UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-23304
Invesco Exchange-Traded Self-Indexed 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: August 31
Date of reporting period: August 31, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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 annual report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Annual Report to Shareholders
August 31, 2019
DEF | Invesco Defensive Equity ETF | |
ISDX | Invesco RAFITM Strategic Developed ex-US ETF | |
ISDS | Invesco RAFITM Strategic Developed ex-US Small Company ETF | |
ISEM | Invesco RAFITM Strategic Emerging Markets ETF | |
IUS | Invesco RAFITM Strategic US ETF | |
IUSS | Invesco RAFITM Strategic US Small Company ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
The Market Environment | 3 | |||
4 | ||||
Self-Indexed Equity Portfolios | ||||
Schedules of Investments | ||||
21 | ||||
23 | ||||
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS) | 31 | |||
41 | ||||
46 | ||||
52 | ||||
Statements of Assets and Liabilities | 64 | |||
Statements of Operations | 66 | |||
Statements of Changes in Net Assets | 68 | |||
Financial Highlights | 70 | |||
Notes to Financial Statements | 76 | |||
Report of Independent Registered Public Accounting Firm | 86 | |||
Fees and Expenses | 88 | |||
Tax Information | 90 | |||
Proxy Results | 91 | |||
Trustees and Officers | 92 | |||
Approval of Investment Advisory Contracts | 102 |
| 2 |
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Domestic Equity
The fiscal year proved to be an increasingly volatile time for US equities. After a relatively quiet summer, market volatility noticeably rose in October 2018, as US equity markets suffered a sharp sell-off through calendar year-end 2018, amid ongoing trade concerns between the US and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.1 In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and US Treasuries.
Given signs of a strong economy, the US Federal Reserve (the Fed) raised interest rates two times during the fiscal year: in September and December 20182. In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.
Following a sharp selloff during the fourth quarter of 2018, equity markets rebounded in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.
Although the S&P 500 Index posted modest gains during the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold-off in May, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy. During the July meeting, the Fed lowered rates by 25 basis points. This was the first time the Fed lowered rates in more than a decade.2
Market volatility increased in August, as the US Treasury yield curve inverted several times, causing jitters for investors who were concerned that a US recession would be imminent. As a result, much of August saw a “risk off” sentiment, with investors crowding into “safe haven” asset classes, such as US Treasuries and gold. However, a more dovish tone from the Fed provided some support to risk assets. With rising volatility in the markets, the S&P 500 Index posted a modest positive return for the fiscal year.
1 | Source: Bloomberg |
2 | Source: US Federal Reserve |
Global Market Overview
The fiscal year began with market volatility as currency issues, rising interest rates in the US and trade concerns weighed on global stocks, with developed markets generally faring better than emerging markets. Emerging markets struggled, particularly China due to ongoing trade and tariff disputes with the US. Within the US, a stronger US dollar and higher interest rates also dampened returns and contributed to currency depreciation in a number of markets, including Turkey, Argentina and Brazil. Global equity markets, particularly the US, declined sharply in the fourth quarter of 2018 amid rising interest rates, a flattening US Treasury yield curve signaling a possible recession and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing trade tensions between the US and China, declining oil prices and fears of slowing economic growth, particularly in the eurozone.
After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second quarter, hampered by ongoing US-China trade issues, potential for new tariffs and slowing global growth. Global equity markets, particularly China, declined sharply in May, ending a four-month rally. Trade and tariff issues, which were not limited to the US and China, clouded the outlook for many global economies. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies. Following better performance in June, most global equity markets managed modest positive returns for the second quarter, with developed markets generally outperforming emerging markets. China was an exception, declining during the second quarter.
The fiscal year ended much the same as it began with market volatility. Global equity markets were impacted by the escalating trade war between the US and China, mounting concerns about the outlook for global economic growth and the brief inversion of the US and UK yield curves, which was perceived by some investors as an indicator of a recession. Global equity indexes, in general, ended the year in negative territory, with developed markets outperforming emerging markets.
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DEF | Management’s Discussion of Fund Performance | |
Invesco Defensive Equity ETF (DEF) |
As an index fund, the Invesco Defensive Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Defensive Equity Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is comprised of a subset of approximately 100 equal-weighted securities from the S&P 500 Index. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. Invesco Indexing selects securities for inclusion in the Index based on its proprietary rules-based methodology and a security’s risk characteristics. The starting universe is screened to eliminate stocks with less favorable risk profiles by measuring certain risk characteristics, such as a stock’s beta (a measure of a given security’s volatility in relation to the volatility of a specific market) and down market volatility (a measurement that represents a security’s volatility during adverse market conditions). The rules-based methodology calculates the probability of a company delivering the required revenue growth to support its current stock price. The 100 securities with a higher probability of delivering the required revenue growth to support their current stock prices while minimizing any differences in industry exposure relative to the S&P 500 Index are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 9.20%. On a net asset value (“NAV”) basis, the Fund returned 9.27%. During the same time period, the Index returned 9.86%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.
During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 2.92%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and equal weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the industrials and health care sectors and most underweight in the communication services and information technology sectors
during the fiscal year ended August 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the health care and materials sectors.
For the fiscal year ended August 31, 2019, the health care sector contributed most significantly to the Fund’s return, followed by the consumer staples and utilities sectors, respectively. The energy sector was the only detracting sector from the Fund’s returns.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Ball Corp., a materials company (portfolio average weight of 1.09%), and Total System Services, Inc., an information technology company (portfolio average weight of 0.78%). Positions that detracted most significantly from the Fund’s return included DXC Technology Co., an information technology company (no longer held at fiscal year-end), and Textron, Inc., an industrials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 19.49 | |||
Health Care | 16.60 | |||
Information Technology | 15.91 | |||
Industrials | 14.70 | |||
Consumer Discretionary | 7.20 | |||
Consumer Staples | 6.26 | |||
Utilities | 5.06 | |||
Real Estate | 4.88 | |||
Materials | 4.21 | |||
Sector Types Each Less Than 3% | 5.64 | |||
Other Assets Less Liabilities | 0.05 | |||
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Ball Corp. | 1.19 | |||
Fiserv, Inc. | 1.17 | |||
Amgen, Inc. | 1.17 | |||
ResMed, Inc. | 1.15 | |||
S&P Global, Inc. | 1.14 | |||
Hershey Co. (The) | 1.13 | |||
Home Depot, Inc. (The) | 1.13 | |||
Zoetis, Inc. | 1.12 | |||
Baxter International, Inc. | 1.11 | |||
Fidelity National Information Services, Inc. | 1.11 | |||
Total | 11.42 |
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Invesco Defensive Equity ETF (DEF) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | 10 Years Average Annualized | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—Invesco Defensive Equity Index | 9.86 | % | 13.53 | % | 46.34 | % | 9.47 | % | 57.18 | % | 13.72 | % | 261.62 | % | 9.00 | % | 198.90 | % | ||||||||||||||||||||||
S&P 500® Index | 2.92 | 12.70 | 43.15 | 10.11 | 61.89 | 13.45 | 253.08 | 8.08 | 168.34 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 9.27 | 12.83 | 43.64 | 8.83 | 52.69 | 13.03 | 240.37 | 8.29 | 175.28 | |||||||||||||||||||||||||||||||
Market Price Return | 9.20 | 12.93 | 44.01 | 8.83 | 52.68 | 13.04 | 240.80 | 8.29 | 175.32 |
Guggenheim Defensive Equity ETF (the “Predecessor Fund”) Inception: December 15, 2006
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through April 6, 2020. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.59%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | The Blended-Invesco Defensive Equity Index performance is comprised of the performance of the Sabrient Defensive Equity Index, the Fund’s previous underlying index, prior to the conversion date, October 24, 2016, followed by the performance of the Index, starting from the conversion date through August 31, 2019. |
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ISDX | Management’s Discussion of Fund Performance | |
Invesco RAFITM Strategic Developed ex-US ETF (ISDX) |
Effective after the close of markets on March 15, 2019, Invesco Strategic Developed ex-US ETF changed its name to Invesco RAFITM Strategic Developed ex-US ETF (the “Fund”). As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Developed ex-US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, large-business-sized companies located in countries designated as developed market countries (excluding the U.S.). Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as developed market countries (excluding the U.S.). Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked below 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
During the fiscal period from the Fund’s inception (September 12, 2018) through August 31, 2019, on a market price basis, the Fund returned (2.22)%. On a net asset value (“NAV”) basis, the Fund returned (2.10)%. During the same time period, the Index returned (2.19)%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, which were offset by revenue generated from the securities lending program in which the Fund participates.
During this same time period, the MSCI EAFE® Index (the “Benchmark Index”) returned (1.30)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equities markets in developed countries around the world, excluding the U.S.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the energy and materials sectors and most underweight in the financials and health care sectors during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the energy sector and security selection in the consumer discretionary sector.
For the fiscal period ended August 31, 2019, the consumer staples sector contributed most significantly to the Fund’s return, followed by the financials and health care sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and materials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Nestle S.A., a consumer staples company (portfolio average weight of 1.52%), and Novartis AG, a health care company (portfolio average weight of 1.27%). Positions that detracted most significantly from the Fund’s return for the fiscal period ended August 31, 2019, included Suncor Energy, Inc., an energy company (portfolio average weight of 0.93%), and TOTAL S.A., an energy company (portfolio average weight of 1.38%).
Sector Breakdown | ||||
Industrials | 15.45 | |||
Consumer Discretionary | 12.83 | |||
Materials | 12.64 | |||
Energy | 11.39 | |||
Consumer Staples | 11.26 | |||
Health Care | 7.79 | |||
Information Technology | 7.66 | |||
Communication Services | 7.29 | |||
Financials | 6.76 | |||
Utilities | 5.83 | |||
Real Estate | 0.73 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.37 |
| 6 |
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Invesco RAFITM Strategic Developed ex-US ETF (ISDX) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Samsung Electronics Co., Ltd. | 2.06 | |||
BP PLC | 1.51 | |||
Nestle S.A. | 1.43 | |||
Royal Dutch Shell PLC, Class A | 1.39 | |||
TOTAL S.A. | 1.26 | |||
Chubb Ltd. | 1.23 | |||
Vodafone Group PLC | 1.19 | |||
Novartis AG | 1.16 | |||
Volkswagen AG, Preference Shares | 1.15 | |||
Enbridge, Inc. | 1.09 | |||
Total | 13.47 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Index | Fund Inception Cumulative | |||
Invesco Strategic Developed ex-US Index (Net) | (2.19 | )% | ||
MSCI EAFE® Index (Net) | (1.30 | ) | ||
Fund | ||||
NAV Return | (2.10 | ) | ||
Market Price Return | (2.22 | ) |
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Invesco RAFITM Strategic Developed ex-US ETF (ISDX) (continued)
Fund Inception: September 12, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
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ISDS | Management’s Discussion of Fund Performance | |
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS) |
Effective after the close of markets on March 15, 2019, Invesco Strategic Developed ex-US Small Company ETF changed its name to Invesco RAFITM Strategic Developed ex-US Small Company ETF (the “Fund”). As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Developed ex-US Small Company Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, small-business-sized companies located in countries designated as developed market countries (excluding the U.S.). Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as developed market countries (excluding the U.S.). Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked below 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
During the fiscal period from the Fund’s inception (September 12, 2018) through August 31, 2019, on a market price basis, the Fund returned (10.62)%. On a net asset value (“NAV”) basis, the Fund returned (10.27)%. During the same time period, the Index returned (10.32)%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, which were offset by revenue generated from the securities lending program in which the Fund participates.
During this same time period, the MSCI EAFE® Small Cap Index (the “Benchmark Index”) returned (7.08)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,340 securities. The Benchmark Index was selected for its recognition in
the marketplace, and its performance comparison is a useful measure for investors as a broad representation of small capitalization equities markets in developed countries around the world, excluding the U.S.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the industrials and consumer discretionary sectors and most underweight in the real estate and financials sectors during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the real estate sector as well as being overweight in and security selection in the industrials sector.
For the fiscal period ended August 31, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the communication services and real estate sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and energy sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Shopify, Inc., Class A, an information technology company (no longer held at fiscal period-end), and Transat A.T., Inc., an industrials company (portfolio average weight of 0.15%). Positions that detracted most significantly from the Fund’s return for the fiscal period ended August 31, 2019, included NuVista Energy Ltd., an energy company (portfolio average weight of 0.07%), and Pendragon PLC, a consumer discretionary company (portfolio average weight of 0.15%).
Sector Breakdown | ||||
Industrials | 26.17 | |||
Consumer Discretionary | 19.96 | |||
Materials | 13.16 | |||
Information Technology | 10.98 | |||
Consumer Staples | 8.51 | |||
Health Care | 6.04 | |||
Communication Services | 5.35 | |||
Energy | 4.06 | |||
Sector Types Each Less Than 3% | 5.46 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.31 |
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Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
InterXion Holding N.V. | 0.27 | |||
Torex Gold Resources, Inc. | 0.27 | |||
TIS, Inc. | 0.26 | |||
Pretium Resources, Inc. | 0.25 | |||
Holmen AB, Class B | 0.25 | |||
COMSYS Holdings Corp. | 0.24 | |||
Meridian Energy Ltd. | 0.23 | |||
SSR Mining, Inc. | 0.23 | |||
Vifor Pharma AG | 0.23 | |||
Transat AT, Inc. | 0.22 | |||
Total | 2.45 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Index | Fund Inception Cumulative | |||
Invesco Strategic Developed ex-US Small Company Index (Net) | (10.32 | )% | ||
MSCI EAFE® Small Cap Index (Net) | (7.08 | ) | ||
Fund | ||||
NAV Return | (10.27 | ) | ||
Market Price Return | (10.62 | ) |
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Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS) (continued)
Fund Inception: September 12, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 11 |
|
ISEM | Management’s Discussion of Fund Performance | |
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) |
Effective after the close of markets on March 15, 2019, Invesco Strategic Emerging Markets ETF changed its name to Invesco RAFITM Strategic Emerging Markets ETF (the “Fund”). As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Emerging Markets Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, large-business-sized companies located in countries designated as emerging market countries. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as emerging market countries. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked below 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
During the fiscal period from the Fund’s inception (September 12, 2018) through August 31, 2019, on a market price basis, the Fund returned (2.19)%. On a net asset value (“NAV”) basis, the Fund returned (1.95)%. During the same time period, the Index returned (1.16)%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the MSCI Emerging Markets Index (the “Benchmark Index”) returned 0.43%. The Benchmark Index
is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,200 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the energy and industrials sectors and most underweight in the financials and communication services sectors during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the energy sector as well as being underweight in and security selection in the consumer discretionary sector.
For the fiscal period ended August 31, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the utilities and consumer staples sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials and industrials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Gazprom PJSC Sponsored ADR, an energy company (no longer held at fiscal period-end), and Banco Bradesco S.A., Preference Shares, a financials company (portfolio average weight of 2.70%). Positions that detracted most significantly from the Fund’s return for the fiscal period ended August 31, 2019, included PetroChina Co., Ltd., Class H, an energy company (portfolio average weight of 7.12%), and China Petroleum & Chemical Corp., Class H, an energy company (portfolio average weight of 5.17%).
Sector Breakdown | ||||
Energy | 24.80 | |||
Financials | 13.27 | |||
Consumer Discretionary | 12.52 | |||
Information Technology | 11.88 | |||
Materials | 9.04 | |||
Industrials | 8.10 | |||
Communication Services | 7.46 | |||
Consumer Staples | 4.71 | |||
Utilities | 4.06 | |||
Sector Types Each Less Than 3% | 3.86 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.30 |
| 12 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
PetroChina Co., Ltd., Class H | 6.74 | |||
Alibaba Group Holding Ltd., ADR | 5.90 | |||
China Petroleum & Chemical Corp., Class H | 5.01 | |||
Ping An Insurance (Group) Co. of China Ltd., Class H | 3.39 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 2.46 | |||
Gazprom PJSC | 2.36 | |||
Petroleo Brasileiro S.A., Preference Shares | 2.33 | |||
JD.Com, Inc., ADR | 2.01 | |||
Banco Bradesco S.A., Preference Shares | 2.01 | |||
China Shenhua Energy Co. Ltd., Class H | 1.87 | |||
Total | 34.08 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Index | Fund Inception Cumulative | |||
Invesco Strategic Emerging Markets Index (Net) | (1.16 | )% | ||
MSCI Emerging Markets Index (Net) | 0.43 | |||
Fund | ||||
NAV Return | (1.95 | ) | ||
Market Price Return | (2.19 | ) |
| 13 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) (continued)
Fund Inception: September 12, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 14 |
|
IUS | Management’s Discussion of Fund Performance | |
Invesco RAFITM Strategic US ETF (IUS) |
Effective after the close of markets on March 15, 2019, Invesco Strategic US ETF changed its name to Invesco RAFITM Strategic US ETF (the “Fund”). As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, large-business-sized companies designated as U.S. companies. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked below 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
During the fiscal period from the Fund’s inception (September 12, 2018) through August 31, 2019, on a market price basis, the Fund returned 0.97%. On a net asset value (“NAV”) basis, the Fund returned 0.92%. During the same time period, the Index returned 1.05%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Russell 1000® Index (the “Benchmark Index”) returned 2.91%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure
for investors as a broad representation of the overall U.S. stock market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the consumer staples and health care sectors and most underweight in the financials and real estate sectors during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the energy sector as well as being underweight in the real estate sector.
For the fiscal period ended August 31, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer staples and communication services sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the industrials and health care sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Microsoft Corp., an information technology company (portfolio average weight of 2.44%), and Procter & Gamble Co. (The), a consumer staples company (portfolio average weight of 1.40%). Positions that detracted most significantly from the Fund’s return for the fiscal period ended August 31, 2019, included PG&E Corp., a utilities company (portfolio average weight of 0.11%), and Exxon Mobil Corp., an energy company (portfolio average weight of 2.15%)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Information Technology | 21.01 | |||
Health Care | 14.94 | |||
Consumer Discretionary | 12.18 | �� | ||
Industrials | 11.02 | |||
Communication Services | 10.76 | |||
Consumer Staples | 9.24 | |||
Energy | 8.03 | |||
Financials | 5.84 | |||
Materials | 3.24 | |||
Sector Types Each Less Than 3% | 3.49 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.25 |
| 15 |
|
Invesco RAFITM Strategic US ETF (IUS) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Apple, Inc. | 5.02 | |||
Berkshire Hathaway, Inc., Class B | 2.53 | |||
AT&T, Inc. | 2.30 | |||
Microsoft Corp. | 2.19 | |||
Exxon Mobil Corp. | 2.08 | |||
Alphabet, Inc., Class A | 1.91 | |||
Chevron Corp. | 1.40 | |||
Intel Corp. | 1.35 | |||
Verizon Communications, Inc. | 1.31 | |||
Walmart, Inc. | 1.29 | |||
Total | 21.38 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Index | Fund Inception Cumulative | |||
Invesco Strategic US Index | 1.05 | % | ||
Russell 1000® Index | 2.91 | |||
Fund | ||||
NAV Return | 0.92 | |||
Market Price Return | 0.97 |
| 16 |
|
Invesco RAFITM Strategic US ETF (IUS) (continued)
Fund Inception: September 12, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 17 |
|
IUSS | Management’s Discussion of Fund Performance | |
Invesco RAFITM Strategic US Small Company ETF (IUSS) |
Effective after the close of markets on March 15, 2019, Invesco Strategic US Small Company ETF changed its name to Invesco RAFITM Strategic US Small Company ETF (the “Fund”). As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Small Company Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, small-business-sized companies designated as U.S. companies. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked below 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
During the fiscal period from the Fund’s inception (September 12, 2018) through August 31, 2019, on a market price basis, the Fund returned (9.31)%. On a net asset value (“NAV”) basis, the Fund returned (9.34)%. During the same time period, the Index returned (9.22)%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Russell 2000® Index (the “Benchmark Index”) returned (11.64)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 securities. The Benchmark Index was selected for its recognition in the
marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the industrials and consumer discretionary sectors and most underweight in the financials and health care sectors during the fiscal period ended August 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the health care and financials sectors.
For the fiscal period ended August 31, 2019, the utilities sector contributed most significantly to the Fund’s return, followed by the information technology and financials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the industrials and consumer discretionary sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Avon Products, Inc., a consumer staples company (no longer held at fiscal period-end), and Sinclair Broadcast Group, Inc., Class A, a communication services company (portfolio average weight of 0.27%). Positions that detracted most significantly from the Fund’s return for the fiscal period ended August 31, 2019, included Endo International PLC, a health care company (portfolio average weight of 0.33%), and Ascena Retail Group, Inc., a consumer discretionary company (portfolio average weight of 0.15%).
Sector Breakdown | ||||
Industrials | 22.53 | |||
Information Technology | 16.85 | |||
Consumer Discretionary | 15.74 | |||
Health Care | 9.25 | |||
Financials | 6.69 | |||
Materials | 6.50 | |||
Real Estate | 6.09 | |||
Communication Services | 4.84 | |||
Consumer Staples | 4.14 | |||
Energy | 3.67 | |||
Utilities | 3.61 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.09 |
| 18 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Cypress Semiconductor Corp. | 0.35 | |||
MasTec, Inc. | 0.30 | |||
RH | 0.30 | |||
Amkor Technology, Inc. | 0.30 | |||
Hexcel Corp. | 0.28 | |||
Sonic Automotive, Inc., Class A | 0.28 | |||
SEI Investments Co. | 0.27 | |||
Skechers U.S.A., Inc., Class A | 0.27 | |||
Aaron’s, Inc. | 0.27 | |||
TransUnion | 0.27 | |||
Total | 2.89 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Index | Fund Inception Cumulative | |||
Invesco Strategic US Small Company Index | (9.22 | )% | ||
Russell 2000® Index | (11.64 | ) | ||
Fund | ||||
NAV Return | (9.34 | ) | ||
Market Price Return | (9.31 | ) |
| 19 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS) (continued)
Fund Inception: September 12, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 20 |
|
Shares | Value | |||
Common Stocks & Other Equity Interests-99.95% | ||||
Communication Services-2.91% | ||||
Omnicom Group, Inc. | 30,036 | $ 2,284,538 | ||
Verizon Communications, Inc. | 41,788 | 2,430,390 | ||
Walt Disney Co. (The) | 17,661 | 2,424,149 | ||
7,139,077 | ||||
Consumer Discretionary-7.20% | ||||
Garmin Ltd. | 29,837 | 2,433,804 | ||
Hasbro, Inc. | 22,550 | 2,491,098 | ||
Home Depot, Inc. (The) | 12,122 | 2,762,725 | ||
Marriott International, Inc., Class A | 18,062 | 2,276,896 | ||
McDonald’s Corp. | 11,764 | 2,564,199 | ||
TJX Cos., Inc. (The) | 45,982 | 2,527,631 | ||
Yum! Brands, Inc. | 22,130 | 2,584,341 | ||
17,640,694 | ||||
Consumer Staples-6.26% | ||||
Church & Dwight Co., Inc. | 31,354 | 2,501,422 | ||
Hershey Co. (The) | 17,437 | 2,763,416 | ||
McCormick & Co., Inc. | 15,323 | 2,495,657 | ||
Mondelez International, Inc., Class A | 44,128 | 2,436,748 | ||
Procter & Gamble Co. (The) | 21,948 | 2,638,808 | ||
Walmart, Inc. | 22,026 | 2,516,691 | ||
15,352,742 | ||||
Energy-2.73% | ||||
Exxon Mobil Corp. | 32,379 | 2,217,314 | ||
Kinder Morgan, Inc. | 117,613 | 2,384,016 | ||
Williams Cos., Inc. (The) | 88,094 | 2,079,018 | ||
6,680,348 | ||||
Financials-19.49% | ||||
American Express Co. | 19,644 | 2,364,548 | ||
Aon PLC | 12,668 | 2,468,360 | ||
Bank of America Corp. | 85,759 | 2,359,230 | ||
BB&T Corp. | 48,544 | 2,313,122 | ||
BlackRock, Inc. | 5,406 | 2,284,359 | ||
Capital One Financial Corp. | 26,472 | 2,293,005 | ||
CME Group, Inc. | 12,122 | 2,633,989 | ||
Everest Re Group, Ltd. | 9,577 | 2,259,023 | ||
First Republic Bank | 24,809 | 2,225,863 | ||
Globe Life, Inc. | 27,101 | 2,419,035 | ||
Intercontinental Exchange, Inc. | 28,206 | 2,636,697 | ||
JPMorgan Chase & Co. | 21,935 | 2,409,779 | ||
M&T Bank Corp. | 14,486 | 2,117,998 | ||
Marsh & McLennan Cos., Inc. | 24,416 | 2,438,914 | ||
Nasdaq, Inc. | 25,113 | 2,507,282 | ||
Northern Trust Corp. | 27,235 | 2,394,774 | ||
People’s United Financial, Inc. | 148,236 | 2,130,151 | ||
PNC Financial Services Group, Inc. (The) | 17,874 | 2,304,495 | ||
S&P Global, Inc. | 10,750 | 2,797,043 | ||
U.S. Bancorp | 45,491 | 2,396,921 | ||
47,754,588 | ||||
Health Care-16.60% | ||||
Abbott Laboratories | 29,425 | 2,510,541 | ||
Amgen, Inc. | 13,723 | 2,862,892 | ||
Anthem, Inc. | 8,564 | 2,239,657 | ||
Baxter International, Inc. | 30,914 | 2,718,886 | ||
Becton, Dickinson and Co. | 10,175 | 2,583,636 |
Shares | Value | |||
Health Care-(continued) | ||||
Danaher Corp. | 17,274 | $ 2,454,463 | ||
Eli Lilly and Co. | 20,890 | 2,359,943 | ||
Hologic, Inc.(b) | 50,080 | 2,472,450 | ||
Johnson & Johnson | 16,993 | 2,181,221 | ||
Medtronic PLC | 24,681 | 2,662,833 | ||
Merck & Co., Inc. | 28,810 | 2,491,201 | ||
ResMed, Inc. | 20,166 | 2,809,124 | ||
Stryker Corp. | 12,227 | 2,698,010 | ||
Thermo Fisher Scientific, Inc. | 8,403 | 2,412,165 | ||
Waters Corp.(b) | 11,801 | 2,500,514 | ||
Zoetis, Inc. | 21,631 | 2,734,591 | ||
40,692,127 | ||||
Industrials-14.70% | ||||
Allegion PLC | 22,928 | 2,207,279 | ||
AMETEK, Inc. | 28,029 | 2,408,532 | ||
C.H. Robinson Worldwide, Inc. | 29,154 | 2,463,221 | ||
CSX Corp. | 30,640 | 2,053,493 | ||
Cummins, Inc. | 14,700 | 2,194,269 | ||
Eaton Corp. PLC | 30,468 | 2,459,377 | ||
Emerson Electric Co. | 38,204 | 2,276,576 | ||
Expeditors International of Washington, Inc. | 32,270 | 2,294,397 | ||
Honeywell International, Inc. | 13,864 | 2,282,292 | ||
IHS Markit Ltd.(b) | 40,554 | 2,660,748 | ||
Ingersoll-Rand PLC | 19,333 | 2,341,033 | ||
Lockheed Martin Corp. | 6,976 | 2,679,551 | ||
Raytheon Co. | 13,603 | 2,520,908 | ||
United Technologies Corp. | 19,320 | 2,516,237 | ||
Verisk Analytics, Inc. | 16,516 | 2,667,995 | ||
36,025,908 | ||||
Information Technology-15.91% | ||||
Accenture PLC, Class A | 13,064 | 2,588,893 | ||
Amphenol Corp., Class A | 25,110 | 2,198,129 | ||
Automatic Data Processing, Inc. | 14,572 | 2,474,909 | ||
Broadridge Financial Solutions, Inc. | 18,312 | 2,370,305 | ||
Citrix Systems, Inc. | 24,829 | 2,308,600 | ||
Fidelity National Information Services, Inc. | 19,931 | 2,715,001 | ||
Fiserv, Inc.(b) | 26,845 | 2,870,804 | ||
FLIR Systems, Inc. | 46,587 | 2,295,342 | ||
Gartner, Inc.(b) | 15,241 | 2,037,265 | ||
International Business Machines Corp. | 17,772 | 2,408,639 | ||
Jack Henry & Associates, Inc. | 17,371 | 2,518,100 | ||
Motorola Solutions, Inc. | 14,947 | 2,704,062 | ||
Oracle Corp. | 44,704 | 2,327,290 | ||
Paychex, Inc. | 27,591 | 2,254,185 | ||
TE Connectivity Ltd. | 26,092 | 2,380,112 | ||
Total System Services, Inc. | 18,833 | 2,527,765 | ||
38,979,401 | ||||
Materials-4.21% | ||||
Air Products and Chemicals, Inc. | 10,963 | 2,476,761 | ||
Ball Corp. | 36,182 | 2,909,395 | ||
Linde PLC (United Kingdom) | 11,884 | 2,245,006 | ||
Sherwin-Williams Co. (The) | 5,087 | 2,679,577 | ||
10,310,739 |
Shares | Value | |||
Real Estate-4.88% | ||||
Apartment Investment & Management Co., Class A | 46,881 | $ 2,390,931 | ||
Boston Properties, Inc. | 17,932 | 2,302,827 | ||
Host Hotels & Resorts, Inc. | 130,619 | 2,095,129 | ||
Prologis, Inc. | 30,416 | 2,543,386 | ||
Welltower, Inc. | 29,259 | 2,620,436 | ||
11,952,709 | ||||
Utilities-5.06% | ||||
American Water Works Co., Inc. | 20,559 | 2,617,572 | ||
DTE Energy Co. | 18,640 | 2,416,863 |
Shares | Value | |||
Utilities-(continued) | ||||
Eversource Energy | 31,463 | $ 2,521,130 | ||
Exelon Corp. | 47,724 | 2,255,436 | ||
Xcel Energy, Inc. | 40,444 | 2,597,314 | ||
12,408,315 | ||||
TOTAL INVESTMENTS IN SECURITIES-99.95% (Cost $221,015,489) | 244,936,648 | |||
OTHER ASSETS LESS LIABILITIES-0.05% | 115,778 | |||
NET ASSETS-100.00% | $245,052,426 |
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. |
Shares | Value | |||
Common Stocks & Other Equity Interests-99.63% | ||||
Argentina-0.02% | ||||
Adecoagro S.A.(a) | 9,371 | $ 52,290 | ||
Australia-5.00% | ||||
AGL Energy Ltd. | 13,292 | 169,796 | ||
Aurizon Holdings Ltd. | 41,857 | 166,669 | ||
BHP Group Ltd. | 84,718 | 2,071,388 | ||
BHP Group PLC | 96,400 | 2,081,516 | ||
BlueScope Steel Ltd. | 13,482 | 113,453 | ||
Brambles Ltd. | 17,801 | 135,526 | ||
Caltex Australia Ltd. | 8,940 | 144,319 | ||
Coca-Cola Amatil Ltd. | 10,114 | 74,072 | ||
Computershare Ltd. | 4,331 | 44,879 | ||
Crown Resorts Ltd. | 7,476 | 60,494 | ||
CSL Ltd. | 1,804 | 292,764 | ||
Downer EDI Ltd. | 15,437 | 80,189 | ||
Fortescue Metals Group Ltd. | 24,061 | 129,689 | ||
Incitec Pivot Ltd. | 37,995 | 82,173 | ||
Lendlease Group | 15,096 | 173,516 | ||
Metcash Ltd. | 45,755 | 89,400 | ||
Newcrest Mining Ltd. | 8,357 | 208,330 | ||
Orica Ltd. | 6,657 | 96,565 | ||
Origin Energy Ltd. | 41,860 | 215,190 | ||
Ramsay Health Care Ltd. | 2,305 | 101,938 | ||
Rio Tinto Ltd. | 25,643 | 1,513,117 | ||
Rio Tinto plc | 26,161 | 1,322,038 | ||
Santos Ltd. | 25,410 | 123,435 | ||
Sonic Healthcare Ltd. | 4,944 | 98,099 | ||
South32 Ltd. | 97,747 | 173,863 | ||
Tabcorp Holdings Ltd. | 19,916 | 63,201 | ||
Treasury Wine Estates Ltd. | 5,896 | 74,443 | ||
Wesfarmers Ltd. | 33,209 | 874,845 | ||
Woodside Petroleum Ltd. | 17,007 | 368,160 | ||
Woolworths Group Ltd. | 24,034 | 611,606 | ||
11,754,673 | ||||
Austria-0.32% | ||||
ANDRITZ AG | 2,184 | 77,060 | ||
Lenzing AG | 443 | 41,834 | ||
OMV AG | 4,644 | 237,350 | ||
UNIQA Insurance Group AG | 10,192 | 90,353 | ||
Verbund AG | 1,014 | 60,468 | ||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 2,132 | 52,592 | ||
voestalpine AG(b) | 6,226 | 143,641 | ||
Wienerberger AG | 2,365 | 54,485 | ||
757,783 | ||||
Belgium-1.30% | ||||
Ackermans & van Haaren N.V. | 591 | 85,650 | ||
Anheuser-Busch InBev S.A./N.V. | 24,690 | 2,343,766 | ||
Bekaert S.A. | 2,547 | 69,393 | ||
Colruyt S.A.(b) | 727 | 37,284 | ||
Groupe Bruxelles Lambert S.A. | 1,520 | 142,215 | ||
Solvay S.A., Class A | 1,818 | 183,630 | ||
UCB S.A. | 1,215 | 90,905 | ||
Umicore S.A.(b) | 3,115 | 99,379 | ||
3,052,222 |
Shares | Value | |||
Brazil-0.14% | ||||
Yamana Gold, Inc. | 89,764 | $ 324,928 | ||
Canada-16.80% | ||||
Aecon Group, Inc. | 5,869 | 81,666 | ||
Agnico Eagle Mines Ltd. | 5,880 | 368,341 | ||
Air Canada(a) | 17,767 | 598,339 | ||
Alamos Gold, Inc., Class A | 20,970 | 148,027 | ||
Alimentation Couche-Tard, Inc., Class B | 20,934 | 1,320,191 | ||
AltaGas Ltd.(b) | 12,150 | 165,316 | ||
ARC Resources Ltd. | 28,994 | 122,627 | ||
Atco Ltd., Class I | 4,935 | 176,706 | ||
B2Gold Corp.(a) | 35,183 | 126,561 | ||
Barrick Gold Corp. | 46,986 | 912,634 | ||
Baytex Energy Corp.(a) | 45,373 | 58,731 | ||
BCE, Inc. | 16,683 | 790,961 | ||
Birchcliff Energy Ltd. | 23,519 | 31,328 | ||
BlackBerry Ltd.(a) | 9,618 | 66,156 | ||
Bombardier, Inc., Class B(a) | 101,720 | 131,667 | ||
Brookfield Asset Management, Inc., Class A | 42,429 | 2,192,335 | ||
CAE, Inc. | 5,115 | 134,149 | ||
Cameco Corp. | 9,346 | 82,150 | ||
Canadian National Railway Co. | 14,886 | 1,373,437 | ||
Canadian Natural Resources Ltd. | 68,832 | 1,647,762 | ||
Canadian Pacific Railway Ltd. | 2,508 | 605,049 | ||
Canadian Solar, Inc.(a) | 4,093 | 95,735 | ||
Canadian Tire Corp. Ltd., Class A | 4,070 | 411,901 | ||
Canfor Corp.(a) | 9,992 | 115,200 | ||
Cascades, Inc. | 11,525 | 97,834 | ||
CCL Industries, Inc., Class B | 3,485 | 158,226 | ||
Celestica, Inc.(a) | 22,097 | 143,677 | ||
Cenovus Energy, Inc. | 96,167 | 840,955 | ||
Centerra Gold, Inc.(a) | 13,081 | 119,214 | ||
CGI, Inc., Class A(a) | 7,223 | 567,599 | ||
Chartwell Retirement Residences | 5,263 | 59,094 | ||
Chorus Aviation, Inc. | 9,405 | 52,517 | ||
CI Financial Corp. | 14,222 | 204,211 | ||
Cineplex, Inc. | 3,523 | 65,751 | ||
Cogeco Communications, Inc. | 960 | 75,598 | ||
Cogeco, Inc. | 809 | 57,132 | ||
Constellation Software, Inc. | 170 | 165,895 | ||
Corus Entertainment, Inc., Class B | 10,207 | 39,175 | ||
Crescent Point Energy Corp. | 93,450 | 295,372 | ||
Detour Gold Corp.(a) | 9,970 | 178,947 | ||
Dollarama, Inc. | 5,618 | 215,410 | ||
Dorel Industries, Inc., Class B | 9,153 | 62,682 | ||
ECN Capital Corp. | 20,299 | 71,187 | ||
Emera, Inc. | 9,941 | 431,515 | ||
Empire Co. Ltd., Class A | 18,749 | 518,250 | ||
Enbridge, Inc. | 76,416 | 2,560,810 | ||
Encana Corp. | 77,439 | 343,837 | ||
Enerflex Ltd. | 5,038 | 46,255 | ||
Enerplus Corp. | 12,463 | 81,692 | ||
Fairfax Financial Holdings Ltd. | 1,316 | 587,535 | ||
Finning International, Inc. | 9,248 | 160,629 | ||
George Weston Ltd. | 6,493 | 528,558 | ||
Gibson Energy, Inc. | 8,751 | 151,602 | ||
Gildan Activewear, Inc. | 6,039 | 221,827 | ||
Great Canadian Gaming Corp.(a) | 1,759 | 52,712 |
Shares | Value | |||
Canada-(continued) | ||||
Hudbay Minerals, Inc. | 22,442 | $ 75,494 | ||
Hudsons Bay Co. | 15,612 | 120,779 | ||
Husky Energy, Inc. | 28,946 | 193,656 | ||
Hydro One Ltd., REGS(c) | 14,646 | 272,022 | ||
iA Financial Corp., Inc. | 7,766 | 323,603 | ||
IAMGOLD Corp.(a) | 42,454 | 158,787 | ||
IGM Financial, Inc. | 3,310 | 89,575 | ||
Imperial Oil Ltd. | 16,034 | 394,213 | ||
Intact Financial Corp. | 4,300 | 421,069 | ||
Inter Pipeline Ltd. | 14,530 | 265,494 | ||
Interfor Corp.(a) | 7,014 | 70,520 | ||
Keyera Corp. | 7,440 | 179,897 | ||
Kinross Gold Corp.(a) | 81,532 | 406,187 | ||
Kirkland Lake Gold Ltd. | 2,708 | 131,936 | ||
Linamar Corp. | 4,330 | 131,777 | ||
Loblaw Cos., Ltd. | 11,544 | 633,061 | ||
Magna International, Inc. | 36,911 | 1,851,661 | ||
Maple Leaf Foods, Inc. | 3,484 | 83,010 | ||
Martinrea International, Inc. | 11,161 | 85,757 | ||
MEG Energy Corp.(a) | 29,504 | 112,794 | ||
Methanex Corp. | 5,854 | 190,141 | ||
Metro, Inc. | 9,384 | 398,933 | ||
New Gold, Inc.(a) | 110,891 | 124,343 | ||
NFI Group, Inc. | 3,299 | 72,147 | ||
Norbord, Inc.(b) | 8,456 | 207,136 | ||
North West Co., Inc. (The) | 2,336 | 54,392 | ||
Nutrien Ltd. | 24,984 | 1,260,669 | ||
Onex Corp. | 7,830 | 460,914 | ||
Open Text Corp. | 5,898 | 231,206 | ||
Pan American Silver Corp. | 6,801 | 125,599 | ||
Paramount Resources Ltd., Class A | 10,184 | 43,455 | ||
Parkland Fuel Corp. | 7,880 | 246,220 | ||
Pembina Pipeline Corp. | 16,835 | 617,503 | ||
Precision Drilling Corp.(a) | 32,657 | 39,322 | ||
Premium Brands Holdings Corp. | 933 | 68,831 | ||
Quebecor, Inc., Class B | 3,952 | 89,194 | ||
Restaurant Brands International, Inc. | 10,128 | 795,804 | ||
Ritchie Bros Auctioneers, Inc. | 1,932 | 76,579 | ||
Rogers Communications, Inc., Class B | 7,392 | 366,652 | ||
Russel Metals, Inc.(b) | 4,442 | 66,891 | ||
Saputo, Inc. | 5,728 | 172,513 | ||
Secure Energy Services, Inc. | 12,109 | 50,758 | ||
Seven Generations Energy Ltd., Class A(a) | 38,671 | 209,536 | ||
Shaw Communications, Inc., Class B | 7,811 | 148,719 | ||
ShawCor Ltd. | 3,729 | 46,725 | ||
Shopify, Inc., Class A(a) | 196 | 75,642 | ||
SNC-Lavalin Group, Inc. | 11,303 | 139,586 | ||
Spin Master Corp., REGS(a)(c) | 1,785 | 55,519 | ||
Stantec, Inc. | 4,249 | 92,667 | ||
Stars Group, Inc. (The)(a) | 6,891 | 104,910 | ||
Stella-Jones, Inc. | 1,914 | 56,449 | ||
Suncor Energy, Inc. | 85,876 | 2,516,565 | ||
Superior Plus Corp. | 9,184 | �� 80,104 | ||
Teck Resources Ltd., Class B | 47,750 | 814,639 | ||
TELUS Corp. | 10,604 | 384,882 | ||
TFI International, Inc. | 4,519 | 131,782 | ||
Thomson Reuters Corp. | 8,389 | 577,596 | ||
TORC Oil & Gas Ltd.(b) | 16,260 | 40,503 | ||
Toromont Industries Ltd. | 2,331 | 111,866 | ||
Tourmaline Oil Corp. | 17,365 | 164,920 |
Shares | Value | |||
Canada-(continued) | ||||
TransAlta Corp. | 21,672 | $ 139,772 | ||
Transcontinental, Inc., Class A | 8,418 | 89,197 | ||
Uni-Select, Inc. | 5,301 | 43,045 | ||
Vermilion Energy, Inc.(b) | 6,506 | 92,782 | ||
West Fraser Timber Co. Ltd. | 4,934 | 174,146 | ||
WestJet Airlines Ltd. | 8,189 | 190,181 | ||
Whitecap Resources, Inc.(b) | 38,577 | 106,545 | ||
WSP Global, Inc. | 3,742 | 202,983 | ||
39,464,422 | ||||
Chile-0.10% | ||||
Antofagasta PLC | 6,639 | 70,019 | ||
Lundin Mining Corp. | 36,403 | 173,961 | ||
243,980 | ||||
China-0.04% | ||||
Fosun International Ltd. | 69,261 | 89,103 | ||
Colombia-0.11% | ||||
Gran Tierra Energy, Inc.(a) | 28,924 | 41,140 | ||
Millicom International Cellular S.A., SDR | 2,400 | 122,364 | ||
Parex Resources, Inc.(a) | 5,463 | 83,828 | ||
247,332 | ||||
Denmark-1.00% | ||||
Carlsberg A/S, Class B | 1,750 | 258,858 | ||
Chr Hansen Holding A/S | 531 | 44,704 | ||
Coloplast A/S, Class B | 780 | 93,085 | ||
DSV A/S | 768 | 76,271 | ||
H Lundbeck A/S | 1,570 | 57,276 | ||
Novo Nordisk A/S, Class B | 21,889 | 1,138,968 | ||
Novozymes A/S, Class B | 2,210 | 94,431 | ||
Orsted A/S, REGS(c) | 1,321 | 126,391 | ||
Pandora A/S(b) | 3,945 | 168,390 | ||
Rockwool International A/S, Class B | 196 | 38,299 | ||
Vestas Wind Systems A/S | 2,733 | 201,223 | ||
William Demant Holding A/S(a) | 1,509 | 45,801 | ||
2,343,697 | ||||
Finland-0.66% | ||||
Elisa Oyj | 1,508 | 75,993 | ||
Fortum Oyj | 7,960 | 175,407 | ||
Huhtamaki Oyj | 1,328 | 51,362 | ||
Kesko Oyj, Class B | 2,391 | 150,771 | ||
Kone Oyj, Class B | 3,186 | 184,551 | ||
Metso Oyj | 1,716 | 64,402 | ||
Neste Oyj | 3,309 | 104,365 | ||
Nokian Renkaat Oyj | 2,117 | 58,050 | ||
Orion Oyj, Class B(b) | 1,552 | 57,718 | ||
Outokumpu Oyj(b) | 20,103 | 58,158 | ||
Stora Enso Oyj, Class R | 18,146 | 203,230 | ||
UPM-Kymmene Oyj | 10,804 | 291,737 | ||
Wartsila Oyj Abp | 5,514 | 67,736 | ||
1,543,480 | ||||
France-8.80% | ||||
Accor S.A. | 2,793 | 120,756 | ||
Aeroports de Paris | 346 | 59,860 | ||
Air France-KLM | 6,088 | 68,687 | ||
Air Liquide S.A. | 4,677 | 652,317 | ||
Airbus S.E. | 4,734 | 653,437 | ||
Alstom S.A. | 2,569 | 109,967 |
Shares | Value | |||
France-(continued) | ||||
Arkema S.A. | 1,596 | $ 140,186 | ||
Atos SE | 2,147 | 162,859 | ||
Bollore S.A. | 19,382 | 82,432 | ||
Bouygues S.A. | 8,772 | 333,759 | ||
Capgemini SE | 2,310 | 277,665 | ||
Carrefour S.A. | 30,076 | 513,378 | ||
Casino Guichard Perrachon S.A.(b) | 6,274 | 264,624 | ||
Cie de Saint-Gobain | 17,253 | 623,576 | ||
Cie Generale des Etablissements Michelin SCA | 3,922 | 412,906 | ||
Criteo S.A., ADR(a) | 4,478 | 86,963 | ||
Danone S.A. | 6,011 | 539,234 | ||
Dassault Systemes SE | 397 | 56,027 | ||
Eiffage S.A. | 2,389 | 247,935 | ||
Electricite de France S.A. | 18,628 | 226,988 | ||
Elis S.A. | 3,688 | 65,714 | ||
Engie S.A. | 84,653 | 1,288,823 | ||
EssilorLuxottica S.A. | 1,532 | 226,495 | ||
Faurecia SA | 3,094 | 135,439 | ||
Hermes International | 56 | 38,297 | ||
Iliad S.A.(b) | 535 | 56,112 | ||
Ingenico Group S.A. | 618 | 61,388 | ||
Kering S.A. | 381 | 184,781 | ||
Korian S.A. | 1,418 | 56,654 | ||
Lagardere SCA | 5,040 | 107,509 | ||
Legrand S.A. | 2,384 | 168,602 | ||
L’Oreal S.A. | 1,779 | 487,038 | ||
LVMH Moet Hennessy Louis Vuitton SE | 1,601 | 638,948 | ||
Nexity S.A. | 1,145 | 53,287 | ||
Orange S.A. | 63,347 | 962,700 | ||
Pernod Ricard S.A. | 1,517 | 290,183 | ||
Peugeot S.A. | 22,707 | 508,374 | ||
Publicis Groupe S.A. | 3,882 | 186,478 | ||
Rallye S.A.(b) | 12,157 | 68,278 | ||
Renault S.A. | 9,527 | 547,242 | ||
Rexel S.A. | 13,888 | 147,589 | ||
Rubis SCA | 1,322 | 76,578 | ||
Safran S.A. | 2,772 | 403,410 | ||
Sanofi | 21,284 | 1,831,055 | ||
Schneider Electric SE | 8,980 | 753,163 | ||
SCOR SE | 6,210 | 248,179 | ||
SEB S.A. | 372 | 57,968 | ||
Sodexo S.A. | 1,558 | 176,894 | ||
SPIE S.A. | 3,738 | 67,922 | ||
Suez | 13,078 | 203,430 | ||
Teleperformance | 408 | 89,233 | ||
Thales S.A. | 1,149 | 133,050 | ||
TOTAL S.A. | 59,273 | 2,962,805 | ||
Ubisoft Entertainment S.A.(a) | 624 | 50,411 | ||
Valeo S.A.(b) | 8,545 | 233,749 | ||
Vinci S.A. | 8,429 | 923,602 | ||
Vivendi S.A. | 15,835 | 443,456 | ||
Wendel S.A. | 734 | 103,060 | ||
20,671,452 | ||||
Germany-7.31% | ||||
adidas AG | 1,196 | 355,221 | ||
Aurubis AG | 2,109 | 93,598 | ||
BASF SE | 22,063 | 1,462,186 | ||
Bayer AG | 19,398 | 1,438,520 | ||
Beiersdorf AG | 575 | 72,504 |
Shares | Value | |||
Germany-(continued) | ||||
Bilfinger SE | 1,803 | $ 49,559 | ||
Brenntag AG | 2,568 | 123,952 | ||
CECONOMY AG(a) | 27,818 | 142,298 | ||
Continental AG | 2,931 | 354,279 | ||
Covestro AG, REGS(c) | 5,886 | 266,992 | ||
Daimler AG | 30,656 | 1,441,717 | ||
Deutsche Lufthansa AG | 12,665 | 194,984 | ||
Deutsche Post AG | 13,945 | 459,172 | ||
Deutsche Telekom AG | 74,752 | 1,249,298 | ||
E.ON SE | 71,153 | 662,511 | ||
Evonik Industries AG | 3,938 | 100,525 | ||
Freenet AG | 3,693 | 72,289 | ||
Fresenius SE & Co. KGaA | 8,763 | 426,155 | ||
Fuchs Petrolub SE, Preference Shares | 1,417 | 49,592 | ||
GEA Group AG | 3,488 | 94,224 | ||
Hannover Rueck SE | 1,229 | 195,978 | ||
HeidelbergCement AG | 3,728 | 258,808 | ||
Henkel AG & Co. KGaA, Preference Shares | 5,077 | 509,344 | ||
HOCHTIEF AG | 576 | 62,766 | ||
HUGO BOSS AG | 1,120 | 62,509 | ||
Infineon Technologies AG | 9,794 | 169,852 | ||
K+S AG | 5,722 | 90,519 | ||
KION Group AG | 956 | 46,312 | ||
LANXESS AG | 2,123 | 127,886 | ||
Leoni AG(a)(b) | 3,179 | 40,085 | ||
Merck KGaA | 3,736 | 400,154 | ||
MTU Aero Engines AG | 359 | 98,165 | ||
Muenchener Rueckversicherungs-Gesellschaft AG | 4,131 | 991,285 | ||
OSRAM Licht AG(b) | 3,074 | 123,561 | ||
ProSiebenSat.1 Media SE | 9,403 | 124,002 | ||
Rheinmetall AG | 726 | 85,787 | ||
RWE AG | 19,529 | 557,229 | ||
Salzgitter AG | 2,552 | 46,385 | ||
SAP SE | 5,285 | 632,064 | ||
Schaeffler AG, Preference Shares | 23,614 | 160,450 | ||
Symrise AG | 626 | 58,542 | ||
Telefonica Deutschland Holding AG | 27,181 | 69,325 | ||
Uniper SE(b) | 12,531 | 380,460 | ||
United Internet AG | 1,613 | 52,934 | ||
Volkswagen AG, Preference Shares | 16,862 | 2,712,972 | ||
17,166,950 | ||||
Ghana-0.03% | ||||
Tullow Oil PLC | 27,420 | 68,223 | ||
Hong Kong-0.93% | ||||
CK Hutchison Holdings Ltd. | 76,858 | 669,964 | ||
CLP Holdings Ltd. | 26,800 | 276,197 | ||
First Pacific Co., Ltd. | 183,087 | 75,007 | ||
HKT Trust & HKT Ltd. | 57,736 | 90,340 | ||
Hong Kong & China Gas Co., Ltd. (The) | 55,754 | 107,732 | ||
Li & Fung Ltd. | 750,115 | 85,204 | ||
Melco Resorts & Entertainment Ltd., ADR | 13,731 | 285,605 | ||
MTR Corp. Ltd. | 20,340 | 117,855 | ||
NWS Holdings Ltd | 26,395 | 45,478 | ||
PCCW Ltd. | 115,633 | 62,721 | ||
Swire Pacific Ltd., Class A | 13,450 | 131,747 | ||
Techtronic Industries Co. Ltd. | 11,547 | 79,875 | ||
WH Group Ltd. | 190,525 | 153,434 | ||
2,181,159 |
Shares | Value | |||
Indonesia-0.02% | ||||
Golden Agri-Resources Ltd. | 298,623 | $ 57,047 | ||
Ireland-0.25% | ||||
James Hardie Industries PLC, CDI | 4,090 | 62,140 | ||
Kerry Group PLC, Class A | 924 | 110,201 | ||
Ryanair Holdings PLC, ADR(a) | 4,334 | 248,338 | ||
Smurfit Kappa Group PLC | 5,302 | 163,838 | ||
584,517 | ||||
Israel-0.13% | ||||
Check Point Software Technologies Ltd.(a) | 2,905 | 312,868 | ||
Italy-1.71% | ||||
A2A S.p.A. | 37,374 | 65,812 | ||
Atlantia S.p.A. | 8,581 | 209,503 | ||
Enel S.p.A. | 211,790 | 1,537,943 | ||
Eni S.p.A. | 88,146 | 1,327,928 | ||
Hera S.p.A. | 16,193 | 64,697 | ||
Leonardo S.p.A. | 10,333 | 126,651 | ||
Saipem S.p.A.(a) | 18,022 | 85,817 | ||
Saras S.p.A. | 44,612 | 69,468 | ||
Societa Cattolica di Assicurazioni SC | 13,255 | 108,091 | ||
Telecom Italia S.p.A.(a) | 781,470 | 416,872 | ||
4,012,782 | ||||
Japan-16.94% | ||||
Aeon Co. Ltd. | 29,312 | 520,268 | ||
AGC, Inc. | 6,847 | 197,711 | ||
Aisin Seiki Co. Ltd. | 6,844 | 203,105 | ||
Alfresa Holdings Corp. | 6,074 | 137,623 | ||
Alps Alpine Co. Ltd. | 5,115 | 89,390 | ||
ANA Holdings, Inc.(b) | 3,124 | 106,895 | ||
Asahi Group Holdings, Ltd. | 5,117 | 238,917 | ||
Astellas Pharma, Inc. | 31,146 | 431,927 | ||
Bandai Namco Holdings, Inc. | 1,793 | 105,575 | ||
Bridgestone Corp. | 15,112 | 577,031 | ||
Brother Industries Ltd. | 5,227 | 90,609 | ||
Canon, Inc. | 21,500 | 559,249 | ||
Central Japan Railway Co. | 1,926 | 381,317 | ||
Chugai Pharmaceutical Co. Ltd. | 808 | 57,853 | ||
Chugoku Electric Power Co., Inc. (The) | 11,517 | 147,238 | ||
Coca-Cola Bottlers Japan Holdings, Inc. | 2,324 | 50,576 | ||
Dai Nippon Printing Co., Ltd. | 7,419 | 160,689 | ||
Daicel Corp. | 8,465 | 65,474 | ||
Daiichi Sankyo Co. Ltd. | 4,287 | 283,444 | ||
Daikin Industries, Ltd. | 2,342 | 290,254 | ||
Daito Trust Construction Co., Ltd. | 1,425 | 183,654 | ||
Daiwa House Industry Co., Ltd. | 13,479 | 423,120 | ||
Denso Corp. | 12,087 | 507,644 | ||
Dentsu, Inc. | 4,660 | 159,365 | ||
East Japan Railway Co. | 6,089 | 580,246 | ||
Ebara Corp. | 2,324 | 55,240 | ||
Eisai Co. Ltd. | 2,364 | 120,934 | ||
Electric Power Development Co. Ltd. | 6,103 | 141,557 | ||
FamilyMart UNY Holdings Co. Ltd. | 2,155 | 49,741 | ||
FANUC Corp. | 1,924 | 334,518 | ||
Fast Retailing Co. Ltd. | 237 | 138,969 | ||
Fuji Electric Co. Ltd. | 2,398 | 68,453 | ||
FUJIFILM Holdings Corp. | 7,235 | 310,067 | ||
Fujikura Ltd. | 17,384 | 55,356 | ||
Fujitsu Ltd. | 5,810 | 449,003 | ||
Furukawa Electric Co. Ltd. | 3,105 | 68,012 |
Shares | Value | |||
Japan-(continued) | ||||
H2O Retailing Corp. | 5,823 | $ 61,168 | ||
Hanwa Co. Ltd. | 3,527 | 95,066 | ||
Haseko Corp. | 8,643 | 92,907 | ||
Hitachi Construction Machinery Co. Ltd. | 2,601 | 55,625 | ||
Hitachi Metals Ltd. | 6,427 | 69,268 | ||
Hitachi, Ltd. | 31,280 | 1,069,434 | ||
Hokuriku Electric Power Co.(a) | 11,327 | 71,284 | ||
Honda Motor Co., Ltd. | 65,884 | 1,566,332 | ||
Hoya Corp. | 2,901 | 236,382 | ||
IHI Corp. | 6,277 | 122,353 | ||
Iida Group Holdings Co. Ltd. | 3,486 | 54,320 | ||
INPEX Corp. | 30,303 | 262,362 | ||
ITOCHU Corp. | 36,994 | 738,347 | ||
J Front Retailing Co. Ltd. | 7,834 | 88,713 | ||
Japan Airlines Co. Ltd. | 3,320 | 103,812 | ||
Japan Tobacco, Inc. | 18,019 | 382,041 | ||
JFE Holdings, Inc. | 24,819 | 290,757 | ||
JSR Corp. | 4,925 | 80,641 | ||
JTEKT Corp. | 8,819 | 95,713 | ||
JXTG Holdings, Inc. | 173,641 | 718,317 | ||
Kajima Corp. | 11,898 | 144,935 | ||
Kamigumi Co. Ltd. | 2,147 | 50,345 | ||
Kaneka Corp. | 1,587 | 47,620 | ||
Kansai Electric Power Co., Inc. (The) | 32,210 | 392,213 | ||
Kao Corp. | 3,487 | 252,101 | ||
Kawasaki Heavy Industries Ltd. | 6,634 | 130,186 | ||
Kawasaki Kisen Kaisha Ltd.(a) | 6,424 | 64,697 | ||
KDDI Corp. | 17,060 | 455,651 | ||
Keio Corp. | 838 | 52,422 | ||
Keyence Corp. | 211 | 125,036 | ||
Kikkoman Corp. | 985 | 44,357 | ||
Kintetsu Group Holdings Co. Ltd. | 2,584 | 128,780 | ||
Kirin Holdings Co. Ltd. | 13,306 | 263,061 | ||
Kobe Steel Ltd. | 28,799 | 150,310 | ||
Koito Manufacturing Co. Ltd. | 1,391 | 65,393 | ||
Komatsu Ltd. | 17,179 | 365,283 | ||
Konica Minolta, Inc. | 14,040 | 99,998 | ||
K’s Holdings Corp. | 6,312 | 67,732 | ||
Kubota Corp. | 16,191 | 232,618 | ||
Kuraray Co. Ltd. | 8,753 | 99,945 | ||
Kyushu Electric Power Co., Inc. | 21,504 | 212,518 | ||
Lawson, Inc. | 1,232 | 61,168 | ||
LIXIL Group Corp. | 14,044 | 230,351 | ||
Marubeni Corp. | 94,459 | 603,445 | ||
Maruha Nichiro Corp. | 1,616 | 41,761 | ||
Mazda Motor Corp. | 28,608 | 240,464 | ||
Medipal Holdings Corp. | 8,160 | 173,509 | ||
MINEBEA MITSUMI, Inc. | 6,035 | 93,301 | ||
Mitsubishi Corp. | 43,997 | 1,071,480 | ||
Mitsubishi Estate Co., Ltd. | 10,563 | 202,413 | ||
Mitsubishi Gas Chemical Co.Inc. | 5,910 | 71,157 | ||
Mitsubishi Materials Corp. | 6,039 | 146,502 | ||
Mitsui & Co., Ltd. | 55,977 | 877,006 | ||
Mitsui Chemicals, Inc. | 6,247 | 133,656 | ||
Mitsui E&S Holdings Co., Ltd. | 7,683 | 58,412 | ||
Mitsui Fudosan Co., Ltd. | 11,157 | 267,612 | ||
Mitsui Mining & Smelting Co. Ltd. | 2,683 | 56,342 | ||
MS&AD Insurance Group Holdings, Inc. | 20,970 | 667,160 | ||
Murata Manufacturing Co., Ltd. | 6,005 | 252,262 | ||
Nagase & Co. Ltd. | 3,741 | 50,752 |
Shares | Value | |||
Japan-(continued) | ||||
Nagoya Railroad Co. Ltd. | 2,977 | $ 88,767 | ||
NEC Corp. | 7,437 | 318,794 | ||
NGK Insulators Ltd. | 5,116 | 68,731 | ||
NGK Spark Plug Co., Ltd. | 3,663 | 63,290 | ||
NHK Spring Co. Ltd. | 8,854 | 62,978 | ||
Nikon Corp. | 8,257 | 102,294 | ||
Nippon Electric Glass Co. Ltd. | 2,686 | 55,798 | ||
Nippon Express Co. Ltd. | 1,218 | 62,997 | ||
Nippon Paper Industries Co. Ltd. | 5,654 | 93,963 | ||
Nippon Sheet Glass Co., Ltd. | 8,463 | 49,672 | ||
Nippon Steel Corp. | 40,227 | 563,167 | ||
Nippon Steel Corp. | 1,516 | 57,915 | ||
Nippon Yusen KK | 11,541 | 172,444 | ||
Nissan Motor Co. Ltd. | 123,340 | 762,734 | ||
Nitori Holdings Co. Ltd. | 599 | 86,482 | ||
Nitto Denko Corp. | 3,914 | 182,379 | ||
Nomura Real Estate Holdings, Inc. | 3,074 | 65,219 | ||
Nomura Research Institute Ltd. | 3,501 | 69,693 | ||
NSK Ltd. | 12,943 | 103,890 | ||
Obayashi Corp. | 18,978 | 175,039 | ||
Odakyu Electric Railway Co. Ltd. | 2,757 | 62,597 | ||
Oji Holdings Corp. | 27,937 | 130,282 | ||
Olympus Corp. | 7,603 | 89,106 | ||
Omron Corp. | 2,702 | 133,897 | ||
Ono Pharmaceutical Co. Ltd. | 3,883 | 71,792 | ||
Oriental Land Co. Ltd. | 754 | 109,891 | ||
ORIX Corp. | 40,865 | 604,053 | ||
Osaka Gas Co. Ltd. | 10,946 | 196,140 | ||
Otsuka Holdings Co. Ltd. | 6,407 | 263,716 | ||
Panasonic Corp. | 82,391 | 636,571 | ||
Persol Holdings Co. Ltd. | 2,324 | 47,227 | ||
Rakuten, Inc. | 9,236 | 87,100 | ||
Recruit Holdings Co., Ltd. | 6,441 | 195,333 | ||
Renesas Electronics Corp.(a) | 13,690 | 85,639 | ||
Ricoh Co. Ltd. | 23,028 | 213,260 | ||
Rohm Co. Ltd. | 1,797 | 128,327 | ||
Santen Pharmaceutical Co. Ltd. | 3,309 | 58,015 | ||
Secom Co. Ltd. | 2,405 | 205,369 | ||
Seibu Holdings, Inc. | 3,954 | 67,163 | ||
Seiko Epson Corp. | 7,481 | 99,587 | ||
Sekisui House Ltd. | 16,012 | 284,428 | ||
Seven & i Holdings Co., Ltd. | 18,970 | 671,443 | ||
Sharp Corp. | 6,795 | 70,162 | ||
Shimano, Inc. | 448 | 64,449 | ||
Shiseido Co. Ltd. | 1,588 | 130,008 | ||
Showa Denko KK | 3,494 | 90,259 | ||
SoftBank Group Corp. | 11,543 | 524,598 | ||
Sojitz Corp. | 55,160 | 168,372 | ||
Sompo Holdings, Inc. | 9,917 | 396,512 | ||
Stanley Electric Co. Ltd. | 2,397 | 59,640 | ||
Subaru Corp. | 17,571 | 471,120 | ||
SUMCO Corp. | 4,471 | 55,474 | ||
Sumitomo Chemical Co., Ltd. | 58,058 | 254,341 | ||
Sumitomo Corp. | 40,301 | 604,638 | ||
Sumitomo Electric Industries Ltd. | 28,719 | 338,475 | ||
Sumitomo Forestry Co. Ltd. | 5,614 | 68,810 | ||
Sumitomo Realty & Development Co., Ltd. | 3,309 | 124,541 | ||
Sumitomo Rubber Industries Ltd. | 7,797 | 88,074 | ||
Suntory Beverage & Food Ltd. | 1,800 | 77,667 | ||
Suzuken Co. Ltd. | 2,147 | 115,496 |
Shares | Value | |||
Japan-(continued) | ||||
Suzuki Motor Corp. | 8,222 | $ 317,431 | ||
Sysmex Corp. | 808 | 51,626 | ||
Taiheiyo Cement Corp. | 3,707 | 93,666 | ||
Taisho Pharmaceutical Holdings Co. Ltd. | 633 | 44,130 | ||
Takashimaya Co. Ltd. | 7,799 | 87,435 | ||
Takeda Pharmaceutical Co. Ltd. | 15,797 | 534,281 | ||
TDK Corp. | 2,557 | 203,799 | ||
Teijin Ltd. | 6,315 | 113,634 | ||
Tobu Railway Co. Ltd. | 3,508 | 107,740 | ||
Tokio Marine Holdings, Inc. | 16,615 | 856,539 | ||
Tokyo Electric Power Co. Holdings, Inc.(a) | 131,251 | 625,682 | ||
Tokyu Fudosan Holdings Corp. | 15,104 | 93,773 | ||
Toray Industries, Inc. | 35,633 | 254,327 | ||
Toshiba Corp. | 12,364 | 384,391 | ||
Toyota Industries Corp. | 3,689 | 202,965 | ||
Toyota Tsusho Corp. | 10,941 | 339,635 | ||
Unicharm Corp. | 2,754 | 84,713 | ||
West Japan Railway Co. | 3,126 | 263,580 | ||
Yahoo Japan Corp. | 45,367 | 113,690 | ||
Yamada Denki Co. Ltd. | 23,077 | 108,705 | ||
Yamato Holdings Co. Ltd. | 2,908 | 50,382 | ||
Yaskawa Electric Corp. | 1,616 | 54,351 | ||
Yokogawa Electric Corp. | 2,778 | 50,511 | ||
Yokohama Rubber Co. Ltd. (The) | 3,351 | 64,498 | ||
39,791,122 | ||||
Luxembourg-0.30% | ||||
ArcelorMittal | 35,246 | 508,161 | ||
Orion Engineered Carbons S.A. | 2,707 | 37,654 | ||
Tenaris S.A. | 7,242 | 79,067 | ||
Ternium S.A., ADR | 4,259 | 75,214 | ||
700,096 | ||||
Macau-0.05% | ||||
Galaxy Entertainment Group Ltd. | 19,783 | 124,222 | ||
Netherlands-2.09% | ||||
Akzo Nobel N.V. | 3,182 | 285,485 | ||
ASM International N.V. | 826 | 69,532 | ||
ASML Holding N.V. | 1,904 | 424,074 | ||
Cimpress N.V.(a) | 823 | 94,390 | ||
EXOR N.V.(b) | 11,696 | 792,134 | ||
Heineken N.V. | 2,313 | 246,466 | ||
Koninklijke BAM Groep N.V. | 13,868 | 40,716 | ||
Koninklijke DSM N.V. | 1,919 | 239,014 | ||
Koninklijke KPN N.V. | 76,435 | 242,421 | ||
Koninklijke Philips N.V. | 11,145 | 526,346 | ||
NXP Semiconductors N.V. | 14,717 | 1,503,194 | ||
Randstad N.V. | 3,303 | 154,409 | ||
Signify N.V.(b) | 4,084 | 119,679 | ||
Wolters Kluwer N.V. | 2,302 | 166,098 | ||
4,903,958 | ||||
New Zealand-0.11% | ||||
Contact Energy Ltd. | 14,288 | 75,516 | ||
Fletcher Building Ltd. | 29,731 | 83,256 | ||
Spark New Zealand Ltd. | 33,813 | 94,260 | ||
253,032 | ||||
Norway-0.14% | ||||
Gjensidige Forsikring ASA | 5,922 | 114,424 |
Shares | Value | |||
Norway-(continued) | ||||
Mowi ASA | 4,702 | $ 112,564 | ||
Orkla ASA | 12,376 | 113,509 | ||
340,497 | ||||
Portugal-0.27% | ||||
EDP - Energias de Portugal S.A. | 80,184 | 303,584 | ||
Galp Energia SGPS S.A. | 11,207 | 161,183 | ||
Jeronimo Martins SGPS S.A. | 5,642 | 93,261 | ||
Sonae SGPS S.A. | 79,733 | 72,440 | ||
630,468 | ||||
Russia-0.35% | ||||
Evraz PLC | 8,787 | 53,110 | ||
VEON Ltd., ADR | 243,833 | 636,404 | ||
Yandex N.V., Class A(a) | 3,708 | 137,567 | ||
827,081 | ||||
Singapore-0.40% | ||||
ComfortDelGro Corp. Ltd. | 39,734 | 70,176 | ||
Genting Singapore Ltd. | 89,328 | 57,311 | ||
Keppel Corp. Ltd. | 31,500 | 132,613 | ||
Sembcorp Industries Ltd. | 28,200 | 42,080 | ||
Singapore Airlines Ltd. | 18,938 | 120,547 | ||
Singapore Technologies Engineering Ltd. | 18,791 | 53,371 | ||
Singapore Telecommunications Ltd. | 135,855 | 310,453 | ||
Wilmar International Ltd. | 55,694 | 152,966 | ||
939,517 | ||||
South Africa-0.19% | ||||
Anglo American PLC | 20,679 | 446,813 | ||
South Korea-5.93% | ||||
CJ CheilJedang Corp. | 348 | 65,650 | ||
CJ Corp. | 1,319 | 88,750 | ||
Daelim Industrial Co. Ltd. | 1,013 | 81,709 | ||
DB Insurance Co. Ltd. | 2,729 | 107,921 | ||
Doosan Corp. | 639 | 53,019 | ||
Doosan Heavy Industries & Construction Co. Ltd.(a) | 24,802 | 122,449 | ||
E-MART, Inc. | 1,013 | 97,014 | ||
GS Engineering & Construction Corp. | 2,299 | 61,497 | ||
GS Holdings Corp. | 2,293 | 90,868 | ||
Hankook Tire & Technology Company Ltd. (The) | 2,487 | 59,852 | ||
Hanwha Chemical Corp. | 4,553 | 65,029 | ||
Hanwha Corp. | 13,055 | 264,064 | ||
Hyosung Corp. | 782 | 55,781 | ||
Hyundai Engineering & Construction Co. Ltd. | 2,759 | 94,188 | ||
Hyundai Glovis Co. Ltd. | 430 | 56,801 | ||
Hyundai Marine & Fire Insurance Co. Ltd. | 4,717 | 93,074 | ||
Hyundai Mobis Co., Ltd. | 2,005 | 411,346 | ||
Hyundai Motor Co. | 7,840 | 831,736 | ||
Hyundai Steel Co. | 5,523 | 170,079 | ||
Kia Motors Corp. | 11,912 | 429,766 | ||
Korea Electric Power Corp.(a) | 26,774 | 564,768 | ||
Korea Gas Corp. | 2,915 | 93,978 | ||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 1,980 | 179,814 | ||
Korea Zinc Co. Ltd. | 172 | 61,771 | ||
Korean Air Lines Co. Ltd. | 3,302 | 60,520 | ||
Korean Reinsurance Co. | 7,289 | 48,864 | ||
KT Corp., ADR | 14,508 | 162,925 |
Shares | Value | |||
South Korea-(continued) | ||||
KT&G Corp. | 1,723 | $ 145,095 | ||
LG Chem Ltd. | 926 | 252,667 | ||
LG Corp. | 2,123 | 124,795 | ||
LG Display Co. Ltd.(a) | 18,732 | 215,737 | ||
LG Electronics, Inc. | 6,093 | 308,360 | ||
LG Household & Health Care Ltd. | 31 | 30,175 | ||
LG International Corp. | 4,092 | 58,107 | ||
LG Uplus Corp. | 7,651 | 83,379 | ||
Lotte Chemical Corp. | 553 | 102,724 | ||
Lotte Shopping Co. Ltd. | 825 | 92,632 | ||
LS Corp. | 1,409 | 52,579 | ||
NAVER Corp. | 937 | 113,330 | ||
POSCO | 4,143 | 721,711 | ||
Posco International Corp. | 3,957 | 59,947 | ||
Samsung C&T Corp. | 1,770 | 126,256 | ||
Samsung Electro-Mechanics Co. Ltd. | 978 | 71,942 | ||
Samsung Electronics Co., Ltd. | 133,220 | 4,839,364 | ||
Samsung Fire & Marine Insurance Co., Ltd. | 942 | 178,095 | ||
Samsung Heavy Industries Co. Ltd.(a) | 11,736 | 75,091 | ||
Samsung SDI Co. Ltd. | 586 | 120,708 | ||
Samsung SDS Co. Ltd. | 357 | 57,768 | ||
SK Holdings Co. Ltd. | 1,925 | 317,853 | ||
SK Hynix, Inc. | 11,488 | 734,094 | ||
SK Innovation Co. Ltd. | 2,004 | 272,991 | ||
SK Networks Co. Ltd. | 12,520 | 55,093 | ||
SK Telecom Co., Ltd. | 1,033 | 204,255 | ||
Woongjin Coway Company Ltd. | 795 | 55,264 | ||
13,943,245 | ||||
Spain-2.01% | ||||
Acciona S.A. | 553 | 59,437 | ||
Aena SME, S.A., REGS(c) | 619 | 111,794 | ||
Amadeus IT Group S.A. | 2,502 | 186,701 | ||
Distribuidora Internacional de Alimentacion S.A.(a)(b) | 87,944 | 47,456 | ||
Endesa, S.A. | 11,404 | 293,496 | ||
Ferrovial, S.A. | 5,873 | 167,318 | ||
Grifols S.A. | 3,477 | 110,276 | ||
Iberdrola S.A. | 113,609 | 1,170,047 | ||
Industria de Diseno Textil, S.A. | 9,389 | 290,751 | ||
Mapfre S.A. | 44,248 | 115,388 | ||
Naturgy Energy Group S.A. | 6,603 | 173,063 | ||
Repsol S.A. | 49,885 | 726,252 | ||
Telefonica S.A. | 184,763 | 1,282,066 | ||
4,734,045 | ||||
Sweden-1.42% | ||||
Alfa Laval AB | 3,171 | 58,429 | ||
Atlas Copco AB, Class A | 9,962 | 297,738 | ||
Boliden AB | 5,300 | 117,276 | ||
Electrolux AB, Series B | 6,250 | 139,890 | ||
Hennes & Mauritz AB, Class B | 16,633 | 318,827 | ||
Hexagon AB, Class B | 1,942 | 86,339 | ||
Husqvarna AB, Class B | 7,231 | 56,112 | ||
ICA Gruppen AB(b) | 1,810 | 88,831 | ||
NCC AB, Class B | 3,664 | 58,527 | ||
Peab AB | 6,087 | 49,904 | ||
Sandvik AB | 11,708 | 168,037 | ||
Securitas AB, Class B | 6,068 | 90,926 | ||
Skanska AB, Class B | 11,349 | 212,820 | ||
SKF AB, Class B | 8,447 | 136,393 |
Shares | Value | |||
Sweden-(continued) | ||||
SSAB AB, Class A(b) | 27,536 | $ 76,317 | ||
Swedish Match AB | 1,741 | 68,349 | ||
Tele2 AB, Class B | 6,214 | 87,728 | ||
Telefonaktiebolaget LM Ericsson, Class B | 49,630 | 386,947 | ||
Telia Co. AB | 64,939 | 284,474 | ||
Trelleborg AB, Class B | 5,473 | 74,783 | ||
Volvo AB, Class B | 34,421 | 475,593 | ||
3,334,240 | ||||
Switzerland-5.79% | ||||
ABB Ltd. | 33,396 | 632,852 | ||
Adecco Group AG | 5,082 | 267,390 | ||
Aryzta AG(a) | 64,102 | 51,854 | ||
Chocoladefabriken Lindt & Spruengli AG | 9 | 66,628 | ||
Cie Financiere Richemont S.A. | 6,467 | 501,961 | ||
Clariant AG(a) | 3,073 | 56,587 | ||
Coca-Cola HBC AG(a) | 1,949 | 64,799 | ||
DKSH Holding AG | 807 | 39,328 | ||
Dufry AG(a) | 787 | 63,822 | ||
Geberit AG | 231 | 105,082 | ||
Georg Fischer AG | 44 | 36,042 | ||
Givaudan S.A. | 40 | 108,181 | ||
Glencore PLC(a) | 454,734 | 1,312,224 | ||
Kuehne + Nagel International AG | 928 | 135,104 | ||
LafargeHolcim Ltd.(a) | 9,394 | 444,042 | ||
Lonza Group AG(a) | 393 | 138,937 | ||
Nestle S.A. | 29,980 | 3,363,262 | ||
Novartis AG | 30,371 | 2,732,147 | ||
Pargesa Holding S.A., BR | 1,152 | 84,236 | ||
Partners Group Holding AG | 137 | 111,129 | ||
Roche Holding AG | 7,856 | 2,148,500 | ||
Schindler Holding AG, PC | 946 | 216,076 | ||
SGS S.A. | 28 | 68,765 | ||
Sika AG | 973 | 139,738 | ||
Sonova Holding AG | 369 | 85,663 | ||
STMicroelectronics N.V. | 8,647 | 153,408 | ||
Swatch Group AG (The), BR | 977 | 264,727 | ||
Swisscom AG | 440 | 219,722 | ||
13,612,206 | ||||
United Kingdom-13.82% | ||||
Admiral Group PLC | 2,340 | 61,185 | ||
Aggreko PLC | 5,726 | 53,430 | ||
Ashtead Group PLC | 2,967 | 82,059 | ||
Associated British Foods PLC | 4,730 | 130,819 | ||
AstraZeneca PLC | 10,971 | 977,761 | ||
Avon Products, Inc.(a) | 26,029 | 113,226 | ||
Babcock International Group PLC | 17,199 | 105,064 | ||
BAE Systems PLC | 60,856 | 404,363 | ||
Balfour Beatty PLC | 25,254 | 66,309 | ||
Barratt Developments PLC | 18,995 | 146,294 | ||
BBA Aviation PLC | 15,490 | 60,555 | ||
Beazley PLC | 7,382 | 51,199 | ||
Bellway PLC | 1,809 | 63,912 | ||
Berkeley Group Holdings PLC | 2,293 | 109,383 | ||
BP PLC | 582,242 | 3,546,837 | ||
British American Tobacco PLC | 35,033 | 1,228,751 | ||
BT Group PLC | 262,194 | 528,910 | ||
Bunzl PLC | 4,732 | 116,007 | ||
Burberry Group PLC | 4,926 | 129,821 | ||
Capita PLC(a) | 57,736 | 88,420 |
Shares | Value | |||
United Kingdom-(continued) | ||||
Centrica PLC | 403,291 | $ 342,330 | ||
CNH Industrial N.V. | 28,580 | 294,279 | ||
Cobham PLC(a) | 35,566 | 69,952 | ||
Coca-Cola European Partners PLC | 6,100 | 343,674 | ||
Compass Group PLC | 18,747 | 475,571 | ||
Croda International PLC | 795 | 45,524 | ||
Daily Mail and General Trust PLC, Class A | 5,868 | 57,885 | ||
DCC PLC | 1,758 | 149,526 | ||
Diageo PLC | 15,485 | 660,704 | ||
Direct Line Insurance Group PLC | 40,830 | 140,771 | ||
Dixons Carphone PLC | 73,309 | 95,886 | ||
Drax Group PLC | 17,006 | 55,919 | ||
DS Smith PLC | 22,324 | 92,437 | ||
Firstgroup PLC(a) | 67,692 | 107,170 | ||
G4S PLC | 40,622 | 86,031 | ||
GlaxoSmithKline PLC | 62,963 | 1,312,446 | ||
Greene King PLC | 8,382 | 85,870 | ||
Hays PLC | 31,481 | 53,675 | ||
IMI PLC | 4,122 | 50,451 | ||
Imperial Brands PLC | 20,902 | 540,802 | ||
Inchcape PLC | 17,210 | 121,144 | ||
Informa PLC | 9,347 | 99,034 | ||
Inmarsat PLC | 9,562 | 70,336 | ||
InterContinental Hotels Group PLC | 1,775 | 110,786 | ||
International Consolidated Airlines Group, S.A. | 86 | 442 | ||
International Consolidated Airlines Group, S.A., ADR | 25,958 | 263,474 | ||
Intertek Group PLC | 1,118 | 73,905 | ||
ITV PLC | 88,040 | 124,321 | ||
J Sainsbury PLC | 123,348 | 294,580 | ||
Janus Henderson Group PLC | 11,170 | 213,459 | ||
John Wood Group PLC | 15,869 | 72,840 | ||
Kier Group PLC(b) | 12,717 | 18,198 | ||
Kingfisher PLC | 97,541 | 230,988 | ||
Liberty Global PLC, Class C(a) | 51,882 | 1,355,158 | ||
Man Group PLC | 35,617 | 72,286 | ||
Manchester United PLC, Class A | 2,909 | 49,744 | ||
Marks & Spencer Group PLC(b) | 72,539 | 169,837 | ||
Meggitt PLC | 13,242 | 99,825 | ||
Melrose Industries PLC | 75,723 | 166,871 | ||
Merlin Entertainments PLC, REGS(c) | 11,877 | 65,336 | ||
Mondi PLC | 8,406 | 163,489 | ||
National Grid PLC | 80,045 | 836,890 | ||
Next PLC | 2,490 | 180,006 | ||
Nomad Foods Ltd.(a) | 5,532 | 111,470 | ||
Pearson PLC(b) | 19,604 | 198,495 | ||
Pennon Group PLC | 7,662 | 70,469 | ||
Persimmon PLC | 5,713 | 132,368 | ||
Petrofac Ltd. | 13,240 | 67,432 | ||
Playtech PLC | 10,510 | 47,487 | ||
Reckitt Benckiser Group PLC | 6,864 | 534,913 | ||
RELX PLC | 17,443 | 417,743 | ||
Rentokil Initial PLC | 10,583 | 58,024 | ||
Rolls-Royce Holdings PLC(a) | 26,265 | 246,682 | ||
Royal Dutch Shell PLC, Class A | 117,940 | 3,276,259 | ||
Royal Mail PLC | 72,007 | 180,737 | ||
RSA Insurance Group PLC | 18,140 | 115,629 | ||
Saga PLC | 170,370 | 85,318 | ||
Sage Group PLC (The) | 7,798 | 66,535 | ||
Severn Trent PLC | 4,057 | 102,324 |
Shares | Value | |||
United Kingdom-(continued) | ||||
Smith & Nephew plc | 7,216 | $ 172,684 | ||
Smiths Group PLC | 5,514 | 112,111 | ||
SSE PLC | 36,992 | 518,534 | ||
Subsea 7 S.A. | 7,789 | 75,424 | ||
Tate & Lyle PLC | 7,607 | 66,647 | ||
Taylor Wimpey PLC | 64,906 | 115,367 | ||
Tesco PLC | 246,585 | 658,266 | ||
Thomas Cook Group PLC(a)(b) | 511,753 | 32,034 | ||
Travis Perkins PLC | 6,885 | 104,853 | ||
Unilever N.V. | 23,644 | 1,469,582 | ||
Unilever PLC | 26,756 | 1,693,106 | ||
Vodafone Group PLC | 1,479,465 | 2,797,063 | ||
Weir Group PLC (The) | 3,112 | 55,504 | ||
Whitbread PLC | 2,149 | 114,448 | ||
William Hill PLC | 36,190 | 78,540 | ||
WM Morrison Supermarkets PLC(b) | 103,594 | 230,372 | ||
WPP PLC | 40,513 | 478,685 | ||
32,463,262 | ||||
United States-5.15% | ||||
Aon PLC | 4,480 | 872,928 | ||
Atlassian Corp. PLC, Class A(a) | 573 | 77,074 | ||
Bausch Health Cos., Inc.(a) | 16,029 | 342,221 | ||
Brightsphere Investment Group, Inc. | 5,079 | 46,168 | ||
BRP, Inc. | 5,250 | 188,618 | ||
Capri Holdings Ltd.(a) | 6,832 | 180,228 | ||
Carnival PLC | 12,960 | 544,210 | ||
Chubb Ltd. | 18,543 | 2,897,900 | ||
Constellium N.V., Class A(a) | 10,027 | 120,725 | ||
Cott Corp. | 6,823 | 86,160 | ||
Delphi Technologies PLC | 13,146 | 173,922 | ||
Flex Ltd.(a) | 37,526 | 361,375 | ||
Garmin Ltd. | 2,710 | 221,055 | ||
IHS Markit Ltd.(a) | 9,152 | 600,463 | ||
International Game Technology PLC | 6,426 | 76,983 | ||
LivaNova PLC(a) | 1,027 | 79,726 | ||
LyondellBasell Industries N.V., Class A | 18,794 | 1,454,280 | ||
Masonite International Corp.(a) | 1,774 | 94,714 | ||
Mellanox Technologies Ltd.(a) | 572 | 61,233 | ||
Mylan N.V.(a) | 42,025 | 818,227 |
Shares | Value | |||
United States-(continued) | ||||
Pentair PLC | 8,069 | $ 289,838 | ||
Resolute Forest Products, Inc. | 21,115 | 90,372 | ||
Samsonite International S.A.(c) | 23,263 | 44,000 | ||
Sensata Technologies Holding PLC(a) | 4,904 | 223,524 | ||
TE Connectivity Ltd. | 10,988 | 1,002,325 | ||
Venator Materials PLC(a) | 11,486 | 25,614 | ||
Waste Connections, Inc. | 4,303 | 396,039 | ||
Willis Towers Watson PLC | 3,666 | 725,758 | ||
12,095,680 | ||||
Total Common Stocks & Other Equity Interests (Cost $244,863,427) | 234,068,392 | |||
Money Market Funds-0.09% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $209,610) | 209,610 | 209,610 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.72% (Cost $245,073,037) | 234,278,002 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-1.57% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 2,776,925 | 2,776,925 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 925,272 | 925,642 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,702,567) | 3,702,567 | |||
TOTAL INVESTMENTS IN SECURITIES-101.29% (Cost $248,775,604) | 237,980,569 | |||
OTHER ASSETS LESS LIABILITIES-(1.29)% | (3,034,787) | |||
NET ASSETS-100.00% | $234,945,782 |
Investment Abbreviations: |
ADR-American Depositary Receipt |
BR-Bearer Shares |
CDI-CREST Depository Interest |
PC-Participation Certificate |
REGS-Regulation S |
SDR-Swedish Depository Receipt |
Notes to Schedule of Investments: | |
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at August 31, 2019. |
(c) | 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 August 31, 2019 was $942,054, which represented less than 1% of the Fund’s Net Assets. |
(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 August 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Shares | Value | |||
Common Stocks & Other Equity Interests-99.69% | ||||
Argentina-0.07% | ||||
Globant S.A.(a) | 98 | $ 9,303 | ||
Australia-5.57% | ||||
A2B Australia Ltd. | 8,136 | 8,332 | ||
Accent Group Ltd. | 4,599 | 4,958 | ||
Adelaide Brighton Ltd. | 4,810 | 10,014 | ||
ALS Ltd. | 3,380 | 17,467 | ||
Ansell Ltd. | 1,413 | 25,942 | ||
Aristocrat Leisure Ltd. | 1,305 | 26,157 | ||
Asaleo Care Ltd.(a) | 10,132 | 6,656 | ||
Ausdrill Ltd. | 7,122 | 9,573 | ||
Australian Pharmaceutical Industries Ltd. | 16,091 | 14,311 | ||
Automotive Holdings Group Ltd. | 8,839 | 20,188 | ||
Beach Energy Ltd. | 8,717 | 14,389 | ||
Breville Group Ltd. | 456 | 4,996 | ||
CIMIC Group Ltd. | 936 | 19,549 | ||
Cleanaway Waste Management Ltd. | 13,986 | 19,506 | ||
Cochlear Ltd. | 150 | 22,032 | ||
Costa Group Holdings Ltd.(b) | 3,789 | 8,041 | ||
CSR Ltd. | 9,089 | 23,882 | ||
Estia Health Ltd. | 6,613 | 11,985 | ||
Evolution Mining Ltd. | 7,273 | 25,383 | ||
Flight Centre Travel Group Ltd.(b) | 522 | 16,357 | ||
G8 Education Ltd.(b) | 4,510 | 7,748 | ||
GrainCorp Ltd., Class A | 4,395 | 23,659 | ||
Harvey Norman Holdings Ltd. | 9,007 | 26,580 | ||
Iluka Resources Ltd. | 2,726 | 13,132 | ||
InvoCare Ltd. | 730 | 7,205 | ||
IOOF Holdings Ltd. | 1,296 | 4,427 | ||
JB Hi-Fi Ltd.(b) | 1,309 | 29,016 | ||
MACA Ltd. | 14,311 | 8,822 | ||
Magellan Financial Group Ltd. | 144 | 4,923 | ||
Mineral Resources Ltd. | 1,496 | 13,325 | ||
Monadelphous Group Ltd. | 1,277 | 13,689 | ||
Myer Holdings Ltd.(a) | 32,830 | 11,613 | ||
New Hope Corp. Ltd. | 3,382 | 5,195 | ||
Nine Entertainment Co. Holdings Ltd. | 10,327 | 13,846 | ||
Northern Star Resources Ltd. | 1,919 | 15,386 | ||
Nufarm Ltd. | 3,594 | 11,671 | ||
Orora Ltd. | 12,430 | 23,365 | ||
OZ Minerals Ltd. | 3,475 | 21,423 | ||
Pact Group Holdings Ltd. | 4,169 | 6,826 | ||
Pendal Group Ltd. | 1,114 | 4,991 | ||
Platinum Asset Management Ltd. | 1,715 | 4,425 | ||
Premier Investments Ltd. | 953 | 9,541 | ||
Qube Holdings Ltd. | 10,782 | 23,319 | ||
REA Group Ltd.(b) | 164 | 11,548 | ||
Regis Resources Ltd. | 3,586 | 12,419 | ||
Resolute Mining Ltd. | 10,322 | 11,614 | ||
Sandfire Resources NL | 2,191 | 9,197 | ||
Seven Group Holdings Ltd.(b) | 969 | 10,864 | ||
Sigma Healthcare Ltd. | 42,854 | 18,479 | ||
St Barbara Ltd. | 3,626 | 7,866 | ||
Star Entertainment Group Ltd. (The) | 8,783 | 24,321 | ||
Super Retail Group Ltd. | 2,112 | 13,305 | ||
Tassal Group Ltd. | 3,424 | 9,966 | ||
Village Roadshow Ltd.(a) | 2,987 | 5,595 |
Shares | Value | |||
Australia-(continued) | ||||
Vocus Group Ltd.(a) | 4,312 | $ 9,413 | ||
Whitehaven Coal Ltd. | 6,392 | 14,772 | ||
WorleyParsons Ltd. | 2,101 | 17,397 | ||
WPP AUNZ Ltd., Class A | 20,374 | 7,344 | ||
797,945 | ||||
Austria-0.39% | ||||
ams AG(a) | 381 | 15,260 | ||
Oesterreichische Post AG | 459 | 16,377 | ||
Porr Ag(b) | 459 | 9,432 | ||
Semperit AG Holding(a) | 458 | 6,325 | ||
Zumtobel Group AG(a) | 1,100 | 7,826 | ||
55,220 | ||||
Belgium-1.08% | ||||
AGFA-Gevaert N.V.(a) | 4,128 | 16,456 | ||
Barco N.V. | 71 | 15,122 | ||
bpost S.A. | 1,798 | 17,983 | ||
Dieteren S.A./N.V. | 422 | 21,331 | ||
Econocom Group S.A./N.V. | 2,952 | 8,810 | ||
Greenyard N.V.(b) | 2,060 | 6,624 | ||
Ontex Group N.V. | 905 | 14,969 | ||
Orange Belgium S.A. | 592 | 12,948 | ||
Recticel S.A. | 808 | 6,540 | ||
Telenet Group Holding N.V. | 261 | 13,032 | ||
Tessenderlo Group S.A.(a) | 370 | 12,061 | ||
Viohalco S.A. | 2,053 | 9,089 | ||
154,965 | ||||
Canada-6.56% | ||||
Ag Growth International, Inc. | 324 | 10,568 | ||
AGF Management Ltd., Class B | 4,186 | 17,641 | ||
Aimia, Inc.(a) | 4,703 | 10,901 | ||
Alcanna, Inc. | 1,430 | 5,467 | ||
Altus Group Ltd. | 302 | 8,864 | ||
Athabasca Oil Corp.(a) | 29,468 | 12,641 | ||
ATS Automation Tooling Systems, Inc.(a) | 1,331 | 18,400 | ||
AutoCanada, Inc. | 3,037 | 19,313 | ||
Badger Daylighting Ltd. | 421 | 13,367 | ||
Bird Construction, Inc. | 3,016 | 12,256 | ||
Calfrac Well Services Ltd.(a) | 8,189 | 9,675 | ||
Canaccord Genuity Group, Inc. | 6,920 | 26,091 | ||
Canada Goose Holdings, Inc.(a) | 181 | 6,763 | ||
Canfor Pulp Products, Inc. | 1,523 | 10,407 | ||
Capstone Mining Corp.(a) | 35,218 | 13,119 | ||
Cardinal Energy Ltd. | 7,472 | 12,596 | ||
CES Energy Solutions Corp. | 9,351 | 13,582 | ||
Clearwater Seafoods, Inc. | 1,784 | 7,599 | ||
Colliers International Group, Inc. | 302 | 20,409 | ||
Computer Modelling Group Ltd. | 1,087 | 5,538 | ||
DIRTT Environmental Solutions(a) | 1,145 | 5,885 | ||
Dundee Precious Metals, Inc.(a) | 5,272 | 20,829 | ||
Enghouse Systems Ltd. | 447 | 12,830 | ||
Ensign Energy Services, Inc.(b) | 5,767 | 12,933 | ||
Exchange Income Corp. | 877 | 25,410 | ||
Extendicare, Inc. | 3,174 | 19,945 | ||
Fiera Capital Corp. | 1,732 | 13,139 | ||
FirstService Corp. | 200 | 20,816 | ||
Fortuna Silver Mines, Inc.(a) | 6,164 | 25,513 |
Shares | Value | |||
Canada-(continued) | ||||
Guyana Goldfields, Inc.(a) | 14,560 | $ 12,163 | ||
High Liner Foods, Inc. | 1,462 | 12,708 | ||
Horizon North Logistics, Inc. | 5,385 | 3,850 | ||
Intertape Polymer Group, Inc. | 1,463 | 20,335 | ||
Just Energy Group, Inc. | 6,057 | 6,655 | ||
Kelt Exploration Ltd.(a) | 3,658 | 7,763 | ||
Magellan Aerospace Corp. | 654 | 7,599 | ||
Medical Facilities Corp. | 1,555 | 7,887 | ||
Morneau Shepell, Inc. | 862 | 21,219 | ||
MTY Food Group, Inc. | 223 | 10,591 | ||
Mullen Group Ltd. | 3,409 | 22,987 | ||
NuVista Energy Ltd.(a) | 8,801 | 10,663 | ||
Pason Systems, Inc. | 835 | 9,922 | ||
Pretium Resources, Inc.(a) | 2,771 | 36,431 | ||
Quarterhill, Inc. | 8,695 | 12,302 | ||
Recipe Unlimited Corp. | 940 | 17,473 | ||
Rogers Sugar, Inc. | 4,339 | 17,535 | ||
SEMAFO, Inc.(a) | 5,832 | 21,725 | ||
Sienna Senior Living, Inc. | 1,423 | 20,079 | ||
Sierra Wireless, Inc.(a) | 1,256 | 13,592 | ||
Sleep Country Canada Holdings, Inc., REGS(c) | 835 | 13,127 | ||
SSR Mining, Inc.(a) | 2,010 | 33,082 | ||
Stelco Holdings, Inc. | 1,131 | 9,473 | ||
Tamarack Valley Energy Ltd.(a) | 10,518 | 14,881 | ||
TMAC Resources, Inc., REGS(c) | 1,029 | 4,228 | ||
Torex Gold Resources, Inc.(a) | 2,381 | 38,310 | ||
Transat AT, Inc.(a) | 2,815 | 32,222 | ||
Trevali Mining Corp.(a) | 64,640 | 8,999 | ||
Trican Well Service Ltd.(a) | 23,223 | 16,428 | ||
Wajax Corp. | 1,316 | 15,618 | ||
Western Forest Products, Inc.(b) | 18,896 | 17,064 | ||
Westshore Terminals Investment Corp. | 962 | 15,819 | ||
Winpak Ltd. | 431 | 15,167 | ||
940,394 | ||||
China-0.59% | ||||
BYD Electronic International Co. Ltd. | 9,421 | 11,338 | ||
CGN New Energy Holdings Co. Ltd. | 44,801 | 5,032 | ||
COSCO SHIPPING International Hong Kong Co. Ltd. | 62,211 | 18,103 | ||
Kerry Logistics Network Ltd. | 8,581 | 13,295 | ||
Sinotruk Hong Kong Ltd. | 7,565 | 11,682 | ||
Towngas China Co. Ltd.(a) | 13,679 | 9,462 | ||
VSTECS Holdings Ltd. | 29,917 | 15,235 | ||
84,147 | ||||
Colombia-0.11% | ||||
Frontera Energy Corp. | 1,688 | 16,324 | ||
Denmark-1.26% | ||||
ALK-Abello A/S(a) | 34 | 6,875 | ||
D/S Norden A/S | 742 | 9,677 | ||
FLSmidth & Co. A/S | 545 | 23,513 | ||
Genmab A/S(a) | 71 | 14,518 | ||
GN Store Nord A/S | 575 | 24,119 | ||
Matas A/S | 960 | 7,586 | ||
NKT A/S(a) | 795 | 10,421 | ||
NNIT A/S, REGS(c) | 361 | 3,732 | ||
Per Aarsleff Holding A/S | 427 | 15,199 | ||
Schouw & Co. A/S | 196 | 13,496 |
Shares | Value | |||
Denmark-(continued) | ||||
Topdanmark A/S | 533 | $ 26,577 | ||
Tryg A/S | 840 | 25,160 | ||
180,873 | ||||
Egypt-0.20% | ||||
Centamin PLC | 16,557 | 29,258 | ||
Finland-1.29% | ||||
Bittium Oyj | 1,488 | 10,061 | ||
Cargotec Oyj, Class B | 664 | 18,880 | ||
Caverion Oyj | 1,492 | 9,563 | ||
Ferratum Oyj, REGS(b)(c) | 257 | 2,859 | ||
Kemira Oyj | 1,691 | 23,836 | ||
Konecranes Oyj | 561 | 16,699 | ||
Lehto Group Oyj(b) | 956 | 2,127 | ||
Outotec Oyj(a) | 2,027 | 11,550 | ||
Sanoma Oyj | 1,242 | 12,761 | ||
Stockmann Oyj Abp, Class B | 4,918 | 12,132 | ||
Tieto Oyj | 863 | 21,269 | ||
Uponor Oyj | 994 | 10,279 | ||
Valmet Oyj | 1,020 | 18,489 | ||
YIT Oyj | 2,678 | 14,790 | ||
185,295 | ||||
France-3.50% | ||||
Akka Technologies | 92 | 5,967 | ||
Albioma S.A. | 353 | 9,135 | ||
Altran Technologies S.A. | 1,514 | 24,126 | ||
Beneteau S.A. | 469 | 4,424 | ||
Bonduelle SCA | 395 | 10,157 | ||
CGG SA(a) | 9,662 | 19,695 | ||
Cie des Alpes | 330 | 8,958 | ||
Cie Plastic Omnium S.A. | 777 | 18,859 | ||
Dassault Aviation S.A. | 21 | 29,925 | ||
Derichebourg S.A. | 2,942 | 10,523 | ||
Elior Group S.A., REGS(b)(c) | 2,046 | 26,092 | ||
Eramet | 152 | 7,553 | ||
Fnac Darty S.A.(a) | 248 | 16,209 | ||
Gaztransport Et Technigaz S.A. | 102 | 9,559 | ||
Imerys S.A. | 482 | 19,693 | ||
Innate Pharma S.A.(a) | 523 | 3,482 | ||
Ipsen S.A. | 135 | 14,213 | ||
Ipsos | 695 | 18,751 | ||
JCDecaux S.A. | 726 | 19,444 | ||
Kaufman & Broad S.A. | 323 | 12,329 | ||
LISI | 245 | 6,556 | ||
Maisons du Monde S.A., REGS(c) | 496 | 8,963 | ||
Mersen S.A. | 318 | 10,821 | ||
Metropole Television S.A. | 814 | 14,002 | ||
Neopost S.A. | 1,068 | 21,747 | ||
Nexans S.A. | 760 | 24,439 | ||
Societe BIC S.A. | 299 | 19,131 | ||
Sopra Steria Group | 213 | 27,350 | ||
Tarkett S.A. | 528 | 7,826 | ||
Technicolor S.A.(a) | 19,720 | 17,265 | ||
Television Francaise 1 | 2,097 | 19,098 | ||
Vicat S.A. | 409 | 17,904 | ||
Vilmorin & Cie S.A. | 139 | 7,478 | ||
Worldline S.A., REGS(a)(c) | 143 | 9,890 | ||
501,564 |
Shares | Value | |||
Germany-4.28% | ||||
AIXTRON SE(a) | 368 | $ 3,638 | ||
Amadeus Fire AG | 87 | 10,175 | ||
AURELIUS Equity Opportunities SE & Co. KGaA | 438 | 17,075 | ||
Axel Springer SE | 419 | 29,070 | ||
Bechtle AG | 179 | 17,741 | ||
Bertrandt AG | 139 | 6,919 | ||
CANCOM SE | 223 | 13,237 | ||
CTS Eventim AG & Co.KGaA | 283 | 15,520 | ||
Deutz AG | 1,383 | 8,072 | ||
Draegerwerk AG & Co.KGaA, Preference Shares | 239 | 11,397 | ||
Duerr AG | 521 | 13,242 | ||
ElringKlinger AG(a) | 1,395 | 7,435 | ||
Fielmann AG | 402 | 28,665 | ||
Fraport AG Frankfurt Airport Services Worldwide | 312 | 26,106 | ||
Gerresheimer AG | 277 | 20,941 | ||
Heidelberger Druckmaschinen AG(a)(b) | 8,271 | 10,156 | ||
Hella GmbH & Co.KGaA | 474 | 19,773 | ||
Jungheinrich AG, Preference Shares | 831 | 17,699 | ||
Kloeckner & Co. SE | 4,477 | 26,845 | ||
Krones AG | 197 | 10,847 | ||
KSB SE & Co. KGaA, Preference Shares | 39 | 11,682 | ||
MLP SE | 2,508 | 12,512 | ||
Nordex SE(a) | 795 | 8,041 | ||
Norma Group SE | 308 | 9,741 | ||
Puma SE | 275 | 20,911 | ||
QSC AG | 4,745 | 6,814 | ||
Rational AG | 14 | 9,775 | ||
RHOEN-KLINIKUM AG | 717 | 17,766 | ||
RIB Software SE | 205 | 4,574 | ||
SAF-Holland S.A. | 764 | 6,958 | ||
Sartorius AG, Preference Shares | 79 | 15,825 | ||
Scout24 AG, REGS(a)(c) | 429 | 25,417 | ||
Siltronic AG | 172 | 11,092 | ||
Sixt SE | 68 | 6,534 | ||
SMA Solar Technology AG(a) | 255 | 5,953 | ||
Stabilus S.A. | 143 | 6,435 | ||
STO SE & Co.KGaA, Preference Shares | 95 | 9,813 | ||
Stroeer SE & Co.KGaA | 150 | 11,225 | ||
Suedzucker AG | 1,359 | 22,449 | ||
Takkt AG | 553 | 7,016 | ||
Trivago N.V., ADR | 2,301 | 11,229 | ||
Wacker Chemie AG | 199 | 15,520 | ||
Wirecard AG | 159 | 25,407 | ||
Zalando SE, REGS(a)(c) | 316 | 15,660 | ||
612,902 | ||||
Hong Kong-1.47% | ||||
ASM Pacific Technology Ltd. | 2,316 | 26,558 | ||
Cafe de Coral Holdings Ltd. | 5,419 | 17,290 | ||
Cathay Pacific Airways Ltd.(b) | 12,847 | 16,757 | ||
Cosmopolitan International Holdings Ltd. | 13,606 | 2,466 | ||
Esprit Holdings Ltd. | 70,492 | 10,616 | ||
Genting Hong Kong Ltd. | 56,128 | 6,949 | ||
Giordano International Ltd. | 28,774 | 8,997 | ||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 39,837 | 6,660 | ||
Luk Fook Holdings International Ltd. | 4,191 | 10,473 | ||
Melco International Development Ltd. | 9,812 | 21,915 | ||
Pacific Basin Shipping Ltd. | 73,286 | 14,310 | ||
Pacific Textiles Holdings Ltd. | 18,148 | 12,253 |
Shares | Value | |||
Hong Kong-(continued) | ||||
Road King Infrastructure Ltd. | 5,925 | $ 10,420 | ||
Television Broadcasts Ltd. | 7,605 | 12,016 | ||
Texhong Textile Group Ltd. | 5,901 | 4,978 | ||
Truly International Holdings Ltd. | 84,494 | 10,892 | ||
VTech Holdings Ltd. | 2,137 | 16,910 | ||
210,460 | ||||
Ireland-0.62% | ||||
C&C Group PLC | 3,483 | 15,266 | ||
Dalata Hotel Group PLC | 1,299 | 6,230 | ||
Glanbia PLC | 1,182 | 12,984 | ||
Greencore Group PLC | 5,992 | 15,317 | ||
Kingspan Group PLC | 546 | 24,978 | ||
Origin Enterprises PLC | 2,501 | 13,358 | ||
88,133 | ||||
Israel-0.35% | ||||
CyberArk Software Ltd.(a) | 132 | 14,829 | ||
Ituran Location and Control Ltd. | 357 | 9,189 | ||
Plus500 Ltd. | 1,679 | 13,937 | ||
Wix.com Ltd.(a) | 86 | 12,062 | ||
50,017 | ||||
Italy-2.01% | ||||
ACEA S.p.A. | 603 | 11,727 | ||
ASTM S.p.A. | 496 | 15,327 | ||
Autogrill S.p.A. | 1,887 | 18,194 | ||
Brunello Cucinelli S.p.A. | 133 | 4,136 | ||
Davide Campari-Milano S.p.A. | 1,955 | 18,354 | ||
De Longhi S.p.A. | 509 | 9,899 | ||
FInc.antieri S.p.A. | 7,319 | 7,395 | ||
IMMSI S.p.A.(a) | 13,472 | 9,347 | ||
Iren S.p.A. | 7,946 | 21,614 | ||
Italmobiliare S.p.A. | 722 | 15,886 | ||
Maire Tecnimont S.p.A.(b) | 3,029 | 7,392 | ||
MARR S.p.A. | 424 | 9,227 | ||
Mediaset S.p.A.(a) | 6,295 | 19,341 | ||
Moncler S.p.A. | 358 | 13,440 | ||
OVS S.p.A., REGS(a)(c) | 5,608 | 10,270 | ||
Piaggio & C S.p.A. | 2,736 | 8,852 | ||
PRADA S.p.A. | 4,089 | 11,481 | ||
Recordati S.p.A. | 422 | 18,524 | ||
Safilo Group S.p.A. | 5,088 | 5,547 | ||
Salini Impregilo S.p.A.(a)(b) | 4,949 | 9,641 | ||
Salvatore Ferragamo S.p.A. | 298 | 5,700 | ||
Societa Iniziative Autostradali e Servizi S.p.A. | 815 | 13,705 | ||
Sogefi S.p.A.(a) | 4,681 | 6,444 | ||
Tods S.p.A. | 129 | 6,606 | ||
Zignago Vetro S.p.A. | 907 | 10,048 | ||
288,097 | ||||
Ivory Coast-0.21% | ||||
Endeavour Mining Corp.(a) | 1,516 | 29,606 | ||
Japan-37.11% | ||||
ABC-Mart, Inc. | 235 | 15,033 | ||
Achilles Corp. | 930 | 12,967 | ||
Adastria Co. Ltd. | 322 | 6,237 | ||
ADEKA Corp. | 1,553 | 18,859 | ||
Advantest Corp. | 772 | 31,747 | ||
Aeon Delight Co. Ltd. | 424 | 13,102 | ||
Aeon Mall Co. Ltd. | 1,214 | 19,112 |
Shares | Value | |||
Japan-(continued) | ||||
Aica Kogyo Co. Ltd. | 465 | $ 13,296 | ||
Aichi Steel Corp. | 616 | 18,049 | ||
Ain Holdings, Inc. | 165 | 8,923 | ||
Aisan Industry Co. Ltd. | 2,005 | 13,600 | ||
Alpen Co. Ltd. | 871 | 12,711 | ||
Anritsu Corp. | 746 | 13,979 | ||
AOKI Holdings, Inc. | 1,236 | 12,099 | ||
Aoyama Trading Co. Ltd. | 1,203 | 21,307 | ||
Arata Corp. | 599 | 20,541 | ||
Ariake Japan Co Ltd. | 117 | 8,873 | ||
Aruhi Corp. | 218 | 3,982 | ||
Asahi Diamond Industrial Co. Ltd. | 2,086 | 11,791 | ||
Asahi Holdings, Inc. | 435 | 9,200 | ||
Asahi Intecc Co. Ltd. | 326 | 7,291 | ||
Asics Corp. | 1,823 | 23,564 | ||
ASKUL Corp. | 302 | 8,248 | ||
Ateam, Inc. | 361 | 3,792 | ||
Autobacs Seven Co. Ltd. | 1,234 | 20,694 | ||
Axial Retailing, Inc. | 385 | 13,783 | ||
Belc Co. Ltd. | 295 | 14,202 | ||
Benesse Holdings, Inc. | 1,025 | 26,247 | ||
Bic Camera, Inc. | 1,738 | 17,242 | ||
Canon Marketing Japan, Inc. | 791 | 16,126 | ||
Capcom Co Ltd. | 500 | 13,034 | ||
Casio Computer Co. Ltd. | 2,108 | 29,452 | ||
Cawachi Ltd. | 748 | 14,207 | ||
Central Glass Co. Ltd. | 828 | 17,193 | ||
Chiyoda Co. Ltd. | 953 | 13,737 | ||
Chiyoda Corp.(a) | 4,659 | 12,992 | ||
Chugoku Marine Paints Ltd. | 1,085 | 8,740 | ||
CI Takiron Corp. | 1,910 | 11,282 | ||
Citizen Watch Co. Ltd. | 5,761 | 26,269 | ||
Cleanup Corp. | 2,477 | 12,275 | ||
cocokara fine, Inc. | 365 | 20,048 | ||
Colowide Co. Ltd. | 576 | 11,190 | ||
COMSYS Holdings Corp. | 1,213 | 34,340 | ||
CyberAgent, Inc. | 377 | 17,013 | ||
Daido Steel Co. Ltd. | 575 | 21,587 | ||
Daifuku Co. Ltd. | 359 | 16,978 | ||
Daihen Corp. | 338 | 9,712 | ||
Daiichi Jitsugyo Co. Ltd. | 618 | 16,104 | ||
Daiichikosho Co. Ltd. | 405 | 18,276 | ||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 525 | 13,750 | ||
Daio Paper Corp. | 1,343 | 16,208 | ||
DCM Holdings Co. Ltd. | 2,309 | 22,928 | ||
DeNA Co. Ltd. | 1,001 | 21,153 | ||
Disco Corp. | 133 | 24,183 | ||
DMG Mori Co. Ltd. | 1,882 | 25,550 | ||
Doutor Nichires Holdings Co. Ltd. | 808 | 15,377 | ||
Duskin Co. Ltd. | 860 | 22,094 | ||
EDION Corp. | 3,159 | 30,118 | ||
FCC Co. Ltd. | 588 | 10,691 | ||
FP Corp. | 215 | 14,158 | ||
Freebit Co., Ltd. | 229 | 2,222 | ||
Fudo Tetra Corp. | 944 | 10,023 | ||
Fuji Corp. | 1,033 | 13,868 | ||
Fuji Oil Co. Ltd. | 5,474 | 12,016 | ||
Fuji Oil Holdings, Inc. | 540 | 15,043 | ||
Fuji Seal International, Inc. | 356 | 9,686 |
Shares | Value | |||
Japan-(continued) | ||||
Fujimori Kogyo Co. Ltd. | 602 | $ 16,754 | ||
Fujitec Co. Ltd. | 1,219 | 14,390 | ||
Fujitsu General Ltd. | 735 | 11,841 | ||
Funai Electric Co. Ltd. | 1,007 | 5,398 | ||
Futaba Industrial Co. Ltd. | 2,768 | 18,228 | ||
Gakken Holdings Co., Ltd. | 115 | 5,710 | ||
Geo Holdings Corp. | 1,045 | 13,123 | ||
GNI Group Ltd. | 130 | 6,650 | ||
Godo Steel Ltd. | 509 | 9,869 | ||
GS Yuasa Corp. | 1,333 | 22,354 | ||
G-Tekt Corp. | 851 | 12,323 | ||
GungHo Online Entertainment, Inc. | 475 | 10,803 | ||
Gunze Ltd. | 293 | 12,146 | ||
Gurunavi, Inc. | 1,119 | 7,169 | ||
H.I.S. Co., Ltd. | 510 | 12,473 | ||
Hamakyorex Co. Ltd. | 261 | 8,987 | ||
Hamamatsu Photonics KK | 726 | 25,102 | ||
Happinet Corp. | 749 | 8,715 | ||
Hazama Ando Corp. | 3,215 | 21,475 | ||
Heiwa Corp. | 726 | 14,644 | ||
Hibiya Engineering Ltd. | 890 | 15,503 | ||
Hisamitsu Pharmaceutical Co., Inc. | 443 | 17,946 | ||
Hitachi Chemical Co. Ltd. | 927 | 28,995 | ||
Hitachi High-Technologies Corp. | 574 | 31,040 | ||
Hitachi Transport System Ltd. | 678 | 21,270 | ||
Hitachi Zosen Corp. | 5,779 | 18,511 | ||
Hokuto Corp. | 973 | 17,398 | ||
Hoshizaki Corp. | 296 | 21,305 | ||
Hosiden Corp. | 1,156 | 10,891 | ||
House Foods Group, Inc. | 564 | 21,520 | ||
Ichikoh Industries Ltd. | 484 | 3,292 | ||
IDOM Inc. | 2,040 | 7,995 | ||
Inaba Denki Sangyo Co. Ltd. | 558 | 25,023 | ||
Ines Corp. | 1,247 | 12,876 | ||
Iseki & Co. Ltd. | 1,070 | 13,659 | ||
Ishihara Sangyo Kaisha Ltd. | 739 | 6,036 | ||
Itochu Enex Co. Ltd. | 2,489 | 19,017 | ||
Itochu Techno-Solutions Corp. | 757 | 20,882 | ||
Itochu-Shokuhin Co. Ltd. | 484 | 19,014 | ||
Itoki Corp. | 2,830 | 11,145 | ||
Iwatani Corp. | 866 | 28,637 | ||
Izumi Co. Ltd. | 438 | 16,691 | ||
Japan Aviation Electronics Industry Ltd. | 1,112 | 14,719 | ||
Japan Petroleum Exploration Co. Ltd. | 916 | 22,394 | ||
Japan Pulp & Paper Co. Ltd. | 672 | 23,678 | ||
Japan Wool Textile Co. Ltd. (The) | 1,681 | 14,364 | ||
Jeol Ltd. | 399 | 8,789 | ||
J-Oil Mills, Inc. | 583 | 21,915 | ||
Joshin Denki Co. Ltd. | 637 | 11,654 | ||
Joyful Honda Co. Ltd. | 1,352 | 17,221 | ||
Juki Corp. | 831 | 6,435 | ||
Kaga Electronics Co. Ltd. | 1,002 | 15,047 | ||
Kaken Pharmaceutical Co. Ltd. | 428 | 20,524 | ||
Kamei Corp. | 1,620 | 16,102 | ||
Kanamoto Co. Ltd. | 636 | 16,471 | ||
Kanematsu Corp. | 2,536 | 28,861 | ||
Kato Sangyo Co. Ltd. | 836 | 24,534 | ||
Keihan Holdings Co. Ltd. | 681 | 28,550 | ||
Keihin Corp. | 1,246 | 17,033 | ||
Keikyu Corp. | 1,675 | 30,740 |
Shares | Value | |||
Japan-(continued) | ||||
Keiyo Co. Ltd. | 3,144 | $ 13,921 | ||
Klab, Inc. | 576 | 5,763 | ||
KNT-CT Holdings Co., Ltd. | 743 | 10,206 | ||
Kobe Bussan Co., Ltd. | 192 | 9,478 | ||
Konami Holdings Corp. | 667 | 30,257 | ||
Krosaki Harima Corp. | 103 | 5,007 | ||
Kumiai Chemical Industry Co. Ltd. | 1,114 | 9,823 | ||
Kureha Corp. | 226 | 12,158 | ||
Kurita Water Industries Ltd. | 1,130 | 29,414 | ||
KYB Corp.(a) | 603 | 16,690 | ||
Kyodo Printing Co. Ltd. | 640 | 16,454 | ||
Kyoritsu Maintenance Co. Ltd. | 203 | 8,032 | ||
Kyowa Hakko Kirin Co. Ltd. | 1,576 | 28,879 | ||
Leopalace21 Corp.(a)(b) | 9,552 | 26,187 | ||
Life Corp. | 712 | 14,033 | ||
Linical Co., Ltd. | 339 | 3,293 | ||
M3, Inc. | 493 | 10,474 | ||
Mabuchi Motor Co. Ltd. | 599 | 21,247 | ||
Maeda Corp. | 2,476 | 20,014 | ||
Makino Milling Machine Co. Ltd. | 439 | 17,805 | ||
Marui Group Co. Ltd. | 1,169 | 23,293 | ||
Maruwa Co., Ltd. | 111 | 6,233 | ||
Matsumotokiyoshi Holdings Co. Ltd. | 761 | 28,248 | ||
Maxell Holdings Ltd. | 904 | 12,230 | ||
McDonalds Holdings Co.Japan Ltd. | 354 | 16,625 | ||
Megmilk Snow Brand Co. Ltd. | 1,061 | 24,440 | ||
Meidensha Corp. | 1,158 | 19,081 | ||
Meitec Corp. | 296 | 15,282 | ||
Miraca Holdings, Inc. | 954 | 21,058 | ||
Mirait Holdings Corp. | 1,219 | 18,019 | ||
Misawa Homes Co. Ltd. | 1,152 | 11,450 | ||
MISUMI Group, Inc. | 972 | 22,051 | ||
Mitsuba Corp. | 2,473 | 12,604 | ||
Mitsubishi Logisnext Co. Ltd. | 665 | 7,123 | ||
Mitsubishi Paper Mills Ltd. | 2,661 | 12,284 | ||
Mitsubishi Shokuhin Co. Ltd. | 1,206 | 29,711 | ||
Mitsuboshi Belting Ltd. | 617 | 10,155 | ||
Mitsui High-Tec, Inc. | 509 | 5,946 | ||
Mitsui-Soko Holdings Co. Ltd. | 872 | 13,292 | ||
Miura Co. Ltd. | 393 | 10,852 | ||
Mixi, Inc. | 960 | 20,132 | ||
Mizuno Corp. | 636 | 16,483 | ||
Morinaga & Co. Ltd. | 348 | 17,212 | ||
Morinaga Milk Industry Co. Ltd. | 658 | 27,214 | ||
Nabtesco Corp. | 855 | 24,608 | ||
Namura Shipbuilding Co. Ltd. | 3,312 | 7,395 | ||
NET One Systems Co. Ltd. | 465 | 12,477 | ||
Neturen Co. Ltd. | 1,464 | 11,062 | ||
Nichias Corp. | 1,013 | 16,854 | ||
Nichicon Corp. | 1,287 | 11,325 | ||
Nihon Parkerizing Co. Ltd. | 1,380 | 15,289 | ||
Nihon Unisys Ltd. | 508 | 16,440 | ||
Nikkiso Co. Ltd. | 720 | 7,550 | ||
Nikkon Holdings Co. Ltd. | 1,060 | 23,648 | ||
Nippon Carbon Co., Ltd. | 117 | 3,963 | ||
Nippon Chemical Industrial Co., Ltd. | 317 | 6,251 | ||
Nippon Chemi-Con Corp. | 535 | 6,991 | ||
Nippon Flour Mills Co. Ltd. | 1,540 | 24,040 | ||
Nippon Gas Co., Ltd. | 436 | 13,247 | ||
Nippon Light Metal Holdings Co. Ltd. | 13,053 | 22,627 |
Shares | Value | |||
Japan-(continued) | ||||
Nippon Paint Holdings Co. Ltd. | 639 | $ 30,281 | ||
Nippon Shokubai Co. Ltd. | 406 | 23,523 | ||
Nippon Soda Co. Ltd. | 643 | 14,793 | ||
Nippon Yakin Kogyo Co. Ltd. | 4,416 | 8,862 | ||
Nishimatsu Construction Co. Ltd. | 1,072 | 19,189 | ||
Nissan Chemical Corp. | 609 | 25,790 | ||
Nissan Shatai Co. Ltd. | 1,915 | 16,995 | ||
Nissha Co. Ltd. | 1,164 | 10,374 | ||
Nisshin Oillio Group Ltd. (The) | 712 | 22,136 | ||
Nisshin Seifun Group, Inc. | 1,606 | 30,230 | ||
Nissin Kogyo Co. Ltd. | 1,107 | 14,309 | ||
Nittetsu Mining Co. Ltd. | 362 | 13,318 | ||
NOF Corp. | 640 | 20,772 | ||
Nojima Corp. | 870 | 14,844 | ||
Obic Co. Ltd. | 178 | 20,375 | ||
Oki Electric Industry Co. Ltd. | 2,237 | 31,381 | ||
Okinawa Electric Power Co., Inc. (The) | 1,105 | 16,813 | ||
OKUMA Corp. | 289 | 14,158 | ||
Okuwa Co. Ltd. | 1,405 | 15,024 | ||
Onward Holdings Co. Ltd. | 3,080 | 14,566 | ||
Open House Co. Ltd. | 231 | 10,500 | ||
Oracle Corp. Japan | 243 | 20,947 | ||
OSJB Holdings Corp. | 3,356 | 7,209 | ||
Otsuka Corp. | 675 | 25,087 | ||
OUTSOURCING Inc. | 649 | 5,913 | ||
Pacific Industrial Co. Ltd. | 771 | 10,452 | ||
Pacific Metals Co., Ltd. | 328 | 5,822 | ||
Paltac Corp. | 372 | 18,399 | ||
Paramount Bed Holdings Co. Ltd. | 368 | 13,504 | ||
Park24 Co. Ltd. | 846 | 17,367 | ||
Pasona Group, Inc. | 536 | 7,201 | ||
Penta-Ocean Construction Co. Ltd. | 4,811 | 24,974 | ||
Pigeon Corp. | 320 | 11,637 | ||
Pilot Corp. | 327 | 11,476 | ||
Plenus Co. Ltd. | 764 | 12,481 | ||
Pola Orbis Holdings, Inc. | 754 | 17,943 | ||
Prima Meat Packers Ltd. | 700 | 13,856 | ||
Qol Holdings Co. Ltd. | 494 | 6,674 | ||
Relo Group, Inc. | 532 | 13,487 | ||
Resorttrust, Inc. | 927 | 14,489 | ||
Riken Corp. | 295 | 10,102 | ||
Rinnai Corp. | 365 | 22,936 | ||
Riso Kagaku Corp. | 730 | 12,881 | ||
Roland DG Corp. | 664 | 12,236 | ||
Round One Corp. | 591 | 9,660 | ||
Royal Holdings Co. Ltd. | 550 | 13,425 | ||
Ryohin Keikaku Co. Ltd. | 1,210 | 20,872 | ||
Ryosan Co. Ltd. | 937 | 22,890 | ||
S Foods, Inc. | 388 | 11,021 | ||
Saibu Gas Co. Ltd. | 709 | 14,809 | ||
Saizeriya Co. Ltd. | 448 | 11,121 | ||
Sakai Chemical Industry Co. Ltd. | 502 | 10,896 | ||
Sakata INX Corp. | 1,243 | 10,645 | ||
San-Ai Oil Co. Ltd. | 2,789 | 25,881 | ||
Sanden Holdings Corp.(a) | 2,393 | 11,160 | ||
Sanken Electric Co. Ltd. | 577 | 10,073 | ||
Sanki Engineering Co. Ltd. | 1,402 | 16,629 | ||
Sankyo Tateyama, Inc. | 1,567 | 16,948 | ||
Sanoh Industrial Co. Ltd. | 2,576 | 10,751 | ||
Sanwa Holdings Corp. | 2,193 | 24,421 |
Shares | Value | |||
Japan-(continued) | ||||
Sanyo Denki Co., Ltd. | 188 | $ 7,492 | ||
Sawai Pharmaceutical Co. Ltd. | 414 | 21,998 | ||
SBS Holdings, Inc. | 433 | 6,127 | ||
SCREEN Holdings Co. Ltd. | 390 | 22,413 | ||
SCSK Corp. | 481 | 23,745 | ||
Seed Co., Ltd. | 451 | 3,450 | ||
Sega Sammy Holdings, Inc. | 1,854 | 25,431 | ||
Seiko Holdings Corp. | 558 | 11,718 | ||
Senko Group Holdings Co. Ltd. | 2,623 | 20,856 | ||
Seria Co., Ltd. | 243 | 5,968 | ||
SG Holdings Co. Ltd. | 886 | 23,731 | ||
Shima Seiki Manufacturing Ltd. | 276 | 6,644 | ||
Shimadzu Corp. | 1,082 | 26,931 | ||
Shimamura Co. Ltd. | 335 | 26,195 | ||
Shinko Electric Industries Co. Ltd. | 1,557 | 12,263 | ||
Shinmaywa Industries Ltd. | 1,176 | 13,749 | ||
Shinoken Group Co., Ltd. | 681 | 5,941 | ||
Ship Healthcare Holdings, Inc. | 480 | 22,204 | ||
Shizuoka Gas Co. Ltd. | 1,680 | 13,881 | ||
Showa Corp. | 962 | 12,326 | ||
Showa Sangyo Co. Ltd. | 774 | 22,313 | ||
Siix Corp. | 810 | 10,325 | ||
SKY Perfect JSAT Holdings, Inc. | 2,720 | 10,942 | ||
Sohgo Security Services Co. Ltd. | 549 | 27,723 | ||
Square Enix Holdings Co. Ltd. | 541 | 21,610 | ||
Sugi Holdings Co. Ltd. | 355 | 18,629 | ||
Sumida Corp. | 592 | 5,577 | ||
Sumitomo Bakelite Co. Ltd. | 452 | 16,160 | ||
Sumitomo Dainippon Pharma Co. Ltd. | 853 | 14,915 | ||
Sumitomo Mitsui Construction Co. Ltd. | 3,457 | 17,164 | ||
Sumitomo Osaka Cement Co. Ltd. | 630 | 26,323 | ||
Sumitomo Riko Co. Ltd. | 1,703 | 12,210 | ||
Sundrug Co. Ltd. | 766 | 23,851 | ||
Tachi-S Co. Ltd. | 1,373 | 15,432 | ||
Tadano Ltd. | 1,406 | 12,438 | ||
Taiyo Nippon Sanso Corp. | 1,090 | 21,626 | ||
Taiyo Yuden Co. Ltd. | 1,115 | 20,998 | ||
Takamatsu Construction Group Co. Ltd. | 637 | 13,533 | ||
Takasago International Corp. | 460 | 11,090 | ||
Takasago Thermal Engineering Co. Ltd. | 1,179 | 19,116 | ||
Takeuchi Manufacturing Co. Ltd. | 568 | 8,428 | ||
Tamron Co. Ltd. | 447 | 9,231 | ||
Tamura Corp. | 1,918 | 9,595 | ||
Tateru, Inc. | 601 | 940 | ||
TechnoPro Holdings, Inc. | 190 | 11,044 | ||
T-Gaia Corp. | 610 | 12,264 | ||
TIS, Inc. | 627 | 36,801 | ||
TKC Corp. | 341 | 14,665 | ||
Toa Corp. | 551 | 6,670 | ||
Tobishima Corp. | 1,153 | 12,144 | ||
Toenec Corp. | 537 | 15,911 | ||
Toho Co. Ltd. | 606 | 25,720 | ||
Toho Zinc Co. Ltd. | 456 | 7,948 | ||
Token Corp. | 200 | 11,776 | ||
Tokushu Tokai Paper Co. Ltd. | 428 | 14,576 | ||
Tokuyama Corp. | 861 | 18,178 | ||
Tokyo Century Corp. | 301 | 12,137 | ||
Tokyu Construction Co. Ltd. | 2,436 | 16,822 | ||
Tomy Co. Ltd. | 975 | 10,168 | ||
Tonami Holdings Co. Ltd. | 205 | 8,314 |
Shares | Value | |||
Japan-(continued) | ||||
Topy Industries Ltd. | 612 | $ 10,499 | ||
Towa Pharmaceutical Co. Ltd. | 398 | 9,130 | ||
Toyo Construction Co. Ltd. | 3,637 | 14,528 | ||
Toyo Tire Corp. | 1,415 | 17,317 | ||
Toyobo Co. Ltd. | 2,023 | 25,787 | ||
Toyota Boshoku Corp. | 1,825 | 24,621 | ||
Transcosmos, Inc. | 646 | 15,428 | ||
Trend Micro, Inc. | 622 | 30,179 | ||
TS Tech Co. Ltd. | 828 | 22,778 | ||
TSI Holdings Co. Ltd. | 1,961 | 9,810 | ||
Tsubaki Nakashima Co. Ltd. | 527 | 7,874 | ||
Tsubakimoto Chain Co. | 559 | 16,984 | ||
Tsugami Corp. | 829 | 6,545 | ||
Tsuruha Holdings, Inc. | 284 | 30,983 | ||
UACJ Corp. | 1,142 | 16,687 | ||
Uchida Yoko Co. Ltd. | 339 | 10,444 | ||
Ulvac, Inc. | 525 | 21,392 | ||
United Super Markets Holdings, Inc. | 1,839 | 16,580 | ||
Unitika Ltd.(a) | 3,487 | 10,085 | ||
Valor Holdings Co. Ltd. | 957 | 16,075 | ||
Wacoal Holdings Corp. | 721 | 16,852 | ||
Wacom Co. Ltd. | 2,521 | 7,861 | ||
Warabeya Nichiyo Holdings Co. Ltd. | 904 | 14,930 | ||
Welcia Holdings Co. Ltd. | 403 | 21,072 | ||
Yorozu Corp. | 1,003 | 11,831 | ||
Yoshinoya Holdings Co. Ltd. | 893 | 18,921 | ||
Yuasa Trading Co. Ltd. | 892 | 24,597 | ||
Zeon Corp. | 2,125 | 24,784 | ||
Zojirushi Corp. | 622 | 7,606 | ||
ZOZO, Inc. | 519 | 10,376 | ||
5,317,279 | ||||
Jordan-0.13% | ||||
Hikma Pharmaceuticals PLC | 758 | 18,620 | ||
Luxembourg-0.22% | ||||
Eurofins Scientific SE(b) | 38 | 17,426 | ||
L’Occitane International S.A. | 6,988 | 13,556 | ||
30,982 | ||||
Macau-0.13% | ||||
SJM Holdings Ltd. | 20,113 | 19,021 | ||
Malta-0.08% | ||||
Kindred Group PLC, SDR | 2,082 | 11,672 | ||
Mexico-0.07% | ||||
Fresnillo PLC(b) | 1,076 | 9,702 | ||
Netherlands-1.83% | ||||
Aalberts N.V. | 767 | 29,022 | ||
Accell Group N.V. | 329 | 8,116 | ||
AMG Advanced Metallurgical Group N.V.(b) | 257 | 5,726 | ||
Arcadis N.V. | 1,206 | 22,857 | ||
BE Semiconductor Industries N.V. | 502 | 14,843 | ||
Boskalis Westminster | 1,081 | 21,541 | ||
Corbion N.V. | 724 | 20,602 | ||
Euronext N.V., REGS(c) | 302 | 23,729 | ||
Fugro N.V., CVA(a)(b) | 1,920 | 13,583 | ||
Heijmans N.V., CVA(a) | 977 | 8,715 | ||
Intertrust N.V., REGS(c) | 827 | 17,186 | ||
InterXion Holding N.V.(a) | 480 | 38,851 | ||
OCI N.V.(a) | 422 | 9,264 |
Shares | Value | |||
Netherlands-(continued) | ||||
PostNL N.V. | 4,018 | $ 8,020 | ||
TKH Group N.V., CVA | 313 | 15,015 | ||
TomTom N.V. | 464 | 5,665 | ||
262,735 | ||||
New Zealand-1.01% | ||||
Air New Zealand Ltd. | 12,122 | 21,904 | ||
Fisher & Paykel Healthcare Corp. Ltd. | 1,801 | 18,913 | ||
Genesis Energy Ltd. | 9,999 | 21,694 | ||
Meridian Energy Ltd. | 10,703 | 33,617 | ||
SKY Network Television Ltd. | 21,079 | 14,624 | ||
SKYCITY Entertainment Group Ltd. | 6,833 | 16,462 | ||
Z Energy Ltd. | 4,436 | 17,738 | ||
144,952 | ||||
Norway-1.36% | ||||
Aker ASA, Class A | 317 | 16,257 | ||
Atea ASA | 1,937 | 24,760 | ||
Austevoll Seafood ASA | 1,440 | 14,793 | ||
BW Offshore Ltd.(a) | 3,183 | 20,675 | ||
DNO ASA | 3,642 | 4,825 | ||
Frontline Ltd.(a) | 831 | 7,132 | ||
Norwegian Air Shuttle ASA(a)(b) | 1,742 | 6,965 | ||
Odfjell Drilling Ltd.(a)(b) | 4,290 | 11,919 | ||
Petroleum Geo-Services ASA(a) | 8,460 | 10,136 | ||
Schibsted ASA, Class A | 809 | 24,662 | ||
Stolt-Nielsen Ltd. | 1,976 | 21,417 | ||
TGS NOPEC Geophysical Co. ASA | 876 | 21,144 | ||
Tomra Systems ASA | 368 | 10,346 | ||
195,031 | ||||
Portugal-0.31% | ||||
Mota-Engil SGPS S.A. | 2,766 | 5,769 | ||
Navigator Co. S.A. (The) | 3,145 | 10,640 | ||
NOS, SGPS S.A. | 2,922 | 17,199 | ||
Semapa-Sociedade de Investimento e Gestao | 761 | 10,107 | ||
43,715 | ||||
Russia-0.11% | ||||
Highland Gold Mining Ltd. | 2,493 | 6,983 | ||
Petropavlovsk PLC(a) | 66,920 | 8,182 | ||
15,165 | ||||
Singapore-0.65% | ||||
Accordia Golf Trust | 28,228 | 10,785 | ||
China Aviation Oil Singapore Corp. Ltd. | 18,311 | 15,180 | ||
Singapore Exchange Ltd. | 4,175 | 24,679 | ||
Singapore Post Ltd. | 16,140 | 10,704 | ||
StarHub Ltd. | 9,780 | 9,307 | ||
Venture Corp. Ltd. | 2,081 | 22,772 | ||
93,427 | ||||
South Africa-0.02% | ||||
Petra Diamonds Ltd.(a) | 25,554 | 2,480 | ||
South Korea-8.73% | ||||
Able C&C Co. Ltd.(a) | 325 | 2,723 | ||
AK Holdings, Inc. | 275 | 7,560 | ||
Amorepacific Corp. | 166 | 17,816 | ||
AMOREPACIFIC Group | 360 | 17,536 | ||
Asiana Airlines, Inc.(a) | 3,405 | 16,192 | ||
Celltrion, Inc.(a) | 97 | 12,573 | ||
Chabiotech Co. Ltd. | 335 | 3,914 |
Shares | Value | |||
South Korea-(continued) | ||||
CJ CGV Co. Ltd. | 279 | $ 7,728 | ||
CJ ENM CO., Ltd. | 77 | 10,229 | ||
CJ Logistics Corp.(a) | 119 | 14,049 | ||
CLIO Cosmetics Co., Ltd. | 149 | 2,257 | ||
Coreana Cosmetics Co., Ltd. | 2,358 | 6,765 | ||
COSON Co., Ltd.(a) | 773 | 3,721 | ||
Cuckoo Holdings Co. Ltd. | 27 | 2,341 | ||
Dae Hwa Pharmaceutical Co., Ltd. | 487 | 5,569 | ||
Daesang Holdings Co. Ltd. | 2,848 | 15,895 | ||
Daewoo Engineering & Construction Co. Ltd.(a) | 5,741 | 19,812 | ||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 501 | 11,292 | ||
DB HiTek Co. Ltd. | 635 | 7,707 | ||
Dongkuk Steel Mill Co. Ltd.(a) | 4,113 | 20,578 | ||
Dongwha Pharm Co., Ltd. | 1,434 | 9,744 | ||
Dongwon F&B Co. Ltd. | 28 | 5,039 | ||
Doosan Bobcat, Inc. | 847 | 25,069 | ||
Doosan Infracore Co. Ltd.(a) | 4,540 | 23,164 | ||
DY Corp. | 1,933 | 7,652 | ||
E1 Corp. | 282 | 11,164 | ||
Eugene Corp. | 1,241 | 5,020 | ||
Fila Korea Ltd. | 130 | 6,139 | ||
Grand Korea Leisure Co., Ltd. | 493 | 7,855 | ||
Gravity Co. Ltd., ADR | 45 | 1,349 | ||
GS Global Corp. | 4,446 | 9,250 | ||
GS Home Shopping, Inc. | 72 | 9,481 | ||
GS Retail Co. Ltd. | 523 | 16,710 | ||
Halla Corp.(a) | 2,225 | 5,465 | ||
Hana Tour Service, Inc. | 132 | 4,555 | ||
Hanjin Kal Corp. | 198 | 4,822 | ||
Hanjin Transportation Co. Ltd. | 201 | 4,862 | ||
Hanon Systems | 1,566 | 14,997 | ||
Hansol Holdings Co. Ltd.(a) | 2,922 | 10,590 | ||
Hansol Technics Co., Ltd.(a) | 1,106 | 6,419 | ||
Hanwha Aerospace Co. Ltd.(a) | 644 | 20,682 | ||
Hanwha General Insurance Co. Ltd. | 5,553 | 14,991 | ||
Hanyang Eng Co., Ltd. | 587 | 5,743 | ||
HDC Holdings Co. Ltd. | 1,687 | 17,619 | ||
Hite Jinro Co. Ltd. | 826 | 15,003 | ||
Hotel Shilla Co. Ltd. | 119 | 7,742 | ||
Humax Co., Ltd. | 1,153 | 5,435 | ||
Humedix Co., Ltd. | 346 | 6,170 | ||
Hyundai Corp. | 506 | 7,854 | ||
Hyundai Department Store Co. Ltd. | 271 | 17,451 | ||
Hyundai Elevator Co. Ltd. | 104 | 6,757 | ||
Hyundai Greenfood Co. Ltd. | 1,131 | 10,738 | ||
Hyundai Home Shopping Network Corp. | 132 | 10,146 | ||
Hyundai Merchant Marine Co. Ltd.(a) | 3,431 | 9,617 | ||
Hyundai Rotem Co. Ltd.(a) | 488 | 6,910 | ||
Hyundai Wia Corp. | 665 | 23,690 | ||
iMarketKorea, Inc. | 1,155 | 10,918 | ||
Interpark Holdings Corp. | 6,156 | 10,775 | ||
IS Dongseo Co. Ltd. | 333 | 8,289 | ||
It’s Hanbul Co., Ltd. | 191 | 3,043 | ||
JW Holdings Corp. | 1,959 | 9,930 | ||
JW Shinyak Corp. | 1,562 | 5,539 | ||
Kakao Corp. | 175 | 19,432 | ||
Kangwon Land, Inc. | 1,015 | 23,673 | ||
KCC Corp. | 122 | 22,713 | ||
KEPCO Plant Service & Engineering Co., Ltd. | 377 | 9,851 |
Shares | Value | |||
South Korea-(continued) | ||||
KH Vatec Co., Ltd. | 492 | $��� 3,607 | ||
Kolon Corp. | 711 | 8,893 | ||
Kolon Industries, Inc. | 523 | 17,185 | ||
Korea Aerospace Industries Ltd. | 506 | 16,418 | ||
Korea Line Corp.(a) | 291 | 5,586 | ||
Korea Petrochemical Ind Co. Ltd. | 115 | 11,108 | ||
Kumho Industrial Co., Ltd. | 416 | 4,430 | ||
Kumho Petrochemical Co. Ltd. | 247 | 14,336 | ||
Kumho Tire Co.Inc.(a) | 2,504 | 8,476 | ||
LF Corp. | 642 | 10,230 | ||
LG Hausys Ltd. | 301 | 14,637 | ||
LG Innotek Co. Ltd. | 291 | 23,664 | ||
Lotte Chilsung Beverage Co. Ltd. | 98 | 10,518 | ||
LOTTE Fine Chemical Co., Ltd. | 308 | 11,087 | ||
Lotte Food Co., Ltd. | 23 | 8,412 | ||
Lotte Non-Life Insurance Co. Ltd.(a) | 6,165 | 9,213 | ||
LS Industrial Systems Co., Ltd. | 283 | 10,736 | ||
Mando Corp. | 721 | 20,298 | ||
Meritz Fire & Marine Insurance Co. Ltd. | 1,511 | 22,392 | ||
NCSoft Corp. | 62 | 27,487 | ||
NHN Entertainment Corp.(a) | 128 | 6,415 | ||
NICE Holdings Co. Ltd. | 541 | 8,777 | ||
OCI Co. Ltd. | 343 | 18,803 | ||
Ottogi Corp. | 22 | 10,371 | ||
Pan Ocean Co. Ltd.(a) | 3,385 | 13,582 | ||
Paradise Co. Ltd. | 435 | 5,818 | ||
Partron Co. Ltd. | 543 | 5,223 | ||
POSCO Chemtech Co. Ltd. | 115 | 5,004 | ||
S&T Motiv Co. Ltd. | 248 | 10,708 | ||
Sam Kwang Glass Co., Ltd. | 180 | 4,755 | ||
Samchully Co. Ltd. | 196 | 13,641 | ||
SAMPYO Cement Co., Ltd. | 1,020 | 2,893 | ||
Samsung Engineering Co., Ltd.(a) | 1,395 | 17,851 | ||
Samyang Holdings Corp. | 190 | 9,443 | ||
Seah Besteel Corp. | 786 | 10,480 | ||
Sejong Industrial Co., Ltd. | 963 | 3,697 | ||
Seoul Semiconductor Co. Ltd. | 589 | 7,173 | ||
SFA Engineering Corp. | 282 | 9,266 | ||
SFA Semicon Co., Ltd.(a) | 1,550 | 3,206 | ||
Shinsegae, Inc. | 90 | 17,164 | ||
SK Discovery Co. Ltd. | 739 | 13,575 | ||
SK Gas Ltd. | 178 | 11,242 | ||
SKC Co. Ltd. | 464 | 17,621 | ||
Ssangyong Cement Industrial Co. Ltd. | 1,237 | 5,923 | ||
Sungwoo Hitech Co. Ltd. | 4,168 | 12,181 | ||
Taekwang Industrial Co. Ltd. | 10 | 8,859 | ||
Taeyoung Engineering & Construction Co. Ltd. | 730 | 7,323 | ||
Youngone Corp. | 287 | 8,340 | ||
Yuhan Corp. | 87 | 16,484 | ||
1,250,845 | ||||
Spain-1.24% | ||||
Acerinox S.A. | 2,235 | 18,534 | ||
Almirall S.A. | 575 | 10,967 | ||
Construcciones y Auxiliar de Ferrocarriles S.A. | 407 | 17,704 | ||
Ence Energia y Celulosa S.A. | 1,903 | 7,477 | ||
Euskaltel S.A., REGS(c) | 1,357 | 11,432 | ||
Grupo Catalana Occidente S.A. | 531 | 17,894 | ||
Indra Sistemas S.A.(a) | 1,863 | 14,690 | ||
Melia Hotels International S.A. | 1,277 | 10,547 |
Shares | Value | |||
Spain-(continued) | ||||
Pharma Mar S.A. | 1,348 | $ 2,990 | ||
Prosegur Cia de Seguridad S.A. | 3,988 | 14,712 | ||
Sacyr S.A. | 5,721 | 14,226 | ||
Tecnicas Reunidas S.A.(a) | 543 | 13,622 | ||
Tubacex S.A. | 3,206 | 9,568 | ||
Zardoya Otis S.A. | 2,035 | 14,029 | ||
178,392 | ||||
Sweden-3.43% | ||||
AAK AB | 1,362 | 27,131 | ||
Axfood AB | 1,382 | 29,002 | ||
Betsson AB | 1,888 | 9,145 | ||
Bilia AB, Class A | 1,891 | 15,706 | ||
BillerudKorsnas AB | 2,311 | 25,592 | ||
Bravida Holding AB, REGS(c) | 2,212 | 18,518 | ||
Clas Ohlson AB, Class B | 1,011 | 9,892 | ||
Dometic Group AB(c) | 2,273 | 18,533 | ||
Elekta AB, Class B | 1,721 | 21,963 | ||
Fingerprint Cards AB, Class B(a)(b) | 3,394 | 5,941 | ||
Granges AB | 1,438 | 13,028 | ||
Hexpol AB | 2,366 | 17,745 | ||
Holmen AB, Class B | 1,550 | 36,384 | ||
Indutrade AB | 678 | 19,386 | ||
Intrum AB | 600 | 15,259 | ||
JM AB | 782 | 19,528 | ||
KappAhl AB | 3,707 | 7,511 | ||
Loomis AB, Class B | 746 | 25,255 | ||
Lundin Petroleum AB | 593 | 18,032 | ||
Mekonomen AB(a) | 694 | 5,552 | ||
New Wave Group AB, Class B | 1,304 | 7,592 | ||
Nibe Industrier AB, Class B | 2,200 | 27,548 | ||
Nobia AB | 2,594 | 15,262 | ||
Nobina AB(c) | 1,648 | 9,301 | ||
Nolato AB, Class B | 177 | 9,475 | ||
Ratos AB, Class B | 9,740 | 21,512 | ||
Saab AB, Class B | 671 | 18,789 | ||
SAS AB(a) | 7,635 | 10,471 | ||
Thule Group AB, REGS(c) | 650 | 12,905 | ||
491,958 | ||||
Switzerland-3.57% | ||||
ALSO Holding AG | 211 | 30,068 | ||
Ascom Holding AG | 787 | 8,049 | ||
Barry Callebaut AG | 14 | 28,638 | ||
Bucher Industries AG | 63 | 18,579 | ||
Burckhardt Compression Holding AG | 48 | 11,328 | ||
Conzzeta AG | 17 | 13,779 | ||
dormakaba Holding AG | 24 | 16,191 | ||
Emmi AG | 19 | 15,381 | ||
Forbo Holding AG | 10 | 14,574 | ||
GAM Holding AG(a) | 6,061 | 23,571 | ||
Implenia AG | 581 | 19,859 | ||
IWG PLC | 5,486 | 27,874 | ||
Kudelski S.A., BR | 1,445 | 8,806 | ||
Logitech International S.A. | 750 | 30,403 | ||
Metall Zug AG, Class B | 7 | 14,220 | ||
Meyer Burger Technology AG(a)(b) | 6,064 | 2,420 | ||
Mobilezone Holding AG | 983 | 9,776 | ||
OC Oerlikon Corp. AG | 1,931 | 17,896 | ||
Schmolz + Bickenbach AG(a) | 22,690 | 6,627 | ||
Schweiter Technologies AG, BR | 22 | 20,567 |
Shares | Value | |||
Switzerland-(continued) | ||||
SFS Group AG | 271 | $ 19,802 | ||
Siegfried Holding AG | 39 | 16,082 | ||
Sulzer AG | 250 | 23,751 | ||
Sunrise Communications Group AG, REGS(c) | 345 | 25,994 | ||
Tecan Group AG, Class R | 74 | 17,770 | ||
Temenos AG(a) | 119 | 19,941 | ||
Valora Holding AG | 62 | 17,482 | ||
Vifor Pharma AG | 204 | 32,349 | ||
511,777 | ||||
Taiwan-0.06% | ||||
Silicon Motion Technology Corp., ADR | 281 | 9,068 | ||
Tanzania-0.08% | ||||
Acacia Mining PLC(a) | 3,626 | 11,746 | ||
Ukraine-0.05% | ||||
Ferrexpo PLC | 3,195 | 7,864 | ||
United Arab Emirates-0.05% | ||||
NMC Health PLC | 247 | 7,526 | ||
United Kingdom-9.17% | ||||
888 Holdings PLC | 5,547 | 10,309 | ||
Abcam PLC | 570 | 8,032 | ||
AO World PLC(a) | 3,758 | 3,181 | ||
Ashmore Group PLC(b) | 3,123 | 17,161 | ||
ASOS PLC(a) | 167 | 4,840 | ||
B&M European Value Retail S.A. | 4,808 | 20,951 | ||
Bodycote PLC | 2,015 | 17,583 | ||
Bovis Homes Group PLC | 1,525 | 19,092 | ||
Cairn Energy PLC(a) | 5,858 | 11,914 | ||
Card Factory PLC | 4,966 | 9,326 | ||
Chemring Group PLC | 5,629 | 12,244 | ||
Cineworld Group PLC | 3,666 | 9,751 | ||
Coats Group PLC | 7,178 | 6,395 | ||
Computacenter PLC | 1,274 | 20,558 | ||
ConvaTec Group PLC, REGS(c) | 12,143 | 25,783 | ||
Costain Group PLC | 4,047 | 7,373 | ||
Countrywide PLC | 101,401 | 5,557 | ||
Crest Nicholson Holdings PLC | 3,367 | 14,237 | ||
Dart Group PLC | 1,016 | 9,305 | ||
Debenhams PLC(b)(d) | 10,288 | 0 | ||
Dechra Pharmaceuticals PLC | 264 | 9,645 | ||
Dialog Semiconductor PLC(a) | 522 | 24,696 | ||
Dignity PLC | 754 | 4,308 | ||
Diploma PLC | 698 | 13,473 | ||
Domino’s Pizza Group PLC | 3,262 | 9,526 | ||
Dunelm Group PLC | 847 | 9,036 | ||
Electrocomponents PLC | 2,818 | 19,939 | ||
Elementis PLC | 7,028 | 12,830 | ||
EnQuest PLC(a) | 58,228 | 13,076 | ||
Essentra PLC | 3,815 | 18,677 | ||
Galliford Try PLC | 3,334 | 23,773 | ||
Games Workshop Group PLC | 104 | 5,548 | ||
Genus PLC | 322 | 10,313 | ||
Go-Ahead Group PLC (The) | 1,140 | 28,878 | ||
Greggs PLC | 576 | 14,829 | ||
GVC Holdings PLC | 2,234 | 17,113 | ||
Halfords Group PLC | 5,147 | 11,339 | ||
Halma PLC | 977 | 23,357 | ||
Hargreaves Lansdown PLC(b) | 567 | 12,968 | ||
Hill & Smith Holdings PLC | 696 | 9,748 |
Shares | Value | |||
United Kingdom-(continued) | ||||
HomeServe PLC | 1,353 | $ 18,916 | ||
Howden Joinery Group PLC | 3,989 | 26,146 | ||
Hunting PLC | 1,629 | 9,066 | ||
Indivior PLC(a) | 28,564 | 20,983 | ||
International Personal Finance PLC | 6,197 | 6,664 | ||
J D Wetherspoon PLC | 1,116 | 21,461 | ||
JD Sports Fashion PLC | 1,469 | 11,038 | ||
John Menzies PLC | 2,257 | 10,940 | ||
Just Eat PLC(a) | 945 | 9,044 | ||
Keller Group PLC | 1,970 | 15,619 | ||
Lookers PLC | 21,328 | 12,104 | ||
Luxfer Holdings PLC | 358 | 5,624 | ||
Marshalls PLC | 1,397 | 11,807 | ||
Mitchells & Butlers PLC(a) | 4,436 | 18,854 | ||
Mitie Group PLC | 10,475 | 18,702 | ||
Moneysupermarket.com Group PLC | 2,826 | 12,855 | ||
Morgan Advanced Materials PLC | 5,070 | 15,782 | ||
Morgan Sindall Group PLC | 1,214 | 17,623 | ||
N Brown Group PLC | 3,524 | 4,626 | ||
National Express Group PLC | 5,467 | 28,256 | ||
Ocado Group PLC(a) | 464 | 7,321 | ||
Pendragon PLC | 84,763 | 10,529 | ||
Pets at Home Group PLC | 7,827 | 22,038 | ||
Polypipe Group PLC | 1,944 | 8,878 | ||
Premier Oil PLC(a) | 16,237 | 15,970 | ||
Provident Financial PLC | 3,190 | 15,668 | ||
PZ Cussons PLC | 6,619 | 16,928 | ||
QinetiQ Group PLC | 5,695 | 20,016 | ||
Redde PLC | 6,033 | 7,788 | ||
Redrow PLC | 2,286 | 15,368 | ||
Restaurant Group PLC (The) | 7,125 | 13,302 | ||
Rightmove PLC | 3,445 | 22,467 | ||
Rotork PLC | 4,415 | 16,647 | ||
Senior PLC | 5,782 | 14,252 | ||
Serco Group PLC(a) | 11,842 | 21,041 | ||
SIG PLC | 11,724 | 18,005 | ||
Spectris PLC | 875 | 24,626 | ||
Spirax-Sarco Engineering PLC | 147 | 14,367 | ||
Spire Healthcare Group PLC, REGS(c) | 10,447 | 13,397 | ||
Spirent Communications PLC | 4,341 | 9,759 | ||
Sports Direct International PLC(a) | 3,870 | 11,745 | ||
SSP Group PLC | 2,909 | 25,047 | ||
Staffline Group PLC | 1,719 | 3,140 | ||
Stagecoach Group PLC | 13,305 | 19,979 | ||
Stobart Group Ltd. | 5,878 | 8,619 | ||
Superdry PLC | 1,168 | 5,624 | ||
Synthomer PLC | 3,212 | 12,095 | ||
TalkTalk Telecom Group PLC | 10,174 | 12,626 | ||
Ted Baker PLC | 450 | 5,015 | ||
Telecom Plus PLC | 626 | 8,844 | ||
Ultra Electronics Holdings PLC | 733 | 19,443 | ||
Vesuvius PLC | 3,468 | 19,665 | ||
Victrex PLC | 515 | 13,033 | ||
WH Smith PLC | 785 | 18,719 | ||
1,314,735 | ||||
United States-0.72% | ||||
Altisource Portfolio Solutions S.A.(a) | 600 | 11,880 | ||
Caesarstone Ltd. | 716 | 10,733 | ||
Core Laboratories N.V. | 418 | 16,548 |
Shares | Value | |||
United States-(continued) | ||||
Ferroglobe PLC | 9,841 | $ 12,892 | ||
Frank’s International N.V.(a) | 1,594 | 6,934 | ||
IMAX Corp.(a) | 908 | 18,995 | ||
Playa Hotels & Resorts N.V.(a) | 1,941 | 15,703 | ||
Wright Medical Group N.V.(a) | 438 | 9,132 | ||
102,817 | ||||
Total Common Stocks & Other Equity Interests (Cost $15,370,822) | 14,286,012 | |||
Money Market Funds-0.16% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(e) (Cost $23,033) | 23,033 | 23,033 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $15,393,855) | 14,309,045 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-1.90% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(e)(f) | 204,267 | $ 204,267 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(e)(f) | 68,062 | 68,089 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $272,355) | 272,356 | |||
TOTAL INVESTMENTS IN SECURITIES-101.75% (Cost $15,666,210) | 14,581,401 | |||
OTHER ASSETS LESS LIABILITIES-(1.75)% | (251,149) | |||
NET ASSETS-100.00% | $14,330,252 |
Investment Abbreviations: |
ADR-American Depositary Receipt |
BR-Bearer Shares |
CVA-Dutch Certificates |
REGS-Regulation S |
SDR-Swedish Depository Receipt |
Notes to Schedule of Investments: | |
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at August 31, 2019. |
(c) | 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 August 31, 2019 was $297,016, which represented 2.07% of the Fund’s Net Assets. |
(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 August 31, 2019. |
(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 2J. |
Shares | Value | |||
Common Stocks & Other Equity Interests-99.70% | ||||
Brazil-8.56% | ||||
Banco Bradesco S.A., Preference Shares | 63,690 | $ 507,862 | ||
BB Seguridade Participacoes S.A. | 3,130 | 24,746 | ||
Braskem S.A., Class A, Preference Shares(a) | 4,207 | 28,731 | ||
BRF S.A.(a) | 6,807 | 62,828 | ||
CCR S.A. | 7,326 | 28,810 | ||
Cia de Saneamento Basico do Estado de Sao Paulo | 2,034 | 25,448 | ||
Cia de Saneamento do Parana, Preference Shares | 3,900 | 16,517 | ||
Cia Energetica de Minas Gerais, Preference Shares | 10,957 | 39,138 | ||
Cia Energetica de Sao Paulo, Class B, Preference Shares | 2,700 | 18,178 | ||
Cia Siderurgica Nacional S.A. | 3,718 | 12,921 | ||
Cielo S.A. | 13,642 | 25,586 | ||
Cosan Ltd., Class A(a) | 6,689 | 93,780 | ||
Cosan S.A. | 1,473 | 17,820 | ||
EDP - Energias do Brasil S.A. | 2,983 | 14,510 | ||
Embraer S.A. | 7,200 | 31,276 | ||
Equatorial Energia S.A. | 880 | 20,395 | ||
Gerdau S.A., Preference Shares | 18,709 | 58,270 | ||
Hypera S.A. | 1,650 | 12,846 | ||
Kroton Educacional S.A. | 12,143 | 29,621 | ||
Lojas Americanas S.A., Preference Shares | 3,286 | 14,894 | ||
Lojas Renner S.A. | 1,301 | 15,915 | ||
Metalurgica Gerdau S.A., Preference Shares | 32,800 | 49,610 | ||
Oi S.A. | 102,053 | 29,390 | ||
Petroleo Brasileiro S.A., Preference Shares | 95,512 | 589,409 | ||
Telefonica Brasil S.A., Preference Shares | 5,625 | 73,059 | ||
TIM Participacoes S.A. | 7,054 | 20,997 | ||
Ultrapar Participacoes S.A. | 10,200 | 40,532 | ||
Usinas Siderurgicas de Minas Gerais S.A., Class A, Preference Shares | 9,297 | 17,774 | ||
Vale S.A. | 22,098 | 243,697 | ||
2,164,560 | ||||
Chile-0.57% | ||||
Embotelladora Andina S.A., Class B, Preference Shares | 3,375 | 10,462 | ||
Empresas COPEC S.A. | 2,730 | 24,666 | ||
Enel Americas S.A. | 306,089 | 50,283 | ||
Enel Chile S.A. | 207,203 | 17,918 | ||
SACI Falabella | 3,274 | 18,428 | ||
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 905 | 22,388 | ||
144,145 | ||||
China-56.68% | ||||
58.com, Inc., ADR(a) | 774 | 41,633 | ||
AAC Technologies Holdings, Inc. | 2,917 | 12,621 | ||
Agile Group Holdings Ltd. | 14,515 | 18,562 | ||
Air China Ltd., H Shares | 50,567 | 43,821 | ||
Alibaba Group Holding Ltd., ADR(a) | 8,518 | 1,490,906 | ||
Aluminum Corp. of China Ltd., H Shares(a) | 210,514 | 61,795 | ||
Angang Steel Co. Ltd., H Shares | 47,338 | 16,433 | ||
Anhui Conch Cement Co. Ltd., H Shares | 19,571 | 110,277 | ||
Autohome, Inc., ADR(a)(b) | 188 | 16,386 | ||
AVIC International Holdings Ltd., H Shares(a) | 36,366 | 20,004 |
Shares | Value | |||
China-(continued) | ||||
BAIC Motor Corp. Ltd., REGS, H Shares(c) | 113,950 | $ 64,280 | ||
Baidu, Inc., ADR(a) | 2,240 | 234,013 | ||
BBMG Corp., H Shares | 140,461 | 39,976 | ||
Beijing Capital International Airport Co. Ltd., H Shares | 24,033 | 20,182 | ||
Beijing Enterprises Holdings Ltd. | 5,493 | 26,184 | ||
BEST, Inc., ADR(a) | 4,968 | 21,760 | ||
BYD Co. Ltd., H Shares | 6,290 | 32,593 | ||
CGN Power Co. Ltd., REGS, H Shares(c) | 106,610 | 28,165 | ||
Changyou.com Ltd., ADR | 921 | 5,287 | ||
China Agri-Industries Holdings Ltd. | 56,066 | 15,814 | ||
China BlueChemical Ltd., H Shares | 43,838 | 11,637 | ||
China Coal Energy Co. Ltd., H Shares | 100,005 | 39,694 | ||
China Communications Construction Co. Ltd., H Shares | 94,386 | 73,241 | ||
China Communications Services Corp. Ltd., H Shares | 24,184 | 13,550 | ||
China Conch Venture Holdings Ltd. | 3,002 | 10,000 | ||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 120,304 | 11,362 | ||
China Eastern Airlines Corp. Ltd., H Shares(a) | 47,446 | 22,344 | ||
China Index Holdings Ltd., ADR(a) | 565 | 1,791 | ||
China International Marine Containers Group Co., Ltd., H Shares | 12,709 | 11,662 | ||
China Jinmao Holdings Group Ltd. | 25,926 | 14,493 | ||
China Life Insurance Co., Ltd., H Shares | 114,327 | 267,602 | ||
China Longyuan Power Group Corp. Ltd., H Shares | 73,995 | 40,702 | ||
China Machinery Engineering Corp., H Shares | 54,134 | 21,210 | ||
China Mengniu Dairy Co. Ltd.(a) | 7,110 | 28,221 | ||
China Mobile Ltd. | 46,586 | 386,168 | ||
China Molybdenum Co., Ltd., H Shares | 104,745 | 28,474 | ||
China National Building Material Co. Ltd., H Shares | 119,153 | 102,192 | ||
China Oilfield Services Ltd., H Shares | 47,297 | 58,553 | ||
China Overseas Land & Investment Ltd. | 17,934 | 56,764 | ||
China Pacific Insurance (Group) Co., Ltd., H Shares | 114,269 | 457,931 | ||
China Petroleum & Chemical Corp., H Shares | 2,164,473 | 1,267,963 | ||
China Power International Development Ltd. | 70,748 | 15,350 | ||
China Railway Construction Corp. Ltd., H Shares | 282,058 | 304,544 | ||
China Railway Group Ltd., H Shares | 406,285 | 266,005 | ||
China Railway Signal & Communication Corp. Ltd., REGS, H Shares(c) | 42,243 | 25,339 | ||
China Reinsurance Group Corp., H Shares | 487,835 | 79,694 | ||
China Resources Beer Holdings Co. Ltd. | 3,740 | 21,241 | ||
China Resources Cement Holdings Ltd. | 12,036 | 10,676 | ||
China Resources Gas Group Ltd. | 4,047 | 20,015 | ||
China Resources Land Ltd. | 12,352 | 50,289 | ||
China Resources Pharmaceutical Group Ltd., REGS(c) | 13,530 | 13,987 | ||
China Resources Power Holdings Co. Ltd. | 26,803 | 35,439 | ||
China Shenhua Energy Co. Ltd., H Shares | 241,454 | 472,101 | ||
China Southern Airlines Co. Ltd., H Shares | 65,478 | 36,853 | ||
China Taiping Insurance Holdings Co. Ltd. | 27,767 | 62,584 | ||
China Telecom Corp. Ltd., H Shares | 179,158 | 80,257 | ||
China Unicom Hong Kong Ltd. | 75,463 | 75,219 |
Shares | Value | |||
China-(continued) | ||||
China Vanke Co., Ltd., H Shares | 84,947 | $ 293,805 | ||
China Yuchai International Ltd. | 758 | 9,824 | ||
Chongqing Iron & Steel Co. Ltd., H Shares | 83,794 | 10,160 | ||
CIFI Holdings Group Co., Ltd. | 18,040 | 9,716 | ||
CNOOC Ltd. | 118,002 | 176,204 | ||
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares | 41,274 | 23,388 | ||
COSCO SHIPPING Holdings Co. Ltd., H Shares(a) | 115,025 | 41,105 | ||
COSCO SHIPPING Ports Ltd. | 18,040 | 15,817 | ||
Country Garden Holdings Co. Ltd.(b) | 39,096 | 48,649 | ||
CRRC Corp. Ltd., H Shares | 199,103 | 136,965 | ||
CSPC Pharmaceutical Group Ltd. | 4,384 | 8,773 | ||
Ctrip.com International, Ltd., ADR(a) | 3,874 | 125,440 | ||
Datang International Power Generation Co. Ltd., H Shares | 163,578 | 35,908 | ||
Dongfang Electric Corp. Ltd., H Shares | 42,031 | 23,227 | ||
Dongfeng Motor Group Co. Ltd., H Shares | 109,273 | 101,528 | ||
ENN Energy Holdings Ltd. | 2,706 | 30,910 | ||
FIH Mobile Ltd.(a) | 106,718 | 12,122 | ||
Fuyao Glass Industry Group Co. Ltd., REGS, H Shares(c) | 11,346 | 32,364 | ||
