Schedule of Investments(a)
Invesco Active U.S. Real Estate ETF (PSR)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Active U.S. Real Estate ETF (PSR)—(continued)
January 31, 2021
(Unaudited)
| Shares | Value | |||
| Investments Purchased with Cash Collateral from Securities on Loan | ||||
| Money Market Funds-0.47% | ||||
Invesco Private Government Fund, 0.01%(c)(d)(e) | 164,132 | $164,132 | ||
Invesco Private Prime Fund, 0.11%(c)(d)(e) | 246,099 | 246,197 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $410,329) | 410,329 | |||
TOTAL INVESTMENTS IN SECURITIES-100.46% (Cost $88,945,437) | 88,382,650 | |||
OTHER ASSETS LESS LIABILITIES-(0.46)% | (403,483) | |||
NET ASSETS-100.00% | $87,979,167 | |||
| Investment Abbreviations: | |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: | |
| (a) | Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts ("NAREIT") Equity REITs Index, which is exclusively owned by NAREIT. |
| (b) | All or a portion of this security was out on loan at January 31, 2021. |
| (c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2021. |
| Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2021 | Dividend Income | |||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | $185 | $626,598 | $(626,783) | $- | $- | $- | $6 | ||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | 197,061 | 1,113,201 | (1,146,130) | - | - | 164,132 | 13* | ||||||
| Invesco Private Prime Fund | 295,591 | 1,011,608 | (1,061,002) | - | - | 246,197 | 100* | ||||||
| Total | $492,837 | $2,751,407 | $(2,833,915) | $- | $- | $410,329 | $119 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (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. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments
Invesco Balanced Multi-Asset Allocation ETF (PSMB)
January 31, 2021
(Unaudited)
| Schedule of Investments in Affiliated Issuers- 101.77%(a) | |||||||||||||||||
| % of Net Assets 01/31/21 | Value 10/31/20 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Dividend Income | Shares 01/31/21 | Value 01/31/21 | |||||||||
| Domestic Equity Funds-51.80% | |||||||||||||||||
Invesco Preferred ETF | 2.80% | $232,732 | $39,731 | $(39,606) | $1,457 | $1,455 | $2,602 | 15,866 | $235,769 | ||||||||
Invesco RAFI™ Strategic US ETF | 8.84% | 712,438 | 69,267 | (159,930) | 85,957 | 37,119 | 3,205 | 23,713 | 744,851 | ||||||||
Invesco RAFI™ Strategic US Small Company ETF | 8.45% | 631,196 | 61,932 | (223,851) | 184,009 | 58,339 | 1,528 | 21,600 | 711,625 | ||||||||
Invesco Russell 1000 Dynamic Multifactor ETF | 9.31% | 769,193 | 73,449 | (252,516) | 159,679 | 34,151 | 3,565 | 19,295 | 783,956 | ||||||||
Invesco S&P 500® Low Volatility ETF(b) | 5.95% | 477,427 | 80,858 | (85,014) | 11,560 | 15,860 | 1,847 | 9,082 | 500,691 | ||||||||
Invesco S&P 500® Pure Growth ETF | 9.07% | 728,660 | 80,581 | (154,444) | 58,454 | 50,951 | 707 | 4,724 | 764,202 | ||||||||
Invesco S&P MidCap Low Volatility ETF | 3.98% | 321,895 | 30,710 | (63,316) | 39,149 | 6,803 | 581 | 6,948 | 335,241 | ||||||||
Invesco S&P SmallCap Low Volatility ETF | 3.40% | 284,947 | 27,009 | (78,099) | 45,638 | 6,541 | 1,310 | 6,968 | 286,036 | ||||||||
Total Domestic Equity Funds | 4,158,488 | 463,537 | (1,056,776) | 585,903 | 211,219 | 15,345 | 4,362,371 | ||||||||||
| Fixed Income Funds-37.54% | |||||||||||||||||
Invesco 1-30 Laddered Treasury ETF | 6.05% | 500,119 | 104,429 | (84,707) | (8,791) | (1,088) | 968 | 13,552 | 509,962 | ||||||||
Invesco Fundamental High Yield® Corporate Bond ETF | 2.21% | 183,961 | 26,599 | (31,525) | 5,016 | 1,789 | 1,617 | 9,634 | 185,840 | ||||||||
Invesco Investment Grade Defensive ETF | 7.76% | 649,440 | 121,445 | (111,442) | (12,142) | 14,760 | 8,103 | 24,286 | 653,658 | ||||||||
Invesco Investment Grade Value ETF(b) | 4.22% | 352,301 | 64,729 | (61,227) | (4,033) | 9,298 | 5,310 | 12,731 | 355,831 | ||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | 2.53% | 210,948 | 35,478 | (35,635) | 1,627 | 597 | 1,651 | 8,178 | 212,895 | ||||||||
Invesco Taxable Municipal Bond ETF | 5.17% | 424,940 | 70,775 | (71,937) | 10,015 | 1,912 | 2,484 | 12,979 | 435,705 | ||||||||
Invesco Variable Rate Investment Grade ETF(b) | 9.60% | 804,047 | 133,168 | (135,271) | 2,059 | 4,146 | 1,631 | 32,210 | 808,149 | ||||||||
Total Fixed Income Funds | 3,125,756 | 556,623 | (531,744) | (6,249) | 31,414 | 21,764 | 3,162,040 | ||||||||||
| Foreign Equity Funds-10.57% | |||||||||||||||||
Invesco RAFI™ Strategic Developed ex-US ETF | 3.98% | 326,284 | 31,804 | (98,531) | 55,851 | 19,400 | 1,176 | 12,315 | 334,808 | ||||||||
Invesco RAFI™ Strategic Emerging Markets ETF | 1.93% | 163,452 | 18,197 | (49,337) | 27,044 | 3,269 | 933 | 5,956 | 162,625 | ||||||||
Invesco S&P International Developed Low Volatility ETF(b) | 4.66% | 383,524 | 48,076 | (69,997) | 24,014 | 6,926 | 721 | 13,177 | 392,543 | ||||||||
Total Foreign Equity Funds | 873,260 | 98,077 | (217,865) | 106,909 | 29,595 | 2,830 | 889,976 | ||||||||||
