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, 2015
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, 2015 |
2015 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 |
Broad Market Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
5 | ||||
7 | ||||
18 | ||||
Statements of Assets and Liabilities | 33 | |||
Statements of Operations | 34 | |||
Statements of Changes in Net Assets | 36 | |||
Financial Highlights | 38 | |||
Notes to Financial Statements | 40 | |||
Fees and Expenses | 48 |
| 2 |
|
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Health Care | 33.8 | |||
Consumer Discretionary | 23.1 | |||
Information Technology | 18.9 | |||
Financials | 13.1 | |||
Industrials | 7.0 | |||
Consumer Staples | 2.7 | |||
Telecommunication Services | 1.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—23.1% | ||||||||
1,156 | Amazon.com, Inc.(b) | $ | 723,540 | |||||
2,329 | Charter Communications, Inc., Class A(b) | 444,699 | ||||||
5,917 | Core-Mark Holding Co., Inc. | 480,993 | ||||||
3,433 | Cracker Barrel Old Country Store, Inc. | 471,900 | ||||||
73,394 | Crown Media Holdings, Inc., Class A(b) | 424,951 | ||||||
30,373 | Denny’s Corp.(b) | 332,888 | ||||||
2,786 | Expedia, Inc., Class A | 379,732 | ||||||
7,659 | Fiesta Restaurant Group, Inc.(b) | 270,822 | ||||||
8,831 | G-III Apparel Group Ltd.(b) | 486,500 | ||||||
8,177 | Liberty Ventures, Class A(b) | 356,272 | ||||||
8,672 | Monro Muffler Brake, Inc. | 643,202 | ||||||
12,576 | Nutrisystem, Inc. | 290,883 | ||||||
3,260 | O’Reilly Automotive, Inc.(b) | 900,608 | ||||||
2,250 | Panera Bread Co., Class A(b) | 399,083 | ||||||
19,314 | Papa John’s International, Inc. | 1,355,263 | ||||||
14,016 | Popeyes Louisiana Kitchen, Inc.(b) | 791,063 | ||||||
1,249 | Priceline Group, Inc. (The)(b) | 1,816,346 | ||||||
4,322 | Red Robin Gourmet Burgers, Inc.(b) | 323,675 | ||||||
13,878 | Ross Stores, Inc. | 701,949 | ||||||
33,518 | Ruth’s Hospitality Group, Inc. | 519,864 | ||||||
11,309 | Starbucks Corp. | 707,604 | ||||||
9,234 | Texas Roadhouse, Inc. | 317,188 | ||||||
9,866 | Tractor Supply Co. | 911,520 | ||||||
|
| |||||||
14,050,545 | ||||||||
|
| |||||||
Consumer Staples—2.7% | ||||||||
6,035 | Cal-Maine Foods, Inc. | 322,631 | ||||||
1,962 | Coca-Cola Bottling Co. Consolidated | 414,394 | ||||||
8,987 | Hain Celestial Group, Inc. (The)(b) | 448,002 | ||||||
3,465 | J & J Snack Foods Corp. | 425,467 | ||||||
|
| |||||||
1,610,494 | ||||||||
|
| |||||||
Financials—13.1% | ||||||||
20,705 | Arch Capital Group Ltd.(b) | 1,550,597 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
19,526 | Bank of the Ozarks, Inc. | $ | 976,690 | |||||
10,972 | BofI Holding, Inc.(b) | 877,870 | ||||||
12,604 | E*TRADE Financial Corp.(b) | 359,340 | ||||||
8,595 | Eagle Bancorp, Inc.(b) | 409,122 | ||||||
11,092 | East West Bancorp, Inc. | 448,006 | ||||||
1,157 | Equinix, Inc. REIT | 343,259 | ||||||
13,168 | First Merchants Corp. | 345,397 | ||||||
11,126 | MarketAxess Holdings, Inc. | 1,127,175 | ||||||
7,520 | Pinnacle Financial Partners, Inc. | 395,702 | ||||||
6,325 | PRA Group, Inc.(b) | 346,610 | ||||||
9,755 | PrivateBancorp, Inc. | 408,052 | ||||||
3,244 | SVB Financial Group(b) | 395,995 | ||||||
|
| |||||||
7,983,815 | ||||||||
|
| |||||||
Health Care—33.8% | ||||||||
7,845 | ABIOMED, Inc.(b) | 577,863 | ||||||
10,761 | Acadia Healthcare Co., Inc.(b) | 660,833 | ||||||
3,115 | Alexion Pharmaceuticals, Inc.(b) | 548,240 | ||||||
5,717 | Alkermes PLC(b) | 411,167 | ||||||
4,093 | AmSurg Corp.(b) | 286,878 | ||||||
8,512 | Anacor Pharmaceuticals, Inc.(b) | 956,834 | ||||||
2,355 | Atrion Corp. | 868,995 | ||||||
3,188 | Celgene Corp.(b) | 391,199 | ||||||
17,995 | Cerner Corp.(b) | 1,192,889 | ||||||
3,662 | Clovis Oncology, Inc.(b) | 365,870 | ||||||
10,556 | DexCom, Inc.(b) | 879,526 | ||||||
116,666 | Exelixis, Inc.(b) | 702,329 | ||||||
16,787 | Gilead Sciences, Inc. | 1,815,178 | ||||||
11,450 | Henry Schein, Inc.(b) | 1,737,080 | ||||||
5,053 | ICON PLC(b) | 322,735 | ||||||
6,208 | IDEXX Laboratories, Inc.(b) | 425,993 | ||||||
3,090 | Illumina, Inc.(b) | 442,735 | ||||||
6,876 | Incyte Corp.(b) | 808,136 | ||||||
11,908 | Jazz Pharmaceuticals PLC(b) | 1,634,730 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
10,192 | Medidata Solutions, Inc.(b) | $ | 438,256 | |||||
96,371 | MiMedx Group, Inc.(b) | 701,581 | ||||||
9,462 | Natus Medical, Inc.(b) | 430,805 | ||||||
14,458 | Neurocrine Biosciences, Inc.(b) | 709,743 | ||||||
6,653 | NuVasive, Inc.(b) | 313,755 | ||||||
4,713 | PAREXEL International Corp.(b) | 297,485 | ||||||
7,798 | Prothena Corp. PLC (Ireland)(b) | 401,675 | ||||||
2,845 | Regeneron Pharmaceuticals, Inc.(b) | 1,585,775 | ||||||
2,828 | Vertex Pharmaceuticals, Inc.(b) | 352,765 | ||||||
9,243 | Zeltiq Aesthetics, Inc.(b) | 311,859 | ||||||
|
| |||||||
20,572,909 | ||||||||
|
| |||||||
Industrials—7.0% | ||||||||
2,017 | Allegiant Travel Co. | 398,257 | ||||||
1,966 | AMERCO | 798,805 | ||||||
6,978 | American Woodmark Corp.(b) | 507,301 | ||||||
9,184 | Apogee Enterprises, Inc. | 454,883 | ||||||
25,909 | Builders FirstSource, Inc.(b) | 306,244 | ||||||
21,477 | JetBlue Airways Corp.(b) | 533,489 | ||||||
6,282 | Middleby Corp. (The)(b) | 734,617 | ||||||
6,349 | Multi-Color Corp. | 494,206 | ||||||
|
| |||||||
4,227,802 | ||||||||
|
| |||||||
Information Technology—18.9% | ||||||||
14,778 | Apple, Inc. | 1,765,971 | ||||||
16,326 | Cadence Design Systems, Inc.(b) | 362,764 | ||||||
1,909 | CoStar Group, Inc.(b) | 387,661 | ||||||
40,444 | EarthLink Holdings Corp. | 345,796 | ||||||
7,987 | Electronic Arts, Inc.(b) | 575,623 | ||||||
7,356 | Electronics for Imaging, Inc.(b) | 341,613 | ||||||
5,137 | Euronet Worldwide, Inc.(b) | 412,193 | ||||||
5,138 | Facebook, Inc., Class A(b) | 523,922 | ||||||
7,316 | Fortinet, Inc.(b) | 251,378 | ||||||
16,284 | Infinera Corp.(b) | 321,772 | ||||||
7,695 | Intuit, Inc. | 749,724 | ||||||
5,498 | LogMeIn, Inc.(b) | 370,345 | ||||||
14,635 | Manhattan Associates, Inc.(b) | 1,066,160 | ||||||
7,058 | Monolithic Power Systems, Inc. | 440,560 | ||||||
8,491 | Proofpoint, Inc.(b) | 598,106 | ||||||
7,579 | SPS Commerce, Inc.(b) | 544,324 | ||||||
5,307 | SS&C Technologies Holdings, Inc. | 393,514 | ||||||
4,574 | Stamps.com, Inc.(b) | 345,840 | ||||||
11,187 | Take-Two Interactive Software, Inc.(b) | 371,408 | ||||||
4,252 | Ultimate Software Group, Inc. (The)(b) | 868,896 | ||||||
7,998 | Virtusa Corp.(b) | 459,325 | ||||||
|
| |||||||
11,496,895 | ||||||||
|
| |||||||
Telecommunication Services—1.4% | ||||||||
3,698 | SBA Communications Corp., Class A(b) | 440,136 | ||||||
8,529 | Shenandoah Telecommunications Co. | 399,072 | ||||||
|
| |||||||
839,208 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $56,087,881) | 60,781,668 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
76,398 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $76,398) | $ | 76,398 | |||||
|
| |||||||
Total Investments (Cost $56,164,279)—100.1% | 60,858,066 | |||||||
Other assets less liabilities—(0.1)% | (75,885 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 60,782,181 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares Dynamic Market Portfolio (PWC)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Information Technology | 20.4 | |||
Financials | 14.8 | |||
Consumer Discretionary | 14.2 | |||
Health Care | 13.7 | |||
Industrials | 10.9 | |||
Consumer Staples | 9.4 | |||
Energy | 8.0 | |||
Materials | 3.5 | |||
Utilities | 2.9 | |||
Telecommunication Services | 2.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—14.2% | ||||||||
16,923 | Aaron’s, Inc. | $ | 417,490 | |||||
10,375 | Bright Horizons Family Solutions, Inc.(b) | 664,208 | ||||||
124,112 | D.R. Horton, Inc. | 3,653,857 | ||||||
55,841 | Denny’s Corp.(b) | 612,017 | ||||||
32,096 | Expedia, Inc., Class A | 4,374,685 | ||||||
8,951 | Foot Locker, Inc. | 606,430 | ||||||
36,361 | Isle of Capri Casinos, Inc.(b) | 695,586 | ||||||
44,709 | L Brands, Inc. | 4,291,170 | ||||||
15,518 | O’Reilly Automotive, Inc.(b) | 4,287,003 | ||||||
10,261 | Outerwall, Inc. | 615,660 | ||||||
21,178 | Service Corp. International | 598,490 | ||||||
18,145 | ServiceMaster Global Holdings, Inc.(b) | 646,869 | ||||||
13,545 | Skechers U.S.A., Inc., Class A(b) | 422,604 | ||||||
10,392 | Sturm Ruger & Co., Inc. | 591,721 | ||||||
|
| |||||||
22,477,790 | ||||||||
|
| |||||||
Consumer Staples—9.4% | ||||||||
42,801 | Dean Foods Co. | 775,126 | ||||||
24,168 | Diamond Foods, Inc.(b) | 957,536 | ||||||
18,137 | Fresh Del Monte Produce, Inc. | 827,591 | ||||||
14,309 | Ingles Markets, Inc., Class A | 714,591 | ||||||
67,431 | Kraft Heinz Co. (The) | 5,257,595 | ||||||
222 | Seaboard Corp.(b) | 747,696 | ||||||
24,922 | SpartanNash Co. | 695,324 | ||||||
57,611 | Walgreens Boots Alliance, Inc. | 4,878,500 | ||||||
|
| |||||||
14,853,959 | ||||||||
|
| |||||||
Energy—8.0% | ||||||||
34,574 | Alon USA Partners LP | 850,866 | ||||||
92,002 | Apache Corp. | 4,336,054 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
32,455 | Oil States International, Inc.(b) | $ | 973,974 | |||||
56,439 | Patterson-UTI Energy, Inc. | 840,377 | ||||||
65,078 | Transocean Ltd. | 1,030,185 | ||||||
69,953 | Valero Energy Corp. | 4,611,302 | ||||||
|
| |||||||
12,642,758 | ||||||||
|
| |||||||
Financials—14.8% | ||||||||
8,086 | American Financial Group, Inc. | 583,728 | ||||||
38,406 | Arch Capital Group Ltd.(b) | 2,876,225 | ||||||
10,243 | Argo Group International Holdings Ltd. | 640,392 | ||||||
22,659 | Assured Guaranty Ltd. | 621,763 | ||||||
25,536 | Employers Holdings, Inc. | 675,938 | ||||||
3,208 | Everest Re Group Ltd. | 570,928 | ||||||
14,452 | First American Financial Corp. | 551,055 | ||||||
56,644 | Hartford Financial Services Group, Inc. (The) | 2,620,352 | ||||||
15,636 | Heartland Financial USA, Inc. | 576,030 | ||||||
15,183 | HFF, Inc., Class A | 524,117 | ||||||
40,825 | JPMorgan Chase & Co. | 2,623,006 | ||||||
52,029 | MetLife, Inc. | 2,621,221 | ||||||
19,650 | Popular, Inc. | 581,051 | ||||||
51,435 | Principal Financial Group, Inc. | 2,579,980 | ||||||
32,242 | Prudential Financial, Inc. | 2,659,965 | ||||||
18,782 | Selective Insurance Group, Inc. | 685,355 | ||||||
16,883 | United Fire Group, Inc. | 627,879 | ||||||
23,298 | Universal Insurance Holdings, Inc. | 735,052 | ||||||
|
| |||||||
23,354,037 | ||||||||
|
| |||||||
Health Care—13.7% | ||||||||
15,589 | Amedisys, Inc.(b) | 617,013 | ||||||
38,764 | AmerisourceBergen Corp. | 3,741,114 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic Market Portfolio (PWC) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
17,976 | AMN Healthcare Services, Inc.(b) | $ | 509,979 | |||||
27,819 | Anthem, Inc. | 3,871,014 | ||||||
12,733 | Cambrex Corp.(b) | 585,336 | ||||||
9,747 | Centene Corp.(b) | 579,751 | ||||||
24,792 | FibroGen, Inc.(b) | 577,901 | ||||||
36,279 | Gilead Sciences, Inc. | 3,922,848 | ||||||
9,404 | Health Net, Inc.(b) | 604,301 | ||||||
98,344 | Hologic, Inc.(b) | 3,821,648 | ||||||
14,506 | INC Research Holdings, Inc., Class A(b) | 605,045 | ||||||
14,021 | LHC Group, Inc.(b) | 631,856 | ||||||
26,940 | Merit Medical Systems, Inc.(b) | 499,468 | ||||||
7,990 | Molina Healthcare, Inc.(b) | 495,380 | ||||||
16,143 | PRA Health Sciences, Inc.(b) | 565,651 | ||||||
|
| |||||||
21,628,305 | ||||||||
|
| |||||||
Industrials—10.9% | ||||||||
12,338 | AGCO Corp. | 597,036 | ||||||
49,521 | Alaska Air Group, Inc. | 3,775,976 | ||||||
20,776 | ArcBest Corp. | 538,099 | ||||||
14,513 | Atlas Air Worldwide Holdings, Inc.(b) | 598,516 | ||||||
85,439 | Delta Air Lines, Inc. | 4,343,719 | ||||||
26,336 | Hawaiian Holdings, Inc.(b) | 913,859 | ||||||
43,626 | RPX Corp.(b) | 621,234 | ||||||
11,661 | Spirit AeroSystems Holdings, Inc., Class A(b) | 615,001 | ||||||
65,724 | United Continental Holdings, Inc.(b) | 3,963,815 | ||||||
18,417 | Virgin America, Inc.(b) | 655,829 | ||||||
48,540 | Wabash National Corp.(b) | 581,024 | ||||||
|
| |||||||
17,204,108 | ||||||||
|
| |||||||
Information Technology—20.4% | ||||||||
43,384 | Accenture PLC, Class A | 4,650,765 | ||||||
33,172 | Advanced Energy Industries, Inc.(b) | 938,104 | ||||||
6,304 | Alphabet, Inc., Class A(b) | 4,648,507 | ||||||
8,412 | Ambarella, Inc.(b) | 415,889 | ||||||
21,374 | Aspen Technology, Inc.(b) | 884,670 | ||||||
95,866 | EarthLink Holdings Corp. | 819,654 | ||||||
61,234 | Electronic Arts, Inc.(b) | 4,413,134 | ||||||
10,767 | Ellie Mae, Inc.(b) | 785,776 | ||||||
47,918 | Fiserv, Inc.(b) | 4,624,566 | ||||||
76,421 | Flextronics International Ltd.(b) | 870,435 | ||||||
18,856 | Fortinet, Inc.(b) | 647,892 | ||||||
53,400 | Ixia(b) | 769,494 | ||||||
160,060 | Juniper Networks, Inc. | 5,024,284 | ||||||
13,613 | Manhattan Associates, Inc.(b) | 991,707 | ||||||
9,740 | Stamps.com, Inc.(b) | 736,441 | ||||||
17,473 | Total System Services, Inc. | 916,459 | ||||||
|
| |||||||
32,137,777 | ||||||||
|
| |||||||
Materials—3.5% | ||||||||
8,261 | Celanese Corp., Series A | 586,944 | ||||||
40,593 | LyondellBasell Industries NV, Class A | 3,771,496 | ||||||
16,989 | Trinseo SA(b) | 551,293 | ||||||
9,051 | Westlake Chemical Corp. | 545,504 | ||||||
|
| |||||||
5,455,237 | ||||||||
|
| |||||||
Telecommunication Services—2.2% | ||||||||
36,602 | AT&T, Inc. | 1,226,533 | ||||||
4,843 | Atlantic Tele-Network, Inc. | 370,102 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Telecommunication Services (continued) | ||||||||
20,490 | General Communication, Inc., Class A(b) | $ | 417,279 | |||||
41,005 | NII Holdings, Inc.(b) | 287,855 | ||||||
30,462 | T-Mobile US, Inc.(b) | 1,154,205 | ||||||
|
| |||||||
3,455,974 | ||||||||
|
| |||||||
Utilities���2.9% | ||||||||
56,371 | AES Corp. (The) | 617,262 | ||||||
31,262 | NextEra Energy, Inc. | 3,209,357 | ||||||
19,186 | Ormat Technologies, Inc. | 723,696 | ||||||
|
| |||||||
4,550,315 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $146,267,308) | 157,760,260 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
41,738 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $41,738) | 41,738 | ||||||
|
| |||||||
Total Investments (Cost $146,309,046)—100.0% | 157,801,998 | |||||||
Other assets less liabilities—(0.0)% | (30,815 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 157,771,183 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Financials | 22.0 | |||
Information Technology | 12.4 | |||
Consumer Discretionary | 11.6 | |||
Energy | 11.0 | |||
Industrials | 10.6 | |||
Health Care | 10.3 | |||
Consumer Staples | 9.7 | |||
Utilities | 5.0 | |||
Telecommunication Services | 3.8 | |||
Materials | 3.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—11.6% | ||||||||
24,464 | Aaron’s, Inc. | $ | 603,527 | |||||
44,194 | Abercrombie & Fitch Co., Class A(b) | 936,471 | ||||||
8,785 | Advance Auto Parts, Inc. | 1,743,208 | ||||||
22,394 | Amazon.com, Inc.(c) | 14,016,405 | ||||||
88,093 | American Eagle Outfitters, Inc. | 1,346,061 | ||||||
52,083 | Apollo Education Group, Inc., Class A(c) | 378,123 | ||||||
52,641 | Aramark | 1,597,654 | ||||||
8,983 | Asbury Automotive Group, Inc.(c) | 711,454 | ||||||
57,457 | Ascena Retail Group, Inc.(c) | 765,327 | ||||||
20,949 | Autoliv, Inc. (Sweden)(b) | 2,539,857 | ||||||
29,163 | AutoNation, Inc.(c) | 1,842,810 | ||||||
3,873 | AutoZone, Inc.(c) | 3,038,020 | ||||||
18,229 | Barnes & Noble Education, Inc.(c) | 268,878 | ||||||
28,847 | Barnes & Noble, Inc. | 374,723 | ||||||
44,512 | Bed Bath & Beyond, Inc.(c) | 2,654,251 | ||||||
154,214 | Best Buy Co., Inc. | 5,402,116 | ||||||
24,420 | Big Lots, Inc. | 1,125,762 | ||||||
27,424 | Bloomin’ Brands, Inc. | 465,385 | ||||||
27,698 | BorgWarner, Inc. | 1,186,028 | ||||||
11,479 | Brinker International, Inc. | 522,409 | ||||||
11,228 | Brunswick Corp. | 604,179 | ||||||
19,703 | Burlington Stores, Inc.(c) | 947,320 | ||||||
11,536 | Cabela’s, Inc.(c) | 451,865 | ||||||
1,349 | Cable One, Inc.(c) | 584,711 | ||||||
79,685 | Cablevision Systems Corp., Class A | 2,596,934 | ||||||
59,618 | Caesars Entertainment Corp.(b)(c) | 479,925 | ||||||
38,444 | CarMax, Inc.(c) | 2,268,580 | ||||||
117,864 | Carnival Corp. | 6,374,085 | ||||||
87,014 | CBS Corp., Class B | 4,047,891 | ||||||
12,239 | Charter Communications, Inc., Class A(b)(c) | 2,336,915 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
31,228 | Chico’s FAS, Inc. | $ | 431,571 | |||||
1,437 | Chipotle Mexican Grill, Inc.(c) | 920,011 | ||||||
22,661 | Cinemark Holdings, Inc. | 803,106 | ||||||
56,678 | Coach, Inc. | 1,768,354 | ||||||
416,716 | Comcast Corp., Class A | 26,094,756 | ||||||
81,199 | Comcast Corp., Class A Special | 5,091,989 | ||||||
22,819 | Cooper Tire & Rubber Co. | 953,606 | ||||||
35,698 | CST Brands, Inc. | 1,282,629 | ||||||
44,719 | D.R. Horton, Inc. | 1,316,527 | ||||||
53,424 | Dana Holding Corp. | 897,523 | ||||||
37,980 | Darden Restaurants, Inc. | 2,350,582 | ||||||
37,432 | Delphi Automotive PLC (United Kingdom) | 3,113,968 | ||||||
15,581 | DeVry Education Group, Inc. | 367,088 | ||||||
17,393 | Dick’s Sporting Goods, Inc. | 774,858 | ||||||
8,072 | Dillard’s, Inc., Class A | 722,283 | ||||||
22,800 | Discovery Communications, Inc., Class A(b)(c) | 671,232 | ||||||
43,555 | Discovery Communications, Inc., Class C(c) | 1,198,634 | ||||||
28,478 | DISH Network Corp., Class A(c) | 1,793,260 | ||||||
46,568 | Dollar General Corp. | 3,155,913 | ||||||
24,306 | Dollar Tree, Inc.(c) | 1,591,800 | ||||||
15,528 | DSW, Inc., Class A | 387,268 | ||||||
10,153 | Expedia, Inc., Class A | 1,383,854 | ||||||
29,384 | Foot Locker, Inc. | 1,990,766 | ||||||
1,611,829 | Ford Motor Co. | 23,871,187 | ||||||
9,602 | Fossil Group, Inc.(c) | 522,445 | ||||||
48,983 | GameStop Corp., Class A(b) | 2,256,647 | ||||||
27,747 | Gannett Co., Inc. | 438,958 | ||||||
62,087 | Gap, Inc. (The) | 1,690,008 | ||||||
26,769 | Garmin Ltd. | 949,496 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
603,966 | General Motors Co. | $ | 21,084,453 | |||||
8,456 | Genesco, Inc.(c) | 529,768 | ||||||
39,970 | Gentex Corp. | 655,108 | ||||||
35,513 | Genuine Parts Co. | 3,223,160 | ||||||
13,054 | GNC Holdings, Inc., Class A | 388,356 | ||||||
112,003 | Goodyear Tire & Rubber Co. (The) | 3,678,179 | ||||||
1,349 | Graham Holdings Co., Class B | 745,282 | ||||||
11,206 | Group 1 Automotive, Inc. | 974,362 | ||||||
47,467 | Guess?, Inc. | 999,180 | ||||||
50,891 | H&R Block, Inc. | 1,896,199 | ||||||
31,749 | Hanesbrands, Inc. | 1,014,063 | ||||||
33,006 | Harley-Davidson, Inc. | 1,632,147 | ||||||
5,710 | Harman International Industries, Inc. | 627,872 | ||||||
24,817 | Hasbro, Inc. | 1,906,690 | ||||||
49,553 | Hilton Worldwide Holdings, Inc. | 1,238,329 | ||||||
187,796 | Home Depot, Inc. (The) | 23,219,097 | ||||||
63,636 | International Game Technology PLC(c) | 1,032,176 | ||||||
76,923 | Interpublic Group of Cos., Inc. (The) | 1,763,844 | ||||||
299,343 | J.C. Penney Co., Inc.(b)(c) | 2,744,975 | ||||||
26,188 | Jarden Corp.(c) | 1,173,222 | ||||||
168,612 | Johnson Controls, Inc. | 7,617,890 | ||||||
66,272 | Kohl’s Corp. | 3,056,465 | ||||||
45,906 | L Brands, Inc. | 4,406,058 | ||||||
59,926 | Las Vegas Sands Corp. | 2,966,936 | ||||||
23,712 | Lear Corp. | 2,965,423 | ||||||
31,386 | Leggett & Platt, Inc. | 1,413,312 | ||||||
21,246 | Lennar Corp., Class A | 1,063,787 | ||||||
36,908 | Liberty Global PLC, Series A (United Kingdom)(c) | 1,643,144 | ||||||
102,205 | Liberty Global PLC, Series C (United Kingdom)(c) | 4,358,021 | ||||||
1,843 | Liberty Global PLC LiLAC, Class A (United Kingdom)(c) | 71,177 | ||||||
5,021 | Liberty Global PLC LiLAC, Class C (United Kingdom)(c) | 194,112 | ||||||
107,612 | Liberty Interactive Corp. QVC Group, Series A(c) | 2,945,340 | ||||||
22,832 | Liberty Media Corp., Series A(c) | 930,632 | ||||||
46,061 | Liberty Media Corp., Series C(c) | 1,803,288 | ||||||
42,240 | Live Nation Entertainment, Inc.(c) | 1,152,307 | ||||||
42,217 | LKQ Corp.(c) | 1,250,045 | ||||||
170,160 | Lowe’s Cos., Inc. | 12,562,913 | ||||||
99,026 | Macy’s, Inc. | 5,048,345 | ||||||
19,518 | Marriott International, Inc., Class A | 1,498,592 | ||||||
124,982 | Mattel, Inc. | 3,072,058 | ||||||
222,767 | McDonald’s Corp. | 25,005,596 | ||||||
11,637 | Men’s Wearhouse, Inc. (The) | 465,247 | ||||||
100,395 | MGM Resorts International(c) | 2,328,160 | ||||||
13,156 | Michael Kors Holdings Ltd.(c) | 508,348 | ||||||
9,937 | Mohawk Industries, Inc.(c) | 1,942,683 | ||||||
36,407 | Murphy USA, Inc.(c) | 2,234,298 | ||||||
12,421 | Netflix, Inc.(c) | 1,346,188 | ||||||
42,420 | Newell Rubbermaid, Inc. | 1,799,881 | ||||||
138,759 | News Corp., Class A | 2,136,889 | ||||||
38,950 | News Corp., Class B | 602,946 | ||||||
59,491 | NIKE, Inc., Class B | 7,795,106 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
28,764 | Nordstrom, Inc. | $ | 1,875,700 | |||||
698 | NVR, Inc.(c) | 1,143,156 | ||||||
208,992 | Office Depot, Inc.(c) | 1,592,519 | ||||||
56,685 | Omnicom Group, Inc. | 4,246,840 | ||||||
9,555 | O’Reilly Automotive, Inc.(c) | 2,639,664 | ||||||
9,461 | Outerwall, Inc.(b) | 567,660 | ||||||
3,841 | Panera Bread Co., Class A(c) | 681,278 | ||||||
17,849 | Penske Automotive Group, Inc. | 871,745 | ||||||
5,296 | Polaris Industries, Inc. | 594,953 | ||||||
2,598 | Priceline Group, Inc. (The)(c) | 3,778,116 | ||||||
43,115 | PulteGroup, Inc. | 790,298 | ||||||
13,531 | PVH Corp. | 1,230,644 | ||||||
11,558 | Ralph Lauren Corp., Class A | 1,280,280 | ||||||
28,571 | Regal Entertainment Group, Class A(b) | 553,706 | ||||||
40,468 | Rent-A-Center, Inc. | 744,207 | ||||||
48,565 | Ross Stores, Inc. | 2,456,418 | ||||||
29,476 | Royal Caribbean Cruises Ltd. | 2,898,965 | ||||||
23,252 | Sally Beauty Holdings, Inc.(c) | 546,655 | ||||||
10,106 | Scripps Networks Interactive, Inc., Class A | 607,168 | ||||||
56,634 | Sears Holdings Corp.(b)(c) | 1,323,537 | ||||||
35,324 | SeaWorld Entertainment, Inc. | 704,007 | ||||||
36,373 | Service Corp. International | 1,027,901 | ||||||
9,801 | Signet Jewelers Ltd. | 1,479,363 | ||||||
188,682 | Sirius XM Holdings, Inc.(c) | 769,823 | ||||||
12,354 | Six Flags Entertainment Corp. | 642,902 | ||||||
28,462 | Sonic Automotive, Inc., Class A | 709,842 | ||||||
330,110 | Staples, Inc. | 4,288,129 | ||||||
97,393 | Starbucks Corp. | 6,093,880 | ||||||
26,710 | Starwood Hotels & Resorts Worldwide, Inc. | 2,133,328 | ||||||
219,962 | Target Corp. | 16,976,667 | ||||||
55,494 | TEGNA, Inc. | 1,500,558 | ||||||
24,425 | Tenneco, Inc.(c) | 1,382,211 | ||||||
17,280 | Tiffany & Co. | 1,424,563 | ||||||
119,802 | Time Warner Cable, Inc. | 22,690,499 | ||||||
222,746 | Time Warner, Inc. | 16,781,684 | ||||||
73,935 | Time, Inc. | 1,373,712 | ||||||
89,629 | TJX Cos., Inc. (The) | 6,559,947 | ||||||
21,983 | Toll Brothers, Inc.(c) | 790,729 | ||||||
5,993 | TopBuild Corp.(c) | 168,583 | ||||||
8,565 | Tractor Supply Co. | 791,320 | ||||||
10,175 | Tupperware Brands Corp. | 599,002 | ||||||
148,146 | Twenty-First Century Fox, Inc., Class A | 4,546,601 | ||||||
45,794 | Twenty-First Century Fox, Inc., Class B | 1,414,119 | ||||||
20,578 | Urban Outfitters, Inc.(c) | 588,531 | ||||||
39,979 | VF Corp. | 2,699,382 | ||||||
72,944 | Viacom, Inc., Class B | 3,596,869 | ||||||
19,050 | Visteon Corp.(c) | 2,077,783 | ||||||
191,911 | Walt Disney Co. (The) | 21,827,957 | ||||||
62,334 | Wendy’s Co. (The) | 570,979 | ||||||
18,942 | Whirlpool Corp. | 3,033,372 | ||||||
11,091 | Williams-Sonoma, Inc. | 817,961 | ||||||
17,835 | Wyndham Worldwide Corp. | 1,450,877 | ||||||
22,370 | Wynn Resorts Ltd.(b) | 1,564,781 | ||||||
65,411 | Yum! Brands, Inc. | 4,638,294 | ||||||
|
| |||||||
495,852,507 | ||||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples—9.7% | ||||||||
342,626 | Altria Group, Inc. | $ | 20,718,594 | |||||
14,551 | Andersons, Inc. (The) | 515,105 | ||||||
299,390 | Archer-Daniels-Midland Co. | 13,670,147 | ||||||
356,369 | Avon Products, Inc. | 1,436,167 | ||||||
17,315 | Brown-Forman Corp., Class B | 1,838,507 | ||||||
100,317 | Bunge Ltd. | 7,319,128 | ||||||
40,137 | Campbell Soup Co. | 2,038,558 | ||||||
11,210 | Casey’s General Stores, Inc. | 1,190,726 | ||||||
15,457 | Church & Dwight Co., Inc. | 1,330,693 | ||||||
21,736 | Clorox Co. (The) | 2,650,488 | ||||||
743,416 | Coca-Cola Co. (The) | 31,483,668 | ||||||
53,090 | Coca-Cola Enterprises, Inc. | 2,725,641 | ||||||
127,492 | Colgate-Palmolive Co. | 8,459,094 | ||||||
136,766 | ConAgra Foods, Inc. | 5,545,861 | ||||||
16,256 | Constellation Brands, Inc., Class A | 2,191,309 | ||||||
110,455 | Costco Wholesale Corp. | 17,465,145 | ||||||
239,101 | CVS Health Corp. | 23,618,397 | ||||||
43,258 | Darling Ingredients, Inc.(c) | 437,771 | ||||||
57,777 | Dean Foods Co. | 1,046,342 | ||||||
32,365 | Dr Pepper Snapple Group, Inc. | 2,892,460 | ||||||
10,233 | Edgewell Personal Care Co. | 866,837 | ||||||
10,233 | Energizer Holdings, Inc. | 438,279 | ||||||
20,759 | Estee Lauder Cos., Inc. (The), Class A | 1,670,269 | ||||||
36,264 | Flowers Foods, Inc. | 979,128 | ||||||
146,783 | General Mills, Inc. | 8,529,560 | ||||||
33,327 | Herbalife Ltd.(b)(c) | 1,867,645 | ||||||
19,096 | Hershey Co. (The) | 1,693,624 | ||||||
20,497 | Hormel Foods Corp. | 1,384,572 | ||||||
17,071 | Ingredion, Inc. | 1,622,769 | ||||||
23,904 | JM Smucker Co. (The) | 2,806,091 | ||||||
60,511 | Kellogg Co. | 4,267,236 | ||||||
7,991 | Keurig Green Mountain, Inc. | 405,543 | ||||||
80,400 | Kimberly-Clark Corp. | 9,624,684 | ||||||
93,601 | Kraft Heinz Co. (The) | 7,298,070 | ||||||
340,451 | Kroger Co. (The) | 12,869,048 | ||||||
19,505 | McCormick & Co., Inc. | 1,638,030 | ||||||
16,437 | Mead Johnson Nutrition Co. | 1,347,834 | ||||||
30,780 | Molson Coors Brewing Co., Class B | 2,711,718 | ||||||
421,150 | Mondelez International, Inc., Class A | 19,440,284 | ||||||
5,393 | Monster Beverage Corp.(c) | 735,174 | ||||||
10,829 | Nu Skin Enterprises, Inc., Class A(b) | 413,776 | ||||||
289,250 | PepsiCo, Inc. | 29,558,458 | ||||||
367,028 | Philip Morris International, Inc. | 32,445,275 | ||||||
15,866 | Pinnacle Foods, Inc. | 699,373 | ||||||
590,275 | Procter & Gamble Co. (The) | 45,085,205 | ||||||
121,624 | Reynolds American, Inc. | 5,876,872 | ||||||
370,435 | Rite Aid Corp.(c) | 2,919,028 | ||||||
254,876 | SUPERVALU, Inc.(c) | 1,674,535 | ||||||
215,875 | Sysco Corp. | 8,904,844 | ||||||
8,485 | TreeHouse Foods, Inc.(c) | 726,655 | ||||||
105,159 | Tyson Foods, Inc., Class A | 4,664,853 | ||||||
10,375 | United Natural Foods, Inc.(c) | 523,419 | ||||||
16,161 | Universal Corp. | 872,856 | ||||||
161,509 | Walgreens Boots Alliance, Inc. | 13,676,582 | ||||||
570,980 | Wal-Mart Stores, Inc. | 32,682,895 | ||||||
15,555 | WhiteWave Foods Co. (The)(c) | 637,444 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
48,386 | Whole Foods Market, Inc. | $ | 1,449,645 | |||||
|
| |||||||
413,581,911 | ||||||||
|
| |||||||
Energy—11.0% | ||||||||
98,011 | Anadarko Petroleum Corp. | 6,554,976 | ||||||
174,677 | Apache Corp. | 8,232,527 | ||||||
78,533 | Arch Coal, Inc.(b)(c) | 117,799 | ||||||
24,804 | Atwood Oceanics, Inc.(b) | 410,506 | ||||||
114,896 | Baker Hughes, Inc. | 6,052,721 | ||||||
48,267 | Bill Barrett Corp.(b)(c) | 235,060 | ||||||
30,685 | Cabot Oil & Gas Corp. | 666,171 | ||||||
508,463 | California Resources Corp. | 2,054,191 | ||||||
63,984 | Cameron International Corp.(c) | 4,351,552 | ||||||
232,082 | Chesapeake Energy Corp.(b) | 1,654,745 | ||||||
855,436 | Chevron Corp. | 77,742,024 | ||||||
11,912 | Cimarex Energy Co. | 1,406,331 | ||||||
78,782 | Cloud Peak Energy, Inc.(b)(c) | 233,983 | ||||||
78,183 | Columbia Pipeline Group, Inc. | 1,623,861 | ||||||
12,927 | Concho Resources, Inc.(c) | 1,498,369 | ||||||
554,341 | ConocoPhillips | 29,574,092 | ||||||
65,407 | CONSOL Energy, Inc. | 435,611 | ||||||
110,096 | Cosan Ltd., Class A (Brazil) | 385,336 | ||||||
27,887 | Delek US Holdings, Inc. | 758,526 | ||||||
242,705 | Denbury Resources, Inc.(b) | 859,176 | ||||||
115,728 | Devon Energy Corp. | 4,852,475 | ||||||
66,917 | Diamond Offshore Drilling, Inc.(b) | 1,330,310 | ||||||
17,504 | Energen Corp. | 1,017,858 | ||||||
135,607 | Energy XXI Ltd.(b) | 234,600 | ||||||
144,345 | Ensco PLC, Class A | 2,400,457 | ||||||
65,222 | EOG Resources, Inc. | 5,599,309 | ||||||
19,978 | EQT Corp. | 1,319,946 | ||||||
27,167 | Exterran Holdings, Inc. | 590,611 | ||||||
1,520,594 | Exxon Mobil Corp. | 125,813,948 | ||||||
43,367 | FMC Technologies, Inc.(c) | 1,467,106 | ||||||
21,272 | Golar LNG Ltd. (Bermuda)(b) | 617,101 | ||||||
200,917 | Halliburton Co. | 7,711,194 | ||||||
35,917 | Helix Energy Solutions Group, Inc.(c) | 207,600 | ||||||
23,967 | Helmerich & Payne, Inc.(b) | 1,348,623 | ||||||
130,357 | Hess Corp. | 7,327,367 | ||||||
104,602 | HollyFrontier Corp. | 5,122,360 | ||||||
322,074 | Key Energy Services, Inc.(b)(c) | 169,218 | ||||||
179,723 | Kinder Morgan, Inc. | 4,915,424 | ||||||
355,731 | Marathon Oil Corp. | 6,538,336 | ||||||
217,483 | Marathon Petroleum Corp. | 11,265,619 | ||||||
311,065 | McDermott International, Inc.(b)(c) | 1,434,010 | ||||||
96,032 | Murphy Oil Corp. | 2,730,190 | ||||||
176,156 | Nabors Industries Ltd. | 1,768,606 | ||||||
136,982 | National Oilwell Varco, Inc. | 5,156,002 | ||||||
52,357 | Newfield Exploration Co.(c) | 2,104,228 | ||||||
148,784 | Noble Corp. PLC(b) | 2,004,120 | ||||||
72,377 | Noble Energy, Inc. | 2,593,992 | ||||||
252,423 | Occidental Petroleum Corp. | 18,815,610 | ||||||
18,293 | Oceaneering International, Inc. | 768,672 | ||||||
18,831 | Oil States International, Inc.(c) | 565,118 | ||||||
64,834 | ONEOK, Inc. | 2,199,169 | ||||||
250,280 | Paragon Offshore PLC(b) | 60,067 | ||||||
66,243 | Patterson-UTI Energy, Inc. | 986,358 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
40,598 | PBF Energy, Inc., Class A | $ | 1,380,332 | |||||
21,850 | Peabody Energy Corp.(b) | 279,461 | ||||||
260,750 | Phillips 66 | 23,219,788 | ||||||
12,453 | Pioneer Natural Resources Co. | 1,707,804 | ||||||
67,051 | QEP Resources, Inc. | 1,036,608 | ||||||
18,944 | Range Resources Corp.(b) | 576,655 | ||||||
65,906 | Rowan Cos. PLC, Class A | 1,297,030 | ||||||
300,320 | SandRidge Energy, Inc.(c) | 111,209 | ||||||
235,171 | Schlumberger Ltd. | 18,380,965 | ||||||
9,375 | SEACOR Holdings, Inc.(c) | 547,688 | ||||||
139,579 | Seventy Seven Energy, Inc.(b)(c) | 159,120 | ||||||
17,338 | SM Energy Co. | 578,222 | ||||||
66,565 | Southwestern Energy Co.(c) | 734,878 | ||||||
164,597 | Spectra Energy Corp. | 4,702,536 | ||||||
36,087 | Stone Energy Corp.(c) | 201,726 | ||||||
74,967 | Superior Energy Services, Inc. | 1,061,533 | ||||||
7,259 | Targa Resources Corp. | 414,852 | ||||||
12,913 | Teekay Corp. (Bermuda) | 414,895 | ||||||
44,291 | Tesoro Corp. | 4,736,037 | ||||||
28,776 | Tidewater, Inc.(b) | 355,384 | ||||||
26,205 | Unit Corp.(c) | 330,445 | ||||||
269,064 | Valero Energy Corp. | 17,736,699 | ||||||
396,993 | Weatherford International PLC(c) | 4,065,208 | ||||||
23,662 | Western Refining, Inc. | 984,812 | ||||||
45,921 | Whiting Petroleum Corp.(c) | 791,219 | ||||||
99,571 | Williams Cos., Inc. (The) | 3,927,080 | ||||||
52,162 | World Fuel Services Corp. | 2,319,123 | ||||||
128,504 | WPX Energy, Inc.(c) | 881,537 | ||||||
|
| |||||||
468,816,007 | ||||||||
|
| |||||||
Financials—22.0% | ||||||||
89,457 | ACE Ltd. | 10,156,948 | ||||||
4,985 | Affiliated Managers Group, Inc.(c) | 898,596 | ||||||
140,159 | Aflac, Inc. | 8,935,136 | ||||||
12,047 | Alexandria Real Estate Equities, Inc. REIT | 1,081,098 | ||||||
3,523 | Alleghany Corp.(c) | 1,748,359 | ||||||
30,712 | Allied World Assurance Co. Holdings AG | 1,116,688 | ||||||
135,286 | Allstate Corp. (The) | 8,371,498 | ||||||
355,676 | Ally Financial, Inc.(c) | 7,085,066 | ||||||
31,717 | Ambac Financial Group, Inc.(c) | 512,230 | ||||||
21,006 | American Campus Communities, Inc. REIT | 852,213 | ||||||
137,435 | American Capital Agency Corp. REIT | 2,450,466 | ||||||
21,671 | American Equity Investment Life Holding Co. | 556,511 | ||||||
167,930 | American Express Co. | 12,302,552 | ||||||
28,591 | American Financial Group, Inc. | 2,063,984 | ||||||
603,073 | American International Group, Inc. | 38,029,783 | ||||||
22,950 | American Tower Corp. REIT | 2,346,179 | ||||||
31,282 | Ameriprise Financial, Inc. | 3,608,692 | ||||||
555,932 | Annaly Capital Management, Inc. REIT | 5,531,523 | ||||||
41,542 | Aon PLC | 3,876,284 | ||||||
16,278 | Apartment Investment & Management Co., Class A REIT | 637,935 | ||||||
33,999 | Arch Capital Group Ltd.(c) | 2,546,185 | ||||||
28,390 | Arthur J. Gallagher & Co. | 1,241,495 | ||||||
21,717 | Aspen Insurance Holdings Ltd. (Bermuda) | 1,055,663 | ||||||
45,136 | Associated Banc-Corp. | 872,930 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
39,915 | Assurant, Inc. | $ | 3,254,270 | |||||
47,155 | Assured Guaranty Ltd. | 1,293,933 | ||||||
16,165 | AvalonBay Communities, Inc. REIT | 2,826,127 | ||||||
35,128 | Axis Capital Holdings Ltd. | 1,896,912 | ||||||
3,935,786 | Bank of America Corp. | 66,042,489 | ||||||
11,274 | Bank of Hawaii Corp. | 738,222 | ||||||
284,080 | Bank of New York Mellon Corp. (The) | 11,831,932 | ||||||
19,532 | BankUnited, Inc. | 726,200 | ||||||
223,899 | BB&T Corp. | 8,317,848 | ||||||
434,330 | Berkshire Hathaway, Inc., Class B(c) | 59,077,567 | ||||||
43,697 | BioMed Realty Trust, Inc. REIT | 1,022,947 | ||||||
20,328 | BlackRock, Inc. | 7,154,846 | ||||||
20,666 | Boston Properties, Inc. REIT | 2,600,816 | ||||||
45,788 | Brandywine Realty Trust REIT | 618,138 | ||||||
22,932 | Brixmor Property Group, Inc. REIT | 587,518 | ||||||
20,998 | Brown & Brown, Inc. | 677,605 | ||||||
16,093 | Camden Property Trust REIT | 1,187,503 | ||||||
167,144 | Capital One Financial Corp. | 13,187,662 | ||||||
62,184 | Capitol Federal Financial, Inc. | 807,148 | ||||||
13,276 | Care Capital Properties, Inc. REIT | 437,444 | ||||||
42,448 | CBL & Associates Properties, Inc. REIT | 618,892 | ||||||
39,920 | CBRE Group, Inc., Class A(c) | 1,488,218 | ||||||
115,465 | Charles Schwab Corp. (The) | 3,523,992 | ||||||
69,153 | Chimera Investment Corp. REIT | 973,674 | ||||||
72,624 | Chubb Corp. (The) | 9,393,914 | ||||||
45,710 | Cincinnati Financial Corp. | 2,753,113 | ||||||
68,948 | CIT Group, Inc. | 2,964,764 | ||||||
1,155,564 | Citigroup, Inc. | 61,441,338 | ||||||
53,693 | Citizens Financial Group, Inc. | 1,304,740 | ||||||
71,768 | CME Group, Inc., Class A | 6,779,923 | ||||||
89,396 | CNO Financial Group, Inc. | 1,717,297 | ||||||
46,600 | Columbia Property Trust, Inc. REIT | 1,157,544 | ||||||
48,078 | Comerica, Inc. | 2,086,585 | ||||||
24,992 | Commerce Bancshares, Inc. | 1,138,386 | ||||||
96,280 | Communications Sales & Leasing, Inc. REIT(c) | 1,934,265 | ||||||
22,442 | Corporate Office Properties Trust REIT | 516,166 | ||||||
33,048 | Corrections Corp. of America REIT | 941,868 | ||||||
29,261 | Crown Castle International Corp. REIT | 2,500,645 | ||||||
13,673 | Cullen/Frost Bankers, Inc. | 935,780 | ||||||
15,619 | DCT Industrial Trust, Inc. REIT | 579,777 | ||||||
46,338 | DDR Corp. REIT | 778,478 | ||||||
39,382 | DiamondRock Hospitality Co. REIT | 459,982 | ||||||
26,316 | Digital Realty Trust, Inc. REIT | 1,946,331 | ||||||
93,505 | Discover Financial Services | 5,256,851 | ||||||
23,306 | Douglas Emmett, Inc. REIT | 711,998 | ||||||
59,673 | Duke Realty Corp. REIT | 1,235,231 | ||||||
70,192 | E*TRADE Financial Corp.(c) | 2,001,174 | ||||||
21,634 | East West Bancorp, Inc. | 873,797 | ||||||
19,455 | Eaton Vance Corp. | 702,520 | ||||||
14,269 | Endurance Specialty Holdings Ltd. | 900,802 | ||||||
10,572 | EPR Properties REIT | 600,595 | ||||||
5,175 | Equinix, Inc. REIT | 1,535,319 | ||||||
48,558 | Equity Commonwealth REIT(c) | 1,394,100 | ||||||
51,092 | Equity Residential REIT | 3,950,433 | ||||||
4,326 | Essex Property Trust, Inc. REIT | 953,623 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
13,690 | Everest Re Group Ltd. | $ | 2,436,409 | |||||
9,234 | Extra Space Storage, Inc. REIT | 731,702 | ||||||
47,186 | F.N.B. Corp. | 635,595 | ||||||
7,439 | Federal Realty Investment Trust REIT | 1,067,422 | ||||||
24,183 | Federated Investors, Inc., Class B | 743,144 | ||||||
294,685 | Fifth Third Bancorp | 5,613,749 | ||||||
31,992 | First American Financial Corp. | 1,219,855 | ||||||
47,271 | First Horizon National Corp. | 670,303 | ||||||
163,377 | First Niagara Financial Group, Inc. | 1,690,952 | ||||||
16,899 | First Republic Bank | 1,103,674 | ||||||
49,109 | FirstMerit Corp. | 922,758 | ||||||
65,356 | FNF Group | 2,305,760 | ||||||
72,015 | Franklin Resources, Inc. | 2,935,331 | ||||||
61,419 | Fulton Financial Corp. | 824,243 | ||||||
65,472 | General Growth Properties, Inc. REIT | 1,895,414 | ||||||
676,084 | Genworth Financial, Inc., Class A(c) | 3,164,073 | ||||||
13,620 | Geo Group, Inc. (The) REIT | 439,517 | ||||||
132,573 | Goldman Sachs Group, Inc. (The) | 24,857,438 | ||||||
27,238 | Hancock Holding Co. | 751,769 | ||||||
15,573 | Hanover Insurance Group, Inc. (The) | 1,312,025 | ||||||
203,233 | Hartford Financial Services Group, Inc. (The) | 9,401,559 | ||||||
45,146 | Hatteras Financial Corp. REIT | 646,039 | ||||||
93,645 | HCP, Inc. REIT | 3,483,594 | ||||||
20,360 | Healthcare Realty Trust, Inc. REIT | 536,690 | ||||||
18,268 | Highwoods Properties, Inc. REIT | 793,745 | ||||||
47,870 | Hospitality Properties Trust REIT | 1,284,831 | ||||||
121,287 | Host Hotels & Resorts, Inc. REIT | 2,101,904 | ||||||
178,566 | Huntington Bancshares, Inc. | 1,958,869 | ||||||
10,712 | Intercontinental Exchange, Inc. | 2,703,709 | ||||||
77,770 | Invesco Ltd.(d) | 2,579,631 | ||||||
56,660 | Invesco Mortgage Capital, Inc. REIT(d) | 682,753 | ||||||
48,668 | Iron Mountain, Inc. REIT | 1,491,188 | ||||||
5,724 | Jones Lang LaSalle, Inc. | 954,248 | ||||||
1,326,593 | JPMorgan Chase & Co. | 85,233,600 | ||||||
19,399 | Kemper Corp. | 692,932 | ||||||
244,534 | KeyCorp | 3,037,112 | ||||||
10,393 | Kilroy Realty Corp. REIT | 684,275 | ||||||
66,342 | Kimco Realty Corp. REIT | 1,775,975 | ||||||
10,811 | Lamar Advertising Co., Class A REIT | 610,065 | ||||||
14,181 | LaSalle Hotel Properties REIT | 417,063 | ||||||
20,190 | Legg Mason, Inc. | 903,503 | ||||||
95,508 | Leucadia National Corp. | 1,911,115 | ||||||
58,524 | Lexington Realty Trust REIT | 517,352 | ||||||
36,832 | Liberty Property Trust REIT | 1,253,025 | ||||||
69,974 | Lincoln National Corp. | 3,744,309 | ||||||
126,371 | Loews Corp. | 4,607,487 | ||||||
16,305 | LPL Financial Holdings, Inc.(b) | 694,593 | ||||||
31,848 | M&T Bank Corp. | 3,816,983 | ||||||
19,878 | Macerich Co. (The) REIT | 1,684,462 | ||||||
51,054 | Mack-Cali Realty Corp. REIT | 1,110,935 | ||||||
2,662 | Markel Corp.(c) | 2,310,616 | ||||||
92,312 | Marsh & McLennan Cos., Inc. | 5,145,471 | ||||||
90,554 | MBIA, Inc.(c) | 680,061 | ||||||
31,700 | McGraw Hill Financial, Inc. | 2,936,688 | ||||||
11,342 | Mercury General Corp. | 612,581 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
333,543 | MetLife, Inc. | $ | 16,803,896 | |||||
139,551 | MFA Financial, Inc. REIT | 965,693 | ||||||
12,892 | Mid-America Apartment Communities, Inc. REIT | 1,098,270 | ||||||
14,709 | Moody’s Corp. | 1,414,417 | ||||||
335,140 | Morgan Stanley | 11,049,566 | ||||||
12,173 | MSCI, Inc. | 815,591 | ||||||
31,024 | Nasdaq, Inc. | 1,795,979 | ||||||
19,265 | National Retail Properties, Inc. REIT | 732,070 | ||||||
46,160 | New Residential Investment Corp. REIT | 559,921 | ||||||
186,282 | New York Community Bancorp, Inc.(b) | 3,077,379 | ||||||
50,255 | Northern Trust Corp. | 3,537,449 | ||||||
36,069 | NorthStar Realty Finance Corp. REIT(c) | 433,189 | ||||||
66,317 | Ocwen Financial Corp.(b)(c) | 463,556 | ||||||
105,204 | Old Republic International Corp. | 1,897,880 | ||||||
16,087 | OMEGA Healthcare Investors, Inc. REIT | 555,323 | ||||||
34,321 | Outfront Media, Inc. REIT | 810,319 | ||||||
22,213 | PartnerRe Ltd. (Bermuda) | 3,087,607 | ||||||
27,691 | PennyMac Mortgage Investment Trust REIT | 404,842 | ||||||
122,478 | People’s United Financial, Inc. | 1,953,524 | ||||||
70,192 | PHH Corp.(c) | 1,031,822 | ||||||
62,652 | Piedmont Office Realty Trust, Inc., Class A REIT | 1,214,196 | ||||||
38,788 | Plum Creek Timber Co., Inc. REIT | 1,580,223 | ||||||
154,672 | PNC Financial Services Group, Inc. (The) | 13,960,695 | ||||||
42,901 | Popular, Inc. | 1,268,583 | ||||||
12,170 | Primerica, Inc. | 579,657 | ||||||
76,997 | Principal Financial Group, Inc. | 3,862,170 | ||||||
18,280 | ProAssurance Corp. | 968,109 | ||||||
204,944 | Progressive Corp. (The) | 6,789,795 | ||||||
84,251 | Prologis, Inc. REIT | 3,600,045 | ||||||
13,621 | Prosperity Bancshares, Inc. | 699,847 | ||||||
183,942 | Prudential Financial, Inc. | 15,175,215 | ||||||
14,671 | Public Storage REIT | 3,366,408 | ||||||
20,767 | Raymond James Financial, Inc. | 1,144,469 | ||||||
39,332 | Rayonier, Inc. REIT | 890,870 | ||||||
29,868 | Realogy Holdings Corp.(c) | 1,167,839 | ||||||
27,111 | Realty Income Corp. REIT | 1,340,910 | ||||||
13,962 | Regency Centers Corp. REIT | 948,858 | ||||||
499,565 | Regions Financial Corp. | 4,670,933 | ||||||
28,636 | Reinsurance Group of America, Inc. | 2,584,113 | ||||||
11,569 | RenaissanceRe Holdings Ltd. (Bermuda) | 1,268,309 | ||||||
60,164 | Retail Properties of America, Inc., Class A REIT | 900,655 | ||||||
12,280 | RLI Corp. | 747,238 | ||||||
21,716 | RLJ Lodging Trust REIT | 544,854 | ||||||
10,108 | Ryman Hospitality Properties, Inc. REIT | 531,681 | ||||||
39,632 | Santander Consumer USA Holdings, Inc.(c) | 713,772 | ||||||
51,291 | Senior Housing Properties Trust REIT | 779,110 | ||||||
5,401 | Signature Bank(c) | 804,317 | ||||||
32,656 | Simon Property Group, Inc. REIT | 6,578,878 | ||||||
11,926 | SL Green Realty Corp. REIT | 1,414,662 | ||||||
373,964 | SLM Corp.(c) | 2,640,186 | ||||||
51,712 | Spirit Realty Capital, Inc. REIT | 526,428 | ||||||
15,282 | StanCorp Financial Group, Inc. | 1,753,151 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
47,251 | Starwood Property Trust, Inc. REIT | $ | 949,273 | |||||
86,017 | State Street Corp. | 5,935,173 | ||||||
13,288 | Stifel Financial Corp.(c) | 590,386 | ||||||
162,201 | SunTrust Banks, Inc. | 6,734,586 | ||||||
6,913 | SVB Financial Group(c) | 843,870 | ||||||
40,496 | Symetra Financial Corp. | 1,284,938 | ||||||
34,415 | Synchrony Financial(b)(c) | 1,058,605 | ||||||
31,859 | Synovus Financial Corp. | 1,007,700 | ||||||
36,767 | T. Rowe Price Group, Inc. | 2,780,321 | ||||||
7,988 | Taubman Centers, Inc. REIT | 614,916 | ||||||
44,893 | TCF Financial Corp. | 690,903 | ||||||
23,890 | TD Ameritrade Holding Corp. | 823,488 | ||||||
32,526 | Torchmark Corp. | 1,886,833 | ||||||
134,236 | Travelers Cos., Inc. (The) | 15,153,902 | ||||||
93,091 | Two Harbors Investment Corp. REIT | 787,550 | ||||||
384,880 | U.S. Bancorp | 16,234,238 | ||||||
39,565 | UDR, Inc. REIT | 1,363,410 | ||||||
108,271 | Unum Group | 3,751,590 | ||||||
31,739 | Validus Holdings Ltd. | 1,406,038 | ||||||
90,731 | Valley National Bancorp | 952,676 | ||||||
53,002 | Ventas, Inc. REIT | 2,847,267 | ||||||
29,019 | Vornado Realty Trust REIT | 2,917,860 | ||||||
68,746 | Voya Financial, Inc. | 2,789,025 | ||||||
30,985 | W.R. Berkley Corp. | 1,729,893 | ||||||
14,140 | Waddell & Reed Financial, Inc., Class A | 522,332 | ||||||
30,398 | Washington Federal, Inc. | 758,126 | ||||||
19,217 | Webster Financial Corp. | 712,951 | ||||||
20,834 | Weingarten Realty Investors REIT | 745,024 | ||||||
1,240,458 | Wells Fargo & Co. | 67,158,396 | ||||||
46,812 | Welltower, Inc. REIT | 3,036,694 | ||||||
171,665 | Weyerhaeuser Co. REIT | 5,034,934 | ||||||
38,025 | Willis Group Holdings PLC | 1,696,295 | ||||||
9,040 | WP Carey, Inc. REIT | 572,865 | ||||||
88,537 | XL Group PLC | 3,371,489 | ||||||
58,901 | Zions Bancorporation | 1,694,582 | ||||||
|
| |||||||
936,479,950 | ||||||||
|
| |||||||
Health Care—10.3% | ||||||||
263,056 | Abbott Laboratories | 11,784,909 | ||||||
140,476 | AbbVie, Inc. | 8,365,346 | ||||||
85,372 | Aetna, Inc. | 9,798,998 | ||||||
37,635 | Agilent Technologies, Inc. | 1,421,098 | ||||||
14,637 | Alere, Inc.(c) | 675,058 | ||||||
4,489 | Alexion Pharmaceuticals, Inc.(c) | 790,064 | ||||||
14,489 | Allergan PLC(c) | 4,469,422 | ||||||
77,947 | Allscripts Healthcare Solutions, Inc.(c) | 1,095,935 | ||||||
92,328 | AmerisourceBergen Corp. | 8,910,575 | ||||||
70,834 | Amgen, Inc. | 11,204,522 | ||||||
99,549 | Anthem, Inc. | 13,852,243 | ||||||
112,673 | Baxalta, Inc. | 3,882,712 | ||||||
112,673 | Baxter International, Inc. | 4,212,843 | ||||||
28,147 | Becton, Dickinson and Co. | 4,011,510 | ||||||
10,326 | Biogen, Inc.(c) | 2,999,806 | ||||||
5,154 | Bio-Rad Laboratories, Inc., Class A(c) | 718,880 | ||||||
146,052 | Boston Scientific Corp.(c) | 2,669,831 | ||||||
265,204 | Bristol-Myers Squibb Co. | 17,490,204 | ||||||
21,975 | Brookdale Senior Living, Inc.(c) | 459,497 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
7,775 | C.R. Bard, Inc. | $ | 1,448,871 | |||||
150,423 | Cardinal Health, Inc. | 12,364,771 | ||||||
24,788 | Celgene Corp.(c) | 3,041,735 | ||||||
19,816 | Centene Corp.(c) | 1,178,656 | ||||||
17,283 | Cerner Corp.(c) | 1,145,690 | ||||||
45,896 | Cigna Corp. | 6,151,900 | ||||||
58,759 | Community Health Systems, Inc.(c) | 1,647,602 | ||||||
4,271 | Cooper Cos., Inc. (The) | 650,730 | ||||||
43,558 | DaVita HealthCare Partners, Inc.(c) | 3,376,181 | ||||||
19,824 | DENTSPLY International, Inc. | 1,206,290 | ||||||
6,519 | Edwards Lifesciences Corp.(c) | 1,024,461 | ||||||
219,619 | Eli Lilly & Co. | 17,914,322 | ||||||
7,458 | Endo International PLC(c) | 447,405 | ||||||
19,288 | Envision Healthcare Holdings, Inc.(c) | 543,922 | ||||||
180,225 | Express Scripts Holding Co.(c) | 15,567,835 | ||||||
66,660 | Gilead Sciences, Inc. | 7,207,946 | ||||||
18,699 | Halyard Health, Inc.(c) | 554,986 | ||||||
150,244 | HCA Holdings, Inc.(c) | 10,335,285 | ||||||
38,458 | Health Net, Inc.(c) | 2,471,311 | ||||||
12,391 | HealthSouth Corp. | 431,578 | ||||||
15,373 | Henry Schein, Inc.(c) | 2,332,238 | ||||||
20,010 | Hologic, Inc.(c) | 777,589 | ||||||
41,385 | Humana, Inc. | 7,392,603 | ||||||
3,146 | Illumina, Inc.(c) | 450,759 | ||||||
2,936 | Intuitive Surgical, Inc.(c) | 1,458,018 | ||||||
536,053 | Johnson & Johnson | 54,157,435 | ||||||
41,360 | Kindred Healthcare, Inc. | 554,224 | ||||||
17,739 | Laboratory Corp. of America Holdings(c) | 2,177,285 | ||||||
16,453 | LifePoint Health, Inc.(c) | 1,133,283 | ||||||
13,209 | Magellan Health, Inc.(c) | 705,361 | ||||||
6,722 | Mallinckrodt PLC(c) | 441,434 | ||||||
69,021 | McKesson Corp. | 12,340,955 | ||||||
13,833 | MEDNAX, Inc.(c) | 974,811 | ||||||
146,310 | Medtronic PLC | 10,815,235 | ||||||
631,346 | Merck & Co., Inc. | 34,509,372 | ||||||
2,285 | Mettler-Toledo International, Inc.(c) | 710,612 | ||||||
9,944 | Molina Healthcare, Inc.(c) | 616,528 | ||||||
43,661 | Mylan NV(c) | 1,925,013 | ||||||
35,433 | Owens & Minor, Inc. | 1,270,273 | ||||||
16,590 | Patterson Cos., Inc. | 786,366 | ||||||
79,747 | PDL BioPharma, Inc.(b) | 365,241 | ||||||
16,679 | PerkinElmer, Inc. | 861,304 | ||||||
6,521 | Perrigo Co. PLC | 1,028,622 | ||||||
1,561,236 | Pfizer, Inc. | 52,801,001 | ||||||
37,512 | Quest Diagnostics, Inc. | 2,548,940 | ||||||
16,689 | Quintiles Transnational Holdings, Inc.(c) | 1,062,255 | ||||||
9,748 | ResMed, Inc. | 561,582 | ||||||
38,949 | St. Jude Medical, Inc. | 2,485,336 | ||||||
10,442 | STERIS Corp.(b) | 782,628 | ||||||
34,578 | Stryker Corp. | 3,306,348 | ||||||
6,685 | Teleflex, Inc. | 889,105 | ||||||
51,037 | Tenet Healthcare Corp.(c) | 1,601,031 | ||||||
41,113 | Thermo Fisher Scientific, Inc. | 5,376,758 | ||||||
3,716 | United Therapeutics Corp.(c) | 544,877 | ||||||
201,012 | UnitedHealth Group, Inc. | 23,675,193 | ||||||
16,565 | Universal Health Services, Inc., Class B | 2,022,421 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
12,709 | Varian Medical Systems, Inc.(c) | $ | 998,038 | |||||
10,828 | VCA, Inc.(c) | 593,050 | ||||||
8,034 | Waters Corp.(c) | 1,026,745 | ||||||
16,053 | WellCare Health Plans, Inc.(c) | 1,422,296 | ||||||
19,795 | Zimmer Biomet Holdings, Inc. | 2,069,963 | ||||||
33,978 | Zoetis, Inc. | 1,461,394 | ||||||
|
| |||||||
440,538,452 | ||||||||
|
| |||||||
Industrials—10.6% | ||||||||
94,748 | 3M Co. | 14,895,333 | ||||||
23,190 | ABM Industries, Inc. | 658,596 | ||||||
48,760 | ADT Corp. (The)(b) | 1,611,030 | ||||||
52,789 | AECOM(c) | 1,555,692 | ||||||
38,677 | AGCO Corp. | 1,871,580 | ||||||
9,877 | Allegion PLC | 643,684 | ||||||
25,671 | Allison Transmission Holdings, Inc. | 736,758 | ||||||
19,360 | American Airlines Group, Inc. | 894,819 | ||||||
25,442 | AMETEK, Inc. | 1,394,730 | ||||||
37,646 | Armstrong World Industries, Inc.(c) | 1,867,995 | ||||||
42,500 | Avis Budget Group, Inc.(c) | 2,122,450 | ||||||
14,446 | B/E Aerospace, Inc. | 678,240 | ||||||
12,004 | Babcock & Wilcox Enterprises, Inc.(c) | 203,828 | ||||||
112,653 | Boeing Co. (The) | 16,680,530 | ||||||
26,582 | Brink’s Co. (The) | 823,510 | ||||||
24,051 | BWX Technologies, Inc. | 680,643 | ||||||
31,824 | C.H. Robinson Worldwide, Inc. | 2,207,949 | ||||||
9,898 | Carlisle Cos., Inc. | 861,126 | ||||||
213,876 | Caterpillar, Inc. | 15,610,809 | ||||||
31,656 | Chicago Bridge & Iron Co. NV(b) | 1,420,405 | ||||||
14,766 | Cintas Corp. | 1,374,567 | ||||||
214,897 | Civeo Corp. | 399,708 | ||||||
14,035 | Clean Harbors, Inc.(c) | 652,487 | ||||||
15,730 | Colfax Corp.(c) | 424,081 | ||||||
32,673 | Covanta Holding Corp. | 547,600 | ||||||
9,436 | Crane Co. | 496,711 | ||||||
197,468 | CSX Corp. | 5,329,661 | ||||||
35,567 | Cummins, Inc. | 3,681,540 | ||||||
9,386 | Curtiss-Wright Corp. | 652,890 | ||||||
69,505 | Danaher Corp. | 6,485,512 | ||||||
107,779 | Deere & Co. | 8,406,762 | ||||||
38,645 | Delta Air Lines, Inc. | 1,964,712 | ||||||
9,457 | Deluxe Corp. | 563,164 | ||||||
19,199 | Donaldson Co., Inc. | 579,810 | ||||||
37,652 | Dover Corp. | 2,425,918 | ||||||
891,700 | DryShips, Inc. (Greece)(c) | 174,862 | ||||||
5,553 | Dun & Bradstreet Corp. (The) | 632,320 | ||||||
101,452 | Eaton Corp. PLC | 5,672,181 | ||||||
20,286 | EMCOR Group, Inc. | 979,408 | ||||||
183,521 | Emerson Electric Co. | 8,667,697 | ||||||
8,623 | EnerSys | 525,917 | ||||||
12,700 | Equifax, Inc. | 1,353,439 | ||||||
20,042 | Essendant, Inc. | 692,852 | ||||||
7,028 | Esterline Technologies Corp.(c) | 541,507 | ||||||
35,342 | Expeditors International of Washington, Inc. | 1,759,678 | ||||||
40,464 | Fastenal Co.(b) | 1,584,570 | ||||||
53,124 | FedEx Corp. | 8,290,000 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
23,421 | Flowserve Corp. | $ | 1,085,798 | |||||
68,466 | Fluor Corp. | 3,273,359 | ||||||
19,739 | Fortune Brands Home & Security, Inc. | 1,032,942 | ||||||
15,486 | FTI Consulting, Inc.(c) | 526,679 | ||||||
11,303 | GATX Corp. | 527,850 | ||||||
17,864 | Generac Holdings, Inc.(c) | 563,788 | ||||||
87,131 | General Cable Corp. | 1,340,946 | ||||||
70,239 | General Dynamics Corp. | 10,436,111 | ||||||
2,963,320 | General Electric Co.(c) | 85,699,214 | ||||||
8,044 | Genesee & Wyoming, Inc., Class A(c) | 539,752 | ||||||
47,823 | Harsco Corp. | 513,141 | ||||||
39,114 | HD Supply Holdings, Inc.(c) | 1,165,206 | ||||||
189,094 | Hertz Global Holdings, Inc.(c) | 3,687,333 | ||||||
12,875 | Hexcel Corp. | 596,370 | ||||||
126,275 | Honeywell International, Inc. | 13,041,682 | ||||||
9,127 | Hubbell, Inc., Class B | 883,950 | ||||||
8,488 | Huntington Ingalls Industries, Inc. | 1,018,051 | ||||||
10,502 | IDEX Corp. | 806,134 | ||||||
6,503 | IHS, Inc., Class A(c) | 777,369 | ||||||
66,638 | Illinois Tool Works, Inc. | 6,126,698 | ||||||
51,751 | Ingersoll-Rand PLC | 3,066,764 | ||||||
13,867 | ITT Corp. | 548,856 | ||||||
11,290 | J.B. Hunt Transport Services, Inc. | 862,217 | ||||||
63,991 | Jacobs Engineering Group, Inc.(c) | 2,568,599 | ||||||
38,664 | Joy Global, Inc. | 664,248 | ||||||
10,862 | Kansas City Southern | 898,939 | ||||||
20,925 | KAR Auction Services, Inc. | 803,520 | ||||||
99,370 | KBR, Inc. | 1,832,383 | ||||||
23,834 | Kennametal, Inc. | 670,212 | ||||||
12,134 | Kirby Corp.(c) | 792,229 | ||||||
22,143 | KLX, Inc.(c) | 866,013 | ||||||
30,586 | L-3 Communications Holdings, Inc. | 3,866,070 | ||||||
9,943 | Lincoln Electric Holdings, Inc. | 594,691 | ||||||
63,868 | Lockheed Martin Corp. | 14,040,102 | ||||||
28,564 | Manitowoc Co., Inc. (The)(b) | 437,029 | ||||||
36,163 | Manpowergroup, Inc. | 3,319,040 | ||||||
53,857 | Masco Corp. | 1,561,853 | ||||||
31,643 | MasTec, Inc.(c) | 530,653 | ||||||
8,297 | Moog, Inc., Class A(c) | 512,423 | ||||||
62,502 | MRC Global, Inc.(c) | 743,774 | ||||||
9,243 | MSC Industrial Direct Co., Inc., Class A | 580,183 | ||||||
58,934 | Navistar International Corp.(b)(c) | 724,888 | ||||||
43,771 | Nielsen Holdings PLC(c) | 2,079,560 | ||||||
65,451 | Norfolk Southern Corp. | 5,238,044 | ||||||
49,065 | Northrop Grumman Corp. | 9,211,954 | ||||||
41,162 | NOW, Inc.(b)(c) | 679,585 | ||||||
9,518 | Old Dominion Freight Line, Inc.(c) | 589,545 | ||||||
17,667 | Orbital ATK, Inc. | 1,512,649 | ||||||
26,855 | Oshkosh Corp. | 1,103,472 | ||||||
41,393 | Owens Corning | 1,884,623 | ||||||
80,827 | PACCAR, Inc. | 4,255,542 | ||||||
30,845 | Parker-Hannifin Corp. | 3,229,472 | ||||||
29,537 | Pentair PLC (United Kingdom) | 1,651,709 | ||||||
93,902 | Pitney Bowes, Inc. | 1,939,076 | ||||||
17,962 | Precision Castparts Corp. | 4,145,809 | ||||||
54,269 | Quanta Services, Inc.(c) | 1,091,350 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
128,312 | R.R. Donnelley & Sons Co. | $ | 2,164,623 | |||||
76,982 | Raytheon Co. | 9,037,687 | ||||||
10,423 | Regal Beloit Corp. | 664,883 | ||||||
93,430 | Republic Services, Inc. | 4,086,628 | ||||||
22,865 | Rexnord Corp.(c) | 422,545 | ||||||
14,971 | Robert Half International, Inc. | 788,373 | ||||||
20,595 | Rockwell Automation, Inc. | 2,248,150 | ||||||
21,047 | Rockwell Collins, Inc. | 1,825,196 | ||||||
9,165 | Roper Technologies, Inc. | 1,707,898 | ||||||
20,053 | Ryder System, Inc. | 1,439,404 | ||||||
14,760 | Sensata Technologies Holding NV(c) | 709,808 | ||||||
7,956 | Snap-on, Inc. | 1,319,821 | ||||||
20,033 | Southwest Airlines Co. | 927,328 | ||||||
23,439 | Spirit AeroSystems Holdings, Inc., Class A(c) | 1,236,173 | ||||||
13,532 | SPX Corp. | 165,767 | ||||||
13,532 | SPX FLOW, Inc.(c) | 458,735 | ||||||
35,596 | Stanley Black & Decker, Inc. | 3,772,464 | ||||||
6,803 | Stericycle, Inc.(c) | 825,680 | ||||||
7,162 | Teledyne Technologies, Inc.(c) | 639,065 | ||||||
38,154 | Terex Corp. | 765,369 | ||||||
57,503 | Textron, Inc. | 2,424,902 | ||||||
20,565 | Timken Co. (The) | 649,854 | ||||||
7,918 | Towers Watson & Co., Class A | 978,348 | ||||||
7,944 | TransDigm Group, Inc.(c) | 1,746,488 | ||||||
27,735 | Trinity Industries, Inc. | 750,786 | ||||||
15,994 | Triumph Group, Inc. | 745,001 | ||||||
24,326 | Tutor Perini Corp.(c) | 408,190 | ||||||
64,971 | Tyco International PLC | 2,367,543 | ||||||
105,843 | Union Pacific Corp. | 9,457,072 | ||||||
23,249 | United Continental Holdings, Inc.(c) | 1,402,147 | ||||||
137,106 | United Parcel Service, Inc., Class B | 14,124,660 | ||||||
16,708 | United Rentals, Inc.(c) | 1,250,761 | ||||||
182,623 | United Technologies Corp. | 17,971,929 | ||||||
48,180 | UTi Worldwide, Inc.(c) | 343,523 | ||||||
5,813 | Valmont Industries, Inc. | 630,362 | ||||||
9,267 | Verisk Analytics, Inc.(c) | 663,610 | ||||||
9,805 | W.W. Grainger, Inc. | 2,059,050 | ||||||
5,112 | WABCO Holdings, Inc.(c) | 573,720 | ||||||
17,226 | Waste Connections, Inc. | 938,473 | ||||||
119,366 | Waste Management, Inc. | 6,417,116 | ||||||
5,894 | Watsco, Inc. | 725,139 | ||||||
18,173 | WESCO International, Inc.(c) | 889,205 | ||||||
31,190 | Xylem, Inc. | 1,135,628 | ||||||
29,246 | YRC Worldwide, Inc.(c) | 534,032 | ||||||
|
| |||||||
449,411,846 | ||||||||
|
| |||||||
Information Technology—12.4% | ||||||||
90,392 | Accenture PLC, Class A | 9,690,022 | ||||||
115,376 | Activision Blizzard, Inc. | 4,010,470 | ||||||
35,989 | Adobe Systems, Inc.(c) | 3,190,785 | ||||||
347,376 | Advanced Micro Devices, Inc.(c) | 736,437 | ||||||
14,413 | Akamai Technologies, Inc.(c) | 876,599 | ||||||
4,897 | Alliance Data Systems Corp.(c) | 1,455,927 | ||||||
26,725 | Alphabet, Inc., Class A(c) | 19,706,748 | ||||||
26,692 | Alphabet, Inc., Class C(c) | 18,972,941 | ||||||
40,741 | Altera Corp. | 2,140,940 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
23,929 | Amdocs Ltd. | $ | 1,425,451 | |||||
67,429 | Amkor Technology, Inc.(c) | 419,408 | ||||||
26,001 | Amphenol Corp., Class A | 1,409,774 | ||||||
45,216 | Analog Devices, Inc. | 2,718,386 | ||||||
13,544 | Anixter International, Inc.(c) | 928,848 | ||||||
8,488 | ANSYS, Inc.(c) | 808,991 | ||||||
465,352 | Apple, Inc. | 55,609,564 | ||||||
164,269 | Applied Materials, Inc. | 2,754,791 | ||||||
65,408 | Arrow Electronics, Inc.(c) | 3,596,786 | ||||||
16,596 | Autodesk, Inc.(c) | 915,933 | ||||||
59,997 | Automatic Data Processing, Inc. | 5,219,139 | ||||||
11,854 | Avago Technologies Ltd. (Singapore) | 1,459,583 | ||||||
94,065 | Avnet, Inc. | 4,273,373 | ||||||
27,387 | Benchmark Electronics, Inc.(c) | 541,715 | ||||||
47,847 | Booz Allen Hamilton Holding Corp. | 1,409,573 | ||||||
64,688 | Broadcom Corp., Class A | 3,324,963 | ||||||
15,789 | Broadridge Financial Solutions, Inc. | 940,709 | ||||||
74,094 | Brocade Communications Systems, Inc. | 772,059 | ||||||
74,806 | CA, Inc. | 2,072,874 | ||||||
9,681 | CACI International, Inc., Class A(c) | 939,444 | ||||||
24,869 | CDW Corp. | 1,111,396 | ||||||
12,372 | Check Point Software Technologies Ltd. (Israel)(c) | 1,050,878 | ||||||
821,101 | Cisco Systems, Inc. | 23,688,764 | ||||||
21,785 | Citrix Systems, Inc.(c) | 1,788,548 | ||||||
49,034 | Cognizant Technology Solutions Corp., Class A(c) | 3,339,706 | ||||||
18,622 | CommScope Holding, Inc.(c) | 603,911 | ||||||
42,968 | Computer Sciences Corp. | 2,861,239 | ||||||
18,025 | CoreLogic, Inc.(c) | 702,615 | ||||||
272,334 | Corning, Inc. | 5,065,412 | ||||||
20,668 | Cree, Inc.(b)(c) | 520,627 | ||||||
20,066 | Diebold, Inc. | 739,833 | ||||||
6,554 | DST Systems, Inc. | 800,571 | ||||||
141,490 | eBay, Inc.(c) | 3,947,571 | ||||||
11,824 | EchoStar Corp., Class A(c) | 530,070 | ||||||
16,931 | Electronic Arts, Inc.(c) | 1,220,217 | ||||||
296,284 | EMC Corp. | 7,768,566 | ||||||
6,157 | F5 Networks, Inc.(c) | 678,501 | ||||||
48,047 | Facebook, Inc., Class A(c) | 4,899,353 | ||||||
39,288 | Fairchild Semiconductor International, Inc.(c) | 655,324 | ||||||
43,072 | Fidelity National Information Services, Inc. | 3,140,810 | ||||||
23,949 | First Solar, Inc.(c) | 1,366,769 | ||||||
30,727 | Fiserv, Inc.(c) | 2,965,463 | ||||||
394,213 | Flextronics International Ltd.(c) | 4,490,086 | ||||||
22,887 | FLIR Systems, Inc. | 610,396 | ||||||
31,430 | Genpact Ltd.(c) | 778,835 | ||||||
24,247 | Harris Corp. | 1,918,665 | ||||||
680,661 | HP, Inc. | 18,350,621 | ||||||
147,773 | Ingram Micro, Inc., Class A | 4,400,680 | ||||||
26,880 | Insight Enterprises, Inc.(c) | 682,752 | ||||||
1,199,028 | Intel Corp. | 40,599,088 | ||||||
255,556 | International Business Machines Corp. | 35,798,284 | ||||||
18,718 | Intuit, Inc. | 1,823,695 | ||||||
100,438 | Jabil Circuit, Inc. | 2,308,065 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
106,103 | Juniper Networks, Inc. | $ | 3,330,573 | |||||
34,312 | Keysight Technologies, Inc.(c) | 1,135,041 | ||||||
28,009 | KLA-Tencor Corp. | 1,879,964 | ||||||
37,545 | Knowles Corp.(b)(c) | 625,500 | ||||||
18,461 | Lam Research Corp. | 1,413,928 | ||||||
24,671 | Leidos Holdings, Inc. | 1,296,954 | ||||||
24,591 | Lexmark International, Inc., Class A | 798,962 | ||||||
30,689 | Linear Technology Corp. | 1,363,205 | ||||||
2,234 | LinkedIn Corp., Class A(c) | 538,104 | ||||||
85,846 | Marvell Technology Group Ltd. (Bermuda) | 704,796 | ||||||
43,634 | MasterCard, Inc., Class A | 4,319,330 | ||||||
56,190 | Maxim Integrated Products, Inc. | 2,302,666 | ||||||
34,857 | Microchip Technology, Inc. | 1,683,245 | ||||||
146,407 | Micron Technology, Inc.(c) | 2,424,500 | ||||||
1,174,828 | Microsoft Corp. | 61,842,946 | ||||||
35,978 | Motorola Solutions, Inc. | 2,517,381 | ||||||
49,662 | NCR Corp.(c) | 1,321,009 | ||||||
47,960 | NetApp, Inc. | 1,630,640 | ||||||
52,001 | Nuance Communications, Inc.(c) | 882,457 | ||||||
68,392 | NVIDIA Corp. | 1,940,281 | ||||||
17,284 | NXP Semiconductors NV (Netherlands)(c) | 1,354,201 | ||||||
77,977 | ON Semiconductor Corp.(c) | 857,747 | ||||||
448,887 | Oracle Corp. | 17,434,771 | ||||||
54,098 | Paychex, Inc. | 2,790,375 | ||||||
141,490 | PayPal Holdings, Inc.(c) | 5,095,055 | ||||||
226,933 | QUALCOMM, Inc. | 13,484,359 | ||||||
9,392 | Red Hat, Inc.(c) | 743,001 | ||||||
16,473 | salesforce.com, inc.(c) | 1,280,117 | ||||||
30,891 | SanDisk Corp. | 2,378,607 | ||||||
52,900 | Sanmina Corp.(c) | 1,093,443 | ||||||
10,815 | Science Applications International Corp. | 495,976 | ||||||
57,820 | Seagate Technology PLC(b) | 2,200,629 | ||||||
9,867 | Skyworks Solutions, Inc. | 762,127 | ||||||
120,913 | Symantec Corp. | 2,490,808 | ||||||
15,780 | SYNNEX Corp. | 1,395,583 | ||||||
22,198 | Synopsys, Inc.(c) | 1,109,456 | ||||||
68,881 | TE Connectivity Ltd. (Switzerland) | 4,438,692 | ||||||
44,760 | Tech Data Corp.(c) | 3,258,080 | ||||||
25,284 | Teradata Corp.(c) | 710,733 | ||||||
42,509 | Teradyne, Inc. | 829,776 | ||||||
141,510 | Texas Instruments, Inc. | 8,026,447 | ||||||
21,956 | Total System Services, Inc. | 1,151,592 | ||||||
33,902 | Trimble Navigation Ltd.(c) | 771,271 | ||||||
41,641 | Unisys Corp.(c) | 557,989 | ||||||
17,667 | Vantiv, Inc., Class A(c) | 886,000 | ||||||
11,176 | VeriSign, Inc.(b)(c) | 900,786 | ||||||
114,842 | Visa, Inc., Class A | 8,909,442 | ||||||
65,034 | Vishay Intertechnology, Inc. | 689,360 | ||||||
31,022 | Western Digital Corp. | 2,072,890 | ||||||
125,990 | Western Union Co. (The) | 2,425,308 | ||||||
453,608 | Xerox Corp. | 4,259,379 | ||||||
44,534 | Xilinx, Inc. | 2,120,709 | ||||||
95,315 | Yahoo!, Inc.(c) | 3,395,120 | ||||||
|
| |||||||
527,850,855 | ||||||||
|
| |||||||
Materials—3.6% | ||||||||
32,970 | Air Products & Chemicals, Inc. | 4,582,171 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
10,249 | Airgas, Inc. | $ | 985,544 | |||||
162,387 | AK Steel Holding Corp.(b)(c) | 469,298 | ||||||
18,828 | Albemarle Corp. | 1,007,674 | ||||||
346,058 | Alcoa, Inc. | 3,090,298 | ||||||
39,859 | Allegheny Technologies, Inc. | 585,927 | ||||||
12,239 | AptarGroup, Inc. | 900,301 | ||||||
15,962 | Ashland, Inc. | 1,751,351 | ||||||
27,574 | Avery Dennison Corp. | 1,791,483 | ||||||
19,004 | Axiall Corp. | 384,831 | ||||||
24,606 | Ball Corp. | 1,685,511 | ||||||
30,011 | Bemis Co., Inc. | 1,373,903 | ||||||
25,241 | Berry Plastics Group, Inc.(c) | 845,573 | ||||||
19,750 | Cabot Corp. | 709,815 | ||||||
30,032 | Celanese Corp., Series A | 2,133,774 | ||||||
46,660 | CF Industries Holdings, Inc. | 2,368,928 | ||||||
37,040 | Chemours Co. (The) | 256,687 | ||||||
23,872 | Chemtura Corp.(c) | 762,472 | ||||||
381,126 | Cliffs Natural Resources, Inc.(b) | 1,051,908 | ||||||
72,154 | Commercial Metals Co. | 1,036,853 | ||||||
6,277 | Compass Minerals International, Inc. | 509,943 | ||||||
37,197 | Constellium NV, Class A (Netherlands)(c) | 140,233 | ||||||
36,514 | Crown Holdings, Inc.(c) | 1,936,702 | ||||||
11,191 | Cytec Industries, Inc. | 832,834 | ||||||
35,772 | Domtar Corp. | 1,475,237 | ||||||
335,134 | Dow Chemical Co. (The) | 17,316,374 | ||||||
185,486 | E.I. du Pont de Nemours & Co. | 11,759,812 | ||||||
34,619 | Eastman Chemical Co. | 2,498,453 | ||||||
29,684 | Ecolab, Inc. | 3,572,469 | ||||||
17,852 | FMC Corp. | 726,755 | ||||||
722,349 | Freeport-McMoRan, Inc. | 8,502,048 | ||||||
75,823 | Graphic Packaging Holding Co. | 1,073,654 | ||||||
13,292 | Greif, Inc., Class A | 435,712 | ||||||
66,073 | Huntsman Corp. | 870,181 | ||||||
9,645 | International Flavors & Fragrances, Inc. | 1,119,399 | ||||||
124,245 | International Paper Co. | 5,304,019 | ||||||
126,993 | LyondellBasell Industries NV, Class A | 11,798,920 | ||||||
6,384 | Martin Marietta Materials, Inc. | 990,478 | ||||||
61,981 | Monsanto Co. | 5,777,869 | ||||||
93,987 | Mosaic Co. (The) | 3,175,821 | ||||||
1,514 | NewMarket Corp. | 596,122 | ||||||
227,147 | Newmont Mining Corp. | 4,420,281 | ||||||
114,482 | Nucor Corp. | 4,842,589 | ||||||
26,971 | Olin Corp. | 517,304 | ||||||
85,472 | Owens-Illinois, Inc.(c) | 1,841,922 | ||||||
13,303 | Packaging Corp. of America | 910,590 | ||||||
15,565 | PolyOne Corp. | 520,494 | ||||||
39,493 | PPG Industries, Inc. | 4,117,540 | ||||||
49,969 | Praxair, Inc. | 5,551,056 | ||||||
30,510 | Reliance Steel & Aluminum Co. | 1,829,380 | ||||||
34,795 | Resolute Forest Products, Inc.(c) | 259,919 | ||||||
25,276 | RPM International, Inc. | 1,155,366 | ||||||
28,122 | Sealed Air Corp. | 1,381,353 | ||||||
9,768 | Sensient Technologies Corp. | 637,557 | ||||||
6,780 | Sherwin-Williams Co. (The) | 1,809,107 | ||||||
10,431 | Sigma-Aldrich Corp. | 1,457,419 | ||||||
10,231 | Silgan Holdings, Inc. | 520,451 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
28,527 | Sonoco Products Co. | $ | 1,217,818 | |||||
60,495 | Southern Copper Corp. (Peru)(b) | 1,679,341 | ||||||
82,978 | Steel Dynamics, Inc. | 1,532,604 | ||||||
96,124 | United States Steel Corp.(b) | 1,122,728 | ||||||
11,877 | Valspar Corp. (The) | 961,443 | ||||||
17,775 | Vulcan Materials Co. | 1,716,709 | ||||||
8,244 | W.R. Grace & Co.(c) | 826,873 | ||||||
40,564 | WestRock Co. | 2,180,721 | ||||||
|
| |||||||
151,197,902 | ||||||||
|
| |||||||
Telecommunication Services—3.8% | ||||||||
2,586,976 | AT&T, Inc. | 86,689,566 | ||||||
316,610 | CenturyLink, Inc. | 8,931,568 | ||||||
491,865 | Frontier Communications Corp. | 2,528,186 | ||||||
68,326 | Leap Wireless Corp.(c) | 172,182 | ||||||
27,031 | Level 3 Communications, Inc.(c) | 1,377,229 | ||||||
67,751 | Telephone & Data Systems, Inc. | 1,940,389 | ||||||
58,055 | T-Mobile US, Inc.(c) | 2,199,704 | ||||||
1,215,388 | Verizon Communications, Inc. | 56,977,389 | ||||||
80,245 | Windstream Holdings, Inc.(b) | 522,395 | ||||||
|
| |||||||
161,338,608 | ||||||||
|
| |||||||
Utilities—5.0% | ||||||||
408,273 | AES Corp. (The) | 4,470,589 | ||||||
38,403 | AGL Resources, Inc. | 2,400,188 | ||||||
12,069 | ALLETE, Inc. | 605,985 | ||||||
31,565 | Alliant Energy Corp. | 1,862,966 | ||||||
100,499 | Ameren Corp. | 4,389,796 | ||||||
169,023 | American Electric Power Co., Inc. | 9,575,153 | ||||||
43,659 | American Water Works Co., Inc. | 2,504,280 | ||||||
26,262 | Aqua America, Inc. | 751,093 | ||||||
32,370 | Atmos Energy Corp. | 2,039,310 | ||||||
22,830 | Avista Corp. | 772,796 | ||||||
15,099 | Black Hills Corp. | 691,232 | ||||||
106,190 | Calpine Corp.(c) | 1,647,007 | ||||||
183,567 | CenterPoint Energy, Inc. | 3,405,168 | ||||||
15,673 | Cleco Corp. | 830,669 | ||||||
82,340 | CMS Energy Corp. | 2,970,004 | ||||||
119,199 | Consolidated Edison, Inc. | 7,837,334 | ||||||
139,484 | Dominion Resources, Inc. | 9,963,342 | ||||||
60,398 | DTE Energy Co. | 4,927,873 | ||||||
216,418 | Duke Energy Corp. | 15,467,394 | ||||||
24,987 | Dynegy, Inc.(c) | 485,497 | ||||||
98,905 | Edison International | 5,985,731 | ||||||
87,458 | Entergy Corp. | 5,961,137 | ||||||
78,009 | Eversource Energy | 3,973,778 | ||||||
456,582 | Exelon Corp. | 12,747,769 | ||||||
244,479 | FirstEnergy Corp. | 7,627,745 | ||||||
57,533 | Great Plains Energy, Inc. | 1,582,158 | ||||||
37,786 | Hawaiian Electric Industries, Inc. | 1,105,618 | ||||||
13,002 | IDACORP, Inc. | 869,184 | ||||||
18,601 | ITC Holdings Corp. | 608,625 | ||||||
72,334 | MDU Resources Group, Inc. | 1,364,219 | ||||||
18,003 | National Fuel Gas Co. | 945,698 | ||||||
22,865 | New Jersey Resources Corp. | 724,363 | ||||||
103,021 | NextEra Energy, Inc. | 10,576,136 | ||||||
78,183 | NiSource, Inc. | 1,497,986 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
11,433 | NorthWestern Corp. | $ | 619,554 | |||||
152,008 | NRG Energy, Inc. | 1,959,383 | ||||||
56,467 | OGE Energy Corp. | 1,609,874 | ||||||
17,482 | ONE Gas, Inc. | 853,821 | ||||||
103,617 | Pepco Holdings, Inc. | 2,759,321 | ||||||
161,213 | PG&E Corp. | 8,608,774 | ||||||
20,655 | Piedmont Natural Gas Co., Inc. | 1,183,738 | ||||||
41,137 | Pinnacle West Capital Corp. | 2,612,611 | ||||||
29,417 | PNM Resources, Inc. | 827,206 | ||||||
28,078 | Portland General Electric Co. | 1,041,132 | ||||||
221,644 | PPL Corp. | 7,624,554 | ||||||
185,339 | Public Service Enterprise Group, Inc. | 7,652,647 | ||||||
38,006 | Questar Corp. | 784,824 | ||||||
44,894 | SCANA Corp. | 2,658,623 | ||||||
54,914 | Sempra Energy | 5,623,743 | ||||||
306,904 | Southern Co. (The) | 13,841,370 | ||||||
15,115 | Southwest Gas Corp. | 928,968 | ||||||
27,719 | Talen Energy Corp.(c) | 240,601 | ||||||
96,980 | TECO Energy, Inc. | 2,618,460 | ||||||
55,754 | UGI Corp. | 2,044,499 | ||||||
18,934 | UIL Holdings Corp. | 965,445 | ||||||
27,331 | Vectren Corp. | 1,242,741 | ||||||
51,120 | WEC Energy Group, Inc. | 2,635,747 | ||||||
43,185 | Westar Energy, Inc. | 1,714,445 | ||||||
17,535 | WGL Holdings, Inc. | 1,091,203 | ||||||
167,746 | Xcel Energy, Inc. | 5,976,790 | ||||||
|
| |||||||
212,887,897 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $3,833,289,857)—100.0% | 4,257,955,935 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.9% | ||||||||
39,195,012 | Invesco Liquid Assets Portfolio— Institutional Class, 0.16%(e)(f) (Cost $39,195,012) | 39,195,012 | ||||||
|
| |||||||
Total Investments (Cost $3,872,484,869)—100.9% | 4,297,150,947 | |||||||
Other assets less liabilities—(0.9)% | (37,570,155 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 4,259,580,792 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2015. |
(c) | Non-income producing security. |
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, 2015
(Unaudited)
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Financials | 24.4 | |||
Information Technology | 17.3 | |||
Consumer Discretionary | 17.0 | |||
Industrials | 16.3 | |||
Health Care | 7.7 | |||
Energy | 5.2 | |||
Materials | 4.7 | |||
Consumer Staples | 4.0 | |||
Telecommunication Services | 1.7 | |||
Utilities | 1.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—17.0% | ||||||||
20,690 | 1-800-FLOWERS.COM, Inc., Class A(b) | $ | 205,452 | |||||
34,311 | A. H. Belo Corp., Series A | 185,622 | ||||||
475,264 | Aeropostale, Inc.(b)(c) | 294,664 | ||||||
23,172 | AMC Entertainment Holdings, Inc., Class A | 634,218 | ||||||
26,899 | AMC Networks, Inc., Class A(b) | 1,987,567 | ||||||
81,713 | American Axle & Manufacturing Holdings, Inc.(b) | 1,810,760 | ||||||
14,744 | American Public Education, Inc.(b) | 320,387 | ||||||
7,452 | America’s Car-Mart, Inc.(b) | 255,156 | ||||||
371,393 | Arcos Dorados Holdings, Inc., Class A (Argentina)(c) | 1,143,890 | ||||||
12,563 | Arctic Cat, Inc. | 258,044 | ||||||
23,780 | Ascent Capital Group, Inc., Series A(b) | 517,928 | ||||||
11,771 | Bassett Furniture Industries, Inc. | 376,201 | ||||||
42,264 | Beazer Homes USA, Inc.(b) | 601,839 | ||||||
106,927 | bebe stores, inc.(c) | 118,689 | ||||||
102,771 | Belmond Ltd., Class A (United Kingdom)(b) | 1,103,761 | ||||||
47,738 | Big 5 Sporting Goods Corp. | 436,803 | ||||||
2,105 | Biglari Holdings, Inc.(b) | 808,594 | ||||||
14,201 | BJ’s Restaurants, Inc.(b) | 609,649 | ||||||
10,618 | Blue Nile, Inc.(b) | 362,074 | ||||||
30,321 | Bob Evans Farms, Inc. | 1,311,990 | ||||||
134,102 | Bon-Ton Stores, Inc. (The)(c) | 422,421 | ||||||
120,614 | Boyd Gaming Corp.(b) | 2,411,074 | ||||||
27,806 | Bravo Brio Restaurant Group, Inc.(b) | 326,442 | ||||||
47,868 | Bridgepoint Education, Inc.(b) | 370,977 | ||||||
20,951 | Bright Horizons Family Solutions, Inc.(b) | 1,341,283 | ||||||
37,360 | Buckle, Inc. (The)(c) | 1,324,038 | ||||||
6,702 | Buffalo Wild Wings, Inc.(b) | 1,033,918 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
11,671 | Build-A-Bear Workshop, Inc.(b) | $ | 181,601 | |||||
26,287 | CalAtlantic Group, Inc.(b) | 1,001,272 | ||||||
60,265 | Caleres, Inc. | 1,841,698 | ||||||
58,440 | Callaway Golf Co. | 581,478 | ||||||
7,661 | Capella Education Co. | 345,894 | ||||||
304,123 | Career Education Corp.(b) | 1,097,884 | ||||||
23,234 | Carmike Cinemas, Inc.(b) | 595,023 | ||||||
13,827 | Carriage Services, Inc. | 297,419 | ||||||
62,927 | Carrols Restaurant Group, Inc.(b) | 740,021 | ||||||
21,211 | Carter’s, Inc. | 1,927,656 | ||||||
25,126 | Cato Corp. (The), Class A | 948,758 | ||||||
6,297 | Cavco Industries, Inc.(b) | 620,884 | ||||||
174,436 | Central European Media Enterprises Ltd., Class A (Bermuda)(b)(c) | 376,782 | ||||||
31,494 | Cheesecake Factory, Inc. (The) | 1,518,011 | ||||||
28,379 | Children’s Place, Inc. (The) | 1,523,101 | ||||||
44,757 | China XD Plastics Co. Ltd. (China)(b) | 188,427 | ||||||
25,756 | Choice Hotels International, Inc. | 1,347,296 | ||||||
57,611 | Christopher & Banks Corp.(b) | 84,112 | ||||||
8,427 | Churchill Downs, Inc. | 1,237,336 | ||||||
8,698 | Chuy’s Holdings, Inc.(b) | 236,673 | ||||||
16,199 | Citi Trends, Inc. | 430,407 | ||||||
83,839 | Clear Channel Outdoor Holdings, Inc., Class A(b) | 627,116 | ||||||
26,825 | ClubCorp Holdings, Inc. | 548,303 | ||||||
14,530 | Columbia Sportswear Co. | 796,970 | ||||||
31,600 | Conn’s, Inc.(b)(c) | 599,452 | ||||||
29,212 | Core-Mark Holding Co., Inc. | 2,374,643 | ||||||
16,484 | Cracker Barrel Old Country Store, Inc.(c) | 2,265,891 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
129,314 | Crocs, Inc.(b) | $ | 1,396,591 | |||||
9,644 | CSS Industries, Inc. | 263,281 | ||||||
269,128 | CTC Media, Inc. (Russia)(c) | 454,826 | ||||||
160,384 | Cumulus Media, Inc., Class A(b) | 73,632 | ||||||
29,766 | Deckers Outdoor Corp.(b) | 1,656,776 | ||||||
17,808 | Del Frisco’s Restaurant Group, Inc.(b) | 239,874 | ||||||
50,758 | Denny’s Corp.(b) | 556,308 | ||||||
24,776 | Destination Maternity Corp. | 171,698 | ||||||
67,617 | Destination XL Group, Inc.(b) | 394,883 | ||||||
98,022 | Dex Media, Inc.(b)(c) | 21,467 | ||||||
12,862 | DineEquity, Inc. | 1,073,334 | ||||||
23,881 | Dixie Group, Inc. (The)(b)(c) | 156,898 | ||||||
17,971 | Domino’s Pizza, Inc. | 1,916,967 | ||||||
13,841 | Dorman Products, Inc.(b)(c) | 646,098 | ||||||
73,625 | DreamWorks Animation SKG, Inc., Class A(b)(c) | 1,490,170 | ||||||
18,455 | Drew Industries, Inc. | 1,104,163 | ||||||
42,061 | Dunkin’ Brands Group, Inc. | 1,741,746 | ||||||
22,801 | E.W. Scripps Co. (The), Class A | 502,990 | ||||||
39,365 | Entercom Communications Corp., Class A(b)�� | 434,590 | ||||||
35,236 | Entravision Communications Corp., Class A | 308,667 | ||||||
24,709 | Ethan Allen Interiors, Inc. | 672,332 | ||||||
57,310 | EVINE Live, Inc.(b) | 147,860 | ||||||
144,903 | Express, Inc.(b) | 2,796,628 | ||||||
36,219 | Extended Stay America, Inc. | 695,405 | ||||||
88,604 | Federal-Mogul Holdings Corp.(b) | 686,681 | ||||||
8,852 | Fiesta Restaurant Group, Inc.(b) | 313,007 | ||||||
58,954 | Finish Line, Inc. (The), Class A | 1,098,313 | ||||||
30,387 | Five Below, Inc.(b) | 1,043,490 | ||||||
10,708 | Flexsteel Industries, Inc. | 465,691 | ||||||
38,627 | Francesca’s Holdings Corp.(b) | 548,890 | ||||||
62,619 | Fred’s, Inc., Class A | 866,021 | ||||||
23,417 | FTD Cos., Inc.(b) | 663,169 | ||||||
50,225 | Fuel Systems Solutions, Inc.(b) | 312,399 | ||||||
11,504 | Gentherm, Inc.(b) | 565,537 | ||||||
22,572 | G-III Apparel Group Ltd.(b) | 1,243,491 | ||||||
25,227 | Global Eagle Entertainment, Inc.(b) | 336,024 | ||||||
4,527 | GoPro, Inc., Class A(b)(c) | 113,175 | ||||||
18,236 | Grand Canyon Education, Inc.(b) | 757,888 | ||||||
63,517 | Gray Television, Inc.(b) | 1,009,285 | ||||||
31,001 | Green Brick Partners, Inc.(b) | 327,061 | ||||||
117,571 | Groupon, Inc., Class A(b)(c) | 436,188 | ||||||
89,984 | Harte-Hanks, Inc. | 382,432 | ||||||
21,937 | Haverty Furniture Cos., Inc. | 513,545 | ||||||
23,171 | Helen of Troy Ltd.(b) | 2,298,795 | ||||||
112,802 | hhgregg, Inc.(b)(c) | 609,131 | ||||||
20,852 | Hibbett Sports, Inc.(b) | 712,304 | ||||||
19,526 | Horizon Global Corp.(b) | 171,634 | ||||||
16,024 | Houghton Mifflin Harcourt Co.(b) | 313,910 | ||||||
173,016 | Hovnanian Enterprises, Inc., Class A(b)(c) | 356,413 | ||||||
39,596 | HSN, Inc. | 2,449,013 | ||||||
32,763 | Hyatt Hotels Corp., Class A(b) | 1,651,255 | ||||||
44,935 | Iconix Brand Group, Inc.(b) | 688,404 | ||||||
18,139 | IMAX Corp.(b)(c) | 696,356 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
27,557 | International Speedway Corp., Class A | $ | 955,952 | |||||
25,018 | Interval Leisure Group, Inc. | 441,568 | ||||||
19,261 | iRobot Corp.(b) | 578,023 | ||||||
44,377 | Isle of Capri Casinos, Inc.(b) | 848,932 | ||||||
279,616 | ITT Educational Services, Inc.(b)(c) | 922,733 | ||||||
22,358 | Jack in the Box, Inc. | 1,666,342 | ||||||
58,251 | JAKKS Pacific, Inc.(b)(c) | 461,348 | ||||||
34,675 | John Wiley & Sons, Inc., Class A | 1,814,543 | ||||||
8,976 | Johnson Outdoors, Inc., Class A | 192,356 | ||||||
14,234 | Journal Media Group, Inc. | 174,224 | ||||||
50,613 | K12, Inc.(b) | 491,452 | ||||||
27,388 | Kate Spade & Co.(b) | 492,162 | ||||||
81,512 | KB Home(c) | 1,067,807 | ||||||
15,002 | Kirkland’s, Inc. | 344,896 | ||||||
19,887 | Krispy Kreme Doughnuts, Inc.(b) | 272,253 | ||||||
38,814 | La Quinta Holdings, Inc.(b) | 588,032 | ||||||
20,850 | Lands’ End, Inc.(b)(c) | 514,578 | ||||||
42,752 | La-Z-Boy, Inc. | 1,220,570 | ||||||
271,165 | LeapFrog Enterprises, Inc., Class A(b) | 216,932 | ||||||
97,653 | Lee Enterprises, Inc.(b)(c) | 194,329 | ||||||
16,963 | LGI Homes, Inc.(b)(c) | 475,473 | ||||||
48,060 | Liberty TripAdvisor Holdings, Inc., Series A(b) | 1,498,991 | ||||||
18,443 | Lifetime Brands, Inc. | 283,469 | ||||||
30,596 | Lions Gate Entertainment Corp. | 1,192,326 | ||||||
17,460 | Lithia Motors, Inc., Class A | 2,049,629 | ||||||
18,188 | Loral Space & Communications, Inc.(b) | 813,185 | ||||||
21,832 | Lululemon Athletica, Inc.(b)(c) | 1,073,479 | ||||||
12,772 | Lumber Liquidators Holdings, Inc.(b) | 176,509 | ||||||
33,978 | M/I Homes, Inc.(b) | 779,795 | ||||||
8,996 | Madison Square Garden Co. (The), Class A(b) | 1,605,786 | ||||||
26,721 | Marcus Corp. (The) | 552,857 | ||||||
17,287 | MarineMax, Inc.(b) | 273,135 | ||||||
16,673 | Marriott Vacations Worldwide Corp. | 1,073,741 | ||||||
7,341 | Mattress Firm Holding Corp.(b)(c) | 312,506 | ||||||
254,736 | McClatchy Co. (The), Class A(b) | 354,083 | ||||||
54,096 | MDC Holdings, Inc. | 1,405,955 | ||||||
35,582 | Media General, Inc.(b)(c) | 528,748 | ||||||
35,749 | Meredith Corp. | 1,680,918 | ||||||
31,644 | Meritage Homes Corp.(b) | 1,115,767 | ||||||
22,916 | Michaels Cos., Inc. (The)(b) | 535,776 | ||||||
91,896 | Modine Manufacturing Co.(b) | 769,170 | ||||||
13,868 | Monro Muffler Brake, Inc. | 1,028,590 | ||||||
12,447 | Motorcar Parts of America, Inc.(b) | 418,966 | ||||||
20,197 | Movado Group, Inc. | 519,871 | ||||||
26,988 | MSG Networks, Inc., Class A(b) | 553,794 | ||||||
13,399 | NACCO Industries, Inc., Class A | 600,677 | ||||||
94,174 | National CineMedia, Inc. | 1,337,271 | ||||||
26,476 | New Media Investment Group, Inc. | 426,264 | ||||||
106,301 | New York & Co., Inc.(b) | 278,509 | ||||||
103,275 | New York Times Co. (The), Class A | 1,371,492 | ||||||
8,763 | Nexstar Broadcasting Group, Inc., Class A | 466,454 | ||||||
10,115 | Noodles & Co., Class A(b)(c) | 149,399 | ||||||
46,202 | Norwegian Cruise Line Holdings Ltd.(b) | 2,939,371 | ||||||
28,505 | Nutrisystem, Inc. | 659,321 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
19,545 | Overstock.com, Inc.(b) | $ | 306,075 | |||||
15,055 | Oxford Industries, Inc. | 1,096,305 | ||||||
155,740 | Pacific Sunwear of California, Inc.(b) | 41,707 | ||||||
11,471 | Papa John’s International, Inc. | 804,920 | ||||||
55,382 | Penn National Gaming, Inc.(b) | 989,123 | ||||||
159,277 | Pep Boys-Manny, Moe & Jack (The)(b) | 2,395,526 | ||||||
31,572 | Perry Ellis International, Inc.(b) | 677,851 | ||||||
18,239 | PetMed Express, Inc.(c) | 306,780 | ||||||
120,949 | Pier 1 Imports, Inc.(c) | 897,442 | ||||||
57,691 | Pinnacle Entertainment, Inc.(b) | 2,019,762 | ||||||
23,141 | Pool Corp. | 1,886,917 | ||||||
3,829 | Popeyes Louisiana Kitchen, Inc.(b) | 216,109 | ||||||
18,998 | RCI Hospitality Holdings, Inc.(b) | 188,840 | ||||||
25,832 | Reading International, Inc., Class A(b) | 400,396 | ||||||
9,970 | Red Robin Gourmet Burgers, Inc.(b) | 746,653 | ||||||
110,387 | Regis Corp.(b) | 1,823,593 | ||||||
9,440 | Restoration Hardware Holdings, Inc.(b) | 973,170 | ||||||
212,961 | Ruby Tuesday, Inc.(b) | 1,113,786 | ||||||
19,977 | Ruth’s Hospitality Group, Inc. | 309,843 | ||||||
47,333 | Scholastic Corp. | 1,934,500 | ||||||
72,630 | Scientific Games Corp., Class A(b)(c) | 805,467 | ||||||
60,245 | Sears Hometown and Outlet Stores, Inc.(b) | 484,370 | ||||||
29,062 | Select Comfort Corp.(b) | 616,114 | ||||||
16,095 | ServiceMaster Global Holdings, Inc.(b) | 573,787 | ||||||
19,863 | Shoe Carnival, Inc. | 446,322 | ||||||
25,003 | Shutterfly, Inc.(b) | 1,042,875 | ||||||
53,355 | Sinclair Broadcast Group, Inc., Class A(c) | 1,601,184 | ||||||
30,507 | Sizmek, Inc.(b) | 180,906 | ||||||
67,676 | Skechers U.S.A., Inc., Class A(b) | 2,111,491 | ||||||
55,155 | Smith & Wesson Holding Corp.(b) | 985,068 | ||||||
29,786 | SodaStream International Ltd. (Israel)(b)(c) | 446,194 | ||||||
23,982 | Sonic Corp. | 684,446 | ||||||
35,624 | Sotheby’s | 1,234,372 | ||||||
39,011 | Spartan Motors, Inc. | 161,115 | ||||||
19,816 | Speedway Motorsports, Inc. | 366,002 | ||||||
52,236 | Stage Stores, Inc. | 508,256 | ||||||
19,323 | Standard Motor Products, Inc. | 855,043 | ||||||
15,579 | Starz, Class A(b) | 522,052 | ||||||
66,919 | Stein Mart, Inc. | 592,902 | ||||||
16,974 | Steiner Leisure Ltd. (Bahamas)(b) | 1,075,473 | ||||||
47,663 | Steven Madden Ltd.(b) | 1,661,056 | ||||||
52,811 | Stoneridge, Inc.(b) | 670,172 | ||||||
3,147 | Strattec Security Corp. | 188,254 | ||||||
19,374 | Strayer Education, Inc.(b) | 1,025,272 | ||||||
24,506 | Sturm Ruger & Co., Inc. | 1,395,372 | ||||||
42,098 | Superior Industries International, Inc. | 828,489 | ||||||
41,488 | Taylor Morrison Home Corp., Class A(b) | 764,624 | ||||||
33,706 | Tempur Sealy International, Inc.(b) | 2,623,675 | ||||||
2,909 | Tesla Motors, Inc.(b)(c) | 601,959 | ||||||
29,998 | Texas Roadhouse, Inc. | 1,030,431 | ||||||
37,830 | Thor Industries, Inc. | 2,045,846 | ||||||
14,989 | Tilly’s, Inc., Class A(b) | 109,270 | ||||||
52,782 | Tower International, Inc.(b) | 1,449,922 | ||||||
64,018 | Town Sports International Holdings, Inc.(b) | 186,292 | ||||||
20,100 | Townsquare Media, Inc., Class A(b)(c) | 220,296 | ||||||
43,616 | Travelport Worldwide Ltd.(b) | 590,997 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
19,477 | TRI Pointe Homes, Inc.(b) | $ | 252,811 | |||||
16,123 | TripAdvisor, Inc., Class A(b) | 1,350,785 | ||||||
23,901 | Tuesday Morning Corp.(b) | 129,304 | ||||||
27,893 | Tumi Holdings, Inc.(b) | 447,125 | ||||||
16,094 | Ulta Salon, Cosmetics & Fragrance, Inc.(b) | 2,799,712 | ||||||
25,860 | Under Armour, Inc., Class A(b) | 2,458,769 | ||||||
20,247 | Unifi, Inc.(b) | 619,356 | ||||||
9,815 | Universal Electronics, Inc.(b) | 466,900 | ||||||
36,188 | Universal Technical Institute, Inc. | 153,799 | ||||||
19,143 | Vail Resorts, Inc. | 2,185,556 | ||||||
18,906 | Vera Bradley, Inc.(b) | 236,514 | ||||||
8,460 | Vince Holding Corp.(b) | 38,493 | ||||||
23,662 | Vitamin Shoppe, Inc.(b) | 678,863 | ||||||
85,968 | VOXX International Corp., Class A(b) | 443,595 | ||||||
72,734 | Weight Watchers International, Inc.(b)(c) | 1,118,649 | ||||||
27,079 | West Marine, Inc.(b) | 275,664 | ||||||
7,815 | Weyco Group, Inc. | 221,868 | ||||||
17,625 | William Lyon Homes, Class A(b) | 376,117 | ||||||
17,457 | Winnebago Industries, Inc.(c) | 366,422 | ||||||
66,005 | Wolverine World Wide, Inc. | 1,225,713 | ||||||
40,350 | World Wrestling Entertainment, Inc., Class A(c) | 719,440 | ||||||
27,055 | Zagg, Inc.(b) | 229,426 | ||||||
15,165 | Zumiez, Inc.(b) | 265,084 | ||||||
|
| |||||||
195,089,173 | ||||||||
|
| |||||||
Consumer Staples—4.0% | ||||||||
87,786 | Adecoagro SA (Luxembourg)(b) | 929,654 | ||||||
53,272 | B&G Foods, Inc. | 1,933,241 | ||||||
1,696 | Boston Beer Co., Inc. (The), Class A(b) | 372,425 | ||||||
41,459 | Boulder Brands, Inc.(b)(c) | 367,327 | ||||||
11,389 | Calavo Growers, Inc. | 585,508 | ||||||
21,851 | Cal-Maine Foods, Inc.(c) | 1,168,154 | ||||||
127,692 | Central Garden & Pet Co., Class A(b) | 2,155,441 | ||||||
14,356 | Chefs’ Warehouse, Inc. (The)(b)(c) | 217,493 | ||||||
5,052 | Coca-Cola Bottling Co. Consolidated | 1,067,033 | ||||||
45,746 | Coty, Inc., Class A(c) | 1,324,347 | ||||||
17,158 | Diamond Foods, Inc.(b) | 679,800 | ||||||
76,625 | Elizabeth Arden, Inc.(b)(c) | 960,877 | ||||||
33,085 | Fairway Group Holdings Corp., Class A(b)(c) | 38,379 | ||||||
59,818 | Fresh Del Monte Produce, Inc. | 2,729,495 | ||||||
23,910 | Fresh Market, Inc. (The)(b)(c) | 595,837 | ||||||
33,126 | Hain Celestial Group, Inc. (The)(b) | 1,651,331 | ||||||
160,325 | HRG Group, Inc.(b) | 2,156,371 | ||||||
16,737 | Ingles Markets, Inc., Class A | 835,846 | ||||||
15,025 | Inter Parfums, Inc. | 414,990 | ||||||
17,582 | Inventure Foods, Inc.(b) | 152,260 | ||||||
7,801 | J & J Snack Foods Corp. | 957,885 | ||||||
11,201 | John B. Sanfilippo & Son, Inc. | 724,929 | ||||||
17,998 | Lancaster Colony Corp. | 2,046,733 | ||||||
31,282 | Landec Corp.(b) | 384,769 | ||||||
10,547 | Medifast, Inc.(b) | 295,000 | ||||||
15,750 | National Beverage Corp.(b) | 592,830 | ||||||
14,523 | Nature’s Sunshine Products, Inc. | 172,098 | ||||||
11,159 | Nutraceutical International Corp.(b) | 273,395 | ||||||
6,221 | Oil-Dri Corp. of America | 195,215 | ||||||
42,136 | Omega Protein Corp.(b) | 766,875 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
7,300 | Orchids Paper Products Co. | $ | 213,963 | |||||
57,593 | Pilgrim’s Pride Corp.(c) | 1,093,691 | ||||||
36,032 | Post Holdings, Inc., Class A(b) | 2,315,777 | ||||||
13,001 | PriceSmart, Inc. | 1,117,826 | ||||||
11,437 | Revlon, Inc., Class A(b) | 358,779 | ||||||
251,101 | Roundy’s, Inc.(b)(c) | 539,867 | ||||||
20,204 | Sanderson Farms, Inc.(c) | 1,404,380 | ||||||
277 | Seaboard Corp.(b) | 932,936 | ||||||
16,658 | Seneca Foods Corp., Class A(b) | 486,080 | ||||||
31,598 | Smart & Final Stores, Inc.(b) | 465,754 | ||||||
51,861 | Snyder’s-Lance, Inc. | 1,843,140 | ||||||
60,241 | SpartanNash Co. | 1,680,724 | ||||||
14,150 | Spectrum Brands Holdings, Inc. | 1,356,277 | ||||||
30,137 | Sprouts Farmers Market, Inc.(b) | 614,192 | ||||||
14,751 | Tootsie Roll Industries, Inc., Class A(c) | 468,197 | ||||||
3,531 | USANA Health Sciences, Inc.(b) | 454,087 | ||||||
79,674 | Vector Group Ltd.(c) | 1,932,094 | ||||||
12,348 | Village Super Market, Inc., Class A | 309,441 | ||||||
7,148 | WD-40 Co. | 683,206 | ||||||
17,304 | Weis Markets, Inc. | 711,887 | ||||||
|
| |||||||
45,727,836 | ||||||||
|
| |||||||
Energy—5.2% | ||||||||
61,326 | Abraxas Petroleum Corp.(b) | 97,508 | ||||||
4,111 | Adams Resources & Energy, Inc. | 182,775 | ||||||
118,274 | Aegean Marine Petroleum Network, Inc. (Greece)(c) | 922,537 | ||||||
98,803 | Alon USA Energy, Inc. | 1,654,950 | ||||||
22,095 | Antero Resources Corp.(b)(c) | 520,779 | ||||||
93,379 | Approach Resources, Inc.(b)(c) | 220,374 | ||||||
174,535 | Basic Energy Services, Inc.(b)(c) | 647,525 | ||||||
21,869 | Bonanza Creek Energy, Inc.(b) | 124,435 | ||||||
37,357 | Bristow Group, Inc. | 1,297,409 | ||||||
101,215 | C&J Energy Services Ltd.(b)(c) | 505,063 | ||||||
67,481 | Callon Petroleum Co.(b) | 585,735 | ||||||
34,270 | CARBO Ceramics, Inc.(c) | 600,410 | ||||||
24,198 | Carrizo Oil & Gas, Inc.(b) | 910,571 | ||||||
158,604 | CHC Group Ltd. (Canada)(b) | 51,150 | ||||||
4,608 | Cheniere Energy, Inc.(b) | 228,188 | ||||||
8,469 | Clayton Williams Energy, Inc.(b) | 504,498 | ||||||
85,549 | Clean Energy Fuels Corp.(b)(c) | 483,352 | ||||||
163,755 | Cobalt International Energy, Inc.(b) | 1,256,001 | ||||||
197,129 | Comstock Resources, Inc.(c) | 453,397 | ||||||
22,725 | Contango Oil & Gas Co.(b) | 173,846 | ||||||
38,166 | Continental Resources, Inc.(b) | 1,294,209 | ||||||
17,212 | Core Laboratories NV(c) | 2,002,272 | ||||||
40,859 | CVR Energy, Inc.(c) | 1,816,591 | ||||||
61,866 | DHT Holdings, Inc. | 486,267 | ||||||
8,807 | Diamondback Energy, Inc.(b) | 650,309 | ||||||
25,130 | Dril-Quip, Inc.(b) | 1,547,003 | ||||||
11,401 | Emerald Oil, Inc.(b)(c) | 23,258 | ||||||
84,244 | EP Energy Corp., Class A(b)(c) | 464,184 | ||||||
31,007 | Era Group, Inc.(b) | 431,307 | ||||||
403,776 | EXCO Resources, Inc.(b)(c) | 452,229 | ||||||
79,429 | Forum Energy Technologies, Inc.(b) | 1,052,434 | ||||||
23,248 | Frank’s International NV(b) | 398,936 | ||||||
452,631 | Frontline Ltd. (Norway)(b)(c) | 1,430,314 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
16,217 | GasLog Ltd. (Monaco)(c) | $ | 187,631 | |||||
28,554 | Geospace Technologies Corp.(b) | 438,589 | ||||||
92,630 | Goodrich Petroleum Corp.(b)(c) | 55,578 | ||||||
65,290 | Green Plains, Inc. | 1,339,098 | ||||||
22,519 | Gulf Island Fabrication, Inc. | 227,667 | ||||||
5,792 | Gulfmark Offshore, Inc., Class A(c) | 36,142 | ||||||
44,442 | Gulfport Energy Corp.(b) | 1,354,148 | ||||||
467,727 | Halcon Resources Corp.(b)(c) | 327,923 | ||||||
101,696 | Hornbeck Offshore Services, Inc.(b)(c) | 1,373,913 | ||||||
21,921 | InterOil Corp. (Singapore)(b)(c) | 838,698 | ||||||
319,271 | ION Geophysical Corp.(b) | 118,130 | ||||||
68,000 | Kosmos Energy Ltd.(b) | 463,760 | ||||||
83,070 | Laredo Petroleum, Inc.(b)(c) | 953,644 | ||||||
21,030 | Matador Resources Co.(b) | 540,681 | ||||||
38,629 | Matrix Service Co.(b) | 876,878 | ||||||
12,608 | Memorial Resource Development Corp.(b) | 223,036 | ||||||
47,914 | Mitcham Industries, Inc.(b) | 212,738 | ||||||
16,166 | Natural Gas Services Group, Inc.(b) | 364,058 | ||||||
135,459 | Newpark Resources, Inc.(b) | 766,698 | ||||||
121,120 | Nordic American Tankers Ltd.(c) | 1,850,714 | ||||||
171,004 | North Atlantic Drilling Ltd. (Norway)(b)(c) | 141,164 | ||||||
102,035 | Northern Oil and Gas, Inc.(b)(c) | 514,256 | ||||||
106,427 | Nuverra Environmental Solutions, Inc.(b)(c) | 180,926 | ||||||
126,046 | Oasis Petroleum, Inc.(b)(c) | 1,465,915 | ||||||
198,339 | Ocean Rig UDW, Inc. (Cyprus)(c) | 424,445 | ||||||
224,884 | Pacific Drilling SA(b)(c) | 359,814 | ||||||
43,513 | Pacific Ethanol, Inc.(b)(c) | 261,513 | ||||||
8,910 | Panhandle Oil and Gas, Inc., Class A | 163,766 | ||||||
424,431 | Parker Drilling Co.(b) | 1,213,873 | ||||||
29,475 | PDC Energy, Inc.(b) | 1,778,522 | ||||||
118,718 | Penn Virginia Corp.(b)(c) | 73,475 | ||||||
108,533 | PetroQuest Energy, Inc.(b) | 121,557 | ||||||
16,160 | PHI, Inc.(b) | 307,686 | ||||||
243,638 | Pioneer Energy Services Corp.(b) | 562,804 | ||||||
107,837 | Renewable Energy Group, Inc.(b) | 850,834 | ||||||
593,632 | Resolute Energy Corp.(b)(c) | 279,007 | ||||||
7,084 | REX American Resources Corp.(b) | 388,982 | ||||||
95,084 | Rex Energy Corp.(b)(c) | 214,890 | ||||||
50,948 | Rice Energy, Inc.(b) | 777,467 | ||||||
74,599 | RPC, Inc.(c) | 822,827 | ||||||
11,791 | RSP Permian, Inc.(b) | 323,309 | ||||||
56,804 | Sanchez Energy Corp.(b)(c) | 337,984 | ||||||
121,351 | Scorpio Tankers, Inc. (Monaco) | 1,106,721 | ||||||
19,175 | SemGroup Corp., Class A | 873,421 | ||||||
110,214 | Ship Finance International Ltd. (Norway)(c) | 1,883,557 | ||||||
73,410 | StealthGas, Inc. (Greece)(b)(c) | 309,790 | ||||||
650,328 | Swift Energy Co.(b)(c) | 388,116 | ||||||
116,751 | Teekay Tankers Ltd., Class A (Bermuda) | 891,978 | ||||||
86,800 | Tesco Corp. | 694,400 | ||||||
269,564 | TETRA Technologies, Inc.(b) | 1,816,861 | ||||||
81,223 | Triangle Petroleum Corp.(b)(c) | 97,468 | ||||||
159,859 | Tsakos Energy Navigation Ltd. (Greece) | 1,433,935 | ||||||
34,998 | Ultra Petroleum Corp.(b)(c) | 191,789 | ||||||
28,443 | US Silica Holdings, Inc.(c) | 513,681 | ||||||
108,335 | VAALCO Energy, Inc.(b) | 199,336 | ||||||
35,228 | Voc Energy Trust(c) | 140,560 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
167,230 | W&T Offshore, Inc.(c) | $ | 545,170 | |||||
307,402 | Warren Resources, Inc.(b)(c) | 138,638 | ||||||
17,129 | Westmoreland Coal Co.(b)(c) | 122,644 | ||||||
162,471 | Willbros Group, Inc.(b) | 324,942 | ||||||
|
| |||||||
59,257,563 | ||||||||
|
| |||||||
Financials—24.4% | ||||||||
20,214 | 1st Source Corp. | 641,997 | ||||||
30,160 | Acadia Realty Trust REIT | 991,962 | ||||||
45,796 | AG Mortgage Investment Trust, Inc. REIT | 696,557 | ||||||
11,976 | Agree Realty Corp. REIT | 387,783 | ||||||
22,551 | Alexander & Baldwin, Inc. | 851,075 | ||||||
1,407 | Alexander’s, Inc. REIT | 555,610 | ||||||
20,083 | Altisource Portfolio Solutions SA(b) | 538,425 | ||||||
38,331 | Altisource Residential Corp. REIT | 551,583 | ||||||
22,572 | American Assets Trust, Inc. REIT | 951,636 | ||||||
71,249 | American Capital Mortgage Investment Corp. REIT | 1,033,823 | ||||||
115,002 | American Homes 4 Rent, Class A REIT | 1,897,533 | ||||||
10,057 | American National Bankshares, Inc. | 253,436 | ||||||
11,029 | American National Insurance Co. | 1,139,075 | ||||||
17,202 | American Residential Properties, Inc. REIT | 285,037 | ||||||
14,624 | Ameris Bancorp | 460,656 | ||||||
12,029 | AMERISAFE, Inc. | 658,347 | ||||||
17,991 | AmTrust Financial Services, Inc.(c) | 1,227,346 | ||||||
364,663 | Anworth Mortgage Asset Corp. REIT | 1,739,443 | ||||||
45,485 | Apollo Commercial Real Estate Finance, Inc. REIT | 755,506 | ||||||
48,373 | Apollo Residential Mortgage, Inc. REIT | 622,561 | ||||||
31,836 | Ares Commercial Real Estate Corp. REIT | 392,856 | ||||||
44,267 | Argo Group International Holdings Ltd. | 2,767,573 | ||||||
23,288 | Arlington Asset Investment Corp., Class A(c) | 322,539 | ||||||
20,484 | Armada Hoffler Properties, Inc. REIT | 219,998 | ||||||
57,979 | ARMOUR Residential REIT, Inc. REIT | 1,189,729 | ||||||
14,080 | Arrow Financial Corp. | 388,608 | ||||||
78,940 | Ashford Hospitality Trust, Inc. REIT | 543,107 | ||||||
147,873 | Astoria Financial Corp. | 2,360,053 | ||||||
9,677 | Baldwin & Lyons, Inc., Class B | 224,797 | ||||||
25,737 | Banc of California, Inc. | 335,610 | ||||||
7,609 | BancFirst Corp. | 468,943 | ||||||
33,197 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 897,315 | ||||||
57,808 | Bancorp, Inc. (The)(b) | 416,218 | ||||||
90,611 | BancorpSouth, Inc. | 2,258,932 | ||||||
44,126 | Bank Mutual Corp. | 319,472 | ||||||
4,912 | Bank of Marin Bancorp | 261,220 | ||||||
26,155 | Bank of the Ozarks, Inc. | 1,308,273 | ||||||
13,088 | Banner Corp. | 642,228 | ||||||
63,708 | BBCN Bancorp, Inc. | 1,069,657 | ||||||
68,813 | Beneficial Bancorp, Inc.(b) | 954,436 | ||||||
28,989 | Berkshire Hills Bancorp, Inc. | 829,085 | ||||||
139,595 | BGC Partners, Inc., Class A | 1,207,497 | ||||||
27,531 | Blackstone Mortgage Trust, Inc., Class A REIT | 757,653 | ||||||
19,662 | BNC Bancorp | 441,412 | ||||||
4,342 | BofI Holding, Inc.(b)(c) | 347,403 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
26,911 | BOK Financial Corp. | $ | 1,807,881 | |||||
64,396 | Boston Private Financial Holdings, Inc. | 737,978 | ||||||
10,248 | Bridge Bancorp, Inc. | 294,220 | ||||||
101,325 | Brookline Bancorp, Inc. | 1,150,039 | ||||||
11,757 | Bryn Mawr Bank Corp. | 342,481 | ||||||
6,013 | C&F Financial Corp. | 228,494 | ||||||
50,919 | Calamos Asset Management, Inc., Class A | 478,129 | ||||||
7,602 | Camden National Corp. | 297,162 | ||||||
87,346 | Campus Crest Communities, Inc. REIT | 579,104 | ||||||
10,033 | Capital Bank Financial Corp., Class A | 324,066 | ||||||
191,683 | Capstead Mortgage Corp. REIT | 1,849,741 | ||||||
22,661 | Cardinal Financial Corp. | 515,085 | ||||||
38,300 | Cash America International, Inc. | 1,322,499 | ||||||
17,358 | CatchMark Timber Trust, Inc., Class A REIT | 190,070 | ||||||
51,825 | Cathay General Bancorp | 1,622,123 | ||||||
31,055 | CBOE Holdings, Inc. | 2,081,927 | ||||||
73,412 | Cedar Realty Trust, Inc. REIT | 513,150 | ||||||
25,433 | Centerstate Banks, Inc. | 370,813 | ||||||
12,035 | Central Pacific Financial Corp. | 269,103 | ||||||
205,112 | Chambers Street Properties REIT | 1,452,193 | ||||||
26,440 | Charter Financial Corp. | 346,364 | ||||||
11,341 | Chatham Lodging Trust REIT | 259,595 | ||||||
38,199 | Chemical Financial Corp. | 1,296,092 | ||||||
30,732 | Chesapeake Lodging Trust REIT | 846,359 | ||||||
14,664 | Citizens & Northern Corp. | 290,494 | ||||||
41,479 | Citizens, Inc., Class A(b)(c) | 348,424 | ||||||
17,130 | City Holding Co. | 819,328 | ||||||
17,453 | Clifton Bancorp, Inc. | 254,465 | ||||||
38,952 | CNA Financial Corp. | 1,424,085 | ||||||
12,216 | CNB Financial Corp. | 226,973 | ||||||
24,321 | CoBiz Financial, Inc. | 303,040 | ||||||
12,161 | Cohen & Steers, Inc. | 372,005 | ||||||
58,401 | Colony Capital, Inc., Class A REIT | 1,187,876 | ||||||
44,579 | Columbia Banking System, Inc. | 1,485,372 | ||||||
39,990 | Community Bank System, Inc. | 1,629,992 | ||||||
19,847 | Community Trust Bancorp, Inc. | 684,126 | ||||||
10,115 | ConnectOne Bancorp, Inc. | 180,553 | ||||||
39,315 | Consumer Portfolio Services, Inc.(b) | 213,087 | ||||||
32,891 | CorEnergy Infrastructure Trust, Inc. REIT(c) | 168,073 | ||||||
12,132 | CoreSite Realty Corp. REIT | 666,653 | ||||||
127,320 | Cousins Properties, Inc. REIT | 1,278,293 | ||||||
65,171 | Cowen Group, Inc., Class A(b) | 274,370 | ||||||
23,095 | Crawford & Co., Class B | 138,570 | ||||||
4,178 | Credit Acceptance Corp.(b)(c) | 790,018 | ||||||
60,775 | CubeSmart REIT | 1,690,761 | ||||||
21,741 | Customers Bancorp, Inc.(b) | 597,878 | ||||||
83,106 | CVB Financial Corp. | 1,450,200 | ||||||
18,174 | CyrusOne, Inc. REIT | 641,179 | ||||||
171,818 | CYS Investments, Inc. REIT | 1,326,435 | ||||||
2,381 | Diamond Hill Investment Group, Inc. | 476,319 | ||||||
42,580 | Dime Community Bancshares, Inc. | 738,763 | ||||||
45,794 | DuPont Fabros Technology, Inc. REIT | 1,469,529 | ||||||
98,004 | Dynex Capital, Inc. REIT(c) | 649,767 | ||||||
12,821 | Eagle Bancorp, Inc.(b) | 610,280 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
22,895 | EastGroup Properties, Inc. REIT | $ | 1,285,783 | |||||
27,047 | Education Realty Trust, Inc. REIT | 971,258 | ||||||
28,319 | eHealth, Inc.(b) | 338,412 | ||||||
26,704 | Empire State Realty Trust, Inc., Class A REIT | 475,865 | ||||||
37,895 | Employers Holdings, Inc. | 1,003,081 | ||||||
25,450 | Encore Capital Group, Inc.(b)(c) | 1,035,815 | ||||||
23,678 | Enova International, Inc.(b) | 307,814 | ||||||
9,522 | Enstar Group Ltd. (Bermuda)(b) | 1,502,572 | ||||||
18,235 | Enterprise Financial Services Corp. | 517,145 | ||||||
31,506 | Equity Lifestyle Properties, Inc. REIT | 1,905,483 | ||||||
46,338 | Equity One, Inc. REIT | 1,231,664 | ||||||
15,872 | Essent Group Ltd.(b) | 382,515 | ||||||
81,488 | EverBank Financial Corp. | 1,406,483 | ||||||
17,018 | Evercore Partners, Inc., Class A | 918,972 | ||||||
164,348 | EZCORP, Inc., Class A(b) | 1,094,558 | ||||||
11,500 | FactSet Research Systems, Inc. | 2,013,880 | ||||||
14,414 | FBL Financial Group, Inc., Class A | 906,641 | ||||||
11,174 | FBR & Co. | 221,022 | ||||||
13,612 | Federal Agricultural Mortgage Corp., Class C | 399,648 | ||||||
41,742 | FelCor Lodging Trust, Inc. REIT | 336,023 | ||||||
29,006 | Fidelity & Guaranty Life | 774,460 | ||||||
16,012 | Fidelity Southern Corp. | 335,451 | ||||||
7,887 | Financial Engines, Inc.(c) | 253,646 | ||||||
14,701 | Financial Institutions, Inc. | 383,990 | ||||||
149,762 | First BanCorp(b) | 567,598 | ||||||
20,198 | First Bancorp/Southern Pines NC | 374,269 | ||||||
26,152 | First Busey Corp. | 545,792 | ||||||
20,351 | First Cash Financial Services, Inc.(b) | 776,391 | ||||||
6,176 | First Citizens BancShares, Inc., Class A | 1,581,921 | ||||||
107,710 | First Commonwealth Financial Corp. | 989,855 | ||||||
19,354 | First Community Bancshares, Inc. | 372,177 | ||||||
13,501 | First Connecticut Bancorp, Inc. | 234,647 | ||||||
11,064 | First Defiance Financial Corp. | 423,751 | ||||||
101,291 | First Financial Bancorp | 1,952,890 | ||||||
40,859 | First Financial Bankshares, Inc.(c) | 1,358,970 | ||||||
14,194 | First Financial Corp. | 486,428 | ||||||
47,929 | First Industrial Realty Trust, Inc. REIT | 1,039,101 | ||||||
23,829 | First Interstate BancSystem, Inc., Class A | 675,790 | ||||||
29,319 | First Merchants Corp. | 769,037 | ||||||
69,761 | First Midwest Bancorp, Inc. | 1,243,141 | ||||||
10,128 | First of Long Island Corp. (The) | 281,255 | ||||||
86,918 | First Potomac Realty Trust REIT | 1,024,763 | ||||||
44,419 | Flagstar Bancorp, Inc.(b) | 987,879 | ||||||
38,328 | Flushing Financial Corp. | 806,421 | ||||||
60,859 | Forest City Enterprises, Inc., Class A(b) | 1,344,984 | ||||||
63,657 | Forestar Group, Inc.(b) | 900,747 | ||||||
109,320 | Franklin Street Properties Corp. REIT | 1,139,114 | ||||||
41,282 | FXCM, Inc., Class A(c) | 357,502 | ||||||
29,961 | Gain Capital Holdings, Inc. | 223,209 | ||||||
3,238 | GAMCO Investors, Inc., Class A | 186,768 | ||||||
12,760 | Gaming and Leisure Properties, Inc. REIT | 372,209 | ||||||
10,653 | German American Bancorp, Inc. | 333,758 | ||||||
34,316 | Getty Realty Corp. REIT | 579,254 | ||||||
69,911 | Glacier Bancorp, Inc. | 1,912,765 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
22,538 | Gladstone Commercial Corp. REIT | $ | 360,833 | |||||
9,563 | Global Indemnity PLC, Class A(b) | 271,685 | ||||||
70,416 | Government Properties Income Trust REIT | 1,146,372 | ||||||
8,865 | Gramercy Property Trust, Inc. REIT | 201,058 | ||||||
12,866 | Great Southern Bancorp, Inc. | 621,814 | ||||||
38,970 | Green Dot Corp., Class A(b) | 722,504 | ||||||
32,313 | Greenhill & Co., Inc. | 834,322 | ||||||
39,732 | Greenlight Capital Re Ltd., Class A(b) | 872,515 | ||||||
17,322 | Hallmark Financial Services, Inc.(b) | 225,013 | ||||||
22,495 | Hanmi Financial Corp. | 573,623 | ||||||
7,195 | HCI Group, Inc. | 313,774 | ||||||
82,945 | Healthcare Trust of America, Inc., Class A REIT | 2,182,283 | ||||||
20,055 | Heritage Financial Corp. | 369,413 | ||||||
38,852 | Hersha Hospitality Trust REIT | 932,837 | ||||||
12,844 | HFF, Inc., Class A | 443,375 | ||||||
54,585 | Hilltop Holdings, Inc.(b) | 1,144,647 | ||||||
25,944 | Home BancShares, Inc. | 1,113,516 | ||||||
11,981 | HomeStreet, Inc.(b) | 250,762 | ||||||
26,084 | HomeTrust Bancshares, Inc.(b) | 494,031 | ||||||
56,787 | Horace Mann Educators Corp. | 1,944,387 | ||||||
9,755 | Horizon Bancorp | 254,606 | ||||||
13,689 | Howard Hughes Corp. (The)(b) | 1,691,687 | ||||||
22,691 | Hudson Pacific Properties, Inc. REIT | 648,282 | ||||||
27,204 | IBERIABANK Corp. | 1,649,379 | ||||||
16,716 | Independent Bank Corp. | 242,048 | ||||||
20,056 | Independent Bank Corp./MA | 937,417 | ||||||
16,977 | Infinity Property & Casualty Corp. | 1,366,988 | ||||||
100,808 | Inland Real Estate Corp. REIT | 892,151 | ||||||
12,795 | Interactive Brokers Group, Inc., Class A | 526,386 | ||||||
73,253 | International Bancshares Corp. | 1,974,168 | ||||||
17,715 | INTL FCStone, Inc.(b) | 566,703 | ||||||
28,031 | Investment Technology Group, Inc. | 448,776 | ||||||
124,335 | Investors Bancorp, Inc. | 1,555,431 | ||||||
173,805 | Investors Real Estate Trust REIT(c) | 1,411,297 | ||||||
50,985 | iStar, Inc. REIT(b) | 659,746 | ||||||
114,893 | Janus Capital Group, Inc. | 1,784,288 | ||||||
31,513 | JG Wentworth Co. (The), Class A(b)(c) | 161,347 | ||||||
4,008 | Kansas City Life Insurance Co. | 196,512 | ||||||
93,396 | KCG Holdings, Inc., Class A(b) | 1,166,516 | ||||||
17,975 | Kennedy-Wilson Holdings, Inc. | 440,747 | ||||||
27,683 | Kite Realty Group Trust REIT | 731,108 | ||||||
52,482 | Ladenburg Thalmann Financial Services, Inc.(b)(c) | 133,304 | ||||||
40,360 | Lakeland Bancorp, Inc. | 469,387 | ||||||
13,676 | Lakeland Financial Corp. | 614,463 | ||||||
28,488 | LegacyTexas Financial Group, Inc. | 817,606 | ||||||
19,992 | LTC Properties, Inc. REIT | 856,657 | ||||||
89,555 | Maiden Holdings Ltd. | 1,392,580 | ||||||
19,732 | MainSource Financial Group, Inc. | 427,000 | ||||||
8,613 | MarketAxess Holdings, Inc. | 872,583 | ||||||
40,796 | Markit Ltd.(b) | 1,244,278 | ||||||
10,287 | Marlin Business Services Corp. | 181,668 | ||||||
44,236 | MB Financial, Inc. | 1,426,169 | ||||||
121,274 | Medical Properties Trust, Inc. REIT | 1,370,396 | ||||||
10,165 | Mercantile Bank Corp. | 224,240 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
6,344 | Meta Financial Group, Inc. | $ | 273,300 | |||||
12,144 | Metro Bancorp, Inc. | 376,221 | ||||||
152,071 | MGIC Investment Corp.(b) | 1,429,467 | ||||||
37,746 | Monmouth Real Estate Investment Corp. REIT(c) | 392,936 | ||||||
8,044 | Morningstar, Inc. | 660,493 | ||||||
90,616 | Nam Tai Property, Inc. (China)(b) | 533,728 | ||||||
6,116 | National Bankshares, Inc.(c) | 199,687 | ||||||
12,981 | National Health Investors, Inc. REIT | 762,504 | ||||||
11,133 | National Interstate Corp. | 319,517 | ||||||
114,269 | National Penn Bancshares, Inc. | 1,375,799 | ||||||
2,293 | National Western Life Group, Inc., Class A | 591,571 | ||||||
10,386 | Nationstar Mortgage Holdings, Inc.(b)(c) | 137,822 | ||||||
15,502 | Navigators Group, Inc. (The)(b) | 1,323,096 | ||||||
57,039 | NBT Bancorp, Inc. | 1,603,366 | ||||||
20,857 | Nelnet, Inc., Class A | 746,263 | ||||||
104,381 | New York Mortgage Trust, Inc. REIT(c) | 592,884 | ||||||
112,424 | New York REIT, Inc. REIT | 1,281,634 | ||||||
27,988 | NewBridge Bancorp, Class A | 316,544 | ||||||
56,508 | Newcastle Investment Corp. REIT | 278,019 | ||||||
21,146 | Nicholas Financial, Inc.(b) | 280,819 | ||||||
50,445 | Northfield Bancorp, Inc. | 772,817 | ||||||
10,317 | Northrim Bancorp, Inc. | 284,956 | ||||||
155,862 | Northwest Bancshares, Inc. | 2,097,903 | ||||||
13,213 | OceanFirst Financial Corp. | 243,912 | ||||||
44,957 | OFG Bancorp(c) | 414,054 | ||||||
113,309 | Old National Bancorp | 1,586,326 | ||||||
14,708 | One Liberty Properties, Inc. REIT | 346,520 | ||||||
41,218 | OneBeacon Insurance Group Ltd., Class A | 593,127 | ||||||
18,787 | Oppenheimer Holdings, Inc., Class A | 344,741 | ||||||
53,228 | Oritani Financial Corp. | 847,390 | ||||||
16,647 | Pacific Continental Corp. | 238,718 | ||||||
14,772 | Pacific Premier Bancorp, Inc.(b) | 315,382 | ||||||
25,699 | PacWest Bancorp | 1,157,483 | ||||||
14,789 | Park National Corp. | 1,341,658 | ||||||
30,398 | Park Sterling Corp. | 220,386 | ||||||
46,209 | Parkway Properties, Inc. REIT | 773,077 | ||||||
11,013 | Peapack-Gladstone Financial Corp. | 249,004 | ||||||
25,377 | Pebblebrook Hotel Trust REIT | 867,386 | ||||||
5,759 | Penns Woods Bancorp, Inc. | 256,563 | ||||||
61,053 | Pennsylvania Real Estate Investment Trust REIT | 1,372,471 | ||||||
14,542 | Peoples Bancorp, Inc. | 278,625 | ||||||
17,783 | Phoenix Cos., Inc. (The)(b) | 611,380 | ||||||
11,926 | Physicians Realty Trust REIT | 190,577 | ||||||
28,633 | PICO Holdings, Inc.(b) | 276,595 | ||||||
18,094 | Pinnacle Financial Partners, Inc. | 952,106 | ||||||
19,014 | Piper Jaffray Cos.(b) | 676,328 | ||||||
30,423 | Post Properties, Inc. REIT | 1,817,470 | ||||||
39,263 | Potlatch Corp. REIT | 1,226,576 | ||||||
27,477 | PRA Group, Inc.(b) | 1,505,740 | ||||||
45,771 | PrivateBancorp, Inc. | 1,914,601 | ||||||
73,526 | Provident Financial Services, Inc. | 1,494,048 | ||||||
14,640 | PS Business Parks, Inc. REIT | 1,255,966 | ||||||
5,866 | QTS Realty Trust, Inc., Class A REIT | 252,297 | ||||||
