|
| |||||||
31,792,711 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Containers & Packaging—1.7% | ||||||||
213,523 | Sonoco Products Co. | $ | 8,726,685 | |||||
|
| |||||||
Diversified Telecommunication Services—2.9% | ||||||||
429,866 | AT&T, Inc. | 14,976,531 | ||||||
|
| |||||||
Electric Utilities—6.8% | ||||||||
328,746 | PPL Corp. | 11,502,822 | ||||||
279,035 | Southern Co. (The) | 12,936,063 | ||||||
269,541 | Westar Energy, Inc. | 10,191,345 | ||||||
|
| |||||||
34,630,230 | ||||||||
|
| |||||||
Food & Staples Retailing—1.8% | ||||||||
230,701 | Sysco Corp. | 8,891,217 | ||||||
|
| |||||||
Food Products—1.6% | ||||||||
159,193 | General Mills, Inc. | 8,271,668 | ||||||
|
| |||||||
Gas Utilities—10.0% | ||||||||
181,840 | AGL Resources, Inc. | 9,802,994 | ||||||
190,093 | Laclede Group, Inc. (The) | 9,651,022 | ||||||
237,172 | Northwest Natural Gas Co. | 11,130,482 | ||||||
239,956 | Piedmont Natural Gas Co., Inc.(b) | 9,120,728 | ||||||
242,244 | WGL Holdings, Inc. | 11,385,468 | ||||||
|
| |||||||
51,090,694 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—4.1% | ||||||||
92,545 | Cracker Barrel Old Country Store, Inc. | 10,675,066 | ||||||
105,902 | McDonald’s Corp. | 9,926,194 | ||||||
|
| |||||||
20,601,260 | ||||||||
|
| |||||||
Household Durables—2.2% | ||||||||
279,794 | Leggett & Platt, Inc. | 11,018,288 | ||||||
|
| |||||||
Household Products—5.6% | ||||||||
104,964 | Clorox Co. (The) | 10,443,918 | ||||||
81,225 | Kimberly-Clark Corp. when-issued | 8,906,703 | ||||||
103,503 | Procter & Gamble Co. (The) | 9,032,707 | ||||||
|
| |||||||
28,383,328 | ||||||||
|
| |||||||
Insurance—9.5% | ||||||||
213,522 | Cincinnati Financial Corp. | 10,776,455 | ||||||
122,488 | Erie Indemnity Co., Class A | 10,395,557 | ||||||
268,825 | Mercury General Corp. | 14,279,984 | ||||||
883,376 | Old Republic International Corp. | 13,047,463 | ||||||
|
| |||||||
48,499,459 | ||||||||
|
| |||||||
Leisure Products—1.9% | ||||||||
171,891 | Hasbro, Inc. | 9,888,889 | ||||||
|
| |||||||
Media—2.3% | ||||||||
225,606 | Meredith Corp. | 11,763,097 | ||||||
|
| |||||||
Metals & Mining—1.5% | ||||||||
143,758 | Nucor Corp. | 7,771,557 | ||||||
|
| |||||||
Multi-Utilities—8.9% | ||||||||
317,918 | Avista Corp. | 11,270,193 | ||||||
199,115 | Consolidated Edison, Inc. | 12,615,927 | ||||||
203,901 | SCANA Corp. | 11,192,126 | ||||||
225,652 | Vectren Corp. | 10,143,057 | ||||||
|
| |||||||
45,221,303 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—4.8% | ||||||||
70,928 | Chevron Corp. | 8,507,813 | ||||||
121,859 | ConocoPhillips | 8,792,127 | ||||||
127,880 | Williams Cos., Inc. (The) | 7,098,619 | ||||||
|
| |||||||
24,398,559 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Pharmaceuticals—1.5% | ||||||||
72,575 | Johnson & Johnson | $ | 7,822,134 | |||||
|
| |||||||
Semiconductors & Semiconductor Equipment—4.7% | ||||||||
211,894 | Intel Corp. | 7,206,515 | ||||||
318,929 | Maxim Integrated Products, Inc. | 9,357,377 | ||||||
171,098 | Microchip Technology, Inc.(b) | 7,376,035 | ||||||
|
| |||||||
23,939,927 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—1.6% | ||||||||
229,003 | Diebold, Inc. | 8,113,576 | ||||||
|
| |||||||
Thrifts & Mortgage Finance—2.4% | ||||||||
841,363 | People’s United Financial, Inc. | 12,300,727 | ||||||
|
| |||||||
Tobacco—8.5% | ||||||||
297,012 | Altria Group, Inc. | 14,357,560 | ||||||
209,368 | Universal Corp. | 9,316,876 | ||||||
876,778 | Vector Group Ltd.(b) | 19,587,221 | ||||||
|
| |||||||
43,261,657 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $447,117,506)—100.0% | 509,596,334 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.4% | ||||||||
32,440,804 | Invesco Liquid Assets Portfolio—Institutional Class(c)(d) (Cost $32,440,804) | 32,440,804 | ||||||
|
| |||||||
Total Investments (Cost $479,558,310)—106.4% | 542,037,138 | |||||||
Other assets less liabilities—(6.4%) | (32,455,821 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 509,581,317 | ||||||
|
|
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, 2014. |
(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 2G. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 32,429,632 | $ | (32,429,632 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Portfolio Composition
PowerShares International Dividend AchieversTM Portfolio (PID)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Energy | 20.2 | |||
Telecommunication Services | 16.6 | |||
Financials | 13.2 | |||
Health Care | 11.8 | |||
Industrials | 9.6 | |||
Consumer Discretionary | 8.9 | |||
Consumer Staples | 8.9 | |||
Materials | 5.7 | |||
Information Technology | 2.7 | |||
Utilities | 2.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments
PowerShares International Dividend AchieversTM Portfolio (PID)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Australia—3.4% | ||||||||
397,029 | BHP Billiton Ltd. ADR | $ | 23,599,404 | |||||
464,078 | BHP Billiton PLC ADR(a) | 24,150,619 | ||||||
|
| |||||||
47,750,023 | ||||||||
|
| |||||||
Bermuda—0.9% | ||||||||
392,544 | Montpelier Re Holdings Ltd. | 13,008,908 | ||||||
|
| |||||||
Brazil—0.4% | ||||||||
135,834 | Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 5,677,861 | ||||||
|
| |||||||
Canada—17.5% | ||||||||
875,427 | BCE, Inc.(a) | 38,930,239 | ||||||
129,217 | Canadian National Railway Co. | 9,120,136 | ||||||
265,588 | Canadian Natural Resources Ltd. | 9,263,709 | ||||||
25,952 | Canadian Pacific Railway Ltd. | 5,389,711 | ||||||
396,869 | Enbridge, Inc. | 18,795,716 | ||||||
155,040 | Franco-Nevada Corp. | 7,248,120 | ||||||
98,918 | Imperial Oil Ltd. | 4,736,194 | ||||||
744,555 | Ritchie Bros. Auctioneers, Inc.(a) | 18,159,696 | ||||||
794,941 | Rogers Communications, Inc., Class B(a) | 29,929,529 | ||||||
1,221,845 | Shaw Communications, Inc., Class B(a) | 31,376,980 | ||||||
275,179 | Suncor Energy, Inc. | 9,779,862 | ||||||
785,120 | TELUS Corp. | 28,146,552 | ||||||
132,167 | Tim Hortons, Inc. | 10,708,170 | ||||||
479,118 | TransCanada Corp. | 23,615,726 | ||||||
|
| |||||||
245,200,340 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
China—3.8% | ||||||||
436,218 | China Mobile Ltd. ADR | $ | 27,084,776 | |||||
302,622 | China Petroleum & Chemical Corp. ADR(a) | 26,322,061 | ||||||
|
| |||||||
53,406,837 | ||||||||
|
| |||||||
Colombia—1.3% | ||||||||
315,745 | Bancolombia SA ADR | 17,861,695 | ||||||
|
| |||||||
Denmark—1.0% | ||||||||
311,459 | Novo Nordisk A/S ADR | 14,071,718 | ||||||
|
| |||||||
France—1.7% | ||||||||
505,758 | Sanofi ADR | 23,386,250 | ||||||
|
| |||||||
Germany—0.9% | ||||||||
337,892 | Fresenius Medical Care AG & Co. KGaA ADR(a) | 12,370,226 | ||||||
|
| |||||||
India—2.1% | ||||||||
238,863 | Axis Bank Ltd. GDR(b) | 8,410,366 | ||||||
109,521 | HDFC Bank Ltd. ADR | 5,742,186 | ||||||
231,046 | Infosys Ltd. ADR(a) | 15,447,736 | ||||||
|
| |||||||
29,600,288 | ||||||||
|
| |||||||
Ireland—0.1% | ||||||||
7,925 | Shire PLC ADR | 1,583,415 | ||||||
|
| |||||||
Israel—1.6% | ||||||||
391,870 | Teva Pharmaceutical Industries Ltd. ADR | 22,128,899 | ||||||
|
| |||||||
Japan—3.2% | ||||||||
581,731 | Nippon Telegraph & Telephone Corp. ADR | 18,312,892 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares International Dividend AchieversTM Portfolio (PID) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
1,574,253 | NTT DOCOMO, Inc. ADR | $ | 26,557,648 | |||||
|
| |||||||
44,870,540 | ||||||||
|
| |||||||
Jersey Island—0.2% | ||||||||
55,977 | Randgold Resources Ltd. ADR | 3,258,421 | ||||||
|
| |||||||
Mexico—1.9% | ||||||||
467,872 | America Movil SAB de CV, Class L ADR | 11,420,755 | ||||||
148,466 | Coca-Cola Femsa SAB de CV ADR(a) | 15,707,703 | ||||||
|
| |||||||
27,128,458 | ||||||||
|
| |||||||
Norway—2.3% | ||||||||
1,440,669 | Statoil ASA ADR(a) | 33,063,354 | ||||||
|
| |||||||
Russia—4.6% | ||||||||
435,876 | LUKOIL OAO ADR | 21,401,512 | ||||||
7,645,184 | Rosneft Oil Co. OAO GDR(b) | 42,583,675 | ||||||
|
| |||||||
63,985,187 | ||||||||
|
| |||||||
Switzerland—3.3% | ||||||||
270,954 | Novartis AG ADR | 25,114,726 | ||||||
346,854 | Syngenta AG ADR | 21,504,948 | ||||||
|
| |||||||
46,619,674 | ||||||||
|
| |||||||
United Kingdom—20.4% | ||||||||
95,030 | ARM Holdings PLC ADR | 4,058,731 | ||||||
277,104 | British American Tobacco PLC ADR(a) | 31,467,930 | ||||||
72,037 | Diageo PLC ADR | 8,498,205 | ||||||
872,356 | GlaxoSmithKline PLC ADR | 39,683,474 | ||||||
1,931,039 | Pearson PLC ADR | 36,206,981 | ||||||
179,555 | Pentair PLC | 12,039,163 | ||||||
401,242 | Prudential PLC ADR | 18,589,542 | ||||||
359,415 | Smith & Nephew PLC ADR | 12,238,081 | ||||||
690,645 | Unilever NV | 26,748,681 | ||||||
616,872 | Unilever PLC ADR | 24,816,760 | ||||||
1,576,680 | Vodafone Group PLC ADR | 52,377,310 | ||||||
203,303 | WPP PLC ADR | 19,840,340 | ||||||
|
| |||||||
286,565,198 | ||||||||
|
| |||||||
United States—29.4% | ||||||||
224,295 | Accenture PLC, Class A | 18,194,810 | ||||||
169,626 | ACE Ltd. | 18,540,122 | ||||||
419,870 | Allied World Assurance Co. Holdings AG | 15,955,060 | ||||||
361,254 | Axis Capital Holdings Ltd. | 17,390,768 | ||||||
822,321 | Brookfield Infrastructure Partners LP(a) | 33,378,009 | ||||||
137,152 | Bunge Ltd. | 12,158,525 | ||||||
57,793 | Core Laboratories NV | 8,063,857 | ||||||
134,540 | Covidien PLC | 12,436,878 | ||||||
305,000 | Lazard Ltd., Class A | 15,009,050 | ||||||
2,250,814 | Maiden Holdings Ltd. | 26,897,227 | ||||||
3,029,481 | Navios Maritime Partners LP(a) | 48,956,413 | ||||||
168,339 | PartnerRe Ltd. | 19,475,139 | ||||||
14,481 | Perrigo Co. PLC | 2,337,957 | ||||||
86,153 | RenaissanceRe Holdings Ltd. | 8,902,190 | ||||||
1,157,122 | Teekay LNG Partners LP(a) | 45,474,895 | ||||||
1,365,839 | Teekay Offshore Partners LP(a) | 40,879,561 | ||||||
1,196,916 | Textainer Group Holdings Ltd.(a) | 41,221,787 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
United States (continued) | ||||||||
725,456 | Thomson Reuters Corp. | $ | 27,001,472 | |||||
|
| |||||||
412,273,720 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $1,318,281,604)—100% | 1,403,811,012 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—15.3% | ||||||||
214,690,724 | Invesco Liquid Assets Portfolio—Institutional Class(c)(d) (Cost $214,690,724) | 214,690,724 | ||||||
|
| |||||||
Total Investments (Cost $1,532,972,328)—115.3% | 1,618,501,736 | |||||||
Other assets less liabilities—(15.3%) | (214,304,948 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,404,196,788 | ||||||
|
|
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, 2014. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2014 was $50,994,041, which represented 3.63% of the Fund’s Net Assets. |
(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 2G. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 211,125,808 | $ | (211,125,808 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Statements of Assets and Liabilities
October 31, 2014
(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) | $ | 2,657,980,745 | $ | 358,701,158 | $ | 1,402,825,436 | $ | 509,596,334 | $ | 1,403,811,012 | ||||||||||
Affiliated investments, at value | 18,271,105 | — | 9,363,870 | 32,440,804 | 214,690,724 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at value | 2,676,251,850 | 358,701,158 | 1,412,189,306 | 542,037,138 | 1,618,501,736 | |||||||||||||||
Cash segregated as collateral | — | — | — | — | 3,777,655 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | 42,095,639 | 204,884 | 1,198,176 | 374,904 | 1,478,463 | |||||||||||||||
Shares sold | 27,254,650 | — | 1,813,287 | 2,582,306 | 7,246,127 | |||||||||||||||
Dividends | 2,532,144 | 600,851 | 2,953,126 | 1,324,594 | 862,396 | |||||||||||||||
Securities lending | 33,912 | — | 36,745 | 7,963 | 166,417 | |||||||||||||||
Foreign tax reclaims | — | — | — | — | 618,323 | |||||||||||||||
Settlement proceeds | — | — | — | — | 9,288 | |||||||||||||||
Other assets | 9,413 | 1,356 | 2,592 | 1,893 | 4,918 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 2,748,177,608 | 359,508,249 | 1,418,193,232 | 546,328,798 | 1,632,665,323 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | 283,778 | 238,113 | 3,088,068 | 364,117 | 1,611,244 | |||||||||||||||
Payables: | ||||||||||||||||||||
Investments purchased | 46,811,022 | 237,696 | 1,765,685 | 3,541,043 | 7,245,708 | |||||||||||||||
Shares repurchased | 22,987,020 | — | — | — | — | |||||||||||||||
Collateral upon return of securities loaned | 18,271,105 | — | 9,363,870 | 32,440,804 | 214,690,724 | |||||||||||||||
Collateral upon receipt of securities in-kind | — | — | — | — | 3,777,655 | |||||||||||||||
Accrued advisory fees | 1,115,845 | 118,388 | 591,586 | 155,847 | 453,970 | |||||||||||||||
Accrued trustees’ and officer’s fees | 35,947 | 20,631 | 76,375 | 23,005 | 44,595 | |||||||||||||||
Accrued expenses | 1,285,210 | 192,370 | 683,080 | 222,665 | 644,639 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 90,789,927 | 807,198 | 15,568,664 | 36,747,481 | 228,468,535 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 2,657,387,681 | $ | 358,701,051 | $ | 1,402,624,568 | $ | 509,581,317 | $ | 1,404,196,788 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 2,326,173,169 | $ | 292,583,454 | $ | 1,342,248,230 | $ | 569,061,804 | $ | 1,564,797,892 | ||||||||||
Undistributed net investment income | 3,320,173 | 764,728 | (723,693 | ) | 539,958 | 2,478,938 | ||||||||||||||
Undistributed net realized gain (loss) | 30,296,952 | (20,078,040 | ) | (27,942,648 | ) | (122,499,273 | ) | (248,609,450 | ) | |||||||||||
Net unrealized appreciation | 297,597,387 | 85,430,909 | 89,042,679 | 62,478,828 | 85,529,408 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 2,657,387,681 | $ | 358,701,051 | $ | 1,402,624,568 | $ | 509,581,317 | $ | 1,404,196,788 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 57,800,000 | 16,850,000 | 77,350,000 | 38,900,000 | 76,550,000 | |||||||||||||||
Net asset value | $ | 45.98 | $ | 21.29 | $ | 18.13 | $ | 13.10 | $ | 18.34 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 46.00 | $ | 21.29 | $ | 18.16 | $ | 13.10 | $ | 18.36 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments, at cost | $ | 2,360,383,358 | $ | 273,270,249 | $ | 1,313,782,757 | $ | 447,117,506 | $ | 1,318,281,604 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments, at cost | $ | 18,271,105 | $ | — | $ | 9,363,870 | $ | 32,440,804 | $ | 214,690,724 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at cost | $ | 2,378,654,463 | $ | 273,270,249 | $ | 1,323,146,627 | $ | 479,558,310 | $ | 1,532,972,328 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | 18,478,293 | $ | — | $ | 9,158,134 | $ | 32,429,632 | $ | 211,125,808 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
For the six months ended October 31, 2014
(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 | $ | 25,133,452 | $ | 4,628,742 | $ | 45,831,644 | $ | 8,680,151 | $ | 22,727,247 | ||||||||||
Securities lending income | 414,449 | — | 237,314 | 43,591 | 1,327,089 | |||||||||||||||
Affiliated dividend income | 91 | 12 | 148 | 26 | 25 | |||||||||||||||
Foreign withholding tax | — | — | — | — | (1,865,704 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 25,547,992 | 4,628,754 | 46,069,106 | 8,723,768 | 22,188,657 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 7,122,950 | 718,112 | 3,559,737 | 869,886 | 2,618,192 | |||||||||||||||
Sub-licensing | 1,424,590 | 179,528 | 676,373 | 217,471 | 654,548 | |||||||||||||||
Accounting & administration fees | 291,489 | 34,949 | 141,832 | 39,533 | 117,654 | |||||||||||||||
Trustees’ and officer’s fees | 30,379 | 6,952 | 16,680 | 7,543 | 15,048 | |||||||||||||||
Custodian & transfer agent fees | 20,284 | 9,442 | 23,457 | 5,683 | 37,760 | |||||||||||||||
Other expenses | 92,799 | 32,850 | 87,426 | 37,869 | 63,952 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 8,982,491 | 981,833 | 4,505,505 | 1,177,985 | 3,507,154 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (1,333 | ) | (147 | ) | (1,429 | ) | (270 | ) | (340 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 8,981,158 | 981,686 | 4,504,076 | 1,177,715 | 3,506,814 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 16,566,834 | 3,647,068 | 41,565,030 | 7,546,053 | 18,681,843 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | 501,993 | 344,230 | 4,857,821 | (407,079 | ) | (1,371,230 | ) | |||||||||||||
In-kind redemptions | 80,812,733 | 2,314,986 | 6,696,579 | 9,593,569 | 24,528,436 | |||||||||||||||
Foreign currencies | — | — | — | — | 857 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain | 81,314,726 | 2,659,216 | 11,554,400 | 9,186,490 | 23,158,063 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | 71,795,947 | 10,827,840 | 503,792 | 20,189,476 | (45,113,648 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | 153,110,673 | 13,487,056 | 12,058,192 | 29,375,966 | (21,955,585 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 169,677,507 | $ | 17,134,124 | $ | 53,623,222 | $ | 36,922,019 | $ | (3,273,742 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
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, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares Buyback AchieversTM Portfolio (PKW) | PowerShares Dividend AchieversTM Portfolio (PFM) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 16,566,834 | $ | 17,305,602 | $ | 3,647,068 | $ | 6,689,623 | ||||||||
Net realized gain | 81,314,726 | 126,786,066 | 2,659,216 | 20,581,678 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 71,795,947 | 186,899,277 | 10,827,840 | 16,307,260 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 169,677,507 | 330,990,945 | 17,134,124 | 43,578,561 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (20,013,684 | ) | (10,911,610 | ) | (3,679,356 | ) | (6,755,875 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 163,843,078 | 3,285,171,345 | 1,036,870 | 79,961,620 | ||||||||||||
Value of shares repurchased | (561,239,759 | ) | (1,118,751,473 | ) | (7,347,548 | ) | (62,155,717 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (397,396,681 | ) | 2,166,419,872 | (6,310,678 | ) | 17,805,903 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (247,732,858 | ) | 2,486,499,207 | 7,144,090 | 54,628,589 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 2,905,120,539 | 418,621,332 | 351,556,961 | 296,928,372 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,657,387,681 | $ | 2,905,120,539 | $ | 358,701,051 | $ | 351,556,961 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 3,320,173 | $ | 6,767,023 | $ | 764,728 | $ | 797,016 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 3,650,000 | 82,050,000 | 50,000 | 4,100,000 | ||||||||||||
Shares repurchased | (12,750,000 | ) | (27,250,000 | ) | (350,000 | ) | (3,150,000 | ) | ||||||||
Shares outstanding, beginning of period | 66,900,000 | 12,100,000 | 17,150,000 | 16,200,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 57,800,000 | 66,900,000 | 16,850,000 | 17,150,000 | ||||||||||||
|
|
|
|
|
|
|
|
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, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||||||
$ | 41,565,030 | $ | 96,727,623 | $ | 7,546,053 | $ | 12,883,764 | $ | 18,681,843 | $ | 38,477,799 | |||||||||||
11,554,400 | 69,653,790 | 9,186,490 | 41,966,345 | 23,158,063 | 51,317,591 | |||||||||||||||||
503,792 | (149,768,967 | ) | 20,189,476 | 5,744,238 | (45,113,648 | ) | 25,895,334 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
53,623,222 | 16,612,446 | 36,922,019 | 60,594,347 | (3,273,742 | ) | 115,690,724 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(42,218,717 | ) | (96,939,622 | ) | (7,322,781 | ) | (12,646,964 | ) | (18,682,257 | ) | (39,823,589 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
6,311,040 | 84,078,357 | 123,681,573 | 143,056,402 | 348,520,935 | 406,219,189 | |||||||||||||||||
(50,649,252 | ) | (459,644,875 | ) | (36,802,601 | ) | (120,376,506 | ) | (83,021,655 | ) | (198,773,646 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(44,338,212 | ) | (375,566,518 | ) | 86,878,972 | 22,679,896 | 265,499,280 | 207,445,543 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(32,933,707 | ) | (455,893,694 | ) | 116,478,210 | 70,627,279 | 243,543,281 | 283,312,678 | |||||||||||||||
1,435,558,275 | 1,891,451,969 | 393,103,107 | 322,475,828 | 1,160,653,507 | 877,340,829 | |||||||||||||||||
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$ | 1,402,624,568 | $ | 1,435,558,275 | $ | 509,581,317 | $ | 393,103,107 | $ | 1,404,196,788 | $ | 1,160,653,507 | |||||||||||
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$ | (723,693 | ) | $ | (70,006 | ) | $ | 539,958 | $ | 316,686 | $ | 2,478,938 | $ | 2,479,352 | |||||||||
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350,000 | 4,800,000 | 9,900,000 | 12,250,000 | 18,350,000 | 22,950,000 | |||||||||||||||||
(2,800,000 | ) | (26,300,000 | ) | (2,900,000 | ) | (10,300,000 | ) | (4,350,000 | ) | (11,200,000 | ) | |||||||||||
79,800,000 | 101,300,000 | 31,900,000 | 29,950,000 | 62,550,000 | 50,800,000 | |||||||||||||||||
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77,350,000 | 79,800,000 | 38,900,000 | 31,900,000 | 76,550,000 | 62,550,000 | |||||||||||||||||
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| 19 |
|
PowerShares BuyBack AchieversTM Portfolio (PKW)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 43.42 | $ | 34.60 | $ | 29.40 | $ | 27.27 | $ | 22.36 | $ | 16.15 | ||||||||||||
Net investment income(a) | 0.26 | 0.39 | 0.37 | 0.27 | 0.11 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain on investments | 2.61 | 8.70 | 5.18 | 2.12 | 4.87 | 6.29 | ||||||||||||||||||
Total from investment operations | 2.87 | 9.09 | 5.55 | 2.39 | 4.98 | 6.48 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.27 | ) | (0.35 | ) | (0.26 | ) | (0.07 | ) | (0.27 | ) | ||||||||||||
Net asset value at end of period | $ | 45.98 | $ | 43.42 | $ | 34.60 | $ | 29.40 | $ | 27.27 | $ | 22.36 | ||||||||||||
Market price at end of period(b) | $ | 46.00 | $ | 43.42 | $ | 34.61 | $ | 29.40 | $ | 27.27 | $ | 22.37 | ||||||||||||
Net Asset Value Total Return(c) | 6.62 | % | 26.36 | % | 19.08 | % | 8.91 | % | 22.34 | % | 40.46 | % | ||||||||||||
Market Price Total Return(c) | 6.67 | % | 26.32 | % | 19.11 | % | 8.91 | % | 22.29 | % | 40.43 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,657,388 | $ | 2,905,121 | $ | 418,621 | $ | 139,641 | $ | 43,637 | $ | 38,019 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d)(e) | 0.66 | %(d) | 0.70 | % | 0.71 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d)(e) | 0.66 | %(d) | 0.70 | % | 0.79 | % | 1.00 | % | 0.97 | % | ||||||||||||
Net investment income, after Waivers | 1.16 | %(e) | 0.95 | % | 1.21 | % | 1.00 | % | 0.49 | % | 0.98 | % | ||||||||||||
Portfolio turnover rate(f) | 3 | % | 92 | % | 80 | % | 32 | % | 26 | % | 23 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Dividend AchieversTM Portfolio (PFM)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.50 | $ | 18.33 | $ | 15.81 | $ | 15.29 | $ | 13.21 | $ | 10.30 | ||||||||||||
Net investment income(a) | 0.21 | 0.39 | 0.38 | 0.34 | 0.31 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.80 | 2.16 | 2.52 | 0.51 | 2.08 | 2.96 | ||||||||||||||||||
Total from investment operations | 1.01 | 2.55 | 2.90 | 0.85 | 2.39 | 3.23 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.38 | ) | (0.38 | ) | (0.33 | ) | (0.31 | ) | (0.32 | ) | ||||||||||||
Net asset value at end of period | $ | 21.29 | $ | 20.50 | $ | 18.33 | $ | 15.81 | $ | 15.29 | $ | 13.21 | ||||||||||||
Market price at end of period(b) | $ | 21.29 | $ | 20.50 | $ | 18.32 | $ | 15.80 | $ | 15.29 | $ | 13.21 | ||||||||||||
Net Asset Value Total Return(c) | 4.91 | % | 14.11 | % | 18.67 | % | 5.78 | % | 18.39 | % | 31.76 | % | ||||||||||||
Market Price Total Return(c) | 4.91 | % | 14.17 | % | 18.68 | % | 5.71 | % | 18.39 | % | 31.76 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 358,701 | $ | 351,557 | $ | 296,928 | $ | 252,988 | $ | 217,859 | $ | 133,380 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | %(d) | 0.55 | % | 0.58 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.55 | %(d) | 0.55 | % | 0.58 | % | 0.60 | % | 0.61 | % | 0.64 | % | ||||||||||||
Net investment income, after Waivers | 2.03 | %(d) | 2.05 | % | 2.28 | % | 2.28 | % | 2.30 | % | 2.28 | % | ||||||||||||
Portfolio turnover rate(e) | 2 | % | 21 | % | 18 | % | 20 | % | 11 | % | 18 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 20 |
|
Financial Highlights (continued)
PowerShares Financial Preferred Portfolio (PGF)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.99 | $ | 18.67 | $ | 17.79 | $ | 18.26 | $ | 16.97 | $ | 11.41 | ||||||||||||
Net investment income(a) | 0.53 | 1.10 | 1.18 | 1.17 | 1.18 | 1.31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.15 | (0.68 | ) | 0.85 | (0.42 | ) | 1.36 | 5.61 | ||||||||||||||||
Total from investment operations | 0.68 | 0.42 | 2.03 | 0.75 | 2.54 | 6.92 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.54 | ) | (1.10 | ) | (1.15 | ) | (1.17 | ) | (1.21 | ) | (1.30 | ) | ||||||||||||
Return of capital | — | — | — | (0.05 | ) | (0.04 | ) | (0.06 | ) | |||||||||||||||
Total distributions | (0.54 | ) | (1.10 | ) | (1.15 | ) | (1.22 | ) | (1.25 | ) | (1.36 | ) | ||||||||||||
Net asset value at end of period | $ | 18.13 | $ | 17.99 | $ | 18.67 | $ | 17.79 | $ | 18.26 | $ | 16.97 | ||||||||||||
Market price at end of period(b) | $ | 18.16 | $ | 17.98 | $ | 18.70 | $ | 17.83 | $ | 18.28 | $ | 16.93 | ||||||||||||
Net Asset Value Total Return(c) | 3.84 | % | 2.63 | % | 11.78 | % | 4.56 | % | 15.57 | % | 62.16 | % | ||||||||||||
Market Price Total Return(c) | 4.07 | % | 2.41 | % | 11.71 | % | 4.68 | % | 15.97 | % | 61.76 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,402,625 | $ | 1,435,558 | $ | 1,891,452 | $ | 1,612,698 | $ | 1,832,516 | $ | 1,714,824 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | 0.65 | % | ||||||||||||
Net investment income, after Waivers | 5.84 | %(d) | 6.28 | % | 6.47 | % | 6.76 | % | 6.75 | % | 8.30 | % | ||||||||||||
Portfolio turnover rate(e) | 6 | % | 30 | % | 18 | % | 6 | % | 26 | % | 23 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.32 | $ | 10.77 | $ | 9.36 | $ | 9.06 | $ | 8.44 | $ | 6.12 | ||||||||||||
Net investment income(a) | 0.22 | 0.42 | 0.42 | 0.35 | 0.34 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.77 | 1.54 | 1.41 | 0.29 | 0.63 | 2.35 | ||||||||||||||||||
Total from investment operations | 0.99 | 1.96 | 1.83 | 0.64 | 0.97 | 2.67 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.41 | ) | (0.42 | ) | (0.34 | ) | (0.34 | ) | (0.33 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.01 | ) | (0.02 | ) | ||||||||||||||||
Total distributions | (0.21 | ) | (0.41 | ) | (0.42 | ) | (0.34 | ) | (0.35 | ) | (0.35 | ) | ||||||||||||
Net asset value at end of period | $ | 13.10 | $ | 12.32 | $ | 10.77 | $ | 9.36 | $ | 9.06 | $ | 8.44 | ||||||||||||
Market price at end of period(b) | $ | 13.10 | $ | 12.32 | $ | 10.76 | $ | 9.36 | $ | 9.06 | $ | 8.44 | ||||||||||||
Net Asset Value Total Return(c) | 8.15 | % | 18.61 | % | 20.16 | % | 7.37 | % | 11.91 | % | 44.59 | % | ||||||||||||
Market Price Total Return(c) | 8.15 | % | 18.72 | % | 20.05 | % | 7.37 | % | 11.91 | % | 44.58 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 509,581 | $ | 393,103 | $ | 322,476 | $ | 276,169 | $ | 208,471 | $ | 127,424 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.54 | %(d) | 0.55 | % | 0.57 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.54 | %(d) | 0.55 | % | 0.57 | % | 0.60 | % | 0.62 | % | 0.65 | % | ||||||||||||
Net investment income, after Waivers | 3.47 | %(d) | 3.70 | % | 4.31 | % | 3.88 | % | 4.02 | % | 4.42 | % | ||||||||||||
Portfolio turnover rate(e) | 6 | % | 51 | % | 32 | % | 35 | % | 44 | % | 57 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 21 |
|
Financial Highlights (continued)
PowerShares International Dividend AchieversTM Portfolio (PID)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.56 | $ | 17.27 | $ | 15.35 | $ | 16.85 | $ | 14.26 | $ | 10.14 | ||||||||||||
Net investment income(a) | 0.27 | 0.67 | (b) | 0.40 | 0.48 | 0.47 | 0.35 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.23 | ) | 1.26 | 1.93 | (1.49 | ) | 2.59 | 4.24 | ||||||||||||||||
Total from investment operations | 0.04 | 1.93 | 2.33 | (1.01 | ) | 3.06 | 4.59 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.64 | ) | (0.41 | ) | (0.49 | ) | (0.47 | ) | (0.47 | ) | ||||||||||||
Net asset value at end of period | $ | 18.34 | $ | 18.56 | $ | 17.27 | $ | 15.35 | $ | 16.85 | $ | 14.26 | ||||||||||||
Market price at end of period(c) | $ | 18.36 | $ | 18.58 | $ | 17.31 | $ | 15.37 | $ | 16.89 | $ | 14.26 | ||||||||||||
Net Asset Value Total Return(d) | 0.17 | % | 11.50 | % | 15.63 | % | (5.87 | )% | 21.95 | % | 45.77 | % | ||||||||||||
Market Price Total Return(d) | 0.16 | % | 11.35 | % | 15.75 | % | (5.97 | )% | 22.23 | % | 45.62 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,404,197 | $ | 1,160,654 | $ | 877,341 | $ | 690,196 | $ | 550,282 | $ | 427,783 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.54 | %(e) | 0.54 | % | 0.56 | % | 0.55 | % | 0.58 | % | 0.57 | % | ||||||||||||
Expenses, prior to Waivers | 0.54 | %(e) | 0.54 | % | 0.56 | % | 0.56 | % | 0.58 | % | 0.57 | % | ||||||||||||
Net investment income, after Waivers | 2.85 | %(e) | 3.82 | % | 2.57 | % | 3.20 | % | 3.20 | % | 2.65 | % | ||||||||||||
Portfolio turnover rate(f) | 16 | % | 49 | % | 46 | % | 33 | % | 42 | % | 63 | % |
(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 significant dividend during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.43 and 2.42%, 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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 22 |
|
PowerShares Exchange-Traded Fund Trust
October 31, 2014
(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, 2014, the Trust offered fifty-three 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 in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). 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 | Underlying 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 securities) 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. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options 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. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
| 23 |
|
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 securities) 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 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 ask 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.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
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 investing strategies that seek returns in excess of their Underlying Indexes. 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. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that 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 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. BuyBack AchieversTM Portfolio and Financial Preferred Portfolio are 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.
