UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number        811-21977                

                                     PowerShares Exchange-Traded Fund Trust II                                    

(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:  October 31    

Date of reporting period:  January 31, 2017

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. Schedule of Investments.

The Schedule(s) of Investments as of January 31, 2017 is set forth below.

Schedule of Investments

PowerShares Developed EuroPacific Currency Hedged Low Volatility Portfolio (FXEP)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 102.5%
		Australia - 15.0%
	452	AGL Energy Ltd.	$	7,755
	502	Amcor Ltd.		5,450
	1,573	AMP Ltd.		5,971
	1,122	APA Group		7,172
	199	ASX Ltd.		7,537
	6,832	AusNet Services		8,195
	703	Brambles Ltd.		5,556
	839	Coca-Cola Amatil Ltd.		6,210
	107	Commonwealth Bank of Australia		6,633
	89	CSL Ltd.		7,587
	910	Dexus Property Group REIT		6,204
	3,308	DUET Group		7,032
	1,305	Goodman Group REIT		6,856
	1,970	GPT Group (The) REIT		6,999
	1,415	Insurance Australia Group Ltd.		6,198
	4,225	Mirvac Group REIT		6,511
	261	National Australia Bank Ltd.		6,009
	108	Ramsay Health Care Ltd.		5,477
	141	REA Group Ltd.		5,626
	2,237	Scentre Group REIT		7,472
	2,145	Stockland REIT		7,083
	590	Suncorp Group Ltd.		5,836
	1,275	Sydney Airport		5,662
	2,017	Telstra Corp. Ltd.		7,656
	993	Transurban Group		7,689
	3,051	Vicinity Centres REIT		6,624
	226	Wesfarmers Ltd.		6,907
	1,034	Westfield Corp. REIT		6,900
	235	Westpac Banking Corp.		5,657
				192,464
		Austria - 0.9%
	242	BUWOG AG		5,774
	304	CA Immobilien Anlagen AG		5,991
				11,765
		Belgium - 3.6%
	54	Anheuser-Busch InBev SA		5,611
	280	bpost SA		6,769
	126	Colruyt SA		6,166
	85	Groupe Bruxelles Lambert SA		7,237
	224	Proximus SADP		6,431
	62	Sofina SA		8,416
	111	Telenet Group Holding NV(a)		5,952
				46,582
		Denmark - 1.6%
	70	Carlsberg A/S, Class B		6,327
	91	Coloplast A/S, Class B		6,516

199	ISS A/S	$	7,076
			19,919
	Finland - 1.3%
140	Huhtamaki Oyj		5,144
133	Orion Oyj, Class B		6,198
115	Sampo Oyj, Class A		5,332
			16,674
	France - 8.7%
72	Aeroports de Paris		7,991
53	Air Liquide SA		5,728
358	Bureau Veritas SA		7,010
51	Cie Generale des Etablissements Michelin		5,477
102	Danone SA		6,392
79	Dassault Systemes SE		6,120
52	Essilor International SA		6,092
14	Hermes International		6,089
148	Klepierre REIT		5,622
36	L’Oreal SA		6,550
58	Pernod Ricard SA		6,791
69	Sanofi		5,555
55	Sodexo SA		6,084
376	Suez		5,701
60	Thales SA		5,627
26	Unibail-Rodamco SE REIT		5,983
333	Veolia Environnement SA		5,666
94	Vinci SA		6,593
			111,071
	Germany - 3.8%
73	Beiersdorf AG		6,464
172	Deutsche Wohnen AG-BR		5,603
62	Henkel AG & Co. KGaA		6,529
169	MAN SE		17,524
30	Muenchener Rueckversicherungs-Gesellschaft AG		5,635
72	SAP SE		6,585
			48,340
	Hong Kong - 11.5%
773	Cheung Kong Infrastructure Holdings Ltd.		6,231
587	CK Hutchison Holdings Ltd.		7,070
879	CLP Holdings Ltd.		8,592
368	Hang Seng Bank Ltd.		7,536
8,215	HK Electric Investments & HK Electric Investments Ltd.(b)		6,860
5,362	HKT Trust & HKT Ltd.		7,505
4,168	Hong Kong & China Gas Co. Ltd.		7,875
228	Hong Kong Exchanges & Clearing Ltd.		5,545
833	Hongkong Land Holdings Ltd.		5,623
1,369	Hysan Development Co. Ltd.		6,263
105	Jardine Matheson Holdings Ltd.		6,481
201	Jardine Strategic Holdings Ltd.		7,652
1,954	Kerry Properties Ltd.		5,553
920	Link REIT		6,302
1,551	MTR Corp. Ltd.		7,916
4,748	New World Development Co. Ltd.		5,507
11,247	PCCW Ltd.		6,841
759	Power Assets Holdings Ltd.		7,292
395	Sun Hung Kai Properties Ltd.		5,467
696	Swire Pacific Ltd., Class A		7,100
2,372	Swire Properties Ltd.		6,695
458	VTech Holdings Ltd.		5,696
			147,602

Schedule of Investments

	Ireland - 1.0%
333	Experian PLC	$	6,406
86	Kerry Group PLC, Class A		6,050
			12,456
	Israel - 0.6%
73	Check Point Software Technologies Ltd.(a)		7,210
	Italy - 0.9%
1,399	Snam SpA		5,322
1,302	Terna Rete Elettrica Nazionale SpA		5,710
			11,032
	Japan - 5.4%
3	Advance Residence Investment Corp. REIT		7,939
3	Daiwa House REIT Investment Corp. REIT		7,579
6	GLP J-REIT REIT		6,913
1	Japan Prime Realty Investment Corp. REIT		4,024
3	Japan Retail Fund Investment Corp. REIT		6,438
232	Kagome Co. Ltd.		5,989
4	Mori Trust Sogo REIT, Inc. REIT		6,438
1,129	Nagoya Railroad Co. Ltd.		5,576
4	ORIX JREIT, Inc. REIT		6,563
163	Sankyo Co. Ltd.		5,466
4	United Urban Investment Corp. REIT		6,399
			69,324
	Netherlands - 2.5%
95	Heineken NV		7,108
308	Koninklijke Ahold Delhaize NV		6,555
93	Koninklijke DSM NV		5,930
185	Koninklijke Philips NV		5,425
177	Wolters Kluwer NV		6,763
			31,781
	New Zealand - 2.5%
1,140	Auckland International Airport Ltd.		5,717
2,188	Contact Energy Ltd.		7,652
969	Fisher & Paykel Healthcare Corp. Ltd.		6,174
710	Fletcher Building Ltd.		5,466
1,147	Ryman Healthcare Ltd.		7,325
			32,334
	Norway - 1.9%
627	Entra ASA(b)		6,782
369	Gjensidige Forsikring ASA		6,364
286	Marine Harvest ASA		5,068
730	Orkla ASA		6,823
			25,037
	Singapore - 13.0%
3,663	Ascendas Real Estate Investment Trust REIT		6,396
6,167	CapitaLand Commercial Trust Ltd. REIT		6,676
3,167	CapitaLand Ltd.		7,396
4,908	CapitaLand Mall Trust REIT		6,759
3,571	ComfortDelGro Corp. Ltd.		6,109
530	DBS Group Holdings Ltd.		7,137
10,671	Keppel REIT		7,650
6,252	Mapletree Commercial Trust REIT		6,790
9,544	Mapletree Greater China Commercial Trust REIT(b)		6,470
11,031	Mapletree Logistics Trust REIT		8,221
1,113	Oversea-Chinese Banking Corp. Ltd.		7,418
1,857	SATS Ltd.		6,960
1,158	Singapore Airlines Ltd.		8,137
1,439	Singapore Exchange Ltd.		7,579
5,332	Singapore Post Ltd.		5,545

2,875	Singapore Press Holdings Ltd.	$	7,040
2,382	Singapore Technologies Engineering Ltd.		5,580
2,355	Singapore Telecommunications Ltd.		6,469
3,150	StarHub Ltd.		6,641
5,542	Suntec Real Estate Investment Trust REIT		6,805
499	United Overseas Bank Ltd.		7,410
1,595	UOL Group Ltd.		7,212
1,110	Venture Corp. Ltd.		8,029
2,325	Wilmar International Ltd.		6,403
			166,832
	Spain - 3.9%
417	Abertis Infraestructuras SA		5,969
40	Aena SA(b)		5,808
127	Amadeus IT Group SA		5,867
904	EDP Renovaveis SA		5,806
293	Endesa SA		6,030
334	Grifols SA		7,154
998	Iberdrola SA		6,292
414	Red Electrica Corp. SA		7,396
			50,322
	Sweden - 4.4%
405	Axfood AB		6,662
477	Castellum AB		6,575
415	Hufvudstaden AB, Class A		6,618
319	Industrivarden AB, Class C		6,182
162	Investor AB, Class A		6,331
110	L E Lundbergforetagen AB, Class B		7,085
143	Saab AB, Class B		5,843
188	Swedish Match AB		6,121
1,362	Telia Co. AB		5,526
			56,943
	Switzerland - 6.5%
309	ABB Ltd.		7,338
18	Geberit AG		7,692
4	Givaudan SA		7,213
58	Kuehne + Nagel International AG		7,925
116	Nestle SA		8,501
101	Novartis AG		7,417
32	Roche Holding AG		7,557
39	Schindler Holding AG-PC		7,431
4	SGS SA		8,482
66	Swiss Re AG		6,161
18	Swisscom AG		7,936
			83,653
	United Kingdom - 13.5%
106	AstraZeneca PLC		5,593
448	Babcock International Group PLC		5,033
794	BAE Systems PLC		5,814
123	British American Tobacco PLC		7,582
270	Bunzl PLC		7,096
379	Compass Group PLC		6,733
76	DCC PLC		6,115
285	Diageo PLC		7,901
376	GlaxoSmithKline PLC		7,228
150	Imperial Brands PLC		6,932
782	Informa PLC		6,415
141	Intertek Group PLC		6,017
1,196	Kingfisher PLC		5,059
1,037	Merlin Entertainments PLC(b)		6,224
595	National Grid PLC		6,944
88	Reckitt Benckiser Group PLC		7,533
397	RELX PLC		7,107

Schedule of Investments

886	Royal Mail PLC	$	4,588
677	Sage Group PLC (The)		5,221
267	Severn Trent PLC		7,625
537	Sky PLC		6,763
422	Smith & Nephew PLC		6,281
299	SSE PLC		5,601
168	Unilever PLC		6,822
610	United Utilities Group PLC		7,037
2,459	Vodafone Group PLC		6,013
285	WPP PLC		6,612
			173,889
	Total Investments (Cost $1,274,966)(c) - 102.5%		1,315,230
	Other assets less liabilities - (2.5)%		(31,958	)
	Net Assets - 100.0%	$	1,283,272

Investment Abbreviations:

BR - Bearer Shares

PC - Participation Certificate

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(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, 2017 was $32,144, which represented 2.50% of the Fund’s Net Assets.

^(c) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $1,298,358. The net unrealized appreciation was $16,872, which consisted of aggregate gross unrealized appreciation of $85,805 and aggregate gross unrealized depreciation of $68,933.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares DWA Developed Markets Momentum Portfolio (PIZ)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Australia - 4.2%
	97,711	Amcor Ltd.	$	1,060,735
	79,194	Aristocrat Leisure Ltd.		918,635
	110,200	BlueScope Steel Ltd.		937,810
	202,197	Challenger Ltd.		1,691,546
	12,086	Macquarie Group Ltd.		776,212
	75,726	Seek Ltd.		830,118
				6,215,056
		Belgium - 0.6%
	12,837	KBC Groep NV		832,654
		Canada - 16.9%
	58,961	Alimentation Couche-Tard, Inc., Class B		2,695,812
	21,434	Bank of Nova Scotia		1,278,395
	44,860	Canadian National Railway Co.		3,111,899
	35,535	Canadian Utilities Ltd., Class A		1,009,562
	7,797	CCL Industries, Inc., Class B		1,601,562
	23,248	CGI Group, Inc., Class A(a)		1,115,726
	7,544	Constellation Software, Inc.		3,400,832
	14,785	Dollarama, Inc.		1,117,593
	62,171	Encana Corp.		792,069
	86,667	First Quantum Minerals Ltd.		1,090,858
	18,723	Magna International, Inc.		808,374
	10,676	Onex Corp.		745,662
	20,311	Royal Bank of Canada		1,457,563
	79,672	Saputo, Inc.		2,927,774
	39,539	Toronto-Dominion Bank (The)		2,044,352
				25,198,033
		Denmark - 0.6%
	16,826	DSV A/S		817,608
		Finland - 9.3%
	28,328	Amer Sports Oyj		752,188
	95,589	Kone Oyj, Class B		4,328,398
	30,724	Metso Oyj		944,970
	75,790	Orion Oyj, Class B		3,531,798
	83,669	Wartsila Oyj Abp		4,200,060
				13,757,414
		France - 6.8%
	5,039	Christian Dior SE		1,082,323
	3,372	Kering		802,435
	10,889	Pernod Ricard SA		1,275,035
	22,817	Rubis SCA		1,921,871
	6,543	Sodexo SA(b)		723,719
	8,401	Teleperformance		899,816
	30,477	Valeo SA		1,861,571
	21,909	Vinci SA		1,536,641
				10,103,411

	Germany - 3.6%
11,885	adidas AG	$	1,870,747
10,018	Fresenius SE & Co. KGaA		789,573
7,272	Hannover Rueck SE		798,852
9,837	Henkel AG & Co. KGaA		1,035,870
7,412	MTU Aero Engines AG		885,923
			5,380,965
	Hong Kong - 4.1%
71,166	Jardine Matheson Holdings Ltd.		4,392,366
142,603	Link REIT		976,802
219,240	Techtronic Industries Co. Ltd.		760,058
			6,129,226
	Ireland - 2.8%
215,356	Experian PLC		4,142,665
	Israel - 0.8%
17,487	Nice Ltd.		1,223,208
	Italy - 0.7%
35,608	Recordati SpA		1,012,450
	Japan - 8.8%
35,368	Alps Electric Co. Ltd.		947,231
797	Daiwa House REIT Investment Corp. REIT		2,013,474
53,485	Fuji Heavy Industries Ltd.		2,156,979
2,310	Keyence Corp.		900,197
15,035	Koito Manufacturing Co. Ltd.		798,661
46,255	Lion Corp.		805,739
45,195	MISUMI Group, Inc.		847,093
23,515	Nissan Chemical Industries Ltd.		842,843
52,425	ORIX Corp.		794,932
55,690	Seiko Epson Corp.		1,153,128
4,720	Shimano, Inc.		746,731
13,590	SoftBank Group Corp.		1,050,380
			13,057,388
	Luxembourg - 1.1%
3,596	Eurofins Scientific SE		1,612,772
	Netherlands - 2.0%
24,202	Aalberts Industries NV		848,733
11,236	ASML Holding NV		1,364,845
38,849	Koninklijke Ahold Delhaize NV		826,877
			3,040,455
	Norway - 0.5%
45,265	Marine Harvest ASA		802,119
	Singapore - 1.4%
408,800	Singapore Exchange Ltd.		2,153,106
	South Africa - 0.8%
57,051	Mondi PLC		1,256,796
	South Korea - 0.5%
9,113	Celltrion, Inc.(a)		785,752
	Spain - 1.4%
97,185	Bankinter SA		780,882
37,931	Industria de Diseno Textil SA		1,251,692
			2,032,574
	Sweden - 2.2%
27,273	Atlas Copco AB, Class B		791,209

Schedule of Investments

22,785	Investor AB, Class B	$	909,409
59,405	Swedbank AB, Class A		1,502,522
			3,203,140
	Switzerland - 16.9%
107,451	ABB Ltd.		2,551,771
2,056	EMS-CHEMIE HOLDING AG		1,062,802
19,465	Flughafen Zuerich AG		3,829,471
7,500	Geberit AG		3,204,946
24,299	Kuehne + Nagel International AG		3,319,993
32,278	Logitech International SA		924,238
4,438	Lonza Group AG		813,738
2,154	Partners Group Holding AG		1,088,899
12,262	Schindler Holding AG-PC		2,336,566
1,214	SGS SA		2,574,182
182	Sika AG-BR		956,487
17,021	Swiss Re AG		1,588,926
12,906	Temenos Group AG		937,929
			25,189,948
	United Kingdom - 14.0%
54,744	Anglo American PLC(a)		935,302
51,923	Bunzl PLC		1,364,626
50,364	Compass Group PLC		894,685
67,353	Croda International PLC		2,836,990
21,665	Intercontinental Hotels Group PLC		1,003,048
18,872	Intertek Group PLC		805,358
318,734	Legal & General Group PLC		941,948
318,586	Melrose Industries PLC		782,588
48,895	Micro Focus International PLC		1,319,493
49,217	Provident Financial PLC		1,687,318
38,203	Prudential PLC		736,328
54,812	Rightmove PLC		2,772,152
105,670	RPC Group PLC		1,423,825
45,766	Spirax-Sarco Engineering PLC		2,478,743
61,127	St. James’s Place PLC		823,641
			20,806,045
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $138,062,913) - 100.0%		148,752,785
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 0.1%
94,649	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(c)(d) (Cost $94,649)		94,649
	Total Investments (Cost $138,157,562)(e) - 100.1%		148,847,434
	Other assets less liabilities - (0.1)%		(92,921	)
	Net Assets - 100.0%	$	148,754,513

Investment Abbreviations:

BR - Bearer Shares

PC - Participation Certificate

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b) All or a portion of this security was out on loan at January 31, 2017.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(d) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(e) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $138,195,694. The net unrealized appreciation was $10,651,740, which consisted of aggregate gross unrealized appreciation of $12,182,512 and aggregate gross unrealized depreciation of $1,530,772.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares DWA Emerging Markets Momentum Portfolio (PIE)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.9%
		Brazil - 5.6%
	141,000	Centrais Eletricas Brasileiras SA(a)	$	933,739
	82,400	Cia de Saneamento de Minas Gerais-COPASA MG		1,130,644
	84,600	Equatorial Energia SA		1,562,657
	82,700	Magazine Luiza SA(a)		3,365,106
	38,800	Raia Drogasil SA		807,961
				7,800,107
		China - 17.3%
	1,147,387	Beijing Enterprises Water Group Ltd.		799,985
	806,066	China Medical System Holdings Ltd.		1,321,394
	507,859	China Resources Gas Group Ltd.		1,610,100
	7,049,004	Credit China Fintech Holdings Ltd.(a)		926,622
	1,292,896	CSPC Pharmaceutical Group Ltd.		1,459,629
	720,964	Geely Automobile Holdings Ltd.		857,610
	605,738	Guangdong Investment Ltd.		753,333
	233,679	Minth Group Ltd.		758,918
	7,299	NetEase, Inc. ADR		1,853,216
	20,423	New Oriental Education & Technology Group, Inc. ADR(a)		971,114
	602,418	Semiconductor Manufacturing International Corp.(a)		830,723
	727,529	Shandong Chenming Paper Holdings Ltd., H-Shares		834,478
	313,821	Shenzhou International Group Holdings Ltd.		1,943,346
	1,228,062	SITC International Holdings Co. Ltd.		767,603
	299,014	Sunny Optical Technology Group Co. Ltd.		1,763,020
	142,810	Tencent Holdings Ltd.		3,761,960
	462,820	TravelSky Technology Ltd., H-Shares		1,043,818
	1,308,213	Xinhua Winshare Publishing and Media Co. Ltd., H-Shares		1,173,444
	2,105,198	Yuzhou Properties Co. Ltd.		691,843
				24,122,156
		Hong Kong - 0.5%
	191,610	BOC Hong Kong (Holdings) Ltd.		770,455
		India - 0.6%
	11,352	HDFC Bank Ltd. ADR		782,494
		Indonesia - 3.9%
	5,790,462	PT Adaro Energy Tbk		735,056
	3,343,416	PT Bank Central Asia Tbk		3,831,063
	4,814,882	PT Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk		829,375
				5,395,494
		Malaysia - 4.6%
	1,630,000	HAP Seng Consolidated Bhd		3,201,490

8,951,350	My E.G. Services Bhd	$	3,213,150
			6,414,640
	Philippines - 2.7%
326,446	BDO Unibank, Inc.		738,628
4,325,124	D&L Industries, Inc.		1,069,005
537,430	International Container Terminal Services, Inc.		836,410
81,802	SM Investments Corp.		1,134,198
			3,778,241
	Russia - 1.1%
134,125	Mechel PJSC ADR(a)		806,091
21,858	X5 Retail Group NV GDR(a)(b)		733,336
			1,539,427
	South Africa - 15.8%
201,124	AVI Ltd.		1,366,987
77,921	Bidvest Group Ltd. (The)		916,554
14,397	Capitec Bank Holdings Ltd.		749,765
187,079	Clicks Group Ltd.		1,693,148
585,610	Coronation Fund Managers Ltd.		2,898,074
476,368	Curro Holdings Ltd.(a)		1,689,198
212,381	EOH Holdings Ltd.		2,311,298
189,486	Famous Brands Ltd.		2,047,377
206,017	FirstRand Ltd.		767,215
15,333	Naspers Ltd., Class N		2,431,714
80,963	Pioneer Foods Group Ltd.		996,361
148,042	PSG Group Ltd.		2,491,674
171,685	RMB Holdings Ltd.		827,476
172,176	Telkom SA SOC Ltd.		940,454
			22,127,295
	Taiwan - 25.4%
230,000	Advantech Co. Ltd.		1,944,427
548,000	Basso Industry Corp.		1,643,336
384,000	Cheng Shin Rubber Industry Co. Ltd.		761,973
475,525	Chicony Electronics Co. Ltd.		1,118,043
909,000	China General Plastics Corp.		698,874
932,752	China Life Insurance Co. Ltd.		910,553
1,203,000	E.Sun Financial Holding Co. Ltd.		708,076
419,000	Elite Material Co. Ltd.		1,463,680
439,000	Fubon Financial Holding Co. Ltd.		708,652
610,000	Getac Technology Corp.		905,873
482,000	Grape King Bio Ltd.		2,744,752
126,000	Hotai Motor Co. Ltd.		1,439,035
530,000	IEI Integration Corp.		777,771
883,000	King’s Town Bank Co. Ltd.		805,647
18,000	Largan Precision Co. Ltd.		2,555,350
580,000	LCY Chemical Corp.		818,765
181,000	Merry Electronics Co. Ltd.		750,654
871,000	Micro-Star International Co. Ltd.		2,100,670
288,000	Pegatron Corp.		690,002
101,000	President Chain Store Corp.		752,361
532,000	Primax Electronics Ltd.		754,399
984,000	Sinbon Electronics Co. Ltd.		2,156,600
197,000	Taiwan Semiconductor Manufacturing Co. Ltd.		1,165,811
1,094,000	Taiwan Styrene Monomer		720,701
742,000	Topco Scientific Co. Ltd.		2,075,971
672,000	TYC Brother Industrial Co. Ltd.		765,342
621,000	Uni-President Enterprises Corp.		1,059,896
978,000	Walsin Technology Corp.		1,202,766
883,650	WT Microelectronics Co. Ltd.		1,222,045
			35,422,025

Schedule of Investments

	Thailand - 21.8%
2,300,026	Bangkok Chain Hospital PCL NVDR	$	966,782
14,926,758	Bangkok Land PCL NVDR		805,477
4,590,952	Beauty Community PCL NVDR		1,447,304
2,121,572	Com7 PCL NVDR		711,007
1,876,382	CP ALL PCL NVDR		3,224,116
1,487,610	Group Lease PCL NVDR		2,503,291
695,516	Hana Microelectronics PCL NVDR		839,518
173,987	Kasikornbank PCL NVDR		931,455
1,130,354	KCE Electronics PCL NVDR		3,499,250
307,106	Krungthai Card PCL NVDR		1,225,458
1,917,005	MCS Steel PCL NVDR		920,119
8,921,807	Sahamitr Pressure Container PCL NVDR		4,282,265
54,690	Siam Cement PCL (The) NVDR		785,945
705,386	Srisawad Power 1979 PCL NVDR		826,389
4,224,074	Supalai PCL NVDR		2,903,226
7,069,808	Syntec Construction PCL NVDR		1,184,660
689,708	Thai Vegetable Oil PCL NVDR		803,125
1,099,337	Tisco Financial Group PCL NVDR		1,904,560
1,300,062	Unique Engineering & Construction PCL NVDR		716,308
			30,480,255
	United States - 0.6%
701,571	Nexteer Automotive Group Ltd.		873,421
	Total Common Stocks and Other Equity Interests (Cost $128,547,911)		139,506,010
	Money Market Fund - 0.1%
109,129	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(c) (Cost $109,129)		109,129
	Total Investments (Cost $128,657,040)(d) - 100.0%		139,615,139
	Other assets less liabilities - 0.0%		15,771
	Net Assets - 100.0%	$	139,630,910

Investment Abbreviations:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NVDR - Non-voting Depositary Receipt

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(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 January 31, 2017 represented less than 1% 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 January 31, 2017.

^(d) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $128,827,114. The net unrealized appreciation was $10,788,025, which consisted of aggregate gross unrealized appreciation of $13,832,568 and aggregate gross unrealized depreciation of $3,044,543.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Emerging Markets Infrastructure Portfolio (PXR)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Australia - 0.4%
	2,932	CIMIC Group Ltd.	$	76,346
		Brazil - 6.7%
	83,755	Cia Siderurgica Nacional SA ADR(a)		304,868
	110,334	Gerdau SA ADR		422,579
	24,700	Iochpe-Maxion SA		102,006
	38,614	Vale SA ADR		393,091
	23,260	WEG SA		117,651
				1,340,195
		Chile - 1.4%
	29,766	CAP SA		274,513
		China - 33.1%
	442,116	Angang Steel Co. Ltd., H-Shares(a)		340,731
	145,928	Anhui Conch Cement Co. Ltd., H-Shares		472,989
	949,930	BBMG Corp., H-Shares		367,272
	546,998	China Communications Construction Co. Ltd., H-Shares		663,361
	336,099	China Machinery Engineering Corp., H-Shares		217,010
	1,470,893	China Molybdenum Co. Ltd., H-Shares		428,415
	1,170,187	China National Building Material Co. Ltd., H-Shares		687,693
	233,356	China Railway Construction Corp. Ltd., H-Shares		325,403
	477,635	China Railway Group Ltd., H-Shares		421,659
	218,019	Chongqing Iron & Steel Co. Ltd., H-Shares(a)		57,038
	309,879	CSG Holding Co. Ltd., Class B		243,611
	101,652	CSSC Offshore and Marine Engineering Group Company Ltd., H-Shares		194,937
	138,072	Dongfang Electric Corp. Ltd., H-Shares		139,507
	163,484	First Tractor Co. Ltd., H-Shares		102,818
	111,400	Hangzhou Steam Turbine Co. Ltd., Class B(a)		118,013
	274,176	Harbin Electric Co. Ltd., H-Shares		137,806
	147,867	Jiangxi Copper Co. Ltd., H-Shares		256,502
	765,000	Lonking Holdings Ltd.		202,111
	1,166,608	Metallurgical Corp. of China Ltd., H-Shares		425,487
	1,124,603	Shanghai Electric Group Co. Ltd., H-Shares(a)		514,520
	203,276	Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares		341,616
				6,658,499
		France - 0.7%
	4,734	Alstom SA(a)		134,296

	Germany - 0.4%
501	HOCHTIEF AG	$	71,171
	India - 3.4%
20,648	Larsen & Toubro Ltd. GDR(b)		442,900
13,604	Mahindra & Mahindra Ltd. GDR(b)		251,674
			694,574
	Indonesia - 7.3%
709,216	PT Adhi Karya Persero Tbk		111,541
3,418,770	PT Aneka Tambang (Persero) Tbk(a)		204,832
163,537	PT Indocement Tunggal Prakarsa Tbk		184,021
374,949	PT Pembangunan Perumahan Persero Tbk		100,810
358,675	PT Semen Indonesia (Persero) Tbk		242,430
242,708	PT Tower Bersama Infrastructure Tbk		89,976
184,075	PT United Tractors Tbk		301,220
257,508	PT Vale Indonesia Tbk(a)		45,706
569,601	PT Waskita Karya Persero Tbk		109,207
387,431	PT Wijaya Karya Persero Tbk		74,570
			1,464,313
	Israel - 1.4%
9,486	Caesarstone Sdot-Yam Ltd.(a)		287,900
	Malaysia - 3.0%
468,874	Dialog Group Bhd		161,955
191,384	Gamuda Bhd		207,824
324,514	IJM Corp. Bhd		242,497
			612,276
	Mexico - 3.1%
42,023	Cemex SAB de CV ADR(a)		389,133
10,847	Grupo Carso SAB de CV, Series A1		43,783
22,049	Promotora y Operadora de Infraestructura SAB de CV(a)		193,092
			626,008
	Netherlands - 0.7%
7,802	OCI NV(a)		147,258
	Philippines - 1.1%
1,555,350	Metro Pacific Investments Corp.		213,152
	Poland - 2.6%
16,786	KGHM Polska Miedz SA		519,816
	Russia - 4.4%
35,330	Evraz PLC(a)		99,121
24,798	LSR Group PJSC GDR(b)		92,000
38,071	Mechel PJSC ADR(a)		228,807
20,417	MMC Norilsk Nickel PJSC ADR		330,143
2,517	Novolipetsk Steel PJSC GDR(b)		49,585
5,278	Severstal PJSC GDR(b)		83,656
			883,312
	Singapore - 0.5%
100,485	Sembcorp Marine Ltd.		106,277
	South Africa - 6.0%
40,622	African Rainbow Minerals Ltd.		363,127
4,308	Assore Ltd.		88,461
515,214	PPC Ltd.(a)		261,811
57,283	Reunert Ltd.		289,432
18,496	Wilson Bayly Holmes-Ovcon Ltd.		200,918
			1,203,749

Schedule of Investments

	Spain - 0.9%
6,042	ACS Actividades de Construccion y Servicios SA	$	185,963
	Sweden - 2.1%
13,089	Atlas Copco AB, Class A		419,700
	Switzerland - 2.3%
19,873	ABB Ltd.		471,954
	Taiwan - 9.1%
295,234	Asia Cement Corp.		251,946
373,845	China Steel Corp.		301,738
236,000	CTCI Corp.		367,409
26,000	King Slide Works Co. Ltd.		345,467
396,573	Taiwan Cement Corp.		447,862
36,000	Yeong Guan Energy Technology Group Co. Ltd.		119,441
			1,833,863
	Thailand - 6.5%
172,203	CH Karnchang PCL NVDR		140,609
930,845	Gunkul Engineering PCL NVDR		141,438
687,105	Italian-Thai Development PCL NVDR(a)		97,572
8,976	Siam Cement PCL (The) NVDR		128,993
8,189	Siam City Cement PCL NVDR		65,354
303,650	Sino-Thai Engineering & Construction PCL NVDR		212,150
5,446,385	Superblock PCL NVDR(a)		224,290
239,874	Tipco Asphalt PCL NVDR		157,373
1,968,543	TPI Polene PCL NVDR		133,062
			1,300,841
	Turkey - 0.9%
90,238	Tekfen Holding AS		180,220
	United States - 2.0%
4,311	Caterpillar, Inc.		412,390
	Total Common Stocks and Other Equity Interests (Cost $20,576,436)		20,118,586
	Rights - 0.0%
	Thailand - 0.0%
12,933	TPI Polene PCL NVDR, expiring 03/24/17(a) (Cost $0)		0
	Total Investments (Cost $20,576,436)(c) - 100.0%		20,118,586
	Other assets less liabilities - 0.0%		8,074
	Net Assets-100.0%	$	20,126,660

Investment Abbreviations:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NVDR - Non-voting Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(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, 2017 was $919,815, which represented 4.57% of the Fund’s Net Assets.

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $20,821,440. The net unrealized depreciation was $702,854, which consisted of aggregate gross unrealized appreciation of $2,885,961 and aggregate gross unrealized depreciation of $3,588,815.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Europe Currency Hedged Low Volatility Portfolio (FXEU)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.9%
		Austria - 1.1%
	3,454	BUWOG AG	$	82,419
		Belgium - 8.9%
	749	Anheuser-Busch InBev SA		77,828
	3,876	bpost SA		93,703
	992	Cofinimmo SA REIT		111,333
	1,777	Colruyt SA		86,956
	1,208	Groupe Bruxelles Lambert SA		102,859
	3,134	Proximus SADP		89,973
	1,548	Telenet Group Holding NV(a)		83,011
				645,663
		Finland - 3.4%
	2,446	Elisa Oyj		82,553
	1,874	Orion Oyj, Class B		87,328
	1,623	Sampo Oyj, Class A		75,246
				245,127
		France - 33.4%
	1,009	Aeroports de Paris		111,987
	728	Air Liquide SA		78,675
	5,015	Bureau Veritas SA		98,205
	712	Cie Generale des Etablissements Michelin		76,469
	1,398	Danone SA		87,612
	1,113	Dassault Systemes SE		86,218
	1,169	Eiffage SA		84,113
	4,122	Elior Group(b)		92,211
	720	Essilor International SA		84,347
	1,387	Eurazeo SA		85,409
	1,085	Fonciere des Regions REIT		90,346
	654	Gecina SA REIT		84,319
	190	Hermes International		82,636
	1,143	ICADE REIT		80,933
	1,027	Imerys SA		82,475
	2,085	Klepierre REIT		79,202
	1,322	Legrand SA		76,835
	492	L’Oreal SA		89,513
	1,852	Nexity SA		90,986
	1,090	Orpea		88,818
	803	Pernod Ricard SA		94,026
	1,195	Publicis Groupe SA		82,084
	634	Societe BIC SA		82,939
	776	Sodexo SA		85,833
	857	Thales SA		80,372
	363	Unibail-Rodamco SE REIT		83,539
	4,716	Veolia Environnement SA		80,246
	1,300	Vinci SA		91,179
				2,411,527
		Germany - 22.6%
	7,655	alstria office REIT-AG REIT		95,675

1,867	Axel Springer SE	$	98,301
1,041	Beiersdorf AG		92,183
2,479	Deutsche EuroShop AG		103,023
2,452	Deutsche Wohnen AG-BR		79,867
2,495	DMG Mori AG		120,446
1,395	Fielmann AG		97,450
1,304	Fraport AG Frankfurt Airport Services Worldwide		77,874
770	Henkel AG & Co. KGaA (Preference Shares)		93,782
2,385	MAN SE		247,308
418	Muenchener Rueckversicherungs- Gesellschaft AG		78,511
4,130	RHOEN-KLINIKUM AG		112,988
1,019	SAP SE		93,197
1,366	Symrise AG		82,153
6,193	TAG Immobilien AG		83,593
2,344	Talanx AG		80,491
			1,636,842
	Ireland - 1.2%
1,220	Kerry Group PLC, Class A		85,831
	Italy - 3.3%
36,820	Hera SpA		85,870
19,339	Snam SpA		73,567
18,321	Terna Rete Elettrica Nazionale SpA		80,346
			239,783
	Netherlands - 9.7%
2,690	Aalberts Industries NV		94,335
2,310	Eurocommercial Properties NV CVA		85,702
1,288	Heineken NV		96,364
4,262	Koninklijke Ahold Delhaize NV		90,714
1,297	Koninklijke DSM NV		82,698
2,582	Koninklijke Philips NV		75,717
1,912	Wereldhave NV REIT		83,788
2,444	Wolters Kluwer NV		93,381
			702,699
	Spain - 13.8%
5,787	Abertis Infraestructuras SA		82,834
1,142	Acciona SA		88,465
562	Aena SA(b)		81,598
1,807	Amadeus IT Group SA		83,473
5,039	Ebro Foods SA		104,012
3,692	Enagas SA		90,572
4,085	Endesa SA		84,077
4,736	Grifols SA		101,443
14,003	Iberdrola SA		88,286
5,801	Red Electrica Corp. SA		103,629
1,708	Viscofan SA		86,782
			995,171
	United Kingdom - 2.5%
5,413	RELX NV		91,404
2,111	Unilever NV CVA		85,311
			176,715
	Total Investments (Cost $7,836,655)(c) - 99.9%		7,221,777
	Other assets less liabilities - 0.1%		8,222
	Net Assets - 100.0%	$	7,229,999

Schedule of Investments

Investment Abbreviations:

BR - Bearer Shares

CVA - Dutch Certificates

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(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, 2017 was $173,809, which represented 2.40% of the Fund’s Net Assets.