GCL-Poly Energy Holdings Ltd.(a)(b) | 274,506 | 10,685 | ||
Geely Automobile Holdings Ltd. | 16,677 | 25,797 | ||
GOME Retail Holdings Ltd.(a) | 143,879 | 13,038 | ||
Great Wall Motor Co. Ltd., H Shares | 106,209 | 67,504 | ||
Guangdong Investment Ltd. | 6,043 | 12,741 | ||
Guangshen Railway Co. Ltd., H Shares | 78,235 | 23,964 | ||
Guangzhou Automobile Group Co. Ltd., H Shares | 63,992 | 64,520 | ||
Guangzhou R&F Properties Co. Ltd., H Shares | 32,193 | 51,852 | ||
Harbin Electric Co. Ltd., H Shares(a) | 35,110 | 8,603 | ||
Hengan International Group Co. Ltd. | 2,981 | 19,631 | ||
Hisense Home Appliances Group Co. Ltd., H Shares | 8,161 | 8,562 | ||
Hollysys Automation Technologies Ltd. | 710 | 11,111 | ||
Huadian Fuxin Energy Corp. Ltd., H Shares | 150,366 | 25,140 | ||
Huadian Power International Corp. Ltd., H Shares | 214,690 | 83,845 | ||
Huaneng Power International, Inc., H Shares | 249,023 | 136,980 | ||
Huaneng Renewables Corp. Ltd., H Shares | 102,250 | 28,318 | ||
JD.Com, Inc., ADR(a) | 16,656 | 508,008 | ||
Jiangsu Expressway Co. Ltd., H Shares | 29,361 | 38,971 | ||
Jiangxi Copper Co. Ltd., H Shares | 62,441 | 70,288 | ||
JinkoSolar Holding Co. Ltd., ADR(a)(b) | 1,571 | 34,358 | ||
Kingboard Holdings Ltd. | 8,455 | 19,812 | ||
Kunlun Energy Co. Ltd. | 34,672 | 30,223 | ||
Legend Holdings Corp., REGS, H Shares(c) | 18,917 | 40,705 | ||
Legend Holdings Corp., Rts.(a)(d) | 1,142 | 0 | ||
Lenovo Group Ltd. | 88,403 | 58,218 | ||
Longfor Group Holdings Ltd., REGS(c) | 6,020 | 21,474 | ||
Maanshan Iron & Steel Co. Ltd., H Shares | 64,578 | 24,231 | ||
Metallurgical Corp. of China Ltd., H Shares | 266,473 | 59,516 | ||
Momo, Inc., ADR | 1,278 | 47,005 | ||
NetEase, Inc., ADR | 503 | 128,265 | ||
New China Life Insurance Co. Ltd., H Shares | 29,508 | 116,558 | ||
New Oriental Education & Technology Group, Inc., ADR(a) | 400 | 45,360 | ||
Peoples Insurance Co. Group of China Ltd. (The), H Shares | 657,957 | 257,797 | ||
PetroChina Co., Ltd., H Shares | 3,434,342 | 1,705,041 |
Shares | Value | |||
China-(continued) | ||||
PICC Property & Casualty Co. Ltd., H Shares | 237,551 | $ 272,557 | ||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 74,626 | 856,232 | ||
Qingdao Port International Co., Ltd., REGS, H Shares(c) | 23,596 | 14,003 | ||
Qinhuangdao Port Co. Ltd., H Shares | 87,402 | 16,063 | ||
Qudian, Inc., ADR(a) | 4,110 | 32,839 | ||
Red Star Macalline Group Corp. Ltd., REGS, H Shares(c) | 31,274 | 24,747 | ||
Semiconductor Manufacturing International Corp.(a)(b) | 19,482 | 21,433 | ||
Shandong Chenming Paper Holdings Ltd., H Shares | 43,372 | 16,883 | ||
Shanghai Electric Group Co. Ltd., H Shares | 158,204 | 49,872 | ||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 7,867 | 23,394 | ||
Shanghai Industrial Holdings Ltd. | 5,560 | 10,843 | ||
Shanghai Jin Jiang Capital Company Ltd., H Shares | 62,756 | 9,451 | ||
Shanghai Pharmaceuticals Holding Co., Ltd., H Shares | 27,536 | 52,012 | ||
Shenzhen Expressway Co. Ltd., H Shares | 15,752 | 19,300 | ||
Shimao Property Holdings Ltd. | 7,528 | 21,329 | ||
SINA Corp.(a) | 735 | 30,260 | ||
Sinopec Engineering Group Co. Ltd., H Shares | 43,961 | 28,726 | ||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 117,747 | 33,962 | ||
Sinopharm Group Co. Ltd., H Shares | 30,100 | 108,908 | ||
Sinotrans Ltd., H Shares | 86,730 | 28,005 | ||
Sogou, Inc., ADR(a) | 2,829 | 12,419 | ||
Sohu.com Ltd., ADR(a)(b) | 942 | 10,296 | ||
Sunac China Holdings Ltd. | 6,530 | 26,169 | ||
TAL Education Group, ADR(a) | 714 | 25,440 | ||
Tencent Holdings Ltd. | 4,543 | 188,322 | ||
Tingyi Cayman Islands Holding Corp. | 10,446 | 14,398 | ||
TravelSky Technology Ltd., H Shares | 9,020 | 18,120 | ||
Tsingtao Brewery Co. Ltd., H Shares | 5,180 | 35,006 | ||
Vipshop Holdings Ltd., ADR(a) | 10,651 | 89,149 | ||
Want Want China Holdings Ltd. | 19,047 | 14,853 | ||
Weibo Corp., ADR(a)(b) | 441 | 18,244 | ||
Weichai Power Co. Ltd., H Shares | 45,114 | 69,093 | ||
Xinjiang Goldwind Science & Technology Co., Ltd., H Shares | 25,376 | 29,893 | ||
Xinyuan Real Estate Co. Ltd., ADR | 5,245 | 22,186 | ||
Yangzijiang Shipbuilding Holdings Ltd. | 17,512 | 11,488 | ||
Yanzhou Coal Mining Co. Ltd., H Shares | 50,505 | 43,767 | ||
Yuexiu Property Co. Ltd. | 54,134 | 11,676 | ||
YY, Inc., ADR(a) | 482 | 27,546 | ||
Zhuzhou CRRC Times Electric Co., Ltd., H Shares | 3,608 | 14,367 | ||
Zijin Mining Group Co. Ltd., H Shares | 210,518 | 78,722 | ||
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares | 46,271 | 27,992 | ||
ZTE Corp., H Shares(a) | 18,646 | 46,405 | ||
ZTO Express Cayman, Inc., ADR | 3,752 | 76,953 | ||
14,333,188 | ||||
Colombia-0.22% | ||||
Avianca Holdings S.A., Preference Shares | 46,068 | 14,930 |
Shares | Value | |||
Colombia-(continued) | ||||
Grupo Argos S.A. | 3,316 | $ 17,427 | ||
Grupo de Inversiones Suramericana S.A. | 2,284 | 22,340 | ||
54,697 | ||||
Greece-0.50% | ||||
Hellenic Telecommunications Organization S.A. | 1,216 | 16,257 | ||
Motor Oil Hellas Corinth Refineries S.A. | 694 | 16,997 | ||
OPAP S.A. | 1,488 | 15,715 | ||
Public Power Corp.S.A.(a) | 14,050 | 42,859 | ||
Star Bulk Carriers Corp.(a) | 1,908 | 19,977 | ||
Tsakos Energy Navigation Ltd. | 4,804 | 14,412 | ||
126,217 | ||||
Hong Kong-0.44% | ||||
China Gas Holdings Ltd. | 3,608 | 14,919 | ||
Haier Electronics Group Co. Ltd. | 6,232 | 16,226 | ||
Nine Dragons Paper Holdings Ltd. | 14,806 | 11,224 | ||
Seaspan Corp. | 2,540 | 26,365 | ||
Sun Art Retail Group Ltd. | 16,487 | 16,055 | ||
Yue Yuen Industrial Holdings Ltd. | 9,983 | 25,546 | ||
110,335 | ||||
Hungary-0.19% | ||||
Gedeon Richter PLC | 732 | 12,236 | ||
MOL Hungarian Oil & Gas PLC | 3,711 | 36,392 | ||
48,628 | ||||
India-3.09% | ||||
Dr Reddys Laboratories Ltd., ADR | 754 | 26,956 | ||
Infosys Ltd., ADR | 38,755 | 445,295 | ||
Reliance Infrastructure Ltd., REGS, GDR(c) | 4,276 | 7,697 | ||
Tata Motors Ltd., ADR(a) | 8,251 | 67,823 | ||
Tata Steel Ltd., REGS, GDR(c) | 9,123 | 43,608 | ||
Vedanta Ltd., ADR | 22,275 | 175,081 | ||
WNS (Holdings) Ltd., ADR(a) | 255 | 15,499 | ||
781,959 | ||||
Indonesia-0.78% | ||||
PT Adaro Energy Tbk | 165,988 | 13,164 | ||
PT Astra International Tbk | 101,555 | 47,789 | ||
PT Indofood Sukses Makmur Tbk | 35,067 | 19,592 | ||
PT Perusahaan Gas Negara Tbk | 115,587 | 15,645 | ||
PT Semen Indonesia Persero Tbk | 14,137 | 13,205 | ||
PT Telekomunikasi Indonesia Persero Tbk | 233,486 | 73,247 | ||
PT United Tractors Tbk | 9,522 | 14,046 | ||
196,688 | ||||
Malaysia-1.31% | ||||
Axiata Group Bhd | 27,287 | 32,766 | ||
Genting Bhd | 20,382 | 29,079 | ||
Genting Malaysia Bhd. | 19,800 | 14,784 | ||
IHH Healthcare Bhd | 8,099 | 11,150 | ||
IOI Corp.Bhd | 12,600 | 13,213 | ||
Kuala Lumpur Kepong Bhd | 2,100 | 11,974 | ||
Maxis Bhd | 10,939 | 14,488 | ||
MISC Bhd | 11,232 | 19,390 | ||
Petronas Chemicals Group Bhd. | 10,512 | 17,322 | ||
Petronas Gas Bhd | 3,443 | 13,165 | ||
Sime Darby Bhd | 119,422 | 65,028 | ||
Telekom Malaysia Bhd | 21,600 | 19,261 | ||
Tenaga Nasional Bhd | 20,847 | 69,201 | ||
330,821 |
Shares | Value | |||
Mexico-3.25% | ||||
Arca Continental S.A.B. de C.V. | 3,253 | $ 17,023 | ||
Cemex S.A.B. de C.V., ADR | 37,831 | 141,866 | ||
Coca-Cola FEMSA, S.A.B. de C.V., ADR | 2,130 | 125,670 | ||
El Puerto de Liverpool S.A.B. de C.V., Series C1 | 6,018 | 31,180 | ||
Fomento Economico Mexicano, S.A.B. de C.V., ADR | 3,092 | 282,485 | ||
Grupo Bimbo, S.A.B. de C.V., Series A | 9,692 | 16,938 | ||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 6,610 | 35,515 | ||
Grupo Financiero Inbursa S.A.B. de C.V., Class O | 11,430 | 14,109 | ||
Grupo Televisa SAB, ADR | 6,459 | 57,098 | ||
Industrias Penoles S.A.B. de C.V. | 944 | 11,319 | ||
Kimberly-Clark de Mexico, S.A.B. de C.V., Class A | 10,256 | 20,944 | ||
Mexichem S.A.B. de C.V. | 7,386 | 13,526 | ||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 19,362 | 54,737 | ||
822,410 | ||||
Peru-0.21% | ||||
Cia de Minas Buenaventura S.A.A., ADR | 2,725 | 41,529 | ||
Nexa Resourses S.A. | 1,199 | 11,259 | ||
52,788 | ||||
Philippines-0.05% | ||||
Ayala Corp. | 795 | 14,126 | ||
Poland-0.98% | ||||
Enea S.A.(a) | 5,832 | 12,738 | ||
Energa S.A.(a) | 5,411 | 9,012 | ||
Grupa Lotos S.A. | 672 | 14,570 | ||
KGHM Polska Miedz S.A.(a) | 1,277 | 25,180 | ||
Orange Polska S.A.(a) | 11,055 | 17,743 | ||
PGE Polska Grupa Energetyczna S.A.(a) | 15,266 | 29,618 | ||
Polski Koncern Naftowy ORLEN S.A. | 3,466 | 79,094 | ||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 15,083 | 18,000 | ||
Powszechny Zaklad Ubezpieczen S.A. | 4,528 | 42,624 | ||
248,579 | ||||
Russia-6.38% | ||||
Alrosa PJSC | 19,214 | 21,420 | ||
Federal Grid Co. Unified Energy System PJSC | 4,360,810 | 11,620 | ||
Gazprom PJSC | 171,026 | 596,051 | ||
Inter RAO UES PJSC | 399,994 | 25,761 | ||
Lenta Ltd., REGS, GDR(a)(c) | 2,891 | 9,511 | ||
LUKOIL PJSC | 4,259 | 343,955 | ||
Magnit PJSC | 905 | 50,134 | ||
MMC Norilsk Nickel PJSC | 317 | 76,562 | ||
Mobile TeleSystems PJSC | 9,626 | 38,490 | ||
Novatek PJSC | 1,360 | 26,297 | ||
QIWI PLC, ADR | 797 | 19,367 | ||
Rosneft Oil Co. PJSC | 31,002 | 189,401 | ||
RusHydro PJSC | 1,386,428 | 11,423 | ||
Severstal PJSC | 1,298 | 19,541 | ||
Sistema PJSFC | 208,714 | 36,441 | ||
Tatneft PJSC | 8,180 | 91,254 | ||
Transneft PJSC, Preference Shares | 20 | 45,158 | ||
1,612,386 | ||||
South Africa-2.24% | ||||
AngloGold Ashanti Ltd. | 1,979 | 45,115 | ||
Aspen Pharmacare Holdings Ltd. | 2,623 | 13,596 |
Shares | Value | |||
South Africa-(continued) | ||||
Barloworld Ltd. | 2,095 | $ 15,291 | ||
Bid Corp. Ltd. | 1,556 | 33,305 | ||
Bidvest Group Ltd. (The) | 2,451 | 28,846 | ||
DataTec Ltd. | 5,661 | 12,441 | ||
Discovery Ltd. | 1,655 | 12,553 | ||
Exxaro Resources Ltd. | 1,884 | 16,896 | ||
FirstRand Ltd. | 12,191 | 48,166 | ||
Foschini Group Ltd. (The) | 984 | 9,753 | ||
Gold Fields Ltd. | 5,601 | 33,517 | ||
Impala Platinum Holdings Ltd.(a) | 3,527 | 20,081 | ||
Life Healthcare Group Holdings Ltd. | 6,734 | 10,116 | ||
Momentum Metropolitan Holdings | 14,386 | 15,576 | ||
Mr Price Group Ltd. | 884 | 9,996 | ||
Netcare Ltd. | 8,435 | 9,055 | ||
Pick n Pay Stores Ltd. | 2,603 | 9,909 | ||
Remgro Ltd. | 2,559 | 28,939 | ||
Sappi Ltd. | 5,513 | 16,419 | ||
Sasol Ltd. | 4,951 | 93,893 | ||
Shoprite Holdings Ltd. | 2,558 | 19,035 | ||
SPAR Group Ltd. (The) | 1,428 | 16,348 | ||
Tiger Brands Ltd. | 903 | 12,425 | ||
Truworths International Ltd. | 2,431 | 8,433 | ||
Woolworths Holdings Ltd. | 7,322 | 26,609 | ||
566,313 | ||||
Taiwan-11.62% | ||||
Acer, Inc. | 39,169 | 21,449 | ||
Asia Cement Corp. | 15,028 | 20,573 | ||
Asustek Computer, Inc. | 9,054 | 58,803 | ||
AU Optronics Corp. | 227,784 | 59,321 | ||
Catcher Technology Co. Ltd. | 7,274 | 51,064 | ||
Chailease Holding Co. Ltd. | 3,090 | 12,248 | ||
Cheng Shin Rubber Industry Co. Ltd. | 18,108 | 25,366 | ||
Chicony Electronics Co. Ltd. | 4,549 | 12,774 | ||
China Airlines Ltd. | 43,401 | 12,767 | ||
China Development Financial Holding Corp. | 169,439 | 49,035 | ||
China Life Insurance Co., Ltd. | 79,228 | 62,051 | ||
China Steel Corp. | 93,025 | 68,562 | ||
Chunghwa Telecom Co., Ltd. | 18,032 | 62,575 | ||
Compal Electronics, Inc. | 115,420 | 65,960 | ||
Delta Electronics, Inc. | 9,190 | 42,863 | ||
Eva Airways Corp. | 24,000 | 10,812 | ||
Far Eastern New Century Corp. | 28,476 | 25,838 | ||
Far EasTone Telecommunications Co. Ltd. | 8,769 | 20,436 | ||
Formosa Chemicals & Fibre Corp. | 19,629 | 55,056 | ||
Formosa Plastics Corp. | 16,548 | 49,575 | ||
Foxconn Technology Co. Ltd. | 11,796 | 23,810 | ||
Hon Hai Precision Industry Co., Ltd. | 185,785 | 438,881 | ||
Hotai Motor Co. Ltd. | 1,556 | 21,921 | ||
Innolux Corp. | 289,264 | 64,649 | ||
Inventec Corp. | 40,319 | 27,598 | ||
Largan Precision Co., Ltd. | 213 | 26,379 | ||
Lite-On Technology Corp. | 22,679 | 36,102 | ||
MediaTek, Inc. | 7,680 | 89,857 | ||
Mercuries & Associates Holding Ltd. | 30,113 | 17,496 | ||
Mercuries Life Insurance Co. Ltd.(a) | 70,539 | 23,580 | ||
Micro-Star International Co. Ltd. | 4,289 | 11,443 | ||
Nan Ya Plastics Corp. | 28,322 | 62,036 | ||
Nanya Technology Corp. | 6,000 | 13,448 | ||
Novatek Microelectronics Corp. | 2,218 | 13,134 |
Shares | Value | |||
Taiwan-(continued) | ||||
Pegatron Corp. | 52,677 | $ 87,879 | ||
Pou Chen Corp. | 25,480 | 31,799 | ||
Powertech Technology, Inc. | 7,544 | 18,037 | ||
President Chain Store Corp. | 1,688 | 15,692 | ||
Qisda Corp. | 18,000 | 11,490 | ||
Quanta Computer, Inc. | 37,374 | 67,228 | ||
Radiant Opto-Electronics Corp. | 3,338 | 12,062 | ||
Sino-American Silicon Products, Inc. | 3,000 | 7,086 | ||
Synnex Technology International Corp. | 21,164 | 24,931 | ||
Taiwan Cement Corp. | 24,315 | 29,765 | ||
Taiwan Mobile Co. Ltd. | 4,693 | 16,734 | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 75,385 | 621,608 | ||
Teco Electric and Machinery Co. Ltd. | 16,556 | 13,125 | ||
TPK Holding Co. Ltd.(a) | 8,827 | 15,962 | ||
Unimicron Technology Corp. | 12,061 | 14,995 | ||
Uni-President Enterprises Corp. | 25,670 | 62,602 | ||
United Microelectronics Corp. | 145,296 | 62,217 | ||
Walsin Lihwa Corp. | 33,141 | 14,560 | ||
Wistron Corp. | 79,178 | 62,768 | ||
WPG Holdings Inc., Rts., expiring 09/10/2019(d) | 2,721 | 0 | ||
WPG Holdings Ltd. | 28,561 | 36,145 | ||
WT Microelectronics Co., Ltd. | 9,000 | 11,031 | ||
Yageo Corp. | 3,044 | 21,999 | ||
Zhen Ding Technology Holding Ltd. | 6,000 | 22,159 | ||
2,939,336 | ||||
Thailand-1.43% | ||||
Advanced Info Service PCL, NVDR | 3,274 | 24,845 | ||
Airports of Thailand PCL, NVDR | 4,806 | 11,318 | ||
Charoen Pokphand Foods PCL, NVDR | 24,790 | 23,920 | ||
CP ALL PCL, NVDR | 10,403 | 28,583 | ||
Indorama Ventures PCL, NVDR | 8,414 | 9,701 | ||
IRPC PCL, NVDR | 99,818 | 12,929 | ||
PTT Exploration & Production PCL, NVDR | 8,749 | 35,629 | ||
PTT Global Chemical PCL, NVDR | 16,612 | 28,934 | ||
PTT PCL, NVDR | 79,116 | 114,511 | ||
Siam Cement PCL (The), NVDR | 1,716 | 23,350 | ||
Star Petroleum Refining PCL, NVDR | 34,586 | 9,955 | ||
Thai Beverage PCL | 24,140 | 15,662 | ||
Thai Oil PCL, NVDR | 9,647 | 21,378 | ||
360,715 | ||||
Turkey-0.92% | ||||
BIM Birlesik Magazalar A.S. | 2,888 | 23,307 | ||
Eregli Demir ve Celik Fabrikalari TAS | 35,967 | 39,571 | ||
KOC Holding A.S. | 17,013 | 51,072 | ||
Tupras-Turkiye Petrol Rafinerileri A.S. | 1,404 | 30,363 | ||
Turk Hava Yollari AO(a) | 10,887 | 21,115 | ||
Turkcell Iletisim Hizmetleri AS | 14,491 | 32,160 | ||
Turkiye Vakiflar Bankasi T.A.O., Class D(a) | 43,314 | 34,495 | ||
232,083 | ||||
United States-0.28% | ||||
JBS S.A. | 9,737 | 69,843 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.70% (Cost $27,405,282) | 25,209,817 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.40% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(e)(f) | 76,847 | $ 76,847 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(e)(f) | 25,606 | 25,616 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $102,463) | 102,463 | |||
TOTAL INVESTMENTS IN SECURITIES-100.10% (Cost $27,507,745) | 25,312,280 | |||
OTHER ASSETS LESS LIABILITIES-(0.10)% | (26,458) | |||
NET ASSETS-100.00% | $25,285,822 |
Investment Abbreviations: |
ADR-American Depositary Receipt |
GDR-Global Depositary Receipt |
NVDR-Non-Voting Depositary Receipt |
REGS-Regulation S |
Rts.-Rights |
Notes to Schedule of Investments: | |
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at August 31, 2019. |
(c) | 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 August 31, 2019 was $325,880, which represented 1.29% of the Fund’s Net Assets. |
(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 August 31, 2019. |
(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 2J. |
Shares | Value | |||
Common Stocks & Other Equity Interests-99.75% | ||||
Communication Services-10.76% | ||||
Activision Blizzard, Inc. | 2,444 | $ 123,666 | ||
Alphabet, Inc., Class A(b) | 1,880 | 2,238,196 | ||
Altice USA, Inc., Class A(b) | 4,325 | 124,906 | ||
AMC Entertainment Holdings, Inc.(c) | 3,759 | 41,763 | ||
AT&T, Inc. | 76,465 | 2,696,156 | ||
CBS Corp., Class B | 1,974 | 83,026 | ||
CenturyLink, Inc.(c) | 31,395 | 357,275 | ||
Charter Communications, Inc., Class A(b) | 1,410 | 577,522 | ||
Comcast Corp., Class A | 29,621 | 1,311,026 | ||
Discovery, Inc., Class A(b)(c) | 3,665 | 101,154 | ||
DISH Network Corp., Class A(b) | 3,290 | 110,412 | ||
Electronic Arts, Inc.(b) | 1,033 | 96,772 | ||
Facebook, Inc., Class A(b) | 7,674 | 1,424,832 | ||
Frontier Communications Corp.(b)(c) | 39,011 | 31,228 | ||
IAC/InterActiveCorp.(b) | 187 | 47,618 | ||
Interpublic Group of Cos., Inc. (The) | 2,915 | 57,950 | ||
Liberty Media Corp.-Liberty SiriusXM, Series C(b) | 2,725 | 111,207 | ||
News Corp., Class A | 7,709 | 105,999 | ||
Omnicom Group, Inc. | 1,597 | 121,468 | ||
Take-Two Interactive Software, Inc.(b) | 375 | 49,489 | ||
Telephone & Data Systems, Inc. | 1,599 | 40,295 | ||
T-Mobile US, Inc.(b) | 1,786 | 139,397 | ||
Twitter, Inc.(b) | 1,411 | 60,179 | ||
Verizon Communications, Inc. | 26,317 | 1,530,597 | ||
Viacom, Inc., Class B | 4,041 | 100,944 | ||
Walt Disney Co. (The) | 6,467 | 887,660 | ||
Zayo Group Holdings, Inc.(b) | 1,129 | 38,002 | ||
12,608,739 | ||||
Consumer Discretionary-12.18% | ||||
Adient PLC | 4,418 | 89,111 | ||
Advance Auto Parts, Inc. | 377 | 52,007 | ||
Amazon.com, Inc.(b) | 571 | 1,014,262 | ||
American Axle & Manufacturing Holdings, Inc.(b) | 3,477 | 22,044 | ||
Aptiv PLC | 1,409 | 117,187 | ||
Aramark | 2,445 | 99,903 | ||
AutoNation, Inc.(b) | 1,974 | 93,686 | ||
AutoZone, Inc.(b) | 110 | 121,186 | ||
Bed Bath & Beyond, Inc.(c) | 4,701 | 45,459 | ||
Best Buy Co., Inc. | 3,103 | 197,506 | ||
Booking Holdings, Inc.(b) | 193 | 379,517 | ||
BorgWarner, Inc. | 2,069 | 67,511 | ||
Brunswick Corp. | 751 | 34,997 | ||
Burlington Stores, Inc.(b) | 281 | 56,900 | ||
CarMax, Inc.(b) | 1,221 | 101,685 | ||
Carnival Corp. | 5,357 | 236,137 | ||
Chipotle Mexican Grill, Inc.(b) | 54 | 45,275 | ||
Core-Mark Holding Co., Inc. | 1,127 | 36,504 | ||
D.R. Horton, Inc. | 2,069 | 102,353 | ||
Dana, Inc. | 2,445 | 31,125 | ||
Darden Restaurants, Inc. | 564 | 68,233 | ||
Dicks Sporting Goods, Inc. | 1,597 | 54,362 | ||
Dollar General Corp. | 1,503 | 234,603 | ||
Dollar Tree, Inc.(b) | 1,315 | 133,512 | ||
Domino’s Pizza, Inc. | 126 | 28,582 | ||
eBay, Inc. | 6,580 | 265,108 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
Expedia Group, Inc. | 847 | $ 110,195 | ||
Foot Locker, Inc. | 1,222 | 44,224 | ||
Ford Motor Co. | 98,809 | 906,079 | ||
GameStop Corp., Class A(c) | 5,077 | 20,156 | ||
Gap, Inc. (The) | 3,479 | 54,933 | ||
General Motors Co. | 27,210 | 1,009,219 | ||
Gentex Corp. | 1,975 | 52,535 | ||
Genuine Parts Co. | 1,034 | 93,360 | ||
Goodyear Tire & Rubber Co. (The) | 6,392 | 73,316 | ||
Group 1 Automotive, Inc. | 565 | 42,217 | ||
H&R Block, Inc. | 1,221 | 29,573 | ||
Hanesbrands, Inc. | 2,537 | 34,655 | ||
Harley-Davidson, Inc. | 1,880 | 59,972 | ||
Hasbro, Inc. | 471 | 52,031 | ||
Hilton Worldwide Holdings, Inc. | 1,222 | 112,876 | ||
Home Depot, Inc. (The) | 5,048 | 1,150,490 | ||
Hyatt Hotels Corp., Class A | 845 | 60,967 | ||
J.C. Penney Co., Inc.(b) | 39,104 | 29,097 | ||
Kohl’s Corp. | 2,256 | 106,619 | ||
Kontoor Brands, Inc.(b) | 281 | 9,621 | ||
L Brands, Inc. | 3,291 | 54,334 | ||
Las Vegas Sands Corp. | 1,974 | 109,498 | ||
Lear Corp. | 1,033 | 115,965 | ||
Leggett & Platt, Inc. | 939 | 34,921 | ||
Lennar Corp., Class A | 2,445 | 124,695 | ||
Lithia Motors, Inc., Class A | 377 | 49,413 | ||
LKQ Corp.(b) | 2,350 | 61,734 | ||
Lowe’s Cos., Inc. | 4,323 | 485,041 | ||
Lululemon Athletica, Inc.(b) | 188 | 34,718 | ||
Macy’s, Inc. | 6,767 | 99,881 | ||
Marriott International, Inc., Class A | 1,597 | 201,318 | ||
McDonald’s Corp. | 2,216 | 483,021 | ||
MGM Resorts International | 5,264 | 147,708 | ||
Mohawk Industries, Inc.(b) | 533 | 63,368 | ||
Murphy USA, Inc.(b) | 564 | 50,422 | ||
Newell Brands, Inc. | 8,084 | 134,194 | ||
NIKE, Inc., Class B | 5,077 | 429,006 | ||
Nordstrom, Inc.(c) | 1,786 | 51,740 | ||
Norwegian Cruise Line Holdings Ltd.(b) | 1,599 | 81,149 | ||
NVR, Inc.(b) | 17 | 61,183 | ||
Office Depot, Inc. | 25,662 | 33,361 | ||
O’Reilly Automotive, Inc.(b) | 322 | 123,571 | ||
Penske Automotive Group, Inc. | 846 | 36,192 | ||
Polaris Industries, Inc. | 471 | 38,631 | ||
PulteGroup, Inc. | 2,726 | 92,139 | ||
PVH Corp. | 659 | 49,952 | ||
Qurate Retail, Inc., Class A(b) | 8,554 | 91,613 | ||
Ralph Lauren Corp. | 563 | 49,735 | ||
Ross Stores, Inc. | 1,409 | 149,368 | ||
Royal Caribbean Cruises Ltd. | 1,127 | 117,524 | ||
Service Corp. International | 847 | 39,216 | ||
Signet Jewelers Ltd. | 3,573 | 43,733 | ||
Starbucks Corp. | 6,955 | 671,575 | ||
Tapestry, Inc. | 2,068 | 42,704 | ||
Target Corp. | 6,867 | 735,044 | ||
Tenneco, Inc., Class A | 3,948 | 34,427 | ||
Tesla, Inc.(b)(c) | 282 | 63,622 | ||
Thor Industries, Inc. | 751 | 34,478 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
Tiffany & Co. | 565 | $ 47,952 | ||
TJX Cos., Inc. (The) | 5,546 | 304,864 | ||
Toll Brothers, Inc. | 1,599 | 57,868 | ||
Tractor Supply Co. | 564 | 57,460 | ||
Ulta Beauty, Inc.(b) | 187 | 44,455 | ||
Under Armour, Inc., Class A(b) | 1,317 | 24,509 | ||
Vail Resorts, Inc. | 187 | 44,184 | ||
VF Corp. | 1,317 | 107,928 | ||
Whirlpool Corp. | 1,101 | 153,138 | ||
Williams-Sonoma, Inc. | 846 | 55,667 | ||
Wyndham Destinations, Inc. | 940 | 41,680 | ||
Wynn Resorts, Ltd. | 469 | 51,660 | ||
Yum China Holdings, Inc. (China) | 1,597 | 72,552 | ||
Yum! Brands, Inc. | 939 | 109,656 | ||
14,274,657 | ||||
Consumer Staples-9.24% | ||||
Altria Group, Inc. | 9,307 | 407,088 | ||
Archer-Daniels-Midland Co. | 5,734 | 218,179 | ||
Brown-Forman Corp., Class B | 1,034 | 60,996 | ||
Bunge Ltd. | 2,726 | 145,596 | ||
Campbell Soup Co. | 1,129 | 50,805 | ||
Casey’s General Stores, Inc. | 343 | 57,573 | ||
Church & Dwight Co., Inc. | 659 | 52,575 | ||
Clorox Co. (The) | 469 | 74,177 | ||
Coca-Cola Co. (The) | 12,032 | 662,241 | ||
Colgate-Palmolive Co. | 2,725 | 202,059 | ||
Conagra Brands, Inc. | 3,196 | 90,639 | ||
Constellation Brands, Inc., Class A | 751 | 153,467 | ||
Costco Wholesale Corp. | 2,631 | 775,514 | ||
Estee Lauder Cos., Inc. (The), Class A | 940 | 186,111 | ||
General Mills, Inc. | 3,196 | 171,945 | ||
Herbalife Nutrition Ltd.(b) | 1,035 | 35,635 | ||
Hershey Co. (The) | 658 | 104,280 | ||
Hormel Foods Corp. | 2,163 | 92,165 | ||
Ingredion, Inc. | 657 | 50,766 | ||
JM Smucker Co. (The) | 751 | 78,975 | ||
Kellogg Co. | 1,879 | 118,001 | ||
Kimberly-Clark Corp. | 1,409 | 198,824 | ||
Kraft Heinz Co. (The) | 11,279 | 287,840 | ||
Kroger Co. (The) | 21,903 | 518,663 | ||
McCormick & Co., Inc. | 375 | 61,076 | ||
Molson Coors Brewing Co., Class B | 2,351 | 120,747 | ||
Mondelez International, Inc., Class A | 7,051 | 389,356 | ||
Monster Beverage Corp.(b) | 939 | 55,091 | ||
PepsiCo, Inc. | 4,887 | 668,199 | ||
Performance Food Group Co.(b) | 1,505 | 70,419 | ||
Philip Morris International, Inc. | 4,982 | 359,152 | ||
Post Holdings, Inc.(b) | 469 | 46,755 | ||
Procter & Gamble Co. (The) | 10,617 | 1,276,482 | ||
Rite Aid Corp.(b)(c) | 7,050 | 45,543 | ||
Sysco Corp. | 3,666 | 272,494 | ||
TreeHouse Foods, Inc.(b) | 657 | 33,277 | ||
Tyson Foods, Inc., Class A | 2,915 | 271,212 | ||
United Natural Foods, Inc.(b) | 3,854 | 30,986 | ||
US Foods Holding Corp.(b) | 2,631 | 106,424 | ||
Walgreens Boots Alliance, Inc. | 13,912 | 712,155 | ||
Walmart, Inc. | 13,254 | 1,514,402 | ||
10,827,884 |
Shares | Value | |||
Energy-8.03% | ||||
Antero Resources Corp.(b)(c) | 9,025 | $ 28,609 | ||
Apache Corp. | 4,323 | 93,247 | ||
Baker Hughes, a GE Co., Class A | 7,051 | 152,936 | ||
Cabot Oil & Gas Corp. | 2,255 | 38,606 | ||
Cheniere Energy, Inc.(b) | 751 | 44,842 | ||
Chesapeake Energy Corp.(b)(c) | 16,168 | 23,282 | ||
Chevron Corp. | 13,978 | 1,645,490 | ||
Cimarex Energy Co. | 659 | 28,192 | ||
ConocoPhillips | 9,493 | 495,345 | ||
CVR Energy, Inc. | 846 | 33,654 | ||
Delek US Holdings, Inc. | 1,411 | 46,210 | ||
Devon Energy Corp. | 5,827 | 128,136 | ||
EOG Resources, Inc. | 2,819 | 209,142 | ||
Exxon Mobil Corp. | 35,649 | 2,441,243 | ||
Gulfport Energy Corp.(b) | 4,794 | 11,506 | ||
Halliburton Co. | 7,613 | 143,429 | ||
Helmerich & Payne, Inc. | 846 | 31,801 | ||
Hess Corp. | 1,787 | 112,492 | ||
HollyFrontier Corp. | 2,631 | 116,711 | ||
Marathon Oil Corp. | 8,931 | 105,743 | ||
Marathon Petroleum Corp. | 11,187 | 550,512 | ||
Murphy Oil Corp. | 1,974 | 35,986 | ||
National Oilwell Varco, Inc. | 4,135 | 84,478 | ||
Oasis Petroleum, Inc.(b) | 6,110 | 19,063 | ||
Occidental Petroleum Corp. | 6,862 | 298,360 | ||
ONEOK, Inc. | 2,067 | 147,336 | ||
Parsley Energy, Inc., Class A(b) | 2,163 | 38,739 | ||
Patterson-UTI Energy, Inc. | 3,383 | 29,263 | ||
PBF Energy, Inc., Class A | 3,103 | 73,541 | ||
Peabody Energy Corp. | 3,009 | 55,456 | ||
Phillips 66 | 8,189 | 807,681 | ||
Pioneer Natural Resources Co. | 847 | 104,537 | ||
QEP Resources, Inc. | 4,701 | 16,736 | ||
Range Resources Corp.(c) | 5,827 | 20,744 | ||
Schlumberger Ltd. | 11,939 | 387,182 | ||
Southwestern Energy Co.(b)(c) | 11,845 | 18,715 | ||
Targa Resources Corp. | 2,444 | 88,277 | ||
Valero Energy Corp. | 6,875 | 517,550 | ||
Whiting Petroleum Corp.(b)(c) | 1,786 | 11,841 | ||
World Fuel Services Corp. | 3,665 | 140,736 | ||
WPX Energy, Inc.(b) | 3,101 | 33,367 | ||
9,410,716 | ||||
Financials-5.84% | ||||
Affiliated Managers Group, Inc. | 659 | 50,499 | ||
AGNC Investment Corp. | 6,581 | 97,859 | ||
Alleghany Corp.(b) | 112 | 83,923 | ||
Allstate Corp. (The) | 4,135 | 423,383 | ||
American Express Co. | 4,888 | 588,369 | ||
Arthur J. Gallagher & Co. | 752 | 68,214 | ||
Berkshire Hathaway, Inc., Class B(b) | 14,586 | 2,966,938 | ||
Cboe Global Markets, Inc. | 376 | 44,804 | ||
Cincinnati Financial Corp. | 846 | 95,167 | ||
Everest Re Group, Ltd. | 343 | 80,907 | ||
Fidelity National Financial, Inc. | 1,692 | 74,346 | ||
First American Financial Corp. | 847 | 49,507 | ||
Franklin Resources, Inc. | 3,290 | 86,461 | ||
Hanover Insurance Group, Inc. (The) | 376 | 50,064 | ||
Hartford Financial Services Group, Inc. (The) | 3,289 | 191,683 | ||
INTL. FCStone, Inc.(b) | 1,881 | 73,754 |
Shares | Value | |||
Financials-(continued) | ||||
Lazard Ltd., Class A | 1,411 | $ 48,454 | ||
Legg Mason, Inc. | 1,316 | 48,416 | ||
LPL Financial Holdings, Inc. | 471 | 35,301 | ||
Markel Corp.(b) | 75 | 85,731 | ||
Marsh & McLennan Cos., Inc. | 1,786 | 178,404 | ||
Moody’s Corp. | 375 | 80,842 | ||
Mr Cooper Group, Inc.(b) | 4,042 | 35,610 | ||
MSCI, Inc. | 187 | 43,876 | ||
Nasdaq, Inc. | 565 | 56,410 | ||
Old Republic International Corp. | 2,915 | 68,094 | ||
OneMain Holdings, Inc. | 1,127 | 40,403 | ||
Progressive Corp. (The) | 3,385 | 256,583 | ||
Raymond James Financial, Inc. | 939 | 73,721 | ||
S&P Global, Inc. | 615 | 160,017 | ||
Santander Consumer USA Holdings, Inc. | 2,068 | 53,995 | ||
T. Rowe Price Group, Inc. | 1,034 | 114,381 | ||
Travelers Cos., Inc. (The) | 2,257 | 331,689 | ||
W.R. Berkley Corp. | 846 | 60,277 | ||
White Mountains Insurance Group Ltd. | 37 | 39,246 | ||
6,837,328 | ||||
Health Care-14.94% | ||||
Abbott Laboratories | 5,357 | 457,059 | ||
AbbVie, Inc. | 9,921 | 652,207 | ||
Agilent Technologies, Inc. | 1,034 | 73,528 | ||
Alexion Pharmaceuticals, Inc.(b) | 563 | 56,728 | ||
AmerisourceBergen Corp. | 5,170 | 425,336 | ||
Amgen, Inc. | 5,624 | 1,173,279 | ||
Anthem, Inc. | 2,011 | 525,917 | ||
Baxter International, Inc. | 2,257 | 198,503 | ||
Becton, Dickinson and Co. | 940 | 238,685 | ||
Biogen, Inc.(b) | 1,382 | 303,694 | ||
Boston Scientific Corp.(b) | 2,161 | 92,339 | ||
Bristol-Myers Squibb Co. | 6,955 | 334,327 | ||
Cardinal Health, Inc. | 11,373 | 490,517 | ||
Celgene Corp.(b) | 3,949 | 382,263 | ||
Centene Corp.(b) | 4,042 | 188,438 | ||
Cerner Corp. | 1,128 | 77,730 | ||
Cigna Corp. | 2,220 | 341,813 | ||
Community Health Systems, Inc.(b)(c) | 13,537 | 33,707 | ||
Cooper Cos., Inc. (The) | 125 | 38,719 | ||
CVS Health Corp. | 17,994 | 1,096,194 | ||
Danaher Corp. | 1,785 | 253,631 | ||
DaVita, Inc.(b) | 2,351 | 132,526 | ||
DENTSPLY SIRONA, Inc. | 1,128 | 58,825 | ||
Edwards Lifesciences Corp.(b) | 376 | 83,412 | ||
Eli Lilly and Co. | 3,571 | 403,416 | ||
Encompass Health Corp. | 564 | 34,286 | ||
Gilead Sciences, Inc. | 7,427 | 471,912 | ||
HCA Healthcare, Inc. | 1,787 | 214,797 | ||
Henry Schein, Inc.(b) | 1,034 | 63,715 | ||
Hologic, Inc.(b) | 940 | 46,408 | ||
Humana, Inc. | 1,221 | 345,799 | ||
Illumina, Inc.(b) | 187 | 52,611 | ||
Intuitive Surgical, Inc.(b) | 134 | 68,520 | ||
IQVIA Holdings, Inc.(b) | 888 | 137,773 | ||
Jazz Pharmaceuticals PLC(b) | 282 | 36,138 | ||
Johnson & Johnson | 9,963 | 1,278,851 | ||
Laboratory Corp. of America Holdings(b) | 657 | 110,087 | ||
McKesson Corp. | 6,203 | 857,689 |
Shares | Value | |||
Health Care-(continued) | ||||
MEDNAX, Inc.(b) | 1,317 | $ 27,762 | ||
Medtronic PLC | 6,673 | 719,950 | ||
Merck & Co., Inc. | 10,474 | 905,687 | ||
Mettler-Toledo International, Inc.(b) | 50 | 32,839 | ||
Molina Healthcare, Inc.(b) | 469 | 61,101 | ||
Owens & Minor, Inc. | 9,400 | 47,752 | ||
Patterson Cos., Inc. | 1,411 | 23,592 | ||
Perrigo Co. PLC | 1,317 | 61,609 | ||
Pfizer, Inc. | 32,183 | 1,144,106 | ||
Quest Diagnostics, Inc. | 847 | 86,707 | ||
Regeneron Pharmaceuticals, Inc.(b) | 245 | 71,062 | ||
ResMed, Inc. | 282 | 39,283 | ||
STERIS PLC | 282 | 43,541 | ||
Stryker Corp. | 845 | 186,458 | ||
Tenet Healthcare Corp.(b) | 3,477 | 75,277 | ||
Thermo Fisher Scientific, Inc. | 1,127 | 323,517 | ||
UnitedHealth Group, Inc. | 5,538 | 1,295,892 | ||
Universal Health Services, Inc., Class B | 751 | 108,580 | ||
Vertex Pharmaceuticals, Inc.(b) | 282 | 50,766 | ||
Waters Corp.(b) | 282 | 59,753 | ||
WellCare Health Plans, Inc.(b) | 282 | 76,349 | ||
Zimmer Biomet Holdings, Inc. | 941 | 130,987 | ||
Zoetis, Inc. | 846 | 106,951 | ||
17,510,900 | ||||
Industrials-11.02% | ||||
3M Co. | 2,879 | 465,592 | ||
A.O. Smith Corp. | 752 | 34,983 | ||
Acuity Brands, Inc. | 281 | 35,240 | ||
AECOM(b) | 2,726 | 96,718 | ||
AGCO Corp. | 658 | 45,481 | ||
Allison Transmission Holdings, Inc. | 1,035 | 45,985 | ||
American Airlines Group, Inc. | 1,880 | 49,463 | ||
AMETEK, Inc. | 658 | 56,542 | ||
Arconic, Inc. | 3,479 | 89,897 | ||
Avis Budget Group, Inc.(b) | 2,631 | 65,170 | ||
Boeing Co. (The) | 2,819 | 1,026,370 | ||
C.H. Robinson Worldwide, Inc. | 1,033 | 87,278 | ||
Carlisle Cos., Inc. | 375 | 54,360 | ||
Caterpillar, Inc. | 3,759 | 447,321 | ||
Cintas Corp. | 281 | 74,128 | ||
CSX Corp. | 4,041 | 270,828 | ||
Cummins, Inc. | 1,221 | 182,259 | ||
Deere & Co. | 1,692 | 262,108 | ||
Delta Air Lines, Inc. | 1,880 | 108,777 | ||
Dover Corp. | 847 | 79,398 | ||
Eaton Corp. PLC | 3,197 | 258,062 | ||
EMCOR Group, Inc. | 470 | 41,097 | ||
Emerson Electric Co. | 3,290 | 196,051 | ||
Equifax, Inc. | 376 | 55,039 | ||
Expeditors International of Washington, Inc. | 939 | 66,763 | ||
Fastenal Co. | 1,598 | 48,931 | ||
FedEx Corp. | 2,349 | 372,575 | ||
Fluor Corp. | 2,538 | 44,846 | ||
Fortive Corp. | 752 | 53,317 | ||
Fortune Brands Home & Security, Inc. | 1,128 | 57,596 | ||
General Dynamics Corp. | 1,692 | 323,629 | ||
General Electric Co. | 88,359 | 728,962 | ||
Genesee & Wyoming, Inc., Class A(b) | 470 | 52,114 | ||
HD Supply Holdings, Inc.(b) | 1,035 | 40,272 |
Shares | Value | |||
Industrials-(continued) | ||||
Hertz Global Holdings, Inc.(b) | 5,358 | $ 64,885 | ||
Honeywell International, Inc. | 3,066 | 504,725 | ||
Hubbell, Inc. | 282 | 36,981 | ||
Huntington Ingalls Industries, Inc. | 343 | 71,687 | ||
IAA, Inc.(b) | 752 | 36,735 | ||
IDEX Corp. | 189 | 31,130 | ||
Illinois Tool Works, Inc. | 1,316 | 197,216 | ||
Ingersoll-Rand PLC | 1,221 | 147,851 | ||
J.B. Hunt Transport Services, Inc. | 469 | 50,671 | ||
Jacobs Engineering Group, Inc. | 939 | 83,439 | ||
Johnson Controls International PLC | 6,863 | 292,981 | ||
Kansas City Southern | 471 | 59,252 | ||
KAR Auction Services, Inc. | 752 | 19,973 | ||
Knight-Swift Transportation Holdings, Inc. | 1,223 | 41,753 | ||
L3Harris Technologies, Inc. | 376 | 79,490 | ||
Lockheed Martin Corp. | 1,034 | 397,170 | ||
ManpowerGroup, Inc. | 1,035 | 84,601 | ||
Masco Corp. | 1,599 | 65,127 | ||
Nielsen Holdings PLC | 3,195 | 66,328 | ||
Norfolk Southern Corp. | 1,315 | 228,876 | ||
Northrop Grumman Corp. | 751 | 276,270 | ||
Old Dominion Freight Line, Inc. | 281 | 46,016 | ||
Oshkosh Corp. | 658 | 46,238 | ||
Owens Corning | 1,315 | 75,428 | ||
PACCAR, Inc. | 2,725 | 178,651 | ||
Parker-Hannifin Corp. | 753 | 124,825 | ||
Quanta Services, Inc. | 1,693 | 57,393 | ||
Raytheon Co. | 1,410 | 261,301 | ||
Republic Services, Inc. | 1,692 | 151,011 | ||
Robert Half International, Inc. | 753 | 40,263 | ||
Rockwell Automation, Inc. | 658 | 100,536 | ||
Roper Technologies, Inc. | 210 | 77,020 | ||
Ryder System, Inc. | 1,222 | 58,864 | ||
Snap-on, Inc. | 283 | 42,076 | ||
Southwest Airlines Co. | 1,222 | 63,935 | ||
Spirit AeroSystems Holdings, Inc., Class A | 845 | 68,107 | ||
Stanley Black & Decker, Inc. | 847 | 112,532 | ||
Terex Corp. | 1,409 | 34,985 | ||
Textron, Inc. | 2,633 | 118,485 | ||
TransDigm Group, Inc.(b) | 93 | 50,064 | ||
Trinity Industries, Inc. | 2,163 | 37,788 | ||
Union Pacific Corp. | 3,735 | 604,920 | ||
United Airlines Holdings, Inc.(b) | 941 | 79,336 | ||
United Parcel Service, Inc., Class B | 5,075 | 602,199 | ||
United Rentals, Inc.(b) | 845 | 95,113 | ||
United Technologies Corp. | 3,927 | 511,452 | ||
Verisk Analytics, Inc. | 283 | 45,716 | ||
W.W. Grainger, Inc. | 281 | 76,896 | ||
Waste Management, Inc. | 1,785 | 213,040 | ||
WESCO International, Inc.(b) | 752 | 33,900 | ||
XPO Logistics, Inc.(b)(c) | 1,599 | 113,305 | ||
Xylem, Inc. | 565 | 43,285 | ||
12,918,973 | ||||
Information Technology-21.01% | ||||
Accenture PLC, Class A | 2,350 | 465,700 | ||
Adobe, Inc.(b) | 751 | 213,667 | ||
Akamai Technologies, Inc.(b) | 752 | 67,026 | ||
Alliance Data Systems Corp. | 658 | 80,901 | ||
Amdocs Ltd. | 939 | 60,791 |
Shares | Value | |||
Information Technology-(continued) | ||||
Amphenol Corp., Class A | 1,034 | $ 90,516 | ||
Analog Devices, Inc. | 1,409 | 154,750 | ||
ANSYS, Inc.(b) | 188 | 38,833 | ||
Apple, Inc. | 28,160 | 5,878,118 | ||
Applied Materials, Inc. | 7,519 | 361,062 | ||
Arrow Electronics, Inc.(b) | 1,691 | 117,017 | ||
Automatic Data Processing, Inc. | 1,093 | 185,635 | ||
Avnet, Inc. | 2,255 | 94,462 | ||
Booz Allen Hamilton Holding Corp. | 657 | 49,610 | ||
Broadcom, Inc. | 1,921 | 542,951 | ||
Broadridge Financial Solutions, Inc. | 376 | 48,669 | ||
CDK Global, Inc. | 752 | 32,456 | ||
CDW Corp. | 826 | 95,403 | ||
Cisco Systems, Inc. | 26,082 | 1,220,898 | ||
Citrix Systems, Inc. | 845 | 78,568 | ||
Cognizant Technology Solutions Corp., Class A | 3,290 | 201,973 | ||
CommScope Holding Co., Inc.(b) | 1,691 | 18,161 | ||
Conduent, Inc.(b) | 4,135 | 26,919 | ||
Corning, Inc. | 7,803 | 217,314 | ||
Dell Technologies, Inc., Class C(b) | 8,272 | 426,256 | ||
DXC Technology Co. | 3,385 | 112,450 | ||
F5 Networks, Inc.(b) | 283 | 36,431 | ||
Fidelity National Information Services, Inc. | 1,315 | 179,129 | ||
Fiserv, Inc.(b) | 1,221 | 130,574 | ||
Global Payments, Inc. | 375 | 62,243 | ||
Hewlett Packard Enterprise Co. | 25,193 | 348,167 | ||
HP, Inc. | 18,236 | 333,536 | ||
Intel Corp. | 33,355 | 1,581,361 | ||
International Business Machines Corp. | 6,933 | 939,630 | ||
Intuit, Inc. | 376 | 108,423 | ||
Jabil, Inc. | 3,477 | 100,172 | ||
Juniper Networks, Inc. | 3,384 | 78,373 | ||
Keysight Technologies, Inc.(b) | 469 | 45,427 | ||
KLA Corp. | 658 | 97,318 | ||
Lam Research Corp. | 1,185 | 249,454 | ||
Leidos Holdings, Inc. | 939 | 82,031 | ||
LogMeIn, Inc. | 377 | 25,199 | ||
Marvell Technology Group Ltd. | 2,351 | 56,353 | ||
Mastercard, Inc., Class A | 1,504 | 423,180 | ||
Maxim Integrated Products, Inc. | 1,129 | 61,576 | ||
Microchip Technology, Inc. | 847 | 73,122 | ||
Micron Technology, Inc.(b) | 15,039 | 680,816 | ||
Microsoft Corp. | 18,582 | 2,561,715 | ||
Motorola Solutions, Inc. | 375 | 67,841 | ||
NCR Corp.(b) | 1,223 | 38,537 | ||
NetApp, Inc. | 1,691 | 81,269 | ||
NVIDIA Corp. | 1,409 | 236,022 | ||
ON Semiconductor Corp.(b) | 3,008 | 53,542 | ||
Oracle Corp. | 16,920 | 880,855 | ||
Palo Alto Networks, Inc.(b) | 188 | 38,281 | ||
Paychex, Inc. | 751 | 61,357 | ||
PayPal Holdings, Inc.(b) | 2,443 | 266,409 | ||
PTC, Inc.(b) | 376 | 24,617 | ||
Qorvo, Inc.(b) | 939 | 67,073 | ||
QUALCOMM, Inc. | 9,870 | 767,590 | ||
Sabre Corp. | 1,786 | 42,221 | ||
salesforce.com, inc.(b) | 940 | 146,706 | ||
Sanmina Corp.(b) | 1,129 | 32,628 | ||
Seagate Technology PLC | 2,538 | 127,433 | ||
ServiceNow, Inc.(b) | 134 | 35,087 |
Shares | Value | |||
Information Technology-(continued) | ||||
Skyworks Solutions, Inc. | 1,223 | $ 92,055 | ||
SS&C Technologies Holdings, Inc. | 563 | 26,241 | ||
Symantec Corp. | 3,572 | 83,049 | ||
SYNNEX Corp. | 565 | 47,353 | ||
Synopsys, Inc.(b) | 376 | 53,321 | ||
Tech Data Corp.(b) | 1,316 | 122,033 | ||
Teradyne, Inc. | 1,033 | 54,718 | ||
Texas Instruments, Inc. | 4,041 | 500,074 | ||
Total System Services, Inc. | 563 | 75,566 | ||
Trimble, Inc.(b) | 847 | 31,779 | ||
Visa, Inc., Class A | 4,462 | 806,819 | ||
VMware, Inc., Class A | 1,035 | 146,390 | ||
Western Digital Corp. | 4,888 | 279,936 | ||
Western Union Co. (The) | 2,821 | 62,401 | ||
Xerox Holdings Corp. | 2,537 | 73,548 | ||
Xilinx, Inc. | 565 | 58,794 | ||
24,615,881 | ||||
Materials-3.24% | ||||
Air Products and Chemicals, Inc. | 751 | 169,666 | ||
Albemarle Corp.(c) | 752 | 46,421 | ||
Alcoa Corp.(b) | 2,914 | 52,248 | ||
Ashland Global Holdings, Inc. | 469 | 34,350 | ||
Avery Dennison Corp. | 471 | 54,434 | ||
Axalta Coating Systems Ltd.(b) | 1,317 | 38,035 | ||
Ball Corp. | 1,598 | 128,495 | ||
Berry Global Group, Inc.(b) | 941 | 36,831 | ||
Celanese Corp. | 845 | 95,798 | ||
CF Industries Holdings, Inc. | 1,691 | 81,489 | ||
Chemours Co. (The) | 2,726 | 38,627 | ||
Crown Holdings, Inc.(b) | 659 | 43,389 | ||
Domtar Corp. | 939 | 30,940 | ||
DuPont de Nemours, Inc. | 10,941 | 743,222 | ||
Eastman Chemical Co. | 1,503 | 98,251 | ||
Ecolab, Inc. | 817 | 168,555 | ||
FMC Corp. | 471 | 40,661 | ||
Freeport-McMoRan, Inc. | 17,765 | 163,260 | ||
Huntsman Corp. | 3,291 | 65,557 | ||
International Flavors & Fragrances, Inc.(c) | 282 | 30,950 | ||
International Paper Co. | 4,041 | 158,003 | ||
Louisiana-Pacific Corp. | 1,409 | 33,872 | ||
Martin Marietta Materials, Inc. | 232 | 58,875 | ||
Mosaic Co. (The) | 3,854 | 70,875 | ||
Newmont Goldcorp Corp. | 3,853 | 153,696 | ||
Nucor Corp. | 3,291 | 161,193 | ||
Olin Corp. | 2,350 | 39,903 | ||
Owens-Illinois, Inc. | 2,349 | 23,889 | ||
Packaging Corp. of America | 565 | 56,828 | ||
PPG Industries, Inc. | 1,410 | 156,214 | ||
Reliance Steel & Aluminum Co. | 845 | 82,159 | ||
RPM International, Inc. | 658 | 44,527 | ||
Sealed Air Corp. | 1,316 | 52,403 | ||
Sherwin-Williams Co. (The) | 282 | 148,544 | ||
Sonoco Products Co. | 565 | 32,318 | ||
Steel Dynamics, Inc. | 2,725 | 73,575 | ||
United States Steel Corp.(c) | 5,075 | 56,180 | ||
Vulcan Materials Co. | 469 | 66,246 | ||
Warrior Met Coal, Inc. | 1,223 | 25,561 | ||
Westrock Co. | 4,230 | 144,581 | ||
3,800,621 |
Shares | Value | |||
Real Estate-0.98% | ||||
American Tower Corp. | 845 | $ 194,511 | ||
CBRE Group, Inc., Class A(b) | 2,067 | 108,042 | ||
Equinix, Inc. | 188 | 104,581 | ||
Hospitality Properties Trust | 1,317 | 31,792 | ||
Host Hotels & Resorts, Inc. | 4,136 | 66,341 | ||
Iron Mountain, Inc. | 1,598 | 50,896 | ||
Jones Lang LaSalle, Inc. | 470 | 63,004 | ||
Park Hotels & Resorts, Inc. | 1,692 | 39,847 | ||
Public Storage | 469 | 124,163 | ||
Realogy Holdings Corp.(c) | 5,922 | 28,307 | ||
SBA Communications Corp. | 281 | 73,743 | ||
Simon Property Group, Inc. | 1,033 | 153,855 | ||
Weyerhaeuser Co. | 4,137 | 108,844 | ||
1,147,926 | ||||
Utilities-2.51% | ||||
AES Corp. (The) | 6,111 | 93,682 | ||
Alliant Energy Corp. | 847 | 44,425 | ||
Ameren Corp. | 1,410 | 108,782 | ||
American Electric Power Co., Inc. | 2,819 | 256,952 | ||
CenterPoint Energy, Inc. | 3,477 | 96,278 | ||
CMS Energy Corp. | 1,410 | 88,901 | ||
Consolidated Edison, Inc. | 1,975 | 175,578 | ||
DTE Energy Co. | 1,193 | 154,684 | ||
Edison International | 3,007 | 217,316 | ||
Entergy Corp. | 1,411 | 159,217 | ||
Eversource Energy | 1,785 | 143,032 | ||
Exelon Corp. | 8,836 | 417,589 | ||
FirstEnergy Corp. | 2,821 | 129,766 | ||
MDU Resources Group, Inc. | 1,503 | 40,416 | ||
NiSource, Inc. | 2,068 | 61,109 | ||
NRG Energy, Inc. | 2,257 | 82,155 | ||
PG&E Corp.(b) | 14,005 | 146,352 | ||
Portland General Electric Co. | 565 | 32,143 | ||
UGI Corp. | 1,221 | 59,426 | ||
Vistra Energy Corp. | 3,571 | 89,096 | ||
WEC Energy Group, Inc. | 1,599 | 153,136 | ||
Xcel Energy, Inc. | 2,913 | 187,073 | ||
2,937,108 | ||||
Total Common Stocks & Other Equity Interests (Cost $120,202,165) | 116,890,733 | |||
Money Market Funds-0.02% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $26,635) | 26,635 | 26,635 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.77% (Cost $120,228,800) | 116,917,368 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.90% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 789,874 | 789,874 |
Shares | Value | |||
Money Market Funds-(continued) | ||||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 262,998 | $ 263,103 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,052,977) | 1,052,977 | |||
TOTAL INVESTMENTS IN SECURITIES-100.67% (Cost $121,281,777) | 117,970,345 | |||
OTHER ASSETS LESS LIABILITIES-(0.67)% | (782,312) | |||
NET ASSETS-100.00% | $117,188,033 |
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 August 31, 2019. |
(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 August 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Shares | Value | |||
Common Stocks & Other Equity Interests-99.91% | ||||
Communication Services-4.84% | ||||
AMC Networks, Inc., Class A(b) | 1,035 | $ 50,197 | ||
ANGI Homeservices, Inc., Class A(b)(c) | 1,364 | 10,585 | ||
ATN International, Inc. | 155 | 8,807 | ||
Bandwidth, Inc., Class A(b) | 23 | 2,005 | ||
Boingo Wireless, Inc.(b) | 287 | 3,694 | ||
Cable One, Inc. | 22 | 28,548 | ||
Cargurus, Inc.(b) | 132 | 4,306 | ||
Cars.com, Inc.(b) | 1,585 | 14,122 | ||
Central European Media Enterprises Ltd., Class A (Czech Republic)(b) | 946 | 4,389 | ||
Cincinnati Bell, Inc.(b) | 1,563 | 8,487 | ||
Cinemark Holdings, Inc. | 1,342 | 51,211 | ||
Clear Channel Outdoor Holdings, Inc.(b) | 1,387 | 3,606 | ||
Cogent Communications Holdings, Inc. | 198 | 12,056 | ||
comScore, Inc.(b) | 330 | 614 | ||
Consolidated Communications Holdings, Inc. | 6,116 | 24,647 | ||
E.W. Scripps Co. (The), Class A | 925 | 11,433 | ||
Emerald Expositions Events, Inc. | 374 | 3,575 | ||
Entercom Communications Corp., Class A(c) | 3,872 | 13,784 | ||
Entravision Communications Corp., Class A | 4,004 | 12,252 | ||
Eros International PLC (India)(b) | 946 | 1,599 | ||
Gannett Co., Inc. | 4,401 | 46,299 | ||
Globalstar, Inc.(b) | 3,147 | 1,191 | ||
Glu Mobile, Inc.(b) | 375 | 1,665 | ||
Gogo, Inc.(b)(c) | 220 | 884 | ||
Gray Television, Inc.(b) | 1,320 | 20,196 | ||
John Wiley & Sons, Inc., Class A | 793 | 35,288 | ||
Liberty TripAdvisor Holdings, Inc., Class A(b) | 2,245 | 19,621 | ||
Lions Gate Entertainment Corp., Class A | 3,587 | 32,391 | ||
Live Nation Entertainment, Inc.(b) | 947 | 65,826 | ||
Madison Square Garden Co. (The), Class A(b) | 124 | 31,289 | ||
Marcus Corp. (The) | 331 | 11,108 | ||
Match Group, Inc.(c) | 770 | 65,296 | ||
MDC Partners, Inc., Class A(b) | 1,562 | 3,671 | ||
Meredith Corp. | 660 | 28,895 | ||
MSG Networks, Inc., Class A(b) | 265 | 4,346 | ||
National CineMedia, Inc. | 1,100 | 9,020 | ||
Netflix, Inc.(b) | 110 | 32,313 | ||
New Media Investment Group, Inc. | 2,244 | 19,702 | ||
New York Times Co. (The), Class A | 616 | 17,987 | ||
Nexstar Media Group, Inc., Class A | 526 | 52,016 | ||
ORBCOMM, Inc.(b) | 506 | 2,333 | ||
QuinStreet, Inc.(b) | 287 | 3,286 | ||
Rosetta Stone, Inc.(b) | 44 | 803 | ||
Scholastic Corp. | 683 | 23,953 | ||
Shenandoah Telecommunications Co. | 375 | 11,828 | ||
Sinclair Broadcast Group, Inc., Class A | 1,079 | 48,091 | ||
Sirius XM Holdings, Inc.(c) | 10,517 | 64,890 | ||
Snap, Inc., Class A(b)(c) | 484 | 7,662 | ||
Spok Holdings, Inc. | 308 | 3,619 | ||
TechTarget, Inc.(b) | 132 | 3,134 | ||
TEGNA, Inc. | 2,574 | 36,834 | ||
Tribune Media Co., Class A | 1,298 | 60,461 | ||
Tribune Publishing Co. | 330 | 2,525 | ||
TripAdvisor, Inc.(b) | 771 | 29,290 | ||
TrueCar, Inc.(b) | 770 | 3,049 | ||
United States Cellular Corp.(b) | 485 | 17,455 |
Shares | Value | |||
Communication Services-(continued) | ||||
Vonage Holdings Corp.(b) | 1,386 | $ 18,323 | ||
WideOpenWest, Inc.(b)(c) | 528 | 2,967 | ||
World Wrestling Entertainment, Inc., Class A(c) | 199 | 14,215 | ||
Yelp, Inc.(b) | 902 | 30,226 | ||
Zillow Group, Inc., Class C(b)(c) | 463 | 15,941 | ||
Zynga, Inc., Class A(b) | 4,488 | 25,626 | ||
1,195,432 | ||||
Consumer Discretionary-15.74% | ||||
1-800-Flowers.com, Inc., Class A(b) | 594 | 8,744 | ||
Aaron’s, Inc. | 1,040 | 66,674 | ||
Abercrombie & Fitch Co., Class A | 1,892 | 27,661 | ||
Acushnet Holdings Corp. | 441 | 11,453 | ||
Adtalem Global Education, Inc.(b) | 881 | 37,636 | ||
American Eagle Outfitters, Inc. | 2,816 | 47,365 | ||
American Outdoor Brands Corp.(b) | 1,101 | 6,617 | ||
American Public Education, Inc.(b) | 199 | 4,822 | ||
America’s Car-Mart, Inc.(b) | 86 | 7,377 | ||
Asbury Automotive Group, Inc.(b) | 616 | 58,089 | ||
Ascena Retail Group, Inc.(b) | 33,089 | 8,236 | ||
At Home Group, Inc.(b)(c) | 528 | 3,559 | ||
BBX Capital Corp. | 2,728 | 11,321 | ||
Beazer Homes USA, Inc.(b) | 1,827 | 22,892 | ||
Big Lots, Inc. | 1,651 | 37,560 | ||
Biglari Holdings, Inc., Class B(b) | 44 | 3,859 | ||
BJ’s Restaurants, Inc. | 309 | 11,260 | ||
Bloomin’ Brands, Inc. | 2,068 | 37,307 | ||
Boot Barn Holdings, Inc.(b) | 308 | 10,549 | ||
Boyd Gaming Corp. | 1,232 | 29,617 | ||
Bright Horizons Family Solutions, Inc.(b) | 284 | 46,874 | ||
Brinker International, Inc.(c) | 1,079 | 41,002 | ||
Buckle, Inc. (The)(c) | 617 | 12,093 | ||
Caesars Entertainment Corp.(b) | 4,048 | 46,592 | ||
Caleres, Inc. | 1,232 | 24,825 | ||
Callaway Golf Co.(c) | 1,145 | 20,335 | ||
Camping World Holdings, Inc., Class A(c) | 2,113 | 16,059 | ||
Career Education Corp.(b) | 418 | 8,573 | ||
Carrols Restaurant Group, Inc.(b) | 1,012 | 7,388 | ||
Carter’s, Inc. | 615 | 56,260 | ||
Cato Corp. (The), Class A | 902 | 15,451 | ||
Cavco Industries, Inc.(b) | 88 | 16,145 | ||
Century Communities, Inc.(b) | 353 | 9,948 | ||
Cheesecake Factory, Inc. (The) | 748 | 28,417 | ||
Chegg, Inc.(b) | 286 | 11,337 | ||
Chico’s FAS, Inc. | 7,634 | 23,818 | ||
Childrens Place, Inc. (The)(c) | 330 | 28,792 | ||
Choice Hotels International, Inc. | 213 | 19,379 | ||
Churchill Downs, Inc. | 443 | 54,604 | ||
Chuy’s Holdings, Inc.(b) | 243 | 6,165 | ||
Citi Trends, Inc. | 484 | 8,136 | ||
Columbia Sportswear Co. | 220 | 20,634 | ||
Conn’s, Inc.(b)(c) | 594 | 11,975 | ||
Container Store Group, Inc. (The)(b)(c) | 396 | 1,774 | ||
Cooper Tire & Rubber Co.(c) | 1,277 | 29,997 | ||
Cooper-Standard Holdings, Inc.(b) | 902 | 33,771 | ||
Cracker Barrel Old Country Store, Inc.(c) | 298 | 49,289 | ||
Crocs, Inc.(b) | 837 | 18,665 | ||
Dave & Buster’s Entertainment, Inc.(c) | 550 | 23,678 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
Deckers Outdoor Corp.(b) | 327 | $ 48,216 | ||
Del Friscos Restaurant Group, Inc.(b) | 1,100 | 8,767 | ||
Denny’s Corp.(b) | 462 | 10,899 | ||
Designer Brands Inc., Class A | 1,782 | 29,385 | ||
Dillard’s, Inc., Class A(c) | 990 | 57,935 | ||
Dine Brands Global, Inc. | 141 | 9,948 | ||
Dorman Products, Inc.(b) | 213 | 15,140 | ||
Drive Shack, Inc.(b) | 419 | 1,973 | ||
Duluth Holdings, Inc., Class B(b)(c) | 199 | 1,829 | ||
Dunkin’ Brands Group, Inc. | 726 | 59,851 | ||
El Pollo Loco Holdings, Inc.(b) | 330 | 3,369 | ||
Eldorado Resorts, Inc.(b)(c) | 463 | 17,830 | ||
Ethan Allen Interiors, Inc. | 507 | 8,720 | ||
Etsy, Inc.(b) | 308 | 16,259 | ||
Everi Holdings, Inc.(b) | 704 | 6,294 | ||
Express, Inc.(b) | 7,018 | 14,878 | ||
Fiesta Restaurant Group, Inc.(b) | 529 | 4,571 | ||
Five Below, Inc.(b) | 154 | 18,922 | ||
Floor & Decor Holdings, Inc., Class A(b) | 397 | 19,540 | ||
Fossil Group, Inc.(b)(c) | 1,914 | 24,499 | ||
Fox Factory Holding Corp.(b) | 110 | 7,924 | ||
Funko, Inc., Class A(b)(c) | 67 | 1,607 | ||
Genesco, Inc.(b) | 594 | 21,194 | ||
Gentherm, Inc.(b) | 463 | 16,992 | ||
G-III Apparel Group Ltd.(b) | 880 | 18,049 | ||
GNC Holdings, Inc.(b) | 9,857 | 19,320 | ||
Golden Entertainment, Inc.(b) | 507 | 7,189 | ||
GoPro, Inc., Class A(b)(c) | 1,254 | 4,853 | ||
Graham Holdings Co., Class B | 82 | 57,733 | ||
Grand Canyon Education, Inc.(b) | 198 | 24,869 | ||
Groupon, Inc.(b) | 6,336 | 15,713 | ||
GrubHub, Inc.(b)(c) | 423 | 25,101 | ||
Guess?, Inc.(c) | 1,232 | 22,262 | ||
Haverty Furniture Cos., Inc. | 595 | 11,394 | ||
Helen of Troy Ltd.(b) | 242 | 37,149 | ||
Hibbett Sports, Inc.(b) | 660 | 10,916 | ||
Hilton Grand Vacations, Inc.(b) | 793 | 26,780 | ||
Hooker Furniture Corp. | 242 | 4,322 | ||
Houghton Mifflin Harcourt Co.(b) | 2,640 | 15,708 | ||
Installed Building Products, Inc.(b) | 198 | 11,268 | ||
International Speedway Corp., Class A | 616 | 27,732 | ||
iRobot Corp.(b)(c) | 190 | 11,744 | ||
Jack in the Box, Inc. | 285 | 24,316 | ||
Johnson Outdoors, Inc., Class A | 88 | 4,928 | ||
K12, Inc.(b) | 485 | 12,780 | ||
KB Home | 2,047 | 57,500 | ||
Lands’ End, Inc.(b)(c) | 397 | 3,077 | ||
Laureate Education, Inc., Class A(b) | 2,574 | 47,104 | ||
La-Z-Boy, Inc. | 682 | 21,735 | ||
LCI Industries | 330 | 27,967 | ||
LGI Homes, Inc.(b) | 110 | 8,966 | ||
Lindblad Expeditions Holdings, Inc.(b) | 198 | 3,695 | ||
Liquidity Services, Inc.(b) | 242 | 1,832 | ||
M/I Homes, Inc.(b) | 682 | 24,647 | ||
Malibu Boats, Inc., Class A(b) | 154 | 4,284 | ||
Marine Products Corp. | 66 | 999 | ||
MarineMax, Inc.(b) | 704 | 10,180 | ||
Marriott Vacations Worldwide Corp. | 428 | 42,197 | ||
Mattel, Inc.(b)(c) | 3,389 | 33,212 | ||
MDC Holdings, Inc. | 792 | 30,627 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
MercadoLibre, Inc. (Argentina)(b) | 38 | $ 22,595 | ||
Meritage Homes Corp.(b) | 749 | 48,940 | ||
Michaels Cos., Inc. (The) | 2,706 | 15,343 | ||
Modine Manufacturing Co.(b) | 1,496 | 15,274 | ||
Monarch Casino & Resort, Inc.(b) | 88 | 3,905 | ||
Monro, Inc. | 221 | 17,176 | ||
Motorcar Parts of America, Inc.(b) | 221 | 3,211 | ||
Movado Group, Inc. | 330 | 7,102 | ||
National Vision Holdings, Inc.(b) | 529 | 15,002 | ||
Noodles & Co.(b)(c) | 287 | 1,656 | ||
Ollie’s Bargain Outlet Holdings, Inc.(b) | 154 | 8,539 | ||
Overstock.com, Inc.(b) | 594 | �� | 9,344 | |
Oxford Industries, Inc. | 198 | 13,816 | ||
Papa John’s International, Inc.(c) | 375 | 18,660 | ||
Party City Holdco, Inc.(b)(c) | 2,794 | 13,132 | ||
Penn National Gaming, Inc.(b) | 1,760 | 33,739 | ||
PetMed Express, Inc.(c) | 264 | 4,171 | ||
Planet Fitness, Inc., Class A(b) | 224 | 15,817 | ||
Pool Corp. | 198 | 38,883 | ||
Quotient Technology, Inc.(b) | 639 | 4,690 | ||
Red Robin Gourmet Burgers, Inc.(b) | 441 | 14,769 | ||
Red Rock Resorts, Inc., Class A | 1,210 | 25,228 | ||
Regis Corp.(b) | 748 | 12,095 | ||
Rent-A-Center, Inc.(b) | 968 | 24,713 | ||
RH(b)(c) | 521 | 74,633 | ||
Roku, Inc.(b) | 78 | 11,806 | ||
Ruth’s Hospitality Group, Inc. | 308 | 5,991 | ||
Sally Beauty Holdings, Inc.(b) | 2,575 | 31,492 | ||
Scientific Games Corp.(b)(c) | 397 | 7,337 | ||
SeaWorld Entertainment, Inc.(b) | 616 | 17,870 | ||
ServiceMaster Global Holdings, Inc.(b) | 740 | 42,210 | ||
Shake Shack, Inc., Class A(b) | 110 | 10,908 | ||
Shoe Carnival, Inc.(c) | 309 | 9,499 | ||
Shutterfly, Inc.(b) | 463 | 23,557 | ||
Shutterstock, Inc.(b) | 177 | 6,214 | ||
Six Flags Entertainment Corp. | 836 | 49,466 | ||
Skechers U.S.A., Inc., Class A(b) | 2,113 | 66,898 | ||
Sleep Number Corp.(b) | 793 | 33,179 | ||
Sonic Automotive, Inc., Class A | 2,574 | 69,266 | ||
Sotheby’s(b) | 704 | 40,656 | ||
Speedway Motorsports, Inc. | 242 | 4,780 | ||
Stamps.com, Inc.(b) | 573 | 36,878 | ||
Standard Motor Products, Inc. | 286 | 12,673 | ||
Steven Madden Ltd. | 858 | 28,503 | ||
Stitch Fix, Inc., Class A(b)(c) | 485 | 9,244 | ||
Stoneridge, Inc.(b) | 352 | 10,810 | ||
Strategic Education, Inc. | 66 | 11,169 | ||
Sturm Ruger & Co., Inc. | 198 | 8,120 | ||
Superior Industries International, Inc. | 3,718 | 10,225 | ||
Tailored Brands, Inc.(c) | 4,730 | 25,637 | ||
Taylor Morrison Home Corp., Class A(b) | 2,531 | 60,390 | ||
Tempur Sealy International, Inc.(b) | 352 | 27,146 | ||
Texas Roadhouse, Inc. | 673 | 34,633 | ||
Tile Shop Holdings, Inc.(c) | 771 | 2,074 | ||
TopBuild Corp.(b) | 396 | 36,678 | ||
Tower International, Inc. | 902 | 27,899 | ||
TRI Pointe Group, Inc.(b) | 3,697 | 51,758 | ||
Tupperware Brands Corp. | 1,320 | 17,173 | ||
Unifi, Inc.(b) | 352 | 6,772 | ||
Universal Electronics, Inc.(b) | 177 | 7,992 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
Urban Outfitters, Inc.(b) | 1,255 | $ 29,380 | ||
Vera Bradley, Inc.(b) | 440 | 4,660 | ||
Vista Outdoor, Inc.(b) | 3,102 | 17,340 | ||
Visteon Corp.(b) | 881 | 60,763 | ||
Wayfair, Inc., Class A(b)(c) | 221 | 24,916 | ||
Weight Watchers International, Inc.(b) | 485 | 14,545 | ||
Wendy’s Co. (The) | 2,024 | 44,528 | ||
William Lyon Homes, Inc., Class A(b) | 1,079 | 19,066 | ||
Wingstop, Inc. | 110 | 11,019 | ||
Winmark Corp. | 23 | 3,738 | ||
Winnebago Industries, Inc. | 551 | 17,643 | ||
Wolverine World Wide, Inc. | 1,167 | 30,284 | ||
Zovio Inc.(b) | 859 | 1,959 | ||
Zumiez, Inc.(b) | 374 | 9,717 | ||
3,892,158 | ||||
Consumer Staples-4.14% | ||||
Alico, Inc. | 111 | 3,313 | ||
Andersons, Inc. (The) | 946 | 21,682 | ||
B&G Foods, Inc.(c) | 1,387 | 23,482 | ||
Boston Beer Co., Inc. (The), Class A(b) | 63 | 27,620 | ||
Calavo Growers, Inc. | 110 | 9,752 | ||
Cal-Maine Foods, Inc. | 397 | 16,094 | ||
Central Garden & Pet Co., Class A(b) | 836 | 20,114 | ||
Chefs’ Warehouse, Inc. (The)(b) | 265 | 10,224 | ||
Coca-Cola Consolidated, Inc. | 79 | 26,592 | ||
Coty, Inc., Class A | 4,532 | 43,281 | ||
Darling Ingredients, Inc.(b) | 2,575 | 47,895 | ||
Dean Foods Co.(c) | 30,228 | 30,530 | ||
Edgewell Personal Care Co.(b) | 1,408 | 39,199 | ||
elf Beauty, Inc.(b) | 220 | 3,590 | ||
Energizer Holdings, Inc.(c) | 507 | 19,520 | ||
Farmer Brothers Co.(b) | 220 | 2,671 | ||
Flowers Foods, Inc. | 2,156 | 49,157 | ||
Fresh Del Monte Produce, Inc. | 1,166 | 30,363 | ||
Freshpet, Inc.(b) | 44 | 2,160 | ||
Hain Celestial Group, Inc. (The)(b) | 1,320 | 25,146 | ||
Hostess Brands, Inc.(b) | 1,430 | 20,049 | ||
Ingles Markets, Inc., Class A | 1,144 | 44,479 | ||
Inter Parfums, Inc. | 88 | 5,658 | ||
J & J Snack Foods Corp. | 108 | 20,851 | ||
John B. Sanfilippo & Son, Inc. | 132 | 12,223 | ||
Lamb Weston Holdings, Inc. | 638 | 44,909 | ||
Lancaster Colony Corp. | 132 | 19,259 | ||
Medifast, Inc. | 71 | 7,097 | ||
MGP Ingredients, Inc. | 66 | 3,179 | ||
National Beverage Corp.(c) | 67 | 2,740 | ||
Natural Grocers by Vitamin Cottage, Inc.(b) | 243 | 2,294 | ||
Nu Skin Enterprises, Inc., Class A | 727 | 29,531 | ||
Pilgrim’s Pride Corp.(b) | 749 | 23,339 | ||
PriceSmart, Inc. | 440 | 26,589 | ||
Sanderson Farms, Inc. | 287 | 42,941 | ||
Seaboard Corp. | 4 | 16,521 | ||
Seneca Foods Corp., Class A(b) | 463 | 12,723 | ||
Simply Good Foods Co. (The)(b) | 353 | 10,459 | ||
SpartanNash Co. | 3,829 | 41,238 | ||
Spectrum Brands Holdings, Inc. | 594 | 33,187 | ||
Sprouts Farmers Market, Inc.(b) | 2,729 | 48,986 | ||
Tootsie Roll Industries, Inc.(c) | 242 | 8,877 | ||
Turning Point Brands, Inc.(c) | 45 | 1,613 |
Shares | Value | |||
Consumer Staples-(continued) | ||||
Universal Corp. | 573 | $ 28,684 | ||
USANA Health Sciences, Inc.(b) | 154 | 10,467 | ||
Vector Group Ltd.(c) | 1,849 | 21,596 | ||
WD-40 Co. | 68 | 12,396 | ||
Weis Markets, Inc. | 528 | 20,185 | ||
1,024,455 | ||||
Energy-3.67% | ||||
Arch Coal, Inc., Class A(c) | 598 | 45,783 | ||
Archrock, Inc. | 2,354 | 22,857 | ||
Bonanza Creek Energy, Inc.(b) | 397 | 8,956 | ||
C&J Energy Services, Inc.(b) | 2,288 | 21,873 | ||
California Resources Corp.(b)(c) | 990 | 9,692 | ||
Carrizo Oil & Gas, Inc.(b) | 2,575 | 21,347 | ||
Centennial Resource Development, Inc., Class A(b) | 3,455 | 16,653 | ||
Clean Energy Fuels Corp.(b) | 1,651 | 3,285 | ||
CONSOL Energy, Inc.(b) | 814 | 13,643 | ||
Continental Resources, Inc.(b)(c) | 1,013 | 29,580 | ||
Contura Energy, Inc.(b) | 440 | 12,672 | ||
Denbury Resources, Inc.(b) | 17,491 | 18,890 | ||
DHT Holdings, Inc. | 1,321 | 7,424 | ||
DMC Global, Inc. | 44 | 1,911 | ||
Dril-Quip, Inc.(b) | 462 | 21,183 | ||
Exterran Corp.(b) | 1,276 | 13,462 | ||
Extraction Oil & Gas, Inc.(b)(c) | 6,798 | 27,396 | ||
Forum Energy Technologies, Inc.(b) | 2,641 | 3,724 | ||
Geospace Technologies Corp.(b) | 110 | 1,346 | ||
Golar LNG Ltd. (Bermuda) | 1,145 | 13,408 | ||
Green Plains, Inc. | 1,717 | 14,097 | ||
Gulf Island Fabrication, Inc.(b) | 198 | 1,253 | ||
Helix Energy Solutions Group, Inc.(b) | 2,795 | 20,236 | ||
HighPoint Resources Corp.(b) | 3,895 | 4,557 | ||
International Seaways, Inc.(b) | 550 | 9,471 | ||
Jagged Peak Energy, Inc.(b) | 573 | 3,954 | ||
Laredo Petroleum, Inc.(b) | 8,360 | 20,733 | ||
Magnolia Oil & Gas Corp., Class A(b)(c) | 1,299 | 13,263 | ||
Mammoth Energy Services, Inc. | 1,277 | 4,648 | ||
Matador Resources Co.(b) | 1,541 | 24,117 | ||
Matrix Service Co.(b) | 529 | 10,511 | ||
McDermott International, Inc.(b) | 7,327 | 34,583 | ||
Montage Resources Corp.(b) | 682 | 2,032 | ||
Nabors Industries Ltd. | 14,762 | 24,800 | ||
NACCO Industries, Inc., Class A | 66 | 3,285 | ||
Newpark Resources, Inc.(b) | 1,519 | 10,041 | ||
Northern Oil and Gas, Inc.(b)(c) | 1,584 | 2,915 | ||
Oceaneering International, Inc.(b) | 1,409 | 18,261 | ||
Oil States International, Inc.(b) | 1,034 | 14,259 | ||
Par Pacific Holdings, Inc.(b) | 1,188 | 25,827 | ||
PDC Energy, Inc.(b) | 1,452 | 46,246 | ||
Penn Virginia Corp.(b) | 309 | 8,806 | ||
ProPetro Holding Corp.(b) | 837 | 8,914 | ||
Renewable Energy Group, Inc.(b) | 1,782 | 21,687 | ||
REX American Resources Corp.(b) | 88 | 6,044 | ||
RigNet, Inc.(b) | 221 | 1,733 | ||
Ring Energy, Inc.(b) | 1,386 | 2,024 | ||
RPC, Inc.(c) | 1,100 | 5,841 | ||
SandRidge Energy, Inc.(b) | 1,629 | 7,624 | ||
SEACOR Holdings, Inc.(b) | 243 | 11,414 | ||
Select Energy Services, Inc., Class A(b) | 1,408 | 11,489 |
Shares | Value | |||
Energy-(continued) | ||||
SemGroup Corp., Class A | 2,663 | $ 23,541 | ||
Ship Finance International Ltd. (Norway) | 1,716 | 24,144 | ||
SM Energy Co. | 3,411 | 32,336 | ||
SRC Energy, Inc.(b) | 5,919 | 29,713 | ||
Superior Energy Services, Inc.(b) | 10,143 | 3,396 | ||
Teekay Corp. (Bermuda) | 4,687 | 17,201 | ||
TETRA Technologies, Inc.(b) | 4,093 | 6,794 | ||
Texas Pacific Land Trust | 18 | 11,794 | ||
Tidewater, Inc.(b) | 441 | 6,950 | ||
Unit Corp.(b) | 2,442 | 7,399 | ||
US Silica Holdings, Inc. | 2,839 | 28,873 | ||
W&T Offshore, Inc.(b) | 1,144 | 5,011 | ||
906,902 | ||||
Financials-6.69% | ||||
AMERISAFE, Inc. | 271 | 18,618 | ||
Arbor Realty Trust, Inc.(c) | 1,078 | 13,529 | ||
Argo Group International Holdings Ltd. | 535 | 35,160 | ||
Artisan Partners Asset Management, Inc., Class A | 1,277 | 34,019 | ||
Blucora, Inc.(b) | 375 | 8,467 | ||
Brown & Brown, Inc. | 1,739 | 64,152 | ||
CBTX, Inc. | 155 | 4,174 | ||
Cohen & Steers, Inc. | 154 | 8,305 | ||
Compass Diversified Holdings | 1,188 | 22,263 | ||
Cowen, Inc., Class A(b) | 924 | 14,424 | ||
Crawford & Co., Class A(c) | 682 | 6,581 | ||
Credit Acceptance Corp.(b) | 74 | 33,496 | ||
Diamond Hill Investment Group, Inc. | 44 | 5,936 | ||
Donegal Group, Inc., Class A | 397 | 5,729 | ||
Donnelley Financial Solutions, Inc.(b) | 682 | 7,250 | ||
Eaton Vance Corp. | 1,233 | 53,167 | ||
eHealth, Inc.(b) | 44 | 3,666 | ||
EMC Insurance Group, Inc. | 132 | 4,744 | ||
Employers Holdings, Inc. | 484 | 20,875 | ||
Encore Capital Group, Inc.(b)(c) | 484 | 17,860 | ||
Enova International, Inc.(b) | 1,343 | 32,098 | ||
Erie Indemnity Co., Class A | 132 | 28,949 | ||
Essent Group Ltd.(b) | 881 | 42,728 | ||
Evercore, Inc., Class A | 586 | 46,739 | ||
EZCORP, Inc., Class A(b) | 1,474 | 11,600 | ||
FactSet Research Systems, Inc. | 176 | 47,888 | ||
Federated Investors, Inc., Class B | 946 | 30,310 | ||
FirstCash, Inc. | 506 | 49,957 | ||
GAMCO Investors, Inc., Class A | 352 | 6,220 | ||
Green Dot Corp., Class A(b) | 462 | 14,128 | ||
Greenhill & Co., Inc.(c) | 837 | 11,751 | ||
Hamilton Lane, Inc., Class A | 133 | 8,265 | ||
Heritage Insurance Holdings, Inc. | 550 | 7,210 | ||
Houlihan Lokey, Inc. | 594 | 26,243 | ||
James River Group Holdings Ltd. | 528 | 26,020 | ||
Kemper Corp. | 662 | 46,327 | ||
Kinsale Capital Group, Inc. | 97 | 9,528 | ||
KKR Real Estate Finance Trust, Inc. | 550 | 10,400 | ||
Ladenburg Thalmann Financial Services, Inc. | 3,411 | 6,686 | ||
LendingTree, Inc.(b)(c) | 22 | 6,822 | ||
Luther Burbank Corp. | 616 | 6,443 | ||
MarketAxess Holdings, Inc. | 76 | 30,219 | ||
Merchants Bancorp | 45 | 714 | ||
Mercury General Corp. | 506 | 27,071 |
Shares | Value | |||
Financials-(continued) | ||||
MGIC Investment Corp. | 4,422 | $ 55,938 | ||
Moelis & Co., Class A | 1,166 | 39,096 | ||
Morningstar, Inc. | 113 | 18,259 | ||
National General Holdings Corp. | 1,496 | 35,276 | ||
NMI Holdings, Inc., Class A(b) | 419 | 11,874 | ||
On Deck Capital, Inc.(b) | 2,046 | 6,649 | ||
Oppenheimer Holdings, Inc., Class A | 396 | 10,993 | ||
Piper Jaffray Cos. | 370 | 26,921 | ||
PJT Partners, Inc., Class A | 221 | 9,196 | ||
PRA Group, Inc.(b) | 572 | 19,528 | ||
Primerica, Inc. | 440 | 52,435 | ||
ProAssurance Corp. | 1,057 | 41,297 | ||
Protective Insurance Corp. | 462 | 7,484 | ||
Radian Group, Inc. | 2,618 | 59,036 | ||
RLI Corp. | 323 | 29,577 | ||
Safety Insurance Group, Inc. | 195 | 18,806 | ||
SEI Investments Co. | 1,167 | 67,114 | ||
Selective Insurance Group, Inc. | 659 | 52,476 | ||
State Auto Financial Corp. | 176 | 5,627 | ||
Stewart Information Services Corp. | 485 | 17,373 | ||
Trupanion, Inc.(b)(c) | 66 | 1,590 | ||
United Fire Group, Inc. | 454 | 20,503 | ||
United Insurance Holdings Corp. | 331 | 3,879 | ||
Universal Insurance Holdings, Inc. | 660 | 16,500 | ||
Virtu Financial, Inc., Class A(c) | 1,122 | 21,094 | ||
Waddell & Reed Financial, Inc., Class A(c) | 2,069 | 33,456 | ||
Walker & Dunlop, Inc. | 550 | 30,723 | ||
Westwood Holdings Group, Inc. | 154 | 4,227 | ||
WisdomTree Investments, Inc. | 837 | 4,026 | ||
World Acceptance Corp.(b)(c) | 128 | 17,011 | ||
1,654,695 | ||||
Health Care-9.25% | ||||
ABIOMED, Inc.(b) | 88 | 16,990 | ||
Acadia Healthcare Co., Inc.(b) | 1,607 | 42,521 | ||
Accuray, Inc.(b) | 727 | 1,948 | ||
Acorda Therapeutics, Inc.(b)(c) | 1,232 | 3,979 | ||
Addus HomeCare Corp.(b) | 88 | 7,742 | ||
Akorn, Inc.(b) | 1,826 | 5,277 | ||
Align Technology, Inc.(b) | 176 | 32,227 | ||
Alkermes PLC(b) | 792 | 16,616 | ||
Allscripts Healthcare Solutions, Inc.(b) | 3,080 | 27,966 | ||
AMAG Pharmaceuticals, Inc.(b)(c) | 1,210 | 13,213 | ||
Amedisys, Inc.(b) | 264 | 33,979 | ||
American Renal Associates Holdings, Inc.(b) | 1,298 | 8,048 | ||
AMN Healthcare Services, Inc.(b) | 565 | 32,996 | ||
Amneal Pharmaceuticals, Inc.(b) | 1,650 | 4,207 | ||
Amphastar Pharmaceuticals, Inc.(b) | 242 | 5,435 | ||
AngioDynamics, Inc.(b) | 396 | 7,275 | ||
ANI Pharmaceuticals, Inc.(b) | 45 | 2,948 | ||
Anika Therapeutics, Inc.(b) | 167 | 9,479 | ||
Apollo Medical Holdings, Inc.(b) | 198 | 3,877 | ||
Arena Pharmaceuticals, Inc.(b) | 132 | 6,981 | ||
Arrowhead Pharmaceuticals, Inc.(b)(c) | 88 | 3,007 | ||
Assertio Therapeutics, Inc.(b) | 1,673 | 2,409 | ||
AtriCure, Inc.(b) | 88 | 2,410 | ||
Atrion Corp. | 6 | 4,663 | ||
Avanos Medical, Inc.(b) | 286 | 9,489 | ||
AxoGen, Inc.(b) | 22 | 349 | ||
BioMarin Pharmaceutical, Inc.(b) | 396 | 29,724 |
Shares | Value | |||
Health Care-(continued) | ||||
Bio-Rad Laboratories, Inc., Class A(b) | 173 | $ 58,424 | ||
Bio-Techne Corp. | 111 | 21,264 | ||
BioTelemetry, Inc.(b) | 132 | 5,234 | ||
Brookdale Senior Living, Inc.(b) | 6,270 | 51,289 | ||
Bruker Corp. | 506 | 21,844 | ||
Cambrex Corp.(b) | 286 | 17,140 | ||
Cantel Medical Corp. | 199 | 18,294 | ||
Capital Senior Living Corp.(b) | 991 | 4,569 | ||
Cara Therapeutics, Inc.(b) | 1 | 23 | ||
Cardiovascular Systems, Inc.(b) | 66 | 3,196 | ||
CareDx, Inc.(b) | 1 | 23 | ||
Catalent, Inc.(b) | 814 | 42,930 | ||
Charles River Laboratories International, Inc.(b) | 302 | 39,622 | ||
Chemed Corp. | 103 | 44,231 | ||
ChemoCentryx, Inc.(b) | 67 | 446 | ||
Codexis, Inc.(b)(c) | 22 | 309 | ||
Collegium Pharmaceutical, Inc.(b) | 352 | 4,076 | ||
Computer Programs & Systems, Inc. | 111 | 2,348 | ||
CONMED Corp. | 176 | 17,736 | ||
Corcept Therapeutics, Inc.(b)(c) | 639 | 8,058 | ||
CorVel Corp.(b) | 78 | 6,570 | ||
Cross Country Healthcare, Inc.(b) | 1,012 | 10,373 | ||
CryoLife, Inc.(b) | 132 | 3,538 | ||
CytomX Therapeutics, Inc.(b) | 66 | 579 | ||
Denali Therapeutics, Inc.(b)(c) | 132 | 2,376 | ||
DexCom, Inc.(b) | 120 | 20,593 | ||
Dicerna Pharmaceuticals, Inc.(b) | 44 | 612 | ||
Diplomat Pharmacy, Inc.(b) | 5,478 | 31,827 | ||
Eagle Pharmaceuticals, Inc.(b) | 132 | 7,443 | ||
Emergent BioSolutions, Inc.(b) | 353 | 15,461 | ||
Enanta Pharmaceuticals, Inc.(b) | 79 | 5,573 | ||
Endo International PLC(b) | 4,049 | 9,596 | ||
Ensign Group, Inc. (The) | 374 | 18,663 | ||
Evolent Health, Inc., Class A(b) | 815 | 5,599 | ||
Exact Sciences Corp.(b) | 62 | 7,392 | ||
Exelixis, Inc.(b) | 1,166 | 23,145 | ||
FibroGen, Inc.(b) | 89 | 3,975 | ||
Fluidigm Corp.(b) | 1 | 6 | ||
Genomic Health, Inc.(b) | 111 | 8,509 | ||
Glaukos Corp.(b) | 44 | 2,830 | ||
Globus Medical, Inc., Class A(b) | 441 | 22,522 | ||
Haemonetics Corp.(b) | 311 | 41,528 | ||
Halozyme Therapeutics, Inc.(b) | 308 | 5,088 | ||
Hanger, Inc.(b) | 308 | 5,815 | ||
HealthEquity, Inc.(b) | 137 | 8,132 | ||
HealthStream, Inc.(b) | 220 | 5,559 | ||
Heska Corp.(b) | 22 | 1,544 | ||
Hill-Rom Holdings, Inc. | 506 | 54,486 | ||
HMS Holdings Corp.(b) | 418 | 15,270 | ||
Horizon Pharma PLC(b) | 924 | 25,530 | ||
ICON PLC (Ireland)(b) | 298 | 45,949 | ||
ICU Medical, Inc.(b) | 110 | 17,792 | ||
IDEXX Laboratories, Inc.(b) | 193 | 55,920 | ||
Incyte Corp.(b) | 418 | 34,201 | ||
Innoviva, Inc.(b) | 507 | 5,876 | ||
Inogen, Inc.(b) | 67 | 3,107 | ||
Inovalon Holdings, Inc., Class A(b) | 858 | 14,517 | ||
Insulet Corp.(b) | 66 | 10,175 | ||
Integer Holdings Corp.(b) | 286 | 20,706 | ||
Integra LifeSciences Holdings Corp.(b) | 396 | 23,768 |
Shares | Value | |||
Health Care-(continued) | ||||
Intersect ENT, Inc.(b) | 44 | $ 721 | ||
Intrexon Corp.(b)(c) | 110 | 642 | ||
Invacare Corp. | 1,145 | 5,542 | ||
Ionis Pharmaceuticals, Inc.(b) | 352 | 22,250 | ||
iRhythm Technologies, Inc.(b) | 1 | 76 | ||
Lannett Co., Inc.(b)(c) | 1,672 | 17,222 | ||
Lantheus Holdings, Inc.(b) | 176 | 3,830 | ||
LeMaitre Vascular, Inc. | 67 | 2,121 | ||
LHC Group, Inc.(b) | 154 | 18,249 | ||
Luminex Corp. | 375 | 7,687 | ||
MacroGenics, Inc.(b) | 44 | 631 | ||
Magellan Health, Inc.(b) | 858 | 54,063 | ||
Masimo Corp.(b) | 156 | 23,907 | ||
Medidata Solutions, Inc.(b) | 132 | 12,089 | ||
Medpace Holdings, Inc.(b) | 243 | 19,661 | ||
Meridian Bioscience, Inc. | 484 | 4,467 | ||
Merit Medical Systems, Inc.(b) | 243 | 8,452 | ||
Mesa Laboratories, Inc.(c) | 17 | 3,761 | ||
Myriad Genetics, Inc.(b) | 704 | 16,565 | ||
National HealthCare Corp. | 176 | 14,221 | ||
National Research Corp. | 67 | 4,290 | ||
Natus Medical, Inc.(b) | 287 | 7,944 | ||
Nektar Therapeutics(b)(c) | 1,122 | 19,714 | ||
Neogen Corp.(b) | 154 | 10,860 | ||
NeoGenomics, Inc.(b) | 287 | 7,169 | ||
Neurocrine Biosciences, Inc.(b) | 88 | 8,749 | ||
Nevro Corp.(b) | 74 | 6,196 | ||
NextGen Healthcare, Inc.(b) | 309 | 4,391 | ||
NuVasive, Inc.(b) | 330 | 20,962 | ||
Omnicell, Inc.(b) | 167 | 11,991 | ||
OPKO Health, Inc.(b)(c) | 5,126 | 9,432 | ||
Option Care Health Inc.(b) | 1,211 | 4,238 | ||
OraSure Technologies, Inc.(b) | 507 | 3,346 | ||
Orthofix Medical, Inc.(b) | 132 | 6,711 | ||
OrthoPediatrics Corp.(b) | 1 | 32 | ||
Pacira BioSciences Inc.(b) | 111 | 4,134 | ||
Penumbra, Inc.(b) | 45 | 6,550 | ||
PerkinElmer, Inc. | 595 | 49,206 | ||
PetIQ, Inc.(b)(c) | 110 | 3,483 | ||
Phibro Animal Health Corp., Class A | 309 | 6,381 | ||
PRA Health Sciences, Inc.(b) | 372 | 36,768 | ||
Premier, Inc., Class A(b) | 793 | 27,961 | ||
Prestige Consumer Healthcare Inc.(b) | 858 | 27,353 | ||
Providence Service Corp. (The)(b) | 251 | 14,109 | ||
PTC Therapeutics, Inc.(b) | 67 | 2,986 | ||
Quidel Corp.(b) | 162 | 10,214 | ||
R1 RCM, Inc.(b) | 397 | 4,629 | ||
RadNet, Inc.(b) | 793 | 11,031 | ||
REGENXBIO, Inc.(b) | 132 | 4,553 | ||
Repligen Corp.(b) | 89 | 8,260 | ||
Retrophin, Inc.(b) | 133 | 1,674 | ||
RTI Surgical, Inc.(b) | 704 | 2,239 | ||
Seattle Genetics, Inc.(b) | 114 | 8,281 | ||
Select Medical Holdings Corp.(b) | 2,795 | 45,335 | ||
Spectrum Pharmaceuticals, Inc.(b) | 286 | 2,099 | ||
STAAR Surgical Co.(b)(c) | 66 | 1,987 | ||
Supernus Pharmaceuticals, Inc.(b) | 286 | 7,731 | ||
Surgery Partners, Inc.(b) | 793 | 5,107 | ||
SurModics, Inc.(b) | 66 | 3,106 | ||
Syneos Health, Inc.(b) | 859 | 45,123 |
Shares | Value | |||
Health Care-(continued) | ||||
Tabula Rasa HealthCare, Inc.(b)(c) | 44 | $ 2,499 | ||
Tactile Systems Technology, Inc.(b) | 23 | 1,160 | ||
Tandem Diabetes Care, Inc.(b) | 1 | 72 | ||
Teladoc Health, Inc.(b)(c) | 111 | 6,425 | ||
Teleflex, Inc. | 176 | 64,050 | ||
Tivity Health, Inc.(b)(c) | 529 | 9,660 | ||
United Therapeutics Corp.(b) | 565 | 46,646 | ||
US Physical Therapy, Inc. | 66 | 8,812 | ||
Vanda Pharmaceuticals, Inc.(b) | 221 | 3,114 | ||
Varex Imaging Corp.(b) | 396 | 10,435 | ||
Varian Medical Systems, Inc.(b) | 447 | 47,351 | ||
Veeva Systems, Inc., Class A(b) | 176 | 28,227 | ||
Veracyte, Inc.(b) | 1 | 27 | ||
Vericel Corp.(b) | 44 | 728 | ||
Vocera Communications, Inc.(b)(c) | 89 | 2,043 | ||
West Pharmaceutical Services, Inc. | 360 | 52,366 | ||
Xencor, Inc.(b) | 45 | 1,678 | ||
2,286,731 | ||||
Industrials-22.53% | ||||
AAON, Inc. | 154 | 7,387 | ||
AAR Corp. | 660 | 28,354 | ||
ABM Industries, Inc. | 1,519 | 56,598 | ||
Acacia Research Corp.(b) | 1,013 | 2,644 | ||
ACCO Brands Corp. | 3,630 | 33,650 | ||
Actuant Corp., Class A | 594 | 13,193 | ||
Advanced Disposal Services, Inc.(b) | 837 | 27,136 | ||
Advanced Drainage Systems, Inc. | 463 | 14,534 | ||
Aegion Corp.(b) | 968 | 19,108 | ||
Aerojet Rocketdyne Holdings, Inc.(b) | 573 | 29,928 | ||
AeroVironment, Inc.(b) | 89 | 4,586 | ||
Air Transport Services Group, Inc.(b) | 815 | 16,463 | ||
Alamo Group, Inc. | 110 | 12,560 | ||
Alaska Air Group, Inc. | 550 | 32,846 | ||
Albany International Corp. | 234 | 19,239 | ||
Allegiant Travel Co. | 69 | 9,797 | ||
Allegion PLC | 437 | 42,070 | ||
Altra Industrial Motion Corp. | 485 | 12,605 | ||
AMERCO | 110 | 38,678 | ||
American Woodmark Corp.(b) | 237 | 19,522 | ||
Apogee Enterprises, Inc. | 485 | 17,911 | ||
Applied Industrial Technologies, Inc. | 616 | 32,888 | ||
ArcBest Corp. | 1,100 | 32,571 | ||
Argan, Inc. | 45 | 1,859 | ||
Armstrong Flooring, Inc.(b) | 1,035 | 7,007 | ||
Armstrong World Industries, Inc. | 330 | 31,505 | ||
ASGN, Inc.(b) | 638 | 39,856 | ||
Astec Industries, Inc. | 462 | 12,751 | ||
Astronics Corp.(b) | 220 | 6,052 | ||
Atkore International Group, Inc.(b) | 1,540 | 44,675 | ||
Atlas Air Worldwide Holdings, Inc.(b) | 1,101 | 28,461 | ||
Axon Enterprise, Inc.(b) | 110 | 6,597 | ||
AZZ, Inc. | 309 | 12,752 | ||
Barnes Group, Inc. | 616 | 27,628 | ||
Barrett Business Services, Inc. | 132 | 11,501 | ||
Beacon Roofing Supply, Inc.(b) | 1,497 | 47,724 | ||
BMC Stock Holdings, Inc.(b) | 1,497 | 38,069 | ||
Brady Corp., Class A | 419 | 19,781 | ||
Briggs & Stratton Corp. | 1,695 | 7,322 | ||
Brink’s Co. (The) | 483 | 36,346 |
Shares | Value | |||
Industrials-(continued) | ||||
Builders FirstSource, Inc.(b) | 3,366 | $ 65,469 | ||
BWX Technologies, Inc. | 625 | 37,000 | ||
CAI International, Inc.(b) | 660 | 13,979 | ||
Casella Waste Systems, Inc., Class A(b) | 177 | 8,054 | ||
CBIZ, Inc.(b) | 705 | 15,750 | ||
Chart Industries, Inc.(b) | 204 | 12,819 | ||
CIRCOR International, Inc.(b) | 353 | 12,133 | ||
Civeo Corp.(b) | 2,905 | 4,038 | ||
Clean Harbors, Inc.(b) | 598 | 43,983 | ||
Colfax Corp.(b)(c) | 1,805 | 49,096 | ||
Columbus McKinnon Corp. | 308 | 9,970 | ||
Comfort Systems USA, Inc. | 440 | 17,010 | ||
Commercial Vehicle Group, Inc.(b) | 836 | 5,309 | ||
Continental Building Products, Inc.(b) | 507 | 12,746 | ||
Copa Holdings S.A., Class A (Panama) | 183 | 18,882 | ||
Copart, Inc.(b) | 704 | 53,075 | ||
Cornerstone Building Brands, Inc.(b) | 1,167 | 5,473 | ||
CoStar Group, Inc.(b) | 84 | 51,649 | ||
Covanta Holding Corp. | 1,826 | 31,407 | ||
CRA International, Inc. | 176 | 6,845 | ||
Crane Co. | 572 | 43,609 | ||
CSW Industrials, Inc. | 111 | 7,571 | ||
Cubic Corp. | 220 | 15,239 | ||
Curtiss-Wright Corp. | 418 | 51,264 | ||
Deluxe Corp. | 1,144 | 52,716 | ||
Donaldson Co., Inc. | 969 | 46,861 | ||
Douglas Dynamics, Inc. | 221 | 9,229 | ||
Ducommun, Inc.(b) | 132 | 5,436 | ||
DXP Enterprises, Inc.(b) | 242 | 7,853 | ||
Dycom Industries, Inc.(b) | 550 | 24,475 | ||
Echo Global Logistics, Inc.(b) | 881 | 17,655 | ||
Encore Wire Corp. | 297 | 16,035 | ||
Energy Recovery, Inc.(b)(c) | 111 | 1,073 | ||
EnerSys | 638 | 35,728 | ||
Ennis, Inc. | 375 | 7,541 | ||
EnPro Industries, Inc. | 425 | 26,469 | ||
ESCO Technologies, Inc. | 212 | 16,140 | ||
Evoqua Water Technologies Corp.(b) | 660 | 10,204 | ||
Exponent, Inc. | 204 | 14,462 | ||
Federal Signal Corp. | 551 | 16,370 | ||
Flowserve Corp. | 1,034 | 44,131 | ||
Forrester Research, Inc. | 67 | 2,336 | ||
Forward Air Corp. | 352 | 21,930 | ||
Foundation Building Materials, Inc.(b) | 418 | 7,160 | ||
Franklin Electric Co., Inc. | 352 | 16,139 | ||
FTI Consulting, Inc.(b) | 434 | 46,933 | ||
Gardner Denver Holdings, Inc.(b) | 814 | 23,346 | ||
GATX Corp. | 660 | 48,985 | ||
Genco Shipping & Trading Ltd.(b) | 1,343 | 12,839 | ||
Generac Holdings, Inc.(b) | 484 | 37,747 | ||
Gibraltar Industries, Inc.(b) | 352 | 14,175 | ||
GMS, Inc.(b) | 991 | 29,195 | ||
Gorman-Rupp Co. (The) | 177 | 5,287 | ||
GP Strategies Corp.(b) | 331 | 4,263 | ||
Graco, Inc. | 946 | 43,109 | ||
Granite Construction, Inc. | 792 | 22,524 | ||
Great Lakes Dredge & Dock Corp.(b) | 815 | 8,835 | ||
Greenbrier Cos., Inc. (The) | 946 | 22,032 | ||
Griffon Corp. | 1,188 | 20,731 | ||
H&E Equipment Services, Inc. | 595 | 14,453 |
Shares | Value | |||
Industrials-(continued) | ||||
Harsco Corp.(b) | 771 | $ 13,801 | ||
Hawaiian Holdings, Inc. | 440 | 10,740 | ||
Healthcare Services Group, Inc. | 594 | 13,395 | ||
Heartland Express, Inc. | 551 | 11,334 | ||
HEICO Corp.(c) | 264 | 38,193 | ||
Heidrick & Struggles International, Inc. | 286 | 7,593 | ||
Helios Technologies, Inc. | 198 | 8,472 | ||
Herc Holdings, Inc.(b) | 815 | 33,643 | ||
Heritage-Crystal Clean, Inc.(b) | 133 | 3,259 | ||
Herman Miller, Inc. | 858 | 36,276 | ||
Hexcel Corp. | 837 | 70,434 | ||
Hillenbrand, Inc. | 814 | 22,336 | ||
HNI Corp. | 793 | 24,734 | ||
Hub Group, Inc., Class A(b) | 771 | 33,199 | ||
Huron Consulting Group, Inc.(b) | 264 | 16,159 | ||
Hyster-Yale Materials Handling, Inc. | 265 | 14,456 | ||
ICF International, Inc. | 220 | 18,625 | ||
InnerWorkings, Inc.(b) | 2,223 | 9,426 | ||
Insperity, Inc. | 308 | 30,510 | ||
Insteel Industries, Inc. | 308 | 5,760 | ||
Interface, Inc. | 947 | 10,464 | ||
ITT, Inc. | 793 | 45,138 | ||
JELD-WEN Holding, Inc.(b) | 1,386 | 23,922 | ||
JetBlue Airways Corp.(b) | 2,134 | 36,961 | ||
John Bean Technologies Corp. | 176 | 18,008 | ||
Kadant, Inc. | 110 | 9,052 | ||
Kaman Corp. | 396 | 23,122 | ||
Kelly Services, Inc., Class A | 1,563 | 37,840 | ||
Kennametal, Inc. | 1,100 | 32,879 | ||
Kforce, Inc. | 353 | 11,487 | ||
Kimball International, Inc., Class B | 528 | 9,266 | ||
Kirby Corp.(b) | 633 | 46,582 | ||
Knoll, Inc. | 770 | 17,756 | ||
Korn Ferry | 683 | 26,692 | ||
Kratos Defense & Security Solutions, Inc.(b) | 330 | 6,590 | ||
Landstar System, Inc. | 497 | 55,425 | ||
Lawson Products, Inc.(b) | 67 | 2,442 | ||
LB Foster Co., Class A(b) | 199 | 3,962 | ||
Lennox International, Inc. | 220 | 55,832 | ||
Lincoln Electric Holdings, Inc. | 638 | 52,673 | ||
Lindsay Corp. | 88 | 7,767 | ||
LSC Communications, Inc. | 5,500 | 7,150 | ||
Lydall, Inc.(b) | 440 | 8,848 | ||
Manitowoc Co., Inc. (The)(b) | 199 | 2,488 | ||
Marten Transport Ltd. | 528 | 10,386 | ||
MasTec, Inc.(b) | 1,188 | 74,690 | ||
Matson, Inc. | 771 | 27,394 | ||
Matthews International Corp., Class A | 639 | 18,729 | ||
McGrath RentCorp | 242 | 15,495 | ||
Mercury Systems, Inc.(b) | 179 | 15,328 | ||
Meritor, Inc.(b) | 1,892 | 31,823 | ||
Middleby Corp. (The)(b) | 330 | 36,188 | ||
Milacron Holdings Corp.(b) | 1,211 | 19,194 | ||
Mistras Group, Inc.(b) | 374 | 5,460 | ||
Mobile Mini, Inc. | 551 | 17,224 | ||
Moog, Inc., Class A | 418 | 33,963 | ||
MRC Global, Inc.(b) | 1,937 | 24,348 | ||
MSA Safety, Inc. | 229 | 24,189 | ||
MSC Industrial Direct Co., Inc. | 752 | 50,850 | ||
Mueller Industries, Inc. | 859 | 22,643 |
Shares | Value | |||
Industrials-(continued) | ||||
Mueller Water Products, Inc., Class A | 1,804 | $ 18,870 | ||
MYR Group, Inc.(b) | 353 | 10,121 | ||
National Presto Industries, Inc.(c) | 66 | 5,657 | ||
Navigant Consulting, Inc. | 815 | 22,714 | ||
Navistar International Corp.(b) | 484 | 11,132 | ||
NN, Inc. | 859 | 5,515 | ||
Nordson Corp. | 330 | 44,867 | ||
NOW, Inc.(b) | 1,914 | 22,757 | ||
NV5 Global, Inc.(b) | 69 | 4,259 | ||
Omega Flex, Inc. | 39 | 3,284 | ||
Park Aerospace Corp. | 374 | 6,321 | ||
Park-Ohio Holdings Corp. | 286 | 7,776 | ||
Patrick Industries, Inc.(b) | 572 | 20,672 | ||
PGT Innovations, Inc.(b) | 550 | 8,800 | ||
Pitney Bowes, Inc. | 9,175 | 32,663 | ||
Powell Industries, Inc. | 111 | 4,032 | ||
Primoris Services Corp. | 1,012 | 19,774 | ||
Proto Labs, Inc.(b) | 89 | 8,432 | ||
Quad/Graphics, Inc. | 3,916 | 35,205 | ||
Quanex Building Products Corp. | 836 | 14,396 | ||
Raven Industries, Inc. | 242 | 7,059 | ||
RBC Bearings, Inc.(b) | 111 | 17,708 | ||
Regal Beloit Corp. | 793 | 56,224 | ||
Resources Connection, Inc. | 506 | 8,374 | ||
REV Group, Inc. | 771 | 9,938 | ||
Rexnord Corp.(b) | 1,144 | 29,950 | ||
Rollins, Inc. | 397 | 13,026 | ||
RR Donnelley & Sons Co. | 15,819 | 38,282 | ||
Rush Enterprises, Inc., Class A | 1,342 | 48,460 | ||
Saia, Inc.(b) | 330 | 28,228 | ||
Schneider National, Inc., Class B | 2,927 | 56,901 | ||
Simpson Manufacturing Co., Inc. | 396 | 25,423 | ||
SiteOne Landscape Supply, Inc.(b) | 246 | 19,237 | ||
SkyWest, Inc. | 265 | 15,174 | ||
SP Plus Corp.(b) | 396 | 13,666 | ||
Spartan Motors, Inc. | 726 | 9,155 | ||
Spirit Airlines, Inc.(b) | 264 | 9,911 | ||
SPX Corp.(b) | 462 | 17,533 | ||
SPX FLOW, Inc.(b) | 704 | 23,732 | ||
Standex International Corp. | 180 | 12,375 | ||
Steelcase, Inc., Class A | 2,025 | 31,448 | ||
Stericycle, Inc.(b) | 1,188 | 53,329 | ||
Sunrun, Inc.(b) | 418 | 6,408 | ||
Systemax, Inc. | 265 | 5,319 | ||
Team, Inc.(b) | 705 | 11,618 | ||
Teledyne Technologies, Inc.(b) | 205 | 63,261 | ||
Tennant Co. | 198 | 13,541 | ||
Tetra Tech, Inc. | 572 | 46,401 | ||
Textainer Group Holdings Ltd. (China)(b) | 1,012 | 8,066 | ||
Thermon Group Holdings, Inc.(b) | 199 | 4,328 | ||
Timken Co. (The) | 1,079 | 43,354 | ||
Titan International, Inc. | 2,200 | 5,720 | ||
Titan Machinery, Inc.(b) | 616 | 9,277 | ||
Toro Co. (The) | 684 | 49,255 | ||
TPI Composites, Inc.(b) | 309 | 5,451 | ||
TransUnion | 794 | 66,418 | ||
Trex Co., Inc.(b) | 198 | 16,935 | ||
TriMas Corp.(b) | 484 | 14,220 | ||
TriNet Group, Inc.(b) | 219 | 14,701 | ||
Triton International Ltd. (Bermuda) | 1,760 | 56,584 |
Shares | Value | |||
Industrials-(continued) | ||||
Triumph Group, Inc. | 551 | $ 11,450 | ||
TrueBlue, Inc.(b) | 1,035 | 20,089 | ||
Tutor Perini Corp.(b) | 2,069 | 20,669 | ||
Twin Disc, Inc.(b) | 154 | 1,557 | ||
UniFirst Corp. | 238 | 46,627 | ||
Univar Solutions Inc.(b) | 2,641 | 51,103 | ||
Universal Forest Products, Inc. | 1,079 | 42,189 | ||
Universal Logistics Holdings, Inc. | 177 | 3,708 | ||
US Ecology, Inc. | 176 | 10,660 | ||
Valmont Industries, Inc. | 315 | 42,682 | ||
Veritiv Corp.(b) | 2,113 | 34,991 | ||
Viad Corp. | 242 | 15,640 | ||
Vicor Corp.(b) | 67 | 2,043 | ||
Vivint Solar, Inc.(b)(c) | 176 | 1,419 | ||
Wabash National Corp. | 1,695 | 23,120 | ||
WABCO Holdings, Inc.(b) | 462 | 61,682 | ||
Wabtec Corp. | 814 | 56,337 | ||
Watsco, Inc. | 344 | 56,261 | ||
Watts Water Technologies, Inc., Class A | 307 | 28,130 | ||
Werner Enterprises, Inc. | 793 | 25,915 | ||
Wesco Aircraft Holdings, Inc.(b) | 1,101 | 12,111 | ||
Willscot Corp.(b) | 286 | 3,990 | ||
Woodward, Inc. | 380 | 40,983 | ||
YRC Worldwide, Inc.(b)(c) | 5,171 | 11,273 | ||
5,571,382 | ||||
Information Technology-16.85% | ||||
2U, Inc.(b)(c) | 155 | 2,771 | ||
3D Systems Corp.(b)(c) | 1,056 | 7,392 | ||
8x8, Inc.(b) | 199 | 4,838 | ||
A10 Networks, Inc.(b) | 242 | 1,679 | ||
Acacia Communications, Inc.(b) | 205 | 12,925 | ||
ACI Worldwide, Inc.(b) | 727 | 21,650 | ||
ADTRAN, Inc. | 572 | 5,874 | ||
Advanced Energy Industries, Inc.(b) | 374 | 19,313 | ||
Advanced Micro Devices, Inc.(b) | 1,628 | 51,201 | ||
Agilysys, Inc.(b) | 67 | 1,826 | ||
Alarm.com Holdings, Inc.(b) | 67 | 3,189 | ||
Altair Engineering, Inc., Class A(b) | 110 | 3,780 | ||
Alteryx, Inc., Class A(b) | 44 | 6,268 | ||
Ambarella, Inc.(b) | 243 | 13,576 | ||
Amkor Technology, Inc.(b) | 8,383 | 73,351 | ||
Anixter International, Inc.(b) | 1,034 | 62,009 | ||
AppFolio, Inc., Class A(b) | 41 | 4,050 | ||
Appian Corp.(b) | 22 | 1,308 | ||
Applied Optoelectronics, Inc.(b)(c) | 660 | 5,874 | ||
Arista Networks, Inc.(b) | 154 | 34,899 | ||
Aspen Technology, Inc.(b) | 220 | 29,304 | ||
Autodesk, Inc.(b) | 330 | 47,131 | ||
Avid Technology, Inc.(b) | 110 | 821 | ||
AVX Corp. | 770 | 10,433 | ||
Axcelis Technologies, Inc.(b) | 418 | 6,400 | ||
Badger Meter, Inc. | 154 | 7,943 | ||
Bel Fuse, Inc., Class B | 242 | 2,662 | ||
Belden, Inc. | 815 | 37,172 | ||
Benchmark Electronics, Inc. | 1,540 | 40,779 | ||
Benefitfocus, Inc.(b) | 23 | 601 | ||
Black Knight, Inc.(b) | 814 | 50,671 | ||
Blackbaud, Inc. | 220 | 20,013 | ||
Blackline, Inc.(b) | 67 | 3,412 |
Shares | Value | |||
Information Technology-(continued) | ||||
Bottomline Technologies (DE), Inc.(b) | 396 | $ 16,331 | ||
Box, Inc., Class A(b) | 418 | 6,115 | ||
Brightcove, Inc.(b) | 154 | 1,899 | ||
Brooks Automation, Inc. | 374 | 12,465 | ||
Cabot Microelectronics Corp. | 176 | 21,938 | ||
CACI International, Inc., Class A(b) | 286 | 63,575 | ||
Cadence Design Systems Inc.(b) | 880 | 60,262 | ||
CalAmp Corp.(b) | 573 | 5,501 | ||
Calix, Inc.(b) | 396 | 2,380 | ||
Carbonite, Inc.(b) | 177 | 2,133 | ||
Cardtronics PLC, Class A(b) | 617 | 18,276 | ||
Casa Systems, Inc.(b) | 440 | 2,534 | ||
CEVA, Inc.(b) | 176 | 5,528 | ||
ChannelAdvisor Corp.(b) | 154 | 1,324 | ||
Ciena Corp.(b) | 1,298 | 53,127 | ||
Cirrus Logic, Inc.(b) | 968 | 51,924 | ||
Cision Ltd.(b) | 572 | 3,958 | ||
Cloudera, Inc.(b)(c) | 792 | 5,655 | ||
Cognex Corp. | 770 | 34,712 | ||
Coherent, Inc. | 308 | 44,648 | ||
Cohu, Inc. | 440 | 5,245 | ||
CommVault Systems, Inc. | 352 | 15,266 | ||
Comtech Telecommunications Corp. | 440 | 11,770 | ||
CoreLogic, Inc.(b) | 1,056 | 51,110 | ||
Cornerstone OnDemand, Inc.(b) | 176 | 9,182 | ||
Coupa Software, Inc.(b) | 44 | 6,113 | ||
Cray, Inc.(b) | 133 | 4,646 | ||
Cree, Inc.(b) | 485 | 20,821 | ||
CSG Systems International, Inc. | 331 | 17,834 | ||
CTS Corp. | 308 | 8,787 | ||
Cypress Semiconductor Corp. | 3,740 | 86,057 | ||
Daktronics, Inc. | 858 | 6,203 | ||
Diebold Nixdorf, Inc.(b) | 2,641 | 29,606 | ||
Digi International, Inc.(b) | 330 | 4,217 | ||
Digimarc Corp.(b) | 1 | 40 | ||
Diodes, Inc.(b) | 507 | 18,531 | ||
Dolby Laboratories, Inc., Class A | 880 | 54,173 | ||
DSP Group, Inc.(b) | 177 | 2,450 | ||
Ebix, Inc.(c) | 198 | 7,013 | ||
Endurance International Group Holdings, Inc.(b) | 1,695 | 8,543 | ||
Enphase Energy, Inc.(b)(c) | 89 | 2,641 | ||
Entegris, Inc. | 991 | 42,445 | ||
Envestnet, Inc.(b) | 198 | 11,328 | ||
EPAM Systems, Inc.(b) | 164 | 31,378 | ||
ePlus, Inc.(b) | 181 | 14,791 | ||
Euronet Worldwide, Inc.(b) | 288 | 44,104 | ||
Everbridge, Inc.(b) | 22 | 1,896 | ||
Exela Technologies, Inc.(b) | 858 | 987 | ||
ExlService Holdings, Inc.(b) | 271 | 18,347 | ||
Extreme Networks, Inc.(b) | 1,386 | 9,258 | ||
Fabrinet (Thailand)(b) | 462 | 23,326 | ||
Fair Isaac Corp.(b) | 132 | 46,559 | ||
FARO Technologies, Inc.(b) | 111 | 5,466 | ||
Finisar Corp.(b)(c) | 1,299 | 29,370 | ||
FireEye, Inc.(b) | 748 | 10,046 | ||
First Solar, Inc.(b) | 836 | 51,891 | ||
Fitbit, Inc., Class A(b)(c) | 3,608 | 11,149 | ||
Five9, Inc.(b) | 66 | 4,172 | ||
FLIR Systems, Inc. | 1,100 | 54,197 | ||
ForeScout Technologies, Inc.(b) | 67 | 2,401 |
Shares | Value | |||
Information Technology-(continued) | ||||
FormFactor, Inc.(b) | 661 | $ 11,296 | ||
Fortinet, Inc.(b) | 720 | 57,010 | ||
Gartner, Inc.(b) | 354 | 47,319 | ||
Genpact Ltd. | 1,057 | 43,295 | ||
GoDaddy, Inc., Class A(b) | 660 | 41,804 | ||
GTT Communications, Inc.(b)(c) | 375 | 3,566 | ||
Guidewire Software, Inc.(b) | 195 | 18,755 | ||
Hackett Group, Inc. (The) | 242 | 3,903 | ||
Harmonic, Inc.(b) | 792 | 5,219 | ||
HubSpot, Inc.(b) | 44 | 8,786 | ||
Ichor Holdings Ltd.(b) | 506 | 10,758 | ||
II-VI, Inc.(b)(c) | 660 | 24,757 | ||
Impinj, Inc.(b) | 23 | 837 | ||
Infinera Corp.(b)(c) | 2,596 | 13,837 | ||
Inphi Corp.(b) | 198 | 12,116 | ||
Insight Enterprises, Inc.(b) | 1,012 | 48,637 | ||
Instructure, Inc. | 23 | 951 | ||
IPG Photonics Corp.(b) | 308 | 38,109 | ||
Itron, Inc.(b) | 428 | 29,725 | ||
j2 Global, Inc. | 408 | 34,517 | ||
Jack Henry & Associates, Inc. | 337 | 48,852 | ||
KBR, Inc. | 2,047 | 52,239 | ||
KEMET Corp. | 793 | 13,283 | ||
Knowles Corp.(b) | 1,013 | 20,544 | ||
Kulicke & Soffa Industries, Inc. (Singapore) | 1,189 | 24,767 | ||
Lattice Semiconductor Corp.(b) | 484 | 9,530 | ||
Limelight Networks, Inc.(b) | 1,078 | 2,620 | ||
Littelfuse, Inc. | 201 | 31,370 | ||
LivePerson, Inc.(b) | 88 | 3,497 | ||
LiveRamp Holdings, Inc.(b) | 484 | 20,502 | ||
Lumentum Holdings, Inc.(b)(c) | 560 | 31,226 | ||
MACOM Technology Solutions Holdings, Inc.(b) | 551 | 10,822 | ||
MagnaChip Semiconductor Corp. (South Korea)(b)(c) | 507 | 5,126 | ||
Manhattan Associates, Inc.(b) | 286 | 23,632 | ||
ManTech International Corp., Class A | 462 | 32,469 | ||
MAXIMUS, Inc. | 550 | 42,317 | ||
MaxLinear, Inc.(b) | 375 | 7,432 | ||
Methode Electronics, Inc. | 550 | 17,457 | ||
MicroStrategy, Inc., Class A(b) | 103 | 14,759 | ||
MKS Instruments, Inc. | 596 | 46,661 | ||
Mobileiron, Inc.(b) | 331 | 2,284 | ||
Model N, Inc.(b) | 45 | 1,288 | ||
MongoDB, Inc.(b) | 21 | 3,198 | ||
Monolithic Power Systems, Inc. | 132 | 19,874 | ||
Monotype Imaging Holdings, Inc. | 418 | 8,255 | ||
MTS Systems Corp. | 232 | 13,194 | ||
Nanometrics, Inc.(b) | 265 | 7,232 | ||
National Instruments Corp. | 815 | 34,230 | ||
NETGEAR, Inc.(b) | 573 | 19,895 | ||
NetScout Systems, Inc.(b) | 1,870 | 41,420 | ||
New Relic, Inc.(b) | 66 | 3,784 | ||
NIC, Inc. | 419 | 8,724 | ||
Novanta, Inc.(b) | 110 | 8,250 | ||
Nuance Communications, Inc.(b) | 2,927 | 49,203 | ||
Nutanix, Inc., Class A(b) | 309 | 7,487 | ||
Okta, Inc.(b) | 51 | 6,451 | ||
OneSpan, Inc.(b) | 198 | 2,673 | ||
OSI Systems, Inc.(b) | 176 | 18,482 | ||
Paycom Software, Inc.(b) | 85 | 21,260 |
Shares | Value | |||
Information Technology-(continued) | ||||
Paylocity Holding Corp.(b) | 66 | $ 7,209 | ||
PC Connection, Inc. | 639 | 22,512 | ||
PDF Solutions, Inc.(b) | 242 | 2,834 | ||
Pegasystems, Inc. | 137 | 9,611 | ||
Perficient, Inc.(b) | 353 | 13,005 | ||
Photronics, Inc.(b) | 1,628 | 17,582 | ||
Plantronics, Inc. | 352 | 10,937 | ||
Plexus Corp.(b) | 616 | 35,241 | ||
Power Integrations, Inc. | 220 | 19,584 | ||
Presidio, Inc. | 1,321 | 21,162 | ||
Progress Software Corp. | 419 | 15,830 | ||
Proofpoint, Inc.(b) | 132 | 14,997 | ||
PROS Holdings, Inc.(b) | 22 | 1,562 | ||
Pure Storage, Inc., Class A(b) | 771 | 12,552 | ||
Q2 Holdings, Inc.(b) | 40 | 3,598 | ||
QAD, Inc., Class A | 88 | 3,566 | ||
Qualys, Inc.(b) | 147 | 11,704 | ||
Rapid7, Inc.(b) | 23 | 1,235 | ||
RealPage, Inc.(b) | 286 | 18,210 | ||
Ribbon Communications, Inc.(b) | 1,475 | 7,626 | ||
RingCentral, Inc., Class A(b) | 78 | 11,008 | ||
Rogers Corp.(b) | 110 | 14,566 | ||
Rudolph Technologies, Inc.(b) | 265 | 5,827 | ||
SailPoint Technologies Holding, Inc.(b) | 264 | 5,948 | ||
ScanSource, Inc.(b) | 969 | 27,384 | ||
Science Applications International Corp. | 528 | 46,469 | ||
Semtech Corp.(b) | 462 | 19,390 | ||
Silicon Laboratories, Inc.(b) | 249 | 27,141 | ||
SMART Global Holdings, Inc.(b) | 330 | 9,375 | ||
SolarEdge Technologies, Inc.(b) | 264 | 21,627 | ||
Splunk, Inc.(b) | 247 | 27,620 | ||
SPS Commerce, Inc.(b) | 132 | 6,671 | ||
Square, Inc., Class A(b) | 634 | 39,207 | ||
Stratasys Ltd.(b) | 638 | 15,197 | ||
Switch, Inc., Class A(c) | 419 | 6,872 | ||
Sykes Enterprises, Inc.(b) | 748 | 21,692 | ||
Synaptics, Inc.(b) | 837 | 26,801 | ||
Telenav, Inc.(b) | 177 | 2,004 | ||
Teradata Corp.(b) | 1,298 | 40,069 | ||
TiVo Corp. | 4,445 | 33,471 | ||
Trade Desk, Inc. (The), Class A(b) | 44 | ��� 10,814 | ||
TTEC Holdings, Inc. | 133 | 6,239 | ||
TTM Technologies, Inc.(b) | 3,124 | 33,302 | ||
Twilio, Inc., Class A(b)(c) | 67 | 8,741 | ||
Tyler Technologies, Inc.(b) | 132 | 33,863 | ||
Ubiquiti, Inc. | 91 | 10,056 | ||
Ultra Clean Holdings, Inc.(b) | 792 | 9,456 | ||
Unisys Corp.(b) | 793 | 5,186 | ||
Universal Display Corp. | 88 | 18,081 | ||
Upland Software, Inc.(b) | 23 | 874 | ||
USA Technologies, Inc.(b)(c) | 177 | 1,457 | ||
Varonis Systems, Inc.(b) | 44 | 3,006 | ||
Veeco Instruments, Inc.(b) | 705 | 6,528 | ||
Verint Systems, Inc.(b) | 409 | 21,796 | ||
VeriSign, Inc.(b) | 308 | 62,786 | ||
Versum Materials, Inc. | 374 | 19,448 | ||
ViaSat, Inc.(b) | 432 | 34,271 | ||
Viavi Solutions, Inc.(b) | 1,386 | 19,252 | ||
Virtusa Corp.(b) | 286 | 10,336 | ||
Vishay Intertechnology, Inc. | 2,618 | 41,443 |
Shares | Value | |||
Information Technology-(continued) | ||||
WEX, Inc.(b) | 176 | $ 36,001 | ||
Workday, Inc., Class A(b) | 241 | 42,724 | ||
Workiva, Inc.(b) | 22 | 1,058 | ||
Xperi Corp. | 727 | 13,319 | ||
Yext, Inc.(b) | 44 | 694 | ||
Zebra Technologies Corp., Class A(b) | 308 | 63,149 | ||
Zendesk, Inc.(b) | 120 | 9,624 | ||
4,166,645 | ||||
Materials-6.50% | ||||
AdvanSix, Inc.(b) | 661 | 14,767 | ||
AK Steel Holding Corp.(b) | 19,096 | 41,247 | ||
Allegheny Technologies, Inc.(b) | 1,893 | 37,519 | ||
American Vanguard Corp. | 374 | 5,300 | ||
AptarGroup, Inc. | 440 | 53,777 | ||
Balchem Corp. | 154 | 13,674 | ||
Boise Cascade Co. | 1,585 | 49,769 | ||
Cabot Corp. | 1,233 | 49,320 | ||
Carpenter Technology Corp. | 727 | 35,361 | ||
Century Aluminum Co.(b) | 1,342 | 7,394 | ||
Chase Corp. | 45 | 4,510 | ||
Clearwater Paper Corp.(b) | 1,101 | 17,638 | ||
Cleveland-Cliffs, Inc.(c) | 2,465 | 19,572 | ||
Coeur Mining, Inc.(b) | 4,401 | 24,073 | ||
Commercial Metals Co. | 2,685 | 42,074 | ||
Compass Minerals International, Inc. | 498 | 24,765 | ||
Eagle Materials, Inc. | 484 | 40,748 | ||
Element Solutions, Inc.(b) | 3,389 | 31,619 | ||
Ferro Corp.(b) | 1,079 | 10,995 | ||
Flotek Industries, Inc.(b) | 880 | 1,839 | ||
Forterra, Inc.(b)(c) | 572 | 3,421 | ||
FutureFuel Corp. | 419 | 4,517 | ||
GCP Applied Technologies, Inc.(b) | 220 | 3,861 | ||
Gold Resource Corp. | 924 | 3,151 | ||
Graphic Packaging Holding Co. | 3,895 | 53,790 | ||
Greif, Inc., Class A | 1,233 | 43,389 | ||
H.B. Fuller Co. | 792 | 33,747 | ||
Hawkins, Inc. | 177 | 7,850 | ||
Haynes International, Inc. | 176 | 5,257 | ||
Hecla Mining Co. | 13,508 | 24,044 | ||
Ingevity Corp.(b) | 198 | 15,082 | ||
Innophos Holdings, Inc. | 418 | 11,742 | ||
Innospec, Inc. | 242 | 20,129 | ||
Intrepid Potash, Inc.(b) | 1,453 | 4,315 | ||
Kaiser Aluminum Corp. | 295 | 26,087 | ||
Koppers Holdings, Inc.(b) | 462 | 12,248 | ||
Kraton Corp.(b) | 924 | 25,354 | ||
LSB Industries, Inc.(b) | 1,145 | 5,347 | ||
Materion Corp. | 220 | 12,945 | ||
Mercer International, Inc. (Germany) | 858 | 10,330 | ||
Mesabi Trust(c) | 111 | 2,533 | ||
Minerals Technologies, Inc. | 528 | 25,450 | ||
Myers Industries, Inc. | 397 | 6,681 | ||
Neenah, Inc. | 242 | 15,435 | ||
NewMarket Corp. | 80 | 37,980 | ||
Olympic Steel, Inc. | 594 | 6,385 | ||
OMNOVA Solutions, Inc.(b) | 1,012 | 10,171 | ||
PH Glatfelter Co. | 1,211 | 17,414 | ||
PolyOne Corp. | 1,606 | 51,408 | ||
PQ Group Holdings, Inc.(b) | 946 | 13,518 |
Shares | Value | |||
Materials-(continued) | ||||
Quaker Chemical Corp. | 66 | $ 10,485 | ||
Rayonier Advanced Materials, Inc.(c) | 3,058 | 10,734 | ||
Royal Gold, Inc. | 435 | 58,020 | ||
Schnitzer Steel Industries, Inc. | 1,056 | 23,380 | ||
Schweitzer-Mauduit International, Inc., Class A | 594 | 19,923 | ||
Scotts Miracle-Gro Co. (The) | 472 | 50,183 | ||
Sensient Technologies Corp. | 396 | 25,867 | ||
Silgan Holdings, Inc. | 1,188 | 35,355 | ||
Stepan Co. | 264 | 25,183 | ||
Summit Materials, Inc., Class A(b) | 1,805 | 37,869 | ||
SunCoke Energy, Inc.(b) | 2,289 | 14,283 | ||
TimkenSteel Corp.(b) | 1,386 | 7,235 | ||
Tredegar Corp. | 748 | 12,933 | ||
Trinseo SA | 1,496 | 52,495 | ||
Tronox Holdings PLC, Class A | 1,409 | 10,469 | ||
US Concrete, Inc.(b) | 286 | 11,589 | ||
Valvoline, Inc. | 1,981 | 44,771 | ||
Verso Corp., Class A(b) | 1,386 | 14,151 | ||
W.R. Grace & Co. | 446 | 30,199 | ||
Westlake Chemical Corp. | 683 | 40,017 | ||
Worthington Industries, Inc. | 947 | 32,861 | ||
1,607,544 | ||||
Real Estate-6.09% | ||||
Alexander & Baldwin, Inc. | 594 | 13,597 | ||
Alexanders, Inc. | 19 | 7,174 | ||
American Assets Trust, Inc. | 286 | 13,402 | ||
American Homes 4 Rent, Class A | 1,606 | 41,081 | ||
Apple Hospitality REIT, Inc. | 2,860 | 45,560 | ||
Ashford Hospitality Trust, Inc. | 6,425 | 17,990 | ||
Camden Property Trust | 343 | 37,130 | ||
CBL & Associates Properties, Inc.(c) | 32,385 | 29,470 | ||
Chatham Lodging Trust | 529 | 8,776 | ||
Chesapeake Lodging Trust | 705 | 18,154 | ||
Consolidated-Tomoka Land Co. | 75 | 4,788 | ||
CoreCivic, Inc. | 1,805 | 30,595 | ||
CoreSite Realty Corp. | 264 | 30,671 | ||
Corporate Office Properties Trust | 858 | 24,788 | ||
CubeSmart | 837 | 30,040 | ||
CyrusOne, Inc. | 581 | 42,680 | ||
DiamondRock Hospitality Co. | 2,090 | 19,792 | ||
EastGroup Properties, Inc. | 157 | 19,550 | ||
Empire State Realty Trust, Inc., Class A | 1,606 | 22,580 | ||
Equity LifeStyle Properties, Inc. | 338 | 45,535 | ||
eXp World Holdings, Inc.(b) | 88 | 766 | ||
Extra Space Storage, Inc. | 470 | 57,302 | ||
Forestar Group, Inc.(b) | 111 | 2,116 | ||
Franklin Street Properties Corp. | 1,540 | 11,658 | ||
GEO Group, Inc. (The) | 2,288 | 39,262 | ||
Healthcare Realty Trust, Inc. | 793 | 26,351 | ||
Hersha Hospitality Trust | 880 | 12,232 | ||
Highwoods Properties, Inc. | 881 | 38,068 | ||
Howard Hughes Corp. (The)(b) | 176 | 22,224 | ||
JBG SMITH Properties | 639 | 24,448 | ||
Lamar Advertising Co., Class A | 727 | 55,725 | ||
Marcus & Millichap, Inc.(b) | 155 | 5,592 | ||
New Senior Investment Group, Inc. | 2,508 | 15,675 | ||
Newmark Group, Inc., Class A | 2,685 | 23,306 | ||
NexPoint Residential Trust, Inc. | 155 | 7,192 | ||
Outfront Media, Inc. | 1,541 | 42,347 |
Shares | Value | |||
Real Estate-(continued) | ||||
Pebblebrook Hotel Trust | 837 | $ 22,574 | ||
Pennsylvania Real Estate Investment Trust(c) | 2,289 | 11,765 | ||
Piedmont Office Realty Trust, Inc., Class A | 2,333 | 46,053 | ||
PotlatchDeltic Corp. | 551 | 21,202 | ||
PS Business Parks, Inc. | 198 | 35,563 | ||
QTS Realty Trust, Inc., Class A | 397 | 19,477 | ||
Rayonier, Inc. | 969 | 25,969 | ||
RE/MAX Holdings, Inc., Class A | 155 | 3,979 | ||
Redfin Corp.(b)(c) | 111 | 1,875 | ||
RLJ Lodging Trust | 2,663 | 43,167 | ||
RMR Group, Inc. (The), Class A | 110 | 5,125 | ||
Ryman Hospitality Properties, Inc. | 400 | 31,864 | ||
Saul Centers, Inc. | 155 | 7,786 | ||
Summit Hotel Properties, Inc. | 2,178 | 24,306 | ||
Sun Communities, Inc. | 242 | 35,768 | ||
Sunstone Hotel Investors, Inc. | 2,596 | 34,111 | ||
Tanger Factory Outlet Centers, Inc.(c) | 1,408 | 19,909 | ||
UDR, Inc. | 1,343 | 64,706 | ||
Uniti Group, Inc. | 5,215 | 38,539 | ||
Universal Health Realty Income Trust | 65 | 6,285 | ||
Urban Edge Properties | 1,101 | 19,278 | ||
VICI Properties, Inc. | 2,024 | 44,852 | ||
Washington Prime Group, Inc.(c) | 7,898 | 25,511 | ||
Xenia Hotels & Resorts, Inc. | 1,364 | 27,566 | ||
1,504,847 | ||||
Utilities-3.61% | ||||
ALLETE, Inc. | 610 | 52,295 | ||
American States Water Co. | 198 | 18,321 | ||
Atlantic Power Corp.(b) | 3,103 | 7,106 | ||
Avangrid, Inc. | 947 | 47,861 | ||
Avista Corp. | 1,056 | 49,526 | ||
Black Hills Corp. | 662 | 50,782 | ||
California Water Service Group | 353 | 19,923 | ||
Chesapeake Utilities Corp. | 167 | 15,795 | ||
El Paso Electric Co. | 484 | 32,283 | ||
Hawaiian Electric Industries, Inc. | 1,365 | 60,606 | ||
IDACORP, Inc. | 519 | 56,991 | ||
MGE Energy, Inc. | 264 | 20,024 | ||
Middlesex Water Co. | 88 | 5,372 | ||
National Fuel Gas Co. | 881 | 41,178 | ||
New Jersey Resources Corp. | 947 | 43,316 |
Shares | Value | |||
Utilities-(continued) | ||||
Northwest Natural Holding Co. | 286 | $ 20,409 | ||
NorthWestern Corp. | 550 | 39,842 | ||
ONE Gas, Inc. | 542 | 49,653 | ||
Ormat Technologies, Inc. | 360 | 26,737 | ||
Otter Tail Corp. | 396 | 20,046 | ||
PNM Resources, Inc. | 947 | 48,307 | ||
SJW Group | 183 | 12,504 | ||
South Jersey Industries, Inc. | 969 | 31,338 | ||
Southwest Gas Holdings, Inc. | 652 | 59,482 | ||
Spire, Inc. | 618 | 52,468 | ||
Unitil Corp. | 154 | 9,297 | ||
891,462 | ||||
Total Common Stocks & Other Equity Interests (Cost $26,055,001) | 24,702,253 | |||
Money Market Funds-0.13% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $32,644) | 32,644 | 32,644 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $26,087,645) | 24,734,897 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-6.19% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 1,157,644 | 1,157,644 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 371,004 | 371,153 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,528,790) | 1,528,797 | |||
TOTAL INVESTMENTS IN SECURITIES-106.23% (Cost $27,616,435) | 26,263,694 | |||
OTHER ASSETS LESS LIABILITIES-(6.23)% | (1,539,419) | |||
NET ASSETS-100.00% | $24,724,275 |
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 August 31, 2019. |
(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 August 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Invesco Defensive Equity ETF (DEF) | Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS) | Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | ||||
Assets: | |||||||
Unaffiliated investments in securities, at value(a) | $244,936,648 | $234,068,392 | $14,286,012 | $25,209,817 | |||
Affiliated investments in securities, at value | - | 3,912,177 | 295,389 | 102,463 | |||
Foreign currencies, at value | - | - | - | 582,086 | |||
Receivable for: | |||||||
Dividends | 396,964 | 670,922 | 24,639 | 37,036 | |||
Securities lending | 72 | 9,246 | 816 | 39 | |||
Investments sold | - | 29 | 20,217 | 1,897 | |||
Foreign tax reclaims | 4,204 | 58,203 | 747 | 249 | |||
Total assets | 245,337,888 | 238,718,969 | 14,627,820 | 25,933,587 | |||
Liabilities: | |||||||
Due to custodian | 30,414 | - | - | 534,676 | |||
Due to foreign custodian | - | 16,737 | 17,517 | - | |||
Payable for: | |||||||
Investments purchased | - | 115 | 5 | 4 | |||
Collateral upon return of securities loaned | - | 3,702,567 | 272,355 | 102,463 | |||
Accrued unitary management fees | - | 45,001 | 4,232 | 7,493 | |||
Accrued advisory fees | 102,734 | - | - | - | |||
Accrued trustees’ and officer’s fees | 8,774 | - | - | - | |||
Accrued expenses | 143,540 | 4,309 | 3,085 | 3,016 | |||
Other payables | - | 4,458 | 374 | 113 | |||
Total liabilities | 285,462 | 3,773,187 | 297,568 | 647,765 | |||
Net Assets | $245,052,426 | $234,945,782 | $14,330,252 | $25,285,822 | |||
Net assets consist of: | |||||||
Shares of beneficial interest | $248,913,508 | $245,569,528 | $15,691,293 | $27,382,753 | |||
Distributable earnings | (3,861,082) | (10,623,746) | (1,361,041) | (2,096,931) | |||
Net Assets | $245,052,426 | $234,945,782 | $14,330,252 | $25,285,822 | |||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 4,600,000 | 9,800,001 | 650,001 | 1,050,001 | |||
Net asset value | $53.27 | $23.97 | $22.05 | $24.08 | |||
Market price | $53.30 | $23.94 | $22.05 | $24.09 | |||
Unaffiliated investments in securities, at cost | $221,015,489 | $244,863,427 | $15,370,822 | $27,405,282 | |||
Affiliated investments in securities, at cost | $- | $3,912,177 | $295,388 | $102,463 | |||
Foreign currencies (due to foreign custodian), at cost | $- | $(16,370) | $(17,508) | $606,443 | |||
(a)Includes securities on loan with an aggregate value of: | $- | $3,471,649 | $257,250 | $99,999 |
Invesco RAFITM Strategic US ETF (IUS) | Invesco RAFITM Strategic US Small Company ETF (IUSS) | |
$116,890,733 | $24,702,253 | |
1,079,612 | 1,561,441 | |
- | - | |
290,771 | 24,496 | |
1,289 | 1,776 | |
- | - | |
- | - | |
118,262,405 | 26,289,966 | |
- | - | |
- | - | |
- | 29,211 | |
1,052,977 | 1,528,790 | |
18,343 | 4,701 | |
- | - | |
- | - | |
3,052 | 2,989 | |
- | - | |
1,074,372 | 1,565,691 | |
$117,188,033 | $24,724,275 | |
$120,122,854 | $26,163,335 | |
(2,934,821) | (1,439,060) | |
$117,188,033 | $24,724,275 | |
4,700,001 | 1,100,001 | |
$24.93 | $22.48 | |
$24.94 | $22.48 | |
$120,202,165 | $26,055,001 | |
$1,079,612 | $1,561,434 | |
$- | $- | |
$1,012,430 | $1,473,200 |
Invesco Defensive Equity ETF (DEF) | Invesco RAFITM Strategic Developed ex-US ETF (ISDX)(a) | Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)(a) | Invesco RAFITM Strategic Emerging Markets ETF (ISEM)(a) | ||||
Investment income: | |||||||
Unaffiliated dividend income | $4,007,956 | $2,203,293 | $161,970 | $381,938 | |||
Affiliated dividend income | 3,763 | 2,185 | 559 | 712 | |||
Securities lending income | 7,230 | 30,425 | 2,971 | 305 | |||
Foreign witholding tax | - | (193,843) | (20,230) | (44,804) | |||
Total investment income | 4,018,949 | 2,042,060 | 145,270 | 338,151 | |||
Expenses: | |||||||
Unitary management fees | - | 145,719 | 22,510 | 24,822 | |||
Advisory fees | 1,042,197 | - | - | - | |||
Accounting & administration fees | 36,056 | - | - | - | |||
Custodian & transfer agent fees | 14,353 | - | - | - | |||
Trustees’ and officer’s fees | 7,297 | - | - | - | |||
Proxy fees | 5,109 | 4,309 | 3,073 | 3,016 | |||
Other expenses | 50,672 | - | - | - | |||
Total expenses | 1,155,684 | 150,028 | 25,583 | 27,838 | |||
Less: Waivers | (289) | (161) | (48) | (52) | |||
Net expenses | 1,155,395 | 149,867 | 25,535 | 27,786 | |||
Net investment income | 2,863,554 | 1,892,193 | 119,735 | 310,365 | |||
Realized and unrealized gain (loss) from: | |||||||
Net realized gain (loss) from: | |||||||
Investment securities | 3,258,715 | (734,365) | (308,200) | (52,175) | |||
In-kind redemptions | 6,103,226 | 1,270,384 | 132,758 | 205,757 | |||
Foreign currencies | - | (52,082) | (5,787) | (38,599) | |||
Net realized gain (loss) | 9,361,941 | 483,937 | (181,229) | 114,983 | |||
Change in net unrealized appreciation (depreciation) of: | |||||||
Unaffiliated investment securities | 8,136,260 | (10,795,035) | (1,084,810) | (2,195,465) | |||
Affiliated investment securities | - | - | 1 | - | |||
Foreign currencies | - | (2,691) | 13 | (24,672) | |||
Change in unrealized appreciation (depreciation) | 8,136,260 | (10,797,726) | (1,084,796) | (2,220,137) | |||
Net realized and unrealized gain (loss) | 17,498,201 | (10,313,789) | (1,266,025) | (2,105,154) | |||
Net increase (decrease) in net assets resulting from operations | $20,361,755 | $(8,421,596) | $(1,146,290) | $(1,794,789) |
(a) | For the period September 10, 2018 (commencement of investment operations) through August 31, 2019. |
Invesco RAFITM Strategic US ETF (IUS)(a) | Invesco RAFITM Strategic US Small Company ETF (IUSS)(a) | |
$498,953 | $69,891 | |
373 | 360 | |
2,163 | 3,309 | |
- | (5) | |
501,489 | 73,555 | |
36,188 | 12,610 | |
- | - | |
- | - | |
- | - | |
- | - | |
2,968 | 2,954 | |
- | - | |
39,156 | 15,564 | |
(22) | (20) | |
39,134 | 15,544 | |
462,355 | 58,011 | |
(40,177) | (124,186) | |
82,913 | 75,161 | |
- | - | |
42,736 | (49,025) | |
(3,311,432) | (1,352,748) | |
- | 7 | |
- | - | |
(3,311,432) | (1,352,741) | |
(3,268,696) | (1,401,766) | |
$(2,806,341) | $(1,343,755) |
Invesco Defensive Equity ETF (DEF) | Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS) | |||||
2019 | 2018 | 2019(a) | 2019(a) | ||||
Operations: | |||||||
Net investment income | $2,863,554 | $2,267,442 | $1,892,193 | $119,735 | |||
Net realized gain (loss) | 9,361,941 | 21,013,596 | 483,937 | (181,229) | |||
Change in net unrealized appreciation (depreciation) | 8,136,260 | 4,252,070 | (10,797,726) | (1,084,796) | |||
Net increase (decrease) in net assets resulting from operations | 20,361,755 | 27,533,108 | (8,421,596) | (1,146,290) | |||
Distributions to Shareholders from: | |||||||
Distributable earnings | (2,420,678) | (3,071,115) | (931,891) | (82,440) | |||
Shareholder Transactions: | |||||||
Proceeds from shares sold | 106,139,116 | 107,059,017 | 263,078,604 | 16,721,600 | |||
Value of shares repurchased | (69,498,464) | (116,221,724) | (18,779,335) | (1,162,618) | |||
Net increase (decrease) in net assets resulting from share transactions | 36,640,652 | (9,162,707) | 244,299,269 | 15,558,982 | |||
Net increase in net assets | 54,581,729 | 15,299,286 | 234,945,782 | 14,330,252 | |||
Net assets: | |||||||
Beginning of year | 190,470,697 | 175,171,411 | - | - | |||
End of year | $245,052,426 | $190,470,697 | $234,945,782 | $14,330,252 | |||
Changes in Shares Outstanding: | |||||||
Shares sold | 2,100,000 | 2,300,000 | 10,550,001 | 700,001 | |||
Shares repurchased | (1,350,000) | (2,500,000) | (750,000) | (50,000) | |||
Shares outstanding, beginning of year | 3,850,000 | 4,050,000 | - | - | |||
Shares outstanding, end of year | 4,600,000 | 3,850,000 | 9,800,001 | 650,001 |
(a) | For the period September 10, 2018 (commencement of investment operations) through August 31, 2019. |
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | Invesco RAFITM Strategic US ETF (IUS) | Invesco RAFITM Strategic US Small Company ETF (IUSS) | ||
2019(a) | 2019(a) | 2019(a) | ||
$310,365 | $462,355 | $58,011 | ||
114,983 | 42,736 | (49,025) | ||
(2,220,137) | (3,311,432) | (1,352,741) | ||
(1,794,789) | (2,806,341) | (1,343,755) | ||
(96,385) | (45,627) | (20,217) | ||
28,477,720 | 121,308,962 | 27,249,068 | ||
(1,300,724) | (1,268,961) | (1,160,821) | ||
27,176,996 | 120,040,001 | 26,088,247 | ||
25,285,822 | 117,188,033 | 24,724,275 | ||
- | - | - | ||
$25,285,822 | $117,188,033 | $24,724,275 | ||
1,100,001 | 4,750,001 | 1,150,001 | ||
(50,000) | (50,000) | (50,000) | ||
- | - | - | ||
1,050,001 | 4,700,001 | 1,100,001 |
Years Ended August 31, | |||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||
Per Share Operating Performance: | |||||||||
Net asset value at beginning of year | $49.47 | $43.25 | $39.08 | $35.61 | $38.95 | ||||
Net investment income(a) | 0.68 | 0.58 | 0.67 | 1.14 | 1.17 | ||||
Net realized and unrealized gain (loss) on investments | 3.73 | 6.40 | 4.35 | 3.48 | (3.55) | ||||
Total from investment operations | 4.41 | 6.98 | 5.02 | 4.62 | (2.38) | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (0.61) | (0.76) | (0.85) | (1.15) | (0.96) | ||||
Net asset value at end of year | $53.27 | $49.47 | $43.25 | $39.08 | $35.61 | ||||
Market price at end of year | $53.30(b) | $49.53(b) | $43.25 | $39.00 | $35.66 | ||||
Net Asset Value Total Return(c) | 9.27% | 16.25% | 13.08% | 13.37% | (6.24)% | ||||
Market Price Total Return(c) | 9.20% | 16.39% | |||||||
Ratios/Supplemental Data: | |||||||||
Net assets at end of year (000’s omitted) | $245,052 | $190,471 | $175,171 | $168,040 | $197,662 | ||||
Ratio to average net assets of: | |||||||||
Expenses, after Waivers | 0.55% | 0.59% | 0.61% | 0.65% | 0.65% | ||||
Expenses, prior to Waivers | 0.55% | 0.59% | 0.63% | 0.74% | 0.72% | ||||
Net investment income | 1.37% | 1.25% | 1.67% | 3.12% | 3.07% | ||||
Portfolio turnover rate(d) | 145% | 136% | 194% | 92% | 96% |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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) | 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 Period September 10, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 0.70 |
Net realized and unrealized gain (loss) on investments | (1.24) |
Total from investment operations | (0.54) |
Distributions to shareholders from: | |
Net investment income | (0.49) |
Net asset value at end of period | $23.97 |
Market price at end of period(c) | $23.94 |
Net Asset Value Total Return(d) | (2.10)%(e) |
Market Price Total Return(d) | (2.22)%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $234,946 |
Ratio to average net assets of: | |
Expenses | 0.24%(f) |
Net investment income | 2.97%(f) |
Portfolio turnover rate(g) | 47% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (2.10)%. The market price total return from Fund Inception to August 31, 2019 was (2.22)%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period September 10, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 0.41 |
Net realized and unrealized gain (loss) on investments | (3.07) |
Total from investment operations | (2.66) |
Distributions to shareholders from: | |
Net investment income | (0.29) |
Net asset value at end of period | $22.05 |
Market price at end of period(c) | $22.05 |
Net Asset Value Total Return(d) | (10.63)%(e) |
Market Price Total Return(d) | (10.62)%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $14,330 |
Ratio to average net assets of: | |
Expenses | 0.39%(f) |
Net investment income | 1.85%(f) |
Portfolio turnover rate(g) | 72% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (10.27)%. The market price total return from Fund Inception to August 31, 2019 was (10.62)%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.05%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period September 10, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 1.06 |
Net realized and unrealized gain (loss) on investments | (1.60) |
Total from investment operations | (0.54) |
Distributions to shareholders from: | |
Net investment income | (0.38) |
Net asset value at end of period | $24.08 |
Market price at end of period(c) | $24.09 |
Net Asset Value Total Return(d) | (2.22)%(e) |
Market Price Total Return(d) | (2.19)%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $25,286 |
Ratio to average net assets of: | |
Expenses | 0.39%(f) |
Net investment income | 4.35%(f) |
Portfolio turnover rate(g) | 22% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (1.95)%. The market price total return from Fund Inception to August 31, 2019 was (2.19)%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.04%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period September 10, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 0.58 |
Net realized and unrealized gain (loss) on investments | (0.26) |
Total from investment operations | 0.32 |
Distributions to shareholders from: | |
Net investment income | (0.39) |
Net asset value at end of period | $24.93 |
Market price at end of period(c) | $24.94 |
Net Asset Value Total Return(d) | 1.45%(e) |
Market Price Total Return(d) | 1.50%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $117,188 |
Ratio to average net assets of: | |
Expenses | 0.20%(f) |
Net investment income | 2.41%(f) |
Portfolio turnover rate(g) | 8% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was 0.92%. The market price total return from Fund Inception to August 31, 2019 was 0.97%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period September 10, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 0.23 |
Net realized and unrealized gain (loss) on investments | (2.55) |
Total from investment operations | (2.32) |
Distributions to shareholders from: | |
Net investment income | (0.20) |
Net asset value at end of period | $22.48 |
Market price at end of period(c) | $22.48 |
Net Asset Value Total Return(d) | (9.20)%(e) |
Market Price Total Return(d) | (9.20)%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $24,724 |
Ratio to average net assets of: | |
Expenses | 0.28%(f) |
Net investment income | 1.05%(f) |
Portfolio turnover rate(g) | 20% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (9.34)%. The market price total return from Fund Inception to August 31, 2019 was (9.31)%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.05%. |
(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. |
Full Name | Short Name | |
Invesco Defensive Equity ETF (DEF) | "Defensive Equity ETF" | |
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)* | "RAFITM Strategic Developed ex-US ETF" | |
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)* | "RAFITM Strategic Developed ex-US Small Company ETF" | |
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)* | "RAFITM Strategic Emerging Markets ETF" | |
Invesco RAFITM Strategic US ETF (IUS)* | "RAFITM Strategic US ETF" | |
Invesco RAFITM Strategic US Small Company ETF (IUSS)* | "RAFITM Strategic US Small Company ETF" |
* | Commenced operations on September 10, 2018. |
Fund | Underlying Index | |
Defensive Equity ETF | Invesco Defensive Equity Index | |
RAFITM Strategic Developed ex-US ETF | Invesco Strategic Developed ex-US Index | |
RAFITM Strategic Developed ex-US Small Company ETF | Invesco Strategic Developed ex-US Small Company Index | |
RAFITM Strategic Emerging Markets ETF | Invesco Strategic Emerging Markets Index | |
RAFITM Strategic US ETF | Invesco Strategic US Index | |
RAFITM Strategic US Small Company ETF | Invesco Strategic US Small Company Index |
A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
B. | Other Risks |
C. | Investment Transactions and Investment Income - Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
D. | Country Determination - For the purposes of presentation in the Schedules 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 whether each Fund’s Underlying Index has made a country determination and may 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. |
E. | Dividends and Distributions to Shareholders - Each Fund (except Defensive Equity ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Defensive Equity ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. The amount and timing of 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"). 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 or period-end. |
F. | 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. |
G. | 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. |
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. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their 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. |
J. | Securities Lending - Each Fund may participate in securities lending. Each Fund may loan 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities 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. |
K. | Distributions from Distributable Earnings - In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
Unitary Management Fees (as a % of Net Assets) | |
RAFITM Strategic Developed ex-US ETF | 0.23% |
RAFITM Strategic Developed ex-US Small Company ETF | 0.35% |
RAFITM Strategic Emerging Markets ETF | 0.35% |
RAFITM Strategic US ETF | 0.19% |
RAFITM Strategic US Small Company ETF | 0.23% |
Defensive Equity ETF | $289 |
RAFITM Strategic Developed ex-US ETF* | 161 |
RAFITM Strategic Developed ex-US Small Company ETF* | 48 |
RAFITM Strategic Emerging Markets ETF* | 52 |
RAFITM Strategic US ETF* | 22 |
RAFITM Strategic US Small Company ETF* | 20 |
* | For the period September 10, 2018 (commencement of investment operations) through August 31, 2019. |
Level 1 | Level 2 | Level 3 | Total | ||||
RAFITM Strategic Developed ex-US Small Company ETF | |||||||
Investments in Securities | |||||||
Common Stocks & Other Equity Interests | $14,286,012 | $- | $0 | $14,286,012 | |||
Money Market Funds | 295,389 | - | - | 295,389 | |||
Total Investments | $14,581,401 | $- | $0 | $14,581,401 | |||
RAFITM Strategic Emerging Markets ETF | |||||||
Investments in Securities | |||||||
Common Stocks & Other Equity Interests | $25,181,499 | $28,318 | $0 | $25,209,817 | |||
Money Market Funds | 102,463 | - | - | 102,463 | |||
Total Investments | $25,283,962 | $28,318 | $0 | $25,312,280 |
2019 | 2018 | ||
Ordinary Income | Ordinary Income | ||
Defensive Equity ETF | $2,420,678 | $3,071,115 | |
RAFITM Strategic Developed ex-US ETF* | 931,891 | - | |
RAFITM Strategic Developed ex-US Small Company ETF* | 82,440 | - | |
RAFITM Strategic Emerging Markets ETF* | 96,385 | - | |
RAFITM Strategic US ETF* | 45,627 | - | |
RAFITM Strategic US Small Company ETF* | 20,217 | - |
* | For the period September 10, 2018 (commencement of investment operations) through August 31, 2019. |
Undistributed Ordinary Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation (Depreciation)- Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||
Defensive Equity ETF | $1,895,728 | $(3,067) | $23,499,210 | $- | $(29,252,953) | $248,913,508 | $245,052,426 | ||||||
RAFITM Strategic Developed ex-US ETF | 970,527 | - | (10,889,343) | (2,692) | (702,238) | 245,569,528 | 234,945,782 | ||||||
RAFITM Strategic Developed ex-US Small Company ETF | 46,866 | - | (1,099,944) | 14 | (307,977) | 15,691,293 | 14,330,252 | ||||||
RAFITM Strategic Emerging Markets ETF | 177,060 | - | (2,208,665) | (24,672) | (40,654) | 27,382,753 | 25,285,822 | ||||||
RAFITM Strategic US ETF | 416,728 | - | (3,314,511) | - | (37,038) | 120,122,854 | 117,188,033 | ||||||
RAFITM Strategic US Small Company ETF | 37,795 | - | (1,357,712) | - | (119,143) | 26,163,335 | 24,724,275 |
No expiration | |||||
Short-Term | Long-Term | Total* | |||
Defensive Equity ETF | $29,252,953 | $- | $29,252,953 | ||
RAFITM Strategic Developed ex-US ETF | 702,238 | - | 702,238 |
No expiration | |||||
Short-Term | Long-Term | Total* | |||
RAFITM Strategic Developed ex-US Small Company ETF | $307,977 | $- | $307,977 | ||
RAFITM Strategic Emerging Markets ETF | 40,654 | - | 40,654 | ||
RAFITM Strategic US ETF | 37,038 | - | 37,038 | ||
RAFITM Strategic US Small Company ETF | 119,143 | - | 119,143 |
* | 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. |
Purchases | Sales | ||
Defensive Equity ETF | $302,542,213 | $301,817,451 | |
RAFITM Strategic Developed ex-US ETF* | 46,879,587 | 28,039,881 | |
RAFITM Strategic Developed ex-US Small Company ETF* | 8,623,077 | 4,434,124 | |
RAFITM Strategic Emerging Markets ETF* | 10,241,607 | 1,541,287 | |
RAFITM Strategic US ETF* | 3,777,358 | 1,625,485 | |
RAFITM Strategic US Small Company ETF* | 3,600,090 | 1,166,376 |
* | For the period September 10, 2018 (commencement of investment operations) through August 31, 2019. |
Cost of Securities Received | Value of Securities Delivered | ||
Defensive Equity ETF | $105,978,965 | $69,393,937 | |
RAFITM Strategic Developed ex-US ETF* | 244,044,429 | 18,591,302 | |
RAFITM Strategic Developed ex-US Small Company ETF* | 12,853,064 | 1,495,273 | |
RAFITM Strategic Emerging Markets ETF* | 19,944,463 | 1,393,128 | |
RAFITM Strategic US ETF* | 118,569,473 | 559,628 | |
RAFITM Strategic US Small Company ETF* | 24,264,310 | 588,671 |
* | For the period September 10, 2018 (commencement of investment operations) through August 31, 2019. |
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | ||||
Defensive Equity ETF | $29,137,911 | $(5,638,701) | $23,499,210 | $221,437,438 | |||
RAFITM Strategic Developed ex-US ETF | 6,143,894 | (17,033,237) | (10,889,343) | 248,869,912 | |||
RAFITM Strategic Developed ex-US Small Company ETF | 548,691 | (1,648,635) | (1,099,944) | 15,681,345 | |||
RAFITM Strategic Emerging Markets ETF | 332,447 | (2,541,112) | (2,208,665) | 27,520,945 | |||
RAFITM Strategic US ETF | 2,759,385 | (6,073,896) | (3,314,511) | 121,284,856 | |||
RAFITM Strategic US Small Company ETF | 823,850 | (2,181,562) | (1,357,712) | 27,621,406 |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||
Defensive Equity ETF | $- | $(4,970,147) | $4,970,147 | ||
RAFITM Strategic Developed ex-US ETF | (51,456) | (1,218,803) | 1,270,259 | ||
RAFITM Strategic Developed ex-US Small Company ETF | (2,349) | (129,962) | 132,311 | ||
RAFITM Strategic Emerging Markets ETF | (38,278) | (167,479) | 205,757 | ||
RAFITM Strategic US ETF | - | (82,853) | 82,853 | ||
RAFITM Strategic US Small Company ETF | - | (75,088) | 75,088 |
Beginning Account Value March 1, 2019 | Ending Account Value August 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |
Invesco Defensive Equity ETF (DEF) | ||||
Actual | $1,000.00 | $1,081.90 | 0.55% | $2.89 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.55 | 2.80 |
Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | ||||
Actual | 1,000.00 | 987.00 | 0.23 | 1.15 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.05 | 0.23 | 1.17 |
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS) | ||||
Actual | 1,000.00 | 947.80 | 0.38 | 1.87 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.29 | 0.38 | 1.94 |
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | ||||
Actual | 1,000.00 | 919.10 | 0.38 | 1.84 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.29 | 0.38 | 1.94 |
Beginning Account Value March 1, 2019 | Ending Account Value August 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |
Invesco RAFITM Strategic US ETF (IUS) | ||||
Actual | $1,000.00 | $1,036.10 | 0.20% | $1.03 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.20 | 0.20 | 1.02 |
Invesco RAFITM Strategic US Small Company ETF (IUSS) | ||||
Actual | 1,000.00 | 971.10 | 0.26 | 1.29 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.89 | 0.26 | 1.33 |
(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 August 31, 2019. 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. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
Qualified Dividend Income* | Qualified Business Income* | Corporate Dividends- Received Deduction* | |||
Invesco Defensive Equity ETF | 100% | 0% | 100% | ||
Invesco RAFITM Strategic Developed ex-US ETF | 98% | 0% | 0% | ||
Invesco RAFITM Strategic Developed ex-US Small Company ETF | 95% | 0% | 0% | ||
Invesco RAFITM Strategic Emerging Markets ETF | 80% | 0% | 0% | ||
Invesco RAFITM Strategic US ETF | 100% | 0% | 100% | ||
Invesco RAFITM Strategic US Small Company ETF | 98% | 2% | 96% |
Gross Foreign Income | Foreign Taxes Paid | ||
Invesco Defensive Equity ETF | $- | $- | |
Invesco RAFITM Strategic Developed ex-US ETF | - | - | |
Invesco RAFITM Strategic Developed ex-US Small Company ETF | 155,235 | 19,391 | |
Invesco RAFITM Strategic Emerging Markets ETF | 376,323 | 44,090 | |
Invesco RAFITM Strategic US ETF | - | - | |
Invesco RAFITM Strategic US Small Company ETF | - | - |
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Self-Indexed Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). To elect ten (10) trustees to the Board of Trustees of the Trust.