65,526 | Radian Group, Inc. | 948,161 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
103,540 | RAIT Financial Trust REIT | $ | 502,169 | |||||
52,858 | Ramco-Gershenson Properties Trust REIT | 888,014 | ||||||
13,759 | RE/MAX Holdings, Inc., Class A | 518,302 | ||||||
101,020 | Redwood Trust, Inc. REIT | 1,341,546 | ||||||
23,289 | Regional Management Corp.(b) | 379,844 | ||||||
33,107 | Renasant Corp. | 1,146,495 | ||||||
11,671 | Republic Bancorp, Inc., Class A | 296,794 | ||||||
22,330 | Resource America, Inc., Class A | 171,718 | ||||||
62,844 | Resource Capital Corp. REIT(c) | 806,917 | ||||||
43,311 | Retail Opportunity Investments Corp. REIT | 785,228 | ||||||
14,222 | Rexford Industrial Realty, Inc. REIT | 215,463 | ||||||
23,947 | Rouse Properties, Inc. REIT(c) | 421,228 | ||||||
29,266 | S&T Bancorp, Inc. | 933,000 | ||||||
39,547 | Sabra Health Care REIT, Inc. REIT | 896,926 | ||||||
13,321 | Safeguard Scientifics, Inc.(b) | 236,448 | ||||||
22,613 | Safety Insurance Group, Inc. | 1,310,423 | ||||||
25,288 | Sandy Spring Bancorp, Inc. | 695,420 | ||||||
10,042 | Saul Centers, Inc. REIT | 563,055 | ||||||
49,408 | SEI Investments Co. | 2,560,323 | ||||||
38,364 | Select Income REIT | 774,953 | ||||||
77,264 | Selective Insurance Group, Inc. | 2,819,363 | ||||||
11,131 | Sierra Bancorp | 180,434 | ||||||
25,028 | Silver Bay Realty Trust Corp. REIT | 405,454 | ||||||
15,240 | Simmons First National Corp., Class A | 785,470 | ||||||
16,300 | South State Corp. | 1,263,250 | ||||||
22,549 | Southside Bancshares, Inc. | 606,568 | ||||||
19,112 | Southwest Bancorp, Inc. | 323,184 | ||||||
17,092 | Sovran Self Storage, Inc. REIT | 1,706,978 | ||||||
21,739 | Springleaf Holdings, Inc.(b) | 1,019,776 | ||||||
28,910 | St. Joe Co. (The)(b)(c) | 572,996 | ||||||
23,968 | STAG Industrial, Inc., Class A REIT | 491,823 | ||||||
32,172 | Starwood Waypoint Residential Trust REIT | 791,431 | ||||||
20,366 | State Auto Financial Corp. | 485,729 | ||||||
22,405 | State Bank Financial Corp. | 479,467 | ||||||
41,469 | Sterling Bancorp | 638,208 | ||||||
35,120 | Stewart Information Services Corp. | 1,410,770 | ||||||
11,898 | Stock Yards Bancorp, Inc. | 448,317 | ||||||
6,763 | Stonegate Bank | 211,073 | ||||||
57,820 | Strategic Hotels & Resorts, Inc. REIT(b) | 815,262 | ||||||
11,201 | Suffolk Bancorp | 334,798 | ||||||
59,225 | Summit Hotel Properties, Inc. REIT | 774,663 | ||||||
18,963 | Sun Communities, Inc. REIT | 1,270,900 | ||||||
95,881 | Sunstone Hotel Investors, Inc. REIT | 1,386,439 | ||||||
15,985 | Talmer Bancorp, Inc., Class A | 268,868 | ||||||
56,420 | Tanger Factory Outlet Centers, Inc. REIT | 1,971,879 | ||||||
8,454 | Tejon Ranch Co.(b) | 190,469 | ||||||
12,428 | Territorial Bancorp, Inc. | 346,493 | ||||||
35,115 | Texas Capital Bancshares, Inc.(b) | 1,938,348 | ||||||
48,097 | TFS Financial Corp. | 844,583 | ||||||
28,961 | Third Point Reinsurance Ltd.(b) | 395,897 | ||||||
10,450 | Tompkins Financial Corp. | 567,226 | ||||||
23,269 | TowneBank | 499,353 | ||||||
19,357 | TriCo Bancshares | 510,251 | ||||||
116,628 | TrustCo Bank Corp. NY | 726,592 | ||||||
98,780 | Trustmark Corp. | 2,373,683 | ||||||
36,240 | UMB Financial Corp. | 1,778,659 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
25,381 | UMH Properties, Inc. REIT | $ | 251,018 | |||||
133,344 | Umpqua Holdings Corp. | 2,226,845 | ||||||
29,696 | Union Bankshares Corp. | 743,885 | ||||||
47,121 | United Bankshares, Inc. | 1,863,636 | ||||||
36,050 | United Community Banks, Inc. | 726,768 | ||||||
52,398 | United Community Financial Corp. | 287,141 | ||||||
32,598 | United Financial Bancorp, Inc. | 423,122 | ||||||
31,768 | United Fire Group, Inc. | 1,181,452 | ||||||
7,103 | Universal Health Realty Income Trust REIT | 352,948 | ||||||
17,720 | Universal Insurance Holdings, Inc. | 559,066 | ||||||
23,724 | Univest Corp. of Pennsylvania | 467,126 | ||||||
23,701 | Urstadt Biddle Properties, Inc., Class A REIT | 476,390 | ||||||
118,946 | VEREIT, Inc. REIT | 982,494 | ||||||
3,897 | Virtus Investment Partners, Inc. | 456,105 | ||||||
29,328 | Walker & Dunlop, Inc.(b) | 850,805 | ||||||
97,518 | Walter Investment Management Corp.(b)(c) | 1,166,315 | ||||||
73,797 | Washington REIT | 1,993,257 | ||||||
14,351 | Washington Trust Bancorp, Inc. | 556,819 | ||||||
26,829 | Waterstone Financial, Inc. | 357,362 | ||||||
32,833 | WesBanco, Inc. | 1,071,997 | ||||||
30,900 | Westamerica Bancorp. | 1,366,089 | ||||||
33,281 | Western Alliance Bancorp(b) | 1,189,796 | ||||||
80,485 | Western Asset Mortgage Capital Corp. REIT(c) | 919,139 | ||||||
4,671 | Westwood Holdings Group, Inc. | 271,385 | ||||||
21,748 | Whitestone REIT | 268,805 | ||||||
53,153 | Wilshire Bancorp, Inc. | 568,206 | ||||||
32,570 | Winthrop Realty Trust REIT | 471,939 | ||||||
46,319 | Wintrust Financial Corp. | 2,338,646 | ||||||
13,251 | World Acceptance Corp.(b)(c) | 505,261 | ||||||
17,854 | WSFS Financial Corp. | 567,222 | ||||||
|
| |||||||
280,664,799 | ||||||||
|
| |||||||
Health Care—7.7% | ||||||||
5,222 | Abaxis, Inc. | 262,197 | ||||||
3,259 | Abiomed, Inc.(b) | 240,058 | ||||||
8,769 | Acadia Healthcare Co., Inc.(b) | 538,504 | ||||||
22,924 | Accuray, Inc.(b) | 153,591 | ||||||
20,948 | Aceto Corp. | 631,792 | ||||||
13,217 | Acorda Therapeutics, Inc.(b) | 476,341 | ||||||
30,724 | Affymetrix, Inc.(b) | 282,661 | ||||||
23,131 | Air Methods Corp.(b) | 946,752 | ||||||
6,877 | Akorn, Inc.(b) | 183,891 | ||||||
12,182 | Albany Molecular Research, Inc.(b)(c) | 219,763 | ||||||
14,216 | Align Technology, Inc.(b) | 930,579 | ||||||
15,118 | Alkermes PLC(b) | 1,087,287 | ||||||
11,796 | Alliance HealthCare Services, Inc.(b) | 99,794 | ||||||
12,111 | Almost Family, Inc.(b) | 501,153 | ||||||
1,947 | Alnylam Pharmaceuticals, Inc.(b) | 167,345 | ||||||
37,798 | Amedisys, Inc.(b) | 1,496,045 | ||||||
27,255 | AMN Healthcare Services, Inc.(b) | 773,224 | ||||||
35,369 | AmSurg Corp.(b) | 2,479,013 | ||||||
7,913 | Analogic Corp. | 693,337 | ||||||
27,044 | AngioDynamics, Inc.(b) | 340,214 | ||||||
4,014 | Anika Therapeutics, Inc.(b) | 154,619 | ||||||
24,054 | ARIAD Pharmaceuticals, Inc.(b) | 164,529 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
5,033 | athenahealth, Inc.(b) | $ | 767,281 | |||||
1,050 | Atrion Corp. | 387,450 | ||||||
11,307 | BioMarin Pharmaceutical, Inc.(b) | 1,323,371 | ||||||
149,037 | BioScrip, Inc.(b)(c) | 293,603 | ||||||
14,329 | Bio-Techne Corp. | 1,263,818 | ||||||
76,552 | Bruker Corp.(b) | 1,406,260 | ||||||
12,953 | Cambrex Corp.(b) | 595,449 | ||||||
8,031 | Cantel Medical Corp. | 476,078 | ||||||
16,550 | Capital Senior Living Corp.(b) | 374,361 | ||||||
17,649 | Catalent, Inc.(b) | 469,110 | ||||||
10,535 | Celldex Therapeutics, Inc.(b) | 127,052 | ||||||
6,725 | Cepheid, Inc.(b) | 224,615 | ||||||
22,228 | Charles River Laboratories International, Inc.(b) | 1,450,155 | ||||||
10,657 | Chemed Corp. | 1,676,240 | ||||||
17,178 | Civitas Solutions, Inc.(b) | 441,990 | ||||||
3,697 | Clovis Oncology, Inc.(b) | 369,367 | ||||||
9,825 | Computer Programs & Systems, Inc.(c) | 373,448 | ||||||
19,222 | CONMED Corp. | 779,644 | ||||||
9,704 | CorVel Corp.(b) | 322,173 | ||||||
32,727 | Cross Country Healthcare, Inc.(b) | 441,815 | ||||||
19,139 | CryoLife, Inc. | 201,725 | ||||||
11,434 | Cynosure, Inc., Class A(b) | 430,376 | ||||||
14,214 | Emergent Biosolutions, Inc.(b) | 456,980 | ||||||
8,882 | Ensign Group, Inc. (The) | 374,465 | ||||||
9,063 | Exactech, Inc.(b) | 154,343 | ||||||
13,567 | ExamWorks Group, Inc.(b) | 383,132 | ||||||
122,212 | Five Star Quality Care, Inc.(b) | 399,633 | ||||||
46,541 | Genesis Healthcare, Inc., Class A(b) | 230,843 | ||||||
26,658 | Globus Medical, Inc., Class A(b) | 595,806 | ||||||
19,980 | Greatbatch, Inc.(b) | 1,067,931 | ||||||
35,634 | Haemonetics Corp.(b) | 1,203,717 | ||||||
58,792 | Hanger, Inc.(b) | 847,781 | ||||||
34,650 | Healthways, Inc.(b) | 407,831 | ||||||
2,133 | HeartWare International, Inc.(b) | 92,124 | ||||||
35,212 | Hill-Rom Holdings, Inc. | 1,855,320 | ||||||
51,457 | HMS Holdings Corp.(b) | 541,842 | ||||||
28,385 | ICON PLC(b) | 1,812,950 | ||||||
7,873 | ICU Medical, Inc.(b) | 865,794 | ||||||
25,675 | IDEXX Laboratories, Inc.(b) | 1,761,819 | ||||||
37,161 | Impax Laboratories, Inc.(b) | 1,286,885 | ||||||
71,993 | IMS Health Holdings, Inc.(b) | 1,959,649 | ||||||
8,522 | Infinity Pharmaceuticals, Inc.(b) | 88,203 | ||||||
6,051 | Insulet Corp.(b) | 180,925 | ||||||
17,816 | Integra LifeSciences Holdings Corp.(b) | 1,061,299 | ||||||
63,819 | Invacare Corp. | 1,102,792 | ||||||
16,616 | IPC Healthcare, Inc.(b) | 1,304,356 | ||||||
5,440 | Isis Pharmaceuticals, Inc.(b) | 261,936 | ||||||
9,971 | Jazz Pharmaceuticals PLC(b) | 1,368,819 | ||||||
13,477 | Landauer, Inc. | 532,207 | ||||||
16,435 | LHC Group, Inc.(b) | 740,643 | ||||||
8,998 | LivaNova PLC (Italy)(b) | 596,387 | ||||||
23,095 | Luminex Corp.(b) | 420,329 | ||||||
34,461 | Masimo Corp.(b) | 1,367,413 | ||||||
55,883 | MedAssets, Inc.(b) | 1,323,309 | ||||||
40,313 | Medicines Co. (The)(b) | 1,380,317 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
7,146 | Medidata Solutions, Inc.(b) | $ | 307,278 | |||||
39,775 | Meridian Bioscience, Inc. | 756,123 | ||||||
36,273 | Merit Medical Systems, Inc.(b) | 672,501 | ||||||
19,285 | Momenta Pharmaceuticals, Inc.(b) | 316,467 | ||||||
35,536 | Myriad Genetics, Inc.(b)(c) | 1,434,588 | ||||||
12,557 | Natus Medical, Inc.(b) | 571,720 | ||||||
9,482 | Neogen Corp.(b) | 512,502 | ||||||
19,974 | NuVasive, Inc.(b) | 941,974 | ||||||
14,819 | NxStage Medical, Inc.(b) | 247,626 | ||||||
15,104 | Omnicell, Inc.(b) | 410,829 | ||||||
29,106 | OPKO Health, Inc.(b)(c) | 275,052 | ||||||
23,120 | OraSure Technologies, Inc.(b) | 120,224 | ||||||
20,882 | Orthofix International NV(b) | 711,032 | ||||||
27,950 | PAREXEL International Corp.(b) | 1,764,204 | ||||||
70,729 | PharMerica Corp.(b) | 2,020,728 | ||||||
5,744 | Portola Pharmaceuticals, Inc.(b) | 273,472 | ||||||
10,489 | Premier, Inc., Class A(b) | 354,633 | ||||||
30,426 | Prestige Brands Holdings, Inc.(b) | 1,491,178 | ||||||
19,116 | Providence Service Corp. (The)(b) | 987,341 | ||||||
49,892 | Quality Systems, Inc. | 700,983 | ||||||
11,836 | Quidel Corp.(b) | 227,488 | ||||||
65,020 | RadNet, Inc.(b) | 429,782 | ||||||
5,174 | Regeneron Pharmaceuticals, Inc.(b) | 2,883,936 | ||||||
55,348 | Rigel Pharmaceuticals, Inc.(b) | 140,584 | ||||||
42,670 | RTI Surgical, Inc.(b) | 179,427 | ||||||
7,092 | Sagent Pharmaceuticals, Inc.(b) | 119,217 | ||||||
13,791 | Sarepta Therapeutics, Inc.(b)(c) | 331,811 | ||||||
24,298 | SciClone Pharmaceuticals, Inc.(b) | 185,151 | ||||||
5,825 | SeaSpine Holdings Corp.(b) | 87,841 | ||||||
6,424 | Seattle Genetics, Inc.(b) | 266,532 | ||||||
76,454 | Select Medical Holdings Corp. | 863,930 | ||||||
24,472 | Sirona Dental Systems, Inc.(b) | 2,670,629 | ||||||
7,400 | Spectranetics Corp. (The)(b) | 90,428 | ||||||
47,765 | Spectrum Pharmaceuticals, Inc.(b)(c) | 248,856 | ||||||
10,190 | Surgical Care Affiliates, Inc.(b) | 301,726 | ||||||
7,891 | SurModics, Inc.(b) | 168,315 | ||||||
20,568 | Syneron Medical Ltd. (Israel)(b) | 166,806 | ||||||
29,543 | Team Health Holdings, Inc.(b) | 1,762,831 | ||||||
108,175 | Triple-S Management Corp., Class B(b) | 2,227,323 | ||||||
63,561 | Universal American Corp. | 474,165 | ||||||
8,265 | US Physical Therapy, Inc. | 405,481 | ||||||
6,310 | Vascular Solutions, Inc.(b) | 202,677 | ||||||
13,476 | Vertex Pharmaceuticals, Inc.(b) | 1,680,996 | ||||||
35,488 | West Pharmaceutical Services, Inc. | 2,129,635 | ||||||
16,972 | Wright Medical Group NV(b) | 328,069 | ||||||
|
| |||||||
88,489,941 | ||||||||
|
| |||||||
Industrials—16.3% | ||||||||
32,493 | A.O. Smith Corp. | 2,496,112 | ||||||
14,840 | AAON, Inc. | 303,775 | ||||||
63,670 | AAR Corp. | 1,444,672 | ||||||
203,971 | ACCO Brands Corp.(b) | 1,646,046 | ||||||
74,831 | Accuride Corp.(b) | 211,023 | ||||||
66,143 | Actuant Corp., Class A | 1,508,060 | ||||||
13,665 | Acuity Brands, Inc. | 2,987,169 | ||||||
10,496 | Advanced Drainage Systems, Inc. | 329,784 | ||||||
10,479 | Advisory Board Co. (The)(b) | 459,295 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
84,972 | Aegion Corp.(b) | $ | 1,639,110 | |||||
37,005 | AerCap Holdings NV (Netherlands)(b) | 1,535,708 | ||||||
34,209 | Aerojet Rocketdyne Holdings, Inc.(b) | 579,500 | ||||||
13,190 | Aerovironment, Inc.(b) | 304,293 | ||||||
57,238 | Air Lease Corp. | 1,929,493 | ||||||
86,045 | Air Transport Services Group, Inc.(b) | 842,381 | ||||||
94,943 | Aircastle Ltd. | 2,151,408 | ||||||
12,461 | Alamo Group, Inc. | 584,670 | ||||||
19,607 | Alaska Air Group, Inc. | 1,495,034 | ||||||
21,303 | Albany International Corp., Class A | 800,354 | ||||||
438 | Allegiant Travel Co. | 86,483 | ||||||
24,367 | Altra Industrial Motion Corp. | 644,751 | ||||||
5,618 | AMERCO | 2,282,650 | ||||||
37,434 | Ameresco, Inc., Class A(b) | 242,572 | ||||||
6,366 | American Railcar Industries, Inc.(c) | 367,446 | ||||||
10,380 | American Science & Engineering, Inc. | 389,042 | ||||||
6,005 | American Woodmark Corp.(b) | 436,563 | ||||||
14,049 | Apogee Enterprises, Inc. | 695,847 | ||||||
42,798 | Applied Industrial Technologies, Inc. | 1,767,985 | ||||||
32,608 | ARC Document Solutions, Inc.(b) | 202,822 | ||||||
27,115 | ArcBest Corp. | 702,278 | ||||||
6,640 | Argan, Inc. | 245,348 | ||||||
18,976 | Astec Industries, Inc. | 616,720 | ||||||
3,894 | Astronics Corp.(b) | 147,232 | ||||||
3,956 | Atlas Air Worldwide Holdings, Inc.(b) | 163,145 | ||||||
19,801 | AZZ, Inc. | 1,095,589 | ||||||
39,794 | Barnes Group, Inc. | 1,495,856 | ||||||
7,011 | Barrett Business Services, Inc. | 343,399 | ||||||
69,930 | Beacon Roofing Supply, Inc.(b) | 2,474,823 | ||||||
47,872 | Blount International, Inc.(b) | 290,583 | ||||||
61,431 | Brady Corp., Class A | 1,397,555 | ||||||
85,512 | Briggs & Stratton Corp. | 1,519,548 | ||||||
34,167 | Builders FirstSource, Inc.(b) | 403,854 | ||||||
5,195 | Caesarstone Sdot-Yam Ltd. (Israel)(b) | 184,474 | ||||||
15,140 | CAI International, Inc.(b) | 175,927 | ||||||
73,299 | Casella Waste Systems, Inc., Class A(b) | 444,925 | ||||||
88,284 | CBIZ, Inc.(b) | 949,053 | ||||||
26,344 | CDI Corp. | 210,752 | ||||||
12,518 | CEB, Inc. | 935,846 | ||||||
23,140 | Celadon Group, Inc. | 335,067 | ||||||
210,544 | Cenveo, Inc.(b)(c) | 393,717 | ||||||
47,967 | Chart Industries, Inc.(b) | 824,553 | ||||||
15,259 | CIRCOR International, Inc. | 700,693 | ||||||
26,377 | CLARCOR, Inc. | 1,315,157 | ||||||
20,959 | Columbus McKinnon Corp. | 391,724 | ||||||
54,135 | Comfort Systems USA, Inc. | 1,728,531 | ||||||
86,905 | Commercial Vehicle Group, Inc.(b) | 361,525 | ||||||
9,517 | Continental Building Products, Inc.(b) | 167,214 | ||||||
1,890 | Copa Holdings SA, Class A (Panama)(c) | 95,483 | ||||||
57,429 | Copart, Inc.(b) | 2,079,504 | ||||||
28,286 | Costamare, Inc. (Greece) | 397,984 | ||||||
15,735 | Covenant Transportation Group, Inc., Class A(b) | 303,685 | ||||||
11,270 | CRA International, Inc.(b) | 263,718 | ||||||
19,053 | Cubic Corp. | 854,527 | ||||||
165,846 | Diana Shipping, Inc. (Greece)(b)(c) | 1,046,488 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
54,759 | DigitalGlobe, Inc.(b) | $ | 817,552 | |||||
19,835 | Douglas Dynamics, Inc. | 435,180 | ||||||
20,516 | Ducommun, Inc.(b) | 443,966 | ||||||
13,170 | DXP Enterprises, Inc.(b) | 398,524 | ||||||
35,221 | Dycom Industries, Inc.(b) | 2,679,966 | ||||||
15,962 | Dynamic Materials Corp. | 113,809 | ||||||
41,174 | Eagle Bulk Shipping, Inc.(b)(c) | 251,161 | ||||||
11,325 | Echo Global Logistics, Inc.(b) | 269,422 | ||||||
24,878 | Encore Wire Corp. | 1,064,032 | ||||||
25,135 | Engility Holdings, Inc. | 809,096 | ||||||
63,932 | Ennis, Inc. | 1,280,558 | ||||||
20,397 | EnPro Industries, Inc. | 1,001,697 | ||||||
25,470 | ESCO Technologies, Inc. | 944,682 | ||||||
9,607 | Exponent, Inc. | 493,896 | ||||||
42,513 | Federal Signal Corp. | 640,246 | ||||||
15,469 | Forward Air Corp. | 701,674 | ||||||
28,291 | Franklin Electric Co., Inc. | 932,471 | ||||||
9,164 | FreightCar America, Inc. | 166,602 | ||||||
51,465 | Furmanite Corp.(b) | 357,682 | ||||||
18,272 | G&K Services, Inc., Class A | 1,202,663 | ||||||
48,049 | Gibraltar Industries, Inc.(b) | 1,216,601 | ||||||
63,717 | Global Brass & Copper Holdings, Inc. | 1,432,995 | ||||||
35,344 | Global Power Equipment Group, Inc.(c) | 153,040 | ||||||
46,540 | Golden Ocean Group Ltd. (Norway)(b)(c) | 91,684 | ||||||
9,958 | GP Strategies Corp.(b) | 249,846 | ||||||
28,223 | Graco, Inc. | 2,071,568 | ||||||
40,133 | Granite Construction, Inc. | 1,317,968 | ||||||
96,388 | Great Lakes Dredge & Dock Corp.(b) | 385,552 | ||||||
17,773 | Greenbrier Cos., Inc. (The)(c) | 676,085 | ||||||
63,109 | Griffon Corp. | 1,084,213 | ||||||
55,430 | H&E Equipment Services, Inc. | 1,070,353 | ||||||
19,418 | Hardinge, Inc. | 183,694 | ||||||
5,899 | Hawaiian Holdings, Inc.(b) | 204,695 | ||||||
41,023 | Healthcare Services Group, Inc. | 1,528,517 | ||||||
35,398 | Heartland Express, Inc. | 666,544 | ||||||
7,968 | HEICO Corp. | 401,906 | ||||||
21,058 | Heidrick & Struggles International, Inc. | 559,300 | ||||||
44,841 | Herman Miller, Inc. | 1,422,805 | ||||||
100,760 | Hill International, Inc.(b) | 340,569 | ||||||
63,289 | Hillenbrand, Inc. | 1,877,785 | ||||||
36,247 | HNI Corp. | 1,556,446 | ||||||
28,166 | Houston Wire & Cable Co. | 174,629 | ||||||
56,882 | Hub Group, Inc., Class A(b) | 2,274,142 | ||||||
14,362 | Huron Consulting Group, Inc.(b) | 693,685 | ||||||
12,785 | Hyster-Yale Materials Handling, Inc., Class A | 748,178 | ||||||
18,445 | ICF International, Inc.(b) | 565,708 | ||||||
81,957 | InnerWorkings, Inc.(b) | 613,038 | ||||||
22,143 | Insperity, Inc. | 1,028,764 | ||||||
12,900 | Insteel Industries, Inc. | 275,931 | ||||||
48,713 | Interface, Inc. | 952,339 | ||||||
20,430 | International Shipholding Corp. | 41,473 | ||||||
65,715 | JetBlue Airways Corp.(b) | 1,632,361 | ||||||
23,103 | John Bean Technologies Corp. | 1,036,401 | ||||||
9,571 | Kadant, Inc. | 393,560 | ||||||
36,390 | Kaman Corp. | 1,415,207 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
106,397 | Kelly Services, Inc., Class A | $ | 1,681,073 | |||||
36,361 | KEYW Holding Corp. (The)(b)(c) | 259,254 | ||||||
22,610 | Kforce, Inc. | 635,567 | ||||||
60,959 | Kimball International, Inc., Class B | 665,672 | ||||||
34,250 | Knight Transportation, Inc. | 870,635 | ||||||
40,625 | Knoll, Inc. | 944,125 | ||||||
36,567 | Korn/Ferry International | 1,329,942 | ||||||
110,823 | Kratos Defense & Security Solutions, Inc.(b) | 553,007 | ||||||
28,614 | Landstar System, Inc. | 1,803,827 | ||||||
116,556 | Layne Christensen Co.(b) | 738,965 | ||||||
9,222 | LB Foster Co., Class A | 135,840 | ||||||
21,821 | Lennox International, Inc. | 2,898,047 | ||||||
7,150 | Lindsay Corp.(c) | 484,627 | ||||||
16,930 | LMI Aerospace, Inc.(b) | 177,596 | ||||||
24,269 | LSI Industries, Inc. | 260,649 | ||||||
13,982 | Lydall, Inc.(b) | 478,604 | ||||||
17,481 | Manitex International, Inc.(b)(c) | 112,053 | ||||||
23,079 | Marten Transport Ltd. | 378,265 | ||||||
22,378 | Masonite International Corp.(b) | 1,339,771 | ||||||
8,674 | Matson, Inc. | 397,529 | ||||||
20,962 | Matthews International Corp., Class A | 1,210,136 | ||||||
28,246 | McGrath RentCorp | 848,792 | ||||||
145,143 | Meritor, Inc.(b) | 1,577,704 | ||||||
14,521 | Middleby Corp. (The)(b) | 1,698,086 | ||||||
16,531 | Miller Industries, Inc. | 374,923 | ||||||
22,455 | Mistras Group, Inc.(b) | 424,849 | ||||||
31,835 | Mobile Mini, Inc. | 1,090,030 | ||||||
29,784 | MSA Safety, Inc. | 1,295,008 | ||||||
44,729 | Mueller Industries, Inc. | 1,409,858 | ||||||
80,196 | Mueller Water Products, Inc., Class A | 705,725 | ||||||
8,586 | Multi-Color Corp. | 668,334 | ||||||
33,313 | MYR Group, Inc.(b) | 749,543 | ||||||
12,936 | National Presto Industries, Inc.(c) | 1,139,015 | ||||||
89,492 | Navigant Consulting, Inc.(b) | 1,539,262 | ||||||
313,126 | Navios Maritime Holdings, Inc. (Monaco)(c) | 660,696 | ||||||
16,287 | NCI Building Systems, Inc.(b) | 170,362 | ||||||
9,087 | NN, Inc. | 125,401 | ||||||
24,485 | Nordson Corp. | 1,744,311 | ||||||
14,842 | Nortek, Inc.(b) | 910,557 | ||||||
22,257 | Northwest Pipe Co.(b) | 294,015 | ||||||
26,893 | On Assignment, Inc.(b) | 1,213,143 | ||||||
43,460 | Orion Marine Group, Inc.(b) | 169,929 | ||||||
10,403 | Park-Ohio Holdings Corp. | 358,904 | ||||||
32,000 | Performant Financial Corp.(b)(c) | 73,920 | ||||||
16,576 | Ply Gem Holdings, Inc.(b) | 195,928 | ||||||
19,503 | Powell Industries, Inc. | 649,840 | ||||||
18,766 | PowerSecure International, Inc.(b) | 233,824 | ||||||
4,888 | Preformed Line Products Co. | 207,740 | ||||||
32,121 | Primoris Services Corp. | 639,850 | ||||||
84,754 | Quad Graphics, Inc., Class A | 1,093,327 | ||||||
33,238 | Quanex Building Products Corp. | 627,201 | ||||||
36,695 | Raven Industries, Inc. | 668,216 | ||||||
15,011 | RBC Bearings, Inc.(b) | 1,026,602 | ||||||
42,395 | Republic Airways Holdings, Inc.(b) | 244,195 | ||||||
34,345 | Resources Connection, Inc. | 616,493 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
31,286 | Roadrunner Transportation Systems, Inc.(b) | $ | 332,883 | |||||
44,685 | Rollins, Inc. | 1,198,452 | ||||||
16,427 | RPX Corp.(b) | 233,920 | ||||||
60,054 | Rush Enterprises, Inc., Class A(b) | 1,464,117 | ||||||
142,640 | Safe Bulkers, Inc. (Greece)(c) | 439,331 | ||||||
22,608 | Saia, Inc.(b) | 533,775 | ||||||
75,569 | Seaspan Corp. (Hong Kong)(c) | 1,231,775 | ||||||
25,642 | Simpson Manufacturing Co., Inc. | 973,883 | ||||||
56,692 | SkyWest, Inc. | 1,079,416 | ||||||
3,498 | SolarCity Corp.(b)(c) | 103,716 | ||||||
26,126 | SP Plus Corp.(b) | 666,213 | ||||||
9,452 | Sparton Corp.(b) | 222,406 | ||||||
1,604 | Spirit Airlines, Inc.(b) | 59,540 | ||||||
8,577 | Standex International Corp. | 769,528 | ||||||
45,232 | Star Bulk Carriers Corp. (Greece)(b)(c) | 71,467 | ||||||
95,931 | Steelcase, Inc., Class A | 1,862,021 | ||||||
22,791 | Stock Building Supply Holdings, Inc.(b) | 393,828 | ||||||
8,404 | Sun Hydraulics Corp. | 246,153 | ||||||
67,877 | Swift Transportation Co., Class A(b) | 1,060,918 | ||||||
50,766 | TAL International Group, Inc. | 860,991 | ||||||
7,187 | TASER International, Inc.(b)(c) | 168,248 | ||||||
19,440 | Team, Inc.(b) | 680,400 | ||||||
11,339 | Tennant Co. | 656,755 | ||||||
88,221 | Tetra Tech, Inc. | 2,373,145 | ||||||
27,561 | Textainer Group Holdings Ltd.(c) | 539,093 | ||||||
20,462 | Thermon Group Holdings, Inc.(b) | 411,491 | ||||||
130,174 | Titan International, Inc. | 924,235 | ||||||
79,804 | Titan Machinery, Inc.(b)(c) | 976,003 | ||||||
28,016 | Toro Co. (The) | 2,108,764 | ||||||
7,613 | Trex Co., Inc.(b) | 297,440 | ||||||
50,045 | TriMas Corp.(b) | 1,001,400 | ||||||
15,502 | TriNet Group, Inc.(b) | 294,228 | ||||||
56,497 | TrueBlue, Inc.(b) | 1,636,718 | ||||||
14,902 | Twin Disc, Inc. | 175,546 | ||||||
10,689 | UniFirst Corp. | 1,123,093 | ||||||
28,503 | Universal Forest Products, Inc. | 2,070,173 | ||||||
9,102 | Universal Truckload Services, Inc. | 145,450 | ||||||
10,775 | US Ecology, Inc. | 422,488 | ||||||
9,332 | USA Truck, Inc.(b) | 169,656 | ||||||
53,102 | USG Corp.(b) | 1,251,614 | ||||||
45,070 | Veritiv Corp.(b) | 1,892,940 | ||||||
32,230 | Viad Corp. | 970,445 | ||||||
4,237 | VSE Corp. | 243,458 | ||||||
69,965 | Wabash National Corp.(b) | 837,481 | ||||||
22,804 | Wabtec Corp. | 1,889,767 | ||||||
4,643 | WageWorks, Inc.(b) | 222,957 | ||||||
22,997 | Watts Water Technologies, Inc., Class A | 1,251,957 | ||||||
64,615 | Werner Enterprises, Inc. | 1,709,713 | ||||||
72,695 | Wesco Aircraft Holdings, Inc.(b) | 905,780 | ||||||
21,332 | West Corp. | 507,915 | ||||||
46,548 | Woodward, Inc. | 2,117,934 | ||||||
15,160 | Xerium Technologies, Inc.(b) | 204,660 | ||||||
8,995 | XPO Logistics, Inc.(b)(c) | 249,701 | ||||||
|
| |||||||
187,798,734 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology—17.3% | ||||||||
33,186 | 3D Systems Corp.(b)(c) | $ | 333,851 | |||||
55,729 | ACI Worldwide, Inc.(b) | 1,334,710 | ||||||
27,773 | Actua Corp.(b) | 384,656 | ||||||
85,828 | Acxiom Corp.(b) | 1,898,515 | ||||||
47,934 | ADTRAN, Inc. | 744,415 | ||||||
24,013 | Advanced Energy Industries, Inc.(b) | 679,088 | ||||||
19,014 | Agilysys, Inc.(b) | 216,189 | ||||||
31,376 | Alpha & Omega Semiconductor Ltd.(b) | 278,619 | ||||||
29,496 | American Software, Inc., Class A | 301,744 | ||||||
42,926 | Applied Micro Circuits Corp.(b) | 278,160 | ||||||
72,626 | ARRIS Group, Inc.(b) | 2,052,411 | ||||||
5,855 | Aspen Technology, Inc.(b) | 242,338 | ||||||
223,466 | Atmel Corp. | 1,698,342 | ||||||
10,874 | AVG Technologies NV(b) | 257,714 | ||||||
27,681 | Avid Technology, Inc.(b)(c) | 233,904 | ||||||
66,959 | AVX Corp. | 903,946 | ||||||
105,761 | Axcelis Technologies, Inc.(b) | 296,131 | ||||||
7,880 | Badger Meter, Inc. | 477,370 | ||||||
49,938 | Bankrate, Inc.(b) | 592,764 | ||||||
15,159 | Bel Fuse, Inc., Class B | 273,317 | ||||||
20,653 | Belden, Inc. | 1,322,412 | ||||||
30,088 | Black Box Corp. | 367,374 | ||||||
16,102 | Blackbaud, Inc. | 1,009,434 | ||||||
17,712 | Blackhawk Network Holdings, Inc.(b) | 754,177 | ||||||
55,063 | Blucora, Inc.(b) | 539,617 | ||||||
16,301 | Bottomline Technologies (de), Inc.(b) | 451,212 | ||||||
8,712 | BroadSoft, Inc.(b) | 278,523 | ||||||
56,744 | Brooks Automation, Inc. | 626,454 | ||||||
32,053 | Cabot Microelectronics Corp.(b) | 1,351,675 | ||||||
115,965 | Cadence Design Systems, Inc.(b) | 2,576,742 | ||||||
11,057 | CalAmp Corp.(b)(c) | 209,641 | ||||||
42,041 | Calix, Inc.(b) | 293,867 | ||||||
35,596 | Canadian Solar, Inc. (Canada)(b)(c) | 777,061 | ||||||
22,843 | Cardtronics, Inc.(b) | 788,083 | ||||||
5,551 | Cass Information Systems, Inc. | 289,540 | ||||||
5,669 | Cavium, Inc.(b) | 402,216 | ||||||
10,954 | CEVA, Inc.(b) | 255,995 | ||||||
60,110 | Checkpoint Systems, Inc. | 449,623 | ||||||
29,720 | ChipMOS TECHNOLOGIES Bermuda Ltd. (Taiwan) | 526,936 | ||||||
110,740 | Ciber, Inc.(b) | 395,342 | ||||||
39,450 | Ciena Corp.(b) | 952,323 | ||||||
11,705 | Cimpress NV(b)(c) | 923,525 | ||||||
40,598 | Cirrus Logic, Inc.(b) | 1,251,636 | ||||||
21,895 | Cognex Corp. | 823,252 | ||||||
20,293 | Coherent, Inc.(b) | 1,099,881 | ||||||
32,840 | Cohu, Inc. | 413,456 | ||||||
17,020 | CommVault Systems, Inc.(b) | 689,650 | ||||||
23,980 | Computer Task Group, Inc. | 172,656 | ||||||
6,024 | comScore, Inc.(b) | 257,707 | ||||||
26,385 | Comtech Telecommunications Corp. | 637,462 | ||||||
8,863 | Constant Contact, Inc.(b) | 231,324 | ||||||
94,713 | Convergys Corp. | 2,431,283 | ||||||
5,686 | CoStar Group, Inc.(b) | 1,154,656 | ||||||
20,145 | Cray, Inc.(b) | 596,896 | ||||||
27,224 | CSG Systems International, Inc. | 912,548 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
30,587 | CTS Corp. | $ | 556,072 | |||||
77,835 | Cypress Semiconductor Corp. | 820,381 | ||||||
56,234 | Daktronics, Inc. | 545,470 | ||||||
29,108 | Datalink Corp.(b) | 212,488 | ||||||
3,563 | Demandware, Inc.(b) | 202,022 | ||||||
37,803 | DHI Group, Inc.(b) | 342,117 | ||||||
38,613 | Digi International, Inc.(b) | 498,108 | ||||||
31,649 | Diodes, Inc.(b) | 724,762 | ||||||
37,527 | Dolby Laboratories, Inc., Class A | 1,301,061 | ||||||
16,810 | DSP Group, Inc.(b) | 169,781 | ||||||
9,010 | DTS, Inc.(b) | 268,138 | ||||||
261,609 | EarthLink Holdings Corp. | 2,236,757 | ||||||
16,073 | Ebix, Inc.(c) | 445,704 | ||||||
25,696 | Electro Rent Corp. | 266,724 | ||||||
70,000 | Electro Scientific Industries, Inc. | 326,900 | ||||||
28,484 | Electronics for Imaging, Inc.(b) | 1,322,797 | ||||||
3,516 | Ellie Mae, Inc.(b) | 256,598 | ||||||
32,846 | EMCORE Corp.(b) | 224,667 | ||||||
21,778 | EnerNOC, Inc.(b) | 170,740 | ||||||
83,377 | Entegris, Inc.(b) | 1,069,727 | ||||||
3,644 | Envestnet, Inc.(b) | 108,810 | ||||||
5,323 | EPAM Systems, Inc.(b) | 411,734 | ||||||
28,813 | EPIQ Systems, Inc. | 397,619 | ||||||
8,477 | ePlus, Inc.(b) | 715,628 | ||||||
28,847 | Euronet Worldwide, Inc.(b) | 2,314,683 | ||||||
54,679 | Everi Holdings, Inc.(b) | 255,898 | ||||||
29,681 | EVERTEC, Inc. | 541,381 | ||||||
21,339 | Exar Corp.(b) | 121,419 | ||||||
16,509 | ExlService Holdings, Inc.(b) | 730,688 | ||||||
90,359 | Extreme Networks, Inc.(b) | 324,389 | ||||||
33,787 | Fabrinet NVDR (Thailand)(b) | 732,164 | ||||||
11,548 | Fair Isaac Corp. | 1,066,689 | ||||||
8,326 | FARO Technologies, Inc.(b) | 281,336 | ||||||
17,152 | FEI Co. | 1,238,203 | ||||||
72,200 | Finisar Corp.(b) | 820,914 | ||||||
11,601 | FireEye, Inc.(b)(c) | 303,366 | ||||||
12,582 | FleetCor Technologies, Inc.(b) | 1,822,629 | ||||||
7,465 | Fleetmatics Group PLC(b) | 415,502 | ||||||
31,851 | FormFactor, Inc.(b) | 262,452 | ||||||
10,131 | Forrester Research, Inc. | 326,927 | ||||||
23,301 | Fortinet, Inc.(b) | 800,622 | ||||||
40,411 | Freescale Semiconductor Ltd.(b) | 1,353,364 | ||||||
19,693 | Gartner, Inc.(b) | 1,785,564 | ||||||
24,521 | Global Payments, Inc. | 3,344,910 | ||||||
10,185 | GrubHub, Inc.(b)(c) | 244,236 | ||||||
29,409 | GSI Group, Inc.(b) | 397,316 | ||||||
4,712 | Guidewire Software, Inc.(b) | 274,380 | ||||||
25,579 | Hackett Group, Inc. (The) | 380,616 | ||||||
94,764 | Harmonic, Inc.(b) | 545,841 | ||||||
28,461 | Heartland Payment Systems, Inc. | 2,106,114 | ||||||
60,034 | Higher One Holdings, Inc.(b)(c) | 176,500 | ||||||
22,098 | Hollysys Automation Technologies Ltd. (China) | 472,676 | ||||||
17,868 | HomeAway, Inc.(b) | 563,914 | ||||||
69,195 | Hutchinson Technology, Inc.(b)(c) | 121,091 | ||||||
34,606 | IAC/InterActiveCorp. | 2,318,948 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
61,386 | II-VI, Inc.(b) | $ | 1,112,314 | |||||
51,015 | Imation Corp.(b) | 103,050 | ||||||
30,319 | Infinera Corp.(b) | 599,103 | ||||||
10,267 | Inphi Corp.(b) | 305,649 | ||||||
52,604 | Integrated Device Technology, Inc.(b) | 1,341,402 | ||||||
27,336 | Integrated Silicon Solution, Inc. | 614,513 | ||||||
5,492 | Interactive Intelligence Group, Inc.(b) | 177,611 | ||||||
24,853 | InterDigital, Inc. | 1,261,041 | ||||||
39,507 | Internap Corp.(b) | 267,067 | ||||||
112,281 | Intersil Corp., Class A | 1,521,408 | ||||||
21,906 | InterXion Holding NV (Netherlands)(b) | 643,598 | ||||||
24,681 | Intralinks Holdings, Inc.(b) | 215,959 | ||||||
15,295 | InvenSense, Inc.(b)(c) | 182,316 | ||||||
7,744 | IPG Photonics Corp.(b) | 639,809 | ||||||
58,968 | Itron, Inc.(b) | 2,165,895 | ||||||
53,182 | Ixia(b) | 766,353 | ||||||
20,403 | IXYS Corp. | 254,221 | ||||||
18,542 | j2 Global, Inc. | 1,437,932 | ||||||
27,621 | Jack Henry & Associates, Inc. | 2,136,208 | ||||||
86,512 | KEMET Corp.(b) | 240,503 | ||||||
79,917 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 847,120 | ||||||
14,320 | KVH Industries, Inc.(b) | 140,336 | ||||||
89,468 | Lattice Semiconductor Corp.(b) | 409,763 | ||||||
68,563 | Lionbridge Technologies, Inc.(b) | 369,555 | ||||||
50,606 | Liquidity Services, Inc.(b) | 414,463 | ||||||
11,318 | Littelfuse, Inc. | 1,131,008 | ||||||
19,854 | LivePerson, Inc.(b) | 154,861 | ||||||
4,102 | LogMeIn, Inc.(b) | 276,311 | ||||||
24,155 | Lumentum Holdings, Inc.(b) | 346,383 | ||||||
155,783 | Magnachip Semiconductor Corp. (South Korea)(b)(c) | 824,092 | ||||||
11,100 | Manhattan Associates, Inc.(b) | 808,635 | ||||||
48,607 | ManTech International Corp., Class A | 1,404,742 | ||||||
19,200 | MAXIMUS, Inc. | 1,309,440 | ||||||
30,678 | Maxwell Technologies, Inc.(b)(c) | 184,068 | ||||||
16,274 | Mellanox Technologies Ltd. (Israel)(b) | 766,668 | ||||||
61,061 | Mentor Graphics Corp. | 1,660,859 | ||||||
3,581 | MercadoLibre, Inc. (Argentina) | 352,263 | ||||||
26,991 | Mercury Systems, Inc.(b) | 463,166 | ||||||
19,100 | Methode Electronics, Inc. | 636,603 | ||||||
55,245 | Microsemi Corp.(b) | 1,989,372 | ||||||
3,329 | MicroStrategy, Inc., Class A(b) | 572,821 | ||||||
36,448 | MKS Instruments, Inc. | 1,284,428 | ||||||
134,126 | ModusLink Global Solutions, Inc.(b)(c) | 387,624 | ||||||
86,990 | MoneyGram International, Inc.(b) | 879,469 | ||||||
8,318 | Monolithic Power Systems, Inc. | 519,210 | ||||||
6,694 | Monotype Imaging Holdings, Inc. | 183,014 | ||||||
193,811 | Monster Worldwide, Inc.(b) | 1,215,195 | ||||||
9,577 | MTS Systems Corp. | 632,369 | ||||||
14,077 | Multi-Fineline Electronix, Inc.(b) | 261,551 | ||||||
12,486 | Nanometrics, Inc.(b) | 190,786 | ||||||
55,873 | National Instruments Corp. | 1,702,450 | ||||||
54,439 | Net 1 UEPS Technologies, Inc. (South Africa)(b) | 927,096 | ||||||
49,951 | NETGEAR, Inc.(b) | 2,067,971 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
19,593 | NetScout Systems, Inc.(b) | $ | 702,801 | |||||
1,931 | NetSuite, Inc.(b) | 164,270 | ||||||
70,501 | NeuStar, Inc., Class A(b)(c) | 1,916,922 | ||||||
33,633 | Newport Corp.(b) | 508,195 | ||||||
32,227 | NIC, Inc. | 611,346 | ||||||
38,255 | Novatel Wireless, Inc.(b)(c) | 82,248 | ||||||
178,855 | Oclaro, Inc.(b)(c) | 524,045 | ||||||
59,711 | OmniVision Technologies, Inc.(b) | 1,723,857 | ||||||
46,219 | Orbotech Ltd. (Israel)(b) | 764,924 | ||||||
12,609 | OSI Systems, Inc.(b) | 1,086,644 | ||||||
29,772 | Pandora Media, Inc.(b) | 342,676 | ||||||
37,497 | Park Electrochemical Corp. | 612,701 | ||||||
15,434 | PC Connection, Inc. | 358,686 | ||||||
10,815 | Pegasystems, Inc. | 301,630 | ||||||
24,075 | Perficient, Inc.(b) | 402,534 | ||||||
17,547 | Pericom Semiconductor Corp. | 306,195 | ||||||
107,996 | Photronics, Inc.(b) | 1,035,682 | ||||||
24,085 | Plantronics, Inc. | 1,291,438 | ||||||
50,969 | Plexus Corp.(b) | 1,764,547 | ||||||
101,892 | PMC-Sierra, Inc.(b) | 1,214,553 | ||||||
140,638 | Polycom, Inc.(b) | 1,937,992 | ||||||
10,193 | Power Integrations, Inc. | 515,868 | ||||||
42,796 | PRGX Global, Inc.(b) | 160,485 | ||||||
36,818 | Progress Software Corp.(b) | 893,941 | ||||||
56,075 | PTC, Inc.(b) | 1,987,298 | ||||||
13,324 | Qlik Technologies, Inc.(b) | 417,974 | ||||||
86,682 | QLogic Corp.(b) | 1,074,857 | ||||||
270,696 | Quantum Corp.(b) | 227,385 | ||||||
55,461 | QuinStreet, Inc.(b) | 307,809 | ||||||
39,971 | Rackspace Hosting, Inc.(b) | 1,033,250 | ||||||
17,597 | Radware Ltd. (Israel)(b) | 262,371 | ||||||
39,504 | Rambus, Inc.(b) | 407,681 | ||||||
19,304 | RealD, Inc.(b) | 196,322 | ||||||
38,217 | RealNetworks, Inc.(b) | 148,282 | ||||||
16,717 | RealPage, Inc.(b) | 282,517 | ||||||
18,307 | RetailMeNot, Inc.(b) | 160,919 | ||||||
38,395 | Rofin-Sinar Technologies, Inc.(b) | 1,111,919 | ||||||
11,078 | Rogers Corp.(b) | 515,349 | ||||||
20,071 | Rosetta Stone, Inc.(b) | 132,067 | ||||||
84,602 | Rovi Corp.(b) | 774,108 | ||||||
52,863 | Rubicon Technology, Inc.(b)(c) | 58,149 | ||||||
30,726 | Rudolph Technologies, Inc.(b) | 392,986 | ||||||
20,971 | Sabre Corp. | 614,870 | ||||||
61,789 | ScanSource, Inc.(b) | 2,132,338 | ||||||
38,533 | SeaChange International, Inc.(b) | 249,309 | ||||||
29,510 | Semtech Corp.(b) | 516,425 | ||||||
30,412 | ShoreTel, Inc.(b) | 287,089 | ||||||
37,556 | Sigma Designs, Inc.(b) | 330,868 | ||||||
39,662 | Silicon Graphics International Corp.(b) | 173,323 | ||||||
22,699 | Silicon Laboratories, Inc.(b) | 1,134,269 | ||||||
38,539 | SINA Corp. (China)(b) | 1,835,998 | ||||||
36,421 | Sohu.com, Inc. (China)(b)(c) | 1,839,989 | ||||||
14,312 | SolarWinds, Inc.(b) | 830,525 | ||||||
30,412 | Solera Holdings, Inc. | 1,662,320 | ||||||
6,091 | Splunk, Inc.(b) | 342,071 | ||||||
24,040 | SS&C Technologies Holdings, Inc. | 1,782,566 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
4,081 | Stamps.com, Inc.(b) | $ | 308,564 | |||||
30,653 | Stratasys Ltd.(b)(c) | 781,652 | ||||||
29,693 | SunEdison Semiconductor PTE Ltd.(b) | 319,200 | ||||||
55,554 | SunEdison, Inc.(b)(c) | 405,544 | ||||||
26,820 | SunPower Corp.(b)(c) | 719,849 | ||||||
18,375 | Super Micro Computer, Inc.(b) | 518,359 | ||||||
57,964 | Sykes Enterprises, Inc.(b) | 1,680,956 | ||||||
12,369 | Synaptics, Inc.(b) | 1,052,478 | ||||||
11,099 | Synchronoss Technologies, Inc.(b) | 390,463 | ||||||
13,558 | Syntel, Inc.(b) | 637,768 | ||||||
1,735 | Tableau Software, Inc., Class A(b) | 145,671 | ||||||
79,250 | Take-Two Interactive Software, Inc.(b) | 2,631,100 | ||||||
14,590 | Tangoe, Inc.(b) | 120,805 | ||||||
97,525 | TeleCommunication Systems, Inc., Class A(b) | 398,877 | ||||||
22,157 | Telenav, Inc.(b) | 159,530 | ||||||
23,888 | TeleTech Holdings, Inc. | 695,141 | ||||||
10,665 | TESSCO Technologies, Inc. | 232,924 | ||||||
16,215 | Tessera Technologies, Inc. | 567,039 | ||||||
63,831 | TiVo, Inc.(b) | 579,585 | ||||||
124,061 | TTM Technologies, Inc.(b) | 905,645 | ||||||
35,341 | Twitter, Inc.(b) | 1,005,805 | ||||||
4,848 | Tyler Technologies, Inc.(b) | 825,905 | ||||||
2,591 | Ultimate Software Group, Inc. (The)(b) | 529,471 | ||||||
34,003 | Ultra Clean Holdings, Inc.(b) | 165,935 | ||||||
28,542 | Ultratech, Inc.(b) | 446,111 | ||||||
55,669 | United Online, Inc.(b) | 650,214 | ||||||
10,489 | Universal Display Corp.(b)(c) | 359,878 | ||||||
46,587 | Veeco Instruments, Inc.(b) | 839,498 | ||||||
58,799 | VeriFone Systems, Inc.(b) | 1,772,202 | ||||||
24,349 | Verint Systems, Inc.(b) | 1,158,525 | ||||||
27,006 | ViaSat, Inc.(b) | 1,781,316 | ||||||
123,955 | Viavi Solutions, Inc.(b) | 737,532 | ||||||
12,904 | Virtusa Corp.(b) | 741,077 | ||||||
21,784 | Vishay Precision Group, Inc.(b) | 255,526 | ||||||
22,609 | VMware, Inc., Class A(b)(c) | 1,359,931 | ||||||
12,218 | Web.com Group, Inc.(b) | 286,756 | ||||||
15,375 | WebMD Health Corp.(b) | 625,147 | ||||||
17,734 | WEX, Inc.(b) | 1,594,464 | ||||||
5,990 | Workday, Inc., Class A(b) | 473,030 | ||||||
30,056 | Xcerra Corp.(b) | 208,589 | ||||||
11,939 | XO Group, Inc.(b) | 180,637 | ||||||
24,606 | Xura, Inc.(b) | 636,803 | ||||||
115,369 | Yandex NV, Class A (Russia)(b) | 1,857,441 | ||||||
7,760 | Yelp, Inc., Class A(b) | 172,660 | ||||||
20,724 | Zebra Technologies Corp., Class A(b) | 1,593,676 | ||||||
2,785 | Zillow Group, Inc., Class A(b)(c) | 85,806 | ||||||
5,565 | Zillow Group, Inc., Class C(b)(c) | 154,095 | ||||||
681,305 | Zynga, Inc., Class A(b) | 1,614,693 | ||||||
|
| |||||||
198,842,800 | ||||||||
|
| |||||||
Materials—4.7% | ||||||||
39,276 | A. Schulman, Inc. | 1,409,616 | ||||||
76,056 | A.M. Castle & Co.(b)(c) | 181,774 | ||||||
11,667 | AEP Industries, Inc.(b) | 933,360 | ||||||
26,416 | American Vanguard Corp. | 354,239 | ||||||
15,155 | Ampco-Pittsburgh Corp. | 175,646 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
9,576 | Balchem Corp. | $ | 654,041 | |||||
56,375 | Boise Cascade Co.(b) | 1,687,304 | ||||||
38,840 | Calgon Carbon Corp. | 668,048 | ||||||
51,263 | Carpenter Technology Corp. | 1,707,571 | ||||||
47,015 | Century Aluminum Co.(b)(c) | 170,194 | ||||||
112,121 | China Green Agriculture, Inc. (China)(c) | 190,606 | ||||||
34,307 | Clearwater Paper Corp.(b) | 1,730,102 | ||||||
379,459 | Coeur Mining, Inc.(b) | 1,024,539 | ||||||
4,443 | Deltic Timber Corp. | 275,288 | ||||||
16,844 | Eagle Materials, Inc. | 1,112,209 | ||||||
91,231 | Ferro Corp.(b) | 1,139,475 | ||||||
22,264 | Flotek Industries, Inc.(b)(c) | 402,978 | ||||||
33,414 | FutureFuel Corp. | 514,910 | ||||||
45,933 | Globe Specialty Metals, Inc. | 579,674 | ||||||
71,122 | Gold Resource Corp.(c) | 184,917 | ||||||
42,098 | H.B. Fuller Co. | 1,599,303 | ||||||
12,013 | Hawkins, Inc. | 497,819 | ||||||
14,729 | Haynes International, Inc. | 581,059 | ||||||
25,526 | Headwaters, Inc.(b) | 524,559 | ||||||
379,622 | Hecla Mining Co. | 785,818 | ||||||
40,628 | Horsehead Holding Corp.(b)(c) | 115,384 | ||||||
24,049 | Innophos Holdings, Inc. | 1,021,842 | ||||||
18,381 | Innospec, Inc. | 1,015,366 | ||||||
66,025 | Intrepid Potash, Inc.(b) | 254,857 | ||||||
23,968 | Kaiser Aluminum Corp. | 1,948,359 | ||||||
38,524 | KapStone Paper and Packaging Corp. | 837,897 | ||||||
59,390 | Koppers Holdings, Inc. | 1,126,034 | ||||||
79,637 | Kraton Performance Polymers, Inc.(b) | 1,623,798 | ||||||
43,989 | Kronos Worldwide, Inc. | 347,513 | ||||||
110,391 | Louisiana-Pacific Corp.(b) | 1,949,505 | ||||||
20,989 | LSB Industries, Inc.(b) | 328,478 | ||||||
27,374 | Materion Corp. | 825,326 | ||||||
438,111 | McEwen Mining, Inc.(c) | 394,388 | ||||||
18,928 | Minerals Technologies, Inc. | 1,115,616 | ||||||
31,493 | Myers Industries, Inc. | 491,606 | ||||||
13,071 | Neenah Paper, Inc. | 881,116 | ||||||
38,841 | Noranda Aluminum Holding Corp. | 66,807 | ||||||
29,542 | Olympic Steel, Inc. | 282,717 | ||||||
91,774 | OMNOVA Solutions, Inc.(b) | 658,937 | ||||||
32,019 | Orion Engineered Carbons SA(b) | 418,168 | ||||||
70,124 | P.H. Glatfelter Co. | 1,360,406 | ||||||
9,273 | Quaker Chemical Corp. | 736,091 | ||||||
22,486 | Rentech, Inc.(b) | 131,543 | ||||||
28,839 | Royal Gold, Inc. | 1,379,658 | ||||||
63,928 | Ryerson Holding Corp.(b)(c) | 373,979 | ||||||
117,693 | Schnitzer Steel Industries, Inc., Class A | 1,984,304 | ||||||
27,227 | Schweitzer-Mauduit International, Inc. | 1,056,952 | ||||||
31,426 | Scotts Miracle-Gro Co. (The), Class A | 2,079,144 | ||||||
31,568 | Stepan Co. | 1,670,894 | ||||||
84,511 | Stillwater Mining Co.(b) | 789,333 | ||||||
113,388 | SunCoke Energy, Inc. | 562,405 | ||||||
29,025 | Tredegar Corp. | 413,897 | ||||||
47,524 | Trinseo SA(b)(c) | 1,542,154 | ||||||
80,020 | Tronox Ltd., Class A(c) | 496,924 | ||||||
8,596 | UFP Technologies, Inc.(b) | 210,688 | ||||||
11,902 | Universal Stainless & Alloy Products, Inc.(b) | 103,547 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
7,192 | US Concrete, Inc.(b) | $ | 398,868 | |||||
63,758 | Wausau Paper Corp. | 650,969 | ||||||
24,424 | Westlake Chemical Corp. | 1,472,034 | ||||||
65,236 | Worthington Industries, Inc. | 2,002,745 | ||||||
|
| |||||||
54,205,298 | ||||||||
|
| |||||||
Telecommunication Services—1.7% | ||||||||
42,641 | 8x8, Inc.(b) | 454,553 | ||||||
179,231 | Alaska Communications Systems Group, Inc.(b) | 410,439 | ||||||
10,760 | Atlantic Tele-Network, Inc. | 822,279 | ||||||
545,667 | Cincinnati Bell, Inc.(b) | 2,057,164 | ||||||
14,687 | Cogent Communications Group, Inc. | 451,185 | ||||||
64,087 | Consolidated Communications Holdings, Inc. | 1,416,323 | ||||||
39,366 | FairPoint Communications, Inc.(b) | 631,431 | ||||||
61,317 | General Communication, Inc., Class A(b) | 1,248,721 | ||||||
17,491 | Hawaiian Telcom Holdco, Inc.(b) | 399,144 | ||||||
27,404 | IDT Corp., Class B | 354,882 | ||||||
39,541 | Inteliquent, Inc. | 819,289 | ||||||
88,027 | Intelsat SA(b)(c) | 582,739 | ||||||
122,988 | Iridium Communications, Inc.(b)(c) | 1,009,731 | ||||||
19,522 | Lumos Networks Corp. | 253,005 | ||||||
206,909 | NTELOS Holdings Corp.(b) | 1,901,494 | ||||||
33,039 | ORBCOMM, Inc.(b) | 196,252 | ||||||
65,874 | Premiere Global Services, Inc.(b) | 901,156 | ||||||
17,236 | SBA Communications Corp., Class A(b) | 2,051,429 | ||||||
20,339 | Shenandoah Telecommunications Co. | 951,662 | ||||||
42,831 | Spok Holdings, Inc. | 772,243 | ||||||
37,399 | United States Cellular Corp.(b) | 1,523,635 | ||||||
152,630 | Vonage Holdings Corp.(b) | 926,464 | ||||||
|
| |||||||
20,135,220 | ||||||||
|
| |||||||
Utilities—1.7% | ||||||||
19,390 | Abengoa Yield PLC (Spain)(c) | 359,297 | ||||||
29,382 | American States Water Co. | 1,197,316 | ||||||
10,455 | Artesian Resources Corp., Class A | 254,684 | ||||||
52,721 | California Water Service Group | 1,178,842 | ||||||
14,907 | Chesapeake Utilities Corp. | 778,294 | ||||||
9,673 | Connecticut Water Service, Inc. | 356,063 | ||||||
19,733 | Consolidated Water Co. Ltd. (Cayman Islands) | 218,444 | ||||||
52,582 | El Paso Electric Co. | 2,033,346 | ||||||
71,183 | Empire District Electric Co. (The) | 1,605,177 | ||||||
39,914 | Laclede Group, Inc. (The) | 2,337,763 | ||||||
35,054 | MGE Energy, Inc. | 1,446,679 | ||||||
18,768 | Middlesex Water Co. | 483,651 | ||||||
43,286 | Northwest Natural Gas Co. | 2,067,772 | ||||||
5,721 | NRG Yield, Inc., Class A(c) | 78,549 | ||||||
5,721 | NRG Yield, Inc., Class C(c) | 82,611 | ||||||
13,098 | Ormat Technologies, Inc.(c) | 494,057 | ||||||
45,848 | Otter Tail Corp. | 1,258,069 | ||||||
14,548 | Pattern Energy Group, Inc. | 340,278 | ||||||
17,664 | SJW Corp. | 560,479 | ||||||
68,262 | South Jersey Industries, Inc. | 1,809,626 | ||||||
22,135 | Unitil Corp. | 785,128 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
9,909 | York Water Co. (The) | $ | 229,691 | |||||
|
| |||||||
19,955,816 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $1,114,080,280) | 1,150,167,180 | |||||||
|
| |||||||
Warrants—0.0% | ||||||||
Energy—0.0% | ||||||||
4,742 | Magnum Hunter Resources Corp., expiring 04/15/16(b) (Cost $0) | 0 | ||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
1,141,051 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $1,141,051) | 1,141,051 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $1,115,221,331)—100.1% | 1,151,308,231 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.4% | ||||||||
73,661,373 | Invesco Liquid Assets Portfolio— Institutional Class, 0.16%(d)(e) (Cost $73,661,373) | 73,661,373 | ||||||
|
| |||||||
Total Investments (Cost $1,188,882,704)—106.5% | 1,224,969,604 | |||||||
Other assets less liabilities—(6.5)% | (74,391,931 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,150,577,673 | ||||||
|
|
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, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Statements of Assets and Liabilities
October 31, 2015
(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) | $ | 60,781,668 | $ | 157,760,260 | $ | 4,254,693,551 | $ | 1,150,167,180 | ||||||||
Affiliated investments, at value | 76,398 | 41,738 | 42,457,396 | 74,802,424 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 60,858,066 | 157,801,998 | 4,297,150,947 | 1,224,969,604 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 24,292 | 114,440 | 5,967,978 | 526,143 | ||||||||||||
Foreign tax reclaims | 184 | — | — | 1,636 | ||||||||||||
Investments sold | — | — | 6,941,495 | — | ||||||||||||
Securities lending | — | — | 86,110 | 205,593 | ||||||||||||
Other assets | 820 | 429 | 1,673 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 60,883,362 | 157,916,867 | 4,310,148,203 | 1,225,702,976 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | 281,182 | 315,767 | ||||||||||||
Payables: | ||||||||||||||||
Shares repurchased | — | — | 4,460,249 | — | ||||||||||||
Investments purchased | — | — | 2,677,951 | — | ||||||||||||
Collateral upon return of securities loaned | — | — | 39,195,012 | 73,661,373 | ||||||||||||
Accrued advisory fees | 15,583 | 65,414 | 949,737 | 256,709 | ||||||||||||
Accrued trustees’ and officer’s fees | 15,272 | 29,035 | 103,344 | 37,938 | ||||||||||||
Accrued expenses | 70,326 | 51,235 | 2,899,936 | 853,516 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 101,181 | 145,684 | 50,567,411 | 75,125,303 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 60,782,181 | $ | 157,771,183 | $ | 4,259,580,792 | $ | 1,150,577,673 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 114,096,448 | $ | 464,269,959 | $ | 3,871,521,518 | $ | 1,133,952,821 | ||||||||
Undistributed net investment income (loss) | (33,509 | ) | 46,927 | 10,821,415 | 1,889,921 | |||||||||||
Undistributed net realized gain (loss) | (57,974,545 | ) | (318,038,655 | ) | (47,428,219 | ) | (21,351,969 | ) | ||||||||
Net unrealized appreciation | 4,693,787 | 11,492,952 | 424,666,078 | 36,086,900 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 60,782,181 | $ | 157,771,183 | $ | 4,259,580,792 | $ | 1,150,577,673 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 800,000 | 2,100,000 | 47,750,000 | 11,850,000 | ||||||||||||
Net asset value | $ | 75.98 | $ | 75.13 | $ | 89.21 | $ | 97.10 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 76.06 | $ | 75.20 | $ | 89.35 | $ | 97.10 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 56,087,881 | $ | 146,267,308 | $ | 3,829,763,034 | $ | 1,114,080,280 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 76,398 | $ | 41,738 | $ | 42,721,835 | $ | 74,802,424 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 56,164,279 | $ | 146,309,046 | $ | 3,872,484,869 | $ | 1,188,882,704 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | 38,364,265 | $ | 70,663,760 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
For the six months ended October 31, 2015
(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 | $ | 111,718 | $ | 1,116,082 | $ | 53,883,687 | $ | 7,742,387 | ||||||||
Affiliated dividend income | 29 | 40 | 94,212 | 377 | ||||||||||||
Securities lending income | — | — | 431,824 | 1,263,054 | ||||||||||||
Foreign withholding tax | (419 | ) | (302 | ) | (5,299 | ) | (7,973 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 111,328 | 1,115,820 | 54,404,424 | 8,997,845 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 107,007 | 409,572 | 6,436,079 | 1,688,605 | ||||||||||||
Sub-licensing fees | 20,792 | 24,575 | 1,997,403 | 524,049 | ||||||||||||
Accounting & administration fees | 18,586 | 18,586 | 442,740 | 112,783 | ||||||||||||
Professional fees | 13,168 | 15,093 | 41,179 | 20,594 | ||||||||||||
Custodian & transfer agent fees | 3,976 | 6,187 | 45,374 | 21,890 | ||||||||||||
Trustees’ and officer’s fees | 3,886 | 4,980 | 40,338 | 13,102 | ||||||||||||
Other expenses | 7,179 | 11,126 | 68,964 | 38,885 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 174,594 | 490,119 | 9,072,077 | 2,419,908 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (46,251 | ) | (91 | ) | (418,344 | ) | (149,852 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 128,343 | 490,028 | 8,653,733 | 2,270,056 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | (17,015 | ) | 625,792 | 45,750,691 | 6,727,789 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (2,788,929 | ) | (10,320,947 | ) | 3,119,123 | (1,996,689 | ) | |||||||||
In-kind redemptions | 902,237 | 8,209,734 | 128,324,097 | 12,984,372 | ||||||||||||
Foreign currencies | — | — | — | (118 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (1,886,692 | ) | (2,111,213 | ) | 131,443,220 | 10,987,565 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on investment securities | 1,246,848 | 5,823,945 | (304,624,642 | ) | (83,017,129 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (639,844 | ) | 3,712,732 | (173,181,422 | ) | (72,029,564 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | (656,859 | ) | $ | 4,338,524 | $ | (127,430,731 | ) | $ | (65,301,775 | ) | |||||
|
|
|
|
|
|
|
|
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, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ) | PowerShares Dynamic Market Portfolio (PWC) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (17,015 | ) | $ | 22,805 | $ | 625,792 | $ | 1,762,280 | |||||||
Net realized gain (loss) | (1,886,692 | ) | (1,857,809 | ) | (2,111,213 | ) | 10,422,932 | |||||||||
Net change in unrealized appreciation (depreciation) | 1,246,848 | 5,672,817 | 5,823,945 | (622,185 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (656,859 | ) | 3,837,813 | 4,338,524 | 11,563,027 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (24,836 | ) | — | (740,073 | ) | (1,899,933 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 35,446,416 | 17,886,325 | 64,778,187 | 389,553,289 | ||||||||||||
Value of shares repurchased | (4,005,738 | ) | (17,435,268 | ) | (79,555,664 | ) | (416,484,985 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 31,440,678 | 451,057 | (14,777,477 | ) | (26,931,696 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 30,758,983 | 4,288,870 | (11,179,026 | ) | (17,268,602 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 30,023,198 | 25,734,328 | 168,950,209 | 186,218,811 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 60,782,181 | $ | 30,023,198 | $ | 157,771,183 | $ | 168,950,209 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (33,509 | ) | $ | 8,342 | $ | 46,927 | $ | 161,208 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 450,000 | 250,000 | 850,000 | 5,300,000 | ||||||||||||
Shares repurchased | (50,000 | ) | (250,000 | ) | (1,050,000 | ) | (5,650,000 | ) | ||||||||
Shares outstanding, beginning of period | 400,000 | 400,000 | 2,300,000 | 2,650,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 800,000 | 400,000 | 2,100,000 | 2,300,000 | ||||||||||||
|
|
|
|
|
|
|
|
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, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||
$ | 45,750,691 | $ | 77,118,321 | $ | 6,727,789 | $ | 14,415,497 | |||||||
131,443,220 | 202,181,424 | 10,987,565 | 74,237,548 | |||||||||||
(304,624,642 | ) | 110,266,901 | (83,017,129 | ) | 1,015,098 | |||||||||
|
|
|
|
|
|
|
| |||||||
(127,430,731 | ) | 389,566,646 | (65,301,775 | ) | 89,668,143 | |||||||||
|
|
|
|
|
|
|
| |||||||
(45,501,042 | ) | (73,911,874 | ) | (7,080,053 | ) | (14,188,599 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
246,024,640 | 1,355,924,502 | 106,875,836 | 319,485,155 | |||||||||||
(371,528,893 | ) | (419,258,912 | ) | (42,426,010 | ) | (195,186,019 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(125,504,253 | ) | 936,665,590 | 64,449,826 | 124,299,136 | ||||||||||
|
|
|
|
|
|
|
| |||||||
(298,436,026 | ) | 1,252,320,362 | (7,932,002 | ) | 199,778,680 | |||||||||
|
|
|
|
|
|
|
| |||||||
4,558,016,818 | 3,305,696,456 | 1,158,509,675 | 958,730,995 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 4,259,580,792 | $ | 4,558,016,818 | $ | 1,150,577,673 | $ | 1,158,509,675 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 10,821,415 | $ | 10,571,766 | $ | 1,889,921 | $ | 2,242,185 | |||||||
|
|
|
|
|
|
|
| |||||||
2,750,000 | 15,150,000 | 1,100,000 | 3,150,000 | |||||||||||
(4,300,000 | ) | (4,550,000 | ) | (450,000 | ) | (1,900,000 | ) | |||||||
49,300,000 | 38,700,000 | 11,200,000 | 9,950,000 | |||||||||||
|
|
|
|
|
|
|
| |||||||
47,750,000 | 49,300,000 | 11,850,000 | 11,200,000 | |||||||||||
|
|
|
|
|
|
|
|
| 37 |
|
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 75.06 | $ | 64.34 | $ | 55.40 | $ | 51.32 | $ | 53.76 | $ | 45.15 | ||||||||||||
Net investment income (loss)(a) | (0.03 | ) | 0.06 | 0.21 | 0.71 | (b) | 0.10 | 0.07 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.01 | 10.66 | 9.00 | 4.18 | (2.50 | ) | 8.65 | |||||||||||||||||
Total from investment operations | 0.98 | 10.72 | 9.21 | 4.89 | (2.40 | ) | 8.72 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | — | (0.27 | ) | (0.81 | ) | (0.04 | ) | (0.11 | ) | |||||||||||||
Net asset value at end of period | $ | 75.98 | $ | 75.06 | $ | 64.34 | $ | 55.40 | $ | 51.32 | $ | 53.76 | ||||||||||||
Market price at end of period(c) | $ | 76.06 | $ | 75.10 | $ | 64.32 | $ | 55.32 | $ | 51.30 | $ | 53.75 | ||||||||||||
Net Asset Value Total Return(d) | 1.30 | % | 16.66 | % | 16.64 | % | 9.75 | % | (4.46 | )% | 19.34 | % | ||||||||||||
Market Price Total Return(d) | 1.35 | % | 16.76 | % | 16.77 | % | 9.63 | % | (4.48 | )% | 19.31 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 60,782 | $ | 30,023 | $ | 25,734 | $ | 22,160 | $ | 28,224 | $ | 40,321 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.60 | % | 0.60 | %(f) | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.82 | %(e) | 0.96 | % | 0.91 | %(f) | 0.95 | % | 0.93 | % | 0.91 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.08 | )%(e) | 0.09 | % | 0.32 | % | 1.42 | %(b) | 0.22 | % | 0.15 | % | ||||||||||||
Portfolio turnover rate(g) | 45 | % | 154 | % | 296 | % | 118 | % | 99 | % | 75 | % |
(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 companies’ 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 investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 73.46 | $ | 70.27 | $ | 56.26 | $ | 46.78 | $ | 48.26 | $ | 40.38 | ||||||||||||
Net investment income(a) | 0.29 | 0.68 | 0.60 | 0.82 | 0.44 | 0.57 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.72 | 3.25 | 13.99 | 9.51 | (1.52 | ) | 7.94 | |||||||||||||||||
Total from investment operations | 2.01 | 3.93 | 14.59 | 10.33 | (1.08 | ) | 8.51 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.34 | ) | (0.74 | ) | (0.58 | ) | (0.85 | ) | (0.40 | ) | (0.63 | ) | ||||||||||||
Net asset value at end of period | $ | 75.13 | $ | 73.46 | $ | 70.27 | $ | 56.26 | $ | 46.78 | $ | 48.26 | ||||||||||||
Market price at end of period(b) | $ | 75.20 | $ | 73.40 | $ | 70.27 | $ | 56.23 | $ | 46.75 | $ | 48.24 | ||||||||||||
Net Asset Value Total Return(c) | 2.74 | % | 5.58 | % | 26.09 | % | 22.39 | % | (2.12 | )% | 21.34 | % | ||||||||||||
Market Price Total Return(c) | 2.92 | % | 5.49 | % | 26.15 | % | 22.40 | % | (2.14 | )% | 21.29 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 157,771 | $ | 168,950 | $ | 186,219 | $ | 140,658 | $ | 128,644 | $ | 188,207 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.59 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.60 | %(d) | 0.59 | % | 0.60 | % | 0.60 | % | 0.62 | % | 0.64 | % | ||||||||||||
Net investment income, after Waivers | 0.76 | %(d) | 0.93 | % | 0.94 | % | 1.68 | % | 1.00 | % | 1.38 | % | ||||||||||||
Portfolio turnover rate(e) | 115 | % | 237 | % | 244 | % | 166 | % | 133 | % | 107 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 92.45 | $ | 85.42 | $ | 71.42 | $ | 59.73 | $ | 60.72 | $ | 52.93 | ||||||||||||
Net investment income(a) | 0.93 | 1.72 | 1.45 | 1.31 | 1.12 | 1.07 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.24 | ) | 6.93 | 13.89 | 11.66 | (0.99 | ) | 7.63 | ||||||||||||||||
Total from investment operations | (2.31 | ) | 8.65 | 15.34 | 12.97 | 0.13 | 8.70 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.93 | ) | (1.62 | ) | (1.34 | ) | (1.28 | ) | (1.12 | ) | (0.91 | ) | ||||||||||||
Net asset value at end of period | $ | 89.21 | $ | 92.45 | $ | 85.42 | $ | 71.42 | $ | 59.73 | $ | 60.72 | ||||||||||||
Market price at end of period(b) | $ | 89.35 | $ | 92.43 | $ | 85.37 | $ | 71.42 | $ | 59.72 | $ | 60.71 | ||||||||||||
Net Asset Value Total Return(c) | (2.48 | )% | 10.19 | % | 21.68 | % | 22.06 | % | 0.41 | % | 16.72 | % | ||||||||||||
Market Price Total Return(c) | (2.31 | )% | 10.23 | % | 21.61 | % | 22.09 | % | 0.41 | % | 16.63 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 4,259,581 | $ | 4,558,017 | $ | 3,305,696 | $ | 1,778,450 | $ | 1,388,661 | $ | 1,208,246 | ||||||||||||
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 | % | 0.41 | % | 0.43 | % | 0.43 | % | 0.44 | % | ||||||||||||
Net investment income, after Waivers | 2.06 | %(d) | 1.92 | % | 1.84 | % | 2.10 | % | 2.00 | % | 2.01 | % | ||||||||||||
Portfolio turnover rate(e) | 2 | % | 10 | % | 12 | % | 13 | % | 6 | % | 9 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 103.44 | $ | 96.35 | $ | 77.76 | $ | 66.71 | $ | 70.66 | $ | 59.82 | ||||||||||||
Net investment income(a) | 0.58 | 1.38 | 0.98 | 1.13 | 0.73 | 0.50 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.31 | ) | 7.04 | 18.52 | 11.08 | (4.04 | ) | 10.80 | ||||||||||||||||
Total from investment operations | (5.73 | ) | 8.42 | 19.50 | 12.21 | (3.31 | ) | 11.30 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.61 | ) | (1.33 | ) | (0.91 | ) | (1.16 | ) | (0.64 | ) | (0.46 | ) | ||||||||||||
Net asset value at end of period | $ | 97.10 | $ | 103.44 | $ | 96.35 | $ | 77.76 | $ | 66.71 | $ | 70.66 | ||||||||||||
Market price at end of period(b) | $ | 97.10 | $ | 103.45 | $ | 96.38 | $ | 77.67 | $ | 66.72 | $ | 70.64 | ||||||||||||
Net Asset Value Total Return(c) | (5.55 | )% | 8.80 | % | 25.22 | % | 18.56 | % | (4.60 | )% | 19.04 | % | ||||||||||||
Market Price Total Return(c) | (5.56 | )% | 8.78 | % | 25.40 | % | 18.41 | % | (4.56 | )% | 19.06 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,150,578 | $ | 1,158,510 | $ | 958,731 | $ | 563,763 | $ | 463,645 | $ | 409,826 | ||||||||||||
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 | 0.42 | %(d) | 0.42 | % | 0.42 | % | 0.43 | % | 0.44 | % | 0.46 | % | ||||||||||||
Net investment income, after Waivers | 1.16 | %(d) | 1.39 | % | 1.08 | % | 1.64 | % | 1.17 | % | 0.82 | % | ||||||||||||
Portfolio turnover rate(e) | 3 | % | 26 | % | 31 | % | 30 | % | 15 | % | 19 | % |
(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 for periods less than one year, if applicable, 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, 2015
(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, 2015, 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 price of each Share 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 NASDAQ Momentum Portfolio | Dorsey Wright® NASDAQ Technical Leaders 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. The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
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 asked 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 asked 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”).
| 40 |
|
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 asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 Fund 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 Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in 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-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.
Portfolio Turnover Risk. The Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, each Fund will seek to utilize an in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
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 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.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net
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realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
E. Country Determination
For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. 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.
G. 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.
H. Securities Lending
During the six-month period ended October 31, 2015, 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% (105% for international securities) 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. Each Fund bears the risk of loss with respect to the investment of collateral. 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. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each 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. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. 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. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each 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, if any, is shown on the Statements of Assets and Liabilities.
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Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, 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. Pursuant to that Investment Advisory Agreement, 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, and 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 Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser 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, 2016. Offering costs excluded from the Expense Cap for these Funds 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, 2016. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2016. 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 Market Portfolio.
Further, through August 31, 2017, 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. This agreement is not subject to recapture by the Adviser.
For the six-month period ended October 31, 2015, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA NASDAQ Momentum Portfolio | $ | 46,251 | ||
Dynamic Market Portfolio | 91 | |||
FTSE RAFI US 1000 Portfolio | 418,344 | |||
FTSE RAFI US 1500 Small-Mid Portfolio | 149,852 |
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.
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, 2015 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/16 | 04/30/17 | 04/30/18 | 10/31/18 | |||||||||||||||||
FTSE RAFI US 1000 Portfolio | $ | 2,385,111 | $ | 519,689 | $ | 637,211 | $ | 811,780 | $ | 416,431 | ||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 955,265 | 211,738 | 273,970 | 320,530 | 149,027 |
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, LLC | |
Dynamic Market Portfolio | NYSE Arca, Inc. | |
FTSE RAFI US 1000 Portfolio | FTSE International Ltd. | |
FTSE RAFI US 1500 Small-Mid Portfolio | FTSE International Ltd. |
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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. Investments in Affiliates
The 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 FTSE RAFI US 1000 Portfolio’s transactions in, and earnings from, its investments in affiliates for the six-month period ended October 31, 2015.
FTSE RAFI US 1000 Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 3,386,416 | $ | 165,833 | $ | (298,291 | ) | $ | (743,312 | ) | $ | 68,985 | $ | 2,579,631 | $ | 43,906 | ||||||||||||
Invesco Mortgage Capital, Inc. REIT | 898,913 | 47,018 | (67,731 | ) | (189,935 | ) | (5,512 | ) | 682,753 | 49,459 | ||||||||||||||||||
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Total Investments in Affiliates | $ | 4,285,329 | $ | 212,851 | $ | (366,022 | ) | $ | (933,247 | ) | $ | 63,473 | $ | 3,262,384 | $ | 93,365 | ||||||||||||
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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. |
Except for the Funds listed below, as of October 31, 2015, 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 | $ | 4,296,978,765 | $ | — | $ | 172,182 | $ | 4,297,150,947 | ||||||||
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FTSE RAFI US 1500 Small-Mid Portfolio | ||||||||||||||||
Equity Securities | $ | 1,224,969,604 | $ | 0 | $ | — | $ | 1,224,969,604 | ||||||||
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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 carryforwards) 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 carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards 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 Funds had capital loss carryforwards as of April 30, 2015, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||||||||
DWA NASDAQ Momentum Portfolio | $ | 11,353,752 | $ | 15,764,010 | $ | 14,947,690 | $ | 3,683,431 | $ | 9,130,410 | $ | — | $ | 54,879,293 | $ | 21,767,708 | ||||||||||||||||
Dynamic Market Portfolio | 39,899,556 | 96,635,542 | 104,214,879 | 15,461,574 | 42,665,706 | 98,552 | 298,975,809 | 65,552,628 | ||||||||||||||||||||||||
FTSE RAFI US 1000 Portfolio | — | 42,380,517 | 49,808,238 | 38,490,195 | — | — | 130,678,950 | — | ||||||||||||||||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | — | 4,903,334 | 5,168,127 | 2,475,894 | — | — | 12,547,355 | — |
* | 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, 2015, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
DWA NASDAQ Momentum Portfolio | $ | 19,933,986 | $ | 20,350,735 | ||||
Dynamic Market Portfolio | 185,182,201 | 185,453,242 | ||||||
FTSE RAFI US 1000 Portfolio | 73,000,694 | 69,017,245 | ||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 36,407,338 | 35,733,905 |
For the six-month period ended October 31, 2015, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA NASDAQ Momentum Portfolio | $ | 35,452,438 | $ | 3,647,191 | ||||
Dynamic Market Portfolio | 64,658,823 | 79,304,810 | ||||||
FTSE RAFI US 1000 Portfolio | 245,575,905 | 371,461,305 | ||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 106,530,436 | 42,279,864 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2015, 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:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation | Cost | |||||||||||||
DWA NASDAQ Momentum Portfolio | $ | 6,516,542 | $ | (1,845,615 | ) | $ | 4,670,927 | $ | 56,187,139 | |||||||
Dynamic Market Portfolio | 14,381,838 | (3,191,232 | ) | 11,190,606 | 146,611,392 | |||||||||||
FTSE RAFI US 1000 Portfolio | 656,548,789 | (279,476,079 | ) | 377,072,710 | 3,920,078,237 | |||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 183,276,264 | (164,860,729 | ) | 18,415,535 | 1,206,554,069 |
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 an Officer of the Trust. The Trustee who is an “interested person” 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
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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 principally 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, 2015.
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, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 1,012.97 | 0.60 | % | $ | 3.04 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares Dynamic Market Portfolio (PWC) | ||||||||||||||||
Actual | 1,000.00 | 1,027.40 | 0.60 | 3.06 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares FTSE RAFI US 1000 Portfolio (PRF) | ||||||||||||||||
Actual | 1,000.00 | 975.15 | 0.39 | 1.94 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 | ||||||||||||
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | ||||||||||||||||
Actual | 1,000.00 | 944.49 | 0.39 | 1.91 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 |
(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, 2015. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
| 48 |
|
(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.
©2015 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, 2015 |
2015 Semi-Annual Report to Shareholders
PWB | PowerShares Dynamic Large Cap Growth Portfolio | |
PWV | PowerShares Dynamic Large Cap Value Portfolio | |
EQWS | PowerShares Russell 2000 Equal Weight Portfolio (formerly, PowerShares Fundamental Pure Small Core Portfolio) | |
PXSG | PowerShares Russell 2000 Pure Growth Portfolio (formerly, PowerShares Fundamental Pure Small Growth Portfolio) | |
PXSV | PowerShares Russell 2000 Pure Value Portfolio (formerly, PowerShares Fundamental Pure Small Value Portfolio) | |
EQWM | PowerShares Russell Midcap Equal Weight Portfolio (formerly, PowerShares Fundamental Pure Mid Core Portfolio) | |
PXMG | PowerShares Russell Midcap Pure Growth Portfolio (formerly, PowerShares Fundamental Pure Mid Growth Portfolio) | |
PXMV | PowerShares Russell Midcap Pure Value Portfolio (formerly, PowerShares Fundamental Pure Mid Value Portfolio) | |
EQWL | PowerShares Russell Top 200 Equal Weight Portfolio (formerly, PowerShares Fundamental Pure Large Core Portfolio) | |
PXLG | PowerShares Russell Top 200 Pure Growth Portfolio (formerly, PowerShares Fundamental Pure Large Growth Portfolio) | |
PXLV | PowerShares Russell Top 200 Pure Value Portfolio (formerly, PowerShares Fundamental Pure Large Value Portfolio) | |
PZI | PowerShares Zacks Micro Cap Portfolio |
Style Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
5 | ||||
7 | ||||
26 | ||||
30 | ||||
35 | ||||
44 | ||||
46 | ||||
49 | ||||
52 | ||||
54 | ||||
56 | ||||
Statements of Assets and Liabilities | 62 | |||
Statements of Operations | 64 | |||
Statements of Changes in Net Assets | 66 | |||
Financial Highlights | 70 | |||
Notes to Financial Statements | 79 | |||
Fees and Expenses | 89 |
| 2 |
|
PowerShares Dynamic Large Cap Growth Portfolio (PWB)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Consumer Discretionary | 26.6 | |||
Health Care | 22.8 | |||
Information Technology | 21.4 | |||
Consumer Staples | 12.6 | |||
Financials | 7.4 | |||
Industrials | 6.5 | |||
Materials | 1.4 | |||
Telecommunication Services | 1.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Consumer Discretionary—26.6% | ||||||||
7,173 | AutoZone, Inc.(b) | $ | 5,626,573 | |||||
105,113 | Carnival Corp. | 5,684,511 | ||||||
87,286 | DISH Network Corp., Class A(b) | 5,496,399 | ||||||
69,522 | Dollar General Corp. | 4,711,506 | ||||||
103,317 | Home Depot, Inc. (The) | 12,774,114 | ||||||
76,017 | Lowe’s Cos., Inc. | 5,612,335 | ||||||
72,687 | Marriott International, Inc., Class A | 5,580,908 | ||||||
107,927 | NIKE, Inc., Class B | 14,141,675 | ||||||
21,587 | O’Reilly Automotive, Inc.(b) | 5,963,625 | ||||||
105,329 | Ross Stores, Inc. | 5,327,541 | ||||||
93,550 | Starbucks Corp. | 5,853,423 | ||||||
73,579 | TJX Cos., Inc. (The) | 5,385,247 | ||||||
118,488 | Walt Disney Co. (The) | 13,476,825 | ||||||
63,603 | Yum! Brands, Inc. | 4,510,089 | ||||||
|
| |||||||
100,144,771 | ||||||||
|
| |||||||
Consumer Staples—12.6% | ||||||||
40,671 | Constellation Brands, Inc., Class A | 5,482,451 | ||||||
37,190 | Costco Wholesale Corp. | 5,880,483 | ||||||
116,554 | CVS Health Corp. | 11,513,204 | ||||||
162,568 | Kraft Heinz Co. (The) | 12,675,427 | ||||||
138,890 | Walgreens Boots Alliance, Inc. | 11,761,205 | ||||||
|
| |||||||
47,312,770 | ||||||||
|
| |||||||
Financials—7.4% | ||||||||
227,892 | Citigroup, Inc. | 12,117,018 | ||||||
54,990 | CME Group, Inc., Class A | 5,194,905 | ||||||
22,405 | Intercontinental Exchange, Inc. | 5,655,022 | ||||||
49,848 | Moody’s Corp. | 4,793,384 | ||||||
|
| |||||||
27,760,329 | ||||||||
|
| |||||||
Health Care—22.8% | ||||||||
113,066 | Abbott Laboratories | 5,065,357 | ||||||
51,583 | AmerisourceBergen Corp. | 4,978,275 | ||||||
200,330 | Bristol-Myers Squibb Co. | 13,211,764 | ||||||
37,743 | Cigna Corp. | 5,059,072 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care (continued) | ||||||||
145,948 | Eli Lilly & Co. | $ | 11,904,978 | |||||
58,584 | HCA Holdings, Inc.(b) | 4,029,993 | ||||||
28,282 | Humana, Inc. | 5,052,014 | ||||||
25,913 | McKesson Corp. | 4,633,244 | ||||||
28,065 | Perrigo Co. PLC | 4,426,973 | ||||||
9,694 | Regeneron Pharmaceuticals, Inc.(b) | 5,403,339 | ||||||
52,204 | Stryker Corp. | 4,991,746 | ||||||
103,533 | UnitedHealth Group, Inc. | 12,194,117 | ||||||
113,671 | Zoetis, Inc. | 4,888,990 | ||||||
|
| |||||||
85,839,862 | ||||||||
|
| |||||||
Industrials—6.5% | ||||||||
134,743 | American Airlines Group, Inc. | 6,227,822 | ||||||
91,088 | United Continental Holdings, Inc.(b) | 5,493,517 | ||||||
123,100 | United Parcel Service, Inc., Class B | 12,681,762 | ||||||
|
| |||||||
24,403,101 | ||||||||
|
| |||||||
Information Technology—21.4% | ||||||||
178,086 | Activision Blizzard, Inc. | 6,190,269 | ||||||
18,404 | Alphabet, Inc., Class A(b) | 13,570,926 | ||||||
81,653 | Cognizant Technology Solutions Corp., Class A(b) | 5,561,386 | ||||||
76,634 | Electronic Arts, Inc.(b) | 5,523,012 | ||||||
133,403 | Facebook, Inc., Class A(b) | 13,603,104 | ||||||
59,967 | Fiserv, Inc.(b) | 5,787,415 | ||||||
129,050 | MasterCard, Inc., Class A | 12,774,659 | ||||||
60,000 | NXP Semiconductors NV (Netherlands)(b) | 4,701,000 | ||||||
167,555 | Visa, Inc., Class A | 12,998,917 | ||||||
|
| |||||||
80,710,688 | ||||||||
|
| |||||||
Materials—1.4% | ||||||||
36,995 | Air Products & Chemicals, Inc. | 5,141,565 | ||||||
|
| |||||||
Telecommunication Services—1.3% | ||||||||
130,099 | T-Mobile US, Inc.(b) | 4,929,451 | ||||||
|
| |||||||
Total Common Stocks (Cost $334,990,661) | 376,242,537 | |||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
40,366 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $40,366) | $ | 40,366 | |||||
|
| |||||||
Total Investments (Cost $335,031,027)—100.0% | 376,282,903 | |||||||
Other assets less liabilities—(0.0)% | (15,089 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 376,267,814 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares Dynamic Large Cap Value Portfolio (PWV)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Financials | 25.6 | |||
Information Technology | 16.4 | |||
Energy | 13.0 | |||
Health Care | 11.2 | |||
Utilities | 8.4 | |||
Telecommunication Services | 6.5 | |||
Consumer Discretionary | 5.7 | |||
Consumer Staples | 5.6 | |||
Industrials | 4.3 | |||
Materials | 3.1 | |||
Other Assets Less Liabilities | 0.2 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.8% | ||||||||
Consumer Discretionary—5.7% | ||||||||
983,623 | Ford Motor Co. | $ | 14,567,457 | |||||
466,033 | General Motors Co. | 16,269,212 | ||||||
229,066 | Macy’s, Inc. | 11,677,785 | ||||||
173,206 | Target Corp. | 13,368,039 | ||||||
|
| |||||||
55,882,493 | ||||||||
|
| |||||||
Consumer Staples—5.6% | ||||||||
302,689 | Archer-Daniels-Midland Co. | 13,820,780 | ||||||
323,872 | ConAgra Foods, Inc. | 13,133,009 | ||||||
485,608 | Wal-Mart Stores, Inc. | 27,796,202 | ||||||
|
| |||||||
54,749,991 | ||||||||
|
| |||||||
Energy—13.0% | ||||||||
392,077 | Chevron Corp. | 35,631,958 | ||||||
350,219 | Halliburton Co. | 13,441,405 | ||||||
286,213 | Marathon Petroleum Corp. | 14,825,833 | ||||||
174,998 | Phillips 66 | 15,583,572 | ||||||
414,608 | Schlumberger Ltd. | 32,405,761 | ||||||
229,066 | Valero Energy Corp. | 15,100,031 | ||||||
|
| |||||||
126,988,560 | ||||||||
|
| |||||||
Financials—25.6% | ||||||||
131,584 | ACE Ltd. | 14,940,047 | ||||||
230,354 | Aflac, Inc. | 14,685,067 | ||||||
230,514 | Allstate Corp. (The) | 14,264,206 | ||||||
221,558 | American International Group, Inc. | 13,971,447 | ||||||
232,316 | Berkshire Hathaway, Inc., Class B(b) | 31,599,622 | ||||||
111,702 | Chubb Corp. (The) | 14,448,654 | ||||||
292,410 | Hartford Financial Services Group, Inc. (The) | 13,526,887 | ||||||
491,734 | JPMorgan Chase & Co. | 31,593,910 | ||||||
268,583 | MetLife, Inc. | 13,531,212 | ||||||
148,143 | PNC Financial Services Group, Inc. (The) | 13,371,387 | ||||||
166,442 | Prudential Financial, Inc. | 13,731,465 | ||||||
413,938 | Synchrony Financial(b) | 12,732,733 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
134,576 | Travelers Cos., Inc. (The) | $ | 15,192,285 | |||||
589,002 | Wells Fargo & Co. | 31,888,568 | ||||||
|
| |||||||
249,477,490 | ||||||||
|
| |||||||
Health Care—11.2% | ||||||||
96,151 | Anthem, Inc. | 13,379,412 | ||||||
292,585 | Gilead Sciences, Inc. | 31,637,216 | ||||||
569,529 | Merck & Co., Inc. | 31,130,455 | ||||||
965,558 | Pfizer, Inc. | 32,655,172 | ||||||
|
| |||||||
108,802,255 | ||||||||
|
| |||||||
Industrials—4.3% | ||||||||
101,432 | Boeing Co. (The) | 15,019,036 | ||||||
110,532 | Cummins, Inc. | 11,441,167 | ||||||
81,641 | Northrop Grumman Corp. | 15,328,098 | ||||||
|
| |||||||
41,788,301 | ||||||||
|
| |||||||
Information Technology—16.4% | ||||||||
1,212,885 | Cisco Systems, Inc. | 34,991,732 | ||||||
495,965 | eBay, Inc.(b) | 13,837,423 | ||||||
374,404 | HP, Inc.—When Issued | 11,325,891 | ||||||
1,109,609 | Intel Corp. | 37,571,361 | ||||||
213,106 | International Business Machines Corp. | 29,851,888 | ||||||
841,834 | Oracle Corp. | 32,696,833 | ||||||
|
| |||||||
160,275,128 | ||||||||
|
| |||||||
Materials—3.1% | ||||||||
307,161 | Dow Chemical Co. (The) | 15,871,009 | ||||||
158,196 | LyondellBasell Industries NV, Class A | 14,697,990 | ||||||
|
| |||||||
30,568,999 | ||||||||
|
| |||||||
Telecommunication Services—6.5% | ||||||||
947,285 | AT&T, Inc. | 31,743,520 | ||||||
684,505 | Verizon Communications, Inc. | 32,089,595 | ||||||
|
| |||||||
63,833,115 | ||||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Utilities—8.4% | ||||||||
246,174 | American Electric Power Co., Inc. | $ | 13,945,757 | |||||
212,506 | Consolidated Edison, Inc. | 13,972,270 | ||||||
226,608 | Edison International | 13,714,316 | ||||||
430,415 | Exelon Corp. | 12,017,187 | ||||||
333,542 | Public Service Enterprise Group, Inc. | 13,771,949 | ||||||
398,084 | Xcel Energy, Inc. | 14,183,732 | ||||||
|
| |||||||
81,605,211 | ||||||||
|
| |||||||
Total Investments (Cost $931,749,314)—99.8% | 973,971,543 | |||||||
Other assets less liabilities—0.2% | 1,866,515 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 975,838,058 | ||||||
|
|
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 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Industrials | 14.1 | |||
Information Technology | 13.4 | |||
Consumer Staples | 11.1 | |||
Consumer Discretionary | 11.1 | |||
Financials | 10.9 | |||
Health Care | 10.5 | |||
Energy | 10.5 | |||
Materials | 7.3 | |||
Utilities | 6.9 | |||
Telecommunication Services | 4.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—11.1% | ||||||||
538 | 1-800-FLOWERS.COM, Inc., Class A(b) | $ | 5,342 | |||||
134 | 2U, Inc.(b) | 2,811 | ||||||
214 | Abercrombie & Fitch Co., Class A | 4,535 | ||||||
185 | AMC Entertainment Holdings, Inc., Class A | 5,063 | ||||||
243 | American Axle & Manufacturing Holdings, Inc.(b) | 5,385 | ||||||
294 | American Eagle Outfitters, Inc. | 4,492 | ||||||
199 | American Public Education, Inc.(b) | 4,324 | ||||||
120 | America’s Car-Mart, Inc.(b) | 4,109 | ||||||
415 | Apollo Education Group, Inc., Class A(b) | 3,013 | ||||||
196 | Arctic Cat, Inc. | 4,026 | ||||||
57 | Asbury Automotive Group, Inc.(b) | 4,514 | ||||||
402 | Ascena Retail Group, Inc.(b) | 5,355 | ||||||
201 | Ascent Capital Group, Inc., Series A(b) | 4,378 | ||||||
352 | Barnes & Noble Education, Inc.(b) | 5,192 | ||||||
368 | Barnes & Noble, Inc. | 4,780 | ||||||
161 | Bassett Furniture Industries, Inc. | 5,146 | ||||||
308 | Beazer Homes USA, Inc.(b) | 4,386 | ||||||
451 | Belmond Ltd., Class A (United Kingdom)(b) | 4,844 | ||||||
438 | Big 5 Sporting Goods Corp. | 4,008 | ||||||
96 | Big Lots, Inc. | 4,426 | ||||||
13 | Biglari Holdings, Inc.(b) | 4,994 | ||||||
109 | BJ’s Restaurants, Inc.(b) | 4,679 | ||||||
724 | Black Diamond, Inc.(b) | 4,011 | ||||||
246 | Bloomin’ Brands, Inc. | 4,175 | ||||||
140 | Blue Nile, Inc.(b) | 4,774 | ||||||
105 | Bob Evans Farms, Inc. | 4,543 | ||||||
268 | Bojangles’, Inc.(b) | 4,457 | ||||||
266 | Boot Barn Holdings, Inc.(b) | 3,990 | ||||||
289 | Boyd Gaming Corp.(b) | 5,777 | ||||||
413 | Bravo Brio Restaurant Group, Inc.(b) | 4,849 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
606 | Bridgepoint Education, Inc.(b) | $ | 4,696 | |||||
72 | Bright Horizons Family Solutions, Inc.(b) | 4,609 | ||||||
126 | Buckle, Inc. (The) | 4,465 | ||||||
24 | Buffalo Wild Wings, Inc.(b) | 3,702 | ||||||
249 | Build-A-Bear Workshop, Inc.(b) | 3,874 | ||||||
91 | Burlington Stores, Inc.(b) | 4,375 | ||||||
695 | Caesars Acquisition Co., Class A(b) | 5,087 | ||||||
656 | Caesars Entertainment Corp.(b) | 5,281 | ||||||
220 | CalAtlantic Group, Inc.(b) | 8,380 | ||||||
148 | Caleres, Inc. | 4,523 | ||||||
544 | Callaway Golf Co. | 5,413 | ||||||
982 | Cambium Learning Group, Inc.(b) | 4,723 | ||||||
91 | Capella Education Co. | 4,109 | ||||||
1,191 | Career Education Corp.(b) | 4,300 | ||||||
229 | Carmike Cinemas, Inc.(b) | 5,865 | ||||||
226 | Carriage Services, Inc. | 4,861 | ||||||
374 | Carrols Restaurant Group, Inc.(b) | 4,398 | ||||||
137 | Cato Corp. (The), Class A | 5,173 | ||||||
67 | Cavco Industries, Inc.(b) | 6,606 | ||||||
2,240 | Central European Media Enterprises Ltd., Class A (Bermuda)(b) | 4,838 | ||||||
224 | Century Communities, Inc.(b) | 4,274 | ||||||
86 | Cheesecake Factory, Inc. (The) | 4,145 | ||||||
633 | Chegg, Inc.(b) | 4,368 | ||||||
308 | Cherokee, Inc.(b) | 5,590 | ||||||
289 | Chico’s FAS, Inc. | 3,994 | ||||||
82 | Children’s Place, Inc. (The) | 4,401 | ||||||
3,764 | Christopher & Banks Corp.(b) | 5,495 | ||||||
35 | Churchill Downs, Inc. | 5,139 | ||||||
170 | Chuy’s Holdings, Inc.(b) | 4,626 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
200 | Citi Trends, Inc. | $ | 5,314 | |||||
212 | ClubCorp Holdings, Inc. | 4,333 | ||||||
311 | Collectors Universe, Inc. | 5,377 | ||||||
78 | Columbia Sportswear Co. | 4,278 | ||||||
189 | Conn’s, Inc.(b) | 3,585 | ||||||
309 | Container Store Group, Inc. (The)(b) | 3,526 | ||||||
119 | Cooper Tire & Rubber Co. | 4,973 | ||||||
84 | Cooper-Standard Holding, Inc.(b) | 5,463 | ||||||
479 | Core-Mark Holding Co., Inc. | 38,938 | ||||||
37 | Cracker Barrel Old Country Store, Inc. | 5,086 | ||||||
326 | Crocs, Inc.(b) | 3,521 | ||||||
915 | Crown Media Holdings, Inc., Class A(b) | 5,298 | ||||||
183 | CSS Industries, Inc. | 4,996 | ||||||
383 | Culp, Inc. | 11,494 | ||||||
6,031 | Cumulus Media, Inc., Class A(b) | 2,769 | ||||||
27 | Daily Journal Corp.(b) | 5,527 | ||||||
298 | Dana Holding Corp. | 5,006 | ||||||
116 | Dave & Buster’s Entertainment, Inc.(b) | 4,475 | ||||||
81 | Deckers Outdoor Corp.(b) | 4,508 | ||||||
341 | Del Frisco’s Restaurant Group, Inc.(b) | 4,593 | ||||||
413 | Denny’s Corp.(b) | 4,526 | ||||||
808 | Destination XL Group, Inc.(b) | 4,719 | ||||||
169 | DeVry Education Group, Inc. | 3,982 | ||||||
197 | Diamond Resorts International, Inc.(b) | 5,603 | ||||||
51 | DineEquity, Inc. | 4,256 | ||||||
94 | Dorman Products, Inc.(b) | 4,388 | ||||||
274 | DreamWorks Animation SKG, Inc., Class A(b) | 5,546 | ||||||
88 | Drew Industries, Inc. | 5,265 | ||||||
285 | E.W. Scripps Co. (The), Class A | 6,287 | ||||||
424 | El Pollo Loco Holdings, Inc.(b) | 4,868 | ||||||
520 | Eldorado Resorts, Inc.(b) | 5,148 | ||||||
1,045 | Empire Resorts, Inc.(b) | 4,849 | ||||||
477 | Entercom Communications Corp., Class A(b) | 5,266 | ||||||
707 | Entravision Communications Corp., Class A | 6,193 | ||||||
172 | Eros International PLC, Class A(b) | 1,921 | ||||||
276 | Escalade, Inc. | 4,093 | ||||||
168 | Ethan Allen Interiors, Inc. | 4,571 | ||||||
333 | Etsy, Inc.(b) | 3,630 | ||||||
1,912 | EVINE Live, Inc.(b) | 4,933 | ||||||
260 | Express, Inc.(b) | 5,018 | ||||||
660 | Federal-Mogul Holdings Corp.(b) | 5,115 | ||||||
631 | Fenix Parts, Inc.(b) | 4,966 | ||||||
101 | Fiesta Restaurant Group, Inc.(b) | 3,571 | ||||||
236 | Finish Line, Inc. (The), Class A | 4,397 | ||||||
137 | Five Below, Inc.(b) | 4,705 | ||||||
155 | Flexsteel Industries, Inc. | 6,741 | ||||||
288 | Fogo de Chao, Inc.(b) | 4,349 | ||||||
312 | Fox Factory Holding Corp.(b) | 5,538 | ||||||
378 | Francesca’s Holdings Corp.(b) | 5,371 | ||||||
384 | Fred’s, Inc., Class A | 5,311 | ||||||
162 | FTD Cos., Inc.(b) | 4,588 | ||||||
79 | Genesco, Inc.(b) | 4,949 | ||||||
107 | Gentherm, Inc.(b) | 5,260 | ||||||
71 | G-III Apparel Group Ltd.(b) | 3,911 | ||||||
452 | Global Eagle Entertainment, Inc.(b) | 6,021 | ||||||
123 | Grand Canyon Education, Inc.(b) | 5,112 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
372 | Gray Television, Inc.(b) | $ | 5,911 | |||||
1,830 | Green Brick Partners, Inc.(b) | 19,307 | ||||||
59 | Group 1 Automotive, Inc. | 5,130 | ||||||
215 | Guess?, Inc. | 4,526 | ||||||
213 | Habit Restaurants, Inc. (The), Class A(b) | 5,086 | ||||||
1,318 | Harte-Hanks, Inc. | 5,602 | ||||||
194 | Haverty Furniture Cos., Inc. | 4,542 | ||||||
51 | Helen of Troy Ltd.(b) | 5,060 | ||||||
349 | Hemisphere Media Group, Inc., Class A(b) | 4,722 | ||||||
127 | Hibbett Sports, Inc.(b) | 4,338 | ||||||
189 | Hooker Furniture Corp. | 4,691 | ||||||
499 | Horizon Global Corp.(b) | 4,386 | ||||||
222 | Houghton Mifflin Harcourt Co.(b) | 4,349 | ||||||
2,425 | Hovnanian Enterprises, Inc., Class A(b) | 4,996 | ||||||
79 | HSN, Inc. | 4,886 | ||||||
335 | Iconix Brand Group, Inc.(b) | 5,132 | ||||||
145 | IMAX Corp.(b) | 5,567 | ||||||
480 | Installed Building Products, Inc.(b) | 10,632 | ||||||
151 | International Speedway Corp., Class A | 5,238 | ||||||
245 | Interval Leisure Group, Inc. | 4,324 | ||||||
535 | Intrawest Resorts Holdings, Inc.(b) | 4,794 | ||||||
176 | iRobot Corp.(b) | 5,282 | ||||||
254 | Isle of Capri Casinos, Inc.(b) | 4,859 | ||||||
406 | J. Alexander’s Holdings, Inc.(b) | 3,914 | ||||||
59 | Jack in the Box, Inc. | 4,397 | ||||||
520 | JAKKS Pacific, Inc.(b) | 4,118 | ||||||
321 | Jamba, Inc.(b) | 4,253 | ||||||
226 | Johnson Outdoors, Inc., Class A | 4,843 | ||||||
654 | Journal Media Group, Inc. | 8,005 | ||||||
357 | K12, Inc.(b) | 3,466 | ||||||
324 | KB Home | 4,244 | ||||||
214 | Kirkland’s, Inc. | 4,920 | ||||||
265 | Kona Grill, Inc.(b) | 3,644 | ||||||
311 | Krispy Kreme Doughnuts, Inc.(b) | 4,258 | ||||||
292 | La Quinta Holdings, Inc.(b) | 4,424 | ||||||
174 | Lands’ End, Inc.(b) | 4,294 | ||||||
172 | La-Z-Boy, Inc. | 4,911 | ||||||
164 | LGI Homes, Inc.(b) | 4,597 | ||||||
148 | Libbey, Inc. | 4,979 | ||||||
205 | Liberty Tax, Inc., Class A | 4,733 | ||||||
200 | Liberty TripAdvisor Holdings, Inc., Series A(b) | 6,238 | ||||||
545 | LifeLock, Inc.(b) | 7,635 | ||||||
328 | Lifetime Brands, Inc. | 5,041 | ||||||
48 | Lithia Motors, Inc., Class A | 5,635 | ||||||
102 | Loral Space & Communications, Inc.(b) | 4,560 | ||||||
336 | Lumber Liquidators Holdings, Inc.(b) | 4,644 | ||||||
185 | M/I Homes, Inc.(b) | 4,246 | ||||||
330 | Malibu Boats, Inc., Class A(b) | 4,689 | ||||||
243 | Marcus Corp. (The) | 5,028 | ||||||
712 | Marine Products Corp. | 5,034 | ||||||
329 | MarineMax, Inc.(b) | 5,198 | ||||||
69 | Marriott Vacations Worldwide Corp. | 4,444 | ||||||
796 | Martha Stewart Living Omnimedia, Inc., Class A(b) | 4,808 | ||||||
110 | Mattress Firm Holding Corp.(b) | 4,683 | ||||||
387 | MCBC Holdings, Inc.(b) | 5,097 | ||||||
169 | MDC Holdings, Inc. | 4,392 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
252 | MDC Partners, Inc., Class A | $ | 5,237 | |||||
422 | Media General, Inc.(b) | 6,271 | ||||||
109 | Men’s Wearhouse, Inc. (The) | 4,358 | ||||||
102 | Meredith Corp. | 4,796 | ||||||
122 | Meritage Homes Corp.(b) | 4,302 | ||||||
235 | Metaldyne Performance Group, Inc. | 5,128 | ||||||
739 | Modine Manufacturing Co.(b) | 6,185 | ||||||
259 | Monarch Casino & Resort, Inc.(b) | 5,682 | ||||||
70 | Monro Muffler Brake, Inc. | 5,192 | ||||||
1,296 | Morgans Hotel Group Co.(b) | 4,653 | ||||||
150 | Motorcar Parts of America, Inc.(b) | 5,049 | ||||||
177 | Movado Group, Inc. | 4,556 | ||||||
116 | NACCO Industries, Inc., Class A | 5,200 | ||||||
354 | National CineMedia, Inc. | 5,027 | ||||||
322 | Nautilus, Inc.(b) | 5,487 | ||||||
350 | New Home Co., Inc. (The)(b) | 5,009 | ||||||
314 | New Media Investment Group, Inc. | 5,055 | ||||||
404 | New York Times Co. (The), Class A | 5,365 | ||||||
106 | Nexstar Broadcasting Group, Inc., Class A | 5,642 | ||||||
325 | Noodles & Co., Class A(b) | 4,800 | ||||||
177 | Nutrisystem, Inc. | 4,094 | ||||||
288 | Ollie’s Bargain Outlet Holdings, Inc.(b) | 4,565 | ||||||
80 | Outerwall, Inc. | 4,800 | ||||||
263 | Overstock.com, Inc.(b) | 4,119 | ||||||
63 | Oxford Industries, Inc. | 4,588 | ||||||
68 | Papa John’s International, Inc. | 4,772 | ||||||
287 | Papa Murphy’s Holdings, Inc.(b) | 3,963 | ||||||
284 | Party City Holdco, Inc.(b) | 4,496 | ||||||
278 | Penn National Gaming, Inc.(b) | 4,965 | ||||||
383 | Pep Boys-Manny, Moe & Jack (The)(b) | 5,760 | ||||||
337 | Performance Sports Group Ltd.(b) | 3,869 | ||||||
208 | Perry Ellis International, Inc.(b) | 4,466 | ||||||
1,909 | PetMed Express, Inc. | 32,109 | ||||||
618 | Pier 1 Imports, Inc. | 4,586 | ||||||
133 | Pinnacle Entertainment, Inc.(b) | 4,656 | ||||||
260 | Planet Fitness, Inc., Class A(b) | 4,248 | ||||||
65 | Pool Corp. | 5,300 | ||||||
83 | Popeyes Louisiana Kitchen, Inc.(b) | 4,685 | ||||||
432 | Potbelly Corp.(b) | 4,838 | ||||||
372 | Reading International, Inc., Class A(b) | 5,766 | ||||||
61 | Red Robin Gourmet Burgers, Inc.(b) | 4,568 | ||||||
368 | Regis Corp.(b) | 6,079 | ||||||
161 | Remy International, Inc. | 4,748 | ||||||
188 | Rent-A-Center, Inc. | 3,457 | ||||||
102 | Rentrak Corp.(b) | 5,628 | ||||||
53 | Restoration Hardware Holdings, Inc.(b) | 5,464 | ||||||
743 | Ruby Tuesday, Inc.(b) | 3,886 | ||||||
291 | Ruth’s Hospitality Group, Inc. | 4,513 | ||||||
140 | Saga Communications, Inc., Class A | 6,023 | ||||||
114 | Scholastic Corp. | 4,659 | ||||||
392 | Scientific Games Corp., Class A(b) | 4,347 | ||||||
260 | SeaWorld Entertainment, Inc. | 5,182 | ||||||
215 | Select Comfort Corp.(b) | 4,558 | ||||||
319 | Sequential Brands Group, Inc.(b) | 3,991 | ||||||
95 | Shake Shack, Inc., Class A(b) | 4,329 | ||||||
202 | Shoe Carnival, Inc. | 4,539 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
129 | Shutterfly, Inc.(b) | $ | 5,381 | |||||
186 | Sinclair Broadcast Group, Inc., Class A | 5,582 | ||||||
743 | Sizmek, Inc.(b) | 4,406 | ||||||
801 | Skullcandy, Inc.(b) | 4,486 | ||||||
268 | Smith & Wesson Holding Corp.(b) | 4,786 | ||||||
220 | Sonic Automotive, Inc., Class A | 5,487 | ||||||
192 | Sonic Corp. | 5,480 | ||||||
140 | Sotheby’s | 4,851 | ||||||
267 | Speedway Motorsports, Inc. | 4,931 | ||||||
391 | Sportsman’s Warehouse Holdings, Inc.(b) | 4,207 | ||||||
470 | Stage Stores, Inc. | 4,573 | ||||||
135 | Standard Motor Products, Inc. | 5,974 | ||||||
466 | Stein Mart, Inc. | 4,129 | ||||||
74 | Steiner Leisure Ltd. (Bahamas)(b) | 4,689 | ||||||
122 | Steven Madden Ltd.(b) | 4,252 | ||||||
436 | Stoneridge, Inc.(b) | 5,533 | ||||||
77 | Strattec Security Corp. | 4,606 | ||||||
82 | Strayer Education, Inc.(b) | 4,339 | ||||||
79 | Sturm Ruger & Co., Inc. | 4,498 | ||||||
252 | Superior Industries International, Inc. | 4,959 | ||||||
272 | Superior Uniform Group, Inc. | 4,635 | ||||||
628 | Systemax, Inc.(b) | 5,822 | ||||||
244 | Taylor Morrison Home Corp., Class A(b) | 4,497 | ||||||
108 | Tenneco, Inc.(b) | 6,112 | ||||||
123 | Texas Roadhouse, Inc. | 4,225 | ||||||
378 | Tile Shop Holdings, Inc. (The)(b) | 5,485 | ||||||
647 | Tilly’s, Inc., Class A(b) | 4,717 | ||||||
255 | Time, Inc. | 4,738 | ||||||
207 | Tower International, Inc.(b) | 5,686 | ||||||
486 | Townsquare Media, Inc., Class A(b) | 5,327 | ||||||
350 | Travelport Worldwide Ltd. | 4,743 | ||||||
336 | TRI Pointe Homes, Inc.(b) | 4,361 | ||||||
577 | Tribune Publishing Co. | 5,447 | ||||||
687 | Tuesday Morning Corp.(b) | 3,717 | ||||||
261 | Tumi Holdings, Inc.(b) | 4,184 | ||||||
429 | Unifi, Inc.(b) | 13,123 | ||||||
106 | Universal Electronics, Inc.(b) | 5,042 | ||||||
1,296 | Universal Technical Institute, Inc. | 5,508 | ||||||
44 | Vail Resorts, Inc. | 5,023 | ||||||
373 | Vera Bradley, Inc.(b) | 4,666 | ||||||
1,232 | Vince Holding Corp.(b) | 5,606 | ||||||
141 | Vitamin Shoppe, Inc.(b) | 4,045 | ||||||
651 | VOXX International Corp., Class A(b) | 3,359 | ||||||
131 | Wayfair, Inc., Class A(b) | 5,537 | ||||||
200 | WCI Communities, Inc.(b) | 4,778 | ||||||
733 | Weight Watchers International, Inc.(b) | 11,274 | ||||||
512 | West Marine, Inc.(b) | 5,212 | ||||||
180 | Weyco Group, Inc. | 5,110 | ||||||
206 | William Lyon Homes, Class A(b) | 4,396 | ||||||
185 | Wingstop, Inc.(b) | 4,279 | ||||||
47 | Winmark Corp. | 4,735 | ||||||
247 | Winnebago Industries, Inc. | 5,185 | ||||||
208 | Wolverine World Wide, Inc. | 3,863 | ||||||
275 | World Wrestling Entertainment, Inc., Class A | 4,903 | ||||||
680 | ZAGG, Inc.(b) | 5,766 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
126 | Zoe’s Kitchen, Inc.(b) | $ | 4,338 | |||||
300 | Zumiez, Inc.(b) | 5,244 | ||||||
|
| |||||||
1,469,894 | ||||||||
|
| |||||||
Consumer Staples—11.1% | ||||||||
914 | Andersons, Inc. (The) | 32,356 | ||||||
842 | B&G Foods, Inc. | 30,556 | ||||||
146 | Boston Beer Co., Inc. (The), Class A(b) | 32,060 | ||||||
3,690 | Boulder Brands, Inc.(b) | 32,693 | ||||||
684 | Calavo Growers, Inc. | 35,164 | ||||||
550 | Cal-Maine Foods, Inc. | 29,403 | ||||||
295 | Casey’s General Stores, Inc. | 31,335 | ||||||
280 | Central Garden & Pet Co., Class A(b) | 4,726 | ||||||
2,352 | Chefs’ Warehouse, Inc. (The)(b) | 35,633 | ||||||
166 | Coca-Cola Bottling Co. Consolidated | 35,061 | ||||||
485 | Darling Ingredients, Inc.(b) | 4,908 | ||||||
1,799 | Dean Foods Co. | 32,580 | ||||||
930 | Diamond Foods, Inc.(b) | 36,847 | ||||||
442 | Elizabeth Arden, Inc.(b) | 5,543 | ||||||
1,190 | Farmer Brothers Co.(b) | 33,772 | ||||||
787 | Fresh Del Monte Produce, Inc. | 35,911 | ||||||
1,351 | Fresh Market, Inc. (The)(b) | 33,667 | ||||||
3,034 | Freshpet, Inc.(b) | 29,581 | ||||||
252 | HRG Group, Inc.(b) | 3,389 | ||||||
717 | Ingles Markets, Inc., Class A | 35,807 | ||||||
190 | Inter Parfums, Inc. | 5,248 | ||||||
270 | J & J Snack Foods Corp. | 33,153 | ||||||
580 | John B. Sanfilippo & Son, Inc. | 37,538 | ||||||
315 | Lancaster Colony Corp. | 35,822 | ||||||
1,020 | Landec Corp.(b) | 12,546 | ||||||
1,138 | Medifast, Inc.(b) | 31,830 | ||||||
1,121 | National Beverage Corp.(b) | 42,194 | ||||||
1,388 | Natural Grocers by Vitamin Cottage, Inc.(b) | 33,243 | ||||||
1,022 | Natural Health Trends Corp. | 50,344 | ||||||
1,361 | Nutraceutical International Corp.(b) | 33,344 | ||||||
545 | Oil-Dri Corp. of America | 17,102 | ||||||
1,956 | Omega Protein Corp.(b) | 35,599 | ||||||
1,202 | Orchids Paper Products Co. | 35,231 | ||||||
465 | Post Holdings, Inc., Class A(b) | 29,886 | ||||||
60 | PriceSmart, Inc. | 5,159 | ||||||
154 | Revlon, Inc., Class A(b) | 4,831 | ||||||
457 | Sanderson Farms, Inc. | 31,766 | ||||||
11 | Seaboard Corp.(b) | 37,048 | ||||||
1,183 | Seneca Foods Corp., Class A(b) | 34,520 | ||||||
2,050 | Smart & Final Stores, Inc.(b) | 30,217 | ||||||
887 | Snyder’s-Lance, Inc. | 31,524 | ||||||
1,212 | SpartanNash Co. | 33,815 | ||||||
4,150 | SUPERVALU, Inc.(b) | 27,265 | ||||||
1,006 | Tootsie Roll Industries, Inc., Class A | 31,930 | ||||||
381 | TreeHouse Foods, Inc.(b) | 32,629 | ||||||
627 | United Natural Foods, Inc.(b) | 31,632 | ||||||
623 | Universal Corp. | 33,648 | ||||||
231 | USANA Health Sciences, Inc.(b) | 29,707 | ||||||
1,384 | Vector Group Ltd. | 33,562 | ||||||
351 | WD-40 Co. | 33,549 | ||||||
766 | Weis Markets, Inc. | 31,513 | ||||||
|
| |||||||
1,478,387 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—10.5% | ||||||||
1,088 | Alon USA Energy, Inc. | $ | 18,224 | |||||
471 | Ardmore Shipping Corp. (Ireland) | 6,759 | ||||||
1,269 | Atwood Oceanics, Inc. | 21,002 | ||||||
4,864 | Basic Energy Services, Inc.(b) | 18,046 | ||||||
6,763 | Bill Barrett Corp.(b) | 32,936 | ||||||
4,525 | Bonanza Creek Energy, Inc.(b) | 25,747 | ||||||
211 | Bristow Group, Inc. | 7,328 | ||||||
4,804 | C&J Energy Services Ltd.(b) | 23,972 | ||||||
2,719 | Callon Petroleum Co.(b) | 23,601 | ||||||
939 | CARBO Ceramics, Inc. | 16,451 | ||||||
634 | Carrizo Oil & Gas, Inc.(b) | 23,857 | ||||||
473 | Clayton Williams Energy, Inc.(b) | 28,177 | ||||||
4,067 | Clean Energy Fuels Corp.(b) | 22,979 | ||||||
7,568 | Cloud Peak Energy, Inc.(b) | 22,477 | ||||||
2,388 | Contango Oil & Gas Co.(b) | 18,268 | ||||||
673 | Delek US Holdings, Inc. | 18,306 | ||||||
791 | DHT Holdings, Inc. | 6,217 | ||||||
528 | Dorian LPG Ltd.(b) | 6,220 | ||||||
1,207 | Era Group, Inc.(b) | 16,789 | ||||||
3,328 | Evolution Petroleum Corp. | 22,963 | ||||||
24,502 | EXCO Resources, Inc.(b) | 27,442 | ||||||
1,066 | Exterran Holdings, Inc. | 23,175 | ||||||
6,806 | Fairmount Santrol Holdings, Inc.(b) | 18,172 | ||||||
1,485 | Forum Energy Technologies, Inc.(b) | 19,676 | ||||||
2,252 | Frontline Ltd. (Norway)(b) | 7,116 | ||||||
568 | GasLog Ltd. (Monaco) | 6,572 | ||||||
498 | Gener8 Maritime, Inc.(b) | 5,179 | ||||||
1,348 | Geospace Technologies Corp.(b) | 20,705 | ||||||
1,030 | Green Plains, Inc. | 21,125 | ||||||
858 | Gulfmark Offshore, Inc., Class A | 5,354 | ||||||
29,476 | Halcon Resources Corp.(b) | 20,666 | ||||||
3,913 | Helix Energy Solutions Group, Inc.(b) | 22,617 | ||||||
1,396 | Hornbeck Offshore Services, Inc.(b) | 18,860 | ||||||
3,936 | Jones Energy, Inc., Class A(b) | 20,231 | ||||||
953 | Matador Resources Co.(b) | 24,502 | ||||||
849 | Matrix Service Co.(b) | 19,272 | ||||||
4,271 | McDermott International, Inc.(b) | 19,689 | ||||||
973 | Natural Gas Services Group, Inc.(b) | 21,912 | ||||||
1,666 | Navios Maritime Acquisition Corp. | 5,964 | ||||||
3,507 | Newpark Resources, Inc.(b) | 19,850 | ||||||
377 | Nordic American Tankers Ltd. | 5,761 | ||||||
4,537 | Northern Oil and Gas, Inc.(b) | 22,867 | ||||||
2,186 | Oasis Petroleum, Inc.(b) | 25,423 | ||||||
708 | Oil States International, Inc.(b) | 21,247 | ||||||
2,895 | Pacific Ethanol, Inc.(b) | 17,399 | ||||||
1,185 | Panhandle Oil and Gas, Inc., Class A | 21,780 | ||||||
961 | Par Pacific Holdings, Inc.(b) | 21,911 | ||||||
7,233 | Parker Drilling Co.(b) | 20,686 | ||||||
1,339 | Parsley Energy, Inc., Class A(b) | 23,741 | ||||||
369 | PDC Energy, Inc.(b) | 22,266 | ||||||
1,090 | Peabody Energy Corp. | 13,941 | ||||||
275 | PHI, Inc.(b) | 5,236 | ||||||
8,712 | Pioneer Energy Services Corp.(b) | 20,125 | ||||||
2,285 | Renewable Energy Group, Inc.(b) | 18,029 | ||||||
389 | REX American Resources Corp.(b) | 21,360 | ||||||
787 | RigNet, Inc.(b) | 23,610 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
2,042 | Ring Energy, Inc.(b) | $ | 21,216 | |||||
989 | RSP Permian, Inc.(b) | 27,118 | ||||||
3,678 | Sanchez Energy Corp.(b) | 21,884 | ||||||
65,339 | SandRidge Energy, Inc.(b) | 24,195 | ||||||
625 | Scorpio Tankers, Inc. (Monaco) | 5,700 | ||||||
320 | SEACOR Holdings, Inc.(b) | 18,694 | ||||||
409 | SemGroup Corp., Class A | 18,630 | ||||||
368 | Ship Finance International Ltd. (Norway) | 6,289 | ||||||
8,001 | Solazyme, Inc.(b) | 26,243 | ||||||
3,597 | Stone Energy Corp.(b) | 20,107 | ||||||
1,937 | Synergy Resources Corp.(b) | 21,675 | ||||||
863 | Teekay Tankers Ltd., Class A (Bermuda) | 6,593 | ||||||
2,674 | Tesco Corp. | 21,392 | ||||||
3,106 | TETRA Technologies, Inc.(b) | 20,935 | ||||||
403 | Tidewater, Inc. | 4,977 | ||||||
3,187 | Ultra Petroleum Corp.(b) | 17,465 | ||||||
1,706 | Unit Corp.(b) | 21,513 | ||||||
11,888 | Uranium Energy Corp.(b) | 13,315 | ||||||
820 | US Silica Holdings, Inc. | 14,809 | ||||||
437 | Western Refining, Inc. | 18,188 | ||||||
1,419 | Westmoreland Coal Co.(b) | 10,160 | ||||||
|
| |||||||
1,394,878 | ||||||||
|
| |||||||
Financials—10.9% | ||||||||
99 | 1st Source Corp. | 3,144 | ||||||
100 | Acadia Realty Trust REIT | 3,289 | ||||||
152 | Access National Corp. | 3,145 | ||||||
190 | AG Mortgage Investment Trust, Inc. REIT | 2,890 | ||||||
100 | Agree Realty Corp. REIT | 3,238 | ||||||
87 | Alexander & Baldwin, Inc. | 3,283 | ||||||
10 | Alexander’s, Inc. REIT | 3,949 | ||||||
122 | Altisource Portfolio Solutions SA(b) | 3,271 | ||||||
185 | Altisource Residential Corp. REIT | 2,662 | ||||||
201 | Ambac Financial Group, Inc.(b) | 3,246 | ||||||
74 | American Assets Trust, Inc. REIT | 3,120 | ||||||
199 | American Capital Mortgage Investment Corp. REIT | 2,887 | ||||||
130 | American Equity Investment Life Holding Co. | 3,338 | ||||||
131 | American National Bankshares, Inc. | 3,301 | ||||||
177 | American Residential Properties, Inc. REIT | 2,933 | ||||||
107 | Ameris Bancorp | 3,370 | ||||||
60 | AMERISAFE, Inc. | 3,284 | ||||||
132 | Ames National Corp. | 3,300 | ||||||
73 | Anchor BanCorp Wisconsin, Inc.(b) | 2,994 | ||||||
588 | Anworth Mortgage Asset Corp. REIT | 2,805 | ||||||
181 | Apollo Commercial Real Estate Finance, Inc. REIT | 3,006 | ||||||
222 | Apollo Residential Mortgage, Inc. REIT | 2,857 | ||||||
245 | Ares Commercial Real Estate Corp. REIT | 3,023 | ||||||
53 | Argo Group International Holdings Ltd. | 3,314 | ||||||
191 | Arlington Asset Investment Corp., Class A | 2,645 | ||||||
302 | Armada Hoffler Properties, Inc. REIT | 3,243 | ||||||
146 | ARMOUR Residential REIT, Inc. REIT | 2,996 | ||||||
114 | Arrow Financial Corp. | 3,146 | ||||||
210 | Ashford Hospitality Prime, Inc. REIT | 3,087 | ||||||
449 | Ashford Hospitality Trust, Inc. REIT | 3,089 | ||||||
48 | Ashford, Inc.(b) | 3,084 | ||||||
179 | Astoria Financial Corp. | 2,857 | ||||||
172 | Atlas Financial Holdings, Inc.(b) | 3,271 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
220 | AV Homes, Inc.(b) | $ | 2,913 | |||||
137 | Baldwin & Lyons, Inc., Class B | 3,182 | ||||||
244 | Banc of California, Inc. | 3,182 | ||||||
49 | BancFirst Corp. | 3,020 | ||||||
128 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 3,460 | ||||||
349 | Bancorp, Inc. (The)(b) | 2,513 | ||||||
127 | BancorpSouth, Inc. | 3,166 | ||||||
397 | Bank Mutual Corp. | 2,874 | ||||||
63 | Bank of Marin Bancorp | 3,350 | ||||||
69 | Bank of the Ozarks, Inc. | 3,451 | ||||||
247 | BankFinancial Corp. | 3,045 | ||||||
65 | Banner Corp. | 3,190 | ||||||
98 | Bar Harbor Bankshares | 3,464 | ||||||
199 | BBCN Bancorp, Inc. | 3,341 | ||||||
191 | BBX Capital Corp., Class A(b) | 3,505 | ||||||
344 | Bear State Financial, Inc.(b) | 3,767 | ||||||
229 | Beneficial Bancorp, Inc.(b) | 3,176 | ||||||
109 | Berkshire Hills Bancorp, Inc. | 3,117 | ||||||
352 | BGC Partners, Inc., Class A | 3,045 | ||||||
211 | Blue Hills Bancorp, Inc. | 2,994 | ||||||
258 | Bluerock Residential Growth REIT, Inc., Class A REIT | 3,024 | ||||||
136 | BNC Bancorp | 3,053 | ||||||
24 | BofI Holding, Inc.(b) | 1,920 | ||||||
255 | Boston Private Financial Holdings, Inc. | 2,922 | ||||||
112 | Bridge Bancorp, Inc. | 3,216 | ||||||
292 | Brookline Bancorp, Inc. | 3,314 | ||||||
98 | Bryn Mawr Bank Corp. | 2,855 | ||||||
145 | BSB Bancorp, Inc.(b) | 3,189 | ||||||
165 | C1 Financial, Inc.(b) | 3,414 | ||||||
310 | Calamos Asset Management, Inc., Class A | 2,911 | ||||||
76 | Camden National Corp. | 2,971 | ||||||
565 | Campus Crest Communities, Inc. REIT | 3,746 | ||||||
99 | Capital Bank Financial Corp., Class A | 3,198 | ||||||
204 | Capital City Bank Group, Inc. | 3,150 | ||||||
248 | Capitol Federal Financial, Inc. | 3,219 | ||||||
287 | Capstead Mortgage Corp. REIT | 2,770 | ||||||
131 | Cardinal Financial Corp. | 2,978 | ||||||
252 | CareTrust REIT, Inc. REIT | 2,853 | ||||||
570 | Cascade Bancorp(b) | 3,198 | ||||||
106 | Cash America International, Inc. | 3,660 | ||||||
289 | CatchMark Timber Trust, Inc., Class A REIT | 3,165 | ||||||
99 | Cathay General Bancorp | 3,099 | ||||||
482 | Cedar Realty Trust, Inc. REIT | 3,369 | ||||||
209 | Centerstate Banks, Inc. | 3,047 | ||||||
143 | Central Pacific Financial Corp. | 3,197 | ||||||
74 | Century Bancorp, Inc., Class A | 3,289 | ||||||
447 | Chambers Street Properties REIT | 3,165 | ||||||
245 | Charter Financial Corp. | 3,209 | ||||||
140 | Chatham Lodging Trust REIT | 3,205 | ||||||
94 | Chemical Financial Corp. | 3,189 | ||||||
109 | Chesapeake Lodging Trust REIT | 3,002 | ||||||
435 | CIFC Corp. | 3,010 | ||||||
156 | Citizens & Northern Corp. | 3,090 | ||||||
406 | Citizens, Inc., Class A(b) | 3,410 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
61 | City Holding Co. | $ | 2,918 | |||||
214 | Clifton Bancorp, Inc. | 3,120 | ||||||
167 | CNB Financial Corp. | 3,103 | ||||||
160 | CNO Financial Group, Inc. | 3,074 | ||||||
232 | CoBiz Financial, Inc. | 2,891 | ||||||
106 | Cohen & Steers, Inc. | 3,243 | ||||||
143 | Colony Capital, Inc., Class A REIT | 2,909 | ||||||
96 | Columbia Banking System, Inc. | 3,199 | ||||||
82 | Community Bank System, Inc. | 3,342 | ||||||
86 | Community Trust Bancorp, Inc. | 2,964 | ||||||
275 | CommunityOne Bancorp(b) | 3,558 | ||||||
163 | ConnectOne Bancorp, Inc. | 2,910 | ||||||
60 | Consolidated-Tomoka Land Co. | 3,075 | ||||||
642 | CorEnergy Infrastructure Trust, Inc. REIT | 3,281 | ||||||
59 | CoreSite Realty Corp. REIT | 3,242 | ||||||
325 | Cousins Properties, Inc. REIT | 3,263 | ||||||
649 | Cowen Group, Inc., Class A(b) | 2,732 | ||||||
509 | Crawford & Co., Class B | 3,054 | ||||||
133 | CU Bancorp(b) | 3,208 | ||||||
112 | CubeSmart REIT | 3,116 | ||||||
121 | Customers Bancorp, Inc.(b) | 3,327 | ||||||
178 | CVB Financial Corp. | 3,106 | ||||||
94 | CyrusOne, Inc. REIT | 3,316 | ||||||
407 | CYS Investments, Inc. REIT | 3,142 | ||||||
90 | DCT Industrial Trust, Inc. REIT | 3,341 | ||||||
18 | Diamond Hill Investment Group, Inc. | 3,601 | ||||||
270 | DiamondRock Hospitality Co. REIT | 3,154 | ||||||
177 | Dime Community Bancshares, Inc. | 3,071 | ||||||
217 | Donegal Group, Inc., Class A | 3,071 | ||||||
118 | DuPont Fabros Technology, Inc. REIT | 3,787 | ||||||
450 | Dynex Capital, Inc. REIT | 2,983 | ||||||
67 | Eagle Bancorp, Inc.(b) | 3,189 | ||||||
189 | Easterly Government Properties, Inc. REIT | 3,304 | ||||||
56 | EastGroup Properties, Inc. REIT | 3,145 | ||||||
95 | Education Realty Trust, Inc. REIT | 3,411 | ||||||
223 | eHealth, Inc.(b) | 2,665 | ||||||
130 | EMC Insurance Group, Inc. | 3,250 | ||||||
135 | Employers Holdings, Inc. | 3,573 | ||||||
77 | Encore Capital Group, Inc.(b) | 3,134 | ||||||
280 | Enova International, Inc.(b) | 3,640 | ||||||
20 | Enstar Group Ltd. (Bermuda)(b) | 3,156 | ||||||
144 | Enterprise Bancorp, Inc. | 3,344 | ||||||
122 | Enterprise Financial Services Corp. | 3,460 | ||||||
57 | EPR Properties REIT | 3,238 | ||||||
