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)
Daniel E. Draper
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, 2017
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
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, 2017 |
2017 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 | ||||
17 | ||||
Statements of Assets and Liabilities | 32 | |||
Statements of Operations | 33 | |||
Statements of Changes in Net Assets | 34 | |||
Financial Highlights | 36 | |||
Notes to Financial Statements | 39 | |||
Fees and Expenses | 47 |
| 2 |
|
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 39.4 | |||
Health Care | 20.9 | |||
Consumer Discretionary | 16.8 | |||
Financials | 11.5 | |||
Industrials | 6.0 | |||
Consumer Staples | 2.1 | |||
Materials | 1.1 | |||
Telecommunication Services | 0.9 | |||
Real Estate | 0.7 | |||
Energy | 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—16.8% | ||||||||
877 | Amazon.com, Inc.(b) | $ | 969,331 | |||||
1,469 | Charter Communications, Inc., Class A(b) | 490,896 | ||||||
6,663 | China Lodging Group Ltd. ADR (China)(b) | 892,109 | ||||||
1,390 | Churchill Downs, Inc. | 289,885 | ||||||
13,820 | Conn’s, Inc.(b) | 424,965 | ||||||
9,086 | Ctrip.com International Ltd. ADR (China)(b) | 435,129 | ||||||
4,142 | Grand Canyon Education, Inc.(b) | 370,750 | ||||||
6,728 | Liberty Ventures, Series A(b) | 383,227 | ||||||
8,813 | Nutrisystem, Inc. | 440,209 | ||||||
751 | Priceline Group, Inc. (The)(b) | 1,435,882 | ||||||
22,439 | Ruth’s Hospitality Group, Inc. | 473,463 | ||||||
13,199 | Scientific Games Corp., Class A(b) | 628,272 | ||||||
124,593 | Sirius XM Holdings, Inc. | 677,786 | ||||||
6,741 | SodaStream International Ltd. (Israel)(b) | 429,199 | ||||||
1,833 | Wynn Resorts Ltd. | 270,349 | ||||||
|
| |||||||
8,611,452 | ||||||||
|
| |||||||
Consumer Staples—2.1% | ||||||||
1,260 | Coca-Cola Bottling Co. Consolidated | 284,206 | ||||||
5,546 | National Beverage Corp. | 542,953 | ||||||
1,622 | Sanderson Farms, Inc. | 242,602 | ||||||
|
| |||||||
1,069,761 | ||||||||
|
| |||||||
Energy—0.6% | ||||||||
35,388 | Calumet Specialty Products Partners LP(b) | 316,722 | ||||||
|
| |||||||
Financials—11.5% | ||||||||
13,348 | Arch Capital Group Ltd.(b) | 1,329,995 | ||||||
4,651 | Banner Corp. | 266,595 | ||||||
19,286 | BGC Partners, Inc., Class A | 292,569 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,519 | Cboe Global Markets, Inc. | $ | 284,798 | |||||
3,737 | Credit Acceptance Corp.(b) | 1,071,510 | ||||||
7,486 | E*TRADE Financial Corp.(b) | 326,315 | ||||||
7,532 | East West Bancorp, Inc. | 450,715 | ||||||
8,109 | First Merchants Corp. | 348,687 | ||||||
6,827 | MarketAxess Holdings, Inc. | 1,187,898 | ||||||
3,493 | World Acceptance Corp.(b) | 305,637 | ||||||
|
| |||||||
5,864,719 | ||||||||
|
| |||||||
Health Care—20.9% | ||||||||
5,683 | ABIOMED, Inc.(b) | 1,096,364 | ||||||
3,879 | Align Technology, Inc.(b) | 927,003 | ||||||
2,982 | Alnylam Pharmaceuticals, Inc.(b) | 363,327 | ||||||
35,759 | Array BioPharma, Inc.(b) | 373,682 | ||||||
1,696 | Atrion Corp. | 1,115,374 | ||||||
21,130 | Exact Sciences Corp.(b) | 1,161,939 | ||||||
47,558 | Exelixis, Inc.(b) | 1,178,963 | ||||||
3,251 | ICON PLC(b) | 386,414 | ||||||
1,477 | ICU Medical, Inc.(b) | 282,255 | ||||||
4,949 | IDEXX Laboratories, Inc.(b) | 822,375 | ||||||
13,751 | Impax Laboratories, Inc.(b) | 249,581 | ||||||
10,046 | Insmed, Inc.(b) | 271,342 | ||||||
742 | Intuitive Surgical, Inc.(b) | 278,517 | ||||||
4,829 | Ionis Pharmaceuticals, Inc.(b) | 275,784 | ||||||
2,039 | Ligand Pharmaceuticals, Inc.(b) | 296,369 | ||||||
7,322 | Merit Medical Systems, Inc.(b) | 278,602 | ||||||
6,299 | Quidel Corp.(b) | 257,944 | ||||||
42,139 | Sangamo Therapeutics, Inc.(b) | 522,524 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
29,161 | Spectrum Pharmaceuticals, Inc.(b) | $ | 571,264 | |||||
|
| |||||||
10,709,623 | ||||||||
|
| |||||||
Industrials—6.0% | ||||||||
5,053 | Aerovironment, Inc.(b) | 258,511 | ||||||
1,951 | Cintas Corp. | 290,777 | ||||||
7,448 | Columbus McKinnon Corp. | 294,643 | ||||||
1,987 | Elbit Systems Ltd. (Israel) | 295,308 | ||||||
5,046 | Healthcare Services Group, Inc. | 266,883 | ||||||
3,971 | Multi-Color Corp. | 328,402 | ||||||
3,636 | Old Dominion Freight Line, Inc. | 440,429 | ||||||
4,613 | Saia, Inc.(b) | 298,922 | ||||||
12,138 | SkyWest, Inc. | 571,700 | ||||||
|
| |||||||
3,045,575 | ||||||||
|
| |||||||
Information Technology—39.4% | ||||||||
5,293 | Activision Blizzard, Inc. | 346,639 | ||||||
1,961 | Adobe Systems, Inc.(b) | 343,489 | ||||||
9,371 | Apple, Inc. | 1,584,074 | ||||||
6,090 | Applied Materials, Inc. | 343,659 | ||||||
2,303 | Autodesk, Inc.(b) | 287,783 | ||||||
19,421 | Blucora, Inc.(b) | 421,436 | ||||||
3,119 | Broadcom Ltd. | 823,135 | ||||||
10,093 | Brooks Automation, Inc. | 347,098 | ||||||
10,600 | Cadence Design Systems, Inc.(b) | 457,496 | ||||||
2,443 | Check Point Software Technologies Ltd. (Israel)(b) | 287,566 | ||||||
3,740 | Cognex Corp. | 460,581 | ||||||
1,238 | CoStar Group, Inc.(b) | 366,138 | ||||||
5,886 | Electronic Arts, Inc.(b) | 703,966 | ||||||
50,042 | Extreme Networks, Inc.(b) | 600,504 | ||||||
3,733 | Facebook, Inc., Class A(b) | 672,164 | ||||||
2,267 | IAC/InterActiveCorp.(b) | 292,556 | ||||||
7,637 | II-VI, Inc.(b) | 345,192 | ||||||
6,087 | Intuit, Inc. | 919,259 | ||||||
1,430 | IPG Photonics Corp.(b) | 304,461 | ||||||
2,571 | Jack Henry & Associates, Inc. | 283,144 | ||||||
1,790 | Lam Research Corp. | 373,340 | ||||||
3,277 | Littelfuse, Inc. | 684,893 | ||||||
20,590 | LivePerson, Inc.(b) | 289,289 | ||||||
10,467 | Logitech International SA (Switzerland) | 375,033 | ||||||
9,087 | Micron Technology, Inc.(b) | 402,645 | ||||||
3,003 | MKS Instruments, Inc. | 326,276 | ||||||
4,912 | Monolithic Power Systems, Inc. | 597,643 | ||||||
5,707 | NVIDIA Corp. | 1,180,265 | ||||||
7,580 | Orbotech Ltd. (Israel)(b) | 338,978 | ||||||
5,500 | Pegasystems, Inc. | 320,650 | ||||||
6,011 | Proofpoint, Inc.(b) | 555,476 | ||||||
5,050 | Qualys, Inc.(b) | 267,145 | ||||||
6,561 | RealPage, Inc.(b) | 284,091 | ||||||
3,186 | SINA Corp. (China)(b) | 342,973 | ||||||
8,780 | Skyworks Solutions, Inc. | 999,691 | ||||||
3,832 | Stamps.com, Inc.(b) | 859,901 | ||||||
8,406 | Take-Two Interactive Software, Inc.(b) | 930,124 | ||||||
3,746 | Universal Display Corp. | 548,789 | ||||||
8,640 | Yandex NV, Class A (Russia)(b) | 292,291 | ||||||
|
| |||||||
20,159,833 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials—1.1% | ||||||||
17,928 | Century Aluminum Co.(b) | $ | 250,992 | |||||
3,397 | Royal Gold, Inc. | 285,722 | ||||||
|
| |||||||
536,714 | ||||||||
|
| |||||||
Real Estate—0.7% | ||||||||
2,293 | SBA Communications Corp. REIT(b) | 360,414 | ||||||
|
| |||||||
Telecommunication Services—0.9% | ||||||||
11,883 | Shenandoah Telecommunications Co. | 451,554 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $39,985,210) | 51,126,367 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
71,935 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $71,935) | 71,935 | ||||||
|
| |||||||
Total Investments in Securities (Cost $40,057,145)—100.2% | 51,198,302 | |||||||
Other assets less liabilities—(0.2)% | (88,476 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 51,109,826 | ||||||
|
|
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) | 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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares Dynamic Market Portfolio (PWC)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 24.5 | |||
Financials | 14.4 | |||
Consumer Discretionary | 13.3 | |||
Health Care | 13.1 | |||
Industrials | 11.1 | |||
Consumer Staples | 8.0 | |||
Energy | 7.5 | |||
Materials | 3.5 | |||
Utilities | 2.8 | |||
Telecommunication Services | 1.8 | |||
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—13.3% | ||||||||
12,568 | Aaron’s, Inc. | $ | 462,502 | |||||
9,222 | AMC Networks, Inc., Class A(b) | 469,215 | ||||||
24,088 | Dana, Inc. | 734,443 | ||||||
14,303 | Fox Factory Holding Corp.(b) | 608,593 | ||||||
32,288 | K12, Inc.(b) | 523,711 | ||||||
3,754 | Lear Corp. | 659,165 | ||||||
13,986 | Live Nation Entertainment, Inc.(b) | 612,307 | ||||||
20,225 | McDonald’s Corp. | 3,375,755 | ||||||
101,547 | MGM Resorts International | 3,183,498 | ||||||
1,194 | NVR, Inc.(b) | 3,917,956 | ||||||
15,715 | Scientific Games Corp., Class A(b) | 748,034 | ||||||
4,848 | Visteon Corp.(b) | 611,042 | ||||||
11,524 | Weight Watchers International, Inc.(b) | 517,658 | ||||||
23,891 | Wynn Resorts Ltd. | 3,523,684 | ||||||
|
| |||||||
19,947,563 | ||||||||
|
| |||||||
Consumer Staples—8.0% | ||||||||
65,168 | Altria Group, Inc. | 4,185,089 | ||||||
14,414 | Archer-Daniels-Midland Co. | 589,100 | ||||||
7,846 | Bunge Ltd. | 539,648 | ||||||
7,916 | Edgewell Personal Care Co.(b) | 513,986 | ||||||
5,162 | National Beverage Corp. | 505,360 | ||||||
21,840 | US Foods Holding Corp.(b) | 595,795 | ||||||
52,906 | Wal-Mart Stores, Inc. | 4,619,223 | ||||||
13,354 | Weis Markets, Inc. | 518,536 | ||||||
|
| |||||||
12,066,737 | ||||||||
|
| |||||||
Energy—7.5% | ||||||||
27,307 | Alliance Holdings GP LP | 757,223 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
97,151 | CVR Refining LP(b) | $ | 1,102,664 | |||||
26,378 | EQT GP Holdings LP(c) | 728,824 | ||||||
65,172 | Marathon Petroleum Corp. | 3,893,375 | ||||||
92,735 | Transocean Ltd.(b) | 973,718 | ||||||
49,411 | Valero Energy Corp. | 3,898,034 | ||||||
|
| |||||||
11,353,838 | ||||||||
|
| |||||||
Financials—14.4% | ||||||||
18,448 | American Equity Investment Life Holding Co. | 544,400 | ||||||
5,145 | American Financial Group, Inc. | 542,746 | ||||||
45,731 | Athene Holding Ltd., Class A(b) | 2,383,957 | ||||||
24,884 | Carlyle Group LP (The) | 548,692 | ||||||
48,667 | CNA Financial Corp. | 2,634,345 | ||||||
9,444 | Everest Re Group Ltd. | 2,242,478 | ||||||
149,379 | Genworth Financial, Inc., Class A(b) | 494,444 | ||||||
23,643 | Green Bancorp, Inc.(b) | 523,692 | ||||||
10,996 | Green Dot Corp., Class A(b) | 622,594 | ||||||
12,368 | Lazard Ltd., Class A | 587,975 | ||||||
13,402 | Moelis & Co., Class A | 572,936 | ||||||
1,549 | National Western Life Group, Inc., Class A | 553,891 | ||||||
13,040 | Popular, Inc. | 478,307 | ||||||
38,575 | Principal Financial Group, Inc. | 2,540,164 | ||||||
50,412 | Progressive Corp. (The) | 2,452,544 | ||||||
23,924 | Prudential Financial, Inc. | 2,642,645 | ||||||
37,105 | Third Point Reinsurance Ltd. (Bermuda)(b) | 619,654 | ||||||
11,078 | Walker & Dunlop, Inc.(b) | 608,071 | ||||||
|
| |||||||
21,593,535 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic Market Portfolio (PWC) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care—13.1% | ||||||||
32,081 | Akebia Therapeutics, Inc.(b) | $ | 582,270 | |||||
32,872 | Amphastar Pharmaceuticals, Inc.(b) | 593,997 | ||||||
16,872 | Anthem, Inc. | 3,529,791 | ||||||
37,843 | Centene Corp.(b) | 3,544,754 | ||||||
18,104 | Cigna Corp. | 3,570,471 | ||||||
67,358 | Community Health Systems, Inc.(b)(c) | 397,412 | ||||||
10,164 | CorVel Corp.(b) | 609,840 | ||||||
12,923 | Humana, Inc. | 3,299,888 | ||||||
39,719 | Innoviva, Inc.(b) | 486,161 | ||||||
11,296 | Integer Holdings Corp.(b) | 548,986 | ||||||
65,446 | Kindred Healthcare, Inc. | 395,948 | ||||||
8,274 | Molina Healthcare, Inc.(b) | 561,225 | ||||||
13,329 | Phibro Animal Health Corp., Class A | 501,837 | ||||||
32,639 | Quality Systems, Inc.(b) | 459,231 | ||||||
2,992 | WellCare Health Plans, Inc.(b) | 591,638 | ||||||
|
| |||||||
19,673,449 | ||||||||
|
| |||||||
Industrials—11.1% | ||||||||
9,388 | Argan, Inc. | 645,425 | ||||||
14,423 | Boeing Co. (The) | 3,720,846 | ||||||
7,267 | Brink’s Co. (The) | 553,019 | ||||||
30,000 | Caterpillar, Inc. | 4,074,000 | ||||||
22,684 | Cummins, Inc. | 4,012,346 | ||||||
4,926 | Graco, Inc. | 649,198 | ||||||
13,083 | Hawaiian Holdings, Inc.(b) | 438,280 | ||||||
28,616 | JetBlue Airways Corp.(b) | 547,996 | ||||||
26,006 | Kelly Services, Inc., Class A | 684,218 | ||||||
14,057 | Rush Enterprises, Inc., Class A(b) | 713,814 | ||||||
14,711 | Terex Corp. | 693,035 | ||||||
|
| |||||||
16,732,177 | ||||||||
|
| |||||||
Information Technology—24.5% | ||||||||
20,760 | AppFolio, Inc., Class A(b) | 952,884 | ||||||
101,892 | Applied Materials, Inc. | 5,749,766 | ||||||
13,909 | Applied Optoelectronics, Inc.(b)(c) | 566,653 | ||||||
17,466 | Broadcom Ltd. | 4,609,452 | ||||||
8,407 | Cognex Corp. | 1,035,322 | ||||||
10,681 | ePlus, Inc.(b) | 1,021,104 | ||||||
5,244 | IPG Photonics Corp.(b) | 1,116,500 | ||||||
41,542 | KEMET Corp.(b) | 1,067,214 | ||||||
28,048 | Lam Research Corp. | 5,849,971 | ||||||
53,872 | Microchip Technology, Inc. | 5,107,066 | ||||||
10,848 | MKS Instruments, Inc. | 1,178,635 | ||||||
55,169 | MoneyGram International, Inc.(b) | 857,878 | ||||||
22,807 | Novanta, Inc.(b) | 1,078,771 | ||||||
38,604 | Ultra Clean Holdings, Inc.(b) | 985,174 | ||||||
50,897 | Vishay Intertechnology, Inc. | 1,132,458 | ||||||
49,802 | Western Digital Corp. | 4,445,824 | ||||||
|
| |||||||
36,754,672 | ||||||||
|
| |||||||
Materials—3.5% | ||||||||
23,033 | Ardagh Group SA (Luxembourg) | 493,827 | ||||||
36,728 | LyondellBasell Industries NV, Class A | 3,802,450 | ||||||
19,642 | Owens-Illinois, Inc.(b) | 469,247 | ||||||
17,981 | Warrior Met Coal, Inc. | 467,866 | ||||||
|
| |||||||
5,233,390 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Telecommunication Services—1.8% | ||||||||
15,043 | Boingo Wireless, Inc.(b) | $ | 351,706 | |||||
8,325 | Shenandoah Telecommunications Co. | 316,350 | ||||||
124,056 | Sprint Corp.(b) | 811,326 | ||||||
10,182 | Telephone & Data Systems, Inc. | 296,805 | ||||||
16,329 | T-Mobile US, Inc.(b) | 975,984 | ||||||
|
| |||||||
2,752,171 | ||||||||
|
| |||||||
Utilities—2.8% | ||||||||
8,373 | ALLETE, Inc. | 656,025 | ||||||
75,902 | PPL Corp. | 2,850,879 | ||||||
8,338 | Spire, Inc. | 658,285 | ||||||
|
| |||||||
4,165,189 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $130,916,705) | 150,272,721 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
91,577 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $91,577) | 91,577 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $131,008,282)—100.1% | 150,364,298 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.2% | ||||||||
341,655 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $341,655) | 341,655 | ||||||
|
| |||||||
Total Investments in Securities (Cost $131,349,937)—100.3% | 150,705,953 | |||||||
Other assets less liabilities—(0.3)% | (437,455 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 150,268,498 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Financials | 19.5 | |||
Information Technology | 14.9 | |||
Health Care | 11.0 | |||
Consumer Discretionary | 10.6 | |||
Industrials | 10.6 | |||
Energy | 10.3 | |||
Consumer Staples | 8.5 | |||
Utilities | 5.1 | |||
Materials | 3.5 | |||
Telecommunication Services | 3.0 | |||
Real Estate | 3.0 | |||
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—10.6% | ||||||||
88,852 | Abercrombie & Fitch Co., Class A | $ | 1,193,282 | |||||
72,846 | Adient PLC | 6,145,289 | ||||||
18,397 | Adtalem Global Education, Inc. | 679,769 | ||||||
11,261 | Advance Auto Parts, Inc. | 920,474 | ||||||
16,030 | Amazon.com, Inc.(b) | 17,717,638 | ||||||
10,923 | AMC Networks, Inc., Class A(b) | 555,762 | ||||||
36,757 | American Axle & Manufacturing Holdings, Inc.(b) | 653,907 | ||||||
78,333 | American Eagle Outfitters, Inc. | 1,019,896 | ||||||
64,303 | Aramark | 2,809,398 | ||||||
12,628 | Asbury Automotive Group, Inc.(b) | 775,359 | ||||||
193,255 | Ascena Retail Group, Inc.(b)(c) | 374,915 | ||||||
25,969 | Autoliv, Inc. (Sweden)(c) | 3,242,489 | ||||||
48,356 | AutoNation, Inc.(b)(c) | 2,292,074 | ||||||
3,923 | AutoZone, Inc.(b) | 2,312,608 | ||||||
86,469 | Bed Bath & Beyond, Inc. | 1,720,733 | ||||||
125,316 | Best Buy Co., Inc. | 7,015,190 | ||||||
17,476 | Big Lots, Inc.(c) | 896,694 | ||||||
38,363 | Bloomin’ Brands, Inc. | 682,094 | ||||||
53,951 | BorgWarner, Inc. | 2,844,297 | ||||||
16,365 | Brinker International, Inc.(c) | 502,733 | ||||||
14,985 | Brunswick Corp. | 758,990 | ||||||
9,877 | Burlington Stores, Inc.(b) | 927,352 | ||||||
65,838 | Caesars Entertainment Corp.(b) | 852,602 | ||||||
24,123 | CalAtlantic Group, Inc. | 1,190,229 | ||||||
46,670 | CarMax, Inc.(b) | 3,504,917 | ||||||
100,619 | Carnival Corp. | 6,680,095 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
72,993 | CBS Corp., Class B | $ | 4,096,367 | |||||
7,335 | Charter Communications, Inc., Class A(b) | 2,451,137 | ||||||
3,447 | Chipotle Mexican Grill, Inc.(b) | 937,239 | ||||||
24,687 | Cinemark Holdings, Inc. | 897,126 | ||||||
940,354 | Comcast Corp., Class A | 33,880,955 | ||||||
21,353 | Cooper Tire & Rubber Co. | 700,378 | ||||||
33,430 | Core-Mark Holding Co., Inc. | 1,138,626 | ||||||
4,245 | Cracker Barrel Old Country Store, Inc.(c) | 662,772 | ||||||
66,341 | D.R. Horton, Inc. | 2,932,936 | ||||||
67,929 | Dana, Inc. | 2,071,155 | ||||||
29,474 | Darden Restaurants, Inc. | 2,424,826 | ||||||
12,018 | Deckers Outdoor Corp.(b) | 820,108 | ||||||
51,188 | Delphi Automotive PLC | 5,087,063 | ||||||
22,311 | Dick’s Sporting Goods, Inc. | 545,950 | ||||||
16,994 | Dillard’s, Inc., Class A(c) | 863,295 | ||||||
32,556 | Discovery Communications, Inc., Class A(b) | 614,657 | ||||||
48,192 | Discovery Communications, Inc., Class C(b) | 858,300 | ||||||
33,412 | DISH Network Corp., Class A(b) | 1,621,818 | ||||||
49,034 | Dollar General Corp. | 3,963,909 | ||||||
37,812 | Dollar Tree, Inc.(b) | 3,450,345 | ||||||
32,465 | DSW, Inc., Class A | 621,705 | ||||||
14,005 | Expedia, Inc. | 1,745,863 | ||||||
58,263 | Express, Inc.(b) | 394,441 | ||||||
27,848 | Foot Locker, Inc. | 837,668 | ||||||
2,478,910 | Ford Motor Co. | 30,416,226 | ||||||
46,129 | Fossil Group, Inc.(b)(c) | 363,497 | ||||||
80,710 | GameStop Corp., Class A(c) | 1,508,470 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
86,283 | Gannett Co., Inc. | $ | 750,662 | |||||
107,130 | Gap, Inc. (The) | 2,784,309 | ||||||
27,347 | Garmin Ltd. | 1,548,114 | ||||||
690,486 | General Motors Co. | 29,677,088 | ||||||
12,374 | Genesco, Inc.(b) | 303,163 | ||||||
45,128 | Gentex Corp. | 875,934 | ||||||
37,932 | Genuine Parts Co. | 3,346,740 | ||||||
99,870 | GNC Holdings, Inc., Class A(c) | 683,111 | ||||||
108,097 | Goodyear Tire & Rubber Co. (The) | 3,306,687 | ||||||
1,485 | Graham Holdings Co., Class B | 826,328 | ||||||
14,782 | Group 1 Automotive, Inc. | 1,161,422 | ||||||
53,750 | Guess?, Inc. | 871,287 | ||||||
77,773 | H&R Block, Inc. | 1,924,104 | ||||||
63,830 | Hanesbrands, Inc.(c) | 1,436,175 | ||||||
41,991 | Harley-Davidson, Inc.(c) | 1,987,854 | ||||||
17,311 | Hasbro, Inc. | 1,602,825 | ||||||
28,233 | Hilton Worldwide Holdings, Inc. | 2,040,681 | ||||||
166,340 | Home Depot, Inc. (The) | 27,575,845 | ||||||
19,750 | HSN, Inc. | 744,575 | ||||||
36,857 | International Game Technology PLC | 866,140 | ||||||
86,613 | Interpublic Group of Cos., Inc. (The) | 1,667,300 | ||||||
231,062 | J.C. Penney Co., Inc.(b)(c) | 646,974 | ||||||
118,995 | Kohl’s Corp. | 4,969,231 | ||||||
76,420 | L Brands, Inc. | 3,289,117 | ||||||
99,599 | Las Vegas Sands Corp. | 6,312,585 | ||||||
21,350 | Lear Corp. | 3,748,847 | ||||||
29,292 | Leggett & Platt, Inc. | 1,384,340 | ||||||
37,894 | Lennar Corp., Class A | 2,109,559 | ||||||
1,228 | Liberty Broadband Corp., Class A(b) | 105,866 | ||||||
7,676 | Liberty Broadband Corp., Class C(b) | 670,038 | ||||||
59,910 | Liberty Global PLC, Series A (United Kingdom)(b) | 1,848,224 | ||||||
153,040 | Liberty Global PLC, Series C (United Kingdom)(b) | 4,574,366 | ||||||
194,725 | Liberty Interactive Corp. QVC Group, Series A(b) | 4,424,152 | ||||||
6,624 | Lithia Motors, Inc., Class A | 749,704 | ||||||
43,254 | Live Nation Entertainment, Inc.(b) | 1,893,660 | ||||||
54,550 | LKQ Corp.(b) | 2,055,989 | ||||||
170,707 | Lowe’s Cos., Inc. | 13,648,025 | ||||||
213,571 | Macy’s, Inc. | 4,006,592 | ||||||
27,115 | Marriott International, Inc., Class A | 3,239,700 | ||||||
128,099 | Mattel, Inc.(c) | 1,808,758 | ||||||
161,808 | McDonald’s Corp. | 27,007,373 | ||||||
9,626 | Meredith Corp. | 510,178 | ||||||
124,119 | MGM Resorts International | 3,891,131 | ||||||
42,511 | Michael Kors Holdings Ltd.(b) | 2,074,962 | ||||||
10,306 | Mohawk Industries, Inc.(b) | 2,697,699 | ||||||
40,168 | Murphy USA, Inc.(b) | 2,986,892 | ||||||
9,143 | Netflix, Inc.(b) | 1,795,959 | ||||||
40,022 | Newell Brands, Inc. | 1,632,097 | ||||||
184,041 | News Corp., Class A | 2,514,000 | ||||||
51,220 | News Corp., Class B | 711,958 | ||||||
122,310 | NIKE, Inc., Class B | 6,725,827 | ||||||
70,996 | Nordstrom, Inc.(c) | 2,814,991 | ||||||
27,256 | Norwegian Cruise Line Holdings Ltd.(b) | 1,519,522 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
566 | NVR, Inc.(b) | $ | 1,857,255 | |||||
475,716 | Office Depot, Inc. | 1,474,720 | ||||||
56,220 | Omnicom Group, Inc. | 3,777,422 | ||||||
9,191 | O’Reilly Automotive, Inc.(b) | 1,938,841 | ||||||
21,909 | Penske Automotive Group, Inc. | 1,021,398 | ||||||
49,589 | Pinnacle Entertainment, Inc.(b) | 1,282,867 | ||||||
14,223 | Polaris Industries, Inc.(c) | 1,684,430 | ||||||
3,005 | Priceline Group, Inc. (The)(b) | 5,745,440 | ||||||
69,359 | PulteGroup, Inc. | 2,096,723 | ||||||
21,229 | PVH Corp. | 2,692,049 | ||||||
23,067 | Ralph Lauren Corp., Class A | 2,062,882 | ||||||
40,680 | Regal Entertainment Group, Class A(c) | 665,118 | ||||||
43,063 | Ross Stores, Inc. | 2,734,070 | ||||||
26,449 | Royal Caribbean Cruises Ltd. | 3,273,593 | ||||||
39,497 | Sally Beauty Holdings, Inc.(b) | 683,693 | ||||||
10,950 | Scripps Networks Interactive, Inc., Class A | 911,916 | ||||||
103,974 | Sears Holdings Corp.(b)(c) | 572,897 | ||||||
35,460 | SeaWorld Entertainment, Inc.(b)(c) | 407,081 | ||||||
33,142 | Service Corp. International | 1,175,215 | ||||||
19,556 | ServiceMaster Global Holdings, Inc.(b) | 921,283 | ||||||
21,416 | Signet Jewelers Ltd.(c) | 1,404,247 | ||||||
13,778 | Six Flags Entertainment Corp. | 865,121 | ||||||
34,867 | Sonic Automotive, Inc., Class A | 692,110 | ||||||
110,206 | Starbucks Corp. | 6,043,697 | ||||||
74,577 | Tapestry, Inc. | 3,053,928 | ||||||
269,341 | Target Corp. | 15,901,893 | ||||||
69,313 | TEGNA, Inc. | 847,698 | ||||||
13,682 | Tempur Sealy International, Inc.(b) | 894,392 | ||||||
25,730 | Tenneco, Inc. | 1,495,170 | ||||||
6,708 | Thor Industries, Inc. | 913,764 | ||||||
21,689 | Tiffany & Co. | 2,030,524 | ||||||
149,597 | Time Warner, Inc. | 14,703,889 | ||||||
45,181 | Time, Inc. | 524,100 | ||||||
94,518 | TJX Cos., Inc. (The) | 6,597,356 | ||||||
42,779 | Toll Brothers, Inc. | 1,969,545 | ||||||
14,314 | Tractor Supply Co. | 862,562 | ||||||
48,262 | Tribune Media Co., Class A | 1,975,364 | ||||||
14,096 | Tupperware Brands Corp. | 828,140 | ||||||
203,255 | Twenty-First Century Fox, Inc., Class A | 5,315,118 | ||||||
83,095 | Twenty-First Century Fox, Inc., Class B | 2,114,768 | ||||||
19,783 | Under Armour, Inc., Class A(b)(c) | 247,683 | ||||||
19,496 | Under Armour, Inc., Class C(b)(c) | 224,789 | ||||||
28,710 | Urban Outfitters, Inc.(b) | 703,969 | ||||||
68,066 | VF Corp. | 4,740,797 | ||||||
129,973 | Viacom, Inc., Class B | 3,123,251 | ||||||
35,842 | Vista Outdoor, Inc.(b) | 749,456 | ||||||
16,103 | Visteon Corp.(b) | 2,029,622 | ||||||
226,701 | Walt Disney Co. (The) | 22,173,625 | ||||||
24,992 | Whirlpool Corp. | 4,096,939 | ||||||
28,277 | Williams-Sonoma, Inc.(c) | 1,459,093 | ||||||
22,404 | Wyndham Worldwide Corp. | 2,393,867 | ||||||
32,128 | Wynn Resorts Ltd. | 4,738,559 | ||||||
71,456 | Yum China Holdings, Inc.(b) | 2,883,250 | ||||||
55,533 | Yum! Brands, Inc. | 4,134,432 | ||||||
|
| |||||||
538,235,889 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples—8.5% | ||||||||
278,992 | Altria Group, Inc. | $ | 17,916,866 | |||||
18,041 | Andersons, Inc. (The) | 675,635 | ||||||
332,644 | Archer-Daniels-Midland Co. | 13,595,160 | ||||||
449,639 | Avon Products, Inc. (United Kingdom)(b) | 1,025,177 | ||||||
31,460 | Brown-Forman Corp., Class B | 1,793,849 | ||||||
104,417 | Bunge Ltd. | 7,181,801 | ||||||
32,814 | Campbell Soup Co. | 1,554,399 | ||||||
10,759 | Casey’s General Stores, Inc. | 1,232,659 | ||||||
32,127 | Church & Dwight Co., Inc. | 1,451,177 | ||||||
18,649 | Clorox Co. (The) | 2,359,658 | ||||||
780,728 | Coca-Cola Co. (The) | 35,897,873 | ||||||
34,499 | Coca-Cola European Partners PLC (United Kingdom) | 1,409,629 | ||||||
122,404 | Colgate-Palmolive Co. | 8,623,362 | ||||||
85,852 | Conagra Brands, Inc. | 2,932,704 | ||||||
14,217 | Constellation Brands, Inc., Class A | 3,114,803 | ||||||
115,183 | Costco Wholesale Corp. | 18,553,678 | ||||||
364,392 | CVS Health Corp. | 24,971,784 | ||||||
81,798 | Darling Ingredients, Inc.(b) | 1,492,813 | ||||||
43,968 | Dean Foods Co. | 428,688 | ||||||
31,101 | Dr Pepper Snapple Group, Inc. | 2,664,112 | ||||||
12,673 | Edgewell Personal Care Co.(b) | 822,858 | ||||||
25,859 | Estee Lauder Cos., Inc. (The), Class A | 2,891,295 | ||||||
47,654 | Flowers Foods, Inc. | 906,856 | ||||||
135,133 | General Mills, Inc. | 7,016,105 | ||||||
22,350 | Hain Celestial Group, Inc. (The)(b) | 805,047 | ||||||
18,871 | Herbalife Ltd.(b)(c) | 1,370,412 | ||||||
21,382 | Hershey Co. (The) | 2,270,341 | ||||||
38,960 | Hormel Foods Corp. | 1,213,994 | ||||||
41,370 | HRG Group, Inc.(b) | 671,021 | ||||||
13,941 | Ingredion, Inc. | 1,747,504 | ||||||
24,159 | JM Smucker Co. (The) | 2,562,062 | ||||||
50,101 | Kellogg Co. | 3,132,816 | ||||||
61,763 | Kimberly-Clark Corp. | 6,948,955 | ||||||
95,220 | Kraft Heinz Co. (The) | 7,363,363 | ||||||
422,377 | Kroger Co. (The) | 8,743,204 | ||||||
27,186 | Lamb Weston Holdings, Inc. | 1,386,214 | ||||||
16,395 | McCormick & Co., Inc. | 1,631,794 | ||||||
23,348 | Molson Coors Brewing Co., Class B | 1,888,153 | ||||||
362,240 | Mondelez International, Inc., Class A | 15,007,603 | ||||||
32,216 | Monster Beverage Corp.(b) | 1,866,273 | ||||||
14,906 | Nu Skin Enterprises, Inc., Class A | 948,171 | ||||||
264,856 | PepsiCo, Inc. | 29,195,077 | ||||||
33,914 | Performance Food Group Co.(b) | 959,766 | ||||||
307,482 | Philip Morris International, Inc. | 32,174,916 | ||||||
17,941 | Pinnacle Foods, Inc. | 976,349 | ||||||
9,489 | Post Holdings, Inc.(b) | 786,923 | ||||||
560,090 | Procter & Gamble Co. (The) | 48,358,171 | ||||||
586,763 | Rite Aid Corp.(b)(c) | 968,159 | ||||||
18,548 | SpartanNash Co. | 455,353 | ||||||
33,298 | Sprouts Farmers Market, Inc.(b) | 615,680 | ||||||
63,901 | Supervalu, Inc.(b) | 1,040,947 | ||||||
158,304 | Sysco Corp. | 8,804,868 | ||||||
11,787 | TreeHouse Foods, Inc.(b) | 782,421 | ||||||
78,923 | Tyson Foods, Inc., Class A | 5,754,276 | ||||||
25,830 | United Natural Foods, Inc.(b) | 1,001,429 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
10,954 | Universal Corp. | $ | 628,212 | |||||
29,522 | US Foods Holding Corp.(b) | 805,360 | ||||||
200,706 | Walgreens Boots Alliance, Inc. | 13,300,787 | ||||||
743,270 | Wal-Mart Stores, Inc. | 64,894,904 | ||||||
|
| |||||||
431,573,466 | ||||||||
|
| |||||||
Energy—10.3% | ||||||||
60,198 | Aegean Marine Petroleum Network, Inc. (Greece)(c) | 270,891 | ||||||
111,401 | Anadarko Petroleum Corp. | 5,499,867 | ||||||
64,629 | Andeavor | 6,866,185 | ||||||
50,515 | Antero Resources Corp.(b)(c) | 979,991 | ||||||
81,300 | Apache Corp. | 3,363,381 | ||||||
125,226 | Baker Hughes a GE Co. | 3,935,853 | ||||||
44,194 | Cabot Oil & Gas Corp. | 1,224,174 | ||||||
35,641 | California Resources Corp.(b)(c) | 393,120 | ||||||
343,812 | Chesapeake Energy Corp.(b)(c) | 1,340,867 | ||||||
856,213 | Chevron Corp. | 99,226,525 | ||||||
8,380 | Cimarex Energy Co. | 979,873 | ||||||
19,204 | Concho Resources, Inc.(b) | 2,577,369 | ||||||
681,992 | ConocoPhillips | 34,883,891 | ||||||
116,757 | CONSOL Energy, Inc.(b) | 1,883,290 | ||||||
13,738 | Continental Resources, Inc.(b) | 559,274 | ||||||
84,271 | Cosan Ltd., Class A (Brazil) | 732,315 | ||||||
54,451 | Delek US Holdings, Inc. | 1,418,449 | ||||||
92,471 | Devon Energy Corp. | 3,412,180 | ||||||
89,155 | Diamond Offshore Drilling, Inc.(b)(c) | 1,491,563 | ||||||
17,561 | Energen Corp.(b) | 907,904 | ||||||
307,895 | Ensco PLC, Class A(c) | 1,659,554 | ||||||
69,810 | EOG Resources, Inc. | 6,971,925 | ||||||
29,523 | EQT Corp. | 1,846,368 | ||||||
1,683,824 | Exxon Mobil Corp. | 140,346,730 | ||||||
188,957 | Halliburton Co. | 8,076,022 | ||||||
33,889 | Helmerich & Payne, Inc.(c) | 1,840,512 | ||||||
156,514 | Hess Corp. | 6,911,658 | ||||||
182,836 | HollyFrontier Corp. | 6,755,790 | ||||||
634,998 | Kinder Morgan, Inc. | 11,499,814 | ||||||
553,480 | Marathon Oil Corp. | 7,870,486 | ||||||
301,244 | Marathon Petroleum Corp. | 17,996,317 | ||||||
105,350 | McDermott International, Inc.(b) | 697,417 | ||||||
131,189 | Murphy Oil Corp. | 3,509,306 | ||||||
138,984 | Nabors Industries Ltd. | 782,480 | ||||||
196,479 | National Oilwell Varco, Inc. | 6,717,617 | ||||||
16,129 | Newfield Exploration Co.(b) | 496,612 | ||||||
414,846 | Noble Corp. PLC(b) | 1,725,759 | ||||||
110,523 | Noble Energy, Inc. | 3,080,276 | ||||||
68,767 | Oasis Petroleum, Inc.(b) | 649,848 | ||||||
261,478 | Occidental Petroleum Corp. | 16,883,634 | ||||||
43,782 | Oceaneering International, Inc. | 885,272 | ||||||
20,583 | Oil States International, Inc.(b) | 474,438 | ||||||
59,811 | ONEOK, Inc. | 3,245,943 | ||||||
43,670 | Patterson-UTI Energy, Inc. | �� | 863,793 | |||||
104,656 | PBF Energy, Inc., Class A(c) | 3,031,884 | ||||||
301,252 | Phillips 66 | 27,438,032 | ||||||
13,741 | Pioneer Natural Resources Co. | 2,056,616 | ||||||
93,835 | QEP Resources, Inc.(b) | 839,823 | ||||||
29,509 | Range Resources Corp. | 534,408 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
72,250 | Rowan Cos. PLC, Class A(b) | $ | 1,035,343 | |||||
282,155 | Schlumberger Ltd. | 18,057,920 | ||||||
39,043 | SM Energy Co. | 832,787 | ||||||
74,938 | Southwestern Energy Co.(b) | 415,906 | ||||||
63,266 | Superior Energy Services, Inc.(b) | 558,006 | ||||||
23,608 | Targa Resources Corp. | 979,732 | ||||||
61,479 | Teekay Corp. (Bermuda)(c) | 497,980 | ||||||
18,561 | Tidewater, Inc.(b)(c) | 505,787 | ||||||
403,052 | Transocean Ltd.(b)(c) | 4,232,046 | ||||||
319,157 | Valero Energy Corp. | 25,178,296 | ||||||
700,922 | Weatherford International PLC(b)(c) | 2,432,199 | ||||||
174,936 | Whiting Petroleum Corp.(b) | 1,051,365 | ||||||
227,065 | Williams Cos., Inc. (The) | 6,471,353 | ||||||
71,861 | World Fuel Services Corp. | 1,997,736 | ||||||
70,726 | WPX Energy, Inc.(b) | 797,789 | ||||||
|
| |||||||
522,679,541 | ||||||||
|
| |||||||
Financials—19.5% | ||||||||
9,302 | Affiliated Managers Group, Inc. | 1,734,823 | ||||||
136,884 | Aflac, Inc. | 11,483,199 | ||||||
153,621 | AGNC Investment Corp. REIT | 3,092,391 | ||||||
4,703 | Alleghany Corp.(b) | 2,662,933 | ||||||
128,136 | Allstate Corp. (The) | 12,026,845 | ||||||
308,045 | Ally Financial, Inc. | 8,049,216 | ||||||
33,790 | Ambac Financial Group, Inc.(b) | 550,101 | ||||||
32,482 | American Equity Investment Life Holding Co. | 958,544 | ||||||
184,363 | American Express Co. | 17,610,354 | ||||||
22,156 | American Financial Group, Inc. | 2,337,236 | ||||||
482,194 | American International Group, Inc. | 31,154,554 | ||||||
37,991 | Ameriprise Financial, Inc. | 5,947,111 | ||||||
417,516 | Annaly Capital Management, Inc. REIT | 4,784,733 | ||||||
37,959 | Aon PLC | 5,444,459 | ||||||
22,386 | Arch Capital Group Ltd.(b) | 2,230,541 | ||||||
34,850 | Arthur J. Gallagher & Co. | 2,207,050 | ||||||
18,563 | Aspen Insurance Holdings Ltd. (Bermuda) | 796,353 | ||||||
33,027 | Associated Banc-Corp. | 835,583 | ||||||
25,486 | Assurant, Inc. | 2,565,166 | ||||||
46,365 | Assured Guaranty Ltd. | 1,720,141 | ||||||
29,064 | Axis Capital Holdings Ltd. | 1,580,791 | ||||||
2,537,672 | Bank of America Corp. | 69,506,836 | ||||||
7,688 | Bank of Hawaii Corp. | 627,418 | ||||||
269,284 | Bank of New York Mellon Corp. (The) | 13,854,662 | ||||||
21,349 | BankUnited, Inc. | 744,013 | ||||||
199,229 | BB&T Corp. | 9,810,036 | ||||||
486,069 | Berkshire Hathaway, Inc., Class B(b) | 90,865,739 | ||||||
24,040 | BlackRock, Inc. | 11,318,753 | ||||||
21,193 | Blackstone Mortgage Trust, Inc., Class A REIT(c) | 674,573 | ||||||
37,184 | Brighthouse Financial, Inc.(b) | 2,312,101 | ||||||
18,152 | Brown & Brown, Inc. | 904,696 | ||||||
195,344 | Capital One Financial Corp. | 18,006,810 | ||||||
44,318 | Capitol Federal Financial, Inc. | 611,145 | ||||||
98,479 | Charles Schwab Corp. (The) | 4,415,798 | ||||||
65,022 | Chimera Investment Corp. REIT | 1,189,903 | ||||||
82,584 | Chubb Ltd. | 12,455,319 | ||||||
35,512 | Cincinnati Financial Corp. | 2,491,877 | ||||||
74,024 | CIT Group, Inc. | 3,450,999 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,005,183 | Citigroup, Inc. | $ | 73,880,950 | |||||
157,874 | Citizens Financial Group, Inc. | 6,000,791 | ||||||
60,805 | CME Group, Inc. | 8,340,622 | ||||||
71,110 | CNO Financial Group, Inc. | 1,704,507 | ||||||
34,835 | Comerica, Inc. | 2,736,986 | ||||||
18,104 | Commerce Bancshares, Inc. | 1,052,929 | ||||||
11,026 | Cullen/Frost Bankers, Inc. | 1,086,061 | ||||||
93,632 | Discover Financial Services | 6,229,337 | ||||||
56,605 | E*TRADE Financial Corp.(b) | 2,467,412 | ||||||
21,577 | East West Bancorp, Inc. | 1,291,168 | ||||||
21,169 | Eaton Vance Corp. | 1,068,399 | ||||||
9,855 | Everest Re Group Ltd. | 2,340,070 | ||||||
47,823 | F.N.B. Corp. | 645,132 | ||||||
26,819 | Federated Investors, Inc., Class B | 833,266 | ||||||
225,423 | Fifth Third Bancorp | 6,514,725 | ||||||
36,206 | First American Financial Corp. | 1,970,330 | ||||||
36,005 | First Horizon National Corp. | 675,814 | ||||||
16,102 | First Republic Bank | 1,568,335 | ||||||
48,271 | FNF Group | 1,806,301 | ||||||
100,337 | Franklin Resources, Inc. | 4,227,198 | ||||||
41,362 | Fulton Financial Corp. | 752,788 | ||||||
1,154,063 | Genworth Financial, Inc., Class A(b) | 3,819,949 | ||||||
100,366 | Goldman Sachs Group, Inc. (The) | 24,336,748 | ||||||
18,314 | Hancock Holding Co. | 892,807 | ||||||
15,182 | Hanover Insurance Group, Inc. (The) | 1,493,605 | ||||||
173,886 | Hartford Financial Services Group, Inc. (The) | 9,572,424 | ||||||
186,133 | Huntington Bancshares, Inc. | 2,568,635 | ||||||
7,389 | IBERIABANK Corp. | 544,939 | ||||||
63,622 | Intercontinental Exchange, Inc. | 4,205,414 | ||||||
113,853 | Invesco Ltd.(d) | 4,074,799 | ||||||
57,571 | Invesco Mortgage Capital, Inc. REIT(d) | 991,373 | ||||||
56,813 | Investors Bancorp, Inc. | 781,179 | ||||||
34,671 | Janus Henderson Group PLC (United Kingdom) | 1,204,817 | ||||||
980,140 | JPMorgan Chase & Co. | 98,611,885 | ||||||
14,325 | Kemper Corp. | 918,232 | ||||||
198,029 | KeyCorp | 3,614,029 | ||||||
32,452 | Legg Mason, Inc. | 1,239,017 | ||||||
110,606 | Leucadia National Corp. | 2,798,332 | ||||||
68,434 | Lincoln National Corp. | 5,185,929 | ||||||
108,051 | Loews Corp. | 5,349,605 | ||||||
22,380 | LPL Financial Holdings, Inc. | 1,110,272 | ||||||
30,181 | M&T Bank Corp. | 5,033,285 | ||||||
2,607 | Markel Corp.(b) | 2,826,770 | ||||||
77,681 | Marsh & McLennan Cos., Inc. | 6,286,723 | ||||||
116,258 | MBIA, Inc.(b)(c) | 842,870 | ||||||
410,544 | MetLife, Inc. | 21,996,948 | ||||||
137,415 | MFA Financial, Inc. REIT | 1,132,300 | ||||||
59,181 | MGIC Investment Corp.(b) | 846,288 | ||||||
16,286 | Moody’s Corp. | 2,319,289 | ||||||
313,071 | Morgan Stanley | 15,653,550 | ||||||
23,461 | Nasdaq, Inc. | 1,704,442 | ||||||
233,995 | Navient Corp. | 2,915,578 | ||||||
64,512 | New Residential Investment Corp. REIT | 1,137,347 | ||||||
197,818 | New York Community Bancorp, Inc. | 2,484,594 | ||||||
42,813 | Northern Trust Corp. | 4,003,872 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
91,783 | Old Republic International Corp. | $ | 1,862,277 | |||||
20,291 | PacWest Bancorp | 980,461 | ||||||
43,078 | PennyMac Mortgage Investment Trust REIT | 691,833 | ||||||
101,998 | People’s United Financial, Inc. | 1,903,283 | ||||||
83,392 | PHH Corp.(b) | 1,101,608 | ||||||
122,439 | PNC Financial Services Group, Inc. (The) | 16,748,431 | ||||||
30,055 | Popular, Inc. | 1,102,417 | ||||||
74,857 | Principal Financial Group, Inc. | 4,929,333 | ||||||
18,593 | ProAssurance Corp. | 1,042,138 | ||||||
148,310 | Progressive Corp. (The) | 7,215,281 | ||||||
12,599 | Prosperity Bancshares, Inc. | 828,762 | ||||||
164,860 | Prudential Financial, Inc. | 18,210,436 | ||||||
35,782 | Radian Group, Inc. | 749,991 | ||||||
19,110 | Raymond James Financial, Inc. | 1,620,146 | ||||||
332,472 | Regions Financial Corp. | 5,146,667 | ||||||
21,984 | Reinsurance Group of America, Inc. | 3,283,970 | ||||||
9,169 | RenaissanceRe Holdings Ltd. (Bermuda) | 1,268,623 | ||||||
10,887 | RLI Corp. | 643,313 | ||||||
22,480 | S&P Global, Inc. | 3,517,446 | ||||||
77,699 | Santander Consumer USA Holdings, Inc.(b) | 1,292,911 | ||||||
14,535 | Selective Insurance Group, Inc. | 866,286 | ||||||
6,736 | Signature Bank/New York NY(b) | 875,747 | ||||||
149,391 | SLM Corp.(b) | 1,582,051 | ||||||
64,487 | Starwood Property Trust, Inc. REIT | 1,387,115 | ||||||
90,579 | State Street Corp. | 8,333,268 | ||||||
16,657 | Stifel Financial Corp. | 883,321 | ||||||
127,864 | SunTrust Banks, Inc. | 7,698,691 | ||||||
7,436 | SVB Financial Group(b) | 1,630,566 | ||||||
250,695 | Synchrony Financial | 8,177,671 | ||||||
23,021 | Synovus Financial Corp. | 1,078,534 | ||||||
56,530 | T. Rowe Price Group, Inc. | 5,251,637 | ||||||
42,845 | TCF Financial Corp. | 780,636 | ||||||
27,117 | TD Ameritrade Holding Corp. | 1,355,579 | ||||||
25,134 | Torchmark Corp. | 2,114,523 | ||||||
120,007 | Travelers Cos., Inc. (The) | 15,894,927 | ||||||
138,973 | Two Harbors Investment Corp. REIT | 1,361,935 | ||||||
367,470 | U.S. Bancorp | 19,983,019 | ||||||
59,044 | Umpqua Holdings Corp. | 1,208,040 | ||||||
13,737 | United Bankshares, Inc. | 493,845 | ||||||
75,838 | Unum Group | 3,946,610 | ||||||
22,815 | Validus Holdings Ltd. | 1,188,205 | ||||||
72,517 | Valley National Bancorp | 833,945 | ||||||
99,792 | Voya Financial, Inc. | 4,007,647 | ||||||
26,988 | W.R. Berkley Corp. | 1,850,837 | ||||||
48,398 | Waddell & Reed Financial, Inc., Class A(c) | 904,559 | ||||||
19,415 | Washington Federal, Inc. | 675,642 | ||||||
13,354 | Webster Financial Corp. | 734,336 | ||||||
1,370,708 | Wells Fargo & Co. | 76,951,547 | ||||||
1,035 | White Mountains Insurance Group Ltd. | 920,270 | ||||||
14,044 | Willis Towers Watson PLC | 2,262,208 | ||||||
8,437 | Wintrust Financial Corp. | 685,844 | ||||||
89,979 | XL Group Ltd. (Bermuda) | 3,641,450 | ||||||
40,812 | Zions Bancorporation | 1,896,126 | ||||||
|
| |||||||
988,299,713 | ||||||||
|
| |||||||
Health Care—11.0% | ||||||||
229,811 | Abbott Laboratories | 12,462,651 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
213,411 | AbbVie, Inc. | $ | 19,260,343 | |||||
88,778 | Aetna, Inc. | 15,094,923 | ||||||
37,961 | Agilent Technologies, Inc. | 2,582,487 | ||||||
19,095 | Alexion Pharmaceuticals, Inc.(b) | 2,284,908 | ||||||
69,276 | Allergan PLC | 12,277,786 | ||||||
49,888 | Allscripts Healthcare Solutions, Inc.(b) | 672,490 | ||||||
94,912 | AmerisourceBergen Corp. | 7,303,478 | ||||||
94,202 | Amgen, Inc. | 16,506,074 | ||||||
98,191 | Anthem, Inc. | 20,542,539 | ||||||
102,546 | Baxter International, Inc. | 6,611,141 | ||||||
25,855 | Becton, Dickinson and Co. | 5,395,163 | ||||||
20,571 | Biogen, Inc.(b) | 6,411,158 | ||||||
3,496 | Bio-Rad Laboratories, Inc., Class A(b) | 768,386 | ||||||
92,439 | Boston Scientific Corp.(b) | 2,601,233 | ||||||
271,464 | Bristol-Myers Squibb Co. | 16,738,470 | ||||||
90,554 | Brookdale Senior Living, Inc.(b) | 908,257 | ||||||
5,707 | C.R. Bard, Inc. | 1,866,589 | ||||||
169,585 | Cardinal Health, Inc. | 10,497,312 | ||||||
22,793 | Catalent, Inc.(b) | 970,754 | ||||||
33,801 | Celgene Corp.(b) | 3,412,887 | ||||||
36,620 | Centene Corp.(b) | 3,430,195 | ||||||
31,109 | Cerner Corp.(b) | 2,100,480 | ||||||
49,161 | Cigna Corp. | 9,695,532 | ||||||
415,549 | Community Health Systems, Inc.(b)(c) | 2,451,739 | ||||||
4,318 | Cooper Cos., Inc. (The) | 1,037,443 | ||||||
67,434 | Danaher Corp. | 6,222,135 | ||||||
60,014 | DaVita, Inc.(b) | 3,645,250 | ||||||
17,348 | DENTSPLY Sirona, Inc. | 1,059,442 | ||||||
15,451 | Edwards Lifesciences Corp.(b) | 1,579,556 | ||||||
173,012 | Eli Lilly & Co. | 14,176,603 | ||||||
132,846 | Endo International PLC(b) | 847,558 | ||||||
13,506 | Envision Healthcare Corp.(b) | 575,356 | ||||||
285,792 | Express Scripts Holding Co.(b) | 17,516,192 | ||||||
165,710 | Gilead Sciences, Inc. | 12,421,622 | ||||||
89,615 | HCA Healthcare, Inc.(b) | 6,779,375 | ||||||
19,333 | HealthSouth Corp. | 892,025 | ||||||
30,724 | Henry Schein, Inc.(b) | 2,414,906 | ||||||
29,068 | Hologic, Inc.(b) | 1,100,224 | ||||||
39,951 | Humana, Inc. | 10,201,488 | ||||||
5,828 | Illumina, Inc.(b) | 1,195,847 | ||||||
7,835 | Intuitive Surgical, Inc.(b) | 2,940,946 | ||||||
4,904 | Jazz Pharmaceuticals PLC(b) | 694,063 | ||||||
482,243 | Johnson & Johnson | 67,229,497 | ||||||
138,818 | Kindred Healthcare, Inc. | 839,849 | ||||||
21,244 | Laboratory Corp. of America Holdings(b) | 3,265,415 | ||||||
21,052 | LifePoint Health, Inc.(b) | 1,013,654 | ||||||
11,349 | Magellan Health, Inc.(b) | 968,070 | ||||||
33,451 | Mallinckrodt PLC(b) | 1,059,393 | ||||||
129,706 | McKesson Corp. | 17,883,863 | ||||||
17,338 | MEDNAX, Inc.(b) | 759,231 | ||||||
236,256 | Medtronic PLC | 19,023,333 | ||||||
586,522 | Merck & Co., Inc. | 32,311,497 | ||||||
1,581 | Mettler-Toledo International, Inc.(b) | 1,079,238 | ||||||
25,680 | Molina Healthcare, Inc.(b) | 1,741,874 | ||||||
93,466 | Mylan NV(b) | 3,337,671 | ||||||
38,385 | Owens & Minor, Inc. | 943,119 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
20,848 | Patterson Cos., Inc. | $ | 771,376 | |||||
272,664 | PDL BioPharma, Inc.(b) | 807,085 | ||||||
15,166 | PerkinElmer, Inc. | 1,096,805 | ||||||
29,896 | Perrigo Co. PLC | 2,421,277 | ||||||
1,563,053 | Pfizer, Inc. | 54,800,638 | ||||||
31,337 | Quest Diagnostics, Inc. | 2,938,784 | ||||||
11,242 | Quintiles IMS Holdings, Inc.(b) | 1,215,260 | ||||||
3,494 | Regeneron Pharmaceuticals, Inc.(b) | 1,406,754 | ||||||
13,055 | ResMed, Inc. | 1,098,970 | ||||||
57,008 | Select Medical Holdings Corp.(b) | 1,091,703 | ||||||
14,900 | STERIS PLC | 1,390,617 | ||||||
34,138 | Stryker Corp. | 5,286,952 | ||||||
4,828 | Teleflex, Inc. | 1,144,139 | ||||||
158,588 | Tenet Healthcare Corp.(b)(c) | 2,264,637 | ||||||
46,741 | Thermo Fisher Scientific, Inc. | 9,059,808 | ||||||
5,282 | United Therapeutics Corp.(b) | 626,392 | ||||||
183,524 | UnitedHealth Group, Inc. | 38,580,415 | ||||||
18,542 | Universal Health Services, Inc., Class B | 1,904,263 | ||||||
13,694 | Varian Medical Systems, Inc.(b) | 1,426,778 | ||||||
29,187 | VWR Corp.(b) | 966,090 | ||||||
7,421 | Waters Corp.(b) | 1,454,887 | ||||||
14,558 | WellCare Health Plans, Inc.(b) | 2,878,699 | ||||||
28,468 | Zimmer Biomet Holdings, Inc. | 3,462,278 | ||||||
35,471 | Zoetis, Inc. | 2,263,759 | ||||||
|
| |||||||
559,961,076 | ||||||||
|
| |||||||
Industrials—10.6% | ||||||||
92,616 | 3M Co. | 21,319,277 | ||||||
12,947 | A.O. Smith Corp. | 766,462 | ||||||
20,332 | ABM Industries, Inc. | 853,334 | ||||||
3,052 | Acuity Brands, Inc. | 510,294 | ||||||
59,433 | AECOM(b) | 2,083,721 | ||||||
57,433 | AerCap Holdings NV (Ireland)(b) | 3,023,273 | ||||||
31,983 | AGCO Corp. | 2,193,074 | ||||||
20,643 | Air Lease Corp. | 896,938 | ||||||
26,066 | Aircastle Ltd. | 606,295 | ||||||
27,270 | Allison Transmission Holdings, Inc. | 1,158,702 | ||||||
1,654 | AMERCO | 649,427 | ||||||
35,409 | American Airlines Group, Inc. | 1,657,849 | ||||||
31,162 | AMETEK, Inc. | 2,103,123 | ||||||
119,974 | Arconic, Inc. | 3,013,747 | ||||||
16,436 | Armstrong World Industries, Inc.(b) | 839,880 | ||||||
91,844 | Avis Budget Group, Inc.(b) | 3,788,565 | ||||||
112,555 | Boeing Co. (The) | 29,036,939 | ||||||
12,211 | Brink’s Co. (The) | 929,257 | ||||||
34,080 | C.H. Robinson Worldwide, Inc. | 2,676,302 | ||||||
10,480 | Carlisle Cos., Inc. | 1,151,018 | ||||||
192,487 | Caterpillar, Inc. | 26,139,735 | ||||||
49,465 | Chicago Bridge & Iron Co. NV(c) | 689,542 | ||||||
11,723 | Cintas Corp. | 1,747,196 | ||||||
14,989 | Clean Harbors, Inc.(b) | 802,061 | ||||||
32,213 | Colfax Corp.(b) | 1,343,604 | ||||||
42,202 | Covanta Holding Corp. | 679,452 | ||||||
9,877 | Crane Co. | 820,976 | ||||||
165,794 | CSX Corp. | 8,360,992 | ||||||
40,826 | Cummins, Inc. | 7,221,303 | ||||||
7,170 | Curtiss-Wright Corp. | 847,853 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
94,976 | Deere & Co. | $ | 12,620,411 | |||||
45,869 | Delta Air Lines, Inc. | 2,294,826 | ||||||
9,554 | Deluxe Corp. | 665,436 | ||||||
19,156 | Donaldson Co., Inc. | 904,355 | ||||||
35,815 | Dover Corp. | 3,419,974 | ||||||
6,477 | Dun & Bradstreet Corp. (The) | 756,708 | ||||||
121,339 | Eaton Corp. PLC | 9,709,547 | ||||||
14,896 | EMCOR Group, Inc. | 1,199,277 | ||||||
170,441 | Emerson Electric Co. | 10,986,627 | ||||||
8,003 | EnerSys | 555,168 | ||||||
11,300 | Equifax, Inc. | 1,226,389 | ||||||
35,153 | Essendant, Inc. | 340,281 | ||||||
9,441 | Esterline Technologies Corp.(b) | 895,479 | ||||||
31,096 | Expeditors International of Washington, Inc. | 1,815,385 | ||||||
41,387 | Fastenal Co. | 1,943,947 | ||||||
54,225 | FedEx Corp. | 12,244,547 | ||||||
30,944 | Flowserve Corp. | 1,363,702 | ||||||
70,624 | Fluor Corp. | 3,043,188 | ||||||
44,221 | Fortive Corp. | 3,195,410 | ||||||
20,707 | Fortune Brands Home & Security, Inc. | 1,367,904 | ||||||
14,793 | FTI Consulting, Inc.(b) | 632,401 | ||||||
12,443 | GATX Corp.(c) | 739,239 | ||||||
21,663 | Generac Holdings, Inc.(b) | 1,128,426 | ||||||
46,932 | General Cable Corp. | 983,225 | ||||||
51,212 | General Dynamics Corp. | 10,395,012 | ||||||
2,305,252 | General Electric Co. | 46,473,880 | ||||||
13,011 | Genesee & Wyoming, Inc., Class A(b) | 933,930 | ||||||
6,687 | Graco, Inc. | 881,280 | ||||||
47,300 | Harsco Corp.(b) | 1,005,125 | ||||||
40,117 | HD Supply Holdings, Inc.(b) | 1,419,741 | ||||||
244,675 | Hertz Global Holdings, Inc.(b)(c) | 6,085,067 | ||||||
122,166 | Honeywell International, Inc. | 17,611,451 | ||||||
13,423 | Hub Group, Inc., Class A(b) | 581,216 | ||||||
10,263 | Hubbell, Inc. | 1,291,291 | ||||||
6,863 | Huntington Ingalls Industries, Inc. | 1,597,912 | ||||||
11,011 | IDEX Corp. | 1,411,720 | ||||||
20,008 | IHS Markit Ltd.(b) | 852,541 | ||||||
47,535 | Illinois Tool Works, Inc. | 7,440,178 | ||||||
46,851 | Ingersoll-Rand PLC | 4,150,999 | ||||||
16,888 | ITT, Inc. | 787,656 | ||||||
12,247 | J.B. Hunt Transport Services, Inc. | 1,302,958 | ||||||
52,624 | Jacobs Engineering Group, Inc. | 3,063,243 | ||||||
106,819 | Johnson Controls International PLC | 4,421,238 | ||||||
20,705 | Kansas City Southern | 2,157,875 | ||||||
22,755 | KAR Auction Services, Inc. | 1,076,994 | ||||||
69,800 | KBR, Inc. | 1,370,174 | ||||||
21,614 | Kennametal, Inc. | 943,451 | ||||||
16,961 | Kirby Corp.(b) | 1,201,687 | ||||||
14,721 | KLX, Inc.(b) | 807,594 | ||||||
8,426 | Lincoln Electric Holdings, Inc. | 772,411 | ||||||
53,384 | Lockheed Martin Corp. | 16,450,814 | ||||||
38,036 | LSC Communications, Inc. | 615,423 | ||||||
15,766 | Macquarie Infrastructure Corp. | 1,096,525 | ||||||
32,805 | ManpowerGroup, Inc. | 4,044,200 | ||||||
42,894 | Masco Corp. | 1,708,039 | ||||||
20,228 | MasTec, Inc.(b) | 880,929 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
44,801 | Meritor, Inc.(b) | $ | 1,165,274 | |||||
9,384 | Moog, Inc., Class A(b) | 823,540 | ||||||
53,803 | MRC Global, Inc.(b) | 922,722 | ||||||
8,817 | MSC Industrial Direct Co., Inc., Class A | 730,929 | ||||||
37,510 | Navistar International Corp.(b) | 1,587,048 | ||||||
63,415 | Nielsen Holdings PLC | 2,350,794 | ||||||
64,813 | Norfolk Southern Corp. | 8,517,725 | ||||||
31,485 | Northrop Grumman Corp. | 9,304,762 | ||||||
38,217 | NOW, Inc.(b) | 478,477 | ||||||
11,816 | Old Dominion Freight Line, Inc. | 1,431,272 | ||||||
8,830 | Orbital ATK, Inc. | 1,173,772 | ||||||
19,641 | Oshkosh Corp. | 1,798,330 | ||||||
25,957 | Owens Corning | 2,146,384 | ||||||
97,785 | PACCAR, Inc. | 7,014,118 | ||||||
27,425 | Parker-Hannifin Corp. | 5,008,079 | ||||||
37,272 | Pentair PLC (United Kingdom) | 2,626,185 | ||||||
132,785 | Pitney Bowes, Inc. | 1,824,466 | ||||||
50,607 | Quanta Services, Inc.(b) | 1,909,402 | ||||||
55,785 | Raytheon Co. | 10,052,457 | ||||||
12,116 | Regal Beloit Corp. | 983,213 | ||||||
54,297 | Republic Services, Inc. | 3,533,106 | ||||||
29,827 | Rexnord Corp.(b) | 761,185 | ||||||
23,558 | Robert Half International, Inc. | 1,219,598 | ||||||
18,267 | Rockwell Automation, Inc. | 3,668,379 | ||||||
21,996 | Rockwell Collins, Inc. | 2,982,658 | ||||||
10,078 | Roper Technologies, Inc. | 2,601,837 | ||||||
79,632 | RR Donnelley & Sons Co. | 732,614 | ||||||
18,759 | Rush Enterprises, Inc., Class A(b) | 952,582 | ||||||
28,361 | Ryder System, Inc. | 2,299,510 | ||||||
26,633 | Sensata Technologies Holding NV(b) | 1,302,620 | ||||||
8,256 | Snap-on, Inc. | 1,302,632 | ||||||
21,540 | Southwest Airlines Co. | 1,160,144 | ||||||
27,743 | Spirit AeroSystems Holdings, Inc., Class A | 2,222,214 | ||||||
25,164 | SPX FLOW, Inc.(b) | 1,037,512 | ||||||
31,876 | Stanley Black & Decker, Inc. | 5,149,568 | ||||||
13,452 | Stericycle, Inc.(b) | 953,074 | ||||||
6,133 | Teledyne Technologies, Inc.(b) | 1,042,365 | ||||||
41,315 | Terex Corp. | 1,946,350 | ||||||
62,136 | Textron, Inc. | 3,277,053 | ||||||
18,648 | Timken Co. (The) | 879,253 | ||||||
10,422 | TransDigm Group, Inc. | 2,892,105 | ||||||
54,979 | Trinity Industries, Inc. | 1,787,917 | ||||||
27,626 | Triumph Group, Inc. | 857,787 | ||||||
23,234 | Tutor Perini Corp.(b) | 655,199 | ||||||
148,947 | Union Pacific Corp. | 17,246,573 | ||||||
33,584 | United Continental Holdings, Inc.(b) | 1,963,992 | ||||||
141,070 | United Parcel Service, Inc., Class B | 16,579,957 | ||||||
18,825 | United Rentals, Inc.(b) | 2,663,361 | ||||||
193,738 | United Technologies Corp. | 23,202,063 | ||||||
37,715 | Univar, Inc.(b) | 1,122,021 | ||||||
5,071 | Valmont Industries, Inc. | 805,782 | ||||||
12,369 | Verisk Analytics, Inc.(b) | 1,051,984 | ||||||
10,439 | W.W. Grainger, Inc.(c) | 2,063,790 | ||||||
7,539 | WABCO Holdings, Inc.(b) | 1,112,530 | ||||||
8,170 | Wabtec Corp.(c) | 625,005 | ||||||
91,117 | Waste Management, Inc. | 7,487,084 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
5,116 | Watsco, Inc. | $ | 852,172 | |||||
32,944 | Welbilt, Inc.(b) | 726,745 | ||||||
23,257 | WESCO International, Inc.(b) | 1,468,680 | ||||||
8,671 | Woodward, Inc. | 670,529 | ||||||
18,626 | XPO Logistics, Inc.(b) | 1,291,713 | ||||||
28,255 | Xylem, Inc. | 1,879,805 | ||||||
56,952 | YRC Worldwide, Inc.(b) | 767,144 | ||||||
|
| |||||||
537,421,738 | ||||||||
|
| |||||||
Information Technology—14.9% | ||||||||
87,707 | Accenture PLC, Class A | 12,485,969 | ||||||
72,086 | Activision Blizzard, Inc. | 4,720,912 | ||||||
25,051 | Adobe Systems, Inc.(b) | 4,387,933 | ||||||
21,444 | Akamai Technologies, Inc.(b) | 1,120,449 | ||||||
9,227 | Alliance Data Systems Corp. | 2,064,357 | ||||||
25,148 | Alphabet, Inc., Class A(b) | 25,978,890 | ||||||
24,523 | Alphabet, Inc., Class C(b) | 24,931,063 | ||||||
25,227 | Amdocs Ltd. | 1,642,278 | ||||||
68,929 | Amkor Technology, Inc.(b) | 797,509 | ||||||
29,087 | Amphenol Corp., Class A | 2,530,569 | ||||||
37,956 | Analog Devices, Inc. | 3,465,383 | ||||||
12,408 | Anixter International, Inc.(b) | 852,430 | ||||||
8,485 | ANSYS, Inc.(b) | 1,159,984 | ||||||
725,110 | Apple, Inc. | 122,572,594 | ||||||
134,715 | Applied Materials, Inc. | 7,601,967 | ||||||
33,438 | ARRIS International PLC(b) | 952,983 | ||||||
62,556 | Arrow Electronics, Inc.(b) | 5,229,056 | ||||||
10,969 | Autodesk, Inc.(b) | 1,370,686 | ||||||
56,807 | Automatic Data Processing, Inc. | 6,604,382 | ||||||
90,673 | Avnet, Inc. | 3,608,785 | ||||||
21,824 | Benchmark Electronics, Inc.(b) | 675,453 | ||||||
61,087 | Booz Allen Hamilton Holding Corp. | 2,308,478 | ||||||
12,627 | Broadcom Ltd. | 3,332,392 | ||||||
14,449 | Broadridge Financial Solutions, Inc. | 1,241,458 | ||||||
80,338 | Brocade Communications Systems, Inc. | 935,938 | ||||||
87,556 | CA, Inc. | 2,835,063 | ||||||
7,766 | CACI International, Inc., Class A(b) | 1,116,362 | ||||||
24,470 | Cadence Design Systems, Inc.(b) | 1,056,125 | ||||||
23,101 | Cars.Com, Inc.(b)(c) | 550,266 | ||||||
9,684 | CDK Global, Inc. | 615,515 | ||||||
27,859 | CDW Corp. | 1,950,130 | ||||||
11,381 | Check Point Software Technologies Ltd. (Israel)(b) | 1,339,658 | ||||||
931,070 | Cisco Systems, Inc. | 31,796,040 | ||||||
16,902 | Citrix Systems, Inc.(b) | 1,396,274 | ||||||
81,525 | Cognizant Technology Solutions Corp., Class A | 6,168,997 | ||||||
34,820 | CommScope Holding Co., Inc.(b) | 1,119,115 | ||||||
25,934 | Convergys Corp. | 667,282 | ||||||
15,882 | CoreLogic, Inc.(b) | 744,866 | ||||||
245,548 | Corning, Inc. | 7,688,108 | ||||||
30,655 | Cree, Inc.(b) | 1,094,383 | ||||||
34,488 | CSRA, Inc. | 1,103,271 | ||||||
62,598 | Cypress Semiconductor Corp. | 992,804 | ||||||
23,035 | Diebold Nixdorf, Inc.(c) | 444,575 | ||||||
13,034 | DST Systems, Inc. | 764,053 | ||||||
59,036 | DXC Technology Co. | 5,402,975 | ||||||
100,779 | eBay, Inc.(b) | 3,793,322 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
15,741 | EchoStar Corp., Class A(b) | $ | 880,709 | |||||
19,907 | Electronic Arts, Inc.(b) | 2,380,877 | ||||||
6,285 | F5 Networks, Inc.(b) | 762,182 | ||||||
82,242 | Facebook, Inc., Class A(b) | 14,808,495 | ||||||
48,833 | Fidelity National Information Services, Inc. | 4,529,749 | ||||||
78,584 | First Data Corp., Class A(b) | 1,399,581 | ||||||
40,988 | First Solar, Inc.(b) | 2,246,962 | ||||||
22,268 | Fiserv, Inc.(b) | 2,882,147 | ||||||
5,807 | FleetCor Technologies, Inc.(b) | 959,723 | ||||||
297,606 | Flex Ltd.(b) | 5,297,387 | ||||||
21,953 | FLIR Systems, Inc. | 1,027,839 | ||||||
31,047 | Genpact Ltd. | 945,381 | ||||||
13,095 | Global Payments, Inc. | 1,361,225 | ||||||
21,435 | Harris Corp. | 2,986,324 | ||||||
687,939 | Hewlett Packard Enterprise Co. | 9,576,111 | ||||||
675,603 | HP, Inc. | 14,559,245 | ||||||
12,347 | IAC/InterActiveCorp.(b) | 1,593,380 | ||||||
20,075 | Insight Enterprises, Inc.(b) | 904,379 | ||||||
1,236,610 | Intel Corp. | 56,253,389 | ||||||
227,819 | International Business Machines Corp. | 35,097,795 | ||||||
17,484 | Intuit, Inc. | 2,640,434 | ||||||
102,193 | Jabil, Inc. | 2,890,018 | ||||||
62,865 | Juniper Networks, Inc. | 1,560,938 | ||||||
32,399 | Keysight Technologies, Inc.(b) | 1,447,263 | ||||||
42,659 | KLA-Tencor Corp. | 4,645,139 | ||||||
15,459 | Lam Research Corp. | 3,224,284 | ||||||
22,336 | Leidos Holdings, Inc. | 1,396,447 | ||||||
81,321 | Marvell Technology Group Ltd. (Bermuda) | 1,501,999 | ||||||
47,486 | Mastercard, Inc., Class A | 7,064,492 | ||||||
45,844 | Maxim Integrated Products, Inc. | 2,408,644 | ||||||
26,369 | Microchip Technology, Inc. | 2,499,781 | ||||||
290,204 | Micron Technology, Inc.(b) | 12,858,939 | ||||||
1,000,197 | Microsoft Corp. | 83,196,386 | ||||||
26,592 | Motorola Solutions, Inc. | 2,407,640 | ||||||
31,927 | NCR Corp.(b) | 1,024,537 | ||||||
52,890 | NetApp, Inc. | 2,349,374 | ||||||
17,366 | NetScout Systems, Inc.(b) | 493,194 | ||||||
43,957 | Nuance Communications, Inc.(b) | 647,926 | ||||||
19,366 | NVIDIA Corp. | 4,005,082 | ||||||
33,190 | NXP Semiconductors NV (Netherlands)(b) | 3,884,890 | ||||||
71,231 | ON Semiconductor Corp.(b) | 1,518,645 | ||||||
525,166 | Oracle Corp. | 26,730,949 | ||||||
47,290 | Paychex, Inc. | 3,016,629 | ||||||
114,023 | PayPal Holdings, Inc.(b) | 8,273,509 | ||||||
26,464 | Qorvo, Inc.(b) | 2,006,236 | ||||||
342,527 | QUALCOMM, Inc. | 17,472,302 | ||||||
8,982 | Red Hat, Inc.(b) | 1,085,295 | ||||||
20,741 | salesforce.com, inc.(b) | 2,122,634 | ||||||
34,209 | Sanmina Corp.(b) | 1,119,490 | ||||||
15,175 | ScanSource, Inc.(b) | 651,766 | ||||||
7,102 | Science Applications International Corp. | 520,861 | ||||||
105,240 | Seagate Technology PLC | 3,890,723 | ||||||
12,375 | Skyworks Solutions, Inc. | 1,409,017 | ||||||
185,229 | Symantec Corp. | 6,019,942 | ||||||
10,131 | SYNNEX Corp. | 1,366,469 | ||||||
17,874 | Synopsys, Inc.(b) | 1,546,458 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
74,837 | TE Connectivity Ltd. | $ | 6,807,922 | |||||
45,994 | Tech Data Corp.(b) | 4,266,863 | ||||||
30,883 | Teradata Corp.(b) | 1,033,036 | ||||||
25,604 | Teradyne, Inc. | 1,098,156 | ||||||
124,304 | Texas Instruments, Inc. | 12,018,954 | ||||||
18,012 | Total System Services, Inc. | 1,297,765 | ||||||
34,278 | Trimble, Inc.(b) | 1,401,285 | ||||||
56,247 | Twitter, Inc.(b) | 1,159,813 | ||||||
57,194 | Unisys Corp.(b)(c) | 500,448 | ||||||
11,470 | Vantiv, Inc., Class A(b) | 802,900 | ||||||
31,140 | VeriFone Systems, Inc.(b) | 594,151 | ||||||
114,382 | Visa, Inc., Class A | 12,579,732 | ||||||
44,900 | Vishay Intertechnology, Inc. | 999,025 | ||||||
63,842 | Western Digital Corp. | 5,699,175 | ||||||
133,567 | Western Union Co. (The) | 2,652,641 | ||||||
135,050 | Xerox Corp. | 4,093,366 | ||||||
34,332 | Xilinx, Inc. | 2,529,925 | ||||||
|
| |||||||
756,097,451 | ||||||||
|
| |||||||
Materials—3.5% | ||||||||
36,959 | Air Products & Chemicals, Inc. | 5,892,373 | ||||||
88,740 | AK Steel Holding Corp.(b) | 407,317 | ||||||
16,110 | Albemarle Corp. | 2,269,738 | ||||||
142,667 | Alcoa Corp.(b) | 6,816,629 | ||||||
58,200 | Allegheny Technologies, Inc.(b)(c) | 1,465,476 | ||||||
11,468 | AptarGroup, Inc. | 998,519 | ||||||
15,519 | Ashland Global Holdings, Inc. | 1,054,982 | ||||||
20,254 | Avery Dennison Corp. | 2,150,367 | ||||||
43,487 | Axalta Coating Systems Ltd.(b) | 1,445,943 | ||||||
53,757 | Ball Corp. | 2,307,788 | ||||||
28,521 | Bemis Co., Inc. | 1,284,015 | ||||||
19,134 | Berry Global Group, Inc.(b) | 1,137,516 | ||||||
14,822 | Cabot Corp. | 903,549 | ||||||
14,919 | Carpenter Technology Corp. | 742,817 | ||||||
22,510 | Celanese Corp., Series A | 2,348,018 | ||||||
102,105 | CF Industries Holdings, Inc. | 3,877,948 | ||||||
44,803 | Chemours Co. (The) | 2,536,298 | ||||||
129,946 | Cleveland-Cliffs, Inc.(b) | 774,478 | ||||||
52,288 | Commercial Metals Co. | 1,018,570 | ||||||
8,320 | Compass Minerals International, Inc.(c) | 545,792 | ||||||
91,481 | Constellium NV, Class A (Netherlands)(b) | 1,024,587 | ||||||
39,286 | Crown Holdings, Inc.(b) | 2,363,839 | ||||||
40,411 | Domtar Corp. | 1,912,249 | ||||||
283,917 | DowDuPont, Inc. | 20,530,038 | ||||||
40,281 | Eastman Chemical Co. | 3,657,918 | ||||||
34,027 | Ecolab, Inc. | 4,445,968 | ||||||
21,520 | FMC Corp. | 1,998,347 | ||||||
686,383 | Freeport-McMoRan, Inc.(b) | 9,595,634 | ||||||
69,907 | Graphic Packaging Holding Co. | 1,082,859 | ||||||
75,539 | Huntsman Corp. | 2,418,759 | ||||||
11,344 | International Flavors & Fragrances, Inc. | 1,672,332 | ||||||
135,077 | International Paper Co. | 7,735,860 | ||||||
143,040 | LyondellBasell Industries NV, Class A | 14,808,931 | ||||||
6,807 | Martin Marietta Materials, Inc. | 1,476,098 | ||||||
72,276 | Monsanto Co. | 8,752,624 | ||||||
149,893 | Mosaic Co. (The) | 3,348,610 | ||||||
1,778 | NewMarket Corp. | 711,893 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
142,882 | Newmont Mining Corp. | $ | 5,166,613 | |||||
92,467 | Nucor Corp. | 5,347,367 | ||||||
33,439 | Olin Corp. | 1,221,527 | ||||||
101,344 | Owens-Illinois, Inc.(b) | 2,421,108 | ||||||
17,246 | Packaging Corp. of America | 2,005,192 | ||||||
51,050 | Platform Specialty Products Corp.(b) | 546,235 | ||||||
20,957 | PolyOne Corp. | 965,489 | ||||||
47,291 | PPG Industries, Inc. | 5,497,106 | ||||||
56,326 | Praxair, Inc. | 8,230,355 | ||||||
24,906 | Reliance Steel & Aluminum Co. | 1,913,777 | ||||||
27,117 | RPM International, Inc. | 1,446,150 | ||||||
30,124 | Sealed Air Corp. | 1,332,385 | ||||||
7,169 | Sherwin-Williams Co. (The) | 2,832,830 | ||||||
20,458 | Silgan Holdings, Inc. | 598,396 | ||||||
26,750 | Sonoco Products Co. | 1,385,383 | ||||||
23,777 | Southern Copper Corp. (Peru) | 1,021,222 | ||||||
49,961 | Steel Dynamics, Inc. | 1,859,049 | ||||||
14,817 | Trinseo SA | 1,052,007 | ||||||
58,518 | United States Steel Corp.(c) | 1,481,676 | ||||||
12,583 | Vulcan Materials Co. | 1,531,980 | ||||||
10,031 | W.R. Grace & Co. | 767,271 | ||||||
66,376 | WestRock Co. | 4,070,840 | ||||||
|
| |||||||
180,208,637 | ||||||||
|
| |||||||
Real Estate—3.0% | ||||||||
11,076 | Alexandria Real Estate Equities, Inc. REIT | 1,372,981 | ||||||
23,453 | American Campus Communities, Inc. REIT | 975,176 | ||||||
35,070 | American Tower Corp. REIT | 5,038,507 | ||||||
23,959 | Apartment Investment & Management Co., Class A REIT | 1,053,717 | ||||||
57,681 | Apple Hospitality REIT, Inc. REIT | 1,092,478 | ||||||
20,282 | AvalonBay Communities, Inc. REIT | 3,677,735 | ||||||
28,635 | Boston Properties, Inc. REIT | 3,469,989 | ||||||
52,679 | Brandywine Realty Trust REIT | 921,356 | ||||||
70,505 | Brixmor Property Group, Inc. REIT | 1,231,722 | ||||||
18,649 | Camden Property Trust REIT | 1,701,535 | ||||||
104,856 | CBL & Associates Properties, Inc. REIT(c) | 822,071 | ||||||
56,834 | CBRE Group, Inc., Class A(b) | 2,234,713 | ||||||
52,406 | Columbia Property Trust, Inc. REIT | 1,157,124 | ||||||
50,099 | CoreCivic, Inc. REIT(c) | 1,235,441 | ||||||
23,229 | Corporate Office Properties Trust REIT | 741,702 | ||||||
38,542 | Crown Castle International Corp. REIT | 4,127,077 | ||||||
22,788 | CubeSmart REIT | 620,289 | ||||||
14,626 | DCT Industrial Trust, Inc. REIT | 848,601 | ||||||
84,867 | DDR Corp. REIT | 650,930 | ||||||
65,396 | DiamondRock Hospitality Co. REIT | 710,201 | ||||||
23,759 | Digital Realty Trust, Inc. REIT | 2,814,016 | ||||||
21,421 | Douglas Emmett, Inc. REIT | 852,342 | ||||||
66,748 | Duke Realty Corp. REIT | 1,900,983 | ||||||
10,524 | EPR Properties REIT | 728,050 | ||||||
4,021 | Equinix, Inc. REIT | 1,863,733 | ||||||
33,861 | Equity Commonwealth REIT(b) | 1,017,523 | ||||||
8,734 | Equity LifeStyle Properties, Inc. REIT | 772,784 | ||||||
78,517 | Equity Residential REIT | 5,281,053 | ||||||
9,212 | Essex Property Trust, Inc. REIT | 2,417,505 | ||||||
13,351 | Extra Space Storage, Inc. REIT | 1,089,308 | ||||||
8,580 | Federal Realty Investment Trust REIT | 1,034,062 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
41,901 | Forest City Realty Trust, Inc., Class A REIT | $ | 1,032,022 | |||||
21,607 | Gaming and Leisure Properties, Inc. REIT | 789,520 | ||||||
29,375 | GEO Group, Inc. (The) REIT | 762,281 | ||||||
98,495 | GGP, Inc. REIT | 1,916,713 | ||||||
25,926 | Gramercy Property Trust REIT | 770,002 | ||||||
134,102 | HCP, Inc. REIT | 3,465,196 | ||||||
22,254 | Healthcare Realty Trust, Inc. REIT | 717,469 | ||||||
22,869 | Healthcare Trust of America, Inc., Class A REIT | 687,213 | ||||||
18,943 | Highwoods Properties, Inc. REIT | 967,040 | ||||||
58,636 | Hospitality Properties Trust REIT | 1,675,817 | ||||||
205,111 | Host Hotels & Resorts, Inc. REIT | 4,011,971 | ||||||
5,741 | Howard Hughes Corp. (The)(b) | 732,724 | ||||||
70,641 | Iron Mountain, Inc. REIT | 2,825,640 | ||||||
15,014 | JBG SMITH Properties REIT(b) | 468,587 | ||||||
10,845 | Jones Lang LaSalle, Inc. | 1,404,319 | ||||||
12,862 | Kilroy Realty Corp. REIT | 916,160 | ||||||
86,323 | Kimco Realty Corp. REIT | 1,567,626 | ||||||
10,659 | Lamar Advertising Co., Class A REIT | 750,820 | ||||||
33,610 | LaSalle Hotel Properties REIT | 948,138 | ||||||
67,760 | Lexington Realty Trust REIT | 685,731 | ||||||
38,687 | Liberty Property Trust REIT | 1,658,899 | ||||||
33,691 | Macerich Co. (The) REIT | 1,839,529 | ||||||
30,045 | Mack-Cali Realty Corp. REIT | 684,125 | ||||||
54,242 | Medical Properties Trust, Inc. REIT | 717,622 | ||||||
13,357 | Mid-America Apartment Communities, Inc. REIT | 1,367,089 | ||||||
22,621 | National Retail Properties, Inc. REIT | 908,912 | ||||||
35,486 | Omega Healthcare Investors, Inc. REIT(c) | 1,024,126 | ||||||
42,907 | Outfront Media, Inc. REIT | 1,006,169 | ||||||
41,825 | Paramount Group, Inc. REIT | 665,854 | ||||||
35,158 | Park Hotels & Resorts, Inc. REIT | 1,012,199 | ||||||
48,933 | Piedmont Office Realty Trust, Inc., Class A REIT | 946,364 | ||||||
99,694 | Prologis, Inc. REIT | 6,438,239 | ||||||
14,156 | Public Storage REIT | 2,933,831 | ||||||
73,348 | Quality Care Properties, Inc. REIT(b) | 1,161,099 | ||||||
37,347 | Rayonier, Inc. REIT | 1,119,663 | ||||||
61,365 | Realogy Holdings Corp. | 1,983,930 | ||||||
33,862 | Realty Income Corp. REIT | �� | 1,817,374 | |||||
14,669 | Regency Centers Corp. REIT | 902,877 | ||||||
71,056 | Retail Properties of America, Inc., Class A REIT | 868,304 | ||||||
42,281 | RLJ Lodging Trust REIT | 915,806 | ||||||
11,318 | Ryman Hospitality Properties, Inc. REIT | 748,459 | ||||||
5,962 | SBA Communications Corp. REIT(b) | 937,107 | ||||||
82,941 | Senior Housing Properties Trust REIT | 1,526,114 | ||||||
41,318 | Simon Property Group, Inc. REIT | 6,417,925 | ||||||
20,527 | SL Green Realty Corp. REIT | 1,964,023 | ||||||
107,203 | Spirit Realty Capital, Inc. REIT | 890,857 | ||||||
8,016 | Sun Communities, Inc. REIT | 723,524 | ||||||
59,074 | Sunstone Hotel Investors, Inc. REIT | 964,088 | ||||||
13,672 | Taubman Centers, Inc. REIT | 645,592 | ||||||
43,714 | UDR, Inc. REIT | 1,695,666 | ||||||
80,697 | Ventas, Inc. REIT | 5,063,737 | ||||||
252,380 | VEREIT, Inc. REIT | 1,991,278 | ||||||
30,028 | Vornado Realty Trust REIT | 2,247,896 | ||||||
99,013 | Washington Prime Group, Inc. REIT | 775,272 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
23,593 | Weingarten Realty Investors REIT | $ | 718,407 | |||||
91,501 | Welltower, Inc. REIT | 6,126,907 | ||||||
114,892 | Weyerhaeuser Co. REIT | 4,125,772 | ||||||
19,209 | WP Carey, Inc. REIT | 1,309,093 | ||||||
47,176 | Xenia Hotels & Resorts, Inc. REIT | 1,026,550 | ||||||
|
| |||||||
150,419,971 | ||||||||
|
| |||||||
Telecommunication Services—3.0% | ||||||||
2,219,322 | AT&T, Inc. | 74,680,185 | ||||||
546,107 | CenturyLink, Inc.(c) | 10,370,572 | ||||||
91,925 | Frontier Communications Corp.(c) | 1,113,212 | ||||||
54,821 | Telephone & Data Systems, Inc. | 1,598,032 | ||||||
47,464 | T-Mobile US, Inc.(b) | 2,836,923 | ||||||
1,294,525 | Verizon Communications, Inc. | 61,968,912 | ||||||
224,240 | Windstream Holdings, Inc.(c) | 421,571 | ||||||
|
| |||||||
152,989,407 | ||||||||
|
| |||||||
Utilities—5.1% | ||||||||
466,487 | AES Corp. (The) | 4,958,757 | ||||||
12,047 | ALLETE, Inc. | 943,882 | ||||||
59,729 | Alliant Energy Corp. | 2,583,877 | ||||||
82,022 | Ameren Corp. | 5,084,544 | ||||||
170,984 | American Electric Power Co., Inc. | 12,722,919 | ||||||
36,501 | American Water Works Co., Inc. | 3,203,328 | ||||||
31,423 | Aqua America, Inc. | 1,114,888 | ||||||
25,079 | Atmos Energy Corp. | 2,187,892 | ||||||
20,192 | Avangrid, Inc. | 1,044,532 | ||||||
22,383 | Avista Corp. | 1,169,288 | ||||||
12,907 | Black Hills Corp. | 842,311 | ||||||
222,720 | Calpine Corp.(b) | 3,327,437 | ||||||
150,140 | CenterPoint Energy, Inc. | 4,441,141 | ||||||
77,358 | CMS Energy Corp. | 3,741,807 | ||||||
108,493 | Consolidated Edison, Inc. | 9,335,823 | ||||||
144,393 | Dominion Energy, Inc. | 11,716,048 | ||||||
56,021 | DTE Energy Co. | 6,188,080 | ||||||
254,159 | Duke Energy Corp. | 22,444,781 | ||||||
121,405 | Dynegy, Inc.(b) | 1,511,492 | ||||||
92,563 | Edison International | 7,400,412 | ||||||
92,264 | Entergy Corp. | 7,958,693 | ||||||
89,883 | Eversource Energy | 5,630,271 | ||||||
444,678 | Exelon Corp. | 17,880,502 | ||||||
274,179 | FirstEnergy Corp. | 9,034,198 | ||||||
62,741 | Great Plains Energy, Inc. | 2,059,787 | ||||||
41,610 | Hawaiian Electric Industries, Inc. | 1,517,101 | ||||||
12,012 | IDACORP, Inc. | 1,105,464 | ||||||
63,227 | MDU Resources Group, Inc. | 1,729,258 | ||||||
19,693 | National Fuel Gas Co. | 1,143,179 | ||||||
22,426 | New Jersey Resources Corp. | 996,836 | ||||||
103,418 | NextEra Energy, Inc. | 16,037,029 | ||||||
83,809 | NiSource, Inc. | 2,210,043 | ||||||
13,641 | NorthWestern Corp. | 808,639 | ||||||
168,913 | NRG Energy, Inc. | 4,222,825 | ||||||
58,644 | OGE Energy Corp. | 2,160,445 | ||||||
12,482 | ONE Gas, Inc. | 960,864 | ||||||
152,998 | PG&E Corp. | 8,838,695 | ||||||
35,985 | Pinnacle West Capital Corp. | 3,156,244 | ||||||
25,146 | PNM Resources, Inc. | 1,091,336 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
27,830 | Portland General Electric Co. | $ | 1,328,604 | |||||
222,331 | PPL Corp. | 8,350,752 | ||||||
187,812 | Public Service Enterprise Group, Inc. | 9,240,350 | ||||||
43,950 | SCANA Corp. | 1,896,003 | ||||||
65,181 | Sempra Energy | 7,658,768 | ||||||
319,517 | Southern Co. (The) | 16,678,787 | ||||||
10,630 | Spire, Inc. | 839,239 | ||||||
47,913 | UGI Corp. | 2,293,116 | ||||||
24,342 | Vectren Corp. | 1,658,664 | ||||||
68,914 | WEC Energy Group, Inc. | 4,644,115 | ||||||
38,025 | Westar Energy, Inc. | 2,033,577 | ||||||
11,716 | WGL Holdings, Inc. | 1,004,061 | ||||||
159,664 | Xcel Energy, Inc. | 7,906,561 | ||||||
|
| |||||||
260,037,245 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $4,175,304,987)—100.0% | 5,077,924,134 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.4% | ||||||||
71,211,200 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(e)(f) (Cost $71,211,200) | 71,211,200 | ||||||
|
| |||||||
Total Investments in Securities (Cost $4,246,516,187)—101.4% | 5,149,135,334 | |||||||
Other assets less liabilities—(1.4)% | (69,873,260 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 5,079,262,074 | ||||||
|
|
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, 2017. |
(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, 2017. |
(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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Industrials | 17.2 | |||
Consumer Discretionary | 17.1 | |||
Financials | 17.0 | |||
Information Technology | 16.2 | |||
Health Care | 8.7 | |||
Real Estate | 6.2 | |||
Materials | 6.1 | |||
Energy | 5.2 | |||
Consumer Staples | 3.1 | |||
Utilities | 1.9 | |||
Telecommunication Services | 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% | ||||||||
Consumer Discretionary—17.1% | ||||||||
37,959 | 1-800-Flowers.com, Inc., Class A(b) | $ | 356,815 | |||||
105,246 | Aaron’s, Inc. | 3,873,053 | ||||||
37,153 | AMC Entertainment Holdings, Inc., Class A(c) | 516,427 | ||||||
70,917 | American Outdoor Brands Corp.(b)(c) | 1,016,241 | ||||||
30,821 | American Public Education, Inc.(b) | 616,420 | ||||||
13,857 | America’s Car-Mart, Inc.(b)(c) | 593,772 | ||||||
321,417 | Arcos Dorados Holdings, Inc., Class A (Uruguay)(b) | 3,214,170 | ||||||
46,825 | Ascent Capital Group, Inc., Class A(b) | 526,781 | ||||||
15,515 | AV Homes, Inc.(b) | 258,325 | ||||||
150,579 | Barnes & Noble Education, Inc.(b) | 820,656 | ||||||
247,208 | Barnes & Noble, Inc. | 1,730,456 | ||||||
17,652 | Bassett Furniture Industries, Inc. | 684,898 | ||||||
112,886 | Beazer Homes USA, Inc.(b) | 2,368,348 | ||||||
98,765 | Belmond Ltd., Class A (United Kingdom)(b) | 1,298,760 | ||||||
58,130 | Big 5 Sporting Goods Corp.(c) | 369,125 | ||||||
1,491 | Biglari Holdings, Inc.(b) | 532,943 | ||||||
28,569 | BJ’s Restaurants, Inc.(b) | 905,637 | ||||||
25,333 | Boot Barn Holdings, Inc.(b) | 208,491 | ||||||
122,507 | Boyd Gaming Corp. | 3,580,880 | ||||||
79,780 | Bravo Brio Restaurant Group, Inc.(b) | 159,560 | ||||||
51,189 | Bridgepoint Education, Inc.(b) | 495,510 | ||||||
25,540 | Bright Horizons Family Solutions, Inc.(b) | 2,204,102 | ||||||
110,217 | Buckle, Inc. (The)(c) | 1,813,070 | ||||||
15,228 | Buffalo Wild Wings, Inc.(b) | 1,799,950 | ||||||
37,417 | Build-A-Bear Workshop, Inc.(b) | 291,853 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
2,329 | Cable One, Inc. | $ | 1,653,147 | |||||
82,235 | Caleres, Inc. | 2,247,483 | ||||||
80,478 | Callaway Golf Co. | 1,161,298 | ||||||
9,611 | Capella Education Co. | 782,816 | ||||||
127,839 | Career Education Corp.(b) | 1,365,321 | ||||||
14,312 | Carriage Services, Inc.(c) | 370,681 | ||||||
40,048 | Carrols Restaurant Group, Inc.(b) | 450,540 | ||||||
36,068 | Carter’s, Inc. | 3,488,858 | ||||||
61,385 | Cato Corp. (The), Class A | 789,411 | ||||||
7,452 | Cavco Industries, Inc.(b) | 1,169,219 | ||||||
31,781 | Century Casinos, Inc.(b) | 262,193 | ||||||
25,920 | Century Communities, Inc.(b) | 740,016 | ||||||
38,051 | Cheesecake Factory, Inc. (The)(c) | 1,702,402 | ||||||
54,530 | Chegg, Inc.(b)(c) | 845,760 | ||||||
215,544 | Chico’s FAS, Inc. | 1,722,197 | ||||||
15,019 | Children’s Place, Inc. (The) | 1,634,067 | ||||||
32,240 | Choice Hotels International, Inc. | 2,248,740 | ||||||
208,390 | Christopher & Banks Corp.(b) | 245,900 | ||||||
8,529 | Churchill Downs, Inc. | 1,778,723 | ||||||
12,603 | Chuy’s Holdings, Inc.(b) | 283,567 | ||||||
31,753 | Citi Trends, Inc. | 690,945 | ||||||
37,329 | Clarus Corp.(b) | 272,502 | ||||||
59,439 | Clear Channel Outdoor Holdings, Inc., Class A | 225,868 | ||||||
9,876 | Collectors Universe, Inc. | 244,530 | ||||||
20,647 | Columbia Sportswear Co. | 1,287,960 | ||||||
123,613 | Conn’s, Inc.(b)(c) | 3,801,100 | ||||||
79,921 | Container Store Group, Inc. (The)(b)(c) | 288,515 |
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) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
24,524 | Cooper-Standard Holdings, Inc.(b) | $ | 2,733,936 | |||||
193,586 | Crocs, Inc.(b) | 1,974,577 | ||||||
21,684 | CSS Industries, Inc. | 650,086 | ||||||
11,669 | Culp, Inc. | 369,907 | ||||||
18,085 | Dave & Buster’s Entertainment, Inc.(b) | 871,697 | ||||||
33,159 | Del Frisco’s Restaurant Group, Inc.(b) | 460,910 | ||||||
28,484 | Del Taco Restaurants, Inc.(b) | 361,462 | ||||||
49,222 | Denny’s Corp.(b) | 643,332 | ||||||
55,200 | Destination Maternity Corp.(b) | 128,064 | ||||||
32,434 | DineEquity, Inc. | 1,544,183 | ||||||
16,115 | Domino’s Pizza, Inc. | 2,949,045 | ||||||
13,896 | Dorman Products, Inc.(b) | 960,353 | ||||||
274,591 | Drive Shack, Inc. | 1,002,257 | ||||||
44,205 | Dunkin’ Brands Group, Inc. | 2,611,189 | ||||||
52,883 | E.W. Scripps Co. (The), Class A(b) | 916,991 | ||||||
29,302 | El Pollo Loco Holdings, Inc.(b)(c) | 336,973 | ||||||
38,722 | Eldorado Resorts, Inc.(b)(c) | 995,155 | ||||||
87,075 | Entravision Communications Corp., Class A | 452,790 | ||||||
56,790 | Eros International PLC (India)(b)(c) | 695,678 | ||||||
36,607 | Ethan Allen Interiors, Inc. | 1,089,058 | ||||||
109,375 | Extended Stay America, Inc. | 2,167,812 | ||||||
33,680 | Fiesta Restaurant Group, Inc.(b) | 557,404 | ||||||
113,987 | Finish Line, Inc. (The), Class A(c) | 1,056,659 | ||||||
21,125 | Five Below, Inc.(b) | 1,167,156 | ||||||
8,113 | Flexsteel Industries, Inc. | 407,841 | ||||||
12,869 | Fox Factory Holding Corp.(b) | 547,576 | ||||||
35,960 | Francesca’s Holdings Corp.(b) | 232,661 | ||||||
81,199 | Fred’s, Inc., Class A(c) | 358,088 | ||||||
38,297 | FTD Cos., Inc.(b) | 413,608 | ||||||
33,928 | Gentherm, Inc.(b) | 1,136,588 | ||||||
80,014 | G-III Apparel Group Ltd.(b) | 2,027,555 | ||||||
54,312 | Global Eagle Entertainment, Inc.(b)(c) | 131,978 | ||||||
124,057 | GoPro, Inc., Class A(b)(c) | 1,293,915 | ||||||
28,474 | Grand Canyon Education, Inc.(b) | 2,548,708 | ||||||
101,089 | Gray Television, Inc.(b) | 1,573,956 | ||||||
34,540 | Green Brick Partners, Inc.(b) | 374,759 | ||||||
389,524 | Groupon, Inc., Class A(b) | 1,858,029 | ||||||
9,732 | Hamilton Beach Brands Holding Co., Class A(b) | 377,310 | ||||||
9,802 | Hamilton Beach Brands Holding Co., Class B(b) | 380,024 | ||||||
142,155 | Harte-Hanks, Inc.(b) | 147,841 | ||||||
39,308 | Haverty Furniture Cos., Inc. | 937,496 | ||||||
25,904 | Helen of Troy Ltd.(b) | 2,406,482 | ||||||
49,222 | Hibbett Sports, Inc.(b)(c) | 630,042 | ||||||
45,870 | Hilton Grand Vacations, Inc.(b) | 1,878,835 | ||||||
11,486 | Hooker Furniture Corp. | 544,436 | ||||||
22,851 | Horizon Global Corp.(b) | 370,872 | ||||||
196,228 | Houghton Mifflin Harcourt Co.(b) | 1,942,657 | ||||||
460,898 | Hovnanian Enterprises, Inc., Class A(b)(c) | 1,115,373 | ||||||
18,708 | Hyatt Hotels Corp., Class A(b) | 1,172,243 | ||||||
143,284 | Iconix Brand Group, Inc.(b) | 234,986 | ||||||
67,300 | ILG, Inc. | 1,996,791 | ||||||
41,044 | IMAX Corp.(b) | 995,317 | ||||||
8,163 | Installed Building Products, Inc.(b) | 568,961 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
31,326 | International Speedway Corp., Class A | $ | 1,217,015 | |||||
18,214 | iRobot Corp.(b)(c) | 1,223,799 | ||||||
26,218 | J. Alexander’s Holdings, Inc.(b) | 275,289 | ||||||
15,945 | Jack in the Box, Inc. | 1,650,467 | ||||||
90,596 | JAKKS Pacific, Inc.(b)(c) | 249,139 | ||||||
51,763 | John Wiley & Sons, Inc., Class A | 2,828,848 | ||||||
7,238 | Johnson Outdoors, Inc., Class A | 544,370 | ||||||
73,502 | K12, Inc.(b) | 1,192,202 | ||||||
150,136 | KB Home | 4,118,230 | ||||||
47,000 | Kirkland’s, Inc.(b) | 549,900 | ||||||
135,887 | La Quinta Holdings, Inc.(b) | 2,394,329 | ||||||
51,496 | Lands’ End, Inc.(b)(c) | 561,306 | ||||||
57,426 | La-Z-Boy, Inc. | 1,547,631 | ||||||
16,918 | LCI Industries | 2,094,448 | ||||||
17,234 | LGI Homes, Inc.(b)(c) | 1,039,727 | ||||||
53,780 | Libbey, Inc. | 367,855 | ||||||
25,197 | Liberty Expedia Holdings, Inc., Class A(b) | 1,161,582 | ||||||
146,100 | Liberty TripAdvisor Holdings, Inc., Series A(b) | 1,577,880 | ||||||
48,006 | Liberty Ventures, Series A(b) | 2,734,422 | ||||||
16,665 | Lifetime Brands, Inc. | 310,802 | ||||||
26,157 | Lions Gate Entertainment Corp., Class A(b) | 759,076 | ||||||
50,421 | Lions Gate Entertainment Corp., Class B(b) | 1,394,645 | ||||||
12,766 | Loral Space & Communications, Inc.(b) | 601,917 | ||||||
42,839 | Lululemon Athletica, Inc.(b) | 2,635,027 | ||||||
78,524 | Lumber Liquidators Holdings, Inc.(b)(c) | 2,416,969 | ||||||
62,742 | M/I Homes, Inc.(b) | 2,095,583 | ||||||
11,749 | Madison Square Garden Co. (The), Class A(b) | 2,616,385 | ||||||
7,073 | MakeMyTrip Ltd. (India)(b)(c) | 193,093 | ||||||
9,090 | Malibu Boats, Inc., Class A(b) | 283,608 | ||||||
23,029 | Marcus Corp. (The) | 625,237 | ||||||
33,491 | MarineMax, Inc.(b) | 621,258 | ||||||
14,187 | Marriott Vacations Worldwide Corp. | 1,867,293 | ||||||
74,861 | MDC Holdings, Inc. | 2,772,851 | ||||||
120,019 | MDC Partners, Inc., Class A(b) | 1,380,218 | ||||||
85,576 | Meritage Homes Corp.(b) | 4,167,551 | ||||||
148,639 | Michaels Cos., Inc. (The)(b) | 2,886,569 | ||||||
126,844 | Modine Manufacturing Co.(b) | 2,670,066 | ||||||
13,094 | Monarch Casino & Resort, Inc.(b) | 584,123 | ||||||
24,696 | Monro, Inc. | 1,218,748 | ||||||
18,950 | Motorcar Parts of America, Inc.(b) | 547,844 | ||||||
29,409 | Movado Group, Inc. | 814,629 | ||||||
46,135 | MSG Networks, Inc., Class A(b) | 800,442 | ||||||
5,771 | Nathan’s Famous, Inc.(b) | 468,028 | ||||||
148,929 | National CineMedia, Inc. | 1,002,292 | ||||||
22,807 | Nautilus, Inc.(b) | 296,491 | ||||||
20,440 | New Home Co., Inc. (The)(b) | 237,717 | ||||||
82,805 | New Media Investment Group, Inc. | 1,322,396 | ||||||
126,989 | New York Times Co. (The), Class A | 2,425,490 | ||||||
10,767 | Nexstar Media Group, Inc., Class A | 686,935 | ||||||
19,431 | Nutrisystem, Inc. | 970,578 | ||||||
33,773 | Ollie’s Bargain Outlet Holdings, Inc.(b) | 1,507,964 | ||||||
32,731 | Overstock.com, Inc.(b)(c) | 1,502,353 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
23,424 | Oxford Industries, Inc. | $ | 1,513,190 | |||||
12,567 | Papa John’s International, Inc. | 855,184 | ||||||
44,062 | Party City Holdco, Inc.(b)(c) | 491,291 | ||||||
124,032 | Penn National Gaming, Inc.(b) | 3,235,995 | ||||||
38,142 | Perry Ellis International, Inc.(b) | 888,327 | ||||||
26,692 | PetMed Express, Inc.(c) | 943,829 | ||||||
37,559 | PICO Holdings, Inc.(b) | 709,865 | ||||||
297,889 | Pier 1 Imports, Inc. | 1,239,218 | ||||||
13,462 | Planet Fitness, Inc., Class A | 358,628 | ||||||
20,074 | Pool Corp. | 2,424,538 | ||||||
30,487 | Potbelly Corp.(b) | 367,368 | ||||||
16,898 | RCI Hospitality Holdings, Inc. | 465,540 | ||||||
21,061 | Reading International, Inc., Class A(b) | 329,605 | ||||||
25,145 | Red Robin Gourmet Burgers, Inc.(b) | 1,719,918 | ||||||
31,635 | Red Rock Resorts, Inc., Class A | 779,170 | ||||||
122,683 | Regis Corp.(b) | 1,831,657 | ||||||
370,818 | Rent-A-Center, Inc.(c) | 3,685,931 | ||||||
68,195 | RH(b)(c) | 6,132,094 | ||||||
597,898 | Ruby Tuesday, Inc.(b) | 1,417,018 | ||||||
25,759 | Ruth’s Hospitality Group, Inc. | 543,515 | ||||||
28,165 | Salem Media Group, Inc. | 180,256 | ||||||
53,218 | Scholastic Corp. | 1,965,873 | ||||||
54,026 | Scientific Games Corp., Class A(b) | 2,571,638 | ||||||
88,913 | Sears Hometown and Outlet Stores, Inc.(b)(c) | 140,038 | ||||||
83,416 | Sequential Brands Group, Inc.(b)(c) | 216,882 | ||||||
30,325 | Shoe Carnival, Inc. | 569,200 | ||||||
33,281 | Shutterfly, Inc.(b) | 1,421,099 | ||||||
78,307 | Sinclair Broadcast Group, Inc., Class A(c) | 2,482,332 | ||||||
482,092 | Sirius XM Holdings, Inc.(c) | 2,622,580 | ||||||
113,458 | Skechers U.S.A., Inc., Class A(b) | 3,621,579 | ||||||
64,476 | Sleep Number Corp.(b) | 2,095,470 | ||||||
18,099 | SodaStream International Ltd. (Israel)(b) | 1,152,363 | ||||||
27,897 | Sonic Corp.(c) | 708,584 | ||||||
73,687 | Sotheby’s(b) | 3,818,460 | ||||||
23,896 | Speedway Motorsports, Inc. | 476,725 | ||||||
75,422 | Sportsman’s Warehouse Holdings, Inc.(b)(c) | 309,230 | ||||||
648,028 | Stage Stores, Inc.(c) | 1,075,726 | ||||||
25,121 | Standard Motor Products, Inc. | 1,097,034 | ||||||
395,053 | Stein Mart, Inc.(c) | 422,707 | ||||||
66,850 | Steven Madden Ltd.(b) | 2,607,150 | ||||||
44,133 | Stoneridge, Inc.(b) | 1,003,584 | ||||||
9,424 | Strattec Security Corp. | 434,918 | ||||||
13,780 | Strayer Education, Inc. | 1,291,599 | ||||||
32,690 | Sturm Ruger & Co., Inc.(c) | 1,619,789 | ||||||
45,279 | Superior Industries International, Inc. | 704,088 | ||||||
90,863 | Tailored Brands, Inc.(c) | 1,403,833 | ||||||
57,646 | Taylor Morrison Home Corp., Class A(b) | 1,392,151 | ||||||
7,089 | Tesla, Inc.(b) | 2,350,216 | ||||||
38,962 | Texas Roadhouse, Inc. | 1,948,490 | ||||||
16,807 | Tile Shop Holdings, Inc. | 143,700 | ||||||
27,695 | Tilly’s, Inc., Class A | 329,847 | ||||||
63,704 | TopBuild Corp.(b) | 4,203,827 | ||||||
78,180 | Tower International, Inc. | 2,376,672 | ||||||
50,262 | Townsquare Media, Inc., Class A(b) | 524,735 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
209,043 | TRI Pointe Group, Inc.(b) | $ | 3,697,971 | |||||
56,057 | TripAdvisor, Inc.(b) | 2,102,137 | ||||||
83,980 | tronc, Inc.(b) | 1,241,644 | ||||||
213,123 | Tuesday Morning Corp.(b)(c) | 660,681 | ||||||
32,615 | Unifi, Inc.(b) | 1,241,001 | ||||||
11,427 | Universal Electronics, Inc.(b) | 685,620 | ||||||
65,537 | Universal Technical Institute, Inc.(b) | 218,238 | ||||||
15,449 | Vail Resorts, Inc. | 3,538,130 | ||||||
50,420 | Vera Bradley, Inc.(b) | 363,024 | ||||||
10,605 | Vince Holding Corp.(b)(c) | 38,284 | ||||||
80,991 | Vitamin Shoppe, Inc.(b) | 372,559 | ||||||
154,128 | VOXX International Corp.(b) | 1,032,658 | ||||||
8,610 | Wayfair, Inc., Class A(b) | 601,839 | ||||||
94,478 | Weight Watchers International, Inc.(b)(c) | 4,243,952 | ||||||
221,284 | Wendy’s Co. (The) | 3,365,730 | ||||||
12,493 | Weyco Group, Inc. | 339,685 | ||||||
69,564 | William Lyon Homes, Class A(b) | 1,930,401 | ||||||
12,417 | Wingstop, Inc.(c) | 420,564 | ||||||
19,694 | Winnebago Industries, Inc. | 967,960 | ||||||
130,522 | Wolverine World Wide, Inc. | 3,563,251 | ||||||
28,718 | World Wrestling Entertainment, Inc., Class A | 761,889 | ||||||
67,403 | ZAGG, Inc.(b) | 1,054,857 | ||||||
10,910 | Zoe’s Kitchen, Inc.(b)(c) | 133,975 | ||||||
41,837 | Zumiez, Inc.(b) | 738,423 | ||||||
|
| |||||||
301,832,950 | ||||||||
|
| |||||||
Consumer Staples—3.1% | ||||||||
76,987 | Adecoagro SA (Argentina)(b) | 782,188 | ||||||
30,916 | Alliance One International, Inc.(b) | 330,801 | ||||||
45,541 | Amira Nature Foods Ltd. (United Arab Emirates)(b)(c) | 272,791 | ||||||
51,718 | B&G Foods, Inc.(c) | 1,644,633 | ||||||
54,016 | Blue Buffalo Pet Products, Inc.(b)(c) | 1,562,683 | ||||||
32,835 | Bob Evans Farms, Inc. | 2,534,534 | ||||||
5,681 | Boston Beer Co., Inc. (The), Class A(b) | 1,011,502 | ||||||
11,785 | Calavo Growers, Inc.(c) | 868,555 | ||||||
42,510 | Cal-Maine Foods, Inc.(b)(c) | 1,912,950 | ||||||
12,723 | Central Garden & Pet Co.(b) | 485,764 | ||||||
42,108 | Central Garden & Pet Co., Class A(b) | 1,554,206 | ||||||
39,581 | Chefs’ Warehouse, Inc. (The)(b) | 789,641 | ||||||
5,061 | Coca-Cola Bottling Co. Consolidated | 1,141,559 | ||||||
159,971 | Coty, Inc., Class A | 2,463,554 | ||||||
12,811 | Craft Brew Alliance, Inc.(b) | 233,801 | ||||||
35,764 | Energizer Holdings, Inc. | 1,537,494 | ||||||
5,961 | Farmer Brothers Co.(b) | 202,376 | ||||||
48,863 | Fresh Del Monte Produce, Inc. | 2,174,892 | ||||||
42,927 | Ingles Markets, Inc., Class A | 1,000,199 | ||||||
20,967 | Inter Parfums, Inc. | 970,772 | ||||||
39,237 | Inventure Foods, Inc.(b)(c) | 156,948 | ||||||
9,536 | J & J Snack Foods Corp. | 1,269,909 | ||||||
11,292 | John B. Sanfilippo & Son, Inc. | 664,534 | ||||||
16,070 | Lancaster Colony Corp. | 2,012,285 | ||||||
46,689 | Landec Corp.(b) | 618,629 | ||||||
9,197 | Medifast, Inc. | 573,893 | ||||||
5,704 | MGP Ingredients, Inc. | 387,644 | ||||||
5,221 | National Beverage Corp. | 511,136 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
16,014 | Natural Grocers by Vitamin Cottage, Inc.(b)(c) | $ | 78,629 | |||||
29,616 | Omega Protein Corp. | 648,590 | ||||||
12,129 | Orchids Paper Products Co.(c) | 148,944 | ||||||
117,603 | Pilgrim’s Pride Corp.(b) | 3,737,423 | ||||||
18,541 | PriceSmart, Inc. | 1,553,736 | ||||||
15,616 | Revlon, Inc., Class A(b)(c) | 351,360 | ||||||
30,190 | Sanderson Farms, Inc. | 4,515,518 | ||||||
28,395 | Seneca Foods Corp., Class A(b) | 1,022,220 | ||||||
77,096 | Smart & Final Stores, Inc.(b) | 462,576 | ||||||
63,009 | Snyder’s-Lance, Inc. | 2,371,029 | ||||||
19,234 | Spectrum Brands Holdings, Inc.(c) | 2,114,201 | ||||||
200,142 | SunOpta, Inc. (Canada)(b) | 1,871,328 | ||||||
13,429 | Tootsie Roll Industries, Inc.(c) | 478,072 | ||||||
9,776 | USANA Health Sciences, Inc.(b) | 642,283 | ||||||
117,524 | Vector Group Ltd. | 2,442,149 | ||||||
24,473 | Village Super Market, Inc., Class A | 587,107 | ||||||
6,908 | WD-40 Co. | 765,752 | ||||||
25,589 | Weis Markets, Inc. | 993,621 | ||||||
|
| |||||||
54,454,411 | ||||||||
|
| |||||||
Energy—5.2% | ||||||||
282,905 | Approach Resources, Inc.(b)(c) | 659,169 | ||||||
124,256 | Archrock, Inc. | 1,491,072 | ||||||
50,053 | Ardmore Shipping Corp. (Ireland)(b) | 415,440 | ||||||
259,783 | Bill Barrett Corp.(b) | 1,280,730 | ||||||
2,461 | Bonanza Creek Energy, Inc.(b) | 83,256 | ||||||
173,054 | Bristow Group, Inc.(c) | 1,633,630 | ||||||
38,219 | Callon Petroleum Co.(b) | 423,849 | ||||||
89,296 | CARBO Ceramics, Inc.(b)(c) | 739,371 | ||||||
35,815 | Carrizo Oil & Gas, Inc.(b) | 633,567 | ||||||
195,302 | Clean Energy Fuels Corp.(b) | 458,960 | ||||||
486,752 | Cloud Peak Energy, Inc.(b) | 2,068,696 | ||||||
108,295 | Cobalt International Energy, Inc.(b)(c) | 105,046 | ||||||
41,540 | Comstock Resources, Inc.(b)(c) | 196,069 | ||||||
58,386 | Contango Oil & Gas Co.(b) | 232,960 | ||||||
23,804 | Core Laboratories NV(c) | 2,378,020 | ||||||
114,994 | CVR Energy, Inc.(c) | 3,156,585 | ||||||
944,353 | Denbury Resources, Inc.(b) | 1,161,554 | ||||||
240,770 | DHT Holdings, Inc. | 948,634 | ||||||
22,689 | Diamondback Energy, Inc.(b) | 2,431,353 | ||||||
59,135 | Dorian LPG Ltd.(b) | 422,815 | ||||||
43,321 | Dril-Quip, Inc.(b) | 1,823,814 | ||||||
101,347 | Eclipse Resources Corp.(b) | 224,990 | ||||||
135,896 | EP Energy Corp., Class A(b)(c) | 366,919 | ||||||
66,413 | Era Group, Inc.(b) | 714,604 | ||||||
43,074 | Exco Resources, Inc.(b)(c) | 62,457 | ||||||
87,774 | Exterran Corp.(b) | 2,832,467 | ||||||
100,304 | Fairmount Santrol Holdings, Inc.(b)(c) | 432,310 | ||||||
106,025 | Forum Energy Technologies, Inc.(b) | 1,526,760 | ||||||
45,016 | Frank’s International NV(c) | 297,556 | ||||||
118,165 | Frontline Ltd. (Norway)(c) | 719,625 | ||||||
52,448 | GasLog Ltd. (Monaco)(c) | 904,728 | ||||||
363,273 | Gener8 Maritime, Inc.(b)(c) | 1,674,689 | ||||||
35,773 | Geospace Technologies Corp.(b) | 537,311 | ||||||
114,000 | Golar LNG Ltd. (Bermuda) | 2,408,820 | ||||||
114,586 | Green Plains, Inc. | 2,108,382 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
42,481 | Gulf Island Fabrication, Inc.(c) | $ | 558,625 | |||||
130,017 | Gulfport Energy Corp.(b) | 1,781,233 | ||||||
38,352 | Halcon Resources Corp.(b)(c) | 252,356 | ||||||
29,115 | Hallador Energy Co. | 150,816 | ||||||
258,732 | Helix Energy Solutions Group, Inc.(b) | 1,764,552 | ||||||
550,145 | Hornbeck Offshore Services, Inc.(b)(c) | 2,052,041 | ||||||
39,487 | Independence Contract Drilling, Inc.(b) | 127,938 | ||||||
124,159 | ION Geophysical Corp.(b)(c) | 968,440 | ||||||
229,000 | Jones Energy, Inc., Class A(b)(c) | 293,120 | ||||||
207,655 | Kosmos Energy Ltd. (Ghana)(b)(c) | 1,594,790 | ||||||
30,179 | Laredo Petroleum, Inc.(b) | 359,734 | ||||||
16,543 | Matador Resources Co.(b) | 439,217 | ||||||
68,611 | Matrix Service Co.(b) | 967,415 | ||||||
9,732 | NACCO Industries, Inc., Class A | 404,851 | ||||||
15,899 | Natural Gas Services Group, Inc.(b) | 441,992 | ||||||
61,140 | Navigator Holdings Ltd. (United Kingdom)(b)(c) | 620,571 | ||||||
346,245 | Navios Maritime Acquisition Corp. | 432,806 | ||||||
216,382 | Newpark Resources, Inc.(b) | 1,893,343 | ||||||
258,038 | Nordic American Tankers Ltd.(c) | 1,145,689 | ||||||
222 | Ocean Rig UDW, Inc. (Cyprus)(b) | 5,945 | ||||||
133,408 | Pacific Ethanol, Inc.(b) | 640,358 | ||||||
54,902 | Par Pacific Holdings, Inc.(b) | 1,152,393 | ||||||
475,679 | Parker Drilling Co.(b) | 499,463 | ||||||
44,014 | Parsley Energy, Inc., Class A(b) | 1,170,772 | ||||||
34,566 | PDC Energy, Inc.(b) | 1,760,446 | ||||||
34,463 | PHI, Inc.(b) | 402,873 | ||||||
279,945 | Pioneer Energy Services Corp.(b) | 531,896 | ||||||
189,622 | Renewable Energy Group, Inc.(b) | 2,294,426 | ||||||
9,519 | REX American Resources Corp.(b) | 839,385 | ||||||
69,995 | Rice Energy, Inc.(b) | 1,984,358 | ||||||
17,881 | RigNet, Inc.(b) | 312,023 | ||||||
18,793 | Ring Energy, Inc.(b) | 240,738 | ||||||
67,101 | RPC, Inc.(c) | 1,631,225 | ||||||
43,748 | RSP Permian, Inc.(b) | 1,505,369 | ||||||
16,572 | Sanchez Energy Corp.(b)(c) | 71,757 | ||||||
583,265 | Scorpio Tankers, Inc. (Monaco) | 2,076,423 | ||||||
33,273 | SEACOR Holdings, Inc.(b) | 1,570,486 | ||||||
34,155 | SEACOR Marine Holdings, Inc.(b) | 483,293 | ||||||
63,726 | SemGroup Corp., Class A | 1,660,062 | ||||||
149,886 | Ship Finance International Ltd. (Norway)(c) | 2,233,301 | ||||||
90,196 | SRC Energy, Inc.(b) | 860,470 | ||||||
188,999 | Stone Energy Corp.(b)(c) | 5,560,351 | ||||||
436,150 | Teekay Tankers Ltd., Class A (Bermuda)(c) | 645,502 | ||||||
97,418 | Tesco Corp.(b) | 375,059 | ||||||
300,381 | TETRA Technologies, Inc.(b) | 853,082 | ||||||
311,722 | Tsakos Energy Navigation Ltd. (Greece)(c) | 1,399,632 | ||||||
112,108 | Unit Corp.(b) | 2,098,662 | ||||||
24,354 | US Silica Holdings, Inc.(c) | 743,041 | ||||||
386,858 | W&T Offshore, Inc.(b) | 1,210,866 | ||||||
47,385 | Westmoreland Coal Co.(b) | 82,213 | ||||||
169,962 | Willbros Group, Inc.(b) | 520,084 | ||||||
|
| |||||||
91,221,691 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—17.0% | ||||||||
17,690 | 1st Source Corp. | $ | 907,674 | |||||
65,468 | AG Mortgage Investment Trust, Inc. REIT | 1,231,453 | ||||||
11,389 | Allegiance Bancshares, Inc.(b) | 446,449 | ||||||
14,962 | A-Mark Precious Metals, Inc. | 232,360 | ||||||
19,141 | American National Insurance Co. | 2,330,034 | ||||||
15,974 | Ameris Bancorp | 765,155 | ||||||
18,097 | AMERISAFE, Inc. | 1,170,876 | ||||||
89,671 | AmTrust Financial Services, Inc.(c) | 1,126,268 | ||||||
312,835 | Anworth Mortgage Asset Corp. REIT | 1,748,748 | ||||||
91,069 | Apollo Commercial Real Estate Finance, Inc. REIT | 1,645,617 | ||||||
55,830 | Ares Commercial Real Estate Corp. REIT | 724,673 | ||||||
43,983 | Argo Group International Holdings Ltd. | 2,768,730 | ||||||
46,362 | Arlington Asset Investment Corp., Class A(c) | 531,772 | ||||||
51,642 | ARMOUR Residential REIT, Inc. REIT(c) | 1,293,632 | ||||||
13,628 | Arrow Financial Corp. | 481,068 | ||||||
28,843 | Artisan Partners Asset Management, Inc., Class A | 992,199 | ||||||
12,931 | Atlas Financial Holdings, Inc.(b) | 255,387 | ||||||
23,787 | Baldwin & Lyons, Inc., Class B | 545,912 | ||||||
47,005 | Banc of California, Inc.(c) | 989,455 | ||||||
13,476 | BancFirst Corp. | 736,463 | ||||||
59,244 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 1,660,609 | ||||||
99,897 | Bancorp, Inc. (The)(b) | 840,134 | ||||||
71,883 | BancorpSouth, Inc. | 2,271,503 | ||||||
37,759 | Bank Mutual Corp. | 399,301 | ||||||
9,826 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 367,001 | ||||||
36,000 | Bank of The Ozarks | 1,678,320 | ||||||
13,916 | BankFinancial Corp. | 220,429 | ||||||
27,267 | Banner Corp. | 1,562,944 | ||||||
89,206 | Beneficial Bancorp, Inc. | 1,471,899 | ||||||
31,315 | Berkshire Hills Bancorp, Inc. | 1,199,364 | ||||||
243,718 | BGC Partners, Inc., Class A | 3,697,202 | ||||||
14,019 | Blue Capital Reinsurance Holdings Ltd. (Bermuda) | 185,752 | ||||||
18,463 | Blue Hills Bancorp, Inc. | 400,647 | ||||||
33,230 | BofI Holding, Inc.(b)(c) | 893,887 | ||||||
25,442 | BOK Financial Corp. | 2,199,970 | ||||||
79,935 | Boston Private Financial Holdings, Inc. | 1,270,966 | ||||||
13,634 | Bridge Bancorp, Inc. | 484,007 | ||||||
83,526 | Brookline Bancorp, Inc. | 1,286,300 | ||||||
16,149 | Bryn Mawr Bank Corp. | 708,134 | ||||||
15,151 | Camden National Corp. | 654,069 | ||||||
19,770 | Capital Bank Financial Corp., Class A | 802,662 | ||||||
251,919 | Capstead Mortgage Corp. REIT | 2,221,926 | ||||||
62,052 | Cathay General Bancorp | 2,593,774 | ||||||
33,861 | Cboe Global Markets, Inc. | 3,828,325 | ||||||
22,412 | CenterState Bank Corp. | 597,056 | ||||||
25,112 | Central Pacific Financial Corp. | 781,485 | ||||||
15,138 | Charter Financial Corp. | 290,195 | ||||||
34,351 | Chemical Financial Corp. | 1,809,954 | ||||||
13,302 | Cherry Hill Mortgage Investment Corp. REIT | 242,229 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
15,988 | City Holding Co. | $ | 1,126,994 | |||||
24,901 | Clifton Bancorp, Inc. | 424,064 | ||||||
60,329 | CNA Financial Corp. | 3,265,609 | ||||||
25,335 | CoBiz Financial, Inc. | 517,847 | ||||||
21,890 | Cohen & Steers, Inc. | 951,996 | ||||||
58,257 | Columbia Banking System, Inc. | 2,534,762 | ||||||
35,911 | Community Bank System, Inc. | 1,985,519 | ||||||
18,854 | Community Trust Bancorp, Inc. | 910,648 | ||||||
22,287 | ConnectOne Bancorp, Inc. | 598,406 | ||||||
65,484 | Cowen, Inc., Class A(b) | 982,260 | ||||||
28,709 | Crawford & Co., Class B | 338,192 | ||||||
6,419 | Credit Acceptance Corp.(b)(c) | 1,840,520 | ||||||
23,522 | Customers Bancorp, Inc.(b) | 643,091 | ||||||
75,346 | CVB Financial Corp. | 1,797,756 | ||||||
381,823 | CYS Investments, Inc. REIT | 3,054,584 | ||||||
2,406 | Diamond Hill Investment Group, Inc. | 509,904 | ||||||
40,811 | Dime Community Bancshares, Inc. | 899,883 | ||||||
17,523 | Donegal Group, Inc., Class A | 300,344 | ||||||
89,565 | Donnelley Financial Solutions, Inc.(b) | 1,925,647 | ||||||
149,309 | Dynex Capital, Inc. REIT | 1,045,163 | ||||||
18,560 | Eagle Bancorp, Inc.(b) | 1,237,024 | ||||||
21,000 | eHealth, Inc.(b) | 532,980 | ||||||
14,950 | EMC Insurance Group, Inc. | 440,427 | ||||||
38,046 | Employers Holdings, Inc. | 1,814,794 | ||||||
52,002 | Encore Capital Group, Inc.(b) | 2,415,493 | ||||||
71,785 | Enova International, Inc.(b) | 1,066,007 | ||||||
15,605 | Enstar Group Ltd. (Bermuda)(b) | 3,554,819 | ||||||
13,217 | Enterprise Financial Services Corp. | 576,261 | ||||||
27,065 | Essent Group Ltd.(b) | 1,153,510 | ||||||
22,790 | Evercore, Inc., Class A | 1,825,479 | ||||||
197,810 | EZCORP, Inc., Class A(b) | 2,027,552 | ||||||
15,118 | FactSet Research Systems, Inc. | 2,870,455 | ||||||
17,491 | FBL Financial Group, Inc., Class A | 1,352,929 | ||||||
20,978 | FCB Financial Holdings, Inc., Class A(b) | 979,673 | ||||||
11,103 | Federal Agricultural Mortgage Corp., Class C | 824,287 | ||||||
17,144 | Federated National Holding Co. | 262,989 | ||||||
20,378 | Fidelity & Guaranty Life(c) | 633,756 | ||||||
20,441 | Fidelity Southern Corp. | 448,271 | ||||||
16,798 | Financial Engines, Inc. | 606,408 | ||||||
17,212 | Financial Institutions, Inc. | 564,554 | ||||||
321,140 | First BanCorp/Puerto Rico(b) | 1,653,871 | ||||||
20,383 | First Bancorp/Southern Pines NC | 748,056 | ||||||
22,437 | First Busey Corp. | 698,239 | ||||||
6,307 | First Citizens BancShares, Inc., Class A | 2,554,335 | ||||||
87,792 | First Commonwealth Financial Corp. | 1,278,252 | ||||||
21,084 | First Community Bancshares, Inc. | 629,779 | ||||||
9,963 | First Defiance Financial Corp. | 539,995 | ||||||
76,176 | First Financial Bancorp | 2,079,605 | ||||||
37,409 | First Financial Bankshares, Inc.(c) | 1,707,721 | ||||||
13,210 | First Financial Corp. | 627,475 | ||||||
22,978 | First Hawaiian, Inc. | 671,877 | ||||||
19,972 | First Interstate BancSystem, Inc., Class A | 784,900 | ||||||
29,010 | First Merchants Corp. | 1,247,430 | ||||||
73,776 | First Midwest Bancorp, Inc. | 1,703,488 | ||||||
17,245 | First of Long Island Corp. (The) | 544,080 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
34,012 | Firstcash, Inc. | $ | 2,171,666 | |||||
64,776 | Five Oaks Investment Corp. REIT(c) | 263,638 | ||||||
31,546 | Flagstar Bancorp, Inc.(b) | 1,178,874 | ||||||
35,740 | Flushing Financial Corp. | 1,071,485 | ||||||
147,152 | FNFV Group(b) | 2,538,372 | ||||||
6,958 | Franklin Financial Network, Inc.(b) | 238,659 | ||||||
61,147 | Gain Capital Holdings, Inc. | 451,265 | ||||||
15,004 | German American Bancorp, Inc. | 539,844 | ||||||
70,091 | Glacier Bancorp, Inc. | 2,660,654 | ||||||
22,993 | Great Ajax Corp. REIT | 325,351 | ||||||
13,299 | Great Southern Bancorp, Inc. | 714,821 | ||||||
49,604 | Great Western Bancorp, Inc. | 2,013,426 | ||||||
22,024 | Green Bancorp, Inc.(b) | 487,832 | ||||||
46,669 | Green Dot Corp., Class A(b) | 2,642,399 | ||||||
50,554 | Greenhill & Co., Inc.(c) | 925,138 | ||||||
44,269 | Greenlight Capital Re Ltd., Class A(b) | 976,131 | ||||||
23,984 | Hanmi Financial Corp. | 737,508 | ||||||
27,656 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 665,403 | ||||||
13,800 | HCI Group, Inc. | 516,948 | ||||||
18,945 | Heartland Financial USA, Inc. | 933,041 | ||||||
28,970 | Heritage Financial Corp. | 883,585 | ||||||
56,444 | Heritage Insurance Holdings, Inc.(c) | 905,362 | ||||||
77,551 | Hilltop Holdings, Inc. | 1,827,102 | ||||||
63,151 | Home BancShares, Inc. | 1,419,634 | ||||||
25,211 | HomeStreet, Inc.(b) | 732,380 | ||||||
18,587 | HomeTrust Bancshares, Inc.(b) | 487,909 | ||||||
73,210 | Hope Bancorp, Inc. | 1,350,724 | ||||||
62,636 | Horace Mann Educators Corp. | 2,743,457 | ||||||
15,707 | Horizon Bancorp | 432,257 | ||||||
7,511 | Houlihan Lokey, Inc., Class A | 312,683 | ||||||
22,768 | Impac Mortgage Holdings, Inc.(b)(c) | 298,261 | ||||||
16,771 | Independent Bank Corp. | 377,347 | ||||||
20,710 | Independent Bank Corp./MA | 1,493,191 | ||||||
7,273 | Independent Bank Group, Inc. | 457,472 | ||||||
20,299 | Infinity Property & Casualty Corp. | 1,915,211 | ||||||
15,678 | Interactive Brokers Group, Inc., Class A | 846,926 | ||||||
64,777 | International Bancshares Corp. | 2,629,946 | ||||||
21,217 | INTL FCStone, Inc.(b) | 880,718 | ||||||
32,667 | Investment Technology Group, Inc. | 766,694 | ||||||
33,811 | James River Group Holdings Ltd. | 1,430,882 | ||||||
76,745 | Kearny Financial Corp. | 1,155,012 | ||||||
65,244 | Ladder Capital Corp., Class A REIT | 876,879 | ||||||
31,847 | Lakeland Bancorp, Inc. | 654,456 | ||||||
17,256 | Lakeland Financial Corp. | 833,120 | ||||||
29,775 | LegacyTexas Financial Group, Inc. | 1,187,725 | ||||||
209,474 | LendingClub Corp.(b) | 1,191,907 | ||||||
119,864 | Maiden Holdings Ltd. | 988,878 | ||||||
17,411 | MainSource Financial Group, Inc. | 656,221 | ||||||
6,141 | MarketAxess Holdings, Inc. | 1,068,534 | ||||||
13,550 | Marlin Business Services Corp. | 296,745 | ||||||
65,367 | MB Financial, Inc. | 3,002,960 | ||||||
17,210 | Mercantile Bank Corp. | 621,281 | ||||||
51,926 | Mercury General Corp. | 2,906,298 | ||||||
30,017 | Meridian Bancorp, Inc. | 591,335 | ||||||
4,382 | Meta Financial Group, Inc. | 382,329 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
9,257 | MidWestOne Financial Group, Inc. | $ | 325,939 | |||||
6,065 | Moelis & Co., Class A | 259,279 | ||||||
11,392 | Morningstar, Inc. | 970,712 | ||||||
32,146 | MSCI, Inc., Class A | 3,772,655 | ||||||
98,500 | MTGE Investment Corp. REIT | 1,782,850 | ||||||
23,886 | National Bank Holdings Corp., Class A | 783,939 | ||||||
7,395 | National Commerce Corp.(b) | 301,346 | ||||||
48,766 | National General Holdings Corp. | 984,098 | ||||||
4,214 | National Western Life Group, Inc., Class A | 1,506,842 | ||||||
79,701 | Nationstar Mortgage Holdings, Inc.(b) | 1,551,778 | ||||||
15,478 | Navigators Group, Inc. (The) | 897,724 | ||||||
46,016 | NBT Bancorp, Inc. | 1,755,050 | ||||||
27,353 | Nelnet, Inc., Class A | 1,601,245 | ||||||
333,287 | New York Mortgage Trust, Inc. REIT(c) | 2,009,721 | ||||||
17,364 | Newtek Business Services Corp.(c) | 298,140 | ||||||
33,310 | NMI Holdings, Inc., Class A(b) | 484,660 | ||||||
40,651 | Northfield Bancorp, Inc. | 693,506 | ||||||
156,191 | Northwest Bancshares, Inc. | 2,634,942 | ||||||
15,298 | OceanFirst Financial Corp. | 424,519 | ||||||
439,225 | Ocwen Financial Corp.(b)(c) | 1,532,895 | ||||||
118,480 | OFG Bancorp(c) | 1,054,472 | ||||||
140,175 | Old National Bancorp | 2,551,185 | ||||||
20,367 | OM Asset Management PLC | 311,208 | ||||||
67,770 | On Deck Capital, Inc.(b) | 334,106 | ||||||
99,946 | OneMain Holdings, Inc.(b) | 3,175,284 | ||||||
29,221 | Oppenheimer Holdings, Inc., Class A | 635,557 | ||||||
23,664 | Opus Bank(b) | 612,898 | ||||||
20,684 | Orchid Island Capital, Inc. REIT(c) | 206,013 | ||||||
74,930 | Oritani Financial Corp. | 1,270,064 | ||||||
16,668 | Pacific Continental Corp. | 466,704 | ||||||
11,888 | Pacific Premier Bancorp, Inc.(b) | 480,275 | ||||||
16,981 | Park National Corp. | 1,864,344 | ||||||
29,921 | Park Sterling Corp. | 376,107 | ||||||
11,461 | �� | Peapack-Gladstone Financial Corp. | 397,582 | |||||
12,698 | PennyMac Financial Services, Inc., Class A(b) | 241,262 | ||||||
17,569 | Peoples Bancorp, Inc. | 581,885 | ||||||
18,717 | Pinnacle Financial Partners, Inc. | 1,239,065 | ||||||
20,162 | Piper Jaffray Cos. | 1,473,842 | ||||||
55,785 | PRA Group, Inc.(b) | 1,556,402 | ||||||
5,867 | Preferred Bank | 362,170 | ||||||
37,103 | Primerica, Inc. | 3,283,616 | ||||||
12,184 | Provident Financial Holdings, Inc. | 235,517 | ||||||
78,323 | Provident Financial Services, Inc. | 2,130,386 | ||||||
6,832 | QCR Holdings, Inc. | 326,228 | ||||||
148,644 | Redwood Trust, Inc. REIT | 2,335,197 | ||||||
26,307 | Regional Management Corp.(b) | 649,520 | ||||||
36,913 | Renasant Corp. | 1,528,198 | ||||||
16,175 | Republic Bancorp, Inc., Class A | 636,001 | ||||||
181,246 | Resource Capital Corp. REIT | 1,859,584 | ||||||
33,886 | S&T Bancorp, Inc. | 1,385,599 | ||||||
16,571 | Safeguard Scientifics, Inc.(b) | 233,651 | ||||||
24,094 | Safety Insurance Group, Inc. | 1,980,527 | ||||||