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 held by the Fund 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 in addition to the risks associated with domestic securities. In general, foreign companies 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. For Financial Preferred Portfolio and High Yield Equity Dividend AchieversTM Portfolio, 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
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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.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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-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 Financial Preferred Portfolio and High Yield Equity Dividend AchieversTM Portfolio, which declare and pay dividends from net investment income, 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 year-end.
G. Securities Lending
During the six-month period ended October 31, 2014, BuyBack AchieversTM Portfolio, Financial Preferred Portfolio, High Yield Equity Dividend AchieversTM Portfolio and International Dividend AchieversTM Portfolio participated in securities lending. Each Fund loaned 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
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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 the 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 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 on behalf of each Fund, 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 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, 2015. 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 Expense Agreement, it will terminate on August 31, 2015. The Expense Agreement cannot be terminated during its term. For each Fund, the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.
Further, through August 31, 2015, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended October 31, 2014, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Buyback AchieversTM Portfolio | $ | 1,333 | ||
Dividend AchieversTM Portfolio | 147 | |||
Financial Preferred Portfolio | 1,429 | |||
High Yield Equity Dividend AchieversTM Portfolio | 270 | |||
International Dividend AchieversTM Portfolio | 340 |
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.
For the six-month period ended October 31, 2014, there were no amounts available for potential recapture by the Adviser under the Expense Agreement.
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. |
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Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by 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 the 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 a 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, 2014, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules 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 eight 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 carryforwards 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 carryforwards as of April 30, 2014, which expire as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | Utilized | Expired | |||||||||||||||||||||||||||||||
BuyBack AchieversTM Portfolio | $ | — | $ | 2,915,681 | $ | 800,254 | $ | 12,142,749 | $ | 2,107,645 | $ | — | $ | — | $ | 17,966,329 | $ | 5,112,463 | $ | — | ||||||||||||||||||||
Dividend AchieversTM Portfolio | — | 50,943 | 1,716,151 | 14,632,363 | 2,339,194 | 271,124 | 558,548 | 19,568,323 | 76,569 | 7,896 | ||||||||||||||||||||||||||||||
Financial Preferred Portfolio | — | 10,308,236 | 9,034,558 | 7,354,935 | — | — | — | 26,697,729 | 11,880,150 | — | ||||||||||||||||||||||||||||||
High Yield Equity Dividend AchieversTM Portfolio | — | 936,776 | 81,487,358 | 44,815,128 | 2,187,574 | — | — | 129,426,836 | 12,848,630 | — | ||||||||||||||||||||||||||||||
International Dividend AchieversTM Portfolio | 148,582 | 1,975,339 | 59,472,841 | 145,514,837 | 11,745,409 | 28,743,478 | 8,655,506 | 256,255,992 | — | — |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
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Note 6. Investment Transactions
For the six-month period ended October 31, 2014, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
BuyBack AchieversTM Portfolio | $ | 84,205,822 | $ | 86,358,270 | ||||
Dividend AchieversTM Portfolio | 7,130,613 | 6,882,768 | ||||||
Financial Preferred Portfolio | 85,222,609 | 88,990,222 | ||||||
High Yield Equity Dividend AchieversTM Portfolio | 28,494,982 | 28,014,093 | ||||||
International Dividend AchieversTM Portfolio | 212,544,627 | 207,268,091 |
For the six-month period ended October 31, 2014, in-kind transactions associated with creations and redemptions were as follows:
Securities Received | Securities Delivered | |||||||
BuyBack AchieversTM Portfolio | $ | 163,370,700 | $ | 561,254,869 | ||||
Dividend AchieversTM Portfolio | 1,030,129 | 7,320,639 | ||||||
Financial Preferred Portfolio | 4,391,411 | 49,069,150 | ||||||
High Yield Equity Dividend AchieversTM Portfolio | 123,686,244 | 36,786,123 | ||||||
International Dividend AchieversTM Portfolio | 348,032,876 | 83,380,492 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2014, 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 AchieversTM Portfolio | $ | 2,391,523,563 | $ | 284,728,287 | $ | 339,525,340 | $ | (54,797,053 | ) | |||||||
Dividend AchieversTM Portfolio | 275,905,810 | 82,795,348 | 86,100,098 | (3,304,750 | ) | |||||||||||
Financial Preferred Portfolio | 1,333,448,702 | 78,740,604 | 109,249,896 | (30,509,292 | ) | |||||||||||
High Yield Equity Dividend AchieversTM Portfolio | 481,817,237 | 60,219,901 | 65,914,875 | (5,694,974 | ) | |||||||||||
International Dividend AchieversTM Portfolio | 1,548,483,849 | 70,017,887 | 130,327,046 | (60,309,159 | ) |
Note 7. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and Officer of the Funds. 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. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
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 in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, 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.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of 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 the Trust’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
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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 each Fund’s Shares are disclosed in detail in 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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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, 2014.
In addition to the fees and expenses which the PowerShares BuyBack AchieversTM Portfolio (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that you bear indirectly are included in the Portfolio’s total returns.
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, 2014 | Ending Account Value October 31, 2014 | 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 | $ | 1,066.00 | 0.63 | % | $ | 3.28 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dividend AchieversTM Portfolio (PFM) | ||||||||||||||||
Actual | 1,000.00 | 1,049.13 | 0.55 | 2.84 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.55 | 2.80 | ||||||||||||
PowerShares Financial Preferred Portfolio (PGF) | ||||||||||||||||
Actual | 1,000.00 | 1,038.40 | 0.63 | 3.24 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) | ||||||||||||||||
Actual | 1,000.00 | 1,081.55 | 0.54 | 2.83 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.48 | 0.54 | 2.75 |
| 31 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Annualized Expense Ratio Based on the Number of Days in the Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares International Dividend AchieversTM Portfolio (PID) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,001.66 | 0.54 | % | $ | 2.72 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.48 | 0.54 | 2.75 |
(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, 2014. 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. |
| 32 |
|
(This Page Intentionally Left Blank)
(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.
©2014 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, 2014 |
2014 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 |
| 2 |
|
Portfolio Composition
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Biotechnology | 70.4 | |||
Life Sciences Tools & Services | 18.3 | |||
Specialty Chemicals | 6.2 | |||
Health Care Supplies | 2.7 | |||
Pharmaceuticals | 2.5 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.1% | ||||||||
Biotechnology—70.4% | ||||||||
961,858 | Achillion Pharmaceuticals, Inc.(b)(c) | $ | 11,301,831 | |||||
341,581 | Acorda Therapeutics, Inc.(c) | 11,893,850 | ||||||
120,518 | Alexion Pharmaceuticals, Inc.(c) | 23,062,324 | ||||||
146,382 | Amgen, Inc. | 23,740,233 | ||||||
2,701,142 | Arena Pharmaceuticals, Inc.(b)(c) | 11,776,979 | ||||||
59,477 | Biogen Idec, Inc.(c) | 19,096,875 | ||||||
161,217 | Cubist Pharmaceuticals, Inc.(c) | 11,654,377 | ||||||
446,937 | Emergent Biosolutions, Inc.(c) | 10,109,715 | ||||||
189,651 | Gilead Sciences, Inc.(c) | 21,240,912 | ||||||
941,515 | ImmunoGen, Inc.(b)(c) | 8,718,429 | ||||||
315,083 | Insys Therapeutics, Inc.(b)(c) | 12,816,001 | ||||||
273,031 | Isis Pharmaceuticals, Inc.(b)(c) | 12,575,808 | ||||||
121,946 | Medivation, Inc.(c) | 12,889,692 | ||||||
307,507 | Myriad Genetics, Inc.(b)(c) | 12,143,451 | ||||||
368,744 | NPS Pharmaceuticals, Inc.(c) | 10,103,586 | ||||||
1,102,943 | PDL BioPharma, Inc.(b) | 9,408,104 | ||||||
164,022 | Pharmacyclics, Inc.(c) | 21,432,755 | ||||||
58,206 | Regeneron Pharmaceuticals, Inc.(c) | 22,916,866 | ||||||
583,877 | Repligen Corp.(c) | 14,725,378 | ||||||
252,867 | Seattle Genetics, Inc.(c) | 9,272,633 | ||||||
94,447 | United Therapeutics Corp.(c) | 12,369,724 | ||||||
|
| |||||||
303,249,523 | ||||||||
|
| |||||||
Health Care Supplies—2.7% | ||||||||
264,341 | Neogen Corp.(c) | 11,604,570 | ||||||
|
| |||||||
Life Sciences Tools & Services—18.3% | ||||||||
554,772 | Bruker Corp.(c) | 11,500,424 | ||||||
408,843 | Fluidigm Corp.(c) | 11,856,447 | ||||||
113,752 | Illumina, Inc.(c) | 21,906,360 | ||||||
590,383 | Luminex Corp.(c) | 11,217,277 | ||||||
116,506 | Techne Corp. | 10,607,871 | ||||||
107,598 | Waters Corp.(c) | 11,921,858 | ||||||
|
| |||||||
79,010,237 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Pharmaceuticals—2.5% | ||||||||
780,414 | Nektar Therapeutics(c) | $ | 10,761,909 | |||||
|
| |||||||
Specialty Chemicals—6.2% | ||||||||
196,180 | Sigma-Aldrich Corp. | 26,662,824 | ||||||
|
| |||||||
Total Common Stocks (Cost $350,354,663) | 431,289,063 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
83,761 | Invesco Premier Portfolio—Institutional Class(d) (Cost $83,761) | 83,761 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $350,438,424)—100.1% | 431,372,824 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—13.0% | ||||||||
56,112,407 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $56,112,407) | 56,112,407 | ||||||
|
| |||||||
Total Investments (Cost $406,550,831)—113.1% | 487,485,231 | |||||||
Other assets less liabilities—(13.1%) | (56,332,470 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 431,152,761 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) (continued)
October 31, 2014
(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) | All or a portion of this security was out on loan at October 31, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 54,579,514 | $ | (54,579,514 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Portfolio Composition
PowerShares Dynamic Building & Construction Portfolio (PKB)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Construction & Engineering | 22.8 | |||
Construction Materials | 12.7 | |||
Homebuilding | 11.6 | |||
Home Improvement Retail | 11.2 | |||
Building Products | 9.4 | |||
Forest Products | 9.2 | |||
Industrial Machinery | 8.3 | |||
Environmental & Facilities Services | 3.0 | |||
Real Estate Development | 2.7 | |||
Construction Machinery & Heavy Trucks | 2.6 | |||
Oil & Gas Equipment & Services | 2.6 | |||
Diversified Real Estate Activities | 2.5 | |||
Diversified Support Services | 1.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Dynamic Building & Construction Portfolio (PKB)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Building Products—9.4% | ||||||||
40,557 | A.O. Smith Corp. | $ | 2,163,716 | |||||
110,219 | Quanex Building Products Corp. | 2,206,584 | ||||||
42,039 | Universal Forest Products, Inc. | 2,100,689 | ||||||
|
| |||||||
6,470,989 | ||||||||
|
| |||||||
Construction & Engineering—22.8% | ||||||||
52,604 | AECOM Technology Corp.(b) | 1,712,260 | ||||||
80,720 | Aegion Corp.(b) | 1,478,791 | ||||||
63,779 | Dycom Industries, Inc.(b) | 2,002,023 | ||||||
46,078 | EMCOR Group, Inc. | 2,033,422 | ||||||
49,389 | Fluor Corp. | 3,276,466 | ||||||
100,422 | Quanta Services, Inc.(b) | 3,422,382 | ||||||
66,618 | Tutor Perini Corp.(b) | 1,865,970 | ||||||
|
| |||||||
15,791,314 | ||||||||
|
| |||||||
Construction Machinery & Heavy Trucks—2.6% | ||||||||
40,067 | Oshkosh Corp. | 1,793,399 | ||||||
|
| |||||||
Construction Materials—12.7% | ||||||||
153,237 | Headwaters, Inc.(b) | 1,946,110 | ||||||
27,866 | Martin Marietta Materials, Inc. | 3,258,093 | ||||||
57,579 | Vulcan Materials Co. | 3,553,200 | ||||||
|
| |||||||
8,757,403 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Diversified Real Estate Activities—2.5% | ||||||||
91,900 | St. Joe Co. (The)(b) | $ | 1,759,885 | |||||
|
| |||||||
Diversified Support Services—1.4% | ||||||||
78,337 | Civeo Corp. | 954,928 | ||||||
|
| |||||||
Environmental & Facilities Services—3.0% | ||||||||
78,061 | Tetra Tech, Inc. | 2,092,815 | ||||||
|
| |||||||
Forest Products—9.2% | ||||||||
66,219 | Boise Cascade Co.(b) | 2,387,857 | ||||||
30,051 | Deltic Timber Corp. | 1,956,020 | ||||||
139,492 | Louisiana-Pacific Corp.(b) | 2,036,583 | ||||||
|
| |||||||
6,380,460 | ||||||||
|
| |||||||
Home Improvement Retail—11.2% | ||||||||
39,030 | Home Depot, Inc. (The) | 3,806,205 | ||||||
69,498 | Lowe’s Cos., Inc. | 3,975,286 | ||||||
|
| |||||||
7,781,491 | ||||||||
|
| |||||||
Homebuilding—11.6% | ||||||||
98,542 | Brookfield Residential Properties, Inc. (Canada)(b) | 2,291,101 | ||||||
1,697 | NVR, Inc.(b) | 2,083,203 | ||||||
189,872 | PulteGroup, Inc. | 3,643,644 | ||||||
|
| |||||||
8,017,948 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic Building & Construction Portfolio (PKB) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Industrial Machinery—8.3% | ||||||||
60,620 | Ingersoll-Rand PLC | $ | 3,796,025 | |||||
14,142 | Valmont Industries, Inc. | 1,925,716 | ||||||
|
| |||||||
5,721,741 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services—2.6% | ||||||||
70,562 | Matrix Service Co.(b) | 1,768,284 | ||||||
|
| |||||||
Real Estate Development—2.7% | ||||||||
12,569 | Howard Hughes Corp. (The)(b) | 1,852,419 | ||||||
|
| |||||||
Total Common Stocks (Cost $70,078,598) | 69,143,076 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
79,609 | Invesco Premier Portfolio—Institutional Class(c) (Cost $79,609) | 79,609 | ||||||
|
| |||||||
Total Investments (Cost $70,158,207)—100.1% | 69,222,685 | |||||||
Other assets less liabilities—(0.1%) | (81,781 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 69,140,904 | ||||||
|
|
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 Energy Exploration & Production Portfolio (PXE)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Oil & Gas Exploration & Production | 54.9 | |||
Oil & Gas Refining & Marketing | 39.9 | |||
Integrated Oil & Gas | 5.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Integrated Oil & Gas—5.1% | ||||||||
61,460 | Occidental Petroleum Corp. | $ | 5,465,638 | |||||
|
| |||||||
Oil & Gas Exploration & Production—54.9% | ||||||||
56,574 | Anadarko Petroleum Corp. | 5,192,362 | ||||||
62,609 | Apache Corp. | 4,833,415 | ||||||
23,959 | Cimarex Energy Co. | 2,723,419 | ||||||
78,491 | ConocoPhillips | 5,663,126 | ||||||
201,939 | Denbury Resources, Inc. | 2,504,044 | ||||||
58,016 | EOG Resources, Inc. | 5,514,421 | ||||||
152,919 | Marathon Oil Corp. | 5,413,333 | ||||||
55,667 | Murphy Oil Corp. | 2,972,061 | ||||||
77,584 | Newfield Exploration Co.(b) | 2,530,014 | ||||||
206,375 | Northern Oil and Gas, Inc.(b) | 2,332,037 | ||||||
97,766 | QEP Resources, Inc. | 2,450,994 | ||||||
160,770 | QR Energy LP | 2,636,628 | ||||||
663,624 | SandRidge Energy, Inc.(b) | 2,588,134 | ||||||
39,051 | SM Energy Co. | 2,198,571 | ||||||
84,448 | Southwestern Energy Co.(b) | 2,745,404 | ||||||
98,815 | Stone Energy Corp.(b) | 2,420,967 | ||||||
233,069 | W&T Offshore, Inc. | 2,118,597 | ||||||
37,528 | Whiting Petroleum Corp.(b) | 2,298,215 | ||||||
|
| |||||||
59,135,742 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing—39.9% | ||||||||
179,153 | Alon USA Partners LP | 3,484,526 | ||||||
70,065 | CVR Energy, Inc. | 3,403,757 | ||||||
144,831 | CVR Refining LP | 3,510,703 | ||||||
99,409 | Delek US Holdings, Inc. | 3,368,971 | ||||||
69,502 | HollyFrontier Corp. | 3,154,001 | ||||||
70,046 | Marathon Petroleum Corp. | 6,367,181 | ||||||
132,826 | Northern Tier Energy LP | 3,352,528 | ||||||
122,400 | PBF Energy, Inc., Class A | 3,190,968 | ||||||
53,714 | Tesoro Corp. | 3,835,717 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Oil & Gas Refining & Marketing (continued) | ||||||||
117,755 | Valero Energy Corp. | $ | 5,898,348 | |||||
74,730 | Western Refining, Inc. | 3,406,941 | ||||||
|
| |||||||
42,973,641 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $117,614,248) | 107,575,021 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
85,595 | Invesco Premier Portfolio—Institutional Class(c) (Cost $85,595) | 85,595 | ||||||
|
| |||||||
Total Investments (Cost $117,699,843)—100.0% | 107,660,616 | |||||||
Other assets less liabilities—(0.0)% | (23,717 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 107,636,899 | ||||||
|
|
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 Food & Beverage Portfolio (PBJ)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Packaged Foods & Meats | 44.3 | |||
Soft Drinks | 16.6 | |||
Agricultural Products | 9.9 | |||
Food Retail | 7.9 | |||
Food Distributors | 7.4 | |||
Distillers & Vintners | 5.4 | |||
Distributors | 3.2 | |||
Restaurants | 2.7 | |||
Brewers | 2.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Food & Beverage Portfolio (PBJ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Agricultural Products—9.9% | ||||||||
250,142 | Archer-Daniels-Midland Co. | $ | 11,756,674 | |||||
80,365 | Bunge Ltd. | 7,124,357 | ||||||
85,293 | Ingredion, Inc. | 6,588,884 | ||||||
|
| |||||||
25,469,915 | ||||||||
|
| |||||||
Brewers—2.6% | ||||||||
91,994 | Molson Coors Brewing Co., Class B | 6,842,514 | ||||||
|
| |||||||
Distillers & Vintners—5.4% | ||||||||
73,416 | Brown-Forman Corp., Class B | 6,803,461 | ||||||
78,113 | Constellation Brands, Inc., Class A(b) | 7,150,464 | ||||||
|
| |||||||
13,953,925 | ||||||||
|
| |||||||
Distributors—3.2% | ||||||||
141,257 | Core-Mark Holding Co., Inc. | 8,197,144 | ||||||
|
| |||||||
Food Distributors—7.4% | ||||||||
98,923 | Andersons, Inc. (The) | 6,304,363 | ||||||
329,687 | Sysco Corp. | 12,706,137 | ||||||
|
| |||||||
19,010,500 | ||||||||
|
| |||||||
Food Retail—7.9% | ||||||||
244,647 | Kroger Co. (The) | 13,629,284 | ||||||
195,599 | Safeway, Inc. | 6,818,581 | ||||||
|
| |||||||
20,447,865 | ||||||||
|
| |||||||
Packaged Foods & Meats—44.3% | ||||||||
85,994 | Cal-Maine Foods, Inc. | 7,549,413 | ||||||
233,647 | General Mills, Inc. | 12,140,298 | ||||||
71,829 | J & J Snack Foods Corp. | 7,400,542 | ||||||
191,966 | Kellogg Co. | 12,278,145 | ||||||
93,550 | Keurig Green Mountain, Inc. | 14,196,213 | ||||||
344,625 | Mondelez International, Inc., Class A | 12,151,478 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Packaged Foods & Meats (continued) | ||||||||
227,752 | Pilgrim’s Pride Corp.(b) | $ | 6,470,434 | |||||
210,228 | Pinnacle Foods, Inc. | 7,105,706 | ||||||
73,353 | Sanderson Farms, Inc. | 6,160,185 | ||||||
2,346 | Seaboard Corp.(b) | 7,208,953 | ||||||
82,440 | TreeHouse Foods, Inc.(b) | 7,021,415 | ||||||
178,742 | Tyson Foods, Inc., Class A | 7,212,240 | ||||||
194,258 | WhiteWave Foods Co. (The)(b) | 7,232,225 | ||||||
|
| |||||||
114,127,247 | ||||||||
|
| |||||||
Restaurants—2.7% | ||||||||
212,326 | Burger King Worldwide, Inc. | 6,938,814 | ||||||
|
| |||||||
Soft Drinks—16.6% | ||||||||
91,486 | Coca-Cola Bottling Co. Consolidated | 8,273,994 | ||||||
142,380 | Coca-Cola Enterprises, Inc. | 6,172,173 | ||||||
108,121 | Dr Pepper Snapple Group, Inc. | 7,487,379 | ||||||
76,948 | Monster Beverage Corp.(b) | 7,762,514 | ||||||
134,847 | PepsiCo, Inc. | 12,968,236 | ||||||
|
| |||||||
42,664,296 | ||||||||
|
| |||||||
Total Common Stocks (Cost $231,920,504) | 257,652,220 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
118,578 | Invesco Premier Portfolio—Institutional Class(c) (Cost $118,578) | 118,578 | ||||||
|
| |||||||
Total Investments (Cost $232,039,082)—100.0% | 257,770,798 | |||||||
Other assets less liabilities—0.0% | (77,695 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 257,693,103 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares Dynamic Food & Beverage Portfolio (PBJ) (continued)
October 31, 2014
(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.
| 9 |
|
Portfolio Composition
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Hotels, Resorts & Cruise Lines | 34.0 | |||
Restaurants | 28.4 | |||
Movies & Entertainment | 15.4 | |||
Internet Retail | 9.7 | |||
Casinos & Gaming | 7.4 | |||
Cable & Satellite | 2.6 | |||
Leisure Facilities | 2.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.1% | ||||||||
Cable & Satellite—2.6% | ||||||||
121,164 | Starz, Class A(b) | $ | 3,743,968 | |||||
|
| |||||||
Casinos & Gaming—7.4% | ||||||||
154,932 | MGM Resorts International(b) | 3,602,169 | ||||||
36,035 | Wynn Resorts Ltd. | 6,847,010 | ||||||
|
| |||||||
10,449,179 | ||||||||
|
| |||||||
Hotels, Resorts & Cruise Lines—34.0% | ||||||||
70,000 | Choice Hotels International, Inc. | 3,745,000 | ||||||
151,526 | Diamond Resorts International, Inc.(b) | 3,933,615 | ||||||
274,507 | Hilton Worldwide Holdings, Inc.(b) | 6,928,557 | ||||||
62,061 | Hyatt Hotels Corp., Class A(b) | 3,675,252 | ||||||
191,958 | La Quinta Holdings, Inc.(b) | 3,917,863 | ||||||
100,152 | Marriott International, Inc., Class A | 7,586,514 | ||||||
63,623 | Marriott Vacations Worldwide Corp. | 4,417,981 | ||||||
59,461 | Royal Caribbean Cruises Ltd. | 4,041,564 | ||||||
82,852 | Starwood Hotels & Resorts Worldwide, Inc. | 6,351,434 | ||||||
46,840 | Wyndham Worldwide Corp. | 3,638,063 | ||||||
|
| |||||||
48,235,843 | ||||||||
|
| |||||||
Internet Retail—9.7% | ||||||||
44,132 | Expedia, Inc. | 3,749,896 | ||||||
462,339 | Orbitz Worldwide, Inc.(b) | 3,823,543 | ||||||
70,142 | TripAdvisor, Inc.(b) | 6,218,790 | ||||||
|
| |||||||
13,792,229 | ||||||||
|
| |||||||
Leisure Facilities—2.6% | ||||||||
76,603 | Cedar Fair LP | 3,620,258 | ||||||
|
| |||||||
Movies & Entertainment—15.4% | ||||||||
107,428 | Cinemark Holdings, Inc. | 3,794,357 | ||||||
116,975 | Lions Gate Entertainment Corp. | 3,875,382 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Movies & Entertainment (continued) | ||||||||
90,230 | Time Warner, Inc. | $ | 7,170,578 | |||||
77,333 | Walt Disney Co. (The) | 7,066,689 | ||||||
|
| |||||||
21,907,006 | ||||||||
|
| |||||||
Restaurants—28.4% | ||||||||
146,378 | Aramark | 4,085,410 | ||||||
77,527 | Brinker International, Inc. | 4,158,548 | ||||||
118,327 | Burger King Worldwide, Inc. | 3,866,927 | ||||||
10,243 | Chipotle Mexican Grill, Inc.(b) | 6,535,034 | ||||||
45,566 | DineEquity, Inc. | 4,053,551 | ||||||
50,249 | Domino’s Pizza, Inc. | 4,461,609 | ||||||
117,339 | El Pollo Loco Holdings, Inc.(b) | 4,183,135 | ||||||
63,771 | Jack in the Box, Inc. | 4,530,292 | ||||||
179,592 | Sonic Corp.(b) | 4,527,514 | ||||||
|
| |||||||
40,402,020 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $131,144,434) | 142,150,503 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
51,800 | Invesco Premier Portfolio—Institutional Class(c) (Cost $51,800) | 51,800 | ||||||
|
| |||||||
Total Investments (Cost $131,196,234)—100.1% | 142,202,303 | |||||||
Other assets less liabilities—(0.1%) | (124,113 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 142,078,190 | ||||||
|
|
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, 2014
(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 (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Cable & Satellite | 20.6 | |||
Internet Software & Services | 20.4 | |||
Movies & Entertainment | 16.3 | |||
Broadcasting | 11.0 | |||
Publishing | 10.7 | |||
Advertising | 8.2 | |||
Internet Retail | 4.2 | |||
Specialized Finance | 3.1 | |||
Catalog Retail | 3.0 | |||
Research & Consulting Services | 2.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Dynamic Media Portfolio (PBS)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Advertising—8.2% | ||||||||
238,524 | Interpublic Group of Cos., Inc. (The) | $ | 4,624,980 | |||||
88,767 | Lamar Advertising Co., Class A | 4,584,816 | ||||||
64,689 | Omnicom Group, Inc. | 4,648,551 | ||||||
|
| |||||||
13,858,347 | ||||||||
|
| |||||||
Broadcasting—11.0% | ||||||||
199,762 | LIN Media LLC, Class A(b) | 4,780,305 | ||||||
102,067 | Nexstar Broadcasting Group, Inc., Class A | 4,605,263 | ||||||
58,442 | Scripps Networks Interactive, Inc., Class A | 4,514,060 | ||||||
160,357 | Sinclair Broadcast Group, Inc., Class A | 4,658,371 | ||||||
|
| |||||||
18,557,999 | ||||||||
|
| |||||||
Cable & Satellite—20.6% | ||||||||
251,664 | Cablevision Systems Corp., Class A | 4,685,984 | ||||||
98,790 | DIRECTV(b) | 8,573,984 | ||||||
131,774 | DISH Network Corp., Class A(b) | 8,387,415 | ||||||
148,879 | Starz, Class A(b) | 4,600,361 | ||||||
57,734 | Time Warner Cable, Inc. | 8,499,022 | ||||||
|
| |||||||
34,746,766 | ||||||||
|
| |||||||
Catalog Retail—3.0% | ||||||||
76,886 | HSN, Inc. | 5,079,858 | ||||||
|
| |||||||
Internet Retail—4.2% | ||||||||
17,878 | Netflix, Inc.(b) | 7,021,942 | ||||||
|
| |||||||
Internet Software & Services—20.4% | ||||||||
169,148 | Conversant, Inc.(b) | 5,962,467 | ||||||
114,148 | Facebook, Inc., Class A(b) | 8,559,958 | ||||||
65,793 | Shutterstock, Inc.(b) | 5,116,064 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
171,670 | Twitter, Inc.(b) | $ | 7,119,155 | |||||
96,349 | WebMD Health Corp.(b) | 4,112,175 | ||||||
32,477 | Zillow, Inc., Class A(b) | 3,531,224 | ||||||
|
| |||||||
34,401,043 | ||||||||
|
| |||||||
Movies & Entertainment—16.3% | ||||||||
143,736 | Lions Gate Entertainment Corp. | 4,761,974 | ||||||
69,673 | Madison Square Garden Co. (The), Class A(b) | 5,278,426 | ||||||
110,868 | Time Warner, Inc. | 8,810,680 | ||||||
95,020 | Walt Disney Co. (The) | 8,682,928 | ||||||
|
| |||||||
27,534,008 | ||||||||
|
| |||||||
Publishing—10.7% | ||||||||
137,983 | Gannett Co., Inc. | 4,346,464 | ||||||
77,709 | John Wiley & Sons, Inc., Class A | 4,537,429 | ||||||
132,945 | Scholastic Corp. | 4,627,815 | ||||||
198,401 | Time, Inc.(b) | 4,481,879 | ||||||
|
| |||||||
17,993,587 | ||||||||
|
| |||||||
Research & Consulting Services—2.5% | ||||||||
32,696 | IHS, Inc., Class A(b) | 4,284,157 | ||||||
|
| |||||||
Specialized Finance—3.1% | ||||||||
57,416 | McGraw Hill Financial, Inc. | 5,195,000 | ||||||
|
| |||||||
Total Common Stocks (Cost $166,144,006) | 168,672,707 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares Dynamic Media Portfolio (PBS) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
103,825 | Invesco Premier Portfolio—Institutional Class(c) (Cost $103,825) | $ | 103,825 | |||||
|
| |||||||
Total Investments (Cost $166,247,831)—100.1% | 168,776,532 | |||||||
Other assets less liabilities—(0.1%) | (142,850 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 168,633,682 | ||||||
|
|
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.