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $8,796,198. The net unrealized depreciation was $1,574,421, which consisted of aggregate gross unrealized appreciation of $70,318 and aggregate gross unrealized depreciation of $1,644,739.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio (PAF)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.9%
		Australia - 46.8%
	7,895	AGL Energy Ltd.	$	135,453
	10,339	Amcor Ltd.		112,238
	36,373	AMP Ltd.		138,063
	7,995	APA Group		51,104
	1,456	ASX Ltd.		55,144
	25,838	Aurizon Holdings Ltd.		98,271
	47,598	Australia & New Zealand Banking Group Ltd.		1,058,365
	5,697	Bank of Queensland Ltd.		51,769
	10,390	Bendigo & Adelaide Bank Ltd.		98,989
	656,750	BGP Holdings PLC(a)		39,761
	85,181	BHP Billiton Ltd.		1,722,679
	11,182	BlueScope Steel Ltd.		95,160
	11,273	Boral Ltd.		49,807
	10,063	Brambles Ltd.		79,525
	3,759	Caltex Australia Ltd.		81,614
	5,589	Challenger Ltd.		46,757
	1,706	CIMIC Group Ltd.		44,422
	9,511	Coca-Cola Amatil Ltd.		70,398
	17,611	Commonwealth Bank of Australia		1,091,744
	5,080	Computershare Ltd.		49,710
	3,975	Crown Resorts Ltd.		34,401
	1,479	CSL Ltd.		126,088
	10,486	Dexus Property Group REIT		71,485
	25,083	DUET Group		53,317
	50,237	Fortescue Metals Group Ltd.		253,995
	12,386	Goodman Group REIT		65,068
	15,015	GPT Group (The) REIT		53,346
	6,537	Iluka Resources Ltd.		37,418
	26,807	Incitec Pivot Ltd.		78,349
	34,804	Insurance Australia Group Ltd.		152,452
	8,873	LendLease Group		94,909
	3,878	Macquarie Group Ltd.		249,061
	22,099	Medibank Private Ltd.		45,296
	33,901	Metcash Ltd.(a)		54,303
	45,280	Mirvac Group REIT		69,780
	34,765	National Australia Bank Ltd.		800,465
	6,073	Newcrest Mining Ltd.		99,260
	6,504	Oil Search Ltd.		33,921
	9,366	Orica Ltd.		133,316
	59,479	Origin Energy Ltd.		320,138
	8,522	OZ Minerals Ltd.		58,096
	16,740	Qantas Airways Ltd.		43,335
	26,356	QBE Insurance Group Ltd.		250,102
	38,528	Santos Ltd.		116,994
	41,577	Scentre Group REIT		138,878
	4,675	Sonic Healthcare Ltd.		73,891
	39,320	South32 Ltd.		82,087
	7,368	Star Entertainment Group Ltd. (The)		26,681
	35,122	Stockland REIT		115,983

23,487	Suncorp Group Ltd.	$	232,327
12,851	Tabcorp Holdings Ltd.		46,243
19,700	Tatts Group Ltd.		64,906
65,661	Telstra Corp. Ltd.		249,233
9,168	Transurban Group		70,991
15,759	Vicinity Centres REIT		34,215
13,059	Wesfarmers Ltd.		399,127
13,585	Westfield Corp. REIT		90,652
40,724	Westpac Banking Corp.		980,334
13,233	Woodside Petroleum Ltd.		317,046
22,711	Woolworths Ltd.		424,130
11,891	WorleyParsons Ltd.(a)		89,277
			11,901,869
	China - 0.7%
23,228	China Mengniu Dairy Co. Ltd.		43,646
31,566	Global Logistic Properties Ltd.		58,256
26,002	Tingyi Cayman Islands Holding Corp.		29,657
50,764	Want Want China Holdings Ltd.		36,375
			167,934
	Hong Kong - 12.4%
65,130	AIA Group Ltd.		405,418
12,680	Bank of East Asia Ltd. (The)		54,336
48,235	BOC Hong Kong (Holdings) Ltd.		193,951
15,983	Cheung Kong Property Holdings Ltd.		105,876
12,983	CK Hutchison Holdings Ltd.		156,361
12,669	CLP Holdings Ltd.		123,843
11,867	Galaxy Entertainment Group Ltd.		56,816
26,635	Hang Lung Properties Ltd.		65,906
6,973	Hang Seng Bank Ltd.		142,797
12,729	Henderson Land Development Co. Ltd.		70,622
38,348	Hong Kong & China Gas Co. Ltd.		72,452
2,664	Hong Kong Exchanges & Clearing Ltd.		64,786
14,308	Hongkong Land Holdings Ltd.		96,579
79,516	Hutchison Port Holdings Trust		33,794
8,000	Hysan Development Co. Ltd.		36,601
1,775	Jardine Matheson Holdings Ltd.		109,553
1,200	Jardine Strategic Holdings Ltd.		45,684
104,938	Li & Fung Ltd.		45,711
20,252	Link REIT		138,722
11,213	MTR Corp. Ltd.		57,226
110,130	New World Development Co. Ltd.		127,739
292,840	Noble Group Ltd.(a)		35,545
8,459	Power Assets Holdings Ltd.		81,272
21,694	Sands China Ltd.		96,457
28,416	Sino Land Co. Ltd.		47,242
53,404	SJM Holdings Ltd.		42,672
22,727	Sun Hung Kai Properties Ltd.		314,573
7,888	Swire Pacific Ltd., Class A		80,462
58,504	WH Group Ltd.(b)		44,636
23,238	Wharf Holdings Ltd. (The)		175,348
8,500	Yue Yuen Industrial Holdings Ltd.		31,111
			3,154,091
	Indonesia - 0.1%
110,436	Golden Agri-Resources Ltd.		33,316
	Ireland - 0.1%
2,295	James Hardie Industries PLC		36,030
	New Zealand - 0.8%
10,330	Contact Energy Ltd.		36,128
11,091	Fletcher Building Ltd.		85,385

Schedule of Investments

27,248	Spark New Zealand Ltd.	$	70,124
			191,637
	Singapore - 7.1%
18,043	Ascendas Real Estate Investment Trust REIT		31,506
33,382	CapitaLand Ltd.		77,958
22,372	CapitaLand Mall Trust REIT		30,807
8,314	City Developments Ltd.		54,471
17,777	ComfortDelGro Corp. Ltd.		30,411
25,783	DBS Group Holdings Ltd.		347,177
58,403	Genting Singapore PLC		40,212
1,385	Jardine Cycle & Carriage Ltd.		40,651
38,528	Keppel Corp. Ltd.		168,738
33,701	Oversea-Chinese Banking Corp. Ltd.		224,625
22,942	Sembcorp Industries Ltd.		51,297
7,031	Singapore Airlines Ltd.		49,409
19,313	Singapore Press Holdings Ltd.		47,295
14,560	Singapore Technologies Engineering Ltd.		34,106
86,027	Singapore Telecommunications Ltd.		236,318
16,761	United Overseas Bank Ltd.		248,893
37,200	Wilmar International Ltd.		102,453
			1,816,327
	South Korea - 30.3%
6,539	BNK Financial Group, Inc.(a)		47,997
97	CJ CheilJedang Corp.(a)		29,590
18	CJ CheilJedang Corp. (Preference Shares)(a)		2,471
217	CJ Corp.(a)		34,078
569	Daelim Industrial Co. Ltd.(a)		41,080
800	Dongbu Insurance Co. Ltd.		40,685
684	Doosan Corp.		61,802
2,942	Doosan Heavy Industries & Construction Co. Ltd.(a)		69,493
12,344	Doosan Infracore Co. Ltd.(a)		91,351
346	E-Mart, Inc.		60,441
1,377	GS Engineering & Construction Corp.(a)		32,822
1,008	GS Holdings Corp.(a)		44,237
5,298	Hana Financial Group, Inc.		157,057
943	Hankook Tire Co. Ltd.(a)		45,929
1,409	Hanwha Corp.(a)		42,679
414	Hyosung Corp.(a)		48,272
1,692	Hyundai Engineering & Construction Co. Ltd.(a)		60,496
175	Hyundai Glovis Co. Ltd.(a)		23,417
1,201	Hyundai Heavy Industries Co. Ltd.(a)		136,935
1,459	Hyundai Marine & Fire Insurance Co. Ltd.		37,790
842	Hyundai Mobis Co. Ltd.(a)		175,341
2,270	Hyundai Motor Co.		272,494
362	Hyundai Motor Co. (Preference Shares)		29,001
578	Hyundai Motor Co. (2nd Preference Shares)		47,698
1,793	Hyundai Steel Co.		89,797
7,510	Industrial Bank of Korea(a)		82,073
5,977	KB Financial Group, Inc.(a)		241,734
1,175	KB Insurance Co. Ltd.		24,873
4,820	Kia Motors Corp.		150,975
4,644	Korea Electric Power Corp.(a)		169,639
1,057	Korea Gas Corp.(a)		42,113
80	Korea Zinc Co. Ltd.(a)		33,732
1,578	Korean Air Lines Co. Ltd.(a)		35,780
2,856	KT Corp.		72,254
890	KT&G Corp.		76,968
475	LG Chem Ltd.		107,091
85	LG Chem Ltd. (Preference Shares)		12,508

1,092	LG Corp.(a)	$	55,629
6,929	LG Display Co. Ltd.		182,750
3,147	LG Electronics, Inc.		150,025
489	LG Electronics, Inc. (Preference Shares)		11,109
4,999	LG Uplus Corp.		49,039
162	Lotte Chemical Corp.(a)		52,485
274	Lotte Shopping Co. Ltd.(a)		53,404
445	OCI Co. Ltd.(a)		32,855
2,304	POSCO		537,289
999	Samsung Electro-Mechanics Co. Ltd.		48,742
1,254	Samsung Electronics Co. Ltd.		2,129,027
240	Samsung Electronics Co. Ltd. (Preference Shares)		324,447
399	Samsung Fire & Marine Insurance Co. Ltd.		92,360
29	Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares)		4,642
7,687	Samsung Heavy Industries Co. Ltd.(a)		68,793
1,092	Samsung Life Insurance Co. Ltd.		104,304
798	Samsung SDI Co. Ltd.		79,313
4,502	Shinhan Financial Group Co. Ltd.(a)		177,818
6,756	SK Hynix, Inc.		312,191
1,560	SK Innovation Co. Ltd.(a)		210,756
7,732	SK Networks Co. Ltd.(a)		43,979
403	SK Telecom Co. Ltd.		77,333
839	S-Oil Corp.		58,552
8,182	Woori Bank(a)		92,233
			7,721,768
	United Kingdom - 1.6%
8,222	Rio Tinto Ltd.		416,199
	Total Common Stocks and Other Equity Interests (Cost $25,193,462)		25,439,171
	Rights - 0.0%
	South Korea - 0.0%
375	Korean Air Lines Co. Ltd., expiring 03/07/17(a) (Cost $0)		1,791
	Total Investments (Cost $25,193,462)(c) - 99.9%		25,440,962
	Other assets less liabilities - 0.1%		17,739
	Net Assets - 100.0%	$	25,458,701

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(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 January 31, 2017 represented less than 1% of the Fund’s Net Assets.

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $26,040,851. The net unrealized depreciation was $599,889, which consisted of aggregate gross unrealized appreciation of $3,503,004 and aggregate gross unrealized depreciation of $4,102,893.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio (PXF)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.1%
		Australia - 6.4%
	40,037	AGL Energy Ltd.	$	686,906
	52,454	Amcor Ltd.		569,432
	184,619	AMP Ltd.		700,767
	40,545	APA Group		259,165
	7,354	ASX Ltd.		278,525
	131,154	Aurizon Holdings Ltd.		498,823
	240,084	Australia & New Zealand Banking Group Ltd.		5,338,388
	28,956	Bank of Queensland Ltd.		263,124
	52,784	Bendigo & Adelaide Bank Ltd.		502,891
	231,466	BGP Holdings PLC(a)		14,013
	430,167	BHP Billiton Ltd.		8,699,591
	276,437	BHP Billiton PLC		4,999,417
	56,702	BlueScope Steel Ltd.		482,538
	57,188	Boral Ltd.		252,671
	51,014	Brambles Ltd.		403,151
	19,114	Caltex Australia Ltd.		414,997
	28,415	Challenger Ltd.		237,715
	8,708	CIMIC Group Ltd.		226,746
	48,265	Coca-Cola Amatil Ltd.		357,244
	88,915	Commonwealth Bank of Australia		5,512,034
	25,831	Computershare Ltd.		252,768
	20,192	Crown Resorts Ltd.		174,748
	7,498	CSL Ltd.		639,223
	53,264	Dexus Property Group REIT		363,110
	127,239	DUET Group		270,462
	252,607	Fortescue Metals Group Ltd.		1,277,165
	62,839	Goodman Group REIT		330,113
	76,218	GPT Group (The) REIT		270,789
	33,185	Iluka Resources Ltd.		189,951
	136,015	Incitec Pivot Ltd.		397,535
	176,674	Insurance Australia Group Ltd.		773,884
	45,064	LendLease Group		482,024
	19,580	Macquarie Group Ltd.		1,257,507
	112,134	Medibank Private Ltd.		229,842
	172,069	Metcash Ltd.(a)		275,621
	229,798	Mirvac Group REIT		354,136
	175,437	National Australia Bank Ltd.		4,039,439
	30,768	Newcrest Mining Ltd.		502,887
	33,068	Oil Search Ltd.		172,462
	47,590	Orica Ltd.		677,399
	299,279	Origin Energy Ltd.		1,610,831
	43,204	OZ Minerals Ltd.		294,529
	84,984	Qantas Airways Ltd.		219,998
	132,663	QBE Insurance Group Ltd.		1,258,889
	195,542	Santos Ltd.		593,783
	211,009	Scentre Group REIT		704,825
	23,767	Sonic Healthcare Ltd.		375,649
	199,565	South32 Ltd.		416,624
	37,383	Star Entertainment Group Ltd. (The)		135,369
	178,279	Stockland REIT		588,731

118,177	Suncorp Group Ltd.	$	1,168,974
65,261	Tabcorp Holdings Ltd.		234,833
100,007	Tatts Group Ltd.		329,494
331,065	Telstra Corp. Ltd.		1,256,640
46,573	Transurban Group		360,630
79,957	Vicinity Centres REIT		173,600
65,922	Wesfarmers Ltd.		2,014,799
68,966	Westfield Corp. REIT		460,205
205,511	Westpac Banking Corp.		4,947,193
66,718	Woodside Petroleum Ltd.		1,598,481
114,489	Woolworths Ltd.		2,138,092
60,308	WorleyParsons Ltd.(a)		452,792
			64,964,164
	Austria - 0.3%
3,660	Andritz AG		197,630
25,897	Erste Group Bank AG		787,551
6,221	Immoeast AG(a)		0
86,960	IMMOFINANZ AG		159,574
27,448	OMV AG		960,045
24,814	Raiffeisen Bank International AG(a)		551,079
14,142	voestalpine AG		599,104
			3,254,983
	Belgium - 0.6%
23,262	Ageas		995,011
22,142	Anheuser-Busch InBev SA		2,300,760
3,468	Colruyt SA		169,704
16,281	KBC Groep NV		1,056,045
11,985	Proximus SADP		344,075
5,733	Solvay SA		671,299
3,271	UCB SA		225,248
8,228	Umicore SA		460,606
			6,222,748
	Canada - 8.2%
6,655	Agnico Eagle Mines Ltd.		316,837
8,540	Agrium, Inc.		877,876
11,086	Alimentation Couche-Tard, Inc., Class B		506,874
7,887	AltaGas Ltd.(b)		187,231
26,061	ARC Resources Ltd.(b)		404,783
6,104	ATCO Ltd., Class I		214,524
47,351	Bank of Montreal		3,574,887
90,007	Bank of Nova Scotia		5,368,318
68,567	Barrick Gold Corp.		1,261,159
143,588	Baytex Energy Corp.(a)(b)		571,599
16,947	BCE, Inc.		762,501
58,420	BlackBerry Ltd.(a)		411,348
254,329	Bombardier, Inc., Class B(a)		485,737
42,488	Brookfield Asset Management, Inc., Class A		1,466,508
22,670	Cameco Corp.		288,124
30,015	Canadian Imperial Bank of Commerce		2,551,074
18,877	Canadian National Railway Co.		1,309,481
87,383	Canadian Natural Resources Ltd.		2,636,738
3,575	Canadian Pacific Railway Ltd.		539,671
4,768	Canadian Real Estate Investment Trust REIT		173,019
4,172	Canadian Tire Corp. Ltd., Class A		442,848
10,978	Canadian Utilities Ltd., Class A		311,889
10,921	Capital Power Corp.		206,735
16,952	Celestica, Inc.(a)		234,955
104,918	Cenovus Energy, Inc.		1,429,219
7,844	CGI Group, Inc., Class A(a)		376,452
10,916	CI Financial Corp.(b)		227,739
16,468	Cominar Real Estate Investment Trust REIT		184,290
59,763	Crescent Point Energy Corp.		695,382

Schedule of Investments

11,456	Dream Office Real Estate Investment Trust REIT	$	168,798
72,654	Eldorado Gold Corp.(a)		256,344
14,134	Empire Co. Ltd., Class A		176,167
44,990	Enbridge, Inc.		1,911,751
259,124	Encana Corp.		3,301,284
96,804	Enerplus Corp.		861,305
833	Fairfax Financial Holdings Ltd.		388,467
18,803	Finning International, Inc.		379,882
128,009	First Quantum Minerals Ltd.		1,611,220
16,510	Fortis, Inc.		529,840
2,588	Franco-Nevada Corp.		168,014
5,048	George Weston Ltd.		429,704
15,602	Gibson Energy, Inc.		226,775
50,495	Goldcorp, Inc.		814,891
20,589	Great-West Lifeco, Inc.		563,148
22,468	H&R Real Estate Investment Trust REIT		388,785
55,389	Husky Energy, Inc.(a)		713,313
62,948	IAMGOLD Corp.(a)		290,659
8,320	IGM Financial, Inc.		255,200
15,648	Imperial Oil Ltd.		513,458
7,101	Industrial Alliance Insurance and Financial Services, Inc.		298,201
6,141	Intact Financial Corp.		447,522
16,276	Inter Pipeline Ltd.		352,298
6,748	Keyera Corp.		197,717
75,660	Kinross Gold Corp.(a)		294,225
12,565	Loblaw Cos. Ltd.		659,114
59,182	Lundin Mining Corp.(a)		361,334
28,867	Magna International, Inc.		1,246,346
154,323	Manulife Financial Corp.		2,953,295
5,559	Methanex Corp.		277,406
11,510	Metro, Inc.		348,986
26,642	National Bank of Canada		1,147,828
5,240	Onex Corp.		365,986
18,037	Pembina Pipeline Corp.		558,507
145,355	Penn West Petroleum Ltd.(a)		247,508
64,842	Potash Corp. of Saskatchewan, Inc.		1,204,084
32,037	Power Corp. of Canada		750,213
22,981	Power Financial Corp.		595,964
45,443	Precision Drilling Corp.(a)		255,143
5,864	Quebecor, Inc., Class B		176,269
21,318	RioCan Real Estate Investment Trust REIT		425,297
23,225	Rogers Communications, Inc., Class B		1,005,600
89,612	Royal Bank of Canada		6,430,756
8,306	Saputo, Inc.		305,228
28,702	Shaw Communications, Inc., Class B		617,960
11,464	Silver Wheaton Corp.		252,977
6,296	Smart Real Estate Investment Trust REIT		154,629
11,357	SNC-Lavalin Group, Inc.		488,514
44,149	Sun Life Financial, Inc.		1,739,208
119,527	Suncor Energy, Inc.		3,700,180
140,915	Teck Resources Ltd., Class B		3,446,811
12,928	TELUS Corp.		430,752
105,020	Toronto-Dominion Bank (The)		5,430,027
7,440	Tourmaline Oil Corp.(a)		173,595
63,264	TransAlta Corp.		373,640
41,881	TransCanada Corp.		1,972,061
7,718	Vermilion Energy, Inc.		317,777
125,053	Yamana Gold, Inc.		412,447
			82,382,208
	Chile - 0.0%
46,060	Antofagasta PLC		483,867

	China - 0.1%
115,026	China Mengniu Dairy Co. Ltd.	$	216,137
160,591	Global Logistic Properties Ltd.		296,377
130,130	Tingyi Cayman Islands Holding Corp.		148,421
258,727	Want Want China Holdings Ltd.		185,392
			846,327
	Denmark - 0.7%
619	AP Moller - Maersk A/S, Class A		987,623
892	AP Moller - Maersk A/S, Class B		1,489,302
5,530	Carlsberg A/S, Class B		499,820
36,272	Danske Bank A/S		1,208,575
5,205	DSV A/S		252,921
4,560	FLSmidth & Co. A/S		211,905
9,438	ISS A/S		335,592
4,289	Jyske Bank A/S		220,626
26,062	Novo Nordisk A/S, Class B		936,926
3,284	Novozymes A/S, Class B		128,033
1,436	Pandora A/S		188,113
121,496	TDC A/S(a)		639,982
4,330	Vestas Wind Systems A/S		303,021
			7,402,439
	Finland - 0.7%
6,874	Elisa Oyj		231,999
56,021	Fortum Oyj		895,415
6,827	Kesko Oyj, Class B		345,657
9,960	Kone Oyj, Class B		451,002
11,846	Metso Oyj		364,344
8,945	Neste Oyj		311,853
226,018	Nokia Oyj		1,013,669
6,568	Nokian Renkaat Oyj		246,444
4,504	Orion Oyj, Class B		209,886
21,858	Sampo Oyj, Class A		1,013,381
57,463	Stora Enso Oyj, Class R		653,295
47,055	UPM-Kymmene Oyj		1,067,899
7,142	Wartsila Oyj Abp		358,518
			7,163,362
	France - 8.9%
10,419	Accor SA		422,299
54,817	Air France-KLM(a)(b)		290,102
16,459	Air Liquide SA		1,778,724
25,226	Airbus Group SE		1,710,947
19,594	Alstom SA(a)		555,850
6,590	Arkema SA		650,934
4,548	Atos SE		484,081
216,946	AXA SA		5,326,786
120,395	BNP Paribas SA		7,699,963
49,848	Bollore SA		199,268
24,494	Bouygues SA		890,870
9,378	Bureau Veritas SA		183,643
6,452	Capgemini SA		525,531
74,291	Carrefour SA		1,818,886
18,351	Casino Guichard Perrachon SA		989,613
8,557	CGG SA(a)(b)		86,002
2,807	Christian Dior SE		602,913
49,007	Cie de Saint-Gobain		2,409,765
14,848	Cie Generale des Etablissements Michelin		1,594,675
17,818	CNP Assurances		334,764
134,099	Credit Agricole SA		1,777,454
23,446	Danone SA		1,469,356
10,219	Edenred		222,696
6,874	Eiffage SA		494,605
75,164	Electricite de France SA(b)		740,815
8,301	Elior Group(c)		185,697
247,059	Engie SA		2,954,319
4,095	Essilor International SA		479,721
3,802	Eurazeo SA		234,121

Schedule of Investments

7,744	Eutelsat Communications SA	$	132,020
6,927	Faurecia		300,751
2,166	Fonciere des Regions REIT		180,358
1,952	Gecina SA REIT		251,667
13,967	Groupe Eurotunnel SE		129,915
2,692	ICADE REIT		190,614
3,573	Kering		850,267
5,685	Klepierre REIT		215,954
12,049	Lagardere SCA		302,226
10,049	Legrand SA		584,048
6,446	L’Oreal SA		1,172,759
8,383	LVMH Moet Hennessy Louis Vuitton SE		1,690,505
83,905	Natixis SA		497,359
8,420	Neopost SA(b)		278,354
4,271	Nexans SA(a)		247,908
3,490	Nexity SA		171,459
203,633	Orange SA		3,152,449
7,696	Pernod Ricard SA		901,154
54,953	Peugeot SA(a)		1,021,469
8,199	Publicis Groupe SA		563,184
15,353	Renault SA		1,383,440
53,928	Rexel SA		938,599
10,740	Safran SA		727,741
70,920	Sanofi		5,709,156
36,710	Schneider Electric SE		2,627,113
14,418	SCOR SE		488,559
125,180	Societe Generale SA		6,122,189
4,745	Sodexo SA(b)		524,843
30,473	Suez		462,038
1,997	Teleperformance		213,895
4,546	Thales SA		426,338
249,423	Total SA		12,577,272
4,106	Unibail-Rodamco SE REIT		944,935
12,270	Valeo SA		749,466
120,804	Vallourec SA(a)		857,994
50,876	Veolia Environnement SA		865,687
30,596	Vinci SA		2,145,925
117,113	Vivendi SA		2,143,995
2,539	Wendel SA		300,457
8,305	Zodiac Aerospace(b)		252,204
			90,410,666
	Germany - 9.1%
5,282	Aareal Bank AG		204,070
7,490	adidas AG		1,178,956
45,410	Allianz SE		7,694,897
8,449	Aurubis AG		497,448
80,724	BASF SE		7,774,690
32,037	Bayer AG		3,541,871
34,498	Bayerische Motoren Werke AG		3,138,026
5,707	Bayerische Motoren Werke AG (Preference Shares)		427,720
2,066	Beiersdorf AG		182,950
5,856	Bilfinger SE(a)		242,796
8,726	Brenntag AG		506,778
242,904	Commerzbank AG		2,103,464
4,704	Continental AG		918,609
88,227	Daimler AG		6,612,310
263,788	Deutsche Bank AG(a)		5,242,543
7,000	Deutsche Boerse AG(a)		644,832
40,082	Deutsche Lufthansa AG		534,311
84,542	Deutsche Post AG		2,828,190
252,870	Deutsche Telekom AG		4,416,151
8,405	Deutsche Wohnen AG-BR		273,770
569,746	E.ON SE		4,373,492
9,701	Evonik Industries AG		314,307

7,325	Freenet AG	$	219,752
6,778	Fresenius Medical Care AG & Co. KGaA		551,498
14,354	Fresenius SE & Co. KGaA		1,131,317
6,273	GEA Group AG		259,238
4,404	Hannover Rueck SE		483,793
10,101	HeidelbergCement AG		973,066
3,584	Henkel AG & Co. KGaA		377,408
5,191	Henkel AG & Co. KGaA (Preference Shares)		632,237
2,431	HOCHTIEF AG		345,343
3,547	HUGO BOSS AG		227,311
34,068	Infineon Technologies AG		625,526
22,102	K+S AG(b)		559,879
3,126	KION Group AG		190,197
17,549	Kloeckner & Co. SE(a)		228,720
9,322	LANXESS AG		676,488
1,914	LEG Immobilien AG		150,294
5,749	Leoni AG		230,314
10,765	Linde AG		1,750,296
2,107	MAN SE		218,482
3,475	Merck KGaA		381,740
42,894	METRO AG		1,465,299
2,247	MTU Aero Engines AG		268,574
15,925	Muenchener Rueckversicherungs-Gesellschaft AG		2,991,124
4,640	Osram Licht AG		268,925
12,054	Porsche Automobil Holding SE (Preference Shares)		722,985
10,201	ProSiebenSat.1 Media SE		433,031
3,035	Rheinmetall AG		232,350
215,258	RWE AG(a)		2,850,873
14,180	RWE AG (Preference Shares)		142,348
8,885	Salzgitter AG		340,200
23,142	SAP SE		2,116,559
54,730	Siemens AG		6,875,806
11,450	Suedzucker AG		302,297
2,634	Symrise AG		158,411
5,604	Talanx AG		192,437
37,458	Telefonica Deutschland Holding AG		156,256
58,002	thyssenkrupp AG		1,463,643
30,719	TUI AG		449,085
57,754	Uniper SE(a)		820,442
4,790	Volkswagen AG		764,318
30,626	Volkswagen AG (Preference Shares)		4,762,734
11,003	Vonovia SE		359,939
			92,002,716
	Hong Kong - 1.6%
331,484	AIA Group Ltd.		2,063,404
64,680	Bank of East Asia Ltd. (The)		277,164
242,206	BOC Hong Kong (Holdings) Ltd.		973,900
79,432	Cheung Kong Property Holdings Ltd.		526,179
64,390	CK Hutchison Holdings Ltd.		775,483
62,266	CLP Holdings Ltd.		608,669
58,944	Galaxy Entertainment Group Ltd.		282,210
136,054	Hang Lung Properties Ltd.		336,657
35,218	Hang Seng Bank Ltd.		721,212
62,617	Henderson Land Development Co. Ltd.		347,408
193,846	Hong Kong & China Gas Co. Ltd.		366,240
13,098	Hong Kong Exchanges & Clearing Ltd.		318,531
71,474	Hongkong Land Holdings Ltd.		482,449
403,873	Hutchison Port Holdings Trust		171,646
41,008	Hysan Development Co. Ltd.		187,617
8,870	Jardine Matheson Holdings Ltd.		547,456
5,872	Jardine Strategic Holdings Ltd.		223,547
519,132	Li & Fung Ltd.		226,136

Schedule of Investments

101,029	Link REIT	$	692,028
56,915	MTR Corp. Ltd.		290,467
555,613	New World Development Co. Ltd.		644,450
1,488,069	Noble Group Ltd.(a)		180,622
41,660	Power Assets Holdings Ltd.		400,259
109,783	Sands China Ltd.		488,123
144,713	Sino Land Co. Ltd.		240,587
265,572	SJM Holdings Ltd.		212,202
118,091	Sun Hung Kai Properties Ltd.		1,634,541
39,254	Swire Pacific Ltd., Class A		400,414
298,370	WH Group Ltd.(c)		227,642
114,534	Wharf Holdings Ltd. (The)		864,243
41,668	Yue Yuen Industrial Holdings Ltd.		152,509
			15,863,995
	Indonesia - 0.0%
560,717	Golden Agri-Resources Ltd.		169,154
	Ireland - 0.4%
2,068,320	Bank of Ireland(a)		554,338
46,895	CRH PLC		1,634,262
28,421	Experian PLC		546,717
11,580	James Hardie Industries PLC		181,797
3,136	Kerry Group PLC, Class A		220,629
2,143	Ryanair Holdings PLC ADR(a)		179,283
16,139	Smurfit Kappa Group PLC		422,536
			3,739,562
	Israel - 0.3%
66,504	Bank Hapoalim BM		401,637
90,082	Bank Leumi Le-Israel BM(a)		372,333
156,601	Bezeq The Israeli Telecommunication Corp. Ltd.		273,542
74,037	Israel Chemicals Ltd.		340,016
35,603	Teva Pharmaceutical Industries Ltd.		1,166,289
			2,553,817
	Italy - 2.7%
163,198	A2A SpA		217,638
198,588	Assicurazioni Generali SpA		3,163,412
21,941	Atlantia SpA		499,130
9,804	Banca Monte DEI Paschi DI Siena SpA(a)(b)		160,812
76,260	Banco Bpm SpA		216,749
60,031	BPER Banca SpA		339,948
1,060,384	Enel SpA		4,427,979
487,777	Eni SpA		7,490,669
4,711	Ferrari NV		293,761
53,003	Hera SpA		123,611
942,341	Intesa Sanpaolo SpA		2,209,902
71,946	Intesa Sanpaolo SpA-RSP		158,614
26,247	Italgas SpA(a)		99,845
32,866	Leonardo-Finmeccanica SpA(a)		423,378
4,322	Luxottica Group SpA		232,091
76,617	Mediaset SpA		327,557
48,189	Mediobanca SpA		414,279
13,082	Prysmian SpA		340,154
131,284	Snam SpA		499,413
1,507,367	Telecom Italia SpA(a)		1,295,064
946,823	Telecom Italia SpA RSP		676,868
73,084	Terna Rete Elettrica Nazionale SpA		320,509
95,094	Unicredit SpA(b)		2,585,646
167,031	Unione di Banche Italiane SpA(b)		579,800
113,149	Unipol Gruppo Finanziario SpA		417,709
115,002	UnipolSai SpA		239,368
			27,753,906
	Japan - 21.9%
104,781	Aeon Co. Ltd.		1,518,080
12,530	Air Water, Inc.		232,847

18,689	Aisin Seiki Co. Ltd.	$	858,291
18,320	Ajinomoto Co., Inc.		362,657
19,827	Alfresa Holdings Corp.		326,707
12,101	Alps Electric Co. Ltd.		324,091
18,087	Amada Holdings Co. Ltd.		213,525
81,376	ANA Holdings, Inc.		242,520
70,576	Aozora Bank Ltd.		258,293
151,887	Asahi Glass Co. Ltd.		1,133,334
18,798	Asahi Group Holdings Ltd.		662,919
140,889	Asahi Kasei Corp.		1,320,345
73,638	Astellas Pharma, Inc.		990,017
10,930	Bandai Namco Holdings, Inc.		301,952
29,673	Bank of Kyoto Ltd. (The)		233,272
4,833	Benesse Holdings, Inc.		141,030
39,331	Bridgestone Corp.		1,447,465
22,327	Brother Industries Ltd.		414,113
77,403	Canon, Inc.		2,299,916
7,680	Casio Computer Co. Ltd.		106,698
7,654	Central Japan Railway Co.		1,242,181
56,484	Chiba Bank Ltd. (The)		371,793
55,102	Chubu Electric Power Co., Inc.		735,672
5,661	Chugai Pharmaceutical Co. Ltd.		165,945
34,928	Chugoku Electric Power Co., Inc. (The)		394,036
25,900	Citizen Watch Co. Ltd.		161,968
90,678	Concordia Financial Group Ltd.		481,844
12,595	Credit Saison Co. Ltd.		230,699
47,162	Dai Nippon Printing Co. Ltd.		481,360
14,201	Daicel Corp.		157,936
43,634	Daido Steel Co. Ltd.		198,838
164,890	Dai-ichi Life Holdings, Inc.		3,020,237
42,072	Daiichi Sankyo Co. Ltd.		943,467
9,563	Daikin Industries Ltd.		953,539
3,468	Daito Trust Construction Co. Ltd.		486,429
33,306	Daiwa House Industry Co. Ltd.		906,503
106,380	Daiwa Securities Group, Inc.		683,686
50,996	Denka Co. Ltd.		251,866
32,668	Denso Corp.		1,422,215
10,029	Dentsu, Inc.		465,036
11,374	DIC Corp.		354,632
4,316	Don Quijote Holdings Co. Ltd.		156,998
21,579	East Japan Railway Co.		1,960,943
9,452	Ebara Corp.		293,027
9,424	Eisai Co. Ltd.		520,277
15,723	Electric Power Development Co. Ltd.		366,346
5,799	FANUC Corp.		1,141,771
1,058	Fast Retailing Co. Ltd.		334,387
63,179	Fuji Electric Co. Ltd.		375,454
23,144	Fuji Heavy Industries Ltd.		933,367
26,569	FUJIFILM Holdings Corp.		1,032,551
37,486	Fujikura Ltd.		238,419
325,931	Fujitsu Ltd.		1,906,801
105,099	Fukuoka Financial Group, Inc.		466,795
11,398	Furukawa Electric Co. Ltd.		388,286
44,172	Gunma Bank Ltd. (The)		242,490
37,229	Hachijuni Bank Ltd. (The)		220,580
16,179	Hakuhodo DY Holdings, Inc.		199,767
13,674	Hankyu Hanshin Holdings, Inc.		465,214
17,568	Haseko Corp.		194,446
24,007	Hino Motors Ltd.		254,838
44,067	Hiroshima Bank Ltd. (The)		207,075
12,862	Hitachi Construction Machinery Co. Ltd.		297,400
797,662	Hitachi Ltd.		4,588,638
14,356	Hitachi Metals Ltd.		199,702
23,996	Hokkaido Electric Power Co., Inc.		174,361
13,943	Hokuhoku Financial Group, Inc.		240,279

Schedule of Investments

16,001	Hokuriku Electric Power Co.	$	161,609
193,972	Honda Motor Co. Ltd.		5,835,960
15,433	Hoya Corp.		674,761
13,902	Ibiden Co. Ltd.		198,821
19,865	Idemitsu Kosan Co. Ltd.		616,728
253,409	IHI Corp.(a)		686,562
10,480	Iida Group Holdings Co. Ltd.		196,893
137,327	Inpex Corp.		1,354,667
32,004	Isetan Mitsukoshi Holdings Ltd.		376,401
48,075	Isuzu Motors Ltd.		649,968
145,597	ITOCHU Corp.		2,012,427
27,026	J Front Retailing Co. Ltd.		392,036
4,635	Japan Airlines Co. Ltd.		148,304
102,328	Japan Display, Inc.(a)(b)		279,056
35,444	Japan Post Bank Co. Ltd.		432,916
66,456	Japan Post Holdings Co. Ltd.		838,264
14,908	Japan Post Insurance Co. Ltd.		342,324
30,000	Japan Tobacco, Inc.		970,020
105,472	JFE Holdings, Inc.		1,856,944
17,793	JGC Corp.		310,261
14,878	JSR Corp.		256,392
20,653	JTEKT Corp.		341,235
315,751	JX Holdings, Inc.		1,493,840
59,168	Kajima Corp.		413,637
28,583	Kaneka Corp.		247,300
76,279	Kansai Electric Power Co., Inc. (The)(a)		816,150
14,432	Kao Corp.		715,735
156,467	Kawasaki Heavy Industries Ltd.		493,411
221,506	Kawasaki Kisen Kaisha Ltd.(b)		541,098
76,362	KDDI Corp.		2,055,313
17,519	Keikyu Corp.		206,197
20,674	Keio Corp.		170,424
1,012	Keyence Corp.		394,372
87,609	Kintetsu Group Holdings Co. Ltd.		337,751
75,990	Kirin Holdings Co. Ltd.		1,247,431
76,932	Kobe Steel Ltd.(a)		752,406
4,153	Koito Manufacturing Co. Ltd.		220,608
82,563	Komatsu Ltd.		1,975,791
45,705	Konica Minolta, Inc.		475,827
53,684	Kubota Corp.		858,372
26,929	Kuraray Co. Ltd.		428,663
6,336	Kurita Water Industries Ltd.		150,837
20,026	Kyocera Corp.		1,046,706
10,806	Kyowa Hakko Kirin Co. Ltd.		146,000
54,934	Kyushu Electric Power Co., Inc.		613,875
2,519	Lawson, Inc.(b)		184,380
24,344	Leopalace21 Corp.		140,128
21,636	LIXIL Group Corp.		507,387
4,289	Makita Corp.		299,077
299,870	Marubeni Corp.		1,831,584
12,424	Marui Group Co. Ltd.		178,345
49,669	Mazda Motor Corp.		735,935
20,933	Medipal Holdings Corp.		340,097
4,269	MEIJI Holdings Co. Ltd.		331,433
165,848	Mitsubishi Chemical Holdings Corp.		1,163,404
172,640	Mitsubishi Corp.		3,909,800
147,386	Mitsubishi Electric Corp.		2,253,831
38,646	Mitsubishi Estate Co. Ltd.		742,367
17,866	Mitsubishi Gas Chemical Co., Inc.		344,227
357,368	Mitsubishi Heavy Industries Ltd.		1,615,497
17,606	Mitsubishi Materials Corp.		602,897
57,744	Mitsubishi Motors Corp.		314,431
9,997	Mitsubishi Tanabe Pharma Corp.		200,606
1,603,979	Mitsubishi UFJ Financial Group, Inc.		10,413,931
231,977	Mitsui & Co. Ltd.		3,413,457

116,765	Mitsui Chemicals, Inc.	$	551,801
152,144	Mitsui Engineering & Shipbuilding Co. Ltd.		247,323
38,922	Mitsui Fudosan Co. Ltd.		904,636
123,282	Mitsui Mining & Smelting Co. Ltd.		347,150
296,286	Mitsui OSK Lines Ltd.		947,484
2,671,089	Mizuho Financial Group, Inc.		4,989,829
45,765	MS&AD Insurance Group Holdings, Inc.		1,542,777
4,851	Murata Manufacturing Co. Ltd.		657,357
50,866	Nagoya Railroad Co. Ltd.		251,224
383,255	NEC Corp.		888,559
10,223	NGK Insulators Ltd.		201,599
9,799	NGK Spark Plug Co. Ltd.		221,440
14,386	NH Foods Ltd.		392,955
18,607	NHK Spring Co. Ltd.		188,095
6,108	Nidec Corp.		575,668
26,543	Nikon Corp.		430,300
2,652	Nintendo Co. Ltd.		544,652
60,279	Nippon Electric Glass Co. Ltd.		348,582
92,202	Nippon Express Co. Ltd.		490,597
18,135	Nippon Paper Industries Co. Ltd.		333,301
30,531	Nippon Sheet Glass Co. Ltd.(a)		252,221
110,837	Nippon Steel & Sumitomo Metal Corp.		2,694,252
41,552	Nippon Telegraph & Telephone Corp.		1,837,774
367,581	Nippon Yusen Kabushiki Kaisha		783,650
267,694	Nissan Motor Co. Ltd.		2,660,889
11,836	Nisshin Seifun Group, Inc.		180,523
15,030	Nisshin Steel Co. Ltd.		204,272
3,103	Nissin Foods Holdings Co. Ltd.		164,281
2,027	Nitori Holdings Co. Ltd.		227,233
8,000	Nitto Denko Corp.		635,523
11,242	NOK Corp.		228,884
291,489	Nomura Holdings, Inc.		1,821,564
9,917	Nomura Real Estate Holdings, Inc.		171,340
34,722	NSK Ltd.		423,789
58,263	NTN Corp.		247,906
6,468	NTT Data Corp.		327,494
70,804	NTT DoCoMo, Inc.		1,702,252
46,241	Obayashi Corp.		441,975
9,951	Odakyu Electric Railway Co. Ltd.		197,738
118,697	OJI Holdings Corp.		527,191
8,313	Olympus Corp.		287,623
12,038	OMRON Corp.		495,635
6,060	Ono Pharmaceutical Co. Ltd.		124,161
2,694	Oriental Land Co. Ltd.		148,059
74,326	ORIX Corp.		1,127,022
173,403	Osaka Gas Co. Ltd.		651,099
17,174	Otsuka Holdings Co. Ltd.		793,139
285,399	Panasonic Corp.		2,987,721
19,580	Rakuten, Inc.(a)		196,104
12,158	Recruit Holdings Co. Ltd.		534,056
29,664	Rengo Co. Ltd.		181,554
273,860	Resona Holdings, Inc.		1,491,725
82,007	Ricoh Co. Ltd.		735,022
6,089	Rohm Co. Ltd.		391,600
9,495	Santen Pharmaceutical Co. Ltd.		119,431
6,204	Sapporo Holdings Ltd.		161,913
17,006	SBI Holdings, Inc.		236,264
6,736	Secom Co. Ltd.		488,618
16,651	Sega Sammy Holdings, Inc.		262,689
7,428	Seibu Holdings, Inc.		125,697
18,226	Seiko Epson Corp.		377,391
14,617	Seino Holdings Co. Ltd.		169,444
29,979	Sekisui Chemical Co. Ltd.		491,062
40,025	Sekisui House Ltd.		650,106
45,925	Seven & i Holdings Co. Ltd.		1,839,448