| Money Market Funds-0.05% | |||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c) | 0.05% | - | 50,314 | (46,285) | - | - | - | 4,029 | 4,029 | ||||||||
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $7,570,908) | 99.96% | 8,157,504 | 1,168,551 | (1,852,670) | 686,563 | 272,228 | 39,939 | 8,418,416 | |||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Balanced Multi-Asset Allocation ETF (PSMB)—(continued)
January 31, 2021
(Unaudited)
| Schedule of Investments in Affiliated Issuers- 101.77%(a) | |||||||||||||||||
| % of Net Assets 01/31/21 | Value 10/31/20 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Dividend Income | Shares 01/31/21 | Value 01/31/21 | |||||||||
| Investments Purchased with Cash Collateral from Securities on Loan | |||||||||||||||||
| Money Market Funds-1.81% | |||||||||||||||||
Invesco Private Government Fund, 0.01%(c)(d) | 0.72% | $157,691 | $2,613,684 | $(2,710,452) | $- | $- | $15* | 60,923 | $60,923 | ||||||||
Invesco Private Prime Fund, 0.11%(c)(d) | 1.09% | 236,537 | 3,534,127 | (3,679,319) | - | 40 | 117* | 91,348 | 91,385 | ||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $152,308) | 1.81% | 394,228 | 6,147,811 | (6,389,771) | - | 40 | 132 | 152,308 | |||||||||
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $7,723,216) | 101.77% | $8,551,732 | $7,316,362 | $(8,242,441) | $686,563 | $272,268(e) | $40,071 | $8,570,724 | |||||||||
OTHER ASSETS LESS LIABILITIES | (1.77)% | (148,746) | |||||||||||||||
NET ASSETS | 100.00% | $8,421,978 | |||||||||||||||
| Investment Abbreviations: | |
| ETF- | Exchange-Traded Fund |
| Notes to Schedule of Investments: | |
| (a) | Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser. |
| (b) | All or a portion of this security was out on loan at January 31, 2021. |
| (c) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (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. |
| (e) | Includes capital gains distributions from affiliated underlying funds as follows: |
| Fund Name | Capital Gain |
| Invesco Investment Grade Defensive ETF | $8,403 |
| Invesco Investment Grade Value ETF | 5,237 |
| Invesco PureBetaSM 0-5 Yr US TIPS ETF | 120 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments
Invesco Conservative Multi-Asset Allocation ETF (PSMC)
January 31, 2021
(Unaudited)
| Schedule of Investments in Affiliated Issuers- 112.07%(a) | |||||||||||||||||
| % of Net Assets 01/31/21 | Value 10/31/20 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Dividend Income | Shares 01/31/21 | Value 01/31/21 | |||||||||
| Domestic Equity Funds-23.70% | |||||||||||||||||
Invesco Preferred ETF | 6.07% | $470,471 | $71,318 | $(74,334) | $213 | $5,177 | $5,351 | 31,820 | $472,845 | ||||||||
Invesco RAFI™ Strategic US ETF | 4.89% | 367,255 | 48,296 | (95,270) | 53,921 | 6,721 | 1,780 | 12,127 | 380,923 | ||||||||
Invesco Russell 1000 Dynamic Multifactor ETF | 4.39% | 338,079 | 45,473 | (125,407) | 71,971 | 11,704 | 1,698 | 8,413 | 341,820 | ||||||||
Invesco S&P 500® Low Volatility ETF | 2.46% | 184,602 | 27,896 | (30,102) | 5,813 | 3,809 | 727 | 3,483 | 192,018 | ||||||||
Invesco S&P 500® Pure Growth ETF | 5.89% | 440,954 | 57,588 | (101,472) | 49,625 | 12,085 | 460 | 2,836 | 458,780 | ||||||||
Total Domestic Equity Funds | 1,801,361 | 250,571 | (426,585) | 181,543 | 39,496 | 10,016 | 1,846,386 | ||||||||||
| Fixed Income Funds-74.18% | |||||||||||||||||
Invesco 1-30 Laddered Treasury ETF | 3.51% | 270,688 | 49,386 | (40,614) | (4,913) | (751) | 532 | 7,276 | 273,796 | ||||||||
Invesco Emerging Markets Sovereign Debt ETF(b) | 7.78% | 589,654 | 86,127 | (99,094) | 29,101 | 348 | 6,122 | 21,388 | 606,136 | ||||||||
Invesco Fundamental High Yield® Corporate Bond ETF(b) | 7.68% | 597,421 | 75,156 | (94,411) | 20,212 | 364 | 5,338 | 31,039 | 598,742 | ||||||||
Invesco Investment Grade Defensive ETF | 12.84% | 1,001,746 | 162,193 | (153,980) | (22,054) | 26,248 | 13,252 | 37,163 | 1,000,242 | ||||||||
Invesco Investment Grade Value ETF(b) | 6.91% | 537,036 | 85,172 | (83,183) | (9,285) | 16,981 | 8,555 | 19,254 | 538,149 | ||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | 4.53% | 352,318 | 50,350 | (53,417) | 1,285 | 2,448 | 2,959 | 13,551 | 352,769 | ||||||||
Invesco Senior Loan ETF(b) | 6.17% | 481,192 | 63,162 | (77,744) | 14,907 | (743) | 3,881 | 21,637 | 480,774 | ||||||||
Invesco Taxable Municipal Bond ETF | 8.68% | 664,899 | 95,001 | (101,859) | 12,366 | 5,861 | 3,939 | 20,145 | 676,268 | ||||||||
Invesco Variable Rate Investment Grade ETF | 16.08% | 1,256,515 | 178,706 | (191,634) | 7,856 | 1,451 | 2,586 | 49,936 | 1,252,894 | ||||||||
Total Fixed Income Funds | 5,751,469 | 845,253 | (895,936) | 49,475 | 52,207 | 47,164 | 5,779,770 | ||||||||||
| Foreign Equity Funds-1.95% | |||||||||||||||||
Invesco RAFI™ Strategic Developed ex-US ETF | 0.96% | 73,852 | 9,900 | (25,298) | 13,290 | 3,455 | 288 | 2,766 | 75,199 | ||||||||