126 | Equity One, Inc. REIT | 3,349 | ||||||
118 | Essent Group Ltd.(b) | 2,844 | ||||||
153 | EverBank Financial Corp. | 2,641 | ||||||
57 | Evercore Partners, Inc., Class A | 3,078 | ||||||
467 | EZCORP, Inc., Class A(b) | 3,110 | ||||||
235 | F.N.B. Corp. | 3,165 | ||||||
120 | Farmers Capital Bank Corp.(b) | 3,254 | ||||||
51 | FBL Financial Group, Inc., Class A | 3,208 | ||||||
93 | FCB Financial Holdings, Inc., Class A(b) | 3,307 | ||||||
110 | Federal Agricultural Mortgage Corp., Class C | 3,230 | ||||||
137 | Federated National Holding Co. | 4,218 | ||||||
408 | FelCor Lodging Trust, Inc. REIT | 3,284 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
126 | Fidelity & Guaranty Life | $ | 3,364 | |||||
141 | Fidelity Southern Corp. | 2,954 | ||||||
399 | Fifth Street Asset Management, Inc., Class A | 2,338 | ||||||
96 | Financial Engines, Inc. | 3,087 | ||||||
122 | Financial Institutions, Inc. | 3,187 | ||||||
77 | First American Financial Corp. | 2,936 | ||||||
835 | First BanCorp(b) | 3,165 | ||||||
161 | First Bancorp, Inc. | 3,402 | ||||||
178 | First Bancorp/Southern Pines NC | 3,298 | ||||||
156 | First Busey Corp. | 3,256 | ||||||
130 | First Business Financial Services, Inc. | 3,204 | ||||||
73 | First Cash Financial Services, Inc.(b) | 2,785 | ||||||
14 | First Citizens BancShares, Inc., Class A | 3,586 | ||||||
333 | First Commonwealth Financial Corp. | 3,060 | ||||||
171 | First Community Bancshares, Inc. | 3,288 | ||||||
187 | First Connecticut Bancorp, Inc. | 3,250 | ||||||
83 | First Defiance Financial Corp. | 3,179 | ||||||
161 | First Financial Bancorp | 3,104 | ||||||
96 | First Financial Bankshares, Inc. | 3,193 | ||||||
94 | First Financial Corp. | 3,221 | ||||||
146 | First Industrial Realty Trust, Inc. REIT | 3,165 | ||||||
108 | First Interstate BancSystem, Inc., Class A | 3,063 | ||||||
116 | First Merchants Corp. | 3,043 | ||||||
171 | First Midwest Bancorp, Inc. | 3,047 | ||||||
89 | First NBC Bank Holding Co.(b) | 3,310 | ||||||
114 | First of Long Island Corp. (The) | 3,166 | ||||||
274 | First Potomac Realty Trust REIT | 3,230 | ||||||
169 | FirstMerit Corp. | 3,175 | ||||||
146 | Flagstar Bancorp, Inc.(b) | 3,247 | ||||||
151 | Flushing Financial Corp. | 3,177 | ||||||
222 | FNFV Group(b) | 2,495 | ||||||
225 | Forestar Group, Inc.(b) | 3,184 | ||||||
176 | Fox Chase Bancorp, Inc. | 3,082 | ||||||
134 | Franklin Financial Network, Inc.(b) | 3,593 | ||||||
281 | Franklin Street Properties Corp. REIT | 2,928 | ||||||
100 | FRP Holdings, Inc.(b) | 3,300 | ||||||
250 | Fulton Financial Corp. | 3,355 | ||||||
406 | Gain Capital Holdings, Inc. | 3,025 | ||||||
54 | GAMCO Investors, Inc., Class A | 3,115 | ||||||
99 | Geo Group, Inc. (The) REIT | 3,195 | ||||||
104 | German American Bancorp, Inc. | 3,258 | ||||||
193 | Getty Realty Corp. REIT | 3,258 | ||||||
114 | Glacier Bancorp, Inc. | 3,119 | ||||||
218 | Gladstone Commercial Corp. REIT | 3,490 | ||||||
113 | Global Indemnity PLC, Class A(b) | 3,210 | ||||||
186 | Government Properties Income Trust REIT | 3,028 | ||||||
138 | Gramercy Property Trust, Inc. REIT | 3,130 | ||||||
235 | Great Ajax Corp. REIT | 3,039 | ||||||
73 | Great Southern Bancorp, Inc. | 3,528 | ||||||
119 | Great Western Bancorp, Inc. | 3,363 | ||||||
262 | Green Bancorp, Inc.(b) | 3,209 | ||||||
167 | Green Dot Corp., Class A(b) | 3,096 | ||||||
98 | Greenhill & Co., Inc. | 2,530 | ||||||
132 | Greenlight Capital Re Ltd., Class A(b) | 2,899 | ||||||
185 | Guaranty Bancorp | 3,049 | ||||||
267 | Hallmark Financial Services, Inc.(b) | 3,468 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,599 | Hampton Roads Bankshares, Inc.(b) | $ | 2,958 | |||||
111 | Hancock Holding Co. | 3,064 | ||||||
119 | Hanmi Financial Corp. | 3,034 | ||||||
168 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 3,026 | ||||||
194 | Hatteras Financial Corp. REIT | 2,776 | ||||||
79 | HCI Group, Inc. | 3,445 | ||||||
122 | Healthcare Realty Trust, Inc. REIT | 3,216 | ||||||
84 | Heartland Financial USA, Inc. | 3,095 | ||||||
255 | Heritage Commerce Corp. | 2,698 | ||||||
157 | Heritage Financial Corp. | 2,892 | ||||||
162 | Heritage Insurance Holdings, Inc.(b) | 3,583 | ||||||
371 | Heritage Oaks Bancorp | 3,268 | ||||||
130 | Hersha Hospitality Trust REIT | 3,121 | ||||||
84 | HFF, Inc., Class A | 2,900 | ||||||
78 | Highwoods Properties, Inc. REIT | 3,389 | ||||||
151 | Hilltop Holdings, Inc.(b) | 3,166 | ||||||
26 | Hingham Institution for Savings | 3,313 | ||||||
75 | Home BancShares, Inc. | 3,219 | ||||||
130 | HomeStreet, Inc.(b) | 2,721 | ||||||
164 | HomeTrust Bancshares, Inc.(b) | 3,106 | ||||||
87 | Horace Mann Educators Corp. | 2,979 | ||||||
121 | Horizon Bancorp | 3,158 | ||||||
141 | Houlihan Lokey, Inc., Class A(b) | 3,089 | ||||||
104 | Hudson Pacific Properties, Inc. REIT | 2,971 | ||||||
52 | IBERIABANK Corp. | 3,153 | ||||||
177 | Impac Mortgage Holdings, Inc.(b) | 3,956 | ||||||
232 | Independence Holding Co. | 3,146 | ||||||
391 | Independence Realty Trust, Inc. REIT | 3,065 | ||||||
65 | Independent Bank Corp./MA | 3,038 | ||||||
207 | Independent Bank Corp./MI | 2,997 | ||||||
78 | Independent Bank Group, Inc. | 3,038 | ||||||
37 | Infinity Property & Casualty Corp. | 2,979 | ||||||
122 | InfraREIT, Inc. REIT(b) | 2,913 | ||||||
368 | Inland Real Estate Corp. REIT | 3,257 | ||||||
121 | International Bancshares Corp. | 3,261 | ||||||
122 | INTL FCStone, Inc.(b) | 3,903 | ||||||
252 | Invesco Mortgage Capital, Inc. REIT(c) | 3,037 | ||||||
219 | Investment Technology Group, Inc. | 3,506 | ||||||
246 | Investors Bancorp, Inc. | 3,077 | ||||||
402 | Investors Real Estate Trust REIT | 3,264 | ||||||
232 | iStar, Inc. REIT(b) | 3,002 | ||||||
110 | James River Group Holdings Ltd. | 3,237 | ||||||
216 | Janus Capital Group, Inc. | 3,354 | ||||||
603 | JG Wentworth Co. (The), Class A(b) | 3,087 | ||||||
64 | Kansas City Life Insurance Co. | 3,138 | ||||||
273 | KCG Holdings, Inc., Class A(b) | 3,410 | ||||||
261 | Kearny Financial Corp. | 3,119 | ||||||
85 | Kemper Corp. | 3,036 | ||||||
129 | Kennedy-Wilson Holdings, Inc. | 3,163 | ||||||
126 | Kite Realty Group Trust REIT | 3,328 | ||||||
200 | Ladder Capital Corp., Class A REIT | 2,852 | ||||||
1,367 | Ladenburg Thalmann Financial Services, Inc.(b) | 3,472 | ||||||
276 | Lakeland Bancorp, Inc. | 3,210 | ||||||
70 | Lakeland Financial Corp. | 3,145 | ||||||
104 | LaSalle Hotel Properties REIT | 3,059 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
100 | LegacyTexas Financial Group, Inc. | $ | 2,870 | |||||
31 | LendingTree, Inc.(b) | 3,762 | ||||||
365 | Lexington Realty Trust REIT | 3,227 | ||||||
153 | Live Oak Bancshares, Inc. | 2,194 | ||||||
70 | LTC Properties, Inc. REIT | 2,999 | ||||||
154 | Mack-Cali Realty Corp. REIT | 3,351 | ||||||
219 | Maiden Holdings Ltd. | 3,405 | ||||||
146 | MainSource Financial Group, Inc. | 3,159 | ||||||
65 | Marcus & Millichap, Inc.(b) | 2,832 | ||||||
34 | MarketAxess Holdings, Inc. | 3,445 | ||||||
378 | Marlin Business Services Corp. | 6,675 | ||||||
92 | MB Financial, Inc. | 2,966 | ||||||
472 | MBIA, Inc.(b) | 3,545 | ||||||
262 | Medical Properties Trust, Inc. REIT | 2,961 | ||||||
426 | Medley Management, Inc., Class A | 3,127 | ||||||
150 | Mercantile Bank Corp. | 3,309 | ||||||
103 | Merchants Bancshares, Inc. | 3,247 | ||||||
225 | Meridian Bancorp, Inc. | 3,159 | ||||||
71 | Meta Financial Group, Inc. | 3,059 | ||||||
103 | Metro Bancorp, Inc. | 3,191 | ||||||
320 | MGIC Investment Corp.(b) | 3,008 | ||||||
102 | MidWestOne Financial Group, Inc. | 3,125 | ||||||
110 | Moelis & Co., Class A | 3,243 | ||||||
317 | Monmouth Real Estate Investment Corp. REIT | 3,300 | ||||||
323 | Monogram Residential Trust, Inc. REIT | 3,185 | ||||||
150 | National Bank Holdings Corp., Class A | 3,309 | ||||||
98 | National Bankshares, Inc. | 3,200 | ||||||
128 | National Commerce Corp.(b) | 3,214 | ||||||
153 | National General Holdings Corp. | 3,016 | ||||||
51 | National Health Investors, Inc. REIT | 2,996 | ||||||
114 | National Interstate Corp. | 3,272 | ||||||
256 | National Penn Bancshares, Inc. | 3,082 | ||||||
217 | National Storage Affiliates Trust REIT | 3,264 | ||||||
14 | National Western Life Group, Inc., Class A | 3,612 | ||||||
207 | Nationstar Mortgage Holdings, Inc.(b) | 2,747 | ||||||
38 | Navigators Group, Inc. (The)(b) | 3,243 | ||||||
113 | NBT Bancorp, Inc. | 3,176 | ||||||
83 | Nelnet, Inc., Class A | 2,970 | ||||||
217 | New Residential Investment Corp. REIT | 2,632 | ||||||
270 | New Senior Investment Group, Inc. REIT | 2,705 | ||||||
482 | New York Mortgage Trust, Inc. REIT | 2,738 | ||||||
294 | New York REIT, Inc. REIT | 3,352 | ||||||
356 | NewBridge Bancorp, Class A | 4,026 | ||||||
351 | NewStar Financial, Inc.(b) | 3,703 | ||||||
223 | NexPoint Residential Trust, Inc. REIT | 2,939 | ||||||
384 | NMI Holdings, Inc., Class A(b) | 2,888 | ||||||
199 | Northfield Bancorp, Inc. | 3,049 | ||||||
232 | Northwest Bancshares, Inc. | 3,123 | ||||||
176 | OceanFirst Financial Corp. | 3,249 | ||||||
437 | Ocwen Financial Corp.(b) | 3,055 | ||||||
330 | OFG Bancorp | 3,039 | ||||||
218 | Old National Bancorp | 3,052 | ||||||
488 | Old Second Bancorp, Inc.(b) | 3,270 | ||||||
204 | OM Asset Management PLC | 3,097 | ||||||
321 | On Deck Capital, Inc.(b) | 3,056 | ||||||
139 | One Liberty Properties, Inc. REIT | 3,275 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
215 | OneBeacon Insurance Group Ltd., Class A | $ | 3,094 | |||||
147 | Oppenheimer Holdings, Inc., Class A | 2,697 | ||||||
80 | Opus Bank | 2,980 | ||||||
316 | Orchid Island Capital, Inc. REIT | 2,806 | ||||||
192 | Oritani Financial Corp. | 3,057 | ||||||
231 | Pacific Continental Corp. | 3,313 | ||||||
151 | Pacific Premier Bancorp, Inc.(b) | 3,224 | ||||||
34 | Park National Corp. | 3,084 | ||||||
441 | Park Sterling Corp. | 3,197 | ||||||
192 | Parkway Properties, Inc. REIT | 3,212 | ||||||
373 | Patriot National, Inc.(b) | 4,737 | ||||||
144 | Peapack-Gladstone Financial Corp. | 3,256 | ||||||
84 | Pebblebrook Hotel Trust REIT | 2,871 | ||||||
74 | �� | Penns Woods Bancorp, Inc. | 3,297 | |||||
156 | Pennsylvania Real Estate Investment Trust REIT | 3,507 | ||||||
183 | PennyMac Financial Services, Inc., Class A(b) | 3,027 | ||||||
188 | PennyMac Mortgage Investment Trust REIT | 2,749 | ||||||
143 | Peoples Bancorp, Inc. | 2,740 | ||||||
86 | Peoples Financial Services Corp. | 3,502 | ||||||
182 | People’s Utah Bancorp | 2,996 | ||||||
394 | PHH Corp.(b) | 5,792 | ||||||
198 | Physicians Realty Trust REIT | 3,164 | ||||||
291 | PICO Holdings, Inc.(b) | 2,811 | ||||||
61 | Pinnacle Financial Partners, Inc. | 3,210 | ||||||
81 | Piper Jaffray Cos.(b) | 2,881 | ||||||
103 | Potlatch Corp. REIT | 3,218 | ||||||
57 | PRA Group, Inc.(b) | 3,124 | ||||||
281 | Preferred Apartment Communities, Inc., Class A REIT | 3,077 | ||||||
94 | Preferred Bank | 3,112 | ||||||
69 | Primerica, Inc. | 3,286 | ||||||
79 | PrivateBancorp, Inc. | 3,305 | ||||||
62 | Prosperity Bancshares, Inc. | 3,186 | ||||||
154 | Provident Financial Services, Inc. | 3,129 | ||||||
39 | PS Business Parks, Inc. REIT | 3,346 | ||||||
366 | Pzena Investment Management, Inc., Class A | 3,488 | ||||||
138 | QCR Holdings, Inc. | 3,144 | ||||||
71 | QTS Realty Trust, Inc., Class A REIT | 3,054 | ||||||
186 | Radian Group, Inc. | 2,691 | ||||||
558 | RAIT Financial Trust REIT | 2,706 | ||||||
199 | Ramco-Gershenson Properties Trust REIT | 3,343 | ||||||
2,651 | RCS Capital Corp., Class A(b) | 2,010 | ||||||
83 | RE/MAX Holdings, Inc., Class A | 3,127 | ||||||
209 | Redwood Trust, Inc. REIT | 2,776 | ||||||
196 | Regional Management Corp.(b) | 3,197 | ||||||
93 | Renasant Corp. | 3,221 | ||||||
125 | Republic Bancorp, Inc., Class A | 3,179 | ||||||
434 | Resource America, Inc., Class A | 3,337 | ||||||
226 | Resource Capital Corp. REIT | 2,902 | ||||||
181 | Retail Opportunity Investments Corp. REIT | 3,282 | ||||||
220 | Rexford Industrial Realty, Inc. REIT | 3,333 | ||||||
55 | RLI Corp. | 3,347 | ||||||
117 | RLJ Lodging Trust REIT | 2,936 | ||||||
193 | Rouse Properties, Inc. REIT | 3,395 | ||||||
60 | Ryman Hospitality Properties, Inc. REIT | 3,156 | ||||||
92 | S&T Bancorp, Inc. | 2,933 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
125 | Sabra Health Care REIT, Inc. REIT | $ | 2,835 | |||||
180 | Safeguard Scientifics, Inc.(b) | 3,195 | ||||||
55 | Safety Insurance Group, Inc. | 3,187 | ||||||
116 | Sandy Spring Bancorp, Inc. | 3,190 | ||||||
58 | Saul Centers, Inc. REIT | 3,252 | ||||||
205 | Seacoast Banking Corp. of Florida(b) | 3,173 | ||||||
159 | Select Income REIT | 3,212 | ||||||
95 | Selective Insurance Group, Inc. | 3,467 | ||||||
73 | ServisFirst Bancshares, Inc. | 3,094 | ||||||
184 | Sierra Bancorp | 2,983 | ||||||
184 | Silver Bay Realty Trust Corp. REIT | 2,981 | ||||||
64 | Simmons First National Corp., Class A | 3,299 | ||||||
40 | South State Corp. | 3,100 | ||||||
111 | Southside Bancshares, Inc. | 2,986 | ||||||
188 | Southwest Bancorp, Inc. | 3,179 | ||||||
32 | Sovran Self Storage, Inc. REIT | 3,196 | ||||||
168 | St. Joe Co. (The)(b) | 3,330 | ||||||
167 | STAG Industrial, Inc., Class A REIT | 3,427 | ||||||
122 | Starwood Waypoint Residential Trust REIT | 3,001 | ||||||
126 | State Auto Financial Corp. | 3,005 | ||||||
146 | State Bank Financial Corp. | 3,124 | ||||||
348 | State National Cos., Inc. | 3,142 | ||||||
186 | Sterling Bancorp | 2,863 | ||||||
77 | Stewart Information Services Corp. | 3,093 | ||||||
68 | Stifel Financial Corp.(b) | 3,021 | ||||||
84 | Stock Yards Bancorp, Inc. | 3,165 | ||||||
95 | Stonegate Bank | 2,965 | ||||||
407 | Stonegate Mortgage Corp.(b) | 2,332 | ||||||
143 | STORE Capital Corp. REIT | 3,242 | ||||||
218 | Strategic Hotels & Resorts, Inc. REIT(b) | 3,074 | ||||||
108 | Suffolk Bancorp | 3,228 | ||||||
253 | Summit Hotel Properties, Inc. REIT | 3,309 | ||||||
159 | Sun Bancorp, Inc.(b) | 3,182 | ||||||
45 | Sun Communities, Inc. REIT | 3,016 | ||||||
226 | Sunstone Hotel Investors, Inc. REIT | 3,268 | ||||||
96 | Symetra Financial Corp. | 3,046 | ||||||
186 | Talmer Bancorp, Inc., Class A | 3,129 | ||||||
139 | Tejon Ranch Co.(b) | 3,132 | ||||||
151 | Terreno Realty Corp. REIT | 3,379 | ||||||
116 | Territorial Bancorp, Inc. | 3,234 | ||||||
57 | Texas Capital Bancshares, Inc.(b) | 3,146 | ||||||
222 | Third Point Reinsurance Ltd. (Bermuda)(b) | 3,035 | ||||||
445 | Tiptree Financial, Inc., Class A | 3,013 | ||||||
56 | Tompkins Financial Corp. | 3,040 | ||||||
157 | TowneBank | 3,369 | ||||||
124 | TriCo Bancshares | 3,269 | ||||||
242 | TriState Capital Holdings, Inc.(b) | 3,023 | ||||||
182 | Triumph Bancorp, Inc.(b) | 3,038 | ||||||
508 | TrustCo Bank Corp. NY | 3,165 | ||||||
131 | Trustmark Corp. | 3,148 | ||||||
60 | UMB Financial Corp. | 2,945 | ||||||
322 | UMH Properties, Inc. REIT | 3,185 | ||||||
184 | Umpqua Holdings Corp. | 3,073 | ||||||
126 | Union Bankshares Corp. | 3,156 | ||||||
81 | United Bankshares, Inc. | 3,204 | ||||||
148 | United Community Banks, Inc. | 2,984 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
603 | United Community Financial Corp. | $ | 3,304 | |||||
169 | United Development Funding IV REIT | 2,907 | ||||||
231 | United Financial Bancorp, Inc. | 2,998 | ||||||
86 | United Fire Group, Inc. | 3,198 | ||||||
237 | United Insurance Holdings Corp. | 3,915 | ||||||
63 | Universal Health Realty Income Trust REIT | 3,130 | ||||||
108 | Universal Insurance Holdings, Inc. | 3,407 | ||||||
159 | Univest Corp. of Pennsylvania | 3,131 | ||||||
142 | Urban Edge Properties REIT | 3,371 | ||||||
160 | Urstadt Biddle Properties, Inc., Class A REIT | 3,216 | ||||||
311 | Valley National Bancorp | 3,265 | ||||||
129 | Virtu Financial, Inc., Class A | 3,122 | ||||||
33 | Virtus Investment Partners, Inc. | 3,862 | ||||||
115 | Walker & Dunlop, Inc.(b) | 3,336 | ||||||
168 | Walter Investment Management Corp.(b) | 2,009 | ||||||
121 | Washington REIT | 3,268 | ||||||
133 | Washington Federal, Inc. | 3,317 | ||||||
79 | Washington Trust Bancorp, Inc. | 3,065 | ||||||
225 | Waterstone Financial, Inc. | 2,997 | ||||||
85 | Webster Financial Corp. | 3,153 | ||||||
96 | WesBanco, Inc. | 3,134 | ||||||
165 | West Bancorporation, Inc. | 3,260 | ||||||
67 | Westamerica Bancorp. | 2,962 | ||||||
96 | Western Alliance Bancorp(b) | 3,432 | ||||||
230 | Western Asset Mortgage Capital Corp. REIT | 2,627 | ||||||
57 | Westwood Holdings Group, Inc. | 3,312 | ||||||
258 | Whitestone REIT | 3,189 | ||||||
277 | Wilshire Bancorp, Inc. | 2,961 | ||||||
57 | Wintrust Financial Corp. | 2,878 | ||||||
178 | WisdomTree Investments, Inc. | 3,423 | ||||||
110 | World Acceptance Corp.(b) | 4,194 | ||||||
107 | WSFS Financial Corp. | 3,399 | ||||||
166 | Xenia Hotels & Resorts, Inc. REIT | 2,878 | ||||||
141 | Yadkin Financial Corp. | 3,321 | ||||||
327 | ZAIS Group Holdings, Inc., Class A(b) | 3,398 | ||||||
|
| |||||||
1,443,347 | ||||||||
|
| |||||||
Health Care—10.5% | ||||||||
155 | AAC Holdings, Inc.(b) | 3,596 | ||||||
84 | Abaxis, Inc. | 4,218 | ||||||
858 | Abeona Therapeutics, Inc.(b) | 3,389 | ||||||
45 | ABIOMED, Inc.(b) | 3,315 | ||||||
115 | ACADIA Pharmaceuticals, Inc.(b) | 4,004 | ||||||
228 | Accelerate Diagnostics, Inc.(b) | 3,824 | ||||||
144 | Acceleron Pharma, Inc.(b) | 4,494 | ||||||
701 | Accuray, Inc.(b) | 4,697 | ||||||
442 | Aceto Corp. | 13,331 | ||||||
518 | Achillion Pharmaceuticals, Inc.(b) | 4,051 | ||||||
141 | Acorda Therapeutics, Inc.(b) | 5,082 | ||||||
221 | Adamas Pharmaceuticals, Inc.(b) | 3,262 | ||||||
120 | Addus HomeCare Corp.(b) | 2,998 | ||||||
41 | Adeptus Health, Inc., Class A(b) | 2,660 | ||||||
193 | Aduro Biotech, Inc.(b) | 5,213 | ||||||
285 | Advaxis, Inc.(b) | 3,161 | ||||||
257 | Aegerion Pharmaceuticals, Inc.(b) | 3,773 | ||||||
187 | Aerie Pharmaceuticals, Inc.(b) | 4,265 | ||||||
566 | Affimed BV (Germany)(b) | 3,588 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
442 | Affymetrix, Inc.(b) | $ | 4,066 | |||||
780 | Agenus, Inc.(b) | 3,557 | ||||||
564 | Agile Therapeutics, Inc.(b) | 4,478 | ||||||
161 | Aimmune Therapeutics, Inc.(b) | 2,423 | ||||||
107 | Air Methods Corp.(b) | 4,380 | ||||||
372 | Akebia Therapeutics, Inc.(b) | 3,318 | ||||||
214 | Albany Molecular Research, Inc.(b) | 3,861 | ||||||
116 | Alder Biopharmaceuticals, Inc.(b) | 3,710 | ||||||
1,763 | Alimera Sciences, Inc.(b) | 5,307 | ||||||
391 | Alliance HealthCare Services, Inc.(b) | 3,308 | ||||||
91 | Almost Family, Inc.(b) | 3,766 | ||||||
90 | AMAG Pharmaceuticals, Inc.(b) | 3,600 | ||||||
96 | Amedisys, Inc.(b) | 3,800 | ||||||
277 | Amicus Therapeutics, Inc.(b) | 2,077 | ||||||
109 | AMN Healthcare Services, Inc.(b) | 3,092 | ||||||
345 | Amphastar Pharmaceuticals, Inc.(b) | 4,085 | ||||||
48 | AmSurg Corp.(b) | 3,364 | ||||||
33 | Anacor Pharmaceuticals, Inc.(b) | 3,710 | ||||||
46 | Analogic Corp. | 4,031 | ||||||
278 | AngioDynamics, Inc.(b) | 3,497 | ||||||
91 | ANI Pharmaceuticals, Inc.(b) | 3,807 | ||||||
120 | Anika Therapeutics, Inc.(b) | 4,622 | ||||||
2,160 | Antares Pharma, Inc.(b) | 2,981 | ||||||
523 | Anthera Pharmaceuticals, Inc.(b) | 3,018 | ||||||
302 | Applied Genetic Technologies Corp.(b) | 3,624 | ||||||
368 | Aratana Therapeutics, Inc.(b) | 2,572 | ||||||
196 | Ardelyx, Inc.(b) | 3,210 | ||||||
1,755 | Arena Pharmaceuticals, Inc.(b) | 3,317 | ||||||
583 | ARIAD Pharmaceuticals, Inc.(b) | 3,988 | ||||||
797 | Array BioPharma, Inc.(b) | 4,081 | ||||||
541 | Arrowhead Research Corp.(b) | 2,786 | ||||||
383 | Assembly Biosciences, Inc.(b) | 3,677 | ||||||
847 | Asterias Biotherapeutics, Inc.(b) | 3,879 | ||||||
98 | Atara Biotherapeutics, Inc.(b) | 2,525 | ||||||
196 | AtriCure, Inc.(b) | 3,631 | ||||||
12 | Atrion Corp. | 4,428 | ||||||
296 | aTyr Pharma, Inc.(b) | 3,688 | ||||||
431 | Avalanche Biotechnologies, Inc.(b) | 3,633 | ||||||
268 | Axovant Sciences Ltd.(b) | 3,267 | ||||||
237 | Bellicum Pharmaceuticals, Inc.(b) | 2,965 | ||||||
352 | BioCryst Pharmaceuticals, Inc.(b) | 3,164 | ||||||
649 | BioDelivery Sciences International, Inc.(b) | 3,492 | ||||||
1,728 | BioScrip, Inc.(b) | 3,404 | ||||||
80 | BioSpecifics Technologies Corp.(b) | 4,673 | ||||||
307 | BioTelemetry, Inc.(b) | 3,997 | ||||||
1,123 | BioTime, Inc.(b) | 4,234 | ||||||
183 | Blueprint Medicines Corp.(b) | 3,676 | ||||||
652 | Calithera Biosciences, Inc.(b) | 5,568 | ||||||
89 | Cambrex Corp.(b) | 4,091 | ||||||
76 | Cantel Medical Corp. | 4,505 | ||||||
183 | Capital Senior Living Corp.(b) | 4,139 | ||||||
243 | Cara Therapeutics, Inc.(b) | 3,443 | ||||||
908 | Carbylan Therapeutics, Inc.(b) | 3,269 | ||||||
219 | Cardiovascular Systems, Inc.(b) | 3,000 | ||||||
855 | Castlight Health, Inc., Class B(b) | 4,326 | ||||||
498 | Catabasis Pharmaceuticals, Inc.(b) | 3,476 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
152 | Catalent, Inc.(b) | $ | 4,040 | |||||
1,043 | Catalyst Pharmaceuticals, Inc.(b) | 3,296 | ||||||
323 | Celldex Therapeutics, Inc.(b) | 3,895 | ||||||
222 | Cellular Biomedicine Group, Inc.(b) | 4,662 | ||||||
119 | Cempra, Inc.(b) | 2,642 | ||||||
83 | Cepheid, Inc.(b) | 2,772 | ||||||
772 | Cerus Corp.(b) | 3,682 | ||||||
29 | Chemed Corp. | 4,561 | ||||||
652 | ChemoCentryx, Inc.(b) | 4,557 | ||||||
174 | Chiasma, Inc.(b) | 3,957 | ||||||
92 | Chimerix, Inc.(b) | 3,605 | ||||||
291 | Cidara Therapeutics, Inc.(b) | 3,963 | ||||||
154 | Civitas Solutions, Inc.(b) | 3,962 | ||||||
42 | Clovis Oncology, Inc.(b) | 4,196 | ||||||
170 | Coherus Biosciences, Inc.(b) | 4,734 | ||||||
185 | Collegium Pharmaceutical, Inc.(b) | 3,398 | ||||||
91 | Computer Programs & Systems, Inc. | 3,459 | ||||||
206 | Concert Pharmaceuticals, Inc.(b) | 4,678 | ||||||
231 | ConforMIS, Inc.(b) | 4,521 | ||||||
81 | CONMED Corp. | 3,285 | ||||||
971 | Corcept Therapeutics, Inc.(b) | 3,583 | ||||||
1,156 | Corindus Vascular Robotics, Inc.(b) | 3,699 | ||||||
447 | Corium International, Inc.(b) | 3,102 | ||||||
1,624 | CorMedix, Inc.(b) | 4,125 | ||||||
116 | CorVel Corp.(b) | 3,851 | ||||||
254 | Cross Country Healthcare, Inc.(b) | 3,429 | ||||||
399 | CryoLife, Inc. | 4,205 | ||||||
2,536 | CTI BioPharma Corp.(b) | 3,373 | ||||||
1,771 | Curis, Inc.(b) | 3,613 | ||||||
293 | Cutera, Inc.(b) | 3,976 | ||||||
124 | Cynosure, Inc., Class A(b) | 4,667 | ||||||
582 | Cytokinetics, Inc.(b) | 5,011 | ||||||
1,573 | CytRx Corp.(b) | 4,373 | ||||||
173 | Depomed, Inc.(b) | 3,027 | ||||||
150 | Dermira, Inc.(b) | 4,048 | ||||||
405 | Dicerna Pharmaceuticals, Inc.(b) | 4,058 | ||||||
973 | Diplomat Pharmacy, Inc.(b) | 27,351 | ||||||
1,846 | Durect Corp.(b) | 3,766 | ||||||
193 | Dyax Corp.(b) | 5,313 | ||||||
148 | Dynavax Technologies Corp.(b) | 3,361 | ||||||
57 | Eagle Pharmaceuticals, Inc.(b) | 3,631 | ||||||
134 | Emergent Biosolutions, Inc.(b) | 4,308 | ||||||
109 | Enanta Pharmaceuticals, Inc.(b) | 3,062 | ||||||
303 | EndoChoice Holdings, Inc.(b) | 3,127 | ||||||
797 | Endocyte, Inc.(b) | 4,097 | ||||||
336 | Endologix, Inc.(b) | 2,869 | ||||||
82 | Ensign Group, Inc. (The) | 3,457 | ||||||
196 | Entellus Medical, Inc.(b) | 3,330 | ||||||
220 | Epizyme, Inc.(b) | 2,880 | ||||||
100 | Esperion Therapeutics, Inc.(b) | 2,400 | ||||||
302 | Evolent Health, Inc., Class A(b) | 3,881 | ||||||
208 | Exact Sciences Corp.(b) | 1,733 | ||||||
211 | Exactech, Inc.(b) | 3,593 | ||||||
137 | ExamWorks Group, Inc.(b) | 3,869 | ||||||
665 | Exelixis, Inc.(b) | 4,003 | ||||||
794 | Fibrocell Science, Inc.(b) | 3,033 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
159 | FibroGen, Inc.(b) | $ | 3,706 | |||||
225 | Five Prime Therapeutics, Inc.(b) | 7,234 | ||||||
1,375 | Five Star Quality Care, Inc.(b) | 4,496 | ||||||
321 | Flex Pharma, Inc.(b) | 3,637 | ||||||
207 | Flexion Therapeutics, Inc.(b) | 3,411 | ||||||
427 | Fluidigm Corp.(b) | 4,616 | ||||||
479 | Foamix Pharmaceuticals Ltd. (Israel)(b) | 3,415 | ||||||
198 | Foundation Medicine, Inc.(b) | 4,439 | ||||||
2,383 | Galena Biopharma, Inc.(b) | 4,003 | ||||||
640 | Genesis Healthcare, Inc., Class A(b) | 3,174 | ||||||
468 | GenMark Diagnostics, Inc.(b) | 2,976 | ||||||
451 | Genocea Biosciences, Inc.(b) | 2,160 | ||||||
177 | Genomic Health, Inc.(b) | 3,703 | ||||||
1,289 | Geron Corp.(b) | 4,473 | ||||||
159 | Glaukos Corp.(b) | 3,186 | ||||||
88 | Global Blood Therapeutics, Inc.(b) | 4,103 | ||||||
178 | Globus Medical, Inc., Class A(b) | 3,978 | ||||||
69 | Greatbatch, Inc.(b) | 3,688 | ||||||
114 | Haemonetics Corp.(b) | 3,851 | ||||||
245 | Halozyme Therapeutics, Inc.(b) | 3,834 | ||||||
134 | Halyard Health, Inc.(b) | 3,977 | ||||||
269 | Hanger, Inc.(b) | 3,879 | ||||||
983 | Harvard Bioscience, Inc.(b) | 2,890 | ||||||
132 | HealthEquity, Inc.(b) | 4,318 | ||||||
102 | HealthSouth Corp. | 3,553 | ||||||
204 | HealthStream, Inc.(b) | 4,857 | ||||||
340 | Healthways, Inc.(b) | 4,002 | ||||||
72 | HeartWare International, Inc.(b) | 3,110 | ||||||
129 | Heron Therapeutics, Inc.(b) | 3,537 | ||||||
122 | Heska Corp.(b) | 3,753 | ||||||
435 | HMS Holdings Corp.(b) | 4,581 | ||||||
36 | ICU Medical, Inc.(b) | 3,959 | ||||||
1,107 | Idera Pharmaceuticals, Inc.(b) | 3,055 | ||||||
293 | Ignyta, Inc.(b) | 3,000 | ||||||
304 | Immune Design Corp.(b) | 3,952 | ||||||
377 | ImmunoGen, Inc.(b) | 4,411 | ||||||
2,313 | Immunomedics, Inc.(b) | 6,916 | ||||||
97 | Impax Laboratories, Inc.(b) | 3,359 | ||||||
222 | Imprivata, Inc.(b) | 2,395 | ||||||
94 | INC Research Holdings, Inc., Class A(b) | 3,921 | ||||||
469 | Infinity Pharmaceuticals, Inc.(b) | 4,854 | ||||||
78 | Inogen, Inc.(b) | 3,334 | ||||||
598 | Inovio Pharmaceuticals, Inc.(b) | 3,785 | ||||||
193 | Insmed, Inc.(b) | 3,829 | ||||||
144 | Insulet Corp.(b) | 4,306 | ||||||
135 | Insys Therapeutics, Inc.(b) | 3,478 | ||||||
62 | Integra LifeSciences Holdings Corp.(b) | 3,693 | ||||||
187 | Intersect ENT, Inc.(b) | 3,583 | ||||||
95 | Intra-Cellular Therapies, Inc. (b) | 4,546 | ||||||
254 | Invacare Corp. | 4,389 | ||||||
471 | Invitae Corp.(b) | 3,589 | ||||||
402 | InVivo Therapeutics Holdings Corp.(b) | 2,919 | ||||||
277 | Invuity, Inc.(b) | 3,720 | ||||||
50 | IPC Healthcare, Inc.(b) | 3,925 | ||||||
151 | iRadimed Corp.(b) | 4,002 | ||||||
381 | Ironwood Pharmaceuticals, Inc., Class A(b) | 4,328 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
210 | K2M Group Holdings, Inc.(b) | $ | 3,833 | |||||
312 | Karyopharm Therapeutics, Inc.(b) | 4,165 | ||||||
1,083 | Keryx Biopharmaceuticals, Inc.(b) | 4,852 | ||||||
219 | Kindred Healthcare, Inc. | 2,935 | ||||||
69 | Kite Pharma, Inc.(b) | 4,695 | ||||||
129 | La Jolla Pharmaceutical Co.(b) | 3,224 | ||||||
106 | Landauer, Inc. | 4,186 | ||||||
79 | Lannett Co., Inc.(b) | 3,537 | ||||||
684 | Lantheus Holdings, Inc.(b) | 2,052 | ||||||
115 | LDR Holding Corp.(b) | 2,910 | ||||||
294 | LeMaitre Vascular, Inc. | 3,916 | ||||||
352 | Lexicon Pharmaceuticals, Inc.(b) | 3,348 | ||||||
82 | LHC Group, Inc.(b) | 3,695 | ||||||
43 | Ligand Pharmaceuticals, Inc.(b) | 3,885 | ||||||
637 | Lion Biotechnologies, Inc.(b) | 4,121 | ||||||
59 | LivaNova PLC (Italy)(b) | 3,911 | ||||||
185 | Loxo Oncology, Inc.(b) | 4,325 | ||||||
224 | Luminex Corp.(b) | 4,077 | ||||||
164 | MacroGenics, Inc.(b) | 5,095 | ||||||
69 | Magellan Health, Inc.(b) | 3,685 | ||||||
1,213 | MannKind Corp.(b) | 4,015 | ||||||
98 | Masimo Corp.(b) | 3,889 | ||||||
195 | MedAssets, Inc.(b) | 4,618 | ||||||
466 | Medgenics, Inc. (Israel)(b) | 3,052 | ||||||
97 | Medicines Co. (The)(b) | 3,321 | ||||||
89 | Medidata Solutions, Inc.(b) | 3,827 | ||||||
230 | Meridian Bioscience, Inc. | 4,372 | ||||||
163 | Merit Medical Systems, Inc.(b) | 3,022 | ||||||
437 | Merrimack Pharmaceuticals, Inc.(b) | 4,082 | ||||||
393 | MiMedx Group, Inc.(b) | 2,861 | ||||||
123 | Mirati Therapeutics, Inc.(b) | 4,352 | ||||||
55 | Molina Healthcare, Inc.(b) | 3,410 | ||||||
233 | Momenta Pharmaceuticals, Inc.(b) | 3,824 | ||||||
102 | Myriad Genetics, Inc.(b) | 4,118 | ||||||
247 | NanoString Technologies, Inc.(b) | 3,584 | ||||||
244 | NantKwest, Inc.(b) | 2,904 | ||||||
304 | Natera, Inc.(b) | 2,508 | ||||||
63 | National Healthcare Corp. | 4,113 | ||||||
327 | National Research Corp., Class A | 5,013 | ||||||
96 | Natus Medical, Inc.(b) | 4,371 | ||||||
1,763 | Navidea Biopharmaceuticals, Inc.(b) | 3,561 | ||||||
329 | Nektar Therapeutics(b) | 3,905 | ||||||
81 | Neogen Corp.(b) | 4,378 | ||||||
643 | NeoGenomics, Inc.(b) | 4,533 | ||||||
205 | Neos Therapeutics, Inc.(b) | 2,903 | ||||||
96 | Neurocrine Biosciences, Inc.(b) | 4,713 | ||||||
80 | Nevro Corp.(b) | 3,262 | ||||||
82 | NewLink Genetics Corp.(b) | 3,138 | ||||||
287 | Nivalis Therapeutics, Inc.(b) | 2,302 | ||||||
797 | Nobilis Health Corp.(b) | 2,248 | ||||||
588 | Northwest Biotherapeutics, Inc.(b) | 2,869 | ||||||
456 | Novavax, Inc.(b) | 3,078 | ||||||
76 | NuVasive, Inc.(b) | 3,584 | ||||||
231 | NxStage Medical, Inc.(b) | 3,860 | ||||||
995 | Ocata Therapeutics, Inc.(b) | 4,378 | ||||||
255 | Ocular Therapeutix, Inc.(b) | 2,201 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
333 | Omeros Corp.(b) | $ | 4,172 | |||||
127 | Omnicell, Inc.(b) | 3,454 | ||||||
266 | OncoMed Pharmaceuticals, Inc.(b) | 5,323 | ||||||
1,276 | Oncothyreon, Inc.(b) | 3,777 | ||||||
100 | Ophthotech Corp.(b) | 4,993 | ||||||
780 | OraSure Technologies, Inc.(b) | 4,056 | ||||||
1,890 | Orexigen Therapeutics, Inc.(b) | 5,746 | ||||||
1,181 | Organovo Holdings, Inc.(b) | 3,555 | ||||||
115 | Orthofix International NV(b) | 3,916 | ||||||
218 | Osiris Therapeutics, Inc. | 3,713 | ||||||
183 | Otonomy, Inc.(b) | 3,960 | ||||||
239 | OvaScience, Inc.(b) | 3,100 | ||||||
120 | Owens & Minor, Inc. | 4,302 | ||||||
306 | Oxford Immunotec Global PLC(b) | 3,837 | ||||||
983 | Pacific Biosciences of California, Inc.(b) | 6,979 | ||||||
83 | Pacira Pharmaceuticals, Inc.(b) | 4,146 | ||||||
173 | Paratek Pharmaceuticals, Inc.(b) | 3,003 | ||||||
60 | PAREXEL International Corp.(b) | 3,787 | ||||||
753 | PDL BioPharma, Inc. | 3,449 | ||||||
3,931 | Peregrine Pharmaceuticals, Inc.(b) | 4,403 | ||||||
1,184 | Pernix Therapeutics Holdings, Inc.(b) | 3,327 | ||||||
241 | Pfenex, Inc.(b) | 4,357 | ||||||
126 | PharMerica Corp.(b) | 3,600 | ||||||
122 | Phibro Animal Health Corp., Class A | 4,070 | ||||||
90 | Portola Pharmaceuticals, Inc.(b) | 4,285 | ||||||
514 | POZEN, Inc.(b) | 3,007 | ||||||
95 | PRA Health Sciences, Inc.(b) | 3,329 | ||||||
127 | Press Ganey Holdings, Inc.(b) | 3,980 | ||||||
85 | Prestige Brands Holdings, Inc.(b) | 4,166 | ||||||
609 | Progenics Pharmaceuticals, Inc.(b) | 4,470 | ||||||
288 | Proteon Therapeutics, Inc.(b) | 3,946 | ||||||
77 | Prothena Corp. PLC (Ireland)(b) | 3,966 | ||||||
85 | Providence Service Corp. (The)(b) | 4,390 | ||||||
134 | PTC Therapeutics, Inc.(b) | 3,333 | ||||||
309 | Quality Systems, Inc. | 4,341 | ||||||
199 | Quidel Corp.(b) | 3,825 | ||||||
58 | Radius Health, Inc.(b) | 3,725 | ||||||
693 | RadNet, Inc.(b) | 4,581 | ||||||
663 | Raptor Pharmaceutical Corp.(b) | 3,613 | ||||||
532 | Regulus Therapeutics, Inc.(b) | 3,538 | ||||||
193 | Relypsa, Inc.(b) | 3,086 | ||||||
116 | Repligen Corp.(b) | 3,856 | ||||||
180 | Retrophin, Inc.(b) | 3,443 | ||||||
146 | Revance Therapeutics, Inc.(b) | 5,719 | ||||||
1,435 | Rigel Pharmaceuticals, Inc.(b) | 3,645 | ||||||
455 | Rockwell Medical, Inc.(b) | 5,269 | ||||||
691 | RTI Surgical, Inc.(b) | 2,906 | ||||||
83 | Sage Therapeutics, Inc.(b) | 4,169 | ||||||
235 | Sagent Pharmaceuticals, Inc.(b) | 3,950 | ||||||
616 | Sangamo BioSciences, Inc.(b) | 4,343 | ||||||
108 | Sarepta Therapeutics, Inc.(b) | 2,598 | ||||||
575 | SciClone Pharmaceuticals, Inc.(b) | 4,382 | ||||||
231 | SeaSpine Holdings Corp.(b) | 3,483 | ||||||
477 | Second Sight Medical Products, Inc.(b) | 2,805 | ||||||
342 | Select Medical Holdings Corp. | 3,865 | ||||||
2,037 | Sequenom, Inc.(b) | 3,565 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
103 | Seres Therapeutics, Inc.(b) | $ | 3,053 | |||||
390 | Sientra, Inc.(b) | 1,466 | ||||||
423 | Sorrento Therapeutics, Inc.(b) | 3,655 | ||||||
85 | Spark Therapeutics, Inc.(b) | 4,582 | ||||||
314 | Spectranetics Corp. (The)(b) | 3,837 | ||||||
595 | Spectrum Pharmaceuticals, Inc.(b) | 3,100 | ||||||
551 | STAAR Surgical Co.(b) | 4,491 | ||||||
418 | Stemline Therapeutics, Inc.(b) | 3,716 | ||||||
58 | STERIS Corp. | 4,347 | ||||||
189 | Sucampo Pharmaceuticals, Inc., Class A(b) | 3,659 | ||||||
237 | Supernus Pharmaceuticals, Inc.(b) | 3,911 | ||||||
107 | Surgical Care Affiliates, Inc.(b) | 3,168 | ||||||
173 | SurModics, Inc.(b) | 3,690 | ||||||
665 | Synergy Pharmaceuticals, Inc.(b) | 4,263 | ||||||
2,137 | Synta Pharmaceuticals Corp.(b) | 1,432 | ||||||
386 | T2 Biosystems, Inc.(b) | 4,292 | ||||||
385 | Tandem Diabetes Care, Inc.(b) | 3,492 | ||||||
65 | Team Health Holdings, Inc.(b) | 3,879 | ||||||
176 | Teladoc, Inc.(b) | 3,462 | ||||||
531 | Teligent, Inc.(b) | 3,860 | ||||||
80 | TESARO, Inc.(b) | 3,638 | ||||||
439 | Tetraphase Pharmaceuticals, Inc.(b) | 3,964 | ||||||
357 | TG Therapeutics, Inc.(b) | 4,416 | ||||||
621 | TherapeuticsMD, Inc.(b) | 3,645 | ||||||
316 | Theravance Biopharma, Inc. (Cayman Islands)(b) | 4,724 | ||||||
512 | Theravance, Inc. | 4,495 | ||||||
900 | Threshold Pharmaceuticals, Inc.(b) | 3,429 | ||||||
341 | Tokai Pharmaceuticals, Inc.(b) | 3,768 | ||||||
1,548 | TransEnterix, Inc.(b) | 3,855 | ||||||
347 | Trevena, Inc.(b) | 3,338 | ||||||
209 | Triple-S Management Corp., Class B(b) | 4,303 | ||||||
662 | Trovagene, Inc.(b) | 2,853 | ||||||
366 | Trupanion, Inc.(b) | 2,405 | ||||||
42 | Ultragenyx Pharmaceutical, Inc.(b) | 4,173 | ||||||
4,362 | Unilife Corp.(b) | 3,287 | ||||||
545 | Universal American Corp. | 4,066 | ||||||
89 | US Physical Therapy, Inc. | 4,366 | ||||||
75 | Utah Medical Products, Inc. | 4,423 | ||||||
315 | Vanda Pharmaceuticals, Inc.(b) | 3,383 | ||||||
113 | Vascular Solutions, Inc.(b) | 3,630 | ||||||
559 | Veracyte, Inc.(b) | 3,639 | ||||||
693 | Verastem, Inc.(b) | 1,275 | ||||||
342 | Versartis, Inc.(b) | 3,533 | ||||||
274 | Vitae Pharmaceuticals, Inc.(b) | 3,255 | ||||||
893 | Vital Therapies, Inc.(b) | 6,939 | ||||||
2,520 | VIVUS, Inc.(b) | 3,175 | ||||||
441 | Vocera Communications, Inc.(b) | 5,191 | ||||||
610 | vTv Therapeutics, Inc., Class A(b) | 4,477 | ||||||
44 | WellCare Health Plans, Inc.(b) | 3,898 | ||||||
71 | West Pharmaceutical Services, Inc. | 4,261 | ||||||
339 | Wright Medical Group NV(b) | 6,553 | ||||||
232 | XBiotech, Inc.(b) | 3,290 | ||||||
266 | Xencor, Inc.(b) | 2,881 | ||||||
1,011 | XenoPort, Inc.(b) | 6,177 | ||||||
4,848 | XOMA Corp.(b) | 5,915 | ||||||
107 | Zafgen, Inc.(b) | 1,030 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
113 | Zeltiq Aesthetics, Inc.(b) | $ | 3,813 | |||||
359 | ZIOPHARM Oncology, Inc.(b) | 4,089 | ||||||
273 | Zogenix, Inc.(b) | 3,219 | ||||||
60 | ZS Pharma, Inc.(b) | 3,901 | ||||||
244 | Zynerba Pharmaceuticals, Inc.(b) | 3,072 | ||||||
|
| |||||||
1,399,683 | ||||||||
|
| |||||||
Industrials—14.1% | ||||||||
642 | AAON, Inc. | 13,142 | ||||||
308 | AAR Corp. | 6,989 | ||||||
203 | ABM Industries, Inc. | 5,765 | ||||||
525 | Acacia Research Corp. | 3,496 | ||||||
816 | ACCO Brands Corp.(b) | 6,585 | ||||||
2,075 | Accuride Corp.(b) | 5,851 | ||||||
323 | Actuant Corp., Class A | 7,364 | ||||||
408 | Advanced Drainage Systems, Inc. | 12,819 | ||||||
129 | Advisory Board Co. (The)(b) | 5,654 | ||||||
350 | Aegion Corp.(b) | 6,751 | ||||||
349 | Aerojet Rocketdyne Holdings, Inc.(b) | 5,912 | ||||||
278 | Aerovironment, Inc.(b) | 6,413 | ||||||
670 | Air Transport Services Group, Inc.(b) | 6,559 | ||||||
286 | Aircastle Ltd. | 6,481 | ||||||
127 | Alamo Group, Inc. | 5,959 | ||||||
200 | Albany International Corp., Class A | 7,514 | ||||||
27 | Allegiant Travel Co. | 5,331 | ||||||
329 | Allied Motion Technologies, Inc. | 6,346 | ||||||
255 | Altra Industrial Motion Corp. | 6,747 | ||||||
3,317 | Ameresco, Inc., Class A(b) | 21,494 | ||||||
162 | American Railcar Industries, Inc. | 9,351 | ||||||
140 | American Science & Engineering, Inc. | 5,247 | ||||||
71 | American Woodmark Corp.(b) | 5,162 | ||||||
272 | Apogee Enterprises, Inc. | 13,472 | ||||||
149 | Applied Industrial Technologies, Inc. | 6,155 | ||||||
918 | ARC Document Solutions, Inc.(b) | 5,710 | ||||||
229 | ArcBest Corp. | 5,931 | ||||||
166 | Argan, Inc. | 6,134 | ||||||
170 | Astec Industries, Inc. | 5,525 | ||||||
137 | Astronics Corp.(b) | 5,180 | ||||||
166 | Atlas Air Worldwide Holdings, Inc.(b) | 6,846 | ||||||
116 | AZZ, Inc. | 6,418 | ||||||
160 | Barnes Group, Inc. | 6,014 | ||||||
152 | Barrett Business Services, Inc. | 7,445 | ||||||
369 | Beacon Roofing Supply, Inc.(b) | 13,059 | ||||||
1,025 | Blount International, Inc.(b) | 6,222 | ||||||
569 | Blue Bird Corp.(b) | 6,157 | ||||||
292 | Brady Corp., Class A | 6,643 | ||||||
300 | Briggs & Stratton Corp. | 5,331 | ||||||
216 | Brink’s Co. (The) | 6,692 | ||||||
905 | Builders FirstSource, Inc.(b) | 10,697 | ||||||
576 | CAI International, Inc.(b) | 6,693 | ||||||
970 | Casella Waste Systems, Inc., Class A(b) | 5,888 | ||||||
590 | CBIZ, Inc.(b) | 6,342 | ||||||
679 | CDI Corp. | 5,432 | ||||||
83 | CEB, Inc. | 6,205 | ||||||
694 | CECO Environmental Corp. | 6,190 | ||||||
353 | Celadon Group, Inc. | 5,111 | ||||||
294 | Chart Industries, Inc.(b) | 5,054 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
143 | CIRCOR International, Inc. | $ | 6,567 | |||||
11,074 | Civeo Corp. | 20,598 | ||||||
122 | CLARCOR, Inc. | 6,083 | ||||||
333 | Columbus McKinnon Corp. | 6,224 | ||||||
470 | Comfort Systems USA, Inc. | 15,007 | ||||||
1,462 | Commercial Vehicle Group, Inc.(b) | 6,082 | ||||||
599 | Continental Building Products, Inc.(b) | 10,524 | ||||||
302 | Covenant Transportation Group, Inc., Class A(b) | 5,829 | ||||||
263 | CRA International, Inc.(b) | 6,154 | ||||||
139 | Cubic Corp. | 6,234 | ||||||
92 | Curtiss-Wright Corp. | 6,400 | ||||||
106 | Deluxe Corp. | 6,312 | ||||||
281 | DigitalGlobe, Inc.(b) | 4,195 | ||||||
290 | Douglas Dynamics, Inc. | 6,363 | ||||||
296 | Ducommun, Inc.(b) | 6,405 | ||||||
206 | DXP Enterprises, Inc.(b) | 6,234 | ||||||
76 | Dycom Industries, Inc.(b) | 5,783 | ||||||
904 | Eagle Bulk Shipping, Inc.(b) | 5,514 | ||||||
287 | Echo Global Logistics, Inc.(b) | 6,828 | ||||||
129 | EMCOR Group, Inc. | 6,228 | ||||||
183 | Encore Wire Corp. | 7,827 | ||||||
113 | EnerSys | 6,892 | ||||||
222 | Engility Holdings, Inc. | 7,146 | ||||||
335 | Ennis, Inc. | 6,710 | ||||||
143 | EnPro Industries, Inc. | 7,023 | ||||||
160 | ESCO Technologies, Inc. | 5,934 | ||||||
179 | Essendant, Inc. | 6,188 | ||||||
80 | Esterline Technologies Corp.(b) | 6,164 | ||||||
832 | ExOne Co. (The)(b) | 8,902 | ||||||
131 | Exponent, Inc. | 6,735 | ||||||
439 | Federal Signal Corp. | 6,611 | ||||||
137 | Forward Air Corp. | 6,214 | ||||||
293 | Franklin Covey Co.(b) | 5,019 | ||||||
214 | Franklin Electric Co., Inc. | 7,053 | ||||||
325 | FreightCar America, Inc. | 5,908 | ||||||
138 | FTI Consulting, Inc.(b) | 4,693 | ||||||
28,196 | FuelCell Energy, Inc.(b) | 24,939 | ||||||
948 | Furmanite Corp.(b) | 6,589 | ||||||
86 | G&K Services, Inc., Class A | 5,661 | ||||||
209 | Generac Holdings, Inc.(b) | 6,596 | ||||||
475 | General Cable Corp. | 7,310 | ||||||
739 | Gibraltar Industries, Inc.(b) | 18,711 | ||||||
627 | Global Brass & Copper Holdings, Inc. | 14,101 | ||||||
2,192 | Golden Ocean Group Ltd. (Norway) | 4,318 | ||||||
250 | Gorman-Rupp Co. (The) | 7,147 | ||||||
255 | GP Strategies Corp.(b) | 6,398 | ||||||
348 | Graham Corp. | 5,906 | ||||||
192 | Granite Construction, Inc. | 6,305 | ||||||
1,113 | Great Lakes Dredge & Dock Corp.(b) | 4,452 | ||||||
179 | Greenbrier Cos., Inc. (The) | 6,809 | ||||||
794 | Griffon Corp. | 13,641 | ||||||
344 | H&E Equipment Services, Inc. | 6,643 | ||||||
631 | Harsco Corp. | 6,771 | ||||||
239 | Hawaiian Holdings, Inc.(b) | 8,293 | ||||||
773 | HC2 Holdings, Inc.(b) | 5,844 | ||||||
171 | Healthcare Services Group, Inc. | 6,371 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
286 | Heartland Express, Inc. | $ | 5,385 | |||||
122 | HEICO Corp. | 6,154 | ||||||
295 | Heidrick & Struggles International, Inc. | 7,835 | ||||||
541 | Heritage-Crystal Clean, Inc.(b) | 6,449 | ||||||
209 | Herman Miller, Inc. | 6,632 | ||||||
1,710 | Hill International, Inc.(b) | 5,780 | ||||||
229 | Hillenbrand, Inc. | 6,794 | ||||||
135 | HNI Corp. | 5,797 | ||||||
159 | Hub Group, Inc., Class A(b) | 6,357 | ||||||
224 | Hurco Cos., Inc. | 6,019 | ||||||
91 | Huron Consulting Group, Inc.(b) | 4,395 | ||||||
101 | Hyster-Yale Materials Handling, Inc., Class A | 5,911 | ||||||
186 | ICF International, Inc.(b) | 5,705 | ||||||
920 | InnerWorkings, Inc.(b) | 6,882 | ||||||
133 | Insperity, Inc. | 6,179 | ||||||
852 | Insteel Industries, Inc. | 18,224 | ||||||
551 | Interface, Inc. | 10,772 | ||||||
155 | John Bean Technologies Corp. | 6,953 | ||||||
150 | Kadant, Inc. | 6,168 | ||||||
161 | Kaman Corp. | 6,261 | ||||||
413 | Kelly Services, Inc., Class A | 6,525 | ||||||
798 | KEYW Holding Corp. (The)(b) | 5,690 | ||||||
225 | Kforce, Inc. | 6,325 | ||||||
587 | Kimball International, Inc., Class B | 6,410 | ||||||
162 | KLX, Inc.(b) | 6,336 | ||||||
228 | Knight Transportation, Inc. | 5,796 | ||||||
258 | Knoll, Inc. | 5,996 | ||||||
167 | Korn/Ferry International | 6,074 | ||||||
1,305 | Kratos Defense & Security Solutions, Inc.(b) | 6,512 | ||||||
562 | Lawson Products, Inc.(b) | 14,618 | ||||||
989 | LB Foster Co., Class A | 14,568 | ||||||
85 | Lindsay Corp. | 5,761 | ||||||
1,437 | LSI Industries, Inc. | 15,433 | ||||||
201 | Lydall, Inc.(b) | 6,880 | ||||||
350 | Marten Transport Ltd. | 5,736 | ||||||
198 | Masonite International Corp.(b) | 11,854 | ||||||
339 | MasTec, Inc.(b) | 5,685 | ||||||
156 | Matson, Inc. | 7,149 | ||||||
95 | Matthews International Corp., Class A | 5,484 | ||||||
223 | McGrath RentCorp | 6,701 | ||||||
428 | Meritor, Inc.(b) | 4,652 | ||||||
300 | Milacron Holdings Corp.(b) | 5,121 | ||||||
288 | Miller Industries, Inc. | 6,532 | ||||||
435 | Mistras Group, Inc.(b) | 8,230 | ||||||
187 | Mobile Mini, Inc. | 6,403 | ||||||
110 | Moog, Inc., Class A(b) | 6,794 | ||||||
1,048 | MRC Global, Inc.(b) | 12,471 | ||||||
141 | MSA Safety, Inc. | 6,131 | ||||||
421 | Mueller Industries, Inc. | 13,270 | ||||||
1,620 | Mueller Water Products, Inc., Class A | 14,256 | ||||||
85 | Multi-Color Corp. | 6,616 | ||||||
226 | MYR Group, Inc.(b) | 5,085 | ||||||
57 | National Presto Industries, Inc. | 5,019 | ||||||
371 | Navigant Consulting, Inc.(b) | 6,381 | ||||||
2,209 | Navios Maritime Holdings, Inc. (Monaco) | 4,661 | ||||||
432 | Navistar International Corp.(b) | 5,314 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,177 | NCI Building Systems, Inc.(b) | $ | 12,311 | |||||
1,074 | Neff Corp., Class A(b) | 6,294 | ||||||
649 | NN, Inc. | 8,956 | ||||||
195 | Nortek, Inc.(b) | 11,963 | ||||||
979 | Northwest Pipe Co.(b) | 12,933 | ||||||
295 | NV5 Holdings, Inc.(b) | 6,868 | ||||||
371 | Omega Flex, Inc. | 15,337 | ||||||
152 | On Assignment, Inc.(b) | 6,857 | ||||||
1,030 | Orion Marine Group, Inc.(b) | 4,027 | ||||||
166 | P.A.M. Transportation Services, Inc.(b) | 5,928 | ||||||
206 | Park-Ohio Holdings Corp. | 7,107 | ||||||
317 | Patrick Industries, Inc.(b) | 12,864 | ||||||
988 | PGT, Inc.(b) | 11,915 | ||||||
3,022 | Plug Power, Inc.(b) | 7,283 | ||||||
984 | Ply Gem Holdings, Inc.(b) | 11,631 | ||||||
196 | Powell Industries, Inc. | 6,531 | ||||||
242 | Power Solutions International, Inc.(b) | 4,366 | ||||||
1,671 | PowerSecure International, Inc.(b) | 20,821 | ||||||
162 | Preformed Line Products Co. | 6,885 | ||||||
335 | Primoris Services Corp. | 6,673 | ||||||
83 | Proto Labs, Inc.(b) | 5,382 | ||||||
456 | Quad Graphics, Inc., Class A | 5,882 | ||||||
662 | Quanex Building Products Corp. | 12,492 | ||||||
1,241 | Radiant Logistics, Inc.(b) | 4,927 | ||||||
363 | Raven Industries, Inc. | 6,610 | ||||||
225 | RBC Bearings, Inc.(b) | 15,388 | ||||||
2,004 | Republic Airways Holdings, Inc.(b) | 11,543 | ||||||
381 | Resources Connection, Inc. | 6,839 | ||||||
710 | Rexnord Corp.(b) | 13,121 | ||||||
309 | Roadrunner Transportation Systems, Inc.(b) | 3,288 | ||||||
426 | RPX Corp.(b) | 6,066 | ||||||
229 | Rush Enterprises, Inc., Class A(b) | 5,583 | ||||||
1,997 | Safe Bulkers, Inc. (Greece) | 6,151 | ||||||
184 | Saia, Inc.(b) | 4,344 | ||||||
3,763 | Scorpio Bulkers, Inc.(b) | 5,268 | ||||||
368 | Simpson Manufacturing Co., Inc. | 13,977 | ||||||
348 | SkyWest, Inc. | 6,626 | ||||||
251 | SP Plus Corp.(b) | 6,401 | ||||||
224 | Sparton Corp.(b) | 5,271 | ||||||
78 | Standex International Corp. | 6,998 | ||||||
321 | Steelcase, Inc., Class A | 6,231 | ||||||
711 | Stock Building Supply Holdings, Inc.(b) | 12,286 | ||||||
213 | Sun Hydraulics Corp. | 6,239 | ||||||
1,761 | Sunrun, Inc.(b) | 13,049 | ||||||
368 | Swift Transportation Co., Class A(b) | 5,752 | ||||||
403 | TAL International Group, Inc. | 6,835 | ||||||
247 | TASER International, Inc.(b) | 5,782 | ||||||
142 | Team, Inc.(b) | 4,970 | ||||||
67 | Teledyne Technologies, Inc.(b) | 5,978 | ||||||
104 | Tennant Co. | 6,024 | ||||||
234 | Tetra Tech, Inc. | 6,295 | ||||||
356 | Textainer Group Holdings Ltd. | 6,963 | ||||||
279 | Thermon Group Holdings, Inc.(b) | 5,611 | ||||||
846 | Titan International, Inc. | 6,007 | ||||||
511 | Titan Machinery, Inc.(b) | 6,250 | ||||||
493 | TRC Cos., Inc.(b) | 5,093 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
361 | Trex Co., Inc.(b) | $ | 14,104 | |||||
353 | TriMas Corp.(b) | 7,064 | ||||||
340 | TriNet Group, Inc.(b) | 6,453 | ||||||
252 | TrueBlue, Inc.(b) | 7,300 | ||||||
351 | Tutor Perini Corp.(b) | 5,890 | ||||||
481 | Twin Disc, Inc. | 5,666 | ||||||
55 | UniFirst Corp. | 5,779 | ||||||
616 | Univar, Inc.(b) | 10,879 | ||||||
212 | Universal Forest Products, Inc. | 15,398 | ||||||
302 | Universal Truckload Services, Inc. | 4,826 | ||||||
128 | US Ecology, Inc. | 5,019 | ||||||
321 | USA Truck, Inc.(b) | 5,836 | ||||||
1,207 | UTi Worldwide, Inc.(b) | 8,606 | ||||||
264 | Vectrus, Inc.(b) | 6,566 | ||||||
325 | Veritiv Corp.(b) | 13,650 | ||||||
161 | Viad Corp. | 4,848 | ||||||
601 | Vicor Corp.(b) | 5,806 | ||||||
165 | Virgin America, Inc.(b) | 5,876 | ||||||
658 | Volt Information Sciences, Inc.(b) | 5,672 | ||||||
143 | VSE Corp. | 8,217 | ||||||
558 | Wabash National Corp.(b) | 6,679 | ||||||
125 | WageWorks, Inc.(b) | 6,003 | ||||||
108 | Watts Water Technologies, Inc., Class A | 5,880 | ||||||
225 | Werner Enterprises, Inc. | 5,954 | ||||||
464 | Wesco Aircraft Holdings, Inc.(b) | 5,781 | ||||||
1,003 | West Corp. | 23,881 | ||||||
144 | Woodward, Inc. | 6,552 | ||||||
469 | Xerium Technologies, Inc.(b) | 6,332 | ||||||
247 | XPO Logistics, Inc.(b) | 6,857 | ||||||
421 | YRC Worldwide, Inc.(b) | 7,687 | ||||||
|
| |||||||
1,874,120 | ||||||||
|
| |||||||
Information Technology—13.4% | ||||||||
902 | 6D Global Technologies, Inc.(b) | 1,969 | ||||||
845 | A10 Networks, Inc.(b) | 6,067 | ||||||
241 | ACI Worldwide, Inc.(b) | 5,772 | ||||||
411 | Actua Corp.(b) | 5,692 | ||||||
260 | Acxiom Corp.(b) | 5,751 | ||||||
349 | ADTRAN, Inc. | 5,420 | ||||||
233 | Advanced Energy Industries, Inc.(b) | 6,589 | ||||||
3,001 | Advanced Micro Devices, Inc.(b) | 6,362 | ||||||
894 | Aerohive Networks, Inc.(b) | 6,026 | ||||||
446 | Agilysys, Inc.(b) | 5,071 | ||||||
411 | Alarm.com Holdings, Inc.(b) | 5,199 | ||||||
302 | Alliance Fiber Optic Products, Inc. | 4,110 | ||||||
661 | Alpha & Omega Semiconductor Ltd.(b) | 5,870 | ||||||
88 | Ambarella, Inc.(b) | 4,351 | ||||||
1,130 | Amber Road, Inc.(b) | 4,543 | ||||||
560 | American Software, Inc., Class A | 5,729 | ||||||
1,166 | Amkor Technology, Inc.(b) | 7,253 | ||||||
943 | Angie’s List, Inc.(b) | 7,289 | ||||||
87 | Anixter International, Inc.(b) | 5,966 | ||||||
495 | Apigee Corp.(b) | 4,777 | ||||||
293 | AppFolio, Inc., Class A(b) | 5,130 | ||||||
961 | Applied Micro Circuits Corp.(b) | 6,227 | ||||||
291 | Applied Optoelectronics, Inc.(b) | 6,000 | ||||||
135 | Aspen Technology, Inc.(b) | 5,588 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
227 | AVG Technologies NV(b) | $ | 5,380 | |||||
634 | Avid Technology, Inc.(b) | 5,357 | ||||||
403 | AVX Corp. | 5,440 | ||||||
2,078 | Axcelis Technologies, Inc.(b) | 5,818 | ||||||
99 | Badger Meter, Inc. | 5,997 | ||||||
499 | Bankrate, Inc.(b) | 5,923 | ||||||
202 | Barracuda Networks, Inc.(b) | 3,874 | ||||||
1,097 | Bazaarvoice, Inc.(b) | 4,860 | ||||||
270 | Bel Fuse, Inc., Class B | 4,868 | ||||||
268 | Belden, Inc. | 17,160 | ||||||
243 | Benchmark Electronics, Inc.(b) | 4,807 | ||||||
167 | Benefitfocus, Inc.(b) | 5,337 | ||||||
353 | Black Box Corp. | 4,310 | ||||||
91 | Blackbaud, Inc. | 5,705 | ||||||
71 | Blackhawk Network Holdings, Inc.(b) | 3,023 | ||||||
371 | Blucora, Inc.(b) | 3,636 | ||||||
203 | Bottomline Technologies (de), Inc.(b) | 5,619 | ||||||
401 | Box, Inc., Class A(b) | 5,004 | ||||||
1,020 | Brightcove, Inc.(b) | 6,324 | ||||||
171 | BroadSoft, Inc.(b) | 5,467 | ||||||
478 | Brooks Automation, Inc. | 5,277 | ||||||
307 | Cabot Microelectronics Corp.(b) | 12,946 | ||||||
67 | CACI International, Inc., Class A(b) | 6,502 | ||||||
314 | CalAmp Corp.(b) | 5,953 | ||||||
697 | Calix, Inc.(b) | 4,872 | ||||||
298 | Callidus Software, Inc.(b) | 5,176 | ||||||
451 | Carbonite, Inc.(b) | 4,564 | ||||||
91 | Cardtronics, Inc.(b) | 3,139 | ||||||
935 | Care.com, Inc.(b) | 5,619 | ||||||
384 | Cascade Microtech, Inc.(b) | 5,883 | ||||||
61 | Cass Information Systems, Inc. | 3,182 | ||||||
83 | Cavium, Inc.(b) | 5,889 | ||||||
283 | CEVA, Inc.(b) | 6,614 | ||||||
513 | ChannelAdvisor Corp.(b) | 4,473 | ||||||
688 | Checkpoint Systems, Inc. | 5,146 | ||||||
1,589 | Ciber, Inc.(b) | 5,673 | ||||||
248 | Ciena Corp.(b) | 5,987 | ||||||
71 | Cimpress NV (Netherlands)(b) | 5,602 | ||||||
165 | Cirrus Logic, Inc.(b) | 5,087 | ||||||
377 | Clearfield, Inc.(b) | 5,289 | ||||||
93 | Coherent, Inc.(b) | 5,041 | ||||||
533 | Cohu, Inc. | 6,710 | ||||||
148 | CommVault Systems, Inc.(b) | 5,997 | ||||||
114 | comScore, Inc.(b) | 4,877 | ||||||
194 | Comtech Telecommunications Corp. | 4,687 | ||||||
191 | Constant Contact, Inc.(b) | 4,985 | ||||||
704 | Control4 Corp.(b) | 4,604 | ||||||
256 | Convergys Corp. | 6,572 | ||||||
146 | Cornerstone OnDemand, Inc.(b) | 4,599 | ||||||
266 | Cray, Inc.(b) | 7,882 | ||||||
168 | CSG Systems International, Inc. | 5,631 | ||||||
278 | CTS Corp. | 5,054 | ||||||
154 | Cvent, Inc.(b) | 4,868 | ||||||
590 | Daktronics, Inc. | 5,723 | ||||||
860 | Datalink Corp.(b) | 6,278 | ||||||
98 | Demandware, Inc.(b) | 5,557 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
788 | DHI Group, Inc.(b) | $ | 7,131 | |||||
173 | Diebold, Inc. | 6,379 | ||||||
434 | Digi International, Inc.(b) | 5,599 | ||||||
155 | Digimarc Corp.(b) | 3,481 | ||||||
2,899 | Digital Turbine, Inc.(b) | 4,812 | ||||||
240 | Diodes, Inc.(b) | 5,496 | ||||||
557 | DSP Group, Inc.(b) | 5,626 | ||||||
186 | DTS, Inc.(b) | 5,535 | ||||||
660 | EarthLink Holdings Corp. | 5,643 | ||||||
308 | Eastman Kodak Co.(b) | 3,856 | ||||||
190 | Ebix, Inc. | 5,269 | ||||||
555 | Electro Rent Corp. | 5,761 | ||||||
134 | Electronics for Imaging, Inc.(b) | 6,223 | ||||||
74 | Ellie Mae, Inc.(b) | 5,401 | ||||||
759 | EMCORE Corp.(b) | 5,192 | ||||||
401 | Endurance International Group Holdings, Inc.(b) | 5,345 | ||||||
2,339 | EnerNOC, Inc.(b) | 18,338 | ||||||
397 | Entegris, Inc.(b) | 5,094 | ||||||
157 | Envestnet, Inc.(b) | 4,688 | ||||||
71 | EPAM Systems, Inc.(b) | 5,492 | ||||||
399 | EPIQ Systems, Inc. | 5,506 | ||||||
65 | ePlus, Inc.(b) | 5,487 | ||||||
43 | Euronet Worldwide, Inc.(b) | 3,450 | ||||||
568 | Everi Holdings, Inc.(b) | 2,658 | ||||||
168 | EVERTEC, Inc. | 3,064 | ||||||
559 | Everyday Health, Inc.(b) | 5,255 | ||||||
845 | Exar Corp.(b) | 4,808 | ||||||
146 | ExlService Holdings, Inc.(b) | 6,462 | ||||||
1,569 | Extreme Networks, Inc.(b) | 5,633 | ||||||
269 | Fabrinet (Thailand)(b) | 5,829 | ||||||
37 | Fair Isaac Corp. | 3,418 | ||||||
385 | Fairchild Semiconductor International, Inc.(b) | 6,422 | ||||||
171 | FARO Technologies, Inc.(b) | 5,778 | ||||||
71 | FEI Co. | 5,125 | ||||||
455 | Finisar Corp.(b) | 5,173 | ||||||
1,333 | Five9, Inc.(b) | 5,772 | ||||||
103 | Fleetmatics Group PLC(b) | 5,733 | ||||||
791 | FormFactor, Inc.(b) | 6,518 | ||||||
182 | Forrester Research, Inc. | 5,873 | ||||||
233 | Gigamon, Inc.(b) | 6,112 | ||||||
161 | Globant SA(b) | 5,566 | ||||||
1,104 | Glu Mobile, Inc.(b) | 4,548 | ||||||
1,530 | Gogo, Inc.(b) | 21,619 | ||||||
206 | GrubHub, Inc.(b) | 4,940 | ||||||
417 | GSI Group, Inc.(b) | 5,634 | ||||||
220 | GTT Communications, Inc.(b) | 4,118 | ||||||
813 | Guidance Software, Inc.(b) | 4,585 | ||||||
99 | Guidewire Software, Inc.(b) | 5,765 | ||||||
420 | Hackett Group, Inc. (The) | 6,250 | ||||||
871 | Harmonic, Inc.(b) | 5,017 | ||||||
47 | Heartland Payment Systems, Inc. | 3,478 | ||||||
223 | Hortonworks, Inc.(b) | 4,340 | ||||||
106 | HubSpot, Inc.(b) | 5,499 | ||||||
325 | II-VI, Inc.(b) | 5,889 | ||||||
2,241 | Imation Corp.(b) | 4,527 | ||||||
453 | Immersion Corp.(b) | 5,880 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
74 | Imperva, Inc.(b) | $ | 5,226 | |||||
255 | Infinera Corp.(b) | 5,039 | ||||||
309 | Infoblox, Inc.(b) | 5,040 | ||||||
217 | Inphi Corp.(b) | 6,460 | ||||||
208 | Insight Enterprises, Inc.(b) | 5,283 | ||||||
259 | Integrated Device Technology, Inc.(b) | 6,604 | ||||||
239 | Integrated Silicon Solution, Inc. | 5,373 | ||||||
168 | Interactive Intelligence Group, Inc.(b) | 5,433 | ||||||
107 | InterDigital, Inc. | 5,429 | ||||||
758 | Internap Corp.(b) | 5,124 | ||||||
453 | Intersil Corp., Class A | 6,138 | ||||||
587 | Intralinks Holdings, Inc.(b) | 5,136 | ||||||
570 | InvenSense, Inc.(b) | 6,794 | ||||||
181 | Itron, Inc.(b) | 6,648 | ||||||
346 | Ixia(b) | 4,986 | ||||||
467 | IXYS Corp. | 5,819 | ||||||
314 | j2 Global, Inc. | 24,351 | ||||||
1,092 | Jive Software, Inc.(b) | 5,318 | ||||||
439 | Kimball Electronics, Inc.(b) | 5,000 | ||||||
314 | Knowles Corp.(b) | 5,231 | ||||||
1,594 | Kopin Corp.(b) | 4,256 | ||||||
544 | KVH Industries, Inc.(b) | 5,331 | ||||||
1,283 | Lattice Semiconductor Corp.(b) | 5,876 | ||||||
2,605 | Limelight Networks, Inc.(b) | 5,314 | ||||||
1,024 | Lionbridge Technologies, Inc.(b) | 5,519 | ||||||
774 | Liquidity Services, Inc.(b) | 6,339 | ||||||
69 | Littelfuse, Inc. | 6,895 | ||||||
642 | LivePerson, Inc.(b) | 5,008 | ||||||
78 | LogMeIn, Inc.(b) | 5,254 | ||||||
83 | Luxoft Holding, Inc., Class A(b) | 5,531 | ||||||
176 | M/A-COM Technology Solutions Holdings, Inc.(b) | 5,938 | ||||||
80 | Manhattan Associates, Inc.(b) | 5,828 | ||||||
198 | ManTech International Corp., Class A | 5,722 | ||||||
1,150 | Marchex, Inc., Class B | 4,968 | ||||||
1,479 | Marin Software, Inc.(b) | 5,295 | ||||||
174 | Marketo, Inc.(b) | 5,121 | ||||||
2,333 | Mattson Technology, Inc.(b) | 5,459 | ||||||
95 | MAXIMUS, Inc. | 6,479 | ||||||
437 | MaxLinear, Inc., Class A(b) | 5,681 | ||||||
209 | Mentor Graphics Corp. | 5,685 | ||||||
324 | Mercury Systems, Inc.(b) | 5,560 | ||||||
59 | Mesa Laboratories, Inc. | 6,599 | ||||||
160 | Methode Electronics, Inc. | 5,333 | ||||||
159 | Microsemi Corp.(b) | 5,726 | ||||||
25 | MicroStrategy, Inc., Class A(b) | 4,302 | ||||||
306 | MINDBODY, Inc., Class A(b) | 4,786 | ||||||
157 | MKS Instruments, Inc. | 5,533 | ||||||
1,609 | Mobileiron, Inc.(b) | 6,211 | ||||||
513 | Model N, Inc.(b) | 5,181 | ||||||
1,887 | ModusLink Global Solutions, Inc.(b) | 5,453 | ||||||
352 | MoneyGram International, Inc.(b) | 3,559 | ||||||
102 | Monolithic Power Systems, Inc. | 6,367 | ||||||
233 | Monotype Imaging Holdings, Inc. | 6,370 | ||||||
903 | Monster Worldwide, Inc.(b) | 5,662 | ||||||
103 | MTS Systems Corp. | 6,801 | ||||||
304 | Multi-Fineline Electronix, Inc.(b) | 5,648 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
416 | Nanometrics, Inc.(b) | $ | 6,356 | |||||
790 | NeoPhotonics Corp.(b) | 6,533 | ||||||
175 | NETGEAR, Inc.(b) | 7,245 | ||||||
142 | NetScout Systems, Inc.(b) | 5,094 | ||||||
188 | NeuStar, Inc., Class A(b) | 5,112 | ||||||
132 | New Relic, Inc.(b) | 5,234 | ||||||
377 | Newport Corp.(b) | 5,696 | ||||||
291 | NIC, Inc. | 5,520 | ||||||
213 | Nimble Storage, Inc.(b) | 4,814 | ||||||
2,203 | Novatel Wireless, Inc.(b) | 4,736 | ||||||
109 | NVE Corp. | 6,463 | ||||||
2,184 | Oclaro, Inc.(b) | 6,399 | ||||||
196 | OmniVision Technologies, Inc.(b) | 5,659 | ||||||
570 | OPOWER, Inc.(b) | 5,500 | ||||||
75 | OSI Systems, Inc.(b) | 6,463 | ||||||
484 | Park City Group, Inc.(b) | 5,639 | ||||||
300 | Park Electrochemical Corp. | 4,902 | ||||||
150 | Paycom Software, Inc.(b) | 5,702 | ||||||
196 | Paylocity Holding Corp.(b) | 6,580 | ||||||
256 | PC Connection, Inc. | 5,949 | ||||||
502 | PDF Solutions, Inc.(b) | 5,301 | ||||||
209 | Pegasystems, Inc. | 5,829 | ||||||
329 | Perficient, Inc.(b) | 5,501 | ||||||
297 | Pericom Semiconductor Corp. | 5,183 | ||||||
410 | PFSweb, Inc.(b) | 6,568 | ||||||
581 | Photronics, Inc.(b) | 5,572 | ||||||
100 | Plantronics, Inc. | 5,362 | ||||||
137 | Plexus Corp.(b) | 4,743 | ||||||
806 | PMC-Sierra, Inc.(b) | 9,608 | ||||||
504 | Polycom, Inc.(b) | 6,945 | ||||||
124 | Power Integrations, Inc. | 6,276 | ||||||
196 | Progress Software Corp.(b) | 4,759 | ||||||
84 | Proofpoint, Inc.(b) | 5,917 | ||||||
224 | PROS Holdings, Inc.(b) | 5,380 | ||||||
215 | Q2 Holdings, Inc.(b) | 5,300 | ||||||
196 | QAD, Inc., Class A | 5,006 | ||||||
131 | Qlik Technologies, Inc.(b) | 4,109 | ||||||
524 | QLogic Corp.(b) | 6,498 | ||||||
172 | Qualys, Inc.(b) | 6,075 | ||||||
6,580 | Quantum Corp.(b) | 5,527 | ||||||
799 | QuinStreet, Inc.(b) | 4,434 | ||||||
535 | Quotient Technology, Inc.(b) | 2,964 | ||||||
456 | Rambus, Inc.(b) | 4,706 | ||||||
211 | Rapid7, Inc.(b) | 4,338 | ||||||
499 | RealD, Inc.(b) | 5,075 | ||||||
1,208 | RealNetworks, Inc.(b) | 4,687 | ||||||
300 | RealPage, Inc.(b) | 5,070 | ||||||
222 | Reis, Inc. | 5,403 | ||||||
616 | RetailMeNot, Inc.(b) | 5,415 | ||||||
278 | RingCentral, Inc., Class A(b) | 5,143 | ||||||
1,090 | Rocket Fuel, Inc.(b) | 5,014 | ||||||
207 | Rofin-Sinar Technologies, Inc.(b) | 5,995 | ||||||
99 | Rogers Corp.(b) | 4,605 | ||||||
520 | Rovi Corp.(b) | 4,758 | ||||||
363 | Rubicon Project, Inc. (The)(b) | 5,503 | ||||||
435 | Ruckus Wireless, Inc.(b) | 4,907 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
435 | Rudolph Technologies, Inc.(b) | $ | 5,564 | |||||
247 | Sanmina Corp.(b) | 5,105 | ||||||
451 | Sapiens International Corp. NV (Israel) | 5,326 | ||||||
143 | ScanSource, Inc.(b) | 4,935 | ||||||
126 | Science Applications International Corp. | 5,778 | ||||||
498 | SciQuest, Inc.(b) | 5,906 | ||||||
857 | SeaChange International, Inc.(b) | 5,545 | ||||||
341 | Semtech Corp.(b) | 5,968 | ||||||
1,389 | ServiceSource International, Inc.(b) | 5,931 | ||||||
698 | ShoreTel, Inc.(b) | 6,589 | ||||||
156 | Shutterstock, Inc.(b) | 4,443 | ||||||
772 | Sigma Designs, Inc.(b) | 6,801 | ||||||
1,258 | Silicon Graphics International Corp.(b) | 5,497 | ||||||
127 | Silicon Laboratories, Inc.(b) | 6,346 | ||||||
398 | Silver Spring Networks, Inc.(b) | 5,218 | ||||||
864 | Sonus Networks, Inc.(b) | 5,711 | ||||||
75 | SPS Commerce, Inc.(b) | 5,387 | ||||||
61 | Stamps.com, Inc.(b) | 4,612 | ||||||
178 | Stratasys Ltd.(b) | 4,539 | ||||||
185 | Super Micro Computer, Inc.(b) | 5,219 | ||||||
229 | Sykes Enterprises, Inc.(b) | 6,641 | ||||||
78 | Synaptics, Inc.(b) | 6,637 | ||||||
149 | Synchronoss Technologies, Inc.(b) | 5,242 | ||||||
61 | SYNNEX Corp. | 5,395 | ||||||
115 | Syntel, Inc.(b) | 5,410 | ||||||
171 | Take-Two Interactive Software, Inc.(b) | 5,677 | ||||||
685 | Tangoe, Inc.(b) | 5,672 | ||||||
76 | Tech Data Corp.(b) | 5,532 | ||||||
579 | TechTarget, Inc.(b) | 5,402 | ||||||
1,527 | TeleCommunication Systems, Inc., Class A(b) | 6,245 | ||||||
638 | Telenav, Inc.(b) | 4,594 | ||||||
209 | TeleTech Holdings, Inc. | 6,082 | ||||||
156 | Tessera Technologies, Inc. | 5,455 | ||||||
199 | Textura Corp.(b) | 5,843 | ||||||
532 | TiVo, Inc.(b) | 4,831 | ||||||
621 | Travelzoo, Inc.(b) | 5,552 | ||||||
1,006 | TrueCar, Inc.(b) | 6,177 | ||||||
816 | TTM Technologies, Inc.(b) | 5,957 | ||||||
469 | TubeMogul, Inc.(b) | 5,605 | ||||||
34 | Tyler Technologies, Inc.(b) | 5,792 | ||||||
161 | Ubiquiti Networks, Inc.(b) | 4,698 | ||||||
928 | Ultra Clean Holdings, Inc.(b) | 4,529 | ||||||
320 | Ultratech, Inc.(b) | 5,002 | ||||||
391 | Unisys Corp.(b) | 5,239 | ||||||
496 | United Online, Inc.(b) | 5,793 | ||||||
145 | Universal Display Corp.(b) | 4,975 | ||||||
300 | Varonis Systems, Inc.(b) | 4,791 | ||||||
284 | VASCO Data Security International, Inc.(b) | 5,399 | ||||||
251 | Veeco Instruments, Inc.(b) | 4,523 | ||||||
121 | Verint Systems, Inc.(b) | 5,757 | ||||||
80 | ViaSat, Inc.(b) | 5,277 | ||||||
3,468 | Violin Memory, Inc.(b) | 5,583 | ||||||
1,380 | VirnetX Holding Corp.(b) | 5,244 | ||||||
98 | Virtusa Corp.(b) | 5,628 | ||||||
539 | Vishay Intertechnology, Inc. | 5,713 | ||||||
503 | Vishay Precision Group, Inc.(b) | 5,900 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
242 | Web.com Group, Inc.(b) | $ | 5,680 | |||||
101 | WebMD Health Corp.(b) | 4,107 | ||||||
283 | Wix.com Ltd. (Israel)(b) | 6,260 | ||||||
334 | Workiva, Inc., Class A(b) | 5,538 | ||||||
620 | Xactly Corp.(b) | 5,766 | ||||||
854 | Xcerra Corp.(b) | 5,927 | ||||||
336 | XO Group, Inc.(b) | 5,084 | ||||||
121 | Xoom Corp.(b) | 3,018 | ||||||
241 | Xura, Inc.(b) | 6,237 | ||||||
317 | Yodlee, Inc.(b) | 5,319 | ||||||
249 | Zendesk, Inc.(b) | 5,010 | ||||||
1,199 | Zix Corp.(b) | 6,211 | ||||||
|
| |||||||
1,783,153 | ||||||||
|
| |||||||
Materials—7.3% | ||||||||
395 | A. Schulman, Inc. | 14,177 | ||||||
213 | AEP Industries, Inc.(b) | 17,040 | ||||||
5,503 | AK Steel Holding Corp.(b) | 15,904 | ||||||
1,097 | American Vanguard Corp. | 14,711 | ||||||
660 | Axiall Corp. | 13,365 | ||||||
206 | Balchem Corp. | 14,070 | ||||||
416 | Berry Plastics Group, Inc.(b) | 13,936 | ||||||
474 | Boise Cascade Co.(b) | 14,187 | ||||||
796 | Calgon Carbon Corp. | 13,691 | ||||||
423 | Carpenter Technology Corp. | 14,090 | ||||||
2,577 | Century Aluminum Co.(b) | 9,329 | ||||||
336 | Chase Corp.(b) | 14,922 | ||||||
456 | Chemtura Corp.(b) | 14,565 | ||||||
263 | Clearwater Paper Corp.(b) | 13,263 | ||||||
4,791 | Cliffs Natural Resources, Inc. | 13,223 | ||||||
4,272 | Coeur Mining, Inc.(b) | 11,534 | ||||||
931 | Commercial Metals Co. | 13,378 | ||||||
708 | Core Molding Technologies, Inc.(b) | 14,188 | ||||||
203 | Deltic Timber Corp. | 12,578 | ||||||
1,110 | Ferro Corp.(b) | 13,864 | ||||||
1,114 | Flotek Industries, Inc.(b) | 20,163 | ||||||
1,244 | FutureFuel Corp. | 19,170 | ||||||
1,016 | Globe Specialty Metals, Inc. | 12,822 | ||||||
385 | Greif, Inc., Class A | 12,620 | ||||||
377 | H.B. Fuller Co. | 14,322 | ||||||
329 | Hawkins, Inc. | 13,634 | ||||||
348 | Haynes International, Inc. | 13,729 | ||||||
655 | Headwaters, Inc.(b) | 13,460 | ||||||
6,117 | Hecla Mining Co. | 12,662 | ||||||
3,265 | Horsehead Holding Corp.(b) | 9,273 | ||||||
307 | Innophos Holdings, Inc. | 13,044 | ||||||
266 | Innospec, Inc. | 14,694 | ||||||
2,118 | Intrepid Potash, Inc.(b) | 8,175 | ||||||
154 | Kaiser Aluminum Corp. | 12,519 | ||||||
719 | KapStone Paper and Packaging Corp. | 15,638 | ||||||
606 | KMG Chemicals, Inc. | 12,750 | ||||||
586 | Koppers Holdings, Inc. | 11,111 | ||||||
687 | Kraton Performance Polymers, Inc.(b) | 14,008 | ||||||
2,039 | Kronos Worldwide, Inc. | 16,108 | ||||||
826 | Louisiana-Pacific Corp.(b) | 14,587 | ||||||
693 | LSB Industries, Inc.(b) | 10,845 | ||||||
425 | Materion Corp. | 12,814 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
260 | Minerals Technologies, Inc. | $ | 15,324 | |||||
932 | Myers Industries, Inc. | 14,549 | ||||||
225 | Neenah Paper, Inc. | 15,167 | ||||||
752 | Olin Corp. | 14,423 | ||||||
2,351 | OMNOVA Solutions, Inc.(b) | 16,880 | ||||||
728 | P.H. Glatfelter Co. | 14,123 | ||||||
411 | PolyOne Corp. | 13,744 | ||||||
169 | Quaker Chemical Corp. | 13,415 | ||||||
1,936 | Rayonier Advanced Materials, Inc. | 17,850 | ||||||
331 | Real Industry, Inc.(b) | 3,144 | ||||||
2,042 | Rentech, Inc.(b) | 11,946 | ||||||
974 | Schnitzer Steel Industries, Inc., Class A | 16,422 | ||||||
367 | Schweitzer-Mauduit International, Inc. | 14,247 | ||||||
2,698 | Senomyx, Inc.(b) | 13,355 | ||||||
213 | Sensient Technologies Corp. | 13,903 | ||||||
300 | Stepan Co. | 15,879 | ||||||
1,231 | Stillwater Mining Co.(b) | 11,498 | ||||||
604 | Summit Materials, Inc., Class A(b) | 12,720 | ||||||
2,405 | SunCoke Energy, Inc. | 11,929 | ||||||
1,166 | Timkensteel Corp. | 12,406 | ||||||
1,617 | Trecora Resources(b) | 23,026 | ||||||
980 | Tredegar Corp. | 13,975 | ||||||
497 | Trinseo SA(b) | 16,128 | ||||||
2,378 | Tronox Ltd., Class A | 14,767 | ||||||
273 | US Concrete, Inc.(b) | 15,141 | ||||||
1,867 | Wausau Paper Corp. | 19,062 | ||||||
499 | Worthington Industries, Inc. | 15,319 | ||||||
|
| |||||||
964,505 | ||||||||
|
| |||||||
Telecommunication Services—4.1% | ||||||||
2,642 | 8x8, Inc.(b) | 28,164 | ||||||
303 | Atlantic Tele-Network, Inc. | 23,155 | ||||||
2,667 | Boingo Wireless, Inc.(b) | 20,616 | ||||||
6,707 | Cincinnati Bell, Inc.(b) | 25,285 | ||||||
870 | Cogent Communications Group, Inc. | 26,726 | ||||||
1,137 | Consolidated Communications Holdings, Inc. | 25,128 | ||||||
1,439 | FairPoint Communications, Inc.(b) | 23,082 | ||||||
1,270 | General Communication, Inc., Class A(b) | 25,864 | ||||||
14,179 | Globalstar, Inc.(b) | 25,522 | ||||||
1,072 | Hawaiian Telcom Holdco, Inc.(b) | 24,463 | ||||||
1,515 | IDT Corp., Class B | 19,619 | ||||||
2,955 | inContact, Inc.(b) | 26,300 | ||||||
994 | Inteliquent, Inc. | 20,596 | ||||||
2,925 | Intelsat SA(b) | 19,364 | ||||||
3,495 | Iridium Communications, Inc.(b) | 28,694 | ||||||
1,842 | Lumos Networks Corp. | 23,872 | ||||||
3,979 | ORBCOMM, Inc.(b) | 23,635 | ||||||
163 | Pacific DataVision, Inc.(b) | 4,567 | ||||||
1,651 | Premiere Global Services, Inc.(b) | 22,586 | ||||||
531 | Shenandoah Telecommunications Co. | 24,845 | ||||||
1,277 | Spok Holdings, Inc. | 23,024 | ||||||
536 | Straight Path Communications, Inc., Class B(b) | 16,616 | ||||||
3,703 | Vonage Holdings Corp.(b) | 22,477 | ||||||
3,223 | Windstream Holdings, Inc. | 20,982 | ||||||
|
| |||||||
545,182 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities—6.9% | ||||||||
1,304 | Abengoa Yield PLC (Spain) | $ | 24,163 | |||||
450 | ALLETE, Inc. | 22,595 | ||||||
546 | American States Water Co. | 22,250 | ||||||
950 | Artesian Resources Corp., Class A | 23,142 | ||||||
11,145 | Atlantic Power Corp. | 22,736 | ||||||
703 | Avista Corp. | 23,797 | ||||||
566 | Black Hills Corp. | 25,911 | ||||||
1,020 | California Water Service Group | 22,807 | ||||||
445 | Chesapeake Utilities Corp. | 23,233 | ||||||
422 | Cleco Corp. | 22,366 | ||||||
626 | Connecticut Water Service, Inc. | 23,043 | ||||||
1,977 | Consolidated Water Co. Ltd. (Cayman Islands) | 21,885 | ||||||
1,084 | Dynegy, Inc.(b) | 21,062 | ||||||
627 | El Paso Electric Co. | 24,246 | ||||||
1,026 | Empire District Electric Co. (The) | 23,136 | ||||||
352 | IDACORP, Inc. | 23,531 | ||||||
417 | Laclede Group, Inc. (The) | 24,424 | ||||||
543 | MGE Energy, Inc. | 22,410 | ||||||
938 | Middlesex Water Co. | 24,172 | ||||||
778 | New Jersey Resources Corp. | 24,647 | ||||||
494 | Northwest Natural Gas Co. | 23,598 | ||||||
423 | NorthWestern Corp. | 22,922 | ||||||
1,835 | NRG Yield, Inc., Class A | 25,195 | ||||||
517 | ONE Gas, Inc. | 25,250 | ||||||
651 | Ormat Technologies, Inc. | 24,556 | ||||||
856 | Otter Tail Corp. | 23,489 | ||||||
1,098 | Pattern Energy Group, Inc. | 25,682 | ||||||
580 | Piedmont Natural Gas Co., Inc. | 33,240 | ||||||
832 | PNM Resources, Inc. | 23,396 | ||||||
614 | Portland General Electric Co. | 22,767 | ||||||
751 | SJW Corp. | 23,829 | ||||||
934 | South Jersey Industries, Inc. | 24,760 | ||||||
391 | Southwest Gas Corp. | 24,031 | ||||||
2,466 | TerraForm Global, Inc., Class A(b) | 18,816 | ||||||
448 | UIL Holdings Corp. | 22,844 | ||||||
626 | Unitil Corp. | 22,204 | ||||||
1,671 | Vivint Solar, Inc.(b) | 19,768 | ||||||
406 | WGL Holdings, Inc. | 25,265 | ||||||
1,028 | York Water Co. (The) | 23,829 | ||||||
|
| |||||||
920,997 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $14,198,661) | 13,274,146 | |||||||
|
| |||||||
Money Market Fund—0.4% | ||||||||
57,107 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $57,107) | 57,107 | ||||||
|
| |||||||
Total Investments (Cost $14,255,768)—100.3% | 13,331,253 | |||||||
Other assets less liabilities—(0.3)% | (40,952 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 13,290,301 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) (continued)
October 31, 2015
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | Affiliated company. The Fund’s Adviser 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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
PowerShares Russell 2000 Pure Growth Portfolio (PXSG)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Information Technology | 30.8 | |||
Health Care | 27.6 | |||
Industrials | 14.1 | |||
Consumer Discretionary | 14.0 | |||
Financials | 5.7 | |||
Consumer Staples | 3.3 | |||
Materials | 2.7 | |||
Telecommunication Services | 1.1 | |||
Energy | 0.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—14.0% | ||||||||
5,713 | American Axle & Manufacturing Holdings, Inc.(b) | $ | 126,600 | |||||
1,698 | Asbury Automotive Group, Inc.(b) | 134,481 | ||||||
3,104 | BJ’s Restaurants, Inc.(b) | 133,255 | ||||||
321 | Bloomin’ Brands, Inc. | 5,447 | ||||||
7,802 | Blue Nile, Inc.(b) | 266,048 | ||||||
1,601 | Buffalo Wild Wings, Inc.(b) | 246,986 | ||||||
1,016 | Cheesecake Factory, Inc. (The) | 48,971 | ||||||
4,600 | ClubCorp Holdings, Inc. | 94,024 | ||||||
364 | Container Store Group, Inc. (The)(b) | 4,153 | ||||||
70 | Dave & Buster’s Entertainment, Inc.(b) | 2,700 | ||||||
1,057 | Dorman Products, Inc.(b) | 49,341 | ||||||
1,532 | Drew Industries, Inc. | 91,659 | ||||||
561 | Etsy, Inc.(b) | 6,115 | ||||||
3,461 | Five Below, Inc.(b) | 118,851 | ||||||
4,802 | Francesca’s Holdings Corp.(b) | 68,236 | ||||||
4,913 | Gentherm, Inc.(b) | 241,523 | ||||||
3,020 | Grand Canyon Education, Inc.(b) | 125,511 | ||||||
123 | Hibbett Sports, Inc.(b) | 4,202 | ||||||
2,179 | IMAX Corp.(b) | 83,652 | ||||||
6,422 | Installed Building Products, Inc.(b) | 142,247 | ||||||
2,292 | La Quinta Holdings, Inc.(b) | 34,724 | ||||||
1,709 | Liberty Tax, Inc., Class A | 39,461 | ||||||
5,277 | LifeLock, Inc.(b)(c) | 73,931 | ||||||
766 | Lithia Motors, Inc., Class A | 89,921 | ||||||
4,037 | Mattress Firm Holding Corp.(b)(c) | 171,855 | ||||||
155 | Men’s Wearhouse, Inc. (The) | 6,197 | ||||||
417 | Monro Muffler Brake, Inc. | 30,929 | ||||||
5,819 | Nautilus, Inc.(b) | 99,156 | ||||||
4,968 | Nexstar Broadcasting Group, Inc., Class A | 264,447 | ||||||
2,085 | Outerwall, Inc.(c) | 125,100 | ||||||
781 | Oxford Industries, Inc. | 56,872 | ||||||
775 | Papa John’s International, Inc. | 54,382 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
2,093 | Pier 1 Imports, Inc.(c) | $ | 15,530 | |||||
5,854 | Pinnacle Entertainment, Inc.(b) | 204,948 | ||||||
1,029 | Pool Corp. | 83,905 | ||||||
2,618 | Popeyes Louisiana Kitchen, Inc.(b) | 147,760 | ||||||
7,264 | Select Comfort Corp.(b) | 153,997 | ||||||
7,863 | Sinclair Broadcast Group, Inc., Class A | 235,969 | ||||||
1,699 | Steiner Leisure Ltd. (Bahamas)(b) | 107,649 | ||||||
86 | Tenneco, Inc.(b) | 4,867 | ||||||
10,094 | Tile Shop Holdings, Inc. (The)(b) | 146,464 | ||||||
225 | Vail Resorts, Inc. | 25,688 | ||||||
352 | Vince Holding Corp.(b) | 1,602 | ||||||
155 | Winmark Corp. | 15,616 | ||||||
2,432 | Zoe’s Kitchen, Inc.(b)(c) | 83,734 | ||||||
|
| |||||||
4,268,706 | ||||||||
|
| |||||||
Consumer Staples—3.3% | ||||||||
741 | Boston Beer Co., Inc. (The), Class A(b) | 162,716 | ||||||
2,590 | Calavo Growers, Inc. | 133,152 | ||||||
3,651 | Cal-Maine Foods, Inc.(c) | 195,183 | ||||||
96 | Casey’s General Stores, Inc. | 10,197 | ||||||
5,661 | Chefs’ Warehouse, Inc. (The)(b)(c) | 85,764 | ||||||
3,224 | Natural Health Trends Corp.(c) | 158,814 | ||||||
1,057 | PriceSmart, Inc. | 90,881 | ||||||
1,286 | USANA Health Sciences, Inc.(b) | 165,380 | ||||||
|
| |||||||
1,002,087 | ||||||||
|
| |||||||
Energy—0.7% | ||||||||
7,244 | RigNet, Inc.(b) | 217,320 | ||||||
|
| |||||||
Financials—5.7% | ||||||||
1,014 | Altisource Portfolio Solutions SA(b) | 27,185 | ||||||
1,216 | BofI Holding, Inc.(b)(c) | 97,292 | ||||||
3,859 | Cohen & Steers, Inc. | 118,047 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares Russell 2000 Pure Growth Portfolio (PXSG) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
4,218 | CoreSite Realty Corp. REIT | $ | 231,779 | |||||
317 | Diamond Hill Investment Group, Inc. | 63,416 | ||||||
37 | Evercore Partners, Inc., Class A | 1,998 | ||||||
320 | Fifth Street Asset Management, Inc., Class A | 1,875 | ||||||
4,949 | Financial Engines, Inc.(c) | 159,160 | ||||||
71 | GAMCO Investors, Inc., Class A | 4,095 | ||||||
2,608 | HFF, Inc., Class A | 90,028 | ||||||
2,062 | Marcus & Millichap, Inc.(b) | 89,841 | ||||||
2,263 | MarketAxess Holdings, Inc. | 229,265 | ||||||
2,574 | PRA Group, Inc.(b) | 141,055 | ||||||
221 | Ryman Hospitality Properties, Inc. REIT | 11,625 | ||||||
659 | Universal Health Realty Income Trust REIT | 32,746 | ||||||
1,856 | Universal Insurance Holdings, Inc. | 58,557 | ||||||
3,836 | Virtu Financial, Inc., Class A | 92,831 | ||||||
774 | Westwood Holdings Group, Inc. | 44,970 | ||||||
13,531 | WisdomTree Investments, Inc. | 260,201 | ||||||
|
| |||||||
1,755,966 | ||||||||
|
| |||||||
Health Care—27.6% | ||||||||
3,147 | AAC Holdings, Inc.(b)(c) | 73,010 | ||||||
4,358 | Abaxis, Inc. | 218,815 | ||||||
4,438 | ABIOMED, Inc.(b) | 326,903 | ||||||
3,211 | Achillion Pharmaceuticals, Inc.(b) | 25,110 | ||||||
1,800 | Adeptus Health, Inc., Class A(b)(c) | 116,802 | ||||||
6,174 | Aerie Pharmaceuticals, Inc.(b) | 140,829 | ||||||
3,126 | Agile Therapeutics, Inc.(b) | 24,820 | ||||||
2,194 | Air Methods Corp.(b) | 89,800 | ||||||
724 | ANI Pharmaceuticals, Inc.(b) | 30,292 | ||||||
39,356 | Antares Pharma, Inc.(b) | 54,311 | ||||||
31,910 | Arena Pharmaceuticals, Inc.(b) | 60,310 | ||||||
15,711 | ARIAD Pharmaceuticals, Inc.(b) | 107,463 | ||||||
5,647 | BioSpecifics Technologies Corp.(b) | 329,841 | ||||||
3,115 | Cambrex Corp.(b) | 143,197 | ||||||
3,301 | Castlight Health, Inc., Class B(b) | 16,703 | ||||||
1,870 | Catalent, Inc.(b) | 49,705 | ||||||
712 | Cempra, Inc.(b) | 15,806 | ||||||
3,713 | Cepheid, Inc.(b) | 124,014 | ||||||
6,695 | Civitas Solutions, Inc.(b) | 172,262 | ||||||
10,426 | CorMedix, Inc.(b) | 26,482 | ||||||
3,387 | CorVel Corp.(b) | 112,448 | ||||||
9,761 | Depomed, Inc.(b) | 170,817 | ||||||
115 | Enanta Pharmaceuticals, Inc.(b) | 3,230 | ||||||
4,745 | Endologix, Inc.(b) | 40,522 | ||||||
2,208 | Exact Sciences Corp.(b) | 18,393 | ||||||
6,476 | ExamWorks Group, Inc.(b) | 182,882 | ||||||
1,692 | Fluidigm Corp.(b) | 18,291 | ||||||
4,328 | Foamix Pharmaceuticals Ltd. (Israel)(b) | 30,859 | ||||||
5,729 | GenMark Diagnostics, Inc.(b) | 36,436 | ||||||
4,289 | Genomic Health, Inc.(b) | 89,726 | ||||||
7,572 | Halozyme Therapeutics, Inc.(b) | 118,502 | ||||||
4,552 | HealthEquity, Inc.(b) | 148,896 | ||||||
618 | HealthStream, Inc.(b) | 14,715 | ||||||
1,517 | HeartWare International, Inc.(b) | 65,519 | ||||||
6,272 | ImmunoGen, Inc.(b) | 73,382 | ||||||
2,311 | Imprivata, Inc.(b) | 24,936 | ||||||
2,402 | INC Research Holdings, Inc., Class A(b) | 100,187 | ||||||
64 | Infinity Pharmaceuticals, Inc.(b) | 662 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
112 | Insulet Corp.(b) | $ | 3,349 | |||||
2,133 | Intra-Cellular Therapies, Inc.(b) | 102,064 | ||||||
4,362 | Ironwood Pharmaceuticals, Inc., Class A(b) | 49,552 | ||||||
1,080 | K2M Group Holdings, Inc.(b) | 19,710 | ||||||
2,715 | La Jolla Pharmaceutical Co.(b) | 67,848 | ||||||
4,523 | Lannett Co., Inc.(b)(c) | 202,495 | ||||||
2,270 | Ligand Pharmaceuticals, Inc.(b) | 205,095 | ||||||
2,420 | LivaNova PLC (Italy)(b) | 160,398 | ||||||
1,947 | Masimo Corp.(b) | 77,257 | ||||||
3,698 | Medidata Solutions, Inc.(b) | 159,014 | ||||||
9,618 | MiMedx Group, Inc.(b)(c) | 70,019 | ||||||
2,748 | Molina Healthcare, Inc.(b) | 170,376 | ||||||
1,307 | Natus Medical, Inc.(b) | 59,508 | ||||||
10,969 | Nektar Therapeutics(b) | 130,202 | ||||||
3,316 | Neogen Corp.(b) | 179,230 | ||||||
46,853 | NeoGenomics, Inc.(b) | 330,314 | ||||||
941 | Nevro Corp.(b) | 38,365 | ||||||
3,773 | NewLink Genetics Corp.(b)(c) | 144,393 | ||||||
32,347 | Nobilis Health Corp.(b)(c) | 91,219 | ||||||
10,923 | Novavax, Inc.(b) | 73,730 | ||||||
2,394 | NuVasive, Inc.(b) | 112,901 | ||||||
181 | NxStage Medical, Inc.(b) | 3,025 | ||||||
2,486 | Ocular Therapeutix, Inc.(b) | 21,454 | ||||||
18,273 | Orexigen Therapeutics, Inc.(b)(c) | 55,550 | ||||||
3,686 | Pacira Pharmaceuticals, Inc.(b) | 184,116 | ||||||
1,193 | Paratek Pharmaceuticals, Inc.(b) | 20,710 | ||||||
�� | 3,255 | PAREXEL International Corp.(b) | 205,456 | |||||
18,087 | Pernix Therapeutics Holdings, Inc.(b) | 50,824 | ||||||
357 | Portola Pharmaceuticals, Inc.(b) | 16,997 | ||||||
1,043 | Press Ganey Holdings, Inc.(b) | 32,688 | ||||||
891 | Providence Service Corp. (The)(b) | 46,020 | ||||||
1,247 | Radius Health, Inc.(b) | 80,095 | ||||||
6,445 | RadNet, Inc.(b) | 42,601 | ||||||
2,093 | Relypsa, Inc.(b) | 33,467 | ||||||
6,784 | Repligen Corp.(b) | 225,500 | ||||||
733 | Sagent Pharmaceuticals, Inc.(b) | 12,322 | ||||||
17,869 | Sequenom, Inc.(b)(c) | 31,271 | ||||||
1,279 | STAAR Surgical Co.(b) | 10,424 | ||||||
15,805 | Sucampo Pharmaceuticals, Inc., Class A(b) | 305,985 | ||||||
10,886 | Supernus Pharmaceuticals, Inc.(b) | 179,619 | ||||||
2,608 | T2 Biosystems, Inc.(b) | 29,001 | ||||||
3,515 | Tandem Diabetes Care, Inc.(b) | 31,881 | ||||||
1,733 | Team Health Holdings, Inc.(b) | 103,408 | ||||||
8,027 | Teligent, Inc.(b)(c) | 58,356 | ||||||
10,913 | TherapeuticsMD, Inc.(b) | 64,059 | ||||||
4,646 | Vascular Solutions, Inc.(b) | 149,230 | ||||||
14,923 | VIVUS, Inc.(b)(c) | 18,803 | ||||||
28,748 | XenoPort, Inc.(b) | 175,650 | ||||||
10,497 | Zeltiq Aesthetics, Inc.(b) | 354,169 | ||||||
5,772 | Zogenix, Inc.(b) | 68,052 | ||||||
|
| |||||||
8,454,650 | ||||||||
|
| |||||||
Industrials—14.1% | ||||||||
5,118 | AAON, Inc. | 104,765 | ||||||
4,594 | Advanced Drainage Systems, Inc. | 144,344 | ||||||
1,583 | Allegiant Travel Co. | 312,563 | ||||||
4,013 | Allied Motion Technologies, Inc. | 77,411 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
PowerShares Russell 2000 Pure Growth Portfolio (PXSG) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
3,276 | American Woodmark Corp.(b) | $ | 238,165 | |||||
509 | Apogee Enterprises, Inc. | 25,211 | ||||||
303 | Astronics Corp.(b) | 11,456 | ||||||
374 | AZZ, Inc. | 20,693 | ||||||
2,200 | Barrett Business Services, Inc. | 107,756 | ||||||
23,241 | Builders FirstSource, Inc.(b) | 274,709 | ||||||
4,023 | Dycom Industries, Inc.(b) | 306,110 | ||||||
4,979 | Echo Global Logistics, Inc.(b) | 118,450 | ||||||
6,951 | Enphase Energy, Inc.(b)(c) | 25,024 | ||||||
968 | Forward Air Corp. | 43,909 | ||||||
250 | GP Strategies Corp.(b) | 6,273 | ||||||
1,437 | Greenbrier Cos., Inc. (The) | 54,663 | ||||||
9,348 | Hawaiian Holdings, Inc.(b) | 324,376 | ||||||
7,870 | Healthcare Services Group, Inc. | 293,236 | ||||||
155 | Heartland Express, Inc. | 2,919 | ||||||
303 | HEICO Corp. | 15,283 | ||||||
1,650 | HNI Corp. | 70,851 | ||||||
3,156 | Insperity, Inc. | 146,628 | ||||||
8,546 | Kforce, Inc. | 240,228 | ||||||
1,451 | Knight Transportation, Inc. | 36,884 | ||||||
2,936 | Multi-Color Corp. | 228,538 | ||||||
723 | Nortek, Inc.(b) | 44,356 | ||||||
1,857 | NV5 Holdings, Inc.(b) | 43,231 | ||||||
1,746 | On Assignment, Inc.(b) | 78,762 | ||||||
1,586 | P.A.M. Transportation Services, Inc.(b) | 56,636 | ||||||
4,249 | Patrick Industries, Inc.(b) | 172,424 | ||||||
20,661 | PGT, Inc.(b) | 249,172 | ||||||
2,183 | Power Solutions International, Inc.(b)(c) | 39,381 | ||||||
3,695 | Stock Building Supply Holdings, Inc.(b) | 63,850 | ||||||
2,246 | Sun Hydraulics Corp. | 65,785 | ||||||
4,601 | Swift Transportation Co., Class A(b) | 71,914 | ||||||
4,195 | TASER International, Inc.(b) | 98,205 | ||||||
1,237 | Trex Co., Inc.(b) | 48,330 | ||||||
719 | WageWorks, Inc.(b) | 34,526 | ||||||
|
| |||||||
4,297,017 | ||||||||
|
| |||||||
Information Technology—30.8% | ||||||||
6,953 | ACI Worldwide, Inc.(b) | 166,524 | ||||||
158 | Ambarella, Inc.(b) | 7,812 | ||||||
9,798 | Angie’s List, Inc.(b)(c) | 75,739 | ||||||
2,004 | Apigee Corp.(b)(c) | 19,339 | ||||||
3,208 | Aspen Technology, Inc.(b) | 132,779 | ||||||
2,629 | AVG Technologies NV(b) | 62,307 | ||||||
1,542 | Belden, Inc. | 98,734 | ||||||
127 | Benefitfocus, Inc.(b) | 4,059 | ||||||
2,912 | Blackbaud, Inc. | 182,553 | ||||||
1,361 | Box, Inc., Class A(b) | 16,985 | ||||||
4,887 | BroadSoft, Inc.(b) | 156,237 | ||||||
10,985 | CalAmp Corp.(b) | 208,276 | ||||||
3,483 | Callidus Software, Inc.(b) | 60,500 | ||||||
1,548 | Carbonite, Inc.(b) | 15,666 | ||||||
1,107 | Cardtronics, Inc.(b) | 38,191 | ||||||
4,038 | Cavium, Inc.(b) | 286,496 | ||||||
1,483 | Cimpress NV(Netherlands)(b)(c) | 117,009 | ||||||
16,131 | Clearfield, Inc.(b)(c) | 226,318 | ||||||
2,121 | CommVault Systems, Inc.(b) | 85,943 | ||||||
1,849 | comScore, Inc.(b) | 79,100 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
3,460 | Constant Contact, Inc.(b) | $ | 90,306 | |||||
1,439 | Cornerstone OnDemand, Inc.(b) | 45,328 | ||||||
2,722 | Demandware, Inc.(b) | 154,337 | ||||||
17,632 | EarthLink Holdings Corp. | 150,754 | ||||||
4,227 | Eastman Kodak Co.(b) | 52,922 | ||||||
1,959 | Ellie Mae, Inc.(b) | 142,968 | ||||||
5,615 | Endurance International Group Holdings, Inc.(b)(c) | 74,848 | �� | |||||
4,233 | Envestnet, Inc.(b) | 126,397 | ||||||
2,779 | EPAM Systems, Inc.(b) | 214,956 | ||||||
2,020 | Fair Isaac Corp. | 186,587 | ||||||
538 | FEI Co. | 38,838 | ||||||
4,520 | Five9, Inc.(b) | 19,572 | ||||||
3,588 | Fleetmatics Group PLC(b) | 199,708 | ||||||
2,686 | Forrester Research, Inc. | 86,677 | ||||||
4,382 | Gigamon, Inc.(b) | 114,940 | ||||||
2,130 | Globant SA(b)(c) | 73,634 | ||||||
3,230 | GrubHub, Inc.(b)(c) | 77,455 | ||||||
5,748 | GTT Communications, Inc.(b) | 107,603 | ||||||
6,624 | Hackett Group, Inc. (The) | 98,565 | ||||||
792 | Hortonworks, Inc.(b) | 15,412 | ||||||
537 | HubSpot, Inc.(b) | 27,860 | ||||||
17,886 | Immersion Corp.(b) | 232,160 | ||||||
261 | Imperva, Inc.(b) | 18,432 | ||||||
6,498 | Infinera Corp.(b) | 128,400 | ||||||
5,482 | Inphi Corp.(b) | 163,199 | ||||||
364 | InvenSense, Inc.(b) | 4,339 | ||||||
560 | j2 Global, Inc. | 43,428 | ||||||
2,792 | Jive Software, Inc.(b) | 13,597 | ||||||
4,069 | Lionbridge Technologies, Inc.(b) | 21,932 | ||||||
4,413 | LogMeIn, Inc.(b) | 297,260 | ||||||
1,757 | Luxoft Holding, Inc., Class A(b) | 117,086 | ||||||
1,947 | M/A-COM Technology Solutions Holdings, Inc.(b) | 65,692 | ||||||
1,873 | Manhattan Associates, Inc.(b) | 136,448 | ||||||
16 | Marketo, Inc.(b) | 471 | ||||||
48,398 | Mattson Technology, Inc.(b) | 113,251 | ||||||
2,070 | MAXIMUS, Inc. | 141,174 | ||||||
24,422 | MaxLinear, Inc., Class A(b) | 317,486 | ||||||
3,113 | Methode Electronics, Inc. | 103,756 | ||||||
962 | Microsemi Corp.(b) | 34,642 | ||||||
703 | MicroStrategy, Inc., Class A(b) | 120,965 | ||||||
676 | New Relic, Inc.(b) | 26,803 | ||||||
1,106 | NIC, Inc. | 20,981 | ||||||
1,306 | Nimble Storage, Inc.(b) | 29,516 | ||||||
1,546 | OPOWER, Inc.(b)(c) | 14,919 | ||||||
4,962 | Paycom Software, Inc.(b) | 188,606 | ||||||
1,120 | Paylocity Holding Corp.(b) | 37,598 | ||||||
2,806 | Pegasystems, Inc. | 78,259 | ||||||
234 | Proofpoint, Inc.(b) | 16,483 | ||||||
4,525 | PROS Holdings, Inc.(b) | 108,691 | ||||||
1,040 | Q2 Holdings, Inc.(b) | 25,636 | ||||||
5,331 | Qlik Technologies, Inc.(b) | 167,233 | ||||||
2,650 | Qualys, Inc.(b) | 93,598 | ||||||
5,399 | Quotient Technology, Inc.(b)(c) | 29,910 | ||||||
2,049 | Rambus, Inc.(b) | 21,146 | ||||||
10,559 | RealPage, Inc.(b) | 178,447 | ||||||
1,516 | RingCentral, Inc., Class A(b) | 28,046 | ||||||
8,729 | Rubicon Project, Inc. (The)(b) | 132,332 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares Russell 2000 Pure Growth Portfolio (PXSG) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
2,540 | SPS Commerce, Inc.(b) | $ | 182,423 | |||||
1,411 | Stamps.com, Inc.(b) | 106,686 | ||||||
2,432 | Synaptics, Inc.(b) | 206,939 | ||||||
3,209 | Synchronoss Technologies, Inc.(b) | 112,893 | ||||||
2,779 | Tangoe, Inc.(b) | 23,010 | ||||||
16,162 | TiVo, Inc.(b) | 146,751 | ||||||
1 | TrueCar, Inc.(b) | 6 | ||||||
1,475 | Tyler Technologies, Inc.(b) | 251,281 | ||||||
2,544 | Universal Display Corp.(b) | 87,285 | ||||||
912 | Varonis Systems, Inc.(b) | 14,565 | ||||||
5,340 | VASCO Data Security International, Inc.(b)(c) | 101,513 | ||||||
1,012 | Violin Memory, Inc.(b) | 1,629 | ||||||
1,674 | Virtusa Corp.(b) | 96,138 | ||||||
74 | Web.com Group, Inc.(b) | 1,737 | ||||||
4,745 | WebMD Health Corp.(b) | 192,932 | ||||||
113 | Wix.com Ltd. (Israel)(b) | 2,500 | ||||||
2,019 | Workiva, Inc., Class A(b) | 33,475 | ||||||
11,030 | Yodlee, Inc.(b) | 185,083 | ||||||
933 | Zendesk, Inc.(b) | 18,772 | ||||||
47,441 | Zix Corp.(b) | 245,744 | ||||||
|
| |||||||
9,423,518 | ||||||||
|
| |||||||
Materials—2.7% | ||||||||
2,184 | Balchem Corp. | 149,167 | ||||||
136 | Deltic Timber Corp. | 8,427 | ||||||
11,236 | Globe Specialty Metals, Inc. | 141,798 | ||||||
2,348 | Koppers Holdings, Inc. | 44,518 | ||||||
5,311 | PolyOne Corp. | 177,600 | ||||||
3,607 | Summit Materials, Inc., Class A(b) | 75,964 | ||||||
3,505 | Trinseo SA(b)(c) | 113,737 | ||||||
2,159 | US Concrete, Inc.(b) | 119,738 | ||||||
|
| |||||||
830,949 | ||||||||
|
| |||||||
Telecommunication Services—1.1% | ||||||||
5,997 | Cogent Communications Group, Inc. | 184,228 | ||||||
1,012 | FairPoint Communications, Inc.(b) | 16,232 | ||||||
6,723 | General Communication, Inc., Class A(b) | 136,914 | ||||||
|
| |||||||
337,374 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $31,901,077) | 30,587,587 | |||||||
|
| |||||||
Warrants—0.0% | ||||||||
Energy—0.0% | ||||||||
637 | Magnum Hunter Resources Corp., expiring 05/15/16(b) (Cost $0) | 0 | ||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
54,539 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $54,539) | 54,539 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $31,955,616)—100.2% | 30,642,126 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.7% | ||||||||
2,063,827 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $2,063,827) | $ | 2,063,827 | |||||
|
| |||||||
Total Investments (Cost $34,019,443)—106.9% | | 32,705,953 | | |||||
Other assets less liabilities—(6.9)% | (2,118,153 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 30,587,800 | ||||||
|
|
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, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
PowerShares Russell 2000 Pure Value Portfolio (PXSV)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Financials | 56.5 | |||
Energy | 10.8 | |||
Utilities | 8.2 | |||
Information Technology | 7.5 | |||
Industrials | 7.2 | |||
Consumer Discretionary | 5.8 | |||
Telecommunication Services | 1.9 | |||
Health Care | 1.6 | |||
Consumer Staples | 0.3 | |||
Materials | 0.1 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—5.8% | ||||||||
26,961 | Apollo Education Group, Inc., Class A(b) | $ | 195,737 | |||||
2,500 | Ascent Capital Group, Inc., Series A(b) | 54,450 | ||||||
4,366 | Barnes & Noble Education, Inc.(b) | 64,398 | ||||||
6,908 | Barnes & Noble, Inc. | 89,735 | ||||||
128,859 | bebe stores, Inc.(c) | 143,033 | ||||||
94,541 | Career Education Corp.(b) | 341,293 | ||||||
13,625 | DeVry Education Group, Inc. | 321,005 | ||||||
1,346 | FTD Cos., Inc.(b) | 38,119 | ||||||
19,320 | Guess?, Inc. | 406,686 | ||||||
18,496 | Harte-Hanks, Inc. | 78,608 | ||||||
97 | Haverty Furniture Cos., Inc. | 2,271 | ||||||
8,429 | International Speedway Corp., Class A | 292,402 | ||||||
10,272 | New Media Investment Group, Inc. | 165,379 | ||||||
2,789 | Pep Boys-Manny, Moe & Jack (The)(b) | 41,947 | ||||||
20,792 | Regis Corp.(b) | 343,484 | ||||||
3,641 | Remy International, Inc. | 107,373 | ||||||
14,234 | Ruby Tuesday, Inc.(b) | 74,444 | ||||||
1,840 | Scholastic Corp. | 75,201 | ||||||
20,418 | Speedway Motorsports, Inc. | 377,120 | ||||||
3,225 | Stage Stores, Inc. | 31,379 | ||||||
5,095 | Stein Mart, Inc. | 45,142 | ||||||
8,062 | Taylor Morrison Home Corp., Class A(b) | 148,583 | ||||||
18,400 | Time, Inc. | 341,872 | ||||||
|
| |||||||
3,779,661 | ||||||||
|
| |||||||
Consumer Staples—0.3% | ||||||||
1,452 | Fresh Del Monte Produce, Inc. | 66,255 | ||||||
2,725 | Universal Corp. | 147,177 | ||||||
207 | Weis Markets, Inc. | 8,516 | ||||||
|
| |||||||
221,948 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—10.8% | ||||||||
3,753 | Ardmore Shipping Corp. (Ireland) | $ | 53,856 | |||||
61,733 | Bill Barrett Corp.(b)(c) | 300,640 | ||||||
71,803 | Callon Petroleum Co.(b) | 623,250 | ||||||
1,127 | CARBO Ceramics, Inc. | 19,745 | ||||||
895 | Clayton Williams Energy, Inc.(b) | 53,315 | ||||||
97,104 | Cloud Peak Energy, Inc.(b)(c) | 288,399 | ||||||
35,005 | Contango Oil & Gas Co.(b) | 267,788 | ||||||
10,433 | DHT Holdings, Inc. | 82,003 | ||||||
11,111 | Eclipse Resources Corp.(b)(c) | 23,889 | ||||||
35,034 | Energy XXI Ltd. | 60,609 | ||||||
6,175 | Era Group, Inc.(b) | 85,894 | ||||||
46,628 | EXCO Resources, Inc.(b)(c) | 52,223 | ||||||
13,687 | Exterran Holdings, Inc. | 297,555 | ||||||
9,353 | Forum Energy Technologies, Inc.(b) | 123,927 | ||||||
39,175 | Frontline Ltd. (Norway)(b)(c) | 123,793 | ||||||
31,389 | Gastar Exploration, Inc.(b) | 49,281 | ||||||
9,366 | Geospace Technologies Corp.(b) | 143,862 | ||||||
18,355 | Gulfmark Offshore, Inc., Class A(c) | 114,535 | ||||||
542,758 | Halcon Resources Corp.(b)(c) | 380,528 | ||||||
35,863 | Helix Energy Solutions Group, Inc.(b) | 207,288 | ||||||
18,212 | Hornbeck Offshore Services, Inc.(b)(c) | 246,044 | ||||||
9,841 | Jones Energy, Inc., Class A(b) | 50,583 | ||||||
163,475 | Key Energy Services, Inc.(b)(c) | 85,890 | ||||||
90,887 | McDermott International, Inc.(b)(c) | 418,989 | ||||||
174,350 | North Atlantic Drilling Ltd. (Norway)(b)(c) | 143,926 | ||||||
10,237 | Oil States International, Inc.(b) | 307,212 | ||||||
44,996 | Pacific Ethanol, Inc.(b)(c) | 270,426 | ||||||
100,712 | Parker Drilling Co.(b) | 288,036 | ||||||
65 | PDC Energy, Inc.(b) | 3,922 | ||||||
8,242 | Peabody Energy Corp.(c) | 105,415 | ||||||
38,227 | Penn Virginia Corp.(b)(c) | 23,659 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
PowerShares Russell 2000 Pure Value Portfolio (PXSV) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
359,812 | SandRidge Energy, Inc.(b) | $ | 133,238 | |||||
3,408 | Scorpio Tankers, Inc. (Monaco) | 31,081 | ||||||
36,140 | Seventy Seven Energy, Inc.(b)(c) | 41,200 | ||||||
31,758 | Ship Finance International Ltd. (Norway)(c) | 542,744 | ||||||
38,350 | Stone Energy Corp.(b) | 214,377 | ||||||
13,150 | Tesco Corp. | 105,200 | ||||||
63,004 | TETRA Technologies, Inc.(b) | 424,647 | ||||||
7,934 | Tidewater, Inc.(c) | 97,985 | ||||||
38,644 | W&T Offshore, Inc.(c) | 125,979 | ||||||
|
| |||||||
7,012,933 | ||||||||
|
| |||||||
Financials—56.5% | ||||||||
8,207 | 1st Source Corp. | 260,654 | ||||||
17,207 | AG Mortgage Investment Trust, Inc. REIT | 261,718 | ||||||
5,515 | Agree Realty Corp. REIT | 178,576 | ||||||
18,587 | American Capital Mortgage Investment Corp. REIT | 269,697 | ||||||
4,310 | American Equity Investment Life Holding Co. | 110,681 | ||||||
4,419 | American Residential Properties, Inc. REIT | 73,223 | ||||||
15,343 | Apollo Commercial Real Estate Finance, Inc. REIT | 254,847 | ||||||
7,523 | Apollo Residential Mortgage, Inc. REIT | 96,821 | ||||||
1,247 | Argo Group International Holdings Ltd. | 77,962 | ||||||
13,003 | Arlington Asset Investment Corp., Class A | 180,092 | ||||||
13,973 | Armada Hoffler Properties, Inc. REIT | 150,070 | ||||||
9,611 | ARMOUR Residential REIT, Inc. REIT | 197,218 | ||||||
27,638 | Astoria Financial Corp. | 441,103 | ||||||
2,017 | BancFirst Corp. | 124,308 | ||||||
2,292 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 61,953 | ||||||
14,050 | Bancorp, Inc. (The)(b) | 101,160 | ||||||
16,904 | BankFinancial Corp. | 208,426 | ||||||
4,952 | Banner Corp. | 242,995 | ||||||
19,759 | BBCN Bancorp, Inc. | 331,754 | ||||||
21,597 | Beneficial Bancorp, Inc.(b) | 299,550 | ||||||
7,560 | Berkshire Hills Bancorp, Inc. | 216,216 | ||||||
9,793 | Blue Hills Bancorp, Inc. | 138,963 | ||||||
13,445 | Bluerock Residential Growth REIT, Inc., Class A REIT | 157,575 | ||||||
3,821 | Boston Private Financial Holdings, Inc. | 43,789 | ||||||
7,648 | Bryn Mawr Bank Corp. | 222,786 | ||||||
30,832 | Calamos Asset Management, Inc., Class A | 289,513 | ||||||
26,030 | Campus Crest Communities, Inc. REIT | 172,579 | ||||||
26,101 | Capitol Federal Financial, Inc. | 338,791 | ||||||
34,173 | Capstead Mortgage Corp. REIT | 329,769 | ||||||
15,213 | Cash America International, Inc. | 525,305 | ||||||
18,418 | CatchMark Timber Trust, Inc., Class A REIT | 201,677 | ||||||
3,688 | Cathay General Bancorp | 115,434 | ||||||
7,726 | Cedar Realty Trust, Inc. REIT | 54,005 | ||||||
3,661 | Centerstate Banks, Inc. | 53,377 | ||||||
3,954 | Central Pacific Financial Corp. | 88,411 | ||||||
40,150 | Chambers Street Properties REIT | 284,262 | ||||||
9,364 | Chatham Lodging Trust REIT | 214,342 | ||||||
6,780 | Chemical Financial Corp. | 230,045 | ||||||
4,546 | City Holding Co. | 217,435 | ||||||
10,745 | Clifton Bancorp, Inc. | 156,662 | ||||||
21,931 | CoBiz Financial, Inc. | 273,260 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
6,075 | Colony Capital, Inc., Class A REIT | $ | 123,566 | |||||
1,787 | Columbia Banking System, Inc. | 59,543 | ||||||
3,479 | Community Bank System, Inc. | 141,804 | ||||||
6,550 | Community Trust Bancorp, Inc. | 225,779 | ||||||
29,570 | Cousins Properties, Inc. REIT | 296,883 | ||||||
7,949 | CVB Financial Corp. | 138,710 | ||||||
45,746 | CYS Investments, Inc. REIT | 353,159 | ||||||
9,226 | DCT Industrial Trust, Inc. REIT | 342,469 | ||||||
24,282 | DiamondRock Hospitality Co. REIT | 283,614 | ||||||
22,871 | Dime Community Bancshares, Inc. | 396,812 | ||||||
39,888 | Dynex Capital, Inc. REIT(c) | 264,457 | ||||||
7,595 | Education Realty Trust, Inc. REIT | 272,736 | ||||||
16,861 | Enterprise Financial Services Corp. | 478,178 | ||||||
4,440 | EPR Properties REIT | 252,236 | ||||||
3,054 | EverBank Financial Corp. | 52,712 | ||||||
21,988 | EZCORP, Inc., Class A(b) | 146,440 | ||||||
21,859 | F.N.B. Corp. | 294,441 | ||||||
5,200 | FBL Financial Group, Inc., Class A | 327,080 | ||||||
8,392 | Federal Agricultural Mortgage Corp., Class C | 246,389 | ||||||
3,958 | Fidelity & Guaranty Life | 105,679 | ||||||
14,857 | Fidelity Southern Corp. | 311,254 | ||||||
1,253 | First American Financial Corp. | 47,777 | ||||||
32,759 | First BanCorp(b) | 124,157 | ||||||
11,332 | First Busey Corp. | 236,499 | ||||||
333 | First Citizens BancShares, Inc., Class A | 85,295 | ||||||
8,030 | First Defiance Financial Corp. | 307,549 | ||||||
10,245 | First Financial Bancorp | 197,524 | ||||||
5,718 | First Financial Corp. | 195,956 | ||||||
3,275 | First Industrial Realty Trust, Inc. REIT | 71,002 | ||||||
5,320 | First Interstate BancSystem, Inc., Class A | 150,875 | ||||||
17,005 | First Merchants Corp. | 446,041 | ||||||
872 | First Midwest Bancorp, Inc. | 15,539 | ||||||
778 | First NBC Bank Holding Co.(b) | 28,934 | ||||||
26,160 | First Potomac Realty Trust REIT | 308,426 | ||||||
9,151 | FirstMerit Corp. | 171,947 | ||||||
22,149 | Flagstar Bancorp, Inc.(b) | 492,594 | ||||||
18,999 | Flushing Financial Corp. | 399,739 | ||||||
26,704 | Fulton Financial Corp. | 358,368 | ||||||
156 | Getty Realty Corp. REIT | 2,633 | ||||||
888 | Glacier Bancorp, Inc. | 24,296 | ||||||
6,545 | Gladstone Commercial Corp. REIT | 104,785 | ||||||
6,141 | Government Properties Income Trust REIT | 99,975 | ||||||
12,525 | Gramercy Property Trust, Inc. REIT | 284,067 | ||||||
10,132 | Great Ajax Corp. REIT | 131,007 | ||||||
7,428 | Great Southern Bancorp, Inc. | 358,995 | ||||||
13,318 | Great Western Bancorp, Inc. | 376,367 | ||||||
1,409 | Green Dot Corp., Class A(b) | 26,123 | ||||||
5,761 | Guaranty Bancorp | 94,941 | ||||||
11,680 | Hancock Holding Co. | 322,368 | ||||||
10,408 | Hanmi Financial Corp. | 265,404 | ||||||
1,869 | Heartland Financial USA, Inc. | 68,854 | ||||||
12,684 | Hersha Hospitality Trust REIT | 304,543 | ||||||
13,643 | HomeTrust Bancshares, Inc.(b) | 258,398 | ||||||
6,319 | Horace Mann Educators Corp. | 216,363 | ||||||
261 | Hudson Pacific Properties, Inc. REIT | 7,457 | ||||||
491 | IBERIABANK Corp. | 29,769 | ||||||
44,924 | Independence Realty Trust, Inc. REIT | 352,204 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
PowerShares Russell 2000 Pure Value Portfolio (PXSV) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
5,319 | Independent Bank Corp./MA | $ | 248,610 | |||||
19,963 | Independent Bank Corp./MI | 289,064 | ||||||
8,149 | International Bancshares Corp. | 219,616 | ||||||
21,287 | Invesco Mortgage Capital, Inc. REIT(d) | 256,508 | ||||||
15,685 | Investors Real Estate Trust REIT(c) | 127,362 | ||||||
24,893 | iStar, Inc. REIT(b) | 322,115 | ||||||
4,167 | James River Group Holdings Ltd. | 122,635 | ||||||
12,927 | JG Wentworth Co. (The), Class A(b)(c) | 66,186 | ||||||
2,472 | Kite Realty Group Trust REIT | 65,286 | ||||||
30,015 | Lakeland Bancorp, Inc. | 349,074 | ||||||
1,961 | Lakeland Financial Corp. | 88,108 | ||||||
3,158 | LaSalle Hotel Properties REIT | 92,877 | ||||||
17,718 | Lexington Realty Trust REIT | 156,627 | ||||||
12,307 | Mack-Cali Realty Corp. REIT | 267,800 | ||||||
11,449 | MainSource Financial Group, Inc. | 247,756 | ||||||
15,205 | MBIA, Inc.(b) | 114,190 | ||||||
4,738 | Mercantile Bank Corp. | 104,520 | ||||||
9,603 | Monmouth Real Estate Investment Corp. REIT(c) | 99,967 | ||||||
18,163 | Monogram Residential Trust, Inc. REIT | 179,087 | ||||||
27,340 | National Penn Bancshares, Inc. | 329,174 | ||||||
583 | National Western Life Group, Inc., Class A | 150,408 | ||||||
2,142 | Nationstar Mortgage Holdings, Inc.(b)(c) | 28,424 | ||||||
202 | Navigators Group, Inc. (The)(b) | 17,241 | ||||||
14,800 | NBT Bancorp, Inc. | 416,028 | ||||||
3,614 | Nelnet, Inc., Class A | 129,309 | ||||||
11,440 | NexPoint Residential Trust, Inc. REIT | 150,779 | ||||||
21,171 | Northwest Bancshares, Inc. | 284,962 | ||||||
22,820 | OFG Bancorp | 210,172 | ||||||
12,788 | Old National Bancorp | 179,032 | ||||||
14,860 | One Liberty Properties, Inc. REIT | 350,102 | ||||||
4,975 | Oppenheimer Holdings, Inc., Class A | 91,291 | ||||||
20,349 | Orchid Island Capital, Inc. REIT(c) | 180,699 | ||||||
6,859 | Pacific Continental Corp. | 98,358 | ||||||
348 | Park National Corp. | 31,571 | ||||||
707 | Parkway Properties, Inc. REIT | 11,828 | ||||||
18,697 | PennyMac Mortgage Investment Trust REIT | 273,350 | ||||||
3,748 | Peoples Bancorp, Inc. | 71,812 | ||||||
16,577 | PHH Corp.(b) | 243,682 | ||||||
4,507 | Piper Jaffray Cos.(b) | 160,314 | ||||||
17,569 | Preferred Apartment Communities, Inc., Class A REIT | 192,381 | ||||||
5,037 | Prosperity Bancshares, Inc. | 258,801 | ||||||
16,357 | Provident Financial Services, Inc. | 332,374 | ||||||
14,742 | QCR Holdings, Inc. | 335,823 | ||||||
19,066 | Radian Group, Inc. | 275,885 | ||||||
55,652 | RAIT Financial Trust REIT | 269,912 | ||||||
13,393 | Ramco-Gershenson Properties Trust REIT | 225,002 | ||||||
358 | RCS Capital Corp., Class A(b) | 271 | ||||||
490 | Redwood Trust, Inc. REIT | 6,507 | ||||||
1,928 | Resource Capital Corp. REIT(c) | 24,756 | ||||||
7,453 | Retail Opportunity Investments Corp. REIT | 135,123 | ||||||
12,492 | Rexford Industrial Realty, Inc. REIT | 189,254 | ||||||
6,784 | S&T Bancorp, Inc. | 216,274 | ||||||
18 | Safety Insurance Group, Inc. | 1,043 | ||||||
6,594 | Sandy Spring Bancorp, Inc. | 181,335 | ||||||
14,615 | Select Income REIT | 295,223 | ||||||
4,822 | Selective Insurance Group, Inc. | 175,955 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
5,518 | Silver Bay Realty Trust Corp. REIT | $ | 89,392 | |||||
9,961 | Southside Bancshares, Inc. | 267,951 | ||||||
6,884 | Starwood Waypoint Residential Trust REIT | 169,346 | ||||||
2,418 | Stock Yards Bancorp, Inc. | 91,110 | ||||||
7,860 | STORE Capital Corp. REIT | 178,186 | ||||||
6,368 | Summit Hotel Properties, Inc. REIT | 83,293 | ||||||
6,429 | Symetra Financial Corp. | 203,992 | ||||||
6,859 | Talmer Bancorp, Inc., Class A | 115,368 | ||||||
122 | Tejon Ranch Co.(b) | 2,749 | ||||||
3,028 | Terreno Realty Corp. REIT | 67,767 | ||||||
4,236 | Tompkins Financial Corp. | 229,930 | ||||||
5,687 | TowneBank | 122,043 | ||||||
10,654 | TriCo Bancshares | 280,839 | ||||||
29,010 | Triumph Bancorp, Inc.(b) | 484,177 | ||||||
14,184 | TrustCo Bank Corp. NY | 88,366 | ||||||
8,026 | Trustmark Corp. | 192,865 | ||||||
4,615 | Umpqua Holdings Corp. | 77,071 | ||||||
9,563 | Union Bankshares Corp. | 239,553 | ||||||
6,103 | United Bankshares, Inc. | 241,374 | ||||||
1,136 | United Community Banks, Inc. | 22,902 | ||||||
50,663 | United Community Financial Corp. | 277,633 | ||||||
12,823 | United Development Funding IV REIT(c) | 220,556 | ||||||
37,466 | Valley National Bancorp | 393,393 | ||||||
16,229 | Washington Federal, Inc. | 404,751 | ||||||
6,940 | Washington Trust Bancorp, Inc. | 269,272 | ||||||
9,305 | Webster Financial Corp. | 345,216 | ||||||
9,508 | WesBanco, Inc. | 310,436 | ||||||
528 | Westamerica Bancorp. | 23,343 | ||||||
21,778 | Western Asset Mortgage Capital Corp. REIT(c) | 248,705 | ||||||
24,506 | Whitestone REIT | 302,894 | ||||||
1,651 | Wintrust Financial Corp. | 83,359 | ||||||
13,771 | WSFS Financial Corp. | 437,505 | ||||||
|
| |||||||
36,834,896 | ||||||||
|
| |||||||
Health Care—1.6% | ||||||||
41,232 | BioScrip, Inc.(b)(c) | 81,227 | ||||||
19,099 | Endocyte, Inc.(b)(c) | 98,169 | ||||||
114,174 | Five Star Quality Care, Inc.(b) | 373,349 | ||||||
3,149 | Halyard Health, Inc.(b) | 93,462 | ||||||
11,357 | Hanger, Inc.(b) | 163,768 | ||||||
10,605 | Invacare Corp. | 183,254 | ||||||
3,690 | Kindred Healthcare, Inc. | 49,446 | ||||||
243 | PharMerica Corp.(b) | 6,943 | ||||||
|
| |||||||
1,049,618 | ||||||||
|
| |||||||
Industrials—7.2% | ||||||||
11,797 | AAR Corp. | 267,674 | ||||||
64,664 | ACCO Brands Corp.(b) | 521,838 | ||||||
13,315 | Aerovironment, Inc.(b) | 307,177 | ||||||
11,441 | Air Transport Services Group, Inc.(b) | 112,007 | ||||||
3,532 | Aircastle Ltd. | 80,035 | ||||||
3,475 | Brady Corp., Class A | 79,056 | ||||||
755 | CIRCOR International, Inc. | 34,670 | ||||||
57,982 | Civeo Corp. | 107,847 | ||||||
2,663 | Columbus McKinnon Corp. | 49,771 | ||||||
2,732 | Cubic Corp. | 122,530 | ||||||
16,659 | Eagle Bulk Shipping, Inc.(b) | 101,620 | ||||||
5,222 | Ennis, Inc. | 104,597 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
PowerShares Russell 2000 Pure Value Portfolio (PXSV) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
8,900 | ESCO Technologies, Inc. | $ | 330,101 | |||||
35,479 | Golden Ocean Group Ltd. (Norway)(c) | 69,894 | ||||||
18,347 | MRC Global, Inc.(b) | 218,329 | ||||||
15,210 | Navigant Consulting, Inc.(b) | 261,612 | ||||||
24,462 | Navios Maritime Holdings, Inc. (Monaco)(c) | 51,615 | ||||||
4,550 | Northwest Pipe Co.(b) | 60,106 | ||||||
10,454 | Powell Industries, Inc. | 348,327 | ||||||
49,807 | Republic Airways Holdings, Inc.(b) | 286,888 | ||||||
153,470 | Safe Bulkers, Inc. (Greece)(c) | 472,688 | ||||||
8,205 | Tetra Tech, Inc. | 220,715 | ||||||
3,913 | Veritiv Corp.(b) | 164,346 | ||||||
1,485 | Viad Corp. | 44,713 | ||||||
4,815 | VSE Corp. | 276,670 | ||||||
|
| |||||||
4,694,826 | ||||||||
|
| |||||||
Information Technology—7.5% | ||||||||
16,230 | Acxiom Corp.(b) | 359,008 | ||||||
3,952 | ADTRAN, Inc. | 61,375 | ||||||
69,956 | Amkor Technology, Inc.(b) | 435,126 | ||||||
26,245 | AVX Corp. | 354,307 | ||||||
10,433 | Black Box Corp. | 127,387 | ||||||
51,297 | Checkpoint Systems, Inc. | 383,702 | ||||||
8,984 | Cohu, Inc. | 113,109 | ||||||
4,584 | Comtech Telecommunications Corp. | 110,749 | ||||||
19,904 | EMCORE Corp.(b) | 136,143 | ||||||
6,248 | Fabrinet (Thailand)(b) | 135,394 | ||||||
12,664 | ManTech International Corp., Class A | 365,990 | ||||||
10,833 | Mercury Systems, Inc.(b) | 185,894 | ||||||
1,034 | MKS Instruments, Inc. | 36,438 | ||||||
1,394 | MoneyGram International, Inc.(b) | 14,093 | ||||||
447 | Multi-Fineline Electronix, Inc.(b) | 8,305 | ||||||
64,535 | Oclaro, Inc.(b)(c) | 189,088 | ||||||
11,121 | Pericom Semiconductor Corp. | 194,061 | ||||||
1,342 | Photronics, Inc.(b) | 12,870 | ||||||
6,592 | QLogic Corp.(b) | 81,741 | ||||||
16,533 | QuinStreet, Inc.(b) | 91,758 | ||||||
15,960 | Sanmina Corp.(b) | 329,893 | ||||||
80,150 | SeaChange International, Inc.(b) | 518,570 | ||||||
19,083 | Sonus Networks, Inc.(b) | 126,139 | ||||||
2,375 | TTM Technologies, Inc.(b) | 17,337 | ||||||
68,778 | Ultra Clean Holdings, Inc.(b) | 335,637 | ||||||
12,731 | Vishay Intertechnology, Inc. | 134,949 | ||||||
|
| |||||||
4,859,063 | ||||||||
|
| |||||||
Materials—0.1% | ||||||||
651 | Greif, Inc., Class A | 21,340 | ||||||
2,876 | Timkensteel Corp. | 30,600 | ||||||
|
| |||||||
51,940 | ||||||||
|
| |||||||
Telecommunication Services—1.9% | ||||||||
1,735 | Atlantic Tele-Network, Inc. | 132,589 | ||||||
21,812 | Hawaiian Telcom Holdco, Inc.(b) | 497,750 | ||||||
17,759 | Iridium Communications, Inc.(b)(c) | 145,801 | ||||||
26,440 | Leap Wireless Corp.(b) | 66,629 | ||||||
23,465 | Spok Holdings, Inc. | 423,074 | ||||||
|
| |||||||
1,265,843 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities—8.2% | ||||||||
2,505 | Abengoa Yield PLC (Spain) | $ | 46,418 | |||||
8,125 | ALLETE, Inc. | 407,956 | ||||||
13,582 | Avista Corp. | 459,751 | ||||||
8,389 | Black Hills Corp. | 384,048 | ||||||
3,836 | California Water Service Group | 85,773 | ||||||
6,930 | Dynegy, Inc.(b) | 134,650 | ||||||
6,511 | El Paso Electric Co. | 251,780 | ||||||
13,493 | Empire District Electric Co. (The) | 304,267 | ||||||
3,483 | IDACORP, Inc. | 232,839 | ||||||
7,165 | Laclede Group, Inc. (The) | 419,654 | ||||||
8,243 | Northwest Natural Gas Co. | 393,768 | ||||||
2,256 | NorthWestern Corp. | 122,253 | ||||||
9,890 | ONE Gas, Inc. | 483,028 | ||||||
3,167 | Otter Tail Corp. | 86,902 | ||||||
7,191 | PNM Resources, Inc. | 202,211 | ||||||
15,614 | Portland General Electric Co. | 578,967 | ||||||
1,306 | SJW Corp. | 41,439 | ||||||
8,847 | South Jersey Industries, Inc. | 234,534 | ||||||
1,442 | Southwest Gas Corp. | 88,625 | ||||||
10,863 | Unitil Corp. | 385,311 | ||||||
|
| |||||||
5,344,174 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $70,594,934) | 65,114,902 | |||||||
|
| |||||||
Money Market Fund—0.1% | �� | |||||||
44,229 | Invesco Premier Portfolio—Institutional Class, 0.12%(e) (Cost $44,229) | 44,229 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $70,639,163)—100.0% | 65,159,131 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.2% | ||||||||
4,045,506 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(e)(f) (Cost $4,045,506) | 4,045,506 | ||||||
|
| |||||||
Total Investments (Cost $74,684,669)—106.2% | 69,204,637 | |||||||
Other assets less liabilities—(6.2)% | (4,056,560 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 65,148,077 | ||||||
|
|
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.