| 13 |
|
Portfolio Composition
PowerShares Dynamic Networking Portfolio (PXQ)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Communications Equipment | 53.2 | |||
Systems Software | 19.0 | |||
Application Software | 9.6 | |||
Semiconductors | 7.7 | |||
Electronic Components | 7.5 | |||
Internet Software & Services | 3.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares Dynamic Networking Portfolio (PXQ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Application Software—9.6% | ||||||||
19,868 | Citrix Systems, Inc.(b) | $ | 1,276,121 | |||||
16,527 | NetScout Systems, Inc.(b) | 609,185 | ||||||
17,794 | SolarWinds, Inc.(b) | 846,105 | ||||||
|
| |||||||
2,731,411 | ||||||||
|
| |||||||
Communications Equipment—53.2% | ||||||||
32,990 | ADTRAN, Inc. | 699,718 | ||||||
9,081 | Arista Networks, Inc.(b) | 737,831 | ||||||
24,875 | ARRIS Group, Inc.(b) | 746,747 | ||||||
35,663 | Aruba Networks, Inc.(b) | 769,608 | ||||||
72,172 | Brocade Communications Systems, Inc. | 774,406 | ||||||
36,801 | Ciena Corp.(b) | 616,785 | ||||||
55,859 | Cisco Systems, Inc. | 1,366,870 | ||||||
6,131 | F5 Networks, Inc.(b) | 753,990 | ||||||
71,967 | Infinera Corp.(b) | 1,045,681 | ||||||
32,834 | Juniper Networks, Inc. | 691,812 | ||||||
23,500 | Motorola Solutions, Inc. | 1,515,750 | ||||||
22,920 | NETGEAR, Inc.(b) | 780,197 | ||||||
8,959 | Palo Alto Networks, Inc.(b) | 946,966 | ||||||
18,343 | QUALCOMM, Inc. | 1,440,109 | ||||||
40,415 | Riverbed Technology, Inc.(b) | 767,481 | ||||||
54,738 | Ruckus Wireless, Inc.(b) | 710,499 | ||||||
201,966 | Sonus Networks, Inc.(b) | 700,822 | ||||||
|
| |||||||
15,065,272 | ||||||||
|
| |||||||
Electronic Components—7.5% | ||||||||
27,102 | Amphenol Corp., Class A | 1,370,819 | ||||||
10,420 | Belden, Inc. | 741,800 | ||||||
|
| |||||||
2,112,619 | ||||||||
|
| |||||||
Internet Software & Services—3.0% | ||||||||
18,009 | LogMeIn, Inc.(b) | 865,332 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Semiconductors—7.7% | ||||||||
35,447 | Broadcom Corp., Class A | $ | 1,484,520 | |||||
13,553 | Cavium, Inc.(b) | 695,405 | ||||||
|
| |||||||
2,179,925 | ||||||||
|
| |||||||
Systems Software—19.0% | ||||||||
30,640 | Barracuda Networks, Inc.(b) | 985,076 | ||||||
49,431 | CA, Inc. | 1,436,465 | ||||||
29,501 | Fortinet, Inc.(b) | 768,501 | ||||||
31,334 | Qualys, Inc.(b) | 1,005,195 | ||||||
14,160 | VMware, Inc., Class A(b) | 1,183,351 | ||||||
|
| |||||||
5,378,588 | ||||||||
|
| |||||||
Total Common Stocks (Cost $24,047,972) | 28,333,147 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
60,237 | Invesco Premier Portfolio—Institutional Class(c) (Cost $60,237) | 60,237 | ||||||
|
| |||||||
Total Investments (Cost $24,108,209)—100.2% | 28,393,384 | |||||||
Other assets less liabilities—(0.2%) | (58,959 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 28,334,425 | ||||||
|
|
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 (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Oil & Gas Equipment & Services | 75.8 | |||
Oil & Gas Drilling | 24.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Oil & Gas Drilling—24.1% | ||||||||
67,390 | Atwood Oceanics, Inc.(b) | $ | 2,739,403 | |||||
31,695 | Helmerich & Payne, Inc. | 2,751,760 | ||||||
122,373 | Nabors Industries Ltd. | 2,184,358 | ||||||
117,000 | Noble Corp. PLC | 2,447,640 | ||||||
357,271 | Paragon Offshore PLC(b) | 1,739,910 | ||||||
530,219 | Parker Drilling Co.(b) | 2,354,172 | ||||||
96,402 | Patterson-UTI Energy, Inc. | 2,220,138 | ||||||
216,500 | Pioneer Energy Services Corp.(b) | 1,987,470 | ||||||
157,948 | Transocean Ltd. | 4,711,589 | ||||||
|
| |||||||
23,136,440 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services—75.8% | ||||||||
88,293 | Baker Hughes, Inc. | 4,675,997 | ||||||
137,534 | Basic Energy Services, Inc.(b) | 1,774,189 | ||||||
82,125 | Cameron International Corp.(b) | 4,890,544 | ||||||
123,372 | Compressco Partners LP | 2,646,329 | ||||||
21,076 | Core Laboratories NV | 2,940,734 | ||||||
32,814 | Dril-Quip, Inc.(b) | 2,951,619 | ||||||
71,409 | Exterran Holdings, Inc. | 2,808,516 | ||||||
98,715 | FMC Technologies, Inc.(b) | 5,531,989 | ||||||
97,787 | Forum Energy Technologies, Inc.(b) | 2,669,585 | ||||||
90,290 | Halliburton Co. | 4,978,591 | ||||||
121,877 | Helix Energy Solutions Group, Inc.(b) | 3,246,803 | ||||||
528,534 | Key Energy Services, Inc.(b) | 1,606,743 | ||||||
70,631 | National Oilwell Varco, Inc. | 5,130,636 | ||||||
270,052 | Newpark Resources, Inc.(b) | 3,086,694 | ||||||
47,868 | Oceaneering International, Inc. | 3,363,684 | ||||||
51,581 | Oil States International, Inc.(b) | 3,081,449 | ||||||
146,232 | RPC, Inc. | 2,398,205 | ||||||
55,678 | Schlumberger Ltd. | 5,493,192 | ||||||
92,908 | Superior Energy Services, Inc. | 2,336,636 | ||||||
156,919 | Tesco Corp. | 2,987,738 | ||||||
257,688 | Weatherford International PLC(b) | 4,231,237 | ||||||
|
| |||||||
72,831,110 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $104,541,930) | 95,967,550 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
48,882 | Invesco Premier Portfolio—Institutional Class(c) (Cost $48,882) | $ | 48,882 | |||||
|
| |||||||
Total Investments (Cost $104,590,812)—100.0% | 96,016,432 | |||||||
Other assets less liabilities—0.0% | 9,303 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 96,025,735 | ||||||
|
|
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 (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Pharmaceuticals | 68.2 | |||
Biotechnology | 26.1 | |||
Health Care Equipment | 5.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Dynamic Pharmaceuticals Portfolio (PJP)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Biotechnology—26.1% | ||||||||
482,689 | Amgen, Inc. | $ | 78,282,502 | |||||
196,114 | Biogen Idec, Inc.(b) | 62,968,283 | ||||||
708,046 | Celgene Corp.(b) | 75,824,646 | ||||||
625,369 | Gilead Sciences, Inc.(b) | 70,041,328 | ||||||
816,521 | Ligand Pharmaceuticals, Inc.(b) | 45,129,116 | ||||||
9,060,046 | Novavax, Inc.(b)(c) | 50,736,258 | ||||||
|
| |||||||
382,982,133 | ||||||||
|
| |||||||
Health Care Equipment—5.7% | ||||||||
1,005,941 | Abbott Laboratories | 43,848,968 | ||||||
566,707 | Baxter International, Inc. | 39,748,829 | ||||||
|
| |||||||
83,597,797 | ||||||||
|
| |||||||
Pharmaceuticals—68.2% | ||||||||
187,190 | Actavis PLC(b) | 45,438,501 | ||||||
1,088,974 | Akorn, Inc.(b) | 48,513,792 | ||||||
259,606 | Allergan, Inc. | 49,340,716 | ||||||
2,284,487 | Auxilium Pharmaceuticals, Inc.(b)(c) | 73,491,947 | ||||||
2,655,722 | BioDelivery Sciences International, Inc.(b)(d) | 46,209,563 | ||||||
1,328,292 | Bristol-Myers Squibb Co. | 77,293,311 | ||||||
2,768,192 | Depomed, Inc.(b) | 42,630,157 | ||||||
668,516 | Eli Lilly & Co. | 44,342,666 | ||||||
790,675 | Hospira, Inc.(b) | 42,459,248 | ||||||
1,724,499 | Impax Laboratories, Inc.(b) | 49,958,736 | ||||||
648,604 | Johnson & Johnson | 69,906,539 | ||||||
1,079,029 | Lannett Co., Inc.(b) | 61,202,525 | ||||||
1,659,179 | Medicines Co. (The)(b) | 42,010,412 | ||||||
1,119,261 | Merck & Co., Inc. | 64,849,982 | ||||||
874,303 | Mylan, Inc.(b) | 46,818,926 | ||||||
285,681 | Perrigo Co. PLC | 46,123,197 | ||||||
2,289,155 | Pfizer, Inc. | 68,560,192 | ||||||
1,227,736 | Prestige Brands Holdings, Inc.(b) | 43,486,409 | ||||||
267,049 | Salix Pharmaceuticals Ltd.(b) | 38,414,999 | ||||||
|
| |||||||
1,001,051,818 | ||||||||
|
| |||||||
Total Common Stocks (Cost $1,153,322,633) | 1,467,631,748 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
104,571 | Invesco Premier Portfolio—Institutional Class(e) (Cost $104,571) | $ | 104,571 | |||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $1,153,427,204)—100.0% | 1,467,736,319 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.0% | ||||||||
58,383,075 | Invesco Liquid Assets Portfolio—Institutional Class(e)(f) (Cost $58,383,075) | 58,383,075 | ||||||
|
| |||||||
Total Investments (Cost $1,211,810,279)—104.0% | 1,526,119,394 | |||||||
Other assets less liabilities—(4.0%) | (58,561,128 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,467,558,266 | ||||||
|
|
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, 2014. |
(d) | Affiliated investments. See Note 4. |
(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.
| 16 |
|
PowerShares Dynamic Pharmaceuticals Portfolio (PJP) (continued)
October 31, 2014
(Unaudited)
(f) | 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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Citibank | $ | 56,926,753 | $ | (56,926,753 | ) | $ | — |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Portfolio Composition
PowerShares Dynamic Retail Portfolio (PMR)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Food Retail | 18.8 | |||
Apparel Retail | 17.2 | |||
Hypermarkets & Super Centers | 13.0 | |||
Drug Retail | 12.8 | |||
Automotive Retail | 11.1 | |||
General Merchandise Stores | 5.8 | |||
Home Improvement Retail | 5.1 | |||
Department Stores | 5.0 | |||
Forest Products | 3.2 | |||
Homefurnishing Retail | 3.0 | |||
Food Distributors | 2.8 | |||
Trucking | 2.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Dynamic Retail Portfolio (PMR)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Apparel Retail—17.2% | ||||||||
15,580 | Brown Shoe Co., Inc. | $ | 414,272 | |||||
13,410 | Cato Corp. (The), Class A | 478,335 | ||||||
8,286 | Foot Locker, Inc. | 464,099 | ||||||
18,454 | Gap, Inc. (The) | 699,222 | ||||||
5,862 | Genesco, Inc.(b) | 449,557 | ||||||
14,372 | Zumiez, Inc.(b) | 479,737 | ||||||
|
| |||||||
2,985,222 | ||||||||
|
| |||||||
Automotive Retail—11.1% | ||||||||
3,407 | Advance Auto Parts, Inc. | 500,692 | ||||||
6,672 | Asbury Automotive Group, Inc.(b) | 467,307 | ||||||
5,460 | O’Reilly Automotive, Inc.(b) | 960,305 | ||||||
|
| |||||||
1,928,304 | ||||||||
|
| |||||||
Department Stores—5.0% | ||||||||
4,068 | Dillard’s, Inc., Class A | 430,232 | ||||||
7,909 | Kohl’s Corp. | 428,826 | ||||||
|
| |||||||
859,058 | ||||||||
|
| |||||||
Drug Retail—12.8% | ||||||||
10,719 | CVS Health Corp. | 919,797 | ||||||
74,747 | Rite Aid Corp.(b) | 392,422 | ||||||
14,072 | Walgreen Co. | 903,704 | ||||||
|
| |||||||
2,215,923 | ||||||||
|
| |||||||
Food Distributors—2.8% | ||||||||
21,634 | SpartanNash Co. | 484,818 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Food Retail—18.8% | ||||||||
13,941 | Fresh Market, Inc. (The)(b) | $ | 511,774 | �� | ||||
16,704 | Kroger Co. (The) | 930,580 | ||||||
13,367 | Safeway, Inc. | 465,974 | ||||||
15,027 | Sprouts Farmers Market, Inc.(b) | 437,436 | ||||||
48,683 | SUPERVALU, Inc.(b) | 420,134 | ||||||
10,824 | Weis Markets, Inc. | 483,183 | ||||||
|
| |||||||
3,249,081 | ||||||||
|
| |||||||
Forest Products—3.2% | ||||||||
15,467 | Boise Cascade Co.(b) | 557,740 | ||||||
|
| |||||||
General Merchandise Stores—5.8% | ||||||||
10,031 | Big Lots, Inc. | 457,915 | ||||||
13,035 | Burlington Stores, Inc.(b) | 546,688 | ||||||
|
| |||||||
1,004,603 | ||||||||
|
| |||||||
Home Improvement Retail—5.1% | ||||||||
9,108 | Home Depot, Inc. (The) | 888,212 | ||||||
|
| |||||||
Homefurnishing Retail—3.0% | ||||||||
8,115 | Mattress Firm Holding Corp.(b) | 512,787 | ||||||
|
| |||||||
Hypermarkets & Super Centers—13.0% | ||||||||
7,035 | Costco Wholesale Corp. | 938,258 | ||||||
5,188 | PriceSmart, Inc. | 461,888 | ||||||
11,280 | Wal-Mart Stores, Inc. | 860,325 | ||||||
|
| |||||||
2,260,471 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares Dynamic Retail Portfolio (PMR) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Trucking—2.2% | ||||||||
6,887 | Avis Budget Group, Inc.(b) | $ | 383,950 | |||||
|
| |||||||
Total Common Stocks (Cost $16,506,208) | 17,330,169 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
44,245 | Invesco Premier Portfolio—Institutional Class(c) (Cost $44,245) | 44,245 | ||||||
|
| |||||||
Total Investments (Cost $16,550,453)—100.3% | 17,374,414 | |||||||
Other assets less liabilities—(0.3%) | (49,558 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 17,324,856 | ||||||
|
|
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 Semiconductors Portfolio (PSI)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Semiconductors | �� | 71.6 | ||
Semiconductor Equipment | 23.2 | |||
Communications Equipment | 5.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
PowerShares Dynamic Semiconductors Portfolio (PSI)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.1% | ||||||||
Communications Equipment—5.3% | ||||||||
20,026 | QUALCOMM, Inc. | $ | 1,572,241 | |||||
|
| |||||||
Semiconductor Equipment—23.2% | ||||||||
79,931 | Amkor Technology, Inc.(b) | 541,932 | ||||||
65,961 | Applied Materials, Inc. | 1,457,079 | ||||||
19,943 | KLA-Tencor Corp. | 1,578,488 | ||||||
56,587 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 815,985 | ||||||
21,193 | Lam Research Corp. | 1,650,087 | ||||||
24,493 | MKS Instruments, Inc. | 891,545 | ||||||
|
| |||||||
6,935,116 | ||||||||
|
| |||||||
Semiconductors—71.6% | ||||||||
24,269 | Ambarella, Inc.(b) | 1,074,874 | ||||||
38,699 | Broadcom Corp., Class A | 1,620,714 | ||||||
34,378 | Cirrus Logic, Inc.(b) | 663,495 | ||||||
32,663 | Diodes, Inc.(b) | 843,685 | ||||||
47,368 | Fairchild Semiconductor International, Inc.(b) | 727,099 | ||||||
39,492 | Freescale Semiconductor Ltd.(b) | 785,496 | ||||||
50,534 | Integrated Device Technology, Inc.(b) | 829,263 | ||||||
43,643 | Intel Corp. | 1,484,299 | ||||||
55,253 | Intersil Corp., Class A | 734,312 | ||||||
110,690 | Lattice Semiconductor Corp.(b) | 742,730 | ||||||
59,760 | Marvell Technology Group Ltd. | 803,174 | ||||||
66,343 | Micrel, Inc. | 805,404 | ||||||
17,025 | Microchip Technology, Inc. | 733,948 | ||||||
46,749 | Micron Technology, Inc.(b) | 1,546,924 | ||||||
17,398 | Monolithic Power Systems, Inc. | 768,818 | ||||||
42,740 | NVIDIA Corp. | 835,140 | ||||||
30,662 | OmniVision Technologies, Inc.(b) | 821,128 | ||||||
85,172 | ON Semiconductor Corp.(b) | 706,076 | ||||||
112,640 | PMC-Sierra, Inc.(b) | 877,466 | ||||||
14,670 | Skyworks Solutions, Inc. | 854,381 | ||||||
37,279 | Spansion, Inc., Class A(b) | 767,202 | ||||||
31,632 | Texas Instruments, Inc. | 1,570,845 | ||||||
40,226 | TriQuint Semiconductor, Inc.(b) | 870,088 | ||||||
|
| |||||||
21,466,561 | ||||||||
|
| |||||||
Total Common Stocks (Cost $26,498,196) | 29,973,918 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
41,874 | Invesco Premier Portfolio—Institutional Class(c) (Cost $41,874) | $ | 41,874 | |||||
|
| |||||||
Total Investments (Cost $26,540,070)—100.2% | 30,015,792 | |||||||
Other assets less liabilities—(0.2%) | (49,489 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 29,966,303 | ||||||
|
|
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 Software Portfolio (PSJ)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Application Software | 40.0 | |||
Health Care Technology | 13.9 | |||
Home Entertainment Software | 12.4 | |||
Systems Software | 12.1 | |||
Internet Software & Services | 6.1 | |||
IT Consulting & Other Services | 4.9 | |||
Data Processing & Outsourced Services | 2.8 | |||
Semiconductor Equipment | 2.7 | |||
Communications Equipment | 2.7 | |||
Electronic Components | 2.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares Dynamic Software Portfolio (PSJ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Application Software—40.0% | ||||||||
34,380 | Adobe Systems, Inc.(b) | $ | 2,410,726 | |||||
32,814 | Aspen Technology, Inc.(b) | 1,211,821 | ||||||
46,084 | Autodesk, Inc.(b) | 2,651,673 | ||||||
76,435 | Cadence Design Systems, Inc.(b) | 1,372,008 | ||||||
101,251 | King Digital Entertainment PLC (Ireland) | 1,154,261 | ||||||
46,686 | Manhattan Associates, Inc.(b) | 1,872,575 | ||||||
29,266 | NetScout Systems, Inc.(b) | 1,078,745 | ||||||
75,241 | Paycom Software, Inc.(b) | 1,335,528 | ||||||
34,850 | PTC, Inc.(b) | 1,329,528 | ||||||
31,510 | SolarWinds, Inc.(b) | 1,498,301 | ||||||
29,791 | SS&C Technologies Holdings, Inc.(b) | 1,439,501 | ||||||
32,965 | Synopsys, Inc.(b) | 1,350,906 | ||||||
26,896 | Verint Systems, Inc.(b) | 1,546,251 | ||||||
|
| |||||||
20,251,824 | ||||||||
|
| |||||||
Communications Equipment—2.7% | ||||||||
71,566 | Riverbed Technology, Inc.(b) | 1,359,038 | ||||||
|
| |||||||
Data Processing & Outsourced Services—2.8% | ||||||||
14,527 | DST Systems, Inc. | 1,399,677 | ||||||
|
| |||||||
Electronic Components—2.4% | ||||||||
28,946 | Dolby Laboratories, Inc., Class A | 1,213,416 | ||||||
|
| |||||||
Health Care Technology—13.9% | ||||||||
42,871 | Cerner Corp.(b) | 2,715,449 | ||||||
21,944 | Computer Programs & Systems, Inc. | 1,382,033 | ||||||
51,938 | HealthStream, Inc.(b) | 1,608,001 | ||||||
44,988 | Veeva Systems, Inc., Class A(b) | 1,339,743 | ||||||
|
| |||||||
7,045,226 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Home Entertainment Software—12.4% | ||||||||
105,009 | Activision Blizzard, Inc. | $ | 2,094,930 | |||||
65,325 | Electronic Arts, Inc.(b) | 2,676,365 | ||||||
57,350 | Take-Two Interactive Software, Inc.(b) | 1,516,907 | ||||||
|
| |||||||
6,288,202 | ||||||||
|
| |||||||
Internet Software & Services—6.1% | ||||||||
43,256 | Constant Contact, Inc.(b) | 1,529,532 | ||||||
31,890 | LogMeIn, Inc.(b) | 1,532,315 | ||||||
|
| |||||||
3,061,847 | ||||||||
|
| |||||||
IT Consulting & Other Services—4.9% | ||||||||
52,483 | Amdocs Ltd. | 2,495,042 | ||||||
|
| |||||||
Semiconductor Equipment—2.7% | ||||||||
45,598 | Tessera Technologies, Inc. | 1,385,723 | ||||||
|
| |||||||
Systems Software—12.1% | ||||||||
54,411 | Microsoft Corp. | 2,554,596 | ||||||
59,521 | Oracle Corp. | 2,324,295 | ||||||
58,294 | Rovi Corp.(b) | 1,217,179 | ||||||
|
| |||||||
6,096,070 | ||||||||
|
| |||||||
Total Common Stocks (Cost $45,214,862) | 50,596,065 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares Dynamic Software Portfolio (PSJ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
42,922 | Invesco Premier Portfolio—Institutional Class(c) (Cost $42,922) | $ | 42,922 | |||||
|
| |||||||
Total Investments (Cost $45,257,784)—100.1% | 50,638,987 | |||||||
Other assets less liabilities—(0.1%) | (73,390 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 50,565,597 | ||||||
|
|
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 |
|
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
October 31, 2014
(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) | $ | 431,289,063 | $ | 69,143,076 | $ | 107,575,021 | $ | 257,652,220 | $ | 142,150,503 | ||||||||||
Affiliated investments, at value | 56,196,168 | 79,609 | 85,595 | 118,578 | 51,800 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at value | 487,485,231 | 69,222,685 | 107,660,616 | 257,770,798 | 142,202,303 | |||||||||||||||
Cash | 8,275 | 841 | 1,190 | 7,715 | 4,223 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Shares sold | 4,984,362 | — | — | — | — | |||||||||||||||
Securities lending | 98,270 | — | — | — | — | |||||||||||||||
Dividends | 3 | 22,146 | 103,226 | 150,881 | 23,370 | |||||||||||||||
Investments sold | — | — | — | — | — | |||||||||||||||
Other assets | 1,637 | 1,332 | 1,361 | 1,111 | 1,370 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 492,577,778 | 69,247,004 | 107,766,393 | 257,930,505 | 142,231,266 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Collateral upon return of securities loaned | 56,112,407 | — | — | — | — | |||||||||||||||
Investments purchased | 4,984,684 | — | — | — | — | |||||||||||||||
Expenses recaptured | — | — | 819 | — | 3,012 | |||||||||||||||
Accrued advisory fees | 168,552 | 31,196 | 47,519 | 98,134 | 58,761 | |||||||||||||||
Accrued trustees’ and officer’s fees | 21,162 | 13,403 | 15,601 | 17,949 | 13,633 | |||||||||||||||
Accrued expenses | 138,212 | 61,501 | 65,555 | 121,319 | 77,670 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 61,425,017 | 106,100 | 129,494 | 237,402 | 153,076 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 431,152,761 | $ | 69,140,904 | $ | 107,636,899 | $ | 257,693,103 | $ | 142,078,190 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 487,877,744 | $ | 86,555,608 | $ | 165,715,168 | $ | 251,501,532 | $ | 146,453,066 | ||||||||||
Undistributed net investment income (loss) | (192,425 | ) | 39,762 | 65,651 | 301,881 | (26,448 | ) | |||||||||||||
Undistributed net realized gain (loss) | (137,466,958 | ) | (16,518,944 | ) | (48,104,693 | ) | (19,842,026 | ) | (15,354,497 | ) | ||||||||||
Net unrealized appreciation (depreciation) | 80,934,400 | (935,522 | ) | (10,039,227 | ) | 25,731,716 | 11,006,069 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 431,152,761 | $ | 69,140,904 | $ | 107,636,899 | $ | 257,693,103 | $ | 142,078,190 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 8,650,000 | 3,200,000 | 3,400,000 | 8,700,000 | 4,150,000 | |||||||||||||||
Net asset value | $ | 49.84 | $ | 21.61 | $ | 31.66 | $ | 29.62 | $ | 34.24 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 49.83 | $ | 21.60 | $ | 31.67 | $ | 29.62 | $ | 34.24 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments, at cost | $ | 350,354,663 | $ | 70,078,598 | $ | 117,614,248 | $ | 231,920,504 | $ | 131,144,434 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments, at cost | $ | 56,196,168 | $ | 79,609 | $ | 85,595 | $ | 118,578 | $ | 51,800 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at cost | $ | 406,550,831 | $ | 70,158,207 | $ | 117,699,843 | $ | 232,039,082 | $ | 131,196,234 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | 54,579,514 | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
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) | ||||||||||||||||||||
$ | 168,672,707 | $ | 28,333,147 | $ | 95,967,550 | $ | 1,421,422,185 | $ | 17,330,169 | $ | 29,973,918 | $ | 50,596,065 | |||||||||||||
103,825 | 60,237 | 48,882 | 104,697,209 | 44,245 | 41,874 | 42,922 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
168,776,532 | 28,393,384 | 96,016,432 | 1,526,119,394 | 17,374,414 | 30,015,792 | 50,638,987 | ||||||||||||||||||||
9,497 | 218 | 1,672 | 33,841 | 534 | — | 1,040 | ||||||||||||||||||||
— | — | 6,662,045 | 10,310,437 | — | — | — | ||||||||||||||||||||
— | — | — | 73,827 | — | — | — | ||||||||||||||||||||
29,149 | 2,970 | 74,237 | 656,148 | 6,513 | 10,756 | 2,895 | ||||||||||||||||||||
— | — | 52,793 | — | — | — | — | ||||||||||||||||||||
1,280 | 1,247 | 1,105 | 3,047 | 1,225 | 1,269 | 1,263 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
168,816,458 | 28,397,819 | 102,808,284 | 1,537,196,694 | 17,382,686 | 30,027,817 | 50,644,185 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | — | — | 58,383,075 | — | — | — | ||||||||||||||||||||
— | — | 6,657,169 | 10,309,017 | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
67,171 | 5,799 | 38,972 | 549,667 | 1,959 | 6,630 | 16,035 | ||||||||||||||||||||
15,602 | 12,760 | 21,191 | 26,401 | 12,009 | 12,545 | 13,133 | ||||||||||||||||||||
100,003 | 44,835 | 65,217 | 370,268 | 43,862 | 42,339 | 49,420 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
182,776 | 63,394 | 6,782,549 | 69,638,428 | 57,830 | 61,514 | 78,588 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 168,633,682 | $ | 28,334,425 | $ | 96,025,735 | $ | 1,467,558,266 | $ | 17,324,856 | $ | 29,966,303 | $ | 50,565,597 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 214,494,718 | $ | 57,972,875 | $ | 300,867,588 | $ | 1,057,673,789 | $ | 35,823,493 | $ | 79,211,994 | $ | 69,267,872 | |||||||||||||
4,130 | (35,813 | ) | 2,636 | 135,604 | 2,870 | (16,777 | ) | 22,863 | ||||||||||||||||||
(48,393,867 | ) | (33,887,812 | ) | (196,270,109 | ) | 95,439,758 | (19,325,468 | ) | (52,704,636 | ) | (24,106,341 | ) | ||||||||||||||
2,528,701 | 4,285,175 | (8,574,380 | ) | 314,309,115 | 823,961 | 3,475,722 | 5,381,203 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 168,633,682 | $ | 28,334,425 | $ | 96,025,735 | $ | 1,467,558,266 | $ | 17,324,856 | $ | 29,966,303 | $ | 50,565,597 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 6,750,000 | | 850,000 | 4,300,000 | 21,350,000 | 500,000 | 1,300,000 | 1,350,000 | ||||||||||||||||||
$ | 24.98 | $ | 33.33 | $ | 22.33 | $ | 68.74 | $ | 34.65 | $ | 23.05 | $ | 37.46 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 24.98 | $ | 33.34 | $ | 22.33 | $ | 68.76 | $ | 34.65 | $ | 23.06 | $ | 37.45 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 166,144,006 | $ | 24,047,972 | $ | 104,541,930 | $ | 1,110,407,647 | $ | 16,506,208 | $ | 26,498,196 | $ | 45,214,862 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 103,825 | $ | 60,237 | $ | 48,882 | $ | 101,402,632 | $ | 44,245 | $ | 41,874 | $ | 42,922 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 166,247,831 | $ | 24,108,209 | $ | 104,590,812 | $ | 1,211,810,279 | $ | 16,550,453 | $ | 26,540,070 | $ | 45,257,784 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | — | | $ | — | $ | — | $ | 56,926,753 | $ | — | $ | — | $ | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 25 |
|
For the six months ended October 31, 2014
(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 | $ | 2,365,227 | $ | 466,265 | $ | 1,191,144 | $ | 2,490,837 | $ | 902,711 | ||||||||||
Affiliated income money market | 18 | 7 | 10 | 15 | 8 | |||||||||||||||
Securities lending income | 841,569 | — | — | — | — | |||||||||||||||
Foreign withholding tax | — | — | — | — | (1,317 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 3,206,814 | 466,272 | 1,191,154 | 2,490,852 | 901,402 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 955,863 | 284,980 | 344,899 | 827,486 | 399,478 | |||||||||||||||
Sub-licensing | 57,352 | 17,099 | 20,694 | 49,649 | 23,969 | |||||||||||||||
Accounting & administration fees | 40,120 | 18,467 | 18,467 | 39,795 | 19,266 | |||||||||||||||
Professional fees | 15,016 | 14,323 | 13,951 | 15,327 | 14,087 | |||||||||||||||
Recapture (Note 3) | — | 6,589 | 18,519 | — | 24,704 | |||||||||||||||
Trustees’ and officer’s fees | 7,115 | 4,830 | 5,020 | 7,108 | 5,212 | |||||||||||||||
Custodian & transfer agent fees | 4,015 | 2,218 | 2,594 | 4,429 | 2,955 | |||||||||||||||
Other expenses | 17,237 | 10,568 | 10,429 | 12,656 | 13,671 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 1,096,718 | 359,074 | 434,573 | 956,450 | 503,342 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (206 | ) | (74 | ) | (80 | ) | (159 | ) | (87 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 1,096,512 | 359,000 | 434,493 | 956,291 | 503,255 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income (Loss) | 2,110,302 | 107,272 | 756,661 | 1,534,561 | 398,147 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | 5,943,974 | (2,724,738 | ) | (4,156,436 | ) | (13,080,984 | ) | (6,945,445 | ) | |||||||||||
In-kind redemptions | 18,866,899 | 5,032,914 | 6,108,145 | 33,088,149 | 4,440,935 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 24,810,873 | 2,308,176 | 1,951,709 | 20,007,165 | (2,504,510 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | 62,466,521 | (8,106,833 | ) | (25,682,467 | ) | 8,903,891 | 10,623,145 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | 87,277,394 | (5,798,657 | ) | (23,730,758 | ) | 28,911,056 | 8,118,635 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 89,387,696 | $ | (5,691,385 | ) | $ | (22,974,097 | ) | $ | 30,445,617 | $ | 8,516,782 | ||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
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) | ||||||||||||||||||||
$ | 810,207 | $ | 77,496 | $ | 693,331 | $ | 6,171,479 | $ | 112,474 | $ | 150,031 | $ | 217,417 | |||||||||||||
8 | 5 | 7 | 41 | 4 | 4 | 4 | ||||||||||||||||||||
— | — | — | 223,070 | — | — | — | ||||||||||||||||||||
(2,682 | ) | — | (5,393 | ) | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
807,533 | 77,501 | 687,945 | 6,394,590 | 112,478 | 150,035 | 217,421 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
421,587 | 71,730 | 295,363 | 2,989,754 | 53,653 | 61,439 | 129,684 | ||||||||||||||||||||
25,295 | 4,304 | 17,722 | 179,385 | 3,219 | 3,686 | 7,781 | ||||||||||||||||||||
24,270 | 18,467 | 18,467 | 115,686 | 18,467 | 18,467 | 18,467 | ||||||||||||||||||||
15,009 | 13,514 | 13,814 | 19,857 | 12,983 | 12,859 | 13,209 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
5,232 | 3,980 | 4,880 | 14,066 | 3,883 | 3,909 | 4,178 | ||||||||||||||||||||
3,728 | 1,663 | 2,793 | 7,401 | 2,100 | 1,828 | 2,038 | ||||||||||||||||||||
14,897 | 7,950 | 11,724 | 33,237 | 7,540 | 6,933 | 8,439 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
510,018 | 121,608 | 364,763 | 3,359,386 | 101,845 | 109,121 | 183,796 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(86 | ) | (31,280 | ) | (74 | ) | (403 | ) | (34,289 | ) | (31,746 | ) | (20,440 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
509,932 | 90,328 | 364,689 | 3,358,983 | �� | 67,556 | 77,375 | 163,356 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
297,601 | (12,827 | ) | 323,256 | 3,035,607 | 44,922 | 72,660 | 54,065 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(8,874,680 | ) | (1,289,589 | ) | (2,560,696 | ) | 36,411,408 | (1,338,241 | ) | (455,441 | ) | (3,469,270 | ) | ||||||||||||||
9,452,946 | 2,711,097 | 8,754,422 | 66,297,290 | 1,203,486 | 1,987,972 | 2,107,843 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
578,266 | 1,421,508 | 6,193,726 | 102,708,698 | (134,755 | ) | 1,532,531 | (1,361,427 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 8,312,538 | | 518,729 | (29,230,529 | ) | 118,939,821 | 857,633 | 1,085,801 | 6,267,527 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
8,890,804 | 1,940,237 | (23,036,803 | ) | 221,648,519 | 722,878 | 2,618,332 | 4,906,100 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 9,188,405 |
| $ | 1,927,410 | $ | (22,713,547 | ) | $ | 224,684,126 | $ | 767,800 | $ | 2,690,992 | $ | 4,960,165 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) | PowerShares Dynamic Building & Construction Portfolio (PKB) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,110,302 | $ | 244,059 | $ | 107,272 | $ | 11,556 | ||||||||
Net realized gain (loss) | 24,810,873 | 87,977,271 | 2,308,176 | 15,368,923 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 62,466,521 | (20,969,168 | ) | (8,106,833 | ) | (5,474,689 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 89,387,696 | 67,252,162 | (5,691,385 | ) | 9,905,790 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (2,402,943 | ) | — | (25,368 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 33,504,768 | 370,953,512 | 38,347,373 | 98,038,267 | ||||||||||||