22,833 | Sandy Spring Bancorp, Inc. | 922,682 | ||||||
17,671 | Seacoast Banking Corp. of Florida(b) | 438,064 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
61,244 | SEI Investments Co. | $ | 3,950,850 | |||||
14,239 | ServisFirst Bancshares, Inc. | 583,941 | ||||||
10,604 | Sierra Bancorp | 280,582 | ||||||
19,842 | Simmons First National Corp., Class A | 1,144,883 | ||||||
14,907 | South State Corp. | 1,342,375 | ||||||
23,838 | Southside Bancshares, Inc. | 844,104 | ||||||
27,710 | State Auto Financial Corp. | 710,484 | ||||||
26,228 | State Bank Financial Corp. | 758,251 | ||||||
27,330 | State National Cos., Inc. | 574,477 | ||||||
70,606 | Sterling Bancorp | 1,768,680 | ||||||
40,159 | Stewart Information Services Corp. | 1,523,632 | ||||||
12,361 | Stock Yards Bancorp, Inc. | 466,628 | ||||||
9,223 | Territorial Bancorp, Inc. | 291,355 | ||||||
33,141 | Texas Capital Bancshares, Inc.(b) | 2,851,783 | ||||||
29,981 | TFS Financial Corp. | 462,307 | ||||||
82,327 | Third Point Reinsurance Ltd. (Bermuda)(b) | 1,374,861 | ||||||
11,441 | Tompkins Financial Corp. | 996,740 | ||||||
36,659 | TowneBank | 1,228,077 | ||||||
18,709 | TriCo Bancshares | 774,927 | ||||||
17,721 | TriState Capital Holdings, Inc.(b) | 401,381 | ||||||
13,850 | Triumph Bancorp, Inc.(b) | 429,350 | ||||||
123,258 | TrustCo Bank Corp. NY | 1,130,892 | ||||||
86,628 | Trustmark Corp. | 2,853,526 | ||||||
37,431 | UMB Financial Corp. | 2,752,301 | ||||||
41,560 | Union Bankshares Corp. | 1,434,236 | ||||||
46,653 | United Community Banks, Inc. | 1,279,225 | ||||||
51,269 | United Financial Bancorp, Inc. | 938,735 | ||||||
34,426 | United Fire Group, Inc. | 1,586,694 | ||||||
22,645 | United Insurance Holdings Corp. | 356,432 | ||||||
37,924 | Universal Insurance Holdings, Inc. | 904,487 | ||||||
25,003 | Univest Corp. of Pennsylvania | 732,588 | ||||||
14,412 | Virtu Financial, Inc., Class A(c) | 203,930 | ||||||
5,918 | Virtus Investment Partners, Inc. | 688,855 | ||||||
31,938 | Walker & Dunlop, Inc.(b) | 1,753,077 | ||||||
282,367 | Walter Investment Management Corp.(b)(c) | 123,620 | ||||||
14,042 | Washington Trust Bancorp, Inc. | 779,331 | ||||||
23,888 | Waterstone Financial, Inc. | 458,650 | ||||||
41,015 | WesBanco, Inc. | 1,657,006 | ||||||
26,365 | Westamerica Bancorporation(c) | 1,535,234 | ||||||
45,329 | Western Alliance Bancorp(b) | 2,529,358 | ||||||
160,979 | Western Asset Mortgage Capital Corp. REIT | 1,621,059 | ||||||
50,177 | WisdomTree Investments, Inc.(c) | 556,463 | ||||||
26,685 | World Acceptance Corp.(b) | 2,334,938 | ||||||
20,244 | WSFS Financial Corp. | 1,006,127 | ||||||
|
| |||||||
300,195,272 | ||||||||
|
| |||||||
Health Care—8.7% | ||||||||
11,666 | Abaxis, Inc. | 564,634 | ||||||
5,220 | ABIOMED, Inc.(b) | 1,007,042 | ||||||
56,811 | Acadia Healthcare Co., Inc.(b)(c) | 1,781,593 | ||||||
44,772 | Accuray, Inc.(b) | 212,667 | ||||||
45,354 | Aceto Corp. | 456,715 | ||||||
93,830 | Achillion Pharmaceuticals, Inc.(b) | 377,197 | ||||||
40,866 | Acorda Therapeutics, Inc.(b) | 1,086,014 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
7,952 | Addus HomeCare Corp.(b) | $ | 286,272 | |||||
54,654 | Akorn, Inc.(b) | 1,780,081 | ||||||
13,164 | Alder Biopharmaceuticals, Inc.(b) | 148,095 | ||||||
15,116 | Align Technology, Inc.(b) | 3,612,422 | ||||||
28,927 | Alkermes PLC(b) | 1,410,481 | ||||||
7,487 | Almost Family, Inc.(b) | 331,300 | ||||||
25,138 | Alnylam Pharmaceuticals, Inc.(b) | 3,062,814 | ||||||
49,065 | AMAG Pharmaceuticals, Inc.(b) | 770,320 | ||||||
28,111 | Amedisys, Inc.(b) | 1,352,420 | ||||||
15,084 | American Renal Associates Holdings, Inc.(b)(c) | 182,969 | ||||||
58,088 | Amicus Therapeutics, Inc.(b) | 827,173 | ||||||
34,413 | AMN Healthcare Services, Inc.(b) | 1,510,731 | ||||||
20,641 | Amphastar Pharmaceuticals, Inc.(b) | 372,983 | ||||||
11,964 | Analogic Corp. | 960,709 | ||||||
47,219 | AngioDynamics, Inc.(b) | 801,306 | ||||||
9,222 | Anika Therapeutics, Inc.(b) | 503,798 | ||||||
104,465 | Arbutus Biopharma Corp. (Canada)(b)(c) | 590,227 | ||||||
18,162 | Atara Biotherapeutics, Inc.(b)(c) | 257,900 | ||||||
10,735 | athenahealth, Inc.(b) | 1,372,792 | ||||||
13,926 | AtriCure, Inc.(b) | 298,573 | ||||||
774 | Atrion Corp. | 509,021 | ||||||
33,070 | BioMarin Pharmaceutical, Inc.(b) | 2,714,716 | ||||||
339,777 | BioScrip, Inc.(b)(c) | 859,636 | ||||||
19,148 | Bio-Techne Corp. | 2,508,771 | ||||||
10,680 | Bluebird Bio, Inc.(b) | 1,485,588 | ||||||
76,098 | Bruker Corp. | 2,389,477 | ||||||
15,898 | Cambrex Corp.(b) | 687,588 | ||||||
7,252 | Cantel Medical Corp. | 711,276 | ||||||
34,431 | Capital Senior Living Corp.(b) | 457,932 | ||||||
7,627 | Cardiovascular Systems, Inc.(b) | 183,582 | ||||||
75,121 | Celldex Therapeutics, Inc.(b) | 183,295 | ||||||
31,621 | Charles River Laboratories International, Inc.(b) | 3,677,206 | ||||||
9,821 | Chemed Corp. | 2,194,306 | ||||||
56,646 | Chimerix, Inc.(b) | 278,698 | ||||||
31,058 | Civitas Solutions, Inc.(b) | 579,232 | ||||||
3,806 | Clovis Oncology, Inc.(b) | 286,858 | ||||||
27,050 | Computer Programs & Systems, Inc.(c) | 815,558 | ||||||
32,806 | CONMED Corp. | 1,713,129 | ||||||
11,356 | CorVel Corp.(b) | 681,360 | ||||||
5,749 | Cotiviti Holdings, Inc.(b) | 202,135 | ||||||
35,326 | Cross Country Healthcare, Inc.(b) | 482,200 | ||||||
16,117 | CryoLife, Inc.(b) | 313,476 | ||||||
52,176 | Depomed, Inc.(b) | 252,532 | ||||||
3,768 | DexCom, Inc.(b) | 169,447 | ||||||
69,381 | Diplomat Pharmacy, Inc.(b) | 1,460,470 | ||||||
52,672 | Dynavax Technologies Corp.(b) | 1,158,784 | ||||||
33,662 | Emergent Biosolutions, Inc.(b) | 1,379,805 | ||||||
12,393 | Enanta Pharmaceuticals, Inc.(b) | 615,560 | ||||||
27,967 | Endologix, Inc.(b) | 148,225 | ||||||
55,095 | Ensign Group, Inc. (The) | 1,271,593 | ||||||
7,942 | Esperion Therapeutics, Inc.(b) | 363,267 | ||||||
13,653 | Evolent Health, Inc., Class A(b)(c) | 221,861 | ||||||
18,000 | Exact Sciences Corp.(b) | 989,820 | ||||||
16,891 | Exactech, Inc.(b) | 706,888 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
8,606 | FibroGen, Inc.(b) | $ | 480,645 | |||||
14,520 | Five Prime Therapeutics, Inc.(b) | 651,367 | ||||||
167,194 | Five Star Senior Living, Inc.(b) | 250,791 | ||||||
129,679 | Genesis Healthcare, Inc., Class A(b)(c) | 126,657 | ||||||
44,530 | Globus Medical, Inc., Class A(b) | 1,419,171 | ||||||
49,506 | Haemonetics Corp.(b) | 2,354,505 | ||||||
70,751 | Halyard Health, Inc.(b) | 2,982,155 | ||||||
6,752 | HealthEquity, Inc.(b) | 339,085 | ||||||
17,275 | HealthStream, Inc.(b) | 422,547 | ||||||
48,672 | Hill-Rom Holdings, Inc. | 3,928,317 | ||||||
73,872 | HMS Holdings Corp.(b) | 1,421,297 | ||||||
91,967 | Horizon Pharma PLC(b) | 1,247,073 | ||||||
29,760 | ICON PLC(b) | 3,537,274 | ||||||
6,854 | ICU Medical, Inc.(b) | 1,309,799 | ||||||
16,599 | IDEXX Laboratories, Inc.(b) | 2,758,256 | ||||||
141,428 | Impax Laboratories, Inc.(b) | 2,566,918 | ||||||
23,124 | INC Research Holdings, Inc., Class A(b) | 1,321,537 | ||||||
3,786 | Incyte Corp.(b) | 428,765 | ||||||
3,159 | Inogen, Inc.(b) | 312,520 | ||||||
47,064 | Inovalon Holdings, Inc., Class A(b)(c) | 788,322 | ||||||
21,669 | Insmed, Inc.(b) | 585,280 | ||||||
4,504 | Insulet Corp.(b) | 264,880 | ||||||
17,866 | Insys Therapeutics, Inc.(b)(c) | 92,010 | ||||||
45,485 | Integer Holdings Corp.(b) | 2,210,571 | ||||||
16,112 | Integra LifeSciences Holdings Corp.(b) | 753,719 | ||||||
3,079 | Intercept Pharmaceuticals, Inc.(b)(c) | 189,759 | ||||||
27,280 | Intra-Cellular Therapies, Inc.(b) | 425,295 | ||||||
15,487 | Intrexon Corp.(b)(c) | 253,212 | ||||||
87,458 | Invacare Corp. | 1,355,599 | ||||||
7,220 | Ionis Pharmaceuticals, Inc.(b)(c) | 412,334 | ||||||
38,076 | Juno Therapeutics, Inc.(b)(c) | 1,709,993 | ||||||
12,026 | K2M Group Holdings, Inc.(b) | 236,792 | ||||||
28,857 | Lannett Co., Inc.(b)(c) | 574,254 | ||||||
13,827 | LHC Group, Inc.(b) | 923,782 | ||||||
3,571 | Ligand Pharmaceuticals, Inc.(b)(c) | 519,045 | ||||||
14,063 | LivaNova PLC(b) | 1,039,256 | ||||||
35,442 | Luminex Corp. | 756,687 | ||||||
15,634 | MacroGenics, Inc.(b) | 309,397 | ||||||
10,006 | Masimo Corp.(b) | 878,127 | ||||||
21,645 | Medicines Co. (The)(b) | 622,077 | ||||||
9,395 | Medidata Solutions, Inc.(b) | 706,786 | ||||||
11,751 | Medpace Holdings, Inc.(b) | 440,310 | ||||||
77,821 | Meridian Bioscience, Inc. | 1,163,424 | ||||||
36,868 | Merit Medical Systems, Inc.(b) | 1,402,827 | ||||||
22,078 | Momenta Pharmaceuticals, Inc.(b) | 311,300 | ||||||
95,496 | Myriad Genetics, Inc.(b) | 3,273,603 | ||||||
21,105 | Natus Medical, Inc.(b) | 894,852 | ||||||
12,287 | Neogen Corp.(b) | 985,417 | ||||||
10,773 | Neurocrine Biosciences, Inc.(b) | 669,111 | ||||||
2,095 | Nevro Corp.(b) | 183,480 | ||||||
12,330 | NewLink Genetics Corp.(b)(c) | 115,409 | ||||||
211,414 | Novavax, Inc.(b)(c) | 230,441 | ||||||
21,530 | NuVasive, Inc.(b) | 1,221,397 | ||||||
14,622 | NxStage Medical, Inc.(b) | 394,063 | ||||||
23,840 | Omnicell, Inc.(b) | 1,187,232 | ||||||
151,303 | OPKO Health, Inc.(b)(c) | 1,018,269 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
21,192 | OraSure Technologies, Inc.(b) | $ | 418,542 | |||||
18,925 | Orthofix International NV(b) | 1,016,840 | ||||||
6,863 | Pacira Pharmaceuticals, Inc.(b) | 219,959 | ||||||
3,710 | Penumbra, Inc.(b) | 373,041 | ||||||
85,444 | PharMerica Corp.(b) | 2,503,509 | ||||||
13,099 | Phibro Animal Health Corp., Class A | 493,177 | ||||||
13,298 | Portola Pharmaceuticals, Inc.(b) | 657,054 | ||||||
23,934 | PRA Health Sciences, Inc.(b) | 1,948,946 | ||||||
31,575 | Premier, Inc., Class A(b) | 1,031,555 | ||||||
38,080 | Prestige Brands Holdings, Inc.(b) | 1,785,952 | ||||||
7,193 | Prothena Corp. PLC (Ireland)(b) | 417,554 | ||||||
29,737 | Providence Service Corp. (The)(b) | 1,653,377 | ||||||
18,075 | PTC Therapeutics, Inc.(b) | 338,726 | ||||||
67,899 | Quality Systems, Inc.(b) | 955,339 | ||||||
17,668 | Quidel Corp.(b) | 723,505 | ||||||
251,262 | Quorum Health Corp.(b) | 1,437,219 | ||||||
9,057 | Radius Health, Inc.(b) | 290,820 | ||||||
97,157 | RadNet, Inc.(b) | 1,063,869 | ||||||
11,394 | REGENXBIO, Inc.(b) | 341,250 | ||||||
7,727 | Repligen Corp.(b) | 287,444 | ||||||
15,770 | Retrophin, Inc.(b) | 392,200 | ||||||
120,152 | RTI Surgical, Inc.(b) | 540,684 | ||||||
55,357 | Sangamo Therapeutics, Inc.(b) | 686,427 | ||||||
7,218 | Sarepta Therapeutics, Inc.(b) | 355,920 | ||||||
10,222 | Seattle Genetics, Inc.(b) | 626,711 | ||||||
3,536 | Spark Therapeutics, Inc.(b) | 286,062 | ||||||
62,067 | Spectrum Pharmaceuticals, Inc.(b) | 1,215,893 | ||||||
18,239 | Surgery Partners, Inc.(b)(c) | 168,711 | ||||||
9,135 | SurModics, Inc.(b) | 271,766 | ||||||
12,718 | Taro Pharmaceutical Industries Ltd.(b)(c) | 1,429,758 | ||||||
41,192 | Tetraphase Pharmaceuticals, Inc.(b) | 247,564 | ||||||
6,878 | Theravance Biopharma, Inc. (Cayman Islands)(b)(c) | 198,499 | ||||||
30,191 | Tivity Health, Inc.(b) | 1,396,334 | ||||||
61,760 | Triple-S Management Corp., Class B(b) | 1,482,858 | ||||||
7,117 | U.S. Physical Therapy, Inc. | 483,600 | ||||||
6,787 | Ultragenyx Pharmaceutical, Inc.(b) | 312,813 | ||||||
14,573 | Veeva Systems, Inc., Class A(b) | 888,079 | ||||||
20,498 | Vertex Pharmaceuticals, Inc.(b) | 2,997,423 | ||||||
33,311 | West Pharmaceutical Services, Inc. | 3,377,735 | ||||||
48,878 | Wright Medical Group NV(b) | 1,281,092 | ||||||
22,039 | Zogenix, Inc.(b) | 826,463 | ||||||
|
| |||||||
152,953,781 | ||||||||
|
| |||||||
Industrials—17.2% | ||||||||
15,014 | AAON, Inc. | 525,490 | ||||||
69,785 | AAR Corp. | 2,713,939 | ||||||
164,452 | ACCO Brands Corp.(b) | 2,146,099 | ||||||
71,389 | Actuant Corp., Class A | 1,820,419 | ||||||
48,629 | Advanced Drainage Systems, Inc. | 950,697 | ||||||
22,383 | Advisory Board Co. (The)(b) | 1,207,003 | ||||||
77,974 | Aegion Corp.(b) | 1,816,014 | ||||||
53,878 | Aerojet Rocketdyne Holdings, Inc.(b) | 1,701,467 | ||||||
16,402 | Aerovironment, Inc.(b) | 839,126 | ||||||
71,714 | Air Transport Services Group, Inc.(b) | 1,735,479 | ||||||
10,041 | Alamo Group, Inc. | 1,059,325 | ||||||
22,879 | Alaska Air Group, Inc. | 1,510,700 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
22,212 | Albany International Corp., Class A | $ | 1,340,494 | |||||
3,274 | Allegiant Travel Co. | 446,574 | ||||||
35,937 | Allegion PLC | 2,996,786 | ||||||
24,949 | Altra Industrial Motion Corp. | 1,195,057 | ||||||
59,304 | Ameresco, Inc., Class A(b) | 456,641 | ||||||
15,659 | American Railcar Industries, Inc.(c) | 623,228 | ||||||
8,269 | American Woodmark Corp.(b) | 798,785 | ||||||
17,183 | Apogee Enterprises, Inc. | 820,145 | ||||||
41,151 | Applied Industrial Technologies, Inc. | 2,619,261 | ||||||
79,089 | ARC Document Solutions, Inc.(b) | 349,573 | ||||||
65,023 | ArcBest Corp. | 2,119,750 | ||||||
8,233 | Argan, Inc. | 566,019 | ||||||
70,541 | Armstrong Flooring, Inc.(b) | 1,044,007 | ||||||
15,427 | Astec Industries, Inc. | 801,433 | ||||||
18,833 | Astronics Corp.(b) | 647,855 | ||||||
11,844 | Atkore International Group, Inc.(b) | 228,708 | ||||||
5,237 | Atlas Air Worldwide Holdings, Inc.(b) | 321,290 | ||||||
14,586 | Axon Enterprise, Inc.(b)(c) | 335,040 | ||||||
25,075 | AZZ, Inc. | 1,198,585 | ||||||
144,800 | Babcock & Wilcox Enterprises, Inc.(b)(c) | 634,224 | ||||||
43,944 | Barnes Group, Inc. | 2,860,315 | ||||||
6,357 | Barrett Business Services, Inc. | 386,442 | ||||||
68,155 | Beacon Roofing Supply, Inc.(b) | 3,776,469 | ||||||
64,410 | BMC Stock Holdings, Inc.(b) | 1,381,594 | ||||||
44,471 | Brady Corp., Class A | 1,692,122 | ||||||
91,586 | Briggs & Stratton Corp. | 2,307,967 | ||||||
94,884 | Builders FirstSource, Inc.(b) | 1,709,810 | ||||||
57,950 | BWX Technologies, Inc. | 3,472,364 | ||||||
17,839 | Caesarstone Ltd. (Israel)(b) | 504,844 | ||||||
50,821 | CAI International, Inc.(b) | 1,881,393 | ||||||
56,982 | Casella Waste Systems, Inc., Class A(b) | 1,051,888 | ||||||
78,048 | CBIZ, Inc.(b) | 1,322,914 | ||||||
36,919 | CECO Environmental Corp. | 323,780 | ||||||
110,006 | Celadon Group, Inc.(c) | 808,544 | ||||||
47,874 | Chart Industries, Inc.(b) | 2,082,519 | ||||||
16,623 | CIRCOR International, Inc. | 730,581 | ||||||
591,581 | Civeo Corp.(b) | 1,236,404 | ||||||
27,527 | Columbus McKinnon Corp. | 1,088,968 | ||||||
38,792 | Comfort Systems USA, Inc. | 1,718,486 | ||||||
108,684 | Commercial Vehicle Group, Inc.(b) | 882,514 | ||||||
30,146 | Continental Building Products, Inc.(b) | 804,898 | ||||||
11,700 | Copa Holdings SA, Class A (Panama) | 1,441,323 | ||||||
98,030 | Copart, Inc.(b) | 3,557,509 | ||||||
180,110 | Costamare, Inc. (Monaco)(c) | 1,118,483 | ||||||
33,768 | Covenant Transportation Group, Inc., Class A(b) | 1,002,910 | ||||||
12,931 | CRA International, Inc. | 546,464 | ||||||
16,113 | CSW Industrials, Inc.(b) | 790,343 | ||||||
26,124 | Cubic Corp. | 1,425,064 | ||||||
350,571 | Diana Shipping, Inc. (Greece)(b)(c) | 1,416,307 | ||||||
17,637 | DMC Global, Inc. | 383,605 | ||||||
24,524 | Douglas Dynamics, Inc. | 1,028,782 | ||||||
19,110 | Ducommun, Inc.(b) | 630,057 | ||||||
31,053 | DXP Enterprises, Inc.(b) | 995,870 | ||||||
29,029 | Dycom Industries, Inc.(b) | 2,549,617 | ||||||
46,162 | Eagle Bulk Shipping, Inc.(b)(c) | 216,961 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
51,269 | Echo Global Logistics, Inc.(b) | $ | 1,233,019 | |||||
27,009 | Encore Wire Corp. | 1,219,456 | ||||||
28,949 | Engility Holdings, Inc.(b) | 974,713 | ||||||
58,049 | Ennis, Inc. | 1,169,687 | ||||||
29,685 | EnPro Industries, Inc. | 2,485,822 | ||||||
21,283 | ESCO Technologies, Inc. | 1,233,350 | ||||||
12,198 | Exponent, Inc. | 900,822 | ||||||
67,452 | Federal Signal Corp. | 1,440,100 | ||||||
8,857 | Forrester Research, Inc. | 387,051 | ||||||
26,815 | Forward Air Corp. | 1,540,254 | ||||||
15,445 | Franklin Covey Co.(b) | 299,633 | ||||||
33,551 | Franklin Electric Co., Inc. | 1,526,570 | ||||||
39,976 | FreightCar America, Inc. | 748,351 | ||||||
28,870 | Gibraltar Industries, Inc.(b) | 959,927 | ||||||
36,501 | Global Brass & Copper Holdings, Inc. | 1,277,535 | ||||||
10,155 | GMS, Inc.(b) | 345,778 | ||||||
19,348 | GP Strategies Corp.(b) | 562,059 | ||||||
10,109 | Graham Corp. | 194,800 | ||||||
36,712 | Granite Construction, Inc. | 2,338,187 | ||||||
175,357 | Great Lakes Dredge & Dock Corp.(b) | 894,321 | ||||||
48,640 | Greenbrier Cos., Inc. (The)(c) | 2,539,008 | ||||||
55,870 | Griffon Corp. | 1,259,868 | ||||||
80,591 | H&E Equipment Services, Inc. | 2,654,668 | ||||||
15,706 | Hawaiian Holdings, Inc.(b) | 526,151 | ||||||
151,584 | HC2 Holdings, Inc.(b) | 823,101 | ||||||
45,854 | Healthcare Services Group, Inc. | 2,425,218 | ||||||
51,504 | Heartland Express, Inc. | 1,098,580 | ||||||
11,787 | HEICO Corp. | 1,068,845 | ||||||
24,954 | HEICO Corp., Class A | 1,898,999 | ||||||
33,065 | Heidrick & Struggles International, Inc. | 821,665 | ||||||
53,386 | Herc Holdings, Inc.(b) | 2,587,086 | ||||||
15,511 | Heritage-Crystal Clean, Inc.(b) | 303,240 | ||||||
77,970 | Herman Miller, Inc. | 2,619,792 | ||||||
57,112 | Hexcel Corp. | 3,466,127 | ||||||
75,806 | Hillenbrand, Inc. | 2,998,127 | ||||||
57,102 | HNI Corp. | 1,954,030 | ||||||
41,830 | Huron Consulting Group, Inc.(b) | 1,530,978 | ||||||
21,897 | Hyster-Yale Materials Handling, Inc. | 1,718,696 | ||||||
30,229 | ICF International, Inc.(b) | 1,623,297 | ||||||
72,720 | InnerWorkings, Inc.(b) | 791,194 | ||||||
18,356 | Insperity, Inc. | 1,741,984 | ||||||
12,384 | Insteel Industries, Inc. | 316,411 | ||||||
73,113 | Interface, Inc. | 1,666,976 | ||||||
136,796 | JetBlue Airways Corp.(b) | 2,619,643 | ||||||
12,507 | John Bean Technologies Corp. | 1,336,998 | ||||||
10,251 | Kadant, Inc. | 1,164,514 | ||||||
39,598 | Kaman Corp. | 2,215,112 | ||||||
90,446 | Kelly Services, Inc., Class A | 2,379,634 | ||||||
36,716 | KeyW Holding Corp. (The)(b)(c) | 277,206 | ||||||
36,138 | Kforce, Inc. | 757,091 | ||||||
43,367 | Kimball International, Inc., Class B | 831,345 | ||||||
46,593 | Knight-Swift Transportation Holdings, Inc., Class A(b) | 1,931,280 | ||||||
54,794 | Knoll, Inc. | 1,162,729 | ||||||
49,217 | Korn/Ferry International | 2,058,747 | ||||||
1,007,256 | Kratos Defense & Security Solutions, Inc.(b) | 12,127,362 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
35,711 | Landstar System, Inc. | $ | 3,526,461 | |||||
69,871 | Layne Christensen Co.(b) | 922,996 | ||||||
41,873 | LB Foster Co., Class A(b) | 1,042,638 | ||||||
18,762 | Lennox International, Inc. | 3,585,981 | ||||||
11,196 | Lindsay Corp.(c) | 1,025,106 | ||||||
38,056 | LSI Industries, Inc. | 264,489 | ||||||
12,525 | Lydall, Inc.(b) | 723,945 | ||||||
124,408 | Manitowoc Co., Inc. (The)(b) | 1,184,364 | ||||||
57,450 | Marten Transport Ltd. | 1,128,893 | ||||||
27,551 | Masonite International Corp.(b) | 1,848,672 | ||||||
13,973 | Matson, Inc. | 380,485 | ||||||
23,068 | Matthews International Corp., Class A | 1,449,824 | ||||||
30,523 | McGrath RentCorp | 1,364,378 | ||||||
14,506 | Mercury Systems, Inc.(b) | 732,118 | ||||||
20,795 | Middleby Corp. (The)(b) | 2,410,141 | ||||||
21,230 | Milacron Holdings Corp.(b) | 381,079 | ||||||
19,912 | Miller Industries, Inc. | 562,514 | ||||||
25,722 | Mistras Group, Inc.(b) | 540,419 | ||||||
43,778 | Mobile Mini, Inc. | 1,449,052 | ||||||
30,358 | MSA Safety, Inc. | 2,413,461 | ||||||
51,669 | Mueller Industries, Inc. | 1,795,498 | ||||||
107,496 | Mueller Water Products, Inc., Class A | 1,283,502 | ||||||
11,864 | Multi-Color Corp. | 981,153 | ||||||
32,101 | MYR Group, Inc.(b) | 1,023,701 | ||||||
10,022 | National Presto Industries, Inc. | 1,171,572 | ||||||
69,800 | Navigant Consulting, Inc.(b) | 1,208,238 | ||||||
736,851 | Navios Maritime Holdings, Inc. (Monaco)(b)(c) | 1,341,069 | ||||||
49,019 | NCI Building Systems, Inc.(b) | 781,853 | ||||||
33,344 | NN, Inc. | 985,315 | ||||||
24,316 | Nordson Corp. | 3,080,594 | ||||||
33,497 | Northwest Pipe Co.(b) | 610,985 | ||||||
42,420 | On Assignment, Inc.(b) | 2,596,952 | ||||||
56,525 | Orion Group Holdings, Inc.(b) | 406,980 | ||||||
10,400 | P.A.M. Transportation Services, Inc.(b) | 304,408 | ||||||
17,902 | Park-Ohio Holdings Corp. | 844,079 | ||||||
9,243 | Patrick Industries, Inc.(b) | 859,599 | ||||||
37,386 | PGT Innovations, Inc.(b) | 527,143 | ||||||
27,044 | Ply Gem Holdings, Inc.(b) | 457,044 | ||||||
19,813 | Powell Industries, Inc. | 574,181 | ||||||
45,120 | Primoris Services Corp. | 1,275,542 | ||||||
11,906 | Proto Labs, Inc.(b) | 1,038,799 | ||||||
109,075 | Quad/Graphics, Inc., Class A | 2,485,819 | ||||||
48,185 | Quanex Building Products Corp. | 1,057,661 | ||||||
32,295 | Raven Industries, Inc. | 1,086,727 | ||||||
13,093 | RBC Bearings, Inc.(b) | 1,621,175 | ||||||
51,719 | Resources Connection, Inc. | 814,574 | ||||||
195,468 | Roadrunner Transportation Systems, Inc.(b) | 1,720,118 | ||||||
42,326 | Rollins, Inc. | 1,858,535 | ||||||
102,480 | RPX Corp.(b) | 1,334,290 | ||||||
350,927 | Safe Bulkers, Inc. (Greece)(b)(c) | 1,245,791 | ||||||
36,462 | Saia, Inc.(b) | 2,362,738 | ||||||
112,564 | Scorpio Bulkers, Inc.(b) | 900,512 | ||||||
255,048 | Seaspan Corp. (Hong Kong)(c) | 1,785,336 | ||||||
29,463 | Simpson Manufacturing Co., Inc. | 1,642,268 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
16,944 | Siteone Landscape Supply, Inc.(b) | $ | 1,076,113 | |||||
30,391 | SkyWest, Inc. | 1,431,416 | ||||||
37,445 | SP Plus Corp.(b) | 1,450,994 | ||||||
55,938 | Spartan Motors, Inc. | 903,399 | ||||||
15,844 | Sparton Corp.(b) | 369,007 | ||||||
18,734 | Spirit Airlines, Inc.(b) | 694,844 | ||||||
48,235 | SPX Corp.(b) | 1,412,803 | ||||||
9,609 | Standex International Corp. | 995,012 | ||||||
164,301 | Steelcase, Inc., Class A | 2,390,580 | ||||||
20,403 | Sun Hydraulics Corp. | 1,173,785 | ||||||
75,481 | Sunrun, Inc.(b)(c) | 433,261 | ||||||
31,467 | Team, Inc.(b) | 387,044 | ||||||
15,660 | Tennant Co. | 1,086,021 | ||||||
52,156 | Tetra Tech, Inc. | 2,568,683 | ||||||
81,353 | Textainer Group Holdings Ltd.(b)(c) | 1,590,451 | ||||||
39,675 | Thermon Group Holdings, Inc.(b) | 853,409 | ||||||
96,620 | Titan International, Inc. | 941,079 | ||||||
86,389 | Titan Machinery, Inc.(b) | 1,286,332 | ||||||
48,679 | Toro Co. (The) | 3,059,475 | ||||||
8,521 | Trex Co., Inc.(b) | 932,623 | ||||||
69,971 | TriMas Corp.(b) | 1,857,730 | ||||||
30,722 | TriNet Group, Inc.(b) | 1,066,668 | ||||||
66,291 | Triton International Ltd. (Bermuda)(b) | 2,645,011 | ||||||
87,330 | TrueBlue, Inc.(b) | 2,366,643 | ||||||
17,200 | Twin Disc, Inc.(b) | 367,220 | ||||||
14,740 | UniFirst Corp. | 2,321,550 | ||||||
22,571 | Universal Forest Products, Inc. | 2,548,266 | ||||||
15,961 | US Ecology, Inc. | 758,946 | ||||||
41,731 | USA Truck, Inc.(b) | 588,407 | ||||||
93,334 | USG Corp.(b) | 3,204,156 | ||||||
46,948 | Vectrus, Inc.(b) | 1,432,383 | ||||||
49,413 | Veritiv Corp.(b) | 1,588,628 | ||||||
29,535 | Viad Corp. | 1,714,507 | ||||||
12,339 | VSE Corp. | 605,845 | ||||||
105,358 | Wabash National Corp. | 2,370,555 | ||||||
7,625 | WageWorks, Inc.(b) | 486,094 | ||||||
22,898 | Watts Water Technologies, Inc., Class A | 1,543,325 | ||||||
82,129 | Werner Enterprises, Inc. | 2,927,899 | ||||||
108,756 | Wesco Aircraft Holdings, Inc.(b) | 984,242 | ||||||
15,566 | Willis Lease Finance Corp.(b) | 390,551 | ||||||
41,226 | Xerium Technologies, Inc.(b) | 193,762 | ||||||
|
| |||||||
302,723,947 | ||||||||
|
| |||||||
Information Technology—16.2% | ||||||||
6,039 | 2U, Inc.(b) | 384,262 | ||||||
55,539 | 3D Systems Corp.(b)(c) | 687,573 | ||||||
28,970 | 8x8, Inc.(b) | 386,749 | ||||||
101,264 | ACI Worldwide, Inc.(b) | 2,438,437 | ||||||
28,077 | Actua Corp.(b) | 433,790 | ||||||
62,325 | Acxiom Corp.(b) | 1,568,097 | ||||||
52,706 | ADTRAN, Inc. | 1,112,097 | ||||||
13,504 | Advanced Energy Industries, Inc.(b) | 1,144,059 | ||||||
234,492 | Advanced Micro Devices, Inc.(b)(c) | 2,575,895 | ||||||
26,187 | Alpha & Omega Semiconductor Ltd.(b) | 482,626 | ||||||
11,959 | Ambarella, Inc.(b)(c) | 674,966 | ||||||
7,293 | Applied Optoelectronics, Inc.(b)(c) | 297,117 | ||||||
7,118 | Arista Networks, Inc.(b) | 1,422,817 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
8,826 | Aspen Technology, Inc.(b) | $ | 569,454 | |||||
79,578 | Avid Technology, Inc.(b) | 353,326 | ||||||
78,356 | AVX Corp. | 1,476,227 | ||||||
23,666 | Axcelis Technologies, Inc.(b) | 778,611 | ||||||
18,786 | Badger Meter, Inc. | 822,827 | ||||||
77,751 | Bankrate, Inc.(b) | 1,080,739 | ||||||
66,055 | Bazaarvoice, Inc.(b) | 318,715 | ||||||
14,601 | Bel Fuse, Inc., Class B | 472,342 | ||||||
36,681 | Belden, Inc. | 2,931,179 | ||||||
83,621 | Black Box Corp. | 259,225 | ||||||
11,491 | Black Knight, Inc.(b) | 521,117 | ||||||
14,874 | Blackbaud, Inc. | 1,506,736 | ||||||
53,108 | Blackhawk Network Holdings, Inc., Class A(b) | 1,803,017 | ||||||
57,157 | Blucora, Inc.(b) | 1,240,307 | ||||||
24,499 | Bottomline Technologies (de), Inc.(b) | 797,687 | ||||||
10,094 | BroadSoft, Inc.(b)(c) | 553,656 | ||||||
55,082 | Brooks Automation, Inc. | 1,894,270 | ||||||
30,479 | Cabot Microelectronics Corp. | 2,946,405 | ||||||
29,273 | CalAmp Corp.(b) | 665,375 | ||||||
62,995 | Calix, Inc.(b) | 346,472 | ||||||
10,673 | Callidus Software, Inc.(b) | 270,561 | ||||||
34,420 | Cardtronics PLC, Class A(b) | 788,218 | ||||||
7,440 | Cass Information Systems, Inc. | 479,880 | ||||||
10,131 | Cavium, Inc.(b) | 698,938 | ||||||
7,717 | CEVA, Inc.(b) | 372,731 | ||||||
95,074 | Ciena Corp.(b) | 2,022,224 | ||||||
19,137 | Cimpress NV (Netherlands)(b)(c) | 2,088,612 | ||||||
40,692 | Cirrus Logic, Inc.(b) | 2,278,752 | ||||||
18,516 | Cognex Corp. | 2,280,245 | ||||||
10,076 | Coherent, Inc.(b) | 2,647,066 | ||||||
29,381 | Cohu, Inc. | 758,030 | ||||||
19,313 | CommVault Systems, Inc.(b) | 1,005,242 | ||||||
95,801 | Comtech Telecommunications Corp. | 2,060,680 | ||||||
12,956 | Control4 Corp.(b) | 381,554 | ||||||
10,999 | CoStar Group, Inc.(b) | 3,252,954 | ||||||
49,936 | Cray, Inc.(b) | 1,031,178 | ||||||
32,252 | CSG Systems International, Inc. | 1,365,550 | ||||||
28,595 | CTS Corp. | 777,784 | ||||||
5,661 | CyberArk Software Ltd. (Israel)(b) | 239,857 | ||||||
78,583 | Daktronics, Inc. | 807,047 | ||||||
26,595 | Dell Technologies, Inc., Class V(b) | 2,201,268 | ||||||
98,365 | DHI Group, Inc.(b) | 216,403 | ||||||
39,364 | Digi International, Inc.(b) | 409,386 | ||||||
51,656 | Diodes, Inc.(b) | 1,773,867 | ||||||
36,139 | Dolby Laboratories, Inc., Class A | 2,093,894 | ||||||
24,928 | DSP Group, Inc.(b) | 334,035 | ||||||
78,981 | Eastman Kodak Co.(b) | 422,548 | ||||||
11,799 | Ebix, Inc.(c) | 801,742 | ||||||
69,237 | Electro Scientific Industries, Inc.(b) | 1,238,650 | ||||||
38,670 | Electronics For Imaging, Inc.(b) | 1,193,356 | ||||||
5,513 | Ellie Mae, Inc.(b) | 495,894 | ||||||
23,169 | EMCORE Corp.(b) | 191,144 | ||||||
42,078 | Endurance International Group Holdings, Inc.(b) | 345,040 | ||||||
77,648 | Entegris, Inc. | 2,542,972 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
18,371 | Envestnet, Inc.(b) | $ | 981,011 | |||||
19,860 | EPAM Systems, Inc.(b) | 1,810,239 | ||||||
20,127 | ePlus, Inc.(b) | 1,924,141 | ||||||
37,144 | Etsy, Inc.(b) | 620,305 | ||||||
33,306 | Euronet Worldwide, Inc.(b) | 3,218,692 | ||||||
267,649 | Everi Holdings, Inc.(b) | 2,218,810 | ||||||
48,085 | EVERTEC, Inc. | 721,275 | ||||||
18,829 | ExlService Holdings, Inc.(b) | 1,175,306 | ||||||
65,579 | Extreme Networks, Inc.(b) | 786,948 | ||||||
24,183 | Fabrinet (Thailand)(b) | 899,124 | ||||||
9,323 | Fair Isaac Corp. | 1,353,327 | ||||||
18,647 | FARO Technologies, Inc.(b) | 965,915 | ||||||
65,496 | Finisar Corp.(b) | 1,541,776 | ||||||
98,638 | FireEye, Inc.(b)(c) | 1,668,955 | ||||||
193,081 | Fitbit, Inc., Class A(b)(c) | 1,185,517 | ||||||
32,676 | FormFactor, Inc.(b) | 594,703 | ||||||
35,143 | Fortinet, Inc.(b) | 1,384,986 | ||||||
21,450 | Gartner, Inc.(b) | 2,687,899 | ||||||
6,927 | Gigamon, Inc.(b) | 266,689 | ||||||
6,783 | Globant SA(b)(c) | 255,855 | ||||||
163,315 | Glu Mobile, Inc.(b)(c) | 654,893 | ||||||
13,744 | GoDaddy, Inc., Class A(b) | 641,845 | ||||||
25,863 | Gogo, Inc.(b)(c) | 257,078 | ||||||
28,101 | GrubHub, Inc.(b)(c) | 1,714,723 | ||||||
8,319 | GTT Communications, Inc.(b) | 303,228 | ||||||
14,940 | Guidewire Software, Inc.(b) | 1,194,901 | ||||||
15,284 | Hackett Group, Inc. (The) | 235,985 | ||||||
138,881 | Harmonic, Inc.(b) | 513,860 | ||||||
43,838 | II-VI, Inc.(b) | 1,981,478 | ||||||
6,782 | Imperva, Inc.(b) | 289,591 | ||||||
100,619 | Infinera Corp.(b) | 842,181 | ||||||
8,004 | Inphi Corp.(b)(c) | 328,004 | ||||||
78,611 | Inseego Corp.(b)(c) | 117,916 | ||||||
63,229 | Integrated Device Technology, Inc.(b) | 1,964,525 | ||||||
18,514 | InterDigital, Inc. | 1,358,002 | ||||||
303,198 | Internap Corp.(b)(c) | 1,409,871 | ||||||
27,961 | InterXion Holding NV (Netherlands)(b) | 1,492,838 | ||||||
11,812 | IPG Photonics Corp.(b) | 2,514,893 | ||||||
34,276 | Itron, Inc.(b) | 2,678,669 | ||||||
35,442 | IXYS Corp.(b) | 875,417 | ||||||
29,214 | j2 Global, Inc. | 2,165,926 | ||||||
32,202 | Jack Henry & Associates, Inc. | 3,546,406 | ||||||
47,656 | Kimball Electronics, Inc.(b) | 1,048,432 | ||||||
128,947 | Knowles Corp.(b) | 2,135,362 | ||||||
85,146 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 1,928,557 | ||||||
24,946 | KVH Industries, Inc.(b) | 288,126 | ||||||
91,875 | Lattice Semiconductor Corp.(b) | 537,469 | ||||||
63,965 | Liquidity Services, Inc.(b) | 364,600 | ||||||
10,723 | Littelfuse, Inc. | 2,241,107 | ||||||
47,470 | LivePerson, Inc.(b) | 666,953 | ||||||
3,789 | LogMeIn, Inc. | 458,658 | ||||||
20,607 | Lumentum Holdings, Inc.(b)(c) | 1,301,332 | ||||||
9,788 | Luxoft Holding, Inc., Class A(b) | 455,631 | ||||||
7,402 | MACOM Technology Solutions Holdings, Inc.(b) | 302,594 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
69,215 | Magnachip Semiconductor Corp. (South Korea)(b)(c) | $ | 716,375 | |||||
19,911 | Manhattan Associates, Inc.(b) | 833,474 | ||||||
51,745 | ManTech International Corp., Class A | 2,401,485 | ||||||
71,940 | Marchex, Inc., Class B(b) | 223,014 | ||||||
14,945 | Match Group, Inc.(b)(c) | 399,629 | ||||||
32,763 | MAXIMUS, Inc. | 2,176,446 | ||||||
13,840 | MaxLinear, Inc., Class A(b) | 338,665 | ||||||
57,386 | Maxwell Technologies, Inc.(b)(c) | 276,601 | ||||||
27,464 | Mellanox Technologies Ltd. (Israel)(b)(c) | 1,283,942 | ||||||
6,054 | MercadoLibre, Inc. (Argentina) | 1,454,837 | ||||||
29,583 | Methode Electronics, Inc. | 1,387,443 | ||||||
53,146 | Microsemi Corp.(b) | 2,836,402 | ||||||
4,917 | MicroStrategy, Inc., Class A(b) | 650,322 | ||||||
32,399 | MKS Instruments, Inc. | 3,520,151 | ||||||
72,054 | MoneyGram International, Inc.(b) | 1,120,440 | ||||||
9,120 | Monolithic Power Systems, Inc. | 1,109,630 | ||||||
30,583 | Monotype Imaging Holdings, Inc. | 704,938 | ||||||
19,728 | MTS Systems Corp. | 1,026,842 | ||||||
13,320 | Nanometrics, Inc.(b) | 376,556 | ||||||
82,416 | National Instruments Corp. | 3,708,720 | ||||||
25,018 | NeoPhotonics Corp.(b)(c) | 130,344 | ||||||
98,180 | Net 1 UEPS Technologies, Inc. (South Africa)(b) | 896,383 | ||||||
38,775 | NETGEAR, Inc.(b) | 1,808,854 | ||||||
36,866 | NIC, Inc. | 626,722 | ||||||
23,740 | Novanta, Inc.(b) | 1,122,902 | ||||||
38,892 | Oclaro, Inc.(b)(c) | 321,637 | ||||||
38,694 | Orbotech Ltd. (Israel)(b) | 1,730,396 | ||||||
19,655 | OSI Systems, Inc.(b) | 1,737,109 | ||||||
5,846 | Palo Alto Networks, Inc.(b) | 860,531 | ||||||
74,128 | Pandora Media, Inc.(b)(c) | 541,876 | ||||||
48,097 | Park Electrochemical Corp. | 908,071 | ||||||
4,233 | Paycom Software, Inc.(b) | 347,953 | ||||||
29,659 | PC Connection, Inc. | 800,793 | ||||||
13,531 | PDF Solutions, Inc.(b) | 198,229 | ||||||
9,787 | Pegasystems, Inc. | 570,582 | ||||||
46,347 | Perficient, Inc.(b) | 901,449 | ||||||
28,494 | PFSweb, Inc.(b) | 236,500 | ||||||
136,471 | Photronics, Inc.(b) | 1,323,769 | ||||||
26,366 | Plantronics, Inc. | 1,195,962 | ||||||
52,946 | Plexus Corp.(b) | 3,252,473 | ||||||
12,107 | Power Integrations, Inc. | 972,797 | ||||||
41,478 | Progress Software Corp. | 1,755,764 | ||||||
49,049 | PTC, Inc.(b) | 3,259,306 | ||||||
26,065 | Pure Storage, Inc., Class A(b) | 428,248 | ||||||
8,630 | Qualys, Inc.(b) | 456,527 | ||||||
88,285 | QuinStreet, Inc.(b) | 785,736 | ||||||
23,057 | Quotient Technology, Inc.(b) | 360,842 | ||||||
58,155 | Radisys Corp.(b) | 76,765 | ||||||
38,005 | Radware Ltd. (Israel)(b) | 666,608 | ||||||
67,081 | Rambus, Inc.(b) | 986,762 | ||||||
13,794 | RealPage, Inc.(b) | 597,280 | ||||||
17,757 | Rogers Corp.(b) | 2,700,485 | ||||||
33,103 | Rubicon Project, Inc. (The)(b) | 117,847 | ||||||
23,569 | Rudolph Technologies, Inc.(b) | 654,040 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
108,655 | Sabre Corp. | $ | 2,125,292 | |||||
32,513 | Semtech Corp.(b) | 1,334,659 | ||||||
9,763 | ServiceNow, Inc.(b) | 1,233,750 | ||||||
39,150 | ServiceSource International, Inc.(b) | 136,242 | ||||||
3,306 | Shopify, Inc., Class A (Canada)(b) | 328,914 | ||||||
4,610 | Shutterstock, Inc.(b)(c) | 179,744 | ||||||
46,982 | Sigma Designs, Inc.(b) | 284,241 | ||||||
6,975 | Silicom Ltd. (Israel)(c) | 497,248 | ||||||
20,662 | Silicon Laboratories, Inc.(b) | 1,960,824 | ||||||
14,069 | SolarEdge Technologies, Inc.(b) | 462,167 | ||||||
68,152 | Sonus Networks, Inc.(b) | 531,586 | ||||||
17,759 | Splunk, Inc.(b) | 1,195,181 | ||||||
6,356 | SPS Commerce, Inc.(b) | 312,461 | ||||||
33,946 | Square, Inc., Class A(b) | 1,262,452 | ||||||
76,382 | SS&C Technologies Holdings, Inc. | 3,070,556 | ||||||
3,015 | Stamps.com, Inc.(b)(c) | 676,566 | ||||||
63,233 | Stratasys Ltd.(b)(c) | 1,424,007 | ||||||
138,124 | SunPower Corp.(b)(c) | 983,443 | ||||||
53,010 | Super Micro Computer, Inc.(b) | 1,054,899 | ||||||
66,505 | Sykes Enterprises, Inc.(b) | 1,924,655 | ||||||
34,652 | Synaptics, Inc.(b) | 1,286,282 | ||||||
29,817 | Synchronoss Technologies, Inc.(b) | 337,827 | ||||||
55,622 | Syntel, Inc.(b) | 1,299,330 | ||||||
14,359 | Tableau Software, Inc., Class A(b) | 1,164,371 | ||||||
40,050 | Take-Two Interactive Software, Inc.(b) | 4,431,532 | ||||||
24,378 | TeleTech Holdings, Inc. | 1,015,344 | ||||||
114,524 | Tivo Corp. | 2,078,611 | ||||||
194,674 | Travelport Worldwide Ltd. | 3,054,435 | ||||||
126,264 | TTM Technologies, Inc.(b)(c) | 1,992,446 | ||||||
10,126 | Tyler Technologies, Inc.(b) | 1,795,239 | ||||||
7,242 | Ubiquiti Networks, Inc.(b)(c) | 450,308 | ||||||
4,473 | Ultimate Software Group, Inc. (The)(b) | 906,185 | ||||||
49,338 | Ultra Clean Holdings, Inc.(b) | 1,259,106 | ||||||
9,371 | Universal Display Corp. | 1,372,851 | ||||||
30,488 | VASCO Data Security International, Inc.(b) | 414,637 | ||||||
50,543 | Veeco Instruments, Inc.(b) | 912,301 | ||||||
66,000 | Verint Systems, Inc.(b) | 2,785,200 | ||||||
32,626 | VeriSign, Inc.(b)(c) | 3,507,948 | ||||||
65,718 | Versum Materials, Inc. | 2,765,413 | ||||||
41,669 | ViaSat, Inc.(b)(c) | 2,712,652 | ||||||
138,147 | Viavi Solutions, Inc.(b) | 1,282,004 | ||||||
32,339 | Virtusa Corp.(b) | 1,234,056 | ||||||
23,948 | Vishay Precision Group, Inc.(b) | 587,923 | ||||||
30,390 | VMware, Inc., Class A(b)(c) | 3,637,379 | ||||||
41,683 | Web.com Group, Inc.(b) | 1,004,560 | ||||||
27,527 | WEX, Inc.(b) | 3,402,062 | ||||||
11,076 | Workday, Inc., Class A(b) | 1,229,325 | ||||||
65,964 | Xcerra Corp.(b) | 649,745 | ||||||
17,433 | XO Group, Inc.(b) | 347,963 | ||||||
30,525 | Xperi Corp. | 702,075 | ||||||
109,272 | Yandex NV, Class A (Russia)(b) | 3,696,672 | ||||||
24,715 | Yelp, Inc., Class A(b) | 1,154,685 | ||||||
36,371 | Zebra Technologies Corp., Class A(b) | 4,218,672 | ||||||
8,850 | Zendesk, Inc.(b) | 274,350 | ||||||
21,783 | Zillow Group, Inc., Class A(b) | 899,856 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
41,317 | Zillow Group, Inc., Class C(b) | $ | 1,705,566 | |||||
794,974 | Zynga, Inc., Class A(b) | 3,100,399 | ||||||
|
| |||||||
285,411,649 | ||||||||
|
| |||||||
Materials—6.1% | ||||||||
68,332 | A. Schulman, Inc. | 2,685,448 | ||||||
81,848 | Advansix, Inc.(b) | 3,787,107 | ||||||
83,692 | Agrofresh Solutions, Inc.(b)(c) | 493,783 | ||||||
36,279 | American Vanguard Corp. | 816,277 | ||||||
17,817 | Ampco-Pittsburgh Corp. | 294,871 | ||||||
12,332 | Balchem Corp. | 1,039,464 | ||||||
104,726 | Boise Cascade Co.(b) | 3,712,537 | ||||||
53,937 | Calgon Carbon Corp. | 1,170,433 | ||||||
104,860 | Century Aluminum Co.(b) | 1,468,040 | ||||||
45,891 | Clearwater Paper Corp.(b) | 2,117,870 | ||||||
101,493 | Coeur Mining, Inc.(b) | 770,332 | ||||||
17,066 | Core Molding Technologies, Inc. | 396,102 | ||||||
5,496 | Deltic Timber Corp. | 508,985 | ||||||
20,952 | Eagle Materials, Inc. | 2,211,903 | ||||||
108,795 | Ferro Corp.(b) | 2,591,497 | ||||||
43,414 | Ferroglobe PLC | 694,190 | ||||||
52,067 | Flotek Industries, Inc.(b)(c) | 256,170 | ||||||
54,648 | FutureFuel Corp. | 829,557 | ||||||
92,610 | GCP Applied Technologies, Inc.(b) | 2,708,842 | ||||||
88,613 | Gold Resource Corp.(c) | 321,665 | ||||||
294,405 | Golden Star Resources Ltd.(b) | 229,636 | ||||||
49,344 | Greif, Inc., Class A | 2,740,072 | ||||||
53,880 | H.B. Fuller Co. | 3,064,156 | ||||||
11,478 | Hawkins, Inc. | 437,312 | ||||||
21,325 | Haynes International, Inc. | 760,876 | ||||||
262,694 | Hecla Mining Co. | 1,239,916 | ||||||
30,158 | Ingevity Corp.(b) | 2,148,154 | ||||||
34,327 | Innophos Holdings, Inc. | 1,679,620 | ||||||
19,709 | Innospec, Inc. | 1,219,002 | ||||||
312,364 | Intrepid Potash, Inc.(b)(c) | 1,255,703 | ||||||
23,788 | Kaiser Aluminum Corp. | 2,359,294 | ||||||
110,417 | KapStone Paper and Packaging Corp. | 2,479,966 | ||||||
7,495 | KMG Chemicals, Inc. | 413,199 | ||||||
29,366 | Koppers Holdings, Inc.(b) | 1,425,719 | ||||||
64,763 | Kraton Corp.(b) | 3,175,330 | ||||||
49,127 | Kronos Worldwide, Inc. | 1,292,531 | ||||||
100,673 | Louisiana-Pacific Corp.(b) | 2,736,292 | ||||||
122,375 | LSB Industries, Inc.(b)(c) | 923,931 | ||||||
38,855 | Materion Corp. | 1,995,204 | ||||||
143,154 | McEwen Mining, Inc.(b)(c) | 277,719 | ||||||
27,886 | Minerals Technologies, Inc. | 2,005,003 | ||||||
47,593 | Myers Industries, Inc. | 1,028,009 | ||||||
16,582 | Neenah Paper, Inc. | 1,439,318 | ||||||
32,483 | Olympic Steel, Inc. | 613,279 | ||||||
123,350 | OMNOVA Solutions, Inc.(b) | 1,363,017 | ||||||
96,201 | P.H. Glatfelter Co. | 2,016,373 | ||||||
9,035 | Quaker Chemical Corp. | 1,403,316 | ||||||
120,312 | Rayonier Advanced Materials, Inc.(c) | 1,728,883 | ||||||
43,602 | Royal Gold, Inc. | 3,667,364 | ||||||
100,255 | Ryerson Holding Corp.(b) | 882,244 | ||||||
83,198 | Schnitzer Steel Industries, Inc., Class A | 2,450,181 | ||||||
42,867 | Schweitzer-Mauduit International, Inc. | 1,810,273 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
31,977 | Scotts Miracle-Gro Co. (The) | $ | 3,185,549 | |||||
37,376 | Sensient Technologies Corp. | 2,842,445 | ||||||
22,429 | Stepan Co. | 1,791,180 | ||||||
71,740 | Summit Materials, Inc., Class A(b) | 2,252,636 | ||||||
170,529 | SunCoke Energy, Inc.(b) | 1,891,167 | ||||||
76,666 | TimkenSteel Corp.(b) | 1,073,324 | ||||||
34,390 | Tredegar Corp. | 665,446 | ||||||
159,670 | Tronox Ltd., Class A | 4,226,465 | ||||||
12,578 | US Concrete, Inc.(b)(c) | 983,600 | ||||||
21,607 | Valvoline, Inc. | 519,000 | ||||||
48,177 | Westlake Chemical Corp. | 4,090,709 | ||||||
55,409 | Worthington Industries, Inc. | 2,521,110 | ||||||
|
| |||||||
107,178,596 | ||||||||
|
| |||||||
Real Estate—6.2% | ||||||||
65,971 | Acadia Realty Trust REIT | 1,857,084 | ||||||
14,107 | Agree Realty Corp. REIT | 667,120 | ||||||
31,991 | Alexander & Baldwin, Inc. | 1,447,273 | ||||||
1,624 | Alexander’s, Inc. REIT | 667,464 | ||||||
2,593 | Altisource Asset Management Corp.(b)(c) | 218,784 | ||||||
35,529 | Altisource Portfolio Solutions SA(b)(c) | 918,069 | ||||||
186,368 | Altisource Residential Corp. REIT | 1,988,546 | ||||||
35,927 | American Assets Trust, Inc. REIT | 1,393,608 | ||||||
133,045 | American Homes 4 Rent, Class A REIT | 2,831,198 | ||||||
44,084 | Armada Hoffler Properties, Inc. REIT | 629,079 | ||||||
51,842 | Ashford Hospitality Prime, Inc. REIT | 503,904 | ||||||
282,016 | Ashford Hospitality Trust, Inc. REIT | 1,982,572 | ||||||
17,030 | Bluerock Residential Growth REIT, Inc., Class A REIT | 192,269 | ||||||
45,292 | CareTrust REIT, Inc. REIT | 856,019 | ||||||
47,139 | CatchMark Timber Trust, Inc., Class A REIT | 603,379 | ||||||
162,014 | Cedar Realty Trust, Inc. REIT | 881,356 | ||||||
56,830 | Chatham Lodging Trust REIT | 1,236,052 | ||||||
93,081 | Chesapeake Lodging Trust REIT | 2,596,960 | ||||||
15,035 | CorEnergy Infrastructure Trust, Inc. REIT | 542,463 | ||||||
9,120 | CoreSite Realty Corp. REIT | 1,010,040 | ||||||
178,687 | Cousins Properties, Inc. REIT | 1,611,757 | ||||||
35,796 | CyrusOne, Inc. REIT | 2,197,516 | ||||||
18,937 | Easterly Government Properties, Inc. REIT | 381,012 | ||||||
27,830 | EastGroup Properties, Inc. REIT | 2,521,120 | ||||||
53,372 | Education Realty Trust, Inc. REIT | 1,862,683 | ||||||
68,060 | Empire State Realty Trust, Inc., Class A REIT | 1,364,603 | ||||||
78,684 | First Industrial Realty Trust, Inc. REIT | 2,429,762 | ||||||
51,724 | Forestar Group, Inc.(b)(c) | 920,687 | ||||||
23,428 | Four Corners Property Trust, Inc. REIT | 578,203 | ||||||
174,458 | Franklin Street Properties Corp. REIT | 1,744,580 | ||||||
30,790 | Getty Realty Corp. REIT | 874,744 | ||||||
29,516 | Gladstone Commercial Corp. REIT | 639,316 | ||||||
58,145 | Global NET Lease, Inc. REIT | 1,255,932 | ||||||
124,946 | Government Properties Income Trust REIT | 2,270,269 | ||||||
69,599 | Hersha Hospitality Trust REIT | 1,231,206 | ||||||
34,953 | HFF, Inc., Class A | 1,533,039 | ||||||
57,582 | Hudson Pacific Properties, Inc. REIT | 1,947,423 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
49,003 | Independence Realty Trust, Inc. REIT | $ | 497,380 | |||||
55,390 | InfraREIT, Inc. REIT | 1,240,736 | ||||||
286,787 | Investors Real Estate Trust REIT | 1,677,704 | ||||||
105,588 | iStar, Inc. REIT(b) | 1,235,380 | ||||||
69,650 | Kennedy-Wilson Holdings, Inc. | 1,354,692 | ||||||
108,720 | Kite Realty Group Trust REIT | 2,031,977 | ||||||
34,068 | Life Storage, Inc. REIT | 2,753,376 | ||||||
28,871 | LTC Properties, Inc. REIT | 1,342,790 | ||||||
10,928 | Marcus & Millichap, Inc.(b) | 310,574 | ||||||
22,243 | Medequities Realty Trust, Inc. REIT | 258,464 | ||||||
43,551 | Monmouth Real Estate Investment Corp. REIT | 742,109 | ||||||
24,582 | National Health Investors, Inc. REIT | 1,872,903 | ||||||
21,045 | National Storage Affiliates Trust REIT | 521,705 | ||||||
175,184 | New Senior Investment Group, Inc. REIT | 1,566,145 | ||||||
15,955 | NexPoint Residential Trust, Inc. REIT | 378,931 | ||||||
72,750 | NorthStar Realty Europe Corp. REIT | 979,942 | ||||||
20,600 | One Liberty Properties, Inc. REIT | 499,138 | ||||||
92,876 | Pebblebrook Hotel Trust REIT | 3,311,958 | ||||||
111,873 | Pennsylvania Real Estate Investment Trust REIT(c) | 1,087,406 | ||||||
60,122 | Physicians Realty Trust REIT | 1,044,920 | ||||||
40,292 | Potlatch Corp. REIT | 2,087,126 | ||||||
46,869 | Preferred Apartment Communities, Inc., Class A REIT | 930,350 | ||||||
16,131 | PS Business Parks, Inc. REIT | 2,134,615 | ||||||
26,565 | QTS Realty Trust, Inc., Class A REIT | 1,536,785 | ||||||
340,293 | RAIT Financial Trust REIT | 182,057 | ||||||
111,218 | Ramco-Gershenson Properties Trust REIT | 1,404,683 | ||||||
12,838 | RE/MAX Holdings, Inc., Class A | 853,727 | ||||||
82,510 | Retail Opportunity Investments Corp. REIT | 1,483,530 | ||||||
37,888 | Rexford Industrial Realty, Inc. REIT | 1,124,895 | ||||||
4,464 | RMR Group, Inc. (The), Class A | 234,137 | ||||||
78,315 | Sabra Health Care REIT, Inc. REIT | 1,560,035 | ||||||
12,424 | Saul Centers, Inc. REIT | 759,355 | ||||||
97,655 | Select Income REIT | 2,359,345 | ||||||
29,741 | Seritage Growth Properties, Class A REIT(c) | 1,223,247 | ||||||
44,032 | St. Joe Co. (The)(b) | 783,770 | ||||||
64,276 | STAG Industrial, Inc., Class A REIT | 1,754,735 | ||||||
17,484 | Starwood Waypoint Homes REIT | 634,844 | ||||||
116,633 | STORE Capital Corp. REIT | 2,879,669 | ||||||
89,778 | Summit Hotel Properties, Inc. REIT | 1,419,390 | ||||||
85,845 | Tanger Factory Outlet Centers, Inc. REIT(c) | 1,952,974 | ||||||
13,228 | Tejon Ranch Co.(b) | 249,348 | ||||||
32,541 | Terreno Realty Corp. REIT | 1,194,905 | ||||||
83,154 | Tier REIT, Inc. REIT | 1,627,324 | ||||||
28,933 | UMH Properties, Inc. REIT | 432,259 | ||||||
8,700 | Universal Health Realty Income Trust REIT | 636,927 | ||||||
44,996 | Urban Edge Properties REIT | 1,055,606 | ||||||
36,203 | Urstadt Biddle Properties, Inc., Class A REIT | 786,691 | ||||||
85,351 | Washington Real Estate Investment Trust REIT | 2,747,449 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
44,549 | Whitestone REIT(c) | $ | 595,175 | |||||
|
| |||||||
109,720,274 | ||||||||
|
| |||||||
Telecommunication Services—1.3% | ||||||||
11,693 | ATN International, Inc. | 634,813 | ||||||
23,241 | Boingo Wireless, Inc.(b) | 543,375 | ||||||
132,278 | Cincinnati Bell, Inc.(b) | 2,526,510 | ||||||
25,378 | Cogent Communications Holdings, Inc. | 1,367,874 | ||||||
89,857 | Consolidated Communications Holdings, Inc.(c) | 1,722,559 | ||||||
61,687 | General Communication, Inc., Class A(b) | 2,522,381 | ||||||
11,062 | Hawaiian Telcom Holdco, Inc.(b) | 333,519 | ||||||
46,094 | IDT Corp., Class B(b) | 607,519 | ||||||
237,789 | Intelsat SA(b)(c) | 1,034,382 | ||||||
210,603 | Iridium Communications, Inc.(b)(c) | 2,527,236 | ||||||
31,511 | Lumos Networks Corp.(b) | 565,938 | ||||||
26,194 | magicJack VocalTec Ltd. (Israel)(b)(c) | 165,022 | ||||||
613,126 | NII Holdings, Inc.(b) | 269,775 | ||||||
49,738 | ORBCOMM, Inc.(b) | 562,537 | ||||||
8,524 | pdvWireless, Inc.(b)(c) | 243,360 | ||||||
32,548 | Shenandoah Telecommunications Co. | 1,236,824 | ||||||
43,118 | Spok Holdings, Inc. | 730,850 | ||||||
38,199 | United States Cellular Corp.(b) | 1,397,701 | ||||||
211,250 | Vonage Holdings Corp.(b) | 1,717,463 | ||||||
48,893 | Zayo Group Holdings, Inc.(b) | 1,763,082 | ||||||
|
| |||||||
22,472,720 | ||||||||
|
| |||||||
Utilities—1.9% | ||||||||
36,809 | American States Water Co. | 1,978,484 | ||||||
10,150 | Artesian Resources Corp., Class A | 412,293 | ||||||
391,564 | Atlantic Power Corp.(b) | 959,332 | ||||||
97,118 | Atlantica Yield PLC (Spain) | 2,173,501 | ||||||
52,277 | California Water Service Group | 2,195,634 | ||||||
15,815 | Chesapeake Utilities Corp. | 1,273,898 | ||||||
9,680 | Connecticut Water Service, Inc. | 600,354 | ||||||
25,640 | Consolidated Water Co. Ltd. (Cayman Islands) | 315,372 | ||||||
63,301 | El Paso Electric Co. | 3,639,807 | ||||||
32,440 | MGE Energy, Inc. | 2,142,662 | ||||||
16,302 | Middlesex Water Co. | 708,811 | ||||||
44,532 | Northwest Natural Gas Co. | 2,954,698 | ||||||
35,668 | NRG Yield, Inc., Class A | 654,508 | ||||||
65,159 | NRG Yield, Inc., Class C | 1,211,957 | ||||||
20,241 | Ormat Technologies, Inc. | 1,314,248 | ||||||
50,437 | Otter Tail Corp. | 2,317,580 | ||||||
68,387 | Pattern Energy Group, Inc. | 1,577,688 | ||||||
16,981 | SJW Corp. | 1,007,143 | ||||||
88,309 | South Jersey Industries, Inc. | 2,999,857 | ||||||
106,177 | TerraForm Global, Inc., Class A(b) | 517,613 | ||||||
110,946 | TerraForm Power, Inc., Class A(c) | 1,490,005 | ||||||
24,059 | Unitil Corp. | 1,251,068 | ||||||
8,964 | York Water Co. (The) | 315,533 | ||||||
|
| |||||||
34,012,046 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,460,771,589)—100.0% | 1,762,177,337 | |||||||
|
| |||||||
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—8.3% | ||||||||
147,553,256 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $147,553,256) | $ | 147,553,256 | |||||
|
| |||||||
Total Investments in Securities (Cost $1,608,324,845)—108.3% | 1,909,730,593 | |||||||
Other assets less liabilities—(8.3)% | (147,146,358 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,762,584,235 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Statements of Assets and Liabilities
October 31, 2017
(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 in securities, at value(a) | $ | 51,126,367 | $ | 150,272,721 | $ | 5,072,857,962 | $ | 1,762,177,337 | ||||||||
Affiliated investments in securities, at value | 71,935 | 433,232 | 76,277,372 | 147,553,256 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 1,885 | 25,293 | 5,208,274 | 563,726 | ||||||||||||
Foreign tax reclaims | 1,180 | — | — | — | ||||||||||||
Securities lending | — | 29,308 | 97,184 | 273,109 | ||||||||||||
Investments sold | — | — | — | 835,249 | ||||||||||||
Other assets | — | 422 | 1,662 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 51,201,367 | 150,760,976 | 5,154,442,454 | 1,911,402,677 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | 687,097 | 114,548 | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | — | 341,655 | 71,211,200 | 147,553,256 | ||||||||||||
Accrued advisory fees | 9,881 | 61,271 | 1,170,234 | 404,901 | ||||||||||||
Accrued trustees’ and officer’s fees | 28,579 | 49,530 | 212,475 | 78,464 | ||||||||||||
Accrued expenses | 53,081 | 40,022 | 1,899,374 | 667,273 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 91,541 | 492,478 | 75,180,380 | 148,818,442 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 51,109,826 | $ | 150,268,498 | $ | 5,079,262,074 | $ | 1,762,584,235 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 75,352,342 | $ | 334,184,136 | $ | 4,320,645,475 | $ | 1,556,130,549 | ||||||||
Undistributed net investment income (loss) | (29,105 | ) | 1,258,291 | 8,859,625 | 1,493,872 | |||||||||||
Undistributed net realized gain (loss) | (35,354,568 | ) | (204,529,945 | ) | (152,862,173 | ) | (96,445,934 | ) | ||||||||
Net unrealized appreciation | 11,141,157 | 19,356,016 | 902,619,147 | 301,405,748 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 51,109,826 | $ | 150,268,498 | $ | 5,079,262,074 | $ | 1,762,584,235 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 500,000 | 1,600,000 | 46,750,000 | 13,900,000 | ||||||||||||
Net asset value | $ | 102.22 | $ | 93.92 | $ | 108.65 | $ | 126.80 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 102.38 | $ | 93.91 | $ | 108.64 | $ | 126.82 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 39,985,210 | $ | 130,916,705 | $ | 4,170,695,327 | $ | 1,460,771,589 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 71,935 | $ | 433,232 | $ | 75,820,860 | $ | 147,553,256 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | 331,171 | $ | 69,767,939 | $ | 144,120,092 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
For the six months ended October 31, 2017
(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 | $ | 114,620 | $ | 2,879,735 | $ | 60,234,149 | $ | 11,129,244 | ||||||||
Affiliated dividend income | 327 | 895 | 129,289 | 5,136 | ||||||||||||
Securities lending income | — | 65,603 | 604,161 | 1,920,585 | ||||||||||||
Foreign withholding tax | (1,166 | ) | (533 | ) | (5,418 | ) | (8,482 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 113,781 | 2,945,700 | 60,962,181 | 13,046,483 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 96,136 | 365,713 | 7,194,347 | 2,431,806 | ||||||||||||
Accounting & administration fees | 18,661 | 18,661 | 431,041 | 142,157 | ||||||||||||
Sub-licensing fees | 16,247 | 22,004 | 2,235,797 | 755,735 | ||||||||||||
Trustees’ and officer’s fees | 13,877 | 21,109 | 115,222 | 44,040 | ||||||||||||
Professional fees | 12,975 | 14,198 | 38,602 | 21,014 | ||||||||||||
Custodian & transfer agent fees | 2,892 | 3,993 | 47,686 | 23,963 | ||||||||||||
Other expenses | 8,639 | 11,496 | 82,903 | 36,989 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 169,427 | 457,174 | 10,145,598 | 3,455,704 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (54,133 | ) | (18,520 | ) | (474,153 | ) | (186,440 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 115,294 | 438,654 | 9,671,445 | 3,269,264 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | (1,513 | ) | 2,507,046 | 51,290,736 | 9,777,219 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (424,799 | ) | (10,201,667 | ) | (2,158,211 | ) | 8,487,742 | |||||||||
In-kind redemptions | 2,556,881 | 15,839,613 | 68,029,278 | 16,095,233 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain | 2,132,082 | 5,637,946 | 65,871,067 | 24,582,975 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation on investment securities | 4,454,287 | 8,999,680 | 213,577,116 | 100,055,859 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 6,586,369 | 14,637,626 | 279,448,183 | 124,638,834 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | $ | 6,584,856 | $ | 17,144,672 | $ | 330,738,919 | $ | 134,416,053 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ) | PowerShares Dynamic Market Portfolio (PWC) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (1,513 | ) | $ | 30,270 | $ | 2,507,046 | $ | 775,624 | |||||||
Net realized gain | 2,132,082 | 1,912,341 | 5,637,946 | 16,085,739 | ||||||||||||
Net change in unrealized appreciation | 4,454,287 | 5,369,013 | 8,999,680 | 6,403,892 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 6,584,856 | 7,311,624 | 17,144,672 | 23,265,255 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | — | (29,253 | ) | (1,217,617 | ) | (1,505,949 | ) | |||||||||
Return of capital | — | (35,078 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | — | (64,331 | ) | (1,217,617 | ) | (1,505,949 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 19,361,366 | 19,779,660 | 99,019,137 | 222,152,171 | ||||||||||||
Value of shares repurchased | (9,406,021 | ) | (27,370,608 | ) | (107,729,447 | ) | (243,981,797 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 9,955,345 | (7,590,948 | ) | (8,710,310 | ) | (21,829,626 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 16,540,201 | (343,655 | ) | 7,216,745 | (70,320 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 34,569,625 | 34,913,280 | 143,051,753 | 143,122,073 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 51,109,826 | $ | 34,569,625 | $ | 150,268,498 | $ | 143,051,753 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (29,105 | ) | $ | (27,592 | ) | $ | 1,258,291 | $ | (31,138 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 200,000 | 250,000 | 1,150,000 | 2,850,000 | ||||||||||||
Shares repurchased | (100,000 | ) | (350,000 | ) | (1,250,000 | ) | (3,150,000 | ) | ||||||||
Shares outstanding, beginning of period | 400,000 | 500,000 | 1,700,000 | 2,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 500,000 | 400,000 | 1,600,000 | 1,700,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
PowerShares FTSE RAFI US 1000 Portfolio (PRF) | PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | |||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||
$ | 51,290,736 | $ | 86,421,845 | $ | 9,777,219 | $ | 17,358,850 | |||||||
65,871,067 | 156,340,455 | 24,582,975 | 85,955,670 | |||||||||||
213,577,116 | 418,335,665 | 100,055,859 | 184,066,542 | |||||||||||
|
|
|
|
|
|
|
| |||||||
330,738,919 | 661,097,965 | 134,416,053 | 287,381,062 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(51,206,111 | ) | (87,957,739 | ) | (9,451,776 | ) | (19,236,098 | ) | |||||||
— | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||
(51,206,111 | ) | (87,957,739 | ) | (9,451,776 | ) | (19,236,098 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
115,385,495 | 792,919,263 | 47,460,883 | 624,686,726 | |||||||||||
(212,743,566 | ) | (611,372,688 | ) | (42,368,310 | ) | (367,598,913 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(97,358,071 | ) | 181,546,575 | 5,092,573 | 257,087,813 | ||||||||||
|
|
|
|
|
|
|
| |||||||
182,174,737 | 754,686,801 | 130,056,850 | 525,232,777 | |||||||||||
|
|
|
|
|
|
|
| |||||||
4,897,087,337 | 4,142,400,536 | 1,632,527,385 | 1,107,294,608 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 5,079,262,074 | $ | 4,897,087,337 | $ | 1,762,584,235 | $ | 1,632,527,385 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 8,859,625 | $ | 8,775,000 | $ | 1,493,872 | $ | 1,168,429 | |||||||
|
|
|
|
|
|
|
| |||||||
1,100,000 | 7,900,000 | 400,000 | 5,750,000 | |||||||||||
(2,050,000 | ) | (6,150,000 | ) | (350,000 | ) | (3,250,000 | ) | |||||||
47,700,000 | 45,950,000 | 13,850,000 | 11,350,000 | |||||||||||
|
|
|
|
|
|
|
| |||||||
46,750,000 | 47,700,000 | 13,900,000 | 13,850,000 | |||||||||||
|
|
|
|
|
|
|
|
| 35 |
|
PowerShares DWA NASDAQ Momentum Portfolio (DWAQ)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 86.42 | $ | 69.83 | $ | 75.06 | $ | 64.34 | $ | 55.40 | $ | 51.32 | ||||||||||||
Net investment income (loss)(a) | (0.00 | )(b) | 0.07 | (0.06 | ) | 0.06 | 0.21 | 0.71 | (c) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 15.80 | 16.65 | (5.11 | ) | 10.66 | 9.00 | 4.18 | |||||||||||||||||
Total from investment operations | 15.80 | 16.72 | (5.17 | ) | 10.72 | 9.21 | 4.89 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.06 | ) | (0.05 | ) | — | (0.27 | ) | (0.81 | ) | ||||||||||||||
Return of capital | — | (0.07 | ) | (0.01 | ) | — | — | — | ||||||||||||||||
Total distributions | — | (0.13 | ) | (0.06 | ) | — | (0.27 | ) | (0.81 | ) | ||||||||||||||
Net asset value at end of period | $ | 102.22 | $ | 86.42 | $ | 69.83 | $ | 75.06 | $ | 64.34 | $ | 55.40 | ||||||||||||
Market price at end of period(d) | $ | 102.38 | $ | 86.38 | $ | 69.82 | $ | 75.10 | $ | 64.32 | $ | 55.32 | ||||||||||||
Net Asset Value Total Return(e) | 18.28 | % | 23.98 | % | (6.90 | )% | 16.66 | % | 16.64 | % | 9.75 | % | ||||||||||||
Market Price Total Return(e) | 18.53 | % | 23.95 | % | (6.96 | )% | 16.76 | % | 16.77 | % | 9.63 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 51,110 | $ | 34,570 | $ | 34,913 | $ | 30,023 | $ | 25,734 | $ | 22,160 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(f) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(g) | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.88 | %(f) | 0.85 | % | 0.81 | % | 0.96 | % | 0.91 | %(g) | 0.95 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.01 | )%(f) | 0.09 | % | (0.09 | )% | 0.09 | % | 0.32 | % | 1.42 | %(c) | ||||||||||||
Portfolio turnover rate(h) | 34 | % | 89 | % | 118 | % | 154 | % | 296 | % | 118 | % |
(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 $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. |
(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) | 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. |
(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. 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.
| 36 |
|
Financial Highlights (continued)
PowerShares Dynamic Market Portfolio (PWC)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 84.15 | $ | 71.56 | $ | 73.46 | $ | 70.27 | $ | 56.26 | $ | 46.78 | ||||||||||||
Net investment income(a) | 1.51 | (b) | 0.43 | 0.82 | 0.68 | 0.60 | 0.82 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 9.00 | 12.98 | (1.91 | ) | 3.25 | 13.99 | 9.51 | |||||||||||||||||
Total from investment operations | 10.51 | 13.41 | (1.09 | ) | 3.93 | 14.59 | 10.33 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.74 | ) | (0.82 | ) | (0.81 | ) | (0.74 | ) | (0.58 | ) | (0.85 | ) | ||||||||||||
Net asset value at end of period | $ | 93.92 | $ | 84.15 | $ | 71.56 | $ | 73.46 | $ | 70.27 | $ | 56.26 | ||||||||||||
Market price at end of period(c) | $ | 93.91 | $ | 84.16 | $ | 71.55 | $ | 73.40 | $ | 70.27 | $ | 56.23 | ||||||||||||
Net Asset Value Total Return(d) | 12.55 | % | 18.88 | % | (1.50 | )% | 5.58 | % | 26.09 | % | 22.39 | % | ||||||||||||
Market Price Total Return(d) | 12.52 | % | 18.91 | % | (1.43 | )% | 5.49 | % | 26.15 | % | 22.40 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 150,268 | $ | 143,052 | $ | 143,122 | $ | 168,950 | $ | 186,219 | $ | 140,658 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.60 | % | 0.60 | % | 0.59 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(e) | 0.61 | % | 0.60 | % | 0.59 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income, after Waivers | 3.43 | %(b)(e) | 0.56 | % | 1.13 | % | 0.93 | % | 0.94 | % | 1.68 | % | ||||||||||||
Portfolio turnover rate(f) | 106 | % | 231 | % | 231 | % | 237 | % | 244 | % | 166 | % |
(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 period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.51 and 1.16%, 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. |
PowerShares FTSE RAFI US 1000 Portfolio (PRF)
Six Months Ended October 31,2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 102.66 | $ | 90.15 | $ | 92.45 | $ | 85.42 | $ | 71.42 | $ | 59.73 | ||||||||||||
Net investment income(a) | 1.09 | 1.86 | 1.93 | 1.72 | 1.45 | 1.31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.99 | 12.56 | (2.23 | ) | 6.93 | 13.89 | 11.66 | |||||||||||||||||
Total from investment operations | 7.08 | 14.42 | (0.30 | ) | 8.65 | 15.34 | 12.97 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (1.09 | ) | (1.91 | ) | (2.00 | ) | (1.62 | ) | (1.34 | ) | (1.28 | ) | ||||||||||||
Net asset value at end of period | $ | 108.65 | $ | 102.66 | $ | 90.15 | $ | 92.45 | $ | 85.42 | $ | 71.42 | ||||||||||||
Market price at end of period(b) | $ | 108.64 | $ | 102.67 | $ | 90.13 | $ | 92.43 | $ | 85.37 | $ | 71.42 | ||||||||||||
Net Asset Value Total Return(c) | 6.94 | % | 16.16 | % | (0.23 | )% | 10.19 | % | 21.68 | % | 22.06 | % | ||||||||||||
Market Price Total Return(c) | 6.92 | % | 16.19 | % | (0.24 | )% | 10.23 | % | 21.61 | % | 22.09 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 5,079,262 | $ | 4,897,087 | $ | 4,142,401 | $ | 4,558,017 | $ | 3,305,696 | $ | 1,778,450 | ||||||||||||
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 | % | 0.41 | % | 0.41 | % | 0.43 | % | ||||||||||||
Net investment income, after Waivers | 2.07 | %(d) | 1.93 | % | 2.19 | % | 1.92 | % | 1.84 | % | 2.10 | % | ||||||||||||
Portfolio turnover rate(e) | 1 | % | 11 | % | 12 | % | 10 | % | 12 | % | 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.
| 37 |
|
Financial Highlights (continued)
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 117.87 | $ | 97.56 | $ | 103.44 | $ | 96.35 | $ | 77.76 | $ | 66.71 | ||||||||||||
Net investment income(a) | 0.70 | 1.30 | 1.25 | 1.38 | 0.98 | 1.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.91 | 20.46 | (5.93 | ) | 7.04 | 18.52 | 11.08 | |||||||||||||||||
Total from investment operations | 9.61 | 21.76 | (4.68 | ) | 8.42 | 19.50 | 12.21 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.68 | ) | (1.45 | ) | (1.20 | ) | (1.33 | ) | (0.91 | ) | (1.16 | ) | ||||||||||||
Net asset value at end of period | $ | 126.80 | $ | 117.87 | $ | 97.56 | $ | 103.44 | $ | 96.35 | $ | 77.76 | ||||||||||||
Market price at end of period(b) | $ | 126.82 | $ | 117.82 | $ | 97.55 | $ | 103.45 | $ | 96.38 | $ | 77.67 | ||||||||||||
Net Asset Value Total Return(c) | 8.20 | % | 22.44 | % | (4.49 | )% | 8.80 | % | 25.22 | % | 18.56 | % | ||||||||||||
Market Price Total Return(c) | 8.27 | % | 22.40 | % | (4.52 | )% | 8.78 | % | 25.40 | % | 18.41 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,762,584 | $ | 1,632,527 | $ | 1,107,295 | $ | 1,158,510 | $ | 958,731 | $ | 563,763 | ||||||||||||
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 | % | 0.42 | % | 0.42 | % | 0.43 | % | ||||||||||||
Net investment income, after Waivers | 1.17 | %(d) | 1.20 | % | 1.30 | % | 1.39 | % | 1.08 | % | 1.64 | % | ||||||||||||
Portfolio turnover rate(e) | 4 | % | 29 | % | 28 | % | 26 | % | 31 | % | 30 | % |
(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 |
|
PowerShares Exchange-Traded Fund Trust
October 31, 2017
(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, 2017, 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.” Shares of Dynamic Market Portfolio and FTSE RAFI US 1000 Portfolio are listed and traded on NYSE Arca, Inc., and Shares of DWA NASDAQ Momentum Portfolio and FTSE RAFI US 1500 Small-Mid Portfolio 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 to track the investment results (before fees and expenses) 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 following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
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.
| 39 |
|
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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
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
| 40 |
|
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 will 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 Mid-Capitalization Company Risk. For Dynamic Market Portfolio and FTSE RAFI US 1500 Small-Mid Portfolio, investing in securities of small- and mid-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 mid-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. Dynamic Market Portfolio 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 accounting principles generally accepted in the United States of America (“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 from settlement date. Pay-in-kind
| 41 |
|
interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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.
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
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 NAV 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”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and any Unaffiliated Trustee, 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. Accounting Estimates
The preparation of the financial statements in accordance with 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.
I. Securities Lending
During the six-month period ended October 31, 2017, Dynamic Market Portfolio, 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
| 42 |
|
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 generally 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 of DWA NASDAQ Momentum Portfolio and Dynamic Market Portfolio accrues daily and pays monthly to 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 accrues daily and pays monthly to 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, 2018. 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, 2018. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2018. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.
Further, through August 31, 2019, 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, 2017, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA NASDAQ Momentum Portfolio | $ | 54,133 | ||
Dynamic Market Portfolio | 18,520 | |||
FTSE RAFI US 1000 Portfolio | 474,153 | |||
FTSE RAFI US 1500 Small-Mid Portfolio | 186,440 |
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 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 DWA NASDAQ Momentum Portfolio and Dynamic Market Portfolio, the expenses borne by the Adviser are not subject to recapture.
| 43 |
|
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, 2017 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
4/30/18 | 4/30/19 | 4/30/20 | 10/31/20 | |||||||||||||||||
FTSE RAFI US 1000 Portfolio | $ | 2,628,453 | $ | 502,276 | $ | 851,900 | $ | 803,840 | $ | 470,437 | ||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 933,614 | 191,544 | 259,243 | 297,485 | 185,342 |
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 | ICE Data Indices, LLC | |
FTSE RAFI US 1000 Portfolio | FTSE International Limited and Research Affiliates LLC | |
FTSE RAFI US 1500 Small-Mid Portfolio | FTSE International Limited and Research Affiliates LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds 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 (excluding affiliated money market funds) for the six-month period ended October 31, 2017.
FTSE RAFI US 1000 Portfolio
Value April 30, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2017 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 3,770,312 | $ | 122,794 | $ | (142,009 | ) | $ | 304,073 | $ | 19,629 | $ | 4,074,799 | $ | 66,105 | |||||||||||||
Invesco Mortgage Capital, Inc. REIT | 951,852 | 22,758 | (35,606 | ) | 43,471 | 8,898 | 991,373 | 46,577 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Investments in Affiliates | $ | 4,722,164 | $ | 145,552 | $ | (177,615 | ) | $ | 347,544 | $ | 28,527 | $ | 5,066,172 | $ | 112,682 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
| 44 |
|
Except for the Fund listed below, as of October 31, 2017, 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. For the six months ended October 31, 2017, there were no material transfers between valuation levels.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | ||||||||||||||||
Equity Securities | $ | 1,909,350,569 | $ | 380,024 | $ | — | $ | 1,909,730,593 | ||||||||
|
|
|
|
|
|
|
|
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, 2017, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||
2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||
DWA NASDAQ Momentum Portfolio | $ | 14,947,690 | $ | 3,683,431 | $ | 17,836,600 | $ | — | $ | 36,467,721 | $ | 15,764,010 | ||||||||||||
Dynamic Market Portfolio | 104,214,879 | 15,461,574 | 84,940,699 | 1,328,667 | 205,945,819 | 96,635,542 | ||||||||||||||||||
FTSE RAFI US 1000 Portfolio | 49,808,238 | 38,490,195 | 4,543,924 | 2,542,866 | 95,385,223 | 36,351,059 | ||||||||||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 5,168,127 | 2,475,894 | 18,355,986 | 32,250,236 | 58,250,243 | 4,933,892 |
* | 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, 2017, 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 | $ | 15,011,580 | $ | 13,788,247 | ||||
Dynamic Market Portfolio | 164,059,708 | 162,305,599 | ||||||
FTSE RAFI US 1000 Portfolio | 65,117,426 | 63,335,735 | ||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 70,330,716 | 64,406,092 |
For the six-month period ended October 31, 2017, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA NASDAQ Momentum Portfolio | $ | 19,364,247 | $ | 10,620,676 | ||||
Dynamic Market Portfolio | 98,996,769 | 108,036,112 | ||||||
FTSE RAFI US 1000 Portfolio | 115,393,922 | 212,859,320 | ||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 47,185,882 | 44,705,566 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
| 45 |
|
At October 31, 2017, the aggregate cost of investments, including any derivatives, 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 | $ | 11,516,946 | $ | (422,274 | ) | $ | 11,094,672 | $ | 40,103,630 | |||||||
Dynamic Market Portfolio | 21,276,957 | (2,101,142 | ) | 19,175,815 | 131,530,138 | |||||||||||
FTSE RAFI US 1000 Portfolio | 1,110,175,419 | (270,920,845 | ) | 839,254,574 | 4,309,880,760 | |||||||||||
FTSE RAFI US 1500 Small-Mid Portfolio | 418,630,617 | (158,753,141 | ) | 259,877,476 | 1,649,853,117 |
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, any Unaffiliated Trustee, 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, each Independent Trustee or Unaffiliated 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.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
| 46 |
|
As a shareholder of a Fund of the PowerShares Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2017.
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 the 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, 2017 | Ending Account Value October 31, 2017 | 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 | $ | 1,182.80 | 0.60 | % | $ | 3.30 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares Dynamic Market Portfolio (PWC) | ||||||||||||||||
Actual | 1,000.00 | 1,125.50 | 0.60 | 3.21 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares FTSE RAFI US 1000 Portfolio (PRF) | ||||||||||||||||
Actual | 1,000.00 | 1,069.40 | 0.39 | 2.03 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ) | ||||||||||||||||
Actual | 1,000.00 | 1,082.00 | 0.39 | 2.05 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2017. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
| 47 |
|
(This Page Intentionally Left Blank)
(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.powershares.com.
P-PS-SAR-2 | ||||||
©2017 Invesco PowerShares Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
powershares.com 800 983 0903 | @PowerShares |
October 31, 2017 |
2017 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 | |
PXSG | PowerShares Russell 2000 Pure Growth Portfolio | |
PXSV | PowerShares Russell 2000 Pure Value Portfolio | |
EQWM | PowerShares Russell Midcap Equal Weight Portfolio | |
PXMG | PowerShares Russell Midcap Pure Growth Portfolio | |
PXMV | PowerShares Russell Midcap Pure Value Portfolio | |
EQWL | PowerShares Russell Top 200 Equal Weight Portfolio | |
PXLG | PowerShares Russell Top 200 Pure Growth Portfolio | |
PXLV | PowerShares Russell Top 200 Pure Value Portfolio | |
PZI | PowerShares Zacks Micro Cap Portfolio |
Style Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
5 | ||||
7 | ||||
26 | ||||
30 | ||||
35 | ||||
43 | ||||
45 | ||||
48 | ||||
51 | ||||
53 | ||||
55 | ||||
Statements of Assets and Liabilities | 60 | |||
Statements of Operations | 62 | |||
Statements of Changes in Net Assets | 64 | |||
Financial Highlights | 68 | |||
Notes to Financial Statements | 77 | |||
Fees and Expenses | 87 |
| 2 |
|
PowerShares Dynamic Large Cap Growth Portfolio (PWB)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 45.8 | |||
Health Care | 16.8 | |||
Consumer Discretionary | 14.1 | |||
Industrials | 10.9 | |||
Energy | 3.3 | |||
Consumer Staples | 2.8 | |||
Financials | 2.7 | |||
Telecommunication Services | 2.2 | |||
Utilities | 1.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Consumer Discretionary—14.1% | ||||||||
105,360 | Home Depot, Inc. (The) | $ | 17,466,580 | |||||
111,124 | Las Vegas Sands Corp. | 7,043,039 | ||||||
66,975 | Marriott International, Inc., Class A | 8,002,173 | ||||||
98,602 | McDonald’s Corp. | 16,457,660 | ||||||
8,604 | Priceline Group, Inc. (The)(b) | 16,450,504 | ||||||
1,199,670 | Sirius XM Holdings, Inc. | 6,526,205 | ||||||
|
| |||||||
71,946,161 | ||||||||
|
| |||||||
Consumer Staples—2.8% | ||||||||
136,393 | Philip Morris International, Inc. | 14,272,164 | ||||||
|
| |||||||
Energy—3.3% | ||||||||
145,380 | Chevron Corp. | 16,848,088 | ||||||
|
| |||||||
Financials—2.7% | ||||||||
138,708 | Progressive Corp. (The) | 6,748,144 | ||||||
44,200 | S&P Global, Inc. | 6,915,974 | ||||||
|
| |||||||
13,664,118 | ||||||||
|
| |||||||
Health Care—16.8% | ||||||||
108,831 | Baxter International, Inc. | 7,016,334 | ||||||
21,016 | C.R. Bard, Inc. | 6,873,703 | ||||||
120,106 | Celgene Corp.(b) | 12,127,103 | ||||||
37,237 | Cigna Corp. | 7,343,881 | ||||||
26,579 | Humana, Inc. | 6,786,948 | ||||||
20,266 | Intuitive Surgical, Inc.(b) | 7,607,046 | ||||||
48,239 | Stryker Corp. | 7,470,774 | ||||||
80,204 | UnitedHealth Group, Inc. | 16,860,485 | ||||||
42,888 | Vertex Pharmaceuticals, Inc.(b) | 6,271,512 | ||||||
109,044 | Zoetis, Inc. | 6,959,188 | ||||||
|
| |||||||
85,316,974 | ||||||||
|
| |||||||
Industrials—10.9% | ||||||||
65,426 | Boeing Co. (The) | 16,878,600 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Industrials (continued) | ||||||||
58,320 | Caterpillar, Inc. | $ | 7,919,856 | |||||
138,366 | CSX Corp. | 6,977,797 | ||||||
103,176 | Fortive Corp. | 7,455,498 | ||||||
41,804 | Rockwell Automation, Inc. | 8,395,079 | ||||||
29,229 | Roper Technologies, Inc. | 7,546,051 | ||||||
|
| |||||||
55,172,881 | ||||||||
|
| |||||||
Information Technology—45.8% | ||||||||
105,537 | Activision Blizzard, Inc. | 6,911,618 | ||||||
44,388 | Adobe Systems, Inc.(b) | 7,775,002 | ||||||
16,672 | Alphabet, Inc., Class A(b) | 17,222,843 | ||||||
84,320 | Amphenol Corp., Class A | 7,335,840 | ||||||
153,114 | Applied Materials, Inc. | 8,640,223 | ||||||
60,519 | Autodesk, Inc.(b) | 7,562,454 | ||||||
95,877 | Cognizant Technology Solutions Corp., Class A | 7,255,013 | ||||||
78,727 | DXC Technology Co. | 7,205,095 | ||||||
56,817 | Electronic Arts, Inc.(b) | 6,795,313 | ||||||
93,120 | Facebook, Inc., Class A(b) | 16,767,187 | ||||||
55,091 | Fiserv, Inc.(b) | 7,130,428 | ||||||
49,464 | Intuit, Inc. | 7,470,053 | ||||||
42,150 | Lam Research Corp. | 8,791,226 | ||||||
117,477 | Mastercard, Inc., Class A | 17,477,053 | ||||||
221,514 | Micron Technology, Inc.(b) | 9,815,285 | ||||||
214,881 | Microsoft Corp. | 17,873,802 | ||||||
94,555 | NVIDIA Corp. | 19,554,920 | ||||||
111,570 | PayPal Holdings, Inc.(b) | 8,095,519 | ||||||
192,242 | Texas Instruments, Inc. | 18,587,879 | ||||||
151,331 | Visa, Inc., Class A | 16,643,384 | ||||||
66,390 | VMware, Inc., Class A(b) | 7,946,219 | ||||||
|
| |||||||
232,856,356 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Telecommunication Services—2.2% | ||||||||
795,031 | Sprint Corp.(b) | $ | 5,199,503 | |||||
104,644 | T-Mobile US, Inc.(b) | 6,254,572 | ||||||
|
| |||||||
11,454,075 | ||||||||
|
| |||||||
Utilities—1.3% | ||||||||
56,221 | Sempra Energy | 6,605,967 | ||||||
|
| |||||||
Total Common Stocks (Cost $408,066,253) | 508,136,784 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
337,855 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $337,855) | 337,855 | ||||||
|
| |||||||
Total Investments in Securities (Cost $408,404,108)—100.0% | 508,474,639 | |||||||
Other assets less liabilities—(0.0)% | (170,342 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 508,304,297 | ||||||
|
|
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, 2017. |
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, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Financials | 31.1 | |||
Information Technology | 16.8 | |||
Industrials | 12.9 | |||
Health Care | 11.9 | |||
Consumer Staples | 10.9 | |||
Consumer Discretionary | 8.9 | |||
Materials | 3.1 | |||
Telecommunication Services | 2.8 | |||
Energy | 1.6 | |||
Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Consumer Discretionary—8.9% | ||||||||
1,812,226 | Ford Motor Co. | $ | 22,236,013 | |||||
546,421 | General Motors Co. | 23,485,175 | ||||||
358,035 | Target Corp. | 21,138,386 | ||||||
191,561 | Time Warner, Inc. | 18,828,531 | ||||||
446,095 | Walt Disney Co. (The) | 43,632,552 | ||||||
|
| |||||||
129,320,657 | ||||||||
|
| |||||||
Consumer Staples—10.9% | ||||||||
472,467 | Archer-Daniels-Midland Co. | 19,309,727 | ||||||
997,305 | Coca-Cola Co. (The) | 45,856,084 | ||||||
490,815 | Procter & Gamble Co. (The) | 42,376,967 | ||||||
578,088 | Wal-Mart Stores, Inc. | 50,472,863 | ||||||
|
| |||||||
158,015,641 | ||||||||
|
| |||||||
Energy—1.6% | ||||||||
287,795 | Valero Energy Corp. | 22,704,147 | ||||||
|
| |||||||
Financials—31.1% | ||||||||
241,432 | Aflac, Inc. | 20,253,730 | ||||||
212,025 | Allstate Corp. (The) | 19,900,667 | ||||||
227,376 | American Express Co. | 21,718,956 | ||||||
322,246 | American International Group, Inc. | 20,820,314 | ||||||
140,236 | Ameriprise Financial, Inc. | 21,952,543 | ||||||
1,899,644 | Bank of America Corp. | 52,031,249 | ||||||
669,041 | Citigroup, Inc. | 49,174,514 | ||||||
457,868 | Franklin Resources, Inc. | 19,289,979 | ||||||
494,837 | JPMorgan Chase & Co. | 49,785,551 | ||||||
126,996 | M&T Bank Corp. | 21,179,123 | ||||||
407,752 | MetLife, Inc. | 21,847,352 | ||||||
152,024 | PNC Financial Services Group, Inc. (The) | 20,795,363 | ||||||
190,865 | Prudential Financial, Inc. | 21,082,948 | ||||||
345,173 | SunTrust Banks, Inc. | 20,782,866 | ||||||
637,194 | Synchrony Financial | 20,785,268 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
868,243 | Wells Fargo & Co. | $ | 48,743,162 | |||||
|
| |||||||
450,143,585 | ||||||||
|
| |||||||
Health Care—11.9% | ||||||||
266,475 | Amgen, Inc. | 46,691,749 | ||||||
320,757 | Express Scripts Holding Co.(b) | 19,659,196 | ||||||
340,788 | Johnson & Johnson | 47,509,255 | ||||||
132,152 | McKesson Corp. | 18,221,118 | ||||||
722,173 | Merck & Co., Inc. | 39,784,511 | ||||||
|
| |||||||
171,865,829 | ||||||||
|
| |||||||
Industrials—12.9% | ||||||||
452,213 | American Airlines Group, Inc. | 21,172,613 | ||||||
429,305 | Delta Air Lines, Inc. | 21,478,129 | ||||||
97,304 | General Dynamics Corp. | 19,750,766 | ||||||
142,148 | Honeywell International, Inc. | 20,492,056 | ||||||
231,691 | Ingersoll-Rand PLC | 20,527,822 | ||||||
64,143 | Lockheed Martin Corp. | 19,766,307 | ||||||
304,122 | PACCAR, Inc. | 21,814,671 | ||||||
382,744 | Southwest Airlines Co. | 20,614,592 | ||||||
168,336 | United Technologies Corp. | 20,159,919 | ||||||
|
| |||||||
185,776,875 | ||||||||
|
| |||||||
Information Technology—16.8% | ||||||||
1,449,667 | Cisco Systems, Inc. | 49,506,128 | ||||||
679,584 | Corning, Inc. | 21,277,775 | ||||||
999,947 | HP, Inc. | 21,548,858 | ||||||
1,304,741 | Intel Corp. | 59,352,668 | ||||||
316,830 | International Business Machines Corp. | 48,810,830 | ||||||
248,103 | TE Connectivity Ltd. | 22,569,930 | ||||||
216,982 | Western Digital Corp. | 19,369,983 | ||||||
|
| |||||||
242,436,172 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Materials—3.1% | ||||||||
301,613 | DowDuPont, Inc. | $ | 21,809,636 | |||||
216,838 | LyondellBasell Industries NV, Class A | 22,449,238 | ||||||
|
| |||||||
44,258,874 | ||||||||
|
| |||||||
Telecommunication Services—2.8% | ||||||||
1,201,898 | AT&T, Inc. | 40,443,868 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,285,235,675)—100.0% | 1,444,965,648 | |||||||
Other assets less liabilities—(0.0)% | (292,578 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,444,673,070 | ||||||
|
|
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, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Industrials | 14.8 | |||
Information Technology | 13.1 | |||
Consumer Discretionary | 11.3 | |||
Energy | 11.2 | |||
Health Care | 10.8 | |||
Consumer Staples | 10.1 | |||
Financials | 9.1 | |||
Utilities | 7.0 | |||
Materials | 6.9 | |||
Telecommunication Services | 3.6 | |||
Real Estate | 2.1 | |||
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—11.3% | ||||||||
900 | 1-800-Flowers.com, Inc., Class A(b) | $ | 8,460 | |||||
206 | Aaron’s, Inc. | 7,581 | ||||||
621 | Abercrombie & Fitch Co., Class A | 8,340 | ||||||
508 | Acushnet Holdings Corp. | 9,383 | ||||||
246 | Adtalem Global Education, Inc. | 9,090 | ||||||
613 | AMC Entertainment Holdings, Inc., Class A | 8,521 | ||||||
585 | American Axle & Manufacturing Holdings, Inc.(b) | 10,407 | ||||||
678 | American Eagle Outfitters, Inc. | 8,828 | ||||||
500 | American Outdoor Brands Corp.(b) | 7,165 | ||||||
449 | American Public Education, Inc.(b) | 8,980 | ||||||
218 | America’s Car-Mart, Inc.(b) | 9,341 | ||||||
154 | Asbury Automotive Group, Inc.(b) | 9,456 | ||||||
4,069 | Ascena Retail Group, Inc.(b) | 7,894 | ||||||
995 | Ascent Capital Group, Inc., Class A(b) | 11,194 | ||||||
353 | At Home Group, Inc.(b) | 7,236 | ||||||
297 | AV Homes, Inc.(b) | 4,945 | ||||||
1,591 | Barnes & Noble Education, Inc.(b) | 8,671 | ||||||
1,192 | Barnes & Noble, Inc. | 8,344 | ||||||
240 | Bassett Furniture Industries, Inc. | 9,312 | ||||||
784 | Beasley Broadcast Group, Inc., Class A | 7,409 | ||||||
569 | Beazer Homes USA, Inc.(b) | 11,938 | ||||||
674 | Belmond Ltd., Class A (United Kingdom)(b) | 8,863 | ||||||
1,065 | Big 5 Sporting Goods Corp. | 6,763 | ||||||
177 | Big Lots, Inc. | 9,082 | ||||||
29 | Biglari Holdings, Inc.(b) | 10,366 | ||||||
301 | BJ’s Restaurants, Inc.(b) | 9,542 | ||||||
517 | Bloomin’ Brands, Inc. | 9,192 | ||||||
646 | Bojangles’, Inc.(b) | 7,913 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,048 | Boot Barn Holdings, Inc.(b) | $ | 8,625 | |||||
316 | Boyd Gaming Corp. | 9,237 | ||||||
977 | Bridgepoint Education, Inc.(b) | 9,457 | ||||||
283 | Brinker International, Inc. | 8,694 | ||||||
572 | Buckle, Inc. (The)(c) | 9,409 | ||||||
88 | Buffalo Wild Wings, Inc.(b) | 10,402 | ||||||
973 | Build-A-Bear Workshop, Inc.(b) | 7,589 | ||||||
1,459 | Caesars Entertainment Corp.(b) | 18,894 | ||||||
309 | Caleres, Inc. | 8,445 | ||||||
616 | Callaway Golf Co. | 8,889 | ||||||
1,363 | Cambium Learning Group, Inc.(b) | 8,342 | ||||||
223 | Camping World Holdings, Inc., Class A | 9,370 | ||||||
128 | Capella Education Co. | 10,426 | ||||||
884 | Career Education Corp.(b) | 9,441 | ||||||
359 | Carriage Services, Inc. | 9,298 | ||||||
802 | Carrols Restaurant Group, Inc.(b) | 9,022 | ||||||
451 | Carvana Co., Class A(b)(c) | 6,395 | ||||||
630 | Cato Corp. (The), Class A | 8,102 | ||||||
63 | Cavco Industries, Inc.(b) | 9,885 | ||||||
2,015 | Central European Media Enterprises Ltd., Class A (Bermuda)(b)(c) | 9,269 | ||||||
1,256 | Century Casinos, Inc.(b) | 10,362 | ||||||
375 | Century Communities, Inc.(b) | 10,706 | ||||||
218 | Cheesecake Factory, Inc. (The) | 9,753 | ||||||
609 | Chegg, Inc.(b)(c) | 9,446 | ||||||
1,023 | Chico’s FAS, Inc. | 8,174 | ||||||
77 | Children’s Place, Inc. (The) | 8,378 | ||||||
43 | Churchill Downs, Inc. | 8,968 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
465 | Chuy’s Holdings, Inc.(b) | $ | 10,462 | |||||
463 | Citi Trends, Inc. | 10,075 | ||||||
1,192 | Clarus Corp.(b) | 8,702 | ||||||
2,090 | Clear Channel Outdoor Holdings, Inc., Class A | 7,942 | ||||||
384 | Collectors Universe, Inc. | 9,508 | ||||||
145 | Columbia Sportswear Co. | 9,045 | ||||||
389 | Conn’s, Inc.(b) | 11,962 | ||||||
2,015 | Container Store Group, Inc. (The)(b) | 7,274 | ||||||
255 | Cooper Tire & Rubber Co. | 8,364 | ||||||
85 | Cooper-Standard Holdings, Inc.(b) | 9,476 | ||||||
2,120 | Core-Mark Holding Co., Inc. | 72,207 | ||||||
60 | Cracker Barrel Old Country Store, Inc. | 9,368 | ||||||
884 | Crocs, Inc.(b) | 9,017 | ||||||
315 | CSS Industries, Inc. | 9,444 | ||||||
706 | Culp, Inc. | 22,380 | ||||||
40 | Daily Journal Corp.(b) | 9,284 | ||||||
350 | Dana, Inc. | 10,671 | ||||||
171 | Dave & Buster’s Entertainment, Inc.(b) | 8,242 | ||||||
131 | Deckers Outdoor Corp.(b) | 8,939 | ||||||
629 | Del Frisco’s Restaurant Group, Inc.(b) | 8,743 | ||||||
616 | Del Taco Restaurants, Inc.(b) | 7,817 | ||||||
394 | Delta Apparel, Inc.(b) | 8,246 | ||||||
742 | Denny’s Corp.(b) | 9,698 | ||||||
147 | Dillard’s, Inc., Class A | 7,468 | ||||||
222 | DineEquity, Inc. | 10,569 | ||||||
124 | Dorman Products, Inc.(b) | 8,570 | ||||||
3,067 | Drive Shack, Inc. | 11,195 | ||||||
450 | DSW, Inc., Class A | 8,617 | ||||||
434 | Duluth Holdings, Inc., Class B(b)(c) | 8,966 | ||||||
487 | E.W. Scripps Co. (The), Class A(b) | 8,445 | ||||||
759 | El Pollo Loco Holdings, Inc.(b) | 8,728 | ||||||
356 | Eldorado Resorts, Inc.(b) | 9,149 | ||||||
385 | Emerald Expositions Events, Inc. | 8,967 | ||||||
357 | Empire Resorts, Inc.(b) | 7,961 | ||||||
814 | Entercom Communications Corp., Class A | 8,995 | ||||||
1,539 | Entravision Communications Corp., Class A | 8,003 | ||||||
730 | Eros International PLC (India)(b) | 8,942 | ||||||
697 | Escalade, Inc. | 8,608 | ||||||
280 | Ethan Allen Interiors, Inc. | 8,330 | ||||||
1,312 | Express, Inc.(b) | 8,882 | ||||||
532 | Fiesta Restaurant Group, Inc.(b) | 8,805 | ||||||
895 | Finish Line, Inc. (The), Class A | 8,297 | ||||||
171 | Five Below, Inc.(b) | 9,448 | ||||||
187 | Flexsteel Industries, Inc. | 9,400 | ||||||
691 | Fogo de Chao, Inc.(b) | 7,636 | ||||||
965 | Fossil Group, Inc.(b) | 7,604 | ||||||
216 | Fox Factory Holding Corp.(b) | 9,191 | ||||||
1,209 | Francesca’s Holdings Corp.(b) | 7,822 | ||||||
1,263 | Fred’s, Inc., Class A | 5,570 | ||||||
633 | FTD Cos., Inc.(b) | 6,836 | ||||||
752 | Gaia, Inc.(b) | 9,137 | ||||||
989 | Gannett Co., Inc. | 8,604 | ||||||
355 | Genesco, Inc.(b) | 8,697 | ||||||
270 | Gentherm, Inc.(b) | 9,045 | ||||||
279 | G-III Apparel Group Ltd.(b) | 7,070 | ||||||
3,174 | Global Eagle Entertainment, Inc.(b) | 7,713 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
6,600 | GNC Holdings, Inc., Class A(c) | $ | 45,144 | |||||
355 | Golden Entertainment, Inc.(b) | 9,471 | ||||||
846 | GoPro, Inc., Class A(b) | 8,824 | ||||||
106 | Grand Canyon Education, Inc.(b) | 9,488 | ||||||
605 | Gray Television, Inc.(b) | 9,420 | ||||||
2,773 | Green Brick Partners, Inc.(b) | 30,087 | ||||||
132 | Group 1 Automotive, Inc. | 10,371 | ||||||
2,244 | Groupon, Inc., Class A(b) | 10,704 | ||||||
524 | Guess?, Inc. | 8,494 | ||||||
659 | Habit Restaurants, Inc. (The), Class A(b) | 8,106 | ||||||
129 | Hamilton Beach Brands Holding Co., Class A(b) | 5,001 | ||||||
129 | Hamilton Beach Brands Holding Co., Class B(b) | 5,001 | ||||||
343 | Haverty Furniture Cos., Inc. | 8,181 | ||||||
92 | Helen of Troy Ltd.(b) | 8,547 | ||||||
659 | Hemisphere Media Group, Inc., Class A(b) | 8,040 | ||||||
670 | Hibbett Sports, Inc.(b) | 8,576 | ||||||
184 | Hooker Furniture Corp. | 8,722 | ||||||
500 | Horizon Global Corp.(b) | 8,115 | ||||||
773 | Houghton Mifflin Harcourt Co.(b) | 7,653 | ||||||
4,865 | Hovnanian Enterprises, Inc., Class A(b) | 11,773 | ||||||
228 | HSN, Inc. | 8,596 | ||||||
1,472 | Iconix Brand Group, Inc.(b) | 2,414 | ||||||
340 | ILG, Inc. | 10,088 | ||||||
443 | IMAX Corp.(b) | 10,743 | ||||||
702 | Inspired Entertainment, Inc.(b) | 8,038 | ||||||
366 | Installed Building Products, Inc.(b) | 25,510 | ||||||
246 | International Speedway Corp., Class A | 9,557 | ||||||
102 | iRobot Corp.(b) | 6,853 | ||||||
855 | J. Alexander’s Holdings, Inc.(b) | 8,977 | ||||||
851 | J. Jill, Inc.(b) | 4,349 | ||||||
2,054 | J.C. Penney Co., Inc.(b)(c) | 5,751 | ||||||
93 | Jack in the Box, Inc. | 9,626 | ||||||
134 | Johnson Outdoors, Inc., Class A | 10,078 | ||||||
482 | K12, Inc.(b) | 7,818 | ||||||
399 | KB Home | 10,945 | ||||||
739 | Kirkland’s, Inc.(b) | 8,646 | ||||||
544 | La Quinta Holdings, Inc.(b) | 9,585 | ||||||
711 | Lands’ End, Inc.(b) | 7,750 | ||||||
581 | Laureate Education, Inc., Class A(b) | 7,768 | ||||||
342 | La-Z-Boy, Inc. | 9,217 | ||||||
86 | LCI Industries | 10,647 | ||||||
192 | LGI Homes, Inc.(b) | 11,583 | ||||||
1,069 | Libbey, Inc. | 7,312 | ||||||
337 | Liberty Media Corp.-Liberty Braves, Class C(b) | 7,957 | ||||||
612 | Liberty Tax, Inc., Class A | 7,987 | ||||||
590 | Liberty TripAdvisor Holdings, Inc., Series A(b) | 6,372 | ||||||
495 | Lifetime Brands, Inc. | 9,232 | ||||||
790 | Lindblad Expeditions Holdings, Inc.(b) | 8,469 | ||||||
77 | Lithia Motors, Inc., Class A | 8,715 | ||||||
221 | Loral Space & Communications, Inc.(b) | 10,420 | ||||||
213 | Lumber Liquidators Holdings, Inc.(b) | 6,556 | ||||||
347 | M/I Homes, Inc.(b) | 11,590 | ||||||
319 | Malibu Boats, Inc., Class A(b) | 9,953 | ||||||
343 | Marcus Corp. (The) | 9,312 | ||||||
570 | Marine Products Corp. | 8,191 | ||||||
550 | MarineMax, Inc.(b) | 10,202 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
75 | Marriott Vacations Worldwide Corp. | $ | 9,871 | |||||
470 | MCBC Holdings, Inc.(b) | 10,749 | ||||||
279 | MDC Holdings, Inc. | 10,334 | ||||||
896 | MDC Partners, Inc., Class A(b) | 10,304 | ||||||
314 | Media General(b)(d) | 18 | ||||||
155 | Meredith Corp. | 8,215 | ||||||
217 | Meritage Homes Corp.(b) | 10,568 | ||||||
565 | Modine Manufacturing Co.(b) | 11,893 | ||||||
243 | Monarch Casino & Resort, Inc.(b) | 10,840 | ||||||
172 | Monro, Inc. | 8,488 | ||||||
320 | Motorcar Parts of America, Inc.(b) | 9,251 | ||||||
304 | Movado Group, Inc. | 8,421 | ||||||
401 | MSG Networks, Inc., Class A(b) | 6,957 | ||||||
130 | Nathan’s Famous, Inc.(b) | 10,543 | ||||||
1,588 | National CineMedia, Inc. | 10,687 | ||||||
516 | Nautilus, Inc.(b) | 6,708 | ||||||
827 | New Home Co., Inc. (The)(b) | 9,618 | ||||||
621 | New Media Investment Group, Inc. | 9,917 | ||||||
447 | New York Times Co. (The), Class A | 8,538 | ||||||
143 | Nexstar Media Group, Inc., Class A | 9,123 | ||||||
1,860 | Noodles & Co., Class A(b)(c) | 8,091 | ||||||
163 | Nutrisystem, Inc. | 8,142 | ||||||
1,964 | Office Depot, Inc. | 6,088 | ||||||
192 | Ollie’s Bargain Outlet Holdings, Inc.(b) | 8,573 | ||||||
349 | Overstock.com, Inc.(b) | 16,019 | ||||||
132 | Oxford Industries, Inc. | 8,527 | ||||||
118 | Papa John’s International, Inc. | 8,030 | ||||||
618 | Party City Holdco, Inc.(b) | 6,891 | ||||||
370 | Penn National Gaming, Inc.(b) | 9,653 | ||||||
375 | Perry Ellis International, Inc.(b) | 8,734 | ||||||
1,665 | PetMed Express, Inc. | 58,874 | ||||||
280 | PICO Holdings, Inc.(b) | 5,292 | ||||||
1,919 | Pier 1 Imports, Inc. | 7,983 | ||||||
441 | Pinnacle Entertainment, Inc.(b) | 11,409 | ||||||
339 | Planet Fitness, Inc., Class A | 9,031 | ||||||
746 | Potbelly Corp.(b) | 8,989 | ||||||
353 | RCI Hospitality Holdings, Inc. | 9,725 | ||||||
540 | Reading International, Inc., Class A(b) | 8,451 | ||||||
1,136 | Red Lion Hotels Corp.(b) | 9,997 | ||||||
148 | Red Robin Gourmet Burgers, Inc.(b) | 10,123 | ||||||
374 | Red Rock Resorts, Inc., Class A | 9,212 | ||||||
659 | Regis Corp.(b) | 9,839 | ||||||
690 | Rent-A-Center, Inc. | 6,859 | ||||||
118 | RH(b)(c) | 10,611 | ||||||
4,050 | Ruby Tuesday, Inc.(b) | 9,598 | ||||||
458 | Ruth’s Hospitality Group, Inc. | 9,664 | ||||||
202 | Saga Communications, Inc., Class A | 8,837 | ||||||
1,411 | Salem Media Group, Inc. | 9,030 | ||||||
218 | Scholastic Corp. | 8,053 | ||||||
236 | Scientific Games Corp., Class A(b) | 11,234 | ||||||
1,073 | Sears Holdings Corp.(b)(c) | 5,912 | ||||||
686 | SeaWorld Entertainment, Inc.(b)(c) | 7,875 | ||||||
2,889 | Sequential Brands Group, Inc.(b) | 7,511 | ||||||
276 | Shake Shack, Inc., Class A(b) | 10,477 | ||||||
2,212 | Shiloh Industries, Inc.(b) | 20,527 | ||||||
454 | Shoe Carnival, Inc. | 8,522 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
180 | Shutterfly, Inc.(b) | $ | 7,686 | |||||
298 | Sinclair Broadcast Group, Inc., Class A | 9,447 | ||||||
289 | Sleep Number Corp.(b) | 9,392 | ||||||
473 | Sonic Automotive, Inc., Class A | 9,389 | ||||||
380 | Sonic Corp.(c) | 9,652 | ||||||
194 | Sotheby’s(b) | 10,053 | ||||||
407 | Speedway Motorsports, Inc. | 8,120 | ||||||
1,946 | Sportsman’s Warehouse Holdings, Inc.(b) | 7,979 | ||||||
188 | Standard Motor Products, Inc. | 8,210 | ||||||
200 | Steven Madden Ltd.(b) | 7,800 | ||||||
511 | Stoneridge, Inc.(b) | 11,620 | ||||||
107 | Strayer Education, Inc. | 10,029 | ||||||
177 | Sturm Ruger & Co., Inc. | 8,770 | ||||||
576 | Superior Industries International, Inc. | 8,957 | ||||||
382 | Superior Uniform Group, Inc. | 8,966 | ||||||
643 | Tailored Brands, Inc. | 9,934 | ||||||
427 | Taylor Morrison Home Corp., Class A(b) | 10,312 | ||||||
158 | Tenneco, Inc. | 9,181 | ||||||
188 | Texas Roadhouse, Inc. | 9,402 | ||||||
543 | Tile Shop Holdings, Inc. | 4,643 | ||||||
765 | Tilly’s, Inc., Class A | 9,111 | ||||||
641 | Time, Inc. | 7,436 | ||||||
158 | TopBuild Corp.(b) | 10,426 | ||||||
384 | Tower International, Inc. | 11,674 | ||||||
856 | Townsquare Media, Inc., Class A(b) | 8,937 | ||||||
684 | TRI Pointe Group, Inc.(b) | 12,100 | ||||||
579 | tronc, Inc.(b) | 8,560 | ||||||
612 | Unifi, Inc.(b) | 23,287 | ||||||
148 | Universal Electronics, Inc.(b) | 8,880 | ||||||
961 | Vera Bradley, Inc.(b) | 6,919 | ||||||
399 | Vista Outdoor, Inc.(b) | 8,343 | ||||||
1,485 | Vitamin Shoppe, Inc.(b) | 6,831 | ||||||
1,051 | VOXX International Corp.(b) | 7,042 | ||||||
199 | Weight Watchers International, Inc.(b) | 8,939 | ||||||
303 | Weyco Group, Inc. | 8,239 | ||||||
530 | Wideopenwest, Inc.(b) | 6,779 | ||||||
357 | William Lyon Homes, Class A(b) | 9,907 | ||||||
261 | Wingstop, Inc. | 8,840 | ||||||
65 | Winmark Corp. | 8,499 | ||||||
229 | Winnebago Industries, Inc. | 11,255 | ||||||
314 | Wolverine World Wide, Inc. | 8,572 | ||||||
384 | World Wrestling Entertainment, Inc., Class A | 10,187 | ||||||
680 | ZAGG, Inc.(b) | 10,642 | ||||||
661 | Zoe’s Kitchen, Inc.(b) | 8,117 | ||||||
641 | Zumiez, Inc.(b) | 11,314 | ||||||
|
| |||||||
2,607,659 | ||||||||
|
| |||||||
Consumer Staples—10.1% | ||||||||
8,195 | Amplify Snack Brands, Inc.(b)(c) | 52,366 | ||||||
1,891 | Andersons, Inc. (The) | 70,818 | ||||||
1,879 | B&G Foods, Inc.(c) | 59,752 | ||||||
128 | Bob Evans Farms, Inc. | 9,880 | ||||||
404 | Boston Beer Co., Inc. (The), Class A(b) | 71,932 | ||||||
885 | Calavo Growers, Inc. | 65,224 | ||||||
1,619 | Cal-Maine Foods, Inc.(b)(c) | 72,855 | ||||||
249 | Central Garden & Pet Co., Class A(b) | 9,191 | ||||||
3,530 | Chefs’ Warehouse, Inc. (The)(b) | 70,423 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
282 | Coca-Cola Bottling Co. Consolidated | $ | 63,608 | |||||
3,490 | Craft Brew Alliance, Inc.(b) | 63,692 | ||||||
527 | Darling Ingredients, Inc.(b) | 9,618 | ||||||
5,353 | Dean Foods Co. | 52,192 | ||||||
422 | elf Beauty, Inc.(b)(c) | 8,942 | ||||||
1,833 | Farmer Brothers Co.(b) | 62,230 | ||||||
1,311 | Fresh Del Monte Produce, Inc. | 58,353 | ||||||
3,770 | Freshpet, Inc.(b)(c) | 58,624 | ||||||
4,566 | Hostess Brands, Inc.(b) | 52,646 | ||||||
306 | HRG Group, Inc.(b) | 4,963 | ||||||
2,612 | Ingles Markets, Inc., Class A | 60,860 | ||||||
211 | Inter Parfums, Inc. | 9,769 | ||||||
474 | J & J Snack Foods Corp. | 63,123 | ||||||
941 | John B. Sanfilippo & Son, Inc. | 55,378 | ||||||
512 | Lancaster Colony Corp. | 64,113 | ||||||
1,608 | Landec Corp.(b) | 21,306 | ||||||
2,704 | Limoneira Co. | 63,138 | ||||||
1,079 | Medifast, Inc. | 67,330 | ||||||
1,018 | MGP Ingredients, Inc. | 69,183 | ||||||
490 | National Beverage Corp. | 47,971 | ||||||
488 | Oil-Dri Corp. of America | 20,501 | ||||||
3,778 | Omega Protein Corp. | 82,738 | ||||||
2,102 | Performance Food Group Co.(b) | 59,487 | ||||||
101 | PriceSmart, Inc. | 8,464 | ||||||
5,079 | Primo Water Corp.(b) | 55,920 | ||||||
498 | Revlon, Inc., Class A(b) | 11,205 | ||||||
400 | Sanderson Farms, Inc. | 59,828 | ||||||
1,683 | Snyder’s-Lance, Inc. | 63,331 | ||||||
2,480 | SpartanNash Co. | 60,884 | ||||||
2,845 | Supervalu, Inc.(b) | 46,345 | ||||||
1,599 | Tootsie Roll Industries, Inc. | 56,924 | ||||||
1,657 | United Natural Foods, Inc.(b) | 64,242 | ||||||
1,050 | Universal Corp. | 60,218 | ||||||
1,026 | USANA Health Sciences, Inc.(b) | 67,408 | ||||||
2,937 | Vector Group Ltd. | 61,031 | ||||||
560 | WD-40 Co. | 62,076 | ||||||
1,353 | Weis Markets, Inc. | 52,537 | ||||||
|
| |||||||
2,332,619 | ||||||||
|
| |||||||
Energy—11.2% | ||||||||
14,690 | Abraxas Petroleum Corp.(b) | 31,290 | ||||||
8,654 | Approach Resources, Inc.(b) | 20,164 | ||||||
306 | Arch Coal, Inc., Class A | 23,385 | ||||||
2,281 | Archrock, Inc. | 27,372 | ||||||
1,214 | Ardmore Shipping Corp. (Ireland)(b) | 10,076 | ||||||
1,474 | Basic Energy Services, Inc.(b) | 27,800 | ||||||
7,890 | Bill Barrett Corp.(b) | 38,898 | ||||||
860 | Bonanza Creek Energy, Inc.(b) | 29,094 | ||||||
978 | Bristow Group, Inc. | 9,232 | ||||||
863 | C&j Energy Services, Inc.(b) | 24,587 | ||||||
3,105 | California Resources Corp.(b)(c) | 34,248 | ||||||
2,455 | Callon Petroleum Co.(b) | 27,226 | ||||||
3,250 | CARBO Ceramics, Inc.(b)(c) | 26,910 | ||||||
2,057 | Carrizo Oil & Gas, Inc.(b) | 36,388 | ||||||
9,789 | Clean Energy Fuels Corp.(b) | 23,004 | ||||||
7,786 | Cloud Peak Energy, Inc.(b) | 33,091 | ||||||
5,675 | Contango Oil & Gas Co.(b) | 22,643 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
1,122 | CVR Energy, Inc. | $ | 30,799 | |||||
952 | Delek US Holdings, Inc. | 24,800 | ||||||
21,566 | Denbury Resources, Inc.(b) | 26,526 | ||||||
2,391 | DHT Holdings, Inc. | 9,421 | ||||||
1,947 | Diamond Offshore Drilling, Inc.(b)(c) | 32,573 | ||||||
1,248 | Dorian LPG Ltd.(b) | 8,923 | ||||||
617 | Dril-Quip, Inc.(b) | 25,976 | ||||||
2,419 | Earthstone Energy, Inc., Class A(b) | 19,473 | ||||||
9,870 | Eclipse Resources Corp.(b) | 21,911 | ||||||
2,301 | Energy XXI Gulf Coast, Inc.(b) | 19,674 | ||||||
10,933 | Ensco PLC, Class A | 58,929 | ||||||
7,935 | EP Energy Corp., Class A(b) | 21,425 | ||||||
2,421 | Era Group, Inc.(b) | 26,050 | ||||||
3,628 | Evolution Petroleum Corp. | 26,847 | ||||||
872 | Exterran Corp.(b) | 28,139 | ||||||
7,699 | Fairmount Santrol Holdings, Inc.(b) | 33,183 | ||||||
1,994 | Forum Energy Technologies, Inc.(b) | 28,714 | ||||||
3,699 | Frank’s International NV(c) | 24,450 | ||||||
1,623 | Frontline Ltd. (Norway) | 9,884 | ||||||
562 | GasLog Ltd. (Monaco) | 9,695 | ||||||
2,011 | Gener8 Maritime, Inc.(b) | 9,271 | ||||||
1,643 | Geospace Technologies Corp.(b) | 24,678 | ||||||
1,171 | Golar LNG Ltd. (Bermuda) | 24,743 | ||||||
1,326 | Green Plains, Inc. | 24,398 | ||||||
2,145 | Gulf Island Fabrication, Inc. | 28,207 | ||||||
4,041 | Halcon Resources Corp.(b)(c) | 26,590 | ||||||
3,675 | Helix Energy Solutions Group, Inc.(b) | 25,064 | ||||||
7,552 | Independence Contract Drilling, Inc.(b) | 24,468 | ||||||
516 | International Seaways Inc.(b) | 10,392 | ||||||
2,018 | Jagged Peak Energy, Inc.(b) | 28,030 | ||||||
1,862 | Keane Group, Inc.(b)(c) | 28,749 | ||||||
1,931 | Key Energy Services, Inc.(b) | 20,546 | ||||||
6,049 | Lilis Energy, Inc.(b) | 30,124 | ||||||
1,778 | Mammoth Energy Services, Inc.(b) | 35,080 | ||||||
1,034 | Matador Resources Co.(b) | 27,453 | ||||||
1,804 | Matrix Service Co.(b) | 25,436 | ||||||
3,945 | McDermott International, Inc.(b) | 26,116 | ||||||
1,650 | Midstates Petroleum Co., Inc.(b) | 25,163 | ||||||
129 | NACCO Industries, Inc., Class A | 5,366 | ||||||
1,017 | Natural Gas Services Group, Inc.(b) | 28,273 | ||||||
7,480 | Navios Maritime Acquisition Corp. | 9,350 | ||||||
1,121 | Ncs Multistage Holdings, Inc.(b) | 24,415 | ||||||
2,869 | Newpark Resources, Inc.(b) | 25,104 | ||||||
7,170 | Noble Corp. PLC(b) | 29,827 | ||||||
1,802 | Nordic American Tankers Ltd.(c) | 8,001 | ||||||
3,245 | Oasis Petroleum, Inc.(b) | 30,665 | ||||||
1,100 | Oil States International, Inc.(b) | 25,355 | ||||||
3,755 | Overseas Shipholding Group, Inc., Class A(b) | 8,899 | ||||||
4,905 | Pacific Ethanol, Inc.(b) | 23,544 | ||||||
1,076 | Panhandle Oil and Gas, Inc., Class A | 25,985 | ||||||
1,393 | Par Pacific Holdings, Inc.(b) | 29,239 | ||||||
20,769 | Parker Drilling Co.(b) | 21,807 | ||||||
607 | PDC Energy, Inc.(b) | 30,915 | ||||||
839 | Peabody Energy Corp.(b) | 25,917 | ||||||
637 | Penn Virginia Corp.(b) | 24,824 | ||||||
791 | PHI, Inc.(b) | 9,247 | ||||||
12,102 | Pioneer Energy Services Corp.(b) | 22,994 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
2,110 | Propetro Holding Corp.(b) | $ | 32,135 | |||||
1,950 | Renewable Energy Group, Inc.(b) | 23,595 | ||||||
978 | Resolute Energy Corp.(b)(c) | 29,369 | ||||||
292 | REX American Resources Corp.(b) | 25,749 | ||||||
1,555 | RigNet, Inc.(b) | 27,135 | ||||||
1,948 | Ring Energy, Inc.(b) | 24,954 | ||||||
2,480 | Rowan Cos. PLC, Class A(b) | 35,538 | ||||||
5,272 | Sanchez Energy Corp.(b)(c) | 22,828 | ||||||
1,364 | Sandridge Energy, Inc.(b) | 25,602 | ||||||
2,649 | Scorpio Tankers, Inc. (Monaco) | 9,430 | ||||||
236 | SEACOR Holdings, Inc.(b) | 11,139 | ||||||
1,986 | SEACOR Marine Holdings, Inc.(b) | 28,102 | ||||||
1,633 | Select Energy Services, Inc., Class A(b) | 26,585 | ||||||
938 | SemGroup Corp., Class A | 24,435 | ||||||
700 | Ship Finance International Ltd. (Norway) | 10,430 | ||||||
1,113 | Silverbow Resources, Inc.(b) | 25,031 | ||||||
4,176 | Smart Sand, Inc.(b)(c) | 30,025 | ||||||
1,678 | Solaris Oilfield Infrastructure, Inc., Class A(b) | 26,781 | ||||||
3,200 | SRC Energy, Inc.(b) | 30,528 | ||||||
917 | Stone Energy Corp.(b) | 26,978 | ||||||
2,649 | Superior Energy Services, Inc.(b) | 23,364 | ||||||
1,015 | Teekay Corp. (Bermuda)(c) | 8,222 | ||||||
6,538 | Teekay Tankers Ltd., Class A (Bermuda) | 9,676 | ||||||
2,441 | Tellurian, Inc.(b) | 26,290 | ||||||
5,408 | Tesco Corp.(b) | 20,821 | ||||||
11,741 | TETRA Technologies, Inc.(b) | 33,344 | ||||||
2,813 | Ultra Petroleum Corp.(b) | 22,335 | ||||||
1,462 | Unit Corp.(b) | 27,369 | ||||||
14,867 | Uranium Energy Corp.(b) | 15,759 | ||||||
697 | US Silica Holdings, Inc. | 21,265 | ||||||
12,665 | W&T Offshore, Inc.(b) | 39,641 | ||||||
2,137 | Wildhorse Resource Development Corp.(b) | 27,802 | ||||||
9,634 | Willbros Group, Inc.(b) | 29,480 | ||||||
|
| |||||||
2,588,772 | ||||||||
|
| |||||||
Financials—9.1% | ||||||||
102 | 1st Source Corp. | 5,234 | ||||||
185 | Access National Corp. | 5,383 | ||||||
171 | ACNB Corp. | 4,771 | ||||||
240 | AG Mortgage Investment Trust, Inc. REIT | 4,514 | ||||||