Schedule of Investments

387,364	Sharp Corp.(a)(b)	$	1,046,046
14,018	Shikoku Electric Power Co., Inc.(a)		135,355
1,064	Shimano, Inc.		168,331
38,373	Shimizu Corp.		354,160
21,255	Shin-Etsu Chemical Co. Ltd.		1,840,306
127,194	Shinsei Bank Ltd.		220,323
6,172	Shionogi & Co. Ltd.		297,429
17,203	Shiseido Co. Ltd.		482,586
39,885	Shizuoka Bank Ltd. (The)		348,983
31,637	Showa Denko K.K.		521,873
41,077	Showa Shell Sekiyu K.K.		403,928
1,447	SMC Corp.		397,306
53,948	SoftBank Group Corp.		4,169,678
304,784	Sojitz Corp.		787,849
37,703	Sompo Holdings, Inc.		1,372,480
104,862	Sony Corp.		3,188,475
14,055	Sony Financial Holdings, Inc.		237,590
7,213	Stanley Electric Co. Ltd.		204,072
170,716	Sumitomo Chemical Co. Ltd.		914,428
139,405	Sumitomo Corp.		1,753,475
81,920	Sumitomo Electric Industries Ltd.		1,198,874
17,016	Sumitomo Forestry Co. Ltd.		234,438
60,828	Sumitomo Heavy Industries Ltd.		420,379
48,804	Sumitomo Metal Mining Co. Ltd.		664,159
165,705	Sumitomo Mitsui Financial Group, Inc.		6,551,658
37,448	Sumitomo Mitsui Trust Holdings, Inc.		1,407,772
17,808	Sumitomo Realty & Development Co. Ltd.		484,688
17,224	Sumitomo Rubber Industries Ltd.		270,045
4,697	Suntory Beverage & Food Ltd.		200,063
11,471	Suzuken Co. Ltd.		380,074
32,561	Suzuki Motor Corp.		1,263,682
81,961	T&D Holdings, Inc.		1,225,684
152,017	Taiheiyo Cement Corp.		533,393
65,218	Taisei Corp.		464,622
1,792	Taisho Pharmaceutical Holdings Co. Ltd.		151,542
29,708	Takashimaya Co. Ltd.		256,770
40,512	Takeda Pharmaceutical Co. Ltd.		1,700,011
8,676	TDK Corp.		626,568
18,015	Teijin Ltd.		381,824
8,443	Terumo Corp.		312,745
54,868	Tobu Railway Co., Ltd.		279,275
31,120	Toho Gas Co. Ltd.		233,037
8,984	Toho Holdings Co. Ltd.		193,766
49,589	Tohoku Electric Power Co., Inc.		606,124
53,958	Tokio Marine Holdings, Inc.		2,267,602
405,546	Tokyo Electric Power Co. Holdings, Inc.(a)		1,559,862
6,288	Tokyo Electron Ltd.		654,075
199,050	Tokyo Gas Co. Ltd.		883,724
53,225	Tokyu Corp.		392,893
34,820	Tokyu Fudosan Holdings Corp.		204,451
50,858	TonenGeneral Sekiyu K.K.		600,402
54,510	Toppan Printing Co. Ltd.		536,989
92,356	Toray Industries, Inc.		802,018
1,036,380	Toshiba Corp.(a)		2,230,645
75,296	Tosoh Corp.		571,868
6,156	TOTO Ltd.		249,084
14,200	Toyo Seikan Group Holdings Ltd.		262,620
3,785	Toyo Suisan Kaisha Ltd.		135,497
8,162	Toyoda Gosei Co. Ltd.		197,280
13,447	Toyota Industries Corp.		652,193
188,839	Toyota Motor Corp.		11,044,335
20,865	Toyota Tsusho Corp.		576,417
155,755	Ube Industries Ltd.		376,330
7,456	Unicharm Corp.		168,228
12,609	West Japan Railway Co.		824,359

87,736	Yamada Denki Co. Ltd.	$	484,759
19,582	Yamaguchi Financial Group, Inc.		214,476
5,766	Yamaha Corp.		176,706
22,942	Yamaha Motor Co. Ltd.		479,729
21,926	Yamato Holdings Co. Ltd.		443,974
10,522	Yamazaki Baking Co. Ltd.		212,169
9,534	Yokohama Rubber Co. Ltd. (The)		168,449
			221,264,936
	Jersey Island - 0.0%
1,686	Randgold Resources Ltd.		143,284
	Luxembourg - 0.6%
602,304	ArcelorMittal SA(a)		4,679,392
3,121	RTL Group SA		238,023
12,368	SES SA, Class A FDR		240,724
36,216	Tenaris SA		632,872
			5,791,011
	Netherlands - 4.5%
14,873	ABN AMRO Group NV CVA(c)		349,593
392,772	Aegon NV		2,127,438
14,882	Akzo Nobel NV		1,009,850
9,349	Altice NV, Class A(a)		204,898
3,018	Altice NV, Class B(a)		66,471
5,827	ASML Holding NV		707,810
6,098	Boskalis Westminster NV		225,744
125,860	Delta Lloyd NV		724,018
13,339	Fugro NV CVA(a)		210,033
2,605	Gemalto NV		151,347
5,779	Heineken Holding NV, Class A		405,824
7,627	Heineken NV		570,628
325,375	ING Groep NV		4,659,135
59,205	Koninklijke Ahold Delhaize NV		1,260,142
31,528	Koninklijke BAM Groep NV		149,032
13,864	Koninklijke DSM NV		883,987
251,468	Koninklijke KPN NV		723,973
63,581	Koninklijke Philips NV		1,864,500
35,934	NN Group NV		1,271,033
45,015	PostNL NV(a)		197,218
7,402	Randstad Holding NV		430,365
589,531	Royal Dutch Shell PLC, Class A		15,927,778
364,353	Royal Dutch Shell PLC, Class B		10,251,953
12,936	SBM Offshore NV		210,258
11,378	Wolters Kluwer NV		434,732
			45,017,760
	New Zealand - 0.1%
52,423	Contact Energy Ltd.		183,342
56,215	Fletcher Building Ltd.		432,777
138,315	Spark New Zealand Ltd.		355,958
			972,077
	Norway - 0.9%
88,289	DNB ASA		1,476,536
12,642	Gjensidige Forsikring ASA		218,031
21,829	Marine Harvest ASA		386,821
119,425	Norsk Hydro ASA		682,055
47,054	Orkla ASA		439,786
180,151	Statoil ASA		3,358,775
65,444	Storebrand ASA(a)		399,691
58,013	Telenor ASA		920,847
10,272	TGS Nopec Geophysical Co. ASA		246,571
14,496	Yara International ASA		612,417
			8,741,530
	Portugal - 0.1%
87,863	Banco Comercial Portugues SA, Class R(a)		14,851
247,761	EDP-Energias de Portugal SA		719,726
39,442	Galp Energia SGPS SA		580,552

Schedule of Investments

12,452	Jeronimo Martins SGPS SA	$	210,668
			1,525,797
	Singapore - 0.9%
91,740	Ascendas Real Estate Investment Trust REIT		160,193
169,479	CapitaLand Ltd.		395,788
113,893	CapitaLand Mall Trust REIT		156,837
42,600	City Developments Ltd.		279,101
90,282	ComfortDelGro Corp. Ltd.		154,443
129,917	DBS Group Holdings Ltd.		1,749,379
296,489	Genting Singapore PLC		204,141
7,173	Jardine Cycle & Carriage Ltd.		210,536
193,632	Keppel Corp. Ltd.		848,034
169,458	Oversea-Chinese Banking Corp. Ltd.		1,129,480
116,672	Sembcorp Industries Ltd.		260,872
35,714	Singapore Airlines Ltd.		250,972
98,433	Singapore Press Holdings Ltd.		241,052
73,973	Singapore Technologies Engineering Ltd.		173,276
433,147	Singapore Telecommunications Ltd.		1,189,863
84,391	United Overseas Bank Ltd.		1,253,166
188,797	Wilmar International Ltd.		519,969
			9,177,102
	South Africa - 0.1%
35,894	Investec PLC		253,564
17,312	Mondi PLC		381,372
			634,936
	South Korea - 3.9%
33,195	BNK Financial Group, Inc.(a)		243,657
503	CJ CheilJedang Corp.(a)		153,441
66	CJ CheilJedang Corp. (Preference Shares)(a)		9,059
1,083	CJ Corp.(a)		170,078
2,953	Daelim Industrial Co. Ltd.(a)		213,197
4,088	Dongbu Insurance Co. Ltd.		207,900
3,519	Doosan Corp.		317,955
14,966	Doosan Heavy Industries & Construction Co. Ltd.(a)		353,512
62,683	Doosan Infracore Co. Ltd.(a)		463,879
1,753	E-Mart, Inc.		306,221
6,919	GS Engineering & Construction Corp.(a)		164,922
5,137	GS Holdings Corp.(a)		225,443
26,918	Hana Financial Group, Inc.		797,974
4,755	Hankook Tire Co. Ltd.(a)		231,592
7,187	Hanwha Corp.(a)		217,694
2,094	Hyosung Corp.(a)		244,159
8,656	Hyundai Engineering & Construction Co. Ltd.(a)		309,489
934	Hyundai Glovis Co. Ltd.(a)		124,978
6,134	Hyundai Heavy Industries Co. Ltd.(a)		699,385
7,364	Hyundai Marine & Fire Insurance Co. Ltd.		190,738
4,320	Hyundai Mobis Co. Ltd.(a)		899,613
11,416	Hyundai Motor Co.		1,370,391
1,908	Hyundai Motor Co. (Preference Shares)		152,857
2,986	Hyundai Motor Co. (2nd Preference Shares)		246,414
9,171	Hyundai Steel Co.		459,300
38,056	Industrial Bank of Korea(a)		415,895
30,062	KB Financial Group, Inc.(a)		1,215,828
5,891	KB Insurance Co. Ltd.		124,704
24,440	Kia Motors Corp.		765,524
23,608	Korea Electric Power Corp.(a)		862,369
5,314	Korea Gas Corp.(a)		211,719
439	Korea Zinc Co. Ltd.(a)		185,105
7,943	Korean Air Lines Co. Ltd.(a)		180,103
9,296	KT Corp.		235,180
9,899	KT Corp. ADR(a)		147,198
4,562	KT&G Corp.		394,528

2,466	LG Chem Ltd.	$	555,969
459	LG Chem Ltd. (Preference Shares)		67,541
5,593	LG Corp.(a)		284,920
35,201	LG Display Co. Ltd.		928,415
16,006	LG Electronics, Inc.		763,043
2,516	LG Electronics, Inc. (Preference Shares)		57,157
25,387	LG Uplus Corp.		249,042
885	Lotte Chemical Corp.(a)		286,724
1,442	Lotte Shopping Co. Ltd.(a)		281,054
2,205	OCI Co. Ltd.(a)		162,799
11,616	POSCO		2,708,834
5,106	Samsung Electro-Mechanics Co. Ltd.		249,127
6,333	Samsung Electronics Co. Ltd.		10,752,094
1,211	Samsung Electronics Co. Ltd. (Preference Shares)		1,637,106
2,041	Samsung Fire & Marine Insurance Co. Ltd.		472,446
104	Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares)		16,646
39,280	Samsung Heavy Industries Co. Ltd.(a)		351,529
5,591	Samsung Life Insurance Co. Ltd.		534,034
4,079	Samsung SDI Co. Ltd.		405,408
22,845	Shinhan Financial Group Co. Ltd.(a)		902,319
34,080	SK Hynix, Inc.		1,574,818
7,832	SK Innovation Co. Ltd.(a)		1,058,105
39,294	SK Networks Co. Ltd.(a)		223,503
2,128	SK Telecom Co. Ltd.		408,350
4,227	S-Oil Corp.		294,992
41,520	Woori Bank(a)		468,042
			39,206,018
	Spain - 4.3%
30,086	Abertis Infraestructuras SA		430,647
3,141	Acciona SA		243,316
32,146	ACS Actividades de Construccion y Servicios SA		989,401
1,590	Aena SA(c)		230,855
7,922	Amadeus IT Group SA		365,953
614,677	Banco Bilbao Vizcaya Argentaria SA		4,168,367
485,929	Banco de Sabadell SA		732,050
348,129	Banco Popular Espanol SA		359,669
2,900,660	Banco Santander SA		16,140,796
432,707	Bankia SA		455,936
32,664	Bankinter SA		262,455
317,555	CaixaBank SA		1,160,298
79,903	Distribuidora Internacional de Alimentacion SA		422,516
11,267	Enagas SA		276,401
67,236	Endesa SA		1,383,847
29,991	Ferrovial SA		542,889
25,073	Fomento de Construcciones y Contratas SA(a)		208,751
34,137	Gas Natural SDG SA		657,413
5,796	Grifols SA		124,147
4,560	Grifols SA (Preference Shares), Class B		78,010
375,719	Iberdrola SA		2,368,835
22,143	Industria de Diseno Textil SA		730,701
203,126	Mapfre SA		614,651
28,197	Obrascon Huarte Lain SA(b)		95,684
18,552	Red Electrica Corp. SA		331,413
264,731	Repsol SA		3,908,056
630,234	Telefonica SA		6,078,764
			43,361,821
	Sweden - 2.1%
14,971	Alfa Laval AB		279,499
21,160	ASSA ABLOY AB, Class B		400,853
25,544	Atlas Copco AB, Class A		819,070

Schedule of Investments

16,579	Atlas Copco AB, Class B	$	480,968
21,372	Boliden AB		623,684
398	Bonava AB(a)		6,101
6,636	Bonava AB, Class B(a)		102,103
17,062	Electrolux AB, Series B		453,797
9,164	Getinge AB, Class B		148,232
37,071	Hennes & Mauritz AB, Class B		1,060,189
7,210	Hexagon AB, Class B		285,378
22,966	Husqvarna AB, Class B		192,312
10,717	Industrivarden AB, Class A		221,044
9,164	Industrivarden AB, Class C		177,585
398	NCC AB, Class A		9,816
6,636	NCC AB, Class B		163,289
234,780	Nordea Bank AB		2,838,868
80,369	Sandvik AB		1,084,875
19,754	Securitas AB, Class B		314,560
93,745	Skandinaviska Enskilda Banken AB, Class A		1,053,634
29,098	Skanska AB, Class B		712,338
1,161	SKF AB, Class A		23,349
29,053	SKF AB, Class B		584,942
46,043	SSAB AB, Class A(a)		189,300
51,696	SSAB AB, Class B(a)		174,043
23,406	Svenska Cellulosa AB (SCA), Class B		704,193
86,163	Svenska Handelsbanken AB, Class A		1,287,280
2,103	Svenska Handelsbanken AB, Class B		31,443
66,874	Swedbank AB, Class A		1,691,434
6,334	Swedish Match AB		206,216
58,094	Tele2 AB, Class B		512,715
206,776	Telefonaktiebolaget LM Ericsson, Class B		1,221,742
274,537	Telia Co. AB		1,113,964
10,913	Trelleborg AB, Class B		226,584
129,516	Volvo AB, Class B		1,656,435
			21,051,835
	Switzerland - 6.0%
120,103	ABB Ltd.		2,852,233
1,128	Actelion Ltd.		293,833
12,863	Adecco Group AG		917,854
5,174	Aryzta AG		142,435
3,636	Baloise Holding AG		468,044
1	Chocoladefabriken Lindt & Spruengli AG		65,026
16	Chocoladefabriken Lindt & Spruengli AG-PC		88,871
15,550	Clariant AG		291,425
9,911	Coca-Cola HBC AG		225,939
17,662	Compagnie Financiere Richemont SA		1,373,075
214,096	Credit Suisse Group AG		3,252,888
1,647	Dufry AG(a)		234,880
749	Geberit AG		320,067
221	Georg Fischer AG		182,001
220	Givaudan SA		396,696
2,430,012	Glencore PLC(a)		9,980,228
475	Helvetia Holding AG		268,891
7,736	Julius Baer Group Ltd.		362,571
2,440	Kuehne + Nagel International AG		333,379
23,723	LafargeHolcim Ltd.		1,271,991
1,546	Lonza Group AG		283,470
118,800	Nestle SA		8,705,899
80,174	Novartis AG		5,887,499
20,673	Roche Holding AG		4,882,231
870	Roche Holding AG-BR		209,255
535	Schindler Holding AG		100,862
1,101	Schindler Holding AG-PC		209,799
182	SGS SA		385,915
60	Sika AG-BR		315,325

60,090	STMicroelectronics NV	$	791,935
2,047	Swatch Group AG (The)		143,161
1,294	Swatch Group AG (The)-BR		458,396
3,320	Swiss Life Holding AG		1,006,499
2,623	Swiss Prime Site AG		218,805
28,516	Swiss Re AG		2,661,994
1,259	Swisscom AG		555,103
2,872	Syngenta AG		1,222,623
156,781	UBS Group AG		2,537,799
16,603	Wolseley PLC		1,024,986
18,590	Zurich Insurance Group AG		5,341,846
			60,265,729
	United Kingdom - 14.5%
49,922	3i Group PLC		439,648
59,327	Aberdeen Asset Management PLC		195,630
8,828	Admiral Group PLC		197,252
16,631	Aggreko PLC		210,699
60,999	Amec Foster Wheeler PLC		339,127
311,055	Anglo American PLC(a)		5,314,377
15,938	Ashtead Group PLC		322,029
9,183	Associated British Foods PLC		275,658
68,303	AstraZeneca PLC		3,603,990
358,118	Aviva PLC		2,148,666
11,284	Babcock International Group PLC		126,774
201,095	BAE Systems PLC		1,472,447
56,386	Balfour Beatty PLC		183,378
2,266,406	Barclays PLC		6,257,324
31,831	Barratt Developments PLC		191,303
5,116	Berkeley Group Holdings PLC (The)		180,220
73,812	Booker Group PLC		189,255
2,904,927	BP PLC		17,281,203
68,661	British American Tobacco PLC		4,232,308
45,532	British Land Co. PLC (The) REIT		333,965
263,736	BT Group PLC		1,008,194
11,936	Bunzl PLC		313,699
15,721	Burberry Group PLC		324,369
21,410	Capita PLC		134,814
52,184	Carillion PLC		141,482
624,682	Centrica PLC		1,762,802
108,997	CNH Industrial NV, Class A		965,903
75,747	Cobham PLC		129,223
58,522	Compass Group PLC		1,039,607
3,661	Croda International PLC		154,206
4,604	DCC PLC		370,417
79,908	Diageo PLC		2,215,229
110,576	Direct Line Insurance Group PLC		493,861
26,567	Dixons Carphone PLC		105,586
63,102	Drax Group PLC		294,056
40,586	DS Smith PLC		226,201
9,852	easyJet PLC		117,751
312,042	Fiat Chrysler Automobiles NV(a)		3,405,961
139,169	G4S PLC		446,826
103,542	GKN PLC		447,334
267,397	GlaxoSmithKline PLC		5,140,380
12,933	Greene King PLC		110,806
40,096	Hammerson PLC REIT		275,681
92,334	Hays PLC		177,036
9,985	Hiscox Ltd.		128,887
2,137,151	HSBC Holdings PLC		18,186,711
17,493	IMI PLC		256,613
37,783	Imperial Brands PLC		1,746,191
29,631	Inchcape PLC		267,475
24,221	Informa PLC		198,680
15,430	Inmarsat PLC		118,028
8,974	Intercontinental Hotels Group PLC		415,479

Schedule of Investments

18,383	Intermediate Capital Group PLC	$	160,159
57,431	International Consolidated Airlines Group SA		344,435
4,581	Intertek Group PLC		195,493
59,027	Intu Properties PLC REIT		200,730
98,120	ITV PLC		250,840
250,051	J Sainsbury PLC		811,326
26,914	John Wood Group PLC		283,751
14,674	Johnson Matthey PLC		600,179
181,436	Kingfisher PLC		767,426
20,218	Lancashire Holdings Ltd.		172,204
44,664	Land Securities Group PLC REIT		558,546
548,180	Legal & General Group PLC		1,620,024
4,242,569	Lloyds Banking Group PLC		3,465,690
6,376	London Stock Exchange Group PLC		254,366
123,295	Man Group PLC		206,306
132,785	Marks & Spencer Group PLC		560,476
48,119	Meggitt PLC		252,991
209,190	National Grid PLC		2,441,540
19,512	Nex Group PLC		141,029
4,258	Next PLC		205,173
463,550	Old Mutual PLC		1,211,291
70,622	Pearson PLC		549,979
19,286	Pennon Group PLC		192,411
6,850	Persimmon PLC		166,241
23,355	Petrofac Ltd.		269,442
16,770	Phoenix Group Holdings		158,765
4,131	Provident Financial PLC		141,624
152,996	Prudential PLC		2,948,860
15,990	Reckitt Benckiser Group PLC		1,368,763
20,213	RELX NV		341,315
22,765	RELX PLC		407,557
41,521	Rio Tinto Ltd.		2,101,798
114,213	Rio Tinto PLC		5,016,268
123,534	Rolls-Royce Holdings PLC		1,037,416
444,801	Royal Bank of Scotland Group PLC(a)		1,241,203
76,917	Royal Mail PLC		398,302
100,010	RSA Insurance Group PLC		721,593
32,144	Sage Group PLC (The)		247,900
499,567	Seadrill Ltd.(a)(b)		974,513
33,697	Segro PLC REIT		195,649
11,478	Severn Trent PLC		327,799
35,393	Sky PLC		445,725
24,241	Smith & Nephew PLC		360,787
26,086	Smiths Group PLC		492,610
95,615	SSE PLC		1,791,167
17,522	St. James’s Place PLC		236,096
447,839	Standard Chartered PLC(a)		4,361,485
194,068	Standard Life PLC		844,051
53,509	Subsea 7 SA(a)		729,040
33,577	Tate & Lyle PLC		283,241
83,098	Taylor Wimpey PLC		174,696
24,072	TechnipFMC PLC(a)		789,804
1,196,009	Tesco PLC(a)		2,928,145
202,673	Thomas Cook Group PLC(a)		222,090
13,098	Travis Perkins PLC		239,434
106,759	Tullow Oil PLC(a)		395,285
53,925	Unilever NV CVA		2,179,259
41,868	Unilever PLC		1,700,058
34,287	United Utilities Group PLC		395,562
2,620,905	Vodafone Group PLC		6,408,423
19,024	Weir Group PLC (The)		479,879
5,548	Whitbread PLC		273,963
37,285	William Hill PLC		121,446
331,799	WM Morrison Supermarkets PLC		985,568

53,879	WPP PLC	$	1,249,959
			146,213,887
	United States - 0.2%
7,161	Carnival PLC		381,812
6,615	Qiagen N.V.		190,767
8,898	Shire PLC		490,267
17,666	Thomson Reuters Corp.		790,380
4,620	Valeant Pharmaceuticals International, Inc.(a)		63,643
			1,916,869
	Total Common Stocks and Other Equity Interests (Cost $1,021,578,111)		1,010,498,506
	Rights - 0.0%
	South Korea - 0.0%
1,890	Korean Air Lines Co. Ltd., expiring 03/07/17(a) (Cost $0)		9,027
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $1,021,578,111) - 100.1%		1,010,507,533
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 0.8%
8,444,243	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $8,444,243)		8,444,243
	Total Investments (Cost $1,030,022,354)(f) - 100.9%		1,018,951,776
	Other assets less liabilities - (0.9)%		(8,918,502	)
	Net Assets - 100.0%	$	1,010,033,274

Investment Abbreviations:

ADR - American Depositary Receipt

BR - Bearer Shares

CVA - Dutch Certificates

FDR - Fiduciary Depositary Receipt

PC - Participation Certificate

REIT - Real Estate Investment Trust

RSP - Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at January 31, 2017.

^(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, 2017 was $993,787, 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 January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently

Schedule of Investments

completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $1,053,361,830. The net unrealized depreciation was $34,410,054, which consisted of aggregate gross unrealized appreciation of $76,943,474 and aggregate gross unrealized depreciation of $111,353,528.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio (PDN)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.9%
		Australia - 5.8%
	32,190	Abacus Property Group REIT	$	68,668
	39,189	Adelaide Brighton Ltd.		152,322
	82,200	ALS Ltd.		369,421
	112,064	Alumina Ltd.		165,042
	10,815	Ansell Ltd.		195,239
	60,640	Ardent Leisure Group		96,673
	15,496	Aristocrat Leisure Ltd.		179,751
	152,827	AusNet Services		183,309
	40,027	Australian Agricultural Co. Ltd.(a)		44,516
	51,111	Australian Pharmaceutical Industries Ltd.		73,140
	31,327	Automotive Holdings Group Ltd.		92,987
	18,399	Aveo Group		44,557
	149,778	AWE Ltd.(a)		65,948
	9,299	Bapcor Ltd.		38,685
	248,719	Beach Energy Ltd.		141,611
	9,934	Bega Cheese Ltd.		38,687
	8,289	Breville Group Ltd.		52,606
	4,582	Brickworks Ltd.		44,072
	7,161	BT Investment Management Ltd.		50,829
	27,810	BWP Trust REIT		61,647
	15,201	Cabcharge Australia Ltd.		42,120
	7,184	carsales.com Ltd.		56,937
	17,045	Charter Hall Group REIT		60,817
	29,959	Charter Hall Retail REIT		96,204
	134,373	Cleanaway Waste Management Ltd.		116,291
	2,294	Cochlear Ltd.		217,982
	128,405	Cromwell Property Group REIT		95,042
	83,061	CSR Ltd.		278,076
	84,699	Downer EDI Ltd.		398,655
	22,207	DuluxGroup Ltd.		102,331
	320,834	Fairfax Media Ltd.		207,027
	28,723	FlexiGroup Ltd.		49,716
	4,184	Flight Centre Travel Group Ltd.		95,098
	20,106	G8 Education Ltd.		54,491
	68,778	Genworth Mortgage Insurance Australia Ltd.		173,869
	28,257	GrainCorp Ltd., Class A		204,002
	14,950	GUD Holdings Ltd.		110,202
	35,970	GWA Group Ltd.		71,543
	38,307	Harvey Norman Holdings Ltd.		145,404
	62,759	Healthscope Ltd.		104,339
	42,999	Investa Office Fund REIT		146,892
	6,553	InvoCare Ltd.		66,064
	26,082	IOOF Holdings Ltd.		180,181
	8,780	IRESS Ltd.		75,318
	17,718	Japara Healthcare Ltd.		28,246
	11,523	JB Hi-Fi Ltd.		241,873
	10,942	Mantra Group Ltd.		22,511
	4,424	McMillan Shakespeare Ltd.		35,197
	34,011	Mineral Resources Ltd.		317,321
	16,802	Monadelphous Group Ltd.		132,527
	185,885	Myer Holdings Ltd.		170,749

23,412	Navitas Ltd.	$	78,735
12,885	NIB Holdings Ltd.		45,093
96,209	Nine Entertainment Co. Holdings Ltd.		72,672
18,936	Nufarm Ltd.		128,946
32,584	OceanaGold Corp.		112,966
83,961	Orora Ltd.		181,656
14,833	Pact Group Holdings Ltd.		73,531
3,186	Perpetual Ltd.		113,193
8,882	Platinum Asset Management Ltd.		33,646
7,169	Premier Investments Ltd.		70,206
99,260	Primary Health Care Ltd.		282,575
61,885	Programmed Maintenance Services Ltd.		89,262
46,429	Qube Holdings Ltd.		81,067
4,916	Ramsay Health Care Ltd.		249,296
10,550	Retail Food Group Ltd.		51,578
12,429	Seek Ltd.		136,248
19,516	Seven Group Holdings Ltd.		108,302
138,745	Seven West Media Ltd.		85,316
46,650	Shopping Centres Australasia Property Group REIT		76,849
80,652	Sigma Pharmaceuticals Ltd.		73,778
63,100	Slater & Gordon Ltd.(a)		12,215
76,949	Southern Cross Media Group Ltd.		85,871
171,747	Spotless Group Holdings Ltd.		122,559
13,657	Super Retail Group Ltd.		100,982
43,774	Sydney Airport		194,402
12,236	Tassal Group Ltd.		42,915
6,431	TPG Telecom Ltd.		31,587
32,357	Treasury Wine Estates Ltd.		285,677
12,336	Village Roadshow Ltd.		37,085
112,977	Virgin Australia Holdings Ltd.(a)		0
7,677	Virtus Health Ltd.		29,781
31,556	Western Areas Ltd.(a)		58,692
159,806	Whitehaven Coal Ltd.(a)		344,539
			9,747,955
	Austria - 1.1%
1,910	ams AG		65,725
4,478	BUWOG AG		106,853
7,149	CA Immobilien Anlagen AG		140,882
4,812	Conwert Immobilien Invest SE		84,349
796	Lenzing AG		113,852
372	Mayr-Melnhof Karton AG		41,991
4,064	Oesterreichische Post AG		147,087
3,263	RHI AG		80,383
1,077	Schoeller-Bleckmann Oilfield Equipment AG		81,230
14,209	Telekom Austria AG, Class A		87,650
17,059	UNIQA Insurance Group AG		140,480
10,865	Verbund AG		174,953
8,122	Vienna Insurance Group AG Wiener Versicherung Gruppe		197,624
13,169	Wienerberger AG		254,179
2,518	Zumtobel Group AG		42,288
			1,759,526
	Belgium - 1.5%
1,438	Ackermans & van Haaren NV		195,965
47,301	AGFA-Gevaert NV(a)		186,735
680	Barco NV		59,106
1,685	Befimmo SA REIT		92,451
5,552	Bekaert SA NV		240,602
8,280	bpost SA		200,171
1,830	Cofinimmo SA REIT		205,382
601	Compagnie d’Entreprises CFE SA		66,217
3,784	D’Ieteren SA/NV		170,956
2,204	Elia System Operator SA		109,971
6,825	Euronav NV		53,106

Schedule of Investments

1,135	EVS Broadcast Equipment SA	$	39,312
1,086	Gimv NV		60,619
10,721	Nyrstar NV(a)		90,650
3,770	Ontex Group NV		114,160
5,549	Orange Belgium SA(a)		125,273
1,191	Sofina SA		161,662
3,612	Telenet Group Holding NV(a)		193,691
2,293	Tessenderlo Chemie NV(a)		85,195
649	Warehouses De Pauw CVA REIT		58,916
			2,510,140
	Cambodia - 0.0%
97,405	NagaCorp Ltd.		57,243
	Canada - 9.4%
12,639	Advantage Oil & Gas Ltd.(a)		81,336
11,370	Aecon Group, Inc.		141,716
30,628	Aimia, Inc.		200,389
16,257	Alamos Gold, Inc., Class A		121,701
11,006	Algonquin Power & Utilities Corp.		95,477
7,401	Allied Properties Real Estate Investment Trust REIT		192,440
5,862	Amaya, Inc.(a)(b)		80,258
23,171	Artis Real Estate Investment Trust REIT		217,536
147,468	Athabasca Oil Corp.(a)		187,764
7,491	ATS Automation Tooling Systems, Inc.(a)		75,441
4,342	AutoCanada, Inc.		84,459
79,002	B2Gold Corp.(a)		239,354
15,250	Birchcliff Energy Ltd.(a)		93,810
4,963	Boardwalk Real Estate Investment Trust REIT		179,639
5,667	Bonterra Energy Corp.		109,276
18,359	CAE, Inc.		260,230
15,356	Canaccord Genuity Group, Inc.(a)		51,707
10,474	Canadian Apartment Properties REIT		254,830
24,916	Canadian Energy Services & Technology Corp.		147,346
9,770	Canadian Western Bank(b)		221,741
12,072	Canfor Corp.(a)		130,651
14,931	Cascades, Inc.		135,710
901	CCL Industries, Inc., Class B		185,072
19,772	Centerra Gold, Inc.		97,514
14,253	Chartwell Retirement Residences		166,280
4,113	Cineplex, Inc.		165,277
1,003	Cogeco Communications, Inc.		54,622
1,672	Colliers International Group, Inc.		61,109
226	Constellation Software, Inc.		101,881
21,227	Corus Entertainment, Inc., Class B		210,357
9,263	Cott Corp.		98,119
30,762	Crew Energy, Inc.(a)		136,615
6,119	Detour Gold Corp.(a)		82,838
6,850	DH Corp.		120,896
2,046	Dollarama, Inc.		154,656
10,815	Dominion Diamond Corp.		108,088
3,721	Dorel Industries, Inc., Class B		102,747
6,587	DREAM Unlimited Corp., Class A(a)		34,103
11,144	ECN Capital Corp.		25,985
11,144	Element Fleet Management Corp.		108,128
2,804	Emera, Inc.		97,729
12,053	Enerflex Ltd.		169,458
27,316	Ensign Energy Services, Inc.		185,843
48,742	Entertainment One Ltd.		141,471
17,309	Extendicare, Inc.(b)		137,277
8,163	First Capital Realty, Inc.		129,606
11,054	First Majestic Silver Corp.(a)		105,728
6,679	Genworth MI Canada, Inc.(b)		167,161
8,131	Gildan Activewear, Inc.		212,295

4,195	Granite Real Estate Investment Trust REIT	$	142,799
2,554	Great Canadian Gaming Corp.(a)		49,816
6,091	Home Capital Group, Inc.		138,896
51,085	HudBay Minerals, Inc.		399,276
16,838	Hudson’s Bay Co.(b)		129,151
7,941	Innergex Renewable Energy, Inc.		83,993
5,460	Jean Coutu Group (PJC), Inc. (The), Class A		85,643
34,078	Just Energy Group, Inc.		202,050
13,442	Kelt Exploration Ltd.(a)		64,852
4,150	Laurentian Bank of Canada		187,359
3,970	Linamar Corp.		174,208
1,669	MacDonald Dettwiler & Associates Ltd.		92,261
5,808	Manitoba Telecom Services, Inc.		167,324
7,167	Maple Leaf Foods, Inc.		163,982
14,335	Martinrea International, Inc.		90,600
67,581	MEG Energy Corp.(a)(b)		350,410
3,662	Morguard Real Estate Investment Trust REIT		42,301
13,986	Mullen Group Ltd.		201,141
23,317	Nevsun Resources Ltd.		73,327
55,540	New Gold, Inc.(a)		147,823
3,117	Norbord, Inc.		77,223
4,516	North West Co., Inc. (The)		101,422
7,670	Northland Power, Inc.(b)		140,840
6,446	Northview Apartment Real Estate Investment Trust REIT(b)		102,592
13,606	NuVista Energy Ltd.(a)		67,939
6,092	Open Text Corp.		208,121
11,389	Pan American Silver Corp.		221,534
9,336	Paramount Resources Ltd., Class A(a)		119,730
12,450	Parkland Fuel Corp.		259,361
5,264	Pason Systems, Inc.		76,876
222,190	Pengrowth Energy Corp.(a)(b)		277,791
8,343	Peyto Exploration & Development Corp.(b)		181,226
5,219	Raging River Exploration, Inc.(a)		37,869
3,440	Restaurant Brands International, Inc.		168,418
3,703	Ritchie Bros Auctioneers, Inc.		119,802
14,671	Russel Metals, Inc.		303,829
12,057	Secure Energy Services, Inc.		99,878
16,121	SEMAFO, Inc.(a)		59,971
6,189	Seven Generations Energy Ltd., Class A(a)		123,471
6,659	ShawCor Ltd.		185,660
2,756	Sierra Wireless, Inc.(a)		48,091
5,901	Silver Standard Resources, Inc.(a)		62,235
4,703	Stantec, Inc.		125,822
1,209	Stella-Jones, Inc.		37,093
26,340	Superior Plus Corp.		259,814
12,215	TFI International, Inc.		329,981
4,200	TMX Group Ltd.		221,895
10,640	TORC Oil & Gas Ltd.(b)		59,331
4,435	Toromont Industries Ltd.		143,383
9,567	Transcontinental, Inc., Class A		159,016
75,648	Turquoise Hill Resources Ltd.(a)		273,290
33,458	Veresen, Inc.		339,520
3,485	Waste Connections, Inc.		278,960
5,275	West Fraser Timber Co. Ltd.		179,805
7,913	Westshore Terminals Investment Corp.		154,831
27,763	Whitecap Resources, Inc.		220,613
1,100	Winpak Ltd.		39,579
6,358	WSP Global, Inc.		223,255
			15,740,945
	China - 0.7%
19,123	AAC Technologies Holdings, Inc.		197,161
171,008	China Travel International Investment Hong Kong Ltd.		48,045

Schedule of Investments

293,380	FIH Mobile Ltd.	$	94,525
33,833	Minth Group Ltd.		109,879
223,081	Semiconductor Manufacturing International Corp.(a)		307,625
471,301	Shui On Land Ltd.		99,613
83,406	SITC International Holdings Co. Ltd.		52,133
16,784	Stella International Holdings Ltd.		25,654
78,257	Uni-President China Holdings Ltd.		59,908
294,508	Yangzijiang Shipbuilding Holdings Ltd.		168,284
133,818	Yingde Gases Group Co. Ltd.		81,401
			1,244,228
	Colombia - 0.2%
58,504	Gran Tierra Energy, Inc.(a)		149,878
10,432	Parex Resources, Inc.(a)		121,143
			271,021
	Denmark - 1.1%
5,329	Alm. Brand A/S		41,815
1,665	Chr. Hansen Holding A/S		101,616
2,249	Coloplast A/S, Class B		161,049
2,200	DFDS A/S		107,606
5,948	GN Store Nord A/S		132,844
2,402	H. Lundbeck A/S(a)		103,036
2,792	Matas A/S		40,774
2,433	NKT Holding A/S		187,907
398	Rockwool International A/S, Class B		71,020
1,455	Royal Unibrew A/S		55,246
860	Schouw & Co.		64,920
824	SimCorp A/S		42,219
6,495	Spar Nord Bank A/S		75,739
5,897	Sydbank A/S		195,373
5,541	Topdanmark A/S(a)		145,896
8,282	Tryg A/S		158,256
4,040	William Demant Holding A/S(a)		75,613
			1,760,929
	Faroe Islands - 0.0%
1,154	Bakkafrost P/F		44,433
	Finland - 1.8%
6,710	Amer Sports Oyj		178,169
5,245	Cargotec Oyj, Class B		251,785
8,280	Caverion Corp.		66,485
21,084	Citycon Oyj		52,452
2,629	Cramo Oyj		65,489
7,351	Finnair Oyj(a)		32,174
6,358	Huhtamaki Oyj		233,617
11,463	Kemira Oyj		143,825
7,739	Konecranes Oyj		304,015
15,668	Metsa Board Oyj, Class B		107,182
40,898	Outokumpu Oyj(a)		365,742
45,336	Outotec Oyj(a)		257,957
7,298	Ramirent Oyj		54,420
10,780	Sanoma Oyj		98,093
25,352	Sponda Oyj		115,400
7,091	Tieto Oyj		196,639
4,800	Uponor Oyj		86,888
13,981	Valmet Oyj		221,049
29,596	YIT Oyj		235,085
			3,066,466
	France - 3.5%
1,706	Aeroports de Paris		189,345
1,598	Alten SA		119,160
7,527	Altran Technologies SA		111,482
611	bioMerieux		96,603
3,830	Bourbon Corp.(b)		46,109
3,818	CIE Plastic Omnium SA		129,560
8,720	Coface SA(a)		56,354