Value of shares repurchased | (50,656,470 | ) | (232,339,347 | ) | (87,177,724 | ) | (88,376,874 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (17,151,702 | ) | 138,614,165 | (48,830,351 | ) | 9,661,393 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 69,833,051 | 205,866,327 | (54,547,104 | ) | 19,567,183 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 361,319,710 | 155,453,383 | 123,688,008 | 104,120,825 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 431,152,761 | $ | 361,319,710 | $ | 69,140,904 | $ | 123,688,008 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (192,425 | ) | $ | 100,216 | $ | 39,762 | $ | (42,142 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 700,000 | 9,650,000 | 1,750,000 | 4,600,000 | ||||||||||||
Shares repurchased | (1,150,000 | ) | (6,050,000 | ) | (4,150,000 | ) | (4,300,000 | ) | ||||||||
Shares outstanding, beginning of period | 9,100,000 | 5,500,000 | 5,600,000 | 5,300,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 8,650,000 | 9,100,000 | 3,200,000 | 5,600,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
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, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||||||||||||
$ | 756,661 | $ | 1,548,772 | $ | 1,534,561 | $ | 4,131,010 | $ | 398,147 | $ | 760,630 | $ | 297,601 | $ | 947,374 | |||||||||||||||
1,951,709 | 19,166,300 | 20,007,165 | 36,856,531 | (2,504,510 | ) | 32,569,351 | 578,266 | 64,610,167 | ||||||||||||||||||||||
(25,682,467 | ) | 4,474,440 | 8,903,891 | (2,492,106 | ) | 10,623,145 | (13,361,430 | ) | 8,312,538 | (27,651,727 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(22,974,097 | ) | 25,189,512 | 30,445,617 | 38,495,435 | 8,516,782 | 19,968,551 | 9,188,405 | 37,905,814 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(1,256,357 | ) | (1,698,221 | ) | (3,594,277 | ) | (1,980,743 | ) | (519,579 | ) | (649,713 | ) | (397,467 | ) | (902,729 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
86,964,327 | 188,944,898 | 92,745,442 | 418,924,441 | 19,870,435 | 250,556,813 | 106,852,679 | 437,394,072 | |||||||||||||||||||||||
(85,369,872 | ) | (186,590,268 | ) | (296,275,029 | ) | (257,294,105 | ) | (63,719,254 | ) | (177,711,187 | ) | (118,439,643 | ) | (453,755,849 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,594,455 | 2,354,630 | (203,529,587 | ) | 161,630,336 | (43,848,819 | ) | 72,845,626 | (11,586,964 | ) | (16,361,777 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(22,635,999 | ) | 25,845,921 | (176,678,247 | ) | 198,145,028 | (35,851,616 | ) | 92,164,464 | (2,796,026 | ) | 20,641,308 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
130,272,898 | 104,426,977 | 434,371,350 | 236,226,322 | 177,929,806 | 85,765,342 | 171,429,708 | 150,788,400 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 107,636,899 | $ | 130,272,898 | $ | 257,693,103 | $ | 434,371,350 | $ | 142,078,190 | $ | 177,929,806 | $ | 168,633,682 | $ | 171,429,708 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 65,651 | $ | 565,347 | $ | 301,881 | $ | 2,361,597 | $ | (26,448 | ) | $ | 94,984 | $ | 4,130 | $ | 103,996 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,350,000 | 5,850,000 | 3,300,000 | 16,150,000 | 600,000 | 7,900,000 | 4,300,000 | 18,700,000 | |||||||||||||||||||||||
(2,400,000 | ) | (5,850,000 | ) | (10,700,000 | ) | (10,050,000 | ) | (1,950,000 | ) | (5,550,000 | ) | (4,750,000 | ) | (19,000,000 | ) | |||||||||||||||
3,450,000 | 3,450,000 | 16,100,000 | 10,000,000 | 5,500,000 | 3,150,000 | 7,200,000 | 7,500,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,400,000 | 3,450,000 | 8,700,000 | 16,100,000 | 4,150,000 | 5,500,000 | 6,750,000 | 7,200,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares Dynamic Networking Portfolio (PXQ) | PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (12,827 | ) | $ | (37,678 | ) | $ | 323,256 | $ | 376,843 | ||||||
Net realized gain (loss) | 1,421,508 | 3,603,157 | 6,193,726 | 4,703,749 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 518,729 | 3,901,364 | (29,230,529 | ) | 22,095,104 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,927,410 | 7,466,843 | (22,713,547 | ) | 27,175,696 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | — | (230,610 | ) | (526,990 | ) | (414,523 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 6,494,397 | 15,967,749 | 30,415,875 | 89,598,341 | ||||||||||||
Value of shares repurchased | (9,730,171 | ) | (23,560,809 | ) | (46,999,053 | ) | (97,482,772 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (3,235,774 | ) | (7,593,060 | ) | (16,583,178 | ) | (7,884,431 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (1,308,364 | ) | (356,827 | ) | (39,823,715 | ) | 18,876,742 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 29,642,789 | 29,999,616 | 135,849,450 | 116,972,708 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 28,334,425 | $ | 29,642,789 | $ | 96,025,735 | $ | 135,849,450 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (35,813 | ) | $ | (22,986 | ) | $ | 2,636 | $ | 206,370 | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 200,000 | 550,000 | 1,150,000 | 3,650,000 | ||||||||||||
Shares repurchased | (300,000 | ) | (800,000 | ) | (1,700,000 | ) | (4,000,000 | ) | ||||||||
Shares outstanding, beginning of period | 950,000 | 1,200,000 | 4,850,000 | 5,200,000 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 850,000 | 950,000 | 4,300,000 | 4,850,000 | ||||||||||||
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|
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|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | PowerShares Dynamic Retail Portfolio (PMR) | PowerShares Dynamic Semiconductors Portfolio (PSI) | PowerShares Dynamic Software Portfolio (PSJ) | |||||||||||||||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||||||||||||
$ | 3,035,607 | $ | 4,199,747 | $ | 44,922 | $ | 307,680 | $ | 72,660 | $ | 90,462 | $ | 54,065 | $ | (6,877 | ) | ||||||||||||||
102,708,698 | 145,620,775 | (134,755 | ) | 6,391,166 | 1,532,531 | 4,076,053 | (1,361,427 | ) | 15,011,409 | |||||||||||||||||||||
118,939,821 | 109,005,911 | 857,633 | (3,531,138 | ) | 1,085,801 | 1,207,489 | 6,267,527 | (8,514,120 | ) | |||||||||||||||||||||
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| |||||||||||||||
224,684,126 | 258,826,433 | 767,800 | 3,167,708 | 2,690,992 | 5,374,004 | 4,960,165 | 6,490,412 | |||||||||||||||||||||||
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| |||||||||||||||
(4,379,288 | ) | (3,255,531 | ) | (136,818 | ) | (250,815 | ) | (116,676 | ) | (107,690 | ) | — | — | |||||||||||||||||
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| |||||||||||||||
334,770,792 | 645,323,430 | 6,793,996 | 52,577,848 | 15,764,235 | 20,754,635 | 11,048,837 | 50,413,954 | |||||||||||||||||||||||
(191,524,188 | ) | (265,192,841 | ) | (14,963,682 | ) | (55,381,501 | ) | (8,993,240 | ) | (22,144,327 | ) | (19,778,695 | ) | (50,826,283 | ) | |||||||||||||||
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| |||||||||||||||
143,246,604 | 380,130,589 | (8,169,686 | ) | (2,803,653 | ) | 6,770,995 | (1,389,692 | ) | (8,729,858 | ) | (412,329 | ) | ||||||||||||||||||
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| |||||||||||||||
363,551,442 | 635,701,491 | (7,538,704 | ) | 113,240 | 9,345,311 | 3,876,622 | (3,769,693 | ) | 6,078,083 | |||||||||||||||||||||
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| |||||||||||||||
1,104,006,824 | 468,305,333 | 24,863,560 | 24,750,320 | 20,620,992 | 16,744,370 | 54,335,290 | 48,257,207 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 1,467,558,266 | $ | 1,104,006,824 | $ | 17,324,856 | $ | 24,863,560 | $ | 29,966,303 | $ | 20,620,992 | $ | 50,565,597 | $ | 54,335,290 | |||||||||||||||
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| |||||||||||||||
$ | 135,604 | $ | 1,479,285 | $ | 2,870 | $ | 94,766 | $ | (16,777 | ) | $ | 27,239 | $ | 22,863 | $ | (31,202 | ) | |||||||||||||
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| |||||||||||||||
5,300,000 | 12,600,000 | 200,000 | 1,600,000 | 700,000 | 1,150,000 | 300,000 | 1,500,000 | |||||||||||||||||||||||
(3,100,000 | ) | (4,950,000 | ) | (450,000 | ) | (1,700,000 | ) | (400,000 | ) | (1,250,000 | ) | (550,000 | ) | (1,500,000 | ) | |||||||||||||||
19,150,000 | 11,500,000 | 750,000 | 850,000 | 1,000,000 | 1,100,000 | 1,600,000 | 1,600,000 | |||||||||||||||||||||||
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21,350,000 | 19,150,000 | 500,000 | 750,000 | 1,300,000 | 1,000,000 | 1,350,000 | 1,600,000 | |||||||||||||||||||||||
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| 31 |
|
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 39.71 | $ | 28.26 | $ | 22.26 | $ | 23.14 | $ | 19.67 | $ | 12.90 | ||||||||||||
Net investment income (loss)(a) | 0.24 | 0.03 | (0.05 | ) | (0.04 | ) | (0.05 | ) | 0.06 | (b) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 10.17 | 11.42 | 6.05 | (0.84 | ) | 3.52 | 6.79 | |||||||||||||||||
Total from investment operations | 10.41 | 11.45 | 6.00 | (0.88 | ) | 3.47 | 6.85 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | — | — | — | — | (0.06 | ) | ||||||||||||||||
Return of capital | — | — | — | — | — | (0.02 | ) | |||||||||||||||||
Total distributions | (0.28 | ) | — | — | — | — | (0.08 | ) | ||||||||||||||||
Net asset value at end of period | $ | 49.84 | $ | 39.71 | $ | 28.26 | $ | 22.26 | $ | 23.14 | $ | 19.67 | ||||||||||||
Market price at end of period(c) | $ | 49.83 | $ | 39.68 | $ | 28.27 | $ | 22.21 | $ | 23.18 | $ | 19.68 | ||||||||||||
Net Asset Value Total Return:(d) | 26.29 | % | 40.52 | % | 26.96 | % | (3.80 | )% | 17.64 | % | 53.19 | % | ||||||||||||
Market Price Total Return(d) | 26.36 | % | 40.36 | % | 27.29 | % | (4.18 | )% | 17.78 | % | 53.63 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 431,153 | $ | 361,320 | $ | 155,453 | $ | 136,903 | $ | 217,553 | $ | 214,391 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.57 | %(e) | 0.59 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.57 | %(e) | 0.59 | % | 0.63 | % | 0.64 | % | 0.65 | % | 0.61 | % | ||||||||||||
Net investment income (loss), after Waivers | 1.10 | %(e) | 0.09 | % | (0.20 | )% | (0.21 | )% | (0.23 | )% | 0.36 | %(b) | ||||||||||||
Portfolio turnover rate(f) | 45 | % | 64 | % | 53 | % | 53 | % | 81 | % | 80 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 32 |
|
Financial Highlights (continued)
PowerShares Dynamic Building & Construction Portfolio (PKB)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.09 | $ | 19.65 | $ | 14.23 | $ | 14.11 | $ | 13.92 | $ | 10.92 | ||||||||||||
Net investment income(a) | 0.02 | 0.00 | (b) | 0.07 | 0.02 | 0.68 | (c) | 0.01 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.50 | ) | 2.44 | 5.44 | 0.12 | 0.29 | (d) | 3.01 | ||||||||||||||||
Total from investment operations | (0.48 | ) | 2.44 | 5.51 | 0.14 | 0.97 | 3.02 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.00 | )(b) | — | (0.09 | ) | (0.02 | ) | (0.66 | ) | (0.02 | ) | |||||||||||||
Return of capital | — | — | — | — | (0.12 | ) | — | |||||||||||||||||
Total distributions | (0.00 | )(b) | — | (0.09 | ) | (0.02 | ) | (0.78 | ) | (0.02 | ) | |||||||||||||
Net asset value at end of period | $ | 21.61 | $ | 22.09 | $ | 19.65 | $ | 14.23 | $ | 14.11 | $ | 13.92 | ||||||||||||
Market price at end of period(e) | $ | 21.60 | $ | 22.10 | $ | 19.63 | $ | 14.20 | $ | 14.09 | $ | 13.92 | ||||||||||||
Net Asset Value Total Return:(f) | (2.15 | )% | 12.42 | % | 38.85 | % | 0.99 | % | 7.49 | % | 27.65 | % | ||||||||||||
Market Price Total Return(f) | (2.24 | )% | 12.58 | % | 39.01 | % | 0.92 | % | 7.34 | % | 27.42 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 69,141 | $ | 123,688 | $ | 104,121 | $ | 30,600 | $ | 40,204 | $ | 50,114 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(g) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(g) | 0.63 | % | 0.69 | % | 1.01 | % | 0.91 | % | 0.76 | % | ||||||||||||
Net investment income, after Waivers | 0.19 | %(g) | 0.01 | % | 0.44 | % | 0.12 | % | 5.25 | %(c) | 0.07 | % | ||||||||||||
Portfolio turnover rate(h) | 42 | % | 117 | % | 95 | % | 72 | % | 75 | % | 59 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | 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. |
(d) | 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. |
(e) | The mean between the last bid and ask prices. |
(f) | 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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 37.76 | $ | 30.27 | $ | 24.58 | $ | 27.67 | $ | 18.46 | $ | 13.17 | ||||||||||||
Net investment income(a) | 0.20 | 0.48 | 0.53 | 0.19 | 0.12 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.98 | ) | 7.55 | 5.81 | (2.94 | ) | 9.21 | 5.27 | ||||||||||||||||
Total from investment operations | (5.78 | ) | 8.03 | 6.34 | (2.75 | ) | 9.33 | 5.37 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.54 | ) | (0.65 | ) | (0.34 | ) | (0.12 | ) | (0.07 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
Total distributions | (0.32 | ) | (0.54 | ) | (0.65 | ) | (0.34 | ) | (0.12 | ) | (0.08 | ) | ||||||||||||
Net asset value at end of period | $ | 31.66 | $ | 37.76 | $ | 30.27 | $ | 24.58 | $ | 27.67 | $ | 18.46 | ||||||||||||
Market price at end of period(b) | $ | 31.67 | $ | 37.76 | $ | 30.23 | $ | 24.57 | $ | 27.65 | $ | 18.46 | ||||||||||||
Net Asset Value Total Return:(c) | (15.44 | )% | 26.93 | % | 26.14 | % | (9.86 | )% | 50.80 | % | 40.87 | % | ||||||||||||
Market Price Total Return(c) | (15.41 | )% | 27.10 | % | 26.03 | % | (9.83 | )% | 50.69 | % | 41.08 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 107,637 | $ | 130,273 | $ | 104,427 | $ | 67,592 | $ | 118,975 | $ | 59,983 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.64 | % | 0.65 | % | 0.65 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.64 | % | 0.69 | % | 0.73 | % | 0.76 | % | 0.76 | % | ||||||||||||
Net investment income, after Waivers | 1.10 | %(d) | 1.46 | % | 1.97 | % | 0.81 | % | 0.57 | % | 0.62 | % | ||||||||||||
Portfolio turnover rate(e) | 73 | % | 96 | % | 80 | % | 94 | % | 57 | % | 68 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 33 |
|
Financial Highlights (continued)
PowerShares Dynamic Food & Beverage Portfolio (PBJ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.98 | $ | 23.62 | $ | 19.77 | $ | 19.76 | $ | 16.00 | $ | 12.73 | ||||||||||||
Net investment income(a) | 0.13 | 0.38 | 0.26 | 0.22 | 0.24 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.79 | 3.19 | 3.92 | (0.03 | ) | 3.73 | 3.33 | |||||||||||||||||
Total from investment operations | 2.92 | 3.57 | 4.18 | 0.19 | 3.97 | 3.53 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.21 | ) | (0.33 | ) | (0.18 | ) | (0.21 | ) | (0.26 | ) | ||||||||||||
Net asset value at end of period | $ | 29.62 | $ | 26.98 | $ | 23.62 | $ | 19.77 | $ | 19.76 | $ | 16.00 | ||||||||||||
Market price at end of period(b) | $ | 29.62 | $ | 26.99 | $ | 23.61 | $ | 19.77 | $ | 19.81 | $ | 16.01 | ||||||||||||
Net Asset Value Total Return:(c) | 10.89 | % | 15.16 | % | 21.45 | % | 1.02 | % | 24.99 | % | 28.08 | % | ||||||||||||
Market Price Total Return(c) | 10.85 | % | 15.25 | % | 21.40 | % | 0.77 | % | 25.23 | % | 28.06 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 257,693 | $ | 434,371 | $ | 236,226 | $ | 169,039 | $ | 91,881 | $ | 72,795 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.58 | %(d) | 0.61 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.58 | %(d) | 0.61 | % | 0.63 | % | 0.64 | % | 0.71 | % | 0.74 | % | ||||||||||||
Net investment income, after Waivers | 0.93 | %(d) | 1.47 | % | 1.28 | % | 1.13 | % | 1.39 | % | 1.41 | % | ||||||||||||
Portfolio turnover rate(e) | 63 | % | 145 | % | 92 | % | 134 | % | 73 | % | 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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.35 | $ | 27.23 | $ | 22.18 | $ | 19.34 | $ | 16.52 | $ | 10.65 | ||||||||||||
Net investment income(a) | 0.08 | 0.15 | 0.12 | 0.15 | 0.16 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain on investments | 1.92 | 5.10 | 5.09 | 2.82 | 2.81 | 5.88 | ||||||||||||||||||
Total from investment operations | 2.00 | 5.25 | 5.21 | 2.97 | 2.97 | 5.93 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.13 | ) | (0.16 | ) | (0.13 | ) | (0.15 | ) | (0.06 | ) | ||||||||||||
Net asset value at end of period | $ | 34.24 | $ | 32.35 | $ | 27.23 | $ | 22.18 | $ | 19.34 | $ | 16.52 | ||||||||||||
Market price at end of period(b) | $ | 34.24 | $ | 32.34 | $ | 27.21 | $ | 22.20 | $ | 19.34 | $ | 16.54 | ||||||||||||
Net Asset Value Total Return:(c) | 6.19 | % | 19.29 | % | 23.67 | % | 15.49 | % | 18.03 | % | 55.81 | % | ||||||||||||
Market Price Total Return(c) | 6.22 | % | 19.34 | % | 23.47 | % | 15.59 | % | 17.89 | % | 56.29 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 142,078 | $ | 177,930 | $ | 85,765 | $ | 57,679 | $ | 60,933 | $ | 62,794 | ||||||||||||
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 | % | 0.69 | % | 0.80 | % | 0.78 | % | 1.06 | % | ||||||||||||
Net investment income, after Waivers | 0.50 | %(d) | 0.48 | % | 0.52 | % | 0.80 | % | 0.92 | % | 0.41 | % | ||||||||||||
Portfolio turnover rate(e) | 86 | % | 171 | % | 93 | % | 90 | % | 58 | % | 68 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 34 |
|
Financial Highlights (continued)
PowerShares Dynamic Media Portfolio (PBS)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.81 | $ | 20.11 | $ | 14.84 | $ | 15.61 | $ | 13.68 | $ | 8.25 | ||||||||||||
Net investment income(a) | 0.04 | 0.09 | 0.12 | 0.08 | 0.07 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.19 | 3.70 | 5.28 | (0.76 | ) | 1.93 | 5.42 | |||||||||||||||||
Total from investment operations | 1.23 | 3.79 | 5.40 | (0.68 | ) | 2.00 | 5.48 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.09 | ) | (0.13 | ) | (0.09 | ) | (0.07 | ) | (0.05 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.00 | )(b) | |||||||||||||||||
Total distributions | (0.06 | ) | (0.09 | ) | (0.13 | ) | (0.09 | ) | (0.07 | ) | (0.05 | ) | ||||||||||||
Net asset value at end of period | $ | 24.98 | $ | 23.81 | $ | 20.11 | $ | 14.84 | $ | 15.61 | $ | 13.68 | ||||||||||||
Market price at end of period(c) | $ | 24.98 | $ | 23.79 | $ | 20.10 | $ | 14.84 | $ | 15.61 | $ | 13.70 | ||||||||||||
Net Asset Value Total Return:(d) | 5.17 | % | 18.87 | % | 36.62 | % | (4.33 | )% | 14.68 | % | 66.55 | % | ||||||||||||
Market Price Total Return(d) | 5.25 | % | 18.83 | % | 36.55 | % | (4.33 | )% | 14.51 | % | 66.59 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 168,634 | $ | 171,430 | $ | 150,788 | $ | 137,975 | $ | 156,881 | $ | 125,875 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.60 | %(e) | 0.62 | % | 0.63 | % | 0.65 | % | 0.69 | % | 0.77 | % | ||||||||||||
Net investment income, after Waivers | 0.35 | %(e) | 0.38 | % | 0.71 | % | 0.60 | % | 0.57 | % | 0.51 | % | ||||||||||||
Portfolio turnover rate(f) | 66 | % | 120 | % | 70 | % | 89 | % | 53 | % | 50 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Dynamic Networking Portfolio (PXQ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.20 | $ | 25.00 | $ | 27.71 | $ | 29.20 | $ | 21.08 | $ | 13.56 | ||||||||||||
Net investment income (loss)(a) | (0.01 | ) | (0.04 | ) | 0.20 | (b) | (0.06 | ) | (0.10 | ) | (0.09 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 2.14 | 6.44 | (2.85 | ) | (1.43 | ) | 8.33 | 7.61 | ||||||||||||||||
Total from investment operations | 2.13 | 6.40 | (2.65 | ) | (1.49 | ) | 8.23 | 7.52 | ||||||||||||||||
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 | $ | 33.33 | $ | 31.20 | $ | 25.00 | $ | 27.71 | $ | 29.20 | $ | 21.08 | ||||||||||||
Market price at end of period(c) | $ | 33.34 | $ | 31.19 | $ | 24.97 | $ | 27.68 | $ | 29.20 | $ | 21.11 | ||||||||||||
Net Asset Value Total Return:(d) | 6.83 | % | 25.69 | % | (9.57 | )% | (5.10 | )% | 39.08 | % | 55.46 | % | ||||||||||||
Market Price Total Return(d) | 6.89 | % | 25.80 | % | (9.58 | )% | (5.20 | )% | 38.89 | % | 55.45 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 28,334 | $ | 29,643 | $ | 30,000 | $ | 81,739 | $ | 172,291 | $ | 47,437 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.63 | % | 0.64 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.85 | %(e) | 0.82 | % | 0.75 | % | 0.67 | % | 0.70 | % | 0.95 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.07 | )%(e) | (0.12 | )% | 0.81 | %(b) | (0.22 | )% | (0.38 | )% | (0.50 | )% | ||||||||||||
Portfolio turnover rate(f) | 28 | % | 69 | % | 68 | % | 84 | % | 61 | % | 29 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 35 |
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Financial Highlights (continued)
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.01 | $ | 22.49 | $ | 20.48 | $ | 26.38 | $ | 18.03 | $ | 13.09 | ||||||||||||
Net investment income (loss)(a) | 0.08 | 0.08 | 0.04 | (0.01 | ) | 0.07 | 0.04 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.64 | ) | 5.53 | (b) | 2.00 | (5.89 | ) | 8.36 | 4.98 | |||||||||||||||
Total from investment operations | (5.56 | ) | 5.61 | 2.04 | (5.90 | ) | 8.43 | 5.02 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.09 | ) | (0.03 | ) | (0.00 | )(c) | (0.08 | ) | (0.06 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.02 | ) | |||||||||||||||||
Total distributions | (0.12 | ) | (0.09 | ) | (0.03 | ) | (0.00 | )(c) | (0.08 | ) | (0.08 | ) | ||||||||||||
Net asset value at end of period | $ | 22.33 | $ | 28.01 | $ | 22.49 | $ | 20.48 | $ | 26.38 | $ | 18.03 | ||||||||||||
Market price at end of period(d) | $ | 22.33 | $ | 28.00 | $ | 22.49 | $ | 20.48 | $ | 26.38 | $ | 18.02 | ||||||||||||
Net Asset Value Total Return:(e) | (19.94 | )% | 24.98 | %(b) | 9.95 | % | (22.36 | )% | 46.84 | % | 38.41 | % | ||||||||||||
Market Price Total Return(e) | (19.92 | )% | 24.94 | % | 9.95 | % | (22.36 | )% | 46.93 | % | 38.13 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 96,026 | $ | 135,849 | $ | 116,973 | $ | 147,485 | $ | 309,972 | $ | 170,358 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(f) | 0.61 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.62 | %(f) | 0.61 | % | 0.62 | % | 0.63 | % | 0.64 | % | 0.63 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.55 | %(f) | 0.31 | % | 0.18 | % | (0.03 | )% | 0.36 | % | 0.24 | % | ||||||||||||
Portfolio turnover rate(g) | 36 | % | 259 | %(b) | 68 | % | 70 | % | 39 | % | 56 | % |
(a) | Based on average shares outstanding. |
(b) | 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 23.06%. In addition, the portfolio turnover calculation includes the value of securities purchased and sold related to this transaction. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | 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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions. |
PowerShares Dynamic Pharmaceuticals Portfolio (PJP)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 57.65 | $ | 40.72 | $ | 32.00 | $ | 26.15 | $ | 19.55 | $ | 13.91 | ||||||||||||
Net investment income(a) | 0.16 | 0.26 | 0.54 | (b) | 0.22 | 0.17 | 0.14 | |||||||||||||||||
Net realized and unrealized gain on investments | 11.16 | 16.90 | 8.72 | 5.83 | 6.56 | 5.76 | ||||||||||||||||||
Total from investment operations | 11.32 | 17.16 | 9.26 | 6.05 | 6.73 | 5.90 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.23 | ) | (0.54 | ) | (0.20 | ) | (0.13 | ) | (0.26 | ) | ||||||||||||
Net asset value at end of period | $ | 68.74 | $ | 57.65 | $ | 40.72 | $ | 32.00 | $ | 26.15 | $ | 19.55 | ||||||||||||
Market price at end of period(c) | $ | 68.76 | $ | 57.60 | $ | 40.72 | $ | 31.99 | $ | 26.17 | $ | 19.54 | ||||||||||||
Net Asset Value Total Return:(d) | 19.67 | % | 42.27 | % | 29.25 | % | 23.29 | % | 34.55 | % | 42.69 | % | ||||||||||||
Market Price Total Return(d) | 19.81 | % | 42.15 | % | 29.29 | % | 23.16 | % | 34.73 | % | 42.51 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,467,558 | $ | 1,104,007 | $ | 468,305 | $ | 270,385 | $ | 87,606 | $ | 57,662 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(e) | 0.58 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.56 | %(e) | 0.58 | % | 0.63 | % | 0.64 | % | 0.76 | % | 0.74 | % | ||||||||||||
Net investment income, after Waivers | 0.51 | %(e) | 0.52 | % | 1.52 | %(b) | 0.77 | % | 0.78 | % | 0.83 | % | ||||||||||||
Portfolio turnover rate(f) | 20 | % | 39 | % | 24 | % | 23 | % | 9 | % | 35 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 36 |
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Financial Highlights (continued)
PowerShares Dynamic Retail Portfolio (PMR)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.15 | $ | 29.12 | $ | 25.98 | $ | 21.88 | $ | 18.67 | $ | 14.64 | ||||||||||||
Net investment income(a) | 0.07 | 0.32 | 0.66 | 0.16 | 0.18 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain on investments | 1.65 | 3.99 | 3.11 | 4.17 | 3.21 | 4.08 | ||||||||||||||||||
Total from investment operations | 1.72 | 4.31 | 3.77 | 4.33 | 3.39 | 4.14 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.28 | ) | (0.63 | ) | (0.23 | ) | (0.18 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period | $ | 34.65 | $ | 33.15 | $ | 29.12 | $ | 25.98 | $ | 21.88 | $ | 18.67 | ||||||||||||
Market price at end of period(b) | $ | 34.65 | $ | 33.14 | $ | 29.11 | $ | 25.98 | $ | 21.90 | $ | 18.68 | ||||||||||||
Net Asset Value Total Return:(c) | 5.22 | % | 14.81 | % | 14.87 | % | 20.06 | % | 18.35 | % | 28.49 | % | ||||||||||||
Market Price Total Return(c) | 5.25 | % | 14.81 | % | 14.83 | % | 19.95 | % | 18.39 | % | 28.56 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 17,325 | $ | 24,864 | $ | 24,750 | $ | 76,643 | $ | 13,130 | $ | 24,273 | ||||||||||||
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 | 0.95 | %(d) | 0.79 | % | 0.74 | % | 0.87 | % | 1.63 | % | 0.89 | % | ||||||||||||
Net investment income, after Waivers | 0.42 | %(d) | 0.96 | % | 2.59 | % | 0.75 | % | 1.01 | % | 0.44 | % | ||||||||||||
Portfolio turnover rate(e) | 63 | % | 184 | % | 83 | % | 111 | % | 102 | % | 52 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. |
PowerShares Dynamic Semiconductors Portfolio (PSI)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.62 | $ | 15.22 | $ | 15.75 | $ | 18.19 | $ | 14.29 | $ | 10.39 | ||||||||||||
Net investment income(a) | 0.07 | 0.10 | 0.11 | 0.06 | 0.01 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.47 | 5.41 | (0.52 | ) | (2.47 | ) | 3.92 | 3.91 | ||||||||||||||||
Total from investment operations | 2.54 | 5.51 | (0.41 | ) | (2.41 | ) | 3.93 | 3.96 | ||||||||||||||||
Distribution to shareholder from: | ||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.11 | ) | (0.12 | ) | (0.03 | ) | (0.01 | ) | (0.06 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.02 | ) | (0.00 | )(b) | ||||||||||||||||
Total distributions | (0.11 | ) | (0.11 | ) | (0.12 | ) | (0.03 | ) | (0.03 | ) | (0.06 | ) | ||||||||||||
Net asset value at end of period | $ | 23.05 | $ | 20.62 | $ | 15.22 | $ | 15.75 | $ | 18.19 | $ | 14.29 | ||||||||||||
Market price at end of period(c) | $ | 23.06 | $ | 20.62 | $ | 15.19 | $ | 15.71 | $ | 18.20 | $ | 14.29 | ||||||||||||
Net Asset Value Total Return:(d) | 12.32 | % | 36.38 | % | (2.56 | )% | (13.20 | )% | 27.57 | % | 38.16 | % | ||||||||||||
Market Price Total Return(d) | 12.37 | % | 36.66 | % | (2.50 | )% | (13.47 | )% | 27.64 | % | 38.16 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 29,966 | $ | 20,621 | $ | 16,744 | $ | 21,261 | $ | 42,749 | $ | 28,573 | ||||||||||||
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 | 0.89 | %(e) | 1.05 | % | 1.05 | % | 1.02 | % | 0.97 | % | 0.90 | % | ||||||||||||
Net investment income, after Waivers | 0.59 | %(e) | 0.55 | % | 0.77 | % | 0.42 | % | 0.04 | % | 0.39 | % | ||||||||||||
Portfolio turnover rate(f) | 47 | % | 126 | % | 91 | % | 57 | % | 64 | % | 68 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.
| 37 |
|
Financial Highlights (continued)
PowerShares Dynamic Software Portfolio (PSJ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.96 | $ | 30.16 | $ | 26.87 | $ | 27.47 | $ | 22.54 | $ | 15.37 | ||||||||||||
Net investment income (loss)(a) | 0.04 | (0.00 | )(b) | (0.01 | ) | (0.07 | ) | (0.07 | ) | (0.07 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 3.46 | 3.80 | 3.30 | (0.53 | ) | 5.00 | 7.24 | |||||||||||||||||
Total from investment operations | 3.50 | 3.80 | 3.29 | (0.60 | ) | 4.93 | 7.17 | |||||||||||||||||
Net asset value at end of period | $ | 37.46 | $ | 33.96 | $ | 30.16 | $ | 26.87 | $ | 27.47 | $ | 22.54 | ||||||||||||
Market price at end of period(c) | $ | 37.45 | $ | 33.93 | $ | 30.12 | $ | 26.87 | $ | 27.48 | $ | 22.55 | ||||||||||||
Net Asset Value Total Return:(d) | 10.30 | % | 12.60 | % | 12.24 | % | (2.19 | )% | 21.87 | % | 46.65 | % | ||||||||||||
Market Price Total Return(d) | 10.37 | % | 12.65 | % | 12.09 | % | (2.22 | )% | 21.86 | % | 46.71 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 50,566 | $ | 54,335 | $ | 48,257 | $ | 49,710 | $ | 83,774 | $ | 67,626 | ||||||||||||
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) | 0.69 | % | 0.74 | % | 0.78 | % | 0.77 | % | 0.75 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.21 | %(e) | (0.01 | )% | (0.03 | )% | (0.29 | )% | (0.29 | )% | (0.38 | )% | ||||||||||||
Portfolio turnover rate(f) | 60 | % | 150 | % | 95 | % | 100 | % | 46 | % | 33 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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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PowerShares Exchange-Traded Fund Trust
October 31, 2014
(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, 2014, the Trust offered fifty-three 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 in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). 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 | Underlying 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 & 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 securities) 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. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options 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. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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 securities) 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 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 ask 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.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
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.