140 | Allegiance Bancshares, Inc.(b) | 5,488 | ||||||
262 | Ambac Financial Group, Inc.(b) | 4,265 | ||||||
177 | American Equity Investment Life Holding Co. | 5,223 | ||||||
126 | American National Bankshares, Inc. | 4,933 | ||||||
110 | Ameris Bancorp | 5,269 | ||||||
87 | AMERISAFE, Inc. | 5,629 | ||||||
166 | Ames National Corp. | 4,947 | ||||||
396 | AmTrust Financial Services, Inc. | 4,974 | ||||||
759 | Anworth Mortgage Asset Corp. REIT | 4,243 | ||||||
256 | Apollo Commercial Real Estate Finance, Inc. REIT | 4,626 | ||||||
352 | Ares Commercial Real Estate Corp. REIT | 4,569 | ||||||
81 | Argo Group International Holdings Ltd. | 5,099 | ||||||
356 | Arlington Asset Investment Corp., Class A | 4,083 | ||||||
177 | ARMOUR Residential REIT, Inc. REIT | 4,434 | ||||||
148 | Arrow Financial Corp. | 5,224 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
154 | Artisan Partners Asset Management, Inc., Class A | $ | 5,298 | |||||
132 | Associated Capital Group, Inc., Class A | 4,897 | ||||||
275 | Atlantic Capital Bancshares, Inc.(b) | 4,524 | ||||||
270 | Atlas Financial Holdings, Inc.(b) | 5,333 | ||||||
279 | B. Riley Financial, Inc. | 4,645 | ||||||
214 | Baldwin & Lyons, Inc., Class B | 4,911 | ||||||
261 | Banc of California, Inc. | 5,494 | ||||||
94 | BancFirst Corp. | 5,137 | ||||||
169 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 4,737 | ||||||
588 | Bancorp, Inc. (The)(b) | 4,945 | ||||||
166 | BancorpSouth, Inc. | 5,246 | ||||||
518 | Bank Mutual Corp. | 5,478 | ||||||
456 | Bank of Commerce Holdings | 5,472 | ||||||
72 | Bank of Marin Bancorp | 4,878 | ||||||
145 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 5,416 | ||||||
288 | BankFinancial Corp. | 4,562 | ||||||
136 | Bankwell Financial Group, Inc. | 4,978 | ||||||
86 | Banner Corp. | 4,930 | ||||||
179 | Bar Harbor Bankshares | 5,411 | ||||||
330 | Bcb Bancorp, Inc. | 4,636 | ||||||
444 | Bear State Financial, Inc. | 4,555 | ||||||
313 | Beneficial Bancorp, Inc. | 5,164 | ||||||
137 | Berkshire Hills Bancorp, Inc. | 5,247 | ||||||
303 | Blue Capital Reinsurance Holdings Ltd. (Bermuda) | 4,015 | ||||||
254 | Blue Hills Bancorp, Inc. | 5,512 | ||||||
186 | BofI Holding, Inc.(b) | 5,003 | ||||||
326 | Boston Private Financial Holdings, Inc. | 5,183 | ||||||
152 | Bridge Bancorp, Inc. | 5,396 | ||||||
332 | Brookline Bancorp, Inc. | 5,113 | ||||||
117 | Bryn Mawr Bank Corp. | 5,130 | ||||||
165 | BSB Bancorp, Inc.(b) | 4,933 | ||||||
217 | Byline Bancorp, Inc.(b) | 4,351 | ||||||
97 | C&F Financial Corp. | 5,626 | ||||||
220 | Cadence Bancorp(b) | 5,359 | ||||||
291 | California First National Bancorp | 4,481 | ||||||
122 | Camden National Corp. | 5,267 | ||||||
128 | Capital Bank Financial Corp., Class A | 5,197 | ||||||
228 | Capital City Bank Group, Inc. | 5,622 | ||||||
340 | Capitol Federal Financial, Inc. | 4,689 | ||||||
265 | Capstar Financial Holdings, Inc.(b) | 5,350 | ||||||
480 | Capstead Mortgage Corp. REIT | 4,234 | ||||||
140 | Carolina Financial Corp. | 5,159 | ||||||
133 | Cathay General Bancorp | 5,559 | ||||||
206 | CenterState Bank Corp. | 5,488 | ||||||
165 | Central Pacific Financial Corp. | 5,135 | ||||||
240 | Central Valley Community Bancorp | 4,848 | ||||||
69 | Century Bancorp, Inc., Class A | 5,862 | ||||||
279 | Charter Financial Corp. | 5,348 | ||||||
103 | Chemical Financial Corp. | 5,427 | ||||||
113 | Chemung Financial Corp. | 5,338 | ||||||
247 | Cherry Hill Mortgage Investment Corp. REIT | 4,498 | ||||||
206 | Citizens & Northern Corp. | 5,033 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
640 | Citizens, Inc.(b) | $ | 4,851 | |||||
75 | City Holding Co. | 5,287 | ||||||
230 | Civista Bancshares, Inc. | 5,191 | ||||||
294 | Clifton Bancorp, Inc. | 5,007 | ||||||
189 | CNB Financial Corp. | 5,434 | ||||||
215 | CNO Financial Group, Inc. | 5,154 | ||||||
278 | �� | CoBiz Financial, Inc. | 5,682 | |||||
189 | Codorus Valley Bancorp, Inc. | 5,980 | ||||||
121 | Cohen & Steers, Inc. | 5,262 | ||||||
127 | Columbia Banking System, Inc. | 5,526 | ||||||
197 | Commerce Union Bancshares, Inc. | 4,760 | ||||||
93 | Community Bank System, Inc. | 5,142 | ||||||
530 | Community Bankers Trust Corp.(b) | 4,584 | ||||||
127 | Community Financial Corp. (The) | 4,599 | ||||||
113 | Community Trust Bancorp, Inc. | 5,458 | ||||||
215 | ConnectOne Bancorp, Inc. | 5,773 | ||||||
156 | County Bancorp, Inc. | 5,095 | ||||||
287 | Cowen, Inc., Class A(b) | 4,305 | ||||||
424 | Crawford & Co., Class B | 4,995 | ||||||
169 | Customers Bancorp, Inc.(b) | 4,620 | ||||||
229 | CVB Financial Corp. | 5,464 | ||||||
520 | CYS Investments, Inc. REIT | 4,160 | ||||||
28 | Diamond Hill Investment Group, Inc. | 5,934 | ||||||
247 | Dime Community Bancshares, Inc. | 5,446 | ||||||
139 | DNB Financial Corp. | 4,684 | ||||||
298 | Donegal Group, Inc., Class A | 5,108 | ||||||
216 | Donnelley Financial Solutions, Inc.(b) | 4,644 | ||||||
644 | Dynex Capital, Inc. REIT | 4,508 | ||||||
75 | Eagle Bancorp, Inc.(b) | 4,999 | ||||||
188 | eHealth, Inc.(b) | 4,771 | ||||||
738 | Elevate Credit, Inc.(b) | 5,779 | ||||||
314 | Ellington Residential Mortgage REIT REIT | 4,201 | ||||||
169 | EMC Insurance Group, Inc. | 4,979 | ||||||
115 | Employers Holdings, Inc. | 5,485 | ||||||
116 | Encore Capital Group, Inc.(b) | 5,388 | ||||||
366 | Enova International, Inc.(b) | 5,435 | ||||||
23 | Enstar Group Ltd. (Bermuda)(b) | 5,239 | ||||||
197 | Entegra Financial Corp.(b) | 5,368 | ||||||
143 | Enterprise Bancorp, Inc. | 5,162 | ||||||
124 | Enterprise Financial Services Corp. | 5,406 | ||||||
134 | Equity Bancshares, Inc., Class A(b) | 4,568 | ||||||
307 | ESSA Bancorp, Inc. | 4,964 | ||||||
126 | Essent Group Ltd.(b) | 5,370 | ||||||
115 | Evans Bancorp, Inc. | 5,008 | ||||||
65 | Evercore, Inc., Class A | 5,206 | ||||||
498 | EZCORP, Inc., Class A(b) | 5,104 | ||||||
112 | Farmers & Merchants Bancorp, Inc. | 4,146 | ||||||
125 | Farmers Capital Bank Corp. | 5,200 | ||||||
352 | Farmers National Banc Corp. | 5,104 | ||||||
133 | FB Financial Corp.(b) | 5,436 | ||||||
69 | FBL Financial Group, Inc., Class A | 5,337 | ||||||
112 | FCB Financial Holdings, Inc., Class A(b) | 5,230 | ||||||
72 | Federal Agricultural Mortgage Corp., Class C | 5,345 | ||||||
432 | Federated National Holding Co. | 6,627 | ||||||
1,353 | Ferroglobe Representation & Warranty Insurance Trust(b)(d) | 0 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
146 | Fidelity & Guaranty Life | $ | 4,541 | |||||
220 | Fidelity Southern Corp. | 4,825 | ||||||
1,169 | Fifth Street Asset Management, Inc., Class A | 4,793 | ||||||
147 | Financial Engines, Inc. | 5,307 | ||||||
177 | Financial Institutions, Inc. | 5,806 | ||||||
179 | First Bancorp, Inc./ME | 5,587 | ||||||
841 | First BanCorp/Puerto Rico(b) | 4,331 | ||||||
293 | First Bancorp/Southern Pines NC | 10,753 | ||||||
160 | First Bancshares, Inc. (The) | 5,104 | ||||||
166 | First Busey Corp. | 5,166 | ||||||
219 | First Business Financial Services, Inc. | 4,868 | ||||||
14 | First Citizens BancShares, Inc., Class A | 5,670 | ||||||
376 | First Commonwealth Financial Corp. | 5,475 | ||||||
180 | First Community Bancshares, Inc. | 5,377 | ||||||
194 | First Connecticut Bancorp, Inc. | 5,122 | ||||||
97 | First Defiance Financial Corp. | 5,257 | ||||||
197 | First Financial Bancorp | 5,378 | ||||||
121 | First Financial Bankshares, Inc. | 5,524 | ||||||
109 | First Financial Corp. | 5,177 | ||||||
286 | First Financial Northwest, Inc. | 4,756 | ||||||
282 | First Foundation, Inc.(b) | 5,220 | ||||||
158 | First Guaranty Bancshares, Inc. | 4,215 | ||||||
148 | First Internet Bancorp | 5,580 | ||||||
136 | First Interstate BancSystem, Inc., Class A | 5,345 | ||||||
122 | First Merchants Corp. | 5,246 | ||||||
133 | First Mid-Illinois Bancshares, Inc. | 5,134 | ||||||
221 | First Midwest Bancorp, Inc. | 5,103 | ||||||
296 | First Northwest Bancorp(b) | 5,008 | ||||||
173 | First of Long Island Corp. (The) | 5,458 | ||||||
78 | Firstcash, Inc. | 4,980 | ||||||
143 | Flagstar Bancorp, Inc.(b) | 5,344 | ||||||
173 | Flushing Financial Corp. | 5,187 | ||||||
143 | FNB Bancorp | 4,941 | ||||||
284 | FNFV Group(b) | 4,899 | ||||||
149 | Franklin Financial Network, Inc.(b) | 5,111 | ||||||
275 | Fulton Financial Corp. | 5,005 | ||||||
734 | Gain Capital Holdings, Inc. | 5,417 | ||||||
159 | GAMCO Investors, Inc., Class A | 4,605 | ||||||
1,329 | Genworth Financial, Inc., Class A(b) | 4,399 | ||||||
144 | German American Bancorp, Inc. | 5,181 | ||||||
145 | Glacier Bancorp, Inc. | 5,504 | ||||||
115 | Global Indemnity Ltd., Class A (Cayman Islands)(b) | 4,827 | ||||||
238 | Granite Point Mortgage Trust, Inc. REIT | 4,415 | ||||||
323 | Great Ajax Corp. REIT | 4,570 | ||||||
95 | Great Southern Bancorp, Inc. | 5,106 | ||||||
136 | Great Western Bancorp, Inc. | 5,520 | ||||||
230 | Green Bancorp, Inc.(b) | 5,094 | ||||||
96 | Green Dot Corp., Class A(b) | 5,436 | ||||||
185 | Greene County Bancorp, Inc. | 5,531 | ||||||
321 | Greenhill & Co., Inc. | 5,874 | ||||||
228 | Greenlight Capital Re Ltd., Class A(b) | 5,027 | ||||||
182 | Guaranty Bancorp | 5,178 | ||||||
151 | Guaranty Bancshares, Inc. | 4,331 | ||||||
444 | Hallmark Financial Services, Inc.(b) | 5,146 | ||||||
200 | Hamilton Lane, Inc., Class A | 5,498 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
111 | Hancock Holding Co. | $ | 5,411 | |||||
176 | Hanmi Financial Corp. | 5,412 | ||||||
195 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 4,692 | ||||||
281 | HarborOne Bancorp, Inc.(b) | 5,482 | ||||||
152 | HCI Group, Inc. | 5,694 | ||||||
150 | Health Insurance Innovations, Inc., Class A(b) | 3,225 | ||||||
108 | Heartland Financial USA, Inc. | 5,319 | ||||||
353 | Heritage Commerce Corp. | 5,429 | ||||||
178 | Heritage Financial Corp. | 5,429 | ||||||
481 | Heritage Insurance Holdings, Inc.(c) | 7,715 | ||||||
209 | Hilltop Holdings, Inc. | 4,924 | ||||||
24 | Hingham Institution for Savings | 4,673 | ||||||
115 | Home Bancorp, Inc. | 4,927 | ||||||
420 | Home BancShares, Inc. | 9,442 | ||||||
187 | HomeStreet, Inc.(b) | 5,432 | ||||||
197 | HomeTrust Bancshares, Inc.(b) | 5,171 | ||||||
300 | Hope Bancorp, Inc. | 5,535 | ||||||
134 | Horace Mann Educators Corp. | 5,869 | ||||||
180 | Horizon Bancorp | 4,954 | ||||||
128 | Houlihan Lokey, Inc., Class A | 5,329 | ||||||
232 | Howard Bancorp, Inc.(b) | 4,849 | ||||||
64 | IBERIABANK Corp. | 4,720 | ||||||
356 | Impac Mortgage Holdings, Inc.(b)(c) | 4,664 | ||||||
212 | Independence Holding Co. | 5,756 | ||||||
68 | Independent Bank Corp./MA | 4,903 | ||||||
235 | Independent Bank Corp./MI | 5,287 | ||||||
86 | Independent Bank Group, Inc. | 5,409 | ||||||
55 | Infinity Property & Casualty Corp. | 5,189 | ||||||
134 | International Bancshares Corp. | 5,440 | ||||||
133 | INTL FCStone, Inc.(b) | 5,521 | ||||||
271 | Invesco Mortgage Capital, Inc. REIT(e) | 4,667 | ||||||
205 | Investar Holding Corp. | 4,756 | ||||||
229 | Investment Technology Group, Inc. | 5,375 | ||||||
356 | Investors Bancorp, Inc. | 4,895 | ||||||
32 | Investors Title Co. | 6,070 | ||||||
121 | James River Group Holdings Ltd. | 5,121 | ||||||
335 | Kearny Financial Corp. | 5,042 | ||||||
100 | Kemper Corp. | 6,410 | ||||||
325 | Kingstone Cos., Inc. | 5,265 | ||||||
128 | Kinsale Capital Group, Inc. | 5,553 | ||||||
219 | KKR Real Estate Finance Trust, Inc. | 4,428 | ||||||
343 | Ladder Capital Corp., Class A REIT | 4,610 | ||||||
1,854 | Ladenburg Thalmann Financial Services, Inc. | 5,673 | ||||||
258 | Lakeland Bancorp, Inc. | 5,302 | ||||||
110 | Lakeland Financial Corp. | 5,311 | ||||||
247 | LCNB Corp. | 5,039 | ||||||
131 | LegacyTexas Financial Group, Inc. | 5,226 | ||||||
761 | LendingClub Corp.(b) | 4,330 | ||||||
20 | LendingTree, Inc.(b) | 5,361 | ||||||
218 | Live Oak Bancshares, Inc. | 5,167 | ||||||
491 | Macatawa Bank Corp. | 4,930 | ||||||
696 | Maiden Holdings Ltd. | 5,742 | ||||||
143 | MainSource Financial Group, Inc. | 5,390 | ||||||
192 | Malvern Bancorp, Inc.(b) | 5,184 | ||||||
353 | Marlin Business Services Corp. | 7,731 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
118 | MB Financial, Inc. | $ | 5,421 | |||||
461 | MBIA, Inc.(b) | 3,342 | ||||||
468 | MBT Financial Corp. | 4,937 | ||||||
766 | Medley Management, Inc., Class A | 4,328 | ||||||
157 | Mercantile Bank Corp. | 5,668 | ||||||
264 | Meridian Bancorp, Inc. | 5,201 | ||||||
71 | Meta Financial Group, Inc. | 6,195 | ||||||
419 | MGIC Investment Corp.(b) | 5,992 | ||||||
99 | Middlefield Banc Corp. | 4,509 | ||||||
153 | Midland States Bancorp, Inc. | 4,965 | ||||||
383 | MidSouth Bancorp, Inc. | 5,017 | ||||||
142 | MidWestOne Financial Group, Inc. | 5,000 | ||||||
118 | Moelis & Co., Class A | 5,044 | ||||||
241 | MTGE Investment Corp. REIT | 4,362 | ||||||
130 | Mutualfirst Financial, Inc. | 5,031 | ||||||
150 | National Bank Holdings Corp., Class A | 4,923 | ||||||
117 | National Bankshares, Inc. | 5,183 | ||||||
117 | National Commerce Corp.(b) | 4,768 | ||||||
279 | National General Holdings Corp. | 5,630 | ||||||
14 | National Western Life Group, Inc., Class A | 5,006 | ||||||
283 | Nationstar Mortgage Holdings, Inc.(b) | 5,510 | ||||||
84 | Navigators Group, Inc. (The) | 4,872 | ||||||
144 | NBT Bancorp, Inc. | 5,492 | ||||||
98 | Nelnet, Inc., Class A | 5,737 | ||||||
737 | New York Mortgage Trust, Inc. REIT | 4,444 | ||||||
425 | NewStar Financial, Inc. | 5,219 | ||||||
271 | NI Holdings, Inc.(b) | 4,848 | ||||||
86 | Nicolet Bankshares, Inc.(b) | 4,897 | ||||||
441 | NMI Holdings, Inc., Class A(b) | 6,417 | ||||||
218 | Northeast Bancorp | 5,613 | ||||||
295 | Northfield Bancorp, Inc. | 5,033 | ||||||
155 | Northrim Bancorp, Inc. | 5,037 | ||||||
302 | Northwest Bancshares, Inc. | 5,095 | ||||||
160 | Norwood Financial Corp. | 4,779 | ||||||
188 | OceanFirst Financial Corp. | 5,217 | ||||||
167 | Oconee Federal Financial Corp. | 5,008 | ||||||
1,541 | Ocwen Financial Corp.(b) | 5,378 | ||||||
540 | OFG Bancorp | 4,806 | ||||||
150 | Ohio Valley Banc Corp. | 5,340 | ||||||
173 | Old Line Bancshares, Inc. | 5,216 | ||||||
293 | Old National Bancorp | 5,333 | ||||||
148 | Old Point Financial Corp. | 4,792 | ||||||
420 | Old Second Bancorp, Inc. | 5,754 | ||||||
338 | OM Asset Management PLC | 5,165 | ||||||
979 | On Deck Capital, Inc.(b) | 4,826 | ||||||
293 | Oppenheimer Holdings, Inc., Class A | 6,373 | ||||||
215 | Opus Bank(b) | 5,569 | ||||||
472 | Orchid Island Capital, Inc. REIT | 4,701 | ||||||
297 | Oritani Financial Corp. | 5,034 | ||||||
188 | Orrstown Financial Services, Inc. | 4,794 | ||||||
263 | Owens Realty Mortgage, Inc. REIT | 4,723 | ||||||
199 | Pacific Continental Corp. | 5,572 | ||||||
574 | Pacific Mercantile Bancorp(b) | 5,367 | ||||||
142 | Pacific Premier Bancorp, Inc.(b) | 5,737 | ||||||
90 | Paragon Commercial Corp.(b) | 5,181 | ||||||
48 | Park National Corp. | 5,270 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
413 | Park Sterling Corp. | $ | 5,191 | |||||
237 | Parke Bancorp, Inc. | 5,107 | ||||||
273 | Pcsb Financial Corp.(b) | 5,111 | ||||||
155 | Peapack-Gladstone Financial Corp. | 5,377 | ||||||
106 | Penns Woods Bancorp, Inc. | 5,133 | ||||||
273 | PennyMac Financial Services, Inc., Class A(b) | 5,187 | ||||||
276 | PennyMac Mortgage Investment Trust REIT | 4,433 | ||||||
150 | Peoples Bancorp of North Carolina, Inc. | 5,114 | ||||||
152 | Peoples Bancorp, Inc. | 5,034 | ||||||
111 | Peoples Financial Services Corp. | 5,033 | ||||||
170 | People’s Utah Bancorp | 5,287 | ||||||
661 | PHH Corp.(b) | 8,732 | ||||||
86 | Piper Jaffray Cos. | 6,287 | ||||||
127 | PJT Partners, Inc., Class A | 4,902 | ||||||
159 | PRA Group, Inc.(b) | 4,436 | ||||||
91 | Preferred Bank | 5,617 | ||||||
260 | Premier Financial Bancorp, Inc. | 5,382 | ||||||
63 | Primerica, Inc. | 5,576 | ||||||
217 | Provident Bancorp, Inc.(b) | 5,143 | ||||||
239 | Provident Financial Holdings, Inc. | 4,620 | ||||||
194 | Provident Financial Services, Inc. | 5,277 | ||||||
249 | Prudential Bancorp, Inc. | 4,544 | ||||||
494 | Pzena Investment Management, Inc., Class A | 5,829 | ||||||
110 | QCR Holdings, Inc. | 5,253 | ||||||
283 | Radian Group, Inc. | 5,932 | ||||||
205 | Rbb Bancorp | 5,139 | ||||||
279 | Redwood Trust, Inc. REIT | 4,383 | ||||||
210 | Regional Management Corp.(b) | 5,185 | ||||||
120 | Renasant Corp. | 4,968 | ||||||
132 | Republic Bancorp, Inc., Class A | 5,190 | ||||||
556 | Republic First Bancorp, Inc.(b) | 5,143 | ||||||
445 | Resource Capital Corp. REIT | 4,566 | ||||||
587 | Riverview Bancorp, Inc. | 5,213 | ||||||
89 | RLI Corp. | 5,259 | ||||||
130 | S&T Bancorp, Inc. | 5,316 | ||||||
374 | Safeguard Scientifics, Inc.(b) | 5,273 | ||||||
67 | Safety Insurance Group, Inc. | 5,507 | ||||||
124 | Sandy Spring Bancorp, Inc. | 5,011 | ||||||
219 | Seacoast Banking Corp. of Florida(b) | 5,429 | ||||||
98 | Selective Insurance Group, Inc. | 5,841 | ||||||
138 | ServisFirst Bancshares, Inc. | 5,659 | ||||||
280 | Shore Bancshares, Inc. | 4,609 | ||||||
323 | SI Financial Group, Inc. | 4,845 | ||||||
185 | Sierra Bancorp | 4,895 | ||||||
358 | Silvercrest Asset Management Group, Inc., Class A | 5,835 | ||||||
163 | Simmons First National Corp., Class A | 9,405 | ||||||
193 | SmartFinancial, Inc.(b) | 4,534 | ||||||
58 | South State Corp. | 5,223 | ||||||
136 | Southern First Bancshares, Inc.(b) | 5,243 | ||||||
140 | Southern Missouri Bancorp, Inc. | 5,170 | ||||||
280 | Southern National Bancorp of Virginia, Inc. | 4,572 | ||||||
144 | Southside Bancshares, Inc. | 5,099 | ||||||
195 | State Auto Financial Corp. | 5,000 | ||||||
177 | State Bank Financial Corp. | 5,117 | ||||||
221 | State National Cos., Inc. | 4,645 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
431 | Sterling Bancorp | $ | 10,797 | |||||
130 | Stewart Information Services Corp. | 4,932 | ||||||
101 | Stifel Financial Corp. | 5,356 | ||||||
141 | Stock Yards Bancorp, Inc. | 5,323 | ||||||
209 | Summit Financial Group, Inc. | 5,685 | ||||||
199 | Sun Bancorp, Inc. | 5,045 | ||||||
232 | Sunshine Bancorp, Inc.(b) | 5,417 | ||||||
290 | Sutherland Asset Management Corp. REIT | 4,539 | ||||||
156 | Territorial Bancorp, Inc. | 4,928 | ||||||
65 | Texas Capital Bancshares, Inc.(b) | 5,593 | ||||||
332 | Third Point Reinsurance Ltd. (Bermuda)(b) | 5,544 | ||||||
164 | Timberland Bancorp, Inc. | 4,971 | ||||||
760 | Tiptree, Inc., Class A | 5,054 | ||||||
63 | Tompkins Financial Corp. | 5,489 | ||||||
155 | TowneBank | 5,193 | ||||||
225 | Tpg RE Finance Trust, Inc. REIT | 4,392 | ||||||
136 | TriCo Bancshares | 5,633 | ||||||
223 | TriState Capital Holdings, Inc.(b) | 5,051 | ||||||
162 | Triumph Bancorp, Inc.(b) | 5,022 | ||||||
217 | Trupanion, Inc.(b) | 6,111 | ||||||
604 | TrustCo Bank Corp. NY | 5,542 | ||||||
161 | Trustmark Corp. | 5,303 | ||||||
258 | Two River Bancorp | 5,005 | ||||||
72 | UMB Financial Corp. | 5,294 | ||||||
269 | Umpqua Holdings Corp. | 5,504 | ||||||
148 | Union Bankshares Corp. | 5,107 | ||||||
107 | Union Bankshares, Inc. | 5,264 | ||||||
142 | United Bankshares, Inc. | 5,105 | ||||||
185 | United Community Banks, Inc. | 5,073 | ||||||
519 | United Community Financial Corp. | 4,790 | ||||||
279 | United Financial Bancorp, Inc. | 5,108 | ||||||
116 | United Fire Group, Inc. | 5,346 | ||||||
323 | United Insurance Holdings Corp. | 5,084 | ||||||
496 | United Security Bancshares | 4,662 | ||||||
263 | Unity Bancorp, Inc. | 5,194 | ||||||
276 | Universal Insurance Holdings, Inc. | 6,583 | ||||||
164 | Univest Corp. of Pennsylvania | 4,805 | ||||||
426 | Valley National Bancorp | 4,899 | ||||||
188 | Veritex Holdings, Inc.(b) | 4,956 | ||||||
267 | Virtu Financial, Inc., Class A | 3,778 | ||||||
43 | Virtus Investment Partners, Inc. | 5,005 | ||||||
252 | Waddell & Reed Financial, Inc., Class A | 4,710 | ||||||
100 | Walker & Dunlop, Inc.(b) | 5,489 | ||||||
153 | Washington Federal, Inc. | 5,324 | ||||||
92 | Washington Trust Bancorp, Inc. | 5,106 | ||||||
140 | WashingtonFirst Bankshares, Inc. | 4,892 | ||||||
261 | Waterstone Financial, Inc. | 5,011 | ||||||
126 | WesBanco, Inc. | 5,090 | ||||||
214 | West Bancorporation, Inc. | 5,232 | ||||||
91 | Westamerica Bancorporation | 5,299 | ||||||
441 | Western Asset Mortgage Capital Corp. REIT | 4,441 | ||||||
451 | Western New England Bancorp, Inc. | 4,758 | ||||||
78 | Westwood Holdings Group, Inc. | 5,062 | ||||||
19 | Wins Finance Hondings, Inc.(b)(d) | 368 | ||||||
67 | Wintrust Financial Corp. | 5,446 | ||||||
517 | WisdomTree Investments, Inc. | 5,734 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
3,800 | WMIH Corp.(b) | $ | 3,154 | |||||
59 | World Acceptance Corp.(b) | 5,163 | ||||||
107 | WSFS Financial Corp. | 5,318 | ||||||
162 | Xenith Bankshares, Inc.(b) | 5,181 | ||||||
|
| |||||||
2,103,842 | ||||||||
|
| |||||||
Health Care—10.8% | ||||||||
719 | AAC Holdings, Inc.(b) | 5,694 | ||||||
161 | Abaxis, Inc. | 7,792 | ||||||
528 | Abeona Therapeutics, Inc.(b) | 9,478 | ||||||
323 | Accelerate Diagnostics, Inc.(b) | 6,412 | ||||||
190 | Acceleron Pharma, Inc.(b) | 7,410 | ||||||
1,761 | Accuray, Inc.(b) | 8,365 | ||||||
1,910 | Aceto Corp. | 19,234 | ||||||
420 | Achaogen, Inc.(b) | 5,342 | ||||||
1,492 | Achillion Pharmaceuticals, Inc.(b) | 5,998 | ||||||
267 | Aclaris Therapeutics, Inc.(b) | 6,731 | ||||||
329 | Acorda Therapeutics, Inc.(b) | 8,743 | ||||||
344 | Adamas Pharmaceuticals, Inc.(b) | 8,483 | ||||||
217 | Addus HomeCare Corp.(b) | 7,812 | ||||||
622 | Aduro Biotech, Inc.(b) | 4,945 | ||||||
1,015 | Advaxis, Inc.(b) | 3,451 | ||||||
125 | Aerie Pharmaceuticals, Inc.(b) | 7,719 | ||||||
1,809 | Agenus, Inc.(b) | 6,621 | ||||||
520 | Aileron Therapeutics, Inc.(b) | 6,261 | ||||||
320 | Aimmune Therapeutics, Inc.(b) | 9,302 | ||||||
342 | Akcea Therapeutics, Inc.(b) | 6,265 | ||||||
444 | Akebia Therapeutics, Inc.(b) | 8,059 | ||||||
738 | Alder Biopharmaceuticals, Inc.(b) | 8,302 | ||||||
548 | Allscripts Healthcare Solutions, Inc.(b) | 7,387 | ||||||
148 | Almost Family, Inc.(b) | 6,549 | ||||||
391 | AMAG Pharmaceuticals, Inc.(b) | 6,139 | ||||||
140 | Amedisys, Inc.(b) | 6,735 | ||||||
503 | American Renal Associates Holdings, Inc.(b) | 6,101 | ||||||
526 | Amicus Therapeutics, Inc.(b) | 7,490 | ||||||
196 | AMN Healthcare Services, Inc.(b) | 8,604 | ||||||
470 | Amphastar Pharmaceuticals, Inc.(b) | 8,493 | ||||||
100 | Analogic Corp. | 8,030 | ||||||
231 | Anaptysbio, Inc.(b) | 15,253 | ||||||
1,552 | Anavex Life Sciences Corp.(b) | 6,549 | ||||||
422 | AngioDynamics, Inc.(b) | 7,161 | ||||||
148 | ANI Pharmaceuticals, Inc.(b) | 8,596 | ||||||
133 | Anika Therapeutics, Inc.(b) | 7,266 | ||||||
2,421 | Antares Pharma, Inc.(b) | 4,406 | ||||||
1,192 | Aratana Therapeutics, Inc.(b) | 6,830 | ||||||
1,294 | Ardelyx, Inc.(b) | 6,923 | ||||||
307 | Arena Pharmaceuticals, Inc.(b) | 8,605 | ||||||
712 | Array BioPharma, Inc.(b) | 7,440 | ||||||
257 | Assembly Biosciences, Inc.(b) | 7,584 | ||||||
2,249 | Asterias Biotherapeutics, Inc.(b) | 5,622 | ||||||
486 | Atara Biotherapeutics, Inc.(b) | 6,901 | ||||||
387 | Athenex, Inc.(b) | 6,478 | ||||||
3,531 | Athersys, Inc.(b) | 6,497 | ||||||
356 | AtriCure, Inc.(b) | 7,633 | ||||||
11 | Atrion Corp. | 7,234 | ||||||
323 | Audentes Therapeutics, Inc.(b) | 8,589 | ||||||
78 | Avexis, Inc.(b) | 8,152 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
403 | AxoGen, Inc.(b) | $ | 8,282 | |||||
347 | Axovant Sciences Ltd.(b) | 1,818 | ||||||
704 | Bellicum Pharmaceuticals, Inc.(b) | 6,632 | ||||||
1,224 | BioCryst Pharmaceuticals, Inc.(b) | 5,508 | ||||||
193 | Biohaven Pharmaceutical Holding Co., Ltd.(b) | 5,802 | ||||||
2,574 | BioScrip, Inc.(b) | 6,512 | ||||||
158 | BioSpecifics Technologies Corp.(b) | 7,232 | ||||||
194 | BioTelemetry, Inc.(b) | 5,636 | ||||||
2,592 | BioTime, Inc.(b) | 6,221 | ||||||
57 | Bluebird Bio, Inc.(b) | 7,929 | ||||||
138 | Blueprint Medicines Corp.(b) | 9,166 | ||||||
436 | Calithera Biosciences, Inc.(b) | 7,020 | ||||||
332 | Calyxt, Inc.(b) | 6,799 | ||||||
146 | Cambrex Corp.(b) | 6,314 | ||||||
90 | Cantel Medical Corp. | 8,827 | ||||||
587 | Capital Senior Living Corp.(b) | 7,807 | ||||||
509 | Cara Therapeutics, Inc.(b) | 6,383 | ||||||
246 | Cardiovascular Systems, Inc.(b) | 5,921 | ||||||
2,077 | Cascadian Therapeutics, Inc.(b) | 9,533 | ||||||
1,828 | Castlight Health, Inc., Class B(b)(c) | 7,038 | ||||||
177 | Catalent, Inc.(b) | 7,538 | ||||||
2,779 | Catalyst Pharmaceuticals, Inc.(b) | 7,948 | ||||||
2,649 | Celldex Therapeutics, Inc.(b) | 6,464 | ||||||
2,321 | Cempra, Inc.(b) | 5,338 | ||||||
2,717 | Cerus Corp.(b) | 7,798 | ||||||
38 | Chemed Corp. | 8,490 | ||||||
992 | ChemoCentryx, Inc.(b) | 6,517 | ||||||
1,462 | Chimerix, Inc.(b) | 7,193 | ||||||
406 | Civitas Solutions, Inc.(b) | 7,572 | ||||||
966 | Clearside BioMedical, Inc.(b) | 6,878 | ||||||
101 | Clovis Oncology, Inc.(b) | 7,612 | ||||||
541 | Coherus Biosciences, Inc.(b) | 6,086 | ||||||
717 | Collegium Pharmaceutical, Inc.(b) | 7,407 | ||||||
1,032 | Community Health Systems, Inc.(b) | 6,089 | ||||||
253 | Computer Programs & Systems, Inc. | 7,628 | ||||||
1,256 | Conatus Pharmaceuticals, Inc.(b) | 5,765 | ||||||
477 | Concert Pharmaceuticals, Inc.(b) | 8,133 | ||||||
1,939 | ConforMIS, Inc.(b) | 6,864 | ||||||
148 | CONMED Corp. | 7,729 | ||||||
1,044 | Corbus Pharmaceuticals Holdings, Inc.(b) | 7,412 | ||||||
430 | Corcept Therapeutics, Inc.(b) | 8,467 | ||||||
4,485 | Corindus Vascular Robotics, Inc.(b) | 5,113 | ||||||
805 | Corium International, Inc.(b) | 8,114 | ||||||
146 | CorVel Corp.(b) | 8,760 | ||||||
449 | Corvus Pharmaceuticals, Inc.(b) | 6,097 | ||||||
204 | Cotiviti Holdings, Inc.(b) | 7,173 | ||||||
576 | Cross Country Healthcare, Inc.(b) | 7,862 | ||||||
332 | CryoLife, Inc.(b) | 6,457 | ||||||
3,384 | Curis, Inc.(b) | 5,347 | ||||||
189 | Cutera, Inc.(b) | 7,428 | ||||||
506 | Cytokinetics, Inc.(b) | 6,907 | ||||||
431 | CytomX Therapeutics, Inc.(b) | 8,620 | ||||||
1,194 | Depomed, Inc.(b) | 5,779 | ||||||
287 | Dermira, Inc.(b) | 7,683 | ||||||
3,299 | Diplomat Pharmacy, Inc.(b) | 69,444 | ||||||
274 | Dova Pharmaceuticals, Inc.(b) | 6,866 | ||||||
4,569 | Durect Corp.(b) | 3,643 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
103 | Dyax Corp.(d) | $ | 114 | |||||
374 | Dynavax Technologies Corp.(b) | 8,228 | ||||||
127 | Eagle Pharmaceuticals, Inc.(b) | 6,826 | ||||||
681 | Edge Therapeutics, Inc.(b) | 7,396 | ||||||
362 | Editas Medicine, Inc.(b)(c) | 8,978 | ||||||
195 | Emergent Biosolutions, Inc.(b) | 7,993 | ||||||
170 | Enanta Pharmaceuticals, Inc.(b) | 8,444 | ||||||
1,589 | Endologix, Inc.(b) | 8,422 | ||||||
356 | Ensign Group, Inc. (The) | 8,216 | ||||||
415 | Entellus Medical, Inc.(b) | 7,026 | ||||||
656 | Enzo Biochem, Inc.(b) | 6,462 | ||||||
397 | Epizyme, Inc.(b) | 6,630 | ||||||
147 | Esperion Therapeutics, Inc.(b) | 6,724 | ||||||
551 | Evolent Health, Inc., Class A(b)(c) | 8,954 | ||||||
170 | Exact Sciences Corp.(b) | 9,348 | ||||||
247 | Exactech, Inc.(b) | 10,337 | ||||||
1,745 | Fate Therapeutics, Inc.(b) | 8,324 | ||||||
150 | FibroGen, Inc.(b) | 8,377 | ||||||
217 | Five Prime Therapeutics, Inc.(b) | 9,735 | ||||||
306 | Flexion Therapeutics, Inc.(b) | 6,735 | ||||||
1,392 | Fluidigm Corp.(b) | 8,074 | ||||||
250 | Fonar Corp.(b) | 7,975 | ||||||
1,559 | Fortress Biotech, Inc.(b) | 5,831 | ||||||
175 | Foundation Medicine, Inc.(b) | 7,875 | ||||||
274 | G1 Therapeutics, Inc.(b) | 6,475 | ||||||
6,412 | Genesis Healthcare, Inc., Class A(b) | 6,263 | ||||||
805 | GenMark Diagnostics, Inc.(b)(c) | 5,997 | ||||||
1,361 | Genocea Biosciences, Inc.(b) | 1,579 | ||||||
230 | Genomic Health, Inc.(b) | 7,542 | ||||||
3,384 | Geron Corp.(b) | 7,614 | ||||||
176 | Glaukos Corp.(b) | 6,215 | ||||||
258 | Global Blood Therapeutics, Inc.(b) | 10,268 | ||||||
243 | Globus Medical, Inc., Class A(b) | 7,744 | ||||||
172 | Haemonetics Corp.(b) | 8,180 | ||||||
558 | Halozyme Therapeutics, Inc.(b) | 9,893 | ||||||
160 | Halyard Health, Inc.(b) | 6,744 | ||||||
166 | HealthEquity, Inc.(b) | 8,337 | ||||||
163 | HealthSouth Corp. | 7,521 | ||||||
356 | HealthStream, Inc.(b) | 8,708 | ||||||
440 | Heron Therapeutics, Inc.(b) | 6,754 | ||||||
75 | Heska Corp.(b) | 7,312 | ||||||
401 | HMS Holdings Corp.(b) | 7,715 | ||||||
544 | Horizon Pharma PLC(b) | 7,377 | ||||||
42 | ICU Medical, Inc.(b) | 8,026 | ||||||
3,655 | Idera Pharmaceuticals, Inc.(b) | 5,702 | ||||||
668 | Ignyta, Inc.(b) | 10,287 | ||||||
671 | Immune Design Corp.(b) | 3,321 | ||||||
997 | ImmunoGen, Inc.(b) | 5,783 | ||||||
614 | Immunomedics, Inc.(b) | 6,582 | ||||||
347 | Impax Laboratories, Inc.(b) | 6,298 | ||||||
135 | INC Research Holdings, Inc., Class A(b) | 7,715 | ||||||
521 | Innoviva, Inc.(b) | 6,377 | ||||||
73 | Inogen, Inc.(b) | 7,222 | ||||||
703 | Inovalon Holdings, Inc., Class A(b) | 11,775 | ||||||
1,202 | Inovio Pharmaceuticals, Inc.(b) | 7,008 | ||||||
239 | Insmed, Inc.(b) | 6,455 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
126 | Insulet Corp.(b) | $ | 7,410 | |||||
793 | Insys Therapeutics, Inc.(b) | 4,084 | ||||||
162 | Integer Holdings Corp.(b) | 7,873 | ||||||
141 | Integra LifeSciences Holdings Corp.(b) | 6,596 | ||||||
339 | Intellia Therapeutics, Inc.(b) | 10,550 | ||||||
230 | Intersect ENT, Inc.(b) | 6,819 | ||||||
331 | Intra-Cellular Therapies, Inc.(b) | 5,160 | ||||||
497 | Invacare Corp. | 7,704 | ||||||
776 | Invitae Corp.(b) | 6,549 | ||||||
1,030 | Iovance Biotherapeutics, Inc.(b) | 8,008 | ||||||
153 | iRhythm Technologies, Inc.(b) | 7,795 | ||||||
463 | Ironwood Pharmaceuticals, Inc., Class A(b) | 7,121 | ||||||
477 | Jounce Therapeutics, Inc.(b) | 6,678 | ||||||
333 | K2M Group Holdings, Inc.(b) | 6,557 | ||||||
284 | Kala Pharmaceuticals, Inc.(b) | 4,561 | ||||||
693 | Karyopharm Therapeutics, Inc.(b) | 7,076 | ||||||
941 | Keryx Biopharmaceuticals, Inc.(b)(c) | 6,098 | ||||||
968 | Kindred Biosciences, Inc.(b) | 7,212 | ||||||
962 | Kindred Healthcare, Inc. | 5,820 | ||||||
1,067 | Kura Oncology, Inc.(b) | 15,898 | ||||||
229 | La Jolla Pharmaceutical Co.(b) | 7,868 | ||||||
424 | Lannett Co., Inc.(b)(c) | 8,438 | ||||||
446 | Lantheus Holdings, Inc.(b) | 8,875 | ||||||
195 | LeMaitre Vascular, Inc. | 6,242 | ||||||
497 | Lexicon Pharmaceuticals, Inc.(b) | 5,064 | ||||||
112 | LHC Group, Inc.(b) | 7,483 | ||||||
54 | Ligand Pharmaceuticals, Inc.(b) | 7,849 | ||||||
116 | LivaNova PLC(b) | 8,572 | ||||||
97 | Loxo Oncology, Inc.(b) | 8,358 | ||||||
380 | Luminex Corp. | 8,113 | ||||||
397 | MacroGenics, Inc.(b) | 7,857 | ||||||
419 | Madrigal Pharmaceuticals, Inc.(b) | 20,946 | ||||||
91 | Magellan Health, Inc.(b) | 7,762 | ||||||
85 | Masimo Corp.(b) | 7,460 | ||||||
5,336 | Matinas Biopharma Holdings, Inc.(b) | 5,976 | ||||||
201 | Medicines Co. (The)(b) | 5,777 | ||||||
1,364 | MediciNova, Inc.(b) | 9,698 | ||||||
100 | Medidata Solutions, Inc.(b) | 7,523 | ||||||
224 | Medpace Holdings, Inc.(b) | 8,393 | ||||||
526 | Meridian Bioscience, Inc. | 7,864 | ||||||
181 | Merit Medical Systems, Inc.(b) | 6,887 | ||||||
571 | Merrimack Pharmaceuticals, Inc. | 6,704 | ||||||
412 | Mersana Therapeutics, Inc.(b) | 6,699 | ||||||
471 | MiMedx Group, Inc.(b) | 5,972 | ||||||
1,022 | Minerva Neurosciences, Inc.(b) | 6,439 | ||||||
794 | Miragen Therapeutics, Inc.(b) | 6,574 | ||||||
113 | Molina Healthcare, Inc.(b) | 7,665 | ||||||
443 | Momenta Pharmaceuticals, Inc.(b) | 6,246 | ||||||
168 | MyoKardia, Inc.(b) | 6,460 | ||||||
225 | Myriad Genetics, Inc.(b) | 7,713 | ||||||
469 | Nanostring Technologies, Inc.(b) | 4,671 | ||||||
1,929 | Nanthealth, Inc.(b) | 7,041 | ||||||
1,171 | NantKwest, Inc.(b) | 5,410 | ||||||
556 | Natera, Inc.(b) | 6,110 | ||||||
119 | National Healthcare Corp. | 7,616 | ||||||
221 | National Research Corp., Class A | 8,299 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
221 | Natus Medical, Inc.(b) | $ | 9,370 | |||||
325 | Nektar Therapeutics, Class A(b) | 7,829 | ||||||
106 | Neogen Corp.(b) | 8,501 | ||||||
663 | NeoGenomics, Inc.(b) | 5,748 | ||||||
831 | Neos Therapeutics, Inc.(b) | 8,642 | ||||||
85 | Nevro Corp.(b) | 7,444 | ||||||
538 | NewLink Genetics Corp.(b)(c) | 5,036 | ||||||
6,195 | Novavax, Inc.(b) | 6,753 | ||||||
1,031 | Novelion Therapeutics, Inc. (Canada)(b) | 4,866 | ||||||
364 | Novocure Ltd.(b) | 7,862 | ||||||
122 | NuVasive, Inc.(b) | 6,921 | ||||||
262 | NxStage Medical, Inc.(b) | 7,061 | ||||||
1,965 | Nymox Pharmaceutical Corp. (Canada)(b) | 6,995 | ||||||
747 | Obalon Therapeutics, Inc.(b) | 6,297 | ||||||
1,063 | Ocular Therapeutix, Inc.(b) | 6,123 | ||||||
354 | Omeros Corp.(b) | 5,579 | ||||||
147 | Omnicell, Inc.(b) | 7,321 | ||||||
338 | OraSure Technologies, Inc.(b) | 6,676 | ||||||
3,369 | Organovo Holdings, Inc.(b)(c) | 5,357 | ||||||
149 | Orthofix International NV(b) | 8,006 | ||||||
2,089 | Otonomy, Inc.(b) | 6,215 | ||||||
878 | Ovid Therapeutics, Inc.(b) | 5,689 | ||||||
258 | Owens & Minor, Inc. | 6,339 | ||||||
476 | Oxford Immunotec Global PLC(b) | 6,293 | ||||||
1,364 | Pacific Biosciences of California, Inc.(b) | 5,770 | ||||||
201 | Pacira Pharmaceuticals, Inc.(b) | 6,442 | ||||||
269 | Paratek Pharmaceuticals, Inc.(b) | 5,757 | ||||||
2,335 | PDL BioPharma, Inc.(b) | 6,912 | ||||||
84 | Penumbra, Inc.(b) | 8,446 | ||||||
288 | Petiq, Inc., Class A(b) | 6,929 | ||||||
252 | PharMerica Corp.(b) | 7,384 | ||||||
203 | Phibro Animal Health Corp., Class A | 7,643 | ||||||
1,384 | Pieris Pharmaceuticals, Inc.(b) | 6,989 | ||||||
128 | Portola Pharmaceuticals, Inc.(b) | 6,324 | ||||||
94 | PRA Health Sciences, Inc.(b) | 7,654 | ||||||
150 | Prestige Brands Holdings, Inc.(b) | 7,035 | ||||||
1,189 | Progenics Pharmaceuticals, Inc.(b) | 7,360 | ||||||
471 | Protagonist Therapeutics, Inc.(b) | 7,051 | ||||||
120 | Prothena Corp. PLC (Ireland)(b) | 6,966 | ||||||
139 | Providence Service Corp. (The)(b) | 7,728 | ||||||
352 | PTC Therapeutics, Inc.(b) | 6,596 | ||||||
365 | Pulse Biosciences, Inc.(b) | 8,837 | ||||||
68 | Puma Biotechnology, Inc.(b) | 8,656 | ||||||
459 | Quality Systems, Inc.(b) | 6,458 | ||||||
200 | Quidel Corp.(b) | 8,190 | ||||||
1,944 | Quotient Ltd.(b) | 9,934 | ||||||
2,235 | R1 Rcm, Inc.(b) | 8,493 | ||||||
517 | Ra Pharmaceuticals, Inc.(b) | 6,793 | ||||||
202 | Radius Health, Inc.(b) | 6,486 | ||||||
659 | RadNet, Inc.(b) | 7,216 | ||||||
253 | Reata Pharmaceuticals, Inc., Class A(b) | 7,661 | ||||||
961 | Recro Pharma, Inc.(b) | 8,293 | ||||||
295 | REGENXBIO, Inc.(b) | 8,835 | ||||||
170 | Repligen Corp.(b) | 6,324 | ||||||
301 | Retrophin, Inc.(b) | 7,486 | ||||||
284 | Revance Therapeutics, Inc.(b) | 7,384 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
2,924 | Rigel Pharmaceuticals, Inc.(b) | $ | 10,965 | |||||
1,164 | Rockwell Medical, Inc.(b) | 7,054 | ||||||
1,661 | RTI Surgical, Inc.(b) | 7,475 | ||||||
84 | Sage Therapeutics, Inc.(b) | 5,316 | ||||||
538 | Sangamo Therapeutics, Inc.(b) | 6,671 | ||||||
161 | Sarepta Therapeutics, Inc.(b) | 7,939 | ||||||
401 | Select Medical Holdings Corp.(b) | 7,679 | ||||||
418 | Selecta Biosciences, Inc.(b) | 8,870 | ||||||
514 | Seres Therapeutics, Inc.(b) | 5,161 | ||||||
304 | Sienna Biopharmaceuticals, Inc.(b) | 5,958 | ||||||
590 | Sientra, Inc.(b) | 8,649 | ||||||
679 | Simulations Plus, Inc. | 11,068 | ||||||
86 | Spark Therapeutics, Inc.(b) | 6,957 | ||||||
708 | Spectrum Pharmaceuticals, Inc.(b) | 13,870 | ||||||
614 | STAAR Surgical Co.(b) | 8,136 | ||||||
790 | Stemline Therapeutics, Inc.(b) | 10,784 | ||||||
1,282 | Strongbridge Biopharma PLC(b) | 7,692 | ||||||
594 | Sucampo Pharmaceuticals, Inc., Class A(b) | 5,940 | ||||||
153 | Supernus Pharmaceuticals, Inc.(b) | 6,365 | ||||||
735 | Surgery Partners, Inc.(b) | 6,799 | ||||||
271 | SurModics, Inc.(b) | 8,062 | ||||||
585 | Syndax Pharmaceuticals, Inc.(b) | 6,540 | ||||||
2,429 | Synergy Pharmaceuticals, Inc.(b) | 6,631 | ||||||
430 | Syros Pharmaceuticals, Inc.(b) | 7,396 | ||||||
347 | Tabula Rasa Healthcare, Inc.(b) | 10,021 | ||||||
206 | Tactile Systems Technology, Inc.(b) | 5,910 | ||||||
230 | Teladoc, Inc.(b)(c) | 7,602 | ||||||
1,067 | Teligent, Inc.(b) | 6,061 | ||||||
431 | Tenet Healthcare Corp.(b) | 6,155 | ||||||
1,096 | Tetraphase Pharmaceuticals, Inc.(b) | 6,587 | ||||||
578 | TG Therapeutics, Inc.(b) | 4,711 | ||||||
1,058 | TherapeuticsMD, Inc.(b) | 4,994 | ||||||
236 | Theravance Biopharma, Inc. (Cayman Islands)(b) | 6,811 | ||||||
192 | Tivity Health, Inc.(b) | 8,880 | ||||||
99 | Tobira Therapeutics, Inc.(b)(d) | 1,360 | ||||||
551 | Tocagen, Inc.(b) | 6,100 | ||||||
3,084 | Trevena, Inc.(b) | 4,626 | ||||||
305 | Triple-S Management Corp., Class B(b) | 7,323 | ||||||
127 | U.S. Physical Therapy, Inc. | 8,630 | ||||||
146 | Ultragenyx Pharmaceutical, Inc.(b) | 6,729 | ||||||
100 | Utah Medical Products, Inc. | 7,540 | ||||||
419 | Vanda Pharmaceuticals, Inc.(b) | 6,578 | ||||||
232 | Varex Imaging Corp.(b) | 7,974 | ||||||
2,263 | Vbi Vaccines, Inc.(b) | 7,785 | ||||||
884 | Veracyte, Inc.(b) | 7,558 | ||||||
349 | Versartis, Inc.(b) | 628 | ||||||
1,187 | Viewray, Inc.(b) | 8,178 | ||||||
1,346 | Viveve Medical, Inc.(b) | 7,349 | ||||||
350 | Vocera Communications, Inc.(b) | 9,877 | ||||||
509 | Voyager Therapeutics, Inc.(b) | 10,720 | ||||||
1,285 | vTv Therapeutics, Inc., Class A(b) | 8,121 | ||||||
312 | WaVe Life Sciences Ltd.(b) | 7,192 | ||||||
257 | Wright Medical Group NV(b) | 6,736 | ||||||
1,465 | XBiotech, Inc.(b)(c) | 6,241 | ||||||
334 | Xencor, Inc.(b) | 6,607 | ||||||
1,171 | ZIOPHARM Oncology, Inc.(b) | 5,457 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
473 | Zogenix, Inc.(b) | $ | 17,738 | |||||
1,139 | Zynerba Pharmaceuticals, Inc.(b) | 11,162 | ||||||
|
| |||||||
2,501,146 | ||||||||
|
| |||||||
Industrials—14.8% | ||||||||
621 | AAON, Inc. | 21,735 | ||||||
270 | AAR Corp. | 10,500 | ||||||
234 | ABM Industries, Inc. | 9,821 | ||||||
2,884 | Acacia Research Corp.(b) | 12,978 | ||||||
854 | ACCO Brands Corp.(b) | 11,145 | ||||||
381 | Actuant Corp., Class A | 9,715 | ||||||
395 | Advanced Disposal Services, Inc.(b) | 9,843 | ||||||
967 | Advanced Drainage Systems, Inc. | 18,905 | ||||||
175 | Advisory Board Co. (The)(b) | 9,437 | ||||||
441 | Aegion Corp.(b) | 10,271 | ||||||
317 | Aerojet Rocketdyne Holdings, Inc.(b) | 10,011 | ||||||
190 | Aerovironment, Inc.(b) | 9,720 | ||||||
398 | Air Transport Services Group, Inc.(b) | 9,632 | ||||||
445 | Aircastle Ltd. | 10,351 | ||||||
103 | Alamo Group, Inc. | 10,866 | ||||||
178 | Albany International Corp., Class A | 10,742 | ||||||
81 | Allegiant Travel Co. | 11,048 | ||||||
391 | Allied Motion Technologies, Inc. | 11,104 | ||||||
205 | Altra Industrial Motion Corp. | 9,819 | ||||||
3,425 | Ameresco, Inc., Class A(b) | 26,372 | ||||||
267 | American Railcar Industries, Inc. | 10,627 | ||||||
98 | American Woodmark Corp.(b) | 9,467 | ||||||
456 | Apogee Enterprises, Inc. | 21,765 | ||||||
162 | Applied Industrial Technologies, Inc. | 10,311 | ||||||
1,649 | Aqua Metals, Inc.(b)(c) | 6,563 | ||||||
2,755 | ARC Document Solutions, Inc.(b) | 12,177 | ||||||
313 | ArcBest Corp. | 10,204 | ||||||
149 | Argan, Inc. | 10,244 | ||||||
1,262 | Armstrong Flooring, Inc.(b) | 18,678 | ||||||
195 | Astec Industries, Inc. | 10,130 | ||||||
348 | Astronics Corp.(b) | 11,971 | ||||||
532 | Atkore International Group, Inc.(b) | 10,273 | ||||||
141 | Atlas Air Worldwide Holdings, Inc.(b) | 8,650 | ||||||
231 | Avis Budget Group, Inc.(b) | 9,529 | ||||||
435 | Axon Enterprise, Inc.(b) | 9,992 | ||||||
196 | AZZ, Inc. | 9,369 | ||||||
3,400 | Babcock & Wilcox Enterprises, Inc.(b)(c) | 14,892 | ||||||
148 | Barnes Group, Inc. | 9,633 | ||||||
175 | Barrett Business Services, Inc. | 10,638 | ||||||
402 | Beacon Roofing Supply, Inc.(b) | 22,275 | ||||||
579 | BG Staffing, Inc. | 9,774 | ||||||
515 | Blue Bird Corp.(b) | 10,635 | ||||||
965 | BMC Stock Holdings, Inc.(b) | 20,699 | ||||||
265 | Brady Corp., Class A | 10,083 | ||||||
434 | Briggs & Stratton Corp. | 10,937 | ||||||
116 | Brink’s Co. (The) | 8,828 | ||||||
1,193 | Builders FirstSource, Inc.(b) | 21,498 | ||||||
676 | Caesarstone Ltd. (Israel)(b) | 19,131 | ||||||
315 | CAI International, Inc.(b) | 11,661 | ||||||
534 | Casella Waste Systems, Inc., Class A(b) | 9,858 | ||||||
630 | CBIZ, Inc.(b) | 10,678 | ||||||
1,224 | CECO Environmental Corp. | 10,734 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
270 | Chart Industries, Inc.(b) | $ | 11,745 | |||||
668 | Chicago Bridge & Iron Co. NV | 9,312 | ||||||
196 | CIRCOR International, Inc. | 8,614 | ||||||
1,498 | Cogint, Inc.(b) | 6,816 | ||||||
285 | Columbus McKinnon Corp. | 11,275 | ||||||
592 | Comfort Systems USA, Inc. | 26,226 | ||||||
1,427 | Commercial Vehicle Group, Inc.(b) | 11,587 | ||||||
815 | Continental Building Products, Inc.(b) | 21,760 | ||||||
1,618 | Costamare, Inc. (Monaco) | 10,048 | ||||||
661 | Covanta Holding Corp. | 10,642 | ||||||
363 | Covenant Transportation Group, Inc., Class A(b) | 10,781 | ||||||
253 | CRA International, Inc. | 10,692 | ||||||
227 | CSW Industrials, Inc.(b) | 11,134 | ||||||
215 | Cubic Corp. | 11,728 | ||||||
97 | Curtiss-Wright Corp. | 11,470 | ||||||
714 | Daseke, Inc.(b) | 9,875 | ||||||
137 | Deluxe Corp. | 9,542 | ||||||
1,594 | DMC Global, Inc. | 34,669 | ||||||
268 | Douglas Dynamics, Inc. | 11,243 | ||||||
341 | Ducommun, Inc.(b) | 11,243 | ||||||
341 | DXP Enterprises, Inc.(b) | 10,936 | ||||||
119 | Dycom Industries, Inc.(b) | 10,452 | ||||||
2,037 | Eagle Bulk Shipping, Inc.(b) | 9,574 | ||||||
803 | Eastern Co. (The) | 23,207 | ||||||
611 | Echo Global Logistics, Inc.(b) | 14,695 | ||||||
143 | EMCOR Group, Inc. | 11,513 | ||||||
227 | Encore Wire Corp. | 10,249 | ||||||
761 | Energous Corp.(b)(c) | 7,465 | ||||||
1,290 | Energy Recovery, Inc.(b) | 9,946 | ||||||
144 | EnerSys | 9,989 | ||||||
306 | Engility Holdings, Inc.(b) | 10,303 | ||||||
497 | Ennis, Inc. | 10,015 | ||||||
134 | EnPro Industries, Inc. | 11,221 | ||||||
290 | Envirostar, Inc.(c) | 7,743 | ||||||
171 | ESCO Technologies, Inc. | 9,909 | ||||||
803 | Essendant, Inc. | 7,773 | ||||||
109 | Esterline Technologies Corp.(b) | 10,339 | ||||||
1,099 | ExOne Co. (The)(b) | 11,682 | ||||||
134 | Exponent, Inc. | 9,896 | ||||||
511 | Federal Signal Corp. | 10,910 | ||||||
231 | Forrester Research, Inc. | 10,095 | ||||||
177 | Forward Air Corp. | 10,167 | ||||||
1,467 | Foundation Building Materials, Inc.(b) | 19,731 | ||||||
453 | Franklin Covey Co.(b) | 8,788 | ||||||
244 | Franklin Electric Co., Inc. | 11,102 | ||||||
558 | FreightCar America, Inc. | 10,446 | ||||||
276 | FTI Consulting, Inc.(b) | 11,799 | ||||||
158 | GATX Corp. | 9,387 | ||||||
675 | Genco Shipping & Trading Ltd.(b) | 8,107 | ||||||
597 | Gencor Industries, Inc.(b) | 10,806 | ||||||
218 | Generac Holdings, Inc.(b) | 11,356 | ||||||
544 | General Cable Corp. | 11,397 | ||||||
699 | Gibraltar Industries, Inc.(b) | 23,242 | ||||||
713 | Global Brass & Copper Holdings, Inc. | 24,955 | ||||||
573 | GMS, Inc.(b) | 19,511 | ||||||
315 | Gorman-Rupp Co. (The) | 10,074 | ||||||
329 | GP Strategies Corp.(b) | 9,557 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
466 | Graham Corp. | $ | 8,980 | |||||
168 | Granite Construction, Inc. | 10,700 | ||||||
2,149 | Great Lakes Dredge & Dock Corp.(b) | 10,960 | ||||||
221 | Greenbrier Cos., Inc. (The)(c) | 11,536 | ||||||
1,006 | Griffon Corp. | 22,685 | ||||||
375 | H&E Equipment Services, Inc. | 12,353 | ||||||
696 | Hardinge, Inc. | 11,512 | ||||||
544 | Harsco Corp.(b) | 11,560 | ||||||
227 | Hawaiian Holdings, Inc.(b) | 7,605 | ||||||
2,073 | HC2 Holdings, Inc.(b) | 11,256 | ||||||
187 | Healthcare Services Group, Inc. | 9,890 | ||||||
412 | Heartland Express, Inc. | 8,788 | ||||||
519 | Heidrick & Struggles International, Inc. | 12,897 | ||||||
207 | Herc Holdings, Inc.(b) | 10,031 | ||||||
456 | Heritage-Crystal Clean, Inc.(b) | 8,915 | ||||||
284 | Herman Miller, Inc. | 9,542 | ||||||
376 | Hertz Global Holdings, Inc.(b)(c) | 9,351 | ||||||
1,968 | Hill International, Inc.(b) | 10,430 | ||||||
266 | Hillenbrand, Inc. | 10,520 | ||||||
258 | HNI Corp. | 8,829 | ||||||
235 | Hub Group, Inc., Class A(b) | 10,176 | ||||||
999 | Hudson Technologies, Inc.(b) | 5,914 | ||||||
276 | Hurco Cos., Inc. | 12,351 | ||||||
302 | Huron Consulting Group, Inc.(b) | 11,053 | ||||||
3,164 | Huttig Building Products, Inc.(b) | 21,262 | ||||||
137 | Hyster-Yale Materials Handling, Inc. | 10,753 | ||||||
191 | ICF International, Inc.(b) | 10,257 | ||||||
577 | IES Holdings, Inc.(b) | 10,790 | ||||||
859 | InnerWorkings, Inc.(b) | 9,346 | ||||||
116 | Insperity, Inc. | 11,008 | ||||||
820 | Insteel Industries, Inc. | 20,951 | ||||||
1,097 | Interface, Inc. | 25,012 | ||||||
606 | Jeld-Wen Holding, Inc.(b) | 22,349 | ||||||
103 | John Bean Technologies Corp. | 11,011 | ||||||
107 | Kadant, Inc. | 12,155 | ||||||
192 | Kaman Corp. | 10,740 | ||||||
518 | KBR, Inc. | 10,168 | ||||||
425 | Kelly Services, Inc., Class A | 11,182 | ||||||
272 | Kennametal, Inc. | 11,873 | ||||||
1,356 | KeyW Holding Corp. (The)(b) | 10,238 | ||||||
518 | Kforce, Inc. | 10,852 | ||||||
552 | Kimball International, Inc., Class B | 10,582 | ||||||
198 | KLX, Inc.(b) | 10,862 | ||||||
229 | Knight-Swift Transportation Holdings, Inc., Class A(b) | 9,492 | ||||||
528 | Knoll, Inc. | 11,204 | ||||||
261 | Korn/Ferry International | 10,918 | ||||||
729 | Kratos Defense & Security Solutions, Inc.(b) | 8,777 | ||||||
843 | Lawson Products, Inc.(b) | 21,201 | ||||||
852 | Layne Christensen Co.(b) | 11,255 | ||||||
1,095 | LB Foster Co., Class A(b) | 27,266 | ||||||
111 | Lindsay Corp. | 10,163 | ||||||
571 | LSC Communications, Inc. | 9,239 | ||||||
3,500 | LSI Industries, Inc. | 24,325 | ||||||
205 | Lydall, Inc.(b) | 11,849 | ||||||
1,163 | Manitowoc Co., Inc. (The)(b) | 11,072 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
514 | Marten Transport Ltd. | $ | 10,100 | |||||
307 | Masonite International Corp.(b) | 20,600 | ||||||
237 | MasTec, Inc.(b) | 10,321 | ||||||
358 | Matson, Inc. | 9,748 | ||||||
146 | Matthews International Corp., Class A | 9,176 | ||||||
232 | McGrath RentCorp | 10,370 | ||||||
207 | Mercury Systems, Inc.(b) | 10,447 | ||||||
424 | Meritor, Inc.(b) | 11,028 | ||||||
601 | Milacron Holdings Corp.(b) | 10,788 | ||||||
377 | Miller Industries, Inc. | 10,650 | ||||||
469 | Mistras Group, Inc.(b) | 9,854 | ||||||
294 | Mobile Mini, Inc. | 9,731 | ||||||
124 | Moog, Inc., Class A(b) | 10,882 | ||||||
1,185 | MRC Global, Inc.(b) | 20,323 | ||||||
131 | MSA Safety, Inc. | 10,415 | ||||||
678 | Mueller Industries, Inc. | 23,561 | ||||||
1,621 | Mueller Water Products, Inc., Class A | 19,355 | ||||||
116 | Multi-Color Corp. | 9,593 | ||||||
385 | MYR Group, Inc.(b) | 12,278 | ||||||
87 | National Presto Industries, Inc. | 10,170 | ||||||
613 | Navigant Consulting, Inc.(b) | 10,611 | ||||||
5,633 | Navios Maritime Holdings, Inc. (Monaco)(b) | 10,252 | ||||||
245 | Navistar International Corp.(b) | 10,366 | ||||||
1,558 | NCI Building Systems, Inc.(b) | 24,850 | ||||||
2,758 | Nexeo Solutions, Inc.(b) | 20,382 | ||||||
837 | NN, Inc. | 24,733 | ||||||
1,082 | Northwest Pipe Co.(b) | 19,736 | ||||||
2,047 | NOW, Inc.(b) | 25,628 | ||||||
195 | NV5 Global, Inc.(b) | 11,330 | ||||||
339 | Omega Flex, Inc. | 21,862 | ||||||
193 | On Assignment, Inc.(b) | 11,815 | ||||||
1,673 | Orion Group Holdings, Inc.(b) | 12,046 | ||||||
238 | Park-Ohio Holdings Corp. | 11,222 | ||||||
287 | Patrick Industries, Inc.(b) | 26,691 | ||||||
1,470 | Pendrell Corp.(b) | 9,526 | ||||||
1,397 | PGT Innovations, Inc.(b) | 19,698 | ||||||
4,309 | Plug Power, Inc.(b)(c) | 12,281 | ||||||
1,236 | Ply Gem Holdings, Inc.(b) | 20,888 | ||||||
342 | Powell Industries, Inc. | 9,911 | ||||||
177 | Preformed Line Products Co. | 12,586 | ||||||
334 | Primoris Services Corp. | 9,442 | ||||||
130 | Proto Labs, Inc.(b) | 11,343 | ||||||
497 | Quad/Graphics, Inc., Class A | 11,327 | ||||||
996 | Quanex Building Products Corp. | 21,862 | ||||||
1,874 | Radiant Logistics, Inc.(b) | 9,145 | ||||||
332 | Raven Industries, Inc. | 11,172 | ||||||
192 | RBC Bearings, Inc.(b) | 23,773 | ||||||
766 | Resources Connection, Inc. | 12,065 | ||||||
368 | REV Group, Inc. | 9,494 | ||||||
1,292 | Revolution Lighting Technologies, Inc.(b) | 7,184 | ||||||
822 | Rexnord Corp.(b) | 20,977 | ||||||
1,258 | Roadrunner Transportation Systems, Inc.(b) | 11,070 | ||||||
733 | RPX Corp.(b) | 9,544 | ||||||
1,030 | RR Donnelley & Sons Co. | 9,476 | ||||||
232 | Rush Enterprises, Inc., Class A(b) | 11,781 | ||||||
2,742 | Safe Bulkers, Inc. (Greece)(b) | 9,734 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
160 | Saia, Inc.(b) | $ | 10,368 | |||||
411 | Schneider National, Inc., Class B | 10,764 | ||||||
1,230 | Scorpio Bulkers, Inc.(b) | 9,840 | ||||||
437 | Simpson Manufacturing Co., Inc. | 24,358 | ||||||
164 | Siteone Landscape Supply, Inc.(b) | 10,416 | ||||||
258 | SkyWest, Inc. | 12,152 | ||||||
252 | SP Plus Corp.(b) | 9,765 | ||||||
1,000 | Spartan Motors, Inc. | 16,150 | ||||||
424 | Sparton Corp.(b) | 9,875 | ||||||
383 | SPX Corp.(b) | 11,218 | ||||||
278 | SPX FLOW, Inc.(b) | 11,462 | ||||||
99 | Standex International Corp. | 10,251 | ||||||
706 | Steelcase, Inc., Class A | 10,272 | ||||||
706 | Sterling Construction Co., Inc.(b) | 12,602 | ||||||
188 | Sun Hydraulics Corp. | 10,816 | ||||||
3,340 | Sunrun, Inc.(b)(c) | 19,172 | ||||||
757 | Team, Inc.(b) | 9,311 | ||||||
155 | Tennant Co. | 10,749 | ||||||
216 | Tetra Tech, Inc. | 10,638 | ||||||
544 | Textainer Group Holdings Ltd.(b) | 10,635 | ||||||
554 | Thermon Group Holdings, Inc.(b) | 11,917 | ||||||
1,064 | Titan International, Inc. | 10,363 | ||||||
717 | Titan Machinery, Inc.(b) | 10,676 | ||||||
1,252 | TPI Composites, Inc.(b) | 31,363 | ||||||
263 | Trex Co., Inc.(b) | 28,785 | ||||||
393 | TriMas Corp.(b) | 10,434 | ||||||
267 | TriNet Group, Inc.(b) | 9,270 | ||||||
279 | Triton International Ltd. (Bermuda)(b) | 11,132 | ||||||
362 | Triumph Group, Inc. | 11,240 | ||||||
459 | TrueBlue, Inc.(b) | 12,439 | ||||||
365 | Tutor Perini Corp.(b) | 10,293 | ||||||
547 | Twin Disc, Inc.(b) | 11,678 | ||||||
66 | UniFirst Corp. | 10,395 | ||||||
233 | Universal Forest Products, Inc. | 26,306 | ||||||
537 | Universal Logistics Holdings, Inc. | 11,599 | ||||||
191 | US Ecology, Inc. | 9,082 | ||||||
327 | Vectrus, Inc.(b) | 9,977 | ||||||
716 | Veritiv Corp.(b) | 23,019 | ||||||
154 | Viad Corp. | 8,940 | ||||||
524 | Vicor Corp.(b) | 11,292 | ||||||
4,976 | Vivint Solar, Inc.(b)(c) | 18,660 | ||||||
179 | VSE Corp. | 8,789 | ||||||
461 | Wabash National Corp. | 10,373 | ||||||
162 | WageWorks, Inc.(b) | 10,328 | ||||||
151 | Watts Water Technologies, Inc., Class A | 10,177 | ||||||
274 | Werner Enterprises, Inc. | 9,768 | ||||||
1,081 | Wesco Aircraft Holdings, Inc.(b) | 9,783 | ||||||
308 | Willdan Group, Inc.(b) | 9,258 | ||||||
395 | Willis Lease Finance Corp.(b) | 9,911 | ||||||
133 | Woodward, Inc. | 10,285 | ||||||
699 | YRC Worldwide, Inc.(b) | 9,416 | ||||||
|
| |||||||
3,423,599 | ||||||||
|
| |||||||
Information Technology—13.1% | ||||||||
157 | 2U, Inc.(b) | 9,990 | ||||||
757 | 3D Systems Corp.(b) | 9,372 | ||||||
3,339 | 8x8, Inc.(b) | 44,576 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
1,497 | A10 Networks, Inc.(b) | $ | 10,943 | |||||
220 | Acacia Communications, Inc.(b) | 9,308 | ||||||
431 | ACI Worldwide, Inc.(b) | 10,378 | ||||||
772 | Actua Corp.(b) | 11,927 | ||||||
417 | Acxiom Corp.(b) | 10,492 | ||||||
452 | ADTRAN, Inc. | 9,537 | ||||||
127 | Advanced Energy Industries, Inc.(b) | 10,759 | ||||||
2,709 | Aerohive Networks, Inc.(b) | 10,728 | ||||||
930 | Agilysys, Inc.(b) | 11,411 | ||||||
1,415 | Akoustis Technologies, Inc.(b) | 8,617 | ||||||
220 | Alarm.com Holdings, Inc.(b) | 10,270 | ||||||
632 | Alpha & Omega Semiconductor Ltd.(b) | 11,648 | ||||||
457 | Alteryx, Inc., Class A(b) | 10,324 | ||||||
228 | Ambarella, Inc.(b) | 12,868 | ||||||
1,262 | Amber Road, Inc.(b) | 9,415 | ||||||
891 | American Software, Inc., Class A | 11,057 | ||||||
1,102 | Amkor Technology, Inc.(b) | 12,750 | ||||||
137 | Anixter International, Inc.(b) | 9,412 | ||||||
219 | AppFolio, Inc., Class A(b) | 10,052 | ||||||
175 | Applied Optoelectronics, Inc.(b) | 7,129 | ||||||
572 | Apptio, Inc., Class A(b) | 13,871 | ||||||
154 | Aspen Technology, Inc.(b) | 9,936 | ||||||
2,179 | Avid Technology, Inc.(b) | 9,675 | ||||||
576 | AVX Corp. | 10,852 | ||||||
458 | Axcelis Technologies, Inc.(b) | 15,068 | ||||||
1,226 | AXT, Inc.(b) | 11,402 | ||||||
207 | Badger Meter, Inc. | 9,067 | ||||||
708 | Bankrate, Inc.(b) | 9,841 | ||||||
406 | Barracuda Networks, Inc.(b) | 9,464 | ||||||
2,086 | Bazaarvoice, Inc.(b) | 10,065 | ||||||
373 | Bel Fuse, Inc., Class B | 12,067 | ||||||
258 | Belden, Inc. | 20,617 | ||||||
307 | Benchmark Electronics, Inc.(b) | 9,502 | ||||||
320 | Benefitfocus, Inc.(b) | 8,768 | ||||||
116 | Blackbaud, Inc. | 11,751 | ||||||
102 | Blackhawk Network Holdings, Inc., Class A(b) | 3,463 | ||||||
305 | Blackline, Inc.(b) | 10,834 | ||||||
425 | Blucora, Inc.(b) | 9,222 | ||||||
319 | Bottomline Technologies (de), Inc.(b) | 10,387 | ||||||
540 | Box, Inc., Class A(b) | 11,853 | ||||||
1,442 | Brightcove, Inc.(b) | 11,536 | ||||||
201 | BroadSoft, Inc.(b) | 11,025 | ||||||
360 | Brooks Automation, Inc. | 12,380 | ||||||
289 | Cabot Microelectronics Corp. | 27,938 | ||||||
76 | CACI International, Inc., Class A(b) | 10,925 | ||||||
506 | CalAmp Corp.(b) | 11,501 | ||||||
2,022 | Calix, Inc.(b) | 11,121 | ||||||
396 | Callidus Software, Inc.(b) | 10,039 | ||||||
499 | Carbonite, Inc.(b) | 11,327 | ||||||
169 | Cardtronics PLC, Class A(b) | 3,870 | ||||||
576 | Care.com, Inc.(b) | 8,853 | ||||||
309 | Cars.Com, Inc.(b) | 7,360 | ||||||
77 | Cass Information Systems, Inc. | 4,966 | ||||||
246 | CEVA, Inc.(b) | 11,882 | ||||||
849 | ChannelAdvisor Corp.(b) | 9,551 | ||||||
453 | Ciena Corp.(b) | 9,635 | ||||||
90 | Cimpress NV (Netherlands)(b) | 9,823 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
174 | Cirrus Logic, Inc.(b) | $ | 9,744 | |||||
794 | Clearfield, Inc.(b) | 10,878 | ||||||
458 | Cloudera, Inc.(b) | 6,930 | ||||||
519 | Cohu, Inc. | 13,390 | ||||||
458 | CommerceHub, Inc., Series C(b) | 9,769 | ||||||
162 | CommVault Systems, Inc.(b) | 8,432 | ||||||
498 | Comtech Telecommunications Corp. | 10,712 | ||||||
363 | Control4 Corp.(b) | 10,690 | ||||||
395 | Convergys Corp. | 10,163 | ||||||
282 | Cornerstone OnDemand, Inc.(b) | 10,818 | ||||||
322 | Coupa Software, Inc.(b) | 11,189 | ||||||
516 | Cray, Inc.(b) | 10,655 | ||||||
401 | Cree, Inc.(b) | 14,316 | ||||||
257 | CSG Systems International, Inc. | 10,881 | ||||||
433 | CTS Corp. | 11,778 | ||||||
647 | CyberOptics Corp.(b) | 9,317 | ||||||
1,024 | Daktronics, Inc. | 10,516 | ||||||
4,349 | DHI Group, Inc.(b) | 9,568 | ||||||
484 | Diebold Nixdorf, Inc. | 9,341 | ||||||
1,066 | Digi International, Inc.(b) | 11,086 | ||||||
316 | Digimarc Corp.(b) | 11,281 | ||||||
359 | Diodes, Inc.(b) | 12,328 | ||||||
828 | DSP Group, Inc.(b) | 11,095 | ||||||
1,114 | Eastman Kodak Co.(b) | 5,960 | ||||||
173 | Ebix, Inc. | 11,755 | ||||||
806 | Electro Scientific Industries, Inc.(b) | 14,419 | ||||||
242 | Electronics For Imaging, Inc.(b) | 7,468 | ||||||
116 | Ellie Mae, Inc.(b) | 10,434 | ||||||
1,114 | EMCORE Corp.(b) | 9,190 | ||||||
1,274 | Endurance International Group Holdings, Inc.(b) | 10,447 | ||||||
368 | Entegris, Inc. | 12,052 | ||||||
229 | Envestnet, Inc.(b) | 12,229 | ||||||
116 | EPAM Systems, Inc.(b) | 10,573 | ||||||
123 | ePlus, Inc.(b) | 11,759 | ||||||
498 | Etsy, Inc.(b) | 8,317 | ||||||
439 | Everbridge, Inc.(b) | 11,695 | ||||||
583 | Everi Holdings, Inc.(b) | 4,833 | ||||||
249 | EVERTEC, Inc. | 3,735 | ||||||
702 | Exa Corp.(b) | 17,016 | ||||||
168 | ExlService Holdings, Inc.(b) | 10,487 | ||||||
873 | Extreme Networks, Inc.(b) | 10,476 | ||||||
260 | Fabrinet (Thailand)(b) | 9,667 | ||||||
33 | Fair Isaac Corp. | 4,790 | ||||||
278 | FARO Technologies, Inc.(b) | 14,400 | ||||||
446 | Finisar Corp.(b) | 10,499 | ||||||
1,304 | Fitbit, Inc., Class A(b)(c) | 8,007 | ||||||
452 | Five9, Inc.(b) | 11,404 | ||||||
645 | FormFactor, Inc.(b) | 11,739 | ||||||
226 | Gigamon, Inc.(b) | 8,701 | ||||||
2,802 | Glu Mobile, Inc.(b) | 11,236 | ||||||
3,273 | Gogo, Inc.(b)(c) | 32,534 | ||||||
172 | GrubHub, Inc.(b) | 10,495 | ||||||
1,475 | GSI Technology, Inc.(b) | 10,207 | ||||||
323 | GTT Communications, Inc.(b) | 11,773 | ||||||
682 | Hackett Group, Inc. (The) | 10,530 | ||||||
3,215 | Harmonic, Inc.(b) | 11,895 | ||||||
569 | Hortonworks, Inc.(b) | 9,394 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
138 | HubSpot, Inc.(b) | $ | 11,944 | |||||
424 | Ichor Holdings Ltd.(b) | 13,225 | ||||||
269 | II-VI, Inc.(b) | 12,159 | ||||||
1,332 | Immersion Corp.(b) | 10,763 | ||||||
221 | Imperva, Inc.(b) | 9,437 | ||||||
258 | Impinj, Inc.(b) | 8,808 | ||||||
1,190 | Infinera Corp.(b) | 9,960 | ||||||
2,527 | Information Services Group, Inc.(b) | 10,310 | ||||||
270 | Inphi Corp.(b) | 11,065 | ||||||
251 | Insight Enterprises, Inc.(b) | 11,308 | ||||||
278 | Instructure, Inc.(b) | 9,674 | ||||||
393 | Integrated Device Technology, Inc.(b) | 12,211 | ||||||
140 | InterDigital, Inc. | 10,269 | ||||||
2,286 | Internap Corp.(b) | 10,630 | ||||||
1,147 | Intevac, Inc.(b) | 9,635 | ||||||
1,535 | Iteris, Inc.(b) | 10,607 | ||||||
131 | Itron, Inc.(b) | 10,238 | ||||||
427 | IXYS Corp.(b) | 10,547 | ||||||
638 | j2 Global, Inc. | 47,301 | ||||||
448 | KEMET Corp.(b) | 11,509 | ||||||
509 | Kimball Electronics, Inc.(b) | 11,198 | ||||||
672 | Knowles Corp.(b) | 11,128 | ||||||
2,427 | Kopin Corp.(b) | 8,519 | ||||||
883 | KVH Industries, Inc.(b) | 10,199 | ||||||
1,733 | Lattice Semiconductor Corp.(b) | 10,138 | ||||||
1,453 | Leaf Group Ltd.(b) | 10,244 | ||||||
2,701 | Limelight Networks, Inc.(b) | 13,370 | ||||||
1,626 | Liquidity Services, Inc.(b) | 9,268 | ||||||
55 | Littelfuse, Inc. | 11,495 | ||||||
737 | LivePerson, Inc.(b) | 10,355 | ||||||
171 | Lumentum Holdings, Inc.(b) | 10,799 | ||||||
230 | MACOM Technology Solutions Holdings, Inc.(b) | 9,402 | ||||||
243 | ManTech International Corp., Class A | 11,278 | ||||||
153 | MAXIMUS, Inc. | 10,164 | ||||||
441 | MaxLinear, Inc., Class A(b) | 10,791 | ||||||
1,612 | Maxwell Technologies, Inc.(b) | 7,770 | ||||||
2,495 | Meet Group, Inc. (The)(b) | 8,458 | ||||||
69 | Mesa Laboratories, Inc. | 11,002 | ||||||
264 | Methode Electronics, Inc. | 12,382 | ||||||
76 | MicroStrategy, Inc., Class A(b) | 10,052 | ||||||
3,490 | Microvision, Inc.(b) | 7,713 | ||||||
388 | MINDBODY, Inc., Class A(b) | 12,513 | ||||||
991 | Mitek Systems, Inc.(b) | 8,820 | ||||||
116 | MKS Instruments, Inc. | 12,603 | ||||||
2,633 | Mobileiron, Inc.(b) | 10,137 | ||||||
743 | Model N, Inc.(b) | 10,811 | ||||||
278 | MoneyGram International, Inc.(b) | 4,323 | ||||||
95 | Monolithic Power Systems, Inc. | 11,559 | ||||||
504 | Monotype Imaging Holdings, Inc. | 11,617 | ||||||
201 | MTS Systems Corp. | 10,462 | ||||||
448 | Mulesoft, Inc., Class A(b) | 10,479 | ||||||
377 | Nanometrics, Inc.(b) | 10,658 | ||||||
1,005 | Napco Security Technologies, Inc.(b) | 10,201 | ||||||
1,679 | NeoPhotonics Corp.(b)(c) | 8,748 | ||||||
208 | NETGEAR, Inc.(b) | 9,703 | ||||||
305 | NetScout Systems, Inc.(b) | 8,662 | ||||||
202 | New Relic, Inc.(b) | 10,369 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
594 | NIC, Inc. | $ | 10,098 | |||||
246 | Novanta, Inc.(b) | 11,636 | ||||||
443 | Nutanix, Inc., Class A(b) | 12,625 | ||||||
133 | NVE Corp. | 11,316 | ||||||
1,194 | Oclaro, Inc.(b) | 9,874 | ||||||
362 | Okta, Inc.(b) | 10,469 | ||||||
112 | OSI Systems, Inc.(b) | 9,899 | ||||||
781 | Park City Group, Inc.(b) | 8,630 | ||||||
546 | Park Electrochemical Corp. | 10,308 | ||||||
133 | Paycom Software, Inc.(b) | 10,933 | ||||||
196 | Paylocity Holding Corp.(b) | 10,468 | ||||||
382 | PC Connection, Inc. | 10,314 | ||||||
775 | PCM, Inc.(b) | 10,889 | ||||||
646 | PDF Solutions, Inc.(b) | 9,464 | ||||||
174 | Pegasystems, Inc. | 10,144 | ||||||
537 | Perficient, Inc.(b) | 10,445 | ||||||
1,249 | Photronics, Inc.(b) | 12,115 | ||||||
2,109 | Pixelworks, Inc.(b) | 11,789 | ||||||
1,146 | Planet Payment, Inc.(b) | 5,123 | ||||||
232 | Plantronics, Inc. | 10,524 | ||||||
191 | Plexus Corp.(b) | 11,733 | ||||||
135 | Power Integrations, Inc. | 10,847 | ||||||
736 | Presidio, Inc.(b) | 10,893 | ||||||
293 | Progress Software Corp. | 12,403 | ||||||
107 | Proofpoint, Inc.(b) | 9,888 | ||||||
394 | PROS Holdings, Inc.(b) | 8,900 | ||||||
660 | Pure Storage, Inc., Class A(b) | 10,844 | ||||||
239 | Q2 Holdings, Inc.(b) | 10,169 | ||||||
295 | QAD, Inc., Class A | 10,915 | ||||||
199 | Qualys, Inc.(b) | 10,527 | ||||||
540 | Quantenna Communications, Inc.(b) | 8,365 | ||||||
1,780 | Quantum Corp.(b) | 9,434 | ||||||
1,647 | QuinStreet, Inc.(b) | 14,658 | ||||||
551 | Quotient Technology, Inc.(b) | 8,623 | ||||||
6,286 | Radisys Corp.(b) | 8,298 | ||||||
763 | Rambus, Inc.(b) | 11,224 | ||||||
565 | Rapid7, Inc.(b) | 10,215 | ||||||
2,302 | RealNetworks, Inc.(b) | 10,865 | ||||||
237 | RealPage, Inc.(b) | 10,262 | ||||||
552 | Reis, Inc. | 10,074 | �� | |||||
230 | RingCentral, Inc., Class A(b) | 9,694 | ||||||
82 | Rogers Corp.(b) | 12,471 | ||||||
929 | Rosetta Stone, Inc.(b) | 9,448 | ||||||
2,409 | Rubicon Project, Inc. (The)(b) | 8,576 | ||||||
435 | Rudolph Technologies, Inc.(b) | 12,071 | ||||||
269 | Sanmina Corp.(b) | 8,803 | ||||||
268 | ScanSource, Inc.(b) | 11,511 | ||||||
131 | Science Applications International Corp. | 9,608 | ||||||
889 | SecureWorks Corp., Class A(b) | 8,908 | ||||||
271 | Semtech Corp.(b) | 11,125 | ||||||
2,641 | ServiceSource International, Inc.(b) | 9,191 | ||||||
252 | Shutterstock, Inc.(b) | 9,825 | ||||||
1,594 | Sigma Designs, Inc.(b) | 9,644 | ||||||
131 | Silicon Laboratories, Inc.(b) | 12,432 | ||||||
770 | Silver Spring Networks, Inc.(b) | 12,412 | ||||||
432 | SMART Global Holdings, Inc.(b) | 13,552 | ||||||
1,427 | Sonus Networks, Inc.(b) | 11,131 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
168 | SPS Commerce, Inc.(b) | $ | 8,259 | |||||
45 | Stamps.com, Inc.(b) | 10,098 | ||||||
794 | StarTek, Inc.(b) | 9,480 | ||||||
425 | Stratasys Ltd.(b) | 9,571 | ||||||
2,535 | SunPower Corp.(b)(c) | 18,049 | ||||||
374 | Super Micro Computer, Inc.(b) | 7,443 | ||||||
353 | Sykes Enterprises, Inc.(b) | 10,216 | ||||||
259 | Synaptics, Inc.(b) | 9,614 | ||||||
588 | Synchronoss Technologies, Inc.(b) | 6,662 | ||||||
88 | SYNNEX Corp. | 11,869 | ||||||
538 | Syntel, Inc.(b) | 12,568 | ||||||
405 | Systemax, Inc. | 11,563 | ||||||
118 | Tech Data Corp.(b) | 10,947 | ||||||
933 | TechTarget, Inc.(b) | 11,625 | ||||||
1,509 | Telenav, Inc.(b) | 9,733 | ||||||
239 | TeleTech Holdings, Inc. | 9,954 | ||||||
1,468 | Tintri, Inc.(b)(c) | 5,681 | ||||||
557 | Tivo Corp. | 10,110 | ||||||
148 | Trade Desk, Inc. (The), Class A(b) | 9,756 | ||||||
556 | Travelport Worldwide Ltd. | 8,724 | ||||||
579 | TrueCar, Inc.(b) | 9,368 | ||||||
674 | TTM Technologies, Inc.(b) | 10,636 | ||||||
192 | Tucows, Inc., Class A(b) | 11,222 | ||||||
330 | Twilio, Inc., Class A(b) | 10,543 | ||||||
167 | Ubiquiti Networks, Inc.(b)(c) | 10,384 | ||||||
416 | Ultra Clean Holdings, Inc.(b) | 10,616 | ||||||
1,282 | Unisys Corp.(b) | 11,217 | ||||||
441 | Upland Software, Inc.(b) | 9,689 | ||||||
1,799 | USA Technologies, Inc.(b) | 11,424 | ||||||
252 | Varonis Systems, Inc.(b) | 10,987 | ||||||
797 | VASCO Data Security International, Inc.(b) | 10,839 | ||||||
503 | Veeco Instruments, Inc.(b) | 9,079 | ||||||
505 | VeriFone Systems, Inc.(b) | 9,635 | ||||||
242 | Verint Systems, Inc.(b) | 10,212 | ||||||
563 | Veritone, Inc.(b)(c) | 19,986 | ||||||
162 | ViaSat, Inc.(b) | 10,546 | ||||||
976 | Viavi Solutions, Inc.(b) | 9,057 | ||||||
2,452 | VirnetX Holding Corp.(b)(c) | 12,628 | ||||||
277 | Virtusa Corp.(b) | 10,570 | ||||||
559 | Vishay Intertechnology, Inc. | 12,438 | ||||||
431 | Vishay Precision Group, Inc.(b) | 10,581 | ||||||
395 | Web.com Group, Inc.(b) | 9,520 | ||||||
494 | Workiva, Inc., Class A(b) | 11,041 | ||||||
1,005 | Xcerra Corp.(b) | 9,899 | ||||||
452 | XO Group, Inc.(b) | 9,022 | ||||||
377 | Xperi Corp. | 8,671 | ||||||
224 | Yelp, Inc., Class A(b) | 10,465 | ||||||
761 | Yext, Inc.(b) | 8,736 | ||||||
349 | Zendesk, Inc.(b) | 10,819 | ||||||
1,938 | Zix Corp.(b) | 9,399 | ||||||
|
| |||||||
3,036,136 | ||||||||
|
| |||||||
Materials—6.9% | ||||||||
633 | A. Schulman, Inc. | 24,877 | ||||||
930 | Advanced Emissions Solutions, Inc. | 11,169 | ||||||
602 | Advansix, Inc.(b) | 27,855 | ||||||
2,739 | Agrofresh Solutions, Inc.(b) | 16,160 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
3,307 | AK Steel Holding Corp.(b) | $ | 15,179 | |||||
935 | Allegheny Technologies, Inc.(b) | 23,543 | ||||||
1,038 | American Vanguard Corp. | 23,355 | ||||||
1,213 | Ampco-Pittsburgh Corp. | 20,075 | ||||||
279 | Balchem Corp. | 23,517 | ||||||
628 | Boise Cascade Co.(b) | 22,263 | ||||||
1,583 | Calgon Carbon Corp. | 34,351 | ||||||
527 | Carpenter Technology Corp. | 26,239 | ||||||
1,019 | Century Aluminum Co.(b) | 14,266 | ||||||
205 | Chase Corp. | 24,344 | ||||||
432 | Clearwater Paper Corp.(b) | 19,937 | ||||||
2,324 | Cleveland-Cliffs, Inc.(b) | 13,851 | ||||||
1,305 | Codexis, Inc.(b) | 8,026 | ||||||
2,113 | Coeur Mining, Inc.(b) | 16,038 | ||||||
1,067 | Commercial Metals Co. | 20,785 | ||||||
292 | Compass Minerals International, Inc.(c) | 19,155 | ||||||
975 | Core Molding Technologies, Inc. | 22,630 | ||||||
247 | Deltic Timber Corp. | 22,875 | ||||||
1,017 | Ferro Corp.(b) | 24,225 | ||||||
4,611 | Flotek Industries, Inc.(b)(c) | 22,686 | ||||||
1,419 | FutureFuel Corp. | 21,540 | ||||||
683 | GCP Applied Technologies, Inc.(b) | 19,978 | ||||||
4,981 | Gold Resource Corp. | 18,081 | ||||||
345 | Greif, Inc., Class A | 19,158 | ||||||
389 | H.B. Fuller Co. | 22,122 | ||||||
572 | Hawkins, Inc. | 21,793 | ||||||
625 | Haynes International, Inc. | 22,300 | ||||||
3,621 | Hecla Mining Co. | 17,091 | ||||||
337 | Ingevity Corp.(b) | 24,005 | ||||||
441 | Innophos Holdings, Inc. | 21,578 | ||||||
383 | Innospec, Inc. | 23,689 | ||||||
5,402 | Intrepid Potash, Inc.(b) | 21,716 | ||||||
200 | Kaiser Aluminum Corp. | 19,836 | ||||||
887 | KapStone Paper and Packaging Corp. | 19,922 | ||||||
5,633 | Klondex Mines Ltd. (Canada)(b) | 16,279 | ||||||
431 | KMG Chemicals, Inc. | 23,761 | ||||||
512 | Koppers Holdings, Inc.(b) | 24,858 | ||||||
639 | Kraton Corp.(b) | 31,330 | ||||||
983 | Kronos Worldwide, Inc. | 25,863 | ||||||
723 | Louisiana-Pacific Corp.(b) | 19,651 | ||||||
3,391 | LSB Industries, Inc.(b) | 25,602 | ||||||
546 | Materion Corp. | 28,037 | ||||||
328 | Minerals Technologies, Inc. | 23,583 | ||||||
1,120 | Myers Industries, Inc. | 24,192 | ||||||
267 | Neenah Paper, Inc. | 23,176 | ||||||
1,025 | Olympic Steel, Inc. | 19,352 | ||||||
2,356 | OMNOVA Solutions, Inc.(b) | 26,034 | ||||||
1,148 | P.H. Glatfelter Co. | 24,062 | ||||||
577 | PolyOne Corp. | 26,582 | ||||||
151 | Quaker Chemical Corp. | 23,453 | ||||||
1,450 | Rayonier Advanced Materials, Inc.(c) | 20,836 | ||||||
2,209 | Ryerson Holding Corp.(b) | 19,439 | ||||||
748 | Schnitzer Steel Industries, Inc., Class A | 22,029 | ||||||
525 | Schweitzer-Mauduit International, Inc. | 22,171 | ||||||
274 | Sensient Technologies Corp. | 20,838 | ||||||
252 | Stepan Co. | 20,125 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
653 | Summit Materials, Inc., Class A(b) | $ | 20,504 | |||||
2,661 | SunCoke Energy, Inc.(b) | 29,510 | ||||||
1,367 | TimkenSteel Corp.(b) | 19,138 | ||||||
1,881 | Trecora Resources(b) | 22,854 | ||||||
1,275 | Tredegar Corp. | 24,671 | ||||||
293 | Trinseo SA | 20,803 | ||||||
946 | Tronox Ltd., Class A | 25,041 | ||||||
756 | UFP Technologies, Inc.(b) | 23,323 | ||||||
246 | United States Lime & Minerals, Inc. | 22,349 | ||||||
268 | US Concrete, Inc.(b) | 20,958 | ||||||
3,937 | Verso Corp., Class A(b) | 27,598 | ||||||
979 | Warrior Met Coal, Inc. | 25,474 | ||||||
395 | Worthington Industries, Inc. | 17,972 | ||||||
|
| |||||||
1,601,658 | ||||||||
|
| |||||||
Real Estate—2.1% | ||||||||
155 | Acadia Realty Trust REIT | 4,363 | ||||||
90 | Agree Realty Corp. REIT | 4,256 | ||||||
101 | Alexander & Baldwin, Inc. | 4,569 | ||||||
11 | Alexander’s, Inc. REIT | 4,521 | ||||||
192 | Altisource Portfolio Solutions SA(b)(c) | 4,961 | ||||||
399 | Altisource Residential Corp. REIT | 4,257 | ||||||
112 | American Assets Trust, Inc. REIT | 4,345 | ||||||
336 | Armada Hoffler Properties, Inc. REIT | 4,795 | ||||||
484 | Ashford Hospitality Prime, Inc. REIT | 4,704 | ||||||
731 | Ashford Hospitality Trust, Inc. REIT | 5,139 | ||||||
443 | Bluerock Residential Growth REIT, Inc., Class A REIT | 5,001 | ||||||
237 | CareTrust REIT, Inc. REIT | 4,479 | ||||||
379 | CatchMark Timber Trust, Inc., Class A REIT | 4,851 | ||||||
558 | CBL & Associates Properties, Inc. REIT(c) | 4,375 | ||||||
896 | Cedar Realty Trust, Inc. REIT | 4,874 | ||||||
226 | Chatham Lodging Trust REIT | 4,916 | ||||||
181 | Chesapeake Lodging Trust REIT | 5,050 | ||||||
356 | City Office REIT, Inc. REIT | 4,642 | ||||||
421 | Clipper Realty, Inc. REIT | 4,576 | ||||||
170 | Community Healthcare Trust, Inc. REIT | 4,663 | ||||||
83 | Consolidated-Tomoka Land Co. | 4,857 | ||||||
140 | CorEnergy Infrastructure Trust, Inc. REIT | 5,051 | ||||||
496 | Cousins Properties, Inc. REIT | 4,474 | ||||||
432 | DiamondRock Hospitality Co. REIT | 4,692 | ||||||
230 | Easterly Government Properties, Inc. REIT | 4,628 | ||||||
50 | EastGroup Properties, Inc. REIT | 4,530 | ||||||
117 | Education Realty Trust, Inc. REIT | 4,083 | ||||||
501 | Farmland Partners, Inc. REIT | 4,183 | ||||||
146 | First Industrial Realty Trust, Inc. REIT | 4,508 | ||||||
264 | Forestar Group, Inc.(b) | 4,699 | ||||||
181 | Four Corners Property Trust, Inc. REIT | 4,467 | ||||||
461 | Franklin Street Properties Corp. REIT | 4,610 | ||||||
102 | FRP Holdings, Inc.(b) | 4,524 | ||||||
168 | GEO Group, Inc. (The) REIT | 4,360 | ||||||
161 | Getty Realty Corp. REIT | 4,574 | ||||||
213 | Gladstone Commercial Corp. REIT | 4,614 | ||||||
505 | Global Medical REIT, Inc. REIT | 4,272 | ||||||
214 | Global NET Lease, Inc. REIT | 4,622 | ||||||
250 | Government Properties Income Trust REIT | 4,543 | ||||||
150 | Gramercy Property Trust REIT | 4,455 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
129 | Griffin Industrial Realty, Inc. | $ | 4,786 | |||||
136 | Healthcare Realty Trust, Inc. REIT | 4,385 | ||||||
254 | Hersha Hospitality Trust REIT | 4,493 | ||||||
123 | HFF, Inc., Class A | 5,395 | ||||||
456 | Independence Realty Trust, Inc. REIT | 4,628 | ||||||
203 | InfraREIT, Inc. REIT | 4,547 | ||||||
739 | Investors Real Estate Trust REIT | 4,323 | ||||||
403 | iStar, Inc. REIT(b) | 4,715 | ||||||
232 | Jernigan Capital, Inc. REIT | 4,761 | ||||||
240 | Kennedy-Wilson Holdings, Inc. | 4,668 | ||||||
223 | Kite Realty Group Trust REIT | 4,168 | ||||||
162 | LaSalle Hotel Properties REIT | 4,570 | ||||||
460 | Lexington Realty Trust REIT | 4,655 | ||||||
93 | LTC Properties, Inc. REIT | 4,325 | ||||||
194 | �� | Mack-Cali Realty Corp. REIT | 4,417 | |||||
177 | Marcus & Millichap, Inc.(b) | 5,030 | ||||||
362 | Maui Land & Pineapple Co., Inc.(b) | 5,774 | ||||||
395 | Medequities Realty Trust, Inc. REIT | 4,590 | ||||||
283 | Monmouth Real Estate Investment Corp. REIT | 4,822 | ||||||
57 | National Health Investors, Inc. REIT | 4,343 | ||||||
191 | National Storage Affiliates Trust REIT | 4,735 | ||||||
495 | New Senior Investment Group, Inc. REIT | 4,425 | ||||||
194 | NexPoint Residential Trust, Inc. REIT | 4,608 | ||||||
370 | NorthStar Realty Europe Corp. REIT | 4,984 | ||||||
189 | One Liberty Properties, Inc. REIT | 4,579 | ||||||
136 | Pebblebrook Hotel Trust REIT | 4,850 | ||||||
448 | Pennsylvania Real Estate Investment Trust REIT | 4,355 | ||||||
242 | Physicians Realty Trust REIT | 4,206 | ||||||
95 | Potlatch Corp. REIT | 4,921 | ||||||
256 | Preferred Apartment Communities, Inc., Class A REIT | 5,082 | ||||||
34 | PS Business Parks, Inc. REIT | 4,499 | ||||||
83 | QTS Realty Trust, Inc., Class A REIT | 4,802 | ||||||
330 | Quality Care Properties, Inc. REIT(b) | 5,224 | ||||||
6,208 | RAIT Financial Trust REIT | 3,321 | ||||||
336 | Ramco-Gershenson Properties Trust REIT | 4,244 | ||||||
75 | RE/MAX Holdings, Inc., Class A | 4,988 | ||||||
180 | Redfin Corp.(b) | 4,237 | ||||||
225 | Retail Opportunity Investments Corp. REIT | 4,046 | ||||||
152 | Rexford Industrial Realty, Inc. REIT | 4,513 | ||||||
224 | RLJ Lodging Trust REIT | 4,852 | ||||||
94 | RMR Group, Inc. (The), Class A | 4,930 | ||||||
78 | Ryman Hospitality Properties, Inc. REIT | 5,158 | ||||||
204 | Sabra Health Care REIT, Inc. REIT | 4,064 | ||||||
235 | Safety Income And Growth, Inc. REIT | 4,223 | ||||||
74 | Saul Centers, Inc. REIT | 4,523 | ||||||
199 | Select Income REIT | 4,808 | ||||||
96 | Seritage Growth Properties, Class A REIT | 3,948 | ||||||
246 | St. Joe Co. (The)(b) | 4,379 | ||||||
161 | STAG Industrial, Inc., Class A REIT | 4,395 | ||||||
127 | Starwood Waypoint Homes REIT | 4,611 | ||||||
155 | Stratus Properties, Inc. | 4,611 | ||||||
310 | Summit Hotel Properties, Inc. REIT | 4,901 | ||||||
293 | Sunstone Hotel Investors, Inc. REIT | 4,782 | ||||||
225 | Tejon Ranch Co.(b) | 4,241 | ||||||
125 | Terreno Realty Corp. REIT | 4,590 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
250 | Tier REIT, Inc. REIT | $ | 4,893 | |||||
202 | Transcontinental Realty Investors, Inc.(b) | 5,995 | ||||||
644 | Trinity Place Holdings, Inc.(b) | 4,637 | ||||||
284 | UMH Properties, Inc. REIT | 4,243 | ||||||
61 | Universal Health Realty Income Trust REIT | 4,466 | ||||||
180 | Urban Edge Properties REIT | 4,223 | ||||||
218 | Urstadt Biddle Properties, Inc., Class A REIT | 4,737 | ||||||
549 | Washington Prime Group, Inc. REIT | 4,299 | ||||||
139 | Washington Real Estate Investment Trust REIT | 4,474 | ||||||
357 | Whitestone REIT | 4,770 | ||||||
230 | Xenia Hotels & Resorts, Inc. REIT | 5,005 | ||||||
|
| |||||||
488,855 | ||||||||
|
| |||||||
Telecommunication Services—3.6% | ||||||||
839 | ATN International, Inc. | 45,549 | ||||||
2,225 | Boingo Wireless, Inc.(b) | 52,020 | ||||||
2,365 | Cincinnati Bell, Inc.(b) | 45,172 | ||||||
1,049 | Cogent Communications Holdings, Inc. | 56,541 | ||||||
2,628 | Consolidated Communications Holdings, Inc. | 50,379 | ||||||
3,495 | Frontier Communications Corp. | 42,324 | ||||||
1,102 | General Communication, Inc., Class A(b) | 45,061 | ||||||
26,223 | Globalstar, Inc.(b) | 42,219 | ||||||
3,298 | IDT Corp., Class B | 43,468 | ||||||
4,668 | Iridium Communications, Inc.(b)(c) | 56,016 | ||||||
2,601 | Lumos Networks Corp.(b) | 46,714 | ||||||
991 | Ooma, Inc.(b) | 10,406 | ||||||
4,282 | ORBCOMM, Inc.(b) | 48,429 | ||||||
341 | pdvWireless, Inc.(b) | 9,736 | ||||||
1,338 | Shenandoah Telecommunications Co. | 50,844 | ||||||
3,151 | Spok Holdings, Inc. | 53,409 | ||||||
259 | Straight Path Communications, Inc., Class B(b) | 47,011 | ||||||
5,749 | Vonage Holdings Corp.(b) | 46,739 | ||||||
21,840 | Windstream Holdings, Inc.(c) | 41,059 | ||||||
|
| |||||||
833,096 | ||||||||
|
| |||||||
Utilities—7.0% | ||||||||
595 | ALLETE, Inc. | 46,618 | ||||||
928 | American States Water Co. | 49,880 | ||||||
1,238 | Artesian Resources Corp., Class A | 50,288 | ||||||
19,038 | Atlantic Power Corp.(b) | 46,643 | ||||||
897 | Avista Corp. | 46,859 | ||||||
668 | Black Hills Corp. | 43,594 | ||||||
4,970 | Cadiz, Inc.(b) | 65,852 | ||||||
1,250 | California Water Service Group | 52,500 | ||||||
598 | Chesapeake Utilities Corp. | 48,169 | ||||||
843 | Connecticut Water Service, Inc. | 52,283 | ||||||
4,980 | Dynegy, Inc.(b) | 62,001 | ||||||
841 | El Paso Electric Co. | 48,357 | ||||||
514 | IDACORP, Inc. | 47,303 | ||||||
728 | MGE Energy, Inc. | 48,084 | ||||||
1,214 | Middlesex Water Co. | 52,785 | ||||||
1,088 | New Jersey Resources Corp. | 48,362 | ||||||
692 | Northwest Natural Gas Co. | 45,914 | ||||||
780 | NorthWestern Corp. | 46,238 | ||||||
2,574 | NRG Yield, Inc., Class C | 47,876 | ||||||
622 | ONE Gas, Inc. | 47,882 | ||||||
816 | Ormat Technologies, Inc. | 52,983 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
1,094 | Otter Tail Corp. | $ | 50,269 | |||||
1,839 | Pattern Energy Group, Inc. | 42,426 | ||||||
1,099 | PNM Resources, Inc. | 47,697 | ||||||
981 | Portland General Electric Co. | 46,833 | ||||||
829 | SJW Corp. | 49,168 | ||||||
1,327 | South Jersey Industries, Inc. | 45,078 | ||||||
584 | Southwest Gas Holdings, Inc. | 48,116 | ||||||
605 | Spire, Inc. | 47,765 | ||||||
4,730 | TerraForm Global, Inc., Class A(b) | 23,059 | ||||||
1,751 | TerraForm Power, Inc., Class A | 23,516 | ||||||
934 | Unitil Corp. | 48,568 | ||||||
552 | WGL Holdings, Inc. | 47,306 | ||||||
1,413 | York Water Co. (The) | 49,738 | ||||||
|
| |||||||
1,620,010 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $20,067,790) | 23,137,392 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
53,269 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(f) (Cost $53,269) | 53,269 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $20,121,059)—100.2% | 23,190,661 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.3% | ||||||||
760,232 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(f)(g) (Cost $760,232) | 760,232 | ||||||
|
| |||||||
Total Investments in Securities (Cost $20,881,291)—103.5% | 23,950,893 | |||||||
Other assets less liabilities—(3.5)% | (804,214 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 23,146,679 | ||||||
|
|
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, 2017. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(e) | 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. |
(f) | 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, 2017. |
(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 2I. |
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, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 37.4 | |||
Health Care | 20.9 | |||
Consumer Discretionary | 15.6 | |||
Industrials | 15.1 | |||
Financials | 3.9 | |||
Materials | 2.2 | |||
Consumer Staples | 1.9 | |||
Real Estate | 1.2 | |||
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—15.6% | ||||||||
57 | Asbury Automotive Group, Inc.(b) | $ | 3,500 | |||||
1,872 | Buffalo Wild Wings, Inc.(b) | 221,270 | ||||||
6,765 | Camping World Holdings, Inc., Class A | 284,265 | ||||||
1,139 | Cheesecake Factory, Inc. (The) | 50,959 | ||||||
15,127 | Chegg, Inc.(b)(c) | 234,620 | ||||||
929 | Children’s Place, Inc. (The) | 101,075 | ||||||
843 | Churchill Downs, Inc. | 175,808 | ||||||
5,129 | Collectors Universe, Inc. | 126,994 | ||||||
2,605 | Dave & Buster’s Entertainment, Inc.(b) | 125,561 | ||||||
767 | Dorman Products, Inc.(b) | 53,007 | ||||||
4,955 | Duluth Holdings, Inc., Class B(b)(c) | 102,370 | ||||||
9,131 | Eldorado Resorts, Inc.(b) | 234,667 | ||||||
3,397 | Five Below, Inc.(b) | 187,684 | ||||||
3,119 | Fox Factory Holding Corp.(b) | 132,714 | ||||||
7,195 | Francesca’s Holdings Corp.(b) | 46,552 | ||||||
9,073 | GoPro, Inc., Class A(b)(c) | 94,631 | ||||||
1,884 | Grand Canyon Education, Inc.(b) | 168,637 | ||||||
93,933 | Groupon, Inc., Class A(b) | 448,061 | ||||||
4,164 | IMAX Corp.(b) | 100,977 | ||||||
5,956 | Installed Building Products, Inc.(b) | 415,133 | ||||||
2,476 | iRobot Corp.(b)(c) | 166,363 | ||||||
2,964 | LCI Industries | 366,943 | ||||||
3,435 | Lindblad Expeditions Holdings, Inc.(b) | 36,823 | ||||||
7,278 | MCBC Holdings, Inc.(b) | 166,448 | ||||||
767 | Monro, Inc. | 37,852 | ||||||
12,678 | Noodles & Co., Class A(b)(c) | 55,149 | ||||||
3,760 | Nutrisystem, Inc. | 187,812 | ||||||
2,291 | Ollie’s Bargain Outlet Holdings, Inc.(b) | 102,293 | ||||||
845 | Papa John’s International, Inc. | 57,502 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
219 | SeaWorld Entertainment, Inc.(b)(c) | $ | 2,514 | |||||
4,389 | Shake Shack, Inc., Class A(b)(c) | 166,607 | ||||||
3,999 | Shutterfly, Inc.(b) | 170,757 | ||||||
8,677 | Sleep Number Corp.(b) | 282,003 | ||||||
2,687 | Sotheby’s(b) | 139,240 | ||||||
4,139 | Taylor Morrison Home Corp., Class A(b) | 99,957 | ||||||
317 | Tenneco, Inc. | 18,421 | ||||||
4,941 | Texas Roadhouse, Inc. | 247,099 | ||||||
15,715 | Tile Shop Holdings, Inc. | 134,363 | ||||||
1,967 | Universal Electronics, Inc.(b) | 118,020 | ||||||
7,276 | World Wrestling Entertainment, Inc., Class A | 193,032 | ||||||
|
| |||||||
6,057,683 | ||||||||
|
| |||||||
Consumer Staples—1.9% | ||||||||
2,207 | Calavo Growers, Inc. | 162,656 | ||||||
174 | Coca-Cola Bottling Co. Consolidated | 39,247 | ||||||
6,506 | elf Beauty, Inc.(b)(c) | 137,862 | ||||||
4,537 | Natural Health Trends Corp.(c) | 87,383 | ||||||
1,161 | PriceSmart, Inc. | 97,292 | ||||||
2,873 | USANA Health Sciences, Inc.(b) | 188,756 | ||||||
11 | WD-40 Co. | 1,219 | ||||||
|
| |||||||
714,415 | ||||||||
|
| |||||||
Energy—0.7% | ||||||||
30,848 | Evolution Petroleum Corp. | 228,275 | ||||||
2,366 | Jagged Peak Energy, Inc.(b)(c) | 32,864 | ||||||
|
| |||||||
261,139 | ||||||||
|
| |||||||
Financials—3.9% | ||||||||
375 | Diamond Hill Investment Group, Inc. | 79,474 | ||||||
208 | Evercore, Inc., Class A | 16,661 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,249 | Financial Engines, Inc. | $ | 45,089 | |||||
5,394 | Health Insurance Innovations, Inc., Class A(b)(c) | 115,971 | ||||||
372 | Kinsale Capital Group, Inc. | 16,137 | ||||||
1,821 | LendingTree, Inc.(b) | 488,119 | ||||||
2,279 | Moelis & Co., Class A | 97,427 | ||||||
2,039 | ServisFirst Bancshares, Inc. | 83,619 | ||||||
4,863 | Trupanion, Inc.(b)(c) | 136,942 | ||||||
158 | Virtu Financial, Inc., Class A(c) | 2,236 | ||||||
1,067 | Westwood Holdings Group, Inc. | 69,248 | ||||||
31,265 | WisdomTree Investments, Inc.(c) | 346,729 | ||||||
|
| |||||||
1,497,652 | ||||||||
|
| |||||||
Health Care—20.9% | ||||||||
47,667 | Antares Pharma, Inc.(b) | 86,754 | ||||||
22 | Atrion Corp. | 14,468 | ||||||
2,901 | BioSpecifics Technologies Corp.(b) | 132,779 | ||||||
5,733 | BioTelemetry, Inc.(b) | 166,544 | ||||||
122 | Cambrex Corp.(b) | 5,276 | ||||||
2,170 | Cantel Medical Corp. | 212,834 | ||||||
12,132 | Castlight Health, Inc., Class B(b)(c) | 46,708 | ||||||
7,881 | Civitas Solutions, Inc.(b) | 146,981 | ||||||
1,826 | Clovis Oncology, Inc.(b) | 137,626 | ||||||
17,300 | Corcept Therapeutics, Inc.(b) | 340,637 | ||||||
2,999 | CorVel Corp.(b) | 179,940 | ||||||
9,492 | Cutera, Inc.(b) | 373,036 | ||||||
21,516 | Depomed, Inc.(b) | 104,137 | ||||||
19,823 | Endologix, Inc.(b) | 105,062 | ||||||
2,647 | Exact Sciences Corp.(b) | 145,559 | ||||||
11,958 | Fluidigm Corp.(b) | 69,356 | ||||||
5,200 | GenMark Diagnostics, Inc.(b) | 38,740 | ||||||
43,175 | Geron Corp.(b)(c) | 97,144 | ||||||
1,407 | Glaukos Corp.(b)(c) | 49,681 | ||||||
3,039 | HealthEquity, Inc.(b) | 152,619 | ||||||
86 | HealthSouth Corp. | 3,968 | ||||||
6,477 | HealthStream, Inc.(b) | 158,427 | ||||||
1,365 | Heska Corp.(b) | 133,087 | ||||||
15,458 | ImmunoGen, Inc.(b)(c) | 89,656 | ||||||
1,754 | INC Research Holdings, Inc., Class A(b) | 100,241 | ||||||
10,676 | Innoviva, Inc.(b) | 130,674 | ||||||
14,772 | Inovio Pharmaceuticals, Inc.(b)(c) | 86,121 | ||||||
369 | Insulet Corp.(b) | 21,701 | ||||||
271 | iRhythm Technologies, Inc.(b) | 13,807 | ||||||
4,333 | Ironwood Pharmaceuticals, Inc., Class A(b) | 66,642 | ||||||
3,145 | K2M Group Holdings, Inc.(b) | 61,925 | ||||||
11,421 | Lexicon Pharmaceuticals, Inc.(b)(c) | 116,380 | ||||||
479 | Ligand Pharmaceuticals, Inc.(b) | 69,623 | ||||||
968 | Masimo Corp.(b) | 84,952 | ||||||
3,337 | Medidata Solutions, Inc.(b) | 251,042 | ||||||
22,553 | MiMedx Group, Inc.(b)(c) | 285,972 | ||||||
2,767 | Neogen Corp.(b) | 221,913 | ||||||
33,611 | NeoGenomics, Inc.(b) | 291,407 | ||||||
906 | Nevro Corp.(b) | 79,347 | ||||||
849 | NewLink Genetics Corp.(b)(c) | 7,947 | ||||||
3,493 | Novocure Ltd.(b) | 75,449 | ||||||
1,853 | NuVasive, Inc.(b) | 105,121 | ||||||
704 | NxStage Medical, Inc.(b) | 18,973 | ||||||
7,374 | Ocular Therapeutix, Inc.(b)(c) | 42,474 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
3,782 | Omnicell, Inc.(b) | $ | 188,344 | |||||
8,649 | Oxford Immunotec Global PLC(b) | 114,340 | ||||||
49,170 | Pacific Biosciences of California, Inc.(b) | 207,989 | ||||||
6,994 | Pacira Pharmaceuticals, Inc.(b) | 224,158 | ||||||
2,469 | Paratek Pharmaceuticals, Inc.(b) | 52,837 | ||||||
3,396 | PRA Health Sciences, Inc.(b) | 276,536 | ||||||
2,182 | Radius Health, Inc.(b) | 70,064 | ||||||
7,808 | RadNet, Inc.(b) | 85,498 | ||||||
7,719 | Repligen Corp.(b) | 287,147 | ||||||
2,372 | Revance Therapeutics, Inc.(b)(c) | 61,672 | ||||||
8,672 | Rigel Pharmaceuticals, Inc.(b) | 32,520 | ||||||
19 | Sage Therapeutics, Inc.(b) | 1,202 | ||||||
2,709 | STAAR Surgical Co.(b) | 35,894 | ||||||
12,829 | Surgery Partners, Inc.(b)(c) | 118,668 | ||||||
11,505 | Tabula Rasa Healthcare, Inc.(b) | 332,264 | ||||||
37,748 | Teligent, Inc.(b)(c) | 214,409 | ||||||
16,142 | Tenet Healthcare Corp.(b)(c) | 230,508 | ||||||
36,229 | TherapeuticsMD, Inc.(b)(c) | 171,001 | ||||||
758 | U.S. Physical Therapy, Inc. | 51,506 | ||||||
9,320 | Vanda Pharmaceuticals, Inc.(b) | 146,324 | ||||||
10,519 | Veracyte, Inc.(b) | 89,937 | ||||||
385 | Viveve Medical, Inc.(b) | 2,102 | ||||||
|
| |||||||
8,117,650 | ||||||||
|
| |||||||
Industrials—15.1% | ||||||||
3,846 | AAON, Inc. | 134,610 | ||||||
489 | Advanced Disposal Services, Inc.(b) | 12,186 | ||||||
7,950 | Advanced Drainage Systems, Inc. | 155,422 | ||||||
13,192 | Aerojet Rocketdyne Holdings, Inc.(b) | 416,603 | ||||||
3,128 | Air Transport Services Group, Inc.(b) | 75,698 | ||||||
114 | Allegiant Travel Co. | 15,550 | ||||||
5,732 | Allied Motion Technologies, Inc. | 162,789 | ||||||
2,037 | American Woodmark Corp.(b) | 196,774 | ||||||
768 | Apogee Enterprises, Inc. | 36,657 | ||||||
201 | Aqua Metals, Inc.(b) | 800 | ||||||
465 | Argan, Inc. | 31,969 | ||||||
4,066 | Atkore International Group, Inc.(b) | 78,514 | ||||||
3,703 | Avis Budget Group, Inc.(b) | 152,749 | ||||||
12,547 | Axon Enterprise, Inc.(b)(c) | 288,205 | ||||||
573 | AZZ, Inc. | 27,389 | ||||||
1,676 | Barrett Business Services, Inc. | 101,884 | ||||||
22,833 | Builders FirstSource, Inc.(b) | 411,451 | ||||||
2,256 | Douglas Dynamics, Inc. | 94,639 | ||||||
1,231 | Dycom Industries, Inc.(b) | 108,119 | ||||||
37,591 | Energy Recovery, Inc.(b)(c) | 289,827 | ||||||
1,244 | Forward Air Corp. | 71,455 | ||||||
2,579 | Healthcare Services Group, Inc. | 136,403 | ||||||
8,542 | Hudson Technologies, Inc.(b) | 50,569 | ||||||
2,476 | Insperity, Inc. | 234,972 | ||||||
447 | John Bean Technologies Corp. | 47,784 | ||||||
4,107 | Kforce, Inc. | 86,042 | ||||||
570 | Lydall, Inc.(b) | 32,946 | ||||||
2,590 | Masonite International Corp.(b) | 173,789 | ||||||
1,936 | MasTec, Inc.(b) | 84,313 | ||||||
2,010 | Omega Flex, Inc. | 129,625 | ||||||
1,542 | On Assignment, Inc.(b) | 94,401 | ||||||
2,874 | Patrick Industries, Inc.(b) | 267,282 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
23,738 | PGT Innovations, Inc.(b) | $ | 334,706 | |||||
2,689 | Proto Labs, Inc.(b) | 234,615 | ||||||
693 | RBC Bearings, Inc.(b) | 85,807 | ||||||
879 | REV Group, Inc. | 22,678 | ||||||
324 | TPI Composites, Inc.(b) | 8,116 | ||||||
1,215 | Trex Co., Inc.(b) | 132,982 | ||||||
8,431 | TriNet Group, Inc.(b) | 292,724 | ||||||
4,111 | US Ecology, Inc. | 195,478 | ||||||
2,241 | WageWorks, Inc.(b) | 142,864 | ||||||
7,102 | Willdan Group, Inc.(b) | 213,486 | ||||||
|
| |||||||
5,864,872 | ||||||||
|
| |||||||
Information Technology—37.4% | ||||||||
3,444 | 2U, Inc.(b) | 219,142 | ||||||
1,767 | 3D Systems Corp.(b)(c) | 21,875 | ||||||
20,807 | 8x8, Inc.(b) | 277,773 | ||||||
19,995 | A10 Networks, Inc.(b) | 146,163 | ||||||
7,595 | ACI Worldwide, Inc.(b) | 182,888 | ||||||
25,948 | Aerohive Networks, Inc.(b) | 102,754 | ||||||
5,115 | Alarm.com Holdings, Inc.(b) | 238,768 | ||||||
1,792 | Alteryx, Inc., Class A(b) | 40,481 | ||||||
19,834 | Amber Road, Inc.(b) | 147,962 | ||||||
1,284 | AppFolio, Inc., Class A(b) | 58,936 | ||||||
4,109 | Applied Optoelectronics, Inc.(b)(c) | 167,401 | ||||||
2,091 | Apptio, Inc., Class A(b) | 50,707 | ||||||
1,062 | Badger Meter, Inc. | 46,516 | ||||||
10 | Barracuda Networks, Inc.(b) | 233 | ||||||
510 | Benefitfocus, Inc.(b) | 13,974 | ||||||
1,952 | Blackbaud, Inc. | 197,738 | ||||||
3,228 | Blackhawk Network Holdings, Inc., Class A(b) | 109,591 | ||||||
894 | Blackline, Inc.(b) | 31,755 | ||||||
8,868 | Box, Inc., Class A(b) | 194,653 | ||||||
105 | BroadSoft, Inc.(b) | 5,759 | ||||||
5,319 | CalAmp Corp.(b) | 120,901 | ||||||
2,581 | Callidus Software, Inc.(b) | 65,428 | ||||||
13,914 | Carbonite, Inc.(b) | 315,848 | ||||||
20,197 | Care.com, Inc.(b) | 310,428 | ||||||
935 | CEVA, Inc.(b) | 45,161 | ||||||
7,028 | CommerceHub, Inc., Series C(b) | 149,907 | ||||||
1,891 | CommVault Systems, Inc.(b) | 98,427 | ||||||
8,098 | Cornerstone OnDemand, Inc.(b) | 310,639 | ||||||
1,026 | Coupa Software, Inc.(b) | 35,654 | ||||||
44,555 | CPI Card Group, Inc.(c) | 48,119 | ||||||
2,031 | Ebix, Inc.(c) | 138,006 | ||||||
2,550 | Ellie Mae, Inc.(b) | 229,373 | ||||||
16,693 | Endurance International Group Holdings, Inc.(b) | 136,883 | ||||||
6,663 | Entegris, Inc. | 218,213 | ||||||
5,526 | Envestnet, Inc.(b) | 295,088 | ||||||
2,534 | EPAM Systems, Inc.(b) | 230,974 | ||||||
1,019 | ePlus, Inc.(b) | 97,416 | ||||||
1,660 | Etsy, Inc.(b) | 27,722 | ||||||
1,409 | Everbridge, Inc.(b) | 37,536 | ||||||
6,814 | Everi Holdings, Inc.(b) | 56,488 | ||||||
167 | ExlService Holdings, Inc.(b) | 10,424 | ||||||
24,813 | Extreme Networks, Inc.(b) | 297,756 | ||||||
1,495 | Fair Isaac Corp. | 217,014 | ||||||
7,566 | Five9, Inc.(b) | 190,890 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
636 | FormFactor, Inc.(b) | $ | 11,575 | |||||
5,540 | GrubHub, Inc.(b)(c) | 338,051 | ||||||
9,149 | GTT Communications, Inc.(b) | 333,481 | ||||||
2,353 | HubSpot, Inc.(b) | 203,652 | ||||||
2,282 | Ichor Holdings Ltd.(b) | 71,176 | ||||||
17,910 | Immersion Corp.(b)(c) | 144,713 | ||||||
3,923 | Impinj, Inc.(b) | 133,931 | ||||||
5,887 | Inphi Corp.(b)(c) | 241,249 | ||||||
3,332 | Integrated Device Technology, Inc.(b) | 103,525 | ||||||
19,815 | Iteris, Inc.(b) | 136,922 | ||||||
2,183 | j2 Global, Inc. | 161,848 | ||||||
12,932 | Lattice Semiconductor Corp.(b) | 75,652 | ||||||
159 | Littelfuse, Inc. | 33,231 | ||||||
10,850 | LivePerson, Inc.(b) | 152,443 | ||||||
2,832 | Lumentum Holdings, Inc.(b)(c) | 178,841 | ||||||
1,413 | MACOM Technology Solutions Holdings, Inc.(b) | 57,763 | ||||||
2,482 | MAXIMUS, Inc. | 164,879 | ||||||
1,701 | MaxLinear, Inc., Class A(b) | 41,623 | ||||||
1,060 | Mesa Laboratories, Inc. | 169,017 | ||||||
1,176 | MINDBODY, Inc., Class A(b) | 37,926 | ||||||
15,030 | Mitek Systems, Inc.(b) | 133,767 | ||||||
2,481 | MKS Instruments, Inc. | 269,561 | ||||||
30,466 | Mobileiron, Inc.(b) | 117,294 | ||||||
1,517 | Monolithic Power Systems, Inc. | 184,573 | ||||||
1,375 | Mulesoft, Inc., Class A(b) | 32,161 | ||||||
3,773 | New Relic, Inc.(b) | 193,668 | ||||||
1,502 | NIC, Inc. | 25,534 | ||||||
5,544 | Novanta, Inc.(b) | 262,231 | ||||||
1,973 | Nutanix, Inc., Class A(b)(c) | 56,231 | ||||||
2,826 | Paycom Software, Inc.(b) | 232,297 | ||||||
6,739 | Paylocity Holding Corp.(b) | 359,930 | ||||||
3,802 | Pegasystems, Inc. | 221,657 | ||||||
2,569 | Plantronics, Inc. | 116,530 | ||||||
878 | Power Integrations, Inc. | 70,547 | ||||||
4,169 | Q2 Holdings, Inc.(b) | 177,391 | ||||||
7,918 | Quantenna Communications, Inc.(b) | 122,650 | ||||||
25,723 | Quotient Technology, Inc.(b) | 402,565 | ||||||
2,119 | Rapid7, Inc.(b) | 38,312 | ||||||
5,934 | RealPage, Inc.(b) | 256,942 | ||||||
8,849 | RingCentral, Inc., Class A(b) | 372,985 | ||||||
10,062 | StarTek, Inc.(b) | 120,140 | ||||||
3,598 | TeleTech Holdings, Inc. | 149,857 | ||||||
643 | Trade Desk, Inc. (The), Class A(b)(c) | 42,387 | ||||||
9,146 | TrueCar, Inc.(b)(c) | 147,982 | ||||||
4,443 | Tucows, Inc., Class A(b)(c) | 259,693 | ||||||
1,291 | Twilio, Inc., Class A(b)(c) | 41,247 | ||||||
3,621 | Ubiquiti Networks, Inc.(b)(c) | 225,154 | ||||||
1,484 | Upland Software, Inc.(b) | 32,603 | ||||||
32,680 | USA Technologies, Inc.(b) | 207,518 | ||||||
4,625 | Varonis Systems, Inc.(b) | 201,650 | ||||||
49,934 | VirnetX Holding Corp.(b)(c) | 257,160 | ||||||
188 | Web.com Group, Inc.(b) | 4,531 | ||||||
2,115 | Workiva, Inc., Class A(b) | 47,270 | ||||||
6,283 | Zendesk, Inc.(b) | 194,773 | ||||||
39,918 | Zix Corp.(b) | 193,602 | ||||||
|
| |||||||
14,503,255 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials—2.2% | ||||||||
1,804 | Balchem Corp. | $ | 152,059 | |||||
1,137 | Chase Corp. | 135,019 | ||||||
321 | Deltic Timber Corp. | 29,728 | ||||||
1,101 | PolyOne Corp. | 50,723 | ||||||
4,511 | Summit Materials, Inc., Class A(b) | 141,645 | ||||||
4,180 | US Concrete, Inc.(b) | 326,876 | ||||||
|
| |||||||
836,050 | ||||||||
|
| |||||||
Real Estate—1.2% | ||||||||
2,017 | Altisource Portfolio Solutions SA(b)(c) | 52,119 | ||||||
3,921 | HFF, Inc., Class A | 171,975 | ||||||
5,633 | Maui Land & Pineapple Co., Inc.(b) | 89,847 | ||||||
764 | Potlatch Corp. REIT | 39,575 | ||||||
548 | PS Business Parks, Inc. REIT | 72,517 | ||||||
632 | Universal Health Realty Income Trust REIT | 46,269 | ||||||
|
| |||||||
472,302 | ||||||||
|
| |||||||
Telecommunication Services—1.1% | ||||||||
4,948 | Boingo Wireless, Inc.(b) | 115,684 | ||||||
8,464 | Shenandoah Telecommunications Co. | 321,632 | ||||||
|
| |||||||
437,316 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $34,363,377) | 38,762,334 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
57,242 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $57,242) | 57,242 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $34,420,619)—100.1% | 38,819,576 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—13.9% | ||||||||
5,394,674 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $5,394,674) | 5,394,674 | ||||||
|
| |||||||
Total Investments in Securities (Cost $39,815,293)—114.0% | 44,214,250 | |||||||
Other assets less liabilities—(14.0)% | (5,438,827 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 38,775,423 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
PowerShares Russell 2000 Pure Value Portfolio (PXSV)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown as of October 31, 2017 | ||||
Financials | 31.8 | |||
Energy | 16.3 | |||
Real Estate | 12.5 | |||
Industrials | 11.8 | |||
Consumer Discretionary | 10.7 | |||
Health Care | 4.6 | |||
Information Technology | 4.4 | |||
Utilities | 3.6 | |||
Materials | 2.3 | |||
Telecommunication Services | 1.4 | |||
Consumer Staples | 0.6 | |||
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—10.7% | ||||||||
3,601 | Abercrombie & Fitch Co., Class A | $ | 48,361 | |||||
266 | Acushnet Holdings Corp. | 4,913 | ||||||
10,433 | Adtalem Global Education, Inc. | 385,499 | ||||||
18,784 | AMC Entertainment Holdings, Inc., Class A(b) | 261,098 | ||||||
9,385 | American Eagle Outfitters, Inc. | 122,193 | ||||||
10,362 | American Public Education, Inc.(c) | 207,240 | ||||||
492 | Ascena Retail Group, Inc.(c) | 954 | ||||||
20,267 | Barnes & Noble Education, Inc.(c) | 110,455 | ||||||
26,348 | Barnes & Noble, Inc. | 184,436 | ||||||
13,275 | Buckle, Inc. (The)(b) | 218,374 | ||||||
17,660 | Callaway Golf Co. | 254,834 | ||||||
8,570 | Cato Corp. (The), Class A | 110,210 | ||||||
1,142 | Citi Trends, Inc. | 24,850 | ||||||
4,729 | Clear Channel Outdoor Holdings, Inc., Class A | 17,970 | ||||||
3,949 | Cooper Tire & Rubber Co. | 129,527 | ||||||
6,391 | CSS Industries, Inc. | 191,602 | ||||||
14,103 | Del Taco Restaurants, Inc.(c) | 178,967 | ||||||
808 | Dillard’s, Inc., Class A(b) | 41,046 | ||||||
4,256 | DSW, Inc., Class A | 81,502 | ||||||
23,611 | E.W. Scripps Co. (The), Class A(c) | 409,415 | ||||||
14,828 | Entercom Communications Corp., Class A(b) | 163,849 | ||||||
4,417 | Ethan Allen Interiors, Inc. | 131,406 | ||||||
33,424 | Express, Inc.(c) | 226,280 | ||||||
4,645 | FTD Cos., Inc.(c) | 50,166 | ||||||
35,811 | Gannett Co., Inc. | 311,556 | ||||||
213 | Genesco, Inc.(c) | 5,219 | ||||||
26,192 | Guess?, Inc. | 424,572 | ||||||
2,050 | Haverty Furniture Cos., Inc. | 48,893 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
21,943 | Iconix Brand Group, Inc.(c) | $ | 35,987 | |||||
8,396 | International Speedway Corp., Class A | 326,185 | ||||||
19,154 | Libbey, Inc. | 131,013 | ||||||
3,517 | Monarch Casino & Resort, Inc.(c) | 156,893 | ||||||
4,957 | Movado Group, Inc. | 137,309 | ||||||
9,650 | National CineMedia, Inc. | 64,945 | ||||||
67,636 | Office Depot, Inc. | 209,672 | ||||||
8,580 | Perry Ellis International, Inc.(c) | 199,828 | ||||||
33,036 | Regis Corp.(c) | 493,227 | ||||||
10,938 | Scholastic Corp. | 404,050 | ||||||
5,616 | Sequential Brands Group, Inc.(b)(c) | 14,602 | ||||||
23,244 | Speedway Motorsports, Inc. | 463,718 | ||||||
1,454 | Stoneridge, Inc.(c) | 33,064 | ||||||
2,653 | Superior Industries International, Inc. | 41,254 | ||||||
3,475 | Tilly’s, Inc., Class A | 41,387 | ||||||
33,507 | Time, Inc. | 388,681 | ||||||
8,725 | Unifi, Inc.(c) | 331,986 | ||||||
36,593 | Vera Bradley, Inc.(c) | 263,470 | ||||||
14,754 | VOXX International Corp.(c) | 98,852 | ||||||
|
| |||||||
8,181,510 | ||||||||
|
| |||||||
Consumer Staples—0.6% | ||||||||
291 | Andersons, Inc. (The) | 10,898 | ||||||
36,651 | Natural Grocers by Vitamin Cottage, Inc.(b)(c) | 179,957 | ||||||
7,136 | Nature’s Sunshine Products, Inc. | 70,646 | ||||||
2,374 | Universal Corp. | 136,149 | ||||||
1,052 | Weis Markets, Inc. | 40,849 | ||||||
|
| |||||||
438,499 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—16.3% | ||||||||
18,266 | Approach Resources, Inc.(b)(c) | $ | 42,560 | |||||
703 | Basic Energy Services, Inc.(c) | 13,259 | ||||||
13,719 | Bill Barrett Corp.(c) | 67,635 | ||||||
18,892 | Bristow Group, Inc.(b) | 178,340 | ||||||
54,123 | CARBO Ceramics, Inc.(b)(c) | 448,138 | ||||||
106,938 | Clean Energy Fuels Corp.(c) | 251,304 | ||||||
146,398 | Cloud Peak Energy, Inc.(c) | 622,191 | ||||||
7,704 | Contango Oil & Gas Co.(c) | 30,739 | ||||||
6,294 | Delek US Holdings, Inc. | 163,959 | ||||||
117,599 | DHT Holdings, Inc. | 463,340 | ||||||
42,940 | Diamond Offshore Drilling, Inc.(b)(c) | 718,386 | ||||||
38,566 | Dorian LPG Ltd.(c) | 275,747 | ||||||
8,673 | Dril-Quip, Inc.(c) | 365,133 | ||||||
4,452 | Earthstone Energy, Inc., Class A(b)(c) | 35,839 | ||||||
45,900 | Eclipse Resources Corp.(c) | 101,898 | ||||||
128,772 | Ensco PLC, Class A(b) | 694,081 | ||||||
17,754 | Era Group, Inc.(c) | 191,033 | ||||||
8,058 | Exterran Corp.(c) | 260,032 | ||||||
12,273 | Forum Energy Technologies, Inc.(c) | 176,731 | ||||||
29,798 | Frank’s International NV(b) | 196,965 | ||||||
66,867 | Frontline Ltd. (Norway)(b) | 407,220 | ||||||
22,553 | Gener8 Maritime, Inc.(c) | 103,969 | ||||||
13,240 | Geospace Technologies Corp.(c) | 198,865 | ||||||
17,531 | Golar LNG Ltd. (Bermuda) | 370,430 | ||||||
1,980 | Green Plains, Inc. | 36,432 | ||||||
35,426 | Gulf Island Fabrication, Inc. | 465,852 | ||||||
81,603 | Halcon Resources Corp.(b)(c) | 536,948 | ||||||
49,009 | Helix Energy Solutions Group, Inc.(c) | 334,241 | ||||||
58,044 | Independence Contract Drilling, Inc.(c) | 188,062 | ||||||
4,295 | International Seaways Inc.(c) | 86,501 | ||||||
3,112 | Key Energy Services, Inc.(b)(c) | 33,112 | ||||||
10,973 | McDermott International, Inc.(c) | 72,641 | ||||||
2,739 | Midstates Petroleum Co., Inc.(c) | 41,770 | ||||||
3,538 | Natural Gas Services Group, Inc.(c) | 98,356 | ||||||
49,045 | Newpark Resources, Inc.(c) | 429,144 | ||||||
41,046 | Noble Corp. PLC(c) | 170,751 | ||||||
12,843 | Oil States International, Inc.(c) | 296,031 | ||||||
147,543 | Overseas Shipholding Group, Inc., Class A(c) | 349,677 | ||||||
2,757 | Pacific Ethanol, Inc.(c) | 13,234 | ||||||
232,816 | Parker Drilling Co.(c) | 244,457 | ||||||
1,017 | PDC Energy, Inc.(c) | 51,796 | ||||||
7,071 | Peabody Energy Corp.(c) | 218,423 | ||||||
125,526 | Pioneer Energy Services Corp.(c) | 238,499 | ||||||
808 | Rowan Cos. PLC, Class A(c) | 11,579 | ||||||
20,648 | Scorpio Tankers, Inc. (Monaco) | 73,507 | ||||||
6,749 | SEACOR Holdings, Inc.(c) | 318,553 | ||||||
6,565 | SEACOR Marine Holdings, Inc.(c) | 92,895 | ||||||
33,032 | Ship Finance International Ltd. (Norway)(b) | 492,177 | ||||||
128 | Stone Energy Corp.(c) | 3,766 | ||||||
21,521 | Superior Energy Services, Inc.(c) | 189,815 | ||||||
53,940 | Teekay Corp. (Bermuda)(b) | 436,914 | ||||||
87,597 | Tesco Corp.(c) | 337,248 | ||||||
48,589 | TETRA Technologies, Inc.(c) | 137,993 | ||||||
2,648 | Unit Corp.(c) | 49,571 | ||||||
|
| |||||||
12,427,739 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—31.8% | ||||||||
21,239 | AG Mortgage Investment Trust, Inc. REIT | $ | 399,506 | |||||
77,522 | Anworth Mortgage Asset Corp. REIT | 433,348 | ||||||
5,094 | Apollo Commercial Real Estate Finance, Inc. REIT | 92,049 | ||||||
1,914 | Argo Group International Holdings Ltd. | 120,486 | ||||||
23,396 | Arlington Asset Investment Corp., Class A(b) | 268,352 | ||||||
11,366 | ARMOUR Residential REIT, Inc. REIT | 284,718 | ||||||
762 | Associated Capital Group, Inc., Class A | 28,270 | ||||||
12,293 | B. Riley Financial, Inc. | 204,678 | ||||||
3,029 | Baldwin & Lyons, Inc., Class B | 69,516 | ||||||
18,545 | Bancorp, Inc. (The)(c) | 155,963 | ||||||
29,612 | Bank Mutual Corp. | 313,147 | ||||||
5,619 | Bank of Marin Bancorp | 380,687 | ||||||
5,405 | Banner Corp. | 309,815 | ||||||
7,530 | Berkshire Hills Bancorp, Inc. | 288,399 | ||||||
6,869 | Boston Private Financial Holdings, Inc. | 109,217 | ||||||
5,818 | Camden National Corp. | 251,163 | ||||||
27,976 | Capitol Federal Financial, Inc. | 385,789 | ||||||
46,032 | Capstead Mortgage Corp. REIT | 406,002 | ||||||
4,717 | Cathay General Bancorp | 197,171 | ||||||
3,115 | Central Valley Community Bancorp | 62,923 | ||||||
21,595 | Cherry Hill Mortgage Investment Corp. REIT | 393,245 | ||||||
23,673 | Civista Bancshares, Inc.(b) | 534,300 | ||||||
3,698 | CNB Financial Corp. | 106,317 | ||||||
802 | CNO Financial Group, Inc. | 19,224 | ||||||
3,342 | Community Bank System, Inc. | 184,779 | ||||||
6,778 | Community Trust Bancorp, Inc. | 327,377 | ||||||
58,187 | CYS Investments, Inc. REIT | 465,496 | ||||||
23,801 | Dime Community Bancshares, Inc. | 524,812 | ||||||
4,409 | Donegal Group, Inc., Class A | 75,570 | ||||||
55,458 | Dynex Capital, Inc. REIT | 388,206 | ||||||
26,071 | Ellington Residential Mortgage REIT REIT | 348,830 | ||||||
1,074 | Enterprise Bancorp, Inc. | 38,771 | ||||||
2,806 | Enterprise Financial Services Corp. | 122,342 | ||||||
27,644 | EZCORP, Inc., Class A(c) | 283,351 | ||||||
1,951 | FBL Financial Group, Inc., Class A | 150,910 | ||||||
1,537 | Federal Agricultural Mortgage Corp., Class C | 114,107 | ||||||
43,490 | Ferroglobe Representation & Warranty Insurance Trust(c)(d) | 0 | ||||||
4,578 | Fidelity & Guaranty Life(b) | 142,376 | ||||||
13,909 | Fidelity Southern Corp. | 305,024 | ||||||
3,859 | Financial Institutions, Inc. | 126,575 | ||||||
76,980 | First BanCorp/Puerto Rico(c) | 396,447 | ||||||
405 | First Citizens BancShares, Inc., Class A | 164,025 | ||||||
258 | First Commonwealth Financial Corp. | 3,756 | ||||||
2,833 | First Community Bancshares, Inc. | 84,622 | ||||||
674 | First Defiance Financial Corp. | 36,531 | ||||||
9,525 | First Financial Bancorp | 260,032 | ||||||
5,633 | First Financial Corp. | 267,567 | ||||||
5,824 | First Interstate BancSystem, Inc., Class A | 228,883 | ||||||
17,148 | Flagstar Bancorp, Inc.(c) | 640,821 | ||||||
6,530 | Flushing Financial Corp. | 195,769 | ||||||
1,451 | FNFV Group(c) | 25,030 | ||||||
50,507 | Genworth Financial, Inc., Class A(c) | 167,178 | ||||||
19,406 | Great Ajax Corp. REIT | 274,595 | ||||||
7,403 | Great Southern Bancorp, Inc. | 397,911 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,321 | Greenhill & Co., Inc. | $ | 42,474 | |||||