| 33 |
|
PowerShares Russell 2000 Pure Value Portfolio (PXSV) (continued)
October 31, 2015
(Unaudited)
(c) | All or a portion of this security was out on loan at October 31, 2015. |
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
PowerShares Russell Midcap Equal Weight Portfolio (EQWM)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Information Technology | 13.5 | |||
Industrials | 12.8 | |||
Health Care | 11.2 | |||
Consumer Staples | 10.7 | |||
Energy | 10.7 | |||
Consumer Discretionary | 10.2 | |||
Financials | 10.1 | |||
Utilities | 9.6 | |||
Materials | 9.2 | |||
Telecommunication Services | 2.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—10.2% | ||||||||
563 | Aaron’s, Inc. | $ | 13,889 | |||||
119 | Advance Auto Parts, Inc. | 23,613 | ||||||
284 | AMC Networks, Inc., Class A(b) | 20,985 | ||||||
677 | Aramark | 20,547 | ||||||
355 | AutoNation, Inc.(b) | 22,432 | ||||||
28 | AutoZone, Inc.(b) | 21,963 | ||||||
352 | Bed Bath & Beyond, Inc.(b) | 20,990 | ||||||
577 | Best Buy Co., Inc. | 20,212 | ||||||
527 | BorgWarner, Inc. | 22,566 | ||||||
400 | Brinker International, Inc. | 18,204 | ||||||
438 | Brunswick Corp. | 23,569 | ||||||
446 | Cabela’s, Inc.(b) | 17,470 | ||||||
50 | Cable One, Inc.(b) | 21,672 | ||||||
637 | Cablevision Systems Corp., Class A | 20,760 | ||||||
353 | CarMax, Inc.(b) | 20,831 | ||||||
225 | Carter’s, Inc. | 20,448 | ||||||
115 | Charter Communications, Inc., Class A(b) | 21,958 | ||||||
29 | Chipotle Mexican Grill, Inc.(b) | 18,567 | ||||||
439 | Choice Hotels International, Inc. | 22,964 | ||||||
650 | Cinemark Holdings, Inc. | 23,036 | ||||||
2,753 | Clear Channel Outdoor Holdings, Inc., Class A(b) | 20,592 | ||||||
741 | Coach, Inc. | 23,119 | ||||||
611 | CST Brands, Inc. | 21,953 | ||||||
688 | D.R. Horton, Inc. | 20,255 | ||||||
298 | Darden Restaurants, Inc. | 18,443 | ||||||
288 | Delphi Automotive PLC (United Kingdom) | 23,959 | ||||||
428 | Dick’s Sporting Goods, Inc. | 19,067 | ||||||
235 | Dillard’s, Inc., Class A | 21,028 | ||||||
757 | Discovery Communications, Inc., Class A(b) | 22,286 | ||||||
293 | Dollar General Corp. | 19,857 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
301 | Dollar Tree, Inc.(b) | $ | 19,712 | |||||
187 | Domino’s Pizza, Inc. | 19,947 | ||||||
786 | DSW, Inc., Class A | 19,603 | ||||||
426 | Dunkin’ Brands Group, Inc. | 17,641 | ||||||
182 | Expedia, Inc., Class A | 24,807 | ||||||
1,253 | Extended Stay America, Inc. | 24,058 | ||||||
278 | Foot Locker, Inc. | 18,834 | ||||||
370 | Fossil Group, Inc.(b) | 20,132 | ||||||
515 | GameStop Corp., Class A | 23,726 | ||||||
677 | Gap, Inc. (The) | 18,428 | ||||||
595 | Garmin Ltd. | 21,105 | ||||||
1,407 | Gentex Corp. | 23,061 | ||||||
251 | Genuine Parts Co. | 22,781 | ||||||
2,006 | GNC Holdings, Inc., Class A | 59,678 | ||||||
710 | Goodyear Tire & Rubber Co. (The) | 23,316 | ||||||
652 | GoPro, Inc., Class A(b) | 16,300 | ||||||
37 | Graham Holdings Co., Class B | 20,441 | ||||||
8,936 | Groupon, Inc., Class A(b) | 33,153 | ||||||
585 | H&R Block, Inc. | 21,797 | ||||||
718 | Hanesbrands, Inc. | 22,933 | ||||||
391 | Harley-Davidson, Inc. | 19,335 | ||||||
223 | Harman International Industries, Inc. | 24,521 | ||||||
281 | Hasbro, Inc. | 21,589 | ||||||
913 | Hilton Worldwide Holdings, Inc. | 22,816 | ||||||
437 | Hyatt Hotels Corp., Class A(b) | 22,025 | ||||||
1,268 | International Game Technology PLC | 20,567 | ||||||
1,092 | Interpublic Group of Cos., Inc. (The) | 25,040 | ||||||
2,236 | JC Penney Co., Inc.(b) | 20,504 | ||||||
412 | Jarden Corp.(b) | 18,458 | ||||||
421 | John Wiley & Sons, Inc., Class A | 22,031 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,089 | Kate Spade & Co.(b) | $ | 19,569 | |||||
442 | Kohl’s Corp. | 20,385 | ||||||
230 | L Brands, Inc. | 22,075 | ||||||
198 | Lear Corp. | 24,762 | ||||||
505 | Leggett & Platt, Inc. | 22,740 | ||||||
418 | Lennar Corp., Class A | 20,929 | ||||||
397 | Liberty Broadband Corp., Class C(b) | 21,347 | ||||||
789 | Liberty Interactive Corp. QVC Group, Series A(b) | 21,595 | ||||||
602 | Liberty Media Corp., Series C(b) | 23,568 | ||||||
515 | Liberty Ventures, Class A(b) | 22,439 | ||||||
553 | Lions Gate Entertainment Corp. | 21,550 | ||||||
865 | Live Nation Entertainment, Inc.(b) | 23,597 | ||||||
724 | LKQ Corp.(b) | 21,438 | ||||||
401 | Lululemon Athletica, Inc.(b) | 19,717 | ||||||
401 | Macy’s, Inc. | 20,443 | ||||||
99 | Madison Square Garden Co. (The), Class A(b) | 17,671 | ||||||
317 | Marriott International, Inc., Class A | 24,339 | ||||||
932 | Mattel, Inc. | 22,909 | ||||||
1,067 | MGM Resorts International(b) | 24,744 | ||||||
498 | Michael Kors Holdings Ltd.(b) | 19,243 | ||||||
892 | Michaels Cos., Inc. (The)(b) | 20,855 | ||||||
110 | Mohawk Industries, Inc.(b) | 21,505 | ||||||
298 | MSG Networks, Inc., Class A(b) | 6,115 | ||||||
378 | Murphy USA, Inc.(b) | 23,198 | ||||||
518 | Newell Rubbermaid, Inc. | 21,979 | ||||||
1,654 | News Corp., Class A | 25,472 | ||||||
289 | Nordstrom, Inc. | 18,846 | ||||||
348 | Norwegian Cruise Line Holdings Ltd.(b) | 22,140 | ||||||
13 | NVR, Inc.(b) | 21,291 | ||||||
3,030 | Office Depot, Inc.(b) | 23,089 | ||||||
321 | Omnicom Group, Inc. | 24,049 | ||||||
86 | O’Reilly Automotive, Inc.(b) | 23,758 | ||||||
111 | Panera Bread Co., Class A(b) | 19,688 | ||||||
428 | Penske Automotive Group, Inc. | 20,904 | ||||||
172 | Polaris Industries, Inc. | 19,322 | ||||||
1,057 | PulteGroup, Inc. | 19,375 | ||||||
202 | PVH Corp. | 18,372 | ||||||
195 | Ralph Lauren Corp., Class A | 21,600 | ||||||
1,175 | Regal Entertainment Group, Class A | 22,771 | ||||||
429 | Ross Stores, Inc. | 21,699 | ||||||
232 | Royal Caribbean Cruises Ltd. | 22,817 | ||||||
870 | Sally Beauty Holdings, Inc.(b) | 20,454 | ||||||
426 | Scripps Networks Interactive, Inc., Class A | 25,594 | ||||||
855 | Sears Holdings Corp.(b) | 19,981 | ||||||
765 | Service Corp. International | 21,619 | ||||||
628 | ServiceMaster Global Holdings, Inc.(b) | 22,388 | ||||||
151 | Signet Jewelers Ltd. | 22,792 | ||||||
5,549 | Sirius XM Holdings, Inc.(b) | 22,640 | ||||||
455 | Six Flags Entertainment Corp. | 23,678 | ||||||
456 | Skechers U.S.A., Inc., Class A(b) | 14,227 | ||||||
1,704 | Staples, Inc. | 22,135 | ||||||
308 | Starwood Hotels & Resorts Worldwide, Inc. | 24,600 | ||||||
543 | Starz, Class A(b) | 18,196 | ||||||
925 | TEGNA, Inc. | 25,012 | ||||||
277 | Tempur Sealy International, Inc.(b) | 21,562 | ||||||
409 | Thor Industries, Inc. | 22,119 | ||||||
273 | Tiffany & Co. | 22,506 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
585 | Toll Brothers, Inc.(b) | $ | 21,042 | |||||
851 | TopBuild Corp.(b) | 23,939 | ||||||
251 | Tractor Supply Co. | 23,190 | ||||||
585 | Tribune Media Co., Class A | 23,593 | ||||||
325 | TripAdvisor, Inc., Class A(b) | 27,229 | ||||||
421 | Tupperware Brands Corp. | 24,784 | ||||||
125 | Ulta Salon, Cosmetics & Fragrance, Inc.(b) | 21,745 | ||||||
203 | Under Armour, Inc., Class A(b) | 19,301 | ||||||
717 | Urban Outfitters, Inc.(b) | 20,506 | ||||||
468 | Vista Outdoor, Inc.(b) | 20,929 | ||||||
209 | Visteon Corp.(b) | 22,796 | ||||||
2,369 | Wendy’s Co. (The) | 21,700 | ||||||
136 | Whirlpool Corp. | 21,779 | ||||||
271 | Williams-Sonoma, Inc. | 19,986 | ||||||
287 | Wyndham Worldwide Corp. | 23,347 | ||||||
362 | Wynn Resorts Ltd. | 25,322 | ||||||
|
| |||||||
2,900,170 | ||||||||
|
| |||||||
Consumer Staples—10.7% | ||||||||
6,112 | Avon Products, Inc. | 24,631 | ||||||
4,424 | Blue Buffalo Pet Products, Inc.(b) | 79,367 | ||||||
845 | Brown-Forman Corp., Class B | 89,722 | ||||||
1,181 | Bunge Ltd. | 86,166 | ||||||
1,631 | Campbell Soup Co. | 82,838 | ||||||
983 | Church & Dwight Co., Inc. | 84,626 | ||||||
722 | Clorox Co. (The) | 88,041 | ||||||
1,730 | Coca-Cola Enterprises, Inc. | 88,818 | ||||||
2,022 | ConAgra Foods, Inc. | 81,992 | ||||||
648 | Constellation Brands, Inc., Class A | 87,350 | ||||||
785 | Coty, Inc., Class A | 22,726 | ||||||
1,076 | Dr Pepper Snapple Group, Inc. | 96,162 | ||||||
1,032 | Edgewell Personal Care Co. | 87,421 | ||||||
2,091 | Energizer Holdings, Inc. | 89,558 | ||||||
3,306 | Flowers Foods, Inc. | 89,262 | ||||||
1,564 | Hain Celestial Group, Inc. (The)(b) | 77,965 | ||||||
1,568 | Herbalife Ltd.(b) | 87,871 | ||||||
907 | Hershey Co. (The) | 80,442 | ||||||
1,350 | Hormel Foods Corp. | 91,193 | ||||||
964 | Ingredion, Inc. | 91,638 | ||||||
736 | JM Smucker Co. (The) | 86,399 | ||||||
1,231 | Kellogg Co. | 86,810 | ||||||
1,516 | Keurig Green Mountain, Inc. | 76,937 | ||||||
1,006 | McCormick & Co., Inc. | 84,484 | ||||||
1,174 | Mead Johnson Nutrition Co. | 96,268 | ||||||
1,020 | Molson Coors Brewing Co., Class B | 89,862 | ||||||
616 | Monster Beverage Corp.(b) | 83,973 | ||||||
2,047 | Nu Skin Enterprises, Inc., Class A | 78,216 | ||||||
3,993 | Pilgrim’s Pride Corp. | 75,827 | ||||||
1,892 | Pinnacle Foods, Inc. | 83,399 | ||||||
12,348 | Rite Aid Corp.(b) | 97,302 | ||||||
904 | Spectrum Brands Holdings, Inc. | �� | 86,648 | |||||
3,886 | Sprouts Farmers Market, Inc.(b) | 79,197 | ||||||
2,118 | Sysco Corp. | 87,368 | ||||||
1,937 | Tyson Foods, Inc., Class A | 85,925 | ||||||
1,897 | WhiteWave Foods Co. (The)(b) | 77,739 | ||||||
2,703 | Whole Foods Market, Inc. | 80,982 | ||||||
|
| |||||||
3,045,125 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—10.7% | ||||||||
2,225 | Antero Resources Corp.(b) | $ | 52,443 | |||||
2,009 | Cabot Oil & Gas Corp. | 43,615 | ||||||
17,322 | California Resources Corp. | 69,981 | ||||||
757 | Cameron International Corp.(b) | 51,484 | ||||||
987 | Cheniere Energy, Inc.(b) | 48,876 | ||||||
6,477 | Chesapeake Energy Corp. | 46,181 | ||||||
475 | Cimarex Energy Co. | 56,078 | ||||||
6,768 | Cobalt International Energy, Inc.(b) | 51,911 | ||||||
2,527 | Columbia Pipeline Group, Inc. | 52,486 | ||||||
478 | Concho Resources, Inc.(b) | 55,405 | ||||||
4,585 | CONSOL Energy, Inc. | 30,536 | ||||||
1,657 | Continental Resources, Inc.(b) | 56,189 | ||||||
1,165 | CVR Energy, Inc. | 51,796 | ||||||
17,904 | Denbury Resources, Inc. | 63,380 | ||||||
2,616 | Diamond Offshore Drilling, Inc. | 52,006 | ||||||
727 | Diamondback Energy, Inc.(b) | 53,682 | ||||||
779 | Dril-Quip, Inc.(b) | 47,955 | ||||||
967 | Energen Corp. | 56,231 | ||||||
3,311 | Ensco PLC, Class A | 55,062 | ||||||
9,066 | EP Energy Corp., Class A(b) | 49,954 | ||||||
693 | EQT Corp. | 45,786 | ||||||
1,462 | FMC Technologies, Inc.(b) | 49,459 | ||||||
3,006 | Frank’s International NV | 51,583 | ||||||
1,577 | Golar LNG Ltd. (Bermuda) | 45,749 | ||||||
1,553 | Gulfport Energy Corp.(b) | 47,320 | ||||||
1,019 | Helmerich& Payne, Inc. | 57,339 | ||||||
954 | Hess Corp. | 53,624 | ||||||
962 | HollyFrontier Corp. | 47,109 | ||||||
8,708 | Kosmos Energy Ltd.(b) | 59,389 | ||||||
4,916 | Laredo Petroleum, Inc.(b) | 56,436 | ||||||
3,046 | Marathon Oil Corp. | 55,985 | ||||||
2,661 | Memorial Resource Development Corp.(b) | 47,073 | ||||||
1,954 | Murphy Oil Corp. | 55,552 | ||||||
4,787 | Nabors Industries Ltd. | 48,061 | ||||||
1,281 | National Oilwell Varco, Inc. | 48,217 | ||||||
1,441 | Newfield Exploration Co.(b) | 57,914 | ||||||
4,390 | Noble Corp. PLC | 59,133 | ||||||
1,518 | Noble Energy, Inc. | 54,405 | ||||||
1,203 | Oceaneering International, Inc. | 50,550 | ||||||
1,364 | ONEOK, Inc. | 46,267 | ||||||
3,427 | Patterson-UTI Energy, Inc. | 51,028 | ||||||
1,699 | PBF Energy, Inc., Class A | 57,766 | ||||||
395 | Pioneer Natural Resources Co. | 54,170 | ||||||
3,923 | QEP Resources, Inc. | 60,650 | ||||||
1,368 | Range Resources Corp. | 41,642 | ||||||
2,688 | Rice Energy, Inc.(b) | 41,019 | ||||||
2,960 | Rowan Cos. PLC, Class A | 58,253 | ||||||
4,886 | RPC, Inc. | 53,893 | ||||||
7,746 | Seadrill Ltd. (United Kingdom)(b) | 50,117 | ||||||
1,503 | SM Energy Co. | 50,125 | ||||||
3,685 | Southwestern Energy Co.(b) | 40,682 | ||||||
3,515 | Superior Energy Services, Inc. | 49,772 | ||||||
887 | Targa Resources Corp. | 50,692 | ||||||
881 | Teekay Corp. (Bermuda) | 28,307 | ||||||
472 | Tesoro Corp. | 50,471 | ||||||
5,515 | Weatherford International PLC(b) | 56,474 | ||||||
2,973 | Whiting Petroleum Corp.(b) | 51,225 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
1,324 | World Fuel Services Corp. | $ | 58,865 | |||||
7,113 | WPX Energy, Inc.(b) | 48,795 | ||||||
|
| |||||||
3,036,148 | ||||||||
|
| |||||||
Financials—10.1% | ||||||||
91 | Affiliated Managers Group, Inc.(b) | 16,404 | ||||||
168 | Alexandria Real Estate Equities, Inc. REIT | 15,076 | ||||||
32 | Alleghany Corp.(b) | 15,881 | ||||||
385 | Allied World Assurance Co. Holdings AG | 13,999 | ||||||
712 | Ally Financial, Inc.(b) | 14,183 | ||||||
405 | American Campus Communities, Inc. REIT | 16,431 | ||||||
762 | American Capital Agency Corp. REIT | 13,586 | ||||||
213 | American Financial Group, Inc. | 15,376 | ||||||
920 | American Homes 4 Rent, Class A REIT | 15,180 | ||||||
149 | American National Insurance Co. | 15,389 | ||||||
137 | Ameriprise Financial, Inc. | 15,804 | ||||||
238 | AmTrust Financial Services, Inc. | 16,236 | ||||||
1,418 | Annaly Capital Management, Inc. REIT | 14,109 | ||||||
164 | Aon PLC | 15,303 | ||||||
405 | Apartment Investment & Management Co., Class A REIT | 15,872 | ||||||
783 | Apple Hospitality REIT, Inc. REIT | 15,441 | ||||||
204 | Arch Capital Group Ltd.(b) | 15,278 | ||||||
352 | Arthur J. Gallagher & Co. | 15,393 | ||||||
407 | Artisan Partners Asset Management, Inc., Class A | 15,568 | ||||||
316 | Aspen Insurance Holdings Ltd. (Bermuda) | 15,361 | ||||||
817 | Associated Banc-Corp. | 15,801 | ||||||
189 | Assurant, Inc. | 15,409 | ||||||
574 | Assured Guaranty Ltd. | 15,751 | ||||||
90 | AvalonBay Communities, Inc. REIT | 15,735 | ||||||
269 | Axis Capital Holdings Ltd. | 14,526 | ||||||
235 | Bank of Hawaii Corp. | 15,388 | ||||||
408 | BankUnited, Inc. | 15,169 | ||||||
707 | BioMed Realty Trust, Inc. REIT | 16,551 | ||||||
233 | BOK Financial Corp. | 15,653 | ||||||
127 | Boston Properties, Inc. REIT | 15,983 | ||||||
1,211 | Brandywine Realty Trust REIT | 16,348 | ||||||
632 | Brixmor Property Group, Inc. REIT | 16,192 | ||||||
472 | Brown & Brown, Inc. | 15,231 | ||||||
204 | Camden Property Trust REIT | 15,053 | ||||||
442 | Care Capital Properties, Inc. REIT | 14,564 | ||||||
1,004 | CBL & Associates Properties, Inc. REIT | 14,638 | ||||||
222 | CBOE Holdings, Inc. | 14,883 | ||||||
454 | CBRE Group, Inc., Class A(b) | 16,925 | ||||||
1,026 | Chimera Investment Corp. REIT | 14,446 | ||||||
277 | Cincinnati Financial Corp. | 16,684 | ||||||
360 | CIT Group, Inc. | 15,480 | ||||||
626 | Citizens Financial Group, Inc. | 15,212 | ||||||
424 | CNA Financial Corp. | 15,501 | ||||||
641 | Columbia Property Trust, Inc. REIT | 15,922 | ||||||
354 | Comerica, Inc. | 15,364 | ||||||
325 | Commerce Bancshares, Inc. | 14,804 | ||||||
736 | Communications Sales & Leasing, Inc. REIT(b) | 14,786 | ||||||
697 | Corporate Office Properties Trust REIT | 16,031 | ||||||
482 | Corrections Corp. of America REIT | 13,737 | ||||||
75 | Credit Acceptance Corp.(b) | 14,182 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
193 | Crown Castle International Corp. REIT | $ | 16,494 | |||||
235 | Cullen/Frost Bankers, Inc. | 16,083 | ||||||
961 | DDR Corp. REIT | 16,145 | ||||||
231 | Digital Realty Trust, Inc. REIT | 17,085 | ||||||
504 | Douglas Emmett, Inc. REIT | 15,397 | ||||||
772 | Duke Realty Corp. REIT | 15,980 | ||||||
559 | E*TRADE Financial Corp.(b) | 15,937 | ||||||
382 | East West Bancorp, Inc. | 15,429 | ||||||
432 | Eaton Vance Corp. | 15,600 | ||||||
873 | Empire State Realty Trust, Inc., Class A REIT | 15,557 | ||||||
240 | Endurance Specialty Holdings Ltd. | 15,151 | ||||||
54 | Equinix, Inc. REIT | 16,021 | ||||||
547 | Equity Commonwealth REIT(b) | 15,704 | ||||||
256 | Equity Lifestyle Properties, Inc. REIT | 15,483 | ||||||
182 | Erie Indemnity Co., Class A | 15,918 | ||||||
71 | Essex Property Trust, Inc. REIT | 15,651 | ||||||
85 | Everest Re Group Ltd. | 15,127 | ||||||
194 | Extra Space Storage, Inc. REIT | 15,373 | ||||||
93 | FactSet Research Systems, Inc. | 16,286 | ||||||
110 | Federal Realty Investment Trust REIT | 15,784 | ||||||
505 | Federated Investors, Inc., Class B | 15,519 | ||||||
768 | Fifth Third Bancorp | 14,630 | ||||||
1,041 | First Horizon National Corp. | 14,761 | ||||||
1,426 | First Niagara Financial Group, Inc. | 14,759 | ||||||
235 | First Republic Bank | 15,348 | ||||||
405 | FNF Group | 14,288 | ||||||
730 | Forest City Enterprises, Inc., Class A(b) | 16,133 | ||||||
486 | Gaming and Leisure Properties, Inc. REIT | 14,177 | ||||||
581 | General Growth Properties, Inc. REIT | 16,820 | ||||||
2,986 | Genworth Financial, Inc., Class A(b) | 13,974 | ||||||
187 | Hanover Insurance Group, Inc. (The) | 15,755 | ||||||
325 | Hartford Financial Services Group, Inc. (The) | 15,034 | ||||||
385 | HCP, Inc. REIT | 14,322 | ||||||
607 | Healthcare Trust of America, Inc., Class A REIT | 15,970 | ||||||
571 | Hospitality Properties Trust REIT | 15,326 | ||||||
909 | Host Hotels & Resorts, Inc. REIT | 15,753 | ||||||
123 | Howard Hughes Corp. (The)(b) | 15,200 | ||||||
1,409 | Huntington Bancshares, Inc. | 15,457 | ||||||
364 | Interactive Brokers Group, Inc., Class A | 14,975 | ||||||
63 | Intercontinental Exchange, Inc. | 15,901 | ||||||
463 | Invesco Ltd.(c) | 15,358 | ||||||
484 | Iron Mountain, Inc. REIT | 14,830 | ||||||
103 | Jones Lang LaSalle, Inc. | 17,171 | ||||||
1,120 | KeyCorp | 13,910 | ||||||
224 | Kilroy Realty Corp. REIT | 14,748 | ||||||
613 | Kimco Realty Corp. REIT | 16,410 | ||||||
397 | Lamar Advertising Co., Class A REIT | 22,403 | ||||||
322 | Lazard Ltd., Class A | 14,915 | ||||||
351 | Legg Mason, Inc. | 15,707 | ||||||
1,115 | LendingClub Corp.(b) | 15,811 | ||||||
730 | Leucadia National Corp. | 14,607 | ||||||
472 | Liberty Property Trust REIT | 16,057 | ||||||
308 | Lincoln National Corp. | 16,481 | ||||||
411 | Loews Corp. | 14,985 | ||||||
359 | LPL Financial Holdings, Inc. | 15,293 | ||||||
199 | M&T Bank Corp. | 23,850 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
192 | Macerich Co. (The) REIT | $ | 16,270 | |||||
19 | Markel Corp.(b) | 16,492 | ||||||
166 | McGraw Hill Financial, Inc. | 15,378 | ||||||
289 | Mercury General Corp. | 15,609 | ||||||
2,103 | MFA Financial, Inc. REIT | 14,553 | ||||||
184 | Mid-America Apartment Communities, Inc. REIT | 15,675 | ||||||
147 | Moody’s Corp. | 14,136 | ||||||
181 | Morningstar, Inc. | 14,862 | ||||||
241 | MSCI, Inc. | 16,147 | ||||||
277 | Nasdaq, Inc. | 16,036 | ||||||
408 | National Retail Properties, Inc. REIT | 15,504 | ||||||
1,189 | Navient Corp. | 15,683 | ||||||
816 | New York Community Bancorp, Inc. | 13,480 | ||||||
214 | Northern Trust Corp. | 15,063 | ||||||
937 | NorthStar Asset Management Group, Inc. | 13,708 | ||||||
1,114 | NorthStar Realty Finance Corp. REIT | 13,379 | ||||||
936 | Old Republic International Corp. | 16,885 | ||||||
416 | OMEGA Healthcare Investors, Inc. REIT | 14,360 | ||||||
956 | Outfront Media, Inc. REIT | 22,571 | ||||||
341 | PacWest Bancorp | 15,359 | ||||||
882 | Paramount Group, Inc. REIT | 15,673 | ||||||
107 | PartnerRe Ltd. (Bermuda) | 14,873 | ||||||
943 | People’s United Financial, Inc. | 15,041 | ||||||
838 | Piedmont Office Realty Trust, Inc., Class A REIT | 16,240 | ||||||
372 | Plum Creek Timber Co., Inc. REIT | 15,155 | ||||||
489 | Popular, Inc. | 14,460 | ||||||
252 | Post Properties, Inc. REIT | 15,054 | ||||||
307 | Principal Financial Group, Inc. | 15,399 | ||||||
298 | ProAssurance Corp. | 15,782 | ||||||
482 | Progressive Corp. (The) | 15,969 | ||||||
382 | Prologis, Inc. REIT | 16,323 | ||||||
297 | Raymond James Financial, Inc. | 16,368 | ||||||
663 | Rayonier, Inc. REIT | 15,017 | ||||||
380 | Realogy Holdings Corp.(b) | 14,858 | ||||||
314 | Realty Income Corp. REIT | 15,530 | ||||||
242 | Regency Centers Corp. REIT | 16,446 | ||||||
1,628 | Regions Financial Corp. | 15,222 | ||||||
162 | Reinsurance Group of America, Inc. | 14,619 | ||||||
139 | RenaissanceRe Holdings Ltd. (Bermuda) | 15,239 | ||||||
1,056 | Retail Properties of America, Inc., Class A REIT | 15,808 | ||||||
693 | Santander Consumer USA Holdings, Inc.(b) | 12,481 | ||||||
307 | SEI Investments Co. | 15,909 | ||||||
909 | Senior Housing Properties Trust REIT | 13,808 | ||||||
107 | Signature Bank(b) | 15,934 | ||||||
135 | SL Green Realty Corp. REIT | 16,014 | ||||||
1,922 | SLM Corp.(b) | 13,569 | ||||||
1,603 | Spirit Realty Capital, Inc. REIT | 16,319 | ||||||
322 | Springleaf Holdings, Inc.(b) | 15,105 | ||||||
133 | StanCorp Financial Group, Inc. | 15,258 | ||||||
690 | Starwood Property Trust, Inc. REIT | 13,862 | ||||||
383 | SunTrust Banks, Inc. | 15,902 | ||||||
124 | SVB Financial Group(b) | 15,137 | ||||||
476 | Synchrony Financial(b) | 14,642 | ||||||
498 | Synovus Financial Corp. | 15,752 | ||||||
214 | T. Rowe Price Group, Inc. | 16,183 | ||||||
447 | Tanger Factory Outlet Centers, Inc. REIT | 15,623 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
215 | Taubman Centers, Inc. REIT | $ | 16,551 | |||||
969 | TCF Financial Corp. | 14,913 | ||||||
456 | TD Ameritrade Holding Corp. | 15,718 | ||||||
853 | TFS Financial Corp. | 14,979 | ||||||
258 | Torchmark Corp. | 14,967 | ||||||
1,558 | Two Harbors Investment Corp. REIT | 13,181 | ||||||
438 | UDR, Inc. REIT | 15,093 | ||||||
462 | Unum Group | 16,008 | ||||||
327 | Validus Holdings Ltd. | 14,486 | ||||||
260 | Ventas, Inc. REIT | 13,967 | ||||||
1,862 | VEREIT, Inc. REIT | 15,380 | ||||||
162 | Vornado Realty Trust REIT | 16,289 | ||||||
371 | Voya Financial, Inc. | 15,051 | ||||||
272 | W.R. Berkley Corp. | 15,186 | ||||||
427 | Waddell & Reed Financial, Inc., Class A | 15,773 | ||||||
451 | Weingarten Realty Investors REIT | 16,128 | ||||||
257 | Welltower, Inc. REIT | 16,672 | ||||||
544 | Weyerhaeuser Co. REIT | 15,956 | ||||||
20 | White Mountains Insurance Group Ltd. | 15,800 | ||||||
251 | WP Carey, Inc. REIT | 15,906 | ||||||
1,225 | WP GLIMCHER, Inc. REIT | 14,235 | ||||||
402 | XL Group PLC | 15,308 | ||||||
524 | Zions Bancorporation | 15,075 | ||||||
|
| |||||||
2,865,008 | ||||||||
|
| |||||||
Health Care—11.2% | ||||||||
612 | Acadia Healthcare Co., Inc.(b) | 37,583 | ||||||
1,251 | Agilent Technologies, Inc. | 47,238 | ||||||
533 | Agios Pharmaceuticals, Inc.(b) | 38,834 | ||||||
1,343 | Akorn, Inc.(b) | 35,912 | ||||||
879 | Alere, Inc.(b) | 40,539 | ||||||
764 | Align Technology, Inc.(b) | 50,011 | ||||||
703 | Alkermes PLC(b) | 50,560 | ||||||
3,319 | Allscripts Healthcare Solutions, Inc.(b) | 46,665 | ||||||
515 | Alnylam Pharmaceuticals, Inc.(b) | 44,264 | ||||||
435 | AmerisourceBergen Corp. | 41,982 | ||||||
319 | athenahealth, Inc.(b) | 48,632 | ||||||
397 | BioMarin Pharmaceutical, Inc.(b) | 46,465 | ||||||
322 | Bio-Rad Laboratories, Inc., Class A(b) | 44,913 | ||||||
480 | Bio-Techne Corp. | 42,336 | ||||||
430 | Bluebird Bio, Inc.(b) | 33,166 | ||||||
2,648 | Boston Scientific Corp.(b) | 48,405 | ||||||
1,765 | Brookdale Senior Living, Inc.(b) | 36,906 | ||||||
2,526 | Bruker Corp.(b) | 46,403 | ||||||
223 | C.R. Bard, Inc. | 41,556 | ||||||
735 | Centene Corp.(b) | 43,718 | ||||||
710 | Cerner Corp.(b) | 47,066 | ||||||
666 | Charles River Laboratories International, Inc.(b) | 43,450 | ||||||
968 | Community Health Systems, Inc.(b) | 27,143 | ||||||
288 | Cooper Cos., Inc. (The) | 43,880 | ||||||
598 | DaVita HealthCare Partners, Inc.(b) | 46,351 | ||||||
830 | DENTSPLY International, Inc. | 50,506 | ||||||
468 | DexCom, Inc.(b) | 38,994 | ||||||
314 | Edwards Lifesciences Corp.(b) | 49,345 | ||||||
626 | Endo International PLC(b) | 37,554 | ||||||
1,100 | Envision Healthcare Holdings, Inc.(b) | 31,020 | ||||||
684 | Health Net, Inc.(b) | 43,954 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
334 | Henry Schein, Inc.(b) | $ | 50,671 | |||||
783 | Hill-Rom Holdings, Inc. | 41,256 | ||||||
1,077 | Hologic, Inc.(b) | 41,852 | ||||||
581 | IDEXX Laboratories, Inc.(b) | 39,868 | ||||||
1,048 | IMS Health Holdings, Inc.(b) | 28,527 | ||||||
407 | Incyte Corp.(b) | 47,835 | ||||||
1,528 | Inovalon Holdings, Inc., Class A(b) | 35,220 | ||||||
254 | Intercept Pharmaceuticals, Inc.(b) | 39,929 | ||||||
1,095 | Intrexon Corp.(b) | 36,792 | ||||||
91 | Intuitive Surgical, Inc.(b) | 45,191 | ||||||
980 | Isis Pharmaceuticals, Inc.(b) | 47,187 | ||||||
320 | Jazz Pharmaceuticals PLC(b) | 43,930 | ||||||
1,090 | Juno Therapeutics, Inc.(b) | 56,418 | ||||||
382 | Laboratory Corp. of America Holdings(b) | 46,887 | ||||||
591 | LifePoint Health, Inc.(b) | 40,708 | ||||||
631 | Mallinckrodt PLC(b) | 41,438 | ||||||
1,035 | Medivation, Inc.(b) | 43,532 | ||||||
528 | MEDNAX, Inc.(b) | 37,208 | ||||||
100 | Mettler-Toledo International, Inc.(b) | 31,099 | ||||||
4,745 | OPKO Health, Inc.(b) | 44,840 | ||||||
975 | Patterson Cos., Inc. | 46,215 | ||||||
946 | PerkinElmer, Inc. | 48,851 | ||||||
268 | Perrigo Co. PLC | 42,274 | ||||||
1,245 | Premier, Inc., Class A(b) | 42,093 | ||||||
527 | Puma Biotechnology, Inc.(b) | 43,435 | ||||||
1,670 | QIAGEN NV(b) | 40,364 | ||||||
675 | Quest Diagnostics, Inc. | 45,866 | ||||||
587 | Quintiles Transnational Holdings, Inc.(b) | 37,363 | ||||||
853 | ResMed, Inc. | 49,141 | ||||||
1,098 | Seattle Genetics, Inc.(b) | 45,556 | ||||||
440 | Sirona Dental Systems, Inc.(b) | 48,017 | ||||||
665 | St. Jude Medical, Inc. | 42,434 | ||||||
332 | Teleflex, Inc. | 44,156 | ||||||
1,063 | Tenet Healthcare Corp.(b) | 33,346 | ||||||
317 | United Therapeutics Corp.(b) | 46,482 | ||||||
335 | Universal Health Services, Inc., Class B | 40,900 | ||||||
574 | Varian Medical Systems, Inc.(b) | 45,076 | ||||||
793 | VCA, Inc.(b) | 43,433 | ||||||
1,786 | Veeva Systems, Inc., Class A(b) | 45,311 | ||||||
1,682 | VWR Corp.(b) | 46,272 | ||||||
234 | Waters Corp.(b) | 29,905 | ||||||
457 | Zimmer Biomet Holdings, Inc. | 47,788 | ||||||
1,016 | Zoetis, Inc. | 43,698 | ||||||
|
| |||||||
3,163,715 | ||||||||
|
| |||||||
Industrials—12.8% | ||||||||
404 | A.O. Smith Corp. | 31,035 | ||||||
284 | Acuity Brands, Inc. | 62,082 | ||||||
893 | ADT Corp. (The) | 29,505 | ||||||
1,038 | AECOM(b) | 30,590 | ||||||
597 | AGCO Corp. | 28,889 | ||||||
832 | Air Lease Corp. | 28,047 | ||||||
344 | Alaska Air Group, Inc. | 26,230 | ||||||
459 | Allegion PLC | 29,913 | ||||||
1,046 | Allison Transmission Holdings, Inc. | 30,020 | ||||||
52 | AMERCO | 21,128 | ||||||
527 | AMETEK, Inc. | 28,890 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
975 | Armstrong World Industries, Inc.(b) | $ | 48,379 | |||||
469 | Avis Budget Group, Inc.(b) | 23,422 | ||||||
612 | B/E Aerospace, Inc. | 28,733 | ||||||
1,589 | Babcock & Wilcox Enterprises, Inc.(b) | 26,981 | ||||||
1,075 | BWX Technologies, Inc. | 30,423 | ||||||
400 | C.H. Robinson Worldwide, Inc. | 27,752 | ||||||
288 | Carlisle Cos., Inc. | 25,056 | ||||||
671 | Chicago Bridge & Iron Co. NV | 30,108 | ||||||
310 | Cintas Corp. | 28,858 | ||||||
606 | Clean Harbors, Inc.(b) | 28,173 | ||||||
901 | Colfax Corp.(b) | 24,291 | ||||||
677 | Copa Holdings SA, Class A (Panama) | 34,202 | ||||||
802 | Copart, Inc.(b) | 29,040 | ||||||
1,500 | Covanta Holding Corp. | 25,140 | ||||||
585 | Crane Co. | 30,794 | ||||||
966 | Donaldson Co., Inc. | 29,173 | ||||||
472 | Dover Corp. | 30,411 | ||||||
140 | Dun & Bradstreet Corp. (The) | 15,942 | ||||||
152 | Equifax, Inc. | 16,199 | ||||||
586 | Expeditors International of Washington, Inc. | 29,177 | ||||||
1,350 | Fastenal Co. | 52,866 | ||||||
672 | Flowserve Corp. | 31,154 | ||||||
651 | Fluor Corp. | 31,124 | ||||||
427 | Fortune Brands Home & Security, Inc. | 22,345 | ||||||
595 | GATX Corp. | 27,787 | ||||||
454 | Genesee & Wyoming, Inc., Class A(b) | 30,463 | ||||||
412 | Graco, Inc. | 30,241 | ||||||
895 | HD Supply Holdings, Inc.(b) | 26,662 | ||||||
1,186 | Hertz Global Holdings, Inc.(b) | 23,127 | ||||||
1,098 | Hexcel Corp. | 50,859 | ||||||
322 | Hubbell, Inc., Class B | 31,186 | ||||||
260 | Huntington Ingalls Industries, Inc. | 31,184 | ||||||
395 | IDEX Corp. | 30,320 | ||||||
246 | IHS, Inc., Class A(b) | 29,407 | ||||||
944 | Ingersoll-Rand PLC | 55,941 | ||||||
813 | ITT Corp. | 32,179 | ||||||
371 | J.B. Hunt Transport Services, Inc. | 28,333 | ||||||
734 | Jacobs Engineering Group, Inc.(b) | 29,463 | ||||||
1,028 | JetBlue Airways Corp.(b) | 25,536 | ||||||
1,795 | Joy Global, Inc. | 30,838 | ||||||
301 | Kansas City Southern | 24,911 | ||||||
582 | KAR Auction Services, Inc. | 22,349 | ||||||
1,682 | KBR, Inc. | 31,016 | ||||||
1,105 | Kennametal, Inc. | 31,073 | ||||||
445 | Kirby Corp.(b) | 29,054 | ||||||
267 | L-3 Communications Holdings, Inc. | 33,749 | ||||||
407 | Landstar System, Inc. | 25,657 | ||||||
421 | Lennox International, Inc. | 55,913 | ||||||
514 | Lincoln Electric Holdings, Inc. | 30,742 | ||||||
357 | Macquarie Infrastructure Corp. | 28,399 | ||||||
1,808 | Manitowoc Co., Inc. (The) | 27,662 | ||||||
330 | Manpowergroup, Inc. | 30,287 | ||||||
1,892 | Masco Corp. | 54,868 | ||||||
254 | Middleby Corp. (The)(b) | 29,703 | ||||||
441 | MSC Industrial Direct Co., Inc., Class A | 27,682 | ||||||
451 | Nielsen Holdings PLC | 21,427 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
440 | Nordson Corp. | $ | 31,346 | |||||
3,048 | NOW, Inc.(b) | 50,322 | ||||||
446 | Old Dominion Freight Line, Inc.(b) | 27,625 | ||||||
374 | Orbital ATK, Inc. | 32,022 | ||||||
758 | Oshkosh Corp. | 31,146 | ||||||
1,113 | Owens Corning | 50,675 | ||||||
516 | PACCAR, Inc. | 27,167 | ||||||
286 | Parker-Hannifin Corp. | 29,944 | ||||||
528 | Pentair PLC (United Kingdom) | 29,526 | ||||||
1,362 | Pitney Bowes, Inc. | 28,125 | ||||||
1,124 | Quanta Services, Inc.(b) | 22,604 | ||||||
1,867 | R.R. Donnelley & Sons Co. | 31,496 | ||||||
472 | Regal Beloit Corp. | 30,109 | ||||||
659 | Republic Services, Inc. | 28,825 | ||||||
542 | Robert Half International, Inc. | 28,542 | ||||||
274 | Rockwell Automation, Inc. | 29,910 | ||||||
340 | Rockwell Collins, Inc. | 29,485 | ||||||
995 | Rollins, Inc. | 26,686 | ||||||
178 | Roper Technologies, Inc. | 33,170 | ||||||
365 | Ryder System, Inc. | 26,200 | ||||||
181 | Snap-on, Inc. | 30,026 | ||||||
1,158 | SolarCity Corp.(b) | 34,335 | ||||||
720 | Southwest Airlines Co. | 33,329 | ||||||
550 | Spirit AeroSystems Holdings, Inc., Class A(b) | 29,007 | ||||||
562 | Spirit Airlines, Inc.(b) | 20,861 | ||||||
554 | SPX Corp. | 6,787 | ||||||
742 | SPX FLOW, Inc.(b) | 25,154 | ||||||
282 | Stanley Black & Decker, Inc. | 29,886 | ||||||
196 | Stericycle, Inc.(b) | 23,789 | ||||||
1,597 | Terex Corp. | 32,036 | ||||||
716 | Textron, Inc. | 30,194 | ||||||
1,829 | Timken Co. (The) | 57,796 | ||||||
384 | Toro Co. (The) | 28,904 | ||||||
229 | Towers Watson & Co., Class A | 28,295 | ||||||
123 | TransDigm Group, Inc.(b) | 27,042 | ||||||
578 | TransUnion(b) | 14,860 | ||||||
1,138 | Trinity Industries, Inc. | 30,806 | ||||||
636 | Triumph Group, Inc. | 29,625 | ||||||
795 | Tyco International PLC | 28,970 | ||||||
495 | United Continental Holdings, Inc.(b) | 29,853 | ||||||
437 | United Rentals, Inc.(b) | 32,714 | ||||||
1,777 | USG Corp.(b) | 41,884 | ||||||
511 | Valmont Industries, Inc. | 55,413 | ||||||
371 | Verisk Analytics, Inc.(b) | 26,567 | ||||||
128 | W.W. Grainger, Inc. | 26,880 | ||||||
211 | WABCO Holdings, Inc.(b) | 23,681 | ||||||
314 | Wabtec Corp. | 26,021 | ||||||
564 | Waste Connections, Inc. | 30,727 | ||||||
406 | Watsco, Inc. | 49,950 | ||||||
554 | WESCO International, Inc.(b) | 27,107 | ||||||
845 | Xylem, Inc. | 30,766 | ||||||
|
| |||||||
3,632,280 | ||||||||
|
| |||||||
Information Technology—13.5% | ||||||||
2,636 | 3D Systems Corp.(b) | 26,518 | ||||||
1,000 | Activision Blizzard, Inc. | 34,760 | ||||||
455 | Akamai Technologies, Inc.(b) | 27,673 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
57 | Alliance Data Systems Corp.(b) | $ | 16,947 | |||||
638 | Altera Corp. | 33,527 | ||||||
560 | Amdocs Ltd. | 33,359 | ||||||
634 | Amphenol Corp., Class A | 34,376 | ||||||
590 | Analog Devices, Inc. | 35,471 | ||||||
360 | ANSYS, Inc.(b) | 34,312 | ||||||
2,197 | Applied Materials, Inc. | 36,844 | ||||||
505 | Arista Networks, Inc.(b) | 32,578 | ||||||
1,214 | ARRIS Group, Inc.(b) | 34,308 | ||||||
604 | Arrow Electronics, Inc.(b) | 33,214 | ||||||
4,000 | Atmel Corp. | 30,400 | ||||||
683 | Autodesk, Inc.(b) | 37,695 | ||||||
775 | Avnet, Inc. | 35,208 | ||||||
995 | Black Knight Financial Services, Inc., Class A(b) | 35,850 | ||||||
1,009 | Booz Allen Hamilton Holding Corp. | 29,725 | ||||||
266 | Broadridge Financial Solutions, Inc. | 15,848 | ||||||
3,058 | Brocade Communications Systems, Inc. | 31,864 | ||||||
1,173 | CA, Inc. | 32,504 | ||||||
1,531 | Cadence Design Systems, Inc.(b) | 34,019 | ||||||
640 | CDK Global, Inc. | 31,866 | ||||||
787 | CDW Corp. | 35,171 | ||||||
446 | Citrix Systems, Inc.(b) | 36,617 | ||||||
945 | Cognex Corp. | 35,532 | ||||||
1,061 | CommScope Holding, Inc.(b) | 34,408 | ||||||
523 | Computer Sciences Corp. | 34,827 | ||||||
392 | CoreLogic, Inc.(b) | 15,280 | ||||||
160 | CoStar Group, Inc.(b) | 32,491 | ||||||
1,340 | Cree, Inc.(b) | 33,755 | ||||||
3,662 | Cypress Semiconductor Corp.(b) | 38,597 | ||||||
1,022 | Dolby Laboratories, Inc., Class A | 35,433 | ||||||
301 | DST Systems, Inc. | 36,767 | ||||||
745 | EchoStar Corp., Class A(b) | 33,398 | ||||||
469 | Electronic Arts, Inc.(b) | 33,801 | ||||||
283 | F5 Networks, Inc.(b) | 31,187 | ||||||
217 | Fidelity National Information Services, Inc. | 15,824 | ||||||
983 | FireEye, Inc.(b) | 25,705 | ||||||
1,113 | First Solar, Inc.(b) | 63,519 | ||||||
169 | Fiserv, Inc.(b) | 16,310 | ||||||
561 | Fitbit, Inc., Class A(b) | 22,743 | ||||||
98 | FleetCor Technologies, Inc.(b) | 14,196 | ||||||
994 | FLIR Systems, Inc. | 26,510 | ||||||
712 | Fortinet, Inc.(b) | 24,464 | ||||||
880 | Freescale Semiconductor Ltd.(b) | 29,471 | ||||||
375 | Gartner, Inc.(b) | 34,001 | ||||||
1,191 | Genpact Ltd.(b) | 29,513 | ||||||
134 | Global Payments, Inc. | 18,279 | ||||||
1,247 | GoDaddy, Inc., Class A(b) | 34,268 | ||||||
444 | Harris Corp. | 35,134 | ||||||
785 | HomeAway, Inc.(b) | 24,775 | ||||||
480 | IAC/InterActiveCorp. | 32,165 | ||||||
1,198 | Ingram Micro, Inc., Class A | 35,676 | ||||||
365 | Intuit, Inc. | 35,562 | ||||||
424 | IPG Photonics Corp.(b) | 35,031 | ||||||
1,466 | Jabil Circuit, Inc. | 33,689 | ||||||
211 | Jack Henry & Associates, Inc. | 16,319 | ||||||
1,269 | Juniper Networks, Inc. | 39,834 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
884 | Keysight Technologies, Inc.(b) | $ | 29,243 | |||||
2,394 | King Digital Entertainment PLC (Ireland) | 35,814 | ||||||
660 | KLA-Tencor Corp. | 44,299 | ||||||
510 | Lam Research Corp. | 39,061 | ||||||
770 | Leidos Holdings, Inc. | 40,479 | ||||||
961 | Lexmark International, Inc., Class A | 31,223 | ||||||
822 | Linear Technology Corp. | 36,513 | ||||||
169 | LinkedIn Corp., Class A(b) | 40,707 | ||||||
1,889 | Lumentum Holdings, Inc.(b) | 27,088 | ||||||
3,439 | Marvell Technology Group Ltd. (Bermuda) | 28,234 | ||||||
987 | Maxim Integrated Products, Inc. | 40,447 | ||||||
775 | Microchip Technology, Inc. | 37,425 | ||||||
464 | Motorola Solutions, Inc. | 32,466 | ||||||
1,010 | National Instruments Corp. | 30,775 | ||||||
1,379 | NCR Corp.(b) | 36,681 | ||||||
1,085 | NetApp, Inc. | 36,890 | ||||||
372 | NetSuite, Inc.(b) | 31,646 | ||||||
1,927 | Nuance Communications, Inc.(b) | 32,701 | ||||||
1,358 | NVIDIA Corp. | 38,526 | ||||||
3,439 | ON Semiconductor Corp.(b) | 37,829 | ||||||
181 | Palo Alto Networks, Inc.(b) | 29,141 | ||||||
1,011 | Pandora Media, Inc.(b) | 11,637 | ||||||
587 | Paychex, Inc. | 30,277 | ||||||
987 | PTC, Inc.(b) | 34,979 | ||||||
673 | Qorvo, Inc.(b) | 29,565 | ||||||
1,174 | Rackspace Hosting, Inc.(b) | 30,348 | ||||||
440 | Red Hat, Inc.(b) | 34,808 | ||||||
1,148 | Sabre Corp. | 33,659 | ||||||
631 | SanDisk Corp. | 48,587 | ||||||
441 | ServiceNow, Inc.(b) | 36,008 | ||||||
366 | Skyworks Solutions, Inc. | 28,270 | ||||||
810 | SolarWinds, Inc.(b) | 47,004 | ||||||
580 | Solera Holdings, Inc. | 31,703 | ||||||
561 | Splunk, Inc.(b) | 31,506 | ||||||
454 | SS&C Technologies Holdings, Inc. | 33,664 | ||||||
3,774 | SunEdison, Inc.(b) | 27,550 | ||||||
2,290 | SunPower Corp.(b) | 61,464 | ||||||
1,609 | Symantec Corp. | 33,145 | ||||||
685 | Synopsys, Inc.(b) | 34,236 | ||||||
389 | Tableau Software, Inc., Class A(b) | 32,660 | ||||||
1,113 | Teradata Corp.(b) | 31,286 | ||||||
1,852 | Teradyne, Inc. | 36,151 | ||||||
318 | Total System Services, Inc. | 16,679 | ||||||
1,694 | Trimble Navigation Ltd.(b) | 38,539 | ||||||
1,268 | Twitter, Inc.(b) | 36,087 | ||||||
178 | Ultimate Software Group, Inc. (The)(b) | 36,374 | ||||||
322 | Vantiv, Inc., Class A(b) | 16,148 | ||||||
1,224 | VeriFone Systems, Inc.(b) | 36,891 | ||||||
463 | VeriSign, Inc.(b) | 37,318 | ||||||
5,812 | Viavi Solutions, Inc.(b) | 34,581 | ||||||
456 | Western Digital Corp. | 30,470 | ||||||
812 | Western Union Co. (The) | 15,631 | ||||||
164 | WEX, Inc.(b) | 14,745 | ||||||
442 | Workday, Inc., Class A(b) | 34,905 | ||||||
2,720 | Xerox Corp. | 25,541 | ||||||
765 | Xilinx, Inc. | 36,429 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
1,447 | Yelp, Inc., Class A(b) | $ | 32,196 | |||||
352 | Zebra Technologies Corp., Class A(b) | 27,069 | ||||||
520 | Zillow Group, Inc., Class A(b) | 16,021 | ||||||
530 | Zillow Group, Inc., Class C(b) | 14,676 | ||||||
13,710 | Zynga, Inc., Class A(b) | 32,493 | ||||||
|
| |||||||
3,827,606 | ||||||||
|
| |||||||
Materials—9.2% | ||||||||
547 | Airgas, Inc. | 52,599 | ||||||
1,098 | Albemarle Corp. | 58,765 | ||||||
5,451 | Alcoa, Inc. | 48,677 | ||||||
3,257 | Allegheny Technologies, Inc. | 47,878 | ||||||
755 | AptarGroup, Inc. | 55,538 | ||||||
461 | Ashland, Inc. | 50,581 | ||||||
483 | Avery Dennison Corp. | 31,380 | ||||||
1,896 | Axalta Coating Systems Ltd.(b) | 52,386 | ||||||
786 | Ball Corp. | 53,841 | ||||||
1,240 | Bemis Co., Inc. | 56,767 | ||||||
1,541 | Cabot Corp. | 55,384 | ||||||
823 | Celanese Corp., Series A | 58,474 | ||||||
1,069 | CF Industries Holdings, Inc. | 54,273 | ||||||
628 | Compass Minerals International, Inc. | 51,019 | ||||||
1,067 | Crown Holdings, Inc.(b) | 56,594 | ||||||
672 | Cytec Industries, Inc. | 50,010 | ||||||
1,342 | Domtar Corp. | 55,344 | ||||||
678 | Eagle Materials, Inc. | 44,768 | ||||||
746 | Eastman Chemical Co. | 53,839 | ||||||
1,438 | FMC Corp. | 58,541 | ||||||
5,057 | Freeport-McMoRan, Inc. | 59,521 | ||||||
3,695 | Graphic Packaging Holding Co. | 52,321 | ||||||
3,554 | Huntsman Corp. | 46,806 | ||||||
468 | International Flavors & Fragrances, Inc. | 54,316 | ||||||
1,278 | International Paper Co. | 54,558 | ||||||
313 | Martin Marietta Materials, Inc. | 48,562 | ||||||
1,542 | Mosaic Co. (The) | 52,104 | ||||||
135 | NewMarket Corp. | 53,155 | ||||||
2,987 | Newmont Mining Corp. | 58,127 | ||||||
1,287 | Nucor Corp. | 54,440 | ||||||
2,341 | Owens-Illinois, Inc.(b) | 50,449 | ||||||
808 | Packaging Corp. of America | 55,308 | ||||||
3,524 | Platform Specialty Products Corp.(b) | 36,791 | ||||||
902 | Reliance Steel & Aluminum Co. | 54,084 | ||||||
1,039 | Royal Gold, Inc. | 49,706 | ||||||
1,152 | RPM International, Inc. | 52,658 | ||||||
830 | Scotts Miracle-Gro Co. (The), Class A | 54,913 | ||||||
1,064 | Sealed Air Corp. | 52,264 | ||||||
219 | Sherwin-Williams Co. (The) | 58,436 | ||||||
357 | Sigma-Aldrich Corp. | 49,880 | ||||||
967 | Silgan Holdings, Inc. | 49,191 | ||||||
1,308 | Sonoco Products Co. | 55,838 | ||||||
2,873 | Steel Dynamics, Inc. | 53,064 | ||||||
5,978 | Tahoe Resources, Inc. | 49,916 | ||||||
4,593 | United States Steel Corp. | 53,646 | ||||||
679 | Valspar Corp. (The) | 54,965 | ||||||
541 | Vulcan Materials Co. | 52,250 | ||||||
519 | W.R. Grace & Co.(b) | 52,056 | ||||||
934 | Westlake Chemical Corp. | 56,292 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
952 | WestRock Co. | $ | 51,180 | |||||
|
| |||||||
2,623,455 | ||||||||
|
| |||||||
Telecommunication Services—2.0% | ||||||||
2,709 | CenturyLink, Inc. | 76,421 | ||||||
13,740 | Frontier Communications Corp. | 70,623 | ||||||
1,582 | Level 3 Communications, Inc.(b) | 80,603 | ||||||
304 | SBA Communications Corp., Class A(b) | 36,182 | ||||||
15,977 | Sprint Corp.(b) | 75,571 | ||||||
2,676 | Telephone & Data Systems, Inc. | 76,641 | ||||||
1,955 | United States Cellular Corp.(b) | 79,647 | ||||||
2,636 | Zayo Group Holdings, Inc.(b) | 69,933 | ||||||
|
| |||||||
565,621 | ||||||||
|
| |||||||
Utilities—9.6% | ||||||||
6,898 | AES Corp. (The) | 75,533 | ||||||
1,128 | AGL Resources, Inc. | 70,500 | ||||||
1,185 | Alliant Energy Corp. | 69,939 | ||||||
1,661 | Ameren Corp. | 72,552 | ||||||
1,252 | American Water Works Co., Inc. | 71,815 | ||||||
2,606 | Aqua America, Inc. | 74,532 | ||||||
1,191 | Atmos Energy Corp. | 75,033 | ||||||
4,771 | Calpine Corp.(b) | 73,998 | ||||||
3,840 | CenterPoint Energy, Inc. | 71,232 | ||||||
1,987 | CMS Energy Corp. | 71,671 | ||||||
1,039 | Consolidated Edison, Inc. | 68,314 | ||||||
868 | DTE Energy Co. | 70,820 | ||||||
1,102 | Edison International | 66,693 | ||||||
1,064 | Entergy Corp. | 72,522 | ||||||
1,405 | Eversource Energy | 71,571 | ||||||
2,213 | FirstEnergy Corp. | 69,046 | ||||||
2,617 | Great Plains Energy, Inc. | 71,968 | ||||||
2,432 | Hawaiian Electric Industries, Inc. | 71,160 | ||||||
2,045 | ITC Holdings Corp. | 66,912 | ||||||
4,134 | MDU Resources Group, Inc. | 77,967 | ||||||
1,386 | National Fuel Gas Co. | 72,807 | ||||||
3,827 | NiSource, Inc. | 73,325 | ||||||
4,559 | NRG Energy, Inc. | 58,766 | ||||||
2,538 | OGE Energy Corp. | 72,358 | ||||||
2,899 | Pepco Holdings, Inc. | 77,200 | ||||||
1,082 | Pinnacle West Capital Corp. | 68,718 | ||||||
2,149 | PPL Corp. | 73,926 | ||||||
1,680 | Public Service Enterprise Group, Inc. | 69,367 | ||||||
3,588 | Questar Corp. | 74,092 | ||||||
1,270 | SCANA Corp. | 75,209 | ||||||
733 | Sempra Energy | 75,067 | ||||||
2,593 | TECO Energy, Inc. | 70,011 | ||||||
2,933 | TerraForm Power, Inc., Class A(b) | 53,527 | ||||||
2,001 | UGI Corp. | 73,377 | ||||||
1,686 | Vectren Corp. | 76,662 | ||||||
1,348 | WEC Energy Group, Inc. | 69,503 | ||||||
1,804 | Westar Energy, Inc. | 71,619 | ||||||
1,968 | Xcel Energy, Inc. | 70,120 | ||||||
|
| |||||||
2,709,432 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $30,939,951) | 28,368,560 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.2% | ||||||||
47,190 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $47,190) | $ | 47,190 | |||||
|
| |||||||
Total Investments (Cost $30,987,141)—100.2% | 28,415,750 | |||||||
Other assets less liabilities—(0.2)% | (47,114 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 28,368,636 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
PowerShares Russell Midcap Pure Growth Portfolio (PXMG)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Information Technology | 32.3 | |||
Consumer Discretionary | 26.0 | |||
Health Care | 17.6 | |||
Industrials | 12.2 | |||
Financials | 6.4 | |||
Materials | 2.5 | |||
Consumer Staples | 2.0 | |||
Energy | 0.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—26.0% | ||||||||
4,385 | Advance Auto Parts, Inc. | $ | 870,116 | |||||
6,762 | CarMax, Inc.(b) | 399,026 | ||||||
6,306 | Carter’s, Inc. | 573,089 | ||||||
2,358 | Chipotle Mexican Grill, Inc.(b) | 1,509,662 | ||||||
14,528 | Dollar Tree, Inc.(b) | 951,439 | ||||||
9,818 | Expedia, Inc., Class A | 1,338,193 | ||||||
4,529 | Extended Stay America, Inc. | 86,957 | ||||||
11,820 | GoPro, Inc., Class A(b) | 295,500 | ||||||
53,510 | Groupon, Inc., Class A(b) | 198,522 | ||||||
9,668 | Hilton Worldwide Holdings, Inc. | 241,603 | ||||||
25,307 | Lions Gate Entertainment Corp. | 986,214 | ||||||
12,825 | Lululemon Athletica, Inc.(b) | 630,605 | ||||||
1,611 | Marriott International, Inc., Class A | 123,693 | ||||||
2,703 | Nordstrom, Inc. | 176,263 | ||||||
649 | NVR, Inc.(b) | 1,062,906 | ||||||
4,824 | O’Reilly Automotive, Inc.(b) | 1,332,678 | ||||||
8,769 | Polaris Industries, Inc. | 985,109 | ||||||
7,837 | Ross Stores, Inc. | 396,395 | ||||||
13,733 | Scripps Networks Interactive, Inc., Class A | 825,079 | ||||||
27,542 | Six Flags Entertainment Corp. | 1,433,286 | ||||||
21,344 | Tempur Sealy International, Inc.(b) | 1,661,417 | ||||||
11,119 | Tractor Supply Co. | 1,027,284 | ||||||
11,375 | TripAdvisor, Inc., Class A(b) | 952,997 | ||||||
8,962 | Ulta Salon, Cosmetics & Fragrance, Inc.(b) | 1,559,030 | ||||||
16,720 | Under Armour, Inc., Class A(b) | 1,589,738 | ||||||
1,390 | Williams-Sonoma, Inc. | 102,512 | ||||||
2,085 | Wyndham Worldwide Corp. | 169,615 | ||||||
|
| |||||||
21,478,928 | ||||||||
|
| |||||||
Consumer Staples—2.0% | ||||||||
1,738 | Hain Celestial Group, Inc. (The)(b) | 86,639 | ||||||
911 | Mead Johnson Nutrition Co. | 74,702 | ||||||
8,325 | Monster Beverage Corp.(b) | 1,134,864 | ||||||
19,531 | Sprouts Farmers Market, Inc.(b) | 398,042 | ||||||
|
| |||||||
1,694,247 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—0.9% | ||||||||
42,166 | Memorial Resource Development Corp.(b) | $ | 745,917 | |||||
|
| |||||||
Financials—6.4% | ||||||||
2,213 | Affiliated Managers Group, Inc.(b) | 398,916 | ||||||
24,619 | CBRE Group, Inc., Class A(b) | 917,796 | ||||||
1,936 | Credit Acceptance Corp.(b) | 366,078 | ||||||
1,746 | Crown Castle International Corp. REIT | 149,213 | ||||||
724 | Eaton Vance Corp. | 26,144 | ||||||
4,243 | Equinix, Inc. REIT | 1,258,813 | ||||||
6,156 | Extra Space Storage, Inc. REIT | 487,802 | ||||||
119 | FactSet Research Systems, Inc. | 20,839 | ||||||
38,163 | LendingClub Corp.(b) | 541,151 | ||||||
280 | Moody’s Corp. | 26,925 | ||||||
1,004 | MSCI, Inc. | 67,268 | ||||||
34,408 | NorthStar Asset Management Group, Inc. | 503,389 | ||||||
7,428 | SEI Investments Co. | 384,919 | ||||||
3,418 | Tanger Factory Outlet Centers, Inc. REIT | 119,459 | ||||||
|
| |||||||
5,268,712 | ||||||||
|
| |||||||
Health Care—17.6% | ||||||||
2,779 | Agios Pharmaceuticals, Inc.(b) | 202,478 | ||||||
31,724 | Akorn, Inc.(b) | 848,300 | ||||||
15,996 | Align Technology, Inc.(b) | 1,047,098 | ||||||
8,677 | AmerisourceBergen Corp. | 837,417 | ||||||
1,812 | Bluebird Bio, Inc.(b) | 139,760 | ||||||
12,158 | Centene Corp.(b) | 723,158 | ||||||
19,869 | Cerner Corp.(b) | 1,317,116 | ||||||
5,411 | DexCom, Inc.(b) | 450,845 | ||||||
7,617 | Edwards Lifesciences Corp.(b) | 1,197,012 | ||||||
2,995 | Envision Healthcare Holdings, Inc.(b) | 84,459 | ||||||
2,168 | IDEXX Laboratories, Inc.(b) | 148,768 | ||||||
2,882 | IMS Health Holdings, Inc.(b) | 78,448 | ||||||
4,871 | Incyte Corp.(b) | 572,489 | ||||||
1,713 | Inovalon Holdings, Inc., Class A(b) | 39,485 | ||||||
1,391 | Intercept Pharmaceuticals, Inc.(b) | 218,665 | ||||||
6,292 | Intrexon Corp.(b) | 211,411 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
PowerShares Russell Midcap Pure Growth Portfolio (PXMG) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
152 | Intuitive Surgical, Inc.(b) | $ | 75,483 | |||||
4,263 | Isis Pharmaceuticals, Inc.(b) | 205,263 | ||||||
7,781 | Jazz Pharmaceuticals PLC(b) | 1,068,176 | ||||||
6,681 | Juno Therapeutics, Inc.(b) | 345,809 | ||||||
4,206 | Medivation, Inc.(b) | 176,904 | ||||||
1,876 | Mettler-Toledo International, Inc.(b) | 583,417 | ||||||
42,043 | OPKO Health, Inc.(b) | 397,306 | ||||||
1,853 | Puma Biotechnology, Inc.(b) | 152,724 | ||||||
15,599 | Seattle Genetics, Inc.(b) | 647,202 | ||||||
23,943 | Tenet Healthcare Corp.(b) | 751,092 | ||||||
7,601 | United Therapeutics Corp.(b) | 1,114,535 | ||||||
37,033 | Veeva Systems, Inc., Class A(b) | 939,527 | ||||||
|
| |||||||
14,574,347 | ||||||||
|
| |||||||
Industrials—12.2% | ||||||||
3,516 | Acuity Brands, Inc. | 768,598 | ||||||
13,113 | Avis Budget Group, Inc.(b) | 654,863 | ||||||
2,022 | B/E Aerospace, Inc. | 94,933 | ||||||
2,319 | C.H. Robinson Worldwide, Inc. | 160,892 | ||||||
5,153 | Cintas Corp. | 479,693 | ||||||
14,608 | Fastenal Co. | 572,049 | ||||||
6,906 | J.B. Hunt Transport Services, Inc. | 527,411 | ||||||
2,865 | Landstar System, Inc. | 180,610 | ||||||
10,172 | Middleby Corp. (The)(b) | 1,189,514 | ||||||
7,444 | Nordson Corp. | 530,311 | ||||||
1,528 | Old Dominion Freight Line, Inc.(b) | 94,644 | ||||||
16,654 | Robert Half International, Inc. | 877,000 | ||||||
6,033 | Spirit Airlines, Inc.(b) | 223,945 | ||||||
7,412 | Stericycle, Inc.(b) | 899,594 | ||||||
5,601 | Toro Co. (The) | 421,587 | ||||||
7,880 | United Rentals, Inc.(b) | 589,897 | ||||||
12,522 | Verisk Analytics, Inc.(b) | 896,700 | ||||||
3,844 | WABCO Holdings, Inc.(b) | 431,412 | ||||||
1,805 | Wabtec Corp. | 149,580 | ||||||
3,149 | Watsco, Inc. | 387,422 | ||||||
|
| |||||||
10,130,655 | ||||||||
|
| |||||||
Information Technology—32.3% | ||||||||
2,658 | Alliance Data Systems Corp.(b) | 790,250 | ||||||
9,778 | Amphenol Corp., Class A | 530,163 | ||||||
12,743 | Arista Networks, Inc.(b) | 822,051 | ||||||
6,283 | CDK Global, Inc. | 312,831 | ||||||
14,782 | CDW Corp. | 660,608 | ||||||
3,894 | Citrix Systems, Inc.(b) | 319,697 | ||||||
18,754 | Cognex Corp. | 705,150 | ||||||
2,239 | CoStar Group, Inc.(b) | 454,674 | ||||||
8,792 | F5 Networks, Inc.(b) | 968,878 | ||||||
3,840 | FireEye, Inc.(b) | 100,416 | ||||||
4,181 | Fiserv, Inc.(b) | 403,508 | ||||||
8,978 | FleetCor Technologies, Inc.(b) | 1,300,553 | ||||||
32,727 | Fortinet, Inc.(b) | 1,124,500 | ||||||
6,782 | Gartner, Inc.(b) | 614,924 | ||||||
10,936 | Global Payments, Inc. | 1,491,780 | ||||||
12,321 | GoDaddy, Inc., Class A(b) | 338,581 | ||||||
6,614 | IPG Photonics Corp.(b) | 546,449 | ||||||
2,795 | Jack Henry & Associates, Inc. | 216,165 | ||||||
4,520 | LinkedIn Corp., Class A(b) | 1,088,732 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
9,353 | Microchip Technology, Inc. | $ | 451,656 | |||||
15,624 | NetSuite, Inc.(b) | 1,329,134 | ||||||
5,951 | Palo Alto Networks, Inc.(b) | 958,111 | ||||||
26,146 | Rackspace Hosting, Inc.(b) | 675,874 | ||||||
16,599 | Red Hat, Inc.(b) | 1,313,147 | ||||||
36,771 | Sabre Corp. | 1,078,126 | ||||||
3,385 | ServiceNow, Inc.(b) | 276,385 | ||||||
12,428 | Skyworks Solutions, Inc. | 959,939 | ||||||
21,209 | SolarWinds, Inc.(b) | 1,230,758 | ||||||
10,616 | Solera Holdings, Inc. | 580,271 | ||||||
3,842 | Splunk, Inc.(b) | 215,767 | ||||||
4,269 | Tableau Software, Inc., Class A(b) | 358,425 | ||||||
23,106 | Twitter, Inc.(b) | 657,597 | ||||||
8,585 | Ultimate Software Group, Inc. (The)(b) | 1,754,345 | ||||||
12,314 | Vantiv, Inc., Class A(b) | 617,547 | ||||||
10,464 | VeriFone Systems, Inc.(b) | 315,385 | ||||||
3,283 | Workday, Inc., Class A(b) | 259,259 | ||||||
2,322 | Yelp, Inc., Class A(b) | 51,664 | ||||||
10,681 | Zebra Technologies Corp., Class A(b) | 821,369 | ||||||
|
| |||||||
26,694,669 | ||||||||
|
| |||||||
Materials—2.5% | ||||||||
11,319 | Axalta Coating Systems Ltd.(b) | 312,744 | ||||||
5,622 | Eagle Materials, Inc. | 371,221 | ||||||
4,193 | Sealed Air Corp. | 205,960 | ||||||
2,034 | Sherwin-Williams Co. (The) | 542,732 | ||||||
7,593 | Valspar Corp. (The) | 614,653 | ||||||
|
| |||||||
2,047,310 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $85,499,855) | 82,634,785 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
64,029 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $64,029) | 64,029 | ||||||
|
| |||||||
Total Investments (Cost $85,563,884)—100.0% | 82,698,814 | |||||||
Other assets less liabilities—(0.0)% | (33,851 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 82,664,963 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
PowerShares Russell Midcap Pure Value Portfolio (PXMV)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Financials | 44.5 | |||
Utilities | 22.1 | |||
Energy | 11.0 | |||
Industrials | 6.3 | |||
Information Technology | 4.5 | |||
Materials | 4.1 | |||
Telecommunication Services | 2.8 | |||
Consumer Discretionary | 2.7 | |||
Consumer Staples | 1.2 | |||
Health Care | 0.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—2.7% | ||||||||
17 | Cable One, Inc.(b) | $ | 7,368 | |||||
17 | Graham Holdings Co., Class B | 9,392 | ||||||
17,068 | J.C. Penney Co., Inc.(b)(c) | 156,514 | ||||||
2,758 | John Wiley & Sons, Inc., Class A | 144,326 | ||||||
38,269 | Staples, Inc. | 497,114 | ||||||
5,071 | Tribune Media Co., Class A | 204,513 | ||||||
15,854 | Wendy’s Co. (The) | 145,223 | ||||||
|
| |||||||
1,164,450 | ||||||||
|
| |||||||
Consumer Staples—1.2% | ||||||||
5,719 | Molson Coors Brewing Co., Class B | 503,844 | ||||||
|
| |||||||
Energy—11.0% | ||||||||
7,618 | California Resources Corp. | 30,777 | ||||||
4,750 | Cheniere Energy, Inc.(b) | 235,220 | ||||||
3,955 | Columbia Pipeline Group, Inc. | 82,145 | ||||||
18,777 | CONSOL Energy, Inc. | 125,055 | ||||||
21,463 | Diamond Offshore Drilling, Inc.(c) | 426,685 | ||||||
5,070 | Energen Corp. | 294,821 | ||||||
5,001 | EP Energy Corp., Class A(b)(c) | 27,556 | ||||||
11,128 | Golar LNG Ltd. (Bermuda) | 322,823 | ||||||
9,770 | Hess Corp. | 549,172 | ||||||
4,205 | Laredo Petroleum, Inc.(b)(c) | 48,273 | ||||||
22,868 | Marathon Oil Corp. | 420,314 | ||||||
10,859 | Murphy Oil Corp. | 308,721 | ||||||
16,619 | Newfield Exploration Co.(b) | 667,918 | ||||||
40,156 | Noble Corp. PLC(c) | 540,901 | ||||||
17,264 | QEP Resources, Inc. | 266,901 | ||||||
43,977 | Seadrill Ltd. (United Kingdom)(b)(c) | 284,531 | ||||||
1,713 | Southwestern Energy Co.(b) | 18,912 | ||||||
3,513 | Weatherford International PLC(b) | 35,973 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
5,104 | WPX Energy, Inc.(b) | $ | 35,013 | |||||
|
| |||||||
4,721,711 | ||||||||
|
| |||||||
Financials—44.5% | ||||||||
158 | Alexandria Real Estate Equities, Inc. REIT | 14,179 | ||||||
21,520 | American Capital Agency Corp. REIT | 383,702 | ||||||
23,989 | American Homes 4 Rent, Class A REIT | 395,818 | ||||||
386 | American National Insurance Co. | 39,866 | ||||||
50,408 | Annaly Capital Management, Inc. REIT | 501,560 | ||||||
452 | Arch Capital Group Ltd.(b) | 33,850 | ||||||
6,711 | Associated Banc-Corp. | 129,791 | ||||||
220 | AvalonBay Communities, Inc. REIT | 38,463 | ||||||
1,046 | Bank of Hawaii Corp. | 68,492 | ||||||
24,858 | BioMed Realty Trust, Inc. REIT | 581,926 | ||||||
6,444 | BOK Financial Corp. | 432,908 | ||||||
12,872 | Brandywine Realty Trust REIT | 173,772 | ||||||
1,132 | Camden Property Trust REIT | 83,530 | ||||||
19,421 | CBL & Associates Properties, Inc. REIT | 283,158 | ||||||
8,814 | Cincinnati Financial Corp. | 530,867 | ||||||
9,464 | CIT Group, Inc. | 406,952 | ||||||
8,254 | CNA Financial Corp. | 301,766 | ||||||
10,048 | Comerica, Inc. | 436,083 | ||||||
7,458 | Commerce Bancshares, Inc. | 339,712 | ||||||
2,559 | Corrections Corp. of America REIT | 72,932 | ||||||
2,563 | Cullen/Frost Bankers, Inc. | 175,412 | ||||||
19,646 | DDR Corp. REIT | 330,053 | ||||||
15,108 | Duke Realty Corp. REIT | 312,736 | ||||||
2,418 | E*TRADE Financial Corp.(b) | 68,937 | ||||||
2,208 | East West Bancorp, Inc. | 89,181 | ||||||
6,331 | Endurance Specialty Holdings Ltd. | 399,676 | ||||||
13,332 | Equity Commonwealth REIT(b) | 382,762 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
PowerShares Russell Midcap Pure Value Portfolio (PXMV) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
24,783 | Fifth Third Bancorp | $ | 472,116 | |||||
23,459 | First Horizon National Corp. | 332,649 | ||||||
27,404 | First Niagara Financial Group, Inc. | 283,631 | ||||||
27,837 | Genworth Financial, Inc., Class A(b) | 130,277 | ||||||
387 | Hartford Financial Services Group, Inc. (The) | 17,903 | ||||||
4,166 | HCP, Inc. REIT | 154,975 | ||||||
17,098 | Host Hotels & Resorts, Inc. REIT | 296,308 | ||||||
7,201 | Liberty Property Trust REIT | 244,978 | ||||||
9,637 | Loews Corp. | 351,365 | ||||||
6,652 | M&T Bank Corp. | 797,242 | ||||||
343 | Macerich Co. (The) REIT | 29,066 | ||||||
5,983 | Mercury General Corp. | 323,142 | ||||||
22,093 | MFA Financial, Inc. REIT | 152,884 | ||||||
1,267 | Mid-America Apartment Communities, Inc. REIT | 107,936 | ||||||
9,845 | National Retail Properties, Inc. REIT | 374,110 | ||||||
6,700 | Navient Corp. | 88,373 | ||||||
27,341 | New York Community Bancorp, Inc. | 451,673 | ||||||
26,933 | NorthStar Realty Finance Corp. REIT | 323,465 | ||||||
10,381 | Paramount Group, Inc. REIT | 184,470 | ||||||
4,804 | Popular, Inc. | 142,054 | ||||||
4,745 | Principal Financial Group, Inc. | 238,009 | ||||||
9,332 | ProAssurance Corp. | 494,223 | ||||||
11,966 | Prologis, Inc. REIT | 511,307 | ||||||
12,350 | Rayonier, Inc. REIT | 279,728 | ||||||
7,411 | Realty Income Corp. REIT | 366,548 | ||||||
33,504 | Regions Financial Corp. | 313,262 | ||||||
655 | Reinsurance Group of America, Inc. | 59,107 | ||||||
3,852 | RenaissanceRe Holdings Ltd. (Bermuda) | 422,295 | ||||||
11,640 | Retail Properties of America, Inc., Class A REIT | 174,251 | ||||||
3,661 | SL Green Realty Corp. REIT | 434,268 | ||||||
5,626 | StanCorp Financial Group, Inc. | 645,415 | ||||||
16,142 | Starwood Property Trust, Inc. REIT | 324,293 | ||||||
9,608 | SunTrust Banks, Inc. | 398,924 | ||||||
6,535 | UDR, Inc. REIT | 225,196 | ||||||
6,676 | Unum Group | 231,323 | ||||||
4,660 | Validus Holdings Ltd. | 206,438 | ||||||
17,233 | VEREIT, Inc. REIT | 142,345 | ||||||
809 | White Mountains Insurance Group Ltd. | 639,110 | ||||||
4,312 | WP Carey, Inc. REIT | 273,251 | ||||||
9,407 | WP GLIMCHER, Inc. REIT | 109,309 | ||||||
4,816 | XL Group PLC | 183,393 | ||||||
7,397 | Zions Bancorporation | 212,812 | ||||||
|
| |||||||
19,151,508 | ||||||||
|
| |||||||
Health Care—0.8% | ||||||||
2,519 | Bio-Rad Laboratories, Inc., Class A(b) | 351,350 | ||||||
|
| |||||||
Industrials—6.3% | ||||||||
2,556 | ADT Corp. (The) | 84,450 | ||||||
2,844 | AGCO Corp. | 137,621 | ||||||
9,264 | Jacobs Engineering Group, Inc.(b) | 371,857 | ||||||
13,944 | Joy Global, Inc. | 239,558 | ||||||
3,017 | L-3 Communications Holdings, Inc. | 381,349 | ||||||
1,406 | ManpowerGroup, Inc. | 129,043 | ||||||
8,419 | Orbital ATK, Inc. | 720,835 | ||||||
2,054 | Oshkosh Corp. | 84,399 | ||||||
5,886 | Republic Services, Inc. | 257,453 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
6,153 | SPX Corp. | $ | 75,374 | |||||
6,153 | SPX FLOW, Inc.(b) | 208,587 | ||||||
834 | Timken Co. (The) | 26,354 | ||||||
|
| |||||||
2,716,880 | ||||||||
|
| |||||||
Information Technology—4.5% | ||||||||
12,092 | Brocade Communications Systems, Inc. | 125,999 | ||||||
7,595 | CA, Inc. | 210,457 | ||||||
5,805 | Dolby Laboratories, Inc., Class A | 201,259 | ||||||
11,635 | First Solar, Inc.(b) | 664,009 | ||||||
11,259 | Lexmark International, Inc., Class A | 365,805 | ||||||
5,012 | Marvell Technology Group Ltd. (Bermuda) | 41,149 | ||||||
36,413 | Xerox Corp. | 341,918 | ||||||
|
| |||||||
1,950,596 | ||||||||
|
| |||||||
Materials—4.1% | ||||||||
6,160 | Albemarle Corp. | 329,683 | ||||||
2,569 | Allegheny Technologies, Inc. | 37,764 | ||||||
7,984 | Cabot Corp. | 286,945 | ||||||
9,466 | Domtar Corp. | 390,378 | ||||||
9,774 | Freeport-McMoRan, Inc. | 115,040 | ||||||
16,142 | Newmont Mining Corp. | 314,124 | ||||||
24,697 | United States Steel Corp.(c) | 288,461 | ||||||
|
| |||||||
1,762,395 | ||||||||
|
| |||||||
Telecommunication Services—2.8% | ||||||||
1,024 | CenturyLink, Inc. | 28,887 | ||||||
77,707 | Frontier Communications Corp. | 399,414 | ||||||
20,414 | Sprint Corp.(b)(c) | 96,558 | ||||||
9,557 | Telephone & Data Systems, Inc. | 273,712 | ||||||
9,740 | United States Cellular Corp.(b) | 396,808 | ||||||
|
| |||||||
1,195,379 | ||||||||
|
| |||||||
Utilities—22.1% | ||||||||
12,570 | AES Corp. (The) | 137,641 | ||||||
1,317 | AGL Resources, Inc. | 82,312 | ||||||
2,952 | Alliant Energy Corp. | 174,227 | ||||||
10,715 | Ameren Corp. | 468,031 | ||||||
6,606 | Atmos Energy Corp. | 416,178 | ||||||
20,501 | CenterPoint Energy, Inc. | 380,294 | ||||||
3,709 | CMS Energy Corp. | 133,784 | ||||||
8,204 | Consolidated Edison, Inc. | 539,413 | ||||||
5,776 | DTE Energy Co. | 471,264 | ||||||
8,682 | Edison International | 525,435 | ||||||
4,403 | Entergy Corp. | 300,108 | ||||||
8,511 | Eversource Energy | 433,550 | ||||||
14,003 | FirstEnergy Corp. | 436,894 | ||||||
7,631 | Great Plains Energy, Inc. | 209,852 | ||||||
11,683 | Hawaiian Electric Industries, Inc. | 341,845 | ||||||
10,204 | MDU Resources Group, Inc. | 192,447 | ||||||
5,293 | National Fuel Gas Co. | 278,041 | ||||||
3,955 | NiSource, Inc. | 75,778 | ||||||
6,154 | OGE Energy Corp. | 175,451 | ||||||
15,772 | Pepco Holdings, Inc. | 420,008 | ||||||
7,981 | Pinnacle West Capital Corp. | 506,873 | ||||||
8,519 | PPL Corp. | 293,054 | ||||||
7,822 | Public Service Enterprise Group, Inc. | 322,970 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
PowerShares Russell Midcap Pure Value Portfolio (PXMV) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
9,183 | SCANA Corp. | $ | 543,817 | |||||
55 | Sempra Energy | 5,633 | ||||||
19,155 | TECO Energy, Inc. | 517,185 | ||||||
268 | UGI Corp. | 9,828 | ||||||
8,328 | WEC Energy Group, Inc. | 429,392 | ||||||
5,740 | Westar Energy, Inc. | 227,878 | ||||||
13,706 | Xcel Energy, Inc. | 488,345 | ||||||
|
| |||||||
9,537,528 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $45,348,219) | 43,055,641 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
63,027 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $63,027) | 63,027 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $45,411,246)—100.1% | 43,118,668 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.2% | ||||||||
| 1,788,028 | | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $1,788,028) | 1,788,028 | ||||
|
| |||||||
Total Investments (Cost $47,199,274)—104.3% | 44,906,696 | |||||||
Other assets less liabilities—(4.3)% | (1,848,269 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 43,058,427 | ||||||
|
|
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, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Financials | 15.8 | |||
Health Care | 15.6 | |||
Consumer Discretionary | 14.6 | |||
Information Technology | 14.1 | |||
Industrials | 12.5 | |||
Consumer Staples | 8.8 | |||
Energy | 8.6 | |||
Materials | 5.2 | |||
Utilities | 3.3 | |||
Telecommunication Services | 1.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—14.6% | ||||||||
335 | Amazon.com, Inc.(b) | $ | 209,676 | |||||
3,459 | Carnival Corp. | 187,063 | ||||||
4,301 | CBS Corp., Class B | 200,082 | ||||||
3,101 | Comcast Corp., Class A | 194,185 | ||||||
3,075 | Comcast Corp., Class A Special | 192,833 | ||||||
2,964 | DISH Network Corp., Class A(b) | 186,643 | ||||||
12,960 | Ford Motor Co. | 191,938 | ||||||
5,963 | General Motors Co. | 208,168 | ||||||
1,502 | Home Depot, Inc. (The) | 185,707 | ||||||
4,389 | Johnson Controls, Inc. | 198,295 | ||||||
4,211 | Las Vegas Sands Corp. | 208,487 | ||||||
2,552 | Lowe’s Cos., Inc. | 188,414 | ||||||
1,797 | McDonald’s Corp. | 201,713 | ||||||
1,715 | Netflix, Inc.(b) | 185,872 | ||||||
1,403 | NIKE, Inc., Class B | 183,835 | ||||||
140 | Priceline Group, Inc. (The)(b) | 203,594 | ||||||
3,024 | Starbucks Corp. | 189,212 | ||||||
2,219 | Target Corp. | 171,262 | ||||||
683 | Tesla Motors, Inc.(b) | 141,333 | ||||||
4,399 | Thomson Reuters Corp. | 180,447 | ||||||
954 | Time Warner Cable, Inc. | 180,688 | ||||||
2,584 | Time Warner, Inc. | 194,679 | ||||||
2,471 | TJX Cos., Inc. (The) | 180,852 | ||||||
6,815 | Twenty-First Century Fox, Inc., Class A | 209,152 | ||||||
6,749 | Twenty-First Century Fox, Inc., Class B | 208,409 | ||||||
2,502 | VF Corp. | 168,935 | ||||||
4,029 | Viacom, Inc., Class B | 198,670 | ||||||
1,748 | Walt Disney Co. (The) | 198,818 | ||||||
2,231 | Yum! Brands, Inc. | 158,200 | ||||||
|
| |||||||
5,507,162 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples—8.8% | ||||||||
3,200 | Altria Group, Inc. | $ | 193,504 | |||||
4,126 | Archer-Daniels-Midland Co. | 188,393 | ||||||
4,426 | Coca-Cola Co. (The) | 187,441 | ||||||
2,777 | Colgate-Palmolive Co. | 184,254 | ||||||
1,204 | Costco Wholesale Corp. | 190,377 | ||||||
1,779 | CVS Health Corp. | 175,730 | ||||||
2,199 | Estee Lauder Cos., Inc. (The), Class A | 176,932 | ||||||
3,054 | General Mills, Inc. | 177,468 | ||||||
1,613 | Kimberly-Clark Corp. | 193,092 | ||||||
2,391 | Kraft Heinz Co. (The) | 186,426 | ||||||
4,857 | Kroger Co. (The) | 183,595 | ||||||
4,097 | Mondelez International, Inc., Class A | 189,118 | ||||||
1,876 | PepsiCo, Inc. | 191,708 | ||||||
2,176 | Philip Morris International, Inc. | 192,358 | ||||||
2,413 | Procter & Gamble Co. (The) | 184,305 | ||||||
4,079 | Reynolds American, Inc. | 197,097 | ||||||
2,055 | Walgreens Boots Alliance, Inc. | 174,017 | ||||||
2,750 | Wal-Mart Stores, Inc. | 157,410 | ||||||
|
| |||||||
3,323,225 | ||||||||
|
| |||||||
Energy—8.6% | ||||||||
2,798 | Anadarko Petroleum Corp. | 187,130 | ||||||
4,591 | Apache Corp. | 216,374 | ||||||
3,340 | Baker Hughes, Inc. | 175,951 | ||||||
2,257 | Chevron Corp. | 205,116 | ||||||
3,716 | ConocoPhillips | 198,249 | ||||||
4,558 | Devon Energy Corp. | 191,117 | ||||||
2,409 | EOG Resources, Inc. | 206,813 | ||||||
2,395 | Exxon Mobil Corp. | 198,162 | ||||||
4,779 | Halliburton Co. | 183,418 | ||||||
5,961 | Kinder Morgan, Inc. | 163,033 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
3,705 | Marathon Petroleum Corp. | $ | 191,919 | |||||
2,652 | Occidental Petroleum Corp. | 197,680 | ||||||
2,249 | Phillips 66 | 200,274 | ||||||
2,406 | Schlumberger Ltd. | 188,053 | ||||||
6,316 | Spectra Energy Corp. | 180,448 | ||||||
2,884 | Valero Energy Corp. | 190,113 | ||||||
4,215 | Williams Cos., Inc. (The) | 166,240 | ||||||
|
| |||||||
3,240,090 | ||||||||
|
| |||||||
Financials—15.8% | ||||||||
1,695 | ACE Ltd. | 192,450 | ||||||
3,033 | Aflac, Inc. | 193,354 | ||||||
2,972 | Allstate Corp. (The) | 183,907 | ||||||
2,335 | American Express Co. | 171,062 | ||||||
3,047 | American International Group, Inc. | 192,144 | ||||||
1,974 | American Tower Corp. REIT | 201,802 | ||||||
11,036 | Bank of America Corp. | 185,184 | ||||||
4,428 | Bank of New York Mellon Corp. (The) | 184,426 | ||||||
4,915 | BB&T Corp. | 182,592 | ||||||
1,352 | Berkshire Hathaway, Inc., Class B(b) | 183,899 | ||||||
578 | BlackRock, Inc. | 203,439 | ||||||
2,368 | Capital One Financial Corp. | 186,835 | ||||||
6,170 | Charles Schwab Corp. (The) | 188,308 | ||||||
1,435 | Chubb Corp. (The) | 185,617 | ||||||
3,469 | Citigroup, Inc. | 184,447 | ||||||
1,898 | CME Group, Inc., Class A | 179,304 | ||||||
3,366 | Discover Financial Services | 189,237 | ||||||
2,407 | Equity Residential REIT | 186,109 | ||||||
4,694 | Franklin Resources, Inc. | 191,327 | ||||||
975 | Goldman Sachs Group, Inc. (The) | 182,813 | ||||||
2,853 | JPMorgan Chase & Co. | 183,305 | ||||||
3,330 | Marsh & McLennan Cos., Inc. | 185,614 | ||||||
3,712 | MetLife, Inc. | 187,011 | ||||||
5,448 | Morgan Stanley | 179,621 | ||||||
1,963 | PNC Financial Services Group, Inc. (The) | 177,180 | ||||||
2,269 | Prudential Financial, Inc. | 187,193 | ||||||
838 | Public Storage REIT | 192,287 | ||||||
960 | Simon Property Group, Inc. REIT | 193,402 | ||||||
2,551 | State Street Corp. | 176,019 | ||||||
1,755 | Travelers Cos., Inc. (The) | 198,122 | ||||||
4,209 | U.S. Bancorp | 177,536 | ||||||
3,406 | Wells Fargo & Co. | 184,401 | ||||||
|
| |||||||
5,969,947 | ||||||||
|
| |||||||
Health Care—15.6% | ||||||||
4,292 | Abbott Laboratories | 192,282 | ||||||
3,146 | AbbVie, Inc. | 187,344 | ||||||
1,565 | Aetna, Inc. | 179,631 | ||||||
1,175 | Alexion Pharmaceuticals, Inc.(b) | 206,800 | ||||||
628 | Allergan PLC(b) | 193,719 | ||||||
1,266 | Amgen, Inc. | 200,256 | ||||||
1,236 | Anthem, Inc. | 171,989 | ||||||
5,320 | Baxalta, Inc. | 183,327 | ||||||
5,090 | Baxter International, Inc. | 190,315 | ||||||
1,288 | Becton, Dickinson and Co. | 183,566 | ||||||
615 | Biogen, Inc.(b) | 178,664 | ||||||
2,911 | Bristol-Myers Squibb Co. | 191,980 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Car (continued) | ||||||||
2,205 | Cardinal Health, Inc. | $ | 181,251 | |||||
1,618 | Celgene Corp.(b) | 198,545 | ||||||
1,275 | Cigna Corp. | 170,901 | ||||||
2,086 | Eli Lilly & Co. | 170,155 | ||||||
2,177 | Express Scripts Holding Co.(b) | 188,049 | ||||||
1,751 | Gilead Sciences, Inc. | 189,336 | ||||||
2,207 | HCA Holdings, Inc.(b) | 151,819 | ||||||
968 | Humana, Inc. | 172,914 | ||||||
999 | Illumina, Inc.(b) | 143,137 | ||||||
1,927 | Johnson & Johnson | 194,685 | ||||||
912 | McKesson Corp. | 163,066 | ||||||
2,636 | Medtronic PLC | 194,853 | ||||||
3,535 | Merck & Co., Inc. | 193,223 | ||||||
4,021 | Mylan NV(b) | 177,286 | ||||||
5,498 | Pfizer, Inc. | 185,942 | ||||||
358 | Regeneron Pharmaceuticals, Inc.(b) | 199,546 | ||||||
1,809 | Stryker Corp. | 172,976 | ||||||
1,429 | Thermo Fisher Scientific, Inc. | 186,885 | ||||||
1,507 | UnitedHealth Group, Inc. | 177,494 | ||||||
1,697 | Vertex Pharmaceuticals, Inc.(b) | 211,684 | ||||||
|
| |||||||
5,883,620 | ||||||||
|
| |||||||
Industrials—12.5% | ||||||||
1,256 | 3M Co. | 197,456 | ||||||
4,357 | American Airlines Group, Inc. | 201,380 | ||||||
1,338 | Boeing Co. (The) | 198,118 | ||||||
2,699 | Caterpillar, Inc. | 197,000 | ||||||
6,612 | CSX Corp. | 178,458 | ||||||
1,587 | Cummins, Inc. | 164,270 | ||||||
2,056 | Danaher Corp. | 191,845 | ||||||
2,313 | Deere & Co. | 180,414 | ||||||
3,808 | Delta Air Lines, Inc. | 193,599 | ||||||
3,378 | Eaton Corp. PLC | 188,864 | ||||||
4,006 | Emerson Electric Co. | 189,203 | ||||||
1,214 | FedEx Corp. | 189,445 | ||||||
1,271 | General Dynamics Corp. | 188,845 | ||||||
7,036 | General Electric Co. | 203,481 | ||||||
1,875 | Honeywell International, Inc. | 193,650 | ||||||
2,127 | Illinois Tool Works, Inc. | 195,556 | ||||||
860 | Lockheed Martin Corp. | 189,054 | ||||||
2,319 | Norfolk Southern Corp. | 185,590 | ||||||
1,059 | Northrop Grumman Corp. | 198,827 | ||||||
765 | Precision Castparts Corp. | 176,570 | ||||||
1,654 | Raytheon Co. | 194,180 | ||||||
2,026 | Union Pacific Corp. | 181,023 | ||||||
1,775 | United Parcel Service, Inc., Class B | 182,860 | ||||||
2,009 | United Technologies Corp. | 197,706 | ||||||
3,481 | Waste Management, Inc. | 187,139 | ||||||
|
| |||||||
4,744,533 | ||||||||
|
| |||||||
Information Technology—14.1% | ||||||||
1,809 | Accenture PLC, Class A | 193,925 | ||||||
2,109 | Adobe Systems, Inc.(b) | 186,984 | ||||||
274 | Alphabet, Inc., Class A(b) | 202,045 | ||||||
286 | Alphabet, Inc., Class C(b) | 203,292 | ||||||
1,528 | Apple, Inc. | 182,596 | ||||||
2,184 | Automatic Data Processing, Inc. | 189,986 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
1,384 | Avago Technologies Ltd. (Singapore) | $ | 170,412 | |||||
3,364 | Broadcom Corp., Class A | 172,910 | ||||||
6,738 | Cisco Systems, Inc. | 194,391 | ||||||
2,861 | Cognizant Technology Solutions Corp., Class A(b) | 194,863 | ||||||
10,583 | Corning, Inc. | 196,844 | ||||||
6,922 | eBay, Inc.(b) | 193,124 | ||||||
7,374 | EMC Corp. | 193,346 | ||||||
1,891 | Facebook, Inc., Class A(b) | 192,825 | ||||||
7,011 | HP, Inc. | 189,017 | ||||||
6,086 | Intel Corp. | 206,072 | ||||||
1,205 | International Business Machines Corp. | 168,796 | ||||||
1,921 | MasterCard, Inc., Class A | 190,160 | ||||||
11,761 | Micron Technology, Inc.(b) | 194,762 | ||||||
3,991 | Microsoft Corp. | 210,086 | ||||||
4,864 | Oracle Corp. | 188,918 | ||||||
5,192 | PayPal Holdings, Inc.(b) | 186,964 | ||||||
3,294 | QUALCOMM, Inc. | 195,729 | ||||||
2,420 | salesforce.com, inc.(b) | 188,058 | ||||||
3,718 | Texas Instruments, Inc. | 210,885 | ||||||
2,481 | Visa, Inc., Class A | 192,476 | ||||||
2,217 | VMware, Inc., Class A(b) | 133,352 | ||||||
6,020 | Yahoo!, Inc.(b) | 214,432 | ||||||
|
| |||||||
5,337,250 | ||||||||
|
| |||||||
Materials—5.2% | ||||||||
1,374 | Air Products & Chemicals, Inc. | 190,959 | ||||||
24,837 | Chemours Co. (The) | 172,120 | ||||||
4,143 | Dow Chemical Co. (The) | 214,069 | ||||||
3,612 | E.I. du Pont de Nemours & Co. | 229,001 | ||||||
1,588 | Ecolab, Inc. | 191,116 | ||||||
2,075 | LyondellBasell Industries NV, Class A | 192,788 | ||||||
2,075 | Monsanto Co. | 193,432 | ||||||
1,986 | PPG Industries, Inc. | 207,060 | ||||||
1,737 | Praxair, Inc. | 192,963 | ||||||
6,575 | Southern Copper Corp. (Peru) | 182,522 | ||||||
|
| |||||||
1,966,030 | ||||||||
|
| |||||||
Telecommunication Services—1.4% | ||||||||
5,423 | AT&T, Inc. | 181,725 | ||||||
4,104 | T-Mobile US, Inc.(b) | 155,500 | ||||||
3,966 | Verizon Communications, Inc. | 185,926 | ||||||
|
| |||||||
523,151 | ||||||||
|
| |||||||
Utilities—3.3% | ||||||||
3,132 | American Electric Power Co., Inc. | 177,428 | ||||||
2,503 | Dominion Resources, Inc. | 178,789 | ||||||
2,480 | Duke Energy Corp. | 177,246 | ||||||
5,944 | Exelon Corp. | 165,957 | ||||||
1,779 | NextEra Energy, Inc. | 182,632 | ||||||
3,313 | PG&E Corp. | 176,914 | ||||||
3,973 | Southern Co. (The) | 179,182 | ||||||
|
| |||||||
1,238,148 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $37,246,480) | 37,733,156 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
35,642 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $35,642) | $ | 35,642 | |||||
|
| |||||||
Total Investments (Cost $37,282,122)—100.0% | 37,768,798 | |||||||
Other assets less liabilities—(0.0)% | (17,322 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 37,751,476 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
PowerShares Russell Top 200 Pure Growth Portfolio (PXLG)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Consumer Discretionary | 30.1 | |||
Information Technology | 25.7 | |||
Health Care | 23.3 | |||
Consumer Staples | 6.2 | |||
Materials | 5.1 | |||
Industrials | 4.6 | |||
Financials | 4.3 | |||
Energy | 0.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—30.1% | ||||||||
6,612 | Amazon.com, Inc.(b) | $ | 4,138,451 | |||||
19,367 | CBS Corp., Class B | 900,953 | ||||||
23,247 | Home Depot, Inc. (The) | 2,874,259 | �� | |||||
14,277 | Las Vegas Sands Corp. | 706,854 | ||||||
50,687 | Lowe’s Cos., Inc. | 3,742,221 | ||||||
4,017 | McDonald’s Corp. | 450,908 | ||||||
13,537 | Netflix, Inc.(b) | 1,467,140 | ||||||
23,200 | NIKE, Inc., Class B | 3,039,896 | ||||||
3,615 | Priceline Group, Inc. (The)(b) | 5,257,078 | ||||||
49,864 | Starbucks Corp. | 3,119,991 | ||||||
16,982 | Tesla Motors, Inc.(b) | 3,514,085 | ||||||
13,363 | Time Warner Cable, Inc. | 2,530,952 | ||||||
48,166 | TJX Cos., Inc. (The) | 3,525,270 | ||||||
21,843 | VF Corp. | 1,474,839 | ||||||
24,612 | Viacom, Inc., Class B | 1,213,618 | ||||||
8,700 | Walt Disney Co. (The) | 989,538 | ||||||
23,376 | Yum! Brands, Inc. | 1,657,592 | ||||||
|
| |||||||
40,603,645 | ||||||||
|
| |||||||
Consumer Staples—6.2% | ||||||||
24,867 | Coca-Cola Co. (The) | 1,053,117 | ||||||
13,152 | Costco Wholesale Corp. | 2,079,594 | ||||||
11,098 | Estee Lauder Cos., Inc. (The), Class A | 892,945 | ||||||
383 | General Mills, Inc. | 22,256 | ||||||
560 | Kraft Heinz Co. (The) | 43,663 | ||||||
73,882 | Kroger Co. (The) | 2,792,740 | ||||||
11,543 | PepsiCo, Inc. | 1,179,579 | ||||||
5,964 | Reynolds American, Inc. | 288,181 | ||||||
|
| |||||||
8,352,075 | ||||||||
|
| |||||||
Energy—0.6% | ||||||||
21,816 | Williams Cos., Inc. (The) | 860,423 | ||||||
|
| |||||||
Financials—4.3% | ||||||||
44,767 | American Tower Corp. REIT | 4,576,530 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
5,977 | Simon Property Group, Inc. REIT | $ | 1,204,127 | |||||
|
| |||||||
5,780,657 | ||||||||
|
| |||||||
Health Care—23.3% | ||||||||
53,407 | AbbVie, Inc. | 3,180,387 | ||||||
11,099 | Alexion Pharmaceuticals, Inc.(b) | 1,953,424 | ||||||
9,612 | Amgen, Inc. | 1,520,426 | ||||||
6,744 | Becton, Dickinson and Co. | 961,155 | ||||||
10,421 | Biogen, Inc.(b) | 3,027,405 | ||||||
3,842 | Bristol-Myers Squibb Co. | 253,380 | ||||||
36,625 | Celgene Corp.(b) | 4,494,254 | ||||||
961 | Cigna Corp. | 128,812 | ||||||
960 | Eli Lilly & Co. | 78,307 | ||||||
37,359 | Gilead Sciences, Inc. | 4,039,629 | ||||||
20,424 | Illumina, Inc.(b) | 2,926,351 | ||||||
10,141 | McKesson Corp. | 1,813,211 | ||||||
8,302 | Regeneron Pharmaceuticals, Inc.(b) | 4,627,452 | ||||||
19,886 | Vertex Pharmaceuticals, Inc.(b) | 2,480,579 | ||||||
|
| |||||||
31,484,772 | ||||||||
| �� | |||||||
Industrials—4.6% | ||||||||
6,833 | 3M Co. | 1,074,216 | ||||||
28,871 | American Airlines Group, Inc. | 1,334,418 | ||||||
3,553 | Boeing Co. (The) | 526,093 | ||||||
5,495 | Delta Air Lines, Inc. | 279,366 | ||||||
1,344 | Honeywell International, Inc. | 138,808 | ||||||
2,809 | Illinois Tool Works, Inc. | 258,259 | ||||||
18,600 | Union Pacific Corp. | 1,661,910 | ||||||
9,119 | United Parcel Service, Inc., Class B | 939,439 | ||||||
|
| |||||||
6,212,509 | ||||||||
|
| |||||||
Information Technology—25.7% | ||||||||
10,023 | Accenture PLC, Class A | 1,074,466 | ||||||
28,173 | Adobe Systems, Inc.(b) | 2,497,818 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
PowerShares Russell Top 200 Pure Growth Portfolio (PXLG) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
723 | Alphabet, Inc., Class C(b) | $ | 513,916 | |||||
29,615 | Apple, Inc. | 3,538,993 | ||||||
21,863 | Avago Technologies Ltd. (Singapore) | 2,691,991 | ||||||
64,256 | Cognizant Technology Solutions Corp., Class A(b) | 4,376,476 | ||||||
267 | eBay, Inc.(b) | 7,449 | ||||||
40,394 | Facebook, Inc., Class A(b) | 4,118,976 | ||||||
45,540 | MasterCard, Inc., Class A | 4,508,005 | ||||||
267 | PayPal Holdings, Inc.(b) | 9,615 | ||||||
58,514 | salesforce.com, inc.(b) | 4,547,123 | ||||||
11,202 | Texas Instruments, Inc. | 635,377 | ||||||
54,252 | Visa, Inc., Class A | 4,208,870 | ||||||
34,155 | VMware, Inc., Class A(b) | 2,054,423 | ||||||
|
| |||||||
34,783,498 | ||||||||
|
| |||||||
Materials—5.1% | ||||||||
26,077 | Ecolab, Inc. | 3,138,367 | ||||||
2,810 | LyondellBasell Industries NV, Class A | 261,077 | ||||||
16,219 | Monsanto Co. | 1,511,935 | ||||||
19,161 | PPG Industries, Inc. | 1,997,726 | ||||||
|
| |||||||
6,909,105 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $132,305,780) | 134,986,684 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
94,087 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $94,087) | 94,087 | ||||||
|
| |||||||
Total Investments (Cost $132,399,867)—100.0% | 135,080,771 | |||||||
Other assets less liabilities—(0.0)% | (16,308 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 135,064,463 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
PowerShares Russell Top 200 Pure Value Portfolio (PXLV)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Financials | 39.0 | |||
Energy | 20.7 | |||
Utilities | 14.2 | |||
Information Technology | 6.7 | |||
Industrials | 6.0 | |||
Consumer Staples | 5.3 | |||
Consumer Discretionary | 3.4 | |||
Telecommunication Services | 2.5 | |||
Health Care | 2.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—3.4% | ||||||||
12,809 | Carnival Corp. | $ | 692,711 | |||||
3,885 | Ford Motor Co. | 57,537 | ||||||
9,196 | General Motors Co. | 321,032 | ||||||
4,717 | Thomson Reuters Corp. | 193,491 | ||||||
|
| |||||||
1,264,771 | ||||||||
|
| |||||||
Consumer Staples—5.3% | ||||||||
15,592 | Archer-Daniels-Midland Co. | 711,931 | ||||||
12,394 | Mondelez International, Inc., Class A | 572,107 | ||||||
5,843 | Procter & Gamble Co. (The) | 446,288 | ||||||
3,842 | Wal-Mart Stores, Inc. | 219,916 | ||||||
|
| |||||||
1,950,242 | ||||||||
|
| |||||||
Energy—20.7% | ||||||||
4,134 | Anadarko Petroleum Corp. | 276,482 | ||||||
21,689 | Apache Corp. | 1,022,203 | ||||||
8,949 | Baker Hughes, Inc. | 471,433 | ||||||
10,116 | Chevron Corp. | 919,342 | ||||||
18,106 | ConocoPhillips | 965,955 | ||||||
6,335 | Devon Energy Corp. | 265,627 | ||||||
11,573 | Exxon Mobil Corp. | 957,550 | ||||||
1,499 | Halliburton Co. | 57,532 | ||||||
10,471 | Kinder Morgan, Inc. | 286,382 | ||||||
15,369 | Occidental Petroleum Corp. | 1,145,605 | ||||||
4,788 | Phillips 66 | 426,371 | ||||||
9,704 | Spectra Energy Corp. | 277,243 | ||||||
7,809 | Valero Energy Corp. | 514,769 | ||||||
|
| |||||||
7,586,494 | ||||||||
|
| |||||||
Financials—39.0% | ||||||||
6,420 | ACE Ltd. | 728,927 | ||||||
9,863 | Aflac, Inc. | 628,766 | ||||||
9,992 | Allstate Corp. (The) | 618,305 | ||||||
10,907 | American International Group, Inc. | 687,795 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
23,167 | Bank of America Corp. | $ | 388,742 | |||||
24,058 | BB&T Corp. | 893,755 | ||||||
11,086 | Capital One Financial Corp. | 874,685 | ||||||
6,205 | Chubb Corp. (The) | 802,617 | ||||||
8,298 | Citigroup, Inc. | 441,205 | ||||||
5,727 | CME Group, Inc., Class A | 541,030 | ||||||
2,214 | Discover Financial Services | 124,471 | ||||||
11,806 | Equity Residential REIT | 912,840 | ||||||
989 | Franklin Resources, Inc. | 40,312 | ||||||
4,535 | Goldman Sachs Group, Inc. (The) | 850,312 | ||||||
6,494 | JPMorgan Chase & Co. | 417,239 | ||||||
21,339 | MetLife, Inc. | 1,075,059 | ||||||
6,461 | Morgan Stanley | 213,019 | ||||||
11,864 | PNC Financial Services Group, Inc. (The) | 1,070,845 | ||||||
5,137 | Prudential Financial, Inc. | 423,803 | ||||||
7,576 | State Street Corp. | 522,744 | ||||||
4,617 | Travelers Cos., Inc. (The) | 521,213 | ||||||
17,366 | U.S. Bancorp | 732,498 | ||||||
14,663 | Wells Fargo & Co. | 793,855 | ||||||
|
| |||||||
14,304,037 | ||||||||
|
| |||||||
Health Care—2.2% | ||||||||
3,795 | Abbott Laboratories | 170,016 | ||||||
570 | Medtronic PLC | 42,134 | ||||||
17,603 | Pfizer, Inc. | 595,334 | ||||||
|
| |||||||
807,484 | ||||||||
|
| |||||||
Industrials—6.0% | ||||||||
10,092 | Eaton Corp. PLC | 564,244 | ||||||
41,518 | General Electric Co. | 1,200,700 | ||||||
3,310 | Norfolk Southern Corp. | 264,899 | ||||||
1,354 | Raytheon Co. | 158,960 | ||||||
|
| |||||||
2,188,803 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
PowerShares Russell Top 200 Pure Value Portfolio (PXLV) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology—6.7% | ||||||||
8,478 | Cisco Systems, Inc. | $ | 244,590 | |||||
20,840 | Corning, Inc. | 387,624 | ||||||
28,223 | HP, Inc. | 760,892 | ||||||
30,450 | Yahoo!, Inc.(b) | 1,084,629 | ||||||
|
| |||||||
2,477,735 | ||||||||
|
| |||||||
Telecommunication Services—2.5% | ||||||||
23,177 | AT&T, Inc. | 776,661 | ||||||
3,882 | T-Mobile US, Inc.(b) | 147,089 | ||||||
|
| |||||||
923,750 | ||||||||
|
| |||||||
Utilities—14.2% | ||||||||
18,268 | American Electric Power Co., Inc. | 1,034,882 | ||||||
14,455 | Duke Energy Corp. | 1,033,099 | ||||||
22,388 | Exelon Corp. | 625,073 | ||||||
5,827 | NextEra Energy, Inc. | 598,200 | ||||||
17,689 | PG&E Corp. | 944,593 | ||||||
21,531 | Southern Co. (The) | 971,048 | ||||||
|
| |||||||
5,206,895 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $38,171,107) | 36,710,211 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
9,616 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $9,616) | 9,616 | ||||||
|
| |||||||
Total Investments (Cost $38,180,723)—100.0% | 36,719,827 | |||||||
Other assets less liabilities—0.0% | 396 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 36,720,223 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
PowerShares Zacks Micro Cap Portfolio (PZI)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Financials | 46.4 | |||
Consumer Discretionary | 12.0 | |||
Information Technology | 11.5 | |||
Health Care | 10.2 | |||
Industrials | 9.5 | |||
Energy | 3.1 | |||
Materials | 2.6 | |||
Consumer Staples | 2.5 | |||
Utilities | 1.1 | |||
Telecommunication Services | 1.1 | |||
Pharmaceuticals | 0.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—12.0% | ||||||||
6,240 | 1-800-FLOWERS.COM, Inc., Class A(b) | $ | 61,963 | |||||
2,038 | Bassett Furniture Industries, Inc. | 65,134 | ||||||
5,471 | Big 5 Sporting Goods Corp. | 50,060 | ||||||
155 | Biglari Holdings, Inc.(b) | 59,540 | ||||||
6,800 | Callaway Golf Co. | 67,660 | ||||||
2,629 | Carriage Services, Inc. | 56,550 | ||||||
9,230 | Century Casinos, Inc.(b) | 62,764 | ||||||
2,861 | Century Communities, Inc.(b) | 54,588 | ||||||
13,582 | China XD Plastics Co. Ltd. (China)(b) | 57,180 | ||||||
2,430 | Citi Trends, Inc. | 64,565 | ||||||
2,153 | CSS Industries, Inc. | 58,777 | ||||||
1,771 | Culp, Inc. | 53,148 | ||||||
5,589 | Entercom Communications Corp., Class A(b) | 61,703 | ||||||
2,151 | Ethan Allen Interiors, Inc. | 58,529 | ||||||
1,815 | Flexsteel Industries, Inc. | 78,934 | ||||||
4,789 | Fred’s, Inc., Class A | 66,232 | ||||||
1,907 | FTD Cos., Inc.(b) | 54,006 | ||||||
4,447 | Gray Television, Inc.(b) | 70,663 | ||||||
4,173 | Hemisphere Media Group, Inc., Class A(b)(c) | 56,461 | ||||||
2,411 | Hooker Furniture Corp. | 59,841 | ||||||
6,663 | JAKKS Pacific, Inc.(b) | 52,771 | ||||||
4,564 | K12, Inc.(b) | 44,316 | ||||||
2,089 | LGI Homes, Inc.(b) | 58,555 | ||||||
11,425 | Luby’s, Inc.(b) | 53,241 | ||||||
2,406 | M/I Homes, Inc.(b) | 55,218 | ||||||
2,934 | Marcus Corp. (The) | 60,704 | ||||||
3,159 | Monarch Casino & Resort, Inc.(b) | 69,308 | ||||||
4,386 | New Home Co., Inc. (The)(b) | 62,764 | ||||||
3,674 | New Media Investment Group, Inc. | 59,151 | ||||||
3,866 | Papa Murphy’s Holdings, Inc.(b) | 53,389 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
2,587 | Perry Ellis International, Inc.(b) | $ | 55,543 | |||||
5,447 | RCI Hospitality Holdings, Inc.(b) | 54,143 | ||||||
4,479 | Reading International, Inc., Class A(b) | 69,425 | ||||||
6,681 | Red Lion Hotels Corp.(b) | 54,717 | ||||||
4,333 | Regis Corp.(b) | 71,581 | ||||||
4,001 | Rocky Brands, Inc. | 51,013 | ||||||
9,142 | Ruby Tuesday, Inc.(b) | 47,813 | ||||||
3,922 | Sequential Brands Group, Inc.(b) | 49,064 | ||||||
2,385 | Shoe Carnival, Inc. | 53,591 | ||||||
13,748 | Spartan Motors, Inc. | 56,779 | ||||||
3,147 | Speedway Motorsports, Inc. | 58,125 | ||||||
3,039 | Superior Industries International, Inc. | 59,808 | ||||||
3,167 | Superior Uniform Group, Inc. | 53,966 | ||||||
5,813 | Townsquare Media, Inc., Class A(b) | 63,710 | ||||||
5,497 | TravelCenters of America LLC(b) | 63,325 | ||||||
7,650 | VOXX International Corp., Class A(b) | 39,474 | ||||||
2,508 | WCI Communities, Inc.(b) | 59,916 | ||||||
2,756 | William Lyon Homes, Class A(b) | 58,813 | ||||||
8,360 | ZAGG, Inc.(b) | 70,893 | ||||||
|
| |||||||
2,879,414 | ||||||||
|
| |||||||
Consumer Staples—2.5% | ||||||||
2,785 | Alliance One International, Inc.(b) | 49,016 | ||||||
3,671 | Central Garden & Pet Co.(b) | 58,406 | ||||||
3,523 | Central Garden & Pet Co., Class A(b) | 59,468 | ||||||
1,188 | Ingles Markets, Inc., Class A | 59,329 | ||||||
1,106 | John B. Sanfilippo& Son, Inc. | 71,580 | ||||||
3,548 | MGP Ingredients, Inc. | 61,487 | ||||||
3,345 | Omega Protein Corp.(b) | 60,879 | ||||||
2,153 | Seneca Foods Corp., Class A(b) | 62,825 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
2,196 | SpartanNash Co. | $ | 61,268 | |||||
2,403 | Village Super Market, Inc., Class A | 60,219 | ||||||
|
| |||||||
604,477 | ||||||||
|
| |||||||
Energy—3.1% | ||||||||
8,422 | Aegean Marine Petroleum Network, Inc. (Greece) | 65,692 | ||||||
4,698 | Ardmore Shipping Corp. (Ireland) | 67,416 | ||||||
7,650 | DHT Holdings, Inc. | 60,129 | ||||||
3,794 | Era Group, Inc.(b) | 52,774 | ||||||
21,104 | Frontline Ltd. (Norway)(b)(c) | 66,689 | ||||||
3,835 | KNOT Offshore Partners LP (United Kingdom) | 62,549 | ||||||
16,129 | Navios Maritime Acquisition Corp. | 57,742 | ||||||
6,857 | Renewable Energy Group, Inc.(b) | 54,102 | ||||||
8,229 | Teekay Tankers Ltd., Class A (Bermuda) | 62,870 | ||||||
6,984 | Tsakos Energy Navigation Ltd. (Greece) | 62,646 | ||||||
3,937 | USA Compression Partners LP | 63,464 | ||||||
2,899 | VTTI Energy Partners LP (United Kingdom) | 57,516 | ||||||
|
| |||||||
733,589 | ||||||||
|
| |||||||
Financials—46.4% | ||||||||
1,845 | 1st Source Corp. | 58,597 | ||||||
2,787 | Access National Corp. | 57,663 | ||||||
3,731 | AG Mortgage Investment Trust, Inc. REIT | 56,748 | ||||||
1,903 | Agree Realty Corp. REIT | 61,619 | ||||||
3,922 | Ambac Financial Group, Inc.(b) | 63,340 | ||||||
3,853 | American Capital Mortgage Investment Corp. REIT | 55,907 | ||||||
2,421 | American National Bankshares, Inc. | 61,009 | ||||||
3,287 | American Residential Properties, Inc. REIT | 54,466 | ||||||
1,973 | Ameris Bancorp | 62,149 | ||||||
1,141 | AMERISAFE, Inc. | 62,447 | ||||||
11,491 | Anworth Mortgage Asset Corp. REIT | 54,812 | ||||||
3,612 | Apollo Commercial Real Estate Finance, Inc. REIT | 59,995 | ||||||
4,483 | Apollo Residential Mortgage, Inc. REIT | 57,696 | ||||||
8,926 | Arbor Realty Trust, Inc. REIT | 55,787 | ||||||
4,734 | Ares Commercial Real Estate Corp. REIT | 58,418 | ||||||
3,069 | Atlas Financial Holdings, Inc.(b) | 58,372 | ||||||
4,201 | AV Homes, Inc.(b) | 55,621 | ||||||
2,618 | Baldwin & Lyons, Inc., Class B | 60,816 | ||||||
4,628 | Banc of California, Inc. | 60,349 | ||||||
2,453 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 66,305 | ||||||
7,452 | Bancorp, Inc. (The)(b) | 53,654 | ||||||
7,394 | Bank Mutual Corp. | 53,533 | ||||||
4,569 | BankFinancial Corp. | 56,336 | ||||||
1,190 | Banner Corp. | 58,393 | ||||||
1,776 | Bar Harbor Bankshares | 62,782 | ||||||
3,525 | BBX Capital Corp., Class A(b) | 64,684 | ||||||
6,378 | Bear State Financial, Inc.(b) | 69,839 | ||||||
2,063 | Berkshire Hills Bancorp, Inc. | 59,002 | ||||||
3,298 | Blue Capital Reinsurance Holdings Ltd. (Bermuda) | 58,474 | ||||||
4,100 | Blue Hills Bancorp, Inc. | 58,179 | ||||||
4,738 | Bluerock Residential Growth REIT, Inc., Class A REIT | 55,529 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,555 | BNC Bancorp | $ | 57,360 | |||||
2,124 | Bridge Bancorp, Inc. | 60,980 | ||||||
5,597 | Brookline Bancorp, Inc. | 63,526 | ||||||
1,827 | Bryn Mawr Bank Corp. | 53,220 | ||||||
2,684 | BSB Bancorp, Inc.(b) | 59,021 | ||||||
1,551 | C&F Financial Corp. | 58,938 | ||||||
5,989 | Calamos Asset Management, Inc., Class A | 56,237 | ||||||
1,407 | Camden National Corp. | 55,000 | ||||||
4,573 | Cape Bancorp, Inc. | 58,763 | ||||||
3,804 | Capital City Bank Group, Inc. | 58,734 | ||||||
5,741 | Capstead Mortgage Corp. REIT | 55,401 | ||||||
2,466 | Cardinal Financial Corp. | 56,052 | ||||||
10,492 | Cascade Bancorp(b) | 58,860 | ||||||
5,523 | CatchMark Timber Trust, Inc., Class A REIT | 60,477 | ||||||
9,142 | Cedar Realty Trust, Inc. REIT | 63,903 | ||||||
3,860 | Centerstate Banks, Inc. | 56,279 | ||||||
2,709 | Central Pacific Financial Corp. | 60,573 | ||||||
1,393 | Century Bancorp, Inc., Class A | 61,919 | ||||||
4,479 | Charter Financial Corp. | 58,675 | ||||||
2,644 | Chatham Lodging Trust REIT | 60,521 | ||||||
1,152 | City Holding Co. | 55,100 | ||||||
4,363 | CoBiz Financial, Inc. | 54,363 | ||||||
1,597 | Community Trust Bancorp, Inc. | 55,049 | ||||||
3,520 | Compass Diversified Holdings | 57,904 | ||||||
2,941 | ConnectOne Bancorp, Inc. | 52,497 | ||||||
11,399 | Consumer Portfolio Services, Inc.(b) | 61,783 | ||||||
12,448 | Cowen Group, Inc., Class A(b) | 52,406 | ||||||
2,526 | CU Bancorp(b) | 60,927 | ||||||
2,210 | Customers Bancorp, Inc.(b) | 60,775 | ||||||
3,361 | Dime Community Bancshares, Inc. | 58,313 | ||||||
8,655 | Dynex Capital, Inc. REIT | 57,383 | ||||||
3,177 | Ellington Financial LLC | 57,186 | ||||||
2,446 | EMC Insurance Group, Inc. | 61,150 | ||||||
2,548 | Employers Holdings, Inc. | 67,446 | ||||||
2,709 | Enterprise Bancorp, Inc. | 62,903 | ||||||
2,255 | Enterprise Financial Services Corp. | 63,952 | ||||||
4,355 | ESSA Bancorp, Inc. | 57,791 | ||||||
2,283 | Farmers Capital Bank Corp.(b) | 61,915 | ||||||
6,906 | Farmers National Banc Corp. | 56,974 | ||||||
5,408 | Farmland Partners, Inc. REIT | 55,486 | ||||||
2,779 | FBR & Co. | 54,969 | ||||||
2,684 | Fidelity Southern Corp. | 56,230 | ||||||
15,949 | First BanCorp(b) | 60,447 | ||||||
2,972 | First Bancorp, Inc. | 62,798 | ||||||
3,338 | First Bancorp/Southern Pines NC | 61,853 | ||||||
6,247 | First Commonwealth Financial Corp. | 57,410 | ||||||
3,173 | First Community Bancshares, Inc. | 61,017 | ||||||
3,520 | First Connecticut Bancorp, Inc. | 61,178 | ||||||
1,553 | First Defiance Financial Corp. | 59,480 | ||||||
1,753 | First Financial Corp. | 60,075 | ||||||
4,698 | First Financial Northwest, Inc. | 58,960 | ||||||
1,778 | First Internet Bancorp | 54,638 | ||||||
2,165 | First Merchants Corp. | 56,788 | ||||||
1,621 | First NBC Bank Holding Co.(b) | 60,285 | ||||||
2,099 | First of Long Island Corp. (The) | 58,289 | ||||||
2,838 | Flushing Financial Corp. | 59,711 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
4,318 | Forestar Group, Inc.(b) | $ | 61,100 | |||||
3,272 | Fox Chase Bancorp, Inc. | 57,293 | ||||||
7,797 | Gain Capital Holdings, Inc. | 58,088 | ||||||
2,169 | Global Indemnity PLC, Class A(b) | 61,621 | ||||||
1,312 | Great Southern Bancorp, Inc. | 63,409 | ||||||
3,226 | Green Dot Corp., Class A(b) | 59,810 | ||||||
2,549 | Greenlight Capital Re Ltd., Class A(b) | 55,976 | ||||||
3,448 | Guaranty Bancorp | 56,823 | ||||||
4,943 | Hallmark Financial Services, Inc.(b) | 64,210 | ||||||
2,252 | Hanmi Financial Corp. | 57,426 | ||||||
3,298 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 59,397 | ||||||
1,566 | Heartland Financial USA, Inc. | 57,691 | ||||||
5,008 | Heritage Commerce Corp. | 52,985 | ||||||
3,018 | Heritage Financial Corp. | 55,592 | ||||||
2,877 | Heritage Insurance Holdings, Inc.(b) | 63,639 | ||||||
7,132 | Heritage Oaks Bancorp | 62,833 | ||||||
2,198 | Home Bancorp, Inc. | 55,785 | ||||||
2,459 | HomeStreet, Inc.(b) | 51,467 | ||||||
3,059 | HomeTrust Bancshares, Inc.(b) | 57,937 | ||||||
3,472 | Impac Mortgage Holdings, Inc.(b)(c) | 77,599 | ||||||
3,847 | Independent Bank Corp./MI | 55,705 | ||||||
704 | Infinity Property & Casualty Corp. | 56,686 | ||||||
2,300 | INTL FCStone, Inc.(b) | 73,577 | ||||||
9,142 | JMP Group LLC | 56,315 | ||||||
1,208 | Kansas City Life Insurance Co. | 59,228 | ||||||
5,109 | Lakeland Bancorp, Inc. | 59,418 | ||||||
4,090 | Maiden Holdings Ltd. | 63,599 | ||||||
2,788 | MainSource Financial Group, Inc. | 60,332 | ||||||
2,733 | Mercantile Bank Corp. | 60,290 | ||||||
4,153 | Meridian Bancorp, Inc. | 58,308 | ||||||
1,359 | Meta Financial Group, Inc. | 58,546 | ||||||
1,939 | MidWestOne Financial Group, Inc. | 59,411 | ||||||
2,766 | National Bank Holdings Corp., Class A | 61,018 | ||||||
1,824 | National Bankshares, Inc. | 59,554 | ||||||
256 | National Western Life Group, Inc., Class A | 66,045 | ||||||
10,339 | New York Mortgage Trust, Inc. REIT(c) | 58,726 | ||||||
6,654 | NewBridge Bancorp, Class A | 75,257 | ||||||
4,374 | Nicholas Financial, Inc.(b) | 58,087 | ||||||
7,470 | NMI Holdings, Inc., Class A(b) | 56,174 | ||||||
3,734 | Northfield Bancorp, Inc. | 57,205 | ||||||
1,964 | Northrim Bancorp, Inc. | 54,246 | ||||||
3,298 | OceanFirst Financial Corp. | 60,881 | ||||||
3,490 | Old Line Bancshares, Inc. | 59,853 | ||||||
9,112 | Old Second Bancorp, Inc.(b) | 61,050 | ||||||
2,835 | Oppenheimer Holdings, Inc., Class A | 52,022 | ||||||
6,137 | Orchid Island Capital, Inc. REIT | 54,497 | ||||||
3,636 | Oritani Financial Corp. | 57,885 | ||||||
4,123 | Owens Realty Mortgage, Inc. REIT | 57,846 | ||||||
2,794 | Pacific Premier Bancorp, Inc.(b) | 59,652 | ||||||
8,350 | Park Sterling Corp. | 60,537 | ||||||
2,680 | Peapack-Gladstone Financial Corp. | 60,595 | ||||||
2,731 | Peoples Bancorp, Inc. | 52,326 | ||||||
4,019 | PHH Corp.(b) | 59,079 | ||||||
3,764 | Physicians Realty Trust REIT | 60,149 | ||||||
1,568 | Piper Jaffray Cos.(b) | 55,774 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
5,219 | Preferred Apartment Communities, Inc., Class A REIT | $ | 57,148 | |||||
1,796 | Preferred Bank | 59,466 | ||||||
3,985 | Premier Financial Bancorp, Inc. | 58,699 | ||||||
3,384 | Provident Financial Holdings, Inc. | 58,002 | ||||||
4,190 | Pulaski Financial Corp. | 62,180 | ||||||
2,595 | QCR Holdings, Inc. | 59,114 | ||||||
3,663 | Regional Management Corp.(b) | 59,744 | ||||||
2,311 | Republic Bancorp, Inc., Class A | 58,769 | ||||||
8,539 | Resource America, Inc., Class A | 65,665 | ||||||
5,082 | Resource Capital Corp. REIT | 65,253 | ||||||
4,116 | Rexford Industrial Realty, Inc. REIT | 62,357 | ||||||
1,048 | Safety Insurance Group, Inc. | 60,732 | ||||||
2,168 | Sandy Spring Bancorp, Inc. | 59,620 | ||||||
3,866 | Seacoast Banking Corp. of Florida(b) | 59,846 | ||||||
3,548 | Silver Bay Realty Trust Corp. REIT | 57,478 | ||||||
2,382 | Starwood Waypoint Residential Trust REIT | 58,597 | ||||||
2,490 | State Auto Financial Corp. | 59,386 | ||||||
2,743 | State Bank Financial Corp. | 58,700 | ||||||
3,434 | Steel Partners Holdings LP(b) | 57,004 | ||||||
1,387 | Stewart Information Services Corp. | 55,716 | ||||||
1,563 | Stock Yards Bancorp, Inc. | 58,894 | ||||||
2,078 | Suffolk Bancorp | 62,111 | ||||||
4,864 | Summit Hotel Properties, Inc. REIT | 63,621 | ||||||
3,410 | Talmer Bancorp, Inc., Class A | 57,356 | ||||||
2,892 | Terreno Realty Corp. REIT | 64,723 | ||||||
2,181 | Territorial Bancorp, Inc. | 60,806 | ||||||
8,871 | Tiptree Financial, Inc., Class A | 60,057 | ||||||
1,065 | Tompkins Financial Corp. | 57,808 | ||||||
2,309 | TriCo Bancshares | 60,865 | ||||||
4,552 | TriState Capital Holdings, Inc.(b) | 56,854 | ||||||
2,367 | Union Bankshares Corp. | 59,293 | ||||||
11,355 | United Community Financial Corp. | 62,225 | ||||||
3,226 | United Development Funding IV REIT(c) | 55,487 | ||||||
4,352 | United Financial Bancorp, Inc. | 56,489 | ||||||
1,621 | United Fire Group, Inc. | 60,285 | ||||||
1,922 | Universal Insurance Holdings, Inc. | 60,639 | ||||||
2,955 | Univest Corp. of Pennsylvania | 58,184 | ||||||
2,178 | Walker & Dunlop, Inc.(b) | 63,184 | ||||||
3,492 | Walter Investment Management Corp.(b)(c) | 41,764 | ||||||
4,211 | Waterstone Financial, Inc. | 56,091 | ||||||
4,503 | Western Asset Mortgage Capital Corp. REIT(c) | 51,424 | ||||||
7,423 | Westfield Financial, Inc. | 57,899 | ||||||
5,403 | Wilshire Bancorp, Inc. | 57,758 | ||||||
3,952 | Winthrop Realty Trust REIT | 57,264 | ||||||
1,969 | WSFS Financial Corp. | 62,555 | ||||||
2,643 | Yadkin Financial Corp. | 62,243 | ||||||
|
| |||||||
11,112,300 | ||||||||
|
| |||||||
Health Care—10.2% | ||||||||
2,067 | Aceto Corp. | 62,341 | ||||||
1,822 | Addus HomeCare Corp.(b) | 45,514 | ||||||
5,550 | Advaxis, Inc.(b)(c) | 61,550 | ||||||
1,416 | Almost Family, Inc.(b) | 58,594 | ||||||
4,855 | Amphastar Pharmaceuticals, Inc.(b) | 57,483 | ||||||
693 | Analogic Corp. | 60,721 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
4,304 | AngioDynamics, Inc.(b) | $ | 54,144 | |||||
1,438 | ANI Pharmaceuticals, Inc.(b) | 60,166 | ||||||
5,937 | Assembly Biosciences, Inc.(b) | 56,995 | ||||||
3,023 | Concert Pharmaceuticals, Inc.(b) | 68,652 | ||||||
4,170 | Cross Country Healthcare, Inc.(b) | 56,295 | ||||||
4,340 | Cutera, Inc.(b) | 58,894 | ||||||
1,890 | Cynosure, Inc., Class A(b) | 71,140 | ||||||
8,485 | Cytokinetics, Inc.(b) | 73,056 | ||||||
3,689 | Five Prime Therapeutics, Inc.(b) | 118,601 | ||||||
18,371 | Five Star Quality Care, Inc.(b) | 60,073 | ||||||
3,821 | Flexion Therapeutics, Inc.(b) | 62,970 | ||||||
4,163 | Hanger, Inc.(b) | 60,031 | ||||||
15,021 | Harvard Bioscience, Inc.(b) | 44,162 | ||||||
1,863 | Heska Corp.(b) | 57,306 | ||||||
6,464 | Ignyta, Inc.(b) | 66,191 | ||||||
4,654 | Immune Design Corp.(b) | 60,502 | ||||||
3,922 | Invacare Corp. | 67,772 | ||||||
3,054 | K2M Group Holdings, Inc.(b) | 55,736 | ||||||
4,658 | LeMaitre Vascular, Inc. | 62,045 | ||||||
1,268 | LHC Group, Inc.(b) | 57,142 | ||||||
3,247 | Loxo Oncology, Inc.(b) | 75,915 | ||||||
2,373 | Merit Medical Systems, Inc.(b) | 43,995 | ||||||
933 | National Healthcare Corp. | 60,906 | ||||||
6,686 | OvaScience, Inc.(b)(c) | 86,717 | ||||||
1,995 | PharMerica Corp.(b) | 56,997 | ||||||
9,997 | RTI Surgical, Inc.(b) | 42,037 | ||||||
6,768 | Sorrento Therapeutics, Inc.(b) | 58,476 | ||||||
3,187 | Triple-S Management Corp., Class B(b) | 65,620 | ||||||
2,774 | uniQure NV (Netherlands)(b) | 49,183 | ||||||
9,182 | Universal American Corp. | 68,498 | ||||||
1,264 | US Physical Therapy, Inc. | 62,012 | ||||||
4,974 | Vocera Communications, Inc.(b) | 58,544 | ||||||
4,641 | Xencor, Inc.(b) | 50,262 | ||||||
4,204 | Zogenix, Inc.(b) | 49,565 | ||||||
|
| |||||||
2,446,803 | ||||||||
|
| |||||||
Industrials—9.5% | ||||||||
2,991 | AAR Corp. | 67,866 | ||||||
8,030 | ACCO Brands Corp.(b) | 64,802 | ||||||
6,641 | Air Transport Services Group, Inc.(b) | 65,015 | ||||||
1,215 | Alamo Group, Inc. | 57,008 | ||||||
4,061 | Breeze-Eastern Corp.(b) | 82,844 | ||||||
2,939 | Briggs & Stratton Corp. | 52,226 | ||||||
5,783 | CBIZ, Inc.(b) | 62,167 | ||||||
2,083 | Comfort Systems USA, Inc. | 66,510 | ||||||
3,159 | Covenant Transportation Group, Inc., Class A(b) | 60,969 | ||||||
2,630 | CRA International, Inc.(b) | 61,542 | ||||||
9,321 | Danaos Corp. (Greece)(b) | 57,790 | ||||||
8,760 | Diana Shipping, Inc. (Greece)(b) | 55,276 | ||||||
3,272 | Ennis, Inc. | 65,538 | ||||||
1,581 | ESCO Technologies, Inc. | 58,639 | ||||||
3,093 | Gibraltar Industries, Inc.(b) | 78,315 | ||||||
12,234 | Global Ship Lease, Inc., Class A (United Kingdom) | 50,159 | ||||||
3,600 | Griffon Corp. | 61,848 | ||||||
6,186 | Hardinge, Inc. | 58,520 | ||||||
8,100 | HC2 Holdings, Inc.(b)(c) | 61,236 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,869 | ICF International, Inc.(b) | $ | 57,322 | |||||
1,455 | Kadant, Inc. | 59,830 | ||||||
4,013 | Kelly Services, Inc., Class A | 63,405 | ||||||
6,726 | LSI Industries, Inc. | 72,237 | ||||||
2,904 | Miller Industries, Inc. | 65,863 | ||||||
2,166 | MYR Group, Inc.(b) | 48,735 | ||||||
673 | National Presto Industries, Inc. | 59,258 | ||||||
3,569 | Navigant Consulting, Inc.(b) | 61,387 | ||||||
3,058 | NV5 Holdings, Inc.(b) | 71,190 | ||||||
4,928 | PowerSecure International, Inc.(b) | 61,403 | ||||||
3,124 | Quanex Building Products Corp. | 58,950 | ||||||
3,403 | SkyWest, Inc. | 64,793 | ||||||
4,943 | Titan Machinery, Inc.(b)(c) | 60,453 | ||||||
4,798 | TRC Cos., Inc.(b) | 49,563 | ||||||
3,296 | USA Truck, Inc.(b) | 59,921 | ||||||
1,525 | Veritiv Corp.(b) | 64,050 | ||||||
1,959 | Viad Corp. | 58,986 | ||||||
3,490 | Willis Lease Finance Corp.(b) | 54,444 | ||||||
|
| |||||||
2,280,060 | ||||||||
|
| |||||||
Information Technology—11.5% | ||||||||
7,288 | Alpha & Omega Semiconductor Ltd.(b) | 64,717 | ||||||
3,386 | Autobytel, Inc.(b) | 63,047 | ||||||
21,262 | Axcelis Technologies, Inc.(b) | 59,534 | ||||||
4,123 | Blucora, Inc.(b) | 40,405 | ||||||
4,850 | Brooks Automation, Inc. | 53,544 | ||||||
4,013 | Cascade Microtech, Inc.(b) | 61,479 | ||||||
3,056 | CEVA, Inc.(b) | 71,419 | ||||||
3,456 | ChipMOS TECHNOLOGIES Bermuda Ltd. (Taiwan) | 61,275 | ||||||
17,852 | Ciber, Inc.(b) | 63,732 | ||||||
4,821 | ClearOne, Inc. | 58,141 | ||||||
5,757 | Cohu, Inc. | 72,481 | ||||||
4,817 | Digi International, Inc.(b) | 62,139 | ||||||
2,276 | Ebix, Inc. | 63,114 | ||||||
8,350 | EMCORE Corp.(b) | 57,114 | ||||||
719 | ePlus, Inc.(b) | 60,698 | ||||||
3,097 | Fabrinet (Thailand)(b) | 67,112 | ||||||
8,374 | FormFactor, Inc.(b) | 69,002 | ||||||
6,833 | Global Sources Ltd. (Bermuda)(b) | 61,155 | ||||||
4,130 | Hackett Group, Inc. (The) | 61,454 | ||||||
26,653 | Imation Corp.(b) | 53,839 | ||||||
2,196 | Insight Enterprises, Inc.(b) | 55,778 | ||||||
6,848 | Intralinks Holdings, Inc.(b) | 59,920 | ||||||
5,087 | IXYS Corp. | 63,384 | ||||||
29,723 | Limelight Networks, Inc.(b) | 60,635 | ||||||
3,569 | Mercury Systems, Inc.(b) | 61,244 | ||||||
8,844 | Monster Worldwide, Inc.(b) | 55,452 | ||||||
3,398 | Multi-Fineline Electronix, Inc.(b) | 63,135 | ||||||
8,336 | NeoPhotonics Corp.(b) | 68,939 | ||||||
3,393 | Net 1 UEPS Technologies, Inc. (South Africa)(b) | 57,783 | ||||||
24,684 | Oclaro, Inc.(b)(c) | 72,324 | ||||||
3,673 | Orbotech Ltd. (Israel)(b) | 60,788 | ||||||
6,278 | PCM, Inc.(b) | 58,197 | ||||||
6,267 | Photronics, Inc.(b) | 60,101 | ||||||
5,537 | QLogic Corp.(b) | 68,659 | ||||||
10,229 | QuinStreet, Inc.(b) | 56,771 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
2,188 | Rofin-Sinar Technologies, Inc.(b) | $ | 63,364 | |||||
3,907 | Rubicon Project, Inc. (The)(b) | 59,230 | ||||||
4,560 | Rudolph Technologies, Inc.(b) | 58,322 | ||||||
1,600 | ScanSource, Inc.(b) | 55,216 | ||||||
8,239 | Sigma Designs, Inc.(b) | 72,586 | ||||||
5,385 | SunEdison Semiconductor PTE Ltd.(b) | 57,889 | ||||||
7,271 | Telenav, Inc.(b) | 52,351 | ||||||
9,112 | TTM Technologies, Inc.(b) | 66,518 | ||||||
22,802 | USA Technologies, Inc.(b) | 64,758 | ||||||
4,016 | XO Group, Inc.(b) | 60,762 | ||||||
|
| |||||||
2,759,507 | ||||||||
|
| |||||||