Invesco S&P International Developed Low Volatility ETF | 0.99% | 75,707 | 10,326 | (14,834) | 4,928 | 702 | 153 | 2,579 | 76,829 | ||||||||
Total Foreign Equity Funds | 149,559 | 20,226 | (40,132) | 18,218 | 4,157 | 441 | 152,028 | ||||||||||
| Money Market Funds-0.15% | |||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c) | 0.15% | - | 69,561 | (57,692) | - | - | - | 11,869 | 11,869 | ||||||||
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $7,479,901) | 99.98% | 7,702,389 | 1,185,611 | (1,420,345) | 249,236 | 95,860 | 57,621 | 7,790,053 | |||||||||
| Investments Purchased with Cash Collateral from Securities on Loan | |||||||||||||||||
| Money Market Funds-12.09% | |||||||||||||||||
Invesco Private Government Fund, 0.01%(c)(d) | 4.84% | 431,211 | 3,874,903 | (3,929,210) | - | - | 13* | 376,904 | 376,904 | ||||||||
Invesco Private Prime Fund, 0.11%(c)(d) | 7.25% | 697,313 | 5,093,764 | (5,225,769) | - | 47 | 112* | 565,129 | 565,355 | ||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $942,259) | 12.09% | 1,128,524 | 8,968,667 | (9,154,979) | - | 47 | 125 | 942,259 | |||||||||
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $8,422,160) | 112.07% | $8,830,913 | $10,154,278 | $(10,575,324) | $249,236 | $95,907(e) | $57,746 | $8,732,312 | |||||||||
OTHER ASSETS LESS LIABILITIES | (12.07)% | (940,771) | |||||||||||||||
NET ASSETS | 100.00% | $7,791,541 | |||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Conservative Multi-Asset Allocation ETF (PSMC)—(continued)
January 31, 2021
(Unaudited)
| Investment Abbreviations: | |
| ETF- | Exchange-Traded Fund |
| Notes to Schedule of Investments: | |
| (a) | Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser. |
| (b) | All or a portion of this security was out on loan at January 31, 2021. |
| (c) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (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. |
| (e) | Includes capital gains distributions from affiliated underlying funds as follows: |
| Fund Name | Capital Gain |
| Invesco Investment Grade Defensive ETF | $13,911 |
| Invesco Investment Grade Value ETF | 8,572 |
| Invesco PureBetaSM 0-5 Yr US TIPS ETF | 215 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments
Invesco Growth Multi-Asset Allocation ETF (PSMG)
January 31, 2021
(Unaudited)
| Schedule of Investments in Affiliated Issuers- 102.41%(a) | |||||||||||||||||
| % of Net Assets 01/31/21 | Value 10/31/20 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Dividend Income | Shares 01/31/21 | Value 01/31/21 | |||||||||
| Domestic Equity Funds-63.94% | |||||||||||||||||
Invesco RAFI™ Strategic US ETF | 11.34% | $632,353 | $118,131 | $(14,948) | $120,535 | $(213) | $3,800 | 27,247 | $855,858 | ||||||||
Invesco RAFI™ Strategic US Small Company ETF | 10.60% | 548,076 | 102,530 | (98,936) | 246,366 | 1,850 | 1,772 | 24,279 | 799,886 | ||||||||
Invesco Russell 1000 Dynamic Multifactor ETF | 12.29% | 703,022 | 125,165 | (103,108) | 190,747 | 11,716 | 4,353 | 22,829 | 927,542 | ||||||||
Invesco S&P 500® Low Volatility ETF | 7.96% | 442,203 | 133,106 | - | 25,057 | - | 2,188 | 10,890 | 600,366 | ||||||||
Invesco S&P 500® Pure Growth ETF | 11.39% | 632,619 | 140,639 | (15,444) | 101,534 | (349) | 820 | 5,310 | 858,999 | ||||||||
Invesco S&P MidCap Low Volatility ETF | 5.00% | 279,494 | 54,883 | (2,444) | 45,331 | (335) | 674 | 7,812 | 376,929 | ||||||||
Invesco S&P SmallCap Low Volatility ETF | 5.36% | 311,008 | 54,817 | (26,869) | 71,985 | (6,804) | 1,913 | 9,845 | 404,137 | ||||||||
Total Domestic Equity Funds | 3,548,775 | 729,271 | (261,749) | 801,555 | 5,865 | 15,520 | 4,823,717 | ||||||||||
| Fixed Income Funds-20.27% | |||||||||||||||||
Invesco 1-30 Laddered Treasury ETF(b) | 2.03% | 115,812 | 40,046 | - | (3,005) | - | 287 | 4,062 | 152,853 | ||||||||
Invesco Investment Grade Defensive ETF | 6.58% | 380,835 | 121,752 | (1,670) | (6,436) | 8,251 | 6,278 | 18,434 | 496,151 | ||||||||
Invesco Investment Grade Value ETF(b) | 3.53% | 203,928 | 64,558 | (1,152) | (1,843) | 5,202 | 4,048 | 9,540 | 266,643 | ||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | 2.03% | 117,216 | 34,525 | - | 1,384 | 89 | 1,225 | 5,882 | 153,125 | ||||||||
Invesco Taxable Municipal Bond ETF | 4.07% | 231,528 | 67,949 | - | 7,789 | - | 1,727 | 9,153 | 307,266 | ||||||||
Invesco Variable Rate Investment Grade ETF | 2.03% | 117,583 | 34,284 | - | 1,107 | - | 304 | 6,097 | 152,974 | ||||||||
Total Fixed Income Funds | 1,166,902 | 363,114 | (2,822) | (1,004) | 13,542 | 13,869 | 1,529,012 | ||||||||||
| Foreign Equity Funds-15.72% | |||||||||||||||||
Invesco RAFI™ Strategic Developed ex-US ETF | 5.55% | 315,104 | 57,066 | (34,826) | 81,799 | (626) | 1,517 | 15,394 | 418,517 | ||||||||
Invesco RAFI™ Strategic Emerging Markets ETF | 1.94% | 113,530 | 23,225 | (14,296) | 23,770 | 13 | 866 | 5,356 | 146,242 | ||||||||
Invesco S&P Emerging Markets Low Volatility ETF | 1.46% | 86,129 | 16,029 | (642) | 9,202 | (90) | 318 | 5,024 | 110,628 | ||||||||