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B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. 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. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that 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 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.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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-date.
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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.
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 year-end.
G. Securities Lending
During the six-months period ended October 31, 2014, Dynamic Biotechnology & Genome Portfolio and Dynamic Pharmaceuticals Portfolio participated in securities lending. Each Fund loaned 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 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 on behalf of each Fund, 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, 2015. 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 Expense Agreement, it will terminate on August 31, 2015. The Expense Agreement cannot be terminated during its term. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Biotechnology & Genome Portfolio, Dynamic Building & Construction Portfolio, Dynamic Energy Exploration & Production Portfolio, Dynamic Food & Beverage Portfolio, Dynamic Leisure and Entertainment Portfolio, Dynamic Media Portfolio, Dynamic Oil & Gas Services Portfolio and Dynamic Pharmaceuticals Portfolio.
Further, through August 31, 2015, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
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For the six-month period ended October 31, 2014, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Biotechnology & Genome Portfolio | $ | 206 | ||
Dynamic Building & Construction Portfolio | 74 | |||
Dynamic Energy Exploration & Production Portfolio | 80 | |||
Dynamic Food & Beverage Portfolio | 159 | |||
Dynamic Leisure and Entertainment Portfolio | 87 | |||
Dynamic Media Portfolio | 86 | |||
Dynamic Networking Portfolio | 31,280 | |||
Dynamic Oil & Gas Services Portfolio | 74 | |||
Dynamic Pharmaceuticals Portfolio | 403 | |||
Dynamic Retail Portfolio | 34,289 | |||
Dynamic Semiconductors Portfolio | 31,746 | |||
Dynamic Software Portfolio | 20,440 |
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.
For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2014 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/15 | 04/30/16 | 04/30/17 | 10/31/17 | |||||||||||||||||
Dynamic Building & Construction Portfolio | $ | 86,158 | $ | 51,151 | $ | 35,007 | $ | — | $ | — | ||||||||||
Dynamic Energy Exploration & Production Portfolio | 59,108 | 27,399 | 31,709 | — | — | |||||||||||||||
Dynamic Leisure and Entertainment Portfolio | 85,846 | 46,071 | 39,775 | — | — | |||||||||||||||
Dynamic Networking Portfolio | 178,969 | 36,565 | 52,287 | 58,890 | 31,227 | |||||||||||||||
Dynamic Retail Portfolio | 178,417 | 35,618 | 55,726 | 52,831 | 34,242 | |||||||||||||||
Dynamic Semiconductors Portfolio | 220,272 | 46,104 | 73,270 | 69,191 | 31,707 | |||||||||||||||
Dynamic Software Portfolio | 149,021 | 42,136 | 51,699 | 34,792 | 20,394 |
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 by 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 the 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
The 1940 Act defines “affiliate” to include issuers of which a fund holds 5% or more of the outstanding voting securities. The following is a summary of the transactions with affiliates for the six-months period ended October 31, 2014:
Dynamic Pharmaceuticals Portfolio
Value April 30, 2014 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2014 | Dividend Income | ||||||||||||||||||||||
BioDelivery Seciences International, Inc. | $ | — | $ | 43,058,289 | $ | (154,923 | ) | $ | 3,294,577 | $ | 11,620 | $ | 46,209,563 | $ | — |
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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 a 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, 2014, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules 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 eight 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 carryforwards in the future may be limited under Internal Revenue Code and related regulations based on the results of future transactions.
The following Funds had capital loss carryforwards as of April 30, 2014, which expire as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Short- term | Long- term | Total* | Utilized | Expired | |||||||||||||||||||||||||||||||
Dynamic Biotechnology & Genome Portfolio | $ | 19,612,223 | $ | 15,818,255 | $ | 34,286,844 | $ | 50,397,332 | $ | 12,898,182 | $ | 27,323,719 | $ | 691,335 | $ | 161,027,890 | $ | 1,291,039 | $ | 321,497 | ||||||||||||||||||||
Dynamic Building & Construction Portfolio | 2,263,182 | 742,893 | 2,843,349 | 3,001,058 | 6,653,613 | 2,616,267 | — | 18,120,362 | 361,969 | — | ||||||||||||||||||||||||||||||
Dynamic Energy Exploration & Production Portfolio | 285,311 | 3,232,521 | 7,646,917 | 21,471,013 | 1,361,799 | 10,427,823 | 1,867,688 | 46,293,072 | — | — | ||||||||||||||||||||||||||||||
Dynamic Food & Beverage Portfolio | 239,185 | 1,260,041 | 7,585,250 | 10,245,302 | — | 18,413,092 | — | 37,742,870 | 6,225,131 | — | ||||||||||||||||||||||||||||||
Dynamic Leisure and Entertainment Portfolio | 1,611,839 | 2,111,801 | 2,895,936 | 2,889,449 | 2,356,106 | 837,920 | — | 12,703,051 | 6,745,537 | 751,908 | ||||||||||||||||||||||||||||||
Dynamic Media Portfolio | 3,187,134 | 2,505,039 | 4,930,761 | 5,161,647 | 6,294,489 | 22,487,376 | 553,794 | 45,120,240 | — | 545,973 | ||||||||||||||||||||||||||||||
Dynamic Networking Portfolio | 1,939,441 | 1,064,275 | 1,975,581 | 512,618 | 730,670 | 19,051,146 | 9,058,124 | 34,331,855 | — | 383,187 |
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Post-effective no expiration | ||||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Short- term | Long- term | Total* | Utilized | Expired | |||||||||||||||||||||||||||||||
Dynamic Oil & Gas Services Portfolio | $ | 15,026,862 | $ | 7,909,602 | $ | 24,680,663 | $ | 85,028,926 | $ | 35,877,910 | $ | 14,879,231 | $ | 11,525,924 | $ | 194,929,118 | $ | — | $ | — | ||||||||||||||||||||
Dynamic Pharmaceuticals Portfolio | — | — | — | 1,468,910 | 1,618,918 | — | — | 3,087,828 | 22,307,942 | — | ||||||||||||||||||||||||||||||
Dynamic Retail Portfolio | 937,070 | 1,908,967 | 2,427,604 | 1,816,180 | 2,176,015 | 8,353,449 | 83,412 | 17,702,697 | — | — | ||||||||||||||||||||||||||||||
Dynamic Semiconductors Portfolio | 9,158,832 | 10,196,415 | 14,001,359 | 10,902,954 | 2,120,823 | 6,716,042 | 1,081,388 | 54,177,813 | — | 271,588 | ||||||||||||||||||||||||||||||
Dynamic Software Portfolio | 3,017,278 | 1,542,190 | 7,095,351 | 2,938,722 | 3,242,208 | 4,884,417 | — | 22,720,166 | 826,186 | 108,427 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Note 7. Investment Transactions
For the six-month period ended October 31, 2014, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
Dynamic Biotechnology & Genome Portfolio | $ | 171,299,706 | $ | 171,568,322 | ||||
Dynamic Building & Construction Portfolio | 46,585,484 | 46,679,956 | ||||||
Dynamic Energy Exploration & Production Portfolio | 98,998,459 | 99,337,982 | ||||||
Dynamic Food & Beverage Portfolio | 204,438,224 | 205,312,040 | ||||||
Dynamic Leisure and Entertainment Portfolio | 137,216,249 | 137,478,467 | ||||||
Dynamic Media Portfolio | 110,444,669 | 110,294,362 | ||||||
Dynamic Networking Portfolio | 8,971,527 | 7,946,324 | ||||||
Dynamic Oil & Gas Services Portfolio | 44,056,372 | 42,714,275 | ||||||
Dynamic Pharmaceuticals Portfolio | 243,938,604 | 247,944,344 | ||||||
Dynamic Retail Portfolio | 14,345,588 | 13,764,254 | ||||||
Dynamic Semiconductors Portfolio | 12,076,251 | 11,568,082 | ||||||
Dynamic Software Portfolio | 31,584,913 | 30,940,977 |
For the six-month period ended October 31, 2014, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Biotechnology & Genome Portfolio | $ | 33,505,862 | $ | 50,507,699 | ||||
Dynamic Building & Construction Portfolio | 38,348,139 | 86,998,944 | ||||||
Dynamic Energy Exploration & Production Portfolio | 86,961,468 | 85,061,155 | ||||||
Dynamic Food & Beverage Portfolio | 92,318,703 | 297,019,110 | ||||||
Dynamic Leisure and Entertainment Portfolio | 19,802,039 | 63,460,125 | ||||||
Dynamic Media Portfolio | 106,281,796 | 118,144,487 | ||||||
Dynamic Networking Portfolio | 6,493,727 | 10,769,561 | ||||||
Dynamic Oil & Gas Services Portfolio | 29,731,662 | 47,740,245 | ||||||
Dynamic Pharmaceuticals Portfolio | 334,426,012 | 188,256,255 | ||||||
Dynamic Retail Portfolio | 6,786,267 | 15,623,954 | ||||||
Dynamic Semiconductors Portfolio | 15,764,096 | 9,544,168 | ||||||
Dynamic Software Portfolio | 11,048,561 | 20,341,320 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
| 45 |
|
At October 31, 2014, the 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) | |||||||||||||
Dynamic Biotechnology & Genome Portfolio | $ | 407,800,772 | $ | 79,684,459 | $ | 89,624,195 | $ | (9,939,736 | ) | |||||||
Dynamic Building & Construction Portfolio | 70,864,965 | (1,642,280 | ) | 4,317,167 | (5,959,447 | ) | ||||||||||
Dynamic Energy Exploration & Production Portfolio | 119,699,037 | (12,038,421 | ) | 3,049,867 | (15,088,288 | ) | ||||||||||
Dynamic Food & Beverage Portfolio | 232,482,879 | 25,287,919 | 28,063,609 | (2,775,690 | ) | |||||||||||
Dynamic Leisure and Entertainment Portfolio | 131,343,170 | 10,859,133 | 13,968,568 | (3,109,435 | ) | |||||||||||
Dynamic Media Portfolio | 166,693,284 | 2,083,248 | 7,863,835 | (5,780,587 | ) | |||||||||||
Dynamic Networking Portfolio | 24,234,539 | 4,158,845 | 4,570,143 | (411,298 | ) | |||||||||||
Dynamic Oil & Gas Services Portfolio | 107,716,910 | (11,700,478 | ) | 4,194,854 | (15,895,332 | ) | ||||||||||
Dynamic Pharmaceuticals Portfolio | 1,215,991,391 | 310,128,003 | 320,872,327 | (10,744,324 | ) | |||||||||||
Dynamic Retail Portfolio | 16,626,111 | 748,303 | 1,516,450 | (768,147 | ) | |||||||||||
Dynamic Semiconductors Portfolio | 26,544,927 | 3,470,865 | 3,913,398 | (442,533 | ) | |||||||||||
Dynamic Software Portfolio | 45,282,532 | 5,356,455 | 6,268,837 | (912,382 | ) |
Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and Officer of the Funds. 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. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
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 in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, 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.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of 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 the Trust’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 each Fund’s Shares are disclosed in detail in 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.
| 46 |
|
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, 2014.
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 Account Value May 1, 2014 | Ending Account Value October 31, 2014 | 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 | $ | 1,262.95 | 0.57 | % | $ | 3.25 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.33 | 0.57 | 2.91 | ||||||||||||
PowerShares Dynamic Building & Construction Portfolio (PKB) | ||||||||||||||||
Actual | 1,000.00 | 978.46 | 0.63 | 3.14 | ||||||||||||
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 | 845.61 | 0.63 | 2.93 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Food & Beverage Portfolio (PBJ) | ||||||||||||||||
Actual | 1,000.00 | 1,108.85 | 0.58 | 3.08 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.28 | 0.58 | 2.96 | ||||||||||||
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | ||||||||||||||||
Actual | 1,000.00 | 1,061.61 | 0.63 | 3.27 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Media Portfolio (PBS) | ||||||||||||||||
Actual | 1,000.00 | 1,051.66 | 0.60 | 3.10 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares Dynamic Networking Portfolio (PXQ) | ||||||||||||||||
Actual | 1,000.00 | 1,068.26 | 0.63 | 3.28 | ||||||||||||
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 | 800.55 | 0.62 | 2.81 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.08 | 0.62 | 3.16 |
| 47 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | 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 | $ | 1,196.70 | 0.56 | % | $ | 3.10 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||
PowerShares Dynamic Retail Portfolio (PMR) | ||||||||||||||||
Actual | 1,000.00 | 1,052.22 | 0.63 | 3.26 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Semiconductors Portfolio (PSI) | ||||||||||||||||
Actual | 1,000.00 | 1,123.20 | 0.63 | 3.37 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Software Portfolio (PSJ) | ||||||||||||||||
Actual | 1,000.00 | 1,102.75 | 0.63 | 3.34 | ||||||||||||
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, 2014. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value of the period, then multiplying the results by 184/365. |
| 48 |
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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.
©2014 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, 2014 |
2014 Semi-Annual Report to Shareholders
PYZ | PowerShares DWA Basic Materials Momentum Portfolio | |
PEZ | PowerShares DWA Consumer Cyclicals Momentum Portfolio | |
PSL | PowerShares DWA Consumer Staples Momentum Portfolio | |
PXI | PowerShares DWA Energy Momentum Portfolio | |
PFI | PowerShares DWA Financial Momentum Portfolio | |
PTH | PowerShares DWA Healthcare Momentum Portfolio | |
PRN | PowerShares DWA Industrials Momentum Portfolio | |
PTF | PowerShares DWA Technology Momentum Portfolio | |
PUI | PowerShares DWA Utilities Momentum Portfolio | |
PNQI | PowerShares NASDAQ Internet Portfolio |
Sector Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
19 | ||||
21 | ||||
Statements of Assets and Liabilities | 24 | |||
Statements of Operations | 26 | |||
Statements of Changes in Net Assets | 28 | |||
Financial Highlights | 32 | |||
Notes to Financial Statements | 38 | |||
Fees and Expenses | 46 |
| 2 |
|
Portfolio Composition
PowerShares DWA Basic Materials Momentum Portfolio (PYZ)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Specialty Chemicals | 37.0 | |||
Diversified Chemicals | 14.5 | |||
Steel | 11.3 | |||
Commodity Chemicals | 8.6 | |||
Industrial Gases | 7.2 | |||
Fertilizers & Agricultural Chemicals | 5.2 | |||
Paper Products | 5.1 | |||
Aluminum | 4.5 | |||
Diversified Metals & Mining | 4.4 | |||
Life Sciences Tools & Services | 2.2 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares DWA Basic Materials Momentum Portfolio (PYZ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aluminum—4.5% | ||||||||
96,291 | Century Aluminum Co.(b) | $ | 2,819,401 | |||||
27,346 | Kaiser Aluminum Corp. | 1,901,914 | ||||||
|
| |||||||
4,721,315 | ||||||||
|
| |||||||
Commodity Chemicals—8.6% | ||||||||
45,673 | Cabot Corp. | 2,120,597 | ||||||
34,840 | LyondellBasell Industries NV, Class A | 3,192,389 | ||||||
54,174 | Westlake Chemical Corp. | 3,821,976 | ||||||
|
| |||||||
9,134,962 | ||||||||
|
| |||||||
Diversified Chemicals—14.5% | ||||||||
72,528 | Dow Chemical Co. (The) | 3,582,883 | ||||||
37,455 | E.I. du Pont de Nemours & Co. | 2,590,013 | ||||||
45,805 | Eastman Chemical Co. | 3,700,128 | ||||||
149,002 | Huntsman Corp. | 3,635,649 | ||||||
75,351 | Olin Corp. | 1,826,508 | ||||||
|
| |||||||
15,335,181 | ||||||||
|
| |||||||
Diversified Metals & Mining—4.4% | ||||||||
102,456 | Horsehead Holding Corp.(b) | 1,609,584 | ||||||
67,804 | US Silica Holdings, Inc. | 3,044,399 | ||||||
|
| |||||||
4,653,983 | ||||||||
|
| |||||||
Fertilizers & Agricultural Chemicals—5.2% | ||||||||
11,360 | CF Industries Holdings, Inc. | 2,953,600 | ||||||
22,335 | Monsanto Co. | 2,569,419 | ||||||
|
| |||||||
5,523,019 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Industrial Gases—7.2% | ||||||||
25,012 | Air Products & Chemicals, Inc. | $ | 3,368,116 | |||||
37,979 | Airgas, Inc. | 4,236,178 | ||||||
|
| |||||||
7,604,294 | ||||||||
|
| |||||||
Life Sciences Tools & Services—2.2% | ||||||||
110,653 | Cambrex Corp.(b) | 2,332,565 | ||||||
|
| |||||||
Paper Products—5.1% | ||||||||
28,422 | Clearwater Paper Corp.(b) | 1,828,956 | ||||||
115,596 | KapStone Paper and Packaging Corp.(b) | 3,555,733 | ||||||
|
| |||||||
5,384,689 | ||||||||
|
| |||||||
Specialty Chemicals—37.0% | ||||||||
47,019 | A. Schulman, Inc. | 1,664,943 | ||||||
41,855 | Ashland, Inc. | 4,523,270 | ||||||
77,170 | Cytec Industries, Inc. | 3,598,437 | ||||||
24,748 | Ecolab, Inc. | 2,752,720 | ||||||
34,706 | Innophos Holdings, Inc. | 1,978,242 | ||||||
21,678 | International Flavors & Fragrances, Inc. | 2,149,374 | ||||||
28,244 | Minerals Technologies, Inc. | 2,166,597 | ||||||
8,250 | NewMarket Corp. | 3,201,082 | ||||||
17,987 | PPG Industries, Inc. | 3,663,772 | ||||||
49,349 | RPM International, Inc. | 2,235,510 | ||||||
41,473 | Sensient Technologies Corp. | 2,454,372 | ||||||
49,326 | Valspar Corp. (The) | 4,052,624 | ||||||
49,701 | W.R. Grace & Co.(b) | 4,701,715 | ||||||
|
| |||||||
39,142,658 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares DWA Basic Materials Momentum Portfolio (PYZ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Steel—11.3% | ||||||||
279,017 | AK Steel Holding Corp.(b)(c) | $ | 2,112,159 | |||||
62,504 | Allegheny Technologies, Inc. | 2,053,256 | ||||||
114,384 | Steel Dynamics, Inc. | 2,631,976 | ||||||
73,398 | United States Steel Corp. | 2,938,856 | ||||||
59,165 | Worthington Industries, Inc. | 2,286,727 | ||||||
|
| |||||||
12,022,974 | ||||||||
|
| |||||||
Total Common Stocks (Cost $100,118,925) | 105,855,640 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
66,372 | Invesco Premier Portfolio—Institutional Class(d) (Cost $66,372) | 66,372 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $100,185,297)—100.1% | 105,922,012 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.4% | ||||||||
1,526,625 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $1,526,625) | 1,526,625 | ||||||
|
| |||||||
Total Investments (Cost $101,711,922)—101.5% | 107,448,637 | |||||||
Other assets less liabilities—(1.5%) | (1,608,620 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 105,840,017 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 1,540,874 | $ | (1,526,625 | ) | $ | 14,249 |
* | Amount does not include excess collateral received, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Portfolio Composition
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Automotive Retail | 14.2 | |||
Airlines | 11.8 | |||
Internet Retail | 11.5 | |||
Apparel, Accessories & Luxury Goods | 11.1 | |||
Movies & Entertainment | 6.8 | |||
Restaurants | 6.4 | |||
Apparel Retail | 4.3 | |||
Hotels, Resorts & Cruise Lines | 3.7 | |||
Specialty Stores | 3.6 | |||
Automobile Manufacturers | 3.5 | |||
Leisure Products | 3.3 | |||
Homefurnishing Retail | 3.2 | |||
Trucking | 3.0 | |||
Department Stores | 2.7 | |||
Home Entertainment Software | 2.7 | |||
Cable & Satellite | 2.6 | |||
Footwear | 2.0 | |||
Internet Software & Services | 1.9 | |||
General Merchandise Stores | 1.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Airlines—11.8% | ||||||||
38,297 | Alaska Air Group, Inc. | $ | 2,038,549 | |||||
40,035 | Delta Air Lines, Inc. | 1,610,608 | ||||||
41,847 | Southwest Airlines Co. | 1,442,885 | ||||||
14,785 | Spirit Airlines, Inc.(b) | 1,080,931 | ||||||
|
| |||||||
6,172,973 | ||||||||
|
| |||||||
Apparel Retail—4.3% | ||||||||
29,077 | Brown Shoe Co., Inc. | 773,158 | ||||||
26,337 | Foot Locker, Inc. | 1,475,135 | ||||||
|
| |||||||
2,248,293 | ||||||||
|
| |||||||
Apparel, Accessories & Luxury Goods—11.1% | ||||||||
12,097 | G-III Apparel Group Ltd.(b) | 959,897 | ||||||
12,712 | Hanesbrands, Inc. | 1,342,514 | ||||||
25,094 | Under Armour, Inc., Class A(b) | 1,645,665 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
27,785 | VF Corp. | $ | 1,880,489 | |||||
|
| |||||||
5,828,565 | ||||||||
|
| |||||||
Automobile Manufacturers—3.5% | ||||||||
7,543 | Tesla Motors, Inc.(b) | 1,823,143 | ||||||
|
| |||||||
Automotive Retail—14.2% | ||||||||
15,716 | Asbury Automotive Group, Inc.(b) | 1,100,749 | ||||||
2,752 | AutoZone, Inc.(b) | 1,523,287 | ||||||
16,346 | Lithia Motors, Inc., Class A | 1,268,776 | ||||||
14,337 | O’Reilly Automotive, Inc.(b) | 2,521,592 | ||||||
22,795 | Penske Automotive Group, Inc. | 1,031,246 | ||||||
|
| |||||||
7,445,650 | ||||||||
|
| |||||||
Cable & Satellite—2.6% | ||||||||
8,619 | Charter Communications, Inc., Class A(b) | 1,365,163 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Department Stores—2.7% | ||||||||
24,008 | Macy’s, Inc. | $ | 1,388,143 | |||||
|
| |||||||
Footwear—2.0% | ||||||||
19,472 | Skechers U.S.A., Inc., Class A(b) | 1,066,092 | ||||||
|
| |||||||
General Merchandise Stores—1.7% | ||||||||
44,810 | Tuesday Morning Corp.(b) | 913,676 | ||||||
|
| |||||||
Home Entertainment Software—2.7% | ||||||||
33,835 | Electronic Arts, Inc.(b) | 1,386,220 | ||||||
|
| |||||||
Homefurnishing Retail—3.2% | ||||||||
25,427 | Williams-Sonoma, Inc. | 1,653,518 | ||||||
|
| |||||||
Hotels, Resorts & Cruise Lines—3.7% | ||||||||
24,799 | Wyndham Worldwide Corp. | 1,926,138 | ||||||
|
| |||||||
Internet Retail—11.5% | ||||||||
15,168 | Expedia, Inc. | 1,288,825 | ||||||
24,772 | Liberty Ventures, Series A(b) | 869,497 | ||||||
4,200 | Netflix, Inc.(b) | 1,649,634 | ||||||
123,652 | Orbitz Worldwide, Inc.(b) | 1,022,602 | ||||||
13,188 | TripAdvisor, Inc.(b) | 1,169,248 | ||||||
|
| |||||||
5,999,806 | ||||||||
|
| |||||||
Internet Software & Services—1.9% | ||||||||
51,766 | Pandora Media, Inc.(b) | 998,048 | ||||||
|
| |||||||
Leisure Products—3.3% | ||||||||
11,427 | Polaris Industries, Inc. | 1,723,877 | ||||||
|
| |||||||
Movies & Entertainment—6.8% | ||||||||
27,010 | Carmike Cinemas, Inc.(b) | 865,671 | ||||||
44,357 | Lions Gate Entertainment Corp. | 1,469,547 | ||||||
13,598 | Walt Disney Co. (The) | 1,242,585 | ||||||
|
| |||||||
3,577,803 | ||||||||
|
| |||||||
Restaurants—6.4% | ||||||||
24,889 | Domino’s Pizza, Inc. | 2,209,894 | ||||||
20,146 | Fiesta Restaurant Group, Inc.(b) | 1,111,052 | ||||||
|
| |||||||
3,320,946 | ||||||||
|
| |||||||
Specialty Stores—3.6% | ||||||||
15,607 | Signet Jewelers Ltd. | 1,872,996 | ||||||
|
| |||||||
Trucking—3.0% | ||||||||
28,053 | Avis Budget Group, Inc.(b) | 1,563,955 | ||||||
|
| |||||||
Total Common Stocks (Cost $49,652,216) | 52,275,005 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
58,309 | Invesco Premier Portfolio—Institutional Class(c) (Cost $58,309) | 58,309 | ||||||
|
| |||||||
Total Investments (Cost $49,710,525)—100.1% | 52,333,314 | |||||||
Other assets less liabilities—(0.1%) | (66,255 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 52,267,059 | ||||||
|
|
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 DWA Consumer Staples Momentum Portfolio (PSL)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Packaged Foods & Meats | 28.8 | |||
Soft Drinks | 10.4 | |||
Tobacco | 7.6 | |||
Household Products | 6.3 | |||
Housewares & Specialties | 6.2 | |||
Distillers & Vintners | 6.0 | |||
Specialty Stores | 4.1 | |||
Trading Companies & Distributors | 4.1 | |||
Specialized Consumer Services | 2.6 | |||
Food Retail | 2.6 | |||
Industrial Machinery | 2.6 | |||
Environmental & Facilities Services | 2.5 | |||
Home Furnishings | 2.5 | |||
Health Care Facilities | 2.5 | |||
Trucking | 2.3 | |||
Distributors | 2.3 | |||
Diversified Support Services | 2.3 | |||
Food Distributors | 2.3 | |||
Education Services | 2.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares DWA Consumer Staples Momentum Portfolio (PSL)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Distillers & Vintners—6.0% | ||||||||
11,340 | Brown-Forman Corp., Class B | $ | 1,050,878 | |||||
15,862 | Constellation Brands, Inc., Class A(b) | 1,452,007 | ||||||
|
| |||||||
2,502,885 | ||||||||
|
| |||||||
Distributors—2.3% | ||||||||
16,527 | Core-Mark Holding Co., Inc. | 959,062 | ||||||
|
| |||||||
Diversified Support Services—2.3% | ||||||||
31,072 | KAR Auction Services, Inc. | 943,346 | ||||||
|
| |||||||
Education Services—2.0% | ||||||||
18,715 | Bright Horizons Family Solutions, Inc.(b) | 833,940 | ||||||
|
| |||||||
Environmental & Facilities Services—2.5% | ||||||||
33,123 | Rollins, Inc. | 1,055,630 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Food Distributors—2.3% | ||||||||
14,772 | Andersons, Inc. (The) | $ | 941,419 | |||||
|
| |||||||
Food Retail—2.6% | ||||||||
124,843 | SUPERVALU, Inc.(b) | 1,077,395 | ||||||
|
| |||||||
Health Care Facilities—2.5% | ||||||||
22,688 | VCA, Inc.(b) | 1,033,892 | ||||||
|
| |||||||
Home Furnishings—2.5% | ||||||||
20,014 | Tempur Sealy International, Inc.(b) | 1,053,537 | ||||||
|
| |||||||
Household Products—6.3% | ||||||||
22,494 | Church & Dwight Co., Inc. | 1,628,790 | ||||||
10,879 | Spectrum Brands Holdings, Inc. | 985,529 | ||||||
|
| |||||||
2,614,319 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares DWA Consumer Staples Momentum Portfolio (PSL) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Housewares & Specialties—6.2% | ||||||||
18,927 | Jarden Corp.(b) | $ | 1,231,959 | |||||
40,143 | Newell Rubbermaid, Inc. | 1,337,966 | ||||||
|
| |||||||
2,569,925 | ||||||||
|
| |||||||
Industrial Machinery—2.6% | ||||||||
8,085 | Snap-on, Inc. | 1,068,352 | ||||||
|
| |||||||
Packaged Foods & Meats—28.8% | ||||||||
9,370 | Cal-Maine Foods, Inc. | 822,592 | ||||||
13,681 | Hain Celestial Group, Inc. (The)(b) | 1,480,968 | ||||||
17,900 | Hormel Foods Corp. | 964,989 | ||||||
11,218 | J & J Snack Foods Corp. | 1,155,791 | ||||||
12,110 | Keurig Green Mountain, Inc. | 1,837,693 | ||||||
16,754 | Kraft Foods Group, Inc. | 944,088 | ||||||
9,603 | Lancaster Colony Corp. | 878,578 | ||||||
43,010 | Pilgrim’s Pride Corp.(b) | 1,221,914 | ||||||
26,417 | Pinnacle Foods, Inc. | 892,895 | ||||||
10,345 | Sanderson Farms, Inc. | 868,773 | ||||||
24,870 | WhiteWave Foods Co.(b) | 925,910 | ||||||
|
| |||||||
11,994,191 | ||||||||
|
| |||||||
Soft Drinks—10.4% | ||||||||
34,149 | Coca-Cola Enterprises, Inc. | 1,480,359 | ||||||
19,177 | Dr Pepper Snapple Group, Inc. | 1,328,007 | ||||||
15,203 | Monster Beverage Corp.(b) | 1,533,679 | ||||||
|
| |||||||
4,342,045 | ||||||||
|
| |||||||
Specialized Consumer Services—2.6% | ||||||||
50,029 | Service Corp. International | 1,094,134 | ||||||
|
| |||||||
Specialty Stores—4.1% | ||||||||
14,176 | Ulta Salon, Cosmetics & Fragrance, Inc.(b) | 1,712,603 | ||||||
|
| |||||||
Tobacco—7.6% | ||||||||
32,681 | Altria Group, Inc. | 1,579,800 | ||||||
25,366 | Reynolds American, Inc. | 1,595,775 | ||||||
|
| |||||||
3,175,575 | ||||||||
|
| |||||||
Trading Companies & Distributors—4.1% | ||||||||
15,541 | United Rentals, Inc.(b) | 1,710,442 | ||||||
|
| |||||||
Trucking—2.3% | ||||||||
3,540 | AMERCO | 959,765 | ||||||
|
| |||||||
Total Common Stocks (Cost $37,009,571) | 41,642,457 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
59,356 | Invesco Premier Portfolio—Institutional Class(c) (Cost $59,356) | 59,356 | ||||||
|
| |||||||
Total Investments (Cost $37,068,927)—100.1% | 41,701,813 | |||||||
Other assets less liabilities—(0.1%) | (60,227 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 41,641,586 | ||||||
|
|
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 DWA Energy Momentum Portfolio (PXI)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Oil & Gas Exploration & Production | 44.5 | |||
Oil & Gas Refining & Marketing | 19.9 | |||
Oil & Gas Storage & Transportation | 16.4 | |||
Oil & Gas Equipment & Services | 8.6 | |||
Oil & Gas Drilling | 4.7 | |||
Specialty Chemicals | 3.1 | |||
Integrated Oil & Gas | 2.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
PowerShares DWA Energy Momentum Portfolio (PXI)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Integrated Oil & Gas—2.8% | ||||||||
50,045 | Chevron Corp. | $ | 6,002,898 | |||||
|
| |||||||
Oil & Gas Drilling—4.7% | ||||||||
64,759 | Helmerich & Payne, Inc. | 5,622,377 | ||||||
188,605 | Patterson-UTI Energy, Inc. | 4,343,573 | ||||||
|
| |||||||
9,965,950 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services—8.6% | ||||||||
151,556 | Exterran Holdings, Inc. | 5,960,698 | ||||||
109,273 | Forum Energy Technologies, Inc.(b) | 2,983,153 | ||||||
114,546 | Halliburton Co. | 6,316,066 | ||||||
189,968 | RPC, Inc. | 3,115,475 | ||||||
|
| |||||||
18,375,392 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production—44.5% | ||||||||
62,033 | Anadarko Petroleum Corp. | 5,693,389 | ||||||
102,595 | Bonanza Creek Energy, Inc.(b) | 4,641,398 | ||||||
87,523 | Carrizo Oil & Gas, Inc.(b) | 4,545,945 | ||||||
52,805 | Cimarex Energy Co. | 6,002,344 | ||||||
108,696 | Concho Resources, Inc.(b) | 11,851,125 | ||||||
93,517 | ConocoPhillips | 6,747,251 | ||||||
167,025 | Continental Resources, Inc.(b) | 9,415,199 | ||||||
86,200 | Diamondback Energy, Inc.(b) | 5,899,528 | ||||||
65,618 | EOG Resources, Inc. | 6,236,991 | ||||||
186,334 | Marathon Oil Corp. | 6,596,224 | ||||||
208,299 | Matador Resources Co.(b) | 5,055,417 | ||||||
155,474 | Newfield Exploration Co.(b) | 5,070,007 | ||||||
137,700 | Sanchez Energy Corp.(b) | 2,350,539 | ||||||
359,259 | Synergy Resources Corp.(b) | 4,379,367 | ||||||
398,447 | Triangle Petroleum Corp.(b) | 3,087,964 | ||||||
337,899 | VAALCO Energy, Inc.(b) | 2,507,210 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Oil & Gas Exploration & Production (continued) | ||||||||
75,824 | Whiting Petroleum Corp.(b) | $ | 4,643,462 | |||||
|
| |||||||
94,723,360 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing—19.9% | ||||||||
200,035 | Delek US Holdings, Inc. | 6,779,186 | ||||||
89,517 | Marathon Petroleum Corp. | 8,137,095 | ||||||
87,232 | Phillips 66 | 6,847,712 | ||||||
156,649 | Tesoro Corp. | 11,186,305 | ||||||
205,562 | Western Refining, Inc. | 9,371,572 | ||||||
|
| |||||||
42,321,870 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation—16.4% | ||||||||
178,171 | Cheniere Energy, Inc.(b) | 13,362,825 | ||||||
71,617 | SemGroup Corp., Class A | 5,496,605 | ||||||
52,051 | Targa Resources Corp. | 6,695,320 | ||||||
168,512 | Williams Cos., Inc. (The) | 9,354,101 | ||||||
|
| |||||||
34,908,851 | ||||||||
|
| |||||||
Specialty Chemicals—3.1% | ||||||||
293,939 | Flotek Industries, Inc.(b) | 6,513,688 | ||||||
|
| |||||||
Total Common Stocks (Cost $219,512,124) | 212,812,009 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
215,362 | Invesco Premier Portfolio—Institutional Class(c) (Cost $215,362) | 215,362 | ||||||
|
| |||||||
Total Investments (Cost $219,727,486)—100.1% | 213,027,371 | |||||||
Other assets less liabilities—(0.1%) | (120,971 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 212,906,400 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares DWA Energy Momentum Portfolio (PXI) (continued)
October 31, 2014
(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.