2,720	Dassault Systemes SE	$	210,704
17,076	Derichebourg SA		78,614
4,815	Elis SA		86,301
6,289	Eramet(a)		361,575
35,467	Etablissements Maurel et Prom(a)		162,516
1,036	Euler Hermes Group		93,588
7,464	Europcar Groupe SA(a)(c)		79,050
1,105	Gaztransport Et Technigaz SA		45,612
849	Groupe Fnac SA(a)		55,051
11,205	Havas SA		100,822
498	Hermes International		216,594
682	Iliad SA		145,897
3,474	Imerys SA		278,986
1,583	Ingenico Group SA		133,541
1,476	Ipsen SA		114,370
4,889	Ipsos		162,020
3,249	JCDecaux SA		103,896
3,413	Korian SA		97,743
3,980	Mercialys SA REIT		77,981
8,509	Metropole Television SA		167,315
1,739	Orpea		141,702
12,957	Rallye SA(b)		287,754
1,439	Remy Cointreau SA		130,771
2,670	Rubis SCA		224,894
2,119	SEB SA		266,900
3,876	SFR Group SA(a)		112,511
1,540	Societe BIC SA		201,461
939	Sopra Steria Group		108,936
3,271	SPIE SA		74,234
1,915	Tarkett SA		74,441
26,476	Technicolor SA		113,592
18,166	Television Francaise 1		200,050
6,640	Ubisoft Entertainment SA(a)		218,289
1,334	Vicat SA		81,107
227	Virbac SA(a)		41,864
1,815	Worldline SA(a)(c)		48,988
			5,848,283
	Georgia - 0.1%
2,943	BGEO Group PLC		109,597
	Germany - 3.0%
12,024	Aixtron SE(a)(b)		44,363
4,535	alstria office REIT-AG REIT		56,680
3,651	Axel Springer SE		192,231
2,491	BayWa AG		84,570
851	Bechtle AG		86,284
315	Bertrandt AG		31,390
589	Biotest AG		11,136
1,847	Biotest AG (Preference Shares)		32,007
2,394	Deutsche EuroShop AG		99,491
12,421	Deutsche Pfandbriefbank AG(c)		126,327
20,789	Deutz AG		137,878
4,801	Dic Asset AG		47,474
3,129	Diebold Nixdorf AG		222,943
1,961	DMG Mori AG		94,667
556	Draegerwerk AG & Co. KGaA		39,231
1,182	Draegerwerk AG & Co. KGaA (Preference Shares)		103,673
1,940	Drillisch AG(b)		89,775
1,020	Duerr AG		88,218
2,837	ElringKlinger AG(b)		50,266
971	Fielmann AG		67,831
3,537	Fraport AG Frankfurt Airport Services Worldwide		211,228
1,603	FUCHS PETROLUB SE		67,701

Schedule of Investments

3,611	FUCHS PETROLUB SE (Preference Shares)	$	165,033
1,805	Gerresheimer AG		146,729
3,649	Gerry Weber International AG		42,432
3,285	Hamburger Hafen und Logistik AG, Class A		66,902
59,636	Heidelberger Druckmaschinen AG(a)		156,159
3,306	Hella KGAA Hueck & Co.		134,694
1,987	Indus Holding AG		113,316
2,736	Jenoptik AG		52,320
3,780	Jungheinrich AG (Preference Shares)		116,240
856	Krones AG		87,411
124	KWS Saat SE		38,915
2,319	Nordex SE(a)(b)		48,795
1,396	Norma Group SE		62,164
796	Pfeiffer Vacuum Technology AG		86,368
194	Puma SE		59,018
93	Rational AG		42,212
4,572	RHOEN-KLINIKUM AG		125,080
592	Sartorius AG (Preference Shares)		41,585
6,369	SGL Carbon SE(a)		55,374
1,527	Sixt SE		79,310
1,900	Sixt SE (Preference Shares)		77,862
799	SMA Solar Technology AG(b)		20,512
2,932	Software AG		105,626
5,536	STADA Arzneimittel AG		284,151
7,926	TAG Immobilien AG		106,985
2,470	TLG Immobilien AG		46,927
3,495	United Internet AG		146,153
1,231	Vossloh AG(a)		79,328
2,106	Wacker Chemie AG		253,996
3,187	Wacker Neuson SE		52,300
1,926	Wirecard AG(b)		93,269
1,517	Zalando SE(a)(c)		59,847
			5,032,377
	Hong Kong - 2.7%
16,247	ASM Pacific Technology Ltd.		197,870
233,328	Brightoil Petroleum Holdings Ltd.(a)		72,169
13,573	Cafe de Coral Holdings Ltd.		45,131
131,144	Cathay Pacific Airways Ltd.		178,141
147,951	Champion REIT		80,083
15,395	Cheung Kong Infrastructure Holdings Ltd.		124,103
143,170	Chow Tai Fook Jewellery Group Ltd.		122,148
28,513	Dah Sing Banking Group Ltd.		55,855
9,446	Dah Sing Financial Holdings Ltd.		73,164
154,313	Esprit Holdings Ltd.(a)		120,716
181,071	First Pacific Co. Ltd.		137,682
97,901	Fortune Real Estate Investment Trust REIT		113,554
297,605	Global Brands Group Holding Ltd.(a)		37,587
63,064	Haitong International Securities Group Ltd.		35,517
43,754	Hang Lung Group Ltd.		168,320
11,807	Hopewell Holdings Ltd.		42,302
281,947	Huabao International Holdings Ltd.(a)		126,087
125,015	Ju Teng International Holdings Ltd.		40,440
30,685	Kerry Logistics Network Ltd.		39,704
74,744	Kerry Properties Ltd.		212,402
50,130	Luk Fook Holdings International Ltd.		147,625
87,068	Man Wah Holdings Ltd.		55,881
47,395	NWS Holdings Ltd.		85,391
21,061	Orient Overseas International Ltd.		109,250
369,060	Pacific Basin Shipping Ltd.(a)		68,967
42,094	Pacific Textiles Holdings Ltd.		46,546
351,537	PCCW Ltd.		213,839
215,636	Pou Sheng International Holdings Ltd.		49,189
109,361	Shangri-La Asia Ltd.		121,914
139,079	Shun Tak Holdings Ltd.(a)		48,216

32,306	SmarTone Telecommunications Holding Ltd.	$	44,549
254,029	Sun Art Retail Group Ltd.		256,015
69,950	Swire Properties Ltd.		197,427
50,548	Techtronic Industries Co. Ltd.		175,239
24,684	Television Broadcasts Ltd.		94,800
67,132	Texwinca Holdings Ltd.		43,086
170,946	Truly International Holdings Ltd.		70,058
13,225	VTech Holdings Ltd.		164,474
41,704	Wheelock & Co. Ltd.		254,491
222,253	Xinyi Glass Holdings Ltd.		200,789
98,871	Yuexiu Real Estate Investment Trust REIT		54,409
			4,525,130
	India - 0.4%
46,709	Vedanta Resources PLC		614,678
	Ireland - 0.5%
26,580	C&C Group PLC		113,550
5,170	Glanbia PLC		87,440
31,638	Green REIT PLC REIT		44,449
23,470	Greencore Group PLC		69,685
24,076	Hibernia REIT PLC REIT		31,665
7,733	Irish Continental Group PLC		39,445
5,638	Kingspan Group PLC		164,267
11,789	Origin Enterprises PLC		80,927
350	Paddy Power Betfair PLC		36,746
15,976	UDG Healthcare PLC		128,837
			797,011
	Isle of Man - 0.0%
9,435	GVC Holdings PLC		71,933
	Israel - 0.9%
6,890	Alony Hetz Properties & Investments Ltd. REIT		55,420
2,267	Azrieli Group Ltd.		103,510
1,462	B Communications Ltd.		28,192
9,989	Cellcom Israel Ltd.(a)		105,167
3,178	Delek Automotive Systems Ltd.		29,173
1,382	Elbit Systems Ltd.		152,068
3,000	First International Bank of Israel Ltd.		45,115
12,768	Gazit-Globe Ltd.		119,410
99,780	Israel Discount Bank Ltd., Class A(a)		207,400
11,453	Mizrahi Tefahot Bank Ltd.		176,249
1,631	Nice Ltd.		114,088
239,548	Oil Refineries Ltd.		84,322
10,983	Partner Communications Co. Ltd.(a)		64,405
492	Paz Oil Co. Ltd.		76,223
27,285	Shikun & Binui Ltd.		56,497
2,780	Strauss Group Ltd.		44,737
3,983	Tower Semiconductor Ltd.(a)		85,169
			1,547,145
	Italy - 2.4%
5,485	ACEA SpA		67,160
7,885	Anima Holding SpA(c)		46,953
6,843	Ansaldo STS SpA		86,524
16,255	Astaldi SpA		105,752
3,571	ASTM SpA		40,560
12,635	Autogrill SpA		111,012
4,838	Azimut Holding SpA		86,792
419,891	Banca Carige SpA(a)		169,349
3,782	Banca Generali SpA		96,417
51,337	Banca Popolare DI Sondrio SCPA		181,863
123,879	Beni Stabili SpA SIIQ REIT		69,749
1,545	Brembo SpA		99,012
6,718	Buzzi Unicem SpA		165,531
3,852	Buzzi Unicem SpA RSP		51,203

Schedule of Investments

7,465	Cementir Holding SpA	$	31,899
10,927	Cerved Information Solutions SpA		89,216
9,247	Credito Emiliano SpA		59,959
240,958	Credito Valtellinese SC		126,296
2,015	Danieli & C. Officine Meccaniche SpA		43,269
6,678	Danieli & C. Officine Meccaniche SpA RSP		106,810
13,501	Davide Campari-Milano SpA		135,400
3,367	De’Longhi SpA		83,945
810	DiaSorin SpA		48,364
656	Ei Towers SpA(a)		36,333
9,567	ERG SpA		106,182
4,878	Esprinet SpA		36,111
106,497	Fincantieri SpA(a)		63,300
4,858	Finecobank Banca Fineco SpA		28,823
662	Industria Macchine Automatiche SpA		43,891
3,980	Interpump Group SpA		74,798
74,121	Iren SpA		120,474
465	Italmobiliare SpA		23,081
2,828	MARR SpA		54,951
2,793	Moncler SpA		53,728
7,423	OVS SpA(c)		41,434
29,719	Parmalat SpA		96,031
26,819	Piaggio & C. SpA		44,518
40,765	Prada SpA		169,693
3,581	Recordati SpA		101,819
155,853	Rizzoli Corriere Della Sera Mediagroup SpA(a)		134,576
6,599	Safilo Group SpA(a)		48,958
68,056	Saipem SpA(a)		34,752
22,438	Salini Impregilo SpA		69,885
1,977	Salvatore Ferragamo SpA		52,239
115,549	Saras SpA		178,445
26,316	Societa Cattolica di Assicurazioni SCRL		164,524
7,821	Societa Iniziative Autostradali e Servizi SpA		63,687
1,083	Tod’s SpA		78,124
			4,023,392
	Japan - 36.1%
45,561	77 Bank Ltd. (The)		212,476
932	ABC-Mart, Inc.		54,310
8,440	Accordia Golf Co. Ltd.		90,267
15,299	ACOM Co. Ltd.(a)		66,184
2,272	Adastria Co. Ltd.		61,152
11,326	ADEKA Corp.		165,602
10,534	Advantest Corp.		197,533
1,386	AEON DELIGHT Co. Ltd.		39,952
7,827	AEON Financial Service Co. Ltd.		140,584
10,441	AEON Mall Co. Ltd.		152,012
4,641	Aica Kogyo Co. Ltd.		121,493
2,400	Aichi Steel Corp.		105,423
5,629	Aida Engineering Ltd.		55,702
26,608	Aiful Corp.(a)		80,598
1,524	Ain Holdings, Inc.		112,092
6,036	Aisan Industry Co. Ltd.		50,829
21,855	Akebono Brake Industry Co. Ltd.(a)(b)		58,824
3,297	Alpen Co. Ltd.(b)		59,014
7,375	Alpine Electronics, Inc.		107,964
5,881	Amano Corp.		112,997
16,943	Anritsu Corp.		117,393
5,630	AOKI Holdings, Inc.		71,166
5,112	Aoyama Trading Co. Ltd.		180,731
4,112	Arcs Co. Ltd.		92,924
6,673	Asahi Diamond Industrial Co. Ltd.		50,148
5,037	Asahi Holdings, Inc.		100,270
6,392	Asatsu-DK, Inc.		169,829

9,692	ASICS Corp.(b)	$	189,492
1,385	ASKUL Corp.		45,213
9,006	Autobacs Seven Co. Ltd.		140,000
5,561	Avex Group Holdings, Inc.		83,928
12,588	Awa Bank Ltd. (The)		78,832
1,322	Axial Retailing, Inc.		52,081
7,462	Azbil Corp.		225,699
1,100	Bank of Nagoya Ltd. (The)		39,916
5,789	Bank of The Ryukyus Ltd.		77,752
27,271	Bic Camera, Inc.		255,571
2,000	BML, Inc.		48,323
4,631	Bunka Shutter Co. Ltd.		37,476
1,876	Calbee, Inc.		61,242
29,169	Calsonic Kansei Corp.		466,134
2,652	Canon Electronics, Inc.		40,778
5,898	Canon Marketing Japan, Inc.		112,957
3,213	Capcom Co. Ltd.		68,270
3,282	Cawachi Ltd.		84,721
27,684	Central Glass Co. Ltd.		133,287
8,748	Chiba Kogyo Bank Ltd. (The)		45,382
2,457	Chiyoda Co. Ltd.		58,296
21,747	Chiyoda Corp.		147,008
2,511	Chudenko Corp.		53,532
20,929	Chugoku Bank Ltd. (The)		309,357
9,461	Chugoku Marine Paints Ltd.		69,166
6,854	CKD Corp.		91,996
9,891	CMK Corp.(a)		58,955
6,357	Coca-Cola East Japan Co. Ltd.		138,857
7,368	Coca-Cola West Co. Ltd.		214,348
2,732	cocokara fine, Inc.		113,818
2,902	Colowide Co. Ltd.(b)		48,824
11,319	COMSYS Holdings Corp.		208,734
396	Cosmos Pharmaceutical Corp.		73,273
3,810	CyberAgent, Inc.		94,730
5,543	Daibiru Corp.		50,469
6,602	Daifuku Co. Ltd.		146,496
12,963	Daihen Corp.		83,714
11,142	Daiho Corp.		51,664
37,050	Daikyo, Inc.		76,354
2,811	Daikyonishikawa Corp.		36,831
15,912	Daio Paper Corp.(b)		179,226
2,812	Daiseki Co. Ltd.		56,302
22,401	Daishi Bank Ltd. (The)		99,295
34,591	Daiwabo Holdings Co. Ltd.		85,729
20,914	DCM Holdings Co. Ltd.		188,193
11,358	DeNA Co. Ltd.		255,158
2,442	Descente Ltd.		27,853
5,290	Dexerials Corp.(a)		58,363
1,023	DISCO Corp.		131,220
12,783	DMG Mori Co. Ltd.		175,777
2,152	Doshisha Co. Ltd.		41,406
2,992	Doutor Nichires Holdings Co. Ltd.		57,142
40,414	Dowa Holdings Co. Ltd.		344,995
1,827	DTS Corp.		41,482
5,204	Duskin Co. Ltd.		113,996
1,254	DyDo Group Holdings, Inc.		66,390
3,539	Eagle Industry Co. Ltd.		47,784
1,385	Earth Chemical Co. Ltd.		59,423
18,417	EDION Corp.(b)		177,176
1,635	EIZO Corp.		46,185
5,620	EXEDY Corp.		152,762
2,503	Ezaki Glico Co. Ltd.		114,728
4,814	F.C.C. Co. Ltd.		87,578
3,698	Familymart UNY Holdings Co. Ltd.		235,200
3,600	Fancl Corp.		49,823
39,568	FIDEA Holdings Co. Ltd.		72,757

Schedule of Investments

4,249	Foster Electric Co. Ltd.	$	66,844
1,697	FP Corp.		81,100
7,824	Fuji Machine Manufacturing Co. Ltd.		98,621
5,095	Fuji Oil Holdings, Inc.		102,285
3,493	Fuji Seal International, Inc.		74,468
2,867	Fuji Soft, Inc.		70,672
7,023	Fujitec Co. Ltd.		82,910
5,260	Fujitsu General Ltd.		103,541
20,514	Fukuyama Transporting Co. Ltd.(b)		113,344
5,693	Funai Electric Co. Ltd.(b)		45,918
47,471	Furukawa Co. Ltd.		93,192
4,444	Futaba Corp.		77,768
2,593	Fuyo General Lease Co. Ltd.		129,448
6,501	Geo Holdings Corp.(b)		75,361
4,730	Glory Ltd.		148,318
3,154	GMO Internet, Inc.		45,920
2,300	Godo Steel Ltd.		39,064
15,161	Gree, Inc.		81,882
49,641	GS Yuasa Corp.		206,369
4,476	G-Tekt Corp.		84,371
17,800	GungHo Online Entertainment, Inc.(b)		38,739
19,182	Gunze Ltd.		66,283
12,740	H2O Retailing Corp.		211,966
5,585	Hamamatsu Photonics K.K.		161,981
34,242	Hanwa Co. Ltd.		234,516
22,629	Hazama Ando Corp.		158,398
5,310	Heiwa Corp.		128,487
5,568	Heiwa Real Estate Co. Ltd.		77,752
4,720	Heiwado Co. Ltd.		109,179
1,922	Hikari Tsushin, Inc.		176,365
1,677	Hirose Electric Co. Ltd.		219,280
3,161	HIS Co. Ltd.(b)		84,518
3,817	Hisamitsu Pharmaceutical Co., Inc.		198,691
4,036	Hitachi Capital Corp.		104,149
12,454	Hitachi Chemical Co. Ltd.		355,117
6,341	Hitachi High-Technologies Corp.		272,904
6,842	Hitachi Koki Co. Ltd.		52,694
4,701	Hitachi Kokusai Electric, Inc.		105,900
8,468	Hitachi Maxell Ltd.		171,654
7,402	Hitachi Transport System Ltd.		152,084
35,704	Hitachi Zosen Corp.		188,392
953	Hogy Medical Co. Ltd.		58,412
28,153	Hokkoku Bank Ltd. (The)		107,785
20,048	Hokuetsu Kishu Paper Co. Ltd.		121,989
2,303	Hokuto Corp.		41,795
3,500	Horiba Ltd.		184,677
1,185	Hoshizaki Corp.		96,947
8,562	Hosiden Corp.		66,473
6,775	House Foods Group, Inc.		145,821
8,860	Hulic Co. Ltd.		86,731
18,385	Hyakugo Bank Ltd. (The)		75,941
14,320	Hyakujushi Bank Ltd. (The)		47,829
4,175	IBJ Leasing Co. Ltd.		91,789
3,614	Idom, Inc.(b)		23,724
9,984	Iino Kaiun Kaisha Ltd.		41,062
2,185	Inaba Denki Sangyo Co. Ltd.		77,734
3,353	Inabata & Co. Ltd.		38,392
2,351	Internet Initiative Japan, Inc.		37,946
35,684	Iseki & Co. Ltd.		71,003
11,200	Ishihara Sangyo Kaisha Ltd.(a)		91,829
5,007	Ito EN Ltd.		166,789
7,522	Itochu Enex Co. Ltd.		61,205
5,038	ITOCHU Techno-Solutions Corp.		135,824
16,060	Itoham Yonekyu Holdings, Inc.(a)		142,518
5,707	Itoki Corp.		36,855
37,634	Iwatani Corp.		210,610

31,008	Iyo Bank Ltd. (The)	$	209,061
3,453	Izumi Co. Ltd.		146,923
9,022	J Trust Co. Ltd.		97,693
28,145	Jaccs Co. Ltd.		127,756
2,321	JAFCO Co. Ltd.		78,758
2,093	Japan Airport Terminal Co. Ltd.(b)		75,298
9,231	Japan Aviation Electronics Industry Ltd.(b)		113,322
13,576	Japan Exchange Group, Inc.		203,203
7,125	Japan Petroleum Exploration Co. Ltd.		160,633
12,528	Japan Securities Finance Co. Ltd.		67,551
10,700	Japan Steel Works Ltd. (The)		201,881
6,408	Japan Wool Textile Co. Ltd. (The)		50,376
3,129	Joyful Honda Co. Ltd.		86,720
4,678	Juki Corp.		50,572
25,956	Juroku Bank Ltd. (The)		90,382
54,317	JVC KENWOOD Corp.		147,644
5,302	Kagome Co. Ltd.		136,865
1,932	Kakaku.com, Inc.		35,079
1,346	Kaken Pharmaceutical Co. Ltd.		68,391
19,713	Kamigumi Co. Ltd.		192,271
2,941	Kanamoto Co. Ltd.		76,938
15,684	Kandenko Co. Ltd.		146,147
95,388	Kanematsu Corp.		168,618
12,334	Kansai Paint Co. Ltd.		240,380
4,748	Kasai Kogyo Co. Ltd.		55,082
3,252	Kato Sangyo Co. Ltd.		78,314
2,400	Kato Works Co. Ltd.(b)		64,277
29,251	Keihan Holdings Co. Ltd.		195,656
8,185	Keihin Corp.		145,341
6,700	Keisei Electric Railway Co. Ltd.		158,907
16,373	Keiyo Bank Ltd. (The)		75,629
8,355	Kenedix, Inc.		31,394
9,608	Kewpie Corp.		240,509
6,102	Kikkoman Corp.		192,695
15,307	Kinden Corp.		194,983
5,547	Kintetsu World Express, Inc.		76,867
2,638	Kissei Pharmaceutical Co. Ltd.		64,606
12,212	Kitz Corp.		74,742
6,589	Kiyo Bank Ltd. (The)		105,295
23,394	KNT-CT Holdings Co. Ltd.(a)		30,340
2,661	Kobayashi Pharmaceutical Co. Ltd.		118,897
2,443	Koei Tecmo Holdings Co. Ltd.		41,579
7,384	Kohnan Shoji Co. Ltd.		138,005
10,902	Kokuyo Co. Ltd.		134,998
5,152	Komeri Co. Ltd.		121,781
5,162	Komori Corp.		71,165
6,779	Konami Holdings Corp.		272,184
5,253	Konoike Transport Co. Ltd.		69,573
882	Kose Corp.		75,214
14,200	K’s Holdings Corp.		256,943
36,314	Kumagai Gumi Co. Ltd.		104,515
2,900	Kureha Corp.		123,522
7,368	Kuroda Electric Co. Ltd.		152,498
47,970	KYB Corp.		234,790
3,353	Kyoei Steel Ltd.		67,790
4,199	Kyokuto Kaihatsu Kogyo Co. Ltd.		60,612
4,549	KYORIN Holdings, Inc.		99,648
536	Kyoritsu Maintenance Co. Ltd.(b)		35,091
12,086	Kyowa Exeo Corp.		179,398
3,647	Kyudenko Corp.		99,294
2,238	Life Corp.		64,908
6,008	Lintec Corp.		134,756
15,783	Lion Corp.		274,932
3,039	Mabuchi Motor Co. Ltd.		156,843
16,903	Maeda Corp.		147,746
6,143	Maeda Road Construction Co. Ltd.		106,462

Schedule of Investments

11,750	Makino Milling Machine Co. Ltd.	$	103,540
1,176	Mandom Corp.		55,575
5,770	Maruha Nichiro Corp.		159,915
4,646	Maruichi Steel Tube Ltd.		156,414
3,662	Marusan Securities Co. Ltd.		31,098
5,941	Matsui Securities Co. Ltd.		51,138
3,771	Matsumotokiyoshi Holdings Co. Ltd.		187,922
27,585	Mebuki Financial Group, Inc.		106,591
7,769	Megmilk Snow Brand Co. Ltd.		204,413
22,841	Meidensha Corp.		78,115
1,542	Meitec Corp.		58,146
31,175	Minebea Mitsumi, Inc.		311,542
1,909	Ministop Co. Ltd.		34,407
4,996	Miraca Holdings, Inc.		228,997
11,920	Mirait Holdings Corp.(b)		109,062
8,827	Misawa Homes Co. Ltd.		83,820
10,304	MISUMI Group, Inc.		193,129
7,441	Mitsuba Corp.		129,883
12,556	Mitsubishi Logistics Corp.		179,124
1,018	Mitsubishi Pencil Co. Ltd.		54,709
1,522	Mitsubishi Shokuhin Co. Ltd.		45,494
50,225	Mitsubishi UFJ Lease & Finance Co. Ltd.		269,027
5,086	Mitsuboshi Belting Ltd.		44,366
1,600	Mitsui Sugar Co. Ltd.		35,702
23,387	Mitsui-Soko Holdings Co. Ltd.		70,218
3,463	Miura Co. Ltd.		55,125
940	Mochida Pharmaceutical Co. Ltd.		67,551
2,873	Modec, Inc.		48,158
19,762	Monex Group, Inc.		52,488
2,600	Morinaga & Co. Ltd.		112,707
40,743	Morinaga Milk Industry Co. Ltd.		281,211
1,350	MOS Food Services, Inc.		39,933
3,624	Musashi Seimitsu Industry Co. Ltd.		100,117
3,218	Musashino Bank Ltd. (The)		95,761
8,969	Nabtesco Corp.		234,791
27,643	Nachi-Fujikoshi Corp.		136,036
11,759	Nagase & Co. Ltd.		161,801
13,465	Namura Shipbuilding Co. Ltd.		90,185
33,727	Nankai Electric Railway Co. Ltd.		167,474
1,300	Nanto Bank Ltd. (The)		52,543
3,927	NEC Networks & System Integration Corp.		71,790
19,062	NET One Systems Co. Ltd.		130,551
5,121	Nexon Co. Ltd.		78,333
15,168	Nichias Corp.		156,160
10,679	Nichicon Corp.		100,932
4,061	Nichiha Corp.		104,470
10,168	NichiiGakkan Co. Ltd.		73,612
2,373	Nichi-iko Pharmaceutical Co. Ltd.		34,675
13,000	Nichirei Corp.		265,139
2,456	Nifco, Inc.		124,354
4,181	Nihon Kohden Corp.		95,858
8,540	Nihon Parkerizing Co. Ltd.		104,915
5,904	Nihon Unisys Ltd.		76,517
9,506	Nikkiso Co. Ltd.		88,495
4,970	Nikkon Holdings Co. Ltd.		103,395
6,528	Nippo Corp.		123,688
54,044	Nippon Chemi-Con Corp.		125,299
31,762	Nippon Denko Co. Ltd.(a)		91,696
2,975	Nippon Densetsu Kogyo Co. Ltd.		49,154
6,300	Nippon Flour Mills Co. Ltd.		89,540
3,660	Nippon Gas Co. Ltd.		105,175
17,810	Nippon Kayaku Co. Ltd.		233,670
128,991	Nippon Light Metal Holdings Co. Ltd.		316,247
7,976	Nippon Paint Holdings Co. Ltd.		233,807
6,572	Nippon Road Co. Ltd. (The)		26,854
5,657	Nippon Seiki Co. Ltd.		122,311

1,800	Nippon Shinyaku Co. Ltd.	$	93,378
3,540	Nippon Shokubai Co. Ltd.		244,962
8,569	Nippon Signal Co. Ltd.		81,523
20,030	Nippon Soda Co. Ltd.		97,859
2,200	Nippon Steel & Sumikin Bussan Corp.		90,970
41,777	Nippon Suisan Kaisha Ltd.		206,334
58,225	Nippon Yakin Kogyo Co. Ltd.		98,270
16,933	Nipro Corp.		190,125
35,268	Nishimatsu Construction Co. Ltd.		177,006
24,600	Nishi-Nippon Financial Holdings, Inc.(a)		259,384
27,865	Nishi-Nippon Railroad Co. Ltd.		123,762
2,083	Nishio Rent All Co. Ltd.		59,673
7,373	Nissan Chemical Industries Ltd.		264,269
5,734	Nissan Shatai Co. Ltd.		54,551
3,406	Nissha Printing Co. Ltd.(b)		93,792
13,332	Nisshin Oillio Group Ltd. (The)		63,122
19,830	Nisshinbo Holdings, Inc.		189,713
6,509	Nissin Kogyo Co. Ltd.		108,064
1,314	Nitta Corp.		35,834
13,654	Nitto Boseki Co. Ltd.		54,943
2,970	Nitto Kogyo Corp.		40,682
12,920	NOF Corp.		135,885
6,030	Nomura Research Institute Ltd.		206,758
5,107	Noritz Corp.		87,918
55,361	North Pacific Bank Ltd.		223,755
2,059	NS Solutions Corp.		40,915
2,396	NSD Co. Ltd.		37,459
7,772	NTT Urban Development Corp.		68,624
1,803	OBIC Co. Ltd.		86,807
27,219	Ogaki Kyoritsu Bank Ltd. (The)		105,660
2,920	Oiles Corp.		52,240
6,152	Okabe Co. Ltd.		52,189
4,068	Okamoto Industries, Inc.		38,485
7,552	Okamura Corp.		75,134
24,160	Okasan Securities Group, Inc.		158,813
15,100	Oki Electric Industry Co. Ltd.		218,234
5,100	Okinawa Electric Power Co., Inc. (The)		118,241
13,439	OKUMA Corp.		140,508
19,427	Okumura Corp.		118,037
22,748	Onward Holdings Co. Ltd.		168,526
1,222	Oracle Corp. Japan		68,604
31,041	Orient Corp.(a)		57,077
4,861	OSG Corp.(b)		101,085
3,425	Otsuka Corp.		176,764
6,096	Pacific Industrial Co. Ltd.		75,703
20,947	Pacific Metals Co. Ltd.(a)(b)		66,428
7,726	Paltac Corp.		200,468
9,742	PanaHome Corp.		82,817
1,441	Paramount Bed Holdings Co. Ltd.		58,114
4,485	Park24 Co. Ltd.		124,102
35,344	Penta-Ocean Construction Co. Ltd.		173,306
2,810	Pigeon Corp.		76,381
1,260	Pilot Corp.		51,318
99,355	Pioneer Corp.(a)		218,877
2,890	Plenus Co. Ltd.		62,947
824	Pola Orbis Holdings, Inc.		78,466
15,317	Press Kogyo Co. Ltd.		69,799
27,887	Prima Meat Packers Ltd.		109,244
3,643	Raito Kogyo Co. Ltd.		38,347
5,181	Relia, Inc.		54,123
350	Relo Group, Inc.		51,548
3,300	Resorttrust, Inc.		61,031
1,415	Ricoh Leasing Co. Ltd.		43,113
2,009	Rinnai Corp.		171,320
5,491	Rohto Pharmaceutical Co. Ltd.(b)		95,358
11,323	Round One Corp.		81,773

Schedule of Investments

2,147	Royal Holdings Co. Ltd.	$	36,541
25,778	Ryobi Ltd.		118,156
559	Ryohin Keikaku Co. Ltd.		105,022
4,733	Ryosan Co. Ltd.		147,571
2,123	Saizeriya Co. Ltd.		49,240
5,281	SAKATA INX Corp.		69,428
1,460	Sakata Seed Corp.		41,955
1,257	San-A Co. Ltd.		58,398
7,120	San-Ai Oil Co. Ltd.		54,898
40,063	Sanden Holdings Corp.		127,049
6,295	Sangetsu Corp.		111,892
16,881	San-in Godo Bank Ltd. (The)		141,706
30,241	Sanken Electric Co. Ltd.(a)		142,911
4,170	Sanki Engineering Co. Ltd.		35,708
5,288	Sankyo Co. Ltd.		177,324
7,548	Sankyo Tateyama, Inc.		113,312
37,931	Sankyu, Inc.		240,575
4,449	Sanrio Co. Ltd.(b)		87,656
5,188	Sanshin Electronics Co. Ltd.		56,224
23,984	Sanwa Holdings Corp.		223,915
1,500	Sanyo Chemical Industries Ltd.		65,690
8,418	Sanyo Denki Co. Ltd.		66,028
28,201	Sanyo Shokai Ltd.		42,085
19,297	Sanyo Special Steel Co. Ltd.		102,677
2,070	Sato Holdings Corp.		44,627
1,525	Sawai Pharmaceutical Co. Ltd.		80,195
2,767	SCREEN Holdings Co. Ltd.		173,775
1,815	SCSK Corp.		68,440
2,911	Seikagaku Corp.		42,977
28,120	Seiko Holdings Corp.		102,414
5,104	Seiren Co. Ltd.		63,429
16,580	Senko Co. Ltd.		106,778
40,770	Senshu Ikeda Holdings, Inc.		188,322
29,158	Seven Bank Ltd.		83,919
26,346	Shiga Bank Ltd. (The)(b)		148,609
2,812	Shima Seiki Manufacturing Ltd.		97,418
7,116	Shimachu Co. Ltd.		174,653
12,160	Shimadzu Corp.		206,204
1,932	Shimamura Co. Ltd.		253,824
14,712	Shindengen Electric Manufacturing Co. Ltd.		54,496
12,143	Shinko Electric Industries Co. Ltd.		92,657
12,050	Shinmaywa Industries Ltd.		113,248
4,213	Ship Healthcare Holdings, Inc.		112,085
1,391	SHO-BOND Holdings Co. Ltd.		59,248
6,100	Shochiku Co. Ltd.		72,880
11,105	Showa Corp.		76,647
2,440	Siix Corp.		89,082
12,648	SKY Perfect JSAT Holdings, Inc.		57,075
9,460	Skylark Co. Ltd.		128,486
5,780	Sodick Co. Ltd.		50,676
2,719	Sohgo Security Services Co. Ltd.		102,529
27,108	Sotetsu Holdings, Inc.		137,497
3,525	Square Enix Holdings Co. Ltd.		101,139
3,596	Star Micronics Co. Ltd.		54,783
2,446	Starts Corp., Inc.		42,695
2,135	Sugi Holdings Co. Ltd.		99,567
18,308	Sumco Corp.		288,017
24,070	Sumitomo Bakelite Co. Ltd.		142,827
14,933	Sumitomo Dainippon Pharma Co. Ltd.		252,564
130,718	Sumitomo Mitsui Construction Co. Ltd.		139,340
46,357	Sumitomo Osaka Cement Co. Ltd.		187,363
5,879	Sumitomo Riko Co. Ltd.		60,944
1,600	Sumitomo Seika Chemicals Co. Ltd.		66,800
16,168	Sumitomo Warehouse Co. Ltd. (The)		87,321
1,657	Sundrug Co. Ltd.		114,514

9,898	Suruga Bank Ltd.	$	226,843
77,605	SWCC Showa Holdings Co. Ltd.(a)		61,353
2,371	Sysmex Corp.		142,376
6,054	Tachi-S Co. Ltd.		100,349
12,030	Tadano Ltd.		148,431
4,163	Taihei Dengyo Kaisha Ltd.		40,012
3,548	Taikisha Ltd.		87,963
1,069	Taiyo Holdings Co. Ltd.		43,349
14,602	Taiyo Nippon Sanso Corp.		173,291
14,976	Taiyo Yuden Co. Ltd.		183,716
14,963	Takara Holdings, Inc.		143,416
2,300	Takara Standard Co. Ltd.		38,859
7,065	Takasago Thermal Engineering Co. Ltd.		96,836
22,569	Takata Corp.(a)(b)		107,257
7,125	Takuma Co. Ltd.		61,962
2,542	Tamron Co. Ltd.		46,267
16,251	Tamura Corp.		62,362
1,420	Technopro Holdings, Inc.		49,131
18,411	Tekken Corp.		53,970
7,094	Temp Holdings Co. Ltd.		123,259
7,211	T-Gaia Corp.		118,502
10,184	THK Co. Ltd.		252,485
9,305	TIS, Inc.		211,351
2,700	Toa Corp.		42,955
12,597	Toagosei Co. Ltd.		135,397
35,336	Toda Corp.		194,611
5,663	Toei Co. Ltd.		50,556
6,102	Toenec Corp.		30,137
14,240	Toho Bank Ltd. (The)		53,760
5,990	Toho Co. Ltd.		173,195
28,987	Toho Zinc Co. Ltd.		126,943
38,763	Tokai Carbon Co. Ltd.		139,798
12,918	Tokai Holdings Corp.(b)		92,374
6,906	Tokai Rika Co. Ltd.		138,151
24,637	Tokai Tokyo Financial Holdings, Inc.		137,656
738	Token Corp.		52,314
162,694	Tokuyama Corp.(a)		731,274
3,447	Tokyo Broadcasting System Holdings, Inc.		59,494
3,099	Tokyo Century Corp.		105,846
8,300	Tokyo Dome Corp.		78,963
3,702	Tokyo Ohka Kogyo Co. Ltd.		132,854
3,095	Tokyo Seimitsu Co. Ltd.		101,723
7,956	Tokyo Steel Manufacturing Co. Ltd.		72,016
17,443	Tokyo Tatemono Co. Ltd.		232,109
2,234	Tokyo Ty Financial Group, Inc.		77,989
9,059	Tokyu Construction Co. Ltd.		71,458
8,503	Tomy Co. Ltd.		90,714
6,916	Topcon Corp.		106,650
5,252	Toppan Forms Co. Ltd.		54,678
3,709	Topre Corp.		94,755
1,600	Topy Industries Ltd.		44,912
16,064	Toshiba Machine Co. Ltd.		70,206
4,029	Toshiba Plant Systems & Services Corp.		60,878
34,348	Toshiba TEC Corp.(a)		188,559
1,966	Totetsu Kogyo Co. Ltd.		58,068
860	Towa Pharmaceutical Co. Ltd.		33,537
11,981	Toyo Construction Co. Ltd.		43,422
28,449	Toyo Engineering Corp.		76,066
21,897	Toyo Ink SC Holdings Co. Ltd.		107,370
14,850	Toyo Kohan Co. Ltd.		54,084
12,155	Toyo Tire & Rubber Co. Ltd.		148,138
135,248	Toyobo Co. Ltd.		219,857
10,438	Toyota Boshoku Corp.		232,265
3,112	TPR Co. Ltd.		89,151
2,440	transcosmos, Inc.		64,178
5,577	Trend Micro, Inc.(a)		217,234