2,595 | Heartland Financial USA, Inc. | 127,804 | ||||||
13,965 | Heritage Financial Corp. | 425,932 | ||||||
15,373 | HomeStreet, Inc.(c) | 446,586 | ||||||
3,119 | Hope Bancorp, Inc. | 57,546 | ||||||
2,771 | Horizon Bancorp | 76,258 | ||||||
1,062 | IBERIABANK Corp. | 78,323 | ||||||
15,438 | Impac Mortgage Holdings, Inc.(b)(c) | 202,238 | ||||||
590 | Independent Bank Corp./MI | 13,275 | ||||||
8,412 | International Bancshares Corp. | 341,527 | ||||||
6,431 | INTL FCStone, Inc.(c) | 266,951 | ||||||
25,548 | Invesco Mortgage Capital, Inc. REIT(e) | 439,937 | ||||||
9,532 | Lakeland Bancorp, Inc. | 195,883 | ||||||
4,817 | Mercantile Bank Corp. | 173,894 | ||||||
6,887 | MGIC Investment Corp.(c) | 98,484 | ||||||
21,878 | MTGE Investment Corp. REIT | 395,992 | ||||||
655 | National Western Life Group, Inc., Class A | 234,215 | ||||||
1,226 | Navigators Group, Inc. (The) | 71,108 | ||||||
3,588 | NBT Bancorp, Inc. | 136,846 | ||||||
5,270 | Nelnet, Inc., Class A | 308,506 | ||||||
42,303 | New York Mortgage Trust, Inc. REIT(b) | 255,087 | ||||||
6,063 | Northeast Bancorp | 156,122 | ||||||
31,915 | OFG Bancorp(b) | 284,044 | ||||||
14,835 | Old National Bancorp | 269,997 | ||||||
36,392 | Orchid Island Capital, Inc. REIT(b) | 362,464 | ||||||
781 | Park National Corp. | 85,746 | ||||||
5,816 | Parke Bancorp, Inc. | 125,335 | ||||||
19,204 | PennyMac Financial Services, Inc., Class A(c) | 364,876 | ||||||
3,381 | Peoples Bancorp of North Carolina, Inc.(b) | 115,258 | ||||||
4,655 | Peoples Bancorp, Inc. | 154,174 | ||||||
30,312 | PHH Corp.(c) | 400,422 | ||||||
8,522 | Provident Financial Services, Inc. | 231,798 | ||||||
7,738 | Radian Group, Inc. | 162,188 | ||||||
27,189 | Redwood Trust, Inc. REIT | 427,139 | ||||||
11,734 | Republic Bancorp, Inc., Class A | 461,381 | ||||||
47,914 | Resource Capital Corp. REIT | 491,598 | ||||||
979 | Riverview Bancorp, Inc. | 8,694 | ||||||
7,433 | S&T Bancorp, Inc. | 303,935 | ||||||
731 | Safety Insurance Group, Inc. | 60,088 | ||||||
9,112 | TriCo Bancshares | 377,419 | ||||||
20,519 | TrustCo Bank Corp. NY | 188,262 | ||||||
8,319 | Trustmark Corp. | 274,028 | ||||||
7,972 | Umpqua Holdings Corp. | 163,107 | ||||||
907 | Union Bankshares Corp. | 31,301 | ||||||
7,722 | United Bankshares, Inc. | 277,606 | ||||||
2,776 | United Community Banks, Inc. | 76,118 | ||||||
5,206 | United Community Financial Corp. | 48,051 | ||||||
13,458 | Waddell & Reed Financial, Inc., Class A(b) | 251,530 | ||||||
5,829 | Washington Federal, Inc. | 202,849 | ||||||
9,973 | WesBanco, Inc. | 402,909 | ||||||
39,503 | Western Asset Mortgage Capital Corp. REIT | 397,795 | ||||||
1,988 | Wintrust Financial Corp. | 161,605 | ||||||
|
| |||||||
24,262,683 | ||||||||
|
| |||||||
Health Care—4.6% | ||||||||
2,131 | Aceto Corp. | 21,459 | ||||||
2,967 | Analogic Corp. | 238,250 | ||||||
13,753 | AngioDynamics, Inc.(c) | 233,388 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
3,037 | Ardelyx, Inc.(c) | $ | 16,248 | |||||
107,803 | BioTime, Inc.(b)(c) | 258,727 | ||||||
5,004 | Cascadian Therapeutics, Inc.(c) | 22,968 | ||||||
93,712 | Celldex Therapeutics, Inc.(c) | 228,657 | ||||||
42,669 | Chimerix, Inc.(c) | 209,932 | ||||||
7,466 | Enanta Pharmaceuticals, Inc.(c) | 370,836 | ||||||
4,171 | Halyard Health, Inc.(c) | 175,808 | ||||||
17,894 | Intra-Cellular Therapies, Inc.(c) | 278,968 | ||||||
16,102 | Invacare Corp. | 249,581 | ||||||
50,588 | Kindred Healthcare, Inc. | 306,057 | ||||||
8,745 | NantKwest, Inc.(b)(c) | 40,402 | ||||||
30,289 | Novelion Therapeutics, Inc. (Canada)(b)(c) | 142,964 | ||||||
205,557 | PDL BioPharma, Inc.(c) | 608,449 | ||||||
2,293 | PharMerica Corp.(c) | 67,185 | ||||||
|
| |||||||
3,469,879 | ||||||||
|
| |||||||
Industrials—11.8% | ||||||||
99,334 | Acacia Research Corp.(c) | 447,003 | ||||||
8,521 | ACCO Brands Corp.(c) | 111,199 | ||||||
5,871 | Aircastle Ltd. | 136,559 | ||||||
9,734 | American Railcar Industries, Inc.(b) | 387,413 | ||||||
4,328 | Armstrong Flooring, Inc.(c) | 64,054 | ||||||
1,487 | Atlas Air Worldwide Holdings, Inc.(c) | 91,227 | ||||||
7,188 | Babcock & Wilcox Enterprises, Inc.(b)(c) | 31,483 | ||||||
2,992 | CBIZ, Inc.(c) | 50,714 | ||||||
57 | CECO Environmental Corp. | 500 | ||||||
9,585 | Chart Industries, Inc.(c) | 416,948 | ||||||
46,307 | Cogint, Inc.(b)(c) | 210,697 | ||||||
2,020 | Columbus McKinnon Corp. | 79,911 | ||||||
41,337 | Costamare, Inc. (Monaco)(b) | 256,703 | ||||||
3,960 | Covenant Transportation Group, Inc., Class A(c) | 117,612 | ||||||
83,067 | Eagle Bulk Shipping, Inc.(b)(c) | 390,415 | ||||||
7,272 | Ennis, Inc. | 146,531 | ||||||
703 | Esterline Technologies Corp.(c) | 66,680 | ||||||
19,865 | FreightCar America, Inc. | 371,873 | ||||||
8,533 | FTI Consulting, Inc.(c) | 364,786 | ||||||
1,808 | GATX Corp.(b) | 107,413 | ||||||
41,447 | Genco Shipping & Trading Ltd.(c) | 497,779 | ||||||
7,679 | Huron Consulting Group, Inc.(c) | 281,051 | ||||||
2,617 | IES Holdings, Inc.(c) | 48,938 | ||||||
8,598 | Kelly Services, Inc., Class A | 226,213 | ||||||
9,865 | LB Foster Co., Class A(c) | 245,639 | ||||||
28,595 | Manitowoc Co., Inc. (The)(c) | 272,224 | ||||||
348,745 | Navios Maritime Holdings, Inc. (Monaco)(b)(c) | 634,716 | ||||||
41,206 | Nexeo Solutions, Inc.(c) | 304,512 | ||||||
16,648 | Northwest Pipe Co.(c) | 303,660 | ||||||
1,914 | NOW, Inc.(c) | 23,963 | ||||||
10,478 | Powell Industries, Inc. | 303,652 | ||||||
5,222 | Resources Connection, Inc. | 82,247 | ||||||
187,383 | Safe Bulkers, Inc. (Greece)(b)(c) | 665,210 | ||||||
17,277 | Textainer Group Holdings Ltd.(b)(c) | 337,765 | ||||||
10,147 | Thermon Group Holdings, Inc.(c) | 218,262 | ||||||
23,798 | Titan International, Inc. | 231,793 | ||||||
14,391 | Titan Machinery, Inc.(c) | 214,282 | ||||||
3,065 | Triumph Group, Inc. | 95,168 | ||||||
49,276 | Vivint Solar, Inc.(b)(c) | 184,785 | ||||||
|
| |||||||
9,021,580 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology—4.4% | ||||||||
2,895 | Actua Corp.(c) | $ | 44,728 | |||||
20,882 | AVX Corp. | 393,417 | ||||||
791 | Benchmark Electronics, Inc.(c) | 24,481 | ||||||
2,503 | Cree, Inc.(c) | 89,357 | ||||||
43,698 | Digi International, Inc.(c) | 454,459 | ||||||
17,743 | DSP Group, Inc.(c) | 237,756 | ||||||
8,085 | IXYS Corp.(c) | 199,699 | ||||||
1,383 | Kimball Electronics, Inc.(c) | 30,426 | ||||||
5,876 | Knowles Corp.(c) | 97,307 | ||||||
67,523 | Liquidity Services, Inc.(c) | 384,881 | ||||||
8,685 | ManTech International Corp., Class A | 403,071 | ||||||
6,438 | Maxwell Technologies, Inc.(c) | 31,031 | ||||||
23,803 | NeoPhotonics Corp.(b)(c) | 124,014 | ||||||
1,740 | NETGEAR, Inc.(c) | 81,171 | ||||||
51,133 | Sigma Designs, Inc.(c) | 309,355 | ||||||
36,546 | Sonus Networks, Inc.(c) | 285,059 | ||||||
21,270 | SunPower Corp.(b)(c) | 151,442 | ||||||
|
| |||||||
3,341,654 | ||||||||
|
| |||||||
Materials—2.3% | ||||||||
27,008 | Agrofresh Solutions, Inc.(c) | 159,347 | ||||||
154 | FutureFuel Corp. | 2,338 | ||||||
7,710 | Hecla Mining Co. | 36,391 | ||||||
98,299 | Intrepid Potash, Inc.(b)(c) | 395,162 | ||||||
115 | Kaiser Aluminum Corp. | 11,406 | ||||||
9,297 | LSB Industries, Inc.(b)(c) | 70,193 | ||||||
6,073 | Olympic Steel, Inc. | 114,658 | ||||||
12,695 | P.H. Glatfelter Co. | 266,087 | ||||||
41,192 | SunCoke Energy, Inc.(c) | 456,819 | ||||||
8,774 | TimkenSteel Corp.(c) | 122,836 | ||||||
5,042 | Tredegar Corp. | 97,563 | ||||||
|
| |||||||
1,732,800 | ||||||||
|
| |||||||
Real Estate—12.5% | ||||||||
11,548 | Acadia Realty Trust REIT | 325,076 | ||||||
4,986 | Agree Realty Corp. REIT | 235,788 | ||||||
19,529 | Altisource Residential Corp. REIT | 208,374 | ||||||
40,983 | Ashford Hospitality Prime, Inc. REIT | 398,355 | ||||||
78,509 | Ashford Hospitality Trust, Inc. REIT | 551,918 | ||||||
25,278 | CatchMark Timber Trust, Inc., Class A REIT | 323,558 | ||||||
60,609 | CBL & Associates Properties, Inc. REIT(b) | 475,175 | ||||||
20,870 | Cedar Realty Trust, Inc. REIT | 113,533 | ||||||
11,848 | Chatham Lodging Trust REIT | 257,694 | ||||||
967 | Chesapeake Lodging Trust REIT | 26,979 | ||||||
12,781 | CorEnergy Infrastructure Trust, Inc. REIT(b) | 461,139 | ||||||
41,396 | Cousins Properties, Inc. REIT | 373,392 | ||||||
29,004 | DiamondRock Hospitality Co. REIT | 314,983 | ||||||
9,630 | Education Realty Trust, Inc. REIT | 336,087 | ||||||
2,122 | Getty Realty Corp. REIT | 60,286 | ||||||
8,420 | Gladstone Commercial Corp. REIT | 182,377 | ||||||
3,782 | Global NET Lease, Inc. REIT | 81,691 | ||||||
8,169 | Government Properties Income Trust REIT | 148,431 | ||||||
49,608 | Independence Realty Trust, Inc. REIT | 503,521 | ||||||
15,372 | InfraREIT, Inc. REIT(c) | 344,333 | ||||||
29,011 | Investors Real Estate Trust REIT | 169,714 | ||||||
6,666 | Kite Realty Group Trust REIT | 124,588 | ||||||
6,025 | LaSalle Hotel Properties REIT | 169,965 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
23,123 | Lexington Realty Trust REIT | $ | 234,005 | |||||
10,173 | Mack-Cali Realty Corp. REIT | 231,639 | ||||||
8,609 | NorthStar Realty Europe Corp. REIT | 115,963 | ||||||
51,678 | RAIT Financial Trust REIT | 27,648 | ||||||
23,723 | Ramco-Gershenson Properties Trust REIT | 299,622 | ||||||
31,689 | RLJ Lodging Trust REIT | 686,384 | ||||||
14,832 | Select Income REIT | 358,341 | ||||||
2,315 | Seritage Growth Properties, Class A REIT(b) | 95,216 | ||||||
6,767 | Starwood Waypoint Homes REIT | 245,710 | ||||||
7,763 | Summit Hotel Properties, Inc. REIT | 122,733 | ||||||
29,106 | Sunstone Hotel Investors, Inc. REIT | 475,010 | ||||||
2,653 | Tejon Ranch Co.(c) | 50,009 | ||||||
16,237 | Tier REIT, Inc. REIT | 317,758 | ||||||
10,860 | Washington Prime Group, Inc. REIT | 85,034 | ||||||
955 | Xenia Hotels & Resorts, Inc. REIT | 20,781 | ||||||
|
| |||||||
9,552,810 | ||||||||
|
| |||||||
Telecommunication Services—1.4% | ||||||||
49,865 | Iridium Communications, Inc.(b)(c) | 598,380 | ||||||
21,239 | Spok Holdings, Inc. | 360,001 | ||||||
45,379 | Windstream Holdings, Inc. | 85,313 | ||||||
|
| |||||||
1,043,694 | ||||||||
|
| |||||||
Utilities—3.6% | ||||||||
1,075 | ALLETE, Inc. | 84,226 | ||||||
11,139 | AquaVenture Holdings Ltd.(c) | 135,562 | ||||||
9,112 | Avista Corp. | 476,011 | ||||||
59,930 | Dynegy, Inc.(c) | 746,128 | ||||||
340 | El Paso Electric Co. | 19,550 | ||||||
1,714 | Northwest Natural Gas Co. | 113,724 | ||||||
2,255 | NorthWestern Corp. | 133,676 | ||||||
248 | ONE Gas, Inc. | 19,091 | ||||||
5,123 | PNM Resources, Inc. | 222,338 | ||||||
1,290 | Portland General Electric Co. | 61,585 | ||||||
4,906 | Spire, Inc. | 387,329 | ||||||
32,848 | TerraForm Global, Inc., Class A(c) | 160,134 | ||||||
12,563 | Terraform Power, Inc., Class A(b) | 168,721 | ||||||
|
| |||||||
2,728,075 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $72,163,372) | 76,200,923 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
40,021 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(f) (Cost $40,021) | 40,021 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $72,203,393)—100.1% | 76,240,944 | |||||||
|
| |||||||
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—13.4% | ||||||||
10,227,866 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(f)(g) (Cost $10,227,866) | $ | 10,227,866 | |||||
|
| |||||||
Total Investments in Securities (Cost $82,431,259)—113.5% | 86,468,810 | |||||||
Other assets less liabilities—(13.5)% | (10,251,304 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 76,217,506 | ||||||
|
|
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, 2017. |
(c) | Non-income producing security. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(e) | 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. |
(f) | 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, 2017. |
(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 2I. |
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, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 14.1 | |||
Industrials | 13.2 | |||
Energy | 11.1 | |||
Consumer Staples | 10.7 | |||
Health Care | 10.6 | |||
Consumer Discretionary | 10.2 | |||
Utilities | 9.5 | |||
Materials | 9.1 | |||
Financials | 6.2 | |||
Real Estate | 4.0 | |||
Telecommunication Services | 1.3 | |||
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—10.2% | ||||||||
288 | Adient PLC | $ | 24,296 | |||||
224 | Advance Auto Parts, Inc. | 18,310 | ||||||
366 | AMC Networks, Inc., Class A(b) | 18,622 | ||||||
518 | Aramark | 22,631 | ||||||
467 | AutoNation, Inc.(b)(c) | 22,136 | ||||||
40 | AutoZone, Inc.(b) | 23,580 | ||||||
755 | Bed Bath & Beyond, Inc. | 15,024 | ||||||
373 | Best Buy Co., Inc. | 20,881 | ||||||
453 | BorgWarner, Inc. | 23,882 | ||||||
268 | Bright Horizons Family Solutions, Inc.(b) | 23,128 | ||||||
391 | Brunswick Corp. | 19,804 | ||||||
236 | Burlington Stores, Inc.(b) | 22,158 | ||||||
29 | Cable One, Inc. | 20,584 | ||||||
612 | CalAtlantic Group, Inc. | 30,196 | ||||||
305 | CarMax, Inc.(b) | 22,905 | ||||||
231 | Carter’s, Inc. | 22,345 | ||||||
66 | Chipotle Mexican Grill, Inc.(b) | 17,945 | ||||||
346 | Choice Hotels International, Inc. | 24,133 | ||||||
646 | Cinemark Holdings, Inc. | 23,476 | ||||||
580 | D.R. Horton, Inc. | 25,642 | ||||||
271 | Darden Restaurants, Inc. | 22,295 | ||||||
215 | Delphi Automotive PLC | 21,367 | ||||||
775 | Dick’s Sporting Goods, Inc. | 18,964 | ||||||
978 | Discovery Communications, Inc., Class A(b) | 18,465 | ||||||
273 | Dollar General Corp. | 22,069 | ||||||
251 | Dollar Tree, Inc.(b) | 22,904 | ||||||
114 | Domino’s Pizza, Inc. | 20,862 | ||||||
405 | Dunkin’ Brands Group, Inc. | 23,923 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
145 | Expedia, Inc. | $ | 18,076 | |||||
1,093 | Extended Stay America, Inc. | 21,663 | ||||||
531 | Floor & Decor Holdings, Inc., Class A(b) | 20,019 | ||||||
577 | Foot Locker, Inc. | 17,356 | ||||||
1,107 | GameStop Corp., Class A | 20,690 | ||||||
806 | Gap, Inc. (The) | 20,948 | ||||||
401 | Garmin Ltd. | 22,701 | ||||||
1,149 | Gentex Corp. | 22,302 | ||||||
247 | Genuine Parts Co. | 21,793 | ||||||
689 | Goodyear Tire & Rubber Co. (The) | 21,076 | ||||||
37 | Graham Holdings Co., Class B | 20,589 | ||||||
813 | H&R Block, Inc. | 20,114 | ||||||
830 | Hanesbrands, Inc. | 18,675 | ||||||
445 | Harley-Davidson, Inc. | 21,066 | ||||||
225 | Hasbro, Inc. | 20,833 | ||||||
587 | Hilton Grand Vacations, Inc.(b) | 24,044 | ||||||
327 | Hilton Worldwide Holdings, Inc. | 23,636 | ||||||
354 | Hyatt Hotels Corp., Class A(b) | 22,182 | ||||||
1,017 | International Game Technology PLC | 23,899 | ||||||
1,038 | Interpublic Group of Cos., Inc. (The) | 19,981 | ||||||
401 | John Wiley & Sons, Inc., Class A | 21,915 | ||||||
492 | Kohl’s Corp. | 20,546 | ||||||
559 | L Brands, Inc. | 24,059 | ||||||
145 | Lear Corp. | 25,461 | ||||||
480 | Leggett & Platt, Inc. | 22,685 | ||||||
419 | Lennar Corp., Class A | 23,326 | ||||||
203 | Liberty Broadband Corp., Class C(b) | 17,720 | ||||||
393 | Liberty Expedia Holdings, Inc., Class A(b) | 18,117 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
930 | Liberty Interactive Corp. QVC Group, Series A(b) | $ | 21,130 | |||||
538 | Liberty Media Corp.-Liberty Formula One, Class C(b) | 20,519 | ||||||
486 | Liberty Media Corp.-Liberty SiriusXM, Class C(b) | 20,242 | ||||||
346 | Liberty Ventures, Series A(b) | 19,708 | ||||||
683 | Lions Gate Entertainment Corp., Class A(b) | 19,821 | ||||||
520 | Live Nation Entertainment, Inc.(b) | 22,766 | ||||||
601 | LKQ Corp.(b) | 22,652 | ||||||
341 | Lululemon Athletica, Inc.(b) | 20,975 | ||||||
962 | Macy’s, Inc. | 18,047 | ||||||
100 | Madison Square Garden Co. (The), Class A(b) | 22,269 | ||||||
1,342 | Mattel, Inc. | 18,949 | ||||||
614 | MGM Resorts International | 19,249 | ||||||
493 | Michael Kors Holdings Ltd.(b) | 24,063 | ||||||
928 | Michaels Cos., Inc. (The)(b) | 18,022 | ||||||
87 | Mohawk Industries, Inc.(b) | 22,773 | ||||||
322 | Murphy USA, Inc.(b) | 23,944 | ||||||
467 | Newell Brands, Inc. | 19,044 | ||||||
1,544 | News Corp., Class A | 21,091 | ||||||
452 | Nordstrom, Inc. | 17,922 | ||||||
374 | Norwegian Cruise Line Holdings Ltd.(b) | 20,850 | ||||||
8 | NVR, Inc.(b) | 26,251 | ||||||
288 | Omnicom Group, Inc. | 19,351 | ||||||
104 | O’Reilly Automotive, Inc.(b) | 21,939 | ||||||
489 | Penske Automotive Group, Inc. | 22,797 | ||||||
212 | Polaris Industries, Inc.(c) | 25,107 | ||||||
205 | Pool Corp. | 24,760 | ||||||
821 | PulteGroup, Inc. | 24,819 | ||||||
162 | PVH Corp. | 20,543 | ||||||
236 | Ralph Lauren Corp., Class A | 21,105 | ||||||
1,398 | Regal Entertainment Group, Class A | 22,857 | ||||||
357 | Ross Stores, Inc. | 22,666 | ||||||
178 | Royal Caribbean Cruises Ltd. | 22,031 | ||||||
1,061 | Sally Beauty Holdings, Inc.(b) | 18,366 | ||||||
245 | Scripps Networks Interactive, Inc., Class A | 20,404 | ||||||
600 | Service Corp. International | 21,276 | ||||||
450 | ServiceMaster Global Holdings, Inc.(b) | 21,199 | ||||||
322 | Signet Jewelers Ltd.(c) | 21,114 | ||||||
3,762 | Sirius XM Holdings, Inc.(c) | 20,465 | ||||||
401 | Six Flags Entertainment Corp. | 25,179 | ||||||
813 | Skechers U.S.A., Inc., Class A(b) | 25,951 | ||||||
513 | Tapestry, Inc. | 21,007 | ||||||
1,678 | TEGNA, Inc. | 20,522 | ||||||
343 | Tempur Sealy International, Inc.(b) | 22,422 | ||||||
191 | Thor Industries, Inc. | 26,018 | ||||||
224 | Tiffany & Co. | 20,971 | ||||||
536 | Toll Brothers, Inc. | 24,677 | ||||||
343 | Tractor Supply Co. | 20,669 | ||||||
524 | Tribune Media Co., Class A | 21,447 | ||||||
456 | TripAdvisor, Inc.(b) | 17,100 | ||||||
364 | Tupperware Brands Corp. | 21,385 | ||||||
91 | Ulta Beauty, Inc.(b) | 18,363 | ||||||
1,204 | Under Armour, Inc., Class A(b)(c) | 15,074 | ||||||
950 | Urban Outfitters, Inc.(b) | 23,294 | ||||||
93 | Vail Resorts, Inc. | 21,299 | ||||||
332 | VF Corp. | 23,124 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
767 | Viacom, Inc., Class B | $ | 18,431 | |||||
183 | Visteon Corp.(b) | 23,065 | ||||||
283 | Wayfair, Inc., Class A(b) | 19,782 | ||||||
1,462 | Wendy’s Co. (The) | 22,237 | ||||||
124 | Whirlpool Corp. | 20,327 | ||||||
441 | Williams-Sonoma, Inc.(c) | 22,756 | ||||||
215 | Wyndham Worldwide Corp. | 22,973 | ||||||
143 | Wynn Resorts Ltd. | 21,091 | ||||||
583 | Yum China Holdings, Inc.(b) | 23,524 | ||||||
|
| |||||||
2,581,773 | ||||||||
|
| |||||||
Consumer Staples—10.7% | ||||||||
3,190 | Blue Buffalo Pet Products, Inc.(b)(c) | 92,287 | ||||||
1,527 | Brown-Forman Corp., Class B | 87,070 | ||||||
1,094 | Bunge Ltd. | 75,245 | ||||||
1,749 | Campbell Soup Co. | 82,850 | ||||||
764 | Casey’s General Stores, Inc. | 87,531 | ||||||
1,678 | Church & Dwight Co., Inc. | 75,795 | ||||||
611 | Clorox Co. (The) | 77,310 | ||||||
2,410 | Conagra Brands, Inc. | 82,326 | ||||||
1,277 | Coty, Inc., Class A | 19,666 | ||||||
900 | Dr Pepper Snapple Group, Inc. | 77,094 | ||||||
1,131 | Edgewell Personal Care Co.(b) | 73,436 | ||||||
1,818 | Energizer Holdings, Inc. | 78,156 | ||||||
4,723 | Flowers Foods, Inc. | 89,879 | ||||||
2,055 | Hain Celestial Group, Inc. (The)(b) | 74,021 | ||||||
1,188 | Herbalife Ltd.(b)(c) | 86,273 | ||||||
769 | Hershey Co. (The) | 81,652 | ||||||
2,646 | Hormel Foods Corp. | 82,449 | ||||||
670 | Ingredion, Inc. | 83,984 | ||||||
783 | JM Smucker Co. (The) | 83,037 | ||||||
1,222 | Kellogg Co. | 76,412 | ||||||
1,832 | Lamb Weston Holdings, Inc. | 93,414 | ||||||
859 | McCormick & Co., Inc. | 85,496 | ||||||
929 | Molson Coors Brewing Co., Class B | 75,128 | ||||||
1,329 | Nu Skin Enterprises, Inc., Class A | 84,538 | ||||||
2,850 | Pilgrim’s Pride Corp.(b) | 90,573 | ||||||
1,409 | Pinnacle Foods, Inc. | 76,678 | ||||||
985 | Post Holdings, Inc.(b) | 81,686 | ||||||
32,391 | Rite Aid Corp.(b) | 53,445 | ||||||
18 | Seaboard Corp. | 79,202 | ||||||
794 | Spectrum Brands Holdings, Inc. | 87,276 | ||||||
4,059 | Sprouts Farmers Market, Inc.(b) | 75,051 | ||||||
1,256 | TreeHouse Foods, Inc.(b) | 83,373 | ||||||
1,279 | Tyson Foods, Inc., Class A | 93,252 | ||||||
3,045 | US Foods Holding Corp.(b) | 83,068 | ||||||
|
| |||||||
2,708,653 | ||||||||
|
| |||||||
Energy—11.1% | ||||||||
524 | Andeavor | 55,670 | ||||||
2,679 | Antero Resources Corp.(b) | 51,973 | ||||||
1,297 | Apache Corp. | 53,657 | ||||||
1,520 | Baker Hughes a GE Co. | 47,774 | ||||||
1,983 | Cabot Oil & Gas Corp. | 54,929 | ||||||
3,071 | Centennial Resource Development, Inc., Class A(b) | 59,670 | ||||||
1,229 | Cheniere Energy, Inc.(b) | 57,443 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
13,647 | Chesapeake Energy Corp.(b)(c) | $ | 53,223 | |||||
527 | Cimarex Energy Co. | 61,622 | ||||||
467 | Concho Resources, Inc.(b) | 62,676 | ||||||
3,668 | CONSOL Energy, Inc.(b) | 59,165 | ||||||
1,522 | Continental Resources, Inc.(b) | 61,961 | ||||||
1,631 | Devon Energy Corp. | 60,184 | ||||||
577 | Diamondback Energy, Inc.(b) | 61,831 | ||||||
1,034 | Energen Corp.(b) | 53,458 | ||||||
851 | EQT Corp. | 53,222 | ||||||
3,956 | Extraction Oil & Gas, Inc.(b) | 63,098 | ||||||
4,136 | Gulfport Energy Corp.(b) | 56,663 | ||||||
1,168 | Helmerich & Payne, Inc.(c) | 63,434 | ||||||
1,278 | Hess Corp. | 56,436 | ||||||
1,656 | HollyFrontier Corp. | 61,189 | ||||||
7,156 | Kosmos Energy Ltd. (Ghana)(b) | 54,958 | ||||||
4,315 | Laredo Petroleum, Inc.(b) | 51,435 | ||||||
4,483 | Marathon Oil Corp. | 63,748 | ||||||
1,004 | Marathon Petroleum Corp. | 59,979 | ||||||
2,130 | Murphy Oil Corp. | 56,978 | ||||||
7,610 | Nabors Industries Ltd. | 42,844 | ||||||
1,656 | National Oilwell Varco, Inc. | 56,619 | ||||||
2,014 | Newfield Exploration Co.(b) | 62,011 | ||||||
2,098 | Noble Energy, Inc. | 58,471 | ||||||
2,162 | Oceaneering International, Inc. | 43,716 | ||||||
935 | ONEOK, Inc. | 50,742 | ||||||
2,132 | Parsley Energy, Inc., Class A(b) | 56,711 | ||||||
3,023 | Patterson-UTI Energy, Inc. | 59,795 | ||||||
2,112 | PBF Energy, Inc., Class A | 61,185 | ||||||
6,842 | QEP Resources, Inc.(b) | 61,236 | ||||||
2,949 | Range Resources Corp. | 53,406 | ||||||
1,931 | Rice Energy, Inc.(b) | 54,744 | ||||||
2,523 | RPC, Inc.(c) | 61,334 | ||||||
1,750 | RSP Permian, Inc.(b) | 60,218 | ||||||
3,683 | SM Energy Co. | 78,558 | ||||||
9,603 | Southwestern Energy Co.(b) | 53,297 | ||||||
1,159 | Targa Resources Corp. | 48,099 | ||||||
6,071 | Transocean Ltd.(b) | 63,746 | ||||||
12,945 | Weatherford International PLC(b)(c) | 44,919 | ||||||
12,340 | Whiting Petroleum Corp.(b) | 74,163 | ||||||
1,772 | Williams Cos., Inc. (The) | 50,502 | ||||||
1,523 | World Fuel Services Corp. | 42,339 | ||||||
5,230 | WPX Energy, Inc.(b) | 58,994 | ||||||
|
| |||||||
2,794,025 | ||||||||
|
| |||||||
Financials—6.2% | ||||||||
79 | Affiliated Managers Group, Inc. | 14,734 | ||||||
595 | AGNC Investment Corp. REIT | 11,977 | ||||||
26 | Alleghany Corp.(b) | 14,722 | ||||||
576 | Ally Financial, Inc. | 15,051 | ||||||
133 | American Financial Group, Inc. | 14,030 | ||||||
113 | American National Insurance Co. | 13,756 | ||||||
96 | Ameriprise Financial, Inc. | 15,028 | ||||||
1,029 | Annaly Capital Management, Inc. REIT | 11,792 | ||||||
138 | Arch Capital Group Ltd.(b) | 13,750 | ||||||
220 | Arthur J. Gallagher & Co. | 13,933 | ||||||
348 | Aspen Insurance Holdings Ltd. (Bermuda) | 14,929 | ||||||
598 | Associated Banc-Corp. | 15,129 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
145 | Assurant, Inc. | $ | 14,594 | |||||
319 | Assured Guaranty Ltd. | 11,835 | ||||||
249 | Athene Holding Ltd., Class A(b) | 12,980 | ||||||
241 | Axis Capital Holdings Ltd. | 13,108 | ||||||
170 | Bank of Hawaii Corp. | 13,874 | ||||||
315 | Bank of The Ozarks | 14,685 | ||||||
416 | BankUnited, Inc. | 14,498 | ||||||
988 | BGC Partners, Inc., Class A | 14,988 | ||||||
164 | BOK Financial Corp. | 14,181 | ||||||
276 | Brown & Brown, Inc. | 13,756 | ||||||
123 | Cboe Global Markets, Inc. | 13,906 | ||||||
674 | Chimera Investment Corp. REIT | 12,334 | ||||||
172 | Cincinnati Financial Corp. | 12,069 | ||||||
293 | CIT Group, Inc. | 13,660 | ||||||
396 | Citizens Financial Group, Inc. | 15,052 | ||||||
275 | CNA Financial Corp. | 14,886 | ||||||
197 | Comerica, Inc. | 15,478 | ||||||
243 | Commerce Bancshares, Inc. | 14,133 | ||||||
49 | Credit Acceptance Corp.(b) | 14,050 | ||||||
156 | Cullen/Frost Bankers, Inc. | 15,366 | ||||||
219 | Discover Financial Services | 14,570 | ||||||
322 | E*TRADE Financial Corp.(b) | 14,036 | ||||||
239 | East West Bancorp, Inc. | 14,302 | ||||||
280 | Eaton Vance Corp. | 14,132 | ||||||
109 | Erie Indemnity Co., Class A | 13,167 | ||||||
64 | Everest Re Group Ltd. | 15,197 | ||||||
1,049 | F.N.B. Corp. | 14,151 | ||||||
81 | FactSet Research Systems, Inc. | 15,380 | ||||||
477 | Federated Investors, Inc., Class B | 14,820 | ||||||
509 | Fifth Third Bancorp | 14,710 | ||||||
269 | First American Financial Corp. | 14,639 | ||||||
479 | First Hawaiian, Inc. | 14,006 | ||||||
792 | First Horizon National Corp. | 14,866 | ||||||
137 | First Republic Bank | 13,344 | ||||||
279 | FNF Group | 10,440 | ||||||
143 | Hanover Insurance Group, Inc. (The) | 14,068 | ||||||
246 | Hartford Financial Services Group, Inc. (The) | 13,542 | ||||||
1,043 | Huntington Bancshares, Inc. | 14,393 | ||||||
308 | Interactive Brokers Group, Inc., Class A | 16,638 | ||||||
401 | Invesco Ltd.(d) | 14,352 | ||||||
772 | KeyCorp | 14,089 | ||||||
311 | Lazard Ltd., Class A | 14,785 | ||||||
346 | Legg Mason, Inc. | 13,210 | ||||||
570 | Leucadia National Corp. | 14,421 | ||||||
195 | Lincoln National Corp. | 14,777 | ||||||
281 | Loews Corp. | 13,912 | ||||||
281 | LPL Financial Holdings, Inc. | 13,940 | ||||||
89 | M&T Bank Corp. | 14,843 | ||||||
13 | Markel Corp.(b) | 14,096 | ||||||
72 | MarketAxess Holdings, Inc. | 12,528 | ||||||
232 | Mercury General Corp. | 12,985 | ||||||
1,472 | MFA Financial, Inc. REIT | 12,129 | ||||||
102 | Moody’s Corp. | 14,526 | ||||||
159 | Morningstar, Inc. | 13,548 | ||||||
112 | MSCI, Inc., Class A | 13,144 | ||||||
172 | Nasdaq, Inc. | 12,496 | ||||||
967 | Navient Corp. | 12,049 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
776 | New Residential Investment Corp. REIT | $ | 13,681 | |||||
1,086 | New York Community Bancorp, Inc. | 13,640 | ||||||
147 | Northern Trust Corp. | 13,748 | ||||||
701 | Old Republic International Corp. | 14,223 | ||||||
475 | OneMain Holdings, Inc.(b) | 15,091 | ||||||
292 | PacWest Bancorp | 14,110 | ||||||
791 | People’s United Financial, Inc. | 14,760 | ||||||
217 | Pinnacle Financial Partners, Inc. | 14,365 | ||||||
332 | Popular, Inc. | 12,178 | ||||||
212 | Principal Financial Group, Inc. | 13,960 | ||||||
247 | ProAssurance Corp. | 13,844 | ||||||
291 | Progressive Corp. (The) | 14,157 | ||||||
225 | Prosperity Bancshares, Inc. | 14,801 | ||||||
170 | Raymond James Financial, Inc. | 14,413 | ||||||
964 | Regions Financial Corp. | 14,923 | ||||||
100 | Reinsurance Group of America, Inc. | 14,938 | ||||||
103 | RenaissanceRe Holdings Ltd. (Bermuda) | 14,251 | ||||||
895 | Santander Consumer USA Holdings, Inc.(b) | 14,893 | ||||||
226 | SEI Investments Co. | 14,579 | ||||||
104 | Signature Bank/New York NY(b) | 13,521 | ||||||
1,243 | SLM Corp.(b) | 13,163 | ||||||
577 | Starwood Property Trust, Inc. REIT | 12,411 | ||||||
243 | SunTrust Banks, Inc. | 14,631 | ||||||
79 | SVB Financial Group(b) | 17,323 | ||||||
437 | Synchrony Financial | 14,255 | ||||||
313 | Synovus Financial Corp. | 14,664 | ||||||
155 | T. Rowe Price Group, Inc. | 14,400 | ||||||
861 | TCF Financial Corp. | 15,687 | ||||||
299 | TD Ameritrade Holding Corp. | 14,947 | ||||||
856 | TFS Financial Corp. | 13,200 | ||||||
170 | Torchmark Corp. | 14,302 | ||||||
1,266 | Two Harbors Investment Corp. REIT | 12,407 | ||||||
274 | Unum Group | 14,259 | ||||||
302 | Validus Holdings Ltd. | 15,728 | ||||||
351 | Voya Financial, Inc. | 14,096 | ||||||
203 | W.R. Berkley Corp. | 13,922 | ||||||
285 | Webster Financial Corp. | 15,672 | ||||||
282 | Western Alliance Bancorp(b) | 15,736 | ||||||
16 | White Mountains Insurance Group Ltd. | 14,226 | ||||||
86 | Willis Towers Watson PLC | 13,853 | ||||||
348 | XL Group Ltd. (Bermuda) | 14,084 | ||||||
307 | Zions Bancorporation | 14,263 | ||||||
|
| |||||||
1,565,800 | ||||||||
|
| |||||||
Health Care—10.6% | ||||||||
250 | ABIOMED, Inc.(b) | 48,230 | ||||||
828 | Acadia Healthcare Co., Inc.(b) | 25,966 | ||||||
1,075 | ACADIA Pharmaceuticals, Inc.(b) | 37,442 | ||||||
590 | Agilent Technologies, Inc. | 40,138 | ||||||
603 | Agios Pharmaceuticals, Inc.(b) | 38,755 | ||||||
1,166 | Akorn, Inc.(b) | 37,977 | ||||||
214 | Align Technology, Inc.(b) | 51,142 | ||||||
764 | Alkermes PLC(b) | 37,253 | ||||||
531 | Alnylam Pharmaceuticals, Inc.(b) | 64,697 | ||||||
466 | AmerisourceBergen Corp. | 35,859 | ||||||
301 | athenahealth, Inc.(b) | 38,492 | ||||||
425 | BioMarin Pharmaceutical, Inc.(b) | 34,888 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
179 | Bio-Rad Laboratories, Inc., Class A(b) | $ | 39,342 | |||||
319 | Bio-Techne Corp. | 41,795 | ||||||
678 | Bioverativ, Inc.(b) | 38,307 | ||||||
3,340 | Brookdale Senior Living, Inc.(b) | 33,500 | ||||||
1,321 | Bruker Corp. | 41,479 | ||||||
123 | C.R. Bard, Inc. | 40,230 | ||||||
557 | Cardinal Health, Inc. | 34,478 | ||||||
432 | Centene Corp.(b) | 40,465 | ||||||
557 | Cerner Corp.(b) | 37,609 | ||||||
352 | Charles River Laboratories International, Inc.(b) | 40,934 | ||||||
161 | Cooper Cos., Inc. (The) | 38,682 | ||||||
671 | DaVita, Inc.(b) | 40,757 | ||||||
665 | DENTSPLY Sirona, Inc. | 40,612 | ||||||
540 | DexCom, Inc.(b) | 24,284 | ||||||
343 | Edwards Lifesciences Corp.(b) | 35,065 | ||||||
4,495 | Endo International PLC(b) | 28,678 | ||||||
794 | Envision Healthcare Corp.(b) | 33,824 | ||||||
1,500 | Exelixis, Inc.(b) | 37,185 | ||||||
440 | Henry Schein, Inc.(b) | 34,584 | ||||||
500 | Hill-Rom Holdings, Inc. | 40,355 | ||||||
989 | Hologic, Inc.(b) | 37,434 | ||||||
244 | IDEXX Laboratories, Inc.(b) | 40,546 | ||||||
183 | Illumina, Inc.(b) | 37,550 | ||||||
296 | Incyte Corp.(b) | 33,522 | ||||||
327 | Intercept Pharmaceuticals, Inc.(b)(c) | 20,153 | ||||||
1,941 | Intrexon Corp.(b)(c) | 31,735 | ||||||
682 | Ionis Pharmaceuticals, Inc.(b) | 38,949 | ||||||
903 | Juno Therapeutics, Inc.(b) | 40,554 | ||||||
244 | Laboratory Corp. of America Holdings(b) | 37,505 | ||||||
691 | LifePoint Health, Inc.(b) | 33,272 | ||||||
1,094 | Mallinckrodt PLC(b) | 34,647 | ||||||
924 | MEDNAX, Inc.(b) | 40,462 | ||||||
45 | Mettler-Toledo International, Inc.(b) | 30,718 | ||||||
1,206 | Mylan NV(b) | 43,066 | ||||||
666 | Neurocrine Biosciences, Inc.(b) | 41,365 | ||||||
6,187 | OPKO Health, Inc.(b)(c) | 41,639 | ||||||
968 | Patterson Cos., Inc. | 35,816 | ||||||
567 | PerkinElmer, Inc. | 41,005 | ||||||
468 | Perrigo Co. PLC | 37,903 | ||||||
1,153 | Premier, Inc., Class A(b) | 37,669 | ||||||
1,196 | Qiagen N.V. | 40,497 | ||||||
358 | Quest Diagnostics, Inc. | 33,573 | ||||||
398 | Quintiles IMS Holdings, Inc.(b) | 43,024 | ||||||
489 | ResMed, Inc. | 41,164 | ||||||
710 | Seattle Genetics, Inc.(b) | 43,530 | ||||||
443 | STERIS PLC | 41,345 | ||||||
170 | Teleflex, Inc. | 40,287 | ||||||
311 | TESARO, Inc.(b) | 36,005 | ||||||
297 | United Therapeutics Corp.(b) | 35,221 | ||||||
359 | Universal Health Services, Inc., Class B | 36,869 | ||||||
366 | Varian Medical Systems, Inc.(b) | 38,134 | ||||||
665 | Veeva Systems, Inc., Class A(b) | 40,525 | ||||||
1,163 | VWR Corp.(b) | 38,495 | ||||||
148 | Waters Corp.(b) | 29,015 | ||||||
229 | WellCare Health Plans, Inc.(b) | 45,282 | ||||||
431 | West Pharmaceutical Services, Inc. | 43,703 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
333 | Zimmer Biomet Holdings, Inc. | $ | 40,499 | |||||
593 | Zoetis, Inc. | 37,845 | ||||||
|
| |||||||
2,673,527 | ||||||||
|
| |||||||
Industrials—13.2% | ||||||||
487 | A.O. Smith Corp. | 28,830 | ||||||
247 | Acuity Brands, Inc. | 41,298 | ||||||
819 | AECOM(b) | 28,714 | ||||||
408 | AGCO Corp. | 27,977 | ||||||
698 | Air Lease Corp. | 30,328 | ||||||
372 | Alaska Air Group, Inc. | 24,563 | ||||||
339 | Allegion PLC | 28,269 | ||||||
819 | Allison Transmission Holdings, Inc. | 34,799 | ||||||
55 | AMERCO | 21,595 | ||||||
621 | American Airlines Group, Inc. | 29,075 | ||||||
428 | AMETEK, Inc. | 28,886 | ||||||
1,122 | Arconic, Inc. | 28,185 | ||||||
898 | Armstrong World Industries, Inc.(b) | 45,888 | ||||||
504 | BWX Technologies, Inc. | 30,200 | ||||||
371 | C.H. Robinson Worldwide, Inc. | 29,135 | ||||||
286 | Carlisle Cos., Inc. | 31,411 | ||||||
204 | Cintas Corp. | 30,404 | ||||||
503 | Clean Harbors, Inc.(b) | 26,916 | ||||||
691 | Colfax Corp.(b) | 28,822 | ||||||
207 | Copa Holdings SA, Class A (Panama) | 25,500 | ||||||
847 | Copart, Inc.(b) | 30,738 | ||||||
377 | Crane Co. | 31,336 | ||||||
174 | Cummins, Inc. | 30,777 | ||||||
627 | Donaldson Co., Inc. | 29,601 | ||||||
315 | Dover Corp. | 30,079 | ||||||
113 | Dun & Bradstreet Corp. (The) | 13,202 | ||||||
89 | Equifax, Inc. | 9,659 | ||||||
481 | Expeditors International of Washington, Inc. | 28,081 | ||||||
1,053 | Fastenal Co. | 49,459 | ||||||
682 | Flowserve Corp. | 30,056 | ||||||
698 | Fluor Corp. | 30,077 | ||||||
415 | Fortive Corp. | 29,988 | ||||||
332 | Fortune Brands Home & Security, Inc. | 21,932 | ||||||
1,152 | Gardner Denver Holdings, Inc.(b) | 33,235 | ||||||
391 | Genesee & Wyoming, Inc., Class A(b) | 28,066 | ||||||
236 | Graco, Inc. | 31,102 | ||||||
811 | HD Supply Holdings, Inc.(b) | 28,701 | ||||||
319 | HEICO Corp. | 28,927 | ||||||
836 | Hexcel Corp. | 50,737 | ||||||
247 | Hubbell, Inc. | 31,078 | ||||||
134 | Huntington Ingalls Industries, Inc. | 31,199 | ||||||
230 | IDEX Corp. | 29,488 | ||||||
704 | IHS Markit Ltd.(b) | 29,997 | ||||||
519 | Ingersoll-Rand PLC | 45,983 | ||||||
686 | ITT, Inc. | 31,995 | ||||||
270 | J.B. Hunt Transport Services, Inc. | 28,725 | ||||||
500 | Jacobs Engineering Group, Inc. | 29,105 | ||||||
1,490 | JetBlue Airways Corp.(b) | 28,534 | ||||||
272 | Kansas City Southern | 28,348 | ||||||
466 | KAR Auction Services, Inc. | 22,056 | ||||||
437 | Kirby Corp.(b) | 30,962 | ||||||
150 | L3 Technologies, Inc. | 28,077 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
291 | Landstar System, Inc. | $ | 28,736 | |||||
277 | Lennox International, Inc. | 52,943 | ||||||
316 | Lincoln Electric Holdings, Inc. | 28,968 | ||||||
374 | Macquarie Infrastructure Corp. | 26,012 | ||||||
244 | ManpowerGroup, Inc. | 30,080 | ||||||
1,193 | Masco Corp. | 47,505 | ||||||
228 | Middleby Corp. (The)(b) | 26,425 | ||||||
395 | MSC Industrial Direct Co., Inc., Class A | 32,746 | ||||||
542 | Nielsen Holdings PLC | 20,092 | ||||||
249 | Nordson Corp. | 31,546 | ||||||
271 | Old Dominion Freight Line, Inc. | 32,826 | ||||||
252 | Orbital ATK, Inc. | 33,498 | ||||||
371 | Oshkosh Corp. | 33,969 | ||||||
588 | Owens Corning | 48,622 | ||||||
407 | PACCAR, Inc. | 29,194 | ||||||
171 | Parker-Hannifin Corp. | 31,226 | ||||||
442 | Pentair PLC (United Kingdom) | 31,143 | ||||||
2,154 | Pitney Bowes, Inc. | 29,596 | ||||||
766 | Quanta Services, Inc.(b) | 28,901 | ||||||
366 | Regal Beloit Corp. | 29,701 | ||||||
421 | Republic Services, Inc. | 27,395 | ||||||
607 | Robert Half International, Inc. | 31,424 | ||||||
168 | Rockwell Automation, Inc. | 33,738 | ||||||
207 | Rockwell Collins, Inc. | 28,069 | ||||||
611 | Rollins, Inc. | 26,829 | ||||||
123 | Roper Technologies, Inc. | 31,755 | ||||||
345 | Ryder System, Inc. | 27,973 | ||||||
610 | Sensata Technologies Holding NV(b) | 29,835 | ||||||
186 | Snap-on, Inc. | 29,347 | ||||||
360 | Spirit AeroSystems Holdings, Inc., Class A | 28,836 | ||||||
841 | Spirit Airlines, Inc.(b) | 31,193 | ||||||
188 | Stanley Black & Decker, Inc. | 30,371 | ||||||
394 | Stericycle, Inc.(b) | 27,915 | ||||||
190 | Teledyne Technologies, Inc.(b) | 32,292 | ||||||
713 | Terex Corp. | 33,589 | ||||||
558 | Textron, Inc. | 29,429 | ||||||
1,004 | Timken Co. (The) | 47,339 | ||||||
457 | Toro Co. (The) | 28,722 | ||||||
107 | TransDigm Group, Inc. | 29,693 | ||||||
258 | TransUnion(b) | 13,542 | ||||||
954 | Trinity Industries, Inc. | 31,024 | ||||||
465 | United Continental Holdings, Inc.(b) | 27,193 | ||||||
221 | United Rentals, Inc.(b) | 31,267 | ||||||
1,620 | Univar, Inc.(b) | 48,195 | ||||||
1,380 | USG Corp.(b) | 47,375 | ||||||
304 | Valmont Industries, Inc. | 48,306 | ||||||
332 | Verisk Analytics, Inc.(b) | 28,237 | ||||||
168 | W.W. Grainger, Inc. | 33,214 | ||||||
148 | WABCO Holdings, Inc.(b) | 21,840 | ||||||
388 | Wabtec Corp. | 29,682 | ||||||
300 | Watsco, Inc. | 49,971 | ||||||
1,366 | Welbilt, Inc.(b) | 30,134 | ||||||
539 | WESCO International, Inc.(b) | 34,038 | ||||||
453 | XPO Logistics, Inc.(b) | 31,416 | ||||||
435 | Xylem, Inc. | 28,941 | ||||||
|
| |||||||
3,335,943 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology—14.1% | ||||||||
2,633 | Advanced Micro Devices, Inc.(b) | $ | 28,924 | |||||
710 | Akamai Technologies, Inc.(b) | 37,097 | ||||||
59 | Alliance Data Systems Corp. | 13,200 | ||||||
522 | Amdocs Ltd. | 33,982 | ||||||
413 | Amphenol Corp., Class A | 35,931 | ||||||
410 | Analog Devices, Inc. | 37,433 | ||||||
268 | ANSYS, Inc.(b) | 36,638 | ||||||
192 | Arista Networks, Inc.(b) | 38,379 | ||||||
1,253 | ARRIS International PLC(b) | 35,710 | ||||||
432 | Arrow Electronics, Inc.(b) | 36,111 | ||||||
964 | Atlassian Corp. PLC, Class A (Australia)(b) | 46,629 | ||||||
302 | Autodesk, Inc.(b) | 37,738 | ||||||
904 | Avnet, Inc. | 35,979 | ||||||
878 | Black Knight, Inc.(b) | 39,817 | ||||||
783 | Booz Allen Hamilton Holding Corp. | 29,590 | ||||||
160 | Broadridge Financial Solutions, Inc. | 13,747 | ||||||
2,690 | Brocade Communications Systems, Inc. | 31,338 | ||||||
1,000 | CA, Inc. | 32,380 | ||||||
865 | Cadence Design Systems, Inc.(b) | 37,333 | ||||||
530 | Cavium, Inc.(b) | 36,565 | ||||||
523 | CDK Global, Inc. | 33,242 | ||||||
561 | CDW Corp. | 39,270 | ||||||
441 | Citrix Systems, Inc.(b) | 36,431 | ||||||
308 | Cognex Corp. | 37,930 | ||||||
145 | Coherent, Inc.(b) | 38,093 | ||||||
1,007 | CommScope Holding Co., Inc.(b) | 32,365 | ||||||
1,707 | Conduent, Inc.(b) | 26,424 | ||||||
269 | CoreLogic, Inc.(b) | 12,616 | ||||||
100 | CoStar Group, Inc.(b) | 29,575 | ||||||
1,023 | CSRA, Inc. | 32,726 | ||||||
2,438 | Cypress Semiconductor Corp. | 38,667 | ||||||
446 | Dell Technologies, Inc., Class V(b) | 36,915 | ||||||
663 | Dolby Laboratories, Inc., Class A | 38,414 | ||||||
639 | DST Systems, Inc. | 37,458 | ||||||
394 | DXC Technology Co. | 36,059 | ||||||
587 | EchoStar Corp., Class A(b) | 32,843 | ||||||
130 | Euronet Worldwide, Inc.(b) | 12,563 | ||||||
288 | F5 Networks, Inc.(b) | 34,926 | ||||||
137 | Fidelity National Information Services, Inc. | 12,708 | ||||||
2,108 | FireEye, Inc.(b) | 35,667 | ||||||
688 | First Data Corp., Class A(b) | 12,253 | ||||||
1,113 | First Solar, Inc.(b) | 61,015 | ||||||
104 | Fiserv, Inc.(b) | 13,461 | ||||||
90 | FleetCor Technologies, Inc.(b) | 14,874 | ||||||
718 | FLIR Systems, Inc. | 33,617 | ||||||
890 | Fortinet, Inc.(b) | 35,075 | ||||||
271 | Gartner, Inc.(b) | 33,959 | ||||||
968 | Genpact Ltd. | 29,476 | ||||||
132 | Global Payments, Inc. | 13,721 | ||||||
755 | GoDaddy, Inc., Class A(b) | 35,258 | ||||||
415 | Guidewire Software, Inc.(b) | 33,192 | ||||||
280 | Harris Corp. | 39,010 | ||||||
287 | IAC/InterActiveCorp.(b) | 37,037 | ||||||
192 | IPG Photonics Corp.(b) | 40,879 | ||||||
1,095 | Jabil, Inc. | 30,967 | ||||||
125 | Jack Henry & Associates, Inc. | 13,766 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
1,231 | Juniper Networks, Inc. | $ | 30,566 | |||||
679 | Keysight Technologies, Inc.(b) | 30,331 | ||||||
349 | KLA-Tencor Corp. | 38,003 | ||||||
197 | Lam Research Corp. | 41,088 | ||||||
577 | Leidos Holdings, Inc. | 36,074 | ||||||
297 | LogMeIn, Inc. | 35,952 | ||||||
786 | Manhattan Associates, Inc.(b) | 32,902 | ||||||
1,904 | Marvell Technology Group Ltd. (Bermuda) | 35,167 | ||||||
1,447 | Match Group, Inc.(b)(c) | 38,693 | ||||||
718 | Maxim Integrated Products, Inc. | 37,724 | ||||||
380 | Microchip Technology, Inc. | 36,024 | ||||||
680 | Microsemi Corp.(b) | 36,292 | ||||||
385 | Motorola Solutions, Inc. | 34,858 | ||||||
686 | National Instruments Corp. | 30,870 | ||||||
941 | NCR Corp.(b) | 30,197 | ||||||
860 | NetApp, Inc. | 38,201 | ||||||
2,111 | Nuance Communications, Inc.(b) | 31,116 | ||||||
1,985 | ON Semiconductor Corp.(b) | 42,320 | ||||||
232 | Palo Alto Networks, Inc.(b) | 34,150 | ||||||
2,507 | Pandora Media, Inc.(b)(c) | 18,326 | ||||||
478 | Paychex, Inc. | 30,492 | ||||||
�� | 598 | PTC, Inc.(b) | 39,737 | |||||
454 | Qorvo, Inc.(b) | 34,418 | ||||||
311 | Red Hat, Inc.(b) | 37,578 | ||||||
1,869 | Sabre Corp. | 36,558 | ||||||
282 | ServiceNow, Inc.(b) | 35,636 | ||||||
313 | Skyworks Solutions, Inc. | 35,638 | ||||||
486 | Splunk, Inc.(b) | 32,708 | ||||||
483 | Square, Inc., Class A(b) | 17,963 | ||||||
860 | SS&C Technologies Holdings, Inc. | 34,572 | ||||||
1,087 | Symantec Corp. | 35,327 | ||||||
417 | Synopsys, Inc.(b) | 36,079 | ||||||
460 | Tableau Software, Inc., Class A(b) | 37,301 | ||||||
335 | Take-Two Interactive Software, Inc.(b) | 37,068 | ||||||
1,084 | Teradata Corp.(b) | 36,260 | ||||||
933 | Teradyne, Inc. | 40,016 | ||||||
181 | Total System Services, Inc. | 13,041 | ||||||
699 | Trimble, Inc.(b) | 28,575 | ||||||
1,931 | Twitter, Inc.(b) | 39,817 | ||||||
196 | Tyler Technologies, Inc.(b) | 34,749 | ||||||
170 | Ultimate Software Group, Inc. (The)(b) | 34,440 | ||||||
258 | Universal Display Corp. | 37,797 | ||||||
178 | Vantiv, Inc., Class A(b) | 12,460 | ||||||
322 | VeriSign, Inc.(b)(c) | 34,621 | ||||||
1,187 | Versum Materials, Inc. | 49,949 | ||||||
376 | Western Digital Corp. | 33,566 | ||||||
686 | Western Union Co. (The) | 13,624 | ||||||
118 | WEX, Inc.(b) | 14,584 | ||||||
314 | Workday, Inc., Class A(b) | 34,851 | ||||||
853 | Xerox Corp. | 25,854 | ||||||
517 | Xilinx, Inc. | 38,098 | ||||||
270 | Zebra Technologies Corp., Class A(b) | 31,317 | ||||||
327 | Zillow Group, Inc., Class C(b) | 13,499 | ||||||
9,012 | Zynga, Inc., Class A(b) | 35,147 | ||||||
|
| |||||||
3,559,167 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials—9.1% | ||||||||
374 | Albemarle Corp. | $ | 52,693 | |||||
987 | Alcoa Corp.(b) | 47,159 | ||||||
528 | AptarGroup, Inc. | 45,973 | ||||||
2,154 | Ardagh Group SA (Luxembourg) | 46,182 | ||||||
720 | Ashland Global Holdings, Inc. | 48,946 | ||||||
293 | Avery Dennison Corp. | 31,108 | ||||||
1,537 | Axalta Coating Systems Ltd.(b) | 51,105 | ||||||
1,097 | Ball Corp. | 47,094 | ||||||
941 | Bemis Co., Inc. | 42,364 | ||||||
782 | Berry Global Group, Inc.(b) | 46,490 | ||||||
836 | Cabot Corp. | 50,963 | ||||||
456 | Celanese Corp., Series A | 47,565 | ||||||
1,394 | CF Industries Holdings, Inc. | 52,944 | ||||||
902 | Chemours Co. (The) | 51,062 | ||||||
752 | Crown Holdings, Inc.(b) | 45,248 | ||||||
1,105 | Domtar Corp. | 52,289 | ||||||
436 | Eagle Materials, Inc. | 46,029 | ||||||
521 | Eastman Chemical Co. | 47,312 | ||||||
504 | FMC Corp. | 46,801 | ||||||
2,903 | Freeport-McMoRan, Inc.(b) | 40,584 | ||||||
3,363 | Graphic Packaging Holding Co. | 52,093 | ||||||
1,625 | Huntsman Corp. | 52,032 | ||||||
314 | International Flavors & Fragrances, Inc. | 46,290 | ||||||
808 | International Paper Co. | 46,274 | ||||||
212 | Martin Marietta Materials, Inc. | 45,972 | ||||||
2,261 | Mosaic Co. (The) | 50,511 | ||||||
107 | NewMarket Corp. | 42,842 | ||||||
1,115 | Newmont Mining Corp. | 40,318 | ||||||
814 | Nucor Corp. | 47,074 | ||||||
1,431 | Olin Corp. | 52,274 | ||||||
1,840 | Owens-Illinois, Inc.(b) | 43,958 | ||||||
393 | Packaging Corp. of America | 45,694 | ||||||
3,846 | Platform Specialty Products Corp.(b) | 41,152 | ||||||
600 | Reliance Steel & Aluminum Co. | 46,104 | ||||||
475 | Royal Gold, Inc. | 39,952 | ||||||
897 | RPM International, Inc. | 47,837 | ||||||
482 | Scotts Miracle-Gro Co. (The) | 48,017 | ||||||
1,009 | Sealed Air Corp. | 44,628 | ||||||
1,489 | Silgan Holdings, Inc. | 43,553 | ||||||
907 | Sonoco Products Co. | 46,974 | ||||||
1,076 | Southern Copper Corp. (Peru) | 46,214 | ||||||
1,299 | Steel Dynamics, Inc. | 48,336 | ||||||
9,277 | Tahoe Resources, Inc. | 44,530 | ||||||
1,595 | United States Steel Corp. | 40,385 | ||||||
2,416 | Valvoline, Inc. | 58,032 | ||||||
378 | Vulcan Materials Co. | 46,021 | ||||||
622 | W.R. Grace & Co. | 47,577 | ||||||
574 | Westlake Chemical Corp. | 48,738 | ||||||
782 | WestRock Co. | 47,960 | ||||||
|
| |||||||
2,291,253 | ||||||||
|
| |||||||
Real Estate—4.0% | ||||||||
115 | Alexandria Real Estate Equities, Inc. REIT | 14,255 | ||||||
262 | American Campus Communities, Inc. REIT | 10,894 | ||||||
581 | American Homes 4 Rent, Class A REIT | 12,364 | ||||||
277 | Apartment Investment & Management Co., Class A REIT | 12,183 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
698 | Apple Hospitality REIT, Inc. REIT | $ | 13,220 | |||||
69 | AvalonBay Communities, Inc. REIT | 12,512 | ||||||
105 | Boston Properties, Inc. REIT | 12,724 | ||||||
755 | Brandywine Realty Trust REIT | 13,205 | ||||||
659 | Brixmor Property Group, Inc. REIT | 11,513 | ||||||
135 | Camden Property Trust REIT | 12,317 | ||||||
353 | CBRE Group, Inc., Class A(b) | 13,880 | ||||||
971 | Colony Northstar, Inc., Class A REIT | 11,924 | ||||||
603 | Columbia Property Trust, Inc. REIT | 13,314 | ||||||
481 | CoreCivic, Inc. REIT | 11,862 | ||||||
108 | CoreSite Realty Corp. REIT | 11,961 | ||||||
385 | Corporate Office Properties Trust REIT | 12,293 | ||||||
479 | CubeSmart REIT | 13,038 | ||||||
199 | CyrusOne, Inc. REIT | 12,217 | ||||||
216 | DCT Industrial Trust, Inc. REIT | 12,532 | ||||||
1,270 | DDR Corp. REIT | 9,741 | ||||||
210 | Digital Realty Trust, Inc. REIT | 24,872 | ||||||
328 | Douglas Emmett, Inc. REIT | 13,051 | ||||||
432 | Duke Realty Corp. REIT | 12,303 | ||||||
621 | Empire State Realty Trust, Inc., Class A REIT | 12,451 | ||||||
180 | EPR Properties REIT | 12,452 | ||||||
412 | Equity Commonwealth REIT(b) | 12,381 | ||||||
140 | Equity LifeStyle Properties, Inc. REIT | 12,387 | ||||||
48 | Essex Property Trust, Inc. REIT | 12,597 | ||||||
157 | Extra Space Storage, Inc. REIT | 12,810 | ||||||
97 | Federal Realty Investment Trust REIT | 11,690 | ||||||
511 | Forest City Realty Trust, Inc., Class A REIT | 12,586 | ||||||
332 | Gaming and Leisure Properties, Inc. REIT | 12,131 | ||||||
595 | GGP, Inc. REIT | 11,579 | ||||||
422 | HCP, Inc. REIT | 10,905 | ||||||
403 | Healthcare Trust of America, Inc., Class A REIT | 12,110 | ||||||
244 | Highwoods Properties, Inc. REIT | 12,456 | ||||||
469 | Hospitality Properties Trust REIT | 13,404 | ||||||
709 | Host Hotels & Resorts, Inc. REIT | 13,868 | ||||||
110 | Howard Hughes Corp. (The)(b) | 14,039 | ||||||
392 | Hudson Pacific Properties, Inc. REIT | 13,257 | ||||||
569 | Invitation Homes, Inc. REIT | 12,842 | ||||||
319 | Iron Mountain, Inc. REIT | 12,760 | ||||||
386 | JBG SMITH Properties REIT(b) | 12,047 | ||||||
115 | Jones Lang LaSalle, Inc. | 14,891 | ||||||
185 | Kilroy Realty Corp. REIT | 13,178 | ||||||
618 | Kimco Realty Corp. REIT | 11,223 | ||||||
195 | Lamar Advertising Co., Class A REIT | 13,736 | ||||||
296 | Liberty Property Trust REIT | 12,693 | ||||||
156 | Life Storage, Inc. REIT | 12,608 | ||||||
233 | Macerich Co. (The) REIT | 12,722 | ||||||
949 | Medical Properties Trust, Inc. REIT | 12,555 | ||||||
119 | Mid-America Apartment Communities, Inc. REIT | 12,180 | ||||||
302 | National Retail Properties, Inc. REIT | 12,134 | ||||||
392 | Omega Healthcare Investors, Inc. REIT(c) | 11,313 | ||||||
589 | Outfront Media, Inc. REIT | 13,812 | ||||||
802 | Paramount Group, Inc. REIT | 12,768 | ||||||
478 | Park Hotels & Resorts, Inc. REIT | 13,762 | ||||||
632 | Piedmont Office Realty Trust, Inc., Class A REIT | 12,223 | ||||||
200 | Prologis, Inc. REIT | 12,916 | ||||||
444 | Rayonier, Inc. REIT | 13,311 | ||||||
383 | Realogy Holdings Corp. | 12,382 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
216 | Realty Income Corp. REIT | $ | 11,593 | |||||
196 | Regency Centers Corp. REIT | 12,064 | ||||||
930 | Retail Properties of America, Inc., Class A REIT | 11,365 | ||||||
84 | SBA Communications Corp. REIT(b) | 13,203 | ||||||
643 | Senior Housing Properties Trust REIT | 11,831 | ||||||
132 | SL Green Realty Corp. REIT | 12,630 | ||||||
1,462 | Spirit Realty Capital, Inc. REIT | 12,149 | ||||||
499 | STORE Capital Corp. REIT | 12,320 | ||||||
140 | Sun Communities, Inc. REIT | 12,636 | ||||||
526 | Tanger Factory Outlet Centers, Inc. REIT | 11,967 | ||||||
243 | Taubman Centers, Inc. REIT | 11,474 | ||||||
323 | UDR, Inc. REIT | 12,529 | ||||||
676 | Uniti Group, Inc. REIT | 11,830 | ||||||
184 | Ventas, Inc. REIT | 11,546 | ||||||
1,474 | VEREIT, Inc. REIT | 11,630 | ||||||
173 | Vornado Realty Trust REIT | 12,951 | ||||||
389 | Weingarten Realty Investors REIT | 11,845 | ||||||
171 | Welltower, Inc. REIT | 11,450 | ||||||
383 | Weyerhaeuser Co. REIT | 13,754 | ||||||
182 | WP Carey, Inc. REIT | 12,403 | ||||||
|
| |||||||
1,022,504 | ||||||||
|
| |||||||
Telecommunication Services—1.3% | ||||||||
5,574 | CenturyLink, Inc.(c) | 105,850 | ||||||
2,576 | Telephone & Data Systems, Inc. | 75,091 | ||||||
1,992 | United States Cellular Corp.(b) | 72,887 | ||||||
2,055 | Zayo Group Holdings, Inc.(b) | 74,103 | ||||||
|
| |||||||
327,931 | ||||||||
|
| |||||||
Utilities—9.5% | ||||||||
6,195 | AES Corp. (The) | 65,853 | ||||||
1,639 | Alliant Energy Corp. | 70,903 | ||||||
1,174 | Ameren Corp. | 72,776 | ||||||
848 | American Water Works Co., Inc. | 74,420 | ||||||
2,076 | Aqua America, Inc. | 73,656 | ||||||
806 | Atmos Energy Corp. | 70,315 | ||||||
1,461 | Avangrid, Inc. | 75,578 | ||||||
4,712 | Calpine Corp.(b) | 70,397 | ||||||
2,351 | CenterPoint Energy, Inc. | 69,543 | ||||||
1,453 | CMS Energy Corp. | 70,282 | ||||||
815 | Consolidated Edison, Inc. | 70,131 | ||||||
618 | DTE Energy Co. | 68,264 | ||||||
862 | Edison International | 68,917 | ||||||
872 | Entergy Corp. | 75,219 | ||||||
1,093 | Eversource Energy | 68,465 | ||||||
2,192 | FirstEnergy Corp. | 72,226 | ||||||
2,291 | Great Plains Energy, Inc. | 75,214 | ||||||
2,091 | Hawaiian Electric Industries, Inc. | 76,238 | ||||||
2,577 | MDU Resources Group, Inc. | 70,481 | ||||||
1,196 | National Fuel Gas Co. | 69,428 | ||||||
2,559 | NiSource, Inc. | 67,481 | ||||||
2,863 | NRG Energy, Inc. | 71,575 | ||||||
1,918 | OGE Energy Corp. | 70,659 | ||||||
784 | Pinnacle West Capital Corp. | 68,765 | ||||||
1,764 | PPL Corp. | 66,256 | ||||||
1,501 | Public Service Enterprise Group, Inc. | 73,849 | ||||||
1,160 | SCANA Corp. | 50,042 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
589 | Sempra Energy | $ | 69,207 | |||||
1,444 | UGI Corp. | 69,110 | ||||||
1,048 | Vectren Corp. | 71,411 | ||||||
3,936 | Vistra Energy Corp. | 76,516 | ||||||
1,045 | WEC Energy Group, Inc. | 70,423 | ||||||
1,393 | Westar Energy, Inc. | 74,498 | ||||||
1,412 | Xcel Energy, Inc. | 69,922 | ||||||
|
| |||||||
2,398,020 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $22,448,604) | 25,258,596 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
66,593 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(e) (Cost $66,593) | 66,593 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $22,515,197)—100.3% | 25,325,189 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.1% | ||||||||
795,087 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(e)(f) (Cost $795,087) | 795,087 | ||||||
|
| |||||||
Total Investments in Securities (Cost $23,310,284)—103.4% | 26,120,276 | |||||||
Other assets less liabilities—(3.4)% | (850,371 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 25,269,905 | ||||||
|
|
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, 2017. |
(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. |
(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, 2017. |
(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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
PowerShares Russell Midcap Pure Growth Portfolio (PXMG)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 44.5 | |||
Consumer Discretionary | 18.0 | |||
Health Care | 16.2 | |||
Industrials | 9.6 | |||
Financials | 5.9 | |||
Consumer Staples | 3.3 | |||
Real Estate | 1.3 | |||
Materials | 1.2 | |||
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—18.0% | ||||||||
10,299 | AMC Networks, Inc., Class A(b) | $ | 524,013 | |||||
802 | Cable One, Inc. | 569,268 | ||||||
3,143 | Chipotle Mexican Grill, Inc.(b) | 854,582 | ||||||
1,701 | Delphi Automotive PLC | 169,045 | ||||||
3,758 | Domino’s Pizza, Inc. | 687,714 | ||||||
7,500 | Expedia, Inc. | 934,950 | ||||||
11,459 | Floor & Decor Holdings, Inc., Class A(b) | 432,004 | ||||||
7,595 | Hilton Grand Vacations, Inc.(b) | 311,091 | ||||||
18,684 | Lululemon Athletica, Inc.(b) | 1,149,253 | ||||||
445 | NVR, Inc.(b) | 1,460,210 | ||||||
4,909 | O’Reilly Automotive, Inc.(b) | 1,035,554 | ||||||
15,060 | Polaris Industries, Inc.(c) | 1,783,556 | ||||||
9,632 | Pool Corp. | 1,163,353 | ||||||
8,155 | Ross Stores, Inc. | 517,761 | ||||||
4,893 | Ulta Beauty, Inc.(b) | 987,358 | ||||||
3,324 | Vail Resorts, Inc. | 761,262 | ||||||
10,633 | Wyndham Worldwide Corp. | 1,136,136 | ||||||
|
| |||||||
14,477,110 | ||||||||
|
| |||||||
Consumer Staples—3.3% | ||||||||
65,527 | Blue Buffalo Pet Products, Inc.(b)(c) | 1,895,696 | ||||||
4,941 | Energizer Holdings, Inc. | 212,414 | ||||||
30,227 | Sprouts Farmers Market, Inc.(b) | 558,897 | ||||||
|
| |||||||
2,667,007 | ||||||||
|
| |||||||
Financials—5.9% | ||||||||
3,835 | Eaton Vance Corp. | 193,552 | ||||||
6,252 | FactSet Research Systems, Inc. | 1,187,067 | ||||||
7,708 | MarketAxess Holdings, Inc. | 1,341,192 | ||||||
11,713 | MSCI, Inc., Class A | 1,374,638 | ||||||
9,947 | SEI Investments Co. | 641,681 | ||||||
|
| |||||||
4,738,130 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care—16.2% | ||||||||
11,317 | ABIOMED, Inc.(b) | $ | 2,183,276 | |||||
7,586 | Align Technology, Inc.(b) | 1,812,902 | ||||||
5,386 | Alkermes PLC(b) | 262,621 | ||||||
5,876 | athenahealth, Inc.(b) | 751,423 | ||||||
2,309 | BioMarin Pharmaceutical, Inc.(b) | 189,546 | ||||||
13,854 | Bioverativ, Inc.(b) | 782,751 | ||||||
241 | C.R. Bard, Inc. | 78,824 | ||||||
3,117 | Cerner Corp.(b) | 210,460 | ||||||
6,804 | Charles River Laboratories International, Inc.(b) | 791,237 | ||||||
7,937 | DexCom, Inc.(b) | 356,927 | ||||||
9,787 | Edwards Lifesciences Corp.(b) | 1,000,525 | ||||||
2,374 | Henry Schein, Inc.(b) | 186,596 | ||||||
8,822 | Illumina, Inc.(b) | 1,810,186 | ||||||
9,417 | Ionis Pharmaceuticals, Inc.(b) | 537,805 | ||||||
1,282 | Mettler-Toledo International, Inc.(b) | 875,132 | ||||||
2,865 | Neurocrine Biosciences, Inc.(b) | 177,945 | ||||||
12,646 | Seattle Genetics, Inc.(b) | 775,326 | ||||||
837 | TESARO, Inc.(b) | 96,899 | ||||||
1,779 | West Pharmaceutical Services, Inc. | 180,391 | ||||||
|
| |||||||
13,060,772 | ||||||||
|
| |||||||
Industrials—9.6% | ||||||||
40,703 | Copart, Inc.(b) | 1,477,112 | ||||||
339 | Equifax, Inc. | 36,792 | ||||||
6,461 | Graco, Inc. | 851,495 | ||||||
17,977 | HD Supply Holdings, Inc.(b) | 636,206 | ||||||
10,980 | HEICO Corp. | 995,667 | ||||||
8,421 | J.B. Hunt Transport Services, Inc. | 895,910 | ||||||
51 | Landstar System, Inc. | 5,036 | ||||||
9,616 | Middleby Corp. (The)(b) | 1,114,494 | ||||||
6,390 | Nordson Corp. | 809,549 | ||||||
7,672 | Toro Co. (The) | 482,185 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
PowerShares Russell Midcap Pure Growth Portfolio (PXMG) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,393 | United Rentals, Inc.(b) | $ | 197,082 | |||||
5,931 | Univar, Inc.(b) | 176,447 | ||||||
|
| |||||||
7,677,975 | ||||||||
|
| |||||||
Information Technology—44.5% | ||||||||
3,843 | Alliance Data Systems Corp. | 859,794 | ||||||
1,484 | Analog Devices, Inc. | 135,489 | ||||||
6,386 | Arista Networks, Inc.(b) | 1,276,498 | ||||||
13,993 | Atlassian Corp. PLC, Class A (Australia)(b) | 676,841 | ||||||
16,533 | Black Knight, Inc.(b) | 749,772 | ||||||
13,506 | Broadridge Financial Solutions, Inc. | 1,160,435 | ||||||
18,067 | Cavium, Inc.(b) | 1,246,442 | ||||||
18,689 | CDK Global, Inc. | 1,187,873 | ||||||
10,741 | Cognex Corp. | 1,322,754 | ||||||
2,731 | Coherent, Inc.(b) | 717,461 | ||||||
2,327 | CoStar Group, Inc.(b) | 688,210 | ||||||
8,572 | Euronet Worldwide, Inc.(b) | 828,398 | ||||||
3,519 | F5 Networks, Inc.(b) | 426,749 | ||||||
59,477 | First Data Corp., Class A(b) | 1,059,285 | ||||||
3,820 | Fiserv, Inc.(b) | 494,423 | ||||||
1,955 | FleetCor Technologies, Inc.(b) | 323,103 | ||||||
33,561 | Fortinet, Inc.(b) | 1,322,639 | ||||||
5,626 | Gartner, Inc.(b) | 704,994 | ||||||
13,858 | Global Payments, Inc. | 1,440,539 | ||||||
10,619 | GoDaddy, Inc., Class A(b) | 495,907 | ||||||
3,735 | IAC/InterActiveCorp.(b) | 482,002 | ||||||
1,845 | IPG Photonics Corp.(b) | 392,819 | ||||||
3,090 | Jack Henry & Associates, Inc. | 340,302 | ||||||
13,215 | Match Group, Inc.(b)(c) | 353,369 | ||||||
6,629 | Microchip Technology, Inc. | 628,429 | ||||||
8,833 | Palo Alto Networks, Inc.(b) | 1,300,218 | ||||||
4,190 | Paychex, Inc. | 267,280 | ||||||
14,454 | Red Hat, Inc.(b) | 1,746,477 | ||||||
13,369 | ServiceNow, Inc.(b) | 1,689,441 | ||||||
5,113 | Skyworks Solutions, Inc. | 582,166 | ||||||
17,306 | Splunk, Inc.(b) | 1,164,694 | ||||||
12,330 | Square, Inc., Class A(b) | 458,553 | ||||||
13,815 | Take-Two Interactive Software, Inc.(b) | 1,528,630 | ||||||
14,072 | Total System Services, Inc. | 1,013,888 | ||||||
7,490 | Tyler Technologies, Inc.(b) | 1,327,902 | ||||||
6,301 | Ultimate Software Group, Inc. (The)(b) | 1,276,520 | ||||||
12,589 | Universal Display Corp. | 1,844,288 | ||||||
10,912 | Workday, Inc., Class A(b) | 1,211,123 | ||||||
8,862 | Zebra Technologies Corp., Class A(b) | 1,027,903 | ||||||
|
| |||||||
35,753,610 | ||||||||
|
| |||||||
Materials—1.2% | ||||||||
8,130 | Packaging Corp. of America | 945,275 | ||||||
|
| |||||||
Real Estate—1.3% | ||||||||
8,090 | CoreSite Realty Corp. REIT | 895,968 | ||||||
1,156 | SBA Communications Corp. REIT(b) | 181,700 | ||||||
|
| |||||||
1,077,668 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $65,192,336) | 80,397,547 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
87,218 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $87,218) | $ | 87,218 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $65,279,554)—100.1% | 80,484,765 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.3% | ||||||||
3,426,243 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $3,426,243) | 3,426,243 | ||||||
|
| |||||||
Total Investments in Securities (Cost $68,705,797)—104.4% | 83,911,008 | |||||||
Other assets less liabilities—(4.4)% | (3,517,432 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 80,393,576 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
PowerShares Russell Midcap Pure Value Portfolio (PXMV)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Utilities | 19.4 | |||
Financials | 17.9 | |||
Real Estate | 15.5 | |||
Consumer Discretionary | 10.3 | |||
Industrials | 8.8 | |||
Information Technology | 8.7 | |||
Materials | 6.4 | |||
Health Care | 3.5 | |||
Consumer Staples | 3.5 | |||
Energy | 3.4 | |||
Telecommunication Services | 2.6 | |||
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—10.3% | ||||||||
5,685 | Adient PLC | $ | 479,587 | |||||
3,568 | GameStop Corp., Class A | 66,686 | ||||||
6,716 | Garmin Ltd. | 380,193 | ||||||
254 | Graham Holdings Co., Class B | 141,338 | ||||||
454 | Hyatt Hotels Corp., Class A(b) | 28,448 | ||||||
37,829 | International Game Technology PLC | 888,981 | ||||||
5,587 | John Wiley & Sons, Inc., Class A | 305,330 | ||||||
793 | Kohl’s Corp. | 33,116 | ||||||
5,219 | Liberty Broadband Corp., Class C(b) | 455,566 | ||||||
16,125 | Liberty Media Corp.-Liberty Formula One, Class C(b) | 615,007 | ||||||
1,225 | Liberty Ventures, Series A(b) | 69,776 | ||||||
9,352 | Macy’s, Inc. | 175,443 | ||||||
22,171 | News Corp., Class A | 302,856 | ||||||
2,039 | PVH Corp. | 258,566 | ||||||
7,100 | Ralph Lauren Corp., Class A | 634,953 | ||||||
37,940 | TEGNA, Inc. | 464,006 | ||||||
9,386 | Tribune Media Co., Class A | 384,169 | ||||||
|
| |||||||
5,684,021 | ||||||||
|
| |||||||
Consumer Staples—3.5% | ||||||||
36,836 | Coty, Inc., Class A | 567,275 | ||||||
6,080 | Edgewell Personal Care Co.(b) | 394,774 | ||||||
1,304 | Ingredion, Inc. | 163,456 | ||||||
100 | Seaboard Corp. | 440,012 | ||||||
4,521 | Tyson Foods, Inc., Class A | 329,626 | ||||||
1,111 | US Foods Holding Corp.(b) | 30,308 | ||||||
|
| |||||||
1,925,451 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy—3.4% | ||||||||
634 | Andeavor | $ | 67,356 | |||||
40 | Baker Hughes a GE Co. | 1,257 | ||||||
2,256 | CONSOL Energy, Inc.(b) | 36,389 | ||||||
1,495 | Helmerich & Payne, Inc.(c) | 81,194 | ||||||
700 | Hess Corp. | 30,912 | ||||||
9,838 | Nabors Industries Ltd. | 55,388 | ||||||
2,639 | National Oilwell Varco, Inc. | 90,227 | ||||||
25,682 | Oceaneering International, Inc. | 519,290 | ||||||
3,665 | Patterson-UTI Energy, Inc. | 72,494 | ||||||
631 | PBF Energy, Inc., Class A(c) | 18,280 | ||||||
85,074 | Transocean Ltd.(b) | 893,277 | ||||||
|
| |||||||
1,866,064 | ||||||||
|
| |||||||
Financials—17.9% | ||||||||
32,349 | AGNC Investment Corp. REIT | 651,185 | ||||||
46 | Alleghany Corp.(b) | 26,046 | ||||||
331 | Ally Financial, Inc. | 8,649 | ||||||
1,549 | American National Insurance Co. | 188,560 | ||||||
63,946 | Annaly Capital Management, Inc. REIT | 732,821 | ||||||
2,743 | Bank of Hawaii Corp. | 223,856 | ||||||
15,005 | CNA Financial Corp. | 812,221 | ||||||
1,030 | Commerce Bancshares, Inc. | 59,905 | ||||||
6,327 | E*TRADE Financial Corp.(b) | 275,794 | ||||||
9,915 | Fifth Third Bancorp | 286,544 | ||||||
2,492 | First American Financial Corp. | 135,615 | ||||||
10,308 | First Hawaiian, Inc. | 301,406 | ||||||
7,809 | FNF Group | 292,213 | ||||||
395 | Hartford Financial Services Group, Inc. (The) | 21,745 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
PowerShares Russell Midcap Pure Value Portfolio (PXMV) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,445 | Interactive Brokers Group, Inc., Class A | $ | 78,059 | |||||
7,320 | Loews Corp. | 362,413 | ||||||
942 | M&T Bank Corp. | 157,097 | ||||||
90,919 | MFA Financial, Inc. REIT | 749,173 | ||||||
19,977 | Navient Corp. | 248,913 | ||||||
55,468 | New York Community Bancorp, Inc. | 696,678 | ||||||
30,970 | Old Republic International Corp. | 628,381 | ||||||
1,498 | OneMain Holdings, Inc.(b) | 47,591 | ||||||
13,150 | PacWest Bancorp | 635,408 | ||||||
8,980 | Popular, Inc. | 329,386 | ||||||
755 | Principal Financial Group, Inc. | 49,717 | ||||||
4,687 | ProAssurance Corp. | 262,706 | ||||||
4,688 | Prosperity Bancshares, Inc. | 308,377 | ||||||
10,149 | Regions Financial Corp. | 157,107 | ||||||
4,627 | SunTrust Banks, Inc. | 278,592 | ||||||
32,207 | TCF Financial Corp. | 586,812 | ||||||
2,513 | TFS Financial Corp. | 38,750 | ||||||
10,708 | Two Harbors Investment Corp. REIT | 104,938 | ||||||
579 | Unum Group | 30,131 | ||||||
460 | Validus Holdings Ltd. | 23,957 | ||||||
48 | White Mountains Insurance Group Ltd. | 42,679 | ||||||
|
| |||||||
9,833,425 | ||||||||
|
| |||||||
Health Care—3.5% | ||||||||
21,928 | Brookdale Senior Living, Inc.(b) | 219,938 | ||||||
8,402 | DENTSPLY Sirona, Inc. | 513,110 | ||||||
55,815 | Endo International PLC(b) | 356,100 | ||||||
16,972 | Mallinckrodt PLC(b) | 537,503 | ||||||
2,116 | Perrigo Co. PLC | 171,375 | ||||||
4,291 | VWR Corp.(b) | 142,032 | ||||||
|
| |||||||
1,940,058 | ||||||||
|
| |||||||
Industrials—8.8% | ||||||||
4,192 | AGCO Corp. | 287,445 | ||||||
2,186 | Carlisle Cos., Inc. | 240,088 | ||||||
1,619 | Colfax Corp.(b) | 67,529 | ||||||
1,027 | Fluor Corp. | 44,253 | ||||||
11,967 | ITT, Inc. | 558,141 | ||||||
9,684 | Jacobs Engineering Group, Inc. | 563,706 | ||||||
4,273 | JetBlue Airways Corp.(b) | 81,828 | ||||||
10,979 | Kirby Corp.(b) | 777,862 | ||||||
1,081 | L3 Technologies, Inc. | 202,342 | ||||||
2,761 | Macquarie Infrastructure Corp. | 192,028 | ||||||
3,641 | Oshkosh Corp. | 333,370 | ||||||
1,092 | PACCAR, Inc. | 78,329 | ||||||
6,602 | Regal Beloit Corp. | 535,752 | ||||||
6,381 | Ryder System, Inc. | 517,371 | ||||||
2,277 | United Continental Holdings, Inc.(b) | 133,159 | ||||||
3,657 | WESCO International, Inc.(b) | 230,940 | ||||||
|
| |||||||
4,844,143 | ||||||||
|
| |||||||
Information Technology—8.7% | ||||||||
20,153 | Avnet, Inc. | 802,089 | ||||||
21,699 | Brocade Communications Systems, Inc. | 252,793 | ||||||
10,984 | CA, Inc. | 355,662 | ||||||
43,069 | Conduent, Inc.(b) | 666,708 | ||||||
12,608 | EchoStar Corp., Class A(b) | 705,418 | ||||||
17,546 | First Solar, Inc.(b) | 961,872 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
7,317 | Leidos Holdings, Inc. | $ | 457,459 | |||||
18,458 | Xerox Corp. | 559,462 | ||||||
|
| |||||||
4,761,463 | ||||||||
|
| |||||||
Materials—6.4% | ||||||||
889 | Alcoa Corp.(b) | 42,476 | ||||||
11,433 | Ashland Global Holdings, Inc. | 777,215 | ||||||
3,020 | Bemis Co., Inc. | 135,960 | ||||||
2,129 | Cabot Corp. | 129,784 | ||||||
1,015 | Domtar Corp. | 48,030 | ||||||
8,960 | Mosaic Co. (The) | 200,166 | ||||||
21,259 | Newmont Mining Corp. | 768,726 | ||||||
559 | Sonoco Products Co. | 28,951 | ||||||
70,974 | Tahoe Resources, Inc. | 340,675 | ||||||
11,713 | United States Steel Corp. | 296,573 | ||||||
20,023 | Valvoline, Inc. | 480,953 | ||||||
4,552 | WestRock Co. | 279,174 | ||||||
|
| |||||||
3,528,683 | ||||||||
|
| |||||||
Real Estate—15.5% | ||||||||
178 | Alexandria Real Estate Equities, Inc. REIT | 22,065 | ||||||
20,078 | Brandywine Realty Trust REIT | 351,164 | ||||||
37,525 | Brixmor Property Group, Inc. REIT | 655,562 | ||||||
8,445 | CoreCivic, Inc. REIT | 208,254 | ||||||
5,560 | Corporate Office Properties Trust REIT | 177,531 | ||||||
7,322 | DCT Industrial Trust, Inc. REIT | 424,822 | ||||||
61,884 | DDR Corp. REIT | 474,650 | ||||||
16,946 | Duke Realty Corp. REIT | 482,622 | ||||||
1,957 | EPR Properties REIT | 135,385 | ||||||
17,563 | Equity Commonwealth REIT(b) | 527,768 | ||||||
4,425 | Forest City Realty Trust, Inc., Class A REIT | 108,988 | ||||||
16,742 | GGP, Inc. REIT | 325,799 | ||||||
2,914 | HCP, Inc. REIT | 75,298 | ||||||
4,498 | Highwoods Properties, Inc. REIT | 229,623 | ||||||
30,071 | Host Hotels & Resorts, Inc. REIT | 588,189 | ||||||
5,656 | Invitation Homes, Inc. REIT(c) | 127,656 | ||||||
1,860 | Kimco Realty Corp. REIT | 33,778 | ||||||
10,564 | Liberty Property Trust REIT | 452,984 | ||||||
2,931 | Macerich Co. (The) REIT | 160,033 | ||||||
2,453 | Mid-America Apartment Communities, Inc. REIT | 251,065 | ||||||
11,109 | National Retail Properties, Inc. REIT | 446,360 | ||||||
292 | Omega Healthcare Investors, Inc. REIT(c) | 8,427 | ||||||
2,649 | Prologis, Inc. REIT | 171,072 | ||||||
18,409 | Rayonier, Inc. REIT | 551,902 | ||||||
9,954 | Senior Housing Properties Trust REIT | 183,154 | ||||||
2,234 | SL Green Realty Corp. REIT | 213,749 | ||||||
31 | UDR, Inc. REIT | 1,202 | ||||||
13,219 | Uniti Group, Inc. REIT | 231,333 | ||||||
2,288 | Ventas, Inc. REIT | 143,572 | ||||||
38,261 | VEREIT, Inc. REIT | 301,879 | ||||||
2,414 | Weingarten Realty Investors REIT | 73,506 | ||||||
6,114 | WP Carey, Inc. REIT | 416,669 | ||||||
|
| |||||||
8,556,061 | ||||||||
|
| |||||||
Telecommunication Services—2.6% | ||||||||
32,200 | CenturyLink, Inc.(c) | 611,478 | ||||||
13,055 | Telephone & Data Systems, Inc. | 380,553 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Telecommunication Services (continued) | ||||||||
11,618 | United States Cellular Corp.(b) | $ | 425,103 | |||||
|
| |||||||
1,417,134 | ||||||||
|
| |||||||
Utilities—19.4% | ||||||||
6,678 | Alliant Energy Corp. | 288,890 | ||||||
9,052 | Ameren Corp. | 561,133 | ||||||
834 | American Water Works Co., Inc. | 73,192 | ||||||
183 | Aqua America, Inc. | 6,493 | ||||||
5,296 | Atmos Energy Corp. | 462,023 | ||||||
8,844 | Avangrid, Inc. | 457,500 | ||||||
1,298 | Calpine Corp.(b) | 19,392 | ||||||
7,044 | Consolidated Edison, Inc. | 606,136 | ||||||
1,041 | DTE Energy Co. | 114,989 | ||||||
7,388 | Edison International | 590,671 | ||||||
5,349 | Entergy Corp. | 461,405 | ||||||
8,045 | Eversource Energy | 503,939 | ||||||
19,712 | FirstEnergy Corp. | 649,510 | ||||||
19,215 | Great Plains Energy, Inc. | 630,828 | ||||||
13,311 | Hawaiian Electric Industries, Inc. | 485,319 | ||||||
7,812 | MDU Resources Group, Inc. | 213,658 | ||||||
2,696 | National Fuel Gas Co. | 156,503 | ||||||
16,414 | NiSource, Inc. | 432,837 | ||||||
4,392 | OGE Energy Corp. | 161,801 | ||||||
6,381 | Pinnacle West Capital Corp. | 559,678 | ||||||
9,618 | PPL Corp. | 361,252 | ||||||
9,338 | Public Service Enterprise Group, Inc. | 459,430 | ||||||
8,296 | SCANA Corp. | 357,889 | ||||||
939 | Sempra Energy | 110,333 | ||||||
2,212 | UGI Corp. | 105,866 | ||||||
212 | Vectren Corp. | 14,446 | ||||||
35,685 | Vistra Energy Corp. | 693,716 | ||||||
1,987 | WEC Energy Group, Inc. | 133,904 | ||||||
8,770 | Westar Energy, Inc. | 469,020 | ||||||
11,384 | Xcel Energy, Inc. | 563,736 | ||||||
|
| |||||||
10,705,489 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $53,929,907) | 55,061,992 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
61,654 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $61,654) | 61,654 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $53,991,561)—100.1% | 55,123,646 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.4% | ||||||||
788,197 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $788,197) | $ | 788,197 | |||||
|
| |||||||
Total Investments in Securities (Cost $54,779,758)—101.5% | 55,911,843 | |||||||
Other assets less liabilities—(1.5)% | (838,467 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 55,073,376 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown as of October 31, 2017 | ||||
Information Technology | 13.8 | |||
Consumer Staples | 12.1 | |||
Materials | 11.3 | |||
Energy | 11.0 | |||
Health Care | 10.9 | |||
Industrials | 10.1 | |||
Consumer Discretionary | 9.5 | |||
Financials | 8.6 | |||
Utilities | 7.1 | |||
Telecommunication Services | 3.9 | |||
Real Estate | 1.7 | |||
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% | ||||||||
Consumer Discretionary—9.5% | ||||||||
213 | Amazon.com, Inc.(b) | $ | 235,425 | |||||
3,160 | Carnival Corp. | 209,792 | ||||||
3,738 | CBS Corp., Class B | 209,777 | ||||||
594 | Charter Communications, Inc., Class A(b) | 198,497 | ||||||
5,875 | Comcast Corp., Class A | 211,676 | ||||||
4,308 | DISH Network Corp., Class A(b) | 209,110 | ||||||
17,427 | Ford Motor Co. | 213,829 | ||||||
4,706 | General Motors Co. | 202,264 | ||||||
1,284 | Home Depot, Inc. (The) | 212,862 | ||||||
3,424 | Las Vegas Sands Corp. | 217,013 | ||||||
2,589 | Lowe’s Cos., Inc. | 206,991 | ||||||
1,845 | Marriott International, Inc., Class A | 220,441 | ||||||
1,291 | McDonald’s Corp. | 215,481 | ||||||
1,079 | Netflix, Inc.(b) | 211,948 | ||||||
4,155 | NIKE, Inc., Class B | 228,483 | ||||||
112 | Priceline Group, Inc. (The)(b) | 214,140 | ||||||
3,774 | Starbucks Corp. | 206,966 | ||||||
3,509 | Target Corp. | 207,171 | ||||||
594 | Tesla, Inc.(b) | 196,929 | ||||||
2,083 | Time Warner, Inc. | 204,738 | ||||||
2,943 | TJX Cos., Inc. (The) | 205,421 | ||||||
8,080 | Twenty-First Century Fox, Inc., Class A | 211,292 | ||||||
2,179 | Walt Disney Co. (The) | 213,128 | ||||||
2,765 | Yum! Brands, Inc. | 205,854 | ||||||
|
| |||||||
5,069,228 | ||||||||
|
| |||||||
Consumer Staples—12.1% | ||||||||
5,324 | Altria Group, Inc. | 341,907 | ||||||
8,009 | Archer-Daniels-Midland Co. | 327,328 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
7,545 | Coca-Cola Co. (The) | $ | 346,919 | |||||
4,629 | Colgate-Palmolive Co. | 326,113 | ||||||
1,677 | Constellation Brands, Inc., Class A | 367,414 | ||||||
1,343 | Costco Wholesale Corp. | 216,330 | ||||||
4,715 | CVS Health Corp. | 323,119 | ||||||
1,930 | Estee Lauder Cos., Inc. (The), Class A | 215,793 | ||||||
6,785 | General Mills, Inc. | 352,277 | ||||||
2,959 | Kimberly-Clark Corp. | 332,917 | ||||||
4,452 | Kraft Heinz Co. (The) | 344,273 | ||||||
16,566 | Kroger Co. (The) | 342,916 | ||||||
8,321 | Mondelez International, Inc., Class A | 344,739 | ||||||
6,217 | Monster Beverage Corp.(b) | 360,151 | ||||||
3,094 | PepsiCo, Inc. | 341,052 | ||||||
3,038 | Philip Morris International, Inc. | 317,896 | ||||||
3,775 | Procter & Gamble Co. (The) | 325,934 | ||||||
6,409 | Sysco Corp. | 356,469 | ||||||
5,042 | Walgreens Boots Alliance, Inc. | 334,133 | ||||||
2,454 | Wal-Mart Stores, Inc. | 214,259 | ||||||
|
| |||||||
6,431,939 | ||||||||
|
| |||||||
Energy—11.0% | ||||||||
10,326 | Anadarko Petroleum Corp. | 509,795 | ||||||
4,137 | Chevron Corp. | 479,437 | ||||||
9,894 | ConocoPhillips | 506,078 | ||||||
5,099 | EOG Resources, Inc. | 509,237 | ||||||
5,979 | Exxon Mobil Corp. | 498,350 | ||||||
11,011 | Halliburton Co. | 470,610 | ||||||
26,104 | Kinder Morgan, Inc. | 472,743 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | �� | |||||||
Energy (continued) | ||||||||
7,674 | Occidental Petroleum Corp. | $ | 495,510 | |||||
5,224 | Phillips 66 | 475,802 | ||||||
3,370 | Pioneer Natural Resources Co. | 504,388 | ||||||
7,324 | Schlumberger Ltd. | 468,736 | ||||||
6,326 | Valero Energy Corp. | 499,058 | ||||||
|
| |||||||
5,889,744 | ||||||||
|
| |||||||
Financials—8.6% | ||||||||
1,807 | Aflac, Inc. | 151,589 | ||||||
1,640 | Allstate Corp. (The) | 153,930 | ||||||
1,655 | American Express Co. | 158,086 | ||||||
2,424 | American International Group, Inc. | 156,615 | ||||||
1,017 | Aon PLC | 145,868 | ||||||
5,959 | Bank of America Corp. | 163,217 | ||||||
2,770 | Bank of New York Mellon Corp. (The) | 142,517 | ||||||
3,237 | BB&T Corp. | 159,390 | ||||||
816 | Berkshire Hathaway, Inc., Class B(b) | 152,543 | ||||||
316 | BlackRock, Inc. | 148,782 | ||||||
2,509 | Brighthouse Financial, Inc.(b) | 156,010 | ||||||
1,795 | Capital One Financial Corp. | 165,463 | ||||||
3,369 | Charles Schwab Corp. (The) | 151,066 | ||||||
1,035 | Chubb Ltd. | 156,099 | ||||||
2,097 | Citigroup, Inc. | 154,130 | ||||||
1,101 | CME Group, Inc. | 151,024 | ||||||
3,385 | Franklin Resources, Inc. | 142,610 | ||||||
633 | Goldman Sachs Group, Inc. (The) | 153,490 | ||||||
2,169 | Intercontinental Exchange, Inc. | 143,371 | ||||||
1,581 | JPMorgan Chase & Co. | 159,064 | ||||||
1,815 | Marsh & McLennan Cos., Inc. | 146,888 | ||||||
2,876 | MetLife, Inc. | 154,096 | ||||||
3,121 | Morgan Stanley | 156,050 | ||||||
1,122 | PNC Financial Services Group, Inc. (The) | 153,478 | ||||||
1,389 | Prudential Financial, Inc. | 153,429 | ||||||
941 | S&P Global, Inc. | 147,238 | ||||||
1,539 | State Street Corp. | 141,588 | ||||||
1,204 | Travelers Cos., Inc. (The) | 159,470 | ||||||
2,809 | U.S. Bancorp | 152,753 | ||||||
2,747 | Wells Fargo & Co. | 154,217 | ||||||
|
| |||||||
4,584,071 | ||||||||
|
| |||||||
Health Care—10.9% | ||||||||
3,489 | Abbott Laboratories | 189,208 | ||||||
2,088 | AbbVie, Inc. | 188,442 | ||||||
1,237 | Aetna, Inc. | 210,327 | ||||||
1,349 | Alexion Pharmaceuticals, Inc.(b) | 161,421 | ||||||
935 | Allergan PLC | 165,710 | ||||||
1,046 | Amgen, Inc. | 183,280 | ||||||
1,007 | Anthem, Inc. | 210,674 | ||||||
3,051 | Baxter International, Inc. | 196,698 | ||||||
960 | Becton, Dickinson and Co. | 200,323 | ||||||
574 | Biogen, Inc.(b) | 178,893 | ||||||
6,483 | Boston Scientific Corp.(b) | 182,432 | ||||||
2,921 | Bristol-Myers Squibb Co. | 180,109 | ||||||
1,377 | Celgene Corp.(b) | 139,036 | ||||||
1,020 | Cigna Corp. | 201,164 | ||||||
2,192 | Danaher Corp. | 202,256 | ||||||
2,208 | Eli Lilly & Co. | 180,924 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
3,308 | Express Scripts Holding Co.(b) | $ | 202,747 | |||||
2,347 | Gilead Sciences, Inc. | 175,931 | ||||||
2,570 | HCA Healthcare, Inc.(b) | 194,421 | ||||||
790 | Humana, Inc. | 201,727 | ||||||
528 | Intuitive Surgical, Inc.(b) | 198,190 | ||||||
1,396 | Johnson & Johnson | 194,616 | ||||||
1,266 | McKesson Corp. | 174,556 | ||||||
2,448 | Medtronic PLC | 197,113 | ||||||
2,989 | Merck & Co., Inc. | 164,664 | ||||||
5,248 | Pfizer, Inc. | 183,995 | ||||||
427 | Regeneron Pharmaceuticals, Inc.(b) | 171,919 | ||||||
1,304 | Stryker Corp. | 201,951 | ||||||
988 | Thermo Fisher Scientific, Inc. | 191,504 | ||||||
991 | UnitedHealth Group, Inc. | 208,328 | ||||||
1,239 | Vertex Pharmaceuticals, Inc.(b) | 181,179 | ||||||
|
| |||||||
5,813,738 | ||||||||
|
| |||||||
Industrials—10.1% | ||||||||
1,088 | 3M Co. | 250,447 | ||||||
905 | Boeing Co. (The) | 233,472 | ||||||
1,822 | Caterpillar, Inc. | 247,428 | ||||||
4,416 | CSX Corp. | 222,699 | ||||||
1,843 | Deere & Co. | 244,898 | ||||||
4,455 | Delta Air Lines, Inc. | 222,884 | ||||||
3,006 | Eaton Corp. PLC | 240,540 | ||||||
3,703 | Emerson Electric Co. | 238,695 | ||||||
1,051 | FedEx Corp. | 237,326 | ||||||
1,109 | General Dynamics Corp. | 225,105 | ||||||
10,263 | General Electric Co. | 206,902 | ||||||
1,653 | Honeywell International, Inc. | 238,296 | ||||||
1,545 | Illinois Tool Works, Inc. | 241,823 | ||||||
5,716 | Johnson Controls International PLC | 236,585 | ||||||
738 | Lockheed Martin Corp. | 227,422 | ||||||
1,771 | Norfolk Southern Corp. | 232,745 | ||||||
794 | Northrop Grumman Corp. | 234,651 | ||||||
1,252 | Raytheon Co. | 225,610 | ||||||
4,023 | Southwest Airlines Co. | 216,679 | ||||||
2,081 | Union Pacific Corp. | 240,959 | ||||||
1,979 | United Parcel Service, Inc., Class B | 232,592 | ||||||
1,991 | United Technologies Corp. | 238,442 | ||||||
3,075 | Waste Management, Inc. | 252,673 | ||||||
|
| |||||||
5,388,873 | ||||||||
|
| |||||||
Information Technology—13.8% | ||||||||
1,699 | Accenture PLC, Class A | 241,870 | ||||||
3,812 | Activision Blizzard, Inc. | 249,648 | ||||||
1,541 | Adobe Systems, Inc.(b) | 269,922 | ||||||
239 | Alphabet, Inc., Class C(b) | 242,977 | ||||||
1,516 | Apple, Inc. | 256,265 | ||||||
4,439 | Applied Materials, Inc. | 250,493 | ||||||
2,085 | Automatic Data Processing, Inc. | 242,402 | ||||||
951 | Broadcom Ltd. | 250,978 | ||||||
7,114 | Cisco Systems, Inc. | 242,943 | ||||||
3,194 | Cognizant Technology Solutions Corp., Class A | 241,690 | ||||||
7,902 | Corning, Inc. | 247,412 | ||||||
5,545 | eBay, Inc.(b) | 208,714 | ||||||
2,020 | Electronic Arts, Inc.(b) | 241,592 | ||||||
1,373 | Facebook, Inc., Class A(b) | 247,222 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
15,984 | Hewlett Packard Enterprise Co. | $ | 222,497 | |||||
11,597 | HP, Inc. | 249,915 | ||||||
6,036 | Intel Corp. | 274,578 | ||||||
1,609 | International Business Machines Corp. | 247,882 | ||||||
1,624 | Intuit, Inc. | 245,256 | ||||||
1,035 | Mastercard, Inc., Class A | 153,977 | ||||||
5,832 | Micron Technology, Inc.(b) | 258,416 | ||||||
3,068 | Microsoft Corp. | 255,196 | ||||||
1,238 | NVIDIA Corp. | 256,031 | ||||||
2,054 | NXP Semiconductors NV (Netherlands)(b) | 240,421 | ||||||
4,905 | Oracle Corp. | 249,664 | ||||||
2,203 | PayPal Holdings, Inc.(b) | 159,850 | ||||||
4,463 | QUALCOMM, Inc. | 227,658 | ||||||
2,447 | salesforce.com, inc.(b) | 250,426 | ||||||
2,554 | Texas Instruments, Inc. | 246,946 | ||||||
1,403 | Visa, Inc., Class A | 154,302 | ||||||
2,092 | VMware, Inc., Class A(b) | 250,391 | ||||||
|
| |||||||
7,377,534 | ||||||||
|
| |||||||
Materials—11.3% | ||||||||
4,821 | Air Products & Chemicals, Inc. | 768,612 | ||||||
10,354 | DowDuPont, Inc. | 748,698 | ||||||
5,521 | Ecolab, Inc. | 721,374 | ||||||
7,580 | LyondellBasell Industries NV, Class A | 784,757 | ||||||
6,165 | Monsanto Co. | 746,581 | ||||||
6,519 | PPG Industries, Inc. | 757,769 | ||||||
5,211 | Praxair, Inc. | 761,431 | ||||||
1,927 | Sherwin-Williams Co. (The) | 761,454 | ||||||
|
| |||||||
6,050,676 | ||||||||
|
| |||||||
Real Estate—1.7% | ||||||||
1,084 | American Tower Corp. REIT | 155,738 | ||||||
1,471 | Crown Castle International Corp. REIT | 157,515 | ||||||
328 | Equinix, Inc. REIT | 152,028 | ||||||
2,256 | Equity Residential REIT | 151,739 | ||||||
699 | Public Storage REIT | 144,868 | ||||||
922 | Simon Property Group, Inc. REIT | 143,214 | ||||||
|
| |||||||
905,102 | ||||||||
|
| |||||||
Telecommunication Services—3.9% | ||||||||
14,993 | AT&T, Inc. | 504,514 | ||||||
75,301 | Sprint Corp.(b) | 492,469 | ||||||
8,774 | T-Mobile US, Inc.(b) | 524,422 | ||||||
11,120 | Verizon Communications, Inc. | 532,314 | ||||||
|
| |||||||
2,053,719 | ||||||||
|
| |||||||
Utilities—7.1% | ||||||||
7,331 | American Electric Power Co., Inc. | 545,500 | ||||||
6,838 | Dominion Energy, Inc. | 554,835 | ||||||
6,182 | Duke Energy Corp. | 545,932 | ||||||
13,807 | Exelon Corp. | 555,180 | ||||||
3,568 | NextEra Energy, Inc. | 553,290 | ||||||
8,336 | PG&E Corp. | 481,571 | ||||||
10,596 | Southern Co. (The) | 553,111 | ||||||
|
| |||||||
3,789,419 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $47,921,221) | 53,354,043 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
27,486 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $27,486) | $ | 27,486 | |||||
|
| |||||||
Total Investments in Securities (Cost $47,948,707)—100.0% | 53,381,529 | |||||||
Other assets less liabilities—(0.0)% | (15,836 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 53,365,693 | ||||||
|
|
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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
PowerShares Russell Top 200 Pure Growth Portfolio (PXLG)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 34.6 | |||
Consumer Discretionary | 23.7 | |||
Health Care | 14.2 | |||
Real Estate | 7.9 | |||
Consumer Staples | 7.8 | |||
Industrials | 6.1 | |||
Materials | 3.8 | |||
Financials | 1.8 | |||
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—23.7% | ||||||||
5,043 | Amazon.com, Inc.(b) | $ | 5,573,927 | |||||
25,874 | CBS Corp., Class B | 1,452,049 | ||||||
20,555 | Home Depot, Inc. (The) | 3,407,608 | ||||||
17,776 | Las Vegas Sands Corp. | 1,126,643 | ||||||
53,775 | Lowe’s Cos., Inc. | 4,299,311 | ||||||
35,215 | Marriott International, Inc., Class A | 4,207,488 | ||||||
4,420 | McDonald’s Corp. | 737,742 | ||||||
30,570 | Netflix, Inc.(b) | 6,004,865 | ||||||
37,894 | NIKE, Inc., Class B | 2,083,791 | ||||||
2,671 | Priceline Group, Inc. (The)(b) | 5,106,845 | ||||||
71,267 | Starbucks Corp. | 3,908,282 | ||||||
7,662 | Tesla, Inc.(b) | 2,540,183 | ||||||
49,623 | TJX Cos., Inc. (The) | 3,463,686 | ||||||
2,009 | Yum! Brands, Inc. | 149,570 | ||||||
|
| |||||||
44,061,990 | ||||||||
|
| |||||||
Consumer Staples—7.8% | ||||||||
1,840 | Altria Group, Inc. | 118,165 | ||||||
19,307 | Constellation Brands, Inc., Class A | 4,229,971 | ||||||
13,016 | Costco Wholesale Corp. | 2,096,617 | ||||||
10,339 | Estee Lauder Cos., Inc. (The), Class A | 1,156,003 | ||||||
84,342 | Monster Beverage Corp.(b) | 4,885,932 | ||||||
35,695 | Sysco Corp. | 1,985,356 | ||||||
|
| |||||||
14,472,044 | ||||||||
|
| |||||||
Financials—1.8% | ||||||||
7,628 | Aon PLC | 1,094,084 | ||||||
17,323 | Marsh & McLennan Cos., Inc. | 1,401,951 | ||||||
5,922 | S&P Global, Inc. | 926,615 | ||||||
|
| |||||||
3,422,650 | ||||||||
|
| |||||||
Health Care—14.2% | ||||||||
64,316 | AbbVie, Inc. | 5,804,519 | ||||||
15,905 | Becton, Dickinson and Co. | 3,318,896 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
35,347 | Boston Scientific Corp.(b) | $ | 994,665 | |||||
43,381 | Celgene Corp.(b) | 4,380,180 | ||||||
3,990 | Eli Lilly & Co. | 326,941 | ||||||
7,925 | Intuitive Surgical, Inc.(b) | 2,974,728 | ||||||
10,967 | Regeneron Pharmaceuticals, Inc.(b) | 4,415,533 | ||||||
12,946 | Stryker Corp. | 2,004,947 | ||||||
1,324 | UnitedHealth Group, Inc. | 278,331 | ||||||
13,322 | Vertex Pharmaceuticals, Inc.(b) | 1,948,076 | ||||||
|
| |||||||
26,446,816 | ||||||||
|
| |||||||
Industrials—6.1% | ||||||||
7,135 | 3M Co. | 1,642,406 | ||||||
19,140 | Boeing Co. (The) | 4,937,737 | ||||||
3,567 | Deere & Co. | 473,983 | ||||||
2,023 | FedEx Corp. | 456,814 | ||||||
3,749 | Illinois Tool Works, Inc. | 586,793 | ||||||
2,227 | Northrop Grumman Corp. | 658,145 | ||||||
21,481 | Southwest Airlines Co. | 1,156,967 | ||||||
11,825 | United Parcel Service, Inc., Class B | 1,389,792 | ||||||
|
| |||||||
11,302,637 | ||||||||
|
| |||||||
Information Technology—34.6% | ||||||||
11,726 | Accenture PLC, Class A | 1,669,313 | ||||||
19,955 | Activision Blizzard, Inc. | 1,306,853 | ||||||
19,365 | Adobe Systems, Inc.(b) | 3,391,973 | ||||||
670 | Alphabet, Inc., Class C(b) | 681,149 | ||||||
20,855 | Apple, Inc. | 3,525,329 | ||||||
89,150 | Applied Materials, Inc. | 5,030,734 | ||||||
26,249 | Automatic Data Processing, Inc. | 3,051,709 | ||||||
16,228 | Broadcom Ltd. | 4,282,731 | ||||||
23,846 | Cognizant Technology Solutions Corp., Class A | 1,804,427 | ||||||
12,811 | Electronic Arts, Inc.(b) | 1,532,196 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
PowerShares Russell Top 200 Pure Growth Portfolio (PXLG) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
25,370 | Facebook, Inc., Class A(b) | $ | 4,568,122 | |||||
25,423 | Intuit, Inc. | 3,839,381 | ||||||
40,480 | Mastercard, Inc., Class A | 6,022,210 | ||||||
23,871 | Microsoft Corp. | 1,985,590 | ||||||
26,334 | NVIDIA Corp. | 5,446,135 | ||||||
22,005 | PayPal Holdings, Inc.(b) | 1,596,683 | ||||||
56,191 | salesforce.com, inc.(b) | 5,750,587 | ||||||
11,384 | Texas Instruments, Inc. | 1,100,719 | ||||||
46,600 | Visa, Inc., Class A | 5,125,068 | ||||||
22,110 | VMware, Inc., Class A(b)(c) | 2,646,346 | ||||||
|
| |||||||
64,357,255 | ||||||||
|
| |||||||
Materials—3.8% | ||||||||
13,220 | Ecolab, Inc. | 1,727,325 | ||||||
15,124 | Monsanto Co. | 1,831,517 | ||||||
9,009 | Sherwin-Williams Co. (The) | 3,559,906 | ||||||
|
| |||||||
7,118,748 | ||||||||
|
| |||||||
Real Estate—7.9% | ||||||||
37,508 | American Tower Corp. REIT | 5,388,774 | ||||||
31,096 | Crown Castle International Corp. REIT | 3,329,760 | ||||||
10,001 | Equinix, Inc. REIT | 4,635,464 | ||||||
6,045 | Public Storage REIT | 1,252,826 | ||||||
|
| |||||||
14,606,824 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $148,099,826) | 185,788,964 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
121,483 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $121,483) | 121,483 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $148,221,309)—100.0% | 185,910,447 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.1% | ||||||||
2,009,000 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $2,009,000) | 2,009,000 | ||||||
|
| |||||||
Total Investments in Securities (Cost $150,230,309)—101.1% | 187,919,447 | |||||||
Other assets less liabilities—(1.1)% | (2,030,306 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 185,889,141 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
PowerShares Russell Top 200 Pure Value Portfolio (PXLV)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Financials | 34.7 | |||
Utilities | 15.1 | |||
Energy | 10.6 | |||
Consumer Discretionary | 9.1 | |||
Information Technology | 8.3 | |||
Industrials | 6.0 | |||
Consumer Staples | 5.2 | |||
Health Care | 4.6 | |||
Materials | 3.7 | |||
Telecommunication Services | 2.3 | |||
Real Estate | 0.4 | |||
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—9.1% | ||||||||
22,659 | Carnival Corp. | $ | 1,504,331 | |||||
169,002 | Ford Motor Co. | 2,073,655 | ||||||
78,802 | General Motors Co. | 3,386,910 | ||||||
30,382 | Target Corp. | 1,793,753 | ||||||
218 | Time Warner, Inc. | 21,427 | ||||||
|
| |||||||
8,780,076 | ||||||||
|
| |||||||
Consumer Staples—5.2% | ||||||||
48,444 | Archer-Daniels-Midland Co. | 1,979,906 | ||||||
5,863 | CVS Health Corp. | 401,792 | ||||||
9,722 | Kraft Heinz Co. (The) | 751,802 | ||||||
27,118 | Mondelez International, Inc., Class A | 1,123,499 | ||||||
9,016 | Wal-Mart Stores, Inc. | 787,187 | ||||||
|
| |||||||
5,044,186 | ||||||||
|
| |||||||
Energy—10.6% | ||||||||
9,183 | Anadarko Petroleum Corp. | 453,365 | ||||||
11,304 | Chevron Corp. | 1,310,020 | ||||||
29,417 | ConocoPhillips | 1,504,679 | ||||||
10,180 | Exxon Mobil Corp. | 848,503 | ||||||
159,178 | Kinder Morgan, Inc. | 2,882,714 | ||||||
2,566 | Occidental Petroleum Corp. | 165,687 | ||||||
12,037 | Phillips 66 | 1,096,330 | ||||||
1,284 | Pioneer Natural Resources Co. | 192,176 | ||||||
6,051 | Schlumberger Ltd. | 387,264 | ||||||
16,885 | Valero Energy Corp. | 1,332,058 | ||||||
|
| |||||||
10,172,796 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials—34.7% | ||||||||
38,036 | Aflac, Inc. | $ | 3,190,840 | |||||
2,280 | American Express Co. | 217,786 | ||||||
54,965 | Bank of America Corp. | 1,505,491 | ||||||
26,818 | Bank of New York Mellon Corp. (The) | 1,379,786 | ||||||
38,404 | BB&T Corp. | 1,891,013 | ||||||
4,790 | Berkshire Hathaway, Inc., Class B(b) | 895,443 | ||||||
755 | BlackRock, Inc. | 355,477 | ||||||
2,635 | Brighthouse Financial, Inc.(b) | 163,844 | ||||||
13,324 | Chubb Ltd. | 2,009,526 | ||||||
31,691 | Citigroup, Inc. | 2,329,289 | ||||||
12,842 | CME Group, Inc. | 1,761,537 | ||||||
67,156 | Franklin Resources, Inc. | 2,829,282 | ||||||
2,329 | Goldman Sachs Group, Inc. (The) | 564,736 | ||||||
21,222 | JPMorgan Chase & Co. | 2,135,145 | ||||||
29,123 | MetLife, Inc. | 1,560,410 | ||||||
30,137 | Morgan Stanley | 1,506,850 | ||||||
12,951 | PNC Financial Services Group, Inc. (The) | 1,771,567 | ||||||
11,597 | Prudential Financial, Inc. | 1,281,005 | ||||||
10,456 | Travelers Cos., Inc. (The) | 1,384,897 | ||||||
41,022 | U.S. Bancorp | 2,230,776 | ||||||
44,725 | Wells Fargo & Co. | 2,510,862 | ||||||
|
| |||||||
33,475,562 | ||||||||
|
| |||||||
Health Care—4.6% | ||||||||
10,135 | Abbott Laboratories | 549,621 | ||||||
6,088 | Allergan PLC | 1,078,976 | ||||||
1,930 | Anthem, Inc. | 403,775 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
PowerShares Russell Top 200 Pure Value Portfolio (PXLV) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
13,038 | Danaher Corp. | $ | 1,203,016 | |||||
32,943 | Pfizer, Inc. | 1,154,982 | ||||||
|
| |||||||
4,390,370 | ||||||||
|
| |||||||
Industrials—6.0% | ||||||||
19,719 | Delta Air Lines, Inc. | 986,542 | ||||||
19,280 | Eaton Corp. PLC | 1,542,786 | ||||||
38,352 | Johnson Controls International PLC | 1,587,389 | ||||||
6,072 | Norfolk Southern Corp. | 797,982 | ||||||
7,436 | United Technologies Corp. | 890,535 | ||||||
|
| |||||||
5,805,234 | ||||||||
|
| |||||||
Information Technology—8.3% | ||||||||
63,511 | Cisco Systems, Inc. | 2,168,901 | ||||||
31,377 | eBay, Inc.(b) | 1,181,030 | ||||||
153,920 | Hewlett Packard Enterprise Co. | 2,142,566 | ||||||
5,550 | HP, Inc. | 119,603 | ||||||
41,068 | Intel Corp. | 1,868,183 | ||||||
9,975 | QUALCOMM, Inc. | 508,825 | ||||||
|
| |||||||
7,989,108 | ||||||||
|
| |||||||
Materials—3.7% | ||||||||
10,599 | Air Products & Chemicals, Inc. | 1,689,799 | ||||||
26,148 | DowDuPont, Inc. | 1,890,762 | ||||||
|
| |||||||
3,580,561 | ||||||||
|
| |||||||
Real Estate—0.4% | ||||||||
5,878 | Equity Residential REIT | 395,354 | ||||||
|
| |||||||
Telecommunication Services—2.3% | ||||||||
29,365 | AT&T, Inc. | 988,132 | ||||||
185,885 | Sprint Corp.(b) | 1,215,688 | ||||||
|
| |||||||
2,203,820 | ||||||||
|
| |||||||
Utilities—15.1% | ||||||||
34,875 | American Electric Power Co., Inc. | 2,595,049 | ||||||
14,933 | Dominion Energy, Inc. | 1,211,664 | ||||||
31,091 | Duke Energy Corp. | 2,745,646 | ||||||
50,883 | Exelon Corp. | 2,046,005 | ||||||
10,284 | NextEra Energy, Inc. | 1,594,740 | ||||||
34,941 | PG&E Corp. | 2,018,541 | ||||||
45,254 | Southern Co. (The) | 2,362,259 | ||||||
|
| |||||||
14,573,904 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $89,195,543) | 96,410,971 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
39,406 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $39,406) | 39,406 | ||||||
|
| |||||||
Total Investments in Securities (Cost $89,234,949)—100.0% | 96,450,377 | |||||||
Other assets less liabilities—0.0% | 10,655 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 96,461,032 | ||||||
|
|
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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
PowerShares Zacks Micro Cap Portfolio (PZI)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Financials | 44.6 | |||
Industrials | 14.5 | |||
Consumer Discretionary | 10.6 | |||
Information Technology | 8.9 | |||
Energy | 6.3 | |||
Health Care | 5.3 | |||
Real Estate | 4.5 | |||
Materials | 3.7 | |||
Consumer Staples | 0.9 | |||
Telecommunication Services | 0.3 | |||
Utilities | 0.3 | |||
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—10.6% | ||||||||
3,597 | Abercrombie & Fitch Co., Class A | $ | 48,308 | |||||
1,242 | America’s Car-Mart, Inc.(b)(c) | 53,220 | ||||||
3,126 | AV Homes, Inc.(c) | 52,048 | ||||||
1,396 | Bassett Furniture Industries, Inc. | 54,165 | ||||||
6,965 | Bbx Capital Corp., Class A | 56,347 | ||||||
4,510 | Beasley Broadcast Group, Inc., Class A | 42,619 | ||||||
2,959 | Beazer Homes USA, Inc.(c) | 62,080 | ||||||
5,731 | Bridgepoint Education, Inc.(c) | 55,476 | ||||||
5,165 | Career Education Corp.(c) | 55,162 | ||||||
2,111 | Century Communities, Inc.(c) | 60,269 | ||||||
9,683 | China Automotive Systems, Inc. (China)(c) | 48,899 | ||||||
7,450 | Clarus Corp.(c) | 54,385 | ||||||
2,129 | Conn’s, Inc.(b)(c) | 65,467 | ||||||
3,278 | Del Taco Restaurants, Inc.(c) | 41,598 | ||||||
2,368 | Delta Apparel, Inc.(c) | 49,562 | ||||||
3,795 | Eros International PLC (India)(b)(c) | 46,489 | ||||||
4,196 | Fogo de Chao, Inc.(c) | 46,366 | ||||||
3,641 | Gray Television, Inc.(c) | 56,690 | ||||||
2,095 | Haverty Furniture Cos., Inc. | 49,966 | ||||||
1,102 | Hooker Furniture Corp. | 52,235 | ||||||
791 | Johnson Outdoors, Inc., Class A | 59,491 | ||||||
2,958 | K12, Inc.(c) | 47,979 | ||||||
2,832 | Lifetime Brands, Inc. | 52,817 | ||||||
2,019 | M/I Homes, Inc.(c) | 67,434 | ||||||
2,778 | Modine Manufacturing Co.(c) | 58,477 | ||||||
1,375 | Monarch Casino & Resort, Inc.(c) | 61,339 | ||||||
1,859 | Movado Group, Inc. | 51,494 | ||||||
2,299 | Perry Ellis International, Inc.(c) | 53,544 | ||||||
3,134 | PICO Holdings, Inc.(c) | 59,233 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
12,013 | Pier 1 Imports, Inc. | $ | 49,974 | |||||
2,100 | RCI Hospitality Holdings, Inc. | 57,855 | ||||||
816 | Red Robin Gourmet Burgers, Inc.(c) | 55,814 | ||||||
3,754 | Regis Corp.(c) | 56,047 | ||||||
8,429 | Salem Media Group, Inc. | 53,946 | ||||||
5,506 | Shiloh Industries, Inc.(c) | 51,096 | ||||||
861 | SodaStream International Ltd. (Israel)(c) | 54,820 | ||||||
2,453 | Speedway Motorsports, Inc. | 48,937 | ||||||
1,235 | Strattec Security Corp. | 56,995 | ||||||
5,112 | Townsquare Media, Inc., Class A(c) | 53,369 | ||||||
6,346 | VOXX International Corp.(c) | 42,518 | ||||||
2,322 | William Lyon Homes, Class A(c) | 64,435 | ||||||
3,608 | ZAGG, Inc.(c) | 56,465 | ||||||
|
| |||||||
2,265,430 | ||||||||
|
| |||||||
Consumer Staples—0.9% | ||||||||
2,677 | Chefs’ Warehouse, Inc. (The)(c) | 53,406 | ||||||
15,123 | New Age Beverages Corp.(b)(c) | 35,388 | ||||||
16,425 | Pingtan Marine Enterprise Ltd.(b) | 49,275 | ||||||
1,675 | Seneca Foods Corp., Class A(c) | 60,300 | ||||||
|
| |||||||
198,369 | ||||||||
|
| |||||||
Energy—6.3% | ||||||||
19,401 | Approach Resources, Inc.(b)(c) | 45,204 | ||||||
6,388 | Ardmore Shipping Corp. (Ireland)(c) | 53,020 | ||||||
6,270 | Calumet Specialty Products Partners LP(b)(c) | 56,117 | ||||||
14,484 | Capital Product Partners LP (Greece) | 49,535 | ||||||
2,952 | Cone Midstream Partners LP(b) | 48,856 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
PowerShares Zacks Micro Cap Portfolio (PZI) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
7,006 | Dorian LPG Ltd.(c) | $ | 50,093 | |||||
4,563 | Earthstone Energy, Inc., Class A(b)(c) | 36,732 | ||||||
4,629 | Era Group, Inc.(c) | 49,808 | ||||||
1,701 | Exterran Corp.(c) | 54,891 | ||||||
12,695 | Foresight Energy LP(b) | 54,969 | ||||||
2,197 | GasLog Partners LP (Monaco) | 52,179 | ||||||
11,685 | Gener8 Maritime, Inc.(c) | 53,868 | ||||||
5,628 | Geopark Ltd. (Chile)(c) | 53,579 | ||||||
4,164 | Gulf Island Fabrication, Inc. | 54,757 | ||||||
6,829 | Helix Energy Solutions Group, Inc.(c) | 46,574 | ||||||
2,188 | KNOT Offshore Partners LP (United Kingdom) | 51,199 | ||||||
4,718 | Navigator Holdings Ltd. (United Kingdom)(c) | 47,888 | ||||||
5,248 | Newpark Resources, Inc.(c) | 45,920 | ||||||
11,956 | North American Energy Partners, Inc. (Canada) | 48,422 | ||||||
2,517 | Par Pacific Holdings, Inc.(c) | 52,832 | ||||||
3,851 | Renewable Energy Group, Inc.(c) | 46,597 | ||||||
13,530 | Seadrill Partners LLC(b) | 51,820 | ||||||
23,371 | Southcross Energy Partners LP(b)(c) | 49,079 | ||||||
5,752 | Teekay Corp. (Bermuda)(b) | 46,591 | ||||||
11,501 | Tsakos Energy Navigation Ltd. (Greece) | 51,639 | ||||||
2,497 | Unit Corp.(c) | 46,744 | ||||||
16,969 | Willbros Group, Inc.(c) | 51,925 | ||||||
|
| |||||||
1,350,838 | ||||||||
|
| |||||||
Financials—44.6% | ||||||||
2,826 | 1st Constitution Bancorp | 50,727 | ||||||
2,765 | AG Mortgage Investment Trust, Inc. REIT | 52,010 | ||||||
1,421 | Allegiance Bancshares, Inc.(c) | 55,703 | ||||||
2,911 | Ambac Financial Group, Inc.(c) | 47,391 | ||||||
8,372 | Anworth Mortgage Asset Corp. REIT | 46,799 | ||||||
6,442 | Arbor Realty Trust, Inc. REIT | 53,275 | ||||||
3,868 | Ares Commercial Real Estate Corp. REIT | 50,207 | ||||||
1,947 | ARMOUR Residential REIT, Inc. REIT | 48,772 | ||||||
2,865 | Atlantic Capital Bancshares, Inc.(c) | 47,129 | ||||||
5,965 | Atlantic Coast Financial Corp.(c) | 52,015 | ||||||
3,096 | B. Riley Financial, Inc. | 51,548 | ||||||
2,589 | Banc of California, Inc.(b) | 54,498 | ||||||
1,799 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 50,426 | ||||||
6,235 | Bancorp, Inc. (The)(c) | 52,436 | ||||||
4,807 | Bank of Commerce Holdings | 57,684 | ||||||
799 | Bank of Marin Bancorp | 54,132 | ||||||
1,465 | Bankwell Financial Group, Inc. | 53,619 | ||||||
3,214 | Beneficial Bancorp, Inc. | 53,031 | ||||||
2,666 | Blue Hills Bancorp, Inc. | 57,852 | ||||||
1,584 | Bridge Bancorp, Inc. | 56,232 | ||||||
3,440 | Brookline Bancorp, Inc. | 52,976 | ||||||
1,238 | Bryn Mawr Bank Corp. | 54,286 | ||||||
975 | C&F Financial Corp. | 56,550 | ||||||
3,050 | California First National Bancorp | 46,970 | ||||||
1,202 | Camden National Corp. | 51,890 | ||||||
2,249 | Capital City Bank Group, Inc. | 55,460 | ||||||
3,056 | Capital Southwest Corp. | 52,930 | ||||||
5,278 | Capstead Mortgage Corp. REIT | 46,552 | ||||||
1,483 | Carolina Financial Corp. | 54,649 | ||||||
685 | Century Bancorp, Inc., Class A | 58,191 | ||||||
2,859 | Charter Financial Corp. | 54,807 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,198 | Chemung Financial Corp. | $ | 56,594 | |||||
2,772 | Cherry Hill Mortgage Investment Corp. REIT | 50,478 | ||||||
730 | City Holding Co. | 51,458 | ||||||
2,377 | Civista Bancshares, Inc.(b) | 53,649 | ||||||
1,870 | Codorus Valley Bancorp, Inc. | 59,167 | ||||||
1,453 | Community Financial Corp. (The)(b) | 52,613 | ||||||
1,163 | Community Trust Bancorp, Inc. | 56,173 | ||||||
2,179 | ConnectOne Bancorp, Inc. | 58,506 | ||||||
1,723 | County Bancorp, Inc. | 56,273 | ||||||
3,096 | Cowen, Inc., Class A(c) | 46,440 | ||||||
1,672 | Customers Bancorp, Inc.(c) | 45,712 | ||||||
2,526 | Dime Community Bancshares, Inc. | 55,698 | ||||||
1,505 | DNB Financial Corp. | 50,718 | ||||||
7,131 | Dynex Capital, Inc. REIT | 49,917 | ||||||
3,267 | Ellington Financial LLC(b) | 49,920 | ||||||
3,495 | Ellington Residential Mortgage REIT REIT | 46,763 | ||||||
1,225 | Encore Capital Group, Inc.(c) | 56,901 | ||||||
3,895 | Enova International, Inc.(c) | 57,841 | ||||||
2,161 | Entegra Financial Corp.(b)(c) | 58,887 | ||||||
1,265 | Enterprise Financial Services Corp. | 55,154 | ||||||
1,454 | Equity Bancshares, Inc., Class A(c) | 49,567 | ||||||
1,175 | Evans Bancorp, Inc. | 51,171 | ||||||
1,484 | Farmers & Merchants Bancorp, Inc. | 54,938 | ||||||
1,397 | FB Financial Corp.(c) | 57,095 | ||||||
733 | Federal Agricultural Mortgage Corp., Class C | 54,418 | ||||||
2,283 | Fidelity Southern Corp. | 50,066 | ||||||
3,221 | Fidus Investment Corp. | 53,791 | ||||||
9,316 | First BanCorp/Puerto Rico(c) | 47,977 | ||||||
1,566 | First Bancorp/Southern Pines NC | 57,472 | ||||||
1,741 | First Bancshares, Inc. (The)(b) | 55,538 | ||||||
3,940 | First Bank/Hamilton NJ | 50,826 | ||||||
1,947 | First Connecticut Bancorp, Inc. | 51,401 | ||||||
1,022 | First Defiance Financial Corp. | 55,392 | ||||||
3,048 | First Foundation, Inc.(c) | 56,418 | ||||||
1,902 | First Guaranty Bancshares, Inc.(b) | 50,745 | ||||||
1,707 | First Internet Bancorp | 64,354 | ||||||
3,147 | First Northwest Bancorp(c) | 53,247 | ||||||
1,725 | First of Long Island Corp. (The) | 54,424 | ||||||
2,876 | First South Bancorp, Inc.(b) | 53,637 | ||||||
1,835 | Flushing Financial Corp. | 55,013 | ||||||
2,915 | FNFV Group(c) | 50,284 | ||||||
994 | FS Bancorp, Inc. | 53,954 | ||||||
8,134 | Gain Capital Holdings, Inc. | 60,029 | ||||||
1,394 | German American Bancorp, Inc. | 50,156 | ||||||
5,557 | Gladstone Capital Corp. | 54,125 | ||||||
5,533 | Gladstone Investment Corp.(b) | 55,828 | ||||||
1,253 | Global Indemnity Ltd., Class A (Cayman Islands)(c) | 52,588 | ||||||
973 | Great Southern Bancorp, Inc. | 52,299 | ||||||
2,317 | Green Bancorp, Inc.(c) | 51,322 | ||||||
2,409 | Greenlight Capital Re Ltd., Class A(c) | 53,118 | ||||||
1,929 | Guaranty Bancorp | 54,880 | ||||||
4,467 | Hallmark Financial Services, Inc.(c) | 51,773 | ||||||
1,330 | HCI Group, Inc. | 49,822 | ||||||
2,381 | Health Insurance Innovations, Inc., Class A(b)(c) | 51,191 | ||||||
1,792 | Heritage Financial Corp. | 54,656 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,222 | Home Bancorp, Inc. | $ | 52,350 | |||||
1,991 | HomeStreet, Inc.(c) | 57,839 | ||||||
2,002 | HomeTrust Bancshares, Inc.(c) | 52,553 | ||||||
1,826 | Horizon Bancorp | 50,252 | ||||||
2,361 | Howard Bancorp, Inc.(c) | 49,345 | ||||||
2,049 | Independence Holding Co. | 55,630 | ||||||
2,497 | Independent Bank Corp./MI | 56,183 | ||||||
561 | Infinity Property & Casualty Corp. | 52,930 | ||||||
2,210 | Investar Holding Corp.(b) | 51,272 | ||||||
2,429 | Investment Technology Group, Inc. | 57,009 | ||||||
296 | Investors Title Co. | 56,151 | ||||||
3,372 | Kearny Financial Corp. | 50,749 | ||||||
3,233 | Kingstone Cos., Inc. | 52,375 | ||||||
2,672 | Lakeland Bancorp, Inc. | 54,910 | ||||||
2,299 | Live Oak Bancshares, Inc. | 54,486 | ||||||
1,507 | MainSource Financial Group, Inc. | 56,799 | ||||||
2,034 | Malvern Bancorp, Inc.(c) | 54,918 | ||||||
2,803 | Meridian Bancorp, Inc. | 55,219 | ||||||
689 | Meta Financial Group, Inc. | 60,115 | ||||||
1,130 | Middlefield Banc Corp. | 51,472 | ||||||
1,622 | Midland States Bancorp, Inc. | 52,634 | ||||||
4,322 | MidSouth Bancorp, Inc.(b) | 56,618 | ||||||
2,065 | MMA Capital Management LLC(c) | 49,767 | ||||||
2,591 | MTGE Investment Corp. REIT | 46,897 | ||||||
5,092 | MVC Capital, Inc. | 54,484 | ||||||
1,536 | National Bank Holdings Corp., Class A | 50,412 | ||||||
1,290 | National Commerce Corp.(c) | 52,568 | ||||||
151 | National Western Life Group, Inc., Class A | 53,995 | ||||||
3,711 | New Mountain Finance Corp. | 52,140 | ||||||
8,280 | New York Mortgage Trust, Inc. REIT(b) | 49,928 | ||||||
4,490 | NewStar Financial, Inc. | 55,137 | ||||||
3,030 | Newtek Business Services Corp.(b) | 52,025 | ||||||
913 | Nicolet Bankshares, Inc.(c) | 51,986 | ||||||
4,323 | NMI Holdings, Inc., Class A(c) | 62,900 | ||||||
2,021 | Northeast Bancorp | 52,041 | ||||||
1,527 | Northrim Bancorp, Inc. | 49,628 | ||||||
1,661 | Norwood Financial Corp.(b) | 49,614 | ||||||
9,627 | Oaktree Specialty Lending Corp. | 55,933 | ||||||
5,821 | Oaktree Strategic Income Corp. | 52,156 | ||||||
1,954 | OceanFirst Financial Corp. | 54,224 | ||||||