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1) | . Ronn R. Bagge | 510,109,837.59 | 11,855,291.56 | |||||||
Todd J. Barre | 510,881,129.72 | 11,083,999.43 | ||||||||
Kevin M. Carome | 508,360,485.89 | 13,604,643.26 | ||||||||
Edmund P. Giambastiani, Jr. | 508,036,588.75 | 13,928,540.40 | ||||||||
Victoria J. Herget | 510,657,430.60 | 11,307,698.55 | ||||||||
Marc M. Kole | 510,042,704.78 | 11,922,424.37 | ||||||||
Yung Bong Lim | 510,687,623.73 | 11,277,505.42 | ||||||||
Joanne Pace | 508,487,165.73 | 13,477,963.42 | ||||||||
Gary R. Wicker | 508,529,623.38 | 13,435,505.77 | ||||||||
Donald H. Wilson | 507,835,558.89 | 14,129,570.26 |
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of August 31, 2019
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2016 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 246 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present) | |||||
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research(2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 246 | None | |||||
Edmund P. c/o Invesco Capital Downers Grove, IL 60515 | Trustee | Since 2019 | President of Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director of THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program(2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member Lawrence Livermore National Laboratory(2013-Present); formerly, Chairman(2015-2016), | 246 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director of Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers (continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University(2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | technology and security)(2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services)(2008-2011). | |||||||||
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 246 | Trustee(2000-Present) and Chair(2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands(2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018) of United Educators Insurance Company; Independent Director of the First American Funds(2003-2011); |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers (continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Trustee(1992-2007), Chair of the Board of Trustees(1999-2007), Investment Committee Chair(1994-1999) and Investment Committee member(2007-2010) of Wellesley College; Trustee, Board Source(2006-2009); and Trustee, Chicago City Day School (1994-2005). | ||||||||||
Marc M. Kole—1960 Management LLC | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee and Trustee since 2016 | Senior Director of Finance, By The Hand Club for Kids(not-for-profit)(2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 246 | Treasurer (2018-Present), Finance Committee Member(2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member(2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers (continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Yung Bong Lim—1964 Management LLC | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee and Trustee since 2016 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 246 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director of Beacon Power Services, Corp.(2019-Present). | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and CCO, FrontPoint Partners, LLC (alternative investments) (2005-2006); held the following positions at Credit Suisse (investment banking), Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley, Managing Director (1997-2003), Controller and Principal Accounting Officer(1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management(1998-1999). | 246 | Board Director, Horizon Blue Cross Blue Shield of New Jersey(2012-Present); Advisory Board Director, The Alberleen Group LLC(2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance(2015-Present); Advisory Council Member of Morgan Stanley Children’s Hospital(2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers (continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
(2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director, (2007-2010) and Investment Committee Chair(2008-2010) Morgan Stanley Foundation. | ||||||||||
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | Senior Vice President of Global Finance and Chief Financial Officer of RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller(2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller(1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager(1994-1997), PricewaterhouseCoopers LLP. | 246 | Board Member and Treasurer, Our Daily Bread Ministries Canada(2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers (continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman and Trustee since 2016 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 246 | Director, Penfield Children’s Center(2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers (continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2015 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd.(2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director(2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC(2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd.(2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director(2006-2018) and Executive Vice President(2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc.(1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 246 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2016 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust(2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust(2016-Present); Chief Executive Officer and Principal Executive Officer(2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale(2007-2010). | |||
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President and Treasurer | Since 2018 | Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust(2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self- |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 99 |
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Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. | ||||||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2015 | Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust(2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7 | Vice President | Since 2016 | Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust(2016-Present); Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.)(2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd.(2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011). |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 100 |
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Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust(2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800)983-0903.
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 101 |
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Approval of Investment Advisory Contracts
At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco Defensive Equity ETF (the “Fund”).
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Fund and the Adviser, (iii) the fees and expenses paid by the Fund and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationship with the Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Fund, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Fund. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Fund.
The Trustees reviewed information on the performance of the Fund and its underlying index for theone-year, three-year, five-year,ten-year and since-inception (December 15, 2006) periods ended December 31, 2018, including reports for each of those periods on the correlation and tracking error between the Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Fund and its underlying index. In reviewing the tracking error report, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that the Fund was created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each period, the correlation and tracking error for the Fund were within the targeted range set forth in the Trust’s registration statement and concluded that the Fund was correlated to its underlying index and that the tracking error for the Fund was within an acceptable range given the Fund’s circumstances.
The Trustees also considered the services provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Fund under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees also compared the Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”) andopen-end(non-ETF) actively-managed funds. The information compiled by the Adviser from Lipper Inc. databases indicated that the Fund did not haveopen-end(non-ETF) index peer funds. The Trustees noted that the annual advisory fee charged to the Fund is 0.50%. The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (the “Expense Cap”) to the extent necessary to prevent the annual operating expenses of the Fund (excluding interest expenses,sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year through at least August 31, 2021.
The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Fund, but that it providessub-advisory services to other clients. The Trustees noted that the contractual advisory fee for the Fund was lower than the median net advisory fees of its ETF peer funds andopen-end actively-managed peer funds.
The Trustees determined that the contractual advisory fee was reasonable, noting the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC. The Trustees noted that the Fund’s net expense ratio was lower than the median net expense ratios of its ETF peer funds andopen-end actively-managed peer funds.
| 102 |
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Approval of Investment Advisory Contracts (continued)
The Board concluded that the advisory fee and expense ratio of the Fund were reasonable and appropriate in light of the services provided.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Fund. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to the Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed the Fund’s asset size, advisory fee, expense ratio and the Expense Cap agreed to by the Adviser. The Trustees also noted that the Amended and Restated Excess Expense Agreement with the Trust provides that the Adviser is entitled to be reimbursed by the Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in the Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for the Fund was reasonable in relation to the asset size of the Fund, and concluded that the flat advisory fee was reasonable and appropriate.
The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationship with the Fund and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, serves as the index provider for the Fund and is paid a licensing fee.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for the Fund. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling(800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website atwww.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’sForm N-PX on the Commission’s website atwww.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 as an exhibit to its reports on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-SIFT-AR-2 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
August 31, 2019
IHYD | Invesco Corporate Income Defensive ETF | |
IHYV | Invesco Corporate Income Value ETF | |
IEMD | Invesco Emerging Markets Debt Defensive ETF | |
IEMV | Invesco Emerging Markets Debt Value ETF | |
IIGD | Invesco Investment Grade Defensive ETF | |
IIGV | Invesco Investment Grade Value ETF | |
IMFC | Invesco Multi-Factor Core Fixed Income ETF | |
IMFP | Invesco Multi-Factor Core Plus Fixed Income ETF | |
IMFD | Invesco Multi-Factor Defensive Core Fixed Income ETF | |
IMFI | Invesco Multi-Factor Income ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
The Market Environment | 3 | |||
Management’s Discussion of Fund Performance | 4 | |||
Schedules of Investments | ||||
33 | ||||
37 | ||||
41 | ||||
43 | ||||
45 | ||||
48 | ||||
51 | ||||
55 | ||||
Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD) | 62 | |||
Invesco Multi-Factor Income ETF (IMFI) | 65 | |||
Statements of Assets and Liabilities | 72 | |||
Statements of Operations | 74 | |||
Statements of Changes in Net Assets | 76 | |||
Financial Highlights | 80 | |||
Notes to Financial Statements | 90 | |||
Report of Independent Registered Public Accounting Firm | 102 | |||
Fees and Expenses | 103 | |||
Tax Information | 105 | |||
Proxy Results | 106 | |||
Trustees and Officers | 107 |
| 2 |
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Fixed Income
Throughout the fiscal year, US economic data remained supportive of continued economic expansion as 2019 2nd quarter GDP grew at 2.0%. The US economy continued to add jobs, pushing the unemployment rate to 3.7% at the close of the fiscal year, while inflation remained subdued.1 Against this backdrop, the US Federal Reserve (the Fed) raised the federal funds target rate from a range of 1.75% to 2.00% at the start of the reporting period to a range of 2.00% to 2.25% at the close of the reporting period. This was accomplished with two 0.25% rate hikes in September 2018 and December 2018, followed by a single 0.25% rate cut in July 2019.2 Working against these positive developments, however, were global macroeconomic headwinds in the form of geopolitical trade tension, sub-optimal inflation, and the lingering unknown of Brexit—the decision by UK voters to leave the European Union. These headwinds, coupled with continued low US inflation, could encourage further Fed rate cuts in the near-term. These actions continued to drive overseas investments into higher yielding segments of the fixed income markets.
The 10-year US Treasury yield continued to move upward at the start of the fiscal year and spiked in October 2018 due to continued strength of the global economy, increased risk of inflation and the high probability of additional Fed rate hikes throughout the fiscal year. However, elevated volatiltiy levels in December led to a severe risk-off tone in the markets driving Treasury yields lower. Throughout the remainder of the fiscal year, Treasury yields continued to decline as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. The10-year US Treasury yield ended the reporting period at 1.50%, 136 basis points lower than at the beginning of the fiscal year.3 (A basis point is one one-hundredth of a percentage point.)
The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 10.17% for the fiscal year. Strong performance for the index was largely attributable to the sharp decline in US Treasury yields. All four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index—government-related, corporate, securitized and treasury—posted positive returns for the fiscal year. Out-of-index exposure, such as high yield and US dollar-denominated emerging market (EM) corporate debt, provided gains despite concerns over global growth, a volatile geopolitical environment and a series of juxtaposed Fed actions. Accommodative central bank policies helped to support returns in high yield and US dollar-denominated EM corporate debt.
1 | Bureau of Labor Statistics |
2 | US Federal Reserve |
3 | US Treasury Department |
| 3 |
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IHYD | Management’s Discussion of Fund Performance | |
Invesco Corporate Income Defensive ETF (IHYD) |
As an index fund, the Invesco Corporate Income Defensive ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco High Yield Defensive Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to U.S. corporate bonds having the highest “quality scores” within an eligible universe of U.S. high yield bonds (commonly known as “junk bonds”) and bonds with the lowest credit rating considered investment grade, all as determined by the Index Provider using
its methodology described below.
In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar denominated bonds issued by U.S. companies. To be eligible for inclusion in the Index, bonds must (i) be rated higher than B- and lower than or equal to BBB- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. or Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $400 million outstanding, with only the largest bond from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; and (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step up
bonds with schedules known at issuance. Securities issued in accordance with Rule 144A under the Securities Act of 1933, as amended, bonds registered with the Securities and Exchange Commission, publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 7.60%. On a net asset value (“NAV”) basis, the Fund returned 7.07%. During the same time period, the Index returned 7.80%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the iBoxx USD Liquid High Yield Index (the “Benchmark Index”) returned 7.12%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of High Yield fixed-coupon, step-up, sinking funds, medium term notes, callable and puttable bonds.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bonds selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the media industry during the fiscal year ended August 31, 2019. The Fund’s underperformance to the Benchmark Index can be attributed to fees and expenses incurred during the period.
For the fiscal year ended August 31, 2019, the hotels, restaurants and leisure industry contributed most significantly to the Fund’s return, followed by the IT services and oil, gas & consumable fuels industries, respectively. There were no industries that detracted from Fund performance over the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Marble II Pte. Ltd., 5.30% coupon, due 06/20/2022, a software company (portfolio average weight of 0.63%), and Radian Group, Inc., 4.50% coupon, due 10/01/2024, a financials company (portfolio average weight of 0.70%). Positions that detracted most significantly from the Fund’s return during this period included Southwestern Energy Co., 4.10% coupon, due 03/15/2022, an energy company (no longer held at fiscal year-end), and QEP Resources, Inc., 5.25% coupon, due 05/01/2023, an energy company (portfolio average weight of 0.63%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Energy | 19.37 | |||
Consumer Discretionary | 12.67 | |||
Information Technology | 11.07 | |||
Financials | 11.01 | |||
Industrials | 10.99 | |||
Communication Services | 8.43 | |||
Materials | 8.33 | |||
Health Care | 5.55 | |||
Real Estate | 4.72 | |||
Consumer Staples | 4.11 | |||
Utilities | 1.32 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.43 |
| 4 |
|
Invesco Corporate Income Defensive ETF (IHYD)(continued)
Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
BBB | 39.52 | |||
BB | 51.45 | |||
B | 5.98 | |||
Not Rated | 0.62 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.43 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Sabine Pass Liquefaction, LLC, 5.75%, 05/15/2024 | 0.87 | |||
CNO Financial Group, Inc., 5.25%, 05/30/2025 | 0.85 | |||
Ball Corp., 4.00%, 11/15/2023 | 0.82 | |||
Marvell Technology Group Ltd., 4.20%, 06/22/2023 | 0.82 | |||
Magellan Health, Inc., 4.90%, 09/22/2024 | 0.82 | |||
Diamondback Energy, Inc., 5.37%, 05/31/2025 | 0.82 | |||
Hanesbrands, Inc., 4.63%, 05/15/2024 | 0.82 | |||
Elanco Animal Health, Inc., 4.27%, 08/28/2023 | 0.81 | |||
EMC Corp., 3.38%, 06/01/2023 | 0.81 | |||
American Airlines Group, Inc., 5.00%, 06/01/2022 | 0.81 | |||
Total | 8.25 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco High Yield Defensive Index | 7.80 | % | 7.93 | % | 8.76 | % | ||||||||||
iBoxx USD Liquid High Yield Index | 7.12 | 7.51 | 8.29 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 7.07 | 7.26 | 8.01 | |||||||||||||
Market Price Return | 7.60 | 7.90 | 8.72 |
| 5 |
|
Invesco Corporate Income Defensive ETF (IHYD)(continued)
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 6 |
|
IHYV | Management’s Discussion of Fund Performance | |
Invesco Corporate Income Value ETF (IHYV) |
As an index fund, the Invesco Corporate Income Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco High Yield Value Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to higher value, U.S. high yield bonds (commonly known as “junk bonds”) and bonds with the lowest credit rating considered investment grade. Higher value bonds are characterized as those with higher yields that may provide greater returns in certain markets. In addition, the Index seeks to incorporate securities with the highest “quality scores” (within the eligible universe of U.S. bonds) as determined by the Index Provider using its methodology described below.
In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar denominated bonds issued by U.S. companies. To be eligible for inclusion in the Index, bonds must (i) be rated higher than B- and lower than or equal to BBB- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. or Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $400 million outstanding, with only the largest bond from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; and (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A under the Securities Act of 1933, as amended, bonds registered with the Securities and Exchange Commission, publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 4.50%. On a net asset value (“NAV”) basis, the Fund returned 4.36%. During the same time period, the Index returned 5.71%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the iBoxx USD Liquid High Yield Index (the “Benchmark Index”) returned 7.12%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful
measure for investors as a broad representation of high yield fixed-coupon, step-up, sinking funds, medium term notes, callable and puttable bonds.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the media industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the media industry, as well as fees and operating expenses that the Fund incurred.
For the fiscal year ended August 31, 2019, the household durables industry contributed most significantly to the Fund’s return, followed by the technology and personal products industries, respectively. Oil, gas & consumable fuels was the only industry detracting from Fund performance over the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Avon Products, Inc., 7.00% coupon, due 03/15/2023, a personal products company (no longer held at fiscal year-end), and The Hertz Corp., 5.50% coupon, due 10/15/2024, consumer finance company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Jones Energy Holdings LLC, 9.25% coupon, due 03/15/2023, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and Alta Mesa Holdings LP, 7.875% coupon, due 12/15/2024, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Energy | 18.82 | |||
Consumer Discretionary | 16.55 | |||
Information Technology | 10.14 | |||
Financials | 9.62 | |||
Industrials | 9.53 | |||
Communication Services | 7.78 | |||
Materials | 7.17 | |||
Consumer Staples | 6.28 | |||
Real Estate | 3.87 | |||
Utilities | 3.71 | |||
Health Care | 3.56 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.97 |
| 7 |
|
Invesco Corporate Income Value ETF (IHYV)(continued)
Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
BBB | 15.51 | |||
BB | 48.59 | |||
B | 30.00 | |||
CCC | 2.18 | |||
Not Rated | 0.75 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.97 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Dollar Tree, Inc., 4.20%, 05/15/2028 | 0.87 | |||
Hughes Satellite Systems Corp., 5.25%, 08/01/2026 | 0.87 | |||
Broadcom, Inc., 4.75%, 04/15/2029 | 0.86 | |||
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.62%, 06/15/2024 | 0.86 | |||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | 0.85 | |||
Frontier Communications Corp., 8.00%, 04/01/2027 | 0.85 | |||
PQ Corp., 6.75%, 11/15/2022 | 0.85 | |||
Olin Corp., 5.63%, 08/01/2029 | 0.85 | |||
First Quality Finance Co., Inc., 5.00%, 07/01/2025 | 0.85 | |||
Harsco Corp., 5.75%, 07/31/2027 | 0.85 | |||
Total | 8.56 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco High Yield Value Index | 5.71 | % | 5.94 | % | 6.55 | % | ||||||||||
iBoxx USD Liquid High Yield Index | 7.12 | 7.51 | 8.29 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 4.36 | 4.67 | 5.14 | |||||||||||||
Market Price Return | 4.50 | 4.95 | 5.45 |
| 8 |
|
Invesco Corporate Income Value ETF (IHYV)(continued)
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 9 |
|
IEMD | Management’s Discussion of Fund Performance | |
Invesco Emerging Markets Debt Defensive ETF (IEMD) |
As an index fund, the Invesco Emerging Markets Debt Defensive ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Emerging Markets Debt Defensive Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to emerging markets debt securities having the highest “quality scores” (within the eligible universe of emerging market debt securities) as determined by the Index Provider using its methodology described below.
In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar denominated bonds issued by sovereign governments, and agencies thereof, of countries that the Index Provider considers to be “emerging market countries.” To be eligible for inclusion in the Index, bonds must (i) be rated higher than B- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. or Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $500 million outstanding, with only the largest five bonds from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; and (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A or Regulation S under the Securities Act of 1933, as amended, and bonds registered with the Securities and Exchange Commission are all eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 7.67%. On a net asset value (“NAV”) basis, the Fund returned 7.02%. During the same time period, the Index returned 7.86%. During the fiscal year, the Fund’s performance, on a NAV basis, underperformed the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 13.11%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 760 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the
U.S. dollar-denominated bond market in emerging market countries.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the country of United Arab Emirates and most underweight in the country of Qatar during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the under allocation to the countries of Brazil, Panama, Uruguay, and Peru.
For the fiscal year ended August 31, 2019, the country of Russia contributed most significantly to the Fund’s return, followed by the country of China and the country of United Arab Emirates, respectively. There were no countries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Russian Foreign Bond, 4.50% coupon, due 04/04/2022, a sovereign credit (portfolio average weight of 3.35%) and Russian Foreign Bond 144A, 4.50% coupon, due 04/04/2022, a sovereign credit (portfolio average weight of 2.51%). Positions that detracted most significantly from the Fund’s return during this period included Nacional Financiera SNC, 3.375% coupon, due 05/11/2020, a financials company (no longer held at fiscal year-end) and MFB Hungarian Development Bank, 6.25% coupon, due 10/21/2020, a foreign agency credit (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Soverign Debt | 48.73 | |||
Energy | 19.14 | |||
Financials | 15.04 | |||
Materials | 5.59 | |||
Utilities | 4.90 | |||
Industrials | 1.62 | |||
Money Market Funds Plus Other Assets Less Liabilities | 4.98 |
| 10 |
|
Invesco Emerging Markets Debt Defensive ETF (IEMD)(continued)
Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
AA | 6.23 | |||
A | 22.81 | |||
BBB | 44.26 | |||
BB | 7.50 | |||
Not Rated | 14.22 | |||
Money Market Funds Plus Other Assets Less Liabilities | 4.98 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Mexico Government International Bond, 4.00%, 10/02/2023 | 4.72 | |||
Turkey Government International Bond, 6.25%, 09/26/2022 | 4.71 | |||
Petroleos Mexicanos, 4.88%, 01/24/2022 | 4.55 | |||
Corp Nacional del Cobre de Chile, REGS, 3.00%, 07/17/2022 | 3.95 | |||
Russian Foreign Bond—Eurobond, REGS, 4.50%, 04/04/2022 | 3.29 | |||
Morocco Government International Bond, 4.25%, 12/11/2022 | 3.26 | |||
Philippine Government International Bond, 4.20%, 01/21/2024 | 3.17 | |||
Hungary Government International Bond, 5.38%, 02/21/2023 | 3.00 | |||
Republic of South Africa Government International Bond, 5.88%, 05/30/2022 | 2.79 | |||
Indonesia Government International Bond, 3.38%, 04/15/2023 | 2.60 | |||
Total | 36.04 |
* | Excluding money market fund holdings. |
| 11 |
|
Invesco Emerging Markets Debt Defensive ETF (IEMD)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco Emerging Markets Debt Defensive Index | 7.86 | % | 7.06 | % | 7.79 | % | ||||||||||
JP Morgan Emerging Market Bond Global Index | 13.11 | 10.07 | 11.12 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 7.02 | 6.31 | 6.95 | |||||||||||||
Market Price Return | 7.67 | 6.90 | 7.61 |
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 12 |
|
IEMV | Management’s Discussion of Fund Performance | |
Invesco Emerging Markets Debt Value ETF (IEMV) |
As an index fund, the Invesco Emerging Markets Debt Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Emerging Markets Debt Value Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to higher value, emerging markets debt securities. Higher value bonds are characterized as those with higher yields that may provide greater returns in certain markets. In addition, the Index seeks to incorporate securities with the highest “quality scores” (within the eligible universe of emerging market debt securities) as determined by the Index Provider using its methodology described below.
In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar denominated bonds issued by sovereign governments, and agencies thereof, of countries that the Index Provider considers to be “emerging market countries.” To be eligible for inclusion in the Index, bonds must (i) be rated higher than B- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. or Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $500 million outstanding, with only the largest five bonds from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; and (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A or Regulation S under the Securities Act of 1933, as amended, and bonds registered with the Securities and Exchange Commission are all eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 14.64%. On a net asset value (“NAV”) basis, the Fund returned 13.97%. During the same time period, the Index returned 15.24%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 13.11%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 760 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a broad representation of the
U.S. dollar-denominated bond market in emerging market countries.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the country of India and most underweight in the country of Saudi Arabia during the fiscal year ended August 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to over allocation to the countries of Turkey and India.
For the fiscal year ended August 31, 2019, the country of Turkey contributed most significantly to the Fund’s return, followed by the country of Brazil and the country of India, respectively. There were no countries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Brazillian Government International Bond, 4.625% coupon, due 01/13/2028, a sovereign bond (portfolio average weight of 1.79%) and MDC-GMTN BV, 4.50% coupon, due 11/07/2028, a United Arab Emirates agency credit (portfolio average weight of 3.28%). Positions that detracted most significantly from the Fund’s return during this period included Ecopetrol SA, 5.375% coupon, due 06/26/2026, an energy company (no longer held at fiscal year-end) and Republic of South Africa, 4.85% coupon, due 09/27/2027, a sovereign bond (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Soverign Debt | 33.89 | |||
Energy | 24.19 | |||
Financials | 21.13 | |||
Utilities | 7.18 | |||
Materials | 6.10 | |||
Industrials | 5.11 | |||
Communication services | 0.60 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.80 |
| 13 |
|
Invesco Emerging Markets Debt Value ETF (IEMV)(continued)
Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
AA | 7.32 | |||
A | 23.59 | |||
BBB | 30.01 | |||
BB | 21.67 | |||
B | 2.12 | |||
Not Rated | 13.49 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.80 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Republic of Poland Government International Bond, 3.25%, 04/06/2026 | 4.58 | |||
Corp. Nacional del Cobre de Chile, 3.63%, 08/01/2027 | 4.42 | |||
Vietnam Government International Bond, 4.80%, 11/19/2024 | 3.50 | |||
MDC—GMTN B.V., 4.50%, 11/07/2028 | 3.22 | |||
Petroliam Nasional Bhd., REGS, 7.63%, 10/15/2026 | 3.03 | |||
Empresa de Transporte de Pasajeros Metro S.A., 4.75%, 02/04/2024 | 2.44 | |||
Banco do Brasil S.A., 5.88%, 01/26/2022 | 1.83 | |||
Petroliam Nasional Bhd., 7.63%, 10/15/2026 | 1.81 | |||
Brazilian Government International Bond, 4.63%, 01/13/2028 | 1.77 | |||
Mexico Government International Bond, 4.15%, 03/28/2027 | 1.76 | |||
Total | 28.36 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco Emerging Markets Debt Value Index | 15.24 | % | 11.80 | % | 13.05 | % | ||||||||||
JP Morgan Emerging Market Bond Global Index | 13.11 | 10.07 | 11.12 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 13.97 | 10.91 | 12.06 | |||||||||||||
Market Price Return | 14.64 | 11.43 | 12.63 |
| 14 |
|
Invesco Emerging Markets Debt Value ETF (IEMV)(continued)
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 15 |
|
IIGD | Management’s Discussion of Fund Performance | |
Invesco Investment Grade Defensive ETF (IIGD) |
As an index fund, the Invesco Investment Grade Defensive ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to U.S. investment grade bonds having the highest “quality scores” (within the eligible universe of U.S. investment grade bonds) as determined by the Index Provider using its methodology described below.
In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar denominated bonds issued by U.S. companies. To be eligible for inclusion in the Index, bonds must (i) be rated higher than BBB- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. or Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $600 million outstanding, with only the largest bond from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A under the Securities Act of 1933, as amended, bonds registered with the Securities and Exchange Commission, publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 8.05%. On a net asset value (“NAV”) basis, the Fund returned 7.77%. During the same time period, the Index returned 7.86%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, partially offset by a positive impact as the result of the Fund’s sampling methodology.
During this same time period, the iBoxx USD Liquid Investment Grade Index (the “Benchmark Index”) returned 15.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. corporate bond market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a
proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight in the media industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the banks, media and pharmaceuticals industries.
For the fiscal year ended August 31, 2019, the capital markets industry contributed most significantly to the Fund’s return, followed by the household products and insurance industries, respectively. No industries detracted significantly from the Fund’s performance during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Johnson & Johnson, 2.45% coupon, due 03/01/2026, a consumer pharmaceuticals company (portfolio average weight of 1.13%), and Florida Power and Light Co., 3.125% coupon, due 12/01/2025, an electric utilities company (portfolio average weight of 1.20%). Positions that detracted most significantly from the Fund’s return during this period included Schlumberger Investment SA, 3.65% coupon, due 12/01/2023, an energy equipment & services company (no longer held at fiscal year-end), and US Bank National Association, 2.65% coupon, due 05/23/2022, a banks company (portfolio average weight of 0.27%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 39.05 | |||
Industrials | 15.03 | |||
Information Technology | 10.30 | |||
Consumer Staples | 8.00 | |||
Health Care | 6.72 | |||
Energy | 4.53 | |||
Communication Services | 3.43 | |||
Utilities | 3.33 | |||
Consumer Discretionary | 3.29 | |||
Real Estate | 3.19 | |||
Materials | 2.48 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.65 |
| 16 |
|
Invesco Investment Grade Defensive ETF (IIGD)(continued)
Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
AAA | 2.01 | |||
AA | 24.06 | |||
A | 54.50 | |||
BBB | 18.78 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.65 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
SunTrust Banks, Inc., 2.70%, 01/27/2022 | 1.51 | |||
Wells Fargo Bank, N.A., 3.55%, 08/14/2023 | 1.29 | |||
Pfizer, Inc., 3.00%, 12/15/2026 | 1.18 | |||
American Express Co., 2.50%, 08/01/2022 | 1.16 | |||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 | 1.15 | |||
New York Life Global Funding, 2.88%, 04/10/2024 | 1.15 | |||
Mars, Inc., 2.70%, 04/01/2025 | 1.15 | |||
Automatic Data Processing, Inc., 3.38%, 09/15/2025 | 1.15 | |||
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023 | 1.14 | |||
Florida Power & Light Co., 3.13%, 12/01/2025 | 1.14 | |||
Total | 12.02 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco Investment Grade Defensive Index | 7.86 | % | 7.81 | % | 8.61 | % | ||||||||||
iBoxx USD Liquid Investment Grade Index | 15.70 | 14.78 | 16.37 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 7.77 | 7.73 | 8.53 | |||||||||||||
Market Price Return | 8.05 | 8.11 | 8.95 |
| 17 |
|
Invesco Investment Grade Defensive ETF (IIGD)(continued)
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 18 |
|
IIGV | Management’s Discussion of Fund Performance | |
Invesco Investment Grade Value ETF (IIGV) |
As an index fund, the Invesco Investment Grade Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Investment Grade Value Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to higher value, U.S. investment grade bonds. Higher value bonds are characterized as those with higher yields that may provide greater returns in certain markets. In addition, the Index seeks to incorporate securities with the highest “quality scores” (within the eligible universe of U.S. investment grade bonds) as determined by the Index Provider using its methodology described below.
In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar denominated bonds issued by U.S. companies. To be eligible for inclusion in the Index, bonds must (i) be rated higher than BBB- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. or Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $600 million outstanding, with only the largest bond from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; (iv) make coupon payments. Qualifying securities include: fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A under the Securities Act of 1933, as amended, bonds registered with the Securities and Exchange Commission, publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 12.51%. On a net asset value (“NAV”) basis, the Fund returned 12.23%. During the same time period, the Index returned 12.97%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the iBoxx USD Liquid Investment Grade Index (the “Benchmark Index”) returned 15.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. corporate bond market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight in the capital markets industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in both the capital markets and media industries.
For the fiscal year ended August 31, 2019, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the insurance and oil, gas & consumable fuels industries, respectively. No industries detracted from the Fund’s performance during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included ERAC USA Finance, LLC., 3.80% coupon, due 11/01/2025, a transportation company (portfolio average weight of 1.38%), and Ford Motor Credit Co., LLC, 5.875% coupon, due 08/02/2021, a consumer finance company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Pacific Gas and Electric Co., 3.30% coupon, due 12/01/2027, an electric utility company (no longer held at fiscal year-end), and Lowes Cos, Inc., 3.10% coupon, due 05/03/2027 a specialty retail company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 27.62 | |||
Industrials | 10.23 | |||
Energy | 8.47 | |||
Utilities | 8.35 | |||
Consumer Discretionary | 8.08 | |||
Consumer Staples | 8.01 | |||
Health Care | 7.04 | |||
Communication Services | 6.24 | |||
Information Technology | 5.82 | |||
Materials | 4.46 | |||
Real Estate | 1.01 | |||
Money Market Funds Plus Other Assets Less Liabilities | 4.67 |
| 19 |
|
Invesco Investment Grade Value ETF (IIGV)(continued)
Credit Quality Rating (S&P) (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
AA | 8.34 | |||
A | 37.90 | |||
BBB | 47.62 | |||
Not Rated | 1.47 | |||
Money Market Funds Plus Other Assets Less Liabilities | 4.67 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Sky Ltd., 3.75%, 09/16/2024 | 1.53 | |||
Ford Motor Co., 4.35%, 12/08/2026 | 1.38 | |||
ERAC USA Finance LLC, 3.80%, 11/01/2025 | 1.32 | |||
WRKCo Inc., 3.75%, 03/15/2025 | 1.29 | |||
Lam Research Corp., 4.00%, 03/15/2029 | 1.26 | |||
Cargill, Inc., 3.25%, 05/23/2029 | 1.24 | |||
Whirlpool Corp., 4.75%, 02/26/2029 | 1.24 | |||
Applied Materials, Inc., 3.30%, 04/01/2027 | 1.24 | |||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 | 1.22 | |||
Booking Holdings, Inc., 3.60%, 06/01/2026 | 1.21 | |||
Total | 12.93 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco Investment Grade Value Index | 12.97 | % | 12.62 | % | 13.96 | % | ||||||||||
iBoxx USD Liquid Investment Grade Index | 15.70 | 14.78 | 16.37 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 12.23 | 11.89 | 13.15 | |||||||||||||
Market Price Return | 12.51 | 12.11 | 13.40 |
| 20 |
|
Invesco Investment Grade Value ETF (IIGV)(continued)
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 21 |
|
IMFC | Management’s Discussion of Fund Performance | |
Invesco Multi-Factor Core Fixed Income ETF (IMFC) |
As an index fund, the Invesco Multi-Factor Core Fixed Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Multi-Factor Core Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide multi-factor exposure to fixed income securities.
The Index is an index of indexes, comprised of component securities of the following indexes (each, a “Sub-Index”), with corresponding fixed, target weightings in the Index: (i) Invesco U.S. Fixed Rate 30-Year MBS Index (40% weight); (ii) Invesco Investment Grade Defensive Index (25% weight); (iii) Invesco U.S. Treasury 1-3 Years Index (20% weight); (iv) Invesco U.S. Treasury 10-30 Years Index (10% weight); and (v) Invesco Investment Grade Value Index (5% weight). The Index will typically include between 400-1,000 securities. The securities in the Index are weighted in accordance with the methodology of each Sub-Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 8.71%. On a net asset value (“NAV”) basis, the Fund returned 8.43%. During the same time period, the Index returned 8.73%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the impact of the Fund’s sampling methodology in addition to fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark Index”) returned 10.17%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 10,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in securitized products and most underweight in U.S. Treasuries during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during
that period can be attributed to the Fund being underweight in U.S. Treasuries.
For the fiscal year ended August 31, 2019, U.S. Treasuries contributed most significantly to the Fund’s return, followed by securitized products. No industries or securities detracted from the Fund’s return over the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included a U.S. Treasury Bond, 4.75% coupon, due 12/14/2041, (portfolio average weight of 1.15%), and a U.S. Treasury Bond, 4.375% coupon, due 05/15/2041, (portfolio average weight of 0.72%). Positions that detracted most significantly from the Fund’s return during this period included TJX Companies, Inc., 2.25% coupon, due 09/15/2026, a specialty company (no longer held at fiscal year-end), and GE Capital International Funding, Co., 2.342% coupon, due 11/15/2020, a financials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Collateralized Mortgage Obligations | 39.82 | |||
U.S. Treasury Securities | 29.9 | |||
Financials | 11.13 | |||
Industrials | 4.72 | |||
Sector Types Each Less Than 3% | 14.34 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.09 |
| 22 |
|
Invesco Multi-Factor Core Fixed Income ETF (IMFC)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Federal National Mortgage Association, 3.50%, 07/01/2049 | 1.16 | |||
U.S. Treasury Bonds, 4.75%, 02/15/2041 | 1.15 | |||
Federal Home Loan Mortgage Corp., 4.50%, 06/01/2048 | 1.12 | |||
Federal Home Loan Mortgage Corp., 3.50%, 04/01/2047 | 1.08 | |||
Federal National Mortgage Association, 3.50%, 11/01/2047 | 1.04 | |||
Federal National Mortgage Association, 4.00%, 10/01/2048 | 1.02 | |||
Federal National Mortgage Association, 4.00%, 11/01/2047 | 1.02 | |||
Federal National Mortgage Association, 3.50%, 11/01/2047 | 1.01 | |||
Federal Home Loan Mortgage Corp., 4.00%, 10/01/2048 | 1.01 | |||
Federal Home Loan Mortgage Corp., 3.50%, 10/01/2047 | 1.01 | |||
Total | 10.62 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco Multi-Factor Core Index | 8.73 | % | 8.52 | % | 9.40 | % | ||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | 10.17 | 9.83 | 10.86 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 8.43 | 8.24 | 9.09 | |||||||||||||
Market Price Return | 8.71 | 8.61 | 9.51 |
| 23 |
|
Invesco Multi-Factor Core Fixed Income ETF (IMFC)(continued)
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.12% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recentmonth-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 24 |
|
IMFP | Management’s Discussion of Fund Performance | |
Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) |
As an index fund, the Invesco Multi-Factor Core Plus Fixed Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Multi-Factor Core Plus Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide multi-factor exposure to fixed income securities.
The Index is an index of indexes, comprised of component securities of the following indexes (each, a “Sub-Index”), with corresponding fixed, target weightings in the Index: (i) Invesco High Yield Defensive Index (30% weight); (ii) Invesco Investment Grade Defensive Index (20% weight); (iii) Invesco U.S. Fixed Rate 30-Year MBS Index (20% weight); (iv) Invesco Investment Grade Value Index (10% weight); (v) Invesco U.S. Treasury 10-30 Years Index (10% weight); (vi) Invesco Emerging Markets Debt Defensive Index (5% weight); and (vii) Invesco Emerging Markets Debt Value Index (5% weight). The Index will typically include between 500-1,000 securities. The securities in the Index are weighted in accordance with the methodology of each Sub-Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 10.11%. On a net asset value (“NAV”) basis, the Fund returned 9.73%. During the same time period, the Index returned 10.18%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark Index”) returned 10.17%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 10,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the energy industry and most underweight in U.S. Treasuries
during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in U.S. Treasuries.
For the fiscal year ended August 31, 2019, U.S. Treasuries contributed most significantly to the Fund’s return, followed by securitized products. No industries or security types detracted significantly from the Fund’s return over the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included U.S. Treasury Bond, 4.75% coupon, due 02/15/2041 (portfolio average weight of 0.52%), and U.S. Treasury Bond, 4.375% coupon, due 05/15/2040 (portfolio average weight of 0.50%). Positions that detracted most significantly from the Fund’s return during this period included Pacific Gas and Electric Co., 3.30% coupon, due 12/01/2027, an electric utilities company (no longer held at fiscal year-end), and Southwestern Energy Co., 4.10% coupon, due 03/15/2022, an oil & gas company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Collateralized Mortgage Obligations | 19.93 | |||
Financials | 16.46 | |||
U.S. Treasury Securities | 10.05 | |||
Energy | 9.27 | |||
Information Technology | 6.57 | |||
Industrials | 6.51 | |||
Consumer Discretionary | 4.88 | |||
Materials | 4.70 | |||
Communication Services | 3.85 | |||
Health Care | 3.82 | |||
Consumer Staples | 3.80 | |||
Soverign Debt | 3.40 | |||
Sector Types Each Less Than 3% | 4.77 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.99 |
| 25 |
|
Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Federal National Mortgage Association, 4.50%, 02/01/2048 | 0.94 | |||
Federal National Mortgage Association, 4.00%, 08/01/2048 | 0.72 | |||
Federal National Mortgage Association, 3.50%, 02/01/2048 | 0.71 | |||
Federal National Mortgage Association, 4.00%, 03/01/2049 | 0.70 | |||
Federal National Mortgage Association, 4.00%, 10/01/2048 | 0.67 | |||
Federal National Mortgage Association, 3.50%, 11/01/2047 | 0.67 | |||
Federal National Mortgage Association, 4.00%, 07/01/2048 | 0.67 | |||
Federal National Mortgage Association, 4.00%, 06/01/2048 | 0.67 | |||
Federal National Mortgage Association, 4.00%, 07/01/2048 | 0.66 | |||
Federal Home Loan Mortgage Corp., 4.50%, 06/01/2048 | 0.64 | |||
Total | 7.05 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco Multi-Factor Core Plus Index | 10.18 | % | 9.84 | % | 10.87 | % | ||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | 10.17 | 9.83 | 10.86 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 9.73 | 9.34 | 10.32 | |||||||||||||
Market Price Return | 10.11 | 9.67 | 10.68 |
| 26 |
|
Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP)(continued)
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.16% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recentmonth-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 27 |
|
IMFD | Management’s Discussion of Fund Performance | |
Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD) |
As an index fund, the Invesco Multi-Factor Defensive Core Fixed Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Multi-Factor Defensive Core Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide multi-factor exposure to fixed income securities.
The Index is an index of indexes, comprised of component securities of the following indexes (each, a “Sub-Index”), with corresponding fixed, target weightings in the Index: (i) Invesco U.S. Treasury 1-3 Years Index (55% weight); (ii) Invesco U.S. Fixed Rate 30-Year MBS Index (20% weight); (iii) Invesco Investment Grade Defensive Index (15% weight); and (iv) Invesco Emerging Markets Debt Defensive Index (10% weight). The Index will typically include between 200-500 securities. The securities in the Index are weighted in accordance with the methodology of each Sub-Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (December 6, 2018) through August 31, 2019, on a market price basis, the Fund returned 4.84%. On a net asset value (“NAV”) basis, the Fund returned 5.13%. During the same time period, the Index returned 5.40%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the impact of the Fund’s sampling methodology in addition to fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark Index”) returned 10.37%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 10,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in U.S. Treasuries and most underweight in securitized products during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index
during that period can be attributed to security selection within the Fund’s U.S. Treasuries holdings, followed by its holdings in securitized products.
For the fiscal period ended August 31, 2019, U.S. Treasuries contributed most significantly to the Fund’s return, followed by securitized products. No industries or security types detracted significantly from the Fund’s return over the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included a Russian Federation RegS, 4.50% coupon, due 04/04/2022, sovereign credit (portfolio average weight of 1.03%), and a FNMA 30yr, 3.50% coupon, due 11/01/2048, a mortgage-backed securities pass through (portfolio average weight of 1.06%). Positions that detracted most significantly from the Fund’s return during this period included a Turkey Government International Bond, 6.250% coupon, due 09/26/2022, sovereign credit (portfolio average weight of 1.01%), and a Pfizer, Inc., 3.00% coupon, due 12/15/2026, pharmaceuticals company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
U.S. Treasury Securities | 54.70 | |||
Collateralized Mortgage Obligations | 20.00 | |||
Financials | 7.61 | |||
Soverign Debt | 4.57 | |||
Sector Types Each Less Than 3% | 13.57 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.45) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
U.S. Treasury Notes, 2.00%, 02/15/2022 | 1.18 | |||
U.S. Treasury Notes, 2.63%, 11/15/2020 | 1.15 | |||
U.S. Treasury Notes, 2.63%, 08/15/2020 | 1.15 | |||
U.S. Treasury Notes, 3.63%, 02/15/2021 | 1.15 | |||
U.S. Treasury Notes, 3.13%, 05/15/2021 | 1.15 | |||
U.S. Treasury Notes, 2.13%, 08/15/2021 | 1.13 | |||
U.S. Treasury Notes, 2.00%, 11/15/2021 | 1.13 | |||
Russian Foreign Bond—Eurobond, REGS, 4.50%, 04/04/2022 | 1.03 | |||
PT Indonesia Asahan Aluminium (Persero), 5.23%, 11/15/2021 | 1.02 | |||
Federal National Mortgage Association, 3.50%, 11/01/2048 | 1.01 | |||
Total | 11.10 |
* | Excluding money market fund holdings. |
| 28 |
|
Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||
Index | Cumulative | |||
Invesco Multi-Factor Defensive Core Index | 5.40 | % | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 10.37 | |||
Fund | ||||
NAV Return | 5.13 | |||
Market Price Return | 4.84 |
Fund Inception: December 6, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.12% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 29 |
|
IMFI | Management’s Discussion of Fund Performance | |
Invesco Multi-Factor Income ETF (IMFI) |
As an index fund, the Invesco Multi-Factor Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Multi-Factor Income Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide multi-factor exposure to fixed income securities.
The Index is an index of indexes, comprised of component securities of the following indexes (each, a “Sub-Index”), with corresponding fixed, target weightings in the Index: (i) Invesco U.S. Fixed Rate 30-Year MBS Index (25% weight); (ii) Invesco Emerging Markets Debt Value Index (15% weight); (iii) Invesco High Yield Defensive Index (15% weight); (iv) Invesco Investment Grade Value Index (15% weight); (v) Invesco Emerging Markets Debt Defensive Index (10% weight); (vi) Invesco High Yield Value Index (10% weight); and (vii) Invesco Investment Grade Defensive Index (10% weight). The Index will typically include between500-1,000 securities. The securities in the Index are weighted in accordance with the methodology of each Sub- Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (December 6, 2018) through August 31, 2019, on a market price basis, the Fund returned 9.39%. On a net asset value (“NAV”) basis, the Fund returned 8.52%. During the same time period, the Index returned 9.42%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark Index”) returned 10.37%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 10,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in foreign agency credit and most underweight in sovereign credit
during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can primarily be attributed to the Fund being underweight in sovereign credit.
For the fiscal period ended August 31, 2019, securitized products contributed most significantly to the Fund’s return, followed by foreign agency credit. No industry or security type detracted from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Perusahaan Listrik Negara, 5.45% coupon, due 05/21/2028, an Indonesian agency credit (portfolio average weight of 0.53%), and a Federative Republic of Brazil, 6.00% coupon, due 04/07/2026, a sovereign credit (portfolio average weight of 0.55%). Positions that detracted most significantly from the Fund’s return during this period included LSC Communications, Inc., 8.75% coupon, due 10/15/2023, a communications company (no longer held at fiscal year-end), and Dean Foods Company, 6.50% coupon, due 03/15/2023, a food products company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Collateralized Mortgage Obligations | 24.83 | |||
Financials | 16.43 | |||
Energy | 11.66 | |||
Soverign Debt | 9.15 | |||
Industrials | 6.41 | |||
Consumer Discretionary | 5.42 | |||
Information Technology | 4.99 | |||
Materials | 4.57 | |||
Communication Services | 3.74 | |||
Utilities | 3.58 | |||
Consumer Staples | 3.21 | |||
Sector Types Each Less Than 3% | 4.49 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.52 |
| 30 |
|
Invesco Multi-Factor Income ETF (IMFI)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Federal Home Loan Mortgage Corp., 4.50%, 08/01/2048 | 0.93 | |||
Federal National Mortgage Association, 4.50%, 06/01/2048 | 0.87 | |||
Federal National Mortgage Association, 3.50%, 11/01/2048 | 0.79 | |||
MDC—GMTN B.V., 5.50%, 03/01/2022 | 0.64 | |||
Petroliam Nasional Bhd., REGS, 7.63%, 10/15/2026 | 0.64 | |||
PT Perusahaan Listrik Negara, REGS, 5.45%, 05/21/2028 | 0.56 | |||
Brazilian Government International Bond, 6.00%, 04/07/2026 | 0.56 | |||
Indonesia Government International Bond, 5.88%, 01/15/2024 | 0.54 | |||
MDC—GMTN B.V., REGS, 3.75%, 04/19/2029 | 0.53 | |||
Federal Home Loan Mortgage Corp., 4.00%, 12/01/2048 | 0.52 | |||
Total | 6.58 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||
Index | Cumulative | |||
Invesco Multi-Factor Income Index | 9.42 | % | ||
Bloomberg Barclays U.S. Aggregate Bond Index | 10.37 | |||
Fund | ||||
NAV Return | 8.52 | |||
Market Price Return | 9.39 |
| 31 |
|
Invesco Multi-Factor Income ETF (IMFI)(continued)
Fund Inception: December 6, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.16% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recentmonth-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 32 |
|
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-97.57% | ||||
Aerospace & Defense-0.70% | ||||
Arconic, Inc., 5.13%, 10/01/2024 | $ | 85,000 | $ 90,641 | |
Air Freight & Logistics-0.64% | ||||
XPO Logistics, Inc., 6.50%, 06/15/2022(b) | 80,000 | 81,954 | ||
Airlines-2.09% | ||||
American Airlines Group, Inc., 5.00%, 06/01/2022(b) | 100,000 | 104,125 | ||
Delta Air Lines, Inc., 3.63%, 03/15/2022 | 80,000 | 82,248 | ||
United Airlines Holdings, Inc., 4.25%, 10/01/2022 | 80,000 | 82,500 | ||
268,873 | ||||
Auto Components-1.93% | ||||
Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/2023(c) | 80,000 | 81,300 | ||
Hertz Corp. (The), 7.62%, 06/01/2022(b) | 80,000 | 83,404 | ||
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b) | 80,000 | 84,142 | ||
248,846 | ||||
Banks-0.66% | ||||
CIT Group, Inc., 5.00%, 08/15/2022 | 80,000 | 85,487 | ||
Building Products-2.25% | ||||
Griffon Corp., 5.25%, 03/01/2022 | 100,000 | 101,221 | ||
Owens Corning, 4.20%, 12/01/2024 | 80,000 | 84,884 | ||
Standard Industries, Inc., 5.37%, 11/15/2024(b) | 100,000 | 103,250 | ||
289,355 | ||||
Capital Markets-2.06% | ||||
BGC Partners, Inc., 5.37%, 07/24/2023 | 80,000 | 86,233 | ||
Cantor Fitzgerald L.P., 4.88%, 05/01/2024(b) | 85,000 | 90,150 | ||
Owl Rock Capital Corp., 5.25%, 04/15/2024 | 85,000 | 89,376 | ||
265,759 | ||||
Chemicals-4.17% | ||||
Ashland LLC, 4.75%, 08/15/2022 | 80,000 | 84,377 | ||
Blue Cube Spinco LLC, 9.75%, 10/15/2023 | 90,000 | 99,000 | ||
CF Industries, Inc., 3.45%, 06/01/2023 | 100,000 | 102,637 | ||
Mosaic Co. (The), 4.25%, 11/15/2023 | 80,000 | 84,537 | ||
PQ Corp., 6.75%, 11/15/2022(b) | 80,000 | 83,316 | ||
WR Grace & Co.-Conn, 5.12%, 10/01/2021(b) | 80,000 | 83,400 | ||
537,267 | ||||
Commercial Services & Supplies-1.40% | ||||
ADT Corp. (The), 3.50%, 07/15/2022 | 100,000 | 100,625 | ||
Pitney Bowes, Inc., 3.88%, 10/01/2021 | 80,000 | 80,200 | ||
180,825 | ||||
Consumer Finance-1.34% | ||||
Navient Corp., 6.50%, 06/15/2022 | 80,000 | 86,800 | ||
Synchrony Financial, 4.25%, 08/15/2024 | 80,000 | 85,118 | ||
171,918 | ||||
Containers & Packaging-2.21% | ||||
Ball Corp., 4.00%, 11/15/2023 | 100,000 | 105,875 |
Principal Amount | Value | |||
Containers & Packaging-(continued) | ||||
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023 | $ | 85,000 | $ 89,462 | |
Sealed Air Corp., 4.87%, 12/01/2022(b) | 85,000 | 89,463 | ||
284,800 | ||||
Diversified Financial Services-1.42% | ||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.88%, 02/01/2022 | 80,000 | 81,600 | ||
Washington Prime Group L.P., 6.45%, 08/15/2024(c) | 105,000 | 101,430 | ||
183,030 | ||||
Diversified Telecommunication Services-2.62% | ||||
CenturyLink, Inc.,Series T, 5.80%, 03/15/2022 | 80,000 | 84,300 | ||
Level 3 Financing, Inc., 5.37%, 08/15/2022 | 80,000 | 80,350 | ||
Level 3 Parent LLC, 5.75%, 12/01/2022 | 85,000 | 85,850 | ||
Qwest Corp., 6.75%, 12/01/2021 | 80,000 | 86,332 | ||
336,832 | ||||
Electric Utilities-0.69% | ||||
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 | 85,000 | 88,727 | ||
Electronic Equipment, Instruments & Components-2.81% | ||||
Anixter, Inc., 5.12%, 10/01/2021 | 80,000 | 83,900 | ||
Arrow Electronics, Inc., 3.25%, 09/08/2024 | 100,000 | 101,356 | ||
Avnet, Inc., 4.63%, 04/15/2026 | 85,000 | 92,736 | ||
Jabil, Inc., 4.70%, 09/15/2022 | 80,000 | 84,114 | ||
362,106 | ||||
Energy Equipment & Services-0.78% | ||||
Oceaneering International, Inc., 4.65%, 11/15/2024 | 105,000 | 101,043 | ||
Entertainment-0.63% | ||||
National CineMedia, LLC, 6.00%, 04/15/2022 | 80,000 | 80,900 | ||
Equity REITs-4.04% | ||||
CyrusOne L.P./CyrusOne Finance Corp., 5.00%, 03/15/2024 | 80,000 | 82,800 | ||
GLP Capital, L.P. / GLP Financing II, Inc., 5.37%, 04/15/2026 | 80,000 | 88,013 | ||
iStar, Inc., 5.25%, 09/15/2022 | 85,000 | 87,338 | ||
Office Properties Income Trust, 4.50%, 02/01/2025 | 80,000 | 82,730 | ||
Omega Healthcare Investors, Inc., 4.38%, 08/01/2023 | 80,000 | 84,354 | ||
VEREIT Operating Partnership, L.P., 4.87%, 06/01/2026 | 85,000 | 95,194 | ||
520,429 | ||||
Food & Staples Retailing-0.63% | ||||
C&S Group Enterprises LLC, 5.38%, 07/15/2022(b) | 80,000 | 80,600 | ||
Food Products-1.44% | ||||
Kraft Heinz Foods Co. | ||||
3.50%, 06/06/2022 | 100,000 | 102,402 | ||
3.95%, 07/15/2025 | 80,000 | 83,063 | ||
185,465 |
Principal Amount | Value | |||
Health Care Equipment & Supplies-1.28% | ||||
Becton, Dickinson and Co., 2.89%, 06/06/2022 | $ | 80,000 | $ 81,348 | |
Hill-Rom Holdings, Inc., 5.75%, 09/01/2023(b) | 80,000 | 82,800 | ||
164,148 | ||||
Health Care Providers & Services-2.79% | ||||
Centene Corp. | ||||
6.12%, 02/15/2024 | 85,000 | 89,186 | ||
4.75%, 01/15/2025 | 80,000 | 83,200 | ||
Magellan Health, Inc., 4.90%, 09/22/2024 | 105,000 | 105,368 | ||
Universal Health Services, Inc., 4.75%, 08/01/2022(b) | 80,000 | 81,110 | ||
358,864 | ||||
Hotels, Restaurants & Leisure-3.93% | ||||
Choice Hotels International, Inc., 5.75%, 07/01/2022 | 80,000 | 86,062 | ||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/2025 | 85,000 | 87,975 | ||
Las Vegas Sands Corp., 3.20%, 08/08/2024 | 80,000 | 81,722 | ||
MGM Resorts International, 6.62%, 12/15/2021 | 80,000 | 87,200 | ||
NCL Corp. Ltd., 4.75%, 12/15/2021(b) | 80,000 | 81,400 | ||
Wyndham Destinations, Inc., 4.25%, 03/01/2022(c) | 80,000 | 82,200 | ||
506,559 | ||||
Household Durables-1.40% | ||||
KB Home, 7.00%, 12/15/2021 | 80,000 | 87,070 | ||
Newell Brands, Inc., 4.20%, 04/01/2026 | 90,000 | 93,449 | ||
180,519 | ||||
Independent Power and Renewable Electricity Producers-0.63% | ||||
AES Corp. (The), 4.88%, 05/15/2023 | 80,000 | 81,300 | ||
Industrial Conglomerates-1.26% | ||||
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/2022 | 80,000 | 81,200 | ||
Southern Star Central Corp., 5.13%, 07/15/2022(b) | 80,000 | 81,221 | ||
162,421 | ||||
Insurance-2.17% | ||||
Brown & Brown, Inc., 4.20%, 09/15/2024 | 80,000 | 85,452 | ||
CNO Financial Group, Inc., 5.25%, 05/30/2025 | 100,000 | 108,937 | ||
Kemper Corp., 4.35%, 02/15/2025 | 80,000 | 85,224 | ||
279,613 | ||||
Internet & Direct Marketing Retail-0.65% | ||||
QVC, Inc., 4.38%, 03/15/2023 | 80,000 | 83,615 | ||
IT Services-3.95% | ||||
Cogent Communications Group, Inc., 5.37%, 03/01/2022(b) | 80,000 | 83,400 | ||
Marble II Pte. Ltd. (Singapore), 5.30%, 06/20/2022(b) | 80,000 | 80,278 | ||
Sabre GLBL, Inc., 5.37%, 04/15/2023(b) | 80,000 | 82,400 | ||
Total System Services, Inc., 4.80%, 04/01/2026 | 85,000 | 95,767 | ||
VeriSign, Inc., 4.63%, 05/01/2023 | 80,000 | 81,500 | ||
WEX, Inc., 4.75%, 02/01/2023(b) | 85,000 | 85,850 | ||
509,195 | ||||
Machinery-2.00% | ||||
Colfax Corp., 6.00%, 02/15/2024(b) | 85,000 | 90,950 |
Principal Amount | Value | |||
Machinery-(continued) | ||||
Flowserve Corp., 3.50%, 09/15/2022 | $ | 80,000 | $ 81,129 | |
Trinity Industries, Inc., 4.55%, 10/01/2024 | 85,000 | 85,723 | ||
257,802 | ||||
Media-3.90% | ||||
AMC Networks, Inc., 5.00%, 04/01/2024 | 85,000 | 87,763 | ||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | ||||
4.46%, 07/23/2022 | 80,000 | 84,449 | ||
4.91%, 07/23/2025 | 80,000 | 88,468 | ||
TEGNA, Inc., 6.38%, 10/15/2023 | 80,000 | 82,440 | ||
Time Warner Cable LLC, 4.00%, 09/01/2021 | 80,000 | 82,056 | ||
Time Warner Entertainment Co. L.P., 8.37%, 03/15/2023 | 65,000 | 77,214 | ||
502,390 | ||||
Metals & Mining-1.95% | ||||
Alcoa Nederland Holding B.V., 6.75%, 09/30/2024(b) | 80,000 | 84,200 | ||
Freeport-McMoRan, Inc., 3.88%, 03/15/2023 | 85,000 | 86,097 | ||
Steel Dynamics, Inc., 5.12%, 10/01/2021 | 80,000 | 80,323 | ||
250,620 | ||||
Mortgage REITs-1.29% | ||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 03/15/2022(b) | 80,000 | 83,400 | ||
Starwood Property Trust, Inc., 5.00%, 12/15/2021 | 80,000 | 83,200 | ||
166,600 | ||||
Oil, Gas & Consumable Fuels-18.58% | ||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.37%, 09/15/2024 | 85,000 | 80,537 | ||
Antero Resources Corp. | ||||
5.37%, 11/01/2021(c) | 80,000 | 77,800 | ||
5.13%, 12/01/2022 | 80,000 | 74,000 | ||
Boardwalk Pipelines L.P., 4.95%, 12/15/2024 | 80,000 | 86,056 | ||
Cimarex Energy Co., 4.38%, 06/01/2024 | 80,000 | 84,403 | ||
Continental Resources, Inc., 5.00%, 09/15/2022 | 80,000 | 80,768 | ||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.25%, 04/01/2023 | 100,000 | 102,250 | ||
DCP Midstream Operating L.P., 4.75%, 09/30/2021(b) | 80,000 | 82,200 | ||
Diamondback Energy, Inc., 5.37%, 05/31/2025 | 100,000 | 105,250 | ||
Energen Corp., 4.63%, 09/01/2021 | 80,000 | 83,014 | ||
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. | ||||
5.87%, 03/01/2022 | 80,000 | 85,880 | ||
4.50%, 11/01/2023 | 80,000 | 85,081 | ||
EnLink Midstream Partners, L.P., 4.15%, 06/01/2025 | 85,000 | 81,494 | ||
EQM Midstream Partners, L.P., 4.75%, 07/15/2023 | 80,000 | 80,698 | ||
HollyFrontier Corp., 5.87%, 04/01/2026 | 80,000 | 89,084 | ||
Laredo Petroleum, Inc., 5.62%, 01/15/2022 | 85,000 | 80,113 | ||
Murphy Oil Corp., 4.20%, 12/01/2022 | 80,000 | 81,200 | ||
Murphy Oil USA, Inc., 6.00%, 08/15/2023 | 80,000 | 82,148 | ||
NGPL PipeCo. LLC, 4.38%, 08/15/2022(b) | 100,000 | 103,500 | ||
Peabody Energy Corp., 6.00%, 03/31/2022(b) | 80,000 | 82,450 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Plains All American Pipeline L.P./PAA Finance Corp. | ||||
3.60%, 11/01/2024 | $ | 80,000 | $82,233 | |
4.65%, 10/15/2025 | 80,000 | 85,840 | ||
QEP Resources, Inc., 5.25%, 05/01/2023 | 105,000 | 92,400 | ||
Ruby Pipeline, LLC, 6.00%, 04/01/2022(b)(c) | 63,030 | 65,924 | ||
Sabine Pass Liquefaction, LLC, 5.75%, 05/15/2024 | 100,000 | 111,725 | ||
Sunoco L.P. /Sunoco Finance Corp., 4.88%, 01/15/2023 | 85,000 | 87,125 | ||
Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.50%, 09/15/2024(b) | 80,000 | 78,400 | ||
Western Midstream Operating L.P., 4.00%, 07/01/2022 | 80,000 | 81,533 | ||
2,393,106 | ||||
Personal Products-0.80% | ||||
Edgewell Personal Care Co., 4.70%, 05/24/2022 | 100,000 | 102,375 | ||
Pharmaceuticals-1.49% | ||||
Elanco Animal Health, Inc., 4.27%, 08/28/2023 | 100,000 | 104,783 | ||
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024 | 85,000 | 87,259 | ||
192,042 | ||||
Professional Services-1.25% | ||||
Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.50%, 10/01/2021(b) | 80,000 | 80,432 | ||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022(b) | 80,000 | 80,800 | ||
161,232 | ||||
Real Estate Management & Development-0.68% | ||||
Newmark Group, Inc., 6.13%, 11/15/2023 | 80,000 | 86,929 | ||
Semiconductors & Semiconductor Equipment-0.82% | ||||
Marvell Technology Group Ltd., 4.20%, 06/22/2023 | 100,000 | 105,571 | ||
Software-1.30% | ||||
CA, Inc., 3.60%, 08/15/2022 | 85,000 | 86,686 | ||
Symantec Corp., 5.00%, 04/15/2025(b) | 80,000 | 80,584 | ||
167,270 | ||||
Specialty Retail-3.25% | ||||
AutoNation, Inc., 3.50%, 11/15/2024 | 100,000 | 102,128 | ||
Group 1 Automotive, Inc., 5.00%, 06/01/2022 | 80,000 | 80,900 | ||
L Brands, Inc., 5.62%, 02/15/2022 | 80,000 | 84,400 | ||
Penske Automotive Group, Inc., 5.75%, 10/01/2022 | 80,000 | 81,248 | ||
Signet UK Finance PLC, 4.70%, 06/15/2024 | 80,000 | 69,600 | ||
418,276 | ||||
Technology Hardware, Storage & Peripherals-2.83% | ||||
Dell International LLC/EMC Corp., 6.02%, 06/15/2026(b) | 80,000 | 90,338 |
Principal Amount | Value | |||
Technology Hardware, Storage & Peripherals-(continued) | ||||
EMC Corp., 3.38%, 06/01/2023 | $ | 105,000 | $ 104,160 | |
Seagate HDD Cayman, 4.75%, 01/01/2025 | 85,000 | 88,533 | ||
Xerox Corp., 4.12%, 03/15/2023 | 80,000 | 81,800 | ||
364,831 | ||||
Textiles, Apparel & Luxury Goods-1.51% | ||||
Hanesbrands, Inc., 4.63%, 05/15/2024(b) | 100,000 | 105,125 | ||
Levi Strauss & Co., 5.00%, 05/01/2025(c) | 85,000 | 88,825 | ||
193,950 | ||||
Thrifts & Mortgage Finance-2.06% | ||||
MGIC Investment Corp., 5.75%, 08/15/2023 | 80,000 | 87,700 | ||
Quicken Loans, Inc., 5.75%, 05/01/2025(b) | 85,000 | 89,037 | ||
Radian Group, Inc., 4.50%, 10/01/2024 | 85,000 | 88,188 | ||
264,925 | ||||
Trading Companies & Distributors-1.29% | ||||
Aircastle Ltd., 4.40%, 09/25/2023 | 80,000 | 84,584 | ||
WESCO Distribution, Inc., 5.38%, 12/15/2021 | 80,000 | 80,900 | ||
165,484 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $12,247,110) | 12,564,494 | |||
Shares | ||||
Money Market Funds-0.85% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $109,910) | 109,910 | 109,910 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.42% (Cost $12,357,020) | 12,674,404 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-3.54% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 340,941 | 340,941 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 114,330 | 114,375 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $455,316) | 455,316 | |||
TOTAL INVESTMENTS IN SECURITIES-101.96% (Cost $12,812,336) | 13,129,720 | |||
OTHER ASSETS LESS LIABILITIES-(1.96)% | (252,838) | |||
NET ASSETS-100.00% | $12,876,882 |
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) | 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 August 31, 2019 was $2,739,603, which represented 21.28% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-97.03% | ||||
Aerospace & Defense-1.02% | ||||
Spirit AeroSystems, Inc., 4.60%, 06/15/2028 | $ | 60,000 | $ 65,973 | |
TransDigm, Inc., 6.25%, 03/15/2026(b) | 55,000 | 59,468 | ||
125,441 | ||||
Auto Components-3.51% | ||||
Adient US LLC, 7.00%, 05/15/2026(b) | 100,000 | 102,500 | ||
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b) | 60,000 | 61,500 | ||
Dana, Inc., 5.50%, 12/15/2024 | 60,000 | 61,500 | ||
Tenneco, Inc., 5.00%, 07/15/2026(c) | 100,000 | 78,188 | ||
United Rentals North America, Inc., 4.87%, 01/15/2028 | 60,000 | 63,150 | ||
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b) | 60,000 | 63,107 | ||
429,945 | ||||
Automobiles-1.61% | ||||
Adient Global Holdings Ltd., 4.88%, 08/15/2026(b)(c) | 60,000 | 46,650 | ||
American Axle & Manufacturing, Inc., 6.25%, 04/01/2025(c) | 100,000 | 94,373 | ||
Cooper-Standard Automotive Inc., 5.62%, 11/15/2026(b) | 65,000 | 56,063 | ||
197,086 | ||||
Building Products-0.97% | ||||
JELD-WEN, Inc., 4.63%, 12/15/2025(b) | 60,000 | 58,950 | ||
Standard Industries, Inc., 4.75%, 01/15/2028(b) | 60,000 | 60,525 | ||
119,475 | ||||
Capital Markets-0.47% | ||||
APX Group, Inc., 7.88%, 12/01/2022(c) | 60,000 | 57,375 | ||
Chemicals-4.13% | ||||
Chemours Co. (The), 6.62%, 05/15/2023(c) | 60,000 | 61,275 | ||
Cornerstone Chemical Co., 6.75%, 08/15/2024(b) | 60,000 | 55,500 | ||
Huntsman International LLC, 4.50%, 05/01/2029 | 60,000 | 63,952 | ||
Koppers, Inc., 6.00%, 02/15/2025(b) | 60,000 | 58,650 | ||
Neon Holdings, Inc., 10.12%, 04/01/2026(b) | 60,000 | 58,950 | ||
Olin Corp., 5.63%, 08/01/2029 | 100,000 | 104,125 | ||
PQ Corp., 6.75%, 11/15/2022(b) | 100,000 | 104,145 | ||
506,597 | ||||
Commercial Services & Supplies-2.88% | ||||
Alliance Resource Operating Partners L.P. / Alliance Resource Finance Corp., 7.50%, 05/01/2025(b) | 55,000 | 56,444 | ||
Brink’s Co. (The), 4.62%, 10/15/2027(b) | 60,000 | 61,200 | ||
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.37%, 12/15/2023(b) | 60,000 | 57,225 | ||
Pitney Bowes, Inc., 3.88%, 10/01/2021 | 100,000 | 100,250 | ||
Prime Security Services Borrower, LLC / Prime Finance, Inc., 5.25%, 04/15/2024(b) | 75,000 | 77,655 | ||
352,774 |
Principal Amount | Value | |||
Communications Equipment-2.10% | ||||
CommScope Technologies LLC, 6.00%, 06/15/2025(b) | $ | 100,000 | $ 89,750 | |
Hughes Satellite Systems Corp., 5.25%, 08/01/2026 | 100,000 | 106,375 | ||
Plantronics, Inc., 5.50%, 05/31/2023(b) | 60,000 | 61,194 | ||
257,319 | ||||
Construction & Engineering-0.97% | ||||
AECOM, 5.13%, 03/15/2027 | 60,000 | 62,971 | ||
Tutor Perini Corp., 6.87%, 05/01/2025(b)(c) | 60,000 | 56,026 | ||
118,997 | ||||
Consumer Finance-1.09% | ||||
Credit Acceptance Corp., 6.63%, 03/15/2026(b) | 60,000 | 65,063 | ||
Springleaf Finance Corp., 7.12%, 03/15/2026 | 60,000 | 68,542 | ||
133,605 | ||||
Containers & Packaging-1.74% | ||||
Greif, Inc., 6.50%, 03/01/2027(b) | 55,000 | 57,888 | ||
Owens-Brockway Glass Container, Inc., 5.88%, 08/15/2023(b) | 60,000 | 64,125 | ||
Plastipak Holdings, Inc., 6.25%, 10/15/2025(b)(c) | 100,000 | 91,500 | ||
213,513 | ||||
Diversified Financial Services-4.33% | ||||
Freedom Mortgage Corp., 8.25%, 04/15/2025(b) | 100,000 | 87,500 | ||
FS Energy and Power Fund, 7.50%, 08/15/2023(b) | 60,000 | 59,700 | ||
Hunt Cos., Inc., 6.25%, 02/15/2026(b) | 60,000 | 58,500 | ||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026(b) | 100,000 | 104,625 | ||
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.25%, 08/15/2024(b) | 100,000 | 99,750 | ||
Sable International Finance Ltd. (Chile), 5.75%, 09/07/2027(b) | 60,000 | 62,775 | ||
Washington Prime Group L.P., 6.45%, 08/15/2024(c) | 60,000 | 57,960 | ||
530,810 | ||||
Diversified Telecommunication Services-2.58% | ||||
CenturyLink, Inc.,Series G, 6.87%, 01/15/2028(c) | 60,000 | 60,337 | ||
CommScope, Inc. | ||||
5.50%, 06/15/2024(b) | 100,000 | 95,125 | ||
6.00%, 03/01/2026(b) | 55,000 | 56,292 | ||
Frontier Communications Corp., 8.00%, 04/01/2027(b) | 100,000 | 104,500 | ||
316,254 | ||||
Electric Utilities-1.93% | ||||
DPL INC, 4.35%, 04/15/2029(b) | 100,000 | 99,971 | ||
Talen Energy Supply, LLC, 7.25%, 05/15/2027(b) | 75,000 | 74,812 | ||
Trinidad Generation Unlimited (Trinidad), 5.25%, 11/04/2027(b) | 60,000 | 61,276 | ||
236,059 | ||||
Energy Equipment & Services-2.20% | ||||
Diamond Offshore Drilling, Inc., 7.87%, 08/15/2025(c) | 60,000 | 55,518 |
Principal Amount | Value | |||
Energy Equipment & Services-(continued) | ||||
Forum Energy Technologies, Inc., 6.25%, 10/01/2021 | $ | 60,000 | $ 49,689 | |
FTS International, Inc., 6.25%, 05/01/2022 | 100,000 | 84,187 | ||
Nabors Industries, Inc., 5.75%, 02/01/2025 | 100,000 | 80,500 | ||
269,894 | ||||
Entertainment-0.82% | ||||
National CineMedia, LLC, 6.00%, 04/15/2022 | 100,000 | 101,125 | ||
Equity REITs-3.66% | ||||
CBL & Associates L.P., 5.95%, 12/15/2026 | 100,000 | 66,000 | ||
GLP Capital, L.P. / GLP Financing II, Inc., 5.37%, 04/15/2026 | 60,000 | 66,009 | ||
Iron Mountain, Inc., 4.88%, 09/15/2027(b) | 60,000 | 61,913 | ||
Office Properties Income Trust, 4.50%, 02/01/2025 | 60,000 | 62,048 | ||
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(b)(c) | 100,000 | 67,050 | ||
Sabra Health Care L.P., 5.12%, 08/15/2026 | 60,000 | 64,823 | ||
Senior Housing Properties Trust, 4.75%, 02/15/2028 | 60,000 | 60,223 | ||
448,066 | ||||
Food & Staples Retailing-1.85% | ||||
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.62%, 06/15/2024 | 100,000 | 105,250 | ||
C&S Group Enterprises LLC, 5.38%, 07/15/2022(b) | 60,000 | 60,450 | ||
Rite Aid Corp., 6.13%, 04/01/2023(b) | 75,000 | 60,844 | ||
226,544 | ||||
Food Products-0.68% | ||||
JBS USA LUX S.A./JBS USA Finance, Inc., 6.50%, 04/15/2029(b) | 75,000 | 83,250 | ||
Health Care Providers & Services-1.93% | ||||
DaVita, Inc., 5.12%, 07/15/2024 | 60,000 | 61,183 | ||
Magellan Health, Inc., 4.90%, 09/22/2024 | 60,000 | 60,210 | ||
MEDNAX, Inc., 6.25%, 01/15/2027(b) | 60,000 | 58,950 | ||
Tenet Healthcare Corp., 4.63%, 07/15/2024 | 55,000 | 56,787 | ||
237,130 | ||||
Hotels, Restaurants & Leisure-3.66% | ||||
Diamond Resorts International, Inc., 7.75%, 09/01/2023(b)(c) | 55,000 | 55,619 | ||
Marriott Ownership Resorts, Inc. / ILG LLC, 6.50%, 09/15/2026 | 60,000 | 65,052 | ||
MGM China Holdings Ltd. (Macau), 5.37%, 05/15/2024(b) | 100,000 | 103,250 | ||
Scientific Games International, Inc., 5.00%, 10/15/2025(b) | 60,000 | 62,144 | ||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b) | 60,000 | 63,450 | ||
Wynn Macau Ltd. (Macau), 5.50%, 10/01/2027(b) | 100,000 | 99,250 | ||
448,765 | ||||
Household Durables-2.56% | ||||
Newell Brands, Inc., 4.20%, 04/01/2026 | 60,000 | 62,299 | ||
Tempur Sealy International, Inc., 5.50%, 06/15/2026 | 60,000 | 62,925 |
Principal Amount | Value | |||
Household Durables-(continued) | ||||
TopBuild Corp., 5.63%, 05/01/2026(b) | $ | 60,000 | $ 62,850 | |
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.87%, 06/15/2024 | 60,000 | 64,650 | ||
William Lyon Homes, Inc., 5.87%, 01/31/2025 | 60,000 | 60,900 | ||
313,624 | ||||
Independent Power and Renewable Electricity Producers-1.02% | ||||
Clearway Energy Operating LLC | ||||
5.38%, 08/15/2024 | 60,000 | 61,725 | ||
5.75%, 10/15/2025(b) | 60,000 | 62,776 | ||
124,501 | ||||
Industrial Conglomerates-0.50% | ||||
Southern Star Central Corp., 5.13%, 07/15/2022(b) | 60,000 | 60,916 | ||
Insurance-1.04% | ||||
American Equity Investment Life Holding Co., 5.00%, 06/15/2027 | 60,000 | 63,642 | ||
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025(b) | 60,000 | 63,900 | ||
127,542 | ||||
IT Services-1.59% | ||||
Harland Clarke Holdings Corp., 8.38%, 08/15/2022(b) | 100,000 | 79,750 | ||
Marble II Pte. Ltd. (Singapore), 5.30%, 06/20/2022(b) | 60,000 | 60,209 | ||
Rackspace Hosting, Inc., 8.62%, 11/15/2024(b)(c) | 60,000 | 55,350 | ||
195,309 | ||||
Leisure Products-0.50% | ||||
Mattel, Inc., 6.75%, 12/31/2025(b) | 60,000 | 61,800 | ||
Life Sciences Tools & Services-0.69% | ||||
Avantor, Inc., 9.00%, 10/01/2025(b) | 75,000 | 84,563 | ||
Machinery-3.33% | ||||
Cloud Crane LLC, 10.12%, 08/01/2024(b) | 50,000 | 53,875 | ||
Harsco Corp., 5.75%, 07/31/2027(b) | 100,000 | 103,875 | ||
Meritor, Inc., 6.25%, 02/15/2024 | 60,000 | 61,725 | ||
Terex Corp., 5.63%, 02/01/2025(b) | 60,000 | 61,129 | ||
Trinity Industries, Inc., 4.55%, 10/01/2024 | 60,000 | 60,510 | ||
Wabtec Corp., 4.95%, 09/15/2028 | 60,000 | 67,019 | ||
408,133 | ||||
Media-3.36% | ||||
CSC Holdings, LLC, 6.50%, 02/01/2029(b) | 60,000 | 67,350 | ||
DISH DBS Corp., 5.88%, 11/15/2024 | 100,000 | 95,505 | ||
iHeartCommunications, Inc., 6.37%, 05/01/2026(c) | 75,000 | 81,375 | ||
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.87%, 05/15/2024(b) | 60,000 | 54,300 | ||
MDC Partners, Inc., 6.50%, 05/01/2024(b) | 60,000 | 54,900 | ||
Univision Communications, Inc., 5.13%, 02/15/2025(b) | 60,000 | 58,193 | ||
411,623 |
Principal Amount | Value | |||
Metals & Mining-1.29% | ||||
Freeport-McMoRan, Inc., 3.88%, 03/15/2023 | $ | 100,000 | $ 101,290 | |
United States Steel Corp., 6.87%, 08/15/2025(c) | 60,000 | 57,243 | ||
158,533 | ||||
Multiline Retail-1.56% | ||||
Dollar Tree, Inc., 4.20%, 05/15/2028 | 100,000 | 106,629 | ||
JC Penney Corp., Inc., 5.88%, 07/01/2023(b) | 100,000 | 84,500 | ||
191,129 | ||||
Oil, Gas & Consumable Fuels-16.93% | ||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 09/15/2024 | 100,000 | 94,750 | ||
Antero Resources Corp., 5.13%, 12/01/2022 | 100,000 | 92,500 | ||
Bruin E&P Partners LLC, 8.87%, 08/01/2023(b) | 60,000 | 43,050 | ||
Buckeye Partners L.P., 3.95%, 12/01/2026 | 100,000 | 89,091 | ||
Chesapeake Energy Corp., 8.00%, 06/15/2027(c) | 100,000 | 72,751 | ||
Comstock Resources, Inc., 9.75%, 08/15/2026 | 100,000 | 75,750 | ||
Covey Park Energy LLC / Covey Park Finance Corp., 7.50%, 05/15/2025(b) | 100,000 | 71,500 | ||
Denbury Resources, Inc., 7.75%, 02/15/2024(b) | 100,000 | 70,520 | ||
Enable Midstream Partners, L.P., 4.95%, 05/15/2028 | 60,000 | 63,729 | ||
Energen Corp., 4.63%, 09/01/2021 | 100,000 | 103,768 | ||
EQM Midstream Partners, L.P., 4.75%, 07/15/2023 | 60,000 | 60,523 | ||
EQT Corp., 3.90%, 10/01/2027 | 60,000 | 52,456 | ||
Extraction Oil & Gas, Inc. | ||||
7.37%, 05/15/2024(b) | 65,000 | 49,075 | ||
5.63%, 02/01/2026(b) | 60,000 | 39,900 | ||
Gulfport Energy Corp., 6.00%, 10/15/2024 | 100,000 | 73,250 | ||
Hess Corp., 4.30%, 04/01/2027(c) | 60,000 | 62,862 | ||
Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.25%, 11/01/2028(b) | 60,000 | 55,500 | ||
HollyFrontier Corp., 5.88%, 04/01/2026 | 55,000 | 61,246 | ||
Indigo Natural Resources LLC, 6.87%, 02/15/2026(b) | 60,000 | 49,800 | ||
Kosmos Energy Ltd. (Ghana), 7.12%, 04/04/2026(b) | 100,000 | 99,000 | ||
Montage Resources Corp., 8.87%, 07/15/2023 | 100,000 | 75,500 | ||
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025 | 60,000 | 62,380 | ||
PDC Energy, Inc., 5.75%, 05/15/2026 | 60,000 | 58,794 | ||
QEP Resources, Inc., 5.25%, 05/01/2023 | 60,000 | 52,800 | ||
Range Resources Corp., 4.88%, 05/15/2025(c) | 100,000 | 82,500 | ||
Southwestern Energy Co., 6.20%, 01/23/2025(c) | 60,000 | 52,800 | ||
Stoneway Capital Corp. (Argentina), 10.00%, 03/01/2027(b) | 55,530 | 31,930 | ||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/2025 | 65,000 | 56,076 | ||
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b) | 60,000 | 57,037 | ||
Terraform Global Operating, LLC, 6.12%, 03/01/2026(b) | 60,000 | 61,800 | ||
W&T Offshore, Inc., 9.75%, 11/01/2023(b) | 60,000 | 58,200 | ||
Whiting Petroleum Corp., 6.62%, 01/15/2026 | 60,000 | 43,722 | ||
2,074,560 |
Principal Amount | Value | |||
Personal Products-2.15% | ||||
Coty, Inc., 6.50%, 04/15/2026(b) | $ | 60,000 | $ 56,850 | |
Edgewell Personal Care Co., 4.70%, 05/24/2022 | 100,000 | 102,375 | ||
First Quality Finance Co., Inc., 5.00%, 07/01/2025(b) | 100,000 | 104,000 | ||
263,225 | ||||
Pharmaceuticals-0.94% | ||||
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(b) | 60,000 | 59,325 | ||
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b) | 60,000 | 56,100 | ||
115,425 | ||||
Professional Services-0.49% | ||||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022(b) | 60,000 | 60,600 | ||
Real Estate Management & Development-2.78% | ||||
Five Point Operating Co. L.P. / Five Point Capital Corp., 7.87%, 11/15/2025(b) | 60,000 | 60,337 | ||
Greystar Real Estate Partners, LLC, 5.75%, 12/01/2025(b) | 60,000 | 61,671 | ||
Newmark Group, Inc., 6.13%, 11/15/2023 | 55,000 | 59,764 | ||
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.25%, 12/01/2021(b) | 100,000 | 97,720 | ||
WeWork Cos., Inc., 7.87%, 05/01/2025(b) | 60,000 | 61,500 | ||
340,992 | ||||
Road & Rail-0.75% | ||||
BCD Acquisition, Inc., 9.63%, 09/15/2023(b) | 90,000 | 92,025 | ||
Semiconductors & Semiconductor Equipment-1.89% | ||||
Amkor Technology, Inc., 6.62%, 09/15/2027(b) | 60,000 | 65,624 | ||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 | 60,000 | 60,082 | ||
Broadcom, Inc., 4.75%, 04/15/2029(b) | 100,000 | 105,420 | ||
231,126 | ||||
Software-2.29% | ||||
ACI Worldwide, Inc., 5.75%, 08/15/2026(b) | 60,000 | 63,225 | ||
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, 07/15/2025(b) | 55,000 | 58,088 | ||
Nuance Communications, Inc., 5.63%, 12/15/2026 | 55,000 | 58,094 | ||
Symantec Corp., 5.00%, 04/15/2025(b) | 100,000 | 100,731 | ||
280,138 | ||||
Specialty Retail-2.22% | ||||
PetSmart, Inc., 5.87%, 06/01/2025(b) | 100,000 | 98,500 | ||
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025(c) | 60,000 | 60,300 | ||
Signet UK Finance PLC, 4.70%, 06/15/2024 | 60,000 | 52,200 | ||
Staples, Inc., 7.50%, 04/15/2026(b) | 60,000 | 60,750 | ||
271,750 | ||||
Technology Hardware, Storage & Peripherals-2.27% | ||||
Dell International LLC/EMC Corp. | ||||
6.02%, 06/15/2026(b) | 80,000 | 90,338 | ||
4.90%, 10/01/2026(b) | 60,000 | 64,178 | ||
Seagate HDD Cayman, 4.75%, 01/01/2025 | 60,000 | 62,494 | ||
Western Digital Corp., 4.75%, 02/15/2026(c) | 60,000 | 61,557 | ||
278,567 |
Principal Amount | Value | |||
Textiles, Apparel & Luxury Goods-1.13% | ||||
FXI Holdings, Inc., 7.87%, 11/01/2024(b) | $ | 60,000 | $ 53,400 | |
William Carter Co. (The), 5.63%, 03/15/2027(b) | 80,000 | 85,498 | ||
138,898 | ||||
Thrifts & Mortgage Finance-0.64% | ||||
Nationstar Mortgage Holdings Inc., 8.13%, 07/15/2023(b) | 75,000 | 77,856 | ||
Tobacco-0.48% | ||||
Vector Group Ltd., 6.13%, 02/01/2025(b) | 60,000 | 59,100 | ||
Wireless Telecommunication Services-0.50% | ||||
Qualitytech L.P./ QTS Finance Corp., 4.75%, 11/15/2025(b) | 60,000 | 61,575 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $11,999,678) | 11,893,534 | |||
Shares | ||||
Money Market Funds-0.70% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $85,015) | 85,015 | 85,015 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.73% (Cost $12,084,693) | 11,978,549 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-10.41% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 956,996 | $ 956,996 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 318,871 | 318,999 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,275,992) | 1,275,995 | |||
TOTAL INVESTMENTS IN SECURITIES-108.14% (Cost $13,360,685) | 13,254,544 | |||
OTHER ASSETS LESS LIABILITIES-(8.14)% | (997,309) | |||
NET ASSETS-100.00% | $12,257,235 |
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) | 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 August 31, 2019 was $6,837,033, which represented 55.78% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-95.02% | ||||
Chile-7.38% | ||||
Banco del Estado de Chile | ||||
3.88%, 02/08/2022(a) | $ | 350,000 | $ 364,005 | |
REGS, 3.88%, 02/08/2022(a) | 500,000 | 520,008 | ||
Corp Nacional del Cobre de Chile, REGS, 3.00%, 07/17/2022(a) | 1,000,000 | 1,017,897 | ||
1,901,910 | ||||
China-9.16% | ||||
CDBL Funding 2 | ||||
REGS, 3.75%, 03/11/2022(a) | 200,000 | 205,044 | ||
REGS, 3.00%, 08/01/2022(a) | 200,000 | 201,684 | ||
China Cinda Finance 2017 I Ltd., REGS, 3.65%, 03/09/2022(a) | 200,000 | 204,923 | ||
CNOOC Finance (2012) Ltd., REGS, 3.88%, 05/02/2022(a) | 200,000 | 207,531 | ||
Sinopec Capital 2013 Ltd., 3.13%, 04/24/2023 | 200,000 | 205,456 | ||
Sinopec Group Overseas Development (2012) Ltd., 3.90%, 05/17/2022(a) | 200,000 | 207,766 | ||
Sinopec Group Overseas Development (2016) Ltd., 2.00%, 09/29/2021 | 200,000 | 198,590 | ||
Sinopec Group Overseas Development (2018) Ltd., 3.75%, 09/12/2023(a) | 300,000 | 316,022 | ||
State Elite Global Ltd., REGS, 2.75%, 06/13/2022(a) | 200,000 | 201,529 | ||
State Grid Overseas Investment (2016) Ltd. | ||||
2.75%, 05/04/2022(a) | 200,000 | 202,102 | ||
3.75%, 05/02/2023(a) | 200,000 | 211,002 | ||
2,361,649 | ||||
Colombia-2.55% | ||||
Colombia Government International Bond, 2.63%, 03/15/2023 | 650,000 | 657,319 | ||
Hungary-4.77% | ||||
Hungary Government International Bond | ||||
5.38%, 02/21/2023 | 700,000 | 772,901 | ||
5.75%, 11/22/2023 | 400,000 | 455,607 | ||
1,228,508 | ||||
India-4.97% | ||||
Bank of Baroda, REGS, 3.50%, 04/04/2022(a) | 200,000 | 203,006 | ||
Bharat Petroleum Corp. Ltd., REGS, 4.38%, 01/24/2022(a) | 550,000 | 570,597 | ||
State Bank of India, REGS, 3.25%, 01/24/2022(a) | 500,000 | 506,090 | ||
1,279,693 | ||||
Indonesia-10.15% | ||||
Indonesia Asahan Aluminium Persero PT (Persero), 5.23%, 11/15/2021(a) | 400,000 | 421,737 | ||
Indonesia Government International Bond | ||||
3.75%, 04/25/2022(a) | 550,000 | 567,903 | ||
3.38%, 04/15/2023(a) | 650,000 | 669,272 |
Principal Amount | Value | |||
Indonesia-(continued) | ||||
PT Pertamina (Persero), 4.88%, 05/03/2022(a) | $ | 500,000 | $ 529,583 | |
PT Perusahaan Listrik Negara, 5.50%, 11/22/2021(a) | 400,000 | 426,000 | ||
2,614,495 | ||||
Malaysia-6.63% | ||||
Export-Import Bank of Malaysia Bhd., REGS, 2.48%, 10/20/2021(a) | 400,000 | 400,598 | ||
Petronas Capital Ltd. | ||||
3.13%, 03/18/2022(a) | 400,000 | 408,230 | ||
REGS, 3.13%, 03/18/2022(a) | 400,000 | 408,230 | ||
REGS, 7.88%, 05/22/2022(a) | 430,000 | 492,146 | ||
1,709,204 | ||||
Mexico-9.27% | ||||
Mexico Government International Bond, 4.00%, 10/02/2023 | 1,150,000 | 1,217,591 | ||
Petroleos Mexicanos, 4.88%, 01/24/2022 | 1,150,000 | 1,171,563 | ||
2,389,154 | ||||
Morocco-3.26% | ||||
Morocco Government International Bond, 4.25%, 12/11/2022(a) | 800,000 | 840,869 | ||
Peru-1.63% | ||||
Corp. Financiera de Desarrollo S.A., 4.75%, 02/08/2022(a) | 400,000 | 420,504 | ||
Philippines-3.17% | ||||
Philippine Government International Bond, 4.20%, 01/21/2024 | 750,000 | 818,114 | ||
Poland-5.15% | ||||
Republic of Poland Government International Bond | ||||
5.00%, 03/23/2022 | 430,000 | 463,742 | ||
3.00%, 03/17/2023 | 390,000 | 405,526 | ||
4.00%, 01/22/2024 | 420,000 | 457,750 | ||
1,327,018 | ||||
Russia-9.97% | ||||
Gazprom OAO Via Gaz Capital S.A., 6.51%, 03/07/2022(a) | 200,000 | 217,888 | ||
Russian Foreign Bond - Eurobond | ||||
4.50%, 04/04/2022(a) | 600,000 | 636,100 | ||
4.88%, 09/16/2023(a) | 400,000 | 437,679 | ||
REGS, 4.50%, 04/04/2022(a) | 800,000 | 848,133 | ||
Russian Railways Via RZD Capital PLC, REGS, 5.70%, 04/05/2022(a) | 200,000 | 214,100 | ||
Sberbank of Russia Via SB Capital S.A., 6.13%, 02/07/2022(a) | 200,000 | 214,918 | ||
2,568,818 | ||||
South Africa-2.79% | ||||
Republic of South Africa Government International Bond, 5.88%, 05/30/2022 | 670,000 | 717,982 | ||
Turkey-4.71% | ||||
Turkey Government International Bond, 6.25%, 09/26/2022 | 1,200,000 | 1,214,316 |
Principal Amount | Value | |||
United Arab Emirates-9.46% | ||||
Abu Dhabi Government International Bond | ||||
2.50%, 10/11/2022(a) | $ | 440,000 | $ 447,463 | |
REGS, 2.50%, 10/11/2022(a) | 500,000 | 508,480 | ||
Abu Dhabi National Energy Co. PJSC | ||||
5.88%, 12/13/2021(a) | 200,000 | 215,524 | ||
3.63%, 01/12/2023(a) | 200,000 | 207,020 | ||
Emirates NBD PJSC, REGS, 3.25%, 11/14/2022(a) | 200,000 | 204,598 | ||
MDC - GMTN B.V. | ||||
5.50%, 03/01/2022(a) | 200,000 | 216,616 | ||
REGS, 5.50%, 03/01/2022(a) | 400,000 | 433,232 | ||
Unity 1 Sukuk Ltd., REGS, 3.86%, 11/30/2021(a) | 200,000 | 204,583 | ||
2,437,516 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $23,975,088) | 24,487,069 |
Shares | Value | |||
Money Market Funds-0.23% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(b) (Cost $60,241) | 60,241 | $ 60,241 | ||
TOTAL INVESTMENTS IN SECURITIES-95.25% (Cost $24,035,329) | 24,547,310 | |||
OTHER ASSETS LESS LIABILITIES-4.75% | 1,223,811 | |||
NET ASSETS-100.00% | $25,771,121 |
Investment Abbreviations: |
REGS-Regulation S |
Notes to Schedule of Investments: | |
(a) | 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 August 31, 2019 was $15,730,612, which represented 61.04% of the Fund’s Net Assets. |
(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 August 31, 2019. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.20% | ||||
Brazil-9.57% | ||||
Banco do Brasil S.A. | ||||
5.88%, 01/26/2022(a) | $ | 700,000 | $ 732,375 | |
5.88%, 01/19/2023(a) | 400,000 | 425,500 | ||
4.63%, 01/15/2025(a) | 600,000 | 627,390 | ||
Brazilian Government International Bond | ||||
6.00%, 04/07/2026 | 600,000 | 703,002 | ||
4.63%, 01/13/2028 | 660,000 | 710,661 | ||
4.50%, 05/30/2029 | 600,000 | 634,500 | ||
3,833,428 | ||||
Chile-6.86% | ||||
Corp. Nacional del Cobre de Chile, 3.63%, 08/01/2027(a) | 1,650,000 | 1,769,312 | ||
Empresa de Transporte de Pasajeros Metro S.A., 4.75%, 02/04/2024(a) | 900,000 | 977,369 | ||
2,746,681 | ||||
China-9.15% | ||||
China Cinda Finance 2015 I Ltd. | ||||
4.25%, 04/23/2025 | 100,000 | 106,139 | ||
4.25%, 04/23/2025(a) | 200,000 | 212,278 | ||
China Cinda Finance 2017 I Ltd., REGS, 3.65%, 03/09/2022(a) | 200,000 | 204,923 | ||
CNAC (HK) Finbridge Co. Ltd., REGS, 4.13%, 07/19/2027(a) | 200,000 | 212,963 | ||
CNOOC Curtis Funding No.1 Pty. Ltd., 4.50%, 10/03/2023(a) | 200,000 | 216,448 | ||
CNOOC Finance (2013) Ltd., 3.00%, 05/09/2023 | 200,000 | 204,415 | ||
CNOOC Finance (2015) U.S.A. LLC | ||||
3.50%, 05/05/2025 | 200,000 | 210,350 | ||
4.38%, 05/02/2028 | 200,000 | 225,153 | ||
CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/2024 | 220,000 | 237,250 | ||
CRCC Yuxiang Ltd., REGS, 3.50%, 05/16/2023(a) | 200,000 | 207,477 | ||
Huarong Finance II Co., Ltd. | ||||
REGS, 3.63%, 11/22/2021(a) | 200,000 | 202,746 | ||
REGS, 4.63%, 06/03/2026(a) | 200,000 | 213,723 | ||
Sinopec Group Overseas Development (2013) Ltd., REGS, 4.38%, 10/17/2023(a) | 200,000 | 216,062 | ||
Sinopec Group Overseas Development (2016) Ltd., 3.50%, 05/03/2026(a) | 300,000 | 317,931 | ||
Sinopec Group Overseas Development (2018) Ltd., 4.25%, 09/12/2028(a) | 200,000 | 224,145 | ||
State Grid Overseas Investment (2016) Ltd., 3.50%, 05/04/2027(a) | 230,000 | 246,326 | ||
Three Gorges Finance I (Cayman Islands) Ltd., 3.15%, 06/02/2026(a) | 200,000 | 208,484 | ||
3,666,813 | ||||
India-9.83% | ||||
Bharat Petroleum Corp. Ltd., REGS, 4.00%, 05/08/2025(a) | 400,000 | 420,233 | ||
BPRL International Singapore Pte Ltd., REGS, 4.38%, 01/18/2027(a) | 400,000 | 431,562 |
Principal Amount | Value | |||
India-(continued) | ||||
Hindustan Petroleum Corp. Ltd., REGS, 4.00%, 07/12/2027(a) | $ | 400,000 | $ 422,080 | |
Indian Oil Corp. Ltd., REGS, 4.75%, 01/16/2024(a) | 300,000 | 321,903 | ||
Indian Railway Finance Corp. Ltd., REGS, 3.84%, 12/13/2027(a) | 400,000 | 423,718 | ||
NTPC Ltd., REGS, 4.25%, 02/26/2026(a) | 600,000 | 641,850 | ||
Oil India International Pte. Ltd., REGS, 4.00%, 04/21/2027(a) | 400,000 | 420,688 | ||
Oil India Ltd., REGS, 5.13%, 02/04/2029(a) | 200,000 | 228,918 | ||
ONGC Videsh Vankorneft Pte. Ltd., REGS, 3.75%, 07/27/2026(a) | 600,000 | 626,986 | ||
3,937,938 | ||||
Indonesia-9.95% | ||||
Indonesia Government International Bond | ||||
5.88%, 01/15/2024(a) | 400,000 | 453,506 | ||
4.13%, 01/15/2025(a) | 400,000 | 428,332 | ||
4.75%, 01/08/2026(a) | 430,000 | 480,380 | ||
Perusahaan Listrik Negara PT, REGS, 5.45%, 05/21/2028(a) | 200,000 | 234,634 | ||
Perusahaan Perseroan PT Perusahaan Listrik Negara | ||||
4.13%, 05/15/2027(a) | 200,000 | 214,221 | ||
5.45%, 05/21/2028(a) | 200,000 | 234,634 | ||
PT Indonesia Asahan Aluminium Persero, 6.53%, 11/15/2028(a) | 200,000 | 248,536 | ||
PT Pelabuhan Indonesia II | ||||
4.25%, 05/05/2025(a) | 200,000 | 213,000 | ||
REGS, 4.25%, 05/05/2025(a) | 200,000 | 213,000 | ||
PT Pelabuhan Indonesia III (Persero) | ||||
4.88%, 10/01/2024(a) | 200,000 | 217,500 | ||
REGS, 4.88%, 10/01/2024(a) | 200,000 | 217,500 | ||
PT Perusahaan Listrik Negara, REGS, 4.13%, 05/15/2027(a) | 400,000 | 428,441 | ||
PT Saka Energi Indonesia | ||||
4.45%, 05/05/2024(a) | 200,000 | 201,750 | ||
REGS, 4.45%, 05/05/2024(a) | 200,000 | 201,750 | ||
3,987,184 | ||||
Malaysia-4.84% | ||||
Petroliam Nasional Bhd. | ||||
7.63%, 10/15/2026(a) | 540,000 | 724,631 | ||
REGS, 7.63%, 10/15/2026(a) | 906,000 | 1,215,771 | ||
1,940,402 | ||||
Mexico-10.34% | ||||
Banco Nacional de Comercio Exterior SNC, 4.38%, 10/14/2025(a) | 400,000 | 417,500 | ||
Mexico Government International Bond | ||||
4.13%, 01/21/2026 | 540,000 | 574,970 | ||
4.15%, 03/28/2027 | 660,000 | 705,547 | ||
3.75%, 01/11/2028 | 440,000 | 460,794 | ||
Petroleos Mexicanos | ||||
4.88%, 01/24/2022 | 150,000 | 152,813 | ||
3.50%, 01/30/2023 | 200,000 | 194,800 | ||
6.88%, 08/04/2026 | 440,000 | 462,440 |
Principal Amount | Value | |||
Mexico-(continued) | ||||
6.50%, 03/13/2027 | $ | 530,000 | $ 545,370 | |
5.35%, 02/12/2028 | 660,000 | 626,670 | ||
4,140,904 | ||||
Poland-4.58% | ||||
Republic of Poland Government International Bond, 3.25%, 04/06/2026 | 1,710,000 | 1,837,048 | ||
Russia-9.43% | ||||
Gazprom OAO Via Gaz Capital S.A., REGS, 4.95%, 02/06/2028(a) | 400,000 | 434,049 | ||
Russian Federation Bonds, 12.75%, 06/24/2008 | 200,000 | 338,888 | ||
Russian Foreign Bond - Eurobond | ||||
4.88%, 09/16/2023(a) | 600,000 | 656,518 | ||
REGS, 4.50%, 04/04/2022(a) | 600,000 | 636,100 | ||
Sberbank of Russia Via SB Capital S.A., 5.13%, 10/29/2022(a) | 500,000 | 520,934 | ||
Vnesheconombank Via VEB Finance PLC | ||||
5.94%, 11/21/2023(a) | 400,000 | 435,310 | ||
6.80%, 11/22/2025(a) | 100,000 | 114,986 | ||
REGS, 6.03%, 07/05/2022(a) | 200,000 | 214,465 | ||
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022(a) | 400,000 | 425,411 | ||
3,776,661 | ||||
Switzerland-0.53% | ||||
Syngenta Finance N.V., 4.89%, 04/24/2025(a) | 200,000 | 212,416 | ||
Turkey-10.12% | ||||
Export Credit Bank of Turkey, 6.13%, 05/03/2024(a) | 200,000 | 188,444 | ||
Hazine Mustesarligi Varlik Kiralama A.S., 5.00%, 04/06/2023(a) | 400,000 | 394,814 | ||
QNB Finansbank A.S. | ||||
4.88%, 05/19/2022(a) | 300,000 | 293,996 | ||
6.88%, 09/07/2024(a) | 200,000 | 204,042 | ||
Turkey Government International Bond | ||||
6.25%, 09/26/2022 | 550,000 | 556,562 |
Principal Amount | Value | |||
Turkey-(continued) | ||||
5.75%, 03/22/2024 | $ | 550,000 | $ 536,819 | |
7.38%, 02/05/2025 | 590,000 | 612,278 | ||
4.88%, 10/09/2026 | 700,000 | 628,702 | ||
6.00%, 03/25/2027 | 670,000 | 638,290 | ||
4,053,947 | ||||
United Arab Emirates-9.50% | ||||
Abu Dhabi National Energy Co. PJSC | ||||
4.38%, 06/22/2026(a) | 400,000 | 437,688 | ||
REGS, 4.38%, 06/22/2026(a) | 400,000 | 437,688 | ||
Emirates Telecommunications Group Co. PJSC, REGS, 3.50%, 06/18/2024(a) | 230,000 | 241,012 | ||
MDC - GMTN B.V. | ||||
5.50%, 03/01/2022(a) | 500,000 | 541,541 | ||
4.50%, 11/07/2028(a) | 1,100,000 | 1,289,200 | ||
REGS, 3.00%, 04/19/2024(a) | 400,000 | 416,600 | ||
REGS, 3.75%, 04/19/2029(a) | 400,000 | 443,551 | ||
3,807,280 | ||||
Vietnam-3.50% | ||||
Vietnam Government International Bond, 4.80%, 11/19/2024(a) | 1,290,000 | 1,403,737 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $37,165,219) | 39,344,439 | |||
Shares | ||||
Money Market Funds-0.07% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(b) (Cost $26,909) | 26,909 | 26,909 | ||
TOTAL INVESTMENTS IN SECURITIES-98.27% (Cost $37,192,128) | 39,371,348 | |||
OTHER ASSETS LESS LIABILITIES-1.73% | 693,728 | |||
NET ASSETS-100.00% | $40,065,076 |
Investment Abbreviations: |
REGS-Regulation S |
Notes to Schedule of Investments: | |
(a) | 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 August 31, 2019 was $27,440,978, which represented 68.49% of the Fund’s Net Assets. |
(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 August 31, 2019. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-99.35% | ||||
Aerospace & Defense-3.27% | ||||
General Dynamics Corp., 2.25%, 11/15/2022 | $ | 700,000 | $ 708,682 | |
Precision Castparts Corp., 2.50%, 01/15/2023 | 720,000 | 734,780 | ||
Raytheon Co., 2.50%, 12/15/2022 | 700,000 | 709,489 | ||
2,152,951 | ||||
Air Freight & Logistics-1.08% | ||||
United Parcel Service, Inc., 2.45%, 10/01/2022 | 700,000 | 712,316 | ||
Automobiles-0.94% | ||||
Caterpillar Financial Services Corp, 2.95%, 02/26/2022 | 600,000 | 615,316 | ||
Banks-14.99% | ||||
Bank of America Corp., 3.30%, 01/11/2023 | 660,000 | 686,522 | ||
BB&T Corp., 3.05%, 06/20/2022 | 580,000 | 595,196 | ||
Citibank, N.A., 3.65%, 01/23/2024 | 700,000 | 745,912 | ||
Citizens Bank, N.A., 3.25%, 02/14/2022 | 700,000 | 718,925 | ||
Comerica, Inc., 3.70%, 07/31/2023 | 680,000 | 719,290 | ||
Fifth Third Bank, 2.87%, 10/01/2021 | 135,000 | 137,110 | ||
Huntington Bancshares, Inc., 2.30%, 01/14/2022 | 650,000 | 653,286 | ||
JPMorgan Chase & Co., 4.50%, 01/24/2022 | 150,000 | 158,804 | ||
KeyBank N.A., 2.30%, 09/14/2022 | 700,000 | 706,032 | ||
PNC Bank, N.A., 2.63%, 02/17/2022 | 500,000 | 508,406 | ||
PNC Financial Services Group, Inc. (The), 3.30%, 03/08/2022 | 600,000 | 619,634 | ||
SunTrust Bank, 2.80%, 05/17/2022 | 130,000 | 132,487 | ||
SunTrust Banks, Inc., 2.70%, 01/27/2022 | 980,000 | 993,522 | ||
U.S. Bank N.A., 2.65%, 05/23/2022 | 250,000 | 254,915 | ||
US Bank N.A., 3.40%, 07/24/2023 | 700,000 | 737,675 | ||
Wells Fargo & Co., 2.62%, 07/22/2022 | 630,000 | 640,855 | ||
Wells Fargo Bank, N.A., 3.55%, 08/14/2023 | 800,000 | 845,519 | ||
9,854,090 | ||||
Beverages-1.12% | ||||
Coca-Cola Co. (The), 2.88%, 10/27/2025 | 700,000 | 738,062 | ||
Biotechnology-1.02% | ||||
Amgen, Inc., 3.88%, 11/15/2021 | 650,000 | 672,373 | ||
Capital Markets-8.74% | ||||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 | 705,000 | 758,112 | ||
Bank of New York Mellon Corp. (The), 3.55%, 09/23/2021 | 600,000 | 618,048 | ||
BlackRock, Inc., 3.50%, 03/18/2024 | 600,000 | 646,693 | ||
Charles Schwab Corp. (The), 2.65%, 01/25/2023 | 700,000 | 717,266 | ||
CME Group, Inc., 3.00%, 09/15/2022 | 700,000 | 724,912 | ||
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022 | 150,000 | 162,507 | ||
Morgan Stanley | ||||
2.62%, 11/17/2021 | 680,000 | 687,332 | ||
2.75%, 05/19/2022 | 700,000 | 712,288 | ||
State Street Corp., 3.55%, 08/18/2025 | 670,000 | 721,417 | ||
5,748,575 | ||||
Chemicals-1.12% | ||||
Ecolab, Inc., 4.35%, 12/08/2021 | 700,000 | 736,195 |
Principal Amount | Value | |||
Commercial Services & Supplies-0.31% | ||||
ERAC USA Finance LLC, 2.70%, 11/01/2023(b) | $ | 200,000 | $ 203,741 | |
Communications Equipment-0.23% | ||||
Cisco Systems, Inc., 1.85%, 09/20/2021 | 150,000 | 149,930 | ||
Consumer Finance-2.07% | ||||
American Express Co., 2.50%, 08/01/2022 | 750,000 | 760,812 | ||
Capital One N.A., 2.25%, 09/13/2021 | 600,000 | 601,021 | ||
1,361,833 | ||||
Diversified Financial Services-2.48% | ||||
Berkshire Hathaway Finance Corp., 3.00%, 05/15/2022 | 200,000 | 206,825 | ||
Berkshire Hathaway, Inc., 3.12%, 03/15/2026 | 700,000 | 742,508 | ||
Nuveen, LLC, 4.00%, 11/01/2028(b) | 600,000 | 680,729 | ||
1,630,062 | ||||
Electric Utilities-3.33% | ||||
Eversource Energy,Series K, 2.75%, 03/15/2022 | 700,000 | 711,811 | ||
Florida Power & Light Co., 3.12%, 12/01/2025 | 700,000 | 747,567 | ||
Southern California Edison Co.,Series C, 3.50%, 10/01/2023 | 700,000 | 729,218 | ||
2,188,596 | ||||
Energy Equipment & Services-1.09% | ||||
Schlumberger Investment S.A., 3.30%, 09/14/2021(b) | 700,000 | 713,867 | ||
Entertainment-1.08% | ||||
TWDC Enterprises 18 Corp., 2.35%, 12/01/2022 | 700,000 | 709,480 | ||
Equity REITs-3.35% | ||||
ERP Operating L.P., 4.62%, 12/15/2021 | 100,000 | 105,278 | ||
Prologis L.P., 4.25%, 08/15/2023 | 660,000 | 714,366 | ||
Realty Income Corp., 3.25%, 10/15/2022 | 670,000 | 694,875 | ||
Simon Property Group L.P., 3.38%, 10/01/2024 | 650,000 | 690,824 | ||
2,205,343 | ||||
Food & Staples Retailing-3.30% | ||||
Costco Wholesale Corp., 2.75%, 05/18/2024 | 650,000 | 675,518 | ||
Mars, Inc., 2.70%, 04/01/2025(b) | 730,000 | 755,407 | ||
Walmart, Inc., 3.40%, 06/26/2023 | 700,000 | 741,498 | ||
2,172,423 | ||||
Food Products-0.30% | ||||
Mondelez International Holdings Netherlands B.V., 2.00%, 10/28/2021(b) | 200,000 | 199,483 | ||
Health Care Equipment & Supplies-2.50% | ||||
Abbott Laboratories, 2.90%, 11/30/2021 | 460,000 | 469,196 | ||
Covidien International Finance SA, 3.20%, 06/15/2022 | 580,000 | 600,192 | ||
Medtronic, Inc., 3.50%, 03/15/2025 | 530,000 | 572,394 | ||
1,641,782 | ||||
Household Durables-0.89% | ||||
NVR, Inc., 3.95%, 09/15/2022 | 560,000 | 582,331 |
Principal Amount | Value | |||
Household Products-2.17% | ||||
Clorox Co. (The), 3.05%, 09/15/2022 | $ | 700,000 | $ 719,829 | |
Procter & Gamble Co. (The), 2.15%, 08/11/2022 | 700,000 | 708,660 | ||
1,428,489 | ||||
Industrial Conglomerates-3.88% | ||||
3M Co., 2.87%, 10/15/2027 | 600,000 | 632,379 | ||
General Electric Co. | ||||
4.65%, 10/17/2021 | 600,000 | 621,616 | ||
2.70%, 10/09/2022 | 700,000 | 695,702 | ||
Honeywell International, Inc., 1.85%, 11/01/2021 | 600,000 | 599,471 | ||
2,549,168 | ||||
Insurance-10.30% | ||||
American International Group, Inc., 4.87%, 06/01/2022 | 660,000 | 707,512 | ||
Athene Global Funding, 3.00%, 07/01/2022(b) | 680,000 | 693,444 | ||
Five Corners Funding Trust, 4.42%, 11/15/2023(b) | 630,000 | 684,515 | ||
Hartford Financial Services Group, Inc. (The), 5.12%, 04/15/2022(c) | 680,000 | 736,657 | ||
Jackson National Life Global Funding, 3.30%, 02/01/2022(b) | 680,000 | 700,076 | ||
MassMutual Global Funding II, 2.75%, 06/22/2024(b) | 200,000 | 206,149 | ||
MetLife, Inc.,Series D, 4.37%, 09/15/2023 | 660,000 | 720,493 | ||
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(b) | 650,000 | 700,246 | ||
New York Life Global Funding, 2.88%, 04/10/2024(b) | 730,000 | 756,953 | ||
Nuveen Finance, LLC, 4.13%, 11/01/2024(b) | 650,000 | 707,382 | ||
Principal Life Global Funding II, 3.00%, 04/18/2026(b) | 150,000 | 156,447 | ||
6,769,874 | ||||
Interactive Media & Services-1.07% | ||||
Alphabet, Inc., 2.00%, 08/15/2026(c) | 700,000 | 706,054 | ||
Internet & Direct Marketing Retail-0.25% | ||||
eBay, Inc., 2.60%, 07/15/2022 | 160,000 | 161,720 | ||
IT Services-2.48% | ||||
Automatic Data Processing, Inc., 3.38%, 09/15/2025 | 700,000 | 754,992 | ||
Mastercard, Inc., 3.37%, 04/01/2024 | 150,000 | 160,272 | ||
Visa, Inc., 3.15%, 12/14/2025 | 670,000 | 718,152 | ||
1,633,416 | ||||
Machinery-2.50% | ||||
Caterpillar, Inc., 3.40%, 05/15/2024 | 130,000 | 138,485 | ||
Deere & Co., 2.60%, 06/08/2022 | 700,000 | 713,370 | ||
John Deere Capital Corp., 2.80%, 03/06/2023 | 150,000 | 154,450 | ||
Stanley Black & Decker, Inc., 2.90%, 11/01/2022 | 620,000 | 635,907 | ||
1,642,212 | ||||
Media-1.28% | ||||
Comcast Cable Communications Holdings, Inc., 9.45%, 11/15/2022 | 130,000 | 160,025 | ||
NBCUniversal Media LLC, 2.88%, 01/15/2023 | 660,000 | 679,653 | ||
839,678 |
Principal Amount | Value | |||
Metals & Mining-1.12% | ||||
Nucor Corp., 4.13%, 09/15/2022 | $ | 700,000 | $ 738,385 | |
Multiline Retail-1.10% | ||||
Target Corp., 2.90%, 01/15/2022 | 700,000 | 721,625 | ||
Oil, Gas & Consumable Fuels-3.44% | ||||
Chevron Corp., 3.19%, 06/24/2023 | 700,000 | 733,294 | ||
EOG Resources, Inc., 2.63%, 03/15/2023 | 150,000 | 153,372 | ||
Exxon Mobil Corp., 3.04%, 03/01/2026 | 630,000 | 669,422 | ||
Phillips 66, 4.30%, 04/01/2022 | 670,000 | 708,386 | ||
2,264,474 | ||||
Paper & Forest Products-0.24% | ||||
Georgia-Pacific LLC, 3.73%, 07/15/2023(b) | 150,000 | 158,783 | ||
Pharmaceuticals-3.20% | ||||
Johnson & Johnson, 2.45%, 03/01/2026 | 580,000 | 598,767 | ||
Merck & Co., Inc., 2.75%, 02/10/2025 | 700,000 | 729,041 | ||
Pfizer, Inc., 3.00%, 12/15/2026 | 730,000 | 772,870 | ||
2,100,678 | ||||
Road & Rail-3.36% | ||||
Aviation Capital Group LLC, 2.87%, 01/20/2022(b) | 700,000 | 710,722 | ||
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023 | 700,000 | 749,723 | ||
Norfolk Southern Corp., 3.00%, 04/01/2022 | 730,000 | 745,738 | ||
2,206,183 | ||||
Semiconductors & Semiconductor Equipment-3.29% | ||||
Intel Corp., 3.70%, 07/29/2025 | 680,000 | 742,347 | ||
NVIDIA Corp., 2.20%, 09/16/2021 | 700,000 | 702,478 | ||
QUALCOMM, Inc., 3.00%, 05/20/2022 | 700,000 | 720,182 | ||
2,165,007 | ||||
Software-3.21% | ||||
Adobe, Inc., 3.25%, 02/01/2025 | 500,000 | 529,925 | ||
IBM Credit LLC, 3.00%, 02/06/2023 | 150,000 | 154,442 | ||
Microsoft Corp., 2.40%, 08/08/2026 | 700,000 | 724,235 | ||
Oracle Corp., 1.90%, 09/15/2021 | 700,000 | 700,171 | ||
2,108,773 | ||||
Technology Hardware, Storage & Peripherals-1.09% | ||||
Apple, Inc., 2.40%, 05/03/2023 | 700,000 | 715,233 | ||
Textiles, Apparel & Luxury Goods-1.07% | ||||
NIKE, Inc., 2.38%, 11/01/2026 | 680,000 | 700,032 | ||
Tobacco-1.09% | ||||
Philip Morris International, Inc., 2.88%, 05/01/2024 | 700,000 | 718,837 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $64,281,202) | 65,317,370 | |||
Shares | ||||
Money Market Funds-0.28% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $183,817) | 183,817 | 183,817 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.63% (Cost $64,465,019) | 65,501,187 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.11% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 55,530 | $ 55,530 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 18,503 | 18,511 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $74,041) | 74,041 | |||
TOTAL INVESTMENTS IN SECURITIES-99.74% (Cost $64,539,060) | 65,575,228 | |||
OTHER ASSETS LESS LIABILITIES-0.26% | 169,037 | |||
NET ASSETS-100.00% | $65,744,265 |
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) | 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 August 31, 2019 was $8,027,944, which represented 12.21% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-95.33% | ||||
Auto Components-1.16% | ||||
Lear Corp., 3.80%, 09/15/2027 | $ | 486,000 | $ 490,459 | |
Automobiles-1.52% | ||||
Ford Motor Co., 4.35%, 12/08/2026(b) | 569,000 | 584,478 | ||
General Motors Co., 4.87%, 10/02/2023 | 53,000 | 57,042 | ||
641,520 | ||||
Banks-5.12% | ||||
Bank of America Corp., 3.30%, 01/11/2023 | 384,000 | 399,431 | ||
Branch Banking & Trust Co., 3.62%, 09/16/2025 | 400,000 | 426,239 | ||
Citigroup, Inc., 4.45%, 09/29/2027 | 291,000 | 320,434 | ||
Citizens Financial Group, Inc., 4.30%, 12/03/2025 | 104,000 | 112,446 | ||
Huntington National Bank (The), 3.55%, 10/06/2023 | 350,000 | 369,747 | ||
The PNC Financial Services Group, Inc., 3.45%, 04/23/2029 | 104,000 | 112,768 | ||
Wells Fargo Bank, N.A., 3.55%, 08/14/2023 | 400,000 | 422,759 | ||
2,163,824 | ||||
Beverages-1.02% | ||||
Keurig Dr Pepper, Inc., 4.60%, 05/25/2028 | 379,000 | 428,825 | ||
Biotechnology-2.86% | ||||
AbbVie, Inc., 3.60%, 05/14/2025 | 466,000 | 486,230 | ||
Biogen, Inc., 4.05%, 09/15/2025 | 304,000 | 330,326 | ||
Gilead Sciences, Inc., 3.65%, 03/01/2026 | 363,000 | 390,602 | ||
1,207,158 | ||||
Capital Markets-3.80% | ||||
Ares Capital Corp., 3.50%, 02/10/2023 | 104,000 | 104,963 | ||
Cboe Global Markets, Inc., 3.65%, 01/12/2027 | 115,000 | 124,458 | ||
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022 | 204,000 | 221,009 | ||
Northern Trust Corp., 3.95%, 10/30/2025 | 384,000 | 422,139 | ||
S&P Global, Inc., 4.40%, 02/15/2026 | 363,000 | 409,785 | ||
TD Ameritrade Holding Corp., 3.30%, 04/01/2027 | 304,000 | 322,657 | ||
1,605,011 | ||||
Chemicals-2.44% | ||||
PPG Industries, Inc., 3.75%, 03/15/2028(b) | 104,000 | 114,048 | ||
Rohm & Haas Co., 7.85%, 07/15/2029 | 300,000 | 409,109 | ||
Sherwin-Williams Co. (The), 3.45%, 06/01/2027 | 104,000 | 110,139 | ||
Westlake Chemical Corp., 3.60%, 08/15/2026 | 384,000 | 399,133 | ||
1,032,429 | ||||
Commercial Services & Supplies-2.65% | ||||
Cintas Corp. No. 2, 3.70%, 04/01/2027 | 415,000 | 456,194 | ||
ERAC USA Finance LLC | ||||
2.70%, 11/01/2023(c) | 104,000 | 105,945 | ||
3.80%, 11/01/2025(c) | 517,000 | 556,425 | ||
1,118,564 | ||||
Construction & Engineering-0.94% | ||||
Fluor Corp., 4.25%, 09/15/2028 | 389,000 | 397,918 |
Principal Amount | Value | |||
Consumer Finance-0.98% | ||||
Discover Financial Services, 4.10%, 02/09/2027 | $ | 384,000 | $ 413,696 | |
Containers & Packaging-2.02% | ||||
WRKCo Inc. | ||||
3.75%, 03/15/2025 | 517,000 | 546,333 | ||
4.90%, 03/15/2029 | 268,000 | 306,310 | ||
852,643 | ||||
Diversified Financial Services-4.92% | ||||
Apollo Management Holdings L.P., 4.87%, 02/15/2029(c) | 363,000 | 405,079 | ||
AXA Equitable Holdings, Inc., 4.35%, 04/20/2028 | 384,000 | 412,531 | ||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 389,000 | 412,623 | ||
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028 | 273,000 | 296,390 | ||
Nuveen, LLC, 4.00%, 11/01/2028(c) | 389,000 | 441,339 | ||
Pine Street Trust I, 4.57%, 02/15/2029(c) | 100,000 | 108,012 | ||
2,075,974 | ||||
Diversified Telecommunication Services-1.02% | ||||
AT&T, Inc., 3.40%, 05/15/2025 | 84,000 | 88,084 | ||
Verizon Communications, Inc., 4.33%, 09/21/2028 | 300,000 | 344,616 | ||
432,700 | ||||
Electric Utilities-5.06% | ||||
American Electric Power Co., Inc.,Series J, 4.30%, 12/01/2028 | 384,000 | 436,178 | ||
Duke Energy Carolinas LLC, 3.95%, 11/15/2028 | 269,000 | 305,202 | ||
Entergy Corp., 2.95%, 09/01/2026 | 373,000 | 380,883 | ||
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027 | 300,000 | 320,867 | ||
Southern California Edison Co.,Series C, 3.50%, 10/01/2023 | 363,000 | 378,152 | ||
Southern Co. (The), 3.25%, 07/01/2026 | 304,000 | 314,994 | ||
2,136,276 | ||||
Energy Equipment & Services-2.00% | ||||
Baker Hughes, a GE Co., LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027 | 104,000 | 106,741 | ||
Halliburton Co., 3.80%, 11/15/2025 | 304,000 | 322,488 | ||
Schlumberger Holdings Corp., 3.90%, 05/17/2028(c) | 389,000 | 414,079 | ||
843,308 | ||||
Equity REITs-1.28% | ||||
Camden Property Trust, 3.15%, 07/01/2029 | 300,000 | 317,890 | ||
CBRE Services, Inc., 4.87%, 03/01/2026 | 104,000 | 115,704 | ||
LifeStorage L.P., 3.50%, 07/01/2026 | 104,000 | 107,829 | ||
541,423 | ||||
Food & Staples Retailing-2.07% | ||||
Kroger Co. (The), 2.65%, 10/15/2026 | 491,000 | 491,075 | ||
Sysco Corp., 3.30%, 07/15/2026 | 363,000 | 382,103 | ||
873,178 |
Principal Amount | Value | |||
Food Products-2.10% | ||||
Cargill, Inc., 3.25%, 05/23/2029(c) | $ | 486,000 | $ 525,737 | |
Kraft Heinz Foods Co., 4.87%, 02/15/2025(c) | 350,000 | 361,215 | ||
886,952 | ||||
Gas Utilities-0.19% | ||||
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029 | 73,000 | 78,999 | ||
Health Care Equipment & Supplies-1.20% | ||||
Baxter International, Inc., 2.60%, 08/15/2026 | 389,000 | 397,914 | ||
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025 | 104,000 | 109,569 | ||
507,483 | ||||
Health Care Providers & Services-2.98% | ||||
AmerisourceBergen Corp., 3.45%, 12/15/2027 | 486,000 | 506,605 | ||
Anthem, Inc., 3.65%, 12/01/2027 | 311,000 | 330,433 | ||
Cardinal Health, Inc., 3.41%, 06/15/2027(b) | 104,000 | 105,338 | ||
CVS Health Corp., 4.30%, 03/25/2028 | 104,000 | 113,503 | ||
Express Scripts Holding Co., 4.50%, 02/25/2026 | 104,000 | 115,077 | ||
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025 | 84,000 | 88,350 | ||
1,259,306 | ||||
Hotels, Restaurants & Leisure-1.06% | ||||
Silversea Cruise Finance Ltd., 7.25%, 02/01/2025(c) | 415,000 | 446,644 | ||
Household Durables-1.24% | ||||
Whirlpool Corp., 4.75%, 02/26/2029 | 466,000 | 524,791 | ||
Industrial Conglomerates-4.98% | ||||
3M Co., 2.88%, 10/15/2027 | 389,000 | 409,992 | ||
Carlisle Cos., Inc., 3.75%, 12/01/2027 | 363,000 | 383,729 | ||
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025 | 500,000 | 506,897 | ||
General Electric Co., 2.70%, 10/09/2022 | 400,000 | 397,544 | ||
Roper Technologies, Inc., 4.20%, 09/15/2028 | 363,000 | 403,380 | ||
2,101,542 | ||||
Insurance-10.96% | ||||
Athene Global Funding, 3.00%, 07/01/2022(c) | 467,000 | 476,233 | ||
Athene Holding Ltd., 4.12%, 01/12/2028 | 476,000 | 487,299 | ||
Brighthouse Financial, Inc., 3.70%, 06/22/2027(b) | 363,000 | 358,602 | ||
Five Corners Funding Trust, 4.42%, 11/15/2023(c) | 200,000 | 217,306 | ||
Jackson National Life Global Funding, 3.30%, 02/01/2022(c) | 300,000 | 308,857 | ||
Liberty Mutual Group Inc., 4.57%, 02/01/2029(c) | 373,000 | 424,761 | ||
Marsh & McLennan Cos., Inc., 4.37%, 03/15/2029 | 379,000 | 435,615 | ||
MassMutual Global Funding II, 2.75%, 06/22/2024(c) | 200,000 | 206,149 | ||
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(c) | 300,000 | 323,190 | ||
New York Life Global Funding, 2.88%, 04/10/2024(c) | 415,000 | 430,322 | ||
Nuveen Finance, LLC, 4.13%, 11/01/2024(c) | 363,000 | 395,046 |
Principal Amount | Value | |||
Insurance-(continued) | ||||
Principal Life Global Funding II, 3.00%, 04/18/2026(c) | $ | 466,000 | $ 486,028 | |
Reinsurance Group of America, Inc., 3.90%, 05/15/2029 | 73,000 | 78,566 | ||
4,627,974 | ||||
Interactive Media & Services-0.99% | ||||
Alphabet, Inc., 2.00%, 08/15/2026 | 415,000 | 418,589 | ||
Internet & Direct Marketing Retail-1.21% | ||||
Booking Holdings, Inc., 3.60%, 06/01/2026 | 476,000 | 510,193 | ||
IT Services-1.40% | ||||
Automatic Data Processing, Inc., 3.37%, 09/15/2025 | 79,000 | 85,206 | ||
Fiserv, Inc., 3.50%, 07/01/2029 | 300,000 | 318,484 | ||
International Business Machines Corp., 3.50%, 05/15/2029 | 100,000 | 108,589 | ||
Visa, Inc., 3.15%, 12/14/2025 | 73,000 | 78,246 | ||
590,525 | ||||
Machinery-1.68% | ||||
Fortive Corp., 3.15%, 06/15/2026 | 384,000 | 393,492 | ||
Parker-Hannifin Corp., 3.25%, 06/14/2029 | 300,000 | 315,752 | ||
709,244 | ||||
Media-4.22% | ||||
CBS Corp., 4.00%, 01/15/2026 | 104,000 | 111,521 | ||
Comcast Corp., 4.15%, 10/15/2028 | 153,000 | 173,755 | ||
Fox Corp., 4.71%, 01/25/2029(c) | 379,000 | 439,007 | ||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026 | 389,000 | 413,342 | ||
Sky Ltd. (United Kingdom), 3.75%, 09/16/2024(c) | 600,000 | 645,494 | ||
1,783,119 | ||||
Multiline Retail-0.91% | ||||
Kohl’s Corp., 4.25%, 07/17/2025 | 363,000 | 382,742 | ||
Multi-Utilities-2.09% | ||||
NiSource, Inc., 3.49%, 05/15/2027 | 373,000 | 395,802 | ||
Sempra Energy, 3.40%, 02/01/2028 | 466,000 | 485,991 | ||
881,793 | ||||
Oil, Gas & Consumable Fuels-6.47% | ||||
Apache Corp., 4.37%, 10/15/2028 | 384,000 | 394,237 | ||
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026(c) | 363,000 | 385,951 | ||
ConocoPhillips Holding Co., 6.95%, 04/15/2029 | 204,000 | 281,214 | ||
Exxon Mobil Corp., 3.04%, 03/01/2026 | 384,000 | 408,029 | ||
MPLX L.P., 4.13%, 03/01/2027 | 415,000 | 437,733 | ||
ONEOK, Inc., 4.55%, 07/15/2028 | 363,000 | 396,664 | ||
Valero Energy Corp., 3.40%, 09/15/2026 | 415,000 | 429,874 | ||
2,733,702 | ||||
Road & Rail-2.63% | ||||
Aviation Capital Group LLC, 2.88%, 01/20/2022(c) | 384,000 | 389,882 |
Principal Amount | Value | |||
Road & Rail-(continued) | ||||
J.B. Hunt Transport Services, Inc., 3.87%, 03/01/2026 | $ | 384,000 | $ 413,548 | |
Union Pacific Corp., 3.95%, 09/10/2028 | 273,000 | 307,210 | ||
1,110,640 | ||||
Semiconductors & Semiconductor Equipment-3.20% | ||||
Analog Devices, Inc., 3.50%, 12/05/2026 | 79,000 | 83,323 | ||
Applied Materials, Inc., 3.30%, 04/01/2027 | 486,000 | 523,980 | ||
Lam Research Corp., 4.00%, 03/15/2029 | 481,000 | 534,238 | ||
Xilinx, Inc., 2.95%, 06/01/2024 | 204,000 | 210,436 | ||
1,351,977 | ||||
Specialty Retail-0.98% | ||||
O’Reilly Automotive, Inc., 3.60%, 09/01/2027 | 389,000 | 414,547 | ||
Technology Hardware, Storage & Peripherals-1.22% | ||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 | 466,000 | 516,373 | ||
Tobacco-1.74% | ||||
Altria Group, Inc., 4.80%, 02/14/2029 | 379,000 | 428,715 | ||
Philip Morris International, Inc., 2.88%, 05/01/2024 | 300,000 | 308,073 | ||
736,788 | ||||
Water Utilities-1.02% | ||||
American Water Capital Corp., 3.75%, 09/01/2028 | 389,000 | 429,467 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $39,075,422) | 40,258,296 |
Shares | Value | |||
Money Market Funds-0.12% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $49,666) | 49,666 | $ 49,666 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-95.45% (Cost $39,125,088) | 40,307,962 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-3.47% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 1,100,899 | 1,100,899 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 367,134 | 367,281 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,468,180) | 1,468,180 | |||
TOTAL INVESTMENTS IN SECURITIES-98.92% (Cost $40,593,268) | 41,776,142 | |||
OTHER ASSETS LESS LIABILITIES-1.08% | 455,687 | |||
NET ASSETS-100.00% | $42,231,829 |
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 August 31, 2019. |
(c) | 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 August 31, 2019 was $8,492,701, which represented 20.11% of the Fund’s Net Assets. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities-39.82% | ||||
Federal Home Loan Mortgage Corp. (FHLMC)-16.58% | ||||
3.50%, 04/01/2047 | $ | 274,706 | $ 285,569 | |
3.50%, 09/01/2047 | 252,316 | 261,475 | ||
3.50%, 10/01/2047 | 258,089 | 267,338 | ||
4.00%, 10/01/2047 | 242,146 | 253,828 | ||
3.50%, 11/01/2047 | 216,357 | 224,126 | ||
3.00%, 12/01/2047 | 222,664 | 228,758 | ||
3.50%, 03/01/2048 | 221,171 | 231,142 | ||
3.50%, 03/01/2048 | 177,601 | 186,818 | ||
4.00%, 05/01/2048 | 213,969 | 223,779 | ||
4.00%, 06/01/2048 | 175,736 | 186,884 | ||
4.50%, 06/01/2048 | 281,434 | 296,325 | ||
4.00%, 07/01/2048 | 212,490 | 221,536 | ||
4.00%, 09/01/2048 | 84,870 | 88,185 | ||
4.50%, 09/01/2048 | 48,143 | 50,734 | ||
4.00%, 10/01/2048 | 257,328 | 267,353 | ||
4.00%, 10/01/2048 | 222,219 | 231,606 | ||
4.50%, 12/01/2048 | 239,464 | 252,150 | ||
4.00%, 03/01/2049 | 188,611 | 196,131 | ||
3.50%, 05/01/2049 | 96,871 | 99,608 | ||
4.00%, 05/01/2049 | 190,222 | 197,671 | ||
4.00%, 07/01/2049 | 73,835 | 76,813 | ||
3.00%, 08/01/2049 | 49,854 | 50,854 | ||
4,378,683 | ||||
Federal National Mortgage Association (FNMA)-23.24% | ||||
4.00%, 07/01/2047 | 228,137 | 238,492 | ||
4.00%, 08/01/2047 | 234,228 | 245,238 | ||
3.50%, 11/01/2047 | 258,200 | 267,472 | ||
3.50%, 11/01/2047 | 265,283 | 274,533 | ||
4.00%, 11/01/2047 | 255,001 | 268,024 | ||
3.50%, 12/01/2047 | 172,110 | 178,202 | ||
3.50%, 01/01/2048 | 174,738 | 181,013 | ||
4.00%, 01/01/2048 | 243,080 | 255,406 | ||
3.50%, 02/01/2048 | 180,249 | 189,579 | ||
3.50%, 02/01/2048 | 176,571 | 186,076 | ||
4.50%, 02/01/2048 | 235,137 | 248,752 | ||
3.50%, 03/01/2048 | 178,845 | 185,292 | ||
3.50%, 04/01/2048 | 180,344 | 186,645 | ||
4.00%, 06/01/2048 | 214,062 | 222,448 | ||
4.50%, 06/01/2048 | 86,124 | 91,361 | ||
3.50%, 07/01/2048 | 54,472 | 56,139 | ||
4.00%, 07/01/2048 | 256,340 | 266,941 | ||
4.00%, 07/01/2048 | 253,541 | 263,478 | ||
4.50%, 07/01/2048 | 240,129 | 253,616 | ||
4.00%, 08/01/2048 | 183,079 | 190,032 | ||
4.00%, 09/01/2048 | 253,421 | 263,273 | ||
4.00%, 10/01/2048 | 258,421 | 268,569 | ||
4.50%, 11/01/2048 | 84,911 | 89,553 | ||
4.00%, 12/01/2048 | 86,895 | 90,293 | ||
4.00%, 02/01/2049 | 174,515 | 181,781 | ||
4.00%, 03/01/2049 | 179,928 | 186,754 | ||
4.00%, 04/01/2049 | 189,226 | 196,415 | ||
3.50%, 05/01/2049 | 97,562 | 100,378 | ||
3.50%, 07/01/2049 | 296,787 | 305,731 |
Principal Amount | Value | |||
Federal National Mortgage Association (FNMA)-(continued) | ||||
3.00%, 08/01/2049 | $ | 99,641 | $ 101,640 | |
3.50%, 08/01/2049 | 99,440 | 102,442 | ||
6,135,568 | ||||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $10,251,766) | 10,514,251 | |||
U.S. Dollar Denominated Bonds & Notes-30.19% | ||||
Aerospace & Defense-0.77% | ||||
Precision Castparts Corp., 2.50%, 01/15/2023 | 100,000 | 102,053 | ||
Raytheon Co., 2.50%, 12/15/2022 | 100,000 | 101,355 | ||
203,408 | ||||
Agricultural & Farm Machinery-0.39% | ||||
John Deere Capital Corp., 2.80%, 03/06/2023 | 100,000 | 102,967 | ||
Air Freight & Logistics-0.27% | ||||
FedEx Corp., 3.10%, 08/05/2029 | 70,000 | 71,018 | ||
Asset Management & Custody Banks-2.04% | ||||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 | 100,000 | 107,534 | ||
Bank of New York Mellon Corp. (The), 3.55%, 09/23/2021 | 100,000 | 103,008 | ||
BlackRock, Inc., 3.50%, 03/18/2024 | 100,000 | 107,782 | ||
Nuveen, LLC, 4.00%, 11/01/2028(b) | 100,000 | 113,455 | ||
State Street Corp., 3.55%, 08/18/2025 | 100,000 | 107,674 | ||
539,453 | ||||
Broadcasting-0.39% | ||||
NBCUniversal Media LLC, 2.88%, 01/15/2023 | 100,000 | 102,978 | ||
Commodity Chemicals-0.39% | ||||
Westlake Chemical Corp., 3.60%, 08/15/2026 | 100,000 | 103,941 | ||
Construction & Engineering-0.39% | ||||
Fluor Corp., 4.25%, 09/15/2028 | 100,000 | 102,293 | ||
Construction Machinery & Heavy Trucks-0.39% | ||||
Caterpillar Financial Services Corp, 2.95%, 02/26/2022 | 100,000 | 102,553 | ||
Consumer Finance-0.38% | ||||
American Express Co., 2.50%, 08/01/2022 | 100,000 | 101,442 | ||
Data Processing & Outsourced Services-1.22% | ||||
Automatic Data Processing, Inc., 3.38%, 09/15/2025 | 100,000 | 107,856 | ||
Mastercard, Inc., 3.38%, 04/01/2024 | 100,000 | 106,848 | ||
Visa, Inc., 3.15%, 12/14/2025 | 100,000 | 107,187 | ||
321,891 | ||||
Diversified Banks-1.18% | ||||
Bank of America Corp., 3.30%, 01/11/2023 | 100,000 | 104,018 | ||
JPMorgan Chase & Co., 4.50%, 01/24/2022 | 100,000 | 105,869 | ||
Wells Fargo & Co., 2.63%, 07/22/2022 | 100,000 | 101,723 | ||
311,610 | ||||
Electric Utilities-0.99% | ||||
Eversource Energy, Series K, 2.75%, 03/15/2022 | 50,000 | 50,844 |
Principal Amount | Value | |||
Electric Utilities-(continued) | ||||
Florida Power & Light Co., 3.13%, 12/01/2025 | $ | 100,000 | $ 106,795 | |
Southern California Edison Co., Series C, 3.50%, 10/01/2023 | 100,000 | 104,174 | ||
261,813 | ||||
Financial Exchanges & Data-0.39% | ||||
CME Group, Inc., 3.00%, 09/15/2022 | 100,000 | 103,559 | ||
Footwear-0.39% | ||||
NIKE, Inc., 2.38%, 11/01/2026 | 100,000 | 102,946 | ||
Health Care Equipment-0.58% | ||||
Abbott Laboratories, 2.90%, 11/30/2021 | 50,000 | 51,000 | ||
Covidien International Finance SA, 3.20%, 06/15/2022 | 100,000 | 103,481 | ||
154,481 | ||||
Health Care Services-0.42% | ||||
SSM Health Care Corp., Series A, 3.82%, 06/01/2027 | 100,000 | 110,214 | ||
Household Appliances-0.43% | ||||
Whirlpool Corp., 4.75%, 02/26/2029 | 100,000 | 112,616 | ||
Household Products-0.38% | ||||
Procter & Gamble Co. (The), 2.15%, 08/11/2022 | 100,000 | 101,237 | ||
Hypermarkets & Super Centers-0.79% | ||||
Costco Wholesale Corp., 2.75%, 05/18/2024 | 100,000 | 103,926 | ||
Walmart, Inc., 3.40%, 06/26/2023 | 100,000 | 105,928 | ||
209,854 | ||||
Industrial Conglomerates-1.34% | ||||
3M Co., 2.88%, 10/15/2027 | 100,000 | 105,396 | ||
General Electric Co., 2.70%, 10/09/2022 | 200,000 | 198,772 | ||
Honeywell International, Inc., 1.85%, 11/01/2021 | 50,000 | 49,956 | ||
354,124 | ||||
Industrial Machinery-0.39% | ||||
Stanley Black & Decker, Inc., 2.90%, 11/01/2022 | 100,000 | 102,566 | ||
Integrated Oil & Gas-1.18% | ||||
Chevron Corp., 3.19%, 06/24/2023 | 100,000 | 104,756 | ||
Exxon Mobil Corp., 3.04%, 03/01/2026 | 100,000 | 106,258 | ||
Occidental Petroleum Corp., 2.70%, 02/15/2023 | 100,000 | 100,313 | ||
311,327 | ||||
Integrated Telecommunication Services-0.47% | ||||
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022 | 100,000 | 123,096 | ||
Interactive Media & Services-0.38% | ||||
Alphabet, Inc., 2.00%, 08/15/2026 | 100,000 | 100,865 | ||
Internet & Direct Marketing Retail-0.38% | ||||
eBay, Inc., 2.60%, 07/15/2022 | 100,000 | 101,075 | ||
Investment Banking & Brokerage-1.57% | ||||
Charles Schwab Corp. (The), 2.65%, 01/25/2023 | 100,000 | 102,467 | ||
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022 | 100,000 | 108,338 |
Principal Amount | Value | |||
Investment Banking & Brokerage-(continued) | ||||
Morgan Stanley | ||||
2.63%, 11/17/2021 | $ | 100,000 | $ 101,078 | |
2.75%, 05/19/2022 | 100,000 | 101,755 | ||
413,638 | ||||
Life & Health Insurance-2.61% | ||||
Athene Global Funding, 3.00%, 07/01/2022(b) | 100,000 | 101,977 | ||
Five Corners Funding Trust, 4.42%, 11/15/2023(b) | 100,000 | 108,653 | ||
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(b) | 150,000 | 161,595 | ||
New York Life Global Funding, 2.88%, 04/10/2024(b) | 100,000 | 103,692 | ||
Nuveen Finance, LLC, 4.13%, 11/01/2024(b) | 100,000 | 108,828 | ||
Principal Life Global Funding II, 3.00%, 04/18/2026(b) | 100,000 | 104,298 | ||
689,043 | ||||
Multi-line Insurance-0.41% | ||||
Hartford Financial Services Group, Inc. (The), 5.13%, 04/15/2022(c) | 100,000 | 108,332 | ||
Multi-Sector Holdings-0.20% | ||||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 50,000 | 53,036 | ||
Oil & Gas Equipment & Services-0.39% | ||||
Schlumberger Investment S.A., 3.30%, 09/14/2021(b) | 100,000 | 101,981 | ||
Oil & Gas Refining & Marketing-0.40% | ||||
Phillips 66, 4.30%, 04/01/2022 | 100,000 | 105,729 | ||
Packaged Foods & Meats-0.20% | ||||
Mars, Inc., 2.70%, 04/01/2025(b) | 50,000 | 51,740 | ||
Pharmaceuticals-1.38% | ||||
Johnson & Johnson, 2.45%, 03/01/2026 | 100,000 | 103,236 | ||
Merck & Co., Inc., 2.75%, 02/10/2025 | 150,000 | 156,223 | ||
Pfizer, Inc., 3.00%, 12/15/2026 | 100,000 | 105,872 | ||
365,331 | ||||
Railroads-0.41% | ||||
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023 | 100,000 | 107,103 | ||
Regional Banks-1.95% | ||||
BB&T Corp., 3.05%, 06/20/2022 | 100,000 | 102,620 | ||
Comerica, Inc., 3.70%, 07/31/2023 | 100,000 | 105,778 | ||
Huntington Bancshares, Inc., 2.30%, 01/14/2022 | 100,000 | 100,506 | ||
PNC Financial Services Group, Inc. (The), 3.30%, 03/08/2022 | 100,000 | 103,272 | ||
SunTrust Banks, Inc., 2.70%, 01/27/2022 | 100,000 | 101,380 | ||
513,556 | ||||
Residential REITs-0.40% | ||||
ERP Operating L.P., 4.63%, 12/15/2021 | 100,000 | 105,278 | ||
Retail REITs-0.80% | ||||
Realty Income Corp., 3.25%, 10/15/2022 | 100,000 | 103,713 | ||
Simon Property Group L.P., 3.38%, 10/01/2024 | 100,000 | 106,280 | ||
209,993 |
Principal Amount | Value | |||
Semiconductors-0.80% | ||||
Intel Corp., 3.70%, 07/29/2025 | $ | 100,000 | $ 109,169 | |
QUALCOMM, Inc., 3.00%, 05/20/2022 | 100,000 | 102,883 | ||
212,052 | ||||
Soft Drinks-0.40% | ||||
Coca-Cola Co. (The), 2.88%, 10/27/2025 | 100,000 | 105,438 | ||
Specialty Chemicals-0.40% | ||||
Ecolab, Inc., 4.35%, 12/08/2021 | 100,000 | 105,171 | ||
Steel-0.40% | ||||
Nucor Corp., 4.13%, 09/15/2022 | 100,000 | 105,484 | ||
Systems Software-0.38% | ||||
Oracle Corp., 1.90%, 09/15/2021 | 100,000 | 100,024 | ||
Technology Hardware, Storage & Peripherals-0.39% | ||||
Apple, Inc., 2.40%, 05/03/2023 | 100,000 | 102,176 | ||
Trucking-0.38% | ||||
Aviation Capital Group LLC, 2.88%, 01/20/2022(b) | 100,000 | 101,532 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $7,653,375) | 7,969,964 | |||
U.S. Treasury Securities-29.90% | ||||
U.S. Treasury Bonds-10.40% | ||||
8.00%, 11/15/2021 | 100,000 | 113,902 | ||
5.38%, 02/15/2031 | 50,000 | 70,144 | ||
4.50%, 02/15/2036 | 50,000 | 70,281 | ||
5.00%, 05/15/2037 | 25,000 | 37,629 | ||
4.63%, 02/15/2040 | 50,000 | 74,093 | ||
4.25%, 11/15/2040 | 100,000 | 142,127 | ||
4.75%, 02/15/2041 | 200,000 | 303,004 | ||
4.38%, 05/15/2041 | 130,000 | 188,312 | ||
3.75%, 08/15/2041 | 200,000 | 267,234 | ||
3.13%, 11/15/2041 | 150,000 | 183,489 | ||
3.63%, 08/15/2043 | 50,000 | 66,306 | ||
2.50%, 02/15/2045 | 100,000 | 110,971 | ||
3.00%, 05/15/2045 | 25,000 | 30,312 | ||
2.88%, 08/15/2045 | 100,000 | 118,734 | ||
3.00%, 11/15/2045 | 150,000 | 182,265 | ||
2.50%, 05/15/2046 | 150,000 | 166,737 | ||
2.88%, 11/15/2046 | 50,000 | 59,662 | ||
3.00%, 05/15/2047 | 125,000 | 152,795 | ||
3.00%, 02/15/2048 | 75,000 | 91,937 | ||
3.13%, 05/15/2048 | 75,000 | 94,078 | ||
3.00%, 08/15/2048 | 50,000 | 61,396 | ||
3.38%, 11/15/2048 | 75,000 | 98,646 | ||
3.00%, 02/15/2049 | 50,000 | 61,591 | ||
2,745,645 | ||||
U.S. Treasury Notes-19.50% | ||||
1.50%, 08/15/2020 | 100,000 | 99,732 | ||
2.63%, 08/15/2020 | 200,000 | 201,535 | ||
1.38%, 08/31/2020 | 100,000 | 99,604 | ||
1.38%, 09/30/2020 | 100,000 | 99,590 | ||
2.75%, 09/30/2020 | 100,000 | 101,057 | ||
1.38%, 10/31/2020 | 100,000 | 99,596 | ||
2.63%, 11/15/2020 | 200,000 | 202,160 | ||
1.63%, 11/30/2020 | 100,000 | 99,914 | ||
1.75%, 12/31/2020 | 100,000 | 100,088 | ||
2.50%, 12/31/2020 | 75,000 | 75,809 |
Principal Amount | Value | |||
U.S. Treasury Notes-(continued) | ||||
1.38%, 01/31/2021 | $ | 100,000 | $ 99,604 | |
2.50%, 01/31/2021 | 100,000 | 101,160 | ||
3.63%, 02/15/2021 | 200,000 | 205,688 | ||
1.13%, 02/28/2021 | 150,000 | 148,896 | ||
2.50%, 02/28/2021 | 35,000 | 35,450 | ||
1.25%, 03/31/2021 | 100,000 | 99,445 | ||
2.25%, 03/31/2021 | 50,000 | 50,494 | ||
1.38%, 04/30/2021 | 100,000 | 99,648 | ||
2.25%, 04/30/2021 | 100,000 | 101,068 | ||
2.63%, 05/15/2021 | 100,000 | 101,748 | ||
3.13%, 05/15/2021 | 175,000 | 179,515 | ||
1.38%, 05/31/2021 | 100,000 | 99,662 | ||
1.13%, 06/30/2021 | 250,000 | 248,052 | ||
2.13%, 08/15/2021 | 50,000 | 50,564 | ||
2.75%, 08/15/2021 | 100,000 | 102,320 | ||
1.13%, 09/30/2021 | 50,000 | 49,598 | ||
2.88%, 10/15/2021 | 200,000 | 205,660 | ||
2.00%, 10/31/2021 | 200,000 | 202,109 | ||
2.00%, 11/15/2021 | 110,000 | 111,229 | ||
2.88%, 11/15/2021 | 150,000 | 154,441 | ||
1.75%, 11/30/2021 | 100,000 | 100,580 | ||
2.00%, 12/31/2021 | 100,000 | 101,166 | ||
2.50%, 01/15/2022 | 100,000 | 102,371 | ||
1.88%, 01/31/2022 | 100,000 | 100,936 | ||
2.00%, 02/15/2022 | 100,000 | 101,320 | ||
2.50%, 02/15/2022 | 100,000 | 102,465 | ||
2.38%, 03/15/2022 | 50,000 | 51,153 | ||
1.88%, 03/31/2022 | 125,000 | 126,321 | ||
2.25%, 04/15/2022 | 80,000 | 81,623 | ||
1.75%, 04/30/2022 | 50,000 | 50,398 | ||
1.88%, 04/30/2022 | 100,000 | 101,094 | ||
1.75%, 05/15/2022 | 100,000 | 100,801 | ||
2.13%, 05/15/2022 | 100,000 | 101,770 | ||
1.75%, 05/31/2022 | 100,000 | 100,807 | ||
1.75%, 06/15/2022 | 100,000 | 100,875 | ||
1.75%, 06/30/2022 | 100,000 | 100,893 | ||
5,150,009 | ||||
Total U.S. Treasury Securities (Cost $7,355,029) | 7,895,654 | |||
Shares | ||||
Money Market Funds-0.30% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $78,302) | 78,302 | 78,302 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.21% (Cost $25,338,472) | 26,458,171 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.36% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 72,038 | 72,038 |
Shares | Value | |||
Money Market Funds-(continued) | ||||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 24,003 | $ 24,012 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $96,050) | 96,050 | |||
TOTAL INVESTMENTS IN SECURITIES-100.57% (Cost $25,434,522) | 26,554,221 | |||
OTHER ASSETS LESS LIABILITIES-(0.57)% | (151,711) | |||
NET ASSETS-100.00% | $26,402,510 |
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) | 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 August 31, 2019 was $1,057,751, which represented 4.01% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-68.03% | ||||
Advertising-0.19% | ||||
National CineMedia, LLC, 6.00%, 04/15/2022 | $ | 100,000 | $ 101,125 | |
Aerospace & Defense-0.58% | ||||
Boeing Co. (The), 2.70%, 02/01/2027 | 100,000 | 102,838 | ||
Precision Castparts Corp., 2.50%, 01/15/2023 | 100,000 | 102,053 | ||
Raytheon Co., 2.50%, 12/15/2022 | 100,000 | 101,356 | ||
306,247 | ||||
Agricultural & Farm Machinery-0.39% | ||||
Deere & Co., 2.60%, 06/08/2022 | 100,000 | 101,910 | ||
John Deere Capital Corp., 2.80%, 03/06/2023 | 100,000 | 102,967 | ||
204,877 | ||||
Air Freight & Logistics-0.38% | ||||
United Parcel Service, Inc., 2.45%, 10/01/2022 | 100,000 | 101,759 | ||
XPO Logistics, Inc., 6.50%, 06/15/2022(b) | 100,000 | 102,443 | ||
204,202 | ||||
Airlines-0.58% | ||||
American Airlines Group, Inc., 5.00%, 06/01/2022(b) | 100,000 | 104,125 | ||
Delta Air Lines, Inc., 3.63%, 03/15/2022 | 100,000 | 102,810 | ||
United Airlines Holdings, Inc., 4.25%, 10/01/2022 | 100,000 | 103,125 | ||
310,060 | ||||
Alternative Carriers-0.78% | ||||
CenturyLink, Inc., Series T, 5.80%, 03/15/2022 | 100,000 | 105,375 | ||
Level 3 Financing, Inc., 5.38%, 08/15/2022 | 100,000 | 100,438 | ||
Level 3 Parent LLC, 5.75%, 12/01/2022 | 100,000 | 101,000 | ||
Qwest Corp., 6.75%, 12/01/2021 | 100,000 | 107,914 | ||
414,727 | ||||
Aluminum-0.79% | ||||
Alcoa Nederland Holding B.V., 6.75%, 09/30/2024(b) | 200,000 | 210,500 | ||
Indonesia Asahan Aluminium Persero PT (Persero) (Indonesia), 5.23%, 11/15/2021(b) | 200,000 | 210,868 | ||
421,368 | ||||
Apparel Retail-0.20% | ||||
L Brands, Inc., 5.63%, 02/15/2022 | 100,000 | 105,500 | ||
Apparel, Accessories & Luxury Goods-0.20% | ||||
Hanesbrands, Inc., 4.63%, 05/15/2024(b) | 100,000 | 105,125 | ||
Application Software-0.39% | ||||
Adobe, Inc., 3.25%, 02/01/2025 | 100,000 | 105,985 | ||
Sabre GLBL, Inc., 5.38%, 04/15/2023(b) | 100,000 | 103,000 | ||
208,985 | ||||
Asset Management & Custody Banks-1.92% | ||||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 | 100,000 | 107,534 | ||
Ares Capital Corp., 3.50%, 02/10/2023 | 100,000 | 100,926 | ||
Bank of New York Mellon Corp. (The), 3.55%, 09/23/2021 | 100,000 | 103,008 | ||
BlackRock, Inc., 3.50%, 03/18/2024 | 200,000 | 215,564 | ||
Northern Trust Corp., 3.95%, 10/30/2025 | 100,000 | 109,932 | ||
Nuveen, LLC, 4.00%, 11/01/2028(b) | 150,000 | 170,182 |
Principal Amount | Value | |||
Asset Management & Custody Banks-(continued) | ||||
Owl Rock Capital Corp., 5.25%, 04/15/2024 | $ | 100,000 | $ 105,148 | |
State Street Corp., 3.55%, 08/18/2025 | 100,000 | 107,674 | ||
1,019,968 | ||||
Auto Parts & Equipment-0.49% | ||||
Hertz Corp. (The), 7.63%, 06/01/2022(b) | 100,000 | 104,255 | ||
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b) | 150,000 | 157,767 | ||
262,022 | ||||
Automobile Manufacturers-0.20% | ||||
General Motors Co., 4.88%, 10/02/2023 | 100,000 | 107,627 | ||
Automotive Retail-0.57% | ||||
AutoNation, Inc., 3.50%, 11/15/2024 | 100,000 | 102,129 | ||
Group 1 Automotive, Inc., 5.00%, 06/01/2022 | 100,000 | 101,125 | ||
Penske Automotive Group, Inc., 5.75%, 10/01/2022 | 100,000 | 101,560 | ||
304,814 | ||||
Biotechnology-0.59% | ||||
AbbVie, Inc., 3.60%, 05/14/2025 | 100,000 | 104,341 | ||
Amgen, Inc., 3.88%, 11/15/2021 | 100,000 | 103,442 | ||
Gilead Sciences, Inc., 3.65%, 03/01/2026 | 100,000 | 107,604 | ||
315,387 | ||||
Brewers-0.19% | ||||
Molson Coors Brewing Co., 3.00%, 07/15/2026 | 100,000 | 101,287 | ||
Broadcasting-0.78% | ||||
AMC Networks, Inc., 5.00%, 04/01/2024 | 100,000 | 103,250 | ||
NBCUniversal Media LLC, 2.88%, 01/15/2023 | 100,000 | 102,978 | ||
TEGNA, Inc., 6.38%, 10/15/2023 | 200,000 | 206,100 | ||
412,328 | ||||
Building Products-0.19% | ||||
Griffon Corp., 5.25%, 03/01/2022 | 100,000 | 101,221 | ||
Cable & Satellite-1.04% | ||||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | ||||
4.46%, 07/23/2022 | 100,000 | 105,562 | ||
4.91%, 07/23/2025 | 100,000 | 110,585 | ||
Comcast Corp., 4.15%, 10/15/2028 | 100,000 | 113,565 | ||
Time Warner Cable LLC, 4.00%, 09/01/2021 | 100,000 | 102,570 | ||
Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023 | 100,000 | 118,791 | ||
551,073 | ||||
Casinos & Gaming-0.21% | ||||
MGM Resorts International, 6.63%, 12/15/2021 | 100,000 | 109,000 | ||
Coal & Consumable Fuels-0.19% | ||||
Peabody Energy Corp., 6.00%, 03/31/2022(b) | 100,000 | 103,063 | ||
Commodity Chemicals-0.40% | ||||
Blue Cube Spinco LLC, 9.75%, 10/15/2023 | 100,000 | 110,000 | ||
Westlake Chemical Corp., 3.60%, 08/15/2026 | 100,000 | 103,941 | ||
213,941 | ||||
Communications Equipment-0.19% | ||||
Cisco Systems, Inc., 1.85%, 09/20/2021 | 100,000 | 99,954 |
Principal Amount | Value | |||
Construction & Engineering-0.19% | ||||
MasTec, Inc., 4.88%, 03/15/2023 | $ | 100,000 | $ 102,000 | |
Construction Machinery & Heavy Trucks-0.39% | ||||
Caterpillar, Inc., 3.40%, 05/15/2024 | 100,000 | 106,527 | ||
Trinity Industries, Inc., 4.55%, 10/01/2024 | 100,000 | 100,851 | ||
207,378 | ||||
Consumer Finance-0.79% | ||||
American Express Co., 2.50%, 08/01/2022 | 200,000 | 202,883 | ||
Navient Corp., 6.50%, 06/15/2022 | 100,000 | 108,500 | ||
Synchrony Financial, 4.25%, 08/15/2024 | 100,000 | 106,398 | ||
417,781 | ||||
Copper-0.19% | ||||
Freeport-McMoRan, Inc., 3.88%, 03/15/2023 | 100,000 | 101,290 | ||
Data Processing & Outsourced Services-1.21% | ||||
Automatic Data Processing, Inc., 3.38%, 09/15/2025 | 150,000 | 161,784 | ||
Mastercard, Inc., 3.38%, 04/01/2024 | 100,000 | 106,848 | ||
Total System Services, Inc., 4.80%, 04/01/2026 | 100,000 | 112,667 | ||
Visa, Inc., 3.15%, 12/14/2025 | 150,000 | 160,780 | ||
WEX, Inc., 4.75%, 02/01/2023(b) | 100,000 | 101,000 | ||
643,079 | ||||
Diversified Banks-2.87% | ||||
Banco del Estado de Chile (Chile), 3.88%, 02/08/2022(b) | 150,000 | 156,002 | ||
Bank of America Corp., 3.30%, 01/11/2023 | 200,000 | 208,037 | ||
Citigroup, Inc., 4.45%, 09/29/2027 | 100,000 | 110,115 | ||
Export-Import Bank of India (India), REGS, 3.13%, 07/20/2021(b) | 200,000 | 202,635 | ||
JPMorgan Chase & Co., 4.50%, 01/24/2022 | 200,000 | 211,738 | ||
U.S. Bank N.A., 2.65%, 05/23/2022 | 250,000 | 254,915 | ||