Schedule of Investments

3,204	Trusco Nakayama Corp.	$	73,031
7,801	TS Tech Co. Ltd.		200,058
14,323	TSI Holdings Co. Ltd.		102,802
21,623	Tsubakimoto Chain Co.		174,021
6,165	Tsumura & Co.		179,077
1,829	Tsuruha Holdings, Inc.		172,218
2,464	TV Asahi Holdings Corp.		49,488
2,402	TV TOKYO Holdings Corp.		49,374
55,868	UACJ Corp.		176,177
2,381	UKC Holdings Corp.		46,425
3,214	Ulvac, Inc.		114,342
8,348	Unipres Corp.		176,489
1,566	United Arrows Ltd.		44,375
187,263	Unitika Ltd.(a)		134,740
9,876	Ushio, Inc.		125,890
8,847	USS Co. Ltd.		155,682
6,839	Valor Holdings Co. Ltd.		178,242
7,730	VT Holdings Co. Ltd.		37,697
12,856	Wacoal Holdings Corp.		156,567
11,695	Wacom Co. Ltd.(b)		35,633
6,976	Wakita & Co. Ltd.		64,756
2,579	Warabeya Nichiyo Holdings Co. Ltd.		56,242
1,348	Welcia Holdings Co. Ltd.		74,360
3,806	XEBIO Holdings Co. Ltd.		57,069
52,152	Yahoo! Japan Corp.		219,587
3,542	Yakult Honsha Co. Ltd.		182,488
10,154	Yamanashi Chuo Bank Ltd. (The)		47,985
5,138	Yamato Kogyo Co. Ltd.		154,266
5,188	Yamazen Corp.		44,564
1,784	Yaoko Co. Ltd.		72,659
19,032	Yaskawa Electric Corp.		345,053
1,930	Yodogawa Steel Works Ltd.		55,204
3,909	Yokogawa Bridge Holdings Corp.		49,898
21,556	Yokogawa Electric Corp.		345,815
4,374	Yokohama Reito Co. Ltd.		40,059
3,381	Yorozu Corp.		47,182
6,943	Yoshinoya Holdings Co. Ltd.		100,344
2,111	Yuasa Trading Co. Ltd.		57,287
6,086	Yurtec Corp.		44,547
1,830	Zenkoku Hosho Co. Ltd.		63,479
10,174	Zensho Holdings Co. Ltd.		175,147
25,048	Zeon Corp.		289,251
4,007	ZERIA Pharmaceutical Co. Ltd.		63,215
			60,403,083
	Jersey Island - 0.1%
69,618	Centamin PLC		137,336
	Jordan - 0.1%
3,772	Hikma Pharmaceuticals PLC		86,559
	Luxembourg - 0.2%
6,059	APERAM SA		286,048
154	Eurofins Scientific SE		69,068
22,517	L’Occitane International SA		44,457
			399,573
	Macau - 0.3%
102,623	MGM China Holdings Ltd.		200,237
182,259	Wynn Macau Ltd.		334,953
			535,190
	Mexico - 0.1%
10,593	Fresnillo PLC		193,642
	Netherlands - 1.2%
6,015	Aalberts Industries NV		210,938
11,639	Arcadis NV		158,109
3,137	ASM International NV		154,591

8,354	BinckBank NV	$	47,885
2,294	Brunel International NV		40,249
5,994	Corbion NV		153,490
3,594	Eurocommercial Properties NV CVA		133,339
2,484	Euronext NV(c)		109,996
1,691	Grandvision NV(c)		40,332
2,278	IMCD Group NV		102,338
4,191	Koninklijke Vopak NV		179,878
11,666	NSI NV REIT		47,492
6,488	OCI NV(a)		122,457
3,481	Refresco Group NV(c)		52,535
3,122	TKH Group NV CVA		126,692
7,617	TomTom NV(a)		69,821
1,598	Vastned Retail NV REIT		59,002
3,110	Wereldhave NV REIT(b)		136,288
			1,945,432
	New Zealand - 0.8%
46,091	Air New Zealand Ltd.		70,967
32,013	Auckland International Airport Ltd.		160,548
34,123	Chorus Ltd.		101,452
13,712	Fisher & Paykel Healthcare Corp. Ltd.		87,366
34,882	Genesis Energy Ltd.		55,243
48,072	Kiwi Property Group Ltd.		50,931
41,670	Mercury NZ Ltd.		93,796
93,803	Meridian Energy Ltd.		180,882
11,903	Ryman Healthcare Ltd.		76,015
52,910	Sky Network Television Ltd.		180,003
49,797	SKYCITY Entertainment Group Ltd.		138,012
18,975	Trade Me Group Ltd.		70,397
25,269	Z Energy Ltd.		134,878
			1,400,490
	Norway - 0.8%
62,499	AKER Solutions ASA(a)(c)		336,812
9,804	Austevoll Seafood ASA		90,858
59,793	DNO ASA(a)(b)		62,571
4,157	Entra ASA(c)		44,966
1,203	Leroy Seafood Group ASA		67,126
7,782	Nordic Semiconductor ASA(a)		32,915
84,807	Petroleum Geo-Services ASA(a)		281,908
3,139	Salmar ASA		89,007
2,632	Schibsted ASA, Class A		69,769
3,132	Schibsted ASA, Class B		78,226
8,084	Tomra Systems ASA		88,673
5,087	Veidekke ASA		75,739
5,110	XXL ASA(c)		59,002
			1,377,572
	Portugal - 0.4%
62,188	Banco BPI SA(a)		76,078
15,233	CTT-Correios de Portugal SA		84,847
24,846	Mota-Engil SGPS SA		43,204
38,467	Navigator Co. SA (The)		140,054
13,258	NOS SGPS SA		74,634
20,391	REN - Redes Energeticas Nacionais SGPS SA		56,149
3,477	Semapa-Sociedade de Investimento e Gestao SGPS SA		49,412
177,877	Sonae SGPS SA(a)		152,824
			677,202
	Russia - 0.3%
92,578	Evraz PLC(a)		259,733
13,276	Polymetal International PLC		154,081
			413,814
	Singapore - 1.5%
97,342	Ascendas Hospitality Trust REIT		50,785
37,135	Ascott Residence Trust REIT		29,918

Schedule of Investments

10,550	BW LPG Ltd.(c)	$	53,854
67,132	Cache Logistics Trust REIT		38,598
161,649	CapitaLand Commercial Trust Ltd. REIT		174,982
36,450	CDL Hospitality Trusts REIT		36,610
385,298	COSCO Corp. Singapore Ltd.(a)		76,578
141,746	Ezion Holdings Ltd.(a)		41,252
1,165,297	Ezra Holdings Ltd.(a)		39,704
27,049	First Resources Ltd.		37,056
34,269	Frasers Centrepoint Trust REIT		48,650
141,271	Keppel REIT		101,280
30,797	M1 Ltd.		43,940
75,981	Mapletree Commercial Trust REIT		82,518
127,920	Mapletree Greater China Commercial Trust REIT(c)		86,715
83,352	Mapletree Industrial Trust REIT		97,327
126,271	Mapletree Logistics Trust REIT		94,112
47,985	SATS Ltd.		179,842
141,384	Sembcorp Marine Ltd.		149,533
32,799	Singapore Exchange Ltd.		172,749
97,418	Singapore Post Ltd.		101,304
50,529	StarHub Ltd.		106,524
185,833	Suntec Real Estate Investment Trust REIT		228,202
23,180	United Engineers Ltd.		46,564
43,712	UOL Group Ltd.		197,647
19,953	Venture Corp. Ltd.		144,322
31,362	Wing Tai Holdings Ltd.		38,624
57,978	Yanlord Land Group Ltd.		57,204
			2,556,394
	South Africa - 0.1%
46,754	Petra Diamonds Ltd.(a)		88,938
	South Korea - 6.0%
424	Amorepacific Corp.(a)		115,660
135	Amorepacific Corp. (Preference Shares)(a)		20,852
797	AMOREPACIFIC Group(a)		92,930
34,178	Asiana Airlines, Inc.(a)		123,230
806	BGF Retail Co. Ltd.(a)		63,601
543	Celltrion, Inc.(a)		46,819
4,311	Cheil Worldwide, Inc.		68,814
1,196	CJ E&M Corp.(a)		90,053
3,545	CJ Hellovision Co. Ltd.(a)		28,004
438	CJ Korea Express Corp.(a)		61,435
454	CJ O Shopping Co. Ltd.(a)		62,820
1,889	Coway Co. Ltd.(a)		142,232
2,247	Daesang Corp.(a)		48,726
25,339	Daewoo Engineering & Construction Co. Ltd.(a)		112,947
4,945	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		154,529
6,982	Daishin Securities Co. Ltd.(a)		67,591
3,136	Daishin Securities Co. Ltd. (Preference Shares)(a)		20,266
2,127	Daou Technology, Inc.(a)		32,488
22,127	DGB Financial Group, Inc.(a)		187,930
10,518	Dongkuk Steel Mill Co. Ltd.		110,420
555	Fila Korea Ltd.(a)		32,858
1,327	Green Cross Holdings Corp.(a)		24,380
273	GS Home Shopping, Inc.		42,473
1,088	GS Retail Co. Ltd.		48,684
1,009	Halla Holdings Corp.(a)		52,443
555	Hanil Cement Co. Ltd.(a)		35,580
21,988	Hanjin Heavy Industries & Construction Co. Ltd.(a)		56,668
2,809	Hanjin Kal Corp.(a)		36,862
1,767	Hanjin Transportation Co. Ltd.(a)		43,259
11,050	Hanon Systems		86,434

10,250	Hanwha Chemical Corp.(a)	$	230,208
9,144	Hanwha General Insurance Co. Ltd.(a)		54,529
22,151	Hanwha Life Insurance Co. Ltd.(a)		122,754
3,820	Hanwha Techwin Co. Ltd.(a)		137,074
2,704	Hite Jinro Co. Ltd.(a)		48,398
1,554	Hotel Shilla Co. Ltd.		57,969
2,478	Huchems Fine Chemical Corp.(a)		44,353
2,753	Hyundai Corp.(a)		51,644
1,351	Hyundai Department Store Co. Ltd.(a)		111,837
5,228	Hyundai Development Co.-Engineering & Construction(a)		196,595
3,004	Hyundai Greenfood Co. Ltd.(a)		42,652
444	Hyundai Home Shopping Network Corp.(a)		41,454
1,704	Hyundai Mipo Dockyard Co. Ltd.(a)		84,166
4,750	Hyundai Rotem Co. Ltd.(a)		77,457
2,116	Hyundai Wia Corp.		117,626
3,454	iMarketKorea, Inc.(a)		31,060
4,525	Interpark Holdings Corp.(a)		18,418
12,566	JB Financial Group Co. Ltd.(a)		60,554
908	Kakao Corp.(a)		60,710
4,909	Kangwon Land, Inc.(a)		138,133
599	KCC Corp.		179,118
826	KEPCO Plant Service & Engineering Co. Ltd.(a)		38,880
725	Kiwoom Securities Co. Ltd.(a)		45,293
850	Kolon Corp.(a)		40,668
3,460	Kolon Industries, Inc.(a)		221,218
1,097	Korea Aerospace Industries Ltd.(a)		58,527
3,954	Korea Investment Holdings Co. Ltd.(a)		158,214
205	Korea Petrochemical Industries Co. Ltd.(a)		47,629
8,049	Korean Reinsurance Co.		75,150
6,991	Kumho Industrial Co. Ltd.(a)		56,609
3,401	Kumho Petrochemical Co. Ltd.		240,859
15,438	Kumho Tire Co., Inc.(a)		108,402
2,815	LF Corp.(a)		51,838
723	LG Hausys Ltd.		60,660
191	LG Household & Health Care Ltd.		144,470
48	LG Household & Health Care Ltd. (Preference Shares)		21,850
2,112	LG Innotek Co. Ltd.		180,104
7,663	LG International Corp.		212,989
49	Lotte Chilsung Beverage Co. Ltd.(a)		61,097
323	Lotte Confectionery Co. Ltd.(a)		56,701
2,207	Lotte Fine Chemical Co. Ltd.(a)		58,114
1,264	Lotte Himart Co. Ltd.(a)		45,628
5,914	LS Corp.(a)		318,575
2,232	LS Industrial Systems Co. Ltd.		80,956
4,705	Meritz Financial Group, Inc.(a)		44,333
6,594	Meritz Fire & Marine Insurance Co. Ltd.(a)		85,397
16,524	Meritz Securities Co. Ltd.(a)		51,331
23,614	Mirae Asset Daewoo Co. Ltd.(a)		179,020
13,772	Mirae Asset Life Insurance Co. Ltd.(a)		70,158
395	Naver Corp.		257,646
459	NCSOFT Corp.(a)		120,072
3,279	Nexen Tire Corp.		37,104
13,882	NH Investment & Securities Co. Ltd.(a)		136,777
1,409	NHN Entertainment Corp.(a)		64,260
213	Nongshim Co. Ltd.		58,286
131	Orion Corp.(a)		73,160
19,059	Pan Ocean Co. Ltd.(a)		63,142
3,132	Paradise Co. Ltd.(a)		36,115
3,702	Partron Co. Ltd.		35,360
4,250	Poongsan Corp.(a)		159,087
12,403	POSCO Daewoo Corp.		271,626
739	S-1 Corp.		53,481
1,166	Samsung C&T Corp.		126,423

Schedule of Investments

4,825	Samsung Card Co. Ltd.	$	162,550
20,323	Samsung Engineering Co. Ltd.(a)		220,351
887	Samsung SDS Co. Ltd.		96,172
5,489	Samsung Securities Co., Ltd.(a)		153,036
556	Samyang Holdings Corp.(a)		49,041
2,289	Seah Besteel Corp.(a)		48,947
1,112	Sebang Global Battery Co. Ltd.(a)		33,156
3,493	Seoul Semiconductor Co. Ltd.		45,688
773	Shinsegae, Inc.		117,071
3,090	SK Chemicals Co. Ltd.(a)		157,943
618	SK Gas Co. Ltd.(a)		57,434
569	SK Holdings Co. Ltd.(a)		106,005
3,166	SKC Co. Ltd.(a)		84,592
4,013	Ssangyong Cement Industrial Co. Ltd.(a)		49,036
5,757	Ssangyong Motor Co.(a)		37,601
11,650	Sungwoo Hitech Co. Ltd.(a)		74,185
25,466	Tongyang, Inc.(a)		62,016
5,095	Tongyang Life Insurance Co. Ltd.(a)		46,474
47	Young Poong Corp.(a)		44,084
1,392	Youngone Corp.(a)		31,982
12,717	Yuanta Securities Korea Co. Ltd.(a)		36,988
238	Yuhan Corp.(a)		38,605
			10,077,863
	Spain - 2.0%
19,268	Acerinox SA		264,347
3,124	Almirall SA		50,304
11,122	Applus Services SA		126,987
5,147	Bolsas y Mercados Espanoles SHMSF SA		162,393
3,310	Cellnex Telecom SA(c)		47,075
1,741	Cia de Distribucion Integral Logista Holdings SA		42,108
3,697	CIE Automotive SA		68,740
2,660	Construcciones y Auxiliar de Ferrocarriles SA		108,087
8,295	Ebro Foods SA		171,220
16,753	EDP Renovaveis SA		107,598
15,193	Ence Energia y Celulosa SA		40,473
4,547	Euskaltel SA(c)		41,921
14,599	Faes Farma SA		54,194
12,234	Gamesa Corp. Tecnologica SA		256,890
4,572	Grupo Catalana Occidente SA		148,970
17,892	Indra Sistemas SA(a)		196,936
12,493	Inmobiliaria Colonial SA		91,754
80,554	Liberbank SA(a)		89,231
10,610	Mediaset Espana Comunicacion SA		129,683
7,162	Melia Hotels International SA		91,951
8,520	MERLIN Properties SOCIMI SA REIT		95,344
20,229	NH Hotel Group SA(a)		89,413
14,279	Promotora de Informaciones SA, Class A(a)		80,999
22,138	Prosegur Compania de Seguridad SA		139,241
111,347	Sacyr SA(a)		288,799
4,524	Tecnicas Reunidas SA		179,430
2,220	Viscofan SA		112,796
4,707	Zardoya Otis SA		39,677
			3,316,561
	Sweden - 2.5%
1,295	AAK AB		85,997
2,643	AF AB, Class B		52,790
999	Avanza Bank Holding AB		45,770
8,346	Axfood AB		137,292
5,295	Betsson AB, Class B		45,611
4,956	Bilia AB, Class A		119,058
8,927	BillerudKorsnas AB		148,790
14,917	Castellum AB		205,626
8,138	Com Hem Holding AB		85,229
19,328	Elekta AB, Class B(b)		174,782

7,475	Fabege AB	$	127,496
2,949	Fastighets AB Balder, Class B(a)		60,420
203	Fastighets AB Balder (Preference Shares)		7,315
5,577	Haldex AB		75,920
5,661	Hemfosa Fastigheter AB		52,358
632	Hemfosa Fastigheter AB (Preference Shares)		11,062
7,791	Hexpol AB, Class B		75,489
6,501	Holmen AB, Class B		237,756
5,397	Hufvudstaden AB, Class A		86,065
4,858	ICA Gruppen AB		158,773
4,101	Indutrade AB		83,178
1,747	Intrum Justitia AB		58,876
1,135	Investment AB Latour, Class B		43,522
4,694	JM AB		141,761
23,985	Klovern AB, Class B		25,284
854	Klovern AB (Preference Shares)		26,729
13,542	Kungsleden AB		87,294
2,199	L E Lundbergforetagen AB, Class B		141,626
6,275	Lindab International AB		54,555
3,816	Loomis AB, Class B		111,622
6,693	Lundin Petroleum AB(a)		144,401
5,328	Modern Times Group Mortgage AB, Class B		164,443
8,591	Nibe Industrier AB, Class B		70,907
4,196	Nobia AB		37,776
2,093	Pandox AB, Class B		33,496
20,329	Peab AB, Class B		166,625
32,486	Ratos AB, Class B		175,221
137	Ratos AB (Preference Shares)		29,056
3,222	Saab AB, Class B		131,658
32,329	SAS AB(a)(b)		52,331
1,520	SAS AB (Preference Shares)		93,896
2,395	Sweco AB, Class B		52,905
2,788	Thule Group AB(c)		45,257
8,365	Wallenstam AB, Class B		65,740
3,990	Wihlborgs Fastigheter AB		76,225
			4,107,983
	Switzerland - 3.1%
661	Allreal Holding AG		100,631
4,936	Arbonia AG(a)		85,302
2,459	Ascom Holding AG		41,249
488	Autoneum Holding AG		127,614
208	Banque Cantonale Vaudoise		142,307
110	Barry Callebaut AG		136,023
21	Belimo Holding AG		67,730
571	Bucher Industries AG		155,251
186	Burckhardt Compression Holding AG(b)		55,002
1,869	Cembra Money Bank AG		141,226
311	Daetwyler Holding AG-BR		47,441
2,611	DKSH Holding AG		193,059
126	dormakaba Holding AG		97,827
6,085	EFG International AG		36,944
148	Emmi AG		92,856
238	EMS-CHEMIE HOLDING AG		123,029
758	Flughafen Zuerich AG		149,126
68	Forbo Holding AG		93,874
149	Galenica AG		163,408
15,512	GAM Holding AG		158,013
2,364	Implenia AG		177,072
27,063	IWG PLC		85,018
2,915	Kudelski SA-BR		53,478
7,082	Logitech International SA		202,784
32,493	Meyer Burger Technology AG(a)		26,018
528	Mobimo Holding AG		138,609
14,987	OC Oerlikon Corp. AG		170,134

Schedule of Investments

1,071	Panalpina Welttransport Holding AG	$	132,437
496	Partners Group Holding AG		250,740
2,345	PSP Swiss Property AG		211,183
401	Rieter Holding AG		76,331
66,899	Schmolz + Bickenbach AG(a)		44,753
67	Schweiter Technologies AG		75,788
1,064	SFS Group AG		93,771
1,804	Sonova Holding AG		238,437
92	St. Galler Kantonalbank AG		37,300
195	Straumann Holding AG		78,664
1,350	Sulzer AG		152,843
2,715	Sunrise Communications Group AG(c)		183,963
287	Tecan Group AG		45,031
1,454	Valiant Holding AG		154,891
486	Valora Holding AG		163,051
953	Vontobel Holding AG		53,465
2,467	Wizz Air Holdings PLC(a)(c)		55,277
986	Zehnder Group AG(a)		32,980
			5,141,930
	United Kingdom - 8.6%
42,168	AA PLC		129,393
16,932	Acacia Mining PLC		91,706
37,927	Ashmore Group PLC		147,920
56,296	Assura PLC REIT		36,830
4,322	Aveva Group PLC		103,693
73,852	BBA Aviation PLC		259,693
41,930	Beazley PLC		213,963
5,693	Bellway PLC		177,913
12,675	Berendsen PLC		132,754
6,721	Big Yellow Group PLC REIT		58,175
15,828	Bodycote PLC		132,622
8,813	Bovis Homes Group PLC		91,528
15,446	Brewin Dolphin Holdings PLC		60,844
15,176	Britvic PLC		119,426
9,634	BTG PLC(a)		64,784
56,526	Cairn Energy PLC(a)		161,290
30,390	Capital & Counties Properties PLC		103,996
10,678	Card Factory PLC		33,545
9,465	Cineworld Group PLC		73,055
12,011	Close Brothers Group PLC		219,110
4,267	Computacenter PLC		42,571
11,363	Countrywide PLC		25,053
10,834	Crest Nicholson Holdings PLC		68,969
20,572	Daily Mail & General Trust PLC NV, Class A		179,360
14,655	Dairy Crest Group PLC		109,795
7,400	De La Rue PLC		54,882
193,027	Debenhams PLC		127,616
2,562	Dechra Pharmaceuticals PLC		46,931
5,128	Derwent London PLC REIT		159,159
2,254	Dialog Semiconductor PLC(a)		104,622
1,121	Dignity PLC		34,483
5,592	Diploma PLC		71,408
9,372	Domino’s Pizza Group PLC		42,718
3,853	Dunelm Group PLC		32,963
38,082	Electrocomponents PLC		232,272
33,848	Elementis PLC		114,083
29,312	Enterprise Inns PLC(a)		48,863
10,983	Essentra PLC		56,570
13,090	esure Group PLC		33,135
31,619	Fenner PLC		125,207
1,211	Fidessa Group PLC		35,042
171,877	FirstGroup PLC(a)		224,672
7,035	Galliford Try PLC		119,396
69,835	Genel Energy PLC(a)		58,646
2,518	Genus PLC		54,393

4,120	Go-Ahead Group PLC	$	116,263
13,090	Gocompare.Com Group PLC(a)		14,039
16,994	Grafton Group PLC		124,860
24,944	Grainger PLC		74,815
16,820	Great Portland Estates PLC REIT		131,094
5,978	Greggs PLC		73,103
24,814	Halfords Group PLC		113,011
11,704	Halma PLC		136,204
54,357	Hansteen Holdings PLC REIT		75,225
4,067	Hargreaves Lansdown PLC		69,229
63,120	Henderson Group PLC		173,117
9,511	HomeServe PLC		71,496
17,108	Howden Joinery Group PLC		81,230
30,028	Hunting PLC		209,858
20,594	IG Group Holdings PLC		138,097
65,397	Indivior PLC		243,126
29,480	International Personal Finance PLC		64,720
11,257	Interserve PLC		45,851
6,393	J D Wetherspoon PLC		75,363
25,095	Jupiter Fund Management PLC		126,762
82,866	KAZ Minerals PLC(a)		490,305
41,504	KCOM Group PLC		46,734
4,816	Keller Group PLC		49,260
5,720	Kennedy Wilson Europe Real Estate PLC		68,221
8,253	Kier Group PLC		143,287
127,457	Ladbrokes Coral Group PLC		191,462
20,716	Laird PLC		43,199
34,053	LondonMetric Property PLC REIT		63,235
66,981	Lonmin PLC(a)		107,232
25,941	Lookers PLC		40,632
67,488	Marston’s PLC		111,822
21,827	Merlin Entertainments PLC(c)		131,014
5,233	Micro Focus International PLC		141,219
28,424	Mitchells & Butlers PLC		95,337
44,327	Mitie Group PLC		111,926
19,213	Moneysupermarket.com Group PLC		79,646
21,312	Morgan Advanced Materials PLC		80,760
16,238	N Brown Group PLC		44,658
32,526	National Express Group PLC		138,436
9,934	Northgate PLC		63,552
11,757	Ocado Group PLC(a)		36,890
72,958	Ophir Energy PLC(a)		85,822
4,071	Oxford Instruments PLC		36,185
20,025	Pagegroup PLC		108,685
27,995	Paragon Group of Cos. PLC (The)		142,220
19,025	Pets at Home Group PLC		47,871
9,929	Playtech PLC		103,556
8,060	Polypipe Group PLC		34,274
135,861	Premier Oil PLC(a)		143,579
24,271	PZ Cussons PLC		92,980
38,873	QinetiQ Group PLC		128,965
68,290	Redefine International PLC REIT		33,507
8,398	Redrow PLC		46,964
1,848	Renishaw PLC		66,262
96,173	Rentokil Initial PLC		276,474
11,406	Restaurant Group PLC (The)		42,045
936	Rightmove PLC		47,339
57,233	Rotork PLC		183,900
12,935	RPC Group PLC		174,290
11,478	Safestore Holdings PLC REIT		53,444
8,786	Savills PLC		85,721
6,003	Schroders PLC		221,587
32,969	Senior PLC		82,086
196,455	Serco Group PLC(a)		355,911
13,154	Shaftesbury PLC REIT		145,052
71,146	SIG PLC		92,015

Schedule of Investments

22,390	Soco International PLC	$	43,310
8,560	Spectris PLC		260,295
4,503	Spirax-Sarco Engineering PLC		243,888
18,315	Spire Healthcare Group PLC(c)		72,030
21,022	Sports Direct International PLC(a)		75,112
25,055	SSP Group PLC		123,218
13,124	St. Modwen Properties PLC		52,622
49,305	Stagecoach Group PLC		129,768
12,112	SVG Capital PLC(a)		108,267
18,430	Synthomer PLC		104,526
50,192	TalkTalk Telecom Group PLC		98,824
4,332	Telecom Plus PLC		66,273
20,595	TP ICAP PLC		120,406
21,805	Tritax Big Box REIT PLC REIT		37,967
26,136	UBM PLC		231,652
4,079	Ultra Electronics Holdings PLC		94,784
8,909	Unite Group PLC (The) REIT		65,737
11,194	Vesuvius PLC		66,501
5,216	Victrex PLC		124,683
15,900	Virgin Money Holdings UK PLC		62,312
4,990	WH Smith PLC		102,330
6,516	Workspace Group PLC REIT		61,893
8,488	WS Atkins PLC		156,017
			14,384,488
	United States - 0.6%
21,474	Alacer Gold Corp.(a)		39,530
38,652	Nexteer Automotive Group Ltd.		48,120
1,529,947	REC Silicon ASA(a)(b)		238,945
56,021	Samsonite International SA		176,885
44,630	Sims Metal Management Ltd.		379,127
3,683	Tahoe Resources, Inc.		33,532
			916,139
	Total Common Stocks and Other Equity Interests (Cost $147,096,893)		166,932,621
	Rights - 0.0%
	Austria - 0.0%
24,553	IMMOFINANZ AG, expiring 12/31/49(a)		0
	South Korea - 0.0%
739	Samsung Securities Co. Ltd., expiring 03/08/17(a)		3,879
	Total Rights (Cost $0)		3,879
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $147,096,893) - 99.9%		166,936,500
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 2.5%
4,221,501	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $4,221,501)		4,221,501
	Total Investments (Cost $151,318,394)(f) - 102.4%		171,158,001
	Other assets less liabilities - (2.4)%		(3,972,829	)
	Net Assets-100.0%	$	167,185,172

Investment Abbreviations:

BR - Bearer Shares

CVA - Dutch Certificates

REIT - Real Estate Investment Trust

RSP - Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at January 31, 2017.

^(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, 2017 was $1,763,348, which represented 1.05% 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 January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $154,063,335. The net unrealized appreciation was $17,094,666, which consisted of aggregate gross unrealized appreciation of $30,881,453 and aggregate gross unrealized depreciation of $13,786,787.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares FTSE RAFI Emerging Markets Portfolio (PXH)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.6%
		Brazil - 30.0%
	103,400	AES Tiete Energia SA	$	477,972
	783,950	Ambev SA		4,286,808
	336,322	Banco Bradesco SA		3,436,516
	1,419,776	Banco Bradesco SA (Preference Shares)		14,759,947
	816,858	Banco do Brasil SA		8,079,115
	220,100	Banco Santander Brasil SA		2,190,889
	60,800	BB Seguridade Participacoes SA		539,487
	495,185	BM&FBOVESPA SA		2,910,862
	212,970	BR Malls Participacoes SA(a)		993,266
	83,309	Braskem SA (Preference Shares), Class A		861,840
	167,000	BRF SA		2,360,495
	231,900	CCR SA		1,143,483
	174,810	Centrais Eletricas Brasileiras SA(a)		1,157,638
	144,200	Centrais Eletricas Brasileiras SA (Preference Shares), Class B(a)		1,132,805
	123,479	Cia Brasileira de Distribuicao (Preference Shares), Class A		2,274,515
	158,592	Cia de Saneamento Basico do Estado de Sao Paulo		1,580,651
	482,082	Cia Siderurgica Nacional SA(a)		1,770,191
	121,752	Cielo SA		1,025,357
	82,880	Companhia Energetica de Minas Gerais - CEMIG		255,850
	740,323	Companhia Energetica de Minas Gerais (Preference Shares) - CEMIG		2,151,219
	17,900	Copel - Companhia Paranaense de Energia		129,351
	92,408	Copel - Companhia Paranaense de Energia (Preference Shares), Class B		944,513
	55,300	Cosan SA Industria e Comercio		707,985
	170,268	CPFL Energia SA		1,371,151
	167,800	Cyrela Brazil Realty SA Empreendimentos e Participacoes		690,842
	145,441	EDP - Energias do Brasil SA		649,651
	142,767	Embraer SA		816,992
	71,554	Engie Brasil Energia SA		814,393
	42,700	Equatorial Energia SA		788,717
	57,655	Fibria Celulose SA		538,342
	1,039,017	Gerdau SA (Preference Shares)		4,029,950
	1,744,317	Itau Unibanco Holding SA (Preference Shares)		20,651,533
	1,007,218	Itausa - Investimentos Itau SA (Preference Shares)		2,971,589
	330,182	JBS SA		1,249,159
	76,400	Klabin SA		394,454
	222,200	Kroton Educacional SA		954,370
	27,810	Lojas Americanas SA		116,264
	90,420	Lojas Americanas SA (Preference Shares)		480,925
	109,700	Lojas Renner SA		832,833
	72,900	Natura Cosmeticos SA		585,666
	6,296,062	Petroleo Brasileiro SA(a)		32,406,569
	7,493,647	Petroleo Brasileiro SA (Preference Shares)(a)		35,783,299
	59,600	Porto Seguro SA		497,954

112,500	Sul America SA	$	664,889
156,643	Telefonica Brasil SA (Preference Shares)		2,324,160
463,966	Tim Participacoes SA		1,320,160
112,096	Ultrapar Participacoes SA		2,357,778
2,038,523	Vale SA		20,855,417
3,128,927	Vale SA (Preference Shares)		30,389,521
			219,707,333
	Chile - 0.7%
5,674,976	Banco de Chile		679,694
16,872,741	Banco Santander Chile		916,931
168,743	Cencosud SA		492,305
5,731,605	Enel Americas SA		1,029,892
5,731,674	Enel Chile SA		553,943
628,873	Enel Generacion Chile SA		405,569
62,272	Latam Airlines Group SA(a)		574,720
66,744	S.A.C.I. Falabella		543,181
			5,196,235
	China - 21.3%
9,272,570	Agricultural Bank of China Ltd., H-Shares		3,895,762
291,313	Anhui Conch Cement Co. Ltd., H-Shares		944,219
27,520,783	Bank of China Ltd., H-Shares		12,555,636
2,907,818	Bank of Communications Co. Ltd., H-Shares		2,154,814
118,459	Beijing Enterprises Holdings Ltd.		592,345
1,444,029	Belle International Holdings Ltd.		885,845
2,124,014	China Cinda Asset Management Co. Ltd., H-Shares		739,087
2,082,874	China CITIC Bank Corp. Ltd., H-Shares		1,377,067
1,158,952	China Communications Construction Co. Ltd., H-Shares		1,405,496
27,697,748	China Construction Bank Corp., H-Shares		20,703,659
981,800	China Everbright Bank Co. Ltd., H-Shares		474,492
1,490,970	China Evergrande Group		1,043,382
1,084,070	China Life Insurance Co. Ltd., H-Shares		3,010,782
871,707	China Longyuan Power Group Corp., H-Shares		717,870
1,200,823	China Merchants Bank Co. Ltd., H-Shares		3,033,261
246,527	China Merchants Port Holdings Co. Ltd.		662,438
1,499,067	China Minsheng Banking Corp. Ltd., H-Shares		1,657,612
1,125,456	China Mobile Ltd.		12,742,215
1,788,150	China National Building Material Co. Ltd., H-Shares		1,050,857
475,436	China Oilfield Services Ltd., H-Shares		515,916
509,355	China Overseas Land & Investment Ltd.		1,506,530
415,350	China Pacific Insurance (Group) Co. Ltd., H-Shares		1,488,105
11,292,486	China Petroleum & Chemical Corp. (Sinopec), H-Shares		9,037,656
826,706	China Power International Development Ltd.		299,386
682,553	China Railway Construction Corp. Ltd., H-Shares		951,784
1,135,702	China Railway Group Ltd., H-Shares		1,002,604
572,545	China Resources Beer Holdings Co. Ltd.(a)		1,165,846
439,054	China Resources Land Ltd.		1,094,332
631,620	China Resources Power Holdings Co. Ltd.		1,092,403
1,453,480	China Shenhua Energy Co. Ltd., H-Shares		3,098,270
305,953	China Taiping Insurance Holdings Co. Ltd.(a)		675,046
5,443,264	China Telecom Corp. Ltd., H-Shares		2,588,573
2,165,789	China Unicom (Hong Kong) Ltd.		2,573,485
1,023,742	Chongqing Rural Commercial Bank Co. Ltd., H-Shares		626,699
1,454,346	CITIC Ltd.		2,162,959
284,663	CITIC Securities Co. Ltd., H-Shares		583,315

Schedule of Investments

7,013,199	CNOOC Ltd.	$	8,893,770
479,678	Cosco Shipping Ports Ltd.		478,482
1,888,807	Country Garden Holdings Co. Ltd.		1,085,668
674,810	Dongfeng Motor Group Co. Ltd., H-Shares		719,220
97,265	ENN Energy Holdings Ltd.		481,352
344,803	Fosun International Ltd.		526,135
3,621,148	GCL-Poly Energy Holdings Ltd.(a)		471,349
937,027	Geely Automobile Holdings Ltd.		1,114,624
4,547,744	GOME Electrical Appliances Holding Ltd.		568,516
555,785	Great Wall Motor Co. Ltd., H-Shares		561,562
457,760	Greentown China Holdings Ltd.(a)		378,156
320,839	Guangdong Investment Ltd.		399,015
452,419	Guangzhou R&F Properties Co. Ltd., H-Shares		581,897
317,284	Haitong Securities Co. Ltd., H-Shares		572,468
78,697	Hengan International Group Co. Ltd.		646,566
1,400,726	Huaneng Power International, Inc., H-Shares		913,436
25,131,956	Industrial & Commercial Bank of China Ltd., H-Shares		15,482,064
654,100	Inner Mongolia Yitai Coal Co. Ltd., Class B		659,333
567,331	Jiangxi Copper Co. Ltd., H-Shares		984,138
904,033	Kunlun Energy Co. Ltd.		724,685
2,088,128	Lenovo Group Ltd.		1,375,158
363,117	Longfor Properties Co. Ltd.		525,066
122,464	New China Life Insurance Co. Ltd., H-Shares		595,010
1,889,424	People’s Insurance Co. Group of China Ltd. (The), H-Shares		740,249
7,035,664	PetroChina Co. Ltd., H-Shares		5,639,883
613,702	PICC Property & Casualty Co. Ltd., H-Shares		934,867
713,931	Ping An Insurance (Group) Co. of China Ltd., H-Shares		3,689,566
15,772	Qinqin Foodstuffs Group Cayman Co. Ltd.(a)		5,000
176,219	Shanghai Industrial Holdings Ltd.		475,786
545,426	Shimao Property Holdings Ltd.		733,856
1,039,972	Sino-Ocean Group Holding Ltd.		450,335
212,492	Sinopharm Group Co. Ltd., H-Shares		974,916
932,444	SOHO China Ltd.		473,471
622,272	Sunac China Holdings Ltd.		554,959
96,132	Tencent Holdings Ltd.		2,532,349
			156,052,655
	Hong Kong - 0.2%
444,194	Digital China Holdings Ltd.		389,275
232,598	Haier Electronics Group Co. Ltd.		410,678
708,530	Skyworth Digital Holdings Ltd.		470,262
			1,270,215
	India - 6.8%
21,358	Axis Bank Ltd. GDR(b)		736,851
16,032	GAIL India Ltd. GDR(b)		662,923
14,610	HDFC Bank Ltd. ADR		1,007,067
325,324	ICICI Bank Ltd. ADR		2,521,261
169,656	Infosys Ltd. ADR		2,336,163
9,104	iShares MSCI India ETF		258,189
63,575	Larsen & Toubro Ltd. GDR(b)		1,363,684
47,898	Mahindra & Mahindra Ltd. GDR(b)		886,113
357,567	PowerShares India Portfolio(c)		7,337,275
427,769	Reliance Industries Ltd. GDR(b)		13,260,839
21,162	Reliance Infrastructure Ltd. GDR(b)		480,377
183,199	State Bank of India GDR(b)		7,108,121
81,555	Tata Motors Ltd. ADR		3,177,383
771,612	Tata Steel Ltd. GDR(b)		5,285,542
183,891	Vedanta Ltd. ADR		2,721,587