16,115 | Ocwen Financial Corp.(b)(c) | 56,241 | ||||||
5,468 | OFG Bancorp(b) | 48,665 | ||||||
1,487 | Ohio Valley Banc Corp.(b) | 52,937 | ||||||
1,703 | Old Point Financial Corp.(b) | 55,143 | ||||||
3,061 | Oppenheimer Holdings, Inc., Class A | 66,577 | ||||||
2,453 | Parke Bancorp, Inc.(b) | 52,862 | ||||||
1,567 | Peapack-Gladstone Financial Corp. | 54,359 | ||||||
3,585 | Pennantpark Floating Rate Capital Ltd.(b) | 50,226 | ||||||
6,836 | PennantPark Investment Corp. | 51,065 | ||||||
2,922 | PennyMac Financial Services, Inc., Class A(c) | 55,518 | ||||||
2,982 | PennyMac Mortgage Investment Trust REIT | 47,891 | ||||||
1,477 | Peoples Bancorp of North Carolina, Inc.(b) | 50,351 | ||||||
1,573 | Peoples Bancorp, Inc. | 52,098 | ||||||
3,865 | PHH Corp.(c) | 51,057 | ||||||
910 | Piper Jaffray Cos. | 66,521 | ||||||
929 | Preferred Bank | 57,347 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,453 | Premier Financial Bancorp, Inc. | $ | 50,777 | |||||
1,155 | QCR Holdings, Inc. | 55,151 | ||||||
3,170 | Redwood Trust, Inc. REIT | 49,801 | ||||||
2,154 | Regional Management Corp.(c) | 53,182 | ||||||
5,557 | Republic First Bancorp, Inc.(b)(c) | 51,402 | ||||||
4,978 | Resource Capital Corp. REIT | 51,074 | ||||||
6,211 | Riverview Bancorp, Inc. | 55,154 | ||||||
1,285 | Sandy Spring Bancorp, Inc. | 51,927 | ||||||
2,433 | Saratoga Investment Corp. | 54,670 | ||||||
2,214 | Seacoast Banking Corp. of Florida(c) | 54,885 | ||||||
4,331 | Select Bancorp, Inc.(c) | 50,543 | ||||||
3,156 | Shore Bancshares, Inc. | 51,948 | ||||||
2,165 | SmartFinancial, Inc.(c) | 50,856 | ||||||
2,475 | Solar Capital Ltd. | 52,495 | ||||||
3,076 | Southern National Bancorp of Virginia, Inc. | 50,231 | ||||||
1,886 | State Bank Financial Corp. | 54,524 | ||||||
3,751 | Stellus Capital Investment Corp. | 51,764 | ||||||
2,315 | Sunshine Bancorp, Inc.(b)(c) | 54,055 | ||||||
2,161 | Sussex Bancorp(b) | 55,322 | ||||||
3,234 | Sutherland Asset Management Corp. REIT(b) | 50,612 | ||||||
1,682 | Timberland Bancorp, Inc. | 50,981 | ||||||
2,563 | TPG Specialty Lending, Inc. | 52,388 | ||||||
1,387 | TriCo Bancshares | 57,450 | ||||||
3,944 | TriplePoint Venture Growth BDC Corp. | 55,098 | ||||||
2,297 | TriState Capital Holdings, Inc.(c) | 52,027 | ||||||
1,617 | Triumph Bancorp, Inc.(c) | 50,127 | ||||||
2,699 | Two River Bancorp(b) | 52,361 | ||||||
2,944 | United Financial Bancorp, Inc. | 53,905 | ||||||
5,382 | United Security Bancshares | 50,591 | ||||||
1,682 | Univest Corp. of Pennsylvania | 49,283 | ||||||
1,979 | Veritex Holdings, Inc.(c) | 52,166 | ||||||
2,707 | Waterstone Financial, Inc. | 51,974 | ||||||
4,763 | Western Asset Mortgage Capital Corp. REIT | 47,963 | ||||||
4,807 | Western New England Bancorp, Inc. | 50,714 | ||||||
3,576 | WhiteHorse Finance, Inc. | 51,208 | ||||||
623 | World Acceptance Corp.(c) | 54,513 | ||||||
1,682 | Xenith Bankshares, Inc.(c) | 53,790 | ||||||
|
| |||||||
9,516,538 | ||||||||
|
| |||||||
Health Care—5.3% | ||||||||
3,204 | Achaogen, Inc.(b)(c) | 40,755 | ||||||
1,066 | Almost Family, Inc.(c) | 47,170 | ||||||
7,618 | Arbutus Biopharma Corp. (Canada)(c) | 43,042 | ||||||
8,320 | Aurinia Pharmaceuticals, Inc. (Canada)(c) | 48,922 | ||||||
3,224 | Calithera Biosciences, Inc.(c) | 51,906 | ||||||
27,615 | Chelsea Therapeutics International Ltd.(c)(d) | 2,209 | ||||||
4,675 | China Cord Blood Corp. (Hong Kong)(c) | 56,708 | ||||||
9,627 | Conatus Pharmaceuticals, Inc.(b)(c) | 44,188 | ||||||
1,206 | Enanta Pharmaceuticals, Inc.(c) | 59,902 | ||||||
1,786 | Fonar Corp.(c) | 56,973 | ||||||
11,764 | Fortress Biotech, Inc.(b)(c) | 43,997 | ||||||
3,464 | Glycomimetics, Inc.(b)(c) | 39,836 | ||||||
3,179 | Invacare Corp. | 49,275 | ||||||
6,995 | Kindred Biosciences, Inc.(c) | 52,113 | ||||||
788 | LHC Group, Inc.(c) | 52,646 | ||||||
4,008 | Nuvectra Corp.(c) | 56,152 | ||||||
15,301 | PDL BioPharma, Inc.(c) | 45,291 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
1,661 | REGENXBIO, Inc.(c) | $ | 49,747 | |||||
11,177 | RTI Surgical, Inc.(c) | 50,297 | ||||||
5,224 | Spectrum Pharmaceuticals, Inc.(c) | 102,338 | ||||||
7,663 | Tetraphase Pharmaceuticals, Inc.(c) | 46,055 | ||||||
2,240 | Triple-S Management Corp., Class B(c) | 53,782 | ||||||
10,666 | Verastem, Inc.(c) | 40,744 | ||||||
|
| |||||||
1,134,048 | ||||||||
|
| |||||||
Industrials—14.5% | ||||||||
2,243 | Aegion Corp.(c) | 52,239 | ||||||
964 | Aerovironment, Inc.(c) | 49,318 | ||||||
503 | Alamo Group, Inc. | 53,066 | ||||||
6,722 | Ameresco, Inc., Class A(c) | 51,759 | ||||||
1,675 | ArcBest Corp. | 54,605 | ||||||
2,242 | Briggs & Stratton Corp. | 56,498 | ||||||
1,812 | CAI International, Inc.(c) | 67,080 | ||||||
3,225 | CBIZ, Inc.(c) | 54,664 | ||||||
1,311 | Chart Industries, Inc.(c) | 57,028 | ||||||
2,447 | China Yuchai International Ltd. (China) | 54,568 | ||||||
18,428 | Civeo Corp.(c) | 38,515 | ||||||
1,415 | Columbus McKinnon Corp. | 55,977 | ||||||
1,955 | Covenant Transportation Group, Inc., Class A(c) | 58,063 | ||||||
1,321 | CRA International, Inc. | 55,825 | ||||||
12,919 | Diana Shipping, Inc. (Greece)(b)(c) | 52,193 | ||||||
1,660 | Ducommun, Inc.(c) | 54,730 | ||||||
1,175 | Encore Wire Corp. | 53,051 | ||||||
2,512 | Federal Signal Corp. | 53,631 | ||||||
2,737 | FreightCar America, Inc. | 51,237 | ||||||
4,417 | Genco Shipping & Trading Ltd.(c) | 53,048 | ||||||
10,387 | General Finance Corp.(c) | 56,090 | ||||||
6,324 | Golden Ocean Group Ltd. (Norway)(b)(c) | 51,857 | ||||||
8,864 | Goldfield Corp. (The)(c) | 50,968 | ||||||
11,055 | Great Lakes Dredge & Dock Corp.(c) | 56,380 | ||||||
1,104 | Greenbrier Cos., Inc. (The) | 57,629 | ||||||
3,487 | Hardinge, Inc. | 57,675 | ||||||
2,490 | Heritage-Crystal Clean, Inc.(c) | 48,680 | ||||||
1,322 | Hurco Cos., Inc. | 59,160 | ||||||
536 | Kadant, Inc. | 60,890 | ||||||
2,131 | Kelly Services, Inc., Class A | 56,067 | ||||||
4,041 | Kratos Defense & Security Solutions, Inc.(c) | 48,654 | ||||||
2,483 | LB Foster Co., Class A(c) | 61,827 | ||||||
5,977 | Manitowoc Co., Inc. (The)(c) | 56,901 | ||||||
2,708 | Marten Transport Ltd. | 53,212 | ||||||
24,600 | Navios Maritime Partners LP (Monaco)(c) | 51,660 | ||||||
5,779 | NL Industries, Inc.(c) | 75,127 | ||||||
1,834 | NN, Inc. | 54,195 | ||||||
2,862 | Northwest Pipe Co.(c) | 52,203 | ||||||
824 | Preformed Line Products Co. | 58,595 | ||||||
2,409 | Quanex Building Products Corp. | 52,878 | ||||||
10,450 | Radiant Logistics, Inc.(c) | 50,996 | ||||||
4,045 | RPX Corp.(c) | 52,666 | ||||||
18,042 | Safe Bulkers, Inc. (Greece)(b)(c) | 64,049 | ||||||
7,242 | Scorpio Bulkers, Inc.(c) | 57,936 | ||||||
5,357 | Star Bulk Carriers Corp. (Greece)(b)(c) | 57,856 | ||||||
3,440 | Sterling Construction Co., Inc.(c) | 61,404 | ||||||
9,907 | Sunrun, Inc.(b)(c) | 56,866 | ||||||
3,177 | Textainer Group Holdings Ltd.(b)(c) | 62,110 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
3,372 | Titan Machinery, Inc.(c) | $ | 50,209 | |||||
1,928 | TriMas Corp.(c) | 51,188 | ||||||
2,859 | Twin Disc, Inc.(c) | 61,040 | ||||||
1,704 | Vectrus, Inc.(c) | 51,989 | ||||||
880 | Viad Corp. | 51,084 | ||||||
15,581 | Vivint Solar, Inc.(b)(c) | 58,429 | ||||||
957 | VSE Corp. | 46,989 | ||||||
18,903 | Westport Fuel Systems, Inc. (Canada)(c) | 65,404 | ||||||
|
| |||||||
3,097,958 | ||||||||
|
| |||||||
Information Technology—8.9% | ||||||||
6,947 | Adesto Technologies Corp.(c) | 54,881 | ||||||
4,650 | Amtech Systems, Inc.(c) | 67,704 | ||||||
842 | Applied Optoelectronics, Inc.(b)(c) | 34,303 | ||||||
4,692 | Asure Software, Inc.(b)(c) | 52,926 | ||||||
2,081 | Axcelis Technologies, Inc.(c) | 68,465 | ||||||
6,049 | AXT, Inc.(c) | 56,256 | ||||||
2,035 | Blucora, Inc.(c) | 44,160 | ||||||
10,688 | Camtek Ltd. (Israel)(c) | 61,456 | ||||||
3,204 | Canadian Solar, Inc. (Canada)(b)(c) | 56,422 | ||||||
2,287 | Cohu, Inc. | 59,005 | ||||||
2,483 | Comtech Telecommunications Corp. | 53,409 | ||||||
1,858 | Control4 Corp.(c) | 54,718 | ||||||
1,873 | Daqo New Energy Corp. ADR (China)(c) | 70,612 | ||||||
3,883 | Electro Scientific Industries, Inc.(c) | 69,467 | ||||||
5,944 | EMCORE Corp.(c) | 49,038 | ||||||
570 | ePlus, Inc.(c) | 54,492 | ||||||
3,215 | FormFactor, Inc.(c) | 58,513 | ||||||
14,504 | Glu Mobile, Inc.(c) | 58,161 | ||||||
7,618 | GSI Technology, Inc.(b)(c) | 52,717 | ||||||
6,083 | Intevac, Inc.(c) | 51,097 | ||||||
2,651 | KEMET Corp.(c) | 68,104 | ||||||
2,459 | Kimball Electronics, Inc.(c) | 54,098 | ||||||
12,300 | Kopin Corp.(c) | 43,173 | ||||||
13,565 | Limelight Networks, Inc.(c) | 67,147 | ||||||
5,080 | Net 1 UEPS Technologies, Inc. (South Africa)(c) | 46,380 | ||||||
1,970 | Nova Measuring Instruments Ltd. (Israel)(c) | 61,582 | ||||||
2,116 | Rudolph Technologies, Inc.(c) | 58,719 | ||||||
1,233 | ScanSource, Inc.(c) | 52,957 | ||||||
2,430 | Sierra Wireless, Inc. (Canada)(c) | 54,554 | ||||||
2,070 | Systemax, Inc. | 59,099 | ||||||
1,858 | Ultra Clean Holdings, Inc.(c) | 47,416 | ||||||
2,584 | Upland Software, Inc.(c) | 56,771 | ||||||
1,396 | Virtusa Corp.(c) | 53,271 | ||||||
2,253 | Vishay Precision Group, Inc.(c) | 55,311 | ||||||
|
| |||||||
1,906,384 | ||||||||
|
| |||||||
Materials—3.7% | ||||||||
7,262 | Agrofresh Solutions, Inc.(c) | 42,846 | ||||||
2,365 | American Vanguard Corp. | 53,212 | ||||||
2,871 | Ampco-Pittsburgh Corp. | 47,515 | ||||||
3,355 | FutureFuel Corp. | 50,929 | ||||||
12,016 | Intrepid Potash, Inc.(b)(c) | 48,304 | ||||||
6,720 | LSB Industries, Inc.(b)(c) | 50,736 | ||||||
1,331 | Materion Corp. | 68,347 | ||||||
4,740 | Mercer International, Inc. (Canada) | 69,678 | ||||||
2,598 | Olympic Steel, Inc. | 49,050 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
1,801 | Schnitzer Steel Industries, Inc., Class A | $ | 53,039 | |||||
2,999 | SunCoke Energy Partners LP(b) | 53,982 | ||||||
5,896 | SunCoke Energy, Inc.(c) | 65,387 | ||||||
3,282 | TimkenSteel Corp.(c) | 45,948 | ||||||
2,617 | Universal Stainless & Alloy Products, Inc.(c) | 53,649 | ||||||
2,145 | Westlake Chemical Partners LP | 47,726 | ||||||
|
| |||||||
800,348 | ||||||||
|
| |||||||
Real Estate—4.5% | ||||||||
4,740 | Altisource Residential Corp. REIT | 50,576 | ||||||
7,909 | Ashford Hospitality Trust, Inc. REIT | 55,600 | ||||||
2,429 | Chatham Lodging Trust REIT | 52,831 | ||||||
1,529 | CorEnergy Infrastructure Trust, Inc. REIT | 55,166 | ||||||
2,504 | Easterly Government Properties, Inc. REIT | 50,381 | ||||||
3,848 | Gladstone Land Corp. REIT | 50,909 | ||||||
2,768 | Hersha Hospitality Trust REIT | 48,966 | ||||||
5,047 | Independence Realty Trust, Inc. REIT | 51,227 | ||||||
2,321 | InfraREIT, Inc. REIT | 51,990 | ||||||
4,407 | iStar, Inc. REIT(c) | 51,562 | ||||||
2,512 | Jernigan Capital, Inc. REIT(b) | 51,546 | ||||||
4,458 | Medequities Realty Trust, Inc. REIT | 51,802 | ||||||
4,921 | Nam Tai Property, Inc. (China) | 59,544 | ||||||
2,125 | National Storage Affiliates Trust REIT | 52,679 | ||||||
4,082 | NorthStar Realty Europe Corp. REIT | 54,985 | ||||||
2,693 | Preferred Apartment Communities, Inc., Class A REIT | 53,456 | ||||||
2,727 | Tier REIT, Inc. REIT | 53,367 | ||||||
1,912 | Transcontinental Realty Investors, Inc.(c) | 56,748 | ||||||
|
| |||||||
953,335 | ||||||||
|
| |||||||
Telecommunication Services—0.3% | ||||||||
5,103 | Iridium Communications, Inc.(b)(c) | 61,236 | ||||||
|
| |||||||
Utilities—0.3% | ||||||||
3,525 | 8Point3 Energy Partners LP, Class A(b) | 53,369 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $18,813,958) | 21,337,853 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
65,893 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(e) (Cost $65,893) | 65,893 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $18,879,851)—100.2% | 21,403,746 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—9.3% | ||||||||
1,978,855 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(e)(f) (Cost $1,978,855) | $ | 1,978,855 | |||||
|
| |||||||
Total Investments in Securities (Cost $20,858,706)—109.5% | 23,382,601 | |||||||
Other assets less liabilities—(9.5)% | (2,034,774 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 21,347,827 | ||||||
|
|
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, 2017. |
(c) | Non-income producing security. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(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, 2017. |
(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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
Statements of Assets and Liabilities
October 31, 2017
(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 in securities, at value(a) | $ | 508,136,784 | $ | 1,444,965,648 | $ | 23,132,725 | $ | 38,762,334 | ||||||||
Affiliated investments in securities, at value | 337,855 | — | 818,168 | 5,451,916 | ||||||||||||
Cash | — | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Shares sold | 4,013,278 | — | — | — | ||||||||||||
Expenses absorbed | — | — | 6,716 | — | ||||||||||||
Dividends | 187,943 | 1,549,179 | 6,143 | 1,588 | ||||||||||||
Investments sold | — | — | — | — | ||||||||||||
Foreign tax reclaims | — | — | — | — | ||||||||||||
Securities lending | — | — | 4,683 | 22,673 | ||||||||||||
Other assets | 421 | 2,224 | 812 | 813 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 512,676,281 | 1,446,517,051 | 23,969,247 | 44,239,324 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | 934,786 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 4,009,713 | — | — | — | ||||||||||||
Collateral upon return of securities loaned | — | — | 760,232 | 5,394,674 | ||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Expenses recaptured | — | — | — | — | ||||||||||||
Accrued advisory fees | 206,922 | 612,495 | — | 2,154 | ||||||||||||
Accrued trustees’ and officer’s fees | 55,387 | 77,326 | 25,475 | 27,584 | ||||||||||||
Accrued expenses | 99,962 | 219,374 | 36,861 | 39,489 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 4,371,984 | 1,843,981 | 822,568 | 5,463,901 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 508,304,297 | $ | 1,444,673,070 | $ | 23,146,679 | $ | 38,775,423 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 586,041,810 | $ | 1,466,346,208 | $ | 27,601,419 | $ | 57,911,767 | ||||||||
Undistributed net investment income | 117,660 | 1,745,267 | 10,069 | 9,159 | ||||||||||||
Undistributed net realized gain (loss) | (177,925,704 | ) | (183,148,378 | ) | (7,534,411 | ) | (23,544,460 | ) | ||||||||
Net unrealized appreciation | 100,070,531 | 159,729,973 | 3,069,602 | 4,398,957 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 508,304,297 | $ | 1,444,673,070 | $ | 23,146,679 | $ | 38,775,423 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 12,600,000 | 38,000,000 | 550,000 | 1,250,000 | ||||||||||||
Net asset value | $ | 40.34 | $ | 38.02 | $ | 42.08 | $ | 31.02 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 40.37 | $ | 38.03 | $ | 42.17 | $ | 31.03 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 408,066,253 | $ | 1,285,235,675 | $ | 20,063,572 | $ | 34,363,377 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 337,855 | $ | — | $ | 817,719 | $ | 5,451,916 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | — | $ | 726,392 | $ | 5,276,522 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
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) | |||||||||||||||||||||||
$ | 75,760,986 | $ | 25,244,244 | $ | 80,397,547 | $ | 55,061,992 | $ | 53,354,043 | $ | 185,788,964 | $ | 96,410,971 | $ | 21,337,853 | |||||||||||||||
10,707,824 | 876,032 | 3,513,461 | 849,851 | 27,486 | 2,130,483 | 39,406 | 2,044,748 | |||||||||||||||||||||||
— | — | — | — | — | — | — | 2,601 | |||||||||||||||||||||||
— | — | — | — | — | — | 17,027,300 | — | |||||||||||||||||||||||
— | 4,734 | — | — | — | — | — | — | |||||||||||||||||||||||
49,163 | 10,739 | 5,928 | 29,228 | 48,661 | 107,493 | 90,138 | 6,789 | |||||||||||||||||||||||
— | — | — | — | — | 2,205,132 | — | — | |||||||||||||||||||||||
— | — | — | — | 872 | — | — | — | |||||||||||||||||||||||
22,025 | 738 | 1,393 | 246 | — | 877 | — | 10,658 | |||||||||||||||||||||||
813 | 38 | 1,196 | 813 | 813 | 812 | 802 | 984 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
86,540,811 | 26,136,525 | 83,919,525 | 55,942,130 | 53,431,875 | 190,233,761 | 113,568,617 | 23,403,633 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
13 | — | — | — | — | — | 232 | — | |||||||||||||||||||||||
— | — | — | — | — | — | 17,022,225 | — | |||||||||||||||||||||||
10,227,866 | 795,087 | 3,426,243 | 788,197 | — | 2,009,000 | — | 1,978,855 | |||||||||||||||||||||||
— | — | — | — | — | 2,205,416 | — | — | |||||||||||||||||||||||
— | — | — | — | — | 2,246 | — | — | |||||||||||||||||||||||
13,495 | — | 15,052 | 7,675 | 921 | 45,688 | 15,479 | 963 | |||||||||||||||||||||||
30,683 | 26,263 | 37,931 | 28,691 | 27,194 | 22,908 | 19,573 | 29,456 | |||||||||||||||||||||||
51,248 | 45,270 | 46,723 | 44,191 | 38,067 | 59,362 | 50,076 | 46,532 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
10,323,305 | 866,620 | 3,525,949 | 868,754 | 66,182 | 4,344,620 | 17,107,585 | 2,055,806 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 76,217,506 | $ | 25,269,905 | $ | 80,393,576 | $ | 55,073,376 | $ | 53,365,693 | $ | 185,889,141 | $ | 96,461,032 | $ | 21,347,827 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 97,363,637 | $ | 30,271,859 | $ | 174,368,490 | $ | 82,610,125 | $ | 53,495,527 | $ | 151,588,601 | $ | 87,733,454 | $ | 60,391,249 | |||||||||||||||
298,334 | 14,409 | (14,589 | ) | 128,236 | 63,979 | 133,397 | 86,843 | 36,571 | ||||||||||||||||||||||
(25,482,016 | ) | (7,826,355 | ) | (109,165,536 | ) | (28,797,070 | ) | (5,626,635 | ) | (3,521,995 | ) | 1,425,307 | (41,603,888 | ) | ||||||||||||||||
4,037,551 | 2,809,992 | 15,205,211 | 1,132,085 | 5,432,822 | 37,689,138 | 7,215,428 | 2,523,895 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 76,217,506 | $ | 25,269,905 | $ | 80,393,576 | $ | 55,073,376 | $ | 53,365,693 | $ | 185,889,141 | $ | 96,461,032 | $ | 21,347,827 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,550,000 | 550,000 | 2,000,000 | 1,800,000 | 1,050,000 | 4,200,000 | 2,550,000 | 1,100,000 | |||||||||||||||||||||||
$ | 29.89 | $ | 45.95 | $ | 40.20 | $ | 30.60 | $ | 50.82 | $ | 44.26 | $ | 37.83 | $ | 19.41 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 29.91 | $ | 45.94 | $ | 40.19 | $ | 30.61 | $ | 50.88 | $ | 44.24 | $ | 37.85 | $ | 19.36 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 71,770,554 | $ | 22,433,269 | $ | 65,192,336 | $ | 53,929,907 | $ | 47,921,221 | $ | 148,099,826 | $ | 89,195,543 | $ | 18,813,958 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 10,660,705 | $ | 877,015 | $ | 3,513,461 | $ | 849,851 | $ | 27,486 | $ | 2,130,483 | $ | 39,406 | $ | 2,044,748 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 10,055,543 | $ | 780,145 | $ | 3,393,932 | $ | 783,157 | $ | — | $ | 1,962,916 | $ | — | $ | 1,948,768 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 61 |
|
For the six months ended October 31, 2017
(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 | $ | 3,132,165 | $ | 16,023,201 | $ | 125,138 | $ | 55,765 | ||||||||
Affiliated dividend income | 1,545 | 3,893 | 547 | 216 | ||||||||||||
Securities lending income | — | — | 22,682 | 88,829 | ||||||||||||
Foreign withholding tax | (12,039 | ) | — | (44 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 3,121,671 | 16,027,094 | 148,323 | 144,810 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 1,167,874 | 3,346,020 | 27,816 | 53,377 | ||||||||||||
Sub-licensing fees | 70,071 | 200,757 | 2,657 | 4,196 | ||||||||||||
Accounting & administration fees | 40,464 | 105,997 | 18,661 | 18,661 | ||||||||||||
Trustees’ and officer’s fees | 25,846 | 39,950 | 12,678 | 13,463 | ||||||||||||
Professional fees | 15,358 | 18,759 | 12,919 | 13,149 | ||||||||||||
Custodian & transfer agent fees | 4,149 | 20,593 | 15,150 | 6,351 | ||||||||||||
Recapture (Note 3) | — | — | — | — | ||||||||||||
Other expenses | 22,414 | 36,627 | 7,461 | 8,308 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 1,346,176 | 3,768,703 | 97,342 | 117,505 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (329 | ) | (876 | ) | (69,589 | ) | (45,770 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 1,345,847 | 3,767,827 | 27,753 | 71,735 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 1,775,824 | 12,259,267 | 120,570 | 73,075 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (5,067,619 | ) | (18,519,694 | ) | (661,324 | ) | (1,448,280 | ) | ||||||||
In-kind redemptions | 26,792,193 | 68,457,489 | 937,594 | 4,064,019 | ||||||||||||
Foreign currencies | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 21,724,574 | 49,937,795 | 276,270 | 2,615,739 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 44,780,927 | 51,715,884 | 1,007,652 | 570,817 | ||||||||||||
Foreign currencies | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 44,780,927 | 51,715,884 | 1,007,652 | 570,817 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 66,505,501 | 101,653,679 | 1,283,922 | 3,186,556 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 68,281,325 | $ | 113,912,946 | $ | 1,404,492 | $ | 3,259,631 | ||||||||
|
|
|
|
|
|
|
|
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) | |||||||||||||||||||||||
$ | 911,681 | $ | 206,631 | $ | 174,048 | $ | 719,264 | $ | 445,001 | $ | 1,082,111 | $ | 922,239 | $ | 198,869 | |||||||||||||||
25,903 | 549 | 391 | 395 | 251 | 534 | 337 | 299 | |||||||||||||||||||||||
109,195 | 6,447 | 13,318 | 7,141 | — | 9,321 | — | 62,907 | |||||||||||||||||||||||
(737 | ) | (188 | ) | — | (1,325 | ) | (512 | ) | — | (1,120 | ) | (123 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,046,042 | 213,439 | 187,757 | 725,475 | 444,740 | 1,091,966 | 921,456 | 261,952 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
114,423 | 33,021 | 112,440 | 86,389 | 58,840 | 256,862 | 107,794 | 59,282 | |||||||||||||||||||||||
8,716 | 2,311 | 7,871 | 7,058 | 4,813 | 22,332 | 12,190 | 11,856 | |||||||||||||||||||||||
18,661 | 18,661 | 18,661 | 18,661 | 18,661 | 18,661 | 18,661 | 18,661 | |||||||||||||||||||||||
14,873 | 12,975 | 16,957 | 14,088 | 13,363 | 13,108 | 11,334 | 13,957 | |||||||||||||||||||||||
13,112 | 12,890 | 13,134 | 13,013 | 12,938 | 13,617 | 13,113 | 13,980 | |||||||||||||||||||||||
8,443 | 5,916 | 2,418 | 3,586 | 2,938 | 2,458 | 3,060 | 7,977 | |||||||||||||||||||||||
— | — | — | — | — | 8,975 | — | — | |||||||||||||||||||||||
10,408 | 7,923 | 9,572 | 9,552 | 8,098 | 9,423 | 8,101 | 8,434 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
188,636 | 93,697 | 181,053 | 152,347 | 119,651 | 345,436 | 174,253 | 134,147 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(34,860 | ) | (60,742 | ) | (29,938 | ) | (36,258 | ) | (60,862 | ) | (114 | ) | (29,359 | ) | (51,217 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
153,776 | 32,955 | 151,115 | 116,089 | 58,789 | 345,322 | 144,894 | 82,930 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
892,266 | 180,484 | 36,642 | 609,386 | 385,951 | 746,644 | 776,562 | 179,022 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(4,901,996 | ) | (222,927 | ) | (1,729,024 | ) | (4,957,806 | ) | (464,030 | ) | (2,537,275 | ) | (1,105,790 | ) | (1,170,995 | ) | |||||||||||||||
9,515,200 | 530,139 | 8,249,068 | 4,529,704 | 3,817,801 | 10,199,672 | 5,612,831 | 2,531,126 | |||||||||||||||||||||||
(13 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
4,613,191 | 307,212 | 6,520,044 | (428,102 | ) | 3,353,771 | 7,662,397 | 4,507,041 | 1,360,131 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(3,035,237 | ) | 992,864 | 4,637,372 | (203,718 | ) | 697,836 | 17,007,032 | 136,398 | (113,468 | ) | ||||||||||||||||||||
27 | — | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(3,035,210 | ) | 992,864 | 4,637,372 | (203,718 | ) | 697,836 | 17,007,032 | 136,398 | (113,468 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,577,981 | 1,300,076 | 11,157,416 | (631,820 | ) | 4,051,607 | 24,669,429 | 4,643,439 | 1,246,663 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 2,470,247 | $ | 1,480,560 | $ | 11,194,058 | $ | (22,434 | ) | $ | 4,437,558 | $ | 25,416,073 | $ | 5,420,001 | $ | 1,425,685 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 63 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares Dynamic Large Cap Growth Portfolio (PWB) | PowerShares Dynamic Large Cap Value Portfolio (PWV) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,775,824 | $ | 3,144,641 | $ | 12,259,267 | $ | 22,134,979 | ||||||||
Net realized gain (loss) | 21,724,574 | 34,454,292 | 49,937,795 | 112,075,768 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 44,780,927 | 19,256,044 | 51,715,884 | 59,582,637 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 68,281,325 | 56,854,977 | 113,912,946 | 193,793,384 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,988,435 | ) | (3,353,714 | ) | (13,458,814 | ) | (22,676,158 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 194,052,701 | 372,304,835 | 519,357,559 | 1,311,062,395 | ||||||||||||
Value of shares repurchased | (193,093,879 | ) | (428,505,381 | ) | (432,111,298 | ) | (1,200,505,766 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 958,822 | (56,200,546 | ) | 87,246,261 | 110,556,629 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 67,251,712 | (2,699,283 | ) | 187,700,393 | 281,673,855 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 441,052,585 | 443,751,868 | 1,256,972,677 | 975,298,822 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 508,304,297 | $ | 441,052,585 | $ | 1,444,673,070 | $ | 1,256,972,677 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 117,660 | $ | 330,271 | $ | 1,745,267 | $ | 2,944,814 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 5,250,000 | 11,450,000 | 14,450,000 | 39,700,000 | ||||||||||||
Shares repurchased | (5,250,000 | ) | (13,250,000 | ) | (12,100,000 | ) | (36,550,000 | ) | ||||||||
Shares outstanding, beginning of period | 12,600,000 | 14,400,000 | 35,650,000 | 32,500,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 12,600,000 | 12,600,000 | 38,000,000 | 35,650,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
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, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||||||||||||
$ | 120,570 | $ | 148,722 | $ | 73,075 | $ | 82,543 | $ | 892,266 | $ | 1,375,602 | $ | 180,484 | $ | 326,979 | |||||||||||||||
276,270 | 216,912 | 2,615,739 | (1,064,974 | ) | 4,613,191 | (267,479 | ) | 307,212 | (720,435 | ) | ||||||||||||||||||||
1,007,652 | 2,570,917 | 570,817 | 6,816,011 | (3,035,210 | ) | 12,294,828 | 992,864 | 3,633,321 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,404,492 | 2,936,551 | 3,259,631 | 5,833,580 | 2,470,247 | 13,402,951 | 1,480,560 | 3,239,865 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(115,500 | ) | (170,196 | ) | (83,441 | ) | (78,015 | ) | (692,199 | ) | (1,722,034 | ) | (187,140 | ) | (354,780 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,970,073 | 7,821,834 | 13,415,610 | 11,461,400 | 31,417,370 | 48,264,771 | — | — | |||||||||||||||||||||||
(1,989,815 | ) | (1,786,067 | ) | (12,011,668 | ) | (9,740,909 | ) | (40,393,033 | ) | (36,198,182 | ) | (2,265,934 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(19,742 | ) | 6,035,767 | 1,403,942 | 1,720,491 | (8,975,663 | ) | 12,066,589 | (2,265,934 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,269,250 | 8,802,122 | 4,580,132 | 7,476,056 | (7,197,615 | ) | 23,747,506 | (972,514 | ) | 2,885,085 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
21,877,429 | 13,075,307 | 34,195,291 | 26,719,235 | 83,415,121 | 59,667,615 | 26,242,419 | 23,357,334 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 23,146,679 | $ | 21,877,429 | $ | 38,775,423 | $ | 34,195,291 | $ | 76,217,506 | $ | 83,415,121 | $ | 25,269,905 | $ | 26,242,419 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 10,069 | $ | 4,999 | $ | 9,159 | $ | 19,525 | $ | 298,334 | $ | 98,267 | $ | 14,409 | $ | 21,065 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
50,000 | 200,000 | 450,000 | 450,000 | 1,100,000 | 1,800,000 | — | — | |||||||||||||||||||||||
(50,000 | ) | (50,000 | ) | (400,000 | ) | (400,000 | ) | (1,400,000 | ) | (1,450,000 | ) | (50,000 | ) | — | ||||||||||||||||
550,000 | 400,000 | 1,200,000 | 1,150,000 | 2,850,000 | 2,500,000 | 600,000 | 600,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
550,000 | 550,000 | 1,250,000 | 1,200,000 | 2,550,000 | 2,850,000 | 550,000 | 600,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 65 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares Russell Midcap Pure Growth Portfolio (PXMG) | PowerShares Russell Midcap Pure Value Portfolio (PXMV) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 36,642 | $ | 189,458 | $ | 609,386 | $ | 1,288,663 | ||||||||
Net realized gain (loss) | 6,520,044 | (6,659,735 | ) | (428,102 | ) | 2,170,837 | ||||||||||
Net change in unrealized appreciation (depreciation) | 4,637,372 | 17,543,731 | (203,718 | ) | 2,742,235 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 11,194,058 | 11,073,454 | (22,434 | ) | 6,201,735 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (96,720 | ) | (160,836 | ) | (772,730 | ) | (1,190,811 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 25,828,852 | 12,023,198 | 18,033,951 | 49,978,805 | ||||||||||||
Value of shares repurchased | (24,499,716 | ) | (21,983,708 | ) | (30,368,721 | ) | (37,150,015 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 1,329,136 | (9,960,510 | ) | (12,334,770 | ) | 12,828,790 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 12,426,474 | 952,108 | (13,129,934 | ) | 17,839,714 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 67,967,102 | 67,014,994 | 68,203,310 | 50,363,596 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 80,393,576 | $ | 67,967,102 | $ | 55,073,376 | $ | 68,203,310 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | (14,589 | ) | $ | 45,489 | $ | 128,236 | $ | 291,580 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 700,000 | 400,000 | 600,000 | 1,650,000 | ||||||||||||
Shares repurchased | (650,000 | ) | (750,000 | ) | (1,000,000 | ) | (1,300,000 | ) | ||||||||
Shares outstanding, beginning of period | 1,950,000 | 2,300,000 | 2,200,000 | 1,850,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 2,000,000 | 1,950,000 | 1,800,000 | 2,200,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
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, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||||||||||||
$ | 385,951 | $ | 573,319 | $ | 746,644 | $ | 1,197,786 | $ | 776,562 | $ | 1,537,749 | $ | 179,022 | $ | 911,550 | |||||||||||||||
3,353,771 | 503,020 | 7,662,397 | (1,211,183 | ) | 4,507,041 | 6,160,384 | 1,360,131 | 2,938,880 | ||||||||||||||||||||||
697,836 | 4,764,560 | 17,007,032 | 21,973,094 | 136,398 | 5,632,709 | (113,468 | ) | 1,096,744 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
4,437,558 | 5,840,899 | 25,416,073 | 21,959,697 | 5,420,001 | 13,330,842 | 1,425,685 | 4,947,174 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(391,451 | ) | (585,203 | ) | (755,913 | ) | (1,357,534 | ) | (824,524 | ) | (1,576,335 | ) | (198,874 | ) | (1,069,483 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
22,149,507 | 6,718,231 | 53,954,102 | 37,553,154 | 47,563,066 | 46,557,912 | 9,347,024 | 19,783,952 | |||||||||||||||||||||||
(12,533,352 | ) | (6,075,183 | ) | (38,980,745 | ) | (63,314,455 | ) | (30,467,941 | ) | (51,570,518 | ) | (13,213,372 | ) | (20,698,564 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
9,616,155 | 643,048 | 14,973,357 | (25,761,301 | ) | 17,095,125 | (5,012,606 | ) | (3,866,348 | ) | (914,612 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
13,662,262 | 5,898,744 | 39,633,517 | (5,159,138 | ) | 21,690,602 | 6,741,901 | (2,639,537 | ) | 2,963,079 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
39,703,431 | 33,804,687 | 146,255,624 | 151,414,762 | 74,770,430 | 68,028,529 | 23,987,364 | 21,024,285 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 53,365,693 | $ | 39,703,431 | $ | 185,889,141 | $ | 146,255,624 | $ | 96,461,032 | $ | 74,770,430 | $ | 21,347,827 | $ | 23,987,364 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 63,979 | $ | 69,479 | $ | 133,397 | $ | 142,666 | $ | 86,843 | $ | 134,805 | $ | 36,571 | $ | 56,423 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
450,000 | 150,000 | 1,350,000 | 1,100,000 | 1,300,000 | 1,400,000 | 500,000 | 1,100,000 | |||||||||||||||||||||||
(250,000 | ) | (150,000 | ) | (950,000 | ) | (1,900,000 | ) | (850,000 | ) | (1,600,000 | ) | (700,000 | ) | (1,150,000 | ) | |||||||||||||||
850,000 | 850,000 | 3,800,000 | 4,600,000 | 2,100,000 | 2,300,000 | 1,300,000 | 1,350,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,050,000 | 850,000 | 4,200,000 | 3,800,000 | 2,550,000 | 2,100,000 | 1,100,000 | 1,300,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 67 |
|
PowerShares Dynamic Large Cap Growth Portfolio (PWB)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 35.00 | $ | 30.82 | $ | 30.19 | $ | 25.62 | $ | 21.29 | $ | 18.73 | ||||||||||||
Net investment income(a) | 0.14 | 0.24 | 0.19 | 0.18 | 0.10 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain on investments | 5.36 | 4.19 | 0.62 | 4.56 | 4.34 | 2.55 | ||||||||||||||||||
Total from investment operations | 5.50 | 4.43 | 0.81 | 4.74 | 4.44 | 2.76 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.25 | ) | (0.18 | ) | (0.17 | ) | (0.11 | ) | (0.20 | ) | ||||||||||||
Net asset value at end of period | $ | 40.34 | $ | 35.00 | $ | 30.82 | $ | 30.19 | $ | 25.62 | $ | 21.29 | ||||||||||||
Market price at end of period(b) | $ | 40.37 | $ | 35.02 | $ | 30.81 | $ | 30.17 | $ | 25.62 | $ | 21.28 | ||||||||||||
Net Asset Value Total Return(c) | 15.76 | % | 14.46 | % | 2.70 | % | 18.52 | % | 20.91 | % | 14.91 | % | ||||||||||||
Market Price Total Return(c) | 15.78 | % | 14.57 | % | 2.73 | % | 18.44 | % | 20.96 | % | 14.92 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 508,304 | $ | 441,053 | $ | 443,752 | $ | 327,579 | $ | 285,675 | $ | 212,897 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.58 | %(d) | 0.57 | % | 0.57 | % | 0.58 | % | 0.58 | % | 0.59 | % | ||||||||||||
Expenses, prior to Waivers | 0.58 | %(d) | 0.57 | % | 0.57 | % | 0.58 | % | 0.58 | % | 0.59 | % | ||||||||||||
Net investment income, after Waivers | 0.76 | %(d) | 0.74 | % | 0.64 | % | 0.63 | % | 0.43 | % | 1.08 | % | ||||||||||||
Portfolio turnover rate(e) | 51 | % | 116 | % | 97 | % | 143 | % | 123 | % | 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. |
PowerShares Dynamic Large Cap Value Portfolio (PWV)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 35.26 | $ | 30.01 | $ | 31.43 | $ | 29.51 | $ | 25.21 | $ | 20.73 | ||||||||||||
Net investment income(a) | 0.34 | 0.67 | 0.73 | 0.64 | 0.55 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.79 | 5.28 | (1.43 | ) | 1.88 | 4.30 | 4.48 | |||||||||||||||||
Total from investment operations | 3.13 | 5.95 | (0.70 | ) | 2.52 | 4.85 | 5.00 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.37 | ) | (0.70 | ) | (0.72 | ) | (0.60 | ) | (0.55 | ) | (0.52 | ) | ||||||||||||
Net asset value at end of period | $ | 38.02 | $ | 35.26 | $ | 30.01 | $ | 31.43 | $ | 29.51 | $ | 25.21 | ||||||||||||
Market price at end of period(b) | $ | 38.03 | $ | 35.27 | $ | 30.00 | $ | 31.42 | $ | 29.49 | $ | 25.22 | ||||||||||||
Net Asset Value Total Return(c) | 8.94 | % | 20.06 | % | (2.17 | )% | 8.56 | % | 19.48 | % | 24.55 | % | ||||||||||||
Market Price Total Return(c) | 8.94 | % | 20.14 | % | (2.18 | )% | 8.60 | % | 19.35 | % | 24.72 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,444,673 | $ | 1,256,973 | $ | 975,299 | $ | 1,087,343 | $ | 801,088 | $ | 574,825 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(d) | 0.56 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.59 | % | ||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.56 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.59 | % | ||||||||||||
Net investment income, after Waivers | 1.83 | %(d) | 2.04 | % | 2.44 | % | 2.10 | % | 2.04 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate(e) | 39 | % | 118 | % | 98 | % | 82 | % | 103 | % | 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.
| 68 |
|
Financial Highlights (continued)
PowerShares Russell 2000 Equal Weight Portfolio (EQWS)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 39.78 | $ | 32.69 | $ | 35.89 | $ | 32.85 | $ | 27.80 | $ | 24.21 | ||||||||||||
Net investment income(a) | 0.22 | 0.36 | 0.31 | 0.41 | 0.33 | 0.46 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.29 | 7.19 | (3.17 | ) | 3.03 | 5.12 | 3.60 | |||||||||||||||||
Total from investment operations | 2.51 | 7.55 | (2.86 | ) | 3.44 | 5.45 | 4.06 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.46 | ) | (0.34 | ) | (0.40 | ) | (0.40 | ) | (0.47 | ) | ||||||||||||
Net asset value at end of period | $ | 42.08 | $ | 39.78 | $ | 32.69 | $ | 35.89 | $ | 32.85 | $ | 27.80 | ||||||||||||
Market price at end of period(b) | $ | 42.17 | $ | 39.77 | $ | 32.71 | $ | 35.90 | $ | 32.84 | $ | 27.76 | ||||||||||||
Net Asset Value Total Return(c) | 6.34 | % | 23.21 | % | (8.00 | )% | 10.53 | % | 19.76 | % | 17.05 | % | ||||||||||||
Market Price Total Return(c) | 6.59 | % | 23.11 | % | (7.97 | )% | 10.59 | % | 19.90 | % | 17.03 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 23,147 | $ | 21,877 | $ | 13,075 | $ | 16,153 | $ | 14,784 | $ | 15,290 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.25 | % | 0.26 | %(e) | 0.39 | %(e) | 0.39 | % | 0.39 | % | ||||||||||||
Expenses, prior to Waivers | 0.87 | %(d) | 1.00 | % | 1.17 | %(e) | 0.98 | %(e) | 0.94 | % | 1.22 | % | ||||||||||||
Net investment income, after Waivers | 1.08 | %(d) | 0.98 | % | 0.94 | % | 1.20 | % | 1.06 | % | 1.88 | % | ||||||||||||
Portfolio turnover rate(f) | 26 | % | 47 | % | 143 | % | 7 | % | 50 | % | 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) | 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 year ended April 30, 2016, 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.
| 69 |
|
Financial Highlights (continued)
PowerShares Russell 2000 Pure Growth Portfolio (PXSG)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.50 | $ | 23.23 | $ | 25.22 | $ | 23.90 | $ | 19.74 | $ | 17.66 | ||||||||||||
Net investment income(a) | 0.06 | 0.07 | 0.06 | 0.25 | 0.20 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.53 | 5.27 | (1.93 | ) | 1.39 | 4.17 | 2.08 | |||||||||||||||||
Total from investment operations | 2.59 | 5.34 | (1.87 | ) | 1.64 | 4.37 | 2.21 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.07 | ) | (0.12 | ) | (0.32 | ) | (0.21 | ) | (0.13 | ) | ||||||||||||
Net asset value at end of period | $ | 31.02 | $ | 28.50 | $ | 23.23 | $ | 25.22 | $ | 23.90 | $ | 19.74 | ||||||||||||
Market price at end of period(b) | $ | 31.03 | $ | 28.49 | $ | 23.26 | $ | 25.21 | $ | 23.89 | $ | 19.72 | ||||||||||||
Net Asset Value Total Return(c) | 9.09 | % | 23.02 | % | (7.47 | )% | 6.92 | % | 22.31 | % | 12.63 | % | ||||||||||||
Market Price Total Return(c) | 9.17 | % | 22.82 | % | (7.31 | )% | 6.92 | % | 22.38 | % | 12.65 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 38,775 | $ | 34,195 | $ | 26,719 | $ | 32,791 | $ | 29,872 | $ | 26,646 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | %(e) | 0.39 | %(e) | 0.39 | %(e) | 0.39 | %(e) | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.65 | % | 0.67 | %(e) | 0.69 | %(e) | 0.70 | %(e) | 0.92 | %(e) | ||||||||||||
Net investment income, after Waivers | 0.40 | %(d) | 0.29 | % | 0.27 | % | 1.02 | % | 0.90 | % | 0.72 | % | ||||||||||||
Portfolio turnover rate(f) | 46 | % | 55 | % | 144 | % | 6 | % | 39 | % | 39 | % |
(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 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 year ended April 30, 2016, 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.
| 70 |
|
Financial Highlights (continued)
PowerShares Russell 2000 Pure Value Portfolio (PXSV)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.27 | $ | 23.87 | $ | 25.75 | $ | 24.67 | $ | 19.63 | $ | 16.35 | ||||||||||||
Net investment income(a) | 0.33 | 0.52 | 0.63 | 0.42 | 0.30 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.55 | 5.55 | (1.91 | ) | 1.03 | 5.03 | 3.31 | |||||||||||||||||
Total from investment operations | 0.88 | 6.07 | (1.28 | ) | 1.45 | 5.33 | 3.63 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.67 | ) | (0.60 | ) | (0.37 | ) | (0.29 | ) | (0.35 | ) | ||||||||||||
Net asset value at end of period | $ | 29.89 | $ | 29.27 | $ | 23.87 | $ | 25.75 | $ | 24.67 | $ | 19.63 | ||||||||||||
Market price at end of period(b) | $ | 29.91 | $ | 29.26 | $ | 23.88 | $ | 25.75 | $ | 24.68 | $ | 19.61 | ||||||||||||
Net Asset Value Total Return(c) | 3.03 | % | 25.64 | % | (4.93 | )% | 5.91 | % | 27.29 | % | 22.56 | % | ||||||||||||
Market Price Total Return(c) | 3.13 | % | 25.54 | % | (4.90 | )% | 5.87 | % | 27.47 | % | 22.58 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 76,218 | $ | 83,415 | $ | 59,668 | $ | 72,093 | $ | 65,376 | $ | 48,084 | ||||||||||||
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 | 0.48 | %(d) | 0.46 | % | 0.50 | % | 0.55 | % | 0.54 | % | 0.70 | % | ||||||||||||
Net investment income, after Waivers | 2.26 | %(d) | 1.90 | % | 2.67 | % | 1.65 | % | 1.31 | % | 1.87 | % | ||||||||||||
Portfolio turnover rate(e) | 50 | % | 50 | % | 137 | % | 5 | % | 43 | % | 31 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2016, 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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 43.74 | $ | 38.93 | $ | 40.34 | $ | 36.31 | $ | 30.41 | $ | 26.60 | ||||||||||||
Net investment income(a) | 0.30 | 0.54 | 0.56 | 0.50 | 0.40 | 0.43 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.22 | 4.86 | (1.41 | ) | 4.03 | 5.90 | 3.80 | |||||||||||||||||
Total from investment operations | 2.52 | 5.40 | (0.85 | ) | 4.53 | 6.30 | 4.23 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.59 | ) | (0.56 | ) | (0.50 | ) | (0.40 | ) | (0.42 | ) | ||||||||||||
Net asset value at end of period | $ | 45.95 | $ | 43.74 | $ | 38.93 | $ | 40.34 | $ | 36.31 | $ | 30.41 | ||||||||||||
Market price at end of period(b) | $ | 45.94 | $ | 43.74 | $ | 38.89 | $ | 40.35 | $ | 36.25 | $ | 30.39 | ||||||||||||
Net Asset Value Total Return(c) | 5.79 | % | 14.00 | % | (2.02 | )% | 12.52 | % | 20.85 | % | 16.16 | % | ||||||||||||
Market Price Total Return(c) | 5.77 | % | 14.11 | % | (2.14 | )% | 12.73 | % | 20.73 | % | 16.00 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 25,270 | $ | 26,242 | $ | 23,357 | $ | 34,292 | $ | 30,867 | $ | 19,768 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.25 | % | 0.26 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.68 | % | 0.69 | % | 0.66 | % | 0.69 | % | 1.00 | % | ||||||||||||
Net investment income, after Waivers | 1.37 | %(d) | 1.32 | % | 1.50 | % | 1.31 | % | 1.19 | % | 1.58 | % | ||||||||||||
Portfolio turnover rate(e) | 18 | % | 36 | % | 135 | % | 5 | % | 50 | % | 38 | % |
(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 year ended April 30, 2016, 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.
| 71 |
|
Financial Highlights (continued)
PowerShares Russell Midcap Pure Growth Portfolio (PXMG)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.85 | $ | 29.14 | $ | 31.95 | $ | 30.02 | $ | 26.06 | $ | 22.65 | ||||||||||||
Net investment income(a) | 0.02 | 0.09 | 0.07 | 0.47 | 0.33 | 0.26 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.38 | 5.70 | (2.72 | ) | 1.92 | 4.01 | 3.38 | |||||||||||||||||
Total from investment operations | 5.40 | 5.79 | (2.65 | ) | 2.39 | 4.34 | 3.64 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.05 | ) | (0.08 | ) | (0.16 | ) | (0.46 | ) | (0.38 | ) | (0.23 | ) | ||||||||||||
Net asset value at end of period | $ | 40.20 | $ | 34.85 | $ | 29.14 | $ | 31.95 | $ | 30.02 | $ | 26.06 | ||||||||||||
Market price at end of period(b) | $ | 40.19 | $ | 34.85 | $ | 29.12 | $ | 31.95 | $ | 29.99 | $ | 26.04 | ||||||||||||
Net Asset Value Total Return(c) | 15.51 | % | 19.89 | % | (8.34 | )% | 7.98 | % | 16.80 | % | 16.23 | % | ||||||||||||
Market Price Total Return(c) | 15.48 | % | 19.98 | % | (8.40 | )% | 8.09 | % | 16.77 | % | 16.25 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 80,394 | $ | 67,967 | $ | 67,015 | $ | 87,870 | $ | 91,555 | $ | 82,101 | ||||||||||||
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 | 0.47 | %(d) | 0.46 | % | 0.44 | % | 0.46 | % | 0.45 | % | 0.54 | % | ||||||||||||
Net investment income, after Waivers | 0.09 | %(d) | 0.30 | % | 0.25 | % | 1.51 | % | 1.19 | % | 1.14 | % | ||||||||||||
Portfolio turnover rate(e) | 28 | % | 49 | % | 147 | % | 3 | % | 33 | % | 33 | % |
(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 year ended April 30, 2016, 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.
| 72 |
|
Financial Highlights (continued)
PowerShares Russell Midcap Pure Value Portfolio (PXMV)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.00 | $ | 27.22 | $ | 27.55 | $ | 25.88 | $ | 20.98 | $ | 17.06 | ||||||||||||
Net investment income(a) | 0.31 | 0.68 | 0.68 | 0.43 | 0.37 | 0.37 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.32 | ) | 3.80 | (0.37 | ) | 1.63 | 4.87 | 3.94 | ||||||||||||||||
Total from investment operations | (0.01 | ) | 4.48 | 0.31 | 2.06 | 5.24 | 4.31 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.70 | ) | (0.64 | ) | (0.39 | ) | (0.34 | ) | (0.39 | ) | ||||||||||||
Net asset value at end of period | $ | 30.60 | $ | 31.00 | $ | 27.22 | $ | 27.55 | $ | 25.88 | $ | 20.98 | ||||||||||||
Market price at end of period(b) | $ | 30.61 | $ | 31.00 | $ | 27.21 | $ | 27.53 | $ | 25.87 | $ | 20.98 | ||||||||||||
Net Asset Value Total Return(c) | (0.03 | )% | 16.60 | % | 1.35 | % | 7.98 | % | 25.19 | % | 25.74 | % | ||||||||||||
Market Price Total Return(c) | 0.00 | % | 16.64 | % | 1.39 | % | 7.94 | % | 25.14 | % | 25.89 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 55,073 | $ | 68,203 | $ | 50,364 | $ | 52,338 | $ | 42,709 | $ | 28,321 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | %(e) | 0.39 | %(e) | 0.39 | % | 0.39 | % | ||||||||||||
Expenses, prior to Waivers | 0.51 | %(d) | 0.49 | % | 0.54 | %(e) | 0.56 | %(e) | 0.62 | % | 0.82 | % | ||||||||||||
Net investment income, after Waivers | 2.05 | %(d) | 2.28 | % | 2.62 | % | 1.58 | % | 1.56 | % | 2.08 | % | ||||||||||||
Portfolio turnover rate(f) | 47 | % | 39 | % | 131 | % | 4 | % | 33 | % | 25 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. 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 year ended April 30, 2016, 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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 46.71 | $ | 39.77 | $ | 40.24 | $ | 37.06 | $ | 30.97 | $ | 26.66 | ||||||||||||
Net investment income(a) | 0.40 | 0.74 | 0.78 | 0.75 | 0.63 | 0.65 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.12 | 6.95 | (0.48 | ) | 3.14 | 6.03 | 4.35 | |||||||||||||||||
Total from investment operations | 4.52 | 7.69 | 0.30 | 3.89 | 6.66 | 5.00 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.75 | ) | (0.77 | ) | (0.71 | ) | (0.57 | ) | (0.69 | ) | ||||||||||||
Net asset value at end of period | $ | 50.82 | $ | 46.71 | $ | 39.77 | $ | 40.24 | $ | 37.06 | $ | 30.97 | ||||||||||||
Market price at end of period(b) | $ | 50.88 | $ | 46.75 | $ | 39.73 | $ | 40.21 | $ | 37.08 | $ | 30.98 | ||||||||||||
Net Asset Value Total Return(c) | 9.73 | % | 19.58 | % | 0.81 | % | 10.52 | % | 21.69 | % | 19.10 | % | ||||||||||||
Market Price Total Return(c) | 9.76 | % | 19.80 | % | 0.78 | % | 10.38 | % | 21.72 | % | 19.15 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 53,366 | $ | 39,703 | $ | 33,805 | $ | 42,249 | $ | 40,770 | $ | 27,874 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.25 | % | 0.26 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Expenses, prior to Waivers | 0.51 | %(d) | 0.54 | % | 0.54 | % | 0.57 | % | 0.60 | % | 0.80 | % | ||||||||||||
Net investment income, after Waivers | 1.64 | %(d) | 1.74 | % | 1.99 | % | 1.92 | % | 1.85 | % | 2.38 | % | ||||||||||||
Portfolio turnover rate(e) | 29 | % | 27 | % | 101 | % | 3 | % | 38 | % | 43 | % |
(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 year ended April 30, 2016, 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.
| 73 |
|
Financial Highlights (continued)
PowerShares Russell Top 200 Pure Growth Portfolio (PXLG)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 38.49 | $ | 32.92 | $ | 33.84 | $ | 29.53 | $ | 25.10 | $ | 22.20 | ||||||||||||
Net investment income(a) | 0.17 | 0.29 | 0.28 | 0.55 | 0.50 | 0.39 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.78 | 5.61 | (0.91 | ) | 4.29 | 4.57 | 2.87 | |||||||||||||||||
Total from investment operations | 5.95 | 5.90 | (0.63 | ) | 4.84 | 5.07 | 3.26 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.33 | ) | (0.29 | ) | (0.53 | ) | (0.62 | ) | (0.36 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.02 | ) | — | |||||||||||||||||
Total distributions | (0.18 | ) | (0.33 | ) | (0.29 | ) | (0.53 | ) | (0.64 | ) | (0.36 | ) | ||||||||||||
Net asset value at end of period | $ | 44.26 | $ | 38.49 | $ | 32.92 | $ | 33.84 | $ | 29.53 | $ | 25.10 | ||||||||||||
Market price at end of period(b) | $ | 44.24 | $ | 38.50 | $ | 32.92 | $ | 33.82 | $ | 29.52 | $ | 25.08 | ||||||||||||
Net Asset Value Total Return(c) | 15.49 | % | 18.06 | % | (1.89 | )% | 16.49 | % | 20.54 | % | 14.87 | % | ||||||||||||
Market Price Total Return(c) | 15.40 | % | 18.09 | % | (1.83 | )% | 16.46 | % | 20.59 | % | 14.83 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 185,889 | $ | 146,256 | $ | 151,415 | $ | 145,502 | $ | 106,322 | $ | 82,816 | ||||||||||||
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 | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.43 | % | 0.45 | % | 0.79 | % | ||||||||||||
Net investment income, after Waivers | 0.84 | %(d) | 0.84 | % | 0.85 | % | 1.73 | % | 1.84 | % | 1.63 | % | ||||||||||||
Portfolio turnover rate(e) | 21 | % | 30 | % | 105 | % | 2 | % | 22 | % | 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 year ended April 30, 2016, 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.
| 74 |
|
Financial Highlights (continued)
PowerShares Russell Top 200 Pure Value Portfolio (PXLV)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 35.60 | $ | 29.58 | $ | 30.63 | $ | 29.40 | $ | 25.16 | $ | 20.37 | ||||||||||||
Net investment income(a) | 0.38 | 0.73 | 0.80 | 0.72 | 0.63 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.25 | 6.13 | (1.09 | ) | 1.16 | 4.17 | 4.77 | |||||||||||||||||
Total from investment operations | 2.63 | 6.86 | (0.29 | ) | 1.88 | 4.80 | 5.29 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.40 | ) | (0.84 | ) | (0.76 | ) | (0.65 | ) | (0.54 | ) | (0.50 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.02 | ) | — | |||||||||||||||||
Total distributions | (0.40 | ) | (0.84 | ) | (0.76 | ) | (0.65 | ) | (0.56 | ) | (0.50 | ) | ||||||||||||
Net asset value at end of period | $ | 37.83 | $ | 35.60 | $ | 29.58 | $ | 30.63 | $ | 29.40 | $ | 25.16 | ||||||||||||
Market price at end of period(b) | $ | 37.85 | $ | 35.63 | $ | 29.55 | $ | 30.62 | $ | 29.39 | $ | 25.16 | ||||||||||||
Net Asset Value Total Return(c) | 7.41 | % | 23.47 | % | (0.84 | )% | 6.41 | % | 19.27 | % | 26.41 | % | ||||||||||||
Market Price Total Return(c) | 7.40 | % | 23.69 | % | (0.92 | )% | 6.41 | % | 19.23 | % | 26.53 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 96,461 | $ | 74,770 | $ | 68,029 | $ | 41,348 | $ | 14,701 | $ | 7,549 | ||||||||||||
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 | 0.47 | %(d) | 0.46 | % | 0.55 | % | 0.62 | % | 1.05 | % | 2.10 | % | ||||||||||||
Net investment income, after Waivers | 2.09 | %(d) | 2.23 | % | 2.78 | % | 2.37 | % | 2.32 | % | 2.43 | % | ||||||||||||
Portfolio turnover rate(e) | 28 | % | 28 | % | 77 | % | 2 | % | 23 | % | 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. For the year ended April 30, 2016, 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.
| 75 |
|
Financial Highlights (continued)
PowerShares Zacks Micro Cap Portfolio (PZI)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.45 | $ | 15.57 | $ | 16.07 | $ | 16.26 | $ | 13.57 | $ | 11.34 | ||||||||||||
Net investment income(a) | 0.14 | 0.67 | (b) | 0.21 | 0.21 | 0.20 | 0.20 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.97 | 3.00 | (0.52 | ) | (0.09 | ) | 2.65 | 2.25 | ||||||||||||||||
Total from investment operations | 1.11 | 3.67 | (0.31 | ) | 0.12 | 2.85 | 2.45 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.79 | ) | (0.19 | ) | (0.31 | ) | (0.16 | ) | (0.22 | ) | ||||||||||||
Net asset value at end of period | $ | 19.41 | $ | 18.45 | $ | 15.57 | $ | 16.07 | $ | 16.26 | $ | 13.57 | ||||||||||||
Market price at end of period(c) | $ | 19.36 | $ | 18.44 | $ | 15.57 | $ | 16.05 | $ | 16.25 | $ | 13.54 | ||||||||||||
Net Asset Value Total Return(d) | 6.09 | % | 23.87 | % | (1.94 | )% | 0.71 | % | 21.06 | % | 21.95 | % | ||||||||||||
Market Price Total Return(d) | 5.87 | % | 23.81 | % | (1.82 | )% | 0.64 | % | 21.25 | % | 21.90 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 21,348 | $ | 23,987 | $ | 21,024 | $ | 28,920 | $ | 61,782 | $ | 42,055 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(e) | 0.70 | %(f) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers(e) | 1.13 | %(f) | 1.04 | % | 1.00 | % | 0.90 | % | 0.79 | % | 0.98 | % | ||||||||||||
Net investment income, after Waivers | 1.15 | %(f) | 3.89 | %(b) | 1.37 | % | 1.28 | % | 1.29 | % | 1.72 | % | ||||||||||||
Portfolio turnover rate(g) | 62 | % | 141 | % | 134 | % | 115 | % | 123 | % | 96 | % |
(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 period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.25 and 1.45%, 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.
| 76 |
|
PowerShares Exchange-Traded Fund Trust
October 31, 2017
(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, 2017, 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) | “Russell 2000 Equal Weight Portfolio” | |
PowerShares Russell 2000 Pure Growth Portfolio (PXSG) | “Russell 2000 Pure Growth Portfolio” | |
PowerShares Russell 2000 Pure Value Portfolio (PXSV) | “Russell 2000 Pure Value Portfolio” | |
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) | “Russell Midcap Equal Weight Portfolio” | |
PowerShares Russell Midcap Pure Growth Portfolio (PXMG) | “Russell Midcap Pure Growth Portfolio” | |
PowerShares Russell Midcap Pure Value Portfolio (PXMV) | “Russell Midcap Pure Value Portfolio” | |
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) | “Russell Top 200 Equal Weight Portfolio” | |
PowerShares Russell Top 200 Pure Growth Portfolio (PXLG) | “Russell Top 200 Pure Growth Portfolio” | |
PowerShares Russell Top 200 Pure Value Portfolio (PXLV) | “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.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) 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 following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| 77 |
|
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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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.
| 78 |
|
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.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
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 will 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.
Small- and Mid-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 mid-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 mid-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.
| 79 |
|
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 accounting principles generally accepted in the United States of America (“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 from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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.
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
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 NAV 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,
| 80 |
|
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”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and any Unaffiliated Trustee, 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. Accounting Estimates
The preparation of the financial statements in accordance with 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.
I. Securities Lending
During the six-month period ended October 31, 2017, 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, Russell Midcap Pure Value Portfolio, Russell Top 200 Pure Growth 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 generally 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) accrues daily and pays monthly to the Adviser an 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 accrues daily and pays monthly to the Adviser an annual fee of 0.25% 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 accrues daily and pays monthly to 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,
| 81 |
|
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, 2018. 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% of the Fund’s average daily net assets per year, through at least August 31, 2018. 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, 2018, and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2018. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. 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, 2019, 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, 2017, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Large Cap Growth Portfolio | $ | 329 | ||
Dynamic Large Cap Value Portfolio | 876 | |||
Russell 2000 Equal Weight Portfolio | 69,589 | |||
Russell 2000 Pure Growth Portfolio | 45,770 | |||
Russell 2000 Pure Value Portfolio | 34,860 | |||
Russell Midcap Equal Weight Portfolio | 60,742 | |||
Russell Midcap Pure Growth Portfolio | 29,938 | |||
Russell Midcap Pure Value Portfolio | 36,258 | |||
Russell Top 200 Equal Weight Portfolio | 60,862 | |||
Russell Top 200 Pure Growth Portfolio | 114 | |||
Russell Top 200 Pure Value Portfolio | 29,359 | |||
Zacks Micro Cap Portfolio | 51,217 |
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, 2017 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
4/30/18 | 4/30/19 | 4/30/20 | 10/31/20 | |||||||||||||||||
Russell 2000 Equal Weight Portfolio | $ | 350,184 | $ | 44,054 | $ | 122,351 | $ | 114,255 | $ | 69,524 | ||||||||||
Russell 2000 Pure Growth Portfolio | 251,801 | 46,077 | 85,694 | 74,308 | 45,722 | |||||||||||||||
Russell 2000 Pure Value Portfolio | 206,751 | 54,460 | 68,966 | 48,568 | 34,757 | |||||||||||||||
Russell Midcap Equal Weight Portfolio | 327,539 | 39,433 | 121,137 | 106,293 | 60,676 | |||||||||||||||
Russell Midcap Pure Growth Portfolio | 151,000 | 33,285 | 42,984 | 44,889 | 29,842 | |||||||||||||||
Russell Midcap Pure Value Portfolio | 201,404 | 43,685 | 67,330 | 54,220 | 36,169 | |||||||||||||||
Russell Top 200 Equal Weight Portfolio | 301,558 | 39,556 | 104,089 | 97,104 | 60,809 | |||||||||||||||
Russell Top 200 Pure Growth Portfolio | 21,066 | 21,066 | — | — | — | |||||||||||||||
Russell Top 200 Pure Value Portfolio | 186,217 | 43,993 | 67,669 | 45,267 | 29,288 | |||||||||||||||
Zacks Micro Cap Portfolio | 250,689 | 44,254 | 76,103 | 79,180 | 51,152 |
| 82 |
|
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 | ICE Data Indices, LLC | |
Dynamic Large Cap Value Portfolio | ICE Data Indices, LLC | |
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 tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended October 31, 2017.
Russell 2000 Equal Weight Portfolio
Value April 30, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2017 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 5,023 | $ | 478 | $ | (1,088 | ) | $ | 152 | $ | 102 | $ | 4,667 | $ | 246 |
Russell 2000 Pure Value Portfolio
Value April 30, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2017 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 447,286 | $ | 212,011 | $ | (239,289 | ) | $ | 15,017 | $ | 4,912 | $ | 439,937 | $ | 25,477 |
Russell Midcap Equal Weight Portfolio
Value April 30, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2017 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 15,185 | $ | 1,357 | $ | (3,534 | ) | $ | 1,371 | $ | (27 | ) | $ | 14,352 | $ | 249 |
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
| 83 |
|
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, 2017, 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-months ended October 31, 2017, there were no material transfers between valuation levels.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Russell 2000 Equal Weight Portfolio | ||||||||||||||||
Equity Securities | $ | 23,944,032 | $ | 5,001 | $ | 1,860 | $ | 23,950,893 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Russell 2000 Pure Value Portfolio | ||||||||||||||||
Equity Securities | $ | 86,468,810 | $ | — | $ | 0 | $ | 86,468,810 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Zacks Micro Cap Portfolio | ||||||||||||||||
Equity Securities | $ | 23,380,392 | $ | — | $ | 2,209 | $ | 23,382,601 | ||||||||
|
|
|
|
|
|
|
|
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, 2017, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||
2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||
Dynamic Large Cap Growth Portfolio | $ | 131,638,879 | $ | 15,986,258 | $ | 44,638,676 | $ | 1,018,004 | $ | 193,281,817 | $ | 68,715,641 | ||||||||||||
Dynamic Large Cap Value Portfolio | 56,819,182 | 17,964,198 | 119,916,863 | 18,725,903 | 213,426,146 | 22,558,581 | ||||||||||||||||||
Russell 2000 Equal Weight Portfolio | 2,009,294 | 2,491,519 | 1,968,785 | 1,186,822 | 7,656,420 | 2,738,120 | ||||||||||||||||||
Russell 2000 Pure Growth Portfolio | 10,392,627 | 4,547,805 | 6,459,754 | 4,523,612 | 25,923,798 | 9,888,431 | ||||||||||||||||||
Russell 2000 Pure Value Portfolio | 9,588,502 | 5,376,983 | 7,538,252 | 6,426,653 | 28,930,390 | 16,547,947 | ||||||||||||||||||
Russell Midcap Equal Weight Portfolio | 3,611,366 | 741,893 | 1,781,930 | 1,700,097 | 7,835,286 | 3,815,763 | ||||||||||||||||||
Russell Midcap Pure Growth Portfolio | 82,364,246 | 12,021,724 | 12,534,125 | 8,389,177 | 115,309,272 | 54,769,394 | ||||||||||||||||||
Russell Midcap Pure Value Portfolio | 18,996,863 | 2,751,107 | 4,741,951 | 1,172,628 | 27,662,549 | 12,697,113 |
| 84 |
|
Post-effective/no expiration | ||||||||||||||||||||||||
2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||
Russell Top 200 Equal Weight Portfolio | $ | 5,621,834 | $ | 1,626,267 | $ | 743,656 | $ | 732,335 | $ | 8,724,092 | $ | 2,328,337 | ||||||||||||
Russell Top 200 Pure Growth Portfolio | — | — | 4,325,577 | 6,003,581 | 10,329,158 | — | ||||||||||||||||||
Russell Top 200 Pure Value Portfolio | — | — | 770,987 | 1,271,141 | 2,042,128 | — | ||||||||||||||||||
Zacks Micro Cap Portfolio | 12,380,833 | 7,234,973 | 20,320,056 | 1,545,284 | 41,481,146 | 28,782,755 |
* | 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, 2017, 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 | $ | 241,771,562 | $ | 242,734,735 | ||||
Dynamic Large Cap Value Portfolio | 531,845,793 | 530,780,951 | ||||||
Russell 2000 Equal Weight Portfolio | 5,871,404 | 5,731,458 | ||||||
Russell 2000 Pure Growth Portfolio | 16,950,876 | 16,689,109 | ||||||
Russell 2000 Pure Value Portfolio | 39,997,219 | 39,321,274 | ||||||
Russell Midcap Equal Weight Portfolio | 4,773,368 | 4,752,588 | ||||||
Russell Midcap Pure Growth Portfolio | 21,425,588 | 21,753,177 | ||||||
Russell Midcap Pure Value Portfolio | 27,634,311 | 28,257,746 | ||||||
Russell Top 200 Equal Weight Portfolio | 13,696,511 | 13,462,246 | ||||||
Russell Top 200 Pure Growth Portfolio | 36,744,729 | 35,799,251 | ||||||
Russell Top 200 Pure Value Portfolio | 21,347,570 | 21,285,530 | ||||||
Zacks Micro Cap Portfolio | 14,806,945 | 14,637,010 |
For the six-month period ended October 31, 2017, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Large Cap Growth Portfolio | $ | 193,814,767 | $ | 192,192,716 | ||||
Dynamic Large Cap Value Portfolio | 519,008,968 | 433,491,839 | ||||||
Russell 2000 Equal Weight Portfolio | 1,962,795 | 2,089,775 | ||||||
Russell 2000 Pure Growth Portfolio | 13,428,482 | 12,305,753 | ||||||
Russell 2000 Pure Value Portfolio | 30,961,368 | 40,247,847 | ||||||
Russell Midcap Equal Weight Portfolio | — | 2,270,334 | ||||||
Russell Midcap Pure Growth Portfolio | 25,850,330 | 24,244,416 | ||||||
Russell Midcap Pure Value Portfolio | 18,031,406 | 29,815,079 | ||||||
Russell Top 200 Equal Weight Portfolio | 22,142,094 | 12,742,621 | ||||||
Russell Top 200 Pure Growth Portfolio | 53,213,824 | 39,197,563 | ||||||
Russell Top 200 Pure Value Portfolio | 47,568,523 | 30,564,780 | ||||||
Zacks Micro Cap Portfolio | 9,232,424 | 13,233,585 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2017, the aggregate cost of investments, including any derivatives, 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 | |||||||||||||
Dynamic Large Cap Growth Portfolio | $ | 103,243,380 | $ | (4,852,486 | ) | $ | 98,390,894 | $ | 410,083,745 | |||||||
Dynamic Large Cap Value Portfolio | 175,021,004 | (27,942,429 | ) | 147,078,575 | 1,297,887,073 | |||||||||||
Russell 2000 Equal Weight Portfolio | 4,511,908 | (1,578,448 | ) | 2,933,460 | 21,017,433 |
| 85 |
|
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation | Cost | |||||||||||||
Russell 2000 Pure Growth Portfolio | $ | 7,011,200 | $ | (2,848,644 | ) | $ | 4,162,556 | $ | 40,051,694 | |||||||
Russell 2000 Pure Value Portfolio | 9,504,420 | (6,476,393 | ) | 3,028,027 | 83,440,783 | |||||||||||
Russell Midcap Equal Weight Portfolio | 4,524,779 | (1,885,011 | ) | 2,639,768 | 23,480,508 | |||||||||||
Russell Midcap Pure Growth Portfolio | 16,961,547 | (2,132,644 | ) | 14,828,903 | 69,082,105 | |||||||||||
Russell Midcap Pure Value Portfolio | 4,185,037 | (3,677,017 | ) | 508,020 | 55,403,823 | |||||||||||
Russell Top 200 Equal Weight Portfolio | 6,255,089 | (1,078,581 | ) | 5,176,508 | 48,205,021 | |||||||||||
Russell Top 200 Pure Growth Portfolio | 39,781,509 | (2,925,428 | ) | 36,856,081 | 151,063,366 | |||||||||||
Russell Top 200 Pure Value Portfolio | 8,883,421 | (2,707,599 | ) | 6,175,822 | 90,274,555 | |||||||||||
Zacks Micro Cap Portfolio | 3,142,016 | (697,832 | ) | 2,444,184 | 20,938,417 |
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, any Unaffiliated Trustee, 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, each Independent Trustee or Unaffiliated 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.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such 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.
| 86 |
|
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, 2017.
In addition to the fees and expenses which the PowerShares Zacks Micro Cap 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 the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2017 | Ending Account Value October 31, 2017 | 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 | $ | 1,157.60 | 0.58 | % | $ | 3.15 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.28 | 0.58 | 2.96 | ||||||||||||
PowerShares Dynamic Large Cap Value Portfolio (PWV) | ||||||||||||||||
Actual | 1,000.00 | 1,089.40 | 0.56 | 2.95 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||
PowerShares Russell 2000 Equal Weight Portfolio (EQWS) | ||||||||||||||||
Actual | 1,000.00 | 1,063.40 | 0.25 | 1.30 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.95 | 0.25 | 1.28 | ||||||||||||
PowerShares Russell 2000 Pure Growth Portfolio (PXSG) | ||||||||||||||||
Actual | 1,000.00 | 1,090.90 | 0.39 | 2.06 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Russell 2000 Pure Value Portfolio (PXSV) | ||||||||||||||||
Actual | 1,000.00 | 1,030.30 | 0.39 | 2.00 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 |
| 87 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2017 | Ending Account Value October 31, 2017 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Russell Midcap Equal Weight Portfolio (EQWM) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,057.90 | 0.25 | % | $ | 1.30 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.95 | 0.25 | 1.28 | ||||||||||||
PowerShares Russell Midcap Pure Growth Portfolio (PXMG) | ||||||||||||||||
Actual | 1,000.00 | 1,155.10 | 0.39 | 2.12 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Russell Midcap Pure Value Portfolio (PXMV) | ||||||||||||||||
Actual | 1,000.00 | 999.70 | 0.39 | 1.97 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Russell Top 200 Equal Weight Portfolio (EQWL) | ||||||||||||||||
Actual | 1,000.00 | 1,097.30 | 0.25 | 1.32 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.95 | 0.25 | 1.28 | ||||||||||||
PowerShares Russell Top 200 Pure Growth Portfolio (PXLG) | ||||||||||||||||
Actual | 1,000.00 | 1,154.90 | 0.39 | 2.12 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Russell Top 200 Pure Value Portfolio (PXLV) | ||||||||||||||||
Actual | 1,000.00 | 1,074.10 | 0.39 | 2.04 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
PowerShares Zacks Micro Cap Portfolio (PZI) | ||||||||||||||||
Actual | 1,000.00 | 1,060.90 | 0.70 | 3.64 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2017. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
| 88 |
|
(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.powershares.com.
P-PS-SAR-5 | ||||||
©2017 Invesco PowerShares Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
powershares.com 800 983 0903 | @PowerShares |
October 31, 2017 |
2017 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® 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 | ||||
12 | ||||
14 | ||||
20 | ||||
22 | ||||
24 | ||||
26 | ||||
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 | 55 |
| 2 |
|
PowerShares Aerospace & Defense Portfolio (PPA)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Aerospace & Defense | 70.7 | |||
IT Services | 7.0 | |||
Industrial Conglomerates | 6.8 | |||
Communications Equipment | 5.2 | |||
Containers & Packaging | 3.6 | |||
Machinery | 2.8 | |||
Electronic Equipment, Instruments & Components | 2.0 | |||
Software | 0.7 | |||
Construction & Engineering | 0.7 | |||
Trading Companies & Distributors | 0.4 | |||
Commercial Services & Supplies | 0.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—70.7% | ||||||||
69,287 | AAR Corp. | $ | 2,694,571 | |||||
132,089 | Aerojet Rocketdyne Holdings, Inc.(b) | 4,171,371 | ||||||
46,896 | Aerovironment, Inc.(b) | 2,399,199 | ||||||
105,039 | Axon Enterprise, Inc.(b) | 2,412,746 | ||||||
216,273 | Boeing Co. (The) | 55,794,109 | ||||||
199,325 | BWX Technologies, Inc. | 11,943,554 | ||||||
54,186 | Cubic Corp. | 2,955,846 | ||||||
88,695 | Curtiss-Wright Corp. | 10,488,184 | ||||||
22,469 | Ducommun, Inc.(b) | 740,803 | ||||||
85,809 | Elbit Systems Ltd. (Israel) | 12,752,934 | ||||||
73,825 | Engility Holdings, Inc.(b) | 2,485,688 | ||||||
59,079 | Esterline Technologies Corp.(b) | 5,603,643 | ||||||
257,956 | General Dynamics Corp. | 52,359,909 | ||||||
168,851 | HEICO Corp. | 15,311,409 | ||||||
183,480 | Hexcel Corp. | 11,135,401 | ||||||
92,743 | Huntington Ingalls Industries, Inc. | 21,593,353 | ||||||
82,260 | KeyW Holding Corp. (The)(b) | 621,063 | ||||||
148,442 | Kratos Defense & Security Solutions, Inc.(b) | 1,787,242 | ||||||
155,041 | L3 Technologies, Inc. | 29,020,574 | ||||||
179,247 | Lockheed Martin Corp. | 55,236,755 | ||||||
38,607 | Maxar Technologies Ltd. (Canada) | 2,443,823 | ||||||
77,637 | Mercury Systems, Inc.(b) | 3,918,339 | ||||||
72,002 | Moog, Inc., Class A(b) | 6,318,895 | ||||||
149,690 | Northrop Grumman Corp. | 44,237,886 | ||||||
115,402 | Orbital ATK, Inc. | 15,340,388 | ||||||
250,526 | Raytheon Co. | 45,144,785 | ||||||
246,829 | Rockwell Collins, Inc. | 33,470,012 | ||||||
19,766 | Sparton Corp.(b) | 460,350 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Aerospace & Defense (continued) | ||||||||
70,485 | Teledyne Technologies, Inc.(b) | $ | 11,979,631 | |||||
542,622 | Textron, Inc. | 28,617,884 | ||||||
107,069 | TransDigm Group, Inc. | 29,711,647 | ||||||
99,517 | Triumph Group, Inc. | 3,090,003 | ||||||
481,250 | United Technologies Corp. | 57,634,500 | ||||||
21,868 | Vectrus, Inc.(b) | 667,193 | ||||||
|
| |||||||
584,543,690 | ||||||||
|
| |||||||
Commercial Services & Supplies—0.1% | ||||||||
21,680 | VSE Corp. | 1,064,488 | ||||||
|
| |||||||
Communications Equipment—5.2% | ||||||||
46,845 | Comtech Telecommunications Corp. | 1,007,636 | ||||||
245,428 | Harris Corp. | 34,193,029 | ||||||
115,631 | ViaSat, Inc.(b) | 7,527,578 | ||||||
|
| |||||||
42,728,243 | ||||||||
|
| |||||||
Construction & Engineering—0.7% | ||||||||
286,675 | KBR, Inc. | 5,627,430 | ||||||
|
| |||||||
Containers & Packaging—3.6% | ||||||||
702,075 | Ball Corp. | 30,140,080 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.0% | ||||||||
273,688 | FLIR Systems, Inc. | 12,814,072 | ||||||
37,968 | OSI Systems, Inc.(b) | 3,355,612 | ||||||
|
| |||||||
16,169,684 | ||||||||
|
| |||||||
Industrial Conglomerates—6.8% | ||||||||
390,611 | Honeywell International, Inc. | 56,310,482 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares Aerospace & Defense Portfolio (PPA) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
IT Services—7.0% | ||||||||
298,889 | Booz Allen Hamilton Holding Corp. | $ | 11,295,015 | |||||
48,828 | CACI International, Inc., Class A(b) | 7,019,025 | ||||||
327,651 | CSRA, Inc. | 10,481,556 | ||||||
301,122 | Leidos Holdings, Inc. | 18,826,147 | ||||||
77,775 | ManTech International Corp., Class A | 3,609,538 | ||||||
88,327 | Science Applications International Corp. | 6,477,902 | ||||||
|
| |||||||
57,709,183 | ||||||||
|
| |||||||
Machinery—2.8% | ||||||||
148,403 | Oshkosh Corp. | 13,587,779 | ||||||
123,630 | Woodward, Inc. | 9,560,308 | ||||||
|
| |||||||
23,148,087 | ||||||||
|
| |||||||
Software—0.7% | ||||||||
350,499 | FireEye, Inc.(b) | 5,930,443 | ||||||
|
| |||||||
Trading Companies & Distributors—0.4% | ||||||||
54,420 | Kaman Corp. | 3,044,255 | ||||||
|
| |||||||
Total Common Stocks (Cost $648,272,172) | 826,416,065 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
265,601 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $265,601) | 265,601 | ||||||
|
| |||||||
Total Investments in Securities (Cost $648,537,773)—100.0% | 826,681,666 | |||||||
Other assets less liabilities—(0.0)% | (138,408 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 826,543,258 | ||||||
|
|
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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares Cleantech™ Portfolio (PZD)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Electrical Equipment | 18.9 | |||
Semiconductors & Semiconductor Equipment | 10.5 | |||
Machinery | 10.2 | |||
Electronic Equipment, Instruments & Components | 9.4 | |||
Professional Services | 7.3 | |||
Software | 7.3 | |||
Industrial Conglomerates | 7.1 | |||
Chemicals | 6.6 | |||
Building Products | 5.8 | |||
Independent Power & Renewable Electricity Producers | 3.8 | |||
Auto Components | 3.0 | |||
Life Sciences Tools & Services | 2.8 | |||
Aerospace & Defense | 2.7 | |||
Commercial Services & Supplies | 1.9 | |||
Mortgage REITs | 1.1 | |||
Communications Equipment | 0.8 | |||
Construction & Engineering | 0.8 | |||
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—2.7% | ||||||||
58,700 | Hexcel Corp. | $ | 3,562,503 | |||||
|
| |||||||
Auto Components—3.0% | ||||||||
74,544 | BorgWarner, Inc. | 3,929,960 | ||||||
|
| |||||||
Building Products—5.8% | ||||||||
93,830 | Johnson Controls International PLC | 3,883,624 | ||||||
91,515 | Kingspan Group PLC (Ireland) | 3,827,313 | ||||||
|
| |||||||
7,710,937 | ||||||||
|
| |||||||
Chemicals—6.6% | ||||||||
670 | Gurit Holding AG (Switzerland) | 770,957 | ||||||
72,190 | Novozymes A/S, Class B (Denmark) | 3,987,199 | ||||||
90,802 | Umicore SA (Belgium) | 4,058,770 | ||||||
|
| |||||||
8,816,926 | ||||||||
|
| |||||||
Commercial Services & Supplies—1.9% | ||||||||
77,633 | CECO Environmental Corp. | 680,842 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Commercial Services & Supplies (continued) | ||||||||
131,767 | Tomra Systems ASA (Norway) | $ | 1,835,935 | |||||
|
| |||||||
2,516,777 | ||||||||
|
| |||||||
Communications Equipment—0.8% | ||||||||
48,603 | CalAmp Corp.(b) | 1,104,746 | ||||||
|
| |||||||
Construction & Engineering—0.8% | ||||||||
42,156 | Aegion Corp.(b) | 981,813 | ||||||
|
| |||||||
Electrical Equipment—18.9% | ||||||||
152,529 | ABB Ltd. (Switzerland) | 3,990,727 | ||||||
41,190 | EnerSys | 2,857,350 | ||||||
43,921 | Schneider Electric SE (France) | 3,860,457 | ||||||
77,401 | Sensata Technologies Holding NV(b) | 3,785,683 | ||||||
121,945 | SGL Carbon SE (Germany)(b) | 1,915,677 | ||||||
280,559 | Siemens Gamesa Renewable Energy SA (Spain) | 4,069,123 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Cleantech™ Portfolio (PZD) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Electrical Equipment (continued) | ||||||||
35,669 | TPI Composites, Inc.(b) | $ | 893,508 | |||||
42,843 | Vestas Wind Systems A/S (Denmark) | 3,779,515 | ||||||
|
| |||||||
25,152,040 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—9.4% | ||||||||
34,717 | Badger Meter, Inc. | 1,520,605 | ||||||
35,762 | Horiba Ltd. (Japan) | 2,111,793 | ||||||
37,328 | Itron, Inc.(b) | 2,917,183 | ||||||
711,358 | Opus Group AB (Sweden)(c) | 526,819 | ||||||
148,117 | Pure Technologies Ltd. (Canada) | 614,712 | ||||||
96,203 | Trimble, Inc.(b) | 3,932,779 | ||||||
16,769 | Vaisala Oyj, Class A (Finland) | 909,942 | ||||||
|
| |||||||
12,533,833 | ||||||||
|
| |||||||
Independent Power & Renewable Electricity Producers—3.8% | ||||||||
16,968,540 | Energy Development Corp. (Philippines) | 1,896,532 | ||||||
48,824 | Ormat Technologies, Inc. | 3,170,142 | ||||||
|
| |||||||
5,066,674 | ||||||||
|
| |||||||
Industrial Conglomerates—7.1% | ||||||||
47,440 | Raven Industries, Inc. | 1,596,356 | ||||||
15,413 | Roper Technologies, Inc. | 3,979,174 | ||||||
27,198 | Siemens AG (Germany) | 3,881,328 | ||||||
|
| |||||||
9,456,858 | ||||||||
|
| |||||||
Life Sciences Tools & Services—2.8% | ||||||||
5,845 | Eurofins Scientific SE (Luxembourg) | 3,656,504 | ||||||
|
| |||||||
Machinery—10.2% | ||||||||
72,980 | Donaldson Co., Inc. | 3,445,386 | ||||||
14,229 | Kadant, Inc. | 1,616,414 | ||||||
13,548 | Lindsay Corp. | 1,240,455 | ||||||
43,793 | Woodward, Inc. | 3,386,513 | ||||||
58,401 | Xylem, Inc. | 3,885,418 | ||||||
|
| |||||||
13,574,186 | ||||||||
|
| |||||||
Mortgage REITs—1.1% | ||||||||
61,613 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 1,482,409 | ||||||
|
| |||||||
Professional Services—7.3% | ||||||||
57,174 | Intertek Group PLC (United Kingdom) | 4,118,891 | ||||||
35,989 | Mistras Group, Inc.(b) | 756,129 | ||||||
80,974 | Ricardo PLC (United Kingdom) | 879,591 | ||||||
1,614 | SGS SA (Switzerland) | 3,989,663 | ||||||
|
| |||||||
9,744,274 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—10.5% | ||||||||
42,616 | Advanced Energy Industries, Inc.(b) | 3,610,428 | ||||||
76,631 | Cree, Inc.(b) | 2,735,727 | ||||||
808,091 | Meyer Burger Technology AG (Switzerland)(b)(c) | 1,507,874 | ||||||
28,278 | Power Integrations, Inc. | 2,272,137 | ||||||
24,089 | SMA Solar Technology AG (Germany) | 1,116,746 | ||||||
55,406 | SolarEdge Technologies, Inc.(b) | 1,820,087 | ||||||
128,421 | SunPower Corp.(b)(c) | 914,358 | ||||||
|
| |||||||
13,977,357 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Software—7.3% | ||||||||
31,179 | ANSYS, Inc.(b) | $ | 4,262,481 | |||||
34,279 | Autodesk, Inc.(b) | 4,283,504 | ||||||
69,108 | Silver Spring Networks, Inc.(b) | 1,114,021 | ||||||
|
| |||||||
9,660,006 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $88,507,848)—100.0% | 132,927,803 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.9% | ||||||||
2,479,365 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $2,479,365) | 2,479,365 | ||||||
|
| |||||||
Total Investments in Securities (Cost $90,987,213)—101.9% | 135,407,168 | |||||||
Other assets less liabilities—(1.9)% | (2,536,008 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 132,871,160 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2017. |
(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, 2017. |
(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 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares DWA Momentum Portfolio (PDP)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 26.2 | |||
Industrials | 18.0 | |||
Consumer Discretionary | 16.6 | |||
Health Care | 14.1 | |||
Financials | 10.6 | |||
Real Estate | 5.0 | |||
Materials | 4.9 | |||
Utilities | 2.6 | |||
Consumer Staples | 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% | ||||||||
Consumer Discretionary—16.6% | ||||||||
19,663 | Amazon.com, Inc.(b) | $ | 21,733,121 | |||||
24,533 | Charter Communications, Inc., Class A(b) | 8,198,193 | ||||||
181,574 | Domino’s Pizza, Inc. | 33,228,042 | ||||||
86,788 | Grand Canyon Education, Inc.(b) | 7,768,394 | ||||||
378,236 | Hanesbrands, Inc.(c) | 8,510,310 | ||||||
47,628 | Home Depot, Inc. (The) | 7,895,770 | ||||||
134,059 | Liberty Ventures, Series A(b) | 7,636,001 | ||||||
31,020 | Mohawk Industries, Inc.(b) | 8,119,795 | ||||||
2,827 | NVR, Inc.(b) | 9,276,433 | ||||||
20,890 | Priceline Group, Inc. (The)(b) | 39,940,844 | ||||||
200,276 | Scientific Games Corp., Class A(b) | 9,533,137 | ||||||
300,510 | Service Corp. International | 10,656,084 | ||||||
2,117,321 | Sirius XM Holdings, Inc.(c) | 11,518,226 | ||||||
153,105 | Texas Roadhouse, Inc. | 7,656,781 | ||||||
36,534 | Vail Resorts, Inc. | 8,367,017 | ||||||
204,074 | VF Corp. | 14,213,754 | ||||||
65,430 | Visteon Corp.(b) | 8,246,797 | ||||||
213,036 | Wyndham Worldwide Corp. | 22,762,897 | ||||||
|
| |||||||
245,261,596 | ||||||||
|
| |||||||
Consumer Staples—2.0% | ||||||||
60,144 | Constellation Brands, Inc., Class A | 13,176,949 | ||||||
66,566 | Estee Lauder Cos., Inc. (The), Class A | 7,442,744 | ||||||
84,543 | National Beverage Corp. | 8,276,760 | ||||||
|
| |||||||
28,896,453 | ||||||||
|
| |||||||
Financials—10.6% | ||||||||
83,640 | American Financial Group, Inc. | 8,823,184 | ||||||
53,581 | Ameriprise Financial, Inc. | 8,387,570 | ||||||
303,913 | Arch Capital Group Ltd.(b) | 30,281,891 | ||||||
65,586 | Chubb Ltd. | 9,891,680 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
78,608 | Credit Acceptance Corp.(b)(c) | $ | 22,539,272 | |||||
8,747 | Markel Corp.(b) | 9,484,372 | ||||||
168,414 | MarketAxess Holdings, Inc. | 29,304,036 | ||||||
401,720 | W.R. Berkley Corp. | 27,549,958 | ||||||
182,808 | Western Alliance Bancorp(b) | 10,200,686 | ||||||
|
| |||||||
156,462,649 | ||||||||
|
| |||||||
Health Care—14.1% | ||||||||
107,383 | ABIOMED, Inc.(b) | 20,716,328 | ||||||
54,436 | Align Technology, Inc.(b) | 13,009,115 | ||||||
45,924 | Becton, Dickinson and Co. | 9,582,961 | ||||||
56,251 | Cooper Cos., Inc. (The) | 13,514,865 | ||||||
157,367 | Danaher Corp. | 14,520,253 | ||||||
367,475 | Exact Sciences Corp.(b) | 20,207,450 | ||||||
1,218,144 | Exelixis, Inc.(b) | 30,197,790 | ||||||
48,715 | IDEXX Laboratories, Inc.(b) | 8,094,972 | ||||||
29,178 | Mettler-Toledo International, Inc.(b) | 19,917,778 | ||||||
97,183 | PRA Health Sciences, Inc.(b) | 7,913,612 | ||||||
69,068 | Puma Biotechnology, Inc.(b) | 8,792,356 | ||||||
38,182 | UnitedHealth Group, Inc. | 8,026,620 | ||||||
42,351 | Waters Corp.(b) | 8,302,914 | ||||||
256,987 | West Pharmaceutical Services, Inc. | 26,058,482 | ||||||
|
| |||||||
208,855,496 | ||||||||
|
| |||||||
Industrials—18.0% | ||||||||
189,652 | A.O. Smith Corp. | 11,227,398 | ||||||
28,824 | Boeing Co. (The) | 7,436,016 | ||||||
337,219 | Copart, Inc.(b) | 12,237,677 | ||||||
710,286 | Healthcare Services Group, Inc. | 37,567,027 | ||||||
84,462 | HEICO Corp. | 7,659,014 | ||||||
38,975 | Huntington Ingalls Industries, Inc. | 9,074,549 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares DWA Momentum Portfolio (PDP) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
100,742 | IDEX Corp. | $ | 12,916,132 | |||||
76,226 | Lockheed Martin Corp. | 23,489,804 | ||||||
62,204 | Northrop Grumman Corp. | 18,383,148 | ||||||
124,844 | Old Dominion Freight Line, Inc. | 15,122,354 | ||||||
715,267 | Rollins, Inc. | 31,407,374 | ||||||
114,751 | Roper Technologies, Inc. | 29,625,266 | ||||||
53,393 | Stanley Black & Decker, Inc. | 8,625,639 | ||||||
68,651 | Teledyne Technologies, Inc.(b) | 11,667,924 | ||||||
45,842 | TransDigm Group, Inc. | 12,721,155 | ||||||
142,728 | Union Pacific Corp. | 16,526,475 | ||||||
|
| |||||||
265,686,952 | ||||||||
|
| |||||||
Information Technology—26.2% | ||||||||
113,699 | Activision Blizzard, Inc. | 7,446,147 | ||||||
1,097,992 | Advanced Micro Devices, Inc.(b) | 12,061,442 | ||||||
246,230 | Amphenol Corp., Class A | 21,422,010 | ||||||
205,205 | ANSYS, Inc.(b) | 28,053,576 | ||||||
271,847 | Apple, Inc. | 45,953,017 | ||||||
118,164 | Aspen Technology, Inc.(b) | 7,623,941 | ||||||
249,188 | Cadence Design Systems, Inc.(b) | 10,754,954 | ||||||
28,471 | CoStar Group, Inc.(b) | 8,420,298 | ||||||
88,239 | Electronic Arts, Inc.(b) | 10,553,384 | ||||||
266,894 | Entegris, Inc. | 8,740,778 | ||||||
57,059 | Facebook, Inc., Class A(b) | 10,274,044 | ||||||
55,424 | Fair Isaac Corp. | 8,045,348 | ||||||
143,585 | Fiserv, Inc.(b) | 18,584,207 | ||||||
118,047 | Gartner, Inc.(b) | 14,792,470 | ||||||
51,827 | Intuit, Inc. | 7,826,914 | ||||||
84,184 | IPG Photonics Corp.(b) | 17,923,615 | ||||||
75,698 | Jack Henry & Associates, Inc. | 8,336,621 | ||||||
56,781 | Littelfuse, Inc. | 11,867,229 | ||||||
69,998 | LogMeIn, Inc. | 8,473,258 | ||||||
232,495 | Mastercard, Inc., Class A | 34,588,281 | ||||||
157,507 | MAXIMUS, Inc. | 10,463,190 | ||||||
86,153 | Monolithic Power Systems, Inc. | 10,482,236 | ||||||
106,373 | NVIDIA Corp. | 21,999,000 | ||||||
117,871 | Paycom Software, Inc.(b) | 9,688,996 | ||||||
138,971 | Take-Two Interactive Software, Inc.(b) | 15,377,141 | ||||||
60,180 | Universal Display Corp. | 8,816,370 | ||||||
74,519 | Visa, Inc., Class A | 8,195,600 | ||||||
|
| |||||||
386,764,067 | ||||||||
|
| |||||||
Materials—4.9% | ||||||||
525,033 | Chemours Co. (The) | 29,722,118 | ||||||
74,066 | Ecolab, Inc. | 9,677,464 | ||||||
62,819 | Packaging Corp. of America | 7,303,965 | ||||||
65,271 | Sherwin-Williams Co. (The) | 25,791,836 | ||||||
|
| |||||||
72,495,383 | ||||||||
|
| |||||||
Real Estate—5.0% | ||||||||
289,612 | American Tower Corp. REIT | 41,608,556 | ||||||
73,180 | CoreSite Realty Corp. REIT | 8,104,685 | ||||||
17,496 | Equinix, Inc. REIT | 8,109,396 | ||||||
237,656 | First Industrial Realty Trust, Inc. REIT | 7,338,817 | ||||||
56,034 | SBA Communications Corp. REIT(b) | 8,807,424 | ||||||
|
| |||||||
73,968,878 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities—2.6% | ||||||||
87,044 | Atmos Energy Corp. | $ | 7,593,719 | |||||
175,111 | CMS Energy Corp. | 8,470,119 | ||||||
56,577 | NextEra Energy, Inc. | 8,773,395 | ||||||
293,215 | UGI Corp. | 14,033,270 | ||||||
|
| |||||||
38,870,503 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $1,164,602,734) | 1,477,261,977 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
765,006 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $765,006) | 765,006 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,165,367,740)—100.1% | 1,478,026,983 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.7% | ||||||||
25,151,155 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $25,151,155) | 25,151,155 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,190,518,895)—101.8% | 1,503,178,138 | |||||||
Other assets less liabilities—(1.8)% | (26,384,293 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,476,793,845 | ||||||
|
|
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, 2017. |
(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, 2017. |
(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 2K. |
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, 2017
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Capital Markets | 48.7 | |||
Diversified Financial Services | 22.3 | |||
Internet Software & Services | 5.1 | |||
Industrial Conglomerates | 4.6 | |||
Electrical Equipment | 3.4 | |||
Food Products | 1.7 | |||
Health Care Providers & Services | 1.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 12.9 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—87.1% | ||||||||
Capital Markets—48.7% | ||||||||
1,313,229 | 3i Group PLC (United Kingdom) | $ | 16,758,911 | |||||
149,876 | Alaris Royalty Corp. (Canada)(b) | 2,376,437 | ||||||
1,489,534 | Allied Minds PLC (United Kingdom)(c) | 3,461,549 | ||||||
132,191 | Altamir (France) | 2,383,856 | ||||||
260,288 | Apollo Global Management LLC, Class A | 8,219,895 | ||||||
524,583 | Apollo Investment Corp. | 3,105,531 | ||||||
691,987 | Ares Capital Corp. | 11,127,151 | ||||||
97,383 | AURELIUS Equity Opportunities SE & Co. KGaA (Germany)(b) | 5,959,335 | ||||||
217,177 | BlackRock Capital Investment Corp. | 1,554,987 | ||||||
1,298,661 | Brait SE (South Africa)(c) | 4,858,069 | ||||||
165,161 | Bure Equity AB (Sweden) | 2,041,874 | ||||||
296,693 | Carlyle Group LP (The)(b) | 6,542,081 | ||||||
58,912 | Deutsche Beteiligungs AG (Germany) | 2,992,934 | ||||||
583,552 | FS Investment Corp.(b) | 4,580,883 | ||||||
76,534 | Gimv NV (Belgium) | 4,615,724 | ||||||
99,235 | Goldman Sachs BDC, Inc.(b) | 2,197,063 | ||||||
153,011 | Golub Capital BDC, Inc.(b) | 2,901,089 | ||||||
250,135 | Hercules Capital, Inc. | 3,119,183 | ||||||
589,640 | Intermediate Capital Group PLC (United Kingdom) | 7,618,715 | ||||||
2,238,920 | IP Group PLC (United Kingdom)(c) | 4,400,300 | ||||||
92,106 | JAFCO Co. Ltd. (Japan) | 4,514,921 | ||||||
137,843 | Main Street Capital Corp.(b) | 5,537,153 | ||||||
134,060 | Medley Capital Corp. | 770,845 | ||||||
180,889 | New Mountain Finance Corp. | 2,541,490 | ||||||
411,296 | Oaktree Specialty Lending Corp. | 2,389,630 | ||||||
25,022 | Partners Group Holding AG (Switzerland) | 16,843,662 | ||||||
250,210 | PennantPark Investment Corp. | 1,869,069 | ||||||
229,671 | Princess Private Equity Holding Ltd. (Guernsey) | 2,767,859 | ||||||
698,008 | Prospect Capital Corp.(b) | 4,181,068 | ||||||
976,647 | Ratos AB, Class B (Sweden) | 4,688,531 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Capital Markets (continued) | ||||||||
120,919 | Safeguard Scientifics, Inc.(c) | $ | 1,704,958 | |||||
107,490 | Solar Capital Ltd. | 2,279,863 | ||||||
135,568 | Triangle Capital Corp.(b) | 1,668,842 | ||||||
7,162,497 | Zeder Investments Ltd. (South Africa) | 3,165,605 | ||||||
|
| |||||||
155,739,063 | ||||||||
|
| |||||||
Diversified Financial Services—22.3% | ||||||||
44,396 | Ackermans & van Haaren NV (Belgium) | 7,605,296 | ||||||
1,401,615 | Apax Global Alpha Ltd. (Guernsey)(d) | 2,726,769 | ||||||
932,634 | China Merchants China Direct Investments Ltd. (China) | 1,599,457 | ||||||
183,145 | Compass Diversified Holdings(b) | 3,140,937 | ||||||
105,583 | Electra Private Equity PLC (United Kingdom) | 2,616,300 | ||||||
122,690 | Eurazeo SA (France) | 11,407,060 | ||||||
225,627 | FNFV Group(c) | 3,892,066 | ||||||
124,643 | HgCapital Trust PLC (United Kingdom) | 2,883,354 | ||||||
449,593 | Leucadia National Corp. | 11,374,703 | ||||||
188,385 | Onex Corp. (Canada) | 14,328,717 | ||||||
57,553 | Wendel SA (France) | 9,708,313 | ||||||
|
| |||||||
71,282,972 | ||||||||
|
| |||||||
Electrical Equipment—3.4% | ||||||||
3,701,782 | Melrose Industries PLC (United Kingdom) | 10,809,809 | ||||||
|
| |||||||
Food Products—1.7% | ||||||||
51,353 | Schouw & Co. AB (Denmark) | 5,342,236 | ||||||
|
| |||||||
Health Care Providers & Services—1.3% | ||||||||
117,014 | Lifco AB, Class B (Sweden) | 4,193,149 | ||||||
|
| |||||||
Industrial Conglomerates—4.6% | ||||||||
6,000,859 | Fosun International Ltd. (China) | 14,875,620 | ||||||
|
| |||||||
Internet Software & Services—5.1% | ||||||||
88,502 | IAC/InterActiveCorp.(c) | 11,421,183 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
192,714 | Rocket Internet SE (Germany)(c)(d) | $ | 4,918,843 | |||||
|
| |||||||
16,340,026 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $237,023,468) | 278,582,875 | |||||||
|
| |||||||
Money Market Fund—9.8% | ||||||||
31,238,775 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(e) (Cost $31,238,775) | 31,238,775 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $268,262,243)—96.9% | 309,821,650 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—8.6% | ||||||||
27,511,581 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(e)(f) (Cost $27,511,581) | 27,511,581 | ||||||
|
| |||||||
Total Investments in Securities (Cost $295,773,824)—105.5% | 337,333,231 | |||||||
Other assets less liabilities—(5.5)% | (17,472,463 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 319,860,768 | ||||||
|
|
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, 2017. |
(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, 2017 was $7,645,612, which represented 2.39% 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, 2017. |
(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 2K. |
This Fund has holdings greater than 10% of net assets in the following country:
United Kingdom | 15.2 | % |
Open Over-The-Counter Total Return Swap Agreements | ||||||||||||||||||||||||||
Counterparty | Pay/Receive | Reference Entity | Rate | Payment Frequency | Maturity Date | Notional Value(a) | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Citibank, N.A. | Receive | Brookfield Business Partners LP | 1-Month CDOR plus 65 basis points | Monthly | October-2018 | CAD | 4,366,133 | $ | — | $ | 15,487 | $ | 15,487 | |||||||||||||
Citibank, N.A. | Receive | The Blackstone Group LP | 1-Month LIBOR plus 65 basis points | Monthly | October-2018 | $ | 12,327,641 | — | (161,298 | ) | (161,298 | ) | ||||||||||||||
Citibank, N.A. | Receive | KKR & Co. LP | 1-Month LIBOR plus 65 basis points | Monthly | October-2018 | 11,572,264 | — | (267,433 | ) | (267,433 | ) | |||||||||||||||
Morgan Stanley Capital Services LLC | Receive | Riverstone Energy Ltd. | 1-Month LIBOR plus 85 basis points | Monthly | August-2018 | GBP | 2,645,062 | — | (3,181 | ) | (3,181 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Subtotal | — | (431,912 | ) | (431,912 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Total Open Over-The-Counter Total Return Swap Agreements — Equity Risk | $ | — | $ | (416,425 | ) | $ | (416,425 | ) | ||||||||||||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Global Listed Private Equity Portfolio (PSP) (continued)
October 31, 2017
(Unaudited)
Investment Abbreviations:
CAD—Canadian Dollar
CDOR—Canadian Dollar Offered Rate
GBP—Pound Sterling
LIBOR—London Interbank Offered Rate
(a) | Notional Value is denominated in U.S. Dollars unless otherwise noted. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Golden Dragon China Portfolio (PGJ)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 48.5 | |||
Consumer Discretionary | 34.4 | |||
Industrials | 5.3 | |||
Telecommunication Services | 4.2 | |||
Health Care | 2.4 | |||
Energy | 2.3 | |||
Financials | 1.8 | |||
Real Estate | 0.6 | |||
Consumer Staples | 0.2 | |||
Utilities | 0.2 | |||
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—34.4% | ||||||||
55,202 | 500.com Ltd., Class A ADR (China)(b)(c) | $ | 519,451 | |||||
41,978 | China Distance Education Holdings Ltd. ADR (China) | 327,428 | ||||||
62,623 | China Lodging Group Ltd. ADR (China)(c) | 8,384,593 | ||||||
339,915 | Ctrip.com International Ltd. ADR (China)(c) | 16,278,529 | ||||||
417,290 | JD.Com, Inc., Class A ADR (China)(c) | 15,656,721 | ||||||
176,121 | Jumei International Holding Ltd., Class A ADR (China)(b)(c) | 475,527 | ||||||
92,720 | Kandi Technologies Group, Inc. (China)(b)(c) | 676,856 | ||||||
127,470 | Kingold Jewelry, Inc.(b)(c) | 281,709 | ||||||
213,928 | New Oriental Education & Technology Group, Inc. ADR (China) | 17,807,367 | ||||||
37,274 | SORL Auto Parts, Inc. (China)(b)(c) | 174,442 | ||||||
329,132 | TAL Education Group ADR (China) | 9,051,130 | ||||||
61,971 | Tarena International, Inc., Class A ADR (China)(b) | 907,875 | ||||||
68,758 | Tuniu Corp., Class A ADR (China)(b)(c) | 470,305 | ||||||
875,938 | Vipshop Holdings Ltd., Class A ADR (China)(c) | 6,919,910 | ||||||
|
| |||||||
77,931,843 | ||||||||
|
| |||||||
Consumer Staples—0.2% | ||||||||
152,640 | Pingtan Marine Enterprise Ltd.(b) | 457,920 | ||||||
|
| |||||||
Energy—2.3% | ||||||||
26,491 | China Petroleum & Chemical Corp., H-Shares ADR (China) | 1,950,797 | ||||||
18,164 | CNOOC Ltd. ADR (China) | 2,483,019 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
13,997 | PetroChina Co. Ltd., H-Shares ADR (China) | $ | 916,804 | |||||
26,179 | Sino Clean Energy, Inc. (China)(c)(d) | 0 | ||||||
|
| |||||||
5,350,620 | ||||||||
|
| |||||||
Financials—1.8% | ||||||||
52,432 | China Life Insurance Co. Ltd., H-Shares ADR (China) | 874,042 | ||||||
70,568 | Fanhua, Inc. ADR (China) | 1,050,052 | ||||||
46,496 | Noah Holdings Ltd. ADR (China)(b)(c) | 1,823,573 | ||||||
21,535 | Yintech Investment Holdings Ltd. ADR (China)(b) | 262,942 | ||||||
|
| |||||||
4,010,609 | ||||||||
|
| |||||||
Health Care—2.4% | ||||||||
52,592 | China Biologic Products Holdings, Inc. (China)(c) | 4,086,924 | ||||||
89,364 | iKang Healthcare Group, Inc., Class A ADR (China)(b)(c) | 1,271,650 | ||||||
|
| |||||||
5,358,574 | ||||||||
|
| |||||||
Industrials—5.3% | ||||||||
71,041 | 51job, Inc. ADR (China)(b)(c) | 4,397,438 | ||||||
35,391 | China Customer Relations Center, Inc. (China)(b)(c) | 442,034 | ||||||
57,119 | eHi Car Services Ltd., Class A ADR (China)(b)(c) | 655,155 | ||||||
403,472 | ZTO Express Cayman, Inc. ADR (China)(b)(c) | 6,451,517 | ||||||
|
| |||||||
11,946,144 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares Golden Dragon China Portfolio (PGJ) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology—48.5% | ||||||||
115,253 | 21Vianet Group, Inc., Class A ADR (China)(c) | $ | 865,550 | |||||
139,619 | 58.com, Inc., Class A ADR (China)(c) | 9,378,208 | ||||||
106,847 | Autohome, Inc., Class A ADR (China)(b)(c) | 6,144,771 | ||||||
76,688 | Baidu, Inc. ADR (China)(c) | 18,707,271 | ||||||
71,619 | Baozun, Inc. ADR (China)(b)(c) | 2,248,120 | ||||||
53,398 | Bitauto Holdings Ltd. ADR (China)(c) | 2,411,988 | ||||||
111,993 | Canadian Solar, Inc. (Canada)(b)(c) | 1,972,197 | ||||||
37,101 | Changyou.com Ltd., Class A ADR (China)(c) | 1,437,293 | ||||||
73,490 | Cheetah Mobile, Inc., Class A ADR (China)(b)(c) | 662,880 | ||||||
13,841 | Daqo New Energy Corp. ADR (China)(c) | 521,806 | ||||||
574,506 | Fang Holdings Ltd. ADR (China)(b)(c) | 2,608,257 | ||||||
57,463 | GDS Holdings Ltd. ADR (China)(b)(c) | 902,169 | ||||||
116,509 | Hollysys Automation Technologies Ltd. (China) | 2,615,627 | ||||||
77,785 | JA Solar Holdings Co. Ltd. ADR (China)(c) | 579,498 | ||||||
54,817 | JinkoSolar Holding Co. Ltd. ADR (China)(b)(c) | 1,459,777 | ||||||
226,948 | Momo, Inc., Class A ADR (China)(c) | 6,915,105 | ||||||
63,401 | NetEase, Inc. ADR (China) | 17,874,010 | ||||||
164,942 | NQ Mobile, Inc., Class A ADR (China)(b)(c) | 606,987 | ||||||
29,848 | Renren, Inc., Class A ADR (China)(b)(c) | 329,820 | ||||||
85,872 | SINA Corp. (China)(c) | 9,244,121 | ||||||
75,045 | Sohu.com, Inc. (China)(c) | 4,294,825 | ||||||
97,331 | Weibo Corp., Class A ADR (China)(b)(c) | 9,017,717 | ||||||
19,371 | Yirendai Ltd. ADR (China)(b) | 840,508 | ||||||
90,791 | YY, Inc., Class A ADR (China)(c) | 8,206,598 | ||||||
|
| |||||||
109,845,103 | ||||||||
|
| |||||||
Materials—0.1% | ||||||||
5,502 | Sinopec Shanghai Petrochemical Co. Ltd. ADR (China)(b) | 332,871 | ||||||
|
| |||||||
Real Estate—0.6% | ||||||||
70,372 | Nam Tai Property, Inc. (China) | 851,501 | ||||||
81,571 | Xinyuan Real Estate Co. Ltd. ADR (China) | 455,982 | ||||||
|
| |||||||
1,307,483 | ||||||||
|
| |||||||
Telecommunication Services—4.2% | ||||||||
164,738 | China Mobile Ltd. ADR (China) | 8,311,032 | ||||||
8,812 | China Telecom Corp. Ltd., H-Shares ADR (China) | 443,861 | ||||||
62,833 | China Unicom (Hong Kong) Ltd. ADR (China)(c) | 887,830 | ||||||
|
| |||||||
9,642,723 | ||||||||
|
| |||||||
Utilities—0.2% | ||||||||
14,214 | Huaneng Power International, Inc., H-Shares ADR (China)(b) | 378,092 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $182,256,491) | 226,561,982 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
115,343 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(e) (Cost $115,343) | $ | 115,343 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $182,371,834)—100.1% | 226,677,325 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—10.5% | ||||||||
23,969,956 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(e)(f) (Cost $23,969,956) | 23,969,956 | ||||||
|
| |||||||
Total Investments in Securities (Cost $206,341,790)—110.6% | 250,647,281 | |||||||
Other assets less liabilities—(10.6)% | (24,100,107 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 226,547,174 | ||||||
|
|
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, 2017. |
(c) | Non-income producing security. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(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, 2017. |
(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 2K. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 98.8 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Information Technology | 24.6 | |||
Financials | 14.8 | |||
Health Care | 14.2 | |||
Consumer Discretionary | 11.9 | |||
Industrials | 10.1 | |||
Consumer Staples | 8.0 | |||
Energy | 6.0 | |||
Utilities | 3.2 | |||
Materials | 3.0 | |||
Real Estate | 3.0 | |||
Telecommunication Services | 1.9 | |||
Other Assets Less Liabilities | (0.7) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.7%(b) | ||||||||
Consumer Discretionary—11.9% | ||||||||
1,150 | Advance Auto Parts, Inc. | $ | 94,001 | |||||
6,192 | Amazon.com, Inc.(c) | 6,843,894 | ||||||
432 | AutoZone, Inc.(c) | 254,664 | ||||||
4,126 | Best Buy Co., Inc. | 230,973 | ||||||
3,082 | BorgWarner, Inc. | 162,483 | ||||||
2,844 | CarMax, Inc.(c) | 213,584 | ||||||
6,338 | Carnival Corp. | 420,780 | ||||||
5,661 | CBS Corp., Class B | 317,695 | ||||||
3,123 | Charter Communications, Inc., Class A(c) | 1,043,613 | ||||||
388 | Chipotle Mexican Grill, Inc.(c) | 105,497 | ||||||
73,090 | Comcast Corp., Class A | 2,633,433 | ||||||
5,289 | D.R. Horton, Inc. | 233,827 | ||||||
1,944 | Darden Restaurants, Inc. | 159,933 | ||||||
4,149 | Delphi Automotive PLC | 412,328 | ||||||
2,393 | Discovery Communications, Inc., Class A(c) | 45,180 | ||||||
3,154 | Discovery Communications, Inc., Class C(c) | 56,173 | ||||||
3,541 | DISH Network Corp., Class A(c) | 171,880 | ||||||
4,045 | Dollar General Corp. | 326,998 | ||||||
3,679 | Dollar Tree, Inc.(c) | 335,709 | ||||||
1,896 | Expedia, Inc. | 236,355 | ||||||
1,924 | Foot Locker, Inc. | 57,874 | ||||||
60,766 | Ford Motor Co. | 745,599 | ||||||
3,410 | Gap, Inc. (The) | 88,626 | ||||||
1,727 | Garmin Ltd. | 97,765 | ||||||
20,379 | General Motors Co. | 875,889 | ||||||
2,278 | Genuine Parts Co. | 200,988 | ||||||
3,913 | Goodyear Tire & Rubber Co. (The) | 119,699 | ||||||
3,252 | H&R Block, Inc. | 80,454 | ||||||
5,667 | Hanesbrands, Inc. | 127,507 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
2,653 | Harley-Davidson, Inc. | $ | 125,593 | |||||
1,770 | Hasbro, Inc. | 163,884 | ||||||
3,170 | Hilton Worldwide Holdings, Inc. | 229,128 | ||||||
18,315 | Home Depot, Inc. (The) | 3,036,261 | ||||||
6,110 | Interpublic Group of Cos., Inc. (The) | 117,617 | ||||||