Invesco S&P International Developed Low Volatility ETF(b) | 6.77% | 385,443 | 92,173 | - | 33,014 | - | 968 | 17,141 | 510,630 | ||||||||
Total Foreign Equity Funds | 900,206 | 188,493 | (49,764) | 147,785 | (703) | 3,669 | 1,186,017 | ||||||||||
| Money Market Funds-0.01% | |||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c) | 0.01% | - | 33,762 | (33,081) | - | - | - | 681 | 681 | ||||||||
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $6,640,924) | 99.94% | 5,615,883 | 1,314,640 | (347,416) | 948,336 | 18,704 | 33,058 | 7,539,427 | |||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Growth Multi-Asset Allocation ETF (PSMG)—(continued)
January 31, 2021
(Unaudited)
| Schedule of Investments in Affiliated Issuers- 102.41%(a) | |||||||||||||||||
| % of Net Assets 01/31/21 | Value 10/31/20 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Dividend Income | Shares 01/31/21 | Value 01/31/21 | |||||||||
| Investments Purchased with Cash Collateral from Securities on Loan | |||||||||||||||||
| Money Market Funds-2.47% | |||||||||||||||||
Invesco Private Government Fund, 0.01%(c)(d) | 0.99% | $87,858 | $1,980,238 | $(1,993,629) | $- | $- | $14* | 74,467 | $74,467 | ||||||||
Invesco Private Prime Fund, 0.11%(c)(d) | 1.48% | 131,787 | 2,688,709 | (2,708,656) | - | 49 | 107* | 111,845 | 111,889 | ||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $186,356) | 2.47% | 219,645 | 4,668,947 | (4,702,285) | - | 49 | 121 | 186,356 | |||||||||
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $6,827,280) | 102.41% | $5,835,528 | $5,983,587 | $(5,049,701) | $948,336 | $18,753(e) | $33,179 | $7,725,783 | |||||||||
OTHER ASSETS LESS LIABILITIES | (2.41)% | (181,789) | |||||||||||||||
NET ASSETS | 100.00% | $7,543,994 | |||||||||||||||
| Investment Abbreviations: | |
| ETF- | Exchange-Traded Fund |
| Notes to Schedule of Investments: | |
| (a) | Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser. |
| (b) | All or a portion of this security was out on loan at January 31, 2021. |
| (c) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (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. |
| (e) | Includes capital gains distributions from affiliated underlying funds as follows: |
| Fund Name | Capital Gain |
| Invesco Investment Grade Defensive ETF | $6,581 |
| Invesco Investment Grade Value ETF | 4,050 |
| Invesco PureBetaSM 0-5 Yr US TIPS ETF | 89 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco High Yield Bond Factor ETF (IHYF)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2021
(Unaudited)
| Investment Abbreviations: | |
| PIK | -Pay-in-Kind |
| 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 January 31, 2021 was $13,772,883, which represented 50.16% of the Fund’s Net Assets. |
| (c) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
| (d) | All or a portion of this security was out on loan at January 31, 2021. |
| (e) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (f) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| (g) | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| (h) | $46,000 was pledged as collateral to cover margin requirements for open futures contracts. |
| (i) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (j) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended January 31, 2021. |
| Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2021 | Dividend Income | |||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | $- | $15,902,804 | $(15,267,057) | $- | $- | $635,747 | $37 | ||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | - | 484,898 | (225,678) | - | - | 259,220 | 1* | ||||||
| Invesco Private Prime Fund | - | 449,394 | (60,564) | - | - | 388,830 | 15* | ||||||
| Total | $- | $16,837,096 | $(15,553,299) | $- | $- | $1,283,797 | $53 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (k) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (l) | 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. |
| Open Futures Contracts | ||||||||||
| Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) | |||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury Long Bonds | 2 | March-2021 | $337,437 | $(12,128) | $(12,128) | |||||
| U.S. Treasury Ultra Bonds | 1 | March-2021 | 204,719 | (8,870) | (8,870) | |||||
| U.S. Treasury 2 Year Notes | 1 | March-2021 | 220,977 | 123 | 123 | |||||
| U.S. Treasury 10 Year Notes | 9 | March-2021 | 1,233,281 | (7,875) | (7,875) | |||||
| U.S. Treasury 10 Year Ultra Bonds | 6 | March-2021 | 922,969 | (16,135) | (16,135) | |||||
| Subtotal—Long Futures Contracts | (44,885) | (44,885) | ||||||||
| Short Futures Contracts | ||||||||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury 5 Year Notes | 7 | March-2021 | (881,125) | 1,410 | 1,410 | |||||
| Total Futures Contracts | $(43,475) | $(43,475) | ||||||||
See accompanying notes which are an integral part of this schedule.