Vnesheconombank Via VEB Finance PLC (Russia), 6.80%, 11/22/2025(b) | 100,000 | 114,986 | ||
Wells Fargo Bank, N.A., 3.55%, 08/14/2023 | 250,000 | 264,225 | ||
1,522,653 | ||||
Diversified Metals & Mining-0.38% | ||||
Corp Nacional del Cobre de Chile (Chile), REGS, 3.00%, 07/17/2022(b) | 200,000 | 203,579 | ||
Diversified REITs-0.70% | ||||
CBRE Services, Inc., 4.88%, 03/01/2026 | 50,000 | 55,627 | ||
CyrusOne L.P./CyrusOne Finance Corp., 5.00%, 03/15/2024 | 100,000 | 103,500 | ||
iStar, Inc., 5.25%, 09/15/2022 | 100,000 | 102,750 | ||
VEREIT Operating Partnership, L.P., 4.88%, 06/01/2026 | 100,000 | 111,993 | ||
373,870 | ||||
Electric Utilities-1.39% | ||||
American Electric Power Co., Inc., Series J, 4.30%, 12/01/2028 | 100,000 | 113,588 | ||
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 | 100,000 | 104,385 | ||
Entergy Corp., 2.95%, 09/01/2026 | 100,000 | 102,114 | ||
Eversource Energy, Series K, 2.75%, 03/15/2022 | 100,000 | 101,687 | ||
extEra Energy Operating Partners L.P., 4.25%, 07/15/2024(b) | 100,000 | 103,000 |
Principal Amount | Value | |||
Electric Utilities-(continued) | ||||
Florida Power & Light Co., 3.13%, 12/01/2025 | $ | 100,000 | $ 106,796 | |
Southern California Edison Co., Series C, 3.50%, 10/01/2023 | 100,000 | 104,174 | ||
735,744 | ||||
Electronic Manufacturing Services-0.20% | ||||
Jabil, Inc., 4.70%, 09/15/2022 | 100,000 | 105,142 | ||
Environmental & Facilities Services-0.19% | ||||
Stericycle, Inc., 5.38%, 07/15/2024(b) | 100,000 | 102,750 | ||
Fertilizers & Agricultural Chemicals-0.20% | ||||
Mosaic Co. (The), 4.25%, 11/15/2023 | 100,000 | 105,671 | ||
Financial Exchanges & Data-0.40% | ||||
Cboe Global Markets, Inc., 3.65%, 01/12/2027 | 100,000 | 108,224 | ||
CME Group, Inc., 3.00%, 09/15/2022 | 100,000 | 103,559 | ||
211,783 | ||||
Food Retail-0.38% | ||||
C&S Group Enterprises LLC, 5.38%, 07/15/2022(b) | 100,000 | 100,750 | ||
Kroger Co. (The), 2.65%, 10/15/2026 | 100,000 | 100,015 | ||
200,765 | ||||
Footwear-0.39% | ||||
NIKE, Inc., 2.38%, 11/01/2026 | 200,000 | 205,892 | ||
Health Care Distributors-0.19% | ||||
Cardinal Health, Inc., 3.41%, 06/15/2027(c) | 100,000 | 101,286 | ||
Health Care Equipment-1.07% | ||||
Abbott Laboratories, 2.90%, 11/30/2021 | 100,000 | 101,999 | ||
Becton, Dickinson and Co., 2.89%, 06/06/2022 | 100,000 | 101,685 | ||
Covidien International Finance SA, 3.20%, 06/15/2022 | 150,000 | 155,222 | ||
Hill-Rom Holdings, Inc., 5.75%, 09/01/2023(b) | 100,000 | 103,500 | ||
Medtronic, Inc., 3.50%, 03/15/2025 | 100,000 | 107,999 | ||
570,405 | ||||
Health Care Facilities-0.19% | ||||
Universal Health Services, Inc., 4.75%, 08/01/2022(b) | 100,000 | 101,388 | ||
Health Care REITs-0.20% | ||||
Omega Healthcare Investors, Inc., 4.38%, 08/01/2023 | 100,000 | 105,443 | ||
Health Care Services-0.72% | ||||
CVS Health Corp., 4.30%, 03/25/2028 | 100,000 | 109,138 | ||
Express Scripts Holding Co., 4.50%, 02/25/2026 | 50,000 | 55,326 | ||
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025 | 100,000 | 105,179 | ||
SSM Health Care Corp., Series A, 3.82%, 06/01/2027 | 100,000 | 110,214 | ||
379,857 | ||||
Homebuilding-0.40% | ||||
KB Home, 7.00%, 12/15/2021 | 100,000 | 108,838 | ||
NVR, Inc., 3.95%, 09/15/2022 | 100,000 | 103,988 | ||
212,826 | ||||
Hotels, Resorts & Cruise Lines-0.78% | ||||
Choice Hotels International, Inc., 5.75%, 07/01/2022 | 100,000 | 107,578 |
Principal Amount | Value | |||
Hotels, Resorts & Cruise Lines-(continued) | ||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/2025 | $ | 100,000 | $ 103,500 | |
NCL Corp. Ltd., 4.75%, 12/15/2021(b) | 100,000 | 101,750 | ||
Wyndham Destinations, Inc., 4.25%, 03/01/2022 | 100,000 | 102,750 | ||
415,578 | ||||
Household Appliances-0.21% | ||||
Whirlpool Corp., 4.75%, 02/26/2029 | 100,000 | 112,616 | ||
Household Products-0.38% | ||||
Clorox Co. (The), 3.05%, 09/15/2022 | 100,000 | 102,833 | ||
Procter & Gamble Co. (The), 2.15%, 08/11/2022 | 100,000 | 101,237 | ||
204,070 | ||||
Housewares & Specialties-0.20% | ||||
Newell Brands, Inc., 4.20%, 04/01/2026 | 100,000 | 103,832 | ||
Hypermarkets & Super Centers-0.40% | ||||
Costco Wholesale Corp., 2.75%, 05/18/2024 | 100,000 | 103,926 | ||
Walmart, Inc., 3.40%, 06/26/2023 | 100,000 | 105,928 | ||
209,854 | ||||
Independent Power Producers & Energy Traders-0.19% | ||||
AES Corp. (The), 4.88%, 05/15/2023 | 100,000 | 101,625 | ||
Industrial Conglomerates-1.74% | ||||
3M Co., 2.88%, 10/15/2027 | 100,000 | 105,396 | ||
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/2022 | 100,000 | 101,500 | ||
General Electric Co. | ||||
4.65%, 10/17/2021 | 150,000 | 155,404 | ||
2.70%, 10/09/2022 | 150,000 | 149,079 | ||
Honeywell International, Inc., 1.85%, 11/01/2021 | 100,000 | 99,912 | ||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.88%, 02/01/2022 | 100,000 | 102,000 | ||
Roper Technologies, Inc., 4.20%, 09/15/2028 | 100,000 | 111,124 | ||
Southern Star Central Corp., 5.13%, 07/15/2022(b) | 100,000 | 101,526 | ||
925,941 | ||||
Industrial Machinery-0.59% | ||||
Colfax Corp., 6.00%, 02/15/2024(b) | 100,000 | 107,000 | ||
Flowserve Corp., 3.50%, 09/15/2022 | 100,000 | 101,412 | ||
Stanley Black & Decker, Inc., 2.90%, 11/01/2022 | 100,000 | 102,565 | ||
310,977 | ||||
Industrial REITs-0.20% | ||||
Prologis L.P., 4.25%, 08/15/2023 | 100,000 | 108,237 | ||
Insurance Brokers-0.42% | ||||
Brown & Brown, Inc., 4.20%, 09/15/2024 | 100,000 | 106,815 | ||
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029 | 100,000 | 114,938 | ||
221,753 | ||||
Integrated Oil & Gas-1.25% | ||||
Chevron Corp., 3.19%, 06/24/2023 | 100,000 | 104,756 | ||
Exxon Mobil Corp., 3.04%, 03/01/2026 | 100,000 | 106,258 |
Principal Amount | Value | |||
Integrated Oil & Gas-(continued) | ||||
Petroleos Mexicanos (Mexico) | ||||
4.88%, 01/24/2022 | $ | 100,000 | $ 101,875 | |
5.35%, 02/12/2028 | 150,000 | 142,425 | ||
Sinopec Group Overseas Development (2012) Ltd. (China), REGS, 3.90%, 05/17/2022(b) | 200,000 | 207,766 | ||
663,080 | ||||
Integrated Telecommunication Services-0.20% | ||||
AT&T, Inc., 3.40%, 05/15/2025 | 100,000 | 104,861 | ||
Interactive Media & Services-0.29% | ||||
Alphabet, Inc., 2.00%, 08/15/2026 | 150,000 | 151,297 | ||
Internet & Direct Marketing Retail-0.59% | ||||
Booking Holdings, Inc., 3.60%, 06/01/2026 | 100,000 | 107,184 | ||
eBay, Inc., 2.60%, 07/15/2022 | 100,000 | 101,075 | ||
QVC, Inc., 4.38%, 03/15/2023 | 100,000 | 104,518 | ||
312,777 | ||||
Internet Services & Infrastructure-0.77% | ||||
Cogent Communications Group, Inc., 5.38%, 03/01/2022(b) | 100,000 | 104,250 | ||
Marble II Pte. Ltd. (Singapore), 5.30%, 06/20/2022(b) | 200,000 | 200,696 | ||
VeriSign, Inc., 4.63%, 05/01/2023 | 100,000 | 101,875 | ||
406,821 | ||||
Investment Banking & Brokerage-1.89% | ||||
BGC Partners, Inc., 5.38%, 07/24/2023 | 100,000 | 107,791 | ||
Charles Schwab Corp. (The), 2.65%, 01/25/2023 | 100,000 | 102,466 | ||
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022 | 150,000 | 162,507 | ||
MDC - GMTN B.V. (United Arab Emirates), 5.50%, 03/01/2022(b) | 200,000 | 216,616 | ||
Morgan Stanley | ||||
2.63%, 11/17/2021 | 100,000 | 101,078 | ||
2.75%, 05/19/2022 | 150,000 | 152,633 | ||
TD Ameritrade Holding Corp., 3.30%, 04/01/2027 | 150,000 | 159,206 | ||
1,002,297 | ||||
IT Consulting & Other Services-0.40% | ||||
IBM Credit LLC, 3.00%, 02/06/2023 | 100,000 | 102,961 | ||
International Business Machines Corp., 3.50%, 05/15/2029 | 100,000 | 108,589 | ||
211,550 | ||||
Life & Health Insurance-2.29% | ||||
Athene Global Funding, 3.00%, 07/01/2022(b) | 100,000 | 101,977 | ||
Athene Holding Ltd., 4.13%, 01/12/2028 | 150,000 | 153,561 | ||
Five Corners Funding Trust, 4.42%, 11/15/2023(b) | 200,000 | 217,306 | ||
Jackson National Life Global Funding, 3.30%, 02/01/2022(b) | 100,000 | 102,952 | ||
MetLife, Inc., Series D, 4.37%, 09/15/2023 | 100,000 | 109,166 | ||
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(b) | 150,000 | 161,595 | ||
New York Life Global Funding, 2.88%, 04/10/2024(b) | 100,000 | 103,692 |
Principal Amount | Value | |||
Life & Health Insurance-(continued) | ||||
Nuveen Finance, LLC, 4.13%, 11/01/2024(b) | $ | 100,000 | $ 108,828 | |
Principal Life Global Funding II, 3.00%, 04/18/2026(b) | 150,000 | 156,447 | ||
1,215,524 | ||||
Managed Health Care-0.68% | ||||
Centene Corp. | ||||
6.13%, 02/15/2024 | 100,000 | 104,925 | ||
4.75%, 01/15/2025 | 100,000 | 104,000 | ||
Magellan Health, Inc., 4.90%, 09/22/2024 | 150,000 | 150,525 | ||
359,450 | ||||
Metal & Glass Containers-0.40% | ||||
Ball Corp., 4.00%, 11/15/2023 | 100,000 | 105,875 | ||
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023 | 100,000 | 105,250 | ||
211,125 | ||||
Mortgage REITs-0.39% | ||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 03/15/2022(b) | 100,000 | 104,250 | ||
Starwood Property Trust, Inc., 5.00%, 12/15/2021 | 100,000 | 104,000 | ||
208,250 | ||||
Movies & Entertainment-0.19% | ||||
TWDC Enterprises 18 Corp., 2.35%, 12/01/2022 | 100,000 | 101,354 | ||
Multi-line Insurance-1.00% | ||||
American International Group, Inc., 4.88%, 06/01/2022 | 100,000 | 107,199 | ||
Boardwalk Pipelines L.P., 4.95%, 12/15/2024 | 100,000 | 107,570 | ||
Hartford Financial Services Group, Inc. (The), 5.13%, 04/15/2022 | 100,000 | 108,332 | ||
MassMutual Global Funding II, 2.75%, 06/22/2024(b) | 200,000 | 206,149 | ||
529,250 | ||||
Multi-Sector Holdings-0.59% | ||||
Berkshire Hathaway Finance Corp., 3.00%, 05/15/2022 | 200,000 | 206,825 | ||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 100,000 | 106,073 | ||
312,898 | ||||
Multi-Utilities-0.79% | ||||
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), 3.63%, 01/12/2023(b) | 200,000 | 207,020 | ||
NiSource, Inc., 3.49%, 05/15/2027 | 100,000 | 106,113 | ||
Sempra Energy, 3.40%, 02/01/2028 | 100,000 | 104,290 | ||
417,423 | ||||
Office REITs-0.19% | ||||
Office Properties Income Trust, 4.50%, 02/01/2025 | 100,000 | 103,413 | ||
Office Services & Supplies-0.19% | ||||
Pitney Bowes, Inc., 3.88%, 10/01/2021 | 100,000 | 100,250 | ||
Oil & Gas Equipment & Services-0.57% | ||||
Halliburton Co., 3.80%, 11/15/2025 | 100,000 | 106,082 |
Principal Amount | Value | |||
Oil & Gas Equipment & Services-(continued) | ||||
Oceaneering International, Inc., 4.65%, 11/15/2024 | $ | 100,000 | $ 96,231 | |
Schlumberger Investment S.A., 3.30%, 09/14/2021(b) | 100,000 | 101,981 | ||
304,294 | ||||
Oil & Gas Exploration & Production-2.64% | ||||
Antero Resources Corp. | ||||
5.38%, 11/01/2021(c) | 100,000 | 97,250 | ||
5.13%, 12/01/2022 | 100,000 | 92,500 | ||
Apache Corp., 4.38%, 10/15/2028 | 100,000 | 102,666 | ||
BPRL International Singapore Pte Ltd. (India), REGS, 4.38%, 01/18/2027(b) | 200,000 | 215,781 | ||
Cimarex Energy Co., 4.38%, 06/01/2024 | 100,000 | 105,504 | ||
Continental Resources, Inc., 5.00%, 09/15/2022 | 100,000 | 100,960 | ||
Diamondback Energy, Inc., 5.38%, 05/31/2025 | 100,000 | 105,250 | ||
Energen Corp., 4.63%, 09/01/2021 | 100,000 | 103,768 | ||
EOG Resources, Inc., 2.63%, 03/15/2023 | 100,000 | 102,248 | ||
Laredo Petroleum, Inc., 5.63%, 01/15/2022(c) | 100,000 | 94,250 | ||
Murphy Oil Corp., 4.20%, 12/01/2022 | 100,000 | 101,500 | ||
Oasis Petroleum, Inc., 6.88%, 03/15/2022 | 100,000 | 93,500 | ||
QEP Resources, Inc., 5.25%, 05/01/2023 | 100,000 | 88,000 | ||
1,403,177 | ||||
Oil & Gas Refining & Marketing-1.61% | ||||
EnLink Midstream Partners, L.P., 4.15%, 06/01/2025 | 100,000 | 95,875 | ||
HollyFrontier Corp., 5.88%, 04/01/2026 | 100,000 | 111,356 | ||
Murphy Oil USA, Inc., 6.00%, 08/15/2023 | 100,000 | 102,685 | ||
Petroliam Nasional Bhd. (Malaysia), REGS, 7.63%, 10/15/2026(b) | 100,000 | 134,191 | ||
Petronas Capital Ltd. (Malaysia), 3.13%, 03/18/2022(b) | 200,000 | 204,115 | ||
Phillips 66, 4.30%, 04/01/2022 | 100,000 | 105,729 | ||
Sunoco L.P. /Sunoco Finance Corp., 4.88%, 01/15/2023 | 100,000 | 102,500 | ||
856,451 | ||||
Oil & Gas Storage & Transportation-2.79% | ||||
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 5.25%, 01/15/2025 | 100,000 | 105,183 | ||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 09/15/2024 | 100,000 | 94,750 | ||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.25%, 04/01/2023 | 100,000 | 102,250 | ||
DCP Midstream Operating L.P., 4.75%, 09/30/2021(b) | 100,000 | 102,750 | ||
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. | ||||
5.88%, 03/01/2022 | 100,000 | 107,350 | ||
4.50%, 11/01/2023 | 100,000 | 106,351 | ||
EQM Midstream Partners, L.P., 4.75%, 07/15/2023 | 100,000 | 100,872 | ||
NGPL PipeCo. LLC, 4.38%, 08/15/2022(b) | 100,000 | 103,500 | ||
ONEOK, Inc., 4.55%, 07/15/2028 | 50,000 | 54,637 | ||
Plains All American Pipeline L.P./PAA Finance Corp. | ||||
3.60%, 11/01/2024 | 100,000 | 102,792 | ||
4.65%, 10/15/2025 | 100,000 | 107,299 | ||
Ruby Pipeline, LLC, 6.00%, 04/01/2022(b)(c) | 78,788 | 82,404 |
Principal Amount | Value | |||
Oil & Gas Storage & Transportation-(continued) | ||||
Sabine Pass Liquefaction, LLC, 5.75%, 05/15/2024 | $ | 100,000 | $ 111,725 | |
Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.50%, 09/15/2024(b) | 100,000 | 98,000 | ||
Western Midstream Operating L.P., 4.00%, 07/01/2022 | 100,000 | 101,917 | ||
1,481,780 | ||||
Other Diversified Financial Services-0.85% | ||||
ERAC USA Finance LLC, 2.70%, 11/01/2023(b) | 150,000 | 152,806 | ||
Huarong Finance II Co., Ltd. (China), REGS, 3.63%, 11/22/2021(b) | 200,000 | 202,746 | ||
Washington Prime Group L.P., 6.45%, 08/15/2024(c) | 100,000 | 96,600 | ||
452,152 | ||||
Packaged Foods & Meats-1.16% | ||||
Kraft Heinz Foods Co. | ||||
3.50%, 06/06/2022 | 100,000 | 102,402 | ||
3.95%, 07/15/2025 | 100,000 | 103,829 | ||
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024(b) | 100,000 | 105,041 | ||
Mars, Inc., 2.70%, 04/01/2025(b) | 100,000 | 103,480 | ||
Mondelez International Holdings Netherlands B.V., 2.00%, 10/28/2021(b) | 200,000 | 199,483 | ||
614,235 | ||||
Paper Packaging-0.44% | ||||
International Paper Co., 3.00%, 02/15/2027 | 125,000 | 127,944 | ||
Sealed Air Corp., 4.88%, 12/01/2022(b) | 100,000 | 105,250 | ||
233,194 | ||||
Paper Products-0.20% | ||||
Georgia-Pacific LLC, 3.73%, 07/15/2023(b) | 100,000 | 105,855 | ||
Pharmaceuticals-0.59% | ||||
Johnson & Johnson, 2.45%, 03/01/2026 | 100,000 | 103,236 | ||
Merck & Co., Inc., 2.75%, 02/10/2025 | 200,000 | 208,297 | ||
311,533 | ||||
Property & Casualty Insurance-0.20% | ||||
Kemper Corp., 4.35%, 02/15/2025 | 100,000 | 106,530 | ||
Railroads-0.61% | ||||
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023 | 100,000 | 107,103 | ||
Norfolk Southern Corp., 3.00%, 04/01/2022 | 100,000 | 102,156 | ||
Union Pacific Corp., 3.95%, 09/10/2028 | 100,000 | 112,531 | ||
321,790 | ||||
Real Estate Services-0.20% | ||||
Newmark Group, Inc., 6.13%, 11/15/2023 | 100,000 | 108,661 | ||
Regional Banks-1.96% | ||||
BB&T Corp., 3.05%, 06/20/2022 | 100,000 | 102,620 | ||
CIT Group, Inc., 5.00%, 08/15/2022 | 100,000 | 106,859 | ||
Citizens Financial Group, Inc., 4.30%, 12/03/2025 | 100,000 | 108,121 | ||
Comerica, Inc., 3.70%, 07/31/2023 | 100,000 | 105,778 | ||
Fifth Third Bank, 2.88%, 10/01/2021 | 100,000 | 101,563 | ||
Huntington Bancshares, Inc., 2.30%, 01/14/2022 | 100,000 | 100,506 |
Principal Amount | Value | |||
Regional Banks-(continued) | ||||
PNC Financial Services Group, Inc. (The), 3.30%, 03/08/2022 | $ | 100,000 | $ 103,272 | |
SunTrust Bank, 2.80%, 05/17/2022 | 100,000 | 101,913 | ||
SunTrust Banks, Inc., 2.70%, 01/27/2022 | 100,000 | 101,380 | ||
The PNC Financial Services Group, Inc., 3.45%, 04/23/2029 | 100,000 | 108,431 | ||
1,040,443 | ||||
Research & Consulting Services-0.38% | ||||
Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.50%, 10/01/2021(b) | 100,000 | 100,540 | ||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022(b) | 100,000 | 101,000 | ||
201,540 | ||||
Residential REITs-0.40% | ||||
Camden Property Trust, 3.15%, 07/01/2029 | 100,000 | 105,964 | ||
ERP Operating L.P., 4.63%, 12/15/2021 | 100,000 | 105,278 | ||
211,242 | ||||
Retail REITs-0.40% | ||||
Realty Income Corp., 3.25%, 10/15/2022 | 100,000 | 103,713 | ||
Simon Property Group L.P., 3.38%, 10/01/2024 | 100,000 | 106,280 | ||
209,993 | ||||
Security & Alarm Services-0.19% | ||||
ADT Corp. (The), 3.50%, 07/15/2022 | 100,000 | 100,625 | ||
Semiconductor Equipment-0.20% | ||||
Applied Materials, Inc., 3.30%, 04/01/2027 | 100,000 | 107,815 | ||
Semiconductors-1.19% | ||||
Analog Devices, Inc., 3.50%, 12/05/2026 | 100,000 | 105,472 | ||
Intel Corp., 3.70%, 07/29/2025 | 100,000 | 109,169 | ||
Marvell Technology Group Ltd., 4.20%, 06/22/2023 | 100,000 | 105,571 | ||
Microchip Technology, Inc., 4.33%, 06/01/2023 | 100,000 | 105,471 | ||
NVIDIA Corp., 2.20%, 09/16/2021 | 100,000 | 100,354 | ||
QUALCOMM, Inc., 3.00%, 05/20/2022 | 100,000 | 102,883 | ||
628,920 | ||||
Soft Drinks-0.20% | ||||
Coca-Cola Co. (The), 2.88%, 10/27/2025 | 100,000 | 105,437 | ||
Sovereign Debt-3.40% | ||||
Brazilian Government International Bond (Brazil), 4.63%, 01/13/2028 | 200,000 | 215,352 | ||
Hungary Government International Bond (Hungary), 5.75%, 11/22/2023 | 100,000 | 113,902 | ||
Indonesia Government International Bond (Indonesia), 3.75%, 04/25/2022(b) | 200,000 | 206,510 | ||
Mexico Government International Bond (Mexico), 4.13%, 01/21/2026 | 200,000 | 212,952 | ||
Republic of Poland Government International Bond (Poland) | ||||
5.00%, 03/23/2022 | 100,000 | 107,847 | ||
3.00%, 03/17/2023 | 100,000 | 103,981 | ||
Republic of South Africa Government International Bond (South Africa), 5.88%, 05/30/2022 | 100,000 | 107,161 | ||
Russian Foreign Bond - Eurobond (Russia), 4.50%, 04/04/2022(b) | 200,000 | 212,033 |
Principal Amount | Value | |||
Sovereign Debt-(continued) | ||||
Turkey Government International Bond (Turkey) | ||||
6.25%, 09/26/2022 | $ | 200,000 | $ 202,386 | |
7.38%, 02/05/2025 | 100,000 | 103,776 | ||
Vietnam Government International Bond (Vietnam), 4.80%, 11/19/2024(b) | 200,000 | 217,634 | ||
1,803,534 | ||||
Specialized REITs-0.21% | ||||
GLP Capital, L.P. / GLP Financing II, Inc., 5.38%, 04/15/2026 | 100,000 | 110,016 | ||
Specialty Chemicals-1.30% | ||||
Ashland LLC, 4.75%, 08/15/2022 | 150,000 | 158,206 | ||
Ecolab, Inc., 4.35%, 12/08/2021 | 100,000 | 105,171 | ||
PolyOne Corp., 5.25%, 03/15/2023 | 100,000 | 107,875 | ||
PPG Industries, Inc., 3.75%, 03/15/2028(c) | 100,000 | 109,661 | ||
Sherwin-Williams Co. (The), 3.45%, 06/01/2027 | 100,000 | 105,903 | ||
WR Grace & Co.-Conn, 5.13%, 10/01/2021(b) | 100,000 | 104,250 | ||
691,066 | ||||
Specialty Stores-0.25% | ||||
Signet UK Finance PLC, 4.70%, 06/15/2024 | 150,000 | 130,500 | ||
Steel-0.39% | ||||
Nucor Corp., 4.13%, 09/15/2022 | 100,000 | 105,484 | ||
Steel Dynamics, Inc., 5.13%, 10/01/2021 | 100,000 | 100,404 | ||
205,888 | ||||
Systems Software-0.57% | ||||
CA, Inc., 3.60%, 08/15/2022 | 100,000 | 101,984 | ||
Oracle Corp., 1.90%, 09/15/2021 | 100,000 | 100,024 | ||
Symantec Corp., 5.00%, 04/15/2025(b) | 100,000 | 100,731 | ||
302,739 | ||||
Technology Distributors-0.79% | ||||
Anixter, Inc., 5.13%, 10/01/2021 | 100,000 | 104,875 | ||
Arrow Electronics, Inc., 3.25%, 09/08/2024 | 100,000 | 101,356 | ||
Avnet, Inc., 4.63%, 04/15/2026 | 100,000 | 109,101 | ||
Tech Data Corp., 3.70%, 02/15/2022 | 100,000 | 102,596 | ||
417,928 | ||||
Technology Hardware, Storage & Peripherals-0.86% | ||||
Apple, Inc., 2.40%, 05/03/2023 | 150,000 | 153,264 | ||
EMC Corp., 3.38%, 06/01/2023 | 200,000 | 198,399 | ||
Seagate HDD Cayman, 4.75%, 01/01/2025 | 100,000 | 104,157 | ||
455,820 | ||||
Textiles-0.21% | ||||
Cintas Corp. No. 2, 3.70%, 04/01/2027 | 100,000 | 109,926 | ||
Thrifts & Mortgage Finance-0.60% | ||||
MGIC Investment Corp., 5.75%, 08/15/2023 | 100,000 | 109,625 | ||
Quicken Loans, Inc., 5.75%, 05/01/2025(b) | 100,000 | 104,750 | ||
Radian Group, Inc., 4.50%, 10/01/2024 | 100,000 | 103,750 | ||
318,125 | ||||
Tires & Rubber-0.19% | ||||
Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/2023(c) | 100,000 | 101,625 |
Principal Amount | Value | |||
Tobacco-0.30% | ||||
Altria Group, Inc., 4.80%, 02/14/2029 | $ | 50,000 | $ 56,559 | |
Philip Morris International, Inc., 2.88%, 05/01/2024 | 100,000 | 102,691 | ||
159,250 | ||||
Trading Companies & Distributors-0.39% | ||||
Aircastle Ltd., 4.40%, 09/25/2023 | 100,000 | 105,730 | ||
WESCO Distribution, Inc., 5.38%, 12/15/2021 | 100,000 | 101,125 | ||
206,855 | ||||
Trucking-0.29% | ||||
Aviation Capital Group LLC, 2.88%, 01/20/2022(b) | 150,000 | 152,298 | ||
Water Utilities-0.21% | ||||
American Water Capital Corp., 3.75%, 09/01/2028 | 100,000 | 110,403 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $34,826,902) | 36,102,226 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities-19.94% | ||||
Federal Home Loan Mortgage Corp. (FHLMC)-8.34% | ||||
3.50%, 04/01/2047 | 235,462 | 244,773 | ||
3.50%, 09/01/2047 | 252,316 | 261,475 | ||
3.50%, 10/01/2047 | 258,089 | 267,337 | ||
4.00%, 10/01/2047 | 322,861 | 338,437 | ||
3.50%, 11/01/2047 | 259,628 | 268,951 | ||
3.50%, 03/01/2048 | 265,405 | 277,370 | ||
3.50%, 03/01/2048 | 266,402 | 280,227 | ||
4.00%, 06/01/2048 | 219,670 | 233,605 | ||
4.50%, 06/01/2048 | 321,639 | 338,657 | ||
4.00%, 07/01/2048 | 254,988 | 265,843 | ||
4.00%, 09/01/2048 | 84,870 | 88,185 | ||
4.50%, 09/01/2048 | 48,143 | 50,734 | ||
4.00%, 10/01/2048 | 214,440 | 222,794 | ||
4.00%, 10/01/2048 | 177,775 | 185,285 | ||
4.50%, 12/01/2048 | 239,464 | 252,150 | ||
4.00%, 01/01/2049 | 41,495 | 43,069 | ||
4.00%, 03/01/2049 | 282,916 | 294,197 | ||
4.50%, 03/01/2049 | 129,269 | 136,172 | ||
3.50%, 05/01/2049 | 96,871 | 99,608 | ||
4.00%, 05/01/2049 | 95,111 | 98,836 | ||
4.00%, 07/01/2049 | 73,835 | 76,813 | ||
3.00%, 08/01/2049 | 99,708 | 101,709 | ||
4,426,227 | ||||
Federal National Mortgage Association (FNMA)-11.60% | ||||
4.00%, 07/01/2047 | 152,091 | 158,995 | ||
4.00%, 08/01/2047 | 195,190 | 204,365 | ||
3.50%, 11/01/2047 | 344,267 | 356,630 | ||
3.50%, 11/01/2047 | 265,283 | 274,533 | ||
4.00%, 11/01/2047 | 170,001 | 178,683 | ||
3.50%, 12/01/2047 | 258,165 | 267,303 | ||
3.50%, 01/01/2048 | 262,106 | 271,520 | ||
4.00%, 01/01/2048 | 162,053 | 170,270 | ||
3.50%, 02/01/2048 | 360,497 | 379,157 | ||
3.50%, 02/01/2048 | 264,856 | 279,114 | ||
4.50%, 02/01/2048 | 470,275 | 497,505 | ||
3.50%, 03/01/2048 | 268,267 | 277,938 |
Principal Amount | Value | |||
Federal National Mortgage Association (FNMA)-(continued) | ||||
4.00%, 06/01/2048 | $ | 342,499 | $ 355,916 | |
4.50%, 06/01/2048 | 86,124 | 91,361 | ||
4.00%, 07/01/2048 | 341,787 | 355,922 | ||
4.00%, 07/01/2048 | 338,054 | 351,305 | ||
4.00%, 08/01/2048 | 366,158 | 380,064 | ||
4.00%, 10/01/2048 | 344,561 | 358,092 | ||
4.50%, 11/01/2048 | 84,911 | 89,553 | ||
4.00%, 12/01/2048 | 43,447 | 45,146 | ||
4.50%, 01/01/2049 | 123,775 | 130,144 | ||
4.00%, 03/01/2049 | 359,856 | 373,507 | ||
3.50%, 05/01/2049 | 97,562 | 100,377 | ||
3.00%, 08/01/2049 | 99,641 | 101,640 | ||
3.50%, 08/01/2049 | 99,440 | 102,442 | ||
6,151,482 | ||||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $10,304,203) | 10,577,709 | |||
U.S. Treasury Securities-10.05% | ||||
U.S. Treasury Bonds-10.05% | ||||
6.25%, 05/15/2030 | 100,000 | 146,682 | ||
4.50%, 02/15/2036 | 100,000 | 140,562 | ||
5.00%, 05/15/2037 | 100,000 | 150,518 | ||
4.50%, 05/15/2038 | 50,000 | 72,017 | ||
4.50%, 08/15/2039 | 50,000 | 72,732 | ||
4.38%, 11/15/2039 | 100,000 | 143,510 | ||
4.63%, 02/15/2040 | 100,000 | 148,186 | ||
4.38%, 05/15/2040 | 200,000 | 288,004 | ||
3.88%, 08/15/2040 | 150,000 | 203,145 | ||
4.25%, 11/15/2040 | 150,000 | 213,190 | ||
4.75%, 02/15/2041 | 200,000 | 303,004 | ||
3.75%, 08/15/2041 | 200,000 | 267,234 | ||
3.13%, 11/15/2041 | 120,000 | 146,791 | ||
3.13%, 02/15/2042 | 100,000 | 122,479 | ||
3.00%, 05/15/2042 | 50,000 | 60,059 | ||
2.75%, 08/15/2042 | 100,000 | 115,449 | ||
3.63%, 02/15/2044 | 100,000 | 132,982 | ||
3.38%, 05/15/2044 | 100,000 | 128,176 | ||
2.50%, 02/15/2045 | 200,000 | 221,941 | ||
3.00%, 05/15/2045 | 100,000 | 121,246 | ||
2.88%, 08/15/2045 | 200,000 | 237,469 | ||
3.00%, 11/15/2045 | 200,000 | 243,020 |
Principal Amount | Value | |||
U.S. Treasury Bonds-(continued) | ||||
2.50%, 02/15/2046 | $ | 150,000 | $ 166,588 | |
2.50%, 05/15/2046 | 200,000 | 222,316 | ||
2.25%, 08/15/2046 | 100,000 | 105,904 | ||
3.00%, 02/15/2047 | 150,000 | 183,272 | ||
3.00%, 05/15/2047 | 100,000 | 122,236 | ||
2.75%, 08/15/2047 | 80,000 | 93,484 | ||
3.00%, 02/15/2048 | 100,000 | 122,582 | ||
3.13%, 05/15/2048 | 150,000 | 188,156 | ||
3.00%, 08/15/2048 | 100,000 | 122,793 | ||
3.38%, 11/15/2048 | 110,000 | 144,680 | ||
3.00%, 02/15/2049 | 50,000 | 61,591 | ||
2.88%, 05/15/2049 | 100,000 | 120,479 | ||
Total U.S. Treasury Securities (Cost $4,383,043) | 5,332,477 | |||
Shares | ||||
Money Market Funds-0.03% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $17,758) | 17,758 | 17,758 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.05% (Cost $49,531,906) | 52,030,170 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.95% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 379,817 | 379,817 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 126,555 | 126,606 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $506,423) | 506,423 | |||
TOTAL INVESTMENTS IN SECURITIES-99.00% (Cost $50,038,329) | 52,536,593 | |||
OTHER ASSETS LESS LIABILITIES-1.00% | 528,993 | |||
NET ASSETS-100.00% | $53,065,586 |
Investment Abbreviations: | |
REGS | -Regulation S |
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) | 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 August 31, 2019 was $8,487,867, which represented 16.00% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Treasury Securities-54.70% | ||||
U.S. Treasury Bills-0.66% | ||||
0.18%, 08/31/2020(b) | $ | 135,000 | $ 136,095 | |
U.S. Treasury Bonds-1.09% | ||||
8.13%, 05/15/2021 | 100,000 | 110,918 | ||
8.00%, 11/15/2021 | 100,000 | 113,902 | ||
224,820 | ||||
U.S. Treasury Notes-52.95% | ||||
1.50%, 08/15/2020 | 100,000 | 99,732 | ||
2.63%, 08/15/2020 | 235,000 | 236,804 | ||
8.75%, 08/15/2020 | 100,000 | 106,510 | ||
1.38%, 08/31/2020 | 125,000 | 124,504 | ||
2.13%, 08/31/2020 | 100,000 | 100,334 | ||
1.38%, 09/30/2020 | 125,000 | 124,487 | ||
2.00%, 09/30/2020 | 100,000 | 100,250 | ||
2.75%, 09/30/2020 | 130,000 | 131,374 | ||
1.38%, 10/31/2020 | 120,000 | 119,515 | ||
1.75%, 10/31/2020 | 100,000 | 100,027 | ||
2.88%, 10/31/2020 | 130,000 | 131,696 | ||
1.75%, 11/15/2020 | 100,000 | 100,051 | ||
2.63%, 11/15/2020 | 235,000 | 237,538 | ||
1.63%, 11/30/2020 | 125,000 | 124,893 | ||
2.00%, 11/30/2020 | 100,000 | 100,363 | ||
2.75%, 11/30/2020 | 150,000 | 151,936 | ||
1.75%, 12/31/2020 | 120,000 | 120,105 | ||
2.38%, 12/31/2020 | 100,000 | 100,904 | ||
2.50%, 12/31/2020 | 130,000 | 131,402 | ||
1.38%, 01/31/2021 | 125,000 | 124,504 | ||
2.13%, 01/31/2021 | 100,000 | 100,654 | ||
2.50%, 01/31/2021 | 150,000 | 151,740 | ||
2.25%, 02/15/2021 | 100,000 | 100,887 | ||
3.63%, 02/15/2021 | 230,000 | 236,541 | ||
1.13%, 02/28/2021 | 160,000 | 158,822 | ||
2.00%, 02/28/2021 | 100,000 | 100,568 | ||
2.50%, 02/28/2021 | 80,000 | 81,030 | ||
2.38%, 03/15/2021 | 100,000 | 101,148 | ||
1.25%, 03/31/2021 | 150,000 | 149,168 | ||
2.25%, 03/31/2021 | 200,000 | 201,977 | ||
2.38%, 04/15/2021 | 100,000 | 101,225 | ||
1.38%, 04/30/2021 | 150,000 | 149,473 | ||
2.25%, 04/30/2021 | 200,000 | 202,137 | ||
2.63%, 05/15/2021 | 135,000 | 137,360 | ||
3.13%, 05/15/2021 | 230,000 | 235,934 | ||
1.38%, 05/31/2021 | 150,000 | 149,493 | ||
2.00%, 05/31/2021 | 100,000 | 100,738 | ||
2.63%, 06/15/2021 | 100,000 | 101,861 | ||
1.13%, 06/30/2021 | 135,000 | 133,948 | ||
2.13%, 06/30/2021 | 100,000 | 101,033 | ||
2.63%, 07/15/2021 | 100,000 | 101,967 | ||
1.13%, 07/31/2021 | 125,000 | 124,014 | ||
1.75%, 07/31/2021 | 100,000 | 100,422 | ||
2.25%, 07/31/2021 | 100,000 | 101,336 | ||
2.13%, 08/15/2021 | 230,000 | 232,596 | ||
2.75%, 08/15/2021 | 135,000 | 138,132 | ||
1.13%, 08/31/2021 | 125,000 | 124,033 | ||
2.00%, 08/31/2021 | 100,000 | 100,937 | ||
2.75%, 09/15/2021 | 120,000 | 122,984 |
Principal Amount | Value | |||
U.S. Treasury Notes-(continued) | ||||
1.13%, 09/30/2021 | $ | 125,000 | $ 123,994 | |
2.13%, 09/30/2021 | 100,000 | 101,252 | ||
2.88%, 10/15/2021 | 125,000 | 128,538 | ||
1.25%, 10/31/2021 | 125,000 | 124,324 | ||
2.00%, 10/31/2021 | 100,000 | 101,055 | ||
2.00%, 11/15/2021 | 230,000 | 232,569 | ||
2.88%, 11/15/2021 | 140,000 | 144,145 | ||
1.75%, 11/30/2021 | 120,000 | 120,696 | ||
1.88%, 11/30/2021 | 100,000 | 100,855 | ||
2.63%, 12/15/2021 | 125,000 | 128,230 | ||
2.00%, 12/31/2021 | 125,000 | 126,457 | ||
2.13%, 12/31/2021 | 100,000 | 101,473 | ||
2.50%, 01/15/2022 | 150,000 | 153,557 | ||
1.50%, 01/31/2022 | 100,000 | 100,090 | ||
1.88%, 01/31/2022 | 115,000 | 116,076 | ||
2.00%, 02/15/2022 | 240,000 | 243,169 | ||
2.50%, 02/15/2022 | 150,000 | 153,697 | ||
1.75%, 02/28/2022 | 100,000 | 100,715 | ||
1.88%, 02/28/2022 | 110,000 | 111,096 | ||
2.38%, 03/15/2022 | 120,000 | 122,768 | ||
1.75%, 03/31/2022 | 100,000 | 100,777 | ||
1.88%, 03/31/2022 | 120,000 | 121,268 | ||
2.25%, 04/15/2022 | 100,000 | 102,029 | ||
1.75%, 04/30/2022 | 100,000 | 100,797 | ||
1.88%, 04/30/2022 | 100,000 | 101,094 | ||
1.75%, 05/15/2022 | 200,000 | 201,602 | ||
2.13%, 05/15/2022 | 200,000 | 203,539 | ||
1.75%, 05/31/2022 | 100,000 | 100,807 | ||
1.88%, 05/31/2022 | 100,000 | 101,182 | ||
1.75%, 06/15/2022 | 120,000 | 121,050 | ||
1.75%, 06/30/2022 | 120,000 | 121,071 | ||
2.13%, 06/30/2022 | 120,000 | 122,337 | ||
1.75%, 07/15/2022 | 120,000 | 121,048 | ||
1.88%, 07/31/2022 | 140,000 | 141,745 | ||
10,904,189 | ||||
Total U.S. Treasury Securities (Cost $11,080,337) | 11,265,104 | |||
U.S. Dollar Denominated Bonds & Notes-25.76% | ||||
Aerospace & Defense-0.50% | ||||
Precision Castparts Corp., 2.50%, 01/15/2023 | 100,000 | 102,053 | ||
Agricultural & Farm Machinery-0.50% | ||||
John Deere Capital Corp., 2.80%, 03/06/2023 | 100,000 | 102,967 | ||
Aluminum-1.02% | ||||
Indonesia Asahan Aluminium Persero PT (Persero) (Indonesia), 5.23%, 11/15/2021(c) | 200,000 | 210,868 | ||
Asset Management & Custody Banks-1.57% | ||||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 | 100,000 | 107,533 | ||
Bank of New York Mellon Corp. (The), 3.55%, 09/23/2021 | 100,000 | 103,008 | ||
Nuveen, LLC, 4.00%, 11/01/2028(c) | 100,000 | 113,455 | ||
323,996 | ||||
Biotechnology-0.98% | ||||
China Development Bank (China), REGS, 2.63%, 01/24/2022(c) | 200,000 | 202,216 |
Principal Amount | Value | |||
Broadcasting-0.50% | ||||
NBCUniversal Media LLC, 2.88%, 01/15/2023 | $ | 100,000 | $ 102,978 | |
Communications Equipment-0.49% | ||||
Cisco Systems, Inc., 1.85%, 09/20/2021 | 100,000 | 99,954 | ||
Data Processing & Outsourced Services-0.52% | ||||
Automatic Data Processing, Inc., 3.38%, 09/15/2025 | 100,000 | 107,856 | ||
Diversified Banks-1.48% | ||||
Export-Import Bank of India (India), REGS, 3.13%, 07/20/2021(c) | 200,000 | 202,635 | ||
Wells Fargo & Co., 2.63%, 07/22/2022 | 100,000 | 101,723 | ||
304,358 | ||||
Electric Utilities-1.00% | ||||
Eversource Energy, Series K, 2.75%, 03/15/2022 | 100,000 | 101,687 | ||
Southern California Edison Co., Series C, 3.50%, 10/01/2023 | 100,000 | 104,174 | ||
205,861 | ||||
Financial Exchanges & Data-0.50% | ||||
CME Group, Inc., 3.00%, 09/15/2022 | 100,000 | 103,559 | ||
Footwear-0.25% | ||||
NIKE, Inc., 2.38%, 11/01/2026 | 50,000 | 51,473 | ||
Health Care Equipment-0.50% | ||||
Abbott Laboratories, 2.90%, 11/30/2021 | 100,000 | 101,999 | ||
Household Products-0.49% | ||||
Procter & Gamble Co. (The), 2.15%, 08/11/2022 | 100,000 | 101,237 | ||
Hypermarkets & Super Centers-0.25% | ||||
Costco Wholesale Corp., 2.75%, 05/18/2024 | 50,000 | 51,963 | ||
Industrial Conglomerates-0.25% | ||||
General Electric Co., 4.65%, 10/17/2021 | 50,000 | 51,801 | ||
Industrial Machinery-0.50% | ||||
Stanley Black & Decker, Inc., 2.90%, 11/01/2022 | 100,000 | 102,566 | ||
Integrated Oil & Gas-1.00% | ||||
Chevron Corp., 3.19%, 06/24/2023 | 100,000 | 104,756 | ||
Petroleos Mexicanos (Mexico), 4.88%, 01/24/2022 | 100,000 | 101,875 | ||
206,631 | ||||
Investment Banking & Brokerage-1.02% | ||||
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022 | 100,000 | 108,338 | ||
Morgan Stanley, 2.75%, 05/19/2022 | 100,000 | 101,755 | ||
210,093 | ||||
IT Consulting & Other Services-0.50% | ||||
IBM Credit LLC, 3.00%, 02/06/2023 | 100,000 | 102,961 | ||
Life & Health Insurance-1.03% | ||||
Athene Global Funding, 3.00%, 07/01/2022(c) | 100,000 | 101,977 | ||
MetLife, Inc., Series D, 4.37%, 09/15/2023 | 100,000 | 109,166 | ||
211,143 | ||||
Multi-Sector Holdings-0.51% | ||||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 100,000 | 106,073 |
Principal Amount | Value | |||
Oil & Gas Equipment & Services-0.25% | ||||
Schlumberger Investment S.A., 3.30%, 09/14/2021(c) | $ | 50,000 | $ 50,990 | |
Oil & Gas Exploration & Production-0.50% | ||||
EOG Resources, Inc., 2.63%, 03/15/2023 | 100,000 | 102,248 | ||
Oil & Gas Refining & Marketing-1.07% | ||||
Petronas Capital Ltd. (Malaysia), REGS, 7.88%, 05/22/2022(c) | 100,000 | 114,453 | ||
Phillips 66, 4.30%, 04/01/2022 | 100,000 | 105,729 | ||
220,182 | ||||
Pharmaceuticals-0.75% | ||||
Johnson & Johnson, 2.45%, 03/01/2026 | 100,000 | 103,236 | ||
Merck & Co., Inc., 2.75%, 02/10/2025 | 50,000 | 52,074 | ||
155,310 | ||||
Railroads-0.50% | ||||
Norfolk Southern Corp., 3.00%, 04/01/2022 | 100,000 | 102,156 | ||
Regional Banks-1.49% | ||||
BB&T Corp., 3.05%, 06/20/2022 | 100,000 | 102,620 | ||
PNC Financial Services Group, Inc. (The), 3.30%, 03/08/2022 | 100,000 | 103,272 | ||
SunTrust Banks, Inc., 2.70%, 01/27/2022 | 100,000 | 101,380 | ||
307,272 | ||||
Retail REITs-0.52% | ||||
Simon Property Group L.P., 3.38%, 10/01/2024 | 100,000 | 106,281 | ||
Sovereign Debt-4.57% | ||||
Abu Dhabi Government International Bond (United Arab Emirates), REGS, 2.50%, 10/11/2022(c) | 200,000 | 203,392 | ||
Hungary Government International Bond (Hungary), 5.38%, 02/21/2023 | 100,000 | 110,414 | ||
Mexico Government International Bond (Mexico), 4.00%, 10/02/2023 | 100,000 | 105,878 | ||
Republic of Poland Government International Bond (Poland), 5.00%, 03/23/2022 | 100,000 | 107,847 | ||
Russian Foreign Bond - Eurobond (Russia), REGS, 4.50%, 04/04/2022(c) | 200,000 | 212,033 | ||
Turkey Government International Bond (Turkey), 6.25%, 09/26/2022 | 200,000 | 202,386 | ||
941,950 | ||||
Systems Software-0.75% | ||||
Microsoft Corp., 2.40%, 08/08/2026 | 100,000 | 103,462 | ||
Oracle Corp., 1.90%, 09/15/2021 | 50,000 | 50,012 | ||
153,474 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $5,157,610) | 5,304,469 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities-19.99% | ||||
Federal Home Loan Mortgage Corp. (FHLMC)-7.98% | ||||
4.00%, 08/01/2047 | 78,488 | 82,394 | ||
3.50%, 12/01/2047 | 86,993 | 90,035 | ||
3.50%, 02/01/2048 | 87,183 | 90,302 | ||
3.50%, 02/01/2048 | 89,583 | 92,656 | ||
3.50%, 03/01/2048 | 88,822 | 91,862 | ||
3.50%, 04/01/2048 | 90,358 | 93,480 |
Principal Amount | Value | |||
Federal Home Loan Mortgage Corp. (FHLMC)-(continued) | ||||
3.50%, 05/01/2048 | $ | 90,639 | $ 93,720 | |
3.50%, 05/01/2048 | 90,628 | 93,720 | ||
3.50%, 06/01/2048 | 89,526 | 92,396 | ||
3.50%, 08/01/2048 | 88,618 | 91,509 | ||
4.00%, 08/01/2048 | 91,389 | 96,484 | ||
4.50%, 08/01/2048 | 179,276 | 195,072 | ||
4.00%, 10/01/2048 | 85,776 | 89,118 | ||
4.00%, 10/01/2048 | 87,792 | 91,674 | ||
4.00%, 12/01/2048 | 84,881 | 88,265 | ||
4.00%, 01/01/2049 | 41,495 | 43,069 | ||
4.00%, 03/01/2049 | 122,597 | 127,485 | ||
1,643,241 | ||||
Federal National Mortgage Association (FNMA)-11.57% | ||||
3.50%, 01/01/2048 | 89,474 | 92,593 | ||
3.50%, 02/01/2048 | 89,765 | 92,890 | ||
3.50%, 03/01/2048 | 89,422 | 92,646 | ||
3.50%, 04/01/2048 | 90,172 | 93,322 | ||
3.50%, 05/01/2048 | 90,415 | 93,490 | ||
4.00%, 05/01/2048 | 84,754 | 88,527 | ||
3.50%, 06/01/2048 | 90,143 | 93,187 | ||
4.50%, 06/01/2048 | 172,248 | 182,723 | ||
3.50%, 07/01/2048 | 127,102 | 130,992 | ||
4.00%, 07/01/2048 | 85,447 | 88,980 | ||
4.00%, 07/01/2048 | 42,257 | 43,913 | ||
3.50%, 08/01/2048 | 89,669 | 92,230 | ||
4.00%, 08/01/2048 | 85,009 | 88,387 | ||
3.50%, 09/01/2048 | 90,251 | 93,117 | ||
4.00%, 09/01/2048 | 85,953 | 89,536 |
Principal Amount | Value | |||
Federal National Mortgage Association (FNMA)-(continued) | ||||
4.00%, 09/01/2048 | $ | 84,474 | $ 87,758 | |
4.00%, 09/01/2048 | 87,891 | 91,657 | ||
3.50%, 10/01/2048 | 88,344 | 91,132 | ||
4.00%, 10/01/2048 | 86,140 | 89,523 | ||
3.50%, 11/01/2048 | 202,599 | 208,368 | ||
4.00%, 11/01/2048 | 87,131 | 90,652 | ||
4.00%, 12/01/2048 | 86,895 | 90,293 | ||
4.00%, 06/01/2049 | 73,110 | 76,066 | ||
3.00%, 08/01/2049 | 99,641 | 101,640 | ||
2,383,622 | ||||
Thrifts & Mortgage Finance-0.44% | ||||
Federal National Mortgage Association, 3.50%, 02/01/2048 | 88,017 | 91,104 | ||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $3,976,038) | 4,117,967 | |||
Shares | ||||
Money Market Funds-0.07% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $14,648) | 14,648 | 14,648 | ||
TOTAL INVESTMENTS IN SECURITIES-100.52% (Cost $20,228,633) | 20,702,188 | |||
OTHER ASSETS LESS LIABILITIES-(0.52)% | (106,491) | |||
NET ASSETS-100.00% | $20,595,697 |
Investment Abbreviations: | |
REGS | -Regulation S |
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) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(c) | 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 August 31, 2019 was $1,412,019, which represented 6.86% of the Fund’s Net Assets. |
(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 August 31, 2019. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-73.65% | ||||
Advertising-0.46% | ||||
MDC Partners, Inc., 6.50%, 05/01/2024(b) | $ | 100,000 | $ 91,500 | |
National CineMedia, LLC, 6.00%, 04/15/2022 | 100,000 | 101,125 | ||
192,625 | ||||
Aerospace & Defense-0.48% | ||||
Precision Castparts Corp., 2.50%, 01/15/2023 | 100,000 | 102,053 | ||
Raytheon Co., 2.50%, 12/15/2022 | 100,000 | 101,355 | ||
203,408 | ||||
Agricultural & Farm Machinery-0.24% | ||||
John Deere Capital Corp., 2.80%, 03/06/2023 | 100,000 | 102,967 | ||
Air Freight & Logistics-0.48% | ||||
FedEx Corp., 3.10%, 08/05/2029 | 100,000 | 101,455 | ||
XPO Logistics, Inc., 6.50%, 06/15/2022(b) | 100,000 | 102,443 | ||
203,898 | ||||
Airlines-0.49% | ||||
American Airlines Group, Inc., 5.00%, 06/01/2022(b) | 100,000 | 104,125 | ||
United Airlines Holdings, Inc., 4.25%, 10/01/2022 | 100,000 | 103,125 | ||
207,250 | ||||
Alternative Carriers-0.49% | ||||
CenturyLink, Inc., Series T, 5.80%, 03/15/2022 | 100,000 | 105,375 | ||
Level 3 Financing, Inc., 5.38%, 08/15/2022 | 100,000 | 100,437 | ||
205,812 | ||||
Aluminum-1.00% | ||||
Alcoa Nederland Holding B.V., 6.75%, 09/30/2024(b) | 200,000 | 210,500 | ||
Indonesia Asahan Aluminium Persero PT (Persero) (Indonesia), 5.23%, 11/15/2021(b) | 200,000 | 210,868 | ||
421,368 | ||||
Apparel, Accessories & Luxury Goods-0.25% | ||||
Levi Strauss & Co., 5.00%, 05/01/2025 | 100,000 | 104,500 | ||
Application Software-0.25% | ||||
Sabre GLBL, Inc., 5.38%, 04/15/2023(b) | 100,000 | 103,000 | ||
Asset Management & Custody Banks-1.41% | ||||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 | 100,000 | 107,534 | ||
Apollo Management Holdings L.P., 4.87%, 02/15/2029(b) | 100,000 | 111,592 | ||
Bank of New York Mellon Corp. (The), 3.55%, 09/23/2021 | 100,000 | 103,008 | ||
BlackRock, Inc., 3.50%, 03/18/2024 | 100,000 | 107,782 | ||
Northern Trust Corp., 3.95%, 10/30/2025 | 100,000 | 109,932 | ||
State Street Corp., 3.55%, 08/18/2025 | 50,000 | 53,837 | ||
593,685 | ||||
Auto Parts & Equipment-0.47% | ||||
American Axle & Manufacturing, Inc., 6.25%, 04/01/2025 | 100,000 | 94,373 | ||
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b) | 100,000 | 102,500 | ||
196,873 |
Principal Amount | Value | |||
Automobile Manufacturers-0.50% | ||||
Ford Motor Co., 4.35%, 12/08/2026 | $ | 100,000 | $ 102,720 | |
General Motors Co., 4.88%, 10/02/2023 | 100,000 | 107,627 | ||
210,347 | ||||
Automotive Retail-0.49% | ||||
Group 1 Automotive, Inc., 5.00%, 06/01/2022 | 100,000 | 101,125 | ||
O’Reilly Automotive, Inc., 3.60%, 09/01/2027 | 100,000 | 106,567 | ||
207,692 | ||||
Biotechnology-0.51% | ||||
Biogen, Inc., 4.05%, 09/15/2025 | 100,000 | 108,660 | ||
Gilead Sciences, Inc., 3.65%, 03/01/2026 | 100,000 | 107,604 | ||
216,264 | ||||
Brewers-0.24% | ||||
Molson Coors Brewing Co., 3.00%, 07/15/2026 | 100,000 | 101,287 | ||
Broadcasting-0.77% | ||||
AMC Networks, Inc., 5.00%, 04/01/2024 | 100,000 | 103,250 | ||
Fox Corp., 4.71%, 01/25/2029(b) | 100,000 | 115,833 | ||
TEGNA, Inc., 6.38%, 10/15/2023 | 100,000 | 103,050 | ||
322,133 | ||||
Building Products-0.47% | ||||
JELD-WEN, Inc., 4.63%, 12/15/2025(b) | 100,000 | 98,250 | ||
Standard Industries, Inc., 4.75%, 01/15/2028(b) | 100,000 | 100,875 | ||
199,125 | ||||
Cable & Satellite-0.78% | ||||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025 | 100,000 | 110,585 | ||
Comcast Corp., 4.15%, 10/15/2028 | 100,000 | 113,565 | ||
Time Warner Cable LLC, 4.00%, 09/01/2021 | 100,000 | 102,570 | ||
326,720 | ||||
Casinos & Gaming-0.26% | ||||
MGM Resorts International, 6.63%, 12/15/2021 | 100,000 | 109,000 | ||
Coal & Consumable Fuels-0.25% | ||||
Peabody Energy Corp., 6.00%, 03/31/2022(b) | 100,000 | 103,062 | ||
Commodity Chemicals-0.51% | ||||
Blue Cube Spinco LLC, 9.75%, 10/15/2023 | 100,000 | 110,000 | ||
Westlake Chemical Corp., 3.60%, 08/15/2026 | 100,000 | 103,941 | ||
213,941 | ||||
Communications Equipment-0.24% | ||||
Plantronics, Inc., 5.50%, 05/31/2023(b) | 100,000 | 101,990 | ||
Construction & Engineering-0.24% | ||||
Fluor Corp., 4.25%, 09/15/2028 | 100,000 | 102,293 | ||
Construction Machinery & Heavy Trucks-0.49% | ||||
Caterpillar, Inc., 3.40%, 05/15/2024 | 100,000 | 106,527 | ||
Trinity Industries, Inc., 4.55%, 10/01/2024 | 100,000 | 100,851 | ||
207,378 | ||||
Consumer Finance-0.75% | ||||
American Express Co., 2.50%, 08/01/2022 | 100,000 | 101,442 | ||
Discover Financial Services, 4.10%, 02/09/2027 | 50,000 | 53,867 |
Principal Amount | Value | |||
Consumer Finance-(continued) | ||||
Navient Corp., 6.50%, 06/15/2022 | $ | 50,000 | $ 54,250 | |
Synchrony Financial, 4.25%, 08/15/2024 | 100,000 | 106,397 | ||
315,956 | ||||
Copper-0.24% | ||||
Freeport-McMoRan, Inc., 3.88%, 03/15/2023 | 100,000 | 101,290 | ||
Data Processing & Outsourced Services-0.76% | ||||
Automatic Data Processing, Inc., 3.38%, 09/15/2025 | 100,000 | 107,856 | ||
Fiserv, Inc., 3.50%, 07/01/2029 | 100,000 | 106,161 | ||
Visa, Inc., 3.15%, 12/14/2025 | 100,000 | 107,187 | ||
321,204 | ||||
Department Stores-0.25% | ||||
Kohl’s Corp., 4.25%, 07/17/2025 | 100,000 | 105,439 | ||
Diversified Banks-3.83% | ||||
Banco del Estado de Chile (Chile), 3.88%, 02/08/2022(b) | 200,000 | 208,003 | ||
Banco do Brasil S.A. (Brazil), 5.88%, 01/19/2023(b) | 200,000 | 212,750 | ||
Banco Nacional de Comercio Exterior SNC (Mexico), 4.38%, 10/14/2025(b) | 200,000 | 208,750 | ||
Bank of America Corp., 3.30%, 01/11/2023 | 100,000 | 104,018 | ||
Citigroup, Inc., 4.45%, 09/29/2027 | 100,000 | 110,115 | ||
JPMorgan Chase & Co., 4.50%, 01/24/2022 | 50,000 | 52,934 | ||
State Bank of India (India), REGS, 3.25%, 01/24/2022(b) | 200,000 | 202,436 | ||
Turkiye Vakiflar Bankasi T.A.O. (Turkey), 8.13%, 03/28/2024(b) | 200,000 | 195,554 | ||
Vnesheconombank Via VEB Finance PLC (Russia), REGS, 6.03%, 07/05/2022(b) | 200,000 | 214,465 | ||
Wells Fargo & Co., 2.63%, 07/22/2022 | 100,000 | 101,723 | ||
1,610,748 | ||||
Diversified Metals & Mining-0.51% | ||||
Corp. Nacional del Cobre de Chile (Chile), 3.63%, 08/01/2027(b) | 200,000 | 214,462 | ||
Diversified REITs-0.64% | ||||
CBRE Services, Inc., 4.88%, 03/01/2026 | 100,000 | 111,254 | ||
iStar, Inc., 5.25%, 09/15/2022 | 100,000 | 102,750 | ||
VEREIT Operating Partnership, L.P., 4.88%, 06/01/2026 | 50,000 | 55,997 | ||
270,001 | ||||
Electric Utilities-1.81% | ||||
American Electric Power Co., Inc., Series J, 4.30%, 12/01/2028 | 100,000 | 113,588 | ||
Entergy Corp., 2.95%, 09/01/2026 | 100,000 | 102,114 | ||
Eversource Energy, Series K, 2.75%, 03/15/2022 | 100,000 | 101,687 | ||
Perusahaan Listrik Negara PT (Indonesia), REGS, 5.45%, 05/21/2028(b) | 200,000 | 234,634 | ||
Southern California Edison Co., Series C, 3.50%, 10/01/2023 | 100,000 | 104,174 | ||
Southern Co. (The), 3.25%, 07/01/2026 | 100,000 | 103,617 | ||
759,814 | ||||
Electronic Manufacturing Services-0.25% | ||||
Jabil, Inc., 4.70%, 09/15/2022 | 100,000 | 105,142 |
Principal Amount | Value | |||
Environmental & Facilities Services-0.24% | ||||
Stericycle, Inc., 5.38%, 07/15/2024(b) | $ | 100,000 | $ 102,750 | |
Financial Exchanges & Data-0.51% | ||||
CME Group, Inc., 3.00%, 09/15/2022 | 100,000 | 103,559 | ||
S&P Global, Inc., 4.40%, 02/15/2026 | 100,000 | 112,888 | ||
216,447 | ||||
Food Distributors-0.25% | ||||
Sysco Corp., 3.30%, 07/15/2026 | 100,000 | 105,263 | ||
Food Retail-0.49% | ||||
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.63%, 06/15/2024 | 100,000 | 105,250 | ||
C&S Group Enterprises LLC, 5.38%, 07/15/2022(b) | 100,000 | 100,750 | ||
206,000 | ||||
Footwear-0.24% | ||||
NIKE, Inc., 2.38%, 11/01/2026 | 100,000 | 102,946 | ||
Health Care Distributors-0.24% | ||||
Cardinal Health, Inc., 3.41%, 06/15/2027 | 100,000 | 101,286 | ||
Health Care Equipment-0.74% | ||||
Becton, Dickinson and Co., 2.89%, 06/06/2022 | 100,000 | 101,685 | ||
Covidien International Finance SA, 3.20%, 06/15/2022 | 100,000 | 103,481 | ||
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025 | 100,000 | 105,355 | ||
310,521 | ||||
Health Care Services-1.02% | ||||
DaVita, Inc., 5.13%, 07/15/2024 | 100,000 | 101,971 | ||
Express Scripts Holding Co., 4.50%, 02/25/2026 | 100,000 | 110,651 | ||
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025 | 100,000 | 105,179 | ||
SSM Health Care Corp., Series A, 3.82%, 06/01/2027 | 100,000 | 110,214 | ||
428,015 | ||||
Homebuilding-0.51% | ||||
KB Home, 7.00%, 12/15/2021 | 100,000 | 108,838 | ||
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024 | 100,000 | 107,750 | ||
216,588 | ||||
Hotels, Resorts & Cruise Lines-0.74% | ||||
Choice Hotels International, Inc., 5.75%, 07/01/2022 | 100,000 | 107,578 | ||
Diamond Resorts International, Inc., 7.75%, 09/01/2023(b) | 100,000 | 101,125 | ||
NCL Corp. Ltd., 4.75%, 12/15/2021(b) | 100,000 | 101,750 | ||
310,453 | ||||
Household Appliances-0.27% | ||||
Whirlpool Corp., 4.75%, 02/26/2029 | 100,000 | 112,616 | ||
Household Products-0.49% | ||||
Clorox Co. (The), 3.05%, 09/15/2022 | 100,000 | 102,833 | ||
Procter & Gamble Co. (The), 2.15%, 08/11/2022 | 100,000 | 101,237 | ||
204,070 |
Principal Amount | Value | |||
Housewares & Specialties-0.25% | ||||
Newell Brands, Inc., 4.20%, 04/01/2026 | $ | 100,000 | $ 103,832 | |
Hypermarkets & Super Centers-0.25% | ||||
Costco Wholesale Corp., 2.75%, 05/18/2024 | 100,000 | 103,926 | ||
Independent Power Producers & Energy Traders-0.75% | ||||
AES Corp. (The), 4.88%, 05/15/2023 | 100,000 | 101,625 | ||
NTPC Ltd. (India), REGS, 4.25%, 02/26/2026(b) | 200,000 | 213,950 | ||
315,575 | ||||
Industrial Conglomerates-1.48% | ||||
3M Co., 2.88%, 10/15/2027 | 100,000 | 105,396 | ||
General Electric Co. | ||||
4.65%, 10/17/2021 | 100,000 | 103,603 | ||
2.70%, 10/09/2022 | 100,000 | 99,386 | ||
Honeywell International, Inc., 1.85%, 11/01/2021 | 100,000 | 99,912 | ||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.88%, 02/01/2022 | 100,000 | 102,000 | ||
Roper Technologies, Inc., 4.20%, 09/15/2028 | 100,000 | 111,124 | ||
621,421 | ||||
Industrial Machinery-0.24% | ||||
Stanley Black & Decker, Inc., 2.90%, 11/01/2022 | 100,000 | 102,566 | ||
Industrial REITs-0.13% | ||||
Prologis L.P., 4.25%, 08/15/2023 | 50,000 | 54,119 | ||
Insurance Brokers-0.27% | ||||
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029 | 100,000 | 114,938 | ||
Integrated Oil & Gas-2.17% | ||||
ConocoPhillips Holding Co., 6.95%, 04/15/2029 | 100,000 | 137,850 | ||
Exxon Mobil Corp., 3.04%, 03/01/2026 | 100,000 | 106,258 | ||
Gazprom OAO Via Gaz Capital S.A. (Russia), 6.51%, 03/07/2022(b) | 100,000 | 108,944 | ||
Petroleos Mexicanos (Mexico) | ||||
4.88%, 01/24/2022 | 100,000 | 101,875 | ||
6.50%, 03/13/2027 | 150,000 | 154,350 | ||
5.35%, 02/12/2028 | 100,000 | 94,950 | ||
Sinopec Group Overseas Development (2012) Ltd. (China), REGS, 3.90%, 05/17/2022(b) | 200,000 | 207,766 | ||
911,993 | ||||
Integrated Telecommunication Services-0.52% | ||||
AT&T, Inc., 3.40%, 05/15/2025 | 100,000 | 104,861 | ||
Verizon Communications, Inc., 4.33%, 09/21/2028 | 100,000 | 114,872 | ||
219,733 | ||||
Interactive Media & Services-0.24% | ||||
Alphabet, Inc., 2.00%, 08/15/2026 | 100,000 | 100,865 | ||
Internet & Direct Marketing Retail-0.74% | ||||
Booking Holdings, Inc., 3.60%, 06/01/2026 | 100,000 | 107,184 | ||
eBay, Inc., 2.60%, 07/15/2022 | 100,000 | 101,075 | ||
QVC, Inc., 4.38%, 03/15/2023 | 100,000 | 104,518 | ||
312,777 | ||||
Internet Services & Infrastructure-0.25% | ||||
Cogent Communications Group, Inc., 5.38%, 03/01/2022(b) | 100,000 | 104,250 |
Principal Amount | Value | |||
Investment Banking & Brokerage-2.42% | ||||
BGC Partners, Inc., 5.38%, 07/24/2023 | $ | 100,000 | $ 107,791 | |
Charles Schwab Corp. (The), 2.65%, 01/25/2023 | 100,000 | 102,467 | ||
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022 | 100,000 | 108,338 | ||
MDC - GMTN B.V. (United Arab Emirates) | ||||
5.50%, 03/01/2022(b) | 250,000 | 270,770 | ||
REGS, 3.75%, 04/19/2029(b) | 200,000 | 221,775 | ||
Morgan Stanley, 2.75%, 05/19/2022 | 100,000 | 101,755 | ||
TD Ameritrade Holding Corp., 3.30%, 04/01/2027 | 100,000 | 106,137 | ||
1,019,033 | ||||
IT Consulting & Other Services-0.26% | ||||
International Business Machines Corp., 3.50%, 05/15/2029 | 100,000 | 108,589 | ||
Life & Health Insurance-1.73% | ||||
Athene Global Funding, 3.00%, 07/01/2022(b) | 100,000 | 101,977 | ||
Athene Holding Ltd., 4.13%, 01/12/2028 | 100,000 | 102,374 | ||
Brighthouse Financial, Inc., 3.70%, 06/22/2027 | 100,000 | 98,788 | ||
MetLife, Inc., Series D, 4.37%, 09/15/2023 | 100,000 | 109,166 | ||
New York Life Global Funding, 2.88%, 04/10/2024(b) | 100,000 | 103,692 | ||
Nuveen Finance, LLC, 4.13%, 11/01/2024(b) | 100,000 | 108,828 | ||
Principal Life Global Funding II, 3.00%, 04/18/2026(b) | 100,000 | 104,298 | ||
729,123 | ||||
Managed Health Care-0.24% | ||||
Magellan Health, Inc., 4.90%, 09/22/2024 | 100,000 | 100,350 | ||
Metal & Glass Containers-0.50% | ||||
Ball Corp., 4.00%, 11/15/2023 | 100,000 | 105,875 | ||
Greif, Inc., 6.50%, 03/01/2027(b) | 100,000 | 105,250 | ||
211,125 | ||||
Multi-line Insurance-0.75% | ||||
Hartford Financial Services Group, Inc. (The), 5.13%, 04/15/2022 | 100,000 | 108,332 | ||
MassMutual Global Funding II, 2.75%, 06/22/2024(b) | 200,000 | 206,149 | ||
314,481 | ||||
Multi-Sector Holdings-0.25% | ||||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 100,000 | 106,073 | ||
Multi-Utilities-1.02% | ||||
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), REGS, 4.38%, 06/22/2026(b) | 200,000 | 218,844 | ||
NiSource, Inc., 3.49%, 05/15/2027 | 100,000 | 106,113 | ||
Sempra Energy, 3.40%, 02/01/2028 | 100,000 | 104,290 | ||
429,247 | ||||
Office REITs-0.25% | ||||
Office Properties Income Trust, 4.50%, 02/01/2025 | 100,000 | 103,413 | ||
Office Services & Supplies-0.24% | ||||
Pitney Bowes, Inc., 3.88%, 10/01/2021 | 100,000 | 100,250 | ||
Oil & Gas Equipment & Services-0.85% | ||||
Baker Hughes, a GE Co., LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027 | 50,000 | 51,317 |
Principal Amount | Value | |||
Oil & Gas Equipment & Services-(continued) | ||||
Halliburton Co., 3.80%, 11/15/2025 | $ | 100,000 | $ 106,082 | |
Oceaneering International, Inc., 4.65%, 11/15/2024 | 100,000 | 96,231 | ||
Schlumberger Investment S.A., 3.30%, 09/14/2021(b) | 100,000 | 101,981 | ||
355,611 | ||||
Oil & Gas Exploration & Production-3.26% | ||||
Antero Resources Corp., 5.13%, 12/01/2022 | 100,000 | 92,500 | ||
Apache Corp., 4.38%, 10/15/2028 | 100,000 | 102,666 | ||
CNOOC Finance (2012) Ltd. (China), REGS, 3.88%, 05/02/2022(b) | 200,000 | 207,531 | ||
Energen Corp., 4.63%, 09/01/2021 | 100,000 | 103,768 | ||
Extraction Oil & Gas, Inc., 5.63%, 02/01/2026(b) | 50,000 | 33,250 | ||
Gulfport Energy Corp., 6.00%, 10/15/2024 | 100,000 | 73,250 | ||
Indigo Natural Resources LLC, 6.88%, 02/15/2026(b) | 100,000 | 83,000 | ||
Laredo Petroleum, Inc., 5.63%, 01/15/2022 | 100,000 | 94,250 | ||
Murphy Oil Corp., 4.20%, 12/01/2022 | 100,000 | 101,500 | ||
Oasis Petroleum, Inc., 6.88%, 03/15/2022 | 100,000 | 93,500 | ||
PT Pertamina (Persero) (Indonesia), 4.88%, 05/03/2022(b) | 200,000 | 211,833 | ||
QEP Resources, Inc., 5.25%, 05/01/2023 | 100,000 | 88,000 | ||
Southwestern Energy Co., 6.20%, 01/23/2025 | 100,000 | 88,000 | ||
1,373,048 | ||||
Oil & Gas Refining & Marketing-3.18% | ||||
Bharat Petroleum Corp. Ltd. (India), REGS, 4.00%, 05/08/2025(b) | 200,000 | 210,116 | ||
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026(b) | 100,000 | 106,323 | ||
EnLink Midstream Partners, L.P., 4.15%, 06/01/2025 | 100,000 | 95,875 | ||
Indian Oil Corp. Ltd. (India), REGS, 5.63%, 08/02/2021(b) | 200,000 | 211,104 | ||
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025 | 100,000 | 103,966 | ||
Petroliam Nasional Bhd. (Malaysia) | ||||
7.63%, 10/15/2026(b) | 100,000 | 134,191 | ||
REGS, 7.63%, 10/15/2026(b) | 200,000 | 268,382 | ||
Phillips 66, 4.30%, 04/01/2022 | 100,000 | 105,729 | ||
Valero Energy Corp., 3.40%, 09/15/2026 | 100,000 | 103,584 | ||
1,339,270 | ||||
Oil & Gas Storage & Transportation-1.96% | ||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 09/15/2024 | 100,000 | 94,750 | ||
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. | ||||
5.88%, 03/01/2022 | 100,000 | 107,350 | ||
4.50%, 11/01/2023 | 100,000 | 106,351 | ||
EQM Midstream Partners, L.P., 4.75%, 07/15/2023 | 100,000 | 100,872 | ||
ONEOK, Inc., 4.55%, 07/15/2028 | 100,000 | 109,274 | ||
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025 | 100,000 | 107,299 |
Principal Amount | Value | |||
Oil & Gas Storage & Transportation-(continued) | ||||
Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.50%, 09/15/2024(b) | $ | 100,000 | $ 98,000 | |
Western Midstream Operating L.P., 4.00%, 07/01/2022 | 100,000 | 101,917 | ||
825,813 | ||||
Other Diversified Financial Services-1.22% | ||||
AXA Equitable Holdings, Inc., 4.35%, 04/20/2028 | 100,000 | 107,430 | ||
ERAC USA Finance LLC, 3.80%, 11/01/2025(b) | 100,000 | 107,626 | ||
Huarong Finance II Co., Ltd. (China), REGS, 3.63%, 11/22/2021(b) | 200,000 | 202,746 | ||
Washington Prime Group L.P., 6.45%, 08/15/2024 | 100,000 | 96,600 | ||
514,402 | ||||
Packaged Foods & Meats-0.24% | ||||
Kraft Heinz Foods Co., 3.50%, 06/06/2022 | 100,000 | 102,402 | ||
Paper Packaging-0.25% | ||||
WRKCo Inc., 3.75%, 03/15/2025 | 100,000 | 105,674 | ||
Pharmaceuticals-0.49% | ||||
Johnson & Johnson, 2.45%, 03/01/2026 | 100,000 | 103,236 | ||
Merck & Co., Inc., 2.75%, 02/10/2025 | 100,000 | 104,148 | ||
207,384 | ||||
Property & Casualty Insurance-0.52% | ||||
Kemper Corp., 4.35%, 02/15/2025 | 100,000 | 106,530 | ||
Liberty Mutual Group Inc., 4.57%, 02/01/2029(b) | 100,000 | 113,877 | ||
220,407 | ||||
Railroads-0.78% | ||||
Russian Railways Via RZD Capital PLC (Russia), REGS, 5.70%, 04/05/2022(b) | 200,000 | 214,100 | ||
Union Pacific Corp., 3.95%, 09/10/2028 | 100,000 | 112,531 | ||
326,631 | ||||
Real Estate Services-0.26% | ||||
Newmark Group, Inc., 6.13%, 11/15/2023 | 100,000 | 108,661 | ||
Regional Banks-1.73% | ||||
BB&T Corp., 3.05%, 06/20/2022 | 100,000 | 102,620 | ||
CIT Group, Inc., 5.00%, 08/15/2022 | 100,000 | 106,859 | ||
Citizens Financial Group, Inc., 4.30%, 12/03/2025 | 100,000 | 108,121 | ||
Comerica, Inc., 3.70%, 07/31/2023 | 100,000 | 105,778 | ||
Huntington Bancshares, Inc., 2.30%, 01/14/2022 | 100,000 | 100,506 | ||
PNC Financial Services Group, Inc. (The), 3.30%, 03/08/2022 | 100,000 | 103,272 | ||
SunTrust Bank, 2.80%, 05/17/2022 | 100,000 | 101,913 | ||
729,069 | ||||
Research & Consulting Services-0.24% | ||||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022(b) | 100,000 | 101,000 | ||
Retail REITs-0.25% | ||||
Simon Property Group L.P., 3.38%, 10/01/2024 | 100,000 | 106,281 | ||
Security & Alarm Services-0.52% | ||||
Empresa de Transporte de Pasajeros Metro S.A. (Chile), 4.75%, 02/04/2024(b) | 200,000 | 217,193 |
Principal Amount | Value | |||
Semiconductor Equipment-0.26% | ||||
Lam Research Corp., 4.00%, 03/15/2029 | $ | 100,000 | $ 111,068 | |
Semiconductors-1.01% | ||||
Analog Devices, Inc., 3.50%, 12/05/2026 | 100,000 | 105,472 | ||
Intel Corp., 3.70%, 07/29/2025 | 100,000 | 109,169 | ||
Marvell Technology Group Ltd., 4.20%, 06/22/2023 | 100,000 | 105,571 | ||
Xilinx, Inc., 2.95%, 06/01/2024 | 100,000 | 103,155 | ||
423,367 | ||||
Soft Drinks-0.25% | ||||
Coca-Cola Co. (The), 2.88%, 10/27/2025 | 100,000 | 105,437 | ||
Sovereign Debt-9.15% | ||||
Abu Dhabi Government International Bond (United Arab Emirates), REGS, 2.50%, 10/11/2022(b) | 200,000 | 203,392 | ||
Brazilian Government International Bond (Brazil) | ||||
6.00%, 04/07/2026 | 200,000 | 234,334 | ||
4.63%, 01/13/2028 | 200,000 | 215,352 | ||
Export-Import Bank of China (The) (China), REGS, 2.63%, 03/14/2022(b) | 200,000 | 202,055 | ||
Hungary Government International Bond (Hungary), 5.38%, 02/21/2023 | 100,000 | 110,414 | ||
Indonesia Government International Bond (Indonesia) | ||||
3.75%, 04/25/2022(b) | 200,000 | 206,510 | ||
5.88%, 01/15/2024(b) | 200,000 | 226,753 | ||
Mexico Government International Bond (Mexico) | ||||
4.00%, 10/02/2023 | 200,000 | 211,755 | ||
4.15%, 03/28/2027 | 200,000 | 213,802 | ||
Morocco Government International Bond (Morocco), 4.25%, 12/11/2022(b) | 200,000 | 210,217 | ||
Republic of Poland Government International Bond (Poland) | ||||
5.00%, 03/23/2022 | 100,000 | 107,847 | ||
3.00%, 03/17/2023 | 100,000 | 103,981 | ||
4.00%, 01/22/2024 | 100,000 | 108,988 | ||
3.25%, 04/06/2026 | 150,000 | 161,145 | ||
Republic of South Africa Government International Bond (South Africa), 5.88%, 05/30/2022 | 100,000 | 107,162 | ||
Russian Foreign Bond - Eurobond (Russia) | ||||
4.88%, 09/16/2023(b) | 200,000 | 218,839 | ||
REGS, 4.50%, 04/04/2022(b) | 200,000 | 212,033 | ||
Turkey Government International Bond (Turkey) | ||||
6.25%, 09/26/2022 | 200,000 | 202,386 | ||
5.75%, 03/22/2024 | 200,000 | 195,207 | ||
4.88%, 10/09/2026 | 200,000 | 179,629 | ||
Vietnam Government International Bond (Vietnam), 4.80%, 11/19/2024(b) | 200,000 | 217,634 | ||
3,849,435 | ||||
Specialized Finance-0.26% | ||||
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028 | 100,000 | 108,568 | ||
Specialized REITs-0.25% | ||||
LifeStorage L.P., 3.50%, 07/01/2026 | 100,000 | 103,681 | ||
Specialty Chemicals-1.31% | ||||
Ashland LLC, 4.75%, 08/15/2022 | 100,000 | 105,471 |
Principal Amount | Value | |||
Specialty Chemicals-(continued) | ||||
Cornerstone Chemical Co., 6.75%, 08/15/2024(b) | $ | 100,000 | $ 92,500 | |
Ecolab, Inc., 4.35%, 12/08/2021 | 100,000 | 105,171 | ||
PPG Industries, Inc., 3.75%, 03/15/2028 | 100,000 | 109,661 | ||
Rohm & Haas Co., 7.85%, 07/15/2029 | 100,000 | 136,369 | ||
549,172 | ||||
Specialty Stores-0.21% | ||||
Signet UK Finance PLC, 4.70%, 06/15/2024 | 100,000 | 87,000 | ||
Steel-0.25% | ||||
Nucor Corp., 4.13%, 09/15/2022 | 100,000 | 105,484 | ||
Systems Software-0.48% | ||||
Oracle Corp., 1.90%, 09/15/2021 | 100,000 | 100,024 | ||
Symantec Corp., 5.00%, 04/15/2025(b) | 100,000 | 100,731 | ||
200,755 | ||||
Technology Distributors-0.49% | ||||
Anixter, Inc., 5.13%, 10/01/2021 | 100,000 | 104,875 | ||
Tech Data Corp., 3.70%, 02/15/2022 | 100,000 | 102,596 | ||
207,471 | ||||
Technology Hardware, Storage & Peripherals-0.99% | ||||
Apple, Inc., 2.40%, 05/03/2023 | 100,000 | 102,176 | ||
EMC Corp., 3.38%, 06/01/2023 | 100,000 | 99,199 | ||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 | 100,000 | 110,810 | ||
Seagate HDD Cayman, 4.75%, 01/01/2025 | 100,000 | 104,157 | ||
416,342 | ||||
Textiles-0.26% | ||||
Cintas Corp. No. 2, 3.70%, 04/01/2027 | 100,000 | 109,926 | ||
Thrifts & Mortgage Finance-0.26% | ||||
MGIC Investment Corp., 5.75%, 08/15/2023 | 100,000 | 109,625 | ||
Tires & Rubber-0.24% | ||||
Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/2023 | 100,000 | 101,625 | ||
Tobacco-0.24% | ||||
Philip Morris International, Inc., 2.88%, 05/01/2024 | 100,000 | 102,691 | ||
Trading Companies & Distributors-0.25% | ||||
Aircastle Ltd., 4.40%, 09/25/2023 | 100,000 | 105,729 | ||
Trucking-0.24% | ||||
Aviation Capital Group LLC, 2.88%, 01/20/2022(b) | 100,000 | 101,532 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $29,697,256) | 30,997,062 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities-24.83% | ||||
Federal Home Loan Mortgage Corp. (FHLMC)-10.31% | ||||
4.00%, 11/01/2044 | 115,978 | 123,068 | ||
3.50%, 06/01/2047 | 81,125 | 84,212 | ||
4.00%, 08/01/2047 | 156,975 | 164,788 | ||
3.00%, 12/01/2047 | 178,131 | 183,006 | ||
3.50%, 12/01/2047 | 86,993 | 90,035 | ||
3.00%, 01/01/2048 | 180,099 | 185,003 | ||
3.00%, 02/01/2048 | 180,364 | 185,119 | ||
3.50%, 02/01/2048 | 174,367 | 180,604 |
Principal Amount | Value | |||
Federal Home Loan Mortgage Corp. (FHLMC)-(continued) | ||||
3.50%, 02/01/2048 | $ | 179,166 | $ 185,313 | |
3.50%, 03/01/2048 | 177,645 | 183,723 | ||
3.50%, 04/01/2048 | 180,715 | 186,960 | ||
3.50%, 05/01/2048 | 181,277 | 187,441 | ||
3.50%, 05/01/2048 | 181,257 | 187,440 | ||
3.50%, 06/01/2048 | 179,053 | 184,792 | ||
3.50%, 08/01/2048 | 177,236 | 183,018 | ||
4.00%, 08/01/2048 | 91,389 | 96,484 | ||
4.50%, 08/01/2048 | 358,553 | 390,143 | ||
4.50%, 09/01/2048 | 80,238 | 84,557 | ||
4.00%, 10/01/2048 | 171,552 | 178,236 | ||
4.00%, 10/01/2048 | 175,585 | 183,348 | ||
4.00%, 11/01/2048 | 171,293 | 177,958 | ||
4.00%, 12/01/2048 | 211,308 | 219,730 | ||
4.00%, 01/01/2049 | 165,981 | 172,277 | ||
5.00%, 02/01/2049 | 41,879 | 44,707 | ||
4.00%, 03/01/2049 | 188,611 | 196,131 | ||
4.00%, 07/01/2049 | 98,447 | 102,417 | ||
4,340,510 | ||||
Federal National Mortgage Association (FNMA)-14.09% | ||||
3.50%, 07/01/2047 | 82,936 | 86,009 | ||
4.00%, 08/01/2047 | 85,138 | 89,538 | ||
3.50%, 11/01/2047 | 86,067 | 89,157 | ||
3.50%, 11/01/2047 | 176,855 | 183,022 | ||
4.00%, 11/01/2047 | 80,892 | 84,828 | ||
3.50%, 12/01/2047 | 86,055 | 89,101 | ||
4.00%, 12/01/2047 | 80,425 | 84,315 | ||
3.00%, 01/01/2048 | 180,060 | 184,801 | ||
3.50%, 01/01/2048 | 178,948 | 185,187 | ||
3.50%, 02/01/2048 | 179,531 | 185,781 | ||
4.00%, 02/01/2048 | 83,391 | 87,250 | ||
3.50%, 03/01/2048 | 178,845 | 185,292 | ||
3.50%, 04/01/2048 | 180,344 | 186,645 | ||
3.50%, 05/01/2048 | 180,831 | 186,979 | ||
4.00%, 05/01/2048 | 84,754 | 88,527 | ||
3.50%, 06/01/2048 | 90,143 | 93,187 | ||
4.50%, 06/01/2048 | 344,495 | 365,446 | ||
3.50%, 07/01/2048 | 181,574 | 187,131 | ||
4.00%, 07/01/2048 | 85,447 | 88,980 | ||
3.50%, 08/01/2048 | 179,338 | 184,459 |
Principal Amount | Value | |||
Federal National Mortgage Association (FNMA)-(continued) | ||||
4.00%, 08/01/2048 | $ | 85,009 | $ 88,387 | |
4.00%, 08/01/2048 | 183,079 | 190,032 | ||
4.50%, 08/01/2048 | 157,785 | 166,232 | ||
3.50%, 09/01/2048 | 180,501 | 186,234 | ||
4.00%, 09/01/2048 | 85,953 | 89,536 | ||
4.00%, 09/01/2048 | 84,474 | 87,758 | ||
4.00%, 09/01/2048 | 175,783 | 183,313 | ||
4.50%, 09/01/2048 | 79,081 | 83,429 | ||
3.50%, 10/01/2048 | 88,344 | 91,132 | ||
4.00%, 10/01/2048 | 172,281 | 179,046 | ||
4.00%, 10/01/2048 | 92,863 | 98,130 | ||
3.50%, 11/01/2048 | 322,317 | 331,495 | ||
4.00%, 11/01/2048 | 174,262 | 181,305 | ||
4.50%, 11/01/2048 | 84,911 | 89,553 | ||
4.50%, 11/01/2048 | 172,603 | 181,955 | ||
5.00%, 11/01/2048 | 188,265 | 210,097 | ||
3.50%, 12/01/2048 | 93,004 | 95,936 | ||
4.00%, 12/01/2048 | 173,789 | 180,586 | ||
4.00%, 04/01/2049 | 189,226 | 196,415 | ||
4.00%, 06/01/2049 | 97,480 | 101,421 | ||
5,927,627 | ||||
Thrifts & Mortgage Finance-0.43% | ||||
Federal National Mortgage Association, 3.50%, 02/01/2048 | 176,033 | 182,208 | ||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $10,079,623) | 10,450,345 | |||
Shares | ||||
Money Market Funds-0.78% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(c) (Cost $327,593) | 327,593 | 327,593 | ||
TOTAL INVESTMENTS IN SECURITIES-99.26% (Cost $40,104,472) | 41,775,000 | |||
OTHER ASSETS LESS LIABILITIES-0.74% | 312,747 | |||
NET ASSETS-100.00% | $42,087,747 |
Investment Abbreviations: | |
REGS | -Regulation S |
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) | 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 August 31, 2019 was $10,344,909, which represented 24.58% 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 August 31, 2019. |
Invesco Corporate Income Defensive ETF (IHYD) | Invesco Corporate Income Value ETF (IHYV) | Invesco Emerging Markets Debt Defensive ETF (IEMD) | Invesco Emerging Markets Debt Value ETF (IEMV) | ||||
Assets: | |||||||
Unaffiliated investments in securities, at value(a) | $12,564,494 | $11,893,534 | $24,487,069 | $39,344,439 | |||
Affiliated investments in securities, at value | 565,226 | 1,361,010 | 60,241 | 26,909 | |||
Cash | - | - | 3,875 | - | |||
Receivable for: | |||||||
Dividends and interest | 177,750 | 202,607 | 288,931 | 478,720 | |||
Securities lending | 148 | 733 | - | - | |||
Investments sold | 281,276 | 905,665 | 1,559,437 | 674,755 | |||
Total assets | 13,588,894 | 14,363,549 | 26,399,553 | 40,524,823 | |||
Liabilities: | |||||||
Payable for: | |||||||
Investments purchased | 251,153 | 824,903 | 618,946 | 446,654 | |||
Collateral upon return of securities loaned | 455,316 | 1,275,992 | - | - | |||
Accrued unitary management fees | 2,491 | 2,371 | 6,315 | 9,796 | |||
Accrued expenses | 3,052 | 3,048 | 3,171 | 3,297 | |||
Total liabilities | 712,012 | 2,106,314 | 628,432 | 459,747 | |||
Net Assets | $12,876,882 | $12,257,235 | $25,771,121 | $40,065,076 | |||
Net assets consist of: | |||||||
Shares of beneficial interest | $12,514,097 | $12,520,168 | $25,018,757 | $37,527,850 | |||
Distributable earnings | 362,785 | (262,933) | 752,364 | 2,537,226 | |||
Net Assets | $12,876,882 | $12,257,235 | $25,771,121 | $40,065,076 | |||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 500,001 | 500,001 | 1,000,001 | 1,500,001 | |||
Net asset value | $25.75 | $24.51 | $25.77 | $26.71 | |||
Market price | $25.88 | $24.57 | $25.95 | $26.88 | |||
Unaffiliated investments in securities, at cost | $12,247,110 | $11,999,678 | $23,975,088 | $37,165,219 | |||
Affiliated investments in securities, at cost | $565,226 | $1,361,007 | $60,241 | $26,909 | |||
(a)Includes securities on loan with an aggregate value of: | $441,100 | $1,171,015 | $- | $- |
Invesco Investment Grade Defensive ETF (IIGD) | Invesco Investment Grade Value ETF (IIGV) | Invesco Multi-Factor Core Fixed Income ETF (IMFC) | Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) | Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD) | Invesco Multi-Factor Income ETF (IMFI) | |||||
$65,317,370 | $40,258,296 | $26,379,869 | $52,012,412 | $20,687,540 | $41,447,407 | |||||
257,858 | 1,517,846 | 174,352 | 524,181 | 14,648 | 327,593 | |||||
- | - | - | - | - | - | |||||
543,116 | 417,170 | 140,820 | 472,843 | 130,486 | 415,901 | |||||
70 | 375 | 15 | 269 | - | - | |||||
3,120,104 | 3,391,019 | 522,773 | 1,506,765 | 661,903 | 1,278,672 | |||||
69,238,518 | 45,584,706 | 27,217,829 | 54,516,470 | 21,494,577 | 43,469,573 | |||||
3,409,991 | 1,877,133 | 713,425 | 933,884 | 893,534 | 1,372,488 | |||||
74,041 | 1,468,180 | 96,050 | 506,423 | - | - | |||||
7,179 | 4,545 | 2,670 | 7,160 | 2,222 | 6,018 | |||||
3,042 | 3,019 | 3,174 | 3,417 | 3,124 | 3,320 | |||||
3,494,253 | 3,352,877 | 815,319 | 1,450,884 | 898,880 | 1,381,826 | |||||
$65,744,265 | $42,231,829 | $26,402,510 | $53,065,586 | $20,595,697 | $42,087,747 | |||||
$64,663,860 | $40,840,154 | $25,000,284 | $50,020,273 | $19,999,958 | $39,999,838 | |||||
1,080,405 | 1,391,675 | 1,402,226 | 3,045,313 | 595,739 | 2,087,909 | |||||
$65,744,265 | $42,231,829 | $26,402,510 | $53,065,586 | $20,595,697 | $42,087,747 | |||||
2,500,001 | 1,550,001 | 1,000,001 | 2,000,001 | 800,001 | 1,600,001 | |||||
$26.30 | $27.25 | $26.40 | $26.53 | $25.74 | $26.30 | |||||
$26.37 | $27.32 | $26.47 | $26.62 | $25.75 | $26.30 | |||||
$64,281,202 | $39,075,422 | $25,260,170 | $49,514,148 | $20,213,985 | $39,776,879 | |||||
$257,858 | $1,517,846 | $174,352 | $524,181 | $14,648 | $327,593 | |||||
$71,575 | $1,042,270 | $92,082 | $490,902 | $- | $- |
Invesco Corporate Income Defensive ETF (IHYD) | Invesco Corporate Income Value ETF (IHYV) | Invesco Emerging Markets Debt Defensive ETF (IEMD) | Invesco Emerging Markets Debt Value ETF (IEMV) | ||||
Investment income: | |||||||
Unaffiliated interest income | $578,187 | $802,497 | $907,603 | $1,743,357 | |||
Affiliated dividend income | 2,197 | 1,306 | 1,980 | 3,303 | |||
Securities lending income | 1,579 | 6,147 | 45 | 3 | |||
Foreign witholding tax | - | - | - | - | |||
Total investment income | 581,963 | 809,950 | 909,628 | 1,746,663 | |||
Expenses: | |||||||
Unitary management fees | 28,966 | 28,213 | 73,031 | 110,102 | |||
Proxy fees | 3,052 | 3,048 | 3,171 | 3,297 | |||
Total expenses | 32,018 | 31,261 | 76,202 | 113,399 | |||
Less: Waivers | (181) | (108) | (162) | (270) | |||
Net expenses | 31,837 | 31,153 | 76,040 | 113,129 | |||
Net investment income | 550,126 | 778,797 | 833,588 | 1,633,534 | |||
Realized and unrealized gain (loss) from: | |||||||
Net realized gain (loss) from investments | 46,395 | (142,003) | 270,627 | 379,124 | |||
Change in net unrealized appreciation (depreciation) of: | |||||||
Unaffiliated investment securities | 269,832 | (126,298) | 612,214 | 2,991,361 | |||
Affiliated investment securities | - | 3 | - | - | |||
Change in unrealized appreciation (depreciation) | 269,832 | (126,295) | 612,214 | 2,991,361 | |||
Net realized and unrealized gain (loss) | 316,227 | (268,298) | 882,841 | 3,370,485 | |||
Net increase in net assets resulting from operations | $866,353 | $510,499 | $1,716,429 | $5,004,019 |
(a) | For the period December 4, 2018 (commencement of investment operations) through August 31, 2019. |
Invesco Investment Grade Defensive ETF (IIGD) | Invesco Investment Grade Value ETF (IIGV) | Invesco Multi-Factor Core Fixed Income ETF (IMFC) | Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) | Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD)(a) | Invesco Multi-Factor Income ETF (IMFI)(a) | |||||
$422,801 | $404,041 | $804,463 | $1,930,888 | $445,213 | $1,256,760 | |||||
6,028 | 3,765 | 1,819 | 3,214 | 2,471 | 7,058 | |||||
346 | 1,368 | 251 | 2,740 | - | - | |||||
- | - | - | - | (362) | (824) | |||||
429,175 | 409,174 | 806,533 | 1,936,842 | 447,322 | 1,262,994 | |||||
20,574 | 15,361 | 30,457 | 81,201 | 17,970 | 48,399 | |||||
3,042 | 3,019 | 3,174 | 3,417 | 3,124 | 3,320 | |||||
23,616 | 18,380 | 33,631 | 84,618 | 21,094 | 51,719 | |||||
(472) | (411) | (151) | (270) | (138) | (409) | |||||
23,144 | 17,969 | 33,480 | 84,348 | 20,956 | 51,310 | |||||
406,031 | 391,205 | 773,053 | 1,852,494 | 426,366 | 1,211,684 | |||||
88,412 | 233,101 | 290,840 | 549,389 | 127,981 | 432,541 | |||||
1,006,262 | 1,141,284 | 1,005,562 | 2,355,252 | 473,555 | 1,670,528 | |||||
- | - | - | - | - | - | |||||
1,006,262 | 1,141,284 | 1,005,562 | 2,355,252 | 473,555 | 1,670,528 | |||||
1,094,674 | 1,374,385 | 1,296,402 | 2,904,641 | 601,536 | 2,103,069 | |||||
$1,500,705 | $1,765,590 | $2,069,455 | $4,757,135 | $1,027,902 | $3,314,753 |
Invesco Corporate Income Defensive ETF (IHYD) | Invesco Corporate Income Value ETF (IHYV) | ||||||
2019 | 2018(a) | 2019 | 2018(a) | ||||
Operations: | |||||||
Net investment income | $550,126 | $53,409 | $778,797 | $77,703 | |||
Net realized gain (loss) | 46,395 | 2,648 | (142,003) | (14,794) | |||
Change in net unrealized appreciation (depreciation) | 269,832 | 47,552 | (126,295) | 20,154 | |||
Net increase (decrease) in net assets resulting from operations | 866,353 | 103,609 | 510,499 | 83,063 | |||
Distributions to Shareholders from: | |||||||
Distributable earnings | (577,307) | (29,870) | (812,540) | (43,955) | |||
Shareholder Transactions: | |||||||
Proceeds from shares sold | - | 12,500,025 | - | 12,500,025 | |||
Transaction fees | - | 14,072 | - | 20,143 | |||
Net increase in net assets resulting from share transactions | - | 12,514,097 | - | 12,520,168 | |||
Net increase (decrease) in net assets | 289,046 | 12,587,836 | (302,041) | 12,559,276 | |||
Net assets: | |||||||
Beginning of period | 12,587,836 | - | 12,559,276 | - | |||
End of period | $12,876,882 | $12,587,836 | $12,257,235 | $12,559,276 | |||
Changes in Shares Outstanding: | |||||||
Shares sold | - | 500,001 | - | 500,001 | |||
Shares outstanding, beginning of period | 500,001 | - | 500,001 | - | |||
Shares outstanding, end of period | 500,001 | 500,001 | 500,001 | 500,001 |
(a) | For the period July 23, 2018 (commencement of investment operations) through August 31, 2018. |
Invesco Emerging Markets Debt Defensive ETF (IEMD) | Invesco Emerging Markets Debt Value ETF (IEMV) | Invesco Investment Grade Defensive ETF (IIGD) | ||||||||
2019 | 2018(a) | 2019 | 2018(a) | 2019 | 2018(a) | |||||
$833,588 | $80,827 | $1,633,534 | $166,721 | $406,031 | $20,671 | |||||
270,627 | (35,695) | 379,124 | (14,534) | 88,412 | 2,018 | |||||
612,214 | (100,233) | 2,991,361 | (812,141) | 1,006,262 | 29,906 | |||||
1,716,429 | (55,101) | 5,004,019 | (659,954) | 1,500,705 | 52,595 | |||||
(863,374) | (45,590) | (1,715,939) | (90,900) | (461,165) | (11,730) | |||||
- | 25,000,025 | - | 37,500,025 | 58,268,165 | 6,250,025 | |||||
- | 18,732 | - | 27,825 | 145,670 | - | |||||
- | 25,018,757 | - | 37,527,850 | 58,413,835 | 6,250,025 | |||||
853,055 | 24,918,066 | 3,288,080 | 36,776,996 | 59,453,375 | 6,290,890 | |||||
24,918,066 | - | 36,776,996 | - | 6,290,890 | - | |||||
$25,771,121 | $24,918,066 | $40,065,076 | $36,776,996 | $65,744,265 | $6,290,890 | |||||
- | 1,000,001 | - | 1,500,001 | 2,250,000 | 250,001 | |||||
1,000,001 | - | 1,500,001 | - | 250,001 | - | |||||
1,000,001 | 1,000,001 | 1,500,001 | 1,500,001 | 2,500,001 | 250,001 |
Invesco Investment Grade Value ETF (IIGV) | Invesco Multi-Factor Core Fixed Income ETF (IMFC) | ||||||
2019 | 2018(a) | 2019 | 2018(a) | ||||
Operations: | |||||||
Net investment income | $391,205 | $24,608 | $773,053 | $81,175 | |||
Net realized gain | 233,101 | 4,976 | 290,840 | 3,057 | |||
Change in net unrealized appreciation | 1,141,284 | 41,590 | 1,005,562 | 114,137 | |||
Net increase in net assets resulting from operations | 1,765,590 | 71,174 | 2,069,455 | 198,369 | |||
Distributions to Shareholders from: | |||||||
Distributable earnings | (431,081) | (14,008) | (821,048) | (44,550) | |||
Shareholder Transactions: | |||||||
Proceeds from shares sold | 34,507,192 | 6,250,025 | - | 25,000,025 | |||
Transaction fees | 82,937 | - | - | 259 | |||
Net increase in net assets resulting from share transactions | 34,590,129 | 6,250,025 | - | 25,000,284 | |||
Net increase in net assets | 35,924,638 | 6,307,191 | 1,248,407 | 25,154,103 | |||
Net assets: | |||||||
Beginning of period | 6,307,191 | - | 25,154,103 | - | |||
End of period | $42,231,829 | $6,307,191 | $26,402,510 | $25,154,103 | |||
Changes in Shares Outstanding: | |||||||
Shares sold | 1,300,000 | 250,001 | - | 1,000,001 | |||
Shares outstanding, beginning of period | 250,001 | - | 1,000,001 | - | |||
Shares outstanding, end of period | 1,550,001 | 250,001 | 1,000,001 | 1,000,001 |
(a) | For the period July 23, 2018 (commencement of investment operations) through August 31, 2018. |
(b) | For the period December 4, 2018 (commencement of investment operations) through August 31, 2019. |
Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) | Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD) | Invesco Multi-Factor Income ETF (IMFI) | ||||
2019 | 2018(a) | 2019(b) | 2019(b) | |||
$1,852,494 | $188,171 | $426,366 | $1,211,684 | |||
549,389 | 2,474 | 127,981 | 432,541 | |||
2,355,252 | 143,012 | 473,555 | 1,670,528 | |||
4,757,135 | 333,657 | 1,027,902 | 3,314,753 | |||
(1,941,359) | (104,120) | (432,230) | (1,227,031) | |||
- | 50,000,025 | 20,000,025 | 40,000,025 | |||
- | 20,248 | - | - | |||
- | 50,020,273 | 20,000,025 | 40,000,025 | |||
2,815,776 | 50,249,810 | 20,595,697 | 42,087,747 | |||
50,249,810 | - | - | - | |||
$53,065,586 | $50,249,810 | $20,595,697 | $42,087,747 | |||
- | 2,000,001 | 800,001 | 1,600,001 | |||
2,000,001 | - | - | - | |||
2,000,001 | 2,000,001 | 800,001 | 1,600,001 |
Year Ended August 31, 2019 | For the Period July 23, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $25.18 | $25.00 | |
Net investment income(b) | 1.10 | 0.11 | |
Net realized and unrealized gain on investments | 0.63 | 0.10 | |
Total from investment operations | 1.73 | 0.21 | |
Distributions to shareholders from: | |||
Net investment income | (1.15) | (0.06) | |
Net realized gains | (0.01) | - | |
Total distributions | (1.16) | (0.06) | |
Transaction fees(b) | - | 0.03 | |
Net asset value at end of period | $25.75 | $25.18 | |
Market price at end of period(c) | $25.88 | $25.18 | |
Net Asset Value Total Return(d) | 7.07% | 0.96%(e) | |
Market Price Total Return(d) | 7.60% | 0.96%(e) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $12,877 | $12,588 | |
Ratio to average net assets of: | |||
Expenses | 0.25%(f) | 0.23%(g) | |
Net investment income | 4.37%(f) | 4.08%(g) | |
Portfolio turnover rate(h) | 78% | 8% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.84%. The market price total return from Fund Inception to August 31, 2018 was 1.04%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Year Ended August 31, 2019 | For the Period July 23, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $25.12 | $25.00 | |
Net investment income(b) | 1.56 | 0.16 | |
Net realized and unrealized gain (loss) on investments | (0.54) | 0.01 | |
Total from investment operations | 1.02 | 0.17 | |
Distributions to shareholders from: | |||
Net investment income | (1.63) | (0.09) | |
Transaction fees(b) | - | 0.04 | |
Net asset value at end of period | $24.51 | $25.12 | |
Market price at end of period(c) | $24.57 | $25.13 | |
Net Asset Value Total Return(d) | 4.28% | 0.83%(e) | |
Market Price Total Return(d) | 4.50% | 0.87%(e) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $12,257 | $12,559 | |
Ratio to average net assets of: | |||
Expenses | 0.25%(f) | 0.23%(g) | |
Net investment income | 6.35%(f) | 5.95%(g) | |
Portfolio turnover rate(h) | 114% | 14% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.71%. The market price total return from Fund Inception to August 31, 2018 was 0.91%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Year Ended August 31, 2019 | For the Period July 23, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $24.92 | $25.00 | |
Net investment income(b) | 0.83 | 0.08 | |
Net realized and unrealized gain (loss) on investments | 0.88 | (0.13) | |
Total from investment operations | 1.71 | (0.05) | |
Distributions to shareholders from: | |||
Net investment income | (0.86) | (0.05) | |
Transaction fees(b) | - | 0.02 | |
Net asset value at end of period | $25.77 | $24.92 | |
Market price at end of period(c) | $25.95 | $24.94 | |
Net Asset Value Total Return(d) | 7.02% | (0.14)%(e) | |
Market Price Total Return(d) | 7.67% | (0.06)%(e) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $25,771 | $24,918 | |
Ratio to average net assets of: | |||
Expenses | 0.30%(f) | 0.29%(g) | |
Net investment income | 3.31%(f) | 3.11%(g) | |
Portfolio turnover rate(h) | 110% | 47% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was (0.10)%. The market price total return from Fund Inception to August 31, 2018 was (0.06)%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Year Ended August 31, 2019 | For the Period July 23, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $24.52 | $25.00 | |
Net investment income(b) | 1.09 | 0.11 | |
Net realized and unrealized gain (loss) on investments | 2.24 | (0.55) | |
Total from investment operations | 3.33 | (0.44) | |
Distributions to shareholders from: | |||
Net investment income | (1.14) | (0.06) | |
Transaction fees(b) | - | 0.02 | |
Net asset value at end of period | $26.71 | $24.52 | |
Market price at end of period(c) | $26.88 | $24.53 | |
Net Asset Value Total Return(d) | 13.97% | (1.68)%(e) | |
Market Price Total Return(d) | 14.64% | (1.64)%(e) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $40,065 | $36,777 | |
Ratio to average net assets of: | |||
Expenses | 0.30%(f) | 0.29%(g) | |
Net investment income | 4.30%(f) | 4.31%(g) | |
Portfolio turnover rate(h) | 96% | 42% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was (1.72)%. The market price total return from Fund Inception to August 31, 2018 was (1.75)%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Year Ended August 31, 2019 | For the Period July 23, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $25.16 | $25.00 | |
Net investment income(b) | 0.66 | 0.08 | |
Net realized and unrealized gain on investments | 1.03 | 0.13 | |
Total from investment operations | 1.69 | 0.21 | |
Distributions to shareholders from: | |||
Net investment income | (0.78) | (0.05) | |
Net realized gains | (0.01) | - | |
Total distributions | (0.79) | (0.05) | |
Transaction fees(b) | 0.24 | - | |
Net asset value at end of period | $26.30 | $25.16 | |
Market price at end of period(c) | $26.37 | $25.17 | |
Net Asset Value Total Return(d) | 7.81% | 0.83%(e) | |
Market Price Total Return(d) | 8.05% | 0.87%(e) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $65,744 | $6,291 | |
Ratio to average net assets of: | |||
Expenses, after Waivers | 0.15%(f) | 0.12%(g) | |
Expenses, prior to Waivers | 0.15%(f) | 0.13%(g) | |
Net investment income | 2.57%(f) | 3.16%(g) | |
Portfolio turnover rate(h) | 71% | 10% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.67%. The market price total return from Fund Inception to August 31, 2018 was 0.83%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Year Ended August 31, 2019 | For the Period July 23, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $25.23 | $25.00 | |
Net investment income(b) | 0.86 | 0.10 | |
Net realized and unrealized gain on investments | 1.95 | 0.19 | |
Total from investment operations | 2.81 | 0.29 | |
Distributions to shareholders from: | |||
Net investment income | (0.95) | (0.06) | |
Net realized gains | (0.02) | - | |
Total distributions | (0.97) | (0.06) | |
Transaction fees(b) | 0.18 | - | |
Net asset value at end of period | $27.25 | $25.23 | |
Market price at end of period(c) | $27.32 | $25.23 | |
Net Asset Value Total Return(d) | 12.23% | 1.14%(e) | |
Market Price Total Return(d) | 12.51% | 1.14%(e) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $42,232 | $6,307 | |
Ratio to average net assets of: | |||
Expenses, after Waivers | 0.15%(f) | 0.13%(g) | |
Expenses, prior to Waivers | 0.16%(f) | 0.13%(g) | |
Net investment income | 3.31%(f) | 3.76%(g) | |
Portfolio turnover rate(h) | 112% | 16% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.78%. The market price total return from Fund Inception to August 31, 2018 was 0.78%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.03%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Year Ended August 31, 2019 | For the Period July 23, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $25.15 | $25.00 | |
Net investment income(b) | 0.77 | 0.08 | |
Net realized and unrealized gain on investments | 1.30 | 0.11 | |
Total from investment operations | 2.07 | 0.19 | |
Distributions to shareholders from: | |||
Net investment income | (0.82) | (0.04) | |
Transaction fees(b) | - | 0.00(c) | |
Net asset value at end of period | $26.40 | $25.15 | |
Market price at end of period(d) | $26.47 | $25.15 | |
Net Asset Value Total Return(e) | 8.43% | 0.78%(f) | |
Market Price Total Return(e) | 8.71% | 0.78%(f) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $26,403 | $25,154 | |
Ratio to average net assets of: | |||
Expenses, after Waivers | 0.13%(g) | 0.11%(h) | |
Expenses, prior to Waivers | 0.13%(g) | 0.12%(h) | |
Net investment income | 3.05%(g) | 3.11%(h) | |
Portfolio turnover rate(i) | 62% | 5% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.58%. The market price total return from Fund Inception to August 31, 2018 was 0.74%. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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. |
Year Ended August 31, 2019 | For the Period July 23, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $25.12 | $25.00 | |
Net investment income(b) | 0.93 | 0.09 | |
Net realized and unrealized gain on investments | 1.45 | 0.07 | |
Total from investment operations | 2.38 | 0.16 | |
Distributions to shareholders from: | |||
Net investment income | (0.97) | (0.05) | |
Transaction fees(b) | - | 0.01 | |
Net asset value at end of period | $26.53 | $25.12 | |
Market price at end of period(c) | $26.62 | $25.12 | |
Net Asset Value Total Return(d) | 9.73% | 0.69%(e) | |
Market Price Total Return(d) | 10.11% | 0.69%(e) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $53,066 | $50,250 | |
Ratio to average net assets of: | |||
Expenses, after Waivers | 0.17%(f) | 0.15%(g) | |
Expenses, prior to Waivers | 0.17%(f) | 0.16%(g) | |
Net investment income | 3.65%(f) | 3.60%(g) | |
Portfolio turnover rate(h) | 69% | 9% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.49%. The market price total return from Fund Inception to August 31, 2018 was 0.53%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period December 4, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 0.53 |
Net realized and unrealized gain on investments | 0.75 |
Total from investment operations | 1.28 |
Distributions to shareholders from: | |
Net investment income | (0.54) |
Net asset value at end of period | $25.74 |
Market price at end of period(c) | $25.75 |
Net Asset Value Total Return(d) | 5.17%(e) |
Market Price Total Return(d) | 5.21%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $20,596 |
Ratio to average net assets of: | |
Expenses | 0.14%(f) |
Net investment income | 2.83%(f) |
Portfolio turnover rate(g) | 52% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (December 06, 2018, the first day of trading on the exchange) to August 31, 2019 was 5.09%. The market price total return from Fund Inception to August 31, 2019 was 4.84%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period December 4, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 0.76 |
Net realized and unrealized gain on investments | 1.31 |
Total from investment operations | 2.07 |
Distributions to shareholders from: | |
Net investment income | (0.77) |
Net asset value at end of period | $26.30 |
Market price at end of period(c) | $26.30 |
Net Asset Value Total Return(d) | 8.39%(e) |
Market Price Total Return(d) | 8.39%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $42,088 |
Ratio to average net assets of: | |
Expenses | 0.17%(f) |
Net investment income | 3.98%(f) |
Portfolio turnover rate(g) | 64% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (December 06, 2018, the first day of trading on the exchange) to August 31, 2019 was 8.48%. The market price total return from Fund Inception to August 31, 2019 was 9.39%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%. |
(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. |
Full Name | Short Name | |
Invesco Corporate Income Defensive ETF (IHYD) | "Corporate Income Defensive ETF" | |
Invesco Corporate Income Value ETF (IHYV) | "Corporate Income Value ETF" | |
Invesco Emerging Markets Debt Defensive ETF (IEMD) | "Emerging Markets Debt Defensive ETF" | |
Invesco Emerging Markets Debt Value ETF (IEMV) | "Emerging Markets Debt Value ETF" | |
Invesco Investment Grade Defensive ETF (IIGD) | "Investment Grade Defensive ETF" | |
Invesco Investment Grade Value ETF (IIGV) | "Investment Grade Value ETF" | |
Invesco Multi-Factor Core Fixed Income ETF (IMFC) | "Multi-Factor Core Fixed Income ETF" | |
Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) | "Multi-Factor Core Plus Fixed Income ETF" | |
Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD)* | "Multi-Factor Defensive Core Fixed Income ETF" | |
Invesco Multi-Factor Income ETF (IMFI)* | "Multi-Factor Income ETF" |
* | Commenced operations on December 4, 2018. |
Fund | Underlying Index | |
Corporate Income Defensive ETF | Invesco High Yield Defensive Index | |
Corporate Income Value ETF | Invesco High Yield Value Index | |
Emerging Markets Debt Defensive ETF | Invesco Emerging Markets Debt Defensive Index | |
Emerging Markets Debt Value ETF | Invesco Emerging Markets Debt Value Index | |
Investment Grade Defensive ETF | Invesco Investment Grade Defensive Index | |
Investment Grade Value ETF | Invesco Investment Grade Value Index | |
Multi-Factor Core Fixed Income ETF | Invesco Multi-Factor Core Index | |
Multi-Factor Core Plus Fixed Income ETF | Invesco Multi-Factor Core Plus Index | |
Multi-Factor Defensive Core Fixed Income ETF | Invesco Multi-Factor Defensive Core Index | |
Multi-Factor Income ETF | Invesco Multi-Factor Income Index |
A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
B. | Other Risks |
C. | 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. |
D. | Country Determination - For the purposes of presentation in the Schedules 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 whether each Fund’s Underlying Index has made a country determination and may 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. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly 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 accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | 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. |
G. | Expenses - Each Fund 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 Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses (as set forth in the Investment Advisory Agreement). |
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. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
J. | 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 Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their 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. |
K. | Securities Lending - Each Fund may participate in securities lending. Each Fund may loan 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities 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. |
L. | Distributions from Distributable Earnings - In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
Unitary Management Fees (as a % of Net Assets) | |
Corporate Income Defensive ETF | 0.23% |
Corporate Income Value ETF | 0.23% |
Emerging Markets Debt Defensive ETF | 0.29% |
Emerging Markets Debt Value ETF | 0.29% |
Investment Grade Defensive ETF | 0.13% |
Investment Grade Value ETF | 0.13% |
Multi-Factor Core Fixed Income ETF | 0.12% |
Multi-Factor Core Plus Fixed Income ETF | 0.16% |
Multi-Factor Defensive Core Fixed Income ETF | 0.12% |
Multi-Factor Income ETF | 0.16% |
Corporate Income Defensive ETF | $181 |
Corporate Income Value ETF | 108 |
Emerging Markets Debt Defensive ETF | 162 |
Emerging Markets Debt Value ETF | 270 |
Investment Grade Defensive ETF | 472 |
Investment Grade Value ETF | 411 |
Multi-Factor Core Fixed Income ETF | 151 |
Multi-Factor Core Plus Fixed Income ETF | 270 |
Multi-Factor Defensive Core Fixed Income ETF* | 138 |
Multi-Factor Income ETF* | 409 |
* | For the period December 4, 2018 (commencement of investment operations) through August 31, 2019. |
Level 1 | Level 2 | Level 3 | Total | ||||
Corporate Income Defensive ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $12,564,494 | $- | $12,564,494 | |||
Money Market Funds | 565,226 | - | - | 565,226 | |||
Total Investments | $565,226 | $12,564,494 | $- | $13,129,720 | |||
Corporate Income Value ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $11,893,534 | $- | $11,893,534 | |||
Money Market Funds | 1,361,010 | - | - | 1,361,010 | |||
Total Investments | $1,361,010 | $11,893,534 | $- | $13,254,544 | |||
Emerging Markets Debt Defensive ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $24,487,069 | $- | $24,487,069 | |||
Money Market Funds | 60,241 | - | - | 60,241 | |||
Total Investments | $60,241 | $24,487,069 | $- | $24,547,310 | |||
Emerging Markets Debt Value ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $39,344,439 | $- | $39,344,439 | |||
Money Market Funds | 26,909 | - | - | 26,909 | |||
Total Investments | $26,909 | $39,344,439 | $- | $39,371,348 | |||
Investment Grade Defensive ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $65,317,370 | $- | $65,317,370 | |||
Money Market Funds | 257,858 | - | - | 257,858 | |||
Total Investments | $257,858 | $65,317,370 | $- | $65,575,228 | |||
Investment Grade Value ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $40,258,296 | $- | $40,258,296 | |||
Money Market Funds | 1,517,846 | - | - | 1,517,846 | |||
Total Investments | $1,517,846 | $40,258,296 | $- | $41,776,142 | |||
Multi-Factor Core Fixed Income ETF | |||||||
Investments in Securities | |||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities | $- | $10,514,251 | $- | $10,514,251 | |||
U.S. Dollar Denominated Bonds & Notes | - | 7,969,964 | - | 7,969,964 | |||
U.S. Treasury Securities | - | 7,895,654 | - | 7,895,654 | |||
Money Market Funds | 174,352 | - | - | 174,352 | |||
Total Investments | $174,352 | $26,379,869 | $- | $26,554,221 |
Level 1 | Level 2 | Level 3 | Total | ||||
Multi-Factor Core Plus Fixed Income ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $36,102,226 | $- | $36,102,226 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities | - | 10,577,709 | - | 10,577,709 | |||
U.S. Treasury Securities | - | 5,332,477 | - | 5,332,477 | |||
Money Market Funds | 524,181 | - | - | 524,181 | |||
Total Investments | $524,181 | $52,012,412 | $- | $52,536,593 | |||
Multi-Factor Defensive Core Fixed Income ETF | |||||||
Investments in Securities | |||||||
U.S. Treasury Securities | $- | $11,265,104 | $- | $11,265,104 | |||
U.S. Dollar Denominated Bonds & Notes | - | 5,304,469 | - | 5,304,469 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities | - | 4,117,967 | - | 4,117,967 | |||
Money Market Funds | 14,648 | - | - | 14,648 | |||
Total Investments | $14,648 | $20,687,540 | $- | $20,702,188 | |||
Multi-Factor Income ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $30,997,062 | $- | $30,997,062 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities | - | 10,450,345 | - | 10,450,345 | |||
Money Market Funds | 327,593 | - | - | 327,593 | |||
Total Investments | $327,593 | $41,447,407 | $- | $41,775,000 |
2019 | 2018 | ||
Ordinary Income | Ordinary Income | ||
Corporate Income Defensive ETF | $577,307 | $29,870 | |
Corporate Income Value ETF | 812,540 | 43,955 | |
Emerging Markets Debt Defensive ETF | 863,374 | 45,590 | |
Emerging Markets Debt Value ETF | 1,715,939 | 90,900 | |
Investment Grade Defensive ETF | 461,165 | 11,730 | |
Investment Grade Value ETF | 431,081 | 14,008 | |
Multi-Factor Core Fixed Income ETF | 821,048 | 44,550 | |
Multi-Factor Core Plus Fixed Income ETF | 1,941,359 | 104,120 | |
Multi-Factor Defensive Core Fixed Income ETF | 432,230 | - | |
Multi-Factor Income ETF | 1,227,031 | - |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | ||||||
Corporate Income Defensive ETF | $31,245 | $15,103 | $316,437 | $- | $12,514,097 | $12,876,882 | |||||
Corporate Income Value ETF | 334 | - | (112,067) | (151,200) | 12,520,168 | 12,257,235 | |||||
Emerging Markets Debt Defensive ETF | 174,135 | 66,248 | 511,981 | - | 25,018,757 | 25,771,121 | |||||
Emerging Markets Debt Value ETF | 258,182 | 118,041 | 2,161,003 | - | 37,527,850 | 40,065,076 | |||||
Investment Grade Defensive ETF | 40,566 | 3,671 | 1,036,168 | - | 64,663,860 | 65,744,265 | |||||
Investment Grade Value ETF | 183,823 | 25,101 | 1,182,751 | - | 40,840,154 | 42,231,829 | |||||
Multi-Factor Core Fixed Income ETF | 226,174 | 56,353 | 1,119,699 | - | 25,000,284 | 26,402,510 |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | ||||||
Multi-Factor Core Plus Fixed Income ETF | $406,065 | $141,105 | $2,498,143 | $- | $50,020,273 | $53,065,586 | |||||
Multi-Factor Defensive Core Fixed Income ETF | 122,184 | - | 473,555 | - | 19,999,958 | 20,595,697 | |||||
Multi-Factor Income ETF | 417,381 | - | 1,670,528 | - | 39,999,838 | 42,087,747 |
No expiration | |||||
Short-Term | Long-Term | Total* | |||
Corporate Income Defensive ETF | $- | $- | $- | ||
Corporate Income Value ETF | 143,821 | 7,379 | 151,200 | ||
Emerging Markets Debt Defensive ETF | - | - | - | ||
Emerging Markets Debt Value ETF | - | - | - | ||
Investment Grade Defensive ETF | - | - | - | ||
Investment Grade Value ETF | - | - | - | ||
Multi-Factor Core Fixed Income ETF | - | - | - | ||
Multi-Factor Core Plus Fixed Income ETF | - | - | - | ||
Multi-Factor Defensive Core Fixed Income ETF | - | - | - | ||
Multi-Factor Income ETF | - | - | - |
* | 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. |
Purchases | Sales | ||
Corporate Income Defensive ETF | $9,684,729 | $9,692,722 | |
Corporate Income Value ETF | 13,732,143 | 13,913,372 | |
Emerging Markets Debt Defensive ETF | 27,101,076 | 27,788,551 | |
Emerging Markets Debt Value ETF | 35,954,066 | 36,245,053 | |
Investment Grade Defensive ETF | 69,379,056 | 11,313,533 | |
Investment Grade Value ETF | 44,637,143 | 13,210,758 | |
Multi-Factor Core Fixed Income ETF | 11,972,417 | 11,713,822 | |
Multi-Factor Core Plus Fixed Income ETF | 33,813,148 | 33,684,524 | |
Multi-Factor Defensive Core Fixed Income ETF* | 14,933,365 | 5,897,477 | |
Multi-Factor Income ETF* | 65,260,731 | 25,921,821 |
* | For the period December 4, 2018 (commencement of investment operations) through August 31, 2019. |
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | ||||
Corporate Income Defensive ETF | $352,499 | $(36,062) | $316,437 | $12,813,283 | |||
Corporate Income Value ETF | 290,125 | (402,192) | (112,067) | 13,366,611 | |||
Emerging Markets Debt Defensive ETF | 512,535 | (554) | 511,981 | 24,035,329 | |||
Emerging Markets Debt Value ETF | 2,191,324 | (30,321) | 2,161,003 | 37,210,345 | |||
Investment Grade Defensive ETF | 1,036,953 | (785) | 1,036,168 | 64,539,060 | |||
Investment Grade Value ETF | 1,189,131 | (6,380) | 1,182,751 | 40,593,391 | |||
Multi-Factor Core Fixed Income ETF | 1,119,742 | (43) | 1,119,699 | 25,434,522 | |||
Multi-Factor Core Plus Fixed Income ETF | 2,552,177 | (54,034) | 2,498,143 | 50,038,450 | |||
Multi-Factor Defensive Core Fixed Income ETF | 473,904 | (349) | 473,555 | 20,228,633 | |||
Multi-Factor Income ETF | 1,752,158 | (81,630) | 1,670,528 | 40,104,472 |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||
Corporate Income Defensive ETF | $997 | $(997) | $- | ||
Corporate Income Value ETF | 329 | (329) | - | ||
Emerging Markets Debt Defensive ETF | - | - | - | ||
Emerging Markets Debt Value ETF | 6,585 | (6,585) | - | ||
Investment Grade Defensive ETF | 44,175 | (44,175) | - | ||
Investment Grade Value ETF | 23,031 | (23,031) | - | ||
Multi-Factor Core Fixed Income ETF | 10,575 | (10,575) | - | ||
Multi-Factor Core Plus Fixed Income ETF | 10,979 | (10,979) | - | ||
Multi-Factor Defensive Core Fixed Income ETF | 5,864 | (5,797) | (67) | ||
Multi-Factor Income ETF | 15,347 | (15,160) | (187) |
Beginning Account Value March 1, 2019 | Ending Account Value August 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |
Invesco Corporate Income Defensive ETF (IHYD) | ||||
Actual | $1,000.00 | $1,045.90 | 0.25% | $1.29 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.95 | 0.25 | 1.28 |
Invesco Corporate Income Value ETF (IHYV) | ||||
Actual | 1,000.00 | 1,032.20 | 0.25 | 1.28 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.95 | 0.25 | 1.28 |
Invesco Emerging Markets Debt Defensive ETF (IEMD) | ||||
Actual | 1,000.00 | 1,042.80 | 0.30 | 1.54 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.69 | 0.30 | 1.53 |
Invesco Emerging Markets Debt Value ETF (IEMV) | ||||
Actual | 1,000.00 | 1,079.40 | 0.30 | 1.57 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.69 | 0.30 | 1.53 |
Invesco Investment Grade Defensive ETF (IIGD) | ||||
Actual | 1,000.00 | 1,054.80 | 0.14 | 0.73 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.50 | 0.14 | 0.71 |
Beginning Account Value March 1, 2019 | Ending Account Value August 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |
Invesco Investment Grade Value ETF (IIGV) | ||||
Actual | $1,000.00 | $1,100.30 | 0.14% | $0.74 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.50 | 0.14 | 0.71 |
Invesco Multi-Factor Core Fixed Income ETF (IMFC) | ||||
Actual | 1,000.00 | 1,063.20 | 0.13 | 0.68 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.55 | 0.13 | 0.66 |
Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP) | ||||
Actual | 1,000.00 | 1,071.50 | 0.17 | 0.89 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | 0.17 | 0.87 |
Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD) | ||||
Actual | 1,000.00 | 1,035.30 | 0.14 | 0.72 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.50 | 0.14 | 0.71 |
Invesco Multi-Factor Income ETF (IMFI) | ||||
Actual | 1,000.00 | 1,056.00 | 0.17 | 0.88 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | 0.17 | 0.87 |
(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 August 31, 2019. 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. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
Qualified Business Income* | Qualified Dividend Income* | Dividends-Received Deduction* | U.S. Treasury Obligations* | Qualified Interest Income* | |||||
Invesco Corporate Income Defensive ETF | 0% | 0% | 0% | 0% | 87% | ||||
Invesco Corporate Income Value ETF | 0% | 0% | 0% | 0% | 89% | ||||
Invesco Emerging Markets Debt Defensive ETF | 0% | 0% | 0% | 0% | 0% | ||||
Invesco Emerging Markets Debt Value ETF | 0% | 0% | 0% | 0% | 0% | ||||
Invesco Investment Grade Defensive ETF | 0% | 0% | 0% | 0% | 82% | ||||
Invesco Investment Grade Value ETF | 0% | 0% | 0% | 0% | 64% | ||||
Invesco Multi-Factor Core Fixed Income ETF | 0% | 0% | 0% | 28% | 82% | ||||
Invesco Multi-Factor Core Plus Fixed Income ETF | 0% | 0% | 0% | 0% | 77% | ||||
Invesco Multi-Factor Defensive Core Fixed Income ETF | 0% | 0% | 0% | 52% | 70% | ||||
Invesco Multi-Factor Income ETF | 0% | 0% | 0% | 0% | 54% |
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Self-Indexed Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 510,109,837.59 | 11,855,291.56 | |||||||
Todd J. Barre | 510,881,129.72 | 11,083,999.43 | ||||||||
Kevin M. Carome | 508,360,485.89 | 13,604,643.26 | ||||||||
Edmund P. Giambastiani, Jr. | 508,036,588.75 | 13,928,540.40 | ||||||||
Victoria J. Herget | 510,657,430.60 | 11,307,698.55 | ||||||||
Marc M. Kole | 510,042,704.78 | 11,922,424.37 | ||||||||
Yung Bong Lim | 510,687,623.73 | 11,277,505.42 | ||||||||
Joanne Pace | 508,487,165.73 | 13,477,963.42 | ||||||||
Gary R. Wicker | 508,529,623.38 | 13,435,505.77 | ||||||||
Donald H. Wilson | 507,835,558.89 | 14,129,570.26 |
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of August 31, 2019
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2016 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 246 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship(2017-Present) | |||||
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 246 | None | |||||
Edmund P. c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | President of Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director of THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff | 246 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director of Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security)(2008-2011); Chairman, Alenia North America, Inc. (military and defense products)(2008-2009); Director, SRA |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
(2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | International, Inc. (information technology and services)(2008-2011). | |||||||||
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 246 | Trustee (2000-Present) andChair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018) of United Educators Insurance Company; Independent Director of the First American Funds(2003-2011); Trustee (1992-2007), Chair of the Board of Trustees(1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member(2007-2010) of Wellesley College; Trustee, Board Source(2006-2009); and Trustee, Chicago City Day School(1994-2005). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee and Trustee since 2016 | Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services)(2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP(1996-2000). | 246 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer(2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee and Trustee since 2016 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 246 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director of Beacon Power Services, Corp. (2019-Present). | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and CCO, FrontPoint Partners, LLC (alternative investments) (2005-2006); held the following positions at Credit Suisse (investment banking), Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley, Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management(1998-1999). | 246 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC(2012-Present); Governing Council Member(2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Women in Finance (2015-Present); Advisory Council Member of Morgan Stanley Children’s Hospital (2012- Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director, (2007-2010) and Investment Committee Chair (2008-2010) Morgan Stanley Foundation. | ||||||||||
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | Senior Vice President of Global Finance and Chief Financial Officer of RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 246 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman and Trustee since 2016 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 246 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2015 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 246 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2016 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010). | |||
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President and Treasurer | Since 2018 | Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. | ||||||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2015 | Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7 | Vice President | Since 2016 | Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011). |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling(800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website atwww.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’sForm N-PX on the Commission’s website atwww.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 as an exhibit to its reports on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-SIFT-AR-3 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
August 31, 2019
BSCJ | Invesco BulletShares 2019 Corporate Bond ETF | |||
BSCK | Invesco BulletShares 2020 Corporate Bond ETF | |||
BSCL | Invesco BulletShares 2021 Corporate Bond ETF | |||
BSCM | Invesco BulletShares 2022 Corporate Bond ETF | |||
BSCN | Invesco BulletShares 2023 Corporate Bond ETF | |||
BSCO | Invesco BulletShares 2024 Corporate Bond ETF | |||
BSCP | Invesco BulletShares 2025 Corporate Bond ETF | |||
BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | |||
BSCR | Invesco BulletShares 2027 Corporate Bond ETF | |||
BSCS | Invesco BulletShares 2028 Corporate Bond ETF |
(continued on inside front cover) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Invesco Annual Report to Shareholders(continued) |
BSJJ | Invesco BulletShares 2019 High Yield Corporate Bond ETF | |||||
BSJK | Invesco BulletShares 2020 High Yield Corporate Bond ETF | |||||
BSJL | Invesco BulletShares 2021 High Yield Corporate Bond ETF | |||||
BSJM | Invesco BulletShares 2022 High Yield Corporate Bond ETF | |||||
BSJN | Invesco BulletShares 2023 High Yield Corporate Bond ETF | |||||
BSJO | Invesco BulletShares 2024 High Yield Corporate Bond ETF | |||||
BSJP | Invesco BulletShares 2025 High Yield Corporate Bond ETF | |||||
BSJQ | Invesco BulletShares 2026 High Yield Corporate Bond ETF | |||||
BSAE | Invesco BulletShares 2021 USD Emerging Markets Debt ETF | |||||
BSBE | Invesco BulletShares 2022 USD Emerging Markets Debt ETF | |||||
BSCE | Invesco BulletShares 2023 USD Emerging Markets Debt ETF | |||||
BSDE | Invesco BulletShares 2024 USD Emerging Markets Debt ETF |
| 3 |
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Fixed Income Overview
Throughout the fiscal year, US economic data remained supportive of continued economic expansion as 2019 2nd quarter GDP grew at 2.0%. The US economy continued to add jobs, pushing the unemployment rate to 3.7% at the close of the fiscal year, while inflation remained subdued.1Against this backdrop, the US Federal Reserve (the Fed) raised the federal funds target rate from a range of 1.75% to 2.00% at the start of the reporting period to a range of 2.00% to 2.25% at the close of the reporting period. This was accomplished with two 0.25% rate hikes in September 2018 and December 2018, followed by a single 0.25% rate cut in July 2019.2 Working against these positive developments, however, were global macroeconomic headwinds in the form of geopolitical trade tension,sub-optimal inflation, and the lingering unknown of Brexit—the decision by UK voters to leave the European Union. These headwinds, coupled with continued low US inflation, could encourage further Fed rate cuts in the near-term. These actions continued to drive overseas investments into higher yielding segments of the fixed income markets.
The10-year US Treasury yield continued to move upward at the start of the fiscal year and spiked in October 2018 due to continued strength of the global economy, increased risk of inflation and the high probability of additional Fed rate hikes throughout the fiscal year. However, elevated volatiltiy levels in December led to a severerisk-off tone in the markets driving Treasury yields lower. Throughout the remainder of the fiscal year, Treasury yields continued to decline as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. The10-year US Treasury yield ended the reporting period at 1.50%, 136 basis points lower than at the beginning of the fiscal year.3 (A basis point is oneone-hundredth of a percentage point.)
The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 10.17% for the fiscal year. Strong performance for the index was largely attributable to the sharp decline in US Treasury yields. All four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index—government-related, corporate, securitized and treasury—posted positive returns for the fiscal year.Out-of-index exposure, such as high yield and US dollar-denominated emerging market (EM) corporate debt, provided gains despite concerns over global growth, a volatile geopolitical environment and a series of juxtaposed Fed actions. Accommodative central bank policies helped to support returns in high yield and US dollar-denominated EM corporate debt.
1 | Bureau of Labor Statistics |
2 | US Federal Reserve |
3 | US Treasury Department |
| 4 |
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BSCJ | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) |
As an index fund, the Invesco BulletShares 2019 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2019 Index (the “2019 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2019 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2019. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2019. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 2.34%. On a net asset value (“NAV”) basis, the Fund returned 2.58%. During the same time period, the Index returned 2.73%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as the sampling approach employed by the portfolio management team.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the communications industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s shorter duration in addition to being underweight in the consumernon-cyclical industry.
For the fiscal year ended August 31, 2019, the banking industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical and consumer cyclical industries, respectively. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Shire Acquisition Investments Ireland DAC, 1.90% coupon, due 09/23/2019, a pharmaceuticals company (portfolio average weight of 1.38%), and Morgan Stanley, 5.62% coupon, due 09/23/2019, a financials company (portfolio average weight of 1.29%). Positions that detracted most significantly from the Fund’s return during this period included Antero Resources Corp., 5.37% coupon, due 11/01/2021, an oil & gas company (portfolio average weight of 0.37%), and Antero Resources Corp., 5.12% coupon, due 12/01/2022, an oil & gas company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
U.S. Treasury Securities | 35.28 | |||
Financials | 25.00 | |||
Energy | 7.63 | |||
Industrials | 6.62 | |||
Consumer Staples | 6.10 | |||
Health Care | 5.93 | |||
Information Technology | 4.95 | |||
Consumer Discretionary | 4.08 | |||
Sector Types Each Less Than 3% | 3.50 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.91 |
| 5 |
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Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
U.S. Treasury Bills,1.83%-2.05%, 10/17/2019 | 19.77 | |||
U.S. Treasury Bills,2.01%-2.16%, 09/19/2019 | 15.51 | |||
Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/2019 | 2.54 | |||
Morgan Stanley, Series F, 5.62%, 09/23/2019 | 2.36 | |||
Wells Fargo Bank, N.A., 2.15%, 12/06/2019 | 1.93 | |||
Goldman Sachs Group, Inc. (The), 2.55%, 10/23/2019 | 1.91 | |||
Goldman Sachs Group, Inc. (The), 2.30%, 12/13/2019 | 1.77 | |||
Shell International Finance B.V., 4.30%, 09/22/2019 | 1.57 | |||
JPMorgan Chase & Co., 2.20%, 10/22/2019 | 1.57 | |||
Oracle Corp., 2.25%, 10/08/2019 | 1.53 | |||
Total | 50.46 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2019 Index | 2.73 | % | 1.77 | % | 5.40 | % | 2.19 | % | 11.45 | % | 3.14 | % | 25.83 | % | ||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 4.64 | 14.58 | 4.56 | 24.95 | 4.79 | 41.49 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 2.58 | 1.61 | 4.92 | 2.03 | 10.57 | 2.85 | 23.19 | |||||||||||||||||||||||||
Market Price Return | 2.34 | 1.50 | 4.57 | 1.96 | 10.20 | 2.84 | 23.08 |
| 6 |
|
Invesco BulletShares 2019 Corporate Bond ETF (BSCJ)(continued)
Guggenheim BulletShares 2019 Corporate Bond ETF (the “Predecessor Fund”) Inception: March 28, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 7 |
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BSCK | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) |
As an index fund, the Invesco BulletShares 2020 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2020 Index (the “2020 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2020 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2020. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2020. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 3.66%. On a net asset value (“NAV”) basis, the Fund returned 3.76%. During the same time period, the Index returned 3.85%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate
investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the communications industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration in addition to being underweight in the consumernon-cyclical industry.
For the fiscal year ended August 31, 2019, the banking industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical and consumer cyclical industries, respectively. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included GE Capital International Funding Co. Unlimited Co., 2.34% coupon, due 11/15/2020, a financials company (portfolio average weight of 1.48%), and AbbVie, Inc., 2.50% coupon, due 05/14/2020, a health care company (portfolio average weight of 0.94%). Positions that detracted most significantly from the Fund’s return during this period included Pacific Gas and Electric, Co., 3.50% coupon, due 10/01/2020, an electrical utilities company (no longer held at fiscalyear-end), and Micron Technology, Inc., 5.50 % coupon, due 02/01/2025, an information technology company (portfolio average weight of 0.14%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 38.95 | |||
Information Technology | 10.28 | |||
Health Care | 9.66 | |||
Industrials | 8.67 | |||
Consumer Staples | 8.10 | |||
Consumer Discretionary | 7.67 | |||
Energy | 7.62 | |||
Communication Services | 3.42 | |||
Sector Types Each Less Than 3% | 4.53 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.10 |
| 8 |
|
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020 | 1.49 | |||
JPMorgan Chase & Co., 2.25%, 01/23/2020 | 0.93 | |||
AbbVie, Inc., 2.50%, 05/14/2020 | 0.93 | |||
Allergan Funding SCS, 3.00%, 03/12/2020 | 0.79 | |||
Hewlett Packard Enterprise Co., 3.60%, 10/15/2020 | 0.77 | |||
Visa, Inc., 2.20%, 12/14/2020 | 0.74 | |||
JPMorgan Chase & Co., 4.25%, 10/15/2020 | 0.69 | |||
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.38%, 01/15/2020 | 0.67 | |||
Goldman Sachs Group, Inc. (The), 5.37%, 03/15/2020 | 0.67 | |||
AT&T, Inc., 2.45%, 06/30/2020 | 0.67 | |||
Total | 8.35 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2020 Index | 3.85 | % | 1.89 | % | 5.78 | % | 2.56 | % | 13.48 | % | 3.58 | % | 29.84 | % | ||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 4.64 | 14.58 | 4.56 | 24.95 | 4.79 | 41.49 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 3.76 | 1.74 | 5.31 | 2.43 | 12.73 | 3.35 | 27.75 | |||||||||||||||||||||||||
Market Price Return | 3.66 | 1.75 | 5.35 | 2.38 | 12.48 | 3.37 | 27.92 |
| 9 |
|
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)(continued)
Guggenheim BulletShares 2020 Corporate Bond ETF (the “Predecessor Fund”) Inception: March 28, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 10 |
|
BSCL | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2021 Corporate Bond ETF (BSCL) |
As an index fund, the Invesco BulletShares 2021 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2021 Index (the “2021 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2021 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2021. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 5.12%. On a net asset value (“NAV”) basis, the Fund returned 5.19%. During the same time period, the Index returned 5.28%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the electric industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration in addition to being underweight in the consumernon-cyclical industry.
For the fiscal year ended August 31, 2019, the banking industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical and consumer cyclical industries, respectively. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Anheuser-Busch InBev Finance, Inc., 2.65% coupon, due 02/01/2021, a consumer staples company (portfolio average weight of 1.60%), and Goldman Sachs Group, Inc. (The), 5.25% coupon, due 07/27/2021, a financials company (portfolio average weight of 0.93%). Positions that detracted most significantly from the Fund’s return during this period included Perrigo Finance, plc., 3.50% coupon, due 12/15/2021, a pharmaceuticals company (no longer held at fiscalyear-end), and MPT Operating Partnership, LP/MPT Finance Corp., 5.25% coupon, due 08/01/2026, a REIT company (portfolio average weight of 0.02%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 41.25 | |||
Health Care | 9.25 | |||
Information Technology | 8.68 | |||
Industrials | 8.13 | |||
Consumer Discretionary | 7.80 | |||
Consumer Staples | 6.66 | |||
Energy | 6.61 | |||
Communication Services | 4.85 | |||
Sector Types Each Less Than 3% | 5.58 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.19 |
| 11 |
|
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Anheuser-Busch InBev Finance, Inc., 2.65%, 02/01/2021 | 1.46 | |||
Oracle Corp., 1.90%, 09/15/2021 | 0.97 | |||
Goldman Sachs Group, Inc. (The), 5.25%, 07/27/2021 | 0.89 | |||
Deutsche Bank AG, 4.25%, 10/14/2021 | 0.83 | |||
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/2021 | 0.77 | |||
Morgan Stanley, 2.63%, 11/17/2021 | 0.76 | |||
JPMorgan Chase & Co., 4.35%, 08/15/2021 | 0.75 | |||
BNP Paribas S.A., 5.00%, 01/15/2021 | 0.73 | |||
Apple, Inc., 2.85%, 05/06/2021 | 0.70 | |||
Apple, Inc., 2.25%, 02/23/2021 | 0.69 | |||
Total | 8.55 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2021 Index | 5.28 | % | 2.20 | % | 6.75 | % | 2.86 | % | 15.17 | % | 3.74 | % | 25.19 | % | ||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 4.64 | 14.58 | 4.56 | 24.95 | 5.04 | 35.08 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 5.19 | 2.12 | 6.50 | 2.81 | 14.84 | 3.71 | 24.95 | |||||||||||||||||||||||||
Market Price Return | 5.12 | 2.08 | 6.38 | 2.77 | 14.64 | 3.74 | 25.20 |
| 12 |
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Invesco BulletShares 2021 Corporate Bond ETF (BSCL)(continued)
Guggenheim BulletShares 2021 Corporate Bond ETF (the “Predecessor Fund”) Inception: July 17, 2013
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 13 |
|
BSCM | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) |
As an index fund, the Invesco BulletShares 2022 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2022 Index (the “2022 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2022 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2022. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 6.93%. On a net asset value (“NAV”) basis, the Fund returned 6.94%. During the same time period, the Index returned 7.05%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate
investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the electric industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration in addition to security selection within the consumernon-cyclical industry.
For the fiscal year ended August 31, 2019, the banking industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical industry. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Goldman Sachs Group, Inc. (The), 5.75% coupon, due 01/24/2022, a financials company (portfolio average weight of 1.26%), and Wells Fargo & Co., 2.63% coupon, due 07/22/2022, a financials company (portfolio average weight of 0.76%). Positions that detracted most significantly from the Fund’s return during this period included Antero Resources, Corp., 5.12% coupon, due 12/01/2022, an oil & gas company (portfolio average weight of 0.22%), and 21st Century Fox America, Inc., 3.00% coupon, due 09/15/2022, a media company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 30.89 | |||
Health Care | 11.94 | |||
Information Technology | 11.02 | |||
Industrials | 9.78 | |||
Energy | 8.40 | |||
Consumer Staples | 7.75 | |||
Consumer Discretionary | 6.07 | |||
Communication Services | 5.59 | |||
Sector Types Each Less Than 3% | 7.45 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.11 |
| 14 |
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Invesco BulletShares 2022 Corporate Bond ETF (BSCM)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022 | 1.20 | |||
Wells Fargo & Co., 2.63%, 07/22/2022 | 0.97 | |||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.00%, 01/15/2022 | 0.87 | |||
JPMorgan Chase & Co., 4.50%, 01/24/2022 | 0.84 | |||
Barclays Bank PLC, 7.62%, 11/21/2022 | 0.83 | |||
Cooperatieve Rabobank U.A., 3.87%, 02/08/2022 | 0.82 | |||
Morgan Stanley, 2.75%, 05/19/2022 | 0.80 | |||
Goldman Sachs Group, Inc. (The), 3.00%, 04/26/2022 | 0.80 | |||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 4.46%, 07/23/2022 | 0.78 | |||
AbbVie, Inc., 2.90%, 11/06/2022 | 0.77 | |||
Total | 8.68 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2022 Index | 7.05 | % | 2.71 | % | 8.35 | % | 3.41 | % | 18.24 | % | 4.22 | % | 28.77 | % | ||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 4.64 | 14.58 | 4.56 | 24.95 | 5.04 | 35.08 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 6.94 | 2.62 | 8.06 | 3.27 | 17.44 | 4.04 | 27.47 | |||||||||||||||||||||||||
Market Price Return | 6.93 | 2.62 | 8.08 | 3.25 | 17.33 | 4.08 | 27.71 |
| 15 |
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Invesco BulletShares 2022 Corporate Bond ETF (BSCM)(continued)
Guggenheim BulletShares 2022 Corporate Bond ETF (the “Predecessor Fund”) Inception: July 17, 2013
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes | Regarding Indexes and Fund Performance History: |
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 16 |
|
BSCN | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) |
As an index fund, the Invesco BulletShares 2023 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2023 Index (the “2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2023 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 8.47%. On a net asset value (“NAV”) basis, the Fund returned 8.44%. During the same time period, the Index returned 8.56%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate
investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the electric industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration in addition to being underweight in the communications and electric industries.
For the fiscal year ended August 31, 2019, the banking and consumernon-cyclical industries contributed most significantly to the Fund’s return. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included CVS Health Corp., 3.70% coupon, due 03/09/2023, a health care company (portfolio average weight of 1.58%), and Verizon Communications, Inc., 5.15% coupon, due 09/15/2023, a communications company (portfolio average weight of 1.74%). Positions that detracted most significantly from the Fund’s return during this period included Antero Resources, Corp., 5.625% coupon, due 06/01/2023, an oil & gas company (portfolio average weight of 0.24%), and BP Capital Markets PLC, 3.216% coupon, due 11/28/2023, an oil & gas company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 29.98 | |||
Health Care | 11.81 | |||
Energy | 9.93 | |||
Information Technology | 8.95 | |||
Consumer Staples | 8.46 | |||
Consumer Discretionary | 8.12 | |||
Industrials | 7.49 | |||
Communication Services | 5.27 | |||
Real Estate | 4.55 | |||
Utilities | 3.22 | |||
Sector Types Each Less Than 3% | 1.23 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.99 |
| 17 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
CVS Health Corp., 3.70%, 03/09/2023 | 1.95 | |||
Apple, Inc., 2.40%, 05/03/2023 | 1.72 | |||
Verizon Communications, Inc., 5.15%, 09/15/2023 | 1.49 | |||
Bank of America Corp., 3.30%, 01/11/2023 | 1.37 | |||
Wells Fargo & Co., 3.07%, 01/24/2023 | 1.12 | |||
Walmart, Inc., 3.40%, 06/26/2023 | 0.95 | |||
Anheuser-Busch InBev Finance, Inc., 3.30%, 02/01/2023 | 0.94 | |||
JPMorgan Chase & Co., 3.20%, 01/25/2023 | 0.81 | |||
Chevron Corp., 3.19%, 06/24/2023 | 0.78 | |||
Oracle Corp., 2.40%, 09/15/2023 | 0.78 | |||
Total | 11.91 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2023 Index | 8.56 | % | 3.18 | % | 9.83 | % | 4.43 | % | 23.95 | % | ||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 4.64 | 14.58 | 4.98 | 27.21 | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 8.44 | 3.03 | 9.38 | 4.32 | 23.31 | |||||||||||||||||||
Market Price Return | 8.47 | 3.03 | 9.35 | 4.34 | 23.43 |
| 18 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)(continued)
Guggenheim BulletShares 2023 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 19 |
|
BSCO | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) |
As an index fund, the Invesco BulletShares 2024 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2024 Index (the “2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2024 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 10.11%. On a net asset value (“NAV”) basis, the Fund returned 10.07%. During the same time period, the Index returned 10.18%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate
investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the electric industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight the communications, electric, and consumernon-cyclical industries, respectively.
For the fiscal year ended August 31, 2019, the banking industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical industry. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Bank of America Corp., 4.20% coupon, due 08/26/2024, a financials company (portfolio average weight of 1.30%), and Morgan Stanley, 3.70% coupon, due 10/23/2024, a financials company (portfolio average weight of 1.28%). Positions that detracted most significantly from the Fund’s return during this period included Oceaneering International, Inc., 4.65% coupon, due 11/15/2024, an energy company (no longer held at fiscalyear-end), and CNOOC Nexen Finance (2014) ULC, 4.25% coupon, due 04/30/2024, an oil & gas company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 31.18 | |||
Energy | 12.50 | |||
Information Technology | 12.01 | |||
Health Care | 10.05 | |||
Consumer Staples | 7.58 | |||
Communication Services | 6.64 | |||
Consumer Discretionary | 6.35 | |||
Industrials | 6.11 | |||
Sector Types Each Less Than 3% | 6.33 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.25 |
| 20 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
JPMorgan Chase & Co., 3.88%, 09/10/2024 | 1.36 | |||
Morgan Stanley, Series F, 3.87%, 04/29/2024 | 1.31 | |||
Bank of America Corp., 4.20%, 08/26/2024 | 1.31 | |||
Morgan Stanley, 3.70%, 10/23/2024 | 1.29 | |||
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024 | 1.27 | |||
Credit Suisse AG/New York NY, 3.63%, 09/09/2024 | 1.27 | |||
Apple, Inc., 3.45%, 05/06/2024 | 1.09 | |||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.62%, 01/15/2024 | 1.08 | |||
Bank of America Corp., 4.12%, 01/22/2024 | 1.05 | |||
Bank of America Corp., 4.00%, 04/01/2024 | 1.00 | |||
Total | 12.03 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2024 Index | 10.18 | % | 3.67 | % | 11.42 | % | 4.89 | % | 26.66 | % | ||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 4.64 | 14.58 | 4.98 | 27.21 | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 10.07 | 3.48 | 10.79 | 4.67 | 25.39 | |||||||||||||||||||
Market Price Return | 10.11 | 3.55 | 11.03 | 4.71 | 25.62 |
| 21 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)(continued)
Guggenheim BulletShares 2024 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index
and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 22 |
|
BSCP | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) |
As an index fund, the Invesco BulletShares 2025 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2025 Index (the “2025 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2025 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2025. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2025. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 11.14%. On a net asset value (“NAV”) basis, the Fund returned 11.44%. During the same time period, the Index returned 11.47%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which was partially offset by the sampling approach employed by the portfolio management team.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed-rate
investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the consumernon-cyclical industry and most underweight in the electric industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the electric and communications industries.
For the fiscal year ended August 31, 2019, the banking industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical industry. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included AT&T, Inc., 3.40% coupon, due 05/15/2025, a communications company (portfolio average weight of 1.87%), and Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91% coupon, due 07/23/2025, a media company (portfolio average weight of 1.73%). Positions that detracted most significantly from the Fund’s return during this period included Pacific Gas and Electric Utilities, 3.50% coupon, due 06/15/2025, an electric utilities company (no longer held at fiscalyear-end), and Antero Resources, Corp., 5.00% coupon, due 03/01/2025, an oil & gas company (portfolio average weight of 0.23%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 26.06 | |||
Health Care | 17.78 | |||
Information Technology | 12.00 | |||
Energy | 10.01 | |||
Communication Services | 7.66 | �� | ||
Industrials | 6.88 | |||
Consumer Staples | 6.12 | |||
Consumer Discretionary | 5.95 | |||
Real Estate | 3.74 | |||
Sector Types Each Less Than 3% | 2.73 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.07 |
| 23 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
AT&T, Inc., 3.40%, 05/15/2025 | 1.86 | |||
CVS Health Corp., 4.10%, 03/25/2025 | 1.85 | |||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025 | 1.64 | |||
Medtronic, Inc., 3.50%, 03/15/2025 | 1.51 | |||
Visa, Inc., 3.15%, 12/14/2025 | 1.49 | |||
AbbVie, Inc., 3.60%, 05/14/2025 | 1.39 | |||
Verizon Communications, Inc., 3.38%, 02/15/2025 | 1.28 | |||
Morgan Stanley, 4.00%, 07/23/2025 | 1.19 | |||
Microsoft Corp., 3.13%, 11/03/2025 | 1.19 | |||
CVS Health Corp., 3.87%, 07/20/2025 | 1.11 | |||
Total | 14.51 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
3 Years | 3 Years | Fund Inception | ||||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2025 Index | 11.47 | % | 3.74 | % | 11.66 | % | 5.26 | % | 22.12 | % | ||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 4.64 | 14.58 | 5.73 | 24.24 | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 11.44 | 3.58 | 11.12 | 4.97 | 20.83 | |||||||||||||||||||
Market Price Return | 11.14 | 3.50 | 10.89 | 4.99 | 20.91 |
| 24 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)(continued)
Guggenheim BulletShares 2025 Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 2015
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index
and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 25 |
|
BSCQ | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) |
As an index fund, the Invesco BulletShares 2026 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2026 Index (the “2026 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2026 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2026. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2026. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 13.07%. On a net asset value (“NAV”) basis, the Fund returned 12.98%. During the same time period, the Index returned 13.08%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the electric industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the communications and electric industries.
For the fiscal year ended August 31, 2019, the banking industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical industry. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Anheuser-Busch InBev Finance, Inc., 3.65% coupon, due 02/01/2026, a consumer stables company (portfolio average weight of 2.82%), and Microsoft Corp., 2.40% coupon, due 08/08/2026, an information technology company (portfolio average weight of 1.34%). Positions that detracted most significantly from the Fund’s return during this period included Pacific Gas and Electric, Co., 2.95% coupon, due 03/01/2026, an electric utilities company (no longer held at fiscalyear-end), and AT&T, Inc., 7.12% coupon, due 03/15/2026, a communications company (portfolio average weight of 0.05%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 35.00 | |||
Energy | 9.95 | |||
Information Technology | 9.31 | |||
Health Care | 8.83 | |||
Consumer Staples | 8.17 | |||
Consumer Discretionary | 6.95 | |||
Communication Services | 5.87 | |||
Industrials | 5.61 | |||
Utilities | 4.24 | |||
Real Estate | 4.03 | |||
Sector Types Each Less Than 3% | 0.98 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.06 |
| 26 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Anheuser-Busch InBev Finance, Inc., 3.65%, 02/01/2026 | 2.21 | |||
Microsoft Corp., 2.40%, 08/08/2026 | 1.46 | |||
Wells Fargo & Co., 3.00%, 10/23/2026 | 1.43 | |||
Wells Fargo & Co., 3.00%, 04/22/2026 | 1.25 | |||
Apple, Inc., 3.25%, 02/23/2026 | 1.14 | |||
Morgan Stanley, 3.87%, 01/27/2026 | 1.12 | |||
Citigroup, Inc., 3.20%, 10/21/2026 | 1.11 | |||
Oracle Corp., 2.65%, 07/15/2026 | 1.10 | |||
Morgan Stanley, 3.13%, 07/27/2026 | 1.08 | |||
Mitsubishi UFJ Financial Group, Inc., 3.85%, 03/01/2026 | 1.06 | |||
Total | 12.96 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2026 Index | 13.08 | % | 4.35 | % | 13.45 | % | ||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 5.14 | 16.01 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 12.98 | 4.32 | 13.34 | |||||||||||||
Market Price Return | 13.07 | 4.40 | 13.59 |
| 27 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)(continued)
Guggenheim BulletShares 2026 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 2016
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or
less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 28 |
|
BSCR | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) |
As an index fund, the Invesco BulletShares 2027 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2027 Index (the “2027 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2027 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2027. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2027. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 14.01%. On a net asset value (“NAV”) basis, the Fund returned 13.87%. During the same time period, the Index returned 14.06%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as the sampling approach employed by the portfolio management team.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the technology industry and most underweight in the electric industry during the fiscal year ended August 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the technology industry.
For the fiscal year ended August 31, 2019, the banking, consumernon-cyclical, and technology industries were the primary contributors to the Fund’s return. There were no industries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Citigroup, Inc., 4.45% coupon, due 09/29/2027, a financials company (portfolio average weight of 2.02%), and Microsoft Corp., 3.30% coupon, due 02/06/2027, an information technology company (portfolio average weight of 2.17%). Positions that detracted most significantly from the Fund’s return during this period included Verisign, Inc., 4.75% coupon, due 07/15/2027, an information technology company (no longer held at fiscalyear-end), and Public Storage, 3.09% coupon, due 09/15/2027, a REIT company (portfolio average weight of 0.07%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 26.22 | |||
Information Technology | 14.76 | |||
Health Care | 10.14 | |||
Energy | 9.50 | |||
Consumer Discretionary | 8.18 | |||
Consumer Staples | 7.19 | |||
Industrials | 6.77 | |||
Communication Services | 6.35 | |||
Utilities | 4.55 | |||
Sector Types Each Less Than 3% | 5.25 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.09 |
| 29 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.87%, 01/15/2027 | 1.99 | |||
Microsoft Corp., 3.30%, 02/06/2027 | 1.89 | |||
Citigroup, Inc., 4.45%, 09/29/2027 | 1.75 | |||
Amazon.com, Inc., 3.15%, 08/22/2027 | 1.63 | |||
Verizon Communications, Inc., 4.13%, 03/16/2027 | 1.61 | |||
Oracle Corp., 3.25%, 11/15/2027 | 1.40 | |||
Morgan Stanley, 3.62%, 01/20/2027 | 1.39 | |||
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027 | 1.38 | |||
Bank of America Corp., 3.25%, 10/21/2027 | 1.14 | |||
Wells Fargo & Co., 4.30%, 07/22/2027 | 1.12 | |||
Total | 15.30 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2027 Index | 14.06 | % | 6.39 | % | 12.67 | % | ||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 6.38 | 12.64 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 13.87 | 6.07 | 12.00 | |||||||||||||
Market Price Return | 14.01 | 6.22 | 12.31 |
| 30 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)(continued)
Guggenheim BulletShares 2027 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
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BSCS | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) |
As an index fund, the Invesco BulletShares 2028 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2028 Index (the “2028 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2028 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2028. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2028. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 14.51%. On a net asset value (“NAV”) basis, the Fund returned 14.38%. During the same time period, the Index returned 14.71%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index due to the impact of the Fund’s sampling methodology in addition to fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 13.33%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the capital goods industry and most underweight in the banking industry during the fiscal year ended August 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the capital goods consumernon-cyclical industries.