88,720	Wipro Ltd. ADR	$	818,886
			49,962,261
	Indonesia - 1.5%
3,946,199	PT Astra International Tbk		2,349,544
1,000,413	PT Bank Central Asia Tbk		1,146,326
1,574,284	PT Bank Mandiri Persero Tbk		1,285,130
1,549,350	PT Bank Negara Indonesia (Persero) Tbk		661,396
1,608,205	PT Bank Rakyat Indonesia (Persero) Tbk		1,412,185
716,039	PT Indofood Sukses Makmur Tbk		424,985
2,319,476	PT Perusahaan Gas Negara Persero Tbk		500,288
636,102	PT Semen Indonesia (Persero) Tbk		429,943
8,285,605	PT Telekomunikasi Indonesia Persero Tbk		2,401,445
425,154	PT United Tractors Tbk		695,721
			11,306,963
	Malaysia - 1.9%
332,100	AMMB Holdings Bhd		343,384
851,800	Axiata Group Bhd		909,587
1,037,700	CIMB Group Holdings Bhd		1,164,323
613,100	DiGi.com Bhd		686,528
329,000	Genting Bhd		609,053
490,900	IJM Corp. Bhd		366,831
417,400	IOI Corp. Bhd		415,562
71,800	Kuala Lumpur Kepong Bhd		390,649
855,500	Malayan Banking Bhd		1,587,585
375,600	Maxis Bhd		521,490
246,000	MISC Bhd		407,640
455,500	Petronas Chemicals Group Bhd		733,201
91,400	Petronas Gas Bhd		430,846
489,000	Public Bank Bhd		2,218,964
838,300	SapuraKencana Petroleum Bhd(a)		325,517
387,600	Sime Darby Bhd		779,663
231,000	Telekom Malaysia Bhd		310,294
700,900	Tenaga Nasional Bhd		2,120,343
			14,321,460
	Mexico - 3.1%
560,820	Alfa SAB de CV, Class A		730,985
8,317,319	America Movil SAB de CV, Series L		5,264,240
6,169,399	Cemex SAB de CV, Series CPO(a)(d)		5,723,427
68,967	Coca-Cola Femsa SAB de CV, Series L		429,832
323,297	Fibra Uno Administracion SA de CV REIT		464,372
209,142	Fomento Economico Mexicano SAB de CV		1,580,194
160,853	Grupo Bimbo SAB de CV, Series A		358,187
294,795	Grupo Financiero Banorte SAB de CV, Class O		1,419,253
327,830	Grupo Financiero Inbursa SAB de CV, Class O		488,095
492,710	Grupo Financiero Santander Mexico SAB de CV, Series B		705,813
799,021	Grupo Mexico SAB de CV, Series B		2,406,983
275,817	Grupo Televisa SAB, Series CPO(e)		1,235,685
228,998	Mexichem SAB de CV		545,119
759,474	Wal-Mart de Mexico SAB de CV		1,349,883
			22,702,068
	Poland - 1.5%
32,283	Bank Pekao SA		1,091,699
4,770	Bank Zachodni WBK SA		410,714
78,199	KGHM Polska Miedz SA		2,421,609
238,080	Orange Polska SA		321,328
235,684	PGE Polska Grupa Energetyczna SA		643,256
106,336	Polski Koncern Naftowy Orlen SA		2,157,550
455,754	Polskie Gornictwo Naftowe i Gazownictwo SA		625,366
255,710	Powszechna Kasa Oszczednosci Bank Polski SA(a)		1,960,166

Schedule of Investments

180,071	Powszechny Zaklad Ubezpieczen SA	$	1,584,229
			11,215,917
	Russia - 10.4%
3,306,042	Gazprom PJSC ADR		16,348,378
346,002	LUKOIL PJSC ADR		19,414,172
34,720	Magnit PJSC GDR(b)		1,270,752
48,184	MegaFon PJSC GDR(b)		522,796
170,358	MMC Norilsk Nickel PJSC ADR		2,754,689
365,681	Mobile TeleSystems PJSC ADR		3,828,680
13,831	Novatek PJSC GDR(b)		1,751,004
695,345	Rosneft Oil Co. PJSC GDR(b)		4,592,754
389,340	RusHydro PJSC ADR		659,931
1,303,153	Sberbank of Russia PJSC ADR		15,194,764
53,535	Severstal PJSC GDR(b)		848,530
71,912	Sistema PJSC FC GDR(b)		688,198
544,459	Surgutneftegas OJSC ADR		2,915,578
71,195	Tatneft PJSC ADR		2,890,517
1,183,685	VTB Bank PJSC GDR(b)		2,686,965
			76,367,708
	South Africa - 7.2%
379,526	African Phoenix Investments Ltd.(a)		0
128,237	AngloGold Ashanti Ltd.(a)		1,616,186
24,075	Aspen Pharmacare Holdings Ltd.		550,082
131,241	Barclays Africa Group Ltd.		1,546,171
130,353	Barloworld Ltd.		1,065,645
81,927	Bid Corp. Ltd.		1,411,539
81,847	Bidvest Group Ltd. (The)		962,734
651,614	FirstRand Ltd.		2,426,634
55,629	Foschini Group Ltd. (The)		663,504
393,414	Gold Fields Ltd.		1,347,472
532,238	Growthpoint Properties Ltd. REIT		1,038,417
157,505	Harmony Gold Mining Co. Ltd.		395,048
360,248	Impala Platinum Holdings Ltd.(a)		1,428,164
111,989	Imperial Holdings Ltd.		1,385,822
67,459	Investec Ltd.		474,215
195,787	Life Healthcare Group Holdings Ltd.		488,015
339,257	MMI Holdings Ltd.		621,636
19,903	Mondi Ltd.		437,143
38,165	Mr Price Group Ltd.		460,528
742,611	MTN Group Ltd.		6,912,122
358,274	Nampak Ltd.(a)		497,012
12,021	Naspers Ltd., Class N		1,906,452
77,298	Nedbank Group Ltd.		1,331,556
288,030	Netcare Ltd.		690,161
790,773	Redefine Properties Ltd. REIT		653,502
59,130	Remgro Ltd.		988,761
458,544	Sanlam Ltd.		2,210,740
223,790	Sappi Ltd.		1,437,203
190,242	Sasol Ltd.		5,638,248
107,429	Shoprite Holdings Ltd.		1,426,542
154,429	Sibanye Gold Ltd.		346,892
48,115	SPAR Group Ltd. (The)		679,963
444,579	Standard Bank Group Ltd.		4,746,573
219,659	Steinhoff International Holdings NV		1,055,928
132,451	Telkom SA SOC Ltd.		723,469
34,235	Tiger Brands Ltd.		1,030,123
92,344	Truworths International Ltd.		554,886
86,344	Vodacom Group Ltd.		967,207
137,390	Woolworths Holdings Ltd.		755,747
			52,872,042
	Taiwan - 10.9%
1,333,811	Advanced Semiconductor Engineering, Inc.		1,459,507
133,738	Asustek Computer, Inc.		1,164,757
6,244,000	AU Optronics Corp.		2,569,629
97,000	Catcher Technology Co. Ltd.		789,096

2,038,440	Cathay Financial Holding Co. Ltd.	$	3,088,940
346,894	Cheng Shin Rubber Industry Co. Ltd.		688,343
2,495,081	China Development Financial Holding Corp.		635,193
966,896	China Life Insurance Co. Ltd.		943,885
1,764,360	China Steel Corp.		1,424,051
801,000	Chunghwa Telecom Co. Ltd.		2,606,457
1,076,054	Compal Electronics, Inc.		647,088
3,643,838	CTBC Financial Holding Co. Ltd.		2,069,174
343,506	Delta Electronics, Inc.		1,906,784
1,161,057	E.Sun Financial Holding Co. Ltd.		683,389
520,562	Far Eastern New Century Corp.		431,781
309,000	Far EasTone Telecommunications Co. Ltd.		733,414
1,570,810	First Financial Holding Co. Ltd.		874,454
394,920	Formosa Chemicals & Fibre Corp.		1,219,558
315,000	Formosa Petrochemical Corp.		1,070,232
539,280	Formosa Plastics Corp.		1,551,811
274,102	Foxconn Technology Co. Ltd.		768,633
2,004,928	Fubon Financial Holding Co. Ltd.		3,236,437
375,900	Highwealth Construction Corp.		559,425
2,880,330	Hon Hai Precision Industry Co. Ltd.		7,691,049
725,233	HTC Corp.(a)		1,834,715
4,306,490	Innolux Corp.		1,813,490
1,394,000	Inventec Corp.		1,045,077
5,000	Largan Precision Co. Ltd.		709,819
394,313	Lite-On Technology Corp.		593,746
346,091	MediaTek, Inc.		2,357,252
1,828,080	Mega Financial Holding Co. Ltd.		1,358,842
535,940	Nan Ya Plastics Corp.		1,256,670
111,000	Novatek Microelectronics Corp.		391,294
747,106	Pegatron Corp.		1,789,946
648,740	Pou Chen Corp.		818,531
195,200	Powertech Technology, Inc.		532,432
77,000	President Chain Store Corp.		573,582
550,000	Quanta Computer, Inc.		1,115,932
203,000	Radiant Opto-Electronics Corp.		366,548
200,000	Ruentex Industries Ltd.		368,787
2,567,908	Shin Kong Financial Holding Co. Ltd.(a)		657,829
420,000	Siliconware Precision Industries Co. Ltd.		639,125
1,739,481	SinoPac Financial Holdings Co. Ltd.		511,645
2,023,337	Taishin Financial Holding Co. Ltd.		761,672
540,089	Taiwan Cement Corp.		609,939
261,400	Taiwan Mobile Co. Ltd.		871,444
2,572,000	Taiwan Semiconductor Manufacturing Co. Ltd.		15,220,634
268,000	TPK Holding Co. Ltd.(a)		498,450
728,941	Uni-President Enterprises Corp.		1,244,125
3,239,000	United Microelectronics Corp.		1,172,802
1,840,018	Wistron Corp.		1,564,362
2,128,671	Yuanta Financial Holding Co. Ltd.		842,070
			80,333,847
	Thailand - 2.5%
270,040	Advanced Info Service PCL NVDR		1,219,436
78,977	Bangkok Bank PCL NVDR		391,408
53,626	Bangkok Bank PCL (Foreign Shares)		276,431
963,049	Banpu PCL NVDR		530,621
1,135,803	Charoen Pokphand Foods PCL NVDR		919,352
453,141	CP ALL PCL NVDR		778,615
4,300,952	IRPC PCL NVDR		635,187
212,936	Kasikornbank PCL NVDR		1,139,973
1,010,683	Krung Thai Bank PCL NVDR		545,384
651,583	PTT Exploration & Production PCL NVDR		1,813,551
652,286	PTT Global Chemical PCL NVDR		1,255,109
457,258	PTT PCL NVDR		5,246,584
50,331	Siam Cement PCL (The) NVDR		723,303

Schedule of Investments

324,523	Siam Commercial Bank PCL (The) NVDR	$	1,391,735
324,967	Thai Oil PCL NVDR		662,209
524,744	Total Access Communication PCL NVDR		584,953
			18,113,851
	Turkey - 1.6%
592,912	Akbank TAS		1,319,205
25,877	BIM Birlesik Magazalar AS		369,099
605,598	Eregli Demir ve Celik Fabrikalari TAS		931,973
337,703	Haci Omer Sabanci Holding AS		892,705
242,440	KOC Holding AS		975,450
50,382	Tupras Turkiye Petrol Rafinerileri AS		1,093,622
201,490	Turk Hava Yollari AO(a)		295,669
259,470	Turk Telekomunikasyon AS		386,935
251,004	Turkcell Iletisim Hizmetleri AS(a)		753,939
658,461	Turkiye Garanti Bankasi AS		1,451,096
295,592	Turkiye Halk Bankasi AS		879,256
699,358	Turkiye Is Bankasi AS, Class C		1,104,050
470,964	Turkiye Vakiflar Bankasi TAO, Class D		612,508
320,541	Yapi ve Kredi Bankasi AS(a)		325,181
			11,390,688
	Total Investments (Cost $656,240,992)(f) - 99.6%		730,813,243
	Other assets less liabilities - 0.4%		2,665,261
	Net Assets - 100.0%	$	733,478,504

Investment Abbreviations:

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

GDR - Global Depositary Receipt

NVDR - Non-voting Depositary Receipt

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(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, 2017 was $42,145,449, which represented 5.75% of the Fund’s Net Assets.

^(c)  Affiliated company. The Fund’s Adviser also serves as the adviser for PowerShares India Portfolio and therefore, PowerShares India Portfolio is considered to be affiliated.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value January 31, 2017		Dividend Income
PowerShares India Portfolio		$7,130,798		$664,167		$(389,634)		$(5,163)		$(62,893)		$7,337,275		$3,220

^(d)  Each CPO for Cemex SAB de CV represents two Series A shares and one Series B share.

^(e)  Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $710,982,007. The net unrealized appreciation was $19,831,236, which consisted of aggregate gross unrealized appreciation of $110,690,594 and aggregate gross unrealized depreciation of $90,859,358.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Global Agriculture Portfolio (PAGG)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Australia - 3.9%
	58,063	Costa Group Holdings Ltd.	$	144,577
	48,255	GrainCorp Ltd., Class A		348,378
	59,320	Nufarm Ltd.		403,944
				896,899
		Canada - 7.6%
	94,111	Potash Corp. of Saskatchewan, Inc.		1,747,595
		China - 2.4%
	636,164	China Agri-Industries Holdings Ltd.(a)		295,153
	688,514	China Modern Dairy Holdings Ltd.(a)		170,368
	505,935	Sinofert Holdings Ltd.		84,764
				550,285
		Germany - 4.7%
	42,218	K+S AG(b)		1,069,450
		Hong Kong - 1.0%
	1,875,913	C.P. Pokphand Co. Ltd.		220,003
		Indonesia - 6.1%
	1,986,215	Golden Agri-Resources Ltd.		599,192
	111,095	PT Astra Agro Lestari Tbk		131,251
	2,083,978	PT Charoen Pokphand Indonesia Tbk		483,829
	3,095,991	PT Eagle High Plantations Tbk(a)		80,689
	807,936	PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		93,788
				1,388,749
		Ireland - 0.7%
	22,488	Origin Enterprises PLC		154,371
		Israel - 3.9%
	147,054	Israel Chemicals Ltd.		675,347
	1,178	Israel Corp. Ltd. (The)(a)		221,403
				896,750
		Japan - 2.4%
	7,854	Hokuto Corp.		142,534
	17,516	Kumiai Chemical Industry Co. Ltd.(b)		102,848
	10,185	Sakata Seed Corp.		292,680
				538,062
		Malaysia - 7.1%
	347,700	Felda Global Ventures Holdings Bhd		145,218
	80,200	Genting Plantations Bhd		197,354
	709,190	IOI Corp. Bhd		706,068
	89,374	Kuala Lumpur Kepong Bhd		486,266
	14,400	United Plantations Bhd		89,401
				1,624,307
		Netherlands - 1.7%
	20,221	OCI NV(a)		381,660
		Norway - 4.3%
	23,172	Yara International ASA		978,954

	Russia - 4.2%
62,356	PhosAgro PJSC GDR(c)	$	957,165
	Singapore - 5.0%
137,347	First Resources Ltd.		188,160
348,843	Wilmar International Ltd.		960,754
			1,148,914
	Taiwan - 1.2%
215,099	Taiwan Fertilizer Co. Ltd.		279,287
	Turkey - 0.5%
96,473	Gubre Fabrikalari TAS		124,189
	United Kingdom - 1.0%
1,010,430	Sirius Minerals PLC(a)		231,998
	United States - 42.3%
39,667	Archer-Daniels-Midland Co.		1,755,661
25,114	Bunge Ltd.		1,738,140
31,379	Darling Ingredients, Inc.(a)		376,548
15,278	FMC Corp.		919,124
6,883	Fresh Del Monte Produce, Inc.		394,052
13,510	Ingredion, Inc.		1,731,847
60,380	Mosaic Co. (The)		1,894,121
9,394	Scotts Miracle-Gro Co. (The)		863,966
			9,673,459
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $26,369,771) - 100.0%		22,862,097
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 3.3%
755,771	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $755,771)		755,771
	Total Investments (Cost $27,125,542)(f) - 103.3%		23,617,868
	Other assets less liabilities - (3.3)%		(764,915	)
	Net Assets - 100.0%	$	22,852,953

Investment Abbreviations:

GDR - Global Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at January 31, 2017.

^(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 value of this security at January 31, 2017 represented 4.19% 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 January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $27,833,728. The net unrealized depreciation was $4,215,860, which consisted of aggregate gross unrealized appreciation of $2,193,314 and aggregate gross unrealized depreciation of $6,409,174.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Global Clean Energy Portfolio (PBD)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.2%
		Austria - 0.9%
	28,549	Verbund AG	$	459,708
		Brazil - 1.2%
	101,700	Sao Martinho SA		661,521
		Canada - 6.3%
	148,354	Ballard Power Systems, Inc.(a)(b)		275,372
	68,621	Boralex, Inc., Class A		1,044,250
	56,080	Canadian Solar, Inc.(a)(b)		656,697
	43,899	Innergex Renewable Energy, Inc.		464,327
	84,940	TransAlta Renewables, Inc.		964,228
				3,404,874
		China - 13.8%
	147,119	BYD Co. Ltd., H-Shares		819,082
	546,317	China Everbright International Ltd.		666,056
	1,199,176	China Longyuan Power Group Corp., H-Shares		987,548
	486,033	China Power New Energy Development Co. Ltd.		276,862
	419,433	China Singyes Solar Technologies Holdings Ltd.		204,869
	1,765,314	China Titans Energy Technology Group Co. Ltd.(b)		282,110
	5,647,109	GCL-Poly Energy Holdings Ltd.(b)		735,059
	2,938,901	Huaneng Renewables Corp. Ltd., H-Shares		920,377
	40,401	JA Solar Holdings Co. Ltd. ADR(b)		184,228
	53,059	Kandi Technologies Group, Inc.(a)(b)		225,501
	3,160,354	Shunfeng International Clean Energy Ltd.(b)		201,612
	496,441	Wasion Group Holdings Ltd.		275,113
	556,905	Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares		935,908
	2,170,904	Xinyi Solar Holdings Ltd.		752,606
				7,466,931
		Denmark - 4.8%
	23,747	DONG Energy A/S(b)(c)		899,596
	17,046	Novozymes A/S, Class B		664,571
	14,420	Vestas Wind Systems A/S		1,009,136
				2,573,303
		Finland - 1.7%
	113,707	Caverion Corp.		913,022
		France - 0.3%
	10,648	Albioma SA		181,815
		Germany - 6.2%
	29,786	Capital Stage AG		195,392
	43,087	Nordex SE(a)(b)		906,604
	18,376	Osram Licht AG		1,065,035
	20,135	Senvion SA(b)		264,165
	26,166	SMA Solar Technology AG(a)		671,734
	21,816	VERBIO Vereinigte BioEnergie AG		247,436
				3,350,366

	Guernsey - 1.7%
665,125	Renewables Infrastructure Group Ltd. (The)	$	925,494
	Hong Kong - 4.7%
1,201,501	Canvest Environmental Protection Group Co. Ltd.(c)		605,446
767,243	China High Speed Transmission Equipment Group Co. Ltd.		958,145
17,725,403	FDG Electric Vehicles Ltd.(b)		788,116
2,189,676	United Photovoltaics Group Ltd.(b)		200,361
			2,552,068
	Ireland - 1.9%
36,106	Kingspan Group PLC		1,051,973
	Japan - 4.9%
181,639	GS Yuasa Corp.		755,115
279,565	Meidensha Corp.		956,096
7,797	Odelic Co. Ltd.		309,595
20,467	Takuma Co. Ltd.		177,990
32,200	Tanaka Chemical Corp.(b)		245,701
27,445	West Holdings Corp.		198,691
			2,643,188
	Netherlands - 1.8%
38,786	Philips Lighting NV(b)(c)		998,859
	New Zealand - 1.9%
141,332	Contact Energy Ltd.		494,290
224,781	Mercury NZ Ltd.		505,965
			1,000,255
	Philippines - 0.9%
4,561,315	Energy Development Corp.		500,448
	Spain - 5.4%
35,716	Atlantica Yield PLC		764,322
143,988	EDP Renovaveis SA		924,778
44,906	Gamesa Corp. Tecnologica SA		942,937
30,203	Saeta Yield SA		269,283
			2,901,320
	Sweden - 1.9%
124,179	Nibe Industrier AB, Class B		1,024,928
	Switzerland - 0.5%
306,909	Meyer Burger Technology AG(b)		245,751
	Taiwan - 5.3%
227,000	Advanced Lithium Electrochemistry Cayman Co. Ltd.(b)		219,787
1,314,131	Epistar Corp.(b)		985,200
193,000	Everlight Electronics Co. Ltd.		301,081
62,000	Gigasolar Materials Corp.		690,295
232,000	Motech Industries, Inc.(b)		220,928
434,241	Neo Solar Power Corp.(b)		220,958
191,000	Sino-American Silicon Products, Inc.		242,513
			2,880,762
	Thailand - 2.7%
731,967	Energy Absolute PCL NVDR		592,476
328,451	SPCG PCL NVDR		197,761
16,256,000	Superblock PCL NVDR(b)		669,446
			1,459,683
	Turkey - 0.2%
547,409	Akenerji Elektrik Uretim AS(b)		124,696
	United Kingdom - 4.7%
27,187	Dialight PLC(b)		301,850

Schedule of Investments

129,223	Drax Group PLC	$	602,180
131,096	GCP Infrastructure Investments Ltd.		204,186
608,815	Greencoat UK Wind PLC		930,630
22,947	Ricardo PLC		275,993
111,889	Utilitywise PLC		244,232
			2,559,071
	United States - 26.5%
4,071	Acuity Brands, Inc.		843,633
44,796	Ameresco, Inc., Class A(b)		232,939
34,828	Cree, Inc.(b)		960,556
44,432	EnerNOC, Inc.(b)		253,262
21,197	First Solar, Inc.(a)(b)		661,134
20,207	Green Plains, Inc.		454,658
48,945	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		894,715
14,920	Itron, Inc.(b)		920,564
28,287	LSI Industries, Inc.		269,292
42,223	Maxwell Technologies, Inc.(a)(b)		200,982
56,344	NRG Yield, Inc., Class C		955,031
8,585	Ormat Technologies, Inc.		461,015
46,342	Pattern Energy Group, Inc.		914,791
206,499	Plug Power, Inc.(a)(b)		218,889
1,407,298	REC Silicon ASA(b)		219,790
16,766	Renewable Energy Group, Inc.(b)		145,864
20,607	Silver Spring Networks, Inc.(b)		263,357
15,617	SolarEdge Technologies, Inc.(a)(b)		202,240
101,091	SunPower Corp.(a)(b)		671,244
37,774	Sunrun, Inc.(a)(b)		199,824
68,904	TerraForm Power, Inc., Class A(b)		817,891
4,482	Tesla, Inc.(a)(b)		1,129,150
16,221	TPI Composites, Inc.(a)(b)		314,850
16,503	Universal Display Corp.(b)		1,089,198
32,530	Veeco Instruments, Inc.(b)		837,648
70,557	Vivint Solar, Inc.(a)(b)		215,199
			14,347,716
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $50,209,600) - 100.2%		54,227,752
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 11.3%
6,120,752	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $6,120,752)		6,120,752
	Total Investments (Cost $56,330,352)(f) - 111.5%		60,348,504
	Other assets less liabilities - (11.5)%		(6,243,677	)
	Net Assets - 100.0%	$	54,104,827

Investment Abbreviations:

ADR - American Depositary Receipt

NVDR - Non-voting Depositary Receipt

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at January 31, 2017.

^(b)  Non-income producing security.

^(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, 2017 was $2,503,901, which represented 4.63% 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 January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $57,810,447. The net unrealized appreciation was $2,538,057, which consisted of aggregate gross unrealized appreciation of $8,979,166 and aggregate gross unrealized depreciation of $6,441,109.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Global Gold and Precious Metals Portfolio (PSAU)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Australia - 12.2%
	346,257	Evolution Mining Ltd.	$	559,894
	140,579	Newcrest Mining Ltd.		2,297,693
	123,797	Northern Star Resources Ltd.		358,065
	125,958	OceanaGold Corp.		436,687
	40,320	Orocobre Ltd.(a)		129,170
	103,274	Regis Resources Ltd.		249,313
	154,734	Saracen Mineral Holdings Ltd.(a)		124,514
	80,990	St. Barbara Ltd.(a)		142,642
				4,297,978
		Canada - 52.3%
	29,798	Agnico Eagle Mines Ltd.		1,418,648
	55,050	Alamos Gold, Inc., Class A		412,110
	167,466	B2Gold Corp.(a)		507,375
	163,251	Barrick Gold Corp.		3,002,691
	43,823	Centerra Gold, Inc.		216,132
	35,985	Detour Gold Corp.(a)		487,160
	147,718	Eldorado Gold Corp.(a)		521,191
	33,878	First Majestic Silver Corp.(a)		324,034
	30,061	Fortuna Silver Mines, Inc.(a)		186,764
	32,334	Franco-Nevada Corp.		2,099,137
	166,510	Goldcorp, Inc.		2,687,149
	35,212	Guyana Goldfields, Inc.(a)		174,473
	86,397	IAMGOLD Corp.(a)		398,934
	243,815	Kinross Gold Corp.(a)		948,143
	35,998	Kirkland Lake Gold Ltd.(a)		257,612
	14,632	MAG Silver Corp.(a)		207,626
	105,784	New Gold, Inc.(a)		281,550
	44,199	NovaGold Resources, Inc.(a)		233,920
	21,981	Osisko Gold Royalties Ltd.		240,758
	29,498	Pan American Silver Corp.		573,783
	37,953	Premier Gold Mines Ltd.(a)		85,294
	29,812	Sandstorm Gold Ltd.(a)		131,253
	8,514	Seabridge Gold, Inc.(a)		83,458
	66,961	SEMAFO, Inc.(a)		249,098
	24,611	Silver Standard Resources, Inc.(a)		259,560
	67,295	Silver Wheaton Corp.		1,485,006
	16,416	Torex Gold Resources, Inc.(a)		347,522
	195,320	Yamana Gold, Inc.		644,200
				18,464,581
		China - 1.5%
	157,385	Zhaojin Mining Industry Co. Ltd., H-Shares		138,941
	1,186,310	Zijin Mining Group Co. Ltd., H-Shares		400,566
				539,507
		Japan - 0.4%
	7,421	Asahi Holdings, Inc.		147,728
		Jersey Island - 5.3%
	237,496	Centamin PLC		468,509
	16,422	Randgold Resources Ltd.		1,395,618
				1,864,127
		Mexico - 2.0%
	37,974	Fresnillo PLC		694,172

	Monaco - 0.7%
12,699	Endeavour Mining Corp.(a)	$	242,145
	Peru - 0.3%
31,402	Hochschild Mining PLC		97,384
	Russia - 1.3%
41,380	Polymetal International PLC		480,255
	South Africa - 8.2%
12,783	Anglo American Platinum Ltd.(a)		333,107
70,678	AngloGold Ashanti Ltd.(a)		890,763
125,301	Gold Fields Ltd.		429,165
58,011	Harmony Gold Mining Co. Ltd.		145,501
113,582	Impala Platinum Holdings Ltd.(a)		450,284
96,666	Northam Platinum Ltd.(a)		366,800
119,967	Sibanye Gold Ltd.		269,481
			2,885,101
	Turkey - 0.1%
9,473	Koza Altin Isletmeleri AS(a)		44,513
	United Kingdom - 0.6%
26,207	Acacia Mining PLC		141,941
41,509	Lonmin PLC(a)		66,453
			208,394
	United States - 15.1%
60,460	Alacer Gold Corp.(a)		111,297
30,193	Coeur Mining, Inc.(a)		351,749
70,894	Hecla Mining Co.		456,557
75,417	Newmont Mining Corp.		2,736,129
11,445	Royal Gold, Inc.		825,986
19,218	Stillwater Mining Co.(a)		326,706
59,633	Tahoe Resources, Inc.		542,929
			5,351,353
	Total Investments (Cost $37,664,458)(b) - 100.0%		35,317,238
	Other assets less liabilities - 0.0%		13,884
	Net Assets - 100.0%	$	35,331,122

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $40,235,608. The net unrealized depreciation was $4,918,370, which consisted of aggregate gross unrealized appreciation of $2,905,869 and aggregate gross unrealized depreciation of $7,824,239.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Global Water Portfolio (PIO)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 99.9%
		Brazil - 2.7%
	490,941	Cia de Saneamento Basico do Estado de Sao Paulo	$	4,893,099
		Canada - 1.0%
	29,037	Pure Technologies Ltd.		100,446
	64,087	Stantec, Inc.		1,714,558
				1,815,004
		Cayman Islands - 0.0%
	5,319	Consolidated Water Co. Ltd.		54,786
		China - 4.0%
	6,225,953	Beijing Enterprises Water Group Ltd.		4,340,880
	263,769	China Everbright Water Ltd.		80,509
	2,980,896	CT Environmental Group Ltd.		649,244
	1,877,410	Guangdong Investment Ltd.		2,334,861
				7,405,494
		Finland - 0.3%
	28,074	Uponor Oyj		508,188
		France - 11.1%
	431,002	Suez		6,534,949
	819,525	Veolia Environnement SA		13,944,730
				20,479,679
		Hong Kong - 0.3%
	851,322	China Water Affairs Group Ltd.		580,396
		Italy - 0.8%
	614,423	Hera SpA		1,432,927
		Japan - 5.9%
	127,124	Kurita Water Industries Ltd.		3,026,359
	31,590	METAWATER Co. Ltd.		781,507
	10,664	Torishima Pump Manufacturing Co. Ltd.		105,906
	171,368	TOTO Ltd.		6,933,877
				10,847,649
		Netherlands - 2.1%
	73,587	Aalberts Industries NV		2,580,602
	98,848	Arcadis NV		1,342,791
				3,923,393
		Singapore - 0.1%
	594,393	SIIC Environment Holdings Ltd.(a)		246,820
		South Korea - 2.3%
	55,953	Coway Co. Ltd.(a)		4,212,966
		Spain - 2.0%
	46,497	Acciona SA		3,601,871
		Switzerland - 16.0%
	35,076	Geberit AG		14,988,893
	234,459	Wolseley PLC		14,474,325
				29,463,218
		United Kingdom - 15.0%
	262,614	Halma PLC		3,056,152

375,139	Pennon Group PLC	$	3,742,664
108,851	Pentair PLC		6,381,934
249,682	Severn Trent PLC		7,130,639
642,428	United Utilities Group PLC		7,411,552
			27,722,941
	United States - 36.3%
98,569	A.O. Smith Corp.		4,805,239
86,944	American Water Works Co., Inc.		6,385,167
71,042	Aqua America, Inc.		2,160,387
181,331	Danaher Corp.		15,217,298
60,717	Ecolab, Inc.		7,293,933
180,614	HD Supply Holdings, Inc.(a)		7,639,972
25,441	IDEX Corp.		2,293,761
44,417	Roper Technologies, Inc.		8,521,401
52,667	Waters Corp.(a)		7,460,281
106,461	Xylem, Inc.		5,249,592
			67,027,031
	Total Investments (Cost $154,652,645)(b) - 99.9%		184,215,462
	Other assets less liabilities - 0.1%		182,662
	Net Assets - 100.0%	$	184,398,124

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $162,070,244. The net unrealized appreciation was $22,145,218, which consisted of aggregate gross unrealized appreciation of $31,835,352 and aggregate gross unrealized depreciation of $9,690,134.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares International BuyBack Achievers™ Portfolio (IPKW)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.1%
		Australia - 0.7%
	650,117	Asaleo Care Ltd.	$	745,240
		Brazil - 4.5%
	321,000	BRF SA		4,537,239
		Canada - 17.5%
	332,493	Aimia, Inc.		2,175,390
	75,711	Avigilon Corp.(a)(b)		837,394
	33,314	Canadian Pacific Railway Ltd.		5,028,977
	200,560	Celestica, Inc.(b)		2,779,765
	32,434	Dollarama, Inc.		2,451,675
	90,352	Great Canadian Gaming Corp.(b)		1,762,340
	113,474	Maple Leaf Foods, Inc.		2,596,303
				17,631,844
		China - 4.9%
	3,817,203	China Evergrande Group		2,671,282
	6,125,170	China Huishan Dairy Holdings Co. Ltd.		2,289,237
				4,960,519
		Denmark - 2.4%
	93,551	Topdanmark A/S(b)		2,463,228
		France - 5.0%
	80,769	JCDecaux SA		2,582,825
	84,080	SFR Group SA(b)		2,440,641
				5,023,466
		Germany - 2.3%
	83,064	RHOEN-KLINIKUM AG		2,272,459
		Hong Kong - 1.2%
	3,801,055	SSY Group Ltd.		1,224,669
		Ireland - 2.5%
	580,913	C&C Group PLC		2,481,665
		Japan - 29.8%
	9,522	Ci:z Holdings Co. Ltd.		275,320
	61,005	Credit Saison Co. Ltd.		1,117,409
	50,250	DMG Mori Co. Ltd.		690,979
	21,745	Duskin Co. Ltd.		476,333
	33,894	EDION Corp.		326,069
	7,138	Elecom Co. Ltd.		121,551
	5,799	Enplas Corp.		172,051
	10,819	Fujicco Co. Ltd.		240,550
	125,092	FUJIFILM Holdings Corp.		4,861,448
	30,423	Fujitec Co. Ltd.		359,158
	13,154	Geo Holdings Corp.		152,485
	20,302	Heiwado Co. Ltd.		469,611
	113,012	Hoya Corp.		4,941,107
	10,192	Ines Corp.		104,387
	187,309	Isuzu Motors Ltd.		2,532,394
	25,041	J Trust Co. Ltd.		271,152

80,412	Marui Group Co. Ltd.	$	1,154,304
5,131	Melco Holdings, Inc.		147,902
11,831	Ryosan Co. Ltd.		368,881
23,000	Sankyo Co. Ltd.		771,264
134,830	Suzuki Motor Corp.		5,232,709
5,980	Tamron Co. Ltd.		108,843
50,209	Tokyo Electron Ltd.		5,222,717
			30,118,624
	Russia - 4.7%
84,828	LUKOIL PJSC ADR		4,759,699
	South Africa - 3.0%
803,415	Northam Platinum Ltd.(b)		3,048,567
	South Korea - 4.8%
154,121	Cheil Worldwide, Inc.		2,460,154
440,098	Hanwha Life Insurance Co. Ltd.(b)		2,438,887
			4,899,041
	Spain - 2.4%
202,322	Mediaset Espana Comunicacion SA		2,472,925
	Sweden - 2.6%
248,746	Com Hem Holding AB		2,605,095
	Switzerland - 10.6%
21,934	Actelion Ltd.		5,713,600
32,591	Cembra Money Bank AG		2,462,659
1,841	Forbo Holding AG		2,541,498
			10,717,757
	United Kingdom - 1.2%
130,565	SVG Capital PLC(b)		1,167,095
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $92,026,712) - 100.1%		101,129,132
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 0.7%
691,805	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(c)(d) (Cost $691,805)		691,805
	Total Investments (Cost $92,718,517)(e) - 100.8%		101,820,937
	Other assets less liabilities - (0.8)%		(792,342	)
	Net Assets - 100.0%	$	101,028,595

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a) All or a portion of this security was out on loan at January 31, 2017.

^(b) Non-income producing security.