Invesco High Yield Bond Factor ETF (IHYF)—(continued)
January 31, 2021
(Unaudited)
| Open Centrally Cleared Credit Default Swap Agreements(a) | ||||||||||||||||||
| Reference Entity | Buy/Sell Protection | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Implied Credit Spread(b) | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||
| Credit Risk | ||||||||||||||||||
| Markit CDX North America High Yield Index, Series 35, Version 1 | Sell | 5.00% | Quarterly | 12/20/2025 | 3.1597% | USD 600,000 | $54,616 | $47,859 | $(6,757) | |||||||||
| (a) | Centrally cleared swap agreements collateralized by $11,865 cash held with the broker. |
| (b) | Implied credit spreads represent the current level, as of January 31, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments
Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)
January 31, 2021
(Unaudited)
| Schedule of Investments in Affiliated Issuers- 104.76%(a) | |||||||||||||||||
| % of Net Assets 01/31/21 | Value 10/31/20 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Dividend Income | Shares 01/31/21 | Value 01/31/21 | |||||||||
| Domestic Equity Funds-37.87% | |||||||||||||||||
Invesco Preferred ETF | 3.98% | $162,929 | $13,593 | $(33,188) | $1,926 | $205 | $1,745 | 9,789 | $145,465 | ||||||||
Invesco RAFI™ Strategic US ETF | 5.88% | 232,768 | 8,762 | (66,136) | 32,091 | 6,990 | 1,035 | 6,828 | 214,475 | ||||||||
Invesco RAFI™ Strategic US Small Company ETF | 4.84% | 177,872 | 7,463 | (73,095) | 55,618 | 8,862 | 425 | 5,364 | 176,720 | ||||||||
Invesco Russell 1000 Dynamic Multifactor ETF | 6.35% | 257,927 | 9,868 | (98,378) | 48,623 | 13,632 | 1,181 | 5,702 | 231,672 | ||||||||
Invesco S&P 500® Low Volatility ETF | 3.56% | 140,377 | 10,829 | (29,592) | 5,145 | 3,017 | 521 | 2,354 | 129,776 | ||||||||
Invesco S&P 500® Pure Growth ETF | 7.67% | 302,738 | 11,101 | (79,435) | 30,226 | 15,232 | 290 | 1,730 | 279,862 | ||||||||
Invesco S&P MidCap Low Volatility ETF | 2.98% | 118,297 | 4,331 | (30,419) | 15,725 | 677 | 211 | 2,251 | 108,611 | ||||||||
Invesco S&P SmallCap Low Volatility ETF | 2.61% | 107,702 | 3,989 | (35,484) | 16,039 | 3,031 | 490 | 2,321 | 95,277 | ||||||||
Total Domestic Equity Funds | 1,500,610 | 69,936 | (445,727) | 205,393 | 51,646 | 5,898 | 1,381,858 | ||||||||||
| Fixed Income Funds-56.34% | |||||||||||||||||
Invesco 1-30 Laddered Treasury ETF | 5.03% | 204,246 | 24,059 | (41,110) | (3,033) | (603) | 378 | 4,878 | 183,559 | ||||||||
Invesco Emerging Markets Sovereign Debt ETF | 4.25% | 169,858 | 12,356 | (36,172) | 9,750 | (687) | 1,661 | 5,473 | 155,105 | ||||||||
Invesco Fundamental High Yield® Corporate Bond ETF | 3.70% | 151,609 | 8,864 | (31,028) | 6,052 | (506) | 1,276 | 6,998 | 134,991 | ||||||||
Invesco Investment Grade Defensive ETF | 11.55% | 475,320 | 47,122 | (96,752) | (7,688) | 9,700 | 5,821 | 15,665 | 421,624 | ||||||||
Invesco Investment Grade Value ETF | 6.22% | 254,847 | 24,293 | (52,381) | (3,187) | 7,042 | 3,762 | 8,117 | 226,870 | ||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | 4.03% | 165,396 | 13,229 | (33,037) | 496 | 1,120 | 1,279 | 5,651 | 147,111 | ||||||||
Invesco Senior Loan ETF(b) | 1.80% | 73,788 | 4,380 | (14,898) | 2,623 | (411) | 560 | 2,947 | 65,482 | ||||||||
Invesco Taxable Municipal Bond ETF(b) | 7.68% | 310,332 | 24,170 | (62,258) | 6,640 | 1,526 | 1,731 | 8,353 | 280,410 | ||||||||
Invesco Variable Rate Investment Grade ETF | 12.08% | 497,725 | 39,167 | (99,570) | 3,853 | (293) | 965 | 17,572 | 440,882 | ||||||||
Total Fixed Income Funds | 2,303,121 | 197,640 | (467,206) | 15,506 | 16,888 | 17,433 | 2,056,034 | ||||||||||
| Foreign Equity Funds-5.67% | |||||||||||||||||
Invesco RAFI™ Strategic Developed ex-US ETF | 2.71% | 109,199 | 4,181 | (39,279) | 24,257 | 385 | 389 | 3,632 | 98,743 | ||||||||
Invesco S&P International Developed Low Volatility ETF | 2.96% | 119,962 | 6,803 | (28,322) | 11,846 | (2,092) | 223 | 3,632 | 108,197 | ||||||||
Total Foreign Equity Funds | 229,161 | 10,984 | (67,601) | 36,103 | (1,707) | 612 | 206,940 | ||||||||||
| Money Market Funds-0.09% | |||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c) | 0.09% | 58 | 29,745 | (26,653) | - | - | - | 3,150 | 3,150 | ||||||||
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $3,412,453) | 99.97% | 4,032,950 | 308,305 | (1,007,187) | 257,002 | 66,827 | 23,943 | 3,647,982 | |||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)—(continued)
January 31, 2021
(Unaudited)
| Schedule of Investments in Affiliated Issuers- 104.76%(a) | |||||||||||||||||
| % of Net Assets 01/31/21 | Value 10/31/20 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Dividend Income | Shares 01/31/21 | Value 01/31/21 | |||||||||
| Investments Purchased with Cash Collateral from Securities on Loan | |||||||||||||||||
| Money Market Funds-4.79% | |||||||||||||||||
Invesco Private Government Fund, 0.01%(c)(d) | 1.92% | $89,597 | $1,186,356 | $(1,205,914) | $- | $- | $8* | 70,039 | $70,039 | ||||||||
Invesco Private Prime Fund, 0.11%(c)(d) | 2.87% | 199,099 | 1,723,874 | (1,818,150) | - | 16 | 63* | 104,797 | 104,839 | ||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $174,878) | 4.79% | 288,696 | 2,910,230 | (3,024,064) | - | 16 | 71 | 174,878 | |||||||||
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $3,587,331) | 104.76% | $4,321,646 | $3,218,535 | $(4,031,251) | $257,002 | $66,843(e) | $24,014 | $3,822,860 | |||||||||
OTHER ASSETS LESS LIABILITIES | (4.76)% | (173,720) | |||||||||||||||
NET ASSETS | 100.00% | $3,649,140 | |||||||||||||||
| Investment Abbreviations: | |
| ETF- | Exchange-Traded Fund |
| Notes to Schedule of Investments: | |
| (a) | Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser. |
| (b) | All or a portion of this security was out on loan at January 31, 2021. |
| (c) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (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. |
| (e) | Includes capital gains distributions from affiliated underlying funds as follows: |
| Fund Name | Capital Gain |
| Invesco Investment Grade Defensive ETF | $6,078 |
| Invesco Investment Grade Value ETF | 3,744 |