Materials—2.6% | ||||||||
4,913 | American Vanguard Corp. | 65,883 | ||||||
3,078 | Core Molding Technologies, Inc.(b) | 61,683 | ||||||
5,318 | Dominion Diamond Corp. (Canada) | 56,158 | ||||||
2,943 | KMG Chemicals, Inc. | 61,921 | ||||||
3,173 | Kraton Performance Polymers, Inc.(b) | 64,697 | ||||||
1,891 | Materion Corp. | 57,014 | ||||||
5,659 | Mercer International, Inc. (Canada) | 61,117 | ||||||
2,897 | OCI Resources LP | 69,528 | ||||||
6,435 | Real Industry, Inc.(b) | 61,133 | ||||||
3,243 | Westlake Chemical Partners LP | 58,601 | ||||||
|
| |||||||
617,735 | ||||||||
|
| |||||||
Pharmaceuticals—0.0% | ||||||||
27,615 | Chelsea Therapeutics International Ltd.(b) | 2,209 | ||||||
|
| |||||||
Telecommunication Services—1.1% | ||||||||
25,924 | Alaska Communications Systems Group, Inc.(b) | 59,366 | ||||||
9,230 | Iridium Communications, Inc.(b)(c) | 75,778 | ||||||
10,175 | ORBCOMM, Inc.(b) | 60,439 | ||||||
3,450 | Spok Holdings, Inc. | 62,204 | ||||||
|
| |||||||
257,787 | ||||||||
|
| |||||||
Utilities—1.1% | ||||||||
4,894 | Consolidated Water Co. Ltd. (Cayman Islands) | 54,177 | ||||||
2,578 | Empire District Electric Co. (The) | 58,134 | ||||||
1,844 | SJW Corp. | 58,510 | ||||||
6,686 | Star Gas Partners LP | 52,418 | ||||||
1,538 | Unitil Corp. | 54,553 | ||||||
|
| |||||||
277,792 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $22,980,301) | 23,971,673 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
63,544 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $63,544) | 63,544 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $23,043,845)—100.3% | 24,035,217 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.4% | ||||||||
583,795 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $583,795) | $ | 583,795 | |||||
|
| |||||||
Total Investments (Cost $23,627,640)—102.7% | 24,619,012 | |||||||
Other assets less liabilities—(2.7)% | (648,868 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 23,970,144 | ||||||
|
|
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, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
October 31, 2015
(Unaudited)
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | PowerShares Dynamic Large Cap Value Portfolio (PWV) | PowerShares Russell 2000 Equal Weight Portfolio (EQWS) | PowerShares Russell 2000 Pure Growth Portfolio (PXSG) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments, at value(a) | $ | 376,242,537 | $ | 973,971,543 | $ | 13,271,109 | $ | 30,587,587 | ||||||||
Affiliated investments, at value | 40,366 | — | 60,144 | 2,118,366 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 376,282,903 | 973,971,543 | 13,331,253 | 32,705,953 | ||||||||||||
Cash | — | — | 5,902 | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 243,393 | 1,458,378 | 5,678 | 3,819 | ||||||||||||
Foreign tax reclaims | 8,710 | — | — | — | ||||||||||||
Investments sold | — | 2,202,942 | — | — | ||||||||||||
Expenses absorbed | — | — | 5,223 | — | ||||||||||||
Securities lending | — | — | — | 4,336 | ||||||||||||
Other assets | 361 | 1,915 | 819 | 820 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 376,535,367 | 977,634,778 | 13,348,875 | 32,714,928 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | 737,277 | — | 225 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | — | 386,958 | — | — | ||||||||||||
Collateral upon return of securities loaned | — | — | — | 2,063,827 | ||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Expenses recaptured | — | — | — | — | ||||||||||||
Accrued advisory fees | 151,230 | 408,517 | — | 730 | ||||||||||||
Accrued trustees’ and officer’s fees | 30,430 | 39,909 | 13,436 | 14,747 | ||||||||||||
Accrued expenses | 85,893 | 224,059 | 45,138 | 47,599 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 267,553 | 1,796,720 | 58,574 | 2,127,128 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 376,267,814 | $ | 975,838,058 | $ | 13,290,301 | $ | 30,587,800 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 584,240,465 | $ | 1,124,722,415 | $ | 21,917,100 | $ | 63,751,410 | ||||||||
Undistributed net investment income (loss) | 30,078 | 2,150,702 | 8,310 | (3,834 | ) | |||||||||||
Undistributed net realized gain (loss) | (249,254,605 | ) | (193,257,288 | ) | (7,710,594 | ) | (31,846,286 | ) | ||||||||
Net unrealized appreciation (depreciation) | 41,251,876 | 42,222,229 | (924,515 | ) | (1,313,490 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 376,267,814 | $ | 975,838,058 | $ | 13,290,301 | $ | 30,587,800 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 12,100,000 | 32,750,000 | 400,000 | 1,250,000 | ||||||||||||
Net asset value | $ | 31.10 | $ | 29.80 | $ | 33.23 | $ | 24.47 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 31.16 | $ | 29.86 | $ | 33.21 | $ | 24.48 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 334,990,661 | $ | 931,749,314 | $ | 14,194,759 | $ | 31,901,077 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 40,366 | $ | — | $ | 61,009 | $ | 2,118,366 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 335,031,027 | $ | 931,749,314 | $ | 14,255,768 | $ | 34,019,443 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | — | $ | 1,997,632 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
PowerShares Russell 2000 Pure Value Portfolio (PXSV) | PowerShares Russell Midcap Equal Weight Portfolio (EQWM) | PowerShares Russell Midcap Pure Growth Portfolio (PXMG) | PowerShares Russell Midcap Pure Value Portfolio (PXMV) | PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) | PowerShares Russell Top 200 Pure Growth Portfolio (PXLG) | PowerShares Russell Top 200 Pure Value Portfolio (PXLV) | PowerShares Zacks Micro Cap Portfolio (PZI) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 64,858,394 | $ | 28,353,202 | $ | 82,634,785 | $ | 43,055,641 | $ | 37,733,156 | $ | 134,986,684 | $ | 36,710,211 | $ | 23,971,673 | |||||||||||||||
4,346,243 | 62,548 | 64,029 | 1,851,055 | 35,642 | 94,087 | 9,616 | 647,339 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
69,204,637 | 28,415,750 | 82,698,814 | 44,906,696 | 37,768,798 | 135,080,771 | 36,719,827 | 24,619,012 | |||||||||||||||||||||||
— | — | — | 55 | — | — | — | — | |||||||||||||||||||||||
53,211 | 16,489 | 55,165 | 36,569 | 39,388 | 76,387 | 51,578 | 9,708 | |||||||||||||||||||||||
334 | — | — | — | — | — | — | 327 | |||||||||||||||||||||||
3,711 | 30,689 | — | 560,660 | — | — | — | 6,658 | |||||||||||||||||||||||
— | 2,039 | — | — | 510 | — | — | — | |||||||||||||||||||||||
27,627 | 154 | 1,064 | 1,856 | — | — | — | 3,434 | |||||||||||||||||||||||
820 | 45 | 1,203 | 933 | 820 | 820 | 809 | 742 | |||||||||||||||||||||||
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|
|
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|
| |||||||||||||||
69,290,340 | 28,465,166 | 82,756,246 | 45,506,769 | 37,809,516 | 135,157,978 | 36,772,214 | 24,639,881 | |||||||||||||||||||||||
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| |||||||||||||||
59 | — | — | — | — | — | — | — | |||||||||||||||||||||||
— | 39,610 | — | 585,695 | — | — | — | — | |||||||||||||||||||||||
4,045,506 | — | — | 1,788,028 | — | — | — | 583,795 | |||||||||||||||||||||||
3,711 | — | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | 695 | — | — | |||||||||||||||||||||||
10,313 | — | 16,996 | 4,783 | — | 32,263 | 3,542 | 3,083 | |||||||||||||||||||||||
16,534 | 13,880 | 21,565 | 15,340 | 14,462 | 10,525 | 8,986 | 16,117 | |||||||||||||||||||||||
66,140 | 43,040 | 52,722 | 54,496 | 43,578 | 50,032 | 39,463 | 66,742 | |||||||||||||||||||||||
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| |||||||||||||||
4,142,263 | 96,530 | 91,283 | 2,448,342 | 58,040 | 93,515 | 51,991 | 669,737 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 65,148,077 | $ | 28,368,636 | $ | 82,664,963 | $ | 43,058,427 | $ | 37,751,476 | $ | 135,064,463 | $ | 36,720,223 | $ | 23,970,144 | |||||||||||||||
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| |||||||||||||||
$ | 101,585,015 | $ | 35,991,644 | $ | 232,733,027 | $ | 78,132,967 | $ | 41,029,227 | $ | 103,577,845 | $ | 35,653,625 | $ | 106,727,831 | |||||||||||||||
210,653 | 61,093 | 37,953 | 168,607 | 63,316 | 112,859 | 78,568 | 26,246 | |||||||||||||||||||||||
(31,167,546 | ) | (5,112,710 | ) | (147,240,947 | ) | (32,950,553 | ) | (3,827,743 | ) | 28,692,855 | 2,448,926 | (83,775,305 | ) | |||||||||||||||||
(5,480,045 | ) | (2,571,391 | ) | (2,865,070 | ) | (2,292,594 | ) | 486,676 | 2,680,904 | (1,460,896 | ) | 991,372 | ||||||||||||||||||
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| |||||||||||||||
$ | 65,148,077 | $ | 28,368,636 | $ | 82,664,963 | $ | 43,058,427 | $ | 37,751,476 | $ | 135,064,463 | $ | 36,720,223 | $ | 23,970,144 | |||||||||||||||
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|
|
|
|
|
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|
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| |||||||||||||||
2,700,000 | 750,000 | 2,700,000 | 1,650,000 | 950,000 | 3,950,000 | 1,250,000 | 1,550,000 | |||||||||||||||||||||||
$ | 24.13 | $ | 37.82 | $ | 30.62 | $ | 26.10 | $ | 39.74 | $ | 34.19 | $ | 29.38 | $ | 15.46 | |||||||||||||||
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| |||||||||||||||
$ | 24.12 | $ | 37.85 | $ | 30.65 | $ | 26.10 | $ | 39.79 | $ | 34.23 | $ | 29.43 | $ | 15.45 | |||||||||||||||
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| |||||||||||||||
$ | 70,260,311 | $ | 30,921,351 | $ | 85,499,855 | $ | 45,348,219 | $ | 37,246,480 | $ | 132,305,780 | $ | 38,171,107 | $ | 22,980,301 | |||||||||||||||
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|
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|
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|
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| |||||||||||||||
$ | 4,424,358 | $ | 65,790 | $ | 64,029 | $ | 1,851,055 | $ | 35,642 | $ | 94,087 | $ | 9,616 | $ | 647,339 | |||||||||||||||
|
|
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|
|
|
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|
|
|
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|
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| |||||||||||||||
$ | 74,684,669 | $ | 30,987,141 | $ | 85,563,884 | $ | 47,199,274 | $ | 37,282,122 | $ | 132,399,867 | $ | 38,180,723 | $ | 23,627,640 | |||||||||||||||
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|
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| |||||||||||||||
$ | 3,734,841 | $ | — | $ | — | $ | 1,779,398 | $ | — | $ | — | $ | — | $ | 544,305 | |||||||||||||||
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| 63 |
|
For the six months ended October 31, 2015
(Unaudited)
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | PowerShares Dynamic Large Cap Value Portfolio (PWV) | PowerShares Russell 2000 Equal Weight Portfolio (EQWS) | PowerShares Russell 2000 Pure Growth Portfolio (PXSG) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 1,701,942 | $ | 14,872,465 | $ | 84,053 | $ | 70,783 | ||||||||
Affiliated dividend income | 71 | 220 | 225 | 19 | ||||||||||||
Securities lending income | — | — | — | 21,688 | ||||||||||||
Foreign withholding tax | — | — | (121 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 1,702,013 | 14,872,685 | 84,157 | 92,490 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 837,778 | 2,600,430 | 18,849 | 47,682 | ||||||||||||
Sub-licensing fees | 50,267 | 156,027 | 1,701 | 4,110 | ||||||||||||
Accounting & administration fees | 32,135 | 105,465 | 18,586 | 18,586 | ||||||||||||
Professional fees | 14,996 | 19,476 | 13,084 | 13,216 | ||||||||||||
Trustees’ and officer’s fees | 6,240 | 12,251 | 3,717 | 3,836 | ||||||||||||
Custodian & transfer agent fees | 4,242 | 13,671 | 4,950 | 9,106 | ||||||||||||
Listing fee and expenses | 3,674 | 4,933 | 3,607 | 3,606 | ||||||||||||
Recapture (Note 3) | — | — | — | — | ||||||||||||
Other expenses | 9,369 | 27,108 | 2,553 | 3,504 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 958,701 | 2,939,361 | 67,047 | 103,646 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (163 | ) | (512 | ) | (47,126 | ) | (39,566 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 958,538 | 2,938,849 | 19,921 | 64,080 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 743,475 | 11,933,836 | 64,236 | 28,410 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (7,830,318 | ) | (45,580,006 | ) | (992,740 | ) | (2,747,084 | ) | ||||||||
In-kind redemptions | 12,566,806 | 18,622,094 | 3,106,589 | 8,174,972 | ||||||||||||
Foreign currencies | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 4,736,488 | (26,957,912 | ) | 2,113,849 | 5,427,888 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 6,514,356 | (30,683,710 | ) | (3,182,259 | ) | (6,459,625 | ) | |||||||||
Foreign currencies | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 6,514,356 | (30,683,710 | ) | (3,182,259 | ) | (6,459,625 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 11,250,844 | (57,641,622 | ) | (1,068,410 | ) | (1,031,737 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 11,994,319 | $ | (45,707,786 | ) | $ | (1,004,174 | ) | $ | (1,003,327 | ) | |||||
|
|
|
|
| �� |
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
PowerShares Russell 2000 Pure Value Portfolio (PXSV) | PowerShares Russell Midcap Equal Weight Portfolio (EQWM) | PowerShares Russell Midcap Pure Growth Portfolio (PXMG) | PowerShares Russell Midcap Pure Value Portfolio (PXMV) | PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) | PowerShares Russell Top 200 Pure Growth Portfolio (PXLG) | PowerShares Russell Top 200 Pure Value Portfolio (PXLV) | PowerShares Zacks Micro Cap Portfolio (PZI) | |||||||||||||||||||||||
$ | 871,276 | $ | 248,367 | $ | 306,699 | $ | 648,659 | $ | 435,260 | $ | 942,600 | $ | 548,605 | $ | 256,544 | |||||||||||||||
16,641 | 2,769 | 44 | 25 | 20 | 50 | 16 | 28 | |||||||||||||||||||||||
112,101 | 154 | 1,064 | 11,871 | — | — | — | 13,606 | |||||||||||||||||||||||
(762 | ) | (343 | ) | (911 | ) | (75 | ) | (439 | ) | — | (427 | ) | (496 | ) | ||||||||||||||||
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| |||||||||||||||
999,256 | 250,947 | 306,896 | 660,480 | 434,841 | 942,650 | 548,194 | 269,682 | |||||||||||||||||||||||
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| |||||||||||||||
100,341 | 39,893 | 124,886 | 69,133 | 50,160 | 204,580 | 57,488 | 69,411 | |||||||||||||||||||||||
8,762 | 3,427 | 10,862 | 6,084 | 4,524 | 17,610 | 4,949 | 13,882 | |||||||||||||||||||||||
18,586 | 18,586 | 18,586 | 18,586 | 18,586 | 18,586 | 18,586 | 18,586 | |||||||||||||||||||||||
13,393 | 13,100 | 13,576 | 13,248 | 13,180 | 13,775 | 13,115 | 13,811 | |||||||||||||||||||||||
4,175 | 3,844 | 4,306 | 4,000 | 3,918 | 4,746 | 3,915 | 3,822 | |||||||||||||||||||||||
14,923 | 3,201 | 4,737 | 8,385 | 3,064 | 3,662 | 3,867 | 10,492 | |||||||||||||||||||||||
3,606 | 3,606 | 3,606 | 3,606 | 3,606 | 3,606 | 3,606 | 3,606 | |||||||||||||||||||||||
— | — | — | — | — | 4,375 | — | — | |||||||||||||||||||||||
5,552 | 2,928 | 5,056 | 4,191 | 3,267 | 4,184 | 2,872 | 3,991 | |||||||||||||||||||||||
|
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| |||||||||||||||
169,338 | 88,585 | 185,615 | 127,233 | 100,305 | 275,124 | 108,398 | 137,601 | |||||||||||||||||||||||
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| |||||||||||||||
(34,476 | ) | (46,423 | ) | (17,770 | ) | (34,317 | ) | (47,339 | ) | (116 | ) | (31,126 | ) | (40,720 | ) | |||||||||||||||
|
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| |||||||||||||||
134,862 | 42,162 | 167,845 | 92,916 | 52,966 | 275,008 | 77,272 | 96,881 | |||||||||||||||||||||||
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| |||||||||||||||
864,394 | 208,785 | 139,051 | 567,564 | 381,875 | 667,642 | 470,922 | 172,801 | |||||||||||||||||||||||
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| |||||||||||||||
(6,114,657 | ) | (1,065,541 | ) | (4,510,348 | ) | (1,793,861 | ) | (621,164 | ) | (1,908,605 | ) | (1,554,266 | ) | (874,196 | ) | |||||||||||||||
16,162,496 | 6,469,082 | 21,037,493 | 11,074,491 | 7,365,558 | 31,749,182 | 4,102,481 | 302,093 | |||||||||||||||||||||||
3 | — | — | — | — | — | — | (5 | ) | ||||||||||||||||||||||
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| |||||||||||||||
10,047,842 | 5,403,541 | 16,527,145 | 9,280,630 | 6,744,394 | 29,840,577 | 2,548,215 | (572,108 | ) | ||||||||||||||||||||||
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| |||||||||||||||
(14,744,049 | ) | (7,509,049 | ) | (20,077,444 | ) | (11,959,849 | ) | (7,487,964 | ) | (28,695,674 | ) | (4,401,147 | ) | (526,606 | ) | |||||||||||||||
(13 | ) | — | — | (2 | ) | — | — | — | — | |||||||||||||||||||||
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| |||||||||||||||
(14,744,062 | ) | (7,509,049 | ) | (20,077,444 | ) | (11,959,851 | ) | (7,487,964 | ) | (28,695,674 | ) | (4,401,147 | ) | (526,606 | ) | |||||||||||||||
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| |||||||||||||||
(4,696,220 | ) | (2,105,508 | ) | (3,550,299 | ) | (2,679,221 | ) | (743,570 | ) | 1,144,903 | (1,852,932 | ) | (1,098,714 | ) | ||||||||||||||||
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| |||||||||||||||
$ | (3,831,826 | ) | $ | (1,896,723 | ) | $ | (3,411,248 | ) | $ | (2,111,657 | ) | $ | (361,695 | ) | $ | 1,812,545 | $ | (1,382,010 | ) | $ | (925,913 | ) | ||||||||
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| 65 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | PowerShares Dynamic Large Cap Value Portfolio (PWV) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 743,475 | $ | 1,840,465 | $ | 11,933,836 | $ | 19,697,950 | ||||||||
Net realized gain (loss) | 4,736,488 | 34,168,125 | (26,957,912 | ) | 93,932,303 | |||||||||||
Net change in unrealized appreciation (depreciation) | 6,514,356 | 11,372,465 | (30,683,710 | ) | (38,976,462 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 11,994,319 | 47,381,055 | (45,707,786 | ) | 74,653,791 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,145,671 | ) | (1,697,893 | ) | (12,868,449 | ) | (18,202,206 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 105,953,668 | 346,162,374 | 117,239,642 | 916,059,144 | ||||||||||||
Value of shares repurchased | (68,113,911 | ) | (349,940,685 | ) | (170,168,247 | ) | (686,255,734 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 37,839,757 | (3,778,311 | ) | (52,928,605 | ) | 229,803,410 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 48,688,405 | 41,904,851 | (111,504,840 | ) | 286,254,995 | |||||||||||
|
|
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|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 327,579,409 | 285,674,558 | 1,087,342,898 | 801,087,903 | ||||||||||||
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| |||||||||
End of period | $ | 376,267,814 | $ | 327,579,409 | $ | 975,838,058 | $ | 1,087,342,898 | ||||||||
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|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | 30,078 | $ | 432,274 | $ | 2,150,702 | $ | 3,085,315 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 3,450,000 | 12,100,000 | 3,700,000 | 29,550,000 | ||||||||||||
Shares repurchased | (2,200,000 | ) | (12,400,000 | ) | (5,550,000 | ) | (22,100,000 | ) | ||||||||
Shares outstanding, beginning of period | 10,850,000 | 11,150,000 | 34,600,000 | 27,150,000 | ||||||||||||
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| |||||||||
Shares outstanding, end of period | 12,100,000 | 10,850,000 | 32,750,000 | 34,600,000 | ||||||||||||
|
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|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) | PowerShares Russell 2000 Pure Growth Portfolio (PXSG) | PowerShares Russell 2000 Pure Value Portfolio (PXSV) | PowerShares Russell Midcap Equal Weight Portfolio (EQWM) | |||||||||||||||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||||||||||||
$ | 64,236 | $ | 185,362 | $ | 28,410 | $ | 310,736 | $ | 864,394 | $ | 1,129,359 | $ | 208,785 | $ | 394,593 | |||||||||||||||
2,113,849 | 297,102 | 5,427,888 | 291,590 | 10,047,842 | 902,187 | 5,403,541 | 1,616,014 | |||||||||||||||||||||||
(3,182,259 | ) | 1,067,365 | (6,459,625 | ) | 1,431,203 | (14,744,062 | ) | 2,026,494 | (7,509,049 | ) | 1,118,293 | |||||||||||||||||||
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| |||||||||||||||
(1,004,174 | ) | 1,549,829 | (1,003,327 | ) | 2,033,529 | (3,831,826 | ) | 4,058,040 | (1,896,723 | ) | 3,128,900 | |||||||||||||||||||
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| |||||||||||||||
(83,199 | ) | (180,742 | ) | (112,273 | ) | (404,987 | ) | (832,260 | ) | (1,010,155 | ) | (195,792 | ) | (386,382 | ) | |||||||||||||||
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| |||||||||||||||
12,873,920 | — | 35,117,426 | 1,289,891 | 66,166,358 | 6,269,836 | 24,737,975 | 8,075,100 | |||||||||||||||||||||||
(14,648,979 | ) | — | (36,204,670 | ) | — | (68,447,048 | ) | (2,600,649 | ) | (28,569,077 | ) | (7,392,512 | ) | |||||||||||||||||
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| |||||||||||||||
(1,775,059 | ) | — | (1,087,244 | ) | 1,289,891 | (2,280,690 | ) | 3,669,187 | (3,831,102 | ) | 682,588 | |||||||||||||||||||
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| |||||||||||||||
(2,862,432 | ) | 1,369,087 | (2,202,844 | ) | 2,918,433 | (6,944,776 | ) | 6,717,072 | (5,923,617 | ) | 3,425,106 | |||||||||||||||||||
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| |||||||||||||||
16,152,733 | 14,783,646 | 32,790,644 | 29,872,211 | 72,092,853 | 65,375,781 | 34,292,253 | 30,867,147 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 13,290,301 | $ | 16,152,733 | $ | 30,587,800 | $ | 32,790,644 | $ | 65,148,077 | $ | 72,092,853 | $ | 28,368,636 | $ | 34,292,253 | |||||||||||||||
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| |||||||||||||||
$ | 8,310 | $ | 27,273 | $ | (3,834 | ) | $ | 80,029 | $ | 210,653 | $ | 178,519 | $ | 61,093 | $ | 48,100 | ||||||||||||||
|
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| |||||||||||||||
350,000 | — | 1,350,000 | 50,000 | 2,500,000 | 250,000 | 600,000 | 200,000 | |||||||||||||||||||||||
(400,000 | ) | — | (1,400,000 | ) | — | (2,600,000 | ) | (100,000 | ) | (700,000 | ) | (200,000 | ) | |||||||||||||||||
450,000 | 450,000 | 1,300,000 | 1,250,000 | 2,800,000 | 2,650,000 | 850,000 | 850,000 | |||||||||||||||||||||||
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| |||||||||||||||
400,000 | 450,000 | 1,250,000 | 1,300,000 | 2,700,000 | 2,800,000 | 750,000 | 850,000 | |||||||||||||||||||||||
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| 67 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares Russell Midcap Pure Growth Portfolio (PXMG) | PowerShares Russell Midcap Pure Value Portfolio (PXMV) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 139,051 | $ | 1,361,832 | $ | 567,564 | $ | 783,939 | ||||||||
Net realized gain (loss) | 16,527,145 | 2,858,563 | 9,280,630 | 506,863 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (20,077,444 | ) | 2,664,286 | (11,959,851 | ) | 2,388,681 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (3,411,248 | ) | 6,884,681 | (2,111,657 | ) | 3,679,483 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (334,935 | ) | (1,325,669 | ) | (522,856 | ) | (710,318 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 91,126,421 | 1,625,910 | 33,895,760 | 6,659,516 | ||||||||||||
Value of shares repurchased | (92,585,713 | ) | (10,869,623 | ) | (40,540,466 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (1,459,292 | ) | (9,243,713 | ) | (6,644,706 | ) | 6,659,516 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (5,205,475 | ) | (3,684,701 | ) | (9,279,219 | ) | 9,628,681 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 87,870,438 | 91,555,139 | 52,337,646 | 42,708,965 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 82,664,963 | $ | 87,870,438 | $ | 43,058,427 | $ | 52,337,646 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 37,953 | $ | 233,837 | $ | 168,607 | $ | 123,899 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 2,800,000 | 50,000 | 1,200,000 | 250,000 | ||||||||||||
Shares repurchased | (2,850,000 | ) | (350,000 | ) | (1,450,000 | ) | — | |||||||||
Shares outstanding, beginning of period | 2,750,000 | 3,050,000 | 1,900,000 | 1,650,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 2,700,000 | 2,750,000 | 1,650,000 | 1,900,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) | PowerShares Russell Top 200 Pure Growth Portfolio (PXLG) | PowerShares Russell Top 200 Pure Value Portfolio (PXLV) | PowerShares Zacks Micro Cap Portfolio (PZI) | |||||||||||||||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||||||||||||
$ | 381,875 | $ | 810,425 | $ | 667,642 | $ | 2,176,714 | $ | 470,922 | $ | 818,075 | $ | 172,801 | $ | 496,512 | |||||||||||||||
6,744,394 | 1,042,260 | 29,840,577 | 1,975,121 | 2,548,215 | (34,420 | ) | (572,108 | ) | (510,688 | ) | ||||||||||||||||||||
(7,487,964 | ) | 2,215,368 | (28,695,674 | ) | 14,906,809 | (4,401,147 | ) | 1,162,749 | (526,606 | ) | (58,247 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(361,695 | ) | 4,068,053 | 1,812,545 | 19,058,644 | (1,382,010 | ) | 1,946,404 | (925,913 | ) | (72,423 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(400,929 | ) | (759,003 | ) | (849,782 | ) | (2,084,013 | ) | (505,326 | ) | (752,115 | ) | (197,550 | ) | (822,121 | ) | |||||||||||||||
|
|
|
|
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|
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|
|
|
|
|
| |||||||||||||||
28,768,223 | 1,927,148 | 142,842,039 | 28,739,952 | 24,824,585 | 25,452,499 | — | 22,481,177 | |||||||||||||||||||||||
(32,502,735 | ) | (3,757,982 | ) | (154,242,445 | ) | (6,534,201 | ) | (27,564,534 | ) | — | (3,826,016 | ) | (54,448,541 | ) | ||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||
(3,734,512 | ) | (1,830,834 | ) | (11,400,406 | ) | 22,205,751 | (2,739,949 | ) | 25,452,499 | (3,826,016 | ) | (31,967,364 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(4,497,136 | ) | 1,478,216 | (10,437,643 | ) | 39,180,382 | (4,627,285 | ) | 26,646,788 | (4,949,479 | ) | (32,861,908 | ) | ||||||||||||||||||
|
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|
|
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||||
42,248,612 | 40,770,396 | 145,502,106 | 106,321,724 | 41,347,508 | 14,700,720 | 28,919,623 | 61,781,531 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 37,751,476 | $ | 42,248,612 | $ | 135,064,463 | $ | 145,502,106 | $ | 36,720,223 | $ | 41,347,508 | $ | 23,970,144 | $ | 28,919,623 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 63,316 | $ | 82,370 | $ | 112,859 | $ | 294,999 | $ | 78,568 | $ | 112,972 | $ | 26,246 | $ | 50,995 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
700,000 | 50,000 | 4,150,000 | 900,000 | 800,000 | 849,999 | — | 1,350,000 | |||||||||||||||||||||||
(800,000 | ) | (100,000 | ) | (4,500,000 | ) | (200,001 | ) | (900,000 | ) | — | (250,000 | ) | (3,350,000 | ) | ||||||||||||||||
1,050,000 | 1,100,000 | 4,300,000 | 3,600,001 | 1,350,000 | 500,001 | 1,800,000 | 3,800,000 | |||||||||||||||||||||||
|
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|
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|
|
| |||||||||||||||
950,000 | 1,050,000 | 3,950,000 | 4,300,000 | 1,250,000 | 1,350,000 | 1,550,000 | 1,800,000 | |||||||||||||||||||||||
|
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| 69 |
|
PowerShares Dynamic Large Cap Growth Portfolio (PWB)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.19 | $ | 25.62 | $ | 21.29 | $ | 18.73 | $ | 17.63 | $ | 14.91 | ||||||||||||
Net investment income(a) | 0.07 | 0.18 | 0.10 | 0.21 | 0.15 | 0.11 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.95 | 4.56 | 4.34 | 2.55 | 1.09 | 2.72 | ||||||||||||||||||
Total from investment operations | 1.02 | 4.74 | 4.44 | 2.76 | 1.24 | 2.83 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.17 | ) | (0.11 | ) | (0.20 | ) | (0.14 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period | $ | 31.10 | $ | 30.19 | $ | 25.62 | $ | 21.29 | $ | 18.73 | $ | 17.63 | ||||||||||||
Market price at end of period(b) | $ | 31.16 | $ | 30.17 | $ | 25.62 | $ | 21.28 | $ | 18.72 | $ | 17.63 | ||||||||||||
Net Asset Value Total Return(c) | 3.38 | % | 18.52 | % | 20.91 | % | 14.91 | % | 7.18 | % | 19.08 | % | ||||||||||||
Market Price Total Return(c) | 3.64 | % | 18.44 | % | 20.96 | % | 14.92 | % | 7.12 | % | 19.08 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 376,268 | $ | 327,579 | $ | 285,675 | $ | 212,897 | $ | 191,013 | $ | 196,574 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.57 | %(d) | 0.58 | % | 0.58 | % | 0.59 | % | 0.61 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.57 | %(d) | 0.58 | % | 0.58 | % | 0.59 | % | 0.62 | % | 0.64 | % | ||||||||||||
Net investment income, after Waivers | 0.44 | %(d) | 0.63 | % | 0.43 | % | 1.08 | % | 0.89 | % | 0.73 | % | ||||||||||||
Portfolio turnover rate(e) | 55 | % | 143 | % | 123 | % | 47 | % | 64 | % | 45 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.43 | $ | 29.51 | $ | 25.21 | $ | 20.73 | $ | 20.35 | $ | 18.05 | ||||||||||||
Net investment income(a) | 0.35 | 0.64 | 0.55 | 0.52 | 0.46 | 0.40 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.60 | ) | 1.88 | 4.30 | 4.48 | 0.38 | 2.33 | |||||||||||||||||
Total from investment operations | (1.25 | ) | 2.52 | 4.85 | 5.00 | 0.84 | 2.73 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.60 | ) | (0.55 | ) | (0.52 | ) | (0.46 | ) | (0.43 | ) | ||||||||||||
Net asset value at end of period | $ | 29.80 | $ | 31.43 | $ | 29.51 | $ | 25.21 | $ | 20.73 | $ | 20.35 | ||||||||||||
Market price at end of period(b) | $ | 29.86 | $ | 31.42 | $ | 29.49 | $ | 25.22 | $ | 20.71 | $ | 20.36 | ||||||||||||
Net Asset Value Total Return(c) | (3.98 | )% | 8.56 | % | 19.48 | % | 24.55 | % | 4.34 | % | 15.50 | % | ||||||||||||
Market Price Total Return(c) | (3.76 | )% | 8.60 | % | 19.35 | % | 24.72 | % | 4.20 | % | 15.49 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 975,838 | $ | 1,087,343 | $ | 801,088 | $ | 574,825 | $ | 419,740 | $ | 422,319 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.57 | %(d) | 0.57 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.61 | % | ||||||||||||
Expenses, prior to Waivers | 0.57 | %(d) | 0.57 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.61 | % | ||||||||||||
Net investment income, after Waivers | 2.29 | %(d) | 2.10 | % | 2.04 | % | 2.36 | % | 2.39 | % | 2.22 | % | ||||||||||||
Portfolio turnover rate(e) | 49 | % | 82 | % | 103 | % | 58 | % | 41 | % | 40 | % |
(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 for periods less than one year, if applicable, 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 Russell 2000 Equal Weight Portfolio (EQWS)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 35.89 | $ | 32.85 | $ | 27.80 | $ | 24.21 | $ | 25.32 | $ | 21.07 | ||||||||||||
Net investment income(a) | 0.15 | 0.41 | 0.33 | 0.46 | 0.22 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.61 | ) | 3.03 | 5.12 | 3.60 | (1.18 | ) | 4.25 | ||||||||||||||||
Total from investment operations | (2.46 | ) | 3.44 | 5.45 | 4.06 | (0.96 | ) | 4.34 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.40 | ) | (0.40 | ) | (0.47 | ) | (0.15 | ) | (0.09 | ) | ||||||||||||
Net asset value at end of period | $ | 33.23 | $ | 35.89 | $ | 32.85 | $ | 27.80 | $ | 24.21 | $ | 25.32 | ||||||||||||
Market price at end of period(b) | $ | 33.21 | $ | 35.90 | $ | 32.84 | $ | 27.76 | $ | 24.18 | $ | 25.33 | ||||||||||||
Net Asset Value Total Return(c) | (6.89 | )% | 10.53 | % | 19.76 | % | 17.05 | % | (3.70 | )% | 20.64 | % | ||||||||||||
Market Price Total Return(c) | (6.97 | )% | 10.59 | % | 19.90 | % | 17.03 | % | (3.85 | )% | 20.80 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 13,290 | $ | 16,153 | $ | 14,784 | $ | 15,290 | $ | 15,735 | $ | 18,991 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.27 | %(d)(e) | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.43 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.91 | %(d)(e) | 0.98 | %(e) | 0.94 | % | 1.22 | % | 1.25 | % | 1.41 | % | ||||||||||||
Net investment income, after Waivers | 0.87 | %(d) | 1.20 | % | 1.06 | % | 1.88 | % | 0.97 | % | 0.42 | % | ||||||||||||
Portfolio turnover rate(f) | 115 | % | 7 | % | 50 | % | 45 | % | 97 | % | 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) | 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 companies’ 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 investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six-month period ended October 31, 2015, 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 Russell 2000 Pure Growth Portfolio (PXSG)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.22 | $ | 23.90 | $ | 19.74 | $ | 17.66 | $ | 19.03 | $ | 14.12 | ||||||||||||
Net investment income (loss)(a) | 0.02 | 0.25 | 0.20 | 0.13 | 0.07 | (0.05 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.68 | ) | 1.39 | 4.17 | 2.08 | (1.44 | ) | 4.96 | ||||||||||||||||
Total from investment operations | (0.66 | ) | 1.64 | 4.37 | 2.21 | (1.37 | ) | 4.91 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.32 | ) | (0.21 | ) | (0.13 | ) | — | — | ||||||||||||||
Net asset value at end of period | $ | 24.47 | $ | 25.22 | $ | 23.90 | $ | 19.74 | $ | 17.66 | $ | 19.03 | ||||||||||||
Market price at end of period(b) | $ | 24.48 | $ | 25.21 | $ | 23.89 | $ | 19.72 | $ | 17.64 | $ | 19.05 | ||||||||||||
Net Asset Value Total Return(c) | (2.66 | )% | 6.92 | % | 22.31 | % | 12.63 | % | (7.20 | )% | 34.77 | % | ||||||||||||
Market Price Total Return(c) | (2.58 | )% | 6.92 | % | 22.38 | % | 12.65 | % | (7.40 | )% | 35.11 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 30,588 | $ | 32,791 | $ | 29,872 | $ | 26,646 | $ | 30,913 | $ | 109,451 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d)(e) | 0.39 | %(e) | 0.39 | %(e) | 0.39 | %(e) | 0.48 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d)(e) | 0.69 | %(e) | 0.70 | %(e) | 0.92 | %(e) | 0.69 | % | 0.93 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.17 | %(d) | 1.02 | % | 0.90 | % | 0.72 | % | 0.41 | % | (0.37 | )% | ||||||||||||
Portfolio turnover rate(f) | 133 | % | 6 | % | 39 | % | 39 | % | 189 | % | 57 | % |
(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 investment companies in which the Fund invests. Estimated investment companies’ 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 investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six-month period ended October 31, 2015, 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 Russell 2000 Pure Value Portfolio (PXSV)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.75 | $ | 24.67 | $ | 19.63 | $ | 16.35 | $ | 17.07 | $ | 14.64 | ||||||||||||
Net investment income(a) | 0.31 | 0.42 | 0.30 | 0.32 | 0.19 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.63 | ) | 1.03 | 5.03 | 3.31 | (0.72 | ) | 2.45 | ||||||||||||||||
Total from investment operations | (1.32 | ) | 1.45 | 5.33 | 3.63 | (0.53 | ) | 2.61 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.37 | ) | (0.29 | ) | (0.35 | ) | (0.19 | ) | (0.18 | ) | ||||||||||||
Net asset value at end of period | $ | 24.13 | $ | 25.75 | $ | 24.67 | $ | 19.63 | $ | 16.35 | $ | 17.07 | ||||||||||||
Market price at end of period(b) | $ | 24.12 | $ | 25.75 | $ | 24.68 | $ | 19.61 | $ | 16.33 | $ | 17.08 | ||||||||||||
Net Asset Value Total Return(c) | (5.13 | )% | 5.91 | % | 27.29 | % | 22.56 | % | (3.01 | )% | 18.03 | % | ||||||||||||
Market Price Total Return(c) | (5.17 | )% | 5.87 | % | 27.47 | % | 22.58 | % | (3.18 | )% | 18.26 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 65,148 | $ | 72,093 | $ | 65,376 | $ | 48,084 | $ | 52,312 | $ | 72,540 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.43 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.49 | %(d) | 0.55 | % | 0.54 | % | 0.70 | % | 0.64 | % | 0.80 | % | ||||||||||||
Net investment income, after Waivers | 2.50 | %(d) | 1.65 | % | 1.31 | % | 1.87 | % | 1.28 | % | 1.14 | % | ||||||||||||
Portfolio turnover rate(e) | 127 | % | 5 | % | 43 | % | 31 | % | 109 | % | 90 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. 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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six-month period ended October 31, 2015, 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 Russell Midcap Equal Weight Portfolio (EQWM)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.34 | $ | 36.31 | $ | 30.41 | $ | 26.60 | $ | 27.15 | $ | 23.05 | ||||||||||||
Net investment income(a) | 0.26 | 0.50 | 0.40 | 0.43 | 0.29 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.54 | ) | 4.03 | 5.90 | 3.80 | (0.57 | ) | 4.10 | ||||||||||||||||
Total from investment operations | (2.28 | ) | 4.53 | 6.30 | 4.23 | (0.28 | ) | 4.31 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.50 | ) | (0.40 | ) | (0.42 | ) | (0.27 | ) | (0.21 | ) | ||||||||||||
Net asset value at end of period | $ | 37.82 | $ | 40.34 | $ | 36.31 | $ | 30.41 | $ | 26.60 | $ | 27.15 | ||||||||||||
Market price at end of period(b) | $ | 37.85 | $ | 40.35 | $ | 36.25 | $ | 30.39 | $ | 26.62 | $ | 27.15 | ||||||||||||
Net Asset Value Total Return(c) | (5.65 | )% | 12.52 | % | 20.85 | % | 16.16 | % | (0.93 | )% | 18.84 | % | ||||||||||||
Market Price Total Return(c) | (5.60 | )% | 12.73 | % | 20.73 | % | 16.00 | % | (0.85 | )% | 18.89 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 28,369 | $ | 34,292 | $ | 30,867 | $ | 19,768 | $ | 18,623 | $ | 23,081 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.27 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.43 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.57 | %(d) | 0.66 | % | 0.69 | % | 1.00 | % | 1.01 | % | 1.20 | % | ||||||||||||
Net investment income, after Waivers | 1.34 | %(d) | 1.31 | % | 1.19 | % | 1.58 | % | 1.16 | % | 0.88 | % | ||||||||||||
Portfolio turnover rate(e) | 110 | % | 5 | % | 50 | % | 38 | % | 83 | % | 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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six-month period ended October 31, 2015, 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 Russell Midcap Pure Growth Portfolio (PXMG)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.95 | $ | 30.02 | $ | 26.06 | $ | 22.65 | $ | 24.13 | $ | 19.11 | ||||||||||||
Net investment income (loss)(a) | 0.05 | 0.47 | 0.33 | 0.26 | 0.13 | (0.01 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.26 | ) | 1.92 | 4.01 | 3.38 | (1.53 | ) | 5.09 | ||||||||||||||||
Total from investment operations | (1.21 | ) | 2.39 | 4.34 | 3.64 | (1.40 | ) | 5.08 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.46 | ) | (0.38 | ) | (0.23 | ) | (0.08 | ) | — | |||||||||||||
Return of capital | — | — | — | — | — | (0.06 | ) | |||||||||||||||||
Total distributions | (0.12 | ) | (0.46 | ) | (0.38 | ) | (0.23 | ) | (0.08 | ) | (0.06 | ) | ||||||||||||
Net asset value at end of period | $ | 30.62 | $ | 31.95 | $ | 30.02 | $ | 26.06 | $ | 22.65 | $ | 24.13 | ||||||||||||
Market price at end of period(b) | $ | 30.65 | $ | 31.95 | $ | 29.99 | $ | 26.04 | $ | 22.63 | $ | 24.13 | ||||||||||||
Net Asset Value Total Return(c) | (3.80 | )% | 7.98 | % | 16.80 | % | 16.23 | % | (5.74 | )% | 26.61 | % | ||||||||||||
Market Price Total Return(c) | (3.70 | )% | 8.09 | % | 16.77 | % | 16.25 | % | (5.83 | )% | 26.67 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 82,665 | $ | 87,870 | $ | 91,555 | $ | 82,101 | $ | 87,203 | $ | 130,290 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.43 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.43 | %(d) | 0.46 | % | 0.45 | % | 0.54 | % | 0.55 | % | 0.69 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.32 | %(d) | 1.51 | % | 1.19 | % | 1.14 | % | 0.61 | % | (0.06 | )% | ||||||||||||
Portfolio turnover rate(e) | 133 | % | 3 | % | 33 | % | 33 | % | 75 | % | 49 | % |
(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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six-month period ended October 31, 2015, 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 Russell Midcap Pure Value Portfolio (PXMV)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.55 | $ | 25.88 | $ | 20.98 | $ | 17.06 | $ | 17.07 | $ | 15.37 | ||||||||||||
Net investment income(a) | 0.32 | 0.43 | 0.37 | 0.37 | 0.25 | 0.15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.47 | ) | 1.63 | 4.87 | 3.94 | (0.03 | ) | 1.70 | ||||||||||||||||
Total from investment operations | (1.15 | ) | 2.06 | 5.24 | 4.31 | 0.22 | 1.85 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.39 | ) | (0.34 | ) | (0.39 | ) | (0.23 | ) | (0.15 | ) | ||||||||||||
Net asset value at end of period | $ | 26.10 | $ | 27.55 | $ | 25.88 | $ | 20.98 | $ | 17.06 | $ | 17.07 | ||||||||||||
Market price at end of period(b) | $ | 26.10 | $ | 27.53 | $ | 25.87 | $ | 20.98 | $ | 17.04 | $ | 17.07 | ||||||||||||
Net Asset Value Total Return(c) | (4.17 | )% | 7.98 | % | 25.19 | % | 25.74 | % | 1.42 | % | 12.16 | % | ||||||||||||
Market Price Total Return(c) | (4.10 | )% | 7.94 | % | 25.14 | % | 25.89 | % | 1.30 | % | 12.24 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 43,058 | $ | 52,338 | $ | 42,709 | $ | 28,321 | $ | 32,408 | $ | 40,970 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d)(e) | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.43 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.53 | %(d)(e) | 0.56 | %(e) | 0.62 | % | 0.82 | % | 0.79 | % | 0.91 | % | ||||||||||||
Net investment income, after Waivers | 2.38 | %(d) | 1.58 | % | 1.56 | % | 2.08 | % | 1.57 | % | 0.99 | % | ||||||||||||
Portfolio turnover rate(f) | 120 | % | 4 | % | 33 | % | 25 | % | 83 | % | 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) | 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 companies’ 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 investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six-month period ended October 31, 2015, 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 Russell Top 200 Equal Weight Portfolio (EQWL)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.24 | $ | 37.06 | $ | 30.97 | $ | 26.66 | $ | 26.42 | $ | 23.26 | ||||||||||||
Net investment income(a) | 0.39 | 0.75 | 0.63 | 0.65 | 0.57 | 0.37 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.48 | ) | 3.14 | 6.03 | 4.35 | 0.32 | 3.16 | |||||||||||||||||
Total from investment operations | (0.09 | ) | 3.89 | 6.66 | 5.00 | 0.89 | 3.53 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.71 | ) | (0.57 | ) | (0.69 | ) | (0.65 | ) | (0.37 | ) | ||||||||||||
Net asset value at end of period | $ | 39.74 | $ | 40.24 | $ | 37.06 | $ | 30.97 | $ | 26.66 | $ | 26.42 | ||||||||||||
Market price at end of period(b) | $ | 39.79 | $ | 40.21 | $ | 37.08 | $ | 30.98 | $ | 26.66 | $ | 26.42 | ||||||||||||
Net Asset Value Total Return(c) | (0.21 | )% | 10.52 | % | 21.69 | % | 19.10 | % | 3.64 | % | 15.40 | % | ||||||||||||
Market Price Total Return(c) | (0.01 | )% | 10.38 | % | 21.72 | % | 19.15 | % | 3.64 | % | 15.40 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 37,751 | $ | 42,249 | $ | 40,770 | $ | 27,874 | $ | 25,326 | $ | 35,673 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.27 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.43 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.51 | %(d) | 0.57 | % | 0.60 | % | 0.80 | % | 0.90 | % | 0.99 | % | ||||||||||||
Net investment income, after Waivers | 1.95 | %(d) | 1.92 | % | 1.85 | % | 2.38 | % | 2.32 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate(e) | 87 | % | 3 | % | 38 | % | 43 | % | 58 | % | 41 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. 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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six-month period ended October 31, 2015, 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 Russell Top 200 Pure Growth Portfolio (PXLG)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | For the Period June 13, 2011(a) Through April 30, 2012 | ||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 33.84 | $ | 29.53 | $ | 25.10 | $ | 22.20 | $ | 20.00 | ||||||||||
Net investment income(b) | 0.16 | 0.55 | 0.50 | 0.39 | 0.28 | |||||||||||||||
Net realized and unrealized gain on investments | 0.39 | 4.29 | 4.57 | 2.87 | 2.09 | |||||||||||||||
Total from investment operations | 0.55 | 4.84 | 5.07 | 3.26 | 2.37 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.20 | ) | (0.53 | ) | (0.62 | ) | (0.36 | ) | (0.17 | ) | ||||||||||
Net realized gains | — | — | (0.02 | ) | — | — | ||||||||||||||
Total distributions | (0.20 | ) | (0.53 | ) | (0.64 | ) | (0.36 | ) | (0.17 | ) | ||||||||||
Net asset value at end of period | $ | 34.19 | $ | 33.84 | $ | 29.53 | $ | 25.10 | $ | 22.20 | ||||||||||
Market price at end of period(c) | $ | 34.23 | $ | 33.82 | $ | 29.52 | $ | 25.08 | $ | 22.19 | ||||||||||
Net Asset Value Total Return(d) | 1.64 | % | 16.49 | % | 20.54 | % | 14.87 | % | 11.99 | %(e) | ||||||||||
Market Price Total Return(d) | 1.82 | % | 16.46 | % | 20.59 | % | 14.83 | % | 11.94 | %(e) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 135,064 | $ | 145,502 | $ | 106,322 | $ | 82,816 | $ | 4,440 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(f) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | %(f) | ||||||||||
Expenses, prior to Waivers | 0.39 | %(f) | 0.43 | % | 0.45 | % | 0.79 | % | 7.69 | %(f) | ||||||||||
Net investment income, after Waivers | 0.95 | %(f) | 1.73 | % | 1.84 | % | 1.63 | % | 1.54 | %(f) | ||||||||||
Portfolio turnover rate(g) | 104 | % | 2 | % | 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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six-month period ended October 31, 2015, 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 Russell Top 200 Pure Value Portfolio (PXLV)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | For the Period June 13, 2011(a) Through April 30, 2012 | ||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 30.63 | $ | 29.40 | $ | 25.16 | $ | 20.37 | $ | 20.00 | ||||||||||
Net investment income(b) | 0.36 | 0.72 | 0.63 | 0.52 | 0.39 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.23 | ) | 1.16 | 4.17 | 4.77 | 0.33 | ||||||||||||||
Total from investment operations | (0.87 | ) | 1.88 | 4.80 | 5.29 | 0.72 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.38 | ) | (0.65 | ) | (0.54 | ) | (0.50 | ) | (0.35 | ) | ||||||||||
Net realized gains | — | — | (0.02 | ) | — | — | ||||||||||||||
Total distributions | (0.38 | ) | (0.65 | ) | (0.56 | ) | (0.50 | ) | (0.35 | ) | ||||||||||
Net asset value at end of period | $ | 29.38 | $ | 30.63 | $ | 29.40 | $ | 25.16 | $ | 20.37 | ||||||||||
Market price at end of period(c) | $ | 29.43 | $ | 30.62 | $ | 29.39 | $ | 25.16 | $ | 20.35 | ||||||||||
Net Asset Value Total Return(d) | (2.82 | )% | 6.41 | % | 19.27 | % | 26.41 | % | 3.80 | %(e) | ||||||||||
Market Price Total Return(d) | (2.62 | )% | 6.41 | % | 19.23 | % | 26.53 | % | 3.70 | %(e) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 36,720 | $ | 41,348 | $ | 14,701 | $ | 7,549 | $ | 8,148 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(f) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | %(f) | ||||||||||
Expenses, prior to Waivers | 0.55 | %(f) | 0.62 | % | 1.05 | % | 2.10 | % | 2.87 | %(f) | ||||||||||
Net investment income, after Waivers | 2.38 | %(f) | 2.37 | % | 2.32 | % | 2.43 | % | 2.38 | %(f) | ||||||||||
Portfolio turnover rate(g) | 84 | % | 2 | % | 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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six-month period ended October 31, 2015, 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 Zacks Micro Cap Portfolio (PZI)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.07 | $ | 16.26 | $ | 13.57 | $ | 11.34 | $ | 12.53 | $ | 11.69 | ||||||||||||
Net investment income(a) | 0.10 | 0.21 | 0.20 | 0.20 | 0.10 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.60 | ) | (0.09 | ) | 2.65 | 2.25 | (1.16 | ) | 0.88 | |||||||||||||||
Total from investment operations | (0.50 | ) | 0.12 | 2.85 | 2.45 | (1.06 | ) | 0.92 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.31 | ) | (0.16 | ) | (0.22 | ) | (0.13 | ) | (0.08 | ) | ||||||||||||
Net asset value at end of period | $ | 15.46 | $ | 16.07 | $ | 16.26 | $ | 13.57 | $ | 11.34 | $ | 12.53 | ||||||||||||
Market price at end of period(b) | $ | 15.45 | $ | 16.05 | $ | 16.25 | $ | 13.54 | $ | 11.32 | $ | 12.52 | ||||||||||||
Net Asset Value Total Return(c) | (3.12 | )% | 0.71 | % | 21.06 | % | 21.95 | % | (8.34 | )% | 7.97 | % | ||||||||||||
Market Price Total Return(c) | (3.06 | )% | 0.64 | % | 21.25 | % | 21.90 | % | (8.42 | )% | 7.97 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 23,970 | $ | 28,920 | $ | 61,782 | $ | 42,055 | $ | 34,019 | $ | 98,964 | ||||||||||||
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) | 0.99 | %(e) | 0.90 | % | 0.79 | % | 0.98 | % | 0.92 | % | 0.85 | % | ||||||||||||
Net investment income, after Waivers | 1.24 | %(e) | 1.28 | % | 1.29 | % | 1.72 | % | 0.92 | % | 0.39 | % | ||||||||||||
Portfolio turnover rate(f) | 63 | % | 115 | % | 123 | % | 96 | % | 67 | % | 61 | % |
(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 companies’ 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 investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, 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, 2015
(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, 2015, 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 Russell 2000 Equal Weight Portfolio (EQWS) (formerly, PowerShares Fundamental Pure Small Core Portfolio) | “Russell 2000 Equal Weight Portfolio” | |
PowerShares Russell 2000 Pure Growth Portfolio (PXSG) (formerly, PowerShares Fundamental Pure Small Growth Portfolio) | “Russell 2000 Pure Growth Portfolio” | |
PowerShares Russell 2000 Pure Value Portfolio (PXSV) (formerly, PowerShares Fundamental Pure Small Value Portfolio) | “Russell 2000 Pure Value Portfolio” | |
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) (formerly, PowerShares Fundamental Pure Mid Core Portfolio) | “Russell Midcap Equal Weight Portfolio” | |
PowerShares Russell Midcap Pure Growth Portfolio (PXMG) (formerly, PowerShares Fundamental Pure Mid Growth Portfolio) | “Russell Midcap Pure Growth Portfolio” | |
PowerShares Russell Midcap Pure Value Portfolio (PXMV) (formerly, PowerShares Fundamental Pure Mid Value Portfolio) | “Russell Midcap Pure Value Portfolio” | |
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) (formerly, PowerShares Fundamental Pure Large Core Portfolio) | “Russell Top 200 Equal Weight Portfolio” | |
PowerShares Russell Top 200 Pure Growth Portfolio (PXLG) (formerly, PowerShares Fundamental Pure Large Growth Portfolio) | “Russell Top 200 Pure Growth Portfolio” | |
PowerShares Russell Top 200 Pure Value Portfolio (PXLV) (formerly, PowerShares Fundamental Pure Large Value Portfolio) | “Russell Top 200 Pure 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 price of each Share 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.
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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 | |
Russell 2000 Equal Weight Portfolio | Russell 2000® Equal Weight Index | |
Russell 2000 Pure Growth Portfolio | Russell 2000® Pure Growth Index | |
Russell 2000 Pure Value Portfolio | Russell 2000® Pure Value Index | |
Russell Midcap Equal Weight Portfolio | Russell Midcap® Equal Weight Index | |
Russell Midcap Pure Growth Portfolio | Russell Midcap® Pure Growth Index | |
Russell Midcap Pure Value Portfolio | Russell Midcap® Pure Value Index | |
Russell Top 200 Equal Weight Portfolio | Russell Top 200® Equal Weight Index | |
Russell Top 200 Pure Growth Portfolio | Russell Top 200® Pure Growth Index | |
Russell Top 200 Pure Value Portfolio | Russell Top 200® Pure 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. The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
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 asked 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 asked 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
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of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 Fund 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 Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in 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. Russell Top 200 Pure Growth Portfolio and Russell Top 200 Pure Value 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.
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Small and Medium Capitalization Company Risk. For Russell 2000 Equal Weight Portfolio, Russell 2000 Pure Growth Portfolio, Russell 2000 Pure Value Portfolio, Russell Midcap Equal Weight Portfolio, Russell Midcap Pure Growth Portfolio and Russell Midcap Pure 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, Russell 2000 Pure Growth Portfolio, Russell Midcap Pure Growth Portfolio and Russell Top 200 Pure 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.
Value Risk. For Dynamic Large Cap Value Portfolio, Russell 2000 Pure Value Portfolio, Russell Midcap Pure Value Portfolio and Russell Top 200 Pure 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 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.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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E. Country Determination
For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. 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.
G. 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.
H. Securities Lending
During the six-month period ended October 31, 2015, Russell 2000 Pure Growth Portfolio, Russell 2000 Pure Value Portfolio, Russell Midcap Equal Weight Portfolio, Russell Midcap Pure Growth Portfolio, Russell Midcap Pure 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% (105% for international securities) 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. Each Fund bears the risk of loss with respect to the investment of collateral. 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. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each 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. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. 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. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each 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, if any, is shown on the Statements of Assets and Liabilities.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, 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. Pursuant to that Investment Advisory Agreement, each Fund (except for Dynamic Large Cap Growth Portfolio, Dynamic Large Cap Value Portfolio, Russell 2000 Equal Weight Portfolio, Russell Midcap Equal Weight Portfolio, Russell Top 200 Equal Weight Portfolio and Zacks Micro Cap Portfolio) has agreed to pay the Adviser an
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annual fee of 0.29% of the Fund’s average daily net assets. Each of Russell 2000 Equal Weight Portfolio, Russell Midcap Equal Weight Portfolio and Russell Top 200 Equal Weight Portfolio has agreed to pay the Adviser an annual fee of 0.25% (0.29% prior to May 22, 2015) 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 Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser 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, Russell 2000 Equal Weight Portfolio, Russell Midcap Equal Weight Portfolio, Russell Top 200 Equal Weight 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, 2016. The Expense Cap for each of Russell 2000 Equal Weight Portfolio, Russell Midcap Equal Weight Portfolio and Russell Top 200 Equal Weight Portfolio is 0.25% (0.39% prior to May 22, 2015) of the Fund’s average daily net assets per year, through at least August 31, 2016. 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, 2016, 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 for each Fund 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, 2016. 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, Dynamic Large Cap Value Portfolio and Russell Top 200 Pure Growth Portfolio.
Further, through August 31, 2017, 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. This agreement is not subject to recapture by the Adviser.
For the six-month period ended October 31, 2015, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Large Cap Growth Portfolio | $ | 163 | ||
Dynamic Large Cap Value Portfolio | 512 | |||
Russell 2000 Equal Weight Portfolio | 47,126 | |||
Russell 2000 Pure Growth Portfolio | 39,566 | |||
Russell 2000 Pure Value Portfolio | 34,476 | |||
Russell Midcap Equal Weight Portfolio | 46,423 | |||
Russell Midcap Pure Growth Portfolio | 17,770 | |||
Russell Midcap Pure Value Portfolio | 34,317 | |||
Russell Top 200 Equal Weight Portfolio | 47,339 | |||
Russell Top 200 Pure Growth Portfolio | 116 | |||
Russell Top 200 Pure Value Portfolio | 31,126 | |||
Zacks Micro Cap Portfolio | 40,720 |
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, 2015 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/16 | 04/30/17 | 04/30/18 | 10/31/18 | |||||||||||||||||
Russell 2000 Equal Weight Portfolio | $ | 339,944 | $ | 114,500 | $ | 86,766 | $ | 91,595 | $ | 47,083 | ||||||||||
Russell 2000 Pure Growth Portfolio | 363,710 | 142,898 | 88,188 | 93,101 | 39,523 | |||||||||||||||
Russell 2000 Pure Value Portfolio | 377,041 | 145,112 | 88,541 | 108,992 | 34,396 | |||||||||||||||
Russell Midcap Equal Weight Portfolio | 315,776 | 109,592 | 79,739 | 80,056 | 46,389 | |||||||||||||||
Russell Midcap Pure Growth Portfolio | 252,367 | 117,856 | 52,601 | 64,245 | 17,665 |
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Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/16 | 04/30/17 | 04/30/18 | 10/31/18 | |||||||||||||||||
Russell Midcap Pure Value Portfolio | $ | 331,392 | $ | 125,577 | $ | 84,721 | $ | 86,833 | $ | 34,261 | ||||||||||
Russell Top 200 Equal Weight Portfolio | 301,133 | 105,264 | 72,372 | 76,197 | 47,300 | |||||||||||||||
Russell Top 200 Pure Growth Portfolio | 190,827 | 89,723 | 55,612 | 45,492 | — | |||||||||||||||
Russell Top 200 Pure Value Portfolio | 291,619 | 99,141 | 81,582 | 79,809 | 31,087 | |||||||||||||||
Zacks Micro Cap Portfolio | 254,235 | 86,324 | 50,214 | 77,042 | 40,655 |
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. | |
Russell 2000 Equal Weight Portfolio | Frank Russell Company | |
Russell 2000 Pure Growth Portfolio | Frank Russell Company | |
Russell 2000 Pure Value Portfolio | Frank Russell Company | |
Russell Midcap Equal Weight Portfolio | Frank Russell Company | |
Russell Midcap Pure Growth Portfolio | Frank Russell Company | |
Russell Midcap Pure Value Portfolio | Frank Russell Company | |
Russell Top 200 Equal Weight Portfolio | Frank Russell Company | |
Russell Top 200 Pure Growth Portfolio | Frank Russell Company | |
Russell Top 200 Pure Value Portfolio | Frank Russell Company | |
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
The 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 certain Funds’ transactions in, and earnings from, investments in affiliates for the six-month period ended October 31, 2015.
Russell 2000 Equal Weight Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | — | $ | 4,768 | $ | (831 | ) | $ | (865 | ) | $ | (35 | ) | $ | 3,037 | $ | 201 |
Russell 2000 Pure Value Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | — | $ | 358,451 | $ | (22,392 | ) | $ | (78,115 | ) | $ | (1,436 | ) | $ | 256,508 | $ | 16,605 |
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Russell Midcap Equal Weight Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 423,478 | $ | 602,580 | $ | (1,392,424 | ) | $ | 228,276 | $ | 153,448 | $ | 15,358 | $ | 2,748 |
Russell Midcap Pure Growth Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 347,563 | $ | 262,856 | $ | (620,868 | ) | $ | 44,014 | $ | (33,565 | ) | $ | — | $ | — |
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, 2015, 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 | |||||||||||||
Russell 2000 Equal Weight Portfolio | ||||||||||||||||
Equity Securities | $ | 13,329,284 | $ | — | $ | 1,969 | $ | 13,331,253 | ||||||||
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Russell 2000 Pure Growth Portfolio | ||||||||||||||||
Equity Securities | $ | 32,705,953 | $ | 0 | $ | — | $ | 32,705,953 | ||||||||
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Russell 2000 Pure Value Portfolio | ||||||||||||||||
Equity Securities | $ | 69,138,008 | $ | — | $ | 66,629 | $ | 69,204,637 | ||||||||
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Zacks Micro Cap Portfolio | ||||||||||||||||
Equity Securities | $ | 24,616,803 | $ | — | $ | 2,209 | $ | 24,619,012 | ||||||||
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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 carryforwards) 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 carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards 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 Funds had capital loss carryforwards as of April 30, 2015, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||||||||
Dynamic Large Cap Growth Portfolio | $ | 14,024,455 | $ | 68,715,641 | $ | 131,638,879 | $ | 15,986,258 | $ | 20,582,809 | $ | 18,034 | $ | 250,966,076 | $ | 10,916,066 | ||||||||||||||||
Dynamic Large Cap Value Portfolio | 2,783,761 | 22,558,581 | 56,819,182 | 17,964,198 | 38,020,548 | 7,209,279 | 145,355,549 | 1,378,743 | ||||||||||||||||||||||||
Russell 2000 Equal Weight Portfolio | 1,028,300 | 2,738,120 | 2,009,294 | 2,491,519 | 1,256,052 | 261,280 | 9,784,565 | — | ||||||||||||||||||||||||
Russell 2000 Pure Growth Portfolio | 6,666,558 | 9,888,431 | 10,392,627 | 4,547,805 | 4,862,993 | 740,586 | 37,099,000 | 13,094,039 | ||||||||||||||||||||||||
Russell 2000 Pure Value Portfolio | 8,615,687 | 16,547,947 | 9,588,502 | 5,376,983 | 336,367 | — | 40,465,486 | 3,929,009 | ||||||||||||||||||||||||
Russell Midcap Equal Weight Portfolio | 628,828 | 3,815,763 | 3,611,366 | 741,893 | 1,465,270 | 209,251 | 10,472,371 | — | ||||||||||||||||||||||||
Russell Midcap Pure Growth Portfolio | 5,112,579 | 54,769,394 | 82,364,246 | 12,021,724 | 7,035,157 | 2,170,217 | 163,473,317 | 8,055,857 | ||||||||||||||||||||||||
Russell Midcap Pure Value Portfolio | 5,347,255 | 12,697,113 | 18,996,863 | 2,751,107 | 2,160,122 | — | 41,952,460 | 2,384,765 | ||||||||||||||||||||||||
Russell Top 200 Equal Weight Portfolio | 87,112 | 2,328,337 | 5,621,834 | 1,626,267 | 829,103 | — | 10,492,653 | — | ||||||||||||||||||||||||
Russell Top 200 Pure Growth Portfolio | — | — | — | — | 24,931 | 944,543 | 969,474 | — | ||||||||||||||||||||||||
Russell Top 200 Pure Value Portfolio | — | — | — | — | 9,836 | 1,398 | 11,234 | — | ||||||||||||||||||||||||
Zacks Micro Cap Portfolio | 14,330,930 | 28,782,755 | 12,380,833 | 7,234,973 | 15,688,279 | 975,402 | 79,393,172 | 15,172,527 |
* | Capital loss carryforwards as of the date listed above is 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, 2015, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Dynamic Large Cap Growth Portfolio | $ | 184,075,610 | $ | 184,997,609 | ||||
Dynamic Large Cap Value Portfolio | 509,255,773 | 508,005,334 | ||||||
Russell 2000 Equal Weight Portfolio | 16,750,316 | 16,809,116 | ||||||
Russell 2000 Pure Growth Portfolio | 42,826,425 | 43,337,104 | ||||||
Russell 2000 Pure Value Portfolio | 86,626,888 | 86,878,146 | ||||||
Russell Midcap Equal Weight Portfolio | 34,495,733 | 34,205,822 | ||||||
Russell Midcap Pure Growth Portfolio | 113,005,214 | 112,803,209 | ||||||
Russell Midcap Pure Value Portfolio | 57,538,809 | 56,828,303 | ||||||
Russell Top 200 Equal Weight Portfolio | 33,695,142 | 34,536,171 | ||||||
Russell Top 200 Pure Growth Portfolio | 145,727,800 | 146,056,058 | ||||||
Russell Top 200 Pure Value Portfolio | 32,701,774 | 33,237,284 | ||||||
Zacks Micro Cap Portfolio | 17,374,261 | 17,346,287 |
For the six-month period ended October 31, 2015, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Large Cap Growth Portfolio | $ | 105,815,719 | $ | 67,323,426 | ||||
Dynamic Large Cap Value Portfolio | 116,549,515 | 170,660,241 | ||||||
Russell 2000 Equal Weight Portfolio | 12,809,631 | 14,549,031 | ||||||
Russell 2000 Pure Growth Portfolio | 35,046,325 | 35,698,119 | ||||||
Russell 2000 Pure Value Portfolio | 65,846,700 | 67,737,394 | ||||||
Russell Midcap Equal Weight Portfolio | 24,744,111 | 28,814,868 | ||||||
Russell Midcap Pure Growth Portfolio | 91,131,976 | 92,972,194 | ||||||
Russell Midcap Pure Value Portfolio | 33,767,476 | 40,960,129 | ||||||
Russell Top 200 Equal Weight Portfolio | 28,665,376 | 31,511,486 | ||||||
Russell Top 200 Pure Growth Portfolio | 142,406,450 | 153,648,585 | ||||||
Russell Top 200 Pure Value Portfolio | 24,722,370 | 26,951,124 | ||||||
Zacks Micro Cap Portfolio | — | 3,806,992 |
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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, 2015, 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:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Dynamic Large Cap Growth Portfolio | $ | 47,124,829 | $ | (6,648,094 | ) | $ | 40,476,735 | $ | 335,806,168 | |||||||
Dynamic Large Cap Value Portfolio | 79,144,522 | (47,068,836 | ) | 32,075,686 | 941,895,857 | |||||||||||
Russell 2000 Equal Weight Portfolio | 849,890 | (1,814,283 | ) | (964,393 | ) | 14,295,646 | ||||||||||
Russell 2000 Pure Growth Portfolio | 2,297,364 | (3,758,181 | ) | (1,460,817 | ) | 34,166,770 | ||||||||||
Russell 2000 Pure Value Portfolio | 3,980,300 | (10,135,936 | ) | (6,155,636 | ) | 75,360,273 | ||||||||||
Russell Midcap Equal Weight Portfolio | 1,050,155 | (3,665,426 | ) | (2,615,271 | ) | 31,031,021 | ||||||||||
Russell Midcap Pure Growth Portfolio | 6,068,388 | (9,210,085 | ) | (3,141,697 | ) | 85,840,511 | ||||||||||
Russell Midcap Pure Value Portfolio | 2,537,355 | (5,108,656 | ) | (2,571,301 | ) | 47,477,997 | ||||||||||
Russell Top 200 Equal Weight Portfolio | 2,420,607 | (2,013,415 | ) | 407,192 | 37,361,606 | |||||||||||
Russell Top 200 Pure Growth Portfolio | 10,742,730 | (8,240,074 | ) | 2,502,656 | 132,578,115 | |||||||||||
Russell Top 200 Pure Value Portfolio | 1,014,601 | (2,562,719 | ) | (1,548,118 | ) | 38,267,945 | ||||||||||
Zacks Micro Cap Portfolio | 2,277,468 | (1,411,816 | ) | 865,652 | 23,753,360 |
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 an Officer of the Trust. The Trustee who is an “interested person” 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 principally 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, 2015.
In addition to the fees and expenses which the PowerShares Russell 2000 Equal Weight Portfolio, PowerShares Russell 2000 Pure Growth Portfolio, PowerShares Russell Midcap Pure Value 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 the Portfolios bear indirectly is 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 the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 1,033.76 | 0.57 | % | $ | 2.91 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.27 | 0.57 | 2.90 | ||||||||||||
PowerShares Dynamic Large Cap Value Portfolio (PWV) | ||||||||||||||||
Actual | 1,000.00 | 960.22 | 0.57 | 2.81 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.27 | 0.57 | 2.90 | ||||||||||||
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) | ||||||||||||||||
Actual | 1,000.00 | 931.10 | 0.27 | 1.31 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.78 | 0.27 | 1.37 | ||||||||||||
PowerShares Russell 2000 Pure Growth Portfolio (PXSG) | ||||||||||||||||
Actual | 1,000.00 | 973.44 | 0.39 | 1.93 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 |
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Fees and Expenses (continued)
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period (1) | |||||||||||||
PowerShares Russell 2000 Pure Value Portfolio (PXSV) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 948.72 | 0.39 | % | $ | 1.91 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 | ||||||||||||
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) | ||||||||||||||||
Actual | 1,000.00 | 943.50 | 0.27 | 1.32 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.78 | 0.27 | 1.37 | ||||||||||||
PowerShares Russell Midcap Pure Growth Portfolio (PXMG) | ||||||||||||||||
Actual | 1,000.00 | 962.05 | 0.39 | 1.92 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 | ||||||||||||
PowerShares Russell Midcap Pure Value Portfolio (PXMV) | ||||||||||||||||
Actual | 1,000.00 | 958.29 | 0.39 | 1.92 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 | ||||||||||||
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) | ||||||||||||||||
Actual | 1,000.00 | 997.91 | 0.27 | 1.36 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.78 | 0.27 | 1.37 | ||||||||||||
PowerShares Russell Top 200 Pure Growth Portfolio (PXLG) | ||||||||||||||||
Actual | 1,000.00 | 1,016.40 | 0.39 | 1.98 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 | ||||||||||||
PowerShares Russell Top 200 Pure Value Portfolio (PXLV) | ||||||||||||||||
Actual | 1,000.00 | 971.83 | 0.39 | 1.93 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 | ||||||||||||
PowerShares Zacks Micro Cap Portfolio (PZI) | ||||||||||||||||
Actual | 1,000.00 | 968.85 | 0.70 | 3.46 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.62 | 0.70 | 3.56 |
(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, 2015. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
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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.
©2015 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, 2015 |
2015 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 |
|
PowerShares Aerospace & Defense Portfolio (PPA)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown as of October 31, 2015 | ||||
Aerospace & Defense | 76.1 | |||
IT Services | 8.6 | |||
Communications Equipment | 5.0 | |||
Containers & Packaging | 3.5 | |||
Electronic Equipment, Instruments & Components | 2.3 | |||
Machinery | 2.3 | |||
Software | 1.5 | |||
Trading Companies & Distributors | 0.4 | |||
Diversified Telecommunication Services | 0.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—76.1% | ||||||||
31,502 | AAR Corp. | $ | 714,780 | |||||
55,882 | Aerojet Rocketdyne Holdings, Inc.(b) | 946,641 | ||||||
20,879 | Aerovironment, Inc.(b) | 481,678 | ||||||
6,336 | American Science & Engineering, Inc. | 237,473 | ||||||
107,149 | Boeing Co. (The) | 15,865,552 | ||||||
23,847 | Cubic Corp. | 1,069,538 | ||||||
41,622 | Curtiss-Wright Corp. | 2,895,226 | ||||||
62,958 | DigitalGlobe, Inc.(b) | 939,963 | ||||||
9,830 | Ducommun, Inc.(b) | 212,721 | ||||||
32,651 | Engility Holdings, Inc. | 1,051,036 | ||||||
26,207 | Esterline Technologies Corp.(b) | 2,019,249 | ||||||
96,438 | General Dynamics Corp. | 14,328,758 | ||||||
59,281 | HEICO Corp. | 2,990,134 | ||||||
85,515 | Hexcel Corp. | 3,961,055 | ||||||
148,500 | Honeywell International, Inc. | 15,337,080 | ||||||
42,415 | Huntington Ingalls Industries, Inc. | 5,087,255 | ||||||
34,211 | KEYW Holding Corp. (The)(b) | 243,924 | ||||||
52,334 | Kratos Defense & Security Solutions, Inc.(b) | 261,147 | ||||||
71,253 | L-3 Communications Holdings, Inc. | 9,006,379 | ||||||
67,895 | Lockheed Martin Corp. | 14,925,358 | ||||||
33,111 | Moog, Inc., Class A(b) | 2,044,935 | ||||||
59,077 | Northrop Grumman Corp. | 11,091,707 | ||||||
52,427 | Orbital ATK, Inc. | 4,488,800 | ||||||
43,028 | Precision Castparts Corp. | 9,931,293 | ||||||
92,630 | Raytheon Co. | 10,874,762 | ||||||
108,123 | Rockwell Collins, Inc. | 9,376,427 | ||||||
8,769 | Sparton Corp.(b) | 206,335 | ||||||
47,795 | TASER International, Inc.(b) | 1,118,881 | ||||||
31,393 | Teledyne Technologies, Inc.(b) | 2,801,197 | ||||||
228,788 | Textron, Inc. | 9,647,990 | ||||||
38,975 | TransDigm Group, Inc.(b) | 8,568,654 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Aerospace & Defense (continued) | ||||||||
43,734 | Triumph Group, Inc. | $ | 2,037,130 | |||||
160,134 | United Technologies Corp. | 15,758,787 | ||||||
9,369 | Vectrus, Inc.(b) | 233,007 | ||||||
|
| |||||||
180,754,852 | ||||||||
|
| |||||||
Communications Equipment—5.0% | ||||||||
14,294 | Comtech Telecommunications Corp. | 345,343 | ||||||
110,054 | Harris Corp. | 8,708,573 | ||||||
42,607 | ViaSat, Inc.(b) | 2,810,358 | ||||||
|
| |||||||
11,864,274 | ||||||||
|
| |||||||
Containers & Packaging—3.5% | ||||||||
120,832 | Ball Corp. | 8,276,992 | ||||||
|
| |||||||
Diversified Telecommunication Services—0.3% | ||||||||
93,500 | Intelsat SA(b) | 618,970 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.3% | ||||||||
124,403 | FLIR Systems, Inc. | 3,317,828 | ||||||
30,537 | Mercury Systems, Inc.(b) | 524,015 | ||||||
17,525 | OSI Systems, Inc.(b) | 1,510,305 | ||||||
14,141 | SuperCom Ltd. (Israel)(b) | 111,855 | ||||||
|
| |||||||
5,464,003 | ||||||||
|
| |||||||
IT Services—8.6% | ||||||||
131,571 | Booz Allen Hamilton Holding Corp. | 3,876,082 | ||||||
21,463 | CACI International, Inc., Class A(b) | 2,082,769 | ||||||
122,697 | Computer Sciences Corp. | 8,170,393 | ||||||
63,917 | Leidos Holdings, Inc. | 3,360,117 | ||||||
33,313 | ManTech International Corp., Class A | 962,746 | ||||||
40,829 | Science Applications International Corp. | 1,872,418 | ||||||
|
| |||||||
20,324,525 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
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PowerShares Aerospace & Defense Portfolio (PPA) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Machinery—2.3% | ||||||||
69,471 | Oshkosh Corp. | $ | 2,854,563 | |||||
56,396 | Woodward, Inc. | 2,566,018 | ||||||
|
| |||||||
5,420,581 | ||||||||
|
| |||||||
Software—1.5% | ||||||||
141,405 | FireEye, Inc.(b) | 3,697,741 | ||||||
|
| |||||||
Trading Companies & Distributors—0.4% | ||||||||
24,113 | Kaman Corp. | 937,755 | ||||||
|
| |||||||
Total Common Stocks (Cost $218,999,090) | 237,359,693 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
139,795 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $139,795) | 139,795 | ||||||
|
| |||||||
Total Investments (Cost $219,138,885)—100.0% | 237,499,488 | |||||||
Other assets less liabilities—(0.0)% | (89,239 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 237,410,249 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares CleantechTM Portfolio (PZD)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown as of October 31, 2015 | ||||
Electrical Equipment | 18.2 | |||
Machinery | 13.6 | |||
Chemicals | 9.1 | |||
Semiconductors & Semiconductor Equipment | 8.4 | |||
Software | 8.0 | |||
Electronic Equipment, Instruments & Components | 7.6 | |||
Professional Services | 7.1 | |||
Industrial Conglomerates | 6.9 | |||
Auto Components | 5.8 | |||
Independent Power & Renewable Electricity Producers | 3.0 | |||
Life Sciences Tools & Services | 2.9 | |||
Aerospace & Defense | 2.6 | |||
Building Products | 2.3 | |||
Commercial Services & Supplies | 1.8 | |||
Communications Equipment | 1.2 | |||
Construction & Engineering | 0.8 | |||
Real Estate Investment Trusts | 0.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Aerospace & Defense—2.6% | ||||||||
40,897 | Hexcel Corp. | $ | 1,894,349 | |||||
|
| |||||||
Auto Components—5.8% | ||||||||
49,117 | BorgWarner, Inc. | 2,103,190 | ||||||
47,889 | Johnson Controls, Inc. | 2,163,625 | ||||||
|
| |||||||
4,266,815 | ||||||||
|
| |||||||
Building Products—2.3% | ||||||||
69,044 | Kingspan Group PLC (Ireland) | 1,680,216 | ||||||
|
| |||||||
Chemicals—9.1% | ||||||||
658 | Gurit Holding AG (Switzerland) | 369,802 | ||||||
40,799 | Koninklijke DSM NV (Netherlands) | 2,188,532 | ||||||
45,687 | Novozymes A/S, Class B (Denmark) | 2,128,297 | ||||||
46,002 | Umicore SA (Belgium) | 1,964,043 | ||||||
|
| |||||||
6,650,674 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Commercial Services & Supplies—1.8% | ||||||||
38,608 | CECO Environmental Corp. | $ | 344,383 | |||||
92,278 | Tomra Systems ASA (Norway) | 989,651 | ||||||
|
| |||||||
1,334,034 | ||||||||
|
| |||||||
Communications Equipment—1.2% | ||||||||
30,169 | CalAmp Corp.(b) | 572,004 | ||||||
90,674 | Telit Communications PLC (United Kingdom)(b) | 348,692 | ||||||
|
| |||||||
920,696 | ||||||||
|
| |||||||
Construction & Engineering—0.8% | ||||||||
30,698 | Aegion Corp.(b) | 592,165 | ||||||
|
| |||||||
Electrical Equipment—18.2% | ||||||||
110,102 | ABB Ltd. (Switzerland)(b) | 2,084,203 | ||||||
21,728 | EnerSys | 1,325,191 | ||||||
122,328 | Gamesa Corp. Tecnologica SA (Spain) | 1,943,840 | ||||||
30,670 | PowerSecure International, Inc.(b) | 382,148 | ||||||
19,652 | Saft Groupe SA (France) | 510,152 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares CleantechTM Portfolio (PZD) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Electrical Equipment (continued) | ||||||||
33,399 | Schneider Electric SE (France) | $ | 2,032,133 | |||||
44,024 | Sensata Technologies Holding NV(b) | 2,117,114 | ||||||
41,299 | SGL Carbon SE (Germany)(b)(c) | 762,782 | ||||||
37,406 | Vestas Wind Systems A/S (Denmark) | 2,190,217 | ||||||
|
| |||||||
13,347,780 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—7.6% | ||||||||
10,929 | Badger Meter, Inc. | 662,079 | ||||||
25,300 | Horiba Ltd. (Japan) | 1,004,243 | ||||||
23,586 | Itron, Inc.(b) | 866,314 | ||||||
423,349 | Opus Group AB (Sweden) | 279,209 | ||||||
88,032 | Pure Technologies Ltd. (Canada) | 374,103 | ||||||
106,575 | Trimble Navigation Ltd.(b) | 2,424,581 | ||||||
|
| |||||||
5,610,529 | ||||||||
|
| |||||||
Independent Power & Renewable Electricity Producers—3.0% | ||||||||
8,575,905 | Energy Development Corp. (Philippines) | 1,216,233 | ||||||
26,213 | Ormat Technologies, Inc.(c) | 988,754 | ||||||
|
| |||||||
2,204,987 | ||||||||
|
| |||||||
Industrial Conglomerates—6.9% | ||||||||
30,922 | Raven Industries, Inc. | 563,090 | ||||||
12,485 | Roper Technologies, Inc. | 2,326,580 | ||||||
21,387 | Siemens AG (Germany) | 2,161,701 | ||||||
|
| |||||||
5,051,371 | ||||||||
|
| |||||||
Life Sciences Tools & Services—2.9% | ||||||||
5,899 | Eurofins Scientific SE (Luxembourg) | 2,145,502 | ||||||
|
| |||||||
Machinery—13.6% | ||||||||
123,637 | Alfa Laval AB (Sweden) | 2,188,523 | ||||||
23,488 | CLARCOR, Inc. | 1,171,112 | ||||||
54,362 | Donaldson Co., Inc. | 1,641,732 | ||||||
10,632 | Kadant, Inc. | 437,188 | ||||||
8,806 | Lindsay Corp.(c) | 596,871 | ||||||
73,866 | Meyer Burger Technology AG (Switzerland)(b)(c) | 530,531 | ||||||
28,294 | Woodward, Inc. | 1,287,377 | ||||||
58,168 | Xylem, Inc. | 2,117,897 | ||||||
|
| |||||||
9,971,231 | ||||||||
|
| |||||||
Professional Services—7.1% | ||||||||
50,103 | Intertek Group PLC (United Kingdom) | 2,031,200 | ||||||
27,112 | Mistras Group, Inc.(b) | 512,959 | ||||||
37,012 | Ricardo PLC (United Kingdom) | 517,310 | ||||||
1,112 | SGS SA (Switzerland) | 2,125,293 | ||||||
|
| |||||||
5,186,762 | ||||||||
|
| |||||||
Real Estate Investment Trusts—0.7% | ||||||||
27,200 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 489,872 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—8.4% | ||||||||
26,707 | Advanced Energy Industries, Inc.(b) | 755,274 | ||||||
45,404 | Cree, Inc.(b) | 1,143,727 | ||||||
738,000 | Lextar Electronics Corp. (Taiwan) | 416,018 | ||||||
18,203 | Power Integrations, Inc. | 921,254 | ||||||
15,689 | SMA Solar Technology AG (Germany)(b) | 760,824 | ||||||
22,278 | SolarEdge Technologies, Inc.(b)(c) | 411,920 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||
66,601 | SunPower Corp.(b) | $ | 1,787,571 | |||||
|
| |||||||
6,196,588 | ||||||||
|
| |||||||
Software—8.0% | ||||||||
21,071 | ANSYS, Inc.(b) | 2,008,277 | ||||||
40,805 | Autodesk, Inc.(b) | 2,252,028 | ||||||
19,987 | Fleetmatics Group PLC(b) | 1,112,477 | ||||||
36,811 | Silver Spring Networks, Inc.(b) | 482,592 | ||||||
|
| |||||||
5,855,374 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $60,050,683)—100.0% | 73,398,945 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.3% | ||||||||
1,707,621 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $1,707,621) | 1,707,621 | ||||||
|
| |||||||
Total Investments (Cost $61,758,304)—102.3% | 75,106,566 | |||||||
Other assets less liabilities—(2.3)% | (1,701,735 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 73,404,831 | ||||||
|
|
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, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares DWA Momentum Portfolio (PDP)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown as of October 31, 2015 | ||||
Consumer Discretionary | 32.2 | |||
Health Care | 16.3 | |||
Industrials | 14.3 | |||
Information Technology | 12.4 | |||
Materials | 8.4 | |||
Consumer Staples | 7.7 | |||
Financials | 7.0 | |||
Telecommunication Services | 1.1 | |||
Utilities | 0.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—32.2% | ||||||||
58,690 | Advance Auto Parts, Inc. | $ | 11,645,857 | |||||
27,137 | Amazon.com, Inc.(b) | 16,985,048 | ||||||
248,534 | AutoNation, Inc.(b) | 15,704,863 | ||||||
16,749 | AutoZone, Inc.(b) | 13,138,083 | ||||||
223,593 | Brinker International, Inc. | 10,175,717 | ||||||
109,025 | Carter’s, Inc. | 9,908,192 | ||||||
44,508 | Chipotle Mexican Grill, Inc.(b) | 28,495,357 | ||||||
76,481 | Cracker Barrel Old Country Store, Inc. | 10,513,078 | ||||||
236,053 | Dollar Tree, Inc.(b) | 15,459,111 | ||||||
388,047 | Domino’s Pizza, Inc. | 41,392,973 | ||||||
164,931 | Foot Locker, Inc. | 11,174,075 | ||||||
685,646 | Hanesbrands, Inc. | 21,899,533 | ||||||
293,355 | HSN, Inc. | 18,144,007 | ||||||
262,492 | Jarden Corp.(b) | 11,759,642 | ||||||
120,816 | L Brands, Inc. | 11,595,920 | ||||||
289,761 | NIKE, Inc., Class B | 37,967,384 | ||||||
205,606 | O’Reilly Automotive, Inc.(b) | 56,800,714 | ||||||
54,939 | Panera Bread Co., Class A(b) | 9,744,530 | ||||||
200,078 | Penske Automotive Group, Inc. | 9,771,810 | ||||||
97,522 | Polaris Industries, Inc. | 10,955,621 | ||||||
40,453 | Priceline Group, Inc. (The)(b) | 58,828,371 | ||||||
451,085 | Service Corp. International | 12,747,662 | ||||||
171,780 | Signet Jewelers Ltd. | 25,928,473 | ||||||
223,817 | Starbucks Corp. | 14,004,230 | ||||||
145,086 | TJX Cos., Inc. (The) | 10,618,844 | ||||||
225,267 | Tractor Supply Co. | 20,812,418 | ||||||
314,174 | Under Armour, Inc., Class A(b) | 29,871,664 | ||||||
376,686 | VF Corp. | 25,433,839 | ||||||
390,116 | Wyndham Worldwide Corp. | 31,735,937 | ||||||
358,325 | Yum! Brands, Inc. | 25,408,826 | ||||||
|
| |||||||
628,621,779 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples—7.7% | ||||||||
461,919 | Altria Group, Inc. | $ | 27,932,242 | |||||
144,111 | Brown-Forman Corp., Class B | 15,301,706 | ||||||
415,618 | Church & Dwight Co., Inc. | 35,780,554 | ||||||
87,405 | Constellation Brands, Inc., Class A | 11,782,194 | ||||||
178,255 | Hain Celestial Group, Inc. (The)(b) | 8,886,012 | ||||||
251,860 | Hormel Foods Corp. | 17,013,143 | ||||||
148,772 | Monster Beverage Corp.(b) | 20,280,599 | ||||||
1,593,506 | Rite Aid Corp.(b) | 12,556,827 | ||||||
|
| |||||||
149,533,277 | ||||||||
|
| |||||||
Financials—7.0% | ||||||||
104,270 | ACE Ltd. | 11,838,816 | ||||||
166,897 | AmTrust Financial Services, Inc. | 11,385,713 | ||||||
526,204 | Arch Capital Group Ltd.(b) | 39,407,418 | ||||||
616,086 | CubeSmart REIT | 17,139,512 | ||||||
162,566 | Extra Space Storage, Inc. REIT | 12,881,730 | ||||||
13,572 | Markel Corp.(b) | 11,780,496 | ||||||
697,628 | Radian Group, Inc. | 10,094,677 | ||||||
93,734 | SL Green Realty Corp. REIT | 11,118,727 | ||||||
14,969 | White Mountains Insurance Group Ltd. | 11,825,510 | ||||||
|
| |||||||
137,472,599 | ||||||||
|
| |||||||
Health Care—16.3% | ||||||||
173,797 | Acadia Healthcare Co., Inc.(b) | 10,672,874 | ||||||
74,306 | Allergan PLC(b) | 22,921,172 | ||||||
99,456 | AmerisourceBergen Corp. | 9,598,498 | ||||||
73,871 | Becton, Dickinson and Co. | 10,528,095 | ||||||
169,571 | Cerner Corp.(b) | 11,240,862 | ||||||
77,349 | Cooper Cos., Inc. (The) | 11,784,894 | ||||||
231,363 | DexCom, Inc.(b) | 19,277,165 | ||||||
290,431 | Henry Schein, Inc.(b) | 44,061,287 | ||||||
54,235 | Illumina, Inc.(b) | 7,770,791 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares DWA Momentum Portfolio (PDP) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
114,263 | Incyte Corp.(b) | $ | 13,429,330 | |||||
370,105 | Jazz Pharmaceuticals PLC(b) | 50,808,014 | ||||||
54,464 | McKesson Corp. | 9,738,163 | ||||||
37,320 | Mettler-Toledo International, Inc.(b) | 11,606,147 | ||||||
146,609 | PAREXEL International Corp.(b) | 9,253,960 | ||||||
92,004 | Regeneron Pharmaceuticals, Inc.(b) | 51,282,109 | ||||||
385,260 | West Pharmaceutical Services, Inc. | 23,119,453 | ||||||
|
| |||||||
317,092,814 | ||||||||
|
| |||||||
Industrials—14.3% | ||||||||
152,630 | A.O. Smith Corp. | 11,725,037 | ||||||
368,006 | Alaska Air Group, Inc. | 28,060,457 | ||||||
34,176 | AMERCO | 13,886,050 | ||||||
181,781 | Danaher Corp. | 16,961,985 | ||||||
149,243 | IDEX Corp. | 11,455,893 | ||||||
393,712 | JetBlue Airways Corp.(b) | 9,779,806 | ||||||
120,084 | Lockheed Martin Corp. | 26,398,066 | ||||||
126,187 | Middleby Corp. (The)(b) | 14,756,308 | ||||||
77,559 | Northrop Grumman Corp. | 14,561,702 | ||||||
175,629 | Old Dominion Freight Line, Inc.(b) | 10,878,460 | ||||||
1,276,957 | Rollins, Inc. | 34,247,987 | ||||||
202,059 | Roper Technologies, Inc. | 37,653,695 | ||||||
71,829 | Snap-on, Inc. | 11,915,713 | ||||||
111,301 | Teledyne Technologies, Inc.(b) | 9,931,388 | ||||||
72,291 | TransDigm Group, Inc.(b) | 15,893,176 | ||||||
96,726 | WABCO Holdings, Inc.(b) | 10,855,559 | ||||||
|
| |||||||
278,961,282 | ||||||||
|
| |||||||
Information Technology—12.4% | ||||||||
377,013 | Amphenol Corp., Class A | 20,441,645 | ||||||
478,784 | Apple, Inc. | 57,214,688 | ||||||
146,507 | Electronic Arts, Inc.(b) | 10,558,759 | ||||||
212,519 | Fiserv, Inc.(b) | 20,510,209 | ||||||
165,716 | Gartner, Inc.(b) | 15,025,470 | ||||||
362,562 | Manhattan Associates, Inc.(b) | 26,412,642 | ||||||
405,265 | MasterCard, Inc., Class A | 40,117,182 | ||||||
278,433 | MAXIMUS, Inc. | 18,989,131 | ||||||
77,004 | Tyler Technologies, Inc.(b) | 13,118,401 | ||||||
96,039 | Ultimate Software Group, Inc. (The)(b) | 19,625,570 | ||||||
|
| |||||||
242,013,697 | ||||||||
|
| |||||||
Materials—8.4% | ||||||||
172,369 | Ashland, Inc. | 18,912,327 | ||||||
557,138 | Ball Corp. | 38,163,953 | ||||||
111,655 | Ecolab, Inc. | 13,437,679 | ||||||
1,890,042 | Graphic Packaging Holding Co. | 26,762,995 | ||||||
101,929 | International Flavors & Fragrances, Inc. | 11,829,880 | ||||||
35,369 | NewMarket Corp. | 13,926,190 | ||||||
228,352 | RPM International, Inc. | 10,437,970 | ||||||
114,108 | Sherwin-Williams Co. (The) | 30,447,437 | ||||||
|
| |||||||
163,918,431 | ||||||||
|
| |||||||
Telecommunication Services—1.1% | ||||||||
91,269 | SBA Communications Corp., Class A(b) | 10,862,837 | ||||||
258,790 | T-Mobile US, Inc.(b) | 9,805,553 | ||||||
|
| |||||||
20,668,390 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities—0.6% | ||||||||
110,027 | Sempra Energy | $ | 11,267,865 | |||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $1,675,919,862) | 1,949,550,134 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
1,339,959 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $1,339,959) | 1,339,959 | ||||||
|
| |||||||
Total Investments (Cost $1,677,259,821)—100.1% | 1,950,890,093 | |||||||
Other assets less liabilities—(0.1)% | (1,645,347 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,949,244,746 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares Global Listed Private Equity Portfolio (PSP)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Capital Markets | 51.1 | |||
Diversified Financial Services | 22.7 | |||
Internet Software & Services | 5.2 | |||
Industrial Conglomerates | 4.9 | |||
Machinery | 3.1 | |||
Health Care Providers & Services | 1.1 | |||
Food Products | 0.9 | |||
Money Market Funds Plus Other Assets Less Liabilities | 11.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—89.0% | ||||||||
Capital Markets—51.1% | ||||||||
3,207,427 | 3i Group PLC (United Kingdom) | $ | 24,817,273 | |||||
152,803 | Alaris Royalty Corp. (Canada)(b) | 3,249,115 | ||||||
194,507 | Altamir (France) | 2,202,337 | ||||||
604,977 | American Capital Ltd.(c) | 7,737,656 | ||||||
536,576 | Apollo Global Management LLC, Class A | 9,803,244 | ||||||
754,575 | Apollo Investment Corp.(b) | 4,029,430 | ||||||
824,175 | Ares Capital Corp. | 12,552,185 | ||||||
121,508 | AURELIUS SE & Co. KGaA (Germany) | 5,446,803 | ||||||
268,059 | BlackRock Capital Investment Corp. | 2,487,588 | ||||||
1,502,151 | Brait SE (South Africa)(c) | 17,279,472 | ||||||
357,353 | Bure Equity AB (Sweden) | 2,325,270 | ||||||
156,288 | Capital Southwest Corp. | 2,336,506 | ||||||
389,237 | Carlyle Group LP (The)(b) | 7,294,301 | ||||||
72,164 | Deutsche Beteiligungs AG (Germany) | 2,060,658 | ||||||
510,635 | Fifth Street Finance Corp. | 2,925,939 | ||||||
668,263 | FS Investment Corp.(b) | 6,522,247 | ||||||
95,219 | Gimv NV (Belgium) | 4,494,499 | ||||||
118,605 | Goldman Sachs BDC, Inc.(b) | 2,373,286 | ||||||
172,439 | Golub Capital BDC, Inc.(b) | 2,822,826 | ||||||
779,298 | GP Investments Ltd., Class A BDR (Brazil)(c) | 1,447,631 | ||||||
265,206 | Hercules Technology Growth Capital, Inc. | 2,959,699 | ||||||
1,072,385 | Intermediate Capital Group PLC (United Kingdom) | 9,374,038 | ||||||
2,239,869 | IP Group PLC (United Kingdom)(c) | 8,226,101 | ||||||
276,175 | JAFCO Co. Ltd. (Japan) | 10,653,363 | ||||||
157,747 | Main Street Capital Corp.(b) | 4,729,255 | ||||||
239,473 | Medley Capital Corp.(b) | 1,784,074 | ||||||
184,531 | New Mountain Finance Corp.(b) | 2,570,517 | ||||||
67,129 | Partners Group Holding AG (Switzerland) | 24,379,591 | ||||||
295,116 | PennantPark Investment Corp. | 2,039,252 | ||||||
371,793 | Princess Private Equity Holding Ltd. (Guernsey) | 3,240,432 | ||||||
997,978 | Prospect Capital Corp.(b) | 7,315,179 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Capital Markets (continued) | ||||||||
1,093,270 | Ratos AB, Class B (Sweden) | $ | 6,437,854 | |||||
103,530 | Safeguard Scientifics, Inc.(c) | 1,837,658 | ||||||
145,996 | Solar Capital Ltd. | 2,527,191 | ||||||
165,280 | TCP Capital Corp.(b) | 2,404,824 | ||||||
257,033 | TICC Capital Corp.(b) | 1,642,441 | ||||||
164,698 | TPG Specialty Lending, Inc.(b) | 2,799,866 | ||||||
121,911 | Triangle Capital Corp.(b) | 2,093,212 | ||||||
5,996,477 | Zeder Investments Ltd. (South Africa) | 3,431,112 | ||||||
|
| |||||||
224,653,925 | ||||||||
|
| |||||||
Diversified Financial Services—22.7% | ||||||||
82,396 | Ackermans & van Haaren NV (Belgium) | 12,606,097 | ||||||
1,298,956 | Better Capital PCC Ltd. (United Kingdom)(c) | 1,940,908 | ||||||
1,257,553 | China Merchants China Direct Investments Ltd. (China) | 2,138,624 | ||||||
185,593 | Compass Diversified Holdings(b) | 3,053,005 | ||||||
132,689 | Electra Private Equity PLC (United Kingdom) | 7,602,709 | ||||||
237,678 | Eurazeo SA (France) | 16,824,270 | ||||||
173,615 | HgCapital Trust PLC (United Kingdom) | 2,869,000 | ||||||
776,151 | Leucadia National Corp. | 15,530,782 | ||||||
378,930 | Onex Corp. (Canada) | 22,961,417 | ||||||
131,274 | PICO Holdings, Inc.(c) | 1,268,107 | ||||||
108,938 | Wendel SA (France) | 13,134,934 | ||||||
|
| |||||||
99,929,853 | ||||||||
|
| |||||||
Food Products—0.9% | ||||||||
77,195 | Schouw & Co. A/S (Denmark) | 4,059,163 | ||||||
|
| |||||||
Health Care Providers & Services—1.1% | ||||||||
210,418 | Lifco AB, Class B (Sweden) | 4,703,518 | ||||||
|
| |||||||
Industrial Conglomerates—4.9% | ||||||||
11,810,399 | Fosun International Ltd. (China) | 21,608,941 | ||||||
|
| |||||||
Internet Software & Services—5.2% | ||||||||
136,272 | Actua Corp.(c) | 1,887,367 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
195,051 | IAC/InterActiveCorp. | $ | 13,070,368 | |||||
254,267 | Rocket Internet SE (Germany)(c)(d) | 7,930,536 | ||||||
|
| |||||||
22,888,271 | ||||||||
|
| |||||||
Machinery—3.1% | ||||||||
3,259,644 | Melrose Industries PLC (United Kingdom) | 13,401,018 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $381,565,312) | 391,244,689 | |||||||
|
| |||||||
Money Market Funds—10.1% | ||||||||
970,000 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(e)(f) | 970,000 | ||||||
43,344,044 | Invesco Premier Portfolio—Institutional Class, 0.12%(e) | 43,344,044 | ||||||
|
| |||||||
Total Money Market Funds (Cost 44,314,044) | 44,314,044 | |||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $425,879,356)—99.1% | 435,558,733 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.4% | ||||||||
28,084,848 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(e)(g) (Cost $28,084,848) | 28,084,848 | ||||||
|
| |||||||
Total Investments (Cost $453,964,204)—105.5% | 463,643,581 | |||||||
Other assets less liabilities—(5.5)% | (24,355,525 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 439,288,056 | ||||||
|
|
Investment Abbreviations:
BDR—Brazilian 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, 2015. |
(c) | Non-income producing security. |
(d) | 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, 2015 was $7,930,536, which represented 1.81% of the Fund’s Net Assets. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(f) | All or a portion of the value was pledge as collateral for swap agreements. See Note 2I and Note 6. |
(g) | 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 2J. |
This Fund has holdings greater than 10% of net assets in the following country:
United Kingdom | 15.5 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Golden Dragon China Portfolio (PGJ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown as of October 31, 2015 | ||||
Information Technology | 45.3 | |||
Consumer Discretionary | 38.1 | |||
Health Care | 5.6 | |||
Telecommunication Services | 4.1 | |||
Energy | 2.4 | |||
Financials | 2.2 | |||
Industrials | 1.9 | |||
Utilities | 0.3 | |||
Materials | 0.1 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—38.1% | ||||||||
41,751 | 500.com Ltd., Class A ADR (China)(b)(c) | $ | 847,545 | |||||
48,894 | Bona Film Group Ltd. ADR (China)(b)(c) | 601,396 | ||||||
49,105 | China Automotive Systems, Inc. (China)(c) | 294,630 | ||||||
34,495 | China Distance Education Holdings Ltd. ADR (China) | 503,627 | ||||||
46,125 | China Lodging Group Ltd. ADR (China)(c) | 1,352,385 | ||||||
75,142 | China XD Plastics Co. Ltd. (China)(c) | 316,348 | ||||||
172,843 | Ctrip.com International Ltd. ADR (China)(c) | 16,069,214 | ||||||
84,298 | E-Commerce China Dangdang, Inc., Class A ADR (China)(b)(c) | 570,697 | ||||||
12,163 | eLong, Inc. ADR(c) | 208,960 | ||||||
56,012 | Homeinns Hotel Group ADR (China)(b)(c) | 1,679,240 | ||||||
443,795 | JD.Com, Inc., Class A ADR (China)(c) | 12,257,618 | ||||||
100,692 | Jumei International Holding Ltd., Class A ADR (China)(b)(c) | 1,006,920 | ||||||
71,904 | Kandi Technologies Group, Inc. (China)(b)(c) | 676,617 | ||||||
215,660 | New Oriental Education & Technology Group, Inc. ADR (China) | 5,932,807 | ||||||
159,310 | Nord Anglia Education, Inc. (Hong Kong)(c) | 3,122,476 | ||||||
60,050 | Qunar Cayman Islands Ltd., Class B ADR (China)(b)(c) | 2,914,827 | ||||||
67,664 | TAL Education Group, Class A ADR (China)(b)(c) | 2,601,681 | ||||||
35,061 | Tarena International, Inc., Class A ADR (China)(b)(c) | 329,223 | ||||||
25,228 | Tuniu Corp., Class A ADR (China)(b)(c) | 389,268 | ||||||
598,524 | Vipshop Holdings Ltd., Class A ADR (China)(c) | 12,281,712 | ||||||
|
| |||||||
63,957,191 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—2.4% | ||||||||
16,470 | China Petroleum & Chemical Corp., H-Shares ADR (China) | $ | 1,187,157 | |||||
15,601 | CNOOC Ltd. ADR (China) | 1,773,522 | ||||||
14,222 | PetroChina Co. Ltd., H-Shares ADR (China) | 1,118,276 | ||||||
26,179 | Sino Clean Energy, Inc. (China)(c) | 0 | ||||||
|
| |||||||
4,078,955 | ||||||||
|
| |||||||
Financials—2.2% | ||||||||
43,714 | China Life Insurance Co. Ltd., H-Shares ADR (China)(b) | 789,475 | ||||||
55,308 | CNinsure, Inc. ADR (China)(c) | 502,750 | ||||||
128,283 | E-House China Holdings Ltd. ADR (China) | 795,354 | ||||||
60,565 | Nam Tai Property, Inc. (China) | 356,728 | ||||||
36,027 | Noah Holdings Ltd. ADR (China)(b)(c) | 1,009,476 | ||||||
69,342 | Xinyuan Real Estate Co. Ltd. ADR (China) | 248,938 | ||||||
|
| |||||||
3,702,721 | ||||||||
|
| |||||||
Health Care—5.6% | ||||||||
39,367 | China Biologic Products, Inc. (China)(c) | 4,485,476 | ||||||
29,218 | Concord Medical Services Holdings Ltd. ADR (China)(c) | 146,967 | ||||||
68,435 | iKang Healthcare Group, Inc., Class A ADR (China)(c) | 1,058,005 | ||||||
134,955 | Mindray Medical International Ltd., Class A ADR (China) | 3,236,221 | ||||||
85,318 | Sinovac Biotech Ltd. (China)(b)(c) | 441,947 | ||||||
|
| |||||||
9,368,616 | ||||||||
|
| |||||||
Industrials—1.9% | ||||||||
36,019 | 51job, Inc. ADR (China)(c) | 1,217,802 | ||||||
149,153 | China Ming Yang Wind Power Group Ltd. ADR (China)(b)(c) | 331,120 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
3,758 | China Southern Airlines Co. Ltd., H-Shares ADR (China) | $ | 158,325 | |||||
58,491 | China Yuchai International Ltd. (Singapore) | 759,798 | ||||||
19,338 | eHi Car Services Ltd., Class A ADR (China)(b)(c) | 251,974 | ||||||
29,968 | Zhaopin Ltd., Class A ADR (China)(c) | 455,214 | ||||||
|
| |||||||
3,174,233 | ||||||||
|
| |||||||
Information Technology—45.3% | ||||||||
78,251 | 21Vianet Group, Inc., Class A ADR (China)(c) | 1,568,150 | ||||||
59,419 | 58.com, Inc., Class A ADR (China)(b)(c) | 3,118,903 | ||||||
69,280 | Autohome, Inc., Class A ADR (China)(b)(c) | 2,503,779 | ||||||
78,000 | Baidu, Inc., Class A ADR (China)(c) | 14,622,660 | ||||||
41,759 | Bitauto Holdings Ltd. ADR (China)(c) | 1,332,112 | ||||||
85,596 | Canadian Solar, Inc. (Canada)(b)(c) | 1,868,561 | ||||||
28,116 | Changyou.com Ltd., Class A ADR (China)(c) | 561,195 | ||||||
47,103 | Cheetah Mobile, Inc., Class A ADR (China)(b)(c) | 939,705 | ||||||
61,199 | China Digital TV Holding Co. Ltd. ADR (China)(c) | 138,922 | ||||||
25,611 | ChinaCache International Holdings Ltd. ADR (China)(c) | 192,339 | ||||||
10,957 | Daqo New Energy Corp. ADR (China)(c) | 182,982 | ||||||
89,369 | Hollysys Automation Technologies Ltd. (China) | 1,911,603 | ||||||
66,128 | JA Solar Holdings Co. Ltd. ADR (China)(b)(c) | 563,410 | ||||||
34,411 | JinkoSolar Holding Co. Ltd. ADR (China)(b)(c) | 890,901 | ||||||
53,818 | KongZhong Corp. ADR (China)(c) | 372,421 | ||||||
31,315 | Leju Holdings Ltd. ADR (China)(b) | 225,468 | ||||||
65,038 | Momo, Inc., Class A ADR (China)(b)(c) | 873,460 | ||||||
103,305 | NetEase, Inc. ADR (China) | 14,930,672 | ||||||
127,484 | NQ Mobile, Inc., Class A ADR (China)(b)(c) | 492,088 | ||||||
47,126 | Phoenix New Media Ltd., Class A ADR (China)(c) | 228,561 | ||||||
108,619 | Qihoo 360 Technology Co. Ltd., Class A ADR (China)(b)(c) | 6,201,059 | ||||||
126,011 | ReneSola Ltd. ADR (China)(b)(c) | 167,595 | ||||||
116,242 | Renren, Inc., Class A ADR (China)(c) | 420,796 | ||||||
89,326 | SINA Corp. (China)(b)(c) | 4,255,491 | ||||||
59,148 | Sohu.com, Inc. (China)(c) | 2,988,157 | ||||||
446,165 | SouFun Holdings Ltd., Class A ADR (China) | 3,154,386 | ||||||
130,674 | Trina Solar Ltd. ADR (China)(b)(c) | 1,331,568 | ||||||
40,898 | Vimicro International Corp. ADR (China)(b)(c) | 524,312 | ||||||
72,225 | Weibo Corp., Class A ADR (China)(b)(c) | 1,164,267 | ||||||
196,584 | Yingli Green Energy Holding Co. Ltd. ADR (China)(b)(c) | 138,572 | ||||||
204,684 | Youku Tudou, Inc., Class A ADR (China)(b)(c) | 4,982,009 | ||||||
53,408 | YY, Inc., Class A ADR (China)(b)(c) | 3,041,051 | ||||||
|
| |||||||
75,887,155 | ||||||||
|
| |||||||
Materials—0.1% | ||||||||
33,021 | Tantech Holdings Ltd. (China)(b)(c) | 102,695 | ||||||
|
| |||||||
Telecommunication Services—4.1% | ||||||||
96,000 | China Mobile Ltd. ADR (China) | 5,789,760 | ||||||
8,990 | China Telecom Corp. Ltd. ADR (China) | 470,177 | ||||||
52,231 | China Unicom (Hong Kong) Ltd. ADR (China) | 641,397 | ||||||
|
| |||||||
6,901,334 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities—0.3% | ||||||||
12,333 | Huaneng Power International, Inc., H-Shares ADR (China) | $ | 541,295 | |||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $163,039,895) | 167,714,195 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
200,584 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $200,584) | 200,584 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $163,240,479)—100.1% | 167,914,779 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—17.7% | ||||||||
29,694,630 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $29,694,630) | 29,694,630 | ||||||
|
| |||||||
Total Investments (Cost $192,935,109)—117.8% | 197,609,409 | |||||||
Other assets less liabilities—(17.8)% | (29,895,654 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 167,713,755 | ||||||
|
|
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, 2015. |
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2J. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 96.4 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Information Technology | 21.5 | |||
Financials | 16.7 | |||
Health Care | 15.0 | |||
Consumer Discretionary | 13.6 | |||
Industrials | 10.5 | |||
Consumer Staples | 10.0 | |||
Energy | 7.3 | |||
Materials | 3.0 | |||
Utilities | 3.0 | |||
Telecommunication Services | 2.4 | |||
Other Assets Less Liabilities | (3.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b)—103.0% | ||||||||
Consumer Discretionary—13.6% | ||||||||
1,342 | Advance Auto Parts, Inc. | $ | 266,293 | |||||
7,027 | Amazon.com, Inc.(c) | 4,398,199 | ||||||
1,435 | AutoNation, Inc.(c) | 90,678 | ||||||
566 | AutoZone, Inc.(c) | 443,976 | ||||||
3,108 | Bed Bath & Beyond, Inc.(c) | 185,330 | ||||||
5,623 | Best Buy Co., Inc. | 196,974 | ||||||
4,146 | BorgWarner, Inc. | 177,532 | ||||||
4,074 | Cablevision Systems Corp., Class A | 132,772 | ||||||
3,812 | CarMax, Inc.(c) | 224,946 | ||||||
8,481 | Carnival Corp. | 458,652 | ||||||
8,143 | CBS Corp., Class B | 378,812 | ||||||
572 | Chipotle Mexican Grill, Inc.(c) | 366,212 | ||||||
5,069 | Coach, Inc. | 158,153 | ||||||
38,748 | Comcast Corp., Class A | 2,426,400 | ||||||
6,747 | Comcast Corp., Class A Special | 423,104 | ||||||
5,981 | D.R. Horton, Inc. | 176,081 | ||||||
2,088 | Darden Restaurants, Inc. | 129,226 | ||||||
5,210 | Delphi Automotive PLC (United Kingdom) | 433,420 | ||||||
2,734 | Discovery Communications, Inc., Class A(c) | 80,489 | ||||||
4,724 | Discovery Communications, Inc., Class C(c) | 130,004 | ||||||
5,399 | Dollar General Corp. | 365,890 | ||||||
4,300 | Dollar Tree, Inc.(c) | 281,607 | ||||||
1,833 | Expedia, Inc., Class A | 249,838 | ||||||
71,404 | Ford Motor Co. | 1,057,493 | ||||||
759 | Fossil Group, Inc.(c) | 41,297 | ||||||
1,955 | GameStop Corp., Class A | 90,067 | ||||||
4,359 | Gap, Inc. (The) | 118,652 | ||||||
2,167 | Garmin Ltd. | 76,863 | ||||||
26,411 | General Motors Co. | 922,008 | ||||||
2,778 | Genuine Parts Co. | 252,131 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
4,936 | Goodyear Tire & Rubber Co. (The) | $ | 162,098 | |||||
4,320 | H&R Block, Inc. | 160,963 | ||||||
7,374 | Hanesbrands, Inc. | 235,526 | ||||||
3,774 | Harley-Davidson, Inc. | 186,624 | ||||||
1,305 | Harman International Industries, Inc. | 143,498 | ||||||
2,060 | Hasbro, Inc. | 158,270 | ||||||
23,528 | Home Depot, Inc. (The) | 2,909,002 | ||||||
7,520 | Interpublic Group of Cos., Inc. (The) | 172,434 | ||||||
11,984 | Johnson Controls, Inc. | 541,437 | ||||||
3,624 | Kohl’s Corp. | 167,139 | ||||||
4,708 | L Brands, Inc. | 451,874 | ||||||
2,508 | Leggett & Platt, Inc. | 112,935 | ||||||
3,187 | Lennar Corp., Class A | 159,573 | ||||||
16,953 | Lowe’s Cos., Inc. | 1,251,640 | ||||||
6,064 | Macy’s, Inc. | 309,143 | ||||||
3,654 | Marriott International, Inc., Class A | 280,554 | ||||||
6,205 | Mattel, Inc. | 152,519 | ||||||
17,256 | McDonald’s Corp. | 1,936,986 | ||||||
3,544 | Michael Kors Holdings Ltd.(c) | 136,940 | ||||||
1,165 | Mohawk Industries, Inc.(c) | 227,757 | ||||||
7,805 | Netflix, Inc.(c) | 845,906 | ||||||
4,906 | Newell Rubbermaid, Inc. | 208,162 | ||||||
6,981 | News Corp., Class A | 107,507 | ||||||