| 10 |
|
Portfolio Composition
PowerShares DWA Financial Momentum Portfolio (PFI)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Regional Banks | 15.9 | |||
Life & Health Insurance | 11.4 | |||
Residential REITs | 9.2 | |||
Consumer Finance | 8.2 | |||
Asset Management & Custody Banks | 8.0 | |||
Health Care REITs | 6.7 | |||
Data Processing & Outsourced Services | 6.5 | |||
Specialized Finance | 5.0 | |||
Multi-line Insurance | 4.3 | |||
Specialized REITs | 4.1 | |||
Real Estate Services | 3.6 | |||
Mortgage REITs | 3.4 | |||
Hotel & Resort REITs | 3.1 | |||
Property & Casualty Insurance | 3.0 | |||
Diversified Banks | 2.7 | |||
Investment Banking & Brokerage | 2.5 | |||
Real Estate Development | 1.4 | |||
Internet Software & Services | 0.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares DWA Financial Momentum Portfolio (PFI)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Asset Management & Custody Banks—8.0% | ||||||||
10,929 | Ameriprise Financial, Inc. | $ | 1,378,912 | |||||
34,507 | Invesco Ltd.(b) | 1,396,498 | ||||||
|
| |||||||
2,775,410 | ||||||||
|
| |||||||
Consumer Finance—8.2% | ||||||||
8,901 | American Express Co. | 800,645 | ||||||
10,536 | Capital One Financial Corp. | 872,065 | ||||||
18,443 | Discover Financial Services | 1,176,294 | ||||||
|
| |||||||
2,849,004 | ||||||||
|
| |||||||
Data Processing & Outsourced Services—6.5% | ||||||||
14,137 | Broadridge Financial Solutions, Inc. | 621,038 | ||||||
25,806 | Total System Services, Inc. | 871,985 | ||||||
3,142 | Visa, Inc., Class A | 758,573 | ||||||
|
| |||||||
2,251,596 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Diversified Banks—2.7% | ||||||||
17,268 | Wells Fargo & Co. | $ | 916,758 | |||||
|
| |||||||
Health Care REITs—6.7% | ||||||||
60,303 | OMEGA Healthcare Investors, Inc. REIT | 2,301,163 | ||||||
|
| |||||||
Hotel & Resort REITs—3.1% | ||||||||
32,145 | FelCor Lodging Trust, Inc. REIT | 344,916 | ||||||
56,821 | Strategic Hotels & Resorts, Inc. REIT(c) | 730,150 | ||||||
|
| |||||||
1,075,066 | ||||||||
|
| |||||||
Internet Software & Services—0.9% | ||||||||
7,325 | Envestnet, Inc.(c) | 325,377 | ||||||
|
| |||||||
Investment Banking & Brokerage—2.5% | ||||||||
16,359 | Morgan Stanley | 571,747 | ||||||
5,041 | Piper Jaffray Cos.(c) | 284,615 | ||||||
|
| |||||||
856,362 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares DWA Financial Momentum Portfolio (PFI) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Life & Health Insurance—11.4% | ||||||||
43,943 | CNO Financial Group, Inc. | $ | 796,687 | |||||
11,591 | Lincoln National Corp. | 634,723 | ||||||
7,833 | Primerica, Inc. | 400,658 | ||||||
16,482 | Principal Financial Group, Inc. | 863,162 | ||||||
9,561 | Prudential Financial, Inc. | 846,531 | ||||||
7,914 | Torchmark Corp. | 419,125 | ||||||
|
| |||||||
3,960,886 | ||||||||
|
| |||||||
Mortgage REITs—3.4% | ||||||||
62,982 | NorthStar Realty Finance Corp. REIT | 1,170,206 | ||||||
|
| |||||||
Multi-line Insurance—4.3% | ||||||||
6,316 | American Financial Group, Inc. | 377,886 | ||||||
14,254 | HCC Insurance Holdings, Inc. | 743,916 | ||||||
11,902 | Horace Mann Educators Corp. | 361,940 | ||||||
|
| |||||||
1,483,742 | ||||||||
|
| |||||||
Property & Casualty Insurance—3.0% | ||||||||
15,764 | Allstate Corp. (The) | 1,022,295 | ||||||
|
| |||||||
Real Estate Development—1.4% | ||||||||
3,188 | Howard Hughes Corp. (The)(c) | 469,847 | ||||||
|
| |||||||
Real Estate Services—3.6% | ||||||||
39,435 | CBRE Group, Inc., Class A(c) | 1,261,920 | ||||||
|
| |||||||
Regional Banks—15.9% | ||||||||
12,049 | Bank of the Ozarks, Inc. | 424,607 | ||||||
11,435 | Cathay General Bancorp | 301,998 | ||||||
15,666 | East West Bancorp, Inc. | 575,882 | ||||||
87,009 | Fifth Third Bancorp | 1,739,310 | ||||||
95,017 | Huntington Bancshares, Inc. | 941,619 | ||||||
8,870 | PacWest Bancorp | 378,394 | ||||||
8,792 | Pinnacle Financial Partners, Inc. | 344,646 | ||||||
11,150 | ViewPoint Financial Group, Inc. | 304,061 | ||||||
19,157 | Western Alliance Bancorp(c) | 509,959 | ||||||
|
| |||||||
5,520,476 | ||||||||
|
| |||||||
Residential REITs—9.2% | ||||||||
23,977 | Camden Property Trust REIT | 1,838,317 | ||||||
9,617 | Equity Residential REIT | 668,958 | ||||||
3,318 | Essex Property Trust, Inc. REIT | 669,440 | ||||||
|
| |||||||
3,176,715 | ||||||||
|
| |||||||
Specialized Finance—5.0% | ||||||||
11,576 | MarketAxess Holdings, Inc. | 748,388 | ||||||
10,054 | Moody’s Corp. | 997,659 | ||||||
|
| |||||||
1,746,047 | ||||||||
|
| |||||||
Specialized REITs—4.1% | ||||||||
24,498 | Extra Space Storage, Inc. REIT | 1,424,804 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $31,512,394) | 34,587,674 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.2% | ||||||||
50,182 | Invesco Premier Portfolio—Institutional Class(d) (Cost $50,182) | $ | 50,182 | |||||
|
| |||||||
Total Investments (Cost $31,562,576)—100.1% | 34,637,856 | |||||||
Other assets less liabilities—(0.1%) | (21,405 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 34,616,451 | ||||||
|
|
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) | Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Portfolio Composition
PowerShares DWA Healthcare Momentum Portfolio (PTH)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Biotechnology | 32.3 | |||
Pharmaceuticals | 20.0 | |||
Managed Health Care | 13.1 | |||
Health Care Facilities | 10.0 | |||
Life Sciences Tools & Services | 8.4 | |||
Health Care Supplies | 7.0 | |||
Health Care Services | 4.8 | |||
Health Care Equipment | 3.4 | |||
Auto Parts & Equipment | 1.1 | |||
Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
PowerShares DWA Healthcare Momentum Portfolio (PTH)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.1% | ||||||||
Auto Parts & Equipment—1.1% | ||||||||
29,810 | Gentherm, Inc.(b) | $ | 1,243,077 | |||||
|
| |||||||
Biotechnology—32.3% | ||||||||
253,530 | Achillion Pharmaceuticals, Inc.(b) | 2,978,978 | ||||||
17,158 | Alnylam Pharmaceuticals, Inc.(b) | 1,591,233 | ||||||
29,204 | Celgene Corp.(b) | 3,127,456 | ||||||
137,624 | Dyax Corp.(b) | 1,702,409 | ||||||
25,490 | Enanta Pharmaceuticals, Inc.(b) | 1,096,070 | ||||||
77,563 | Exact Sciences Corp.(b) | 1,866,941 | ||||||
38,563 | Gilead Sciences, Inc.(b) | 4,319,056 | ||||||
102,279 | Infinity Pharmaceuticals, Inc.(b) | 1,393,040 | ||||||
21,481 | Insys Therapeutics, Inc.(b) | 873,740 | ||||||
64,163 | Isis Pharmaceuticals, Inc.(b) | 2,955,348 | ||||||
63,949 | Medivation, Inc.(b) | 6,759,409 | ||||||
11,569 | Puma Biotechnology, Inc.(b) | 2,899,191 | ||||||
21,400 | United Therapeutics Corp.(b) | 2,802,758 | ||||||
21,056 | Vertex Pharmaceuticals, Inc.(b) | 2,371,748 | ||||||
|
| |||||||
36,737,377 | ||||||||
|
| |||||||
Health Care Equipment—3.4% | ||||||||
58,101 | DexCom, Inc.(b) | 2,611,640 | ||||||
34,612 | Natus Medical, Inc.(b) | 1,176,808 | ||||||
|
| |||||||
3,788,448 | ||||||||
|
| |||||||
Health Care Facilities—10.0% | ||||||||
16,992 | Amsurg Corp.(b) | 917,738 | ||||||
50,765 | Community Health Systems, Inc.(b) | 2,790,552 | ||||||
52,233 | HCA Holdings, Inc.(b) | 3,658,922 | ||||||
19,465 | LifePoint Hospitals, Inc.(b) | 1,362,550 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care Facilities (continued) | ||||||||
25,453 | Universal Health Services, Inc., Class B | $ | 2,639,730 | |||||
|
| |||||||
11,369,492 | ||||||||
|
| |||||||
Health Care Services—4.8% | ||||||||
43,160 | Amedisys, Inc.(b) | 1,126,476 | ||||||
35,740 | Omnicare, Inc. | 2,379,927 | ||||||
31,760 | Team Health Holdings, Inc.(b) | 1,986,270 | ||||||
|
| |||||||
5,492,673 | ||||||||
|
| |||||||
Health Care Supplies—7.0% | ||||||||
38,697 | Cooper Cos., Inc. (The) | 6,342,438 | ||||||
50,574 | Spectranetics Corp. (The)(b) | 1,606,736 | ||||||
|
| |||||||
7,949,174 | ||||||||
|
| |||||||
Life Sciences Tools & Services—8.4% | ||||||||
123,297 | Affymetrix, Inc.(b) | 1,110,906 | ||||||
65,448 | Albany Molecular Research, Inc.(b) | 1,522,321 | ||||||
29,092 | Illumina, Inc.(b) | 5,602,537 | ||||||
24,726 | PAREXEL International Corp.(b) | 1,342,869 | ||||||
|
| |||||||
9,578,633 | ||||||||
|
| |||||||
Managed Health Care—13.1% | ||||||||
31,283 | Aetna, Inc. | 2,581,160 | ||||||
25,837 | Centene Corp.(b) | 2,394,315 | ||||||
30,192 | Health Net, Inc.(b) | 1,434,422 | ||||||
26,471 | Humana, Inc. | 3,675,498 | ||||||
32,027 | Molina Healthcare, Inc.(b) | 1,557,793 | ||||||
34,271 | UnitedHealth Group, Inc. | 3,256,088 | ||||||
|
| |||||||
14,899,276 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares DWA Healthcare Momentum Portfolio (PTH) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Pharmaceuticals—20.0% | ||||||||
33,098 | AbbVie, Inc. | $ | 2,100,399 | |||||
23,816 | Actavis PLC(b) | 5,781,096 | ||||||
48,717 | Akorn, Inc.(b) | 2,170,342 | ||||||
203,376 | AVANIR Pharmaceuticals, Inc.(b) | 2,631,686 | ||||||
186,853 | Chelsea Therapeutics International Ltd.(b) | 14,948 | ||||||
74,489 | Depomed, Inc.(b) | 1,147,131 | ||||||
27,255 | Pacira Pharmaceuticals, Inc.(b) | 2,529,809 | ||||||
67,486 | Prestige Brands Holdings, Inc.(b) | 2,390,354 | ||||||
27,188 | Salix Pharmaceuticals Ltd.(b) | 3,910,994 | ||||||
|
| |||||||
22,676,759 | ||||||||
|
| |||||||
Total Investments (Cost $98,677,393)—100.1% | 113,734,909 | |||||||
Other assets less liabilities—(0.1%) | (107,950 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 113,626,959 | ||||||
|
|
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 DWA Industrials Momentum Portfolio (PRN)
Sub-Industry Breakdown as of October 31, 2014 | ||||
Aerospace & Defense | 17.5 | |||
Construction & Farm Machinery & Heavy Trucks | 10.8 | |||
Electrical Components & Equipment | 8.6 | |||
Railroads | 8.5 | |||
Industrial Machinery | 7.8 | |||
Data Processing & Outsourced Services | 5.4 | |||
Paper Packaging | 5.0 | |||
Specialty Chemicals | 4.8 | |||
IT Consulting & Other Services | 4.0 | |||
Trucking | 3.4 | |||
Building Products | 2.9 | |||
Construction Materials | 2.8 | |||
Marine | 2.2 | |||
Internet Software & Services | 2.2 | |||
Security & Alarm Services | 2.1 | |||
Oil & Gas Storage & Transportation | 2.0 | |||
Human Resource & Employment Services | 1.9 | |||
Commercial Printing | 1.9 | |||
Electronic Equipment & Instruments | 1.7 | |||
Electronic Manufacturing Services | 1.2 | |||
Electronic Components | 1.2 | |||
Air Freight & Logistics | 1.1 | |||
Health Care Services | 1.0 | |||
Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares DWA Industrials Momentum Portfolio (PRN)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—17.5% | ||||||||
15,709 | Huntington Ingalls Industries, Inc. | $ | 1,662,326 | |||||
26,053 | Lockheed Martin Corp. | 4,964,920 | ||||||
29,689 | Northrop Grumman Corp. | 4,095,895 | ||||||
27,892 | Raytheon Co. | 2,897,421 | ||||||
120,799 | TASER International, Inc.(b) | 2,275,853 | ||||||
27,057 | TransDigm Group, Inc. | 5,060,471 | ||||||
|
| |||||||
20,956,886 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Air Freight & Logistics—1.1% | ||||||||
32,574 | XPO Logistics, Inc.(b) | $ | 1,300,354 | |||||
|
| |||||||
Building Products—2.9% | ||||||||
29,540 | Apogee Enterprises, Inc. | 1,296,806 | ||||||
50,479 | Trex Co., Inc.(b) | 2,170,597 | ||||||
|
| |||||||
3,467,403 | ||||||||
|
| |||||||
Commercial Printing—1.9% | ||||||||
37,117 | Deluxe Corp. | 2,256,714 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares DWA Industrials Momentum Portfolio (PRN) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Construction & Farm Machinery & Heavy Trucks—10.8% | ||||||||
26,520 | American Railcar Industries, Inc. | $ | 1,745,281 | |||||
24,508 | Cummins, Inc. | 3,582,580 | ||||||
31,414 | Greenbrier Cos., Inc. (The) | 1,964,632 | ||||||
135,909 | Meritor, Inc.(b) | 1,561,594 | ||||||
67,768 | Trinity Industries, Inc. | 2,419,995 | ||||||
18,832 | Wabtec Corp. | 1,625,202 | ||||||
|
| |||||||
12,899,284 | ||||||||
|
| |||||||
Construction Materials—2.8% | ||||||||
38,807 | Eagle Materials, Inc. | 3,392,896 | ||||||
|
| |||||||
Data Processing & Outsourced Services—5.4% | ||||||||
25,733 | FleetCor Technologies, Inc.(b) | 3,874,360 | ||||||
22,667 | WEX, Inc.(b) | 2,574,065 | ||||||
|
| |||||||
6,448,425 | ||||||||
|
| |||||||
Electrical Components & Equipment—8.6% | ||||||||
114,299 | AMETEK, Inc. | 5,960,693 | ||||||
14,080 | Hubbell, Inc., Class B | 1,596,813 | ||||||
24,301 | Rockwell Automation, Inc. | 2,730,217 | ||||||
|
| |||||||
10,287,723 | ||||||||
|
| |||||||
Electronic Components—1.2% | ||||||||
14,114 | Littelfuse, Inc. | 1,376,680 | ||||||
|
| |||||||
Electronic Equipment & Instruments—1.7% | ||||||||
52,865 | Cognex Corp.(b) | 2,091,339 | ||||||
|
| |||||||
Electronic Manufacturing Services—1.2% | ||||||||
35,082 | Methode Electronics, Inc. | 1,381,529 | ||||||
|
| |||||||
Health Care Services—1.0% | ||||||||
68,696 | AMN Healthcare Services, Inc.(b) | 1,178,136 | ||||||
|
| |||||||
Human Resource & Employment Services—1.9% | ||||||||
40,114 | WageWorks, Inc.(b) | 2,286,899 | ||||||
|
| |||||||
Industrial Machinery—7.8% | ||||||||
24,999 | Crane Co. | 1,558,688 | ||||||
35,574 | Flowserve Corp. | 2,418,676 | ||||||
30,604 | IDEX Corp. | 2,292,545 | ||||||
47,835 | Ingersoll-Rand PLC | 2,995,428 | ||||||
|
| |||||||
9,265,337 | ||||||||
|
| |||||||
Internet Software & Services—2.2% | ||||||||
12,332 | Equinix, Inc. | 2,576,155 | ||||||
|
| |||||||
IT Consulting & Other Services—4.0% | ||||||||
43,157 | Booz Allen Hamilton Holding Corp., Class A | 1,137,187 | ||||||
32,667 | Gartner, Inc.(b) | 2,636,554 | ||||||
27,543 | iGATE Corp.(b) | 1,020,468 | ||||||
|
| |||||||
4,794,209 | ||||||||
|
| |||||||
Marine—2.2% | ||||||||
24,045 | Kirby Corp.(b) | 2,658,896 | ||||||
|
| |||||||
Oil & Gas Storage & Transportation—2.0% | ||||||||
20,777 | Golar LNG Ltd. (Norway) | 1,165,797 | ||||||
21,488 | Teekay Corp. (Bermuda) | 1,256,189 | ||||||
|
| |||||||
2,421,986 | ||||||||
|
| |||||||
Paper Packaging—5.0% | ||||||||
218,559 | Graphic Packaging Holding Co.(b) | 2,651,120 | ||||||
46,309 | Packaging Corp. of America | 3,337,953 | ||||||
|
| |||||||
5,989,073 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Railroads—8.5% | ||||||||
40,750 | Norfolk Southern Corp. | $ | 4,508,580 | |||||
48,197 | Union Pacific Corp. | 5,612,541 | ||||||
|
| |||||||
10,121,121 | ||||||||
|
| |||||||
Security & Alarm Services—2.1% | ||||||||
59,848 | Tyco International Ltd. | 2,569,275 | ||||||
|
| |||||||
Specialty Chemicals—4.8% | ||||||||
25,006 | Sherwin-Williams Co. (The) | 5,740,377 | ||||||
|
| |||||||
Trucking—3.4% | ||||||||
36,889 | Old Dominion Freight Line, Inc.(b) | 2,688,101 | ||||||
26,946 | Saia, Inc.(b) | 1,320,893 | ||||||
|
| |||||||
4,008,994 | ||||||||
|
| |||||||
Total Investments (Cost $113,266,719)—100.0% | 119,469,691 | |||||||
Other assets less liabilities—0.0% | (20,965 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 119,448,726 | ||||||
|
|
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.