| Invesco PureBetaSM 0-5 Yr US TIPS ETF | 93 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco S&P 500® Downside Hedged ETF (PHDG)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2021
(Unaudited)
| Notes to Schedule of Investments: | |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at January 31, 2021. |
| (d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2021. |
| Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2021 | Dividend Income | |||||||
| Invesco Ltd. | $6,031 | $- | $- | $- | $3,440 | $9,471 | $71 | ||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | 43,312,656 | 89,086,938 | (98,612,953) | - | - | 33,786,641 | 1,697 | ||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | - | 172,308 | (121,967) | - | - | 50,341 | 2* | ||||||
| Invesco Private Prime Fund | - | 210,962 | (135,456) | - | 5 | 75,511 | 16* | ||||||
| Total | $43,318,687 | $89,470,208 | $(98,870,376) | $- | $3,445 | $33,921,964 | $1,786 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2021
(Unaudited)
| (e) | Restricted security. The value of this security at period end represented less than 1% of the Fund’s Net Assets. |
| (f) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
| Open Futures Contracts(a) | ||||||||||
| Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) | |||||
| Equity Risk | ||||||||||
| CBOE Volatility Index (VIX) Futures | 252 | February-2021 | $8,161,247 | $1,842,537 | $1,842,537 | |||||
| CBOE Volatility Index (VIX) Futures | 137 | March-2021 | 4,441,608 | 597,825 | 597,825 | |||||
| CBOE Volatility Index (VIX) Futures | 48 | April-2021 | 1,508,818 | 39,868 | 39,868 | |||||
| S&P 500 E-Mini Futures | 190 | March-2021 | 35,199,400 | 35,397 | 35,397 | |||||
| S&P 500 Micro E-Mini Futures | 67 | March-2021 | 1,241,242 | (27,610) | (27,610) | |||||
| Total Futures Contracts | $2,488,017 | $2,488,017 | ||||||||
| (a) | Futures contracts collateralized by $2,985,000 cash held with Merrill Lynch International, the futures commission merchant. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Total Return Bond ETF (GTO)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
| Investment Abbreviations: | |
| AGM | -Assured Guaranty Municipal Corp. |
| CLO | -Collateralized Loan Obligation |
| Conv. | -Convertible |
| Ctfs. | -Certificates |
| EUR | -Euro |
| GO | -General Obligation |
| INS | -Insurer |
| IO | -Interest Only |
| LIBOR | -London Interbank Offered Rate |
| Pfd. | -Preferred |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| STACR® | -Structured Agency Credit Risk |
| STRIPS | -Separately Traded Registered Interest and Principal Security |
| TBA | -To Be Announced |
| USD | -U.S. Dollar |
| 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 January 31, 2021 was $206,199,978, which represented 34.46% of the Fund’s Net Assets. |
| (c) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
| (d) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (e) | All or a portion of this security was out on loan at January 31, 2021. |
| (f) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2021. |
| (g) | Perpetual bond with no specified maturity date. |
| (h) | $2,985,000 was pledged as collateral to cover margin requirements for open futures contracts. |
| (i) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (j) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2021. |
| (k) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2021. |
| (l) | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. |
| (m) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. |
| (n) | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| (o) | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. |
| (p) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (q) | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes. |
| (r) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| (s) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2021. |
| Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2021 | Dividend Income | |||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | $7,969,602 | $202,923,099 | $(175,515,454) | $- | $- | $35,377,247 | $793* | ||||||
| Invesco Private Prime Fund | 11,954,402 | 276,127,683 | (235,016,276) | - | 62 | 53,065,871 | 6,370* | ||||||
| Total | $19,924,004 | $479,050,782 | $(410,531,730) | $- | $62 | $88,443,118 | $7,163 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying notes which are an integral part of this schedule.
Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2021
(Unaudited)
| (t) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (u) | 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. |
| † | The table below details options purchased. |
| Open Exchange-Traded Index Options Purchased | ||||||||||||||
| Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value* | Value | ||||||||
| Equity Risk | ||||||||||||||
| S&P 500 Index Option | Call | 03/18/2022 | 15 | $3,850 | $5,775,000 | $421,200 | ||||||||
| Energy Select Sector SPDR Fund | Call | 12/31/2021 | 1,921 | 45 | 8,644,500 | 569,577 | ||||||||
| Total Index Options Purchased | $990,777 | |||||||||||||
| * | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
| Open Exchange-Traded Index Options Written | ||||||||||||||||||
| Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Premiums Received | Notional Value* | Value | Unrealized Appreciation | ||||||||||
| Equity Risk | ||||||||||||||||||
| Energy Select Sector SPDR Fund | Call | 12/31/2021 | 1,921 | $ 55 | $ (402,566) | $10,565,500 | $(218,994) | $ 183,572 | ||||||||||
| * | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
| Open Futures Contracts | ||||||||||
| Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) | |||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury Long Bonds | 49 | March-2021 | $8,267,219 | $(307,888) | $(307,888) | |||||
| U.S. Treasury 2 Year Notes | 617 | March-2021 | 136,342,539 | 58,214 | 58,214 | |||||
| Subtotal—Long Futures Contracts | (249,674) | (249,674) | ||||||||
| Short Futures Contracts | ||||||||||
| Interest Rate Risk | ||||||||||