For the fiscal year ended August 31, 2019, the consumernon-cyclical industry contributed most significantly to the Fund’s return, followed by the banking and capital goods industries, respectively. No industries detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included CVS Health Corp., 4.30% coupon, due 03/25/2028, a health care company (portfolio average weight of 4.69%), and United Technologies Corp., 4.12% coupon, due 11/16/2028, an industrials company (portfolio average weight of 2.06%). Positions that detracted most significantly from the Fund’s return during this period included Toyota Motor Credit Corp., 3.05% coupon, due 01/11/2028, a financials company (portfolio average weight of 0.12%), and CVS Pass Through Trust, 6.04% coupon, due 12/10/2028, a consumer staples company (portfolio average weight of 0.20%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 21.59 | |||
Industrials | 14.04 | |||
Health Care | 13.33 | |||
Energy | 12.53 | |||
Consumer Staples | 10.32 | |||
Communication Services | 7.23 | |||
Consumer Discretionary | 6.60 | |||
Utilities | 4.47 | |||
Information Technology | 3.79 | |||
Real Estate | 3.01 | |||
Sector Types Each Less Than 3% | 1.64 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.45 |
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Invesco BulletShares 2028 Corporate Bond ETF (BSCS)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
CVS Health Corp., 4.30%, 03/25/2028 | 4.79 | |||
Vodafone Group PLC, 4.38%, 05/30/2028 | 2.46 | |||
United Technologies Corp., 4.12%, 11/16/2028 | 2.35 | |||
Walmart, Inc., 3.70%, 06/26/2028 | 2.16 | |||
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 04/13/2028 | 1.82 | |||
Northrop Grumman Corp., 3.25%, 01/15/2028 | 1.60 | |||
Discovery Communications LLC, 3.95%, 03/20/2028 | 1.44 | |||
salesforce.com, inc., 3.70%, 04/11/2028 | 1.30 | |||
Comcast Corp., 3.15%, 02/15/2028 | 1.30 | |||
GlaxoSmithKline Capital, Inc., 3.88%, 05/15/2028 | 1.23 | |||
Total | 20.45 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2028 Index | 14.71 | % | 14.26 | % | 15.16 | % | ||||||||||
Bloomberg Barclays U.S. Corporate Index | 13.33 | 12.95 | 13.77 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 14.38 | 13.90 | 14.79 | |||||||||||||
Market Price Return | 14.51 | 13.98 | 14.86 |
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Invesco BulletShares 2028 Corporate Bond ETF (BSCS)(continued)
Fund Inception: August 9, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
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BSJJ | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) |
As an index fund, the Invesco BulletShares 2019 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2019 Index (the “High Yield 2019 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2019 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2019. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2019. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 2.90%. On a net asset value (“NAV”) basis, the Fund returned 3.06%. During the same time period, the Index returned 3.84%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 6.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,880 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-ratenon-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the information technology industry and most underweight in the consumernon-cyclical industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocations in both the consumernon-cyclical and communications industries.
For the fiscal year ended August 31, 2019, the communications industry contributed most significantly to the Fund’s return, followed by the consumer cyclical and technology industries, respectively. Energy and metals & mining were the only two industries which detracted from the Fund’s performance during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Scientific Games International, Inc., 10.00% coupon, due 12/01/2022, a consumer discretionary company (portfolio average weight of 2.60%), and Solera, LLC/Solera Finance, Inc., 10.50% coupon, due 03/01/2024, an information technology company (portfolio average weight of 3.16%). Positions that detracted most significantly from the Fund’s return during this period included Canbriam Energy, Inc., 9.75% coupon, due 11/15/2019, an oil & gas company (no longer held at fiscalyear-end), and PHI, Inc., 5.25% coupon, due 03/15/2019, an energy equipment company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
U.S. Treasury Securities | 50.21 | |||
Communication Services | 17.47 | |||
Information Technology | 8.66 | |||
Consumer Discretionary | 7.59 | |||
Health Care | 3.48 | |||
Materials | 3.33 | |||
Sector Types Each Less Than 3% | 10.00 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.74) |
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Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
U.S. Treasury Bills, 1.81%—2.04%, 10/17/2019 | 45.00 | |||
U.S. Treasury Bills, 2.01%—2.10%, 09/19/2019 | 5.21 | |||
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/2024 | 3.53 | |||
Clear Channel Worldwide Holdings, Inc., Series B, 6.50%, 11/15/2022 | 2.85 | |||
T-Mobile USA, Inc., 6.38%, 03/01/2025 | 2.84 | |||
DISH DBS Corp., 7.87%, 09/01/2019 | 2.66 | |||
Dell International LLC/EMC Corp., 5.88%, 06/15/2021 | 2.66 | |||
Centene Corp., 5.63%, 02/15/2021 | 2.42 | |||
Scientific Games International, Inc., 10.00%, 12/01/2022 | 2.03 | |||
T-Mobile USA, Inc., 6.00%, 03/01/2023 | 2.02 | |||
Total | 71.22 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2019 Index | 3.84 | % | 5.11 | % | 16.14 | % | 2.50 | % | 13.13 | % | 3.36 | % | 21.64 | % | ||||||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 6.56 | 6.17 | 19.69 | 4.85 | 26.73 | 5.61 | 38.28 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 3.06 | 4.34 | 13.59 | 2.81 | 14.84 | 3.77 | 24.58 | |||||||||||||||||||||||||
Market Price Return | 2.90 | 4.22 | 13.20 | 2.74 | 14.46 | 3.75 | 24.40 |
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Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ)(continued)
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 24, 2013
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
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BSJK | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) |
As an index fund, the Invesco BulletShares 2020 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2020 Index (the “High Yield 2020 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2020 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2020. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2020. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 3.06%. On a net asset value (“NAV”) basis, the Fund returned 3.24%. During the same time period, the Index returned 4.00%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 6.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,880 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-ratenon-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the communications industry and most underweight in the energy industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration in addition to being underweight in the consumernon-cyclical industry.
For the fiscal year ended August 31, 2019, the communications industry contributed most significantly to the Fund’s return, followed by the consumer cyclical and capital goods industries, respectively. The energy industry was the only detracting industry during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Reynolds Group Issuer, Inc./LLC, 5.75% coupon, due 10/15/2020, a materials company (portfolio average weight of 4.59%), and Neptune Finco Corp., 10.88% coupon, due 10/15/2025, a media company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return during this period included Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 4.87% coupon, due 04/15/2020, a pharmaceuticals company (portfolio average weight of 1.18%), and EP Energy, LLC, 9.38% coupon, due 05/01/2020, an oil & gas company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Communication Services | 21.60 | |||
Financials | 14.46 | |||
Materials | 9.18 | |||
Consumer Discretionary | 8.33 | |||
Information Technology | 8.02 | |||
Health Care | 7.41 | |||
Consumer Staples | 7.36 | |||
Energy | 6.69 | |||
Industrials | 4.23 | |||
Sector Types Each Less Than 3% | 1.47 | |||
Money Market Funds Plus Other Assets Less Liabilities | 11.25 |
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Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Reynolds Group Issuer, Inc./LLC, 5.75%, 10/15/2020 | 4.67 | |||
EMC Corp., 2.65%, 06/01/2020 | 4.14 | |||
CSC Holdings, LLC, 10.87%, 10/15/2025 | 3.92 | |||
Tenet Healthcare Corp., 6.00%, 10/01/2020 | 3.74 | |||
Navient Corp., 8.00%, 03/25/2020 | 3.24 | |||
Sprint Communications, Inc., 7.00%, 08/15/2020 | 2.99 | |||
Intelsat Jackson Holdings S.A., 8.00%, 02/15/2024 | 2.98 | |||
DISH DBS Corp., 5.13%, 05/01/2020 | 2.34 | |||
Springleaf Finance Corp., 8.25%, 12/15/2020 | 2.12 | |||
CenturyLink, Inc., Series V, 5.62%, 04/01/2020 | 2.10 | |||
Total | 32.24 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2020 Index | 4.00 | % | 5.43 | % | 17.18 | % | 3.04 | % | 16.13 | % | 4.03 | % | 26.41 | % | ||||||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 6.56 | 6.17 | 19.69 | 4.85 | 26.73 | 5.61 | 38.28 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 3.24 | 4.60 | 14.45 | 3.04 | 16.15 | 4.07 | 26.74 | |||||||||||||||||||||||||
Market Price Return | 3.06 | 4.51 | 14.16 | 3.01 | 15.96 | 4.05 | 26.57 |
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|
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)(continued)
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 24, 2013
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
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|
BSJL | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) |
As an index fund, the Invesco BulletShares 2021 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2021 Index (the “High Yield 2021 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2021 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2021. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 5.01%. On a net asset value (“NAV”) basis, the Fund returned 4.88%. During the same time period, the Index returned 5.43%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 6.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,880 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-ratenon-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the electric industry and most underweight in the capital goods industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s shorter duration in addition to being underweight in the communications industry.
For the fiscal year ended August 31, 2019, the communications industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical and consumer cyclical industries, respectively. The energy industry was the only detracting industry during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Sprint Corp., 7.25% coupon, due 09/15/2021, a telecommunications company (portfolio average weight of 3.07%), and Dish DBS Corp., 6.75% coupon, due 06/01/2021, a media company (portfolio average weight of 2.65%). Positions that detracted most significantly from the Fund’s return during this period included Cloud Peak Energy Resources LLC, 12.00% coupon, due 11/01/2021, a metals & mining company (no longer held at fiscalyear-end), and SESI, LLC, 7.13% coupon, due 12/15/2021, an energy equipment company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Communication Services | 19.18 | |||
Consumer Discretionary | 13.89 | |||
Energy | 10.87 | |||
Financials | 8.82 | |||
Industrials | 8.27 | |||
Information Technology | 7.94 | |||
Health Care | 7.33 | |||
Utilities | 6.30 | |||
Consumer Staples | 5.17 | |||
Materials | 4.27 | |||
Sector Types Each Less Than 3% | 2.08 | |||
Money Market Funds Plus Other Assets Less Liabilities | 5.88 |
| 41 |
|
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Sprint Corp., 7.25%, 09/15/2021 | 3.13 | |||
T-Mobile USA, Inc., 6.50%, 01/15/2026 | 2.79 | |||
DISH DBS Corp., 6.75%, 06/01/2021 | 2.75 | |||
Bombardier, Inc., 8.75%, 12/01/2021 | 1.82 | |||
Meredith Corp., 6.87%, 02/01/2026 | 1.76 | |||
NRG Energy, Inc., 6.62%, 01/15/2027 | 1.74 | |||
MGM Resorts International, 6.62%, 12/15/2021 | 1.73 | |||
CenturyLink, Inc., Series S, 6.45%, 06/15/2021 | 1.69 | |||
Sprint Communications, Inc., 11.50%, 11/15/2021 | 1.51 | |||
CSC Holdings, LLC, 6.75%, 11/15/2021 | 1.46 | |||
Total | 20.38 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2021 Index | 5.43 | % | 6.30 | % | 20.13 | % | 4.23 | % | 22.75 | % | ||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 6.56 | 6.17 | 19.69 | 5.14 | 28.16 | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 4.88 | 5.21 | 16.47 | 4.77 | 25.97 | |||||||||||||||||||
Market Price Return | 5.01 | 5.25 | 16.60 | 4.72 | 25.66 |
| 42 |
|
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)(continued)
Guggenheim BulletShares 2021 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 43 |
|
BSJM | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) |
As an index fund, the Invesco BulletShares 2022 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2022 Index (the “High Yield 2022 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2022 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2022. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 4.94%. On a net asset value (“NAV”) basis, the Fund returned 4.86%. During the same time period, the Index returned 4.90%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which was partially offset by a positive impact of the Fund’s sampling methodology.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 6.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,880 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the finance companies industry and most underweight in the technology industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the communications and technology industries.
For the fiscal year ended August 31, 2019, the communications industry contributed most significantly to the Fund’s return, followed by the consumer cyclical and consumer non-cyclical industries, respectively. The energy industry was the only detracting industry during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Altice Luxembourg S.A., 7.75% coupon, due 05/15/2022, a media company (portfolio average weight of 1.61%), and Tenet Healthcare Corp., 8.13% coupon, due 04/01/2022, a health care company (portfolio average weight of 2.42%). Positions that detracted most significantly from the Fund’s return during this period included California Resources Corp., 8.00% coupon, due 12/15/2022, an oil & gas company (portfolio average weight of 1.06%) and Frontier Communications Corp., 10.50% coupon, due 09/15/2022, a telecommunications company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Communication Services | 17.24 | |||
Energy | 13.44 | |||
Health Care | 13.16 | |||
Consumer Discretionary | 12.05 | |||
Financials | 10.55 | |||
Industrials | 9.35 | |||
Materials | 8.08 | |||
Consumer Staples | 6.40 | |||
Sector Types Each Less Than 3% | 6.10 | |||
Money Market Funds Plus Other Assets Less Liabilities | 3.63 |
| 44 |
|
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Tenet Healthcare Corp., 8.12%, 04/01/2022 | 2.56 | |||
Sprint Communications, Inc., 6.00%, 11/15/2022 | 2.12 | |||
HCA, Inc., 7.50%, 02/15/2022 | 1.93 | |||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022 | 1.90 | |||
Dish DBS Corp., 5.88%, 07/15/2022 | 1.87 | |||
Bausch Health Cos., Inc., 8.50%, 01/31/2027 | 1.76 | |||
Freeport-McMoRan, Inc., 3.55%, 03/01/2022 | 1.56 | |||
Infor US, Inc., 6.50%, 05/15/2022 | 1.42 | |||
Bausch Health Americas, Inc., 9.25%, 04/01/2026 | 1.35 | |||
International Game Technology PLC, 6.25%, 02/15/2022 | 1.29 | |||
Total | 17.76 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2022 Index | 4.90 | % | 5.51 | % | 17.46 | % | 4.84 | % | 26.38 | % | ||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 6.56 | 6.17 | 19.69 | 5.14 | 28.16 | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 4.86 | 4.89 | 15.41 | 4.74 | 25.79 | |||||||||||||||||||
Market Price Return | 4.94 | 4.92 | 15.50 | 4.73 | 25.71 |
| 45 |
|
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)(continued)
Guggenheim BulletShares 2022 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 2014
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 46 |
|
BSJN | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) |
As an index fund, the Invesco BulletShares 2023 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index (the “High Yield 2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2023 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 4.97%. On a net asset value (“NAV”) basis, the Fund returned 5.01%. During the same time period, the Index returned 5.44%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 6.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,880 securities. The Benchmark Index was selected for its recognition in the marketplace, and its
performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the consumer non-cyclical industry and most underweight in the consumer cyclical industry during the fiscal year ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation in the communications, consumer cyclical, and technology industries, respectively.
For the fiscal year ended August 31, 2019, the communications industry contributed most significantly to the Fund’s return, followed by the consumer cyclical and consumer non-cyclical industries, respectively. The REIT and energy industries were the only industries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Sprint Corp., 7.88% coupon, due 09/15/2023, a telecommunications company (portfolio average weight of 3.72%), and Valeant Pharmaceuticals International, 5.88% coupon, due 05/15/2023, a pharmaceuticals company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Dean Foods Co., 6.50% coupon, due 03/15/2023, a food products company (no longer held at fiscal year-end), and Exela Intermediate LLC/Exela Finance Inc., 10.00% coupon, due 07/15/2023, an information technology company (portfolio average weight of 0.72%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Communication Services | 17.46 | |||
Energy | 13.27 | |||
Consumer Discretionary | 12.08 | |||
Materials | 11.58 | |||
Industrials | 9.53 | |||
Financials | 8.74 | |||
Health Care | 8.74 | |||
Information Technology | 5.61 | |||
Consumer Staples | 4.46 | |||
Utilities | 3.35 | |||
Sector Types Each Less Than 3% | 1.00 | |||
Money Market Funds Plus Other Assets Less Liabilities | 4.18 |
| 47 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Sprint Corp., 7.88%, 09/15/2023 | 3.70 | |||
Community Health Systems, Inc., 6.25%, 03/31/2023 | 2.44 | |||
Bausch Health Cos., Inc., 5.87%, 05/15/2023 | 1.89 | |||
Altice Financing S.A., 6.62%, 02/15/2023 | 1.85 | |||
Intelsat Jackson Holdings S.A., 5.50%, 08/01/2023 | 1.60 | |||
Tenet Healthcare Corp., 6.75%, 06/15/2023 | 1.43 | |||
Freeport-McMoRan, Inc., 3.88%, 03/15/2023 | 1.38 | |||
Reynolds Group Issuer, Inc./LLC, 5.13%, 07/15/2023 | 1.35 | |||
Dish DBS Corp., 5.00%, 03/15/2023 | 1.19 | |||
Zayo Group LLC/Zayo Capital, Inc., 6.00%, 04/01/2023 | 1.11 | |||
Total | 17.94 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index | 5.44 | % | 5.73 | % | 18.19 | % | 7.18 | % | 31.05 | % | ||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 6.56 | 6.17 | 19.69 | 7.41 | 32.14 | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 5.01 | 4.81 | 15.15 | 6.43 | 27.50 | |||||||||||||||||||
Market Price Return | 4.97 | 4.89 | 15.41 | 6.48 | 27.74 |
| 48 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)(continued)
Guggenheim BulletShares 2023 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 2015
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 49 |
|
BSJO | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) |
As an index fund, the Invesco BulletShares 2024 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index (the “High Yield 2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2024 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 7.22%. On a net asset value (“NAV”) basis, the Fund returned 7.39%. During the same time period, the Index returned 7.16%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to a positive impact as a result of the Fund’s sampling methodology, which was partially offset by the fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 6.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,880 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the technology industry and most underweight in the energy industry during the fiscal year ended August 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index occurred due to the Fund’s energy and technology industry weightings.
For the fiscal year ended August 31, 2019, the communications industry contributed most significantly to the Fund’s return, followed by the consumer cyclical and consumer non-cyclical industries, respectively. The energy industry was the only detracting industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Sprint Corp., 7.13% coupon, due 06/15/2024, a telecommunications company (portfolio average weight of 2.34%), and Dish DBS Corp., 5.87% coupon, due 11/15/2024, a media company (portfolio average weight of 1.43%). Positions that detracted most significantly from the Fund’s return during this period included McDermott Technology Americas Inc./McDermott Technology US Inc., 10.62% coupon, due 05/01/2024, an energy company (portfolio average weight of 0.52%), and Gulfport Energy Corp., 6.00% coupon, due 10/15/2024, an oil & gas company (portfolio average weight of 0.67%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Communication Services | 20.82 | |||
Consumer Discretionary | 13.89 | |||
Industrials | 10.22 | |||
Health Care | 9.51 | |||
Materials | 9.04 | |||
Energy | 8.24 | |||
Financials | 6.13 | |||
Consumer Staples | 6.07 | |||
Information Technology | 5.70 | |||
Utilities | 3.77 | |||
Real Estate | 3.72 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.89 |
| 50 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Sprint Corp., 7.13%, 06/15/2024 | 2.19 | |||
Bausch Health Cos., Inc., 7.00%, 03/15/2024 | 1.71 | |||
CSC Holdings, LLC, 6.50%, 02/01/2029 | 1.60 | |||
DISH DBS Corp., 5.87%, 11/15/2024 | 1.58 | |||
Tenet Healthcare Corp., 4.63%, 07/15/2024 | 1.53 | |||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.87%, 04/01/2024 | 1.44 | |||
Avantor, Inc., 6.00%, 10/01/2024 | 1.37 | |||
JBS USA LUX S.A./JBS USA Finance, Inc., 6.50%, 04/15/2029 | 1.36 | |||
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024 | 1.28 | |||
Sirius XM Radio, Inc., 4.63%, 07/15/2024 | 1.28 | |||
Total | 15.34 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index | 7.16 | % | 6.29 | % | 19.80 | % | ||||||||||
Bloomberg Barclays US Corporate High Yield Index | 6.56 | 6.45 | 20.32 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 7.39 | 5.58 | 17.45 | |||||||||||||
Market Price Return | 7.22 | 5.60 | 17.52 |
| 51 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)(continued)
Guggenheim BulletShares 2024 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 2016
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 52 |
|
BSJP | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) |
As an index fund, the Invesco BulletShares 2025 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index (the “High Yield 2025 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2025 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2025. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2025. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 7.15%. On a net asset value (“NAV”) basis, the Fund returned 6.96%. During the same time period, the Index returned 7.30%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index due to fees and operating expenses incurred by the Fund during the period, which was partially offset by a positive impact of the Fund’s sampling methodology.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 6.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,880 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-ratenon-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the consumernon-cyclical industry and most underweight in the communications industry during the fiscal year ended August 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocations in the consumer cyclical and consumernon-cyclical industries, as well as security selection within the energy industry.
For the fiscal year ended August 31, 2019, the consumer cyclical industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical industry. The energy industry was the only detractor from the Fund’s performance during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019, included Valeant Pharmaceuticals International, Inc., 6.13% coupon, due 04/15/2025, a pharmaceuticals company (no longer held at fiscalyear-end), and HCA, Inc., 5.37% coupon, due 02/01/2025, a health care company (portfolio average weight of 1.77%). Positions that detracted most significantly from the Fund’s return during this period included EP Energy LLC/Everest Acquisition Finance, Inc., 8.00% coupon, due 02/15/2025, an oil & gas company (no longer held at fiscalyear-end), and Halcon Resources Corp., 6.75% coupon, due 02/15/2025, an oil & gas company (no longer held at fiscalyear-end ).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Consumer Discretionary | 15.95 | |||
Energy | 13.45 | |||
Health Care | 11.93 | |||
Communication Services | 11.54 | |||
Materials | 11.28 | |||
Financials | 10.31 | |||
Industrials | 10.17 | |||
Consumer Staples | 5.74 | |||
Information Technology | 4.15 | |||
Sector Types Each Less Than 3% | 3.49 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.99 |
| 53 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Bausch Health Cos., Inc., 6.12%, 04/15/2025 | 2.05 | |||
HCA, Inc., 5.37%, 02/01/2025 | 1.80 | |||
1011778 BC ULC/New Red Finance, Inc., 5.00%, 10/15/2025 | 1.77 | |||
Avantor, Inc., 9.00%, 10/01/2025 | 1.34 | |||
Bausch Health Cos., Inc., 5.50%, 11/01/2025 | 1.26 | |||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025 | 1.23 | |||
Intelsat Jackson Holdings S.A., 9.75%, 07/15/2025 | 1.19 | |||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, 02/15/2025 | 1.17 | |||
Cheniere Corpus Christi Holdings LLC, 5.87%, 03/31/2025 | 1.14 | |||
Cheniere Energy Partners, L.P., 5.25%, 10/01/2025 | 1.09 | |||
Total | 14.04 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index | 7.30 | % | 4.81 | % | 9.47 | % | ||||||||||
Bloomberg Barclays US Corporate High Yield Index | 6.56 | 4.76 | 9.36 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 6.96 | 4.46 | 8.75 | |||||||||||||
Market Price Return | 7.15 | 4.57 | 8.97 |
| 54 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)(continued)
Guggenheim BulletShares 2025 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 55 |
|
BSJQ | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) |
As an index fund, the Invesco BulletShares 2026 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index (the “High Yield 2026 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2026 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2026. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2026. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended August 31, 2019, on a market price basis, the Fund returned 8.80%. On a net asset value (“NAV”) basis, the Fund returned 8.58%. During the same time period, the Index returned 8.96%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays US Corporate High Yield Index (the “Benchmark Index”) returned 6.56%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,880 securities. The Benchmark Index was selected for its recognition in the marketplace, and its
performance comparison is a useful measure for investors as a broad representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight in the technology industry during the fiscal year ended August 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed primarily to the Fund’s overweight allocation in the communications industry.
For the fiscal year ended August 31, 2019, the communications industry contributed most significantly to the Fund’s return, followed by the consumernon-cyclical and consumer cyclical industries, respectively. The energy and REIT industries were the only industries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2019 were Numericable SFR S.A. (France), 7.38% coupon, due 05/01/2026, a telecommunications company (no longer held at fiscalyear-end), and Wind TRE SPA (Italy), 5.00% coupon, due 01/20/2026, a telecommunications company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return during this period included EP Energy LLC/Everest Acquisition Finance, Inc., 7.75% coupon, due 05/15/2026, an oil & gas company (portfolio average weight of 1.12%), and Valaris PLC, 7.75% coupon, due 02/01/2026, an energy equipment company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Communication Services | 23.22 | |||
Consumer Discretionary | 14.63 | |||
Energy | 14.26 | |||
Health Care | 8.66 | |||
Materials | 8.23 | |||
Industrials | 7.36 | |||
Consumer Staples | 6.21 | |||
Financials | 5.99 | |||
Information Technology | 5.44 | |||
Utilities | 3.43 | |||
Sector Types Each Less Than 3% | 0.90 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.67 |
| 56 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Altice France S.A., 7.37%, 05/01/2026 | 3.75 | |||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 02/15/2026 | 2.58 | |||
Altice Financing S.A., 7.50%, 05/15/2026 | 2.08 | |||
DISH DBS Corp., 7.75%, 07/01/2026 | 2.01 | |||
Centene Corp., 5.37%, 06/01/2026 | 1.88 | |||
Post Holdings, Inc., 5.00%, 08/15/2026 | 1.83 | |||
Frontier Communications Corp., 8.50%, 04/01/2026 | 1.80 | |||
HCA, Inc., 5.87%, 02/15/2026 | 1.78 | |||
Springleaf Finance Corp., 7.13%, 03/15/2026 | 1.78 | |||
Novelis Corp., 5.87%, 09/30/2026 | 1.75 | |||
Total | 21.24 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index | 8.96 | % | 8.94 | % | 9.49 | % | ||||||||||
Bloomberg Barclays US Corporate High Yield Index | 6.56 | 6.51 | 6.91 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 8.58 | 8.65 | 9.18 | |||||||||||||
Market Price Return | 8.80 | 8.86 | 9.41 |
| 57 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)(continued)
Fund Inception: August 9, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 58 |
|
BSAE | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) |
As an index fund, the Invesco BulletShares 2021 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Emerging Markets Debt 2021 Index (the “Emerging Markets 2021 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2021 Index is designed to represent the performance of aheld-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 31, 2021. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year, the Index does not rebalance. In the last year of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (October 4, 2018) through August 31, 2019, on a market price basis, the Fund returned 6.70%. On a net asset value (“NAV”) basis, the Fund returned 6.66%. During the same time period, the Index returned 7.07%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as the Fund’s sampling methodology employed during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 12.43%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 760 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a broad representation of the
U.S. dollar-denominated bond market in emerging market countries.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in Supranational credits and most underweight in the country of Saudi Arabia during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the under allocation to the countries of Peru, Panama, Philippines, and Uruguay, respectively.
For the fiscal period ended August 31, 2019, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of United Arab Emirates and Russia, respectively. There were no countries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Eskom Holdings SOC Ltd. (South Africa), 5.75% coupon, due 01/26/2021, a utilities company (portfolio average weight of 3.97%) and Turkiye Vakiflar Bankasi T.A.O. (Turkey), 5.50% coupon, due 10/27/2021, a financials company (portfolio average weight of 1.89%). The only position that detracted from the Fund’s return during this period was CEMEX S.A.B. de C.V. (Mexico), 7.75% coupon, due 04/16/2026, a construction materials company (no longer held at fiscalperiod-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 33.13 | |||
Soverign Debt | 32.20 | |||
Energy | 17.33 | |||
Utilities | 10.17 | |||
Consumer Discretionary | 3.91 | |||
Consumer Staples | 1.98 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.28 |
| 59 |
|
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Republic of Poland Government International Bond, 5.13%, 04/21/2021 | 4.12 | |||
Eskom Holdings SOC Ltd., REGS, 5.75%, 01/26/2021 | 3.94 | |||
Colombia Government International Bond, 4.38%, 07/12/2021 | 3.05 | |||
Chile Government International Bond, 3.25%, 09/14/2021 | 3.01 | |||
Foxconn (Far East) Ltd., REGS, 2.25%, 09/23/2021 | 2.91 | |||
Abu Dhabi National Energy Co. PJSC, 5.88%, 12/13/2021 | 2.11 | |||
Alfa Bank AO Via Alfa Bond Issuance PLC, REGS, 7.75%, 04/28/2021 | 2.11 | |||
Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021 | 2.11 | |||
Dolphin Energy Ltd. LLC, 5.50%, 12/15/2021 | 2.09 | |||
PT Perusahaan Listrik Negara, REGS, 5.50%, 11/22/2021 | 2.09 | |||
Total | 27.54 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||
Index | Cumulative | |||
Nasdaq BulletShares® USD Emerging Markets Debt 2021 Index | 7.07 | % | ||
JP Morgan Emerging Market Bond Global Index | 12.43 | |||
Fund | ||||
NAV Return | 6.66 | |||
Market Price Return | 6.70 |
| 60 |
|
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)(continued)
Fund Inception: October 4, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 61 |
|
BSBE | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) |
As an index fund, the Invesco BulletShares 2022 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Emerging Markets Debt 2022 Index (the “Emerging Markets 2022 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2022 Index is designed to represent the performance of aheld-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 31, 2022. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year, the Index does not rebalance. In the last year of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (October 4, 2018) through August 31, 2019, on a market price basis, the Fund returned 8.45%. On a net asset value (“NAV”) basis, the Fund returned 8.45%. During the same time period, the Index returned 8.63%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, which was partially offset by a positive impact from the Fund’s sampling methodology during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 12.43%. The Benchmark Index is an unmanaged index weighted by market
capitalization based on the average performance of approximately 760 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the
U.S. dollar-denominated bond market in emerging market countries.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the country of Russia and most underweight in the country of Saudi Arabia during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the under allocation to the countries of Philippines, Uruguay, Kazakhstan, and Peru, respectively.
For the fiscal period ended August 31, 2019, the country of Russia contributed most significantly to the Fund’s return, followed by the countries of Turkey and Brazil, respectively. There were no countries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included VTB Bank OSJC Via VTB Capital S.A. (Russia), 6.95% coupon, due 10/17/2022, a financials company (portfolio average weight of 2.05%) and MTN (Mauritius) Investment Ltd. (South Africa), 5.37% coupon, due 02/13/2022, a telecommunications company (no longer held at fiscalperiod-end). The only position that detracted from the Fund’s return during this period was Banco Davivienda S.A. (Colombia), 5.88% coupon, due 07/09/2022, a financials company (no longer held at fiscalperiod-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 31.91 | |||
Soverign Debt | 28.55 | |||
Energy | 17.22 | |||
Communication Services | 7.96 | |||
Materials | 3.96 | |||
Utilities | 3.93 | |||
Sector Types Each Less Than 3% | 4.90 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.57 |
| 62 |
|
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Republic of Poland Government International Bond, 5.00%, 03/23/2022 | 3.12 | |||
Reliance Holding USA, Inc., 5.40%, 02/14/2022 | 2.58 | |||
Mexico Government International Bond, 8.00%, 09/24/2022 | 2.24 | |||
Petronas Capital Ltd., 7.88%, 05/22/2022 | 2.21 | |||
MDC — GMTN B.V., 5.50%, 03/01/2022 | 2.09 | |||
Sberbank of Russia Via SB Capital S.A., 6.13%, 02/07/2022 | 2.07 | |||
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022 | 2.05 | |||
Russian Foreign Bond — Eurobond, 4.50%, 04/04/2022 | 2.05 | |||
PT Pertamina (Persero), 4.88%, 05/03/2022 | 2.05 | |||
Itau Unibanco Holding S.A., 5.50%, 08/06/2022 | 2.03 | |||
Total | 22.49 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||
Index | Cumulative | |||
Nasdaq BulletShares® USD Emerging Markets Debt 2022 Index | 8.63 | % | ||
JP Morgan Emerging Market Bond Global Index | 12.43 | |||
Fund | ||||
NAV Return | 8.45 | |||
Market Price Return | 8.45 |
| 63 |
|
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)(continued)
Fund Inception: October 4, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 64 |
|
BSCE | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) |
As an index fund, the Invesco BulletShares 2023 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Emerging Markets Debt 2023 Index (the “Emerging Markets 2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2023 Index is designed to represent the performance of aheld-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 31, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year, the Index does not rebalance. In the last year of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (October 4, 2018) through August 31, 2019, on a market price basis, the Fund returned 9.57%. On a net asset value (“NAV”) basis, the Fund returned 9.68%. During the same time period, the Index returned 10.02%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 12.43%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 760 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the country of Mexico and most underweight in the country of Saudi Arabia during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the under allocation to the countries of Panama, Uruguay, Kazakhstan, and Ukraine, respectively.
For the fiscal period ended August 31, 2019, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of Russia and Mexico, respectively. There were no countries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Russian Foreign Bond—Eurobond, 4.88% coupon, due 09/16/2023, a sovereign credit (portfolio average weight of 4.17%) and Eskom Holdings SOC Ltd. (South Africa), 6.75% coupon, due 08/06/2023, a utilities company (portfolio average weight of 2.97%). The only position that detracted from the Fund’s return during this period was Republic of Philippines, 2.75% coupon, due 06/03/2023, a sovereign credit (no longer held at fiscalperiod-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Soverign Debt | 28.53 | |||
Financials | 23.76 | |||
Energy | 20.01 | |||
Utilities | 6.94 | |||
Materials | 6.92 | |||
Consumer Discretionary | 3.81 | |||
Sector Types Each Less Than 3% | 7.87 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.16 |
| 65 |
|
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Russian Foreign Bond — Eurobond, 4.88%, 09/16/2023 | 4.18 | |||
Mexico Government International Bond, 4.00%, 10/02/2023 | 3.54 | |||
PT Pertamina (Persero), 4.30%, 05/20/2023 | 3.02 | |||
Eskom Holdings SOC Ltd., REGS, 6.75%, 08/06/2023 | 2.95 | |||
Colombia Government International Bond, 2.63%, 03/15/2023 | 2.90 | |||
Hungary Government International Bond, 5.75%, 11/22/2023 | 2.18 | |||
Indian Oil Corp. Ltd., REGS, 5.75%, 08/01/2023 | 2.12 | |||
Indonesia Government International Bond, 5.38%, 10/17/2023 | 2.12 | |||
Hungary Government International Bond, 5.38%, 02/21/2023 | 2.11 | |||
Fresnillo PLC, 5.50%, 11/13/2023 | 2.08 | |||
Total | 27.20 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||
Index | Cumulative | |||
Nasdaq BulletShares® USD Emerging Markets Debt 2023 Index | 10.02 | % | ||
JP Morgan Emerging Market Bond Global Index | 12.43 | |||
Fund | ||||
NAV Return | 9.68 | |||
Market Price Return | 9.57 |
| 66 |
|
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)(continued)
Fund Inception: October 4, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 67 |
|
BSDE | Management’s Discussion of Fund Performance | |
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) |
As an index fund, the Invesco BulletShares 2024 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Emerging Markets Debt 2024 Index (the “Emerging Markets 2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2024 Index is designed to represent the performance of aheld-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 31, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount at maturity. During the maturing year, the Index does not rebalance. In the last year of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (October 4, 2018) through August 31, 2019, on a market price basis, the Fund returned 11.46%. On a net asset value (“NAV”) basis, the Fund returned 11.26%. During the same time period, the Index returned 11.70%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as the impact from the Fund’s sampling methodology.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 12.43%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 760 securities. The Benchmark Index was selected for its
recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the country of Mexico and most underweight in the country of Saudi Arabia during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the under allocation to the countries of Peru, Russia, Panama, and Uruguay, respectively.
For the fiscal period ended August 31, 2019, the country of Brazil contributed most significantly to the Fund’s return, followed by the countries of Turkey and Mexico, respectively. There were no countries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Turkey Government International Bond, 5.75% coupon, due 03/22/2024, a sovereign credit (portfolio average weight of 3.81%) and Cemig Geracao e Transmissao S.A. (Brazil), 9.25% coupon, due 12/05/2024, a utilities company (portfolio average weight of 2.22%). No positions detracted from the Fund’s return during this period.
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Soverign Debt | 29.10 | |||
Energy | 17.01 | |||
Financials | 15.46 | |||
Utilities | 12.34 | |||
Materials | 7.00 | |||
Communication Services | 5.64 | |||
Consumer Discretionary | 4.15 | |||
Industrials | 3.94 | |||
Consumer Staples | 3.83 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.53 |
| 68 |
|
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Turkey Government International Bond, 5.75%, 03/22/2024 | 3.69 | |||
Hungary Government International Bond, 5.38%, 03/25/2024 | 3.22 | |||
Philippine Government International Bond, 4.20%, 01/21/2024 | 3.10 | |||
Sinopec Group Overseas Development (2014) Ltd., REGS 4.38%, 04/10/2024 | 3.09 | |||
Colombia Government International Bond, 8.13%, 05/21/2024 | 2.37 | |||
Power Sector Assets and Liabilities Management Corp., 7.39%, 12/02/2024 | 2.36 | |||
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024 | 2.19 | |||
King Power Capital Ltd., REGS, 5.63%, 11/03/2024 | 2.15 | |||
Indonesia Government International Bond, 5.88%, 01/15/2024 | 2.14 | |||
Indonesia Government International Bond, REGS, 5.88%, 01/15/2024 | 2.14 | |||
Total | 26.45 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||
Index | Cumulative | |||
Nasdaq BulletShares® USD Emerging Markets Debt 2024 Index | 11.70 | % | ||
JP Morgan Emerging Market Bond Global Index | 12.43 | |||
Fund | ||||
NAV Return | 11.26 | |||
Market Price Return | 11.46 |
| 69 |
|
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)(continued)
Fund Inception: October 4, 2018
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 70 |
|
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-63.81% | ||||
Aerospace & Defense-1.59% | ||||
Boeing Capital Corp., 4.70%, 10/27/2019 | $ | 4,053,000 | $ 4,068,154 | |
Lockheed Martin Corp., 4.25%, 11/15/2019 | 7,148,000 | 7,176,276 | ||
United Technologies Corp., 1.50%, 11/01/2019 | 5,251,000 | 5,244,748 | ||
16,489,178 | ||||
Automobiles-2.90% | ||||
American Honda Finance Corp., 2.00%, 11/13/2019(b) | 4,567,000 | 4,566,127 | ||
Ford Motor Credit Co. LLC, 2.60%, 11/04/2019 | 10,550,000 | 10,547,804 | ||
General Motors Financial Co., Inc., 2.35%, 10/04/2019 | 5,860,000 | 5,859,814 | ||
Toyota Motor Credit Corp., 1.55%, 10/18/2019 | 9,104,000 | 9,095,532 | ||
30,069,277 | ||||
Banks-15.40% | ||||
Bank of Montreal (Canada), 2.10%, 12/12/2019 | 8,044,000 | 8,042,883 | ||
BB&T Corp., 5.25%, 11/01/2019 | 4,178,000 | 4,197,290 | ||
Canadian Imperial Bank of Commerce (Canada), 1.60%, 09/06/2019 | 7,108,000 | 7,107,765 | ||
Citizens Bank, N.A., 2.45%, 12/04/2019 | 3,444,000 | 3,445,362 | ||
Fifth Third Bank, 1.63%, 09/27/2019 | 6,000,000 | 5,997,626 | ||
HSBC USA, Inc., 2.37%, 11/13/2019 | 8,034,000 | 8,035,101 | ||
JPMorgan Chase & Co., 2.20%, 10/22/2019 | 16,269,000 | 16,266,992 | ||
JPMorgan Chase Bank N.A., 1.65%, 09/23/2019 | 8,200,000 | 8,197,618 | ||
KeyBank N.A., 2.50%, 12/15/2019 | 5,970,000 | 5,975,824 | ||
Royal Bank of Scotland Group PLC (The) (United Kingdom), 6.40%, 10/21/2019 | 5,573,000 | 5,601,346 | ||
Santander UK PLC (United Kingdom), 2.35%, 09/10/2019 | 8,038,000 | 8,038,301 | ||
Skandinaviska Enskilda Banken AB (Sweden), 1.50%, 09/13/2019 | 6,841,000 | 6,839,879 | ||
Sumitomo Mitsui Banking Corp. (Japan), 2.09%, 10/18/2019 | 5,990,000 | 5,988,970 | ||
Svenska Handelsbanken AB (Sweden), 1.50%, 09/06/2019 | 8,280,000 | 8,279,646 | ||
Toronto-Dominion Bank (The) (Canada) | ||||
1.90%, 10/24/2019 | 14,088,000 | 14,085,216 | ||
2.25%, 11/05/2019 | 10,116,000 | 10,116,263 | ||
U.S. Bank NA, 2.13%, 10/28/2019 | 13,625,000 | 13,623,230 | ||
Wells Fargo Bank, N.A., 2.15%, 12/06/2019 | 20,035,000 | 20,036,451 | ||
159,875,763 | ||||
Beverages-1.76% | ||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 6.87%, 11/15/2019 | 7,402,000 | 7,445,545 |
Principal Amount | Value | |||
Beverages-(continued) | ||||
Constellation Brands, Inc., 2.00%, 11/07/2019 | $ | 4,906,000 | $ 4,902,014 | |
PepsiCo, Inc., 1.35%, 10/04/2019 | 5,968,000 | 5,963,986 | ||
18,311,545 | ||||
Biotechnology-2.54% | ||||
Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/2019 | 26,345,000 | 26,339,554 | ||
Capital Markets-8.07% | ||||
Bank of New York Mellon Corp. (The), 2.30%, 09/11/2019 | 9,555,000 | 9,554,887 | ||
BlackRock, Inc.,Series 2, 5.00%, 12/10/2019 | 8,063,000 | 8,124,004 | ||
Goldman Sachs Group, Inc. (The) | ||||
2.55%, 10/23/2019 | 19,818,000 | 19,827,269 | ||
2.30%, 12/13/2019 | 18,346,000 | 18,348,139 | ||
Morgan Stanley,Series F, 5.62%, 09/23/2019 | 24,400,000 | 24,442,370 | ||
TD Ameritrade Holding Corp., 5.60%, 12/01/2019 | 3,440,000 | 3,466,399 | ||
83,763,068 | ||||
Commercial Services & Supplies-0.50% | ||||
Republic Services, Inc., 5.50%, 09/15/2019 | 5,195,000 | 5,199,633 | ||
Communications Equipment-1.15% | ||||
Cisco Systems, Inc., 1.40%, 09/20/2019 | 11,913,000 | 11,908,630 | ||
Consumer Finance-0.61% | ||||
American Express Credit Corp., 1.70%, 10/30/2019 | 6,359,000 | 6,354,346 | ||
Diversified Financial Services-0.92% | ||||
Capital One NA, 1.85%, 09/13/2019 | 9,555,000 | 9,553,809 | ||
Diversified Telecommunication Services-0.97% | ||||
Orange S.A. (France), 1.63%, 11/03/2019 | 10,090,000 | 10,079,825 | ||
Electric Utilities-1.68% | ||||
Duke Energy Corp., 5.05%, 09/15/2019 | 3,929,000 | 3,931,925 | ||
Exelon Generation Co. LLC, 5.20%, 10/01/2019 | 4,785,000 | 4,795,196 | ||
Georgia Power Co., 4.25%, 12/01/2019 | 4,079,000 | 4,098,894 | ||
Southern Power Co.,Series D, 1.95%, 12/15/2019 | 4,583,000 | 4,581,586 | ||
17,407,601 | ||||
Electrical Equipment-0.36% | ||||
Emerson Electric Co., 4.88%, 10/15/2019 | 3,738,000 | 3,749,390 | ||
Electronic Equipment, Instruments & Components-0.33% | ||||
Keysight Technologies, Inc., 3.30%, 10/30/2019 | 3,479,000 | 3,479,542 | ||
Food & Staples Retailing-2.26% | ||||
Costco Wholesale Corp., 1.70%, 12/15/2019 | 9,551,000 | 9,537,909 |
Principal Amount | Value | |||
Food & Staples Retailing-(continued) | ||||
Kroger Co. (The), 1.50%, 09/30/2019 | $ | 3,852,000 | $ 3,849,949 | |
Walgreens Boots Alliance, Inc., 2.70%, 11/18/2019 | 10,094,000 | 10,097,855 | ||
23,485,713 | ||||
Food Products-0.88% | ||||
General Mills, Inc., 2.20%, 10/21/2019 | 4,324,000 | 4,322,742 | ||
Mead Johnson Nutrition Co. (United Kingdom), 4.90%, 11/01/2019 | 4,771,000 | 4,789,279 | ||
9,112,021 | ||||
Health Care Equipment & Supplies-1.11% | ||||
Becton, Dickinson and Co., 2.68%, 12/15/2019 | 8,333,000 | 8,340,129 | ||
Zimmer Biomet Holdings, Inc., 4.62%, 11/30/2019 | 3,126,000 | 3,141,492 | ||
11,481,621 | ||||
Health Care Providers & Services-0.37% | ||||
UnitedHealth Group, Inc., 2.30%, 12/15/2019 | 3,801,000 | 3,802,021 | ||
Household Durables-0.46% | ||||
Lennar Corp., 4.50%, 11/15/2019 | 4,804,000 | 4,818,892 | ||
Household Products-0.66% | ||||
Procter & Gamble Co. (The) | ||||
1.75%, 10/25/2019 | 3,411,000 | 3,409,299 | ||
1.90%, 11/01/2019 | 3,405,000 | 3,403,538 | ||
6,812,837 | ||||
Industrial Conglomerates-1.44% | ||||
Honeywell International, Inc. | ||||
1.40%, 10/30/2019 | 9,211,000 | 9,199,640 | ||
1.80%, 10/30/2019 | 5,777,000 | 5,773,864 | ||
14,973,504 | ||||
Internet & Direct Marketing Retail-0.71% | ||||
Amazon.com, Inc., 2.60%, 12/05/2019 | 7,420,000 | 7,425,841 | ||
IT Services-0.58% | ||||
International Business Machines Corp., 8.37%, 11/01/2019 | 5,959,000 | 6,016,685 | ||
Machinery-2.15% | ||||
Caterpillar Financial Services Corp. | ||||
2.00%, 11/29/2019 | 4,941,000 | 4,938,518 | ||
2.25%, 12/01/2019 | 3,731,000 | 3,731,811 | ||
Deere & Co., 4.37%, 10/16/2019 | 6,153,000 | 6,168,808 | ||
John Deere Capital Corp. | ||||
2.30%, 09/16/2019 | 3,547,000 | 3,546,942 | ||
1.25%, 10/09/2019 | 3,961,000 | 3,957,319 | ||
22,343,398 | ||||
Metals & Mining-0.50% | ||||
Newmont Goldcorp Corp., 5.13%, 10/01/2019 | 5,220,000 | 5,229,818 | ||
Multi-Utilities-0.35% | ||||
Sempra Energy, 1.63%, 10/07/2019 | 3,596,000 | 3,593,422 | ||
Oil, Gas & Consumable Fuels-7.63% | ||||
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 5.50%, 10/15/2019 | 3,849,000 | 3,852,097 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Antero Resources Corp., 5.37%, 11/01/2021 | $ | 7,490,000 | $ 7,284,025 | |
Cenovus Energy, Inc. (Canada), 5.70%, 10/15/2019 | 4,031,538 | 4,045,039 | ||
Chevron Corp., 2.19%, 11/15/2019 | 5,842,000 | 5,843,243 | ||
Enterprise Products Operating LLC, 2.55%, 10/15/2019 | 6,434,000 | 6,433,694 | ||
Husky Energy, Inc. (Canada), 7.25%, 12/15/2019 | 6,072,000 | 6,151,170 | ||
Kinder Morgan, Inc., 3.05%, 12/01/2019 | 12,397,000 | 12,408,720 | ||
Plains All American Pipeline L.P./PAA Finance Corp., 2.60%, 12/15/2019 | 3,282,000 | 3,279,453 | ||
Shell International Finance B.V. (Netherlands) | ||||
1.38%, 09/12/2019 | 7,997,000 | 7,995,240 | ||
4.30%, 09/22/2019 | 16,284,000 | 16,300,246 | ||
TransCanada PipeLines Ltd. (Canada), 2.13%, 11/15/2019 | 5,603,000 | 5,599,261 | ||
79,192,188 | ||||
Pharmaceuticals-1.92% | ||||
AstraZeneca PLC (United Kingdom), 1.95%, 09/18/2019 | 8,092,000 | 8,091,136 | ||
Johnson & Johnson, 1.87%, 12/05/2019 | 3,744,000 | 3,744,491 | ||
Pfizer, Inc., 1.70%, 12/15/2019 | 8,155,000 | 8,144,247 | ||
19,979,874 | ||||
Road & Rail-0.58% | ||||
Burlington Northern Santa Fe LLC, 4.70%, 10/01/2019 | 6,012,000 | 6,023,117 | ||
Software-2.11% | ||||
CA, Inc., 5.37%, 12/01/2019 | 5,967,000 | 6,006,000 | ||
Oracle Corp., 2.25%, 10/08/2019 | 15,876,000 | 15,876,400 | ||
21,882,400 | ||||
Technology Hardware, Storage & Peripherals-0.78% | ||||
Apple, Inc., 1.80%, 11/13/2019 | 8,058,000 | 8,054,364 | ||
Tobacco-0.54% | ||||
Philip Morris International, Inc., 1.88%, 11/01/2019 | 5,611,000 | 5,607,445 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $662,299,229) | 662,416,322 | |||
U.S. Treasury Securities-35.28% | ||||
U.S. Treasury Bills-35.28% | ||||
2.01%–2.16%, 09/19/2019(c) | 161,172,000 | 161,032,317 | ||
1.83%–2.05%, 10/17/2019(c) | 205,756,000 | 205,256,813 | ||
Total U.S. Treasury Securities (Cost $366,249,463) | 366,289,130 |
Shares | Value | |||
Money Market Funds-0.29% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $3,032,989) | 3,032,989 | $ 3,032,989 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.38% (Cost $1,031,581,681) | 1,031,738,441 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.08% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 653,556 | 653,556 |
Shares | Value | |||
Money Market Funds-(continued) | ||||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 217,823 | $ 217,910 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $871,466) | 871,466 | |||
TOTAL INVESTMENTS IN SECURITIES-99.46% (Cost $1,032,453,147) | 1,032,609,907 | |||
OTHER ASSETS LESS LIABILITIES-0.54% | 5,584,308 | |||
NET ASSETS-100.00% | $1,038,194,215 |
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 August 31, 2019. |
(c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.90% | ||||
Aerospace & Defense-2.64% | ||||
Arconic, Inc., 6.15%, 08/15/2020 | $ | 4,429,000 | $ 4,580,340 | |
Boeing Co. (The), 4.87%, 02/15/2020 | 3,658,000 | 3,702,215 | ||
General Dynamics Corp., 2.88%, 05/11/2020 | 8,420,000 | 8,471,622 | ||
Lockheed Martin Corp., 2.50%, 11/23/2020 | 5,469,000 | 5,499,546 | ||
Northrop Grumman Corp., 2.08%, 10/15/2020 | 6,513,000 | 6,518,400 | ||
Precision Castparts Corp., 2.25%, 06/15/2020 | 2,361,000 | 2,361,858 | ||
Raytheon Co. | ||||
4.40%, 02/15/2020(b) | 2,107,000 | 2,126,847 | ||
3.12%, 10/15/2020 | 4,470,000 | 4,525,592 | ||
United Technologies Corp. | ||||
4.50%, 04/15/2020 | 5,124,000 | 5,197,997 | ||
1.90%, 05/04/2020 | 4,352,000 | 4,345,062 | ||
47,329,479 | ||||
Airlines-0.37% | ||||
Delta Air Lines, Inc., 2.88%, 03/13/2020 | 4,372,000 | 4,373,295 | ||
Southwest Airlines Co., 2.65%, 11/05/2020 | 2,256,000 | 2,271,090 | ||
6,644,385 | ||||
Auto Components-0.17% | ||||
Lear Corp., 5.25%, 01/15/2025 | 2,871,000 | 2,971,636 | ||
Automobiles-4.94% | ||||
American Honda Finance Corp. | ||||
2.00%, 02/14/2020 | 3,186,000 | 3,184,095 | ||
3.00%, 06/16/2020 | 2,214,000 | 2,230,230 | ||
1.95%, 07/20/2020 | 2,937,000 | 2,935,901 | ||
2.45%, 09/24/2020 | 4,418,000 | 4,440,470 | ||
Fiat Chrysler Automobiles N.V. (United Kingdom), 4.50%, 04/15/2020 | 6,450,000 | 6,530,625 | ||
Ford Motor Credit Co. LLC | ||||
2.68%, 01/09/2020 | 5,100,000 | 5,101,376 | ||
8.12%, 01/15/2020 | 5,100,000 | 5,206,893 | ||
2.46%, 03/27/2020 | 4,350,000 | 4,346,791 | ||
2.43%, 06/12/2020 | 3,800,000 | 3,797,235 | ||
3.16%, 08/04/2020 | 5,800,000 | 5,822,147 | ||
2.34%, 11/02/2020 | 4,600,000 | 4,580,594 | ||
General Motors Financial Co., Inc. | ||||
3.15%, 01/15/2020 | 4,552,000 | 4,560,715 | ||
2.65%, 04/13/2020 | 4,384,000 | 4,391,167 | ||
3.20%, 07/13/2020 | 6,507,000 | 6,544,357 | ||
2.45%, 11/06/2020 | 3,430,000 | 3,429,755 | ||
3.70%, 11/24/2020 | 4,342,000 | 4,405,409 | ||
Toyota Motor Credit Corp. | ||||
2.20%, 01/10/2020 | 3,324,000 | 3,324,188 | ||
2.15%, 03/12/2020 | 5,780,000 | 5,786,878 | ||
1.95%, 04/17/2020 | 4,796,000 | 4,792,340 | ||
4.50%, 06/17/2020 | 2,986,000 | 3,043,422 | ||
88,454,588 | ||||
Banks-26.31% | ||||
Banco Bilbao Vizcaya Argentaria, S.A. (Spain), 3.00%, 10/20/2020 | 3,750,000 | 3,783,116 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Bank of America Corp. | ||||
5.62%, 07/01/2020 | $ | 10,670,000 | $10,976,556 | |
2.63%, 10/19/2020 | 8,021,000 | 8,083,930 | ||
2.15%, 11/09/2020 | 3,659,000 | 3,661,553 | ||
Series L, 2.25%, 04/21/2020 | 8,305,000 | 8,313,537 | ||
Bank of Montreal (Canada) | ||||
2.10%, 06/15/2020 | 4,401,000 | 4,405,160 | ||
3.10%, 07/13/2020(b) | 4,260,000 | 4,304,135 | ||
Bank of Nova Scotia (The) (Canada) | ||||
2.15%, 07/14/2020(b) | 4,838,000 | 4,846,882 | ||
2.35%, 10/21/2020(b) | 4,214,000 | 4,234,774 | ||
Barclays Bank PLC (United Kingdom) | ||||
5.12%, 01/08/2020 | 3,685,000 | 3,719,488 | ||
5.14%, 10/14/2020 | 3,970,000 | 4,065,050 | ||
Barclays PLC (United Kingdom), 2.87%, 06/08/2020 | 4,000,000 | 4,009,856 | ||
BB&T Corp. | ||||
2.45%, 01/15/2020 | 5,392,000 | 5,396,307 | ||
2.63%, 06/29/2020 | 3,977,000 | 3,994,709 | ||
Branch Banking & Trust Co. | ||||
2.10%, 01/15/2020 | 3,750,000 | 3,749,818 | ||
2.25%, 06/01/2020 | 3,750,000 | 3,755,960 | ||
Canadian Imperial Bank of Commerce (Canada), 2.10%, 10/05/2020 | 4,684,000 | 4,693,460 | ||
Citibank, N.A. | ||||
3.05%, 05/01/2020 | 9,000,000 | 9,050,413 | ||
2.10%, 06/12/2020 | 9,000,000 | 9,008,427 | ||
2.13%, 10/20/2020 | 9,150,000 | 9,160,781 | ||
Citigroup, Inc. | ||||
2.45%, 01/10/2020 | 6,391,000 | 6,396,065 | ||
2.40%, 02/18/2020 | 8,647,000 | 8,655,819 | ||
5.37%, 08/09/2020 | 4,222,000 | 4,353,411 | ||
2.65%, 10/26/2020 | 11,900,000 | 11,973,533 | ||
Citizens Bank, N.A. | ||||
2.25%, 03/02/2020 | 4,577,000 | 4,578,282 | ||
2.20%, 05/26/2020 | 3,903,000 | 3,902,881 | ||
2.25%, 10/30/2020 | 3,751,000 | 3,757,001 | ||
Credit Suisse AG/New York NY (Switzerland), 5.40%, 01/14/2020 | 5,806,000 | 5,868,686 | ||
Deutsche Bank AG/New York NY (Germany), 2.70%, 07/13/2020 | 6,169,000 | 6,154,068 | ||
Fifth Third Bancorp, 2.88%, 07/27/2020 | 4,838,000 | 4,870,243 | ||
Fifth Third Bank, 2.20%, 10/30/2020 | 3,800,000 | 3,809,318 | ||
First Horizon National Corp., 3.50%, 12/15/2020 | 2,747,000 | 2,781,518 | ||
Goldman Sachs Bank USA, 3.20%, 06/05/2020 | 4,429,000 | 4,468,461 | ||
HSBC Bank USA N.A., 4.87%, 08/24/2020 | 5,100,000 | 5,233,667 | ||
HSBC USA, Inc. | ||||
2.35%, 03/05/2020 | 7,851,000 | 7,860,300 | ||
2.75%, 08/07/2020 | 6,300,000 | 6,341,080 | ||
5.00%, 09/27/2020 | 3,600,000 | 3,704,778 | ||
Huntington National Bank (The) | ||||
2.38%, 03/10/2020 | 3,935,000 | 3,938,652 | ||
2.88%, 08/20/2020 | 3,882,000 | 3,910,445 |
Principal Amount | Value | |||
Banks-(continued) | ||||
JPMorgan Chase & Co. | ||||
2.25%, 01/23/2020 | $ | 16,703,000 | $16,709,438 | |
4.95%, 03/25/2020 | 6,277,000 | 6,375,499 | ||
2.75%, 06/23/2020 | 9,891,000 | 9,938,864 | ||
4.40%, 07/22/2020 | 11,042,000 | 11,275,076 | ||
4.25%, 10/15/2020 | 12,136,000 | 12,435,634 | ||
2.55%, 10/29/2020 | 11,107,000 | 11,169,403 | ||
KeyCorp, 2.90%, 09/15/2020 | 4,081,000 | 4,115,394 | ||
Lloyds Bank PLC (United Kingdom), 2.70%, 08/17/2020 | 3,900,000 | 3,925,106 | ||
Manufacturers and Traders Trust Co., 2.05%, 08/17/2020 | 3,765,000 | 3,766,479 | ||
National Bank of Canada (Canada) | ||||
2.15%, 06/12/2020 | 4,000,000 | 4,003,128 | ||
2.20%, 11/02/2020 | 4,450,000 | 4,462,397 | ||
PNC Bank, N.A. | ||||
2.00%, 05/19/2020 | 4,020,000 | 4,020,694 | ||
2.60%, 07/21/2020 | 3,750,000 | 3,767,096 | ||
2.45%, 11/05/2020 | 6,730,000 | 6,767,573 | ||
PNC Financial Services Group, Inc. (The) | ||||
5.12%, 02/08/2020 | 4,241,000 | 4,293,775 | ||
4.37%, 08/11/2020 | 3,140,000 | 3,209,643 | ||
Royal Bank of Canada (Canada) | ||||
2.13%, 03/02/2020 | 6,569,000 | 6,573,149 | ||
2.15%, 03/06/2020(b) | 3,899,000 | 3,899,898 | ||
2.15%, 10/26/2020 | 8,250,000 | 8,272,107 | ||
2.35%, 10/30/2020 | 6,630,000 | 6,663,538 | ||
Santander Holdings USA, Inc., 2.65%, 04/17/2020 | 4,335,000 | 4,342,897 | ||
Santander UK PLC (United Kingdom) | ||||
2.38%, 03/16/2020 | 3,993,000 | 3,997,821 | ||
2.13%, 11/03/2020 | 5,500,000 | 5,495,577 | ||
Skandinaviska Enskilda Banken AB (Sweden), 2.30%, 03/11/2020 | 3,800,000 | 3,804,082 | ||
Sumitomo Mitsui Banking Corp. (Japan) | ||||
2.45%, 01/16/2020 | 5,825,000 | 5,830,609 | ||
2.51%, 01/17/2020 | 6,000,000 | 6,007,060 | ||
2.45%, 10/20/2020 | 3,850,000 | 3,866,483 | ||
SunTrust Bank, 2.25%, 01/31/2020 | 4,494,000 | 4,493,566 | ||
Svenska Handelsbanken AB (Sweden) | ||||
1.95%, 09/08/2020 | 3,750,000 | 3,749,854 | ||
2.40%, 10/01/2020 | 5,000,000 | 5,019,329 | ||
Toronto-Dominion Bank (The) (Canada) | ||||
3.00%, 06/11/2020 | 2,186,000 | 2,202,676 | ||
1.85%, 09/11/2020(b) | 3,878,000 | 3,877,706 | ||
2.50%, 12/14/2020 | 9,105,000 | 9,167,435 | ||
UBS AG (Switzerland), 4.87%, 08/04/2020 | 3,900,000 | 4,001,875 | ||
US Bank N.A. | ||||
2.35%, 01/23/2020 | 3,751,000 | 3,754,484 | ||
2.00%, 01/24/2020 | 3,880,000 | 3,878,888 | ||
3.05%, 07/24/2020 | 3,700,000 | 3,732,943 | ||
2.05%, 10/23/2020 | 4,720,000 | 4,728,193 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Wells Fargo & Co. | ||||
2.60%, 07/22/2020 | $ | 11,663,000 | $11,721,402 | |
2.55%, 12/07/2020 | 9,063,000 | 9,116,387 | ||
Series N, 2.15%, 01/30/2020 | 9,226,000 | 9,229,117 | ||
Wells Fargo Bank, N.A., 2.40%, 01/15/2020 | 7,822,000 | 7,829,513 | ||
471,263,908 | ||||
Beverages-2.50% | ||||
Coca-Cola Co. (The) | ||||
1.88%, 10/27/2020 | 6,519,000 | 6,518,386 | ||
2.45%, 11/01/2020 | 5,804,000 | 5,845,943 | ||
3.15%, 11/15/2020(b) | 4,928,000 | 5,006,715 | ||
Constellation Brands, Inc., 2.25%, 11/06/2020 | 3,006,000 | 3,010,486 | ||
Diageo Capital PLC (United Kingdom) | ||||
3.00%, 05/18/2020 | 3,806,000 | 3,829,910 | ||
4.83%, 07/15/2020 | 3,550,000 | 3,634,434 | ||
PepsiCo, Inc. | ||||
4.50%, 01/15/2020 | 4,290,000 | 4,326,982 | ||
1.85%, 04/30/2020(b) | 3,375,000 | 3,371,262 | ||
2.15%, 10/14/2020 | 4,963,000 | 4,978,068 | ||
3.12%, 11/01/2020 | 4,242,000 | 4,305,000 | ||
44,827,186 | ||||
Biotechnology-2.99% | ||||
AbbVie, Inc., 2.50%, 05/14/2020 | 16,569,000 | 16,598,110 | ||
Amgen, Inc. | ||||
2.13%, 05/01/2020 | 3,239,000 | 3,237,417 | ||
2.20%, 05/11/2020 | 3,018,000 | 3,018,178 | ||
3.45%, 10/01/2020 | 4,468,000 | 4,537,138 | ||
Biogen, Inc., 2.90%, 09/15/2020 | 6,235,000 | 6,273,953 | ||
Celgene Corp. | ||||
2.87%, 08/15/2020 | 6,441,000 | 6,480,769 | ||
3.95%, 10/15/2020 | 1,999,000 | 2,038,469 | ||
Gilead Sciences, Inc. | ||||
2.35%, 02/01/2020 | 2,199,000 | 2,200,848 | ||
2.55%, 09/01/2020 | 9,068,000 | 9,117,899 | ||
53,502,781 | ||||
Capital Markets-7.44% | ||||
Ameriprise Financial, Inc., 5.30%, 03/15/2020 | 3,362,000 | 3,418,157 | ||
Ares Capital Corp., 3.88%, 01/15/2020 | 2,313,000 | 2,319,975 | ||
Bank of New York Mellon Corp. (The) | ||||
4.60%, 01/15/2020 | 2,109,000 | 2,127,985 | ||
2.60%, 08/17/2020 | 4,832,000 | 4,861,447 | ||
2.45%, 11/27/2020 | 2,810,000 | 2,823,599 | ||
Series G, 2.15%, 02/24/2020 | 5,178,000 | 5,178,204 | ||
Charles Schwab Corp. (The), 4.45%, 07/22/2020 | 3,099,000 | 3,163,926 | ||
Credit Suisse AG (Switzerland), 4.37%, 08/05/2020 | 5,404,000 | 5,521,376 | ||
Goldman Sachs Group, Inc. (The) | ||||
5.37%, 03/15/2020 | 11,832,000 | 12,033,435 | ||
2.60%, 04/23/2020 | 7,050,000 | 7,066,811 | ||
2.75%, 09/15/2020 | 8,591,000 | 8,636,486 | ||
2.60%, 12/27/2020 | 7,606,000 | 7,617,259 | ||
Series D, 6.00%, 06/15/2020 | 9,174,000 | 9,438,593 | ||
Moody’s Corp., 5.50%, 09/01/2020 | 2,498,000 | 2,579,047 |
Principal Amount | Value | |||
Capital Markets-(continued) | ||||
Morgan Stanley | ||||
5.50%, 01/26/2020 | $ | 8,250,000 | $8,354,575 | |
2.65%, 01/27/2020 | 10,966,000 | 10,985,325 | ||
2.80%, 06/16/2020 | 11,162,000 | 11,229,480 | ||
Series F, 5.50%, 07/24/2020 | 8,250,000 | 8,496,010 | ||
Nomura Holdings, Inc. (Japan), 6.70%, 03/04/2020 | 6,598,000 | 6,745,465 | ||
Northern Trust Corp., 3.45%, 11/04/2020 | 1,993,000 | 2,027,693 | ||
S&P Global, Inc., 3.30%, 08/14/2020 | 3,164,000 | 3,196,267 | ||
State Street Corp., 2.55%, 08/18/2020 | 5,424,000 | 5,456,234 | ||
133,277,349 | ||||
Chemicals-0.47% | ||||
PPG Industries, Inc., 3.60%, 11/15/2020 | 2,167,000 | 2,207,361 | ||
Sherwin-Williams Co. (The), 2.25%, 05/15/2020 | 6,273,000 | 6,269,085 | ||
8,476,446 | ||||
Commercial Services & Supplies-0.34% | ||||
Republic Services, Inc., 5.00%, 03/01/2020 | 3,718,000 | 3,766,920 | ||
Waste Management, Inc., 4.75%, 06/30/2020 | 2,282,000 | 2,328,623 | ||
6,095,543 | ||||
Communications Equipment-1.00% | ||||
Cisco Systems, Inc. | ||||
4.45%, 01/15/2020 | 11,027,000 | 11,120,958 | ||
2.45%, 06/15/2020 | 6,680,000 | 6,705,665 | ||
17,826,623 | ||||
Consumer Finance-3.21% | ||||
American Express Co., 2.20%, 10/30/2020 | 6,213,000 | 6,225,524 | ||
American Express Credit Corp. | ||||
2.20%, 03/03/2020 | 8,928,000 | 8,933,625 | ||
2.37%, 05/26/2020 | 7,900,000 | 7,911,040 | ||
Series F, 2.60%, 09/14/2020 | 6,155,000 | 6,189,934 | ||
Capital One Financial Corp. | ||||
2.50%, 05/12/2020 | 5,954,000 | 5,965,291 | ||
2.40%, 10/30/2020 | 2,890,000 | 2,898,657 | ||
Capital One NA, 2.35%, 01/31/2020 | 6,600,000 | 6,601,960 | ||
Discover Bank | ||||
7.00%, 04/15/2020 | 4,001,000 | 4,113,214 | ||
3.10%, 06/04/2020 | 5,300,000 | 5,328,443 | ||
Synchrony Financial, 2.70%, 02/03/2020 | 3,348,000 | 3,352,565 | ||
57,520,253 | ||||
Containers & Packaging-0.12% | ||||
Packaging Corp. of America, 2.45%, 12/15/2020 | 2,156,000 | 2,159,118 | ||
Diversified Consumer Services-0.15% | ||||
Block Financial LLC, 4.13%, 10/01/2020 | 2,546,000 | 2,588,443 | ||
Diversified Financial Services-0.15% | ||||
Berkshire Hathaway Finance Corp., 2.90%, 10/15/2020 | 2,613,000 | 2,643,066 |
Principal Amount | Value | |||
Diversified Telecommunication Services-1.01% | ||||
AT&T, Inc., 2.45%, 06/30/2020 | $ | 11,984,000 | $ 12,007,218 | |
Telefonica Emisiones S.A.U. (Spain), 5.13%, 04/27/2020 | 6,004,000 | 6,113,187 | ||
18,120,405 | ||||
Electric Utilities-2.01% | ||||
Allergan, Inc., 3.38%, 09/15/2020 | 3,148,000 | 3,180,345 | ||
American Electric Power Co., Inc., 2.15%, 11/13/2020 | 2,203,000 | 2,205,614 | ||
Commonwealth Edison Co., 4.00%, 08/01/2020 | 2,111,000 | 2,138,237 | ||
Duke Energy Indiana LLC, 3.75%, 07/15/2020 | 2,114,000 | 2,147,374 | ||
Exelon Corp. | ||||
2.85%, 06/15/2020 | 3,796,000 | 3,813,291 | ||
5.15%, 12/01/2020 | 2,266,000 | 2,331,237 | ||
Exelon Generation Co. LLC | ||||
2.95%, 01/15/2020 | 4,567,000 | 4,576,081 | ||
4.00%, 10/01/2020 | 2,646,000 | 2,683,905 | ||
Georgia Power Co.,Series C, 2.00%, 09/08/2020 | 2,056,000 | 2,057,000 | ||
Nevada Power Co.,Series BB, 2.75%, 04/15/2020 | 2,614,000 | 2,625,610 | ||
NextEra Energy Capital Holdings, Inc.,Series H, 3.34%, 09/01/2020 | 3,291,000 | 3,326,190 | ||
Southern Co. (The), 2.75%, 06/15/2020 | 2,605,000 | 2,616,730 | ||
Xcel Energy, Inc., 4.70%, 05/15/2020 | 2,264,000 | 2,276,241 | ||
35,977,855 | ||||
Entertainment-0.54% | ||||
TWDC Enterprises 18 Corp. | ||||
1.95%, 03/04/2020(b) | 2,615,000 | 2,615,533 | ||
1.80%, 06/05/2020 | 3,766,000 | 3,761,509 | ||
2.15%, 09/17/2020 | 3,354,000 | 3,361,954 | ||
9,738,996 | ||||
Equity REITs-1.57% | ||||
American Tower Corp., 2.80%, 06/01/2020 | 2,958,000 | 2,968,239 | ||
Boston Properties LP, 5.62%, 11/15/2020 | 3,022,000 | 3,123,900 | ||
Equinix, Inc. | ||||
5.37%, 01/01/2022 | 3,296,000 | 3,386,640 | ||
5.38%, 04/01/2023 | 4,419,000 | 4,523,951 | ||
5.75%, 01/01/2025 | 2,240,000 | 2,343,600 | ||
ERP Operating L.P., 4.75%, 07/15/2020 | 2,644,000 | 2,686,573 | ||
GLP Capital, L.P. / GLP Financing II, Inc., 4.88%, 11/01/2020 | 4,513,000 | 4,613,595 | ||
MPT Operating Partnership L.P./MPT Finance Corp., 6.37%, 03/01/2024 | 2,192,000 | 2,298,860 | ||
Simon Property Group L.P., 2.50%, 09/01/2020 | 2,171,000 | 2,179,379 | ||
28,124,737 | ||||
Food & Staples Retailing-1.67% | ||||
Costco Wholesale Corp., 1.75%, 02/15/2020 | 2,059,000 | 2,055,753 | ||
Kroger Co. (The), 6.15%, 01/15/2020 | 3,118,000 | 3,160,833 | ||
Sysco Corp., 2.60%, 10/01/2020 | 3,135,000 | 3,147,878 |
Principal Amount | Value | |||
Food & Staples Retailing-(continued) | ||||
Walmart, Inc. | ||||
2.85%, 06/23/2020 | $ | 5,296,000 | $5,337,020 | |
3.62%, 07/08/2020 | 4,953,000 | 5,024,838 | ||
3.25%, 10/25/2020 | 5,627,000 | 5,725,093 | ||
1.90%, 12/15/2020 | 5,510,000 | 5,522,183 | ||
29,973,598 | ||||
Food Products-1.39% | ||||
Bunge Ltd. Finance Corp., 3.50%, 11/24/2020 | 1,855,000 | 1,880,494 | ||
Kellogg Co., 4.00%, 12/15/2020 | 4,264,000 | 4,363,258 | ||
Kraft Heinz Foods Co. (The) | ||||
5.37%, 02/10/2020 | 3,662,000 | 3,706,169 | ||
2.80%, 07/02/2020 | 6,588,000 | 6,593,214 | ||
Mead Johnson Nutrition Co. (United Kingdom), 3.00%, 11/15/2020 | 3,265,000 | 3,307,027 | ||
Mondelez International, Inc. | ||||
5.38%, 02/10/2020 | 1,723,000 | 1,746,077 | ||
3.00%, 05/07/2020 | 3,306,000 | 3,322,327 | ||
24,918,566 | ||||
Health Care Equipment & Supplies-1.03% | ||||
Becton, Dickinson and Co. | ||||
2.40%, 06/05/2020 | 4,878,000 | 4,884,206 | ||
3.25%, 11/12/2020 | 2,657,000 | 2,687,168 | ||
Danaher Corp., 2.40%, 09/15/2020 | 2,254,000 | 2,259,040 | ||
Stryker Corp., 4.38%, 01/15/2020 | 2,107,000 | 2,123,340 | ||
Zimmer Biomet Holdings, Inc., 2.70%, 04/01/2020 | 6,502,000 | 6,516,674 | ||
18,470,428 | ||||
Health Care Providers & Services-2.88% | ||||
Anthem, Inc. | ||||
4.35%, 08/15/2020 | 3,139,000 | 3,204,784 | ||
2.50%, 11/21/2020 | 4,180,000 | 4,202,035 | ||
Cardinal Health, Inc., 4.62%, 12/15/2020 | 1,798,000 | 1,852,862 | ||
CVS Health Corp. | ||||
3.13%, 03/09/2020 | 8,368,000 | 8,408,854 | ||
2.80%, 07/20/2020 | 11,688,000 | 11,747,756 | ||
Express Scripts Holding Co., 2.60%, 11/30/2020 | 2,174,000 | 2,183,879 | ||
Laboratory Corp. of America Holdings | ||||
2.63%, 02/01/2020 | 2,342,000 | 2,345,022 | ||
4.62%, 11/15/2020 | 2,381,000 | 2,435,812 | ||
Medco Health Solutions, Inc., 4.12%, 09/15/2020 | 2,253,000 | 2,291,725 | ||
Quest Diagnostics, Inc., 4.75%, 01/30/2020 | 2,275,000 | 2,296,126 | ||
UnitedHealth Group, Inc. | ||||
2.70%, 07/15/2020 | 6,592,000 | 6,636,410 | ||
1.95%, 10/15/2020 | 3,988,000 | 3,986,287 | ||
51,591,552 | ||||
Hotels, Restaurants & Leisure-0.69% | ||||
Carnival Corp., 3.95%, 10/15/2020 | 2,909,000 | 2,963,237 | ||
McDonald’s Corp. | ||||
2.20%, 05/26/2020 | 2,778,000 | 2,777,943 | ||
2.75%, 12/09/2020 | 4,333,000 | 4,370,867 | ||
Starbucks Corp., 2.20%, 11/22/2020 | 2,208,000 | 2,212,308 | ||
12,324,355 |
Principal Amount | Value | |||
Household Durables-0.12% | ||||
DR Horton, Inc., 4.00%, 02/15/2020 | $ | 2,213,000 | $ 2,227,061 | |
Household Products-0.17% | ||||
Procter & Gamble Co. (The), 1.90%, 10/23/2020 | 3,026,000 | 3,028,716 | ||
Industrial Conglomerates-2.69% | ||||
3M Co., 2.00%, 08/07/2020(b) | 2,489,000 | 2,491,429 | ||
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020 | 26,800,000 | 26,625,209 | ||
General Electric Co. | ||||
5.50%, 01/08/2020 | 4,655,000 | 4,696,268 | ||
2.20%, 01/09/2020 | 3,661,000 | 3,652,486 | ||
5.55%, 05/04/2020 | 2,377,000 | 2,414,307 | ||
4.38%, 09/16/2020 | 5,823,000 | 5,924,285 | ||
Roper Technologies, Inc., 3.00%, 12/15/2020 | 2,425,000 | 2,449,668 | ||
48,253,652 | ||||
Insurance-1.69% | ||||
AEGON Funding Co. LLC (Netherlands), 5.75%, 12/15/2020 | 2,445,000 | 2,558,667 | ||
American International Group, Inc. | ||||
3.38%, 08/15/2020 | 2,723,000 | 2,753,750 | ||
6.40%, 12/15/2020 | 3,106,000 | 3,273,908 | ||
Aon Corp., 5.00%, 09/30/2020 | 2,558,000 | 2,635,445 | ||
Chubb INA Holdings, Inc., 2.30%, 11/03/2020 | 5,601,000 | 5,623,942 | ||
Hartford Financial Services Group, Inc. (The), 5.50%, 03/30/2020 | 2,020,000 | 2,058,112 | ||
Manulife Financial Corp. (Canada), 4.90%, 09/17/2020 | 2,102,000 | 2,157,971 | ||
Marsh & McLennan Cos., Inc., 2.35%, 03/06/2020 | 1,993,000 | 1,994,574 | ||
Prudential Financial, Inc. | ||||
5.37%, 06/21/2020 | 2,891,000 | 2,967,453 | ||
4.50%, 11/15/2020 | 2,044,000 | 2,107,692 | ||
Travelers Cos., Inc. (The), 3.90%, 11/01/2020 | 2,086,000 | 2,133,309 | ||
30,264,823 | ||||
Internet & Direct Marketing Retail-0.70% | ||||
Amazon.com, Inc., 1.90%, 08/21/2020 | 4,600,000 | 4,597,820 | ||
eBay, Inc. | ||||
2.15%, 06/05/2020 | 2,097,000 | 2,096,716 | ||
3.25%, 10/15/2020(b) | 2,516,000 | 2,544,319 | ||
Expedia Group, Inc., 5.95%, 08/15/2020 | 3,257,000 | 3,361,744 | ||
12,600,599 | ||||
IT Services-2.26% | ||||
Automatic Data Processing, Inc., 2.25%, 09/15/2020(b) | 4,185,000 | 4,197,700 | ||
Fidelity National Information Services, Inc., 3.63%, 10/15/2020 | 6,298,000 | 6,393,282 | ||
Fiserv, Inc., 2.70%, 06/01/2020 | 3,820,000 | 3,833,919 | ||
International Business Machines Corp. | ||||
1.90%, 01/27/2020 | 3,900,000 | 3,896,673 | ||
1.63%, 05/15/2020 | 5,600,000 | 5,587,863 | ||
VeriSign, Inc., 4.62%, 05/01/2023 | 3,249,000 | 3,309,919 | ||
Visa, Inc., 2.20%, 12/14/2020 | 13,129,000 | 13,193,498 | ||
40,412,854 |
Principal Amount | Value | |||
Life Sciences Tools & Services-0.34% | ||||
Agilent Technologies, Inc., 5.00%, 07/15/2020 | $ | 2,088,000 | $ 2,138,516 | |
Life Technologies Corp., 6.00%, 03/01/2020 | 3,874,000 | 3,941,790 | ||
6,080,306 | ||||
Machinery-1.45% | ||||
Caterpillar Financial Services Corp. | ||||
2.10%, 01/10/2020 | 4,358,000 | 4,358,414 | ||
2.00%, 03/05/2020(b) | 2,248,000 | 2,247,269 | ||
2.95%, 05/15/2020 | 2,739,000 | 2,754,752 | ||
1.85%, 09/04/2020 | 4,327,000 | 4,327,616 | ||
CNH Industrial Capital LLC, 4.37%, 11/06/2020 | 3,427,000 | 3,503,662 | ||
John Deere Capital Corp. | ||||
1.70%, 01/15/2020 | 2,784,000 | 2,780,298 | ||
2.05%, 03/10/2020 | 1,907,000 | 1,906,733 | ||
1.95%, 06/22/2020 | 2,059,000 | 2,057,668 | ||
2.38%, 07/14/2020 | 1,987,000 | 1,993,514 | ||
25,929,926 | ||||
Media-1.87% | ||||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 3.58%, 07/23/2020 | 8,736,000 | 8,820,363 | ||
Comcast Corp., 5.15%, 03/01/2020 | 6,216,000 | 6,298,024 | ||
NBCUniversal Media LLC, 5.15%, 04/30/2020 | 8,686,000 | 8,856,621 | ||
Omnicom Group, Inc./Omnicom Capital, Inc., 4.45%, 08/15/2020 | 2,712,000 | 2,769,677 | ||
Time Warner Cable LLC, 5.00%, 02/01/2020 | 6,580,000 | 6,646,297 | ||
33,390,982 | ||||
Multiline Retail-0.36% | ||||
Nordstrom, Inc., 4.75%, 05/01/2020 | 2,150,000 | 2,175,097 | ||
Target Corp., 3.88%, 07/15/2020 | 4,129,000 | 4,196,148 | ||
6,371,245 | ||||
Multi-Utilities-0.68% | ||||
Dominion Energy Gas Holdings LLC, 2.80%, 11/15/2020 | 3,045,000 | 3,065,152 | ||
Dominion Energy, Inc., 2.58%, 07/01/2020 | 4,424,000 | 4,432,169 | ||
Sempra Energy | ||||
2.40%, 02/01/2020 | 2,186,000 | 2,183,226 | ||
2.40%, 03/15/2020 | 2,458,000 | 2,455,616 | ||
12,136,163 | ||||
Oil, Gas & Consumable Fuels-7.62% | ||||
BP Capital Markets PLC (United Kingdom) | ||||
2.52%, 01/15/2020 | 5,763,000 | 5,771,248 | ||
2.32%, 02/13/2020 | 7,817,000 | 7,826,913 | ||
Chevron Corp. | ||||
1.96%, 03/03/2020 | 8,180,000 | 8,179,423 | ||
1.99%, 03/03/2020 | 2,780,000 | 2,779,663 | ||
2.43%, 06/24/2020(b) | 4,334,000 | 4,350,252 | ||
2.42%, 11/17/2020 | 5,527,000 | 5,561,486 | ||
Columbia Pipeline Group, Inc., 3.30%, 06/01/2020 | 3,139,000 | 3,160,062 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Concho Resources, Inc., 4.37%, 01/15/2025 | $ | 2,705,000 | $ 2,806,162 | |
Continental Resources, Inc., 5.00%, 09/15/2022 | 6,962,000 | 7,028,848 | ||
Diamondback Energy, Inc., 5.37%, 05/31/2025 | 3,443,000 | 3,623,758 | ||
Enbridge Energy Partners L.P. | ||||
5.20%, 03/15/2020 | 2,222,000 | 2,254,940 | ||
4.38%, 10/15/2020 | 2,332,000 | 2,381,475 | ||
Energy Transfer Partners, L.P., 4.15%, 10/01/2020 | 4,392,000 | 4,458,673 | ||
Enterprise Products Operating LLC | ||||
5.25%, 01/31/2020 | 4,453,000 | 4,504,463 | ||
5.20%, 09/01/2020 | 4,476,000 | 4,605,012 | ||
EOG Resources, Inc. | ||||
2.45%, 04/01/2020 | 2,191,000 | 2,194,292 | ||
4.40%, 06/01/2020 | 2,011,000 | 2,042,372 | ||
EQT Corp., 2.50%, 10/01/2020 | 2,156,000 | 2,144,734 | ||
Exxon Mobil Corp., 1.91%, 03/06/2020 | 6,323,000 | 6,323,720 | ||
Kinder Morgan Energy Partners, L.P. | ||||
6.85%, 02/15/2020 | 3,107,000 | 3,166,753 | ||
6.50%, 04/01/2020 | 2,076,000 | 2,125,798 | ||
5.30%, 09/15/2020 | 2,353,000 | 2,422,865 | ||
Marathon Oil Corp., 2.70%, 06/01/2020 | 2,627,000 | 2,633,220 | ||
Marathon Petroleum Corp., 3.40%, 12/15/2020 | 2,951,000 | 2,987,066 | ||
Plains All American Pipeline L.P./PAA Finance Corp., 5.75%, 01/15/2020 | 2,109,000 | 2,132,120 | ||
Shell International Finance B.V. (Netherlands) | ||||
4.37%, 03/25/2020 | 5,532,000 | 5,603,650 | ||
2.13%, 05/11/2020 | 8,542,000 | 8,548,564 | ||
2.25%, 11/10/2020 | 5,370,000 | 5,396,330 | ||
Total Capital SA (France), 4.45%, 06/24/2020 | 5,492,000 | 5,595,952 | ||
TransCanada PipeLines Ltd. (Canada), 3.80%, 10/01/2020 | 4,347,000 | 4,417,815 | ||
Williams Companies, Inc. (The), 5.25%, 03/15/2020 | 6,680,000 | 6,780,251 | ||
Williams Cos., Inc. (The), 4.13%, 11/15/2020 | 2,577,000 | 2,620,667 | ||
136,428,547 | ||||
Personal Products-0.58% | ||||
Estee Lauder Cos., Inc. (The), 1.80%, 02/07/2020 | 2,739,000 | 2,734,515 | ||
Unilever Capital Corp. (United Kingdom) | ||||
1.80%, 05/05/2020 | 3,700,000 | 3,697,501 | ||
2.10%, 07/30/2020 | 3,904,000 | 3,905,350 | ||
10,337,366 | ||||
Pharmaceuticals-2.42% | ||||
Allergan Funding SCS, 3.00%, 03/12/2020 | 14,063,000 | 14,107,813 | ||
AstraZeneca PLC (United Kingdom), 2.37%, 11/16/2020 | 7,309,000 | 7,330,296 | ||
Johnson & Johnson | ||||
2.95%, 09/01/2020 | 2,757,000 | 2,784,886 | ||
1.95%, 11/10/2020 | 838,000 | 839,566 | ||
Merck & Co., Inc., 1.85%, 02/10/2020 | 5,813,000 | 5,807,827 |
Principal Amount | Value | |||
Pharmaceuticals-(continued) | ||||
Mylan N.V., 3.75%, 12/15/2020 | $ | 1,859,000 | $ 1,893,413 | |
Novartis Capital Corp. (Switzerland) | ||||
1.80%, 02/14/2020 | 4,307,000 | 4,300,572 | ||
4.40%, 04/24/2020 | 4,122,000 | 4,182,149 | ||
Zoetis, Inc., 3.45%, 11/13/2020 | 2,117,000 | 2,145,858 | ||
43,392,380 | ||||
Road & Rail-0.38% | ||||
CSX Corp., 3.70%, 10/30/2020 | 2,222,000 | 2,256,850 | ||
United Rentals North America, Inc., 4.63%, 07/15/2023 | 4,494,000 | 4,609,159 | ||
6,866,009 | ||||
Semiconductors & Semiconductor Equipment-2.22% | ||||
Applied Materials, Inc., 2.62%, 10/01/2020 | 3,070,000 | 3,091,092 | ||
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.38%, 01/15/2020 | 12,097,000 | 12,092,709 | ||
Intel Corp. | ||||
1.85%, 05/11/2020 | 4,467,000 | 4,466,141 | ||
2.45%, 07/29/2020(b) | 7,817,000 | 7,853,794 | ||
Lam Research Corp., 2.75%, 03/15/2020 | 2,136,000 | 2,140,956 | ||
Micron Technology, Inc., 5.50%, 02/01/2025 | 457,000 | 466,828 | ||
QUALCOMM, Inc., 2.25%, 05/20/2020 | 7,554,000 | 7,563,949 | ||
Texas Instruments, Inc., 1.75%, 05/01/2020 | 2,076,000 | 2,073,270 | ||
39,748,739 | ||||
Software-2.51% | ||||
Adobe, Inc., 4.75%, 02/01/2020 | 4,070,000 | 4,113,769 | ||
Microsoft Corp. | ||||
1.85%, 02/06/2020 | 6,682,000 | 6,677,589 | ||
1.85%, 02/12/2020 | 6,377,000 | 6,374,562 | ||
3.00%, 10/01/2020 | 4,529,000 | 4,591,542 | ||
2.00%, 11/03/2020 | 9,905,000 | 9,929,119 | ||
Oracle Corp., 3.87%, 07/15/2020 | 4,413,000 | 4,485,184 | ||
Symantec Corp., 4.20%, 09/15/2020 | 3,342,000 | 3,391,130 | ||
VMware, Inc., 2.30%, 08/21/2020 | 5,440,000 | 5,441,813 | ||
45,004,708 | ||||
Specialty Retail-0.55% | ||||
AutoZone, Inc., 4.00%, 11/15/2020 | 2,078,000 | 2,116,047 | ||
Home Depot, Inc. (The) | ||||
1.80%, 06/05/2020 | 3,509,000 | 3,503,455 | ||
3.95%, 09/15/2020 | 2,124,000 | 2,156,769 | ||
Lowe’s Cos., Inc., 4.63%, 04/15/2020 | 2,119,000 | 2,125,416 | ||
9,901,687 | ||||
Technology Hardware, Storage & Peripherals-2.30% | ||||
Apple, Inc. | ||||
1.55%, 02/07/2020 | 5,443,000 | 5,430,251 | ||
1.90%, 02/07/2020 | 4,437,000 | 4,436,507 | ||
2.00%, 05/06/2020 | 5,577,000 | 5,580,607 | ||
1.80%, 05/11/2020 | 4,478,000 | 4,473,730 | ||
2.00%, 11/13/2020 | 4,445,000 | 4,458,549 | ||
Hewlett Packard Enterprise Co., 3.60%, 10/15/2020 | 13,624,000 | 13,824,009 | ||
HP, Inc., 3.75%, 12/01/2020 | 2,916,000 | 2,970,716 | ||
41,174,369 |
Principal Amount | Value | |||
Tobacco-1.61% | ||||
Altria Group, Inc., 2.63%, 01/14/2020 | $ | 4,923,000 | $ 4,925,725 | |
BAT Capital Corp. (United Kingdom), 2.30%, 08/14/2020 | 9,529,000 | 9,531,377 | ||
Philip Morris International, Inc. | ||||
2.00%, 02/21/2020 | 4,286,000 | 4,281,311 | ||
4.50%, 03/26/2020 | 3,998,000 | 4,052,142 | ||
Reynolds American, Inc. (United Kingdom) | ||||
6.87%, 05/01/2020 | 2,640,000 | 2,716,101 | ||
3.25%, 06/12/2020 | 3,265,000 | 3,290,138 | ||
28,796,794 | ||||
Trading Companies & Distributors-0.79% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | ||||
4.25%, 07/01/2020 | 3,901,000 | 3,955,826 | ||
4.62%, 10/30/2020 | 4,050,000 | 4,149,152 | ||
Air Lease Corp., 2.13%, 01/15/2020 | 1,600,000 | 1,599,146 | ||
International Lease Finance Corp., 8.25%, 12/15/2020 | 4,104,000 | 4,405,060 | ||
14,109,184 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,763,471,015) | 1,771,277,406 | |||
Shares | ||||
Money Market Funds-0.31% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(c) (Cost $5,517,027) | 5,517,027 | 5,517,027 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.21% (Cost $1,768,988,042) | 1,776,794,433 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.24% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(c)(d) | 3,314,718 | 3,314,718 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(c)(d) | 1,104,464 | 1,104,906 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,419,624) | 4,419,624 | |||
TOTAL INVESTMENTS IN SECURITIES-99.45% (Cost $1,773,407,666) | 1,781,214,057 | |||
OTHER ASSETS LESS LIABILITIES-0.55% | 9,814,300 | |||
NET ASSETS-100.00% | $1,791,028,357 |
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 August 31, 2019. |
(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 August 31, 2019. |
(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 2K. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.81% | ||||
Aerospace & Defense-1.81% | ||||
Arconic, Inc., 5.40%, 04/15/2021 | $ | 4,816,000 | $ 4,964,574 | |
General Dynamics Corp. | ||||
3.00%, 05/11/2021 | 7,806,000 | 7,958,048 | ||
3.87%, 07/15/2021 | 1,642,000 | 1,695,904 | ||
L3Harris Technologies, Inc., 4.95%, 02/15/2021(b) | 2,358,000 | 2,431,544 | ||
Lockheed Martin Corp., 3.35%, 09/15/2021 | 3,257,000 | 3,345,819 | ||
Northrop Grumman Corp., 3.50%, 03/15/2021 | 2,719,000 | 2,778,191 | ||
United Technologies Corp. | ||||
3.35%, 08/16/2021 | 3,580,000 | 3,672,108 | ||
1.95%, 11/01/2021 | 2,507,000 | 2,506,282 | ||
29,352,470 | ||||
Air Freight & Logistics-0.50% | ||||
United Parcel Service, Inc. | ||||
3.13%, 01/15/2021 | 5,320,000 | 5,406,467 | ||
2.05%, 04/01/2021 | 2,625,000 | 2,628,174 | ||
8,034,641 | ||||
Airlines-0.14% | ||||
Delta Air Lines, Inc., 3.40%, 04/19/2021 | 2,305,000 | 2,337,577 | ||
Automobiles-5.13% | ||||
American Honda Finance Corp. | ||||
2.65%, 02/12/2021 | 2,856,000 | 2,881,637 | ||
1.65%, 07/12/2021 | 2,581,000 | 2,569,497 | ||
1.70%, 09/09/2021 | 3,735,000 | 3,720,255 | ||
Ford Motor Credit Co. LLC | ||||
3.20%, 01/15/2021 | 4,800,000 | 4,825,033 | ||
5.75%, 02/01/2021 | 4,700,000 | 4,881,746 | ||
3.34%, 03/18/2021 | 6,500,000 | 6,536,694 | ||
3.47%, 04/05/2021 | 3,300,000 | 3,333,273 | ||
5.87%, 08/02/2021 | 7,250,000 | 7,633,401 | ||
3.81%, 10/12/2021 | 4,300,000 | 4,378,098 | ||
General Motors Financial Co., Inc. | ||||
4.20%, 03/01/2021 | 5,783,000 | 5,921,139 | ||
3.55%, 04/09/2021 | 3,555,000 | 3,615,495 | ||
3.20%, 07/06/2021 | 7,434,000 | 7,527,613 | ||
4.38%, 09/25/2021 | 4,536,000 | 4,699,068 | ||
Toyota Motor Corp. (Japan), 3.18%, 07/20/2021 | 2,862,000 | 2,930,038 | ||
Toyota Motor Credit Corp. | ||||
4.25%, 01/11/2021 | 2,914,000 | 3,003,904 | ||
1.90%, 04/08/2021 | 4,492,000 | 4,494,573 | ||
2.95%, 04/13/2021 | 3,770,000 | 3,836,481 | ||
2.75%, 05/17/2021(c) | 2,393,000 | 2,427,284 | ||
3.40%, 09/15/2021 | 3,795,000 | 3,906,502 | ||
83,121,731 | ||||
Banks-30.52% | ||||
Bank of America Corp. | ||||
5.87%, 01/05/2021 | 3,970,000 | 4,171,755 | ||
2.63%, 04/19/2021 | 6,519,000 | 6,581,998 | ||
5.00%, 05/13/2021 | 5,440,000 | 5,702,511 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Bank of Montreal (Canada) | ||||
1.90%, 08/27/2021(c) | $ | 7,399,000 | $7,404,550 | |
Series D, 3.10%, 04/13/2021 | 5,430,000 | 5,531,550 | ||
Bank of Nova Scotia (The) (Canada) | ||||
2.50%, 01/08/2021 | 3,552,000 | 3,580,130 | ||
4.37%, 01/13/2021 | 2,838,000 | 2,932,350 | ||
2.45%, 03/22/2021 | 5,121,000 | 5,160,137 | ||
3.12%, 04/20/2021 | 4,741,000 | 4,834,109 | ||
2.80%, 07/21/2021 | 4,269,000 | 4,339,867 | ||
Barclays Bank PLC (United Kingdom), 2.65%, 01/11/2021 | 7,000,000 | 7,032,510 | ||
Barclays PLC (United Kingdom) | ||||
3.25%, 01/12/2021 | 5,500,000 | 5,553,486 | ||
3.20%, 08/10/2021 | 4,520,000 | 4,565,807 | ||
BB&T Corp. | ||||
2.15%, 02/01/2021 | 3,555,000 | 3,562,047 | ||
2.05%, 05/10/2021 | 4,617,000 | 4,622,321 | ||
3.20%, 09/03/2021 | 2,012,000 | 2,055,741 | ||
BBVA USA, 3.50%, 06/11/2021 | 3,500,000 | 3,565,346 | ||
BNP Paribas S.A. (France), 5.00%, 01/15/2021 | 11,325,000 | 11,765,450 | ||
BPCE S.A. (France) | ||||
2.65%, 02/03/2021 | 3,500,000 | 3,529,931 | ||
2.75%, 12/02/2021 | 4,300,000 | 4,367,827 | ||
Branch Banking & Trust Co., 2.85%, 04/01/2021 | 3,250,000 | 3,289,544 | ||
Canadian Imperial Bank of Commerce (Canada), 2.70%, 02/02/2021 | 2,737,000 | 2,765,905 | ||
Citibank, N.A. | ||||
2.85%, 02/12/2021 | 4,550,000 | 4,604,236 | ||
3.40%, 07/23/2021 | 6,300,000 | 6,456,912 | ||
Citigroup, Inc. | ||||
2.70%, 03/30/2021 | 9,520,000 | 9,619,613 | ||
2.35%, 08/02/2021 | 6,862,000 | 6,908,059 | ||
2.90%, 12/08/2021 | 9,742,000 | 9,914,321 | ||
Citizens Bank, N.A., 2.55%, 05/13/2021 | 3,500,000 | 3,526,757 | ||
Cooperatieve Rabobank U.A. (Netherlands) | ||||
4.50%, 01/11/2021 | 5,502,000 | 5,685,749 | ||
2.50%, 01/19/2021 | 8,050,000 | 8,106,848 | ||
3.12%, 04/26/2021 | 3,500,000 | 3,562,451 | ||
Deutsche Bank AG (Germany) | ||||
3.13%, 01/13/2021 | 3,500,000 | 3,485,704 | ||
3.15%, 01/22/2021 | 4,904,000 | 4,888,153 | ||
3.37%, 05/12/2021 | 3,924,000 | 3,923,997 | ||
4.25%, 10/14/2021 | 13,286,000 | 13,515,066 | ||
Fifth Third Bank | ||||
2.25%, 06/14/2021 | 4,350,000 | 4,367,749 | ||
3.35%, 07/26/2021 | 3,700,000 | 3,787,456 | ||
2.88%, 10/01/2021 | 3,227,000 | 3,277,440 | ||
HSBC Holdings PLC (United Kingdom) | ||||
3.40%, 03/08/2021 | 10,400,000 | 10,569,165 | ||
5.10%, 04/05/2021 | 9,285,000 | 9,694,611 | ||
2.95%, 05/25/2021 | 9,000,000 | 9,106,957 | ||
Huntington Bancshares, Inc., 3.15%, 03/14/2021 | 3,710,000 | 3,764,795 | ||
Huntington National Bank (The), 3.25%, 05/14/2021 | 3,250,000 | 3,306,569 |
Principal Amount | Value | |||
Banks-(continued) | ||||
JPMorgan Chase & Co. | ||||
2.55%, 03/01/2021 | $ | 9,265,000 | $9,340,907 | |
4.62%, 05/10/2021 | 7,547,000 | 7,867,092 | ||
2.40%, 06/07/2021 | 5,707,000 | 5,743,788 | ||
2.30%, 08/15/2021 | 9,243,000 | 9,269,303 | ||
4.35%, 08/15/2021 | 11,614,000 | 12,122,018 | ||
KeyBank N.A. | ||||
3.35%, 06/15/2021 | 3,500,000 | 3,578,265 | ||
2.50%, 11/22/2021 | 3,450,000 | 3,485,351 | ||
KeyCorp, 5.10%, 03/24/2021 | 3,617,000 | 3,780,133 | ||
Lloyds Bank PLC (United Kingdom), 6.37%, 01/21/2021 | 4,092,000 | 4,324,384 | ||
Lloyds Banking Group PLC (United Kingdom), 3.10%, 07/06/2021 | 3,700,000 | 3,755,353 | ||
Manufacturers and Traders Trust Co., 2.63%, 01/25/2021 | 3,250,000 | 3,279,816 | ||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||
2.95%, 03/01/2021 | 8,071,000 | 8,161,136 | ||
3.53%, 07/26/2021 | 2,791,000 | 2,861,249 | ||
2.19%, 09/13/2021 | 4,900,000 | 4,903,759 | ||
Mizuho Financial Group, Inc. (Japan), 2.27%, 09/13/2021 | 4,400,000 | 4,405,275 | ||
PNC Bank, N.A. | ||||
2.50%, 01/22/2021 | 3,450,000 | 3,474,614 | ||
2.15%, 04/29/2021 | 4,400,000 | 4,413,449 | ||
2.55%, 12/09/2021 | 3,650,000 | 3,693,009 | ||
Regions Bank, 2.75%, 04/01/2021 | 3,250,000 | 3,279,783 | ||
Regions Financial Corp., 3.20%, 02/08/2021 | 4,113,000 | 4,169,959 | ||
Royal Bank of Canada (Canada) | ||||
2.50%, 01/19/2021 | 4,441,000 | 4,479,197 | ||
3.20%, 04/30/2021 | 5,721,000 | 5,848,338 | ||
Santander UK Group Holdings PLC (United Kingdom) | ||||
3.13%, 01/08/2021 | 3,740,000 | 3,770,694 | ||
2.88%, 08/05/2021 | 5,100,000 | 5,123,511 | ||
Santander UK PLC (United Kingdom), 2.50%, 01/05/2021 | 3,300,000 | 3,313,030 | ||
Skandinaviska Enskilda Banken AB (Sweden) | ||||
2.63%, 03/15/2021 | 4,050,000 | 4,087,522 | ||
1.88%, 09/13/2021 | 3,310,000 | 3,296,097 | ||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||
2.93%, 03/09/2021 | 6,165,000 | 6,240,597 | ||
2.06%, 07/14/2021 | 6,604,000 | 6,598,014 | ||
2.44%, 10/19/2021 | 5,414,000 | 5,448,340 | ||
SunTrust Banks, Inc., 2.90%, 03/03/2021 | 3,501,000 | 3,541,769 | ||
Svenska Handelsbanken AB (Sweden) | ||||
2.45%, 03/30/2021 | 5,000,000 | 5,036,369 | ||
3.35%, 05/24/2021 | 4,500,000 | 4,601,726 | ||
1.88%, 09/07/2021 | 3,500,000 | 3,487,460 | ||
Synchrony Bank, 3.65%, 05/24/2021 | 3,350,000 | 3,419,189 | ||
Toronto-Dominion Bank (The) (Canada) | ||||
2.55%, 01/25/2021 | 3,775,000 | 3,808,885 | ||
2.13%, 04/07/2021 | 6,581,000 | 6,603,126 | ||
3.25%, 06/11/2021 | 3,686,000 | 3,772,465 | ||
1.80%, 07/13/2021(c) | 5,199,000 | 5,188,184 |
Principal Amount | Value | |||
Banks-(continued) | ||||
US Bancorp | ||||
2.35%, 01/29/2021 | $ | 5,461,000 | $5,491,498 | |
4.12%, 05/24/2021 | 3,649,000 | 3,777,990 | ||
US Bank N.A., 3.15%, 04/26/2021 | 3,500,000 | 3,563,640 | ||
Wells Fargo & Co. | ||||
3.00%, 01/22/2021 | 5,485,000 | 5,561,144 | ||
2.50%, 03/04/2021 | 10,497,000 | 10,562,587 | ||
4.60%, 04/01/2021 | 9,492,000 | 9,867,680 | ||
2.10%, 07/26/2021 | 10,847,000 | 10,859,125 | ||
Wells Fargo Bank, N.A., 2.60%, 01/15/2021 | 8,700,000 | 8,766,732 | ||
Zions Bancorp. N.A., 3.50%, 08/27/2021 | 3,500,000 | 3,581,894 | ||
494,592,926 | ||||
Beverages-2.91% | ||||
Anheuser-Busch InBev Finance, Inc. (Belgium), 2.65%, 02/01/2021 | 23,498,000 | 23,722,896 | ||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.37%, 02/15/2021 | 10,000 | 10,331 | ||
Coca-Cola Co. (The) | ||||
1.55%, 09/01/2021(c) | 3,862,000 | 3,859,707 | ||
3.30%, 09/01/2021 | 5,026,000 | 5,173,249 | ||
Constellation Brands, Inc., 3.75%, 05/01/2021 | 1,698,000 | 1,737,455 | ||
Molson Coors Brewing Co., 2.10%, 07/15/2021 | 3,338,000 | 3,337,883 | ||
PepsiCo, Inc. | ||||
2.00%, 04/15/2021 | 3,739,000 | 3,751,117 | ||
3.00%, 08/25/2021 | 2,662,000 | 2,721,362 | ||
1.70%, 10/06/2021 | 2,818,000 | 2,812,796 | ||
47,126,796 | ||||
Biotechnology-2.72% | ||||
AbbVie, Inc., 2.30%, 05/14/2021 | 6,773,000 | 6,796,723 | ||
Amgen, Inc. | ||||
4.10%, 06/15/2021 | 3,908,000 | 4,030,086 | ||
1.85%, 08/19/2021 | 2,522,000 | 2,515,354 | ||
3.87%, 11/15/2021 | 6,257,000 | 6,472,369 | ||
Celgene Corp. | ||||
2.88%, 02/19/2021 | 1,662,000 | 1,680,162 | ||
2.25%, 08/15/2021 | 1,280,000 | 1,282,018 | ||
Gilead Sciences, Inc. | ||||
4.50%, 04/01/2021 | 3,792,000 | 3,915,552 | ||
4.40%, 12/01/2021 | 4,735,000 | 4,967,389 | ||
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/2021 | 12,403,000 | 12,445,038 | ||
44,104,691 | ||||
Capital Markets-7.07% | ||||
Bank of New York Mellon Corp. (The) | ||||
4.15%, 02/01/2021 | 1,691,000 | 1,743,106 | ||
2.50%, 04/15/2021 | 3,693,000 | 3,725,377 | ||
2.05%, 05/03/2021 | 4,454,000 | 4,466,009 | ||
3.55%, 09/23/2021 | 5,353,000 | 5,514,016 | ||
BlackRock, Inc., 4.25%, 05/24/2021 | 2,761,000 | 2,874,507 | ||
Charles Schwab Corp. (The), 3.25%, 05/21/2021 | 2,277,000 | 2,328,255 | ||
Credit Suisse AG (Switzerland), 3.00%, 10/29/2021 | 7,080,000 | 7,221,973 |
Principal Amount | Value | |||
Capital Markets-(continued) | ||||
Goldman Sachs Group, Inc. (The) | ||||
2.88%, 02/25/2021 | $ | 4,976,000 | $5,024,735 | |
2.63%, 04/25/2021 | 5,810,000 | 5,856,426 | ||
5.25%, 07/27/2021 | 13,671,000 | 14,448,680 | ||
2.35%, 11/15/2021 | 8,060,000 | 8,076,533 | ||
Jefferies Group LLC, 6.87%, 04/15/2021 | 2,753,000 | 2,937,175 | ||
Moody’s Corp., 2.75%, 12/15/2021 | 2,017,000 | 2,044,900 | ||
Morgan Stanley | ||||
5.75%, 01/25/2021 | 9,599,000 | 10,076,369 | ||
2.50%, 04/21/2021 | 9,785,000 | 9,842,320 | ||
5.50%, 07/28/2021 | 8,764,000 | 9,301,166 | ||
2.63%, 11/17/2021 | 12,103,000 | 12,233,500 | ||
Northern Trust Corp., 3.37%, 08/23/2021 | 1,958,000 | 2,014,289 | ||
State Street Corp. | ||||
4.37%, 03/07/2021 | 2,248,000 | 2,332,058 | ||
1.95%, 05/19/2021 | 2,503,000 | 2,503,715 | ||
114,565,109 | ||||
Chemicals-0.97% | ||||
Dow Chemical Co. (The), 4.13%, 11/15/2021 | 4,646,000 | 4,824,019 | ||
Ecolab, Inc., 4.35%, 12/08/2021 | 3,402,000 | 3,577,908 | ||
LyondellBasell Industries N.V., 6.00%, 11/15/2021 | 3,700,000 | 3,963,300 | ||
Praxair, Inc. | ||||
4.05%, 03/15/2021 | 1,730,000 | 1,784,402 | ||
3.00%, 09/01/2021 | 1,598,000 | 1,632,351 | ||
15,781,980 | ||||
Commercial Services & Supplies-0.13% | ||||
Republic Services, Inc., 5.25%, 11/15/2021 | 2,023,000 | 2,156,103 | ||
Communications Equipment-1.14% | ||||
Cisco Systems, Inc. | ||||
2.20%, 02/28/2021 | 9,378,000 | 9,442,450 | ||
2.90%, 03/04/2021 | 1,641,000 | 1,667,110 | ||
1.85%, 09/20/2021 | 7,407,000 | 7,403,562 | ||
18,513,122 | ||||
Consumer Finance-2.25% | ||||
American Express Co., 3.37%, 05/17/2021 | 4,358,000 | 4,453,752 | ||
American Express Credit Corp., 2.25%, 05/05/2021 | 6,215,000 | 6,247,379 | ||
Capital One Financial Corp. | ||||
3.45%, 04/30/2021 | 4,897,000 | 5,001,449 | ||
4.75%, 07/15/2021 | 4,463,000 | 4,667,032 | ||
Capital One N.A. | ||||
2.95%, 07/23/2021 | 4,250,000 | 4,304,726 | ||
2.25%, 09/13/2021 | 3,500,000 | 3,505,953 | ||
Discover Bank, 3.20%, 08/09/2021 | 3,350,000 | 3,410,545 | ||
HSBC Finance Corp., 6.68%, 01/15/2021 | 1,899,000 | 1,993,884 | ||
Synchrony Financial, 3.75%, 08/15/2021 | 2,828,000 | 2,892,493 | ||
36,477,213 | ||||
Containers & Packaging-0.08% | ||||
International Paper Co., 7.50%, 08/15/2021 | 1,199,000 | 1,318,363 |
Principal Amount | Value | |||
Diversified Financial Services-0.59% | ||||
Berkshire Hathaway Finance Corp., 4.25%, 01/15/2021 | $ | 3,333,000 | $ 3,443,856 | |
Berkshire Hathaway, Inc. | ||||
2.20%, 03/15/2021 | 3,842,000 | 3,867,322 | ||
3.75%, 08/15/2021(c) | 2,094,000 | 2,168,088 | ||
9,479,266 | ||||
Diversified Telecommunication Services-2.37% | ||||
AT&T, Inc. | ||||
4.60%, 02/15/2021 | 2,554,000 | 2,630,534 | ||
2.80%, 02/17/2021 | 6,506,000 | 6,562,687 | ||
4.45%, 05/15/2021 | 3,503,000 | 3,639,292 | ||
3.88%, 08/15/2021 | 4,555,000 | 4,713,349 | ||
Orange S.A. (France), 4.12%, 09/14/2021 | 3,957,000 | 4,120,265 | ||
Qwest Corp., 6.75%, 12/01/2021 | 3,472,000 | 3,746,791 | ||
Telefonica Emisiones S.A.U. (Spain), 5.46%, 02/16/2021 | 6,134,000 | 6,421,774 | ||
Verizon Communications, Inc. | ||||
3.45%, 03/15/2021 | 2,589,000 | 2,649,244 | ||
4.60%, 04/01/2021 | 3,750,000 | 3,901,081 | ||
38,385,017 | ||||
Electric Utilities-1.51% | ||||
DPL, Inc., 7.25%, 10/15/2021 | 1,632,000 | 1,756,440 | ||
Duke Energy Carolinas LLC, 3.90%, 06/15/2021 | 1,976,000 | 2,034,629 | ||
Duke Energy Corp. | ||||
1.80%, 09/01/2021 | 2,753,000 | 2,737,037 | ||
3.55%, 09/15/2021 | 1,811,000 | 1,855,656 | ||
Duke Energy Progress LLC, 3.00%, 09/15/2021 | 2,198,000 | 2,242,189 | ||
Emera US Finance L.P. (Canada), 2.70%, 06/15/2021 | 2,750,000 | 2,770,569 | ||
Ohio Power Co.,Series M, 5.37%, 10/01/2021 | 1,886,000 | 2,011,516 | ||
Progress Energy, Inc., 4.40%, 01/15/2021 | 1,916,000 | 1,965,574 | ||
Southern California Edison Co., 3.88%, 06/01/2021 | 1,550,000 | 1,586,501 | ||
Southern Co. (The), 2.35%, 07/01/2021 | 5,455,000 | 5,474,926 | ||
24,435,037 | ||||
Electrical Equipment-0.13% | ||||
Emerson Electric Co., 2.63%, 12/01/2021 | 2,098,000 | 2,135,063 | ||
Energy Equipment & Services-0.26% | ||||
Baker Hughes a GE Co. LLC, 3.20%, 08/15/2021 | 1,856,000 | 1,881,682 | ||
Halliburton Co., 3.25%, 11/15/2021 | 2,339,000 | 2,392,173 | ||
4,273,855 | ||||
Entertainment-1.04% | ||||
Activision Blizzard, Inc., 2.30%, 09/15/2021 | 2,330,000 | 2,331,351 | ||
Electronic Arts, Inc., 3.70%, 03/01/2021 | 2,455,000 | 2,505,089 | ||
TWDC Enterprises 18 Corp. | ||||
2.30%, 02/12/2021 | 2,754,000 | 2,768,586 | ||
3.75%, 06/01/2021 | 1,856,000 | 1,913,435 | ||
2.75%, 08/16/2021 | 2,840,000 | 2,881,978 |
Principal Amount | Value | |||
Entertainment-(continued) | ||||
Viacom, Inc. | ||||
4.50%, 03/01/2021 | $ | 2,195,000 | $2,261,315 | |
3.87%, 12/15/2021 | 2,126,000 | 2,198,332 | ||
16,860,086 | ||||
Equity REITs-2.01% | ||||
American Tower Corp. | ||||
3.30%, 02/15/2021 | 2,950,000 | 2,997,120 | ||
3.45%, 09/15/2021 | 2,381,000 | 2,439,858 | ||
5.90%, 11/01/2021 | 1,929,000 | 2,078,182 | ||
Boston Properties L.P., 4.13%, 05/15/2021 | 3,698,000 | 3,812,292 | ||
Crown Castle International Corp. | ||||
3.40%, 02/15/2021 | 3,360,000 | 3,411,469 | ||
2.25%, 09/01/2021 | 2,719,000 | 2,719,826 | ||
ERP Operating L.P., 4.62%, 12/15/2021 | 2,559,000 | 2,694,075 | ||
Kimco Realty Corp., 3.20%, 05/01/2021 | 1,878,000 | 1,907,623 | ||
MPT Operating Partnership L.P./MPT Finance Corp., 5.25%, 08/01/2026 | 149,000 | 157,985 | ||
Simon Property Group L.P. | ||||
4.37%, 03/01/2021 | 3,372,000 | 3,470,872 | ||
2.50%, 07/15/2021 | 1,992,000 | 2,009,210 | ||
4.13%, 12/01/2021 | 2,854,000 | 2,972,330 | ||
Weyerhaeuser Co., 4.70%, 03/15/2021 | 1,814,000 | 1,870,264 | ||
32,541,106 | ||||
Food & Staples Retailing-1.47% | ||||
Costco Wholesale Corp., 2.15%, 05/18/2021 | 3,865,000 | 3,889,561 | ||
Kroger Co. (The) | ||||
3.30%, 01/15/2021 | 2,238,000 | 2,269,227 | ||
2.95%, 11/01/2021 | 1,537,000 | 1,561,729 | ||
Sysco Corp., 2.50%, 07/15/2021 | 1,609,000 | 1,619,484 | ||
Walgreens Boots Alliance, Inc., 3.30%, 11/18/2021 | 4,451,000 | 4,557,844 | ||
Walmart, Inc. | ||||
4.25%, 04/15/2021 | 2,773,000 | 2,888,803 | ||
3.12%, 06/23/2021 | 6,900,000 | 7,070,673 | ||
23,857,321 | ||||
Food Products-1.01% | ||||
Archer-Daniels-Midland Co., 4.48%, 03/01/2021 | 1,637,000 | 1,698,788 | ||
Campbell Soup Co. | ||||
3.30%, 03/15/2021 | 3,111,000 | 3,155,635 | ||
4.25%, 04/15/2021 | 1,260,000 | 1,299,695 | ||
General Mills, Inc. | ||||
3.20%, 04/16/2021 | 2,305,000 | 2,346,160 | ||
3.15%, 12/15/2021 | 2,979,000 | 3,042,995 | ||
JM Smucker Co. (The), 3.50%, 10/15/2021 | 2,470,000 | 2,541,556 | ||
Tyson Foods, Inc., 2.25%, 08/23/2021 | 2,215,000 | 2,221,973 | ||
16,306,802 | ||||
Gas Utilities-0.10% | ||||
National Fuel Gas Co., 4.90%, 12/01/2021 | 1,491,000 | 1,551,396 | ||
Health Care Equipment & Supplies-1.05% | ||||
Abbott Laboratories, 2.90%, 11/30/2021 | 10,499,000 | 10,708,880 |
Principal Amount | Value | |||
Health Care Equipment & Supplies-(continued) | ||||
Becton, Dickinson and Co., 3.12%, 11/08/2021 | $ | 3,904,000 | $ 3,978,635 | |
Stryker Corp., 2.63%, 03/15/2021 | 2,342,000 | 2,361,428 | ||
17,048,943 | ||||
Health Care Providers & Services-2.38% | ||||
AmerisourceBergen Corp., 3.50%, 11/15/2021 | 1,590,000 | 1,628,753 | ||
Anthem, Inc., 3.70%, 08/15/2021 | 2,602,000 | 2,670,888 | ||
CVS Health Corp. | ||||
3.35%, 03/09/2021 | 10,749,000 | 10,963,423 | ||
2.13%, 06/01/2021 | 6,728,000 | 6,735,163 | ||
Express Scripts Holding Co. | ||||
3.30%, 02/25/2021 | 1,599,000 | 1,622,370 | ||
4.75%, 11/15/2021 | 4,108,000 | 4,328,219 | ||
McKesson Corp., 4.75%, 03/01/2021(c) | 1,653,000 | 1,701,284 | ||
Quest Diagnostics, Inc., 4.70%, 04/01/2021 | 1,492,000 | 1,547,344 | ||
UnitedHealth Group, Inc. | ||||
2.13%, 03/15/2021 | 3,131,000 | 3,138,871 | ||
3.37%, 11/15/2021 | 1,500,000 | 1,540,234 | ||
2.87%, 12/15/2021 | 2,667,000 | 2,721,917 | ||
38,598,466 | ||||
Hotels, Restaurants & Leisure-0.18% | ||||
Starbucks Corp., 2.10%, 02/04/2021 | 2,886,000 | 2,890,818 | ||
Household Durables-0.22% | ||||
Lennar Corp., 4.75%, 04/01/2021 | 1,738,000 | 1,794,190 | ||
Tupperware Brands Corp., 4.75%, 06/01/2021 | 1,682,000 | 1,715,907 | ||
3,510,097 | ||||
Household Products-0.27% | ||||
Procter & Gamble Co. (The) | ||||
1.85%, 02/02/2021 | 1,832,000 | 1,833,865 | ||
1.70%, 11/03/2021 | 2,594,000 | 2,589,233 | ||
4,423,098 | ||||
Industrial Conglomerates-1.73% | ||||
3M Co., 1.63%, 09/19/2021 | 2,505,000 | 2,497,357 | ||
General Electric Co. | ||||
4.62%, 01/07/2021 | 4,449,000 | 4,550,764 | ||
5.30%, 02/11/2021 | 4,344,000 | 4,461,939 | ||
4.65%, 10/17/2021 | 5,602,000 | 5,803,819 | ||
Honeywell International, Inc. | ||||
4.25%, 03/01/2021 | 2,964,000 | 3,067,201 | ||
1.85%, 11/01/2021 | 5,750,000 | 5,744,930 | ||
Roper Technologies, Inc., 2.80%, 12/15/2021 | 1,903,000 | 1,930,947 | ||
28,056,957 | ||||
Insurance-0.66% | ||||
American International Group, Inc., 3.30%, 03/01/2021 | 5,365,000 | 5,456,176 | ||
Marsh & McLennan Cos., Inc., 4.80%, 07/15/2021 | 1,494,000 | 1,556,983 |
Principal Amount | Value | |||
Insurance-(continued) | ||||
Progressive Corp. (The), 3.75%, 08/23/2021 | $ | 1,917,000 | $ 1,985,925 | |
Willis Towers Watson PLC, 5.75%, 03/15/2021 | 1,580,000 | 1,661,810 | ||
10,660,894 | ||||
Interactive Media & Services-0.20% | ||||
Alphabet, Inc., 3.63%, 05/19/2021 | 3,109,000 | 3,203,774 | ||
Internet & Direct Marketing Retail-0.41% | ||||
Amazon.com, Inc., 3.30%, 12/05/2021 | 3,621,000 | 3,741,908 | ||
eBay, Inc., 2.88%, 08/01/2021(c) | 2,919,000 | 2,961,590 | ||
6,703,498 | ||||
IT Services-0.90% | ||||
Fidelity National Information Services, Inc., 2.25%, 08/15/2021 | 2,633,000 | 2,638,347 | ||
International Business Machines Corp. | ||||
2.25%, 02/19/2021 | 3,300,000 | 3,313,669 | ||
2.90%, 11/01/2021 | 3,200,000 | 3,259,158 | ||
Mastercard, Inc., 2.00%, 11/21/2021 | 2,466,000 | 2,477,719 | ||
Total System Services, Inc., 3.80%, 04/01/2021 | 2,791,000 | 2,850,164 | ||
14,539,057 | ||||
Life Sciences Tools & Services-0.53% | ||||
PerkinElmer, Inc., 5.00%, 11/15/2021 | 1,183,000 | 1,243,080 | ||
Thermo Fisher Scientific, Inc. | ||||
4.50%, 03/01/2021 | 3,319,000 | 3,439,104 | ||
3.60%, 08/15/2021 | 3,876,000 | 3,980,680 | ||
8,662,864 | ||||
Machinery-2.00% | ||||
Caterpillar Financial Services Corp. | ||||
1.70%, 08/09/2021 | 4,224,000 | 4,205,171 | ||
3.15%, 09/07/2021 | 3,042,000 | 3,122,397 | ||
Caterpillar, Inc., 3.90%, 05/27/2021 | 4,877,000 | 5,055,531 | ||
CNH Industrial Capital LLC, 4.87%, 04/01/2021 | 2,226,000 | 2,307,004 | ||
Fortive Corp., 2.35%, 06/15/2021 | 2,844,000 | 2,844,704 | ||
John Deere Capital Corp. | ||||
2.35%, 01/08/2021 | 2,072,000 | 2,085,720 | ||
2.55%, 01/08/2021 | 1,883,000 | 1,898,500 | ||
2.80%, 03/04/2021 | 1,906,000 | 1,929,090 | ||
3.90%, 07/12/2021(c) | 1,885,000 | 1,952,326 | ||
3.13%, 09/10/2021 | 2,391,000 | 2,450,206 | ||
3.15%, 10/15/2021 | 1,988,000 | 2,037,425 | ||
Xylem, Inc., 4.87%, 10/01/2021 | 2,319,000 | 2,445,439 | ||
32,333,513 | ||||
Media-1.24% | ||||
Discovery Communications LLC, 4.37%, 06/15/2021 | 2,522,000 | 2,616,012 | ||
NBCUniversal Media LLC, 4.37%, 04/01/2021 | 7,304,000 | 7,575,215 | ||
Time Warner Cable LLC | ||||
4.13%, 02/15/2021 | 2,748,000 | 2,804,710 | ||
4.00%, 09/01/2021 | 3,726,000 | 3,821,757 | ||
WPP Finance 2010 (United Kingdom), 4.75%, 11/21/2021 | 3,108,000 | 3,263,381 | ||
20,081,075 |
Principal Amount | Value | |||
Metals & Mining-0.43% | ||||
Arcelormittal (Luxembourg), 5.50%, 03/01/2021 | $ | 3,258,000 | $ 3,400,083 | |
Goldcorp, Inc. (Canada), 3.63%, 06/09/2021 | 1,601,000 | 1,633,521 | ||
Kinross Gold Corp. (Canada), 5.12%, 09/01/2021 | 1,921,000 | 1,995,439 | ||
7,029,043 | ||||
Multiline Retail-0.22% | ||||
Macy’s Retail Holdings, Inc., 3.45%, 01/15/2021(c) | 1,582,000 | 1,595,224 | ||
Nordstrom, Inc., 4.00%, 10/15/2021 | 1,896,000 | 1,950,097 | ||
3,545,321 | ||||
Multi-Utilities-0.65% | ||||
CenterPoint Energy Resources Corp., 4.50%, 01/15/2021 | 2,069,000 | 2,123,223 | ||
Consolidated Edison, Inc., 2.00%, 05/15/2021 | 1,695,000 | 1,694,818 | ||
PSEG Power LLC, 3.00%, 06/15/2021 | 2,200,000 | 2,227,416 | ||
Puget Energy, Inc., 6.00%, 09/01/2021 | 1,902,000 | 2,030,472 | ||
WEC Energy Group, Inc., 3.38%, 06/15/2021 | 2,325,000 | 2,376,799 | ||
10,452,728 | ||||
Oil, Gas & Consumable Fuels-6.34% | ||||
Anadarko Petroleum Corp., 4.85%, 03/15/2021 | 2,362,000 | 2,442,401 | ||
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 5.25%, 01/15/2025 | 2,778,000 | 2,921,994 | ||
BP Capital Markets PLC (United Kingdom) | ||||
4.74%, 03/11/2021 | 3,752,000 | 3,897,689 | ||
2.11%, 09/16/2021 | 2,282,000 | 2,287,644 | ||
3.56%, 11/01/2021 | 3,256,000 | 3,358,800 | ||
Buckeye Partners L.P., 4.88%, 02/01/2021 | 1,922,000 | 1,963,820 | ||
Canadian Natural Resources Ltd. (Canada), 3.45%, 11/15/2021 | 1,500,000 | 1,532,231 | ||
Chevron Corp., 2.10%, 05/16/2021 | 5,213,000 | 5,237,656 | ||
Enbridge Energy Partners L.P., 4.20%, 09/15/2021 | 2,346,000 | 2,420,671 | ||
Encana Corp. (Canada), 3.90%, 11/15/2021 | 2,163,000 | 2,217,291 | ||
Energy Transfer Partners, L.P., 4.65%, 06/01/2021 | 2,917,000 | 3,029,076 | ||
Enterprise Products Operating LLC | ||||
2.80%, 02/15/2021 | 2,952,000 | 2,981,212 | ||
2.85%, 04/15/2021 | 1,997,000 | 2,019,935 | ||
EOG Resources, Inc., 4.10%, 02/01/2021 | 2,592,000 | 2,667,630 | ||
EQT Corp., 4.88%, 11/15/2021(c) | 2,783,000 | 2,866,397 | ||
Exxon Mobil Corp., 2.22%, 03/01/2021 | 8,921,000 | 8,977,826 | ||
Kinder Morgan Energy Partners, L.P. | ||||
3.50%, 03/01/2021 | 2,613,000 | 2,653,578 | ||
5.00%, 10/01/2021 | 1,842,000 | 1,928,047 | ||
Magellan Midstream Partners LP, 4.25%, 02/01/2021 | 1,827,000 | 1,878,018 | ||
Marathon Petroleum Corp., 5.12%, 03/01/2021 | 3,870,000 | 4,028,142 | ||
Noble Energy, Inc., 4.15%, 12/15/2021 | 3,235,000 | 3,341,680 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Occidental Petroleum Corp.,Series 1, 4.10%, 02/01/2021 | $ | 4,064,000 | $ 4,151,507 | |
Pioneer Natural Resources Co., 3.45%, 01/15/2021 | 1,841,000 | 1,868,517 | ||
Plains All American Pipeline L.P./PAA Finance Corp., 5.00%, 02/01/2021 | 2,207,000 | 2,268,116 | ||
Sabine Pass Liquefaction, LLC, 5.62%, 02/01/2021 | 7,400,000 | 7,658,254 | ||
Shell International Finance B.V. (Netherlands) | ||||
1.88%, 05/10/2021 | 5,316,000 | 5,319,108 | ||
1.75%, 09/12/2021 | 3,221,000 | 3,216,828 | ||
Sunoco Logistics Partners Operations L.P., 4.40%, 04/01/2021 | 2,302,000 | 2,370,333 | ||
Total Capital International SA (France), 2.75%, 06/19/2021 | 4,022,000 | 4,077,376 | ||
Total Capital SA (France) | ||||
4.13%, 01/28/2021 | 1,559,000 | 1,604,798 | ||
4.25%, 12/15/2021 | 1,576,000 | 1,657,031 | ||
Western Gas Partners, L.P., 5.37%, 06/01/2021 | 2,336,000 | 2,415,988 | ||
Williams Companies, Inc. (The), 4.00%, 11/15/2021 | 1,509,000 | 1,554,515 | ||
102,814,109 | ||||
Personal Products-0.41% | ||||
Unilever Capital Corp. (United Kingdom) | ||||
4.25%, 02/10/2021 | 3,200,000 | 3,304,061 | ||
1.38%, 07/28/2021(c) | 3,401,000 | 3,370,200 | ||
6,674,261 | ||||
Pharmaceuticals-2.56% | ||||
Bayer US Finance II LLC (Germany), 2.75%, 07/15/2021(b) | 1,376,000 | 1,378,789 | ||
GlaxoSmithKline Capital PLC (United Kingdom), 3.13%, 05/14/2021 | 4,574,000 | 4,657,616 | ||
Johnson & Johnson, 1.65%, 03/01/2021 | 3,745,000 | 3,741,132 | ||
Merck & Co., Inc., 3.87%, 01/15/2021 | 3,836,000 | 3,924,035 | ||
Mylan N.V., 3.15%, 06/15/2021 | 8,537,000 | 8,637,224 | ||
Pfizer, Inc. | ||||
1.95%, 06/03/2021 | 4,674,000 | 4,688,901 | ||
3.00%, 09/15/2021 | 3,343,000 | 3,421,301 | ||
2.20%, 12/15/2021 | 3,203,000 | 3,232,202 | ||
Sanofi (France), 4.00%, 03/29/2021 | 7,565,000 | 7,808,919 | ||
41,490,119 | ||||
Professional Services-0.25% | ||||
Equifax, Inc., 2.30%, 06/01/2021 | 1,686,000 | 1,684,287 | ||
Equinix, Inc., 5.88%, 01/15/2026 | 2,202,000 | 2,347,883 | ||
4,032,170 | ||||
Road & Rail-0.40% | ||||
Norfolk Southern Corp., 3.25%, 12/01/2021 | 1,813,000 | 1,853,057 | ||
Union Pacific Corp. | ||||
4.00%, 02/01/2021 | 1,882,000 | 1,925,610 | ||
3.20%, 06/08/2021 | 2,597,000 | 2,647,953 | ||
6,426,620 |
Principal Amount | Value | |||
Semiconductors & Semiconductor Equipment-1.68% | ||||
Applied Materials, Inc., 4.30%, 06/15/2021 | $ | 1,991,000 | $ 2,073,654 | |
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.20%, 01/15/2021 | 2,843,000 | 2,830,246 | ||
Intel Corp. | ||||
1.70%, 05/19/2021 | 1,515,000 | 1,511,262 | ||
3.30%, 10/01/2021 | 7,530,000 | 7,745,262 | ||
KLA-Tencor Corp., 4.12%, 11/01/2021 | 1,727,000 | 1,791,520 | ||
Lam Research Corp., 2.80%, 06/15/2021 | 3,501,000 | 3,541,512 | ||
NVIDIA Corp., 2.20%, 09/16/2021 | 4,256,000 | 4,271,067 | ||
Texas Instruments, Inc., 2.75%, 03/12/2021 | 1,932,000 | 1,957,303 | ||
Xilinx, Inc., 3.00%, 03/15/2021 | 1,502,000 | 1,521,672 | ||
27,243,498 | ||||
Software-2.52% | ||||
IBM Credit LLC | ||||
1.80%, 01/20/2021 | 3,500,000 | 3,494,010 | ||
2.65%, 02/05/2021 | 3,300,000 | 3,332,489 | ||
Microsoft Corp. | ||||
4.00%, 02/08/2021 | 1,918,000 | 1,981,726 | ||
1.55%, 08/08/2021 | 10,381,000 | 10,352,979 | ||
Oracle Corp. | ||||
2.80%, 07/08/2021 | 5,793,000 | 5,893,553 | ||
1.90%, 09/15/2021 | 15,721,000 | 15,724,836 | ||
40,779,593 | ||||
Specialty Retail-1.54% | ||||
Best Buy Co., Inc., 5.50%, 03/15/2021 | 2,317,000 | 2,411,160 | ||
Gap, Inc. (The), 5.95%, 04/12/2021 | 4,687,000 | 4,882,114 | ||
Home Depot, Inc. (The) | ||||
2.00%, 04/01/2021 | 4,890,000 | 4,900,936 | ||
4.40%, 04/01/2021 | 3,684,000 | 3,810,502 | ||
Lowe’s Cos., Inc. | ||||
3.75%, 04/15/2021 | 1,929,000 | 1,975,365 | ||
3.80%, 11/15/2021 | 1,951,000 | 2,013,648 | ||
O’Reilly Automotive, Inc., 4.87%, 01/14/2021 | 1,983,000 | 2,041,381 | ||
TJX Cos., Inc. (The), 2.75%, 06/15/2021 | 2,904,000 | 2,947,265 | ||
24,982,371 | ||||
Technology Hardware, Storage & Peripherals-2.44% | ||||
Apple, Inc. | ||||
2.25%, 02/23/2021 | 11,050,000 | 11,114,712 | ||
2.85%, 05/06/2021 | 11,120,000 | 11,312,275 | ||
1.55%, 08/04/2021 | 4,633,000 | 4,611,532 | ||
HP, Inc. | ||||
4.30%, 06/01/2021 | 3,419,000 | 3,546,457 | ||
4.37%, 09/15/2021 | 2,885,000 | 2,993,348 | ||
4.65%, 12/09/2021(c) | 3,985,000 | 4,200,027 | ||
NetApp, Inc., 3.38%, 06/15/2021 | 1,793,000 | 1,824,495 | ||
39,602,846 | ||||
Textiles, Apparel & Luxury Goods-0.11% | ||||
VF Corp., 3.50%, 09/01/2021 | 1,670,000 | 1,711,697 | ||
Tobacco-0.59% | ||||
Altria Group, Inc., 4.75%, 05/05/2021 | 4,860,000 | 5,071,514 |
Principal Amount | Value | |||
Tobacco-(continued) | ||||
Philip Morris International, Inc. | ||||
1.88%, 02/25/2021 | $ | 2,431,000 | $2,427,801 | |
2.90%, 11/15/2021 | 2,050,000 | 2,084,369 | ||
9,583,684 | ||||
Trading Companies & Distributors-1.04% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | ||||
4.50%, 05/15/2021 | 3,500,000 | 3,611,513 | ||
5.00%, 10/01/2021 | 3,427,000 | 3,594,459 | ||
Air Lease Corp. | ||||
2.50%, 03/01/2021 | 2,225,000 | 2,235,087 | ||
3.88%, 04/01/2021 | 1,648,000 | 1,686,535 | ||
3.38%, 06/01/2021 | 1,855,000 | 1,886,711 | ||
Aircastle Ltd., 5.12%, 03/15/2021 | 2,210,000 | 2,291,962 | ||
International Lease Finance Corp., 4.62%, 04/15/2021 | 1,495,000 | 1,543,905 | ||
16,850,172 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,580,967,535) | 1,601,238,957 | |||
Shares | ||||
Money Market Funds-0.34% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $5,602,789) | 5,602,789 | 5,602,789 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.15% (Cost $1,586,570,324) | 1,606,841,746 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.69% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 8,363,760 | $ 8,363,760 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 2,786,881 | 2,787,996 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,151,756) | 11,151,756 | |||
TOTAL INVESTMENTS IN SECURITIES-99.84% (Cost $1,597,722,080) | 1,617,993,502 | |||
OTHER ASSETS LESS LIABILITIES-0.16% | 2,525,226 | |||
NET ASSETS-100.00% | $1,620,518,728 |
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) | 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 August 31, 2019 was $3,810,333, which represented less than 1% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.89% | ||||
Aerospace & Defense-2.16% | ||||
Arconic, Inc., 5.87%, 02/23/2022 | $ | 2,600,000 | $ 2,777,723 | |
General Dynamics Corp., 2.25%, 11/15/2022 | 3,865,000 | 3,912,935 | ||
Northrop Grumman Corp., 2.55%, 10/15/2022 | 5,289,000 | 5,373,000 | ||
Raytheon Co., 2.50%, 12/15/2022 | 3,889,000 | 3,941,720 | ||
Rockwell Collins, Inc., 2.80%, 03/15/2022 | 3,894,000 | 3,962,817 | ||
United Technologies Corp. | ||||
2.30%, 05/04/2022 | 1,588,000 | 1,602,353 | ||
3.10%, 06/01/2022 | 7,768,000 | 8,018,888 | ||
29,589,436 | ||||
Air Freight & Logistics-0.54% | ||||
FedEx Corp., 2.63%, 08/01/2022 | 1,731,000 | 1,761,489 | ||
United Parcel Service, Inc. | ||||
2.35%, 05/16/2022 | 2,159,000 | 2,182,888 | ||
2.45%, 10/01/2022(b) | 3,458,000 | 3,518,843 | ||
7,463,220 | ||||
Airlines-0.26% | ||||
Delta Air Lines, Inc., 3.63%, 03/15/2022 | 3,530,000 | 3,629,183 | ||
Automobiles-2.94% | ||||
American Honda Finance Corp., 2.60%, 11/16/2022 | 2,346,000 | 2,392,707 | ||
Ford Motor Credit Co. LLC | ||||
3.22%, 01/09/2022 | 3,000,000 | 3,008,553 | ||
3.34%, 03/28/2022 | 3,200,000 | 3,217,813 | ||
2.98%, 08/03/2022 | 2,800,000 | 2,797,205 | ||
4.25%, 09/20/2022 | 3,300,000 | 3,413,992 | ||
General Motors Financial Co., Inc. | ||||
3.45%, 01/14/2022 | 4,237,000 | 4,319,466 | ||
3.45%, 04/10/2022 | 4,326,000 | 4,413,249 | ||
3.15%, 06/30/2022 | 4,289,000 | 4,349,392 | ||
Toyota Motor Credit Corp. | ||||
2.60%, 01/11/2022 | 4,137,000 | 4,205,286 | ||
3.30%, 01/12/2022 | 3,254,000 | 3,360,081 | ||
2.80%, 07/13/2022 | 1,757,000 | 1,807,103 | ||
2.15%, 09/08/2022 | 2,918,000 | 2,944,330 | ||
40,229,177 | ||||
Banks-21.84% | ||||
Banco Santander, S.A. (Spain), 3.50%, 04/11/2022 | 3,400,000 | 3,505,084 | ||
Bank of America Corp. | ||||
5.70%, 01/24/2022 | 5,434,000 | 5,898,904 | ||
2.50%, 10/21/2022 | 6,336,000 | 6,399,521 | ||
Bank of Montreal (Canada) | ||||
2.35%, 09/11/2022 | 3,475,000 | 3,525,096 | ||
2.55%, 11/06/2022(b) | 3,209,000 | 3,269,790 | ||
Bank of Nova Scotia (The) (Canada) | ||||
2.70%, 03/07/2022 | 5,017,000 | 5,113,320 | ||
2.45%, 09/19/2022 | 3,273,000 | 3,331,193 | ||
Barclays Bank PLC (United Kingdom), 7.62%, 11/21/2022 | 10,350,000 | 11,418,275 | ||
BB&T Corp., 2.75%, 04/01/2022 | 3,264,000 | 3,323,024 | ||
BBVA USA, 2.87%, 06/29/2022 | 2,800,000 | 2,849,100 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Branch Banking & Trust Co., 2.63%, 01/15/2022 | $ | 3,000,000 | $ 3,043,467 | |
Canadian Imperial Bank of Commerce (Canada), 2.55%, 06/16/2022(b) | 3,552,000 | 3,615,730 | ||
Citigroup, Inc. | ||||
4.50%, 01/14/2022 | 8,299,000 | 8,759,239 | ||
2.75%, 04/25/2022 | 7,346,000 | 7,480,194 | ||
4.05%, 07/30/2022 | 3,114,000 | 3,266,957 | ||
2.70%, 10/27/2022 | 6,355,000 | 6,465,857 | ||
Citizens Bank, N.A., 2.65%, 05/26/2022 | 2,752,000 | 2,795,372 | ||
Cooperatieve Rabobank U.A. (Netherlands) | ||||
2.75%, 01/10/2022 | 3,000,000 | 3,054,681 | ||
3.87%, 02/08/2022 | 10,714,000 | 11,198,743 | ||
3.95%, 11/09/2022 | 5,000,000 | 5,238,859 | ||
Deutsche Bank AG (Germany), 3.30%, 11/16/2022 | 3,400,000 | 3,381,746 | ||
Fifth Third Bancorp | ||||
3.50%, 03/15/2022 | 1,788,000 | 1,847,907 | ||
2.60%, 06/15/2022 | 2,082,000 | 2,110,835 | ||
First Republic Bank, 2.50%, 06/06/2022 | 2,753,000 | 2,775,213 | ||
HSBC Holdings PLC (United Kingdom) | ||||
2.65%, 01/05/2022 | 8,700,000 | 8,790,481 | ||
4.87%, 01/14/2022 | 3,107,000 | 3,295,971 | ||
4.00%, 03/30/2022 | 7,245,000 | 7,604,082 | ||
Huntington Bancshares, Inc., 2.30%, 01/14/2022 | 3,633,000 | 3,651,366 | ||
Huntington National Bank (The), 2.50%, 08/07/2022 | 2,802,000 | 2,835,266 | ||
ING Groep N.V. (Netherlands), 3.15%, 03/29/2022 | 4,500,000 | 4,614,762 | ||
JPMorgan Chase & Co. | ||||
4.50%, 01/24/2022 | 10,872,000 | 11,510,092 | ||
3.25%, 09/23/2022 | 9,972,000 | 10,338,799 | ||
KeyBank N.A. | ||||
2.40%, 06/09/2022 | 3,379,000 | 3,420,995 | ||
2.30%, 09/14/2022 | 2,700,000 | 2,723,266 | ||
Lloyds Banking Group PLC (United Kingdom), 3.00%, 01/11/2022 | 4,500,000 | 4,560,404 | ||
Manufacturers and Traders Trust Co., 2.50%, 05/18/2022 | 2,952,000 | 2,988,999 | ||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||
3.00%, 02/22/2022 | 3,745,000 | 3,819,079 | ||
2.67%, 07/25/2022 | 6,694,000 | 6,777,360 | ||
Mizuho Financial Group, Inc. (Japan) | ||||
2.95%, 02/28/2022 | 4,500,000 | 4,583,668 | ||
2.60%, 09/11/2022 | 3,250,000 | 3,286,439 | ||
People’s United Financial, Inc., 3.65%, 12/06/2022 | 1,775,000 | 1,837,963 | ||
PNC Bank, N.A. | ||||
2.63%, 02/17/2022 | 4,000,000 | 4,067,251 | ||
2.45%, 07/28/2022 | 2,795,000 | 2,832,689 | ||
2.70%, 11/01/2022 | 2,950,000 | 3,000,128 | ||
PNC Financial Services Group, Inc. (The) | ||||
3.30%, 03/08/2022 | 3,043,000 | 3,142,578 | ||
2.85%, 11/09/2022(c) | 1,870,000 | 1,914,741 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Regions Financial Corp., 2.75%, 08/14/2022 | $ | 3,486,000 | $ 3,546,696 | |
Royal Bank of Canada (Canada), 2.75%, 02/01/2022 | 4,170,000 | 4,260,738 | ||
Royal Bank of Scotland Group PLC (The) (United Kingdom), 6.12%, 12/15/2022 | 7,485,000 | 8,102,278 | ||
Santander Holdings USA, Inc., 3.70%, 03/28/2022 | 4,898,000 | 5,027,663 | ||
Skandinaviska Enskilda Banken AB (Sweden), 2.80%, 03/11/2022 | 2,551,000 | 2,596,924 | ||
Sumitomo Mitsui Banking Corp. (Japan), 3.20%, 07/18/2022 | 3,035,000 | 3,127,735 | ||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||
2.85%, 01/11/2022 | 2,600,000 | 2,643,949 | ||
2.78%, 07/12/2022 | 6,650,000 | 6,770,509 | ||
2.78%, 10/18/2022 | 4,297,000 | 4,380,190 | ||
SunTrust Bank, 2.45%, 08/01/2022 | 3,209,000 | 3,248,506 | ||
SunTrust Banks, Inc., 2.70%, 01/27/2022 | 3,641,000 | 3,691,240 | ||
Synchrony Bank, 3.00%, 06/15/2022 | 2,800,000 | 2,851,820 | ||
U.S. Bancorp, 3.00%, 03/15/2022 | 2,972,000 | 3,049,641 | ||
US Bancorp | ||||
2.63%, 01/24/2022 | 4,064,000 | 4,132,758 | ||
2.95%, 07/15/2022 | 4,500,000 | 4,617,782 | ||
Wells Fargo & Co. | ||||
3.50%, 03/08/2022 | 8,057,000 | 8,343,733 | ||
2.63%, 07/22/2022 | 13,095,000 | 13,320,618 | ||
298,977,266 | ||||
Beverages-2.27% | ||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 2.50%, 07/15/2022 | 9,270,000 | 9,406,781 | ||
Coca-Cola Co. (The), 2.20%, 05/25/2022 | 1,956,000 | 1,979,904 | ||
Constellation Brands, Inc. | ||||
2.70%, 05/09/2022 | 1,797,000 | 1,820,370 | ||
2.65%, 11/07/2022 | 2,354,000 | 2,386,910 | ||
Diageo Investment Corp. (United Kingdom), 2.87%, 05/11/2022 | 3,443,000 | 3,534,071 | ||
Molson Coors Brewing Co., 3.50%, 05/01/2022 | 1,643,000 | 1,696,779 | ||
PepsiCo, Inc. | ||||
2.75%, 03/05/2022 | 4,304,000 | 4,424,341 | ||
2.25%, 05/02/2022 | 2,672,000 | 2,703,324 | ||
3.10%, 07/17/2022 | 2,982,000 | 3,088,057 | ||
31,040,537 | ||||
Biotechnology-2.85% | ||||
AbbVie, Inc. | ||||
2.90%, 11/06/2022 | 10,310,000 | 10,508,240 | ||
3.20%, 11/06/2022 | 3,377,000 | 3,463,759 | ||
Amgen, Inc. | ||||
2.70%, 05/01/2022 | 1,596,000 | 1,618,115 | ||
2.65%, 05/11/2022 | 5,000,000 | 5,077,785 | ||
3.62%, 05/15/2022 | 2,451,000 | 2,540,621 | ||
Biogen, Inc., 3.63%, 09/15/2022 | 3,055,000 | 3,184,652 | ||
Celgene Corp. | ||||
3.25%, 08/15/2022 | 3,420,000 | 3,534,298 | ||
3.55%, 08/15/2022 | 3,124,000 | 3,254,271 |
Principal Amount | Value | |||
Biotechnology-(continued) | ||||
Gilead Sciences, Inc. | ||||
1.95%, 03/01/2022 | $ | 1,926,000 | $1,925,276 | |
3.25%, 09/01/2022 | 3,717,000 | 3,852,661 | ||
38,959,678 | ||||
Capital Markets-5.48% | ||||
Ares Capital Corp., 3.62%, 01/19/2022 | 1,745,000 | 1,776,885 | ||
Bank of New York Mellon Corp. (The), 2.60%, 02/07/2022 | 4,266,000 | 4,337,451 | ||
BlackRock, Inc., 3.38%, 06/01/2022 | 3,834,000 | 4,004,616 | ||
CME Group, Inc., 3.00%, 09/15/2022 | 2,921,000 | 3,024,957 | ||
E*TRADE Financial Corp., 2.95%, 08/24/2022 | 1,771,000 | 1,808,158 | ||
Goldman Sachs Group, Inc. (The) | ||||
5.75%, 01/24/2022 | 15,216,000 | 16,484,677 | ||
3.00%, 04/26/2022 | 10,769,000 | 10,912,985 | ||
Moody’s Corp., 4.50%, 09/01/2022 | 1,658,000 | 1,761,326 | ||
Morgan Stanley | ||||
2.75%, 05/19/2022 | 10,772,000 | 10,961,092 | ||
4.87%, 11/01/2022 | 6,625,000 | 7,129,330 | ||
Northern Trust Corp., 2.38%, 08/02/2022 | 1,899,000 | 1,929,539 | ||
TD Ameritrade Holding Corp., 2.95%, 04/01/2022 | 2,769,000 | 2,836,336 | ||
UBS AG (Switzerland), 7.62%, 08/17/2022 | 7,100,000 | 8,016,930 | ||
74,984,282 | ||||
Chemicals-1.51% | ||||
Celanese US Holdings LLC, 4.62%, 11/15/2022 | 1,568,000 | 1,670,830 | ||
Dow Chemical Co. (The), 3.00%, 11/15/2022 | 3,710,000 | 3,790,832 | ||
Eastman Chemical Co., 3.60%, 08/15/2022 | 2,076,000 | 2,143,034 | ||
Ecolab, Inc., 2.38%, 08/10/2022 | 1,361,000 | 1,375,550 | ||
Mosaic Co. (The), 3.25%, 11/15/2022 | 1,761,000 | 1,805,860 | ||
Praxair, Inc. | �� | |||
2.45%, 02/15/2022 | 2,118,000 | 2,146,355 | ||
2.20%, 08/15/2022 | 1,634,000 | 1,648,592 | ||
Sherwin-Williams Co. (The), 2.75%, 06/01/2022 | 4,345,000 | 4,413,780 | ||
Syngenta Finance N.V. (Switzerland), 3.12%, 03/28/2022 | 1,688,000 | 1,713,992 | ||
20,708,825 | ||||
Commercial Services & Supplies-0.53% | ||||
Cintas Corp. No. 2, 2.90%, 04/01/2022 | 2,256,000 | 2,306,205 | ||
Republic Services, Inc., 3.55%, 06/01/2022 | 2,985,000 | 3,091,371 | ||
Waste Management, Inc., 2.90%, 09/15/2022 | 1,765,000 | 1,810,823 | ||
7,208,399 | ||||
Communications Equipment-0.73% | ||||
Cisco Systems, Inc., 3.00%, 06/15/2022 | 2,028,000 | 2,097,401 | ||
Motorola Solutions, Inc., 3.75%, 05/15/2022 | 2,482,000 | 2,568,126 |
Principal Amount | Value | |||
Communications Equipment-(continued) | ||||
Nokia Oyj (Finland), 3.38%, 06/12/2022 | $ | 1,795,000 | $ 1,821,925 | |
Telefonaktiebolaget LM Ericsson (Sweden), 4.12%, 05/15/2022 | 3,376,000 | 3,504,862 | ||
9,992,314 | ||||
Consumer Finance-1.75% | ||||
American Express Co. | ||||
2.50%, 08/01/2022 | 5,994,000 | 6,080,411 | ||
2.65%, 12/02/2022 | 4,410,000 | 4,498,263 | ||
American Express Credit Corp., 2.70%, 03/03/2022 | 5,707,000 | 5,822,664 | ||
Capital One Financial Corp., 3.05%, 03/09/2022 | 2,958,000 | 3,027,136 | ||
Capital One NA, 2.65%, 08/08/2022 | 3,100,000 | 3,145,336 | ||
Discover Financial Services, 3.85%, 11/21/2022 | 1,362,000 | 1,429,550 | ||
24,003,360 | ||||
Containers & Packaging-0.18% | ||||
International Paper Co., 4.75%, 02/15/2022 | 2,275,000 | 2,405,510 | ||
Diversified Consumer Services-0.13% | ||||
Block Financial LLC, 5.50%, 11/01/2022 | 1,664,000 | 1,783,180 | ||
Diversified Financial Services-0.58% | ||||
Berkshire Hathaway Finance Corp., 3.00%, 05/15/2022 | 2,820,000 | 2,916,233 | ||
Berkshire Hathaway, Inc., 3.40%, 01/31/2022 | 2,400,000 | 2,495,782 | ||
ORIX Corp. (Japan), 2.90%, 07/18/2022 | 2,457,000 | 2,510,599 | ||
7,922,614 | ||||
Diversified Telecommunication Services-2.88% | ||||
AT&T, Inc. | ||||
4.00%, 01/15/2022 | 1,788,000 | 1,867,234 | ||
3.00%, 02/15/2022 | 5,086,000 | 5,201,931 | ||
3.20%, 03/01/2022 | 4,108,000 | 4,216,433 | ||
3.80%, 03/15/2022 | 3,240,000 | 3,375,910 | ||
3.40%, 06/15/2022 | 1,958,000 | 2,024,751 | ||
3.00%, 06/30/2022 | 6,377,000 | 6,521,934 | ||
2.63%, 12/01/2022 | 3,720,000 | 3,777,325 | ||
Verizon Communications, Inc. | ||||
2.95%, 03/15/2022 | 3,719,000 | 3,818,271 | ||
3.12%, 03/16/2022 | 4,527,000 | 4,663,385 | ||
2.45%, 11/01/2022 | 3,897,000 | 3,952,286 | ||
39,419,460 | ||||
Electric Utilities-1.87% | ||||
Alabama Power Co.,Series 17-A, 2.45%, 03/30/2022 | 2,280,000 | 2,299,531 | ||
Duke Energy Corp. | ||||
2.40%, 08/15/2022 | 1,771,000 | 1,792,687 | ||
3.05%, 08/15/2022 | 1,561,000 | 1,602,370 | ||
Duke Energy Progress LLC, 2.80%, 05/15/2022 | 1,461,000 | 1,492,543 | ||
Entergy Corp., 4.00%, 07/15/2022 | 1,879,000 | 1,970,034 | ||
Eversource Energy,Series K, 2.75%, 03/15/2022 | 2,361,000 | 2,400,837 | ||
Exelon Corp., 3.50%, 06/01/2022 | 4,106,000 | 4,222,077 |
Principal Amount | Value | |||
Electric Utilities-(continued) | ||||
Exelon Generation Co. LLC | ||||
3.40%, 03/15/2022 | $ | 1,840,000 | $1,892,845 | |
4.25%, 06/15/2022 | 1,423,000 | 1,493,498 | ||
FirstEnergy Corp.,Series A, 2.85%, 07/15/2022 | 1,774,000 | 1,810,047 | ||
ITC Holdings Corp., 2.70%, 11/15/2022 | 1,756,000 | 1,783,579 | ||
Oncor Electric Delivery Co. LLC, 7.00%, 09/01/2022 | 2,522,000 | 2,881,287 | ||
25,641,335 | ||||
Electrical Equipment-0.34% | ||||
ABB Finance USA, Inc. (Switzerland), 2.88%, 05/08/2022 | 4,563,000 | 4,676,783 | ||
Electronic Equipment, Instruments & Components-0.49% | ||||
Amphenol Corp., 4.00%, 02/01/2022 | 1,619,000 | 1,680,509 | ||
Jabil, Inc., 4.70%, 09/15/2022 | 1,582,000 | 1,663,350 | ||
Tech Data Corp., 3.70%, 02/15/2022 | 1,605,000 | 1,646,669 | ||
Tyco Electronics Group S.A. (Switzerland), 3.50%, 02/03/2022 | 1,684,000 | 1,729,298 | ||
6,719,826 | ||||
Energy Equipment & Services-0.66% | ||||
Baker Hughes, a GE Co., LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022 | 4,101,000 | 4,172,533 | ||
National Oilwell Varco, Inc., 2.60%, 12/01/2022 | 4,878,000 | 4,883,637 | ||
9,056,170 | ||||
Entertainment-0.42% | ||||
TWDC Enterprises 18 Corp. | ||||
2.45%, 03/04/2022 | 1,823,000 | 1,857,125 | ||
2.35%, 12/01/2022 | 3,654,000 | 3,703,485 | ||
Warner Media, LLC | ||||
4.00%, 01/15/2022 | 91,000 | 95,006 | ||
3.40%, 06/15/2022 | 86,000 | 88,639 | ||
5,744,255 | ||||
Equity REITs-2.84% | ||||
American Tower Corp. | ||||
2.25%, 01/15/2022 | 2,035,000 | 2,043,692 | ||
4.70%, 03/15/2022 | 2,226,000 | 2,365,268 | ||
Brixmor Operating Partnership L.P., 3.87%, 08/15/2022 | 1,648,000 | 1,720,273 | ||
Crown Castle International Corp., 4.87%, 04/15/2022 | 2,735,000 | 2,918,938 | ||
Digital Realty Trust L.P., 3.95%, 07/01/2022 | 2,003,000 | 2,098,460 | ||
Equinix, Inc., 5.37%, 05/15/2027 | 4,743,000 | 5,135,863 | ||
HCP, Inc., 4.00%, 12/01/2022 | 2,089,000 | 2,206,765 | ||
Hospitality Properties Trust, 5.00%, 08/15/2022 | 1,692,000 | 1,778,347 | ||
Kimco Realty Corp., 3.40%, 11/01/2022 | 1,599,000 | 1,656,676 | ||
Public Storage, 2.37%, 09/15/2022 | 1,877,000 | 1,901,567 | ||
Realty Income Corp., 3.25%, 10/15/2022 | 3,022,000 | 3,134,197 | ||
Simon Property Group L.P. | ||||
2.35%, 01/30/2022(b) | 1,701,000 | 1,717,110 | ||
3.38%, 03/15/2022 | 2,111,000 | 2,180,677 | ||
2.63%, 06/15/2022 | 1,975,000 | 2,010,240 |
Principal Amount | Value | |||
Equity REITs-(continued) | ||||
SL Green Operating Partnership L.P., 3.25%, 10/15/2022 | $ | 1,766,000 | $ 1,805,509 | |
Ventas Realty L.P./Ventas Capital Corp., 3.25%, 08/15/2022 | 1,699,000 | 1,747,174 | ||
Welltower, Inc., 5.25%, 01/15/2022 | 2,260,000 | 2,418,781 | ||
38,839,537 | ||||
Food & Staples Retailing-1.13% | ||||
Costco Wholesale Corp. | ||||
2.25%, 02/15/2022 | 1,948,000 | 1,972,204 | ||
2.30%, 05/18/2022 | 2,822,000 | 2,859,689 | ||
Kroger Co. (The), 3.40%, 04/15/2022 | 1,813,000 | 1,869,528 | ||
Walgreen Co., 3.10%, 09/15/2022 | 4,145,000 | 4,257,380 | ||
Walmart, Inc., 2.35%, 12/15/2022 | 4,363,000 | 4,446,335 | ||
15,405,136 | ||||
Food Products-1.37% | ||||
General Mills, Inc., 2.60%, 10/12/2022 | 1,881,000 | 1,906,852 | ||
Kraft Heinz Foods Co. | ||||
3.50%, 06/06/2022 | 6,848,000 | 7,012,501 | ||
3.50%, 07/15/2022 | 3,278,000 | 3,352,196 | ||
McCormick & Co., Inc., 2.70%, 08/15/2022 | 2,886,000 | 2,933,776 | ||
Tyson Foods, Inc., 4.50%, 06/15/2022 | 3,396,000 | 3,605,448 | ||
18,810,773 | ||||
Health Care Equipment & Supplies-1.77% | ||||
Abbott Laboratories, 2.55%, 03/15/2022 | 2,607,000 | 2,650,829 | ||
Becton, Dickinson and Co., 2.89%, 06/06/2022 | 5,901,000 | 6,000,423 | ||
Boston Scientific Corp., 3.38%, 05/15/2022 | 1,742,000 | 1,799,409 | ||
Covidien International Finance SA, 3.20%, 06/15/2022 | 2,344,000 | 2,425,604 | ||
Medtronic, Inc., 3.15%, 03/15/2022 | 8,480,000 | 8,774,538 | ||
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/2022 | 2,462,000 | 2,514,484 | ||
24,165,287 | ||||
Health Care Providers & Services-3.58% | ||||
Aetna, Inc., 2.75%, 11/15/2022 | 3,368,000 | 3,415,425 | ||
Anthem, Inc. | ||||
3.12%, 05/15/2022 | 2,891,000 | 2,962,457 | ||
2.95%, 12/01/2022 | 2,781,000 | 2,846,915 | ||
Cardinal Health, Inc., 2.62%, 06/15/2022 | 3,660,000 | 3,684,537 | ||
Cigna Holding Co., 4.00%, 02/15/2022 | 2,911,000 | 3,029,479 | ||
CommonSpirit Health, 2.95%, 11/01/2022 | 1,603,000 | 1,632,896 | ||
CVS Health Corp. | ||||
3.50%, 07/20/2022 | 5,068,000 | 5,251,195 | ||
2.75%, 12/01/2022 | 4,315,000 | 4,383,078 | ||
Express Scripts Holding Co. | ||||
3.90%, 02/15/2022 | 3,420,000 | 3,565,594 | ||
3.05%, 11/30/2022 | 1,756,000 | 1,799,854 | ||
Humana, Inc., 3.15%, 12/01/2022 | 2,203,000 | 2,262,036 | ||
Laboratory Corp. of America Holdings | ||||
3.20%, 02/01/2022 | 1,542,000 | 1,578,864 | ||
3.75%, 08/23/2022 | 1,529,000 | 1,589,277 |
Principal Amount | Value | |||
Health Care Providers & Services-(continued) | ||||
UnitedHealth Group, Inc. | ||||
2.87%, 03/15/2022 | $ | 3,675,000 | $3,751,326 | |
3.35%, 07/15/2022 | 3,605,000 | 3,744,175 | ||
2.38%, 10/15/2022 | 3,454,000 | 3,501,046 | ||
48,998,154 | ||||
Hotels, Restaurants & Leisure-0.71% | ||||
Marriott International, Inc., 2.30%, 01/15/2022 | 2,882,000 | 2,885,341 | ||
McDonald’s Corp., 2.63%, 01/15/2022 | 4,563,000 | 4,638,270 | ||
Starbucks Corp., 2.70%, 06/15/2022 | 2,150,000 | 2,194,879 | ||
9,718,490 | ||||
Household Durables-0.47% | ||||
Lennar Corp. | ||||
4.12%, 01/15/2022 | 2,034,000 | 2,102,647 | ||
4.75%, 11/15/2022 | 2,000,000 | 2,117,500 | ||
NVR, Inc., 3.95%, 09/15/2022 | 2,140,000 | 2,225,338 | ||
6,445,485 | ||||
Household Products-0.86% | ||||
Clorox Co. (The), 3.05%, 09/15/2022 | 1,816,000 | 1,867,442 | ||
Colgate-Palmolive Co., 2.30%, 05/03/2022 | 2,045,000 | 2,074,306 | ||
Procter & Gamble Co. (The) | ||||
2.30%, 02/06/2022 | 3,558,000 | 3,610,003 | ||
2.15%, 08/11/2022 | 4,193,000 | 4,244,874 | ||
11,796,625 | ||||
Industrial Conglomerates-1.42% | ||||
3M Co., 2.00%, 06/26/2022(b) | 2,138,000 | 2,156,755 | ||
General Electric Co. | ||||
3.15%, 09/07/2022 | 4,758,000 | 4,786,281 | ||
2.70%, 10/09/2022 | 10,551,000 | 10,486,217 | ||
Roper Technologies, Inc., 3.13%, 11/15/2022 | 1,985,000 | 2,040,118 | ||
19,469,371 | ||||
Insurance-1.09% | ||||
American International Group, Inc., 4.87%, 06/01/2022 | 5,006,000 | 5,366,373 | ||
Chubb INA Holdings, Inc., 2.88%, 11/03/2022 | 3,693,000 | 3,803,737 | ||
Hartford Financial Services Group, Inc. (The), 5.12%, 04/15/2022 | 2,694,000 | 2,918,464 | ||
Marsh & McLennan Cos., Inc., 2.75%, 01/30/2022 | 1,374,000 | 1,396,968 | ||
MetLife, Inc., 3.05%, 12/15/2022 | 1,377,000 | 1,423,154 | ||
14,908,696 | ||||
Internet & Direct Marketing Retail-0.77% | ||||
Amazon.com, Inc., 2.50%, 11/29/2022 | 4,225,000 | 4,310,499 | ||