1,971 | News Corp., Class B | 30,511 | ||||||
12,420 | NIKE, Inc., Class B | 1,627,393 | ||||||
2,552 | Nordstrom, Inc. | 166,416 | ||||||
4,451 | Omnicom Group, Inc. | 333,469 | ||||||
1,822 | O’Reilly Automotive, Inc.(c) | 503,346 | ||||||
930 | Priceline Group, Inc. (The)(c) | 1,352,443 | ||||||
5,877 | PulteGroup, Inc. | 107,725 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,513 | PVH Corp. | $ | 137,607 | |||||
1,095 | Ralph Lauren Corp., Class A | 121,293 | ||||||
7,582 | Ross Stores, Inc. | 383,498 | ||||||
3,144 | Royal Caribbean Cruises Ltd. | 309,212 | ||||||
1,726 | Scripps Networks Interactive, Inc., Class A | 103,698 | ||||||
1,459 | Signet Jewelers Ltd. | 220,221 | ||||||
11,791 | Staples, Inc. | 153,165 | ||||||
27,194 | Starbucks Corp. | 1,701,529 | ||||||
3,122 | Starwood Hotels & Resorts Worldwide, Inc. | 249,354 | ||||||
11,514 | Target Corp. | 888,650 | ||||||
4,150 | TEGNA, Inc. | 112,216 | ||||||
2,056 | Tiffany & Co. | 169,497 | ||||||
5,185 | Time Warner Cable, Inc. | 982,039 | ||||||
14,943 | Time Warner, Inc. | 1,125,806 | ||||||
12,356 | TJX Cos., Inc. (The) | 904,336 | ||||||
2,489 | Tractor Supply Co. | 229,959 | ||||||
2,069 | TripAdvisor, Inc., Class A(c) | 173,341 | ||||||
22,370 | Twenty-First Century Fox, Inc., Class A | 686,535 | ||||||
7,901 | Twenty-First Century Fox, Inc., Class B | 243,983 | ||||||
3,297 | Under Armour, Inc., Class A(c) | 313,479 | ||||||
1,739 | Urban Outfitters, Inc.(c) | 49,735 | ||||||
6,240 | VF Corp. | 421,325 | ||||||
6,367 | Viacom, Inc., Class B | 313,957 | ||||||
28,452 | Walt Disney Co. (The) | 3,236,130 | ||||||
1,437 | Whirlpool Corp. | 230,121 | ||||||
2,165 | Wyndham Worldwide Corp. | 176,123 | ||||||
1,488 | Wynn Resorts Ltd. | 104,086 | ||||||
7,901 | Yum! Brands, Inc. | 560,260 | ||||||
|
| |||||||
44,174,044 | ||||||||
|
| |||||||
Consumer Staples—10.0% | ||||||||
35,925 | Altria Group, Inc. | 2,172,385 | ||||||
11,157 | Archer-Daniels-Midland Co. | 509,429 | ||||||
1,945 | Brown-Forman Corp., Class B | 206,520 | ||||||
3,300 | Campbell Soup Co. | 167,607 | ||||||
2,356 | Clorox Co. (The) | 287,291 | ||||||
71,734 | Coca-Cola Co. (The) | 3,037,935 | ||||||
3,861 | Coca-Cola Enterprises, Inc. | 198,224 | ||||||
16,493 | Colgate-Palmolive Co. | 1,094,311 | ||||||
7,910 | ConAgra Foods, Inc. | 320,750 | ||||||
3,151 | Constellation Brands, Inc., Class A | 424,755 | ||||||
8,053 | Costco Wholesale Corp. | 1,273,340 | ||||||
20,420 | CVS Health Corp. | 2,017,088 | ||||||
3,498 | Dr Pepper Snapple Group, Inc. | 312,616 | ||||||
4,138 | Estee Lauder Cos., Inc. (The), Class A | 332,943 | ||||||
10,970 | General Mills, Inc. | 637,467 | ||||||
2,676 | Hershey Co. (The) | 237,334 | ||||||
2,468 | Hormel Foods Corp. | 166,713 | ||||||
2,193 | JM Smucker Co. (The) | 257,436 | ||||||
4,665 | Kellogg Co. | 328,976 | ||||||
2,202 | Keurig Green Mountain, Inc. | 111,751 | ||||||
6,674 | Kimberly-Clark Corp. | 798,945 | ||||||
10,888 | Kraft Heinz Co. (The) | 848,937 | ||||||
17,798 | Kroger Co. (The) | 672,764 | ||||||
2,126 | McCormick & Co., Inc. | 178,541 | ||||||
3,715 | Mead Johnson Nutrition Co. | 304,630 | ||||||
2,896 | Molson Coors Brewing Co., Class B | 255,138 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Consumer Staples (continued) | ||||||||
29,523 | Mondelez International, Inc., Class A | $ | 1,362,782 | |||||
2,787 | Monster Beverage Corp.(c) | 379,924 | ||||||
26,915 | PepsiCo, Inc. | 2,750,444 | ||||||
28,385 | Philip Morris International, Inc. | 2,509,234 | ||||||
49,701 | Procter & Gamble Co. (The) | 3,796,162 | ||||||
15,187 | Reynolds American, Inc. | 733,836 | ||||||
10,137 | Sysco Corp. | 418,151 | ||||||
5,577 | Tyson Foods, Inc., Class A | 247,396 | ||||||
16,011 | Walgreens Boots Alliance, Inc. | 1,355,811 | ||||||
28,915 | Wal-Mart Stores, Inc. | 1,655,095 | ||||||
6,557 | Whole Foods Market, Inc. | 196,448 | ||||||
|
| |||||||
32,559,109 | ||||||||
|
| |||||||
Energy—7.3% | ||||||||
9,308 | Anadarko Petroleum Corp. | 622,519 | ||||||
6,925 | Apache Corp. | 326,375 | ||||||
7,987 | Baker Hughes, Inc. | 420,755 | ||||||
7,582 | Cabot Oil & Gas Corp. | 164,605 | ||||||
3,509 | Cameron International Corp.(c) | 238,647 | ||||||
9,468 | Chesapeake Energy Corp. | 67,507 | ||||||
34,479 | Chevron Corp. | 3,133,452 | ||||||
1,731 | Cimarex Energy Co. | 204,362 | ||||||
5,816 | Columbia Pipeline Group, Inc. | 120,798 | ||||||
22,601 | ConocoPhillips | 1,205,763 | ||||||
4,196 | CONSOL Energy, Inc. | 27,945 | ||||||
7,079 | Devon Energy Corp. | 296,822 | ||||||
1,181 | Diamond Offshore Drilling, Inc. | 23,478 | ||||||
4,317 | Ensco PLC, Class A | 71,792 | ||||||
10,062 | EOG Resources, Inc. | 863,823 | ||||||
2,793 | EQT Corp. | 184,534 | ||||||
76,396 | Exxon Mobil Corp. | 6,321,005 | ||||||
4,203 | FMC Technologies, Inc.(c) | 142,188 | ||||||
15,661 | Halliburton Co. | 601,069 | ||||||
1,975 | Helmerich & Payne, Inc. | 111,133 | ||||||
4,418 | Hess Corp. | 248,336 | ||||||
32,933 | Kinder Morgan, Inc. | 900,718 | ||||||
12,408 | Marathon Oil Corp. | 228,059 | ||||||
9,824 | Marathon Petroleum Corp. | 508,883 | ||||||
2,975 | Murphy Oil Corp. | 84,579 | ||||||
7,033 | National Oilwell Varco, Inc. | 264,722 | ||||||
2,985 | Newfield Exploration Co.(c) | 119,967 | ||||||
7,789 | Noble Energy, Inc. | 279,158 | ||||||
13,997 | Occidental Petroleum Corp. | 1,043,336 | ||||||
3,833 | ONEOK, Inc. | 130,015 | ||||||
8,773 | Phillips 66 | 781,236 | ||||||
2,736 | Pioneer Natural Resources Co. | 375,215 | ||||||
3,104 | Range Resources Corp. | 94,486 | ||||||
23,186 | Schlumberger Ltd. | 1,812,218 | ||||||
7,039 | Southwestern Energy Co.(c) | 77,711 | ||||||
12,301 | Spectra Energy Corp. | 351,440 | ||||||
2,256 | Tesoro Corp. | 241,234 | ||||||
6,261 | Transocean Ltd. | 99,112 | ||||||
9,108 | Valero Energy Corp. | 600,399 | ||||||
12,501 | Williams Cos., Inc. (The) | 493,039 | ||||||
|
| |||||||
23,882,435 | ||||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Financials—16.7% | ||||||||
5,933 | ACE Ltd. | $ | 673,633 | |||||
995 | Affiliated Managers Group, Inc.(c) | 179,359 | ||||||
7,892 | Aflac, Inc. | 503,115 | ||||||
7,336 | Allstate Corp. (The) | 453,952 | ||||||
15,594 | American Express Co. | 1,142,416 | ||||||
23,708 | American International Group, Inc. | 1,495,026 | ||||||
7,755 | American Tower Corp. REIT | 792,794 | ||||||
3,266 | Ameriprise Financial, Inc. | 376,766 | ||||||
5,132 | Aon PLC | 478,867 | ||||||
2,864 | Apartment Investment & Management Co., Class A REIT | 112,240 | ||||||
1,224 | Assurant, Inc. | 99,793 | ||||||
2,435 | AvalonBay Communities, Inc. REIT | 425,711 | ||||||
191,813 | Bank of America Corp. | 3,218,622 | ||||||
20,274 | Bank of New York Mellon Corp. (The) | 844,412 | ||||||
14,284 | BB&T Corp. | 530,651 | ||||||
34,326 | Berkshire Hathaway, Inc., Class B(c) | 4,669,022 | ||||||
2,348 | BlackRock, Inc. | 826,426 | ||||||
2,814 | Boston Properties, Inc. REIT | 354,142 | ||||||
9,938 | Capital One Financial Corp. | 784,108 | ||||||
5,311 | CBRE Group, Inc., Class A(c) | 197,994 | ||||||
21,936 | Charles Schwab Corp. (The) | 669,487 | ||||||
4,159 | Chubb Corp. (The) | 537,967 | ||||||
2,705 | Cincinnati Financial Corp. | 162,922 | ||||||
55,149 | Citigroup, Inc. | 2,932,272 | ||||||
6,189 | CME Group, Inc., Class A | 584,675 | ||||||
3,260 | Comerica, Inc. | 141,484 | ||||||
6,116 | Crown Castle International Corp. REIT | 522,673 | ||||||
7,975 | Discover Financial Services | 448,354 | ||||||
5,316 | E*TRADE Financial Corp.(c) | 151,559 | ||||||
1,044 | Equinix, Inc. REIT | 309,734 | ||||||
6,671 | Equity Residential REIT | 515,802 | ||||||
1,205 | Essex Property Trust, Inc. REIT | 265,630 | ||||||
14,718 | Fifth Third Bancorp | 280,378 | ||||||
7,085 | Franklin Resources, Inc. | 288,785 | ||||||
10,710 | General Growth Properties, Inc. REIT | 310,054 | ||||||
9,103 | Genworth Financial, Inc., Class A(c) | 42,602 | ||||||
7,376 | Goldman Sachs Group, Inc. (The) | 1,383,000 | ||||||
7,601 | Hartford Financial Services Group, Inc. (The) | 351,622 | ||||||
8,475 | HCP, Inc. REIT | 315,270 | ||||||
13,763 | Host Hotels & Resorts, Inc. REIT | 238,513 | ||||||
14,714 | Huntington Bancshares, Inc. | 161,413 | ||||||
2,024 | Intercontinental Exchange, Inc. | 510,858 | ||||||
7,843 | Invesco Ltd.(d) | 260,152 | ||||||
3,516 | Iron Mountain, Inc. REIT | 107,730 | ||||||
67,759 | JPMorgan Chase & Co. | 4,353,516 | ||||||
15,407 | KeyCorp | 191,355 | ||||||
7,570 | Kimco Realty Corp. REIT | 202,649 | ||||||
2,008 | Legg Mason, Inc. | 89,858 | ||||||
6,175 | Leucadia National Corp. | 123,562 | ||||||
4,598 | Lincoln National Corp. | 246,039 | ||||||
5,256 | Loews Corp. | 191,634 | ||||||
2,929 | M&T Bank Corp. | 351,041 | ||||||
2,466 | Macerich Co. (The) REIT | 208,969 | ||||||
9,710 | Marsh & McLennan Cos., Inc. | 541,235 | ||||||
4,993 | McGraw Hill Financial, Inc. | 462,551 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Financials (continued) | ||||||||
20,464 | MetLife, Inc. | $ | 1,030,976 | |||||
3,193 | Moody’s Corp. | 307,039 | ||||||
27,917 | Morgan Stanley | 920,423 | ||||||
2,167 | Nasdaq, Inc. | 125,448 | ||||||
6,853 | Navient Corp. | 90,391 | ||||||
4,010 | Northern Trust Corp. | 282,264 | ||||||
5,674 | People’s United Financial, Inc. | 90,500 | ||||||
3,202 | Plum Creek Timber Co., Inc. REIT | 130,449 | ||||||
9,411 | PNC Financial Services Group, Inc. (The) | 849,437 | ||||||
5,022 | Principal Financial Group, Inc. | 251,903 | ||||||
10,736 | Progressive Corp. (The) | 355,684 | ||||||
9,603 | Prologis, Inc. REIT | 410,336 | ||||||
8,264 | Prudential Financial, Inc. | 681,780 | ||||||
2,695 | Public Storage REIT | 618,395 | ||||||
4,573 | Realty Income Corp. REIT | 226,181 | ||||||
24,276 | Regions Financial Corp. | 226,981 | ||||||
5,670 | Simon Property Group, Inc. REIT | 1,142,278 | ||||||
1,825 | SL Green Realty Corp. REIT | 216,481 | ||||||
7,478 | State Street Corp. | 515,982 | ||||||
9,491 | SunTrust Banks, Inc. | 394,066 | ||||||
4,695 | T. Rowe Price Group, Inc. | 355,036 | ||||||
2,131 | Torchmark Corp. | 123,619 | ||||||
5,703 | Travelers Cos., Inc. (The) | 643,812 | ||||||
30,330 | U.S. Bancorp | 1,279,319 | ||||||
4,518 | Unum Group | 156,549 | ||||||
6,092 | Ventas, Inc. REIT | 327,262 | ||||||
3,247 | Vornado Realty Trust REIT | 326,486 | ||||||
85,592 | Wells Fargo & Co. | 4,633,951 | ||||||
6,447 | Welltower, Inc. REIT | 418,217 | ||||||
9,421 | Weyerhaeuser Co. REIT | 276,318 | ||||||
5,539 | XL Group PLC | 210,925 | ||||||
3,741 | Zions Bancorporation | 107,629 | ||||||
|
| |||||||
54,340,511 | ||||||||
|
| |||||||
Health Care—15.0% | ||||||||
27,309 | Abbott Laboratories | 1,223,443 | ||||||
30,329 | AbbVie, Inc. | 1,806,092 | ||||||
6,387 | Aetna, Inc. | 733,100 | ||||||
6,072 | Agilent Technologies, Inc. | 229,279 | ||||||
4,144 | Alexion Pharmaceuticals, Inc.(c) | 729,344 | ||||||
7,212 | Allergan PLC(c) | 2,224,686 | ||||||
3,763 | AmerisourceBergen Corp. | 363,167 | ||||||
13,893 | Amgen, Inc. | 2,197,595 | ||||||
4,793 | Anthem, Inc. | 666,946 | ||||||
9,923 | Baxalta, Inc. | 341,947 | ||||||
9,995 | Baxter International, Inc. | 373,713 | ||||||
3,852 | Becton, Dickinson and Co. | 548,987 | ||||||
4,082 | Biogen, Inc.(c) | 1,185,862 | ||||||
24,625 | Boston Scientific Corp.(c) | 450,145 | ||||||
30,553 | Bristol-Myers Squibb Co. | 2,014,970 | ||||||
1,359 | C.R. Bard, Inc. | 253,250 | ||||||
5,998 | Cardinal Health, Inc. | 493,036 | ||||||
14,484 | Celgene Corp.(c) | 1,777,332 | ||||||
5,627 | Cerner Corp.(c) | 373,014 | ||||||
4,719 | Cigna Corp. | 632,535 | ||||||
3,120 | DaVita HealthCare Partners, Inc.(c) | 241,831 | ||||||
2,562 | DENTSPLY International, Inc. | 155,898 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Health Care (continued) | ||||||||
1,971 | Edwards Lifesciences Corp.(c) | $ | 309,743 | |||||
17,874 | Eli Lilly & Co. | 1,457,982 | ||||||
3,817 | Endo International PLC(c) | 228,982 | ||||||
12,381 | Express Scripts Holding Co.(c) | 1,069,471 | ||||||
26,890 | Gilead Sciences, Inc. | 2,907,616 | ||||||
5,858 | HCA Holdings, Inc.(c) | 402,972 | ||||||
1,529 | Henry Schein, Inc.(c) | 231,965 | ||||||
2,713 | Humana, Inc. | 484,623 | ||||||
679 | Intuitive Surgical, Inc.(c) | 337,191 | ||||||
50,738 | Johnson & Johnson | 5,126,060 | ||||||
1,844 | Laboratory Corp. of America Holdings(c) | 226,333 | ||||||
2,150 | Mallinckrodt PLC(c) | 141,190 | ||||||
4,258 | McKesson Corp. | 761,330 | ||||||
25,911 | Medtronic PLC | 1,915,341 | ||||||
51,609 | Merck & Co., Inc. | 2,820,948 | ||||||
7,565 | Mylan NV(c) | 333,541 | ||||||
1,592 | Patterson Cos., Inc. | 75,461 | ||||||
2,077 | PerkinElmer, Inc. | 107,256 | ||||||
2,680 | Perrigo Co. PLC | 422,743 | ||||||
113,004 | Pfizer, Inc. | 3,821,795 | ||||||
2,631 | Quest Diagnostics, Inc. | 178,776 | ||||||
1,417 | Regeneron Pharmaceuticals, Inc.(c) | 789,822 | ||||||
5,163 | St. Jude Medical, Inc. | 329,451 | ||||||
5,796 | Stryker Corp. | 554,213 | ||||||
1,823 | Tenet Healthcare Corp.(c) | 57,187 | ||||||
7,301 | Thermo Fisher Scientific, Inc. | 954,825 | ||||||
17,472 | UnitedHealth Group, Inc. | 2,057,852 | ||||||
1,682 | Universal Health Services, Inc., Class B | 205,355 | ||||||
1,809 | Varian Medical Systems, Inc.(c) | 142,061 | ||||||
4,483 | Vertex Pharmaceuticals, Inc.(c) | 559,209 | ||||||
1,508 | Waters Corp.(c) | 192,722 | ||||||
3,130 | Zimmer Biomet Holdings, Inc. | 327,304 | ||||||
8,410 | Zoetis, Inc. | 361,714 | ||||||
|
| |||||||
48,909,206 | ||||||||
|
| |||||||
Industrials—10.5% | ||||||||
11,446 | 3M Co. | 1,799,426 | ||||||
3,111 | ADT Corp. (The) | 102,787 | ||||||
1,756 | Allegion PLC | 114,439 | ||||||
12,309 | American Airlines Group, Inc. | 568,922 | ||||||
4,438 | AMETEK, Inc. | 243,291 | ||||||
11,703 | Boeing Co. (The) | 1,732,863 | ||||||
2,599 | C.H. Robinson Worldwide, Inc. | 180,319 | ||||||
11,041 | Caterpillar, Inc. | 805,883 | ||||||
1,636 | Cintas Corp. | 152,295 | ||||||
18,025 | CSX Corp. | 486,495 | ||||||
3,045 | Cummins, Inc. | 315,188 | ||||||
10,895 | Danaher Corp. | 1,016,612 | ||||||
5,712 | Deere & Co. | 445,536 | ||||||
14,573 | Delta Air Lines, Inc. | 740,891 | ||||||
2,867 | Dover Corp. | 184,721 | ||||||
662 | Dun & Bradstreet Corp. (The) | 75,382 | ||||||
8,566 | Eaton Corp. PLC | 478,925 | ||||||
12,040 | Emerson Electric Co. | 568,649 | ||||||
2,167 | Equifax, Inc. | 230,937 | ||||||
3,466 | Expeditors International of Washington, Inc. | 172,572 | ||||||
5,316 | Fastenal Co. | 208,175 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Industrials (continued) | ||||||||
4,813 | FedEx Corp. | $ | 751,069 | |||||
2,444 | Flowserve Corp. | 113,304 | ||||||
2,656 | Fluor Corp. | 126,983 | ||||||
5,558 | General Dynamics Corp. | 825,808 | ||||||
184,995 | General Electric Co. | 5,350,055 | ||||||
14,323 | Honeywell International, Inc. | 1,479,279 | ||||||
6,037 | Illinois Tool Works, Inc. | 555,042 | ||||||
4,862 | Ingersoll-Rand PLC | 288,122 | ||||||
1,683 | J.B. Hunt Transport Services, Inc. | 128,531 | ||||||
2,268 | Jacobs Engineering Group, Inc.(c) | 91,038 | ||||||
2,023 | Kansas City Southern | 167,423 | ||||||
1,472 | L-3 Communications Holdings, Inc. | 186,061 | ||||||
4,893 | Lockheed Martin Corp. | 1,075,628 | ||||||
6,303 | Masco Corp. | 182,787 | ||||||
6,722 | Nielsen Holdings PLC | 319,362 | ||||||
5,522 | Norfolk Southern Corp. | 441,926 | ||||||
3,434 | Northrop Grumman Corp. | 644,733 | ||||||
6,504 | PACCAR, Inc. | 342,436 | ||||||
2,537 | Parker-Hannifin Corp. | 265,624 | ||||||
3,299 | Pentair PLC (United Kingdom) | 184,480 | ||||||
3,697 | Pitney Bowes, Inc. | 76,343 | ||||||
2,520 | Precision Castparts Corp. | 581,641 | ||||||
3,737 | Quanta Services, Inc.(c) | 75,151 | ||||||
5,562 | Raytheon Co. | 652,979 | ||||||
4,412 | Republic Services, Inc. | 192,981 | ||||||
2,463 | Robert Half International, Inc. | 129,702 | ||||||
2,457 | Rockwell Automation, Inc. | 268,206 | ||||||
2,415 | Rockwell Collins, Inc. | 209,429 | ||||||
1,845 | Roper Technologies, Inc. | 343,816 | ||||||
978 | Ryder System, Inc. | 70,201 | ||||||
1,066 | Snap-on, Inc. | 176,839 | ||||||
12,081 | Southwest Airlines Co. | 559,229 | ||||||
2,808 | Stanley Black & Decker, Inc. | 297,592 | ||||||
1,555 | Stericycle, Inc.(c) | 188,730 | ||||||
5,064 | Textron, Inc. | 213,549 | ||||||
7,723 | Tyco International PLC | 281,426 | ||||||
15,898 | Union Pacific Corp. | 1,420,486 | ||||||
6,921 | United Continental Holdings, Inc.(c) | 417,405 | ||||||
12,797 | United Parcel Service, Inc., Class B | 1,318,347 | ||||||
1,748 | United Rentals, Inc.(c) | 130,855 | ||||||
15,175 | United Technologies Corp. | 1,493,372 | ||||||
2,840 | Verisk Analytics, Inc.(c) | 203,372 | ||||||
1,113 | W.W. Grainger, Inc. | 233,730 | ||||||
7,706 | Waste Management, Inc. | 414,275 | ||||||
3,325 | Xylem, Inc. | 121,063 | ||||||
|
| |||||||
34,214,718 | ||||||||
|
| |||||||
Information Technology—21.5% | ||||||||
11,436 | Accenture PLC, Class A | 1,225,939 | ||||||
9,217 | Activision Blizzard, Inc. | 320,383 | ||||||
9,117 | Adobe Systems, Inc.(c) | 808,313 | ||||||
3,272 | Akamai Technologies, Inc.(c) | 199,003 | ||||||
1,126 | Alliance Data Systems Corp.(c) | 334,771 | ||||||
5,311 | Alphabet, Inc., Class A(c) | 3,916,278 | ||||||
5,420 | Alphabet, Inc., Class C(c) | 3,852,590 | ||||||
5,543 | Altera Corp. | 291,285 | ||||||
5,664 | Amphenol Corp., Class A | 307,102 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Information Technology (continued) | ||||||||
5,747 | Analog Devices, Inc. | $ | 345,510 | |||||
104,490 | Apple, Inc. | 12,486,555 | ||||||
21,998 | Applied Materials, Inc. | 368,907 | ||||||
4,144 | Autodesk, Inc.(c) | 228,707 | ||||||
8,535 | Automatic Data Processing, Inc. | 742,460 | ||||||
4,761 | Avago Technologies Ltd. (Singapore) | 586,222 | ||||||
10,242 | Broadcom Corp., Class A | 526,439 | ||||||
5,739 | CA, Inc. | 159,028 | ||||||
93,188 | Cisco Systems, Inc. | 2,688,474 | ||||||
2,944 | Citrix Systems, Inc.(c) | 241,702 | ||||||
11,168 | Cognizant Technology Solutions Corp., Class A(c) | 760,653 | ||||||
2,535 | Computer Sciences Corp. | 168,806 | ||||||
22,462 | Corning, Inc. | 417,793 | ||||||
20,535 | eBay, Inc.(c) | 572,927 | ||||||
5,712 | Electronic Arts, Inc.(c) | 411,664 | ||||||
35,266 | EMC Corp. | 924,675 | ||||||
1,302 | F5 Networks, Inc.(c) | 143,480 | ||||||
41,404 | Facebook, Inc., Class A(c) | 4,221,966 | ||||||
5,159 | Fidelity National Information Services, Inc. | 376,194 | ||||||
1,387 | First Solar, Inc.(c) | 79,156 | ||||||
4,298 | Fiserv, Inc.(c) | 414,800 | ||||||
2,570 | FLIR Systems, Inc. | 68,542 | ||||||
2,273 | Harris Corp. | 179,863 | ||||||
33,098 | HP, Inc. | 892,322 | ||||||
87,106 | Intel Corp. | 2,949,409 | ||||||
16,512 | International Business Machines Corp. | 2,313,001 | ||||||
5,081 | Intuit, Inc. | 495,042 | ||||||
6,480 | Juniper Networks, Inc. | 203,407 | ||||||
2,887 | KLA-Tencor Corp. | 193,775 | ||||||
2,899 | Lam Research Corp. | 222,034 | ||||||
4,393 | Linear Technology Corp. | 195,137 | ||||||
18,286 | MasterCard, Inc., Class A | 1,810,131 | ||||||
3,868 | Microchip Technology, Inc. | 186,786 | ||||||
19,723 | Micron Technology, Inc.(c) | 326,613 | ||||||
146,546 | Microsoft Corp. | 7,714,181 | ||||||
2,947 | Motorola Solutions, Inc. | 206,202 | ||||||
5,498 | NetApp, Inc. | 186,932 | ||||||
9,382 | NVIDIA Corp. | 266,167 | ||||||
59,586 | Oracle Corp. | 2,314,320 | ||||||
5,891 | Paychex, Inc. | 303,858 | ||||||
20,320 | PayPal Holdings, Inc.(c) | 731,723 | ||||||
2,739 | Qorvo, Inc.(c) | 120,324 | ||||||
28,789 | QUALCOMM, Inc. | 1,710,642 | ||||||
3,362 | Red Hat, Inc.(c) | 265,968 | ||||||
11,367 | salesforce.com, inc.(c) | 883,330 | ||||||
3,746 | SanDisk Corp. | 288,442 | ||||||
5,534 | Seagate Technology PLC | 210,624 | ||||||
3,495 | Skyworks Solutions, Inc. | 269,954 | ||||||
12,536 | Symantec Corp. | 258,242 | ||||||
7,372 | TE Connectivity Ltd. (Switzerland) | 475,052 | ||||||
2,594 | Teradata Corp.(c) | 72,917 | ||||||
18,806 | Texas Instruments, Inc. | 1,066,676 | ||||||
3,101 | Total System Services, Inc. | 162,647 | ||||||
1,829 | VeriSign, Inc.(c) | 147,417 | ||||||
35,754 | Visa, Inc., Class A | 2,773,795 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Information Technology (continued) | ||||||||
4,222 | Western Digital Corp. | $ | 282,114 | |||||
9,371 | Western Union Co. (The) | 180,392 | ||||||
18,408 | Xerox Corp. | 172,851 | ||||||
4,739 | Xilinx, Inc. | 225,671 | ||||||
15,868 | Yahoo!, Inc.(c) | 565,218 | ||||||
|
| |||||||
70,013,503 | ||||||||
|
| |||||||
Materials—3.0% | ||||||||
3,545 | Air Products & Chemicals, Inc. | 492,684 | ||||||
1,231 | Airgas, Inc. | 118,373 | ||||||
23,999 | Alcoa, Inc. | 214,311 | ||||||
1,675 | Avery Dennison Corp. | 108,825 | ||||||
2,531 | Ball Corp. | 173,373 | ||||||
4,270 | CF Industries Holdings, Inc. | 216,788 | ||||||
21,220 | Dow Chemical Co. (The) | 1,096,437 | ||||||
16,579 | E.I. du Pont de Nemours & Co. | 1,051,109 | ||||||
2,725 | Eastman Chemical Co. | 196,663 | ||||||
4,866 | Ecolab, Inc. | 585,623 | ||||||
2,449 | FMC Corp. | 99,699 | ||||||
20,831 | Freeport-McMoRan, Inc. | 245,181 | ||||||
1,477 | International Flavors & Fragrances, Inc. | 171,421 | ||||||
7,654 | International Paper Co. | 326,749 | ||||||
6,829 | LyondellBasell Industries NV, Class A | 634,482 | ||||||
1,227 | Martin Marietta Materials, Inc. | 190,369 | ||||||
8,572 | Monsanto Co. | 799,082 | ||||||
6,178 | Mosaic Co. (The) | 208,755 | ||||||
9,694 | Newmont Mining Corp. | 188,645 | ||||||
5,855 | Nucor Corp. | 247,667 | ||||||
2,942 | Owens-Illinois, Inc.(c) | 63,400 | ||||||
4,960 | PPG Industries, Inc. | 517,130 | ||||||
5,249 | Praxair, Inc. | 583,111 | ||||||
3,772 | Sealed Air Corp. | 185,281 | ||||||
1,452 | Sherwin-Williams Co. (The) | 387,437 | ||||||
2,189 | Sigma-Aldrich Corp. | 305,847 | ||||||
2,441 | Vulcan Materials Co. | 235,752 | ||||||
4,798 | WestRock Co. | 257,940 | ||||||
|
| |||||||
9,902,134 | ||||||||
|
| |||||||
Telecommunication Services—2.4% | ||||||||
112,704 | AT&T, Inc. | 3,776,711 | ||||||
10,315 | CenturyLink, Inc. | 290,986 | ||||||
21,386 | Frontier Communications Corp. | 109,924 | ||||||
5,281 | Level 3 Communications, Inc.(c) | 269,067 | ||||||
74,495 | Verizon Communications, Inc. | 3,492,326 | ||||||
|
| |||||||
7,939,014 | ||||||||
|
| |||||||
Utilities—3.0% | ||||||||
12,511 | AES Corp. (The) | 136,995 | ||||||
2,201 | AGL Resources, Inc. | 137,562 | ||||||
4,446 | Ameren Corp. | 194,201 | ||||||
8,988 | American Electric Power Co., Inc. | 509,170 | ||||||
7,884 | CenterPoint Energy, Inc. | 146,248 | ||||||
5,070 | CMS Energy Corp. | 182,875 | ||||||
5,366 | Consolidated Edison, Inc. | 352,815 | ||||||
10,890 | Dominion Resources, Inc. | 777,873 | ||||||
3,288 | DTE Energy Co. | 268,268 | ||||||
12,612 | Duke Energy Corp. | 901,380 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests(b) (continued) | ||||||||
Utilities (continued) | ||||||||
5,970 | Edison International | $ | 361,304 | |||||
3,289 | Entergy Corp. | 224,178 | ||||||
5,811 | Eversource Energy | 296,012 | ||||||
15,787 | Exelon Corp. | 440,773 | ||||||
7,740 | FirstEnergy Corp. | 241,488 | ||||||
8,433 | NextEra Energy, Inc. | 865,732 | ||||||
5,820 | NiSource, Inc. | 111,511 | ||||||
6,055 | NRG Energy, Inc. | 78,049 | ||||||
4,644 | Pepco Holdings, Inc. | 123,670 | ||||||
8,963 | PG&E Corp. | 478,624 | ||||||
2,031 | Pinnacle West Capital Corp. | 128,989 | ||||||
12,275 | PPL Corp. | 422,260 | ||||||
9,268 | Public Service Enterprise Group, Inc. | 382,676 | ||||||
2,619 | SCANA Corp. | 155,097 | ||||||
4,316 | Sempra Energy | 442,002 | ||||||
16,645 | Southern Co. (The) | 750,690 | ||||||
4,310 | TECO Energy, Inc. | 116,370 | ||||||
5,784 | WEC Energy Group, Inc. | 298,223 | ||||||
9,293 | Xcel Energy, Inc. | 331,110 | ||||||
|
| |||||||
9,856,145 | ||||||||
|
| |||||||
Total Investments (Cost $313,587,669)—103.0% | 335,790,819 | |||||||
Other assets less liabilities—(3.0)% | (9,655,453 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 326,135,366 | ||||||
|
|
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 Fund are subject to call options written. See Note 2H 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 |
|
PowerShares S&P 500® High Quality Portfolio (SPHQ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown as of October 31, 2015 | ||||
Industrials | 26.9 | |||
Consumer Discretionary | 19.7 | |||
Consumer Staples | 16.7 | |||
Health Care | 8.9 | |||
Materials | 8.8 | |||
Financials | 6.0 | |||
Information Technology | 5.9 | |||
Utilities | 5.8 | |||
Energy | 1.3 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—19.7% | ||||||||
36,511 | Advance Auto Parts, Inc. | $ | 7,244,878 | |||||
3,137 | AutoZone, Inc.(b) | 2,460,694 | ||||||
76,264 | Comcast Corp., Class A | 4,775,652 | ||||||
34,590 | Darden Restaurants, Inc. | 2,140,775 | ||||||
252,363 | Gap, Inc. (The) | 6,869,321 | ||||||
53,906 | Genuine Parts Co. | 4,892,509 | ||||||
41,866 | Harley-Davidson, Inc. | 2,070,274 | ||||||
62,042 | Hasbro, Inc. | 4,766,687 | ||||||
38,021 | Home Depot, Inc. (The) | 4,700,916 | ||||||
31,462 | Lowe’s Cos., Inc. | 2,322,839 | ||||||
103,202 | Mattel, Inc. | 2,536,705 | ||||||
44,908 | McDonald’s Corp. | 5,040,923 | ||||||
55,382 | NIKE, Inc., Class B | 7,256,703 | ||||||
67,407 | Nordstrom, Inc. | 4,395,610 | ||||||
97,539 | Omnicom Group, Inc. | 7,307,622 | ||||||
38,274 | Ralph Lauren Corp., Class A | 4,239,611 | ||||||
141,103 | Ross Stores, Inc. | 7,136,990 | ||||||
29,243 | Target Corp. | 2,256,975 | ||||||
28,336 | Tiffany & Co. | 2,336,020 | ||||||
95,089 | TJX Cos., Inc. (The) | 6,959,564 | ||||||
64,651 | VF Corp. | 4,365,235 | ||||||
65,559 | Walt Disney Co. (The) | 7,456,681 | ||||||
98,498 | Yum! Brands, Inc. | 6,984,493 | ||||||
|
| |||||||
110,517,677 | ||||||||
|
| |||||||
Consumer Staples—16.7% | ||||||||
40,614 | Altria Group, Inc. | 2,455,929 | ||||||
43,657 | Brown-Forman Corp., Class B | 4,635,500 | ||||||
38,298 | Clorox Co. (The) | 4,670,058 | ||||||
109,792 | Coca-Cola Co. (The) | 4,649,691 | ||||||
104,302 | Colgate-Palmolive Co. | 6,920,438 | ||||||
29,968 | Costco Wholesale Corp. | 4,738,540 | ||||||
67,835 | CVS Health Corp. | 6,700,741 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
54,628 | Estee Lauder Cos., Inc. (The), Class A | $ | 4,395,369 | |||||
81,493 | General Mills, Inc. | 4,735,558 | ||||||
47,782 | Hershey Co. (The) | 4,237,786 | ||||||
105,776 | Hormel Foods Corp. | 7,145,169 | ||||||
39,069 | JM Smucker Co. (The) | 4,586,310 | ||||||
66,436 | Kellogg Co. | 4,685,067 | ||||||
40,224 | Kimberly-Clark Corp. | 4,815,215 | ||||||
83,356 | McCormick & Co., Inc. | 7,000,237 | ||||||
46,388 | PepsiCo, Inc. | 4,740,390 | ||||||
61,937 | Procter & Gamble Co. (The) | 4,730,748 | ||||||
27,014 | Walgreens Boots Alliance, Inc. | 2,287,545 | ||||||
103,756 | Wal-Mart Stores, Inc. | 5,938,993 | ||||||
|
| |||||||
94,069,284 | ||||||||
|
| |||||||
Energy—1.3% | ||||||||
25,757 | Chevron Corp. | 2,340,796 | ||||||
58,199 | Exxon Mobil Corp. | 4,815,385 | ||||||
|
| |||||||
7,156,181 | ||||||||
|
| |||||||
Financials—6.0% | ||||||||
37,961 | Aflac, Inc. | 2,420,014 | ||||||
20,757 | Ameriprise Financial, Inc. | 2,394,528 | ||||||
14,498 | BlackRock, Inc. | 5,102,861 | ||||||
36,855 | Chubb Corp. (The) | 4,767,194 | ||||||
90,634 | Kimco Realty Corp. REIT | 2,426,272 | ||||||
23,333 | Moody’s Corp. | 2,243,701 | ||||||
32,256 | T. Rowe Price Group, Inc. | 2,439,199 | ||||||
79,674 | Torchmark Corp. | 4,621,889 | ||||||
22,412 | Travelers Cos., Inc. (The) | 2,530,091 | ||||||
44,235 | Wells Fargo & Co. | 2,394,883 | ||||||
33,297 | Welltower, Inc. REIT | 2,159,976 | ||||||
|
| |||||||
33,500,608 | ||||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care—8.9% | ||||||||
55,067 | Abbott Laboratories | $ | 2,467,002 | |||||
24,848 | AmerisourceBergen Corp. | 2,398,081 | ||||||
138,902 | Baxter International, Inc. | 5,193,546 | ||||||
33,490 | Becton, Dickinson and Co. | 4,772,995 | ||||||
12,358 | C.R. Bard, Inc. | 2,302,913 | ||||||
16,912 | Cigna Corp. | 2,266,884 | ||||||
31,532 | DaVita HealthCare Partners, Inc.(b) | 2,444,045 | ||||||
81,648 | DENTSPLY International, Inc. | 4,968,281 | ||||||
16,279 | Henry Schein, Inc.(b) | 2,469,687 | ||||||
72,554 | Johnson & Johnson | 7,330,131 | ||||||
12,139 | McKesson Corp. | 2,170,453 | ||||||
23,594 | Stryker Corp. | 2,256,058 | ||||||
58,019 | UnitedHealth Group, Inc. | 6,833,478 | ||||||
17,944 | Universal Health Services, Inc., Class B | 2,190,783 | ||||||
|
| |||||||
50,064,337 | ||||||||
|
| |||||||
Industrials—26.9% | ||||||||
46,159 | 3M Co. | 7,256,656 | ||||||
82,354 | AMETEK, Inc. | 4,514,646 | ||||||
16,505 | Boeing Co. (The) | 2,443,895 | ||||||
96,495 | C.H. Robinson Worldwide, Inc. | 6,694,823 | ||||||
64,703 | Caterpillar, Inc. | 4,722,672 | ||||||
25,689 | Cintas Corp. | 2,391,389 | ||||||
158,628 | CSX Corp. | 4,281,370 | ||||||
20,388 | Cummins, Inc. | 2,110,362 | ||||||
52,126 | Danaher Corp. | 4,863,877 | ||||||
57,753 | Deere & Co. | 4,504,734 | ||||||
75,006 | Dover Corp. | 4,832,637 | ||||||
20,269 | Dun & Bradstreet Corp. (The) | 2,308,031 | ||||||
146,763 | Emerson Electric Co. | 6,931,616 | ||||||
92,329 | Expeditors International of Washington, Inc. | 4,597,061 | ||||||
118,352 | Fastenal Co. | 4,634,664 | ||||||
48,646 | Fluor Corp. | 2,325,765 | ||||||
32,318 | General Dynamics Corp. | 4,801,808 | ||||||
82,173 | General Electric Co. | 2,376,443 | ||||||
45,602 | Honeywell International, Inc. | 4,709,775 | ||||||
26,315 | Illinois Tool Works, Inc. | 2,419,401 | ||||||
30,307 | J.B. Hunt Transport Services, Inc. | 2,314,546 | ||||||
40,587 | L-3 Communications Holdings, Inc. | 5,130,197 | ||||||
32,460 | Lockheed Martin Corp. | 7,135,682 | ||||||
55,641 | Norfolk Southern Corp. | 4,452,949 | ||||||
26,264 | Northrop Grumman Corp. | 4,931,066 | ||||||
43,581 | Parker-Hannifin Corp. | 4,562,931 | ||||||
62,084 | Raytheon Co. | 7,288,662 | ||||||
26,627 | Rockwell Collins, Inc. | 2,309,093 | ||||||
26,553 | Roper Technologies, Inc. | 4,948,152 | ||||||
28,490 | Snap-on, Inc. | 4,726,206 | ||||||
71,314 | Union Pacific Corp. | 6,371,906 | ||||||
72,554 | United Technologies Corp. | 7,140,039 | ||||||
30,192 | W.W. Grainger, Inc. | 6,340,320 | ||||||
|
| |||||||
151,373,374 | ||||||||
|
| |||||||
Information Technology—5.9% | ||||||||
3,584 | Alphabet, Inc., Class C(b) | 2,547,543 | ||||||
44,424 | Amphenol Corp., Class A | 2,408,669 | ||||||
54,123 | Automatic Data Processing, Inc. | 4,708,160 | ||||||
45,414 | International Business Machines Corp. | 6,361,593 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
55,977 | Linear Technology Corp. | $ | 2,486,498 | |||||
48,963 | Microsoft Corp. | 2,577,412 | ||||||
60,538 | Oracle Corp. | 2,351,296 | ||||||
92,158 | Paychex, Inc. | 4,753,510 | ||||||
39,917 | QUALCOMM, Inc. | 2,371,868 | ||||||
51,380 | Xilinx, Inc. | 2,446,716 | ||||||
|
| |||||||
33,013,265 | ||||||||
|
| |||||||
Materials—8.8% | ||||||||
16,476 | Air Products & Chemicals, Inc. | 2,289,834 | ||||||
49,393 | Airgas, Inc. | 4,749,631 | ||||||
69,322 | Ball Corp. | 4,748,557 | ||||||
41,064 | E.I. du Pont de Nemours & Co. | 2,603,458 | ||||||
57,424 | Ecolab, Inc. | 6,910,978 | ||||||
21,061 | International Flavors & Fragrances, Inc. | 2,444,340 | ||||||
51,426 | Monsanto Co. | 4,793,932 | ||||||
63,693 | Praxair, Inc. | 7,075,655 | ||||||
19,001 | Sherwin-Williams Co. (The) | 5,070,037 | ||||||
49,547 | Sigma-Aldrich Corp. | 6,922,707 | ||||||
40,058 | WestRock Co. | 2,153,518 | ||||||
|
| |||||||
49,762,647 | ||||||||
|
| |||||||
Utilities—5.8% | ||||||||
74,824 | AGL Resources, Inc. | 4,676,500 | ||||||
40,660 | American Electric Power Co., Inc. | 2,303,389 | ||||||
28,439 | DTE Energy Co. | 2,320,338 | ||||||
34,139 | Entergy Corp. | 2,326,914 | ||||||
45,560 | Eversource Energy | 2,320,827 | ||||||
45,650 | NextEra Energy, Inc. | 4,686,429 | ||||||
82,842 | SCANA Corp. | 4,905,903 | ||||||
51,304 | Southern Co. (The) | 2,313,811 | ||||||
88,111 | WEC Energy Group, Inc. | 4,543,003 | ||||||
65,426 | Xcel Energy, Inc. | 2,331,128 | ||||||
|
| |||||||
32,728,242 | ||||||||
|
| |||||||
Total Investments (Cost $510,434,673)—100.0% | 562,185,615 | |||||||
Other assets less liabilities—0.0% | 102,056 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 562,287,671 | ||||||
|
|
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 |
|
PowerShares Water Resources Portfolio (PHO)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown as of October 31, 2015 | ||||
Machinery | 28.4 | |||
Water Utilities | 13.6 | |||
Independent Power & Renewable Electricity Producers | 10.2 | |||
Chemicals | 10.0 | |||
Industrial Conglomerates | 8.9 | |||
Trading Companies & Distributors | 7.0 | |||
Electronic Equipment, Instruments & Components | 6.3 | |||
Life Sciences Tools & Services | 4.1 | |||
Electrical Equipment | 3.3 | |||
Commercial Services & Supplies | 3.0 | |||
Building Products | 3.0 | |||
Construction & Engineering | 2.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Building Products—3.0% | ||||||||
667,955 | Advanced Drainage Systems, Inc. | $ | 20,987,146 | |||||
|
| |||||||
Chemicals—10.0% | ||||||||
616,749 | Calgon Carbon Corp. | 10,608,083 | ||||||
498,260 | Ecolab, Inc. | 59,965,591 | ||||||
|
| |||||||
70,573,674 | ||||||||
|
| |||||||
Commercial Services & Supplies—3.0% | ||||||||
790,733 | Tetra Tech, Inc. | 21,270,718 | ||||||
|
| |||||||
Construction & Engineering—2.2% | ||||||||
464,131 | Aegion Corp.(b) | 8,953,087 | ||||||
698,754 | Layne Christensen Co.(b) | 4,430,100 | ||||||
178,097 | Northwest Pipe Co.(b) | 2,352,662 | ||||||
|
| |||||||
15,735,849 | ||||||||
|
| |||||||
Electrical Equipment—3.3% | ||||||||
715,334 | Franklin Electric Co., Inc. | 23,577,409 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—6.3% | ||||||||
185,690 | Badger Meter, Inc. | 11,249,100 | ||||||
896,711 | Itron, Inc.(b) | 32,936,195 | ||||||
|
| |||||||
44,185,295 | ||||||||
|
| |||||||
Independent Power & Renewable Electricity Producers—10.2% | ||||||||
1,199,368 | Pattern Energy Group, Inc. | 28,053,218 | ||||||
2,416,866 | TerraForm Power, Inc., Class A(b) | 44,107,804 | ||||||
|
| |||||||
72,161,022 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Industrial Conglomerates—8.9% | ||||||||
335,487 | Roper Technologies, Inc. | $ | 62,518,002 | |||||
|
| |||||||
Life Sciences Tools & Services—4.1% | ||||||||
224,015 | Waters Corp.(b) | 28,629,117 | ||||||
|
| |||||||
Machinery—28.4% | ||||||||
461,961 | Energy Recovery, Inc.(b) | 3,312,260 | ||||||
88,291 | Gorman-Rupp Co. (The) | 2,524,240 | ||||||
242,542 | Lindsay Corp. | 16,439,497 | ||||||
2,057,673 | Mueller Water Products, Inc., Class A | 18,107,522 | ||||||
983,543 | Pentair PLC (United Kingdom) | 54,999,725 | ||||||
380,814 | Toro Co. (The) | 28,663,870 | ||||||
255,807 | Valmont Industries, Inc. | 27,739,711 | ||||||
329,251 | Watts Water Technologies, Inc., Class A | 17,924,424 | ||||||
837,894 | Xylem, Inc. | 30,507,720 | ||||||
|
| |||||||
200,218,969 | ||||||||
|
| |||||||
Trading Companies & Distributors—7.0% | ||||||||
1,647,876 | HD Supply Holdings, Inc.(b) | 49,090,226 | ||||||
|
| |||||||
Water Utilities—13.6% | ||||||||
393,325 | American States Water Co. | 16,027,994 | ||||||
523,486 | American Water Works Co., Inc. | 30,027,157 | ||||||
1,072,150 | Aqua America, Inc. | 30,663,490 | ||||||
297,109 | Cadiz, Inc.(b) | 1,016,113 | ||||||
466,797 | California Water Service Group | 10,437,581 | ||||||
60,298 | Connecticut Water Service, Inc. | 2,219,569 | ||||||
362,222 | Consolidated Water Co. Ltd. (Cayman Islands) | 4,009,797 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares Water Resources Portfolio (PHO) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Water Utilities (continued) | ||||||||
65,680 | Middlesex Water Co. | $ | 1,692,574 | |||||
|
| |||||||
96,094,275 | ||||||||
|
| |||||||
Total Common Stocks (Cost $610,924,460) | 705,041,702 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
605,475 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $605,475) | 605,475 | ||||||
|
| |||||||
Total Investments (Cost $611,529,935)—100.1% | 705,647,177 | |||||||
Other assets less liabilities—(0.1)% | (590,702 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 705,056,475 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
PowerShares WilderHill Clean Energy Portfolio (PBW)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Semiconductors & Semiconductor Equipment | 33.3 | |||
Electrical Equipment | 15.7 | |||
Independent Power & Renewable Electricity Producers | 14.1 | |||
Oil, Gas & Consumable Fuels | 6.3 | |||
Electronic Equipment, Instruments & Components | 5.7 | |||
Software | 4.7 | |||
Construction & Engineering | 4.6 | |||
Auto Components | 3.0 | |||
Aerospace & Defense | 2.9 | |||
Internet Software & Services | 2.8 | |||
Electric Utilities | 2.6 | |||
Chemicals | 2.1 | |||
Automobiles | 2.1 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Aerospace & Defense—2.9% | ||||||||
69,093 | Hexcel Corp. | $ | 3,200,388 | |||||
|
| |||||||
Auto Components—3.0% | ||||||||
66,142 | Gentherm, Inc.(b) | 3,251,541 | ||||||
|
| |||||||
Automobiles—2.1% | ||||||||
11,089 | Tesla Motors, Inc.(b)(c) | 2,294,647 | ||||||
|
| |||||||
Chemicals—2.1% | ||||||||
16,904 | Air Products & Chemicals, Inc. | 2,349,318 | ||||||
|
| |||||||
Construction & Engineering—4.6% | ||||||||
439,032 | Ameresco, Inc., Class A(b) | 2,844,927 | ||||||
109,863 | Quanta Services, Inc.(b) | 2,209,345 | ||||||
|
| |||||||
5,054,272 | ||||||||
|
| |||||||
Electric Utilities—2.6% | ||||||||
86,489 | ITC Holdings Corp. | 2,829,920 | ||||||
|
| |||||||
Electrical Equipment—15.7% | ||||||||
451,599 | Ballard Power Systems, Inc. (Canada)(b)(c) | 681,914 | ||||||
205,927 | Broadwind Energy, Inc.(b) | 440,684 | ||||||
1,586,268 | China Ming Yang Wind Power Group Ltd. ADR (China)(b)(c) | 3,521,515 | ||||||
45,439 | Energy Focus, Inc.(b)(c) | 736,112 | ||||||
129,677 | Enphase Energy, Inc.(b) | 466,837 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Electrical Equipment (continued) | ||||||||
57,978 | Hydrogenics Corp. (Canada)(b)(c) | $ | 594,274 | |||||
257,408 | Orion Energy Systems, Inc.(b) | 465,908 | ||||||
1,369,770 | Plug Power, Inc.(b)(c) | 3,301,146 | ||||||
236,199 | PowerSecure International, Inc.(b) | 2,943,040 | ||||||
67,967 | SolarCity Corp.(b)(c) | 2,015,222 | ||||||
261,936 | Sunrun, Inc.(b) | 1,940,946 | ||||||
|
| |||||||
17,107,598 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—5.7% | ||||||||
82,636 | Itron, Inc.(b) | 3,035,220 | ||||||
96,230 | Maxwell Technologies, Inc.(b)(c) | 577,380 | ||||||
74,289 | Universal Display Corp.(b) | 2,548,856 | ||||||
|
| |||||||
6,161,456 | ||||||||
|
| |||||||
Independent Power & Renewable Electricity Producers—14.1% | ||||||||
87,674 | Ormat Technologies, Inc. | 3,307,063 | ||||||
134,583 | Pattern Energy Group, Inc. | 3,147,897 | ||||||
380,067 | Sky Solar Holdings Ltd. ADR (Hong Kong)(b)(c) | 2,979,725 | ||||||
370,205 | TerraForm Global, Inc., Class A(b) | 2,824,664 | ||||||
168,281 | TerraForm Power, Inc., Class A(b) | 3,071,128 | ||||||
|
| |||||||
15,330,477 | ||||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services—2.8% | ||||||||
311,983 | OPOWER, Inc.(b)(c) | $ | 3,010,636 | |||||
|
| |||||||
Oil, Gas & Consumable Fuels—6.3% | ||||||||
1,202,186 | Amyris, Inc.(b)(c) | 2,031,694 | ||||||
255,902 | Renewable Energy Group, Inc.(b) | 2,019,067 | ||||||
841,533 | Solazyme, Inc.(b)(c) | 2,760,228 | ||||||
|
| |||||||
6,810,989 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—33.3% | ||||||||
111,770 | Advanced Energy Industries, Inc.(b) | 3,160,856 | ||||||
107,480 | Amtech Systems, Inc.(b) | 553,522 | ||||||
180,031 | Canadian Solar, Inc. (Canada)(b) | 3,930,077 | ||||||
109,637 | Cree, Inc.(b) | 2,761,756 | ||||||
32,936 | Daqo New Energy Corp. ADR (China)(b) | 550,031 | ||||||
70,880 | First Solar, Inc.(b) | 4,045,122 | ||||||
302,633 | Hanwha Q CELLS Co. Ltd. ADR (South Korea)(b)(c) | 5,232,524 | ||||||
403,828 | JA Solar Holdings Co. Ltd. ADR (China)(b)(c) | 3,440,614 | ||||||
528,021 | ReneSola Ltd. ADR (China)(b)(c) | 702,268 | ||||||
118,695 | SolarEdge Technologies, Inc.(b)(c) | 2,194,670 | ||||||
291,913 | SunEdison, Inc.(b) | 2,130,965 | ||||||
145,019 | SunPower Corp.(b) | 3,892,310 | ||||||
352,272 | Trina Solar Ltd. ADR (China)(b)(c) | 3,589,652 | ||||||
|
| |||||||
36,184,367 | ||||||||
|
| |||||||
Software—4.7% | ||||||||
299,845 | EnerNOC, Inc.(b) | 2,350,785 | ||||||
209,591 | Silver Spring Networks, Inc.(b) | 2,747,738 | ||||||
|
| |||||||
5,098,523 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $117,745,718) | 108,684,132 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
59,927 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $59,927) | 59,927 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $117,805,645)—100.0% | 108,744,059 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—22.9% | ||||||||
24,884,280 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $24,884,280) | 24,884,280 | ||||||
|
| |||||||
Total Investments (Cost $142,689,925)—122.9% | 133,628,339 | |||||||
Other assets less liabilities—(22.9)% | (24,858,307 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 108,770,032 | ||||||
|
|
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, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2J. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 10.9 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
PowerShares WilderHill Progressive Energy Portfolio (PUW)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown as of October 31, 2015 | ||||
Oil, Gas & Consumable Fuels | 18.2 | |||
Electrical Equipment | 15.6 | |||
Machinery | 12.8 | |||
Building Products | 7.2 | |||
Independent Power & Renewable Electricity Producers | 7.1 | |||
Construction & Engineering | 6.7 | |||
Auto Components | 5.7 | |||
Chemicals | 4.4 | |||
Automobiles | 3.8 | |||
Electronic Equipment, Instruments & Components | 2.6 | |||
Electric Utilities | 2.5 | |||
Industrial Conglomerates | 2.5 | |||
Food & Staples Retailing | 2.3 | |||
Energy Equipment & Services | 2.3 | |||
Real Estate Investment Trusts | 2.2 | |||
Commercial Services & Supplies | 2.1 | |||
Semiconductors & Semiconductor Equipment | 2.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Auto Components—5.7% | ||||||||
14,041 | Johnson Controls, Inc. | $ | 634,372 | |||||
13,861 | Tenneco, Inc.(b) | 784,394 | ||||||
|
| |||||||
1,418,766 | ||||||||
|
| |||||||
Automobiles—3.8% | ||||||||
19,648 | Kandi Technologies Group, Inc. (China)(b)(c) | 184,888 | ||||||
25,534 | Tata Motors Ltd. ADR (India)(b) | 755,040 | ||||||
|
| |||||||
939,928 | ||||||||
|
| |||||||
Building Products—7.2% | ||||||||
8,005 | A.O. Smith Corp. | 614,944 | ||||||
11,761 | Apogee Enterprises, Inc. | 582,523 | ||||||
12,640 | Owens Corning | 575,499 | ||||||
|
| |||||||
1,772,966 | ||||||||
|
| |||||||
Chemicals—4.4% | ||||||||
29,085 | LSB Industries, Inc.(b) | 455,180 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Chemicals (continued) | ||||||||
15,933 | Methanex Corp. (Canada) | $ | 636,205 | |||||
|
| |||||||
1,091,385 | ||||||||
|
| |||||||
Commercial Services & Supplies—2.1% | ||||||||
31,059 | Covanta Holding Corp. | 520,549 | ||||||
|
| |||||||
Construction & Engineering—6.7% | ||||||||
103,134 | Abengoa SA, Class B ADR (Spain)(c) | 486,793 | ||||||
13,944 | Chicago Bridge & Iron Co. NV(c) | 625,667 | ||||||
33,132 | MasTec, Inc.(b) | 555,624 | ||||||
|
| |||||||
1,668,084 | ||||||||
|
| |||||||
Electric Utilities—2.5% | ||||||||
323,036 | Cia Energetica de Minas Gerais ADR (Brazil) | 629,920 | ||||||
|
| |||||||
Electrical Equipment—15.6% | ||||||||
3,104 | Acuity Brands, Inc. | 678,534 | ||||||
10,770 | Eaton Corp. PLC | 602,151 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Electrical Equipment (continued) | ||||||||
12,338 | Emerson Electric Co. | $ | 582,724 | |||||
11,213 | EnerSys | 683,881 | ||||||
41,919 | General Cable Corp. | 645,133 | ||||||
4,530 | Power Solutions International, Inc.(b)(c) | 81,721 | ||||||
9,217 | Regal Beloit Corp. | 587,953 | ||||||
|
| |||||||
3,862,097 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.6% | ||||||||
35,102 | Corning, Inc. | 652,897 | ||||||
|
| |||||||
Energy Equipment & Services—2.3% | ||||||||
121,474 | McDermott International, Inc.(b)(c) | 559,995 | ||||||
|
| |||||||
Food & Staples Retailing—2.3% | ||||||||
16,326 | Andersons, Inc. (The) | 577,940 | ||||||
|
| |||||||
Independent Power & Renewable Electricity Producers—7.1% | ||||||||
30,350 | Abengoa Yield PLC (Spain)(c) | 562,385 | ||||||
38,872 | Calpine Corp.(b) | 602,905 | ||||||
41,543 | NRG Yield, Inc., Class C(c) | 599,881 | ||||||
|
| |||||||
1,765,171 | ||||||||
|
| |||||||
Industrial Conglomerates—2.5% | ||||||||
22,728 | Koninklijke Philips NV (Netherlands) | 612,292 | ||||||
|
| |||||||
Machinery—12.8% | ||||||||
24,681 | Altra Industrial Motion Corp. | 653,059 | ||||||
28,586 | Chart Industries, Inc.(b) | 491,393 | ||||||
15,093 | ESCO Technologies, Inc. | 559,800 | ||||||
10,995 | Luxfer Holdings PLC ADR (United Kingdom) | 119,076 | ||||||
5,481 | WABCO Holdings, Inc.(b) | 615,133 | ||||||
41,822 | Westport Innovations, Inc. (Canada)(b)(c) | 129,648 | ||||||
13,274 | Woodward, Inc. | 603,967 | ||||||
|
| |||||||
3,172,076 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—18.2% | ||||||||
71,679 | Chesapeake Energy Corp.(c) | 511,071 | ||||||
110,582 | Clean Energy Fuels Corp.(b)(c) | 624,788 | ||||||
188,552 | Cosan Ltd., Class A (Brazil) | 659,932 | ||||||
18,451 | Golar LNG Ltd. (Bermuda)(c) | 535,263 | ||||||
27,784 | Green Plains, Inc. | 569,850 | ||||||
15,956 | Range Resources Corp.(c) | 485,701 | ||||||
20,443 | Sasol Ltd. ADR (South Africa) | 657,447 | ||||||
41,916 | Southwestern Energy Co.(b) | 462,753 | ||||||
|
| |||||||
4,506,805 | ||||||||
|
| |||||||
Real Estate Investment Trusts—2.2% | ||||||||
30,615 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 551,376 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—2.0% | ||||||||
27,075 | Veeco Instruments, Inc.(b) | 487,892 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $27,594,695) | 24,790,139 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
15,914 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $15,914) | $ | 15,914 | |||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $27,610,609)—100.1% | 24,806,053 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—14.5% | ||||||||
3,609,237 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $3,609,237) | 3,609,237 | ||||||
|
| |||||||
Total Investments (Cost $31,219,846)—114.6% | 28,415,290 | |||||||
Other assets less liabilities—(14.6)% | (3,622,990 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 24,792,300 | ||||||
|
|
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, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
October 31, 2015
(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) | $ | 237,359,693 | $ | 73,398,945 | $ | 1,949,550,134 | $ | 391,244,689 | ||||||||
Affiliated investments, at value | 139,795 | 1,707,621 | 1,339,959 | 72,398,892 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 237,499,488 | 75,106,566 | 1,950,890,093 | 463,643,581 | ||||||||||||
Cash | — | — | — | 162,044 | ||||||||||||
Foreign currencies, at value | — | — | — | 267,532 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 150,941 | 12,728 | 563,563 | 198,478 | ||||||||||||
Foreign tax reclaims | — | 88,586 | — | 892,176 | ||||||||||||
Securities lending | — | 7,534 | — | 40,481 | ||||||||||||
Shares sold | — | — | 10,701,375 | — | ||||||||||||
Investments sold | — | — | — | 4,621,281 | ||||||||||||
Settlement proceeds | — | 26,267 | — | — | ||||||||||||
Other assets | 429 | 429 | 1,776 | 839 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 237,650,858 | 75,242,110 | 1,962,156,807 | 469,826,412 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | 20,997 | 508 | — | ||||||||||||
Payables: | ||||||||||||||||
Expenses recaptured | 7,539 | — | — | — | ||||||||||||
Collateral upon return of securities loaned | — | 1,707,621 | — | 28,084,848 | ||||||||||||
Investments purchased | — | — | 10,696,289 | 183,026 | ||||||||||||
Unrealized depreciation on swap agreements | — | — | — | 1,509,174 | ||||||||||||
Payable for swaps | — | — | — | 271,041 | ||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Open written options, at value | — | — | — | — | ||||||||||||
Accrued advisory fees | 101,194 | 26,728 | 788,053 | 178,882 | ||||||||||||
Accrued trustees’ and officer’s fees | 20,715 | 18,775 | 47,002 | 29,767 | ||||||||||||
Accrued expenses | 111,161 | 63,158 | 1,380,209 | 281,618 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 240,609 | 1,837,279 | 12,912,061 | 30,538,356 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 237,410,249 | $ | 73,404,831 | $ | 1,949,244,746 | $ | 439,288,056 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 238,977,749 | $ | 144,142,791 | $ | 1,925,857,533 | $ | 552,766,189 | ||||||||
Undistributed net investment income (loss) | 35,310 | (3,020 | ) | 507,737 | (17,150,818 | ) | ||||||||||
Undistributed net realized gain (loss) | (19,963,413 | ) | (84,076,361 | ) | (250,750,796 | ) | (104,425,469 | ) | ||||||||
Net unrealized appreciation (depreciation) | 18,360,603 | 13,341,421 | 273,630,272 | 8,098,154 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 237,410,249 | $ | 73,404,831 | $ | 1,949,244,746 | $ | 439,288,056 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 6,650,000 | 2,500,000 | 45,600,000 | 39,900,000 | ||||||||||||
Net asset value | $ | 35.70 | $ | 29.36 | $ | 42.75 | $ | 11.01 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 35.75 | $ | 29.33 | $ | 42.81 | $ | 10.99 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 218,999,090 | $ | 60,050,683 | $ | 1,675,919,862 | $ | 381,565,312 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 139,795 | $ | 1,707,621 | $ | 1,339,959 | $ | 72,398,892 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 219,138,885 | $ | 61,758,304 | $ | 1,677,259,821 | $ | 453,964,204 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | — | $ | — | $ | — | $ | 264,749 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Premium received on written options | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | 1,636,168 | $ | — | $ | 27,437,372 | ||||||||
|
|
|
|
|
|
|
|
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) | |||||||||||||||||
$ | 167,714,195 | $ | 335,530,667 | $ | 562,185,615 | $ | 705,041,702 | $ | 108,684,132 | $ | 24,790,139 | |||||||||||
29,895,214 | 260,152 | — | 605,475 | 24,944,207 | 3,625,151 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
197,609,409 | 335,790,819 | 562,185,615 | 705,647,177 | 133,628,339 | 28,415,290 | |||||||||||||||||
— | — | — | — | — | 239,562 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
11,119 | 382,422 | 553,600 | 346,333 | 26,119 | 26,718 | |||||||||||||||||
— | — | — | — | 32,697 | 18,538 | |||||||||||||||||
37,470 | — | — | — | 228,671 | 15,939 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
3,397,637 | 155,364 | — | 5,699,250 | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
429 | — | 742 | 839 | 839 | 820 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
201,056,064 | 336,328,605 | 562,739,957 | 711,693,599 | 133,916,665 | 28,716,867 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
— | 79,097 | 39,834 | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
29,694,630 | — | — | — | 24,884,280 | 3,609,237 | |||||||||||||||||
264,181 | 361,745 | — | — | — | 239,562 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
3,038,752 | — | — | 5,700,032 | — | — | |||||||||||||||||
— | 9,551,100 | — | — | — | — | |||||||||||||||||
60,280 | 201,297 | 91,830 | 293,403 | 38,794 | 4,423 | |||||||||||||||||
32,908 | — | 23,831 | 86,333 | 44,909 | 15,398 | |||||||||||||||||
251,558 | — | 296,791 | 557,356 | 178,650 | 55,947 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
33,342,309 | 10,193,239 | 452,286 | 6,637,124 | 25,146,633 | 3,924,567 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 167,713,755 | $ | 326,135,366 | $ | 562,287,671 | $ | 705,056,475 | $ | 108,770,032 | $ | 24,792,300 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 457,042,090 | $ | 318,997,168 | $ | 598,581,750 | $ | 1,180,086,114 | $ | 1,537,331,282 | $ | 65,468,373 | |||||||||||
(589,122 | ) | 543,222 | 1,241,029 | 575,037 | (308,524 | ) | 67,368 | |||||||||||||||
(293,413,513 | ) | (10,775,876 | ) | (89,286,050 | ) | (569,721,918 | ) | (1,419,191,140 | ) | (37,938,885 | ) | |||||||||||
4,674,300 | 17,370,852 | 51,750,942 | 94,117,242 | (9,061,586 | ) | (2,804,556 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 167,713,755 | $ | 326,135,366 | $ | 562,287,671 | $ | 705,056,475 | $ | 108,770,032 | $ | 24,792,300 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,450,000 | 15,500,000 | 24,000,000 | 30,900,000 | 24,450,000 | 1,150,000 | |||||||||||||||||
$ | 30.77 | $ | 21.04 | $ | 23.43 | $ | 22.82 | $ | 4.45 | $ | 21.56 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 30.79 | $ | 21.07 | $ | 23.47 | $ | 22.82 | $ | 4.45 | $ | 21.58 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 163,039,895 | $ | 313,304,353 | $ | 510,434,673 | $ | 610,924,460 | $ | 117,745,718 | $ | 27,594,695 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 29,895,214 | $ | 283,316 | $ | — | $ | 605,475 | $ | 24,944,207 | $ | 3,625,151 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 192,935,109 | $ | 313,587,669 | $ | 510,434,673 | $ | 611,529,935 | $ | 142,689,925 | $ | 31,219,846 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | — | $ | 4,718,802 | $ | — | $ | — | $ | — | $ | — | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 29,048,636 | $ | — | $ | — | $ | — | $ | 22,820,173 | $ | 3,572,949 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
For the six months ended October 31, 2015
(Unaudited)
PowerShares Aerospace & Defense Portfolio (PPA) | PowerShares Cleantech™ Portfolio (PZD) | PowerShares DWA Momentum Portfolio (PDP) | PowerShares Global Listed Private Equity Portfolio (PSP) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 1,934,355 | $ | 506,075 | $ | 8,609,172 | $ | 10,102,869 | ||||||||
Affiliated dividend income | 75 | 14 | 473 | 17,503 | ||||||||||||
Securities lending income | — | 68,954 | — | 220,638 | ||||||||||||
Foreign withholding tax | — | (12,566 | ) | (7,110 | ) | (350,407 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 1,934,430 | 562,477 | 8,602,535 | 9,990,603 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 639,406 | 185,884 | 4,750,620 | 1,167,886 | ||||||||||||
Sub-licensing fees | 76,728 | 27,883 | 950,124 | 233,576 | ||||||||||||
Recapture (Note 3) | 59,650 | — | — | — | ||||||||||||
Accounting & administration fees | 26,934 | 18,586 | 183,032 | 46,255 | ||||||||||||
Professional fees | 14,002 | 13,478 | 23,310 | 18,375 | ||||||||||||
Trustees’ and officer’s fees | 5,784 | 4,201 | 20,004 | 7,433 | ||||||||||||
Custodian & transfer agent fees | 4,192 | 7,881 | 10,746 | 26,771 | ||||||||||||
Other expenses | 15,856 | 10,075 | 58,878 | 29,594 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 842,552 | 267,988 | 5,996,714 | 1,529,890 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (167 | ) | (17,089 | ) | (986 | ) | (41,162 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 842,385 | 250,899 | 5,995,728 | 1,488,728 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 1,092,045 | 311,578 | 2,606,807 | 8,501,875 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (780,226 | ) | 102,041 | (68,202,448 | ) | (1,281,137 | ) | |||||||||
In-kind redemptions | 11,282,621 | — | 70,536,960 | 4,655,913 | ||||||||||||
Swap agreements | — | — | — | (8,182,603 | ) | |||||||||||
Written options | — | — | — | — | ||||||||||||
Foreign currencies | — | (2,861 | ) | — | (75,765 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 10,502,395 | 99,180 | 2,334,512 | (4,883,592 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | (11,301,834 | ) | (2,988,447 | ) | 4,736,038 | (24,694,498 | ) | |||||||||
Swap agreements | — | — | — | (967,981 | ) | |||||||||||
Written options | — | — | — | — | ||||||||||||
Foreign currencies | — | (2,525 | ) | — | (36,611 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (11,301,834 | ) | (2,990,972 | ) | 4,736,038 | (25,699,090 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (799,439 | ) | (2,891,792 | ) | 7,070,550 | (30,582,682 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 292,606 | $ | (2,580,214 | ) | $ | 9,677,357 | $ | (22,080,807 | ) | ||||||
|
|
|
|
|
|
|
|
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) | |||||||||||||||||
$ | 895,952 | $ | 3,510,856 | $ | 5,963,323 | $ | 4,737,322 | $ | 186,354 | $ | 218,471 | |||||||||||
63 | 4,659 | 144 | 204 | 53 | 8 | |||||||||||||||||
270,418 | — | — | — | 1,424,513 | 101,978 | |||||||||||||||||
(62,012 | ) | (265 | ) | — | — | — | (8,113 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,104,421 | 3,515,250 | 5,963,467 | �� | 4,737,526 | 1,610,920 | 312,344 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
482,064 | 1,232,414 | 755,422 | 1,962,407 | 307,482 | 71,497 | |||||||||||||||||
96,412 | — | 120,868 | 294,362 | 61,496 | 14,299 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
21,073 | — | 53,598 | 84,821 | 18,586 | 18,586 | |||||||||||||||||
17,181 | — | 15,923 | 19,943 | 14,250 | 13,158 | |||||||||||||||||
5,336 | — | 7,913 | 10,541 | 4,700 | 3,839 | |||||||||||||||||
55,354 | — | 7,117 | 7,257 | 33,264 | 4,620 | |||||||||||||||||
17,150 | — | 18,436 | 49,528 | 27,833 | 7,868 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
694,570 | 1,232,414 | 979,277 | 2,428,859 | 467,611 | 133,867 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(19,820 | ) | (317 | ) | (224,210 | ) | (489 | ) | (37,256 | ) | (33,789 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
674,750 | 1,232,097 | 755,067 | 2,428,370 | 430,355 | 100,078 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
429,671 | 2,283,153 | 5,208,400 | 2,309,156 | 1,180,565 | 212,266 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(4,017,749 | ) | (1,537,023 | ) | 640,938 | (55,986,096 | ) | (26,805,490 | ) | (2,396,773 | ) | ||||||||||||
9,597,982 | 39,820,512 | 23,732,584 | 46,610,977 | 889,143 | 458,994 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | 9,537,586 | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,580,233 | 47,821,075 | 24,373,522 | (9,375,119 | ) | (25,916,347 | ) | (1,937,779 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(26,507,405 | ) | (38,151,729 | ) | (18,998,372 | ) | (70,042,203 | ) | (6,033,430 | ) | (5,999,337 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | (5,682,814 | ) | — | — | — | — | ||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(26,507,405 | ) | (43,834,543 | ) | (18,998,372 | ) | (70,042,203 | ) | (6,033,430 | ) | (5,999,337 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(20,927,172 | ) | 3,986,532 | 5,375,150 | (79,417,322 | ) | (31,949,777 | ) | (7,937,116 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | (20,497,501 | ) | $ | 6,269,685 | $ | 10,583,550 | $ | (77,108,166 | ) | $ | (30,769,212 | ) | $ | (7,724,850 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 31 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares Aerospace & Defense Portfolio (PPA) | PowerShares Cleantech™ Portfolio (PZD) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,092,045 | $ | 1,741,076 | $ | 311,578 | $ | 695,733 | ||||||||
Net realized gain | 10,502,395 | 5,418,419 | 99,180 | 4,185,001 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (11,301,834 | ) | 12,880,679 | (2,990,972 | ) | (7,838,210 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 292,606 | 20,040,174 | (2,580,214 | ) | (2,957,476 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,308,079 | ) | (1,474,100 | ) | (526,925 | ) | (635,362 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 12,228,350 | 163,593,010 | — | 4,394,744 | ||||||||||||
Value of shares repurchased | (36,415,324 | ) | (17,632,615 | ) | — | (8,825,354 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (24,186,974 | ) | 145,960,395 | — | (4,430,610 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (25,202,447 | ) | 164,526,469 | (3,107,139 | ) | (8,023,448 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 262,612,696 | 98,086,227 | 76,511,970 | 84,535,418 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 237,410,249 | $ | 262,612,696 | �� | $ | 73,404,831 | $ | 76,511,970 | |||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | 35,310 | $ | 251,344 | $ | (3,020 | ) | $ | 212,327 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 350,000 | 4,800,000 | — | 150,000 | ||||||||||||
Shares repurchased | (1,050,000 | ) | (500,000 | ) | — | (300,000 | ) | |||||||||
Shares outstanding, beginning of period | 7,350,000 | 3,050,000 | 2,500,000 | 2,650,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 6,650,000 | 7,350,000 | 2,500,000 | 2,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
PowerShares DWA Momentum Portfolio (PDP) | PowerShares Global Listed Private Equity Portfolio (PSP) | PowerShares Golden Dragon China Portfolio (PGJ) | ||||||||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||||||
$ | 2,606,807 | $ | 5,843,484 | $ | 8,501,875 | $ | 16,776,727 | $ | 429,671 | $ | 1,678,779 | |||||||||||
2,334,512 | 142,930,976 | (4,883,592 | ) | 47,953,184 | 5,580,233 | 33,306,462 | ||||||||||||||||
4,736,038 | 44,967,654 | (25,699,090 | ) | (42,186,037 | ) | (26,507,405 | ) | 5,108,538 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
9,677,357 | 193,742,114 | (22,080,807 | ) | 22,543,874 | (20,497,501 | ) | 40,093,779 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(3,828,825 | ) | (4,082,216 | ) | (17,042,438 | ) | (27,591,991 | ) | (777,200 | ) | (2,129,714 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
371,045,492 | 1,257,742,866 | 22,255,179 | 134,129,178 | 6,766,863 | 79,503,122 | |||||||||||||||||
(299,429,532 | ) | (836,066,053 | ) | (20,450,305 | ) | (236,075,900 | ) | (48,409,042 | ) | (145,405,126 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
71,615,960 | 421,676,813 | 1,804,874 | (101,946,722 | ) | (41,642,179 | ) | (65,902,004 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
77,464,492 | 611,336,711 | (37,318,371 | ) | (106,994,839 | ) | (62,916,880 | ) | (27,937,939 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,871,780,254 | 1,260,443,543 | 476,606,427 | 583,601,266 | 230,630,635 | 258,568,574 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,949,244,746 | $ | 1,871,780,254 | $ | 439,288,056 | $ | 476,606,427 | $ | 167,713,755 | $ | 230,630,635 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 507,737 | $ | 1,729,755 | $ | (17,150,818 | ) | $ | (8,610,255 | ) | $ | (589,122 | ) | $ | (241,593 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
8,650,000 | 30,900,000 | 1,850,000 | 11,400,000 | 200,000 | 2,500,000 | |||||||||||||||||
(7,150,000 | ) | (20,900,000 | ) | (1,850,000 | ) | (21,000,000 | ) | (1,600,000 | ) | (5,000,000 | ) | |||||||||||
44,100,000 | 34,100,000 | 39,900,000 | 49,500,000 | 6,850,000 | 9,350,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
45,600,000 | 44,100,000 | 39,900,000 | 39,900,000 | 5,450,000 | 6,850,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 33 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares S&P 500 BuyWrite Portfolio (PBP) | PowerShares S&P 500® High Quality Portfolio (SPHQ) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,283,153 | $ | 4,677,970 | $ | 5,208,400 | $ | 8,201,541 | ||||||||
Net realized gain (loss) | 47,821,075 | (1,191,009 | ) | 24,373,522 | 43,790,455 | |||||||||||
Net change in unrealized appreciation (depreciation) | (43,834,543 | ) | 9,732,702 | (18,998,372 | ) | (389,529 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 6,269,685 | 13,219,663 | 10,583,550 | 51,602,467 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (2,603,832 | ) | (13,360,682 | ) | (5,129,313 | ) | (7,699,802 | ) | ||||||||
Net realized gains | (5,930,000 | ) | (3,220,888 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (8,533,832 | ) | (16,581,570 | ) | (5,129,313 | ) | (7,699,802 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 41,335,445 | 231,535,424 | 99,246,718 | 242,538,333 | ||||||||||||
Value of shares repurchased | (117,205,950 | ) | (73,361,924 | ) | (75,949,842 | ) | (118,590,643 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (75,870,505 | ) | 158,173,500 | 23,296,876 | 123,947,690 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (78,134,652 | ) | 154,811,593 | 28,751,113 | 167,850,355 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 404,270,018 | 249,458,425 | 533,536,558 | 365,686,203 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 326,135,366 | $ | 404,270,018 | $ | 562,287,671 | $ | 533,536,558 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | 543,222 | $ | 863,901 | $ | 1,241,029 | $ | 1,161,942 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,950,000 | 10,900,000 | 4,300,000 | 10,650,000 | ||||||||||||
Shares repurchased | (5,500,000 | ) | (3,550,000 | ) | (3,250,000 | ) | (5,200,000 | ) | ||||||||
Shares outstanding, beginning of period | 19,050,000 | 11,700,000 | 22,950,000 | 17,500,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 15,500,000 | 19,050,000 | 24,000,000 | 22,950,000 | ||||||||||||
|
|
|
|
|
|
|
|
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, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||||||
$ | 2,309,156 | $ | 5,188,745 | $ | 1,180,565 | $ | 3,905,403 | $ | 212,266 | $ | 639,539 | |||||||||||
(9,375,119 | ) | 26,094,958 | (25,916,347 | ) | (10,857,926 | ) | (1,937,779 | ) | 643,328 | |||||||||||||
(70,042,203 | ) | (53,398,337 | ) | (6,033,430 | ) | (13,364,817 | ) | (5,999,337 | ) | (6,100,025 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(77,108,166 | ) | (22,114,634 | ) | (30,769,212 | ) | (20,317,340 | ) | (7,724,850 | ) | (4,817,158 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(3,355,667 | ) | (5,760,750 | ) | (1,361,303 | ) | (4,135,076 | ) | (229,069 | ) | (626,095 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(3,355,667 | ) | (5,760,750 | ) | (1,361,303 | ) | (4,135,076 | ) | (229,069 | ) | (626,095 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
67,593,171 | 35,679,168 | 2,120,588 | 28,214,118 | — | 5,044,172 | |||||||||||||||||
(137,231,714 | ) | (142,892,020 | ) | (5,010,081 | ) | (78,072,886 | ) | (1,423,534 | ) | (11,250,272 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(69,638,543 | ) | (107,212,852 | ) | (2,889,493 | ) | (49,858,768 | ) | (1,423,534 | ) | (6,206,100 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(150,102,376 | ) | (135,088,236 | ) | (35,020,008 | ) | (74,311,184 | ) | (9,377,453 | ) | (11,649,353 | ) | |||||||||||
|
|
|
|
|
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| |||||||||||
855,158,851 | 990,247,087 | 143,790,040 | 218,101,224 | 34,169,753 | 45,819,106 | |||||||||||||||||
|
|
|
|
|
|
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|
|
|
| |||||||||||
$ | 705,056,475 | $ | 855,158,851 | $ | 108,770,032 | $ | 143,790,040 | $ | 24,792,300 | $ | 34,169,753 | |||||||||||
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|
|
|
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|
|
|
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|
| |||||||||||
$ | 575,037 | $ | 1,621,548 | $ | (308,524 | ) | $ | (127,786 | ) | $ | 67,368 | $ | 84,171 | |||||||||
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|
|
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|
|
| |||||||||||
2,900,000 | 1,400,000 | 500,000 | 4,300,000 | — | 150,000 | |||||||||||||||||
(5,950,000 | ) | (5,650,000 | ) | (1,000,000 | ) | (12,450,000 | ) | (50,000 | ) | (350,000 | ) | |||||||||||
33,950,000 | 38,200,000 | 24,950,000 | 33,100,000 | 1,200,000 | 1,400,000 | |||||||||||||||||
|
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|
|
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| |||||||||||
30,900,000 | 33,950,000 | 24,450,000 | 24,950,000 | 1,150,000 | 1,200,000 | |||||||||||||||||
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| 35 |
|
PowerShares Aerospace & Defense Portfolio (PPA)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 35.73 | $ | 32.16 | $ | 23.22 | $ | 19.99 | $ | 20.57 | $ | 19.07 | ||||||||||||
Net investment income(a) | 0.15 | 0.32 | 0.33 | 0.44 | 0.21 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.00 | )(b) | 3.52 | 9.00 | 3.22 | (0.60 | ) | 1.49 | ||||||||||||||||
Total from investment operations | 0.15 | 3.84 | 9.33 | 3.66 | (0.39 | ) | 1.67 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.27 | ) | (0.39 | ) | (0.43 | ) | (0.19 | ) | (0.17 | ) | ||||||||||||
Net asset value at end of period | $ | 35.70 | $ | 35.73 | $ | 32.16 | $ | 23.22 | $ | 19.99 | $ | 20.57 | ||||||||||||
Market price at end of period(c) | $ | 35.75 | $ | 35.71 | $ | 32.15 | $ | 23.20 | $ | 19.98 | $ | 20.57 | ||||||||||||
Net Asset Value Total Return(d) | 0.43 | % | 11.99 | % | 40.52 | % | 18.69 | % | (1.82 | )% | 8.91 | % | ||||||||||||
Market Price Total Return(d) | 0.62 | % | 11.96 | % | 40.59 | % | 18.65 | % | (1.87 | )% | 8.91 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 237,410 | $ | 262,613 | $ | 98,086 | $ | 47,607 | $ | 54,967 | $ | 107,971 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.66 | %(e) | 0.66 | % | 0.66 | % | 0.66 | % | 0.66 | % | 0.66 | % | ||||||||||||
Expenses, prior to Waivers | 0.66 | %(e) | 0.66 | % | 0.69 | % | 0.74 | % | 0.76 | % | 0.73 | % | ||||||||||||
Net investment income, after Waivers | 0.85 | %(e) | 0.94 | % | 1.13 | % | 2.18 | % | 1.09 | % | 0.99 | % | ||||||||||||
Portfolio turnover rate(f) | 6 | % | 13 | % | 8 | % | 17 | % | 25 | % | 12 | % |
(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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
PowerShares CleantechTM Portfolio (PZD)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.60 | $ | 31.90 | $ | 25.47 | $ | 23.06 | $ | 30.10 | $ | 25.00 | ||||||||||||
Net investment income(a) | 0.12 | 0.27 | 0.17 | 0.26 | 0.24 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.15 | ) | (1.33 | ) | 6.53 | 2.37 | (7.07 | ) | 5.05 | |||||||||||||||
Total from investment operations | (1.03 | ) | (1.06 | ) | 6.70 | 2.63 | (6.83 | ) | 5.11 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.24 | ) | (0.27 | ) | (0.22 | ) | (0.21 | ) | (0.01 | ) | ||||||||||||
Net asset value at end of period | $ | 29.36 | $ | 30.60 | $ | 31.90 | $ | 25.47 | $ | 23.06 | $ | 30.10 | ||||||||||||
Market price at end of period(b) | $ | 29.33 | $ | 30.54 | $ | 31.92 | $ | 25.36 | $ | 22.98 | $ | 30.08 | ||||||||||||
Net Asset Value Total Return(c) | (3.38 | )% | (3.36 | )% | 26.52 | % | 11.59 | % | (22.65 | )% | 20.43 | % | ||||||||||||
Market Price Total Return(c) | (3.29 | )% | (3.61 | )% | 27.15 | % | 11.50 | % | (22.87 | )% | 21.32 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 73,405 | $ | 76,512 | $ | 84,535 | $ | 71,314 | $ | 100,305 | $ | 162,530 | ||||||||||||
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 | 0.72 | %(d) | 0.72 | % | 0.72 | % | 0.76 | % | 0.74 | % | 0.74 | % | ||||||||||||
Net investment income, after Waivers | 0.84 | %(d) | 0.89 | % | 0.58 | % | 1.16 | % | 0.97 | % | 0.22 | % | ||||||||||||
Portfolio turnover rate(e) | 13 | % | 22 | % | 24 | % | 22 | % | 27 | % | 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 for periods less than one year, if applicable, 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 |
|
Financial Highlights (continued)
PowerShares DWA Momentum Portfolio (PDP)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 42.44 | $ | 36.96 | $ | 31.77 | $ | 27.86 | $ | 26.52 | $ | 21.25 | ||||||||||||
Net investment income(a) | 0.06 | 0.16 | 0.06 | 0.23 | 0.07 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.34 | 5.43 | 5.23 | 3.92 | 1.31 | 5.29 | ||||||||||||||||||
Total from investment operations | 0.40 | 5.59 | 5.29 | 4.15 | 1.38 | 5.33 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.11 | ) | (0.10 | ) | (0.24 | ) | (0.04 | ) | (0.06 | ) | ||||||||||||
Net asset value at end of period | $ | 42.75 | $ | 42.44 | $ | 36.96 | $ | 31.77 | $ | 27.86 | $ | 26.52 | ||||||||||||
Market price at end of period(b) | $ | 42.81 | $ | 42.43 | $ | 36.93 | $ | 31.76 | $ | 27.86 | $ | 26.54 | ||||||||||||
Net Asset Value Total Return(c) | 0.94 | % | 15.13 | % | 16.71 | % | 15.02 | % | 5.22 | % | 25.11 | % | ||||||||||||
Market Price Total Return(c) | 1.10 | % | 15.19 | % | 16.65 | % | 14.98 | % | 5.15 | % | 25.26 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,949,245 | $ | 1,871,780 | $ | 1,260,444 | $ | 876,929 | $ | 571,078 | $ | 450,904 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.63 | %(e) | 0.64 | %(e) | 0.67 | %(e) | 0.65 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.63 | %(e) | 0.64 | %(e) | 0.67 | %(e) | 0.65 | % | 0.71 | % | ||||||||||||
Net investment income, after Waivers | 0.27 | %(d) | 0.39 | % | 0.17 | % | 0.82 | % | 0.29 | % | 0.19 | % | ||||||||||||
Portfolio turnover rate(f) | 40 | % | 73 | % | 75 | % | 66 | % | 96 | % | 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) | 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 companies’ 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 investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, 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 Global Listed Private Equity Portfolio (PSP)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.95 | $ | 11.79 | $ | 11.70 | $ | 9.22 | $ | 12.17 | $ | 10.04 | ||||||||||||
Net investment income(a) | 0.21 | 0.35 | 0.38 | (b) | 0.24 | 0.26 | 0.26 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.74 | ) | 0.41 | 1.38 | 2.64 | (2.58 | ) | 2.41 | ||||||||||||||||
Total from investment operations | (0.53 | ) | 0.76 | 1.76 | 2.88 | (2.32 | ) | 2.67 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.60 | ) | (1.67 | ) | (0.40 | ) | (0.56 | ) | (0.54 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.07 | ) | — | |||||||||||||||||
Total distributions | (0.41 | ) | (0.60 | ) | (1.67 | ) | (0.40 | ) | (0.63 | ) | (0.54 | ) | ||||||||||||
Net asset value at end of period | $ | 11.01 | $ | 11.95 | $ | 11.79 | $ | 11.70 | $ | 9.22 | $ | 12.17 | ||||||||||||
Market price at end of period(c) | $ | 10.99 | $ | 11.93 | $ | 11.85 | $ | 11.75 | $ | 9.25 | $ | 12.25 | ||||||||||||
Net Asset Value Total Return(d) | (4.63 | )% | 6.79 | % | 16.20 | % | 31.87 | % | (19.51 | )% | 27.93 | % | ||||||||||||
Market Price Total Return(d) | (4.65 | )% | 6.09 | % | 16.31 | % | 32.00 | % | (19.80 | )% | 28.48 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 439,288 | $ | 476,606 | $ | 583,601 | $ | 408,492 | $ | 296,744 | $ | 493,622 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(e) | 0.64 | %(f) | 0.64 | % | 0.69 | % | 0.70 | % | 0.71 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers(e) | 0.65 | %(f) | 0.66 | % | 0.70 | % | 0.70 | % | 0.76 | % | 0.73 | % | ||||||||||||
Net investment income, after Waivers | 3.64 | %(f) | 3.04 | % | 3.20 | %(b) | 2.47 | % | 2.79 | % | 2.50 | % | ||||||||||||
Portfolio turnover rate(g) | 17 | % | 30 | % | 53 | % | 53 | % | 88 | % | 112 | % |
(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 companies’ 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 investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.67 | $ | 27.65 | $ | 19.65 | $ | 21.56 | $ | 28.98 | $ | 25.03 | ||||||||||||
Net investment income(a) | 0.07 | 0.21 | 0.21 | 0.34 | 0.48 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.85 | ) | 6.06 | 8.08 | (1.81 | ) | (7.43 | ) | 3.92 | |||||||||||||||
Total from investment operations | (2.78 | ) | 6.27 | 8.29 | (1.47 | ) | (6.95 | ) | 4.13 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.25 | ) | (0.29 | ) | (0.44 | ) | (0.47 | ) | (0.18 | ) | ||||||||||||
Net asset value at end of period | $ | 30.77 | $ | 33.67 | $ | 27.65 | $ | 19.65 | $ | 21.56 | $ | 28.98 | ||||||||||||
Market price at end of period(b) | $ | 30.79 | $ | 33.62 | $ | 27.60 | $ | 19.59 | $ | 21.49 | $ | 28.87 | ||||||||||||
Net Asset Value Total Return(c) | (8.27 | )% | 22.79 | % | 42.28 | % | (6.73 | )%(d) | (23.98 | )% | 16.60 | % | ||||||||||||
Market Price Total Return(c) | (8.07 | )% | 22.83 | % | 42.46 | % | (6.70 | )% | (23.93 | )% | 16.11 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 167,714 | $ | 230,631 | $ | 258,569 | $ | 181,744 | $ | 245,838 | $ | 446,292 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(e) | 0.70 | % | 0.70 | % | 0.70 | % | 0.69 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.72 | %(e) | 0.70 | % | 0.70 | % | 0.75 | % | 0.71 | % | 0.72 | % | ||||||||||||
Net investment income, after Waivers | 0.45 | %(e) | 0.68 | % | 0.75 | % | 1.78 | % | 2.08 | % | 0.82 | % | ||||||||||||
Portfolio turnover rate(f) | 27 | % | 25 | % | 37 | % | 63 | % | 23 | % | 15 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. 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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.22 | $ | 21.32 | $ | 20.83 | $ | 20.60 | $ | 21.52 | $ | 21.52 | ||||||||||||
Net investment income(a) | 0.15 | 0.28 | 0.28 | 0.33 | 0.29 | 0.29 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.25 | 0.65 | 1.57 | 0.70 | 1.00 | 1.34 | ||||||||||||||||||
Total from investment operations | 0.40 | 0.93 | 1.85 | 1.03 | 1.29 | 1.63 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.86 | ) | (1.35 | ) | (0.65 | ) | (2.10 | ) | (0.27 | ) | ||||||||||||
Net realized gains | (0.40 | ) | (0.17 | ) | (0.01 | ) | (0.15 | ) | (0.11 | ) | (1.36 | ) | ||||||||||||
Total distributions | (0.58 | ) | (1.03 | ) | (1.36 | ) | (0.80 | ) | (2.21 | ) | (1.63 | ) | ||||||||||||
Net asset value at end of period | $ | 21.04 | $ | 21.22 | $ | 21.32 | $ | 20.83 | $ | 20.60 | $ | 21.52 | ||||||||||||
Market price at end of period(b) | $ | 21.07 | $ | 21.22 | $ | 21.35 | $ | 20.83 | $ | 20.65 | $ | 21.52 | ||||||||||||
Net Asset Value Total Return(c) | 1.91 | % | 4.48 | % | 9.34 | % | 5.22 | % | 6.74 | % | 8.11 | % | ||||||||||||
Market Price Total Return(c) | 2.05 | % | 4.32 | % | 9.50 | % | 4.97 | % | 7.02 | % | 8.09 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 326,135 | $ | 404,270 | $ | 249,458 | $ | 205,222 | $ | 154,528 | $ | 120,511 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.75 | %(d) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
Net investment income | 1.39 | %(d) | 1.33 | % | 1.37 | % | 1.61 | % | 1.42 | % | 1.37 | % | ||||||||||||
Portfolio turnover rate(e) | 17 | % | 50 | % | 32 | % | 22 | % | 58 | % | 61 | % |
(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 for periods less than one year, if applicable, 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 S&P 500® High Quality Portfolio (SPHQ)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.25 | $ | 20.90 | $ | 17.87 | $ | 15.33 | $ | 14.64 | $ | 12.21 | ||||||||||||
Net investment income(a) | 0.23 | 0.41 | 0.36 | 0.33 | 0.26 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.18 | 2.33 | 3.03 | 2.52 | 0.74 | 2.31 | ||||||||||||||||||
Total from investment operations | 0.41 | 2.74 | 3.39 | 2.85 | 1.00 | 2.51 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.39 | ) | (0.36 | ) | (0.31 | ) | (0.31 | ) | (0.08 | ) | ||||||||||||
Net asset value at end of period | $ | 23.43 | $ | 23.25 | $ | 20.90 | $ | 17.87 | $ | 15.33 | $ | 14.64 | ||||||||||||
Market price at end of period(b) | $ | 23.47 | $ | 23.24 | $ | 20.89 | $ | 17.87 | $ | 15.33 | $ | 14.64 | ||||||||||||
Net Asset Value Total Return(c) | 1.79 | % | 13.17 | % | 19.15 | % | 18.86 | % | 7.04 | % | 20.61 | % | ||||||||||||
Market Price Total Return(c) | 2.01 | % | 13.18 | % | 19.09 | % | 18.86 | % | 7.04 | % | 20.61 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 562,288 | $ | 533,537 | $ | 365,686 | $ | 228,736 | $ | 146,421 | $ | 112,695 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.39 | % | 0.50 | % | 0.52 | % | ||||||||||||
Expenses, prior to Waivers | 0.38 | %(d) | 0.38 | % | 0.39 | % | 0.55 | % | 0.70 | % | 0.84 | % | ||||||||||||
Net investment income, after Waivers | 2.00 | %(d) | 1.83 | % | 1.87 | % | 2.06 | % | 1.82 | % | 1.49 | % | ||||||||||||
Portfolio turnover rate(e) | 10 | % | 18 | % | 13 | % | 17 | % | 14 | % | 64 | % |
(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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
PowerShares Water Resources Portfolio (PHO)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.19 | $ | 25.92 | $ | 22.06 | $ | 18.78 | $ | 20.25 | $ | 18.05 | ||||||||||||
Net investment income(a) | 0.07 | 0.14 | 0.16 | 0.16 | 0.14 | 0.11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.34 | ) | (0.72 | ) | 3.83 | 3.28 | (1.48 | ) | 2.19 | |||||||||||||||
Total from investment operations | (2.27 | ) | (0.58 | ) | 3.99 | 3.44 | (1.34 | ) | 2.30 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.15 | ) | (0.13 | ) | (0.16 | ) | (0.13 | ) | (0.10 | ) | ||||||||||||
Net asset value at end of period | $ | 22.82 | $ | 25.19 | $ | 25.92 | $ | 22.06 | $ | 18.78 | $ | 20.25 | ||||||||||||
Market price at end of period(b) | $ | 22.82 | $ | 25.17 | $ | 25.91 | $ | 22.05 | $ | 18.77 | $ | 20.24 | ||||||||||||
Net Asset Value Total Return(c) | (9.03 | )% | (2.25 | )% | 18.16 | % | 18.48 | % | (6.59 | )% | 12.81 | % | ||||||||||||
Market Price Total Return(c) | (8.96 | )% | (2.29 | )% | 18.17 | % | 18.49 | % | (6.59 | )% | 12.75 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 705,056 | $ | 855,159 | $ | 990,247 | $ | 877,064 | $ | 825,510 | $ | 1,260,648 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(d) | 0.61 | % | 0.61 | % | 0.62 | % | 0.62 | % | 0.66 | % | ||||||||||||
Expenses, prior to Waivers | 0.62 | %(d) | 0.61 | % | 0.61 | % | 0.62 | % | 0.62 | % | 0.66 | % | ||||||||||||
Net investment income, after Waivers | 0.59 | %(d) | 0.56 | % | 0.66 | % | 0.81 | % | 0.77 | % | 0.63 | % | ||||||||||||
Portfolio turnover rate(e) | 61 | % | 25 | % | 34 | % | 31 | % | 44 | % | 13 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 5.76 | $ | 6.59 | $ | 4.79 | $ | 5.08 | $ | 10.35 | $ | 10.12 | ||||||||||||
Net investment income (loss)(a) | 0.05 | 0.14 | 0.10 | 0.11 | 0.20 | (0.03 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.30 | ) | (0.82 | ) | 1.85 | (0.26 | ) | (5.33 | ) | 0.26 | ||||||||||||||
Total from investment operations | (1.25 | ) | (0.68 | ) | 1.95 | (0.15 | ) | (5.13 | ) | 0.23 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.15 | ) | (0.15 | ) | (0.14 | ) | (0.14 | ) | — | |||||||||||||
Net asset value at end of period | $ | 4.45 | $ | 5.76 | $ | 6.59 | $ | 4.79 | $ | 5.08 | $ | 10.35 | ||||||||||||
Market price at end of period(b) | $ | 4.45 | $ | 5.76 | $ | 6.59 | $ | 4.79 | $ | 5.08 | $ | 10.33 | ||||||||||||
Net Asset Value Total Return(c) | (21.90 | )% | (10.36 | )% | 41.23 | % | (2.64 | )% | (49.78 | )% | 2.27 | % | ||||||||||||
Market Price Total Return(c) | (21.90 | )% | (10.36 | )% | 41.23 | % | (2.65 | )% | (49.68 | )% | 2.18 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 108,770 | $ | 143,790 | $ | 218,101 | $ | 142,494 | $ | 178,016 | $ | 541,472 | ||||||||||||
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 | 0.76 | %(d) | 0.72 | % | 0.70 | % | 0.70 | % | 0.76 | % | 0.75 | % | ||||||||||||
Net investment income (loss), after Waivers | 1.92 | %(d) | 2.39 | % | 1.55 | % | 2.48 | % | 2.98 | % | (0.27 | )% | ||||||||||||
Portfolio turnover rate(e) | 30 | % | 48 | % | 57 | % | 52 | % | 46 | % | 32 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. 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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
PowerShares WilderHill Progressive Energy Portfolio (PUW)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.47 | $ | 32.73 | $ | 27.56 | $ | 25.87 | $ | 30.68 | $ | 25.19 | ||||||||||||
Net investment income(a) | 0.18 | 0.50 | 0.24 | 0.35 | 0.14 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.89 | ) | (4.27 | ) | 5.27 | 1.54 | (4.71 | ) | 5.53 | |||||||||||||||
Total from investment operations | (6.71 | ) | (3.77 | ) | 5.51 | 1.89 | (4.57 | ) | 5.63 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.49 | ) | (0.34 | ) | (0.20 | ) | (0.24 | ) | (0.14 | ) | ||||||||||||
Net asset value at end of period | $ | 21.56 | $ | 28.47 | $ | 32.73 | $ | 27.56 | $ | 25.87 | $ | 30.68 | ||||||||||||
Market price at end of period(b) | $ | 21.58 | $ | 28.47 | $ | 32.71 | $ | 27.55 | $ | 25.86 | $ | 30.70 | ||||||||||||
Net Asset Value Total Return(c) | (23.66 | )% | (11.59 | )% | 20.24 | % | 7.38 | % | (14.84 | )% | 22.47 | % | ||||||||||||
Market Price Total Return(c) | (23.59 | )% | (11.54 | )% | 20.21 | % | 7.38 | % | (14.93 | )% | 22.55 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 24,792 | $ | 34,170 | $ | 45,819 | $ | 38,584 | $ | 47,859 | $ | 75,175 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(d) | 0.70 | % | 0.70 | % | 0.70 | % | 0.71 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.94 | %(d) | 0.86 | % | 0.84 | % | 0.87 | % | 0.86 | % | 0.86 | % | ||||||||||||
Net investment income, after Waivers | 1.48 | %(d) | 1.69 | % | 0.78 | % | 1.40 | % | 0.56 | % | 0.37 | % | ||||||||||||
Portfolio turnover rate(e) | 23 | % | 41 | % | 37 | % | 32 | % | 36 | % | 22 | % |
(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 for periods less than one year, if applicable, 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, 2015
(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, 2015, 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 price of each Share 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 | |
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. The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
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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 asked 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 asked 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 asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 Fund investments.
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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 Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in 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
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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 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 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.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
E. Country Determination
For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. 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.
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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.
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.
G. 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.
H. Option Contracts Written
S&P 500 BuyWrite Portfolio engaged 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.
I. Swap Agreements
Global Listed Private Equity Portfolio entered 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.
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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.
J. Securities Lending
During the six-month period ended October 31, 2015, 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% (105% for international securities) 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. Each Fund bears the risk of loss with respect to the investment of collateral. 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. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each 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. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. 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. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each 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, if any, is shown on the Statements of Assets and Liabilities.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, 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. Pursuant to that Investment Advisory Agreement, 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, 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 Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser 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, 2016. 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, 2016. Offering costs excluded from each Expense Cap for each Fund 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, 2016. The Expense Agreement cannot be terminated during its term.
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The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Aerospace & Defense Portfolio, DWA Momentum Portfolio, Global Listed Private Equity Portfolio and Water Resources Portfolio.
Further, through August 31, 2017, 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. This agreement is not subject to recapture by the Adviser.
For the six-month period ended October 31, 2015, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Aerospace & Defense Portfolio | $ | 167 | ||
CleantechTM Portfolio | 17,089 | |||
DWA Momentum Portfolio | 986 | |||
Global Listed Private Equity Portfolio | 41,162 | |||
Golden Dragon China Portfolio | 19,820 | |||
S&P 500 BuyWrite Portfolio | 317 | |||
S&P 500® High Quality Portfolio | 224,210 | |||
Water Resources Portfolio | 489 | |||
WilderHill Clean Energy Portfolio | 37,256 | |||
WilderHill Progressive Energy Portfolio | 33,789 |
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.
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, 2015 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/16 | 04/30/17 | 04/30/18 | 10/31/18 | |||||||||||||||||
CleantechTM Portfolio | $ | 148,499 | $ | 61,862 | $ | 34,174 | $ | 35,420 | $ | 17,043 | ||||||||||
Golden Dragon China Portfolio | 111,337 | 91,655 | — | — | 19,682 | |||||||||||||||
S&P 500® High Quality Portfolio | 1,174,140 | 271,138 | 286,999 | 392,147 | 223,856 | |||||||||||||||
WilderHill Clean Energy Portfolio | 71,539 | — | — | 34,402 | 37,137 | |||||||||||||||
WilderHill Progressive Energy Portfolio | 214,362 | 64,090 | 55,938 | 60,563 | 33,771 |
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, LLC | |
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
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Funds (other than 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
The 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 S&P 500 BuyWrite Portfolio’s transactions in, and earnings from, its investment in affiliates for the six-month period ended October 31, 2015.
S&P 500 BuyWrite Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 393,117 | $ | 43,304 | $ | (111,101 | ) | $ | (101,225 | ) | $ | 36,057 | $ | 260,152 | $ | 4,517 |
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, 2015, 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 | $ | 463,643,581 | $ | — | $ | — | $ | 463,643,581 | ||||||||
Swap Agreements* | — | (1,509,174 | ) | — | (1,509,174 | ) | ||||||||||
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|
|
|
|
| |||||||||
Total Investments | $ | 463,643,581 | $ | (1,509,174 | ) | $ | — | $ | 462,134,407 | |||||||
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|
|
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| |||||||||
Golden Dragon China Portfolio | ||||||||||||||||
Equity Securities | $ | 197,609,409 | $ | — | $ | 0 | $ | 197,609,409 | ||||||||
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* | Unrealized appreciation (depreciation). |
Note 6. Derivative Investments
Global Listed Private Equity Portfolio and S&P 500 BuyWrite Portfolio have implemented required disclosures about derivative investments and hedging activities in accordance with GAAP. This disclosure is intended to improve financial reporting about derivative investments 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.
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Value of Derivative Investments at Period-End
The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2015:
Value | ||||||||||||||||
Global Listed Private Equity Portfolio | S&P 500 BuyWrite Portfolio | |||||||||||||||
Risk Exposure/Derivative Type | Assets | Liabilities | Assets | Liabilities | ||||||||||||
Equity risk: | ||||||||||||||||
Swap agreements(a) | $ | — | $ | (1,509,174 | ) | $ | — | $ | — | |||||||
Options written contracts(a) | — | — | — | (9,551,100 | ) | |||||||||||
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|
|
|
|
| |||||||||
$ | — | $ | (1,509,174 | ) | $ | — | $ | (9,551,100 | ) | |||||||
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(a) | Values are disclosed on the Statements of Assets and Liabilities under Unrealized depreciation on swap agreements and Open written options, at value, respectively. |
Effect of Derivative Investments for the Six-Month Period Ended October 31, 2015
The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statements of Operations | ||||||||
Global Listed Private Equity Portfolio | S&P 500 BuyWrite Portfolio | |||||||
Swap Agreements | Options written contracts | |||||||
Realized Gain (Loss): | ||||||||
Equity risk | $ | (8,182,603 | ) | $ | 9,537,586 | |||
Change in Net Unrealized Appreciation (Depreciation): | ||||||||
Equity risk | (967,981 | ) | (5,682,814 | ) | ||||
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|
|
| |||||
Total | $ | (9,150,584 | ) | $ | 3,854,772 | |||
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The table below summarizes the average notional value of swap agreements and options outstanding during the period.
Average Notional Value | ||||||||
Global Listed Private Equity Portfolio | S&P 500 BuyWrite Portfolio | |||||||
Swap agreements | $ | 43,493,537 | $ | — | ||||
Options written contracts | — | 324,138,667 |
Global Listed Private Equity Portfolio
Open Total Return Swap Agreements | ||||||||||
Counterparty | Swap Agreements | Termination Date | Notional Amount | Unrealized Appreciation (Depreciation) | ||||||
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 | 10/25/16 | $20,539,197 | $ | (820,890 | ) | ||||
Citibank, N.A. | Receive a return equal to the 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 | 10/25/16 | 18,960,217 | (685,452 | ) | |||||
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 | 2,540,573 | (2,832 | ) | |||||
|
| |||||||||
Total Open Total Return Swap Agreements—Equity Risk | $ | (1,509,174 | ) | |||||||
|
|
Investment Abbreviations:
LIBOR—London Interbank Offered Rate
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S&P 500 BuyWrite Portfolio
Open Options Written—Equity Risk | ||||||||||||||||||||||||||||
Contract Month | Strike Price | Number of Contracts | Premiums Received | Unrealized Appreciation (Depreciation) | Notional Value* | Value | ||||||||||||||||||||||
Call Option S&P 500 Index | Nov-15 | $ | 2,030 | 1,612 | $ | (4,718,802 | ) | $ | (4,832,298 | ) | $ | 327,236,000 | $ | (9,551,100 | ) |
* | Notional Value is calculated by multiplying the Number of Contracts by the Strike Price by the multiplier. |
Options Written Transactions During the Period | ||||||||
Call Option Contracts | ||||||||
Number of Contracts | Premiums Received | |||||||
Beginning of period | 1,958 | $ | 4,972,106 | |||||
Written | 9,817 | 27,506,269 | ||||||
Closed | (5,508 | ) | (14,922,454 | ) | ||||
Expired | (4,655 | ) | (12,837,119 | ) | ||||
|
|
|
| |||||
End of period | 1,612 | $ | 4,718,802 | |||||
|
|
|
|
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 investments 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.
The following table presents derivative investments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of October 31, 2015.
Global Listed Private Equity Portfolio
Liabilities: | ||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||||
Gross Amounts | Collateral Pledged | |||||||||||||||||||
Counterparty | Financial Instruments | Non-Cash | Cash | Net Amount | ||||||||||||||||
Citibank, N.A. | $ | 1,506,342 | $ | — | $ | (970,000 | ) | $ | — | $ | 536,342 | |||||||||
Morgan Stanley, Capital Securities LLC | 2,832 | — | — | — | 2,832 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 1,509,174 | $ | — | $ | (970,000 | ) | $ | — | $ | 539,174 | |||||||||
|
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|
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|
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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 carryforwards) 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 carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards 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 Funds had capital loss carryforwards as of April 30, 2015, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||||||||
Aerospace & Defense Portfolio | $ | 2,374,303 | $ | 7,470,897 | $ | 6,428,813 | $ | 9,464,875 | $ | — | $ | 2,957,980 | $ | 28,696,868 | $ | 104,662 | ||||||||||||||||
CleantechTM Portfolio | 1,171,839 | 14,341,075 | 25,186,026 | 12,098,616 | 1,234,766 | 29,357,435 | 83,389,757 | — | ||||||||||||||||||||||||
DWA Momentum Portfolio | 5,046,566 | 92,771,702 | 60,219,842 | 10,496,532 | 34,926,187 | — | 203,460,829 | — | ||||||||||||||||||||||||
Global Listed Private Equity Portfolio | 796,018 | 7,687,052 | 47,149,399 | — | 16,524,684 | 8,590,292 | 80,747,445 | — | ||||||||||||||||||||||||
Golden Dragon China Portfolio | 1,235,904 | 22,836,421 | 74,072,167 | 35,483,714 | 15,547,206 | 135,923,096 | 285,098,508 | 3,128,677 | ||||||||||||||||||||||||
S&P 500 BuyWrite Portfolio | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
S&P 500® High Quality Portfolio | 21,013,690 | 37,241,965 | 42,466,537 | 9,869,908 | — | — | 110,592,100 | 27,128,611 | ||||||||||||||||||||||||
Water Resources Portfolio | 3,553,481 | 93,208,162 | 265,948,030 | 33,978,301 | 22,405,830 | 111,607,122 | 530,700,926 | 11,876,489 | ||||||||||||||||||||||||
WilderHill Clean Energy Portfolio | 44,707,703 | 261,712,498 | 460,657,845 | 241,008,862 | 61,502,550 | 302,283,900 | 1,371,873,358 | 89,533,576 | ||||||||||||||||||||||||
WilderHill Progressive Energy Portfolio | 179,432 | 8,319,827 | 12,433,887 | 2,282,887 | 3,352,064 | 5,589,864 | 32,157,961 | — |
* | 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, 2015, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Aerospace & Defense Portfolio | $ | 14,607,582 | $ | 14,422,984 | ||||
CleantechTM Portfolio | 9,595,735 | 9,654,940 | ||||||
DWA Momentum Portfolio | 767,418,613 | 768,528,102 | ||||||
Global Listed Private Equity Portfolio | 71,497,963 | 82,371,772 | ||||||
Golden Dragon China Portfolio | 51,436,134 | 51,632,865 | ||||||
S&P 500 BuyWrite Portfolio | 59,356,310 | 55,026,089 | ||||||
S&P 500® High Quality Portfolio | 49,632,398 | 49,941,950 | ||||||
Water Resources Portfolio | 472,865,918 | 473,233,649 | ||||||
WilderHill Clean Energy Portfolio | 36,413,746 | 36,489,877 | ||||||
WilderHill Progressive Energy Portfolio | 6,571,211 | 6,559,184 |
For the six-month period ended October 31, 2015, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Aerospace & Defense Portfolio | $ | 12,217,821 | $ | 36,888,274 | ||||
CleantechTM Portfolio | — | — | ||||||
DWA Momentum Portfolio | 371,044,970 | 299,696,010 | ||||||
Global Listed Private Equity Portfolio | 19,403,622 | 17,894,765 | ||||||
Golden Dragon China Portfolio | 6,771,036 | 48,470,636 | ||||||
S&P 500 BuyWrite Portfolio | 41,542,125 | 118,394,299 | ||||||
S&P 500® High Quality Portfolio | 99,217,817 | 75,456,227 | ||||||
Water Resources Portfolio | 67,563,082 | 137,286,966 | ||||||
WilderHill Clean Energy Portfolio | 2,118,753 | 5,012,217 | ||||||
WilderHill Progressive Energy Portfolio | — | 1,418,105 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
| 52 |
|
At October 31, 2015, 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:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Aerospace & Defense Portfolio | $ | 28,543,005 | $ | (11,951,342 | ) | $ | 16,591,663 | $ | 220,907,825 | |||||||
CleantechTM Portfolio | 17,534,062 | (4,971,584 | ) | 12,562,478 | 62,544,088 | |||||||||||
DWA Momentum Portfolio | 307,336,884 | (39,548,955 | ) | 267,787,929 | 1,683,102,164 | |||||||||||
Global Listed Private Equity Portfolio | 51,480,321 | (78,472,166 | ) | (26,991,845 | ) | 490,635,426 | ||||||||||
Golden Dragon China Portfolio | 27,068,397 | (29,272,315 | ) | (2,203,918 | ) | 199,813,327 | ||||||||||
S&P 500 BuyWrite Portfolio | 36,787,233 | (74,938,962 | ) | (38,151,729 | ) | 373,942,548 | ||||||||||
S&P 500® High Quality Portfolio | 68,372,520 | (19,026,363 | ) | 49,346,157 | 512,839,458 | |||||||||||
Water Resources Portfolio | 134,508,707 | (50,223,183 | ) | 84,285,524 | 621,361,653 | |||||||||||
WilderHill Clean Energy Portfolio | 12,689,985 | (29,374,411 | ) | (16,684,426 | ) | 150,312,765 | ||||||||||
WilderHill Progressive Energy Portfolio | 3,763,227 | (7,424,876 | ) | (3,661,649 | ) | 32,076,939 |
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 an Officer of the Trust. 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” 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 principally 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 11. Indemnifications
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between the Independent Trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
Note 12. Subsequent Event
At a meeting held on December 17, 2015, the Board of Trustees of the Trust approved changes to the name, investment objective, principal investment strategy and underlying index for the Fund listed below. These changes will go into effect as of the close of markets on March 18, 2016.
Current Fund Name | New Fund Name | Current Underlying Index | New Underlying Index | |||
PowerShares S&P 500® High Quality Portfolio | PowerShares S&P 500® Quality Portfolio | S&P 500® High Quality Rankings Index | S&P 500® Quality Index |
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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, 2015.
In addition to the fees and expenses which the PowerShares Global Listed Private Equity 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 the Portfolio bears indirectly is included in the Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 1,004.28 | 0.66 | % | $ | 3.33 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.82 | 0.66 | 3.35 | ||||||||||||
PowerShares CleantechTM Portfolio (PZD) | ||||||||||||||||
Actual | 1,000.00 | 966.21 | 0.67 | 3.31 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.77 | 0.67 | 3.40 | ||||||||||||
PowerShares DWA Momentum Portfolio (PDP) | ||||||||||||||||
Actual | 1,000.00 | 1,009.37 | 0.63 | 3.18 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||
PowerShares Global Listed Private Equity Portfolio (PSP) | ||||||||||||||||
Actual | 1,000.00 | 953.71 | 0.64 | 3.14 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.92 | 0.64 | 3.25 |
| 54 |
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Fees and Expenses (continued)
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 917.32 | 0.70 | % | $ | 3.37 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.62 | 0.70 | 3.56 | ||||||||||||
PowerShares S&P 500 BuyWrite Portfolio (PBP) | ||||||||||||||||
Actual | 1,000.00 | 1,019.07 | 0.75 | 3.81 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.37 | 0.75 | 3.81 | ||||||||||||
PowerShares S&P 500® High Quality Portfolio (SPHQ) | ||||||||||||||||
Actual | 1,000.00 | 1,017.94 | 0.29 | 1.47 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.68 | 0.29 | 1.48 | ||||||||||||
PowerShares Water Resources Portfolio (PHO) | ||||||||||||||||
Actual | 1,000.00 | 909.67 | 0.62 | 2.98 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.02 | 0.62 | 3.15 | ||||||||||||
PowerShares WilderHill Clean Energy Portfolio (PBW) | ||||||||||||||||
Actual | 1,000.00 | 781.02 | 0.70 | 3.13 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.62 | 0.70 | 3.56 | ||||||||||||
PowerShares WilderHill Progressive Energy Portfolio (PUW) | ||||||||||||||||
Actual | 1,000.00 | 763.37 | 0.70 | 3.10 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.62 | 0.70 | 3.56 |
(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, 2015. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
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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.