| U.S. Treasury 5 Year Notes | 57 | March-2021 | (7,174,875) | (1,896) | (1,896) | |||||
| U.S. Treasury 10 Year Notes | 166 | March-2021 | (22,747,188) | 132,460 | 132,460 | |||||
| U.S. Treasury 10 Year Ultra Bonds | 561 | March-2021 | (86,297,578) | 1,468,674 | 1,468,674 | |||||
| U.S. Treasury Ultra Bonds | 164 | March-2021 | (33,573,875) | 1,559,181 | 1,559,181 | |||||
| Subtotal—Short Futures Contracts | 3,158,419 | 3,158,419 | ||||||||
| Total Futures Contracts | $2,908,745 | $2,908,745 | ||||||||
| Open Forward Foreign Currency Contracts | ||||||||||
| Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||||||
| Deliver | Receive | |||||||||
| Currency Risk | ||||||||||
| 2/17/2021 | Citigroup Global Markets | EUR | 1,235,000 | USD | 1,462,927 | $(37,995) | ||||
| Abbreviations: | |
| EUR | -Euro |
| USD | -U.S. Dollar |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Ultra Short Duration ETF (GSY)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2021
(Unaudited)
| Investment Abbreviations: | |
| BR | -Bearer Shares |
| CLO | -Collateralized Loan Obligation |
| Ctfs. | -Certificates |
| JPY | -Japanese Yen |
| LIBOR | -London Interbank Offered Rate |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| USD | -U.S. Dollar |
| 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 January 31, 2021. |
| (c) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2021. |
| (d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2021 was $1,725,995,472, which represented 56.24% of the Fund’s Net Assets. |
| (e) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (f) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2021. |
| (g) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
| (h) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (i) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| (j) | Security traded at a premium. |
| (k) | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
| (l) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the LIBOR, on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
| (m) | Principal amount equals value at period end. |
| (n) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (o) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (p) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2021. |
| Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2021 | Dividend Income | |||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | $866,215 | $14,611,416 | $(13,248,776) | $- | $- | $2,228,855 | $89* | ||||||
| Invesco Private Prime Fund | 1,299,323 | 23,029,527 | (20,985,786) | - | 218 | 3,343,282 | 841* | ||||||
| Total | $2,165,538 | $37,640,943 | $(34,234,562) | $- | $218 | $5,572,137 | $930 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (q) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (r) | 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 accompanying notes which are an integral part of this schedule.
Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2021
(Unaudited)
| Open Forward Foreign Currency Contracts | ||||||||||
| Settlement Date | Counterparty | Contract to | Unrealized Appreciation | |||||||
| Deliver | Receive | |||||||||
| Currency Risk | ||||||||||
| 2/1/2021 | Bank of America | JPY | 2,600,000,000 | USD | 24,983,352 | $149,311 | ||||
| Abbreviations: | |
| JPY | -Japanese Yen |
| USD | -U.S. Dollar |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Variable Rate Investment Grade ETF (VRIG)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2021
(Unaudited)
See accompanying notes which are an integral part of this schedule.
Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2021
(Unaudited)
| Investment Abbreviations: | |
| ARM | -Adjustable Rate Mortgage |
| Ctfs. | -Certificates |
| LIBOR | -London Interbank Offered Rate |
| Pfd. | -Preferred |
| REMICs | -Real Estate Mortgage Investment Conduits |
| SOFR | -Secured Overnight Financing Rate |
| STACR® | -Structured Agency Credit Risk |
| USD | -U.S. Dollar |
| 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) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2021. |
| (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 January 31, 2021 was $160,144,500, which represented 34.71% of the Fund’s Net Assets. |
| (d) | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| (e) | All or a portion of this security was out on loan at January 31, 2021. |
| (f) | Perpetual bond with no specified maturity date. |
| (g) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2021. |
| (h) | CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. |
| (i) | Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes. |
| (j) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2021. |
| Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value January 31, 2021 | Dividend Income | |||||||
| Invesco Variable Rate Preferred ETF | $1,723,400 | $- | $(1,772,361) | $(116,800) | $165,761 | $- | $- | ||||||
| Investments in Affiliated Money Market Funds: | |||||||||||||
| Invesco Government & Agency Portfolio, Institutional Class | 886,923 | 28,746,176 | (27,436,184) | - | - | 2,196,915 | 101 | ||||||
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||
| Invesco Private Government Fund | 302,095 | 26,471,874 | (24,140,039) | - | - | 2,633,930 | 91* | ||||||
| Invesco Private Prime Fund | 453,145 | 38,607,612 | (35,110,008) | 131 | 15 | 3,950,895 | 809* | ||||||
| Total | $3,365,563 | $93,825,662 | $(88,458,592) | $(116,669) | $165,776 | $8,781,740 | $1,001 |
| * | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (k) | The rate shown is the 7-day SEC standardized yield as of January 31, 2021. |
| (l) | 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. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Notes to Quarterly Schedules of Portfolio Holdings
January 31, 2021
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of January 31, 2021, for each Fund.The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| Level 1 | Level 2 | Level 3 | Total | ||||
| Invesco Active U.S. Real Estate ETF | |||||||
| Investments in Securities | |||||||