eBay, Inc. | ||||
3.80%, 03/09/2022 | 2,415,000 | 2,508,159 | ||
2.60%, 07/15/2022 | 3,638,000 | 3,677,104 | ||
10,495,762 | ||||
IT Services-2.04% | ||||
Fiserv, Inc., 3.50%, 10/01/2022 | 2,677,000 | 2,795,662 |
Principal Amount | Value | |||
IT Services-(continued) | ||||
International Business Machines Corp. | ||||
2.50%, 01/27/2022 | $ | 3,100,000 | $3,141,614 | |
1.88%, 08/01/2022 | 3,300,000 | 3,293,399 | ||
2.87%, 11/09/2022 | 2,850,000 | 2,925,494 | ||
VeriSign, Inc., 4.75%, 07/15/2027 | 1,947,000 | 2,066,254 | ||
Visa, Inc. | ||||
2.15%, 09/15/2022 | 3,438,000 | 3,488,361 | ||
2.80%, 12/14/2022 | 8,155,000 | 8,416,689 | ||
Western Union Co. (The), 3.60%, 03/15/2022 | 1,769,000 | 1,825,266 | ||
27,952,739 | ||||
Life Sciences Tools & Services-0.19% | ||||
Thermo Fisher Scientific, Inc., 3.30%, 02/15/2022 | 2,512,000 | 2,589,728 | ||
Machinery-2.16% | ||||
Caterpillar Financial Services Corp. | ||||
2.85%, 06/01/2022 | 1,883,000 | 1,933,793 | ||
2.40%, 06/06/2022 | 1,979,000 | 2,007,982 | ||
2.55%, 11/29/2022 | 2,080,000 | 2,117,556 | ||
Caterpillar, Inc., 2.60%, 06/26/2022 | 1,743,000 | 1,777,290 | ||
CNH Industrial Capital LLC, 4.37%, 04/05/2022 | 1,875,000 | 1,957,031 | ||
Deere & Co., 2.60%, 06/08/2022 | 3,326,000 | 3,389,525 | ||
Eaton Corp., 2.75%, 11/02/2022 | 6,150,000 | 6,276,470 | ||
Flowserve Corp., 3.50%, 09/15/2022 | 1,460,000 | 1,480,610 | ||
John Deere Capital Corp. | ||||
2.65%, 01/06/2022 | 1,993,000 | 2,031,553 | ||
2.75%, 03/15/2022 | 1,560,000 | 1,594,293 | ||
2.15%, 09/08/2022 | 2,178,000 | 2,195,181 | ||
Stanley Black & Decker, Inc., 2.90%, 11/01/2022 | 2,720,000 | 2,789,785 | ||
29,551,069 | ||||
Media-2.29% | ||||
CBS Corp., 3.38%, 03/01/2022 | 2,628,000 | 2,700,531 | ||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 4.46%, 07/23/2022 | 10,062,000 | 10,621,603 | ||
Comcast Cable Communications Holdings, Inc., 9.45%, 11/15/2022 | 3,435,000 | 4,228,359 | ||
Comcast Corp. | ||||
1.63%, 01/15/2022 | 2,261,000 | 2,253,041 | ||
3.13%, 07/15/2022 | 3,428,000 | 3,551,397 | ||
Discovery Communications LLC, 3.30%, 05/15/2022 | 1,797,000 | 1,848,416 | ||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.62%, 05/01/2022 | 3,952,000 | 4,113,560 | ||
WPP Finance 2010 (United Kingdom), 3.62%, 09/07/2022 | 1,927,000 | 1,993,788 | ||
31,310,695 | ||||
Metals & Mining-0.61% | ||||
Arcelormittal (Luxembourg), 6.25%, 02/25/2022(b) | 2,918,000 | 3,168,031 | ||
Newmont Goldcorp Corp., 3.50%, 03/15/2022 | 3,444,000 | 3,536,216 | ||
Nucor Corp., 4.12%, 09/15/2022 | 1,589,000 | 1,676,133 | ||
8,380,380 |
Principal Amount | Value | |||
Multiline Retail-0.42% | ||||
Macy’s Retail Holdings, Inc., 3.88%, 01/15/2022 | $ | 1,959,000 | $ 1,987,363 | |
Target Corp., 2.90%, 01/15/2022 | 3,627,000 | 3,739,049 | ||
5,726,412 | ||||
Multi-Utilities-0.60% | ||||
CenterPoint Energy, Inc., 2.50%, 09/01/2022 | 2,035,000 | 2,052,160 | ||
NiSource, Inc., 2.65%, 11/17/2022 | 2,034,000 | 2,064,973 | ||
Public Service Enterprise Group, Inc., 2.65%, 11/15/2022 | 2,007,000 | 2,027,848 | ||
Sempra Energy, 2.88%, 10/01/2022 | 2,011,000 | 2,043,859 | ||
8,188,840 | ||||
Oil, Gas & Consumable Fuels-7.74% | ||||
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 3.50%, 12/01/2022 | 1,756,000 | 1,804,932 | ||
Antero Resources Corp., 5.12%, 12/01/2022 | 3,995,000 | 3,695,375 | ||
Apache Corp., 3.25%, 04/15/2022 | 2,226,000 | 2,267,777 | ||
BP Capital Markets PLC (United Kingdom) | ||||
3.06%, 03/17/2022 | 3,818,000 | 3,924,962 | ||
2.50%, 11/06/2022 | 3,522,000 | 3,574,707 | ||
Cenovus Energy, Inc. (Canada), 3.00%, 08/15/2022 | 2,082,000 | 2,097,217 | ||
Chevron Corp. | ||||
2.41%, 03/03/2022 | 2,819,000 | 2,860,357 | ||
2.50%, 03/03/2022 | 2,306,000 | 2,346,849 | ||
2.36%, 12/05/2022 | 7,069,000 | 7,197,386 | ||
Enbridge, Inc. (Canada), 2.90%, 07/15/2022 | 2,193,991 | 2,237,209 | ||
Energy Transfer Partners, L.P., 5.20%, 02/01/2022 | 3,472,000 | 3,684,125 | ||
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. | ||||
5.87%, 03/01/2022 | 3,022,000 | 3,244,120 | ||
5.00%, 10/01/2022 | 2,351,000 | 2,503,175 | ||
Enterprise Products Operating LLC, 4.05%, 02/15/2022 | 2,153,000 | 2,252,845 | ||
EQT Corp., 3.00%, 10/01/2022 | 2,668,000 | 2,555,236 | ||
Exxon Mobil Corp., 2.40%, 03/06/2022 | 3,983,000 | 4,050,128 | ||
Husky Energy, Inc. (Canada), 3.95%, 04/15/2022 | 1,579,000 | 1,635,266 | ||
Kinder Morgan Energy Partners, L.P., 3.95%, 09/01/2022 | 3,458,000 | 3,609,578 | ||
Marathon Oil Corp., 2.80%, 11/01/2022 | 3,436,000 | 3,468,602 | ||
Newfield Exploration Co., 5.75%, 01/30/2022 | 2,876,000 | 3,075,725 | ||
Occidental Petroleum Corp., 3.12%, 02/15/2022 | 3,119,000 | 3,166,308 | ||
ONEOK Partners L.P., 3.37%, 10/01/2022 | 3,023,000 | 3,100,366 | ||
ONEOK, Inc., 4.25%, 02/01/2022 | 2,380,000 | 2,473,730 | ||
Phillips 66, 4.30%, 04/01/2022 | 6,745,000 | 7,131,436 | ||
Pioneer Natural Resources Co., 3.95%, 07/15/2022 | 2,219,000 | 2,317,836 | ||
Plains All American Pipeline L.P./PAA Finance Corp., 3.65%, 06/01/2022 | 2,122,000 | 2,181,665 | ||
Sabine Pass Liquefaction, LLC, 6.25%, 03/15/2022 | 3,400,000 | 3,672,375 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Shell International Finance B.V. (Netherlands), 2.38%, 08/21/2022 | $ | 3,671,000 | $ 3,733,832 | |
Total Capital International SA (France), 2.88%, 02/17/2022 | 3,422,000 | 3,505,010 | ||
TransCanada PipeLines Ltd. (Canada), 2.50%, 08/01/2022 | 3,205,000 | 3,233,039 | ||
Western Midstream Operating L.P., 4.00%, 07/01/2022 | 2,441,000 | 2,487,790 | ||
Williams Companies, Inc. (The), 3.35%, 08/15/2022 | 2,311,000 | 2,370,012 | ||
Williams Cos., Inc. (The), 3.60%, 03/15/2022 | 4,319,000 | 4,448,249 | ||
105,907,219 | ||||
Personal Products-0.43% | ||||
Unilever Capital Corp. (United Kingdom) | ||||
3.00%, 03/07/2022 | 2,800,000 | 2,877,890 | ||
2.20%, 05/05/2022 | 3,000,000 | 3,027,882 | ||
5,905,772 | ||||
Pharmaceuticals-3.68% | ||||
Allergan Finance LLC, 3.25%, 10/01/2022 | 5,920,000 | 6,057,142 | ||
Allergan Funding SCS, 3.45%, 03/15/2022 | 9,448,000 | 9,707,930 | ||
AstraZeneca PLC (United Kingdom), 2.37%, 06/12/2022 | 3,005,000 | 3,029,909 | ||
Bristol-Myers Squibb Co., 2.00%, 08/01/2022 | 2,348,000 | 2,350,118 | ||
Eli Lilly and Co., 2.35%, 05/15/2022 | 2,353,000 | 2,387,724 | ||
GlaxoSmithKline Capital PLC (United Kingdom), 2.85%, 05/08/2022 | 6,645,000 | 6,804,342 | ||
Johnson & Johnson, 2.25%, 03/03/2022 | 3,487,000 | 3,533,026 | ||
Merck & Co., Inc. | ||||
2.35%, 02/10/2022 | 4,220,000 | 4,283,559 | ||
2.40%, 09/15/2022 | 3,508,000 | 3,564,516 | ||
Novartis Capital Corp. (Switzerland) | ||||
2.40%, 05/17/2022 | 3,321,000 | 3,376,231 | ||
2.40%, 09/21/2022 | 5,188,000 | 5,281,706 | ||
50,376,203 | ||||
Professional Services-0.40% | ||||
Equifax, Inc., 3.30%, 12/15/2022 | 1,978,000 | 2,032,090 | ||
RELX Capital Inc. (United Kingdom), 3.13%, 10/15/2022 | 3,410,000 | 3,498,806 | ||
5,530,896 | ||||
Road & Rail-0.70% | ||||
Burlington Northern Santa Fe LLC | ||||
3.05%, 03/15/2022 | 2,176,000 | 2,235,455 | ||
3.05%, 09/01/2022 | 2,207,000 | 2,272,530 | ||
Norfolk Southern Corp., 3.00%, 04/01/2022 | 2,017,000 | 2,060,483 | ||
Union Pacific Corp., 4.16%, 07/15/2022 | 2,899,000 | 3,058,523 | ||
9,626,991 | ||||
Semiconductors & Semiconductor Equipment-2.39% | ||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.00%, 01/15/2022 | 11,770,000 | 11,875,650 |
Principal Amount | Value | |||
Semiconductors & Semiconductor Equipment-(continued) | ||||
Intel Corp. | ||||
2.35%, 05/11/2022 | $ | 2,366,000 | $2,397,642 | |
3.10%, 07/29/2022 | 3,955,000 | 4,103,986 | ||
2.70%, 12/15/2022 | 5,040,000 | 5,191,252 | ||
QUALCOMM, Inc., 3.00%, 05/20/2022 | 7,190,000 | 7,397,300 | ||
Texas Instruments, Inc., 1.85%, 05/15/2022 | 1,749,000 | 1,752,598 | ||
32,718,428 | ||||
Software-3.29% | ||||
CA, Inc., 3.60%, 08/15/2022 | 1,817,000 | 1,853,043 | ||
IBM Credit LLC, 2.20%, 09/08/2022 | 2,901,000 | 2,918,774 | ||
Microsoft Corp. | ||||
2.40%, 02/06/2022 | 5,840,000 | 5,942,339 | ||
2.37%, 02/12/2022 | 5,397,000 | 5,486,836 | ||
2.65%, 11/03/2022 | 3,501,000 | 3,602,971 | ||
2.13%, 11/15/2022 | 2,638,000 | 2,674,916 | ||
Oracle Corp. | ||||
2.50%, 05/15/2022 | 8,595,000 | 8,724,905 | ||
2.50%, 10/15/2022 | 8,697,000 | 8,856,567 | ||
VMware, Inc., 2.95%, 08/21/2022 | 4,925,000 | 4,997,936 | ||
45,058,287 | ||||
Specialty Retail-0.64% | ||||
AutoZone, Inc., 3.70%, 04/15/2022 | 1,570,000 | 1,636,042 | ||
Home Depot, Inc. (The), 2.63%, 06/01/2022 | 4,273,000 | 4,376,946 | ||
Lowe’s Cos., Inc., 3.12%, 04/15/2022 | 2,620,000 | 2,686,971 | ||
8,699,959 | ||||
Technology Hardware, Storage & Peripherals-2.20% | ||||
Apple, Inc. | ||||
2.15%, 02/09/2022 | 4,209,000 | 4,247,076 | ||
2.50%, 02/09/2022(b) | 4,955,000 | 5,040,638 | ||
2.30%, 05/11/2022 | 3,641,000 | 3,691,421 | ||
2.70%, 05/13/2022 | 4,221,000 | 4,323,830 | ||
2.10%, 09/12/2022 | 3,618,000 | 3,651,471 | ||
Hewlett Packard Enterprise Co., 4.40%, 10/15/2022 | 4,698,000 | 4,980,045 | ||
HP, Inc., 4.05%, 09/15/2022 | 1,426,000 | 1,506,352 | ||
Seagate HDD Cayman, 4.25%, 03/01/2022 | 2,650,000 | 2,744,940 | ||
30,185,773 | ||||
Tobacco-1.40% | ||||
Altria Group, Inc., 2.85%, 08/09/2022 | 6,440,000 | 6,566,886 | ||
Philip Morris International, Inc. | ||||
2.62%, 02/18/2022 | 1,792,000 | 1,816,281 | ||
2.38%, 08/17/2022 | 2,439,000 | 2,461,354 | ||
2.50%, 08/22/2022 | 2,356,000 | 2,385,416 | ||
2.50%, 11/02/2022 | 2,342,000 | 2,368,730 | ||
Reynolds American, Inc. (United Kingdom), 4.00%, 06/12/2022 | 3,458,000 | 3,617,219 | ||
19,215,886 | ||||
Trading Companies & Distributors-1.29% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | ||||
3.95%, 02/01/2022 | 3,000,000 | 3,110,419 | ||
3.50%, 05/26/2022 | 2,851,000 | 2,929,846 | ||
4.63%, 07/01/2022 | 2,701,000 | 2,857,141 |
Principal Amount | Value | |||
Trading Companies & Distributors-(continued) | ||||
Air Lease Corp. | ||||
3.75%, 02/01/2022 | $ | 1,696,000 | $1,747,842 | |
2.63%, 07/01/2022 | 1,832,000 | 1,849,229 | ||
International Lease Finance Corp. | ||||
8.62%, 01/15/2022 | 2,039,000 | 2,324,030 | ||
5.87%, 08/15/2022 | 2,630,000 | 2,889,550 | ||
17,708,057 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,323,170,579) | 1,353,841,460 | |||
Shares | ||||
Money Market Funds-0.32% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $4,354,930) | 4,354,930 | 4,354,930 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.21% (Cost $1,327,525,509) | 1,358,196,390 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.58% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 5,898,572 | $ 5,898,572 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 1,965,404 | 1,966,191 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,864,763) | 7,864,763 | |||
TOTAL INVESTMENTS IN SECURITIES-99.79% (Cost $1,335,390,272) | 1,366,061,153 | |||
OTHER ASSETS LESS LIABILITIES-0.21% | 2,926,365 | |||
NET ASSETS-100.00% | $1,368,987,518 |
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 August 31, 2019. |
(c) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-99.01% | ||||
Aerospace & Defense-2.18% | ||||
General Dynamics Corp. | ||||
3.37%, 05/15/2023 | $ | 1,787,000 | $1,881,298 | |
1.88%, 08/15/2023 | 1,528,000 | 1,527,331 | ||
L3Harris Technologies, Inc., 3.85%, 06/15/2023(b) | 1,872,000 | 1,979,215 | ||
Lockheed Martin Corp., 3.10%, 01/15/2023 | 1,316,000 | 1,366,595 | ||
Northrop Grumman Corp., 3.25%, 08/01/2023 | 2,432,000 | 2,547,166 | ||
Precision Castparts Corp., 2.50%, 01/15/2023 | 2,459,000 | 2,509,478 | ||
United Technologies Corp., 3.65%, 08/16/2023 | 5,771,000 | 6,128,440 | ||
17,939,523 | ||||
Air Freight & Logistics-0.30% | ||||
United Parcel Service, Inc., 2.50%, 04/01/2023 | 2,420,000 | 2,463,403 | ||
Airlines-0.15% | ||||
Delta Air Lines, Inc., 3.80%, 04/19/2023 | 1,218,000 | 1,267,986 | ||
Automobiles-3.90% | ||||
American Honda Finance Corp., 3.45%, 07/14/2023 | 1,254,000 | 1,322,143 | ||
Fiat Chrysler Automobiles N.V. (United Kingdom), 5.25%, 04/15/2023 | 3,200,000 | 3,429,792 | ||
Ford Motor Credit Co. LLC | ||||
4.14%, 02/15/2023 | 2,400,000 | 2,462,676 | ||
3.10%, 05/04/2023 | 2,800,000 | 2,776,491 | ||
4.37%, 08/06/2023 | 2,600,000 | 2,693,475 | ||
General Motors Co., 4.87%, 10/02/2023 | 3,397,000 | 3,656,085 | ||
General Motors Financial Co., Inc. | ||||
3.25%, 01/05/2023 | 2,039,000 | 2,072,697 | ||
3.70%, 05/09/2023 | 2,753,000 | 2,825,606 | ||
4.25%, 05/15/2023 | 1,789,000 | 1,874,253 | ||
4.15%, 06/19/2023 | 2,292,000 | 2,394,574 | ||
Toyota Motor Corp. (Japan), 3.42%, 07/20/2023(c) | 1,759,000 | 1,866,794 | ||
Toyota Motor Credit Corp. | ||||
2.63%, 01/10/2023 | 1,811,000 | 1,855,752 | ||
2.70%, 01/11/2023 | 1,550,000 | 1,595,815 | ||
2.25%, 10/18/2023 | 1,283,000 | 1,299,339 | ||
32,125,492 | ||||
Banks-19.95% | ||||
Banco Santander, S.A. (Spain) | ||||
3.13%, 02/23/2023 | 2,200,000 | 2,251,560 | ||
3.85%, 04/12/2023 | 2,600,000 | 2,718,503 | ||
Bank of America Corp. | ||||
3.30%, 01/11/2023 | 10,881,000 | 11,318,242 | ||
4.10%, 07/24/2023 | 4,714,000 | 5,067,696 | ||
Barclays PLC (United Kingdom), 3.68%, 01/10/2023 | 3,200,000 | 3,253,614 | ||
Canadian Imperial Bank of Commerce (Canada), 3.50%, 09/13/2023 | 2,623,000 | 2,777,503 | ||
Citigroup, Inc. | ||||
3.50%, 05/15/2023 | 3,007,000 | 3,129,991 | ||
3.87%, 10/25/2023 | 2,283,000 | 2,436,984 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Citizens Bank, N.A., 3.70%, 03/29/2023 | $ | 1,752,000 | $ 1,845,665 | |
Comerica, Inc., 3.70%, 07/31/2023 | 1,879,000 | 1,987,568 | ||
Cooperatieve Rabobank U.A. (Netherlands) | ||||
2.75%, 01/10/2023 | 2,400,000 | 2,465,760 | ||
4.62%, 12/01/2023 | 3,800,000 | 4,110,569 | ||
Deutsche Bank AG (Germany), 3.95%, 02/27/2023 | 2,300,000 | 2,333,085 | ||
Discover Bank, 3.35%, 02/06/2023 | 1,900,000 | 1,967,381 | ||
HSBC Holdings PLC (United Kingdom), 3.60%, 05/25/2023 | 5,100,000 | 5,332,906 | ||
Huntington National Bank (The), 3.55%, 10/06/2023 | 1,850,000 | 1,954,375 | ||
JPMorgan Chase & Co. | ||||
2.97%, 01/15/2023 | 3,454,000 | 3,526,471 | ||
3.20%, 01/25/2023 | 6,436,000 | 6,689,293 | ||
3.38%, 05/01/2023 | 4,819,000 | 4,996,323 | ||
2.70%, 05/18/2023 | 4,696,000 | 4,807,457 | ||
KeyBank N.A., 3.38%, 03/07/2023 | 2,000,000 | 2,088,446 | ||
M&T Bank Corp., 3.55%, 07/26/2023 | 1,254,000 | 1,323,838 | ||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||
3.46%, 03/02/2023 | 3,518,000 | 3,667,081 | ||
3.76%, 07/26/2023 | 4,882,000 | 5,165,092 | ||
2.53%, 09/13/2023 | 1,901,000 | 1,923,507 | ||
Mizuho Financial Group, Inc. (Japan), 3.55%, 03/05/2023 | 1,900,000 | 1,985,896 | ||
PNC Bank, N.A. | ||||
2.95%, 01/30/2023 | 1,850,000 | 1,903,316 | ||
3.50%, 06/08/2023 | 2,000,000 | 2,110,929 | ||
3.80%, 07/25/2023 | 1,950,000 | 2,069,974 | ||
Regions Financial Corp., 3.80%, 08/14/2023 | 2,412,000 | 2,554,300 | ||
Royal Bank of Scotland Group PLC (The) (United Kingdom) | ||||
6.10%, 06/10/2023 | 2,299,000 | 2,494,619 | ||
3.87%, 09/12/2023 | 6,000,000 | 6,185,342 | ||
6.00%, 12/19/2023 | 4,484,000 | 4,885,919 | ||
Santander Holdings USA, Inc., 3.40%, 01/18/2023 | 2,518,000 | 2,591,800 | ||
Santander UK Group Holdings PLC (United Kingdom), 3.57%, 01/10/2023 | 2,100,000 | 2,139,792 | ||
Sumitomo Mitsui Banking Corp. (Japan) | ||||
3.00%, 01/18/2023 | 2,035,000 | 2,093,626 | ||
3.95%, 07/19/2023 | 1,850,000 | 1,976,478 | ||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||
3.10%, 01/17/2023 | 3,388,000 | 3,496,907 | ||
3.75%, 07/19/2023 | 1,656,000 | 1,751,910 | ||
Suntrust Bank, 3.00%, 02/02/2023 | 1,229,000 | 1,265,243 | ||
SunTrust Bank, 2.75%, 05/01/2023 | 2,201,000 | 2,246,429 | ||
Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023 | 3,774,000 | 4,002,429 | ||
US Bank N.A. | ||||
2.85%, 01/23/2023 | 1,850,000 | 1,906,713 | ||
3.40%, 07/24/2023 | 3,300,000 | 3,477,611 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Wells Fargo & Co. | ||||
3.07%, 01/24/2023 | $ | 9,048,000 | $9,257,123 | |
4.12%, 08/15/2023 | 3,381,000 | 3,610,558 | ||
Series M, 3.45%, 02/13/2023 | 4,918,000 | 5,112,174 | ||
Wells Fargo Bank, N.A., 3.55%, 08/14/2023 | 5,800,000 | 6,130,013 | ||
164,388,011 | ||||
Beverages-3.40% | ||||
Anheuser-Busch InBev Finance, Inc. (Belgium), 3.30%, 02/01/2023 | 7,409,000 | 7,718,202 | ||
Coca-Cola Co. (The) | ||||
2.50%, 04/01/2023 | 1,921,000 | 1,974,311 | ||
3.20%, 11/01/2023 | 3,759,000 | 3,979,984 | ||
Constellation Brands, Inc. | ||||
3.20%, 02/15/2023 | 1,540,000 | 1,589,772 | ||
4.25%, 05/01/2023 | 2,381,000 | 2,552,282 | ||
Diageo Capital PLC (United Kingdom) | ||||
2.62%, 04/29/2023 | 3,103,000 | 3,176,652 | ||
3.50%, 09/18/2023 | 2,101,000 | 2,220,771 | ||
Keurig Dr Pepper, Inc., 3.13%, 12/15/2023 | 1,244,000 | 1,282,548 | ||
PepsiCo, Inc., 2.75%, 03/01/2023 | 3,445,000 | 3,556,899 | ||
28,051,421 | ||||
Biotechnology-2.30% | ||||
AbbVie, Inc., 2.85%, 05/14/2023 | 2,387,000 | 2,434,817 | ||
Amgen, Inc., 2.25%, 08/19/2023 | 1,789,000 | 1,802,025 | ||
Celgene Corp. | ||||
2.75%, 02/15/2023 | 1,698,000 | 1,735,162 | ||
3.25%, 02/20/2023 | 2,925,000 | 3,042,646 | ||
4.00%, 08/15/2023 | 1,860,000 | 1,988,406 | ||
Gilead Sciences, Inc., 2.50%, 09/01/2023 | 1,678,000 | 1,708,584 | ||
Shire Acquisitions Investments Ireland DAC, 2.87%, 09/23/2023 | 6,072,000 | 6,212,291 | ||
18,923,931 | ||||
Capital Markets-5.86% | ||||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 | 1,912,000 | 2,056,044 | ||
Ares Capital Corp., 3.50%, 02/10/2023 | 1,764,000 | 1,780,328 | ||
Bank of New York Mellon Corp. (The) | ||||
2.95%, 01/29/2023 | 2,409,000 | 2,485,012 | ||
3.50%, 04/28/2023 | 1,910,000 | 2,014,704 | ||
3.45%, 08/11/2023 | 1,694,000 | 1,785,153 | ||
2.20%, 08/16/2023 | 2,821,000 | 2,844,450 | ||
Charles Schwab Corp. (The), 2.65%, 01/25/2023 | 1,787,000 | 1,831,077 | ||
Goldman Sachs Group, Inc. (The) | ||||
3.62%, 01/22/2023 | 5,571,000 | 5,830,724 | ||
3.20%, 02/23/2023 | 4,107,000 | 4,245,637 | ||
Jefferies Group LLC, 5.12%, 01/20/2023 | 1,520,000 | 1,640,066 | ||
Morgan Stanley | ||||
3.13%, 01/23/2023 | 5,900,000 | 6,085,539 | ||
3.75%, 02/25/2023 | 5,928,000 | 6,238,878 | ||
4.10%, 05/22/2023 | 4,465,000 | 4,730,730 | ||
State Street Corp. | ||||
3.10%, 05/15/2023 | 2,228,000 | 2,312,938 | ||
3.70%, 11/20/2023 | 2,259,000 | 2,410,961 | ||
48,292,241 |
Principal Amount | Value | |||
Chemicals-0.65% | ||||
LYB International Finance B.V., 4.00%, 07/15/2023 | $ | 1,824,000 | $ 1,943,037 | |
Mosaic Co. (The), 4.25%, 11/15/2023 | 2,163,000 | 2,285,674 | ||
Praxair, Inc., 2.70%, 02/21/2023 | 1,092,000 | 1,116,765 | ||
5,345,476 | ||||
Commercial Services & Supplies-0.33% | ||||
Republic Services, Inc., 4.75%, 05/15/2023 | 1,365,000 | 1,485,842 | ||
Waste Management, Inc., 2.40%, 05/15/2023 | 1,195,000 | 1,214,583 | ||
2,700,425 | ||||
Communications Equipment-0.54% | ||||
Cisco Systems, Inc. | ||||
2.60%, 02/28/2023 | 1,253,000 | 1,286,706 | ||
2.20%, 09/20/2023 | 1,734,000 | 1,761,218 | ||
Motorola Solutions, Inc., 3.50%, 03/01/2023 | 1,332,000 | 1,371,903 | ||
4,419,827 | ||||
Consumer Finance-1.43% | ||||
American Express Co., 3.40%, 02/27/2023 | 3,631,000 | 3,795,283 | ||
Capital One Bank USA NA, 3.38%, 02/15/2023 | 3,100,000 | 3,200,624 | ||
Capital One Financial Corp. | ||||
3.20%, 01/30/2023 | 2,886,000 | 2,972,521 | ||
3.50%, 06/15/2023 | 1,771,000 | 1,850,656 | ||
11,819,084 | ||||
Containers & Packaging-0.23% | ||||
Packaging Corp. of America, 4.50%, 11/01/2023 | 1,753,000 | 1,888,764 | ||
Diversified Consumer Services-0.29% | ||||
Unilever Capital Corp. (United Kingdom), 3.13%, 03/22/2023 | 2,301,000 | 2,394,612 | ||
Diversified Financial Services-1.57% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | ||||
3.30%, 01/23/2023 | 2,202,000 | 2,258,204 | ||
4.12%, 07/03/2023 | 1,901,000 | 2,017,675 | ||
Berkshire Hathaway, Inc. | ||||
3.00%, 02/11/2023 | 1,223,000 | 1,266,805 | ||
2.75%, 03/15/2023 | 5,202,000 | 5,371,250 | ||
Jefferies Financial Group, Inc., 5.50%, 10/18/2023 | 1,851,000 | 2,014,243 | ||
12,928,177 | ||||
Diversified Telecommunication Services-2.53% | ||||
AT&T, Inc. | ||||
3.60%, 02/17/2023 | 5,171,000 | 5,408,341 | ||
4.05%, 12/15/2023 | 838,000 | 899,352 | ||
Telefonica Emisiones S.A.U. (Spain), 4.57%, 04/27/2023 | 2,101,000 | 2,273,858 | ||
Verizon Communications, Inc., 5.15%, 09/15/2023 | 10,891,000 | 12,247,718 | ||
20,829,269 | ||||
Electric Utilities-2.16% | ||||
Duke Energy Carolinas LLC | ||||
2.50%, 03/15/2023 | 1,246,000 | 1,270,360 | ||
3.05%, 03/15/2023 | 1,450,000 | 1,500,904 |
Principal Amount | Value | |||
Electric Utilities-(continued) | ||||
FirstEnergy Corp.,Series B, 4.25%, 03/15/2023 | $ | 2,015,000 | $ 2,142,360 | |
Florida Power & Light Co., 2.75%, 06/01/2023 | 1,259,000 | 1,296,664 | ||
NextEra Energy Capital Holdings, Inc., 2.80%, 01/15/2023 | 1,237,000 | 1,266,305 | ||
PPL Capital Funding, Inc., 3.40%, 06/01/2023 | 1,649,000 | 1,705,027 | ||
PSEG Power LLC, 3.85%, 06/01/2023 | 2,068,000 | 2,185,901 | ||
Southern California Edison Co.,Series C, 3.50%, 10/01/2023 | 1,434,000 | 1,493,855 | ||
Southern Co. (The), 2.95%, 07/01/2023 | 3,001,000 | 3,090,891 | ||
Virginia Electric & Power Co.,Series C, 2.75%, 03/15/2023 | 1,843,000 | 1,884,799 | ||
17,837,066 | ||||
Electrical Equipment-0.17% | ||||
Emerson Electric Co., 2.63%, 02/15/2023 | 1,336,000 | 1,381,696 | ||
Energy Equipment & Services-0.79% | ||||
Halliburton Co., 3.50%, 08/01/2023 | 2,651,000 | 2,763,371 | ||
Schlumberger Investment S.A., 3.65%, 12/01/2023 | 3,573,000 | 3,779,162 | ||
6,542,533 | ||||
Entertainment-0.44% | ||||
Viacom, Inc., 4.25%, 09/01/2023 | 3,359,000 | 3,587,795 | ||
Warner Media, LLC, 4.05%, 12/15/2023 | 72,000 | 76,921 | ||
3,664,716 | ||||
Equity REITs-4.70% | ||||
Alexandria Real Estate Equities, Inc., 3.90%, 06/15/2023 | 1,053,000 | 1,120,003 | ||
American Tower Corp. | ||||
3.50%, 01/31/2023 | 2,432,000 | 2,528,801 | ||
3.00%, 06/15/2023 | 1,694,000 | 1,739,802 | ||
Boston Properties L.P. | ||||
3.85%, 02/01/2023 | 2,393,000 | 2,525,754 | ||
3.13%, 09/01/2023 | 1,284,000 | 1,332,990 | ||
Brixmor Operating Partnership L.P., 3.25%, 09/15/2023 | 1,204,000 | 1,240,188 | ||
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/2023 | 2,726,000 | 2,875,457 | ||
Crown Castle International Corp. | ||||
5.25%, 01/15/2023 | 4,199,000 | 4,596,466 | ||
3.15%, 07/15/2023 | 1,551,000 | 1,602,889 | ||
ERP Operating L.P., 3.00%, 04/15/2023 | 1,188,000 | 1,230,819 | ||
GLP Capital, L.P. / GLP Financing II, Inc., 5.37%, 11/01/2023 | 1,228,000 | 1,335,217 | ||
HCP, Inc., 4.25%, 11/15/2023 | 2,216,000 | 2,382,285 | ||
Hospitality Properties Trust, 4.50%, 06/15/2023 | 1,405,000 | 1,466,733 | ||
Omega Healthcare Investors, Inc., 4.38%, 08/01/2023 | 1,772,000 | 1,868,450 | ||
Prologis L.P., 4.25%, 08/15/2023 | 1,990,000 | 2,153,923 | ||
Realty Income Corp., 4.65%, 08/01/2023 | 1,818,000 | 1,985,733 | ||
Simon Property Group L.P. | ||||
2.75%, 02/01/2023 | 1,249,000 | 1,279,465 | ||
2.75%, 06/01/2023 | 1,446,000 | 1,484,384 |
Principal Amount | Value | |||
Equity REITs-(continued) | ||||
Welltower, Inc. | ||||
3.75%, 03/15/2023 | $ | 1,387,000 | $1,460,682 | |
3.95%, 09/01/2023 | 1,211,000 | 1,290,812 | ||
Weyerhaeuser Co., 4.62%, 09/15/2023 | 1,137,000 | 1,234,486 | ||
38,735,339 | ||||
Food & Staples Retailing-2.15% | ||||
Kraft Heinz Foods Co. (The), 4.00%, 06/15/2023 | 3,881,000 | 4,035,118 | ||
Kroger Co. (The), 3.85%, 08/01/2023 | 1,454,000 | 1,539,631 | ||
Walmart, Inc. | ||||
2.55%, 04/11/2023 | 4,180,000 | 4,287,463 | ||
3.40%, 06/26/2023 | 7,417,000 | 7,856,706 | ||
17,718,918 | ||||
Food Products-1.52% | ||||
Campbell Soup Co., 3.65%, 03/15/2023 | 2,886,000 | 3,007,606 | ||
Conagra Brands, Inc., 3.20%, 01/25/2023 | 2,077,000 | 2,118,900 | ||
General Mills, Inc., 3.70%, 10/17/2023 | 2,274,000 | 2,407,098 | ||
Hershey Co. (The), 3.38%, 05/15/2023 | 1,425,000 | 1,499,074 | ||
Kellogg Co., 2.65%, 12/01/2023 | 1,394,000 | 1,420,373 | ||
Mondelez International, Inc., 3.62%, 05/07/2023 | 1,939,000 | 2,043,223 | ||
12,496,274 | ||||
Gas Utilities-0.16% | ||||
National Fuel Gas Co., 3.75%, 03/01/2023 | 1,274,000 | 1,317,330 | ||
Health Care Equipment & Supplies-0.49% | ||||
Abbott Laboratories, 3.40%, 11/30/2023 | 2,624,000 | 2,766,637 | ||
Medtronic, Inc., 2.75%, 04/01/2023 | 1,226,000 | 1,261,464 | ||
4,028,101 | ||||
Health Care Providers & Services-4.52% | ||||
Aetna, Inc., 2.80%, 06/15/2023 | 3,025,000 | 3,074,877 | ||
Anthem, Inc., 3.30%, 01/15/2023 | 2,482,000 | 2,566,079 | ||
Cardinal Health, Inc., 3.20%, 03/15/2023 | 1,236,000 | 1,266,127 | ||
CVS Health Corp. | ||||
3.70%, 03/09/2023 | 15,365,000 | 16,068,713 | ||
4.00%, 12/05/2023 | 3,060,000 | 3,254,315 | ||
Express Scripts Holding Co., 3.00%, 07/15/2023 | 2,328,000 | 2,382,502 | ||
HCA, Inc., 4.75%, 05/01/2023 | 3,017,000 | 3,245,635 | ||
UnitedHealth Group, Inc. | ||||
2.75%, 02/15/2023 | 1,430,000 | 1,463,546 | ||
2.87%, 03/15/2023 | 2,008,000 | 2,067,218 | ||
3.50%, 06/15/2023 | 1,782,000 | 1,881,479 | ||
37,270,491 | ||||
Hotels, Restaurants & Leisure-0.89% | ||||
McDonald’s Corp., 3.35%, 04/01/2023 | 2,176,000 | 2,281,694 | ||
Starbucks Corp. | ||||
3.10%, 03/01/2023 | 2,758,000 | 2,858,186 | ||
3.85%, 10/01/2023 | 2,026,000 | 2,159,266 | ||
7,299,146 | ||||
Household Durables-0.71% | ||||
Mohawk Industries, Inc., 3.85%, 02/01/2023 | 1,307,000 | 1,372,147 | ||
Newell Brands, Inc., 3.85%, 04/01/2023 | 4,384,000 | 4,516,207 | ||
5,888,354 |
Principal Amount | Value | |||
Household Products-0.44% | ||||
Colgate-Palmolive Co., 1.95%, 02/01/2023 | $ | 1,091,000 | $ 1,101,231 | |
Procter & Gamble Co. (The), 3.10%, 08/15/2023 | 2,367,000 | 2,486,991 | ||
3,588,222 | ||||
Industrial Conglomerates-0.87% | ||||
3M Co., 2.25%, 03/15/2023 | 1,557,000 | 1,579,430 | ||
General Electric Co., 3.10%, 01/09/2023 | 3,376,000 | 3,388,207 | ||
Roper Technologies, Inc., 3.65%, 09/15/2023 | 2,121,000 | 2,235,502 | ||
7,203,139 | ||||
Insurance-1.02% | ||||
Aflac, Inc., 3.62%, 06/15/2023 | 1,734,000 | 1,835,054 | ||
Allstate Corp. (The), 3.15%, 06/15/2023 | 1,320,000 | 1,378,233 | ||
Lincoln National Corp., 4.00%, 09/01/2023 | 1,212,000 | 1,294,341 | ||
Loews Corp., 2.63%, 05/15/2023 | 1,308,000 | 1,329,423 | ||
MetLife, Inc.,Series D, 4.37%, 09/15/2023 | 2,361,000 | 2,577,401 | ||
8,414,452 | ||||
Internet & Direct Marketing Retail-0.90% | ||||
Amazon.com, Inc., 2.40%, 02/22/2023 | 2,282,000 | 2,324,810 | ||
Booking Holdings, Inc., 2.75%, 03/15/2023 | 1,341,000 | 1,376,454 | ||
eBay, Inc., 2.75%, 01/30/2023 | 1,878,000 | 1,915,375 | ||
QVC, Inc., 4.38%, 03/15/2023 | 1,759,000 | 1,838,477 | ||
7,455,116 | ||||
IT Services-1.06% | ||||
Fidelity National Information Services, Inc., 3.50%, 04/15/2023 | 2,011,000 | 2,098,045 | ||
International Business Machines Corp., 3.38%, 08/01/2023 | 3,700,000 | 3,886,453 | ||
Total System Services, Inc. | ||||
3.75%, 06/01/2023 | 1,393,000 | 1,457,731 | ||
4.00%, 06/01/2023 | 1,219,000 | 1,287,579 | ||
8,729,808 | ||||
Life Sciences Tools & Services-0.75% | ||||
Agilent Technologies, Inc., 3.88%, 07/15/2023 | 1,709,000 | 1,804,214 | ||
Thermo Fisher Scientific, Inc. | ||||
3.15%, 01/15/2023 | 1,883,000 | 1,941,034 | ||
3.00%, 04/15/2023 | 2,375,000 | 2,444,448 | ||
6,189,696 | ||||
Machinery-1.48% | ||||
Caterpillar Financial Services Corp. | ||||
3.45%, 05/15/2023 | 1,225,000 | 1,288,760 | ||
3.75%, 11/24/2023 | 1,190,000 | 1,274,885 | ||
CNH Industrial N.V. (United Kingdom), 4.50%, 08/15/2023 | 1,493,000 | 1,597,764 | ||
Cummins, Inc., 3.65%, 10/01/2023 | 1,238,000 | 1,322,182 | ||
Ingersoll-Rand Global Holding Co. Ltd., 4.25%, 06/15/2023 | 1,557,000 | 1,666,399 | ||
John Deere Capital Corp. | ||||
2.70%, 01/06/2023 | 1,222,000 | 1,251,312 | ||
2.80%, 01/27/2023 | 1,221,000 | 1,256,644 | ||
2.80%, 03/06/2023 | 2,467,000 | 2,540,187 | ||
12,198,133 |
Principal Amount | Value | |||
Media-1.84% | ||||
Comcast Corp. | ||||
2.85%, 01/15/2023 | $ | 2,088,000 | $2,148,905 | |
2.75%, 03/01/2023 | 3,121,000 | 3,207,910 | ||
Discovery Communications LLC, 2.95%, 03/20/2023 | 3,268,000 | 3,337,602 | ||
Interpublic Group of Cos., Inc. (The), 3.75%, 02/15/2023 | 1,115,000 | 1,173,154 | ||
NBCUniversal Media LLC, 2.88%, 01/15/2023 | 2,550,000 | 2,625,932 | ||
Time Warner Entertainment Co. L.P., 8.37%, 03/15/2023 | 2,270,000 | 2,696,549 | ||
15,190,052 | ||||
Metals & Mining-0.35% | ||||
Nucor Corp., 4.00%, 08/01/2023 | 1,188,000 | 1,267,994 | ||
Reliance Steel & Aluminum Co., 4.50%, 04/15/2023 | 1,536,000 | 1,636,370 | ||
2,904,364 | ||||
Multiline Retail-0.77% | ||||
Dollar General Corp., 3.25%, 04/15/2023 | 2,137,000 | 2,215,354 | ||
Dollar Tree, Inc., 3.70%, 05/15/2023 | 2,282,000 | 2,377,910 | ||
Macy’s Retail Holdings, Inc., 2.88%, 02/15/2023 | 1,799,000 | 1,769,267 | ||
6,362,531 | ||||
Multi-Utilities-0.90% | ||||
Black Hills Corp., 4.25%, 11/30/2023 | 1,191,000 | 1,274,620 | ||
Delmarva Power & Light Co., 3.50%, 11/15/2023 | 1,175,000 | 1,247,986 | ||
DTE Energy Co.,Series D, 3.70%, 08/01/2023 | 1,254,000 | 1,322,113 | ||
Public Service Electric & Gas Co., 2.37%, 05/15/2023 | 1,104,000 | 1,121,523 | ||
Sempra Energy | ||||
2.90%, 02/01/2023 | 1,104,000 | 1,127,976 | ||
4.05%, 12/01/2023 | 1,223,000 | 1,300,470 | ||
7,394,688 | ||||
Oil, Gas & Consumable Fuels-9.13% | ||||
Antero Resources Corp., 5.62%, 06/01/2023(c) | 1,788,000 | 1,658,370 | ||
BP Capital Markets PLC (United Kingdom), 3.99%, 09/26/2023 | 1,764,000 | 1,897,025 | ||
Buckeye Partners L.P., 4.15%, 07/01/2023(c) | 1,251,000 | 1,249,810 | ||
Canadian Natural Resources Ltd. (Canada), 2.95%, 01/15/2023 | 2,419,000 | 2,458,149 | ||
Chevron Corp. | ||||
2.57%, 05/16/2023 | 1,796,000 | 1,845,968 | ||
3.19%, 06/24/2023 | 6,115,000 | 6,405,844 | ||
Continental Resources, Inc., 4.50%, 04/15/2023 | 3,970,000 | 4,113,666 | ||
Enbridge, Inc. (Canada), 4.00%, 10/01/2023 | 1,942,000 | 2,056,777 | ||
Energy Transfer Operating, L.P., 4.20%, 09/15/2023 | 1,104,000 | 1,167,882 | ||
Energy Transfer Partners, L.P., 3.60%, 02/01/2023 | 2,220,000 | 2,285,179 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Energy Transfer Partners, L.P. / Regency Energy Finance Corp., 4.50%, 11/01/2023 | $ | 1,423,000 | $ 1,513,371 | |
Enterprise Products Operating LLC, 3.35%, 03/15/2023 | 3,218,000 | 3,343,195 | ||
EOG Resources, Inc., 2.63%, 03/15/2023 | 3,027,000 | 3,095,043 | ||
EQM Midstream Partners, L.P., 4.75%, 07/15/2023 | 2,944,000 | 2,969,680 | ||
Exxon Mobil Corp., 2.73%, 03/01/2023 | 3,497,000 | 3,607,081 | ||
Kinder Morgan Energy Partners, L.P. | ||||
3.45%, 02/15/2023 | 1,467,000 | 1,521,202 | ||
3.50%, 09/01/2023 | 1,381,000 | 1,435,973 | ||
Kinder Morgan, Inc., 3.15%, 01/15/2023 | 2,448,000 | 2,517,195 | ||
MPLX L.P. | ||||
3.38%, 03/15/2023 | 1,104,000 | 1,137,068 | ||
4.50%, 07/15/2023 | 2,820,000 | 3,010,654 | ||
Occidental Petroleum Corp., 2.70%, 02/15/2023 | 2,983,000 | 2,992,339 | ||
ONEOK, Inc., 7.50%, 09/01/2023 | 1,324,000 | 1,557,872 | ||
Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023 | 1,654,000 | 1,717,734 | ||
Sabine Pass Liquefaction, LLC, 5.62%, 04/15/2023 | 3,700,000 | 4,036,422 | ||
Shell International Finance B.V. (Netherlands) | ||||
2.25%, 01/06/2023 | 2,435,000 | 2,470,148 | ||
3.40%, 08/12/2023 | 2,715,000 | 2,873,313 | ||
Total Capital Canada Ltd. (France), 2.75%, 07/15/2023 | 2,402,000 | 2,478,461 | ||
Total Capital International S.A. (France), 2.70%, 01/25/2023 | 2,368,000 | 2,426,561 | ||
TransCanada PipeLines Ltd. (Canada), 3.75%, 10/16/2023 | 1,693,000 | 1,784,416 | ||
Williams Companies, Inc. (The), 4.50%, 11/15/2023 | 1,457,000 | 1,569,450 | ||
Williams Cos., Inc. (The), 3.70%, 01/15/2023 | 1,978,000 | 2,053,071 | ||
75,248,919 | ||||
Pharmaceuticals-3.75% | ||||
AstraZeneca PLC (United Kingdom), 3.50%, 08/17/2023 | 2,056,000 | 2,154,814 | ||
Bristol-Myers Squibb Co., 3.25%, 11/01/2023 | 1,387,000 | 1,463,412 | ||
GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||
2.80%, 03/18/2023 | 3,633,000 | 3,749,917 | ||
3.37%, 05/15/2023 | 2,891,000 | 3,032,259 | ||
Johnson & Johnson | ||||
2.05%, 03/01/2023 | 1,084,000 | 1,096,270 | ||
3.38%, 12/05/2023 | 1,819,000 | 1,938,696 | ||
Merck & Co., Inc., 2.80%, 05/18/2023 | 4,862,000 | 5,040,587 | ||
Mylan, Inc., 4.20%, 11/29/2023 | 1,266,000 | 1,332,107 | ||
Pfizer, Inc. | ||||
3.00%, 06/15/2023 | 2,371,000 | 2,471,414 | ||
3.20%, 09/15/2023 | 2,535,000 | 2,663,225 | ||
Sanofi (France), 3.37%, 06/19/2023 | 2,395,000 | 2,519,248 | ||
Zoetis, Inc., 3.25%, 02/01/2023 | 3,367,000 | 3,484,225 | ||
30,946,174 |
Principal Amount | Value | |||
Professional Services-0.43% | ||||
RELX Capital Inc. (United Kingdom), 3.50%, 03/16/2023 | $ | 2,070,000 | $ 2,158,580 | |
Thomson Reuters Corp. (Canada), 4.30%, 11/23/2023 | 1,330,000 | 1,426,582 | ||
3,585,162 | ||||
Road & Rail-1.04% | ||||
Burlington Northern Santa Fe LLC | ||||
3.00%, 03/15/2023 | 1,745,000 | 1,806,288 | ||
3.85%, 09/01/2023 | 1,947,000 | 2,085,303 | ||
CSX Corp., 3.70%, 11/01/2023 | 1,550,000 | 1,648,805 | ||
Norfolk Southern Corp., 2.90%, 02/15/2023 | 1,340,000 | 1,377,940 | ||
Union Pacific Corp., 3.50%, 06/08/2023 | 1,533,000 | 1,613,990 | ||
8,532,326 | ||||
Semiconductors & Semiconductor Equipment-1.30% | ||||
Analog Devices, Inc. | ||||
2.88%, 06/01/2023 | 1,233,000 | 1,261,165 | ||
3.12%, 12/05/2023 | 1,259,000 | 1,299,578 | ||
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.65%, 01/15/2023 | 2,279,000 | 2,276,472 | ||
Maxim Integrated Products, Inc., 3.37%, 03/15/2023 | 1,148,000 | 1,183,910 | ||
QUALCOMM, Inc., 2.60%, 01/30/2023 | 3,521,000 | 3,589,762 | ||
Texas Instruments, Inc., 2.25%, 05/01/2023 | 1,115,000 | 1,128,040 | ||
10,738,927 | ||||
Software-3.36% | ||||
IBM Credit LLC, 3.00%, 02/06/2023 | 2,300,000 | 2,368,108 | ||
Microsoft Corp. | ||||
2.38%, 05/01/2023 | 2,289,000 | 2,343,105 | ||
2.00%, 08/08/2023 | 4,101,000 | 4,155,163 | ||
3.62%, 12/15/2023 | 4,046,000 | 4,350,321 | ||
Oracle Corp. | ||||
2.63%, 02/15/2023 | 2,881,000 | 2,945,495 | ||
3.62%, 07/15/2023 | 2,466,000 | 2,615,993 | ||
2.40%, 09/15/2023 | 6,287,000 | 6,385,189 | ||
salesforce.com, inc., 3.25%, 04/11/2023 | 2,399,000 | 2,509,989 | ||
27,673,363 | ||||
Specialty Retail-0.81% | ||||
AutoZone, Inc., 3.13%, 07/15/2023 | 1,601,000 | 1,647,669 | ||
Home Depot, Inc. (The), 2.70%, 04/01/2023 | 2,356,000 | 2,436,753 | ||
Lowe’s Cos., Inc., 3.87%, 09/15/2023 | 1,223,000 | 1,302,417 | ||
TJX Cos., Inc. (The), 2.50%, 05/15/2023 | 1,231,000 | 1,258,659 | ||
6,645,498 | ||||
Technology Hardware, Storage & Peripherals-2.69% | ||||
Apple, Inc. | ||||
2.40%, 01/13/2023 | 1,795,000 | 1,832,117 | ||
2.85%, 02/23/2023 | 3,701,000 | 3,826,111 | ||
2.40%, 05/03/2023 | 13,864,000 | 14,165,702 | ||
Seagate HDD Cayman, 4.75%, 06/01/2023 | 2,270,000 | 2,371,482 | ||
22,195,412 | ||||
Textiles, Apparel & Luxury Goods-0.14% | ||||
NIKE, Inc., 2.25%, 05/01/2023 | 1,123,000 | 1,141,779 |
Principal Amount | Value | |||
Tobacco-0.67% | ||||
Philip Morris International, Inc. | ||||
2.62%, 03/06/2023 | $ | 1,314,000 | $1,338,678 | |
2.13%, 05/10/2023 | 1,552,000 | 1,550,439 | ||
3.60%, 11/15/2023 | 1,226,000 | 1,294,825 | ||
Reynolds American, Inc. (United Kingdom), 4.85%, 09/15/2023 | 1,193,000 | 1,303,963 | ||
5,487,905 | ||||
Trading Companies & Distributors-0.54% | ||||
Air Lease Corp. | ||||
2.75%, 01/15/2023 | 1,460,000 | 1,477,360 | ||
3.88%, 07/03/2023 | 1,104,000 | 1,157,150 | ||
3.00%, 09/15/2023 | 1,806,000 | 1,839,129 | ||
4,473,639 | ||||
Wireless Telecommunication Services-0.46% | ||||
Rogers Communications, Inc. (Canada) | ||||
3.00%, 03/15/2023 | 1,230,000 | 1,265,774 | ||
4.10%, 10/01/2023 | 2,306,000 | 2,473,659 | ||
Vodafone Group PLC (United Kingdom), 2.95%, 02/19/2023 | 14,000 | 14,401 | ||
3,753,834 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $788,529,233) | 816,010,745 |
Shares | Value | |||
Money Market Funds-0.18% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $1,488,020) | 1,488,020 | $ 1,488,020 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.19% (Cost $790,017,253) | 817,498,765 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.33% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 2,029,570 | 2,029,570 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 676,238 | 676,509 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,706,079) | 2,706,079 | |||
TOTAL INVESTMENTS IN SECURITIES-99.52% (Cost $792,723,332) | 820,204,844 | |||
OTHER ASSETS LESS LIABILITIES-0.48% | 3,953,722 | |||
NET ASSETS-100.00% | $824,158,566 |
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) | 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 August 31, 2019 was $1,979,215, which represented less than 1% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.75% | ||||
Aerospace & Defense-1.43% | ||||
Arconic, Inc., 5.12%, 10/01/2024 | $ | 2,813,000 | $ 2,999,672 | |
General Dynamics Corp., 2.38%, 11/15/2024 | 1,075,000 | 1,098,785 | ||
Rockwell Collins, Inc., 3.20%, 03/15/2024 | 2,174,000 | 2,260,295 | ||
United Technologies Corp., 2.80%, 05/04/2024 | 1,814,000 | 1,870,326 | ||
8,229,078 | ||||
Air Freight & Logistics-0.50% | ||||
FedEx Corp., 4.00%, 01/15/2024 | 1,625,000 | 1,750,351 | ||
United Parcel Service, Inc., 2.80%, 11/15/2024 | 1,098,000 | 1,139,330 | ||
2,889,681 | ||||
Auto Components-0.58% | ||||
Aptiv PLC, 4.15%, 03/15/2024 | 1,607,000 | 1,714,564 | ||
Magna International, Inc. (Canada), 3.63%, 06/15/2024 | 1,561,000 | 1,646,835 | ||
3,361,399 | ||||
Automobiles-1.97% | ||||
American Honda Finance Corp., 2.90%, 02/16/2024 | 1,128,000 | 1,170,413 | ||
Ford Motor Credit Co. LLC | ||||
3.81%, 01/09/2024 | 2,400,000 | 2,421,734 | ||
3.66%, 09/08/2024 | 2,000,000 | 2,001,741 | ||
General Motors Financial Co., Inc. | ||||
3.95%, 04/13/2024 | 2,684,000 | 2,777,666 | ||
3.50%, 11/07/2024 | 1,576,000 | 1,598,628 | ||
Toyota Motor Credit Corp., 2.90%, 04/17/2024 | 1,338,000 | 1,391,113 | ||
11,361,295 | ||||
Banks-16.40% | ||||
Bank of America Corp. | ||||
4.12%, 01/22/2024 | 5,586,000 | 6,046,578 | ||
4.00%, 04/01/2024 | 5,298,000 | 5,732,218 | ||
4.20%, 08/26/2024 | 6,980,000 | 7,533,863 | ||
Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024 | 1,900,000 | 1,997,469 | ||
Barclays PLC (United Kingdom), 4.37%, 09/11/2024 | 3,000,000 | 3,084,283 | ||
BB&T Corp., 2.85%, 10/26/2024 | 2,428,000 | 2,507,398 | ||
BNP Paribas S.A. (France), 4.25%, 10/15/2024 | 2,200,000 | 2,341,515 | ||
BPCE SA (France), 4.00%, 04/15/2024 | 3,450,000 | 3,729,852 | ||
Citigroup, Inc. | ||||
3.75%, 06/16/2024 | 1,394,000 | 1,494,594 | ||
4.00%, 08/05/2024 | 1,841,000 | 1,968,599 | ||
Deutsche Bank AG/New York NY (Germany), 3.70%, 05/30/2024 | 2,100,000 | 2,091,773 | ||
Fifth Third Bancorp, 4.30%, 01/16/2024 | 1,668,000 | 1,799,412 | ||
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024 | 4,550,000 | 4,803,836 | ||
HSBC USA, Inc., 3.50%, 06/23/2024 | 2,000,000 | 2,096,064 |
Principal Amount | Value | |||
Banks-(continued) | ||||
JPMorgan Chase & Co. | ||||
3.88%, 02/01/2024 | $ | 3,418,000 | $3,677,547 | |
3.63%, 05/13/2024 | 4,507,000 | 4,822,655 | ||
3.88%, 09/10/2024 | 7,303,000 | 7,813,688 | ||
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024 | 2,600,000 | 2,721,769 | ||
PNC Bank, N.A., 3.30%, 10/30/2024 | 2,055,000 | 2,176,216 | ||
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024 | 1,785,000 | 1,924,584 | ||
Royal Bank of Scotland Group PLC (The) (United Kingdom), 5.12%, 05/28/2024 | 5,100,000 | 5,400,958 | ||
Santander UK PLC (United Kingdom), 4.00%, 03/13/2024 | 2,233,000 | 2,377,727 | ||
Sumitomo Mitsui Banking Corp. (Japan) | ||||
3.95%, 01/10/2024 | 1,902,000 | 2,044,827 | ||
3.40%, 07/11/2024 | 2,253,000 | 2,380,618 | ||
US Bancorp | ||||
3.70%, 01/30/2024 | 1,582,000 | 1,694,656 | ||
3.60%, 09/11/2024 | 2,443,000 | 2,615,786 | ||
Wells Fargo & Co. | ||||
4.48%, 01/16/2024 | 1,985,000 | 2,153,044 | ||
3.30%, 09/09/2024 | 5,087,000 | 5,353,619 | ||
94,385,148 | ||||
Beverages-1.60% | ||||
Anheuser-Busch InBev Finance, Inc. (Belgium), 3.70%, 02/01/2024 | 2,633,000 | 2,810,521 | ||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 3.50%, 01/12/2024 | 3,166,000 | 3,356,679 | ||
PepsiCo, Inc., 3.60%, 03/01/2024 | 2,842,000 | 3,054,734 | ||
9,221,934 | ||||
Biotechnology-1.65% | ||||
Amgen, Inc., 3.62%, 05/22/2024(b) | 3,346,000 | 3,560,380 | ||
Celgene Corp., 3.63%, 05/15/2024 | 1,699,000 | 1,800,669 | ||
Gilead Sciences, Inc., 3.70%, 04/01/2024 | 3,898,000 | 4,144,033 | ||
9,505,082 | ||||
Capital Markets-8.64% | ||||
Ameriprise Financial, Inc., 3.70%, 10/15/2024 | 1,240,000 | 1,335,375 | ||
Bank of New York Mellon Corp. (The) | ||||
3.40%, 05/15/2024 | 1,037,000 | 1,097,703 | ||
3.25%, 09/11/2024 | 1,185,000 | 1,249,781 | ||
Series 12, 3.65%, 02/04/2024 | 1,929,000 | 2,059,578 | ||
BlackRock, Inc., 3.50%, 03/18/2024 | 2,560,000 | 2,759,222 | ||
Credit Suisse AG/New York NY (Switzerland), 3.63%, 09/09/2024 | 6,850,000 | 7,300,064 | ||
Goldman Sachs Group, Inc. (The) | ||||
4.00%, 03/03/2024 | 6,816,000 | 7,330,791 | ||
3.85%, 07/08/2024 | 5,094,000 | 5,434,374 | ||
Moody’s Corp., 4.87%, 02/15/2024 | 984,000 | 1,090,711 | ||
Morgan Stanley | ||||
3.70%, 10/23/2024 | 6,932,000 | 7,408,526 | ||
Series F, 3.87%, 04/29/2024 | 7,044,000 | 7,562,620 | ||
Nasdaq, Inc., 4.25%, 06/01/2024 | 1,281,000 | 1,396,009 |
Principal Amount | Value | |||
Capital Markets-(continued) | ||||
State Street Corp., 3.30%, 12/16/2024 | $ | 2,421,000 | $ 2,560,853 | |
Stifel Financial Corp., 4.25%, 07/18/2024 | 1,096,000 | 1,161,023 | ||
49,746,630 | ||||
Chemicals-1.30% | ||||
Dow Chemical Co. (The), 3.50%, 10/01/2024 | 2,030,000 | 2,129,565 | ||
LyondellBasell Industries N.V., 5.75%, 04/15/2024 | 2,150,000 | 2,439,666 | ||
Nutrien Ltd. (Canada), 3.62%, 03/15/2024 | 1,653,000 | 1,740,057 | ||
Sherwin-Williams Co. (The), 3.13%, 06/01/2024 | 1,120,000 | 1,163,824 | ||
7,473,112 | ||||
Communications Equipment-0.92% | ||||
Cisco Systems, Inc., 3.62%, 03/04/2024 | 2,290,000 | 2,474,134 | ||
Juniper Networks, Inc., 4.50%, 03/15/2024 | 1,254,000 | 1,364,839 | ||
Motorola Solutions, Inc., 4.00%, 09/01/2024 | 1,363,000 | 1,451,164 | ||
5,290,137 | ||||
Construction & Engineering-0.21% | ||||
Fluor Corp., 3.50%, 12/15/2024 | 1,180,000 | 1,194,131 | ||
Consumer Finance-1.98% | ||||
American Express Co. | ||||
3.00%, 10/30/2024 | 3,771,000 | 3,915,657 | ||
3.62%, 12/05/2024 | 1,274,000 | 1,356,114 | ||
Capital One Financial Corp., 3.75%, 04/24/2024 | 1,719,000 | 1,822,209 | ||
Discover Financial Services, 3.95%, 11/06/2024 | 1,218,000 | 1,299,045 | ||
Synchrony Financial, 4.25%, 08/15/2024 | 2,828,000 | 3,008,924 | ||
11,401,949 | ||||
Containers & Packaging-0.30% | ||||
International Paper Co., 3.65%, 06/15/2024 | 1,631,000 | 1,731,410 | ||
Diversified Financial Services-0.88% | ||||
Brookfield Finance, Inc. (Canada), 4.00%, 04/01/2024 | 1,691,000 | 1,804,819 | ||
MidAmerican Energy Co., 3.50%, 10/15/2024 | 1,174,000 | 1,255,893 | ||
ORIX Corp. (Japan), 3.25%, 12/04/2024 | 1,936,000 | 2,023,033 | ||
5,083,745 | ||||
Diversified Telecommunication Services-2.80% | ||||
AT&T, Inc. | ||||
3.80%, 03/01/2024 | 1,557,000 | 1,656,602 | ||
3.90%, 03/11/2024 | 2,115,000 | 2,259,123 | ||
4.45%, 04/01/2024 | 2,598,000 | 2,828,465 | ||
3.55%, 06/01/2024 | 1,582,000 | 1,664,283 | ||
Verizon Communications, Inc. | ||||
4.15%, 03/15/2024 | 1,946,000 | 2,112,563 | ||
3.50%, 11/01/2024 | 5,250,000 | 5,599,175 | ||
16,120,211 | ||||
Electric Utilities-1.08% | ||||
Avangrid, Inc., 3.15%, 12/01/2024 | 1,215,000 | 1,258,274 | ||
Duke Energy Corp., 3.75%, 04/15/2024 | 2,219,000 | 2,359,534 |
Principal Amount | Value | |||
Electric Utilities-(continued) | ||||
Florida Power & Light Co., 3.25%, 06/01/2024 | $ | 1,183,000 | $ 1,249,565 | |
Interstate Power and Light Co., 3.25%, 12/01/2024 | 1,297,000 | 1,361,061 | ||
6,228,434 | ||||
Electronic Equipment, Instruments & Components-0.67% | ||||
Arrow Electronics, Inc., 3.25%, 09/08/2024 | 1,207,000 | 1,223,369 | ||
Ingram Micro, Inc., 5.45%, 12/15/2024 | 1,130,000 | 1,169,382 | ||
Keysight Technologies, Inc., 4.55%, 10/30/2024 | 1,314,000 | 1,429,993 | ||
3,822,744 | ||||
Entertainment-0.22% | ||||
Viacom, Inc., 3.88%, 04/01/2024 | 1,116,000 | 1,179,521 | ||
Warner Media, LLC, 3.55%, 06/01/2024 | 86,000 | 89,815 | ||
1,269,336 | ||||
Equity REITs-2.94% | ||||
American Tower Corp., 5.00%, 02/15/2024 | 2,174,000 | 2,414,788 | ||
Boston Properties L.P., 3.80%, 02/01/2024 | 1,866,000 | 1,985,352 | ||
Brixmor Operating Partnership L.P., 3.65%, 06/15/2024 | 1,345,000 | 1,405,832 | ||
Crown Castle International Corp., 3.20%, 09/01/2024 | 1,518,000 | 1,571,763 | ||
CyrusOne L.P./CyrusOne Finance Corp., 5.00%, 03/15/2024 | 1,331,000 | 1,377,585 | ||
HCP, Inc., 3.87%, 08/15/2024 | 1,888,000 | 2,030,407 | ||
Simon Property Group L.P. | ||||
3.75%, 02/01/2024 | 1,532,000 | 1,640,671 | ||
3.38%, 10/01/2024 | 2,018,000 | 2,144,741 | ||
VEREIT Operating Partnership, L.P., 4.60%, 02/06/2024 | 1,031,000 | 1,114,614 | ||
WP Carey, Inc., 4.60%, 04/01/2024 | 1,172,000 | 1,261,191 | ||
16,946,944 | ||||
Food & Staples Retailing-2.57% | ||||
Costco Wholesale Corp., 2.75%, 05/18/2024 | 2,538,000 | 2,637,638 | ||
Kroger Co. (The), 4.00%, 02/01/2024 | 1,213,000 | 1,302,425 | ||
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024 | 4,605,000 | 4,884,696 | ||
Walmart, Inc. | ||||
3.30%, 04/22/2024 | 3,468,000 | 3,682,620 | ||
2.65%, 12/15/2024 | 2,208,000 | 2,290,833 | ||
14,798,212 | ||||
Food Products-1.38% | ||||
Bunge Ltd Finance Corp., 4.35%, 03/15/2024 | 1,331,000 | 1,421,788 | ||
General Mills, Inc., 3.65%, 02/15/2024 | 1,103,000 | 1,163,852 | ||
McCormick & Co., Inc., 3.15%, 08/15/2024 | 1,269,000 | 1,323,602 | ||
Mondelez International, Inc., 4.00%, 02/01/2024 | 1,275,000 | 1,367,689 | ||
Tyson Foods, Inc., 3.95%, 08/15/2024 | 2,475,000 | 2,669,525 | ||
7,946,456 | ||||
Gas Utilities-0.23% | ||||
Southern California Gas Co., 3.15%, 09/15/2024 | 1,244,000 | 1,306,220 |
Principal Amount | Value | |||
Health Care Equipment & Supplies-1.88% | ||||
Becton, Dickinson and Co. | ||||
3.36%, 06/06/2024 | $ | 3,872,000 | $4,043,900 | |
3.73%, 12/15/2024 | 3,278,000 | 3,489,916 | ||
Medtronic, Inc., 3.63%, 03/15/2024 | 1,895,000 | 2,029,857 | ||
Stryker Corp., 3.38%, 05/15/2024 | 1,192,000 | 1,256,964 | ||
10,820,637 | ||||
Health Care Providers & Services-3.75% | ||||
Aetna, Inc., 3.50%, 11/15/2024 | 1,658,000 | 1,733,422 | ||
AmerisourceBergen Corp., 3.40%, 05/15/2024 | 1,088,000 | 1,130,954 | ||
Anthem, Inc. | ||||
3.50%, 08/15/2024 | 1,841,000 | 1,931,518 | ||
3.35%, 12/01/2024 | 2,161,000 | 2,261,858 | ||
Cardinal Health, Inc., 3.08%, 06/15/2024 | 1,658,000 | 1,681,824 | ||
CVS Health Corp., 3.37%, 08/12/2024 | 1,186,000 | 1,232,656 | ||
Express Scripts Holding Co., 3.50%, 06/15/2024 | 2,186,000 | 2,292,201 | ||
HCA, Inc., 5.00%, 03/15/2024 | 4,012,000 | 4,386,203 | ||
Humana, Inc., 3.85%, 10/01/2024 | 1,197,000 | 1,264,219 | ||
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024 | 1,216,000 | 1,266,807 | ||
McKesson Corp., 3.80%, 03/15/2024 | 2,308,000 | 2,426,167 | ||
21,607,829 | ||||
Hotels, Restaurants & Leisure-0.18% | ||||
McDonald’s Corp., 3.25%, 06/10/2024 | 997,000 | 1,053,086 | ||
Household Durables-0.25% | ||||
Lennar Corp., 4.50%, 04/30/2024 | 1,331,000 | 1,419,179 | ||
Household Products-0.39% | ||||
Clorox Co. (The), 3.50%, 12/15/2024 | 1,115,000 | 1,192,719 | ||
Colgate-Palmolive Co., 3.25%, 03/15/2024 | 997,000 | 1,063,628 | ||
2,256,347 | ||||
Industrial Conglomerates-0.53% | ||||
General Electric Co. | ||||
3.38%, 03/11/2024 | 1,739,000 | 1,763,212 | ||
3.45%, 05/15/2024 | 1,243,000 | 1,262,410 | ||
3,025,622 | ||||
Insurance-3.28% | ||||
Aflac, Inc., 3.63%, 11/15/2024 | 1,864,000 | 1,993,666 | ||
American International Group, Inc., 4.12%, 02/15/2024 | 2,617,000 | 2,821,810 | ||
Aon PLC, 3.50%, 06/14/2024 | 1,559,000 | 1,650,043 | ||
Assured Guaranty US Holdings, Inc., 5.00%, 07/01/2024 | 1,149,000 | 1,274,501 | ||
Brown & Brown, Inc., 4.20%, 09/15/2024 | 1,188,000 | 1,268,959 | ||
Chubb INA Holdings, Inc., 3.35%, 05/15/2024 | 1,679,000 | 1,779,473 | ||
CNA Financial Corp., 3.95%, 05/15/2024 | 1,129,000 | 1,200,767 | ||
Marsh & McLennan Cos., Inc., 3.50%, 06/03/2024 | 1,195,000 | 1,262,498 | ||
MetLife, Inc., 3.60%, 04/10/2024 | 2,219,000 | 2,365,894 | ||
Prudential Financial, Inc., 3.50%, 05/15/2024 | 1,803,000 | 1,925,400 | ||
Willis North America, Inc., 3.60%, 05/15/2024 | 1,291,000 | 1,346,322 | ||
18,889,333 |
Principal Amount | Value | |||
Interactive Media & Services-0.38% | ||||
Alphabet, Inc., 3.38%, 02/25/2024 | $ | 2,061,000 | $ 2,203,640 | |
Internet & Direct Marketing Retail-2.19% | ||||
Amazon.com, Inc. | ||||
2.80%, 08/22/2024 | 4,746,000 | 4,956,787 | ||
3.80%, 12/05/2024 | 2,978,000 | 3,253,020 | ||
eBay, Inc., 3.45%, 08/01/2024(b) | 1,737,000 | 1,828,273 | ||
Expedia Group, Inc., 4.50%, 08/15/2024 | 980,000 | 1,070,239 | ||
QVC, Inc., 4.85%, 04/01/2024 | 1,378,000 | 1,464,778 | ||
12,573,097 | ||||
IT Services-1.77% | ||||
DXC Technology Co., 4.25%, 04/15/2024 | 1,149,000 | 1,217,635 | ||
Fidelity National Information Services, Inc., 3.87%, 06/05/2024 | 981,000 | 1,052,075 | ||
International Business Machines Corp., 3.62%, 02/12/2024 | 5,200,000 | 5,544,734 | ||
Mastercard, Inc., 3.38%, 04/01/2024 | 2,239,000 | 2,392,323 | ||
10,206,767 | ||||
Life Sciences Tools & Services-0.46% | ||||
Thermo Fisher Scientific, Inc., 4.15%, 02/01/2024 | 2,446,000 | 2,632,706 | ||
Machinery-2.45% | ||||
Caterpillar Financial Services Corp., 3.25%, 12/01/2024 | 1,329,000 | 1,408,355 | ||
Caterpillar, Inc., 3.40%, 05/15/2024 | 2,383,000 | 2,538,542 | ||
CNH Industrial Capital LLC, 4.20%, 01/15/2024 | 1,098,000 | 1,159,374 | ||
Illinois Tool Works, Inc., 3.50%, 03/01/2024 | 1,835,000 | 1,943,889 | ||
Ingersoll-Rand Luxembourg Finance S.A., 3.55%, 11/01/2024 | 1,113,000 | 1,173,753 | ||
John Deere Capital Corp. | ||||
3.35%, 06/12/2024 | 1,139,000 | 1,213,001 | ||
2.65%, 06/24/2024 | 1,418,000 | 1,460,537 | ||
Parker-Hannifin Corp., 3.30%, 11/21/2024 | 1,011,000 | 1,063,769 | ||
Wabtec Corp., 4.40%, 03/15/2024 | 1,984,000 | 2,126,017 | ||
14,087,237 | ||||
Media-2.48% | ||||
CBS Corp., 3.70%, 08/15/2024 | 1,257,000 | 1,327,368 | ||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 4.50%, 02/01/2024 | 2,251,000 | 2,421,933 | ||
Comcast Corp. | ||||
3.00%, 02/01/2024 | 2,880,000 | 2,996,340 | ||
3.60%, 03/01/2024 | 2,454,000 | 2,617,577 | ||
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024 | 1,398,000 | 1,511,893 | ||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024 | 1,712,000 | 1,813,000 | ||
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024 | 1,541,000 | 1,611,815 | ||
14,299,926 | ||||
Multiline Retail-0.70% | ||||
Macy’s Retail Holdings, Inc., 3.63%, 06/01/2024(b) | 1,252,000 | 1,239,030 | ||
Target Corp., 3.50%, 07/01/2024 | 2,576,000 | 2,779,040 | ||
4,018,070 |
Principal Amount | Value | |||
Multi-Utilities-0.23% | ||||
Sempra Energy, 3.55%, 06/15/2024 | $ | 1,251,000 | $ 1,313,399 | |
Oil, Gas & Consumable Fuels-12.50% | ||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.37%, 09/15/2024 | 1,538,000 | 1,457,255 | ||
Boardwalk Pipelines L.P., 4.95%, 12/15/2024 | 1,297,000 | 1,395,184 | ||
BP Capital Markets PLC (United Kingdom) | ||||
3.81%, 02/10/2024 | 3,138,000 | 3,361,340 | ||
3.54%, 11/04/2024 | 1,881,000 | 2,008,518 | ||
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024 | 1,169,000 | 1,231,527 | ||
Chevron Corp., 2.90%, 03/03/2024 | 2,321,000 | 2,422,433 | ||
Cimarex Energy Co., 4.37%, 06/01/2024 | 1,766,000 | 1,863,198 | ||
Continental Resources, Inc., 3.80%, 06/01/2024 | 2,297,000 | 2,332,136 | ||
Diamondback Energy, Inc., 4.75%, 11/01/2024 | 1,533,000 | 1,584,739 | ||
Enable Midstream Partners, L.P., 3.90%, 05/15/2024 | 1,407,000 | 1,447,561 | ||
Enbridge, Inc. (Canada), 3.50%, 06/10/2024 | 1,160,000 | 1,215,635 | ||
EnLink Midstream Partners, L.P., 4.40%, 04/01/2024 | 1,254,000 | 1,246,163 | ||
Enterprise Products Operating LLC, 3.90%, 02/15/2024 | 2,162,000 | 2,313,816 | ||
EQM Midstream Partners, L.P., 4.00%, 08/01/2024 | 1,207,000 | 1,191,149 | ||
Equinor ASA (Norway), 3.70%, 03/01/2024 | 2,518,000 | 2,706,264 | ||
Exxon Mobil Corp., 3.18%, 03/15/2024 | 2,525,000 | 2,665,016 | ||
Husky Energy, Inc. (Canada), 4.00%, 04/15/2024 | 1,840,000 | 1,949,585 | ||
Kerr-McGee Corp., 6.95%, 07/01/2024 | 1,556,000 | 1,841,117 | ||
Kinder Morgan Energy Partners, L.P. | ||||
4.15%, 02/01/2024 | 1,592,000 | 1,695,125 | ||
4.30%, 05/01/2024 | 1,411,000 | 1,515,990 | ||
4.25%, 09/01/2024 | 1,568,000 | 1,690,769 | ||
Marathon Petroleum Corp., 3.63%, 09/15/2024 | 1,725,000 | 1,811,682 | ||
MPLX L.P., 4.87%, 12/01/2024 | 2,588,000 | 2,839,996 | ||
Newfield Exploration Co., 5.62%, 07/01/2024 | 2,230,000 | 2,456,824 | ||
Noble Energy, Inc., 3.90%, 11/15/2024 | 1,516,000 | 1,589,639 | ||
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024 | 1,658,000 | 1,704,287 | ||
Sabine Pass Liquefaction, LLC, 5.75%, 05/15/2024 | 4,900,000 | 5,474,508 | ||
Spectra Energy Partners L.P., 4.75%, 03/15/2024 | 2,246,000 | 2,461,690 | ||
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024 | 1,783,000 | 1,880,562 | ||
Sunoco Logistics Partners Operations L.P., 4.25%, 04/01/2024 | 1,159,000 | 1,224,704 | ||
Total Capital International SA (France) | ||||
3.70%, 01/15/2024 | 2,324,000 | 2,479,160 | ||
3.75%, 04/10/2024 | 2,930,000 | 3,155,443 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Williams Companies, Inc. (The), 4.30%, 03/04/2024 | $ | 2,263,000 | $ 2,416,665 | |
Williams Cos., Inc. (The), 4.55%, 06/24/2024 | 3,076,000 | 3,333,152 | ||
71,962,832 | ||||
Paper & Forest Products-0.25% | ||||
Georgia-Pacific LLC, 8.00%, 01/15/2024 | 1,148,000 | 1,425,697 | ||
Personal Products-0.71% | ||||
Unilever Capital Corp. (United Kingdom) | ||||
3.25%, 03/07/2024 | 1,800,000 | 1,901,027 | ||
2.60%, 05/05/2024 | 2,103,000 | 2,162,632 | ||
4,063,659 | ||||
Pharmaceuticals-2.31% | ||||
Allergan Funding SCS, 3.85%, 06/15/2024 | 2,529,000 | 2,669,105 | ||
Novartis Capital Corp. (Switzerland), 3.40%, 05/06/2024 | 4,767,000 | 5,090,529 | ||
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024 | 2,300,000 | 2,361,127 | ||
Pfizer, Inc., 3.40%, 05/15/2024 | 2,007,000 | 2,143,790 | ||
Wyeth LLC, 6.45%, 02/01/2024 | 891,000 | 1,055,681 | ||
13,320,232 | ||||
Road & Rail-0.78% | ||||
Burlington Northern Santa Fe LLC | ||||
3.75%, 04/01/2024 | 1,099,000 | 1,176,509 | ||
3.40%, 09/01/2024 | 1,771,000 | 1,882,303 | ||
CSX Corp., 3.40%, 08/01/2024 | 1,348,000 | 1,429,968 | ||
4,488,780 | ||||
Semiconductors & Semiconductor Equipment-3.12% | ||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.62%, 01/15/2024 | 6,109,000 | 6,237,910 | ||
Intel Corp., 2.88%, 05/11/2024 | 2,864,000 | 2,992,012 | ||
KLA-Tencor Corp., 4.65%, 11/01/2024 | 2,896,000 | 3,198,967 | ||
QUALCOMM, Inc., 2.90%, 05/20/2024 | 3,475,000 | 3,593,689 | ||
Xilinx, Inc., 2.95%, 06/01/2024 | 1,888,000 | 1,947,562 | ||
17,970,140 | ||||
Software-2.66% | ||||
Microsoft Corp., 2.88%, 02/06/2024 | 5,209,000 | 5,456,931 | ||
Oracle Corp. | ||||
3.40%, 07/08/2024 | 4,604,000 | 4,882,212 | ||
2.95%, 11/15/2024 | 4,758,000 | 4,985,464 | ||
15,324,607 | ||||
Specialty Retail-0.48% | ||||
Home Depot, Inc. (The), 3.75%, 02/15/2024 | 2,548,000 | 2,757,600 | ||
Technology Hardware, Storage & Peripherals-2.87% | ||||
Apple, Inc. | ||||
3.00%, 02/09/2024 | 4,407,000 | 4,610,397 | ||
3.45%, 05/06/2024 | 5,866,000 | 6,287,196 | ||
2.85%, 05/11/2024 | 4,212,000 | 4,388,254 | ||
Seagate HDD Cayman, 4.87%, 03/01/2024 | 1,200,000 | 1,256,530 | ||
16,542,377 | ||||
Tobacco-0.93% | ||||
Altria Group, Inc., 4.00%, 01/31/2024 | 3,173,000 | 3,390,747 | ||
Philip Morris International, Inc., 3.25%, 11/10/2024 | 1,854,000 | 1,940,976 | ||
5,331,723 |
Principal Amount | Value | |||
Trading Companies & Distributors-0.22% | ||||
Air Lease Corp., 4.25%, 09/15/2024 | $ | 1,182,000 | $ 1,271,306 | |
Wireless Telecommunication Services-0.75% | ||||
Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024 | 4,093,000 | 4,327,090 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $545,088,764) | 568,506,206 | |||
Shares | ||||
Money Market Funds-0.27% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(c) (Cost $1,530,893) | 1,530,893 | 1,530,893 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.02% (Cost $546,619,657) | 570,037,099 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.21% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(c)(d) | 906,602 | $ 906,602 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(c)(d) | 302,091 | 302,212 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,208,814) | 1,208,814 | |||
TOTAL INVESTMENTS IN SECURITIES-99.23% (Cost $547,828,471) | 571,245,913 | |||
OTHER ASSETS LESS LIABILITIES-0.77% | 4,452,061 | |||
NET ASSETS-100.00% | $575,697,974 |
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 August 31, 2019. |
(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 August 31, 2019. |
(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 2K. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.93% | ||||
Aerospace & Defense-2.14% | ||||
General Dynamics Corp., 3.50%, 05/15/2025 | $ | 821,000 | $ 884,268 | |
L3Harris Technologies, Inc., 3.83%, 04/27/2025 | 610,000 | 654,581 | ||
Lockheed Martin Corp., 2.90%, 03/01/2025 | 758,000 | 790,592 | ||
Northrop Grumman Corp., 2.93%, 01/15/2025 | 1,479,000 | 1,531,814 | ||
Precision Castparts Corp., 3.25%, 06/15/2025 | 883,000 | 930,920 | ||
United Technologies Corp., 3.95%, 08/16/2025 | 1,722,000 | 1,892,761 | ||
6,684,936 | ||||
Air Freight & Logistics-0.21% | ||||
FedEx Corp., 3.20%, 02/01/2025 | 629,000 | 659,206 | ||
Auto Components-0.48% | ||||
BorgWarner, Inc., 3.38%, 03/15/2025 | 769,000 | 806,514 | ||
Magna International, Inc. (Canada), 4.15%, 10/01/2025 | 624,000 | 678,522 | ||
1,485,036 | ||||
Automobiles-2.26% | ||||
Ford Motor Credit Co. LLC | ||||
4.69%, 06/09/2025 | 1,000,000 | 1,035,521 | ||
4.13%, 08/04/2025 | 1,400,000 | 1,412,033 | ||
General Motors Co., 4.00%, 04/01/2025 | 580,000 | 599,748 | ||
General Motors Financial Co., Inc. | ||||
4.00%, 01/15/2025 | 1,208,000 | 1,244,056 | ||
4.35%, 04/09/2025 | 1,348,000 | 1,413,043 | ||
4.30%, 07/13/2025 | 848,000 | 884,317 | ||
Toyota Motor Credit Corp., 3.40%, 04/14/2025 | 415,000 | 446,092 | ||
7,034,810 | ||||
Banks-14.96% | ||||
Banco Santander, S.A. (Spain), 5.18%, 11/19/2025 | 1,400,000 | 1,548,094 | ||
Bank of America Corp. | ||||
4.00%, 01/22/2025 | 2,872,000 | 3,070,228 | ||
3.87%, 08/01/2025 | 2,007,000 | 2,191,365 | ||
Series L, 3.95%, 04/21/2025 | 2,659,000 | 2,840,497 | ||
Barclays PLC (United Kingdom), 3.65%, 03/16/2025 | 2,000,000 | 2,042,580 | ||
BB&T Corp., 3.70%, 06/05/2025 | 993,000 | 1,072,451 | ||
Branch Banking & Trust Co., 3.63%, 09/16/2025 | 1,400,000 | 1,491,836 | ||
Citigroup, Inc. | ||||
3.87%, 03/26/2025 | 915,000 | 967,021 | ||
3.30%, 04/27/2025 | 1,791,000 | 1,895,440 | ||
4.40%, 06/10/2025 | 2,588,000 | 2,812,788 | ||
5.50%, 09/13/2025 | 1,431,000 | 1,641,056 | ||
Citizens Financial Group, Inc., 4.30%, 12/03/2025 | 629,000 | 680,081 | ||
Cooperatieve Rabobank U.A. (Netherlands), 4.37%, 08/04/2025 | 1,550,000 | 1,671,300 | ||
Fifth Third Bank, 3.95%, 07/28/2025 | 1,000,000 | 1,097,456 | ||
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025 | 1,400,000 | 1,482,818 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Huntington Bancshares, Inc., 4.00%, 05/15/2025 | $ | 415,000 | $ 448,690 | |
JPMorgan Chase & Co. | ||||
3.13%, 01/23/2025 | 2,769,000 | 2,889,093 | ||
3.90%, 07/15/2025 | 2,471,000 | 2,685,632 | ||
KeyBank N.A., 3.30%, 06/01/2025 | 1,000,000 | 1,058,708 | ||
Lloyds Bank PLC (United Kingdom), 3.50%, 05/14/2025 | 1,009,000 | 1,057,695 | ||
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025 | 1,400,000 | 1,470,397 | ||
Mitsubishi UFJ Financial Group, Inc. (Japan), 3.78%, 03/02/2025 | 669,000 | 720,052 | ||
MUFG Americas Holdings Corp., 3.00%, 02/10/2025 | 393,000 | 404,081 | ||
PNC Bank, N.A., 3.25%, 06/01/2025 | 900,000 | 951,572 | ||
Santander Holdings USA, Inc., 4.50%, 07/17/2025 | 1,139,000 | 1,227,098 | ||
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025 | 400,000 | 431,706 | ||
SunTrust Banks, Inc., 4.00%, 05/01/2025 | 888,000 | 968,216 | ||
Wells Fargo & Co. | ||||
3.00%, 02/19/2025 | 2,783,000 | 2,885,649 | ||
3.55%, 09/29/2025 | 2,731,000 | 2,907,727 | ||
46,611,327 | ||||
Beverages-1.48% | ||||
Coca-Cola Co. (The), 2.88%, 10/27/2025 | 2,057,000 | 2,168,849 | ||
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025 | 453,000 | 471,234 | ||
PepsiCo, Inc. | ||||
2.75%, 04/30/2025 | 1,083,000 | 1,133,999 | ||
3.50%, 07/17/2025 | 767,000 | 830,232 | ||
4,604,314 | ||||
Biotechnology-4.19% | ||||
AbbVie, Inc., 3.60%, 05/14/2025 | 4,158,000 | 4,338,506 | ||
Amgen, Inc., 3.13%, 05/01/2025 | 1,132,000 | 1,182,640 | ||
Baxalta, Inc., 4.00%, 06/23/2025 | 1,086,000 | 1,177,505 | ||
Biogen, Inc., 4.05%, 09/15/2025 | 1,841,000 | 2,000,426 | ||
Celgene Corp., 3.87%, 08/15/2025 | 2,209,000 | 2,397,411 | ||
Gilead Sciences, Inc., 3.50%, 02/01/2025 | 1,841,000 | 1,963,725 | ||
13,060,213 | ||||
Building Products-0.36% | ||||
Fortune Brands Home & Security, Inc., 4.00%, 06/15/2025 | 464,000 | 493,740 | ||
Masco Corp., 4.45%, 04/01/2025 | 577,000 | 628,715 | ||
1,122,455 | ||||
Capital Markets-7.25% | ||||
Ares Capital Corp., 4.25%, 03/01/2025 | 669,000 | 693,708 | ||
Bank of New York Mellon Corp. (The),Series G, 3.00%, 02/24/2025 | 726,000 | 755,923 | ||
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025 | 555,000 | 589,667 | ||
Charles Schwab Corp. (The), 3.85%, 05/21/2025 | 791,000 | 858,160 | ||
CME Group, Inc., 3.00%, 03/15/2025 | 761,000 | 801,996 |
Principal Amount | Value | |||
Capital Markets-(continued) | ||||
Deutsche Bank AG (Germany), 4.50%, 04/01/2025 | $ | 1,500,000 | $ 1,417,943 | |
Goldman Sachs Group, Inc. (The) | ||||
3.50%, 01/23/2025 | 2,924,000 | 3,075,214 | ||
3.75%, 05/22/2025 | 2,298,000 | 2,451,177 | ||
4.25%, 10/21/2025 | 2,230,000 | 2,406,927 | ||
Morgan Stanley | ||||
4.00%, 07/23/2025 | 3,426,000 | 3,713,632 | ||
5.00%, 11/24/2025 | 2,029,000 | 2,290,654 | ||
Northern Trust Corp., 3.95%, 10/30/2025 | 851,000 | 935,522 | ||
S&P Global, Inc., 4.00%, 06/15/2025 | 639,000 | 703,607 | ||
State Street Corp., 3.55%, 08/18/2025 | 1,282,000 | 1,380,382 | ||
TD Ameritrade Holding Corp., 3.62%, 04/01/2025 | 491,000 | 525,759 | ||
22,600,271 | ||||
Chemicals-0.46% | ||||
Eastman Chemical Co., 3.80%, 03/15/2025 | 951,000 | 999,263 | ||
Nutrien Ltd. (Canada), 3.38%, 03/15/2025 | 415,000 | 433,693 | ||
1,432,956 | ||||
Commercial Services & Supplies-0.40% | ||||
Republic Services, Inc., 3.20%, 03/15/2025 | 494,000 | 518,188 | ||
Waste Management, Inc., 3.13%, 03/01/2025 | 702,000 | 738,079 | ||
1,256,267 | ||||
Communications Equipment-0.21% | ||||
Cisco Systems, Inc., 3.50%, 06/15/2025 | 610,000 | 663,050 | ||
Consumer Finance-1.69% | ||||
Capital One Financial Corp. | ||||
3.20%, 02/05/2025 | 995,000 | 1,026,713 | ||
4.25%, 04/30/2025 | 986,000 | 1,072,453 | ||
4.20%, 10/29/2025 | 1,474,000 | 1,576,992 | ||
Discover Financial Services, 3.75%, 03/04/2025 | 480,000 | 505,618 | ||
Synchrony Financial, 4.50%, 07/23/2025 | 997,000 | 1,072,146 | ||
5,253,922 | ||||
Containers & Packaging-0.24% | ||||
WRKCo Inc., 3.75%, 03/15/2025 | 702,000 | 741,829 | ||
Diversified Financial Services-0.83% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | ||||
3.50%, 01/15/2025 | 1,002,000 | 1,026,860 | ||
4.45%, 10/01/2025 | 903,000 | 969,166 | ||
National Rural Utilities Cooperative Finance Corp., 2.85%, 01/27/2025 | 573,000 | 594,286 | ||
2,590,312 | ||||
Diversified Telecommunication Services-3.97% | ||||
AT&T, Inc. | ||||
3.95%, 01/15/2025 | 1,042,000 | 1,120,208 | ||
3.40%, 05/15/2025 | 5,506,000 | 5,773,665 | ||
3.60%, 07/15/2025 | 1,391,000 | 1,467,546 | ||
Verizon Communications, Inc., 3.38%, 02/15/2025 | 3,763,000 | 3,995,966 | ||
12,357,385 |
Principal Amount | Value | |||
Electric Utilities-1.11% | ||||
Duke Energy Progress LLC, 3.25%, 08/15/2025 | $ | 473,000 | $ 503,042 | |
Exelon Corp., 3.95%, 06/15/2025 | 968,000 | 1,042,242 | ||
Florida Power & Light Co., 3.12%, 12/01/2025 | 447,000 | 477,375 | ||
Southern Power Co., 4.15%, 12/01/2025 | 629,000 | 686,537 | ||
Xcel Energy, Inc., 3.30%, 06/01/2025 | 726,000 | 761,997 | ||
3,471,193 | ||||
Electrical Equipment-0.23% | ||||
Emerson Electric Co., 3.15%, 06/01/2025 | 677,000 | 712,659 | ||
Energy Equipment & Services-0.76% | ||||
Halliburton Co., 3.80%, 11/15/2025 | 2,223,000 | 2,358,196 | ||
Entertainment-0.25% | ||||
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025 | 649,000 | 696,925 | ||
Warner Media, LLC, 3.60%, 07/15/2025 | 93,000 | 95,869 | ||
792,794 | ||||
Equity REITs-4.03% | ||||
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025 | 543,000 | 571,773 | ||
American Tower Corp., 4.00%, 06/01/2025 | 771,000 | 829,965 | ||
AvalonBay Communities, Inc., 3.45%, 06/01/2025 | 631,000 | 673,167 | ||
Boston Properties L.P., 3.20%, 01/15/2025 | 1,092,000 | 1,136,902 | ||
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025 | 795,000 | 836,046 | ||
Essex Portfolio L.P., 3.50%, 04/01/2025 | 473,000 | 498,017 | ||
GLP Capital, L.P. / GLP Financing II, Inc., 5.25%, 06/01/2025 | 810,000 | 892,604 | ||
HCP, Inc. | ||||
3.40%, 02/01/2025 | 629,000 | 657,027 | ||
4.00%, 06/01/2025 | 839,000 | 899,079 | ||
Host Hotels & Resorts L.P., 4.00%, 06/15/2025 | 610,000 | 645,915 | ||
Kimco Realty Corp., 3.30%, 02/01/2025 | 415,000 | 430,996 | ||
Prologis L.P., 3.75%, 11/01/2025 | 711,000 | 781,152 | ||
Realty Income Corp., 3.87%, 04/15/2025 | 668,000 | 721,731 | ||
Simon Property Group L.P., 3.50%, 09/01/2025 | 481,000 | 512,656 | ||
SITE Centers Corp., 3.63%, 02/01/2025 | 293,000 | 302,477 | ||
Ventas Realty L.P., 3.50%, 02/01/2025 | 629,000 | 662,224 | ||
Welltower, Inc., 4.00%, 06/01/2025 | 1,395,000 | 1,499,304 | ||
12,551,035 | ||||
Food & Staples Retailing-1.06% | ||||
Sysco Corp. | ||||
3.55%, 03/15/2025 | 415,000 | 442,673 | ||
3.75%, 10/01/2025 | 1,066,000 | 1,145,653 | ||
Walmart, Inc., 3.55%, 06/26/2025 | 1,578,000 | 1,714,897 | ||
3,303,223 | ||||
Food Products-1.99% | ||||
Campbell Soup Co., 3.95%, 03/15/2025 | 891,000 | 943,749 | ||
General Mills, Inc., 4.00%, 04/17/2025 | 890,000 | 965,825 | ||
JM Smucker Co. (The), 3.50%, 03/15/2025 | 976,000 | 1,026,542 |
Principal Amount | Value | |||
Food Products-(continued) | ||||
Kraft Heinz Foods Co., 3.95%, 07/15/2025 | $ | 2,238,000 | $ 2,323,692 | |
Mead Johnson Nutrition Co. (United Kingdom), 4.12%, 11/15/2025 | 845,000 | 931,946 | ||
6,191,754 | ||||
Health Care Equipment & Supplies-3.25% | ||||
Abbott Laboratories, 2.95%, 03/15/2025 | 1,000,000 | 1,041,447 | ||
Boston Scientific Corp., 3.85%, 05/15/2025 | 839,000 | 907,285 | ||
Danaher Corp., 3.35%, 09/15/2025 | 473,000 | 506,031 | ||
Medtronic, Inc., 3.50%, 03/15/2025 | 4,354,000 | 4,702,272 | ||
Stryker Corp., 3.37%, 11/01/2025 | 771,000 | 822,073 | ||
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025 | 2,026,000 | 2,134,483 | ||
10,113,591 | ||||
Health Care Providers & Services-5.67% | ||||
AmerisourceBergen Corp., 3.25%, 03/01/2025 | 580,000 | 601,209 | ||
Cardinal Health, Inc., 3.75%, 09/15/2025 | 681,000 | 710,364 | ||
Cigna Holding Co., 3.25%, 04/15/2025 | 999,000 | 1,033,881 | ||
CVS Health Corp. | ||||
4.10%, 03/25/2025 | 5,369,000 | 5,751,017 | ||
3.87%, 07/20/2025 | 3,253,000 | 3,452,684 | ||
HCA, Inc., 5.25%, 04/15/2025 | 1,530,000 | 1,713,502 | ||
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025 | 1,278,000 | 1,344,187 | ||
Quest Diagnostics, Inc., 3.50%, 03/30/2025 | 582,000 | 612,021 | ||
UnitedHealth Group, Inc., 3.75%, 07/15/2025 | 2,238,000 | 2,436,345 | ||
17,655,210 | ||||
Hotels, Restaurants & Leisure-0.68% | ||||
McDonald’s Corp., 3.38%, 05/26/2025 | 610,000 | 649,679 | ||
Starbucks Corp., 3.80%, 08/15/2025 | 1,368,000 | 1,484,503 | ||
2,134,182 | ||||
Household Durables-0.21% | ||||
Lennar Corp., 4.75%, 05/30/2025 | 596,000 | 640,700 | ||
Industrial Conglomerates-0.89% | ||||
3M Co., 3.00%, 08/07/2025 | 703,000 | 740,382 | ||
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025 | 2,000,000 | 2,027,588 | ||
2,767,970 | ||||
Insurance-1.68% | ||||
American International Group, Inc., 3.75%, 07/10/2025 | 1,403,000 | 1,495,205 | ||
Aon PLC, 3.87%, 12/15/2025 | 793,000 | 860,531 | ||
Chubb INA Holdings, Inc., 3.15%, 03/15/2025 | 856,000 | 905,508 | ||
CNO Financial Group, Inc., 5.25%, 05/30/2025 | 415,000 | 452,091 | ||
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025 | 481,000 | 512,418 | ||
MetLife, Inc. | ||||
3.00%, 03/01/2025 | 475,000 | 495,618 | ||
3.60%, 11/13/2025 | 481,000 | 522,698 | ||
5,244,069 | ||||
Internet & Direct Marketing Retail-0.75% | ||||
Amazon.com, Inc., 5.20%, 12/03/2025 | 856,000 | 1,010,863 |
Principal Amount | Value | |||
Internet & Direct Marketing Retail-(continued) | ||||
Booking Holdings, Inc., 3.65%, 03/15/2025 | $ | 494,000 | $ 528,374 | |
QVC, Inc., 4.45%, 02/15/2025 | 761,000 | 792,008 | ||
2,331,245 | ||||
IT Services-2.94% | ||||
Automatic Data Processing, Inc., 3.37%, 09/15/2025 | 1,111,000 | 1,198,281 | ||
Fidelity National Information Services, Inc., 5.00%, 10/15/2025 | 878,000 | 1,004,164 | ||
Fiserv, Inc., 3.85%, 06/01/2025 | 873,000 | 940,289 | ||
International Business Machines Corp., 7.00%, 10/30/2025 | 596,000 | 755,582 | ||
VeriSign, Inc., 5.25%, 04/01/2025 | 573,000 | 628,151 | ||
Visa, Inc., 3.15%, 12/14/2025 | 4,319,000 | 4,629,400 | ||
9,155,867 | ||||
Machinery-0.33% | ||||
John Deere Capital Corp., 3.45%, 03/13/2025(b) | 944,000 | 1,016,151 | ||
Media-2.65% | ||||
CBS Corp., 3.50%, 01/15/2025 | 494,000 | 515,300 | ||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025 | 4,615,000 | 5,103,515 | ||
Comcast Corp. | ||||
3.37%, 02/15/2025 | 1,028,000 | 1,088,995 | ||
3.38%, 08/15/2025 | 1,465,000 | 1,558,773 | ||
8,266,583 | ||||
Metals & Mining-0.19% | ||||
Arcelormittal (Luxembourg), 6.13%, 06/01/2025 | 537,000 | 604,910 | ||
Multiline Retail-0.73% | ||||
Dollar General Corp., 4.15%, 11/01/2025 | 577,000 | 629,516 | ||
Dollar Tree, Inc., 4.00%, 05/15/2025 | 946,000 | 1,000,663 | ||
Kohl’s Corp., 4.25%, 07/17/2025 | 624,000 | 657,937 | ||
2,288,116 | ||||
Multi-Utilities-0.45% | ||||
Dominion Energy, Inc., 3.90%, 10/01/2025 | 717,000 | 773,432 | ||
WEC Energy Group, Inc., 3.55%, 06/15/2025 | 579,000 | 621,300 | ||
1,394,732 | ||||
Oil, Gas & Consumable Fuels-9.25% | ||||
Antero Resources Corp., 5.00%, 03/01/2025 | 601,000 | 522,870 | ||
BP Capital Markets PLC (United Kingdom), 3.51%, 03/17/2025 | 1,235,000 | 1,317,601 | ||
Canadian Natural Resources Ltd. (Canada), 3.90%, 02/01/2025 | 1,034,000 | 1,090,369 | ||
Chevron Corp., 3.33%, 11/17/2025 | 859,000 | 927,643 | ||
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025 | 1,004,000 | 1,090,005 | ||
Devon Energy Corp., 5.85%, 12/15/2025 | 577,000 | 691,539 | ||
Enbridge Energy Partners L.P., 5.87%, 10/15/2025 | 474,000 | 553,865 | ||
Energy Transfer Partners, L.P., 4.05%, 03/15/2025 | 911,000 | 959,783 | ||
EnLink Midstream Partners, L.P., 4.15%, 06/01/2025 | 630,000 | 604,012 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Enterprise Products Operating LLC, 3.75%, 02/15/2025 | $ | 1,152,000 | $ 1,235,714 | |
EOG Resources, Inc., 3.15%, 04/01/2025 | 478,000 | 503,691 | ||
Exxon Mobil Corp., 2.71%, 03/06/2025 | 1,840,000 | 1,911,284 | ||
Kinder Morgan, Inc., 4.30%, 06/01/2025 | 1,991,000 | 2,162,292 | ||
Marathon Oil Corp., 3.85%, 06/01/2025 | 871,000 | 907,027 | ||
MPLX L.P. | ||||
4.00%, 02/15/2025 | 685,000 | 721,175 | ||
4.87%, 06/01/2025 | 1,269,000 | 1,401,907 | ||
Occidental Petroleum Corp., 3.50%, 06/15/2025 | 840,000 | 864,546 | ||
ONEOK Partners L.P., 4.90%, 03/15/2025 | 514,000 | 562,228 | ||
Phillips 66 Partners L.P., 3.61%, 02/15/2025 | 592,000 | 617,640 | ||
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025 | 1,120,000 | 1,201,753 | ||
Sabine Pass Liquefaction, LLC, 5.62%, 03/01/2025 | 2,077,000 | 2,333,610 | ||
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025 | 3,174,000 | 3,376,475 | ||
Spectra Energy Partners L.P., 3.50%, 03/15/2025 | 494,000 | 517,426 | ||
Valero Energy Corp., 3.65%, 03/15/2025 | 610,000 | 643,941 | ||
Western Gas Partners, L.P., 3.95%, 06/01/2025 | 557,000 | 552,784 | ||
Williams Companies, Inc. (The) | ||||
3.90%, 01/15/2025 | 737,000 | 776,035 | ||
4.00%, 09/15/2025 | 736,000 | 785,266 | ||
28,832,481 | ||||
Personal Products-0.38% | ||||
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025 | 1,109,000 | 1,174,582 | ||
Pharmaceuticals-4.68% | ||||
Allergan Funding SCS, 3.80%, 03/15/2025 | 3,222,000 | 3,386,619 | ||
AstraZeneca PLC (United Kingdom), 3.37%, 11/16/2025 | 2,229,000 | 2,365,424 | ||
Eli Lilly and Co., 2.75%, 06/01/2025 | 869,000 | 905,027 | ||
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.62%, 05/15/2025 | 1,353,000 | 1,456,154 | ||
Johnson & Johnson, 2.63%, 01/15/2025 | 876,000 | 909,550 | ||
Merck & Co., Inc., 2.75%, 02/10/2025 | 2,584,000 | 2,691,201 | ||
Novartis Capital Corp. (Switzerland), 3.00%, 11/20/2025 | 1,926,000 | 2,042,574 | ||
Zoetis, Inc., 4.50%, 11/13/2025 | 735,000 | 819,830 | ||
14,576,379 | ||||
Professional Services-0.35% | ||||
Verisk Analytics, Inc., 4.00%, 06/15/2025 | 997,000 | 1,079,797 | ||
Road & Rail-1.00% | ||||
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025 | 465,000 | 486,525 | ||
Canadian Pacific Railway Co. (Canada), 2.90%, 02/01/2025 | 726,000 | 751,948 | ||
CSX Corp., 3.35%, 11/01/2025 | 629,000 | 668,517 | ||
Union Pacific Corp. | ||||
3.75%, 07/15/2025 | 669,000 | 723,146 | ||
3.25%, 08/15/2025 | 473,000 | 498,801 | ||
3,128,937 |
Principal Amount | Value | |||
Semiconductors & Semiconductor Equipment-2.66% | ||||
Analog Devices, Inc., 3.90%, 12/15/2025 | $ | 769,000 | $ 828,846 | |
Applied Materials, Inc., 3.90%, 10/01/2025 | 734,000 | 805,777 | ||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.12%, 01/15/2025 | 1,025,000 | 1,012,941 | ||
Intel Corp., 3.70%, 07/29/2025 | 2,697,000 | 2,944,277 | ||
Lam Research Corp., 3.80%, 03/15/2025 | 494,000 | 529,246 | ||
QUALCOMM, Inc., 3.45%, 05/20/2025 | 2,028,000 | 2,156,595 | ||
8,277,682 | ||||
Software-3.43% | ||||
Adobe, Inc., 3.25%, 02/01/2025 | 1,236,000 | 1,309,974 | ||
Microsoft Corp. | ||||
2.70%, 02/12/2025 | 2,539,000 | 2,653,458 | ||
3.13%, 11/03/2025 | 3,456,000 | 3,704,235 | ||
Oracle Corp., 2.95%, 05/15/2025 | 2,902,000 | 3,036,108 | ||
10,703,775 | ||||
Specialty Retail-0.63% | ||||
Home Depot, Inc. (The), 3.35%, 09/15/2025 | 995,000 | 1,068,821 | ||
Lowe’s Cos., Inc., 3.38%, 09/15/2025 | 841,000 | 887,812 | ||
1,956,633 | ||||
Technology Hardware, Storage & Peripherals-2.75% | ||||
Apple, Inc. | ||||
2.75%, 01/13/2025 | 1,590,000 | 1,653,779 | ||
2.50%, 02/09/2025 | 1,474,000 | 1,516,994 | ||
3.20%, 05/13/2025 | 2,257,000 | 2,407,602 | ||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 | 2,706,000 | 2,998,509 | ||
8,576,884 | ||||
Textiles, Apparel & Luxury Goods-0.21% | ||||
Tapestry, Inc., 4.25%, 04/01/2025 | 629,000 | 651,587 | ||
Tobacco-1.22% | ||||
Philip Morris International, Inc., 3.38%, 08/11/2025 | 720,000 | 757,752 | ||
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025 | 2,800,000 | 3,032,703 | ||
3,790,455 | ||||
Trading Companies & Distributors-0.32% | ||||
Air Lease Corp., 3.25%, 03/01/2025 | 977,000 | 998,590 | ||
Water Utilities-0.28% | ||||
American Water Capital Corp., 3.40%, 03/01/2025 | 831,000 | 876,315 | ||
Wireless Telecommunication Services-0.79% | ||||
Rogers Communications, Inc. (Canada), 3.63%, 12/15/2025 | 735,000 | 789,818 | ||
Vodafone Group PLC (United Kingdom), 4.12%, 05/30/2025 | 1,528,000 | 1,659,638 | ||
2,449,456 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $292,425,205) | 308,226,022 |
Shares | Value | |||
Money Market Funds-0.17% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(c) (Cost $535,623) | 535,623 | $ 535,623 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.10% (Cost $292,960,828) | 308,761,645 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.09% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(c)(d) | 207,480 | 207,480 |
Shares | Value | |||
Money Market Funds-(continued) | ||||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(c)(d) | 69,133 | $ 69,160 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $276,640) | 276,640 | |||
TOTAL INVESTMENTS IN SECURITIES-99.19% (Cost $293,237,468) | 309,038,285 | |||
OTHER ASSETS LESS LIABILITIES-0.81% | 2,522,405 | |||
NET ASSETS-100.00% | $311,560,690 |
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 August 31, 2019. |
(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 August 31, 2019. |
(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 2K. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.94% | ||||
Aerospace & Defense-1.34% | ||||
General Dynamics Corp., 2.12%, 08/15/2026 | $ | 185,000 | $ 186,212 | |
L3Harris Technologies, Inc., 3.85%, 12/15/2026(b) | 136,000 | 147,636 | ||
Lockheed Martin Corp., 3.55%, 01/15/2026 | 886,000 | 961,634 | ||
United Technologies Corp., 2.65%, 11/01/2026 | 467,000 | 483,795 | ||
1,779,277 | ||||
Air Freight & Logistics-0.49% | ||||
FedEx Corp., 3.25%, 04/01/2026 | 399,000 | 417,667 | ||
United Parcel Service, Inc., 2.40%, 11/15/2026 | 233,000 | 236,342 | ||
654,009 | ||||
Automobiles-1.84% | ||||
American Honda Finance Corp., 2.30%, 09/09/2026 | 182,000 | 183,748 | ||
Ford Motor Co., 4.34%, 12/08/2026(c) | 645,000 | 662,545 | ||
Ford Motor Credit Co. LLC, 4.39%, 01/08/2026 | 600,000 | 610,573 | ||
General Motors Financial Co., Inc. | ||||
5.25%, 03/01/2026 | 619,000 | 676,811 | ||
4.00%, 10/06/2026 | 299,000 | 306,902 | ||
2,440,579 | ||||
Banks-22.41% | ||||
Bank of America Corp. | ||||
4.45%, 03/03/2026 | 834,000 | 918,179 | ||
3.50%, 04/19/2026 | 1,180,000 | 1,264,299 | ||
4.25%, 10/22/2026 | 918,000 | 1,002,799 | ||
Bank One Corp., 7.62%, 10/15/2026 | 265,000 | 347,986 | ||
Barclays PLC (United Kingdom), 5.20%, 05/12/2026 | 900,000 | 958,103 | ||
BPCE S.A. (France), 3.38%, 12/02/2026 | 550,000 | 589,213 | ||
Branch Banking & Trust Co., 3.80%, 10/30/2026 | 550,000 | 596,936 | ||
Citigroup, Inc. | ||||
3.70%, 01/12/2026 | 977,000 | 1,053,427 | ||
4.60%, 03/09/2026 | 594,000 | 654,110 | ||
3.40%, 05/01/2026 | 917,000 | 970,596 | ||
3.20%, 10/21/2026 | 1,411,000 | 1,473,375 | ||
4.30%, 11/20/2026 | 362,000 | 395,302 | ||
Cooperatieve Rabobank U.A. (Netherlands), 3.75%, 07/21/2026 | 550,000 | 576,196 | ||
Fifth Third Bank, 3.85%, 03/15/2026 | 400,000 | 431,093 | ||
HSBC Holdings PLC (United Kingdom) | ||||
4.30%, 03/08/2026 | 1,200,000 | 1,306,955 | ||
4.37%, 11/23/2026 | 500,000 | 537,873 | ||
JPMorgan Chase & Co. | ||||
3.30%, 04/01/2026 | 1,047,000 | 1,104,685 | ||
3.20%, 06/15/2026 | 672,000 | 704,828 | ||
2.95%, 10/01/2026 | 1,215,000 | 1,261,145 | ||
4.13%, 12/15/2026 | 975,000 | 1,074,686 | ||
KeyBank N.A., 3.40%, 05/20/2026 | 550,000 | 579,982 | ||
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026 | 600,000 | 633,656 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||
3.85%, 03/01/2026 | $ | 1,300,000 | $1,412,162 | |
2.76%, 09/13/2026 | 400,000 | 407,854 | ||
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026 | 400,000 | 411,490 | ||
Royal Bank of Scotland Group PLC (The) (United Kingdom), 4.80%, 04/05/2026 | 600,000 | 655,488 | ||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||
3.78%, 03/09/2026 | 661,000 | 715,186 | ||
2.63%, 07/14/2026 | 1,049,000 | 1,061,277 | ||
3.01%, 10/19/2026 | 598,000 | 620,106 | ||
SunTrust Bank, 3.30%, 05/15/2026 | 400,000 | 418,363 | ||
U.S. Bancorp | ||||
Series V, 2.38%, 07/22/2026 | 523,000 | 533,069 | ||
Series W, 3.10%, 04/27/2026 | 458,000 | 480,638 | ||
Wells Fargo & Co. | ||||
3.00%, 04/22/2026 | 1,606,000 | 1,664,112 | ||
4.10%, 06/03/2026 | 950,000 | 1,029,569 | ||
3.00%, 10/23/2026 | 1,821,000 | 1,893,990 | ||
29,738,728 | ||||
Beverages-3.97% | ||||
Anheuser-Busch InBev Finance, Inc. (Belgium), 3.65%, 02/01/2026 | 2,729,000 | 2,931,894 | ||
Coca-Cola Co. (The) | ||||
2.55%, 06/01/2026 | 123,000 | 127,669 | ||
2.25%, 09/01/2026 | 417,000 | 426,977 | ||
Constellation Brands, Inc., 3.70%, 12/06/2026 | 265,000 | 284,563 | ||
Molson Coors Brewing Co., 3.00%, 07/15/2026 | 716,000 | 725,215 | ||
PepsiCo, Inc. | ||||
2.85%, 02/24/2026 | 265,000 | 277,403 | ||
2.37%, 10/06/2026 | 484,000 | 496,245 | ||
5,269,966 | ||||
Biotechnology-2.84% | ||||
Abbvie, Inc., 3.20%, 05/14/2026 | 965,000 | 988,563 | ||
Amgen, Inc., 2.60%, 08/19/2026 | 476,000 | 481,817 | ||
Gilead Sciences, Inc., 3.65%, 03/01/2026 | 1,048,000 | 1,127,689 | ||
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026 | 1,128,000 | 1,173,939 | ||
3,772,008 | ||||
Building Products-0.51% | ||||
Johnson Controls International PLC, 3.90%, 02/14/2026 | 398,000 | 429,399 | ||
Masco Corp., 4.38%, 04/01/2026 | 233,000 | 251,596 | ||
680,995 | ||||
Capital Markets-6.76% | ||||
Ameriprise Financial, Inc., 2.88%, 09/15/2026 | 284,000 | 294,341 | ||
Bank of New York Mellon Corp. (The) | ||||
2.80%, 05/04/2026 | 293,000 | 304,186 | ||
2.45%, 08/17/2026 | 265,000 | 269,064 | ||
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026 | 311,000 | 335,845 |
Principal Amount | Value | |||
Capital Markets-(continued) | ||||
Goldman Sachs Group, Inc. (The) | ||||
3.75%, 02/25/2026 | $ | 837,000 | $893,433 | |
3.50%, 11/16/2026 | 1,272,000 | 1,332,996 | ||
Morgan Stanley | ||||
3.87%, 01/27/2026 | 1,368,000 | 1,480,110 | ||
3.13%, 07/27/2026 | 1,382,000 | 1,436,529 | ||
6.25%, 08/09/2026 | 300,000 | 366,626 | ||
4.35%, 09/08/2026 | 934,000 | 1,023,288 | ||
Nasdaq, Inc., 3.85%, 06/30/2026 | 184,000 | 199,761 | ||
Raymond James Financial, Inc., 3.62%, 09/15/2026 | 184,000 | 194,159 | ||
S&P Global, Inc., 4.40%, 02/15/2026 | 480,000 | 541,864 | ||
State Street Corp., 2.65%, 05/19/2026 | 293,000 | 303,215 | ||
8,975,417 | ||||
Chemicals-0.76% | ||||
Ecolab, Inc., 2.70%, 11/01/2026 | 358,000 | 371,530 | ||
Praxair, Inc., 3.20%, 01/30/2026 | 265,000 | 282,898 | ||
Westlake Chemical Corp., 3.60%, 08/15/2026 | 342,000 | 355,478 | ||
1,009,906 | ||||
Commercial Services & Supplies-0.14% | ||||
Republic Services, Inc., 2.90%, 07/01/2026 | 181,000 | 188,338 | ||
Communications Equipment-1.12% | ||||
Cisco Systems, Inc. | ||||
2.95%, 02/28/2026 | 299,000 | 318,179 | ||
2.50%, 09/20/2026 | 645,000 | 669,732 | ||
Hughes Satellite Systems Corp., 5.25%, 08/01/2026 | 462,000 | 491,453 | ||
1,479,364 | ||||
Consumer Finance-1.11% | ||||
Capital One Financial Corp., 3.75%, 07/28/2026 | 653,000 | 681,842 | ||
Discover Bank, 3.45%, 07/27/2026 | 500,000 | 522,785 | ||
Synchrony Financial, 3.70%, 08/04/2026 | 265,000 | 271,917 | ||
1,476,544 | ||||
Containers & Packaging-0.22% | ||||
International Paper Co., 3.80%, 01/15/2026 | 270,000 | 289,397 | ||
Diversified Financial Services-1.21% | ||||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 1,286,000 | 1,364,093 | ||
Voya Financial, Inc., 3.65%, 06/15/2026 | 233,000 | 247,489 | ||
1,611,582 | ||||
Diversified Telecommunication Services-2.27% | ||||
AT&T, Inc. | ||||
3.88%, 01/15/2026 | 265,000 | 283,355 | ||
4.12%, 02/17/2026 | 1,216,000 | 1,322,388 | ||
7.12%, 03/15/2026 | 181,000 | 225,587 | ||
2.95%, 07/15/2026 | 233,000 | 237,819 | ||
Verizon Communications, Inc., 2.63%, 08/15/2026 | 927,000 | 948,285 | ||
3,017,434 | ||||
Electric Utilities-3.71% | ||||
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 | 233,000 | 243,218 |
Principal Amount | Value | |||
Electric Utilities-(continued) | ||||
Commonwealth Edison Co., 2.55%, 06/15/2026 | $ | 240,000 | $ 246,250 | |
Duke Energy Carolinas LLC, 2.95%, 12/01/2026 | 227,000 | 237,990 | ||
Duke Energy Corp., 2.65%, 09/01/2026 | 653,000 | 661,349 | ||
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026 | 265,000 | 279,848 | ||
Entergy Arkansas, LLC, 3.50%, 04/01/2026 | 233,000 | 250,865 | ||
Entergy Corp., 2.95%, 09/01/2026 | 293,000 | 299,193 | ||
Exelon Corp., 3.40%, 04/15/2026 | 293,000 | 310,701 | ||
Fortis, Inc. (Canada), 3.06%, 10/04/2026 | 737,000 | 755,032 | ||
PPL Capital Funding, Inc., 3.10%, 05/15/2026 | 293,000 | 300,769 | ||
Southern Co. (The), 3.25%, 07/01/2026 | 863,000 | 894,210 | ||
Virginia Electric & Power Co.,Series A, 3.15%, 01/15/2026 | 265,000 | 279,585 | ||
Xcel Energy, Inc., 3.35%, 12/01/2026 | 153,000 | 162,808 | ||
4,921,818 | ||||
Electronic Equipment, Instruments & Components-0.22% | ||||
Avnet, Inc., 4.63%, 04/15/2026 | 265,000 | 289,118 | ||
Entertainment-0.99% | ||||
Activision Blizzard, Inc., 3.40%, 09/15/2026 | 265,000 | 279,592 | ||
TWDC Enterprises 18 Corp. | ||||
3.00%, 02/13/2026 | 417,000 | 440,091 | ||
1.85%, 07/30/2026 | 417,000 | 412,479 | ||
Viacom, Inc., 3.45%, 10/04/2026 | 184,000 | 185,811 | ||
1,317,973 | ||||
Equity REITs-4.67% | ||||
American Tower Corp. | ||||
4.40%, 02/15/2026 | 140,000 | 153,314 | ||
3.38%, 10/15/2026 | 299,000 | 313,209 | ||
Boston Properties L.P. | ||||
3.65%, 02/01/2026 | 654,000 | 696,834 | ||
2.75%, 10/01/2026 | 614,000 | 624,284 | ||
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026 | 233,000 | 248,508 | ||
CBRE Services, Inc., 4.87%, 03/01/2026 | 247,000 | 274,797 | ||
Crown Castle International Corp. | ||||
4.45%, 02/15/2026 | 386,000 | 426,473 | ||
3.70%, 06/15/2026 | 184,000 | 195,700 | ||
ERP Operating L.P., 2.85%, 11/01/2026 | 184,000 | 190,900 | ||
GLP Capital, L.P. / GLP Financing II, Inc., 5.37%, 04/15/2026 | 354,000 | 389,457 | ||
Kimco Realty Corp., 2.80%, 10/01/2026 | 184,000 | 186,268 | ||
LifeStorage L.P., 3.50%, 07/01/2026 | 233,000 | 241,578 | ||
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026 | 206,000 | 228,092 | ||
Realty Income Corp., 4.13%, 10/15/2026 | 123,000 | 136,833 | ||
Sabra Health Care L.P., 5.12%, 08/15/2026 | 354,000 | 382,457 | ||
Simon Property Group L.P. | ||||
3.30%, 01/15/2026 | 270,000 | 285,570 | ||
3.25%, 11/30/2026 | 336,000 | 355,659 | ||
Ventas Realty L.P., 4.13%, 01/15/2026 | 265,000 | 287,376 | ||
VEREIT Operating Partnership, L.P., 4.87%, 06/01/2026 | 233,000 | 260,944 | ||
Welltower, Inc., 4.25%, 04/01/2026 | 290,000 | 316,837 | ||
6,195,090 |
Principal Amount | Value | |||
Food & Staples Retailing-1.38% | ||||
Kroger Co. (The) | ||||
3.50%, 02/01/2026 | $ | 265,000 | $277,777 | |
2.65%, 10/15/2026 | 186,000 | 186,028 | ||
Sysco Corp., 3.30%, 07/15/2026 | 508,000 | 534,734 | ||
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026 | 803,000 | 834,332 | ||
1,832,871 | ||||
Food Products-1.61% | ||||
Archer-Daniels-Midland Co., 2.50%, 08/11/2026 | 399,000 | 409,416 | ||
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026 | 186,000 | 185,892 | ||
Hershey Co. (The), 2.30%, 08/15/2026 | 265,000 | 269,445 | ||
Ingredion, Inc., 3.20%, 10/01/2026 | 124,000 | 127,441 | ||
Kellogg Co., 3.25%, 04/01/2026 | 184,000 | 193,761 | ||
Kraft Heinz Foods Co., 3.00%, 06/01/2026 | 965,000 | 949,715 | ||
2,135,670 | ||||
Gas Utilities-0.14% | ||||
Southern California Gas Co.,Series TT, 2.60%, 06/15/2026 | 185,000 | 187,479 | ||
Health Care Equipment & Supplies-0.88% | ||||
Abbott Laboratories, 3.75%, 11/30/2026 | 627,000 | 690,336 | ||
Baxter International, Inc., 2.60%, 08/15/2026 | 184,000 | 188,217 | ||
Stryker Corp., 3.50%, 03/15/2026 | 265,000 | 284,444 | ||
1,162,997 | ||||
Health Care Providers & Services-2.01% | ||||
CVS Health Corp., 2.87%, 06/01/2026 | 876,000 | 883,386 | ||
Express Scripts Holding Co., 4.50%, 02/25/2026 | 543,000 | 600,835 | ||
HCA, Inc., 5.25%, 06/15/2026 | 541,000 | 611,361 | ||
Quest Diagnostics, Inc., 3.45%, 06/01/2026 | 123,000 | 130,573 | ||
UnitedHealth Group, Inc., 3.10%, 03/15/2026 | 417,000 | 440,980 | ||
2,667,135 | ||||
Hotels, Restaurants & Leisure-1.04% | ||||
Marriott International, Inc.,Series R, 3.12%, 06/15/2026 | 299,000 | 305,277 | ||
McDonald’s Corp., 3.70%, 01/30/2026 | 760,000 | 825,293 | ||
Starbucks Corp., 2.45%, 06/15/2026 | 247,000 | 250,766 | ||
1,381,336 | ||||
Household Durables-0.65% | ||||
Newell Brands, Inc., 4.20%, 04/01/2026 | 834,000 | 865,957 | ||
Household Products-0.46% | ||||
Procter & Gamble Co. (The) | ||||
2.70%, 02/02/2026 | 184,000 | 192,734 | ||
2.45%, 11/03/2026 | 399,000 | 413,690 | ||
606,424 | ||||
Industrial Conglomerates-1.01% | ||||
3M Co., 2.25%, 09/19/2026 | 293,000 | 294,995 |
Principal Amount | Value | |||
Industrial Conglomerates-(continued) | ||||
Honeywell International, Inc., 2.50%, 11/01/2026 | $ | 750,000 | $ 772,041 | |
Roper Technologies, Inc., 3.80%, 12/15/2026 | 253,000 | 274,410 | ||
1,341,446 | ||||
Insurance-3.06% | ||||
Allstate Corp. (The), 3.28%, 12/15/2026 | 233,000 | 251,907 | ||
American International Group, Inc., 3.90%, 04/01/2026 | 738,000 | 792,708 | ||
Arch Capital Finance LLC, 4.01%, 12/15/2026 | 233,000 | 256,703 | ||
Boardwalk Pipelines L.P., 5.95%, 06/01/2026 | 233,000 | 263,540 | ||
Chubb INA Holdings, Inc., 3.35%, 05/03/2026 | 632,000 | 678,518 | ||
CNA Financial Corp., 4.50%, 03/01/2026 | 233,000 | 256,889 | ||
Loews Corp., 3.75%, 04/01/2026 | 354,000 | 381,681 | ||
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026 | 358,000 | 397,233 | ||
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026 | 265,000 | 287,717 | ||
Old Republic International Corp., 3.88%, 08/26/2026 | 184,000 | 195,828 | ||
Trinity Acquisition PLC, 4.40%, 03/15/2026 | 265,000 | 290,510 | ||
4,053,234 | ||||
Interactive Media & Services-0.67% | ||||
Alphabet, Inc., 2.00%, 08/15/2026 | 878,000 | 885,593 | ||
Internet & Direct Marketing Retail-0.73% | ||||
Booking Holdings, Inc., 3.60%, 06/01/2026 | 514,000 | 550,923 | ||
Expedia Group, Inc., 5.00%, 02/15/2026 | 371,000 | 418,469 | ||
969,392 | ||||
IT Services-1.67% | ||||
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026 | 283,000 | 296,067 | ||
Fidelity National Information Services, Inc., 3.00%, 08/15/2026 | 476,000 | 493,667 | ||
International Business Machines Corp., 3.45%, 02/19/2026 | 600,000 | 644,512 | ||
Mastercard, Inc., 2.95%, 11/21/2026 | 365,000 | 386,903 | ||
Total System Services, Inc., 4.80%, 04/01/2026 | 350,000 | 394,333 | ||
2,215,482 | ||||
Life Sciences Tools & Services-0.33% | ||||
Thermo Fisher Scientific, Inc., 2.95%, 09/19/2026 | 417,000 | 431,485 | ||
Machinery-1.17% | ||||
Fortive Corp., 3.15%, 06/15/2026 | 374,000 | 383,245 | ||
Illinois Tool Works, Inc., 2.65%, 11/15/2026 | 405,000 | 421,781 | ||
John Deere Capital Corp., 2.65%, 06/10/2026 | 227,000 | 235,889 | ||
Wabtec Corp., 3.45%, 11/15/2026 | 371,000 | 379,266 | ||
Xylem, Inc., 3.25%, 11/01/2026 | 123,000 | 127,566 | ||
1,547,747 | ||||
Media-1.75% | ||||
CBS Corp., 4.00%, 01/15/2026 | 396,000 | 424,639 |
Principal Amount | Value | |||
Media-(continued) | ||||
Comcast Corp., 3.15%, 03/01/2026 | $ | 886,000 | $ 935,171 | |
Discovery Communications LLC, 4.90%, 03/11/2026 | 353,000 | 391,442 | ||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026 | 535,000 | 568,478 | ||
2,319,730 | ||||
Multiline Retail-0.32% | ||||
Target Corp., 2.50%, 04/15/2026 | 405,000 | 418,052 | ||
Multi-Utilities-0.39% | ||||
DTE Energy Co., 2.85%, 10/01/2026 | 354,000 | 362,659 | ||
San Diego Gas & Electric Co., 2.50%, 05/15/2026 | 153,000 | 154,384 | ||
517,043 | ||||
Oil, Gas & Consumable Fuels-9.76% | ||||
Anadarko Petroleum Corp., 5.55%, 03/15/2026 | 504,000 | 571,173 | ||
BP Capital Markets PLC (United Kingdom), 3.12%, 05/04/2026 | 184,000 | 191,080 | ||
Buckeye Partners L.P., 3.95%, 12/01/2026 | 186,000 | 165,710 | ||
Chevron Corp., 2.95%, 05/16/2026 | 1,034,000 | 1,094,257 | ||
ConocoPhillips Co., 4.95%, 03/15/2026 | 504,000 | 585,570 | ||
Enbridge, Inc. (Canada), 4.25%, 12/01/2026 | 342,000 | 379,300 | ||
Energy Transfer Operating, L.P., 4.75%, 01/15/2026 | 405,000 | 443,097 | ||
EnLink Midstream Partners, L.P., 4.85%, 07/15/2026 | 227,000 | 223,311 | ||
Enterprise Products Operating LLC, 3.70%, 02/15/2026 | 374,000 | 402,146 | ||
EOG Resources, Inc., 4.15%, 01/15/2026(c) | 265,000 | 295,879 | ||
EQM Midstream Partners, L.P., 4.13%, 12/01/2026 | 233,000 | 222,534 | ||
Exxon Mobil Corp., 3.04%, 03/01/2026 | 1,094,000 | 1,162,457 | ||
HollyFrontier Corp., 5.87%, 04/01/2026 | 565,000 | 629,159 | ||
Magellan Midstream Partners L.P., 5.00%, 03/01/2026 | 265,000 | 300,914 | ||
Newfield Exploration Co., 5.37%, 01/01/2026 | 233,000 | 256,315 | ||
Occidental Petroleum Corp., 3.40%, 04/15/2026 | 467,000 | 474,664 | ||
Phillips 66 Partners L.P., 3.55%, 10/01/2026 | 180,000 | 188,176 | ||
Pioneer Natural Resources Co., 4.45%, 01/15/2026 | 247,000 | 271,993 | ||
Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026 | 398,000 | 426,985 | ||
Sabine Pass Liquefaction, LLC, 5.87%, 06/30/2026 | 634,000 | 729,146 | ||
Shell International Finance B.V. (Netherlands) | ||||
2.88%, 05/10/2026 | 868,000 | 910,040 | ||
2.50%, 09/12/2026 | 417,000 | 429,348 | ||
Spectra Energy Partners L.P., 3.38%, 10/15/2026 | 284,000 | 297,041 | ||
Sunoco Logistics Partners Operations L.P., 3.90%, 07/15/2026 | 184,000 | 190,498 | ||
TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026 | 387,000 | 437,804 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026 | $ | 405,000 | $ 518,776 | |
Valero Energy Corp., 3.40%, 09/15/2026 | 632,000 | 654,651 | ||
Valero Energy Partners L.P., 4.38%, 12/15/2026 | 233,000 | 253,296 | ||
Western Gas Partners, L.P., 4.65%, 07/01/2026 | 233,000 | 237,435 | ||
12,942,755 | ||||
Personal Products-0.46% | ||||
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026 | 603,000 | 603,914 | ||
Pharmaceuticals-2.77% | ||||
Johnson & Johnson, 2.45%, 03/01/2026 | 776,000 | 801,109 | ||
Mylan N.V., 3.95%, 06/15/2026 | 950,000 | 987,973 | ||
Perrigo Finance Unlimited Co., 4.37%, 03/15/2026 | 800,000 | 823,988 | ||
Pfizer, Inc. | ||||
2.75%, 06/03/2026 | 417,000 | 435,143 | ||
3.00%, 12/15/2026 | 595,000 | 629,943 | ||
3,678,156 | ||||
Professional Services-0.18% | ||||
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026 | 227,000 | 236,324 | ||
Road & Rail-0.77% | ||||
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026 | 265,000 | 275,834 | ||
CSX Corp., 2.60%, 11/01/2026 | 184,000 | 187,933 | ||
Norfolk Southern Corp., 2.90%, 06/15/2026 | 180,000 | 186,362 | ||
Union Pacific Corp., 2.75%, 03/01/2026 | 354,000 | 365,555 | ||
1,015,684 | ||||
Semiconductors & Semiconductor Equipment-1.06% | ||||
Analog Devices, Inc., 3.50%, 12/05/2026 | 374,000 | 394,467 | ||
Intel Corp., 2.60%, 05/19/2026 | 458,000 | 473,787 | ||
NVIDIA Corp., 3.20%, 09/16/2026 | 514,000 | 540,434 | ||
1,408,688 | ||||
Software-2.55% | ||||
Microsoft Corp., 2.40%, 08/08/2026 | 1,868,000 | 1,932,675 | ||
Oracle Corp., 2.65%, 07/15/2026 | 1,419,000 | 1,455,812 | ||
3,388,487 | ||||
Specialty Retail-1.79% | ||||
Home Depot, Inc. (The) | ||||
3.00%, 04/01/2026 | 585,000 | 620,624 | ||
2.12%, 09/15/2026 | 458,000 | 460,520 | ||
Lowe’s Cos., Inc., 2.50%, 04/15/2026 | 635,000 | 639,918 | ||
O’Reilly Automotive, Inc., 3.55%, 03/15/2026 | 233,000 | 247,027 | ||
TJX Cos., Inc. (The), 2.25%, 09/15/2026 | 405,000 | 407,805 | ||
2,375,894 | ||||
Technology Hardware, Storage & Peripherals-2.69% | ||||
Apple, Inc. | ||||
3.25%, 02/23/2026 | 1,409,000 | 1,509,588 | ||
2.45%, 08/04/2026 | 1,067,000 | 1,092,506 | ||
Western Digital Corp., 4.75%, 02/15/2026(c) | 944,000 | 968,497 | ||
3,570,591 |
Principal Amount | Value | |||
Textiles, Apparel & Luxury Goods-0.58% | ||||
NIKE, Inc., 2.38%, 11/01/2026 | $ | 467,000 | $ 480,757 | |
Under Armour, Inc., 3.25%, 06/15/2026 | 293,000 | 286,418 | ||
767,175 | ||||
Tobacco-0.30% | ||||
Altria Group, Inc., 2.63%, 09/16/2026 | 124,000 | 123,476 | ||
Philip Morris International, Inc., 2.75%, 02/25/2026 | 265,000 | 270,386 | ||
393,862 | ||||
Wireless Telecommunication Services-0.18% | ||||
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026 | 233,000 | 240,855 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $124,076,767) | 131,269,001 | |||
Shares | ||||
Money Market Funds-0.18% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $241,664) | 241,664 | 241,664 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.12% (Cost $124,318,431) | 131,510,665 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.88% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 877,162 | $ 877,162 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 292,274 | 292,391 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,169,553) | 1,169,553 | |||
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $125,487,984) | 132,680,218 | |||
OTHER ASSETS LESS LIABILITIES-(0.00)% | (1,320) | |||
NET ASSETS-100.00% | $132,678,898 |
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) | 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 value of this security at August 31, 2019 represented less than 1% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.91% | ||||
Aerospace & Defense-2.24% | ||||
Arconic, Inc., 5.90%, 02/01/2027 | $ | 209,000 | $ 233,298 | |
General Dynamics Corp., 2.63%, 11/15/2027 | 158,000 | 164,188 | ||
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027 | 157,000 | 165,761 | ||
Northrop Grumman Corp., 3.20%, 02/01/2027 | 209,000 | 221,278 | ||
Rockwell Collins, Inc., 3.50%, 03/15/2027 | 416,000 | 447,692 | ||
United Technologies Corp., 3.12%, 05/04/2027 | 366,000 | 387,859 | ||
1,620,076 | ||||
Air Freight & Logistics-0.38% | ||||
United Parcel Service, Inc., 3.05%, 11/15/2027 | 261,000 | 275,467 | ||
Auto Components-0.29% | ||||
Lear Corp., 3.80%, 09/15/2027 | 209,000 | 210,917 | ||
Automobiles-1.90% | ||||
Ford Motor Credit Co. LLC, 3.82%, 11/02/2027 | 400,000 | 389,090 | ||
General Motors Co., 4.20%, 10/01/2027 | 209,000 | 215,653 | ||
General Motors Financial Co., Inc., 4.35%, 01/17/2027 | 417,000 | 432,391 | ||
Toyota Motor Credit Corp., 3.20%, 01/11/2027 | 314,000 | 339,608 | ||
1,376,742 | ||||
Banks-13.70% | ||||
Banco Santander, S.A. (Spain), 4.25%, 04/11/2027 | 400,000 | 433,703 | ||
Bank of America Corp. | ||||
3.25%, 10/21/2027 | 782,000 | 825,780 | ||
Series L, 4.18%, 11/25/2027 | 627,000 | 682,651 | ||
Bank One Corp., 8.00%, 04/29/2027 | 209,000 | 283,319 | ||
Citigroup, Inc., 4.45%, 09/29/2027 | 1,150,000 | 1,266,321 | ||
ING Groep N.V. (Netherlands), 3.95%, 03/29/2027 | 500,000 | 544,327 | ||
JPMorgan Chase & Co. | ||||
4.25%, 10/01/2027 | 418,000 | 467,162 | ||
3.62%, 12/01/2027 | 314,000 | 334,010 | ||
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027 | 400,000 | 417,852 | ||
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027 | 250,000 | 271,903 | ||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||
3.68%, 02/22/2027 | 261,000 | 283,046 | ||
3.29%, 07/25/2027 | 261,000 | 277,089 | ||
Mizuho Financial Group, Inc. (Japan) | ||||
3.66%, 02/28/2027 | 200,000 | 217,425 | ||
3.17%, 09/11/2027 | 400,000 | 420,843 | ||
PNC Bank, N.A., 3.10%, 10/25/2027 | 300,000 | 319,437 | ||
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027 | 209,000 | 222,469 | ||
Santander Holdings USA, Inc., 4.40%, 07/13/2027 | 261,000 | 281,236 |
Principal Amount | Value | |||
Banks-(continued) | ||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||
3.45%, 01/11/2027 | $ | 418,000 | $445,491 | |
3.36%, 07/12/2027 | 523,000 | 556,465 | ||
3.35%, 10/18/2027 | 209,000 | 222,622 | ||
US Bancorp,Series X, 3.15%, 04/27/2027 | 314,000 | 336,707 | ||
Wells Fargo & Co., 4.30%, 07/22/2027 | 732,000 | 811,218 | ||
9,921,076 | ||||
Beverages-1.16% | ||||
Coca-Cola Co. (The), 2.90%, 05/25/2027 | 157,000 | 167,534 | ||
Constellation Brands, Inc., 3.50%, 05/09/2027 | 157,000 | 165,608 | ||
PepsiCo, Inc., 3.00%, 10/15/2027 | 470,000 | 504,456 | ||
837,598 | ||||
Biotechnology-1.28% | ||||
Amgen, Inc., 3.20%, 11/02/2027(b) | 314,000 | 330,827 | ||
Celgene Corp., 3.45%, 11/15/2027 | 200,000 | 214,289 | ||
Gilead Sciences, Inc., 2.95%, 03/01/2027 | 366,000 | 380,347 | ||
925,463 | ||||
Capital Markets-6.20% | ||||
Bank of New York Mellon Corp. (The), 3.25%, 05/16/2027 | 209,000 | 223,234 | ||
BlackRock, Inc., 3.20%, 03/15/2027 | 209,000 | 224,107 | ||
Cboe Global Markets, Inc., 3.65%, 01/12/2027 | 209,000 | 226,189 | ||
Charles Schwab Corp. (The), 3.20%, 03/02/2027 | 209,000 | 221,656 | ||
Goldman Sachs Group, Inc. (The) | ||||
5.95%, 01/15/2027 | 209,000 | 250,314 | ||
3.85%, 01/26/2027 | 939,000 | 1,002,237 | ||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, 01/15/2027 | 203,000 | 217,317 | ||
Morgan Stanley | ||||
3.62%, 01/20/2027 | 941,000 | 1,007,400 | ||
3.95%, 04/23/2027 | 627,000 | 671,505 | ||
S&P Global, Inc., 2.95%, 01/22/2027 | 158,000 | 166,027 | ||
TD Ameritrade Holding Corp., 3.30%, 04/01/2027 | 261,000 | 277,018 | ||
4,487,004 | ||||
Chemicals-1.67% | ||||
Ecolab Inc., 3.25%, 12/01/2027 | 157,000 | 170,451 | ||
LYB International Finance II B.V., 3.50%, 03/02/2027 | 314,000 | 324,430 | ||
Mosaic Co. (The), 4.05%, 11/15/2027 | 209,000 | 218,219 | ||
Sherwin-Williams Co. (The), 3.45%, 06/01/2027 | 468,000 | 495,626 | ||
1,208,726 | ||||
Commercial Services & Supplies-1.09% | ||||
Cintas Corp. No. 2, 3.70%, 04/01/2027 | 314,000 | 345,169 | ||
Republic Services, Inc., 3.38%, 11/15/2027 | 209,000 | 224,128 | ||
Waste Management, Inc., 3.15%, 11/15/2027 | 209,000 | 222,809 | ||
792,106 | ||||
Communications Equipment-0.23% | ||||
Nokia Oyj (Finland), 4.38%, 06/12/2027 | 157,000 | 163,280 |
Principal Amount | Value | |||
Construction Materials-0.23% | ||||
Martin Marietta Materials, Inc., 3.50%, 12/15/2027(b) | $ | 158,000 | $ 163,254 | |
Consumer Finance-2.46% | ||||
American Express Credit Corp., 3.30%, 05/03/2027 | 627,000 | 677,946 | ||
Capital One Financial Corp., 3.75%, 03/09/2027 | 418,000 | 443,090 | ||
Discover Financial Services, 4.10%, 02/09/2027 | 314,000 | 338,283 | ||
Synchrony Financial, 3.95%, 12/01/2027 | 314,000 | 325,724 | ||
1,785,043 | ||||
Containers & Packaging-0.67% | ||||
International Paper Co., 3.00%, 02/15/2027(b) | 314,000 | 321,396 | ||
Packaging Corp. of America, 3.40%, 12/15/2027 | 158,000 | 164,990 | ||
486,386 | ||||
Diversified Financial Services-0.65% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.65%, 07/21/2027 | 350,000 | 359,306 | ||
ORIX Corp. (Japan), 3.70%, 07/18/2027 | 106,000 | 114,693 | ||
473,999 | ||||
Diversified Telecommunication Services-4.40% | ||||
AT&T, Inc. | ||||
3.80%, 02/15/2027 | 418,000 | 446,895 | ||
4.25%, 03/01/2027 | 627,000 | 690,439 | ||
Telefonica Emisiones S.A.U. (Spain), 4.10%, 03/08/2027 | 500,000 | 547,571 | ||
TELUS Corp. (Canada) | ||||
2.80%, 02/16/2027 | 106,000 | 108,142 | ||
3.70%, 09/15/2027 | 209,000 | 225,213 | ||
Verizon Communications, Inc., 4.13%, 03/16/2027 | 1,043,000 | 1,164,572 | ||
3,182,832 | ||||
Electric Utilities-3.02% | ||||
American Electric Power Co., Inc., 3.20%, 11/13/2027 | 158,000 | 166,682 | ||
Duke Energy Corp., 3.15%, 08/15/2027 | 209,000 | 219,625 | ||
Duke Energy Florida LLC, 3.20%, 01/15/2027 | 209,000 | 221,766 | ||
FirstEnergy Corp.,Series B, 3.90%, 07/15/2027 | 470,000 | 505,667 | ||
ITC Holdings Corp., 3.35%, 11/15/2027 | 157,000 | 168,274 | ||
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027 | 375,000 | 401,084 | ||
NSTAR Electric Co., 3.20%, 05/15/2027 | 261,000 | 277,253 | ||
Virginia Electric & Power Co.,Series A, 3.50%, 03/15/2027 | 209,000 | 225,446 | ||
2,185,797 | ||||
Electronic Equipment, Instruments & Components-0.55% | ||||
Keysight Technologies, Inc., 4.60%, 04/06/2027 | 209,000 | 230,270 | ||
Tech Data Corp., 4.95%, 02/15/2027 | 157,000 | 167,976 | ||
398,246 | ||||
Energy Equipment & Services-0.59% | ||||
Baker Hughes, a GE Co., LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027 | 418,000 | 429,015 |
Principal Amount | Value | |||
Entertainment-0.47% | ||||
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027(b) | $ | 314,000 | $ 338,135 | |
Equity REITs-4.69% | ||||
American Tower Corp., 3.55%, 07/15/2027 | 209,000 | 222,360 | ||
Crown Castle International Corp. | ||||
4.00%, 03/01/2027 | 132,000 | 142,937 | ||
3.65%, 09/01/2027 | 314,000 | 333,484 | ||
Digital Realty Trust L.P., 3.70%, 08/15/2027 | 312,000 | 332,743 | ||
Healthcare Trust of America Holdings, L.P., 3.75%, 07/01/2027 | 209,000 | 220,416 | ||
Mid-America Apartments L.P., 3.60%, 06/01/2027 | 209,000 | 224,215 | ||
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027 | 418,000 | 447,260 | ||
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027 | 209,000 | 223,930 | ||
Public Storage, 3.09%, 09/15/2027 | 132,000 | 140,094 | ||
Realty Income Corp., 3.00%, 01/15/2027 | 209,000 | 217,687 | ||
Regency Centers, L.P., 3.60%, 02/01/2027 | 209,000 | 222,266 | ||
Simon Property Group L.P. | ||||
3.38%, 06/15/2027 | 208,000 | 222,419 | ||
3.38%, 12/01/2027 | 209,000 | 224,265 | ||
VEREIT Operating Partnership, L.P., 3.95%, 08/15/2027 | 209,000 | 224,110 | ||
3,398,186 | ||||
Food & Staples Retailing-1.42% | ||||
Costco Wholesale Corp., 3.00%, 05/18/2027 | 312,000 | 332,983 | ||
Kroger Co. (The), 3.70%, 08/01/2027 | 209,000 | 223,207 | ||
Sysco Corp., 3.25%, 07/15/2027 | 261,000 | 275,680 | ||
Walmart, Inc., 5.87%, 04/05/2027 | 157,000 | 198,688 | ||
1,030,558 | ||||
Food Products-1.92% | ||||
General Mills, Inc., 3.20%, 02/10/2027 | 261,000 | 276,782 | ||
J. M. Smucker Co. (The), 3.37%, 12/15/2027 | 157,000 | 167,271 | ||
Kellogg Co., 3.40%, 11/15/2027 | 209,000 | 221,162 | ||
McCormick & Co., Inc., 3.40%, 08/15/2027 | 261,000 | 276,741 | ||
Tyson Foods, Inc., 3.55%, 06/02/2027 | 416,000 | 446,811 | ||
1,388,767 | ||||
Gas Utilities-0.23% | ||||
Atmos Energy Corp., 3.00%, 06/15/2027 | 158,000 | 166,501 | ||
Health Care Equipment & Supplies-1.47% | ||||
Becton, Dickinson and Co., 3.70%, 06/06/2027 | 732,000 | 784,656 | ||
Medtronic Global Holdings SCA, 3.35%, 04/01/2027 | 261,000 | 282,818 | ||
1,067,474 | ||||
Health Care Providers & Services-5.49% | ||||
AmerisourceBergen Corp., 3.45%, 12/15/2027 | 261,000 | 272,066 | ||
Anthem, Inc., 3.65%, 12/01/2027 | 575,000 | 610,929 | ||
Cardinal Health, Inc., 3.41%, 06/15/2027 | 418,000 | 423,377 | ||
Cigna Holding Co., 3.05%, 10/15/2027 | 158,000 | 161,468 | ||
Express Scripts Holding Co., 3.40%, 03/01/2027 | 470,000 | 489,701 | ||
HCA, Inc., 4.50%, 02/15/2027 | 366,000 | 397,314 | ||
Humana, Inc., 3.95%, 03/15/2027 | 209,000 | 223,806 |
Principal Amount | Value | |||
Health Care Providers & Services-(continued) | ||||
Kaiser Foundation Hospitals, 3.15%, 05/01/2027 | $ | 157,000 | $ 167,841 | |
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027 | 209,000 | 223,269 | ||
SSM Health Care Corp.,Series A, 3.82%, 06/01/2027 | 209,000 | 230,348 | ||
UnitedHealth Group, Inc. | ||||
3.45%, 01/15/2027 | 209,000 | 224,911 | ||
3.38%, 04/15/2027 | 209,000 | 224,828 | ||
2.95%, 10/15/2027 | 314,000 | 328,090 | ||
3,977,948 | ||||
Hotels, Restaurants & Leisure-0.62% | ||||
Darden Restaurants, Inc., 3.85%, 05/01/2027 | 157,000 | 167,826 | ||
McDonald’s Corp., 3.50%, 03/01/2027 | 261,000 | 281,818 | ||
449,644 | ||||
Household Durables-0.62% | ||||
Leggett & Platt, Inc., 3.50%, 11/15/2027 | 158,000 | 161,511 | ||
Lennar Corp., 4.75%, 11/29/2027 | 261,000 | 285,143 | ||
446,654 | ||||
Household Products-0.31% | ||||
Procter & Gamble Co. (The), 2.85%, 08/11/2027 | 209,000 | 223,420 | ||
Industrial Conglomerates-0.68% | ||||
3M Co., 2.88%, 10/15/2027 | 261,000 | 275,085 | ||
Carlisle Cos., Inc., 3.75%, 12/01/2027 | 209,000 | 220,934 | ||
496,019 | ||||
Insurance-1.69% | ||||
American Equity Investment Life Holding Co., 5.00%, 06/15/2027 | 157,000 | 166,529 | ||
Aon Corp., 8.20%, 01/01/2027 | 300,000 | 376,079 | ||
Brighthouse Financial, Inc., 3.70%, 06/22/2027 | 418,000 | 412,935 | ||
CNA Financial Corp., 3.45%, 08/15/2027 | 157,000 | 164,070 | ||
Progressive Corp. (The), 2.45%, 01/15/2027 | 106,000 | 107,943 | ||
1,227,556 | ||||
Internet & Direct Marketing Retail-2.01% | ||||
Amazon.com, Inc., 3.15%, 08/22/2027 | 1,098,000 | 1,180,683 | ||
eBay, Inc., 3.60%, 06/05/2027 | 261,000 | 274,934 | ||
1,455,617 | ||||
IT Services-0.60% | ||||
International Business Machines Corp., 3.30%, 01/27/2027 | 200,000 | 211,530 | ||
Visa, Inc., 2.75%, 09/15/2027 | 209,000 | 221,261 | ||
432,791 | ||||
Leisure Products-0.22% | ||||
Hasbro, Inc., 3.50%, 09/15/2027 | 157,000 | 160,249 | ||
Life Sciences Tools & Services-0.38% | ||||
Thermo Fisher Scientific, Inc., 3.20%, 08/15/2027 | 261,000 | 274,965 | ||
Machinery-1.06% | ||||
CNH Industrial N.V. (United Kingdom), 3.85%, 11/15/2027 | 158,000 | 164,545 | ||
Eaton Corp., 3.10%, 09/15/2027 | 209,000 | 219,787 |
Principal Amount | Value | |||
Machinery-(continued) | ||||
John Deere Capital Corp., 2.80%, 09/08/2027 | $ | 158,000 | $ 165,125 | |
Parker-Hannifin Corp., 3.25%, 03/01/2027 | 209,000 | 219,167 | ||
768,624 | ||||
Media-1.49% | ||||
CBS Corp., 2.90%, 01/15/2027 | 209,000 | 210,025 | ||
Comcast Corp. | ||||
2.35%, 01/15/2027 | 418,000 | 420,289 | ||
3.30%, 02/01/2027 | 418,000 | 445,267 | ||
1,075,581 | ||||
Multiline Retail-0.61% | ||||
Bunge Ltd Finance Corp., 3.75%, 09/25/2027 | 209,000 | 215,790 | ||
Dollar General Corp., 3.88%, 04/15/2027 | 209,000 | 225,847 | ||
441,637 | ||||
Multi-Utilities-1.07% | ||||
DTE Energy Co., 3.80%, 03/15/2027 | 209,000 | 226,569 | ||
NiSource, Inc., 3.49%, 05/15/2027 | 314,000 | 333,196 | ||
Sempra Energy, 3.25%, 06/15/2027 | 209,000 | 216,644 | ||
776,409 | ||||
Oil, Gas & Consumable Fuels-8.91% | ||||
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp., 4.25%, 12/01/2027 | 209,000 | 221,495 | ||
Boardwalk Pipelines L.P., 4.45%, 07/15/2027 | 106,000 | 110,402 | ||
BP Capital Markets PLC (United Kingdom) | ||||
3.02%, 01/16/2027 | 209,000 | 212,545 | ||
3.59%, 04/14/2027 | 106,000 | 112,668 | ||
3.28%, 09/19/2027 | 418,000 | 443,525 | ||
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027 | 366,000 | 388,712 | ||
Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027 | 314,000 | 328,097 | ||
Cimarex Energy Co., 3.90%, 05/15/2027 | 209,000 | 213,983 | ||
Concho Resources, Inc., 3.75%, 10/01/2027 | 314,000 | 327,048 | ||
Enable Midstream Partners, L.P., 4.40%, 03/15/2027 | 209,000 | 214,043 | ||
Enbridge, Inc. (Canada), 3.70%, 07/15/2027 | 209,000 | 223,787 | ||
Energy Transfer Operating, L.P., 4.20%, 04/15/2027 | 209,000 | 221,808 | ||
Enterprise Products Operating LLC, 3.95%, 02/15/2027 | 209,000 | 228,388 | ||
EQT Corp., 3.90%, 10/01/2027 | 314,000 | 274,522 | ||
Hess Corp., 4.30%, 04/01/2027(b) | 209,000 | 218,970 | ||
Marathon Oil Corp., 4.40%, 07/15/2027 | 314,000 | 338,397 | ||
MPLX L.P., 4.12%, 03/01/2027 | 416,000 | 438,788 | ||
Occidental Petroleum Corp., 3.00%, 02/15/2027 | 209,000 | 207,362 | ||
ONEOK, Inc., 4.00%, 07/13/2027 | 209,000 | 219,992 | ||
Sabine Pass Liquefaction, LLC, 5.00%, 03/15/2027 | 523,000 | 577,948 | ||
Sunoco Logistics Partners Operations L.P., 4.00%, 10/01/2027 | 261,000 | 274,266 | ||
TC PipeLines, L.P., 3.90%, 05/25/2027 | 209,000 | 218,772 | ||
Williams Companies, Inc. (The), 3.75%, 06/15/2027 | 418,000 | 436,242 | ||
6,451,760 |
Principal Amount | Value | |||
Personal Products-0.67% | ||||
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027 | $ | 157,000 | $ 168,393 | |
Unilever Capital Corp. (United Kingdom), 2.90%, 05/05/2027 | 300,000 | 316,413 | ||
484,806 | ||||
Pharmaceuticals-2.22% | ||||
AstraZeneca PLC (United Kingdom), 3.12%, 06/12/2027 | 209,000 | 219,996 | ||
Bristol-Myers Squibb Co., 3.25%, 02/27/2027(b) | 209,000 | 224,259 | ||
Eli Lilly and Co., 3.10%, 05/15/2027 | 209,000 | 223,508 | ||
Johnson & Johnson, 2.95%, 03/03/2027 | 314,000 | 333,582 | ||
Novartis Capital Corp. (Switzerland), 3.10%, 05/17/2027 | 314,000 | 338,108 | ||
Zoetis, Inc., 3.00%, 09/12/2027 | 261,000 | 270,349 | ||
1,609,802 | ||||
Road & Rail-0.99% | ||||
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027 | 209,000 | 223,810 | ||
CSX Corp., 3.25%, 06/01/2027 | 259,000 | 275,145 | ||
Union Pacific Corp., 3.00%, 04/15/2027(b) | 209,000 | 218,234 | ||
717,189 | ||||
Semiconductors & Semiconductor Equipment-4.44% | ||||
Applied Materials, Inc., 3.30%, 04/01/2027 | 418,000 | 450,666 | ||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.87%, 01/15/2027 | 1,437,000 | 1,438,958 | ||
Intel Corp., 3.15%, 05/11/2027 | 314,000 | 337,105 | ||
Maxim Integrated Products, Inc., 3.45%, 06/15/2027 | 158,000 | 161,930 | ||
QUALCOMM, Inc., 3.25%, 05/20/2027 | 625,000 | 656,949 | ||
Texas Instruments, Inc., 2.90%, 11/03/2027 | 157,000 | 166,219 | ||
3,211,827 | ||||
Software-4.49% | ||||
Autodesk, Inc., 3.50%, 06/15/2027 | 209,000 | 219,044 | ||
Citrix Systems, Inc., 4.50%, 12/01/2027 | 209,000 | 225,395 | ||
Microsoft Corp., 3.30%, 02/06/2027 | 1,252,000 | 1,368,837 | ||
Oracle Corp., 3.25%, 11/15/2027 | 941,000 | 1,012,729 | ||
VMware, Inc., 3.90%, 08/21/2027 | 418,000 | 427,375 | ||
3,253,380 | ||||
Specialty Retail-1.91% | ||||
AutoZone, Inc., 3.75%, 06/01/2027 | 209,000 | 225,600 | ||
Home Depot, Inc. (The), 2.80%, 09/14/2027 | 314,000 | 329,256 | ||
Lowe’s Cos., Inc., 3.10%, 05/03/2027 | 470,000 | 491,341 | ||
O’Reilly Automotive, Inc., 3.60%, 09/01/2027 | 314,000 | 334,621 | ||
1,380,818 | ||||
Technology Hardware, Storage & Peripherals-4.46% | ||||
Apple, Inc. | ||||
3.35%, 02/09/2027 | 730,000 | 789,551 | ||
3.20%, 05/11/2027 | 627,000 | 672,198 | ||
3.00%, 06/20/2027 | 314,000 | 333,313 | ||
2.90%, 09/12/2027 | 627,000 | 659,382 | ||
3.00%, 11/13/2027 | 523,000 | 556,831 | ||
Seagate HDD Cayman, 4.87%, 06/01/2027 | 209,000 | 215,240 | ||
3,226,515 |
Principal Amount | Value | |||
Textiles, Apparel & Luxury Goods-0.30% | ||||
Tapestry, Inc., 4.13%, 07/15/2027 | $ | 209,000 | $ 215,241 | |
Tobacco-0.23% | ||||
Philip Morris International, Inc., 3.13%, 08/17/2027 | 157,000 | 164,706 | ||
Trading Companies & Distributors-0.30% | ||||
Air Lease Corp., 3.63%, 04/01/2027 | 209,000 | 217,539 | ||
Water Utilities-0.23% | ||||
American Water Capital Corp., 2.95%, 09/01/2027 | 158,000 | 164,069 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $66,864,716) | 71,617,414 | |||
Shares | ||||
Money Market Funds-0.20% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(c) (Cost $147,128) | 147,128 | 147,128 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.11% (Cost $67,011,844) | 71,764,542 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-1.96% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(c)(d) | 1,063,246 | 1,063,246 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(c)(d) | 355,239 | 355,381 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,418,625) | 1,418,627 | |||
TOTAL INVESTMENTS IN SECURITIES-101.07% (Cost $68,430,469) | 73,183,169 | |||
OTHER ASSETS LESS LIABILITIES-(1.07)% | (773,459) | |||
NET ASSETS-100.00% | $72,409,710 |
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 August 31, 2019. |
(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 August 31, 2019. |
(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 2K. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.55% | ||||
Aerospace & Defense-6.27% | ||||
General Dynamics Corp., 3.75%, 05/15/2028 | $ | 300,000 | $ 338,461 | |
L3Harris Technologies, Inc. | ||||
4.40%, 06/15/2028 | 200,000 | 226,430 | ||
4.40%, 06/15/2028(b) | 150,000 | 169,823 | ||
Northrop Grumman Corp., 3.25%, 01/15/2028 | 550,000 | 584,616 | ||
Spirit AeroSystems, Inc., 4.60%, 06/15/2028 | 100,000 | 109,955 | ||
United Technologies Corp., 4.12%, 11/16/2028 | 750,000 | 858,639 | ||
2,287,924 | ||||
Air Freight & Logistics-0.97% | ||||
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028 | 130,000 | 145,627 | ||
FedEx Corp., 3.40%, 02/15/2028 | 200,000 | 209,075 | ||
354,702 | ||||
Airlines-0.30% | ||||
Delta Air Lines, Inc., 4.38%, 04/19/2028 | 100,000 | 108,212 | ||
Automobiles-2.10% | ||||
American Honda Finance Corp., 3.50%, 02/15/2028 | 150,000 | 163,615 | ||
Ford Motor Co., 6.62%, 10/01/2028 | 100,000 | 113,765 | ||
General Motors Co., 5.00%, 10/01/2028 | 300,000 | 323,628 | ||
Toyota Motor Corp. (Japan), 3.67%, 07/20/2028 | 100,000 | 112,249 | ||
Toyota Motor Credit Corp., 3.05%, 01/11/2028 | 50,000 | 53,324 | ||
766,581 | ||||
Banks-12.90% | ||||
Banco Santander, S.A. (Spain) | ||||
3.80%, 02/23/2028 | 200,000 | 211,993 | ||
4.38%, 04/12/2028 | 200,000 | 220,108 | ||
Barclays PLC (United Kingdom) | ||||
4.34%, 01/10/2028 | 200,000 | 210,830 | ||
4.84%, 05/09/2028 | 400,000 | 415,457 | ||
Citigroup, Inc., 4.13%, 07/25/2028 | 400,000 | 436,547 | ||
Discover Bank, 4.65%, 09/13/2028 | 300,000 | 339,567 | ||
Fifth Third Bancorp, 3.95%, 03/14/2028 | 80,000 | 88,735 | ||
KeyCorp, 4.10%, 04/30/2028 | 100,000 | 112,750 | ||
Lloyds Banking Group PLC (United Kingdom), 4.37%, 03/22/2028 | 400,000 | 436,169 | ||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||
3.96%, 03/02/2028 | 350,000 | 389,941 | ||
4.05%, 09/11/2028 | 200,000 | 225,162 | ||
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028 | 400,000 | 447,102 | ||
PNC Bank, N.A. | ||||
3.25%, 01/22/2028 | 250,000 | 269,491 | ||
4.05%, 07/26/2028 | 250,000 | 280,060 | ||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||
3.54%, 01/17/2028 | 105,000 | 113,450 | ||
3.94%, 07/19/2028 | 150,000 | 167,245 | ||
US Bancorp, 3.90%, 04/26/2028 | 300,000 | 342,473 | ||
4,707,080 |
Principal Amount | Value | |||
Beverages-3.17% | ||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028 | $ | 600,000 | $ 665,269 | |
Constellation Brands, Inc., 3.60%, 02/15/2028 | 250,000 | 265,992 | ||
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028 | 200,000 | 225,840 | ||
1,157,101 | ||||
Biotechnology-0.53% | ||||
Celgene Corp., 3.90%, 02/20/2028 | 175,000 | 194,529 | ||
Capital Markets-2.55% | ||||
Bank of New York Mellon Corp. (The) | ||||
3.40%, 01/29/2028 | 200,000 | 216,835 | ||
3.85%, 04/28/2028 | 200,000 | 227,274 | ||
3.00%, 10/30/2028 | 100,000 | 104,264 | ||
Charles Schwab Corp. (The), 3.20%, 01/25/2028 | 150,000 | 159,653 | ||
CME Group, Inc., 3.75%, 06/15/2028 | 100,000 | 112,775 | ||
Northern Trust Corp., 3.65%, 08/03/2028 | 100,000 | 110,597 | ||
931,398 | ||||
Chemicals-0.75% | ||||
PPG Industries, Inc., 3.75%, 03/15/2028(c) | 250,000 | 274,153 | ||
Commercial Services & Supplies-0.77% | ||||
Republic Services, Inc., 3.95%, 05/15/2028 | 250,000 | 280,493 | ||
Communications Equipment-0.45% | ||||
Motorola Solutions, Inc., 4.60%, 02/23/2028 | 150,000 | 162,726 | ||
Construction & Engineering-0.56% | ||||
Fluor Corp., 4.25%, 09/15/2028 | 200,000 | 204,585 | ||
Consumer Finance-0.73% | ||||
Capital One Financial Corp., 3.80%, 01/31/2028 | 250,000 | 267,240 | ||
Containers & Packaging-0.58% | ||||
WRKCo Inc., 4.00%, 03/15/2028 | 200,000 | 213,463 | ||
Diversified Financial Services-1.84% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.88%, 01/23/2028 | 150,000 | 155,754 | ||
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028 | 230,000 | 243,392 | ||
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028 | 250,000 | 271,420 | ||
670,566 | ||||
Electric Utilities-2.70% | ||||
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028 | 225,000 | 239,362 | ||
Commonwealth Edison Co., 3.70%, 08/15/2028 | 75,000 | 83,213 | ||
Duke Energy Florida LLC, 3.80%, 07/15/2028 | 150,000 | 167,565 | ||
Edison International, 4.12%, 03/15/2028 | 100,000 | 104,437 | ||
Southwestern Electric Power Co.,Series M, 4.10%, 09/15/2028 | 100,000 | 112,424 | ||
Virginia Electric & Power Co.,Series A, 3.80%, 04/01/2028 | 150,000 | 165,890 | ||
Xcel Energy Inc., 4.00%, 06/15/2028 | 100,000 | 111,351 | ||
984,242 |
Principal Amount | Value | |||
Electrical Equipment-0.46% | ||||
ABB Finance USA, Inc. (Switzerland), 3.80%, 04/03/2028 | $ | 150,000 | $ 169,027 | |
Electronic Equipment, Instruments & Components-1.14% | ||||
Arrow Electronics, Inc., 3.87%, 01/12/2028 | 100,000 | 103,377 | ||
Jabil, Inc., 3.95%, 01/12/2028 | 200,000 | 202,376 | ||
Trimble, Inc., 4.90%, 06/15/2028 | 100,000 | 109,688 | ||
415,441 | ||||
Energy Equipment & Services-0.27% | ||||
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028 | 100,000 | 99,450 | ||
Equity REITs-4.52% | ||||
American Homes 4 Rent, 4.25%, 02/15/2028 | 100,000 | 108,700 | ||
American Tower Corp., 3.60%, 01/15/2028 | 100,000 | 106,090 | ||
Crown Castle International Corp., 3.80%, 02/15/2028 | 300,000 | 321,091 | ||
Digital Realty Trust L.P., 4.45%, 07/15/2028 | 200,000 | 223,579 | ||
ERP Operating L.P., 3.50%, 03/01/2028 | 200,000 | 216,910 | ||
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028(c) | 100,000 | 108,963 | ||
Realty Income Corp., 3.65%, 01/15/2028 | 200,000 | 217,238 | ||
Senior Housing Properties Trust, 4.75%, 02/15/2028 | 70,000 | 70,260 | ||
Ventas Realty L.P., 4.00%, 03/01/2028 | 100,000 | 108,708 | ||
Welltower, Inc., 4.25%, 04/15/2028 | 150,000 | 166,242 | ||
1,647,781 | ||||
Food & Staples Retailing-2.46% | ||||
CVS Pass Through Trust, 6.04%, 12/10/2028 | 98,892 | 112,202 | ||
Walmart, Inc., 3.70%, 06/26/2028 | 700,000 | 786,589 | ||
898,791 | ||||
Food Products-2.91% | ||||
Campbell Soup Co., 4.15%, 03/15/2028 | 200,000 | 216,014 | ||
General Mills, Inc., 4.20%, 04/17/2028 | 300,000 | 338,300 | ||
Kellogg Co., 4.30%, 05/15/2028 | 200,000 | 225,085 | ||
Mondelez International, Inc., 4.12%, 05/07/2028(c) | 250,000 | 281,219 | ||
1,060,618 | ||||
Health Care Equipment & Supplies-1.77% | ||||
Boston Scientific Corp., 4.00%, 03/01/2028 | 300,000 | 330,402 | ||
Edwards Lifesciences Corp., 4.30%, 06/15/2028 | 180,000 | 204,555 | ||
Stryker Corp., 3.65%, 03/07/2028 | 100,000 | 109,973 | ||
644,930 | ||||
Health Care Providers & Services-6.74% | ||||
Anthem, Inc., 4.10%, 03/01/2028 | 350,000 | 381,855 | ||
CVS Health Corp., 4.30%, 03/25/2028 | 1,600,000 | 1,746,207 | ||
McKesson Corp., 3.95%, 02/16/2028 | 100,000 | 106,870 | ||
UnitedHealth Group, Inc., 3.85%, 06/15/2028 | 200,000 | 222,708 | ||
2,457,640 | ||||
Hotels, Restaurants & Leisure-2.30% | ||||
GLP Capital, L.P. / GLP Financing II, Inc., 5.75%, 06/01/2028 | 100,000 | 114,017 | ||
McDonald’s Corp., 3.80%, 04/01/2028 | 300,000 | 332,550 |
Principal Amount | Value | |||
Hotels, Restaurants & Leisure-(continued) | ||||
Starbucks Corp. | ||||
3.50%, 03/01/2028(c) | $ | 100,000 | $108,781 | |
4.00%, 11/15/2028 | 250,000 | 282,693 | ||
838,041 | ||||
Household Products-0.31% | ||||
Clorox Co. (The), 3.90%, 05/15/2028 | 100,000 | 112,270 | ||
Industrial Conglomerates-0.84% | ||||
3M Co., 3.63%, 09/14/2028 | 125,000 | 138,235 | ||
Roper Technologies, Inc., 4.20%, 09/15/2028 | 150,000 | 166,686 | ||
304,921 | ||||
Insurance-1.75% | ||||
American International Group, Inc., 4.20%, 04/01/2028 | 150,000 | 165,488 | ||
Lincoln National Corp., 3.80%, 03/01/2028 | 100,000 | 107,544 | ||
Prudential Financial, Inc., 3.88%, 03/27/2028 | 100,000 | 112,087 | ||
Willis North America, Inc., 4.50%, 09/15/2028 | 225,000 | 253,233 | ||
638,352 | ||||
Internet & Direct Marketing Retail-0.88% | ||||
Booking Holdings, Inc., 3.55%, 03/15/2028 | 100,000 | 108,399 | ||
Expedia Group, Inc., 3.80%, 02/15/2028 | 200,000 | 212,034 | ||
320,433 | ||||
IT Services-0.30% | ||||
Mastercard, Inc., 3.50%, 02/26/2028 | 100,000 | 110,340 | ||
Machinery-1.59% | ||||
Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 08/21/2028 | 175,000 | 190,054 | ||
Wabtec Corp., 4.95%, 09/15/2028 | 350,000 | 390,944 | ||
580,998 | ||||
Marine-0.59% | ||||
Kirby Corp., 4.20%, 03/01/2028 | 200,000 | 216,191 | ||
Media-4.77% | ||||
CBS Corp., 3.38%, 02/15/2028 | 100,000 | 102,903 | ||
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | ||||
3.75%, 02/15/2028 | 150,000 | 155,155 | ||
4.20%, 03/15/2028 | 250,000 | 266,236 | ||
Comcast Corp. | ||||
3.15%, 02/15/2028 | 450,000 | 474,421 | ||
3.55%, 05/01/2028 | 200,000 | 217,117 | ||
Discovery Communications LLC, 3.95%, 03/20/2028 | 500,000 | 525,304 | ||
1,741,136 | ||||
Metals & Mining-0.31% | ||||
Nucor Corp., 3.95%, 05/01/2028 | 100,000 | 111,489 | ||
Multiline Retail-1.63% | ||||
Dollar General Corp., 4.12%, 05/01/2028 | 100,000 | 110,708 | ||
Dollar Tree, Inc., 4.20%, 05/15/2028 | 350,000 | 373,201 | ||
Duke Energy Progress LLC, 3.70%, 09/01/2028 | 100,000 | 111,162 | ||
595,071 | ||||
Multi-Utilities-0.86% | ||||
Sempra Energy, 3.40%, 02/01/2028 | 300,000 | 312,870 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-12.26% | ||||
Apache Corp., 4.37%, 10/15/2028 | $ | 200,000 | $ 205,332 | |
BP Capital Markets PLC (United Kingdom), 3.72%, 11/28/2028 | 150,000 | 164,832 | ||
Concho Resources, Inc., 4.30%, 08/15/2028 | 300,000 | 326,728 | ||
Continental Resources, Inc., 4.38%, 01/15/2028 | 300,000 | 308,147 | ||
Enable Midstream Partners, L.P., 4.95%, 05/15/2028 | 155,000 | 164,633 | ||
Energy Transfer Partners, L.P., 4.95%, 06/15/2028 | 300,000 | 335,789 | ||
EQM Midstream Partners, L.P., 5.50%, 07/15/2028 | 200,000 | 202,726 | ||
Equinor ASA (Norway), 3.63%, 09/10/2028 | 300,000 | 331,544 | ||
Kinder Morgan, Inc., 4.30%, 03/01/2028 | 250,000 | 274,060 | ||
MPLX L.P., 4.00%, 03/15/2028 | 400,000 | 419,705 | ||
Noble Energy, Inc., 3.85%, 01/15/2028 | 100,000 | 104,380 | ||
ONEOK, Inc., 4.55%, 07/15/2028 | 150,000 | 163,911 | ||
Phillips 66, 3.90%, 03/15/2028 | 150,000 | 163,165 | ||
Phillips 66 Partners L.P., 3.75%, 03/01/2028 | 50,000 | 52,260 | ||
Sabine Pass Liquefaction, LLC, 4.20%, 03/15/2028 | 400,000 | 425,074 | ||
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028 | 400,000 | 446,419 | ||
Valero Energy Corp., 4.35%, 06/01/2028 | 250,000 | 272,318 | ||
Valero Energy Partners L.P., 4.50%, 03/15/2028 | 100,000 | 110,200 | ||
4,471,223 | ||||
Personal Products-0.91% | ||||
Unilever Capital Corp. (United Kingdom), 3.50%, 03/22/2028 | 300,000 | 330,937 | ||
Pharmaceuticals-4.29% | ||||
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028 | 400,000 | 448,260 | ||
Johnson & Johnson, 2.90%, 01/15/2028 | 275,000 | 292,114 | ||
Pfizer, Inc., 3.60%, 09/15/2028 | 200,000 | 219,563 | ||
Pharmacia LLC, 6.60%, 12/01/2028 | 200,000 | 270,367 | ||
Sanofi (France), 3.62%, 06/19/2028 | 200,000 | 224,723 | ||
Zoetis, Inc., 3.90%, 08/20/2028 | 100,000 | 110,934 | ||
1,565,961 | ||||
Road & Rail-1.69% | ||||
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028 | 100,000 | 112,715 | ||
CSX Corp., 3.80%, 03/01/2028 | 150,000 | 165,223 | ||
Union Pacific Corp., 3.95%, 09/10/2028 | 300,000 | 337,594 | ||
615,532 |
Principal Amount | Value | |||
Semiconductors & Semiconductor Equipment-0.60% | ||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028 | $ | 225,000 | $ 218,269 | |
Software-1.30% | ||||
salesforce.com, inc., 3.70%, 04/11/2028 | 425,000 | 474,696 | ||
Specialty Retail-0.31% | ||||
O’Reilly Automotive, Inc., 4.35%, 06/01/2028 | 100,000 | 112,261 | ||
Tobacco-0.56% | ||||
Philip Morris International, Inc., 3.13%, 03/02/2028 | 200,000 | 205,917 | ||
Water Utilities-0.60% | ||||
American Water Capital Corp., 3.75%, 09/01/2028 | 200,000 | 220,806 | ||
Wireless Telecommunication Services-2.46% | ||||
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028 | 800,000 | 898,093 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $33,404,705) | 35,954,480 | |||
Shares | ||||
Money Market Funds-0.39% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $141,016) | 141,016 | 141,016 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.94% (Cost $33,545,721) | 36,095,496 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-1.56% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 427,202 | 427,202 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 142,344 | 142,401 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $569,603) | 569,603 | |||
TOTAL INVESTMENTS IN SECURITIES-100.50% (Cost $34,115,324) | 36,665,099 | |||
OTHER ASSETS LESS LIABILITIES-(0.50)% | (181,880) | |||
NET ASSETS-100.00% | $36,483,219 |
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) | 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 value of this security at August 31, 2019 represented less than 1% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-50.53% | ||||
Airlines-1.29% | ||||
American Airlines Group, Inc., 5.50%, 10/01/2019(b) | $ | 10,271,000 | $ 10,337,761 | |
Automobiles-0.90% | ||||
Jaguar Land Rover Automotive PLC (United Kingdom), 4.25%, 11/15/2019(b)(c) | 7,288,000 | 7,267,047 | ||
Chemicals-1.38% | ||||
Chemours Co. (The), 6.62%, 05/15/2023(c) | 10,901,000 | 11,132,646 | ||
Construction & Engineering-0.66% | ||||
Omnimax International, Inc., 12.00%, 08/15/2020(b) | 5,298,000 | 5,331,113 | ||
Consumer Finance-1.34% | ||||
Ally Financial, Inc., 3.75%, 11/18/2019 | 10,745,000 | 10,767,833 | ||
Containers & Packaging-0.70% | ||||
Berry Global, Inc., 6.00%, 10/15/2022 | 5,527,000 | 5,644,449 | ||
Diversified Telecommunication Services-0.43% | ||||
CenturyLink, Inc.,Series Q, 6.15%, 09/15/2019 | 3,424,000 | 3,435,299 | ||
Equity REITs-1.01% | ||||
Iron Mountain, Inc., 6.00%, 08/15/2023 | 7,942,000 | 8,140,550 | ||
Health Care Equipment & Supplies-1.06% | ||||
Kinetic Concepts, Inc./KCI USA, Inc., 7.87%, 02/15/2021(b) | 8,246,000 | 8,506,079 | ||
Health Care Providers & Services-2.42% | ||||
Centene Corp., 5.63%, 02/15/2021 | 19,195,000 | 19,482,925 | ||
Hotels, Restaurants & Leisure-4.37% | ||||
Boyd Gaming Corp., 6.88%, 05/15/2023 | 10,417,000 | 10,844,409 | ||
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 10.25%, 11/15/2022(b) | 4,152,000 | 4,416,690 | ||
Scientific Games International, Inc., 10.00%, 12/01/2022 | 15,699,000 | 16,346,584 | ||
Yum! Brands, Inc., 5.30%, 09/15/2019 | 3,532,000 | 3,538,181 | ||
35,145,864 | ||||
Household Durables-0.24% | ||||
Spectrum Brands, Inc., 6.63%, 11/15/2022 | 1,251,000 | 1,276,020 | ||
William Lyon Homes, Inc., 7.00%, 08/15/2022 | 655,000 | 657,047 | ||
1,933,067 | ||||
Independent Power and Renewable Electricity Producers-2.22% | ||||
Calpine Corp., 6.00%, 01/15/2022(b) | 10,599,000 | 10,713,257 | ||
Vistra Energy Corp., 7.63%, 11/01/2024 | 6,692,000 | 7,113,797 | ||
17,827,054 | ||||
Media-9.81% | ||||
Clear Channel International B.V., 8.75%, 12/15/2020(b) | 4,487,000 | 4,585,131 | ||
Clear Channel Worldwide Holdings, Inc.,Series B, 6.50%, 11/15/2022 | 22,489,000 | 22,976,337 | ||
DISH DBS Corp., 7.87%, 09/01/2019 | 21,442,000 | 21,442,000 | ||
Sinclair Television Group, Inc., 6.13%, 10/01/2022(c) | 7,082,000 | 7,197,082 |
Principal Amount | Value | |||
Media-(continued) | ||||
TEGNA, Inc., 5.13%, 10/15/2019 | $ | 4,550,000 | $ 4,560,692 | |
Tribune Media Co., 5.87%, 07/15/2022 | 15,269,000 | 15,493,302 | ||
Univision Communications, Inc., 6.75%, 09/15/2022(b) | 2,674,000 | 2,720,795 | ||
78,975,339 | ||||
Metals & Mining-1.24% | ||||
Steel Dynamics, Inc., 5.13%, 10/01/2021 | 9,963,000 | 10,003,251 | ||
Oil, Gas & Consumable Fuels-1.71% | ||||
Sable Permian Resources Land LLC/AEPB Finance Corp., 13.00%, 11/30/2020(b) | 6,010,000 | 5,859,750 | ||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.75%, 03/15/2024 | 7,547,000 | 7,858,314 | ||
13,718,064 | ||||
Pharmaceuticals-0.60% | ||||