©2015 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, 2015 |
2015 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 |
Dividend Income Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
6 | ||||
10 | ||||
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) | 13 | |||
PowerShares International Dividend AchieversTM Portfolio (PID) | 15 | |||
Statements of Assets and Liabilities | 18 | |||
Statements of Operations | 19 | |||
Statements of Changes in Net Assets | 20 | |||
Financial Highlights | 22 | |||
Notes to Financial Statements | 25 | |||
Fees and Expenses | 34 |
| 2 |
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PowerShares BuyBack Achievers™ Portfolio (PKW)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown as of October 31, 2015 | ||||
Consumer Discretionary | 29.9 | |||
Information Technology | 19.7 | |||
Industrials | 17.3 | |||
Financials | 10.6 | |||
Health Care | 7.8 | |||
Materials | 6.6 | |||
Energy | 6.4 | |||
Consumer Staples | 1.4 | |||
Utilities | 0.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—29.9% | ||||||||
83,525 | Abercrombie & Fitch Co., Class A(b) | $ | 1,769,895 | |||||
137,356 | AutoNation, Inc.(c) | 8,679,526 | ||||||
37,122 | AutoZone, Inc.(c) | 29,118,868 | ||||||
202,076 | Bed Bath & Beyond, Inc.(c) | 12,049,792 | ||||||
60,017 | Big Lots, Inc. | 2,766,784 | ||||||
30,996 | BJ’s Restaurants, Inc.(c) | 1,330,658 | ||||||
13,942 | Blue Nile, Inc.(c) | 475,422 | ||||||
27,085 | Bob Evans Farms, Inc. | 1,171,968 | ||||||
55,374 | Bridgepoint Education, Inc.(c) | 429,148 | ||||||
72,777 | Brinker International, Inc. | 3,312,081 | ||||||
538,097 | CBS Corp., Class B | 25,032,272 | ||||||
59,428 | Cheesecake Factory, Inc. (The) | 2,864,430 | ||||||
68,777 | Cooper Tire & Rubber Co. | 2,874,191 | ||||||
90,429 | Crocs, Inc.(c) | 976,633 | ||||||
100,842 | Denny’s Corp.(c) | 1,105,228 | ||||||
42,090 | Dillard’s, Inc., Class A | 3,766,213 | ||||||
180,778 | Discovery Communications, Inc., Class A(b)(c) | 5,322,104 | ||||||
356,779 | Dollar General Corp. | 24,178,913 | ||||||
58,297 | Fossil Group, Inc.(c) | 3,171,940 | ||||||
127,728 | GameStop Corp., Class A(b) | 5,884,429 | ||||||
492,494 | Gap, Inc. (The) | 13,405,687 | ||||||
102,892 | GNC Holdings, Inc., Class A | 3,061,037 | ||||||
5,905 | Graham Holdings Co., Class B | 3,262,335 | ||||||
34,651 | Helen of Troy Ltd.(c) | 3,437,726 | ||||||
33,549 | hhgregg, Inc.(b)(c) | 181,165 | ||||||
984,212 | Home Depot, Inc. (The) | 121,687,972 | ||||||
58,435 | Iconix Brand Group, Inc.(c) | 895,224 | ||||||
44,288 | Jack in the Box, Inc. | 3,300,785 | ||||||
46,380 | K12, Inc.(c) | 450,350 | ||||||
235,501 | Kohl’s Corp. | 10,861,306 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
522,734 | Liberty Interactive Corp. QVC Group, Series A(c) | $ | 14,307,229 | |||||
1,120,287 | Lowe’s Cos., Inc. | 82,710,789 | ||||||
400,760 | Macy’s, Inc. | 20,430,745 | ||||||
321,941 | Marriott International, Inc., Class A | 24,718,630 | ||||||
38,121 | Marriott Vacations Worldwide Corp. | 2,454,992 | ||||||
6,514 | NACCO Industries, Inc., Class A | 292,023 | ||||||
324,257 | Newell Rubbermaid, Inc. | 13,758,224 | ||||||
4,917 | NVR, Inc.(c) | 8,052,866 | ||||||
120,359 | O’Reilly Automotive, Inc.(c) | 33,250,377 | ||||||
21,949 | Outerwall, Inc.(b) | 1,316,940 | ||||||
47,776 | Papa John’s International, Inc. | 3,352,442 | ||||||
107,007 | Pier 1 Imports, Inc.(b) | 793,992 | ||||||
51,982 | Pool Corp. | 4,238,612 | ||||||
190,430 | Sally Beauty Holdings, Inc.(c) | 4,477,009 | ||||||
114,061 | Scripps Networks Interactive, Inc., Class A | 6,852,785 | ||||||
6,445,485 | Sirius XM Holdings, Inc.(c) | 26,297,579 | ||||||
62,865 | Sonic Corp. | 1,794,167 | ||||||
206,298 | Starwood Hotels & Resorts Worldwide, Inc. | 16,477,021 | ||||||
111,660 | Starz, Class A(c) | 3,741,727 | ||||||
15,536 | Steiner Leisure Ltd. (Bahamas)(c) | 984,361 | ||||||
76,481 | Steven Madden Ltd.(c) | 2,665,363 | ||||||
987,520 | Time Warner, Inc. | 74,399,757 | ||||||
1,433,734 | Twenty-First Century Fox, Inc., Class A | 44,001,296 | ||||||
150,076 | Urban Outfitters, Inc.(c) | 4,292,174 | ||||||
420,711 | Viacom, Inc., Class B | 20,745,259 | ||||||
48,954 | Visteon Corp.(c) | 5,339,413 | ||||||
351,480 | Wendy’s Co. (The) | 3,219,557 | ||||||
141,934 | Wyndham Worldwide Corp. | 11,546,331 | ||||||
|
| |||||||
733,335,742 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares BuyBack Achievers™ Portfolio (PKW) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples—1.4% | ||||||||
277,381 | Coca-Cola Enterprises, Inc. | $ | 14,240,741 | |||||
117,176 | Coty, Inc., Class A(b) | 3,392,245 | ||||||
111,977 | Herbalife Ltd.(b)(c) | 6,275,191 | ||||||
16,730 | Ingles Markets, Inc., Class A | 835,496 | ||||||
86,417 | Ingredion, Inc. | 8,214,800 | ||||||
14,554 | Medifast, Inc.(c) | 407,075 | ||||||
15,505 | USANA Health Sciences, Inc.(c) | 1,993,943 | ||||||
|
| |||||||
35,359,491 | ||||||||
|
| |||||||
Energy—6.4% | ||||||||
457,674 | Apache Corp. | 21,570,176 | ||||||
231,889 | Cameron International Corp.(c) | 15,770,771 | ||||||
347,574 | Hess Corp. | 19,537,135 | ||||||
649,188 | Marathon Petroleum Corp. | 33,627,938 | ||||||
14,632 | Mitcham Industries, Inc.(c) | 64,966 | ||||||
209,171 | Murphy Oil Corp. | 5,946,731 | ||||||
651,007 | Phillips 66 | 57,972,173 | ||||||
21,680 | SEACOR Holdings, Inc.(c) | 1,266,546 | ||||||
91,423 | Triangle Petroleum Corp.(b)(c) | 109,708 | ||||||
|
| |||||||
155,866,144 | ||||||||
|
| |||||||
Financials—10.6% | ||||||||
484,799 | Allstate Corp. (The) | 29,999,362 | ||||||
422,336 | American Capital Agency Corp. REIT | 7,530,251 | ||||||
215,793 | Ameriprise Financial, Inc. | 24,893,880 | ||||||
124,287 | Anworth Mortgage Asset Corp. REIT | 592,849 | ||||||
73,591 | Aspen Insurance Holdings Ltd. (Bermuda) | 3,577,259 | ||||||
181,880 | Associated Banc-Corp. | 3,517,559 | ||||||
177,395 | Assured Guaranty Ltd. | 4,867,719 | ||||||
121,855 | Axis Capital Holdings Ltd. | 6,580,170 | ||||||
36,187 | Capital Bank Financial Corp., Class A | 1,168,840 | ||||||
37,934 | Central Pacific Financial Corp. | 848,204 | ||||||
244,500 | CIT Group, Inc. | 10,513,500 | ||||||
232,744 | CNO Financial Group, Inc. | 4,471,012 | ||||||
24,940 | Credit Acceptance Corp.(b)(c) | 4,715,905 | ||||||
53,504 | Everest Re Group Ltd. | 9,522,107 | ||||||
9,027 | FBR & Co. | 178,554 | ||||||
979,902 | Fifth Third Bancorp | 18,667,133 | ||||||
261,141 | Fortress Investment Group LLC, Class A | 1,465,001 | ||||||
149,102 | Invesco Mortgage Capital, Inc. REIT(d) | 1,796,679 | ||||||
14,429 | JAVELIN Mortgage Investment Corp. REIT | 87,151 | ||||||
62,721 | Kemper Corp. | 2,240,394 | ||||||
132,836 | Legg Mason, Inc. | 5,944,411 | ||||||
132,779 | MSCI, Inc. | 8,896,193 | ||||||
42,446 | National Bank Holdings Corp., Class A | 936,359 | ||||||
55,429 | Northfield Bancorp, Inc. | 849,172 | ||||||
151,812 | Ocwen Financial Corp.(b)(c) | 1,061,166 | ||||||
72,415 | PHH Corp.(c) | 1,064,500 | ||||||
64,982 | ProAssurance Corp. | 3,441,447 | ||||||
55,629 | RenaissanceRe Holdings Ltd. (Bermuda) | 6,098,607 | ||||||
151,492 | Torchmark Corp. | 8,788,051 | ||||||
376,813 | Travelers Cos., Inc. (The) | 42,538,420 | ||||||
100,202 | Validus Holdings Ltd. | 4,438,949 | ||||||
274,036 | Voya Financial, Inc. | 11,117,641 | ||||||
149,374 | W.R. Berkley Corp. | 8,339,550 | ||||||
36,925 | Walker & Dunlop, Inc.(c) | 1,071,194 | ||||||
622,594 | Weyerhaeuser Co. REIT | 18,260,682 | ||||||
10,866 | World Acceptance Corp.(b)(c) | 414,321 | ||||||
|
| |||||||
260,494,192 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care—7.8% | ||||||||
316,734 | Anthem, Inc. | $ | 44,073,536 | |||||
311,780 | Cigna Corp. | 41,790,991 | ||||||
818,186 | Express Scripts Holding Co.(c) | 70,674,907 | ||||||
111,401 | IDEXX Laboratories, Inc.(c) | 7,644,336 | ||||||
61,741 | Masimo Corp.(c) | 2,449,883 | ||||||
159,079 | Select Medical Holdings Corp. | 1,797,593 | ||||||
15,658 | SurModics, Inc.(c) | 333,985 | ||||||
55,141 | United Therapeutics Corp.(c) | 8,085,325 | ||||||
97,783 | Universal American Corp. | 729,461 | ||||||
119,528 | Varian Medical Systems, Inc.(c) | 9,386,534 | ||||||
98,262 | VCA, Inc.(c) | 5,381,810 | ||||||
|
| |||||||
192,348,361 | ||||||||
|
| |||||||
Industrials—17.3% | ||||||||
72,018 | Actuant Corp., Class A | 1,642,010 | ||||||
205,757 | ADT Corp. (The)(b) | 6,798,211 | ||||||
105,516 | AGCO Corp. | 5,105,919 | ||||||
13,830 | Alamo Group, Inc. | 648,904 | ||||||
20,560 | Allegiant Travel Co. | 4,059,572 | ||||||
822,744 | Boeing Co. (The) | 121,823,704 | ||||||
25,693 | CAI International, Inc.(c) | 298,553 | ||||||
10,982 | CRA International, Inc.(c) | 256,979 | ||||||
397,349 | Deere & Co. | 30,993,222 | ||||||
164,617 | Donaldson Co., Inc. | 4,971,433 | ||||||
43,724 | Dun & Bradstreet Corp. (The) | 4,978,852 | ||||||
229,038 | Expeditors International of Washington, Inc. | 11,403,802 | ||||||
341,910 | FedEx Corp. | 53,355,055 | ||||||
193,655 | Fortune Brands Home & Security, Inc. | 10,133,966 | ||||||
390,763 | General Dynamics Corp. | 58,059,567 | ||||||
20,818 | GP Strategies Corp.(c) | 522,324 | ||||||
60,344 | Griffon Corp. | 1,036,710 | ||||||
443,266 | Illinois Tool Works, Inc. | 40,753,876 | ||||||
35,402 | Kforce, Inc. | 995,150 | ||||||
13,855 | Lindsay Corp.(b) | 939,092 | ||||||
41,046 | Moog, Inc., Class A(c) | 2,535,001 | ||||||
226,900 | Northrop Grumman Corp. | 42,600,475 | ||||||
94,829 | Oshkosh Corp. | 3,896,524 | ||||||
8,652 | P.A.M. Transportation Services, Inc.(c) | 308,963 | ||||||
49,760 | SPX Corp. | 609,560 | ||||||
102,361 | Timken Co. (The) | 3,234,608 | ||||||
28,150 | Valmont Industries, Inc. | 3,052,586 | ||||||
70,157 | WABCO Holdings, Inc.(c) | 7,873,720 | ||||||
|
| |||||||
422,888,338 | ||||||||
|
| |||||||
Information Technology—19.7% | ||||||||
60,454 | ADTRAN, Inc. | 938,851 | ||||||
1,030,522 | Apple, Inc. | 123,147,379 | ||||||
24,875 | CEVA, Inc.(c) | 581,329 | ||||||
194,580 | Citrix Systems, Inc.(c) | 15,975,018 | ||||||
1,484,383 | Corning, Inc. | 27,609,524 | ||||||
65,696 | DHI Group, Inc.(c) | 594,549 | ||||||
30,253 | Digi International, Inc.(c) | 390,264 | ||||||
43,400 | DST Systems, Inc. | 5,301,310 | ||||||
9,052 | ePlus, Inc.(c) | 764,170 | ||||||
37,702 | Fair Isaac Corp. | 3,482,534 | ||||||
139,760 | Fairchild Semiconductor International, Inc.(c) | 2,331,197 | ||||||
284,031 | Fiserv, Inc.(c) | 27,411,832 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares BuyBack Achievers™ Portfolio (PKW) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
21,698 | Forrester Research, Inc. | $ | 700,194 | |||||
260,927 | Genpact Ltd.(c) | 6,465,771 | ||||||
78,633 | Global Payments, Inc. | 10,726,327 | ||||||
106,707 | Harmonic, Inc.(c) | 614,632 | ||||||
43,485 | InterDigital, Inc. | 2,206,429 | ||||||
784,070 | International Business Machines Corp. | 109,832,526 | ||||||
465,476 | Juniper Networks, Inc. | 14,611,292 | ||||||
87,259 | Leidos Holdings, Inc. | 4,587,206 | ||||||
36,356 | Liquidity Services, Inc.(c) | 297,756 | ||||||
64,472 | MoneyGram International, Inc.(c) | 651,812 | ||||||
110,439 | Monster Worldwide, Inc.(c) | 692,452 | ||||||
213,959 | Motorola Solutions, Inc. | 14,970,711 | ||||||
357,070 | NetApp, Inc. | 12,140,380 | ||||||
38,925 | NETGEAR, Inc.(c) | 1,611,495 | ||||||
65,867 | NeuStar, Inc., Class A(b)(c) | 1,790,924 | ||||||
161,475 | Polycom, Inc.(c) | 2,225,125 | ||||||
105,239 | Rovi Corp.(c) | 962,937 | ||||||
55,734 | Science Applications International Corp. | 2,555,961 | ||||||
60,040 | Sonus Networks, Inc.(c) | 396,864 | ||||||
103,408 | Take-Two Interactive Software, Inc.(c) | 3,433,146 | ||||||
171,452 | Teradata Corp.(c) | 4,819,516 | ||||||
118,728 | TiVo, Inc.(c) | 1,078,050 | ||||||
137,419 | VeriSign, Inc.(b)(c) | 11,075,971 | ||||||
45,984 | WebMD Health Corp.(c) | 1,869,709 | ||||||
619,250 | Western Union Co. (The) | 11,920,562 | ||||||
1,294,115 | Xerox Corp. | 12,151,740 | ||||||
1,139,852 | Yahoo!, Inc.(c) | 40,601,528 | ||||||
69,652 | Zix Corp.(c) | 360,797 | ||||||
|
| |||||||
483,879,770 | ||||||||
|
| |||||||
Materials—6.6% | ||||||||
6,178 | AEP Industries, Inc.(c) | 494,240 | ||||||
81,881 | Ashland, Inc. | 8,983,983 | ||||||
110,714 | Avery Dennison Corp. | 7,193,089 | ||||||
164,948 | Ball Corp. | 11,298,938 | ||||||
282,178 | CF Industries Holdings, Inc. | 14,326,177 | ||||||
82,107 | Chemtura Corp.(c) | 2,622,498 | ||||||
23,073 | Clearwater Paper Corp.(c) | 1,163,571 | ||||||
398,003 | Graphic Packaging Holding Co. | 5,635,722 | ||||||
14,782 | Handy & Harman Ltd.(c) | 351,072 | ||||||
20,859 | Kaiser Aluminum Corp. | 1,695,628 | ||||||
566,462 | Monsanto Co. | 52,805,588 | ||||||
408,237 | Mosaic Co. (The) | 13,794,328 | ||||||
37,533 | Myers Industries, Inc. | 585,890 | ||||||
15,044 | NewMarket Corp. | 5,923,425 | ||||||
107,345 | PolyOne Corp. | 3,589,617 | ||||||
112,861 | Sherwin-Williams Co. (The) | 30,114,701 | ||||||
|
| |||||||
160,578,467 | ||||||||
|
| |||||||
Utilities—0.3% | ||||||||
436,006 | Calpine Corp.(c) | 6,762,453 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $2,343,015,578) | 2,451,512,958 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
1,908,265 | Invesco Premier Portfolio—Institutional Class, 0.12%(e) (Cost $1,908,265) | $ | 1,908,265 | |||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $2,344,923,843)—100.1% | 2,453,421,223 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.4% | ||||||||
35,449,128 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(e)(f) (Cost $35,449,128) | 35,449,128 | ||||||
|
| |||||||
Total Investments (Cost $2,380,372,971)—101.5% | 2,488,870,351 | |||||||
Other assets less liabilities—(1.5)% | (37,400,468 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 2,451,469,883 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2015. |
(c) | Non-income producing security. |
(d) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, 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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dividend Achievers™ Portfolio (PFM)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown as of October 31, 2015 | ||||
Consumer Staples | 23.7 | |||
Industrials | 13.4 | |||
Energy | 12.0 | |||
Information Technology | 11.0 | |||
Health Care | 9.2 | |||
Consumer Discretionary | 8.3 | |||
Telecommunication Services | 6.2 | |||
Utilities | 6.0 | |||
Financials | 5.9 | |||
Materials | 4.3 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—8.3% | ||||||||
3,350 | Aaron’s, Inc. | $ | 82,644 | |||||
16,284 | Best Buy Co., Inc. | 570,428 | ||||||
1,106 | Cracker Barrel Old Country Store, Inc. | 152,031 | ||||||
5,894 | Darden Restaurants, Inc. | 364,780 | ||||||
19,265 | Gap, Inc. (The) | 524,393 | ||||||
6,997 | Genuine Parts Co. | 635,048 | ||||||
5,766 | Hasbro, Inc. | 443,002 | ||||||
2,270 | John Wiley & Sons, Inc., Class A | 118,789 | ||||||
6,316 | Leggett & Platt, Inc. | 284,409 | ||||||
42,837 | Lowe’s Cos., Inc. | 3,162,656 | ||||||
43,475 | McDonald’s Corp. | 4,880,069 | ||||||
1,739 | Meredith Corp. | 81,768 | ||||||
248 | NACCO Industries, Inc., Class A | 11,118 | ||||||
31,294 | NIKE, Inc., Class B | 4,100,453 | ||||||
3,053 | Polaris Industries, Inc. | 342,974 | ||||||
18,988 | Ross Stores, Inc. | 960,413 | ||||||
29,009 | Target Corp. | 2,238,915 | ||||||
5,952 | Tiffany & Co. | 490,683 | ||||||
31,129 | TJX Cos., Inc. (The) | 2,278,331 | ||||||
19,648 | VF Corp. | 1,326,633 | ||||||
19,905 | Yum! Brands, Inc. | 1,411,463 | ||||||
|
| |||||||
24,461,000 | ||||||||
|
| |||||||
Consumer Staples—23.7% | ||||||||
90,507 | Altria Group, Inc. | 5,472,958 | ||||||
1,292 | Andersons, Inc. (The) | 45,737 | ||||||
28,109 | Archer-Daniels-Midland Co. | 1,283,457 | ||||||
5,630 | Brown-Forman Corp., Class B | 597,793 | ||||||
6,641 | Bunge Ltd. | 484,527 | ||||||
1,800 | Casey’s General Stores, Inc. | 191,196 | ||||||
6,045 | Church & Dwight Co., Inc. | 520,414 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
5,938 | Clorox Co. (The) | $ | 724,080 | |||||
200,799 | Coca-Cola Co. (The) | 8,503,838 | ||||||
41,551 | Colgate-Palmolive Co. | 2,756,909 | ||||||
20,287 | Costco Wholesale Corp. | 3,207,780 | ||||||
51,446 | CVS Health Corp. | 5,081,836 | ||||||
9,702 | Flowers Foods, Inc. | 261,954 | ||||||
27,683 | General Mills, Inc. | 1,608,659 | ||||||
12,199 | Hormel Foods Corp. | 824,042 | ||||||
863 | J & J Snack Foods Corp. | 105,968 | ||||||
5,524 | JM Smucker Co. (The) | 648,462 | ||||||
16,322 | Kellogg Co. | 1,151,027 | ||||||
16,815 | Kimberly-Clark Corp. | 2,012,924 | ||||||
1,263 | Lancaster Colony Corp. | 143,628 | ||||||
5,353 | McCormick & Co., Inc. | 449,545 | ||||||
2,667 | Nu Skin Enterprises, Inc., Class A | 101,906 | ||||||
67,809 | PepsiCo, Inc. | 6,929,402 | ||||||
125,241 | Procter & Gamble Co. (The) | 9,565,908 | ||||||
65,969 | Reynolds American, Inc. | 3,187,622 | ||||||
27,086 | Sysco Corp. | 1,117,298 | ||||||
1,756 | Tootsie Roll Industries, Inc., Class A | 55,735 | ||||||
1,046 | Universal Corp. | 56,495 | ||||||
5,663 | Vector Group Ltd. | 137,328 | ||||||
50,420 | Walgreens Boots Alliance, Inc. | 4,269,566 | ||||||
148,663 | Wal-Mart Stores, Inc. | 8,509,470 | ||||||
|
| |||||||
70,007,464 | ||||||||
|
| |||||||
Energy—12.0% | ||||||||
3,425 | Alliance Resource Partners LP | 73,432 | ||||||
5,910 | Buckeye Partners LP | 400,875 | ||||||
86,862 | Chevron Corp. | 7,894,019 | ||||||
56,938 | ConocoPhillips | 3,037,642 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares Dividend Achievers™ Portfolio (PFM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
92,467 | Enterprise Products Partners LP | $ | 2,554,863 | |||||
25,350 | EOG Resources, Inc. | 2,176,297 | ||||||
150,421 | Exxon Mobil Corp. | 12,445,834 | ||||||
5,075 | Genesis Energy LP | 204,573 | ||||||
4,973 | Helmerich & Payne, Inc. | 279,831 | ||||||
2,707 | Holly Energy Partners LP | 92,715 | ||||||
10,498 | Magellan Midstream Partners LP | 669,877 | ||||||
7,974 | Murphy Oil Corp. | 226,701 | ||||||
35,265 | Occidental Petroleum Corp. | 2,628,653 | ||||||
9,655 | ONEOK, Inc. | 327,498 | ||||||
18,357 | Plains All American Pipeline LP | 582,284 | ||||||
11,684 | Sunoco Logistics Partners LP | 339,303 | ||||||
2,953 | TC Pipelines LP | 152,552 | ||||||
34,607 | Williams Cos., Inc. (The) | 1,364,900 | ||||||
|
| |||||||
35,451,849 | ||||||||
|
| |||||||
Financials—5.9% | ||||||||
14,947 | ACE Ltd. | 1,697,082 | ||||||
19,881 | Aflac, Inc. | 1,267,414 | ||||||
4,018 | American Equity Investment Life Holding Co. | 103,182 | ||||||
3,084 | Assurant, Inc. | 251,439 | ||||||
4,646 | Axis Capital Holdings Ltd. | 250,884 | ||||||
719 | BancFirst Corp. | 44,312 | ||||||
4,007 | Bank of the Ozarks, Inc. | 200,430 | ||||||
6,503 | Brown & Brown, Inc. | 209,852 | ||||||
7,574 | Cincinnati Financial Corp. | 456,182 | ||||||
4,309 | Commerce Bancshares, Inc. | 196,275 | ||||||
1,891 | Community Bank System, Inc. | 77,077 | ||||||
808 | Community Trust Bancorp, Inc. | 27,852 | ||||||
2,917 | Cullen/Frost Bankers, Inc. | 199,639 | ||||||
6,270 | Digital Realty Trust, Inc. REIT | 463,729 | ||||||
5,364 | Eaton Vance Corp. | 193,694 | ||||||
3,890 | Equity Lifestyle Properties, Inc. REIT | 235,267 | ||||||
2,132 | Erie Indemnity Co., Class A | 186,465 | ||||||
3,034 | Essex Property Trust, Inc. REIT | 668,815 | ||||||
1,912 | FactSet Research Systems, Inc. | 334,829 | ||||||
3,191 | Federal Realty Investment Trust REIT | 457,877 | ||||||
593 | First Financial Corp. | 20,322 | ||||||
28,334 | Franklin Resources, Inc. | 1,154,894 | ||||||
21,353 | HCP, Inc. REIT | 794,332 | ||||||
525 | Infinity Property & Casualty Corp. | 42,273 | ||||||
19,790 | Invesco Ltd.(b) | 656,434 | ||||||
12,579 | McGraw Hill Financial, Inc. | 1,165,319 | ||||||
2,546 | Mercury General Corp. | 137,509 | ||||||
1,734 | National Health Investors, Inc. REIT | 101,855 | ||||||
6,205 | National Retail Properties, Inc. REIT | 235,790 | ||||||
12,063 | Old Republic International Corp. | 217,617 | ||||||
8,485 | OMEGA Healthcare Investors, Inc. REIT | 292,902 | ||||||
14,310 | People’s United Financial, Inc. | 228,244 | ||||||
3,234 | Prosperity Bancshares, Inc. | 166,163 | ||||||
10,842 | Realty Income Corp. REIT | 536,245 | ||||||
2,121 | RenaissanceRe Holdings Ltd. (Bermuda) | 232,525 | ||||||
1,996 | RLI Corp. | 121,457 | ||||||
7,657 | SEI Investments Co. | 396,786 | ||||||
1,171 | Southside Bancshares, Inc. | 31,500 | ||||||
1,952 | StanCorp Financial Group, Inc. | 223,933 | ||||||
11,827 | T. Rowe Price Group, Inc. | 894,358 | ||||||
4,424 | Tanger Factory Outlet Centers, Inc. REIT | 154,619 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
690 | Tompkins Financial Corp. | $ | 37,453 | |||||
2,276 | UMB Financial Corp. | 111,706 | ||||||
3,210 | United Bankshares, Inc. | 126,956 | ||||||
615 | Universal Health Realty Income Trust REIT | 30,559 | ||||||
1,226 | Urstadt Biddle Properties, Inc., Class A REIT | 24,643 | ||||||
5,695 | W.R. Berkley Corp. | 317,952 | ||||||
16,243 | Welltower, Inc. REIT | 1,053,683 | ||||||
1,180 | Westamerica Bancorp. | 52,168 | ||||||
397 | Westwood Holdings Group, Inc. | 23,066 | ||||||
4,819 | WP Carey, Inc. REIT | 305,380 | ||||||
|
| |||||||
17,410,939 | ||||||||
|
| |||||||
Health Care—9.2% | ||||||||
68,800 | Abbott Laboratories | 3,082,240 | ||||||
9,980 | AmerisourceBergen Corp. | 963,170 | ||||||
9,706 | Becton, Dickinson and Co. | 1,383,299 | ||||||
3,425 | C.R. Bard, Inc. | 638,249 | ||||||
15,111 | Cardinal Health, Inc. | 1,242,124 | ||||||
120,427 | Johnson & Johnson | 12,166,740 | ||||||
65,280 | Medtronic PLC | 4,825,497 | ||||||
2,909 | Owens & Minor, Inc. | 104,288 | ||||||
6,752 | Perrigo Co. PLC | 1,065,060 | ||||||
17,382 | Stryker Corp. | 1,662,067 | ||||||
3,323 | West Pharmaceutical Services, Inc. | 199,413 | ||||||
|
| |||||||
27,332,147 | ||||||||
|
| |||||||
Industrials—13.4% | ||||||||
28,838 | 3M Co. | 4,533,622 | ||||||
3,496 | A.O. Smith Corp. | 268,563 | ||||||
2,604 | ABM Industries, Inc. | 73,954 | ||||||
2,205 | Brady Corp., Class A | 50,164 | ||||||
6,546 | C.H. Robinson Worldwide, Inc. | 454,161 | ||||||
3,011 | Carlisle Cos., Inc. | 261,957 | ||||||
27,818 | Caterpillar, Inc. | 2,030,436 | ||||||
5,087 | Cintas Corp. | 473,549 | ||||||
2,313 | CLARCOR, Inc. | 115,326 | ||||||
2,680 | Crane Co. | 141,075 | ||||||
45,410 | CSX Corp. | 1,225,616 | ||||||
15,149 | Deere & Co. | 1,181,622 | ||||||
6,276 | Donaldson Co., Inc. | 189,535 | ||||||
7,223 | Dover Corp. | 465,378 | ||||||
30,334 | Emerson Electric Co. | 1,432,675 | ||||||
8,731 | Expeditors International of Washington, Inc. | 434,716 | ||||||
13,394 | Fastenal Co. | 524,509 | ||||||
13,040 | FedEx Corp. | 2,034,892 | ||||||
2,197 | Franklin Electric Co., Inc. | 72,413 | ||||||
14,898 | General Dynamics Corp. | 2,213,545 | ||||||
1,212 | Gorman-Rupp Co. (The) | 34,651 | ||||||
2,665 | Graco, Inc. | 195,611 | ||||||
3,319 | Healthcare Services Group, Inc. | 123,666 | ||||||
16,898 | Illinois Tool Works, Inc. | 1,553,602 | ||||||
4,126 | ITT Corp. | 163,307 | ||||||
5,366 | J.B. Hunt Transport Services, Inc. | 409,801 | ||||||
3,708 | L-3 Communications Holdings, Inc. | 468,691 | ||||||
3,453 | Lincoln Electric Holdings, Inc. | 206,524 | ||||||
528 | Lindsay Corp. | 35,788 | ||||||
14,335 | Lockheed Martin Corp. | 3,151,263 | ||||||
1,522 | Matthews International Corp., Class A | 87,865 | ||||||
1,192 | McGrath RentCorp | 35,820 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Dividend Achievers™ Portfolio (PFM) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,724 | MSA Safety, Inc. | $ | 74,960 | |||||
2,235 | MSC Industrial Direct Co., Inc., Class A | 140,291 | ||||||
2,782 | Nordson Corp. | 198,190 | ||||||
13,912 | Norfolk Southern Corp. | 1,113,377 | ||||||
8,651 | Northrop Grumman Corp. | 1,624,225 | ||||||
6,390 | Parker-Hannifin Corp. | 669,033 | ||||||
1,722 | Raven Industries, Inc. | 31,358 | ||||||
14,012 | Raytheon Co. | 1,645,009 | ||||||
2,070 | Regal Beloit Corp. | 132,045 | ||||||
16,106 | Republic Services, Inc. | 704,476 | ||||||
6,208 | Robert Half International, Inc. | 326,913 | ||||||
10,090 | Rollins, Inc. | 270,614 | ||||||
4,647 | Roper Technologies, Inc. | 865,968 | ||||||
2,463 | Ryder System, Inc. | 176,794 | ||||||
7,074 | Stanley Black & Decker, Inc. | 749,703 | ||||||
842 | Tennant Co. | 48,769 | ||||||
2,541 | Toro Co. (The) | 191,261 | ||||||
41,110 | United Technologies Corp. | 4,045,635 | ||||||
1,073 | Valmont Industries, Inc. | 116,356 | ||||||
248 | VSE Corp. | 14,250 | ||||||
3,045 | W.W. Grainger, Inc. | 639,450 | ||||||
20,876 | Waste Management, Inc. | 1,122,294 | ||||||
|
| |||||||
39,545,268 | ||||||||
|
| |||||||
Information Technology—11.0% | ||||||||
14,479 | Analog Devices, Inc. | 870,478 | ||||||
21,502 | Automatic Data Processing, Inc. | 1,870,459 | ||||||
670 | Badger Meter, Inc. | 40,589 | ||||||
527 | Cass Information Systems, Inc. | 27,488 | ||||||
5,727 | Harris Corp. | 453,178 | ||||||
45,216 | International Business Machines Corp. | 6,333,857 | ||||||
3,739 | Jack Henry & Associates, Inc. | 289,174 | ||||||
11,067 | Linear Technology Corp. | 491,596 | ||||||
13,126 | Maxim Integrated Products, Inc. | 537,903 | ||||||
165 | Mesa Laboratories, Inc. | 18,455 | ||||||
9,744 | Microchip Technology, Inc. | 470,538 | ||||||
260,057 | Microsoft Corp. | 13,689,400 | ||||||
72,528 | QUALCOMM, Inc. | 4,309,614 | ||||||
47,378 | Texas Instruments, Inc. | 2,687,280 | ||||||
11,940 | Xilinx, Inc. | 568,583 | ||||||
|
| |||||||
32,658,592 | ||||||||
|
| |||||||
Materials—4.3% | ||||||||
9,924 | Air Products & Chemicals, Inc. | 1,379,237 | ||||||
3,446 | Airgas, Inc. | 331,367 | ||||||
5,180 | Albemarle Corp. | 277,234 | ||||||
2,899 | AptarGroup, Inc. | 213,250 | ||||||
4,453 | Bemis Co., Inc. | 203,858 | ||||||
1,556 | Compass Minerals International, Inc. | 126,409 | ||||||
13,622 | Ecolab, Inc. | 1,639,408 | ||||||
2,332 | H.B. Fuller Co. | 88,593 | ||||||
3,720 | International Flavors & Fragrances, Inc. | 431,743 | ||||||
21,596 | Monsanto Co. | 2,013,179 | ||||||
14,753 | Nucor Corp. | 624,052 | ||||||
12,497 | PPG Industries, Inc. | 1,302,937 | ||||||
13,223 | Praxair, Inc. | 1,468,943 | ||||||
3,009 | Royal Gold, Inc. | 143,951 | ||||||
6,160 | RPM International, Inc. | 281,574 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
4,303 | Sherwin-Williams Co. (The) | $ | 1,148,169 | |||||
2,787 | Silgan Holdings, Inc. | 141,775 | ||||||
4,659 | Sonoco Products Co. | 198,893 | ||||||
1,029 | Stepan Co. | 54,465 | ||||||
3,709 | Valspar Corp. (The) | 300,244 | ||||||
6,091 | Westlake Chemical Corp. | 367,105 | ||||||
|
| |||||||
12,736,386 | ||||||||
|
| |||||||
Telecommunication Services—6.2% | ||||||||
283,934 | AT&T, Inc. | 9,514,629 | ||||||
757 | Atlantic Tele-Network, Inc. | 57,850 | ||||||
4,680 | Telephone & Data Systems, Inc. | 134,035 | ||||||
187,675 | Verizon Communications, Inc. | 8,798,204 | ||||||
|
| |||||||
18,504,718 | ||||||||
|
| |||||||
Utilities—6.0% | ||||||||
5,543 | AGL Resources, Inc. | 346,437 | ||||||
5,229 | Alliant Energy Corp. | 308,616 | ||||||
1,719 | American States Water Co. | 70,049 | ||||||
4,288 | AmeriGas Partners LP | 182,840 | ||||||
8,161 | Aqua America, Inc. | 233,405 | ||||||
4,680 | Atmos Energy Corp. | 294,840 | ||||||
2,876 | Avista Corp. | 97,353 | ||||||
2,070 | Black Hills Corp. | 94,765 | ||||||
2,210 | California Water Service Group | 49,416 | ||||||
705 | Chesapeake Utilities Corp. | 36,808 | ||||||
13,519 | Consolidated Edison, Inc. | 888,874 | ||||||
27,434 | Dominion Resources, Inc. | 1,959,611 | ||||||
31,774 | Duke Energy Corp. | 2,270,888 | ||||||
15,040 | Edison International | 910,221 | ||||||
14,640 | Eversource Energy | 745,762 | ||||||
2,000 | Laclede Group, Inc. (The) | 117,140 | ||||||
9,004 | MDU Resources Group, Inc. | 169,815 | ||||||
1,600 | MGE Energy, Inc. | 66,032 | ||||||
3,903 | National Fuel Gas Co. | 205,025 | ||||||
3,947 | New Jersey Resources Corp. | 125,041 | ||||||
20,870 | NextEra Energy, Inc. | 2,142,514 | ||||||
1,264 | Northwest Natural Gas Co. | 60,381 | ||||||
3,646 | Piedmont Natural Gas Co., Inc. | 208,952 | ||||||
30,926 | PPL Corp. | 1,063,854 | ||||||
8,112 | Questar Corp. | 167,513 | ||||||
6,597 | SCANA Corp. | 390,674 | ||||||
940 | SJW Corp. | 29,826 | ||||||
3,164 | South Jersey Industries, Inc. | 83,878 | ||||||
41,933 | Southern Co. (The) | 1,891,178 | ||||||
7,976 | UGI Corp. | 292,480 | ||||||
3,816 | Vectren Corp. | 173,513 | ||||||
14,573 | WEC Energy Group, Inc. | 751,384 | ||||||
6,520 | Westar Energy, Inc. | 258,844 | ||||||
2,296 | WGL Holdings, Inc. | 142,880 | ||||||
23,414 | Xcel Energy, Inc. | 834,241 | ||||||
|
| |||||||
17,665,050 | ||||||||
|
| |||||||
Total Investments (Cost $249,067,752)—100.0% | 295,773,413 | |||||||
Other assets less liabilities—0.0% | 44,591 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 295,818,004 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares Dividend Achievers™ Portfolio (PFM) (continued)
October 31, 2015
(Unaudited)
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Financial Preferred Portfolio (PGF)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Banks | 71.1 | |||
Capital Markets | 15.2 | |||
Insurance | 7.8 | |||
Consumer Finance | 5.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests—99.9% | ||||||||
Banks—71.1% | ||||||||
568,704 | Bank of America Corp., | |||||||
6.20%, Series D(b) | $ | 14,598,632 | ||||||
78,053 | Bank of America Corp., | |||||||
6.38%, Series 3 | 2,011,426 | |||||||
940,615 | Bank of America Corp., | |||||||
6.50%, Series Y(b) | 24,756,987 | |||||||
1,018,978 | Bank of America Corp., | |||||||
6.63%, Series W | 27,043,676 | |||||||
756,501 | Barclays Bank PLC, | |||||||
6.63%, Series 2 (United Kingdom) | 19,479,901 | |||||||
837,716 | Barclays Bank PLC, | |||||||
7.10%, Series 3 (United Kingdom) | 21,730,353 | |||||||
617,986 | Barclays Bank PLC, | |||||||
7.75%, Series 4 (United Kingdom) | 16,222,132 | |||||||
2,290,816 | Barclays Bank PLC, | |||||||
8.13%, Series 5 (United Kingdom) | 60,202,644 | |||||||
121,171 | BB&T Corp., | |||||||
5.20%, Series G(b) | 3,012,311 | |||||||
1,670,855 | BB&T Corp., | |||||||
5.63%, Series E | 43,041,225 | |||||||
397,981 | BB&T Corp., | |||||||
5.85% | 10,431,082 | |||||||
673,534 | Citigroup, Inc., | |||||||
5.80%, Series C(b) | 16,898,968 | |||||||
1,055,275 | Citigroup, Inc., | |||||||
6.88%, Series K | 29,062,273 | |||||||
822,260 | Citigroup, Inc., | |||||||
7.13%, Series J | 22,669,708 | |||||||
383,422 | Fifth Third Bancorp, | |||||||
6.63%, Series I | 10,697,474 | |||||||
295,679 | First Niagara Financial Group, Inc., | |||||||
8.63%, Series B | 8,143,000 | |||||||
4,189,893 | HSBC Holdings PLC, | |||||||
8.00%, Series 2 (United Kingdom) | 108,937,218 | |||||||
1,403,958 | HSBC Holdings PLC, | |||||||
8.13% (United Kingdom)(b) | 37,134,689 | |||||||
280,296 | HSBC USA, Inc., | |||||||
6.50%, Series H | 7,181,184 |
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
717,803 | ING Groep NV, | |||||||
6.13% (Netherlands) | $ | 18,325,511 | ||||||
156,137 | ING Groep NV, | |||||||
6.20% (Netherlands) | 3,990,862 | |||||||
1,277,610 | ING Groep NV, | |||||||
6.38% (Netherlands) | 32,719,592 | |||||||
849,019 | JPMorgan Chase & Co., | |||||||
5.45%, Series P(b) | 21,013,220 | |||||||
1,262,203 | JPMorgan Chase & Co., | |||||||
5.50%, Series O(b) | 31,163,792 | |||||||
1,045,570 | JPMorgan Chase & Co., | |||||||
6.10%, Series AA(b) | 26,463,377 | |||||||
1,127,100 | JPMorgan Chase & Co., | |||||||
6.13%, Series Y | 28,571,985 | |||||||
1,136,898 | JPMorgan Chase & Co., | |||||||
6.15%, Series BB | 28,661,199 | |||||||
111,709 | JPMorgan Chase & Co., | |||||||
6.30%, Series W | 2,910,019 | |||||||
551,283 | JPMorgan Chase & Co., | |||||||
6.70%, Series T(b) | 14,884,641 | |||||||
280,086 | KKR Financial Holdings LLC, | |||||||
7.38%, Series A | 7,413,876 | |||||||
1,622,043 | PNC Financial Services Group, Inc. (The), | |||||||
6.13%, Series P(b) | 45,173,898 | |||||||
444,398 | Regions Financial Corp., | |||||||
6.38%, Series A | 11,554,348 | |||||||
412,871 | Regions Financial Corp., | |||||||
6.38%, Series B(b) | 10,932,824 | |||||||
456,274 | Royal Bank of Scotland Group PLC, | |||||||
5.75%, Series L (United Kingdom) | 11,265,405 | |||||||
121,841 | Royal Bank of Scotland Group PLC, | |||||||
6.13%, Series R (United Kingdom) | 3,044,807 | |||||||
417,394 | Royal Bank of Scotland Group PLC, | |||||||
6.60%, Series S (United Kingdom) | 10,597,634 | |||||||
961,665 | Royal Bank of Scotland Group PLC, | |||||||
7.25%, Series T (United Kingdom) | 24,503,224 | |||||||
369,407 | SunTrust Banks, Inc., | |||||||
5.88%, Series E(b) | 9,394,020 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Financial Preferred Portfolio (PGF) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
825,912 | U.S. Bancorp, | |||||||
5.15%, Series H(b) | $ | 20,920,351 | ||||||
421,528 | U.S. Bancorp, | |||||||
6.00%, Series G | 11,296,950 | |||||||
1,035,646 | U.S. Bancorp, | |||||||
6.50%, Series F | 30,013,021 | |||||||
51,798 | Wells Fargo & Co., | |||||||
5.13%, Series O | 1,290,288 | |||||||
947,118 | Wells Fargo & Co., | |||||||
5.20% | 23,734,777 | |||||||
397,974 | Wells Fargo & Co., | |||||||
5.25%, Series P | 10,064,762 | |||||||
1,317,398 | Wells Fargo & Co., | |||||||
5.85% | 34,239,174 | |||||||
474,474 | Wells Fargo & Co., | |||||||
6.00%, Series T(b) | 12,317,345 | |||||||
501,626 | Wells Fargo & Co., | |||||||
6.00%, Series V(b)(c) | 12,972,048 | |||||||
167,486 | Wells Fargo & Co., | |||||||
6.63% | 4,713,056 | |||||||
17,140 | Wells Fargo & Co., | |||||||
7.50%, Series L | 20,310,900 | |||||||
1,769,357 | Wells Fargo & Co., | |||||||
8.00%, Series J | 49,630,464 | |||||||
|
| |||||||
1,057,342,253 | ||||||||
|
| |||||||
Capital Markets—15.2% | ||||||||
476,265 | Bank of New York Mellon Corp. (The), | |||||||
5.20%(b) | 12,235,248 | |||||||
418,550 | Charles Schwab Corp. (The), | |||||||
6.00%, Series B(b) | 10,886,485 | |||||||
482,170 | Charles Schwab Corp. (The), | |||||||
6.00%, Series C | 12,493,025 | |||||||
841,340 | Goldman Sachs Group, Inc. (The), | |||||||
5.50%, Series J | 20,940,953 | |||||||
919,760 | Goldman Sachs Group, Inc. (The), | |||||||
5.95%(b) | 23,527,461 | |||||||
604,029 | Goldman Sachs Group, Inc. (The), | |||||||
6.20%, Series B | 15,457,102 | |||||||
370,428 | Goldman Sachs Group, Inc. (The), | |||||||
6.38%, Series K(b) | 9,938,583 | |||||||
608,633 | Morgan Stanley, | |||||||
6.38%, Series I | 15,763,595 | |||||||
348,374 | Morgan Stanley, | |||||||
6.63%, Series G | 9,322,488 | |||||||
795,255 | Morgan Stanley, | |||||||
6.88%, Series F | 21,511,648 | |||||||
824,420 | Morgan Stanley, | |||||||
7.13%, Series E(b) | 22,960,097 | |||||||
324,364 | Northern Trust Corp., | |||||||
5.85%, Series C(b) | 8,521,042 | |||||||
554,107 | State Street Corp., | |||||||
5.25%, Series C(b) | 14,174,057 | |||||||
619,760 | State Street Corp., | |||||||
5.90%, Series D | 16,498,011 |
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Capital Markets (continued) | ||||||||
480,849 | State Street Corp., | |||||||
6.00% | $ | 12,429,947 | ||||||
|
| |||||||
226,659,742 | ||||||||
|
| |||||||
Consumer Finance—5.8% | ||||||||
535,037 | Ally Financial, Inc., | |||||||
8.50%, Series A | 13,750,451 | |||||||
792,968 | Capital One Financial Corp., | |||||||
6.00%, Series B | 20,323,770 | |||||||
400,250 | Capital One Financial Corp., | |||||||
6.20%, Series F(b) | 10,346,462 | |||||||
352,963 | Capital One Financial Corp., | |||||||
6.25%, Series C | 9,141,742 | |||||||
250,629 | Capital One Financial Corp., | |||||||
6.70%, Series D | 6,819,615 | |||||||
476,114 | Discover Financial Services, | |||||||
6.50%, Series B | 12,707,483 | |||||||
493,578 | HSBC Finance Corp., | |||||||
6.36%, Series B | 12,517,138 | |||||||
|
| |||||||
85,606,661 | ||||||||
|
| |||||||
Insurance—7.8% | ||||||||
706,015 | Aegon NV, | |||||||
6.38% (Netherlands) | 18,073,984 | |||||||
243,508 | Aegon NV, | |||||||
6.50% (Netherlands) | 6,340,948 | |||||||
308,770 | Allstate Corp. (The), | |||||||
5.63% | 8,024,932 | |||||||
115,483 | Allstate Corp. (The), | |||||||
6.25%, Series F | 3,073,003 | |||||||
629,673 | Allstate Corp. (The), | |||||||
6.63%, Series E | 17,120,809 | |||||||
280,108 | Allstate Corp. (The), | |||||||
6.75%, Series C | 7,635,744 | |||||||
267,747 | Arch Capital Group Ltd., | |||||||
6.75%, Series C | 7,191,684 | |||||||
230,398 | Aspen Insurance Holdings Ltd., | |||||||
5.95% (Bermuda) | 5,872,845 | |||||||
323,886 | Axis Capital Holdings Ltd., | |||||||
6.88%, Series C | 8,757,878 | |||||||
96,691 | PartnerRe Ltd., | |||||||
5.88%, Series F (Bermuda) | 2,534,271 | |||||||
407,004 | PartnerRe Ltd., | |||||||
7.25%, Series E (Bermuda) | 11,632,174 | |||||||
304,099 | Prudential PLC, | |||||||
6.50% (United Kingdom) | 8,067,747 | |||||||
182,528 | Prudential PLC, | |||||||
6.75% (United Kingdom) | 4,787,709 | |||||||
249,324 | RenaissanceRe Holdings Ltd., | |||||||
5.38%, Series E (Bermuda) | 6,193,208 | |||||||
|
| |||||||
115,306,936 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $1,393,342,872)—99.9% | 1,484,915,592 | |||||||
|
| |||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Financial Preferred Portfolio (PGF) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.8% | ||||||||
40,728,730 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $40,728,730) | $ | 40,728,730 | |||||
|
| |||||||
Total Investments (Cost $1,434,071,602)—102.7% | 1,525,644,322 | |||||||
Other assets less liabilities—(2.7)% | (39,657,411 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,485,986,911 | ||||||
|
|
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, 2015. |
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
This Fund has holdings greater than 10% of net assets in the following country:
United Kingdom | 21.9 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares High Yield Equity Dividend Achievers™ Portfolio (PEY)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Oil, Gas & Consumable Fuels | 14.3 | |||
Tobacco | 10.9 | |||
Electric Utilities | 9.0 | |||
Banks | 8.6 | |||
Insurance | 8.4 | |||
Gas Utilities | 7.8 | |||
Multi-Utilities | 7.7 | |||
Diversified Telecommunication Services | 4.9 | |||
Household Products | 3.5 | |||
Hotels, Restaurants & Leisure | 3.3 | |||
Food Products | 2.9 | |||
Energy Equipment & Services | 2.1 | |||
Semiconductors & Semiconductor Equipment | 1.9 | |||
Electrical Equipment | 1.8 | |||
Media | 1.8 | |||
Commercial Services & Supplies | 1.8 | |||
Machinery | 1.7 | |||
Beverages | 1.6 | |||
Metals & Mining | 1.6 | |||
Aerospace & Defense | 1.5 | |||
Personal Products | 1.5 | |||
Food & Staples Retailing | 1.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—1.5% | ||||||||
36,395 | Lockheed Martin Corp. | $ | 8,000,713 | |||||
|
| |||||||
Banks—8.6% | ||||||||
231,677 | Community Bank System, Inc. | 9,443,155 | ||||||
122,139 | Cullen/Frost Bankers, Inc. | 8,359,193 | ||||||
679,551 | People’s United Financial, Inc. | 10,838,839 | ||||||
224,422 | United Bankshares, Inc. | 8,875,890 | ||||||
183,140 | Westamerica Bancorp.(b) | 8,096,619 | ||||||
|
| |||||||
45,613,696 | ||||||||
|
| |||||||
Beverages—1.6% | ||||||||
201,669 | Coca-Cola Co. (The) | 8,540,682 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Commercial Services & Supplies—1.8% | ||||||||
407,276 | Brady Corp., Class A | $ | 9,265,529 | |||||
|
| |||||||
Diversified Telecommunication Services—4.9% | ||||||||
416,513 | AT&T, Inc. | 13,957,351 | ||||||
255,142 | Verizon Communications, Inc. | 11,961,057 | ||||||
|
| |||||||
25,918,408 | ||||||||
|
| |||||||
Electric Utilities—9.0% | ||||||||
156,731 | Duke Energy Corp. | 11,201,565 | ||||||
380,896 | PPL Corp. | 13,102,823 | ||||||
278,152 | Southern Co. (The) | 12,544,655 | ||||||
260,962 | Westar Energy, Inc. | 10,360,191 | ||||||
|
| |||||||
47,209,234 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares High Yield Equity Dividend Achievers™ Portfolio (PEY) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Electrical Equipment—1.8% | ||||||||
202,684 | Emerson Electric Co. | $ | 9,572,765 | |||||
|
| |||||||
Energy Equipment & Services—2.1% | ||||||||
193,885 | Helmerich & Payne, Inc.(b) | 10,909,909 | ||||||
|
| |||||||
Food & Staples Retailing—1.4% | ||||||||
183,788 | Sysco Corp. | 7,581,255 | ||||||
|
| |||||||
Food Products—2.9% | ||||||||
129,547 | General Mills, Inc. | 7,527,976 | ||||||
110,094 | Kellogg Co. | 7,763,829 | ||||||
|
| |||||||
15,291,805 | ||||||||
|
| |||||||
Gas Utilities—7.8% | ||||||||
133,321 | AGL Resources, Inc. | 8,332,562 | ||||||
159,429 | Laclede Group, Inc. (The) | 9,337,756 | ||||||
236,084 | Northwest Natural Gas Co. | 11,277,733 | ||||||
214,428 | Piedmont Natural Gas Co., Inc. | 12,288,869 | ||||||
|
| |||||||
41,236,920 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—3.3% | ||||||||
116,773 | Darden Restaurants, Inc. | 7,227,081 | ||||||
92,451 | McDonald’s Corp. | 10,377,625 | ||||||
|
| |||||||
17,604,706 | ||||||||
|
| |||||||
Household Products—3.5% | ||||||||
74,418 | Kimberly-Clark Corp. | 8,908,579 | ||||||
128,450 | Procter & Gamble Co. (The) | 9,811,011 | ||||||
|
| |||||||
18,719,590 | ||||||||
|
| |||||||
Insurance—8.4% | ||||||||
161,374 | Cincinnati Financial Corp. | 9,719,556 | ||||||
97,851 | Erie Indemnity Co., Class A | 8,558,049 | ||||||
234,190 | Mercury General Corp. | 12,648,602 | ||||||
731,136 | Old Republic International Corp. | 13,189,693 | ||||||
|
| |||||||
44,115,900 | ||||||||
|
| |||||||
Machinery—1.7% | ||||||||
120,588 | Caterpillar, Inc. | 8,801,718 | ||||||
|
| |||||||
Media—1.8% | ||||||||
198,742 | Meredith Corp. | 9,344,849 | ||||||
|
| |||||||
Metals & Mining—1.6% | ||||||||
194,870 | Nucor Corp. | 8,243,001 | ||||||
|
| |||||||
Multi-Utilities—7.7% | ||||||||
243,555 | Avista Corp. | 8,244,337 | ||||||
160,046 | Consolidated Edison, Inc. | 10,523,024 | ||||||
554,894 | MDU Resources Group, Inc. | 10,465,301 | ||||||
187,815 | SCANA Corp. | 11,122,404 | ||||||
|
| |||||||
40,355,066 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—14.3% | ||||||||
160,193 | Chevron Corp. | 14,558,340 | ||||||
297,772 | ConocoPhillips | 15,886,136 | ||||||
123,164 | Exxon Mobil Corp. | 10,190,589 | ||||||
134,027 | Occidental Petroleum Corp. | 9,990,373 | ||||||
455,336 | ONEOK, Inc. | 15,444,997 | ||||||
243,051 | Williams Cos., Inc. (The) | 9,585,932 | ||||||
|
| |||||||
75,656,367 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Personal Products—1.5% | ||||||||
204,720 | Nu Skin Enterprises, Inc., Class A(b) | $ | 7,822,351 | |||||
|
| |||||||
Semiconductors & Semiconductor Equipment—1.9% | ||||||||
246,878 | Maxim Integrated Products, Inc. | 10,117,060 | ||||||
|
| |||||||
Tobacco—10.9% | ||||||||
177,878 | Altria Group, Inc. | 10,756,283 | ||||||
375,222 | Reynolds American, Inc. | 18,130,727 | ||||||
209,859 | Universal Corp. | 11,334,484 | ||||||
717,668 | Vector Group Ltd.(b) | 17,403,449 | ||||||
|
| |||||||
57,624,943 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $499,912,219)—100.0% | 527,546,467 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.0% | ||||||||
15,985,167 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(c)(d) (Cost $15,985,167) | 15,985,167 | ||||||
|
| |||||||
Total Investments (Cost $515,897,386)—103.0% | 543,531,634 | |||||||
Other assets less liabilities—(3.0)% | (16,015,893 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 527,515,741 | ||||||
|
|
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, 2015. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares International Dividend Achievers™ Portfolio (PID)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Energy | 28.2 | |||
Financials | 16.6 | |||
Consumer Discretionary | 9.3 | |||
Telecommunication Services | 8.9 | |||
Industrials | 8.7 | |||
Consumer Staples | 8.6 | |||
Materials | 8.0 | |||
Health Care | 6.3 | |||
Information Technology | 3.4 | |||
Utilities | 1.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Australia—6.4% | ||||||||
651,522 | BHP Billiton Ltd. ADR(a) | $ | 21,428,559 | |||||
718,576 | BHP Billiton PLC ADR(a) | 23,174,076 | ||||||
1,062,890 | Westpac Banking Corp. ADR(a) | 23,776,849 | ||||||
|
| |||||||
68,379,484 | ||||||||
|
| |||||||
Belgium—1.2% | ||||||||
104,677 | Anheuser-Busch InBev NV ADR | 12,491,106 | ||||||
|
| |||||||
Bermuda—5.6% | ||||||||
472,826 | Brookfield Infrastructure Partners LP(a) | 19,887,061 | ||||||
40,491 | RenaissanceRe Holdings Ltd. | 4,439,028 | ||||||
1,407,159 | Teekay LNG Partners LP(a) | 34,953,830 | ||||||
|
| |||||||
59,279,919 | ||||||||
|
| |||||||
Brazil—0.8% | ||||||||
521,655 | Ultrapar Participacoes SA ADR | 9,029,848 | ||||||
|
| |||||||
Canada—14.7% | ||||||||
465,623 | BCE, Inc. | 20,119,570 | ||||||
109,564 | Canadian National Railway Co. | 6,693,265 | ||||||
543,590 | Canadian Natural Resources Ltd. | 12,622,160 | ||||||
298,444 | Enbridge, Inc. | 12,740,574 | ||||||
153,514 | Franco-Nevada Corp. | 7,781,625 | ||||||
126,805 | Imperial Oil Ltd. | 4,216,266 | ||||||
125,205 | Magna International, Inc. | 6,602,060 | ||||||
196,800 | Ritchie Bros. Auctioneers, Inc.(a) | 5,110,896 | ||||||
485,263 | Rogers Communications, Inc., Class B(a) | 19,313,467 | ||||||
834,337 | Shaw Communications, Inc., Class B | 17,312,493 | ||||||
424,865 | Suncor Energy, Inc. | 12,631,236 | ||||||
449,636 | TELUS Corp.(a) | 15,004,353 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
498,603 | TransCanada Corp. | $ | 16,748,075 | |||||
|
| |||||||
156,896,040 | ||||||||
|
| |||||||
Colombia—1.3% | ||||||||
401,290 | Bancolombia SA (Preference Shares) ADR | 13,892,660 | ||||||
|
| |||||||
Denmark—0.4% | ||||||||
85,160 | Novo Nordisk A/S, Class B ADR | 4,528,809 | ||||||
|
| |||||||
France—1.1% | ||||||||
239,604 | Sanofi ADR | 12,061,665 | ||||||
|
| |||||||
Germany—0.4% | ||||||||
105,950 | Fresenius Medical Care AG & Co. KGaA ADR(a) | 4,760,334 | ||||||
|
| |||||||
India—2.6% | ||||||||
85,797 | Axis Bank Ltd. GDR(b) | 3,101,561 | ||||||
41,129 | HDFC Bank Ltd. ADR | 2,514,627 | ||||||
734,393 | ICICI Bank Ltd. ADR | 6,330,468 | ||||||
427,761 | Infosys Ltd. ADR | 7,768,140 | ||||||
149,288 | Larsen & Toubro Ltd. GDR(b) | 3,194,763 | ||||||
163,926 | Reliance Industries Ltd. GDR(b) | 4,704,676 | ||||||
|
| |||||||
27,614,235 | ||||||||
|
| |||||||
Ireland—0.1% | ||||||||
4,585 | Shire PLC ADR | 1,041,024 | ||||||
|
| |||||||
Israel—0.6% | ||||||||
115,329 | Teva Pharmaceutical Industries Ltd. ADR | 6,826,324 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares International Dividend Achievers™ Portfolio (PID) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Italy—0.4% | ||||||||
61,978 | Luxottica Group SpA ADR | $ | 4,348,377 | |||||
|
| |||||||
Japan—2.2% | ||||||||
262,919 | Honda Motor Co. Ltd. ADR | 8,710,507 | ||||||
179,751 | Nippon Telegraph & Telephone Corp. ADR | 6,602,254 | ||||||
112,119 | ORIX Corp. ADR | 8,173,475 | ||||||
|
| |||||||
23,486,236 | ||||||||
|
| |||||||
Kazakhstan—1.4% | ||||||||
2,066,580 | KazMunaiGas Exploration Production JSC GDR(b) | 14,466,060 | ||||||
|
| |||||||
Mexico—0.6% | ||||||||
361,753 | America Movil SAB de CV, Series L ADR | 6,442,821 | ||||||
|
| |||||||
Netherlands—0.3% | ||||||||
32,682 | ASML Holding NV | 3,032,563 | ||||||
|
| |||||||
Norway—2.1% | ||||||||
1,396,514 | Statoil ASA ADR(a) | 22,567,666 | ||||||
|
| |||||||
Russia—5.0% | ||||||||
616,222 | LUKOIL PJSC ADR | 22,368,859 | ||||||
186,574 | Magnit PJSC GDR(b) | 8,492,848 | ||||||
83,090 | Novatek OAO GDR(b) | 7,598,581 | ||||||
3,623,977 | Rosneft OAO GDR(b) | 14,495,908 | ||||||
|
| |||||||
52,956,196 | ||||||||
|
| |||||||
South Africa—1.8% | ||||||||
594,515 | Sasol Ltd. ADR | 19,119,602 | ||||||
|
| |||||||
Sweden—1.3% | ||||||||
1,463,306 | Telefonaktiebolaget LM Ericsson, Class B ADR | 14,252,600 | ||||||
|
| |||||||
Switzerland—3.2% | ||||||||
732,949 | ABB Ltd. ADR(a) | 13,838,077 | ||||||
100,537 | Novartis AG ADR | 9,091,561 | ||||||
174,308 | Syngenta AG ADR(a) | 11,729,185 | ||||||
|
| |||||||
34,658,823 | ||||||||
|
| |||||||
United Kingdom—22.7% | ||||||||
1,525,206 | Amec Foster Wheeler PLC ADR(a) | 16,655,249 | ||||||
66,111 | ARM Holdings PLC ADR | 3,135,645 | ||||||
553,336 | Barclays PLC ADR | 7,873,971 | ||||||
146,178 | British American Tobacco PLC ADR | 17,263,622 | ||||||
151,300 | BT Group PLC ADR | 10,843,671 | ||||||
173,744 | Diageo PLC ADR | 19,994,459 | ||||||
529,110 | GlaxoSmithKline PLC ADR | 22,783,477 | ||||||
566,165 | HSBC Holdings PLC ADR(a) | 22,120,067 | ||||||
202,449 | Intercontinental Hotels Group PLC ADR | 8,073,666 | ||||||
939,834 | Pearson PLC ADR(a) | 12,518,589 | ||||||
146,880 | Pentair PLC | 8,213,530 | ||||||
224,593 | Prudential PLC ADR | 10,508,706 | ||||||
588,455 | Rio Tinto PLC ADR(a) | 21,484,492 | ||||||
164,410 | Smith & Nephew PLC ADR(a) | 5,609,669 | ||||||
296,964 | Unilever NV(a) | 13,357,441 | ||||||
294,168 | Unilever PLC ADR | 13,075,768 | ||||||
520,199 | Vodafone Group PLC ADR | 17,150,961 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
99,940 | WPP PLC ADR | $ | 11,199,276 | |||||
|
| |||||||
241,862,259 | ||||||||
|
| |||||||
United States—23.7% | ||||||||
81,773 | Accenture PLC, Class A | 8,766,066 | ||||||
89,477 | ACE Ltd. | 10,159,219 | ||||||
208,889 | Allied World Assurance Co. Holdings AG | 7,595,204 | ||||||
129,581 | Axis Capital Holdings Ltd. | 6,997,374 | ||||||
95,071 | Bunge Ltd. | 6,936,380 | ||||||
57,224 | Core Laboratories NV(a) | 6,656,868 | ||||||
234,201 | Eaton Corp. PLC | 13,094,178 | ||||||
1,955,824 | Ensco PLC, Class A | 32,525,353 | ||||||
491,262 | Garmin Ltd. | 17,425,063 | ||||||
318,551 | Invesco Ltd.(c) | 10,566,337 | ||||||
187,350 | Lazard Ltd., Class A | 8,678,052 | ||||||
867,710 | Maiden Holdings Ltd. | 13,492,890 | ||||||
1,814,057 | OFG Bancorp(a) | 16,707,465 | ||||||
5,081 | Perrigo Co. PLC | 801,477 | ||||||
2,413,363 | Teekay Offshore Partners LP(a) | 37,093,389 | ||||||
2,170,253 | Textainer Group Holdings Ltd.(a) | 42,450,149 | ||||||
315,696 | Thomson Reuters Corp. | 12,949,850 | ||||||
|
| |||||||
252,895,314 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $1,179,529,027)—99.9% | 1,066,889,965 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—13.7% | ||||||||
145,837,894 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $145,837,894) | 145,837,894 | ||||||
|
| |||||||
Total Investments (Cost $1,325,366,921)—113.6% | 1,212,727,859 | |||||||
Other assets less liabilities—(13.6)% | (145,376,230 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,067,351,629 | ||||||
|
|
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, 2015. |
(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, 2015 was $56,054,397, which represented 5.25% of the Fund’s Net Assets. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares International Dividend Achievers™ Portfolio (PID) (continued)
October 31, 2015
(Unaudited)
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Statements of Assets and Liabilities
October 31, 2015
(Unaudited)
PowerShares BuyBack Achievers™ Portfolio (PKW) | PowerShares Dividend Achievers™ Portfolio (PFM) | PowerShares Financial Preferred Portfolio (PGF) | PowerShares High Yield Equity Dividend Achievers™ Portfolio (PEY) | PowerShares International Dividend Achievers™ Portfolio (PID) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments, at value(a) | $ | 2,449,716,279 | $ | 295,116,979 | $ | 1,484,915,592 | $ | 527,546,467 | $ | 1,056,323,628 | ||||||||||
Affiliated investments, at value | 39,154,072 | 656,434 | 40,728,730 | 15,985,167 | 156,404,231 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at value | 2,488,870,351 | 295,773,413 | 1,525,644,322 | 543,531,634 | 1,212,727,859 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | 42,215,901 | 1,105,084 | — | — | 12,477,385 | |||||||||||||||
Shares sold | 25,982,286 | — | — | — | — | |||||||||||||||
Dividends | 1,411,177 | 588,889 | 4,326,233 | 1,591,913 | 2,259,341 | |||||||||||||||
Securities lending | 31,685 | — | 74,392 | 5,429 | 218,892 | |||||||||||||||
Foreign tax reclaims | — | — | — | — | 940,630 | |||||||||||||||
Settlement proceeds | — | — | — | — | 1,765 | |||||||||||||||
Other assets | 3,351 | 672 | 1,493 | 1,083 | 2,325 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 2,558,514,751 | 297,468,058 | 1,530,046,440 | 545,130,059 | 1,228,628,197 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | — | 210,194 | 1,255,315 | 381,704 | 2,584,794 | |||||||||||||||
Payables: | ||||||||||||||||||||
Investments purchased | 42,447,372 | — | 645,000 | 634,721 | — | |||||||||||||||
Collateral upon return of securities loaned | 35,449,128 | — | 40,728,730 | 15,985,167 | 145,837,894 | |||||||||||||||
Shares repurchased | 25,978,528 | 1,041,597 | — | — | 11,361,816 | |||||||||||||||
Accrued advisory fees | 1,017,419 | 99,042 | 615,888 | 170,591 | 377,977 | |||||||||||||||
Accrued trustees’ and officer’s fees | 51,700 | 24,542 | 85,609 | 27,663 | 53,908 | |||||||||||||||
Accrued expenses | 2,100,721 | 274,679 | 728,987 | 414,472 | 1,060,179 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 107,044,868 | 1,650,054 | 44,059,529 | 17,614,318 | 161,276,568 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 2,451,469,883 | $ | 295,818,004 | $ | 1,485,986,911 | $ | 527,515,741 | $ | 1,067,351,629 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 2,374,633,059 | $ | 260,897,677 | $ | 1,406,134,947 | $ | 621,885,612 | $ | 1,498,112,377 | ||||||||||
Undistributed net investment income | 1,951,784 | 728,017 | 608,709 | 570,204 | 5,665,345 | |||||||||||||||
Undistributed net realized gain (loss) | (33,612,340 | ) | (12,513,351 | ) | (12,329,465 | ) | (122,574,323 | ) | (323,787,031 | ) | ||||||||||
Net unrealized appreciation (depreciation) | 108,497,380 | 46,705,661 | 91,572,720 | 27,634,248 | (112,639,062 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 2,451,469,883 | $ | 295,818,004 | $ | 1,485,986,911 | $ | 527,515,741 | $ | 1,067,351,629 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 51,900,000 | 14,200,000 | 80,150,000 | 38,600,000 | 68,650,000 | |||||||||||||||
Net asset value | $ | 47.23 | $ | 20.83 | $ | 18.54 | $ | 13.67 | $ | 15.55 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 47.29 | $ | 20.85 | $ | 18.55 | $ | 13.69 | $ | 15.54 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments, at cost | $ | 2,340,743,275 | $ | 248,239,626 | $ | 1,393,342,872 | $ | 499,912,219 | $ | 1,166,194,482 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments, at cost | $ | 39,629,696 | $ | 828,126 | $ | 40,728,730 | $ | 15,985,167 | $ | 159,172,439 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at cost | $ | 2,380,372,971 | $ | 249,067,752 | $ | 1,434,071,602 | $ | 515,897,386 | $ | 1,325,366,921 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | 34,597,426 | $ | — | $ | 39,846,599 | $ | 16,248,650 | $ | 142,211,673 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
For the six months ended October 31, 2015
(Unaudited)
PowerShares BuyBack Achievers™ Portfolio (PKW) | PowerShares Dividend Achievers™ Portfolio (PFM) | PowerShares Financial Preferred Portfolio (PGF) | PowerShares High Yield Equity Dividend Achievers™ Portfolio (PEY) | PowerShares International Dividend Achievers™ Portfolio (PID) | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 22,512,853 | $ | 4,560,911 | $ | 45,734,454 | $ | 10,588,696 | $ | 30,872,380 | ||||||||||
Affiliated dividend income | 132,059 | 11,933 | 3,407 | 141 | 189,184 | |||||||||||||||
Securities lending income | 256,857 | — | 313,335 | 23,596 | 951,263 | |||||||||||||||
Foreign withholding tax | — | — | — | — | (2,033,883 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 22,901,769 | 4,572,844 | 46,051,196 | 10,612,433 | 29,978,944 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 6,896,850 | 640,248 | 3,603,822 | 1,021,996 | 2,688,634 | |||||||||||||||
Sub-licensing fees | 1,379,369 | 160,061 | 681,125 | 255,499 | 672,157 | |||||||||||||||
Accounting & administration fees | 293,739 | 34,245 | 143,962 | 56,405 | 149,435 | |||||||||||||||
Trustees’ and officer’s fees | 27,701 | 6,362 | 15,445 | 8,168 | 15,638 | |||||||||||||||
Custodian & transfer agent fees | 20,290 | 11,636 | 27,832 | 7,459 | 41,113 | |||||||||||||||
Other expenses | 111,494 | 31,600 | 76,704 | 40,532 | 73,726 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 8,729,443 | 884,152 | 4,548,890 | 1,390,059 | 3,640,703 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (1,339 | ) | (181 | ) | (8,812 | ) | (305 | ) | (684 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 8,728,104 | 883,971 | 4,540,078 | 1,389,754 | 3,640,019 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 14,173,665 | 3,688,873 | 41,511,118 | 9,222,679 | 26,338,925 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | (5,694,458 | ) | 3,028 | 5,834,871 | (1,878,108 | ) | (34,061,743 | ) | ||||||||||||
In-kind redemptions | 62,352,574 | 8,867,481 | 15,106,794 | 14,094,885 | 15,694,175 | |||||||||||||||
Foreign currencies | — | — | — | — | (365 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 56,658,116 | 8,870,509 | 20,941,665 | 12,216,777 | (18,367,933 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | (154,368,083 | ) | (19,070,476 | ) | (14,620,397 | ) | (5,219,832 | ) | (223,529,226 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | (97,709,967 | ) | (10,199,967 | ) | 6,321,268 | 6,996,945 | (241,897,159 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (83,536,302 | ) | $ | (6,511,094 | ) | $ | 47,832,386 | $ | 16,219,624 | $ | (215,558,234 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares BuyBack Achievers™ Portfolio (PKW) | PowerShares Dividend Achievers™ Portfolio (PFM) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 14,173,665 | $ | 30,836,737 | $ | 3,688,873 | $ | 7,376,238 | ||||||||
Net realized gain (loss) | 56,658,116 | 258,161,485 | 8,870,509 | 24,781,463 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (154,368,083 | ) | 37,064,023 | (19,070,476 | ) | (8,826,932 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (83,536,302 | ) | 326,062,245 | (6,511,094 | ) | 23,330,769 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (17,121,957 | ) | (32,756,576 | ) | (4,131,916 | ) | (7,214,576 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 124,854,583 | 1,366,740,866 | 2,051,495 | 49,356,388 | ||||||||||||
Value of shares repurchased | (543,650,561 | ) | (1,594,242,954 | ) | (39,409,312 | ) | (73,210,711 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (418,795,978 | ) | (227,502,088 | ) | (37,357,817 | ) | (23,854,323 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (519,454,237 | ) | 65,803,581 | (48,000,827 | ) | (7,738,130 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 2,970,924,120 | 2,905,120,539 | 343,818,831 | 351,556,961 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,451,469,883 | $ | 2,970,924,120 | $ | 295,818,004 | $ | 343,818,831 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 1,951,784 | $ | 4,900,076 | $ | 728,017 | $ | 1,171,060 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 2,650,000 | 28,850,000 | 100,000 | 2,300,000 | ||||||||||||
Shares repurchased | (11,650,000 | ) | (34,850,000 | ) | (1,950,000 | ) | (3,400,000 | ) | ||||||||
Shares outstanding, beginning of period | 60,900,000 | 66,900,000 | 16,050,000 | 17,150,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 51,900,000 | 60,900,000 | 14,200,000 | 16,050,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares Financial Preferred Portfolio (PGF) | PowerShares High Yield Equity Dividend Achievers™ Portfolio (PEY) | PowerShares International Dividend Achievers™ Portfolio (PID) | ||||||||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||||||
$ | 41,511,118 | $ | 84,111,917 | $ | 9,222,679 | $ | 16,444,680 | $ | 26,338,925 | $ | 38,304,869 | |||||||||||
20,941,665 | 18,545,919 | 12,216,777 | 55,819,802 | (18,367,933 | ) | 3,930,446 | ||||||||||||||||
(14,620,397 | ) | 17,654,230 | (5,219,832 | ) | (9,435,272 | ) | (223,529,226 | ) | (19,752,892 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
47,832,386 | 120,312,066 | 16,219,624 | 62,829,210 | (215,558,234 | ) | 22,482,423 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(41,315,222 | ) | (83,658,606 | ) | (8,866,634 | ) | (16,547,207 | ) | (26,843,774 | ) | (36,588,767 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
96,355,591 | 96,086,975 | 67,376,697 | 394,961,598 | 12,037,214 | 570,101,010 | |||||||||||||||||
(88,602,292 | ) | (96,582,262 | ) | (84,538,374 | ) | (297,022,280 | ) | (274,129,852 | ) | (144,801,898 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| 7,753,299 | | (495,287 | ) | (17,161,677 | ) | 97,939,318 | (262,092,638 | ) | 425,299,112 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
14,270,463 | 36,158,173 | (9,808,687 | ) | 144,221,321 | (504,494,646 | ) | 411,192,768 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,471,716,448 | 1,435,558,275 | 537,324,428 | 393,103,107 | 1,571,846,275 | 1,160,653,507 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,485,986,911 | $ | 1,471,716,448 | $ | 527,515,741 | $ | 537,324,428 | $ | 1,067,351,629 | $ | 1,571,846,275 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 608,709 | $ | 412,813 | $ | 570,204 | $ | 214,159 | $ | 5,665,345 | $ | 6,170,194 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,250,000 | 5,250,000 | 5,150,000 | 30,300,000 | 700,000 | 30,700,000 | |||||||||||||||||
(4,850,000 | ) | (5,300,000 | ) | (6,500,000 | ) | (22,250,000 | ) | (17,400,000 | ) | (7,900,000 | ) | |||||||||||
79,750,000 | 79,800,000 | 39,950,000 | 31,900,000 | 85,350,000 | 62,550,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
80,150,000 | 79,750,000 | 38,600,000 | 39,950,000 | 68,650,000 | 85,350,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 21 |
|
PowerShares BuyBack AchieversTM Portfolio (PKW)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 48.78 | $ | 43.42 | $ | 34.60 | $ | 29.40 | $ | 27.27 | $ | 22.36 | ||||||||||||
Net investment income(a) | 0.25 | 0.51 | 0.39 | 0.37 | 0.27 | 0.11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.50 | ) | 5.38 | 8.70 | 5.18 | 2.12 | 4.87 | |||||||||||||||||
Total from investment operations | (1.25 | ) | 5.89 | 9.09 | 5.55 | 2.39 | 4.98 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.53 | ) | (0.27 | ) | (0.35 | ) | (0.26 | ) | (0.07 | ) | ||||||||||||
Net asset value at end of period | $ | 47.23 | $ | 48.78 | $ | 43.42 | $ | 34.60 | $ | 29.40 | $ | 27.27 | ||||||||||||
Market price at end of period(b) | $ | 47.29 | $ | 48.77 | $ | 43.42 | $ | 34.61 | $ | 29.40 | $ | 27.27 | ||||||||||||
Net Asset Value Total Return(c) | (2.56 | )% | 13.63 | % | 26.36 | % | 19.08 | % | 8.91 | % | 22.34 | % | ||||||||||||
Market Price Total Return(c) | (2.42 | )% | 13.61 | % | 26.32 | % | 19.11 | % | 8.91 | % | 22.29 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,451,470 | $ | 2,970,924 | $ | 2,905,121 | $ | 418,621 | $ | 139,641 | $ | 43,637 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d)(e) | 0.63 | %(d) | 0.66 | %(d) | 0.70 | % | 0.71 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d)(e) | 0.63 | %(d) | 0.66 | %(d) | 0.70 | % | 0.79 | % | 1.00 | % | ||||||||||||
Net investment income, after Waivers | 1.03 | %(e) | 1.09 | % | 0.95 | % | 1.21 | % | 1.00 | % | 0.49 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 68 | % | 92 | % | 80 | % | 32 | % | 26 | % |
(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 companies’ 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 investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
PowerShares Dividend AchieversTM Portfolio (PFM)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.42 | $ | 20.50 | $ | 18.33 | $ | 15.81 | $ | 15.29 | $ | 13.21 | ||||||||||||
Net investment income(a) | 0.24 | 0.44 | 0.39 | 0.38 | 0.34 | 0.31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.56 | ) | 0.90 | 2.16 | 2.52 | 0.51 | 2.08 | |||||||||||||||||
Total from investment operations | (0.32 | ) | 1.34 | 2.55 | 2.90 | 0.85 | 2.39 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.42 | ) | (0.38 | ) | (0.38 | ) | (0.33 | ) | (0.31 | ) | ||||||||||||
Net asset value at end of period | $ | 20.83 | $ | 21.42 | $ | 20.50 | $ | 18.33 | $ | 15.81 | $ | 15.29 | ||||||||||||
Market price at end of period(b) | $ | 20.85 | $ | 21.40 | $ | 20.50 | $ | 18.32 | $ | 15.80 | $ | 15.29 | ||||||||||||
Net Asset Value Total Return(c) | (1.47 | )% | 6.54 | % | 14.11 | % | 18.67 | % | 5.78 | % | 18.39 | % | ||||||||||||
Market Price Total Return(c) | (1.28 | )% | 6.44 | % | 14.17 | % | 18.68 | % | 5.71 | % | 18.39 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 295,818 | $ | 343,819 | $ | 351,557 | $ | 296,928 | $ | 252,988 | $ | 217,859 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | %(d) | 0.55 | % | 0.55 | % | 0.58 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.55 | %(d) | 0.55 | % | 0.55 | % | 0.58 | % | 0.60 | % | 0.61 | % | ||||||||||||
Net investment income, after Waivers | 2.30 | %(d) | 2.07 | % | 2.05 | % | 2.28 | % | 2.28 | % | 2.30 | % | ||||||||||||
Portfolio turnover rate(e) | 2 | % | 20 | % | 21 | % | 18 | % | 20 | % | 11 | % |
(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 for periods less than one year, if applicable, 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 |
|
Financial Highlights (continued)
PowerShares Financial Preferred Portfolio (PGF)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.45 | $ | 17.99 | $ | 18.67 | $ | 17.79 | $ | 18.26 | $ | 16.97 | ||||||||||||
Net investment income(a) | 0.53 | 1.07 | 1.10 | 1.18 | 1.17 | 1.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.09 | 0.45 | (0.68 | ) | 0.85 | (0.42 | ) | 1.36 | ||||||||||||||||
Total from investment operations | 0.62 | 1.52 | 0.42 | 2.03 | 0.75 | 2.54 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.53 | ) | (1.06 | ) | (1.10 | ) | (1.15 | ) | (1.17 | ) | (1.21 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.05 | ) | (0.04 | ) | ||||||||||||||||
Total distributions | (0.53 | ) | (1.06 | ) | (1.10 | ) | (1.15 | ) | (1.22 | ) | (1.25 | ) | ||||||||||||
Net asset value at end of period | $ | 18.54 | $ | 18.45 | $ | 17.99 | $ | 18.67 | $ | 17.79 | $ | 18.26 | ||||||||||||
Market price at end of period(b) | $ | 18.55 | $ | 18.46 | $ | 17.98 | $ | 18.70 | $ | 17.83 | $ | 18.28 | ||||||||||||
Net Asset Value Total Return(c) | 3.42 | % | 8.73 | % | 2.63 | % | 11.78 | % | 4.56 | % | 15.57 | % | ||||||||||||
Market Price Total Return(c) | 3.42 | % | 8.85 | % | 2.41 | % | 11.71 | % | 4.68 | % | 15.97 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,485,987 | $ | 1,471,716 | $ | 1,435,558 | $ | 1,891,452 | $ | 1,612,698 | $ | 1,832,516 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.63 | % | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.63 | % | 0.63 | % | 0.64 | % | 0.66 | % | 0.66 | % | ||||||||||||
Net investment income, after Waivers | 5.76 | %(d) | 5.87 | % | 6.28 | % | 6.47 | % | 6.76 | % | 6.75 | % | ||||||||||||
Portfolio turnover rate(e) | 7 | % | 9 | % | 30 | % | 18 | % | 6 | % | 26 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.45 | $ | 12.32 | $ | 10.77 | $ | 9.36 | $ | 9.06 | $ | 8.44 | ||||||||||||
Net investment income(a) | 0.24 | 0.43 | 0.42 | 0.42 | 0.35 | 0.34 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.21 | 1.13 | 1.54 | 1.41 | 0.29 | 0.63 | ||||||||||||||||||
Total from investment operations | 0.45 | 1.56 | 1.96 | 1.83 | 0.64 | 0.97 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.43 | ) | (0.41 | ) | (0.42 | ) | (0.34 | ) | (0.34 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
Total distributions | (0.23 | ) | (0.43 | ) | (0.41 | ) | (0.42 | ) | (0.34 | ) | (0.35 | ) | ||||||||||||
Net asset value at end of period | $ | 13.67 | $ | 13.45 | $ | 12.32 | $ | 10.77 | $ | 9.36 | $ | 9.06 | ||||||||||||
Market price at end of period(b) | $ | 13.69 | $ | 13.45 | $ | 12.32 | $ | 10.76 | $ | 9.36 | $ | 9.06 | ||||||||||||
Net Asset Value Total Return(c) | 3.42 | % | 12.89 | % | 18.61 | % | 20.16 | % | 7.37 | % | 11.91 | % | ||||||||||||
Market Price Total Return(c) | 3.57 | % | 12.89 | % | 18.72 | % | 20.05 | % | 7.37 | % | 11.91 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 527,516 | $ | 537,324 | $ | 393,103 | $ | 322,476 | $ | 276,169 | $ | 208,471 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.54 | %(d) | 0.54 | % | 0.55 | % | 0.57 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.54 | %(d) | 0.54 | % | 0.55 | % | 0.57 | % | 0.60 | % | 0.62 | % | ||||||||||||
Net investment income, after Waivers | 3.61 | %(d) | 3.29 | % | 3.70 | % | 4.31 | % | 3.88 | % | 4.02 | % | ||||||||||||
Portfolio turnover rate(e) | 9 | % | 45 | % | 51 | % | 32 | % | 35 | % | 44 | % |
(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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares International Dividend AchieversTM Portfolio (PID)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.42 | $ | 18.56 | $ | 17.27 | $ | 15.35 | $ | 16.85 | $ | 14.26 | ||||||||||||
Net investment income(a) | 0.33 | 0.51 | 0.67 | (b) | 0.40 | 0.48 | 0.47 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.87 | ) | (0.17 | ) | 1.26 | 1.93 | (1.49 | ) | 2.59 | |||||||||||||||
Total from investment operations | (2.54 | ) | 0.34 | 1.93 | 2.33 | (1.01 | ) | 3.06 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.33 | ) | (0.48 | ) | (0.64 | ) | (0.41 | ) | (0.49 | ) | (0.47 | ) | ||||||||||||
Net asset value at end of period | $ | 15.55 | $ | 18.42 | $ | 18.56 | $ | 17.27 | $ | 15.35 | $ | 16.85 | ||||||||||||
Market price at end of period(c) | $ | 15.54 | $ | 18.43 | $ | 18.58 | $ | 17.31 | $ | 15.37 | $ | 16.89 | ||||||||||||
Net Asset Value Total Return(d) | (13.87 | )% | 1.83 | % | 11.50 | % | 15.63 | % | (5.87 | )% | 21.95 | % | ||||||||||||
Market Price Total Return(d) | (13.97 | )% | 1.77 | % | 11.35 | % | 15.75 | % | (5.97 | )% | 22.23 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,067,352 | $ | 1,571,846 | $ | 1,160,654 | $ | 877,341 | $ | 690,196 | $ | 550,282 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.54 | %(e) | 0.55 | % | 0.54 | % | 0.56 | % | 0.55 | % | 0.58 | % | ||||||||||||
Expenses, prior to Waivers | 0.54 | %(e) | 0.55 | % | 0.54 | % | 0.56 | % | 0.56 | % | 0.58 | % | ||||||||||||
Net investment income, after Waivers | 3.92 | %(e) | 2.77 | % | 3.82 | %(b) | 2.57 | % | 3.20 | % | 3.20 | % | ||||||||||||
Portfolio turnover rate(f) | 20 | % | 66 | % | 49 | % | 46 | % | 33 | % | 42 | % |
(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 for periods less than one year, if applicable, 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, 2015
(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, 2015, 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 price of each Share 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 | |
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. The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
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 asked 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 asked 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”).
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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 asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 Fund 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 Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in 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 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.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
E. Country Determination
For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. 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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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.
G. 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.
H. Securities Lending
During the six-month period ended October 31, 2015, 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% (105% for international securities) 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. Each Fund bears the risk of loss with respect to the investment of collateral. 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. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each 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. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. 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. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each 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, if any, is shown on the Statements of Assets and Liabilities.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, 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. Pursuant to that Investment Advisory Agreement, 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 Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser 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, 2016. Offering costs excluded from the Expense Cap for each Fund 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, 2016. 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, 2017, 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. This agreement is not subject to recapture by the Adviser.
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For the six-month period ended October 31, 2015, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
BuyBack AchieversTM Portfolio | $ | 1,339 | ||
Dividend AchieversTM Portfolio | 181 | |||
Financial Preferred Portfolio | 8,812 | |||
High Yield Equity Dividend AchieversTM Portfolio | 305 | |||
International Dividend AchieversTM Portfolio | 684 |
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, 2015, 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. |
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
The 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 certain Funds’ transactions in, and earnings from, investments in affiliates for the six-month period ended October 31, 2015.
BuyBack AchieversTM Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 2,502,438 | $ | 114,334 | $ | (302,571 | ) | $ | (481,757 | ) | $ | (35,765 | ) | $ | 1,796,679 | $ | 131,448 |
Dividend AchieversTM Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 921,802 | $ | 14,371 | $ | (99,122 | ) | $ | (161,899 | ) | $ | (18,718 | ) | $ | 656,434 | $ | 11,854 |
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International Dividend AchieversTM Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 14,328,131 | $ | 1,671,485 | $ | (2,534,159 | ) | $ | (2,619,194 | ) | $ | (279,926 | ) | $ | 10,566,337 | $ | 188,905 |
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, 2015, 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 carryforwards) 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 carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards 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 Funds had capital loss carryforwards as of April 30, 2015, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||||||||
BuyBack Achievers™ Portfolio | $ | 2,915,680 | $ | 800,254 | $ | 12,142,749 | $ | 2,107,645 | $ | 18,466,316 | $ | — | $ | 36,432,644 | $ | — | ||||||||||||||||
Dividend Achievers™ Portfolio | — | 1,209,931 | 14,632,363 | 2,339,194 | — | — | 18,181,488 | — | ||||||||||||||||||||||||
Financial Preferred Portfolio | 8,521,274 | 9,034,558 | 7,354,935 | — | — | — | 24,910,767 | — | ||||||||||||||||||||||||
High Yield Equity Dividend Achievers™ Portfolio | 884,585 | 81,487,358 | 44,815,128 | 2,187,574 | — | — | 129,374,645 | — | ||||||||||||||||||||||||
International Dividend Achievers™ Portfolio | 1,975,339 | 59,472,841 | 145,514,837 | 11,745,409 | 25,801,378 | 3,096,285 | 247,606,089 | 148,582 |
* | 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 7. Investment Transactions
For the six-month period ended October 31, 2015, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
BuyBack AchieversTM Portfolio | $ | 63,647,154 | $ | 66,703,632 | ||||
Dividend AchieversTM Portfolio | 7,602,520 | 7,775,699 | ||||||
Financial Preferred Portfolio | 100,743,207 | 101,014,134 | ||||||
High Yield Equity Dividend AchieversTM Portfolio | 48,556,612 | 47,719,600 | ||||||
International Dividend AchieversTM Portfolio | 270,763,095 | 268,691,556 |
For the six-month period ended October 31, 2015, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
BuyBack AchieversTM Portfolio | $ | 124,782,406 | $ | 542,707,162 | ||||
Dividend AchieversTM Portfolio | 2,050,060 | 39,328,574 | ||||||
Financial Preferred Portfolio | 87,753,965 | 86,977,833 | ||||||
High Yield Equity Dividend AchieversTM Portfolio | 67,357,493 | 84,986,757 | ||||||
International Dividend AchieversTM Portfolio | 12,036,598 | 273,779,906 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2015, 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:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
BuyBack AchieversTM Portfolio | $ | 248,107,302 | $ | (156,825,419 | ) | $ | 91,281,883 | $ | 2,397,588,468 | |||||||
Dividend AchieversTM Portfolio | 55,542,003 | (12,038,714 | ) | 43,503,289 | 252,270,124 | |||||||||||
Financial Preferred Portfolio | 100,876,813 | (17,664,456 | ) | 83,212,357 | 1,442,431,965 | |||||||||||
High Yield Equity Dividend AchieversTM Portfolio | 50,581,970 | (27,770,140 | ) | 22,811,830 | 520,719,804 | |||||||||||
International Dividend AchieversTM Portfolio | 67,957,487 | (206,580,041 | ) | (138,622,554 | ) | 1,351,350,413 |
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 an Officer of the Trust. The Trustee who is an “interested person” 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 principally 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
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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, 2015.
In addition to the fees and expenses which the PowerShares BuyBack Achievers™ 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 the Portfolio bears indirectly is included in the Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 974.35 | 0.63 | % | $ | 3.13 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||
PowerShares Dividend AchieversTM Portfolio (PFM) | ||||||||||||||||
Actual | 1,000.00 | 985.32 | 0.55 | 2.74 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.37 | 0.55 | 2.80 | ||||||||||||
PowerShares Financial Preferred Portfolio (PGF) | ||||||||||||||||
Actual | 1,000.00 | 1,034.20 | 0.63 | 3.22 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) | ||||||||||||||||
Actual | 1,000.00 | 1,034.19 | 0.54 | 2.76 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.42 | 0.54 | 2.75 |
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Fees and Expenses (continued)
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 861.31 | 0.54 | % | $ | 2.53 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.42 | 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, 2015. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
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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.
©2015 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, 2015 |
2015 Semi-Annual Report to Shareholders
PBE | PowerShares Dynamic Biotechnology & Genome Portfolio | |
PKB | PowerShares Dynamic Building & Construction Portfolio | |
PXE | PowerShares Dynamic Energy Exploration & Production Portfolio | |
PBJ | PowerShares Dynamic Food & Beverage Portfolio | |
PEJ | PowerShares Dynamic Leisure and Entertainment Portfolio | |
PBS | PowerShares Dynamic Media Portfolio | |
PXQ | PowerShares Dynamic Networking Portfolio | |
PXJ | PowerShares Dynamic Oil & Gas Services Portfolio | |
PJP | PowerShares Dynamic Pharmaceuticals Portfolio | |
PMR | PowerShares Dynamic Retail Portfolio | |
PSI | PowerShares Dynamic Semiconductors Portfolio | |
PSJ | PowerShares Dynamic Software Portfolio |
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PowerShares Dynamic Biotechnology & Genome Portfolio (PBE)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown as of October 31, 2015 | ||||
Biotechnology | 94.3 | |||
Pharmaceuticals | 4.0 | |||
Health Care Equipment | 1.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Biotechnology—94.3% | ||||||||
391,141 | Acorda Therapeutics, Inc.(b) | $ | 14,096,722 | |||||
131,223 | Alexion Pharmaceuticals, Inc.(b) | 23,095,248 | ||||||
117,375 | Alnylam Pharmaceuticals, Inc.(b) | 10,088,381 | ||||||
150,557 | Amgen, Inc. | 23,815,106 | ||||||
2,155,227 | Array BioPharma, Inc.(b)(c) | 11,034,762 | ||||||
1,121,021 | BioCryst Pharmaceuticals, Inc.(b) | 10,077,979 | ||||||
77,284 | Biogen, Inc.(b) | 22,451,775 | ||||||
176,231 | BioMarin Pharmaceutical, Inc.(b) | 20,626,076 | ||||||
369,574 | Emergent Biosolutions, Inc.(b) | 11,881,804 | ||||||
217,763 | Gilead Sciences, Inc. | 23,546,713 | ||||||
695,385 | Halozyme Therapeutics, Inc.(b) | 10,882,775 | ||||||
896,502 | ImmunoGen, Inc.(b) | 10,489,073 | ||||||
195,701 | Incyte Corp.(b) | 23,000,739 | ||||||
378,423 | Insys Therapeutics, Inc.(b)(c) | 9,748,177 | ||||||
248,391 | Isis Pharmaceuticals, Inc.(b) | 11,960,027 | ||||||
3,265,829 | MannKind Corp.(b)(c) | 10,809,894 | ||||||
277,070 | Medivation, Inc.(b) | 11,653,564 | ||||||
628,475 | Momenta Pharmaceuticals, Inc.(b) | 10,313,275 | ||||||
351,415 | Myriad Genetics, Inc.(b)(c) | 14,186,624 | ||||||
274,310 | Neurocrine Biosciences, Inc.(b) | 13,465,878 | ||||||
1,121,021 | OPKO Health, Inc.(b)(c) | 10,593,648 | ||||||
2,265,849 | PDL BioPharma, Inc.(c) | 10,377,588 | ||||||
43,731 | Regeneron Pharmaceuticals, Inc.(b) | 24,375,222 | ||||||
373,347 | Repligen Corp.(b) | 12,410,054 | ||||||
303,008 | Seattle Genetics, Inc.(b) | 12,571,802 | ||||||
79,774 | United Therapeutics Corp.(b) | 11,697,262 | ||||||
175,087 | Vertex Pharmaceuticals, Inc.(b) | 21,840,352 | ||||||
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401,090,520 | ||||||||
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Health Care Equipment—1.7% | ||||||||
528,137 | Cardiovascular Systems, Inc.(b) | 7,235,477 | ||||||
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Pharmaceuticals—4.0% | ||||||||
452,689 | Sucampo Pharmaceuticals, Inc., Class A(b) | 8,764,059 | ||||||
926,342 | Theravance, Inc.(c) | 8,133,283 | ||||||
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16,897,342 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $422,366,566)—100.0% | 425,223,339 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—13.9% | ||||||||
59,255,491 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $59,255,491) | $ | 59,255,491 | |||||
|
| |||||||
Total Investments (Cost $481,622,057)—113.9% | 484,478,830 | |||||||
Other assets less liabilities—(13.9)% | (59,143,802 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 425,335,028 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares Dynamic Building & Construction Portfolio (PKB)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Construction Materials | 18.0 | |||
Building Products | 17.3 | |||
Construction & Engineering | 14.5 | |||
Home Improvement Retail | 10.6 | |||
Homebuilding | 10.0 | |||
Forest Products | 8.1 | |||
Specialty Stores | 5.4 | |||
Home Furnishings | 4.9 | |||
Industrial Conglomerates | 4.3 | |||
Heavy Electrical Equipment | 2.5 | |||
Environmental & Facilities Services | 2.2 | |||
Office Services & Supplies | 2.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Building Products—17.3% | ||||||||
25,178 | A.O. Smith Corp. | $ | 1,934,174 | |||||
24,455 | American Woodmark Corp.(b) | 1,777,878 | ||||||
32,025 | Apogee Enterprises, Inc. | 1,586,198 | ||||||
82,322 | Continental Building Products, Inc.(b) | 1,446,398 | ||||||
36,964 | Owens Corning | 1,682,971 | ||||||
27,094 | Universal Forest Products, Inc. | 1,967,837 | ||||||
|
| |||||||
10,395,456 | ||||||||
|
| |||||||
Construction & Engineering—14.5% | ||||||||
58,840 | Comfort Systems USA, Inc. | 1,878,761 | ||||||
22,878 | Dycom Industries, Inc.(b) | 1,740,787 | ||||||
35,691 | EMCOR Group, Inc. | 1,723,161 | ||||||
40,729 | Jacobs Engineering Group, Inc.(b) | 1,634,862 | ||||||
94,349 | KBR, Inc. | 1,739,796 | ||||||
|
| |||||||
8,717,367 | ||||||||
|
| |||||||
Construction Materials—18.0% | ||||||||
80,850 | Headwaters, Inc.(b) | 1,661,468 | ||||||
18,029 | Martin Marietta Materials, Inc. | 2,797,199 | ||||||
68,933 | Summit Materials, Inc., Class A(b) | 1,451,729 | ||||||
32,050 | US Concrete, Inc.(b) | 1,777,493 | ||||||
32,285 | Vulcan Materials Co. | 3,118,085 | ||||||
|
| |||||||
10,805,974 | ||||||||
|
| |||||||
Environmental & Facilities Services—2.2% | ||||||||
38,741 | Team, Inc.(b) | 1,355,935 | ||||||
|
| |||||||
Forest Products—8.1% | ||||||||
50,749 | Boise Cascade Co.(b) | 1,518,917 | ||||||
26,259 | Deltic Timber Corp. | 1,627,008 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Forest Products (continued) | ||||||||
99,421 | Louisiana-Pacific Corp.(b) | $ | 1,755,775 | |||||
|
| |||||||
4,901,700 | ||||||||
|
| |||||||
Heavy Electrical Equipment—2.5% | ||||||||
89,277 | Babcock & Wilcox Enterprises, Inc.(b) | 1,515,924 | ||||||
|
| |||||||
Home Furnishings—4.9% | ||||||||
15,101 | Mohawk Industries, Inc.(b) | 2,952,246 | ||||||
|
| |||||||
Home Improvement Retail—10.6% | ||||||||
25,390 | Home Depot, Inc. (The) | 3,139,220 | ||||||
43,591 | Lowe’s Cos., Inc. | 3,218,323 | ||||||
|
| |||||||
6,357,543 | ||||||||
|
| |||||||
Homebuilding—10.0% | ||||||||
99,030 | D.R. Horton, Inc. | 2,915,443 | ||||||
60,525 | Installed Building Products, Inc.(b) | 1,340,629 | ||||||
1,078 | NVR, Inc.(b) | 1,765,505 | ||||||
|
| |||||||
6,021,577 | ||||||||
|
| |||||||
Industrial Conglomerates—4.3% | ||||||||
29,522 | Carlisle Cos., Inc. | 2,568,414 | ||||||
|
| |||||||
Office Services & Supplies—2.2% | ||||||||
67,983 | Interface, Inc. | 1,329,068 | ||||||
|
| |||||||
Specialty Stores—5.4% | ||||||||
34,943 | Tractor Supply Co. | 3,228,384 | ||||||
|
| |||||||
Total Common Stocks (Cost $53,110,492) | 60,149,588 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares Dynamic Building & Construction Portfolio (PKB) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
66,305 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $66,305) | $ | 66,305 | |||||
|
| |||||||
Total Investments (Cost $53,176,797)—100.1% | 60,215,893 | |||||||
Other assets less liabilities—(0.1)% | (60,703 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 60,155,190 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Oil & Gas Exploration & Production | 51.6 | |||
Oil & Gas Refining & Marketing | 43.3 | |||
Integrated Oil & Gas | 5.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—99.9% | ||||||||
Integrated Oil & Gas—5.0% | ||||||||
65,734 | Occidental Petroleum Corp. | $ | 4,899,812 | |||||
|
| |||||||
Oil & Gas Exploration & Production—51.6% | ||||||||
105,266 | Apache Corp. | 4,961,187 | ||||||
750,957 | California Resources Corp. | 3,033,866 | ||||||
348,549 | Chesapeake Energy Corp.(b) | 2,485,154 | ||||||
23,907 | Cimarex Energy Co. | 2,822,460 | ||||||
619,179 | Denbury Resources, Inc.(b) | 2,191,894 | ||||||
111,901 | Devon Energy Corp. | 4,692,009 | ||||||
61,083 | EOG Resources, Inc. | 5,243,976 | ||||||
412,785 | EP Energy Corp., Class A(c) | 2,274,445 | ||||||
82,183 | Hess Corp. | 4,619,506 | ||||||
780,540 | Linn Energy LLC(b) | 1,982,572 | ||||||
85,744 | Murphy Oil Corp. | 2,437,702 | ||||||
81,513 | Newfield Exploration Co.(c) | 3,276,008 | ||||||
257,837 | Oasis Petroleum, Inc.(c) | 2,998,644 | ||||||
188,014 | QEP Resources, Inc. | 2,906,696 | ||||||
74,166 | SM Energy Co. | 2,473,436 | ||||||
364,843 | WPX Energy, Inc.(c) | 2,502,823 | ||||||
|
| |||||||
50,902,378 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing—43.3% | ||||||||
139,609 | Alon USA Energy, Inc. | 2,338,451 | ||||||
100,695 | Alon USA Partners LP(b) | 2,478,104 | ||||||
65,143 | CVR Energy, Inc. | 2,896,258 | ||||||
133,599 | CVR Refining LP | 2,933,834 | ||||||
85,179 | Delek US Holdings, Inc. | 2,316,869 | ||||||
54,993 | HollyFrontier Corp. | 2,693,007 | ||||||
100,006 | Marathon Petroleum Corp. | 5,180,311 | ||||||
100,733 | Northern Tier Energy LP | 2,703,674 | ||||||
87,673 | PBF Energy, Inc., Class A | 2,980,882 | ||||||
61,147 | Phillips 66 | 5,445,140 | ||||||
27,561 | Tesoro Corp. | 2,947,098 | ||||||
80,038 | Valero Energy Corp. | 5,276,105 | ||||||
59,583 | Western Refining, Inc. | 2,479,844 | ||||||
|
| |||||||
42,669,577 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $101,536,497)—99.9% | 98,471,767 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.7% | ||||||||
4,561,275 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $4,561,275) | $ | 4,561,275 | |||||
|
| |||||||
Total Investments (Cost $106,097,772)—104.6% | 103,033,042 | |||||||
Other assets less liabilities—(4.6)% | (4,488,570 | ) | ||||||
�� |
|
| ||||||
Net Assets—100.0% | $ | 98,544,472 | ||||||
|
|
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, 2015. |
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares Dynamic Food & Beverage Portfolio (PBJ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Packaged Foods & Meats | 47.3 | |||
Agricultural Products | 13.3 | |||
Food Retail | 12.4 | |||
Soft Drinks | 11.6 | |||
Restaurants | 8.0 | |||
Food Distributors | 7.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Agricultural Products—13.3% | ||||||||
283,788 | Archer-Daniels-Midland Co. | $ | 12,957,760 | |||||
95,240 | Bunge Ltd. | 6,948,710 | ||||||
174,226 | Fresh Del Monte Produce, Inc. | 7,949,932 | ||||||
80,274 | Ingredion, Inc. | 7,630,847 | ||||||
|
| |||||||
35,487,249 | ||||||||
|
| |||||||
Food Distributors—7.4% | ||||||||
239,403 | SpartanNash Co. | 6,679,344 | ||||||
317,493 | Sysco Corp. | 13,096,586 | ||||||
|
| |||||||
19,775,930 | ||||||||
|
| |||||||
Food Retail—12.4% | ||||||||
137,462 | Ingles Markets, Inc., Class A | 6,864,852 | ||||||
362,655 | Kroger Co. (The) | 13,708,359 | ||||||
837,762 | SUPERVALU, Inc.(b) | 5,504,097 | ||||||
170,613 | Weis Markets, Inc. | 7,019,019 | ||||||
|
| |||||||
33,096,327 | ||||||||
|
| |||||||
Packaged Foods & Meats—47.3% | ||||||||
137,543 | Cal-Maine Foods, Inc. | 7,353,049 | ||||||
144,591 | Campbell Soup Co. | 7,343,777 | ||||||
165,626 | ConAgra Foods, Inc. | 6,716,134 | ||||||
411,156 | Dean Foods Co. | 7,446,035 | ||||||
232,164 | Diamond Foods, Inc.(b) | 9,198,338 | ||||||
303,139 | Flowers Foods, Inc. | 8,184,753 | ||||||
221,795 | General Mills, Inc. | 12,888,507 | ||||||
111,136 | Hain Celestial Group, Inc. (The)(b) | 5,540,130 | ||||||
169,650 | Kraft Heinz Co. (The) | 13,227,610 | ||||||
296,055 | Mondelez International, Inc., Class A | 13,665,899 | ||||||
153,010 | Pinnacle Foods, Inc. | 6,744,681 | ||||||
104,625 | Post Holdings, Inc., Class A(b) | 6,724,249 | ||||||
2,125 | Seaboard Corp.(b) | 7,157,000 | ||||||
204,484 | Snyder’s-Lance, Inc. | 7,267,361 | ||||||
162,167 | Tyson Foods, Inc., Class A | 7,193,728 | ||||||
|
| |||||||
126,651,251 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Restaurants—8.0% | ||||||||
101,224 | Papa John’s International, Inc. | $ | 7,102,888 | |||||
227,776 | Starbucks Corp. | 14,251,944 | ||||||
|
| |||||||
21,354,832 | ||||||||
|
| |||||||
Soft Drinks—11.6% | ||||||||
43,866 | Coca-Cola Bottling Co. Consolidated | 9,264,938 | ||||||
89,633 | Dr Pepper Snapple Group, Inc. | 8,010,501 | ||||||
135,476 | PepsiCo, Inc. | 13,844,293 | ||||||
|
| |||||||
31,119,732 | ||||||||
|
| |||||||
Total Common Stocks (Cost $246,860,542) | 267,485,321 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
54,513 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $54,513) | 54,513 | ||||||
|
| |||||||
Total Investments (Cost $246,915,055)—100.0% | 267,539,834 | |||||||
Other assets less liabilities—(0.0)% | (70,069 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 267,469,765 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Airlines | 33.2 | |||
Restaurants | 22.5 | |||
Movies & Entertainment | 12.3 | |||
Casinos & Gaming | 10.9 | |||
Internet Retail | 5.4 | |||
Hotels, Resorts & Cruise Lines | 5.1 | |||
Cable & Satellite | 4.8 | |||
Broadcasting | 3.3 | |||
Leisure Facilities | 2.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.1% | ||||||||
Airlines—33.2% | ||||||||
65,428 | Alaska Air Group, Inc. | $ | 4,988,885 | |||||
23,800 | Allegiant Travel Co. | 4,699,310 | ||||||
235,468 | American Airlines Group, Inc. | 10,883,331 | ||||||
206,958 | Delta Air Lines, Inc. | 10,521,745 | ||||||
216,510 | Hawaiian Holdings, Inc.(b) | 7,512,897 | ||||||
222,481 | JetBlue Airways Corp.(b) | 5,526,428 | ||||||
313,146 | SkyWest, Inc. | 5,962,300 | ||||||
159,205 | United Continental Holdings, Inc.(b) | 9,601,653 | ||||||
151,410 | Virgin America, Inc.(b) | 5,391,710 | ||||||
|
| |||||||
65,088,259 | ||||||||
|
| |||||||
Broadcasting—3.3% | ||||||||
1,109,669 | Crown Media Holdings, Inc., Class A(b) | 6,424,984 | ||||||
|
| |||||||
Cable & Satellite—4.8% | ||||||||
67,395 | AMC Networks, Inc., Class A(b) | 4,979,817 | ||||||
131,467 | Starz, Class A(b) | 4,405,459 | ||||||
|
| |||||||
9,385,276 | ||||||||
|
| |||||||
Casinos & Gaming—10.9% | ||||||||
300,802 | Boyd Gaming Corp.(b) | 6,013,032 | ||||||
37,155 | Churchill Downs, Inc. | 5,455,469 | ||||||
281,351 | Isle of Capri Casinos, Inc.(b) | 5,382,245 | ||||||
130,258 | Pinnacle Entertainment, Inc.(b) | 4,560,332 | ||||||
|
| |||||||
21,411,078 | ||||||||
|
| |||||||
Hotels, Resorts & Cruise Lines—5.1% | ||||||||
183,712 | Carnival Corp. | 9,935,145 | ||||||
|
| |||||||
Internet Retail—5.4% | ||||||||
78,051 | Expedia, Inc., Class A | 10,638,351 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Leisure Facilities—2.6% | ||||||||
91,736 | Cedar Fair LP | $ | 5,137,216 | |||||
|
| |||||||
Movies & Entertainment—12.3% | ||||||||
125,640 | Time Warner, Inc. | 9,465,718 | ||||||
88,737 | Walt Disney Co. (The) | 10,092,946 | ||||||
254,501 | World Wrestling Entertainment, Inc., Class A | 4,537,753 | ||||||
|
| |||||||
24,096,417 | ||||||||
|
| |||||||
Restaurants—22.5% | ||||||||
89,342 | Cheesecake Factory, Inc. (The) | 4,306,285 | ||||||
71,835 | Darden Restaurants, Inc. | 4,445,868 | ||||||
144,066 | Dave & Buster’s Entertainment, Inc.(b) | 5,558,066 | ||||||
432,075 | Denny’s Corp.(b) | 4,735,542 | ||||||
60,661 | Jack in the Box, Inc. | 4,521,064 | ||||||
72,645 | Papa John’s International, Inc. | 5,097,500 | ||||||
178,232 | Sonic Corp. | 5,086,741 | ||||||
163,469 | Starbucks Corp. | 10,228,255 | ||||||
|
| |||||||
43,979,321 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $175,265,348) | 196,096,047 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
30,466 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $30,466) | 30,466 | ||||||
|
| |||||||
Total Investments (Cost $175,295,814)—100.1% | 196,126,513 | |||||||
Other assets less liabilities—(0.1)% | (124,804 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 196,001,709 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) (continued)
October 31, 2015
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Dynamic Media Portfolio (PBS)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Cable & Satellite | 22.4 | |||
Movies & Entertainment | 19.9 | |||
Internet Software & Services | 17.9 | |||
Broadcasting | 12.6 | |||
Publishing | 11.0 | |||
Advertising | 10.8 | |||
Thrifts & Mortgage Finance | 2.9 | |||
Catalog Retail | 2.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Advertising—10.8% | ||||||||
418,778 | Clear Channel Outdoor Holdings, Inc., Class A(b) | $ | 3,132,460 | |||||
174,673 | Interpublic Group of Cos., Inc. (The) | 4,005,252 | ||||||
251,897 | National CineMedia, Inc. | 3,576,937 | ||||||
49,457 | Omnicom Group, Inc. | 3,705,318 | ||||||
|
| |||||||
14,419,967 | ||||||||
|
| |||||||
Broadcasting—12.6% | ||||||||
749,490 | Crown Media Holdings, Inc., Class A(b) | 4,339,547 | ||||||
442,566 | Entravision Communications Corp., Class A | 3,876,878 | ||||||
294,914 | Gray Television, Inc.(b) | 4,686,184 | ||||||
71,908 | Nexstar Broadcasting Group, Inc., Class A | 3,827,663 | ||||||
|
| |||||||
16,730,272 | ||||||||
|
| |||||||
Cable & Satellite—22.4% | ||||||||
45,519 | AMC Networks, Inc., Class A(b) | 3,363,399 | ||||||
132,893 | Cablevision Systems Corp., Class A | 4,330,983 | ||||||
103,020 | DISH Network Corp., Class A(b) | 6,487,169 | ||||||
1,603,675 | Sirius XM Holdings, Inc.(b) | 6,542,994 | ||||||
88,794 | Starz, Class A(b) | 2,975,487 | ||||||
32,770 | Time Warner Cable, Inc. | 6,206,638 | ||||||
|
| |||||||
29,906,670 | ||||||||
|
| |||||||
Catalog Retail—2.5% | ||||||||
122,450 | Liberty Interactive Corp. QVC Group, Series A(b) | 3,351,456 | ||||||
|
| |||||||
Internet Software & Services—17.9% | ||||||||
9,311 | Alphabet, Inc., Class A(b) | 6,865,838 | ||||||
18,471 | CoStar Group, Inc.(b) | 3,750,906 | ||||||
67,487 | Facebook, Inc., Class A(b) | 6,881,649 | ||||||
46,896 | IAC/InterActiveCorp. | 3,142,501 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
80,651 | WebMD Health Corp.(b) | $ | 3,279,270 | |||||
|
| |||||||
23,920,164 | ||||||||
|
| |||||||
Movies & Entertainment—19.9% | ||||||||
89,987 | Lions Gate Entertainment Corp. | 3,506,793 | ||||||
84,859 | Time Warner, Inc. | 6,393,277 | ||||||
219,988 | Twenty-First Century Fox, Inc., Class A | 6,751,432 | ||||||
59,935 | Walt Disney Co. (The) | 6,817,007 | ||||||
171,895 | World Wrestling Entertainment, Inc., Class A | 3,064,888 | ||||||
|
| |||||||
26,533,397 | ||||||||
|
| |||||||
Publishing—11.0% | ||||||||
266,313 | Gannett Co., Inc. | 4,213,072 | ||||||
271,713 | New York Times Co. (The), Class A | 3,608,349 | ||||||
242,770 | News Corp., Class A | 3,738,658 | ||||||
77,336 | Scholastic Corp. | 3,160,722 | ||||||
|
| |||||||
14,720,801 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—2.9% | ||||||||
31,252 | LendingTree, Inc.(b) | 3,792,743 | ||||||
|
| |||||||
Total Common Stocks (Cost $123,849,411) | 133,375,470 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
71,899 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $71,899) | 71,899 | ||||||
|
| |||||||
Total Investments (Cost $123,921,310)—100.1% | 133,447,369 | |||||||
Other assets less liabilities—(0.1)% | (113,915 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 133,333,454 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Dynamic Media Portfolio (PBS) (continued)
October 31, 2015
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Dynamic Networking Portfolio (PXQ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Communications Equipment | 41.4 | |||
Systems Software | 30.3 | |||
Application Software | 9.4 | |||
Technology Hardware, Storage & Peripherals | 8.2 | |||
Electronic Components | 4.9 | |||
Electronic Equipment & Instruments | 3.1 | |||
Internet Software & Services | 2.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Application Software—9.4% | ||||||||
18,745 | Citrix Systems, Inc.(b) | $ | 1,538,965 | |||||
17,243 | SolarWinds, Inc.(b) | 1,000,611 | ||||||
|
| |||||||
2,539,576 | ||||||||
|
| |||||||
Communications Equipment—41.4% | ||||||||
9,196 | Arista Networks, Inc.(b)(c) | 593,234 | ||||||
65,575 | Brocade Communications Systems, Inc. | 683,291 | ||||||
30,722 | Ciena Corp.(b) | 741,629 | ||||||
49,522 | Cisco Systems, Inc. | 1,428,710 | ||||||
5,711 | F5 Networks, Inc.(b) | 629,352 | ||||||
44,535 | Finisar Corp.(b) | 506,363 | ||||||
31,508 | Infinera Corp.(b) | 622,598 | ||||||
27,033 | Juniper Networks, Inc. | 848,566 | ||||||
19,947 | Motorola Solutions, Inc. | 1,395,692 | ||||||
23,333 | NETGEAR, Inc.(b) | 965,986 | ||||||
7,664 | Palo Alto Networks, Inc.(b) | 1,233,904 | ||||||
13,140 | Plantronics, Inc. | 704,567 | ||||||
65,089 | Polycom, Inc.(b) | 896,926 | ||||||
|
| |||||||
11,250,818 | ||||||||
|
| |||||||
Electronic Components—4.9% | ||||||||
24,349 | Amphenol Corp., Class A | 1,320,203 | ||||||
|
| |||||||
Electronic Equipment & Instruments—3.1% | ||||||||
20,779 | Fitbit, Inc., Class A(b)(c) | 842,381 | ||||||
|
| |||||||
Internet Software & Services—2.7% | ||||||||
10,885 | LogMeIn, Inc.(b) | 733,213 | ||||||
|
| |||||||
Systems Software—30.3% | ||||||||
47,233 | CA, Inc. | 1,308,827 | ||||||
16,327 | Check Point Software Technologies Ltd. (Israel)(b) | 1,386,816 | ||||||
13,408 | CyberArk Software Ltd. (Israel)(b) | 665,573 | ||||||
17,921 | FireEye, Inc.(b) | 468,634 | ||||||
16,348 | Fortinet, Inc.(b) | 561,717 | ||||||
30,496 | Gigamon, Inc.(b) | 799,910 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Systems Software (continued) | ||||||||
35,274 | Infoblox, Inc.(b) | $ | 575,319 | |||||
12,384 | Proofpoint, Inc.(b) | 872,329 | ||||||
23,410 | Qualys, Inc.(b) | 826,841 | ||||||
39,927 | VASCO Data Security International, Inc.(b)(c) | 759,012 | ||||||
|
| |||||||
8,224,978 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—8.2% | ||||||||
11,365 | Apple, Inc. | 1,358,117 | ||||||
69,467 | QLogic Corp.(b) | 861,391 | ||||||
|
| |||||||
2,219,508 | ||||||||
|
| |||||||
Total Common Stocks (Cost $24,128,438) | 27,130,677 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
49,994 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $49,994) | 49,994 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $24,178,432)—100.2% | 27,180,671 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—7.5% | ||||||||
2,048,545 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $2,048,545) | 2,048,545 | ||||||
|
| |||||||
Total Investments (Cost $26,226,977)—107.7% | 29,229,216 | |||||||
Other assets less liabilities—(7.7)% | (2,089,273 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 27,139,943 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares Dynamic Networking Portfolio (PXQ) (continued)
October 31, 2015
(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) | All or a portion of this security was out on loan at October 31, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Oil & Gas Equipment & Services | 61.8 | |||
Oil & Gas Drilling | 29.2 | |||
Oil & Gas Storage & Transportation | 9.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Oil & Gas Drilling—29.2% | ||||||||
76,148 | Atwood Oceanics, Inc. | $ | 1,260,249 | |||||
59,313 | Diamond Offshore Drilling, Inc.(b) | 1,179,143 | ||||||
45,817 | Helmerich & Payne, Inc. | 2,578,123 | ||||||
126,379 | Nabors Industries Ltd. | 1,268,845 | ||||||
112,381 | Noble Corp. PLC | 1,513,772 | ||||||
91,942 | Patterson-UTI Energy, Inc. | 1,369,016 | ||||||
80,893 | Rowan Cos. PLC, Class A | 1,591,974 | ||||||
182,370 | Seadrill Ltd. (United Kingdom)(c) | 1,179,934 | ||||||
106,013 | Transocean Ltd.(b) | 1,678,186 | ||||||
141,109 | Transocean Partners LLC | 1,597,354 | ||||||
|
| |||||||
15,216,596 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services—61.8% | ||||||||
48,270 | Baker Hughes, Inc. | 2,542,864 | ||||||
40,636 | Cameron International Corp.(c) | 2,763,654 | ||||||
12,893 | Core Laboratories NV | 1,499,843 | ||||||
21,309 | Dril-Quip, Inc.(c) | 1,311,782 | ||||||
67,798 | Exterran Holdings, Inc. | 1,473,929 | ||||||
77,051 | FMC Technologies, Inc.(c) | 2,606,635 | ||||||
97,412 | Forum Energy Technologies, Inc.(c) | 1,290,709 | ||||||
68,446 | Halliburton Co. | 2,626,958 | ||||||
309,168 | McDermott International, Inc.(c) | 1,425,264 | ||||||
63,417 | National Oilwell Varco, Inc. | 2,387,016 | ||||||
33,311 | Oceaneering International, Inc. | 1,399,728 | ||||||
52,871 | Oil States International, Inc.(c) | 1,586,659 | ||||||
127,837 | RPC, Inc. | 1,410,042 | ||||||
34,727 | Schlumberger Ltd. | 2,714,262 | ||||||
93,553 | Superior Energy Services, Inc. | 1,324,710 | ||||||
84,748 | Tidewater, Inc. | 1,046,638 | ||||||
266,801 | Weatherford International PLC(c) | 2,732,042 | ||||||
|
| |||||||
32,142,735 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation—9.0% | ||||||||
102,107 | Nordic American Tankers Ltd. | 1,560,195 | ||||||
40,009 | Teekay Corp. (Bermuda) | 1,285,489 | ||||||
236,961 | Teekay Tankers Ltd., Class A (Bermuda) | 1,810,382 | ||||||
|
| |||||||
4,656,066 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $70,017,856) | 52,015,397 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
5,094 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $5,094) | $ | 5,094 | |||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $70,022,950)—100.0% | 52,020,491 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.0% | ||||||||
2,629,875 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $2,629,875) | 2,629,875 | ||||||
|
| |||||||
Total Investments (Cost $72,652,825)—105.0% | 54,650,366 | |||||||
Other assets less liabilities—(5.0)% | (2,621,218 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 52,029,148 | ||||||
|
|
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, 2015. |
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares Dynamic Pharmaceuticals Portfolio (PJP)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Pharmaceuticals | 61.3 | |||
Biotechnology | 30.3 | |||
Health Care Equipment | 8.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Biotechnology—30.3% | ||||||||
557,060 | Amgen, Inc. | $ | 88,115,751 | |||||
228,739 | Biogen, Inc.(b) | 66,450,967 | ||||||
700,100 | Celgene Corp.(b) | 85,909,271 | ||||||
805,728 | Gilead Sciences, Inc. | 87,123,369 | ||||||
1,959,183 | Heron Therapeutics, Inc.(b)(c) | 53,720,798 | ||||||
730,972 | Ligand Pharmaceuticals, Inc.(b)(c) | 66,043,320 | ||||||
5,978,703 | Novavax, Inc.(b) | 40,356,245 | ||||||
|
| |||||||
487,719,721 | ||||||||
|
| |||||||
Health Care Equipment—8.4% | ||||||||
1,509,635 | Abbott Laboratories | 67,631,648 | ||||||
1,792,846 | Baxter International, Inc. | 67,034,512 | ||||||
|
| |||||||
134,666,160 | ||||||||
|
| |||||||
Pharmaceuticals—61.3% | ||||||||
1,693,220 | Akorn, Inc.(b) | 45,276,703 | ||||||
281,937 | Allergan PLC(b) | 86,969,106 | ||||||
1,432,786 | Bristol-Myers Squibb Co. | 94,492,237 | ||||||
2,447,920 | Depomed, Inc.(b) | 42,838,600 | ||||||
835,128 | Eli Lilly & Co. | 68,121,391 | ||||||
1,638,519 | Impax Laboratories, Inc.(b) | 56,741,913 | ||||||
912,464 | Johnson & Johnson | 92,186,238 | ||||||
1,393,090 | Lannett Co., Inc.(b)(c) | 62,368,639 | ||||||
2,065,177 | Medicines Co. (The)(b) | 70,711,660 | ||||||
1,568,366 | Merck & Co., Inc. | 85,726,886 | ||||||
1,379,245 | Mylan NV(b) | 60,810,912 | ||||||
374,671 | Perrigo Co. PLC | 59,100,604 | ||||||
2,658,942 | Pfizer, Inc. | 89,925,418 | ||||||
1,481,610 | Prestige Brands Holdings, Inc.(b) | 72,613,706 | ||||||
|
| |||||||
987,884,013 | ||||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $1,528,097,834)—100.0% | 1,610,269,894 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.6% | ||||||||
89,577,402 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $89,577,402) | $ | 89,577,402 | |||||
|
| |||||||
Total Investments (Cost $1,617,675,236)—105.6% | 1,699,847,296 | |||||||
Other assets less liabilities—(5.6)% | (89,738,170 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,610,109,126 | ||||||
|
|
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. |
(c) | All or a portion of this security was out on loan at October 31, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares Dynamic Retail Portfolio (PMR)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Food Retail | 21.4 | |||
Apparel Retail | 18.9 | |||
Drug Retail | 12.2 | |||
Hypermarkets & Super Centers | 8.4 | |||
Computer & Electronics Retail | 7.5 | |||
Automotive Retail | 5.8 | |||
Specialty Stores | 5.6 | |||
Home Improvement Retail | 5.3 | |||
General Merchandise Stores | 5.0 | |||
Trucking | 3.0 | |||
Forest Products | 2.6 | |||
Internet Software & Services | 2.5 | |||
Homefurnishing Retail | 1.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Apparel Retail—18.9% | ||||||||
37,011 | American Eagle Outfitters, Inc. | $ | 565,528 | |||||
17,964 | Cato Corp. (The), Class A | 678,321 | ||||||
10,397 | Children’s Place, Inc. (The) | 558,007 | ||||||
30,403 | Express, Inc.(b) | 586,778 | ||||||
8,656 | Foot Locker, Inc. | 586,444 | ||||||
13,589 | L Brands, Inc. | 1,304,272 | ||||||
|
| |||||||
4,279,350 | ||||||||
|
| |||||||
Automotive Retail—5.8% | ||||||||
4,716 | O’Reilly Automotive, Inc.(b) | 1,302,842 | ||||||
|
| |||||||
Computer & Electronics Retail—7.5% | ||||||||
17,235 | Best Buy Co., Inc. | 603,742 | ||||||
14,590 | GameStop Corp., Class A | 672,161 | ||||||
23,262 | Rent-A-Center, Inc. | 427,788 | ||||||
|
| |||||||
1,703,691 | ||||||||
|
| |||||||
Drug Retail—12.2% | ||||||||
10,909 | CVS Health Corp. | 1,077,591 | ||||||
75,234 | Rite Aid Corp.(b) | 592,844 | ||||||
13,001 | Walgreens Boots Alliance, Inc. | 1,100,925 | ||||||
|
| |||||||
2,771,360 | ||||||||
|
| |||||||
Food Retail—21.4% | ||||||||
29,963 | Fresh Market, Inc. (The)(b) | 746,678 | ||||||
12,330 | Ingles Markets, Inc., Class A | 615,760 | ||||||
32,528 | Kroger Co. (The) | 1,229,558 | ||||||
38,505 | Smart & Final Stores, Inc.(b) | 567,564 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Food Retail (continued) | ||||||||
75,143 | SUPERVALU, Inc.(b) | $ | 493,690 | |||||
15,303 | Weis Markets, Inc. | 629,565 | ||||||
18,871 | Whole Foods Market, Inc. | 565,375 | ||||||
|
| |||||||
4,848,190 | ||||||||
|
| |||||||
Forest Products—2.6% | ||||||||
19,330 | Boise Cascade Co.(b) | 578,547 | ||||||
|
| |||||||
General Merchandise Stores—5.0% | ||||||||
14,565 | Target Corp. | 1,124,127 | ||||||
|
| |||||||
Home Improvement Retail—5.3% | ||||||||
9,671 | Home Depot, Inc. (The) | 1,195,722 | ||||||
|
| |||||||
Homefurnishing Retail—1.8% | ||||||||
16,365 | Aaron’s, Inc. | 403,725 | ||||||
|
| |||||||
Hypermarkets & Super Centers—8.4% | ||||||||
8,121 | Costco Wholesale Corp. | 1,284,093 | ||||||
7,227 | PriceSmart, Inc. | 621,377 | ||||||
|
| |||||||
1,905,470 | ||||||||
|
| |||||||
Internet Software & Services—2.5% | ||||||||
7,454 | Stamps.com, Inc.(b) | 563,597 | ||||||
|
| |||||||
Specialty Stores—5.6% | ||||||||
9,922 | Outerwall, Inc. | 595,320 | ||||||
3,899 | Ulta Salon, Cosmetics & Fragrance, Inc.(b) | 678,270 | ||||||
|
| |||||||
1,273,590 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares Dynamic Retail Portfolio (PMR) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Trucking—3.0% | ||||||||
1,660 | AMERCO | $ | 674,475 | |||||
|
| |||||||
Total Common Stocks (Cost $23,115,868) | 22,624,686 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
60,968 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $60,968) | 60,968 | ||||||
|
| |||||||
Total Investments (Cost $23,176,836)—100.3% | 22,685,654 | |||||||
Other assets less liabilities—(0.3)% | (58,114 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 22,627,540 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
PowerShares Dynamic Semiconductors Portfolio (PSI)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Semiconductors | 75.0 | |||
Semiconductor Equipment | 22.3 | |||
Communications Equipment | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Communications Equipment—2.7% | ||||||||
32,507 | InterDigital, Inc. | $ | 1,649,405 | |||||
|
| |||||||
Semiconductor Equipment—22.3% | ||||||||
65,836 | Advanced Energy Industries, Inc.(b) | 1,861,842 | ||||||
317,107 | Amkor Technology, Inc.(b) | 1,972,405 | ||||||
154,441 | Brooks Automation, Inc. | 1,705,029 | ||||||
117,353 | Entegris, Inc.(b) | 1,505,639 | ||||||
152,248 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 1,613,829 | ||||||
22,048 | Lam Research Corp. | 1,688,656 | ||||||
47,821 | MKS Instruments, Inc. | 1,685,212 | ||||||
89,219 | Teradyne, Inc. | 1,741,555 | ||||||
|
| |||||||
13,774,167 | ||||||||
|
| |||||||
Semiconductors—75.0% | ||||||||
60,637 | Altera Corp. | 3,186,474 | ||||||
16,693 | Ambarella, Inc.(b) | 825,302 | ||||||
52,214 | Analog Devices, Inc. | 3,139,106 | ||||||
56,913 | Broadcom Corp., Class A | 2,925,328 | ||||||
53,219 | Cirrus Logic, Inc.(b) | 1,640,742 | ||||||
117,268 | Fairchild Semiconductor International, Inc.(b) | 1,956,030 | ||||||
84,218 | Integrated Device Technology, Inc.(b) | 2,147,559 | ||||||
73,279 | Integrated Silicon Solution, Inc. | 1,647,312 | ||||||
103,712 | Intel Corp. | 3,511,688 | ||||||
142,026 | Marvell Technology Group Ltd. (Bermuda) | 1,166,034 | ||||||
47,148 | Maxim Integrated Products, Inc. | 1,932,125 | ||||||
184,682 | Micron Technology, Inc.(b) | 3,058,334 | ||||||
50,337 | Microsemi Corp.(b) | 1,812,635 | ||||||
70,731 | NVIDIA Corp. | 2,006,639 | ||||||
33,984 | NXP Semiconductors NV (Netherlands)(b) | 2,662,646 | ||||||
65,648 | OmniVision Technologies, Inc.(b) | 1,895,258 | ||||||
162,726 | ON Semiconductor Corp.(b) | 1,789,986 | ||||||
119,535 | Rambus, Inc.(b) | 1,233,601 | ||||||
33,260 | Skyworks Solutions, Inc. | 2,569,003 | ||||||
61,420 | Texas Instruments, Inc. | 3,483,742 | ||||||
38,036 | Xilinx, Inc. | 1,811,274 | ||||||
|
| |||||||
46,400,818 | ||||||||
|
| |||||||
Total Common Stocks (Cost $64,956,105) | 61,824,390 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
51,633 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $51,633) | $ | 51,633 | |||||
|
| |||||||
Total Investments (Cost $65,007,738)—100.1% | 61,876,023 | |||||||
Other assets less liabilities—(0.1)% | (59,704 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 61,816,319 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares Dynamic Software Portfolio (PSJ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Application Software | 46.2 | |||
Systems Software | 14.9 | |||
Home Entertainment Software | 10.7 | |||
Data Processing & Outsourced Services | 8.6 | |||
Health Care Technology | 6.9 | |||
Internet Software & Services | 5.1 | |||
IT Consulting & Other Services | 4.9 | |||
Semiconductor Equipment | 2.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.1% | ||||||||
Application Software—46.2% | ||||||||
125,959 | ACI Worldwide, Inc.(b) | $ | 3,016,718 | |||||
55,014 | ANSYS, Inc.(b) | 5,243,384 | ||||||
71,051 | Aspen Technology, Inc.(b) | 2,940,801 | ||||||
46,552 | Blackbaud, Inc. | 2,918,345 | ||||||
133,724 | Cadence Design Systems, Inc.(b) | 2,971,347 | ||||||
54,196 | CDK Global, Inc. | 2,698,419 | ||||||
71,869 | Citrix Systems, Inc.(b) | 5,900,445 | ||||||
95,469 | Ebix, Inc. | 2,647,355 | ||||||
35,800 | Ellie Mae, Inc.(b) | 2,612,684 | ||||||
199,490 | King Digital Entertainment PLC (Ireland) | 2,984,370 | ||||||
45,259 | Manhattan Associates, Inc.(b) | 3,297,118 | ||||||
104,920 | Mentor Graphics Corp. | 2,853,824 | ||||||
13,396 | MicroStrategy, Inc., Class A(b) | 2,305,050 | ||||||
162,141 | Nuance Communications, Inc.(b) | 2,751,533 | ||||||
57,174 | Synopsys, Inc.(b) | 2,857,557 | ||||||
|
| |||||||
47,998,950 | ||||||||
|
| |||||||
Data Processing & Outsourced Services—8.6% | ||||||||
86,490 | CSG Systems International, Inc. | 2,899,145 | ||||||
25,881 | DST Systems, Inc. | 3,161,364 | ||||||
96,851 | Sabre Corp. | 2,839,671 | ||||||
|
| |||||||
8,900,180 | ||||||||
|
| |||||||
Health Care Technology—6.9% | ||||||||
195,160 | Allscripts Healthcare Solutions, Inc.(b) | 2,743,950 | ||||||
163,438 | IMS Health Holdings, Inc.(b) | 4,448,782 | ||||||
|
| |||||||
7,192,732 | ||||||||
|
| |||||||
Home Entertainment Software—10.7% | ||||||||
168,968 | Activision Blizzard, Inc. | 5,873,328 | ||||||
72,712 | Electronic Arts, Inc.(b) | 5,240,354 | ||||||
|
| |||||||
11,113,682 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Internet Software & Services—5.1% | ||||||||
41,749 | LogMeIn, Inc.(b) | $ | 2,812,213 | |||||
102,867 | Q2 Holdings, Inc.(b) | 2,535,671 | ||||||
|
| |||||||
5,347,884 | ||||||||
|
| |||||||
IT Consulting & Other Services—4.9% | ||||||||
85,622 | Amdocs Ltd. | 5,100,503 | ||||||
|
| |||||||
Semiconductor Equipment—2.8% | ||||||||
81,690 | Tessera Technologies, Inc. | 2,856,699 | ||||||
|
| |||||||
Systems Software—14.9% | ||||||||
62,602 | Check Point Software Technologies Ltd. (Israel)(b) | 5,317,414 | ||||||
51,412 | CyberArk Software Ltd. (Israel)(b) | 2,552,092 | ||||||
66,855 | Red Hat, Inc.(b) | 5,288,899 | ||||||
27,709 | Tableau Software, Inc., Class A(b) | 2,326,447 | ||||||
|
| |||||||
15,484,852 | ||||||||
|
| |||||||
Total Common Stocks (Cost $95,970,901) | 103,995,482 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
22,885 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $22,885) | 22,885 | ||||||
|
| |||||||
Total Investments (Cost $95,993,786)—100.1% | 104,018,367 | |||||||
Other assets less liabilities—(0.1)% | (99,191 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 103,919,176 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares Dynamic Software Portfolio (PSJ) (continued)
October 31, 2015
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
October 31, 2015
(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 | $ | 425,223,339 | $ | 60,149,588 | $ | 98,471,767 | $ | 267,485,321 | $ | 196,096,047 | ||||||||||
Affiliated investments, at value | 59,255,491 | 66,305 | 4,561,275 | 54,513 | 30,466 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at value | 484,478,830 | 60,215,893 | 103,033,042 | 267,539,834 | 196,126,513 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Securities lending | 662,205 | — | 188,803 | — | — | |||||||||||||||
Dividends | — | 26,802 | 51,484 | 293,396 | 39,517 | |||||||||||||||
Shares sold | — | — | — | 5,056,020 | — | |||||||||||||||
Investments sold | — | — | — | — | — | |||||||||||||||
Other assets | 368 | 820 | 820 | 361 | 820 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 485,141,403 | 60,243,515 | 103,274,149 | 272,889,611 | 196,166,850 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | 211,097 | — | 41,291 | — | — | |||||||||||||||
Payables: | ||||||||||||||||||||
Collateral upon return of securities loaned | 59,255,491 | — | 4,561,275 | — | — | |||||||||||||||
Investments purchased | 6,733 | — | — | 5,228,951 | — | |||||||||||||||
Expenses recaptured | — | — | — | — | 6,526 | |||||||||||||||
Shares repurchased | — | — | — | — | — | |||||||||||||||
Accrued advisory fees | 176,393 | 22,279 | 39,483 | 97,359 | 80,264 | |||||||||||||||
Accrued trustees’ and officer’s fees | 25,505 | 16,060 | 18,235 | 21,598 | 16,387 | |||||||||||||||
Accrued expenses | 131,156 | 49,986 | 69,393 | 71,938 | 61,964 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 59,806,375 | 88,325 | 4,729,677 | 5,419,846 | 165,141 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 425,335,028 | $ | 60,155,190 | $ | 98,544,472 | $ | 267,469,765 | $ | 196,001,709 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 539,420,880 | $ | 75,664,362 | $ | 185,221,729 | $ | 287,436,690 | $ | 203,217,919 | ||||||||||
Undistributed net investment income (loss) | 1,008,013 | 25,016 | 220,860 | 370,401 | (55,172 | ) | ||||||||||||||
Undistributed net realized gain (loss) | (117,950,638 | ) | (22,573,284 | ) | (83,833,387 | ) | (40,962,105 | ) | (27,991,737 | ) | ||||||||||
Net unrealized appreciation (depreciation) | 2,856,773 | 7,039,096 | (3,064,730 | ) | 20,624,779 | 20,830,699 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 425,335,028 | $ | 60,155,190 | $ | 98,544,472 | $ | 267,469,765 | $ | 196,001,709 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 8,500,000 | 2,500,000 | 3,800,000 | 7,950,000 | 5,100,000 | |||||||||||||||
Net asset value | $ | 50.04 | $ | 24.06 | $ | 25.93 | $ | 33.64 | $ | 38.43 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 50.09 | $ | 24.09 | $ | 25.95 | $ | 33.68 | $ | 38.48 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments, at cost | $ | 422,366,566 | $ | 53,110,492 | $ | 101,536,497 | $ | 246,860,542 | $ | 175,265,348 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments, at cost | $ | 59,255,491 | $ | 66,305 | $ | 4,561,275 | $ | 54,513 | $ | 30,466 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investments, at cost | $ | 481,622,057 | $ | 53,176,797 | $ | 106,097,772 | $ | 246,915,055 | $ | 175,295,814 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | 56,799,657 | $ | — | $ | 4,520,877 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
PowerShares Dynamic Media Portfolio (PBS) | PowerShares Dynamic Networking Portfolio (PXQ) | PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | PowerShares Dynamic Retail Portfolio (PMR) | PowerShares Dynamic Semiconductors Portfolio (PSI) | PowerShares Dynamic Software Portfolio (PSJ) | ||||||||||||||||||||
$ | 133,375,470 | $ | 27,130,677 | $ | 52,015,397 | $ | 1,610,269,894 | $ | 22,624,686 | $ | 61,824,390 | $ | 103,995,482 | |||||||||||||
71,899 | 2,098,539 | 2,634,969 | 89,577,402 | 60,968 | 51,633 | 22,885 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
133,447,369 | 29,229,216 | 54,650,366 | 1,699,847,296 | 22,685,654 | 61,876,023 | 104,018,367 | ||||||||||||||||||||
— | 23,648 | 9,164 | 31,484 | — | — | — | ||||||||||||||||||||
18,259 | — | 90,124 | 934,835 | 3,823 | 23,345 | — | ||||||||||||||||||||
— | — | 685,490 | — | — | — | 10,900,227 | ||||||||||||||||||||
— | — | — | 10,616,402 | — | — | — | ||||||||||||||||||||
819 | 824 | 361 | 820 | 820 | 820 | 823 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
133,466,447 | 29,253,688 | 55,435,505 | 1,711,430,837 | 22,690,297 | 61,900,188 | 114,919,417 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | — | — | 34,875 | — | — | — | ||||||||||||||||||||
— | 2,048,545 | 2,629,875 | 89,577,402 | — | — | — | ||||||||||||||||||||
— | — | 685,554 | — | — | — | 10,907,637 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | 10,614,995 | — | — | — | ||||||||||||||||||||
53,969 | 5,810 | 18,225 | 679,908 | 4,516 | 23,345 | 28,173 | ||||||||||||||||||||
18,461 | 15,017 | 23,703 | 35,652 | 14,227 | 14,837 | 15,487 | ||||||||||||||||||||
60,563 | 44,373 | �� | 49,000 | 378,879 | 44,014 | 45,687 | 48,944 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
132,993 | 2,113,745 | 3,406,357 | 101,321,711 | 62,757 | 83,869 | 11,000,241 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 133,333,454 | $ | 27,139,943 | $ | 52,029,148 | $ | 1,610,109,126 | $ | 22,627,540 | $ | 61,816,319 | $ | 103,919,176 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 188,556,576 | $ | 57,727,261 | $ | 281,393,476 | $ | 1,374,656,495 | $ | 42,139,240 | $ | 110,229,062 | $ | 119,785,954 | |||||||||||||
366,468 | 27,996 | 98,719 | 721,601 | 4,628 | 102,835 | (106,922 | ) | |||||||||||||||||||
(65,115,649 | ) | (33,617,553 | ) | (211,460,588 | ) | 152,558,970 | (19,025,146 | ) | (45,383,863 | ) | (23,784,437 | ) | ||||||||||||||
9,526,059 | 3,002,239 | (18,002,459 | ) | 82,172,060 | (491,182 | ) | (3,131,715 | ) | 8,024,581 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 133,333,454 | $ | 27,139,943 | $ | 52,029,148 | $ | 1,610,109,126 | $ | 22,627,540 | $ | 61,816,319 | $ | 103,919,176 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 5,050,000 |
| 750,000 | 3,800,000 | 22,850,000 | 600,000 | 2,450,000 | 2,400,000 | ||||||||||||||||||
$ | 26.40 | $ | 36.19 | $ | 13.69 | $ | 70.46 | $ | 37.71 | $ | 25.23 | $ | 43.30 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 26.43 | $ | 36.22 | $ | 13.71 | $ | 70.60 | $ | 37.75 | $ | 25.28 | $ | 43.40 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 123,849,411 | $ | 24,128,438 | $ | 70,017,856 | $ | 1,528,097,834 | $ | 23,115,868 | $ | 64,956,105 | $ | 95,970,901 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 71,899 | $ | 2,098,539 | $ | 2,634,969 | $ | 89,577,402 | $ | 60,968 | $ | 51,633 | $ | 22,885 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 123,921,310 | $ | 26,226,977 | $ | 72,652,825 | $ | 1,617,675,236 | $ | 23,176,836 | $ | 65,007,738 | $ | 95,993,786 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | — |
| $ | 2,071,391 | $ | 2,630,935 | $ | 86,059,031 | $ | — | $ | — | $ | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 23 |
|
For the six months ended October 31, 2015
(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 | $ | 1,426,805 | $ | 216,166 | $ | 957,248 | $ | 1,933,691 | $ | 760,135 | ||||||||||
Affiliated dividend income | 86 | 26 | 35 | 65 | 54 | |||||||||||||||
Securities lending income | 2,776,003 | — | 231,209 | — | — | |||||||||||||||
Foreign withholding tax | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 4,202,894 | 216,192 | 1,188,492 | 1,933,756 | 760,189 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 1,306,707 | 140,501 | 257,766 | 583,879 | 467,925 | |||||||||||||||
Sub-licensing fees | 78,404 | 8,430 | 15,466 | 35,033 | 28,076 | |||||||||||||||
Accounting & administration fees | 53,196 | 18,586 | 18,586 | 25,575 | 19,213 | |||||||||||||||
Professional fees | 15,908 | 13,635 | 14,049 | 15,253 | 14,127 | |||||||||||||||
Trustees’ and officer’s fees | 8,072 | 4,043 | 4,473 | 5,735 | 5,160 | |||||||||||||||
Custodian & transfer agent fees | 4,175 | 2,324 | 3,600 | 3,908 | 2,787 | |||||||||||||||
Recapture (Note 3) | — | — | — | — | 39,775 | |||||||||||||||
Other expenses | 21,899 | 8,243 | 28,371 | 13,674 | 11,885 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 1,488,361 | 195,762 | 342,311 | 683,057 | 588,948 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (190 | ) | (18,791 | ) | (180 | ) | (156 | ) | (102 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 1,488,171 | 176,971 | 342,131 | 682,901 | 588,846 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income (Loss) | 2,714,723 | 39,221 | 846,361 | 1,250,855 | 171,343 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | 590,628 | (1,326,278 | ) | (15,429,456 | ) | (6,468,413 | ) | (12,293,507 | ) | |||||||||||
In-kind redemptions | 23,672,564 | 1,032,416 | 2,332,673 | 18,118,095 | 7,868,128 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 24,263,192 | (293,862 | ) | (13,096,783 | ) | 11,649,682 | (4,425,379 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | (54,956,467 | ) | 2,780,283 | (8,781,744 | ) | 5,920,879 | 14,533,613 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | (30,693,275 | ) | 2,486,421 | (21,878,527 | ) | 17,570,561 | 10,108,234 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (27,978,552 | ) | $ | 2,525,642 | $ | (21,032,166 | ) | $ | 18,821,416 | $ | 10,279,577 | ||||||||
|
|
|
|
|
|
|
|
|
|
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) | ||||||||||||||||||||
$ | 903,525 | $ | 96,722 | $ | 693,887 | $ | 10,170,160 | $ | 165,891 | $ | 442,256 | $ | 114,785 | |||||||||||||
43 | 25 | 30 | 2,087 | 24 | 24 | 22 | ||||||||||||||||||||
— | 30,403 | 11,324 | 225,549 | — | — | — | ||||||||||||||||||||
(1,215 | ) | — | (6,548 | ) | — | — | — | (17,921 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
902,353 | 127,150 | 698,693 | 10,397,796 | 165,915 | 442,280 | 96,886 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
348,184 | 68,076 | 148,571 | 4,902,011 | 69,545 | 190,164 | 150,779 | ||||||||||||||||||||
20,892 | 4,085 | 8,915 | 294,123 | 4,173 | 11,410 | 9,047 | ||||||||||||||||||||
18,586 | 18,586 | 18,586 | 191,744 | 18,586 | 18,586 | 18,586 | ||||||||||||||||||||
14,262 | 13,089 | 13,690 | 22,495 | 13,057 | 13,093 | 13,270 | ||||||||||||||||||||
4,790 | 3,818 | 4,107 | 19,810 | 3,866 | 4,296 | 4,052 | ||||||||||||||||||||
3,102 | 1,684 | 2,615 | 10,266 | 2,050 | 2,182 | 2,131 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
13,520 | 7,084 | 10,328 | 48,416 | 6,627 | 7,085 | 7,945 | ||||||||||||||||||||
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|
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| |||||||||||||
423,336 | 116,422 | 206,812 | 5,488,865 | 117,904 | 246,816 | 205,810 | ||||||||||||||||||||
|
|
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|
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| |||||||||||||
(94 | ) | (30,714 | ) | (19,802 | ) | (4,771 | ) | (30,332 | ) | (7,263 | ) | (15,879 | ) | |||||||||||||
|
|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
423,242 | 85,708 | 187,010 | 5,484,094 | 87,572 | 239,553 | 189,931 | ||||||||||||||||||||
|
|
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|
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|
|
|
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|
|
| |||||||||||||
479,111 | 41,442 | 511,683 | 4,913,702 | 78,343 | 202,727 | (93,045 | ) | |||||||||||||||||||
|
|
|
|
|
|
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|
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|
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|
|
| |||||||||||||
(11,019,101 | ) | (178,108 | ) | (7,749,124 | ) | (81,894,510 | ) | (1,507,415 | ) | (3,641,764 | ) | (2,364,122 | ) | |||||||||||||
6,194,180 | 1,473,665 | 472,757 | 166,733,216 | 2,632,952 | 3,580,757 | 2,450,924 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(4,824,921 | ) | 1,295,557 | (7,276,367 | ) | 84,838,706 | 1,125,537 | (61,007 | ) | 86,802 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
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|
| |||||||||||||
| 494,644 | | (1,679,731 | ) | (12,812,239 | ) | (205,324,362 | ) | (1,285,198 | ) | (5,686,980 | ) | 1,838,187 | |||||||||||||
|
|
|
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|
|
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|
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| |||||||||||||
(4,330,277 | ) | (384,174 | ) | (20,088,606 | ) | (120,485,656 | ) | (159,661 | ) | (5,747,987 | ) | 1,924,989 | ||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | (3,851,166 | ) | $ | (342,732 | ) | $ | (19,576,923 | ) | $ | (115,571,954 | ) | $ | (81,318 | ) | $ | (5,545,260 | ) | $ | 1,831,944 | |||||||
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|
| 25 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) | PowerShares Dynamic Building & Construction Portfolio (PKB) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,714,723 | $ | 3,024,062 | $ | 39,221 | $ | 125,957 | ||||||||
Net realized gain (loss) | 24,263,192 | 75,495,125 | (293,862 | ) | 615,425 | |||||||||||
Net change in unrealized appreciation (depreciation) | (54,956,467 | ) | 39,345,361 | 2,780,283 | (2,912,498 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (27,978,552 | ) | 117,864,548 | 2,525,642 | (2,171,116 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (2,428,045 | ) | (2,402,943 | ) | (28,102 | ) | (69,918 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 40,201,591 | 250,854,414 | 8,474,912 | 59,533,158 | ||||||||||||
Value of shares repurchased | (95,722,092 | ) | (216,373,603 | ) | (5,994,675 | ) | (125,802,719 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (55,520,501 | ) | 34,480,811 | 2,480,237 | (66,269,561 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (85,927,098 | ) | 149,942,416 | 4,977,777 | (68,510,595 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 511,262,126 | 361,319,710 | 55,177,413 | 123,688,008 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 425,335,028 | $ | 511,262,126 | $ | 60,155,190 | $ | 55,177,413 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | 1,008,013 | $ | 721,335 | $ | 25,016 | $ | 13,897 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 700,000 | 4,800,000 | 350,000 | 2,700,000 | ||||||||||||
Shares repurchased | (1,850,000 | ) | (4,250,000 | ) | (250,000 | ) | (5,900,000 | ) | ||||||||
Shares outstanding, beginning of period | 9,650,000 | 9,100,000 | 2,400,000 | 5,600,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 8,500,000 | 9,650,000 | 2,500,000 | 2,400,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) | PowerShares Dynamic Food & Beverage Portfolio (PBJ) | PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | PowerShares Dynamic Media Portfolio (PBS) | |||||||||||||||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||||||||||||
$ | 846,361 | $ | 1,436,050 | $ | 1,250,855 | $ | 3,196,087 | $ | 171,343 | $ | 1,420,491 | $ | 479,111 | $ | 1,313,491 | |||||||||||||||
(13,096,783 | ) | (12,857,038 | ) | 11,649,682 | 46,360,360 | (4,425,379 | ) | 9,617,141 | (4,824,921 | ) | 4,042,249 | |||||||||||||||||||
(8,781,744 | ) | (9,926,226 | ) | 5,920,879 | (2,123,925 | ) | 14,533,613 | 5,914,162 | 494,644 | 14,815,252 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(21,032,166 | ) | (21,347,214 | ) | 18,821,416 | 47,432,522 | 10,279,577 | 16,951,794 | (3,851,166 | ) | 20,170,992 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(1,228,818 | ) | (1,923,020 | ) | (1,524,342 | ) | (4,913,796 | ) | (212,000 | ) | (1,429,697 | ) | (477,812 | ) | (1,051,471 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
22,924,736 | 130,833,909 | 137,683,531 | 308,461,538 | 59,028,903 | 181,183,360 | 69,065,273 | 165,292,831 | |||||||||||||||||||||||
(19,712,001 | ) | (120,243,852 | ) | (153,231,438 | ) | (519,631,016 | ) | (66,035,222 | ) | (181,694,812 | ) | (77,071,073 | ) | (210,173,828 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,212,735 | 10,590,057 | (15,547,907 | ) | (211,169,478 | ) | �� | (7,006,319 | ) | (511,452 | ) | (8,005,800 | ) | (44,880,997 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(19,048,249 | ) | (12,680,177 | ) | 1,749,167 | (168,650,752 | ) | 3,061,258 | 15,010,645 | (12,334,778 | ) | (25,761,476 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
117,592,721 | 130,272,898 | 265,720,598 | 434,371,350 | 192,940,451 | 177,929,806 | 145,668,232 | 171,429,708 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 98,544,472 | $ | 117,592,721 | $ | 267,469,765 | $ | 265,720,598 | $ | 196,001,709 | $ | 192,940,451 | $ | 133,333,454 | $ | 145,668,232 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 220,860 | $ | 603,317 | $ | 370,401 | $ | 643,888 | $ | (55,172 | ) | $ | (14,515 | ) | $ | 366,468 | $ | 365,169 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
800,000 | 3,850,000 | 4,200,000 | 10,300,000 | 1,600,000 | 4,950,000 | 2,550,000 | 6,550,000 | |||||||||||||||||||||||
(700,000 | ) | (3,600,000 | ) | (4,700,000 | ) | (17,950,000 | ) | (1,800,000 | ) | (5,150,000 | ) | (2,950,000 | ) | (8,300,000 | ) | |||||||||||||||
3,700,000 | 3,450,000 | 8,450,000 | 16,100,000 | 5,300,000 | 5,500,000 | 5,450,000 | 7,200,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,800,000 | 3,700,000 | 7,950,000 | 8,450,000 | 5,100,000 | 5,300,000 | 5,050,000 | 5,450,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
| 27 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares Dynamic Networking Portfolio (PXQ) | PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 41,442 | $ | (5,788 | ) | $ | 511,683 | $ | 893,246 | |||||||
Net realized gain (loss) | 1,295,557 | 3,439,892 | (7,276,367 | ) | (12,704,562 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (1,679,731 | ) | 915,524 | (12,812,239 | ) | (25,846,369 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (342,732 | ) | 4,349,628 | (19,576,923 | ) | (37,657,685 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | — | — | (565,110 | ) | (1,024,494 | ) | ||||||||||
Net realized gains | — | — | — | — | ||||||||||||
Return of capital | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | — | — | (565,110 | ) | (1,024,494 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 5,659,776 | 17,339,824 | 10,290,629 | 45,413,320 | ||||||||||||
Value of shares repurchased | (5,661,858 | ) | (23,847,484 | ) | (10,905,138 | ) | (69,794,901 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (2,082 | ) | (6,507,660 | ) | (614,509 | ) | (24,381,581 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (344,814 | ) | (2,158,032 | ) | (20,756,542 | ) | (63,063,760 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 27,484,757 | 29,642,789 | 72,785,690 | 135,849,450 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 27,139,943 | $ | 27,484,757 | $ | 52,029,148 | $ | 72,785,690 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | 27,996 | $ | (13,446 | ) | $ | 98,719 | $ | 152,146 | |||||||
|
| �� |
|
|
|
|
|
| ||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 150,000 | 500,000 | 600,000 | 2,000,000 | ||||||||||||
Shares repurchased | (150,000 | ) | (700,000 | ) | (650,000 | ) | (3,000,000 | ) | ||||||||
Shares outstanding, beginning of period | 750,000 | 950,000 | 3,850,000 | 4,850,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 750,000 | 750,000 | 3,800,000 | 3,850,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | PowerShares Dynamic Retail Portfolio (PMR) | PowerShares Dynamic Semiconductors Portfolio (PSI) | PowerShares Dynamic Software Portfolio (PSJ) | |||||||||||||||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||||||||||||
$ | 4,913,702 | $ | 6,922,569 | $ | 78,343 | $ | 144,257 | $ | 202,727 | $ | 374,605 | $ | (93,045 | ) | $ | 149,496 | ||||||||||||||
84,838,706 | 289,031,374 | 1,125,537 | 803,164 | (61,007 | ) | 5,444,352 | 86,802 | 4,055,280 | ||||||||||||||||||||||
(205,324,362 | ) | 92,127,128 | (1,285,198 | ) | 827,688 | (5,686,980 | ) | 165,344 | 1,838,187 | 7,072,718 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(115,571,954 | ) | 388,081,071 | (81,318 | ) | 1,775,109 | (5,545,260 | ) | 5,984,301 | 1,831,944 | 11,277,494 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(5,754,091 | ) | (6,839,864 | ) | (106,779 | ) | (205,959 | ) | (86,649 | ) | (415,087 | ) | (83,133 | ) | (49,038 | ) | |||||||||||||||
— | (36,562,562 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
— | — | — | — | — | (146,696 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(5,754,091 | ) | (43,402,426 | ) | (106,779 | ) | (205,959 | ) | (86,649 | ) | (561,783 | ) | (83,133 | ) | (49,038 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
279,899,308 | 896,877,939 | 7,701,510 | 38,457,393 | 23,019,013 | 89,671,046 | 63,997,480 | 47,870,360 | |||||||||||||||||||||||
(475,397,824 | ) | (418,629,721 | ) | (23,296,257 | ) | (26,479,719 | ) | (34,481,396 | ) | (36,803,945 | ) | (19,156,506 | ) | (56,104,715 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(195,498,516 | ) | 478,248,218 | (15,594,747 | ) | 11,977,674 | (11,462,383 | ) | 52,867,101 | 44,840,974 | (8,234,355 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(316,824,561 | ) | 822,926,863 | (15,782,844 | ) | 13,546,824 | (17,094,292 | ) | 58,289,619 | 46,589,785 | 2,994,101 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,926,933,687 | 1,104,006,824 | 38,410,384 | 24,863,560 | 78,910,611 | 20,620,992 | 57,329,391 | 54,335,290 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 1,610,109,126 | $ | 1,926,933,687 | $ | 22,627,540 | $ | 38,410,384 | $ | 61,816,319 | $ | 78,910,611 | $ | 103,919,176 | $ | 57,329,391 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 721,601 | $ | 1,561,990 | $ | 4,628 | $ | 33,064 | $ | 102,835 | $ | (13,243 | ) | $ | (106,922 | ) | $ | 69,256 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,600,000 | 12,950,000 | 200,000 | 1,000,000 | 800,000 | 3,450,000 | 1,500,000 | 1,200,000 | |||||||||||||||||||||||
(6,650,000 | ) | (6,200,000 | ) | (600,000 | ) | (750,000 | ) | (1,350,000 | ) | (1,450,000 | ) | (450,000 | ) | (1,450,000 | ) | |||||||||||||||
25,900,000 | 19,150,000 | 1,000,000 | 750,000 | 3,000,000 | 1,000,000 | 1,350,000 | 1,600,000 | |||||||||||||||||||||||
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22,850,000 | 25,900,000 | 600,000 | 1,000,000 | 2,450,000 | 3,000,000 | 2,400,000 | 1,350,000 | |||||||||||||||||||||||
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| 29 |
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PowerShares Dynamic Biotechnology & Genome Portfolio (PBE)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 52.98 | $ | 39.71 | $ | 28.26 | $ | 22.26 | $ | 23.14 | $ | 19.67 | ||||||||||||
Net investment income (loss)(a) | 0.29 | 0.34 | 0.03 | (0.05 | ) | (0.04 | ) | (0.05 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.97 | ) | 13.21 | 11.42 | 6.05 | (0.84 | ) | 3.52 | ||||||||||||||||
Total from investment operations | (2.68 | ) | 13.55 | 11.45 | 6.00 | (0.88 | ) | 3.47 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.28 | ) | — | — | — | — | ||||||||||||||||
Net asset value at end of period | $ | 50.04 | $ | 52.98 | $ | 39.71 | $ | 28.26 | $ | 22.26 | $ | 23.14 | ||||||||||||
Market price at end of period(b) | $ | 50.09 | $ | 52.95 | $ | 39.68 | $ | 28.27 | $ | 22.21 | $ | 23.18 | ||||||||||||
Net Asset Value Total Return:(c) | (5.12 | )% | 34.25 | % | 40.52 | % | 26.96 | % | (3.80 | )% | 17.64 | % | ||||||||||||
Market Price Total Return(c) | (4.97 | )% | 34.28 | % | 40.36 | % | 27.29 | % | (4.18 | )% | 17.78 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 425,335 | $ | 511,262 | $ | 361,320 | $ | 155,453 | $ | 136,903 | $ | 217,553 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.57 | %(d) | 0.57 | % | 0.59 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.57 | %(d) | 0.57 | % | 0.59 | % | 0.63 | % | 0.64 | % | 0.65 | % | ||||||||||||
Net investment income (loss), after Waivers | 1.04 | %(d) | 0.69 | % | 0.09 | % | (0.20 | )% | (0.21 | )% | (0.23 | )% | ||||||||||||
Portfolio turnover rate(e) | 33 | % | 95 | % | 64 | % | 53 | % | 53 | % | 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 for periods less than one year, if applicable, 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.
| 30 |
|
Financial Highlights (continued)
PowerShares Dynamic Building & Construction Portfolio (PKB)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.99 | $ | 22.09 | $ | 19.65 | $ | 14.23 | $ | 14.11 | $ | 13.92 | ||||||||||||
Net investment income(a) | 0.02 | 0.03 | 0.00 | (b) | 0.07 | 0.02 | 0.68 | (c) | ||||||||||||||||
Net realized and unrealized gain on investments | 1.06 | 0.89 | 2.44 | 5.44 | 0.12 | 0.29 | (d) | |||||||||||||||||
Total from investment operations | 1.08 | 0.92 | 2.44 | 5.51 | 0.14 | 0.97 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.02 | ) | — | (0.09 | ) | (0.02 | ) | (0.66 | ) | |||||||||||||
Return of capital | — | — | — | — | — | (0.12 | ) | |||||||||||||||||
Total distributions | (0.01 | ) | (0.02 | ) | — | (0.09 | ) | (0.02 | ) | (0.78 | ) | |||||||||||||
Net asset value at end of period | $ | 24.06 | $ | 22.99 | $ | 22.09 | $ | 19.65 | $ | 14.23 | $ | 14.11 | ||||||||||||
Market price at end of period(e) | $ | 24.09 | $ | 22.98 | $ | 22.10 | $ | 19.63 | $ | 14.20 | $ | 14.09 | ||||||||||||
Net Asset Value Total Return:(f) | 4.71 | % | 4.17 | % | 12.42 | % | 38.85 | % | 0.99 | % | 7.49 | % | ||||||||||||
Market Price Total Return(f) | 4.88 | % | 4.08 | % | 12.58 | % | 39.01 | % | 0.92 | % | 7.34 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 60,155 | $ | 55,177 | $ | 123,688 | $ | 104,121 | $ | 30,600 | $ | 40,204 | ||||||||||||
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 | 0.70 | %(g) | 0.65 | % | 0.63 | % | 0.69 | % | 1.01 | % | 0.91 | % | ||||||||||||
Net investment income, after Waivers | 0.14 | %(g) | 0.15 | % | 0.01 | % | 0.44 | % | 0.12 | % | 5.25 | %(c) | ||||||||||||
Portfolio turnover rate(h) | 40 | % | 96 | % | 117 | % | 95 | % | 72 | % | 75 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.78 | $ | 37.76 | $ | 30.27 | $ | 24.58 | $ | 27.67 | $ | 18.46 | ||||||||||||
Net investment income(a) | 0.23 | 0.39 | 0.48 | 0.53 | 0.19 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.76 | ) | (5.84 | ) | 7.55 | 5.81 | (2.94 | ) | 9.21 | |||||||||||||||
Total from investment operations | (5.53 | ) | (5.45 | ) | 8.03 | 6.34 | (2.75 | ) | 9.33 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.53 | ) | (0.54 | ) | (0.65 | ) | (0.34 | ) | (0.12 | ) | ||||||||||||
Net asset value at end of period | $ | 25.93 | $ | 31.78 | $ | 37.76 | $ | 30.27 | $ | 24.58 | $ | 27.67 | ||||||||||||
Market price at end of period(b) | $ | 25.95 | $ | 31.77 | $ | 37.76 | $ | 30.23 | $ | 24.57 | $ | 27.65 | ||||||||||||
Net Asset Value Total Return:(c) | (17.45 | )% | (14.51 | )% | 26.93 | % | 26.14 | % | (9.86 | )% | 50.80 | % | ||||||||||||
Market Price Total Return(c) | (17.36 | )% | (14.54 | )% | 27.10 | % | 26.03 | % | (9.83 | )% | 50.69 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 98,544 | $ | 117,593 | $ | 130,273 | $ | 104,427 | $ | 67,592 | $ | 118,975 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.66 | %(d) | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.66 | %(d) | 0.64 | % | 0.64 | % | 0.69 | % | 0.73 | % | 0.76 | % | ||||||||||||
Net investment income, after Waivers | 1.64 | %(d) | 1.20 | % | 1.46 | % | 1.97 | % | 0.81 | % | 0.57 | % | ||||||||||||
Portfolio turnover rate(e) | 73 | % | 140 | % | 96 | % | 80 | % | 94 | % | 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 for periods less than one year, if applicable, 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.
| 31 |
|
Financial Highlights (continued)
PowerShares Dynamic Food & Beverage Portfolio (PBJ)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.45 | $ | 26.98 | $ | 23.62 | $ | 19.77 | $ | 19.76 | $ | 16.00 | ||||||||||||
Net investment income(a) | 0.18 | 0.31 | 0.38 | 0.26 | 0.22 | 0.24 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.23 | 4.58 | 3.19 | 3.92 | (0.03 | ) | 3.73 | |||||||||||||||||
Total from investment operations | 2.41 | 4.89 | 3.57 | 4.18 | 0.19 | 3.97 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.42 | ) | (0.21 | ) | (0.33 | ) | (0.18 | ) | (0.21 | ) | ||||||||||||
Net asset value at end of period | $ | 33.64 | $ | 31.45 | $ | 26.98 | $ | 23.62 | $ | 19.77 | $ | 19.76 | ||||||||||||
Market price at end of period(b) | $ | 33.68 | $ | 31.43 | $ | 26.99 | $ | 23.61 | $ | 19.77 | $ | 19.81 | ||||||||||||
Net Asset Value Total Return:(c) | 7.69 | % | 18.25 | % | 15.16 | % | 21.45 | % | 1.02 | % | 24.99 | % | ||||||||||||
Market Price Total Return(c) | 7.88 | % | 18.13 | % | 15.25 | % | 21.40 | % | 0.77 | % | 25.23 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 267,470 | $ | 265,721 | $ | 434,371 | $ | 236,226 | $ | 169,039 | $ | 91,881 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.58 | %(d) | 0.58 | % | 0.61 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.58 | %(d) | 0.58 | % | 0.61 | % | 0.63 | % | 0.64 | % | 0.71 | % | ||||||||||||
Net investment income, after Waivers | 1.07 | %(d) | 1.05 | % | 1.47 | % | 1.28 | % | 1.13 | % | 1.39 | % | ||||||||||||
Portfolio turnover rate(e) | 55 | % | 124 | % | 145 | % | 92 | % | 134 | % | 73 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.40 | $ | 32.35 | $ | 27.23 | $ | 22.18 | $ | 19.34 | $ | 16.52 | ||||||||||||
Net investment income(a) | 0.03 | 0.31 | 0.15 | 0.12 | 0.15 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain on investments | 2.04 | 4.04 | 5.10 | 5.09 | 2.82 | 2.81 | ||||||||||||||||||
Total from investment operations | 2.07 | 4.35 | 5.25 | 5.21 | 2.97 | 2.97 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.04 | ) | (0.30 | ) | (0.13 | ) | (0.16 | ) | (0.13 | ) | (0.15 | ) | ||||||||||||
Net asset value at end of period | $ | 38.43 | $ | 36.40 | $ | 32.35 | $ | 27.23 | $ | 22.18 | $ | 19.34 | ||||||||||||
Market price at end of period(b) | $ | 38.48 | $ | 36.39 | $ | 32.34 | $ | 27.21 | $ | 22.20 | $ | 19.34 | ||||||||||||
Net Asset Value Total Return:(c) | 5.70 | % | 13.47 | % | 19.29 | % | 23.67 | % | 15.49 | % | 18.03 | % | ||||||||||||
Market Price Total Return(c) | 5.86 | % | 13.47 | % | 19.34 | % | 23.47 | % | 15.59 | % | 17.89 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 196,002 | $ | 192,940 | $ | 177,930 | $ | 85,765 | $ | 57,679 | $ | 60,933 | ||||||||||||
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 | % | 0.63 | % | 0.69 | % | 0.80 | % | 0.78 | % | ||||||||||||
Net investment income, after Waivers | 0.18 | %(d) | 0.88 | % | 0.48 | % | 0.52 | % | 0.80 | % | 0.92 | % | ||||||||||||
Portfolio turnover rate(e) | 75 | % | 187 | % | 171 | % | 93 | % | 90 | % | 58 | % |
(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 for periods less than one year, if applicable, 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 Media Portfolio (PBS)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.73 | $ | 23.81 | $ | 20.11 | $ | 14.84 | $ | 15.61 | $ | 13.68 | ||||||||||||
Net investment income(a) | 0.09 | 0.21 | 0.09 | 0.12 | 0.08 | 0.07 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.33 | ) | 2.89 | 3.70 | 5.28 | (0.76 | ) | 1.93 | ||||||||||||||||
Total from investment operations | (0.24 | ) | 3.10 | 3.79 | 5.40 | (0.68 | ) | 2.00 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.18 | ) | (0.09 | ) | (0.13 | ) | (0.09 | ) | (0.07 | ) | ||||||||||||
Net asset value at end of period | $ | 26.40 | $ | 26.73 | $ | 23.81 | $ | 20.11 | $ | 14.84 | $ | 15.61 | ||||||||||||
Market price at end of period(b) | $ | 26.43 | $ | 26.72 | $ | 23.79 | $ | 20.10 | $ | 14.84 | $ | 15.61 | ||||||||||||
Net Asset Value Total Return:(c) | (0.90 | )% | 13.04 | % | 18.87 | % | 36.62 | % | (4.33 | )% | 14.68 | % | ||||||||||||
Market Price Total Return(c) | (0.75 | )% | 13.09 | % | 18.83 | % | 36.55 | % | (4.33 | )% | 14.51 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 133,333 | $ | 145,668 | $ | 171,430 | $ | 150,788 | $ | 137,975 | $ | 156,881 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(d) | 0.59 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.61 | %(d) | 0.59 | % | 0.62 | % | 0.63 | % | 0.65 | % | 0.69 | % | ||||||||||||
Net investment income, after Waivers | 0.69 | %(d) | 0.84 | % | 0.38 | % | 0.71 | % | 0.60 | % | 0.57 | % | ||||||||||||
Portfolio turnover rate(e) | 71 | % | 131 | % | 120 | % | 70 | % | 89 | % | 53 | % |
(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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
PowerShares Dynamic Networking Portfolio (PXQ)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.65 | $ | 31.20 | $ | 25.00 | $ | 27.71 | $ | 29.20 | $ | 21.08 | ||||||||||||
Net investment income (loss)(a) | 0.06 | (0.01 | ) | (0.04 | ) | 0.20 | (b) | (0.06 | ) | (0.10 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | (0.52 | ) | 5.46 | 6.44 | (2.85 | ) | (1.43 | ) | 8.33 | |||||||||||||||
Total from investment operations | (0.46 | ) | 5.45 | 6.40 | (2.65 | ) | (1.49 | ) | 8.23 | |||||||||||||||
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 | $ | 36.19 | $ | 36.65 | $ | 31.20 | $ | 25.00 | $ | 27.71 | $ | 29.20 | ||||||||||||
Market price at end of period(c) | $ | 36.22 | $ | 36.64 | $ | 31.19 | $ | 24.97 | $ | 27.68 | $ | 29.20 | ||||||||||||
Net Asset Value Total Return:(d) | (1.26 | )% | 17.47 | % | 25.69 | % | (9.57 | )% | (5.10 | )% | 39.08 | % | ||||||||||||
Market Price Total Return(d) | (1.14 | )% | 17.48 | % | 25.80 | % | (9.58 | )% | (5.20 | )% | 38.89 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 27,140 | $ | 27,485 | $ | 29,643 | $ | 30,000 | $ | 81,739 | $ | 172,291 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.63 | % | 0.63 | % | 0.64 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.86 | %(e) | 0.85 | % | 0.82 | % | 0.75 | % | 0.67 | % | 0.70 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.30 | %(e) | (0.02 | )% | (0.12 | )% | 0.81 | %(b) | (0.22 | )% | (0.38 | )% | ||||||||||||
Portfolio turnover rate(f) | 39 | % | 74 | % | 69 | % | 68 | % | 84 | % | 61 | % |
(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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.91 | $ | 28.01 | $ | 22.49 | $ | 20.48 | $ | 26.38 | $ | 18.03 | ||||||||||||
Net investment income (loss)(a) | 0.13 | 0.22 | 0.08 | 0.04 | (0.01 | ) | 0.07 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.21 | ) | (9.07 | ) | 5.53 | (b) | 2.00 | (5.89 | ) | 8.36 | ||||||||||||||
Total from investment operations | (5.08 | ) | (8.85 | ) | 5.61 | 2.04 | (5.90 | ) | 8.43 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.25 | ) | (0.09 | ) | (0.03 | ) | (0.00 | )(c) | (0.08 | ) | ||||||||||||
Net asset value at end of period | $ | 13.69 | $ | 18.91 | $ | 28.01 | $ | 22.49 | $ | 20.48 | $ | 26.38 | ||||||||||||
Market price at end of period(d) | $ | 13.71 | $ | 18.92 | $ | 28.00 | $ | 22.49 | $ | 20.48 | $ | 26.38 | ||||||||||||
Net Asset Value Total Return:(e) | (26.91 | )% | (31.67 | )% | 24.98 | %(b) | 9.95 | % | (22.36 | )% | 46.84 | % | ||||||||||||
Market Price Total Return(e) | (26.84 | )% | (31.61 | )% | 24.94 | % | 9.95 | % | (22.36 | )% | 46.93 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 52,029 | $ | 72,786 | $ | 135,849 | $ | 116,973 | $ | 147,485 | $ | 309,972 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(f) | 0.63 | % | 0.61 | % | 0.62 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.70 | %(f) | 0.64 | % | 0.61 | % | 0.62 | % | 0.63 | % | 0.64 | % | ||||||||||||
Net investment income (loss), after Waivers | 1.72 | %(f) | 0.96 | % | 0.31 | % | 0.18 | % | (0.03 | )% | 0.36 | % | ||||||||||||
Portfolio turnover rate(g) | 48 | % | 79 | % | 259 | %(b) | 68 | % | 70 | % | 39 | % |
(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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
PowerShares Dynamic Pharmaceuticals Portfolio (PJP)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 74.40 | $ | 57.65 | $ | 40.72 | $ | 32.00 | $ | 26.15 | $ | 19.55 | ||||||||||||
Net investment income(a) | 0.19 | 0.32 | 0.26 | 0.54 | (b) | 0.22 | 0.17 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.91 | ) | 18.42 | 16.90 | 8.72 | 5.83 | 6.56 | |||||||||||||||||
Total from investment operations | (3.72 | ) | 18.74 | 17.16 | 9.26 | 6.05 | 6.73 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.34 | ) | (0.23 | ) | (0.54 | ) | (0.20 | ) | (0.13 | ) | ||||||||||||
Net realized gains | — | (1.65 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.22 | ) | (1.99 | ) | (0.23 | ) | (0.54 | ) | (0.20 | ) | (0.13 | ) | ||||||||||||
Net asset value at end of period | $ | 70.46 | $ | 74.40 | $ | 57.65 | $ | 40.72 | $ | 32.00 | $ | 26.15 | ||||||||||||
Market price at end of period(c) | $ | 70.60 | $ | 74.35 | $ | 57.60 | $ | 40.72 | $ | 31.99 | $ | 26.17 | ||||||||||||
Net Asset Value Total Return:(d) | (5.03 | )% | 32.95 | % | 42.27 | % | 29.25 | % | 23.29 | % | 34.55 | % | ||||||||||||
Market Price Total Return(d) | (4.77 | )% | 32.97 | % | 42.15 | % | 29.29 | % | 23.16 | % | 34.73 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,610,109 | $ | 1,926,934 | $ | 1,104,007 | $ | 468,305 | $ | 270,385 | $ | 87,606 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(e) | 0.56 | % | 0.58 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.56 | %(e) | 0.56 | % | 0.58 | % | 0.63 | % | 0.64 | % | 0.76 | % | ||||||||||||
Net investment income, after Waivers | 0.50 | %(e) | 0.48 | % | 0.52 | % | 1.52 | %(b) | 0.77 | % | 0.78 | % | ||||||||||||
Portfolio turnover rate(f) | 15 | % | 47 | % | 39 | % | 24 | % | 23 | % | 9 | % |
(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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Dynamic Retail Portfolio (PMR)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 38.41 | $ | 33.15 | $ | 29.12 | $ | 25.98 | $ | 21.88 | $ | 18.67 | ||||||||||||
Net investment income(a) | 0.11 | 0.22 | 0.32 | 0.66 | 0.16 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.65 | ) | 5.38 | 3.99 | 3.11 | 4.17 | 3.21 | |||||||||||||||||
Total from investment operations | (0.54 | ) | 5.60 | 4.31 | 3.77 | 4.33 | 3.39 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.34 | ) | (0.28 | ) | (0.63 | ) | (0.23 | ) | (0.18 | ) | ||||||||||||
Net asset value at end of period | $ | 37.71 | $ | 38.41 | $ | 33.15 | $ | 29.12 | $ | 25.98 | $ | 21.88 | ||||||||||||
Market price at end of period(b) | $ | 37.75 | $ | 38.42 | $ | 33.14 | $ | 29.11 | $ | 25.98 | $ | 21.90 | ||||||||||||
Net Asset Value Total Return:(c) | (1.42 | )% | 16.97 | % | 14.81 | % | 14.87 | % | 20.06 | % | 18.35 | % | ||||||||||||
Market Price Total Return(c) | (1.34 | )% | 17.04 | % | 14.81 | % | 14.83 | % | 19.95 | % | 18.39 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 22,628 | $ | 38,410 | $ | 24,864 | $ | 24,750 | $ | 76,643 | $ | 13,130 | ||||||||||||
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 | 0.85 | %(d) | 0.91 | % | 0.79 | % | 0.74 | % | 0.87 | % | 1.63 | % | ||||||||||||
Net investment income, after Waivers | 0.56 | %(d) | 0.61 | % | 0.96 | % | 2.59 | % | 0.75 | % | 1.01 | % | ||||||||||||
Portfolio turnover rate(e) | 68 | % | 111 | % | 184 | % | 83 | % | 111 | % | 102 | % |
(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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
PowerShares Dynamic Semiconductors Portfolio (PSI)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.30 | $ | 20.62 | $ | 15.22 | $ | 15.75 | $ | 18.19 | $ | 14.29 | ||||||||||||||
Net investment income(a) | 0.07 | 0.25 | (b) | 0.10 | 0.11 | 0.06 | 0.01 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.11 | ) | 5.88 | 5.41 | (0.52 | ) | (2.47 | ) | 3.92 | |||||||||||||||||
Total from investment operations | (1.04 | ) | 6.13 | 5.51 | (0.41 | ) | (2.41 | ) | 3.93 | |||||||||||||||||
Distribution to shareholder from: | ||||||||||||||||||||||||||
Net investment income | (0.03 | ) | (0.33 | ) | (0.11 | ) | (0.12 | ) | (0.03 | ) | (0.01 | ) | ||||||||||||||
Return of capital | — | (0.12 | ) | — | — | — | (0.02 | ) | ||||||||||||||||||
Total distributions | (0.03 | ) | (0.45 | ) | (0.11 | ) | (0.12 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||
Net asset value at end of period | $ | 25.23 | $ | 26.30 | $ | 20.62 | $ | 15.22 | $ | 15.75 | $ | 18.19 | ||||||||||||||
Market price at end of period(c) | $ | 25.28 | $ | 26.31 | $ | 20.62 | $ | 15.19 | $ | 15.71 | $ | 18.20 | ||||||||||||||
Net Asset Value Total Return:(d) | (3.93 | )% | 29.90 | % | 36.38 | % | (2.56 | )% | (13.20 | )% | 27.57 | % | ||||||||||||||
Market Price Total Return(d) | (3.78 | )% | 29.95 | % | 36.66 | % | (2.50 | )% | (13.47 | )% | 27.64 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 61,816 | $ | 78,911 | $ | 20,621 | $ | 16,744 | $ | 21,261 | $ | 42,749 | ||||||||||||||
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 | 0.65 | %(e) | 0.78 | % | 1.05 | % | 1.05 | % | 1.02 | % | 0.97 | % | ||||||||||||||
Net investment income, after Waivers | 0.53 | %(e) | 1.03 | %(b) | 0.55 | % | 0.77 | % | 0.42 | % | 0.04 | % | ||||||||||||||
Portfolio turnover rate(f) | 41 | % | 103 | % | 126 | % | 91 | % | 57 | % | 64 | % |
(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 of $16.50 per share owned of KLA-Tencor Corp. on November 26, 2014. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.05 and 0.22%, 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 for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
PowerShares Dynamic Software Portfolio (PSJ)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 42.47 | $ | 33.96 | $ | 30.16 | $ | 26.87 | $ | 27.47 | $ | 22.54 | ||||||||||||
Net investment income (loss)(a) | (0.07 | ) | 0.11 | (0.00 | )(b) | (0.01 | ) | (0.07 | ) | (0.07 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 0.96 | 8.44 | 3.80 | 3.30 | (0.53 | ) | 5.00 | |||||||||||||||||
Total from investment operations | 0.89 | 8.55 | 3.80 | 3.29 | (0.60 | ) | 4.93 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.04 | ) | — | — | — | — | ||||||||||||||||
Net asset value at end of period | $ | 43.30 | $ | 42.47 | $ | 33.96 | $ | 30.16 | $ | 26.87 | $ | 27.47 | ||||||||||||
Market price at end of period(c) | $ | 43.40 | $ | 42.48 | $ | 33.93 | $ | 30.12 | $ | 26.87 | $ | 27.48 | ||||||||||||
Net Asset Value Total Return:(d) | 2.10 | % | 25.18 | % | 12.60 | % | 12.24 | % | (2.19 | )% | 21.87 | % | ||||||||||||
Market Price Total Return(d) | 2.31 | % | 25.32 | % | 12.65 | % | 12.09 | % | (2.22 | )% | 21.86 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 103,919 | $ | 57,329 | $ | 54,335 | $ | 48,257 | $ | 49,710 | $ | 83,774 | ||||||||||||
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 | 0.68 | %(e) | 0.71 | % | 0.69 | % | 0.74 | % | 0.78 | % | 0.77 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.31 | )%(e) | 0.29 | % | (0.01 | )% | (0.03 | )% | (0.29 | )% | (0.29 | )% | ||||||||||||
Portfolio turnover rate(f) | 84 | % | 132 | % | 150 | % | 95 | % | 100 | % | 46 | % |
(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 for periods less than one year, if applicable, 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, 2015
(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, 2015, 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 price of each Share 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 | |
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
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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. The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
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 asked 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 asked 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 asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 Fund investments.