^(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(d) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

Schedule of Investments

^(e) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $93,429,970. The net unrealized appreciation was $8,390,967, which consisted of aggregate gross unrealized appreciation of $10,367,630 and aggregate gross unrealized depreciation of $1,976,663.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares Japan Currency Hedged Low Volatility Portfolio (FXJP)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 103.6%
		Consumer Discretionary - 18.7%
	200	ABC-Mart, Inc.	$	11,654
	400	Aoyama Trading Co. Ltd.		14,142
	864	Autobacs Seven Co. Ltd.		13,431
	300	Daiichikosho Co. Ltd.		11,952
	100	Hikari Tsushin, Inc.		9,176
	420	McDonald’s Holdings Co. Japan Ltd.		11,077
	200	Nifco, Inc.		10,127
	908	Nikon Corp.		14,720
	1,972	Onward Holdings Co. Ltd.		14,609
	300	Oriental Land Co. Ltd.		16,488
	200	Rinnai Corp.		17,055
	467	Sankyo Co. Ltd.		15,660
	773	Sekisui Chemical Co. Ltd.		12,662
	463	Shimachu Co. Ltd.		11,364
	1,811	Shochiku Co. Ltd.		21,637
	479	Toho Co. Ltd.		13,850
	1,002	Wacoal Holdings Corp.		12,203
	2,358	Yamada Denki Co. Ltd.		13,028
				244,835
		Consumer Staples - 20.6%
	405	Asahi Group Holdings Ltd.		14,282
	231	Familymart UNY Holdings Co. Ltd.		14,692
	680	House Foods Group, Inc.		14,636
	386	Ito EN Ltd.		12,858
	400	Japan Tobacco, Inc.		12,934
	647	Kagome Co. Ltd.		16,702
	300	Kao Corp.		14,878
	715	Kirin Holdings Co. Ltd.		11,737
	264	Kobayashi Pharmaceutical Co. Ltd.		11,796
	258	Lawson, Inc.		18,884
	422	Maruha Nichiro Corp.		11,696
	497	NH Foods Ltd.		13,576
	900	Nisshin Seifun Group, Inc.		13,727
	248	Nissin Foods Holdings Co. Ltd.		13,130
	500	Sapporo Holdings Ltd.		13,049
	287	Seven & i Holdings Co. Ltd.		11,495
	239	Sugi Holdings Co. Ltd.		11,146
	286	Suntory Beverage & Food Ltd.		12,182
	1,300	Takara Holdings, Inc.		12,460
	421	Toyo Suisan Kaisha Ltd.		15,071
				270,931
		Energy - 1.0%
	2,800	JX Holdings, Inc.		13,247
		Financials - 3.0%
	3,604	Aozora Bank Ltd.		13,190
	1,321	Matsui Securities Co. Ltd.		11,371
	1,368	Yamaguchi Financial Group, Inc.		14,983
				39,544
		Health Care - 6.7%
	925	Astellas Pharma, Inc.		12,436
	672	Mitsubishi Tanabe Pharma Corp.		13,485

288	Sawai Pharmaceutical Co. Ltd.	$	15,145
200	Taisho Pharmaceutical Holdings Co. Ltd.		16,913
370	Takeda Pharmaceutical Co. Ltd.		15,526
400	Terumo Corp.		14,817
			88,322
	Industrials - 33.7%
478	Aica Kogyo Co. Ltd.		12,513
5,311	ANA Holdings, Inc.		15,828
643	COMSYS Holdings Corp.		11,858
1,393	Dai Nippon Printing Co. Ltd.		14,218
134	East Japan Railway Co.		12,177
400	Hankyu Hanshin Holdings, Inc.		13,609
200	Hoshizaki Corp.		16,362
2,208	Iwatani Corp.		12,357
400	Japan Airlines Co. Ltd.		12,799
1,251	Kamigumi Co. Ltd.		12,202
2,000	Keihan Holdings Co. Ltd.		13,378
1,537	Keikyu Corp.		18,090
1,411	Keio Corp.		11,631
4,084	Kintetsu Group Holdings Co. Ltd.		15,745
627	Kurita Water Industries Ltd.		14,927
200	Makita Corp.		13,946
800	Miura Co. Ltd.		12,735
3,144	Nagoya Railroad Co. Ltd.		15,528
2,293	Nankai Electric Railway Co. Ltd.		11,386
732	Nippo Corp.		13,869
2,857	Nishimatsu Construction Co. Ltd.		14,339
3,000	Nishi-Nippon Railroad Co. Ltd.		13,324
600	Odakyu Electric Railway Co. Ltd.		11,923
464	Park24 Co. Ltd.		12,839
401	Recruit Holdings Co. Ltd.		17,614
191	Secom Co. Ltd.		13,855
1,000	Shimizu Corp.		9,229
3,038	Sotetsu Holdings, Inc.		15,409
1,876	Taisei Corp.		13,365
3,715	Tobu Railway Co., Ltd.		18,909
1,504	Tokyu Corp.		11,102
1,531	Toppan Printing Co. Ltd.		15,082
			442,148
	Information Technology - 6.1%
443	Azbil Corp.		13,399
483	Canon, Inc.		14,352
303	FUJIFILM Holdings Corp.		11,775
374	Nomura Research Institute Ltd.		12,824
252	NTT Data Corp.		12,760
259	Oracle Corp. Japan		14,540
			79,650
	Materials - 5.9%
795	ADEKA Corp.		11,624
799	Kuraray Co. Ltd.		12,719
449	Maruichi Steel Tube Ltd.		15,116
700	Nippon Paper Industries Co. Ltd.		12,865
3,161	Sumitomo Osaka Cement Co. Ltd.		12,776
1,448	Toray Industries, Inc.		12,574
			77,674
	Real Estate - 1.1%
99	Daito Trust Construction Co. Ltd.		13,886
	Telecommunication Services - 1.0%
300	Nippon Telegraph & Telephone Corp.		13,268
	Utilities - 5.8%
1,052	Chugoku Electric Power Co., Inc. (The)		11,868
1,101	Hokuriku Electric Power Co.		11,120
3,746	Osaka Gas Co. Ltd.		14,065

Schedule of Investments^(a)

1,957	Toho Gas Co. Ltd.	$	14,655
1,000	Tohoku Electric Power Co., Inc.		12,223
2,865	Tokyo Gas Co. Ltd.		12,720
			76,651
	Total Investments (Cost $1,277,854)(b) - 103.6%		1,360,156
	Other assets less liabilities - (3.6)%		(47,416	)
	Net Assets - 100.0%	$	1,312,740

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)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $1,297,376. The net unrealized appreciation was $62,780, which consisted of aggregate gross unrealized appreciation of $110,167 and aggregate gross unrealized depreciation of $47,387.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares S&P International Developed Quality Portfolio (IDHQ)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.9%
		Australia - 4.7%
	4,255	Aristocrat Leisure Ltd.	$	49,357
	1,387	Caltex Australia Ltd.		30,114
	2,299	CIMIC Group Ltd.		59,863
	401	Cochlear Ltd.		38,104
	3,765	Crown Resorts Ltd.		32,584
	2,811	CSL Ltd.		239,645
	2,831	LendLease Group		30,282
	15,214	Medibank Private Ltd.		31,184
	2,009	Orica Ltd.		28,596
	11,304	Qantas Airways Ltd.		29,263
	2,276	Seek Ltd.		24,950
	79,033	Telstra Corp. Ltd.		299,989
	11,700	Westfield Corp. REIT		78,073
				972,004
		Belgium - 0.6%
	1,818	bpost SA		43,950
	732	Colruyt SA		35,820
	1,704	Proximus SADP		48,920
				128,690
		Canada - 1.8%
	1,421	CGI Group, Inc., Class A(a)		68,197
	1,418	CI Financial Corp.		29,584
	147	Constellation Software, Inc.		66,268
	1,185	Gildan Activewear, Inc.		30,939
	1,805	Magna International, Inc.		77,932
	1,260	Metro, Inc.		38,203
	1,742	Open Text Corp.		59,512
				370,635
		Denmark - 4.6%
	1,353	Coloplast A/S, Class B		96,887
	1,002	H. Lundbeck A/S(a)		42,982
	13,689	Novo Nordisk A/S, Class B		492,118
	1,482	Novozymes A/S, Class B		57,779
	640	Pandora A/S		83,838
	1,820	Tryg A/S		34,777
	2,091	Vestas Wind Systems A/S		146,332
				954,713
		Finland - 1.5%
	929	Elisa Oyj		31,354
	3,126	Kone Oyj, Class B		141,550
	718	Metso Oyj		22,083
	1,494	Neste Oyj		52,086
	614	Nokian Renkaat Oyj		23,038
	825	Orion Oyj, Class B		38,445
				308,556
		France - 5.6%
	4,836	Airbus Group SE		328,000
	49	Dassault Aviation SA		56,521
	630	Hermes International		274,005
	4,807	Peugeot SA(a)		89,353
	2,669	Safran SA		180,851
	1,207	Thales SA		113,196

6,700	Vivendi SA	$	122,657
			1,164,583
	Germany - 2.0%
1,061	Covestro AG(b)		79,679
6,438	Deutsche Post AG		215,371
563	Hannover Rueck SE		61,847
1,847	METRO AG		63,095
			419,992
	Hong Kong - 5.6%
59,600	AIA Group Ltd.		370,995
15,600	Bank of East Asia Ltd. (The)		66,848
57,000	Chow Tai Fook Jewellery Group Ltd.		48,630
13,625	CLP Holdings Ltd.		133,189
7,250	Hong Kong Exchanges & Clearing Ltd.		176,313
13,192	Power Assets Holdings Ltd.		126,746
42,829	Sands China Ltd.		190,428
28,275	SJM Holdings Ltd.		22,593
2,098	VTech Holdings Ltd.		26,092
			1,161,834
	Ireland - 1.5%
6,792	Experian PLC		130,653
491	Paddy Power Betfair PLC		51,364
1,507	Ryanair Holdings PLC ADR(a)		126,076
			308,093
	Israel - 1.0%
7,302	Bank Hapoalim BM		44,099
8,658	Bank Leumi Le-Israel BM(a)		35,786
995	Check Point Software Technologies Ltd.(a)		98,276
237	CyberArk Software Ltd.(a)		12,575
216	Elbit Systems Ltd.		23,768
			214,504
	Italy - 0.5%
4,736	Finecobank Banca Fineco SpA		28,099
1,369	Moncler SpA		26,335
1,111	Recordati SpA		31,589
936	Salvatore Ferragamo SpA		24,732
			110,755
	Japan - 30.4%
1,000	Advantest Corp.		18,752
1,487	Aisin Seiki Co. Ltd.		68,290
6,000	Aozora Bank Ltd.		21,959
12,459	Astellas Pharma, Inc.		167,503
1,226	Bandai Namco Holdings, Inc.		33,870
1,625	Bank of Kyoto Ltd. (The)		12,775
4,312	Bridgestone Corp.		158,691
1,751	Chiyoda Corp.		11,837
700	CyberAgent, Inc.		17,404
5,900	Dai-ichi Life Holdings, Inc.		108,068
1,575	Daikin Industries Ltd.		157,045
200	DISCO Corp.		25,654
1,675	Eisai Co. Ltd.		92,473
449	Ezaki Glico Co. Ltd.		20,580
3,376	Fuji Electric Co. Ltd.		20,063
5,299	Fuji Heavy Industries Ltd.		213,702
2,150	Gunma Bank Ltd. (The)		11,803
500	Harmonic Drive Systems, Inc.		15,123
264	Hirose Electric Co. Ltd.		34,520
3,376	Hiroshima Bank Ltd. (The)		15,864
1,043	Hitachi Chemical Co. Ltd.		29,740
684	Hitachi High-Technologies Corp.		29,438
1,949	Hitachi Metals Ltd.		27,112
467	Hoshizaki Corp.		38,206
2,625	Hoya Corp.		114,770
2,000	Japan Airlines Co. Ltd.		63,993
2,450	Japan Exchange Group, Inc.		36,671
11,938	Japan Tobacco, Inc.		386,003

Schedule of Investments

1,500	JTEKT Corp.	$	24,783
5,000	Kajima Corp.		34,954
299	Kaken Pharmaceutical Co. Ltd.		15,192
1,375	Kansai Paint Co. Ltd.		26,798
2,730	Kao Corp.		135,391
800	Keyence Corp.		311,757
1,000	Kikkoman Corp.		31,579
400	Kobayashi Pharmaceutical Co. Ltd.		17,873
1,062	Koito Manufacturing Co. Ltd.		56,414
4,437	Komatsu Ltd.		106,181
974	Konami Holdings Corp.		39,107
400	Kose Corp.		34,111
2,774	Kyushu Financial Group, Inc.		19,220
2,000	Lion Corp.		34,839
801	Makita Corp.		55,855
2,726	Mazda Motor Corp.		40,391
889	MEIJI Holdings Co. Ltd.		69,019
1,100	Mitsubishi Gas Chemical Co., Inc.		21,194
2,900	Mitsubishi Tanabe Pharma Corp.		58,193
801	MonotaRO Co. Ltd.		21,090
3,366	MS&AD Insurance Group Holdings, Inc.		113,471
601	Nabtesco Corp.		15,733
2,699	Nexon Co. Ltd.		41,285
1,863	Nippon Paint Holdings Co. Ltd.		54,612
300	Nippon Shinyaku Co. Ltd.		15,563
164	Nippon Shokubai Co. Ltd.		11,349
774	Nissan Chemical Industries Ltd.		27,742
613	Nitori Holdings Co. Ltd.		68,719
862	Nitto Denko Corp.		68,478
1,335	Nomura Research Institute Ltd.		45,775
3,014	NSK Ltd.		36,786
21,626	NTT DoCoMo, Inc.		519,927
3,739	Obayashi Corp.		35,738
579	OBIC Co. Ltd.		27,876
1,026	OMRON Corp.		42,243
1,853	Oriental Land Co. Ltd.		101,839
527	Otsuka Corp.		27,199
11,131	Panasonic Corp.		116,526
750	Pigeon Corp.		20,386
349	Pola Orbis Holdings, Inc.		33,234
6,989	Renesas Electronics Corp.(a)		63,201
349	Rinnai Corp.		29,761
176	Ryohin Keikaku Co. Ltd.		33,066
579	SCSK Corp.		21,833
1,300	Sega Sammy Holdings, Inc.		20,509
2,064	Seiko Epson Corp.		42,738
200	Seria Co. Ltd.		13,626
425	Shimano, Inc.		67,237
2,000	Shin-Etsu Chemical Co. Ltd.		173,165
12,501	Shinsei Bank Ltd.		21,654
1,900	Shionogi & Co. Ltd.		91,561
525	Sohgo Security Services Co. Ltd.		19,797
2,208	Sompo Holdings, Inc.		80,377
200	Sosei Group Corp.(a)		23,256
862	Stanley Electric Co. Ltd.		24,388
2,012	Sumitomo Dainippon Pharma Co. Ltd.		34,029
1,287	Sumitomo Rubber Industries Ltd.		20,178
349	Sundrug Co. Ltd.		24,119
3,126	Suzuki Motor Corp.		121,319
1,256	Sysmex Corp.		75,421
4,083	T&D Holdings, Inc.		61,059
6,124	Taisei Corp.		43,628
2,012	Terumo Corp.		74,528
2,499	Toho Gas Co. Ltd.		18,713
3,416	Tokio Marine Holdings, Inc.		143,558
1,016	Tokyo Electron Ltd.		105,684
1,751	TonenGeneral Sekiyu K.K.		20,671

3,150	Tosoh Corp.	$	23,924
862	TOTO Ltd.		34,878
950	Toyota Boshoku Corp.		21,139
1,563	Toyota Industries Corp.		75,807
774	Trend Micro, Inc.(a)		30,149
3,200	Unicharm Corp.		72,201
1,706	USS Co. Ltd.		30,021
1,314	Yamaha Corp.		40,269
1,187	Yaskawa Electric Corp.		21,520
			6,349,315
	Netherlands - 0.1%
664	Koninklijke Vopak NV		28,499
	New Zealand - 0.3%
3,190	Fisher & Paykel Healthcare Corp. Ltd.		20,325
3,608	SKYCITY Entertainment Group Ltd.		10,000
9,729	Spark New Zealand Ltd.		25,038
			55,363
	Norway - 0.1%
781	Salmar ASA		22,145
	Portugal - 0.4%
4,807	Jeronimo Martins SGPS SA		81,327
	Singapore - 1.8%
10,359	ComfortDelGro Corp. Ltd.		17,721
57,200	Genting Singapore PLC		39,384
7,100	M1 Ltd.		10,130
6,056	SATS Ltd.		22,697
8,220	Singapore Exchange Ltd.		43,294
16,600	Singapore Technologies Engineering Ltd.		38,884
75,141	Singapore Telecommunications Ltd.		206,414
			378,524
	South Africa - 0.2%
1,956	Mondi PLC		43,089
	South Korea - 2.5%
314	Amorepacific Corp.(a)		85,654
420	AMOREPACIFIC Group(a)		48,972
763	Cheil Worldwide, Inc.		12,179
360	Coway Co. Ltd.(a)		27,106
557	Grand Korea Leisure Co. Ltd.		9,059
67	Hanmi Pharm Co. Ltd.(a)		16,604
416	Hanmi Science Co. Ltd.(a)		20,655
125	Hanssem Co. Ltd.(a)		22,427
424	Hyundai Development Co.-Engineering & Construction(a)		15,944
179	Korea Kolmar Co. Ltd.(a)		10,674
2,323	KT Corp. ADR(a)		34,543
662	KT&G Corp.		57,251
84	LG Household & Health Care Ltd.		63,537
164	Lotte Chemical Corp.(a)		53,133
36	Medy-Tox, Inc.		12,825
239	S-1 Corp.		17,296
76	SK Materials Co. Ltd.(a)		13,041
			520,900
	Spain - 4.1%
2,202	Amadeus IT Group SA		101,720
6,760	Endesa SA		139,134
18,776	Industria de Diseno Textil SA		619,593
			860,447
	Sweden - 3.3%
2,011	Alfa Laval AB		37,544
4,896	Atlas Copco AB, Class A		156,991
1,815	Axfood AB		29,857
1,002	BillerudKorsnas AB		16,701

Schedule of Investments

2,031	Electrolux AB, Series B	$	54,018
3,343	Fingerprint Cards AB, Class B(a)		20,288
8,675	Hennes & Mauritz AB, Class B		248,095
394	L E Lundbergforetagen AB, Class B		25,375
2,465	Skanska AB, Class B		60,345
1,405	Swedish Orphan Biovitrum AB(a)		17,969
1,372	Trelleborg AB, Class B		28,487
			695,670
	Switzerland - 18.0%
10,663	ABB Ltd.		253,227
840	Actelion Ltd.		218,812
55	Givaudan SA		99,174
887	Kuehne + Nagel International AG		121,192
14,762	Nestle SA		1,081,788
4,548	Roche Holding AG		1,074,077
248	Schindler Holding AG-PC		47,257
55	SGS SA		116,623
1,800	Swiss Re AG		168,032
290	Swisscom AG		127,863
434	Syngenta AG		184,756
1,200	Wolseley PLC		74,082
714	Zurich Insurance Group AG		205,168
			3,772,051
	United Kingdom - 9.2%
5,704	3i Group PLC		50,233
1,988	Admiral Group PLC		44,420
5,181	Barratt Developments PLC		31,138
2,160	Burberry Group PLC		44,567
9,476	Compass Group PLC		168,335
14,491	Diageo PLC		401,723
7,601	Direct Line Insurance Group PLC		33,948
18,716	ITV PLC		47,847
1,021	Johnson Matthey PLC		41,760
4,083	Pearson PLC		31,797
1,763	Persimmon PLC		42,786
733	Provident Financial PLC		25,130
4,216	Reckitt Benckiser Group PLC		360,894
6,898	RELX PLC		123,493
1,592	Schroders PLC		58,765
17,210	Taylor Wimpey PLC		36,180
9,480	Unilever NV CVA		383,113
			1,926,129
	United States - 0.1%
265	ICON PLC(a)		22,276
	Total Investments (Cost $20,313,997)(c) - 99.9%		20,870,094
	Other assets less liabilities - 0.1%		29,366
	Net Assets - 100.0%	$	20,899,460

Investment Abbreviations:

ADR - American Depositary Receipt

CVA - Dutch Certificates

PC - Participation Certificate

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(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 January 31, 2017 represented less than 1% of the Fund’s Net Assets.

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $20,340,449. The net unrealized appreciation was $529,645, which consisted of aggregate gross unrealized appreciation of $1,447,427 and aggregate gross unrealized depreciation of $917,782.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares 1-30 Laddered Treasury Portfolio (PLW)

January 31, 2017

(Unaudited)

Principal Amount			Value
		Long-Term Investments - 94.7%
		U.S. Treasury Securities - 94.7%
		U.S. Treasury Notes - 6.9%
$	6,440,000	3.500%, 02/15/2018	$	6,611,188
	6,602,000	2.000%, 02/15/2022		6,622,242
				13,233,430
		U.S. Treasury Bonds - 87.8%
	5,386,000	8.875%, 02/15/2019		6,227,352
	5,188,000	8.500%, 02/15/2020		6,270,082
	5,075,000	7.875%, 02/15/2021		6,282,297
	4,891,000	7.125%, 02/15/2023		6,288,280
	5,061,000	6.250%, 08/15/2023		6,328,128
	4,495,000	7.625%, 02/15/2025		6,252,617
	4,865,000	6.000%, 02/15/2026		6,282,311
	4,563,000	6.625%, 02/15/2027		6,251,579
	4,711,000	6.125%, 11/15/2027		6,320,287
	4,917,000	5.250%, 02/15/2029		6,285,023
	4,473,000	6.250%, 05/15/2030		6,325,453
	14,150,000	5.375%, 02/15/2031		18,857,082
	14,748,000	4.500%, 02/15/2036		18,639,511
	4,753,000	4.750%, 02/15/2037		6,180,383
	4,991,000	4.375%, 02/15/2038		6,203,269
	5,662,000	3.500%, 02/15/2039		6,194,579
	4,834,000	4.625%, 02/15/2040		6,181,192
	4,728,000	4.750%, 02/15/2041		6,166,990
	6,069,000	3.125%, 02/15/2042		6,174,139
	6,101,000	3.125%, 02/15/2043		6,193,113
	5,554,000	3.625%, 02/15/2044		6,162,446
	6,970,000	2.500%, 02/15/2045		6,225,492
	7,057,000	2.500%, 02/15/2046		6,283,765
				168,575,370
		Total Long-Term Investments (Cost $189,553,022)		181,808,800
		Short-Term Investments - 3.5%
		U.S. Treasury Securities - 3.4%
		U.S. Treasury Notes - 3.4%
	6,493,000	4.625%, 02/15/2017 (Cost $6,501,437)		6,503,389
Number of Shares
		Money Market Fund - 0.1%
	185,336	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(a) (Cost $185,336)		185,336
		Total Short-Term Investments (Cost $6,686,773)		6,688,725

Total Investments (Cost $196,239,795)(b) - 98.2%	$	188,497,525
Other assets less liabilities - 1.8%		3,416,993
Net Assets - 100.0%	$	191,914,518

Notes to Schedule of Investments:

^(a)  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 January 31, 2017.

^(b)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $196,686,413. The net unrealized depreciation was $8,188,888, which consisted of aggregate gross unrealized appreciation of $397,864 and aggregate gross unrealized depreciation of $8,586,752.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Build America Bond Portfolio (BAB)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds - 97.4%
		Ad Valorem Property Tax - 18.4%
$	3,000,000	Anchorage Alaska Ser. 10A-2		5.910	%		04/01/2030	$	3,278,790
	1,500,000	Bexar County Texas Ser. 10		5.755			06/15/2040		1,586,640
	14,890,000	California State Highway Safety Air Quality Remarketed Ser. 09B		6.509			04/01/2039		17,260,637
	8,505,000	California State Ser. 09		7.350			11/01/2039		12,025,815
	4,500,000	California State Ser. 10		7.625			03/01/2040		6,588,450
	1,010,000	Carson City Nevada (Water Improvement) Ser. 10A		6.662			11/01/2039		1,069,115
	2,000,000	Channelview Texas Independent School District Ser. 10 PSF-GTD		5.926			08/15/2035		2,104,740
	2,000,000	Chicago Illinois (Recovery Zone Economic Development) Ser. 10D		6.257			01/01/2040		1,743,120
	2,000,000	Chicago Illinois (Taxable Project) Ser. 10B		7.517			01/01/2040		2,044,620
	6,205,000	Chicago Illinois Ser. 10C		6.207			01/01/2036		5,484,538
	1,500,000	Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A		6.554			07/01/2030		1,828,500
	1,620,000	Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A		6.754			07/01/2038		2,049,138
	4,560,000	Clark County Nevada Ser. 10		7.000			07/01/2038		5,274,324
	4,955,000	Commonwealth of Pennsylvania First Ser. 10B		4.650			02/15/2026		5,378,702
	1,600,000	Cook County Illinois Community Consolidated (School District No. 65) Ser. 09		4.400			12/01/2020		1,627,536
	700,000	Corpus Christi Texas Independent School District (School Building) Ser. 10B PSF-GTD		6.124			08/15/2032		786,191
	5,170,000	Dallas Texas Independent School District Ser. 10C PSF-GTD		6.450			02/15/2035		5,898,298
	200,000	Delaware State Ser. 09D		5.200			10/01/2026		215,930
	500,000	Denver Colorado City & County School District No. 1 Ser. 09C		5.664			12/01/2033		610,815
	1,000,000	Douglas County Nevada School District Ser. 10A PSF-GTD		6.110			04/01/2030		1,058,800
	605,000	Hallettsville Texas Independent School Ser. 10 PSF-GTD		6.265			08/15/2030		668,398
	1,000,000	Hallettsville Texas Independent School Ser. 10 PSF-GTD		6.465			08/15/2035		1,078,320
	1,000,000	Hawaii State Ser. 10DX		5.530			02/01/2030		1,204,820
	2,000,000	Hayward California Unified School District Ser. 10 AGM		7.350			08/01/2043		2,301,740
	1,000,000	Hillsborough County Florida Ser. 09B		6.350			07/01/2039		1,063,070
	200,000	Itasca Illinois Ser. 09A		6.100			02/01/2034		217,132
	320,000	Itasca Illinois Ser. 09A		6.200			02/01/2039		347,654
	2,000,000	Kiski Pennsylvania Area School District Ser. 10 AGM		6.526			09/01/2031		2,218,900
	1,000,000	Lancaster Texas Ser. 10		6.528			02/15/2040		1,092,710
	1,000,000	Las Vegas Valley Nevada Water District Ser. 09A		7.100			06/01/2039		1,098,290
	5,000,000	Los Angeles California Community College District Ser. 10		6.750			08/01/2049		7,347,150
	500,000	Los Angeles California Unified School District Qualified School Construction Bonds (Election of 2005) Ser. 10J-1		5.981			05/01/2027		616,565
	200,000	Louisville & Jefferson County Kentucky Metro Government (Recovery Zone Economic Development) Ser. 09E		5.450			11/15/2027		232,882
	4,300,000	Massachusetts State Ser. 10		4.480			05/01/2024		4,739,030
	1,595,000	Massachusetts State Ser. 10E		4.200			12/01/2021		1,706,140
	1,500,000	Massachusetts State Ser. 16F		3.277			06/01/2046		1,376,250
	1,000,000	Montgomery County Pennsylvania Ser. 10		6.030			09/01/2039		1,103,660
	3,000,000	Napa Valley California University School District Ser. 10B		6.507			08/01/2043		3,979,230
	1,000,000	New Orleans Louisiana Ser. 10A		8.800			12/01/2039		1,131,470
	1,500,000	New York City New York Ser. 09		5.985			12/01/2036		1,886,865
	1,000,000	New York City New York Ser. 09D-1		6.385			12/01/2029		1,107,350
	1,000,000	New York City New York Ser. 10		5.646			06/01/2027		1,191,460
	2,710,000	New York City New York Ser. 10		5.817			10/01/2031		3,016,284
	3,920,000	New York City New York Ser. 10		6.246			06/01/2035		4,406,511
	8,495,000	New York City New York Ser. 10		5.968			03/01/2036		10,827,132
	1,965,000	New York City New York Taxable Ser. 10F-1		6.271			12/01/2037		2,605,059
	960,000	North Las Vegas Nevada Ser. 10		5.372			06/01/2019		947,203
	1,000,000	NYE County Nevada Ser. 10B AGM		6.300			08/01/2035		1,080,370
	1,000,000	NYE County Nevada Ser. 10B AGM		6.400			08/01/2040		1,069,380
	1,450,000	Peoria Illinois Community Unit (School District No. 323) Ser. 10		6.020			04/01/2028		1,547,933
	1,000,000	Philadelphia Pennsylvania School District Ser. 10		6.615			06/01/2030		1,149,300
	1,000,000	Quaker Valley Pennsylvania School District Ser. 10 AGM		5.959			10/01/2030		1,075,040
	2,000,000	Round Rock Texas Independent School District Ser. 10 PSF-GTD		5.774			08/01/2030		2,223,600
	1,000,000	Round Rock Texas Independent School District Ser. 10B		6.054			08/01/2035		1,060,470
	2,000,000	San Antonio Texas Independent School District Ser. 10 PSF-GTD		6.397			08/15/2040		2,253,040
	1,500,000	San Francisco California City & County Ser. 10		6.260			06/15/2030		1,883,250
	3,850,000	San Francisco California City & County Ser. 10D		6.260			06/15/2030		4,792,326
	1,000,000	San Mateo California Union High School District Ser. 10B		6.733			09/01/2034		1,172,070

Schedule of Investments

$	1,000,000	Snohomish County Washington Public Hospital District No. 3 (Cascade Valley Hospital) Ser. 10B	6.329	%	12/01/2035	$	1,017,430
	200,000	Southwestern Community College District California Ser. 09B	7.130		08/01/2031		227,678
	5,000,000	Utah State Ser. 10B	3.369		07/01/2021		5,245,650
	15,255,000	Utah State Ser. 10B	3.539		07/01/2025		15,999,444
	675,000	Wilson County Tennessee Tenth Special School District Ser. 10	6.130		04/01/2035		720,131
							179,943,086
		College & University Revenue - 7.1%
	4,500,000	California Infrastructure & Economic Development Bank (California Infrastructure Economic Development) Rev. Ser. 10	6.486		05/15/2049		5,649,705
	900,000	California State University Rev. Ser. 10	6.484		11/01/2041		1,132,065
	1,000,000	Colorado State Board Governors University Enterprise System Rev. Ser. 10	5.957		03/01/2033		1,150,410
	2,000,000	Indiana University Rev. Ser. 10	5.536		06/01/2030		2,137,680
	1,500,000	Indiana University Rev. Ser. 10	5.636		06/01/2035		1,587,840
	5,000,000	Massachusetts State College Building Auth. Ser. 09C	5.832		05/01/2030		5,836,750
	1,215,000	Mesa State College Colorado (Auxiliary Facilities Enterprise) Rev. Ser. 09B	5.800		05/15/2040		1,383,071
	3,000,000	New Jersey State Educational Facilities Auth. Rev. Ser. 10	6.190		07/01/2040		3,231,150
	1,000,000	New Mexico State University Regents Improvement Rev. Ser. 10B	6.124		04/01/2030		1,058,000
	1,000,000	North Carolina State University at Raleigh Rev. Ser. 10B	5.927		10/01/2030		1,106,410
	3,000,000	Northern Arizona University (Arizona Board of Regents) Rev. Ser. 10A	6.593		08/01/2030		3,269,910
	500,000	Northern Arizona University Rev. Ser. 09A	6.687		06/01/2039		541,730
	1,000,000	Pennsylvania State Higher Educational Facilities Auth. (Temple University) Rev. Ser. 10	6.141		04/01/2030		1,172,900
	905,000	Rutgers The State University of New Jersey Ser. 10	5.545		05/01/2029		1,009,419
	1,500,000	University of California Rev. Ref. Ser. 16AS	3.552		05/15/2039		1,389,075
	10,745,000	University of California Rev. Ser. 10	5.946		05/15/2045		13,390,956
	3,000,000	University of Hawaii Rev. Ser. 10	5.834		10/01/2030		3,260,580
	5,000,000	University of Hawaii Rev. Ser. 10	6.034		10/01/2040		5,444,600
	1,500,000	University of Massachusetts Building Auth. Project Rev. Ser. 10	4.550		11/01/2025		1,660,725
	250,000	University of Michigan University Rev. Ser. 10A	5.513		04/01/2030		286,715
	500,000	University of North Carolina University Ser. 09B	5.757		12/01/2039		527,960
	500,000	University of Texas Ser. 09B	6.276		08/15/2041		550,210
	10,000,000	University of Texas System Ser. 10C	4.644		08/15/2030		11,129,300
	1,435,000	Washington State Biomedical Research Facilities No. 3 Ser. 10B	6.416		07/01/2030		1,805,474
	250,000	Wayne State University Ser. 09B	6.536		11/15/2039		272,555
							69,985,190
		Electric Power Revenue - 11.7%
	7,665,000	American Municipal Power Ohio Inc. (Combined Hydroelectric Projects) Rev. Ser.10	8.084		02/15/2050		11,692,728
	2,090,000	American Municipal Power Ohio Inc. (Meldahl Hydroelectric-Remarketed) Rev. Ser. 10E	6.270		02/15/2050		2,510,215
	8,005,000	American Municipal Power Ohio Inc. Rev. Ser. 09	6.053		02/15/2043		9,498,333
	3,395,000	American Municipal Power Ohio Inc. Rev. Ser. 10	7.499		02/15/2050		4,717,828
	750,000	Benton County Washington Public Utility District No. 1 Electric Rev. Ser. 10	6.546		11/01/2030		908,887
	6,500,000	Cowlitz County Washington Public Utility District No. 1 Electric Ser. 10	6.884		09/01/2032		7,900,555
	2,000,000	Douglas County Washington Public Utility District No. 1 Wells Hydroelectric Ser. 10B	5.245		09/01/2030		2,222,020
	2,500,000	Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L	5.730		01/01/2030		2,877,575
	2,750,000	Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L	5.830		01/01/2040		3,268,347
	500,000	JEA Florida Electric Systems Rev. Ser. 09F	6.406		10/01/2034		626,030
	8,000,000	Los Angeles California Department of Water & Power Rev. Ser. 10	6.166		07/01/2040		8,867,040
	1,500,000	Los Angeles California Department of Water & Power Rev. Ser. 10	7.000		07/01/2041		1,766,040
	500,000	Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 09A	6.790		01/01/2029		520,860
	10,000,000	Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 09A	6.890		01/01/2042		12,085,400
	1,000,000	Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 10	7.597		01/01/2032		1,204,360
	9,909,000	Municipal Electric Auth. of Georgia (Plant Vogtle Units 3&4 Project P) Ser. 10	7.055		04/01/2057		11,359,182
	6,690,000	Municipal Electric Auth. of Georgia Ser. 10	6.655		04/01/2057		8,192,306
	1,000,000	Northern California Power Agency (Lodi Energy Center) Rev. Ser. 10B	7.311		06/01/2040		1,251,200
	250,000	Northern Illinois Municipal Power Agency Power Project Rev. Ser. 10	7.620		01/01/2030		296,833
	9,050,000	South Carolina State Public Service Auth. Obligation Rev. Ser. 10C	6.454		01/01/2050		11,850,161
	2,000,000	Southern California Public Power Auth. Rev. Ser. 10	5.921		07/01/2035		2,268,500
	2,570,000	Tacoma Washington Electric System Rev. Ser. 10 AGM	5.791		01/01/2032		2,997,340

Schedule of Investments

$	5,795,000	Virgin Islands Water & Power Auth. (Electric System) Rev. Ser. 10C AGM	6.850	%	07/01/2035	$	6,027,959
							114,909,699
		Fuel Sales Tax Revenue - 3.6%
	595,000	Idaho Housing & Financing Association Ser. 10A-2	6.348		07/15/2028		677,033
	2,250,000	Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 09	4.963		05/01/2023		2,528,437
	6,000,000	Missouri State Highways & Transportation Commission (Taxable Third Lien State Road) Ser. 09C	5.063		05/01/2024		6,797,700
	2,000,000	Texas State Transportation Commission (First Tier) Rev. Ser. 10B	5.028		04/01/2026		2,288,580
	11,715,000	Texas State Transportation Commission (First Tier) Rev. Ser. 10B	5.178		04/01/2030		13,713,579
	2,000,000	Washington State Ser. 10	5.090		08/01/2033		2,356,960
	1,400,000	Washoe County Nevada Highway Rev. Ser. 10	7.063		02/01/2030		1,524,880
	5,000,000	Washoe County Nevada Highway Rev. Ser. 10	7.213		02/01/2039		5,441,350
							35,328,519
		General Fund - 16.7%
	17,590,000	California State Ser. 09	7.500		04/01/2034		24,747,723
	3,500,000	California State Ser. 09	7.300		10/01/2039		4,921,175
	22,850,000	California State Ser. 10	7.950		03/01/2036		26,605,626
	28,955,000	California State Ser. 10	7.600		11/01/2040		43,075,775
	15,860,000	California State Various Purpose Ser. 09	7.550		04/01/2039		23,362,097
	5,000,000	California State Various Purpose Ser. 10	5.700		11/01/2021		5,724,250
	9,300,000	Illinois State Ser. 10	6.900		03/01/2035		9,500,880
	5,000,000	Illinois State Ser. 10-1	5.363		02/01/2019		5,186,000
	14,795,000	Illinois State Ser. 10-1	5.563		02/01/2021		15,483,263
	2,500,000	Illinois State Ser. 10-2	5.650		03/01/2020		2,605,900
	2,000,000	Kauai County Hawaii Ser. 10	5.763		08/01/2033		2,437,360
							163,650,049
		Government Fund/Grant Revenue - 0.6%
	8,700,000	Chicago Board of Education Ser. 09E	6.138		12/01/2039		6,166,647
		Health, Hospital, Nursing Home Revenue - 1.1%
	1,000,000	Cuyahoga County Ohio Hospital Rev. Ser. 10	8.223		02/15/2040		1,201,320
	2,000,000	King County Washington Public Hospital District No. 1 Hospital Facilities Rev. Ser. 10	7.900		06/15/2030		2,253,800
	2,500,000	Lee Memorial Health System Florida Hospital Rev. Ser. 10A	7.281		04/01/2027		3,107,250
	1,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16B	4.053		07/01/2026		1,033,970
	1,000,000	Oak Valley California Hospital District (Health Facilities) Rev. Ser. 10B	9.000		11/01/2039		1,012,250
	1,500,000	Tangipahoa Parish Louisiana Hospital Service District No. 1 (North Oaks Health System) Ser. 09A AGC	7.200		02/01/2042		1,569,045
	500,000	University California Regents Medical Center Pooled Rev. Ser. 09F	6.458		05/15/2029		603,325
							10,780,960
		Highway Tolls Revenue - 3.9%
	3,025,000	Bay Area California Auth. Toll Bridge (San Francisco Bay Area) Rev. Ser. 10S3	6.907		10/01/2050		4,290,085
	3,605,000	Bay Area California Auth. Toll Bridge (Sub.-Lien) Rev. Ser. 10S1	7.043		04/01/2050		5,111,061
	200,000	Illinois State Toll Highway Auth. Toll Highway Rev. Ser. 09A	5.293		01/01/2024		209,452
	1,200,000	Maryland State Transportation Auth. (Transportation Facilities Projects) Rev. Ser. 10B	5.604		07/01/2030		1,427,448
	250,000	New Hampshire State Turnpike System Rev. Ser. 09B	6.259		11/01/2029		274,702
	250,000	New Hampshire State Turnpike System Rev. Ser. 09B	6.009		11/01/2039		299,003
	4,215,000	New Jersey State Turnpike Auth. Rev. Ser. 09F	7.414		01/01/2040		6,122,835
	2,280,000	New York Triborough Bridge & Tunnel Auth. Rev. Ser. 10	5.450		11/15/2032		2,687,687
	5,000,000	North Texas Tollway Auth. (Sub.-Lien) Rev. Ser. 10B-2	8.410		02/01/2030		6,494,550
	1,443,000	Pennsylvania State Turnpike Commission Rev. Ser. 09	6.105		12/01/2039		1,815,727
	5,000,000	Triborough Bridge & Tunnel Auth. Ser. 09B	5.420		11/15/2036		5,918,050
	2,715,000	Triborough Bridge & Tunnel Auth. Ser. 09B	5.500		11/15/2039		3,275,376
							37,925,976
		Hotel Occupancy Tax - 0.4%
	2,780,000	Dallas Texas Convention Center Hotel Development Corp. Ser. 09	7.088		01/01/2042		3,671,602
		Income Tax Revenue - 2.9%
	3,785,000	New York City Transitional Finance Auth. (Building Aid) Rev. Sub.-Ser. 10S-1B	6.828		07/15/2040		5,095,708
	6,475,000	New York City Transitional Finance Auth. (Future Tax Secured) Rev. Ser. 10	5.932		11/01/2036		7,299,203
	5,730,000	New York City Transitional Finance Auth. Rev. Ser. 10	4.325		11/01/2021		6,246,731
	200,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 09F	5.292		03/15/2025		227,748