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/2024(b) | 4,628,000 | 4,818,905 | ||
Professional Services-1.03% | ||||
Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.50%, 10/01/2021(b) | 8,276,000 | 8,320,690 | ||
Road & Rail-1.15% | ||||
BCD Acquisition, Inc., 9.63%, 09/15/2023(b) | 9,071,000 | 9,275,097 | ||
Semiconductors & Semiconductor Equipment-0.51% | ||||
Advanced Micro Devices, Inc., 7.00%, 07/01/2024(c) | 3,944,000 | 4,106,690 | ||
Software-5.48% | ||||
CDK Global, Inc., 3.80%, 10/15/2019 | 1,963,000 | 1,965,454 | ||
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/2024(b) | 26,687,000 | 28,421,655 | ||
TIBCO Software, Inc., 11.38%, 12/01/2021(b) | 13,087,000 | 13,749,529 | ||
44,136,638 | ||||
Specialty Retail-1.09% | ||||
Priso Acquisition Corp., 9.00%, 05/15/2023(b)(c) | 3,682,000 | 3,488,695 | ||
Reliance Intermediate Holdings L.P. (Canada), 6.50%, 04/01/2023(b) | 5,079,000 | 5,244,068 | ||
8,732,763 | ||||
Technology Hardware, Storage & Peripherals-2.66% | ||||
Dell International LLC/EMC Corp., 5.88%, 06/15/2021(b) | 21,057,000 | 21,412,389 | ||
Wireless Telecommunication Services-7.23% | ||||
Telesat Canada/Telesat LLC (Canada), 8.87%, 11/15/2024(b) | 5,581,000 | 6,051,869 |
Principal Amount | Value | |||
Wireless Telecommunication Services-(continued) | ||||
T-Mobile USA, Inc. | ||||
6.00%, 03/01/2023 | $ | 15,933,000 | $16,251,660 | |
6.50%, 01/15/2024 | 12,496,000 | 13,054,821 | ||
6.38%, 03/01/2025 | 22,001,000 | 22,837,038 | ||
58,195,388 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $405,030,576) | 406,646,901 | |||
U.S. Treasury Securities-50.21% | ||||
U.S. Treasury Bills-50.21% | ||||
2.01%–2.10%, 09/19/2019(d) | 41,937,000 | 41,900,655 | ||
1.81%–2.04%, 10/17/2019(d) | 363,000,000 | 362,119,322 | ||
Total U.S. Treasury Securities (Cost $403,993,982) | 404,019,977 | |||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.74% (Cost $809,024,558) | 810,666,878 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-1.95% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(e)(f) | 11,784,852 | $ 11,784,852 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(e)(f) | 3,926,844 | 3,928,415 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,713,267) | 15,713,267 | |||
TOTAL INVESTMENTS IN SECURITIES-102.69% (Cost $824,737,825) | 826,380,145 | |||
OTHER ASSETS LESS LIABILITIES-(2.69)% | (21,611,405) | |||
NET ASSETS-100.00% | $804,768,740 |
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) | 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 August 31, 2019 was $160,520,520, which represented 19.95% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(d) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-88.75% | ||||
Airlines-1.60% | ||||
American Airlines Group, Inc., 4.63%, 03/01/2020(b) | $ | 11,363,000 | $ 11,490,834 | |
United Airlines Holdings, Inc., 6.00%, 12/01/2020(c) | 6,774,000 | 7,044,960 | ||
18,535,794 | ||||
Auto Components-0.60% | ||||
Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/2020(c) | 6,524,000 | 6,907,285 | ||
Automobiles-0.98% | ||||
Jaguar Land Rover Automotive PLC (United Kingdom), 3.50%, 03/15/2020(b)(c) | 11,350,000 | 11,335,813 | ||
Capital Markets-0.93% | ||||
APX Group, Inc., 8.75%, 12/01/2020(c) | 11,240,000 | 10,734,200 | ||
Chemicals-4.60% | ||||
Blue Cube Spinco LLC | ||||
9.75%, 10/15/2023 | 17,166,000 | 18,882,600 | ||
10.00%, 10/15/2025 | 11,920,000 | 13,439,800 | ||
CF Industries, Inc., 7.12%, 05/01/2020 | 12,185,000 | 12,550,550 | ||
PQ Corp., 6.75%, 11/15/2022(b) | 8,097,000 | 8,432,621 | ||
53,305,571 | ||||
Commercial Services & Supplies-0.63% | ||||
ADT Corp. (The), 5.25%, 03/15/2020 | 7,143,000 | 7,250,145 | ||
Construction & Engineering-0.26% | ||||
Zekelman Industries, Inc., 9.88%, 06/15/2023(b) | 2,837,000 | 2,996,227 | ||
Consumer Finance-11.57% | ||||
Ally Financial, Inc. | ||||
8.00%, 03/15/2020 | 22,780,000 | 23,474,790 | ||
4.13%, 03/30/2020 | 17,757,000 | 17,934,570 | ||
7.50%, 09/15/2020 | 11,757,000 | 12,388,939 | ||
LoanCore Capital Markets LLC/JLC Finance Corp., 6.87%, 06/01/2020(b) | 6,114,000 | 6,125,464 | ||
Navient Corp. | ||||
8.00%, 03/25/2020 | 36,373,000 | 37,555,122 | ||
5.00%, 10/26/2020 | 11,596,000 | 11,900,395 | ||
Springleaf Finance Corp., 8.25%, 12/15/2020 | 22,910,000 | 24,567,538 | ||
133,946,818 | ||||
Containers & Packaging-7.63% | ||||
Ball Corp., 4.37%, 12/15/2020 | 23,312,000 | 23,894,800 | ||
Reynolds Group Issuer, Inc./LLC, 5.75%, 10/15/2020 | 53,849,439 | 54,051,375 | ||
Sealed Air Corp., 6.50%, 12/01/2020(b) | 10,094,000 | 10,447,290 | ||
88,393,465 | ||||
Diversified Consumer Services-0.30% | ||||
Service Corp. International, 4.50%, 11/15/2020 | 3,446,000 | 3,455,304 | ||
Diversified Financial Services-0.17% | ||||
Stearns Holdings LLC, 9.38%, 08/15/2020(b)(d) | 4,069,000 | 2,014,155 |
Principal Amount | Value | |||
Diversified Telecommunication Services-3.01% | ||||
CenturyLink, Inc.,Series V, 5.62%, 04/01/2020 | $ | 23,850,000 | $ 24,356,812 | |
Iridium Communications, Inc., 10.25%, 04/15/2023(b) | 8,373,000 | 9,105,638 | ||
Level 3 Financing, Inc., 5.63%, 02/01/2023 | 1,372,000 | 1,399,042 | ||
34,861,492 | ||||
Electrical Equipment-0.50% | ||||
Artesyn Embedded Technologies, Inc., 9.75%, 10/15/2020(b)(c) | 5,801,000 | 5,830,005 | ||
Energy Equipment & Services-1.84% | ||||
Archrock Partners, L.P./Archrock Partners Finance Corp., 6.00%, 10/01/2022 | 8,526,000 | 8,683,305 | ||
Nabors Industries, Inc., 5.00%, 09/15/2020 | 7,316,000 | 7,316,000 | ||
Transocean, Inc., 6.50%, 11/15/2020(c) | 5,162,000 | 5,310,407 | ||
21,309,712 | ||||
Equity REITs-1.34% | ||||
CoreCivic, Inc., 4.13%, 04/01/2020 | 6,170,000 | 6,170,000 | ||
iStar, Inc., 4.62%, 09/15/2020 | 9,175,000 | 9,312,625 | ||
15,482,625 | ||||
Health Care Equipment & Supplies-1.22% | ||||
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/2021(b) | 1,200,000 | 1,300,500 | ||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 4.87%, 04/15/2020(b)(c) | 16,368,000 | 12,807,960 | ||
14,108,460 | ||||
Health Care Providers & Services-6.54% | ||||
Centene Corp., 6.12%, 02/15/2024 | 19,897,000 | 20,876,927 | ||
Tenet Healthcare Corp. | ||||
4.75%, 06/01/2020(c) | 11,331,000 | 11,529,293 | ||
6.00%, 10/01/2020 | 41,699,000 | 43,346,110 | ||
75,752,330 | ||||
Hotels, Restaurants & Leisure-2.51% | ||||
MGM Resorts International | ||||
5.25%, 03/31/2020 | 6,882,000 | 6,985,230 | ||
6.75%, 10/01/2020 | 9,375,000 | 9,796,875 | ||
Scientific Games International, Inc., 6.25%, 09/01/2020(c) | 4,931,000 | 4,967,982 | ||
Yum! Brands, Inc., 3.87%, 11/01/2020(c) | 7,216,000 | 7,306,200 | ||
29,056,287 | ||||
Household Durables-2.44% | ||||
Brookfield Residential Properties, Inc. (Canada), 6.50%, 12/15/2020(b) | 12,713,000 | 12,744,782 | ||
KB Home, 8.00%, 03/15/2020 | 8,797,000 | 9,071,906 | ||
Meritage Homes Corp., 7.15%, 04/15/2020 | 6,246,000 | 6,441,188 | ||
28,257,876 |
Principal Amount | Value | |||
Insurance-0.82% | ||||
Genworth Holdings, Inc., 7.70%, 06/15/2020(c) | $ | 9,181,000 | $ 9,493,613 | |
IT Services-1.45% | ||||
Harland Clarke Holdings Corp., 6.87%, 03/01/2020(b)(c) | 5,617,000 | 5,476,575 | ||
Unisys Corp., 10.75%, 04/15/2022(b)(c) | 10,243,000 | 11,305,711 | ||
16,782,286 | ||||
Leisure Products-0.50% | ||||
Mattel, Inc., 4.35%, 10/01/2020(c) | 5,691,000 | 5,762,138 | ||
Machinery-1.24% | ||||
Briggs & Stratton Corp., 6.88%, 12/15/2020 | 4,585,000 | 4,619,388 | ||
Welbilt, Inc., 9.50%, 02/15/2024 | 9,057,000 | 9,758,917 | ||
14,378,305 | ||||
Media-12.68% | ||||
Cablevision Systems Corp., 8.00%, 04/15/2020 | 12,023,000 | 12,398,719 | ||
CSC Holdings, LLC, 10.87%, 10/15/2025(b) | 39,848,000 | 45,302,195 | ||
DISH DBS Corp., 5.13%, 05/01/2020 | 26,743,000 | 27,110,984 | ||
Intelsat Jackson Holdings S.A. (Luxembourg), 8.00%, 02/15/2024(b) | 33,083,000 | 34,530,381 | ||
Lamar Media Corp., 5.37%, 01/15/2024 | 3,709,000 | 3,829,542 | ||
Lee Enterprises, Inc., 9.50%, 03/15/2022(b) | 9,368,000 | 9,391,420 | ||
TEGNA, Inc., 5.13%, 07/15/2020 | 14,164,000 | 14,231,279 | ||
146,794,520 | ||||
Metals & Mining-1.61% | ||||
Freeport-McMoRan, Inc., 6.88%, 02/15/2023 | 17,636,000 | 18,598,926 | ||
Multi-Utilities-0.13% | ||||
SCANA Corp., 6.25%, 04/01/2020 | 1,522,000 | 1,547,964 | ||
Oil, Gas & Consumable Fuels-4.85% | ||||
Chesapeake Energy Corp., 6.63%, 08/15/2020(c) | 4,358,000 | 4,369,113 | ||
CITGO Petroleum Corp., 6.25%, 08/15/2022(b) | 13,700,000 | 13,819,875 | ||
DCP Midstream Operating L.P., 5.35%, 03/15/2020(b) | 13,247,000 | 13,439,081 | ||
Murphy Oil Corp., 6.87%, 08/15/2024 | 11,145,000 | 11,733,456 | ||
NuStar Logistics L.P., 4.80%, 09/01/2020 | 9,282,000 | 9,444,435 | ||
Sable Permian Resources Land LLC/AEPB Finance Corp., 8.00%, 06/15/2020(b) | 4,767,000 | 3,336,900 | ||
56,142,860 | ||||
Pharmaceuticals-0.76% | ||||
Bausch Health Cos., Inc., 5.50%, 03/01/2023(b) | 8,667,000 | 8,786,171 | ||
Professional Services-1.58% | ||||
Nielsen Finance LLC/Nielsen Finance Co., 4.50%, 10/01/2020 | 18,323,000 | 18,360,562 | ||
Real Estate Management & Development-0.97% | ||||
VICI Properties 1 LLC / VICI FC, Inc., 8.00%, 10/15/2023 | 10,209,000 | 11,204,378 |
Principal Amount | Value | |||
Software-1.76% | ||||
Open Text Corp. (Canada), 5.63%, 01/15/2023(b) | $ | 16,909,000 | $ 17,416,270 | |
PTC, Inc., 6.00%, 05/15/2024 | 2,795,000 | 2,934,750 | ||
20,351,020 | ||||
Specialty Retail-1.01% | ||||
Caleres, Inc., 6.25%, 08/15/2023 | 4,326,000 | 4,466,595 | ||
Penske Automotive Group, Inc., 3.75%, 08/15/2020(c) | 7,205,000 | 7,259,037 | ||
11,725,632 | ||||
Technology Hardware, Storage & Peripherals-4.81% | ||||
EMC Corp., 2.65%, 06/01/2020 | 48,087,000 | 47,906,075 | ||
Lexmark International, Inc., 7.13%, 03/15/2020(c) | 8,014,000 | 7,793,615 | ||
55,699,690 | ||||
Wireless Telecommunication Services-5.91% | ||||
Sprint Communications, Inc. | ||||
7.00%, 03/01/2020(b) | 22,313,000 | 22,815,042 | ||
7.00%, 08/15/2020 | 33,284,000 | 34,632,002 | ||
T-Mobile USA, Inc., 6.00%, 04/15/2024 | 10,493,000 | 10,965,185 | ||
68,412,229 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,025,864,964) | 1,027,573,858 | |||
Shares | ||||
Money Market Funds-10.49% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(e) (Cost $121,462,842) | 121,462,842 | 121,462,842 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.24% (Cost $1,147,327,806) | 1,149,036,700 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-4.14% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(e)(f) | 35,931,633 | 35,931,633 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(e)(f) | 11,972,422 | 11,977,211 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $47,908,443) | 47,908,844 | |||
TOTAL INVESTMENTS IN SECURITIES-103.38% (Cost $1,195,236,249) | 1,196,945,544 | |||
OTHER ASSETS LESS LIABILITIES-(3.38)% | (39,081,645) | |||
NET ASSETS-100.00% | $1,157,863,899 |
Notes to Schedule of Investments: | |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | 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 August 31, 2019 was $280,250,910, which represented 24.20% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(d) | Defaulted security. Currently, the issuer is partially or fully in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2019 was $2,014,155, which represented less than 1% 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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-94.12% | ||||
Aerospace & Defense-2.30% | ||||
Bombardier, Inc. (Canada), 8.75%, 12/01/2021(b) | $ | 14,137,000 | $ 15,391,659 | |
Triumph Group, Inc., 4.87%, 04/01/2021 | 4,126,000 | 4,095,055 | ||
19,486,714 | ||||
Airlines-0.56% | ||||
Air Canada (Canada), 7.75%, 04/15/2021(b) | 4,398,000 | 4,730,445 | ||
Banks-0.64% | ||||
CIT Group, Inc., 4.13%, 03/09/2021 | 5,286,000 | 5,411,543 | ||
Capital Markets-0.57% | ||||
CommScope, Inc., 5.00%, 06/15/2021(b) | 4,861,000 | 4,879,277 | ||
Chemicals-0.93% | ||||
WR Grace & Co.-Conn, 5.13%, 10/01/2021(b) | 7,584,000 | 7,906,320 | ||
Commercial Services & Supplies-2.55% | ||||
ADT Corp. (The), 6.25%, 10/15/2021 | 10,902,000 | 11,637,885 | ||
Pitney Bowes, Inc., 3.88%, 10/01/2021 | 7,671,000 | 7,690,177 | ||
R.R. Donnelley & Sons Co., 7.87%, 03/15/2021 | 2,291,000 | 2,302,455 | ||
21,630,517 | ||||
Communications Equipment-1.23% | ||||
Hughes Satellite Systems Corp., 7.63%, 06/15/2021 | 9,615,000 | 10,408,238 | ||
Construction Materials-0.39% | ||||
CPG Merger Sub LLC, 8.00%, 10/01/2021(b) | 3,269,000 | 3,289,431 | ||
Consumer Finance-3.49% | ||||
Ally Financial, Inc., 4.25%, 04/15/2021 | 6,473,000 | 6,675,281 | ||
Navient Corp. | ||||
5.88%, 03/25/2021 | 6,764,000 | 7,110,655 | ||
6.62%, 07/26/2021 | 7,918,000 | 8,492,055 | ||
Springleaf Finance Corp., 7.75%, 10/01/2021 | 6,685,000 | 7,328,431 | ||
29,606,422 | ||||
Containers & Packaging-0.53% | ||||
Graphic Packaging International, LLC, 4.75%, 04/15/2021 | 4,407,000 | 4,533,701 | ||
Diversified Consumer Services-0.57% | ||||
Revlon Consumer Products Corp., 5.75%, 02/15/2021(c) | 5,309,000 | 4,857,735 | ||
Diversified Financial Services-1.34% | ||||
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.50%, 07/01/2021 | 6,287,000 | 6,310,576 | ||
Voyager Aviation Holdings LLC / Voyager Finance Co., 8.50%, 08/15/2021(b) | 4,869,000 | 5,033,329 | ||
11,343,905 | ||||
Diversified Telecommunication Services-2.15% | ||||
CenturyLink, Inc.,Series S, 6.45%, 06/15/2021 | 13,588,000 | 14,352,325 |
Principal Amount | Value | |||
Diversified Telecommunication Services-(continued) | ||||
Cogent Communications Group, Inc., 5.63%, 04/15/2021(b)(c) | $ | 2,019,000 | $ 2,044,237 | |
Level 3 Financing, Inc., 6.12%, 01/15/2021 | 1,840,000 | 1,853,800 | ||
18,250,362 | ||||
Electric Utilities-1.39% | ||||
Vistra Operations Co. LLC, 5.50%, 09/01/2026(b) | 11,178,000 | 11,764,845 | ||
Electrical Equipment-0.99% | ||||
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/2026(b) | 7,840,000 | 8,366,926 | ||
Energy Equipment & Services-2.48% | ||||
Forum Energy Technologies, Inc., 6.25%, 10/01/2021 | 4,138,000 | 3,426,885 | ||
Nabors Industries, Inc., 4.63%, 09/15/2021 | 7,711,000 | 7,383,282 | ||
Tervita Escrow Corp. (Canada), 7.62%, 12/01/2021(b) | 7,009,000 | 7,149,180 | ||
Transocean, Inc., 8.37%, 12/15/2021 | 3,010,000 | 3,126,638 | ||
21,085,985 | ||||
Entertainment-1.89% | ||||
Blackboard, Inc., 9.75%, 10/15/2021(b)(c) | 4,029,000 | 3,908,130 | ||
Guitar Center Escrow Issuer, Inc., 9.50%, 10/15/2021(b)(c) | 6,724,000 | 6,354,180 | ||
Netflix, Inc., 5.37%, 02/01/2021 | 5,564,000 | 5,772,650 | ||
16,034,960 | ||||
Equity REITs-1.92% | ||||
HAT Holdings I LLC/HAT Holdings II LLC, 5.25%, 07/15/2024(b) | 4,000,000 | 4,224,000 | ||
Iron Mountain, Inc., 4.37%, 06/01/2021(b) | 5,068,000 | 5,118,680 | ||
iStar, Inc., 6.50%, 07/01/2021 | 3,133,000 | 3,195,660 | ||
RHP Hotel Properties L.P./RHP Finance Corp., 5.00%, 04/15/2021 | 3,701,000 | 3,714,879 | ||
16,253,219 | ||||
Food & Staples Retailing-0.25% | ||||
KeHE Distributors LLC/KeHE Finance Corp., 7.63%, 08/15/2021(b)(c) | 2,104,000 | 2,107,156 | ||
Food Products-1.25% | ||||
B&G Foods, Inc., 4.63%, 06/01/2021 | 7,829,000 | 7,883,803 | ||
Simmons Foods, Inc., 7.75%, 01/15/2024(b) | 2,528,000 | 2,742,880 | ||
10,626,683 | ||||
Gas Utilities-0.53% | ||||
Ferrellgas L.P./Ferrellgas Finance Corp., 6.50%, 05/01/2021(c) | 5,225,000 | 4,467,375 | ||
Health Care Equipment & Supplies-0.69% | ||||
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/2021(b) | 5,402,000 | 5,854,418 | ||
Health Care Providers & Services-5.48% | ||||
CHS/Community Health Systems, Inc., 5.12%, 08/01/2021(c) | 10,790,000 | 10,830,462 | ||
HCA Healthcare, Inc., 6.25%, 02/15/2021 | 10,771,000 | 11,340,786 | ||
Owens & Minor, Inc., 3.88%, 09/15/2021 | 2,845,000 | 2,624,513 |
Principal Amount | Value | |||
Health Care Providers & Services-(continued) | ||||
Tenet Healthcare Corp. | ||||
4.50%, 04/01/2021 | $ | 9,669,000 | $10,012,249 | |
4.37%, 10/01/2021 | 11,178,000 | 11,664,243 | ||
46,472,253 | ||||
Hotels, Restaurants & Leisure-7.68% | ||||
Boyd Gaming Corp., 6.37%, 04/01/2026 | 7,260,000 | 7,722,825 | ||
Boyne USA, Inc., 7.25%, 05/01/2025(b) | 4,245,000 | 4,653,581 | ||
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.75%, 11/15/2021(b) | 8,188,000 | 8,392,700 | ||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 06/01/2026(b) | 4,319,000 | 4,578,140 | ||
Marriott Ownership Resorts, Inc. / ILG LLC, 6.50%, 09/15/2026 | 7,078,000 | 7,673,968 | ||
MGM Resorts International, 6.62%, 12/15/2021 | 13,452,000 | 14,662,680 | ||
Scientific Games International, Inc., 6.62%, 05/15/2021 | 4,110,000 | 4,197,338 | ||
Wyndham Destinations, Inc., 5.63%, 03/01/2021 | 3,029,000 | 3,153,946 | ||
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/2026(b) | 5,856,000 | 6,163,440 | ||
Yum! Brands, Inc., 3.75%, 11/01/2021(c) | 3,845,000 | 3,941,125 | ||
65,139,743 | ||||
Household Durables-2.39% | ||||
KB Home, 7.00%, 12/15/2021 | 4,998,000 | 5,439,723 | ||
Lennar Corp., 8.37%, 01/15/2021 | 8,000 | 8,640 | ||
M/I Homes, Inc., 6.75%, 01/15/2021 | 3,125,000 | 3,179,688 | ||
PulteGroup, Inc., 4.25%, 03/01/2021 | 7,926,000 | 8,114,242 | ||
TRI Pointe Group, Inc., 4.88%, 07/01/2021 | 3,388,000 | 3,510,815 | ||
20,253,108 | ||||
Household Products-0.55% | ||||
Prestige Brands, Inc., 5.38%, 12/15/2021(b) | 4,583,000 | 4,646,016 | ||
Independent Power and Renewable Electricity Producers-4.39% | ||||
AES Andres B.V./Dominican Power Partners/Empresa Generadora de Electricidad Itabo, S.A. (Dominican Repubic), 7.95%, 05/11/2026(b) | 50,000 | 53,563 | ||
AES Corp. (The) | ||||
4.00%, 03/15/2021 | 5,354,000 | 5,481,747 | ||
6.00%, 05/15/2026 | 4,859,000 | 5,228,235 | ||
NRG Energy, Inc. | ||||
7.25%, 05/15/2026 | 10,627,000 | 11,689,700 | ||
6.62%, 01/15/2027 | 13,641,000 | 14,783,434 | ||
37,236,679 | ||||
Insurance-1.54% | ||||
Genworth Holdings, Inc. | ||||
7.20%, 02/15/2021(c) | 5,488,000 | 5,666,360 | ||
7.62%, 09/24/2021(c) | 7,089,000 | 7,425,727 | ||
13,092,087 | ||||
IT Services-0.84% | ||||
Harland Clarke Holdings Corp., 9.25%, 03/01/2021(b)(c) | 7,550,000 | 7,097,000 |
Principal Amount | Value | |||
Leisure Products-0.46% | ||||
Mattel, Inc., 2.35%, 08/15/2021 | $ | 4,075,000 | $ 3,942,563 | |
Machinery-0.20% | ||||
Optimas Oe Solutions Holding LLC / Optimas Oe Solutions, Inc., 8.63%, 06/01/2021(b)(c) | 2,264,000 | 1,681,020 | ||
Media-7.62% | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 03/15/2021 | 2,007,000 | 2,014,526 | ||
CSC Holdings, LLC, 6.75%, 11/15/2021 | 11,422,000 | 12,364,315 | ||
DISH DBS Corp., 6.75%, 06/01/2021 | 22,154,000 | 23,390,193 | ||
Lamar Media Corp., 5.75%, 02/01/2026 | 7,617,000 | 8,102,584 | ||
Meredith Corp., 6.87%, 02/01/2026 | 14,062,000 | 14,905,720 | ||
TEGNA, Inc., 4.88%, 09/15/2021(b) | 3,912,000 | 3,923,736 | ||
64,701,074 | ||||
Metals & Mining-1.92% | ||||
AK Steel Corp., 7.62%, 10/01/2021(c) | 5,002,000 | 4,995,747 | ||
Alcoa Nederland Holding B.V., 7.00%, 09/30/2026(b) | 2,600,000 | 2,813,720 | ||
Allegheny Technologies, Inc., 5.95%, 01/15/2021 | 5,466,000 | 5,616,315 | ||
Century Aluminum Co., 7.50%, 06/01/2021(b)(c) | 2,908,000 | 2,900,730 | ||
International Wire Group, Inc., 10.75%, 08/01/2021(b) | 8,000 | 8,030 | ||
16,334,542 | ||||
Mortgage REITs-1.32% | ||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.88%, 08/01/2021(b) | 3,509,000 | 3,570,408 | ||
Starwood Property Trust, Inc., 5.00%, 12/15/2021 | 7,327,000 | 7,620,080 | ||
11,190,488 | ||||
Multiline Retail-0.52% | ||||
DriveTime Automotive Group, Inc./Bridgecrest Acceptance Corp., 8.00%, 06/01/2021(b) | 4,376,000 | 4,444,375 | ||
Oil, Gas & Consumable Fuels-8.39% | ||||
American Midstream Partners LP/American Midstream Finance Corp., 9.50%, 12/15/2021(b) | 4,538,000 | 4,401,860 | ||
Baytex Energy Corp. (Canada), 5.13%, 06/01/2021(b) | 4,291,000 | 4,269,545 | ||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/2021(c) | 9,772,000 | 9,698,710 | ||
Chesapeake Energy Corp., 6.13%, 02/15/2021 | 4,461,000 | 4,215,645 | ||
DCP Midstream Operating L.P., 4.75%, 09/30/2021(b) | 5,327,000 | 5,473,492 | ||
Denbury Resources, Inc., 9.00%, 05/15/2021(b)(c) | 6,709,000 | 6,138,735 | ||
Enviva Partners LP/Enviva Partners Finance Corp., 8.50%, 11/01/2021 | 3,972,000 | 4,096,125 | ||
Great Western Petroleum LLC / Great Western Finance Corp., 9.00%, 09/30/2021(b) | 2,690,000 | 2,387,375 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.25%, 02/15/2021 | $ | 4,308,000 | $ 4,114,140 | |
NuStar Logistics L.P., 6.75%, 02/01/2021 | 3,309,000 | 3,466,178 | ||
QEP Resources, Inc., 6.87%, 03/01/2021 | 4,099,000 | 4,088,753 | ||
Range Resources Corp., 5.75%, 06/01/2021 | 5,065,000 | 5,039,675 | ||
Unit Corp., 6.62%, 05/15/2021 | 7,156,000 | 5,170,210 | ||
Whiting Petroleum Corp., 5.75%, 03/15/2021 | 9,170,000 | 8,610,171 | ||
71,170,614 | ||||
Paper & Forest Products-0.49% | ||||
Eldorado International. Finance GMBH (Brazil), 8.63%, 06/16/2021(b) | 4,000,000 | 4,182,500 | ||
Personal Products-1.57% | ||||
Edgewell Personal Care Co., 4.70%, 05/19/2021 | 6,577,000 | 6,716,761 | ||
First Quality Finance Co., Inc., 4.63%, 05/15/2021(b) | 6,570,000 | 6,594,638 | ||
13,311,399 | ||||
Pharmaceuticals-1.16% | ||||
Bausch Health Cos., Inc., 9.00%, 12/15/2025(b) | 8,753,000 | 9,847,125 | ||
Real Estate Management & Development-0.66% | ||||
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.25%, 12/01/2021(b)(c) | 5,750,000 | 5,618,900 | ||
Semiconductors & Semiconductor Equipment-0.60% | ||||
Versum Materials, Inc., 5.50%, 09/30/2024(b) | 4,711,000 | 5,087,880 | ||
Software-1.87% | ||||
CDK Global, Inc., 5.88%, 06/15/2026 | 5,317,000 | 5,667,124 | ||
Open Text Corp. (Canada), 5.87%, 06/01/2026(b) | 9,519,000 | 10,196,753 | ||
15,863,877 | ||||
Specialty Retail-1.74% | ||||
GameStop Corp., 6.75%, 03/15/2021(b)(c) | 5,823,000 | 5,808,443 | ||
L Brands, Inc., 6.63%, 04/01/2021 | 8,511,000 | 9,000,382 | ||
14,808,825 | ||||
Technology Hardware, Storage & Peripherals-2.95% | ||||
Dell, Inc., 4.62%, 04/01/2021 | 4,053,000 | 4,151,792 | ||
NCR Corp. | ||||
4.63%, 02/15/2021 | 5,466,000 | 5,480,212 | ||
5.87%, 12/15/2021 | 4,132,000 | 4,190,261 | ||
Xerox Corp., 4.50%, 05/15/2021 | 10,872,000 | 11,198,160 | ||
25,020,425 | ||||
Textiles, Apparel & Luxury Goods-0.34% | ||||
J Crew Brand LLC/J Crew Brand Corp., 13.00%, 09/15/2021(b)(c) | 2,823,000 | 2,879,460 |
Principal Amount | Value | |||
Tobacco-0.98% | ||||
Pyxus International, Inc. | ||||
8.50%, 04/15/2021(b) | $ | 3,063,000 | $3,101,288 | |
9.87%, 07/15/2021 | 6,571,000 | 5,223,945 | ||
8,325,233 | ||||
Trading Companies & Distributors-1.68% | ||||
United Rentals North America, Inc., 5.87%, 09/15/2026 | 8,303,000 | 8,936,104 | ||
WESCO Distribution, Inc., 5.38%, 12/15/2021 | 5,281,000 | 5,340,411 | ||
14,276,515 | ||||
Wireless Telecommunication Services-8.14% | ||||
Sprint Communications, Inc., 11.50%, 11/15/2021 | 10,863,000 | 12,791,182 | ||
Sprint Corp., 7.25%, 09/15/2021 | 24,624,000 | 26,549,597 | ||
T-Mobile USA, Inc., 6.50%, 01/15/2026 | 21,970,000 | 23,672,675 | ||
VEON Holdings B.V. (Netherlands), 3.95%, 06/16/2021(b) | 6,000,000 | 6,083,820 | ||
69,097,274 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $792,841,044) | 798,617,152 | |||
Shares | ||||
Money Market Funds-4.88% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $41,422,747) | 41,422,747 | 41,422,747 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.00% (Cost $834,263,791) | 840,039,899 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-6.91% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 44,277,498 | 44,277,498 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 14,349,160 | 14,354,899 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $58,632,241) | 58,632,397 | |||
TOTAL INVESTMENTS IN SECURITIES-105.91% (Cost $892,896,032) | 898,672,296 | |||
OTHER ASSETS LESS LIABILITIES-(5.91)% | (50,166,252) | |||
NET ASSETS-100.00% | $848,506,044 |
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) | 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 August 31, 2019 was $237,863,366, which represented 28.03% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-96.37% | ||||
Aerospace & Defense-3.24% | ||||
Bombardier, Inc. (Canada) | ||||
5.75%, 03/15/2022(b) | $ | 2,174,000 | $2,203,892 | |
6.00%, 10/15/2022(b) | 5,310,000 | 5,296,725 | ||
Moog, Inc., 5.25%, 12/01/2022(b) | 1,367,000 | 1,396,049 | ||
Pioneer Holdings LLC / Pioneer Finance Corp. (United Kingdom), 9.00%, 11/01/2022(b) | 1,124,000 | 1,184,415 | ||
TransDigm, Inc., 6.00%, 07/15/2022 | 5,029,000 | 5,123,294 | ||
Triumph Group, Inc., 5.25%, 06/01/2022 | 1,400,000 | 1,396,500 | ||
16,600,875 | ||||
Air Freight & Logistics-0.78% | ||||
XPO Logistics, Inc., 6.50%, 06/15/2022(b) | 3,904,000 | 3,999,375 | ||
Airlines-0.42% | ||||
United Airlines Holdings, Inc., 4.25%, 10/01/2022 | 2,084,000 | 2,149,125 | ||
Auto Components-1.98% | ||||
American Axle & Manufacturing, Inc., 6.63%, 10/15/2022 | 1,598,000 | 1,615,977 | ||
Hertz Corp. (The) | ||||
7.62%, 06/01/2022(b) | 5,556,000 | 5,792,408 | ||
6.25%, 10/15/2022(c) | 2,676,000 | 2,719,485 | ||
10,127,870 | ||||
Automobiles-0.19% | ||||
Mclaren Finance PLC (United Kingdom), 5.75%, 08/01/2022(b) | 1,000,000 | 954,700 | ||
Banks-1.04% | ||||
CIT Group, Inc., 5.00%, 08/15/2022 | 4,960,000 | 5,300,206 | ||
Beverages-0.37% | ||||
Ajecorp BV (Spain), 6.50%, 05/14/2022(b) | 2,052,000 | 1,892,970 | ||
Building Products-1.15% | ||||
Griffon Corp., 5.25%, 03/01/2022 | 4,360,000 | 4,413,235 | ||
Williams Scotsman International, Inc., 7.88%, 12/15/2022(b) | 1,398,000 | 1,475,764 | ||
5,888,999 | ||||
Capital Markets-1.19% | ||||
APX Group, Inc., 7.87%, 12/01/2022 | 4,074,000 | 3,895,763 | ||
MSCI, Inc., 5.38%, 05/15/2027(b) | 2,020,000 | 2,177,560 | ||
6,073,323 | ||||
Chemicals-1.41% | ||||
Ashland LLC, 4.75%, 08/15/2022 | 4,590,000 | 4,841,119 | ||
Kissner Holdings LP/Kissner Milling Co. Ltd./BSC Holding, Inc./Kissner USA (Canada), 8.38%, 12/01/2022(b) | 1,413,000 | 1,462,455 | ||
Olin Corp., 5.50%, 08/15/2022 | 843,000 | 895,687 | ||
7,199,261 | ||||
Commercial Services & Supplies-1.66% | ||||
ADT Corp. (The), 3.50%, 07/15/2022 | 4,110,000 | 4,135,688 | ||
GFL Environmental, Inc. (Canada), 5.63%, 05/01/2022(b) | 1,525,000 | 1,555,500 |
Principal Amount | Value | |||
Commercial Services & Supplies-(continued) | ||||
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.87%, 10/01/2022(b)(c) | $ | 1,462,000 | $ 1,352,350 | |
Quad/Graphics, Inc., 7.00%, 05/01/2022(c) | 1,416,000 | 1,451,400 | ||
8,494,938 | ||||
Construction & Engineering-0.65% | ||||
AECOM Global II LLC/URS Fox US LP, 5.00%, 04/01/2022(c) | 1,104,000 | 1,137,120 | ||
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022 | 1,308,000 | 1,393,020 | ||
New Enterprise Stone & Lime Co., Inc., 10.12%, 04/01/2022(b)(c) | 777,000 | 798,368 | ||
3,328,508 | ||||
Consumer Finance-3.88% | ||||
Ally Financial, Inc. | ||||
4.13%, 02/13/2022 | 2,674,000 | 2,784,303 | ||
4.63%, 05/19/2022 | 1,736,000 | 1,835,820 | ||
goeasy Ltd. (Canada), 7.87%, 11/01/2022(b) | 2,112,000 | 2,207,040 | ||
Navient Corp. | ||||
7.25%, 01/25/2022 | 3,202,000 | 3,522,200 | ||
6.50%, 06/15/2022 | 4,148,000 | 4,500,580 | ||
SLM Corp., 5.12%, 04/05/2022 | 531,000 | 544,939 | ||
Springleaf Finance Corp., 6.12%, 05/15/2022 | 4,119,000 | 4,458,817 | ||
19,853,699 | ||||
Containers & Packaging-3.04% | ||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (Ireland), 4.25%, 09/15/2022(b) | 3,276,000 | 3,329,235 | ||
Ball Corp., 5.00%, 03/15/2022 | 3,186,000 | 3,385,125 | ||
Berry Global, Inc., 5.50%, 05/15/2022 | 2,076,000 | 2,118,662 | ||
Cascades, Inc. (Canada), 5.50%, 07/15/2022(b) | 1,605,000 | 1,625,062 | ||
Graphic Packaging International, LLC, 4.87%, 11/15/2022 | 932,000 | 980,930 | ||
Owens-Brockway Glass Container, Inc., 5.00%, 01/15/2022(b) | 2,110,000 | 2,168,025 | ||
Sealed Air Corp., 4.88%, 12/01/2022(b) | 1,862,000 | 1,959,755 | ||
15,566,794 | ||||
Diversified Financial Services-3.44% | ||||
ACE Cash Express, Inc., 12.00%, 12/15/2022(b) | 1,014,000 | 1,014,000 | ||
Cooke Omega Investments Inc. / Alpha VesselCo. Holdings Inc. (Canada), 8.50%, 12/15/2022(b) | 1,680,000 | 1,638,000 | ||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp. | ||||
5.88%, 02/01/2022 | 5,985,000 | 6,104,700 | ||
6.25%, 02/01/2022 | 5,133,000 | 5,299,822 | ||
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.50%, 06/01/2022 | 583,000 | 584,822 |
Principal Amount | Value | |||
Diversified Financial Services-(continued) | ||||
Oxford Finance LLC / Oxford Finance Co-Issuer II Inc., 6.37%, 12/15/2022(b) | $ | 994,000 | $ 1,037,488 | |
VFH Parent LLC/Orchestra Co-Issuer, Inc., 6.75%, 06/15/2022(b) | 1,864,000 | 1,925,745 | ||
17,604,577 | ||||
Diversified Telecommunication Services-3.40% | ||||
CenturyLink, Inc.,Series T, 5.80%, 03/15/2022 | 6,164,000 | 6,495,315 | ||
Inmarsat Finance PLC (United Kingdom), 4.88%, 05/15/2022(b) | 4,204,000 | 4,267,060 | ||
Level 3 Financing, Inc., 5.37%, 08/15/2022 | 3,959,000 | 3,976,321 | ||
Level 3 Parent LLC, 5.75%, 12/01/2022 | 2,611,000 | 2,637,110 | ||
17,375,806 | ||||
Energy Equipment & Services-1.87% | ||||
Borets Finance DAC (Russia), 6.50%, 04/07/2022(b) | 1,302,000 | 1,323,223 | ||
CSI Compressco L.P. / CSI Compressco Finance Inc., 7.25%, 08/15/2022 | 1,830,000 | 1,633,275 | ||
FTS International, Inc., 6.25%, 05/01/2022 | 2,093,000 | 1,762,044 | ||
Rowan Cos., Inc., 4.87%, 06/01/2022 | 2,270,000 | 1,861,400 | ||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50%, 08/15/2022 | 1,617,000 | 1,528,065 | ||
Welltec A/S (Denmark), 9.50%, 12/01/2022(b) | 1,500,000 | 1,451,250 | ||
9,559,257 | ||||
Entertainment-1.50% | ||||
Cinemark USA, Inc., 5.13%, 12/15/2022 | 1,706,000 | 1,740,120 | ||
Live Nation Entertainment, Inc., 5.37%, 06/15/2022(b)(c) | 1,204,000 | 1,225,070 | ||
National CineMedia, LLC, 6.00%, 04/15/2022 | 1,270,000 | 1,284,288 | ||
Netflix, Inc., 5.50%, 02/15/2022 | 3,208,000 | 3,428,550 | ||
7,678,028 | ||||
Equity REITs-2.86% | ||||
CoreCivic, Inc., 5.00%, 10/15/2022 | 937,000 | 931,144 | ||
GEO Group, Inc. (The), 5.87%, 01/15/2022 | 1,114,000 | 1,084,758 | ||
iStar, Inc. | ||||
6.00%, 04/01/2022 | 1,990,000 | 2,047,213 | ||
5.25%, 09/15/2022 | 1,702,000 | 1,748,805 | ||
Mack-Cali Realty, L.P., 4.50%, 04/18/2022 | 1,364,000 | 1,370,553 | ||
SBA Communications Corp. | ||||
4.88%, 07/15/2022 | 3,502,000 | 3,565,386 | ||
4.00%, 10/01/2022 | 3,785,000 | 3,870,162 | ||
14,618,021 | ||||
Food & Staples Retailing-0.26% | ||||
C&S Group Enterprises LLC, 5.38%, 07/15/2022(b) | 1,311,000 | 1,320,833 | ||
Food Products-1.09% | ||||
Pilgrim’s Pride Corp., 5.87%, 09/30/2027(b) | 3,534,000 | 3,821,138 | ||
TreeHouse Foods, Inc., 4.88%, 03/15/2022 | 1,756,000 | 1,775,755 | ||
5,596,893 | ||||
Gas Utilities-0.29% | ||||
Ferrellgas L.P./Ferrellgas Finance Corp., 6.75%, 01/15/2022(c) | 1,772,000 | 1,506,200 |
Principal Amount | Value | |||
Health Care Equipment & Supplies-1.59% | ||||
Avanos Medical, Inc., 6.25%, 10/15/2022 | $ | 1,014,000 | $ 1,036,815 | |
Immucor, Inc., 11.12%, 02/15/2022(b) | 1,732,000 | 1,762,310 | ||
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/2022(b) | 5,508,000 | 5,342,760 | ||
8,141,885 | ||||
Health Care Providers & Services-7.34% | ||||
Acadia Healthcare Co., Inc., 5.13%, 07/01/2022 | 1,204,000 | 1,217,545 | ||
Centene Corp., 4.75%, 05/15/2022 | 4,543,000 | 4,672,567 | ||
DaVita, Inc., 5.75%, 08/15/2022 | 5,313,000 | 5,369,318 | ||
HCA, Inc., 7.50%, 02/15/2022 | 8,788,000 | 9,862,860 | ||
Molina Healthcare, Inc., 5.37%, 11/15/2022(c) | 3,096,000 | 3,320,584 | ||
Tenet Healthcare Corp., 8.12%, 04/01/2022 | 12,129,000 | 13,113,268 | ||
37,556,142 | ||||
Hotels, Restaurants & Leisure-4.77% | ||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.62%, 01/15/2022(b) | 5,158,000 | 5,190,237 | ||
24 Hour Fitness Worldwide, Inc., 8.00%, 06/01/2022(b)(c) | 2,104,000 | 1,877,820 | ||
CCM Merger, Inc., 6.00%, 03/15/2022(b)(c) | 1,402,000 | 1,440,555 | ||
CEC Entertainment, Inc., 8.00%, 02/15/2022(c) | 1,333,000 | 1,273,015 | ||
International Game Technology PLC, 6.25%, 02/15/2022(b) | 6,200,000 | 6,587,500 | ||
MGM Resorts International, 7.75%, 03/15/2022 | 4,075,000 | 4,585,312 | ||
SunOpta Foods, Inc., 9.50%, 10/09/2022(b) | 768,000 | 783,360 | ||
Wyndham Destinations, Inc., 4.25%, 03/01/2022 | 2,607,000 | 2,678,693 | ||
24,416,492 | ||||
Household Durables-2.64% | ||||
Avon International Operations, Inc. (United Kingdom), 7.87%, 08/15/2022(b) | 1,950,000 | 2,045,355 | ||
Beazer Homes USA, Inc., 8.75%, 03/15/2022 | 2,048,000 | 2,145,280 | ||
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), 6.13%, 07/01/2022(b) | 1,841,000 | 1,870,916 | ||
K. Hovnanian Enterprises, Inc., 10.00%, 07/15/2022(b)(c) | 2,098,000 | 1,783,300 | ||
KB Home, 7.50%, 09/15/2022 | 2,141,000 | 2,430,035 | ||
Meritage Homes Corp., 7.00%, 04/01/2022 | 1,298,000 | 1,429,423 | ||
New Home Co., Inc. (The), 7.25%, 04/01/2022 | 1,923,000 | 1,831,657 | ||
13,535,966 | ||||
Independent Power and Renewable Electricity Producers-0.42% | ||||
AES Corp. (The), 5.13%, 09/01/2027 | 2,020,000 | 2,170,551 | ||
Industrial Conglomerates-0.45% | ||||
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/2022 | 2,247,000 | 2,280,705 |
Principal Amount | Value | |||
Insurance-0.35% | ||||
MBIA, Inc., 6.40%, 08/15/2022(c) | $ | 400,000 | $ 401,000 | |
York Risk Services Holding Corp., 8.50%, 10/01/2022(b) | 1,360,000 | 1,368,500 | ||
1,769,500 | ||||
IT Services-1.34% | ||||
Atento Luxco 1 SA (Spain), 6.13%, 08/10/2022(b) | 2,432,000 | 2,494,028 | ||
Cogent Communications Group, Inc., 5.38%, 03/01/2022(b) | 1,935,000 | 2,017,238 | ||
Harland Clarke Holdings Corp., 8.37%, 08/15/2022(b) | 2,965,000 | 2,364,587 | ||
6,875,853 | ||||
Machinery-0.26% | ||||
Actuant Corp., 5.63%, 06/15/2022 | 1,300,000 | 1,319,500 | ||
Media-7.74% | ||||
Altice Luxembourg S.A. (Luxembourg), 7.75%, 05/15/2022(b) | 3,168,000 | 3,256,783 | ||
AMC Networks, Inc., 4.75%, 12/15/2022 | 2,423,000 | 2,465,403 | ||
Cablevision Systems Corp., 5.87%, 09/15/2022 | 3,202,000 | 3,433,184 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/2022 | 5,320,000 | 5,383,175 | ||
Clear Channel Worldwide Holdings, Inc.,Series A, 6.50%, 11/15/2022 | 3,502,000 | 3,577,888 | ||
Dish DBS Corp., 5.88%, 07/15/2022 | 9,232,000 | 9,589,740 | ||
Nexstar Broadcasting, Inc. | ||||
6.12%, 02/15/2022(b) | 719,000 | 729,785 | ||
5.88%, 11/15/2022 | 1,612,000 | 1,644,240 | ||
Sirius XM Radio, Inc., 3.88%, 08/01/2022(b) | 4,042,000 | 4,132,945 | ||
Urban One, Inc., 7.37%, 04/15/2022(b) | 1,974,000 | 1,978,935 | ||
Videotron Ltd. (Canada), 5.00%, 07/15/2022 | 3,260,000 | 3,431,150 | ||
39,623,228 | ||||
Metals & Mining-3.63% | ||||
Ferroglobe PLC/Globe Specialty Metals, Inc., 9.37%, 03/01/2022(b)(c) | 1,568,000 | 1,199,520 | ||
Freeport-McMoRan, Inc., 3.55%, 03/01/2022 | 7,951,000 | 7,990,755 | ||
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/2022(b) | 2,996,000 | 3,146,736 | ||
Mountain Province Diamonds Inc. (Canada), 8.00%, 12/15/2022(b) | 1,428,000 | 1,397,655 | ||
New Gold, Inc. (Canada), 6.25%, 11/15/2022(b) | 2,186,000 | 2,153,210 | ||
Northwest Acquisitions ULC / Dominion Finco Inc., 7.13%, 11/01/2022(b) | 1,670,000 | 1,047,925 | ||
Taseko Mines Ltd. (Canada), 8.75%, 06/15/2022(b) | 1,694,000 | 1,622,005 | ||
18,557,806 | ||||
Mortgage REITs-0.46% | ||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 03/15/2022(b) | 2,264,000 | 2,360,220 | ||
Oil, Gas & Consumable Fuels-11.57% | ||||
Aker BP A.S.A (Norway), 6.00%, 07/01/2022(b) | 1,600,000 | 1,648,800 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 10.00%, 04/01/2022(b) | $ | 4,453,000 | $ 4,508,662 | |
Athabasca Oil Corp. (Canada), 9.87%, 02/24/2022(b) | 1,865,000 | 1,762,425 | ||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.12%, 11/15/2022(b) | 3,826,000 | 3,864,260 | ||
California Resources Corp., 8.00%, 12/15/2022(b)(c) | 5,442,000 | 3,156,360 | ||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.62%, 01/15/2022(c) | 1,891,000 | 1,801,178 | ||
Chesapeake Energy Corp., 4.88%, 04/15/2022(c) | 1,896,000 | 1,580,790 | ||
CNX Resources Corp., 5.88%, 04/15/2022 | 5,144,000 | 5,002,540 | ||
DCP Midstream Operating L.P., 4.95%, 04/01/2022(c) | 2,070,000 | 2,147,625 | ||
Denbury Resources, Inc., 9.25%, 03/31/2022(b) | 1,536,000 | 1,297,920 | ||
Genesis Energy LP/Genesis Energy Finance Corp., 6.75%, 08/01/2022 | 3,168,000 | 3,214,253 | ||
HighPoint Operating Corp., 7.00%, 10/15/2022 | 1,370,000 | 1,253,550 | ||
Murphy Oil Corp. | ||||
4.00%, 06/01/2022 | 2,717,000 | 2,730,585 | ||
4.20%, 12/01/2022 | 3,024,000 | 3,069,360 | ||
NuStar Logistics L.P., 4.75%, 02/01/2022 | 1,532,000 | 1,562,640 | ||
Oasis Petroleum, Inc., 6.87%, 03/15/2022 | 4,056,000 | 3,792,360 | ||
Peabody Energy Corp., 6.00%, 03/31/2022(b) | 2,190,000 | 2,257,069 | ||
QEP Resources, Inc., 5.38%, 10/01/2022 | 1,976,000 | 1,785,810 | ||
Range Resources Corp. | ||||
5.88%, 07/01/2022 | 1,536,000 | 1,478,400 | ||
5.00%, 08/15/2022 | 2,668,000 | 2,501,250 | ||
SemGroup Corp./Rose Rock Finance Corp., 5.63%, 07/15/2022 | 1,679,000 | 1,626,128 | ||
SM Energy Co., 6.12%, 11/15/2022 | 1,971,000 | 1,842,885 | ||
Southwestern Energy Co., 4.10%, 03/15/2022(c) | 1,617,000 | 1,580,618 | ||
Teine Energy Ltd. (Canada), 6.87%, 09/30/2022(b) | 1,398,000 | 1,415,475 | ||
WPX Energy, Inc., 6.00%, 01/15/2022 | 2,281,000 | 2,355,132 | ||
59,236,075 | ||||
Personal Products-0.45% | ||||
Edgewell Personal Care Co., 4.70%, 05/24/2022 | 2,253,000 | 2,306,509 | ||
Pharmaceuticals-4.94% | ||||
Bausch Health Americas, Inc., 9.25%, 04/01/2026(b) | 6,085,000 | 6,906,475 | ||
Bausch Health Cos., Inc. | ||||
6.50%, 03/15/2022(b) | 5,260,000 | 5,452,253 | ||
8.50%, 01/31/2027(b) | 8,078,000 | 8,986,613 | ||
Endo Finance LLC, 5.75%, 01/15/2022(b)(c) | 2,622,000 | 2,084,490 | ||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.75%, 08/01/2022(b)(c) | 3,168,000 | 1,853,280 | ||
25,283,111 |
Principal Amount | Value | |||
Professional Services-1.90% | ||||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022(b) | $ | 9,605,000 | $ 9,701,050 | |
Semiconductors & Semiconductor Equipment-0.42% | ||||
Advanced Micro Devices, Inc., 7.50%, 08/15/2022 | 1,883,000 | 2,130,200 | ||
Software-1.42% | ||||
Infor US, Inc., 6.50%, 05/15/2022 | 7,135,000 | 7,277,700 | ||
Specialty Retail-2.39% | ||||
Conn’s, Inc., 7.25%, 07/15/2022(c) | 1,404,000 | 1,404,000 | ||
Group 1 Automotive, Inc., 5.00%, 06/01/2022 | 2,288,000 | 2,313,740 | ||
Hillman Group, Inc. (The), 6.37%, 07/15/2022(b)(c) | 1,617,000 | 1,443,172 | ||
L Brands, Inc., 5.63%, 02/15/2022 | 3,484,000 | 3,675,620 | ||
Men’s Wearhouse, Inc. (The), 7.00%, 07/01/2022(c) | 1,003,000 | 995,478 | ||
Penske Automotive Group, Inc., 5.75%, 10/01/2022 | 2,380,000 | 2,417,128 | ||
12,249,138 | ||||
Technology Hardware, Storage & Peripherals-0.49% | ||||
NCR Corp., 5.00%, 07/15/2022 | 2,460,000 | 2,489,077 | ||
Thrifts & Mortgage Finance-0.25% | ||||
Ocwen Loan Servicing LLC, 8.38%, 11/15/2022(b) | 1,522,000 | 1,297,505 | ||
Trading Companies & Distributors-1.71% | ||||
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/2022(b) | 3,936,000 | 4,103,280 | ||
United Rentals North America, Inc., 5.50%, 05/15/2027 | 4,340,000 | 4,673,138 | ||
8,776,418 | ||||
Wireless Telecommunication Services-4.13% | ||||
Consolidated Communications, Inc., 6.50%, 10/01/2022(c) | 2,134,000 | 2,005,960 | ||
Intelsat Jackson Holdings S.A. (Luxembourg), 9.50%, 09/30/2022(b) | 2,072,000 | 2,406,110 | ||
Sprint Communications, Inc. | ||||
9.25%, 04/15/2022 | 481,000 | 563,972 | ||
6.00%, 11/15/2022 | 10,144,000 | 10,822,329 |
Principal Amount | Value | |||
Wireless Telecommunication Services-(continued) | ||||
T-Mobile USA, Inc. | ||||
4.00%, 04/15/2022 | $ | 1,783,000 | $1,839,842 | |
5.38%, 04/15/2027 | 2,120,000 | 2,301,536 | ||
Trilogy International Partners LLC / Trilogy International Finance, Inc. (New Zealand), 8.87%, 05/01/2022(b) | 1,220,000 | 1,174,250 | ||
21,113,999 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $491,381,801) | 493,158,888 | |||
Shares | ||||
Money Market Funds-2.07% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $10,574,525) | 10,574,525 | 10,574,525 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.44% (Cost $501,956,326) | 503,733,413 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-3.61% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 13,561,947 | 13,561,947 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 4,912,484 | 4,914,449 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,476,396) | 18,476,396 | |||
TOTAL INVESTMENTS IN SECURITIES-102.05% (Cost $520,432,722) | 522,209,809 | |||
OTHER ASSETS LESS LIABILITIES-(2.05)% | (10,468,933) | |||
NET ASSETS-100.00% | $511,740,876 |
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) | 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 August 31, 2019 was $187,129,089, which represented 36.57% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-95.82% | ||||
Aerospace & Defense-1.04% | ||||
Bombardier, Inc. (Canada), 6.13%, 01/15/2023(b) | $ | 2,551,000 | $ 2,544,622 | |
Air Freight & Logistics-0.50% | ||||
XPO Logistics, Inc., 6.13%, 09/01/2023(b) | 1,177,000 | 1,219,960 | ||
Airlines-0.24% | ||||
Air Medical Group Holdings, Inc., 6.38%, 05/15/2023(b)(c) | 664,000 | 585,150 | ||
Auto Components-1.23% | ||||
Dana, Inc., 6.00%, 09/15/2023 | 523,000 | 535,421 | ||
Flexi-Van Leasing, Inc., 10.00%, 02/15/2023(b) | 609,000 | 598,343 | ||
Goodyear Tire & Rubber Co. (The), 5.12%, 11/15/2023(c) | 1,835,000 | 1,864,819 | ||
2,998,583 | ||||
Automobiles-0.47% | ||||
Jaguar Land Rover Automotive PLC (United Kingdom), 5.63%, 02/01/2023(b)(c) | 1,203,000 | 1,156,540 | ||
Banks-0.59% | ||||
CIT Group, Inc., 5.00%, 08/01/2023 | 1,331,000 | 1,447,462 | ||
Capital Markets-0.99% | ||||
DKT Finance ApS (Denmark), 9.37%, 06/17/2023(b) | 800,000 | 861,640 | ||
Regionalcare Hospital Partners Holdings, Inc., 8.25%, 05/01/2023(b) | 1,438,000 | 1,538,193 | ||
2,399,833 | ||||
Chemicals-3.38% | ||||
Aruba Investments, Inc., 8.75%, 02/15/2023(b) | 384,000 | 380,160 | ||
CF Industries, Inc., 3.45%, 06/01/2023 | 1,290,000 | 1,324,017 | ||
CVR Partners L.P./CVR Nitrogen Finance Corp., 9.25%, 06/15/2023(b) | 1,045,000 | 1,095,421 | ||
LSB Industries, Inc., 9.62%, 05/01/2023(b)(c) | 1,507,000 | 1,582,350 | ||
OCI N.V. (Netherlands), 6.63%, 04/15/2023(b) | 1,100,000 | 1,166,000 | ||
PolyOne Corp., 5.25%, 03/15/2023 | 1,114,000 | 1,201,728 | ||
Scotts Miracle-Gro Co. (The), 6.00%, 10/15/2023 | 1,429,000 | 1,485,060 | ||
8,234,736 | ||||
Commercial Services & Supplies-4.17% | ||||
ADT Corp. (The), 4.13%, 06/15/2023 | 1,580,000 | 1,609,131 | ||
Algeco Global Finance 2 PLC (United Kingdom), 10.00%, 08/15/2023(b) | 1,000,000 | 1,002,500 | ||
Algeco Global Finance PLC (United Kingdom), 8.00%, 02/15/2023(b) | 1,000,000 | 1,005,750 | ||
GFL Environmental, Inc. (Canada), 5.38%, 03/01/2023(b) | 1,507,000 | 1,522,070 | ||
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.37%, 12/15/2023(b) | 1,777,000 | 1,694,814 | ||
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.37%, 08/01/2023(b) | 2,072,000 | 2,144,520 |
Principal Amount | Value | |||
Commercial Services & Supplies-(continued) | ||||
LSC Communications, Inc., 8.75%, 10/15/2023(b)(c) | $ | 1,014,000 | $ 770,640 | |
RR Donnelley & Sons Co., 6.50%, 11/15/2023 | 405,000 | 409,556 | ||
10,158,981 | ||||
Communications Equipment-0.39% | ||||
Plantronics, Inc., 5.50%, 05/31/2023(b) | 932,000 | 950,547 | ||
Construction & Engineering-1.24% | ||||
MasTec, Inc., 4.88%, 03/15/2023 | 407,000 | 415,140 | ||
Michael Baker International LLC, 8.75%, 03/01/2023(b) | 1,000,000 | 1,015,000 | ||
William Lyon Homes, Inc., 6.00%, 09/01/2023 | 609,000 | 634,882 | ||
Williams Scotsman International, Inc., 6.87%, 08/15/2023(b) | 907,000 | 952,350 | ||
3,017,372 | ||||
Construction Materials-0.72% | ||||
Shea Homes L.P./Shea Homes Funding Corp., 5.88%, 04/01/2023(b) | 682,000 | 705,870 | ||
Summit Materials LLC/Summit Materials Finance Corp., 6.12%, 07/15/2023 | 1,024,000 | 1,045,760 | ||
1,751,630 | ||||
Consumer Finance-2.43% | ||||
Credit Acceptance Corp., 7.37%, 03/15/2023 | 575,000 | 600,875 | ||
Navient Corp. | ||||
5.50%, 01/25/2023 | 1,841,000 | 1,940,506 | ||
7.25%, 09/25/2023 | 924,000 | 1,029,105 | ||
Springleaf Finance Corp. | ||||
5.63%, 03/15/2023 | 1,614,000 | 1,739,085 | ||
8.25%, 10/01/2023 | 526,000 | 618,050 | ||
5,927,621 | ||||
Containers & Packaging-4.13% | ||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), 4.63%, 05/15/2023(b) | 1,700,000 | 1,744,132 | ||
Ball Corp., 4.00%, 11/15/2023 | 1,840,000 | 1,948,100 | ||
Berry Global, Inc., 5.12%, 07/15/2023 | 1,229,000 | 1,264,334 | ||
Cascades, Inc. (Canada), 5.75%, 07/15/2023(b) | 430,000 | 437,525 | ||
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023 | 1,844,000 | 1,940,810 | ||
OI European Group B.V., 4.00%, 03/15/2023(b) | 407,000 | 411,070 | ||
Owens-Brockway Glass Container, Inc., 5.87%, 08/15/2023(b) | 1,433,000 | 1,531,518 | ||
Sealed Air Corp., 5.25%, 04/01/2023(b) | 730,000 | 781,100 | ||
10,058,589 | ||||
Distributors-0.69% | ||||
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/2023(b) | 623,000 | 647,141 | ||
LKQ Corp., 4.75%, 05/15/2023 | 1,010,000 | 1,028,938 | ||
1,676,079 |
Principal Amount | Value | |||
Diversified Financial Services-0.76% | ||||
FS Energy and Power Fund, 7.50%, 08/15/2023(b) | $ | 811,000 | $ 806,945 | |
TMX Finance LLC/TitleMax Finance Corp., 11.12%, 04/01/2023(b) | 1,109,000 | 1,046,619 | ||
1,853,564 | ||||
Diversified Telecommunication Services-3.03% | ||||
CenturyLink, Inc.,Series W, 6.75%, 12/01/2023(c) | 1,828,000 | 1,985,665 | ||
GTH Finance B.V. (Russia), 7.25%, 04/26/2023(b) | 1,300,000 | 1,447,943 | ||
Level 3 Financing, Inc., 5.12%, 05/01/2023 | 1,227,000 | 1,251,589 | ||
Zayo Group LLC/Zayo Capital, Inc., 6.00%, 04/01/2023 | 2,613,000 | 2,708,061 | ||
7,393,258 | ||||
Electric Utilities-0.30% | ||||
Rockpoint Gas Storage Canada Ltd. (Canada), 7.00%, 03/31/2023(b) | 707,000 | 720,080 | ||
Electrical Equipment-0.58% | ||||
EnerSys, 5.00%, 04/30/2023(b) | 430,000 | 445,050 | ||
Sensata Technologies B.V., 4.88%, 10/15/2023(b) | 929,000 | 978,098 | ||
1,423,148 | ||||
Electronic Equipment, Instruments & Components-0.36% | ||||
CDW LLC/CDW Finance Corp., 5.00%, 09/01/2023 | 847,000 | 867,116 | ||
Energy Equipment & Services-1.94% | ||||
CGG Holding (U.S.), Inc. (France), 9.00%, 05/01/2023(b) | 543,000 | 579,653 | ||
Nabors Industries, Inc. | ||||
5.50%, 01/15/2023(c) | 1,336,000 | 1,197,390 | ||
5.10%, 09/15/2023 | 507,000 | 428,415 | ||
Precision Drilling Corp. (Canada), 7.75%, 12/15/2023 | 629,000 | 624,282 | ||
Transocean, Inc., 9.00%, 07/15/2023(b) | 1,818,000 | 1,886,139 | ||
4,715,879 | ||||
Entertainment-0.42% | ||||
LTF Merger Sub, Inc., 8.50%, 06/15/2023(b) | 624,000 | 641,940 | ||
WMG Acquisition Corp., 5.00%, 08/01/2023(b) | 368,000 | 378,580 | ||
1,020,520 | ||||
Equity REITs-2.15% | ||||
CBL & Associates L.P., 5.25%, 12/01/2023(c) | 609,000 | 389,760 | ||
CoreCivic, Inc., 4.63%, 05/01/2023 | 529,000 | 513,130 | ||
GEO Group, Inc. (The), 5.12%, 04/01/2023 | 513,000 | 463,624 | ||
Mack-Cali Realty, L.P., 3.15%, 05/15/2023 | 609,000 | 579,420 | ||
RHP Hotel Properties L.P./RHP Finance Corp., 5.00%, 04/15/2023 | 707,000 | 728,210 | ||
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC | ||||
6.00%, 04/15/2023(b) | 870,000 | 830,850 | ||
8.25%, 10/15/2023(c) | 1,940,000 | 1,726,600 | ||
5,231,594 |
Principal Amount | Value | |||
Food & Staples Retailing-0.51% | ||||
Ingles Markets, Inc., 5.75%, 06/15/2023 | $ | 1,214,000 | $ 1,241,315 | |
Food Products-0.73% | ||||
JBS USA LUX S.A./JBS USA Finance, Inc., 6.75%, 02/15/2028(b) | 1,600,000 | 1,790,000 | ||
Gas Utilities-0.47% | ||||
Ferrellgas L.P./Ferrellgas Finance Corp., 6.75%, 06/15/2023 | 628,000 | 530,660 | ||
LBC Tank Terminals Holding Netherlands B.V. (Belgium), 6.88%, 05/15/2023(b) | 602,000 | 611,030 | ||
1,141,690 | ||||
Health Care Equipment & Supplies-0.53% | ||||
Hill-Rom Holdings, Inc., 5.75%, 09/01/2023(b) | 628,000 | 649,980 | ||
Sotera Health Holdings LLC, 6.50%, 05/15/2023(b) | 632,000 | 644,640 | ||
1,294,620 | ||||
Health Care Providers & Services-5.88% | ||||
Acadia Healthcare Co., Inc., 5.63%, 02/15/2023 | 1,096,000 | 1,124,759 | ||
Community Health Systems, Inc., 6.25%, 03/31/2023 | 6,115,000 | 5,939,806 | ||
Encompass Health Corp., 5.13%, 03/15/2023 | 723,000 | 738,364 | ||
HCA, Inc., 5.87%, 05/01/2023 | 2,262,000 | 2,503,751 | ||
Quorum Health Corp., 11.62%, 04/15/2023(c) | 609,000 | 532,875 | ||
Tenet Healthcare Corp., 6.75%, 06/15/2023 | 3,385,000 | 3,490,781 | ||
14,330,336 | ||||
Hotels, Restaurants & Leisure-4.83% | ||||
Brinker International, Inc., 3.88%, 05/15/2023 | 580,000 | 585,800 | ||
Buena Vista Gaming Authority, 13.00%, 04/01/2023(b) | 305,000 | 327,875 | ||
Carlson Travel, Inc., 6.75%, 12/15/2023(b)(c) | 992,000 | 1,009,360 | ||
Cinemark USA, Inc., 4.87%, 06/01/2023 | 1,351,000 | 1,381,397 | ||
Cirsa Finance International S.a.r.l. (Spain), 7.87%, 12/20/2023(b) | 800,000 | 848,526 | ||
Diamond Resorts International, Inc., 7.75%, 09/01/2023(b)(c) | 930,000 | 940,462 | ||
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/2023(b) | 600,000 | 640,500 | ||
Eldorado Resorts, Inc., 7.00%, 08/01/2023 | 507,000 | 531,083 | ||
MGM Resorts International, 6.00%, 03/15/2023 | 2,244,000 | 2,474,010 | ||
Speedway Motorsports, Inc., 5.12%, 02/01/2023 | 305,000 | 310,338 | ||
Wyndham Destinations, Inc., 3.90%, 03/01/2023 | 1,107,000 | 1,128,448 | ||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023(b)(c) | 930,000 | 960,457 | ||
Yum! Brands, Inc., 3.88%, 11/01/2023 | 623,000 | 643,248 | ||
11,781,504 |
Principal Amount | Value | |||
Household Durables-1.70% | ||||
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 02/15/2023(b)(c) | $ | 811,000 | $ 721,790 | |
KB Home, 7.62%, 05/15/2023 | 624,000 | 705,120 | ||
Mattamy Group Corp. (Canada), 6.87%, 12/15/2023(b) | 730,000 | 763,762 | ||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b) | 568,000 | 607,760 | ||
Tempur Sealy International, Inc., 5.63%, 10/15/2023 | 711,000 | 734,108 | ||
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 02/01/2023 | 600,000 | 600,000 | ||
4,132,540 | ||||
Household Products-2.10% | ||||
Central Garden & Pet Co., 6.12%, 11/15/2023 | 629,000 | 655,733 | ||
Kronos Acquisition Holdings, Inc. (Canada), 9.00%, 08/15/2023(b) | 1,335,000 | 1,181,475 | ||
Reynolds Group Issuer, Inc./LLC, 5.13%, 07/15/2023(b) | 3,190,000 | 3,287,454 | ||
5,124,662 | ||||
Independent Power and Renewable Electricity Producers-2.59% | ||||
AES Corp. (The) | ||||
4.50%, 03/15/2023 | 811,000 | 835,654 | ||
4.88%, 05/15/2023 | 1,343,000 | 1,364,824 | ||
Calpine Corp., 5.37%, 01/15/2023 | 2,658,000 | 2,700,980 | ||
InterGen N.V. (Netherlands), 7.00%, 06/30/2023(b) | 702,000 | 649,350 | ||
Vistra Energy Corp., 5.87%, 06/01/2023 | 742,000 | 759,623 | ||
6,310,431 | ||||
Industrial Conglomerates-0.33% | ||||
Ahern Rentals, Inc., 7.38%, 05/15/2023(b) | 929,000 | 805,907 | ||
Insurance-1.08% | ||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, 8.25%, 08/01/2023(b) | 1,235,000 | 1,264,331 | ||
Ardonagh Midco 3 PLC (United Kingdom), 8.63%, 07/15/2023(b)(c) | 1,400,000 | 1,361,500 | ||
2,625,831 | ||||
IT Services-1.69% | ||||
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/2023(b)(c) | 1,648,000 | 1,038,240 | ||
Sabre GLBL, Inc. | ||||
5.37%, 04/15/2023(b) | 1,319,000 | 1,358,570 | ||
5.25%, 11/15/2023(b) | 842,000 | 869,365 | ||
WEX, Inc., 4.75%, 02/01/2023(b) | 831,000 | 839,310 | ||
4,105,485 | ||||
Leisure Products-0.62% | ||||
Mattel, Inc., 3.15%, 03/15/2023 | 407,000 | 384,615 | ||
Party City Holdings, Inc., 6.12%, 08/15/2023(b)(c) | 660,000 | 661,650 | ||
Vista Outdoor, Inc., 5.88%, 10/01/2023 | 506,000 | 459,509 | ||
1,505,774 |
Principal Amount | Value | |||
Machinery-0.61% | ||||
ATS Automation Tooling Systems, Inc. (Canada), 6.50%, 06/15/2023(b) | $ | 507,000 | $ 525,379 | |
Cleaver-Brooks, Inc., 7.87%, 03/01/2023(b) | 507,000 | 467,708 | ||
Titan International, Inc., 6.50%, 11/30/2023 | 609,000 | 488,722 | ||
1,481,809 | ||||
Media-10.19% | ||||
Altice Financing S.A. (Luxembourg), 6.62%, 02/15/2023(b) | 4,350,000 | 4,496,812 | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||
5.13%, 02/15/2023 | 1,841,000 | 1,875,519 | ||
4.00%, 03/01/2023(b) | 811,000 | 821,138 | ||
5.13%, 05/01/2023(b) | 2,037,000 | 2,088,943 | ||
5.75%, 09/01/2023 | 911,000 | 931,133 | ||
Dish DBS Corp., 5.00%, 03/15/2023 | 2,951,000 | 2,906,735 | ||
Intelsat Jackson Holdings S.A. (Luxembourg), 5.50%, 08/01/2023 | 4,258,000 | 3,896,070 | ||
Lamar Media Corp., 5.00%, 05/01/2023 | 988,000 | 1,012,391 | ||
Quebecor Media, Inc. (Canada), 5.75%, 01/15/2023 | 1,938,000 | 2,108,215 | ||
Radiate Holdco LLC/Radiate Finance Inc., 6.87%, 02/15/2023(b) | 407,000 | 417,175 | ||
Sirius XM Radio, Inc., 4.63%, 05/15/2023(b) | 639,000 | 653,378 | ||
TEGNA, Inc., 6.37%, 10/15/2023 | 952,000 | 981,036 | ||
Townsquare Media, Inc., 6.50%, 04/01/2023(b) | 600,000 | 596,250 | ||
Univision Communications, Inc., 5.12%, 05/15/2023(b) | 2,073,000 | 2,057,452 | ||
24,842,247 | ||||
Metals & Mining-3.25% | ||||
AK Steel Corp., 7.50%, 07/15/2023 | 678,000 | 688,170 | ||
Aleris International, Inc., 10.75%, 07/15/2023(b)(c) | 627,000 | 661,485 | ||
Allegheny Technologies, Inc., 7.87%, 08/15/2023 | 924,000 | 994,455 | ||
Commercial Metals Co., 4.87%, 05/15/2023 | 1,026,000 | 1,067,061 | ||
Freeport-McMoRan, Inc., 3.88%, 03/15/2023 | 3,325,000 | 3,367,892 | ||
Hudbay Minerals, Inc. (Canada), 7.25%, 01/15/2023(b)(c) | 625,000 | 647,562 | ||
Steel Dynamics, Inc., 5.25%, 04/15/2023 | 478,000 | 486,246 | ||
7,912,871 | ||||
Multiline Retail-0.29% | ||||
JC Penney Corp., Inc., 5.88%, 07/01/2023(b) | 845,000 | 714,025 | ||
Multi-Utilities-0.55% | ||||
TerraForm Power Operating, LLC, 4.25%, 01/31/2023(b) | 1,311,000 | 1,349,871 | ||
Oil, Gas & Consumable Fuels-10.78% | ||||
Bruin E&P Partners LLC, 8.87%, 08/01/2023(b) | 1,723,000 | 1,236,252 | ||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.75%, 04/15/2023(c) | 1,168,000 | 1,097,219 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Carrizo Oil & Gas, Inc., 6.25%, 04/15/2023(c) | $ | 931,000 | $ 895,157 | |
Chesapeake Energy Corp., 5.75%, 03/15/2023 | 430,000 | 346,150 | ||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.25%, 04/01/2023 | 1,128,000 | 1,153,380 | ||
DCP Midstream Operating L.P., 3.88%, 03/15/2023 | 1,104,000 | 1,120,560 | ||
Energy Transfer Operating, L.P., 4.25%, 03/15/2023 | 1,319,000 | 1,386,251 | ||
Energy Ventures Gom LLC/EnVen Finance Corp., 11.00%, 02/15/2023(b) | 1,107,000 | 1,112,535 | ||
Frontera Energy Corp. (Colombia), 9.70%, 06/25/2023(b) | 1,000,000 | 1,066,250 | ||
Genesis Energy L.P./Genesis Energy Finance Corp., 6.00%, 05/15/2023 | 1,030,000 | 1,027,425 | ||
Global Partners L.P./GLP Finance Corp., 7.00%, 06/15/2023 | 455,000 | 461,256 | ||
Gulfport Energy Corp., 6.63%, 05/01/2023 | 430,000 | 350,450 | ||
Laredo Petroleum, Inc., 6.25%, 03/15/2023(c) | 529,000 | 481,390 | ||
Lonestar Resources America Inc., 11.25%, 01/01/2023(b) | 507,000 | 438,555 | ||
MEG Energy Corp. (Canada), 6.38%, 01/30/2023(b)(c) | 1,274,000 | 1,208,707 | ||
Montage Resources Corp., 8.87%, 07/15/2023 | 733,000 | 553,415 | ||
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023 | 1,051,000 | 1,069,056 | ||
Oasis Petroleum, Inc., 6.87%, 01/15/2023 | 723,000 | 657,930 | ||
PBF Holding Co. LLC/PBF Finance Corp., 7.00%, 11/15/2023 | 909,000 | 938,543 | ||
PBF Logistics L.P./PBF Logistics Finance Corp., 6.87%, 05/15/2023 | 933,000 | 963,323 | ||
QEP Resources, Inc., 5.25%, 05/01/2023 | 1,128,000 | 992,640 | ||
Range Resources Corp., 5.00%, 03/15/2023 | 1,314,000 | 1,166,175 | ||
SemGroup Corp./Rose Rock Finance Corp., 5.63%, 11/15/2023 | 668,000 | 634,600 | ||
Seven Generations Energy Ltd. (Canada) | ||||
6.75%, 05/01/2023(b) | 770,000 | 775,775 | ||
6.87%, 06/30/2023(b) | 728,000 | 740,886 | ||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp. | ||||
5.25%, 05/01/2023 | 1,029,000 | 1,049,261 | ||
4.25%, 11/15/2023 | 1,129,000 | 1,131,822 | ||
Vine Oil & Gas L.P./Vine Oil & Gas Finance Corp., 8.75%, 04/15/2023(b) | 811,000 | 441,995 | ||
Whiting Petroleum Corp., 6.25%, 04/01/2023(c) | 930,000 | 734,700 | ||
WPX Energy, Inc., 8.25%, 08/01/2023 | 929,000 | 1,038,158 | ||
26,269,816 |
Principal Amount | Value | |||
Paper & Forest Products-0.54% | ||||
Clearwater Paper Corp., 4.50%, 02/01/2023(c) | $ | 523,000 | $ 526,243 | |
Norbord, Inc. (Canada), 6.25%, 04/15/2023(b) | 740,000 | 787,175 | ||
1,313,418 | ||||
Personal Products-0.57% | ||||
Avon Products, Inc. (United Kingdom), 7.00%, 03/15/2023 | 1,327,000 | 1,376,762 | ||
Pharmaceuticals-2.54% | ||||
Bausch Health Cos., Inc., 5.87%, 05/15/2023(b) | 4,527,000 | 4,600,564 | ||
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 07/15/2023(b) | 1,600,000 | 1,064,000 | ||
Mallinckrodt International Finance S.A., 4.75%, 04/15/2023(c) | 231,000 | 87,520 | ||
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 5.63%, 10/15/2023(b)(c) | 831,000 | 427,965 | ||
6,180,049 | ||||
Real Estate Management & Development-0.30% | ||||
Realogy Group LLC/Realogy Co.-Issuer Corp., 4.88%, 06/01/2023(b)(c) | 846,000 | 738,135 | ||
Road & Rail-0.66% | ||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.50%, 04/01/2023 | 380,000 | 388,550 | ||
Kenan Advantage Group, Inc. (The), 7.87%, 07/31/2023(b)(c) | 626,000 | 558,705 | ||
Watco Cos. LLC/Watco Finance Corp., 6.38%, 04/01/2023(b) | 649,000 | 664,414 | ||
1,611,669 | ||||
Software-1.02% | ||||
Informatica LLC, 7.12%, 07/15/2023(b) | 929,000 | 947,580 | ||
Sophia L.P./Sophia Finance, Inc., 9.00%, 09/30/2023(b) | 824,000 | 850,780 | ||
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 02/01/2023(b) | 702,000 | 698,490 | ||
2,496,850 | ||||
Specialty Retail-1.20% | ||||
Group 1 Automotive, Inc., 5.25%, 12/15/2023(b) | 455,000 | 468,650 | ||
KGA Escrow, LLC, 7.50%, 08/15/2023(b) | 507,000 | 530,449 | ||
L Brands, Inc., 5.62%, 10/15/2023 | 927,000 | 977,985 | ||
Sally Holdings LLC/Sally Capital, Inc., 5.50%, 11/01/2023 | 350,000 | 356,125 | ||
Sonic Automotive, Inc., 5.00%, 05/15/2023 | 588,000 | 595,350 | ||
2,928,559 | ||||
Technology Hardware, Storage & Peripherals-2.16% | ||||
EMC Corp., 3.38%, 06/01/2023 | 1,895,000 | 1,879,833 | ||
NCR Corp., 6.37%, 12/15/2023 | 1,244,000 | 1,285,898 | ||
Xerox Corp., 4.13%, 03/15/2023 | 2,040,000 | 2,085,900 | ||
5,251,631 |
Principal Amount | Value | |||
Thrifts & Mortgage Finance-1.44% | ||||
MGIC Investment Corp., 5.75%, 08/15/2023 | $ | 1,109,000 | $ 1,215,741 | |
Nationstar Mortgage Holdings Inc., 8.13%, 07/15/2023(b) | 2,214,000 | 2,298,309 | ||
3,514,050 | ||||
Trading Companies & Distributors-0.68% | ||||
Beacon Roofing Supply, Inc., 6.38%, 10/01/2023 | 384,000 | 399,494 | ||
Univar USA, Inc., 6.75%, 07/15/2023(b) | 1,234,000 | 1,264,850 | ||
1,664,344 | ||||
Wireless Telecommunication Services-4.23% | ||||
Sprint Corp., 7.88%, 09/15/2023 | 7,991,000 | 9,009,852 | ||
VEON Holdings B.V. (Netherlands), 5.95%, 02/13/2023(b) | 1,200,000 | 1,299,864 | ||
10,309,716 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $233,533,579) | 233,498,781 | |||
Shares | ||||
Money Market Funds-3.34% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $8,148,062) | 8,148,062 | 8,148,062 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.16% (Cost $241,681,641) | 241,646,843 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-7.83% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 14,304,182 | $ 14,304,182 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 4,766,154 | ��4,768,061 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,072,205) | 19,072,243 | |||
TOTAL INVESTMENTS IN SECURITIES-106.99% (Cost $260,753,846) | 260,719,086 | |||
OTHER ASSETS LESS LIABILITIES-(6.99)% | (17,028,439) | |||
NET ASSETS-100.00% | $243,690,647 |
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) | 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 August 31, 2019 was $103,358,180, which represented 42.41% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-97.11% | ||||
Aerospace & Defense-1.68% | ||||
Bombardier, Inc. (Canada), 7.50%, 12/01/2024(b) | $ | 700,000 | $ 699,195 | |
TransDigm, Inc., 6.50%, 07/15/2024 | 919,000 | 952,314 | ||
1,651,509 | ||||
Airlines-0.28% | ||||
United Airlines Holdings, Inc., 5.00%, 02/01/2024 | 259,000 | 275,447 | ||
Auto Components-1.53% | ||||
Dana, Inc., 5.50%, 12/15/2024 | 297,000 | 304,425 | ||
Hertz Corp. (The), 5.50%, 10/15/2024(b) | 735,000 | 723,975 | ||
Tenneco, Inc., 5.38%, 12/15/2024 | 313,000 | 270,745 | ||
Tupy Overseas S.A. (Brazil), 6.62%, 07/17/2024(b) | 203,000 | 209,701 | ||
1,508,846 | ||||
Banks-0.44% | ||||
CIT Group, Inc., 4.75%, 02/16/2024 | 400,000 | 430,500 | ||
Beverages-0.36% | ||||
Simmons Foods, Inc., 5.75%, 11/01/2024(b)(c) | 370,000 | 352,425 | ||
Building Products-0.69% | ||||
Builders FirstSource, Inc., 5.63%, 09/01/2024(b) | 648,000 | 677,160 | ||
Capital Markets-0.86% | ||||
Donnelley Financial Solutions, Inc., 8.25%, 10/15/2024 | 305,000 | 316,437 | ||
MSCI, Inc., 5.25%, 11/15/2024(b) | 504,000 | 525,773 | ||
842,210 | ||||
Chemicals-1.58% | ||||
Axalta Coating Systems LLC, 4.88%, 08/15/2024(b) | 450,000 | 468,045 | ||
Cornerstone Chemical Co., 6.75%, 08/15/2024(b) | 250,000 | 231,250 | ||
INEOS Group Holdings S.A. (Luxembourg), 5.62%, 08/01/2024(b) | 300,000 | 306,693 | ||
Valvoline, Inc., 5.50%, 07/15/2024 | 250,000 | 261,250 | ||
WR Grace & Co.-Conn, 5.62%, 10/01/2024(b) | 263,000 | 285,355 | ||
1,552,593 | ||||
Commercial Services & Supplies-1.67% | ||||
ACCO Brands Corp., 5.25%, 12/15/2024(b) | 400,000 | 411,500 | ||
Advanced Disposal Services, Inc., 5.63%, 11/15/2024(b) | 258,000 | 271,545 | ||
Covanta Holding Corp., 5.87%, 03/01/2024 | 258,000 | 265,740 | ||
Mobile Mini, Inc., 5.87%, 07/01/2024 | 258,000 | 268,320 | ||
Pitney Bowes, Inc., 4.63%, 03/15/2024(c) | 284,000 | 260,570 | ||
R.R. Donnelley & Sons Co., 6.00%, 04/01/2024 | 159,000 | 159,795 | ||
1,637,470 | ||||
Construction & Engineering-0.64% | ||||
AECOM, 5.88%, 10/15/2024 | 577,000 | 625,324 |
Principal Amount | Value | |||
Construction Materials-0.97% | ||||
CIMPOR Financial Operations B.V. (Brazil), 5.75%, 07/17/2024(b)(c) | $ | 500,000 | $ 391,100 | |
US Concrete, Inc., 6.38%, 06/01/2024 | 534,000 | 562,035 | ||
953,135 | ||||
Consumer Finance-2.25% | ||||
Ally Financial, Inc., 5.13%, 09/30/2024 | 577,000 | 648,404 | ||
Enova International, Inc., 8.50%, 09/01/2024(b) | 350,000 | 338,625 | ||
FirstCash, Inc., 5.38%, 06/01/2024(b) | 206,000 | 214,755 | ||
Navient Corp. | ||||
6.12%, 03/25/2024 | 587,000 | 625,889 | ||
5.87%, 10/25/2024 | 359,000 | 379,459 | ||
2,207,132 | ||||
Containers & Packaging-1.94% | ||||
Graphic Packaging International, LLC, 4.13%, 08/15/2024(c) | 200,000 | 207,000 | ||
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024(b) | 1,219,000 | 1,257,094 | ||
Sealed Air Corp., 5.12%, 12/01/2024(b) | 408,000 | 439,110 | ||
1,903,204 | ||||
Diversified Consumer Services-1.59% | ||||
Cengage Learning, Inc., 9.50%, 06/15/2024(b)(c) | 460,000 | 428,950 | ||
Service Corp. International, 5.37%, 05/15/2024 | 576,000 | 595,008 | ||
ServiceMaster Co., LLC (The), 5.13%, 11/15/2024(b) | 514,000 | 540,795 | ||
1,564,753 | ||||
Diversified Financial Services-2.08% | ||||
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 5.88%, 10/15/2024(b) | 200,000 | 182,500 | ||
Freedom Mortgage Corp., 8.12%, 11/15/2024(b) | 250,000 | 218,750 | ||
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.25%, 08/15/2024(b) | 400,000 | 399,000 | ||
Lions Gate Capital Holdings LLC, 5.87%, 11/01/2024(b) | 350,000 | 365,750 | ||
Stena International S.A. (Sweden), 5.75%, 03/01/2024(b) | 200,000 | 199,500 | ||
Washington Prime Group L.P., 6.45%, 08/15/2024(c) | 700,000 | 676,200 | ||
2,041,700 | ||||
Diversified Telecommunication Services-4.66% | ||||
Altice Finco S.A. (Luxembourg), 8.12%, 01/15/2024(b) | 400,000 | 415,000 | ||
Altice France S.A. (France), 6.25%, 05/15/2024(b) | 654,000 | 676,674 | ||
CenturyLink, Inc.,Series Y, 7.50%, 04/01/2024(c) | 707,000 | 786,523 | ||
Cincinnati Bell, Inc., 7.00%, 07/15/2024(b) | 459,000 | 421,133 | ||
CommScope, Inc., 5.50%, 06/15/2024(b) | 506,000 | 481,333 | ||
Inmarsat Finance PLC (United Kingdom), 6.50%, 10/01/2024(b) | 400,000 | 421,500 | ||
Level 3 Financing, Inc., 5.38%, 01/15/2024 | 727,000 | 741,540 |
Principal Amount | Value | |||
Diversified Telecommunication Services-(continued) | ||||
ORBCOMM, Inc., 8.00%, 04/01/2024(b) | $ | 200,000 | $ 207,500 | |
VEON Holdings B.V. (Netherlands), 4.95%, 06/16/2024(b) | 400,000 | 424,600 | ||
4,575,803 | ||||
Electric Utilities-0.42% | ||||
NextEra Energy Operating Partners, L.P., 4.25%, 09/15/2024(b) | 400,000 | 416,300 | ||
Electrical Equipment-1.00% | ||||
Sensata Technologies B.V., 5.63%, 11/01/2024(b) | 387,000 | 421,830 | ||
Vertiv Group Corp., 9.25%, 10/15/2024(b) | 587,000 | 557,650 | ||
979,480 | ||||
Electronic Equipment, Instruments & Components-0.58% | ||||
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024 | 522,000 | 570,937 | ||
Energy Equipment & Services-1.07% | ||||
McDermott Technology Americas Inc. / McDermott Technology US Inc., 10.62%, 05/01/2024(b)(c) | 900,000 | 639,000 | ||
Oceaneering International, Inc., 4.65%, 11/15/2024 | 250,000 | 240,577 | ||
Rowan Cos., Inc., 4.75%, 01/15/2024(c) | 260,000 | 169,000 | ||
1,048,577 | ||||
Entertainment-0.82% | ||||
Live Nation Entertainment, Inc., 4.87%, 11/01/2024(b) | 402,000 | 417,577 | ||
Netflix, Inc., 5.75%, 03/01/2024(c) | 258,000 | 284,123 | ||
WMG Acquisition Corp., 4.88%, 11/01/2024(b) | 100,000 | 103,750 | ||
805,450 | ||||
Equity REITs-3.31% | ||||
GEO Group, Inc. (The), 5.87%, 10/15/2024 | 259,000 | 229,215 | ||
Iron Mountain, Inc., 5.75%, 08/15/2024 | 714,000 | 724,710 | ||
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 5.63%, 05/01/2024 | 742,000 | 813,417 | ||
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(b)(c) | 459,000 | 307,760 | ||
SBA Communications Corp., 4.88%, 09/01/2024 | 759,000 | 788,411 | ||
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 7.12%, 12/15/2024(b) | 459,000 | 387,855 | ||
3,251,368 | ||||
Food & Staples Retailing-1.85% | ||||
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.62%, 06/15/2024 | 1,067,000 | 1,123,017 | ||
Performance Food Group, Inc., 5.50%, 06/01/2024(b) | 258,000 | 264,773 | ||
US Foods, Inc., 5.88%, 06/15/2024(b) | 415,000 | 430,554 | ||
1,818,344 | ||||
Food Products-3.07% | ||||
JBS USA LUX S.A./JBS USA Finance, Inc. | ||||
5.87%, 07/15/2024(b) | 614,000 | 633,571 | ||
6.50%, 04/15/2029(b) | 1,200,000 | 1,332,000 |
Principal Amount | Value | |||
Food Products-(continued) | ||||
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024(b) | $ | 600,000 | $ 630,246 | |
TreeHouse Foods, Inc., 6.00%, 02/15/2024(b) | 407,000 | 423,789 | ||
3,019,606 | ||||
Gas Utilities-0.97% | ||||
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024 | 458,000 | 488,342 | ||
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., 5.50%, 06/01/2024 | 459,000 | 468,180 | ||
956,522 | ||||
Health Care Equipment & Supplies-0.23% | ||||
Teleflex, Inc., 5.25%, 06/15/2024 | 219,000 | 225,844 | ||
Health Care Providers & Services-6.02% | ||||
Acadia Healthcare Co., Inc., 6.50%, 03/01/2024 | 258,000 | 267,675 | ||
AMN Healthcare, Inc., 5.12%, 10/01/2024(b) | 300,000 | 309,000 | ||
Community Health Systems, Inc., 8.62%, 01/15/2024(b) | 850,000 | 852,125 | ||
DaVita, Inc., 5.13%, 07/15/2024 | 1,219,000 | 1,243,026 | ||
Encompass Health Corp., 5.75%, 11/01/2024 | 755,000 | 767,269 | ||
MPH Acquisition Holdings LLC, 7.12%, 06/01/2024(b) | 1,079,000 | 969,816 | ||
Tenet Healthcare Corp., 4.63%, 07/15/2024 | 1,456,000 | 1,503,320 | ||
5,912,231 | ||||
Hotels, Restaurants & Leisure-7.76% | ||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.25%, 05/15/2024(b) | 1,069,000 | 1,106,158 | ||
Aramark Services, Inc., 5.13%, 01/15/2024 | 627,000 | 648,042 | ||
Carlson Travel, Inc., 9.50%, 12/15/2024(b) | 200,000 | 201,000 | ||
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/2024 | 295,000 | 304,956 | ||
Diamond Resorts International, Inc., 10.75%, 09/01/2024(b) | 407,000 | 411,070 | ||
Enterprise Development Authority (The), 12.00%, 07/15/2024(b) | 300,000 | 337,710 | ||
Gateway Casinos & Entertainment Ltd. (Canada), 8.25%, 03/01/2024(b) | 177,000 | 184,965 | ||
Golden Nugget Inc., 6.75%, 10/15/2024(b) | 1,100,000 | 1,127,500 | ||
Hilton Domestic Operating Co., Inc., 4.25%, 09/01/2024 | 684,000 | 699,390 | ||
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.12%, 12/01/2024 | 200,000 | 213,500 | ||
Jacobs Entertainment, Inc., 7.87%, 02/01/2024(b) | 300,000 | 319,500 | ||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.00%, 06/01/2024(b) | 758,000 | 785,478 | ||
Mohegan Gaming & Entertainment, 7.87%, 10/15/2024(b)(c) | 359,000 | 348,517 |
Principal Amount | Value | |||
Hotels, Restaurants & Leisure-(continued) | ||||
Six Flags Entertainment Corp., 4.88%, 07/31/2024(b) | $ | 702,000 | $ 728,325 | |
Wyndham Destinations, Inc., 5.40%, 04/01/2024 | 200,000 | 210,938 | ||
7,627,049 | ||||
Household Durables-1.18% | ||||
Prestige Brands, Inc., 6.37%, 03/01/2024(b) | 459,000 | 483,097 | ||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024(b) | 280,000 | 295,400 | ||
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.87%, 06/15/2024 | 358,000 | 385,745 | ||
1,164,242 | ||||
Household Products-0.79% | ||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 7.00%, 07/15/2024(b) | 569,000 | 589,271 | ||
Spectrum Brands, Inc., 6.13%, 12/15/2024 | 177,000 | 184,522 | ||
773,793 | ||||
Independent Power and Renewable Electricity Producers-2.37% | ||||
Calpine Corp. | ||||
5.87%, 01/15/2024(b) | 338,000 | 346,065 | ||
5.50%, 02/01/2024 | 514,000 | 519,777 | ||
Clearway Energy Operating LLC, 5.38%, 08/15/2024 | 459,000 | 472,196 | ||
NRG Energy, Inc., 5.25%, 06/15/2029(b) | 700,000 | 747,824 | ||
Pattern Energy Group, Inc., 5.87%, 02/01/2024(b) | 235,000 | 244,400 | ||
2,330,262 | ||||
Industrial Conglomerates-0.38% | ||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.75%, 02/01/2024 | 358,000 | 375,900 | ||
Interactive Media & Services-0.49% | ||||
Match Group, Inc. | ||||
6.37%, 06/01/2024 | 199,000 | 210,443 | ||
5.63%, 02/15/2029(b) | 250,000 | 271,875 | ||
482,318 | ||||
IT Services-0.96% | ||||
GTT Communications, Inc., 7.88%, 12/31/2024(b) | 359,000 | 229,760 | ||
Rackspace Hosting, Inc., 8.62%, 11/15/2024(b)(c) | 769,000 | 709,402 | ||
939,162 | ||||
Life Sciences Tools & Services-1.37% | ||||
Avantor, Inc., 6.00%, 10/01/2024(b) | 1,250,000 | 1,343,750 | ||
Machinery-2.14% | ||||
Allison Transmission, Inc., 5.00%, 10/01/2024(b) | 687,000 | 708,108 | ||
Amsted Industries, Inc., 5.38%, 09/15/2024(b) | 208,000 | 214,760 | ||
Cloud Crane LLC, 10.12%, 08/01/2024(b) | 427,000 | 460,092 | ||
JPW Industries Holding Corp., 9.00%, 10/01/2024(b) | 150,000 | 145,125 |
Principal Amount | Value | |||
Machinery-(continued) | ||||
Meritor, Inc., 6.25%, 02/15/2024 | $ | 300,000 | $ 308,625 | |
SPX FLOW, Inc., 5.62%, 08/15/2024(b) | 258,000 | 270,578 | ||
2,107,288 | ||||
Marine-0.30% | ||||
Stena AB (Sweden), 7.00%, 02/01/2024(b)(c) | 300,000 | 295,500 | ||
Media-12.09% | ||||
AMC Networks, Inc., 5.00%, 04/01/2024 | 707,000 | 729,977 | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||
5.75%, 01/15/2024 | 614,000 | 629,350 | ||
5.87%, 04/01/2024(b) | 1,360,000 | 1,419,500 | ||
CSC Holdings, LLC | ||||
5.25%, 06/01/2024 | 537,000 | 575,933 | ||
6.50%, 02/01/2029(b) | 1,400,000 | 1,571,500 | ||
DISH DBS Corp., 5.87%, 11/15/2024 | 1,629,000 | 1,555,776 | ||
Entercom Media Corp., 7.25%, 11/01/2024(b)(c) | 300,000 | 306,375 | ||
Gray Television, Inc., 5.13%, 10/15/2024(b) | 332,000 | 343,620 | ||
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.87%, 05/15/2024(b) | 259,000 | 234,395 | ||
MDC Partners, Inc., 6.50%, 05/01/2024(b) | 760,000 | 695,400 | ||
Nexstar Broadcasting, Inc., 5.62%, 08/01/2024(b) | 617,000 | 643,222 | ||
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.63%, 02/15/2024 | 300,000 | 310,125 | ||
Sinclair Television Group, Inc., 5.62%, 08/01/2024(b) | 359,000 | 370,668 | ||
Sirius XM Radio, Inc., 4.63%, 07/15/2024(b) | 1,200,000 | 1,255,500 | ||
TEGNA, Inc., 5.50%, 09/15/2024(b) | 321,000 | 330,630 | ||
Videotron Ltd. (Canada), 5.38%, 06/15/2024(b) | 458,000 | 496,358 | ||
Virgin Media Finance PLC (United Kingdom), 6.00%, 10/15/2024(b) | 400,000 | 414,500 | ||
11,882,829 | ||||
Metals & Mining-4.05% | ||||
Alcoa Nederland Holding B.V., 6.75%, 09/30/2024(b) | 530,000 | 557,825 | ||
Cleveland-Cliffs, Inc., 4.88%, 01/15/2024(b) | 200,000 | 204,500 | ||
Coeur Mining, Inc., 5.87%, 06/01/2024 | 259,000 | 259,554 | ||
Compass Minerals International, Inc., 4.88%, 07/15/2024(b) | 65,000 | 63,212 | ||
Constellium N.V., 5.75%, 05/15/2024(b) | 300,000 | 309,750 | ||
Freeport-McMoRan, Inc., 4.55%, 11/14/2024 | 587,000 | 594,226 | ||
Kaiser Aluminum Corp., 5.87%, 05/15/2024 | 343,000 | 356,720 | ||
Novelis Corp., 6.25%, 08/15/2024(b) | 792,000 | 831,600 | ||
Steel Dynamics, Inc., 5.50%, 10/01/2024 | 525,000 | 542,325 | ||
Warrior Met Coal, Inc., 8.00%, 11/01/2024(b)(c) | 250,000 | 261,094 | ||
3,980,806 | ||||
Oil, Gas & Consumable Fuels-7.17% | ||||
Baytex Energy Corp. (Canada), 5.63%, 06/01/2024(b) | 259,000 | 242,165 | ||
Callon Petroleum Co., 6.12%, 10/01/2024 | 497,000 | 484,575 | ||
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024 | 1,050,000 | 1,214,063 | ||
Energy Transfer Operating, L.P., 5.88%, 01/15/2024 | 769,000 | 860,965 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
Extraction Oil & Gas, Inc., 7.37%, 05/15/2024(b) | $ | 200,000 | $ 151,000 | |
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024 | 259,000 | 248,640 | ||
Gulfport Energy Corp., 6.00%, 10/15/2024 | 514,000 | 376,505 | ||
Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.00%, 12/01/2024(b) | 350,000 | 324,625 | ||
Holly Energy Partners L.P./Holly Energy Finance Corp., 6.00%, 08/01/2024(b) | 350,000 | 368,550 | ||
MEG Energy Corp. (Canada), 7.00%, 03/31/2024(b) | 700,000 | 669,375 | ||
Parsley Energy, LLC/Parsley Finance Corp., 6.25%, 06/01/2024(b) | 258,000 | 268,320 | ||
PDC Energy, Inc., 6.12%, 09/15/2024 | 300,000 | 300,000 | ||
SM Energy Co., 5.00%, 01/15/2024 | 335,000 | 294,800 | ||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.87%, 01/15/2029(b) | 700,000 | 775,250 | ||
WPX Energy, Inc., 5.25%, 09/15/2024 | 458,000 | 467,160 | ||
7,045,993 | ||||
Paper & Forest Products-0.91% | ||||
Boise Cascade Co., 5.62%, 09/01/2024(b) | 400,000 | 417,000 | ||
Louisiana-Pacific Corp., 4.88%, 09/15/2024 | 258,000 | 266,385 | ||
Mercer International, Inc. (Germany), 6.50%, 02/01/2024 | 200,000 | 206,750 | ||
890,135 | ||||
Pharmaceuticals-1.71% | ||||
Bausch Health Cos., Inc., 7.00%, 03/15/2024(b) | 1,591,000 | 1,684,328 | ||
Real Estate Management & Development-0.80% | ||||
Kennedy-Wilson, Inc., 5.88%, 04/01/2024 | 769,000 | 791,109 | ||
Road & Rail-0.27% | ||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 6.38%, 04/01/2024(b) | 258,000 | 270,900 | ||
Software-3.02% | ||||
Camelot Finance S.A., 7.87%, 10/15/2024(b) | 387,000 | 405,383 | ||
CDK Global, Inc., 5.00%, 10/15/2024 | 463,000 | 488,465 | ||
EIG Investors Corp., 10.87%, 02/01/2024 | 257,000 | 271,456 | ||
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Holdings II LLC, 10.00%, 11/30/2024(b) | 657,000 | 711,202 | ||
Nuance Communications, Inc., 6.00%, 07/01/2024 | 202,000 | 210,838 | ||
RP Crown Parent LLC, 7.38%, 10/15/2024(b) | 300,000 | 313,413 | ||
Veritas US, Inc./Veritas Bermuda Ltd., 10.50%, 02/01/2024(b)(c) | 601,000 | 567,945 | ||
2,968,702 | ||||
Specialty Retail-1.01% | ||||
Asbury Automotive Group, Inc., 6.00%, 12/15/2024 | 587,000 | 609,746 | ||
Penske Automotive Group, Inc., 5.37%, 12/01/2024 | 206,000 | 212,953 | ||
Signet UK Finance PLC, 4.70%, 06/15/2024 | 200,000 | 174,000 | ||
996,699 |
Principal Amount | Value | |||
Technology Hardware, Storage & Peripherals-1.42% | ||||
Dell International LLC/EMC Corp., 7.13%, 06/15/2024(b) | $ | 1,100,000 | $ 1,159,647 | |
Diebold Nixdorf, Inc., 8.50%, 04/15/2024(c) | 250,000 | 234,688 | ||
1,394,335 | ||||
Textiles, Apparel & Luxury Goods-1.15% | ||||
FXI Holdings, Inc., 7.87%, 11/01/2024(b) | 500,000 | 445,000 | ||
Hanesbrands, Inc., 4.63%, 05/15/2024(b) | 652,000 | 685,415 | ||
1,130,415 | ||||
Thrifts & Mortgage Finance-0.32% | ||||
Radian Group, Inc., 4.50%, 10/01/2024 | 300,000 | 311,250 | ||
Trading Companies & Distributors-0.70% | ||||
BMC East, LLC, 5.50%, 10/01/2024(b) | 400,000 | 416,500 | ||
WESCO Distribution, Inc., 5.38%, 06/15/2024 | 258,000 | 267,675 | ||
684,175 | ||||
Wireless Telecommunication Services-2.19% | ||||
Sprint Corp., 7.13%, 06/15/2024 | 1,943,000 | 2,152,766 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $94,581,233) | 95,427,576 | |||
Shares | ||||
Money Market Funds-1.36% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $1,336,166) | 1,336,166 | 1,336,166 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.47% (Cost $95,917,399) | 96,763,742 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-5.00% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 3,683,100 | 3,683,100 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 1,227,209 | 1,227,700 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,910,800) | 4,910,800 | |||
TOTAL INVESTMENTS IN SECURITIES-103.47% (Cost $100,828,199) | 101,674,542 | |||
OTHER ASSETS LESS LIABILITIES-(3.47)% | (3,413,432) | |||
NET ASSETS-100.00% | $98,261,110 |
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) | 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 August 31, 2019 was $55,374,779, which represented 56.35% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.01% | ||||
Aerospace & Defense-1.69% | ||||
Bombardier, Inc. (Canada), 7.50%, 03/15/2025(b) | $ | 641,000 | $ 626,577 | |
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/2025(b) | 100,000 | 107,500 | ||
TransDigm, Inc., 6.50%, 05/15/2025 | 286,000 | 299,228 | ||
Triumph Group, Inc., 7.75%, 08/15/2025(c) | 250,000 | 251,250 | ||
1,284,555 | ||||
Auto Components-0.19% | ||||
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b) | 144,000 | 147,600 | ||
Automobiles-1.31% | ||||
American Axle & Manufacturing, Inc., 6.25%, 04/01/2025(c) | 294,000 | 277,457 | ||
Tesla, Inc., 5.30%, 08/15/2025(b)(c) | 800,000 | 717,000 | ||
994,457 | ||||
Banks-0.30% | ||||
CIT Group, Inc., 5.25%, 03/07/2025 | 200,000 | 224,500 | ||
Beverages-0.47% | ||||
Cott Holdings, Inc. (Canada), 5.50%, 04/01/2025(b) | 344,000 | 359,920 | ||
Building Products-0.26% | ||||
JELD-WEN, Inc., 4.63%, 12/15/2025(b) | 200,000 | 196,500 | ||
Capital Markets-0.86% | ||||
MSCI, Inc., 5.75%, 08/15/2025(b) | 346,000 | 365,030 | ||
NFP Corp., 6.88%, 07/15/2025(b) | 284,000 | 284,355 | ||
649,385 | ||||
Chemicals-3.69% | ||||
Alpha 3 B.V./Alpha US Bidco, Inc. (United Kingdom), 6.25%, 02/01/2025(b) | 200,000 | 199,500 | ||
Chemours Co. (The), 7.00%, 05/15/2025 | 337,000 | 333,630 | ||
Consolidated Energy Finance S.A. (Switzerland), 6.87%, 06/15/2025(b) | 206,000 | 211,150 | ||
Element Solutions, Inc., 5.87%, 12/01/2025(b) | 400,000 | 419,500 | ||
Koppers, Inc., 6.00%, 02/15/2025(b) | 223,000 | 217,982 | ||
Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.00%, 04/15/2025(b)(c) | 146,000 | 152,023 | ||
PQ Corp., 5.75%, 12/15/2025(b) | 100,000 | 103,000 | ||
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/2025(b) | 299,000 | 282,555 | ||
SPCM S.A. (France), 4.88%, 09/15/2025(b) | 200,000 | 205,000 | ||
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.37%, 09/01/2025(b) | 200,000 | 188,500 | ||
Tronox Finance PLC, 5.75%, 10/01/2025(b) | 150,000 | 139,688 | ||
Valvoline, Inc., 4.38%, 08/15/2025 | 250,000 | 253,750 | ||
Venator Finance S.a.r.l./Venator Materials LLC, 5.75%, 07/15/2025(b)(c) | 111,000 | 93,251 | ||
2,799,529 | ||||
Commercial Services & Supplies-1.99% | ||||
Aptim Corp., 7.75%, 06/15/2025(b)(c) | 54,000 | 37,733 | ||
Core & Main L.P., 6.12%, 08/15/2025(b) | 200,000 | 204,000 | ||
Covanta Holding Corp., 5.87%, 07/01/2025 | 170,000 | 177,862 |
Principal Amount | Value | |||
Commercial Services & Supplies-(continued) | ||||
KAR Auction Services, Inc., 5.13%, 06/01/2025(b) | $ | 437,000 | $ 452,295 | |
Matthews International Corp., 5.25%, 12/01/2025(b) | 100,000 | 95,500 | ||
Ritchie Bros Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b) | 144,000 | 150,660 | ||
West Corp., 8.50%, 10/15/2025(b) | 500,000 | 390,000 | ||
1,508,050 | ||||
Communications Equipment-1.16% | ||||
CommScope Technologies LLC, 6.00%, 06/15/2025(b) | 643,000 | 577,092 | ||
ViaSat, Inc., 5.63%, 09/15/2025(b) | 300,000 | 303,750 | ||
880,842 | ||||
Construction & Engineering-0.44% | ||||
Shea Homes L.P./Shea Homes Funding Corp., 6.13%, 04/01/2025(b) | 135,000 | 140,400 | ||
Tutor Perini Corp., 6.87%, 05/01/2025(b)(c) | 209,000 | 195,156 | ||
335,556 | ||||
Construction Materials-0.13% | ||||
Summit Materials LLC/Summit Materials Finance Corp., 5.13%, 06/01/2025(b) | 100,000 | 102,750 | ||
Consumer Finance-2.49% | ||||
Ally Financial, Inc. | ||||
4.63%, 03/30/2025 | 261,000 | 286,774 | ||
5.75%, 11/20/2025 | 394,000 | 452,608 | ||
Curo Group Holdings Corp., 8.25%, 09/01/2025(b) | 300,000 | 262,500 | ||
Navient Corp., 6.75%, 06/25/2025 | 244,000 | 262,910 | ||
Springleaf Finance Corp., 6.87%, 03/15/2025 | 550,000 | 624,937 | ||
1,889,729 | ||||
Containers & Packaging-4.41% | ||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), 6.00%, 02/15/2025(b) | 851,000 | 890,891 | ||
Ball Corp., 5.25%, 07/01/2025 | 444,000 | 499,500 | ||
Flex Acquisition Co., Inc., 6.87%, 01/15/2025(b) | 266,000 | 240,730 | ||
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025(b) | 686,000 | 657,702 | ||
Owens-Brockway Glass Container, Inc. | ||||
5.38%, 01/15/2025(b) | 120,000 | 124,650 | ||
6.37%, 08/15/2025(b) | 100,000 | 107,500 | ||
Pactiv LLC, 7.95%, 12/15/2025 | 111,000 | 120,158 | ||
Plastipak Holdings, Inc., 6.25%, 10/15/2025(b)(c) | 150,000 | 137,250 | ||
Sealed Air Corp., 5.50%, 09/15/2025(b) | 300,000 | 326,250 | ||
Silgan Holdings, Inc., 4.75%, 03/15/2025 | 120,000 | 123,762 | ||
Smurfit Kappa Treasury Funding DAC (Ireland), 7.50%, 11/20/2025 | 100,000 | 118,750 | ||
3,347,143 | ||||
Diversified Consumer Services-1.29% | ||||
Garda World Security Corp. (Canada), 8.75%, 05/15/2025(b) | 293,000 | 303,706 |
Principal Amount | Value | |||
Diversified Consumer Services-(continued) | ||||
Laureate Education, Inc., 8.25%, 05/01/2025(b) | $ | 394,000 | $ 430,937 | |
Sotheby’s, 4.88%, 12/15/2025(b) | 150,000 | 154,500 | ||
Weight Watchers International, Inc., 8.62%, 12/01/2025(b) | 87,000 | 87,653 | ||
976,796 | ||||
Diversified Financial Services-1.94% | ||||
Freedom Mortgage Corp., 8.25%, 04/15/2025(b) | 250,000 | 218,750 | ||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/01/2025(b) | 150,000 | 153,375 | ||
LPL Holdings, Inc., 5.75%, 09/15/2025(b) | 394,000 | 415,670 | ||
NSG Holdings LLC /NSG Holdings Inc., 7.75%, 12/15/2025(b) | 72,593 | 78,219 | ||
Provident Funding Associates L.P. / PFG Finance Corp., 6.38%, 06/15/2025(b) | 140,000 | 136,850 | ||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/2025(b) | 287,000 | 296,270 | ||
Trident TPI Holdings, Inc., 6.62%, 11/01/2025(b) | 100,000 | 86,750 | ||
Werner FinCo L.P./Werner FinCo Inc., 8.75%, 07/15/2025(b) | 100,000 | 86,250 | ||
1,472,134 | ||||
Diversified Telecommunication Services-3.46% | ||||
Altice Finco S.A. (Luxembourg), 7.62%, 02/15/2025(b) | 300,000 | 310,125 | ||
CenturyLink, Inc., 5.63%, 04/01/2025(c) | 194,000 | 198,850 | ||
Cincinnati Bell, Inc., 8.00%, 10/15/2025(b) | 100,000 | 88,278 | ||
GCI, LLC, 6.87%, 04/15/2025 | 149,000 | 157,195 | ||
Intelsat Jackson Holdings S.A. (Luxembourg), 9.75%, 07/15/2025(b) | 877,000 | 904,406 | ||
Level 3 Financing, Inc., 5.38%, 05/01/2025 | 384,000 | 400,320 | ||
Virgin Media Finance PLC (United Kingdom), 5.75%, 01/15/2025(b) | 200,000 | 208,692 | ||
Zayo Group LLC/Zayo Capital, Inc., 6.37%, 05/15/2025 | 346,000 | 357,245 | ||
2,625,111 | ||||
Electric Utilities-0.56% | ||||
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b) | 200,000 | 207,500 | ||
Talen Energy Supply, LLC, 6.50%, 06/01/2025 | 287,000 | 219,555 | ||
427,055 | ||||
Electrical Equipment-0.41% | ||||
Sensata Technologies B.V., 5.00%, 10/01/2025(b) | 294,000 | 313,110 | ||
Electronic Equipment, Instruments & Components-0.52% | ||||
CDW LLC/CDW Finance Corp., 5.00%, 09/01/2025 | 194,000 | 203,336 | ||
TTM Technologies, Inc., 5.63%, 10/01/2025(b) | 198,000 | 193,545 | ||
396,881 | ||||
Energy Equipment & Services-0.90% | ||||
CSI Compressco L.P. / CSI Compressco Finance Inc., 7.50%, 04/01/2025(b) | 100,000 | 98,250 |
Principal Amount | Value | |||
Energy Equipment & Services-(continued) | ||||
Diamond Offshore Drilling, Inc., 7.87%, 08/15/2025 | $ | 200,000 | $ 185,060 | |
Exterran Energy Solutions L.P. / EES Finance Corp., 8.12%, 05/01/2025 | 100,000 | 100,937 | ||
Rowan Cos., Inc., 7.38%, 06/15/2025 | 144,000 | 91,440 | ||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.13%, 02/01/2025 | 200,000 | 206,000 | ||
681,687 | ||||
Entertainment-1.00% | ||||
AMC Entertainment Holdings, Inc., 5.75%, 06/15/2025(c) | 394,000 | 375,778 | ||
Netflix, Inc., 5.88%, 02/15/2025 | 344,000 | 380,550 | ||
756,328 | ||||
Equity REITs-1.81% | ||||
CTR Partnership L.P. / CareTrust Capital Corp., 5.25%, 06/01/2025 | 100,000 | 103,268 | ||
ESH Hospitality, Inc., 5.25%, 05/01/2025(b) | 587,000 | 608,278 | ||
FelCor Lodging L.P., 6.00%, 06/01/2025 | 181,000 | 188,919 | ||
Mattamy Group Corp. (Canada), 6.50%, 10/01/2025(b) | 300,000 | 319,500 | ||
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.87%, 03/15/2025 | 150,000 | 155,625 | ||
1,375,590 | ||||
Food & Staples Retailing-1.01% | ||||
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.75%, 03/15/2025 | 637,000 | 656,110 | ||
Dole Food Co., Inc., 7.25%, 06/15/2025(b) | 113,000 | 109,610 | ||
765,720 | ||||
Food Products-1.79% | ||||
B&G Foods, Inc., 5.25%, 04/01/2025 | 494,000 | 502,793 | ||
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/2025(b)(c) | 208,000 | 192,920 | ||
Clearwater Seafoods, Inc. (Canada), 6.87%, 05/01/2025(b) | 100,000 | 102,125 | ||
Post Holdings, Inc., 5.50%, 03/01/2025(b) | 537,000 | 563,850 | ||
1,361,688 | ||||
Gas Utilities-0.90% | ||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025 | 344,000 | 365,500 | ||
NGL Energy Partners L.P./NGL Energy Finance Corp., 6.13%, 03/01/2025 | 170,000 | 165,750 | ||
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., 5.75%, 03/01/2025 | 150,000 | 153,000 | ||
684,250 | ||||
Health Care Equipment & Supplies-0.75% | ||||
Hill-Rom Holdings, Inc., 5.00%, 02/15/2025(b) | 100,000 | 103,250 | ||
Hologic, Inc., 4.38%, 10/15/2025(b) | 450,000 | 462,375 | ||
565,625 | ||||
Health Care Providers & Services-6.78% | ||||
Centene Corp., 4.75%, 01/15/2025 | 544,000 | 565,760 | ||
DaVita, Inc., 5.00%, 05/01/2025 | 657,000 | 660,285 | ||
Encompass Health Corp., 5.75%, 09/15/2025 | 114,000 | 120,413 |
Principal Amount | Value | |||
Health Care Providers & Services-(continued) | ||||
HCA, Inc. | ||||
5.37%, 02/01/2025 | $ | 1,226,000 | $1,363,925 | |
7.69%, 06/15/2025 | 100,000 | 120,250 | ||
Molina Healthcare, Inc., 4.88%, 06/15/2025(b) | 150,000 | 153,563 | ||
Surgery Center Holdings, Inc., 6.75%, 07/01/2025(b) | 144,000 | 123,929 | ||
Team Health Holdings, Inc., 6.37%, 02/01/2025(b)(c) | 287,000 | 193,725 | ||
Tenet Healthcare Corp. | ||||
5.13%, 05/01/2025 | 737,000 | 740,685 | ||
7.00%, 08/01/2025 | 250,000 | 253,437 | ||
WellCare Health Plans, Inc., 5.25%, 04/01/2025 | 513,000 | 539,060 | ||
West Street Merger Sub, Inc., 6.37%, 09/01/2025(b) | 350,000 | 313,355 | ||
5,148,387 | ||||
Health Care Technology-0.58% | ||||
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/2025(b) | 437,000 | 441,462 | ||
Hotels, Restaurants & Leisure-8.64% | ||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.00%, 10/15/2025(b) | 1,300,000 | 1,345,500 | ||
Aramark Services, Inc., 5.00%, 04/01/2025(b) | 217,000 | 224,736 | ||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/2025(b) | 800,000 | 816,000 | ||
Constellation Merger Sub, Inc., 8.50%, 09/15/2025(b) | 150,000 | 128,250 | ||
Eldorado Resorts, Inc., 6.00%, 04/01/2025 | 486,000 | 517,590 | ||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/2025 | 340,000 | 351,900 | ||
International Game Technology PLC, 6.50%, 02/15/2025(b) | 600,000 | 661,500 | ||
MGM Resorts International, 5.75%, 06/15/2025 | 400,000 | 442,512 | ||
Scientific Games International, Inc., 5.00%, 10/15/2025(b) | 650,000 | 673,231 | ||
Station Casinos LLC, 5.00%, 10/01/2025(b) | 200,000 | 204,520 | ||
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.87%, 05/15/2025(b) | 144,000 | 142,920 | ||
Wyndham Destinations, Inc., 6.35%, 10/01/2025 | 100,000 | 110,125 | ||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b) | 886,000 | 936,945 | ||
6,555,729 | ||||
Household Durables-1.34% | ||||
American Greetings Corp., 8.75%, 04/15/2025(b) | 100,000 | 93,250 | ||
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.75%, 08/01/2025(b) | 100,000 | 99,500 | ||
Beazer Homes USA, Inc., 6.75%, 03/15/2025 | 100,000 | 101,125 | ||
Brookfield Residential Properties, Inc. (Canada), 6.37%, 05/15/2025(b) | 100,000 | 102,000 | ||
Century Communities, Inc., 5.88%, 07/15/2025 | 100,000 | 103,470 | ||
M/I Homes, Inc., 5.63%, 08/01/2025 | 75,000 | 78,000 |
Principal Amount | Value | |||
Household Durables-(continued) | ||||
Meritage Homes Corp., 6.00%, 06/01/2025 | $ | 100,000 | $ 110,875 | |
Weekley Homes LLC/Weekley Finance Corp., 6.62%, 08/15/2025 | 75,000 | 75,375 | ||
William Lyon Homes, Inc., 5.87%, 01/31/2025 | 250,000 | 253,750 | ||
1,017,345 | ||||
Household Products-0.97% | ||||
Energizer Holdings, Inc., 5.50%, 06/15/2025(b) | 262,000 | 266,074 | ||
Spectrum Brands, Inc., 5.75%, 07/15/2025 | 447,000 | 467,115 | ||
733,189 | ||||
Independent Power and Renewable Electricity Producers-1.35% | ||||
AES Corp. (The), 5.50%, 04/15/2025 | 199,000 | 208,209 | ||
Calpine Corp., 5.75%, 01/15/2025 | 637,000 | 648,944 | ||
TerraForm Power Operating, LLC, 6.63%, 06/15/2025(b) | 155,000 | 164,300 | ||
1,021,453 | ||||
Industrial Conglomerates-1.00% | ||||
Brand Industrial Services, Inc., 8.50%, 07/15/2025(b)(c) | 436,000 | 386,405 | ||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025 | 350,000 | 371,437 | ||
757,842 | ||||
Insurance-1.48% | ||||
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/2025(b) | 400,000 | 370,384 | ||
AssuredPartners, Inc., 7.00%, 08/15/2025(b) | 244,000 | 244,610 | ||
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025(b) | 250,000 | 266,250 | ||
USI, Inc., 6.87%, 05/01/2025(b) | 244,000 | 243,390 | ||
1,124,634 | ||||
IT Services-1.03% | ||||
Booz Allen Hamilton, Inc., 5.13%, 05/01/2025(b) | 150,000 | 154,875 | ||
Cardtronics Inc. / Cardtronics USA, Inc., 5.50%, 05/01/2025(b) | 100,000 | 100,500 | ||
Gartner, Inc., 5.12%, 04/01/2025(b) | 500,000 | 525,620 | ||
780,995 | ||||
Leisure Products-0.88% | ||||
Mattel, Inc., 6.75%, 12/31/2025(b) | 650,000 | 669,500 | ||
Life Sciences Tools & Services-1.34% | ||||
Avantor, Inc., 9.00%, 10/01/2025(b) | 900,000 | 1,014,750 | ||
Machinery-1.32% | ||||
Navistar International Corp., 6.62%, 11/01/2025(b) | 468,000 | 476,190 | ||
Tennant Co., 5.63%, 05/01/2025 | 100,000 | 103,750 | ||
Terex Corp., 5.62%, 02/01/2025(b) | 194,000 | 197,651 | ||
TriMas Corp., 4.88%, 10/15/2025(b) | 120,000 | 121,725 | ||
Wabash National Corp., 5.50%, 10/01/2025(b) | 100,000 | 99,116 | ||
998,432 | ||||
Media-5.52% | ||||
Altice Luxembourg S.A. (Luxembourg), 7.62%, 02/15/2025(b) | 660,000 | 684,750 | ||
AMC Networks, Inc., 4.75%, 08/01/2025 | 350,000 | 358,750 |
Principal Amount | Value | |||
Media-(continued) | ||||
Block Communications, Inc., 6.87%, 02/15/2025(b) | $ | 232,000 | $ 244,760 | |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 05/01/2025(b) | 341,000 | 355,066 | ||
CSC Holdings, LLC, 6.62%, 10/15/2025(b) | 509,000 | 546,198 | ||
E.W. Scripps Co. (The), 5.13%, 05/15/2025(b) | 150,000 | 151,500 | ||
Radiate Holdco LLC/Radiate Finance Inc., 6.62%, 02/15/2025(b) | 150,000 | 149,625 | ||
Sirius XM Radio, Inc., 5.38%, 04/15/2025(b) | 547,000 | 569,564 | ||
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), 5.00%, 01/15/2025(b) | 200,000 | 207,274 | ||
Univision Communications, Inc., 5.13%, 02/15/2025(b) | 737,000 | 714,809 | ||
Ziggo Bond Co., B.V. (Netherlands), 5.87%, 01/15/2025(b) | 200,000 | 207,750 | ||
4,190,046 | ||||
Metals & Mining-2.82% | ||||
Big River Steel LLC / BRS Finance Corp., 7.25%, 09/01/2025(b) | 219,000 | 232,140 | ||
Cleveland-Cliffs, Inc., 5.75%, 03/01/2025(c) | 487,000 | 489,435 | ||
Constellium N.V., 6.63%, 03/01/2025(b) | 370,000 | 388,269 | ||
Hudbay Minerals, Inc. (Canada), 7.62%, 01/15/2025(b) | 275,000 | 280,494 | ||
IAMGOLD Corp. (Canada), 7.00%, 04/15/2025(b)(c) | 211,000 | 221,023 | ||
Steel Dynamics, Inc., 4.13%, 09/15/2025 | 120,000 | 121,500 | ||
TMS International Corp., 7.25%, 08/15/2025(b) | 75,000 | 71,813 | ||
United States Steel Corp., 6.87%, 08/15/2025(c) | 350,000 | 333,917 | ||
2,138,591 | ||||
Mortgage REITs-0.34% | ||||
Starwood Property Trust, Inc., 4.75%, 03/15/2025 | 250,000 | 256,875 | ||
Oil, Gas & Consumable Fuels-13.02% | ||||
Aker BP A.S.A (Norway), 5.87%, 03/31/2025(b) | 200,000 | 211,600 | ||
Brazos Valley Longhorn LLC/Brazos Valley Longhorn Finance Corp., 6.87%, 02/01/2025 | 450,000 | 402,750 | ||
Carrizo Oil & Gas, Inc., 8.25%, 07/15/2025 | 99,000 | 96,525 | ||
Cheniere Corpus Christi Holdings LLC, 5.87%, 03/31/2025 | 777,000 | 868,297 | ||
Cheniere Energy Partners, L.P., 5.25%, 10/01/2025 | 800,000 | 830,000 | ||
Chesapeake Energy Corp., 8.00%, 01/15/2025(c) | 486,000 | 370,575 | ||
CONSOL Energy, Inc., 11.00%, 11/15/2025(b) | 150,000 | 154,875 | ||
Covey Park Energy LLC / Covey Park Finance Corp., 7.50%, 05/15/2025(b) | 200,000 | 143,000 | ||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025 | 244,000 | 250,710 | ||
CrownRock L.P. / CrownRock Finance Inc., 5.62%, 10/15/2025(b) | 650,000 | 645,937 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
DCP Midstream Operating L.P., 5.38%, 07/15/2025 | $ | 400,000 | $ 424,000 | |
Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.75%, 05/15/2025 | 100,000 | 100,500 | ||
Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, 10/01/2025 | 200,000 | 195,500 | ||
Golden Nugget Inc., 8.75%, 10/01/2025(b) | 250,000 | 262,813 | ||
Gulfport Energy Corp., 6.37%, 05/15/2025 | 287,000 | 208,075 | ||
HighPoint Operating Corp., 8.75%, 06/15/2025 | 81,000 | 73,508 | ||
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 10/01/2025(b) | 250,000 | 234,375 | ||
MEG Energy Corp. (Canada), 6.50%, 01/15/2025(b) | 444,000 | 447,885 | ||
Murphy Oil Corp., 5.75%, 08/15/2025 | 342,000 | 347,882 | ||
Neptune Energy Bondco PLC (United Kingdom), 6.62%, 05/15/2025(b)(c) | 200,000 | 201,100 | ||
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025(b) | 100,000 | 99,250 | ||
Parsley Energy, LLC/Parsley Finance Corp. | ||||
5.38%, 01/15/2025(b) | 294,000 | 301,350 | ||
5.25%, 08/15/2025(b) | 200,000 | 204,000 | ||
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025 | 286,000 | 297,343 | ||
Peabody Energy Corp., 6.37%, 03/31/2025(b) | 161,000 | 168,144 | ||
Range Resources Corp., 4.88%, 05/15/2025(c) | 394,000 | 325,050 | ||
RBS Global Inc./ Rexnord LLC, 4.88%, 12/15/2025(b) | 250,000 | 258,750 | ||
SemGroup Corp., 6.37%, 03/15/2025 | 120,000 | 114,000 | ||
Seven Generations Energy Ltd. (Canada), 5.38%, 09/30/2025(b) | 342,000 | 328,748 | ||
SM Energy Co., 5.63%, 06/01/2025(c) | 144,000 | 123,120 | ||
Southwestern Energy Co., 6.20%, 01/23/2025 | 479,000 | 421,520 | ||
SRC Energy, Inc., 6.25%, 12/01/2025 | 250,000 | 249,063 | ||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/2025 | 144,000 | 124,229 | ||
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b) | 314,000 | 298,496 | ||
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b) | 100,000 | 96,000 | ||
9,878,970 | ||||
Paper & Forest Products-0.46% | ||||
Clearwater Paper Corp., 5.38%, 02/01/2025(b) | 150,000 | 140,250 | ||
Mercer International, Inc. (Germany), 7.37%, 01/15/2025 | 200,000 | 206,500 | ||
346,750 | ||||
Personal Products-0.27% | ||||
First Quality Finance Co., Inc., 5.00%, 07/01/2025(b) | 200,000 | 208,000 | ||
Pharmaceuticals-3.59% | ||||
Bausch Health Cos., Inc. | ||||
6.12%, 04/15/2025(b) | 1,507,000 | 1,555,978 | ||
5.50%, 11/01/2025(b) | 905,000 | 952,494 |
Principal Amount | Value | |||
Pharmaceuticals-(continued) | ||||
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 02/01/2025(b) | $ | 201,000 | $ 126,630 | |
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 5.50%, 04/15/2025(b)(c) | 187,000 | 86,604 | ||
2,721,706 | ||||
Real Estate Management & Development-1.63% | ||||
Five Point Operating Co. L.P. / Five Point Capital Corp., 7.87%, 11/15/2025(b) | 200,000 | 201,125 | ||
Greystar Real Estate Partners, LLC, 5.75%, 12/01/2025(b) | 200,000 | 205,570 | ||
Howard Hughes Corp. (The), 5.38%, 03/15/2025(b) | 474,000 | 490,590 | ||
WeWork Cos., Inc., 7.87%, 05/01/2025(b) | 330,000 | 338,250 | ||
1,235,535 | ||||
Road & Rail-0.19% | ||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25%, 03/15/2025(b) | 144,000 | 147,060 | ||
Software-0.81% | ||||
Ascend Learning LLC, 6.88%, 08/01/2025(b) | 150,000 | 156,000 | ||
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, 07/15/2025(b) | 294,000 | 310,508 | ||
Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.00%, 02/01/2025(b)(c) | 150,000 | 148,875 | ||
615,383 | ||||
Specialty Retail-1.35% | ||||
Lithia Motors, Inc., 5.25%, 08/01/2025(b) | 100,000 | 103,875 | ||
PetSmart, Inc., 5.87%, 06/01/2025(b) | 687,000 | 676,695 | ||
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025(c) | 244,000 | 245,220 | ||
1,025,790 | ||||
Technology Hardware, Storage & Peripherals-0.24% | ||||
Everi Payments Inc., 7.50%, 12/15/2025(b) | 170,000 | 178,925 | ||
Textiles, Apparel & Luxury Goods-0.27% | ||||
Levi Strauss & Co., 5.00%, 05/01/2025(c) | 196,000 | 204,820 | ||
Thrifts & Mortgage Finance-0.73% | ||||
Quicken Loans, Inc., 5.75%, 05/01/2025(b) | 527,000 | 552,033 | ||
Tobacco-0.36% | ||||
Vector Group Ltd., 6.13%, 02/01/2025(b) | 274,000 | 269,890 | ||
Trading Companies & Distributors-2.61% | ||||
Beacon Roofing Supply, Inc., 4.87%, 11/01/2025(b) | 550,000 | 544,500 |
Principal Amount | Value | |||
Trading Companies & Distributors-(continued) | ||||
Cumberland Farms, Inc., 6.75%, 05/01/2025(b) | $ | 144,000 | $ 155,160 | |
H&E Equipment Services, Inc., 5.62%, 09/01/2025 | 500,000 | 525,625 | ||
United Rentals North America, Inc. | ||||
5.50%, 07/15/2025 | 375,000 | 392,344 | ||
4.63%, 10/15/2025 | 350,000 | 361,270 | ||
1,978,899 | ||||
Wireless Telecommunication Services-1.36% | ||||
Qualitytech L.P./ QTS Finance Corp., 4.75%, 11/15/2025(b) | 100,000 | 102,625 | ||
Sprint Corp., 7.62%, 02/15/2025 | 669,000 | 750,116 | ||
T-Mobile USA, Inc., 5.13%, 04/15/2025 | 170,000 | 177,747 | ||
1,030,488 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $72,757,337) | 74,365,970 | |||
Shares | ||||
Money Market Funds-0.09% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $67,160) | 67,160 | 67,160 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.10% (Cost $72,824,497) | 74,433,130 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-5.72% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 3,258,024 | 3,258,024 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 1,085,574 | 1,086,008 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,344,032) | 4,344,032 | |||
TOTAL INVESTMENTS IN SECURITIES-103.82% (Cost $77,168,529) | 78,777,162 | |||
OTHER ASSETS LESS LIABILITIES-(3.82)% | (2,898,633) | |||
NET ASSETS-100.00% | $75,878,529 |
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) | 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 August 31, 2019 was $46,336,905, which represented 61.07% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.33% | ||||
Aerospace & Defense-1.95% | ||||
BBA U.S. Holdings, Inc., 5.38%, 05/01/2026(b) | $ | 75,000 | $ 78,562 | |
BWX Technologies, Inc., 5.38%, 07/15/2026(b) | 150,000 | 159,375 | ||
TransDigm, Inc., 6.37%, 06/15/2026 | 250,000 | 263,310 | ||
501,247 | ||||
Auto Components-1.51% | ||||
Dana Financing Luxembourg S.a.r.l., 6.50%, 06/01/2026(b) | 71,000 | 74,728 | ||
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026(c) | 275,000 | 273,281 | ||
Tenneco, Inc., 5.00%, 07/15/2026(c) | 50,000 | 39,094 | ||
387,103 | ||||
Automobiles-0.55% | ||||
American Axle & Manufacturing, Inc., 6.25%, 03/15/2026 | 50,000 | 46,625 | ||
Cooper-Standard Automotive Inc., 5.63%, 11/15/2026(b) | 50,000 | 43,125 | ||
J.B. Poindexter & Co., Inc., 7.12%, 04/15/2026(b) | 50,000 | 51,375 | ||
141,125 | ||||
Building Products-1.63% | ||||
American Woodmark Corp., 4.87%, 03/15/2026(b) | 50,000 | 50,500 | ||
Cornerstone Building Brands, Inc., 8.00%, 04/15/2026(b)(c) | 160,000 | 152,200 | ||
Masonite International Corp., 5.75%, 09/15/2026(b) | 50,000 | 53,125 | ||
PGT Escrow Issuer, Inc., 6.75%, 08/01/2026(b) | 150,000 | 162,375 | ||
418,200 | ||||
Capital Markets-0.32% | ||||
MSCI, Inc., 4.75%, 08/01/2026(b) | 79,000 | 82,851 | ||
Chemicals-1.74% | ||||
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026(b) | 200,000 | 200,500 | ||
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b) | 50,000 | 51,375 | ||
Ingevity Corp., 4.50%, 02/01/2026(b) | 50,000 | 48,625 | ||
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026 | 50,000 | 52,063 | ||
Tronox Inc., 6.50%, 04/15/2026(b)(c) | 100,000 | 95,375 | ||
447,938 | ||||
Commercial Services & Supplies-1.95% | ||||
Cimpress N.V. (Netherlands), 7.00%, 06/15/2026(b) | 150,000 | 157,687 | ||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026 | 100,000 | 104,125 | ||
GFL Environmental, Inc. (Canada), 7.00%, 06/01/2026(b) | 100,000 | 104,000 | ||
Waste Pro USA, Inc., 5.50%, 02/15/2026(b) | 130,000 | 135,850 | ||
501,662 | ||||
Communications Equipment-0.84% | ||||
Hughes Satellite Systems Corp., 6.63%, 08/01/2026 | 200,000 | 216,000 |
Principal Amount | Value | |||
Construction & Engineering-0.40% | ||||
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/2026(b) | $ | 100,000 | $ 102,800 | |
Consumer Finance-2.20% | ||||
Navient Corp., 6.75%, 06/15/2026(c) | 100,000 | 107,250 | ||
Springleaf Finance Corp., 7.13%, 03/15/2026 | 400,000 | 456,950 | ||
564,200 | ||||
Containers & Packaging-1.96% | ||||
Ball Corp., 4.88%, 03/15/2026 | 150,000 | 165,000 | ||
Berry Global, Inc., 4.50%, 02/15/2026(b) | 100,000 | 99,750 | ||
Crown Cork & Seal Co, Inc., 7.37%, 12/15/2026 | 100,000 | 122,000 | ||
Flex Acquisition Co., Inc., 7.87%, 07/15/2026(b) | 130,000 | 117,975 | ||
504,725 | ||||
Distributors-0.54% | ||||
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/2026(b) | 130,000 | 138,288 | ||
Diversified Consumer Services-0.83% | ||||
Carriage Services, Inc., 6.62%, 06/01/2026(b) | 50,000 | 51,375 | ||
Frontdoor, Inc., 6.75%, 08/15/2026(b) | 50,000 | 54,375 | ||
Graham Holdings Co., 5.75%, 06/01/2026(b) | 100,000 | 107,250 | ||
213,000 | ||||
Diversified Financial Services-0.90% | ||||
Compass Group Diversified Holdings LLC, 8.00%, 05/01/2026(b) | 80,000 | 84,500 | ||
Hunt Cos., Inc., 6.25%, 02/15/2026(b) | 150,000 | 146,250 | ||
230,750 | ||||
Diversified Telecommunication Services-6.36% | ||||
Altice France S.A. (France), 7.37%, 05/01/2026(b) | 900,000 | 963,000 | ||
Frontier Communications Corp., 8.50%, 04/01/2026(b) | 475,000 | 463,125 | ||
Level 3 Financing, Inc., 5.25%, 03/15/2026 | 200,000 | 209,000 | ||
1,635,125 | ||||
Electric Utilities-0.89% | ||||
Talen Energy Supply, LLC, 10.50%, 01/15/2026(b) | 250,000 | 227,875 | ||
Electronic Equipment, Instruments & Components-0.60% | ||||
Itron, Inc., 5.00%, 01/15/2026(b) | 150,000 | 153,750 | ||
Energy Equipment & Services-0.55% | ||||
Precision Drilling Corp. (Canada), 7.12%, 01/15/2026(b) | 100,000 | 89,750 | ||
USA Compression Partners L.P. / USA Compression Finance Corp., 6.88%, 04/01/2026 | 50,000 | 51,500 | ||
141,250 | ||||
Entertainment-2.90% | ||||
AMC Entertainment Holdings, Inc., 5.87%, 11/15/2026 | 250,000 | 230,000 | ||
Live Nation Entertainment, Inc., 5.62%, 03/15/2026(b) | 50,000 | 53,438 | ||
National CineMedia, LLC, 5.75%, 08/15/2026 | 50,000 | 48,625 |
Principal Amount | Value | |||
Entertainment-(continued) | ||||
Netflix, Inc., 4.38%, 11/15/2026 | $ | 250,000 | $ 256,562 | |
WMG Acquisition Corp.,Series 19-A, 5.50%, 04/15/2026(b) | 150,000 | 157,500 | ||
746,125 | ||||
Equity REITs-1.16% | ||||
CBL & Associates L.P., 5.95%, 12/15/2026(c) | 100,000 | 66,000 | ||
GEO Group, Inc. (The), 6.00%, 04/15/2026 | 50,000 | 43,500 | ||
Iron Mountain US Holdings, Inc., 5.37%, 06/01/2026(b) | 50,000 | 51,875 | ||
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 4.50%, 09/01/2026 | 130,000 | 136,825 | ||
298,200 | ||||
Food & Staples Retailing-0.77% | ||||
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026(b) | 200,000 | 198,000 | ||
Food Products-2.91% | ||||
H-Food Holdings LLC/Hearthside Finance Co., Inc., 8.50%, 06/01/2026(b) | 100,000 | 77,500 | ||
Lamb Weston Holdings, Inc., 4.87%, 11/01/2026(b) | 190,000 | 199,263 | ||
Post Holdings, Inc., 5.00%, 08/15/2026(b) | 450,000 | 470,812 | ||
747,575 | ||||
Gas Utilities-0.84% | ||||
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026 | 150,000 | 163,643 | ||
Superior Plus L.P./Superior General Partner Inc. (Canada), 7.00%, 07/15/2026(b) | 50,000 | 52,625 | ||
216,268 | ||||
Health Care Equipment & Supplies-0.21% | ||||
Teleflex, Inc., 4.88%, 06/01/2026 | 50,000 | 52,923 | ||
Health Care Providers & Services-6.75% | ||||
AHP Health Partners, Inc., 9.75%, 07/15/2026(b)(c) | 100,000 | 107,913 | ||
Centene Corp., 5.37%, 06/01/2026(b) | 450,000 | 482,197 | ||
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)(c) | 150,000 | 144,000 | ||
HCA, Inc. | ||||
5.87%, 02/15/2026 | 400,000 | 457,300 | ||
5.38%, 09/01/2026 | 150,000 | 167,625 | ||
NVA Holdings, Inc., 6.87%, 04/01/2026(b) | 75,000 | 80,460 | ||
WellCare Health Plans, Inc., 5.38%, 08/15/2026(b) | 275,000 | 293,906 | ||
1,733,401 | ||||
Hotels, Restaurants & Leisure-6.84% | ||||
Aramark Services, Inc., 4.75%, 06/01/2026 | 75,000 | 77,062 | ||
Boyd Gaming Corp., 6.00%, 08/15/2026 | 170,000 | 180,200 | ||
Hilton Domestic Operating Co., Inc., 5.12%, 05/01/2026 | 375,000 | 396,750 | ||
IRB Holding Corp., 6.75%, 02/15/2026(b) | 100,000 | 100,750 | ||
Marriott Ownership Resorts, Inc. / ILG LLC, 6.50%, 09/15/2026 | 225,000 | 243,945 | ||
Merlin Entertainments PLC (United Kingdom), 5.75%, 06/15/2026(b) | 200,000 | 209,000 |
Principal Amount | Value | |||
Hotels, Restaurants & Leisure-(continued) | ||||
MGM Resorts International, 4.63%, 09/01/2026 | $ | 130,000 | $ 135,200 | |
Party City Holdings, Inc., 6.62%, 08/01/2026(b)(c) | 100,000 | 95,500 | ||
Stars Group Holdings B.V./Stars Group US Co-Borrower LLC (Canada), 7.00%, 07/15/2026(b) | 300,000 | 319,125 | ||
1,757,532 | ||||
Household Durables-2.25% | ||||
LGI Homes, Inc., 6.87%, 07/15/2026(b) | 50,000 | 52,438 | ||
PulteGroup, Inc., 5.50%, 03/01/2026 | 150,000 | 165,187 | ||
SRS Distribution, Inc., 8.25%, 07/01/2026(b)(c) | 100,000 | 98,250 | ||
Tempur Sealy International, Inc., 5.50%, 06/15/2026 | 150,000 | 157,312 | ||
TopBuild Corp., 5.63%, 05/01/2026(b) | 100,000 | 104,750 | ||
577,937 | ||||
Household Products-0.21% | ||||
Energizer Holdings, Inc., 6.38%, 07/15/2026(b)(c) | 50,000 | 52,813 | ||
Independent Power and Renewable Electricity Producers-1.50% | ||||
Calpine Corp., 5.25%, 06/01/2026(b) | 300,000 | 304,875 | ||
Clearway Energy Operating LLC, 5.00%, 09/15/2026 | 80,000 | 81,400 | ||
386,275 | ||||
Insurance-1.49% | ||||
AmWINS Group, Inc., 7.75%, 07/01/2026(b) | 50,000 | 52,750 | ||
HUB International Ltd., 7.00%, 05/01/2026(b) | 325,000 | 330,688 | ||
383,438 | ||||
Life Sciences Tools & Services-1.66% | ||||
Charles River Laboratories International, Inc., 5.50%, 04/01/2026(b) | 200,000 | 214,480 | ||
IQVIA, Inc., 5.00%, 10/15/2026(b) | 200,000 | 211,750 | ||
426,230 | ||||
Machinery-1.43% | ||||
Mueller Water Products, Inc., 5.50%, 06/15/2026(b) | 100,000 | 105,500 | ||
SPX FLOW, Inc., 5.87%, 08/15/2026(b) | 50,000 | 53,000 | ||
Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada), 7.75%, 04/15/2026(b) | 230,000 | 208,725 | ||
367,225 | ||||
Media-12.52% | ||||
Altice Financing S.A. (Luxembourg), 7.50%, 05/15/2026(b) | 500,000 | 533,750 | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||
5.75%, 02/15/2026(b) | 625,000 | 663,281 | ||
5.50%, 05/01/2026(b) | 325,000 | 343,281 | ||
DISH DBS Corp., 7.75%, 07/01/2026 | 525,000 | 517,125 | ||
Gray Television, Inc., 5.87%, 07/15/2026(b) | 150,000 | 157,125 | ||
McClatchy Co. (The), 9.00%, 07/15/2026 | 70,000 | 66,514 | ||
Sinclair Television Group, Inc., 5.87%, 03/15/2026(b) | 200,000 | 210,250 | ||
Sirius XM Radio, Inc., 5.38%, 07/15/2026(b) | 100,000 | 106,000 |
Principal Amount | Value | |||
Media-(continued) | ||||
Virgin Media Secured Finance PLC (United Kingdom) | ||||
5.25%, 01/15/2026(b) | $ | 400,000 | $411,500 | |
5.50%, 08/15/2026(b) | 200,000 | 209,750 | ||
3,218,576 | ||||
Metals & Mining-4.33% | ||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026(b) | 100,000 | 102,250 | ||
Constellium S.E., 5.88%, 02/15/2026(b) | 250,000 | 261,250 | ||
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026(b) | 100,000 | 105,750 | ||
Novelis Corp., 5.87%, 09/30/2026(b) | 425,000 | 449,969 | ||
Steel Dynamics, Inc., 5.00%, 12/15/2026 | 100,000 | 104,750 | ||
United States Steel Corp., 6.25%, 03/15/2026(c) | 100,000 | 88,813 | ||
1,112,782 | ||||
Oil, Gas & Consumable Fuels-14.11% | ||||
Berry Petroleum Co., LLC, 7.00%, 02/15/2026(b) | 100,000 | 92,250 | ||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.62%, 07/15/2026(b) | 50,000 | 49,469 | ||
Callon Petroleum Co., 6.37%, 07/01/2026 | 100,000 | 97,500 | ||
Centennial Resource Production, LLC, 5.38%, 01/15/2026(b) | 100,000 | 95,750 | ||
Cheniere Energy Partners L.P., 5.63%, 10/01/2026 | 300,000 | 318,000 | ||
CNX Midstream Partners L.P. / CNX Midstream Finance Corp., 6.50%, 03/15/2026(b) | 100,000 | 94,050 | ||
Endeavor Energy Resources L.P. / EER Finance Inc., 5.50%, 01/30/2026(b) | 100,000 | 104,375 | ||
EP Energy LLC / Everest Acquisition Finance, Inc., 7.75%, 05/15/2026(b) | 225,000 | 189,000 | ||
Extraction Oil & Gas, Inc., 5.63%, 02/01/2026(b) | 100,000 | 66,500 | ||
Genesis Energy L.P. / Genesis Energy Finance Corp., 6.25%, 05/15/2026 | 100,000 | 96,039 | ||
Hess Infrastructure Partners L.P. / Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/2026(b) | 250,000 | 260,000 | ||
Indigo Natural Resources LLC, 6.87%, 02/15/2026(b) | 130,000 | 107,900 | ||
Jagged Peak Energy LLC, 5.87%, 05/01/2026 | 120,000 | 121,020 | ||
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026(b) | 100,000 | 100,000 | ||
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026(b) | 150,000 | 105,375 | ||
Oasis Petroleum, Inc., 6.25%, 05/01/2026(b) | 100,000 | 81,125 | ||
Parkland Fuel Corp. (Canada), 6.00%, 04/01/2026(b) | 110,000 | 115,913 | ||
PDC Energy, Inc., 5.75%, 05/15/2026 | 130,000 | 127,387 | ||
QEP Resources, Inc., 5.63%, 03/01/2026(c) | 125,000 | 101,875 | ||
SemGroup Corp., 7.25%, 03/15/2026 | 50,000 | 48,000 | ||
SM Energy Co., 6.75%, 09/15/2026 | 125,000 | 106,875 | ||
Southwestern Energy Co., 7.50%, 04/01/2026 | 230,000 | 202,446 | ||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.88%, 04/15/2026 | 300,000 | 315,375 | ||
Terraform Global Operating, LLC, 6.12%, 03/01/2026(b) | 100,000 | 103,000 |
Principal Amount | Value | |||
Oil, Gas & Consumable Fuels-(continued) | ||||
TransMontaigne Partners L.P./TLP Finance Corp., 6.12%, 02/15/2026 | $ | 150,000 | $ 145,500 | |
Whiting Petroleum Corp., 6.62%, 01/15/2026(c) | 225,000 | 163,957 | ||
WPX Energy, Inc., 5.75%, 06/01/2026 | 210,000 | 218,662 | ||
3,627,343 | ||||
Paper & Forest Products-0.19% | ||||
Mercer International, Inc. (Germany), 5.50%, 01/15/2026 | 50,000 | 49,510 | ||
Personal Products-0.55% | ||||
Coty, Inc., 6.50%, 04/15/2026(b) | 150,000 | 142,125 | ||
Pharmaceuticals-0.78% | ||||
Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026(b) | 100,000 | 102,000 | ||
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(b) | 100,000 | 98,875 | ||
200,875 | ||||
Semiconductors & Semiconductor Equipment-1.80% | ||||
Entegris, Inc., 4.63%, 02/10/2026(b) | 75,000 | 77,625 | ||
Qorvo, Inc., 5.50%, 07/15/2026 | 360,000 | 385,207 | ||
462,832 | ||||
Software-3.24% | ||||
ACI Worldwide, Inc., 5.75%, 08/15/2026(b) | 50,000 | 52,688 | ||
Banff Merger Sub, Inc., 9.75%, 09/01/2026(b) | 350,000 | 320,250 | ||
Fair Isaac Corp., 5.25%, 05/15/2026(b) | 100,000 | 107,000 | ||
Nuance Communications, Inc., 5.62%, 12/15/2026 | 80,000 | 84,500 | ||
Verscend Escrow Corp., 9.75%, 08/15/2026(b) | 250,000 | 268,582 | ||
833,020 | ||||
Specialty Retail-0.49% | ||||
Penske Automotive Group, Inc., 5.50%, 05/15/2026 | 120,000 | 126,150 | ||
Textiles, Apparel & Luxury Goods-0.81% | ||||
Hanesbrands, Inc., 4.88%, 05/15/2026(b) | 150,000 | 158,877 | ||
Wolverine World Wide, Inc., 5.00%, 09/01/2026(b) | 50,000 | 50,125 | ||
209,002 | ||||
Thrifts & Mortgage Finance-0.82% | ||||
Nationstar Mortgage Holdings Inc., 9.13%, 07/15/2026(b) | 200,000 | 211,750 | ||
Wireless Telecommunication Services-2.05% | ||||
Sprint Corp., 7.63%, 03/01/2026 | 375,000 | 422,344 | ||
T-Mobile USA, Inc., 4.50%, 02/01/2026 | 100,000 | 104,126 | ||
526,470 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $24,855,938) | 25,272,266 |
Shares | Value | |||
Money Market Funds-0.22% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $56,590) | 56,590 | $ 56,590 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.55% (Cost $24,912,528) | 25,328,856 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-5.36% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 1,033,482 | 1,033,482 |
Shares | Value | |||
Money Market Funds-(continued) | ||||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 344,356 | $ 344,494 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,377,976) | 1,377,976 | |||
TOTAL INVESTMENTS IN SECURITIES-103.91% (Cost $26,290,504) | 26,706,832 | |||
OTHER ASSETS LESS LIABILITIES-(3.91)% | (1,005,137) | |||
NET ASSETS-100.00% | $25,701,695 |
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) | 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 August 31, 2019 was $16,094,334, which represented 62.62% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.72% | ||||
Brazil-8.16% | ||||
Banco Bradesco S.A. | ||||
5.90%, 01/16/2021(a) | $ | 100,000 | $ 103,431 | |
REGS, 5.90%, 01/16/2021(a) | 100,000 | 103,431 | ||
Banco do Brasil S.A., REGS, 5.38%, 01/15/2021(a) | 100,000 | 102,375 | ||
Brazilian Government International Bond, 4.88%, 01/22/2021 | 200,000 | 207,952 | ||
Itau Unibanco Holding S.A., REGS, 5.75%, 01/22/2021(a) | 100,000 | 103,375 | ||
Petrobras Global Finance B.V. | ||||
5.38%, 01/27/2021 | 100,000 | 103,500 | ||
8.38%, 05/23/2021 | 100,000 | 109,750 | ||
833,814 | ||||
Chile-3.01% | ||||
Chile Government International Bond, 3.25%, 09/14/2021 | 300,000 | 307,878 | ||
China-6.94% | ||||
Alibaba Group Holding Ltd., 3.13%, 11/28/2021 | 100,000 | 101,793 | ||
CNOOC Finance (2011) Ltd., 4.25%, 01/26/2021(a) | 200,000 | 205,282 | ||
Huarong Finance II Co., Ltd., REGS, 3.63%, 11/22/2021(a) | 200,000 | 202,746 | ||
Sinopec Group Overseas Development (2016) Ltd., 2.00%, 09/29/2021(a) | 200,000 | 198,590 | ||
708,411 | ||||
Colombia-4.09% | ||||
Bancolombia S.A., 5.95%, 06/03/2021 | 100,000 | 105,811 | ||
Colombia Government International Bond, 4.38%, 07/12/2021 | 300,000 | 311,778 | ||
417,589 | ||||
Hungary-2.08% | ||||
Hungary Government International Bond, 6.38%, 03/29/2021 | 200,000 | 212,698 | ||
India-6.10% | ||||
Bank of India, REGS, 6.25%, 02/16/2021(a) | 200,000 | 209,584 | ||
Indian Oil Corp. Ltd., REGS, 5.63%, 08/02/2021(a) | 200,000 | 211,104 | ||
Jubilant Pharma Ltd., REGS, 4.88%, 10/06/2021(a) | 200,000 | 201,793 | ||
622,481 | ||||
Indonesia-8.22% | ||||
Indonesia Government International Bond | ||||
4.88%, 05/05/2021(a) | 200,000 | 208,404 | ||
REGS, 4.88%, 05/05/2021(a) | 200,000 | 208,405 | ||
PT Pertamina (Persero), 5.25%, 05/23/2021(a) | 200,000 | 209,471 | ||
PT Perusahaan Listrik Negara, REGS, 5.50%, 11/22/2021(a) | 200,000 | 213,000 | ||
839,280 |
Principal Amount | Value | |||
Malaysia-3.92% | ||||
Export-Import Bank of Malaysia Bhd., REGS, 2.48%, 10/20/2021(a) | $ | 200,000 | $ 200,299 | |
RHB Bank Bhd, REGS, 2.50%, 10/06/2021(a) | 200,000 | 200,508 | ||
400,807 | ||||
Mexico-7.05% | ||||
Comision Federal de Electricidad, 4.88%, 05/26/2021(a) | 200,000 | 207,752 | ||
Mexico Government International Bond, 3.50%, 01/21/2021 | 200,000 | 204,127 | ||
Petroleos Mexicanos | ||||
5.50%, 01/21/2021 | 200,000 | 204,594 | ||
6.38%, 02/04/2021 | 100,000 | 103,500 | ||
719,973 | ||||
Philippines-2.01% | ||||
Philippine Government International Bond, 4.00%, 01/15/2021 | 200,000 | 205,270 | ||
Poland-4.12% | ||||
Republic of Poland Government International Bond, 5.13%, 04/21/2021 | 400,000 | 420,750 | ||
Russia-6.27% | ||||
Alfa Bank AO Via Alfa Bond Issuance PLC | ||||
7.75%, 04/28/2021(a) | 200,000 | 215,253 | ||
REGS, 7.75%, 04/28/2021(a) | 200,000 | 215,253 | ||
Sberbank of Russia Via SB Capital S.A., REGS, Series 7, 5.72%, 06/16/2021(a) | 200,000 | 210,084 | ||
640,590 | ||||
South Africa-3.94% | ||||
Eskom Holdings SOC Ltd., REGS, 5.75%, 01/26/2021(a) | 400,000 | 402,144 | ||
Supranational-8.01% | ||||
Asian Development Bank | ||||
2.25%, 01/20/2021 | 200,000 | 201,582 | ||
1.63%, 03/16/2021 | 200,000 | 200,058 | ||
Black Sea Trade & Development Bank | ||||
4.88%, 05/06/2021(a) | 200,000 | 208,012 | ||
REGS, 4.88%, 05/06/2021(a) | 200,000 | 208,012 | ||
817,664 | ||||
Taiwan-2.91% | ||||
Foxconn (Far East) Ltd., REGS, 2.25%, 09/23/2021(a) | 300,000 | 297,669 | ||
Thailand-2.06% | ||||
PTTEP Canada International Finance Ltd., REGS, 5.69%, 04/05/2021(a) | 200,000 | 210,586 | ||
Turkey-9.71% | ||||
Hazine Mustesarligi Varlik Kiralama A.S. | ||||
4.25%, 06/08/2021(a) | 200,000 | 198,907 | ||
REGS, 4.25%, 06/08/2021(a) | 200,000 | 198,907 | ||
Turkey Government International Bond, 5.63%, 03/30/2021 | 200,000 | 202,815 | ||
Turkiye Vakiflar Bankasi T.A.O. | ||||
5.50%, 10/27/2021(a) | 200,000 | 195,536 | ||
REGS, 5.50%, 10/27/2021(a) | 200,000 | 195,534 | ||
991,699 |
Principal Amount | Value | |||
United Arab Emirates-10.12% | ||||
Abu Dhabi Government International Bond | ||||
2.13%, 05/03/2021(a) | $ | 200,000 | $ 200,626 | |
REGS, 2.13%, 05/03/2021(a) | 200,000 | 200,626 | ||
Abu Dhabi National Energy Co. PJSC, 5.88%, 12/13/2021(a) | 200,000 | 215,524 | ||
Dolphin Energy Ltd. LLC, 5.50%, 12/15/2021(a) | 200,000 | 213,289 | ||
EIB Sukuk Co. Ltd., REGS, 3.54%, 05/31/2021(a) | 200,000 | 203,016 | ||
1,033,081 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,852,827) | 10,082,384 |
Shares | Value | |||
Money Market Funds-0.20% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(b) (Cost $20,198) | 20,198 | $ 20,198 | ||
TOTAL INVESTMENTS IN SECURITIES-98.92% (Cost $9,873,025) | 10,102,582 | |||
OTHER ASSETS LESS LIABILITIES-1.08% | 110,371 | |||
NET ASSETS-100.00% | $10,212,953 |
Investment Abbreviations: |
REGS-Regulation S |
Notes to Schedule of Investments: | |
(a) | 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 August 31, 2019 was $6,878,528, which represented 67.35% of the Fund’s Net Assets. |
(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 August 31, 2019. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.43% | ||||
Brazil-6.98% | ||||
Banco do Brasil S.A., 5.88%, 01/26/2022(a) | $ | 200,000 | $ 209,249 | |
Cielo USA, Inc., 3.75%, 11/16/2022(a) | 92,571 | 92,571 | ||
Itau Unibanco Holding S.A., 5.50%, 08/06/2022(a) | 200,000 | 209,939 | ||
Petrobras Global Finance B.V., 6.13%, 01/17/2022 | 100,000 | 107,490 | ||
Vale Overseas Ltd., 4.38%, 01/11/2022 | 100,000 | 103,875 | ||
723,124 | ||||
Chile-1.50% | ||||
Banco del Estado de Chile, 3.88%, 02/08/2022(a) | 150,000 | 156,002 | ||
China-5.96% | ||||
CNOOC Finance (2012) Ltd., 3.88%, 05/02/2022(a) | 200,000 | 207,531 | ||
Sinopec Group Overseas Development (2012) Ltd., 3.90%, 05/17/2022(a) | 200,000 | 207,766 | ||
State Grid Overseas Investment (2016) Ltd., 2.75%, 05/04/2022(a) | 200,000 | 202,103 | ||
617,400 | ||||
Colombia-3.01% | ||||
Bancolombia S.A., 5.13%, 09/11/2022 | 100,000 | 105,900 | ||
Grupo Aval Ltd., 4.75%, 09/26/2022(a)(b) | 200,000 | 206,510 | ||
312,410 | ||||
Hong Kong-3.98% | ||||
WTT Investment Ltd. | ||||
5.50%, 11/21/2022(a) | 200,000 | 206,232 | ||
REGS, 5.50%, 11/21/2022(a) | 200,000 | 206,232 | ||
412,464 | ||||
India-4.54% | ||||
JSW Steel Ltd., REGS, 5.25%, 04/13/2022(a) | 200,000 | 202,996 | ||
Reliance Holding USA, Inc., 5.40%, 02/14/2022(a) | 250,000 | 267,157 | ||
470,153 | ||||
Indonesia-7.99% | ||||
Indonesia Government International Bond, 3.75%, 04/25/2022(a) | 200,000 | 206,511 | ||
Perusahaan Penerbit SBSN Indonesia III | ||||
3.40%, 03/29/2022(a) | 200,000 | 204,542 | ||
3.30%, 11/21/2022(a) | 200,000 | 205,150 | ||
PT Pertamina (Persero), 4.88%, 05/03/2022(a) | 200,000 | 211,833 | ||
828,036 | ||||
Ireland-1.02% | ||||
Park Aerospace Holdings Ltd., REGS, 5.25%, 08/15/2022(a) | 100,000 | 105,875 | ||
Malaysia-4.18% | ||||
Petronas Capital Ltd. | ||||
3.13%, 03/18/2022(a) | 200,000 | 204,115 | ||
7.88%, 05/22/2022(a) | 200,000 | 228,905 | ||
433,020 | ||||
Mauritius Island-1.91% | ||||
Neerg Energy Ltd., 6.00%, 02/13/2022(a) | 200,000 | 197,608 |
Principal Amount | Value | |||
Mexico-9.71% | ||||
America Movil S.A.B. de C.V., 3.13%, 07/16/2022 | $ | 200,000 | $ 205,656 | |
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander, 4.13%, 11/09/2022(a) | 150,000 | 155,812 | ||
Grupo Bimbo, S.A.B. de C.V., 4.50%, 01/25/2022(a) | 100,000 | 104,546 | ||
Mexico Government International Bond | ||||
3.63%, 03/15/2022 | 150,000 | 155,627 | ||
8.00%, 09/24/2022 | 200,000 | 232,252 | ||
Petroleos Mexicanos, 4.88%, 01/24/2022 | 150,000 | 152,813 | ||
1,006,706 | ||||
Panama-1.94% | ||||
Banistmo S.A., 3.65%, 09/19/2022(a) | 200,000 | 200,752 | ||
Peru-2.03% | ||||
Banco BBVA Peru S.A., REGS, 5.00%, 08/26/2022(a) | 100,000 | 106,376 | ||
Volcan Cia Minera SAA, REGS, 5.38%, 02/02/2022(a) | 100,000 | 103,825 | ||
210,201 | ||||
Poland-3.12% | ||||
Republic of Poland Government International Bond, 5.00%, 03/23/2022 | 300,000 | 323,541 | ||
Russia-10.16% | ||||
Rosneft Oil Co. Via Rosneft International Finance DAC, 4.20%, 03/06/2022(a) | 200,000 | 204,833 | ||
Russian Foreign Bond - Eurobond, 4.50%, 04/04/2022(a) | 200,000 | 212,033 | ||
Sberbank of Russia Via SB Capital S.A. | ||||
6.13%, 02/07/2022(a) | 200,000 | 214,919 | ||
5.13%, 10/29/2022(a) | 200,000 | 208,373 | ||
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022(a) | 200,000 | 212,706 | ||
1,052,864 | ||||
South Africa-4.98% | ||||
MTN (Mauritius) Investment Ltd., 5.37%, 02/13/2022(a) | 200,000 | 207,073 | ||
Republic of South Africa Government International Bond, 5.88%, 05/30/2022 | 100,000 | 107,162 | ||
Transnet SOC Ltd., 4.00%, 07/26/2022(a) | 200,000 | 201,900 | ||
516,135 | ||||
Supranational-4.87% | ||||
Asian Development Bank | ||||
2.00%, 02/16/2022 | 200,000 | 202,414 | ||
1.88%, 02/18/2022 | 100,000 | 100,902 | ||
1.75%, 09/13/2022 | 200,000 | 201,558 | ||
504,874 | ||||
Thailand-2.01% | ||||
Bangkok Bank PCL, REGS, 3.88%, 09/27/2022(a) | 200,000 | 208,656 | ||
Turkey-9.51% | ||||
QNB Finansbank A.S., 4.88%, 05/19/2022(a) | 200,000 | 195,997 |
Principal Amount | Value | |||
Turkey-(continued) | ||||
Turkey Government International Bond | ||||
5.13%, 03/25/2022 | $ | 200,000 | $ 198,587 | |
6.25%, 09/26/2022 | 200,000 | 202,386 | ||
Turkiye Garanti Bankasi A.S., 5.25%, 09/13/2022(a) | 200,000 | 194,869 | ||
Turkiye Is Bankasi A.S., REGS, 5.50%, 04/21/2022(a) | 200,000 | 193,619 | ||
985,458 | ||||
United Arab Emirates-7.99% | ||||
Abu Dhabi Government International Bond | ||||
2.50%, 10/11/2022(a) | 200,000 | 203,392 | ||
REGS, 2.50%, 10/11/2022(a) | 200,000 | 203,392 | ||
DIB Sukuk Ltd., REGS, 3.66%, 02/14/2022(a) | 200,000 | 205,276 | ||
MDC - GMTN B.V., 5.50%, 03/01/2022(a) | 200,000 | 216,616 | ||
828,676 | ||||
United States-1.04% | ||||
Pilgrim’s Pride Corp., 5.88%, 09/30/2027(a) | 100,000 | 108,125 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,856,537) | 10,202,080 | |||
Shares | ||||
Money Market Funds-0.38% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(c) (Cost $38,836) | 38,836 | 38,836 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.81% (Cost $9,895,373) | 10,240,916 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-1.56% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(c)(d) | 121,878 | $ 121,878 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(c)(d) | 40,110 | 40,126 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $162,004) | 162,004 | |||
TOTAL INVESTMENTS IN SECURITIES-100.37% (Cost $10,057,377) | 10,402,920 | |||
OTHER ASSETS LESS LIABILITIES-(0.37)% | (38,083) | |||
NET ASSETS-100.00% | $10,364,837 |
Investment Abbreviations: |
REGS-Regulation S |
Notes to Schedule of Investments: | |
(a) | 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 August 31, 2019 was $7,801,917, which represented 75.27% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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 2K. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-97.84% | ||||
Brazil-7.93% | ||||
Banco do Brasil S.A., 5.88%, 01/19/2023(a) | $ | 200,000 | $ 212,750 | |
Brazilian Government International Bond, 2.63%, 01/05/2023 | 200,000 | 200,150 | ||
Itau Unibanco Holding S.A., 5.13%, 05/13/2023(a) | 200,000 | 209,410 | ||
Petrobras Global Finance B.V., 4.38%, 05/20/2023 | 200,000 | 207,322 | ||
829,632 | ||||
Canada-0.98% | ||||
NOVA Chemicals Corp., 5.25%, 08/01/2023(a) | 100,000 | 102,300 | ||
Chile-5.99% | ||||
Banco de Credito e Inversiones S.A., 4.00%, 02/11/2023(a) | 200,000 | 210,856 | ||
Inversiones CMPC S.A., 4.38%, 05/15/2023(a) | 200,000 | 210,578 | ||
S.A.C.I. Falabella, 3.75%, 04/30/2023(a) | 200,000 | 206,008 | ||
627,442 | ||||
China-8.02% | ||||
CNOOC Finance (2013) Ltd., 3.00%, 05/09/2023 | 200,000 | 204,416 | ||
CNPC General Capital Ltd., 3.40%, 04/16/2023(a) | 200,000 | 207,915 | ||
Sinopec Group Overseas Development (2013) Ltd., 4.38%, 10/17/2023(a) | 200,000 | 216,062 | ||
State Grid Overseas Investment (2016) Ltd., 3.75%, 05/02/2023(a) | 200,000 | 211,002 | ||
839,395 | ||||
Colombia-2.90% | ||||
Colombia Government International Bond, 2.63%, 03/15/2023 | 300,000 | 303,378 | ||
Hungary-4.29% | ||||
Hungary Government International Bond | ||||
5.38%, 02/21/2023 | 200,000 | 220,829 | ||
5.75%, 11/22/2023 | 200,000 | 227,803 | ||
448,632 | ||||
India-4.12% | ||||
Export-Import Bank of India, REGS, 4.00%, 01/14/2023(a) | 200,000 | 209,380 | ||
Indian Oil Corp. Ltd., REGS, 5.75%, 08/01/2023(a) | 200,000 | 221,904 | ||
431,284 | ||||
Indonesia-8.19% | ||||
Indo Energy Finance II B.V., 6.38%, 01/24/2023(a) | 114,000 | 113,008 | ||
Indonesia Government International Bond | ||||
3.38%, 04/15/2023(a) | 200,000 | 205,930 | ||
5.38%, 10/17/2023(a) | 200,000 | 221,790 | ||
PT Pertamina (Persero), 4.30%, 05/20/2023(a) | 300,000 | 316,678 | ||
857,406 | ||||
Ireland-0.99% | ||||
Park Aerospace Holdings Ltd., REGS, 4.50%, 03/15/2023(a) | 100,000 | 103,710 |
Principal Amount | Value | |||
Mexico-11.40% | ||||
Credito Real, S.A.B. de C.V., SOFOM, E.R., REGS, 7.25%, 07/20/2023(a) | $ | 200,000 | $ 209,502 | |
Fresnillo PLC, 5.50%, 11/13/2023(a) | 200,000 | 217,752 | ||
Mexico Government International Bond, 4.00%, 10/02/2023 | 350,000 | 370,571 | ||
Petroleos Mexicanos | ||||
3.50%, 01/30/2023 | 200,000 | 194,800 | ||
4.63%, 09/21/2023 | 200,000 | 200,600 | ||
1,193,225 | ||||
Peru-4.97% | ||||
Banco de Credito del Peru, 4.25%, 04/01/2023(a)(b) | 200,000 | 211,502 | ||
Banco Internacional del Peru SAA Interbank, REGS, 3.38%, 01/18/2023(a) | 200,000 | 203,000 | ||
Inretail Pharma S.A., REGS, 5.38%, 05/02/2023(a) | 100,000 | 105,800 | ||
520,302 | ||||
Philippines-1.97% | ||||
Rizal Commercial Banking Corp., REGS, 4.13%, 03/16/2023(a) | 200,000 | 205,913 | ||
Poland-1.99% | ||||
Republic of Poland Government International Bond, 3.00%, 03/17/2023 | 200,000 | 207,962 | ||
Russia-8.21% | ||||
LUKOIL International Finance B.V., 4.56%, 04/24/2023(a) | 200,000 | 211,653 | ||
Mobile Telesystems OJSC Via MTS International Funding Ltd., 5.00%, 05/30/2023(a) | 200,000 | 210,474 | ||
Russian Foreign Bond - Eurobond, 4.88%, 09/16/2023(a) | 400,000 | 437,679 | ||
859,806 | ||||
South Africa-2.95% | ||||
Eskom Holdings SOC Ltd., REGS, 6.75%, 08/06/2023(a) | 300,000 | 308,319 | ||
Thailand-1.94% | ||||
Siam Commercial Bank PCL (The), REGS, 2.75%, 05/16/2023(a) | 200,000 | 203,028 | ||
Turkey-9.23% | ||||
Hazine Mustesarligi Varlik Kiralama A.S., 5.00%, 04/06/2023(a) | 200,000 | 197,407 | ||
KOC Holding A.S., 5.25%, 03/15/2023(a) | 200,000 | 196,842 | ||
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a) | 200,000 | 193,738 | ||
Turkey Government International Bond, 3.25%, 03/23/2023 | 200,000 | 182,748 | ||
Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023(a) | 200,000 | 195,726 | ||
966,461 | ||||
United Arab Emirates-9.93% | ||||
Abu Dhabi National Energy Co. PJSC, 3.63%, 01/12/2023(a) | 200,000 | 207,020 |
Principal Amount | Value | |||
United Arab Emirates-(continued) | ||||
ADCB Finance Cayman Ltd. | ||||
4.00%, 03/29/2023(a) | $ | 200,000 | $ 209,806 | |
REGS, 4.50%, 03/06/2023(a) | 200,000 | 211,133 | ||
DP World Crescent Ltd., 3.91%, 05/31/2023(a) | 200,000 | 207,245 | ||
MDC - GMTN B.V., 2.75%, 05/11/2023(a) | 200,000 | 204,321 | ||
1,039,525 | ||||
United Kingdom-1.84% | ||||
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023(a)(b) | 200,000 | 192,276 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,795,941) | 10,239,996 | |||
Shares | ||||
Money Market Funds-1.04% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(c) (Cost $108,674) | 108,674 | 108,674 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.88% (Cost $9,904,615) | 10,348,670 |