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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 Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in 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.
Portfolio Turnover Risk. The Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, each Fund will seek to utilize an in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
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.
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Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These 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.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
E. Country Determination
For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. 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.
G. 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.
H. Securities Lending
During the six-month period ended October 31, 2015, Dynamic Biotechnology & Genome Portfolio, Dynamic Energy Exploration & Production Portfolio, Dynamic Networking Portfolio, Dynamic Oil & Gas Services Portfolio and Dynamic Pharmaceuticals Portfolio
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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% (105% for international securities) 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. Each Fund bears the risk of loss with respect to the investment of collateral. 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. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each 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. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. 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. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each 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, if any, is shown on the Statements of Assets and Liabilities.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, 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. Pursuant to that Investment Advisory Agreement, each Fund has agreed to pay the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser 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, 2016. Offering costs excluded from the Expense Cap for each Fund 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, 2016. 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 Energy Exploration & Production Portfolio, Dynamic Food & Beverage Portfolio, Dynamic Leisure and Entertainment Portfolio, Dynamic Media Portfolio and Dynamic Pharmaceuticals Portfolio.
Further, through August 31, 2017, 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. This agreement is not subject to recapture by the Adviser.
For the six-month period ended October 31, 2015, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Biotechnology & Genome Portfolio | $ | 190 | ||
Dynamic Building & Construction Portfolio | 18,791 | |||
Dynamic Energy Exploration & Production Portfolio | 180 | |||
Dynamic Food & Beverage Portfolio | 156 | |||
Dynamic Leisure and Entertainment Portfolio | 102 | |||
Dynamic Media Portfolio | 94 | |||
Dynamic Networking Portfolio | 30,714 | |||
Dynamic Oil & Gas Services Portfolio | 19,802 | |||
Dynamic Pharmaceuticals Portfolio | 4,771 | |||
Dynamic Retail Portfolio | 30,332 | |||
Dynamic Semiconductors Portfolio | 7,263 | |||
Dynamic Software Portfolio | 15,879 |
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The Expense Agreement provides that the fees waived or expenses borne by the Adviser are subject to recapture by the Adviser for up to three years from the date the fee was waived or expense was borne by the Adviser, but no recapture payment will be made by a Fund if it would result in the Fund exceeding its Expense Cap as specified above.
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, 2015 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/16 | 04/30/17 | 04/30/18 | 10/31/18 | |||||||||||||||||
Dynamic Building & Construction Portfolio | $ | 69,988 | $ | 35,007 | $ | — | $ | 16,252 | $ | 18,729 | ||||||||||
Dynamic Energy Exploration & Production Portfolio | 31,813 | 31,709 | — | — | 104 | |||||||||||||||
Dynamic Leisure and Entertainment Portfolio | — | — | — | — | — | |||||||||||||||
Dynamic Networking Portfolio | 203,367 | 52,287 | 58,890 | 61,547 | 30,643 | |||||||||||||||
Dynamic Oil & Gas Services Portfolio | 30,819 | — | — | 11,082 | 19,737 | |||||||||||||||
Dynamic Retail Portfolio | 204,250 | 55,726 | 52,831 | 65,416 | 30,277 | |||||||||||||||
Dynamic Semiconductors Portfolio | 204,411 | 73,270 | 69,191 | 54,742 | 7,208 | |||||||||||||||
Dynamic Software Portfolio | 143,346 | 51,699 | 34,792 | 41,026 | 15,829 |
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. 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, 2015, 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 carryforwards) 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 carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards 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 Funds had capital loss carryforwards as of April 30, 2015, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||||||||
Dynamic Biotechnology & Genome Portfolio | $ | 15,818,255 | $ | 34,286,844 | $ | 50,397,332 | $ | 12,898,182 | $ | 21,318,147 | $ | — | $ | 134,718,760 | $ | 19,612,223 | ||||||||||||||||
Dynamic Building & Construction Portfolio | 742,893 | 2,843,349 | 3,001,058 | 6,653,613 | 2,766,977 | 779,412 | 16,787,302 | 2,263,182 | ||||||||||||||||||||||||
Dynamic Energy Exploration & Production Portfolio | 3,232,521 | 7,646,917 | 21,471,013 | 1,361,799 | 14,797,874 | 2,555,624 | 51,065,748 | 285,311 | ||||||||||||||||||||||||
Dynamic Food & Beverage Portfolio | 1,260,041 | 7,585,250 | 10,245,302 | — | 30,394,757 | 419,830 | 49,905,180 | 239,185 | ||||||||||||||||||||||||
Dynamic Leisure and Entertainment Portfolio | 2,111,801 | 2,895,936 | 2,889,449 | 2,356,106 | 7,508,319 | — | 17,761,611 | 1,611,839 | ||||||||||||||||||||||||
Dynamic Media Portfolio | 2,505,039 | 4,930,761 | 5,161,647 | 6,294,489 | 34,672,231 | 553,794 | 54,117,961 | 3,187,134 | ||||||||||||||||||||||||
Dynamic Networking Portfolio | 1,064,275 | 1,975,581 | 512,618 | 730,670 | 20,410,717 | 9,750,289 | 34,444,150 | 1,939,441 | ||||||||||||||||||||||||
Dynamic Oil & Gas Services Portfolio | 7,909,602 | 24,680,663 | 85,028,926 | 35,877,910 | 21,619,098 | 11,541,422 | 186,657,621 | 15,026,862 | ||||||||||||||||||||||||
Dynamic Pharmaceuticals Portfolio | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Dynamic Retail Portfolio | 1,908,967 | 2,427,604 | 1,816,180 | 2,176,015 | 11,068,330 | 80,637 | 19,477,733 | 937,070 | ||||||||||||||||||||||||
Dynamic Semiconductors Portfolio | 10,196,415 | 14,001,359 | 10,902,954 | 2,120,823 | 6,727,250 | 1,016,139 | 44,964,940 | 9,158,832 | ||||||||||||||||||||||||
Dynamic Software Portfolio | 1,542,190 | 7,095,351 | 2,938,722 | 3,242,208 | 8,275,949 | — | 23,094,420 | 3,017,278 |
* | 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 6. Investment Transactions
For the six-month period ended October 31, 2015, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Dynamic Biotechnology & Genome Portfolio | $ | 170,138,800 | $ | 168,664,198 | ||||
Dynamic Building & Construction Portfolio | 22,543,944 | 22,219,907 | ||||||
Dynamic Energy Exploration & Production Portfolio | 75,513,804 | 75,082,214 | ||||||
Dynamic Food & Beverage Portfolio | 130,029,835 | 127,769,884 | ||||||
Dynamic Leisure and Entertainment Portfolio | 140,593,990 | 141,443,255 | ||||||
Dynamic Media Portfolio | 98,486,104 | 98,532,435 | ||||||
Dynamic Networking Portfolio | 10,453,928 | 10,843,037 | ||||||
Dynamic Oil & Gas Services Portfolio | 28,793,561 | 28,441,711 | ||||||
Dynamic Pharmaceuticals Portfolio | 285,348,942 | 284,052,350 | ||||||
Dynamic Retail Portfolio | 18,426,912 | 18,424,006 | ||||||
Dynamic Semiconductors Portfolio | 30,603,864 | 30,355,500 | ||||||
Dynamic Software Portfolio | 53,656,761 | 53,318,856 |
For the six-month period ended October 31, 2015, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Biotechnology & Genome Portfolio | $ | 38,490,664 | $ | 95,249,161 | ||||
Dynamic Building & Construction Portfolio | 8,478,290 | 6,317,110 | ||||||
Dynamic Energy Exploration & Production Portfolio | 22,924,289 | 19,754,155 | ||||||
Dynamic Food & Beverage Portfolio | 137,508,405 | 152,374,504 | ||||||
Dynamic Leisure and Entertainment Portfolio | 58,963,663 | 65,078,280 | ||||||
Dynamic Media Portfolio | 68,867,726 | 76,802,596 |
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Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Networking Portfolio | $ | 5,660,453 | $ | 5,239,655 | ||||
Dynamic Oil & Gas Services Portfolio | 10,284,979 | 11,280,636 | ||||||
Dynamic Pharmaceuticals Portfolio | 279,833,985 | 477,734,045 | ||||||
Dynamic Retail Portfolio | 7,693,626 | 23,315,750 | ||||||
Dynamic Semiconductors Portfolio | 23,025,925 | 34,617,881 | ||||||
Dynamic Software Portfolio | 64,016,053 | 19,630,875 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2015, 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:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Dynamic Biotechnology & Genome Portfolio | $ | 60,207,516 | $ | (59,556,362 | ) | $ | 651,154 | $ | 483,827,676 | |||||||
Dynamic Building & Construction Portfolio | 8,545,371 | (2,082,864 | ) | 6,462,507 | 53,753,386 | |||||||||||
Dynamic Energy Exploration & Production Portfolio | 8,968,387 | (15,772,942 | ) | (6,804,555 | ) | 109,837,597 | ||||||||||
Dynamic Food & Beverage Portfolio | 25,219,243 | (5,494,785 | ) | 19,724,458 | 247,815,376 | |||||||||||
Dynamic Leisure and Entertainment Portfolio | 23,242,253 | (2,614,845 | ) | 20,627,408 | 175,499,105 | |||||||||||
Dynamic Media Portfolio | 12,965,934 | (3,963,417 | ) | 9,002,517 | 124,444,852 | |||||||||||
Dynamic Networking Portfolio | 4,607,156 | (1,670,457 | ) | 2,936,699 | 26,292,517 | |||||||||||
Dynamic Oil & Gas Services Portfolio | 695,951 | (21,118,262 | ) | (20,422,311 | ) | 75,072,677 | ||||||||||
Dynamic Pharmaceuticals Portfolio | 161,362,205 | (89,660,460 | ) | 71,701,745 | 1,628,145,551 | |||||||||||
Dynamic Retail Portfolio | 1,113,249 | (1,722,334 | ) | (609,085 | ) | 23,294,739 | ||||||||||
Dynamic Semiconductors Portfolio | 2,101,474 | (5,591,105 | ) | (3,489,631 | ) | 65,365,654 | ||||||||||
Dynamic Software Portfolio | 8,999,430 | (1,068,624 | ) | 7,930,806 | 96,087,561 |
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 an Officer of the Trust. The Trustee who is an “interested person” 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 principally 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
| 44 |
|
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.
| 45 |
|
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, 2015.
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, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 948.81 | 0.57 | % | $ | 2.79 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.27 | 0.57 | 2.90 | ||||||||||||
PowerShares Dynamic Building & Construction Portfolio (PKB) | ||||||||||||||||
Actual | 1,000.00 | 1,047.07 | 0.63 | 3.24 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) | ||||||||||||||||
Actual | 1,000.00 | 825.48 | 0.66 | 3.03 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.82 | 0.66 | 3.35 | ||||||||||||
PowerShares Dynamic Food & Beverage Portfolio (PBJ) | ||||||||||||||||
Actual | 1,000.00 | 1,076.88 | 0.58 | 3.03 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.22 | 0.58 | 2.95 | ||||||||||||
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | ||||||||||||||||
Actual | 1,000.00 | 1,056.98 | 0.63 | 3.26 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||
PowerShares Dynamic Media Portfolio (PBS) | ||||||||||||||||
Actual | 1,000.00 | 991.03 | 0.61 | 3.05 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.07 | 0.61 | 3.10 | ||||||||||||
PowerShares Dynamic Networking Portfolio (PXQ) | ||||||||||||||||
Actual | 1,000.00 | 987.44 | 0.63 | 3.15 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | ||||||||||||||||
Actual | 1,000.00 | 730.92 | 0.63 | 2.74 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 |
| 46 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 949.73 | 0.56 | % | $ | 2.74 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.56 | 2.85 | ||||||||||||
PowerShares Dynamic Retail Portfolio (PMR) | ||||||||||||||||
Actual | 1,000.00 | 985.81 | 0.63 | 3.14 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||
PowerShares Dynamic Semiconductors Portfolio (PSI) | ||||||||||||||||
Actual | 1,000.00 | 960.68 | 0.63 | 3.10 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||
PowerShares Dynamic Software Portfolio (PSJ) | ||||||||||||||||
Actual | 1,000.00 | 1,020.97 | 0.63 | 3.20 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 |
(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, 2015. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the results by 184/366. |
| 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.
©2015 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, 2015 |
2015 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 | ||||
20 | ||||
Statements of Assets and Liabilities | 22 | |||
Statements of Operations | 24 | |||
Statements of Changes in Net Assets | 26 | |||
Financial Highlights | 30 | |||
Notes to Financial Statements | 36 | |||
Fees and Expenses | 45 |
| 2 |
|
PowerShares DWA Basic Materials Momentum Portfolio (PYZ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Specialty Chemicals | 41.4 | |||
Diversified Chemicals | 9.7 | |||
Industrial Gases | 9.3 | |||
Fertilizers & Agricultural Chemicals | 8.0 | |||
Commodity Chemicals | 6.4 | |||
Steel | 4.3 | |||
Paper Products | 4.0 | |||
Diversified Metals & Mining | 3.5 | |||
Aluminum | 2.8 | |||
Specialized REITs | 2.3 | |||
Life Sciences Tools & Services | 2.0 | |||
Forest Products | 1.8 | |||
Paper Packaging | 1.7 | |||
Oil & Gas Refining & Marketing | 1.6 | |||
Health Care Distributors | 1.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity | ||||||||
Interests—100.0% | ||||||||
Aluminum—2.8% | ||||||||
83,733 | Alcoa, Inc. | $ | 747,735 | |||||
13,106 | Kaiser Aluminum Corp. | 1,065,387 | ||||||
|
| |||||||
1,813,122 | ||||||||
|
| |||||||
Commodity Chemicals—6.4% | ||||||||
30,093 | LyondellBasell Industries NV, Class A | 2,795,940 | ||||||
23,277 | Westlake Chemical Corp. | 1,402,905 | ||||||
|
| |||||||
4,198,845 | ||||||||
|
| |||||||
Diversified Chemicals—9.7% | ||||||||
47,350 | Dow Chemical Co. (The) | 2,446,575 | ||||||
18,270 | E.I. du Pont de Nemours & Co. | 1,158,318 | ||||||
19,926 | Eastman Chemical Co. | 1,438,059 | ||||||
99,745 | Huntsman Corp. | 1,313,642 | ||||||
|
| |||||||
6,356,594 | ||||||||
|
| |||||||
Diversified Metals & Mining—3.5% | ||||||||
16,590 | Compass Minerals International, Inc. | 1,347,772 | ||||||
80,908 | Freeport-McMoRan, Inc. | 952,287 | ||||||
|
| |||||||
2,300,059 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Fertilizers & Agricultural Chemicals—8.0% | ||||||||
41,255 | CF Industries Holdings, Inc. | $ | 2,094,517 | |||||
25,793 | FMC Corp. | 1,050,033 | ||||||
22,487 | Monsanto Co. | 2,096,238 | ||||||
|
| |||||||
5,240,788 | ||||||||
|
| |||||||
Forest Products—1.8% | ||||||||
68,243 | Louisiana-Pacific Corp.(b) | 1,205,171 | ||||||
|
| |||||||
Health Care Distributors—1.2% | ||||||||
25,163 | Aceto Corp. | 758,916 | ||||||
|
| |||||||
Industrial Gases—9.3% | ||||||||
15,993 | Air Products & Chemicals, Inc. | 2,222,707 | ||||||
25,606 | Airgas, Inc. | 2,462,273 | ||||||
13,022 | Praxair, Inc. | 1,446,614 | ||||||
|
| |||||||
6,131,594 | ||||||||
|
| |||||||
Life Sciences Tools & Services—2.0% | ||||||||
27,903 | Cambrex Corp.(b) | 1,282,701 | ||||||
|
| |||||||
Oil & Gas Refining & Marketing—1.6% | ||||||||
52,545 | Green Plains, Inc. | 1,077,698 | ||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Paper Packaging—1.7% | ||||||||
17,324 | Avery Dennison Corp. | $ | 1,125,540 | |||||
|
| |||||||
Paper Products—4.0% | ||||||||
62,021 | International Paper Co. | 2,647,677 | ||||||
|
| |||||||
Specialized REITs—2.3% | ||||||||
50,856 | Weyerhaeuser Co. REIT | 1,491,606 | ||||||
|
| |||||||
Specialty Chemicals—41.4% | ||||||||
16,944 | A. Schulman, Inc. | 608,120 | ||||||
25,780 | Ashland, Inc. | 2,828,582 | ||||||
9,394 | Balchem Corp. | 641,610 | ||||||
21,829 | Celanese Corp., Series A | 1,550,951 | ||||||
36,716 | Chemtura Corp.(b) | 1,172,709 | ||||||
15,191 | Ecolab, Inc. | 1,828,237 | ||||||
61,604 | Ferro Corp.(b) | 769,434 | ||||||
16,477 | H.B. Fuller Co. | 625,961 | ||||||
14,925 | Innophos Holdings, Inc. | 634,163 | ||||||
18,878 | Innospec, Inc. | 1,042,821 | ||||||
11,462 | International Flavors & Fragrances, Inc. | 1,330,280 | ||||||
13,515 | Minerals Technologies, Inc. | 796,574 | ||||||
3,765 | NewMarket Corp. | 1,482,431 | ||||||
45,830 | PolyOne Corp. | 1,532,555 | ||||||
22,253 | PPG Industries, Inc. | 2,320,098 | ||||||
11,306 | Quaker Chemical Corp. | 897,470 | ||||||
26,406 | RPM International, Inc. | 1,207,018 | ||||||
13,567 | Sensient Technologies Corp. | 885,518 | ||||||
13,352 | Stepan Co. | 706,721 | ||||||
17,843 | Valspar Corp. (The) | 1,444,391 | ||||||
28,756 | W.R. Grace & Co.(b) | 2,884,227 | ||||||
|
| |||||||
27,189,871 | ||||||||
|
| |||||||
Steel—4.3% | ||||||||
11,798 | Reliance Steel & Aluminum Co. | 707,408 | ||||||
73,091 | Steel Dynamics, Inc. | 1,349,991 | ||||||
24,827 | Worthington Industries, Inc. | 762,189 | ||||||
|
| |||||||
2,819,588 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $62,535,376) | 65,639,770 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
80,224 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $80,224) | 80,224 | ||||||
|
| |||||||
Total Investments (Cost $62,615,600)—100.1% | 65,719,994 | |||||||
Other assets less liabilities—(0.1)% | (55,198 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 65,664,796 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Restaurants | 13.9 | |||
Automotive Retail | 13.3 | |||
Airlines | 10.6 | |||
Apparel Retail | 9.5 | |||
Apparel, Accessories & Luxury Goods | 8.8 | |||
Footwear | 6.8 | |||
Hotels, Resorts & Cruise Lines | 6.4 | |||
Internet Retail | 4.8 | |||
Specialty Stores | 3.7 | |||
Home Entertainment Software | 3.1 | |||
Homefurnishing Retail | 3.1 | |||
Casinos & Gaming | 2.8 | |||
Movies & Entertainment | 2.4 | |||
Cable & Satellite | 2.4 | |||
Home Furnishings | 2.1 | |||
Industrial Machinery | 2.0 | |||
Leisure Facilities | 1.8 | |||
Auto Parts & Equipment | 1.3 | |||
Homebuilding | 1.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Airlines—10.6% | ||||||||
121,769 | Alaska Air Group, Inc. | $ | 9,284,886 | |||||
20,835 | Allegiant Travel Co. | 4,113,871 | ||||||
201,950 | Hawaiian Holdings, Inc.(b) | 7,007,665 | ||||||
287,522 | JetBlue Airways Corp.(b) | 7,142,046 | ||||||
|
| |||||||
27,548,468 | ||||||||
|
| |||||||
Apparel Retail—9.5% | ||||||||
105,072 | Foot Locker, Inc. | 7,118,628 | ||||||
102,804 | L Brands, Inc. | 9,867,128 | ||||||
154,110 | Ross Stores, Inc. | 7,794,884 | ||||||
|
| |||||||
24,780,640 | ||||||||
|
| |||||||
Apparel, Accessories & Luxury Goods—8.8% | ||||||||
76,606 | G-III Apparel Group Ltd.(b) | 4,220,225 | ||||||
99,897 | Under Armour, Inc., Class A(b) | 9,498,207 | ||||||
138,466 | VF Corp. | 9,349,224 | ||||||
|
| |||||||
23,067,656 | ||||||||
|
| |||||||
Auto Parts & Equipment—1.3% | ||||||||
58,657 | Drew Industries, Inc. | 3,509,448 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Automotive Retail—13.3% | ||||||||
73,659 | Asbury Automotive Group, Inc.(b) | $ | 5,833,793 | |||||
10,326 | AutoZone, Inc.(b) | 8,099,818 | ||||||
52,427 | Lithia Motors, Inc., Class A | 6,154,405 | ||||||
53,349 | O’Reilly Automotive, Inc.(b) | 14,738,195 | ||||||
|
| |||||||
34,826,211 | ||||||||
|
| |||||||
Cable & Satellite—2.4% | ||||||||
32,948 | Charter Communications, Inc., Class A(b) | 6,291,091 | ||||||
|
| |||||||
Casinos & Gaming—2.8% | ||||||||
175,858 | Isle of Capri Casinos, Inc.(b) | 3,364,164 | ||||||
113,710 | Pinnacle Entertainment, Inc.(b) | 3,980,987 | ||||||
|
| |||||||
7,345,151 | ||||||||
|
| |||||||
Footwear—6.8% | ||||||||
84,011 | NIKE, Inc., Class B | 11,007,962 | ||||||
218,951 | Skechers U.S.A., Inc., Class A(b) | 6,831,271 | ||||||
|
| |||||||
17,839,233 | ||||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Home Entertainment Software—3.1% | ||||||||
111,006 | Electronic Arts, Inc.(b) | $ | 8,000,202 | |||||
|
| |||||||
Home Furnishings—2.1% | ||||||||
28,022 | Mohawk Industries, Inc.(b) | 5,478,301 | ||||||
|
| |||||||
Homebuilding—1.2% | ||||||||
115,045 | LGI Homes, Inc.(b) | 3,224,711 | ||||||
|
| |||||||
Homefurnishing Retail—3.1% | ||||||||
108,086 | Williams-Sonoma, Inc. | 7,971,342 | ||||||
|
| |||||||
Hotels, Resorts & Cruise Lines—6.4% | ||||||||
61,130 | Royal Caribbean Cruises Ltd. | 6,012,135 | ||||||
129,948 | Wyndham Worldwide Corp. | 10,571,270 | ||||||
|
| |||||||
16,583,405 | ||||||||
|
| |||||||
Industrial Machinery—2.0% | ||||||||
44,988 | Middleby Corp. (The)(b) | 5,260,897 | ||||||
|
| |||||||
Internet Retail—4.8% | ||||||||
60,043 | Expedia, Inc., Class A | 8,183,861 | ||||||
98,997 | Liberty Ventures, Class A(b) | 4,313,299 | ||||||
|
| |||||||
12,497,160 | ||||||||
|
| |||||||
Leisure Facilities—1.8% | ||||||||
89,496 | Six Flags Entertainment Corp. | 4,657,372 | ||||||
|
| |||||||
Movies & Entertainment—2.4% | ||||||||
55,357 | Walt Disney Co. (The) | 6,296,305 | ||||||
|
| |||||||
Restaurants—13.9% | ||||||||
138,743 | Brinker International, Inc. | 6,314,194 | ||||||
28,889 | Buffalo Wild Wings, Inc.(b) | 4,456,706 | ||||||
81,185 | Domino’s Pizza, Inc. | 8,660,004 | ||||||
61,809 | Papa John’s International, Inc. | 4,337,138 | ||||||
69,764 | Popeyes Louisiana Kitchen, Inc.(b) | 3,937,480 | ||||||
134,746 | Starbucks Corp. | 8,431,057 | ||||||
|
| |||||||
36,136,579 | ||||||||
|
| |||||||
Specialty Stores—3.7% | ||||||||
105,092 | Tractor Supply Co. | 9,709,450 | ||||||
|
| |||||||
Total Common Stocks (Cost $248,387,854) | 261,023,622 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
166,710 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $166,710) | 166,710 | ||||||
|
| |||||||
Total Investments (Cost $248,554,564)—100.1% | 261,190,332 | |||||||
Other assets less liabilities—(0.1)% | (216,801 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 260,973,531 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares DWA Consumer Staples Momentum Portfolio (PSL)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Packaged Foods & Meats | 18.9 | |||
Household Products | 13.4 | |||
Tobacco | 9.9 | |||
Soft Drinks | 8.8 | |||
Distillers & Vintners | 7.7 | |||
Housewares & Specialties | 6.1 | |||
Food Retail | 5.9 | |||
Specialized Consumer Services | 5.0 | |||
Industrial Machinery | 3.5 | |||
Home Furnishings | 2.8 | |||
Trucking | 2.6 | |||
Personal Products | 1.9 | |||
Internet Software & Services | 1.8 | |||
Household Appliances | 1.8 | |||
Agricultural Products | 1.7 | |||
Health Care Services | 1.7 | |||
Environmental & Facilities Services | 1.6 | |||
Health Care Facilities | 1.6 | |||
Internet Retail | 1.2 | |||
Education Services | 1.1 | |||
Pharmaceuticals | 1.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Agricultural Products—1.7% | ||||||||
61,357 | Ingredion, Inc. | $ | 5,832,597 | |||||
|
| |||||||
Distillers & Vintners—7.7% | ||||||||
103,589 | Brown-Forman Corp., Class B | 10,999,080 | ||||||
110,689 | Constellation Brands, Inc., Class A | 14,920,877 | ||||||
|
| |||||||
25,919,957 | ||||||||
|
| |||||||
Education Services—1.1% | ||||||||
55,307 | Bright Horizons Family Solutions, Inc.(b) | 3,540,754 | ||||||
|
| |||||||
Environmental & Facilities Services—1.6% | ||||||||
205,810 | Rollins, Inc. | 5,519,824 | ||||||
|
| |||||||
Food Retail—5.9% | ||||||||
56,190 | Casey’s General Stores, Inc. | 5,968,502 | ||||||
81,200 | Ingles Markets, Inc., Class A | 4,055,128 | ||||||
257,232 | Kroger Co. (The) | 9,723,370 | ||||||
|
| |||||||
19,747,000 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care Facilities—1.6% | ||||||||
96,530 | VCA, Inc.(b) | $ | 5,286,948 | |||||
|
| |||||||
Health Care Services—1.7% | ||||||||
35,485 | Chemed Corp. | 5,581,436 | ||||||
|
| |||||||
Home Furnishings—2.8% | ||||||||
121,283 | Tempur Sealy International, Inc.(b) | 9,440,669 | ||||||
|
| |||||||
Household Appliances—1.8% | ||||||||
60,560 | Helen of Troy Ltd.(b) | 6,008,158 | ||||||
|
| |||||||
Household Products—13.4% | ||||||||
174,632 | Church & Dwight Co., Inc. | 15,034,069 | ||||||
75,277 | Clorox Co. (The) | 9,179,277 | ||||||
97,003 | Energizer Holdings, Inc. | 4,154,639 | ||||||
56,616 | Kimberly-Clark Corp. | 6,777,501 | ||||||
61,726 | Spectrum Brands Holdings, Inc. | 5,916,437 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Household Products (continued) | ||||||||
39,207 | WD-40 Co. | $ | 3,747,405 | |||||
|
| |||||||
44,809,328 | ||||||||
|
| |||||||
Housewares & Specialties—6.1% | ||||||||
258,897 | Jarden Corp.(b) | 11,598,586 | ||||||
205,684 | Newell Rubbermaid, Inc. | 8,727,172 | ||||||
|
| |||||||
20,325,758 | ||||||||
|
| |||||||
Industrial Machinery—3.5% | ||||||||
69,862 | Snap-on, Inc. | 11,589,407 | ||||||
|
| |||||||
Internet Retail—1.2% | ||||||||
168,236 | Nutrisystem, Inc. | 3,891,299 | ||||||
|
| |||||||
Internet Software & Services—1.8% | ||||||||
80,389 | Stamps.com, Inc.(b) | 6,078,212 | ||||||
|
| |||||||
Packaged Foods & Meats—18.9% | ||||||||
103,578 | Cal-Maine Foods, Inc. | 5,537,280 | ||||||
115,894 | Diamond Foods, Inc.(b) | 4,591,720 | ||||||
179,743 | Flowers Foods, Inc. | 4,853,061 | ||||||
222,553 | Hain Celestial Group, Inc. (The)(b) | 11,094,267 | ||||||
141,147 | Hormel Foods Corp. | 9,534,480 | ||||||
44,458 | J & J Snack Foods Corp. | 5,458,998 | ||||||
139,278 | Mondelez International, Inc., Class A | 6,429,072 | ||||||
167,563 | Pinnacle Foods, Inc. | 7,386,177 | ||||||
200,958 | WhiteWave Foods Co. (The)(b) | 8,235,259 | ||||||
|
| |||||||
63,120,314 | ||||||||
|
| |||||||
Personal Products—1.9% | ||||||||
49,467 | USANA Health Sciences, Inc.(b) | 6,361,456 | ||||||
|
| |||||||
Pharmaceuticals—1.0% | ||||||||
105,273 | Phibro Animal Health Corp., Class A | 3,511,907 | ||||||
|
| |||||||
Soft Drinks—8.8% | ||||||||
23,598 | Coca-Cola Bottling Co. Consolidated | 4,984,134 | ||||||
126,754 | Dr Pepper Snapple Group, Inc. | 11,328,005 | ||||||
96,039 | Monster Beverage Corp.(b) | 13,092,036 | ||||||
|
| |||||||
29,404,175 | ||||||||
|
| |||||||
Specialized Consumer Services—5.0% | ||||||||
235,687 | H&R Block, Inc. | 8,781,698 | ||||||
285,428 | Service Corp. International | 8,066,195 | ||||||
|
| |||||||
16,847,893 | ||||||||
|
| |||||||
Tobacco—9.9% | ||||||||
282,527 | Altria Group, Inc. | 17,084,408 | ||||||
331,142 | Reynolds American, Inc. | 16,000,781 | ||||||
|
| |||||||
33,085,189 | ||||||||
|
| |||||||
Trucking—2.6% | ||||||||
21,359 | AMERCO | 8,678,375 | ||||||
|
| |||||||
Total Common Stocks (Cost $318,852,814) | 334,580,656 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
146,865 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $146,865) | $ | 146,865 | |||||
|
| |||||||
Total Investments (Cost $318,999,679)—100.0% | 334,727,521 | |||||||
Other assets less liabilities—(0.0)% | (69,274 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 334,658,247 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares DWA Energy Momentum Portfolio (PXI)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Oil & Gas Exploration & Production | 44.8 | |||
Oil & Gas Refining & Marketing | 30.4 | |||
Oil & Gas Storage & Transportation | 9.3 | |||
Oil & Gas Equipment & Services | 9.1 | |||
Integrated Oil & Gas | 4.9 | |||
Specialty Chemicals | 1.5 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Integrated Oil & Gas—4.9% | ||||||||
29,627 | Chevron Corp. | $ | 2,692,502 | |||||
51,472 | Occidental Petroleum Corp. | 3,836,723 | ||||||
|
| |||||||
6,529,225 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services—9.1% | ||||||||
34,424 | Dril-Quip, Inc.(b) | 2,119,141 | ||||||
66,465 | Halliburton Co. | 2,550,927 | ||||||
75,476 | Matrix Service Co.(b) | 1,713,305 | ||||||
615,454 | McDermott International, Inc.(b) | 2,837,243 | ||||||
72,191 | Oceaneering International, Inc. | 3,033,466 | ||||||
|
| |||||||
12,254,082 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production—44.8% | ||||||||
46,978 | Anadarko Petroleum Corp. | 3,141,889 | ||||||
329,680 | Callon Petroleum Co.(b) | 2,861,622 | ||||||
60,350 | Carrizo Oil & Gas, Inc.(b) | 2,270,971 | ||||||
35,590 | Cimarex Energy Co. | 4,201,755 | ||||||
35,810 | Clayton Williams Energy, Inc.(b) | 2,133,202 | ||||||
46,973 | Concho Resources, Inc.(b) | 5,444,640 | ||||||
51,284 | ConocoPhillips | 2,736,001 | ||||||
65,689 | Diamondback Energy, Inc.(b) | 4,850,476 | ||||||
46,799 | EOG Resources, Inc. | 4,017,694 | ||||||
185,257 | Laredo Petroleum, Inc.(b)(c) | 2,126,750 | ||||||
91,504 | Matador Resources Co.(b) | 2,352,568 | ||||||
106,222 | Newfield Exploration Co.(b) | 4,269,062 | ||||||
154,680 | Parsley Energy, Inc., Class A(b) | 2,742,476 | ||||||
71,805 | PDC Energy, Inc.(b) | 4,332,714 | ||||||
37,383 | Pioneer Natural Resources Co. | 5,126,705 | ||||||
103,621 | RSP Permian, Inc.(b) | 2,841,288 | ||||||
310,733 | Stone Energy Corp.(b) | 1,736,998 | ||||||
268,958 | Synergy Resources Corp.(b) | 3,009,640 | ||||||
|
| |||||||
60,196,451 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Oil & Gas Refining & Marketing—30.4% | ||||||||
166,029 | Alon USA Energy, Inc. | $ | 2,780,986 | |||||
50,402 | CVR Energy, Inc. | 2,240,873 | ||||||
115,600 | Delek US Holdings, Inc. | 3,144,320 | ||||||
101,507 | HollyFrontier Corp. | 4,970,798 | ||||||
95,210 | Marathon Petroleum Corp. | 4,931,878 | ||||||
76,405 | PBF Energy, Inc., Class A | 2,597,770 | ||||||
55,862 | Phillips 66 | 4,974,511 | ||||||
54,315 | Tesoro Corp. | 5,807,903 | ||||||
73,890 | Valero Energy Corp. | 4,870,829 | ||||||
111,001 | Western Refining, Inc. | 4,619,861 | ||||||
|
| |||||||
40,939,729 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation—9.3% | ||||||||
100,822 | Cheniere Energy, Inc.(b) | 4,992,705 | ||||||
103,675 | Kinder Morgan, Inc. | 2,835,511 | ||||||
44,760 | SemGroup Corp., Class A | 2,038,818 | ||||||
47,110 | Targa Resources Corp. | 2,692,337 | ||||||
|
| |||||||
12,559,371 | ||||||||
|
| |||||||
Specialty Chemicals—1.5% | ||||||||
109,746 | Flotek Industries, Inc.(b) | 1,986,402 | ||||||
|
| |||||||
Total Common Stocks (Cost $133,330,797) | 134,465,260 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
221,377 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $221,377) | 221,377 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $133,552,174)—100.2% | 134,686,637 | |||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.0% | ||||||||
1,320,000 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $1,320,000) | $ | 1,320,000 | |||||
|
| |||||||
Total Investments (Cost $134,872,174)—101.2% | 136,006,637 | |||||||
Other assets less liabilities—(1.2)% | (1,550,831 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 134,455,806 | ||||||
|
|
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, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares DWA Financial Momentum Portfolio (PFI)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Regional Banks | 18.2 | |||
Data Processing & Outsourced Services | 12.6 | |||
Specialized REITs | 11.2 | |||
Retail REITs | 9.0 | |||
Residential REITs | 7.2 | |||
Thrifts & Mortgage Finance | 6.8 | |||
Property & Casualty Insurance | 6.4 | |||
Asset Management & Custody Banks | 5.4 | |||
Life & Health Insurance | 5.3 | |||
Specialized Finance | 5.0 | |||
Real Estate Services | 3.3 | |||
Multi-line Insurance | 2.5 | |||
Diversified Banks | 2.2 | |||
Consumer Finance | 2.1 | |||
Reinsurance | 1.5 | |||
Diversified Capital Markets | 1.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Asset Management & Custody Banks—5.4% | ||||||||
7,628 | Ameriprise Financial, Inc. | $ | 879,966 | |||||
26,491 | Invesco Ltd.(b) | 878,707 | ||||||
|
| |||||||
1,758,673 | ||||||||
|
| |||||||
Consumer Finance—2.1% | ||||||||
12,636 | PRA Group, Inc.(c) | 692,453 | ||||||
|
| |||||||
Data Processing & Outsourced Services—12.6% | ||||||||
10,473 | Broadridge Financial Solutions, Inc. | 623,982 | ||||||
17,966 | MasterCard, Inc., Class A | 1,778,454 | ||||||
18,224 | Total System Services, Inc. | 955,849 | ||||||
9,385 | Visa, Inc., Class A | 728,088 | ||||||
|
| |||||||
4,086,373 | ||||||||
|
| |||||||
Diversified Banks—2.2% | ||||||||
13,453 | Wells Fargo & Co. | 728,345 | ||||||
|
| |||||||
Diversified Capital Markets—1.3% | ||||||||
11,821 | �� | HFF, Inc., Class A | 408,061 | |||||
|
| |||||||
Life & Health Insurance—5.3% | ||||||||
16,699 | American Equity Investment Life Holding Co. | 428,830 | ||||||
13,092 | Principal Financial Group, Inc. | 656,695 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Life & Health Insurance (continued) | ||||||||
10,912 | Torchmark Corp. | $ | 633,005 | |||||
|
| |||||||
1,718,530 | ||||||||
|
| |||||||
Multi-line Insurance—2.5% | ||||||||
13,024 | American International Group, Inc. | 821,293 | ||||||
|
| |||||||
Property & Casualty Insurance—6.4% | ||||||||
12,406 | Allstate Corp. (The) | 767,683 | ||||||
8,167 | Axis Capital Holdings Ltd. | 441,018 | ||||||
11,173 | FNF Group | 394,183 | ||||||
14,805 | Universal Insurance Holdings, Inc. | 467,098 | ||||||
|
| |||||||
2,069,982 | ||||||||
|
| |||||||
Real Estate Services—3.3% | ||||||||
29,112 | CBRE Group, Inc., Class A(c) | 1,085,295 | ||||||
|
| |||||||
Regional Banks—18.2% | ||||||||
13,565 | Bank of the Ozarks, Inc. | 678,521 | ||||||
12,592 | East West Bancorp, Inc. | 508,591 | ||||||
7,811 | Home BancShares, Inc. | 335,248 | ||||||
71,453 | Huntington Bancshares, Inc. | 783,839 | ||||||
7,033 | Pinnacle Financial Partners, Inc. | 370,077 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Regional Banks (continued) | ||||||||
10,748 | PrivateBancorp, Inc. | $ | 449,589 | |||||
4,936 | Signature Bank(c) | 735,069 | ||||||
5,615 | SVB Financial Group(c) | 685,423 | ||||||
15,213 | Webster Financial Corp. | 564,402 | ||||||
22,290 | Western Alliance Bancorp(c) | 796,868 | ||||||
|
| |||||||
5,907,627 | ||||||||
|
| |||||||
Reinsurance—1.5% | ||||||||
7,701 | Endurance Specialty Holdings Ltd. | 486,164 | ||||||
|
| |||||||
Residential REITs—7.2% | ||||||||
15,801 | Camden Property Trust REIT | 1,165,956 | ||||||
10,414 | Equity Lifestyle Properties, Inc. REIT | 629,839 | ||||||
8,303 | Sun Communities, Inc. REIT | 556,467 | ||||||
|
| |||||||
2,352,262 | ||||||||
|
| |||||||
Retail REITs—9.0% | ||||||||
11,220 | Federal Realty Investment Trust REIT | 1,609,958 | ||||||
11,125 | Regency Centers Corp. REIT | 756,055 | ||||||
15,087 | Weingarten Realty Investors REIT | 539,511 | ||||||
|
| |||||||
2,905,524 | ||||||||
|
| |||||||
Specialized Finance—5.0% | ||||||||
8,546 | MarketAxess Holdings, Inc. | 865,795 | ||||||
7,753 | Moody’s Corp. | 745,529 | ||||||
|
| |||||||
1,611,324 | ||||||||
|
| |||||||
Specialized REITs—11.2% | ||||||||
25,502 | CubeSmart REIT | 709,466 | ||||||
14,879 | Extra Space Storage, Inc. REIT | 1,179,012 | ||||||
7,624 | Public Storage REIT | 1,749,403 | ||||||
|
| |||||||
3,637,881 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—6.8% | ||||||||
6,582 | BofI Holding, Inc.(c) | 526,626 | ||||||
124,989 | MGIC Investment Corp.(c) | 1,174,896 | ||||||
34,836 | Radian Group, Inc. | 504,077 | ||||||
|
| |||||||
2,205,599 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $30,125,560) | 32,475,386 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
59,371 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $59,371) | 59,371 | ||||||
|
| |||||||
Total Investments (Cost $30,184,931)—100.2% | 32,534,757 | |||||||
Other assets less liabilities—(0.2)% | (63,319 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 32,471,438 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares DWA Healthcare Momentum Portfolio (PTH)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Biotechnology | 53.1 | |||
Health Care Equipment | 13.1 | |||
Pharmaceuticals | 10.8 | |||
Managed Health Care | 6.3 | |||
Health Care Facilities | 6.2 | |||
Health Care Services | 5.1 | |||
Life Sciences Tools & Services | 3.1 | |||
Health Care Supplies | 2.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Biotechnology—53.1% | ||||||||
106,344 | Alder Biopharmaceuticals, Inc.(b) | $ | 3,400,881 | |||||
110,422 | Alkermes PLC(b) | 7,941,550 | ||||||
399,234 | Amicus Therapeutics, Inc.(b) | 2,994,255 | ||||||
106,259 | Anacor Pharmaceuticals, Inc.(b) | 11,944,574 | ||||||
62,548 | BioMarin Pharmaceutical, Inc.(b) | 7,320,618 | ||||||
34,603 | BioSpecifics Technologies Corp.(b) | 2,021,161 | ||||||
94,680 | Cara Therapeutics, Inc.(b) | 1,341,616 | ||||||
72,186 | Chimerix, Inc.(b) | 2,828,247 | ||||||
56,773 | Clovis Oncology, Inc.(b) | 5,672,190 | ||||||
93,700 | Dynavax Technologies Corp.(b) | 2,127,927 | ||||||
75,245 | Eagle Pharmaceuticals, Inc.(b) | 4,793,859 | ||||||
861,242 | Exelixis, Inc.(b) | 5,184,677 | ||||||
154,947 | Heron Therapeutics, Inc.(b) | 4,248,647 | ||||||
78,949 | Incyte Corp.(b) | 9,278,876 | ||||||
94,411 | Kite Pharma, Inc.(b)(c) | 6,424,669 | ||||||
57,277 | Ligand Pharmaceuticals, Inc.(b) | 5,174,977 | ||||||
98,014 | Neurocrine Biosciences, Inc.(b) | 4,811,507 | ||||||
63,788 | NewLink Genetics Corp.(b) | 2,441,167 | ||||||
55,040 | Portola Pharmaceuticals, Inc.(b) | 2,620,454 | ||||||
68,833 | Prothena Corp. PLC (Ireland)(b) | 3,545,588 | ||||||
193,712 | Radius Health, Inc.(b) | 12,442,122 | ||||||
27,784 | Regeneron Pharmaceuticals, Inc.(b) | 15,486,524 | ||||||
|
| |||||||
124,046,086 | ||||||||
|
| |||||||
Health Care Equipment—13.1% | ||||||||
89,653 | ABIOMED, Inc.(b) | 6,603,840 | ||||||
50,485 | Cantel Medical Corp. | 2,992,751 | ||||||
127,249 | DexCom, Inc.(b) | 10,602,387 | ||||||
70,078 | Inogen, Inc.(b) | 2,995,134 | ||||||
45,305 | Natus Medical, Inc.(b) | 2,062,736 | ||||||
57,021 | NuVasive, Inc.(b) | 2,689,110 | ||||||
80,741 | Zeltiq Aesthetics, Inc.(b) | 2,724,201 | ||||||
|
| |||||||
30,670,159 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care Facilities—6.2% | ||||||||
130,218 | Acadia Healthcare Co., Inc.(b) | $ | 7,996,688 | |||||
43,289 | Ensign Group, Inc. (The) | 1,825,064 | ||||||
69,085 | HCA Holdings, Inc.(b) | 4,752,357 | ||||||
|
| |||||||
14,574,109 | ||||||||
|
| |||||||
Health Care Services—5.1% | ||||||||
81,767 | Amedisys, Inc.(b) | 3,236,338 | ||||||
121,749 | MEDNAX, Inc.(b) | 8,579,652 | ||||||
|
| |||||||
11,815,990 | ||||||||
|
| |||||||
Health Care Supplies—2.3% | ||||||||
90,738 | West Pharmaceutical Services, Inc. | 5,445,187 | ||||||
|
| |||||||
Life Sciences Tools & Services—3.1% | ||||||||
40,052 | Illumina, Inc.(b) | 5,738,651 | ||||||
42,877 | PRA Health Sciences, Inc.(b) | 1,502,410 | ||||||
|
| |||||||
7,241,061 | ||||||||
|
| |||||||
Managed Health Care—6.3% | ||||||||
42,512 | Aetna, Inc. | 4,879,527 | ||||||
69,558 | Molina Healthcare, Inc.(b) | 4,312,596 | ||||||
47,156 | UnitedHealth Group, Inc. | 5,554,034 | ||||||
|
| |||||||
14,746,157 | ||||||||
|
| |||||||
Pharmaceuticals—10.8% | ||||||||
142,560 | Aerie Pharmaceuticals, Inc.(b) | 3,251,794 | ||||||
37,968 | Allergan PLC(b) | 11,711,989 | ||||||
186,853 | Chelsea Therapeutics International Ltd.(b) | 14,948 | ||||||
87,000 | Intra-Cellular Therapies, Inc.(b) | 4,162,950 | ||||||
170,904 | Sucampo Pharmaceuticals, Inc., Class A(b) | 3,308,701 | ||||||
165,389 | Supernus Pharmaceuticals, Inc.(b) | 2,728,919 | ||||||
|
| |||||||
25,179,301 | ||||||||
|
| |||||||
Total Common Stocks (Cost $225,729,189) | 233,718,050 | |||||||
|
|
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
204,147 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $204,147) | $ | 204,147 | |||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $225,933,336)—100.1% | 233,922,197 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.5% | ||||||||
3,484,400 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $3,484,400) | 3,484,400 | ||||||
|
| |||||||
Total Investments (Cost $229,417,736)—101.6% | 237,406,597 | |||||||
Other assets less liabilities—(1.6)% | (3,779,393 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 233,627,204 | ||||||
|
|
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, 2015. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares DWA Industrials Momentum Portfolio (PRN)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Aerospace & Defense | 17.5 | |||
Building Products | 12.3 | |||
Industrial Conglomerates | 7.9 | |||
Electrical Components & Equipment | 7.8 | |||
Data Processing & Outsourced Services | 6.8 | |||
IT Consulting & Other Services | 6.7 | |||
Paper Packaging | 6.2 | |||
Specialty Chemicals | 4.8 | |||
Construction Materials | 3.6 | |||
Life Sciences Tools & Services | 3.0 | |||
Commercial Printing | 2.9 | |||
Electronic Manufacturing Services | 2.2 | |||
Trucking | 1.9 | |||
Construction & Farm Machinery & Heavy Trucks | 1.8 | |||
Internet Software & Services | 1.7 | |||
Construction & Engineering | 1.5 | |||
Trading Companies & Distributors | 1.5 | |||
Agricultural & Farm Machinery | 1.5 | |||
Application Software | 1.5 | |||
Distributors | 1.4 | |||
Health Care Services | 1.3 | |||
Technology Distributors | 1.2 | |||
Diversified Support Services | 1.2 | |||
Human Resource & Employment Services | 1.0 | |||
Health Care Equipment | 0.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—17.5% | ||||||||
30,453 | HEICO Corp. | $ | 1,536,049 | |||||
21,264 | Hexcel Corp. | 984,949 | ||||||
14,767 | Lockheed Martin Corp. | 3,246,230 | ||||||
15,028 | Raytheon Co. | 1,764,287 | ||||||
43,012 | Textron, Inc. | 1,813,816 | ||||||
15,020 | TransDigm Group, Inc.(b) | 3,302,147 | ||||||
|
| |||||||
12,647,478 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Agricultural & Farm Machinery—1.5% | ||||||||
14,289 | Toro Co. (The) | $ | 1,075,533 | |||||
|
| |||||||
Application Software—1.5% | ||||||||
11,503 | Fair Isaac Corp. | 1,062,532 | ||||||
|
| |||||||
Building Products—12.3% | ||||||||
35,311 | A.O. Smith Corp. | 2,712,591 | ||||||
11,313 | American Woodmark Corp.(b) | 822,455 | ||||||
24,164 | Apogee Enterprises, Inc. | 1,196,843 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Building Products (continued) | ||||||||
69,171 | Builders FirstSource, Inc.(b) | $ | 817,601 | |||||
30,223 | Fortune Brands Home & Security, Inc. | 1,581,570 | ||||||
13,167 | Lennox International, Inc. | 1,748,709 | ||||||
|
| |||||||
8,879,769 | ||||||||
|
| |||||||
Commercial Printing—2.9% | ||||||||
21,029 | Deluxe Corp. | 1,252,277 | ||||||
10,808 | Multi-Color Corp. | 841,295 | ||||||
|
| |||||||
2,093,572 | ||||||||
|
| |||||||
Construction & Engineering—1.5% | ||||||||
14,682 | Dycom Industries, Inc.(b) | 1,117,153 | ||||||
|
| |||||||
Construction & Farm Machinery & Heavy Trucks—1.8% | ||||||||
16,126 | Wabtec Corp. | 1,336,362 | ||||||
|
| |||||||
Construction Materials—3.6% | ||||||||
80,687 | Headwaters, Inc.(b) | 1,658,118 | ||||||
17,859 | US Concrete, Inc.(b) | 990,460 | ||||||
|
| |||||||
2,648,578 | ||||||||
|
| |||||||
Data Processing & Outsourced Services—6.8% | ||||||||
15,230 | Euronet Worldwide, Inc.(b) | 1,222,055 | ||||||
17,242 | Fiserv, Inc.(b) | 1,664,026 | ||||||
13,979 | FleetCor Technologies, Inc.(b) | 2,024,998 | ||||||
|
| |||||||
4,911,079 | ||||||||
|
| |||||||
Distributors—1.4% | ||||||||
12,846 | Pool Corp. | 1,047,463 | ||||||
|
| |||||||
Diversified Support Services—1.2% | ||||||||
24,240 | Healthcare Services Group, Inc. | 903,182 | ||||||
|
| |||||||
Electrical Components & Equipment—7.8% | ||||||||
9,840 | Acuity Brands, Inc. | 2,151,024 | ||||||
63,404 | AMETEK, Inc. | 3,475,807 | ||||||
|
| |||||||
5,626,831 | ||||||||
|
| |||||||
Electronic Manufacturing Services—2.2% | ||||||||
25,059 | TE Connectivity Ltd. (Switzerland) | 1,614,802 | ||||||
|
| |||||||
Health Care Equipment—0.8% | ||||||||
10,410 | Greatbatch, Inc.(b) | 556,415 | ||||||
|
| |||||||
Health Care Services—1.3% | ||||||||
33,008 | AMN Healthcare Services, Inc.(b) | 936,437 | ||||||
|
| |||||||
Human Resource & Employment Services—1.0% | ||||||||
14,664 | WageWorks, Inc.(b) | 704,165 | ||||||
|
| |||||||
Industrial Conglomerates—7.9% | ||||||||
24,747 | Danaher Corp. | 2,309,143 | ||||||
18,189 | Roper Technologies, Inc. | 3,389,520 | ||||||
|
| |||||||
5,698,663 | ||||||||
|
| |||||||
Internet Software & Services—1.7% | ||||||||
5,933 | CoStar Group, Inc.(b) | 1,204,814 | ||||||
|
| |||||||
IT Consulting & Other Services—6.7% | ||||||||
21,805 | Accenture PLC, Class A | 2,337,496 | ||||||
32,369 | Booz Allen Hamilton Holding Corp. | 953,591 | ||||||
16,908 | Gartner, Inc.(b) | 1,533,048 | ||||||
|
| |||||||
4,824,135 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Life Sciences Tools & Services—3.0% | ||||||||
7,066 | Mettler-Toledo International, Inc.(b) | $ | 2,197,455 | |||||
|
| |||||||
Paper Packaging—6.2% | ||||||||
199,222 | Graphic Packaging Holding Co. | 2,820,984 | ||||||
33,551 | Sealed Air Corp. | 1,648,025 | ||||||
|
| |||||||
4,469,009 | ||||||||
|
| |||||||
Specialty Chemicals—4.8% | ||||||||
12,932 | Sherwin-Williams Co. (The) | 3,450,646 | ||||||
|
| |||||||
Technology Distributors—1.2% | ||||||||
10,758 | ePlus, Inc.(b) | 908,190 | ||||||
|
| |||||||
Trading Companies & Distributors—1.5% | ||||||||
8,975 | Watsco, Inc. | 1,104,194 | ||||||
|
| |||||||
Trucking—1.9% | ||||||||
21,743 | Old Dominion Freight Line, Inc.(b) | 1,346,761 | ||||||
|
| |||||||
Total Common Stocks (Cost $69,005,187) | 72,365,218 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
102,005 | Invesco Premier Portfolio—Institutional Class, 0.12%(c) (Cost $102,005) | 102,005 | ||||||
|
| |||||||
Total Investments (Cost $69,107,192)—100.1% | 72,467,223 | |||||||
Other assets less liabilities—(0.1)% | (80,955 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 72,386,268 | ||||||
|
|
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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares DWA Technology Momentum Portfolio (PTF)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Application Software | 34.1 | |||
Internet Software & Services | 13.8 | |||
Systems Software | 8.0 | |||
Technology Hardware, Storage & Peripherals | 7.2 | |||
Semiconductors | 6.5 | |||
Electronic Components | 5.8 | |||
Data Processing & Outsourced Services | 4.6 | |||
Communications Equipment | 4.3 | |||
Alternative Carriers | 3.6 | |||
Health Care Technology | 3.1 | |||
Wireless Telecommunication Services | 3.0 | |||
IT Consulting & Other Services | 2.8 | |||
Specialized REITs | 2.4 | |||
Education Services | 0.9 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.1% | ||||||||
Alternative Carriers—3.6% | ||||||||
101,399 | Inteliquent, Inc. | $ | 2,100,987 | |||||
86,921 | Straight Path Communications, Inc., Class B(b)(c) | 2,694,551 | ||||||
456,465 | Vonage Holdings Corp.(c) | 2,770,743 | ||||||
|
| |||||||
7,566,281 | ||||||||
|
| |||||||
Application Software—34.1% | ||||||||
151,159 | ACI Worldwide, Inc.(c) | 3,620,258 | ||||||
48,368 | Adobe Systems, Inc.(c) | 4,288,307 | ||||||
76,927 | Aspen Technology, Inc.(c) | 3,184,009 | ||||||
248,274 | Cadence Design Systems, Inc.(c) | 5,516,648 | ||||||
143,726 | Callidus Software, Inc.(c) | 2,496,521 | ||||||
77,186 | Ellie Mae, Inc.(c) | 5,633,034 | ||||||
55,473 | Guidewire Software, Inc.(c) | 3,230,193 | ||||||
49,613 | Intuit, Inc. | 4,833,795 | ||||||
86,904 | Manhattan Associates, Inc.(c) | 6,330,956 | ||||||
120,261 | Mentor Graphics Corp. | 3,271,099 | ||||||
89,668 | Paycom Software, Inc.(c) | 3,408,281 | ||||||
55,244 | salesforce.com, inc.(c) | 4,293,011 | ||||||
74,327 | SS&C Technologies Holdings, Inc. | 5,511,347 | ||||||
38,829 | Tyler Technologies, Inc.(c) | 6,614,908 | ||||||
47,161 | Ultimate Software Group, Inc. (The)(c) | 9,637,350 | ||||||
|
| |||||||
71,869,717 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Communications Equipment—4.3% | ||||||||
171,606 | Infinera Corp.(c) | $ | 3,390,934 | |||||
34,875 | Palo Alto Networks, Inc.(c) | 5,614,875 | ||||||
|
| |||||||
9,005,809 | ||||||||
|
| |||||||
Data Processing & Outsourced Services—4.6% | ||||||||
81,059 | Heartland Payment Systems, Inc. | 5,998,366 | ||||||
46,546 | Jack Henry & Associates, Inc. | 3,599,868 | ||||||
|
| |||||||
9,598,234 | ||||||||
|
| |||||||
Education Services—0.9% | ||||||||
91,519 | 2U, Inc.(c) | 1,920,069 | ||||||
|
| |||||||
Electronic Components—5.8% | ||||||||
226,635 | Amphenol Corp., Class A | 12,288,150 | ||||||
|
| |||||||
Health Care Technology—3.1% | ||||||||
96,983 | Cerner Corp.(c) | 6,429,003 | ||||||
|
| |||||||
Internet Software & Services—13.8% | ||||||||
59,878 | Akamai Technologies, Inc.(c) | 3,641,780 | ||||||
286,909 | EarthLink Holdings Corp. | 2,453,072 | ||||||
69,238 | Facebook, Inc., Class A(c) | 7,060,199 | ||||||
97,734 | GTT Communications, Inc.(c) | 1,829,580 | ||||||
40,780 | j2 Global, Inc. | 3,162,489 | ||||||
51,607 | LogMeIn, Inc.(c) | 3,476,248 |
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, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
39,798 | SPS Commerce, Inc.(c) | $ | 2,858,292 | |||||
57,772 | VeriSign, Inc.(c) | 4,656,423 | ||||||
|
| |||||||
29,138,083 | ||||||||
|
| |||||||
IT Consulting & Other Services—2.8% | ||||||||
39,590 | EPAM Systems, Inc.(c) | 3,062,287 | ||||||
49,124 | Virtusa Corp.(c) | 2,821,191 | ||||||
|
| |||||||
5,883,478 | ||||||||
|
| |||||||
Semiconductors—6.5% | ||||||||
62,130 | Cavium, Inc.(c) | 4,408,123 | ||||||
91,667 | Inphi Corp.(c) | 2,728,927 | ||||||
173,707 | MaxLinear, Inc., Class A(c) | 2,258,191 | ||||||
68,857 | Monolithic Power Systems, Inc. | 4,298,054 | ||||||
|
| |||||||
13,693,295 | ||||||||
|
| |||||||
Specialized REITs—2.4% | ||||||||
16,944 | Equinix, Inc. REIT | 5,026,946 | ||||||
|
| |||||||
Systems Software—8.0% | ||||||||
97,550 | Fortinet, Inc.(c) | 3,351,818 | ||||||
53,728 | Imperva, Inc.(c) | 3,794,271 | ||||||
67,863 | Proofpoint, Inc.(c) | 4,780,270 | ||||||
59,233 | ServiceNow, Inc.(c) | 4,836,374 | ||||||
|
| |||||||
16,762,733 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—7.2% | ||||||||
107,007 | Apple, Inc. | 12,787,336 | ||||||
50,381 | Electronics for Imaging, Inc.(c) | 2,339,694 | ||||||
|
| |||||||
15,127,030 | ||||||||
|
| |||||||
Wireless Telecommunication Services—3.0% | ||||||||
52,496 | SBA Communications Corp., Class A(c) | 6,248,074 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $201,961,683) | 210,556,902 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
44,118 | Invesco Premier Portfolio—Institutional Class, 0.12%(d) (Cost $44,118) | 44,118 | ||||||
|
| |||||||
Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $202,005,801)—100.1% | 210,601,020 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.9% | ||||||||
1,914,205 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $1,914,205) | 1,914,205 | ||||||
|
| |||||||
Total Investments (Cost $203,920,006)—101.0% | 212,515,225 | |||||||
Other assets less liabilities—(1.0)% | (2,013,688 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 210,501,537 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2015. |
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares DWA Utilities Momentum Portfolio (PUI)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Multi-Utilities | 39.4 | |||
Electric Utilities | 36.2 | |||
Gas Utilities | 11.8 | |||
Integrated Telecommunication Services | 5.7 | |||
Water Utilities | 5.3 | |||
Oil & Gas Exploration & Production | 1.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Electric Utilities—36.2% | ||||||||
13,458 | American Electric Power Co., Inc. | $ | 762,396 | |||||
15,607 | Duke Energy Corp. | 1,115,432 | ||||||
19,308 | Eversource Energy | 983,549 | ||||||
8,459 | IDACORP, Inc. | 565,484 | ||||||
18,860 | ITC Holdings Corp. | 617,099 | ||||||
10,186 | NextEra Energy, Inc. | 1,045,695 | ||||||
16,182 | OGE Energy Corp. | 461,349 | ||||||
8,995 | Pinnacle West Capital Corp. | 571,272 | ||||||
22,316 | PNM Resources, Inc. | 627,526 | ||||||
13,009 | Portland General Electric Co. | 482,374 | ||||||
17,941 | PPL Corp. | 617,170 | ||||||
15,830 | Southern Co. (The) | 713,933 | ||||||
15,237 | Westar Energy, Inc. | 604,909 | ||||||
27,293 | Xcel Energy, Inc. | 972,450 | ||||||
|
| |||||||
10,140,638 | ||||||||
|
| |||||||
Gas Utilities—11.8% | ||||||||
11,460 | Atmos Energy Corp. | 721,980 | ||||||
12,876 | New Jersey Resources Corp. | 407,912 | ||||||
7,610 | ONE Gas, Inc. | 371,672 | ||||||
18,846 | Questar Corp. | 389,170 | ||||||
5,347 | Southwest Gas Corp. | 328,627 | ||||||
13,927 | UGI Corp. | 510,703 | ||||||
9,213 | WGL Holdings, Inc. | 573,325 | ||||||
|
| |||||||
3,303,389 | ||||||||
|
| |||||||
Integrated Telecommunication Services—5.7% | ||||||||
97,863 | Frontier Communications Corp. | 503,016 | ||||||
16,395 | Verizon Communications, Inc. | 768,598 | ||||||
50,801 | Windstream Holdings, Inc. | 330,714 | ||||||
|
| |||||||
1,602,328 | ||||||||
|
| |||||||
Multi-Utilities—39.4% | ||||||||
8,602 | Alliant Energy Corp. | 507,690 | ||||||
15,576 | Ameren Corp. | 680,360 | ||||||
26,398 | CMS Energy Corp. | 952,176 | ||||||
8,516 | Consolidated Edison, Inc. | 559,927 | ||||||
13,874 | Dominion Resources, Inc. | 991,020 | ||||||
11,691 | DTE Energy Co. | 953,869 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Multi-Utilities (continued) | ||||||||
55,373 | NiSource, Inc. | $ | 1,060,947 | |||||
10,711 | NorthWestern Corp. | 580,429 | ||||||
18,754 | PG&E Corp. | 1,001,464 | ||||||
16,325 | SCANA Corp. | 966,766 | ||||||
11,278 | Sempra Energy | 1,154,980 | ||||||
13,218 | Vectren Corp. | 601,022 | ||||||
20,359 | WEC Energy Group, Inc. | 1,049,710 | ||||||
|
| |||||||
11,060,360 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production—1.6% | ||||||||
6,992 | EQT Corp. | 461,961 | ||||||
|
| |||||||
Water Utilities—5.3% | ||||||||
9,593 | American States Water Co. | 390,915 | ||||||
11,241 | American Water Works Co., Inc. | 644,784 | ||||||
15,266 | Aqua America, Inc. | 436,607 | ||||||
|
| |||||||
1,472,306 | ||||||||
|
| |||||||
Total Common Stocks (Cost $25,547,465) | 28,040,982 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
56,322 | Invesco Premier Portfolio—Institutional Class, 0.12%(b) (Cost $56,322) | 56,322 | ||||||
|
| |||||||
Total Investments (Cost $25,603,787)—100.2% | 28,097,304 | |||||||
Other assets less liabilities—(0.2)% | (57,625 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 28,039,679 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares NASDAQ Internet Portfolio (PNQI)
October 31, 2015
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2015 | ||||
Internet Software & Services | 56.0 | |||
Internet Retail | 39.0 | |||
Specialized REITs | 3.3 | |||
Application Software | 1.2 | |||
Alternative Carriers | 0.3 | |||
IT Consulting & Other Services | 0.1 | |||
Casinos & Gaming | 0.1 | |||
Wireless Telecommunication Services | 0.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity | ||||||||
Interests—100.0% | ||||||||
Alternative Carriers—0.3% | ||||||||
21,626 | Cogent Communications Group, Inc. | $ | 664,351 | |||||
|
| |||||||
Application Software—1.2% | ||||||||
39,353 | NQ Mobile, Inc., Class A ADR (China)(b)(c) | 151,902 | ||||||
57,917 | Open Text Corp. (Canada) | 2,687,349 | ||||||
|
| |||||||
2,839,251 | ||||||||
|
| |||||||
Casinos & Gaming—0.1% | ||||||||
12,866 | 500.com Ltd., Class A ADR (China)(b)(c) | 261,180 | ||||||
|
| |||||||
Internet Retail—39.0% | ||||||||
13,441 | 1-800-FLOWERS.COM, Inc., Class A(c) | 133,469 | ||||||
34,291 | Amazon.com, Inc.(c) | 21,462,737 | ||||||
5,432 | Blue Nile, Inc.(c) | 185,231 | ||||||
209,204 | Cnova NV (Netherlands)(b)(c) | 627,612 | ||||||
71,597 | Ctrip.com International Ltd. ADR (China)(c) | 6,656,373 | ||||||
55,142 | Expedia, Inc., Class A | 7,515,855 | ||||||
13,529 | FTD Cos., Inc.(c) | 383,141 | ||||||
308,558 | Groupon, Inc., Class A(b)(c) | 1,144,750 | ||||||
339,879 | JD.Com, Inc. ADR (China)(c) | 9,387,458 | ||||||
15,080 | Lands’ End, Inc.(b)(c) | 372,175 | ||||||
34,085 | Liberty TripAdvisor Holdings, Inc., Series A(c) | 1,063,111 | ||||||
19,815 | MakeMyTrip Ltd. (India)(b)(c) | 316,247 | ||||||
152,913 | Netflix, Inc.(c) | 16,572,711 | ||||||
13,712 | Nutrisystem, Inc. | 317,159 | ||||||
11,479 | Overstock.com, Inc.(c) | 179,761 | ||||||
9,594 | PetMed Express, Inc.(b) | 161,371 | ||||||
14,086 | Priceline Group, Inc. (The)(c) | 20,484,425 | ||||||
18,594 | Qunar Cayman Islands Ltd., Class A ADR (China)(b)(c) | 902,553 | ||||||
17,185 | Shutterfly, Inc.(c) | 716,786 | ||||||
62,217 | TripAdvisor, Inc., Class A(c) | 5,212,540 | ||||||
|
| |||||||
93,795,465 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services—56.0% | ||||||||
24,114 | 21Vianet Group, Inc., Class A ADR (China)(b)(c) | $ | 483,245 | |||||
19,264 | Actua Corp.(c) | 266,806 | ||||||
84,638 | Akamai Technologies, Inc.(c) | 5,147,683 | ||||||
28,447 | Alphabet, Inc., Class C(c) | 20,220,412 | ||||||
27,616 | Angie’s List, Inc.(b)(c) | 213,472 | ||||||
21,443 | Autohome, Inc., Class A ADR (China)(b)(c) | 774,950 | ||||||
59,731 | Baidu, Inc., Class A ADR (China)(c) | 11,197,771 | ||||||
49,052 | Bankrate, Inc.(c) | 582,247 | ||||||
38,005 | Bazaarvoice, Inc.(c) | 168,362 | ||||||
13,578 | Benefitfocus, Inc.(b)(c) | 433,953 | ||||||
19,331 | Blucora, Inc.(c) | 189,444 | ||||||
15,376 | Brightcove, Inc.(c) | 95,331 | ||||||
12,952 | Carbonite, Inc.(c) | 131,074 | ||||||
15,368 | Cimpress NV(b)(c) | 1,212,535 | ||||||
18,600 | comScore, Inc.(c) | 795,708 | ||||||
15,190 | Constant Contact, Inc.(c) | 396,459 | ||||||
25,629 | Cornerstone OnDemand, Inc.(c) | 807,313 | ||||||
15,373 | CoStar Group, Inc.(c) | 3,121,795 | ||||||
24,941 | Criteo SA ADR (France)(b)(c) | 949,254 | ||||||
17,817 | Demandware, Inc.(c) | 1,010,224 | ||||||
25,606 | DHI Group, Inc.(c) | 231,734 | ||||||
48,934 | EarthLink Holdings Corp. | 418,386 | ||||||
324,412 | eBay, Inc.(c) | 9,051,095 | ||||||
63,266 | Endurance International Group Holdings, Inc.(b)(c) | 843,336 | ||||||
16,810 | Envestnet, Inc.(c) | 501,947 | ||||||
196,680 | Facebook, Inc., Class A(c) | 20,055,460 | ||||||
40,686 | Gogo, Inc.(b)(c) | 574,893 | ||||||
45,519 | HomeAway, Inc.(c) | 1,436,580 | ||||||
36,525 | IAC/InterActiveCorp. | 2,447,540 | ||||||
26,203 | Internap Corp.(c) | 177,132 | ||||||
22,947 | j2 Global, Inc. | 1,779,540 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares NASDAQ Internet Portfolio (PNQI) (continued)
October 31, 2015
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
47,401 | Limelight Networks, Inc.(c) | $ | 96,698 | |||||
14,169 | Liquidity Services, Inc.(c) | 116,044 | ||||||
26,975 | LivePerson, Inc.(c) | 210,405 | ||||||
11,791 | LogMeIn, Inc.(c) | 794,242 | ||||||
17,420 | Marin Software, Inc.(c) | 62,364 | ||||||
20,253 | Marketo, Inc.(c) | 596,046 | ||||||
20,907 | MercadoLibre, Inc. (Argentina)(b) | 2,056,622 | ||||||
43,045 | Monster Worldwide, Inc.(c) | 269,892 | ||||||
35,707 | NetEase, Inc. ADR (China) | 5,160,733 | ||||||
31,130 | NIC, Inc. | 590,536 | ||||||
100,572 | Pandora Media, Inc.(c) | 1,157,584 | ||||||
33,647 | Perion Network Ltd. (Israel)(b)(c) | 70,995 | ||||||
46,441 | Qihoo 360 Technology Co. Ltd., Class A ADR (China)(b)(c) | 2,651,317 | ||||||
21,238 | QuinStreet, Inc.(c) | 117,871 | ||||||
67,405 | Rackspace Hosting, Inc.(c) | 1,742,419 | ||||||
17,072 | RealNetworks, Inc.(c) | 66,239 | ||||||
25,313 | RetailMeNot, Inc.(c) | 222,501 | ||||||
20,152 | Rocket Fuel, Inc.(b)(c) | 92,699 | ||||||
13,125 | SciQuest, Inc.(c) | 155,663 | ||||||
17,106 | Shutterstock, Inc.(b)(c) | 487,179 | ||||||
27,610 | SINA Corp. (China)(c) | 1,315,340 | ||||||
18,318 | Sohu.com, Inc. (China)(c) | 925,425 | ||||||
7,824 | Stamps.com, Inc.(c) | 591,573 | ||||||
15,233 | TechTarget, Inc.(c) | 142,124 | ||||||
38,873 | TrueCar, Inc.(b)(c) | 238,680 | ||||||
316,510 | Twitter, Inc.(c) | 9,007,875 | ||||||
6,971 | United Online, Inc.(c) | 81,421 | ||||||
53,782 | VeriSign, Inc.(b)(c) | 4,334,829 | ||||||
24,167 | Web.com Group, Inc.(c) | 567,199 | ||||||
17,996 | WebMD Health Corp.(c) | 731,717 | ||||||
22,257 | Weibo Corp. ADR (China)(b)(c) | 358,783 | ||||||
18,732 | Wix.com Ltd. (Israel)(b)(c) | 414,352 | ||||||
272,848 | Yahoo!, Inc.(c) | 9,718,846 | ||||||
124,847 | Yandex NV, Class A (Russia)(c) | 2,010,037 | ||||||
16,567 | YY, Inc., Class A ADR (China)(b)(c) | 943,325 | ||||||
25,008 | Zillow Group, Inc., Class A(b)(c) | 770,496 | ||||||
|
| |||||||
134,585,752 | ||||||||
|
| |||||||
IT Consulting & Other Services—0.1% | ||||||||
16,654 | Perficient, Inc.(c) | 278,455 | ||||||
|
| |||||||
Specialized REITs—3.3% | ||||||||
26,994 | Equinix, Inc. REIT | 8,008,580 | ||||||
|
| |||||||
Wireless Telecommunication Services—0.0% | ||||||||
17,457 | Boingo Wireless, Inc.(c) | 134,942 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $224,106,019) | 240,567,976 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.8% | ||||||||
13,868,642 | Invesco Liquid Assets Portfolio—Institutional Class, 0.16%(d)(e) (Cost $13,868,642) | $ | 13,868,642 | |||||
|
| |||||||
Total Investments (Cost $237,974,661)—105.8% | 254,436,618 | |||||||
Other assets less liabilities—(5.8)% | (13,953,903 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 240,482,715 | ||||||
|
|
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) | All or a portion of this security was out on loan at October 31, 2015. |
(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. The rate shown is the 7-day SEC standardized yield as of October 31, 2015. |
(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 2H. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 17.1 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Statements of Assets and Liabilities
October 31, 2015
(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) | $ | 65,639,770 | $ | 261,023,622 | $ | 334,580,656 | $ | 134,465,260 | ||||||||
Affiliated investments, at value | 80,224 | 166,710 | 146,865 | 1,541,377 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at value | 65,719,994 | 261,190,332 | 334,727,521 | 136,006,637 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 51,257 | 36,158 | 201,474 | 176,998 | ||||||||||||
Shares sold | — | — | 2,839,080 | — | ||||||||||||
Securities lending | — | — | — | 4,947 | ||||||||||||
Investments sold | — | — | — | — | ||||||||||||
Other assets | 820 | 819 | 819 | 819 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 65,772,071 | 261,227,309 | 337,768,894 | 136,189,401 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | — | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | — | — | 2,838,259 | 127,755 | ||||||||||||
Collateral upon return of securities loaned | — | — | — | 1,320,000 | ||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Accrued advisory fees | 21,387 | 77,577 | 100,743 | 42,384 | ||||||||||||
Accrued trustees’ and officer’s fees | 16,059 | 14,135 | 14,703 | 18,576 | ||||||||||||
Accrued expenses | 69,829 | 162,066 | 156,942 | 224,880 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 107,275 | 253,778 | 3,110,647 | 1,733,595 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 65,664,796 | $ | 260,973,531 | $ | 334,658,247 | $ | 134,455,806 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 93,281,609 | $ | 267,370,659 | $ | 327,625,644 | $ | 225,355,116 | ||||||||
Undistributed net investment income (loss) | 132,305 | (76,183 | ) | 271,840 | 177,574 | |||||||||||
Undistributed net realized gain (loss) | (30,853,512 | ) | (18,956,713 | ) | (8,967,079 | ) | (92,211,347 | ) | ||||||||
Net unrealized appreciation | 3,104,394 | 12,635,768 | 15,727,842 | 1,134,463 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 65,664,796 | $ | 260,973,531 | $ | 334,658,247 | $ | 134,455,806 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,300,000 | 5,600,000 | 5,900,000 | 3,400,000 | ||||||||||||
Net asset value | $ | 50.51 | $ | 46.60 | $ | 56.72 | $ | 39.55 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 50.55 | $ | 46.68 | $ | 56.80 | $ | 39.58 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments, at cost | $ | 62,535,376 | $ | 248,387,854 | $ | 318,852,814 | $ | 133,330,797 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments, at cost | $ | 80,224 | $ | 166,710 | $ | 146,865 | $ | 1,541,377 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments, at cost | $ | 62,615,600 | $ | 248,554,564 | $ | 318,999,679 | $ | 134,872,174 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | — | $ | 1,262,800 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
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) | |||||||||||||||||
$ | 31,596,679 | $ | 233,718,050 | $ | 72,365,218 | $ | 210,556,902 | $ | 28,040,982 | $ | 240,567,976 | |||||||||||
938,078 | 3,688,547 | 102,005 | 1,958,323 | 56,322 | 13,868,642 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
32,534,757 | 237,406,597 | 72,467,223 | 212,515,225 | 28,097,304 | 254,436,618 | |||||||||||||||||
15,532 | 11,041 | 62,835 | 107,256 | 45,159 | 292,057 | |||||||||||||||||
— | — | — | 6,180,519 | — | — | |||||||||||||||||
— | 5,376 | — | 2,516 | — | 10,323 | |||||||||||||||||
— | — | 4,509,080 | — | — | — | |||||||||||||||||
819 | 820 | 819 | 820 | 819 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
32,551,108 | 237,423,834 | 77,039,957 | 218,806,336 | 28,143,282 | 254,738,998 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
— | — | — | 2,333 | — | 274,429 | |||||||||||||||||
— | — | — | 6,182,144 | 28,258 | — | |||||||||||||||||
— | 3,484,400 | — | 1,914,205 | — | 13,868,642 | |||||||||||||||||
— | — | 4,510,536 | — | — | — | |||||||||||||||||
7,071 | 79,490 | 35,162 | 56,411 | 5,307 | 113,212 | |||||||||||||||||
13,875 | 17,255 | 16,256 | 14,923 | 14,895 | — | |||||||||||||||||
58,724 | 215,485 | 91,735 | 134,783 | 55,143 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
79,670 | 3,796,630 | 4,653,689 | 8,304,799 | 103,603 | 14,256,283 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 32,471,438 | $ | 233,627,204 | $ | 72,386,268 | $ | 210,501,537 | $ | 28,039,679 | $ | 240,482,715 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 42,631,496 | $ | 293,885,970 | $ | 127,010,866 | $ | 235,021,010 | $ | 41,611,458 | $ | 226,665,083 | |||||||||||
99,075 | (836,527 | ) | 3,401 | 22,249 | 130,316 | (412,228 | ) | |||||||||||||||
(12,608,959 | ) | (67,411,100 | ) | (57,988,030 | ) | (33,136,941 | ) | (16,195,612 | ) | (2,232,097 | ) | |||||||||||
2,349,826 | 7,988,861 | 3,360,031 | 8,595,219 | 2,493,517 | 16,461,957 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 32,471,438 | $ | 233,627,204 | $ | 72,386,268 | $ | 210,501,537 | $ | 28,039,679 | $ | 240,482,715 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,050,000 | 4,250,000 | 1,600,000 | 5,100,000 | 1,250,000 | 3,050,000 | |||||||||||||||||
$ | 30.93 | $ | 54.97 | $ | 45.24 | $ | 41.27 | $ | 22.43 | $ | 78.85 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 30.96 | $ | 55.05 | $ | 45.26 | $ | 41.30 | $ | 22.45 | $ | 78.97 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 29,159,791 | $ | 225,729,189 | $ | 69,005,187 | $ | 201,961,683 | $ | 25,547,465 | $ | 224,106,019 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,025,140 | $ | 3,688,547 | $ | 102,005 | $ | 1,958,323 | $ | 56,322 | $ | 13,868,642 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 30,184,931 | $ | 229,417,736 | $ | 69,107,192 | $ | 203,920,006 | $ | 25,603,787 | $ | 237,974,661 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | — | $ | 3,375,280 | $ | — | $ | 1,953,000 | $ | — | $ | 13,571,423 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 23 |
|
For the six months ended October 31, 2015
(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 | $ | 616,580 | $ | 586,596 | $ | 984,406 | $ | 1,515,722 | ||||||||
Affiliated dividend income | 26 | 55 | 38 | 88 | ||||||||||||
Securities lending income | 2,343 | — | — | 48,052 | ||||||||||||
Foreign withholding tax | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 618,949 | 586,651 | 984,444 | 1,563,862 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 178,367 | 368,316 | 380,626 | 389,085 | ||||||||||||
Accounting & administration fees | 18,586 | 18,585 | 18,585 | 18,586 | ||||||||||||
Sub-licensing fees | 17,837 | 109,257 | 101,432 | 138,614 | ||||||||||||
Professional fees | 13,719 | 13,327 | 13,293 | 15,004 | ||||||||||||
Trustees’ and officer’s fees | 4,207 | 4,465 | 4,210 | 4,957 | ||||||||||||
Custodian & transfer agent fees | 3,079 | 2,066 | 2,342 | 3,392 | ||||||||||||
Other expenses | 9,415 | 8,301 | 7,394 | 19,668 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 245,210 | 524,317 | 527,882 | 589,306 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (31,229 | ) | (82,452 | ) | (71,208 | ) | (115,981 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 213,981 | 441,865 | 456,674 | 473,325 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | 404,968 | 144,786 | 527,770 | 1,090,537 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (4,425,978 | ) | (6,748,764 | ) | (4,572,707 | ) | (25,965,580 | ) | ||||||||
In-kind redemptions | 357,183 | 764,253 | 6,651,195 | 1,215,479 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (4,068,795 | ) | (5,984,511 | ) | 2,078,488 | (24,750,101 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on investment securities | (976,598 | ) | 6,012,075 | 8,920,733 | (11,512,134 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (5,045,393 | ) | 27,564 | 10,999,221 | (36,262,235 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | (4,640,425 | ) | $ | 172,350 | $ | 11,526,991 | $ | (35,171,698 | ) | ||||||
|
|
|
|
|
|
|
|
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) | |||||||||||||||||
$ | 368,107 | $ | 115,266 | $ | 741,715 | $ | 419,307 | $ | 501,472 | $ | 508,389 | |||||||||||
13,797 | 81 | 35 | 57 | 19 | 49 | |||||||||||||||||
— | 7,995 | — | 10,287 | — | 58,197 | |||||||||||||||||
— | — | — | — | — | (3,131 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
381,904 | 123,342 | 741,750 | 429,651 | 501,491 | 563,504 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
85,253 | 577,229 | 325,875 | 301,652 | 74,134 | 670,337 | |||||||||||||||||
18,585 | 19,646 | 18,586 | 18,586 | 18,586 | — | |||||||||||||||||
10,860 | 146,665 | 34,128 | 82,001 | 7,413 | — | |||||||||||||||||
13,211 | 13,728 | 13,972 | 13,374 | 13,274 | — | |||||||||||||||||
3,936 | 5,532 | 4,684 | 4,598 | 3,854 | — | |||||||||||||||||
2,658 | 2,977 | 2,788 | 2,466 | 3,075 | — | |||||||||||||||||
7,509 | 10,723 | 9,554 | 8,513 | 7,330 | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
142,012 | 776,500 | 409,587 | 431,190 | 127,666 | 670,337 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(39,758 | ) | (83,987 | ) | (18,607 | ) | (69,318 | ) | (38,745 | ) | (49 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
102,254 | 692,513 | 390,980 | 361,872 | 88,921 | 670,288 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
279,650 | (569,171 | ) | 350,770 | 67,779 | 412,570 | (106,784 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(999,240 | ) | (22,864,271 | ) | (13,685,018 | ) | (7,520,664 | ) | (1,324,065 | ) | (1,723,532 | ) | |||||||||||
384,778 | 12,810,936 | 7,273,099 | 9,447,633 | 821,102 | 12,037,201 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(614,462 | ) | (10,053,335 | ) | (6,411,919 | ) | 1,926,969 | (502,963 | ) | 10,313,669 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
744,169 | (7,412,067 | ) | (3,074,677 | ) | 1,490,493 | 89,300 | 7,301,707 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
129,707 | (17,465,402 | ) | (9,486,596 | ) | 3,417,462 | (413,663 | ) | 17,615,376 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 409,357 | $ | (18,034,573 | ) | $ | (9,135,826 | ) | $ | 3,485,241 | $ | (1,093 | ) | $ | 17,508,592 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 25 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares DWA Basic Materials Momentum Portfolio (PYZ) | PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 404,968 | $ | 755,357 | $ | 144,786 | $ | 386,759 | ||||||||
Net realized gain (loss) | (4,068,795 | ) | 2,751,766 | (5,984,511 | ) | (264,880 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (976,598 | ) | (2,563,405 | ) | 6,012,075 | 8,042,533 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (4,640,425 | ) | 943,718 | 172,350 | 8,164,412 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (447,375 | ) | (881,072 | ) | (249,162 | ) | (352,829 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | — | 64,480,821 | 169,245,765 | 74,536,962 | ||||||||||||
Value of shares repurchased | (7,329,502 | ) | (80,651,397 | ) | (4,658,305 | ) | (31,639,305 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | (7,329,502 | ) | (16,170,576 | ) | 164,587,460 | 42,897,657 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (12,417,302 | ) | (16,107,930 | ) | 164,510,648 | 50,709,240 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 78,082,098 | 94,190,028 | 96,462,883 | 45,753,643 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 65,664,796 | $ | 78,082,098 | $ | 260,973,531 | $ | 96,462,883 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | 132,305 | $ | 174,712 | $ | (76,183 | ) | $ | 28,193 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | — | 1,150,000 | 3,600,000 | 1,650,000 | ||||||||||||
Shares repurchased | (150,000 | ) | (1,500,000 | ) | (100,000 | ) | (700,000 | ) | ||||||||
Shares outstanding, beginning of period | 1,450,000 | 1,800,000 | 2,100,000 | 1,150,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,300,000 | 1,450,000 | 5,600,000 | 2,100,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares DWA Consumer Staples Momentum Portfolio (PSL) | PowerShares DWA Energy Momentum Portfolio (PXI) | PowerShares DWA Financial Momentum Portfolio (PFI) | ||||||||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||||||
$ | 527,770 | $ | 864,493 | $ | 1,090,537 | $ | 1,997,316 | $ | 279,650 | $ | 471,546 | |||||||||||
2,078,488 | (478,875 | ) | (24,750,101 | ) | (37,737,229 | ) | (614,462 | ) | 2,137,855 | |||||||||||||
8,920,733 | 7,201,245 | (11,512,134 | ) | (11,115,391 | ) | 744,169 | 1,494,315 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
11,526,991 | 7,586,863 | (35,171,698 | ) | (46,855,304 | ) | 409,357 | 4,103,716 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(356,866 | ) | (932,548 | ) | (1,711,902 | ) | (2,298,949 | ) | (269,098 | ) | (460,625 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
267,481,339 | 76,936,911 | 13,880,604 | 116,145,756 | — | 31,087,185 | |||||||||||||||||
(41,706,629 | ) | (24,616,231 | ) | (25,718,881 | ) | (98,254,563 | ) | (6,115,418 | ) | (32,450,739 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
225,774,710 | 52,320,680 | (11,838,277 | ) | 17,891,193 | (6,115,418 | ) | (1,363,554 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
236,944,835 | 58,974,995 | (48,721,877 | ) | (31,263,060 | ) | (5,975,159 | ) | 2,279,537 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
97,713,412 | 38,738,417 | 183,177,683 | 214,440,743 | 38,446,597 | 36,167,060 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 334,658,247 | $ | 97,713,412 | $ | 134,455,806 | $ | 183,177,683 | $ | 32,471,438 | $ | 38,446,597 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 271,840 | $ | 100,936 | $ | 177,574 | $ | 798,939 | $ | 99,075 | $ | 88,523 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
�� | ||||||||||||||||||||||
4,800,000 | 1,500,000 | 300,000 | 1,950,000 | — | 1,000,000 | |||||||||||||||||
(800,000 | ) | (500,000 | ) | (600,000 | ) | (1,800,000 | ) | (200,000 | ) | (1,050,000 | ) | |||||||||||
1,900,000 | 900,000 | 3,700,000 | 3,550,000 | 1,250,000 | 1,300,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,900,000 | 1,900,000 | 3,400,000 | 3,700,000 | 1,050,000 | 1,250,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2015 and the year ended April 30, 2015
(Unaudited)
PowerShares DWA Healthcare Momentum Portfolio (PTH) | PowerShares DWA Industrials Momentum Portfolio (PRN) | |||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (569,171 | ) | $ | (448,437 | ) | $ | 350,770 | $ | 458,986 | ||||||
Net realized gain (loss) | (10,053,335 | ) | 4,983,141 | (6,411,919 | ) | (8,931,976 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (7,412,067 | ) | 19,902,877 | (3,074,677 | ) | 8,773,867 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (18,034,573 | ) | 24,437,581 | (9,135,826 | ) | 300,877 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | – | – | (475,160 | ) | (407,957 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 141,112,800 | 161,411,849 | 57,703,527 | 48,061,097 | ||||||||||||
Value of shares repurchased | (68,253,470 | ) | (113,607,415 | ) | (88,120,094 | ) | (105,162,426 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 72,859,330 | 47,804,434 | (30,416,567 | ) | (57,101,329 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 54,824,757 | 72,242,015 | (40,027,553 | ) | (57,208,409 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 178,802,447 | 106,560,432 | 112,413,821 | 169,622,230 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 233,627,204 | $ | 178,802,447 | $ | 72,386,268 | $ | 112,413,821 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (836,527 | ) | $ | (267,356 | ) | $ | 3,401 | $ | 127,791 | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 2,300,000 | 2,900,000 | 1,250,000 | 1,000,000 | ||||||||||||
Shares repurchased | (1,150,000 | ) | (2,150,000 | ) | (2,050,000 | ) | (2,250,000 | ) | ||||||||
Shares outstanding, beginning of period | 3,100,000 | 2,350,000 | 2,400,000 | 3,650,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 4,250,000 | 3,100,000 | 1,600,000 | 2,400,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares DWA Technology Momentum Portfolio (PTF) | PowerShares DWA Utilities Momentum Portfolio (PUI) | PowerShares NASDAQ Internet Portfolio (PNQI) | ||||||||||||||||||||
October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | October 31, 2015 | April 30, 2015 | |||||||||||||||||
$ | 67,779 | $ | 281,613 | $ | 412,570 | $ | 1,020,174 | $ | (106,784 | ) | $ | (877,964 | ) | |||||||||
1,926,969 | 3,128,715 | (502,963 | ) | 2,356,747 | 10,313,669 | 23,157,779 | ||||||||||||||||
1,490,493 | 10,043,793 | 89,300 | (2,176,606 | ) | 7,301,707 | 20,785,790 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
3,485,241 | 13,454,121 | (1,093 | ) | 1,200,315 | 17,508,592 | 43,065,605 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
— | (406,069 | ) | (407,210 | ) | (982,578 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
229,657,880 | 48,504,403 | — | 11,737,939 | 63,783,552 | 65,104,807 | |||||||||||||||||
(87,229,313 | ) | (50,489,939 | ) | (6,445,439 | ) | (18,663,468 | ) | (57,660,355 | ) | (180,947,163 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
142,428,567 | (1,985,536 | ) | (6,445,439 | ) | (6,925,529 | ) | 6,123,197 | (115,842,356 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
145,913,808 | 11,062,516 | (6,853,742 | ) | (6,707,792 | ) | 23,631,789 | (72,776,751 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
64,587,729 | 53,525,213 | 34,893,421 | 41,601,213 | 216,850,926 | 289,627,677 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 210,501,537 | $ | 64,587,729 | $ | 28,039,679 | $ | 34,893,421 | $ | 240,482,715 | $ | 216,850,926 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 22,249 | $ | (45,530 | ) | $ | 130,316 | $ | 124,956 | $ | (412,228 | ) | $ | (305,444 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,600,000 | 1,250,000 | — | 500,000 | 850,000 | 950,000 | |||||||||||||||||
(2,100,000 | ) | (1,300,000 | ) | (300,000 | ) | (800,000 | ) | (800,000 | ) | (2,650,000 | ) | |||||||||||
1,600,000 | 1,650,000 | 1,550,000 | 1,850,000 | 3,000,000 | 4,700,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,100,000 | 1,600,000 | 1,250,000 | 1,550,000 | 3,050,000 | 3,000,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
PowerShares DWA Basic Materials Momentum Portfolio (PYZ)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 53.85 | $ | 52.33 | $ | 43.38 | $ | 38.24 | $ | 40.66 | $ | 31.30 | ||||||||||||
Net investment income(a) | 0.29 | 0.43 | 0.51 | 0.63 | 0.47 | 0.86 | (b) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.30 | ) | 1.57 | 8.95 | 5.16 | (2.46 | ) | 9.34 | ||||||||||||||||
Total from investment operations | (3.01 | ) | 2.00 | 9.46 | 5.79 | (1.99 | ) | 10.20 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.33 | ) | (0.48 | ) | (0.51 | ) | (0.65 | ) | (0.43 | ) | (0.84 | ) | ||||||||||||
Net asset value at end of period | $ | 50.51 | $ | 53.85 | $ | 52.33 | $ | 43.38 | $ | 38.24 | $ | 40.66 | ||||||||||||
Market price at end of period(c) | $ | 50.55 | $ | 53.80 | $ | 52.31 | $ | 43.29 | $ | 38.20 | $ | 40.67 | ||||||||||||
Net Asset Value Total Return(d) | (5.60 | )% | 3.82 | % | 21.97 | % | 15.37 | % | (4.76 | )% | 33.12 | % | ||||||||||||
Market Price Total Return(d) | (5.44 | )% | 3.77 | % | 22.18 | % | 15.26 | % | (4.88 | )% | 32.98 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 65,665 | $ | 78,082 | $ | 94,190 | $ | 80,253 | $ | 66,924 | $ | 97,591 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.60 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.69 | %(e) | 0.69 | % | 0.68 | % | 0.72 | % | 0.76 | % | 0.79 | % | ||||||||||||
Net investment income, after Waivers | 1.14 | %(e) | 0.79 | % | 1.08 | % | 1.59 | % | 1.33 | % | 2.56 | %(b) | ||||||||||||
Portfolio turnover rate(f) | 66 | % | 80 | % | 158 | % | 63 | % | 78 | % | 28 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 45.93 | $ | 39.79 | $ | 34.19 | $ | 29.90 | $ | 27.54 | $ | 23.72 | ||||||||||||
Net investment income(a) | 0.05 | 0.27 | 0.17 | 0.39 | 0.18 | 0.20 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.71 | 6.06 | 5.63 | 4.24 | 2.37 | 3.79 | ||||||||||||||||||
Total from investment operations | 0.76 | 6.33 | 5.80 | 4.63 | 2.55 | 3.99 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.19 | ) | (0.20 | ) | (0.34 | ) | (0.19 | ) | (0.17 | ) | ||||||||||||
Net asset value at end of period | $ | 46.60 | $ | 45.93 | $ | 39.79 | $ | 34.19 | $ | 29.90 | $ | 27.54 | ||||||||||||
Market price at end of period(b) | $ | 46.68 | $ | 45.93 | $ | 39.74 | $ | 34.16 | $ | 29.89 | $ | 27.53 | ||||||||||||
Net Asset Value Total Return(c) | 1.64 | % | 15.91 | % | 16.97 | % | 15.67 | % | 9.41 | % | 16.91 | % | ||||||||||||
Market Price Total Return(c) | 1.82 | % | 16.06 | % | 16.93 | % | 15.60 | % | 9.41 | % | 16.77 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 260,974 | $ | 96,463 | $ | 45,754 | $ | 23,933 | $ | 19,437 | $ | 20,657 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.81 | % | 0.91 | % | 0.93 | % | 1.19 | % | 1.24 | % | ||||||||||||
Net investment income, after Waivers | 0.20 | %(d) | 0.63 | % | 0.42 | % | 1.29 | % | 0.69 | % | 0.86 | % | ||||||||||||
Portfolio turnover rate(e) | 48 | % | 114 | % | 236 | % | 130 | % | 88 | % | 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 for periods less than one year, if applicable, 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.
| 30 |
|
Financial Highlights (continued)
PowerShares DWA Consumer Staples Momentum Portfolio (PSL)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 51.43 | $ | 43.04 | $ | 39.69 | $ | 32.61 | $ | 31.36 | $ | 26.74 | ||||||||||||
Net investment income(a) | 0.19 | 0.76 | (b) | 0.66 | 0.66 | 0.48 | 0.52 | |||||||||||||||||
Net realized and unrealized gain on investments | 5.29 | 8.37 | 3.26 | 7.13 | 1.22 | 4.61 | ||||||||||||||||||
Total from investment operations | 5.48 | 9.13 | 3.92 | 7.79 | 1.70 | 5.13 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.74 | ) | (0.57 | ) | (0.71 | ) | (0.45 | ) | (0.51 | ) | ||||||||||||
Net asset value at end of period | $ | 56.72 | $ | 51.43 | $ | 43.04 | $ | 39.69 | $ | 32.61 | $ | 31.36 | ||||||||||||
Market price at end of period(c) | $ | 56.80 | $ | 51.43 | $ | 43.03 | $ | 39.67 | $ | 32.60 | $ | 31.37 | ||||||||||||
Net Asset Value Total Return(d) | 10.68 | % | 21.28 | % | 9.93 | % | 24.29 | % | 5.53 | % | 19.46 | % | ||||||||||||
Market Price Total Return(d) | 10.83 | % | 21.31 | % | 9.97 | % | 24.27 | % | 5.47 | % | 19.50 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 334,658 | $ | 97,713 | $ | 38,738 | $ | 37,708 | $ | 39,131 | $ | 40,772 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.60 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.69 | %(e) | 0.78 | % | 0.79 | % | 0.82 | % | 0.89 | % | 0.94 | % | ||||||||||||
Net investment income, after Waivers | 0.69 | %(e) | 1.54 | %(b) | 1.56 | % | 1.94 | % | 1.54 | % | 1.91 | % | ||||||||||||
Portfolio turnover rate(f) | 36 | % | 83 | % | 175 | % | 57 | % | 35 | % | 54 | % |
(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 of $5.77 per share owned of Pilgrim’s Pride Corp. on January 28, 2015. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.28 and 0.55%, 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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 49.51 | $ | 60.41 | $ | 48.39 | $ | 40.45 | $ | 44.63 | $ | 29.75 | ||||||||||||
Net investment income(a) | 0.30 | 0.53 | 0.34 | 0.47 | 0.21 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (9.81 | ) | (10.82 | ) | 12.01 | 8.13 | (4.15 | ) | 14.77 | |||||||||||||||
Total from investment operations | (9.51 | ) | (10.29 | ) | 12.35 | 8.60 | (3.94 | ) | 15.09 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.45 | ) | (0.61 | ) | (0.33 | ) | (0.66 | ) | (0.24 | ) | (0.21 | ) | ||||||||||||
Net asset value at end of period | $ | 39.55 | $ | 49.51 | $ | 60.41 | $ | 48.39 | $ | 40.45 | $ | 44.63 | ||||||||||||
Market price at end of period(b) | $ | 39.58 | $ | 49.51 | $ | 60.37 | $ | 48.36 | $ | 40.47 | $ | 44.65 | ||||||||||||
Net Asset Value Total Return(c) | (19.28 | )% | (17.08 | )% | 25.66 | % | 21.48 | % | (8.79 | )% | 51.01 | % | ||||||||||||
Market Price Total Return(c) | (19.22 | )% | (17.02 | )% | 25.66 | % | 21.35 | % | (8.78 | )% | 51.07 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 134,456 | $ | 183,178 | $ | 214,441 | $ | 137,916 | $ | 141,562 | $ | 191,903 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(d) | 0.60 | % | 0.64 | % | 0.66 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.76 | %(d) | 0.74 | % | 0.64 | % | 0.69 | % | 0.66 | % | 0.74 | % | ||||||||||||
Net investment income, after Waivers | 1.40 | %(d) | 0.97 | % | 0.65 | % | 1.10 | % | 0.54 | % | 0.90 | % | ||||||||||||
Portfolio turnover rate(e) | 65 | % | 109 | % | 198 | % | 80 | % | 107 | % | 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) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, 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.
| 31 |
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Financial Highlights (continued)
PowerShares DWA Financial Momentum Portfolio (PFI)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.76 | $ | 27.82 | $ | 23.92 | $ | 20.08 | $ | 20.45 | $ | 18.46 | ||||||||||||
Net investment income(a) | 0.25 | 0.37 | 0.32 | 0.35 | 0.25 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.17 | 2.92 | 3.93 | 3.83 | (0.42 | ) | 2.04 | |||||||||||||||||
Total from investment operations | 0.42 | 3.29 | 4.25 | 4.18 | (0.17 | ) | 2.31 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.35 | ) | (0.35 | ) | (0.34 | ) | (0.20 | ) | (0.32 | ) | ||||||||||||
Net asset value at end of period | $ | 30.93 | $ | 30.76 | $ | 27.82 | $ | 23.92 | $ | 20.08 | $ | 20.45 | ||||||||||||
Market price at end of period(b) | $ | 30.96 | $ | 30.76 | $ | 27.79 | $ | 23.90 | $ | 20.07 | $ | 20.44 | ||||||||||||
Net Asset Value Total Return(c) | 1.39 | % | 11.84 | % | 17.89 | % | 21.07 | % | (0.66 | )% | 12.76 | % | ||||||||||||
Market Price Total Return(c) | 1.49 | % | 11.96 | % | 17.86 | % | 21.03 | % | (0.66 | )% | 12.77 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 32,471 | $ | 38,447 | $ | 36,167 | $ | 20,330 | $ | 18,071 | $ | 22,492 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(d) | 0.60 | %(e) | 0.60 | % | 0.64 | % | 0.66 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers(d) | 0.83 | %(e) | 0.85 | % | 0.91 | % | 1.10 | % | 1.21 | % | 1.30 | % | ||||||||||||
Net investment income, after Waivers | 1.64 | %(e) | 1.24 | % | 1.20 | % | 1.66 | % | 1.33 | % | 1.50 | % | ||||||||||||
Portfolio turnover rate(f) | 53 | % | 115 | % | 232 | % | 118 | % | 102 | % | 59 | % |
(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 companies’ 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 investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, 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 |
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Financial Highlights (continued)
PowerShares DWA Healthcare Momentum Portfolio (PTH)
Six Months Ended October 31, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 57.68 | $ | 45.34 | $ | 38.76 | $ | 32.29 | $ | 31.41 | $ | 25.68 | ||||||||||||
Net investment income (loss)(a) | (0.15 | ) | (0.20 | ) | 0.00 | (b) | 0.43 | 0.02 | (0.05 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.56 | ) | 12.54 | 6.73 | 6.39 | 0.86 | 5.78 | |||||||||||||||||
Total from investment operations | (2.71 | ) | 12.34 | 6.73 | 6.82 | 0.88 | 5.73 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | — | (0.15 | ) | (0.35 | ) | — | — | ||||||||||||||||
Net asset value at end of period | $ | 54.97 | $ | 57.68 | $ | 45.34 | $ | 38.76 | $ | 32.29 | $ | 31.41 | ||||||||||||
Market price at end of period(c) | $ | 55.05 | $ | 57.64 | $ | 45.34 | $ | 38.69 | $ | 32.30 | $ | 31.44 | ||||||||||||
Net Asset Value Total Return(d) | (4.70 | )% | 27.22 | % | 17.41 | % | 21.31 | % | 2.80 | % | 22.31 | % | ||||||||||||
Market Price Total Return(d) | (4.49 | )% | 27.13 | % | 17.62 | % | 21.06 | % | 2.74 | % | 22.48 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 233,627 | $ | 178,802 | $ | 106,560 | $ | 60,071 | $ | 37,134 | $ | 62,822 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.60 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.67 | %(e) | 0.68 | % | 0.68 | % | 0.74 | % | 0.82 | % | 0.84 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.49 | )%(e) | (0.38 | )% | 0.01 | % | 1.26 | % | 0.05 | % | (0.21 | )% | ||||||||||||
Portfolio turnover rate(f) | 81 | % | 151 | % | 278 | % | 93 | % | 99 | % | 63 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 46.84 | $ | 46.47 | $ | 36.74 | $ | 30.02 | $ | 32.47 | $ | 25.21 | ||||||||||||
Net investment income(a) | 0.12 | 0.17 | 0.19 | 0.52 | 0.22 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.56 | ) | 0.35 | 9.72 | 6.89 | (2.48 | ) | 7.29 | ||||||||||||||||
Total from investment operations | (1.44 | ) | 0.52 | 9.91 | 7.41 | (2.26 | ) | 7.46 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.15 | ) | (0.18 | ) | (0.65 | ) | (0.19 | ) | (0.20 | ) | ||||||||||||
Return of capital | — | — | — | (0.04 | ) | — | — | |||||||||||||||||
Total distributions | (0.16 | ) | (0.15 | ) | (0.18 | ) | (0.69 | ) | (0.19 | ) | (0.20 | ) | ||||||||||||
Net asset value at end of period | $ | 45.24 | $ | 46.84 | $ | 46.47 | $ | 36.74 | $ | 30.02 | $ | 32.47 | ||||||||||||
Market price at end of period(b) | $ | 45.26 | $ | 46.85 | $ | 46.43 | $ | 36.72 | $ | 30.00 | $ | 32.48 | ||||||||||||
Net Asset Value Total Return(c) | (3.08 | )% | 1.12 | % | 27.01 | % | 25.18 | % | (6.91 | )% | 29.83 | % | ||||||||||||
Market Price Total Return(c) | (3.06 | )% | 1.23 | % | 26.97 | % | 25.19 | % | (7.00 | )% | 29.92 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 72,386 | $ | 112,414 | $ | 169,622 | $ | 38,573 | $ | 30,017 | $ | 113,629 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.63 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.64 | % | 0.66 | % | 0.92 | % | 0.80 | % | 0.88 | % | ||||||||||||
Net investment income, after Waivers | 0.54 | %(d) | 0.36 | % | 0.43 | % | 1.65 | % | 0.77 | % | 0.62 | % | ||||||||||||
Portfolio turnover rate(e) | 70 | % | 121 | % | 285 | % | 116 | % | 129 | % | 48 | % |
(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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.37 | $ | 32.44 | $ | 29.14 | $ | 27.29 | $ | 27.66 | $ | 23.60 | ||||||||||||
Net investment income (loss)(a) | 0.02 | 0.17 | 0.04 | 0.17 | 0.01 | (0.02 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.88 | 8.02 | 3.32 | 1.88 | (0.38 | ) | 4.09 | |||||||||||||||||
Total from investment operations | 0.90 | 8.19 | 3.36 | 2.05 | (0.37 | ) | 4.07 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.26 | ) | (0.06 | ) | (0.20 | ) | — | — | |||||||||||||||
Return of capital | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
Total distributions | — | (0.26 | ) | (0.06 | ) | (0.20 | ) | — | (0.01 | ) | ||||||||||||||
Net asset value at end of period | $ | 41.27 | $ | 40.37 | $ | 32.44 | $ | 29.14 | $ | 27.29 | $ | 27.66 | ||||||||||||
Market price at end of period(b) | $ | 41.30 | $ | 40.36 | $ | 32.45 | $ | 29.06 | $ | 27.28 | $ | 27.65 | ||||||||||||
Net Asset Value Total Return(c) | 2.23 | % | 25.29 | % | 11.52 | % | 7.59 | % | (1.34 | )% | 17.26 | % | ||||||||||||
Market Price Total Return(c) | 2.33 | % | 25.22 | % | 11.86 | % | 7.34 | % | (1.34 | )% | 17.27 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 210,502 | $ | 64,588 | $ | 53,525 | $ | 32,053 | $ | 31,387 | $ | 49,793 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.77 | % | 0.80 | % | 0.89 | % | 0.94 | % | 0.91 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.11 | %(d) | 0.46 | % | 0.13 | % | 0.63 | % | 0.03 | % | (0.07 | )% | ||||||||||||
Portfolio turnover rate(e) | 64 | % | 157 | % | 263 | % | 95 | % | 108 | % | 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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.51 | $ | 22.49 | $ | 19.82 | $ | 16.69 | $ | 17.12 | $ | 14.96 | ||||||||||||
Net investment income(a) | 0.30 | 0.57 | 0.47 | 0.45 | 0.41 | 0.48 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.07 | ) | (0.01 | ) | 2.68 | 3.14 | (0.38 | ) | 2.19 | |||||||||||||||
Total from investment operations | 0.23 | 0.56 | 3.15 | 3.59 | �� | 0.03 | 2.67 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.54 | ) | (0.48 | ) | (0.46 | ) | (0.46 | ) | (0.51 | ) | ||||||||||||
Net asset value at end of period | $ | 22.43 | $ | 22.51 | $ | 22.49 | $ | 19.82 | $ | 16.69 | $ | 17.12 | ||||||||||||
Market price at end of period(b) | $ | 22.45 | $ | 22.50 | $ | 22.47 | $ | 19.79 | $ | 16.66 | $ | 17.13 | ||||||||||||
Net Asset Value Total Return(c) | 1.08 | % | 2.48 | % | 16.27 | % | 21.90 | % | 0.26 | % | 18.36 | % | ||||||||||||
Market Price Total Return(c) | 1.22 | % | 2.53 | % | 16.35 | % | 21.94 | % | 0.02 | % | 18.42 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 28,040 | $ | 34,893 | $ | 41,601 | $ | 42,604 | $ | 43,393 | $ | 47,089 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.86 | %(d) | 0.80 | % | 0.77 | % | 0.81 | % | 0.77 | % | 0.89 | % | ||||||||||||
Net investment income, after Waivers | 2.78 | %(d) | 2.49 | % | 2.31 | % | 2.54 | % | 2.45 | % | 3.12 | % | ||||||||||||
Portfolio turnover rate(e) | 56 | % | 47 | % | 131 | % | 48 | % | 71 | % | 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 for periods less than one year, if applicable, 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, 2015 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 72.28 | $ | 61.62 | $ | 46.09 | $ | 41.08 | $ | 41.37 | $ | 27.99 | ||||||||||||
Net investment income (loss)(a) | (0.04 | ) | (0.21 | ) | (0.27 | ) | (0.01 | ) | (0.08 | ) | (0.06 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 6.61 | 10.87 | 15.80 | 5.04 | (0.21 | ) | 13.44 | |||||||||||||||||
Total from investment operations | 6.57 | 10.66 | 15.53 | 5.03 | (0.29 | ) | 13.38 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | — | — | (0.02 | ) | — | — | |||||||||||||||||
Net asset value at end of period | $ | 78.85 | $ | 72.28 | $ | 61.62 | $ | 46.09 | $ | 41.08 | $ | 41.37 | ||||||||||||
Market price at end of period(b) | $ | 78.97 | $ | 72.26 | $ | 61.51 | $ | 46.08 | $ | 41.08 | $ | 41.40 | ||||||||||||
Net Asset Value Total Return(c) | 9.09 | % | 17.30 | % | 33.70 | % | 12.26 | % | (0.70 | )% | 47.80 | % | ||||||||||||
Market Price Total Return(c) | 9.29 | % | 17.48 | % | 33.48 | % | 12.23 | % | (0.77 | )% | 47.81 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 240,483 | $ | 216,851 | $ | 289,628 | $ | 64,525 | $ | 63,678 | $ | 45,507 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income (loss) | (0.10 | )%(d) | (0.31 | )% | (0.42 | )% | (0.02 | )% | (0.22 | )% | (0.17 | )% | ||||||||||||
Portfolio turnover rate(e) | 14 | % | 31 | % | 21 | % | 20 | % | 23 | % | 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 for periods less than one year, if applicable, 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, 2015
(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, 2015, 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 price of each Share 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 | Dorsey Wright® Basic Materials Technical Leaders Index | |
DWA Consumer Cyclicals Momentum Portfolio | Dorsey Wright® Consumer Cyclicals Technical Leaders Index | |
DWA Consumer Staples Momentum Portfolio | Dorsey Wright® Consumer Staples Technical Leaders Index | |
DWA Energy Momentum Portfolio | Dorsey Wright® Energy Technical Leaders Index | |
DWA Financial Momentum Portfolio | Dorsey Wright® Financials Technical Leaders Index | |
DWA Healthcare Momentum Portfolio | Dorsey Wright® Healthcare Technical Leaders Index | |
DWA Industrials Momentum Portfolio | Dorsey Wright® Industrials Technical Leaders Index | |
DWA Technology Momentum Portfolio | Dorsey Wright® Technology Technical Leaders Index | |
DWA Utilities Momentum Portfolio | Dorsey Wright® Utilities Technical Leaders 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. The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
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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 asked 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 asked 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 asked prices is used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 Fund 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 Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in 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.
Portfolio Turnover Risk. The Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, each Fund will seek to utilize an in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
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.
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Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These 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.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
E. Country Determination
For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. 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 own 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.
G. 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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H. Securities Lending
During the six-month period ended October 31, 2015, DWA Basic Materials Momentum Portfolio, DWA Energy Momentum Portfolio, DWA Healthcare Momentum Portfolio, DWA Technology 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% (105% for international securities) 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. Each Fund bears the risk of loss with respect to the investment of collateral. 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. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each 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. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. 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. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each 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, if any, is shown on the Statements of Assets and Liabilities. DWA Basic Materials Momentum Portfolio no longer participates in securities lending.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, 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. Pursuant to that Investment Advisory Agreement, 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 Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except 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, 2016. Offering costs excluded from the Expense Cap for each Fund 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, 2016. The Expense Agreement cannot be terminated during its term.
Further, through August 31, 2017, 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. This agreement is not subject to recapture by the Adviser.
For the six-month period ended October 31, 2015, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA Basic Materials Momentum Portfolio | $ | 31,229 | ||
DWA Consumer Cyclicals Momentum Portfolio | 82,452 | |||
DWA Consumer Staples Momentum Portfolio | 71,208 | |||
DWA Energy Momentum Portfolio | 115,981 | |||
DWA Financial Momentum Portfolio | 39,758 | |||
DWA Healthcare Momentum Portfolio | 83,987 |
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DWA Industrials Momentum Portfolio | 18,607 | |||
DWA Technology Momentum Portfolio | 69,318 | |||
DWA Utilities Momentum Portfolio | 38,745 | |||
NASDAQ Internet Portfolio | 49 |
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, 2015 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/16 | 04/30/17 | 04/30/18 | 10/31/18 | |||||||||||||||||
DWA Basic Materials Momentum Portfolio | $ | 192,735 | $ | 46,379 | $ | 32,772 | $ | 82,414 | $ | 31,170 | ||||||||||
DWA Consumer Cyclicals Momentum Portfolio | 358,510 | 76,493 | 72,285 | 127,393 | 82,339 | |||||||||||||||
DWA Consumer Staples Momentum Portfolio | 295,238 | 63,480 | 58,654 | 101,972 | 71,132 | |||||||||||||||
DWA Energy Momentum Portfolio | 437,645 | 31,818 | — | 290,036 | 115,791 | |||||||||||||||
DWA Financial Momentum Portfolio | 286,807 | 83,041 | 69,854 | 94,203 | 39,709 | |||||||||||||||
DWA Healthcare Momentum Portfolio | 252,071 | 41,317 | 38,353 | 88,576 | 83,825 | |||||||||||||||
DWA Industrials Momentum Portfolio | 179,582 | 82,100 | 30,573 | 48,372 | 18,537 | |||||||||||||||
DWA Technology Momentum Portfolio | 306,361 | 72,589 | 60,072 | 104,492 | 69,208 | |||||||||||||||
DWA Utilities Momentum Portfolio | 247,531 | 71,758 | 53,817 | 83,252 | 38,704 |
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, LLC | |
DWA Consumer Cyclicals Momentum Portfolio | Dorsey Wright & Associates, LLC | |
DWA Consumer Staples Momentum Portfolio | Dorsey Wright & Associates, LLC | |
DWA Energy Momentum Portfolio | Dorsey Wright & Associates, LLC | |
DWA Financial Momentum Portfolio | Dorsey Wright & Associates, LLC | |
DWA Healthcare Momentum Portfolio | Dorsey Wright & Associates, LLC | |
DWA Industrials Momentum Portfolio | Dorsey Wright & Associates, LLC | |
DWA Technology Momentum Portfolio | Dorsey Wright & Associates, LLC | |
DWA Utilities Momentum Portfolio | Dorsey Wright & Associates, LLC | |
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
The 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 DWA Financial Momentum Portfolio’s transactions in, and earnings from, its investment in affiliates for the six-month period ended October 31, 2015.
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DWA Financial Momentum Portfolio
Value April 30, 2015 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2015 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 1,114,653 | $ | 150,141 | $ | (180,084 | ) | $ | (224,455 | ) | $ | 18,452 | $ | 878,707 | $ | 13,774 |
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, 2015, 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 | $ | 237,391,649 | $ | — | $ | 14,948 | $ | 237,406,597 | ||||||||
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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 carryforwards) 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 carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards 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 Funds had capital loss carryforwards as of April 30, 2015, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||||||||
DWA Basic Materials Momentum Portfolio | $ | 205,528 | $ | 3,783,798 | $ | 4,534,904 | $ | 2,521,492 | $ | 9,481,610 | $ | 1,324,803 | $ | 21,852,135 | $ | — | ||||||||||||||||
DWA Consumer Cyclicals Momentum Portfolio | 1,246,058 | 1,993,654 | — | 2,042,056 | 5,779,561 | — | 11,061,329 | — | ||||||||||||||||||||||||
DWA Consumer Staples Momentum Portfolio | 562,037 | 2,156,980 | 3,935,363 | 1,180,566 | 718,414 | — | 8,553,360 | — |
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Post-effective/no expiration | ||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||||||||
DWA Energy Momentum Portfolio | $ | 880,885 | $ | 2,869,667 | $ | 3,914,682 | $ | 1,167,692 | $ | 24,595,189 | $ | — | $ | 33,428,115 | $ | — | ||||||||||||||||
DWA Financial Momentum Portfolio | 614,940 | 1,821,971 | 4,413,894 | 1,979,006 | 2,427,599 | — | 11,257,410 | — | ||||||||||||||||||||||||
DWA Healthcare Momentum Portfolio | 2,234,184 | 17,890,879 | 18,737,951 | 2,739,963 | 11,984,057 | — | 53,587,034 | — | ||||||||||||||||||||||||
DWA Industrials Momentum Portfolio | 1,476,057 | 6,525,387 | 21,245,288 | 2,746,746 | 13,682,953 | — | 45,676,431 | — | ||||||||||||||||||||||||
DWA Technology Momentum Portfolio | 2,465,875 | 8,220,697 | 7,658,564 | 3,016,840 | 11,789,148 | — | 33,151,124 | — | ||||||||||||||||||||||||
DWA Utilities Momentum Portfolio | 2,124,736 | 1,366,073 | 5,885,935 | 874,386 | 3,759,657 | 650,159 | 14,660,946 | 430,964 | ||||||||||||||||||||||||
NASDAQ Internet Portfolio | — | — | 3,360 | 74,863 | 4,425,721 | 2,919,226 | 7,423,170 | — |
* | Capital loss carryforwards as of the date listed above is 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, 2015, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
DWA Basic Materials Momentum Portfolio | $ | 46,924,791 | $ | 46,959,706 | ||||
DWA Consumer Cyclicals Momentum Portfolio | 70,993,754 | 71,073,075 | ||||||
DWA Consumer Staples Momentum Portfolio | 57,205,138 | 57,170,006 | ||||||
DWA Energy Momentum Portfolio | 100,189,978 | 100,717,944 | ||||||
DWA Financial Momentum Portfolio | 18,052,745 | 18,019,534 | ||||||
DWA Healthcare Momentum Portfolio | 184,984,323 | 185,713,526 | ||||||
DWA Industrials Momentum Portfolio | 88,816,072 | 88,965,796 | ||||||
DWA Technology Momentum Portfolio | 78,244,132 | 75,919,869 | ||||||
DWA Utilities Momentum Portfolio | 16,580,577 | 16,565,337 | ||||||
NASDAQ Internet Portfolio | 31,740,110 | 31,813,802 |
For the six-month period ended October 31, 2015, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA Basic Materials Momentum Portfolio | $ | — | $ | 7,327,424 | ||||
DWA Consumer Cyclicals Momentum Portfolio | 169,252,107 | 4,657,714 | ||||||
DWA Consumer Staples Momentum Portfolio | 267,499,654 | 41,652,720 | ||||||
DWA Energy Momentum Portfolio | 13,859,416 | 25,712,196 | ||||||
DWA Financial Momentum Portfolio | — | 6,094,562 | ||||||
DWA Healthcare Momentum Portfolio | 140,316,863 | 67,301,325 | ||||||
DWA Industrials Momentum Portfolio | 57,674,822 | 88,112,795 | ||||||
DWA Technology Momentum Portfolio | 227,453,789 | 87,245,863 | ||||||
DWA Utilities Momentum Portfolio | — | 6,429,198 | ||||||
NASDAQ Internet Portfolio | 63,792,137 | 57,650,470 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
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At October 31, 2015, 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:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation | Cost | |||||||||||||
DWA Basic Materials Momentum Portfolio | $ | 5,160,590 | $ | (2,698,731 | ) | $ | 2,461,859 | $ | 63,258,135 | |||||||
DWA Consumer Cyclicals Momentum Portfolio | 19,100,086 | (6,679,777 | ) | 12,420,309 | 248,770,023 | |||||||||||
DWA Consumer Staples Momentum Portfolio | 20,506,609 | (4,936,791 | ) | 15,569,818 | 319,157,703 | |||||||||||
DWA Energy Momentum Portfolio | 11,536,964 | (10,850,200 | ) | 686,764 | 135,319,873 | |||||||||||
DWA Financial Momentum Portfolio | 3,018,255 | (749,083 | ) | 2,269,172 | 30,265,585 | |||||||||||
DWA Healthcare Momentum Portfolio | 19,873,176 | (12,747,633 | ) | 7,125,543 | 230,281,054 | |||||||||||
DWA Industrials Momentum Portfolio | 4,477,691 | (1,502,576 | ) | 2,975,115 | 69,492,108 | |||||||||||
DWA Technology Momentum Portfolio | 12,507,234 | (4,090,422 | ) | 8,416,812 | 204,098,413 | |||||||||||
DWA Utilities Momentum Portfolio | 2,677,686 | (250,555 | ) | 2,427,131 | 25,670,173 | |||||||||||
NASDAQ Internet Portfolio | 39,457,804 | (25,934,323 | ) | 13,523,481 | 240,913,137 |
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 an Officer of the Trust. 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” 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 principally 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, 2015.
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 the Portfolio bears indirectly is included in the Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 944.03 | 0.60 | % | $ | 2.93 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) | ||||||||||||||||
Actual | 1,000.00 | 1,016.44 | 0.60 | 3.04 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares DWA Consumer Staples Momentum Portfolio (PSL) | ||||||||||||||||
Actual | 1,000.00 | 1,106.78 | 0.60 | 3.18 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares DWA Energy Momentum Portfolio (PXI) | ||||||||||||||||
Actual | 1,000.00 | 807.18 | 0.61 | 2.77 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.07 | 0.61 | 3.10 |
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Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | 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 | $ | 1,013.95 | 0.60 | % | $ | 3.04 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares DWA Healthcare Momentum Portfolio (PTH) | ||||||||||||||||
Actual | 1,000.00 | 953.01 | 0.60 | 2.95 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares DWA Industrials Momentum Portfolio (PRN) | ||||||||||||||||
Actual | 1,000.00 | 969.18 | 0.60 | 2.97 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares DWA Technology Momentum Portfolio (PTF) | ||||||||||||||||
Actual | 1,000.00 | 1,022.30 | 0.60 | 3.05 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares DWA Utilities Momentum Portfolio (PUI) | ||||||||||||||||
Actual | 1,000.00 | 1,010.83 | 0.60 | 3.03 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||
PowerShares NASDAQ Internet Portfolio (PNQI) | ||||||||||||||||
Actual | 1,000.00 | 1,090.89 | 0.60 | 3.15 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 |
(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, 2015. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
| 46 |
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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.
©2015 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 report.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not required for semi-annual report.
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 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 (Signature and Title) /s/ Andrew Schlossberg | ||
Andrew Schlossberg | ||
President | ||
Date December 31, 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 (Signature and Title) /s/ Andrew Schlossberg | ||
Andrew Schlossberg | ||
President | ||
Date December 31, 2015 | ||
By (Signature and Title) /s/ Steven Hill | ||
Steven Hill | ||
Treasurer | ||
Date December 31, 2015 |