| Common Stocks & Other Equity Interests | $87,972,321 | $- | $- | $87,972,321 | |||
| Money Market Funds | - | 410,329 | - | 410,329 | |||
| Total Investments | $87,972,321 | $410,329 | $- | $88,382,650 | |||
| Invesco Balanced Multi-Asset Allocation ETF | |||||||
| Investments in Securities | |||||||
| Affiliated Issuers | $8,414,387 | $- | $- | $8,414,387 | |||
| Money Market Funds | 4,029 | 152,308 | - | 156,337 | |||
| Total Investments | $8,418,416 | $152,308 | $- | $8,570,724 | |||
| Invesco Conservative Multi-Asset Allocation ETF | |||||||
| Investments in Securities | |||||||
| Affiliated Issuers | $7,778,184 | $- | $- | $7,778,184 | |||
| Money Market Funds | 11,869 | 942,259 | - | 954,128 | |||
| Total Investments | $7,790,053 | $942,259 | $- | $8,732,312 | |||
| Invesco Growth Multi-Asset Allocation ETF | |||||||
| Investments in Securities | |||||||
| Affiliated Issuers | $7,538,746 | $- | $- | $7,538,746 | |||
| Money Market Funds | 681 | 186,356 | - | 187,037 | |||
| Total Investments | $7,539,427 | $186,356 | $- | $7,725,783 |
| Level 1 | Level 2 | Level 3 | Total | ||||
| Invesco High Yield Bond Factor ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $26,464,271 | $- | $26,464,271 | |||
| U.S. Treasury Securities | - | 46,000 | - | 46,000 | |||
| Money Market Funds | 635,747 | 648,050 | - | 1,283,797 | |||
| Total Investments in Securities | 635,747 | 27,158,321 | - | 27,794,068 | |||
| Other Investments - Assets* | |||||||
| Futures Contracts | 1,533 | - | - | 1,533 | |||
| Other Investments - Liabilities* | |||||||
| Futures Contracts | (45,008) | - | - | (45,008) | |||
| Swap Agreements | - | (6,757) | - | (6,757) | |||
| (45,008) | (6,757) | - | (51,765) | ||||
| Total Other Investments | (43,475) | (6,757) | - | (50,232) | |||
| Total Investments | $592,272 | $27,151,564 | $- | $27,743,836 | |||
| Invesco Moderately Conservative Multi-Asset Allocation ETF | |||||||
| Investments in Securities | |||||||
| Affiliated Issuers | $3,644,832 | $- | $- | $3,644,832 | |||
| Money Market Funds | 3,150 | 174,878 | - | 178,028 | |||
| Total Investments | $3,647,982 | $174,878 | $- | $3,822,860 | |||
| Invesco S&P 500® Downside Hedged ETF | |||||||
| Investments in Securities | |||||||
| Common Stocks & Other Equity Interests | $90,119,762 | $- | $- | $90,119,762 | |||
| Money Market Funds | 33,786,641 | 125,852 | - | 33,912,493 | |||
| Total Investments in Securities | 123,906,403 | 125,852 | - | 124,032,255 | |||
| Other Investments - Assets* | |||||||
| Futures Contracts | 2,515,627 | - | - | 2,515,627 | |||
| Other Investments - Liabilities* | |||||||
| Futures Contracts | (27,610) | - | - | (27,610) | |||
| Total Other Investments | 2,488,017 | - | - | 2,488,017 | |||
| Total Investments | $126,394,420 | $125,852 | $- | $126,520,272 | |||
| Invesco Total Return Bond ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $301,994,878 | $- | $301,994,878 | |||
| U.S. Treasury Securities | - | 150,961,511 | - | 150,961,511 | |||
| Asset-Backed Securities | - | 82,261,931 | - | 82,261,931 | |||
| U.S. Government Sponsored Agency Mortgage-Backed Securities | - | 75,130,000 | - | 75,130,000 | |||
| Preferred Stocks | 384,104 | 5,985,177 | - | 6,369,281 | |||
| Municipal Obligations | - | 3,516,035 | - | 3,516,035 | |||
| U.S. Government Sponsored Agency Securities | - | 3,133,161 | - | 3,133,161 | |||
| Agency Credit Risk Transfer Notes | - | 2,222,226 | - | 2,222,226 | |||
| Open Exchanged-Traded Index Options Purchased | 990,777 | - | - | 990,777 | |||
| Non-U.S. Dollar Denominated Bonds & Notes | - | 506,696 | - | 506,696 | |||
| Money Market Funds | - | 88,443,118 | - | 88,443,118 | |||
| Total Investments in Securities | 1,374,881 | 714,154,733 | - | 715,529,614 | |||
| Other Investments - Assets* | |||||||
| Futures Contracts | 3,218,529 | - | - | 3,218,529 | |||
| Other Investments - Liabilities* | |||||||
| Forward Foreign Currency Contracts | - | (37,995) | - | (37,995) | |||
| Futures Contracts | (309,784) | - | - | (309,784) | |||
| Options written | (218,994) | - | - | (218,994) | |||
| (528,778) | (37,995) | - | (566,773) | ||||
| Total Other Investments | 2,689,751 | (37,995) | - | 2,651,756 | |||
| Total Investments | $4,064,632 | $714,116,738 | $- | $718,181,370 |
| Level 1 | Level 2 | Level 3 | Total | ||||
| Invesco Ultra Short Duration ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $1,485,957,428 | $- | $1,485,957,428 | |||
| Commercial Paper | - | 873,842,259 | - | 873,842,259 | |||
| Asset-Backed Securities | - | 417,274,029 | - | 417,274,029 | |||
| Repurchase Agreements | - | 177,500,000 | - | 177,500,000 | |||
| U.S. Treasury Securities | - | 85,468,364 | - | 85,468,364 | |||
| Certificate of Deposit | - | 25,029,610 | - | 25,029,610 | |||
| Non-U.S. Dollar Denominated Bonds & Notes | - | 24,834,042 | - | 24,834,042 | |||
| Variable Rate Senior Loan Interests | - | 1,779,105 | - | 1,779,105 | |||
| Money Market Funds | - | 5,572,137 | - | 5,572,137 | |||
| Total Investments in Securities | - | 3,097,256,974 | - | 3,097,256,974 | |||
| Other Investments - Assets* | |||||||
| Forward Foreign Currency Contracts | - | 149,311 | - | 149,311 | |||
| Total Investments | $- | $3,097,406,285 | $- | $3,097,406,285 | |||
| Invesco Variable Rate Investment Grade ETF | |||||||
| Investments in Securities | |||||||
| U.S. Dollar Denominated Bonds & Notes | $- | $231,680,965 | $- | $231,680,965 | |||
| Asset-Backed Securities | - | 78,776,589 | - | 78,776,589 | |||
| Agency Credit Risk Transfer Notes | - | 70,413,816 | - | 70,413,816 | |||
| U.S. Treasury Securities | - | 54,851,127 | - | 54,851,127 | |||
| U.S. Government Sponsored Agency Mortgage-Backed Securities | - | 25,667,899 | - | 25,667,899 | |||
| Preferred Stocks | - | 974,791 | - | 974,791 | |||
| Money Market Funds | 2,196,915 | 6,584,825 | - | 8,781,740 | |||
| Total Investments | $2,196,915 | $468,950,012 | $- | $471,146,927 |
| * | Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value. |
NOTE 2—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedules of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.