| 16 |
|
Portfolio Composition
PowerShares DWA Technology Momentum Portfolio (PTF)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Semiconductors | 21.5 | |||
Application Software | 20.3 | |||
Technology Hardware, Storage & Peripherals | 15.9 | |||
Communications Equipment | 11.1 | |||
Electronic Components | 8.4 | |||
Internet Software & Services | 4.3 | |||
Alternative Carriers | 3.7 | |||
Semiconductor Equipment | 3.7 | |||
Wireless Telecommunication Services | 2.9 | |||
Data Processing & Outsourced Services | 1.8 | |||
Specialized Consumer Services | 1.7 | |||
Industrial Machinery | 1.6 | |||
Electronic Equipment & Instruments | 1.6 | |||
Construction & Engineering | 1.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares DWA Technology Momentum Portfolio (PTF)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Alternative Carriers—3.7% | ||||||||
96,718 | Iridium Communications, Inc.(b) | $ | 918,821 | |||||
33,261 | Level 3 Communications, Inc.(b) | 1,560,274 | ||||||
|
| |||||||
2,479,095 | ||||||||
|
| |||||||
Application Software—20.3% | ||||||||
19,442 | Adobe Systems, Inc.(b) | 1,363,273 | ||||||
22,361 | Autodesk, Inc.(b) | 1,286,652 | ||||||
77,442 | Callidus Software, Inc.(b) | 1,091,158 | ||||||
49,684 | Ellie Mae, Inc.(b) | 1,906,872 | ||||||
39,869 | Intuit, Inc. | 3,508,871 | ||||||
20,793 | NetScout Systems, Inc.(b) | 766,430 | ||||||
27,924 | PTC, Inc.(b) | 1,065,300 | ||||||
21,957 | Synchronoss Technologies, Inc.(b) | 1,134,518 | ||||||
14,843 | Workday, Inc., Class A(b) | 1,417,210 | ||||||
|
| |||||||
13,540,284 | ||||||||
|
| |||||||
Communications Equipment—11.1% | ||||||||
38,776 | ARRIS Group, Inc.(b) | 1,164,055 | ||||||
90,958 | Calix, Inc.(b) | 983,256 | ||||||
10,572 | F5 Networks, Inc.(b) | 1,300,145 | ||||||
98,239 | Infinera Corp.(b) | 1,427,413 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Communications Equipment (continued) | ||||||||
15,012 | Palo Alto Networks, Inc.(b) | $ | 1,586,768 | |||||
264,547 | Sonus Networks, Inc.(b) | 917,978 | ||||||
|
| |||||||
7,379,615 | ||||||||
|
| |||||||
Construction & Engineering—1.5% | ||||||||
34,699 | Tutor Perini Corp.(b) | 971,919 | ||||||
|
| |||||||
Data Processing & Outsourced Services—1.8% | ||||||||
20,339 | Jack Henry & Associates, Inc. | 1,216,679 | ||||||
|
| |||||||
Electronic Components—8.4% | ||||||||
83,813 | Amphenol Corp., Class A | 4,239,261 | ||||||
18,935 | Belden, Inc. | 1,347,983 | ||||||
|
| |||||||
5,587,244 | ||||||||
|
| |||||||
Electronic Equipment & Instruments—1.6% | ||||||||
14,458 | Zebra Technologies Corp., Class A(b) | 1,066,277 | ||||||
|
| |||||||
Industrial Machinery—1.6% | ||||||||
14,959 | Tennant Co. | 1,102,927 | ||||||
|
| |||||||
Internet Software & Services—4.3% | ||||||||
2,205 | Google, Inc., Class A(b) | 1,252,153 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
PowerShares DWA Technology Momentum Portfolio (PTF) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
35,280 | Yahoo!, Inc.(b) | $ | 1,624,644 | |||||
|
| |||||||
2,876,797 | ||||||||
|
| |||||||
Semiconductor Equipment—3.7% | ||||||||
18,578 | KLA-Tencor Corp. | 1,470,449 | ||||||
33,105 | Tessera Technologies, Inc. | 1,006,061 | ||||||
|
| |||||||
2,476,510 | ||||||||
|
| |||||||
Semiconductors—21.5% | ||||||||
24,578 | Analog Devices, Inc. | 1,219,560 | ||||||
17,571 | Avago Technologies Ltd. (Singapore) | 1,515,499 | ||||||
20,323 | Cavium, Inc.(b) | 1,042,773 | ||||||
72,583 | Integrated Device Technology, Inc.(b) | 1,191,087 | ||||||
26,004 | Microchip Technology, Inc. | 1,121,033 | ||||||
66,154 | Micron Technology, Inc.(b) | 2,189,036 | ||||||
27,748 | Monolithic Power Systems, Inc. | 1,226,184 | ||||||
102,409 | RF Micro Devices, Inc.(b) | 1,332,341 | ||||||
46,235 | Skyworks Solutions, Inc. | 2,692,726 | ||||||
39,577 | Spansion, Inc., Class A(b) | 814,495 | ||||||
|
| |||||||
14,344,734 | ||||||||
|
| |||||||
Specialized Consumer Services—1.7% | ||||||||
69,213 | LifeLock, Inc.(b) | 1,170,392 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—15.9% | ||||||||
43,341 | Apple, Inc. | 4,680,828 | ||||||
44,809 | Hewlett-Packard Co. | 1,607,747 | ||||||
26,223 | Lexmark International, Inc., Class A | 1,131,784 | ||||||
15,598 | SanDisk Corp. | 1,468,396 | ||||||
17,349 | Western Digital Corp. | 1,706,621 | ||||||
|
| |||||||
10,595,376 | ||||||||
|
| |||||||
Wireless Telecommunication Services—2.9% | ||||||||
17,533 | SBA Communications Corp., Class A(b) | 1,969,482 | ||||||
|
| |||||||
Total Common Stocks (Cost $59,522,541) | 66,777,331 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
67,945 | Invesco Premier Portfolio—Institutional Class(c) (Cost $67,945) | 67,945 | ||||||
|
| |||||||
Total Investments (Cost $59,590,486)—100.1% | 66,845,276 | |||||||
Other assets less liabilities—(0.1%) | (79,525 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 66,765,751 | ||||||
|
|
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 DWA Utilities Momentum Portfolio (PUI)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Electric Utilities | 36.5 | |||
Multi-Utilities | 33.0 | |||
Oil & Gas Storage & Transportation | 7.0 | |||
Gas Utilities | 6.4 | |||
Integrated Telecommunication Services | 5.3 | |||
Water Utilities | 4.6 | |||
Oil & Gas Exploration & Production | 2.9 | |||
Independent Power Producers & Energy Traders | 2.2 | |||
Internet Software & Services | 1.3 | |||
Application Software | 0.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
PowerShares DWA Utilities Momentum Portfolio (PUI)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Application Software—0.8% | ||||||||
22,553 | EnerNOC, Inc.(b) | $ | 333,108 | |||||
|
| |||||||
Electric Utilities—36.5% | ||||||||
19,446 | Cleco Corp. | 1,045,417 | ||||||
28,529 | Duke Energy Corp. | 2,343,657 | ||||||
38,067 | Edison International | 2,382,233 | ||||||
9,749 | IDACORP, Inc. | 616,429 | ||||||
23,885 | ITC Holdings Corp. | 946,085 | ||||||
16,722 | NextEra Energy, Inc. | 1,675,879 | ||||||
23,492 | Northeast Utilities | 1,159,330 | ||||||
16,939 | OGE Energy Corp. | 631,655 | ||||||
27,734 | PNM Resources, Inc. | 800,126 | ||||||
31,194 | Southern Co. (The) | 1,446,154 | ||||||
17,969 | Westar Energy, Inc. | 679,408 | ||||||
49,282 | Xcel Energy, Inc. | 1,649,469 | ||||||
|
| |||||||
15,375,842 | ||||||||
|
| |||||||
Gas Utilities—6.4% | ||||||||
15,277 | AGL Resources, Inc. | 823,583 | ||||||
15,636 | Atmos Energy Corp. | 828,708 | ||||||
6,050 | National Fuel Gas Co. | 418,841 | ||||||
16,813 | UGI Corp. | 633,682 | ||||||
|
| |||||||
2,704,814 | ||||||||
|
| |||||||
Independent Power Producers & Energy Traders—2.2% | ||||||||
30,481 | NRG Energy, Inc. | 913,820 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Integrated Telecommunication Services—5.3% | ||||||||
10,314 | Consolidated Communications Holdings, Inc. | $ | 267,132 | |||||
164,948 | Frontier Communications Corp. | 1,078,760 | ||||||
86,043 | Windstream Holdings, Inc. | 901,731 | ||||||
|
| |||||||
2,247,623 | ||||||||
|
| |||||||
Internet Software & Services—1.3% | ||||||||
10,296 | j2 Global, Inc. | 556,911 | ||||||
|
| |||||||
Multi-Utilities—33.0% | ||||||||
10,345 | Alliant Energy Corp. | 640,459 | ||||||
11,328 | Black Hills Corp. | 619,981 | ||||||
53,887 | CenterPoint Energy, Inc. | 1,322,926 | ||||||
40,139 | CMS Energy Corp. | 1,311,341 | ||||||
17,657 | Dominion Resources, Inc. | 1,258,944 | ||||||
14,793 | DTE Energy Co. | 1,215,393 | ||||||
38,382 | NiSource, Inc. | 1,614,347 | ||||||
9,984 | NorthWestern Corp. | 527,555 | ||||||
10,881 | SCANA Corp. | 597,258 | ||||||
21,043 | Sempra Energy | 2,314,730 | ||||||
14,776 | Vectren Corp. | 664,181 | ||||||
36,650 | Wisconsin Energy Corp. | 1,820,039 | ||||||
|
| |||||||
13,907,154 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production—2.9% | ||||||||
13,090 | EQT Corp. | 1,230,984 | ||||||
|
| |||||||
Oil & Gas Storage & Transportation—7.0% | ||||||||
30,916 | ONEOK, Inc. | 1,822,189 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares DWA Utilities Momentum Portfolio (PUI) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Oil & Gas Storage & Transportation (continued) | ||||||||
28,403 | Spectra Energy Corp. | $ | 1,111,409 | |||||
|
| |||||||
2,933,598 | ||||||||
|
| |||||||
Water Utilities—4.6% | ||||||||
26,305 | American Water Works Co., Inc. | 1,403,898 | ||||||
20,639 | Aqua America, Inc. | 540,742 | ||||||
|
| |||||||
1,944,640 | ||||||||
|
| |||||||
Total Common Stocks (Cost $36,943,388) | 42,148,494 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
49,013 | Invesco Premier Portfolio—Institutional Class(c) (Cost $49,013) | 49,013 | ||||||
|
| |||||||
Total Investments (Cost $36,992,401)—100.1% | 42,197,507 | |||||||
Other assets less liabilities—(0.1%) | (52,623 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 42,144,884 | ||||||
|
|
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 NASDAQ Internet Portfolio (PNQI)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2014 (Unaudited) | ||||
Internet Software & Services | 73.8 | |||
Internet Retail | 24.0 | |||
Application Software | 1.6 | |||
Alternative Carriers | 0.4 | |||
Wireless Telecommunication Services | 0.1 | |||
Casinos & Gaming | 0.0 | |||
Systems Software | 0.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
PowerShares NASDAQ Internet Portfolio (PNQI)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Alternative Carriers—0.4% | ||||||||
31,418 | Cogent Communications Group, Inc. | $ | 1,066,327 | |||||
|
| |||||||
Application Software—1.6% | ||||||||
36,789 | NQ Mobile, Inc. ADR (China)(b)(c) | 268,928 | ||||||
82,561 | Open Text Corp. (Canada) | 4,550,762 | ||||||
6,447 | Sungy Mobile Ltd. ADR (China)(b)(c) | 43,259 | ||||||
|
| |||||||
4,862,949 | ||||||||
|
| |||||||
Casinos & Gaming—0.0% | ||||||||
4,511 | 500.com Ltd., Class A ADR (China)(b)(c) | 139,164 | ||||||
|
| |||||||
Internet Retail—24.0% | ||||||||
71,710 | Amazon.com, Inc.(c) | 21,904,537 | ||||||
8,025 | Blue Nile, Inc.(c) | 284,887 | ||||||
102,430 | Ctrip.com International Ltd. ADR (China)(c) | 5,971,669 | ||||||
77,545 | Expedia, Inc. | 6,588,999 | ||||||
452,121 | Groupon, Inc.(c) | 3,305,004 | ||||||
25,452 | Netflix, Inc.(c) | 9,996,782 | ||||||
19,512 | Nutrisystem, Inc. | 328,582 | ||||||
74,736 | Orbitz Worldwide, Inc.(c) | 618,067 | ||||||
16,288 | Overstock.com, Inc.(c) | 376,579 | ||||||
13,741 | PetMed Express, Inc.(b) | 181,519 | ||||||
9,770 | Priceline Group, Inc. (The)(c) | 11,784,672 | ||||||
8,661 | Qunar Cayman Islands Ltd. ADR (China)(b)(c) | 232,981 | ||||||
36,591 | RetailMeNot, Inc.(c) | 770,606 | ||||||
26,091 | Shutterfly, Inc.(c) | 1,091,386 | ||||||
88,119 | TripAdvisor, Inc.(c) | 7,812,631 | ||||||
23,556 | zulily, Inc., Class A(c) | 856,967 | ||||||
|
| |||||||
72,105,868 | ||||||||
|
| |||||||
Internet Software & Services—73.8% | ||||||||
31,350 | 21Vianet Group, Inc. ADR (China)(b)(c) | 655,842 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
120,778 | Akamai Technologies, Inc.(c) | $ | 7,282,913 | |||||
39,669 | Angie’s List, Inc.(b)(c) | 276,493 | ||||||
53,331 | AOL, Inc.(c) | 2,321,498 | ||||||
56,669 | Baidu, Inc. ADR (China)(c) | 13,530,857 | ||||||
70,797 | Bankrate, Inc.(c) | 768,855 | ||||||
52,902 | Bazaarvoice, Inc.(b)(c) | 394,120 | ||||||
17,273 | Benefitfocus, Inc.(b)(c) | 478,635 | ||||||
27,879 | Blucora, Inc.(c) | 472,549 | ||||||
21,847 | Brightcove, Inc.(c) | 140,039 | ||||||
18,224 | Carbonite, Inc.(c) | 199,371 | ||||||
10,547 | ChinaCache International Holdings Ltd. ADR (China)(b)(c) | 108,634 | ||||||
23,166 | comScore, Inc.(c) | 976,215 | ||||||
21,498 | Constant Contact, Inc.(c) | 760,169 | ||||||
43,439 | Conversant, Inc.(c) | 1,531,225 | ||||||
36,192 | Cornerstone OnDemand, Inc.(c) | 1,312,684 | ||||||
21,897 | CoStar Group, Inc.(c) | 3,527,388 | ||||||
20,065 | Criteo SA ADR (France)(c) | 615,795 | ||||||
36,536 | Dealertrack Technologies, Inc.(c) | 1,719,019 | ||||||
24,491 | Demandware, Inc.(c) | 1,468,235 | ||||||
36,385 | Dice Holdings, Inc.(c) | 362,758 | ||||||
21,678 | Digital River, Inc.(c) | 554,307 | ||||||
19,728 | E2open, Inc.(c) | 115,212 | ||||||
69,329 | EarthLink Holdings Corp. | 248,198 | ||||||
438,070 | eBay, Inc.(c) | 22,998,675 | ||||||
17,256 | eGain Corp.(c) | 70,750 | ||||||
87,587 | Endurance International Group Holdings, Inc.(b)(c) | 1,455,696 | ||||||
36,061 | Equinix, Inc. | 7,533,143 | ||||||
361,026 | Facebook, Inc., Class A(c) | 27,073,340 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares NASDAQ Internet Portfolio (PNQI) (continued)
October 31, 2014
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
48,805 | Global Eagle Entertainment, Inc.(b)(c) | $ | 596,885 | |||||
57,760 | Gogo, Inc.(b)(c) | 959,394 | ||||||
41,748 | Google, Inc., Class A(c) | 23,707,437 | ||||||
42,534 | Google, Inc., Class C(c) | 23,779,909 | ||||||
63,716 | HomeAway, Inc.(c) | 2,223,688 | ||||||
52,604 | IAC/InterActiveCorp. | 3,560,765 | ||||||
36,869 | Internap Network Services Corp.(c) | 295,321 | ||||||
32,358 | j2 Global, Inc. | 1,750,244 | ||||||
20,108 | Liquidity Services, Inc.(c) | 256,980 | ||||||
36,456 | LivePerson, Inc.(c) | 524,966 | ||||||
16,688 | LogMeIn, Inc.(c) | 801,858 | ||||||
25,466 | Marchex, Inc., Class B | 97,535 | ||||||
23,597 | Marin Software, Inc.(b)(c) | 211,193 | ||||||
27,642 | Marketo, Inc.(b)(c) | 892,007 | ||||||
29,933 | MercadoLibre, Inc. (Argentina)(b) | 4,075,378 | ||||||
60,214 | Monster Worldwide, Inc.(c) | 232,426 | ||||||
27,234 | Move, Inc.(c) | 570,552 | ||||||
50,501 | NetEase, Inc. ADR (China) | 4,783,455 | ||||||
44,242 | NIC, Inc. | 815,380 | ||||||
139,980 | Pandora Media, Inc.(c) | 2,698,814 | ||||||
23,338 | Perficient, Inc.(c) | 386,944 | ||||||
46,414 | Perion Network Ltd. (Israel)(b)(c) | 255,277 | ||||||
63,280 | Qihoo 360 Technology Co. Ltd. ADR (China)(b)(c) | 4,618,174 | ||||||
29,700 | QuinStreet, Inc.(c) | 120,285 | ||||||
96,951 | Rackspace Hosting, Inc.(c) | 3,719,040 | ||||||
24,307 | Rocket Fuel, Inc.(b)(c) | 379,675 | ||||||
18,646 | SciQuest, Inc.(c) | 278,012 | ||||||
23,956 | Shutterstock, Inc.(c) | 1,862,819 | ||||||
44,799 | SINA Corp. (China)(c) | 1,835,415 | ||||||
26,083 | Sohu.com, Inc. (China)(c) | 1,267,373 | ||||||
10,763 | Stamps.com, Inc.(c) | 397,155 | ||||||
9,985 | Travelzoo, Inc.(c) | 130,704 | ||||||
25,291 | Trulia, Inc.(b)(c) | 1,179,825 | ||||||
84,753 | VeriSign, Inc.(c) | 5,064,839 | ||||||
21,941 | Vistaprint NV(b)(c) | 1,466,975 | ||||||
35,566 | Web.com Group, Inc.(c) | 730,170 | ||||||
26,526 | WebMD Health Corp.(b)(c) | 1,132,130 | ||||||
25,536 | Wix.com Ltd. (Israel)(b)(c) | 433,857 | ||||||
25,889 | Xoom Corp.(c) | 390,924 | ||||||
315,669 | Yahoo!, Inc.(c) | 14,536,557 | ||||||
167,481 | Yandex NV, Class A (Russia)(c) | 4,793,306 | ||||||
22,134 | YuMe, Inc.(b)(c) | 110,449 | ||||||
25,044 | YY, Inc. ADR (China)(b)(c) | 2,075,146 | ||||||
23,130 | Zillow, Inc., Class A(b)(c) | 2,514,925 | ||||||
40,194 | Zix Corp.(c) | 132,641 | ||||||
|
| |||||||
221,599,419 | ||||||||
|
| |||||||
Systems Software—0.0% | ||||||||
25,688 | Covisint Corp.(b)(c) | 74,238 | ||||||
|
| |||||||
Wireless Telecommunication Services—0.1% | ||||||||
24,275 | Boingo Wireless, Inc.(c) | 170,168 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $287,852,003) | 300,018,133 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
38,995 | Invesco Premier Portfolio—Institutional Class(d) (Cost $38,995) | $ | 38,995 | |||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $287,890,998)—99.9% | 300,057,128 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.6% | ||||||||
16,719,225 | Invesco Liquid Assets Portfolio—Institutional Class(d)(e) (Cost $16,719,225) | 16,719,225 | ||||||
|
| |||||||
Total Investments (Cost $304,610,223)—105.5% | 316,776,353 | |||||||
Other assets less liabilities—(5.5%) | (16,573,317 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 300,203,036 | ||||||
|
|
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, 2014. |
(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. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of October 31, 2014. |
Counterparty | Gross Amount of Securities on Loan at Value | Cash Collateral Received for Securities Loaned* | Net Amount | |||||||||
Brown Brothers Harriman & Co. | $ | 17,363,205 | $ | (16,719,225 | ) | $ | 643,980 |
* | Amount does not include excess collateral received, if any. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 11.8% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
October 31, 2014
(Unaudited)
PowerShares DWA Basic Materials Momentum Portfolio (PYZ) | PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) | PowerShares DWA Consumer Staples Momentum Portfolio (PSL) | PowerShares DWA Energy Momentum Portfolio (PXI) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments, at value(a) | $ | 105,855,640 | $ | 52,275,005 | $ | 41,642,457 | $ | 212,812,009 | ||||||||
Affiliated investments, at value | 1,592,997 | 58,309 | 59,356 | 215,362 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 107,448,637 | 52,333,314 | 41,701,813 | 213,027,371 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 38,557 | 10,866 | 7,151 | 170,627 | ||||||||||||
Securities lending | 293 | — | — | — | ||||||||||||
Other assets | 1,571 | 2,128 | 1,451 | 1,763 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 107,489,058 | 52,346,308 | 41,710,415 | 213,199,761 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 2,958 | 1,327 | 1,246 | 5,065 | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | 1,526,625 | — | — | — | ||||||||||||
Investments purchased | — | — | — | — | ||||||||||||
Accrued advisory fees | 37,464 | 11,012 | 9,930 | 61,763 | ||||||||||||
Accrued trustees’ and officer’s fees | 13,439 | 11,563 | 12,348 | 15,522 | ||||||||||||
Accrued expenses | 68,555 | 55,347 | 45,305 | 211,011 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,649,041 | 79,249 | 68,829 | 293,361 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 105,840,017 | $ | 52,267,059 | $ | 41,641,586 | $ | 212,906,400 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 116,471,604 | $ | 60,764,976 | $ | 44,637,802 | $ | 243,246,388 | ||||||||
Undistributed net investment income (loss) | 105,667 | (8,723 | ) | 11,337 | 110,770 | |||||||||||
Undistributed net realized gain (loss) | (16,473,969 | ) | (11,111,983 | ) | (7,640,439 | ) | (23,750,643 | ) | ||||||||
Net unrealized appreciation (depreciation) | 5,736,715 | 2,622,789 | 4,632,886 | (6,700,115 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 105,840,017 | $ | 52,267,059 | $ | 41,641,586 | $ | 212,906,400 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,950,000 | 1,250,000 | 850,000 | 4,000,000 | ||||||||||||
Net asset value | $ | 54.28 | $ | 41.81 | $ | 48.99 | $ | 53.23 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 54.24 | $ | 41.83 | $ | 48.97 | $ | 53.23 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 100,118,925 | $ | 49,652,216 | $ | 37,009,571 | $ | 219,512,124 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 1,592,997 | $ | 58,309 | $ | 59,356 | $ | 215,362 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 101,711,922 | $ | 49,710,525 | $ | 37,068,927 | $ | 219,727,486 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | 1,540,874 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
PowerShares DWA Financial Momentum Portfolio (PFI) | PowerShares DWA Healthcare Momentum Portfolio (PTH) | PowerShares DWA Industrials Momentum Portfolio (PRN) | PowerShares DWA Technology Momentum Portfolio (PTF) | PowerShares DWA Utilities Momentum Portfolio (PUI) | PowerShares NASDAQ Internet Portfolio (PNQI) | |||||||||||||||||
$ | 33,191,176 | $ | 113,734,909 | $ | 119,469,691 | $ | 66,777,331 | $ | 42,148,494 | $ | 300,018,133 | |||||||||||
1,446,680 | — | — | 67,945 | 49,013 | 16,758,220 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
34,637,856 | 113,734,909 | 119,469,691 | 66,845,276 | 42,197,507 | 316,776,353 | |||||||||||||||||
41,317 | 11,311 | 111,432 | 4,681 | 63,197 | 281,526 | |||||||||||||||||
— | — | — | — | — | 15,311 | |||||||||||||||||
1,654 | 1,495 | 1,619 | 2,104 | 1,448 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
34,680,827 | 113,747,715 | 119,582,742 | 66,852,061 | 42,262,152 | 317,073,190 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,067 | 17,426 | 13,097 | 2,161 | 419 | — | |||||||||||||||||
— | — | — | — | — | 16,719,225 | |||||||||||||||||
— | — | — | — | 46,576 | — | |||||||||||||||||
6,401 | 34,407 | 47,363 | 16,625 | 13,173 | 150,929 | |||||||||||||||||
11,581 | 14,539 | 13,554 | 12,423 | 12,683 | — | |||||||||||||||||
45,327 | 54,384 | 60,002 | 55,101 | 44,417 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
64,376 | 120,756 | 134,016 | 86,310 | 117,268 | 16,870,154 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 34,616,451 | $ | 113,626,959 | $ | 119,448,726 | $ | 66,765,751 | $ | 42,144,884 | $ | 300,203,036 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 41,901,435 | $ | 152,845,396 | $ | 158,264,991 | $ | 92,777,882 | $ | 50,830,380 | $ | 290,270,513 | |||||||||||
45,071 | (259,526 | ) | 72,336 | (51,738 | ) | 105,892 | (819,940 | ) | ||||||||||||||
(10,405,335 | ) | (54,016,427 | ) | (45,091,573 | ) | (33,215,183 | ) | (13,996,494 | ) | (1,413,667 | ) | |||||||||||
3,075,280 | 15,057,516 | 6,202,972 | 7,254,790 | 5,205,106 | 12,166,130 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 34,616,451 | $ | 113,626,959 | $ | 119,448,726 | $ | 66,765,751 | $ | 42,144,884 | $ | 300,203,036 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,150,000 | 2,150,000 | 2,550,000 | 1,850,000 | 1,800,000 | 4,400,000 | |||||||||||||||||
$ | 30.10 | $ | 52.85 | $ | 46.84 | $ | 36.09 | $ | 23.41 | $ | 68.23 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 30.08 | $ | 52.83 | $ | 46.82 | $ | 36.10 | $ | 23.40 | $ | 68.20 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 30,322,561 | $ | 98,677,393 | $ | 113,266,719 | $ | 59,522,541 | $ | 36,943,388 | $ | 287,852,003 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,240,015 | $ | — | $ | — | $ | 67,945 | $ | 49,013 | $ | 16,758,220 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 31,562,576 | $ | 98,677,393 | $ | 113,266,719 | $ | 59,590,486 | $ | 36,992,401 | $ | 304,610,223 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 17,363,205 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 25 |
|
For the six months ended October 31, 2014
(Unaudited)
PowerShares DWA Basic Materials Momentum Portfolio (PYZ) | PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) | PowerShares DWA Consumer Staples Momentum Portfolio (PSL) | PowerShares DWA Energy Momentum Portfolio (PXI) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 677,978 | $ | 159,087 | $ | 226,136 | $ | 1,401,539 | ||||||||
Affiliated dividend income | 6 | 5 | 4 | 13 | ||||||||||||
Securities lending income | 4,334 | — | — | — | ||||||||||||
Foreign withholding tax | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 682,318 | 159,092 | 226,140 | 1,401,552 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 256,928 | 124,697 | 98,897 | 611,580 | ||||||||||||
Sub-licensing | 41,528 | 31,538 | 11,844 | 200,710 | ||||||||||||
Accounting & administration fees | 18,467 | 18,467 | 18,467 | 21,315 | ||||||||||||
Professional fees | 14,490 | 14,236 | 14,163 | 15,503 | ||||||||||||
Trustees’ and officer’s fees | 4,573 | 4,153 | 4,054 | 5,870 | ||||||||||||
Custodian & transfer agent fees | 3,643 | 2,293 | 3,077 | 3,820 | ||||||||||||
Other expenses | 9,770 | 7,431 | 7,929 | 12,730 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 349,399 | 202,815 | 158,431 | 871,528 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (41,155 | ) | (53,231 | ) | (39,803 | ) | (137,779 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 308,244 | 149,584 | 118,628 | 733,749 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | 374,074 | 9,508 | 107,512 | 667,803 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (4,187,137 | ) | (1,654,828 | ) | (730,039 | ) | (12,260,878 | ) | ||||||||
In-kind redemptions | 6,384,509 | — | 961,780 | 10,645,050 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 2,197,372 | (1,654,828 | ) | 231,741 | (1,615,828 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on investment securities | (907,682 | ) | 4,041,629 | 5,027,022 | (30,462,103 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 1,289,690 | 2,386,801 | 5,258,763 | (32,077,931 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,663,764 | $ | 2,396,309 | $ | 5,366,275 | $ | (31,410,128 | ) | |||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares DWA Financial Momentum Portfolio (PFI) | PowerShares DWA Healthcare Momentum Portfolio (PTH) | PowerShares DWA Industrials Momentum Portfolio (PRN) | PowerShares DWA Technology Momentum Portfolio (PTF) | PowerShares DWA Utilities Momentum Portfolio (PUI) | PowerShares NASDAQ Internet Portfolio (PNQI) | |||||||||||||||||
$ | 273,861 | $ | 149,741 | $ | 601,774 | $ | 168,508 | $ | 683,211 | $ | 482,330 | |||||||||||
18,082 | 4 | 8 | 5 | 3 | 6 | |||||||||||||||||
— | — | — | — | — | 111,488 | |||||||||||||||||
— | — | (412 | ) | — | — | (4,750 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
291,943 | 149,745 | 601,370 | 168,513 | 683,214 | 589,074 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
87,897 | 211,427 | 351,386 | 148,594 | 105,239 | 949,580 | |||||||||||||||||
12,125 | 21,778 | 36,430 | 29,827 | 12,529 | — | |||||||||||||||||
18,467 | 18,467 | 18,467 | 18,467 | 18,467 | — | |||||||||||||||||
14,034 | 14,546 | 14,604 | 14,131 | 14,244 | — | |||||||||||||||||
4,039 | 4,464 | 5,029 | 4,239 | 4,091 | — | |||||||||||||||||
3,050 | 3,179 | 3,644 | 2,843 | 3,036 | — | |||||||||||||||||
7,484 | 10,047 | 9,742 | 7,699 | 8,088 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
147,096 | 283,908 | 439,302 | 225,800 | 165,694 | 949,580 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(41,668 | ) | (30,243 | ) | (17,734 | ) | (47,541 | ) | (39,442 | ) | (56 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
105,428 | 253,665 | 421,568 | 178,259 | 126,252 | 949,524 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
186,515 | (103,920 | ) | 179,802 | (9,746 | ) | 556,962 | (360,450 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(1,095,701 | ) | (4,888,886 | ) | (8,856,529 | ) | (3,650,303 | ) | (93,572 | ) | (4,540,649 | ) | |||||||||||
960,772 | (189,531 | ) | 616,783 | — | 1,148,896 | 11,851,347 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(134,929 | ) | (5,078,417 | ) | (8,239,746 | ) | (3,650,303 | ) | 1,055,324 | 7,310,698 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,963,938 | 19,559,465 | 8,542,131 | 10,193,857 | 624,283 | 23,791,670 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,829,009 | 14,481,048 | 302,385 | 6,543,554 | 1,679,607 | 31,102,368 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 3,015,524 | $ | 14,377,128 | $ | 482,187 | $ | 6,533,808 | $ | 2,236,569 | $ | 30,741,918 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares DWA Basic Materials Momentum Portfolio (PYZ) | PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 374,074 | $ | 854,877 | $ | 9,508 | $ | 112,484 | ||||||||
Net realized gain (loss) | 2,197,372 | 17,417,241 | (1,654,828 | ) | 6,822,592 | |||||||||||
Net change in unrealized appreciation (depreciation) | (907,682 | ) | (2,979,184 | ) | 4,041,629 | (4,467,963 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,663,764 | 15,292,934 | 2,396,309 | 2,467,113 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (509,897 | ) | (855,864 | ) | (18,192 | ) | (129,334 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 51,104,049 | 73,661,881 | 4,135,299 | 59,400,392 | ||||||||||||
Value of shares repurchased | (40,607,927 | ) | (74,162,058 | ) | — | (39,917,618 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 10,496,122 | (500,177 | ) | 4,135,299 | 19,482,774 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 11,649,989 | 13,936,893 | 6,513,416 | 21,820,553 | ||||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 94,190,028 | 80,253,135 | 45,753,643 | 23,933,090 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 105,840,017 | $ | 94,190,028 | $ | 52,267,059 | $ | 45,753,643 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 105,667 | $ | 241,490 | $ | (8,723 | ) | $ | (39 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 900,000 | 1,550,000 | 100,000 | 1,500,000 | ||||||||||||
Shares repurchased | (750,000 | ) | (1,600,000 | ) | — | (1,050,000 | ) | |||||||||
Shares outstanding, beginning of period | 1,800,000 | 1,850,000 | 1,150,000 | 700,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,950,000 | 1,800,000 | 1,250,000 | 1,150,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares DWA Consumer Staples Momentum Portfolio (PSL) | PowerShares DWA Energy Momentum Portfolio (PXI) | PowerShares DWA Financial Momentum Portfolio (PFI) | ||||||||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||||||
$ | 107,512 | $ | 600,840 | $ | 667,803 | $ | 1,039,264 | $ | 186,515 | $ | 313,310 | |||||||||||
231,741 | 11,759,367 | (1,615,828 | ) | 28,951,519 | (134,929 | ) | 5,834,367 | |||||||||||||||
5,027,022 | (8,568,511 | ) | (30,462,103 | ) | 8,823,850 | 2,963,938 | (2,648,471 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,366,275 | 3,791,696 | (31,410,128 | ) | 38,814,633 | 3,015,524 | 3,499,206 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(265,166 | ) | (519,961 | ) | (1,053,964 | ) | (942,939 | ) | (183,461 | ) | (327,300 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
4,591,906 | 40,671,117 | 92,267,048 | 211,564,193 | 2,924,910 | 41,859,075 | |||||||||||||||||
(6,789,846 | ) | (42,912,351 | ) | (61,337,299 | ) | (172,910,991 | ) | (7,307,582 | ) | (29,193,899 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,197,940 | ) | (2,241,234 | ) | 30,929,749 | 38,653,202 | (4,382,672 | ) | 12,665,176 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,903,169 | 1,030,501 | (1,534,343 | ) | 76,524,896 | (1,550,609 | ) | 15,837,082 | |||||||||||||||
38,738,417 | 37,707,916 | 214,440,743 | 137,915,847 | 36,167,060 | 20,329,978 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 41,641,586 | $ | 38,738,417 | $ | 212,906,400 | $ | 214,440,743 | $ | 34,616,451 | $ | 36,167,060 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 11,337 | $ | 168,991 | $ | 110,770 | $ | 496,931 | $ | 45,071 | $ | 42,017 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
100,000 | 950,000 | 1,450,000 | 3,950,000 | 100,000 | 1,550,000 | |||||||||||||||||
(150,000 | ) | (1,000,000 | ) | (1,000,000 | ) | (3,250,000 | ) | (250,000 | ) | (1,100,000 | ) | |||||||||||
900,000 | 950,000 | 3,550,000 | 2,850,000 | 1,300,000 | 850,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
850,000 | 900,000 | 4,000,000 | 3,550,000 | 1,150,000 | 1,300,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2014 and the year ended April 30, 2014
(Unaudited)
PowerShares DWA Healthcare Momentum Portfolio (PTH) | PowerShares DWA Industrials Momentum Portfolio (PRN) | |||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (103,920 | ) | $ | 5,402 | $ | 179,802 | $ | 426,248 | |||||||
Net realized gain (loss) | (5,078,417 | ) | 18,995,154 | (8,239,746 | ) | 20,871,490 | ||||||||||
Net change in unrealized appreciation (depreciation) | 19,559,465 | (12,438,845 | ) | 8,542,131 | (7,691,104 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 14,377,128 | 6,561,711 | 482,187 | 13,606,634 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | — | (245,316 | ) | (184,228 | ) | (341,196 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 29,098,353 | 129,950,062 | — | 216,269,719 | ||||||||||||
Value of shares repurchased | (36,408,954 | ) | (89,776,750 | ) | (50,471,463 | ) | (98,486,362 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (7,310,601 | ) | 40,173,312 | (50,471,463 | ) | 117,783,357 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 7,066,527 | 46,489,707 | (50,173,504 | ) | 131,048,795 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 106,560,432 | 60,070,725 | 169,622,230 | 38,573,435 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 113,626,959 | $ | 106,560,432 | $ | 119,448,726 | $ | 169,622,230 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (259,526 | ) | $ | (155,606 | ) | $ | 72,336 | $ | 76,762 | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 600,000 | 2,850,000 | — | 4,800,000 | ||||||||||||
Shares repurchased | (800,000 | ) | (2,050,000 | ) | (1,100,000 | ) | (2,200,000 | ) | ||||||||
Shares outstanding, beginning of period | 2,350,000 | 1,550,000 | 3,650,000 | 1,050,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 2,150,000 | 2,350,000 | 2,550,000 | 3,650,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
PowerShares DWA Technology Momentum Portfolio (PTF) | PowerShares DWA Utilities Momentum Portfolio (PUI) | PowerShares NASDAQ Internet Portfolio (PNQI) | ||||||||||||||||||||
October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | October 31, 2014 | April 30, 2014 | |||||||||||||||||
$ | (9,746 | ) | $ | 50,166 | $ | 556,962 | $ | 902,306 | $ | (360,450 | ) | $ | (871,050 | ) | ||||||||
(3,650,303 | ) | 9,068,960 | 1,055,324 | 7,202,577 | 7,310,698 | 34,722,920 | ||||||||||||||||
10,193,857 | (7,416,013 | ) | 624,283 | (2,181,700 | ) | 23,791,670 | (19,851,903 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
6,533,808 | 1,703,113 | 2,236,569 | 5,923,183 | 30,741,918 | 13,999,967 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
— | (65,769 | ) | (538,430 | ) | (929,718 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
6,706,730 | 56,477,215 | 4,604,997 | 16,775,859 | 27,090,159 | 317,679,346 | |||||||||||||||||
— | (36,642,270 | ) | (5,759,465 | ) | (22,772,053 | ) | (47,256,718 | ) | (106,576,777 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
6,706,730 | 19,834,945 | (1,154,468 | ) | (5,996,194 | ) | (20,166,559 | ) | 211,102,569 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
13,240,538 | 21,472,289 | 543,671 | (1,002,729 | ) | 10,575,359 | 225,102,536 | ||||||||||||||||