2,623 | Kohl’s Corp. | 109,536 | ||||||
3,880 | L Brands, Inc. | 166,995 | ||||||
2,058 | Leggett & Platt, Inc. | 97,261 | ||||||
3,154 | Lennar Corp., Class A | 175,583 | ||||||
4,801 | LKQ Corp.(c) | 180,950 | ||||||
13,117 | Lowe’s Cos., Inc. | 1,048,704 | ||||||
4,737 | Macy’s, Inc. | 88,866 | ||||||
4,861 | Marriott International, Inc., Class A | 580,792 | ||||||
5,321 | Mattel, Inc. | 75,132 | ||||||
12,582 | McDonald’s Corp. | 2,100,062 | ||||||
8,040 | MGM Resorts International | 252,054 | ||||||
2,358 | Michael Kors Holdings Ltd.(c) | 115,094 | ||||||
980 | Mohawk Industries, Inc.(c) | 256,525 | ||||||
6,708 | Netflix, Inc.(c) | 1,317,652 | ||||||
7,615 | Newell Brands, Inc. | 310,540 | ||||||
5,934 | News Corp., Class A | 81,058 | ||||||
1,890 | News Corp., Class B | 26,271 | ||||||
20,416 | NIKE, Inc., Class B | 1,122,676 | ||||||
1,809 | Nordstrom, Inc. | 71,727 | ||||||
2,764 | Norwegian Cruise Line Holdings Ltd.(c) | 154,093 | ||||||
3,588 | Omnicom Group, Inc. | 241,078 | ||||||
1,363 | O’Reilly Automotive, Inc.(c) | 287,525 | ||||||
767 | Priceline Group, Inc. (The)(c) | 1,466,473 | ||||||
4,311 | PulteGroup, Inc. | 130,322 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,203 | PVH Corp. | $ | 152,552 | |||||
862 | Ralph Lauren Corp., Class A | 77,089 | ||||||
6,048 | Ross Stores, Inc. | 383,987 | ||||||
2,675 | Royal Caribbean Cruises Ltd. | 331,085 | ||||||
1,492 | Scripps Networks Interactive, Inc., Class A | 124,254 | ||||||
939 | Signet Jewelers Ltd. | 61,570 | ||||||
22,439 | Starbucks Corp. | 1,230,555 | ||||||
4,387 | Tapestry, Inc.(d) | 179,648 | ||||||
8,487 | Target Corp. | 501,072 | ||||||
1,585 | Tiffany & Co. | 148,388 | ||||||
12,088 | Time Warner, Inc. | 1,188,130 | ||||||
9,882 | TJX Cos., Inc. (The) | 689,764 | ||||||
1,964 | Tractor Supply Co. | 118,351 | ||||||
1,687 | TripAdvisor, Inc.(c) | 63,262 | ||||||
16,357 | Twenty-First Century Fox, Inc., Class A | 427,736 | ||||||
6,820 | Twenty-First Century Fox, Inc., Class B | 173,569 | ||||||
907 | Ulta Beauty, Inc.(c) | 183,024 | ||||||
2,870 | Under Armour, Inc., Class A(c) | 35,932 | ||||||
2,888 | Under Armour, Inc., Class C(c) | 33,299 | ||||||
5,079 | VF Corp. | 353,752 | ||||||
5,481 | Viacom, Inc., Class B | 131,708 | ||||||
23,985 | Walt Disney Co. (The) | 2,345,973 | ||||||
1,137 | Whirlpool Corp. | 186,388 | ||||||
1,595 | Wyndham Worldwide Corp. | 170,426 | ||||||
1,242 | Wynn Resorts Ltd. | 183,183 | ||||||
5,360 | Yum! Brands, Inc. | 399,052 | ||||||
|
| |||||||
40,696,602 | ||||||||
|
| |||||||
Consumer Staples—8.0% | ||||||||
29,812 | Altria Group, Inc. | 1,914,527 | ||||||
8,743 | Archer-Daniels-Midland Co. | 357,326 | ||||||
3,043 | Brown-Forman Corp., Class B | 173,512 | ||||||
3,015 | Campbell Soup Co. | 142,821 | ||||||
3,879 | Church & Dwight Co., Inc. | 175,214 | ||||||
2,009 | Clorox Co. (The) | 254,199 | ||||||
59,649 | Coca-Cola Co. (The) | 2,742,661 | ||||||
13,687 | Colgate-Palmolive Co. | 964,249 | ||||||
6,457 | Conagra Brands, Inc. | 220,571 | ||||||
2,673 | Constellation Brands, Inc., Class A | 585,628 | ||||||
6,811 | Costco Wholesale Corp. | 1,097,116 | ||||||
7,329 | Coty, Inc., Class A | 112,867 | ||||||
15,797 | CVS Health Corp. | 1,082,568 | ||||||
2,821 | Dr Pepper Snapple Group, Inc. | 241,647 | ||||||
3,475 | Estee Lauder Cos., Inc. (The), Class A | 388,540 | ||||||
8,963 | General Mills, Inc. | 465,359 | ||||||
2,194 | Hershey Co. (The) | 232,959 | ||||||
4,190 | Hormel Foods Corp. | 130,560 | ||||||
1,766 | JM Smucker Co. (The) | 187,284 | ||||||
3,864 | Kellogg Co. | 241,616 | ||||||
5,490 | Kimberly-Clark Corp. | 617,680 | ||||||
9,272 | Kraft Heinz Co. (The) | 717,004 | ||||||
13,945 | Kroger Co. (The) | 288,661 | ||||||
1,847 | McCormick & Co., Inc. | 183,832 | ||||||
2,866 | Molson Coors Brewing Co., Class B | 231,773 | ||||||
23,427 | Mondelez International, Inc., Class A | 970,581 | ||||||
6,443 | Monster Beverage Corp.(c) | 373,243 | ||||||
22,198 | PepsiCo, Inc. | 2,446,885 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
24,131 | Philip Morris International, Inc. | $ | 2,525,068 | |||||
39,621 | Procter & Gamble Co. (The) | 3,420,877 | ||||||
7,548 | Sysco Corp. | 419,820 | ||||||
4,497 | Tyson Foods, Inc., Class A | 327,876 | ||||||
14,300 | Walgreens Boots Alliance, Inc. | 947,661 | ||||||
22,747 | Wal-Mart Stores, Inc. | 1,986,041 | ||||||
|
| |||||||
27,168,226 | ||||||||
|
| |||||||
Energy—6.0% | ||||||||
8,710 | Anadarko Petroleum Corp. | 430,013 | ||||||
2,239 | Andeavor | 237,871 | ||||||
5,915 | Apache Corp. | 244,704 | ||||||
6,652 | Baker Hughes a GE Co. | 209,072 | ||||||
7,190 | Cabot Oil & Gas Corp. | 199,163 | ||||||
14,107 | Chesapeake Energy Corp.(c) | 55,017 | ||||||
29,448 | Chevron Corp. | 3,412,729 | ||||||
1,482 | Cimarex Energy Co. | 173,290 | ||||||
2,315 | Concho Resources, Inc.(c) | 310,696 | ||||||
18,908 | ConocoPhillips | 967,144 | ||||||
8,170 | Devon Energy Corp. | 301,473 | ||||||
8,968 | EOG Resources, Inc. | 895,634 | ||||||
2,694 | EQT Corp. | 168,483 | ||||||
65,838 | Exxon Mobil Corp. | 5,487,597 | ||||||
13,482 | Halliburton Co. | 576,221 | ||||||
1,691 | Helmerich & Payne, Inc. | 91,838 | ||||||
4,201 | Hess Corp. | 185,516 | ||||||
29,832 | Kinder Morgan, Inc. | 540,258 | ||||||
13,204 | Marathon Oil Corp. | 187,761 | ||||||
7,868 | Marathon Petroleum Corp. | 470,034 | ||||||
5,902 | National Oilwell Varco, Inc. | 201,789 | ||||||
3,094 | Newfield Exploration Co.(c) | 95,264 | ||||||
7,562 | Noble Energy, Inc. | 210,753 | ||||||
11,880 | Occidental Petroleum Corp. | 767,092 | ||||||
5,900 | ONEOK, Inc. | 320,193 | ||||||
6,677 | Phillips 66 | 608,141 | ||||||
2,646 | Pioneer Natural Resources Co. | 396,027 | ||||||
3,513 | Range Resources Corp. | 63,620 | ||||||
21,591 | Schlumberger Ltd. | 1,381,824 | ||||||
6,820 | TechnipFMC PLC (United Kingdom)(c) | 186,800 | ||||||
6,867 | Valero Energy Corp. | 541,738 | ||||||
12,843 | Williams Cos., Inc. (The) | 366,026 | ||||||
|
| |||||||
20,283,781 | ||||||||
|
| |||||||
Financials—14.8% | ||||||||
871 | Affiliated Managers Group, Inc. | 162,441 | ||||||
6,140 | Aflac, Inc. | 515,085 | ||||||
5,610 | Allstate Corp. (The) | 526,555 | ||||||
11,397 | American Express Co. | 1,088,641 | ||||||
14,037 | American International Group, Inc. | 906,931 | ||||||
2,333 | Ameriprise Financial, Inc. | 365,208 | ||||||
3,952 | Aon PLC | 566,835 | ||||||
2,798 | Arthur J. Gallagher & Co. | 177,197 | ||||||
839 | Assurant, Inc. | 84,445 | ||||||
152,455 | Bank of America Corp. | 4,175,742 | ||||||
16,056 | Bank of New York Mellon Corp. (The) | 826,081 | ||||||
12,554 | BB&T Corp. | 618,159 | ||||||
29,896 | Berkshire Hathaway, Inc., Class B(c) | 5,588,758 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,923 | BlackRock, Inc. | $ | 905,406 | |||||
1,490 | Brighthouse Financial, Inc.(c) | 92,648 | ||||||
7,518 | Capital One Financial Corp. | 693,009 | ||||||
1,754 | Cboe Global Markets, Inc. | 198,307 | ||||||
18,520 | Charles Schwab Corp. (The) | 830,437 | ||||||
7,234 | Chubb Ltd. | 1,091,032 | ||||||
2,322 | Cincinnati Financial Corp. | 162,935 | ||||||
42,335 | Citigroup, Inc. | 3,111,623 | ||||||
7,783 | Citizens Financial Group, Inc. | 295,832 | ||||||
5,278 | CME Group, Inc. | 723,983 | ||||||
2,733 | Comerica, Inc. | 214,732 | ||||||
5,786 | Discover Financial Services | 384,943 | ||||||
4,274 | E*TRADE Financial Corp.(c) | 186,304 | ||||||
638 | Everest Re Group Ltd. | 151,493 | ||||||
11,451 | Fifth Third Bancorp | 330,934 | ||||||
5,114 | Franklin Resources, Inc. | 215,453 | ||||||
5,587 | Goldman Sachs Group, Inc. (The) | 1,354,736 | ||||||
5,665 | Hartford Financial Services Group, Inc. (The) | 311,858 | ||||||
16,941 | Huntington Bancshares, Inc. | 233,786 | ||||||
9,144 | Intercontinental Exchange, Inc. | 604,418 | ||||||
6,324 | Invesco Ltd.(e) | 226,336 | ||||||
54,673 | JPMorgan Chase & Co. | 5,500,651 | ||||||
16,893 | KeyCorp | 308,297 | ||||||
4,919 | Leucadia National Corp. | 124,451 | ||||||
3,439 | Lincoln National Corp. | 260,607 | ||||||
4,288 | Loews Corp. | 212,299 | ||||||
2,363 | M&T Bank Corp. | 394,078 | ||||||
7,962 | Marsh & McLennan Cos., Inc. | 644,365 | ||||||
16,513 | MetLife, Inc. | 884,767 | ||||||
2,578 | Moody’s Corp. | 367,133 | ||||||
21,972 | Morgan Stanley | 1,098,600 | ||||||
1,815 | Nasdaq, Inc. | 131,860 | ||||||
4,259 | Navient Corp. | 53,067 | ||||||
3,338 | Northern Trust Corp. | 312,170 | ||||||
5,354 | People’s United Financial, Inc. | 99,906 | ||||||
7,442 | PNC Financial Services Group, Inc. (The) | 1,017,991 | ||||||
4,178 | Principal Financial Group, Inc. | 275,121 | ||||||
9,045 | Progressive Corp. (The) | 440,039 | ||||||
6,637 | Prudential Financial, Inc. | 733,123 | ||||||
1,998 | Raymond James Financial, Inc. | 169,390 | ||||||
18,569 | Regions Financial Corp. | 287,448 | ||||||
3,993 | S&P Global, Inc. | 624,785 | ||||||
5,810 | State Street Corp. | 534,520 | ||||||
7,453 | SunTrust Banks, Inc. | 448,745 | ||||||
11,615 | Synchrony Financial | 378,881 | ||||||
3,733 | T. Rowe Price Group, Inc. | 346,796 | ||||||
1,685 | Torchmark Corp. | 141,759 | ||||||
4,287 | Travelers Cos., Inc. (The) | 567,813 | ||||||
24,691 | U.S. Bancorp | 1,342,697 | ||||||
3,502 | Unum Group | 182,244 | ||||||
69,417 | Wells Fargo & Co. | 3,897,070 | ||||||
2,088 | Willis Towers Watson PLC | 336,335 | ||||||
4,007 | XL Group Ltd. (Bermuda) | 162,163 | ||||||
3,138 | Zions Bancorporation | 145,791 | ||||||
|
| |||||||
50,347,245 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care—14.2% | ||||||||
27,000 | Abbott Laboratories | $ | 1,464,210 | |||||
24,766 | AbbVie, Inc. | 2,235,132 | ||||||
5,154 | Aetna, Inc. | 876,335 | ||||||
4,990 | Agilent Technologies, Inc. | 339,470 | ||||||
3,464 | Alexion Pharmaceuticals, Inc.(c) | 414,502 | ||||||
1,124 | Align Technology, Inc.(c) | 268,614 | ||||||
5,194 | Allergan PLC | 920,533 | ||||||
2,517 | AmerisourceBergen Corp. | 193,683 | ||||||
11,335 | Amgen, Inc. | 1,986,119 | ||||||
4,076 | Anthem, Inc. | 852,740 | ||||||
7,792 | Baxter International, Inc. | 502,350 | ||||||
3,540 | Becton, Dickinson and Co. | 738,692 | ||||||
3,287 | Biogen, Inc.(c) | 1,024,426 | ||||||
21,320 | Boston Scientific Corp.(c) | 599,945 | ||||||
25,484 | Bristol-Myers Squibb Co. | 1,571,343 | ||||||
1,132 | C.R. Bard, Inc. | 370,243 | ||||||
4,916 | Cardinal Health, Inc. | 304,300 | ||||||
12,157 | Celgene Corp.(c) | 1,227,492 | ||||||
2,682 | Centene Corp.(c) | 251,223 | ||||||
4,893 | Cerner Corp.(c) | 330,375 | ||||||
3,913 | Cigna Corp. | 771,722 | ||||||
755 | Cooper Cos., Inc. (The) | 181,396 | ||||||
9,498 | Danaher Corp. | 876,381 | ||||||
2,379 | DaVita, Inc.(c) | 144,500 | ||||||
3,569 | DENTSPLY Sirona, Inc. | 217,959 | ||||||
3,283 | Edwards Lifesciences Corp.(c) | 335,621 | ||||||
15,051 | Eli Lilly & Co. | 1,233,279 | ||||||
1,876 | Envision Healthcare Corp.(c) | 79,918 | ||||||
8,969 | Express Scripts Holding Co.(c) | 549,710 | ||||||
20,295 | Gilead Sciences, Inc. | 1,521,313 | ||||||
4,493 | HCA Healthcare, Inc.(c) | 339,895 | ||||||
2,464 | Henry Schein, Inc.(c) | 193,670 | ||||||
4,355 | Hologic, Inc.(c) | 164,837 | ||||||
2,242 | Humana, Inc. | 572,495 | ||||||
1,352 | IDEXX Laboratories, Inc.(c) | 224,662 | ||||||
2,264 | Illumina, Inc.(c) | 464,550 | ||||||
2,655 | Incyte Corp.(c) | 300,679 | ||||||
1,740 | Intuitive Surgical, Inc.(c) | 653,126 | ||||||
41,705 | Johnson & Johnson | 5,814,094 | ||||||
1,580 | Laboratory Corp. of America Holdings(c) | 242,862 | ||||||
3,270 | McKesson Corp. | 450,868 | ||||||
21,047 | Medtronic PLC | 1,694,704 | ||||||
42,494 | Merck & Co., Inc. | 2,340,994 | ||||||
396 | Mettler-Toledo International, Inc.(c) | 270,322 | ||||||
8,330 | Mylan NV(c) | 297,464 | ||||||
1,278 | Patterson Cos., Inc. | 47,286 | ||||||
1,716 | PerkinElmer, Inc. | 124,101 | ||||||
2,063 | Perrigo Co. PLC | 167,082 | ||||||
92,725 | Pfizer, Inc. | 3,250,939 | ||||||
2,120 | Quest Diagnostics, Inc. | 198,814 | ||||||
2,358 | Quintiles IMS Holdings, Inc.(c) | 254,900 | ||||||
1,194 | Regeneron Pharmaceuticals, Inc.(c) | 480,728 | ||||||
2,207 | ResMed, Inc. | 185,785 | ||||||
4,995 | Stryker Corp. | 773,576 | ||||||
6,215 | Thermo Fisher Scientific, Inc. | 1,204,653 | ||||||
15,021 | UnitedHealth Group, Inc. | 3,157,715 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
1,378 | Universal Health Services, Inc., Class B | $ | 141,521 | |||||
1,429 | Varian Medical Systems, Inc.(c) | 148,888 | ||||||
3,918 | Vertex Pharmaceuticals, Inc.(c) | 572,929 | ||||||
1,239 | Waters Corp.(c) | 242,906 | ||||||
3,139 | Zimmer Biomet Holdings, Inc. | 381,765 | ||||||
7,626 | Zoetis, Inc. | 486,691 | ||||||
|
| |||||||
48,229,027 | ||||||||
|
| |||||||
Industrials—10.1% | ||||||||
9,269 | 3M Co. | 2,133,631 | ||||||
2,270 | A.O. Smith Corp. | 134,384 | ||||||
653 | Acuity Brands, Inc. | 109,182 | ||||||
1,917 | Alaska Air Group, Inc. | 126,580 | ||||||
1,477 | Allegion PLC | 123,167 | ||||||
6,734 | American Airlines Group, Inc. | 315,286 | ||||||
3,588 | AMETEK, Inc. | 242,154 | ||||||
6,570 | Arconic, Inc. | 165,038 | ||||||
8,630 | Boeing Co. (The) | 2,226,367 | ||||||
2,179 | C.H. Robinson Worldwide, Inc. | 171,117 | ||||||
9,181 | Caterpillar, Inc. | 1,246,780 | ||||||
1,324 | Cintas Corp. | 197,329 | ||||||
14,195 | CSX Corp. | 715,854 | ||||||
2,448 | Cummins, Inc. | 433,002 | ||||||
4,967 | Deere & Co. | 660,015 | ||||||
10,350 | Delta Air Lines, Inc. | 517,810 | ||||||
2,419 | Dover Corp. | 230,990 | ||||||
6,914 | Eaton Corp. PLC | 553,258 | ||||||
9,947 | Emerson Electric Co. | 641,184 | ||||||
1,869 | Equifax, Inc. | 202,843 | ||||||
2,807 | Expeditors International of Washington, Inc. | 163,873 | ||||||
4,478 | Fastenal Co. | 210,332 | ||||||
3,838 | FedEx Corp. | 866,659 | ||||||
2,032 | Flowserve Corp. | 89,550 | ||||||
2,172 | Fluor Corp. | 93,591 | ||||||
4,743 | Fortive Corp. | 342,729 | ||||||
2,394 | Fortune Brands Home & Security, Inc. | 158,148 | ||||||
4,325 | General Dynamics Corp. | 877,888 | ||||||
134,521 | General Electric Co. | 2,711,943 | ||||||
11,846 | Honeywell International, Inc. | 1,707,719 | ||||||
5,649 | IHS Markit Ltd.(c) | 240,704 | ||||||
4,814 | Illinois Tool Works, Inc. | 753,487 | ||||||
3,942 | Ingersoll-Rand PLC | 349,261 | ||||||
1,324 | J.B. Hunt Transport Services, Inc. | 140,860 | ||||||
1,868 | Jacobs Engineering Group, Inc. | 108,736 | ||||||
14,482 | Johnson Controls International PLC | 599,410 | ||||||
1,635 | Kansas City Southern | 170,400 | ||||||
1,215 | L3 Technologies, Inc. | 227,424 | ||||||
3,895 | Lockheed Martin Corp. | 1,200,283 | ||||||
4,948 | Masco Corp. | 197,029 | ||||||
5,218 | Nielsen Holdings PLC | 193,431 | ||||||
4,481 | Norfolk Southern Corp. | 588,893 | ||||||
2,707 | Northrop Grumman Corp. | 800,000 | ||||||
5,461 | PACCAR, Inc. | 391,718 | ||||||
2,071 | Parker-Hannifin Corp. | 378,185 | ||||||
2,563 | Pentair PLC (United Kingdom) | 180,589 | ||||||
2,352 | Quanta Services, Inc.(c) | 88,741 | ||||||
4,512 | Raytheon Co. | 813,062 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
3,561 | Republic Services, Inc. | $ | 231,714 | |||||
1,957 | Robert Half International, Inc. | 101,314 | ||||||
1,998 | Rockwell Automation, Inc. | 401,238 | ||||||
2,522 | Rockwell Collins, Inc. | 341,983 | ||||||
1,587 | Roper Technologies, Inc. | 409,716 | ||||||
896 | Snap-on, Inc. | 141,371 | ||||||
8,556 | Southwest Airlines Co. | 460,826 | ||||||
2,381 | Stanley Black & Decker, Inc. | 384,651 | ||||||
1,323 | Stericycle, Inc.(c) | 93,735 | ||||||
4,108 | Textron, Inc. | 216,656 | ||||||
746 | TransDigm Group, Inc. | 207,015 | ||||||
12,438 | Union Pacific Corp. | 1,440,196 | ||||||
4,017 | United Continental Holdings, Inc.(c) | 234,914 | ||||||
10,701 | United Parcel Service, Inc., Class B | 1,257,689 | ||||||
1,310 | United Rentals, Inc.(c) | 185,339 | ||||||
11,543 | United Technologies Corp. | 1,382,390 | ||||||
2,415 | Verisk Analytics, Inc.(c) | 205,396 | ||||||
818 | W.W. Grainger, Inc. | 161,719 | ||||||
6,293 | Waste Management, Inc. | 517,096 | ||||||
2,789 | Xylem, Inc. | 185,552 | ||||||
|
| |||||||
34,351,126 | ||||||||
|
| |||||||
Information Technology—24.6% | ||||||||
9,597 | Accenture PLC, Class A | 1,366,229 | ||||||
11,725 | Activision Blizzard, Inc. | 767,870 | ||||||
7,665 | Adobe Systems, Inc.(c) | 1,342,601 | ||||||
12,504 | Advanced Micro Devices, Inc.(c) | 137,356 | ||||||
2,666 | Akamai Technologies, Inc.(c) | 139,298 | ||||||
746 | Alliance Data Systems Corp. | 166,903 | ||||||
4,629 | Alphabet, Inc., Class A(c) | 4,781,942 | ||||||
4,687 | Alphabet, Inc., Class C(c) | 4,764,992 | ||||||
4,750 | Amphenol Corp., Class A | 413,250 | ||||||
5,715 | Analog Devices, Inc. | 521,779 | ||||||
1,314 | ANSYS, Inc.(c) | 179,637 | ||||||
80,252 | Apple, Inc. | 13,565,798 | ||||||
16,567 | Applied Materials, Inc. | 934,876 | ||||||
3,404 | Autodesk, Inc.(c) | 425,364 | ||||||
6,908 | Automatic Data Processing, Inc. | 803,124 | ||||||
6,320 | Broadcom Ltd. | 1,667,911 | ||||||
4,908 | CA, Inc. | 158,921 | ||||||
4,351 | Cadence Design Systems, Inc.(c) | 187,789 | ||||||
77,690 | Cisco Systems, Inc. | 2,653,113 | ||||||
2,233 | Citrix Systems, Inc.(c) | 184,468 | ||||||
9,176 | Cognizant Technology Solutions Corp., Class A | 694,348 | ||||||
14,033 | Corning, Inc. | 439,373 | ||||||
2,537 | CSRA, Inc. | 81,159 | ||||||
4,427 | DXC Technology Co. | 405,159 | ||||||
15,468 | eBay, Inc.(c) | 582,216 | ||||||
4,799 | Electronic Arts, Inc.(c) | 573,960 | ||||||
985 | F5 Networks, Inc.(c) | 119,451 | ||||||
36,831 | Facebook, Inc., Class A(c) | 6,631,790 | ||||||
5,166 | Fidelity National Information Services, Inc. | 479,198 | ||||||
3,273 | Fiserv, Inc.(c) | 423,624 | ||||||
2,132 | FLIR Systems, Inc. | 99,820 | ||||||
1,411 | Gartner, Inc.(c) | 176,812 | ||||||
2,371 | Global Payments, Inc. | 246,465 | ||||||
1,860 | Harris Corp. | 259,135 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
25,525 | Hewlett Packard Enterprise Co. | $ | 355,308 | |||||
25,950 | HP, Inc. | 559,223 | ||||||
73,006 | Intel Corp. | 3,321,043 | ||||||
13,465 | International Business Machines Corp. | 2,074,418 | ||||||
3,779 | Intuit, Inc. | 570,705 | ||||||
5,906 | Juniper Networks, Inc. | 146,646 | ||||||
2,437 | KLA-Tencor Corp. | 265,365 | ||||||
2,522 | Lam Research Corp. | 526,014 | ||||||
14,513 | Mastercard, Inc., Class A | 2,159,099 | ||||||
3,617 | Microchip Technology, Inc. | 342,892 | ||||||
17,312 | Micron Technology, Inc.(c) | 767,095 | ||||||
119,669 | Microsoft Corp. | 9,954,067 | ||||||
2,525 | Motorola Solutions, Inc. | 228,614 | ||||||
4,193 | NetApp, Inc. | 186,253 | ||||||
9,326 | NVIDIA Corp. | 1,928,710 | ||||||
46,921 | Oracle Corp. | 2,388,279 | ||||||
4,967 | Paychex, Inc. | 316,845 | ||||||
17,565 | PayPal Holdings, Inc.(c) | 1,274,516 | ||||||
1,973 | Qorvo, Inc.(c) | 149,573 | ||||||
22,953 | QUALCOMM, Inc. | 1,170,833 | ||||||
2,756 | Red Hat, Inc.(c) | 333,007 | ||||||
10,610 | salesforce.com, inc.(c) | 1,085,827 | ||||||
4,476 | Seagate Technology PLC | 165,478 | ||||||
2,852 | Skyworks Solutions, Inc. | 324,729 | ||||||
9,546 | Symantec Corp. | 310,245 | ||||||
2,338 | Synopsys, Inc.(c) | 202,284 | ||||||
5,491 | TE Connectivity Ltd. | 499,516 | ||||||
15,379 | Texas Instruments, Inc. | 1,486,996 | ||||||
2,609 | Total System Services, Inc. | 187,978 | ||||||
1,332 | VeriSign, Inc.(c) | 143,217 | ||||||
28,422 | Visa, Inc., Class A | 3,125,852 | ||||||
4,581 | Western Digital Corp. | 408,946 | ||||||
7,212 | Western Union Co. (The) | 143,230 | ||||||
3,318 | Xerox Corp. | 100,569 | ||||||
3,866 | Xilinx, Inc. | 284,886 | ||||||
|
| |||||||
83,863,989 | ||||||||
|
| |||||||
Materials—3.0% | ||||||||
3,385 | Air Products & Chemicals, Inc. | 539,671 | ||||||
1,720 | Albemarle Corp. | 242,331 | ||||||
1,378 | Avery Dennison Corp. | 146,302 | ||||||
5,467 | Ball Corp. | 234,698 | ||||||
3,625 | CF Industries Holdings, Inc. | 137,677 | ||||||
36,253 | DowDuPont, Inc. | 2,621,454 | ||||||
2,247 | Eastman Chemical Co. | 204,050 | ||||||
4,044 | Ecolab, Inc. | 528,389 | ||||||
2,086 | FMC Corp. | 193,706 | ||||||
20,910 | Freeport-McMoRan, Inc.(c) | 292,322 | ||||||
1,227 | International Flavors & Fragrances, Inc. | 180,884 | ||||||
6,415 | International Paper Co. | 367,387 | ||||||
5,047 | LyondellBasell Industries NV, Class A | 522,516 | ||||||
974 | Martin Marietta Materials, Inc. | 211,212 | ||||||
6,822 | Monsanto Co. | 826,144 | ||||||
5,455 | Mosaic Co. (The) | 121,865 | ||||||
8,284 | Newmont Mining Corp. | 299,549 | ||||||
4,961 | Nucor Corp. | 286,895 | ||||||
1,468 | Packaging Corp. of America | 170,684 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
3,985 | PPG Industries, Inc. | $ | 463,216 | |||||
4,449 | Praxair, Inc. | 650,088 | ||||||
2,955 | Sealed Air Corp. | 130,700 | ||||||
1,275 | Sherwin-Williams Co. (The) | 503,816 | ||||||
2,058 | Vulcan Materials Co. | 250,562 | ||||||
3,947 | WestRock Co. | 242,070 | ||||||
|
| |||||||
10,368,188 | ||||||||
|
| |||||||
Real Estate—3.0% | ||||||||
1,457 | Alexandria Real Estate Equities, Inc. REIT | 180,610 | ||||||
6,670 | American Tower Corp. REIT | 958,279 | ||||||
2,440 | Apartment Investment & Management Co., Class A REIT | 107,311 | ||||||
2,145 | AvalonBay Communities, Inc. REIT | 388,953 | ||||||
2,399 | Boston Properties, Inc. REIT | 290,711 | ||||||
4,670 | CBRE Group, Inc., Class A(c) | 183,624 | ||||||
6,315 | Crown Castle International Corp. REIT | 676,210 | ||||||
3,175 | Digital Realty Trust, Inc. REIT | 376,047 | ||||||
5,526 | Duke Realty Corp. REIT | 157,380 | ||||||
1,211 | Equinix, Inc. REIT | 561,299 | ||||||
5,710 | Equity Residential REIT | 384,055 | ||||||
1,022 | Essex Property Trust, Inc. REIT | 268,203 | ||||||
1,952 | Extra Space Storage, Inc. REIT | 159,264 | ||||||
1,126 | Federal Realty Investment Trust REIT | 135,706 | ||||||
9,731 | GGP, Inc. REIT | 189,365 | ||||||
7,287 | HCP, Inc. REIT | 188,296 | ||||||
11,501 | Host Hotels & Resorts, Inc. REIT | 224,960 | ||||||
4,104 | Iron Mountain, Inc. REIT | 164,160 | ||||||
6,617 | Kimco Realty Corp. REIT | 120,165 | ||||||
1,696 | Macerich Co. (The) REIT | 92,602 | ||||||
1,767 | Mid-America Apartment Communities, Inc. REIT | 180,852 | ||||||
8,262 | Prologis, Inc. REIT | 533,560 | ||||||
2,329 | Public Storage REIT | 482,685 | ||||||
4,259 | Realty Income Corp. REIT | 228,581 | ||||||
2,304 | Regency Centers Corp. REIT | 141,811 | ||||||
1,869 | SBA Communications Corp. REIT(c) | 293,769 | ||||||
4,831 | Simon Property Group, Inc. REIT | 750,399 | ||||||
1,537 | SL Green Realty Corp. REIT | 147,060 | ||||||
4,160 | UDR, Inc. REIT | 161,366 | ||||||
5,532 | Ventas, Inc. REIT | 347,133 | ||||||
2,681 | Vornado Realty Trust REIT | 200,700 | ||||||
5,733 | Welltower, Inc. REIT | 383,882 | ||||||
11,696 | Weyerhaeuser Co. REIT | 420,003 | ||||||
|
| |||||||
10,079,001 | ||||||||
|
| |||||||
Telecommunication Services—1.9% | ||||||||
95,401 | AT&T, Inc. | 3,210,244 | ||||||
15,091 | CenturyLink, Inc. | 286,578 | ||||||
63,384 | Verizon Communications, Inc. | 3,034,192 | ||||||
|
| |||||||
6,531,014 | ||||||||
|
| |||||||
Utilities—3.2% | ||||||||
10,262 | AES Corp. (The) | 109,085 | ||||||
3,592 | Alliant Energy Corp. | 155,390 | ||||||
3,767 | Ameren Corp. | 233,516 | ||||||
7,642 | American Electric Power Co., Inc. | 568,641 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares S&P 500 BuyWrite Portfolio (PBP) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
2,770 | American Water Works Co., Inc. | $ | 243,095 | |||||
6,697 | CenterPoint Energy, Inc. | 198,097 | ||||||
4,378 | CMS Energy Corp. | 211,764 | ||||||
4,816 | Consolidated Edison, Inc. | 414,417 | ||||||
9,987 | Dominion Energy, Inc. | 810,345 | ||||||
2,786 | DTE Energy Co. | 307,742 | ||||||
10,877 | Duke Energy Corp. | 960,548 | ||||||
5,066 | Edison International | 405,027 | ||||||
2,788 | Entergy Corp. | 240,493 | ||||||
4,923 | Eversource Energy | 308,377 | ||||||
14,918 | Exelon Corp. | 599,853 | ||||||
6,907 | FirstEnergy Corp. | 227,586 | ||||||
7,275 | NextEra Energy, Inc. | 1,128,134 | ||||||
5,067 | NiSource, Inc. | 133,617 | ||||||
4,668 | NRG Energy, Inc. | 116,700 | ||||||
7,967 | PG&E Corp. | 460,254 | ||||||
1,737 | Pinnacle West Capital Corp. | 152,352 | ||||||
10,616 | PPL Corp. | 398,737 | ||||||
7,862 | Public Service Enterprise Group, Inc. | 386,810 | ||||||
2,218 | SCANA Corp. | 95,684 | ||||||
3,903 | Sempra Energy | 458,602 | ||||||
15,530 | Southern Co. (The) | 810,666 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
4,902 | WEC Energy Group, Inc. | $ | 330,346 | |||||
7,891 | Xcel Energy, Inc. | 390,762 | ||||||
|
| |||||||
10,856,640 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $278,696,461)—100.7% | 342,774,839 | |||||||
Other assets less liabilities—(0.7)% | (2,330,110 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 340,444,729 | ||||||
|
|
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) | Except as otherwise noted, a portion of the securities in the Fund are subject to covered call options written. See Note 2I. |
(c) | Non-income producing security. |
(d) | Security not subject to call options written. |
(e) | 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. |
Open Exchange-Traded Options Written—Equity Risk | ||||||||||||||||||||||||||||||
Description | Type of Contract | Expiration Date | Exercise Price | Number of Contracts | Premiums Received | Notional Value* | Value | Unrealized Appreciation | ||||||||||||||||||||||
S&P 500 Index | Call | November-2017 | $ | 2,570 | 1,330 | $ | (2,393,669 | ) | $ | 341,810,000 | $ | (2,380,700 | ) | $ | 12,969 |
* | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares S&P 500® Quality Portfolio (SPHQ)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Industrials | 22.3 | |||
Information Technology | 19.6 | |||
Consumer Discretionary | 16.5 | |||
Consumer Staples | 14.2 | |||
Health Care | 13.7 | |||
Materials | 6.0 | |||
Financials | 4.8 | |||
Real Estate | 2.1 | |||
Energy | 0.8 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—16.5% | ||||||||
96,191 | Best Buy Co., Inc. | $ | 5,384,772 | |||||
12,262 | Chipotle Mexican Grill, Inc.(b) | 3,334,038 | ||||||
57,497 | Darden Restaurants, Inc. | 4,730,278 | ||||||
91,777 | Delphi Automotive PLC | 9,120,798 | ||||||
43,649 | Foot Locker, Inc. | 1,312,962 | ||||||
84,393 | Gap, Inc. (The) | 2,193,374 | ||||||
36,022 | Garmin Ltd. | 2,039,205 | ||||||
43,390 | Genuine Parts Co. | 3,828,300 | ||||||
36,068 | Hasbro, Inc. | 3,339,536 | ||||||
394,748 | Home Depot, Inc. (The) | 65,441,324 | ||||||
43,021 | Leggett & Platt, Inc. | 2,033,173 | ||||||
54,747 | Michael Kors Holdings Ltd.(b) | 2,672,201 | ||||||
408,069 | NIKE, Inc., Class B | 22,439,714 | ||||||
78,843 | Omnicom Group, Inc. | 5,297,461 | ||||||
36,904 | O’Reilly Automotive, Inc.(b) | 7,784,899 | ||||||
158,785 | Ross Stores, Inc. | 10,081,260 | ||||||
28,987 | Scripps Networks Interactive, Inc., Class A | 2,414,037 | ||||||
505,325 | Starbucks Corp. | 27,712,023 | ||||||
164,615 | Target Corp. | 9,718,870 | ||||||
252,579 | TJX Cos., Inc. (The) | 17,630,014 | ||||||
18,848 | Ulta Beauty, Inc.(b) | 3,803,338 | ||||||
106,897 | VF Corp. | 7,445,376 | ||||||
|
| |||||||
219,756,953 | ||||||||
|
| |||||||
Consumer Staples—14.2% | ||||||||
729,853 | Altria Group, Inc. | 46,871,160 | ||||||
75,301 | Brown-Forman Corp., Class B | 4,293,663 | ||||||
164,040 | Conagra Brands, Inc. | 5,603,606 | ||||||
168,080 | General Mills, Inc. | 8,726,714 | ||||||
33,499 | McCormick & Co., Inc. | 3,334,155 | ||||||
729,362 | Procter & Gamble Co. (The) | 62,973,115 | ||||||
260,381 | Walgreens Boots Alliance, Inc. | 17,255,449 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
459,307 | Wal-Mart Stores, Inc. | $ | 40,102,094 | |||||
|
| |||||||
189,159,956 | ||||||||
|
| |||||||
Energy—0.8% | ||||||||
162,528 | Baker Hughes a GE Co. | 5,108,255 | ||||||
207,787 | TechnipFMC PLC (United Kingdom)(b) | 5,691,286 | ||||||
|
| |||||||
10,799,541 | ||||||||
|
| |||||||
Financials—4.8% | ||||||||
67,558 | Ameriprise Financial, Inc. | 10,575,529 | ||||||
17,151 | Assurant, Inc. | 1,726,248 | ||||||
106,016 | Franklin Resources, Inc. | 4,466,454 | ||||||
119,277 | Invesco Ltd.(c) | 4,268,924 | ||||||
107,888 | S&P Global, Inc. | 16,881,236 | ||||||
488,907 | U.S. Bancorp | 26,586,763 | ||||||
|
| |||||||
64,505,154 | ||||||||
|
| |||||||
Health Care—13.7% | ||||||||
107,057 | Allergan PLC | 18,973,712 | ||||||
229,921 | Baxter International, Inc. | 14,823,007 | ||||||
573,997 | Bristol-Myers Squibb Co. | 35,392,655 | ||||||
83,372 | Hologic, Inc.(b) | 3,155,630 | ||||||
46,882 | Humana, Inc. | 11,971,319 | ||||||
495,185 | Johnson & Johnson | 69,033,741 | ||||||
73,406 | McKesson Corp. | 10,121,219 | ||||||
9,847 | Mettler-Toledo International, Inc.(b) | 6,721,857 | ||||||
86,825 | Vertex Pharmaceuticals, Inc.(b) | 12,696,420 | ||||||
|
| |||||||
182,889,560 | ||||||||
|
| |||||||
Industrials—22.3% | ||||||||
215,687 | 3M Co. | 49,648,991 | ||||||
144,897 | Arconic, Inc. | 3,639,813 | ||||||
204,867 | Boeing Co. (The) | 52,851,589 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares S&P 500® Quality Portfolio (SPHQ) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
223,878 | Delta Air Lines, Inc. | $ | 11,200,616 | |||||
215,034 | Emerson Electric Co. | 13,861,092 | ||||||
59,389 | Expeditors International of Washington, Inc. | 3,467,130 | ||||||
90,447 | Fastenal Co. | 4,248,296 | ||||||
88,767 | Fortive Corp. | 6,414,303 | ||||||
86,948 | General Dynamics Corp. | 17,648,705 | ||||||
2,339,071 | General Electric Co. | 47,155,671 | ||||||
96,002 | Illinois Tool Works, Inc. | 15,026,233 | ||||||
82,519 | Ingersoll-Rand PLC | 7,311,183 | ||||||
26,118 | J.B. Hunt Transport Services, Inc. | 2,778,694 | ||||||
38,528 | Jacobs Engineering Group, Inc. | 2,242,715 | ||||||
57,036 | Northrop Grumman Corp. | 16,855,849 | ||||||
101,033 | Raytheon Co. | 18,206,147 | ||||||
43,498 | Robert Half International, Inc. | 2,251,891 | ||||||
40,860 | Rockwell Automation, Inc. | 8,205,505 | ||||||
51,118 | Rockwell Collins, Inc. | 6,931,601 | ||||||
59,361 | Verisk Analytics, Inc.(b) | 5,048,653 | ||||||
17,355 | W.W. Grainger, Inc. | 3,431,083 | ||||||
|
| |||||||
298,425,760 | ||||||||
|
| |||||||
Information Technology—19.6% | ||||||||
354,533 | Applied Materials, Inc. | 20,006,297 | ||||||
161,225 | Automatic Data Processing, Inc. | 18,744,019 | ||||||
45,802 | Citrix Systems, Inc.(b) | 3,783,703 | ||||||
333,262 | Corning, Inc. | 10,434,433 | ||||||
30,653 | F5 Networks, Inc.(b) | 3,717,289 | ||||||
38,544 | Harris Corp. | 5,369,950 | ||||||
593,094 | Hewlett Packard Enterprise Co. | 8,255,868 | ||||||
254,793 | International Business Machines Corp. | 39,253,410 | ||||||
121,571 | Intuit, Inc. | 18,359,652 | ||||||
59,783 | KLA-Tencor Corp. | 6,509,771 | ||||||
55,140 | Lam Research Corp. | 11,500,550 | ||||||
355,241 | Mastercard, Inc., Class A | 52,849,204 | ||||||
102,937 | NetApp, Inc. | 4,572,462 | ||||||
112,722 | Paychex, Inc. | 7,190,536 | ||||||
65,413 | Red Hat, Inc.(b) | 7,903,853 | ||||||
357,345 | Texas Instruments, Inc. | 34,551,688 | ||||||
75,454 | Xerox Corp. | 2,287,011 | ||||||
92,667 | Xilinx, Inc. | 6,828,631 | ||||||
|
| |||||||
262,118,327 | ||||||||
|
| |||||||
Materials—6.0% | ||||||||
82,564 | Air Products & Chemicals, Inc. | 13,163,178 | ||||||
50,296 | Albemarle Corp. | 7,086,203 | ||||||
418,722 | Freeport-McMoRan, Inc.(b) | 5,853,734 | ||||||
115,987 | LyondellBasell Industries NV, Class A | 12,008,134 | ||||||
131,391 | Monsanto Co. | 15,911,450 | ||||||
165,005 | Newmont Mining Corp. | 5,966,581 | ||||||
76,165 | PPG Industries, Inc. | 8,853,420 | ||||||
27,433 | Sherwin-Williams Co. (The) | 10,840,150 | ||||||
|
| |||||||
79,682,850 | ||||||||
|
| |||||||
Real Estate—2.1% | ||||||||
92,687 | CBRE Group, Inc., Class A(b) | 3,644,453 | ||||||
103,595 | Equity Residential REIT | 6,967,800 | ||||||
167,448 | HCP, Inc. REIT | 4,326,856 | ||||||
50,138 | Public Storage REIT | 10,391,101 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
31,036 | SL Green Realty Corp. REIT | $ | 2,969,524 | |||||
|
| |||||||
28,299,734 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $1,212,392,104)—100.0% | 1,335,637,835 | |||||||
Other assets less liabilities—0.0% | 223,013 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 1,335,860,848 | ||||||
|
|
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares Water Resources Portfolio (PHO)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Machinery | 27.2 | |||
Water Utilities | 14.4 | |||
Chemicals | 9.7 | |||
Industrial Conglomerates | 8.3 | |||
Health Care Equipment & Supplies | 8.2 | |||
Life Sciences Tools & Services | 7.9 | |||
Trading Companies & Distributors | 7.9 | |||
Building Products | 5.8 | |||
Construction & Engineering | 4.7 | |||
Commercial Services & Supplies | 3.0 | |||
Electronic Equipment, Instruments & Components | 2.9 | |||
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% | ||||||||
Building Products—5.8% | ||||||||
577,911 | A.O. Smith Corp. | $ | 34,212,331 | |||||
805,734 | Advanced Drainage Systems, Inc. | 15,752,100 | ||||||
|
| |||||||
49,964,431 | ||||||||
|
| |||||||
Chemicals—9.7% | ||||||||
971,501 | Calgon Carbon Corp. | 21,081,572 | ||||||
482,869 | Ecolab, Inc. | 63,091,663 | ||||||
|
| |||||||
84,173,235 | ||||||||
|
| |||||||
Commercial Services & Supplies—3.0% | ||||||||
537,611 | Tetra Tech, Inc. | 26,477,342 | ||||||
|
| |||||||
Construction & Engineering—4.7% | ||||||||
361,606 | Aegion Corp.(b) | 8,421,804 | ||||||
198,662 | Layne Christensen Co.(b) | 2,624,325 | ||||||
189,745 | Valmont Industries, Inc. | 30,150,480 | ||||||
|
| |||||||
41,196,609 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.9% | ||||||||
128,086 | Badger Meter, Inc. | 5,610,167 | ||||||
245,842 | Itron, Inc.(b) | 19,212,552 | ||||||
|
| |||||||
24,822,719 | ||||||||
|
| |||||||
Health Care Equipment & Supplies—8.2% | ||||||||
771,594 | Danaher Corp. | 71,194,979 | ||||||
|
| |||||||
Industrial Conglomerates—8.3% | ||||||||
279,054 | Roper Technologies, Inc. | 72,043,371 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Life Sciences Tools & Services—7.9% | ||||||||
350,821 | Waters Corp.(b) | $ | 68,778,457 | |||||
|
| |||||||
Machinery—27.2% | ||||||||
625,800 | Energy Recovery, Inc.(b) | 4,824,918 | ||||||
245,853 | Franklin Electric Co., Inc. | 11,186,312 | ||||||
81,878 | Gorman-Rupp Co. (The) | 2,618,458 | ||||||
273,719 | IDEX Corp. | 35,093,513 | ||||||
126,624 | Lindsay Corp. | 11,593,693 | ||||||
247,445 | Mueller Industries, Inc. | 8,598,714 | ||||||
1,466,609 | Mueller Water Products, Inc., Class A | 17,511,311 | ||||||
518,665 | Pentair PLC (United Kingdom) | 36,545,136 | ||||||
1,160,371 | Rexnord Corp.(b) | 29,612,668 | ||||||
521,776 | Toro Co. (The) | 32,793,622 | ||||||
174,535 | Watts Water Technologies, Inc., Class A | 11,763,659 | ||||||
518,506 | Xylem, Inc. | 34,496,204 | ||||||
|
| |||||||
236,638,208 | ||||||||
|
| |||||||
Trading Companies & Distributors—7.9% | ||||||||
1,932,924 | HD Supply Holdings, Inc.(b) | 68,406,180 | ||||||
|
| |||||||
Water Utilities—14.4% | ||||||||
186,089 | American States Water Co. | 10,002,284 | ||||||
397,815 | American Water Works Co., Inc. | 34,912,244 | ||||||
814,530 | Aqua America, Inc. | 28,899,524 | ||||||
39,292 | Artesian Resources Corp., Class A | 1,596,041 | ||||||
226,110 | California Water Service Group | 9,496,620 | ||||||
2,808,646 | Cia de Saneamento Basico do Estado de Sao Paulo ADR (Brazil) | 25,614,852 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
PowerShares Water Resources Portfolio (PHO) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Water Utilities (continued) | ||||||||
60,541 | Connecticut Water Service, Inc. | $ | 3,754,753 | |||||
85,650 | Consolidated Water Co. Ltd. (Cayman Islands) | 1,053,495 | ||||||
77,177 | Middlesex Water Co. | 3,355,656 | ||||||
102,383 | SJW Corp. | 6,072,336 | ||||||
|
| |||||||
124,757,805 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $636,517,130) | 868,453,336 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
1,110,936 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $1,110,936) | 1,110,936 | ||||||
|
| |||||||
Total Investments in Securities (Cost $637,628,066)—100.1% | 869,564,272 | |||||||
Other assets less liabilities—(0.1)% | (561,429 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 869,002,843 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
PowerShares WilderHill Clean Energy Portfolio (PBW)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Semiconductors & Semiconductor Equipment | 34.8 | |||
Electrical Equipment | 18.5 | |||
Independent Power & Renewable Electricity Producers | 12.7 | |||
Construction & Engineering | 9.6 | |||
Electronic Equipment, Instruments & Components | 7.1 | |||
Chemicals | 5.9 | |||
Aerospace & Defense | 3.3 | |||
Auto Components | 2.8 | |||
Automobiles | 2.7 | |||
Oil, Gas & Consumable Fuels | 2.3 | |||
Commercial Services & Supplies | 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% | ||||||||
Aerospace & Defense—3.3% | ||||||||
60,559 | Hexcel Corp. | $ | 3,675,326 | |||||
|
| |||||||
Auto Components—2.8% | ||||||||
91,149 | Gentherm, Inc.(b) | 3,053,491 | ||||||
|
| |||||||
Automobiles—2.7% | ||||||||
8,902 | Tesla, Inc.(b) | 2,951,280 | ||||||
|
| |||||||
Chemicals—5.9% | ||||||||
18,580 | Air Products & Chemicals, Inc. | 2,962,209 | ||||||
57,983 | Sociedad Quimica y Minera de Chile SA ADR (Chile) | 3,463,905 | ||||||
|
| |||||||
6,426,114 | ||||||||
|
| |||||||
Commercial Services & Supplies—0.3% | ||||||||
91,409 | Aqua Metals, Inc.(b)(c) | 363,808 | ||||||
|
| |||||||
Construction & Engineering—9.6% | ||||||||
434,939 | Ameresco, Inc., Class A(b) | 3,349,030 | ||||||
120,772 | MYR Group, Inc.(b) | 3,851,419 | ||||||
89,179 | Quanta Services, Inc.(b) | 3,364,724 | ||||||
|
| |||||||
10,565,173 | ||||||||
|
| |||||||
Electrical Equipment—18.5% | ||||||||
127,336 | American Superconductor Corp.(b) | 534,811 | ||||||
639,680 | Ballard Power Systems, Inc. (Canada)(b)(c) | 3,198,400 | ||||||
284,383 | FuelCell Energy, Inc.(b)(c) | 622,799 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Electrical Equipment (continued) | ||||||||
178,407 | General Cable Corp. | $ | 3,737,627 | |||||
63,196 | Hydrogenics Corp. (Canada)(b)(c) | 625,640 | ||||||
77,442 | LSI Industries, Inc. | 538,222 | ||||||
1,237,535 | Plug Power, Inc.(b)(c) | 3,526,975 | ||||||
616,437 | Sunrun, Inc.(b)(c) | 3,538,348 | ||||||
161,146 | TPI Composites, Inc.(b) | 4,036,707 | ||||||
|
| |||||||
20,359,529 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—7.1% | ||||||||
44,187 | Itron, Inc.(b) | 3,453,214 | ||||||
102,378 | Maxwell Technologies, Inc.(b) | 493,462 | ||||||
26,629 | Universal Display Corp. | 3,901,149 | ||||||
|
| |||||||
7,847,825 | ||||||||
|
| |||||||
Independent Power & Renewable Electricity Producers—12.7% | ||||||||
161,093 | Atlantica Yield PLC (Spain) | 3,605,261 | ||||||
60,265 | Ormat Technologies, Inc. | 3,913,006 | ||||||
125,315 | Pattern Energy Group, Inc. | 2,891,017 | ||||||
345,871 | Sky Solar Holdings Ltd. ADR (Hong Kong)(b) | 601,816 | ||||||
179,869 | TerraForm Power, Inc., Class A(c) | 2,415,641 | ||||||
129,592 | US Geothermal, Inc.(b) | 498,929 | ||||||
|
| |||||||
13,925,670 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.3% | ||||||||
210,891 | Renewable Energy Group, Inc.(b) | 2,551,781 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
PowerShares WilderHill Clean Energy Portfolio (PBW) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Semiconductors & Semiconductor Equipment—34.8% | ||||||||
43,688 | Advanced Energy Industries, Inc.(b) | $ | 3,701,247 | |||||
216,302 | Canadian Solar, Inc. (Canada)(b)(c) | 3,809,078 | ||||||
122,809 | Cree, Inc.(b) | 4,384,281 | ||||||
126,347 | Daqo New Energy Corp. ADR (China)(b)(c) | 4,763,282 | ||||||
74,008 | First Solar, Inc.(b) | 4,057,119 | ||||||
461,366 | Hanwha Q CELLS Co. Ltd. ADR (South Korea)(b)(c) | 3,690,928 | ||||||
461,366 | JA Solar Holdings Co. Ltd. ADR (China)(b)(c) | 3,437,177 | ||||||
120,060 | SolarEdge Technologies, Inc.(b) | 3,943,971 | ||||||
487,971 | SunPower Corp.(b)(c) | 3,474,354 | ||||||
163,745 | Veeco Instruments, Inc.(b) | 2,955,597 | ||||||
|
| |||||||
38,217,034 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $89,258,846) | 109,937,031 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
82,611 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $82,611) | 82,611 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $89,341,457)—100.1% | 110,019,642 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—18.0% | ||||||||
19,797,596 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $19,797,596) | 19,797,596 | ||||||
|
| |||||||
Total Investments in Securities (Cost $109,139,053)—118.1% | 129,817,238 | |||||||
Other assets less liabilities—(18.1)% | (19,878,782 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 109,938,456 | ||||||
|
|
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, 2017. |
(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, 2017. |
(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 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
PowerShares WilderHill Progressive Energy Portfolio (PUW)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Oil, Gas & Consumable Fuels | 19.6 | |||
Machinery | 16.9 | |||
Electrical Equipment | 13.4 | |||
Chemicals | 8.5 | |||
Building Products | 8.4 | |||
Commercial Services & Supplies | 6.5 | |||
Electric Utilities | 5.0 | |||
Auto Components | 3.3 | |||
Food & Staples Retailing | 3.2 | |||
Automobiles | 2.7 | |||
Electronic Equipment, Instruments & Components | 2.7 | |||
Construction & Engineering | 2.5 | |||
Mortgage REITs | 2.5 | |||
Energy Equipment & Services | 2.4 | |||
Independent Power & Renewable Electricity Producers | 2.4 | |||
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—3.3% | ||||||||
21,924 | Kandi Technologies Group, Inc. (China)(b)(c) | $ | 160,045 | |||||
9,854 | Tenneco, Inc. | 572,616 | ||||||
|
| |||||||
732,661 | ||||||||
|
| |||||||
Automobiles—2.7% | ||||||||
18,881 | Tata Motors Ltd. ADR (India)(c) | 618,542 | ||||||
|
| |||||||
Building Products—8.4% | ||||||||
9,748 | A.O. Smith Corp. | 577,082 | ||||||
12,517 | Apogee Enterprises, Inc. | 597,436 | ||||||
8,508 | Owens Corning | 703,526 | ||||||
|
| |||||||
1,878,044 | ||||||||
|
| |||||||
Chemicals—8.5% | ||||||||
4,627 | Albemarle Corp. | 651,898 | ||||||
6,933 | FMC Corp. | 643,798 | ||||||
12,570 | Methanex Corp. (Canada) | 612,788 | ||||||
|
| |||||||
1,908,484 | ||||||||
|
| |||||||
Commercial Services & Supplies—6.5% | ||||||||
13,471 | CECO Environmental Corp. | 118,141 | ||||||
40,986 | Covanta Holding Corp. | 659,875 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Commercial Services & Supplies (continued) | ||||||||
31,135 | Heritage-Crystal Clean, Inc.(c) | $ | 608,689 | |||||
13,720 | Hudson Technologies, Inc.(c) | 81,222 | ||||||
|
| |||||||
1,467,927 | ||||||||
|
| |||||||
Construction & Engineering—2.5% | ||||||||
13,049 | MasTec, Inc.(c) | 568,284 | ||||||
|
| |||||||
Electric Utilities—5.0% | ||||||||
11,870 | Avangrid, Inc. | 614,035 | ||||||
216,693 | Cia Energetica de Minas Gerais ADR (Brazil)(b) | 513,562 | ||||||
|
| |||||||
1,127,597 | ||||||||
|
| |||||||
Electrical Equipment—13.4% | ||||||||
3,468 | Acuity Brands, Inc. | 579,850 | ||||||
8,290 | Eaton Corp. PLC | 663,366 | ||||||
9,040 | Emerson Electric Co. | 582,718 | ||||||
8,739 | EnerSys | 606,224 | ||||||
7,288 | Regal Beloit Corp. | 591,421 | ||||||
|
| |||||||
3,023,579 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.7% | ||||||||
19,561 | Corning, Inc. | 612,455 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares WilderHill Progressive Energy Portfolio (PUW) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Energy Equipment & Services—2.4% | ||||||||
81,758 | McDermott International, Inc.(c) | $ | 541,238 | |||||
|
| |||||||
Food & Staples Retailing—3.2% | ||||||||
18,993 | Andersons, Inc. (The) | 711,288 | ||||||
|
| |||||||
Independent Power & Renewable Electricity Producers—2.4% | ||||||||
28,524 | NRG Yield, Inc., Class C | 530,546 | ||||||
|
| |||||||
Machinery—16.9% | ||||||||
12,581 | Altra Industrial Motion Corp. | 602,630 | ||||||
15,595 | Chart Industries, Inc.(c) | 678,382 | ||||||
9,880 | ESCO Technologies, Inc. | 572,546 | ||||||
8,945 | Luxfer Holdings PLC ADR (United Kingdom) | 110,739 | ||||||
11,522 | Lydall, Inc.(c) | 665,972 | ||||||
3,950 | WABCO Holdings, Inc.(c) | 582,902 | ||||||
7,488 | Woodward, Inc. | 579,047 | ||||||
|
| |||||||
3,792,218 | ||||||||
|
| |||||||
Mortgage REITs—2.5% | ||||||||
23,198 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 558,144 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—19.6% | ||||||||
147,123 | Chesapeake Energy Corp.(b)(c) | 573,780 | ||||||
45,086 | Clean Energy Fuels Corp.(c) | 105,952 | ||||||
78,215 | Cosan Ltd., Class A (Brazil) | 679,688 | ||||||
27,131 | Golar LNG Ltd. (Bermuda) | 573,278 | ||||||
31,594 | Green Plains, Inc. | 581,329 | ||||||
19,616 | Pacific Ethanol, Inc.(c) | 94,157 | ||||||
33,434 | Range Resources Corp. | 605,490 | ||||||
6,837 | REX American Resources Corp.(c) | 602,887 | ||||||
105,054 | Southwestern Energy Co.(c) | 583,050 | ||||||
|
| |||||||
4,399,611 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $17,798,601) | 22,470,618 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
56,563 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $56,563) | 56,563 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $17,855,164)—100.3% | 22,527,181 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.0% | ||||||||
1,134,081 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $1,134,081) | $ | 1,134,081 | |||||
|
| |||||||
Total Investments in Securities (Cost $18,989,245)—105.3% | 23,661,262 | |||||||
Other assets less liabilities—(5.3)% | (1,181,874 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 22,479,388 | ||||||
|
|
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, 2017. |
(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, 2017. |
(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 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Statements of Assets and Liabilities
October 31, 2017
(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 in securities, at value(a) | $ | 826,416,065 | $ | 132,927,803 | $ | 1,477,261,977 | $ | 278,582,875 | ||||||||
Affiliated investments in securities, at value | 265,601 | 2,479,365 | 25,916,161 | 58,750,356 | ||||||||||||
Other investments: | ||||||||||||||||
Unrealized appreciation on swap agreements | — | — | — | 15,487 | ||||||||||||
Cash | — | — | — | 799,632 | ||||||||||||
Cash segregated as collateral | — | — | — | 15,251 | ||||||||||||
Foreign currencies, at value | — | — | — | 64,048 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 440,645 | 25,203 | 132,533 | 104,672 | ||||||||||||
Foreign tax reclaims | — | 141,226 | — | 764,988 | ||||||||||||
Securities lending | — | 10,983 | 1,261 | 30,094 | ||||||||||||
Investments sold | — | — | — | 9,047,427 | ||||||||||||
Receivable for swaps | — | — | — | 86,409 | ||||||||||||
Shares sold | — | — | — | 14,554 | ||||||||||||
Other assets | 422 | 422 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 827,122,733 | 135,585,002 | 1,503,311,932 | 348,275,793 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Other investments: | ||||||||||||||||
Open written options, at value | — | — | — | — | ||||||||||||
Unrealized depreciation on swap agreements | — | — | — | 431,912 | ||||||||||||
Due to custodian | 216 | 75,742 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon receipt of securities in-kind | — | — | — | 15,251 | ||||||||||||
Investments purchased | — | — | — | 15,053 | ||||||||||||
Collateral upon return of securities loaned | — | 2,479,365 | 25,151,155 | 27,511,581 | ||||||||||||
Payable for swaps | — | — | — | 3,107 | ||||||||||||
Accrued advisory fees | 345,526 | 54,795 | 614,000 | 129,837 | ||||||||||||
Accrued trustees’ and officer’s fees | 40,821 | 33,978 | 98,094 | 52,787 | ||||||||||||
Accrued expenses | 192,912 | 69,962 | 654,838 | 255,497 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 579,475 | 2,713,842 | 26,518,087 | 28,415,025 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 826,543,258 | $ | 132,871,160 | $ | 1,476,793,845 | $ | 319,860,768 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 666,812,716 | $ | 156,943,735 | $ | 1,456,897,897 | $ | 399,378,716 | ||||||||
Undistributed net investment income | (1,983,986 | ) | (34,301 | ) | (1,015,768 | ) | (13,572,435 | ) | ||||||||
Undistributed net realized gain (loss) | (16,429,365 | ) | (68,459,664 | ) | (291,747,527 | ) | (107,052,552 | ) | ||||||||
Net unrealized appreciation | 178,143,893 | 44,421,390 | 312,659,243 | 41,107,039 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 826,543,258 | $ | 132,871,160 | $ | 1,476,793,845 | $ | 319,860,768 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 15,750,000 | 3,100,000 | 29,100,000 | 25,050,000 | ||||||||||||
Net asset value | $ | 52.48 | $ | 42.86 | $ | 50.75 | $ | 12.77 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 52.49 | $ | 43.06 | $ | 50.77 | $ | 12.83 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 648,272,172 | $ | 88,507,848 | $ | 1,164,602,734 | $ | 237,023,468 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 265,601 | $ | 2,479,365 | $ | 25,916,161 | $ | 58,750,356 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | — | $ | — | $ | — | $ | 64,050 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Premium received on written options | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of | $ | — | $ | 2,333,069 | $ | 23,912,816 | $ | 26,571,539 | ||||||||
|
|
|
|
|
|
|
|
(b) | Shares outstanding, net asset value and market price reflect a one-for-five reverse stock split effective after the close of business on October 20, 2017. See Note 12. |
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® Quality Portfolio (SPHQ) | PowerShares Water Resources Portfolio (PHO) | PowerShares WilderHill Clean Energy Portfolio (PBW) | PowerShares WilderHill Progressive Energy Portfolio (PUW) | |||||||||||||||||
$ | 226,561,982 | $ | 342,548,503 | $ | 1,331,368,911 | $ | 868,453,336 | $ | 109,937,031 | $ | 22,470,618 | |||||||||||
24,085,299 | 226,336 | 4,268,924 | 1,110,936 | 19,880,207 | 1,190,644 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
28,588 | 282,770 | 1,523,301 | 260,580 | 25,134 | 22,207 | |||||||||||||||||
— | — | — | — | — | 4,263 | |||||||||||||||||
91,234 | — | — | — | 102,177 | 2,812 | |||||||||||||||||
5,959,980 | 24,953 | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | 2,088 | 812 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
256,727,083 | 343,082,562 | 1,337,161,136 | 869,824,852 | 129,946,637 | 23,691,356 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
— | 2,380,700 | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | 46,791 | 403,282 | — | 2,896 | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
5,887,968 | — | — | — | — | — | |||||||||||||||||
23,969,956 | — | — | — | 19,797,596 | 1,134,081 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
99,426 | 210,342 | 242,241 | 365,973 | 37,443 | 2,400 | |||||||||||||||||
55,328 | — | 51,742 | 139,094 | 71,980 | 28,374 | |||||||||||||||||
167,231 | — | 603,023 | 316,942 | 98,266 | 47,113 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
30,179,909 | 2,637,833 | 1,300,288 | 822,009 | 20,008,181 | 1,211,968 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 226,547,174 | $ | 340,444,729 | $ | 1,335,860,848 | $ | 869,002,843 | $ | 109,938,456 | $ | 22,479,388 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 470,747,329 | $ | 320,295,603 | $ | 1,228,153,953 | $ | 1,197,312,779 | $ | 1,226,864,430 | $ | 53,192,047 | |||||||||||
(1,844,610 | ) | (11,686,444 | ) | 2,751,329 | 50,112 | 41,555 | (18,419 | ) | ||||||||||||||
(286,661,036 | ) | (32,255,777 | ) | (18,290,165 | ) | (560,296,254 | ) | (1,137,645,714 | ) | (35,366,257 | ) | |||||||||||
44,305,491 | 64,091,347 | 123,245,731 | 231,936,206 | 20,678,185 | 4,672,017 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 226,547,174 | $ | 340,444,729 | $ | 1,335,860,848 | $ | 869,002,843 | $ | 109,938,456 | $ | 22,479,388 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,300,000 | 15,250,000 | 45,850,000 | 29,700,000 | 4,468,273 | (b) | 850,000 | ||||||||||||||||
$ | 42.74 | $ | 22.32 | $ | 29.14 | $ | 29.26 | $ | 24.60 | (b) | $ | 26.45 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 42.76 | $ | 22.35 | $ | 29.14 | $ | 29.27 | $ | 24.62 | (b) | $ | 26.48 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 182,256,491 | $ | 278,470,321 | $ | 1,208,264,450 | $ | 636,517,130 | $ | 89,258,846 | $ | 17,798,601 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 24,085,299 | $ | 226,140 | $ | 4,127,654 | $ | 1,110,936 | $ | 19,880,207 | $ | 1,190,644 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | — | $ | 2,393,669 | $ | — | $ | — | $ | — | $ | — | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 23,566,685 | $ | — | $ | — | $ | — | $ | 19,049,342 | $ | 1,111,283 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
For the six months ended October 31, 2017
(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 | $ | 5,182,387 | $ | 452,998 | $ | 7,710,527 | $ | 6,584,438 | ||||||||
Affiliated dividend income | 2,633 | 347 | 4,990 | 129,496 | ||||||||||||
Non-cash dividend income | — | — | — | — | ||||||||||||
Securities lending income | — | 103,784 | 1,261 | 170,309 | ||||||||||||
Foreign withholding tax | (13,425 | ) | (22,184 | ) | — | (460,109 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 5,171,595 | 534,945 | 7,716,778 | 6,424,134 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 1,728,308 | 283,049 | 3,535,281 | 760,918 | ||||||||||||
Sub-licensing fees | 207,393 | 42,457 | 707,051 | 152,183 | ||||||||||||
Accounting & administration fees | 40,041 | 18,661 | 133,631 | 25,836 | ||||||||||||
Trustees’ and officer’s fees | 22,429 | 16,259 | 50,737 | 23,322 | ||||||||||||
Professional fees | 14,642 | 13,182 | 23,004 | 16,362 | ||||||||||||
Custodian & transfer agent fees | 5,427 | 6,084 | 9,344 | 13,001 | ||||||||||||
Other expenses | 27,384 | 11,778 | 59,207 | 35,379 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 2,045,624 | 391,470 | 4,518,255 | 1,027,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (577 | ) | (9,421 | ) | (1,107 | ) | (27,641 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 2,045,047 | 382,049 | 4,517,148 | 999,360 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 3,126,548 | 152,896 | 3,199,630 | 5,424,774 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (360,793 | ) | (281,654 | ) | (21,073,290 | ) | (6,506,796 | ) | ||||||||
In-kind redemptions | 10,140,671 | — | 72,684,365 | 6,790,821 | ||||||||||||
Swap agreements | — | — | — | 3,532,497 | ||||||||||||
Written options | — | — | — | — | ||||||||||||
Foreign currencies | — | 22,274 | — | 83,167 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 9,779,878 | (259,380 | ) | 51,611,075 | 3,899,689 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | 101,701,160 | 17,849,380 | 93,472,827 | 23,129,784 | ||||||||||||
Swap agreements | — | — | — | (1,604,876 | ) | |||||||||||
Written options | — | — | — | — | ||||||||||||
Foreign currencies | — | 4,466 | — | (49,853 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 101,701,160 | 17,853,846 | 93,472,827 | 21,475,055 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 111,481,038 | 17,594,466 | 145,083,902 | 25,374,744 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | $ | 114,607,586 | $ | 17,747,362 | $ | 148,283,532 | $ | 30,799,518 | ||||||||
|
|
|
|
|
|
|
|
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® Quality Portfolio (SPHQ) | PowerShares Water Resources Portfolio (PHO) | PowerShares WilderHill Clean Energy Portfolio (PBW) | PowerShares WilderHill Progressive Energy Portfolio (PUW) | |||||||||||||||||
$ | 1,037,040 | $ | 3,364,896 | $ | 16,336,309 | $ | 3,801,233 | $ | 847,739 | $ | 144,833 | |||||||||||
719 | 6,984 | 38,144 | 2,824 | 761 | 178 | |||||||||||||||||
646,293 | — | — | — | — | — | |||||||||||||||||
455,086 | — | — | — | 743,791 | 17,493 | |||||||||||||||||
(74,368 | ) | — | — | — | (16,429 | ) | (5,505 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,064,770 | 3,371,880 | 16,374,453 | 3,804,057 | 1,575,862 | 156,999 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
499,257 | 1,216,453 | 1,873,447 | 2,055,849 | 254,318 | 59,756 | |||||||||||||||||
99,851 | — | 300,569 | 308,379 | 50,863 | 11,984 | |||||||||||||||||
18,661 | — | 105,039 | 70,184 | 18,661 | 18,661 | |||||||||||||||||
23,059 | — | 31,169 | 54,166 | 27,680 | 13,581 | |||||||||||||||||
16,104 | — | 20,425 | 16,899 | 13,319 | 12,877 | |||||||||||||||||
44,912 | — | 14,930 | 29,088 | 18,003 | 2,593 | |||||||||||||||||
15,066 | — | 37,340 | 43,944 | 22,985 | 8,497 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
716,910 | 1,216,453 | 2,382,919 | 2,578,509 | 405,829 | 127,949 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(18,113 | ) | (785 | ) | (510,386 | ) | (582 | ) | (49,971 | ) | (44,295 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
698,797 | 1,215,668 | 1,872,533 | 2,577,927 | 355,858 | 83,654 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,365,973 | 2,156,212 | 14,501,920 | 1,226,130 | 1,220,004 | 73,345 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(4,840,369 | ) | (1,532,268 | ) | (15,627,121 | ) | (953,801 | ) | (5,493,816 | ) | (62,326 | ) | |||||||||||
10,011,108 | 7,944,294 | 80,080,924 | 33,140,374 | 6,386,728 | 961,386 | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | (13,614,595 | ) | — | — | — | — | ||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,170,739 | (7,202,569 | ) | 64,453,803 | 32,186,573 | 892,912 | 899,060 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
26,177,913 | 19,259,217 | 3,605,588 | 44,658,688 | 16,008,192 | (430,266 | ) | ||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | 1,595,241 | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
26,177,913 | 20,854,458 | 3,605,588 | 44,658,688 | 16,008,192 | (430,266 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
31,348,652 | 13,651,889 | 68,059,391 | 76,845,261 | 16,901,104 | 468,794 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 32,714,625 | $ | 15,808,101 | $ | 82,561,311 | $ | 78,071,391 | $ | 18,121,108 | $ | 542,139 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 31 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares Aerospace & Defense Portfolio (PPA) | PowerShares Cleantech™ Portfolio (PZD) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 3,126,548 | $ | 5,749,080 | $ | 152,896 | $ | 1,413,253 | ||||||||
Net realized gain (loss) | 9,779,878 | 18,408,707 | (259,380 | ) | 2,758,924 | |||||||||||
Net change in unrealized appreciation | 101,701,160 | 57,669,292 | 17,853,846 | 12,795,643 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 114,607,586 | 81,827,079 | 17,747,362 | 16,967,820 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (5,279,274 | ) | (5,934,618 | ) | (957,813 | ) | (820,687 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 174,661,322 | 277,012,088 | 23,442,540 | 10,079,801 | ||||||||||||
Value of shares repurchased | (26,595,866 | ) | (82,489,845 | ) | — | (5,053,738 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 148,065,456 | 194,522,243 | 23,442,540 | 5,026,063 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 257,393,768 | 270,414,704 | 40,232,089 | 21,173,196 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 569,149,490 | 298,734,786 | 92,639,071 | 71,465,875 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 826,543,258 | $ | 569,149,490 | $ | 132,871,160 | $ | 92,639,071 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | (1,983,986 | ) | $ | 168,740 | $ | (34,301 | ) | $ | 770,616 | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 3,600,000 | 6,600,000 | 600,000 | 300,000 | ||||||||||||
Shares repurchased | (550,000 | ) | (2,100,000 | ) | — | (150,000 | ) | |||||||||
Shares outstanding, beginning of period | 12,700,000 | 8,200,000 | 2,500,000 | 2,350,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 15,750,000 | 12,700,000 | 3,100,000 | 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, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||||||
$ | 3,199,630 | $ | 9,225,539 | $ | 5,424,774 | $ | 10,335,822 | $ | 1,365,973 | $ | 907,113 | |||||||||||
51,611,075 | 74,376,137 | 3,899,689 | (2,263,957 | ) | 5,170,739 | 7,416,646 | ||||||||||||||||
93,472,827 | 101,474,027 | 21,475,055 | 45,967,021 | 26,177,913 | 15,838,871 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
148,283,532 | 185,075,703 | 30,799,518 | 54,038,886 | 32,714,625 | 24,162,630 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(4,158,386 | ) | (11,481,353 | ) | (18,726,521 | ) | (11,056,794 | ) | (1,449,820 | ) | (2,659,581 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
305,358,173 | 671,193,039 | 42,146,308 | 28,301,549 | 60,425,081 | 16,535,584 | |||||||||||||||||
(389,759,306 | ) | (865,740,010 | ) | (20,501,863 | ) | (111,064,844 | ) | (18,602,273 | ) | (47,827,306 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(84,401,133 | ) | (194,546,971 | ) | 21,644,445 | (82,763,295 | ) | 41,822,808 | (31,291,722 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
59,724,013 | (20,952,621 | ) | 33,717,442 | (39,781,203 | ) | 73,087,613 | (9,788,673 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,417,069,832 | 1,438,022,453 | 286,143,326 | 325,924,529 | 153,459,561 | 163,248,234 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,476,793,845 | $ | 1,417,069,832 | $ | 319,860,768 | $ | 286,143,326 | $ | 226,547,174 | $ | 153,459,561 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | (1,015,768 | ) | $ | (57,012 | ) | $ | (13,572,435 | ) | $ | (270,688 | ) | $ | (1,844,610 | ) | $ | (1,760,763 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
6,400,000 | 15,600,000 | 3,350,000 | 2,500,000 | 1,450,000 | 500,000 | |||||||||||||||||
(8,200,000 | ) | (20,200,000 | ) | (1,650,000 | ) | (10,350,000 | ) | (450,000 | ) | (1,550,000 | ) | |||||||||||
30,900,000 | 35,500,000 | 23,350,000 | 31,200,000 | 4,300,000 | 5,350,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
29,100,000 | 30,900,000 | 25,050,000 | 23,350,000 | 5,300,000 | 4,300,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 33 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares S&P 500 BuyWrite Portfolio (PBP) | PowerShares S&P 500® Quality Portfolio (SPHQ) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,156,212 | $ | 3,961,260 | $ | 14,501,920 | $ | 22,596,465 | ||||||||
Net realized gain (loss) | (7,202,569 | ) | (6,258,343 | ) | 64,453,803 | 23,284,253 | ||||||||||
Net change in unrealized appreciation (depreciation) | 20,854,458 | 34,864,849 | 3,605,588 | 92,945,130 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 15,808,101 | 32,567,766 | 82,561,311 | 138,825,848 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (14,195,555 | ) | (4,415,671 | ) | (15,087,481 | ) | (21,152,308 | ) | ||||||||
Net realized gains | — | (2,349,199 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (14,195,555 | ) | (6,764,870 | ) | (15,087,481 | ) | (21,152,308 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 40,164,516 | 44,370,524 | 529,059,678 | 761,004,994 | ||||||||||||
Value of shares repurchased | (28,928,554 | ) | (40,472,367 | ) | (482,895,951 | ) | (555,533,133 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 11,235,962 | 3,898,157 | 46,163,727 | 205,471,861 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 12,848,508 | 29,701,053 | 113,637,557 | 323,145,401 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 327,596,221 | 297,895,168 | 1,222,223,291 | 899,077,890 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 340,444,729 | $ | 327,596,221 | $ | 1,335,860,848 | $ | 1,222,223,291 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | (11,686,444 | ) | $ | 352,899 | $ | 2,751,329 | $ | 3,336,890 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,800,000 | 2,050,000 | 18,700,000 | 30,000,000 | ||||||||||||
Shares repurchased | (1,300,000 | ) | (1,950,000 | ) | (17,100,000 | ) | (22,150,000 | ) | ||||||||
Shares outstanding, beginning of period | 14,750,000 | 14,650,000 | 44,250,000 | 36,400,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 15,250,000 | 14,750,000 | 45,850,000 | 44,250,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on October 20, 2017. See Note 12. |
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, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||||||
$ | 1,226,130 | $ | 4,630,986 | $ | 1,220,004 | $ | 1,434,557 | $ | 73,345 | $ | 152,413 | |||||||||||
32,186,573 | 50,617,107 | 892,912 | (9,262,152 | ) | 899,060 | (236,920 | ) | |||||||||||||||
44,658,688 | 58,560,808 | 16,008,192 | 10,171,102 | (430,266 | ) | 3,812,896 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
78,071,391 | 113,808,901 | 18,121,108 | 2,343,507 | 542,139 | 3,728,389 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,417,784 | ) | (3,714,832 | ) | (1,051,678 | ) | (1,849,749 | ) | (140,440 | ) | (151,173 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,417,784 | ) | (3,714,832 | ) | (1,051,678 | ) | (1,849,749 | ) | (140,440 | ) | (151,173 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
70,007,863 | 168,314,105 | 10,087,542 | 20,828,567 | — | 4,954,622 | |||||||||||||||||
(73,805,398 | ) | (161,724,111 | ) | (20,395,394 | ) | (19,400,534 | ) | (2,594,819 | ) | (7,346,386 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(3,797,535 | ) | 6,589,994 | (10,307,852 | ) | 1,428,033 | (2,594,819 | ) | (2,391,764 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
71,856,072 | 116,684,063 | 6,761,578 | 1,921,791 | (2,193,120 | ) | 1,185,452 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
797,146,771 | 680,462,708 | 103,176,878 | 101,255,087 | 24,672,508 | 23,487,056 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 869,002,843 | $ | 797,146,771 | $ | 109,938,456 | $ | 103,176,878 | $ | 22,479,388 | $ | 24,672,508 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 50,112 | $ | 1,241,766 | $ | 41,555 | $ | (126,771 | ) | $ | (18,419 | ) | $ | 48,676 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,550,000 | 6,750,000 | 430,000 | (a) | 1,040,000 | (a) | — | 200,000 | |||||||||||||||
(2,700,000 | ) | (6,500,000 | ) | (911,727 | )(a) | (1,020,000 | )(a) | (100,000 | ) | (300,000 | ) | |||||||||||
29,850,000 | 29,600,000 | 4,950,000 | (a) | 4,930,000 | (a) | 950,000 | 1,050,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
29,700,000 | 29,850,000 | 4,468,273 | (a) | 4,950,000 | (a) | 850,000 | 950,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 35 |
|
PowerShares Aerospace & Defense Portfolio (PPA)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 44.81 | $ | 36.43 | $ | 35.73 | $ | 32.16 | $ | 23.22 | $ | 19.99 | ||||||||||||
Net investment income(a) | 0.22 | 0.60 | 0.53 | (b) | 0.32 | 0.33 | 0.44 | |||||||||||||||||
Net realized and unrealized gain on investments | 7.81 | 8.43 | 0.67 | 3.52 | 9.00 | 3.22 | ||||||||||||||||||
Total from investment operations | 8.03 | 9.03 | 1.20 | 3.84 | 9.33 | 3.66 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.65 | ) | (0.50 | ) | (0.27 | ) | (0.39 | ) | (0.43 | ) | ||||||||||||
Net asset value at end of period | $ | 52.48 | $ | 44.81 | $ | 36.43 | $ | 35.73 | $ | 32.16 | $ | 23.22 | ||||||||||||
Market price at end of period(c) | $ | 52.49 | $ | 44.84 | $ | 36.42 | $ | 35.71 | $ | 32.15 | $ | 23.20 | ||||||||||||
Net Asset Value Total Return(d) | 17.99 | % | 25.06 | % | 3.43 | % | 11.99 | % | 40.52 | % | 18.69 | % | ||||||||||||
Market Price Total Return(d) | 17.94 | % | 25.18 | % | 3.46 | % | 11.96 | % | 40.59 | % | 18.65 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 826,543 | $ | 569,149 | $ | 298,735 | $ | 262,613 | $ | 98,086 | $ | 47,607 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.59 | %(e) | 0.61 | % | 0.64 | % | 0.66 | % | 0.66 | % | 0.66 | % | ||||||||||||
Expenses, prior to Waivers | 0.59 | %(e) | 0.61 | % | 0.64 | % | 0.66 | % | 0.69 | % | 0.74 | % | ||||||||||||
Net investment income, after Waivers | 0.90 | %(e) | 1.47 | % | 1.50 | %(b) | 0.94 | % | 1.13 | % | 2.18 | % | ||||||||||||
Portfolio turnover rate(f) | 3 | % | 10 | % | 16 | % | 13 | % | 8 | % | 17 | % |
(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 $0.33 and 0.93%, 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. |
PowerShares CleantechTM Portfolio (PZD)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 37.06 | $ | 30.41 | $ | 30.60 | $ | 31.90 | $ | 25.47 | $ | 23.06 | ||||||||||||
Net investment income(a) | 0.05 | 0.59 | (b) | 0.22 | 0.27 | 0.17 | 0.26 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.10 | 6.41 | (0.18 | ) | (1.33 | ) | 6.53 | 2.37 | ||||||||||||||||
Total from investment operations | 6.15 | 7.00 | 0.04 | (1.06 | ) | 6.70 | 2.63 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.35 | ) | (0.35 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | (0.22 | ) | ||||||||||||
Net asset value at end of period | $ | 42.86 | $ | 37.06 | $ | 30.41 | $ | 30.60 | $ | 31.90 | $ | 25.47 | ||||||||||||
Market price at end of period(c) | $ | 43.06 | $ | 37.19 | $ | 30.29 | $ | 30.54 | $ | 31.92 | $ | 25.36 | ||||||||||||
Net Asset Value Total Return(d) | 16.71 | % | 23.21 | % | 0.15 | % | (3.36 | )% | 26.52 | % | 11.59 | % | ||||||||||||
Market Price Total Return(d) | 16.85 | % | 24.13 | % | (0.05 | )% | (3.61 | )% | 27.15 | % | 11.50 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 132,871 | $ | 92,639 | $ | 71,466 | $ | 76,512 | $ | 84,535 | $ | 71,314 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.67 | %(e) | 0.68 | % | 0.67 | % | 0.67 | % | 0.67 | % | 0.67 | % | ||||||||||||
Expenses, prior to Waivers | 0.69 | %(e) | 0.73 | % | 0.73 | % | 0.72 | % | 0.72 | % | 0.76 | % | ||||||||||||
Net investment income, after Waivers | 0.27 | %(e) | 1.81 | %(b) | 0.76 | % | 0.89 | % | 0.58 | % | 1.16 | % | ||||||||||||
Portfolio turnover rate(f) | 9 | % | 24 | % | 25 | % | 22 | % | 24 | % | 22 | % |
(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 $0.39 and 1.20%, 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.
| 36 |
|
Financial Highlights (continued)
PowerShares DWA Momentum Portfolio (PDP)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 45.86 | $ | 40.51 | $ | 42.44 | $ | 36.96 | $ | 31.77 | $ | 27.86 | ||||||||||||
Net investment income(a) | 0.11 | 0.28 | 0.12 | 0.16 | 0.06 | 0.23 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.92 | 5.41 | (1.94 | ) | 5.43 | 5.23 | 3.92 | |||||||||||||||||
Total from investment operations | 5.03 | 5.69 | (1.82 | ) | 5.59 | 5.29 | 4.15 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.34 | ) | (0.11 | ) | (0.11 | ) | (0.10 | ) | (0.24 | ) | ||||||||||||
Net asset value at end of period | $ | 50.75 | $ | 45.86 | $ | 40.51 | $ | 42.44 | $ | 36.96 | $ | 31.77 | ||||||||||||
Market price at end of period(b) | $ | 50.77 | $ | 45.87 | $ | 40.50 | $ | 42.43 | $ | 36.93 | $ | 31.76 | ||||||||||||
Net Asset Value Total Return(c) | 10.99 | % | 14.12 | % | (4.29 | )% | 15.13 | % | 16.71 | % | 15.02 | % | ||||||||||||
Market Price Total Return(c) | 11.01 | % | 14.17 | % | (4.29 | )% | 15.19 | % | 16.65 | % | 14.98 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,476,794 | $ | 1,417,070 | $ | 1,438,022 | $ | 1,871,780 | $ | 1,260,444 | $ | 876,929 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.63 | % | 0.64 | % | 0.63 | %(e) | 0.64 | %(e) | 0.67 | %(e) | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.63 | % | 0.64 | % | 0.63 | %(e) | 0.64 | %(e) | 0.67 | %(e) | ||||||||||||
Net investment income, after Waivers | 0.45 | %(d) | 0.65 | % | 0.29 | % | 0.39 | % | 0.17 | % | 0.82 | % | ||||||||||||
Portfolio turnover rate(f) | 35 | % | 68 | % | 100 | % | 73 | % | 75 | % | 66 | % |
(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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.25 | $ | 10.45 | $ | 11.95 | $ | 11.79 | $ | 11.70 | $ | 9.22 | ||||||||||||
Net investment income(a) | 0.23 | (b) | 0.41 | 0.60 | (c) | 0.35 | 0.38 | (d) | 0.24 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.08 | 1.85 | (1.53 | ) | 0.41 | 1.38 | 2.64 | |||||||||||||||||
Total from investment operations | 1.31 | 2.26 | (0.93 | ) | 0.76 | 1.76 | 2.88 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.79 | ) | (0.46 | ) | (0.57 | ) | (0.60 | ) | (1.67 | ) | (0.40 | ) | ||||||||||||
Net asset value at end of period | $ | 12.77 | $ | 12.25 | $ | 10.45 | $ | 11.95 | $ | 11.79 | $ | 11.70 | ||||||||||||
Market price at end of period(e) | $ | 12.83 | $ | 12.29 | $ | 10.39 | $ | 11.93 | $ | 11.85 | $ | 11.75 | ||||||||||||
Net Asset Value Total Return(f) | 10.98 | % | 22.21 | % | (8.09 | )% | 6.79 | % | 16.20 | % | 31.87 | % | ||||||||||||
Market Price Total Return(f) | 11.14 | % | 23.32 | % | (8.47 | )% | 6.09 | % | 16.31 | % | 32.00 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 319,861 | $ | 286,143 | $ | 325,925 | $ | 476,606 | $ | 583,601 | $ | 408,492 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(g) | 0.66 | %(h) | 0.66 | % | 0.64 | % | 0.64 | % | 0.69 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers(g) | 0.67 | %(h) | 0.67 | % | 0.66 | % | 0.66 | % | 0.70 | % | 0.70 | % | ||||||||||||
Net investment income, after Waivers | 3.56 | %(b)(h) | 3.77 | % | 5.51 | %(c) | 3.04 | % | 3.20 | %(d) | 2.47 | % | ||||||||||||
Portfolio turnover rate(i) | 18 | % | 39 | % | 35 | % | 30 | % | 53 | % | 53 | % |
(a) | Based on average shares outstanding. |
(b) | Net Investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.12 and 1.89%, respectively. |
(c) | 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 $0.34 and 3.12%, respectively. |
(d) | 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. |
(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) | 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. |
(h) | Annualized. |
(i) | 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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 35.69 | $ | 30.51 | $ | 33.67 | $ | 27.65 | $ | 19.65 | $ | 21.56 | ||||||||||||
Net investment income(a) | 0.28 | 0.19 | 0.06 | 0.21 | 0.21 | 0.34 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.08 | 5.54 | (3.10 | ) | 6.06 | 8.08 | (1.81 | ) | ||||||||||||||||
Total from investment operations | 7.36 | 5.73 | (3.04 | ) | 6.27 | 8.29 | (1.47 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.55 | ) | (0.09 | ) | (0.25 | ) | (0.29 | ) | (0.44 | ) | ||||||||||||
Return of capital | — | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions | (0.31 | ) | (0.55 | ) | (0.12 | ) | (0.25 | ) | (0.29 | ) | (0.44 | ) | ||||||||||||
Net asset value at end of period | $ | 42.74 | $ | 35.69 | $ | 30.51 | $ | 33.67 | $ | 27.65 | $ | 19.65 | ||||||||||||
Market price at end of period(b) | $ | 42.76 | $ | 35.69 | $ | 30.49 | $ | 33.62 | $ | 27.60 | $ | 19.59 | ||||||||||||
Net Asset Value Total Return(c) | 20.68 | % | 19.23 | % | (9.04 | )% | 22.79 | % | 42.28 | % | (6.73 | )%(d) | ||||||||||||
Market Price Total Return(c) | 20.73 | % | 19.31 | % | (8.97 | )% | 22.83 | % | 42.46 | % | (6.70 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 226,547 | $ | 153,460 | $ | 163,248 | $ | 230,631 | $ | 258,569 | $ | 181,744 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(e) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.72 | %(e) | 0.73 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.75 | % | ||||||||||||
Net investment income, after Waivers | 1.37 | %(e) | 0.61 | % | 0.18 | % | 0.68 | % | 0.75 | % | 1.78 | % | ||||||||||||
Portfolio turnover rate(f) | 17 | % | 30 | % | 47 | % | 25 | % | 37 | % | 63 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | 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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.21 | $ | 20.33 | $ | 21.22 | $ | 21.32 | $ | 20.83 | $ | 20.60 | ||||||||||||
Net investment income(a) | 0.15 | 0.29 | 0.30 | 0.28 | 0.28 | 0.33 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.93 | 2.10 | (0.11 | ) | 0.65 | 1.57 | 0.70 | |||||||||||||||||
Total from investment operations | 1.08 | 2.39 | 0.19 | 0.93 | 1.85 | 1.03 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.97 | ) | (0.33 | ) | (0.34 | ) | (0.86 | ) | (1.35 | ) | (0.65 | ) | ||||||||||||
Net realized gains | — | (0.18 | ) | (0.74 | ) | (0.17 | ) | (0.01 | ) | (0.15 | ) | |||||||||||||
Total distributions | (0.97 | ) | (0.51 | ) | (1.08 | ) | (1.03 | ) | (1.36 | ) | (0.80 | ) | ||||||||||||
Net asset value at end of period | $ | 22.32 | $ | 22.21 | $ | 20.33 | $ | 21.22 | $ | 21.32 | $ | 20.83 | ||||||||||||
Market price at end of period(b) | $ | 22.35 | $ | 22.23 | $ | 20.29 | $ | 21.22 | $ | 21.35 | $ | 20.83 | ||||||||||||
Net Asset Value Total Return(c) | 4.96 | % | 11.86 | % | 0.90 | % | 4.48 | % | 9.34 | % | 5.22 | % | ||||||||||||
Market Price Total Return(c) | 4.99 | % | 12.18 | % | 0.67 | % | 4.32 | % | 9.50 | % | 4.97 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 340,445 | $ | 327,596 | $ | 297,895 | $ | 404,270 | $ | 249,458 | $ | 205,222 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.75 | %(d) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
Net investment income | 1.33 | %(d) | 1.37 | % | 1.47 | % | 1.33 | % | 1.37 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate(e) | 6 | % | 24 | % | 43 | % | 50 | % | 32 | % | 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.
| 39 |
|
Financial Highlights (continued)
PowerShares S&P 500® Quality Portfolio (SPHQ)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.62 | $ | 24.70 | $ | 23.25 | $ | 20.90 | $ | 17.87 | $ | 15.33 | ||||||||||||
Net investment income(a) | 0.32 | 0.54 | 0.45 | 0.41 | 0.36 | 0.33 | ||||||||||||||||||
Net realized and unrealized gain on investments | 1.49 | 2.84 | 1.46 | 2.33 | 3.03 | 2.52 | ||||||||||||||||||
Total from investment operations | 1.81 | 3.38 | 1.91 | 2.74 | 3.39 | 2.85 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.46 | ) | (0.46 | ) | (0.39 | ) | (0.36 | ) | (0.31 | ) | ||||||||||||
Net asset value at end of period | $ | 29.14 | $ | 27.62 | $ | 24.70 | $ | 23.25 | $ | 20.90 | $ | 17.87 | ||||||||||||
Market price at end of period(b) | $ | 29.14 | $ | 27.63 | $ | 24.70 | $ | 23.24 | $ | 20.89 | $ | 17.87 | ||||||||||||
Net Asset Value Total Return(c) | 6.59 | % | 13.84 | % | 8.39 | % | 13.17 | % | 19.15 | % | 18.86 | % | ||||||||||||
Market Price Total Return(c) | 6.56 | % | 13.88 | % | 8.43 | % | 13.18 | % | 19.09 | % | 18.86 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,335,861 | $ | 1,222,223 | $ | 899,078 | $ | 533,537 | $ | 365,686 | $ | 228,736 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.39 | % | ||||||||||||
Expenses, prior to Waivers | 0.37 | %(d) | 0.38 | % | 0.38 | % | 0.38 | % | 0.39 | % | 0.55 | % | ||||||||||||
Net investment income, after Waivers | 2.24 | %(d) | 2.10 | % | 1.92 | % | 1.83 | % | 1.87 | % | 2.06 | % | ||||||||||||
Portfolio turnover rate(e) | 40 | % | 49 | % | 102 | % | 18 | % | 13 | % | 17 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2016, 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 Water Resources Portfolio (PHO)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.71 | $ | 22.99 | $ | 25.19 | $ | 25.92 | $ | 22.06 | $ | 18.78 | ||||||||||||
Net investment income(a) | 0.04 | 0.16 | 0.13 | 0.14 | 0.16 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.59 | 3.68 | (2.17 | ) | (0.72 | ) | 3.83 | 3.28 | ||||||||||||||||
Total from investment operations | 2.63 | 3.84 | (2.04 | ) | (0.58 | ) | 3.99 | 3.44 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.12 | ) | (0.16 | ) | (0.15 | ) | (0.13 | ) | (0.16 | ) | ||||||||||||
Net asset value at end of period | $ | 29.26 | $ | 26.71 | $ | 22.99 | $ | 25.19 | $ | 25.92 | $ | 22.06 | ||||||||||||
Market price at end of period(b) | $ | 29.27 | $ | 26.70 | $ | 22.98 | $ | 25.17 | $ | 25.91 | $ | 22.05 | ||||||||||||
Net Asset Value Total Return(c) | 9.86 | % | 16.73 | % | (8.09 | )% | (2.25 | )% | 18.16 | % | 18.48 | % | ||||||||||||
Market Price Total Return(c) | 9.94 | % | 16.74 | % | (8.06 | )% | (2.29 | )% | 18.17 | % | 18.49 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 869,003 | $ | 797,147 | $ | 680,463 | $ | 855,159 | $ | 990,247 | $ | 877,064 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.62 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.62 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.62 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.62 | % | ||||||||||||
Net investment income, after Waivers | 0.30 | %(d) | 0.64 | % | 0.58 | % | 0.56 | % | 0.66 | % | 0.81 | % | ||||||||||||
Portfolio turnover rate(e) | 9 | % | 44 | % | 89 | % | 25 | % | 34 | % | 31 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized 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.
| 40 |
|
Financial Highlights (continued)
PowerShares WilderHill Clean Energy Portfolio (PBW)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30,(a) | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.85 | $ | 20.55 | $ | 28.80 | $ | 32.95 | $ | 23.95 | $ | 25.40 | ||||||||||||
Net investment income(b) | 0.27 | 0.30 | 0.55 | 0.70 | 0.50 | 0.55 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.71 | 0.40 | (8.30 | ) | (4.10 | ) | 9.25 | (1.30 | ) | |||||||||||||||
Total from investment operations | 3.98 | 0.70 | (7.75 | ) | (3.40 | ) | 9.75 | (0.75 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.40 | ) | (0.50 | ) | (0.75 | ) | (0.75 | ) | (0.70 | ) | ||||||||||||
Net asset value at end of period | $ | 24.60 | $ | 20.85 | $ | 20.55 | $ | 28.80 | $ | 32.95 | $ | 23.95 | ||||||||||||
Market price at end of period(c) | $ | 24.62 | $ | 20.85 | $ | 20.55 | $ | 28.80 | $ | 32.95 | $ | 23.95 | ||||||||||||
Net Asset Value Total Return(d) | 19.23 | % | 3.60 | % | (27.19 | )% | (10.36 | )% | 41.23 | % | (2.64 | )% | ||||||||||||
Market Price Total Return(d) | 19.33 | % | 3.60 | % | (27.19 | )% | (10.36 | )% | 41.23 | % | (2.65 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 109,938 | $ | 103,177 | $ | 101,255 | $ | 143,790 | $ | 218,101 | $ | 142,494 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(e) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.80 | %(e) | 0.76 | % | 0.76 | % | 0.72 | % | 0.70 | % | 0.70 | % | ||||||||||||
Net investment income, after Waivers | 2.4 | %(e) | 1.59 | % | 2.37 | % | 2.39 | % | 1.55 | % | 2.48 | % | ||||||||||||
Portfolio turnover rate(f) | 22 | % | 59 | % | 60 | % | 48 | % | 57 | % | 52 | % |
(a) | Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on October 20, 2017. |
(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) | 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 WilderHill Progressive Energy Portfolio (PUW)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.97 | $ | 22.37 | $ | 28.47 | $ | 32.73 | $ | 27.56 | $ | 25.87 | ||||||||||||
Net investment income(a) | 0.08 | 0.15 | 0.30 | 0.50 | 0.24 | 0.35 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.55 | 3.60 | (6.07 | ) | (4.27 | ) | 5.27 | 1.54 | ||||||||||||||||
Total from investment operations | 0.63 | 3.75 | (5.77 | ) | (3.77 | ) | 5.51 | 1.89 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.15 | ) | (0.33 | ) | (0.49 | ) | (0.34 | ) | (0.20 | ) | ||||||||||||
Net asset value at end of period | $ | 26.45 | $ | 25.97 | $ | 22.37 | $ | 28.47 | $ | 32.73 | $ | 27.56 | ||||||||||||
Market price at end of period(b) | $ | 26.48 | $ | 25.96 | $ | 22.36 | $ | 28.47 | $ | 32.71 | $ | 27.55 | ||||||||||||
Net Asset Value Total Return(c) | 2.46 | % | 16.84 | % | (20.29 | )% | (11.59 | )% | 20.24 | % | 7.38 | % | ||||||||||||
Market Price Total Return(c) | 2.62 | % | 16.85 | % | (20.32 | )% | (11.54 | )% | 20.21 | % | 7.38 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 22,479 | $ | 24,673 | $ | 23,487 | $ | 34,170 | $ | 45,819 | $ | 38,584 | ||||||||||||
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 | 1.07 | %(d) | 0.99 | % | 0.99 | % | 0.86 | % | 0.84 | % | 0.87 | % | ||||||||||||
Net investment income, after Waivers | 0.61 | %(d) | 0.64 | % | 1.34 | % | 1.69 | % | 0.78 | % | 1.40 | % | ||||||||||||
Portfolio turnover rate(e) | 13 | % | 39 | % | 40 | % | 41 | % | 37 | % | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
PowerShares Exchange-Traded Fund Trust
October 31, 2017
(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, 2017, 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® Quality Portfolio (SPHQ) | “S&P 500® 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., except for Shares of DWA Momentum Portfolio, Golden Dragon China Portfolio and Water Resources 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 to track the investment results (before fees and expenses) 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 Leaders 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 BuyWriteSM Index | |
S&P 500® Quality Portfolio | S&P 500® Quality 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 following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| 42 |
|
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 (“OTC”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
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
| 43 |
|
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.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
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 will 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.
Momentum Investing Risk. DWA 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.
Non-Diversified Fund Risk. Aerospace & Defense Portfolio, Golden Dragon China Portfolio and Water Resources Portfolio are non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Small- and Mid-Capitalization Company Risk. For each Fund (except S&P 500 BuyWrite Portfolio, S&P 500® Quality Portfolio and WilderHill Progressive Energy Portfolio), investing in securities of small- and mid-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 mid-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.
| 44 |
|
Foreign Securities Risk. For CleantechTM Portfolio, Global Listed Private Equity Portfolio and Water Resources Portfolio, since their Underlying Indexes may include ADRs and/or global depositary receipts (“GDRs”), investing in these Funds involve risks of investing in foreign securities, in addition to the risks associated with domestic securities. In general, foreign companies are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about these companies. Moreover, foreign companies often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record-keeping than are U.S. companies. Therefore, not all material information regarding these companies will be available.
Risk of Investing in Listed Private Equity Companies. For Global Listed Private Equity Portfolio, there are certain risks inherent in investing in listed private equity companies, which encompass business development companies (“BDCs”), and other financial institutions or vehicles whose principal business is to invest in and lend capital to, or provide services to privately held companies. The 1940 Act imposes certain restraints upon the operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. Generally, little public information exists for private and 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 accounting principles generally accepted in the United States of America (“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 from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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.
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
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 NAV 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
| 45 |
|
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 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”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and any Unaffiliated Trustee, 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, acquired fund fees and expenses, if any, litigation expenses and other 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. Accounting Estimates
The preparation of the financial statements in accordance with 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.
I. 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
| 46 |
|
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.
J. Swap Agreements
Global Listed Private Equity Portfolio may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (“Counterparties”). These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.
Interest rate, total return, index and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. 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.
K. Securities Lending
During the six-month period ended October 31, 2017, CleantechTM Portfolio, DWA Momentum 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 generally 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
| 47 |
|
(except for S&P 500 BuyWrite Portfolio and S&P 500® Quality Portfolio) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500® Quality Portfolio accrues daily and pays monthly to 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 accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.75% 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 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, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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 S&P 500 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® 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, 2018. The Expense Cap (including sub-licensing fees) for S&P 500® Quality Portfolio is 0.29% of the Fund’s average daily net assets per year through at least August 31, 2018. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2018. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. 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, 2019, 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, 2017, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Aerospace & Defense Portfolio | $ | 577 | ||
CleantechTM Portfolio | 9,421 | |||
DWA Momentum Portfolio | 1,107 | |||
Global Listed Private Equity Portfolio | 27,641 | |||
Golden Dragon China Portfolio | 18,113 | |||
S&P 500 BuyWrite Portfolio | 785 | |||
S&P 500® Quality Portfolio | 510,386 | |||
Water Resources Portfolio | 582 | |||
WilderHill Clean Energy Portfolio | 49,971 | |||
WilderHill Progressive Energy Portfolio | 44,295 |
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, 2017 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/18 | 04/30/19 | 04/30/20 | 10/31/20 | |||||||||||||||||
CleantechTM Portfolio | $ | 112,752 | $ | 20,966 | $ | 42,340 | $ | 40,092 | $ | 9,354 | ||||||||||
Golden Dragon China Portfolio | 67,424 | — | 8,803 | 40,673 | 17,948 | |||||||||||||||
S&P 500® Quality Portfolio | 2,174,293 | 221,902 | 523,569 | 919,351 | 509,471 | |||||||||||||||
WilderHill Clean Energy Portfolio | 193,675 | 24,397 | 62,834 | 56,660 | 49,784 | |||||||||||||||
WilderHill Progressive Energy Portfolio | 218,762 | 32,853 | 71,809 | 69,841 | 44,259 |
| 48 |
|
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 | SPADE Indexes | |
CleantechTM Portfolio | Cleantech Indices LLC | |
DWA Momentum Portfolio | Dorsey Wright & Associates, LLC | |
Global Listed Private Equity Portfolio | Red Rocks Capital, LLC | |
Golden Dragon China Portfolio | Nasdaq, Inc. | |
S&P 500 BuyWrite Portfolio | S&P Dow Jones Indices LLC | |
S&P 500® Quality Portfolio | S&P Dow Jones Indices LLC | |
Water Resources Portfolio | Nasdaq, Inc. | |
WilderHill Clean Energy Portfolio | WilderHill | |
WilderHill Progressive Energy Portfolio | Progressive Energy Index LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for 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 tables below show certain Funds’ transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the six-month period ended October 31, 2017.
S&P 500 BuyWrite Portfolio
Value April 30, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2017 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 216,218 | $ | 30,387 | $ | (40,067 | ) | $ | 18,371 | $ | 1,427 | $ | 226,336 | $ | 3,680 |
S&P 500® Quality Portfolio
Value April 30, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2017 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | — | $ | 4,226,315 | $ | (97,300 | ) | $ | 141,270 | $ | (1,361 | ) | $ | 4,268,924 | $ | 34,142 |
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. |
| 49 |
|
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, 2017, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-month period ended October 31, 2017, there were no material transfers between valuation levels.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Global Listed Private Equity Portfolio | ||||||||||||||||
Equity Securities | $ | 337,333,231 | $ | — | $ | — | $ | 337,333,231 | ||||||||
Swap Agreements* | — | (416,425 | ) | — | (416,425 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | 337,333,231 | (416,425 | ) | — | 336,916,806 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Golden Dragon China Portfolio | ||||||||||||||||
Equity Securities | 250,647,281 | — | 0 | 250,647,281 | ||||||||||||
|
|
|
|
|
|
|
|
* | Unrealized appreciation (depreciation). |
Note 6. Derivative Investments
The Funds may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.
Value of Derivative Investments at Fiscal Year-End
The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2017:
Value | ||||||||
Global Listed Private Equity Portfolio | S&P 500 BuyWrite Portfolio | |||||||
Derivative Assets | Equity Risk | |||||||
Unrealized appreciation on swap agreements — OTC | $ | 15,487 | $ | — | ||||
Derivatives not subject to master netting agreements | — | — | ||||||
|
|
|
| |||||
Total Derivative Assets subject to master netting agreements | $ | 15,487 | $ | — | ||||
|
|
|
| |||||
Derivative Liabilities | Equity Risk | |||||||
Options written, at value — Exchange-Traded | $ | — | $ | (2,380,700 | ) | |||
Unrealized depreciation on swap agreements — OTC | (431,912 | ) | — | |||||
|
|
|
| |||||
Total Derivative Liabilities | (431,912 | ) | (2,380,700 | ) | ||||
|
|
|
| |||||
Derivatives not subject to master netting agreements | — | 2,380,700 | ||||||
|
|
|
| |||||
Total Derivative Liabilities subject to master netting agreements | $ | (431,912 | ) | $ | — | |||
|
|
|
|
| 50 |
|
Offsetting Assets and Liabilities
The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2017:
Global Listed Private Equity Portfolio
Financial Derivative Assets | Financial Derivative Liabilities | Net value of derivatives | Collateral (Received)/Pledged | |||||||||||||||||||||
Counterparty | Swap agreements | Swap agreements | Non-Cash | Cash | Net amount | |||||||||||||||||||
Citibank, N.A. | $ | 15,487 | $ | (428,731 | ) | $ | (413,244 | ) | $ | — | $ | — | $ | (413,244 | ) | |||||||||
Morgan Stanley Capital Services LLC | 86,409 | (6,288 | ) | 80,121 | — | — | 80,121 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 101,896 | $ | (435,019 | ) | $ | (333,123 | ) | $ | — | $ | — | $ | (333,123 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Derivative Investments for the Six-Month Period Ended October 31, 2017
The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the year:
Location of Gain (Loss) on Statements of Operations | ||||||||
Global Listed Private Equity Portfolio | S&P 500 BuyWrite Portfolio | |||||||
Equity Risk | ||||||||
Realized Gain (Loss): | ||||||||
Options written | $ | — | $ | (13,614,595 | ) | |||
Swap agreements | 3,532,497 | — | ||||||
Change in Net Unrealized Appreciation (Depreciation): | ||||||||
Options written | — | 1,595,241 | ||||||
Swap agreements | (1,604,876 | ) | — | |||||
|
|
|
| |||||
Total | $ | 1,927,621 | $ | (12,019,354 | ) | |||
|
|
|
|
The table below summarizes the average notional value of options written outstanding and swap agreements during the period.
Average Notional Value | ||||||||
Global Listed Private Equity Portfolio | S&P 500 BuyWrite Portfolio | |||||||
Options written | $ | — | $ | 323,476,167 | ||||
Swap agreements | 29,206,255 | — |
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.
| 51 |
|
The Funds had capital loss carryforwards as of April 30, 2017, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||
2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||
Aerospace & Defense Portfolio | $ | 6,428,813 | $ | 9,464,875 | $ | 710,644 | $ | 6,103,756 | $ | 22,708,088 | $ | 7,470,897 | ||||||||||||
CleantechTM Portfolio | 25,186,026 | 12,098,616 | 1,605,720 | 27,118,062 | 66,008,424 | 14,341,075 | ||||||||||||||||||
DWA Momentum Portfolio | 60,219,842 | 10,496,532 | 235,146,008 | — | 305,862,382 | 92,771,702 | ||||||||||||||||||
Global Listed Private Equity Portfolio | 47,149,399 | — | 17,689,457 | 35,268,963 | 100,107,819 | 7,687,052 | ||||||||||||||||||
Golden Dragon China Portfolio | 74,072,167 | 35,483,714 | 19,677,953 | 154,847,001 | 284,080,835 | 22,836,421 | ||||||||||||||||||
S&P 500 BuyWrite Portfolio | — | — | — | — | — | — | ||||||||||||||||||
S&P 500® Quality Portfolio | 42,466,537 | 9,869,908 | 7,893,621 | 6,971,805 | 67,201,871 | 37,241,965 | ||||||||||||||||||
Water Resources Portfolio | 265,948,030 | 33,978,301 | 159,822,794 | 122,714,312 | 582,463,437 | 93,208,162 | ||||||||||||||||||
WilderHill Clean Energy Portfolio | 460,657,845 | 241,008,862 | 82,963,825 | 342,993,604 | 1,127,624,136 | 261,712,498 | ||||||||||||||||||
WilderHill Progressive Energy Portfolio | 12,433,887 | 2,282,887 | 6,043,369 | 14,164,317 | 34,924,460 | 8,319,827 |
* | 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, 2017, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end:
Purchases | Sales | |||||||
Aerospace & Defense Portfolio | $ | 23,795,046 | $ | 24,219,438 | ||||
CleantechTM Portfolio | 9,774,480 | 10,406,772 | ||||||
DWA Momentum Portfolio | 509,381,246 | 508,569,329 | ||||||
Global Listed Private Equity Portfolio | 49,154,266 | 58,469,793 | ||||||
Golden Dragon China Portfolio | 33,725,878 | 33,641,835 | ||||||
S&P 500 BuyWrite Portfolio | 20,966,008 | 47,828,171 | ||||||
S&P 500® Quality Portfolio | 514,635,236 | 512,252,160 | ||||||
Water Resources Portfolio | 70,280,626 | 72,007,848 | ||||||
WilderHill Clean Energy Portfolio | 22,338,191 | 22,273,555 | ||||||
WilderHill Progressive Energy Portfolio | 3,125,934 | 3,157,941 |
For the six-month period ended October 31, 2017, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Aerospace & Defense Portfolio | $ | 174,630,263 | $ | 26,450,182 | ||||
CleantechTM Portfolio | 23,455,405 | — | ||||||
DWA Momentum Portfolio | 305,381,795 | 390,422,093 | ||||||
Global Listed Private Equity Portfolio | 34,737,073 | 19,334,175 | ||||||
Golden Dragon China Portfolio | 60,412,962 | 18,657,230 | ||||||
S&P 500 BuyWrite Portfolio | 40,638,484 | 29,444,326 | ||||||
S&P 500® Quality Portfolio | 528,656,403 | 485,233,524 | ||||||
Water Resources Portfolio | 69,992,365 | 73,113,492 | ||||||
WilderHill Clean Energy Portfolio | 10,068,311 | 20,122,845 | ||||||
WilderHill Progressive Energy Portfolio | — | 2,592,894 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
| 52 |
|
At October 31, 2017, the aggregate cost of investments, including any derivatives, 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 | |||||||||||||
Aerospace & Defense Portfolio | $ | 180,653,194 | $ | (6,002,718 | ) | $ | 174,650,476 | $ | 652,031,190 | |||||||
CleantechTM Portfolio | 46,037,996 | (3,262,346 | ) | 42,775,650 | 92,631,518 | |||||||||||
DWA Momentum Portfolio | 317,226,640 | (8,189,151 | ) | 309,037,489 | 1,194,140,649 | |||||||||||
Global Listed Private Equity Portfolio | 59,718,606 | (40,190,940 | ) | 19,527,666 | 317,389,140 | |||||||||||
Golden Dragon China Portfolio | 56,553,994 | (17,392,466 | ) | 39,161,528 | 211,485,753 | |||||||||||
S&P 500 BuyWrite Portfolio | 75,538,885 | (56,266,699 | ) | 19,272,186 | 321,121,953 | |||||||||||
S&P 500® Quality Portfolio | 178,423,528 | (60,592,137 | ) | 117,831,391 | 1,217,806,444 | |||||||||||
Water Resources Portfolio | 234,572,753 | (9,805,136 | ) | 224,767,617 | 644,796,655 | |||||||||||
WilderHill Clean Energy Portfolio | 26,616,964 | (14,316,228 | ) | 12,300,736 | 117,516,502 | |||||||||||
WilderHill Progressive Energy Portfolio | 5,767,143 | (1,833,211 | ) | 3,933,932 | 19,727,330 |
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, any Unaffiliated Trustee, 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, each Independent Trustee or Unaffiliated 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.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
| 53 |
|
Note 12. Reverse Stock Split
On September 28, 2017, the Board of Trustees approved a one-for-five reverse stock split for WilderHill Clean Energy Portfolio. The effect of the reverse stock split was to decrease the number of shares outstanding of that Fund, whereby every five outstanding shares of the Fund as of the close of business on October 20, 2017 automatically converted to one share as of the opening of business on October 23, 2017. The transaction did not change the net assets of the Fund or the value of any shareholder’s investment in the Fund.
| 54 |
|
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, acquired fund fees and expenses, if any, litigation expenses and other extraordinary 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, 2017.
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, 2017 | Ending Account Value October 31, 2017 | 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 | $ | 1,179.90 | 0.59 | % | $ | 3.24 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.23 | 0.59 | 3.01 | ||||||||||||
PowerShares CleantechTM Portfolio (PZD) | ||||||||||||||||
Actual | 1,000.00 | 1,167.10 | 0.67 | 3.66 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.83 | 0.67 | 3.41 | ||||||||||||
PowerShares DWA Momentum Portfolio (PDP) | ||||||||||||||||
Actual | 1,000.00 | 1,109.90 | 0.64 | 3.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.98 | 0.64 | 3.26 | ||||||||||||
PowerShares Global Listed Private Equity Portfolio (PSP) | ||||||||||||||||
Actual | 1,000.00 | 1,109.80 | 0.66 | 3.51 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.88 | 0.66 | 3.36 |
| 55 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2017 | Ending Account Value October 31, 2017 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Golden Dragon China Portfolio (PGJ) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,207.00 | 0.70 | % | $ | 3.89 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||||||||||
PowerShares S&P 500 BuyWrite Portfolio (PBP) | ||||||||||||||||
Actual | 1,000.00 | 1,049.60 | 0.75 | 3.87 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||||||||||
PowerShares S&P 500® High Quality Portfolio (SPHQ) | ||||||||||||||||
Actual | 1,000.00 | 1,065.90 | 0.29 | 1.51 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.74 | 0.29 | 1.48 | ||||||||||||
PowerShares Water Resources Portfolio (PHO) | ||||||||||||||||
Actual | 1,000.00 | 1,098.60 | 0.63 | 3.33 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares WilderHill Clean Energy Portfolio (PBW) | ||||||||||||||||
Actual | 1,000.00 | 1,192.30 | 0.70 | 3.87 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||||||||||
PowerShares WilderHill Progressive Energy Portfolio (PUW) | ||||||||||||||||
Actual | 1,000.00 | 1,024.60 | 0.70 | 3.57 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2017. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
| 56 |
|
(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.powershares.com.