Shares | Value | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-1.94% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(c)(d) | 152,754 | $ 152,754 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(c)(d) | 50,594 | 50,615 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $203,369) | 203,369 | |||
TOTAL INVESTMENTS IN SECURITIES-100.82% (Cost $10,107,984) | 10,552,039 | |||
OTHER ASSETS LESS LIABILITIES-(0.82)% | (85,972) | |||
NET ASSETS-100.00% | $10,466,067 |
Investment Abbreviations: |
REGS-Regulation S |
Notes to Schedule of Investments: | |
(a) | 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 August 31, 2019 was $7,719,417, which represented 73.76% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at August 31, 2019. |
(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 August 31, 2019. |
(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 2K. |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes-98.47% | ||||
Brazil-9.98% | ||||
Banco Nacional de Desenvolvimento Economico e Social, REGS, 4.75%, 05/09/2024(a) | $ | 200,000 | $ 212,280 | |
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024(a) | 200,000 | 231,770 | ||
GTL Trade Finance Inc. / Gerdau Holdings Inc., REGS, 5.89%, 04/29/2024(a) | 200,000 | 221,000 | ||
Petrobras Global Finance B.V., 6.25%, 03/17/2024 | 200,000 | 223,050 | ||
Rio Oil Finance Trust, 9.25%, 07/06/2024(a) | 149,037 | 167,296 | ||
1,055,396 | ||||
Chile-5.96% | ||||
Colbun S.A., 4.50%, 07/10/2024(a) | 200,000 | 213,317 | ||
Latam Finance Ltd. | ||||
6.88%, 04/11/2024(a) | 200,000 | 208,252 | ||
REGS, 6.88%, 04/11/2024(a) | 200,000 | 208,252 | ||
629,821 | ||||
China-9.17% | ||||
Alibaba Group Holding Ltd., 3.60%, 11/28/2024 | 200,000 | 211,804 | ||
CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/2024 | 200,000 | 215,682 | ||
Sinopec Group Overseas Development (2014) Ltd., REGS, 4.38%, 04/10/2024(a) | 300,000 | 326,343 | ||
State Grid Overseas Investment (2014) Ltd., 4.13%, 05/07/2024(a) | 200,000 | 216,214 | ||
970,043 | ||||
Colombia-6.33% | ||||
Colombia Government International Bond | ||||
4.00%, 02/26/2024 | 200,000 | 213,552 | ||
8.13%, 05/21/2024 | 200,000 | 251,002 | ||
GeoPark Ltd., 6.50%, 09/21/2024(a) | 200,000 | 204,752 | ||
669,306 | ||||
Hong Kong-2.15% | ||||
King Power Capital Ltd., REGS, 5.63%, 11/03/2024(a) | 200,000 | 227,412 | ||
Hungary-3.22% | ||||
Hungary Government International Bond, 5.38%, 03/25/2024 | 300,000 | 340,595 | ||
India-6.11% | ||||
ABJA Investment Co. Pte Ltd., REGS, 5.95%, 07/31/2024(a) | 200,000 | 208,724 | ||
Oil India Ltd., REGS, 5.38%, 04/17/2024(a) | 200,000 | 221,848 | ||
ONGC Videsh Ltd., REGS, 4.63%, 07/15/2024(a) | 200,000 | 215,452 | ||
646,024 | ||||
Indonesia-8.16% | ||||
Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/2024(a) | 200,000 | 190,807 | ||
Indonesia Government International Bond | ||||
5.88%, 01/15/2024(a) | 200,000 | 226,753 | ||
REGS, 5.88%, 01/15/2024(a) | 200,000 | 226,753 | ||
PT Perusahaan Gas Negara (Persero) Tbk, 5.13%, 05/16/2024(a) | 200,000 | 218,769 | ||
863,082 |
Principal Amount | Value | |||
Ireland-2.05% | ||||
Park Aerospace Holdings Ltd., 5.50%, 02/15/2024(a) | $ | 200,000 | $ 216,530 | |
Mexico-11.22% | ||||
Axtel S.A.B de C.V., 6.38%, 11/14/2024(a) | 200,000 | 203,002 | ||
Banco Inbursa S.A., Institucion De Banca Multiple Grupo, Financiero Inbursa, 4.13%, 06/06/2024(a) | 150,000 | 154,687 | ||
CEMEX Finance LLC, 6.00%, 04/01/2024(a) | 200,000 | 205,500 | ||
Comision Federal de Electricidad, 4.88%, 01/15/2024(a) | 200,000 | 212,752 | ||
Grupo Bimbo, S.A.B. de C.V., 3.88%, 06/27/2024(a) | 200,000 | 209,725 | ||
Petroleos Mexicanos, 4.88%, 01/18/2024 | 200,000 | 201,300 | ||
1,186,966 | ||||
Philippines-5.46% | ||||
Philippine Government International Bond, 4.20%, 01/21/2024 | 300,000 | 327,245 | ||
Power Sector Assets and Liabilities Management Corp., 7.39%, 12/02/2024(a) | 200,000 | 250,010 | ||
577,255 | ||||
Poland-2.06% | ||||
Republic of Poland Government International Bond, 4.00%, 01/22/2024 | 200,000 | 217,976 | ||
South Africa-2.92% | ||||
MTN (Mauritius) Investment Ltd., 4.76%, 11/11/2024(a) | 200,000 | 203,560 | ||
Republic of South Africa Government International Bond, 4.67%, 01/17/2024 | 100,000 | 105,335 | ||
308,895 | ||||
Supranational-1.49% | ||||
Asian Development Bank, 2.63%, 01/30/2024 | 150,000 | 157,476 | ||
Turkey-9.13% | ||||
Coca-Cola Icecek A.S., 4.22%, 09/19/2024(a) | 200,000 | 195,615 | ||
Hazine Mustesarligi Varlik Kiralama A.S., REGS, 4.49%, 11/25/2024(a) | 200,000 | 189,484 | ||
Turk Telekomunikasyon A.S., 4.88%, 06/19/2024(a) | 200,000 | 190,214 | ||
Turkey Government International Bond, 5.75%, 03/22/2024 | 400,000 | 390,414 | ||
965,727 | ||||
United Arab Emirates-10.01% | ||||
Abu Dhabi National Energy Co. PJSC, 3.88%, 05/06/2024(a) | 200,000 | 211,500 | ||
EMG Sukuk Ltd., REGS, 4.56%, 06/18/2024(a) | 200,000 | 211,037 | ||
MAF Global Securities Ltd., REGS, 4.75%, 05/07/2024(a) | 200,000 | 214,841 | ||
MDC - GMTN B.V., REGS, 3.00%, 04/19/2024(a) | 200,000 | 208,300 | ||
Sharjah Sukuk Ltd., REGS, 3.76%, 09/17/2024(a) | 200,000 | 212,693 | ||
1,058,371 | ||||
United States-0.99% | ||||
Novelis Corp., 6.25%, 08/15/2024(a) | 100,000 | 105,000 |
Principal Amount | Value | |||
Vietnam-2.06% | ||||
Vietnam Government International Bond, REGS, 4.80%, 11/19/2024(a) | $ | 200,000 | $ 217,634 | |
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,857,607) | 10,413,509 | |||
Shares | ||||
Money Market Funds-0.29% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(b) (Cost $30,464) | 30,464 | 30,464 | ||
TOTAL INVESTMENTS IN SECURITIES-98.76% (Cost $9,888,071) | 10,443,973 | |||
OTHER ASSETS LESS LIABILITIES-1.24% | 131,351 | |||
NET ASSETS-100.00% | $10,575,324 |
Investment Abbreviations: |
REGS-Regulation S |
Notes to Schedule of Investments: | |
(a) | 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 August 31, 2019 was $7,558,078, which represented 71.47% of the Fund’s Net Assets. |
(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 August 31, 2019. |
Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) | Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | ||||
Assets: | |||||||
Unaffiliated investments in securities, at value(a) | $1,028,705,452 | $1,771,277,406 | $1,601,238,957 | $1,353,841,460 | |||
Affiliated investments in securities, at value | 3,904,455 | 9,936,651 | 16,754,545 | 12,219,693 | |||
Cash | - | - | 121,918 | 392 | |||
Cash segregated as collateral | - | - | 96,243 | 1,257,935 | |||
Receivable for: | |||||||
Dividends and interest | 6,564,459 | 14,388,916 | 13,798,496 | 10,918,001 | |||
Securities lending | 1,453 | 712 | 1,648 | 871 | |||
Investments sold | 3,156,760 | - | - | - | |||
Fund shares sold | - | 255,123 | 3,273,413 | 355,698 | |||
Foreign tax reclaims | - | 14,313 | - | - | |||
Total assets | 1,042,332,579 | 1,795,873,121 | 1,635,285,220 | 1,378,594,050 | |||
Liabilities: | |||||||
Due to custodian | - | - | - | - | |||
Payable for: | |||||||
Investments purchased | - | 255,123 | 3,365,855 | 355,699 | |||
Collateral upon return of securities loaned | 871,466 | 4,419,624 | 11,151,756 | 7,864,763 | |||
Collateral upon receipt of securities in-kind | - | - | 96,243 | 1,257,935 | |||
Fund shares repurchased | 3,165,532 | - | - | - | |||
Accrued unitary management fees | 87,844 | 150,638 | 135,224 | 113,213 | |||
Accrued expenses | 13,522 | 19,379 | 17,414 | 14,922 | |||
Total liabilities | 4,138,364 | 4,844,764 | 14,766,492 | 9,606,532 | |||
Net Assets | $1,038,194,215 | $1,791,028,357 | $1,620,518,728 | $1,368,987,518 | |||
Net assets consist of: | |||||||
Shares of beneficial interest | $1,037,734,294 | $1,783,678,421 | $1,599,924,613 | $1,337,455,162 | |||
Distributable earnings | 459,921 | 7,349,936 | 20,594,115 | 31,532,356 | |||
Net Assets | $1,038,194,215 | $1,791,028,357 | $1,620,518,728 | $1,368,987,518 | |||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 49,200,000 | 84,150,000 | 76,350,000 | 63,750,000 | |||
Net asset value | $21.10 | $21.28 | $21.22 | $21.47 | |||
Market price | $21.09 | $21.33 | $21.28 | $21.53 | |||
Unaffiliated investments in securities, at cost | $1,028,548,692 | $1,763,471,015 | $1,580,967,535 | $1,323,170,579 | |||
Affiliated investments in securities, at cost | $3,904,455 | $9,936,651 | $16,754,545 | $12,219,693 | |||
(a)Includes securities on loan with an aggregate value of: | $845,838 | $4,285,387 | $10,830,529 | $7,676,997 |
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) | ||||||
$816,010,745 | $568,506,206 | $308,226,022 | $131,269,001 | $71,617,414 | $35,954,480 | $810,666,878 | ||||||
4,194,099 | 2,739,707 | 812,263 | 1,411,217 | 1,565,755 | 710,619 | 15,713,267 | ||||||
838,334 | 360 | - | - | - | - | - | ||||||
5,573 | 51,714 | 47,336 | 18,524 | - | - | - | ||||||
6,706,829 | 5,715,974 | 2,828,237 | 1,183,139 | 653,902 | 393,628 | 9,434,317 | ||||||
2,212 | 241 | 2,340 | 180 | 882 | 368 | 3,793 | ||||||
- | - | - | - | - | - | - | ||||||
3,197,059 | 49,248 | 45,033 | 17,112 | - | - | - | ||||||
- | - | - | - | - | - | - | ||||||
830,954,851 | 577,063,450 | 311,961,231 | 133,899,173 | 73,837,953 | 37,059,095 | 835,818,255 | ||||||
- | - | - | - | - | - | 15,036,501 | ||||||
4,005,822 | 49,248 | 45,033 | 17,112 | - | - | - | ||||||
2,706,079 | 1,208,814 | 276,640 | 1,169,553 | 1,418,625 | 569,603 | 15,713,267 | ||||||
5,573 | 51,714 | 47,336 | 18,524 | - | - | - | ||||||
- | - | - | - | - | - | - | ||||||
68,791 | 47,836 | 25,895 | 11,035 | 6,059 | 3,041 | 288,752 | ||||||
10,020 | 7,864 | 5,637 | 4,051 | 3,559 | 3,232 | 10,995 | ||||||
6,796,285 | 1,365,476 | 400,541 | 1,220,275 | 1,428,243 | 575,876 | 31,049,515 | ||||||
$824,158,566 | $575,697,974 | $311,560,690 | $132,678,898 | $72,409,710 | $36,483,219 | $804,768,740 | ||||||
$796,374,757 | $553,281,131 | $295,867,347 | $125,360,898 | $67,639,748 | $33,910,157 | $822,834,186 | ||||||
27,783,809 | 22,416,843 | 15,693,343 | 7,318,000 | 4,769,962 | 2,573,062 | (18,065,446) | ||||||
$824,158,566 | $575,697,974 | $311,560,690 | $132,678,898 | $72,409,710 | $36,483,219 | $804,768,740 | ||||||
38,700,000 | 26,850,000 | 14,550,000 | 6,450,000 | 3,450,000 | 1,650,001 | 33,600,000 | ||||||
$21.30 | $21.44 | $21.41 | $20.57 | $20.99 | $22.11 | $23.95 | ||||||
$21.35 | $21.50 | $21.44 | $20.62 | $21.05 | $22.17 | $23.93 | ||||||
$788,529,233 | $545,088,764 | $292,425,205 | $124,076,767 | $66,864,716 | $33,404,705 | $809,024,558 | ||||||
$4,194,099 | $2,739,707 | $812,263 | $1,411,217 | $1,565,753 | $710,619 | $15,713,267 | ||||||
$2,622,900 | $1,172,658 | $265,879 | $1,141,019 | $1,375,533 | $549,718 | $15,121,481 |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | ||||
Assets: | |||||||
Unaffiliated investments in securities, at value(a) | $1,027,573,858 | $798,617,152 | $493,158,888 | $233,498,781 | |||
Affiliated investments in securities, at value | 169,371,686 | 100,055,144 | 29,050,921 | 27,220,305 | |||
Cash | - | 1,148,250 | 289,133 | 1,689,863 | |||
Cash segregated as collateral | 28,058 | 8,916 | - | - | |||
Receivable for: | |||||||
Dividends and interest | 19,321,275 | 14,082,614 | 8,166,606 | 4,018,357 | |||
Securities lending | 46,945 | 74,936 | 22,713 | 20,955 | |||
Investments sold | 1,447,697 | - | - | 567,700 | |||
Fund shares sold | 26,668 | 2,473,096 | - | - | |||
Total assets | 1,217,816,187 | 916,460,108 | 530,688,261 | 267,015,961 | |||
Liabilities: | |||||||
Due to custodian | 1,257,017 | - | - | - | |||
Payable for: | |||||||
Investments purchased | 10,350,657 | 9,002,800 | 289,133 | 4,165,835 | |||
Collateral upon return of securities loaned | 47,908,443 | 58,632,241 | 18,476,396 | 19,072,205 | |||
Collateral upon receipt of securities in-kind | 28,057 | 8,916 | - | - | |||
Fund shares repurchased | - | 8,090 | - | - | |||
Accrued unitary management fees | 394,988 | 291,828 | 174,584 | 82,260 | |||
Accrued expenses | 13,126 | 10,189 | 7,272 | 5,014 | |||
Total liabilities | 59,952,288 | 67,954,064 | 18,947,385 | 23,325,314 | |||
Net Assets | $1,157,863,899 | $848,506,044 | $511,740,876 | $243,690,647 | |||
Net assets consist of: | |||||||
Shares of beneficial interest | $1,179,998,554 | $852,242,899 | $515,008,276 | $245,317,081 | |||
Distributable earnings | (22,134,655) | (3,736,855) | (3,267,400) | (1,626,434) | |||
Net Assets | $1,157,863,899 | $848,506,044 | $511,740,876 | $243,690,647 | |||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 48,400,000 | 34,500,000 | 21,000,000 | 9,400,000 | |||
Net asset value | $23.92 | $24.59 | $24.37 | $25.92 | |||
Market price | $23.91 | $24.67 | $24.43 | $25.98 | |||
Unaffiliated investments in securities, at cost | $1,025,864,964 | $792,841,044 | $491,381,801 | $233,533,579 | |||
Affiliated investments in securities, at cost | $169,371,285 | $100,054,988 | $29,050,921 | $27,220,267 | |||
(a)Includes securities on loan with an aggregate value of: | $44,642,939 | $56,083,423 | $17,739,382 | $17,851,776 |
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | ||||||
$95,427,576 | $74,365,970 | $25,272,266 | $10,082,384 | $10,202,080 | $10,239,996 | $10,413,509 | ||||||
6,246,966 | 4,411,192 | 1,434,566 | 20,198 | 200,840 | 312,043 | 30,464 | ||||||
- | - | - | - | - | - | 156,845 | ||||||
- | - | - | - | - | - | - | ||||||
1,528,783 | 1,268,944 | 384,065 | 115,887 | 128,863 | 122,273 | 136,934 | ||||||
5,062 | 2,365 | 1,025 | 19 | 627 | 714 | 34 | ||||||
- | 525,583 | - | - | - | - | - | ||||||
- | - | - | - | - | - | - | ||||||
103,208,387 | 80,574,054 | 27,091,922 | 10,218,488 | 10,532,410 | 10,675,026 | 10,737,786 | ||||||
- | - | - | - | - | - | - | ||||||
- | 315,232 | - | - | - | - | 156,845 | ||||||
4,910,800 | 4,344,032 | 1,377,976 | - | 162,004 | 203,369 | - | ||||||
- | - | - | - | - | - | - | ||||||
- | - | - | - | - | - | - | ||||||
32,702 | 32,625 | 9,080 | 2,507 | 2,540 | 2,560 | 2,587 | ||||||
3,775 | 3,636 | 3,171 | 3,028 | 3,029 | 3,030 | 3,030 | ||||||
4,947,277 | 4,695,525 | 1,390,227 | 5,535 | 167,573 | 208,959 | 162,462 | ||||||
$98,261,110 | $75,878,529 | $25,701,695 | $10,212,953 | $10,364,837 | $10,466,067 | $10,575,324 | ||||||
$97,867,730 | $74,655,183 | $25,286,292 | $9,983,670 | $10,000,025 | $10,000,025 | $10,000,025 | ||||||
393,380 | 1,223,346 | 415,403 | 229,283 | 364,812 | 466,042 | 575,299 | ||||||
$98,261,110 | $75,878,529 | $25,701,695 | $10,212,953 | $10,364,837 | $10,466,067 | $10,575,324 | ||||||
3,900,000 | 3,100,000 | 1,000,001 | 400,001 | 400,001 | 400,001 | 400,001 | ||||||
$25.20 | $24.48 | $25.70 | $25.53 | $25.91 | $26.17 | $26.44 | ||||||
$25.22 | $24.53 | $25.75 | $25.58 | $25.95 | $26.19 | $26.53 | ||||||
$94,581,233 | $72,757,337 | $24,855,938 | $9,852,827 | $9,856,537 | $9,795,941 | $9,857,607 | ||||||
$6,246,966 | $4,411,192 | $1,434,566 | $20,198 | $200,840 | $312,043 | $30,464 | ||||||
$4,738,477 | $4,195,843 | $1,323,423 | $- | $154,883 | $196,505 | $- |
Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) | Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | ||||
Investment income: | |||||||
Unaffiliated interest income | $27,079,016 | $41,178,330 | $37,654,963 | $32,480,458 | |||
Affiliated dividend income | 1,482,934 | 170,245 | 135,226 | 127,301 | |||
Securities lending income | 12,312 | 13,790 | 14,879 | 9,986 | |||
Foreign witholding tax | (4,627) | (1,844) | (10,586) | (8,630) | |||
Total investment income | 28,569,635 | 41,360,521 | 37,794,482 | 32,609,115 | |||
Expenses: | |||||||
Unitary management fees | 1,228,019 | 1,597,055 | 1,335,254 | 1,082,505 | |||
Proxy fees | 13,522 | 19,379 | 17,414 | 14,922 | |||
Total expenses | 1,241,541 | 1,616,434 | 1,352,668 | 1,097,427 | |||
Less: Waivers | (116,553) | (13,720) | (10,736) | (10,442) | |||
Net expenses | 1,124,988 | 1,602,714 | 1,341,932 | 1,086,985 | |||
Net investment income | 27,444,647 | 39,757,807 | 36,452,550 | 31,522,130 | |||
Realized and unrealized gain (loss) from: | |||||||
Net realized gain (loss) from: | |||||||
Investment securities | (151,561) | (618,379) | 212,336 | 542,081 | |||
In-kind redemptions | 98,983 | 82,429 | — | — | |||
Net realized gain (loss) | (52,578) | (535,950) | 212,336 | 542,081 | |||
Change in net unrealized appreciation (depreciation) of: | |||||||
Unaffiliated investment securities | 4,919,423 | 21,527,710 | 34,842,003 | 45,493,276 | |||
Affiliated investment securities | - | - | - | - | |||
Change in net unrealized appreciation | 4,919,423 | 21,527,710 | 34,842,003 | 45,493,276 | |||
Net realized and unrealized gain (loss) | 4,866,845 | 20,991,760 | 35,054,339 | 46,035,357 | |||
Net increase in net assets resulting from operations | $32,311,492 | $60,749,567 | $71,506,889 | $77,557,487 |
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) | ||||||
$19,188,871 | $13,983,803 | $7,219,716 | $2,992,268 | $1,731,396 | $651,267 | $43,177,487 | ||||||
74,310 | 53,809 | 29,966 | 12,885 | 7,927 | 4,956 | 490,729 | ||||||
7,186 | 11,078 | 10,436 | 1,807 | 8,741 | 1,710 | 170,835 | ||||||
(13,892) | (1,514) | (1,250) | - | (860) | (1,601) | - | ||||||
19,256,475 | 14,047,176 | 7,258,868 | 3,006,960 | 1,747,204 | 656,332 | 43,839,051 | ||||||
599,830 | 414,088 | 205,909 | 85,249 | 46,635 | 17,019 | 4,214,556 | ||||||
10,020 | 7,864 | 5,637 | 4,051 | 3,559 | 3,232 | 10,995 | ||||||
609,850 | 421,952 | 211,546 | 89,300 | 50,194 | 20,251 | 4,225,551 | ||||||
(6,177) | (4,476) | (2,348) | (913) | (585) | (397) | (39,005) | ||||||
603,673 | 417,476 | 209,198 | 88,387 | 49,609 | 19,854 | 4,186,546 | ||||||
18,652,802 | 13,629,700 | 7,049,670 | 2,918,573 | 1,697,595 | 636,478 | 39,652,505 | ||||||
82,061 | (395,780) | (25,367) | 96,291 | 25,123 | 12,412 | (10,724,646) | ||||||
146,506 | 402,559 | 241,753 | — | — | — | 217,406 | ||||||
228,567 | 6,779 | 216,386 | 96,291 | 25,123 | 12,412 | (10,507,240) | ||||||
35,215,574 | 29,834,712 | 18,947,463 | 9,286,995 | 5,517,191 | 2,546,797 | 377,247 | ||||||
- | - | - | - | 2 | - | - | ||||||
35,215,574 | 29,834,712 | 18,947,463 | 9,286,995 | 5,517,193 | 2,546,797 | 377,247 | ||||||
35,444,141 | 29,841,491 | 19,163,849 | 9,383,286 | 5,542,316 | 2,559,209 | (10,129,993) | ||||||
$54,096,943 | $43,471,191 | $26,213,519 | $12,301,859 | $7,239,911 | $3,195,687 | $29,522,512 |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | ||||
Investment income: | |||||||
Unaffiliated interest income | $48,091,583 | $35,326,938 | $21,150,008 | $9,871,434 | |||
Affiliated dividend income | 1,027,091 | 464,369 | 204,201 | 66,143 | |||
Securities lending income | 247,941 | 689,327 | 185,642 | 149,426 | |||
Foreign witholding tax | - | - | - | - | |||
Total investment income | 49,366,615 | 36,480,634 | 21,539,851 | 10,087,003 | |||
Expenses: | |||||||
Unitary management fees | 4,259,337 | 2,673,704 | 1,542,104 | 699,012 | |||
Proxy fees | 13,126 | 10,189 | 7,272 | 5,014 | |||
Total expenses | 4,272,463 | 2,683,893 | 1,549,376 | 704,026 | |||
Less: Waivers | (84,081) | (37,909) | (16,543) | (5,565) | |||
Net expenses | 4,188,382 | 2,645,984 | 1,532,833 | 698,461 | |||
Net investment income | 45,178,233 | 33,834,650 | 20,007,018 | 9,388,542 | |||
Realized and unrealized gain (loss) from: | |||||||
Net realized gain (loss) from: | |||||||
Investment securities | (15,263,404) | (7,742,608) | (3,088,813) | (1,375,365) | |||
In-kind redemptions | 362,641 | 139,640 | — | 63,176 | |||
Net realized gain (loss) | (14,900,763) | (7,602,968) | (3,088,813) | (1,312,189) | |||
Change in net unrealized appreciation (depreciation) of: | |||||||
Unaffiliated investment securities | 1,051,726 | 5,367,018 | 1,931,864 | 487,927 | |||
Affiliated investment securities | 401 | 156 | - | 38 | |||
Change in net unrealized appreciation | 1,052,127 | 5,367,174 | 1,931,864 | 487,965 | |||
Net realized and unrealized gain (loss) | (13,848,636) | (2,235,794) | (1,156,949) | (824,224) | |||
Net increase in net assets resulting from operations | $31,329,597 | $31,598,856 | $18,850,069 | $8,564,318 |
(a) | For the period October 2, 2018 (commencement of investment operations) through August 31, 2019. |
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)(a) | Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)(a) | Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)(a) | Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)(a) | ||||||
$3,944,642 | $2,963,759 | $704,409 | $382,396 | $407,769 | $417,122 | $451,844 | ||||||
18,837 | 17,266 | 6,447 | 1,340 | 1,872 | 1,650 | 599 | ||||||
39,101 | 27,474 | 5,098 | 172 | 1,732 | 5,678 | 318 | ||||||
- | - | - | (1,149) | (1,129) | (1,416) | (2,400) | ||||||
4,002,580 | 3,008,499 | 715,954 | 382,759 | 410,244 | 423,034 | 450,361 | ||||||
287,233 | 197,344 | 48,219 | 26,569 | 26,725 | 26,766 | 26,836 | ||||||
3,775 | 3,636 | 3,171 | 3,028 | 3,029 | 3,030 | 3,030 | ||||||
291,008 | 200,980 | 51,390 | 29,597 | 29,754 | 29,796 | 29,866 | ||||||
(1,628) | (1,353) | (556) | (110) | (151) | (135) | (50) | ||||||
289,380 | 199,627 | 50,834 | 29,487 | 29,603 | 29,661 | 29,816 | ||||||
3,713,200 | 2,808,872 | 665,120 | 353,272 | 380,641 | 393,373 | 420,545 | ||||||
(140,559) | (335,808) | (395) | 4,230 | 21,727 | 20,216 | 25,232 | ||||||
— | — | — | — | — | — | — | ||||||
(140,559) | (335,808) | (395) | 4,230 | 21,727 | 20,216 | 25,232 | ||||||
1,559,016 | 1,749,369 | 404,912 | 229,557 | 345,543 | 444,055 | 555,902 | ||||||
- | - | - | - | - | - | - | ||||||
1,559,016 | 1,749,369 | 404,912 | 229,557 | 345,543 | 444,055 | 555,902 | ||||||
1,418,457 | 1,413,561 | 404,517 | 233,787 | 367,270 | 464,271 | 581,134 | ||||||
$5,131,657 | $4,222,433 | $1,069,637 | $587,059 | $747,911 | $857,644 | $1,001,679 |
Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) | |||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | |||
Operations: | |||||
Net investment income | $27,444,647 | $5,665,251 | $18,717,062 | ||
Net realized gain (loss) | (52,578) | (65,217) | 265,613 | ||
Change in net unrealized appreciation (depreciation) | 4,919,423 | 1,788,176 | (9,777,877) | ||
Net increase (decrease) in net assets resulting from operations | 32,311,492 | 7,388,210 | 9,204,798 | ||
Distributions to Shareholders from: | |||||
Distributable earnings | (27,874,818) | (6,199,722) | (19,187,130) | ||
Shareholder Transactions: | |||||
Proceeds from shares sold | 214,607,421 | 91,451,702 | 136,339,359 | ||
Value of shares repurchased | (351,222,191) | (9,443,708) | (6,369,972) | ||
Net increase (decrease) in net assets resulting from share transactions | (136,614,770) | 82,007,994 | 129,969,387 | ||
Net increase (decrease) in net assets | (132,178,096) | 83,196,482 | 119,987,055 | ||
Net assets: | |||||
Beginning of period | 1,170,372,311 | 1,087,175,829 | 967,188,774 | ||
End of period | $1,038,194,215 | $1,170,372,311 | $1,087,175,829 | ||
Changes in Shares Outstanding: | |||||
Shares sold | 10,200,000 | 4,350,000 | 6,450,000 | ||
Shares repurchased | (16,650,000) | (450,000) | (300,000) | ||
Shares outstanding, beginning of period | 55,650,000 | 51,750,000 | 45,600,000 | ||
Shares outstanding, end of period | 49,200,000 | 55,650,000 | 51,750,000 |
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | |||||||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | |||||
$39,757,807 | $6,788,828 | $21,899,076 | $36,452,550 | $6,201,295 | $19,036,865 | |||||
(535,950) | (67,343) | 590,787 | 212,336 | (470,625) | 1,151,293 | |||||
21,527,710 | 403,191 | (21,213,327) | 34,842,003 | 378,358 | (22,711,925) | |||||
60,749,567 | 7,124,676 | 1,276,536 | 71,506,889 | 6,109,028 | (2,523,767) | |||||
(40,425,963) | (7,430,363) | (22,507,253) | (37,206,197) | (6,762,869) | (19,711,122) | |||||
536,977,598 | 91,507,702 | 243,083,300 | 590,557,047 | 74,611,310 | 288,790,363 | |||||
(9,552,845) | - | - | - | - | (12,839,679) | |||||
527,424,753 | 91,507,702 | 243,083,300 | 590,557,047 | 74,611,310 | 275,950,684 | |||||
547,748,357 | 91,202,015 | 221,852,583 | 624,857,739 | 73,957,469 | 253,715,795 | |||||
1,243,280,000 | 1,152,077,985 | 930,225,402 | 995,660,989 | 921,703,520 | 667,987,725 | |||||
$1,791,028,357 | $1,243,280,000 | $1,152,077,985 | $1,620,518,728 | $995,660,989 | $921,703,520 | |||||
25,500,000 | 4,350,000 | 11,400,000 | 28,350,000 | 3,600,000 | 13,650,000 | |||||
(450,000) | - | - | - | - | (600,000) | |||||
59,100,000 | 54,750,000 | 43,350,000 | 48,000,000 | 44,400,000 | 31,350,000 | |||||
84,150,000 | 59,100,000 | 54,750,000 | 76,350,000 | 48,000,000 | 44,400,000 |
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | |||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | |||
Operations: | |||||
Net investment income | $31,522,130 | $5,580,945 | $16,532,535 | ||
Net realized gain (loss) | 542,081 | (101,365) | 222,968 | ||
Change in net unrealized appreciation (depreciation) | 45,493,276 | 564,559 | (21,637,665) | ||
Net increase (decrease) in net assets resulting from operations | 77,557,487 | 6,044,139 | (4,882,162) | ||
Distributions to Shareholders from: | |||||
Distributable earnings | (32,201,177) | (6,062,143) | (16,236,783) | ||
Shareholder Transactions: | |||||
Proceeds from shares sold | 498,202,441 | 65,026,278 | 263,135,456 | ||
Value of shares repurchased | - | - | - | ||
Net increase in net assets resulting from share transactions | 498,202,441 | 65,026,278 | 263,135,456 | ||
Net increase in net assets | 543,558,751 | 65,008,274 | 242,016,511 | ||
Net assets: | |||||
Beginning of period | 825,428,767 | 760,420,493 | 518,403,982 | ||
End of period | $1,368,987,518 | $825,428,767 | $760,420,493 | ||
Changes in Shares Outstanding: | |||||
Shares sold | 23,850,000 | 3,150,000 | 12,450,000 | ||
Shares repurchased | - | - | - | ||
Shares outstanding, beginning of period | 39,900,000 | 36,750,000 | 24,300,000 | ||
Shares outstanding, end of period | 63,750,000 | 39,900,000 | 36,750,000 |
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | |||||||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | |||||
$18,652,802 | $2,756,669 | $7,735,155 | $13,629,700 | $2,457,973 | $6,854,035 | |||||
228,567 | (15,088) | 378,053 | 6,779 | (188,114) | 198,402 | |||||
35,215,574 | 398,800 | (11,385,029) | 29,834,712 | 673,175 | (10,156,047) | |||||
54,096,943 | 3,140,381 | (3,271,821) | 43,471,191 | 2,943,034 | (3,103,610) | |||||
(18,964,323) | (3,017,428) | (7,962,510) | (13,963,422) | (2,684,817) | (6,590,931) | |||||
409,117,640 | 33,343,380 | 172,100,654 | 241,215,529 | 18,141,763 | 139,792,953 | |||||
(3,160,788) | - | - | (6,388,072) | - | - | |||||
405,956,852 | 33,343,380 | 172,100,654 | 234,827,457 | 18,141,763 | 139,792,953 | |||||
441,089,472 | 33,466,333 | 160,866,323 | 264,335,226 | 18,399,980 | 130,098,412 | |||||
383,069,094 | 349,602,761 | 188,736,438 | 311,362,748 | 292,962,768 | 162,864,356 | |||||
$824,158,566 | $383,069,094 | $349,602,761 | $575,697,974 | $311,362,748 | $292,962,768 | |||||
19,950,000 | 1,650,000 | 8,250,000 | 11,700,000 | 900,000 | 6,750,000 | |||||
(150,000) | - | - | (300,000) | - | - | |||||
18,900,000 | 17,250,000 | 9,000,000 | 15,450,000 | 14,550,000 | 7,800,000 | |||||
38,700,000 | 18,900,000 | 17,250,000 | 26,850,000 | 15,450,000 | 14,550,000 |
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | |||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | |||
Operations: | |||||
Net investment income | $7,049,670 | $922,936 | $2,741,918 | ||
Net realized gain (loss) | 216,386 | (15,059) | (57,770) | ||
Change in net unrealized appreciation (depreciation) | 18,947,463 | 359,254 | (4,150,558) | ||
Net increase (decrease) in net assets resulting from operations | 26,213,519 | 1,267,131 | (1,466,410) | ||
Distributions to Shareholders from: | |||||
Distributable earnings | (7,067,388) | (1,009,969) | (2,647,883) | ||
Shareholder Transactions: | |||||
Proceeds from shares sold | 182,143,533 | 11,906,199 | 40,096,500 | ||
Value of shares repurchased | (6,073,017) | - | - | ||
Transaction fees | - | - | - | ||
Net increase in net assets resulting from share transactions | 176,070,516 | 11,906,199 | 40,096,500 | ||
Net increase in net assets | 195,216,647 | 12,163,361 | 35,982,207 | ||
Net assets: | |||||
Beginning of period | 116,344,043 | 104,180,682 | 68,198,475 | ||
End of period | $311,560,690 | $116,344,043 | $104,180,682 | ||
Changes in Shares Outstanding: | |||||
Shares sold | 9,000,000 | 600,000 | 1,950,000 | ||
Shares repurchased | (300,000) | - | - | ||
Shares outstanding, beginning of period | 5,850,000 | 5,250,000 | 3,300,000 | ||
Shares outstanding, end of period | 14,550,000 | 5,850,000 | 5,250,000 |
(a) | For the period September 27, 2017 (commencement of investment operations) through May 31, 2018. |
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | |||||||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Period Ended May 31, 2018(a) | |||||
$2,918,573 | $458,794 | $1,360,406 | $1,697,595 | $211,171 | $309,453 | |||||
96,291 | - | 4,127 | 25,123 | - | - | |||||
9,286,995 | 110,022 | (2,348,488) | 5,517,193 | 43,750 | (808,243) | |||||
12,301,859 | 568,816 | (983,955) | 7,239,911 | 254,921 | (498,790) | |||||
(2,987,273) | (514,453) | (1,306,332) | (1,757,099) | (231,255) | (237,726) | |||||
69,564,091 | - | 29,332,454 | 41,024,857 | 2,867,668 | 23,631,169 | |||||
- | - | - | - | - | - | |||||
107,559 | - | 57,946 | 80,077 | 7,102 | 28,875 | |||||
69,671,650 | - | 29,390,400 | 41,104,934 | 2,874,770 | 23,660,044 | |||||
78,986,236 | 54,363 | 27,100,113 | 46,587,746 | 2,898,436 | 22,923,528 | |||||
53,692,662 | 53,638,299 | 26,538,186 | 25,821,964 | 22,923,528 | - | |||||
$132,678,898 | $53,692,662 | $53,638,299 | $72,409,710 | $25,821,964 | $22,923,528 | |||||
3,600,000 | - | 1,500,000 | 2,100,000 | 150,000 | 1,200,000 | |||||
- | - | - | - | - | - | |||||
2,850,000 | 2,850,000 | 1,350,000 | 1,350,000 | 1,200,000 | - | |||||
6,450,000 | 2,850,000 | 2,850,000 | 3,450,000 | 1,350,000 | 1,200,000 |
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) | ||||||||
Year Ended August 31, 2019 | Period Ended August 31, 2018(a) | Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | |||||
Operations: | |||||||||
Net investment income | $636,478 | $14,814 | $39,652,505 | $11,217,774 | $40,167,997 | ||||
Net realized gain (loss) | 12,412 | - | (10,507,240) | (8,383,991) | 4,323,780 | ||||
Change in net unrealized appreciation (depreciation) | 2,546,797 | 2,978 | 377,247 | 9,259,057 | (19,140,314) | ||||
Net increase in net assets resulting from operations | 3,195,687 | 17,792 | 29,522,512 | 12,092,840 | 25,351,463 | ||||
Distributions to Shareholders from: | |||||||||
Distributable earnings | (640,417) | - | (42,657,504) | (12,686,334) | (39,840,911) | ||||
Shareholder Transactions: | |||||||||
Proceeds from shares sold | 27,848,759 | 6,000,020 | 48,275,330 | 67,778,772 | 383,722,706 | ||||
Value of shares repurchased | - | - | (366,980,992) | - | (70,246,951) | ||||
Transaction fees | 61,378 | - | - | - | - | ||||
Net increase (decrease) in net assets resulting from share transactions | 27,910,137 | 6,000,020 | (318,705,662) | 67,778,772 | 313,475,755 | ||||
Net increase (decrease) in net assets | 30,465,407 | 6,017,812 | (331,840,654) | 67,185,278 | 298,986,307 | ||||
Net assets: | |||||||||
Beginning of period | 6,017,812 | - | 1,136,609,394 | 1,069,424,116 | 770,437,809 | ||||
End of period | $36,483,219 | $6,017,812 | $804,768,740 | $1,136,609,394 | $1,069,424,116 | ||||
Changes in Shares Outstanding: | |||||||||
Shares sold | 1,350,000 | 300,001 | 2,000,000 | 2,800,000 | 15,700,000 | ||||
Shares repurchased | - | - | (15,300,000) | - | (2,900,000) | ||||
Shares outstanding, beginning of period | 300,001 | - | 46,900,000 | 44,100,000 | 31,300,000 | ||||
Shares outstanding, end of period | 1,650,001 | 300,001 | 33,600,000 | 46,900,000 | 44,100,000 |
(a) | For the period August 7, 2018 (commencement of investment operations) through August 31, 2018. |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | |||||||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | |||||
$45,178,233 | $10,825,083 | $31,093,734 | $33,834,650 | $5,080,002 | $13,849,880 | |||||
(14,900,763) | (8,550,949) | 3,256,544 | (7,602,968) | (3,158,540) | 1,250,487 | |||||
1,052,127 | 11,388,429 | (20,671,432) | 5,367,174 | 5,577,259 | (8,147,746) | |||||
31,329,597 | 13,662,563 | 13,678,846 | 31,598,856 | 7,498,721 | 6,952,621 | |||||
(48,820,774) | (11,673,885) | (30,258,164) | (34,170,323) | (5,541,188) | (13,589,922) | |||||
315,151,901 | 106,756,880 | 388,612,139 | 398,461,859 | 64,090,481 | 249,274,299 | |||||
(76,180,877) | - | (26,746,698) | (4,909,894) | - | (19,783,760) | |||||
- | - | - | - | - | - | |||||
238,971,024 | 106,756,880 | 361,865,441 | 393,551,965 | 64,090,481 | 229,490,539 | |||||
221,479,847 | 108,745,558 | 345,286,123 | 390,980,498 | 66,048,014 | 222,853,238 | |||||
936,384,052 | 827,638,494 | 482,352,371 | 457,525,546 | 391,477,532 | 168,624,294 | |||||
$1,157,863,899 | $936,384,052 | $827,638,494 | $848,506,044 | $457,525,546 | $391,477,532 | |||||
13,100,000 | 4,400,000 | 15,800,000 | 16,200,000 | 2,600,000 | 10,000,000 | |||||
(3,200,000) | - | (1,100,000) | (200,000) | - | (800,000) | |||||
38,500,000 | 34,100,000 | 19,400,000 | 18,500,000 | 15,900,000 | 6,700,000 | |||||
48,400,000 | 38,500,000 | 34,100,000 | 34,500,000 | 18,500,000 | 15,900,000 |
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | |||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | |||
Operations: | |||||
Net investment income | $20,007,018 | $2,966,556 | $8,933,445 | ||
Net realized gain (loss) | (3,088,813) | (668,980) | (1,472,691) | ||
Change in net unrealized appreciation (depreciation) | 1,931,864 | 1,225,554 | (4,761,701) | ||
Net increase in net assets resulting from operations | 18,850,069 | 3,523,130 | 2,699,053 | ||
Distributions to Shareholders from: | |||||
Distributable earnings | (20,443,849) | (3,245,197) | (8,742,614) | ||
Shareholder Transactions: | |||||
Proceeds from shares sold | 270,142,410 | 34,316,653 | 84,805,049 | ||
Value of shares repurchased | - | - | - | ||
Transaction fees | - | - | - | ||
Net increase in net assets resulting from share transactions | 270,142,410 | 34,316,653 | 84,805,049 | ||
Net increase in net assets | 268,548,630 | 34,594,586 | 78,761,488 | ||
Net assets: | |||||
Beginning of period | 243,192,246 | 208,597,660 | 129,836,172 | ||
End of period | $511,740,876 | $243,192,246 | $208,597,660 | ||
Changes in Shares Outstanding: | |||||
Shares sold | 11,100,000 | 1,400,000 | 3,400,000 | ||
Shares repurchased | - | - | - | ||
Shares outstanding, beginning of period | 9,900,000 | 8,500,000 | 5,100,000 | ||
Shares outstanding, end of period | 21,000,000 | 9,900,000 | 8,500,000 |
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | |||||||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | |||||
$9,388,542 | $1,438,921 | $3,549,565 | $3,713,200 | $608,714 | $1,608,134 | |||||
(1,312,189) | (355,063) | 117,508 | (140,559) | (357,462) | 171,514 | |||||
487,965 | 1,199,794 | (2,749,281) | 1,559,016 | 749,051 | (1,737,104) | |||||
8,564,318 | 2,283,652 | 917,792 | 5,131,657 | 1,000,303 | 42,544 | |||||
(9,637,906) | (1,586,592) | (3,401,294) | (3,927,807) | (666,317) | (1,586,773) | |||||
134,651,506 | 10,409,565 | 66,072,102 | 49,749,220 | 4,939,686 | 20,328,467 | |||||
(2,575,251) | - | - | - | - | 49,380 | |||||
267,308 | - | - | 98,218 | - | - | |||||
132,343,563 | 10,409,565 | 66,072,102 | 49,847,438 | 4,939,686 | 20,377,847 | |||||
131,269,975 | 11,106,625 | 63,588,600 | 51,051,288 | 5,273,672 | 18,833,618 | |||||
112,420,672 | 101,314,047 | 37,725,447 | 47,209,822 | 41,936,150 | 23,102,532 | |||||
$243,690,647 | $112,420,672 | $101,314,047 | $98,261,110 | $47,209,822 | $41,936,150 | |||||
5,200,000 | 400,000 | 2,500,000 | 2,000,000 | 200,000 | 800,000 | |||||
(100,000) | - | - | - | - | - | |||||
4,300,000 | 3,900,000 | 1,400,000 | 1,900,000 | 1,700,000 | 900,000 | |||||
9,400,000 | 4,300,000 | 3,900,000 | 3,900,000 | 1,900,000 | 1,700,000 |
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | |||||
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Period Ended May 31, 2018(a) | |||
Operations: | |||||
Net investment income | $2,808,872 | $318,430 | $299,644 | ||
Net realized gain (loss) | (335,808) | (93,697) | (6,154) | ||
Change in net unrealized appreciation (depreciation) | 1,749,369 | 309,348 | (450,084) | ||
Net increase (decrease) in net assets resulting from operations | 4,222,433 | 534,081 | (156,594) | ||
Distributions to Shareholders from: | |||||
Distributable earnings | (2,834,330) | (308,124) | (234,120) | ||
Return of capital | - | - | - | ||
Total distributions to shareholders | (2,834,330) | (308,124) | (234,120) | ||
Shareholder Transactions: | |||||
Proceeds from shares sold | 52,534,149 | 7,250,071 | 14,741,141 | ||
Transaction fees | 100,402 | 5,944 | 23,476 | ||
Net increase in net assets resulting from share transactions | 52,634,551 | 7,256,015 | 14,764,617 | ||
Net increase in net assets | 54,022,654 | 7,481,972 | 14,373,903 | ||
Net assets: | |||||
Beginning of period | 21,855,875 | 14,373,903 | - | ||
End of period | $75,878,529 | $21,855,875 | $14,373,903 | ||
Changes in Shares Outstanding: | |||||
Shares sold | 2,200,000 | 300,000 | 600,000 | ||
Shares outstanding, beginning of period | 900,000 | 600,000 | - | ||
Shares outstanding, end of period | 3,100,000 | 900,000 | 600,000 |
(a) | For the period September 27, 2017 (commencement of investment operations) through May 31, 2018. |
(b) | For the period August 7, 2018 (commencement of investment operations) through August 31, 2018. |
(c) | For the period October 2, 2018 (commencement of investment operations) through August 31, 2019. |
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | ||||||
Year Ended August 31, 2019 | Period Ended August 31, 2018(b) | Period Ended August 31, 2019(c) | Period Ended August 31, 2019(c) | Period Ended August 31, 2019(c) | Period Ended August 31, 2019(c) | |||||
$665,120 | $17,476 | $353,272 | $380,641 | $393,373 | $420,545 | |||||
(395) | - | 4,230 | 21,727 | 20,216 | 25,232 | |||||
404,912 | 11,416 | 229,557 | 345,543 | 444,055 | 555,902 | |||||
1,069,637 | 28,892 | 587,059 | 747,911 | 857,644 | 1,001,679 | |||||
(688,685) | - | (357,776) | (383,099) | (391,602) | (426,380) | |||||
- | - | (16,355) | - | - | - | |||||
(688,685) | - | (374,131) | (383,099) | (391,602) | (426,380) | |||||
20,242,264 | 5,000,025 | 10,000,025 | 10,000,025 | 10,000,025 | 10,000,025 | |||||
49,562 | - | - | - | - | - | |||||
20,291,826 | 5,000,025 | 10,000,025 | 10,000,025 | 10,000,025 | 10,000,025 | |||||
20,672,778 | 5,028,917 | 10,212,953 | 10,364,837 | 10,466,067 | 10,575,324 | |||||
5,028,917 | - | - | - | - | - | |||||
$25,701,695 | $5,028,917 | $10,212,953 | $10,364,837 | $10,466,067 | $10,575,324 | |||||
800,000 | 200,001 | 400,001 | 400,001 | 400,001 | 400,001 | |||||
200,001 | - | - | - | - | - | |||||
1,000,001 | 200,001 | 400,001 | 400,001 | 400,001 | 400,001 |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | |||||||||
2018 | 2017 | 2016 | 2015 | ||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $21.03 | $21.01 | $21.21 | $21.20 | $21.18 | $21.15 | |||||
Net investment income(a) | 0.47 | 0.11 | 0.38 | 0.39 | 0.42 | 0.44 | |||||
Net realized and unrealized gain (loss) on investments | 0.08 | 0.03 | (0.19) | (0.00)(b) | 0.02 | 0.03 | |||||
Total from investment operations | 0.55 | 0.14 | 0.19 | 0.39 | 0.44 | 0.47 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (0.48) | (0.12) | (0.38) | (0.38) | (0.41) | (0.43) | |||||
Net realized gains | - | - | (0.01) | - | (0.01) | (0.01) | |||||
Total distributions | (0.48) | (0.12) | (0.39) | (0.38) | (0.42) | (0.44) | |||||
Net asset value at end of period | $21.10 | $21.03 | $21.01 | $21.21 | $21.20 | $21.18 | |||||
Market price at end of period | $21.09(c) | $21.08(c) | $21.05(c) | $21.27 | $21.26 | $21.21 | |||||
Net Asset Value Total Return(d) | 2.63% | 0.65% | 0.93% | 1.88% | 2.14% | 2.27% | |||||
Market Price Total Return(d) | 2.34% | 0.70% | 0.83% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $1,038,194 | $1,170,372 | $1,087,176 | $967,189 | $588,220 | $343,078 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.09% | 0.10%(e) | 0.22% | 0.24% | 0.24% | 0.24% | |||||
Expenses, prior to Waivers | 0.10% | 0.10%(e) | 0.22% | ||||||||
Net investment income | 2.23% | 2.01%(e) | 1.81% | 1.85% | 2.03% | 2.11% | |||||
Portfolio turnover rate(f) | 3% | 3% | 10% | 10% | 11% | 5% |
(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 at net asset value 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. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | |||||||||
2018 | 2017 | 2016 | 2015 | ||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $21.04 | $21.04 | $21.46 | $21.37 | $21.38 | $21.23 | |||||
Net investment income(a) | 0.53 | 0.12 | 0.44 | 0.46 | 0.51 | 0.55 | |||||
Net realized and unrealized gain (loss) on investments | 0.24 | 0.01 | (0.40) | 0.08 | (0.01) | 0.13 | |||||
Total from investment operations | 0.77 | 0.13 | 0.04 | 0.54 | 0.50 | 0.68 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (0.53) | (0.13) | (0.44) | (0.45) | (0.51) | (0.53) | |||||
Net realized gains | - | - | (0.02) | (0.00)(b) | - | - | |||||
Total distributions | (0.53) | (0.13) | (0.46) | (0.45) | (0.51) | (0.53) | |||||
Net asset value at end of period | $21.28 | $21.04 | $21.04 | $21.46 | $21.37 | $21.38 | |||||
Market price at end of period | $21.33(c) | $21.10(c) | $21.10(c) | $21.52 | $21.44 | $21.44 | |||||
Net Asset Value Total Return(d) | 3.71% | 0.63% | 0.17% | 2.60% | 2.39% | 3.28% | |||||
Market Price Total Return(d) | 3.66% | 0.63% | 0.17% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $1,791,028 | $1,243,280 | $1,152,078 | $930,225 | $593,106 | $311,088 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.10% | 0.10%(e) | 0.22% | 0.24% | 0.24% | 0.24% | |||||
Expenses, prior to Waivers | 0.10% | 0.10%(e) | 0.22% | ||||||||
Net investment income | 2.49% | 2.27%(e) | 2.08% | 2.17% | 2.43% | 2.60% | |||||
Portfolio turnover rate(f) | 9% | 1% | 9% | 8% | 9% | 4% |
(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 at net asset value 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. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | |||||||||
2018 | 2017 | 2016 | 2015 | ||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $20.74 | $20.76 | $21.31 | $21.14 | $21.11 | $20.95 | |||||
Net investment income(a) | 0.57 | 0.13 | 0.50 | 0.52 | 0.57 | 0.59 | |||||
Net realized and unrealized gain (loss) on investments | 0.49 | (0.00)(b) | (0.53) | 0.16 | 0.01 | 0.15 | |||||
Total from investment operations | 1.06 | 0.13 | (0.03) | 0.68 | 0.58 | 0.74 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (0.58) | (0.15) | (0.50) | (0.50) | (0.55) | (0.58) | |||||
Net realized gains | (0.00)(b) | - | (0.02) | (0.01) | - | - | |||||
Total distributions | (0.58) | (0.15) | (0.52) | (0.51) | (0.55) | (0.58) | |||||
Net asset value at end of period | $21.22 | $20.74 | $20.76 | $21.31 | $21.14 | $21.11 | |||||
Market price at end of period | $21.28(c) | $20.81(c) | $20.79(c) | $21.36 | $21.17 | $21.18 | |||||
Net Asset Value Total Return(d) | 5.19% | 0.62% | (0.15)% | 3.28% | 2.81% | 3.61% | |||||
Market Price Total Return(d) | 5.12% | 0.81% | (0.25)% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $1,620,519 | $995,661 | $921,704 | $667,988 | $361,425 | $164,676 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.10% | 0.10%(e) | 0.22% | 0.24% | 0.24% | 0.24% | |||||
Expenses, prior to Waivers | 0.10% | 0.10%(e) | 0.22% | ||||||||
Net investment income | 2.73% | 2.57%(e) | 2.36% | 2.44% | 2.75% | 2.84% | |||||
Portfolio turnover rate(f) | 6% | 3% | 7% | 5% | 6% | 3% |
(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 at net asset value 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. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | |||||||||
2018 | 2017 | 2016 | 2015 | ||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $20.69 | $20.69 | $21.33 | $21.08 | $21.03 | $20.86 | |||||
Net investment income(a) | 0.61 | 0.15 | 0.54 | 0.55 | 0.59 | 0.62 | |||||
Net realized and unrealized gain (loss) on investments | 0.79 | 0.01 | (0.64) | 0.25 | 0.05 | 0.14 | |||||
Total from investment operations | 1.40 | 0.16 | (0.10) | 0.80 | 0.64 | 0.76 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (0.62) | (0.16) | (0.53) | (0.54) | (0.59) | (0.59) | |||||
Net realized gains | - | - | (0.01) | (0.01) | (0.00)(b) | (0.00)(b) | |||||
Total distributions | (0.62) | (0.16) | (0.54) | (0.55) | (0.59) | (0.59) | |||||
Net asset value at end of period | $21.47 | $20.69 | $20.69 | $21.33 | $21.08 | $21.03 | |||||
Market price at end of period | $21.53(c) | $20.74(c) | $20.74(c) | $21.37 | $21.11 | $21.05 | |||||
Net Asset Value Total Return(d) | 6.89% | 0.78% | (0.50)% | 3.82% | 3.15% | 3.75% | |||||
Market Price Total Return(d) | 6.93% | 0.77% | (0.45)% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $1,368,988 | $825,429 | $760,420 | $518,404 | $306,685 | $211,352 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.10% | 0.10%(e) | 0.22% | 0.24% | 0.24% | 0.24% | |||||
Expenses, prior to Waivers | 0.10% | 0.10%(e) | 0.22% | ||||||||
Net investment income | 2.91% | 2.80%(e) | 2.58% | 2.63% | 2.87% | 2.99% | |||||
Portfolio turnover rate(f) | 4% | 0%(g) | 8% | 10% | 5% | 2% |
(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 at net asset value 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. |
(g) | Amount represents less than 0.5%. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | For the Period September 17, 2014(a) Through May 31, 2015 | ||||||||
2018 | 2017 | 2016 | |||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $20.27 | $20.27 | $20.97 | $20.82 | $20.56 | $20.00 | |||||
Net investment income(b) | 0.64 | 0.15 | 0.58 | 0.61 | 0.65 | 0.44 | |||||
Net realized and unrealized gain (loss) on investments | 1.03 | 0.02 | (0.68) | 0.19 | 0.22 | 0.46 | |||||
Total from investment operations | 1.67 | 0.17 | (0.10) | 0.80 | 0.87 | 0.90 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (0.64) | (0.17) | (0.56) | (0.60) | (0.61) | (0.34) | |||||
Net realized gains | (0.00)(c) | - | (0.04) | (0.05) | (0.00)(c) | (0.00)(c) | |||||
Total distributions | (0.64) | (0.17) | (0.60) | (0.65) | (0.61) | (0.34) | |||||
Net asset value at end of period | $21.30 | $20.27 | $20.27 | $20.97 | $20.82 | $20.56 | |||||
Market price at end of period | $21.35(d) | $20.31(d) | $20.30(d) | $21.03 | $20.91 | $20.58 | |||||
Net Asset Value Total Return(e) | 8.44% | 0.84% | (0.50)% | 3.92% | 4.37% | 4.50% | |||||
Market Price Total Return(e) | 8.47% | 0.88% | (0.65)% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $824,159 | $383,069 | $349,603 | $188,736 | $131,162 | $18,501 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.10% | 0.10%(f) | 0.21% | 0.24% | 0.16%(g) | 0.24%(f) | |||||
Expenses, prior to Waivers | 0.10% | 0.10%(f) | 0.22% | 0.24% | 0.22% | 0.24%(f) | |||||
Net investment income | 3.11% | 3.00%(f) | 2.80% | 2.92% | 3.21% | 3.03%(f) | |||||
Portfolio turnover rate(h) | 6% | 0%(i) | 7% | 15% | 7% | 1% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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) | Reflects fees voluntarily waived or reimbursed by the Adviser. |
(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. |
(i) | Amount represents less than 0.5%. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | For the Period September 17, 2014(a) Through May 31, 2015 | ||||||||
2018 | 2017 | 2016 | |||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $20.15 | $20.13 | $20.88 | $20.74 | $20.52 | $19.98 | |||||
Net investment income(b) | 0.68 | 0.17 | 0.64 | 0.64 | 0.67 | 0.45 | |||||
Net realized and unrealized gain (loss) on investments | 1.30 | 0.03 | (0.76) | 0.15 | 0.22 | 0.44 | |||||
Total from investment operations | 1.98 | 0.20 | (0.12) | 0.79 | 0.89 | 0.89 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (0.69) | (0.18) | (0.63) | (0.62) | (0.65) | (0.35) | |||||
Net realized gains | - | - | - | (0.03) | (0.02) | - | |||||
Total distributions | (0.69) | (0.18) | (0.63) | (0.65) | (0.67) | (0.35) | |||||
Net asset value at end of period | $21.44 | $20.15 | $20.13 | $20.88 | $20.74 | $20.52 | |||||
Market price at end of period | $21.50(c) | $20.20(c) | $20.18(c) | $20.92 | $20.80 | $20.51 | |||||
Net Asset Value Total Return(d) | 10.08% | 1.01% | (0.62)% | 3.88% | 4.50% | 4.37% | |||||
Market Price Total Return(d) | 10.11% | 1.01% | (0.58)% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $575,698 | $311,363 | $292,963 | $162,864 | $96,423 | $46,172 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.10% | 0.10%(e) | 0.21% | 0.24% | 0.11%(f) | 0.24%(e) | |||||
Expenses, prior to Waivers | 0.10% | 0.10%(e) | 0.22% | 0.24% | 0.21% | 0.24%(e) | |||||
Net investment income | 3.29% | 3.29%(e) | 3.10% | 3.12% | 3.33% | 3.12%(e) | |||||
Portfolio turnover rate(g) | 5% | 2% | 5% | 18% | 9% | 8% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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) | Reflects fees voluntarily waived or reimbursed by the Adviser. |
(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. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | For the Period October 7, 2015(a) Through May 31, 2016 | ||||||
2018 | 2017 | ||||||||
Per Share Operating Performance: | |||||||||
Net asset value at beginning of period | $19.89 | $19.84 | $20.67 | $20.65 | $20.02 | ||||
Net investment income(b) | 0.70 | 0.17 | 0.64 | 0.62 | 0.42 | ||||
Net realized and unrealized gain (loss) on investments | 1.51 | 0.07 | (0.85) | 0.05 | 0.53 | ||||
Total from investment operations | 2.21 | 0.24 | (0.21) | 0.67 | 0.95 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (0.69) | (0.19) | (0.62) | (0.59) | (0.32) | ||||
Net realized gains | - | - | - | (0.06) | - | ||||
Total distributions | (0.69) | (0.19) | (0.62) | (0.65) | (0.32) | ||||
Net asset value at end of period | $21.41 | $19.89 | $19.84 | $20.67 | $20.65 | ||||
Market price at end of period | $21.44(c) | $19.96(c) | $19.85(c) | $20.71 | $20.71 | ||||
Net Asset Value Total Return(d) | 11.39% | 1.19% | (1.04)% | 3.29% | 4.81% | ||||
Market Price Total Return(d) | 11.14% | 1.50% | (1.19)% | ||||||
Ratios/Supplemental Data: | |||||||||
Net assets at end of period (000’s omitted) | $311,561 | $116,344 | $104,181 | $68,198 | $27,878 | ||||
Ratio to average net assets of: | |||||||||
Expenses, after Waivers | 0.10% | 0.10%(e) | 0.22% | 0.24% | 0.24%(e) | ||||
Expenses, prior to Waivers | 0.10% | 0.10%(e) | 0.22% | ||||||
Net investment income | 3.42% | 3.38%(e) | 3.14% | 3.04% | 3.22%(e) | ||||
Portfolio turnover rate(f) | 3% | 1% | 14% | 18% | 3% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | For the Period September 14, 2016(a) Through May 31, 2017 | ||||
Per Share Operating Performance: | |||||||
Net asset value at beginning of period | $18.84 | $18.82 | $19.66 | $19.88 | |||
Net investment income(b) | 0.66 | 0.16 | 0.61 | 0.41 | |||
Net realized and unrealized gain (loss) on investments | 1.71 | 0.04 | (0.89) | (0.32) | |||
Total from investment operations | 2.37 | 0.20 | (0.28) | 0.09 | |||
Distributions to shareholders from: | |||||||
Net investment income | (0.66) | (0.18) | (0.59) | (0.31) | |||
Net realized gains | (0.00)(c) | - | (0.00)(c) | - | |||
Total distributions | (0.66) | (0.18) | (0.59) | (0.31) | |||
Transaction fees(b) | 0.02 | - | 0.03 | - | |||
Net asset value at end of period | $20.57 | $18.84 | $18.82 | $19.66 | |||
Market price at end of period | $20.62(d) | $18.88(d) | $18.81(d) | $19.69 | |||
Net Asset Value Total Return(e) | 13.05% | 1.07% | (1.28)% | 0.49% | |||
Market Price Total Return(e) | 13.07% | 1.34% | (1.50)% | ||||
Ratios/Supplemental Data: | |||||||
Net assets at end of period (000’s omitted) | $132,679 | $53,693 | $53,638 | $26,538 | |||
Ratio to average net assets of: | |||||||
Expenses, after Waivers | 0.10% | 0.10%(f) | 0.21% | 0.24%(f) | |||
Expenses, prior to Waivers | 0.10% | 0.10%(f) | 0.22% | ||||
Net investment income | 3.42% | 3.41%(f) | 3.16% | 3.00%(f) | |||
Portfolio turnover rate(g) | 4% | 0% | 0%(h) | 4% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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. |
(h) | Amount represents less than 0.5%. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | For the Period September 27, 2017(a) Through May 31, 2018 | |||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $19.13 | $19.10 | $19.99 | ||
Net investment income(b) | 0.71 | 0.17 | 0.44 | ||
Net realized and unrealized gain (loss) on investments | 1.84 | 0.04 | (1.03) | ||
Total from investment operations | 2.55 | 0.21 | (0.59) | ||
Distributions to shareholders from: | |||||
Net investment income | (0.72) | (0.19) | (0.34) | ||
Transaction fees(b) | 0.03 | 0.01 | 0.04 | ||
Net asset value at end of period | $20.99 | $19.13 | $19.10 | ||
Market price at end of period(c) | $21.05 | $19.16 | $19.09 | ||
Net Asset Value Total Return(d) | 13.87% | 1.16% | (2.77)% | ||
Market Price Total Return(d) | 14.01% | 1.37% | (2.82)% | ||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $72,410 | $25,822 | $22,924 | ||
Ratio to average net assets of: | |||||
Expenses, after Waivers | 0.11%(e) | 0.10%(f) | 0.19%(f) | ||
Expenses, prior to Waivers | 0.11%(e) | 0.10%(f) | 0.20%(f) | ||
Net investment income | 3.64%(e) | 3.60%(f) | 3.35%(f) | ||
Portfolio turnover rate(g) | 3% | 0% | 0% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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. |
Year Ended August 31, 2019 | For the Period August 7, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $20.06 | $20.00 | |
Net investment income(b) | 0.77 | 0.05 | |
Net realized and unrealized gain on investments | 1.97 | 0.01 | |
Total from investment operations | 2.74 | 0.06 | |
Distributions to shareholders from: | |||
Net investment income | (0.76) | - | |
Transaction fees | 0.07 | - | |
Net asset value at end of period | $22.11 | $20.06 | |
Market price at end of period(c) | $22.17 | $20.09 | |
Net Asset Value Total Return(d) | 14.38% | 0.30%(e) | |
Market Price Total Return(d) | 14.51% | 0.45%(e) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $36,483 | $6,018 | |
Ratio to average net assets of: | |||
Expenses | 0.12%(f) | 0.10%(g) | |
Net investment income | 3.74%(f) | 3.91%(g) | |
Portfolio turnover rate(h) | 1% | 0% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.30%. The market price total return from Fund Inception to August 31, 2018 was 0.30%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | |||||||||
2018 | 2017 | 2016 | 2015 | ||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $24.23 | $24.25 | $24.61 | $23.61 | $25.38 | $26.40 | |||||
Net investment income(a) | 0.95 | 0.25 | 1.06 | 1.20 | 1.26 | 1.23 | |||||
Net realized and unrealized gain (loss) on investments | (0.22) | 0.01 | (0.35) | 0.97 | (1.83) | (1.10) | |||||
Total from investment operations | 0.73 | 0.26 | 0.71 | 2.17 | (0.57) | 0.13 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (1.01) | (0.28) | (1.07) | (1.17) | (1.20) | (1.15) | |||||
Net asset value at end of period | $23.95 | $24.23 | $24.25 | $24.61 | $23.61 | $25.38 | |||||
Market price at end of period | $23.93(b) | $24.26(b) | $24.22(b) | $24.67 | $23.60 | $25.43 | |||||
Net Asset Value Total Return(c) | 3.10% | 1.08% | 2.95% | 9.42% | (2.13)% | 0.55% | |||||
Market Price Total Return(c) | 2.90% | 1.33% | 2.57% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $804,769 | $1,136,609 | $1,069,424 | $770,438 | $349,413 | $147,190 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.42%(d) | 0.41%(e) | 0.43% | 0.44% | 0.43% | 0.43% | |||||
Expenses, prior to Waivers | 0.42%(d) | 0.42%(e) | |||||||||
Net investment income | 3.95% | 4.04%(e) | 4.36% | 4.97% | 5.38% | 4.86% | |||||
Portfolio turnover rate(f) | 41% | 25% | 47% | 47% | 21% | 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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | |||||||||
2018 | 2017 | 2016 | 2015 | ||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $24.32 | $24.27 | $24.86 | $23.48 | $25.67 | $26.43 | |||||
Net investment income(a) | 1.07 | 0.30 | 1.17 | 1.27 | 1.28 | 1.27 | |||||
Net realized and unrealized gain (loss) on investments | (0.31) | 0.08 | (0.59) | 1.32 | (2.24) | (0.82) | |||||
Total from investment operations | 0.76 | 0.38 | 0.58 | 2.59 | (0.96) | 0.45 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (1.14) | (0.33) | (1.17) | (1.21) | (1.23) | (1.19) | |||||
Net realized gains | (0.02) | - | - | - | - | (0.02) | |||||
Total distributions | (1.16) | (0.33) | (1.17) | (1.21) | (1.23) | (1.21) | |||||
Net asset value at end of period | $23.92 | $24.32 | $24.27 | $24.86 | $23.48 | $25.67 | |||||
Market price at end of period | $23.91(b) | $24.35(b) | $24.24(b) | $24.91 | $23.53 | $25.75 | |||||
Net Asset Value Total Return(c) | 3.23% | 1.56% | 2.37% | 11.29% | (3.64)% | 1.82% | |||||
Market Price Total Return(c) | 3.06% | 1.81% | 2.03% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $1,157,864 | $936,384 | $827,638 | $482,352 | $154,968 | $69,314 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.41%(d) | 0.41%(e) | 0.43% | 0.44% | 0.43% | 0.43% | |||||
Expenses, prior to Waivers | 0.42%(d) | 0.42%(e) | |||||||||
Net investment income | 4.45% | 4.87%(e) | 4.77% | 5.24% | 5.47% | 4.98% | |||||
Portfolio turnover rate(f) | 86% | 27% | 45% | 45% | 13% | 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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | For the Period September 17, 2014(a) Through May 31, 2015 | ||||||||
2018 | 2017 | 2016 | |||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $24.73 | $24.62 | $25.17 | $23.85 | $25.09 | $25.00 | |||||
Net investment income(b) | 1.30 | 0.30 | 1.25 | 1.33 | 1.26 | 0.86 | |||||
Net realized and unrealized gain (loss) on investments | (0.13) | 0.14 | (0.53) | 1.24 | (1.29) | (0.09) | |||||
Total from investment operations | 1.17 | 0.44 | 0.72 | 2.57 | (0.03) | 0.77 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (1.28) | (0.33) | (1.23) | (1.25) | (1.21) | (0.68) | |||||
Net realized gains | (0.03) | - | (0.04) | - | - | - | |||||
Total distributions | (1.31) | (0.33) | (1.27) | (1.25) | (1.21) | (0.68) | |||||
Net asset value at end of period | $24.59 | $24.73 | $24.62 | $25.17 | $23.85 | $25.09 | |||||
Market price at end of period | $24.67(c) | $24.78(c) | $24.58(c) | $25.24 | $23.92 | $25.15 | |||||
Net Asset Value Total Return(d) | 4.89% | 1.81% | 2.92% | 11.02% | 0.04% | 3.15% | |||||
Market Price Total Return(d) | 5.01% | 2.18% | 2.47% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $848,506 | $457,526 | $391,478 | $168,624 | $50,093 | $20,073 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.42%(e) | 0.41%(f) | 0.43% | 0.44% | 0.43% | 0.43%(f) | |||||
Expenses, prior to Waivers | 0.42%(e) | 0.42%(f) | |||||||||
Net investment income | 5.31% | 4.87%(f) | 5.04% | 5.44% | 5.37% | 4.93%(f) | |||||
Portfolio turnover rate(g) | 52% | 14% | 33% | 50% | 15% | 3% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | For the Period September 17, 2014(a) Through May 31, 2015 | ||||||||
2018 | 2017 | 2016 | |||||||||
Per Share Operating Performance: | |||||||||||
Net asset value at beginning of period | $24.56 | $24.54 | $25.46 | $23.97 | $25.22 | $25.04 | |||||
Net investment income(b) | 1.32 | 0.33 | 1.36 | 1.36 | 1.28 | 0.86 | |||||
Net realized and unrealized gain (loss) on investments | (0.17) | 0.06 | (0.91) | 1.39 | (1.30) | 0.02 | |||||
Total from investment operations | 1.15 | 0.39 | 0.45 | 2.75 | (0.02) | 0.88 | |||||
Distributions to shareholders from: | |||||||||||
Net investment income | (1.34) | (0.37) | (1.37) | (1.26) | (1.21) | (0.70) | |||||
Net realized gains | - | - | - | - | (0.02) | - | |||||
Total distributions | (1.34) | (0.37) | (1.37) | (1.26) | (1.23) | (0.70) | |||||
Net asset value at end of period | $24.37 | $24.56 | $24.54 | $25.46 | $23.97 | $25.22 | |||||
Market price at end of period | $24.43(c) | $24.61(c) | $24.49(c) | $25.52 | $24.00 | $25.17 | |||||
Net Asset Value Total Return(d) | 4.90% | 1.59% | 1.79% | 11.74% | 0.11% | 3.77% | |||||
Market Price Total Return(d) | 4.94% | 2.00% | 1.35% | ||||||||
Ratios/Supplemental Data: | |||||||||||
Net assets at end of period (000’s omitted) | $511,741 | $243,192 | $208,598 | $129,836 | $38,345 | $15,130 | |||||
Ratio to average net assets of: | |||||||||||
Expenses, after Waivers | 0.42% | 0.42%(e) | 0.43% | 0.44% | 0.43% | 0.43%(e) | |||||
Expenses, prior to Waivers | 0.42% | ||||||||||
Net investment income | 5.45% | 5.34%(e) | 5.47% | 5.50% | 5.46% | 4.92%(e) | |||||
Portfolio turnover rate(f) | 27% | 17% | 29% | 17% | 11% | 6% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Years Ended May 31, | For the Period October 7, 2015(a) Through May 31, 2016 | ||||||
2018 | 2017 | ||||||||
Per Share Operating Performance: | |||||||||
Net asset value at beginning of period | $26.14 | $25.98 | $26.95 | $25.58 | $24.97 | ||||
Net investment income(b) | 1.45 | 0.35 | 1.43 | 1.43 | 0.87 | ||||
Net realized and unrealized gain (loss) on investments | (0.22) | 0.20 | (0.93) | 1.27 | 0.40 | ||||
Total from investment operations | 1.23 | 0.55 | 0.50 | 2.70 | 1.27 | ||||
Distributions to shareholders from: | |||||||||
Net investment income | (1.47) | (0.39) | (1.43) | (1.33) | (0.66) | ||||
Net realized gains | (0.02) | - | (0.04) | - | - | ||||
Total distributions | (1.49) | (0.39) | (1.47) | (1.33) | (0.66) | ||||
Transaction fees | 0.04 | - | - | - | - | ||||
Net asset value at end of period | $25.92 | $26.14 | $25.98 | $26.95 | $25.58 | ||||
Market price at end of period | $25.98(c) | $26.22(c) | $25.93(c) | $27.03 | $25.60 | ||||
Net Asset Value Total Return(d) | 5.06% | 2.14% | 1.90% | 10.80% | 5.20% | ||||
Market Price Total Return(d) | 4.97% | 2.65% | 1.40% | ||||||
Ratios/Supplemental Data: | |||||||||
Net assets at end of period (000’s omitted) | $243,691 | $112,421 | $101,314 | $37,725 | $10,230 | ||||
Ratio to average net assets of: | |||||||||
Expenses | 0.42% | 0.42%(e) | 0.43% | 0.44% | 0.43%(e) | ||||
Net investment income | 5.64% | 5.39%(e) | 5.45% | 5.45% | 5.35%(e) | ||||
Portfolio turnover rate(f) | 19% | 6% | 18% | 14% | 3% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | For the Period September 14, 2016(a) Through May 31, 2017 | ||||
Per Share Operating Performance: | |||||||
Net asset value at beginning of period | $24.85 | $24.67 | $25.67 | $24.98 | |||
Net investment income(b) | 1.34 | 0.33 | 1.30 | 0.91 | |||
Net realized and unrealized gain (loss) on investments | 0.39 | 0.21 | (1.02) | 0.48 | |||
Total from investment operations | 1.73 | 0.54 | 0.28 | 1.39 | |||
Distributions to shareholders from: | |||||||
Net investment income | (1.37) | (0.36) | (1.27) | (0.70) | |||
Net realized gains | (0.05) | - | (0.05) | - | |||
Total distributions | (1.42) | (0.36) | (1.32) | (0.70) | |||
Transaction fees(b) | 0.04 | - | 0.04 | - | |||
Net asset value at end of period | $25.20 | $24.85 | $24.67 | $25.67 | |||
Market price at end of period | $25.22(c) | $24.92(c) | $24.71(c) | $25.65 | |||
Net Asset Value Total Return(d) | 7.44% | 2.22% | 1.21% | 5.67% | |||
Market Price Total Return(d) | 7.22% | 2.34% | 1.44% | ||||
Ratios/Supplemental Data: | |||||||
Net assets at end of period (000’s omitted) | $98,261 | $47,210 | $41,936 | $23,103 | |||
Ratio to average net assets of: | |||||||
Expenses, after Waivers | 0.42%(e) | 0.42%(f) | 0.44% | 0.42%(f) | |||
Expenses, prior to Waivers | 0.43%(e) | ||||||
Net investment income | 5.43%(e) | 5.30%(f) | 5.14% | 5.10%(f) | |||
Portfolio turnover rate(g) | 22% | 8% | 24% | 7% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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. |
Year Ended August 31, 2019 | Three Months Ended August 31, 2018 | For the Period September 27, 2017(a) Through May 31, 2018 | |||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $24.28 | $23.96 | $25.01 | ||
Net investment income(b) | 1.43 | 0.38 | 0.90 | ||
Net realized and unrealized gain (loss) on investments | 0.15 | 0.31 | (1.29) | ||
Total from investment operations | 1.58 | 0.69 | (0.39) | ||
Distributions to shareholders from: | |||||
Net investment income | (1.43) | (0.38) | (0.73) | ||
Transaction fees(b) | 0.05 | 0.01 | 0.07 | ||
Net asset value at end of period | $24.48 | $24.28 | $23.96 | ||
Market price at end of period(c) | $24.53 | $24.31 | $24.03 | ||
Net Asset Value Total Return(d) | 7.06% | 2.94% | (1.31)% | ||
Market Price Total Return(d) | 7.15% | 2.76% | (1.03)% | ||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $75,879 | $21,856 | $14,374 | ||
Ratio to average net assets of: | |||||
Expenses, after Waivers | 0.42%(e) | 0.42%(f) | 0.42%(f) | ||
Expenses, prior to Waivers | 0.43%(e) | ||||
Net investment income | 5.98%(e) | 6.33%(f) | 5.50%(f) | ||
Portfolio turnover rate(g) | 14% | 9% | 5% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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. |
Year Ended August 31, 2019 | For the Period August 7, 2018(a) Through August 31, 2018 | ||
Per Share Operating Performance: | |||
Net asset value at beginning of period | $25.14 | $25.00 | |
Net investment income(b) | 1.45 | 0.09 | |
Net realized and unrealized gain on investments | 0.51 | 0.05 | |
Total from investment operations | 1.96 | 0.14 | |
Distributions to shareholders from: | |||
Net investment income | (1.51) | - | |
Transaction fees(b) | 0.11 | - | |
Net asset value at end of period | $25.70 | $25.14 | |
Market price at end of period(c) | $25.75 | $25.15 | |
Net Asset Value Total Return(d) | 8.62% | 0.56%(e) | |
Market Price Total Return(d) | 8.80% | 0.60%(e) | |
Ratios/Supplemental Data: | |||
Net assets at end of period (000’s omitted) | $25,702 | $5,029 | |
Ratio to average net assets of: | |||
Expenses, after Waivers | 0.44%(f) | 0.42%(g) | |
Expenses, prior to Waivers | 0.45%(f) | ||
Net investment income | 5.79%(f) | 5.54%(g) | |
Portfolio turnover rate(h) | 48% | 0% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.48%. The market price total return from Fund Inception to August 31, 2018 was 0.56%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.03%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period October 2, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 0.88 |
Net realized and unrealized gain on investments | 0.58 |
Total from investment operations | 1.46 |
Distributions to shareholders from: | |
Net investment income | (0.88) |
Net realized gains | (0.01) |
Return of capital | (0.04) |
Total distributions | (0.93) |
Net asset value at end of period | $25.53 |
Market price at end of period(c) | $25.58 |
Net Asset Value Total Return(d) | 5.98%(e) |
Market Price Total Return(d) | 6.18%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $10,213 |
Ratio to average net assets of: | |
Expenses | 0.32%(f) |
Net investment income | 3.84%(f) |
Portfolio turnover rate(g) | 13% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the exchange) to August 31, 2019 was 6.62%. The market price total return from Fund Inception to August 31, 2019 was 6.70%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period October 2, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 0.95 |
Net realized and unrealized gain on investments | 0.92 |
Total from investment operations | 1.87 |
Distributions to shareholders from: | |
Net investment income | (0.96) |
Net asset value at end of period | $25.91 |
Market price at end of period(c) | $25.95 |
Net Asset Value Total Return(d) | 7.63%(e) |
Market Price Total Return(d) | 7.79%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $10,365 |
Ratio to average net assets of: | |
Expenses | 0.32%(f) |
Net investment income | 4.11%(f) |
Portfolio turnover rate(g) | 15% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the exchange) to August 31, 2019 was 8.41%. The market price total return from Fund Inception to August 31, 2019 was 8.45%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period October 2, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 0.98 |
Net realized and unrealized gain on investments | 1.17 |
Total from investment operations | 2.15 |
Distributions to shareholders from: | |
Net investment income | (0.98) |
Net asset value at end of period | $26.17 |
Market price at end of period(c) | $26.19 |
Net Asset Value Total Return(d) | 8.79%(e) |
Market Price Total Return(d) | 8.87%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $10,466 |
Ratio to average net assets of: | |
Expenses | 0.32%(f) |
Net investment income | 4.24%(f) |
Portfolio turnover rate(g) | 16% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the exchange) to August 31, 2019 was 9.68%. The market price total return from Fund Inception to August 31, 2019 was 9.57%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
For the Period October 2, 2018(a) Through August 31, 2019 | |
Per Share Operating Performance: | |
Net asset value at beginning of period | $25.00 |
Net investment income(b) | 1.05 |
Net realized and unrealized gain on investments | 1.46 |
Total from investment operations | 2.51 |
Distributions to shareholders from: | |
Net investment income | (1.07) |
Net asset value at end of period | $26.44 |
Market price at end of period(c) | $26.53 |
Net Asset Value Total Return(d) | 10.29%(e) |
Market Price Total Return(d) | 10.66%(e) |
Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted) | $10,575 |
Ratio to average net assets of: | |
Expenses | 0.32%(f) |
Net investment income | 4.52%(f) |
Portfolio turnover rate(g) | 10% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the exchange) to August 31, 2019 was 11.26%. The market price total return from Fund Inception to August 31, 2019 was 11.46%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%. |
(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. |
Full Name | Short Name | |
Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) | "BulletShares 2019 Corporate Bond ETF" | |
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | "BulletShares 2020 Corporate Bond ETF" | |
Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | "BulletShares 2021 Corporate Bond ETF" | |
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | "BulletShares 2022 Corporate Bond ETF" | |
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | "BulletShares 2023 Corporate Bond ETF" | |
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | "BulletShares 2024 Corporate Bond ETF" | |
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | "BulletShares 2025 Corporate Bond ETF" | |
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | "BulletShares 2026 Corporate Bond ETF" | |
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | "BulletShares 2027 Corporate Bond ETF" | |
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | "BulletShares 2028 Corporate Bond ETF" | |
Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) | "BulletShares 2019 High Yield Corporate Bond ETF" | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | "BulletShares 2020 High Yield Corporate Bond ETF" | |
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | "BulletShares 2021 High Yield Corporate Bond ETF" | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | "BulletShares 2022 High Yield Corporate Bond ETF" | |
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | "BulletShares 2023 High Yield Corporate Bond ETF" | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | "BulletShares 2024 High Yield Corporate Bond ETF" | |
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | "BulletShares 2025 High Yield Corporate Bond ETF" | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | "BulletShares 2026 High Yield Corporate Bond ETF" | |
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)* | "BulletShares 2021 USD Emerging Markets Debt ETF" | |
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)* | "BulletShares 2022 USD Emerging Markets Debt ETF" | |
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)* | "BulletShares 2023 USD Emerging Markets Debt ETF" | |
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)* | "BulletShares 2024 USD Emerging Markets Debt ETF" |
* | Commenced operations on October 2, 2018. |
Fund | Underlying Index | |
BulletShares 2019 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2019 Index | |
BulletShares 2020 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2020 Index | |
BulletShares 2021 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2021 Index | |
BulletShares 2022 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2022 Index | |
BulletShares 2023 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2023 Index | |
BulletShares 2024 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2024 Index | |
BulletShares 2025 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2025 Index | |
BulletShares 2026 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2026 Index | |
BulletShares 2027 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2027 Index | |
BulletShares 2028 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2028 Index | |
BulletShares 2019 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2019 Index | |
BulletShares 2020 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2020 Index | |
BulletShares 2021 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2021 Index | |
BulletShares 2022 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2022 Index | |
BulletShares 2023 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index | |
BulletShares 2024 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index | |
BulletShares 2025 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index | |
BulletShares 2026 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index | |
BulletShares 2021 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2021 Index | |
BulletShares 2022 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2022 Index | |
BulletShares 2023 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2023 Index | |
BulletShares 2024 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2024 Index |
A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
B. | Other Risks |
C. | 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. |
D. | Country Determination - For the purposes of presentation in the Schedules 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 whether each Fund’s Underlying Index has made a country determination and may 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. | |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly 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 accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | 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. |
G. | Expenses - Each Fund 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 Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses (as set forth in the Investment Advisory Agreement). |
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. | 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 Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their 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. |
J. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of |
foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
K. | Securities Lending - Each Fund may participate in securities lending. Each Fund may loan 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities 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. |
L. | Distributions from Distributable Earnings - In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
Distributions to shareholders from net investment income | Distributions to shareholders from net realized gains | ||
BulletShares 2019 Corporate Bond ETF | $18,662,295 | $524,835 | |
BulletShares 2020 Corporate Bond ETF | 21,708,278 | 798,975 | |
BulletShares 2021 Corporate Bond ETF | 18,747,822 | 963,300 | |
BulletShares 2022 Corporate Bond ETF | 16,038,333 | 198,450 | |
BulletShares 2023 Corporate Bond ETF | 7,381,965 | 580,545 | |
BulletShares 2024 Corporate Bond ETF | 6,590,931 | - | |
BulletShares 2025 Corporate Bond ETF | 2,647,883 | - | |
BulletShares 2026 Corporate Bond ETF | 1,297,332 | 9,000 | |
BulletShares 2027 Corporate Bond ETF(a) | 237,726 | - | |
BulletShares 2019 High Yield Corporate Bond ETF | 39,840,911 | - | |
BulletShares 2020 High Yield Corporate Bond ETF | 30,258,164 | - | |
BulletShares 2021 High Yield Corporate Bond ETF | 13,091,402 | 498,520 | |
BulletShares 2022 High Yield Corporate Bond ETF | 8,742,614 | - | |
BulletShares 2023 High Yield Corporate Bond ETF | 3,315,734 | 85,560 | |
BulletShares 2024 High Yield Corporate Bond ETF | 1,519,123 | 67,650 | |
BulletShares 2025 High Yield Corporate Bond ETF(a) | 234,120 | - |
(a) | For the period September 27, 2017 (commencement of investment operations) through May 31, 2018. |
Unitary Management Fees (as a % of Net Assets) | |
BulletShares 2019 Corporate Bond ETF | 0.10% |
BulletShares 2020 Corporate Bond ETF | 0.10% |
BulletShares 2021 Corporate Bond ETF | 0.10% |
BulletShares 2022 Corporate Bond ETF | 0.10% |
BulletShares 2023 Corporate Bond ETF | 0.10% |
BulletShares 2024 Corporate Bond ETF | 0.10% |
BulletShares 2025 Corporate Bond ETF | 0.10% |
BulletShares 2026 Corporate Bond ETF | 0.10% |
BulletShares 2027 Corporate Bond ETF | 0.10% |
BulletShares 2028 Corporate Bond ETF | 0.10% |
BulletShares 2019 High Yield Corporate Bond ETF | 0.42% |
BulletShares 2020 High Yield Corporate Bond ETF | 0.42% |
BulletShares 2021 High Yield Corporate Bond ETF | 0.42% |
BulletShares 2022 High Yield Corporate Bond ETF | 0.42% |
BulletShares 2023 High Yield Corporate Bond ETF | 0.42% |
BulletShares 2024 High Yield Corporate Bond ETF | 0.42% |
BulletShares 2025 High Yield Corporate Bond ETF | 0.42% |
BulletShares 2026 High Yield Corporate Bond ETF | 0.42% |
BulletShares 2021 USD Emerging Markets Debt ETF | 0.29% |
BulletShares 2022 USD Emerging Markets Debt ETF | 0.29% |
BulletShares 2023 USD Emerging Markets Debt ETF | 0.29% |
BulletShares 2024 USD Emerging Markets Debt ETF | 0.29% |
BulletShares 2019 Corporate Bond ETF | $116,553 |
BulletShares 2020 Corporate Bond ETF | 13,720 |
BulletShares 2021 Corporate Bond ETF | 10,736 |
BulletShares 2022 Corporate Bond ETF | 10,442 |
BulletShares 2023 Corporate Bond ETF | 6,177 |
BulletShares 2024 Corporate Bond ETF | 4,476 |
BulletShares 2025 Corporate Bond ETF | 2,348 |
BulletShares 2026 Corporate Bond ETF | 913 |
BulletShares 2027 Corporate Bond ETF | 585 |
BulletShares 2028 Corporate Bond ETF | 397 |
BulletShares 2019 High Yield Corporate Bond ETF | 39,005 |
BulletShares 2020 High Yield Corporate Bond ETF | 84,081 |
BulletShares 2021 High Yield Corporate Bond ETF | 37,909 |
BulletShares 2022 High Yield Corporate Bond ETF | 16,543 |
BulletShares 2023 High Yield Corporate Bond ETF | 5,565 |
BulletShares 2024 High Yield Corporate Bond ETF | 1,628 |
BulletShares 2025 High Yield Corporate Bond ETF | 1,353 |
BulletShares 2026 High Yield Corporate Bond ETF | 556 |
BulletShares 2021 USD Emerging Markets Debt ETF* | 110 |
BulletShares 2022 USD Emerging Markets Debt ETF* | 151 |
BulletShares 2023 USD Emerging Markets Debt ETF* | 135 |
BulletShares 2024 USD Emerging Markets Debt ETF* | 50 |
* | For the period October 2, 2018 (commencement of investment operations) through August 31, 2019. |
Securities Purchases | Securities Sales | Net Realized Gain (Loss) | |||
BulletShares 2019 Corporate Bond ETF | $4,025,206 | $1,938,302 | $(33,919) | ||
BulletShares 2020 Corporate Bond ETF | 24,790,222 | 436,587 | (7,766) | ||
BulletShares 2021 Corporate Bond ETF | 4,073,676 | 5,548,810 | (37,046) | ||
BulletShares 2022 Corporate Bond ETF | 4,534,644 | 7,283,399 | 86,946 | ||
BulletShares 2023 Corporate Bond ETF | 1,348,651 | - | - | ||
BulletShares 2024 Corporate Bond ETF | 763,042 | - | - | ||
BulletShares 2025 Corporate Bond ETF | 955,360 | - | - | ||
BulletShares 2026 Corporate Bond ETF | 103,471 | - | - | ||
BulletShares 2019 High Yield Corporate Bond ETF | 92,762,801 | 93,387,599 | (1,196,983) | ||
BulletShares 2020 High Yield Corporate Bond ETF | 52,298,339 | 27,918,189 | (385,702) |
Securities Purchases | Securities Sales | Net Realized Gain (Loss) | |||
BulletShares 2021 High Yield Corporate Bond ETF | $12,267,885 | $46,542,146 | $92,010 | ||
BulletShares 2022 High Yield Corporate Bond ETF | 13,948,790 | 14,085,434 | (107,383) | ||
BulletShares 2023 High Yield Corporate Bond ETF | 5,688,762 | 1,883,963 | (31,269) | ||
BulletShares 2024 High Yield Corporate Bond ETF | 4,133,061 | 993,360 | (5,802) | ||
BulletShares 2025 High Yield Corporate Bond ETF | 4,327,403 | 163,467 | (3,206) | ||
BulletShares 2026 High Yield Corporate Bond ETF | - | 103,471 | 530 |
Level 1 | Level 2 | Level 3 | Total | ||||
BulletShares 2019 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $662,416,322 | $- | $662,416,322 | |||
U.S. Treasury Securities | - | 366,289,130 | - | 366,289,130 | |||
Money Market Funds | 3,904,455 | - | - | 3,904,455 | |||
Total Investments | $3,904,455 | $1,028,705,452 | $- | $1,032,609,907 | |||
BulletShares 2020 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $1,771,277,406 | $- | $1,771,277,406 | |||
Money Market Funds | 9,936,651 | - | - | 9,936,651 | |||
Total Investments | $9,936,651 | $1,771,277,406 | $- | $1,781,214,057 | |||
BulletShares 2021 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $1,601,238,957 | $- | $1,601,238,957 | |||
Money Market Funds | 16,754,545 | - | - | 16,754,545 | |||
Total Investments | $16,754,545 | $1,601,238,957 | $- | $1,617,993,502 | |||
BulletShares 2022 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $1,353,841,460 | $- | $1,353,841,460 | |||
Money Market Funds | 12,219,693 | - | - | 12,219,693 | |||
Total Investments | $12,219,693 | $1,353,841,460 | $- | $1,366,061,153 |
Level 1 | Level 2 | Level 3 | Total | ||||
BulletShares 2023 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $816,010,745 | $- | $816,010,745 | |||
Money Market Funds | 4,194,099 | - | - | 4,194,099 | |||
Total Investments | $4,194,099 | $816,010,745 | $- | $820,204,844 | |||
BulletShares 2024 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $568,506,206 | $- | $568,506,206 | |||
Money Market Funds | 2,739,707 | - | - | 2,739,707 | |||
Total Investments | $2,739,707 | $568,506,206 | $- | $571,245,913 | |||
BulletShares 2025 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $308,226,022 | $- | $308,226,022 | |||
Money Market Funds | 812,263 | - | - | 812,263 | |||
Total Investments | $812,263 | $308,226,022 | $- | $309,038,285 | |||
BulletShares 2026 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $131,269,001 | $- | $131,269,001 | |||
Money Market Funds | 1,411,217 | - | - | 1,411,217 | |||
Total Investments | $1,411,217 | $131,269,001 | $- | $132,680,218 | |||
BulletShares 2027 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $71,617,414 | $- | $71,617,414 | |||
Money Market Funds | 1,565,755 | - | - | 1,565,755 | |||
Total Investments | $1,565,755 | $71,617,414 | $- | $73,183,169 | |||
BulletShares 2028 Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $35,954,480 | $- | $35,954,480 | |||
Money Market Funds | 710,619 | - | - | 710,619 | |||
Total Investments | $710,619 | $35,954,480 | $- | $36,665,099 | |||
BulletShares 2019 High Yield Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $406,646,901 | $- | $406,646,901 | |||
U.S. Treasury Securities | - | 404,019,977 | - | 404,019,977 | |||
Money Market Funds | 15,713,267 | - | - | 15,713,267 | |||
Total Investments | $15,713,267 | $810,666,878 | $- | $826,380,145 | |||
BulletShares 2020 High Yield Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $1,027,573,858 | $- | $1,027,573,858 | |||
Money Market Funds | 169,371,686 | - | - | 169,371,686 | |||
Total Investments | $169,371,686 | $1,027,573,858 | $- | $1,196,945,544 | |||
BulletShares 2021 High Yield Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $798,617,152 | $- | $798,617,152 | |||
Money Market Funds | 100,055,144 | - | - | 100,055,144 | |||
Total Investments | $100,055,144 | $798,617,152 | $- | $898,672,296 | |||
BulletShares 2022 High Yield Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $493,158,888 | $- | $493,158,888 | |||
Money Market Funds | 29,050,921 | - | - | 29,050,921 | |||
Total Investments | $29,050,921 | $493,158,888 | $- | $522,209,809 |
Level 1 | Level 2 | Level 3 | Total | ||||
BulletShares 2023 High Yield Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $233,498,781 | $- | $233,498,781 | |||
Money Market Funds | 27,220,305 | - | - | 27,220,305 | |||
Total Investments | $27,220,305 | $233,498,781 | $- | $260,719,086 | |||
BulletShares 2024 High Yield Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $95,427,576 | $- | $95,427,576 | |||
Money Market Funds | 6,246,966 | - | - | 6,246,966 | |||
Total Investments | $6,246,966 | $95,427,576 | $- | $101,674,542 | |||
BulletShares 2025 High Yield Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $74,365,970 | $- | $74,365,970 | |||
Money Market Funds | 4,411,192 | - | - | 4,411,192 | |||
Total Investments | $4,411,192 | $74,365,970 | $- | $78,777,162 | |||
BulletShares 2026 High Yield Corporate Bond ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $25,272,266 | $- | $25,272,266 | |||
Money Market Funds | 1,434,566 | - | - | 1,434,566 | |||
Total Investments | $1,434,566 | $25,272,266 | $- | $26,706,832 | |||
BulletShares 2021 USD Emerging Markets Debt ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $10,082,384 | $- | $10,082,384 | |||
Money Market Funds | 20,198 | - | - | 20,198 | |||
Total Investments | $20,198 | $10,082,384 | $- | $10,102,582 | |||
BulletShares 2022 USD Emerging Markets Debt ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $10,202,080 | $- | $10,202,080 | |||
Money Market Funds | 200,840 | - | - | 200,840 | |||
Total Investments | $200,840 | $10,202,080 | $- | $10,402,920 | |||
BulletShares 2023 USD Emerging Markets Debt ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $10,239,996 | $- | $10,239,996 | |||
Money Market Funds | 312,043 | - | - | 312,043 | |||
Total Investments | $312,043 | $10,239,996 | $- | $10,552,039 | |||
BulletShares 2024 USD Emerging Markets Debt ETF | |||||||
Investments in Securities | |||||||
U.S. Dollar Denominated Bonds & Notes | $- | $10,413,509 | $- | $10,413,509 | |||
Money Market Funds | 30,464 | - | - | 30,464 | |||
Total Investments | $30,464 | $10,413,509 | $- | $10,443,973 |
August 31, 2019 | August 31, 2018 | May 31, 2018 | |||||||||||
Ordinary Income | Long-Term Capital Gains | Return of Capital | Ordinary Income | Long-Term Capital Gains | Ordinary Income | Long-Term Capital Gains | |||||||
BulletShares 2019 Corporate Bond ETF | $27,874,818 | $- | $- | $6,199,722 | $- | $18,785,420 | $401,710 | ||||||
BulletShares 2020 Corporate Bond ETF | 40,425,963 | - | - | 7,430,363 | - | 22,047,273 | 459,980 | ||||||
BulletShares 2021 Corporate Bond ETF | 37,177,977 | 28,220 | - | 6,734,649 | 28,220 | 19,153,422 | 557,700 |
August 31, 2019 | August 31, 2018 | May 31, 2018 | |||||||||||
Ordinary Income | Long-Term Capital Gains | Return of Capital | Ordinary Income | Long-Term Capital Gains | Ordinary Income | Long-Term Capital Gains | |||||||
BulletShares 2022 Corporate Bond ETF | $32,201,177 | $- | $- | $6,062,143 | $- | $16,082,581 | $154,202 | ||||||
BulletShares 2023 Corporate Bond ETF | 18,937,526 | 26,797 | - | 2,990,631 | 26,797 | 7,584,210 | 378,300 | ||||||
BulletShares 2024 Corporate Bond ETF | 13,963,422 | - | - | 2,684,817 | - | 6,590,931 | - | ||||||
BulletShares 2025 Corporate Bond ETF | 7,067,388 | - | - | 1,009,969 | - | 2,647,883 | - | ||||||
BulletShares 2026 Corporate Bond ETF | 2,984,573 | 2,700 | - | 511,753 | 2,700 | 1,306,332 | - | ||||||
BulletShares 2027 Corporate Bond ETF | 1,753,405 | 3,694 | - | 231,255 | - | 237,726 | - | ||||||
BulletShares 2028 Corporate Bond ETF | 640,417 | - | - | - | - | - | - | ||||||
BulletShares 2019 High Yield Corporate Bond ETF | 42,657,504 | - | - | 12,686,334 | - | 39,840,911 | - | ||||||
BulletShares 2020 High Yield Corporate Bond ETF | 48,820,774 | - | - | 11,673,885 | - | 30,258,164 | - | ||||||
BulletShares 2021 High Yield Corporate Bond ETF | 34,091,932 | 78,391 | - | 5,462,797 | 78,391 | 13,589,922 | - | ||||||
BulletShares 2022 High Yield Corporate Bond ETF | 20,443,849 | - | - | 3,245,197 | - | 8,742,614 | - | ||||||
BulletShares 2023 High Yield Corporate Bond ETF | 9,595,899 | 42,007 | - | 1,544,585 | 42,007 | 3,315,734 | 85,560 | ||||||
BulletShares 2024 High Yield Corporate Bond ETF | 3,874,377 | 53,430 | - | 612,887 | 53,430 | 1,586,773 | - | ||||||
BulletShares 2025 High Yield Corporate Bond ETF | 2,834,330 | - | - | 308,124 | - | 234,120 | - | ||||||
BulletShares 2026 High Yield Corporate Bond ETF | 688,685 | - | - | - | - | - | - | ||||||
BulletShares 2021 USD Emerging Markets Debt ETF | 357,776 | - | 16,355 | - | - | - | - | ||||||
BulletShares 2022 USD Emerging Markets Debt ETF | 383,099 | - | - | - | - | - | - | ||||||
BulletShares 2023 USD Emerging Markets Debt ETF | 391,602 | - | - | - | - | - | - | ||||||
BulletShares 2024 USD Emerging Markets Debt ETF | 426,380 | - | - | - | - | - | - |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Post October Loss | Shares of Beneficial Interest | Total Net Assets | |||||||
BulletShares 2019 Corporate Bond ETF | $756,987 | $- | $156,746 | $(453,812) | $- | $1,037,734,294 | $1,038,194,215 | ||||||
BulletShares 2020 Corporate Bond ETF | 423,591 | - | 7,804,039 | (877,694) | - | 1,783,678,421 | 1,791,028,357 | ||||||
BulletShares 2021 Corporate Bond ETF | 605,281 | - | 20,254,295 | (265,461) | - | 1,599,924,613 | 1,620,518,728 | ||||||
BulletShares 2022 Corporate Bond ETF | 918,936 | 301,372 | 30,312,048 | - | - | 1,337,455,162 | 1,368,987,518 | ||||||
BulletShares 2023 Corporate Bond ETF | 398,019 | - | 27,385,790 | - | - | 796,374,757 | 824,158,566 | ||||||
BulletShares 2024 Corporate Bond ETF | 187,621 | - | 23,417,086 | (1,187,864) | - | 553,281,131 | 575,697,974 | ||||||
BulletShares 2025 Corporate Bond ETF | 187,771 | - | 15,799,837 | (294,265) | - | 295,867,347 | 311,560,690 | ||||||
BulletShares 2026 Corporate Bond ETF | 125,766 | - | 7,192,234 | - | - | 125,360,898 | 132,678,898 | ||||||
BulletShares 2027 Corporate Bond ETF | 17,262 | - | 4,752,700 | - | - | 67,639,748 | 72,409,710 | ||||||
BulletShares 2028 Corporate Bond ETF | 23,287 | - | 2,549,775 | - | - | 33,910,157 | 36,483,219 | ||||||
BulletShares 2019 High Yield Corporate Bond ETF | - | - | 1,642,320 | (19,707,766) | - | 822,834,186 | 804,768,740 |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Post October Loss | Shares of Beneficial Interest | Total Net Assets | |||||||
BulletShares 2020 High Yield Corporate Bond ETF | $- | $- | $1,699,817 | $(23,834,472) | $- | $1,179,998,554 | $1,157,863,899 | ||||||
BulletShares 2021 High Yield Corporate Bond ETF | 1,391,739 | - | 5,776,099 | (10,904,693) | - | 852,242,899 | 848,506,044 | ||||||
BulletShares 2022 High Yield Corporate Bond ETF | 212,771 | - | 1,771,464 | (5,251,635) | - | 515,008,276 | 511,740,876 | ||||||
BulletShares 2023 High Yield Corporate Bond ETF | 138,754 | - | (34,760) | (1,730,428) | - | 245,317,081 | 243,690,647 | ||||||
BulletShares 2024 High Yield Corporate Bond ETF | 45,058 | - | 845,495 | (497,173) | - | 97,867,730 | 98,261,110 | ||||||
BulletShares 2025 High Yield Corporate Bond ETF | 50,577 | - | 1,599,151 | (426,382) | - | 74,655,183 | 75,878,529 | ||||||
BulletShares 2026 High Yield Corporate Bond ETF | - | - | 416,328 | - | (925) | 25,286,292 | 25,701,695 | ||||||
BulletShares 2021 USD Emerging Markets Debt ETF | - | - | 229,375 | - | (92) | 9,983,670 | 10,212,953 | ||||||
BulletShares 2022 USD Emerging Markets Debt ETF | 19,269 | - | 345,543 | - | - | 10,000,025 | 10,364,837 | ||||||
BulletShares 2023 USD Emerging Markets Debt ETF | 21,987 | - | 444,055 | - | - | 10,000,025 | 10,466,067 | ||||||
BulletShares 2024 USD Emerging Markets Debt ETF | 19,397 | - | 555,902 | - | - | 10,000,025 | 10,575,324 |
No expiration | |||||
Short-Term | Long-Term | Total* | |||
BulletShares 2019 Corporate Bond ETF | $197,279 | $256,533 | $453,812 | ||
BulletShares 2020 Corporate Bond ETF | 85,991 | 791,703 | 877,694 | ||
BulletShares 2021 Corporate Bond ETF | 148,177 | 117,284 | 265,461 | ||
BulletShares 2022 Corporate Bond ETF | - | - | - | ||
BulletShares 2023 Corporate Bond ETF | - | - | - | ||
BulletShares 2024 Corporate Bond ETF | 729,606 | 458,258 | 1,187,864 | ||
BulletShares 2025 Corporate Bond ETF | 179,979 | 114,286 | 294,265 | ||
BulletShares 2026 Corporate Bond ETF | - | - | - | ||
BulletShares 2027 Corporate Bond ETF | - | - | - | ||
BulletShares 2028 Corporate Bond ETF | - | - | - | ||
BulletShares 2019 High Yield Corporate Bond ETF | 10,192,868 | 9,514,898 | 19,707,766 | ||
BulletShares 2020 High Yield Corporate Bond ETF | 17,766,804 | 6,067,668 | 23,834,472 | ||
BulletShares 2021 High Yield Corporate Bond ETF | 6,231,232 | 4,673,461 | 10,904,693 | ||
BulletShares 2022 High Yield Corporate Bond ETF | 2,838,574 | 2,413,061 | 5,251,635 | ||
BulletShares 2023 High Yield Corporate Bond ETF | 471,081 | 1,259,347 | 1,730,428 | ||
BulletShares 2024 High Yield Corporate Bond ETF | 285,810 | 211,363 | 497,173 | ||
BulletShares 2025 High Yield Corporate Bond ETF | 278,693 | 147,689 | 426,382 | ||
BulletShares 2026 High Yield Corporate Bond ETF | - | - | - | ||
BulletShares 2021 USD Emerging Markets Debt ETF | - | - | - | ||
BulletShares 2022 USD Emerging Markets Debt ETF | - | - | - |
No expiration | |||||
Short-Term | Long-Term | Total* | |||
BulletShares 2023 USD Emerging Markets Debt ETF | $- | $- | $- | ||
BulletShares 2024 USD Emerging Markets Debt ETF | - | - | - |
* | 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. |
Purchases | Sales | ||
BulletShares 2019 Corporate Bond ETF | $23,597,444 | $817,956,712 | |
BulletShares 2020 Corporate Bond ETF | 352,885,049 | 135,955,054 | |
BulletShares 2021 Corporate Bond ETF | 396,045,745 | 73,102,850 | |
BulletShares 2022 Corporate Bond ETF | 323,421,229 | 48,026,818 | |
BulletShares 2023 Corporate Bond ETF | 284,505,643 | 34,809,016 | |
BulletShares 2024 Corporate Bond ETF | 128,667,186 | 20,813,441 | |
BulletShares 2025 Corporate Bond ETF | 103,352,500 | 7,134,635 | |
BulletShares 2026 Corporate Bond ETF | 54,236,180 | 3,094,767 | |
BulletShares 2027 Corporate Bond ETF | 38,861,737 | 1,369,131 | |
BulletShares 2028 Corporate Bond ETF | 27,682,769 | 167,652 | |
BulletShares 2019 High Yield Corporate Bond ETF | 319,319,211 | 859,132,683 | |
BulletShares 2020 High Yield Corporate Bond ETF | 894,783,673 | 809,898,780 | |
BulletShares 2021 High Yield Corporate Bond ETF | 631,092,702 | 317,199,914 | |
BulletShares 2022 High Yield Corporate Bond ETF | 307,423,936 | 97,369,624 | |
BulletShares 2023 High Yield Corporate Bond ETF | 132,447,263 | 30,577,547 | |
BulletShares 2024 High Yield Corporate Bond ETF | 55,399,599 | 14,688,588 | |
BulletShares 2025 High Yield Corporate Bond ETF | 55,574,588 | 6,500,901 | |
BulletShares 2026 High Yield Corporate Bond ETF | 25,517,862 | 5,568,476 | |
BulletShares 2021 USD Emerging Markets Debt ETF* | 11,129,447 | 1,245,275 | |
BulletShares 2022 USD Emerging Markets Debt ETF* | 11,340,584 | 1,504,942 | |
BulletShares 2023 USD Emerging Markets Debt ETF* | 11,349,643 | 1,594,024 | |
BulletShares 2024 USD Emerging Markets Debt ETF* | 10,905,124 | 1,053,014 |
* | For the period October 2, 2018 (commencement of investment operations) through August 31, 2019. |
Cost of Securities Received | Value of Securities Delivered | ||
BulletShares 2019 Corporate Bond ETF | $7,042,567 | $34,919,078 | |
BulletShares 2020 Corporate Bond ETF | 252,105,669 | 8,649,012 | |
BulletShares 2021 Corporate Bond ETF | 261,607,765 | - | |
BulletShares 2022 Corporate Bond ETF | 218,364,570 | - | |
BulletShares 2023 Corporate Bond ETF | 156,300,839 | 3,082,800 | |
BulletShares 2024 Corporate Bond ETF | 131,849,303 | 6,289,315 | |
BulletShares 2025 Corporate Bond ETF | 84,362,350 | 6,026,145 | |
BulletShares 2026 Corporate Bond ETF | 17,660,656 | - | |
BulletShares 2027 Corporate Bond ETF | 3,028,175 | - | |
BulletShares 2028 Corporate Bond ETF | - | - | |
BulletShares 2019 High Yield Corporate Bond ETF | 27,152,627 | 94,532,800 | |
BulletShares 2020 High Yield Corporate Bond ETF | 74,864,032 | 69,657,659 | |
BulletShares 2021 High Yield Corporate Bond ETF | 54,588,793 | 4,592,803 | |
BulletShares 2022 High Yield Corporate Bond ETF | 49,757,893 | - | |
BulletShares 2023 High Yield Corporate Bond ETF | 25,423,905 | 2,534,105 |
Cost of Securities Received | Value of Securities Delivered | ||
BulletShares 2024 High Yield Corporate Bond ETF | $7,331,755 | $- | |
BulletShares 2025 High Yield Corporate Bond ETF | 2,372,400 | - | |
BulletShares 2026 High Yield Corporate Bond ETF | - | - | |
BulletShares 2021 USD Emerging Markets Debt ETF* | - | - | |
BulletShares 2022 USD Emerging Markets Debt ETF* | - | - | |
BulletShares 2023 USD Emerging Markets Debt ETF* | - | - | |
BulletShares 2024 USD Emerging Markets Debt ETF* | - | - |
* | For the period October 2, 2018 (commencement of investment operations) through August 31, 2019. |
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | ||||
BulletShares 2019 Corporate Bond ETF | $411,928 | $(255,182) | $156,746 | $1,032,453,161 | |||
BulletShares 2020 Corporate Bond ETF | 8,041,564 | (237,525) | 7,804,039 | 1,773,410,018 | |||
BulletShares 2021 Corporate Bond ETF | 20,307,361 | (53,066) | 20,254,295 | 1,597,739,207 | |||
BulletShares 2022 Corporate Bond ETF | 30,943,782 | (631,734) | 30,312,048 | 1,335,749,105 | |||
BulletShares 2023 Corporate Bond ETF | 27,637,391 | (251,601) | 27,385,790 | 792,819,054 | |||
BulletShares 2024 Corporate Bond ETF | 23,503,746 | (86,660) | 23,417,086 | 547,828,827 | |||
BulletShares 2025 Corporate Bond ETF | 15,927,528 | (127,691) | 15,799,837 | 293,238,448 | |||
BulletShares 2026 Corporate Bond ETF | 7,208,856 | (16,622) | 7,192,234 | 125,487,984 | |||
BulletShares 2027 Corporate Bond ETF | 4,756,453 | (3,753) | 4,752,700 | 68,430,469 | |||
BulletShares 2028 Corporate Bond ETF | 2,549,775 | - | 2,549,775 | 34,115,324 | |||
BulletShares 2019 High Yield Corporate Bond ETF | 2,540,401 | (898,081) | 1,642,320 | 824,737,825 | |||
BulletShares 2020 High Yield Corporate Bond ETF | 9,066,999 | (7,367,182) | 1,699,817 | 1,195,245,727 | |||
BulletShares 2021 High Yield Corporate Bond ETF | 13,648,252 | (7,872,153) | 5,776,099 | 892,896,197 | |||
BulletShares 2022 High Yield Corporate Bond ETF | 9,682,589 | (7,911,125) | 1,771,464 | 520,438,345 | |||
BulletShares 2023 High Yield Corporate Bond ETF | 4,873,490 | (4,908,250) | (34,760) | 260,753,846 | |||
BulletShares 2024 High Yield Corporate Bond ETF | 2,149,413 | (1,303,918) | 845,495 | 100,829,047 | |||
BulletShares 2025 High Yield Corporate Bond ETF | 2,638,098 | (1,038,947) | 1,599,151 | 77,178,011 | |||
BulletShares 2026 High Yield Corporate Bond ETF | 736,349 | (320,021) | 416,328 | 26,290,504 | |||
BulletShares 2021 USD Emerging Markets Debt ETF | 229,375 | - | 229,375 | 9,873,207 | |||
BulletShares 2022 USD Emerging Markets Debt ETF | 348,368 | (2,825) | 345,543 | 10,057,377 | |||
BulletShares 2023 USD Emerging Markets Debt ETF | 450,657 | (6,602) | 444,055 | 10,107,984 | |||
BulletShares 2024 USD Emerging Markets Debt ETF | 556,162 | (260) | 555,902 | 9,888,071 |
Undistributed Net Investment Income (Loss) | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||
BulletShares 2019 Corporate Bond ETF | $- | $(97,660) | $97,660 | ||
BulletShares 2020 Corporate Bond ETF | - | (82,430) | 82,430 | ||
BulletShares 2021 Corporate Bond ETF | (68,607) | 68,607 | - | ||
BulletShares 2022 Corporate Bond ETF | - | - | - | ||
BulletShares 2023 Corporate Bond ETF | (36,877) | (109,628) | 146,505 | ||
BulletShares 2024 Corporate Bond ETF | - | (402,558) | 402,558 |
Undistributed Net Investment Income (Loss) | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||
BulletShares 2025 Corporate Bond ETF | $2 | $(241,753) | $241,751 | ||
BulletShares 2026 Corporate Bond ETF | (4,127) | 4,127 | - | ||
BulletShares 2027 Corporate Bond ETF | 7,861 | (7,861) | - | ||
BulletShares 2028 Corporate Bond ETF | 183 | (183) | - | ||
BulletShares 2019 High Yield Corporate Bond ETF | 639,910 | (170,112) | (469,798) | ||
BulletShares 2020 High Yield Corporate Bond ETF | 697,146 | (327,375) | (369,771) | ||
BulletShares 2021 High Yield Corporate Bond ETF | (569,684) | 430,045 | 139,639 | ||
BulletShares 2022 High Yield Corporate Bond ETF | - | - | - | ||
BulletShares 2023 High Yield Corporate Bond ETF | (77,061) | 13,885 | 63,176 | ||
BulletShares 2024 High Yield Corporate Bond ETF | (115,230) | 115,230 | - | ||
BulletShares 2025 High Yield Corporate Bond ETF | 205 | (205) | - | ||
BulletShares 2026 High Yield Corporate Bond ETF | 6,089 | (530) | (5,559) | ||
BulletShares 2021 USD Emerging Markets Debt ETF | - | - | - | ||
BulletShares 2022 USD Emerging Markets Debt ETF | 2,458 | (2,458) | - | ||
BulletShares 2023 USD Emerging Markets Debt ETF | (1,771) | 1,771 | - | ||
BulletShares 2024 USD Emerging Markets Debt ETF | 5,834 | (5,834) | - |
Fund Name | Predecessor Fund | |
Invesco BulletShares 2019 Corporate Bond ETF(1) | Guggenheim BulletShares 2019 Corporate Bond ETF | |
Invesco BulletShares 2020 Corporate Bond ETF(1) | Guggenheim BulletShares 2020 Corporate Bond ETF | |
Invesco BulletShares 2021 Corporate Bond ETF(1) | Guggenheim BulletShares 2021 Corporate Bond ETF | |
Invesco BulletShares 2022 Corporate Bond ETF(1) | Guggenheim BulletShares 2022 Corporate Bond ETF | |
Invesco BulletShares 2023 Corporate Bond ETF(1) | Guggenheim BulletShares 2023 Corporate Bond ETF | |
Invesco BulletShares 2024 Corporate Bond ETF(1) | Guggenheim BulletShares 2024 Corporate Bond ETF | |
Invesco BulletShares 2025 Corporate Bond ETF(1) | Guggenheim BulletShares 2025 Corporate Bond ETF | |
Invesco BulletShares 2026 Corporate Bond ETF(1) | Guggenheim BulletShares 2026 Corporate Bond ETF | |
Invesco BulletShares 2027 Corporate Bond ETF(2) | - | |
Invesco BulletShares 2028 Corporate Bond ETF(3) | - | |
Invesco BulletShares 2019 High Yield Corporate Bond ETF(1) | Guggenheim BulletShares 2019 High Yield Corporate Bond ETF | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF(1) | Guggenheim BulletShares 2020 High Yield Corporate Bond ETF | |
Invesco BulletShares 2021 High Yield Corporate Bond ETF(1) | Guggenheim BulletShares 2021 High Yield Corporate Bond ETF | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF(1) | Guggenheim BulletShares 2022 High Yield Corporate Bond ETF | |
Invesco BulletShares 2023 High Yield Corporate Bond ETF(1) | Guggenheim BulletShares 2023 High Yield Corporate Bond ETF | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF(1) | Guggenheim BulletShares 2024 High Yield Corporate Bond ETF | |
Invesco BulletShares 2025 High Yield Corporate Bond ETF(2) | - | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF(3) | - | |
Invesco BulletShares 2021 USD Emerging Markets Debt ETF(4) | - | |
Invesco BulletShares 2022 USD Emerging Markets Debt ETF(4) | - | |
Invesco BulletShares 2023 USD Emerging Markets Debt ETF(4) | - | |
Invesco BulletShares 2024 USD Emerging Markets Debt ETF(4) | - |
Beginning Account Value March 1, 2019 | Ending Account Value August 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |
Invesco BulletShares 2019 Corporate Bond ETF (BSCJ) | ||||
Actual | $1,000.00 | $1,013.00 | 0.09% | $0.46 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.75 | 0.09 | 0.46 |
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | ||||
Actual | 1,000.00 | 1,021.40 | 0.10 | 0.51 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.70 | 0.10 | 0.51 |
Beginning Account Value March 1, 2019 | Ending Account Value August 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |
Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | ||||
Actual | $1,000.00 | $1,031.70 | 0.10% | $0.51 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.70 | 0.10 | 0.51 |
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | ||||
Actual | 1,000.00 | 1,044.60 | 0.10 | 0.52 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.70 | 0.10 | 0.51 |
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | ||||
Actual | 1,000.00 | 1,056.50 | 0.10 | 0.52 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.70 | 0.10 | 0.51 |
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | ||||
Actual | 1,000.00 | 1,070.90 | 0.10 | 0.52 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.70 | 0.10 | 0.51 |
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | ||||
Actual | 1,000.00 | 1,082.70 | 0.10 | 0.52 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.70 | 0.10 | 0.51 |
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | ||||
Actual | 1,000.00 | 1,099.60 | 0.10 | 0.53 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.70 | 0.10 | 0.51 |
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | ||||
Actual | 1,000.00 | 1,110.10 | 0.10 | 0.53 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.70 | 0.10 | 0.51 |
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | ||||
Actual | 1,000.00 | 1,117.40 | 0.11 | 0.59 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.65 | 0.11 | 0.56 |
Invesco BulletShares 2019 High Yield Corporate Bond ETF (BSJJ) | ||||
Actual | 1,000.00 | 1,016.90 | 0.42 | 2.14 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.09 | 0.42 | 2.14 |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | ||||
Actual | 1,000.00 | 1,017.40 | 0.41 | 2.08 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.14 | 0.41 | 2.09 |
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | ||||
Actual | 1,000.00 | 1,025.70 | 0.41 | 2.09 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.14 | 0.41 | 2.09 |
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | ||||
Actual | 1,000.00 | 1,028.20 | 0.42 | 2.15 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.09 | 0.42 | 2.14 |
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | ||||
Actual | 1,000.00 | 1,029.10 | 0.42 | 2.15 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.09 | 0.42 | 2.14 |
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | ||||
Actual | 1,000.00 | 1,048.00 | 0.42 | 2.17 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.09 | 0.42 | 2.14 |
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | ||||
Actual | 1,000.00 | 1,055.20 | 0.42 | 2.18 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.09 | 0.42 | 2.14 |
Beginning Account Value March 1, 2019 | Ending Account Value August 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | ||||
Actual | $1,000.00 | $1,058.00 | 0.43% | $2.23 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.04 | 0.43 | 2.19 |
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | ||||
Actual | 1,000.00 | 1,034.20 | 0.32 | 1.64 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.59 | 0.32 | 1.63 |
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | ||||
Actual | 1,000.00 | 1,045.60 | 0.32 | 1.65 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.59 | 0.32 | 1.63 |
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | ||||
Actual | 1,000.00 | 1,054.50 | 0.32 | 1.66 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.59 | 0.32 | 1.63 |
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | ||||
Actual | 1,000.00 | 1,064.80 | 0.32 | 1.67 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.59 | 0.32 | 1.63 |
(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 August 31, 2019. 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. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
Qualified Business Income* | Qualified Dividend Income* | Corporate Dividends- Received Deduction* | U.S. Treasury Obligations* | Qualified Interest Income* | Long Term Capital Gains | Qualified Short Term Gains | |||||||
Invesco BulletShares 2019 Corporate Bond ETF | 0% | 0% | 0% | 2% | 71% | $- | $- | ||||||
Invesco BulletShares 2020 Corporate Bond ETF | 0% | 0% | 0% | 0% | 82% | - | - | ||||||
Invesco BulletShares 2021 Corporate Bond ETF | 0% | 0% | 0% | 0% | 76% | 28,220 | 40,857 | ||||||
Invesco BulletShares 2022 Corporate Bond ETF | 0% | 0% | 0% | 0% | 80% | - | - | ||||||
Invesco BulletShares 2023 Corporate Bond ETF | 0% | 0% | 0% | 0% | 81% | 26,797 | - | ||||||
Invesco BulletShares 2024 Corporate Bond ETF | 0% | 0% | 0% | 0% | 83% | - | - | ||||||
Invesco BulletShares 2025 Corporate Bond ETF | 0% | 0% | 0% | 0% | 88% | - | - | ||||||
Invesco BulletShares 2026 Corporate Bond ETF | 0% | 0% | 0% | 0% | 80% | 2,700 | 4,545 | ||||||
Invesco BulletShares 2027 Corporate Bond ETF | 0% | 0% | 0% | 0% | 84% | 3,694 | 4,167 | ||||||
Invesco BulletShares 2028 Corporate Bond ETF | 0% | 0% | 1% | 0% | 79% | - | - | ||||||
Invesco BulletShares 2019 High Yield Corporate Bond ETF | 0% | 0% | 0% | 8% | 90% | - | - | ||||||
Invesco BulletShares 2020 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 86% | - | - | ||||||
Invesco BulletShares 2021 High Yield Corporate Bond ETF | 0% | 0% | 1% | 0% | 82% | 78,391 | - | ||||||
Invesco BulletShares 2022 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 79% | - | - | ||||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 76% | 42,007 | 35,109 | ||||||
Invesco BulletShares 2024 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 79% | 53,430 | 61,815 | ||||||
Invesco BulletShares 2025 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 74% | - | - | ||||||
Invesco BulletShares 2026 High Yield Corporate Bond ETF | 0% | 0% | 0% | 0% | 78% | - | - | ||||||
Invesco BulletShares 2021 USD Emerging Markets Debt ETF | 0% | 0% | 0% | 0% | 0% | - | - | ||||||
Invesco BulletShares 2022 USD Emerging Markets Debt ETF | 0% | 0% | 0% | 0% | 5% | - | - | ||||||
Invesco BulletShares 2023 USD Emerging Markets Debt ETF | 0% | 0% | 0% | 0% | 0% | - | - | ||||||
Invesco BulletShares 2024 USD Emerging Markets Debt ETF | 0% | 0% | 0% | 0% | 13% | - | - |
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Self-Indexed Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 510,109,837.59 | 11,855,291.56 | |||||||
Todd J. Barre | 510,881,129.72 | 11,083,999.43 | ||||||||
Kevin M. Carome | 508,360,485.89 | 13,604,643.26 | ||||||||
Edmund P. Giambastiani, Jr. | 508,036,588.75 | 13,928,540.40 | ||||||||
Victoria J. Herget | 510,657,430.60 | 11,307,698.55 | ||||||||
Marc M. Kole | 510,042,704.78 | 11,922,424.37 | ||||||||
Yung Bong Lim | 510,687,623.73 | 11,277,505.42 | ||||||||
Joanne Pace | 508,487,165.73 | 13,477,963.42 | ||||||||
Gary R. Wicker | 508,529,623.38 | 13,435,505.77 | ||||||||
Donald H. Wilson | 507,835,558.89 | 14,129,570.26 |
| 231 |
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Trustees and Officers
The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of August 31, 2019
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2016 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 246 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present) | |||||
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research(2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 246 | None | |||||
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | President of Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director of THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member Lawrence Livermore National Laboratory | 246 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director of Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 232 |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
(2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | Plc (defense technology and security) (2008- 2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). | |||||||||
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 246 | Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018) of United Educators Insurance Company; Independent Director of the First American |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (2006-2009); and Trustee, Chicago City Day School (1994-2005). | ||||||||||
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee and Trustee since 2016 | Senior Director of Finance, By The Hand Club for Kids(not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 246 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee and Trustee since 2016 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 246 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director of Beacon Power Services, Corp. (2019-Present). | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and CCO, FrontPoint Partners, LLC (alternative investments) (2005-2006); held the following positions at Credit Suisse (investment banking), Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley, Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). | 246 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Advisory Council Member of Morgan Stanley Children’s Hospital (2012- Present); formerly, Trustee, certain funds in the |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director, (2007-2010) and Investment Committee Chair (2008-2010) Morgan Stanley Foundation. | ||||||||||
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | Senior Vice President of Global Finance and Chief Financial Officer of RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 246 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman and Trustee since 2016 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 246 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2015 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 246 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2016 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010). | |||
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President and Treasurer | Since 2018 | Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. | ||||||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2015 | Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7 | Vice President | Since 2016 | Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011). | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800)983-0903.
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Approval of Investment Advisory Contracts
At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 16 series (each, a “Fund” and together, the “Funds”):
Invesco BulletShares 2019 Corporate Bond ETF
Invesco BulletShares 2020 Corporate Bond ETF
Invesco BulletShares 2021 Corporate Bond ETF
Invesco BulletShares 2022 Corporate Bond ETF
Invesco BulletShares 2023 Corporate Bond ETF
Invesco BulletShares 2024 Corporate Bond ETF
Invesco BulletShares 2025 Corporate Bond ETF
Invesco BulletShares 2026 Corporate Bond ETF
Invesco BulletShares 2027 Corporate Bond ETF
Invesco BulletShares 2019 High Yield Corporate Bond ETF
Invesco BulletShares 2020 High Yield Corporate Bond ETF
Invesco BulletShares 2021 High Yield Corporate Bond ETF
Invesco BulletShares 2022 High Yield Corporate Bond ETF
Invesco BulletShares 2023 High Yield Corporate Bond ETF
Invesco BulletShares 2024 High Yield Corporate Bond ETF
Invesco BulletShares 2025 High Yield Corporate Bond ETF
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for theday-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees also reviewed information on the performance of the Funds and their underlying indexes for theone-year, three-year, five-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”),open-end(non-ETF) index funds andopen-end(non-ETF) actively-managed funds. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all other operating expenses of each Fund, except that each Fund pays its own distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:
● | 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2019 Corporate Bond ETF, Invesco BulletShares 2020 Corporate Bond ETF, Invesco BulletShares 2021 Corporate Bond ETF, Invesco BulletShares 2022 Corporate Bond ETF, Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF and Invesco BulletShares 2027 Corporate Bond ETF; and |
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Approval of Investment Advisory Contracts(continued)
● | 0.42% of the Fund’s average daily net assets for Invesco BulletShares 2019 High Yield Corporate Bond ETF, Invesco BulletShares 2020 High Yield Corporate Bond ETF, Invesco BulletShares 2021 High Yield Corporate Bond ETF, Invesco BulletShares 2022 High Yield Corporate Bond ETF, Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF. |
The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it providessub-advisory services to other clients. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF andopen-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of theiropen-end actively-managed peer funds.
Invesco Fund | Equal to/Lower than ETF Median | Equal to/Lower than Open-End Index Fund Median | Equal to/Lower than Open-End Active Fund Median | |||||||||
Invesco BulletShares 2019 Corporate Bond ETF | X | X | X | |||||||||
Invesco BulletShares 2020 Corporate Bond ETF | X | X | X | |||||||||
Invesco BulletShares 2021 Corporate Bond ETF | X | X | X | |||||||||
Invesco BulletShares 2022 Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2023 Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2024 Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2025 Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2026 Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2027 Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2019 High Yield Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2020 High Yield Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2021 High Yield Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2022 High Yield Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2024 High Yield Corporate Bond ETF | X | X | ||||||||||
Invesco BulletShares 2025 High Yield Corporate Bond ETF | X | X |
The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, serves as the index provider for each Fund and is paid a licensing fee.
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Approval of Investment Advisory Contracts(continued)
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling(800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website atwww.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’sForm N-PX on the Commission’s website atwww.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 as an exhibit to its reports on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-SIFT-AR-1 | invesco.com/ETFs |
Item 2. Code of Ethics.
The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on FormN-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended August 31, 2019.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker, and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).
An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.
Item 4. Principal Accountant Fees and Services.
(a) to (d)
Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees forpre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committeepre-approved all audit andnon-audit services provided to the Registrant.
Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2019 | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2018 | |||||||
Audit Fees | $ | 624,570 | $ | 447,220 | ||||
Audit-Related Fees | $ | 0 | $ | 0 | ||||
Tax Fees(1) | $ | 512,831 | $ | 72,700 | ||||
All Other Fees | $ | 0 | $ | 0 | ||||
Total Fees | $ | 1,137,401 | $ | 519,920 |
(1) | Tax Fees for the fiscal year ended August 31, 2019 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise andyear-to-date estimates for various |
book-to-tax differences. Tax Fees for the fiscal year ended August 31, 2018 include fees billed for reviewing tax returns, 2018 excise tax returns and excise tax distributions calculations.
Fees Billed by PwC Related to Invesco and Invesco Affiliates
PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees forpre-approvednon-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committeepre-approved allnon-audit services provided to Invesco and Affiliates that were required to bepre-approved.
Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2019 That Were Required to bePre-Approved by the Registrant’s Audit Committee | Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2018 That Were Required to bePre-Approved by the Registrant’s Audit Committee | |||||||
Audit-Related Fees(1) | $ | 690,000 | $ | 662,000 | ||||
Tax Fees | $ | 0 | $ | 0 | ||||
All Other Fees | $ | 0 | $ | 0 | ||||
Total Fees | $ | 690,000 | $ | 662,000 |
(1) | Audit-Related Fees for the fiscal years ended 2019 and 2018 include fees billed related to reviewing controls at a service organization. |
(e)(1)Audit Committee Pre Approval Policies and Procedures
Pre-Approval of Audit andNon-Audit Services Policies and Procedures
As Adopted by the Audit Committee of the Invesco ETFs
Applicable to | Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”) | |
Risk Addressed by Policy | Approval of Audit andNon-Audit Services | |
Relevant Law and Other Sources | Sarbanes-Oxley Act of 2002; RegulationS-X. | |
Last Reviewed by Compliance for Accuracy | June 15, 2018 | |
Approved/Adopted Date | June 2009 |
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committeepre-approves the audit andnon-audit services provided to the Funds by each Auditor, as well as allnon-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements forpre-approval and provide a mechanism by which management of the Funds may request and securepre-approval of audit andnon-audit services in an orderly manner with minimal disruption to normal business operations.
Proposed services either may bepre-approved without consideration of specificcase-by-case services by the Audit Committee (“generalpre-approval”) or require the specificpre-approval of the Audit Committee (“specificpre-approval”). As set forth in these policies and procedures, unless a type of service has received generalpre-approval, it will require specificpre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimatedpre-approved fee levels provided at the time the service waspre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previouslypre-approved services.
The Audit Committee will annually review and generallypre-approve the services that may be provided by each Auditor without obtaining specificpre-approval from the Audit Committee. The term of any generalpre-approval runs from the date of suchpre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of generalpre-approved services from time to time, based on subsequent determinations.
The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.
Delegation
The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specificpre-approval fornon-prohibited services. All such delegatedpre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.
Audit Services
The annual Audit services engagement terms will be subject to specificpre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.
In addition to the annual Audit services engagement, the Audit Committee may grant either general or specificpre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.
Non-Audit Services
The Audit Committee may provide either general or specificpre-approval of anynon-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.
Audit-Related Services
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.
Tax Services
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.
No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committeepre-approval of permissible Tax services, the Auditor shall:
1. | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter: |
a. | The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and |
b. | Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or |
fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;
2. | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and |
3. | Document the substance of its discussion with the Audit Committee. |
All Other Auditor Services
The Audit Committee maypre-approvenon-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.
Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specificpre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimatedpre-approved fees or established amounts forpre-approved audit andnon-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit andnon-audit services in determining whether topre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximumpre-approved fees or established amounts for previouslypre-approved services.
Procedures
On an annual basis, the Auditor will submit to the Audit Committee for generalpre-approval, a list ofnon-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe thenon-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.
Each request for services to be provided by the Auditor under the generalpre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the generalpre-approval of the Audit Committee.
Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with thepre-approval policies and procedures and the SEC Rules.
Each request to provide Tax services under either the general or specificpre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.
Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.
On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section2-01(f)(14) of RegulationS-X in sufficient detail as to the nature of the engagement and the fees associated with those services.
The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.
Adopted: June 26, 2009
Amended: June 15, 2018
Exhibit 1 toPre-Approval of Audit andNon-Audit Services Policies and Procedures
Conditionally ProhibitedNon-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)
• | Bookkeeping or other services related to the accounting records or financial statements of the audit client |
• | Financial information systems design and implementation |
• | Appraisal or valuation services, fairness opinions, orcontribution-in-kind reports |
• | Actuarial services |
• | Internal audit outsourcing services |
Categorically ProhibitedNon-Audit Services
• | Management functions |
• | Human resources |
• | Broker-dealer, investment adviser, or investment banking services |
• | Legal services |
• | Expert services unrelated to the audit |
• | Any service or product provided for a contingent fee or a commission |
• | Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance |
• | Tax services for persons in financial reporting oversight roles at the Fund |
• | Any other service that the Public Company Oversight Board determines by regulation is impermissible. |
(e)(2) | There were no amounts that werepre-approved by the Audit Committee pursuant to the de minimus exception under Rule2-01 of RegulationS-X. |
(f) | Not applicable. |
(g) | In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $3,213,000 for the fiscal year ended August 31, 2019 and $2,211,000 for the fiscal year ended August 31, 2018 fornon-audit services not required to bepre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregatenon-audit fees of $4,415,831 for the fiscal year ended August 31, 2019 and $2,946,000 for the fiscal year ended August 31, 2018. |
(h) | With respect to thenon-audit services above billed to Invesco and Affiliates that were not required to bepre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule2-01(f)(14) of RegulationS-X, of approximately $34 million andnon-audit services of approximately $19 million for the fiscal year ended 2019. The Audit Committee considered this information in evaluating PwC’s independence. |
During the reporting period, PwC advised the Registrant’s Audit Committee of the following matters for consideration under the SEC auditor independence rules. PwC advised the Audit Committee that a PwC Manager and two PwC Partners each held financial interests either directly or, in the case of the two PwC Partners, indirectly through their respective spouse’s equivalent brokerage account or spouse’s employee benefit plan, respectively, in investment companies within the complex that includes 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”) that were inconsistent with the requirements ofRule 2-01(c)(1) of RegulationS-X. With respect to the one PwC Partner, the financial interest was disposed of July 8, 2019. PwC noted, among
other things, that during the time of its audit, or with respect to the one PwC Partner, until after it was disposed of, the engagement team was not aware of the investments, the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliates of the Registrant, the services provided by the PwC Manager were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates, or in the case of the two PwC Partners, the individuals either did not provide any audit services or did not provide services of any kind to the Registrant or its affiliates and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality has not been adversely affected by these matters as they relate to the audit of the Registrant.
Item 5. | Audit Committee of Listed Registrants. |
(a) | The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson. |
(b) | Not applicable. |
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 FormN-CSR. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-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 Board 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 Rule30a-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 Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report 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 forClosed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Code of Ethics is attached as Exhibit 99.CODEETH. | |||
(a)(2) | Certifications of the Registrant’s President and Treasurer pursuant to Rule30a-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 Rule30a-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) Invesco Exchange-Traded Self-Indexed Fund Trust
By: | /s/ Daniel E. Draper | |
Name: Daniel E. Draper | ||
Title: President |
Date: November 7, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Daniel E. Draper | |
Name: Daniel E. Draper | ||
Title: President |
Date: November 7, 2019
By: | /s/ Kelli Gallegos | |
Name: Kelli Gallegos | ||
Title: Treasurer |
Date: November 7, 2019