53,525,213 | 32,052,924 | 41,601,213 | 42,603,942 | 289,627,677 | 64,525,141 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 66,765,751 | $ | 53,525,213 | $ | 42,144,884 | $ | 41,601,213 | $ | 300,203,036 | $ | 289,627,677 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | (51,738 | ) | $ | (41,992 | ) | $ | 105,892 | $ | 87,360 | $ | (819,940 | ) | $ | (459,490 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
200,000 | 1,700,000 | 200,000 | 850,000 | 400,000 | 4,950,000 | |||||||||||||||||
— | (1,150,000 | ) | (250,000 | ) | (1,150,000 | ) | (700,000 | ) | (1,650,000 | ) | ||||||||||||
1,650,000 | 1,100,000 | 1,850,000 | 2,150,000 | 4,700,000 | 1,400,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,850,000 | 1,650,000 | 1,800,000 | 1,850,000 | 4,400,000 | 4,700,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 31 |
|
PowerShares DWA Basic Materials Momentum Portfolio (PYZ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 52.33 | $ | 43.38 | $ | 38.24 | $ | 40.66 | $ | 31.30 | $ | 20.14 | ||||||||||||
Net investment income(a) | 0.20 | 0.51 | 0.63 | 0.47 | 0.86 | (b) | 0.28 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.02 | 8.95 | 5.16 | (2.46 | ) | 9.34 | 11.20 | |||||||||||||||||
Total from investment operations | 2.22 | 9.46 | 5.79 | (1.99 | ) | 10.20 | 11.48 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.51 | ) | (0.65 | ) | (0.43 | ) | (0.84 | ) | (0.32 | ) | ||||||||||||
Net asset value at end of period | $ | 54.28 | $ | 52.33 | $ | 43.38 | $ | 38.24 | $ | 40.66 | $ | 31.30 | ||||||||||||
Market price at end of period(c) | $ | 54.24 | $ | 52.31 | $ | 43.29 | $ | 38.20 | $ | 40.67 | $ | 31.34 | ||||||||||||
Net Asset Value Total Return(d) | 4.23 | % | 21.97 | % | 15.37 | % | (4.76 | )% | 33.12 | % | 57.46 | % | ||||||||||||
Market Price Total Return(d) | 4.20 | % | 22.18 | % | 15.26 | % | (4.88 | )% | 32.98 | % | 57.59 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 105,840 | $ | 94,190 | $ | 80,253 | $ | 66,924 | $ | 97,591 | $ | 48,517 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.68 | %(e) | 0.68 | % | 0.72 | % | 0.76 | % | 0.79 | % | 0.91 | % | ||||||||||||
Net investment income, after Waivers | 0.73 | %(e) | 1.08 | % | 1.59 | % | 1.33 | % | 2.56 | %(b) | 1.05 | % | ||||||||||||
Portfolio turnover rate(f) | 40 | % | 158 | % | 63 | % | 78 | % | 28 | % | 46 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 39.79 | $ | 34.19 | $ | 29.90 | $ | 27.54 | $ | 23.72 | $ | 17.07 | ||||||||||||
Net investment income(a) | 0.01 | 0.17 | 0.39 | 0.18 | 0.20 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain on investments | 2.03 | 5.63 | 4.24 | 2.37 | 3.79 | 6.65 | ||||||||||||||||||
Total from investment operations | 2.04 | 5.80 | 4.63 | 2.55 | 3.99 | 6.71 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.20 | ) | (0.34 | ) | (0.19 | ) | (0.17 | ) | (0.06 | ) | ||||||||||||
Net asset value at end of period | $ | 41.81 | $ | 39.79 | $ | 34.19 | $ | 29.90 | $ | 27.54 | $ | 23.72 | ||||||||||||
Market price at end of period(b) | $ | 41.83 | $ | 39.74 | $ | 34.16 | $ | 29.89 | $ | 27.53 | $ | 23.74 | ||||||||||||
Net Asset Value Total Return(c) | 5.11 | % | 16.97 | % | 15.67 | % | 9.41 | % | 16.91 | % | 39.37 | % | ||||||||||||
Market Price Total Return(c) | 5.30 | % | 16.93 | % | 15.60 | % | 9.41 | % | 16.77 | % | 39.49 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 52,267 | $ | 45,754 | $ | 23,933 | $ | 19,437 | $ | 20,657 | $ | 21,345 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.81 | %(d) | 0.91 | % | 0.93 | % | 1.19 | % | 1.24 | % | 1.32 | % | ||||||||||||
Net investment income, after Waivers | 0.04 | %(d) | 0.42 | % | 1.29 | % | 0.69 | % | 0.86 | % | 0.31 | % | ||||||||||||
Portfolio turnover rate(e) | 77 | % | 236 | % | 130 | % | 88 | % | 68 | % | 86 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Financial Highlights (continued)
PowerShares DWA Consumer Staples Momentum Portfolio (PSL)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 43.04 | $ | 39.69 | $ | 32.61 | $ | 31.36 | $ | 26.74 | $ | 20.81 | ||||||||||||
Net investment income(a) | 0.13 | 0.66 | 0.66 | 0.48 | 0.52 | 0.36 | ||||||||||||||||||
Net realized and unrealized gain on investments | 6.13 | 3.26 | 7.13 | 1.22 | 4.61 | 5.99 | ||||||||||||||||||
Total from investment operations | 6.26 | 3.92 | 7.79 | 1.70 | 5.13 | 6.35 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.57 | ) | (0.71 | ) | (0.45 | ) | (0.51 | ) | (0.42 | ) | ||||||||||||
Net asset value at end of period | $ | 48.99 | $ | 43.04 | $ | 39.69 | $ | 32.61 | $ | 31.36 | $ | 26.74 | ||||||||||||
Market price at end of period(b) | $ | 48.97 | $ | 43.03 | $ | 39.67 | $ | 32.60 | $ | 31.37 | $ | 26.74 | ||||||||||||
Net Asset Value Total Return(c) | 14.59 | % | 9.93 | % | 24.29 | % | 5.53 | % | 19.46 | % | 30.87 | % | ||||||||||||
Market Price Total Return(c) | 14.58 | % | 9.97 | % | 24.27 | % | 5.47 | % | 19.50 | % | 30.99 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 41,642 | $ | 38,738 | $ | 37,708 | $ | 39,131 | $ | 40,772 | $ | 38,772 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.80 | %(d) | 0.79 | % | 0.82 | % | 0.89 | % | 0.94 | % | 0.87 | % | ||||||||||||
Net investment income, after Waivers | 0.54 | %(d) | 1.56 | % | 1.94 | % | 1.54 | % | 1.91 | % | 1.50 | % | ||||||||||||
Portfolio turnover rate(e) | 45 | % | 175 | % | 57 | % | 35 | % | 54 | % | 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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
PowerShares DWA Energy Momentum Portfolio (PXI)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 60.41 | $ | 48.39 | $ | 40.45 | $ | 44.63 | $ | 29.75 | $ | 19.91 | ||||||||||||
Net investment income(a) | 0.17 | 0.34 | 0.47 | 0.21 | 0.32 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (7.09 | ) | 12.01 | 8.13 | (4.15 | ) | 14.77 | 9.87 | ||||||||||||||||
Total from investment operations | (6.92 | ) | 12.35 | 8.60 | (3.94 | ) | 15.09 | 10.07 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.33 | ) | (0.66 | ) | (0.24 | ) | (0.21 | ) | (0.23 | ) | ||||||||||||
Net asset value at end of period | $ | 53.23 | $ | 60.41 | $ | 48.39 | $ | 40.45 | $ | 44.63 | $ | 29.75 | ||||||||||||
Market price at end of period(b) | $ | 53.23 | $ | 60.37 | $ | 48.36 | $ | 40.47 | $ | 44.65 | $ | 29.75 | ||||||||||||
Net Asset Value Total Return(c) | (11.52 | )% | 25.66 | % | 21.48 | % | (8.79 | )% | 51.01 | % | 50.81 | % | ||||||||||||
Market Price Total Return(c) | (11.46 | )% | 25.66 | % | 21.35 | % | (8.78 | )% | 51.07 | % | 50.73 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 212,906 | $ | 214,441 | $ | 137,916 | $ | 141,562 | $ | 191,903 | $ | 38,671 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.64 | % | 0.66 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.64 | % | 0.69 | % | 0.66 | % | 0.74 | % | 0.93 | % | ||||||||||||
Net investment income, after Waivers | 0.55 | %(d) | 0.65 | % | 1.10 | % | 0.54 | % | 0.90 | % | 0.79 | % | ||||||||||||
Portfolio turnover rate(e) | 57 | % | 198 | % | 80 | % | 107 | % | 35 | % | 63 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Financial Highlights (continued)
PowerShares DWA Financial Momentum Portfolio (PFI)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.82 | $ | 23.92 | $ | 20.08 | $ | 20.45 | $ | 18.46 | $ | 14.63 | ||||||||||||
Net investment income(a) | 0.15 | 0.32 | 0.35 | 0.25 | 0.27 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.28 | 3.93 | 3.83 | (0.42 | ) | 2.04 | 3.84 | |||||||||||||||||
Total from investment operations | 2.43 | 4.25 | 4.18 | (0.17 | ) | 2.31 | 4.05 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.35 | ) | (0.34 | ) | (0.20 | ) | (0.32 | ) | (0.22 | ) | ||||||||||||
Net asset value at end of period | $ | 30.10 | $ | 27.82 | $ | 23.92 | $ | 20.08 | $ | 20.45 | $ | 18.46 | ||||||||||||
Market price at end of period(b) | $ | 30.08 | $ | 27.79 | $ | 23.90 | $ | 20.07 | $ | 20.44 | $ | 18.45 | ||||||||||||
Net Asset Value Total Return(c) | 8.75 | % | 17.89 | % | 21.07 | % | (0.66 | )% | 12.76 | % | 27.90 | % | ||||||||||||
Market Price Total Return(c) | 8.79 | % | 17.86 | % | 21.03 | % | (0.66 | )% | 12.77 | % | 28.09 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 34,616 | $ | 36,167 | $ | 20,330 | $ | 18,071 | $ | 22,492 | $ | 17,539 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(d) | 0.60 | %(e) | 0.64 | % | 0.66 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers(d) | 0.84 | %(e) | 0.91 | % | 1.10 | % | 1.21 | % | 1.30 | % | 1.25 | % | ||||||||||||
Net investment income, after Waivers | 1.06 | %(e) | 1.20 | % | 1.66 | % | 1.33 | % | 1.50 | % | 1.26 | % | ||||||||||||
Portfolio turnover rate(f) | 50 | % | 232 | % | 118 | % | 102 | % | 59 | % | 97 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Financial Highlights (continued)
PowerShares DWA Healthcare Momentum Portfolio (PTH)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 45.34 | $ | 38.76 | $ | 32.29 | $ | 31.41 | $ | 25.68 | $ | 17.89 | ||||||||||||
Net investment income (loss)(a) | (0.06 | ) | 0.00 | (b) | 0.43 | 0.02 | (0.05 | ) | 0.03 | |||||||||||||||
Net realized and unrealized gain on investments | 7.57 | 6.73 | 6.39 | 0.86 | 5.78 | 7.84 | ||||||||||||||||||
Total from investment operations | 7.51 | 6.73 | 6.82 | 0.88 | 5.73 | 7.87 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.15 | ) | (0.35 | ) | — | — | (0.05 | ) | |||||||||||||||
Return of capital | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
Total distributions | — | (0.15 | ) | (0.35 | ) | — | — | (0.08 | ) | |||||||||||||||
Net asset value at end of period | $ | 52.85 | $ | 45.34 | $ | 38.76 | $ | 32.29 | $ | 31.41 | $ | 25.68 | ||||||||||||
Market price at end of period(c) | $ | 52.83 | $ | 45.34 | $ | 38.69 | $ | 32.30 | $ | 31.44 | $ | 25.67 | ||||||||||||
Net Asset Value Total Return(d) | 16.56 | % | 17.41 | % | 21.31 | % | 2.80 | % | 22.31 | % | 44.09 | % | ||||||||||||
Market Price Total Return(d) | 16.52 | % | 17.62 | % | 21.06 | % | 2.74 | % | 22.48 | % | 44.28 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 113,627 | $ | 106,560 | $ | 60,071 | $ | 37,134 | $ | 62,822 | $ | 97,598 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.67 | %(e) | 0.68 | % | 0.74 | % | 0.82 | % | 0.84 | % | 0.72 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.25 | )%(e) | 0.01 | % | 1.26 | % | 0.05 | % | (0.21 | )% | 0.13 | % | ||||||||||||
Portfolio turnover rate(f) | 97 | % | 278 | % | 93 | % | 99 | % | 63 | % | 79 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
PowerShares DWA Industrials Momentum Portfolio (PRN)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 46.47 | $ | 36.74 | $ | 30.02 | $ | 32.47 | $ | 25.21 | $ | 18.85 | ||||||||||||
Net investment income(a) | 0.06 | 0.19 | 0.52 | 0.22 | 0.17 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.37 | 9.72 | 6.89 | (2.48 | ) | 7.29 | 6.48 | |||||||||||||||||
Total from investment operations | 0.43 | 9.91 | 7.41 | (2.26 | ) | 7.46 | 6.68 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.18 | ) | (0.65 | ) | (0.19 | ) | (0.20 | ) | (0.32 | ) | ||||||||||||
Return of capital | — | — | (0.04 | ) | — | — | — | |||||||||||||||||
Total distributions | (0.06 | ) | (0.18 | ) | (0.69 | ) | (0.19 | ) | (0.20 | ) | (0.32 | ) | ||||||||||||
Net asset value at end of period | $ | 46.84 | $ | 46.47 | $ | 36.74 | $ | 30.02 | $ | 32.47 | $ | 25.21 | ||||||||||||
Market price at end of period(b) | $ | 46.82 | $ | 46.43 | $ | 36.72 | $ | 30.00 | $ | 32.48 | $ | 25.20 | ||||||||||||
Net Asset Value Total Return(c) | 0.92 | % | 27.01 | % | 25.18 | % | (6.91 | )% | 29.83 | % | 35.73 | % | ||||||||||||
Market Price Total Return(c) | 0.97 | % | 26.97 | % | 25.19 | % | (7.00 | )% | 29.92 | % | 35.89 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 119,449 | $ | 169,622 | $ | 38,573 | $ | 30,017 | $ | 113,629 | $ | 32,779 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.63 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.66 | % | 0.92 | % | 0.80 | % | 0.88 | % | 0.82 | % | ||||||||||||
Net investment income, after Waivers | 0.26 | %(d) | 0.43 | % | 1.65 | % | 0.77 | % | 0.62 | % | 0.93 | % | ||||||||||||
Portfolio turnover rate(e) | 69 | % | 285 | % | 116 | % | 129 | % | 48 | % | 121 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares DWA Technology Momentum Portfolio (PTF)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.44 | $ | 29.14 | $ | 27.29 | $ | 27.66 | $ | 23.60 | $ | 17.29 | ||||||||||||
Net investment income (loss)(a) | (0.01 | ) | 0.04 | 0.17 | 0.01 | (0.02 | ) | (0.05 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.66 | 3.32 | 1.88 | (0.38 | ) | 4.09 | 6.36 | |||||||||||||||||
Total from investment operations | 3.65 | 3.36 | 2.05 | (0.37 | ) | 4.07 | 6.31 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.06 | ) | (0.20 | ) | — | — | — | ||||||||||||||||
Return of capital | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
Total distributions | — | (0.06 | ) | (0.20 | ) | — | (0.01 | ) | — | |||||||||||||||
Net asset value at end of period | $ | 36.09 | $ | 32.44 | $ | 29.14 | $ | 27.29 | $ | 27.66 | $ | 23.60 | ||||||||||||
Market price at end of period(b) | $ | 36.10 | $ | 32.45 | $ | 29.06 | $ | 27.28 | $ | 27.65 | $ | 23.59 | ||||||||||||
Net Asset Value Total Return(c) | 11.25 | % | 11.52 | % | 7.59 | % | (1.34 | )% | 17.26 | % | 36.50 | % | ||||||||||||
Market Price Total Return(c) | 11.25 | % | 11.86 | % | 7.34 | % | (1.34 | )% | 17.27 | % | 36.44 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 66,766 | $ | 53,525 | $ | 32,053 | $ | 31,387 | $ | 49,793 | $ | 38,942 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.76 | %(d) | 0.80 | % | 0.89 | % | 0.94 | % | 0.91 | % | 0.90 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.03 | )%(d) | 0.13 | % | 0.63 | % | 0.03 | % | (0.07 | )% | (0.24 | )% | ||||||||||||
Portfolio turnover rate(e) | 93 | % | 263 | % | 95 | % | 108 | % | 67 | % | 71 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
PowerShares DWA Utilities Momentum Portfolio (PUI)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.49 | $ | 19.82 | $ | 16.69 | $ | 17.12 | $ | 14.96 | $ | 13.15 | ||||||||||||
Net investment income(a) | 0.30 | 0.47 | 0.45 | 0.41 | 0.48 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.91 | 2.68 | 3.14 | (0.38 | ) | 2.19 | 2.04 | |||||||||||||||||
Total from investment operations | 1.21 | 3.15 | 3.59 | 0.03 | 2.67 | 2.56 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.48 | ) | (0.46 | ) | (0.46 | ) | (0.51 | ) | (0.75 | ) | ||||||||||||
Net asset value at end of period | $ | 23.41 | $ | 22.49 | $ | 19.82 | $ | 16.69 | $ | 17.12 | $ | 14.96 | ||||||||||||
Market price at end of period(b) | $ | 23.40 | $ | 22.47 | $ | 19.79 | $ | 16.66 | $ | 17.13 | $ | 14.96 | ||||||||||||
Net Asset Value Total Return(c) | 5.43 | % | 16.27 | % | 21.90 | % | 0.26 | % | 18.36 | % | 19.79 | % | ||||||||||||
Market Price Total Return(c) | 5.48 | % | 16.35 | % | 21.94 | % | 0.02 | % | 18.42 | % | 19.97 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 42,145 | $ | 41,601 | $ | 42,604 | $ | 43,393 | $ | 47,089 | $ | 38,139 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.79 | %(d) | 0.77 | % | 0.81 | % | 0.77 | % | 0.89 | % | 0.95 | % | ||||||||||||
Net investment income, after Waivers | 2.65 | %(d) | 2.31 | % | 2.54 | % | 2.45 | % | 3.12 | % | 3.71 | % | ||||||||||||
Portfolio turnover rate(e) | 22 | % | 131 | % | 48 | % | 71 | % | 68 | % | 81 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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. For the fiscal year ended April 30, 2014, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares NASDAQ Internet Portfolio (PNQI)
Six Months Ended October 31, 2014 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 61.62 | $ | 46.09 | $ | 41.08 | $ | 41.37 | $ | 27.99 | $ | 17.89 | ||||||||||||
Net investment income (loss)(a) | (0.08 | ) | (0.27 | ) | (0.01 | ) | (0.08 | ) | (0.06 | ) | (0.12 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 6.69 | 15.80 | 5.04 | (0.21 | ) | 13.44 | 10.22 | |||||||||||||||||
Total from investment operations | 6.61 | 15.53 | 5.03 | (0.29 | ) | 13.38 | 10.10 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | — | (0.02 | ) | — | — | — | |||||||||||||||||
Net asset value at end of period | $ | 68.23 | $ | 61.62 | $ | 46.09 | $ | 41.08 | $ | 41.37 | $ | 27.99 | ||||||||||||
Market price at end of period(b) | $ | 68.20 | $ | 61.51 | $ | 46.08 | $ | 41.08 | $ | 41.40 | $ | 28.01 | ||||||||||||
Net Asset Value Total Return(c) | 10.73 | % | 33.70 | % | 12.26 | % | (0.70 | )% | 47.80 | % | 56.46 | % | ||||||||||||
Market Price Total Return(c) | 10.88 | % | 33.48 | % | 12.23 | % | (0.77 | )% | 47.81 | % | 56.65 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 300,203 | $ | 289,628 | $ | 64,525 | $ | 63,678 | $ | 45,507 | $ | 15,396 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income (loss) | (0.23 | )%(d) | (0.42 | )% | (0.02 | )% | (0.22 | )% | (0.17 | )% | (0.46 | )% | ||||||||||||
Portfolio turnover rate(e) | 14 | % | 21 | % | 20 | % | 23 | % | 20 | % | 23 | % |
(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. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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, 2014
(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, 2014, the Trust offered fifty-three portfolios. This report includes the following portfolios:
Full Name | Short Name | |
PowerShares DWA Basic Materials Momentum Portfolio (PYZ) | “DWA Basic Materials Momentum Portfolio” | |
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) | “DWA Consumer Cyclicals Momentum Portfolio” | |
PowerShares DWA Consumer Staples Momentum Portfolio (PSL) | “DWA Consumer Staples Momentum Portfolio” | |
PowerShares DWA Energy Momentum Portfolio (PXI) | “DWA Energy Momentum Portfolio” | |
PowerShares DWA Financial Momentum Portfolio (PFI) | “DWA Financial Momentum Portfolio” | |
PowerShares DWA Healthcare Momentum Portfolio (PTH) | “DWA Healthcare Momentum Portfolio” | |
PowerShares DWA Industrials Momentum Portfolio (PRN) | “DWA Industrials Momentum Portfolio” | |
PowerShares DWA Technology Momentum Portfolio (PTF) | “DWA Technology Momentum Portfolio” | |
PowerShares DWA Utilities Momentum Portfolio (PUI) | “DWA Utilities Momentum 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., except for Shares of NASDAQ Internet Portfolio, which are 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 principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). 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 | Underlying Index | |
DWA Basic Materials Momentum Portfolio | DWA Basic Materials Technical LeadersTM Index | |
DWA Consumer Cyclicals Momentum Portfolio | DWA Consumer Cyclicals Technical LeadersTM Index | |
DWA Consumer Staples Momentum Portfolio | DWA Consumer Staples Technical LeadersTM Index | |
DWA Energy Momentum Portfolio | DWA Energy Technical LeadersTM Index | |
DWA Financial Momentum Portfolio | DWA Financials Technical LeadersTM Index | |
DWA Healthcare Momentum Portfolio | DWA Healthcare Technical LeadersTM Index | |
DWA Industrials Momentum Portfolio | DWA Industrials Technical LeadersTM Index | |
DWA Technology Momentum Portfolio | DWA Technology Technical LeadersTM Index | |
DWA Utilities Momentum Portfolio | DWA Utilities Technical LeadersTM 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 securities) 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. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options 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. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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 securities) 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 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 ask 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.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
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 investing strategies that seek returns in excess of their Underlying Indexes. 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.
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Equity Risk. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that 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 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. 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.
Momentum Investing Risk. Each Fund (except NASDAQ Internet Portfolio) employs a “momentum” style of investing that is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.
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.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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-date.
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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. Out of the unitary management fee, 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 year-end.
G. Securities Lending
During the six-month period ended October 31, 2014, DWA Basic Materials Momentum Portfolio and NASDAQ Internet Portfolio participated in securities lending. Each Fund loaned 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 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 on behalf of each Fund (excluding NASDAQ Internet Portfolio), 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 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, 2015. Offering costs excluded from the Expense Cap are: (a) initial legal fees pertaining to the Funds’ Shares offered
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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 Expense Agreement, it will terminate on August 31, 2015. The Expense Agreement cannot be terminated during its term.
Further, through August 31, 2015, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended October 31, 2014, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA Basic Materials Momentum Portfolio | $ | 41,155 | ||
DWA Consumer Cyclicals Momentum Portfolio | 53,231 | |||
DWA Consumer Staples Momentum Portfolio | 39,803 | |||
DWA Energy Momentum Portfolio | 137,779 | |||
DWA Financial Momentum Portfolio | 41,668 | |||
DWA Healthcare Momentum Portfolio | 30,243 | |||
DWA Industrials Momentum Portfolio | 17,734 | |||
DWA Technology Momentum Portfolio | 47,541 | |||
DWA Utilities Momentum Portfolio | 39,442 | |||
NASDAQ Internet Portfolio | 56 |
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.
For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2014 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/15 | 04/30/16 | 04/30/17 | 10/31/17 | |||||||||||||||||
DWA Basic Materials Momentum Portfolio | $ | 161,432 | $ | 41,196 | $ | 46,379 | $ | 32,772 | $ | 41,085 | ||||||||||
DWA Consumer Cyclicals Momentum Portfolio | 253,302 | 51,344 | 76,493 | 72,285 | 53,180 | |||||||||||||||
DWA Consumer Staples Momentum Portfolio | 203,430 | 41,541 | 63,480 | 58,654 | 39,755 | |||||||||||||||
DWA Energy Momentum Portfolio | 178,956 | 9,506 | 31,818 | — | 137,632 | |||||||||||||||
DWA Financial Momentum Portfolio | 243,270 | 48,756 | 83,041 | 69,854 | 41,619 | |||||||||||||||
DWA Healthcare Momentum Portfolio | 160,536 | 50,671 | 41,317 | 38,353 | 30,195 | |||||||||||||||
DWA Industrials Momentum Portfolio | 176,358 | 46,045 | 82,100 | 30,573 | 17,640 | |||||||||||||||
DWA Technology Momentum Portfolio | 223,722 | 43,574 | 72,589 | 60,072 | 47,487 | |||||||||||||||
DWA Utilities Momentum Portfolio | 203,767 | 38,784 | 71,758 | 53,817 | 39,408 |
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 | |
DWA Basic Materials Momentum Portfolio | Dorsey Wright & Associates, Inc. | |
DWA Consumer Cyclicals Momentum Portfolio | Dorsey Wright & Associates, Inc. | |
DWA Consumer Staples Momentum Portfolio | Dorsey Wright & Associates, Inc. | |
DWA Energy Momentum Portfolio | Dorsey Wright & Associates, Inc. | |
DWA Financial Momentum Portfolio | Dorsey Wright & Associates, Inc. | |
DWA Healthcare Momentum Portfolio | Dorsey Wright & Associates, Inc. |
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Full Name | Licensor | |
DWA Industrials Momentum Portfolio | Dorsey Wright & Associates, Inc. | |
DWA Technology Momentum Portfolio | Dorsey Wright & Associates, Inc. | |
DWA Utilities Momentum Portfolio | Dorsey Wright & Associates, 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 by 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 the 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 with the Funds. The table below shows each Fund’s transactions in, and earnings from, its investment in Invesco Ltd. for the six-month period ended October 31, 2014.
DWA Financial Momentum Portfolio
Value April 30, 2014 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2014 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 1,316,326 | $ | 154,139 | $ | (266,195 | ) | $ | 171,330 | $ | 20,898 | $ | 1,396,498 | $ | 18,078 |
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 a 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, 2014, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules 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.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
DWA Healthcare Momentum Portfolio | ||||||||||||||||
Equity Securities | $ | 113,719,961 | $ | — | $ | 14,948 | $ | 113,734,909 | ||||||||
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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.
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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 eight 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 carryforwards 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 carryforwards as of April 30, 2014, which expire as follows:
Post-effective no expiration | ||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Short-term | Long-term | Total* | Utilized | ||||||||||||||||||||||||||||
DWA Basic Materials Momentum Portfolio | $ | — | $ | 205,528 | $ | 3,783,798 | $ | 4,534,904 | $ | 2,521,492 | $ | 5,924,971 | $ | 1,413,258 | $ | 18,383,951 | $ | 3,244,639 | ||||||||||||||||||
DWA Consumer Cyclicals Momentum Portfolio | — | 1,246,058 | 1,993,654 | — | 2,042,056 | 4,132,216 | 15,433 | 9,429,417 | — | |||||||||||||||||||||||||||
DWA Consumer Staples Momentum Portfolio | — | 562,037 | 2,156,980 | 3,935,363 | 1,180,566 | — | — | 7,834,946 | 3,786,332 | |||||||||||||||||||||||||||
DWA Energy Momentum Portfolio | — | 880,885 | 2,869,667 | 3,914,682 | 1,167,692 | 12,571,235 | — | 21,404,161 | 3,667,877 | |||||||||||||||||||||||||||
DWA Financial Momentum Portfolio | — | 614,940 | 1,821,971 | 4,413,894 | 1,979,006 | 1,325,278 | — | 10,155,089 | 1,797,635 | |||||||||||||||||||||||||||
DWA Healthcare Momentum Portfolio | — | 2,234,184 | 17,890,879 | 18,737,951 | 2,739,963 | 6,942,880 | — | 48,545,857 | 3,245,322 | |||||||||||||||||||||||||||
DWA Industrials Momentum Portfolio | — | 1,476,057 | 6,525,387 | 21,245,288 | 2,746,746 | 4,807,743 | — | 36,801,221 | 6,643,650 | |||||||||||||||||||||||||||
DWA Technology Momentum Portfolio | — | 2,465,875 | 8,220,697 | 7,658,564 | 3,016,840 | 7,958,308 | — | 29,320,284 | 861,059 | |||||||||||||||||||||||||||
DWA Utilities Momentum Portfolio | 430,964 | 2,124,736 | 1,366,073 | 5,885,935 | 874,386 | 3,694,092 | 657,810 | 15,033,996 | 2,340,748 | |||||||||||||||||||||||||||
NASDAQ Internet Portfolio | — | — | — | 3,360 | 74,863 | 1,343,592 | 2,359,815 | 3,781,630 | — |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Note 7. Investment Transactions
For the six-month period ended October 31, 2014, the cost of securities purchased and proceeds from sales of securities, excluding short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, were as follows:
Purchases | Sales | |||||||
DWA Basic Materials Momentum Portfolio | $ | 41,365,167 | $ | 40,552,856 | ||||
DWA Consumer Cyclicals Momentum Portfolio | 38,293,722 | 38,312,567 | ||||||
DWA Consumer Staples Momentum Portfolio | 17,796,239 | 17,556,755 | ||||||
DWA Energy Momentum Portfolio | 138,270,947 | 138,894,984 | ||||||
DWA Financial Momentum Portfolio | 18,130,130 | 17,685,190 | ||||||
DWA Healthcare Momentum Portfolio | 86,293,939 | 86,295,875 | ||||||
DWA Industrials Momentum Portfolio | 97,349,598 | 98,016,509 | ||||||
DWA Technology Momentum Portfolio | 55,792,829 | 55,812,679 | ||||||
DWA Utilities Momentum Portfolio | 9,371,809 | 9,572,407 | ||||||
NASDAQ Internet Portfolio | 43,437,555 | 45,992,567 |
For the six-month period ended October 31, 2014, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA Basic Materials Momentum Portfolio | $ | 51,100,277 | $ | 41,527,150 | ||||
DWA Consumer Cyclicals Momentum Portfolio | 4,135,497 | — | ||||||
DWA Consumer Staples Momentum Portfolio | 4,591,580 | 7,201,220 | ||||||
DWA Energy Momentum Portfolio | 92,329,440 | 61,314,031 | ||||||
DWA Financial Momentum Portfolio | 2,924,822 | 7,770,421 | ||||||
DWA Healthcare Momentum Portfolio | 29,124,523 | 36,475,917 | ||||||
DWA Industrials Momentum Portfolio | — | 49,758,530 | ||||||
DWA Technology Momentum Portfolio | 6,708,232 | — | ||||||
DWA Utilities Momentum Portfolio | 4,599,948 | 5,504,858 | ||||||
NASDAQ Internet Portfolio | 27,092,568 | 45,354,746 |
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Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2014, 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) | |||||||||||||
DWA Basic Materials Momentum Portfolio | $ | 101,999,312 | $ | 5,449,325 | $ | 6,987,133 | $ | (1,537,808 | ) | |||||||
DWA Consumer Cyclicals Momentum Portfolio | 49,738,263 | 2,595,051 | 3,786,965 | (1,191,914 | ) | |||||||||||
DWA Consumer Staples Momentum Portfolio | 37,106,161 | 4,595,652 | 4,919,233 | (323,581 | ) | |||||||||||
DWA Energy Momentum Portfolio | 220,458,140 | (7,430,769 | ) | 13,671,790 | (21,102,559 | ) | ||||||||||
DWA Financial Momentum Portfolio | 31,677,893 | 2,959,963 | 3,199,851 | (239,888 | ) | |||||||||||
DWA Healthcare Momentum Portfolio | 99,069,546 | 14,665,363 | 15,256,815 | (591,452 | ) | |||||||||||
DWA Industrials Momentum Portfolio | 113,317,325 | 6,152,366 | 9,160,726 | (3,008,360 | ) | |||||||||||
DWA Technology Momentum Portfolio | 59,835,082 | 7,010,194 | 7,765,659 | (755,465 | ) | |||||||||||
DWA Utilities Momentum Portfolio | 37,010,223 | 5,187,284 | 5,660,426 | (473,142 | ) | |||||||||||
NASDAQ Internet Portfolio | 308,791,551 | 7,984,802 | 31,894,087 | (23,909,285 | ) |
Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and Officer of the Funds. 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. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
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 in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, 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.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of 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 the Trust’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 each Fund’s Shares are disclosed in detail in 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.
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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, 2014.
In addition to the fees and expenses which the PowerShares DWA Financial Momentum Portfolio (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that you bear indirectly are included in the Portfolio’s total returns.
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, 2014 | Ending Account Value October 31, 2014 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares DWA Basic Materials Momentum Portfolio (PYZ) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,042.34 | 0.60 | % | $ | 3.09 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) | ||||||||||||||||
Actual | 1,000.00 | 1,051.15 | 0.60 | 3.10 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Consumer Staples Momentum Portfolio (PSL) | ||||||||||||||||
Actual | 1,000.00 | 1,145.93 | 0.60 | 3.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Energy Momentum Portfolio (PXI) | ||||||||||||||||
Actual | 1,000.00 | 884.62 | 0.60 | 2.85 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 |
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Fees and Expenses (continued)
Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares DWA Financial Momentum Portfolio (PFI) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,087.45 | 0.60 | % | $ | 3.16 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Healthcare Momentum Portfolio (PTH) | ||||||||||||||||
Actual | 1,000.00 | 1,165.66 | 0.60 | 3.28 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Industrials Momentum Portfolio (PRN) | ||||||||||||||||
Actual | 1,000.00 | 1,009.21 | 0.60 | 3.04 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Technology Momentum Portfolio (PTF) | ||||||||||||||||
Actual | 1,000.00 | 1,112.51 | 0.60 | 3.19 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Utilities Momentum Portfolio (PUI) | ||||||||||||||||
Actual | 1,000.00 | 1,054.27 | 0.60 | 3.11 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares NASDAQ Internet Portfolio (PNQI) | ||||||||||||||||
Actual | 1,000.00 | 1,107.24 | 0.60 | 3.19 | ||||||||||||
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, 2014. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value of the period, then multiplying the results by 184/365. |
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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.
©2014 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 semi-annual period.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual period.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual period.
Item 5. Audit Committee of Listed Registrants.
Not required for semi-annual period.
Item 6. Schedule of Investments.
(a) | The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. 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 material 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 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 5, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Andrew Schlossberg | |
Name: Andrew Schlossberg | ||
Title: President | ||
Date: January 5, 2015 | ||
By: | /s/ Steven Hill | |
Name: Steven Hill | ||
Title: Treasurer | ||
Date: December 31, 2014 |