P-PS-SAR-4 | ||||||
©2017 Invesco PowerShares Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
powershares.com 800 983 0903 | @PowerShares |
October 31, 2017 |
2017 Semi-Annual Report to Shareholders
PKW | PowerShares BuyBack AchieversTM Portfolio | |
PFM | PowerShares Dividend AchieversTM Portfolio | |
PGF | PowerShares Financial Preferred Portfolio | |
PEY | PowerShares High Yield Equity Dividend AchieversTM Portfolio | |
PID | PowerShares International Dividend AchieversTM Portfolio |
| 2 |
|
PowerShares BuyBack Achievers™ Portfolio (PKW)
October 31, 2017
(Unaudited)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Financials | 25.8 | |||
Industrials | 24.6 | |||
Consumer Discretionary | 23.2 | |||
Information Technology | 13.6 | |||
Health Care | 8.6 | |||
Consumer Staples | 1.7 | |||
Energy | 1.6 | |||
Real Estate | 0.5 | |||
Materials | 0.3 | |||
Telecommunication Services | 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—23.2% | ||||||||
105,516 | American Eagle Outfitters, Inc. | $ | 1,373,818 | |||||
4,412 | America’s Car-Mart, Inc.(b)(c) | 189,054 | ||||||
12,418 | Asbury Automotive Group, Inc.(c) | 762,465 | ||||||
59,859 | AutoNation, Inc.(b)(c) | 2,837,317 | ||||||
16,706 | AutoZone, Inc.(c) | 9,848,187 | ||||||
85,368 | Bed Bath & Beyond, Inc. | 1,698,823 | ||||||
178,302 | Best Buy Co., Inc. | 9,981,346 | ||||||
25,304 | Big Lots, Inc.(b) | 1,298,348 | ||||||
12,782 | BJ’s Restaurants, Inc.(c) | 405,189 | ||||||
55,668 | Bloomin’ Brands, Inc. | 989,777 | ||||||
28,878 | Brinker International, Inc.(b) | 887,132 | ||||||
41,106 | Burlington Stores, Inc.(c) | 3,859,442 | ||||||
108,663 | CarMax, Inc.(c) | 8,160,591 | ||||||
28,509 | Carter’s, Inc. | 2,757,676 | ||||||
216,963 | CBS Corp., Class B(b) | 12,175,964 | ||||||
76,470 | Chico’s FAS, Inc. | 610,995 | ||||||
10,513 | Children’s Place, Inc. (The) | 1,143,814 | ||||||
16,992 | Chipotle Mexican Grill, Inc.(c) | 4,620,125 | ||||||
9,185 | Churchill Downs, Inc. | 1,915,532 | ||||||
86,227 | Dana, Inc. | 2,629,061 | ||||||
40,037 | Denny’s Corp.(c) | 523,284 | ||||||
14,907 | Dillard’s, Inc., Class A(b) | 757,276 | ||||||
91,739 | Discovery Communications, Inc., Class A(c) | 1,732,032 | ||||||
162,852 | Dollar General Corp. | 13,164,956 | ||||||
28,759 | Domino’s Pizza, Inc. | 5,262,897 | ||||||
43,277 | DSW, Inc., Class A | 828,755 | ||||||
46,963 | Express, Inc.(c) | 317,940 | ||||||
23,954 | Finish Line, Inc. (The), Class A(b) | 222,054 | ||||||
21,894 | Francesca’s Holdings Corp.(c) | 141,654 | ||||||
16,418 | FTD Cos., Inc.(c) | 177,314 | ||||||
5,817 | Gaia, Inc.(c) | 70,677 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
11,872 | Genesco, Inc.(c) | $ | 290,864 | |||||
40,806 | GNC Holdings, Inc., Class A(b) | 279,113 | ||||||
12,430 | Group 1 Automotive, Inc. | 976,625 | ||||||
331,360 | Groupon, Inc., Class A(c) | 1,580,587 | ||||||
124,593 | H&R Block, Inc. | 3,082,431 | ||||||
101,669 | Harley-Davidson, Inc.(b) | 4,813,010 | ||||||
73,507 | Houghton Mifflin Harcourt Co.(c) | 727,719 | ||||||
23,208 | Hyatt Hotels Corp., Class A(c) | 1,454,213 | ||||||
16,492 | iRobot Corp.(b)(c) | 1,108,098 | ||||||
17,537 | Jack in the Box, Inc. | 1,815,255 | ||||||
16,084 | JAKKS Pacific, Inc.(b)(c) | 44,231 | ||||||
9,543 | Kirkland’s, Inc.(c) | 111,653 | ||||||
100,467 | Kohl’s Corp. | 4,195,502 | ||||||
70,004 | La Quinta Holdings, Inc.(c) | 1,233,471 | ||||||
40,530 | Lear Corp. | 7,116,663 | ||||||
16,109 | Marriott Vacations Worldwide Corp. | 2,120,267 | ||||||
416,616 | McDonald’s Corp. | 69,537,377 | ||||||
90,357 | Michael Kors Holdings Ltd.(c) | 4,410,325 | ||||||
21,487 | Murphy USA, Inc.(c) | 1,597,773 | ||||||
99,073 | Nordstrom, Inc.(b) | 3,928,244 | ||||||
21,704 | Papa John’s International, Inc. | 1,476,957 | ||||||
51,265 | Penske Automotive Group, Inc. | 2,389,974 | ||||||
14,976 | Potbelly Corp.(c) | 180,461 | ||||||
179,809 | PulteGroup, Inc. | 5,435,626 | ||||||
7,705 | Red Robin Gourmet Burgers, Inc.(c) | 527,022 | ||||||
18,834 | Ruth’s Hospitality Group, Inc. | 397,397 | ||||||
10,144 | Shoe Carnival, Inc. | 190,403 | ||||||
36,034 | Signet Jewelers Ltd.(b) | 2,362,749 | ||||||
2,749,174 | Sirius XM Holdings, Inc.(b) | 14,955,507 | ||||||
24,474 | Sleep Number Corp.(c) | 795,405 | ||||||
18,972 | Sonic Automotive, Inc., Class A | 376,594 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares BuyBack Achievers™ Portfolio (PKW) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
24,917 | Sonic Corp.(b) | $ | 632,892 | |||||
31,391 | Sotheby’s(c) | 1,626,682 | ||||||
16,445 | Stage Stores, Inc.(b) | 27,299 | ||||||
325,534 | Target Corp. | 19,219,527 | ||||||
32,167 | Tempur Sealy International, Inc.(c) | 2,102,757 | ||||||
59,348 | Time, Inc. | 688,437 | ||||||
94,315 | Toll Brothers, Inc. | 4,342,263 | ||||||
632,174 | Twenty-First Century Fox, Inc., Class A | 16,531,350 | ||||||
33,999 | Vista Outdoor, Inc.(c) | 710,919 | ||||||
18,582 | Visteon Corp.(c) | 2,342,075 | ||||||
14,178 | Vitamin Shoppe, Inc.(c) | 65,219 | ||||||
145,091 | Wendy’s Co. (The) | 2,206,834 | ||||||
61,257 | Wyndham Worldwide Corp. | 6,545,310 | ||||||
205,473 | Yum! Brands, Inc. | 15,297,465 | ||||||
15,037 | Zumiez, Inc.(c) | 265,403 | ||||||
|
| |||||||
303,459,443 | ||||||||
|
| |||||||
Consumer Staples—1.7% | ||||||||
11,886 | Bob Evans Farms, Inc. | 917,480 | ||||||
338,608 | Monster Beverage Corp.(c) | 19,615,561 | ||||||
6,760 | Natural Health Trends Corp.(b) | 130,198 | ||||||
80,799 | Sprouts Farmers Market, Inc.(c) | 1,493,974 | ||||||
|
| |||||||
22,157,213 | ||||||||
|
| |||||||
Energy—1.6% | ||||||||
23,058 | Renewable Energy Group, Inc.(c) | 279,002 | ||||||
263,214 | Valero Energy Corp. | 20,764,952 | ||||||
|
| |||||||
21,043,954 | ||||||||
|
| |||||||
Financials—25.8% | ||||||||
526,817 | American Express Co. | 50,321,560 | ||||||
538,399 | American International Group, Inc. | 34,785,959 | ||||||
89,361 | Ameriprise Financial, Inc. | 13,988,571 | ||||||
130,929 | Apollo Investment Corp. | 775,100 | ||||||
24,579 | ARMOUR Residential REIT, Inc. REIT(b) | 615,704 | ||||||
32,115 | Assurant, Inc. | 3,232,375 | ||||||
70,953 | Assured Guaranty Ltd. | 2,632,356 | ||||||
49,558 | Axis Capital Holdings Ltd. | 2,695,460 | ||||||
45,255 | Beneficial Bancorp, Inc. | 746,707 | ||||||
288,262 | Capital One Financial Corp. | 26,571,991 | ||||||
13,290 | Clifton Bancorp, Inc. | 226,329 | ||||||
100,732 | CNO Financial Group, Inc. | 2,414,546 | ||||||
221,911 | Discover Financial Services | 14,763,739 | ||||||
163,718 | E*TRADE Financial Corp.(c) | 7,136,468 | ||||||
24,473 | Everest Re Group Ltd. | 5,811,114 | ||||||
10,143 | First Community Bancshares, Inc. | 302,971 | ||||||
6,579 | First Financial Northwest, Inc. | 109,409 | ||||||
332,369 | Franklin Resources, Inc. | 14,002,706 | ||||||
230,563 | Goldman Sachs Group, Inc. (The) | 55,906,916 | ||||||
217,110 | Hartford Financial Services Group, Inc. (The) | 11,951,906 | ||||||
5,953 | HCI Group, Inc.(b) | 222,999 | ||||||
66,517 | Invesco Mortgage Capital, Inc. REIT(d) | 1,145,423 | ||||||
183,207 | Investors Bancorp, Inc. | 2,519,096 | ||||||
49,235 | Kearny Financial Corp. | 740,987 | ||||||
55,788 | Legg Mason, Inc. | 2,129,986 | ||||||
130,842 | Lincoln National Corp. | 9,915,207 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
53,622 | LPL Financial Holdings, Inc. | $ | 2,660,187 | |||||
74,983 | MBIA, Inc.(b)(c) | 543,627 | ||||||
53,672 | MSCI, Inc., Class A | 6,298,946 | ||||||
27,294 | MTGE Investment Corp. REIT | 494,021 | ||||||
15,967 | National Bank Holdings Corp., Class A | 524,037 | ||||||
58,234 | Nationstar Mortgage Holdings, Inc.(c) | 1,133,816 | ||||||
163,356 | Navient Corp. | 2,035,416 | ||||||
17,921 | Nelnet, Inc., Class A | 1,049,095 | ||||||
39,837 | PennyMac Mortgage Investment Trust REIT | 639,782 | ||||||
30,577 | PHH Corp.(c) | 403,922 | ||||||
26,750 | Primerica, Inc. | 2,367,375 | ||||||
45,960 | Redwood Trust, Inc. REIT | 722,032 | ||||||
6,946 | Regional Management Corp.(c) | 171,497 | ||||||
712,221 | Regions Financial Corp. | 11,025,181 | ||||||
23,997 | RenaissanceRe Holdings Ltd. (Bermuda) | 3,320,225 | ||||||
72,411 | Synovus Financial Corp. | 3,392,455 | ||||||
30,680 | TICC Capital Corp.(b) | 195,738 | ||||||
164,455 | Travelers Cos., Inc. (The) | 21,782,065 | ||||||
4,302 | Virtus Investment Partners, Inc. | 500,753 | ||||||
107,101 | Voya Financial, Inc. | 4,301,176 | ||||||
2,586 | White Mountains Insurance Group Ltd. | 2,299,342 | ||||||
153,726 | XL Group Ltd. (Bermuda) | 6,221,291 | ||||||
|
| |||||||
337,747,564 | ||||||||
|
| |||||||
Health Care—8.6% | ||||||||
113,949 | DaVita, Inc.(c) | 6,921,262 | ||||||
344,198 | Express Scripts Holding Co.(c) | 21,095,895 | ||||||
778,280 | Gilead Sciences, Inc. | 58,339,869 | ||||||
215,292 | HCA Healthcare, Inc.(c) | 16,286,840 | ||||||
61,707 | INC Research Holdings, Inc., Class A(c) | 3,526,555 | ||||||
65,177 | Innoviva, Inc.(c) | 797,767 | ||||||
23,910 | LifePoint Health, Inc.(c) | 1,151,267 | ||||||
14,114 | Magellan Health, Inc.(c) | 1,203,924 | ||||||
10,829 | Orthofix International NV(c) | 581,842 | ||||||
8,047 | Providence Service Corp. (The)(c) | 447,413 | ||||||
25,891 | United Therapeutics Corp.(c) | 3,070,414 | ||||||
|
| |||||||
113,423,048 | ||||||||
|
| |||||||
Industrials—24.6% | ||||||||
19,676 | Aegion Corp.(c) | 458,254 | ||||||
47,402 | AGCO Corp. | 3,250,355 | ||||||
35,235 | Air Transport Services Group, Inc.(c) | 852,687 | ||||||
290,239 | American Airlines Group, Inc. | 13,588,990 | ||||||
49,262 | Avis Budget Group, Inc.(c) | 2,032,057 | ||||||
29,131 | Babcock & Wilcox Enterprises, Inc.(b)(c) | 127,594 | ||||||
256,781 | Boeing Co. (The) | 66,244,362 | ||||||
59,192 | BWX Technologies, Inc. | 3,546,785 | ||||||
22,904 | Continental Building Products, Inc.(c) | 611,537 | ||||||
4,906 | CRA International, Inc. | 207,328 | ||||||
99,897 | Cummins, Inc. | 17,669,781 | ||||||
431,495 | Delta Air Lines, Inc. | 21,587,695 | ||||||
17,007 | Echo Global Logistics, Inc.(c) | 409,018 | ||||||
8,261 | Franklin Covey Co.(c) | 160,263 | ||||||
23,076 | GATX Corp.(b) | 1,370,945 | ||||||
2,699,560 | General Electric Co. | 54,423,130 | ||||||
28,163 | Griffon Corp. | 635,076 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares BuyBack Achievers™ Portfolio (PKW) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
49,893 | Hertz Global Holdings, Inc.(c) | $ | 1,240,839 | |||||
19,949 | Hub Group, Inc., Class A(c) | 863,792 | ||||||
13,175 | Huron Consulting Group, Inc.(c) | 482,205 | ||||||
12,425 | Insperity, Inc. | 1,179,132 | ||||||
15,930 | Kforce, Inc. | 333,733 | ||||||
39,279 | Lincoln Electric Holdings, Inc. | 3,600,706 | ||||||
39,773 | ManpowerGroup, Inc. | 4,903,215 | ||||||
56,314 | MRC Global, Inc.(c) | 965,785 | ||||||
26,880 | MSC Industrial Direct Co., Inc., Class A | 2,228,352 | ||||||
9,830 | MYR Group, Inc.(c) | 313,479 | ||||||
111,255 | Pitney Bowes, Inc. | 1,528,644 | ||||||
90,100 | Quanta Services, Inc.(c) | 3,399,473 | ||||||
29,502 | RPX Corp.(c) | 384,116 | ||||||
356,722 | Southwest Airlines Co. | 19,213,047 | ||||||
70,518 | Spirit AeroSystems Holdings, Inc., Class A | 5,648,492 | ||||||
46,393 | Timken Co. (The) | 2,187,430 | ||||||
181,307 | United Continental Holdings, Inc.(c) | 10,602,833 | ||||||
50,383 | United Rentals, Inc.(c) | 7,128,187 | ||||||
476,038 | United Technologies Corp. | 57,010,311 | ||||||
34,382 | W.W. Grainger, Inc.(b) | 6,797,321 | ||||||
35,173 | Wabash National Corp. | 791,393 | ||||||
57,205 | Wabtec Corp.(b) | 4,376,183 | ||||||
3,835 | Willis Lease Finance Corp.(c) | 96,220 | ||||||
|
| |||||||
322,450,745 | ||||||||
|
| |||||||
Information Technology—13.6% | ||||||||
33,067 | Alliance Data Systems Corp. | 7,398,080 | ||||||
635,586 | Applied Materials, Inc. | 35,866,118 | ||||||
43,566 | Aspen Technology, Inc.(c) | 2,810,878 | ||||||
17,743 | Care.com, Inc.(c) | 272,710 | ||||||
83,275 | CDK Global, Inc. | 5,292,959 | ||||||
92,291 | CDW Corp. | 6,460,370 | ||||||
538,263 | Corning, Inc. | 16,853,015 | ||||||
30,042 | DHI Group, Inc.(c) | 66,092 | ||||||
36,063 | DST Systems, Inc. | 2,114,013 | ||||||
637,867 | eBay, Inc.(c) | 24,009,314 | ||||||
8,445 | ePlus, Inc.(c) | 807,342 | ||||||
37,873 | F5 Networks, Inc.(c) | 4,592,859 | ||||||
125,430 | Fiserv, Inc.(c) | 16,234,405 | ||||||
114,963 | Genpact Ltd. | 3,500,623 | ||||||
12,523 | GSI Technology, Inc.(b)(c) | 86,659 | ||||||
48,436 | Harmonic, Inc.(c) | 179,213 | ||||||
79,529 | Integrated Device Technology, Inc.(c) | 2,470,966 | ||||||
16,026 | Kimball Electronics, Inc.(c) | 352,572 | ||||||
96,936 | Motorola Solutions, Inc. | 8,776,585 | ||||||
72,410 | NCR Corp.(c) | 2,323,637 | ||||||
160,766 | NetApp, Inc. | 7,141,226 | ||||||
53,363 | NetScout Systems, Inc.(c) | 1,515,509 | ||||||
171,995 | Nuance Communications, Inc.(c) | 2,535,206 | ||||||
29,732 | Planet Payment, Inc.(c) | 132,902 | ||||||
75,848 | Qorvo, Inc.(c) | 5,750,037 | ||||||
65,127 | Rambus, Inc.(c) | 958,018 | ||||||
44,920 | Sanmina Corp.(c) | 1,470,007 | ||||||
15,158 | ScanSource, Inc.(c) | 651,036 | ||||||
366,243 | Symantec Corp. | 11,902,898 | ||||||
59,551 | VeriSign, Inc.(b)(c) | 6,402,924 | ||||||
|
| |||||||
178,928,173 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials—0.3% | ||||||||
27,866 | Carpenter Technology Corp. | $ | 1,387,448 | |||||
9,795 | Clearwater Paper Corp.(c) | 452,039 | ||||||
64,070 | Summit Materials, Inc., Class A(c) | 2,011,798 | ||||||
|
| |||||||
3,851,285 | ||||||||
|
| |||||||
Real Estate—0.5% | ||||||||
19,044 | Ashford Hospitality Prime, Inc. REIT | 185,108 | ||||||
24,932 | Hersha Hospitality Trust REIT | 441,047 | ||||||
43,024 | iStar, Inc. REIT(b)(c) | 503,381 | ||||||
84,279 | Macerich Co. (The) REIT | 4,601,633 | ||||||
48,958 | New Senior Investment Group, Inc. REIT | 437,684 | ||||||
|
| |||||||
6,168,853 | ||||||||
|
| |||||||
Telecommunication Services—0.1% | ||||||||
19,698 | General Communication, Inc., Class A(c) | 805,451 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $1,141,972,343) | 1,310,035,729 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
1,200,521 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(e) (Cost $1,200,521) | 1,200,521 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,143,172,864)—100.1% | 1,311,236,250 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.5% | ||||||||
46,547,843 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(e)(f) (Cost $46,547,843) | 46,547,843 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,189,720,707)—103.6% | 1,357,784,093 | |||||||
Other assets less liabilities—(3.6)% | (47,753,766 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,310,030,327 | ||||||
|
|
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, 2017. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares BuyBack Achievers™ Portfolio (PKW) (continued)
October 31, 2017
(Unaudited)
(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, 2017. |
(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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares Dividend Achievers™ Portfolio (PFM)
October 31, 2017
(Unaudited)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Consumer Staples | 20.8 | |||
Industrials | 16.6 | |||
Information Technology | 12.1 | |||
Energy | 10.1 | |||
Health Care | 9.5 | |||
Consumer Discretionary | 7.3 | |||
Utilities | 6.9 | |||
Financials | 5.9 | |||
Telecommunication Services | 5.6 | |||
Materials | 3.3 | |||
Real Estate | 1.9 | |||
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—7.3% | ||||||||
3,027 | Aaron’s, Inc. | $ | 111,394 | |||||
13,065 | Best Buy Co., Inc. | 731,379 | ||||||
2,985 | Columbia Sportswear Co. | 186,204 | ||||||
1,029 | Cracker Barrel Old Country Store, Inc.(b) | 160,658 | ||||||
16,801 | Gap, Inc. (The) | 436,658 | ||||||
6,291 | Genuine Parts Co. | 555,055 | ||||||
222 | Hamilton Beach Brands Holding Co., Class B(c) | 8,607 | ||||||
5,359 | Hasbro, Inc. | 496,190 | ||||||
1,069 | International Speedway Corp., Class A | 41,531 | ||||||
2,051 | John Wiley & Sons, Inc., Class A | 112,087 | ||||||
5,667 | Leggett & Platt, Inc. | 267,822 | ||||||
36,169 | Lowe’s Cos., Inc. | 2,891,711 | ||||||
34,702 | McDonald’s Corp. | 5,792,111 | ||||||
1,690 | Meredith Corp. | 89,570 | ||||||
1,401 | Monro, Inc. | 69,139 | ||||||
56,215 | NIKE, Inc., Class B | 3,091,263 | ||||||
2,680 | Polaris Industries, Inc.(b) | 317,392 | ||||||
16,673 | Ross Stores, Inc. | 1,058,569 | ||||||
23,402 | Target Corp. | 1,381,654 | ||||||
5,334 | Tiffany & Co. | 499,369 | ||||||
27,259 | TJX Cos., Inc. (The) | 1,902,678 | ||||||
16,864 | VF Corp. | 1,174,578 | ||||||
3,708 | Williams-Sonoma, Inc.(b) | 191,333 | ||||||
14,771 | Yum! Brands, Inc. | 1,099,701 | ||||||
|
| |||||||
22,666,653 | ||||||||
|
| |||||||
Consumer Staples—20.8% | ||||||||
82,196 | Altria Group, Inc. | 5,278,627 | ||||||
1,216 | Andersons, Inc. (The) | 45,539 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
24,100 | Archer-Daniels-Midland Co. | $ | 984,967 | |||||
853 | Bob Evans Farms, Inc. | 65,843 | ||||||
9,220 | Brown-Forman Corp., Class B | 525,724 | ||||||
6,024 | Bunge Ltd. | 414,331 | ||||||
1,637 | Casey’s General Stores, Inc. | 187,551 | ||||||
10,690 | Church & Dwight Co., Inc. | 482,867 | ||||||
5,530 | Clorox Co. (The) | 699,711 | ||||||
182,736 | Coca-Cola Co. (The) | 8,402,201 | ||||||
37,737 | Colgate-Palmolive Co. | 2,658,572 | ||||||
18,790 | Costco Wholesale Corp. | 3,026,693 | ||||||
43,552 | CVS Health Corp. | 2,984,619 | ||||||
8,960 | Flowers Foods, Inc. | 170,509 | ||||||
24,562 | General Mills, Inc. | 1,275,259 | ||||||
22,644 | Hormel Foods Corp. | 705,587 | ||||||
802 | J & J Snack Foods Corp. | 106,802 | ||||||
4,866 | JM Smucker Co. (The) | 516,039 | ||||||
14,786 | Kellogg Co. | 924,569 | ||||||
15,136 | Kimberly-Clark Corp. | 1,702,951 | ||||||
38,444 | Kroger Co. (The) | 795,791 | ||||||
1,175 | Lancaster Colony Corp. | 147,134 | ||||||
5,130 | McCormick & Co., Inc. | 510,589 | ||||||
2,266 | Nu Skin Enterprises, Inc., Class A | 144,140 | ||||||
61,072 | PepsiCo, Inc. | 6,731,967 | ||||||
109,249 | Procter & Gamble Co. (The) | 9,432,559 | ||||||
22,616 | Sysco Corp. | 1,257,902 | ||||||
1,641 | Tootsie Roll Industries, Inc.(b) | 58,420 | ||||||
1,084 | Universal Corp. | 62,167 | ||||||
5,784 | Vector Group Ltd. | 120,192 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Dividend Achievers™ Portfolio (PFM) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
45,845 | Walgreens Boots Alliance, Inc. | $ | 3,038,148 | |||||
127,979 | Wal-Mart Stores, Inc. | 11,173,846 | ||||||
|
| |||||||
64,631,816 | ||||||||
|
| |||||||
Energy—10.1% | ||||||||
6,050 | Buckeye Partners LP | 321,315 | ||||||
81,186 | Chevron Corp. | 9,408,646 | ||||||
13,975 | Enbridge Energy Partners LP | 210,743 | ||||||
46,235 | Energy Transfer Equity LP | 820,671 | ||||||
49,501 | Energy Transfer Partners LP | 861,812 | ||||||
92,068 | Enterprise Products Partners LP | 2,255,666 | ||||||
157,484 | Exxon Mobil Corp. | 13,126,291 | ||||||
5,245 | Genesis Energy LP | 122,156 | ||||||
4,648 | Helmerich & Payne, Inc.(b) | 252,433 | ||||||
2,753 | Holly Energy Partners LP | 94,125 | ||||||
9,769 | Magellan Midstream Partners LP | 671,228 | ||||||
225 | NACCO Industries, Inc., Class A | 9,360 | ||||||
32,756 | Occidental Petroleum Corp. | 2,115,055 | ||||||
16,280 | ONEOK, Inc. | 883,516 | ||||||
2,970 | TC PipeLines LP | 158,271 | ||||||
692 | TransMontaigne Partners LP | 28,760 | ||||||
|
| |||||||
31,340,048 | ||||||||
|
| |||||||
Financials—5.9% | ||||||||
1,110 | 1st Source Corp. | 56,954 | ||||||
16,933 | Aflac, Inc. | 1,420,509 | ||||||
3,806 | American Equity Investment Life Holding Co. | 112,315 | ||||||
3,771 | American Financial Group, Inc. | 397,803 | ||||||
6,424 | Ameriprise Financial, Inc. | 1,005,613 | ||||||
8,381 | AmTrust Financial Services, Inc.(b) | 105,265 | ||||||
2,309 | Assurant, Inc. | 232,401 | ||||||
3,559 | Axis Capital Holdings Ltd. | 193,574 | ||||||
1,361 | BancFirst Corp. | 74,379 | ||||||
5,491 | Bank of The Ozarks | 255,990 | ||||||
2,803 | BOK Financial Corp. | 242,375 | ||||||
5,995 | Brown & Brown, Inc. | 298,791 | ||||||
19,940 | Chubb Ltd. | 3,007,351 | ||||||
7,025 | Cincinnati Financial Corp. | 492,944 | ||||||
4,354 | Commerce Bancshares, Inc. | 253,229 | ||||||
2,164 | Community Bank System, Inc. | 119,648 | ||||||
756 | Community Trust Bancorp, Inc. | 36,515 | ||||||
2,752 | Cullen/Frost Bankers, Inc. | 271,072 | ||||||
4,922 | Eaton Vance Corp. | 248,413 | ||||||
1,979 | Erie Indemnity Co., Class A | 239,063 | ||||||
1,681 | FactSet Research Systems, Inc. | 319,171 | ||||||
23,893 | Franklin Resources, Inc. | 1,006,612 | ||||||
1,814 | Hanover Insurance Group, Inc. (The) | 178,461 | ||||||
473 | Infinity Property & Casualty Corp. | 44,628 | ||||||
17,432 | Invesco Ltd.(d) | 623,891 | ||||||
2,368 | Mercury General Corp. | 132,537 | ||||||
11,287 | Old Republic International Corp. | 229,013 | ||||||
14,762 | People’s United Financial, Inc. | 275,459 | ||||||
2,974 | Prosperity Bancshares, Inc. | 195,630 | ||||||
1,725 | RenaissanceRe Holdings Ltd. (Bermuda) | 238,671 | ||||||
1,886 | RLI Corp. | 111,444 | ||||||
11,010 | S&P Global, Inc. | 1,722,735 | ||||||
6,774 | SEI Investments Co. | 436,991 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,256 | Southside Bancshares, Inc. | $ | 44,475 | |||||
10,297 | T. Rowe Price Group, Inc. | 956,591 | ||||||
651 | Tompkins Financial Corp. | 56,715 | ||||||
4,983 | Torchmark Corp. | 419,220 | ||||||
11,822 | Travelers Cos., Inc. (The) | 1,565,824 | ||||||
2,141 | UMB Financial Corp. | 157,428 | ||||||
4,492 | United Bankshares, Inc. | 161,487 | ||||||
5,196 | W.R. Berkley Corp. | 356,342 | ||||||
1,126 | Westamerica Bancorporation(b) | 65,567 | ||||||
381 | Westwood Holdings Group, Inc. | 24,727 | ||||||
|
| |||||||
18,387,823 | ||||||||
|
| |||||||
Health Care—9.5% | ||||||||
74,436 | Abbott Laboratories | 4,036,664 | ||||||
9,387 | AmerisourceBergen Corp. | 722,330 | ||||||
79 | Atrion Corp. | 51,954 | ||||||
9,749 | Becton, Dickinson and Co. | 2,034,324 | ||||||
3,113 | C.R. Bard, Inc. | 1,018,169 | ||||||
13,558 | Cardinal Health, Inc. | 839,240 | ||||||
90,812 | Johnson & Johnson | 12,660,101 | ||||||
58,205 | Medtronic PLC | 4,686,666 | ||||||
651 | National Healthcare Corp. | 41,664 | ||||||
2,621 | Owens & Minor, Inc. | 64,398 | ||||||
6,110 | Perrigo Co. PLC | 494,849 | ||||||
16,026 | Stryker Corp. | 2,481,947 | ||||||
3,170 | West Pharmaceutical Services, Inc. | 321,438 | ||||||
|
| |||||||
29,453,744 | ||||||||
|
| |||||||
Industrials—16.6% | ||||||||
25,567 | 3M Co. | 5,885,268 | ||||||
6,273 | A.O. Smith Corp. | 371,362 | ||||||
2,791 | ABM Industries, Inc. | 117,138 | ||||||
2,044 | Brady Corp., Class A | 77,774 | ||||||
6,014 | C.H. Robinson Worldwide, Inc. | 472,279 | ||||||
2,706 | Carlisle Cos., Inc. | 297,200 | ||||||
25,319 | Caterpillar, Inc. | 3,438,320 | ||||||
4,517 | Cintas Corp. | 673,214 | ||||||
39,128 | CSX Corp. | 1,973,225 | ||||||
7,181 | Cummins, Inc. | 1,270,175 | ||||||
5,616 | Donaldson Co., Inc. | 265,131 | ||||||
6,672 | Dover Corp. | 637,109 | ||||||
27,420 | Emerson Electric Co. | 1,767,493 | ||||||
7,743 | Expeditors International of Washington, Inc. | 452,036 | ||||||
12,338 | Fastenal Co. | 579,516 | ||||||
11,493 | FedEx Corp. | 2,595,234 | ||||||
1,990 | Franklin Electric Co., Inc. | 90,545 | ||||||
12,830 | General Dynamics Corp. | 2,604,233 | ||||||
1,118 | Gorman-Rupp Co. (The) | 35,754 | ||||||
2,399 | Graco, Inc. | 316,164 | ||||||
3,133 | Healthcare Services Group, Inc. | 165,704 | ||||||
14,744 | Illinois Tool Works, Inc. | 2,307,731 | ||||||
3,766 | ITT, Inc. | 175,646 | ||||||
4,688 | J.B. Hunt Transport Services, Inc. | 498,756 | ||||||
3,350 | L3 Technologies, Inc. | 627,053 | ||||||
2,824 | Lincoln Electric Holdings, Inc. | 258,876 | ||||||
458 | Lindsay Corp. | 41,935 | ||||||
12,338 | Lockheed Martin Corp. | 3,802,078 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares Dividend Achievers™ Portfolio (PFM) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,378 | Matthews International Corp., Class A | $ | 86,607 | |||||
1,027 | McGrath RentCorp | 45,907 | ||||||
1,635 | MSA Safety, Inc. | 129,983 | ||||||
1,931 | MSC Industrial Direct Co., Inc., Class A | 160,080 | ||||||
2,469 | Nordson Corp. | 312,798 | ||||||
7,459 | Northrop Grumman Corp. | 2,204,358 | ||||||
12,435 | Raytheon Co. | 2,240,787 | ||||||
1,909 | Regal Beloit Corp. | 154,915 | ||||||
14,428 | Republic Services, Inc. | 938,830 | ||||||
5,406 | Robert Half International, Inc. | 279,869 | ||||||
9,339 | Rollins, Inc. | 410,076 | ||||||
4,379 | Roper Technologies, Inc. | 1,130,527 | ||||||
2,268 | Ryder System, Inc. | 183,890 | ||||||
6,561 | Stanley Black & Decker, Inc. | 1,059,930 | ||||||
763 | Tennant Co. | 52,914 | ||||||
4,623 | Toro Co. (The) | 290,556 | ||||||
34,290 | Union Pacific Corp. | 3,970,439 | ||||||
34,221 | United Technologies Corp. | 4,098,307 | ||||||
2,472 | W.W. Grainger, Inc.(b) | 488,714 | ||||||
18,852 | Waste Management, Inc. | 1,549,069 | ||||||
|
| |||||||
51,585,505 | ||||||||
|
| |||||||
Information Technology—12.1% | ||||||||
26,476 | Accenture PLC, Class A | 3,769,123 | ||||||
15,752 | Analog Devices, Inc. | 1,438,158 | ||||||
19,038 | Automatic Data Processing, Inc. | 2,213,358 | ||||||
1,246 | Badger Meter, Inc. | 54,575 | ||||||
480 | Cass Information Systems, Inc. | 30,960 | ||||||
5,131 | Harris Corp. | 714,851 | ||||||
39,926 | International Business Machines Corp. | 6,151,000 | ||||||
3,318 | Jack Henry & Associates, Inc. | 365,411 | ||||||
12,084 | Maxim Integrated Products, Inc. | 634,893 | ||||||
9,971 | Microchip Technology, Inc. | 945,251 | ||||||
160,769 | Microsoft Corp. | 13,372,765 | ||||||
63,238 | QUALCOMM, Inc. | 3,225,770 | ||||||
42,416 | Texas Instruments, Inc. | 4,101,203 | ||||||
10,651 | Xilinx, Inc. | 784,872 | ||||||
|
| |||||||
37,802,190 | ||||||||
|
| |||||||
Materials—3.3% | ||||||||
9,338 | Air Products & Chemicals, Inc. | 1,488,757 | ||||||
4,733 | Albemarle Corp. | 666,832 | ||||||
2,685 | AptarGroup, Inc. | 233,783 | ||||||
3,887 | Bemis Co., Inc. | 174,993 | ||||||
1,448 | Compass Minerals International, Inc.(b) | 94,989 | ||||||
12,398 | Ecolab, Inc. | 1,619,923 | ||||||
2,163 | H.B. Fuller Co. | 123,010 | ||||||
457 | Hawkins, Inc. | 17,412 | ||||||
3,384 | International Flavors & Fragrances, Inc. | 498,869 | ||||||
508 | NewMarket Corp. | 203,398 | ||||||
13,685 | Nucor Corp. | 791,404 | ||||||
10,988 | PPG Industries, Inc. | 1,277,245 | ||||||
2,797 | Royal Gold, Inc. | 235,256 | ||||||
5,721 | RPM International, Inc. | 305,101 | ||||||
1,878 | Sensient Technologies Corp. | 142,822 | ||||||
4,002 | Sherwin-Williams Co. (The) | 1,581,390 | ||||||
4,722 | Silgan Holdings, Inc. | 138,118 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
4,258 | Sonoco Products Co. | $ | 220,522 | |||||
965 | Stepan Co. | 77,065 | ||||||
5,529 | Westlake Chemical Corp. | 469,467 | ||||||
|
| |||||||
10,360,356 | ||||||||
|
| |||||||
Real Estate—1.9% | ||||||||
8,790 | Digital Realty Trust, Inc. REIT | 1,041,088 | ||||||
3,728 | Equity LifeStyle Properties, Inc. REIT | 329,853 | ||||||
2,827 | Essex Property Trust, Inc. REIT | 741,890 | ||||||
3,096 | Federal Realty Investment Trust REIT | 373,130 | ||||||
20,091 | HCP, Inc. REIT | 519,151 | ||||||
1,754 | National Health Investors, Inc. REIT | 133,637 | ||||||
6,393 | National Retail Properties, Inc. REIT | 256,871 | ||||||
8,450 | Omega Healthcare Investors, Inc. REIT(b) | 243,867 | ||||||
11,742 | Realty Income Corp. REIT | 630,193 | ||||||
4,064 | Tanger Factory Outlet Centers, Inc. REIT | 92,456 | ||||||
582 | Universal Health Realty Income Trust REIT | 42,608 | ||||||
1,272 | Urstadt Biddle Properties, Inc., Class A REIT | 27,641 | ||||||
15,804 | Welltower, Inc. REIT | 1,058,236 | ||||||
4,580 | WP Carey, Inc. REIT | 312,127 | ||||||
|
| |||||||
5,802,748 | ||||||||
|
| |||||||
Telecommunication Services—5.6% | ||||||||
263,052 | AT&T, Inc. | 8,851,700 | ||||||
4,425 | Telephone & Data Systems, Inc. | 128,988 | ||||||
174,771 | Verizon Communications, Inc. | 8,366,288 | ||||||
|
| |||||||
17,346,976 | ||||||||
|
| |||||||
Utilities—6.9% | ||||||||
9,899 | Alliant Energy Corp. | 428,231 | ||||||
1,568 | American States Water Co. | 84,280 | ||||||
3,979 | AmeriGas Partners LP | 180,050 | ||||||
7,611 | Aqua America, Inc. | 270,038 | ||||||
4,544 | Atmos Energy Corp. | 396,419 | ||||||
2,757 | Avista Corp. | 144,026 | ||||||
2,289 | Black Hills Corp. | 149,380 | ||||||
2,055 | California Water Service Group | 86,310 | ||||||
18,466 | CenterPoint Energy, Inc. | 546,224 | ||||||
700 | Chesapeake Utilities Corp. | 56,385 | ||||||
495 | Connecticut Water Service, Inc. | 30,700 | ||||||
13,273 | Consolidated Edison, Inc. | 1,142,142 | ||||||
27,530 | Dominion Energy, Inc. | 2,233,784 | ||||||
29,988 | Duke Energy Corp. | 2,648,240 | ||||||
13,959 | Edison International | 1,116,022 | ||||||
13,576 | Eversource Energy | 850,401 | ||||||
8,360 | MDU Resources Group, Inc. | 228,646 | ||||||
1,484 | MGE Energy, Inc. | 98,018 | ||||||
699 | Middlesex Water Co. | 30,392 | ||||||
3,660 | National Fuel Gas Co. | 212,463 | ||||||
3,704 | New Jersey Resources Corp. | 164,643 | ||||||
20,103 | NextEra Energy, Inc. | 3,117,372 | ||||||
1,227 | Northwest Natural Gas Co. | 81,411 | ||||||
2,074 | NorthWestern Corp. | 122,947 | ||||||
8,556 | OGE Energy Corp. | 315,203 | ||||||
3,812 | Portland General Electric Co. | 181,985 | ||||||
29,384 | PPL Corp. | 1,103,663 | ||||||
6,123 | SCANA Corp. | 264,146 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Dividend Achievers™ Portfolio (PFM) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
878 | SJW Corp. | $ | 52,074 | |||||
3,405 | South Jersey Industries, Inc. | 115,668 | ||||||
42,820 | Southern Co. (The) | 2,235,204 | ||||||
2,036 | Southwest Gas Holdings, Inc. | 167,746 | ||||||
2,065 | Spire, Inc. | 163,032 | ||||||
7,428 | UGI Corp. | 355,504 | ||||||
3,555 | Vectren Corp. | 242,238 | ||||||
13,520 | WEC Energy Group, Inc. | 911,113 | ||||||
21,754 | Xcel Energy, Inc. | 1,077,258 | ||||||
550 | York Water Co. (The) | 19,360 | ||||||
|
| |||||||
21,622,718 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $232,881,546)—100.0% | 311,000,577 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.5% | ||||||||
1,742,960 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(e)(f) (Cost $1,742,960) | 1,742,960 | ||||||
|
| |||||||
Total Investments in Securities (Cost $234,624,506)—100.5% | 312,743,537 | |||||||
Other assets less liabilities—(0.5)% | (1,682,785 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 311,060,752 | ||||||
|
|
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, 2017. |
(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. |
(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, 2017. |
(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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Financial Preferred Portfolio (PGF)
October 31, 2017
(Unaudited)
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Banks | 68.4 | |||
Capital Markets | 16.8 | |||
Insurance | 8.3 | |||
Consumer Finance | 5.3 | |||
Thrifts & Mortgage Finance | 0.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.5 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests—99.5% | ||||||||
Banks—68.4% | ||||||||
647,400 | Bank of America Corp., 6.00%, Series EE | $ | 17,110,782 | |||||
1,030,721 | Bank of America Corp., 6.20%, Series CC | 27,623,323 | ||||||
509,402 | Bank of America Corp., 6.20%, Series D | 13,173,136 | ||||||
75,467 | Bank of America Corp., 6.38%, Series 3 | 1,962,142 | ||||||
1,056,567 | Bank of America Corp., 6.50%, Series Y | 28,273,733 | ||||||
1,159,034 | Bank of America Corp., 6.63%, Series W | 31,293,918 | ||||||
2,033,961 | Barclays Bank PLC, 8.13%, Series 5 (United Kingdom) | 54,266,079 | ||||||
61,742 | BB&T Corp., 5.20%, Series G(b) | 1,567,629 | ||||||
367,386 | BB&T Corp., 5.63% | 9,827,575 | ||||||
1,845,251 | BB&T Corp., 5.63%, Series E | 47,127,711 | ||||||
446,984 | BB&T Corp., 5.85% | 11,460,670 | ||||||
334,683 | Citigroup, Inc., 5.80%, Series C | 8,527,723 | ||||||
807,128 | Citigroup, Inc., 6.30%, Series S | 21,848,955 | ||||||
1,185,193 | Citigroup, Inc., 6.88%, Series K(b) | 34,240,226 | ||||||
923,502 | Citigroup, Inc., 7.13%, Series J(b) | 26,596,858 | ||||||
410,477 | Fifth Third Bancorp, 6.63%, Series I | 11,694,490 | ||||||
4,378,793 | HSBC Holdings PLC, 8.00%, Series 2 (United Kingdom) | 117,789,532 | ||||||
1,391,546 | HSBC Holdings PLC, 8.13% (United Kingdom) | 37,891,798 | ||||||
415,322 | Huntington Bancshares, Inc., 6.25%, Series D | 11,529,339 | ||||||
707,223 | ING Groep NV, 6.13% (Netherlands) | 18,175,631 | ||||||
1,434,904 | ING Groep NV, 6.38% (Netherlands) | 36,877,033 | ||||||
759,501 | JPMorgan Chase & Co., 5.45%, Series P | 19,109,045 | ||||||
1,078,071 | JPMorgan Chase & Co., 5.50%, Series O | 27,059,582 | ||||||
1,174,331 | JPMorgan Chase & Co., 6.10%, Series AA(b) | 31,566,017 | ||||||
1,265,991 | JPMorgan Chase & Co., 6.13%, Series Y | 33,928,559 | ||||||
1,276,993 | JPMorgan Chase & Co., 6.15%, Series BB | 34,504,351 | ||||||
125,548 | JPMorgan Chase & Co., 6.30%, Series W | 3,340,832 | ||||||
619,294 | JPMorgan Chase & Co., 6.70%, Series T | 16,566,114 | ||||||
404,608 | KeyCorp, 6.13%, Series E | 11,810,507 | ||||||
314,585 | KKR Financial Holdings LLC, 7.38%, Series A | 7,981,021 | ||||||
206,602 | People’s United Financial, Inc., 5.63%, Series A | 5,569,990 |
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
1,615,614 | PNC Financial Services Group, Inc. (The), 6.13%, Series P | $ | 45,592,627 | |||||
416,090 | Regions Financial Corp., 6.38%, Series A | 10,568,686 | ||||||
463,902 | Regions Financial Corp., 6.38%, Series B | 13,151,622 | ||||||
466,742 | Royal Bank of Scotland Group PLC, 6.60%, Series S (United Kingdom) | 11,971,932 | ||||||
414,839 | SunTrust Banks, Inc., 5.88%, Series E | 10,615,730 | ||||||
733,892 | U.S. Bancorp, 5.15%, Series H | 18,846,347 | ||||||
1,038,488 | U.S. Bancorp, 6.50%, Series F(b) | 29,887,685 | ||||||
941,250 | Wells Fargo & Co., 5.20% | 23,587,725 | ||||||
446,977 | Wells Fargo & Co., 5.25%, Series P | 11,223,592 | ||||||
1,121,245 | Wells Fargo & Co., 5.50%, Series X | 28,490,835 | ||||||
580,739 | Wells Fargo & Co., 5.63%, Series Y | 14,983,066 | ||||||
919,571 | Wells Fargo & Co., 5.70%, Series W | 23,697,345 | ||||||
1,479,745 | Wells Fargo & Co., 5.85%, Series Q | 40,308,254 | ||||||
532,863 | Wells Fargo & Co., 6.00%, Series T | 13,929,039 | ||||||
698,160 | Wells Fargo & Co., 6.00%, Series V | 18,431,424 | ||||||
273,686 | Wells Fargo & Co., 6.63% | 7,830,156 | ||||||
1,915,556 | Wells Fargo & Co., 8.00%, Series J | 48,884,989 | ||||||
|
| |||||||
1,132,295,355 | ||||||||
|
| |||||||
Capital Markets—16.8% | ||||||||
534,886 | Bank of New York Mellon Corp. (The), 5.20% | 13,500,523 | ||||||
647,559 | Charles Schwab Corp. (The), 5.95%, Series D | 17,743,117 | ||||||
438,563 | Charles Schwab Corp. (The), 6.00%, Series B | 11,130,729 | ||||||
542,151 | Charles Schwab Corp. (The), 6.00%, Series C | 14,860,359 | ||||||
908,702 | Goldman Sachs Group, Inc. (The), 5.50%, Series J(b) | 24,398,649 | ||||||
852,249 | Goldman Sachs Group, Inc. (The), 5.95%, Series I | 21,323,270 | ||||||
352,228 | Goldman Sachs Group, Inc. (The), 6.20%, Series B | 8,981,814 | ||||||
263,519 | Goldman Sachs Group, Inc. (The), 6.30%, Series N | 7,196,704 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Financial Preferred Portfolio (PGF) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Capital Markets (continued) | ||||||||
400,139 | Goldman Sachs Group, Inc. (The), 6.38%, Series K(b) | $ | 11,491,992 | |||||
633,009 | Morgan Stanley, 5.85%, Series K | 17,091,243 | ||||||
541,336 | Morgan Stanley, 6.38%, Series I | 15,157,408 | ||||||
326,744 | Morgan Stanley, 6.63%, Series G | 8,750,204 | ||||||
667,696 | Morgan Stanley, 6.88%, Series F | 19,062,721 | ||||||
650,201 | Morgan Stanley, 7.13%, Series E(b) | 18,823,319 | ||||||
339,571 | Northern Trust Corp., 5.85%, Series C | 9,008,819 | ||||||
591,730 | State Street Corp., 5.25%, Series C | 14,899,761 | ||||||
313,920 | State Street Corp., 5.35%, Series G | 8,538,624 | ||||||
766,681 | State Street Corp., 5.90%, Series D | 21,244,730 | ||||||
518,669 | State Street Corp., 6.00%, Series E | 13,967,756 | ||||||
|
| |||||||
277,171,742 | ||||||||
|
| |||||||
Consumer Finance—5.3% | ||||||||
455,359 | Capital One Financial Corp., 5.20%, Series G | 11,342,992 | ||||||
861,451 | Capital One Financial Corp., 6.00%, Series B | 21,872,241 | ||||||
433,257 | Capital One Financial Corp., 6.00%, Series H | 11,537,634 | ||||||
477,443 | Capital One Financial Corp., 6.20%, Series F | 12,900,510 | ||||||
396,471 | Capital One Financial Corp., 6.25%, Series C | 10,585,776 | ||||||
281,317 | Capital One Financial Corp., 6.70%, Series D | 7,609,625 | ||||||
487,334 | Discover Financial Services, 6.50%, Series B | 12,378,283 | ||||||
|
| |||||||
88,227,061 | ||||||||
|
| |||||||
Insurance—8.3% | ||||||||
793,020 | Aegon NV, 6.38% (Netherlands) | 20,539,218 | ||||||
273,489 | Aegon NV, 6.50% (Netherlands) | 7,124,388 | ||||||
322,296 | Allstate Corp. (The), 5.63% | 8,250,778 | ||||||
129,678 | Allstate Corp. (The), 6.25%, Series F | 3,497,416 | ||||||
707,361 | Allstate Corp. (The), 6.63%, Series E | 18,978,496 | ||||||
314,613 | Allstate Corp. (The), 6.75%, Series C | 8,268,030 | ||||||
396,559 | Arch Capital Group Ltd., 5.25%, Series E | 9,878,285 | ||||||
83,136 | Arch Capital Group Ltd., 6.75%, Series C | 2,108,329 | ||||||
227,399 | Aspen Insurance Holdings Ltd., 5.63% (Bermuda) | 5,760,017 | ||||||
241,301 | Aspen Insurance Holdings Ltd., 5.95% (Bermuda) | 6,500,649 | ||||||
443,109 | Axis Capital Holdings Ltd., 5.50%, Series E | 11,223,951 | ||||||
292,879 | PartnerRe Ltd., 7.25%, Series H (Bermuda) | 8,528,636 | ||||||
338,960 | Prudential PLC, 6.50% (United Kingdom) | 8,955,323 | ||||||
193,340 | Prudential PLC, 6.75% (United Kingdom) | 5,123,510 | ||||||
277,004 | RenaissanceRe Holdings Ltd., 5.38%, Series E (Bermuda) | 7,091,302 | ||||||
197,831 | Validus Holdings Ltd., 5.80%, Series B | 4,999,189 | ||||||
|
| |||||||
136,827,517 | ||||||||
|
|
Number of Shares | Value | |||||||
Preferred Stocks and Other Equity Interests (continued) | ||||||||
Thrifts & Mortgage Finance—0.7% | ||||||||
413,381 | New York Community Bancorp, Inc., 6.38%, Series A(b) | $ | 11,545,731 | |||||
|
| |||||||
Total Preferred Stocks and Other Equity Interests (Cost $1,584,885,211) | 1,646,067,406 | |||||||
|
| |||||||
Money Market Fund—0.4% | ||||||||
5,599,736 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $5,599,736) | 5,599,736 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,590,484,947)—99.9% | 1,651,667,142 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.3% | ||||||||
5,165,940 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(c)(d) (Cost $5,165,940) | 5,165,940 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,595,650,887)—100.2% | 1,656,833,082 | |||||||
Other assets less liabilities—(0.2)% | (2,653,797 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,654,179,285 | ||||||
|
|
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, 2017. |
(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, 2017. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
This Fund has holdings greater than 10% of net assets in the following country:
United Kingdom | 14.3 | % |
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, 2017
(Unaudited)
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Multi-Utilities | 13.2 | |||
Oil, Gas & Consumable Fuels | 9.7 | |||
Electric Utilities | 8.3 | |||
Tobacco | 7.7 | |||
Insurance | 7.1 | |||
Diversified Telecommunication Services | 4.8 | |||
Banks | 4.5 | |||
Energy Equipment & Services | 4.3 | |||
Specialty Retail | 4.1 | |||
Food Products | 3.9 | |||
Semiconductors & Semiconductor Equipment | 3.8 | |||
Capital Markets | 3.4 | |||
Hotels, Restaurants & Leisure | 2.9 | |||
Multi-line Retail | 2.4 | |||
IT Services | 2.2 | |||
Metals & Mining | 2.1 | |||
Media | 1.9 | |||
Electrical Equipment | 1.8 | |||
Health Care Providers & Services | 1.6 | |||
Beverages | 1.6 | |||
Machinery | 1.6 | |||
Food & Staples Retailing | 1.5 | |||
Textiles, Apparel & Luxury Goods | 1.5 | |||
Gas Utilities | 1.4 | |||
Household Products | 1.4 | |||
Personal Products | 1.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Banks—4.5% | ||||||||
1,101,567 | People’s United Financial, Inc. | $ | 20,555,240 | |||||
525,949 | United Bankshares, Inc. | 18,907,867 | ||||||
|
| |||||||
39,463,107 | ||||||||
|
| |||||||
Beverages—1.6% | ||||||||
311,274 | Coca-Cola Co. (The) | 14,312,378 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Capital Markets—3.4% | ||||||||
475,819 | Invesco Ltd.(b) | $ | 17,029,562 | |||||
139,904 | T. Rowe Price Group, Inc. | 12,997,082 | ||||||
|
| |||||||
30,026,644 | ||||||||
|
| |||||||
Diversified Telecommunication Services—4.8% | ||||||||
623,238 | AT&T, Inc. | 20,971,959 | ||||||
450,223 | Verizon Communications, Inc. | 21,552,175 | ||||||
|
| |||||||
42,524,134 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Electric Utilities—8.3% | ||||||||
203,315 | Duke Energy Corp. | $ | 17,954,748 | |||||
425,319 | OGE Energy Corp. | 15,668,752 | ||||||
451,471 | PPL Corp. | 16,957,251 | ||||||
439,052 | Southern Co. (The) | 22,918,514 | ||||||
|
| |||||||
73,499,265 | ||||||||
|
| |||||||
Electrical Equipment—1.8% | ||||||||
247,041 | Emerson Electric Co. | 15,924,263 | ||||||
|
| |||||||
Energy Equipment & Services—4.3% | ||||||||
700,502 | Helmerich & Payne, Inc.(c) | 38,044,264 | ||||||
|
| |||||||
Food & Staples Retailing—1.5% | ||||||||
149,376 | Wal-Mart Stores, Inc. | 13,042,018 | ||||||
|
| |||||||
Food Products—3.9% | ||||||||
981,066 | Flowers Foods, Inc. | 18,669,686 | ||||||
305,149 | General Mills, Inc. | 15,843,336 | ||||||
|
| |||||||
34,513,022 | ||||||||
|
| |||||||
Gas Utilities—1.4% | ||||||||
191,813 | Northwest Natural Gas Co. | 12,726,792 | ||||||
|
| |||||||
Health Care Providers & Services—1.6% | ||||||||
588,875 | Owens & Minor, Inc. | 14,468,659 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure—2.9% | ||||||||
94,368 | Cracker Barrel Old Country Store, Inc.(c) | 14,733,676 | ||||||
65,900 | McDonald’s Corp. | 10,999,369 | ||||||
|
| |||||||
25,733,045 | ||||||||
|
| |||||||
Household Products—1.4% | ||||||||
143,190 | Procter & Gamble Co. (The) | 12,363,024 | ||||||
|
| |||||||
Insurance—7.1% | ||||||||
1,983,441 | AmTrust Financial Services, Inc.(c) | 24,912,019 | ||||||
337,782 | Mercury General Corp. | 18,905,659 | ||||||
932,236 | Old Republic International Corp. | 18,915,068 | ||||||
|
| |||||||
62,732,746 | ||||||||
|
| |||||||
IT Services—2.2% | ||||||||
127,155 | International Business Machines Corp. | 19,589,499 | ||||||
|
| |||||||
Machinery—1.6% | ||||||||
100,396 | Caterpillar, Inc. | 13,633,777 | ||||||
|
| |||||||
Media—1.9% | ||||||||
312,009 | Meredith Corp. | 16,536,477 | ||||||
|
| |||||||
Metals & Mining—2.1% | ||||||||
286,950 | Compass Minerals International, Inc.(c) | 18,823,920 | ||||||
|
| |||||||
Multi-line Retail—2.4% | ||||||||
365,003 | Target Corp. | 21,549,777 | ||||||
|
| |||||||
Multi-Utilities—13.2% | ||||||||
240,205 | Avista Corp. | 12,548,309 | ||||||
541,861 | CenterPoint Energy, Inc. | 16,028,249 | ||||||
173,046 | Consolidated Edison, Inc. | 14,890,608 | ||||||
214,317 | Dominion Energy, Inc. | 17,389,681 | ||||||
469,246 | MDU Resources Group, Inc. | 12,833,878 | ||||||
252,688 | NorthWestern Corp. | 14,979,345 | ||||||
292,164 | SCANA Corp. | 12,603,955 | ||||||
216,671 | WEC Energy Group, Inc. | 14,601,459 | ||||||
|
| |||||||
115,875,484 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Oil, Gas & Consumable Fuels—9.7% | ||||||||
167,280 | Chevron Corp. | $ | 19,386,079 | |||||
234,010 | Exxon Mobil Corp. | 19,504,734 | ||||||
382,541 | Occidental Petroleum Corp. | 24,700,672 | ||||||
396,002 | ONEOK, Inc. | 21,491,029 | ||||||
|
| |||||||
85,082,514 | ||||||||
|
| |||||||
Personal Products—1.3% | ||||||||
173,928 | Nu Skin Enterprises, Inc., Class A | 11,063,560 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—3.8% | ||||||||
278,097 | Maxim Integrated Products, Inc. | 14,611,217 | ||||||
361,137 | QUALCOMM, Inc. | 18,421,598 | ||||||
|
| |||||||
33,032,815 | ||||||||
|
| |||||||
Specialty Retail—4.1% | ||||||||
739,574 | Gap, Inc. (The) | 19,221,528 | ||||||
322,167 | Williams-Sonoma, Inc.(c) | 16,623,817 | ||||||
|
| |||||||
35,845,345 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods—1.5% | ||||||||
184,949 | VF Corp. | 12,881,698 | ||||||
|
| |||||||
Tobacco—7.7% | ||||||||
272,249 | Altria Group, Inc. | 17,483,831 | ||||||
294,714 | Universal Corp. | 16,901,848 | ||||||
1,595,711 | Vector Group Ltd.(c) | 33,158,874 | ||||||
|
| |||||||
67,544,553 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $851,669,613)—100.0% | 880,832,780 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—10.0% | ||||||||
88,345,103 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $88,345,103) | 88,345,103 | ||||||
|
| |||||||
Total Investments in Securities (Cost $940,014,716)—110.0% | 969,177,883 | |||||||
Other assets less liabilities—(10.0)% | (88,064,310 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 881,113,573 | ||||||
|
|
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) | All or a portion of this security was out on loan at October 31, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares International Dividend Achievers™ Portfolio (PID)
October 31, 2017
(Unaudited)
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Energy | 24.2 | |||
Financials | 20.6 | |||
Telecommunication Services | 13.1 | |||
Industrials | 12.4 | |||
Health Care | 8.7 | |||
Consumer Discretionary | 6.0 | |||
Utilities | 5.0 | |||
Information Technology | 4.7 | |||
Consumer Staples | 3.8 | |||
Materials | 1.4 | |||
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—2.5% | ||||||||
858,796 | Westpac Banking Corp. ADR(a) | $ | 21,796,242 | |||||
|
| |||||||
Brazil—1.1% | ||||||||
384,717 | Ultrapar Participacoes SA ADR | 9,190,889 | ||||||
|
| |||||||
Canada—33.5% | ||||||||
199,847 | Bank of Montreal | 15,310,279 | ||||||
225,222 | Bank of Nova Scotia (The) | 14,531,323 | ||||||
358,704 | BCE, Inc. | 16,557,777 | ||||||
134,902 | Brookfield Asset Management, Inc., Class A | 5,657,790 | ||||||
333,926 | Brookfield Infrastructure Partners LP(a) | 14,148,445 | ||||||
339,838 | Cae, Inc. | 6,018,531 | ||||||
203,819 | Canadian Imperial Bank of Commerce | 17,946,263 | ||||||
69,355 | Canadian National Railway Co. | 5,582,384 | ||||||
313,346 | Canadian Natural Resources Ltd. | 10,935,775 | ||||||
423,442 | Enbridge, Inc. | 16,285,579 | ||||||
347,972 | Fortis, Inc./Canada | 12,815,809 | ||||||
51,006 | Franco-Nevada Corp.(a) | 4,051,917 | ||||||
140,394 | Gildan Activewear, Inc., Class A | 4,296,056 | ||||||
206,150 | Imperial Oil Ltd.(a) | 6,675,137 | ||||||
178,265 | Magna International, Inc. | 9,724,356 | ||||||
165,295 | Methanex Corp. | 8,058,131 | ||||||
550,504 | Pembina Pipeline Corp. | 18,205,167 | ||||||
294,969 | Ritchie Bros. Auctioneers, Inc. | 8,267,981 | ||||||
181,285 | Royal Bank of Canada | 14,167,423 | ||||||
691,364 | Shaw Communications, Inc., Class B | 15,790,754 | ||||||
457,094 | Suncor Energy, Inc. | 15,522,912 | ||||||
422,151 | TELUS Corp.(a) | 15,290,309 | ||||||
252,702 | Thomson Reuters Corp. | 11,836,562 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
232,893 | Toronto-Dominion Bank (The) | $ | 13,239,967 | |||||
265,794 | TransCanada Corp. | 12,619,899 | ||||||
|
| |||||||
293,536,526 | ||||||||
|
| |||||||
Chile—1.4% | ||||||||
128,757 | Banco de Chile ADR(a) | 11,861,095 | ||||||
|
| |||||||
Colombia—1.0% | ||||||||
228,676 | Bancolombia SA ADR | 8,632,519 | ||||||
|
| |||||||
Denmark—1.1% | ||||||||
193,583 | Novo Nordisk A/S, Class B ADR | 9,638,498 | ||||||
|
| |||||||
France—1.4% | ||||||||
263,876 | Sanofi ADR | 12,476,057 | ||||||
|
| |||||||
Germany—1.1% | ||||||||
92,065 | Fresenius Medical Care AG & Co. KGaA ADR(a) | 4,454,105 | ||||||
47,793 | SAP SE ADR | 5,457,960 | ||||||
|
| |||||||
9,912,065 | ||||||||
|
| |||||||
Hong Kong—3.8% | ||||||||
4,813,085 | Seaspan Corp.(a) | 33,691,595 | ||||||
|
| |||||||
India—2.2% | ||||||||
100,685 | Axis Bank Ltd. GDR(b) | 4,012,297 | ||||||
20,773 | HDFC Bank Ltd. ADR | 1,917,348 | ||||||
670,028 | Infosys Ltd. ADR(a) | 9,949,916 | ||||||
107,371 | Reliance Industries Ltd. GDR(b) | 3,081,548 | ||||||
|
| |||||||
18,961,109 | ||||||||
|
| |||||||
Israel—2.7% | ||||||||
1,685,407 | Teva Pharmaceutical Industries Ltd. ADR | 23,258,617 | ||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Mexico—2.1% | ||||||||
334,753 | America Movil SAB de CV, Series L ADR | $ | 5,730,971 | |||||
132,155 | Grupo Aeroportuario del Pacifico SAB de CV ADR | 12,544,153 | ||||||
|
| |||||||
18,275,124 | ||||||||
|
| |||||||
Netherlands—0.4% | ||||||||
20,527 | ASML Holding NV | 3,710,255 | ||||||
|
| |||||||
Norway—2.2% | ||||||||
950,618 | Statoil ASA ADR(a) | 19,307,052 | ||||||
|
| |||||||
Russia—8.2% | ||||||||
495,986 | LUKOIL PJSC ADR | 26,336,856 | ||||||
3,439,982 | Mobile TeleSystems PJSC ADR | 36,498,209 | ||||||
79,647 | Novatek PJSC GDR(b) | 9,087,723 | ||||||
|
| |||||||
71,922,788 | ||||||||
|
| |||||||
South Korea—0.9% | ||||||||
6,636 | Samsung Electronics Co. Ltd. GDR(b) | 8,182,188 | ||||||
|
| |||||||
Sweden—0.9% | ||||||||
1,255,527 | Telefonaktiebolaget LM Ericsson, Class B ADR | 7,847,044 | ||||||
|
| |||||||
Switzerland—3.0% | ||||||||
544,512 | ABB Ltd. ADR(a) | 14,228,098 | ||||||
146,760 | Novartis AG ADR | 12,119,441 | ||||||
|
| |||||||
26,347,539 | ||||||||
|
| |||||||
United Kingdom—27.8% | ||||||||
763,397 | BP PLC ADR | 31,047,356 | ||||||
224,928 | British American Tobacco PLC ADR | 14,485,363 | ||||||
1,032,537 | BT Group PLC ADR(a) | 18,079,723 | ||||||
68,234 | Diageo PLC ADR(a) | 9,348,740 | ||||||
1,563,486 | Golar LNG Partners LP(a) | 34,037,090 | ||||||
417,636 | HSBC Holdings PLC ADR | 20,368,108 | ||||||
152,008 | Intercontinental Hotels Group PLC ADR(a) | 8,450,125 | ||||||
275,043 | National Grid PLC ADR(a) | 16,791,375 | ||||||
137,015 | Pentair PLC | 9,654,077 | ||||||
204,135 | Prudential PLC ADR | 10,008,739 | ||||||
426,770 | Relx NV ADR(a) | 9,645,002 | ||||||
378,360 | Relx PLC ADR(a) | 8,849,840 | ||||||
178,372 | Smith & Nephew PLC ADR | 6,824,513 | ||||||
162,048 | Unilever NV(a) | 9,392,302 | ||||||
764,270 | Vodafone Group PLC ADR | 22,148,545 | ||||||
163,706 | WPP PLC ADR(a) | 14,453,603 | ||||||
|
| |||||||
243,584,501 | ||||||||
|
| |||||||
United States—2.6% | ||||||||
27,340 | Aon PLC | 3,921,376 | ||||||
21,556 | Broadcom Ltd. | 5,688,844 | ||||||
15,642 | Shire PLC ADR | 2,309,228 | ||||||
58,078 | STERIS PLC | 5,420,420 | ||||||
35,158 | Willis Towers Watson PLC | 5,663,251 | ||||||
|
| |||||||
23,003,119 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $794,727,241)—99.9% | 875,134,822 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—17.6% | ||||||||
154,178,485 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(c)(d) (Cost $154,178,485) | $ | 154,178,485 | |||||
|
| |||||||
Total Investments in Securities (Cost $948,905,726)—117.5% | 1,029,313,307 | |||||||
Other assets less liabilities—(17.5)% | (153,093,853 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 876,219,454 | ||||||
|
|
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, 2017. |
(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, 2017 was $24,363,756, which represented 2.78% of the Fund’s Net Assets. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2017. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Statements of Assets and Liabilities
October 31, 2017
(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 in securities, at value(a) | $ | 1,308,890,306 | $ | 310,376,686 | $ | 1,646,067,406 | $ | 863,803,218 | $ | 875,134,822 | ||||||||||
Affiliated investments in securities, at value | 48,893,787 | 2,366,851 | 10,765,676 | 105,374,665 | 154,178,485 | |||||||||||||||
Cash | 45 | — | 87,805 | — | — | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | 30,903,174 | 41,521 | — | — | — | |||||||||||||||
Shares sold | 16,777,871 | — | — | — | — | |||||||||||||||
Dividends | 245,118 | 550,969 | 4,015,785 | 1,596,233 | 3,056,269 | |||||||||||||||
Securities lending | 33,701 | 827 | 16,868 | 77,893 | 112,037 | |||||||||||||||
Foreign tax reclaims | — | — | — | — | 722,033 | |||||||||||||||
Other assets | — | — | 1,798 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 1,405,744,002 | 313,336,854 | 1,660,955,338 | 970,852,009 | 1,033,203,646 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | — | 219,501 | — | 606,421 | 1,819,771 | |||||||||||||||
Payables: | ||||||||||||||||||||
Collateral upon return of securities loaned | 46,547,843 | 1,742,960 | 5,165,940 | 88,345,103 | 154,178,485 | |||||||||||||||
Investments purchased | 25,504,182 | — | — | — | 95,055 | |||||||||||||||
Shares repurchased | 22,346,021 | — | — | — | — | |||||||||||||||
Accrued advisory fees | 565,696 | 105,291 | 701,929 | 303,729 | 298,711 | |||||||||||||||
Accrued trustees’ and officer’s fees | 104,287 | 44,652 | 150,713 | 55,692 | 94,043 | |||||||||||||||
Accrued expenses | 645,646 | 163,698 | 757,471 | 427,491 | 498,127 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 95,713,675 | 2,276,102 | 6,776,053 | 89,738,436 | 156,984,192 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 1,310,030,327 | $ | 311,060,752 | $ | 1,654,179,285 | $ | 881,113,573 | $ | 876,219,454 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 1,364,059,394 | $ | 245,313,340 | $ | 1,602,844,319 | $ | 889,065,633 | $ | 1,260,221,081 | ||||||||||
Undistributed net investment income | 949,700 | 585,123 | (131,963 | ) | 268,073 | 2,865,345 | ||||||||||||||
Undistributed net realized gain (loss) | (223,042,153 | ) | (12,956,742 | ) | (9,715,266 | ) | (37,383,300 | ) | (467,273,418 | ) | ||||||||||
Net unrealized appreciation | 168,063,386 | 78,119,031 | 61,182,195 | 29,163,167 | 80,406,446 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 1,310,030,327 | $ | 311,060,752 | $ | 1,654,179,285 | $ | 881,113,573 | $ | 876,219,454 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 23,450,000 | 12,400,000 | 87,750,000 | 51,150,000 | 54,700,000 | |||||||||||||||
Net asset value | $ | 55.86 | $ | 25.09 | $ | 18.85 | $ | 17.23 | $ | 16.02 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 55.86 | $ | 25.07 | $ | 18.85 | $ | 17.23 | $ | 16.01 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments in securities, at cost | $ | 1,140,992,389 | $ | 232,159,233 | $ | 1,584,885,211 | $ | 836,920,347 | $ | 794,727,241 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments in securities, at cost | $ | 48,728,318 | $ | 2,465,273 | $ | 10,765,676 | $ | 103,094,369 | $ | 154,178,485 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | 45,268,338 | $ | 1,685,675 | $ | 4,978,776 | $ | 86,205,349 | $ | 150,088,783 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
For the six months ended October 31, 2017
(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 | $ | 11,396,776 | $ | 4,298,374 | $ | 49,747,802 | $ | 17,931,848 | $ | 22,711,362 | ||||||||||
Affiliated dividend income | 58,535 | 11,361 | 21,945 | 333,635 | 3,452 | |||||||||||||||
Securities lending income | 258,214 | 5,177 | 329,128 | 345,933 | 971,801 | |||||||||||||||
Foreign withholding tax | — | — | — | — | (1,793,866 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 11,713,525 | 4,314,912 | 50,098,875 | 18,611,416 | 21,892,749 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 3,351,612 | 624,851 | 4,245,930 | 1,847,571 | 1,689,577 | |||||||||||||||
Sub-licensing fees | 670,318 | 156,211 | 802,571 | 461,889 | 422,390 | |||||||||||||||
Accounting & administration fees | 132,466 | 28,501 | 162,818 | 97,271 | 69,063 | |||||||||||||||
Trustees’ and officer’s fees | 50,599 | 21,341 | 66,483 | 31,572 | 40,842 | |||||||||||||||
Custodian & transfer agent fees | 20,232 | 9,490 | 31,718 | 12,466 | 57,515 | |||||||||||||||
Other expenses | 74,322 | 32,465 | 91,780 | 56,539 | 64,714 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 4,299,549 | 872,859 | 5,401,300 | 2,507,308 | 2,344,101 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (959 | ) | (243 | ) | (4,484 | ) | (724 | ) | (810 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 4,298,590 | 872,616 | 5,396,816 | 2,506,584 | 2,343,291 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 7,414,935 | 3,442,296 | 44,702,059 | 16,104,832 | 19,549,458 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | 764,928 | 48,241 | (299,060 | ) | (3,072,031 | ) | (8,416,888 | ) | ||||||||||||
In-kind redemptions | 38,593,775 | 8,771,548 | 6,218,450 | 30,951,039 | 3,702,808 | |||||||||||||||
Foreign currencies | — | — | — | — | 5,260 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 39,358,703 | 8,819,789 | 5,919,390 | 27,879,008 | (4,708,820 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investment securities | 49,496,481 | 5,458,125 | (7,525,142 | ) | (17,393,188 | ) | 55,133,607 | |||||||||||||
Foreign currencies | — | — | — | — | (542 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) | 49,496,481 | 5,458,125 | (7,525,142 | ) | (17,393,188 | ) | 55,133,065 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | 88,855,184 | 14,277,914 | (1,605,752 | ) | 10,485,820 | 50,424,245 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase in net assets resulting from operations | $ | 96,270,119 | $ | 17,720,210 | $ | 43,096,307 | $ | 26,590,652 | $ | 69,973,703 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
(This Page Intentionally Left Blank)
Statements of Changes in Net Assets
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares BuyBack Achievers™ Portfolio (PKW) | PowerShares Dividend Achievers™ Portfolio (PFM) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 7,414,935 | $ | 14,904,110 | $ | 3,442,296 | $ | 6,475,790 | ||||||||
Net realized gain (loss) | 39,358,703 | 135,997,402 | 8,819,789 | 8,976,759 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 49,496,481 | 50,609,710 | 5,458,125 | 20,314,745 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 96,270,119 | 201,511,222 | 17,720,210 | 35,767,294 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (6,404,934 | ) | (20,170,488 | ) | (3,489,704 | ) | (6,990,329 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 62,594,272 | 688,393,424 | 8,701,580 | 29,541,769 | ||||||||||||
Value of shares repurchased | (204,809,784 | ) | (1,146,787,729 | ) | (25,766,419 | ) | (31,476,117 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (142,215,512 | ) | (458,394,305 | ) | (17,064,839 | ) | (1,934,348 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (52,350,327 | ) | (277,053,571 | ) | (2,834,333 | ) | 26,842,617 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 1,362,380,654 | 1,639,434,225 | 313,895,085 | 287,052,468 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,310,030,327 | $ | 1,362,380,654 | $ | 311,060,752 | $ | 313,895,085 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 949,700 | $ | (60,301 | ) | $ | 585,123 | $ | 632,531 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,150,000 | 13,550,000 | 350,000 | 1,250,000 | ||||||||||||
Shares repurchased | (3,800,000 | ) | (23,350,000 | ) | (1,050,000 | ) | (1,350,000 | ) | ||||||||
Shares outstanding, beginning of period | 26,100,000 | 35,900,000 | 13,100,000 | 13,200,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 23,450,000 | 26,100,000 | 12,400,000 | 13,100,000 | ||||||||||||
|
|
|
|
|
|
|
|
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, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||||||
$ | 44,702,059 | $ | 94,067,243 | $ | 16,104,832 | $ | 32,677,305 | $ | 19,549,458 | $ | 21,521,583 | |||||||||||
5,919,390 | 30,190,207 | 27,879,008 | 142,476,260 | (4,708,820 | ) | (89,104,790 | ) | |||||||||||||||
(7,525,142 | ) | (28,372,096 | ) | (17,393,188 | ) | (12,049,124 | ) | 55,133,065 | 117,086,827 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
43,096,307 | 95,885,354 | 26,590,652 | 163,104,441 | 69,973,703 | 49,503,620 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(44,740,036 | ) | (94,148,860 | ) | (15,804,751 | ) | (32,938,791 | ) | (20,342,893 | ) | (28,035,512 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
40,835,078 | 333,269,773 | 107,803,769 | 799,352,925 | 39,618,414 | 199,878,965 | |||||||||||||||||
(57,923,455 | ) | (298,473,329 | ) | (222,201,301 | ) | (682,576,819 | ) | (24,809,750 | ) | (111,250,849 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(17,088,377 | ) | 34,796,444 | (114,397,532 | ) | 116,776,106 | 14,808,664 | 88,628,116 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(18,732,106 | ) | 36,532,938 | (103,611,631 | ) | 246,941,756 | 64,439,474 | 110,096,224 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,672,911,391 | 1,636,378,453 | 984,725,204 | 737,783,448 | 811,779,980 | 701,683,756 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,654,179,285 | $ | 1,672,911,391 | $ | 881,113,573 | $ | 984,725,204 | $ | 876,219,454 | $ | 811,779,980 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | (131,963 | ) | $ | (93,986 | ) | $ | 268,073 | $ | (32,008 | ) | $ | 2,865,345 | $ | 3,658,780 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,150,000 | 17,650,000 | 6,300,000 | 49,500,000 | 2,550,000 | 13,650,000 | |||||||||||||||||
(3,050,000 | ) | (16,050,000 | ) | (13,050,000 | ) | (41,100,000 | ) | (1,650,000 | ) | (7,700,000 | ) | |||||||||||
88,650,000 | 87,050,000 | 57,900,000 | 49,500,000 | 53,800,000 | 47,850,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
87,750,000 | 88,650,000 | 51,150,000 | 57,900,000 | 54,700,000 | 53,800,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 21 |
|
PowerShares BuyBack AchieversTM Portfolio (PKW)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 52.20 | $ | 45.67 | $ | 48.78 | $ | 43.42 | $ | 34.60 | $ | 29.40 | ||||||||||||
Net investment income(a) | 0.30 | 0.51 | 0.56 | 0.51 | 0.39 | 0.37 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.62 | 6.70 | (3.08 | ) | 5.38 | 8.70 | 5.18 | |||||||||||||||||
Total from investment operations | 3.92 | 7.21 | (2.52 | ) | 5.89 | 9.09 | 5.55 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.68 | ) | (0.59 | ) | (0.53 | ) | (0.27 | ) | (0.35 | ) | ||||||||||||
Net asset value at end of period | $ | 55.86 | $ | 52.20 | $ | 45.67 | $ | 48.78 | $ | 43.42 | $ | 34.60 | ||||||||||||
Market price at end of period(b) | $ | 55.86 | $ | 52.19 | $ | 45.65 | $ | 48.77 | $ | 43.42 | $ | 34.61 | ||||||||||||
Net Asset Value Total Return(c) | 7.53 | % | 15.92 | % | (5.18 | )% | 13.63 | % | 26.36 | % | 19.08 | % | ||||||||||||
Market Price Total Return(c) | 7.55 | % | 15.96 | % | (5.20 | )% | 13.61 | % | 26.32 | % | 19.11 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,310,030 | $ | 1,362,381 | $ | 1,639,434 | $ | 2,970,924 | $ | 2,905,121 | $ | 418,621 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.63 | % | 0.63 | %(e) | 0.63 | %(e) | 0.66 | %(e) | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.63 | % | 0.63 | %(e) | 0.63 | %(e) | 0.66 | %(e) | 0.70 | % | ||||||||||||
Net investment income, after Waivers | 1.11 | %(d) | 1.05 | % | 1.21 | % | 1.09 | % | 0.95 | % | 1.21 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 57 | % | 53 | % | 68 | % | 92 | % | 80 | % |
(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. |
PowerShares Dividend AchieversTM Portfolio (PFM)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.96 | $ | 21.75 | $ | 21.42 | $ | 20.50 | $ | 18.33 | $ | 15.81 | ||||||||||||
Net investment income(a) | 0.27 | 0.50 | 0.49 | 0.44 | 0.39 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain on investments | 1.13 | 2.25 | 0.33 | 0.90 | 2.16 | 2.52 | ||||||||||||||||||
Total from investment operations | 1.40 | 2.75 | 0.82 | 1.34 | 2.55 | 2.90 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.54 | ) | (0.49 | ) | (0.42 | ) | (0.38 | ) | (0.38 | ) | ||||||||||||
Net asset value at end of period | $ | 25.09 | $ | 23.96 | $ | 21.75 | $ | 21.42 | $ | 20.50 | $ | 18.33 | ||||||||||||
Market price at end of period(b) | $ | 25.07 | $ | 23.99 | $ | 21.75 | $ | 21.40 | $ | 20.50 | $ | 18.32 | ||||||||||||
Net Asset Value Total Return(c) | 5.89 | % | 12.80 | % | 3.98 | % | 6.54 | % | 14.11 | % | 18.67 | % | ||||||||||||
Market Price Total Return(c) | 5.67 | % | 12.94 | % | 4.08 | % | 6.44 | % | 14.17 | % | 18.68 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 311,061 | $ | 313,895 | $ | 287,052 | $ | 343,819 | $ | 351,557 | $ | 296,928 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(d) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.58 | % | ||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.58 | % | ||||||||||||
Net investment income, after Waivers | 2.20 | %(d) | 2.17 | % | 2.35 | % | 2.07 | % | 2.05 | % | 2.28 | % | ||||||||||||
Portfolio turnover rate(e) | 2 | % | 6 | % | 7 | % | 20 | % | 21 | % | 18 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized 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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.87 | $ | 18.80 | $ | 18.45 | $ | 17.99 | $ | 18.67 | $ | 17.79 | ||||||||||||
Net investment income(a) | 0.50 | 1.03 | 1.06 | 1.07 | 1.10 | 1.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.02 | ) | 0.07 | 0.36 | 0.45 | (0.68 | ) | 0.85 | ||||||||||||||||
Total from investment operations | 0.48 | 1.10 | 1.42 | 1.52 | 0.42 | 2.03 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.50 | ) | (1.03 | ) | (1.07 | ) | (1.06 | ) | (1.10 | ) | (1.15 | ) | ||||||||||||
Net asset value at end of period | $ | 18.85 | $ | 18.87 | $ | 18.80 | $ | 18.45 | $ | 17.99 | $ | 18.67 | ||||||||||||
Market price at end of period(b) | $ | 18.85 | $ | 18.87 | $ | 18.83 | $ | 18.46 | $ | 17.98 | $ | 18.70 | ||||||||||||
Net Asset Value Total Return(c) | 2.58 | % | 6.06 | % | 8.01 | % | 8.73 | % | 2.63 | % | 11.78 | % | ||||||||||||
Market Price Total Return(c) | 2.58 | % | 5.89 | % | 8.12 | % | 8.85 | % | 2.41 | % | 11.71 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,654,179 | $ | 1,672,911 | $ | 1,636,378 | $ | 1,471,716 | $ | 1,435,558 | $ | 1,891,452 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.64 | % | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.64 | % | ||||||||||||
Net investment income, after Waivers | 5.26 | %(d) | 5.48 | % | 5.76 | % | 5.87 | % | 6.28 | % | 6.47 | % | ||||||||||||
Portfolio turnover rate(e) | 1 | % | 8 | % | 13 | % | 9 | % | 30 | % | 18 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized 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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.01 | $ | 14.90 | $ | 13.45 | $ | 12.32 | $ | 10.77 | $ | 9.36 | ||||||||||||
Net investment income(a) | 0.30 | 0.52 | 0.48 | 0.43 | 0.42 | 0.42 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.21 | 2.12 | 1.46 | 1.13 | 1.54 | 1.41 | ||||||||||||||||||
Total from investment operations | 0.51 | 2.64 | 1.94 | 1.56 | 1.96 | 1.83 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.53 | ) | (0.49 | ) | (0.43 | ) | (0.41 | ) | (0.42 | ) | ||||||||||||
Net asset value at end of period | $ | 17.23 | $ | 17.01 | $ | 14.90 | $ | 13.45 | $ | 12.32 | $ | 10.77 | ||||||||||||
Market price at end of period(b) | $ | 17.23 | $ | 17.02 | $ | 14.91 | $ | 13.45 | $ | 12.32 | $ | 10.76 | ||||||||||||
Net Asset Value Total Return(c) | 3.05 | % | 17.95 | % | 14.92 | % | 12.89 | % | 18.61 | % | 20.16 | % | ||||||||||||
Market Price Total Return(c) | 2.99 | % | 17.94 | % | 14.99 | % | 12.89 | % | 18.72 | % | 20.05 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 881,114 | $ | 984,725 | $ | 737,783 | $ | 537,324 | $ | 393,103 | $ | 322,476 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.54 | %(d) | 0.54 | % | 0.54 | % | 0.54 | % | 0.55 | % | 0.57 | % | ||||||||||||
Expenses, prior to Waivers | 0.54 | %(d) | 0.54 | % | 0.54 | % | 0.54 | % | 0.55 | % | 0.57 | % | ||||||||||||
Net investment income, after Waivers | 3.49 | %(d) | 3.23 | % | 3.62 | % | 3.29 | % | 3.70 | % | 4.31 | % | ||||||||||||
Portfolio turnover rate(e) | 11 | % | 49 | % | 59 | % | 45 | % | 51 | % | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Financial Highlights (continued)
PowerShares International Dividend AchieversTM Portfolio (PID)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.09 | $ | 14.66 | $ | 18.42 | $ | 18.56 | $ | 17.27 | $ | 15.35 | ||||||||||||
Net investment income(a) | 0.36 | 0.44 | 0.56 | 0.51 | 0.67 | (b) | 0.40 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.95 | 0.56 | (3.78 | ) | (0.17 | ) | 1.26 | 1.93 | ||||||||||||||||
Total from investment operations | 1.31 | 1.00 | (3.22 | ) | 0.34 | 1.93 | 2.33 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.57 | ) | (0.54 | ) | (0.48 | ) | (0.64 | ) | (0.41 | ) | ||||||||||||
Net asset value at end of period | $ | 16.02 | $ | 15.09 | $ | 14.66 | $ | 18.42 | $ | 18.56 | $ | 17.27 | ||||||||||||
Market price at end of period(c) | $ | 16.01 | $ | 15.09 | $ | 14.65 | $ | 18.43 | $ | 18.58 | $ | 17.31 | ||||||||||||
Net Asset Value Total Return(d) | 8.78 | % | 7.12 | % | (17.53 | )% | 1.83 | % | 11.50 | % | 15.63 | % | ||||||||||||
Market Price Total Return(d) | 8.71 | % | 7.19 | % | (17.63 | )% | 1.77 | % | 11.35 | % | 15.75 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 876,219 | $ | 811,780 | $ | 701,684 | $ | 1,571,846 | $ | 1,160,654 | $ | 877,341 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | %(e) | 0.56 | % | 0.58 | % | 0.55 | % | 0.54 | % | 0.56 | % | ||||||||||||
Expenses, prior to Waivers | 0.55 | %(e) | 0.56 | % | 0.58 | % | 0.55 | % | 0.54 | % | 0.56 | % | ||||||||||||
Net investment income, after Waivers | 4.63 | %(e) | 3.01 | % | 3.62 | % | 2.77 | % | 3.82 | %(b) | 2.57 | % | ||||||||||||
Portfolio turnover rate(f) | 21 | % | 61 | % | 61 | % | 66 | % | 49 | % | 46 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a 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.
| 24 |
|
PowerShares Exchange-Traded Fund Trust
October 31, 2017
(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, 2017, the Trust offered fifty-three portfolios. This report includes the following portfolios:
Full Name | Short Name | |
PowerShares BuyBack Achievers™ Portfolio (PKW) | “BuyBack Achievers™ Portfolio” | |
PowerShares Dividend Achievers™ Portfolio (PFM) | “Dividend Achievers™ Portfolio” | |
PowerShares Financial Preferred Portfolio (PGF) | “Financial Preferred Portfolio” | |
PowerShares High Yield Equity Dividend Achievers™ Portfolio (PEY) | “High Yield Equity Dividend Achievers™ Portfolio” | |
PowerShares International Dividend Achievers™ Portfolio (PID) | “International Dividend Achievers™ 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 The NASDAQ Stock Market LLC, except for Shares of Financial Preferred Portfolio, which is 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 to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
BuyBack Achievers™ Portfolio | NASDAQ US BuyBack Achievers™ Index | |
Dividend Achievers™ Portfolio | NASDAQ US Broad Dividend Achievers™ Index | |
Financial Preferred Portfolio | Wells Fargo® Hybrid and Preferred Securities Financial Index | |
High Yield Equity Dividend Achievers™ Portfolio | NASDAQ US Dividend Achievers™ 50 Index | |
International Dividend Achievers™ Portfolio | NASDAQ International Dividend Achievers™ Index |
Note 2. Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
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”).
| 25 |
|
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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit
| 26 |
|
the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
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 will 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 Achievers™ 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 Mid-Capitalization Company Risk. Investing in securities of small- and mid-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 mid-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 Achievers™ Portfolio, High Yield Equity Dividend Achievers™ Portfolio and International Dividend Achievers™ 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.
Consumer Discretionary Sector Risk. At times, BuyBack Achievers™ Portfolio has concentrated its investments in the consumer discretionary sector. Companies engaged in the consumer discretionary sector are affected by fluctuations in supply and demand and changes in consumer preferences. Changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations also may adversely affect these companies.
Financial Sector Risk. For Financial Preferred Portfolio and International Dividend Achievers™ Portfolio, the market value of securities of issuers in the financial sector can be affected by factors such as adverse regulatory or economic occurrences affecting the financial sector, availability of credit, fluctuations in asset values, unstable interest rates, increased competition, continuing consolidations and development of new products and structures. Furthermore, increased government involvement in financial institutions, including measures such as taking ownership positions in such institutions, could result in a dilution in the value of the shares held by shareholders in such institutions.
Variable- and Floating-Rate Securities Risk. Financial Preferred Portfolio’s investments in variable- and floating-rate instruments are subject to credit risk and default risk, which could impair their value. Variable- and floating-rate securities also may be subject to liquidity
| 27 |
|
risk, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Securities with floating or variable interest rates may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed notes of the same maturity. Due to these securities’ variable- or floating-rate features, there can be no guarantee that they will pay a certain level of a dividend, and such securities generally will pay lower levels of income in a falling interest rate environment.
Foreign Securities Risk. For Financial Preferred Portfolio and International Dividend Achievers™ 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.
ADR and GDR Risk. International Dividend Achievers™ Portfolio may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly underlying foreign securities in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
High Yield Securities Risk. For Financial Preferred Portfolio and High Yield Equity Dividend Achievers™ 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 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 accounting principles generally accepted in the United States of America (“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.
| 28 |
|
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 from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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.
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
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 NAV 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”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and any Unaffiliated Trustee, 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 (except for Financial Preferred Portfolio and High Yield Equity Dividend Achievers™ 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. Accounting Estimates
The preparation of the financial statements in accordance with 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
| 29 |
|
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.
I. Securities Lending
During the six-month period ended October 31, 2017, each Fund 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 generally 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 accrues daily and pays monthly to the Adviser an annual fee of 0.40% of the Fund’s average daily net assets, except for BuyBack Achievers™ Portfolio and Financial Preferred Portfolio, each of which accrues daily and pays monthly to 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 Achievers™ 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 Achievers™ Portfolio and Financial Preferred Portfolio) (the “Expense Cap”), through at least August 31, 2018. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2018. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. 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, 2019, 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, 2017, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
BuyBack AchieversTM Portfolio | $ | 959 | ||
Dividend AchieversTM Portfolio | 243 | |||
Financial Preferred Portfolio | 4,484 | |||
High Yield Equity Dividend AchieversTM Portfolio | 724 | |||
International Dividend AchieversTM Portfolio | 810 |
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.
| 30 |
|
For the six-month period ended October 31, 2017, 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, Inc. | |
Dividend AchieversTM Portfolio | Nasdaq, Inc. | |
Financial Preferred Portfolio | Wells Fargo & Company | |
High Yield Equity Dividend AchieversTM Portfolio | Nasdaq, Inc. | |
International Dividend AchieversTM Portfolio | Nasdaq, 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 tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended October 31, 2017.
BuyBack AchieversTM Portfolio
Value April 30, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2017 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 1,140,509 | $ | 67,999 | $ | (123,729 | ) | $ | 46,067 | $ | 14,577 | $ | 1,145,423 | $ | 54,193 |
Dividend AchieversTM Portfolio
Value April 30, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2017 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 597,565 | $ | 21,890 | $ | (45,994 | ) | $ | 47,228 | $ | 3,202 | $ | 623,891 | $ | 10,294 |
High Yield Equity Dividend AchieversTM Portfolio
Value April 30, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2017 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 20,303,261 | $ | 2,342,562 | $ | (7,131,218 | ) | $ | 1,073,010 | $ | 441,947 | $ | 17,029,562 | $ | 330,398 |
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. |
| 31 |
|
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, 2017, 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-month period ended October 31, 2017, there were no material transfers between valuation levels.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Dividend AchieversTM Portfolio | ||||||||||||||||
Equity Securities | $ | 312,734,930 | $ | 8,607 | $ | — | $ | 312,743,537 | ||||||||
|
|
|
|
|
|
|
|
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, 2017, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||
2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||
BuyBack AchieversTM Portfolio | $ | 12,142,749 | $ | 2,107,645 | $ | 171,205,751 | $ | 35,893,177 | $ | 221,349,322 | $ | 800,254 | ||||||||||||
Dividend AchieversTM Portfolio | 14,632,363 | 2,339,194 | 59,254 | 1,376,114 | 18,406,925 | 1,008,304 | ||||||||||||||||||
Financial Preferred Portfolio | 7,354,935 | — | 1,178,343 | 2,747,704 | 11,280,982 | 9,034,558 | ||||||||||||||||||
High Yield Equity Dividend AchieversTM Portfolio | 44,815,128 | 2,187,574 | 334,066 | 8,709,029 | 56,045,797 | 81,487,358 | ||||||||||||||||||
International Dividend AchieversTM Portfolio | 145,514,837 | 11,745,409 | 148,412,554 | 118,838,966 | 424,511,766 | 59,472,841 |
* | 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, 2017, 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 | $ | 27,415,771 | $ | 28,801,609 | ||||
Dividend AchieversTM Portfolio | 5,456,109 | 5,433,706 | ||||||
Financial Preferred Portfolio | 10,964,500 | 15,871,939 | ||||||
High Yield Equity Dividend AchieversTM Portfolio | 98,502,211 | 96,682,659 | ||||||
International Dividend AchieversTM Portfolio | 176,736,680 | 177,859,629 |
| 32 |
|
For the six-month period ended October 31, 2017, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
BuyBack AchieversTM Portfolio | $ | 62,576,763 | $ | 202,309,603 | ||||
Dividend AchieversTM Portfolio | 8,696,132 | 25,589,459 | ||||||
Financial Preferred Portfolio | 39,991,902 | 57,360,656 | ||||||
High Yield Equity Dividend AchieversTM Portfolio | 107,779,564 | 223,165,566 | ||||||
International Dividend AchieversTM Portfolio | 39,616,855 | 24,809,468 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2017, the aggregate cost of investments, including any derivatives, 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 | |||||||||||||
BuyBack AchieversTM Portfolio | $ | 224,391,916 | $ | (66,712,830 | ) | $ | 157,679,086 | $ | 1,200,105,007 | |||||||
Dividend AchieversTM Portfolio | 83,797,198 | (8,984,026 | ) | 74,813,172 | 237,930,365 | |||||||||||
Financial Preferred Portfolio | 67,001,740 | (8,966,207 | ) | 58,035,533 | 1,598,797,549 | |||||||||||
High Yield Equity Dividend AchieversTM Portfolio | 65,517,326 | (45,570,670 | ) | 19,946,656 | 949,231,227 | |||||||||||
International Dividend AchieversTM Portfolio | 110,497,367 | (46,855,284 | ) | 63,642,083 | 965,671,224 |
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, any Unaffiliated Trustee, 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, each Independent Trustee or Unaffiliated 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.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
| 33 |
|
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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such 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.
| 34 |
|
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, 2017.
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, 2017 | Ending Account Value October 31, 2017 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares BuyBack AchieversTM Portfolio (PKW) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,075.50 | 0.64 | % | $ | 3.35 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.98 | 0.64 | 3.26 | ||||||||||||
PowerShares Dividend AchieversTM Portfolio (PFM) | ||||||||||||||||
Actual | 1,000.00 | 1,058.90 | 0.56 | 2.91 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||
PowerShares Financial Preferred Portfolio (PGF) | ||||||||||||||||
Actual | 1,000.00 | 1,025.80 | 0.64 | 3.27 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.98 | 0.64 | 3.26 | ||||||||||||
PowerShares High Yield Equity Dividend AchieversTM Portfolio (PEY) | ||||||||||||||||
Actual | 1,000.00 | 1,030.50 | 0.54 | 2.76 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.48 | 0.54 | 2.75 | ||||||||||||
PowerShares International Dividend AchieversTM Portfolio (PID) | ||||||||||||||||
Actual | 1,000.00 | 1,087.80 | 0.55 | 2.89 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.55 | 2.80 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2017. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
| 35 |
|
(This Page Intentionally Left Blank)
(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.powershares.com.
P-PS-SAR-1 | ||||||
©2017 Invesco PowerShares Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
powershares.com 800 983 0903 | @PowerShares |
October 31, 2017 |
2017 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 |
Industry Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
4 | ||||
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) | 6 | |||
7 | ||||
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | 9 | |||
10 | ||||
11 | ||||
13 | ||||
14 | ||||
15 | ||||
17 | ||||
18 | ||||
Statements of Assets and Liabilities | 20 | |||
Statements of Operations | 22 | |||
Statements of Changes in Net Assets | 24 | |||
Financial Highlights | 28 | |||
Notes to Financial Statements | 35 | |||
Fees and Expenses | 44 |
| 2 |
|
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Biotechnology | 81.2 | |||
Life Sciences Tools & Services | 10.8 | |||
Pharmaceuticals | 5.7 | |||
Health Care Equipment | 2.2 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Biotechnology—81.2% | ||||||||
275,463 | Acorda Therapeutics, Inc.(b) | $ | 7,320,429 | |||||
400,731 | Akebia Therapeutics, Inc.(b) | 7,273,268 | ||||||
84,301 | Alexion Pharmaceuticals, Inc.(b) | 10,087,458 | ||||||
68,343 | Amgen, Inc. | 11,975,060 | ||||||
40,689 | Biogen, Inc.(b) | 12,681,134 | ||||||
89,317 | Celgene Corp.(b) | 9,018,338 | ||||||
496,907 | Cytokinetics, Inc.(b) | 6,782,781 | ||||||
324,736 | Editas Medicine, Inc.(b)(c) | 8,053,453 | ||||||
175,551 | Emergent Biosolutions, Inc.(b) | 7,195,835 | ||||||
161,168 | Enanta Pharmaceuticals, Inc.(b) | 8,005,215 | ||||||
397,214 | Epizyme, Inc.(b)(c) | 6,633,474 | ||||||
137,582 | Esperion Therapeutics, Inc.(b) | 6,293,001 | ||||||
147,337 | FibroGen, Inc.(b) | 8,228,771 | ||||||
207,998 | Genomic Health, Inc.(b) | 6,820,254 | ||||||
156,918 | Gilead Sciences, Inc. | 11,762,573 | ||||||
671,855 | Insys Therapeutics, Inc.(b)(c) | 3,460,053 | ||||||
397,214 | Momenta Pharmaceuticals, Inc.(b) | 5,600,717 | ||||||
214,620 | Myriad Genetics, Inc.(b) | 7,357,174 | ||||||
151,386 | Repligen Corp.(b) | 5,631,559 | ||||||
594,890 | Sangamo Therapeutics, Inc.(b) | 7,376,636 | ||||||
89,442 | United Therapeutics Corp.(b) | 10,606,927 | ||||||
392,296 | Vanda Pharmaceuticals, Inc.(b) | 6,159,047 | ||||||
74,417 | Vertex Pharmaceuticals, Inc.(b) | 10,881,998 | ||||||
307,700 | Xencor, Inc.(b) | 6,086,306 | ||||||
|
| |||||||
191,291,461 | ||||||||
|
| |||||||
Health Care Equipment—2.2% | ||||||||
218,845 | Cardiovascular Systems, Inc.(b) | 5,267,599 | ||||||
|
| |||||||
Life Sciences Tools & Services—10.8% | ||||||||
52,822 | Bio-Techne Corp. | 6,920,739 | ||||||
59,884 | Illumina, Inc.(b) | 12,287,598 | ||||||
191,813 | VWR Corp.(b) | 6,349,010 | ||||||
|
| |||||||
25,557,347 | ||||||||
|
| |||||||
Pharmaceuticals—5.7% | ||||||||
179,934 | Catalent, Inc.(b) | 7,663,389 | ||||||
304,514 | Dyax Corp.(b)(d) | 338,010 | ||||||
140,479 | MyoKardia, Inc.(b) | 5,401,418 | ||||||
|
| |||||||
13,402,817 | ||||||||
|
| |||||||
Total Common Stocks (Cost $217,775,502) | 235,519,224 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
152,735 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(e) (Cost $152,735) | $ | 152,735 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $217,928,237)—100.0% | 235,671,959 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.9% | ||||||||
11,516,817 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(e)(f) (Cost $11,516,817) | 11,516,817 | ||||||
|
| |||||||
Total Investments in Securities (Cost $229,445,054)—104.9% | 247,188,776 | |||||||
Other assets less liabilities—(4.9)% | (11,622,544 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 235,566,232 | ||||||
|
|
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, 2017. |
(d) | Security valued using significant unobservable inputs (Level 3). 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, 2017. |
(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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
PowerShares Dynamic Building & Construction Portfolio (PKB)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Homebuilding | 35.8 | |||
Construction & Engineering | 18.7 | |||
Forest Products | 8.7 | |||
Home Improvement Retail | 6.7 | |||
Construction Machinery & Heavy Trucks | 5.8 | |||
Construction Materials | 5.1 | |||
Building Products | 5.1 | |||
Home Furnishings | 4.5 | |||
Industrial Machinery | 4.5 | |||
Renewable Electricity | 2.7 | |||
Multi-Utilities | 2.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Building Products—5.1% | ||||||||
233,895 | Owens Corning | $ | 19,340,778 | |||||
|
| |||||||
Construction & Engineering—18.7% | ||||||||
149,663 | Argan, Inc. | 10,289,331 | ||||||
141,259 | EMCOR Group, Inc. | 11,372,762 | ||||||
315,093 | Jacobs Engineering Group, Inc. | 18,341,564 | ||||||
594,861 | KBR, Inc. | 11,677,122 | ||||||
334,170 | Primoris Services Corp. | 9,446,986 | ||||||
366,072 | Tutor Perini Corp.(b) | 10,323,230 | ||||||
|
| |||||||
71,450,995 | ||||||||
|
| |||||||
Construction Machinery & Heavy Trucks—5.8% | ||||||||
121,710 | Oshkosh Corp. | 11,143,767 | ||||||
234,517 | Terex Corp. | 11,048,096 | ||||||
|
| |||||||
22,191,863 | ||||||||
|
| |||||||
Construction Materials—5.1% | ||||||||
319,515 | Summit Materials, Inc., Class A(b) | 10,032,771 | ||||||
121,361 | US Concrete, Inc.(b) | 9,490,430 | ||||||
|
| |||||||
19,523,201 | ||||||||
|
| |||||||
Forest Products—8.7% | ||||||||
310,081 | Boise Cascade Co.(b) | 10,992,372 | ||||||
129,946 | Deltic Timber Corp. | 12,034,299 | ||||||
374,752 | Louisiana-Pacific Corp.(b) | 10,185,759 | ||||||
|
| |||||||
33,212,430 | ||||||||
|
| |||||||
Home Furnishings—4.5% | ||||||||
65,774 | Mohawk Industries, Inc.(b) | 17,217,002 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Home Improvement Retail—6.7% | ||||||||
109,086 | Home Depot, Inc. (The) | $ | 18,084,277 | |||||
247,253 | Lumber Liquidators Holdings, Inc.(b) | 7,610,447 | ||||||
|
| |||||||
25,694,724 | ||||||||
|
| |||||||
Homebuilding—35.8% | ||||||||
457,155 | D.R. Horton, Inc. | 20,210,822 | ||||||
404,312 | KB Home | 11,090,278 | ||||||
201,694 | LGI Homes, Inc.(b)(c) | 12,168,199 | ||||||
284,873 | MDC Holdings, Inc. | 10,551,696 | ||||||
214,639 | Meritage Homes Corp.(b) | 10,452,919 | ||||||
6,021 | NVR, Inc.(b) | 19,757,129 | ||||||
649,285 | PulteGroup, Inc. | 19,627,886 | ||||||
238,443 | Toll Brothers, Inc. | 10,977,916 | ||||||
160,778 | TopBuild Corp.(b) | 10,609,740 | ||||||
397,395 | William Lyon Homes, Class A(b) | 11,027,711 | ||||||
|
| |||||||
136,474,296 | ||||||||
|
| |||||||
Industrial Machinery—4.5% | ||||||||
193,058 | Ingersoll-Rand PLC | 17,104,939 | ||||||
|
| |||||||
Multi-Utilities—2.4% | ||||||||
334,028 | MDU Resources Group, Inc. | 9,135,666 | ||||||
|
| |||||||
Renewable Electricity—2.7% | ||||||||
158,145 | Ormat Technologies, Inc. | 10,268,355 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $321,666,101)—100.0% | 381,614,249 | |||||||
|
| |||||||
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.7% | ||||||||
6,414,245 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $6,414,245) | $ | 6,414,245 | |||||
|
| |||||||
Total Investments in Securities (Cost $328,080,346)—101.7% | 388,028,494 | |||||||
Other assets less liabilities—(1.7)% | (6,616,869 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 381,411,625 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Oil & Gas Exploration & Production | 58.5 | |||
Oil & Gas Refining & Marketing | 36.5 | |||
Oil & Gas Drilling | 2.6 | |||
Gas Utilities | 2.4 | |||
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% | ||||||||
Gas Utilities—2.4% | ||||||||
20,250 | National Fuel Gas Co. | $ | 1,175,513 | |||||
|
| |||||||
Oil & Gas Drilling—2.6% | ||||||||
70,570 | Unit Corp.(b) | 1,321,070 | ||||||
|
| |||||||
Oil & Gas Exploration & Production—58.5% | ||||||||
50,477 | Anadarko Petroleum Corp. | 2,492,050 | ||||||
53,781 | Apache Corp. | 2,224,920 | ||||||
47,009 | Cabot Oil & Gas Corp. | 1,302,149 | ||||||
11,860 | Cimarex Energy Co. | 1,386,790 | ||||||
49,719 | ConocoPhillips | 2,543,127 | ||||||
35,137 | Continental Resources, Inc.(b) | 1,430,427 | ||||||
69,179 | Devon Energy Corp. | 2,552,705 | ||||||
25,441 | EOG Resources, Inc. | 2,540,793 | ||||||
383,752 | EP Energy Corp., Class A(b)(c) | 1,036,130 | ||||||
19,163 | EQT Corp. | 1,198,454 | ||||||
97,128 | Laredo Petroleum, Inc.(b) | 1,157,766 | ||||||
106,850 | Marathon Oil Corp. | 1,519,407 | ||||||
50,355 | Murphy Oil Corp. | 1,346,996 | ||||||
46,803 | Newfield Exploration Co.(b) | 1,441,064 | ||||||
43,784 | Rice Energy, Inc.(b) | 1,241,276 | ||||||
212,732 | Southwestern Energy Co.(b) | 1,180,663 | ||||||
135,442 | Tellurian, Inc.(b)(c) | 1,458,710 | ||||||
146,237 | Ultra Petroleum Corp.(b) | 1,161,122 | ||||||
|
| |||||||
29,214,549 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing—36.5% | ||||||||
12,355 | Andeavor | 1,312,595 | ||||||
62,263 | CVR Energy, Inc.(c) | 1,709,119 | ||||||
159,767 | CVR Refining LP(b) | 1,813,356 | ||||||
53,063 | Delek US Holdings, Inc. | 1,382,291 | ||||||
40,632 | HollyFrontier Corp. | 1,501,352 | ||||||
42,106 | Marathon Petroleum Corp. | 2,515,412 | ||||||
68,114 | Par Pacific Holdings, Inc.(b) | 1,429,713 | ||||||
57,846 | PBF Energy, Inc., Class A(c) | 1,675,799 | ||||||
25,669 | Phillips 66 | 2,337,933 | ||||||
31,922 | Valero Energy Corp. | 2,518,327 | ||||||
|
| |||||||
18,195,897 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $46,043,545) | 49,907,029 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
52,594 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $52,594) | $ | 52,594 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $46,096,139)—100.1% | 49,959,623 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—8.3% | ||||||||
4,125,739 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $4,125,739) | 4,125,739 | ||||||
|
| |||||||
Total Investments in Securities (Cost $50,221,878)—108.4% | 54,085,362 | |||||||
Other assets less liabilities—(8.4)% | (4,169,813 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 49,915,549 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares Dynamic Food & Beverage Portfolio (PBJ)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Packaged Foods & Meats | 29.2 | |||
Food Distributors | 17.0 | |||
Soft Drinks | 14.8 | |||
Restaurants | 10.6 | |||
Agricultural Products | 7.3 | |||
Food Retail | 7.2 | |||
Distillers & Vintners | 5.5 | |||
Fertilizers & Agricultural Chemicals | 5.1 | |||
Brewers | 3.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Agricultural Products—7.3% | ||||||||
113,466 | Archer-Daniels-Midland Co. | $ | 4,637,356 | |||||
33,689 | Bunge Ltd. | 2,317,129 | ||||||
|
| |||||||
6,954,485 | ||||||||
�� |
|
| ||||||
Brewers—3.3% | ||||||||
17,502 | Boston Beer Co., Inc. (The), Class A(b) | 3,116,231 | ||||||
|
| |||||||
Distillers & Vintners—5.5% | ||||||||
23,676 | Constellation Brands, Inc., Class A | 5,187,175 | ||||||
|
| |||||||
Fertilizers & Agricultural Chemicals—5.1% | ||||||||
39,948 | Monsanto Co. | 4,837,703 | ||||||
|
| |||||||
Food Distributors—17.0% | ||||||||
81,621 | Andersons, Inc. (The) | 3,056,706 | ||||||
105,804 | SpartanNash Co. | 2,597,488 | ||||||
91,004 | Sysco Corp. | 5,061,643 | ||||||
75,331 | United Natural Foods, Inc.(b) | 2,920,583 | ||||||
93,780 | US Foods Holding Corp.(b) | 2,558,318 | ||||||
|
| |||||||
16,194,738 | ||||||||
|
| |||||||
Food Retail—7.2% | ||||||||
120,496 | Kroger Co. (The) | 2,494,267 | ||||||
115,042 | Sprouts Farmers Market, Inc.(b) | 2,127,127 | ||||||
57,339 | Weis Markets, Inc. | 2,226,473 | ||||||
|
| |||||||
6,847,867 | ||||||||
|
| |||||||
Packaged Foods & Meats—29.2% | ||||||||
40,881 | Bob Evans Farms, Inc. | 3,155,604 | ||||||
191,162 | Hostess Brands, Inc.(b) | 2,204,098 | ||||||
39,637 | John B. Sanfilippo & Son, Inc. | 2,332,638 | ||||||
68,639 | Kellogg Co. | 4,291,997 | ||||||
171,207 | Nomad Foods Ltd. (United Kingdom)(b) | 2,585,226 | ||||||
88,930 | Pilgrim’s Pride Corp.(b) | 2,826,195 | ||||||
42,561 | Pinnacle Foods, Inc. | 2,316,170 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Packaged Foods & Meats (continued) | ||||||||
18,604 | Sanderson Farms, Inc. | $ | 2,782,600 | |||||
603 | Seaboard Corp. | 2,653,272 | ||||||
69,867 | Snyder’s-Lance, Inc. | 2,629,095 | ||||||
|
| |||||||
27,776,895 | ||||||||
|
| |||||||
Restaurants—10.6% | ||||||||
297,362 | Arcos Dorados Holdings, Inc., Class A (Uruguay)(b) | 2,973,620 | ||||||
29,423 | McDonald’s Corp. | 4,910,993 | ||||||
32,902 | Papa John’s International, Inc. | 2,238,981 | ||||||
|
| |||||||
10,123,594 | ||||||||
|
| |||||||
Soft Drinks—14.8% | ||||||||
12,212 | Coca-Cola Bottling Co. Consolidated | 2,754,539 | ||||||
102,645 | Coca-Cola Co. (The) | 4,719,617 | ||||||
22,161 | National Beverage Corp. | 2,169,562 | ||||||
40,104 | PepsiCo, Inc. | 4,420,664 | ||||||
|
| |||||||
14,064,382 | ||||||||
|
| |||||||
Total Common Stocks (Cost $93,085,208) | 95,103,070 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
123,943 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $123,943) | 123,943 | ||||||
|
| |||||||
Total Investments in Securities (Cost $93,209,151)—100.1% | 95,227,013 | |||||||
Other assets less liabilities—(0.1)% | (106,419 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 95,120,594 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
PowerShares Dynamic Food & Beverage Portfolio (PBJ) (continued)
October 31, 2017
(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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown as of October 31, 2017 | ||||
Casinos & Gaming | 28.4 | |||
Hotels, Resorts & Cruise Lines | 24.3 | |||
Restaurants | 15.1 | |||
Airlines | 12.9 | |||
Movies & Entertainment | 7.5 | |||
Internet & Direct Marketing Retail | 7.2 | |||
Broadcasting | 4.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.1% | ||||||||
Airlines—12.9% | ||||||||
63,892 | Hawaiian Holdings, Inc.(b) | $ | 2,140,382 | |||||
139,745 | JetBlue Airways Corp.(b) | 2,676,117 | ||||||
84,323 | SkyWest, Inc. | 3,971,613 | ||||||
80,593 | United Continental Holdings, Inc.(b) | 4,713,079 | ||||||
|
| |||||||
13,501,191 | ||||||||
|
| |||||||
Broadcasting—4.7% | ||||||||
45,373 | AMC Networks, Inc., Class A(b) | 2,308,578 | ||||||
31,473 | Scripps Networks Interactive, Inc., Class A | 2,621,071 | ||||||
|
| |||||||
4,929,649 | ||||||||
|
| |||||||
Casinos & Gaming—28.4% | ||||||||
103,673 | Boyd Gaming Corp. | 3,030,362 | ||||||
14,051 | Churchill Downs, Inc. | 2,930,336 | ||||||
82,253 | Las Vegas Sands Corp. | 5,213,195 | ||||||
157,049 | MGM Resorts International | 4,923,486 | ||||||
129,317 | Penn National Gaming, Inc.(b) | 3,373,881 | ||||||
137,612 | Pinnacle Entertainment, Inc.(b) | 3,560,022 | ||||||
77,327 | Scientific Games Corp., Class A(b) | 3,680,765 | ||||||
20,155 | Wynn Resorts Ltd. | 2,972,661 | ||||||
|
| |||||||
29,684,708 | ||||||||
|
| |||||||
Hotels, Resorts & Cruise Lines—24.3% | ||||||||
74,621 | Hilton Grand Vacations, Inc.(b) | 3,056,476 | ||||||
78,763 | Hilton Worldwide Holdings, Inc. | 5,692,990 | ||||||
47,240 | Hyatt Hotels Corp., Class A(b) | 2,960,058 | ||||||
102,259 | ILG, Inc. | 3,034,025 | ||||||
46,818 | Norwegian Cruise Line Holdings Ltd.(b) | 2,610,103 | ||||||
41,107 | Royal Caribbean Cruises Ltd. | 5,087,813 | ||||||
27,873 | Wyndham Worldwide Corp. | 2,978,230 | ||||||
|
| |||||||
25,419,695 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail—7.2% | ||||||||
49,766 | Liberty Expedia Holdings, Inc., Class A(b) | 2,294,213 | ||||||
2,723 | Priceline Group, Inc. (The)(b) | 5,206,267 | ||||||
|
| |||||||
7,500,480 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Movies & Entertainment—7.5% | ||||||||
68,823 | Live Nation Entertainment, Inc.(b) | $ | 3,013,071 | |||||
48,904 | Time Warner, Inc. | 4,806,774 | ||||||
|
| |||||||
7,819,845 | ||||||||
|
| |||||||
Restaurants—15.1% | ||||||||
316,102 | Arcos Dorados Holdings, Inc., Class A (Uruguay)(b) | 3,161,020 | ||||||
45,273 | Dave & Buster’s Entertainment, Inc.(b) | 2,182,159 | ||||||
31,273 | McDonald’s Corp. | 5,219,776 | ||||||
34,973 | Papa John’s International, Inc. | 2,379,913 | ||||||
181,629 | Wendy’s Co. (The) | 2,762,577 | ||||||
|
| |||||||
15,705,445 | ||||||||
|
| |||||||
Total Common Stocks (Cost $98,599,050) | 104,561,013 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
28,888 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $28,888) | 28,888 | ||||||
|
| |||||||
Total Investments in Securities (Cost $98,627,938)—100.1% | 104,589,901 | |||||||
Other assets less liabilities—(0.1)% | (86,395 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 104,503,506 | ||||||
|
|
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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
PowerShares Dynamic Media Portfolio (PBS)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Internet Software & Services | 20.5 | |||
Broadcasting | 18.5 | |||
Cable & Satellite | 16.2 | |||
Movies & Entertainment | 12.3 | |||
Publishing | 11.7 | |||
Internet & Direct Marketing Retail | 9.3 | |||
Advertising | 8.4 | |||
Diversified Support Services | 3.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Advertising—8.4% | ||||||||
83,555 | Emerald Expositions Events, Inc. | $ | 1,945,996 | |||||
89,869 | Interpublic Group of Cos., Inc. (The) | 1,729,978 | ||||||
24,602 | Omnicom Group, Inc. | 1,653,009 | ||||||
|
| |||||||
5,328,983 | ||||||||
|
| |||||||
Broadcasting—18.5% | ||||||||
30,160 | AMC Networks, Inc., Class A(b) | 1,534,541 | ||||||
51,479 | CBS Corp., Class B | 2,889,001 | ||||||
125,626 | Gray Television, Inc.(b) | 1,955,997 | ||||||
29,303 | Nexstar Media Group, Inc., Class A | 1,869,531 | ||||||
20,924 | Scripps Networks Interactive, Inc., Class A | 1,742,551 | ||||||
45,100 | Tribune Media Co., Class A | 1,845,943 | ||||||
|
| |||||||
11,837,564 | ||||||||
|
| |||||||
Cable & Satellite—16.2% | ||||||||
8,462 | Charter Communications, Inc., Class A(b) | 2,827,746 | ||||||
57,466 | DISH Network Corp., Class A(b) | 2,789,400 | ||||||
86,996 | MSG Networks, Inc., Class A(b) | 1,509,380 | ||||||
590,238 | Sirius XM Holdings, Inc. | 3,210,895 | ||||||
|
| |||||||
10,337,421 | ||||||||
|
| |||||||
Diversified Support Services—3.1% | ||||||||
33,582 | Viad Corp. | 1,949,435 | ||||||
|
| |||||||
Internet & Direct Marketing Retail—9.3% | ||||||||
440,312 | Groupon, Inc., Class A(b) | 2,100,288 | ||||||
19,588 | Netflix, Inc.(b) | 3,847,671 | ||||||
|
| |||||||
5,947,959 | ||||||||
|
| |||||||
Internet Software & Services—20.5% | ||||||||
129,706 | Bankrate, Inc.(b) | 1,802,913 | ||||||
74,238 | Cars.Com, Inc.(b) | 1,768,349 | ||||||
6,318 | CoStar Group, Inc.(b) | 1,868,549 | ||||||
19,633 | Facebook, Inc., Class A(b) | 3,535,118 | ||||||
17,104 | IAC/InterActiveCorp.(b) | 2,207,271 | ||||||
46,287 | Zillow Group, Inc., Class A(b) | 1,912,116 | ||||||
|
| |||||||
13,094,316 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Movies & Entertainment—12.3% | ||||||||
32,503 | Time Warner, Inc. | $ | 3,194,720 | |||||
62,705 | Viacom, Inc., Class B | 1,506,801 | ||||||
32,444 | Walt Disney Co. (The) | 3,173,348 | ||||||
|
| |||||||
7,874,869 | ||||||||
|
| |||||||
Publishing—11.7% | ||||||||
216,966 | Gannett Co., Inc. | 1,887,604 | ||||||
33,706 | John Wiley & Sons, Inc., Class A | 1,842,033 | ||||||
98,978 | New York Times Co. (The), Class A | 1,890,480 | ||||||
136,093 | News Corp., Class A | 1,859,030 | ||||||
|
| |||||||
7,479,147 | ||||||||
|
| |||||||
Total Common Stocks (Cost $64,293,737) | 63,849,694 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
68,994 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $68,994) | 68,994 | ||||||
|
| |||||||
Total Investments in Securities (Cost $64,362,731)—100.1% | 63,918,688 | |||||||
Other assets less liabilities—(0.1)% | (75,806 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 63,842,882 | ||||||
|
|
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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares Dynamic Networking Portfolio (PXQ)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Communications Equipment | 40.6 | |||
Systems Software | 34.9 | |||
Electronic Components | 8.1 | |||
Internet Software & Services | 5.8 | |||
Technology Hardware, Storage & Peripherals | 5.1 | |||
Consumer Electronics | 2.8 | |||
Health Care Technology | 2.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Communications Equipment—40.6% | ||||||||
27,144 | ADTRAN, Inc. | $ | 572,738 | |||||
9,593 | Applied Optoelectronics, Inc.(b)(c) | 390,819 | ||||||
3,425 | Arista Networks, Inc.(c) | 684,623 | ||||||
22,126 | ARRIS International PLC(c) | 630,591 | ||||||
49,099 | Brocade Communications Systems, Inc. | 572,003 | ||||||
25,244 | Ciena Corp.(c) | 536,940 | ||||||
35,183 | Cisco Systems, Inc. | 1,201,500 | ||||||
56,114 | Extreme Networks, Inc.(c) | 673,368 | ||||||
5,093 | F5 Networks, Inc.(c) | 617,628 | ||||||
21,812 | Juniper Networks, Inc. | 541,592 | ||||||
10,439 | Lumentum Holdings, Inc.(c) | 659,223 | ||||||
12,706 | Motorola Solutions, Inc. | 1,150,401 | ||||||
18,304 | NetScout Systems, Inc.(c) | 519,834 | ||||||
9,226 | Ubiquiti Networks, Inc.(b)(c) | 573,673 | ||||||
|
| |||||||
9,324,933 | ||||||||
|
| |||||||
Consumer Electronics—2.8% | ||||||||
11,470 | Garmin Ltd. | 649,317 | ||||||
|
| |||||||
Electronic Components—8.1% | ||||||||
13,845 | Amphenol Corp., Class A | 1,204,515 | ||||||
8,176 | Belden, Inc. | 653,344 | ||||||
|
| |||||||
1,857,859 | ||||||||
|
| |||||||
Health Care Technology—2.7% | ||||||||
21,964 | Vocera Communications, Inc.(c) | 619,824 | ||||||
|
| |||||||
Internet Software & Services—5.8% | ||||||||
21,929 | Mimecast Ltd.(c) | 697,123 | ||||||
12,323 | New Relic, Inc.(c) | 632,539 | ||||||
|
| |||||||
1,329,662 | ||||||||
|
| |||||||
Systems Software—34.9% | ||||||||
33,906 | CA, Inc. | 1,097,876 | ||||||
10,068 | Check Point Software Technologies Ltd. (Israel)(c) | 1,185,104 | ||||||
41,425 | FireEye, Inc.(c) | 700,911 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Systems Software (continued) | ||||||||
16,076 | Fortinet, Inc.(c) | $ | 633,555 | |||||
13,696 | Imperva, Inc.(c) | 584,819 | ||||||
6,624 | Proofpoint, Inc.(c) | 612,124 | ||||||
13,040 | Qualys, Inc.(c) | 689,816 | ||||||
37,411 | Symantec Corp. | 1,215,858 | ||||||
10,900 | VMware, Inc., Class A(b)(c) | 1,304,621 | ||||||
|
| |||||||
8,024,684 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—5.1% | ||||||||
6,901 | Apple, Inc. | 1,166,545 | ||||||
|
| |||||||
Total Common Stocks (Cost $19,712,536) | 22,972,824 | |||||||
|
| |||||||
Money Market Fund—0.4% | ||||||||
98,175 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $98,175) | 98,175 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $19,810,711)—100.4% | 23,070,999 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—7.5% | ||||||||
1,716,289 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $1,716,289) | 1,716,289 | ||||||
|
| |||||||
Total Investments in Securities (Cost $21,527,000)—107.9% | 24,787,288 | |||||||
Other assets less liabilities—(7.9)% | (1,814,316 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 22,972,972 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
PowerShares Dynamic Networking Portfolio (PXQ) (continued)
October 31, 2017
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown | ||||
Oil & Gas Equipment & Services | 65.9 | |||
Oil & Gas Drilling | 27.3 | |||
Oil & Gas Storage & Transportation | 6.9 | |||
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% | ||||||||
Oil & Gas Drilling—27.3% | ||||||||
77,689 | Diamond Offshore Drilling, Inc.(b)(c) | $ | 1,299,737 | |||||
196,518 | Ensco PLC, Class A(b) | 1,059,232 | ||||||
35,873 | Helmerich & Payne, Inc.(b) | 1,948,263 | ||||||
130,616 | Nabors Industries Ltd. | 735,368 | ||||||
267,702 | Noble Corp. PLC(c) | 1,113,640 | ||||||
56,663 | Patterson-UTI Energy, Inc. | 1,120,794 | ||||||
91,500 | Rowan Cos. PLC, Class A(c) | 1,311,195 | ||||||
112,296 | Transocean Ltd.(c) | 1,179,108 | ||||||
|
| |||||||
9,767,337 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services—65.9% | ||||||||
63,486 | Archrock Partners LP | 841,824 | ||||||
86,468 | Archrock, Inc. | 1,037,616 | ||||||
48,301 | Baker Hughes a GE Co. | 1,518,100 | ||||||
17,868 | Core Laboratories NV(b) | 1,785,013 | ||||||
23,886 | Dril-Quip, Inc.(c) | 1,005,601 | ||||||
32,903 | Exterran Corp.(c) | 1,061,780 | ||||||
83,544 | Forum Energy Technologies, Inc.(c) | 1,203,034 | ||||||
40,867 | Halliburton Co. | 1,746,656 | ||||||
141,751 | Helix Energy Solutions Group, Inc.(c) | 966,742 | ||||||
149,858 | McDermott International, Inc.(c) | 992,060 | ||||||
52,701 | National Oilwell Varco, Inc. | 1,801,847 | ||||||
44,184 | Ncs Multistage Holdings, Inc.(b)(c) | 962,327 | ||||||
38,810 | Oceaneering International, Inc. | 784,738 | ||||||
40,595 | Oil States International, Inc.(c) | 935,715 | ||||||
85,596 | RPC, Inc.(b) | 2,080,839 | ||||||
25,211 | Schlumberger Ltd. | 1,613,504 | ||||||
35,307 | Tidewater, Inc.(c) | 962,116 | ||||||
57,112 | USA Compression Partners LP(b) | 897,229 | ||||||
406,473 | Weatherford International PLC(b)(c) | 1,410,461 | ||||||
|
| |||||||
23,607,202 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation—6.9% | ||||||||
37,191 | KNOT Offshore Partners LP (United Kingdom) | 870,269 | ||||||
233,067 | Scorpio Tankers, Inc. (Monaco) | 829,719 | ||||||
92,578 | Teekay Corp. (Bermuda)(b) | 749,882 | ||||||
|
| |||||||
2,449,870 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $40,758,242) | 35,824,409 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.2% | ||||||||
66,186 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $66,186) | $ | 66,186 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $40,824,428)—100.3% | 35,890,595 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—19.5% | ||||||||
6,986,012 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $6,986,012) | 6,986,012 | ||||||
|
| |||||||
Total Investments in Securities (Cost $47,810,440)—119.8% | 42,876,607 | |||||||
Other assets less liabilities—(19.8)% | (7,072,657 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 35,803,950 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
PowerShares Dynamic Pharmaceuticals Portfolio (PJP)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Pharmaceuticals | 57.2 | |||
Biotechnology | 42.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Biotechnology—42.8% | ||||||||
447,826 | AbbVie, Inc. | $ | 40,416,297 | |||||
765,824 | Acorda Therapeutics, Inc.(b) | 20,351,773 | ||||||
127,841 | Alexion Pharmaceuticals, Inc.(b) | 15,297,454 | ||||||
190,006 | Amgen, Inc. | 33,292,851 | ||||||
61,709 | Biogen, Inc.(b) | 19,232,227 | ||||||
248,305 | Celgene Corp.(b) | 25,071,356 | ||||||
323,784 | Eagle Pharmaceuticals, Inc.(b)(c) | 17,403,390 | ||||||
488,059 | Emergent Biosolutions, Inc.(b) | 20,005,538 | ||||||
448,077 | Enanta Pharmaceuticals, Inc.(b) | 22,255,985 | ||||||
436,263 | Gilead Sciences, Inc. | 32,702,274 | ||||||
138,870 | Ligand Pharmaceuticals, Inc.(b) | 20,184,755 | ||||||
135,636 | United Therapeutics Corp.(b) | 16,085,073 | ||||||
|
| |||||||
282,298,973 | ||||||||
|
| |||||||
Pharmaceuticals—57.2% | ||||||||
544,313 | Akorn, Inc.(b) | 17,728,274 | ||||||
78,741 | Allergan PLC | 13,955,268 | ||||||
1,141,548 | Amphastar Pharmaceuticals, Inc.(b) | 20,627,772 | ||||||
555,138 | Bristol-Myers Squibb Co. | 34,229,809 | ||||||
1,220,657 | Corcept Therapeutics, Inc.(b) | 24,034,736 | ||||||
223,354 | Eli Lilly & Co. | 18,301,627 | ||||||
2,003,873 | Endo International PLC(b) | 12,784,710 | ||||||
1,319,406 | Horizon Pharma PLC(b) | 17,891,145 | ||||||
975,846 | Impax Laboratories, Inc.(b) | 17,711,605 | ||||||
1,379,332 | Innoviva, Inc.(b) | 16,883,024 | ||||||
118,757 | Jazz Pharmaceuticals PLC(b) | 16,807,678 | ||||||
242,997 | Johnson & Johnson | 33,876,212 | ||||||
514,945 | Merck & Co., Inc. | 28,368,320 | ||||||
583,057 | Mylan NV(b) | 20,820,966 | ||||||
227,280 | Perrigo Co. PLC | 18,407,407 | ||||||
971,782 | Pfizer, Inc. | 34,070,677 | ||||||
391,424 | Supernus Pharmaceuticals, Inc.(b) | 16,283,238 | ||||||
1,194,170 | Valeant Pharmaceuticals International, Inc.(b) | 13,959,847 | ||||||
|
| |||||||
376,742,315 | ||||||||
|
| |||||||
Total Common Stocks (Cost $619,595,143) | 659,041,288 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
11,154 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $11,154) | $ | 11,154 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $619,606,297)—100.0% | 659,052,442 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.0% | ||||||||
6,737,450 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $6,737,450) | 6,737,450 | ||||||
|
| |||||||
Total Investments in Securities (Cost $626,343,747)—101.0% | 665,789,892 | |||||||
Other assets less liabilities—(1.0)% | (6,761,493 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 659,028,399 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares Dynamic Retail Portfolio (PMR)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Hypermarkets & Super Centers | 13.5 | |||
General Merchandise Stores | 10.9 | |||
Drug Retail | 10.5 | |||
Food Retail | 9.4 | |||
Automotive Retail | 9.3 | |||
Home Improvement Retail | 7.8 | |||
Homefurnishing Retail | 7.6 | |||
Apparel Retail | 5.9 | |||
Specialty Stores | 5.8 | |||
Internet & Direct Marketing Retail | 5.4 | |||
Computer & Electronics Retail | 4.5 | |||
Trading Companies & Distributors | 3.5 | |||
Forest Products | 3.4 | |||
Department Stores | 2.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Apparel Retail—5.9% | ||||||||
3,524 | Children’s Place, Inc. (The) | $ | 383,411 | |||||
15,337 | Gap, Inc. (The) | 398,609 | ||||||
|
| |||||||
782,020 | ||||||||
|
| |||||||
Automotive Retail—9.3% | ||||||||
9,832 | Camping World Holdings, Inc., Class A | 413,141 | ||||||
5,610 | CarMax, Inc.(b) | 421,311 | ||||||
3,513 | Lithia Motors, Inc., Class A | 397,601 | ||||||
|
| |||||||
1,232,053 | ||||||||
|
| |||||||
Computer & Electronics Retail—4.5% | ||||||||
10,605 | Best Buy Co., Inc. | 593,668 | ||||||
|
| |||||||
Department Stores—2.4% | ||||||||
8,158 | Nordstrom, Inc. | 323,465 | ||||||
|
| |||||||
Drug Retail—10.5% | ||||||||
8,694 | CVS Health Corp. | 595,800 | ||||||
158,184 | Rite Aid Corp.(b) | 261,004 | ||||||
8,142 | Walgreens Boots Alliance, Inc. | 539,570 | ||||||
|
| |||||||
1,396,374 | ||||||||
|
| |||||||
Food Retail—9.4% | ||||||||
31,062 | Kroger Co. (The) | 642,984 | ||||||
16,176 | Sprouts Farmers Market, Inc.(b) | 299,094 | ||||||
8,063 | Weis Markets, Inc. | 313,086 | ||||||
|
| |||||||
1,255,164 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Forest Products—3.4% | ||||||||
12,566 | Boise Cascade Co.(b) | $ | 445,465 | |||||
|
| |||||||
General Merchandise Stores—10.9% | ||||||||
7,137 | Big Lots, Inc. | 366,199 | ||||||
8,209 | Ollie’s Bargain Outlet Holdings, Inc.(b) | 366,532 | ||||||
12,090 | Target Corp. | 713,794 | ||||||
|
| |||||||
1,446,525 | ||||||||
|
| |||||||
Home Improvement Retail—7.8% | ||||||||
4,421 | Home Depot, Inc. (The) | 732,913 | ||||||
10,019 | Lumber Liquidators Holdings, Inc.(b) | 308,385 | ||||||
|
| |||||||
1,041,298 | ||||||||
|
| |||||||
Homefurnishing Retail—7.6% | ||||||||
8,181 | Aaron’s, Inc. | 301,061 | ||||||
7,881 | RH(b)(c) | 708,659 | ||||||
|
| |||||||
1,009,720 | ||||||||
|
| |||||||
Hypermarkets & Super Centers—13.5% | ||||||||
4,331 | Costco Wholesale Corp. | 697,638 | ||||||
4,400 | PriceSmart, Inc. | 368,720 | ||||||
8,366 | Wal-Mart Stores, Inc. | 730,435 | ||||||
|
| |||||||
1,796,793 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail—5.4% | ||||||||
9,941 | PetMed Express, Inc.(c) | 351,513 | ||||||
5,321 | Wayfair, Inc., Class A(b) | 371,938 | ||||||
|
| |||||||
723,451 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
PowerShares Dynamic Retail Portfolio (PMR) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Specialty Stores—5.8% | ||||||||
7,130 | Five Below, Inc.(b) | $ | 393,933 | |||||
4,083 | Tiffany & Co. | 382,250 | ||||||
|
| |||||||
776,183 | ||||||||
|
| |||||||
Trading Companies & Distributors—3.5% | ||||||||
9,080 | Rush Enterprises, Inc., Class A(b) | 461,082 | ||||||
|
| |||||||
Total Common Stocks (Cost $12,774,244) | 13,283,261 | |||||||
|
| |||||||
Money Market Fund—0.4% | ||||||||
59,539 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $59,539) | 59,539 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $12,833,783)—100.3% | 13,342,800 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—7.7% | ||||||||
1,017,847 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $1,017,847) | 1,017,847 | ||||||
|
| |||||||
Total Investments in Securities (Cost $13,851,630)—108.0% | 14,360,647 | |||||||
Other assets less liabilities—(8.0)% | (1,069,595 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 13,291,052 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares Dynamic Semiconductors Portfolio (PSI)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Semiconductors | 58.2 | |||
Semiconductor Equipment | 36.2 | |||
Electronic Components | 5.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Electronic Components—5.5% | ||||||||
46,668 | Littelfuse, Inc. | $ | 9,753,612 | |||||
485,793 | Vishay Intertechnology, Inc. | 10,808,894 | ||||||
|
| |||||||
20,562,506 | ||||||||
|
| |||||||
Semiconductor Equipment—36.2% | ||||||||
116,289 | Advanced Energy Industries, Inc.(b) | 9,852,004 | ||||||
347,330 | Applied Materials, Inc. | 19,599,832 | ||||||
330,386 | Brooks Automation, Inc. | 11,361,974 | ||||||
338,077 | Entegris, Inc. | 11,072,022 | ||||||
581,251 | FormFactor, Inc.(b) | 10,578,768 | ||||||
91,730 | KLA-Tencor Corp. | 9,988,480 | ||||||
445,557 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 10,091,866 | ||||||
52,155 | Lam Research Corp. | 10,877,968 | ||||||
103,532 | MKS Instruments, Inc. | 11,248,752 | ||||||
387,052 | Rudolph Technologies, Inc.(b) | 10,740,693 | ||||||
240,008 | Teradyne, Inc. | 10,293,943 | ||||||
368,453 | Ultra Clean Holdings, Inc.(b) | 9,402,921 | ||||||
|
| |||||||
135,109,223 | ||||||||
|
| |||||||
Semiconductors—58.2% | ||||||||
191,560 | Analog Devices, Inc. | 17,489,428 | ||||||
59,531 | Broadcom Ltd. | 15,710,826 | ||||||
149,678 | Cirrus Logic, Inc.(b) | 8,381,968 | ||||||
617,193 | Cypress Semiconductor Corp. | 9,788,681 | ||||||
307,910 | Diodes, Inc.(b) | 10,573,629 | ||||||
437,484 | Intel Corp. | 19,901,147 | ||||||
522,240 | Marvell Technology Group Ltd. (Bermuda) | 9,645,773 | ||||||
100,169 | Microchip Technology, Inc. | 9,496,021 | ||||||
502,484 | Micron Technology, Inc.(b) | 22,265,066 | ||||||
84,175 | Monolithic Power Systems, Inc. | 10,241,572 | ||||||
91,924 | NVIDIA Corp. | 19,010,803 | ||||||
135,564 | NXP Semiconductors NV (Netherlands)(b) | 15,867,766 | ||||||
507,208 | ON Semiconductor Corp.(b) | 10,813,675 | ||||||
113,154 | Silicon Laboratories, Inc.(b) | 10,738,315 | ||||||
80,815 | Skyworks Solutions, Inc. | 9,201,596 | ||||||
186,890 | Texas Instruments, Inc. | 18,070,394 | ||||||
|
| |||||||
217,196,660 | ||||||||
|
| |||||||
Total Common Stocks (Cost $276,865,427) | 372,868,389 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
214,019 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $214,019) | $ | 214,019 | |||||
|
| |||||||
Total Investments in Securities (Cost $277,079,446)-100.0% | 373,082,408 | |||||||
Other assets less liabilities—(0.0)% | (105,495 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 372,976,913 | ||||||
|
|
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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
PowerShares Dynamic Software Portfolio (PSJ)
October 31, 2017
(Unaudited)
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Application Software | 28.3 | |||
Systems Software | 23.8 | |||
Internet Software & Services | 16.7 | |||
Health Care Technology | 15.2 | |||
Home Entertainment Software | 7.8 | |||
Data Processing & Outsourced Services | 3.5 | |||
IT Consulting & Other Services | 2.5 | |||
Education Services | 2.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.1% | ||||||||
Application Software—28.3% | ||||||||
39,819 | Adobe Systems, Inc.(b) | $ | 6,974,696 | |||||
47,236 | ANSYS, Inc.(b) | 6,457,634 | ||||||
54,291 | Autodesk, Inc.(b) | 6,784,203 | ||||||
39,336 | Blackbaud, Inc. | 3,984,737 | ||||||
161,515 | Cadence Design Systems, Inc.(b) | 6,970,988 | ||||||
59,827 | Pegasystems, Inc. | 3,487,914 | ||||||
79,408 | RealPage, Inc.(b) | 3,438,366 | ||||||
|
| |||||||
38,098,538 | ||||||||
|
| |||||||
Data Processing & Outsourced Services—3.5% | ||||||||
127,651 | Square, Inc., Class A(b) | 4,747,341 | ||||||
|
| |||||||
Education Services—2.3% | ||||||||
192,567 | K12, Inc.(b) | 3,123,437 | ||||||
|
| |||||||
Health Care Technology—15.2% | ||||||||
252,742 | Allscripts Healthcare Solutions, Inc.(b) | 3,406,962 | ||||||
142,850 | HealthStream, Inc.(b) | 3,494,111 | ||||||
250,043 | Inovalon Holdings, Inc., Class A(b) | 4,188,220 | ||||||
44,958 | Medidata Solutions, Inc.(b) | 3,382,191 | ||||||
210,782 | Quality Systems, Inc.(b) | 2,965,703 | ||||||
50,713 | Veeva Systems, Inc., Class A(b) | 3,090,450 | ||||||
|
| |||||||
20,527,637 | ||||||||
|
| |||||||
Home Entertainment Software—7.8% | ||||||||
63,047 | Take-Two Interactive Software, Inc.(b) | 6,976,150 | ||||||
892,521 | Zynga, Inc., Class A(b) | 3,480,832 | ||||||
|
| |||||||
10,456,982 | ||||||||
|
| |||||||
Internet Software & Services—16.7% | ||||||||
78,362 | AppFolio, Inc., Class A(b) | 3,596,816 | ||||||
139,980 | Blucora, Inc.(b) | 3,037,566 | ||||||
161,915 | CommerceHub, Inc., Series A(b) | 3,615,562 | ||||||
141,800 | MINDBODY, Inc., Class A(b) | 4,573,050 | ||||||
80,283 | Q2 Holdings, Inc.(b) | 3,416,041 | ||||||
64,225 | Trade Desk, Inc. (The), Class A(b) | 4,233,712 | ||||||
|
| |||||||
22,472,747 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
IT Consulting & Other Services—2.5% | ||||||||
51,772 | Amdocs Ltd. | $ | 3,370,357 | |||||
|
| |||||||
Systems Software—23.8% | ||||||||
55,008 | Check Point Software Technologies Ltd. (Israel)(b) | 6,474,992 | ||||||
82,614 | Microsoft Corp. | 6,871,832 | ||||||
98,572 | Progress Software Corp. | 4,172,553 | ||||||
45,474 | Tableau Software, Inc., Class A(b) | 3,687,487 | ||||||
85,524 | Varonis Systems, Inc.(b) | 3,728,846 | ||||||
59,558 | VMware, Inc., Class A(b) | 7,128,497 | ||||||
|
| |||||||
32,064,207 | ||||||||
|
| |||||||
Total Common Stocks (Cost $110,400,630) | 134,861,246 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
8,671 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $8,671) | 8,671 | ||||||
|
| |||||||
Total Investments in Securities (Cost $110,409,301)-100.1% | 134,869,917 | |||||||
Other assets less liabilities—(0.1)% | (135,006 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 134,734,911 | ||||||
|
|
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) | 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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
(This Page Intentionally Left Blank)
| 19 |
|
Statements of Assets and Liabilities
October 31, 2017
(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 in securities, at value(a) | $ | 235,519,224 | $ | 381,614,249 | $ | 49,907,029 | $ | 95,103,070 | $ | 104,561,013 | ||||||||||
Affiliated investments in securities, at value | 11,669,552 | 6,414,245 | 4,178,333 | 123,943 | 28,888 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Securities lending | 103,112 | 8,958 | 12,140 | — | — | |||||||||||||||
Dividends | 131 | 89,749 | 26,661 | 3,226 | 19,335 | |||||||||||||||
Investments sold | — | — | — | 1,599,474 | — | |||||||||||||||
Expenses absorbed | — | — | — | — | — | |||||||||||||||
Shares sold | — | — | — | — | — | |||||||||||||||
Other assets | 422 | 4,066 | 812 | 422 | 812 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 247,292,441 | 388,131,267 | 54,124,975 | 96,830,135 | 104,610,048 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | — | 66,947 | — | — | — | |||||||||||||||
Payables: | ||||||||||||||||||||
Collateral upon return of securities loaned | 11,516,817 | 6,414,245 | 4,125,739 | — | — | |||||||||||||||
Shares repurchased | — | — | — | 1,600,707 | — | |||||||||||||||
Investments purchased | — | — | — | — | — | |||||||||||||||
Expenses recaptured | — | — | — | — | — | |||||||||||||||
Accrued advisory fees | 106,649 | 149,640 | 15,063 | 40,422 | 42,384 | |||||||||||||||
Accrued trustees’ and officer’s fees | 47,355 | 30,772 | 33,110 | 39,384 | 32,142 | |||||||||||||||
Accrued expenses | 55,388 | 58,038 | 35,514 | 29,028 | 32,016 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 11,726,209 | 6,719,642 | 4,209,426 | 1,709,541 | 106,542 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 235,566,232 | $ | 381,411,625 | $ | 49,915,549 | $ | 95,120,594 | $ | 104,503,506 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 411,272,530 | $ | 353,538,249 | $ | 160,699,738 | $ | 165,474,483 | $ | 142,030,521 | ||||||||||
Undistributed net investment income (loss) | 69,718 | 154,795 | (6,487 | ) | 43,366 | 936 | ||||||||||||||
Undistributed net realized gain (loss) | (193,519,738 | ) | (32,229,567 | ) | (114,641,186 | ) | (72,415,117 | ) | (43,489,914 | ) | ||||||||||
Net unrealized appreciation (depreciation) | 17,743,722 | 59,948,148 | 3,863,484 | 2,017,862 | 5,961,963 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 235,566,232 | $ | 381,411,625 | $ | 49,915,549 | $ | 95,120,594 | $ | 104,503,506 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 5,050,000 | 11,500,000 | 2,400,000 | 2,950,000 | 2,500,000 | |||||||||||||||
Net asset value | $ | 46.65 | $ | 33.17 | $ | 20.80 | $ | 32.24 | $ | 41.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 46.66 | $ | 33.18 | $ | 20.80 | $ | 32.21 | $ | 41.80 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments in securities, at cost | $ | 217,775,502 | $ | 321,666,101 | $ | 46,043,545 | $ | 93,085,208 | $ | 98,599,050 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments in securities, at cost | $ | 11,669,552 | $ | 6,414,245 | $ | 4,178,333 | $ | 123,943 | $ | 28,888 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | 11,087,233 | $ | 6,422,732 | $ | 4,033,337 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
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) | ||||||||||||||||||||
$ | 63,849,694 |
| $ | 22,972,824 | $ | 35,824,409 | $ | 659,041,288 | $ | 13,283,261 | $ | 372,868,389 | $ | 134,861,246 | ||||||||||||
68,994 | 1,814,464 | 7,052,198 | 6,748,604 | 1,077,386 | 214,019 | 8,671 | ||||||||||||||||||||
— | 24,162 | 19,283 | 1,362 | 1,849 | — | — | ||||||||||||||||||||
14,782 | 2,493 | 8,497 | 516,893 | 4,391 | 139,717 | 27 | ||||||||||||||||||||
10,870,656 | — | 46,238 | 3,123,550 | — | — | — | ||||||||||||||||||||
— | — | — | — | 1,945 | — | — | ||||||||||||||||||||
— | — | — | — | — | — | 6,572,435 | ||||||||||||||||||||
812 | 812 | 422 | 812 | 812 | 879 | 815 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
74,804,938 | 24,814,755 | 42,951,047 | 669,432,509 | 14,369,644 | 373,223,004 | 141,443,194 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | 32,307 | — | — | — | — | — | ||||||||||||||||||||
— | 1,716,289 | 6,986,012 | 6,737,450 | 1,017,847 | — | — | ||||||||||||||||||||
10,866,874 | — | 15,920 | 3,123,357 | — | — | — | ||||||||||||||||||||
— | 26,217 | 60,885 | — | — | — | 6,578,545 | ||||||||||||||||||||
— | — | — | — | — | 17,349 | — | ||||||||||||||||||||
28,061 | 3,376 | 8,328 | 300,754 | — | 141,884 | 54,775 | ||||||||||||||||||||
34,187 | 27,877 | 40,563 | 75,535 | 26,714 | 28,945 | 29,580 | ||||||||||||||||||||
32,934 | 35,717 | 35,389 | 167,014 | 34,031 | 57,913 | 45,383 | ||||||||||||||||||||
|
|
|
|
|
| �� |
|
|
|
|
|
|
|
| ||||||||||||
10,962,056 | 1,841,783 | 7,147,097 | 10,404,110 | 1,078,592 | 246,091 | 6,708,283 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 63,842,882 | $ | 22,972,972 | $ | 35,803,950 | $ | 659,028,399 | $ | 13,291,052 | $ | 372,976,913 | $ | 134,734,911 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 133,989,030 | $ | 52,881,365 | $ | 248,176,012 | $ | 909,113,975 | $ | 36,551,185 | $ | 288,820,678 | $ | 122,977,848 | |||||||||||||
(10,022 | ) | 27,725 | 656,019 | 372,548 | (6,751 | ) | 18,664 | (376,071 | ) | |||||||||||||||||
(69,692,083 | ) | (33,196,406 | ) | (208,094,248 | ) | (289,904,269 | ) | (23,762,399 | ) | (11,865,391 | ) | (12,327,482 | ) | |||||||||||||
(444,043 | ) | 3,260,288 | (4,933,833 | ) | 39,446,145 | 509,017 | 96,002,962 | 24,460,616 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 63,842,882 | $ | 22,972,972 | $ | 35,803,950 | $ | 659,028,399 | $ | 13,291,052 | $ | 372,976,913 | $ | 134,734,911 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 2,350,000 |
| 500,000 | 3,850,000 | 10,550,000 | 400,000 | 6,900,000 | 2,050,000 | ||||||||||||||||||
$ | 27.17 | $ | 45.95 | $ | 9.30 | $ | 62.47 | $ | 33.23 | $ | 54.05 | $ | 65.72 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 27.15 | $ | 45.96 | $ | 9.31 | $ | 62.47 | $ | 33.22 | $ | 54.09 | $ | 65.79 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 64,293,737 | $ | 19,712,536 | $ | 40,758,242 | $ | 619,595,143 | $ | 12,774,244 | $ | 276,865,427 | $ | 110,400,630 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 68,994 | $ | 1,814,464 | $ | 7,052,198 | $ | 6,748,604 | $ | 1,077,386 | $ | 214,019 | $ | 8,671 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | — |
| $ | 1,649,667 | $ | 6,836,122 | $ | 6,794,000 | $ | 1,007,963 | $ | — | $ | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 21 |
|
For the six months ended October 31, 2017
(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 | $ | 257,466 | $ | 1,434,609 | $ | 487,694 | $ | 1,304,748 | $ | 1,181,152 | ||||||||||
Affiliated dividend income | 748 | 178 | 396 | 397 | 668 | |||||||||||||||
Securities lending income | 837,722 | 23,675 | 88,363 | — | — | |||||||||||||||
Foreign withholding tax | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 1,095,936 | 1,458,462 | 576,453 | 1,305,145 | 1,181,820 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 614,735 | 800,522 | 125,117 | 303,969 | 299,333 | |||||||||||||||
Sub-licensing fees | 36,883 | 48,030 | 7,528 | 18,238 | 17,960 | |||||||||||||||
Accounting & administration fees | 23,203 | 22,675 | 18,661 | 19,369 | 18,661 | |||||||||||||||
Trustees’ and officer’s fees | 22,075 | 16,615 | 15,354 | 17,831 | 16,102 | |||||||||||||||
Professional fees | 14,413 | 13,175 | 13,506 | 14,117 | 13,599 | |||||||||||||||
Custodian & transfer agent fees | 4,162 | 2,505 | 2,499 | 2,782 | 2,405 | |||||||||||||||
Tax expense | — | — | 12,587 | — | — | |||||||||||||||
Recapture (Note 3) | — | — | — | — | — | |||||||||||||||
Other expenses | 19,732 | 11,478 | 10,950 | 15,400 | 12,725 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 735,203 | 915,000 | 206,202 | 391,706 | 380,785 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (163 | ) | (43 | ) | (36,034 | ) | (8,792 | ) | (3,808 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 735,040 | 914,957 | 170,168 | 382,914 | 376,977 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income (Loss) | 360,896 | 543,505 | 406,285 | 922,231 | 804,843 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | (24,537,604 | ) | (15,896,869 | ) | (3,033,948 | ) | (3,423,671 | ) | (6,741,198 | ) | ||||||||||
In-kind redemptions | 37,689,663 | 12,132,812 | 517,539 | 5,298,857 | 8,470,903 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 13,152,059 | (3,764,057 | ) | (2,516,409 | ) | 1,875,186 | 1,729,705 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | 6,771,715 | 41,694,132 | 3,767,039 | (8,672,855 | ) | (2,742,058 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | 19,923,774 | 37,930,075 | 1,250,630 | (6,797,669 | ) | (1,012,353 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 20,284,670 | $ | 38,473,580 | $ | 1,656,915 | $ | (5,875,438 | ) | $ | (207,510 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
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) | ||||||||||||||||||||
$ | 643,868 | $ | 106,488 | $ | 941,808 | $ | 4,409,378 | $ | 116,353 | $ | 1,325,029 | $ | 90,720 | |||||||||||||
314 | 306 | 282 | 1,705 | 280 | 643 | 330 | ||||||||||||||||||||
— | 58,597 | 49,813 | 589,523 | 28,619 | — | — | ||||||||||||||||||||
— | — | (2,822 | ) | — | — | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
644,182 | 165,391 | 989,081 | 5,000,606 | 145,252 | 1,325,672 | 91,050 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
263,328 | 63,639 | 78,514 | 1,825,877 | 34,564 | 719,673 | 288,288 | ||||||||||||||||||||
15,799 | 3,829 | 4,724 | 109,550 | 2,080 | 43,179 | 17,297 | ||||||||||||||||||||
18,661 | 18,661 | 18,661 | 87,837 | 18,661 | 19,588 | 18,645 | ||||||||||||||||||||
16,442 | 13,458 | 17,406 | 37,659 | 13,021 | 15,711 | 14,839 | ||||||||||||||||||||
13,289 | 12,877 | 13,340 | 19,888 | 12,863 | 13,140 | 13,227 | ||||||||||||||||||||
2,120 | 1,875 | 2,258 | 6,011 | 1,865 | 2,372 | 1,875 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 81,237 | — | ||||||||||||||||||||
12,687 | 8,142 | 10,223 | 45,666 | 7,552 | 11,162 | 10,941 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
342,326 | 122,481 | 145,126 | 2,132,488 | 90,606 | 906,062 | 365,112 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(10,604 | ) | (42,349 | ) | (46,247 | ) | (372 | ) | (47,116 | ) | (144 | ) | (1,937 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
331,722 | 80,132 | 98,879 | 2,132,116 | 43,490 | 905,918 | 363,175 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
312,460 | 85,259 | 890,202 | 2,868,490 | 101,762 | 419,754 | (272,125 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(5,414,930 | ) | (824,514 | ) | (5,519,614 | ) | (111,412,488 | ) | (771,179 | ) | (1,993,044 | ) | (966,789 | ) | |||||||||||||
13,152,124 | 2,215,886 | 54,704 | 39,997,023 | — | 22,024,827 | 12,804,580 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
7,737,194 | 1,391,372 | (5,464,910 | ) | (71,415,465 | ) | (771,179 | ) | 20,031,783 | 11,837,791 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(11,308,414 | ) | 67,226 | 133,877 | 95,252,667 | (369,135 | ) | 51,527,210 | 12,237,558 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(3,571,220 | ) | 1,458,598 | (5,331,033 | ) | 23,837,202 | (1,140,314 | ) | 71,558,993 | 24,075,349 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | (3,258,760 | ) | $ | 1,543,857 | $ | (4,440,831 | ) | $ | 26,705,692 | $ | (1,038,552 | ) | $ | 71,978,747 | $ | 23,803,224 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 23 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) | PowerShares Dynamic Building & Construction Portfolio (PKB) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 360,896 | $ | 2,003,126 | $ | 543,505 | $ | 372,057 | ||||||||
Net realized gain (loss) | 13,152,059 | (11,750,000 | ) | (3,764,057 | ) | 13,415,961 | ||||||||||
Net change in unrealized appreciation (depreciation) | 6,771,715 | 31,645,703 | 41,694,132 | 10,573,563 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 20,284,670 | 21,898,829 | 38,473,580 | 24,361,581 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,130,430 | ) | (1,200,757 | ) | (370,908 | ) | (485,721 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 118,768,981 | 73,446,820 | 144,916,018 | 417,784,463 | ||||||||||||
Value of shares repurchased | (132,987,817 | ) | (131,098,196 | ) | (119,602,128 | ) | (183,866,342 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (14,218,836 | ) | (57,651,376 | ) | 25,313,890 | 233,918,121 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 4,935,404 | (36,953,304 | ) | 63,416,562 | 257,793,981 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 230,630,828 | 267,584,132 | 317,995,063 | 60,201,082 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 235,566,232 | $ | 230,630,828 | $ | 381,411,625 | $ | 317,995,063 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 69,718 | $ | 839,252 | $ | 154,795 | $ | (17,802 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 2,700,000 | 1,750,000 | 4,900,000 | 15,000,000 | ||||||||||||
Shares repurchased | (3,000,000 | ) | (3,200,000 | ) | (4,150,000 | ) | (6,650,000 | ) | ||||||||
Shares outstanding, beginning of period | 5,350,000 | 6,800,000 | 10,750,000 | 2,400,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 5,050,000 | 5,350,000 | 11,500,000 | 10,750,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
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, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||||||||||||
$ | 406,285 | $ | 731,303 | $ | 922,231 | $ | 1,801,830 | $ | 804,843 | $ | 1,044,971 | $ | 312,460 | $ | 211,830 | |||||||||||||||
(2,516,409 | ) | 2,825,635 | 1,875,186 | 15,868,689 | 1,729,705 | 10,536,127 | 7,737,194 | 1,535,520 | ||||||||||||||||||||||
3,767,039 | (6,397,391 | ) | (8,672,855 | ) | (2,278,113 | ) | (2,742,058 | ) | 7,527,722 | (11,308,414 | ) | 8,137,501 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,656,915 | (2,840,453 | ) | (5,875,438 | ) | 15,392,406 | (207,510 | ) | 19,108,820 | (3,258,760 | ) | 9,884,851 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(721,116 | ) | (4,659,938 | ) | (854,714 | ) | (2,825,653 | ) | (889,674 | ) | (921,794 | ) | (382,722 | ) | (132,206 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
— | 50,986,365 | 36,327,141 | 95,111,390 | 62,576,235 | 236,681,567 | 45,231,200 | 140,220,058 | |||||||||||||||||||||||
(6,780,745 | ) | (62,407,209 | ) | (81,297,337 | ) | (261,312,296 | ) | (101,877,088 | ) | (252,721,340 | ) | (125,977,192 | ) | (92,203,321 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(6,780,745 | ) | (11,420,844 | ) | (44,970,196 | ) | (166,200,906 | ) | (39,300,853 | ) | (16,039,773 | ) | (80,745,992 | ) | 48,016,737 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(5,844,946 | ) | (18,921,235 | ) | (51,700,348 | ) | (153,634,153 | ) | (40,398,037 | ) | 2,147,253 | (84,387,474 | ) | 57,769,382 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
55,760,495 | 74,681,730 | 146,820,942 | 300,455,095 | 144,901,543 | 142,754,290 | 148,230,356 | 90,460,974 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 49,915,549 | $ | 55,760,495 | $ | 95,120,594 | $ | 146,820,942 | $ | 104,503,506 | $ | 144,901,543 | $ | 63,842,882 | $ | 148,230,356 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | (6,487 | ) | $ | 308,344 | $ | 43,366 | $ | (24,151 | ) | $ | 936 | $ | 85,767 | $ | (10,022 | ) | $ | 60,240 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
— | 2,350,000 | 1,100,000 | 2,850,000 | 1,500,000 | 6,050,000 | 1,650,000 | 5,200,000 | |||||||||||||||||||||||
(350,000 | ) | (2,900,000 | ) | (2,500,000 | ) | (7,800,000 | ) | (2,450,000 | ) | (6,600,000 | ) | (4,600,000 | ) | (3,500,000 | ) | |||||||||||||||
2,750,000 | 3,300,000 | 4,350,000 | 9,300,000 | 3,450,000 | 4,000,000 | 5,300,000 | 3,600,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,400,000 | 2,750,000 | 2,950,000 | 4,350,000 | 2,500,000 | 3,450,000 | 2,350,000 | 5,300,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 25 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares Dynamic Networking Portfolio (PXQ) | PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 85,259 | $ | 136,835 | $ | 890,202 | $ | 206,865 | ||||||||
Net realized gain (loss) | 1,391,372 | 4,014,153 | (5,464,910 | ) | (10,208,009 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 67,226 | 1,941,605 | 133,877 | 1,097,948 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 1,543,857 | 6,092,593 | (4,440,831 | ) | (8,903,196 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (178,729 | ) | (105,774 | ) | (208,748 | ) | (311,011 | ) | ||||||||
Return of capital | — | — | — | (270,928 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (178,729 | ) | (105,774 | ) | (208,748 | ) | (581,939 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 6,647,520 | 24,087,502 | 9,616,041 | 18,842,331 | ||||||||||||
Value of shares repurchased | (11,184,760 | ) | (24,118,556 | ) | (2,336,086 | ) | (21,717,430 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (4,537,240 | ) | (31,054 | ) | 7,279,955 | (2,875,099 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (3,172,112 | ) | 5,955,765 | 2,630,376 | (12,360,234 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 26,145,084 | 20,189,319 | 33,173,574 | 45,533,808 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 22,972,972 | $ | 26,145,084 | $ | 35,803,950 | $ | 33,173,574 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | 27,725 | $ | 121,195 | $ | 656,019 | $ | (25,435 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 150,000 | 600,000 | 1,000,000 | 1,500,000 | ||||||||||||
Shares repurchased | (250,000 | ) | (600,000 | ) | (250,000 | ) | (1,850,000 | ) | ||||||||
Shares outstanding, beginning of period | 600,000 | 600,000 | 3,100,000 | 3,450,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 500,000 | 600,000 | 3,850,000 | 3,100,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | PowerShares Dynamic Retail Portfolio (PMR) | PowerShares Dynamic Semiconductors Portfolio (PSI) | PowerShares Dynamic Software Portfolio (PSJ) | |||||||||||||||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||||||||||||
$ | 2,868,490 | $ | 7,687,781 | $ | 101,762 | $ | 148,044 | $ | 419,754 | $ | 630,446 | $ | (272,125 | ) | $ | (97,245 | ) | |||||||||||||
(71,415,465 | ) | (56,978,188 | ) | (771,179 | ) | (1,615,595 | ) | 20,031,783 | 10,507,591 | 11,837,791 | 9,309,690 | |||||||||||||||||||
95,252,667 | 27,322,624 | (369,135 | ) | 1,210,879 | 51,527,210 | 45,382,539 | 12,237,558 | 10,743,771 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
26,705,692 | (21,967,783 | ) | (1,038,552 | ) | (256,672 | ) | 71,978,747 | 56,520,576 | 23,803,224 | 19,956,216 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(3,242,957 | ) | (8,704,516 | ) | (99,032 | ) | (176,636 | ) | (432,294 | ) | (737,311 | ) | — | (27,911 | ) | ||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(3,242,957 | ) | (8,704,516 | ) | (99,032 | ) | (176,636 | ) | (432,294 | ) | (737,311 | ) | — | (27,911 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
104,612,740 | 127,298,859 | — | 28,684,191 | 165,975,914 | 205,868,787 | 84,694,347 | 115,699,119 | |||||||||||||||||||||||
(233,955,547 | ) | (500,243,797 | ) | — | (35,238,705 | ) | (100,244,242 | ) | (74,952,115 | ) | (75,308,030 | ) | (107,928,638 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(129,342,807 | ) | (372,944,938 | ) | — | (6,554,514 | ) | 65,731,672 | 130,916,672 | 9,386,317 | 7,770,481 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(105,880,072 | ) | (403,617,237 | ) | (1,137,584 | ) | (6,987,822 | ) | 137,278,125 | 186,699,937 | 33,189,541 | 27,698,786 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
764,908,471 | 1,168,525,708 | 14,428,636 | 21,416,458 | 235,698,788 | 48,998,851 | 101,545,370 | 73,846,584 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 659,028,399 | $ | 764,908,471 | $ | 13,291,052 | $ | 14,428,636 | $ | 372,976,913 | $ | 235,698,788 | $ | 134,734,911 | $ | 101,545,370 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 372,548 | $ | 747,015 | $ | (6,751 | ) | $ | (9,481 | ) | $ | 18,664 | $ | 31,204 | $ | (376,071 | ) | $ | (103,946 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,800,000 | 2,050,000 | — | 800,000 | 3,600,000 | 5,800,000 | 1,450,000 | 2,400,000 | |||||||||||||||||||||||
(3,850,000 | ) | (8,250,000 | ) | — | (1,000,000 | ) | (2,250,000 | ) | (2,250,000 | ) | (1,300,000 | ) | (2,250,000 | ) | ||||||||||||||||
12,600,000 | 18,800,000 | 400,000 | 600,000 | 5,550,000 | 2,000,000 | 1,900,000 | 1,750,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
10,550,000 | 12,600,000 | 400,000 | 400,000 | 6,900,000 | 5,550,000 | 2,050,000 | 1,900,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 43.11 | $ | 39.35 | $ | 52.98 | $ | 39.71 | $ | 28.26 | $ | 22.26 | ||||||||||||
Net investment income (loss)(a) | 0.07 | 0.33 | 0.50 | 0.34 | 0.03 | (0.05 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.69 | 3.63 | (13.56 | ) | 13.21 | 11.42 | 6.05 | |||||||||||||||||
Total from investment operations | 3.76 | 3.96 | (13.06 | ) | 13.55 | 11.45 | 6.00 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.20 | ) | (0.57 | ) | (0.28 | ) | — | — | ||||||||||||||
Net asset value at end of period | $ | 46.65 | $ | 43.11 | $ | 39.35 | $ | 52.98 | $ | 39.71 | $ | 28.26 | ||||||||||||
Market price at end of period(b) | $ | 46.66 | $ | 43.13 | $ | 39.35 | $ | 52.95 | $ | 39.68 | $ | 28.27 | ||||||||||||
Net Asset Value Total Return:(c) | 8.75 | % | 10.09 | % | (24.92 | )% | 34.25 | % | 40.52 | % | 26.96 | % | ||||||||||||
Market Price Total Return(c) | 8.73 | % | 10.15 | % | (24.88 | )% | 34.28 | % | 40.36 | % | 27.29 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 235,566 | $ | 230,631 | $ | 267,584 | $ | 511,262 | $ | 361,320 | $ | 155,453 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.58 | % | 0.58 | % | 0.57 | % | 0.59 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.60 | %(d) | 0.58 | % | 0.58 | % | 0.57 | % | 0.59 | % | 0.63 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.29 | %(d) | 0.81 | % | 1.00 | % | 0.69 | % | 0.09 | % | (0.20 | )% | ||||||||||||
Portfolio turnover rate(e) | 83 | % | 69 | % | 74 | % | 95 | % | 64 | % | 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 Building & Construction Portfolio (PKB)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.58 | $ | 25.08 | $ | 22.99 | $ | 22.09 | $ | 19.65 | $ | 14.23 | ||||||||||||
Net investment income(a) | 0.05 | 0.07 | 0.04 | 0.03 | 0.00 | (b) | 0.07 | |||||||||||||||||
Net realized and unrealized gain on investments | 3.58 | 4.52 | 2.08 | 0.89 | 2.44 | 5.44 | ||||||||||||||||||
Total from investment operations | 3.63 | 4.59 | 2.12 | 0.92 | 2.44 | 5.51 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.04 | ) | (0.09 | ) | (0.03 | ) | (0.02 | ) | — | (0.09 | ) | |||||||||||||
Net asset value at end of period | $ | 33.17 | $ | 29.58 | $ | 25.08 | $ | 22.99 | $ | 22.09 | $ | 19.65 | ||||||||||||
Market price at end of period(c) | $ | 33.18 | $ | 29.60 | $ | 25.08 | $ | 22.98 | $ | 22.10 | $ | 19.63 | ||||||||||||
Net Asset Value Total Return:(d) | 12.27 | % | 18.33 | % | 9.21 | % | 4.17 | % | 12.42 | % | 38.85 | % | ||||||||||||
Market Price Total Return(d) | 12.23 | % | 18.41 | % | 9.26 | % | 4.08 | % | 12.58 | % | 39.01 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 381,412 | $ | 317,995 | $ | 60,201 | $ | 55,177 | $ | 123,688 | $ | 104,121 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.57 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.57 | %(e) | 0.63 | % | 0.68 | % | 0.65 | % | 0.63 | % | 0.69 | % | ||||||||||||
Net investment income, after Waivers | 0.34 | %(e) | 0.24 | % | 0.18 | % | 0.15 | % | 0.01 | % | 0.44 | % | ||||||||||||
Portfolio turnover rate(f) | 81 | % | 129 | % | 90 | % | 96 | % | 117 | % | 95 | % |
(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.
| 28 |
|
Financial Highlights (continued)
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.28 | $ | 22.63 | $ | 31.78 | $ | 37.76 | $ | 30.27 | $ | 24.58 | ||||||||||||
Net investment income(a) | 0.16 | 0.24 | 0.51 | 0.39 | 0.48 | 0.53 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.64 | (1.15 | ) | (9.04 | ) | (5.84 | ) | 7.55 | 5.81 | |||||||||||||||
Total from investment operations | 0.80 | (0.91 | ) | (8.53 | ) | (5.45 | ) | 8.03 | 6.34 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | (1.44 | ) | (0.62 | ) | (0.53 | ) | (0.54 | ) | (0.65 | ) | ||||||||||||
Net asset value at end of period | $ | 20.80 | $ | 20.28 | $ | 22.63 | $ | 31.78 | $ | 37.76 | $ | 30.27 | ||||||||||||
Market price at end of period(b) | $ | 20.80 | $ | 20.28 | $ | 22.63 | $ | 31.77 | $ | 37.76 | $ | 30.23 | ||||||||||||
Net Asset Value Total Return:(c) | 4.05 | % | (3.96 | )% | (26.93 | )% | (14.51 | )% | 26.93 | % | 26.14 | % | ||||||||||||
Market Price Total Return(c) | 4.06 | % | (3.96 | )% | (26.91 | )% | (14.54 | )% | 27.10 | % | 26.03 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 49,916 | $ | 55,760 | $ | 74,682 | $ | 117,593 | $ | 130,273 | $ | 104,427 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.68 | %(d) | 0.80 | %(e) | 0.65 | % | 0.64 | % | 0.64 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.82 | %(d) | 0.88 | %(e) | 0.67 | % | 0.64 | % | 0.64 | % | 0.69 | % | ||||||||||||
Net investment income, after Waivers | 1.62 | %(d) | 1.13 | % | 2.09 | % | 1.20 | % | 1.46 | % | 1.97 | % | ||||||||||||
Portfolio turnover rate(f) | 55 | % | 91 | % | 134 | % | 140 | % | 96 | % | 80 | % |
(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) | Expenses, after Waivers and Expenses, prior to Waivers include state income taxes paid during the fiscal year ended April 30, 2017. Expenses, after Waivers and Expenses, prior to Waivers excluding the taxes paid are 0.63% and 0.71%, respectively. |
(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 Dynamic Food & Beverage Portfolio (PBJ)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.75 | $ | 32.31 | $ | 31.45 | $ | 26.98 | $ | 23.62 | $ | 19.77 | ||||||||||||
Net investment income(a) | 0.25 | 0.33 | 0.39 | 0.31 | 0.38 | 0.26 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.52 | ) | 1.61 | 0.88 | 4.58 | 3.19 | 3.92 | |||||||||||||||||
Total from investment operations | (1.27 | ) | 1.94 | 1.27 | 4.89 | 3.57 | 4.18 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.50 | ) | (0.41 | ) | (0.42 | ) | (0.21 | ) | (0.33 | ) | ||||||||||||
Net asset value at end of period | $ | 32.24 | $ | 33.75 | $ | 32.31 | $ | 31.45 | $ | 26.98 | $ | 23.62 | ||||||||||||
Market price at end of period(b) | $ | 32.21 | $ | 33.74 | $ | 32.30 | $ | 31.43 | $ | 26.99 | $ | 23.61 | ||||||||||||
Net Asset Value Total Return:(c) | (3.77 | )% | 6.03 | % | 4.06 | % | 18.25 | % | 15.16 | % | 21.45 | % | ||||||||||||
Market Price Total Return(c) | (3.84 | )% | 6.03 | % | 4.10 | % | 18.13 | % | 15.25 | % | 21.40 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 95,121 | $ | 146,821 | $ | 300,455 | $ | 265,721 | $ | 434,371 | $ | 236,226 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.59 | % | 0.58 | % | 0.58 | % | 0.61 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.59 | % | 0.58 | % | 0.58 | % | 0.61 | % | 0.63 | % | ||||||||||||
Net investment income, after Waivers | 1.52 | %(d) | 0.99 | % | 1.21 | % | 1.05 | % | 1.47 | % | 1.28 | % | ||||||||||||
Portfolio turnover rate(e) | 75 | % | 145 | % | 109 | % | 124 | % | 145 | % | 92 | % |
(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.
| 29 |
|
Financial Highlights (continued)
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 42.00 | $ | 35.69 | $ | 36.40 | $ | 32.35 | $ | 27.23 | $ | 22.18 | ||||||||||||
Net investment income(a) | 0.28 | 0.31 | 0.11 | 0.31 | 0.15 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.18 | ) | 6.26 | (0.74 | ) | 4.04 | 5.10 | 5.09 | ||||||||||||||||
Total from investment operations | 0.10 | 6.57 | (0.63 | ) | 4.35 | 5.25 | 5.21 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.26 | ) | (0.08 | ) | (0.30 | ) | (0.13 | ) | (0.16 | ) | ||||||||||||
Net asset value at end of period | $ | 41.80 | $ | 42.00 | $ | 35.69 | $ | 36.40 | $ | 32.35 | $ | 27.23 | ||||||||||||
Market price at end of period(b) | $ | 41.80 | $ | 42.00 | $ | 35.68 | $ | 36.39 | $ | 32.34 | $ | 27.21 | ||||||||||||
Net Asset Value Total Return:(c) | 0.24 | % | 18.52 | % | (1.73 | )% | 13.47 | % | 19.29 | % | 23.67 | % | ||||||||||||
Market Price Total Return(c) | 0.24 | % | 18.55 | % | (1.73 | )% | 13.47 | % | 19.34 | % | 23.47 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 104,504 | $ | 144,902 | $ | 142,754 | $ | 192,940 | $ | 177,930 | $ | 85,765 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.61 | % | 0.61 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.61 | % | 0.61 | % | 0.63 | % | 0.63 | % | 0.69 | % | ||||||||||||
Net investment income, after Waivers | 1.34 | %(d) | 0.83 | % | 0.29 | % | 0.88 | % | 0.48 | % | 0.52 | % | ||||||||||||
Portfolio turnover rate(e) | 100 | % | 183 | % | 136 | % | 187 | % | 171 | % | 93 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | 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 Media Portfolio (PBS)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.97 | $ | 25.13 | $ | 26.73 | $ | 23.81 | $ | 20.11 | $ | 14.84 | ||||||||||||
Net investment income(a) | 0.08 | 0.06 | 0.07 | 0.21 | 0.09 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.79 | ) | 2.82 | (1.45 | ) | 2.89 | 3.70 | 5.28 | ||||||||||||||||
Total from investment operations | (0.71 | ) | 2.88 | (1.38 | ) | 3.10 | 3.79 | 5.40 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.04 | ) | (0.22 | ) | (0.18 | ) | (0.09 | ) | (0.13 | ) | ||||||||||||
Net asset value at end of period | $ | 27.17 | $ | 27.97 | $ | 25.13 | $ | 26.73 | $ | 23.81 | $ | 20.11 | ||||||||||||
Market price at end of period(b) | $ | 27.15 | $ | 27.98 | $ | 25.12 | $ | 26.72 | $ | 23.79 | $ | 20.10 | ||||||||||||
Net Asset Value Total Return:(c) | (2.54 | )% | 11.49 | % | (5.18 | )% | 13.04 | % | 18.87 | % | 36.62 | % | ||||||||||||
Market Price Total Return(c) | (2.64 | )% | 11.57 | % | (5.18 | )% | 13.09 | % | 18.83 | % | 36.55 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 63,843 | $ | 148,230 | $ | 90,461 | $ | 145,668 | $ | 171,430 | $ | 150,788 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.63 | % | 0.61 | % | 0.59 | % | 0.62 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.65 | %(d) | 0.63 | % | 0.61 | % | 0.59 | % | 0.62 | % | 0.63 | % | ||||||||||||
Net investment income, after Waivers | 0.59 | %(d) | 0.21 | % | 0.26 | % | 0.84 | % | 0.38 | % | 0.71 | % | ||||||||||||
Portfolio turnover rate(e) | 76 | % | 103 | % | 124 | % | 131 | % | 120 | % | 70 | % |
(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 Networking Portfolio (PXQ)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 43.58 | $ | 33.65 | $ | 36.65 | $ | 31.20 | $ | 25.00 | $ | 27.71 | ||||||||||||
Net investment income (loss)(a) | 0.15 | 0.21 | 0.15 | (0.01 | ) | (0.04 | ) | 0.20 | (b) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.52 | 9.90 | (3.15 | ) | 5.46 | 6.44 | (2.85 | ) | ||||||||||||||||
Total from investment operations | 2.67 | 10.11 | (3.00 | ) | 5.45 | 6.40 | (2.65 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.18 | ) | — | — | (0.20 | ) | (0.06 | ) | ||||||||||||||
Net asset value at end of period | $ | 45.95 | $ | 43.58 | $ | 33.65 | $ | 36.65 | $ | 31.20 | $ | 25.00 | ||||||||||||
Market price at end of period(c) | $ | 45.96 | $ | 43.59 | $ | 33.65 | $ | 36.64 | $ | 31.19 | $ | 24.97 | ||||||||||||
Net Asset Value Total Return:(d) | 6.16 | % | 30.19 | % | (8.19 | )% | 17.47 | % | 25.69 | % | (9.57 | )% | ||||||||||||
Market Price Total Return(d) | 6.16 | % | 30.22 | % | (8.16 | )% | 17.48 | % | 25.80 | % | (9.58 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 22,973 | $ | 26,145 | $ | 20,189 | $ | 27,485 | $ | 29,643 | $ | 30,000 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.64 | % | ||||||||||||
Expenses, prior to Waivers | 0.96 | %(e) | 0.89 | % | 0.88 | % | 0.85 | % | 0.82 | % | 0.75 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.67 | %(e) | 0.55 | % | 0.42 | % | (0.02 | )% | (0.12 | )% | 0.81 | %(b) | ||||||||||||
Portfolio turnover rate(f) | 36 | % | 97 | % | 87 | % | 74 | % | 69 | % | 68 | % |
(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.
| 31 |
|
Financial Highlights (continued)
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.70 | $ | 13.20 | $ | 18.91 | $ | 28.01 | $ | 22.49 | $ | 20.48 | ||||||||||||
Net investment income(a) | 0.27 | (b) | 0.06 | 0.20 | 0.22 | 0.08 | 0.04 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.61 | ) | (2.41 | ) | (5.69 | ) | (9.07 | ) | 5.53 | (c) | 2.00 | |||||||||||||
Total from investment operations | (1.34 | ) | (2.35 | ) | (5.49 | ) | (8.85 | ) | 5.61 | 2.04 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.08 | ) | (0.22 | ) | (0.25 | ) | (0.09 | ) | (0.03 | ) | ||||||||||||
Return of capital | — | (0.07 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.06 | ) | (0.15 | ) | (0.22 | ) | (0.25 | ) | (0.09 | ) | (0.03 | ) | ||||||||||||
Net asset value at end of period | $ | 9.30 | $ | 10.70 | $ | 13.20 | $ | 18.91 | $ | 28.01 | $ | 22.49 | ||||||||||||
Market price at end of period(d) | $ | 9.31 | $ | 10.70 | $ | 13.19 | $ | 18.92 | $ | 28.00 | $ | 22.49 | ||||||||||||
Net Asset Value Total Return:(e) | (12.49 | )% | (17.99 | )% | (29.06 | )% | (31.67 | )% | 24.98 | %(c) | 9.95 | % | ||||||||||||
Market Price Total Return(e) | (12.39 | )% | (17.92 | )% | (29.15 | )% | (31.61 | )% | 24.94 | % | 9.95 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 35,804 | $ | 33,174 | $ | 45,534 | $ | 72,786 | $ | 135,849 | $ | 116,973 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(f) | 0.63 | % | 0.63 | % | 0.63 | % | 0.61 | % | 0.62 | % | ||||||||||||
Expenses, prior to Waivers | 0.92 | %(f) | 0.75 | % | 0.72 | % | 0.64 | % | 0.61 | % | 0.62 | % | ||||||||||||
Net investment income, after Waivers | 5.67 | %(b)(f) | 0.47 | % | 1.46 | % | 0.96 | % | 0.31 | % | 0.18 | % | ||||||||||||
Portfolio turnover rate(g) | 32 | % | 90 | % | 89 | % | 79 | % | 259 | %(c) | 68 | % |
(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 period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.04 and 0.91%, respectively. |
(c) | 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. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Financial Highlights (continued)
PowerShares Dynamic Pharmaceuticals Portfolio (PJP)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 60.71 | $ | 62.16 | $ | 74.40 | $ | 57.65 | $ | 40.72 | $ | 32.00 | ||||||||||||
Net investment income(a) | 0.25 | 0.48 | 0.41 | 0.32 | 0.26 | 0.54 | (b) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.79 | (1.40 | ) | (8.81 | ) | 18.42 | 16.90 | 8.72 | ||||||||||||||||
Total from investment operations | 2.04 | (0.92 | ) | (8.40 | ) | 18.74 | 17.16 | 9.26 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.53 | ) | (0.39 | ) | (0.34 | ) | (0.23 | ) | (0.54 | ) | ||||||||||||
Net realized gains | — | — | (3.45 | ) | (1.65 | ) | — | — | ||||||||||||||||
Total distributions | (0.28 | ) | (0.53 | ) | (3.84 | ) | (1.99 | ) | (0.23 | ) | (0.54 | ) | ||||||||||||
Net asset value at end of period | $ | 62.47 | $ | 60.71 | $ | 62.16 | $ | 74.40 | $ | 57.65 | $ | 40.72 | ||||||||||||
Market price at end of period(c) | $ | 62.47 | $ | 60.71 | $ | 62.14 | $ | 74.35 | $ | 57.60 | $ | 40.72 | ||||||||||||
Net Asset Value Total Return:(d) | 3.36 | % | (1.47 | )% | (11.86 | )% | 32.95 | % | 42.27 | % | 29.25 | % | ||||||||||||
Market Price Total Return(d) | 3.36 | % | (1.44 | )% | (11.83 | )% | 32.97 | % | 42.15 | % | 29.29 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 659,028 | $ | 764,908 | $ | 1,168,526 | $ | 1,926,934 | $ | 1,104,007 | $ | 468,305 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.58 | %(e) | 0.56 | % | 0.57 | % | 0.56 | % | 0.58 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.58 | %(e) | 0.56 | % | 0.57 | % | 0.56 | % | 0.58 | % | 0.63 | % | ||||||||||||
Net investment income, after Waivers | 0.79 | %(e) | 0.79 | % | 0.58 | % | 0.48 | % | 0.52 | % | 1.52 | %(b) | ||||||||||||
Portfolio turnover rate(f) | 59 | % | 26 | % | 26 | % | 47 | % | 39 | % | 24 | % |
(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. |
PowerShares Dynamic Retail Portfolio (PMR)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.07 | $ | 35.69 | $ | 38.41 | $ | 33.15 | $ | 29.12 | $ | 25.98 | ||||||||||||
Net investment income(a) | 0.25 | 0.27 | 0.25 | 0.22 | 0.32 | 0.66 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.84 | ) | 0.43 | (2.70 | ) | 5.38 | 3.99 | 3.11 | ||||||||||||||||
Total from investment operations | (2.59 | ) | 0.70 | (2.45 | ) | 5.60 | 4.31 | 3.77 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.32 | ) | (0.27 | ) | (0.34 | ) | (0.28 | ) | (0.63 | ) | ||||||||||||
Net asset value at end of period | $ | 33.23 | $ | 36.07 | $ | 35.69 | $ | 38.41 | $ | 33.15 | $ | 29.12 | ||||||||||||
Market price at end of period(b) | $ | 33.22 | $ | 36.05 | $ | 35.69 | $ | 38.42 | $ | 33.14 | $ | 29.11 | ||||||||||||
Net Asset Value Total Return:(c) | (7.20 | )% | 1.98 | % | (6.40 | )% | 16.97 | % | 14.81 | % | 14.87 | % | ||||||||||||
Market Price Total Return(c) | (7.18 | )% | 1.92 | % | (6.42 | )% | 17.04 | % | 14.81 | % | 14.83 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 13,291 | $ | 14,429 | $ | 21,416 | $ | 38,410 | $ | 24,864 | $ | 24,750 | ||||||||||||
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 | 1.31 | %(d) | 0.99 | % | 0.88 | % | 0.91 | % | 0.79 | % | 0.74 | % | ||||||||||||
Net investment income, after Waivers | 1.47 | %(d) | 0.76 | % | 0.67 | % | 0.61 | % | 0.96 | % | 2.59 | % | ||||||||||||
Portfolio turnover rate(e) | 64 | % | 152 | % | 129 | % | 111 | % | 184 | % | 83 | % |
(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.
| 33 |
|
Financial Highlights (continued)
PowerShares Dynamic Semiconductors Portfolio (PSI)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 42.47 | $ | 24.50 | $ | 26.30 | $ | 20.62 | $ | 15.22 | $ | 15.75 | ||||||||||||
Net investment income(a) | 0.07 | 0.19 | 0.10 | 0.25 | (b) | 0.10 | 0.11 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 11.58 | 18.02 | (1.86 | ) | 5.88 | 5.41 | (0.52 | ) | ||||||||||||||||
Total from investment operations | 11.65 | 18.21 | (1.76 | ) | 6.13 | 5.51 | (0.41 | ) | ||||||||||||||||
Distribution to shareholder from: | ||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.24 | ) | (0.04 | ) | (0.33 | ) | (0.11 | ) | (0.12 | ) | ||||||||||||
Return of capital | — | — | — | (0.12 | ) | — | — | |||||||||||||||||
Total distributions | (0.07 | ) | (0.24 | ) | (0.04 | ) | (0.45 | ) | (0.11 | ) | (0.12 | ) | ||||||||||||
Net asset value at end of period | $ | 54.05 | $ | 42.47 | $ | 24.50 | $ | 26.30 | $ | 20.62 | $ | 15.22 | ||||||||||||
Market price at end of period(c) | $ | 54.09 | $ | 42.51 | $ | 24.48 | $ | 26.31 | $ | 20.62 | $ | 15.19 | ||||||||||||
Net Asset Value Total Return:(d) | 27.46 | % | 74.65 | % | (6.69 | )% | 29.90 | % | 36.38 | % | (2.56 | )% | ||||||||||||
Market Price Total Return(d) | 27.43 | % | 74.96 | % | (6.80 | )% | 29.95 | % | 36.66 | % | (2.50 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 372,977 | $ | 235,699 | $ | 48,999 | $ | 78,911 | $ | 20,621 | $ | 16,744 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(e) | 0.63 | % | 0.68 | % | 0.78 | % | 1.05 | % | 1.05 | % | ||||||||||||
Net investment income, after Waivers | 0.29 | %(e) | 0.55 | % | 0.38 | % | 1.03 | %(b) | 0.55 | % | 0.77 | % | ||||||||||||
Portfolio turnover rate(f) | 33 | % | 62 | % | 104 | % | 103 | % | 126 | % | 91 | % |
(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. |
PowerShares Dynamic Software Portfolio (PSJ)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 53.44 | $ | 42.20 | $ | 42.47 | $ | 33.96 | $ | 30.16 | $ | 26.87 | ||||||||||||
Net investment income (loss)(a) | (0.14 | ) | (0.05 | ) | (0.08 | ) | 0.11 | (0.00 | )(b) | (0.01 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | 12.42 | 11.30 | (0.13 | ) | 8.44 | 3.80 | 3.30 | |||||||||||||||||
Total from investment operations | 12.28 | 11.25 | (0.21 | ) | 8.55 | 3.80 | 3.29 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.01 | ) | (0.06 | ) | (0.04 | ) | — | — | |||||||||||||||
Net asset value at end of period | $ | 65.72 | $ | 53.44 | $ | 42.20 | $ | 42.47 | $ | 33.96 | $ | 30.16 | ||||||||||||
Market price at end of period(c) | $ | 65.79 | $ | 53.39 | $ | 42.21 | $ | 42.48 | $ | 33.93 | $ | 30.12 | ||||||||||||
Net Asset Value Total Return:(d) | 22.98 | % | 26.67 | % | (0.50 | )% | 25.18 | % | 12.60 | % | 12.24 | % | ||||||||||||
Market Price Total Return(d) | 23.22 | % | 26.52 | % | (0.50 | )% | 25.32 | % | 12.65 | % | 12.09 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 134,735 | $ | 101,545 | $ | 73,847 | $ | 57,329 | $ | 54,335 | $ | 48,257 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(e) | 0.64 | % | 0.66 | % | 0.71 | % | 0.69 | % | 0.74 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.47 | )%(e) | (0.11 | )% | (0.19 | )% | 0.29 | % | (0.01 | )% | (0.03 | )% | ||||||||||||
Portfolio turnover rate(f) | 62 | % | 154 | % | 154 | % | 132 | % | 150 | % | 95 | % |
(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.
| 34 |
|
PowerShares Exchange-Traded Fund Trust
October 31, 2017
(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, 2017, 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 to track the investment results (before fees and expenses) 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 following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| 35 |
|
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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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.
| 36 |
|
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.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
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 will 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 Mid-Capitalization Company Risk. Investing in securities of small- and mid-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 mid-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
| 37 |
|
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 accounting principles generally accepted in the United States of America (“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 from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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.
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
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 NAV 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”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and any Unaffiliated Trustee, 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.
| 38 |
|
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. Accounting Estimates
The preparation of the financial statements in accordance with 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.
I. Securities Lending
During the six-month period ended October 31, 2017, Dynamic Biotechnology & Genome Portfolio, Dynamic Building & Construction Portfolio, Dynamic Energy Exploration & Production Portfolio, Dynamic Networking Portfolio, Dynamic Oil & Gas Services Portfolio, Dynamic Pharmaceuticals Portfolio and Dynamic Retail 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 generally 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 accrues daily and pays monthly an advisory fee to 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, 2018. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2018. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Biotechnology & Genome Portfolio, Dynamic Building & Construction Portfolio, Dynamic Pharmaceuticals Portfolio, and Dynamic Semiconductors Portfolio.
Further, through August 31, 2019, 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.
| 39 |
|
For the six-month period ended October 31, 2017, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Biotechnology & Genome Portfolio | $ | 163 | ||
Dynamic Building & Construction Portfolio | 43 | |||
Dynamic Energy Exploration & Production Portfolio | 36,034 | |||
Dynamic Food & Beverage Portfolio | 8,792 | |||
Dynamic Leisure and Entertainment Portfolio | 3,808 | |||
Dynamic Media Portfolio | 10,604 | |||
Dynamic Networking Portfolio | 42,349 | |||
Dynamic Oil & Gas Services Portfolio | 46,247 | |||
Dynamic Pharmaceuticals Portfolio | 372 | |||
Dynamic Retail Portfolio | 47,116 | |||
Dynamic Semiconductors Portfolio | 144 | |||
Dynamic Software Portfolio | 1,937 |
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, 2017 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
04/30/18 | 04/30/19 | 04/30/20 | 10/31/20 | |||||||||||||||||
Dynamic Energy Exploration & Production Portfolio | $ | 100,237 | $ | — | $ | 15,566 | $ | 48,725 | $ | 35,946 | ||||||||||
Dynamic Food & Beverage Portfolio | 8,705 | — | — | — | 8,705 | |||||||||||||||
Dynamic Leisure and Entertainment Portfolio | 3,629 | — | — | — | 3,629 | |||||||||||||||
Dynamic Media Portfolio | 10,677 | 144 | 10,533 | |||||||||||||||||
Dynamic Networking Portfolio | 200,710 | 30,320 | 62,173 | 65,931 | 42,286 | |||||||||||||||
Dynamic Oil & Gas Services Portfolio | 156,935 | 11,082 | 45,472 | 54,195 | 46,186 | |||||||||||||||
Dynamic Retail Portfolio | 210,445 | 31,174 | 61,610 | 70,612 | 47,049 | |||||||||||||||
Dynamic Semiconductors Portfolio | 6,168 | — | 6,168 | — | — | |||||||||||||||
Dynamic Software Portfolio | 52,985 | 20,632 | 19,345 | 11,139 | 1,869 |
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 ICE Data Indices, LLC (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
| 40 |
|
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, 2017, 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. For the six-month period ended October 31, 2017, there were no material transfers between valuation levels.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Dynamic Biotechnology & Genome Portfolio | ||||||||||||||||
Equity Securities | $ | 246,850,766 | $ | — | $ | 338,010 | $ | 247,188,776 | ||||||||
|
|
|
|
|
|
|
|
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.
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, 2017, which expire as follows:
Post-effective/ no expiration | ||||||||||||||||||||||||
2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||
Dynamic Biotechnology & Genome Portfolio | $ | 50,397,332 | $ | 12,898,182 | $ | 116,533,637 | $ | 6,701,823 | $ | 186,530,974 | $ | 34,286,844 | ||||||||||||
Dynamic Building & Construction Portfolio | 3,001,058 | 6,653,613 | 11,225,767 | 1,551,083 | 22,431,521 | 2,843,349 | ||||||||||||||||||
Dynamic Energy Exploration & Production Portfolio | 21,471,013 | 1,361,799 | 65,178,685 | 17,576,818 | 105,588,315 | 7,646,917 | ||||||||||||||||||
Dynamic Food & Beverage Portfolio | 10,245,302 | — | 56,437,590 | 3,858,682 | 70,541,574 | 7,585,250 | ||||||||||||||||||
Dynamic Leisure and Entertainment Portfolio | 2,889,449 | 2,356,106 | 35,588,640 | 754,315 | 41,588,510 | 2,895,936 | ||||||||||||||||||
Dynamic Media Portfolio | 5,161,647 | 6,294,489 | 59,702,252 | 2,150,637 | 73,309,025 | 4,930,761 | ||||||||||||||||||
Dynamic Networking Portfolio | 512,618 | 730,670 | 22,792,087 | 10,056,599 | 34,091,974 | 1,975,581 | ||||||||||||||||||
Dynamic Oil & Gas Services Portfolio | 85,028,926 | 35,877,910 | 46,286,369 | 28,841,290 | 196,034,495 | 24,680,663 | ||||||||||||||||||
Dynamic Pharmaceuticals Portfolio | — | — | 87,936,521 | 17,121,868 | 105,058,389 | — | ||||||||||||||||||
Dynamic Retail Portfolio | 1,816,180 | 2,176,015 | 15,694,128 | 884,854 | 20,571,177 | 2,427,604 | ||||||||||||||||||
Dynamic Semiconductors Portfolio | 10,902,954 | 2,120,823 | 15,300,302 | 2,114,708 | 30,438,787 | 14,001,359 | ||||||||||||||||||
Dynamic Software Portfolio | 2,938,722 | 3,242,208 | 14,925,669 | — | 21,106,599 | 7,095,351 |
* | 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. |
| 41 |
|
Note 6. Investment Transactions
For the six-month period ended October 31, 2017, 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 | $ | 209,406,286 | $ | 209,228,619 | ||||
Dynamic Building & Construction Portfolio | 269,921,227 | 268,795,822 | ||||||
Dynamic Energy Exploration & Production Portfolio | 27,881,932 | 28,149,103 | ||||||
Dynamic Food & Beverage Portfolio | 94,423,368 | 94,065,475 | ||||||
Dynamic Leisure and Entertainment Portfolio | 127,291,067 | 127,968,101 | ||||||
Dynamic Media Portfolio | 82,003,179 | 82,002,711 | ||||||
Dynamic Networking Portfolio | 9,425,666 | 9,177,730 | ||||||
Dynamic Oil & Gas Services Portfolio | 10,753,065 | 9,931,993 | ||||||
Dynamic Pharmaceuticals Portfolio | 436,933,823 | 436,133,561 | ||||||
Dynamic Retail Portfolio | 8,742,426 | 8,738,913 | ||||||
Dynamic Semiconductors Portfolio | 97,469,260 | 96,879,072 | ||||||
Dynamic Software Portfolio | 75,586,043 | 74,278,352 |
For the six-month period ended October 31, 2017, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Biotechnology & Genome Portfolio | $ | 117,612,493 | $ | 132,710,743 | ||||
Dynamic Building & Construction Portfolio | 144,937,366 | 120,289,777 | ||||||
Dynamic Energy Exploration & Production Portfolio | — | 6,777,598 | ||||||
Dynamic Food & Beverage Portfolio | 36,295,823 | 81,512,948 | ||||||
Dynamic Leisure and Entertainment Portfolio | 62,561,525 | 101,255,287 | ||||||
Dynamic Media Portfolio | 45,218,743 | 126,033,692 | ||||||
Dynamic Networking Portfolio | 6,647,875 | 11,504,735 | ||||||
Dynamic Oil & Gas Services Portfolio | 9,617,396 | 2,336,064 | ||||||
Dynamic Pharmaceuticals Portfolio | 104,584,242 | 234,873,150 | ||||||
Dynamic Retail Portfolio | — | — | ||||||
Dynamic Semiconductors Portfolio | 165,934,406 | 100,864,022 | ||||||
Dynamic Software Portfolio | 84,711,777 | 76,859,071 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2017, the aggregate cost of investments, including any derivatives, 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 | $ | 26,777,230 | $ | (13,494,758 | ) | $ | 13,282,472 | $ | 233,906,304 | |||||||
Dynamic Building & Construction Portfolio | 62,119,162 | (4,538,334 | ) | 57,580,828 | 330,447,666 | |||||||||||
Dynamic Energy Exploration & Production Portfolio | 6,089,346 | (3,309,253 | ) | 2,780,093 | 51,305,269 | |||||||||||
Dynamic Food & Beverage Portfolio | 7,504,243 | (6,044,286 | ) | 1,459,957 | 93,767,056 | |||||||||||
Dynamic Leisure and Entertainment Portfolio | 9,646,054 | (4,030,907 | ) | 5,615,147 | 98,974,754 | |||||||||||
Dynamic Media Portfolio | 4,416,990 | (5,648,293 | ) | (1,231,303 | ) | 65,149,991 | ||||||||||
Dynamic Networking Portfolio | 4,010,481 | (845,161 | ) | 3,165,320 | 21,621,968 | |||||||||||
Dynamic Oil & Gas Services Portfolio | 1,578,178 | (8,793,447 | ) | (7,215,269 | ) | 50,091,876 | ||||||||||
Dynamic Pharmaceuticals Portfolio | 76,350,970 | (57,680,347 | ) | 18,670,623 | 647,119,269 | |||||||||||
Dynamic Retail Portfolio | 1,603,034 | (1,143,717 | ) | 459,317 | 13,901,330 | |||||||||||
Dynamic Semiconductors Portfolio | 96,002,962 | (824,204 | ) | 95,178,758 | 277,903,650 | |||||||||||
Dynamic Software Portfolio | 24,771,317 | (394,184 | ) | 24,377,133 | 110,492,784 |
| 42 |
|
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, any Unaffiliated Trustee, 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, each Independent Trustee or Unaffiliated 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 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.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such 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.
| 43 |
|
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, 2017.
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, 2017 | Ending Account Value October 31, 2017 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Dynamic Biotechnology & Genome Portfolio (PBE) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,087.50 | 0.60 | % | $ | 3.16 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares Dynamic Building & Construction Portfolio (PKB) | ||||||||||||||||
Actual | 1,000.00 | 1,122.70 | 0.57 | 3.05 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.33 | 0.57 | 2.91 | ||||||||||||
PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) | ||||||||||||||||
Actual | 1,000.00 | 1,040.50 | 0.68 | 3.50 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.78 | 0.68 | 3.47 | ||||||||||||
PowerShares Dynamic Food & Beverage Portfolio (PBJ) | ||||||||||||||||
Actual | 1,000.00 | 962.30 | 0.63 | 3.12 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Leisure and Entertainment Portfolio (PEJ) | ||||||||||||||||
Actual | 1,000.00 | 1,002.40 | 0.63 | 3.18 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.30 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Media Portfolio (PBS) | ||||||||||||||||
Actual | 1,000.00 | 974.60 | 0.63 | 3.14 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Networking Portfolio (PXQ) | ||||||||||||||||
Actual | 1,000.00 | 1,061.60 | 0.63 | 3.27 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Oil & Gas Services Portfolio (PXJ) | ||||||||||||||||
Actual | 1,000.00 | 875.10 | 0.63 | 2.98 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 |
| 44 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2017 | Ending Account Value October 31, 2017 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares Dynamic Pharmaceuticals Portfolio (PJP) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,033.60 | 0.58 | % | $ | 2.97 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.28 | 0.58 | 2.96 | ||||||||||||
PowerShares Dynamic Retail Portfolio (PMR) | ||||||||||||||||
Actual | 1,000.00 | 928.00 | 0.63 | 3.06 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Semiconductors Portfolio (PSI) | ||||||||||||||||
Actual | 1,000.00 | 1,274.60 | 0.63 | 3.61 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
PowerShares Dynamic Software Portfolio (PSJ) | ||||||||||||||||
Actual | 1,000.00 | 1,229.80 | 0.63 | 3.54 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2017. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the results by 184/365. |
| 45 |
|
(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.powershares.com.
P-PS-SAR-7 | ||||||
©2017 Invesco PowerShares Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
powershares.com 800 983 0903 | @PowerShares |
October 31, 2017 |
2017 Semi-Annual Report to Shareholders
PYZ | PowerShares DWA Basic Materials Momentum Portfolio | |
PEZ | PowerShares DWA Consumer Cyclicals Momentum Portfolio | |
PSL | PowerShares DWA Consumer Staples Momentum Portfolio | |
PXI | PowerShares DWA Energy Momentum Portfolio | |
PFI | PowerShares DWA Financial Momentum Portfolio | |
PTH | PowerShares DWA Healthcare Momentum Portfolio | |
PRN | PowerShares DWA Industrials Momentum Portfolio | |
PTF | PowerShares DWA Technology Momentum Portfolio | |
PUI | PowerShares DWA Utilities Momentum Portfolio | |
PNQI | PowerShares NASDAQ Internet Portfolio |
Sector Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
19 | ||||
21 | ||||
Statements of Assets and Liabilities | 24 | |||
Statements of Operations | 26 | |||
Statements of Changes in Net Assets | 28 | |||
Financial Highlights | 32 | |||
Notes to Financial Statements | 39 | |||
Fees and Expenses | 48 |
| 2 |
|
PowerShares DWA Basic Materials Momentum Portfolio (PYZ)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Specialty Chemicals | 31.4 | |||
Steel | 11.9 | |||
Commodity Chemicals | 11.0 | |||
Paper Packaging | 8.6 | |||
Diversified Chemicals | 8.2 | |||
Aluminum | 6.1 | |||
Fertilizers & Agricultural Chemicals | 5.2 | |||
Industrial Gases | 3.8 | |||
Forest Products | 3.6 | |||
Copper | 3.5 | |||
Gold | 3.2 | |||
Paper Products | 2.0 | |||
Oil & Gas Equipment & Services | 1.5 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aluminum—6.1% | ||||||||
64,679 | Alcoa Corp.(b) | $ | 3,090,363 | |||||
97,762 | Century Aluminum Co.(b) | 1,368,668 | ||||||
16,813 | Kaiser Aluminum Corp. | 1,667,513 | ||||||
|
| |||||||
6,126,544 | ||||||||
|
| |||||||
Commodity Chemicals—11.0% | ||||||||
31,672 | Advansix, Inc.(b) | 1,465,463 | ||||||
48,903 | LyondellBasell Industries NV, Class A | 5,062,928 | ||||||
84,412 | Olin Corp. | 3,083,570 | ||||||
18,050 | Westlake Chemical Corp. | 1,532,626 | ||||||
|
| |||||||
11,144,587 | ||||||||
|
| |||||||
Copper—3.5% | ||||||||
251,780 | Freeport-McMoRan, Inc.(b) | 3,519,884 | ||||||
|
| |||||||
Diversified Chemicals—8.2% | ||||||||
104,282 | Chemours Co. (The) | 5,903,404 | ||||||
26,835 | Eastman Chemical Co. | 2,436,886 | ||||||
|
| |||||||
8,340,290 | ||||||||
|
| |||||||
Fertilizers & Agricultural Chemicals—5.2% | ||||||||
56,061 | FMC Corp. | 5,205,825 | ||||||
|
| |||||||
Forest Products—3.6% | ||||||||
133,316 | Louisiana-Pacific Corp.(b) | 3,623,529 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Gold—3.2% | ||||||||
42,021 | Newmont Mining Corp. | $ | 1,519,479 | |||||
20,864 | Royal Gold, Inc. | 1,754,871 | ||||||
|
| |||||||
3,274,350 | ||||||||
|
| |||||||
Industrial Gases—3.8% | ||||||||
24,378 | Air Products & Chemicals, Inc. | 3,886,585 | ||||||
|
| |||||||
Oil & Gas Equipment & Services—1.5% | ||||||||
49,165 | US Silica Holdings, Inc. | 1,500,024 | ||||||
|
| |||||||
Paper Packaging—8.6% | ||||||||
35,793 | Avery Dennison Corp. | 3,800,143 | ||||||
85,064 | International Paper Co. | 4,871,615 | ||||||
|
| |||||||
8,671,758 | ||||||||
|
| |||||||
Paper Products—2.0% | ||||||||
45,485 | KapStone Paper and Packaging Corp. | 1,021,593 | ||||||
12,025 | Neenah Paper, Inc. | 1,043,770 | ||||||
|
| |||||||
2,065,363 | ||||||||
|
| |||||||
Specialty Chemicals—31.4% | ||||||||
27,170 | A. Schulman, Inc. | 1,067,781 | ||||||
26,108 | Albemarle Corp. | 3,678,356 | ||||||
32,354 | Ashland Global Holdings, Inc. | 2,199,425 | ||||||
27,229 | Celanese Corp., Series A | 2,840,257 | ||||||
21,248 | Ecolab, Inc. | 2,776,264 | ||||||
35,144 | Ferro Corp.(b) | 837,130 | ||||||
27,501 | H.B. Fuller Co. | 1,563,982 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Specialty Chemicals (continued) | ||||||||
19,427 | Ingevity Corp.(b) | $ | 1,383,785 | |||||
14,643 | International Flavors & Fragrances, Inc. | 2,158,671 | ||||||
29,892 | Kraton Corp.(b) | 1,465,605 | ||||||
5,032 | NewMarket Corp. | 2,014,762 | ||||||
58,152 | PolyOne Corp. | 2,679,063 | ||||||
19,936 | PPG Industries, Inc. | 2,317,360 | ||||||
10,202 | Quaker Chemical Corp. | 1,584,575 | ||||||
23,246 | RPM International, Inc. | 1,239,709 | ||||||
16,423 | Sensient Technologies Corp. | 1,248,969 | ||||||
9,395 | Stepan Co. | 750,285 | ||||||
|
| |||||||
31,805,979 | ||||||||
|
| |||||||
Steel—11.9% | ||||||||
304,366 | AK Steel Holding Corp.(b) | 1,397,040 | ||||||
75,984 | Allegheny Technologies, Inc.(b)(c) | 1,913,277 | ||||||
36,121 | Schnitzer Steel Industries, Inc., Class A | 1,063,763 | ||||||
51,669 | Steel Dynamics, Inc. | 1,922,604 | ||||||
56,166 | TimkenSteel Corp.(b) | 786,324 | ||||||
150,241 | United States Steel Corp. | 3,804,102 | ||||||
24,919 | Worthington Industries, Inc. | 1,133,815 | ||||||
|
| |||||||
12,020,925 | ||||||||
|
| |||||||
Total Common Stocks (Cost $86,463,223) | 101,185,643 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
117,586 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $117,586) | 117,586 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $86,580,809)—100.1% | 101,303,229 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.1% | ||||||||
147,200 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $147,200) | 147,200 | ||||||
|
| |||||||
Total Investments in Securities (Cost $86,728,009)—100.2% | 101,450,429 | |||||||
Other assets less liabilities—(0.2)% | (246,099 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 101,204,330 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Internet & Direct Marketing Retail | 18.8 | |||
Casinos & Gaming | 11.3 | |||
Home Entertainment Software | 9.9 | |||
Automobile Manufacturers | 7.1 | |||
Cable & Satellite | 6.4 | |||
Auto Parts & Equipment | 6.4 | |||
Hotels, Resorts & Cruise Lines | 6.1 | |||
Internet Software & Services | 5.3 | |||
Movies & Entertainment | 4.9 | |||
Homebuilding | 4.3 | |||
Leisure Facilities | 2.7 | |||
Home Improvement Retail | 2.7 | |||
Computer & Electronics Retail | 2.6 | |||
Home Furnishings | 2.5 | |||
Financial Exchanges & Data | 2.4 | |||
Airlines | 1.9 | |||
General Merchandise Stores | 1.8 | |||
Leisure Products | 1.5 | |||
Automotive Retail | 1.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Airlines—1.9% | ||||||||
9,711 | SkyWest, Inc. | $ | 457,388 | |||||
|
| |||||||
Auto Parts & Equipment—6.4% | ||||||||
10,262 | Fox Factory Holding Corp.(b) | 436,648 | ||||||
3,461 | Lear Corp. | 607,717 | ||||||
4,151 | Visteon Corp.(b) | 523,192 | ||||||
|
| |||||||
1,567,557 | ||||||||
|
| |||||||
Automobile Manufacturers—7.1% | ||||||||
1,434 | Tesla, Inc.(b) | 475,414 | ||||||
5,628 | Thor Industries, Inc. | 766,646 | ||||||
10,132 | Winnebago Industries, Inc. | 497,988 | ||||||
|
| |||||||
1,740,048 | ||||||||
|
| |||||||
Automotive Retail—1.3% | ||||||||
22,793 | Carvana Co., Class A(b)(c) | 323,205 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Cable & Satellite—6.4% | ||||||||
2,192 | Charter Communications, Inc., Class A(b) | $ | 732,501 | |||||
154,721 | Sirius XM Holdings, Inc.(c) | 841,682 | ||||||
|
| |||||||
1,574,183 | ||||||||
|
| |||||||
Casinos & Gaming—11.3% | ||||||||
15,499 | Boyd Gaming Corp. | 453,036 | ||||||
2,025 | Churchill Downs, Inc. | 422,314 | ||||||
23,365 | Eldorado Resorts, Inc.(b) | 600,480 | ||||||
14,175 | Scientific Games Corp., Class A(b) | 674,730 | ||||||
4,083 | Wynn Resorts Ltd. | 602,202 | ||||||
|
| |||||||
2,752,762 | ||||||||
|
| |||||||
Computer & Electronics Retail—2.6% | ||||||||
20,496 | Conn’s, Inc.(b)(c) | 630,252 | ||||||
|
| |||||||
Financial Exchanges & Data—2.4% | ||||||||
3,694 | S&P Global, Inc. | 578,000 | ||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
General Merchandise Stores—1.8% | ||||||||
9,714 | Ollie’s Bargain Outlet Holdings, Inc.(b) | $ | 433,730 | |||||
|
| |||||||
Home Entertainment Software—9.9% | ||||||||
11,155 | Activision Blizzard, Inc. | 730,541 | ||||||
6,413 | Electronic Arts, Inc.(b) | 766,995 | ||||||
8,399 | Take-Two Interactive Software, Inc.(b) | 929,349 | ||||||
|
| |||||||
2,426,885 | ||||||||
|
| |||||||
Home Furnishings—2.5% | ||||||||
2,320 | Mohawk Industries, Inc.(b) | 607,283 | ||||||
|
| |||||||
Home Improvement Retail—2.7% | ||||||||
3,938 | Home Depot, Inc. (The) | 652,842 | ||||||
|
| |||||||
Homebuilding—4.3% | ||||||||
19,004 | Beazer Homes USA, Inc.(b) | 398,704 | ||||||
198 | NVR, Inc.(b) | 649,711 | ||||||
|
| |||||||
1,048,415 | ||||||||
|
| |||||||
Hotels, Resorts & Cruise Lines—6.1% | ||||||||
3,492 | Marriott Vacations Worldwide Corp. | 459,617 | ||||||
9,683 | Wyndham Worldwide Corp. | 1,034,629 | ||||||
|
| |||||||
1,494,246 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail—18.8% | ||||||||
1,132 | Amazon.com, Inc.(b) | 1,251,177 | ||||||
5,109 | Expedia, Inc. | 636,888 | ||||||
8,585 | Liberty Ventures, Series A(b) | 489,002 | ||||||
2,878 | Netflix, Inc.(b) | 565,326 | ||||||
615 | Priceline Group, Inc. (The)(b) | 1,175,855 | ||||||
6,906 | Wayfair, Inc., Class A(b) | 482,729 | ||||||
|
| |||||||
4,600,977 | ||||||||
|
| |||||||
Internet Software & Services—5.3% | ||||||||
5,036 | IAC/InterActiveCorp.(b) | 649,896 | ||||||
9,897 | Trade Desk, Inc. (The), Class A(b) | 652,410 | ||||||
|
| |||||||
1,302,306 | ||||||||
|
| |||||||
Leisure Facilities—2.7% | ||||||||
2,925 | Vail Resorts, Inc. | 669,883 | ||||||
|
| |||||||
Leisure Products—1.5% | ||||||||
11,648 | Malibu Boats, Inc., Class A(b) | 363,418 | ||||||
|
| |||||||
Movies & Entertainment—4.9% | ||||||||
14,390 | Liberty Media Corp.-Liberty Formula One, Class C(b) | 548,835 | ||||||
14,662 | Live Nation Entertainment, Inc.(b) | 641,902 | ||||||
|
| |||||||
1,190,737 | ||||||||
|
| |||||||
Total Common Stocks (Cost $22,361,469) | 24,414,117 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.4% | ||||||||
85,957 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $85,957) | $ | 85,957 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $22,447,426)—100.3% | 24,500,074 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.8% | ||||||||
1,425,255 | Invesco Government & Agency Portfolio— Institutional Class, 0.95%(d)(e) (Cost $1,425,255) | 1,425,255 | ||||||
|
| |||||||
Total Investments in Securities (Cost $23,872,681)—106.1% | 25,925,329 | |||||||
Other assets less liabilities—(6.1)% | (1,498,446 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 24,426,883 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
PowerShares DWA Consumer Staples Momentum Portfolio (PSL)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Packaged Foods & Meats | 20.8 | |||
Specialized Consumer Services | 11.6 | |||
Personal Products | 8.0 | |||
Distillers & Vintners | 7.9 | |||
Soft Drinks | 7.7 | |||
Education Services | 7.6 | |||
Household Products | 6.9 | |||
Trading Companies & Distributors | 5.8 | |||
Environmental & Facilities Services | 4.7 | |||
Internet Software & Services | 4.1 | |||
Industrial Machinery | 3.5 | |||
Health Care Services | 2.3 | |||
Tobacco | 2.1 | |||
Food Distributors | 2.0 | |||
Agricultural Products | 1.9 | |||
Consumer Finance | 1.9 | |||
Specialty Stores | 1.2 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Agricultural Products—1.9% | ||||||||
72,264 | Darling Ingredients, Inc.(b) | $ | 1,318,818 | |||||
|
| |||||||
Consumer Finance—1.9% | ||||||||
122,917 | EZCORP, Inc., Class A(b) | 1,259,899 | ||||||
|
| |||||||
Distillers & Vintners—7.9% | ||||||||
16,439 | Constellation Brands, Inc., Class A | 3,601,621 | ||||||
26,366 | MGP Ingredients, Inc. | 1,791,833 | ||||||
|
| |||||||
5,393,454 | ||||||||
|
| |||||||
Education Services—7.6% | ||||||||
15,389 | Bright Horizons Family Solutions, Inc.(b) | 1,328,071 | ||||||
126,408 | Chegg, Inc.(b)(c) | 1,960,588 | ||||||
21,065 | Grand Canyon Education, Inc.(b) | 1,885,528 | ||||||
|
| |||||||
5,174,187 | ||||||||
|
| |||||||
Environmental & Facilities Services—4.7% | ||||||||
51,984 | Rollins, Inc. | 2,282,617 | ||||||
24,521 | SP Plus Corp.(b) | 950,189 | ||||||
|
| |||||||
3,232,806 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Food Distributors—2.0% | ||||||||
50,393 | US Foods Holding Corp.(b) | $ | 1,374,721 | |||||
|
| |||||||
Health Care Services—2.3% | ||||||||
6,945 | Chemed Corp. | 1,551,721 | ||||||
|
| |||||||
Household Products—6.9% | ||||||||
69,675 | Church & Dwight Co., Inc. | 3,147,220 | ||||||
13,515 | Kimberly-Clark Corp. | 1,520,572 | ||||||
|
| |||||||
4,667,792 | ||||||||
|
| |||||||
Industrial Machinery—3.5% | ||||||||
14,801 | Stanley Black & Decker, Inc. | 2,391,102 | ||||||
|
| |||||||
Internet Software & Services—4.1% | ||||||||
12,424 | Stamps.com, Inc.(b) | 2,787,946 | ||||||
|
| |||||||
Packaged Foods & Meats—20.8% | ||||||||
18,168 | Calavo Growers, Inc.(c) | 1,338,982 | ||||||
7,724 | J & J Snack Foods Corp. | 1,028,605 | ||||||
23,428 | Lamb Weston Holdings, Inc. | 1,194,594 | ||||||
24,945 | McCormick & Co., Inc. | 2,482,776 | ||||||
73,882 | Pilgrim’s Pride Corp.(b) | 2,347,970 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Packaged Foods & Meats (continued) | ||||||||
33,472 | Pinnacle Foods, Inc. | $ | 1,821,546 | |||||
23,779 | Post Holdings, Inc.(b) | 1,971,992 | ||||||
13,288 | Sanderson Farms, Inc. | 1,987,486 | ||||||
|
| |||||||
14,173,951 | ||||||||
|
| |||||||
Personal Products—8.0% | ||||||||
20,989 | Estee Lauder Cos., Inc. (The), Class A | 2,346,780 | ||||||
28,090 | Herbalife Ltd.(b)(c) | 2,039,896 | ||||||
16,551 | Medifast, Inc. | 1,032,782 | ||||||
|
| |||||||
5,419,458 | ||||||||
|
| |||||||
Soft Drinks—7.7% | ||||||||
5,059 | Coca-Cola Bottling Co. Consolidated | 1,141,108 | ||||||
26,898 | Dr Pepper Snapple Group, Inc. | 2,304,083 | ||||||
18,591 | National Beverage Corp. | 1,820,059 | ||||||
|
| |||||||
5,265,250 | ||||||||
|
| |||||||
Specialized Consumer Services—11.6% | ||||||||
59,534 | Service Corp. International | 2,111,076 | ||||||
42,230 | ServiceMaster Global Holdings, Inc.(b) | 1,989,455 | ||||||
84,053 | Weight Watchers International, Inc.(b)(c) | 3,775,661 | ||||||
|
| |||||||
7,876,192 | ||||||||
|
| |||||||
Specialty Stores—1.2% | ||||||||
120,029 | GNC Holdings, Inc., Class A(c) | 820,998 | ||||||
|
| |||||||
Tobacco—2.1% | ||||||||
13,823 | Philip Morris International, Inc. | 1,446,439 | ||||||
|
| |||||||
Trading Companies & Distributors—5.8% | ||||||||
27,223 | Herc Holdings, Inc.(b) | 1,319,227 | ||||||
18,542 | United Rentals, Inc.(b) | 2,623,322 | ||||||
|
| |||||||
3,942,549 | ||||||||
|
| |||||||
Total Common Stocks (Cost $59,975,094) | 68,097,283 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
133,541 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $133,541) | 133,541 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $60,108,635)—100.2% | 68,230,824 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.1% | ||||||||
4,150,588 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $4,150,588) | 4,150,588 | ||||||
|
| |||||||
Total Investments in Securities (Cost $64,259,223)—106.3% | 72,381,412 | |||||||
Other assets less liabilities—(6.3)% | (4,275,147 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 68,106,265 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
PowerShares DWA Energy Momentum Portfolio (PXI)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Oil & Gas Exploration & Production | 49.0 | |||
Oil & Gas Refining & Marketing | 20.5 | |||
Oil & Gas Equipment & Services | 11.7 | |||
Oil & Gas Storage & Transportation | 7.6 | |||
Coal & Consumable Fuels | 6.2 | |||
Integrated Oil & Gas | 3.4 | |||
Oil & Gas Drilling | 1.5 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Coal & Consumable Fuels—6.2% | ||||||||
21,755 | Arch Coal, Inc., Class A | $ | 1,662,517 | |||||
137,831 | CONSOL Energy, Inc.(b) | 2,223,214 | ||||||
53,706 | Peabody Energy Corp.(b) | 1,658,979 | ||||||
|
| |||||||
5,544,710 | ||||||||
|
| |||||||
Integrated Oil & Gas—3.4% | ||||||||
25,782 | Chevron Corp. | 2,987,876 | ||||||
|
| |||||||
Oil & Gas Drilling—1.5% | ||||||||
71,431 | Unit Corp.(b) | 1,337,188 | ||||||
|
| |||||||
Oil & Gas Equipment & Services—11.7% | ||||||||
107,972 | Archrock, Inc. | 1,295,664 | ||||||
53,693 | Exterran Corp.(b) | 1,732,673 | ||||||
42,940 | Halliburton Co. | 1,835,256 | ||||||
304,681 | McDermott International, Inc.(b) | 2,016,988 | ||||||
156,494 | Newpark Resources, Inc.(b) | 1,369,323 | ||||||
89,527 | RPC, Inc.(c) | 2,176,401 | ||||||
|
| |||||||
10,426,305 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production—49.0% | ||||||||
314,807 | Bill Barrett Corp.(b) | 1,551,998 | ||||||
94,335 | Cabot Oil & Gas Corp. | 2,613,079 | ||||||
153,873 | Callon Petroleum Co.(b) | 1,706,452 | ||||||
27,134 | Concho Resources, Inc.(b) | 3,641,654 | ||||||
37,154 | ConocoPhillips | 1,900,427 | ||||||
49,116 | Continental Resources, Inc.(b) | 1,999,512 | ||||||
49,719 | Devon Energy Corp. | 1,834,631 | ||||||
32,168 | Diamondback Energy, Inc.(b) | 3,447,123 | ||||||
32,755 | EOG Resources, Inc. | 3,271,242 | ||||||
94,340 | Jagged Peak Energy, Inc.(b)(c) | 1,310,383 | ||||||
230,779 | Kosmos Energy Ltd. (Ghana)(b) | 1,772,383 | ||||||
169,976 | Laredo Petroleum, Inc.(b) | 2,026,114 | ||||||
52,611 | Matador Resources Co.(b) | 1,396,822 | ||||||
196,532 | Oasis Petroleum, Inc.(b) | 1,857,227 | ||||||
84,071 | Parsley Energy, Inc., Class A(b) | 2,236,289 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Oil & Gas Exploration & Production (continued) | ||||||||
23,372 | Pioneer Natural Resources Co. | $ | 3,498,087 | |||||
73,672 | Resolute Energy Corp.(b)(c) | 2,212,370 | ||||||
123,266 | Ring Energy, Inc.(b) | 1,579,037 | ||||||
59,599 | RSP Permian, Inc.(b) | 2,050,802 | ||||||
199,288 | SRC Energy, Inc.(b) | 1,901,208 | ||||||
|
| |||||||
43,806,840 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing—20.5% | ||||||||
23,722 | Andeavor | 2,520,225 | ||||||
81,703 | CVR Energy, Inc.(c) | 2,242,747 | ||||||
58,049 | Delek US Holdings, Inc. | 1,512,176 | ||||||
51,979 | HollyFrontier Corp. | 1,920,624 | ||||||
53,285 | Marathon Petroleum Corp. | 3,183,246 | ||||||
27,171 | Phillips 66 | 2,474,735 | ||||||
103,395 | Renewable Energy Group, Inc.(b) | 1,251,080 | ||||||
41,164 | Valero Energy Corp. | 3,247,428 | ||||||
|
| |||||||
18,352,261 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation—7.6% | ||||||||
74,077 | Cheniere Energy, Inc.(b) | 3,462,359 | ||||||
49,740 | SemGroup Corp., Class A | 1,295,727 | ||||||
48,802 | Targa Resources Corp. | 2,025,283 | ||||||
|
| |||||||
6,783,369 | ||||||||
|
| |||||||
Total Common Stocks (Cost $89,968,112) | 89,238,549 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
185,577 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $185,577) | 185,577 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $90,153,689)—100.1% | 89,424,126 | |||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—8.9% | ||||||||
7,926,096 | Invesco Government & Agency Portfolio— Institutional Class, 0.95%(d)(e) (Cost $7,926,096) | $ | 7,926,096 | |||||
|
| |||||||
Total Investments in Securities (Cost $98,079,785)—109.0% | 97,350,222 | |||||||
Other assets less liabilities—(9.0)% | (8,004,982 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 89,345,240 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
PowerShares DWA Financial Momentum Portfolio (PFI)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Regional Banks | 24.1 | |||
Data Processing & Outsourced Services | 10.5 | |||
Financial Exchanges & Data | 8.9 | |||
Life & Health Insurance | 8.9 | |||
Specialized REITs | 8.8 | |||
Industrial REITs | 6.5 | |||
Residential REITs | 5.8 | |||
Investment Banking & Brokerage | 3.9 | |||
Property & Casualty Insurance | 3.7 | |||
Thrifts & Mortgage Finance | 3.2 | |||
Diversified Banks | 2.8 | |||
Asset Management & Custody Banks | 2.8 | |||
Trucking | 2.2 | |||
Reinsurance | 1.9 | |||
Diversified REITs | 1.6 | |||
Biotechnology | 1.6 | |||
Multi-line Insurance | 1.5 | |||
Health Care REITs | 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—2.8% | ||||||||
12,870 | Ameriprise Financial, Inc. | $ | 2,014,670 | |||||
|
| |||||||
Biotechnology—1.6% | ||||||||
21,084 | FibroGen, Inc.(b) | 1,177,541 | ||||||
|
| |||||||
Data Processing & Outsourced Services—10.5% | ||||||||
145,825 | Everi Holdings, Inc.(b) | 1,208,889 | ||||||
31,987 | Mastercard, Inc., Class A | 4,758,706 | ||||||
15,216 | Visa, Inc., Class A | 1,673,456 | ||||||
|
| |||||||
7,641,051 | ||||||||
|
| |||||||
Diversified Banks—2.8% | ||||||||
20,446 | JPMorgan Chase & Co. | 2,057,072 | ||||||
|
| |||||||
Diversified REITs—1.6% | ||||||||
9,056 | PS Business Parks, Inc. REIT | 1,198,380 | ||||||
|
| |||||||
Financial Exchanges & Data—8.9% | ||||||||
13,738 | Cboe Global Markets, Inc. | 1,553,218 | ||||||
12,062 | MarketAxess Holdings, Inc. | 2,098,788 | ||||||
12,593 | Moody’s Corp. | 1,793,369 |
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Financial Exchanges & Data (continued) | ||||||||
9,357 | MSCI, Inc., Class A | $ | 1,098,138 | |||||
|
| |||||||
6,543,513 | ||||||||
|
| |||||||
Health Care REITs—1.3% | ||||||||
49,964 | CareTrust REIT, Inc. REIT | 944,320 | ||||||
|
| |||||||
Industrial REITs—6.5% | ||||||||
22,532 | EastGroup Properties, Inc. REIT | 2,041,174 | ||||||
41,148 | First Industrial Realty Trust, Inc. REIT | 1,270,650 | ||||||
22,007 | Prologis, Inc. REIT | 1,421,212 | ||||||
|
| |||||||
4,733,036 | ||||||||
|
| |||||||
Investment Banking & Brokerage—3.9% | ||||||||
85,752 | BGC Partners, Inc., Class A | 1,300,858 | ||||||
35,154 | E*TRADE Financial Corp.(b) | 1,532,363 | ||||||
|
| |||||||
2,833,221 | ||||||||
|
| |||||||
Life & Health Insurance—8.9% | ||||||||
23,671 | Principal Financial Group, Inc. | 1,558,735 | ||||||
13,823 | Prudential Financial, Inc. | 1,526,889 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Life & Health Insurance (continued) | ||||||||
13,618 | Torchmark Corp. | $ | 1,145,682 | |||||
43,463 | Unum Group | 2,261,815 | ||||||
|
| |||||||
6,493,121 | ||||||||
|
| |||||||
Multi-line Insurance—1.5% | ||||||||
10,485 | American Financial Group, Inc. | 1,106,063 | ||||||
|
| |||||||
Property & Casualty Insurance—3.7% | ||||||||
19,254 | Allstate Corp. (The) | 1,807,180 | ||||||
23,167 | FNF Group | 866,909 | ||||||
|
| |||||||
2,674,089 | ||||||||
|
| |||||||
Regional Banks—24.1% | ||||||||
22,598 | Ameris Bancorp | 1,082,444 | ||||||
28,490 | Cathay General Bancorp | 1,190,882 | ||||||
35,474 | CenterState Bank Corp. | 945,027 | ||||||
15,952 | Eagle Bancorp, Inc.(b) | 1,063,201 | ||||||
26,424 | East West Bancorp, Inc. | 1,581,212 | ||||||
95,797 | Fifth Third Bancorp | 2,768,533 | ||||||
24,745 | First Merchants Corp. | 1,064,035 | ||||||
124,782 | Huntington Bancshares, Inc. | 1,721,992 | ||||||
11,914 | PNC Financial Services Group, Inc. (The) | 1,629,716 | ||||||
23,647 | SunTrust Banks, Inc. | 1,423,786 | ||||||
24,727 | Synovus Financial Corp. | 1,158,460 | ||||||
35,785 | Western Alliance Bancorp(b) | 1,996,803 | ||||||
|
| |||||||
17,626,091 | ||||||||
|
| |||||||
Reinsurance—1.9% | ||||||||
9,563 | Reinsurance Group of America, Inc. | 1,428,521 | ||||||
|
| |||||||
Residential REITs—5.8% | ||||||||
26,249 | Camden Property Trust REIT | 2,394,959 | ||||||
20,292 | Sun Communities, Inc. REIT | 1,831,556 | ||||||
|
| |||||||
4,226,515 | ||||||||
|
| |||||||
Specialized REITs—8.8% | ||||||||
33,828 | American Tower Corp. REIT | 4,860,069 | ||||||
13,911 | CoreSite Realty Corp. REIT | 1,540,643 | ||||||
|
| |||||||
6,400,712 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—3.2% | ||||||||
4,727 | LendingTree, Inc.(b) | 1,267,073 | ||||||
19,715 | Walker & Dunlop, Inc.(b) | 1,082,156 | ||||||
|
| |||||||
2,349,229 | ||||||||
|
| |||||||
Trucking—2.2% | ||||||||
65,565 | Hertz Global Holdings, Inc.(b) | 1,630,601 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $67,051,126) | 73,077,746 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
90,474 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $90,474) | 90,474 | ||||||
|
| |||||||
Total Investments in Securities (Cost $67,141,600)—100.1% | 73,168,220 | |||||||
Other assets less liabilities—(0.1)% | (81,776 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 73,086,444 | ||||||
|
|
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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
PowerShares DWA Healthcare Momentum Portfolio (PTH)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Biotechnology | 49.3 | |||
Health Care Equipment | 18.5 | |||
Health Care Supplies | 9.6 | |||
Pharmaceuticals | 9.0 | |||
Managed Health Care | 8.5 | |||
Health Care Services | 3.7 | |||
Life Sciences Tools & Services | 1.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Biotechnology—49.3% | ||||||||
146,922 | Abeona Therapeutics, Inc.(b)(c) | $ | 2,637,250 | |||||
39,592 | Alnylam Pharmaceuticals, Inc.(c) | 4,823,889 | ||||||
281,955 | Amicus Therapeutics, Inc.(c) | 4,015,039 | ||||||
217,286 | Array BioPharma, Inc.(c) | 2,270,639 | ||||||
34,443 | Avexis, Inc.(c) | 3,599,638 | ||||||
34,848 | Bluebird Bio, Inc.(c) | 4,847,357 | ||||||
44,110 | Blueprint Medicines Corp.(c) | 2,929,786 | ||||||
339,710 | Dynavax Technologies Corp.(b)(c) | 7,473,620 | ||||||
63,445 | Epizyme, Inc.(c) | 1,059,532 | ||||||
70,418 | Esperion Therapeutics, Inc.(c) | 3,220,919 | ||||||
182,109 | Exact Sciences Corp.(c) | 10,014,174 | ||||||
293,180 | Exelixis, Inc.(c) | 7,267,932 | ||||||
102,207 | Glycomimetics, Inc.(c) | 1,175,381 | ||||||
97,686 | Ignyta, Inc.(c) | 1,504,365 | ||||||
347,960 | Immunomedics, Inc.(b)(c) | 3,730,131 | ||||||
64,427 | Insmed, Inc.(c) | 1,740,173 | ||||||
13,260 | Ligand Pharmaceuticals, Inc.(c) | 1,927,341 | ||||||
34,175 | Loxo Oncology, Inc.(c) | 2,944,518 | ||||||
78,646 | PTC Therapeutics, Inc.(c) | 1,473,826 | ||||||
49,782 | Puma Biotechnology, Inc.(c) | 6,337,249 | ||||||
52,346 | REGENXBIO, Inc.(c) | 1,567,763 | ||||||
224,016 | Sangamo Therapeutics, Inc.(c) | 2,777,798 | ||||||
122,492 | Spectrum Pharmaceuticals, Inc.(c) | 2,399,618 | ||||||
60,468 | Versartis, Inc.(c) | 108,842 | ||||||
|
| |||||||
81,846,780 | ||||||||
|
| |||||||
Health Care Equipment—18.5% | ||||||||
24,211 | ABIOMED, Inc.(c) | 4,670,786 | ||||||
23,833 | Becton, Dickinson and Co. | 4,973,232 | ||||||
141,721 | Boston Scientific Corp.(c) | 3,988,029 | ||||||
36,711 | Cutera, Inc.(c) | 1,442,742 | ||||||
33,775 | Edwards Lifesciences Corp.(c) | 3,452,818 | ||||||
23,251 | IDEXX Laboratories, Inc.(c) | 3,863,619 | ||||||
35,243 | Inogen, Inc.(c) | 3,486,590 | ||||||
43,009 | LeMaitre Vascular, Inc. | 1,376,718 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care Equipment (continued) | ||||||||
102,766 | Novocure Ltd.(b)(c) | $ | 2,219,746 | |||||
41,697 | Tactile Systems Technology, Inc.(c) | 1,196,287 | ||||||
|
| |||||||
30,670,567 | ||||||||
|
| |||||||
Health Care Services—3.7% | ||||||||
17,855 | LHC Group, Inc.(c) | 1,192,893 | ||||||
67,470 | Teladoc, Inc.(b)(c) | 2,229,883 | ||||||
59,967 | Tivity Health, Inc.(c) | 2,773,474 | ||||||
|
| |||||||
6,196,250 | ||||||||
|
| |||||||
Health Care Supplies—9.6% | ||||||||
35,422 | Align Technology, Inc.(c) | 8,465,150 | ||||||
9,452 | ICU Medical, Inc.(c) | 1,806,277 | ||||||
49,270 | Merit Medical Systems, Inc.(c) | 1,874,724 | ||||||
134,875 | OraSure Technologies, Inc.(c) | 2,663,781 | ||||||
29,511 | Quidel Corp.(c) | 1,208,475 | ||||||
|
| |||||||
16,018,407 | ||||||||
|
| |||||||
Life Sciences Tools & Services—1.4% | ||||||||
29,695 | PRA Health Sciences, Inc.(c) | 2,418,064 | ||||||
|
| |||||||
Managed Health Care—8.5% | ||||||||
24,603 | Aetna, Inc. | 4,183,248 | ||||||
26,591 | UnitedHealth Group, Inc. | 5,589,960 | ||||||
21,898 | WellCare Health Plans, Inc.(c) | 4,330,110 | ||||||
|
| |||||||
14,103,318 | ||||||||
|
| |||||||
Pharmaceuticals—9.0% | ||||||||
49,099 | Aerie Pharmaceuticals, Inc.(c) | 3,031,863 | ||||||
186,853 | Chelsea Therapeutics International Ltd.(c)(d) | 14,948 | ||||||
232,600 | Corcept Therapeutics, Inc.(b)(c) | 4,579,894 | ||||||
219,763 | Cymabay Therapeutics, Inc.(c) | 2,028,413 | ||||||
90,000 | Impax Laboratories, Inc.(c) | 1,633,500 | ||||||
46,478 | Intersect ENT, Inc.(c) | 1,378,073 | ||||||
58,336 | MyoKardia, Inc.(c) | 2,243,019 | ||||||
|
| |||||||
14,909,710 | ||||||||
|
| |||||||
Total Common Stocks (Cost $141,493,743) | 166,163,096 | |||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
127,238 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(e) (Cost $127,238) | $ | 127,238 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $141,620,981)—100.1% | 166,290,334 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.1% | ||||||||
8,433,671 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(e)(f) (Cost $8,433,671) | 8,433,671 | ||||||
|
| |||||||
Total Investments in Securities (Cost $150,054,652)—105.2% | 174,724,005 | |||||||
Other assets less liabilities—(5.2)% | (8,617,904 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 166,106,101 | ||||||
|
|
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, 2017. |
(c) | Non-income producing security. |
(d) | Security valued using significant unobservable inputs (Level 3). 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, 2017. |
(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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
PowerShares DWA Industrials Momentum Portfolio (PRN)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Aerospace & Defense | 17.9 | |||
Building Products | 8.3 | |||
Industrial Machinery | 8.1 | |||
IT Consulting & Other Services | 6.1 | |||
Electronic Components | 5.4 | |||
Trading Companies & Distributors | 5.2 | |||
Diversified Support Services | 4.7 | |||
Specialty Chemicals | 4.7 | |||
Electronic Equipment & Instruments | 4.3 | |||
Industrial Conglomerates | 3.8 | |||
Construction & Farm Machinery & Heavy Trucks | 3.6 | |||
Life Sciences Tools & Services | 3.4 | |||
Electronic Manufacturing Services | 2.8 | |||
Paper Packaging | 2.7 | |||
Electrical Components & Equipment | 2.5 | |||
Data Processing & Outsourced Services | 2.3 | |||
Health Care Equipment | 2.2 | |||
Trucking | 1.9 | |||
Home Improvement Retail | 1.8 | |||
Consumer Finance | 1.6 | |||
Construction & Engineering | 1.6 | |||
Security & Alarm Services | 1.5 | |||
Technology Distributors | 1.4 | |||
Air Freight & Logistics | 1.1 | |||
Commercial Printing | 1.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—17.9% | ||||||||
12,710 | Boeing Co. (The) | $ | 3,278,926 | |||||
28,675 | HEICO Corp. | 2,600,249 | ||||||
141,783 | Kratos Defense & Security Solutions, Inc.(b) | 1,707,067 | ||||||
16,947 | Lockheed Martin Corp. | 5,222,388 | ||||||
9,846 | Northrop Grumman Corp. | 2,909,788 | ||||||
17,457 | Raytheon Co. | 3,145,752 | ||||||
34,861 | Spirit AeroSystems Holdings, Inc., Class A | 2,792,366 | ||||||
|
| |||||||
21,656,536 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Air Freight & Logistics—1.1% | ||||||||
57,013 | Air Transport Services Group, Inc.(b) | $ | 1,379,715 | |||||
|
| |||||||
Building Products—8.3% | ||||||||
65,272 | A.O. Smith Corp. | 3,864,102 | ||||||
16,261 | Lennox International, Inc. | 3,107,965 | ||||||
27,789 | Trex Co., Inc.(b) | 3,041,506 | ||||||
|
| |||||||
10,013,573 | ||||||||
|
|
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Commercial Printing—1.1% | ||||||||
16,355 | Multi-Color Corp. | $ | 1,352,559 | |||||
|
| |||||||
Construction & Engineering—1.6% | ||||||||
110,952 | Sterling Construction Co., Inc.(b) | 1,980,493 | ||||||
|
| |||||||
Construction & Farm Machinery & Heavy Trucks—3.6% | ||||||||
71,702 | Meritor, Inc.(b) | 1,864,969 | ||||||
60,306 | Navistar International Corp.(b) | 2,551,547 | ||||||
|
| |||||||
4,416,516 | ||||||||
|
| |||||||
Consumer Finance—1.6% | ||||||||
35,050 | Green Dot Corp., Class A(b) | 1,984,531 | ||||||
|
| |||||||
Data Processing & Outsourced Services—2.3% | ||||||||
21,272 | Fiserv, Inc.(b) | 2,753,235 | ||||||
|
| |||||||
Diversified Support Services—4.7% | ||||||||
19,830 | Cintas Corp. | 2,955,463 | ||||||
52,216 | �� | Healthcare Services Group, Inc. | 2,761,704 | |||||
|
| |||||||
5,717,167 | ||||||||
|
| |||||||
Electrical Components & Equipment—2.5% | ||||||||
15,365 | Rockwell Automation, Inc. | 3,085,599 | ||||||
|
| |||||||
Electronic Components—5.4% | ||||||||
12,124 | Littelfuse, Inc. | 2,533,916 | ||||||
27,441 | Universal Display Corp. | 4,020,106 | ||||||
|
| |||||||
6,554,022 | ||||||||
|
| |||||||
Electronic Equipment & Instruments—4.3% | ||||||||
25,041 | Cognex Corp. | 3,083,799 | ||||||
71,761 | Control4 Corp.(b) | 2,113,362 | ||||||
|
| |||||||
5,197,161 | ||||||||
|
| |||||||
Electronic Manufacturing Services—2.8% | ||||||||
132,476 | KEMET Corp.(b) | 3,403,308 | ||||||
|
| |||||||
Health Care Equipment—2.2% | ||||||||
11,302 | Teleflex, Inc. | 2,678,348 | ||||||
|
| |||||||
Home Improvement Retail—1.8% | ||||||||
70,528 | Lumber Liquidators Holdings, Inc.(b) | 2,170,852 | ||||||
|
| |||||||
Industrial Conglomerates—3.8% | ||||||||
17,980 | Roper Technologies, Inc. | 4,641,897 | ||||||
|
| |||||||
Industrial Machinery—8.1% | ||||||||
76,380 | Harsco Corp.(b) | 1,623,075 | ||||||
19,391 | IDEX Corp. | 2,486,120 | ||||||
21,345 | John Bean Technologies Corp. | 2,281,780 | ||||||
18,516 | Parker-Hannifin Corp. | 3,381,207 | ||||||
|
| |||||||
9,772,182 | ||||||||
|
| |||||||
IT Consulting & Other Services—6.1% | ||||||||
26,198 | Accenture PLC, Class A | 3,729,547 | ||||||
29,206 | Gartner, Inc.(b) | 3,659,804 | ||||||
|
| |||||||
7,389,351 | ||||||||
|
| |||||||
Life Sciences Tools & Services—3.4% | ||||||||
5,982 | Mettler-Toledo International, Inc.(b) | 4,083,493 | ||||||
|
| |||||||
Paper Packaging—2.7% | ||||||||
28,434 | Packaging Corp. of America | 3,306,021 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Security & Alarm Services—1.5% | ||||||||
23,790 | Brink’s Co. (The) | $ | 1,810,419 | |||||
|
| |||||||
Specialty Chemicals—4.7% | ||||||||
14,386 | Sherwin-Williams Co. (The) | 5,684,628 | ||||||
|
| |||||||
Technology Distributors—1.4% | ||||||||
17,585 | ePlus, Inc.(b) | 1,681,126 | ||||||
|
| |||||||
Trading Companies & Distributors—5.2% | ||||||||
53,397 | CAI International, Inc.(b) | 1,976,757 | ||||||
57,776 | Triton International Ltd. (Bermuda)(b) | 2,305,262 | ||||||
11,785 | Watsco, Inc. | 1,963,028 | ||||||
|
| |||||||
6,245,047 | ||||||||
|
| |||||||
Trucking—1.9% | ||||||||
18,540 | Old Dominion Freight Line, Inc. | 2,245,750 | ||||||
|
| |||||||
Total Common Stocks (Cost $100,223,191) | 121,203,529 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
85,218 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(c) (Cost $85,218) | 85,218 | ||||||
|
| |||||||
Total Investments in Securities (Cost $100,308,409)—100.1% | 121,288,747 | |||||||
Other assets less liabilities—(0.1)% | (77,027 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 121,211,720 | ||||||
|
|
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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
PowerShares DWA Technology Momentum Portfolio (PTF)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Semiconductors | 18.9 | |||
Application Software | 18.7 | |||
Internet Software & Services | 14.9 | |||
Semiconductor Equipment | 12.3 | |||
Technology Hardware, Storage & Peripherals | 5.0 | |||
Specialized REITs | 4.7 | |||
Data Processing & Outsourced Services | 4.6 | |||
Electronic Components | 4.6 | |||
Communications Equipment | 4.4 | |||
Wireless Telecommunication Services | 4.2 | |||
Systems Software | 4.2 | |||
Aerospace & Defense | 1.9 | |||
Technology Distributors | 1.6 | |||
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% | ||||||||
Aerospace & Defense—1.9% | ||||||||
45,905 | Mercury Systems, Inc.(b) | $ | 2,316,825 | |||||
|
| |||||||
Application Software—18.7% | ||||||||
18,339 | Adobe Systems, Inc.(b) | 3,212,259 | ||||||
20,759 | Autodesk, Inc.(b) | 2,594,045 | ||||||
21,184 | Blackbaud, Inc. | 2,145,939 | ||||||
88,947 | Cadence Design Systems, Inc.(b) | 3,838,953 | ||||||
64,331 | Callidus Software, Inc.(b) | 1,630,791 | ||||||
19,305 | Intuit, Inc. | 2,915,441 | ||||||
32,902 | Paycom Software, Inc.(b) | 2,704,544 | ||||||
35,184 | Pegasystems, Inc. | 2,051,227 | ||||||
47,693 | RingCentral, Inc., Class A(b) | 2,010,260 | ||||||
|
| |||||||
23,103,459 | ||||||||
|
| |||||||
Communications Equipment—4.4% | ||||||||
14,944 | Arista Networks, Inc.(b) | 2,987,156 | ||||||
206,843 | Extreme Networks, Inc.(b) | 2,482,116 | ||||||
|
| |||||||
5,469,272 | ||||||||
|
| |||||||
Data Processing & Outsourced Services—4.6% | ||||||||
19,925 | Jack Henry & Associates, Inc. | 2,194,340 | ||||||
95,204 | Square, Inc., Class A(b) | 3,540,637 | ||||||
|
| |||||||
5,734,977 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Electronic Components—4.6% | ||||||||
65,498 | Amphenol Corp., Class A | $ | 5,698,326 | |||||
|
| |||||||
Internet Software & Services—14.9% | ||||||||
35,179 | 2U, Inc.(b) | 2,238,440 | ||||||
45,127 | Alarm.com Holdings, Inc.(b) | 2,106,528 | ||||||
35,203 | AppFolio, Inc., Class A(b) | 1,615,818 | ||||||
71,586 | Blucora, Inc.(b) | 1,553,416 | ||||||
25,795 | Facebook, Inc., Class A(b) | 4,644,648 | ||||||
45,622 | GrubHub, Inc.(b)(c) | 2,783,854 | ||||||
106,234 | Hortonworks, Inc.(b) | 1,753,923 | ||||||
38,659 | Q2 Holdings, Inc.(b) | 1,644,941 | ||||||
|
| |||||||
18,341,568 | ||||||||
|
| |||||||
Semiconductor Equipment—12.3% | ||||||||
57,457 | Applied Materials, Inc. | 3,242,298 | ||||||
62,012 | Entegris, Inc. | 2,030,893 | ||||||
87,422 | FormFactor, Inc.(b) | 1,591,080 | ||||||
76,552 | Ichor Holdings Ltd.(b) | 2,387,657 | ||||||
17,366 | Lam Research Corp. | 3,622,027 | ||||||
92,915 | Ultra Clean Holdings, Inc.(b) | 2,371,191 | ||||||
|
| |||||||
15,245,146 | ||||||||
|
| |||||||
Semiconductors—18.9% | ||||||||
305,510 | Advanced Micro Devices, Inc.(b)(c) | 3,356,027 | ||||||
83,710 | Micron Technology, Inc.(b) | 3,709,190 |
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, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Semiconductors (continued) | ||||||||
24,139 | Monolithic Power Systems, Inc. | $ | 2,936,992 | |||||
28,047 | NVIDIA Corp. | 5,800,400 | ||||||
42,729 | Skyworks Solutions, Inc. | 4,865,124 | ||||||
26,969 | Texas Instruments, Inc. | 2,607,633 | ||||||
|
| |||||||
23,275,366 | ||||||||
|
| |||||||
Specialized REITs—4.7% | ||||||||
41,537 | CyrusOne, Inc. REIT | 2,549,957 | ||||||
20,823 | SBA Communications Corp. REIT(b) | 3,272,959 | ||||||
|
| |||||||
5,822,916 | ||||||||
|
| |||||||
Systems Software—4.2% | ||||||||
47,354 | Gigamon, Inc.(b) | 1,823,129 | ||||||
34,246 | Qualys, Inc.(b) | 1,811,614 | ||||||
34,685 | Varonis Systems, Inc.(b) | 1,512,266 | ||||||
|
| |||||||
5,147,009 | ||||||||
|
| |||||||
Technology Distributors—1.6% | ||||||||
27,829 | CDW Corp. | 1,948,030 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—5.0% | ||||||||
36,340 | Apple, Inc. | 6,142,914 | ||||||
|
| |||||||
Wireless Telecommunication Services—4.2% | ||||||||
72,465 | Boingo Wireless, Inc.(b) | 1,694,232 | ||||||
58,632 | T-Mobile US, Inc.(b) | 3,504,434 | ||||||
|
| |||||||
5,198,666 | ||||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $96,178,575) | 123,444,474 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
93,104 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $93,104) | 93,104 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $96,271,679)—100.1% | 123,537,578 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.0% | ||||||||
6,152,565 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $6,152,565) | 6,152,565 | ||||||
|
| |||||||
Total Investments in Securities (Cost $102,424,244)—105.1% | 129,690,143 | |||||||
Other assets less liabilities—(5.1)% | (6,277,293 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 123,412,850 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
PowerShares DWA Utilities Momentum Portfolio (PUI)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown | ||||
Electric Utilities | 41.2 | |||
Multi-Utilities | 29.9 | |||
Gas Utilities | 15.9 | |||
Water Utilities | 5.4 | |||
Independent Power Producers & Energy Traders | 3.4 | |||
Wireless Telecommunication Services | 2.2 | |||
Renewable Electricity | 1.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Electric Utilities—41.2% | ||||||||
28,573 | Alliant Energy Corp. | $ | 1,236,068 | |||||
21,455 | American Electric Power Co., Inc. | 1,596,467 | ||||||
22,891 | Duke Energy Corp. | 2,021,504 | ||||||
26,629 | Edison International | 2,128,989 | ||||||
16,139 | El Paso Electric Co. | 927,992 | ||||||
28,662 | Eversource Energy | 1,795,388 | ||||||
14,348 | IDACORP, Inc. | 1,320,446 | ||||||
14,204 | NextEra Energy, Inc. | 2,202,614 | ||||||
37,218 | OGE Energy Corp. | 1,371,111 | ||||||
31,674 | PG&E Corp. | 1,829,807 | ||||||
22,428 | Pinnacle West Capital Corp. | 1,967,160 | ||||||
36,112 | PNM Resources, Inc. | 1,567,261 | ||||||
23,631 | Portland General Electric Co. | 1,128,144 | ||||||
43,789 | Xcel Energy, Inc. | 2,168,431 | ||||||
|
| |||||||
23,261,382 | ||||||||
|
| |||||||
Gas Utilities—15.9% | ||||||||
19,271 | Atmos Energy Corp. | 1,681,202 | ||||||
35,891 | New Jersey Resources Corp. | 1,595,355 | ||||||
14,937 | ONE Gas, Inc. | 1,149,850 | ||||||
32,730 | South Jersey Industries, Inc. | 1,111,838 | ||||||
14,479 | Southwest Gas Holdings, Inc. | 1,192,925 | ||||||
12,401 | Spire, Inc. | 979,059 | ||||||
26,018 | UGI Corp. | 1,245,221 | ||||||
|
| |||||||
8,955,450 | ||||||||
|
| |||||||
Independent Power Producers & Energy Traders—3.4% | ||||||||
76,485 | NRG Energy, Inc. | 1,912,125 | ||||||
|
| |||||||
Multi-Utilities—29.9% | ||||||||
24,249 | Ameren Corp. | 1,503,195 | ||||||
17,434 | Black Hills Corp. | 1,137,743 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Multi-Utilities (continued) | ||||||||
53,750 | CenterPoint Energy, Inc. | $ | 1,589,925 | |||||
45,721 | CMS Energy Corp. | 2,211,525 | ||||||
21,071 | Consolidated Edison, Inc. | 1,813,159 | ||||||
17,615 | DTE Energy Co. | 1,945,753 | ||||||
72,087 | NiSource, Inc. | 1,900,934 | ||||||
20,152 | NorthWestern Corp. | 1,194,611 | ||||||
20,792 | Vectren Corp. | 1,416,767 | ||||||
32,241 | WEC Energy Group, Inc. | 2,172,721 | ||||||
|
| |||||||
16,886,333 | ||||||||
|
| |||||||
Renewable Electricity—1.9% | ||||||||
16,202 | Ormat Technologies, Inc. | 1,051,996 | ||||||
|
| |||||||
Water Utilities—5.4% | ||||||||
23,935 | American Water Works Co., Inc. | 2,100,536 | ||||||
22,464 | California Water Service Group | 943,488 | ||||||
|
| |||||||
3,044,024 | ||||||||
|
| |||||||
Wireless Telecommunication Services—2.2% | ||||||||
32,618 | Shenandoah Telecommunications Co. | 1,239,484 | ||||||
|
| |||||||
Total Common Stocks (Cost $53,639,794) | 56,350,794 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
95,407 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(b) (Cost $95,407) | 95,407 | ||||||
|
| |||||||
Total Investments in Securities (Cost $53,735,201)—100.1% | 56,446,201 | |||||||
Other assets less liabilities—(0.1)% | (62,046 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 56,384,155 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
PowerShares DWA Utilities Momentum Portfolio (PUI) (continued)
October 31, 2017
(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) | 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, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
PowerShares NASDAQ Internet Portfolio (PNQI)
October 31, 2017
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2017 | ||||
Internet Software & Services | 55.5 | |||
Internet & Direct Marketing Retail | 37.8 | |||
Specialized REITs | 3.8 | |||
Communications Equipment | 2.3 | |||
Alternative Carriers | 0.4 | |||
Wireless Telecommunication Services | 0.1 | |||
Application Software | 0.1 | |||
Casinos & Gaming | 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% | ||||||||
Alternative Carriers—0.4% | ||||||||
34,114 | Cogent Communications Holdings, Inc. | $ | 1,838,745 | |||||
|
| |||||||
Application Software—0.1% | ||||||||
63,442 | NQ Mobile, Inc., Class A ADR (China)(b)(c) | 233,467 | ||||||
|
| |||||||
Casinos & Gaming—0.0% | ||||||||
21,232 | 500.com Ltd., Class A ADR (China)(b)(c) | 199,793 | ||||||
|
| |||||||
Communications Equipment—2.3% | ||||||||
53,601 | Arista Networks, Inc.(c) | 10,714,304 | ||||||
|
| |||||||
Internet & Direct Marketing Retail—37.8% | ||||||||
26,255 | 1-800-Flowers.com, Inc., Class A(c) | 246,797 | ||||||
36,868 | Amazon.com, Inc.(c) | 40,749,463 | ||||||
339,568 | Ctrip.com International Ltd. ADR (China)(c) | 16,261,912 | ||||||
102,616 | Expedia, Inc. | 12,792,111 | ||||||
20,457 | FTD Cos., Inc.(c) | 220,936 | ||||||
412,918 | Groupon, Inc., Class A(c) | 1,969,619 | ||||||
38,905 | HSN, Inc. | 1,466,718 | ||||||
430,922 | JD.Com, Inc., Class A ADR (China)(c) | 16,168,193 | ||||||
23,786 | Lands’ End, Inc.(b)(c) | 259,267 | ||||||
40,399 | Liberty Expedia Holdings, Inc., Class A(c) | 1,862,394 | ||||||
53,565 | Liberty TripAdvisor Holdings, Inc., Series A(c) | 578,502 | ||||||
43,235 | MakeMyTrip Ltd. (India)(c) | 1,180,315 | ||||||
206,931 | Netflix, Inc.(c) | 40,647,456 | ||||||
22,304 | Nutrisystem, Inc. | 1,114,085 | ||||||
18,566 | Overstock.com, Inc.(b)(c) | 852,179 | ||||||
15,302 | PetMed Express, Inc.(b) | 541,079 | ||||||
19,518 | Priceline Group, Inc. (The)(c) | 37,317,635 | ||||||
24,778 | Shutterfly, Inc.(c) | 1,058,021 | ||||||
93,538 | TripAdvisor, Inc.(c) | 3,507,675 | ||||||
|
| |||||||
178,794,357 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services—55.5% | ||||||||
44,330 | 21Vianet Group, Inc., Class A ADR (China)(b)(c) | $ | 332,918 | |||||
35,591 | 2U, Inc.(c) | 2,264,655 | ||||||
24,301 | Actua Corp.(c) | 375,451 | ||||||
127,306 | Akamai Technologies, Inc.(c) | 6,651,739 | ||||||
34,687 | Alarm.com Holdings, Inc.(c) | 1,619,189 | ||||||
38,485 | Alphabet, Inc., Class C(c) | 39,125,390 | ||||||
41,097 | Autohome, Inc., Class A ADR (China)(c) | 2,363,489 | ||||||
79,234 | Baidu, Inc. ADR (China)(c) | 19,328,342 | ||||||
27,546 | Baozun, Inc. ADR (China)(b)(c) | 864,669 | ||||||
63,563 | Bazaarvoice, Inc.(c) | 306,692 | ||||||
23,155 | Benefitfocus, Inc.(b)(c) | 634,447 | ||||||
33,368 | Blucora, Inc.(c) | 724,086 | ||||||
25,507 | Brightcove, Inc.(c) | 204,056 | ||||||
20,644 | Carbonite, Inc.(c) | 468,619 | ||||||
23,248 | Cimpress NV (Netherlands)(b)(c) | 2,537,287 | ||||||
42,761 | Cornerstone OnDemand, Inc.(c) | 1,640,312 | ||||||
24,235 | CoStar Group, Inc.(c) | 7,167,501 | ||||||
39,351 | Coupa Software, Inc.(b)(c) | 1,367,447 | ||||||
47,404 | Criteo SA ADR (France)(c) | 1,980,065 | ||||||
37,436 | DHI Group, Inc.(c) | 82,359 | ||||||
500,091 | eBay, Inc.(c) | 18,823,425 | ||||||
106,285 | Endurance International Group Holdings, Inc.(c) | 871,537 | ||||||
32,691 | Envestnet, Inc.(c) | 1,745,699 | ||||||
87,823 | Etsy, Inc.(c) | 1,466,644 | ||||||
210,219 | Facebook, Inc., Class A(c) | 37,852,033 | ||||||
40,932 | Five9, Inc.(c) | 1,032,714 | ||||||
92,339 | GoDaddy, Inc., Class A(c) | 4,312,231 | ||||||
64,398 | Gogo, Inc.(b)(c) | 640,116 | ||||||
49,835 | Hortonworks, Inc.(c) | 822,776 | ||||||
54,608 | IAC/InterActiveCorp.(c) | 7,047,162 | ||||||
35,898 | j2 Global, Inc. | 2,661,478 | ||||||
23,396 | Liquidity Services, Inc.(c) | 133,357 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
PowerShares NASDAQ Internet Portfolio (PNQI) (continued)
October 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks and Other Equity Interests (continued) | ||||||||
Internet Software & Services (continued) | ||||||||
43,742 | LivePerson, Inc.(c) | $ | 614,575 | |||||
39,158 | LogMeIn, Inc. | 4,740,076 | ||||||
38,835 | Match Group, Inc.(b)(c) | 1,038,448 | ||||||
53,321 | Meet Group, Inc. (The)(c) | 180,758 | ||||||
32,618 | MercadoLibre, Inc. (Argentina) | 7,838,432 | ||||||
42,220 | Mimecast Ltd.(c) | 1,342,174 | ||||||
31,408 | MINDBODY, Inc., Class A(c) | 1,012,908 | ||||||
103,026 | Momo, Inc., Class A ADR (China)(c) | 3,139,202 | ||||||
56,084 | NetEase, Inc. ADR (China) | 15,811,201 | ||||||
40,486 | New Relic, Inc.(c) | 2,078,146 | ||||||
49,213 | NIC, Inc. | 836,621 | ||||||
70,187 | Nutanix, Inc., Class A(b)(c) | 2,000,330 | ||||||
180,181 | Pandora Media, Inc.(b)(c) | 1,317,123 | ||||||
25,717 | Shutterstock, Inc.(b)(c) | 1,002,706 | ||||||
53,041 | SINA Corp. (China)(c) | 5,709,864 | ||||||
28,864 | Sohu.com, Inc. (China)(c) | 1,651,887 | ||||||
12,790 | SPS Commerce, Inc.(c) | 628,756 | ||||||
12,558 | Stamps.com, Inc.(c) | 2,818,015 | ||||||
21,398 | Trade Desk, Inc. (The), Class A(b)(c) | 1,410,556 | ||||||
73,149 | TrueCar, Inc.(b)(c) | 1,183,551 | ||||||
545,368 | Twitter, Inc.(c) | 11,245,488 | ||||||
73,833 | VeriSign, Inc.(b)(c) | 7,938,524 | ||||||
38,296 | Web.com Group, Inc.(c) | 922,934 | ||||||
47,605 | Weibo Corp., Class A ADR (China)(b)(c) | 4,410,603 | ||||||
33,757 | Wix.com Ltd. (Israel)(c) | 2,356,239 | ||||||
207,394 | Yandex NV, Class A (Russia)(c) | 7,016,139 | ||||||
35,025 | YY, Inc., Class A ADR (China)(c) | 3,165,910 | ||||||
41,467 | Zillow Group, Inc., Class A(c) | 1,713,002 | ||||||
|
| |||||||
262,572,053 | ||||||||
|
| |||||||
Specialized REITs—3.8% | ||||||||
38,571 | Equinix, Inc. REIT | 17,877,658 | ||||||
|
| |||||||
Wireless Telecommunication Services—0.1% | ||||||||
29,787 | Boingo Wireless, Inc.(c) | 696,420 | ||||||
|
| |||||||
Total Common Stocks and Other Equity Interests (Cost $386,745,689) | 472,926,797 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
10,667 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 0.94%(d) (Cost $10,667) | 10,667 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $386,756,356)—100.0% | 472,937,464 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.4% | ||||||||
20,722,896 | Invesco Government & Agency Portfolio—Institutional Class, 0.95%(d)(e) (Cost $20,722,896) | $ | 20,722,896 | |||||
|
| |||||||
Total Investments in Securities (Cost $407,479,252)—104.4% | 493,660,360 | |||||||
Other assets less liabilities—(4.4)% | (20,738,952 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 472,921,408 | ||||||
|
|
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, 2017. |
(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, 2017. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 19.0 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
(This Page Intentionally Left Blank)
| 23 |
|
Statements of Assets and Liabilities
October 31, 2017
(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) | PowerShares DWA Financial Momentum Portfolio (PFI) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 101,185,643 | $ | 24,414,117 | $ | 68,097,283 | $ | 89,238,549 | $ | 73,077,746 | ||||||||||
Affiliated investments in securities, at value | 264,786 | 1,511,212 | 4,284,129 | 8,111,673 | 90,474 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Dividends | 53,872 | 2,145 | 1,350 | 54,398 | 33,771 | |||||||||||||||
Securities lending | 278 | 8,121 | 5,295 | 9,925 | — | |||||||||||||||
Foreign tax reclaims | — | — | — | — | — | |||||||||||||||
Investments sold | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 101,504,579 | 25,935,595 | 72,388,057 | 97,414,545 | 73,201,991 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Collateral upon return of securities loaned | 147,200 | 1,425,255 | 4,150,588 | 7,926,096 | — | |||||||||||||||
Shares repurchased | — | — | — | — | — | |||||||||||||||
Investments purchased | — | — | — | — | — | |||||||||||||||
Accrued advisory fees | 28,472 | 68 | 15,424 | 22,692 | 21,605 | |||||||||||||||
Accrued trustees’ and officer’s fees | 30,166 | 28,434 | 30,464 | 34,415 | 26,611 | |||||||||||||||
Accrued expenses | 94,411 | 54,955 | 85,316 | 86,102 | 67,331 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 300,249 | 1,508,712 | 4,281,792 | 8,069,305 | 115,547 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 101,204,330 | $ | 24,426,883 | $ | 68,106,265 | $ | 89,345,240 | $ | 73,086,444 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 119,653,055 | $ | 65,601,417 | $ | 101,404,710 | $ | 234,864,249 | $ | 79,824,695 | ||||||||||
Undistributed net investment income (loss) | 69,202 | (15,913 | ) | 49,836 | 119,951 | 99,220 | ||||||||||||||
Undistributed net realized gain (loss) | (33,240,347 | ) | (43,211,269 | ) | (41,470,470 | ) | (144,909,397 | ) | (12,864,091 | ) | ||||||||||
Net unrealized appreciation (depreciation) | 14,722,420 | 2,052,648 | 8,122,189 | (729,563 | ) | 6,026,620 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 101,204,330 | $ | 24,426,883 | $ | 68,106,265 | $ | 89,345,240 | $ | 73,086,444 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,500,000 | 500,000 | 1,100,000 | 2,500,000 | 2,150,000 | |||||||||||||||
Net asset value | $ | 67.47 | $ | 48.85 | $ | 61.91 | $ | 35.74 | $ | 33.99 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 67.48 | $ | 48.86 | $ | 61.92 | $ | 35.72 | $ | 34.01 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments in securities, at cost | $ | 86,463,223 | $ | 22,361,469 | $ | 59,975,094 | $ | 89,968,112 | $ | 67,051,126 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments in securities, at cost | $ | 264,786 | $ | 1,511,212 | $ | 4,284,129 | $ | 8,111,673 | $ | 90,474 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of | $ | 148,260 | $ | 1,398,447 | $ | 4,093,661 | $ | 7,858,940 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
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) | ||||||||||||||
$ | 166,163,096 | $ | 121,203,529 | $ | 123,444,474 | $ | 56,350,794 | $ | 472,926,797 | |||||||||
8,560,909 | 85,218 | 6,245,669 | 95,407 | 20,733,563 | ||||||||||||||
96 | 59,177 | 21,113 | 48,299 | 31 | ||||||||||||||
9,907 | — | 4,470 | — | 13,719 | ||||||||||||||
— | — | 18,165 | 451 | — | ||||||||||||||
— | — | — | — | 35,452,277 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
174,734,008 | 121,347,924 | 129,733,891 | 56,494,951 | 529,126,387 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
8,433,671 | — | 6,152,565 | — | 20,722,896 | ||||||||||||||
— | — | — | — | 34,187,108 | ||||||||||||||
— | — | — | — | 1,046,181 | ||||||||||||||
52,575 | 47,533 | 36,018 | 11,155 | 248,794 | ||||||||||||||
33,401 | 30,670 | 29,937 | 28,191 | — | ||||||||||||||
108,260 | 58,001 | 102,521 | 71,450 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
8,627,907 | 136,204 | 6,321,041 | 110,796 | 56,204,979 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 166,106,101 | $ | 121,211,720 | $ | 123,412,850 | $ | 56,384,155 | $ | 472,921,408 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 227,065,798 | $ | 155,280,414 | $ | 158,631,784 | $ | 66,886,476 | $ | 379,778,919 | |||||||||
(198,235 | ) | (374,686 | ) | 97,181 | 122,290 | (1,226,080 | ) | |||||||||||
(85,430,815 | ) | (54,674,346 | ) | (62,582,014 | ) | (13,335,611 | ) | 8,187,461 | ||||||||||
24,669,353 | 20,980,338 | 27,265,899 | 2,711,000 | 86,181,108 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 166,106,101 | $ | 121,211,720 | $ | 123,412,850 | $ | 56,384,155 | $ | 472,921,408 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
| 2,400,000 | 2,000,000 | 2,300,000 | 1,950,000 | 4,150,000 | |||||||||||||
$ | 69.21 | $ | 60.61 | $ | 53.66 | $ | 28.91 | $ | 113.96 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 69.29 | $ | 60.66 | $ | 53.70 | $ | 28.93 | $ | 113.92 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 141,493,743 | $ | 100,223,191 | $ | 96,178,575 | $ | 53,639,794 | $ | 386,745,689 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 8,560,909 | $ | 85,218 | $ | 6,245,669 | $ | 95,407 | $ | 20,733,563 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 8,240,400 | $ | — | $ | 6,073,438 | $ | — | $ | 20,498,258 | |||||||||
|
|
|
|
|
|
|
|
|
|
| 25 |
|
For the six months ended October 31, 2017
(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) | PowerShares DWA Financial Momentum Portfolio (PFI) | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 673,090 | $ | 151,856 | $ | 519,302 | $ | 793,339 | $ | 634,880 | ||||||||||
Affiliated dividend income | 507 | 321 | 394 | 559 | 437 | |||||||||||||||
Non-cash dividend income | — | — | — | — | — | |||||||||||||||
Securities lending income | 2,821 | 53,299 | 24,838 | 117,250 | — | |||||||||||||||
Foreign withholding tax | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 676,418 | 205,476 | 544,534 | 911,148 | 635,317 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 246,571 | 80,200 | 180,407 | 233,151 | 192,784 | |||||||||||||||
Sub-licensing fees | 73,972 | 24,060 | 54,123 | 69,946 | 42,479 | |||||||||||||||
Accounting & administration fees | 18,662 | 18,661 | 21,546 | 19,323 | 18,661 | |||||||||||||||
Trustees’ and officer’s fees | 14,743 | 14,239 | 15,239 | 16,479 | 13,598 | |||||||||||||||
Professional fees | 14,048 | 13,422 | 14,577 | 14,135 | 13,282 | |||||||||||||||
Custodian & transfer agent fees | 3,282 | 2,072 | 2,376 | 2,824 | 2,797 | |||||||||||||||
Other expenses | 11,783 | 8,767 | 12,776 | 12,920 | 8,603 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 383,061 | 161,421 | 301,044 | 368,778 | 292,204 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (87,284 | ) | (65,247 | ) | (84,639 | ) | (89,119 | ) | (60,958 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 295,777 | 96,174 | 216,405 | 279,659 | 231,246 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income (Loss) | 380,641 | 109,302 | 328,129 | 631,489 | 404,071 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | (2,114,703 | ) | (1,176,610 | ) | (2,006,841 | ) | (10,895,100 | ) | (1,421,315 | ) | ||||||||||
In-kind redemptions | 4,489,527 | 4,110,219 | 3,546,475 | 648,084 | 3,482,549 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 2,374,824 | 2,933,609 | 1,539,634 | (10,247,016 | ) | 2,061,234 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | 6,879,485 | (1,473,705 | ) | 1,472,660 | 6,896,600 | 5,470,433 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | 9,254,309 | 1,459,904 | 3,012,294 | (3,350,416 | ) | 7,531,667 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 9,634,950 | $ | 1,569,206 | $ | 3,340,423 | $ | (2,718,927 | ) | $ | 7,935,738 | |||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
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) | ||||||||||||||
$ | 81,608 | $ | 778,556 | $ | 335,840 | $ | 1,101,002 | $ | 431,647 | |||||||||
419 | 532 | 536 | 539 | 526 | ||||||||||||||
— | — | — | — | 325,802 | ||||||||||||||
183,845 | — | 199,307 | — | 86,580 | ||||||||||||||
— | (11,279 | ) | — | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
265,872 | 767,809 | 535,683 | 1,101,541 | 844,555 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
274,225 | 309,961 | 308,143 | 186,052 | 1,307,168 | ||||||||||||||
82,492 | 30,997 | 92,695 | 55,816 | — | ||||||||||||||
18,661 | 18,661 | 18,661 | 19,414 | — | ||||||||||||||
16,327 | 15,270 | 15,419 | 13,664 | — | ||||||||||||||
13,354 | 13,051 | 13,862 | 13,827 | — | ||||||||||||||
1,973 | 2,695 | 2,855 | 3,544 | — | ||||||||||||||
9,734 | 8,861 | 10,820 | 11,019 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
416,766 | 399,496 | 462,455 | 303,336 | 1,307,168 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(87,782 | ) | (27,661 | ) | (92,801 | ) | (80,187 | ) | (114 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
328,984 | 371,835 | 369,654 | 223,149 | 1,307,054 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(63,112 | ) | 395,974 | 166,029 | 878,392 | (462,499 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(4,362,047 | ) | (1,382,324 | ) | (2,720,952 | ) | (768,988 | ) | (490,294 | ) | |||||||||
11,688,591 | 9,324,449 | 13,702,290 | 4,686,366 | 33,088,486 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
7,326,544 | 7,942,125 | 10,981,338 | 3,917,378 | 32,598,192 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
| 15,561,521 | 10,726,862 | 9,621,177 | 66,897 | 24,408,025 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
22,888,065 | 18,668,987 | 20,602,515 | 3,984,275 | 57,006,217 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 22,824,953 |
| $ | 19,064,961 | $ | 20,768,544 | $ | 4,862,667 | $ | 56,543,718 | ||||||||
|
|
|
|
|
|
|
|
|
|
| 27 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares DWA Basic Materials Momentum Portfolio (PYZ) | PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 380,641 | $ | 1,156,143 | $ | 109,302 | $ | 156,024 | ||||||||
Net realized gain (loss) | 2,374,824 | 22,364,781 | 2,933,609 | (4,454,232 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 6,879,485 | (6,190,316 | ) | (1,473,705 | ) | 5,160,383 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 9,634,950 | 17,330,608 | 1,569,206 | 862,175 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (302,073 | ) | (1,284,408 | ) | (108,579 | ) | (418,318 | ) | ||||||||
Return of capital | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (302,073 | ) | (1,284,408 | ) | (108,579 | ) | (418,318 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 21,976,195 | 168,900,387 | 41,167,040 | 19,237,137 | ||||||||||||
Value of shares repurchased | (31,373,589 | ) | (252,175,160 | ) | (47,037,284 | ) | (83,808,889 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (9,397,394 | ) | (83,274,773 | ) | (5,870,244 | ) | (64,571,752 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (64,517 | ) | (67,228,573 | ) | (4,409,617 | ) | (64,127,895 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 101,268,847 | 168,497,420 | 28,836,500 | 92,964,395 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 101,204,330 | $ | 101,268,847 | $ | 24,426,883 | $ | 28,836,500 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 69,202 | $ | (9,366 | ) | $ | (15,913 | ) | $ | (16,636 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 350,000 | 2,950,000 | 900,000 | 450,000 | ||||||||||||
Shares repurchased | (500,000 | ) | (4,400,000 | ) | (1,050,000 | ) | (2,000,000 | ) | ||||||||
Shares outstanding, beginning of period | 1,650,000 | 3,100,000 | 650,000 | 2,200,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,500,000 | 1,650,000 | 500,000 | 650,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
PowerShares DWA Consumer Staples Momentum Portfolio (PSL) | PowerShares DWA Energy Momentum Portfolio (PXI) | PowerShares DWA Financial Momentum Portfolio (PFI) | ||||||||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||||||
$ | 328,129 | $ | 2,560,835 | $ | 631,489 | $ | 532,135 | $ | 404,071 | $ | 842,184 | |||||||||||
1,539,634 | 2,317,311 | (10,247,016 | ) | 9,565,583 | 2,061,234 | 2,375,070 | ||||||||||||||||
1,472,660 | (2,462,507 | ) | 6,896,600 | (26,190,023 | ) | 5,470,433 | (777,578 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
3,340,423 | 2,415,639 | (2,718,927 | ) | (16,092,305 | ) | 7,935,738 | 2,439,676 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(260,380 | ) | (3,477,597 | ) | (490,996 | ) | (693,416 | ) | (289,177 | ) | (1,505,911 | ) | |||||||||||
— | — | — | (214,044 | ) | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(260,380 | ) | (3,477,597 | ) | (490,996 | ) | (907,460 | ) | (289,177 | ) | (1,505,911 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
9,180,045 | 79,228,734 | 5,406,202 | 213,214,864 | 37,008,695 | 135,281,308 | |||||||||||||||||
(21,345,236 | ) | (298,045,382 | ) | (25,582,079 | ) | (208,770,512 | ) | (57,425,421 | ) | (79,776,451 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(12,165,191 | ) | (218,816,648 | ) | (20,175,877 | ) | 4,444,352 | (20,416,726 | ) | 55,504,857 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(9,085,148 | ) | (219,878,606 | ) | (23,385,800 | ) | (12,555,413 | ) | (12,770,165 | ) | 56,438,622 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
77,191,413 | 297,070,019 | 112,731,040 | 125,286,453 | 85,856,609 | 29,417,987 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 68,106,265 | $ | 77,191,413 | $ | 89,345,240 | $ | 112,731,040 | $ | 73,086,444 | $ | 85,856,609 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 49,836 | $ | (17,913 | ) | $ | 119,951 | $ | (20,542 | ) | $ | 99,220 | $ | (15,674 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
150,000 | 1,400,000 | 150,000 | 5,000,000 | 1,150,000 | 4,400,000 | |||||||||||||||||
(350,000 | ) | (5,400,000 | ) | (750,000 | ) | (5,200,000 | ) | (1,800,000 | ) | (2,600,000 | ) | |||||||||||
1,300,000 | 5,300,000 | 3,100,000 | 3,300,000 | 2,800,000 | 1,000,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,100,000 | 1,300,000 | 2,500,000 | 3,100,000 | 2,150,000 | 2,800,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
Statements of Changes in Net Assets (continued)
For the six months ended October 31, 2017 and the year ended April 30, 2017
(Unaudited)
PowerShares DWA Healthcare Momentum Portfolio (PTH) | PowerShares DWA Industrials Momentum Portfolio (PRN) | |||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (63,112 | ) | $ | (265,987 | ) | $ | 395,974 | $ | 520,665 | ||||||
Net realized gain | 7,326,544 | 7,902,120 | 7,942,125 | 6,558,354 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 15,561,521 | 6,866,058 | 10,726,862 | 8,227,537 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 22,824,953 | 14,502,191 | 19,064,961 | 15,306,556 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | — | — | (781,257 | ) | (553,696 | ) | ||||||||||
Return of capital | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | — | — | (781,257 | ) | (553,696 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 137,632,875 | 69,403,752 | 41,785,500 | 158,242,219 | ||||||||||||
Value of shares repurchased | (57,630,665 | ) | (95,958,769 | ) | (69,526,805 | ) | (85,202,042 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 80,002,210 | (26,555,017 | ) | (27,741,305 | ) | 73,040,177 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 102,827,163 | (12,052,826 | ) | (9,457,601 | ) | 87,793,037 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 63,278,938 | 75,331,764 | 130,669,321 | 42,876,284 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 166,106,101 | $ | 63,278,938 | $ | 121,211,720 | $ | 130,669,321 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (198,235 | ) | $ | (135,123 | ) | $ | (374,686 | ) | $ | 10,597 | |||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 2,150,000 | 1,350,000 | 750,000 | 3,250,000 | ||||||||||||
Shares repurchased | (900,000 | ) | (1,900,000 | ) | (1,250,000 | ) | (1,700,000 | ) | ||||||||
Shares outstanding, beginning of period | 1,150,000 | 1,700,000 | 2,500,000 | 950,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 2,400,000 | 1,150,000 | 2,000,000 | 2,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
PowerShares DWA Technology Momentum Portfolio (PTF) | PowerShares DWA Utilities Momentum Portfolio (PUI) | PowerShares NASDAQ Internet Portfolio (PNQI) | ||||||||||||||||||||
October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | October 31, 2017 | April 30, 2017 | |||||||||||||||||
$ | 166,029 | $ | 256,236 | $ | 878,392 | $ | 3,553,470 | $ | (462,499 | ) | $ | (756,298 | ) | |||||||||
10,981,338 | 18,028,413 | 3,917,378 | 12,247,563 | 32,598,192 | 17,825,546 | |||||||||||||||||
9,621,177 | 15,379,489 | 66,897 | (6,365,320 | ) | 24,408,025 | 58,680,808 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
20,768,544 | 33,664,138 | 4,862,667 | 9,435,713 | 56,543,718 | 75,750,056 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(51,408 | ) | (172,973 | ) | (1,058,608 | ) | (3,999,102 | ) | — | — | |||||||||||||
— | (192,217 | ) | — | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(51,408 | ) | (365,190 | ) | (1,058,608 | ) | (3,999,102 | ) | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
47,654,016 | 105,469,937 | 9,942,148 | 181,244,678 | 150,398,201 | 84,874,769 | |||||||||||||||||
(76,174,959 | ) | (190,175,480 | ) | (94,837,634 | ) | (250,158,823 | ) | (85,959,647 | ) | (87,837,710 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(28,520,943 | ) | (84,705,543 | ) | (84,895,486 | ) | (68,914,145 | ) | 64,438,554 | (2,962,941 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(7,803,807 | ) | (51,406,595 | ) | (81,091,427 | ) | (63,477,534 | ) | 120,982,272 | 72,787,115 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
131,216,657 | 182,623,252 | 137,475,582 | 200,953,116 | 351,939,136 | 279,152,021 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 123,412,850 | $ | 131,216,657 | $ | 56,384,155 | $ | 137,475,582 | $ | 472,921,408 | $ | 351,939,136 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 97,181 | $ | (17,440 | ) | $ | 122,290 | $ | 302,506 | $ | (1,226,080 | ) | $ | (763,581 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,000,000 | 2,500,000 | 350,000 | 6,650,000 | 1,400,000 | 950,000 | |||||||||||||||||
(1,600,000 | ) | (4,650,000 | ) | (3,400,000 | ) | (9,650,000 | ) | (800,000 | ) | (1,050,000 | ) | |||||||||||
2,900,000 | 5,050,000 | 5,000,000 | 8,000,000 | 3,550,000 | 3,650,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,300,000 | 2,900,000 | 1,950,000 | 5,000,000 | 4,150,000 | 3,550,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 31 |
|
PowerShares DWA Basic Materials Momentum Portfolio (PYZ)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 61.38 | $ | 54.35 | $ | 53.85 | $ | 52.33 | $ | 43.38 | $ | 38.24 | ||||||||||||
Net investment income(a) | 0.24 | 0.46 | 0.58 | 0.43 | 0.51 | 0.63 | ||||||||||||||||||
Net realized and unrealized gain on investments | 6.04 | 7.14 | 0.59 | 1.57 | 8.95 | 5.16 | ||||||||||||||||||
Total from investment operations | 6.28 | 7.60 | 1.17 | 2.00 | 9.46 | 5.79 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.57 | ) | (0.67 | ) | (0.48 | ) | (0.51 | ) | (0.65 | ) | ||||||||||||
Net asset value at end of period | $ | 67.47 | $ | 61.38 | $ | 54.35 | $ | 53.85 | $ | 52.33 | $ | 43.38 | ||||||||||||
Market price at end of period(b) | $ | 67.48 | $ | 61.38 | $ | 54.38 | $ | 53.80 | $ | 52.31 | $ | 43.29 | ||||||||||||
Net Asset Value Total Return(c) | 10.26 | % | 14.04 | % | 2.32 | % | 3.82 | % | 21.97 | % | 15.37 | % | ||||||||||||
Market Price Total Return(c) | 10.28 | % | 13.98 | % | 2.47 | % | 3.77 | % | 22.18 | % | 15.26 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 101,204 | $ | 101,269 | $ | 168,497 | $ | 78,082 | $ | 94,190 | $ | 80,253 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.64 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.78 | %(d) | 0.69 | % | 0.69 | % | 0.69 | % | 0.68 | % | 0.72 | % | ||||||||||||
Net investment income, after Waivers | 0.77 | %(d) | 0.79 | % | 1.17 | % | 0.79 | % | 1.08 | % | 1.59 | % | ||||||||||||
Portfolio turnover rate(e) | 32 | % | 132 | % | 96 | % | 80 | % | 158 | % | 63 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized 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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 44.36 | $ | 42.26 | $ | 45.93 | $ | 39.79 | $ | 34.19 | $ | 29.90 | ||||||||||||
Net investment income(a) | 0.16 | 0.15 | 0.17 | 0.27 | 0.17 | 0.39 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.49 | 2.30 | (3.71 | ) | 6.06 | 5.63 | 4.24 | |||||||||||||||||
Total from investment operations | 4.65 | 2.45 | (3.54 | ) | 6.33 | 5.80 | 4.63 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.35 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | (0.34 | ) | ||||||||||||
Net asset value at end of period | $ | 48.85 | $ | 44.36 | $ | 42.26 | $ | 45.93 | $ | 39.79 | $ | 34.19 | ||||||||||||
Market price at end of period(b) | $ | 48.86 | $ | 44.37 | $ | 42.25 | $ | 45.93 | $ | 39.74 | $ | 34.16 | ||||||||||||
Net Asset Value Total Return(c) | 10.50 | % | 5.85 | % | (7.73 | )% | 15.91 | % | 16.97 | % | 15.67 | % | ||||||||||||
Market Price Total Return(c) | 10.50 | % | 5.90 | % | (7.76 | )% | 16.06 | % | 16.93 | % | 15.60 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 24,427 | $ | 28,837 | $ | 92,964 | $ | 96,463 | $ | 45,754 | $ | 23,933 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.64 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 1.01 | %(d) | 0.86 | % | 0.71 | % | 0.81 | % | 0.91 | % | 0.93 | % | ||||||||||||
Net investment income, after Waivers | 0.68 | %(d) | 0.35 | % | 0.39 | % | 0.63 | % | 0.42 | % | 1.29 | % | ||||||||||||
Portfolio turnover rate(e) | 104 | % | 117 | % | 139 | % | 114 | % | 236 | % | 130 | % |
(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.
| 32 |
|
Financial Highlights (continued)
PowerShares DWA Consumer Staples Momentum Portfolio (PSL)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 59.38 | $ | 56.05 | $ | 51.43 | $ | 43.04 | $ | 39.69 | $ | 32.61 | ||||||||||||
Net investment income(a) | 0.28 | 0.76 | 0.43 | 0.76 | (b) | 0.66 | 0.66 | |||||||||||||||||
Net realized and unrealized gain on investments | 2.47 | 3.69 | 4.54 | 8.37 | 3.26 | 7.13 | ||||||||||||||||||
Total from investment operations | 2.75 | 4.45 | 4.97 | 9.13 | 3.92 | 7.79 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (1.12 | ) | (0.35 | ) | (0.74 | ) | (0.57 | ) | (0.71 | ) | ||||||||||||
Net asset value at end of period | $ | 61.91 | $ | 59.38 | $ | 56.05 | $ | 51.43 | $ | 43.04 | $ | 39.69 | ||||||||||||
Market price at end of period(c) | $ | 61.92 | $ | 59.38 | $ | 56.05 | $ | 51.43 | $ | 43.03 | $ | 39.67 | ||||||||||||
Net Asset Value Total Return(d) | 4.65 | % | 8.12 | % | 9.67 | % | 21.28 | % | 9.93 | % | 24.29 | % | ||||||||||||
Market Price Total Return(d) | 4.66 | % | 8.12 | % | 9.67 | % | 21.31 | % | 9.97 | % | 24.27 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 68,106 | $ | 77,191 | $ | 297,070 | $ | 97,713 | $ | 38,738 | $ | 37,708 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.64 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.83 | %(e) | 0.71 | % | 0.69 | % | 0.78 | % | 0.79 | % | 0.82 | % | ||||||||||||
Net investment income, after Waivers | 0.91 | %(e) | 1.33 | % | 0.76 | % | 1.54 | %(b) | 1.56 | % | 1.94 | % | ||||||||||||
Portfolio turnover rate(f) | 49 | % | 106 | % | 113 | % | 83 | % | 175 | % | 57 | % |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Financial Highlights (continued)
PowerShares DWA Energy Momentum Portfolio (PXI)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.36 | $ | 37.97 | $ | 49.51 | $ | 60.41 | $ | 48.39 | $ | 40.45 | ||||||||||||
Net investment income(a) | 0.23 | 0.14 | 0.51 | 0.53 | 0.34 | 0.47 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.67 | ) | (1.50 | ) | (11.39 | ) | (10.82 | ) | 12.01 | 8.13 | ||||||||||||||
Total from investment operations | (0.44 | ) | (1.36 | ) | (10.88 | ) | (10.29 | ) | 12.35 | 8.60 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.19 | ) | (0.66 | ) | (0.61 | ) | (0.33 | ) | (0.66 | ) | ||||||||||||
Return of capital | — | (0.06 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.18 | ) | (0.25 | ) | (0.66 | ) | (0.61 | ) | (0.33 | ) | (0.66 | ) | ||||||||||||
Net asset value at end of period | $ | 35.74 | $ | 36.36 | $ | 37.97 | $ | 49.51 | $ | 60.41 | $ | 48.39 | ||||||||||||
Market price at end of period(b) | $ | 35.72 | $ | 36.35 | $ | 37.95 | $ | 49.51 | $ | 60.37 | $ | 48.36 | ||||||||||||
Net Asset Value Total Return(c) | (1.17 | )% | (3.62 | )% | (22.01 | )% | (17.08 | )% | 25.66 | % | 21.48 | % | ||||||||||||
Market Price Total Return(c) | (1.20 | )% | (3.60 | )% | (22.05 | )% | (17.02 | )% | 25.66 | % | 21.35 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 89,345 | $ | 112,731 | $ | 125,286 | $ | 183,178 | $ | 214,441 | $ | 137,916 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.64 | % | 0.66 | % | ||||||||||||
Expenses, prior to Waivers | 0.79 | %(d) | 0.72 | % | 0.76 | % | 0.74 | % | 0.64 | % | 0.69 | % | ||||||||||||
Net investment income, after Waivers | 1.35 | %(d) | 0.34 | % | 1.32 | % | 0.97 | % | 0.65 | % | 1.10 | % | ||||||||||||
Portfolio turnover rate(e) | 52 | % | 116 | % | 119 | % | 109 | % | 198 | % | 80 | % |
(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.
| 34 |
|
Financial Highlights (continued)
PowerShares DWA Financial Momentum Portfolio (PFI)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.66 | $ | 29.42 | $ | 30.76 | $ | 27.82 | $ | 23.92 | $ | 20.08 | ||||||||||||
Net investment income(a) | 0.17 | 0.47 | 0.42 | 0.37 | 0.32 | 0.35 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.28 | 1.43 | (1.37 | ) | 2.92 | 3.93 | 3.83 | |||||||||||||||||
Total from investment operations | 3.45 | 1.90 | (0.95 | ) | 3.29 | 4.25 | 4.18 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.66 | ) | (0.39 | ) | (0.35 | ) | (0.35 | ) | (0.34 | ) | ||||||||||||
Net asset value at end of period | $ | 33.99 | $ | 30.66 | $ | 29.42 | $ | 30.76 | $ | 27.82 | $ | 23.92 | ||||||||||||
Market price at end of period(b) | $ | 34.01 | $ | 30.64 | $ | 29.43 | $ | 30.76 | $ | 27.79 | $ | 23.90 | ||||||||||||
Net Asset Value Total Return(c) | 11.29 | % | 6.51 | % | (3.11 | )% | 11.84 | % | 17.89 | % | 21.07 | % | ||||||||||||
Market Price Total Return(c) | 11.43 | % | 6.41 | % | (3.08 | )% | 11.96 | % | 17.86 | % | 21.03 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 73,086 | $ | 85,857 | $ | 29,418 | $ | 38,447 | $ | 36,167 | $ | 20,330 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | %(e) | 0.64 | %(e) | 0.66 | %(e) | ||||||||||||
Expenses, prior to Waivers | 0.76 | %(d) | 0.77 | % | 0.84 | % | 0.85 | %(e) | 0.91 | %(e) | 1.10 | %(e) | ||||||||||||
Net investment income, after Waivers | 1.05 | %(d) | 1.53 | % | 1.38 | % | 1.24 | % | 1.20 | % | 1.66 | % | ||||||||||||
Portfolio turnover rate(f) | 64 | % | 204 | % | 119 | % | 115 | % | 232 | % | 118 | % |
(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 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.
| 35 |
|
Financial Highlights (continued)
PowerShares DWA Healthcare Momentum Portfolio (PTH)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 55.03 | $ | 44.31 | $ | 57.68 | $ | 45.34 | $ | 38.76 | $ | 32.29 | ||||||||||||
Net investment income (loss)(a) | (0.04 | ) | (0.19 | ) | (0.27 | ) | (0.20 | ) | 0.00 | (b) | 0.43 | |||||||||||||
Net realized and unrealized gain (loss) on investments | 14.22 | 10.91 | (13.10 | ) | 12.54 | 6.73 | 6.39 | |||||||||||||||||
Total from investment operations | 14.18 | 10.72 | (13.37 | ) | 12.34 | 6.73 | 6.82 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | (0.15 | ) | (0.35 | ) | ||||||||||||||||
Net asset value at end of period | $ | 69.21 | $ | 55.03 | $ | 44.31 | $ | 57.68 | $ | 45.34 | $ | 38.76 | ||||||||||||
Market price at end of period(c) | $ | 69.29 | $ | 55.02 | $ | 44.28 | $ | 57.64 | $ | 45.34 | $ | 38.69 | ||||||||||||
Net Asset Value Total Return(d) | 25.77 | % | 24.19 | % | (23.18 | )% | 27.22 | % | 17.41 | % | 21.31 | % | ||||||||||||
Market Price Total Return(d) | 25.93 | % | 24.26 | % | (23.18 | )% | 27.13 | % | 17.62 | % | 21.06 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 166,106 | $ | 63,279 | $ | 75,332 | $ | 178,802 | $ | 106,560 | $ | 60,071 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.64 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.76 | %(e) | 0.78 | % | 0.70 | % | 0.68 | % | 0.68 | % | 0.74 | % | ||||||||||||
Net investment income (loss), after Waivers | (0.12 | )%(e) | (0.39 | )% | (0.48 | )% | (0.38 | )% | 0.01 | % | 1.26 | % | ||||||||||||
Portfolio turnover rate(f) | 58 | % | 175 | % | 200 | % | 151 | % | 278 | % | 93 | % |
(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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 52.27 | $ | 45.13 | $ | 46.84 | $ | 46.47 | $ | 36.74 | $ | 30.02 | ||||||||||||
Net investment income(a) | 0.18 | 0.29 | 0.22 | 0.17 | 0.19 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.52 | 7.14 | (1.73 | ) | 0.35 | 9.72 | 6.89 | |||||||||||||||||
Total from investment operations | 8.70 | 7.43 | (1.51 | ) | 0.52 | 9.91 | 7.41 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.29 | ) | (0.20 | ) | (0.15 | ) | (0.18 | ) | (0.65 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.04 | ) | |||||||||||||||||
Total distributions | (0.36 | ) | (0.29 | ) | (0.20 | ) | (0.15 | ) | (0.18 | ) | (0.69 | ) | ||||||||||||
Net asset value at end of period | $ | 60.61 | $ | 52.27 | $ | 45.13 | $ | 46.84 | $ | 46.47 | $ | 36.74 | ||||||||||||
Market price at end of period(b) | $ | 60.66 | $ | 52.26 | $ | 45.13 | $ | 46.85 | $ | 46.43 | $ | 36.72 | ||||||||||||
Net Asset Value Total Return(c) | 16.70 | % | 16.50 | % | (3.24 | )% | 1.12 | % | 27.01 | % | 25.18 | % | ||||||||||||
Market Price Total Return(c) | 16.83 | % | 16.48 | % | (3.26 | )% | 1.23 | % | 26.97 | % | 25.19 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 121,212 | $ | 130,669 | $ | 42,876 | $ | 112,414 | $ | 169,622 | $ | 38,573 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.63 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.65 | % | 0.65 | % | 0.64 | % | 0.66 | % | 0.92 | % | ||||||||||||
Net investment income, after Waivers | 0.64 | %(d) | 0.59 | % | 0.48 | % | 0.36 | % | 0.43 | % | 1.65 | % | ||||||||||||
Portfolio turnover rate(e) | 56 | % | 122 | % | 122 | % | 121 | % | 285 | % | 116 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized 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.
| 36 |
|
Financial Highlights (continued)
PowerShares DWA Technology Momentum Portfolio (PTF)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 45.25 | $ | 36.16 | $ | 40.37 | $ | 32.44 | $ | 29.14 | $ | 27.29 | ||||||||||||
Net investment income (loss)(a) | 0.07 | 0.07 | (0.01 | ) | 0.17 | 0.04 | 0.17 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.36 | 9.12 | (4.20 | ) | 8.02 | 3.32 | 1.88 | |||||||||||||||||
Total from investment operations | 8.43 | 9.19 | (4.21 | ) | 8.19 | 3.36 | 2.05 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.05 | ) | — | (0.26 | ) | (0.06 | ) | (0.20 | ) | |||||||||||||
Return of capital | — | (0.05 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.02 | ) | (0.10 | ) | — | (0.26 | ) | (0.06 | ) | (0.20 | ) | |||||||||||||
Net asset value at end of period | $ | 53.66 | $ | 45.25 | $ | 36.16 | $ | 40.37 | $ | 32.44 | $ | 29.14 | ||||||||||||
Market price at end of period(b) | $ | 53.70 | $ | 45.22 | $ | 36.16 | $ | 40.36 | $ | 32.45 | $ | 29.06 | ||||||||||||
Net Asset Value Total Return(c) | 18.63 | % | 25.46 | % | (10.43 | )% | 25.29 | % | 11.52 | % | 7.59 | % | ||||||||||||
Market Price Total Return(c) | 18.80 | % | 25.38 | % | (10.41 | )% | 25.22 | % | 11.86 | % | 7.34 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 123,413 | $ | 131,217 | $ | 182,623 | $ | 64,588 | $ | 53,525 | $ | 32,053 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.64 | % | 0.65 | % | ||||||||||||
Expenses, prior to Waivers | 0.75 | %(d) | 0.72 | % | 0.70 | % | 0.77 | % | 0.80 | % | 0.89 | % | ||||||||||||
Net investment income (loss), after Waivers | 0.27 | %(d) | 0.17 | % | (0.03 | )% | 0.46 | % | 0.13 | % | 0.63 | % | ||||||||||||
Portfolio turnover rate(e) | 52 | % | 147 | % | 159 | % | 157 | % | 263 | % | 95 | % |
(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, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.50 | $ | 25.12 | $ | 22.51 | $ | 22.49 | $ | 19.82 | $ | 16.69 | ||||||||||||
Net investment income(a) | 0.34 | 0.65 | 0.64 | 0.57 | 0.47 | 0.45 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.50 | 2.71 | 2.60 | (0.01 | ) | 2.68 | 3.14 | |||||||||||||||||
Total from investment operations | 1.84 | 3.36 | 3.24 | 0.56 | 3.15 | 3.59 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.43 | ) | (0.98 | ) | (0.63 | ) | (0.54 | ) | (0.48 | ) | (0.46 | ) | ||||||||||||
Net asset value at end of period | $ | 28.91 | $ | 27.50 | $ | 25.12 | $ | 22.51 | $ | 22.49 | $ | 19.82 | ||||||||||||
Market price at end of period(b) | $ | 28.93 | $ | 27.51 | $ | 25.10 | $ | 22.50 | $ | 22.47 | $ | 19.79 | ||||||||||||
Net Asset Value Total Return(c) | 6.70 | % | 13.65 | % | 14.86 | % | 2.48 | % | 16.27 | % | 21.90 | % | ||||||||||||
Market Price Total Return(c) | 6.74 | % | 13.78 | % | 14.81 | % | 2.53 | % | 16.35 | % | 21.94 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 56,384 | $ | 137,476 | $ | 200,953 | $ | 34,893 | $ | 41,601 | $ | 42,604 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.63 | % | 0.63 | % | ||||||||||||
Expenses, prior to Waivers | 0.82 | %(d) | 0.71 | % | 0.74 | % | 0.80 | % | 0.77 | % | 0.81 | % | ||||||||||||
Net investment income, after Waivers | 2.36 | %(d) | 2.46 | % | 2.74 | % | 2.49 | % | 2.31 | % | 2.54 | % | ||||||||||||
Portfolio turnover rate(e) | 17 | % | 54 | % | 91 | % | 47 | % | 131 | % | 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.
| 37 |
|
Financial Highlights (continued)
PowerShares NASDAQ Internet Portfolio (PNQI)
Six Months Ended October 31, 2017 (Unaudited) | Year Ended April 30, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 99.14 | $ | 76.48 | $ | 72.28 | $ | 61.62 | $ | 46.09 | $ | 41.08 | ||||||||||||
Net investment income (loss)(a) | (0.12 | ) | (0.22 | ) | (0.16 | ) | (0.21 | ) | (0.27 | ) | (0.01 | ) | ||||||||||||
Net realized and unrealized gain on investments | 14.94 | 22.88 | 4.36 | 10.87 | 15.80 | 5.04 | ||||||||||||||||||
Total from investment operations | 14.82 | 22.66 | 4.20 | 10.66 | 15.53 | 5.03 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | — | — | — | — | (0.02 | ) | |||||||||||||||||
Net asset value at end of period | $ | 113.96 | $ | 99.14 | $ | 76.48 | $ | 72.28 | $ | 61.62 | $ | 46.09 | ||||||||||||
Market price at end of period(b) | $ | 113.92 | $ | 99.17 | $ | 76.44 | $ | 72.26 | $ | 61.51 | $ | 46.08 | ||||||||||||
Net Asset Value Total Return(c) | 14.95 | % | 29.63 | % | 5.81 | % | 17.30 | % | 33.70 | % | 12.26 | % | ||||||||||||
Market Price Total Return(c) | 14.88 | % | 29.73 | % | 5.79 | % | 17.48 | % | 33.48 | % | 12.23 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 472,921 | $ | 351,939 | $ | 279,152 | $ | 216,851 | $ | 289,628 | $ | 64,525 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Net investment income (loss) | (0.21 | )%(d) | (0.26 | )% | (0.21 | )% | (0.31 | )% | (0.42 | )% | (0.02 | )% | ||||||||||||
Portfolio turnover rate(e) | 7 | % | 14 | % | 27 | % | 31 | % | 21 | % | 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.
| 38 |
|
PowerShares Exchange-Traded Fund Trust
October 31, 2017
(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, 2017, 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 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 to track the investment results (before fees and expenses) 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 following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| 39 |
|
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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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.
| 40 |
|
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.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
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 will 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 Mid-Capitalization Company Risk. Investing in securities of small- and mid-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 mid-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.
| 41 |
|
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 accounting principles generally accepted in the United States of America (“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 from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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.
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
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 NAV 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 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”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees and any Unaffiliated Trustee, acquired fund fees and expenses, if any, and extraordinary expenses.
| 42 |
|
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, acquired fund fees and expenses, if any, litigation expenses and other 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. Accounting Estimates
The preparation of the financial statements in accordance with 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.
I. Securities Lending
During the six-month period ended October 31, 2017, DWA Basic Materials Momentum Portfolio, DWA Consumer Cyclicals Momentum Portfolio, DWA Consumer Staples 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 generally 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 NASDAQ Internet Portfolio) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
As compensation for its services, NASDAQ Internet Portfolio accrues daily and pays monthly to 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, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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
| 43 |
|
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, 2018. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2018. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.
Further, through August 31, 2019, 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, 2017, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA Basic Materials Momentum Portfolio | $ | 87,284 | ||
DWA Consumer Cyclicals Momentum Portfolio | 65,247 | |||
DWA Consumer Staples Momentum Portfolio | 84,639 | |||
DWA Energy Momentum Portfolio | 89,119 | |||
DWA Financial Momentum Portfolio | 60,958 | |||
DWA Healthcare Momentum Portfolio | 87,782 | |||
DWA Industrials Momentum Portfolio | 27,661 | |||
DWA Technology Momentum Portfolio | 92,801 | |||
DWA Utilities Momentum Portfolio | 80,187 | |||
NASDAQ Internet Portfolio | 114 |
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, 2017 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
4/30/18 | 4/30/19 | 4/30/20 | 10/31/20 | |||||||||||||||||
DWA Basic Materials Momentum Portfolio | $ | 318,045 | $ | 41,329 | $ | 64,234 | $ | 125,307 | $ | 87,175 | ||||||||||
DWA Consumer Cyclicals Momentum Portfolio | 457,719 | 74,213 | 203,205 | 115,120 | 65,181 | |||||||||||||||
DWA Consumer Staples Momentum Portfolio | 589,817 | 62,217 | 228,313 | 214,731 | 84,556 | |||||||||||||||
DWA Energy Momentum Portfolio | 625,323 | 152,404 | 199,340 | 184,582 | 88,997 | |||||||||||||||
DWA Financial Momentum Portfolio | 283,750 | 52,584 | 78,303 | 91,999 | 60,864 | |||||||||||||||
DWA Healthcare Momentum Portfolio | 463,647 | 58,381 | 192,773 | 124,797 | 87,696 | |||||||||||||||
DWA Industrials Momentum Portfolio | 155,247 | 30,732 | 49,864 | 47,109 | 27,542 | |||||||||||||||
DWA Technology Momentum Portfolio | 502,263 | 57,005 | 171,801 | 180,774 | 92,683 | |||||||||||||||
DWA Utilities Momentum Portfolio | 380,335 | 43,844 | 90,675 | 165,742 | 80,074 |
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 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 |
| 44 |
|
Fund | Licensor | |
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, 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. 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, 2017, 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. For the six months ended October 31, 2017, there were no material transfers between valuation levels.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
DWA Healthcare Momentum Portfolio | ||||||||||||||||
Equity Securities | $ | 174,709,057 | $ | — | $ | 14,948 | $ | 174,724,005 | ||||||||
|
|
|
|
|
|
|
|
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.
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
| 45 |
|
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, 2017, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||
2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||
DWA Basic Materials Momentum Portfolio | $ | 4,534,904 | $ | 2,521,492 | $ | 21,732,766 | $ | 2,514,517 | $ | 31,303,679 | $ | 3,783,798 | ||||||||||||
DWA Consumer Cyclicals Momentum Portfolio | — | 2,042,056 | 41,681,282 | 402,724 | 44,126,062 | 1,993,654 | ||||||||||||||||||
DWA Consumer Staples Momentum Portfolio | 3,935,363 | 1,180,566 | 33,738,969 | 376,032 | 39,230,930 | 2,156,980 | ||||||||||||||||||
DWA Energy Momentum Portfolio | 3,914,682 | 1,167,692 | 96,476,790 | 13,908,444 | 115,467,608 | 2,869,667 | ||||||||||||||||||
DWA Financial Momentum Portfolio | 4,413,894 | 1,979,006 | 6,365,897 | 276,613 | 13,035,410 | 1,821,971 | ||||||||||||||||||
DWA Healthcare Momentum Portfolio | 18,737,951 | 2,739,963 | 65,976,938 | — | 87,454,852 | 17,890,879 | ||||||||||||||||||
DWA Industrials Momentum Portfolio | 21,245,288 | 2,746,746 | 34,870,158 | 169,105 | 59,031,297 | 6,525,387 | ||||||||||||||||||
DWA Technology Momentum Portfolio | 7,658,564 | 3,016,840 | 51,533,698 | 163,210 | 62,372,312 | 8,220,697 | ||||||||||||||||||
DWA Utilities Momentum Portfolio | 5,885,935 | 874,386 | 8,310,646 | 1,513,299 | 16,584,266 | 1,366,073 | ||||||||||||||||||
NASDAQ Internet Portfolio | 3,360 | 74,863 | 6,210,819 | 7,520,316 | 13,809,358 | — |
* | 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, 2017, 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 | $ | 32,130,182 | $ | 33,956,667 | ||||
DWA Consumer Cyclicals Momentum Portfolio | 32,723,198 | 32,903,861 | ||||||
DWA Consumer Staples Momentum Portfolio | 35,964,445 | 35,465,727 | ||||||
DWA Energy Momentum Portfolio | 49,048,501 | 48,982,271 | ||||||
DWA Financial Momentum Portfolio | 52,742,336 | 53,051,959 | ||||||
DWA Healthcare Momentum Portfolio | 67,064,420 | 67,512,944 | ||||||
DWA Industrials Momentum Portfolio | 72,017,603 | 72,688,636 | ||||||
DWA Technology Momentum Portfolio | 69,096,937 | 68,061,977 | ||||||
DWA Utilities Momentum Portfolio | 13,645,204 | 13,827,058 | ||||||
NASDAQ Internet Portfolio | 28,830,882 | 30,105,318 |
For the six-month period ended October 31, 2017, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA Basic Materials Momentum Portfolio | $ | 21,967,240 | $ | 29,435,756 | ||||
DWA Consumer Cyclicals Momentum Portfolio | 41,166,958 | 46,866,878 | ||||||
DWA Consumer Staples Momentum Portfolio | 9,182,775 | 21,785,190 | ||||||
DWA Energy Momentum Portfolio | 5,401,313 | 25,581,991 | ||||||
DWA Financial Momentum Portfolio | 36,994,883 | 56,926,036 | ||||||
DWA Healthcare Momentum Portfolio | 136,650,361 | 56,189,592 | ||||||
DWA Industrials Momentum Portfolio | 41,777,240 | 68,793,095 | ||||||
DWA Technology Momentum Portfolio | 47,622,007 | 77,072,923 | ||||||
DWA Utilities Momentum Portfolio | 9,936,808 | 94,788,467 | ||||||
NASDAQ Internet Portfolio | 150,409,268 | 85,182,310 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
| 46 |
|
At October 31, 2017, the aggregate cost of investments, including any derivatives, 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 | |||||||||||||
DWA Basic Materials Momentum Portfolio | $ | 17,392,694 | $ | (3,274,641 | ) | $ | 14,118,053 | $ | 87,332,376 | |||||||
DWA Consumer Cyclicals Momentum Portfolio | 2,313,884 | (325,523 | ) | 1,988,361 | 23,936,968 | |||||||||||
DWA Consumer Staples Momentum Portfolio | 9,001,621 | (1,086,750 | ) | 7,914,871 | 64,466,541 | |||||||||||
DWA Energy Momentum Portfolio | 4,527,168 | (7,343,334 | ) | (2,816,166 | ) | 100,166,388 | ||||||||||
DWA Financial Momentum Portfolio | 6,197,459 | (343,617 | ) | 5,853,842 | 67,314,378 | |||||||||||
DWA Healthcare Momentum Portfolio | 27,894,606 | (3,316,288 | ) | 24,578,318 | 150,145,687 | |||||||||||
DWA Industrials Momentum Portfolio | 21,654,108 | (770,479 | ) | 20,883,629 | 100,405,118 | |||||||||||
DWA Technology Momentum Portfolio | 27,592,036 | (389,125 | ) | 27,202,911 | 102,487,232 | |||||||||||
DWA Utilities Momentum Portfolio | 3,336,463 | (873,252 | ) | 2,463,211 | 53,982,990 | |||||||||||
NASDAQ Internet Portfolio | 103,566,853 | (24,259,510 | ) | 79,307,343 | 414,353,017 |
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, any Unaffiliated Trustee, 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, each Independent Trustee or Unaffiliated 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 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.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such 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.
| 47 |
|
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, acquired fund fees and expenses, if any, litigation expenses and other extraordinary 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, 2017.
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, 2017 | Ending Account Value October 31, 2017 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares DWA Basic Materials Momentum Portfolio (PYZ) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,102.60 | 0.60 | % | $ | 3.18 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Consumer Cyclicals Momentum Portfolio (PEZ) | ||||||||||||||||
Actual | 1,000.00 | 1,105.00 | 0.60 | 3.18 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Consumer Staples Momentum Portfolio (PSL) | ||||||||||||||||
Actual | 1,000.00 | 1,046.50 | 0.60 | 3.09 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Energy Momentum Portfolio (PXI) | ||||||||||||||||
Actual | 1,000.00 | 988.30 | 0.60 | 3.01 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Financial Momentum Portfolio (PFI) | ||||||||||||||||
Actual | 1,000.00 | 1,112.90 | 0.60 | 3.20 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Healthcare Momentum Portfolio (PTH) | ||||||||||||||||
Actual | 1,000.00 | 1,257.70 | 0.60 | 3.41 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 |
| 48 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2017 | Ending Account Value October 31, 2017 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
PowerShares DWA Industrials Momentum Portfolio (PRN) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,167.00 | 0.60 | % | $ | 3.28 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Technology Momentum Portfolio (PTF) | ||||||||||||||||
Actual | 1,000.00 | 1,186.30 | 0.60 | 3.31 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares DWA Utilities Momentum Portfolio (PUI) | ||||||||||||||||
Actual | 1,000.00 | 1,067.00 | 0.60 | 3.13 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
PowerShares NASDAQ Internet Portfolio (PNQI) | ||||||||||||||||
Actual | 1,000.00 | 1,149.50 | 0.60 | 3.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2017. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
| 49 |
|
(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.powershares.com.
P-PS-SAR-3 | ||||||
©2017 Invesco PowerShares Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | ||||||
powershares.com 800 983 0903 | @PowerShares |
Item 2. | Code of Ethics. |
Not required for semi-annual period.
Item 3. | Audit Committee Financial Expert. |
Not required for semi-annual period.
Item 4. | Principal Accountant Fees and Services. |
PricewaterhouseCoopers LLP (“PwC”) informed the Audit Committee of the Board of the Trust (the “Audit Committee”) that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.
The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PwC informed the Audit Committee it has relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PwC’s independence under the Loan Rule with respect to those funds, as well as all other funds in the Invesco Fund Complex.
On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances.
In an August 18, 2016 letter, and in subsequent communications, PwC affirmed to the Audit Committee that, as of the date of the letter and the subsequent communications, respectively, PwC is an independent accountant with respect to the Trust, within the meaning of PCAOB Rule 3520. In its letter and in its subsequent communications, PwC also informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, PwC has concluded that with regard to its compliance with the independence criteria set forth in the rules and regulations of the SEC related to the Loan Rule, it believes that it remains objective and impartial despite matters that may ultimately be determined to be inconsistent with these criteria and therefore it can continue to serve as the Trust’s registered public accounting firm. PWC has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over any Fund, or other entity within the Invesco Fund Complex, or its investment adviser; (2) none of the officers or trustees of the Invesco Fund Complex whose shares are owned by PwC lenders are associated with those lenders; (3) PwC understands that the shares held by PwC lenders are held for the benefit of and on behalf of its policy owners/end investors; (4) investments in funds such as the Invesco Fund Complex funds are passive; (5) the PwC lenders are part of various syndicates of unrelated lenders; (6) there have been no changes to the loans in question since the origination of each respective note; (7) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (8) the debt balances with each lender are immaterial to PwC and to each lender; and (9) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team. In addition, PwC has communicated that the lending relationships appear to be consistent with the lending relationships
described in the no-action letter and that they are not aware of other relationships that would be implicated by the Loan Rule. In addition to relying on PwC’s August 18, 2016 letter and subsequent communications regarding its independence, the Trust intends to rely upon the no-action letter.
If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Fund may need to take other action in order for the Fund’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds., the SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC Staff without an expiration date, except that the no-action will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.
Item 5. | Audit Committee of Listed Registrants. |
Not required for semi-annual period.
Item 6. | Schedule of Investments. |
(a) | The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.
Item 11. | Controls and Procedures. |
(a) | Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Code of Ethics | |
Not required for semi-annual report. | ||
(a)(2) | Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT. | |
(a)(3) | Not applicable. | |
(a)(4) | Not applicable. | |
(b) | Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and 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/ Daniel E. Draper | |
Daniel E. Draper | ||
President |
Date | January 4, 2018 |
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/ Daniel E. Draper | |
Daniel E. Draper | ||
President |
Date | January 4, 2018 |
By (Signature and Title) | /s/ Steven Hill | |
Steven Hill | ||
Treasurer |
Date | January 4, 2018 |