Schedule of Investments

$	2,760,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10	5.500	%	03/15/2030	$	3,252,936
	1,800,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10	5.389		03/15/2040		2,171,970
	1,400,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10C	4.904		02/15/2023		1,563,646
	2,000,000	New York State Urban Development Corp. State Personal Income Tax Rev. Ser. 10C	5.838		03/15/2040		2,438,920
							28,296,862
		Lease Revenue - 3.3%
	300,000	Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C	6.674		06/01/2030		332,919
	1,000,000	Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C	6.774		06/01/2040		1,106,960
	2,000,000	Brighton Colorado COP Ser. 10B AGM	6.550		12/01/2030		2,149,000
	800,000	California State Public Works Board Lease (California State University Projects) Rev. Ser. 10B-2	7.804		03/01/2035		1,089,016
	1,000,000	Columbus Indiana Multi-High School Building Corp. Ser. 10	6.446		01/15/2030		1,051,000
	80,000	Escondido California Union High School District COP (Qualified School Construction Bonds) Ser. 10 AGM	5.000		06/01/2017		80,648
	1,000,000	Franklin County Ohio Convention Facilities Auth. Ser. 10	6.390		12/01/2030		1,145,150
	1,070,000	Franklin County Ohio Convention Facilities Auth. Ser. 10	6.540		12/01/2036		1,244,014
	500,000	Los Angeles California Municipal Improvement Corp. Lease (Recovery Zone Economic Development) Rev. Ser. 09D	7.757		09/01/2039		552,290
	2,000,000	Miami-Dade County Florida School Board COP Ser. 10	6.935		06/15/2032		2,126,180
	1,000,000	New Jersey State Educational Facilities Auth. Rev. Ser. 10B	7.225		07/01/2030		1,136,590
	2,000,000	New York City Educational Construction Fund Rev. Ser. 10	6.000		04/01/2035		2,196,820
	1,000,000	Passaic County New Jersey Ser. 10	6.540		08/01/2031		1,057,470
	500,000	Peoria Illinois Public Building Commission (School District Facilities) Rev. Ser. 09C AGC	6.580		12/01/2029		534,655
	5,000,000	Port of Morrow Oregon Transmission Facilities (Bonneville Corporation Project No. 4) Rev. Ser. 16	2.987		09/01/2036		4,512,500
	3,000,000	Regional Transportation District Colorado COP Ser. 10	7.672		06/01/2040		3,852,270
	500,000	Salt Lake County Utah Municipal Building Auth. (Lease) Rev. Ser. 09B	5.820		12/01/2029		604,770
	3,000,000	San Francisco California City & County COP Ser. 09D	6.487		11/01/2041		3,735,720
	1,000,000	St. Charles Missouri COP Ser. 10B	5.650		02/01/2030		1,053,670
	2,250,000	Williamsburg County South Carolina Public Facilities Corp. (Installment Purchase) Rev. Ser. 10	6.526		12/01/2030		2,460,488
							32,022,130
		Miscellaneous Revenue - 4.3%
	500,000	Battery Park City Auth. Rev. Ser. 09A	6.375		11/01/2039		544,345
	500,000	Camden County New Jersey Improvement Auth. Rev. Ser. 09A	6.180		01/15/2027		562,585
	2,000,000	Commonwealth Financing Auth. Pennsylvania Rev. Ser. 10	5.587		06/01/2030		2,229,620
	1,000,000	Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10	5.854		01/15/2030		1,187,930
	3,500,000	Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10B-2	5.966		01/15/2030		4,177,390
	500,000	Kansas State Development Finance Auth. (Kansas State Projects) Rev. Ser. 10E-2	6.120		11/01/2029		544,855
	2,000,000	Kansas State Development Finance Auth. Rev. Ser. 10	5.945		03/01/2030		2,154,660
	7,000,000	Miami-Dade County Florida Special Obligation Ser. 10B	6.743		04/01/2040		7,738,710
	1,000,000	Mississippi State Ser. 10	5.245		11/01/2034		1,197,260
	3,000,000	New Jersey Economic Development Auth. Rev. Ser. 10CC-1	6.425		12/15/2035		3,080,940
	1,000,000	Port St. Lucie Florida Stormwater Utility Rev. Ser. 10A AGC	7.376		05/01/2039		1,129,980
	2,000,000	St. Cloud Florida Capital Improvement Rev. Ser. 10B AGM	5.849		09/01/2030		2,154,440
	9,680,000	Texas State Ser. 09	5.517		04/01/2039		12,327,867
	3,000,000	Wisconsin State General Fund Annual Appropriation Rev. Ref. Ser. 17A	3.954		05/01/2036		3,012,420
							42,043,002
		Multiple Utility Revenue - 0.1%
	810,000	Colorado Springs Colorado Utilities (Direct Pay) Rev. Ser. 10B2	5.738		11/15/2050		892,004
		Nuclear Revenue - 0.2%
	2,500,000	South Carolina State Public Service Auth. Obligation Rev. Ser. 16D	2.388		12/01/2023		2,430,950
		Port, Airport & Marina Revenue - 3.5%
	3,190,000	Chicago Illinois O’Hare International Airport Ser. 10	6.845		01/01/2038		3,572,672
	5,750,000	Chicago Illinois O’Hare International Airport Ser. 10	6.395		01/01/2040		7,483,970
	250,000	Long Beach California Senior Airport Rev. Ser. 09C	7.765		06/01/2039		273,078
	2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.023		07/01/2024		1,952,860
	2,750,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.123		01/01/2025		2,692,608
	2,500,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.223		07/01/2025		2,445,200

Schedule of Investments

$	2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.273	%	01/01/2026	$	1,960,200
	1,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.323		07/01/2026		979,210
	2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.423		07/01/2027		1,934,340
	3,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.473		07/01/2028		2,880,030
	2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.573		07/01/2029		1,922,940
	1,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.673		07/01/2030		949,780
	5,000,000	South Jersey Port Corp. New Jersey (Marine Terminal) Rev. Ser. 09-P-3	7.365		01/01/2040		5,415,850
							34,462,738
		Sales Tax Revenue - 2.0%
	1,855,000	Central Puget Sound Washington Regional Transportation Auth. Sales & Use Ser. 09	5.491		11/01/2039		2,301,888
	1,000,000	Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16B	3.818		08/01/2032		991,850
	200,000	Glendale Arizona Municipal Property Corp. (Excise Tax) Rev. Ser. 08B AGM	6.157		07/01/2033		236,082
	2,000,000	Massachusetts State Bay Transportation Auth. Sales Tax Rev. Ser. 10	5.869		07/01/2040		2,460,820
	450,000	Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ser. 09B	5.715		08/15/2039		562,320
	2,500,000	Miami-Dade County Florida Transit Sales Surtax Rev. Ser. 10B	5.534		07/01/2032		2,729,450
	1,000,000	Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 10	5.020		05/01/2025		1,125,820
	1,955,000	New York City Transitional Finance Auth. Rev. Ser. 10	4.867		08/01/2024		2,207,743
	1,025,000	Santa Clara Valley California Transportation Auth. Sales Tax Rev. Ser. 10	5.876		04/01/2032		1,247,230
	1,815,000	Utah Transit Auth. Sales Tax Rev. Ser. 09B	5.937		06/15/2039		2,266,735
	3,000,000	Washoe County Nevada Sales Tax Rev. Ser. 10	7.451		02/01/2040		3,859,260
							19,989,198
		Sewer Revenue - 1.1%
	3,000,000	East Bay California Municipal Utility District Wastewater System Rev. Ser. 10	5.026		06/01/2032		3,399,150
	1,030,000	Jurupa California Community Services District COP Ser. 10B	6.347		09/01/2025		1,240,666
	1,070,000	Jurupa California Community Services District COP Ser. 10B	6.497		09/01/2026		1,318,058
	1,125,000	Jurupa California Community Services District COP Ser. 10B	6.597		09/01/2027		1,400,580
	1,170,000	Jurupa California Community Services District COP Ser. 10B	6.697		09/01/2028		1,466,197
	500,000	Knoxville Tennessee Waste Water System Rev. Ser. 10	6.300		04/01/2045		559,825
	200,000	Memphis Tennessee Sanitary Sewage System Rev. Ser. 09B AGC	6.300		10/01/2029		220,118
	1,100,000	Riverside California Sewer Rev. Ser. 09	7.000		08/01/2029		1,221,000
	200,000	Sarasota Florida Water & Sewer System Rev. Ser. 10B	5.425		10/01/2030		214,002
							11,039,596
		Special Assessment - 0.2%
	1,500,000	Macomb Interceptor Drainage District Michigan Ser. 10A	5.375		05/01/2035		1,564,710
		Tax Increment Revenue - 0.2%
	1,000,000	Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B	7.930		08/01/2030		1,092,600
	1,000,000	Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B	8.180		08/01/2039		1,090,900
							2,183,500
		Transit Revenue - 4.9%
	2,500,000	Metropolitan Transportation Auth. New York Dedicated Tax Fund (Metro Transit Auth.) Ser. 10A-2	6.089		11/15/2040		3,164,825
	335,000	Metropolitan Transportation Auth. New York Rev. Ser. 09	5.871		11/15/2039		407,326
	1,230,000	Metropolitan Transportation Auth. New York Rev. Ser. 10	6.648		11/15/2039		1,614,842
	7,250,000	Metropolitan Transportation Auth. New York Rev. Ser. 10A	6.668		11/15/2039		9,646,270
	3,745,000	Metropolitan Transportation Auth. New York Rev. Ser. 10C-1	6.687		11/15/2040		4,958,530
	12,525,000	Metropolitan Transportation Auth. New York Rev. Ser. 10E	6.814		11/15/2040		16,811,431
	7,455,000	New Jersey State Transportation Trust Fund Auth. Ser. 10B	6.561		12/15/2040		8,159,423
	1,990,000	New Jersey State Transportation Trust Fund Auth. Ser. 10C	5.754		12/15/2028		2,060,963
	1,125,000	New Jersey State Transportation Trust Fund Auth. Ser. 10C	6.104		12/15/2028		1,192,703
							48,016,313
		Water Revenue - 11.2%
	1,500,000	Beaumont Texas Waterworks & Sewer System Ser. 10B	6.007		09/01/2030		1,662,570
	200,000	Davie Florida Water & Sewer Rev. Ser. 10B AGM	6.599		10/01/2030		226,370
	3,000,000	East Bay California Municipal Utility District Water System Rev. Ser. 10	5.874		06/01/2040		3,716,430
	2,000,000	Fresno California Water System Rev. Ser. 10A-2	6.500		06/01/2030		2,323,640
	1,250,000	JEA Florida Water & Sewer System Rev. Ser. 10A	6.210		10/01/2033		1,546,750

Schedule of Investments

$	2,000,000	Jurupa California Community Services District COP (Water Bonds) Ser. 10B	7.192	%	09/01/2040	$	2,620,880
	1,715,000	Los Angeles California Department of Water & Power Rev. Ser. 10	6.603		07/01/2050		2,402,406
	500,000	Los Angeles California Department of Water & Power Water System Rev. Ser. 09C	5.381		07/01/2024		578,060
	2,270,000	Los Angeles California Department of Water & Power Water System Rev. Ser. 09C	6.008		07/01/2039		2,821,428
	1,125,000	Massachusetts State Water Pollution Abatement Trust Ser. 10	5.192		08/01/2040		1,276,807
	1,000,000	Metropolitan Water District of Southern California Ser. 10	6.947		07/01/2040		1,154,420
	1,700,000	New York City Municipal Finance Auth. Water & Sewer System (Taxable Second General) Rev. Ser. 10EE	6.011		06/15/2042		2,241,586
	1,480,000	New York City Municipal Finance Auth. Water & Sewer System Rev. Ser. 10	5.952		06/15/2042		1,934,034
	7,425,000	New York City Municipal Finance Auth. Water & Sewer System Rev. Ser. 10EE	6.491		06/15/2042		8,370,499
	2,925,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10	5.790		06/15/2041		3,251,255
	9,460,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10	5.724		06/15/2042		11,989,415
	6,100,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10	6.124		06/15/2042		6,830,109
	15,230,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10	5.440		06/15/2043		18,823,671
	1,000,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10DD	6.452		06/15/2041		1,127,660
	1,000,000	New York State Environmental Facilities Corp. (State Clean Water & Drinking Water) Ser. 10	5.707		06/15/2030		1,216,530
	500,000	Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B	7.570		12/15/2029		618,720
	500,000	Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B	7.820		12/15/2039		661,080
	500,000	Riverside California Water Rev. Ser. 09B	6.349		10/01/2039		659,515
	2,245,000	San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10	6.000		11/01/2040		2,760,789
	3,000,000	San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE	5.700		11/01/2027		3,636,210
	2,480,000	San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE	6.000		11/01/2040		3,031,552
	4,600,000	San Francisco City & County Public Utilities Commission Ser. 10	6.950		11/01/2050		6,456,284
	3,000,000	Santa Clara Valley California Water District Ref. Ser. 16B	4.354		06/01/2046		3,034,200
	2,000,000	Seminole County Florida Water & Sewer Rev. Ser. 10B	6.443		10/01/2040		2,239,380
	2,000,000	South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10	6.243		08/01/2030		2,292,760
	1,645,000	South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10	6.393		08/01/2040		1,976,616
	1,500,000	Sunrise Florida Utility System Rev. Ser. 10B	5.813		10/01/2030		1,637,325
	1,000,000	Tacoma Washington Water System Rev. Ser. 10B	5.371		12/01/2030		1,103,800
	1,275,000	Tucson Arizona Water Rev. Ser. 10	5.789		07/01/2026		1,463,114
	1,250,000	Upper Eagle Regional Water Auth. Colorado Rev. Ser. 10	6.518		12/01/2039		1,364,525
	500,000	Western Nassau County Water Auth. Water System Rev. Ser. 10	6.701		04/01/2040		606,080
							109,656,470
		Total Municipal Bonds (Cost $920,582,603)					954,959,201
		Corporate Bonds - 0.8%
		Commercial Services - 0.2%
	2,000,000	Trustees of Dartmouth College	3.474		06/01/2046		1,883,564
		Healthcare-Services - 0.6%
	3,000,000	Baylor Scott & White Holdings	3.967		11/15/2046		2,843,367
	2,000,000	Mayo Clinic, Series 2016	4.128		11/15/2052		1,971,772
	1,435,000	Montefiore Medical Center	2.895		04/20/2032		1,370,735
							6,185,874
		Total Corporate Bonds (Cost $8,434,900)					8,069,438
Number of Shares
		Money Market Fund - 0.4%
	3,880,203	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(a) (Cost $3,880,203)					3,880,203
		Total Investments (Cost $932,897,706)(b) - 98.6%					966,908,842
		Other assets less liabilities - 1.4%					13,287,575
		Net Assets - 100.0%				$	980,196,417

Schedule of Investments

Investment Abbreviations:

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

Auth. - Authority

COP - Certificate of Participation

PSF-GTD - Permanent School Fund Guaranteed

Ref. - Refunding

Rev. - Revenue

Ser. - Series

Sub. - Subordinated

Notes to Schedule of Investments:

^(a)  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 January 31, 2017.

^(b)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. The net unrealized appreciation was $34,011,136, which consisted of aggregate gross unrealized appreciation of $50,359,700 and aggregate gross unrealized depreciation of $16,348,564.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares California AMT-Free Municipal Bond Portfolio (PWZ)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds - 98.3%
		Ad Valorem Property Tax - 17.7%
$	500,000	Arcadia California Unified School District (Election 2006) Ser. 07A AGM		5.000	%		08/01/2037	$	501,530
	775,000	California State Ref. Ser. 12		5.000			02/01/2038		858,994
	1,500,000	California State Ref. Ser. 15		5.000			08/01/2035		1,711,530
	3,000,000	California State Ser. 15		5.000			08/01/2045		3,399,090
	1,000,000	California State Various Purpose Ser. 09		5.500			11/01/2039		1,100,220
	1,965,000	California State Various Purpose Ser. 13		5.000			11/01/2043		2,205,988
	800,000	Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM		5.000			08/01/2050		930,224
	2,000,000	Chaffey California Joint Union High School District (Election 2012) Ser. 15B		5.000			08/01/2044		2,244,820
	1,500,000	Coachella Valley California Unified School District (2005 Election) Ser. 16E AGM		4.000			08/01/2045		1,516,575
	1,000,000	Colton California Joint Unified School District (Election 2008) Ser. 09-A AGC(a)		5.375			08/01/2019		1,103,390
	2,745,000	Contra Costa California Community College District (Election of 2006) Ser. 13		5.000			08/01/2038		3,108,575
	500,000	Desert California Community College District Ser. 07C AGM(a)		5.000			08/01/2017		510,715
	1,500,000	El Monte California Union High School District (Election 2008) Ser. 09A AGC(a)		5.500			06/01/2019		1,648,245
	2,000,000	Jurupa California Unified School District Ser. 17B		4.000			08/01/2041		2,027,440
	500,000	Los Angeles California Community College District (Election 2001) Ser. 07A NATL(a)		5.000			08/01/2017		510,715
	1,000,000	Los Angeles California Community College District Ref. Ser. 16		5.000			08/01/2036		1,157,100
	1,505,000	Los Angeles Unified School District (Election 2002) Ser. 07C AGM(a)		5.000			07/01/2017		1,532,000
	1,500,000	Oakland California Unified School District (Alameda County) Ser. 15A		5.000			08/01/2040		1,692,405
	1,100,000	Puerto Rico Commonwealth Public Improvement Ref. Ser. 07A-4 AGM		5.000			07/01/2031		1,112,815
	1,000,000	San Diego California Community College District (Election of 2006) Ser. 13		5.000			08/01/2043		1,138,830
	1,000,000	San Diego California Unified School District (Election 2012) Ser. 13C		5.000			07/01/2035		1,127,120
	1,000,000	San Diego California Unified School District (Election 2012) Ser. 16F		5.000			07/01/2040		1,142,170
	2,000,000	West Contra Costa California Unified School District Ref. Ser. 12 AGM		5.000			08/01/2032		2,244,520
									34,525,011
		College & University Revenue - 6.9%
	1,500,000	California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16		5.000			10/01/2046		1,707,855
	210,000	California State University Systemwide Rev. Ser. 07A AGM(a)		5.000			05/01/2017		212,262
	155,000	California State University Systemwide Rev. Ser. 07A AGM		5.000			11/01/2037		156,429
	2,940,000	California State University Systemwide Rev. Ser. 12A		5.000			11/01/2037		3,360,596
	2,000,000	California State University Systemwide Rev. Ser. 14A		5.000			11/01/2039		2,268,760
	2,100,000	California State University Systemwide Rev. Ser. 15A		5.000			11/01/2038		2,401,896
	1,500,000	University of California (Limited Project) Rev. Ser. 12G		5.000			05/15/2037		1,711,830
	1,500,000	University of California General Rev. Ser. 13AI		5.000			05/15/2038		1,695,480
									13,515,108
		Electric Power Revenue - 9.1%
	2,000,000	Guam Power Auth. Rev. Ser. 10A AGM		5.000			10/01/2037		2,184,160
	2,000,000	Guam Power Auth. Rev. Ser. 12A AGM		5.000			10/01/2030		2,227,900
	2,500,000	Los Angeles California Department of Water & Power (Power System) Rev. Ref. Ser. 16A		5.000			07/01/2046		2,848,700
	4,445,000	Los Angeles California Department of Water & Power (Power System) Rev. Ser. 12B		5.000			07/01/2043		5,016,671
	1,000,000	Los Angeles California Department of Water & Power Rev. Ser. 14D		5.000			07/01/2039		1,135,640
	1,000,000	Los Angeles California Department of Water & Power Rev. Ser. 15E		5.000			07/01/2044		1,132,790
	1,500,000	Los Angeles California Department of Water & Power Rev. Ser. 16B		5.000			07/01/2042		1,714,230
	400,000	Los Angeles California Water & Power (Power System) Rev. Sub.-Ser. 07A-1 AMBAC		5.000			07/01/2039		405,880
	1,000,000	Redding California Electric System COP Rev. Ser. 08A AGM		5.000			06/01/2030		1,043,260
									17,709,231
		General Fund - 9.4%
	550,000	California State Ref. Ser. 07 NATL		4.250			08/01/2033		551,199
	1,000,000	California State Ref. Ser. 16		5.000			09/01/2036		1,144,860
	2,025,000	California State Ser. 10		5.250			11/01/2040		2,270,774
	2,000,000	California State Ser. 16		5.000			09/01/2046		2,284,400

Schedule of Investments

$	1,000,000	California State Various Purpose Ref. Ser. 16	5.000	%	09/01/2036	$	1,144,860
	2,585,000	California State Various Purpose Ref. Ser.16	5.000		09/01/2034		2,977,869
	2,020,000	California State Various Purpose Ser. 09	6.000		04/01/2038		2,217,374
	1,160,000	California State Various Purpose Ser. 13	5.000		04/01/2037		1,294,525
	2,000,000	California State Various Purpose Ser. 13	5.000		04/01/2043		2,225,960
	2,000,000	California State Various Purpose Ser. 16	5.000		09/01/2045		2,286,180
							18,398,001
		Health, Hospital, Nursing Home Revenue - 12.9%
	1,000,000	California State Health Facilities Auth. (Lucile Packard Stanford Hospital) Rev. Ser. 16B	5.000		08/15/2055		1,105,280
	3,300,000	California State Health Facilities Financing Auth. (Adventist Health System/West) Rev. Ref. Ser. 16A	4.000		03/01/2039		3,261,720
	500,000	California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B	5.000		08/15/2035		577,030
	500,000	California State Health Facilities Financing Auth. (Providence St. Joseph Health) Rev. Ref. Ser. 16A	4.000		10/01/2036		505,580
	2,265,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 08A	5.000		08/15/2038		2,365,340
	3,305,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 11D	5.000		08/15/2035		3,710,226
	1,000,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 15A	5.000		08/15/2043		1,103,660
	685,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B	4.000		11/15/2041		684,966
	2,000,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B	5.000		11/15/2046		2,225,900
	1,000,000	California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A	5.000		11/01/2047		1,048,700
	500,000	California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A	5.250		11/01/2047		536,645
	495,000	California Statewide Communities Development Auth. (Adventist Remarketed 05/23/08) Rev. Ser. 07B AGC(a)	5.000		05/23/2018		519,225
	1,000,000	California Statewide Communities Development Auth. (Catholic Healthcare West) Rev. Ser. 07K AGC(a)	5.500		07/01/2017		1,013,920
	1,000,000	California Statewide Communities Development Auth. (Cottage Health System Obligated Group) Rev. Ref. Ser. 15	5.000		11/01/2043		1,091,770
	1,000,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A	4.000		08/15/2046		979,590
	1,000,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A	5.000		08/15/2051		1,082,510
	1,000,000	California Statewide Communities Development Auth. (Kaiser Permanente) Rev. Ser. 12A	5.000		04/01/2042		1,088,530
	1,000,000	California Statewide Communities Development Auth. (Sutter Health) Rev. Ser. 11A	6.000		08/15/2042		1,140,040
	1,045,000	California Statewide Communities Development Auth. (Trinity Health) Rev. Ref. Ser. 11	5.000		12/01/2041		1,160,692
							25,201,324
		Highway Tolls Revenue - 5.5%
	9,830,000	Bay Area California Auth. Toll Bridge Rev. Ser. 14S-6	5.000		10/01/2054		10,799,631
		Lease Revenue - 9.4%
	540,000	Anaheim California Public Financing Auth. Lease Rev. Ref. Ser. 14A	5.000		05/01/2039		597,634
	670,000	California State Public Works Board Lease (Various Capital Projects) Rev. Ref. Ser. 16C	5.000		11/01/2034		769,690
	1,500,000	Kern County California COP (Capital Improvements Projects) Ser. 09A AGC(a)	5.750		02/01/2019		1,637,640
	1,000,000	Los Angeles California Municipal Improvement Corp. Lease (Real Property) Rev. Ser. 09B AGC(a)	5.500		04/01/2019		1,092,020
	1,130,000	Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12	5.000		08/01/2037		1,277,013
	2,330,000	Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12	5.000		08/01/2042		2,633,133
	2,000,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A	5.000		12/01/2044		2,240,260
	1,050,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D	5.000		12/01/2045		1,184,043
	1,000,000	Richmond Joint Powers Financing Auth. Lease (Civic Center Project) Rev. Ser. 09 AGC	5.750		08/01/2029		1,089,260
	1,000,000	San Diego California Public Facilities Financing Auth. Lease (Capital improvement Projects) Rev. Ser. 15A	5.000		10/15/2044		1,106,140
	3,000,000	San Jose California Financing Auth. (Civic Center Project) Ref. Ser. 13A	5.000		06/01/2039		3,336,300

Schedule of Investments

$	400,000	Santa Clara Valley California Water District (COP Water Utility System Improvement) Ser. 07A NATL	5.000	%	06/01/2037	$	404,864
	1,000,000	Yuba California Levee Financing Auth. (Levee Financing Project) Rev. Ser. 08A AGC(a)	5.000		09/01/2017		1,024,880
							18,392,877
		Local or GTD Housing - 0.5%
	1,000,000	California Statewide Communities Development Auth. Student Housing (CHF Irvine LLC) Rev. Ref. Ser. 16	5.000		05/15/2040		1,068,090
		Miscellaneous Revenue - 2.6%
	1,000,000	California Infrastructure & Economic Development Bank Rev. Ser. 16	4.000		10/01/2045		1,034,850
	1,500,000	California State Various Purpose (Green Bonds) Ser. 14	5.000		10/01/2037		1,702,950
	1,000,000	California State Various Purpose Ser. 14	5.000		10/01/2044		1,131,640
	1,000,000	California State Various Purpose Ser. 15	5.000		03/01/2045		1,127,290
							4,996,730
		Natural Gas Revenue - 1.4%
	2,500,000	Chula Vista California Industrial Development (San Diego Gas - Remarketed 06/17/09) Rev. Ser. 04A	5.875		02/15/2034		2,732,625
		Port, Airport & Marina Revenue - 6.0%
	500,000	Long Beach California Marina Rev. Ser. 15	5.000		05/15/2040		537,505
	500,000	Long Beach California Marina Rev. Ser. 15	5.000		05/15/2045		535,680
	1,000,000	Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A	5.000		05/15/2040		1,103,380
	2,000,000	Los Angeles California Department of Airports Rev. Ref. Sub.-Ser. 15C	5.000		05/15/2038		2,263,300
	2,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B	5.000		05/01/2044		2,216,180
	4,465,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C	5.000		05/01/2046		5,039,020
							11,695,065
		Recreational Revenue - 0.6%
	1,000,000	California Infrastructure & Economic Development Bank (Academy of Motion Picture Arts & Projects) Rev. Ref. Ser. 15	5.000		11/01/2041		1,123,290
		Sales Tax Revenue - 2.0%
	1,500,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Rev. First Sub.-Ser. 10C AGM	5.125		08/01/2042		1,542,765
	2,000,000	San Diego County California Regional Transportation Commission Ser. 16A	5.000		04/01/2048		2,294,240
							3,837,005
		Sewer Revenue - 1.4%
	400,000	Clovis California Public Financing Auth. Wastewater Rev. Ser. 07 AMBAC	4.500		08/01/2038		405,140
	650,000	Fresno California Sewer Rev. Ser. 08A AGC	5.000		09/01/2037		684,612
	1,525,000	Sacramento County California Sanitation District Financing Auth. Rev. Ref. Ser. 14A	5.000		12/01/2044		1,721,161
							2,810,913
		Special Assessment - 0.8%
	1,500,000	Sacramento California Area Flood Control Agency Consolidated Capital Assessment District Ser. 08 BHAC(a)	5.625		10/01/2018		1,615,530
		Special Tax - 1.5%
	2,600,000	Irvine California Unified School District Special Tax Ref. Ser. 15 BAM	5.000		09/01/2038		2,903,472
		Tax Increment Revenue - 2.0%
	1,000,000	Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM	5.000		09/01/2044		1,096,640
	2,500,000	Santa Cruz County California Redevelopment Successor Agency Tax Allocation Ref. Ser. 15A AGM	5.000		09/01/2035		2,821,350
							3,917,990
		Transit Revenue - 0.9%
	1,500,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM	5.000		10/01/2035		1,681,800
		Water Revenue - 7.7%
	1,000,000	California State Department of Water Resources (Central Valley Project) Water System Rev. Ref. Ser. 16AW	5.000		12/01/2033		1,189,820
	1,500,000	East Bay California Municipal Utility District Water System Rev. Ref. Ser. 15A	5.000		06/01/2037		1,726,860
	2,000,000	Los Angeles California Department of Water & Power Rev. Ser. 12B	5.000		07/01/2043		2,257,220

Schedule of Investments

$	1,250,000	Los Angeles California Department of Water & Power System Rev. Ser. 11A	5.000	%	07/01/2041	$	1,386,588
	2,000,000	Orange County California Water District Rev. Ref. Ser. 17A	4.000		08/15/2041		2,078,600
	500,000	Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC	5.125		07/01/2047		510,210
	1,000,000	San Diego County California Water Auth. Ref. Ser. 16B	5.000		05/01/2037		1,160,460
	4,090,000	Santa Clara Valley California Water District Ref. Ser. 16A	5.000		06/01/2046		4,672,702
							14,982,460
		Total Investments (Cost $193,561,494)(b)(c) - 98.3%					191,906,153
		Other assets less liabilities - 1.7%					3,405,955
		Net Assets - 100.0%				$	195,312,108

Investment Abbreviations:

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - American Municipal Bond Assurance Corp.

Auth. - Authority

BAM - Build America Mutual

BHAC - Berkshire Hathaway Assurance Corp.

COP - Certificate of Participation

GTD - Grant To Date

NATL - National Public Finance Guarantee Corp.

Ref. - Refunding

Rev. - Revenue

Ser. - Series

Sub. - Subordinated

Notes to Schedule of Investments:

^(a)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)  The following table provides a listing of those entities that have either guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the value of securities held in the portfolio, as of January 31, 2017. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations.

Entities	Percentage of Total Investments
Assured Guaranty Municipal Corp.	11.1%
Assured Guaranty Corp.	5.4

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. The net unrealized depreciation was $1,655,341, which consisted of aggregate gross unrealized appreciation of $2,730,582 and aggregate gross unrealized depreciation of $4,385,923.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares CEF Income Composite Portfolio (PCEF)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Closed-End Funds - 100.0%
		Bonds - 45.3%
	2,658,896	Aberdeen Asia-Pacific Income Fund, Inc.	$	12,762,701
	503,525	BlackRock Core Bond Trust		6,641,495
	1,141,121	BlackRock Credit Allocation Income Trust		14,891,629
	589,863	BlackRock Income Trust, Inc.		3,680,745
	346,753	BlackRock Limited Duration Income Trust		5,492,568
	405,198	BlackRock Multi-Sector Income Trust		6,957,250
	420,355	BlackRock Taxable Municipal Bond Trust		9,273,031
	464,314	Blackstone/GSO Strategic Credit Fund		7,350,091
	215,508	Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		5,426,491
	75,762	Cohen & Steers Select Preferred and Income Fund, Inc.		2,014,512
	948,964	DoubleLine Income Solutions Fund		18,865,404
	78,275	DoubleLine Opportunistic Credit Fund		1,814,414
	252,192	Duff & Phelps Utility and Corporate Bond Trust, Inc.		2,365,561
	1,196,132	Eaton Vance Limited Duration Income Fund		16,877,423
	183,428	Eaton Vance Short Duration Diversified Income Fund		2,556,986
	100,021	Eaton Vance Tax-Advantaged Bond and Options Strategies Fund		1,166,245
	175,062	First Trust Aberdeen Global Opportunity Income Fund		1,988,704
	451,067	First Trust Intermediate Duration Preferred & Income Fund		10,487,308
	141,607	Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.		3,537,343
	56,697	Flaherty & Crumrine Preferred Income Fund, Inc.		811,334
	233,491	Flaherty & Crumrine Preferred Securities Income Fund, Inc.		4,632,461
	54,887	Flaherty & Crumrine Total Return Fund, Inc.		1,148,785
	247,949	Franklin Limited Duration Income Trust		3,032,416
	131,268	Guggenheim Taxable Municipal Managed Duration Trust		2,869,518
	80,863	Insight Select Income Fund		1,542,866
	84,644	Invesco Bond Fund(a)		1,565,914
	1,648,242	Invesco Senior Income Trust(a)		7,631,360
	80,603	John Hancock Investors Trust		1,378,311
	190,779	John Hancock Preferred Income Fund		4,004,451
	137,721	John Hancock Preferred Income Fund II		2,876,992
	234,024	John Hancock Preferred Income Fund III		4,287,320
	350,222	John Hancock Premium Dividend Fund		5,515,997
	557,241	MFS Charter Income Trust		4,814,562
	241,780	MFS Government Markets Income Trust		1,206,482
	1,087,357	MFS Intermediate Income Trust		4,789,808
	805,030	MFS Multimarket Income Trust		4,942,884
	197,143	Nuveen Build America Bond Fund		4,128,174
	54,447	Nuveen Build America Bond Opportunity Fund		1,159,721
	1,254,642	Nuveen Credit Strategies Income Fund		11,091,035
	347,003	Nuveen Floating Rate Income Fund		4,181,386
	244,085	Nuveen Global High Income Fund, Class I		4,005,435
	150,334	Nuveen Preferred & Income Term Fund		3,574,943
	723,746	Nuveen Preferred Income Opportunities Fund		7,179,560
	1,512,529	Nuveen Preferred Securities Income Fund		14,550,529
	207,360	PIMCO Corporate & Income Strategy Fund		3,236,890
	94,763	PIMCO Income Opportunity Fund		2,298,003

163,396	PIMCO Income Strategy Fund	$	1,776,115
380,653	PIMCO Income Strategy Fund II		3,724,690
182,396	Pioneer Floating Rate Trust		2,230,703
309,805	Prudential Short Duration High Yield Fund, Inc.		4,891,821
585,142	Putnam Master Intermediate Income Trust		2,750,167
1,216,986	Putnam Premier Income Trust		6,413,516
84,653	Stone Harbor Emerging Markets Income Fund		1,318,894
498,536	TCW Strategic Income Fund, Inc.		2,687,109
1,430,874	Templeton Global Income Fund		9,558,238
114,044	Virtus Global Multi-Sector Income Fund		1,803,036
140,041	Western Asset Global Corporate Defined Opportunity Fund, Inc.		2,426,911
52,607	Western Asset Income Fund		742,811
59,603	Western Asset Investment Grade Defined Opportunity Trust, Inc.		1,213,517
89,290	Western Asset Premier Bond Fund		1,202,736
631,084	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		7,042,897
299,959	Western Asset/Claymore Inflation-Linked Securities & Income Fund		3,419,533
			299,809,732
	Bonds/High Yield - 24.9%
798,765	AllianceBernstein Global High Income Fund, Inc.		10,184,254
189,023	Barings Global Short Duration High Yield Fund		3,789,911
1,311,640	BlackRock Corporate High Yield Fund, Inc.		14,493,622
647,782	BlackRock Debt Strategies Fund, Inc.		7,436,537
336,060	BlackRock Floating Rate Income Strategies Fund, Inc.		4,909,837
170,147	BlackRock Floating Rate Income Trust		2,473,937
130,320	Blackstone/GSO Long-Short Credit Income Fund		2,098,152
491,037	Credit Suisse Asset Management Income Fund, Inc.		1,615,512
726,402	Credit Suisse High Yield Bond Fund		1,975,813
110,981	Deutsche High Income Opportunities Fund, Inc.		1,619,213
204,565	Deutsche Multi-Market Income Trust		1,769,487
535,696	Dreyfus High Yield Strategies Fund		1,826,723
290,828	Eaton Vance Floating-Rate Income Trust		4,417,677
264,826	Eaton Vance Senior Floating-Rate Trust		3,982,983
361,369	First Trust High Income Long/Short Fund		6,024,021
193,992	First Trust Senior Floating Rate Income Fund II		2,692,609
42,082	Guggenheim Credit Allocation Fund		984,298
169,112	Ivy High Income Opportunities Fund		2,572,194
158,977	KKR Income Opportunities Fund		2,656,506
251,141	Morgan Stanley Emerging Markets Debt Fund, Inc.		2,343,146
206,082	Neuberger Berman High Yield Strategies Fund, Inc.		2,470,923
216,255	New America High Income Fund, Inc. (The)		2,041,447
231,582	Nuveen Floating Rate Income Opportunity Fund		2,816,037
71,093	Nuveen High Income 2020 Target Term Fund, Class I		729,414
158,516	Nuveen High Income December 2018 Target Term Fund, Class I		1,621,619
272,073	Nuveen NASDAQ 100 Dynamic Overwrite Fund		5,267,333
278,256	Nuveen Senior Income Fund		1,928,314
72,406	Nuveen Short Duration Credit Opportunities Fund		1,314,169
368,213	PIMCO Corporate & Income Opportunity Fund		5,688,891
77,408	Pioneer Diversified High Income Trust		1,260,202
183,808	Pioneer High Income Trust		1,827,052

Schedule of Investments

424,546	Prudential Global Short Duration High Yield Fund, Inc.	$	6,406,399
70,872	Stone Harbor Emerging Markets Total Income Fund		1,043,945
510,943	Templeton Emerging Markets Income Fund		5,840,079
1,330,560	Voya Prime Rate Trust		7,424,525
722,052	Wells Fargo Income Opportunities Fund		6,130,222
424,367	Wells Fargo Multi-Sector Income Fund		5,605,888
330,296	Western Asset Emerging Markets Debt Fund, Inc.		5,020,499
477,532	Western Asset Global High Income Fund, Inc.		4,794,421
797,268	Western Asset High Income Fund II, Inc.		5,812,084
1,343,979	Western Asset High Income Opportunity Fund, Inc.		6,894,612
213,524	Western Asset High Yield Defined Opportunity Fund, Inc.		3,266,917
			165,071,424
	Domestic Equity - 1.3%
214,730	BlackRock Science & Technology Trust		4,103,490
245,387	Cohen & Steers Global Income Builder, Inc.		2,230,568
120,723	GAMCO Natural Resources Gold & Income Trust		843,854
100,519	John Hancock Hedged Equity & Income Fund		1,625,392
			8,803,304
	Option Income - 28.5%
1,111,548	AllianzGI NFJ Dividend, Interest & Premium Strategy Fund		14,483,470
286,477	BlackRock Energy and Resources Trust		4,136,728
419,939	BlackRock Enhanced Capital and Income Fund, Inc.		5,832,953
2,007,873	BlackRock Enhanced Equity Dividend Trust		16,585,031
816,082	BlackRock Global Opportunities Equity Trust		9,850,110
45,511	BlackRock Health Sciences Trust		1,507,324
1,174,918	BlackRock International Growth and Income Trust		6,697,033
1,181,046	BlackRock Resources & Commodities Strategy Trust		10,345,963
389,130	Brookfield Real Assets Income Fund, Inc.		8,879,947
81,306	Columbia Seligman Premium Technology Growth Fund, Inc.		1,606,607
369,057	Eaton Vance Enhanced Equity Income Fund		4,720,239
353,280	Eaton Vance Enhanced Equity Income Fund II		4,702,157
600,966	Eaton Vance Risk-Managed Diversified Equity Income Fund		5,679,129
123,779	Eaton Vance Tax-Managed Buy-Write Income Fund		2,128,999
326,407	Eaton Vance Tax-Managed Buy-Write Opportunities Fund		4,977,707
1,406,014	Eaton Vance Tax-Managed Diversified Equity Income Fund		14,988,109
695,749	Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund		7,374,939
2,805,544	Eaton Vance Tax-Managed Global Diversified Equity Income Fund		23,706,847
186,736	First Trust Dynamic Europe Equity Income Fund		3,012,052
211,371	First Trust Enhanced Equity Income Fund		2,933,829
142,627	Guggenheim Enhanced Equity Income Fund		1,179,525
179,462	Madison Covered Call & Equity Strategy Fund		1,406,982
343,360	Nuveen Dow 30sm Dynamic Overwrite Fund		5,328,947
775,579	Nuveen S&P 500 Buy-Write Income Fund		10,152,329
148,057	Nuveen S&P 500 Dynamic Overwrite Fund		2,161,632

131,128	Voya Asia Pacific High Dividend Equity Income Fund	$	1,210,311
195,655	Voya Global Advantage and Premium Opportunity Fund		1,976,115
1,034,685	Voya Global Equity Dividend and Premium Opportunity Fund		7,304,876
198,950	Voya Infrastructure Industrials and Materials Fund		2,741,531
171,082	Voya Natural Resources Equity Income Fund		1,124,009
			188,735,430
	Total Investments (Cost $649,054,986)(b) - 100.0%		662,419,890
	Other assets less liabilities - (0.0)%		(94,054	)
	Net Assets - 100.0%	$	662,325,836

Notes to Schedule of Investments:

^(a)  Affiliated company. The Fund’s Adviser and the adviser for Invesco Bond Fund and Invesco Senior Income Trust are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Bond Fund and Invesco Senior Income Trust are considered to be affiliated. The table below shows the Funds’ transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value January 31, 2017		Dividend Income
Invesco Bond Fund		$1,644,021		$30,794		$(47,226)		$(61,789)		$114		$1,565,914		$18,902
Invesco Senior Income Trust		8,345,689		151,691		(1,318,533)		656,597		(204,084)		7,631,360		127,583
Total Investments in Affiliates		$9,989,710		$182,485		$(1,365,759)		$594,808		$(203,970)		$9,197,274		$146,485

^(b)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $662,266,111. The net unrealized appreciation was $153,779, which consisted of aggregate gross unrealized appreciation of $31,106,754 and aggregate gross unrealized depreciation of $30,952,975.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Chinese Yuan Dim Sum Bond Portfolio (DSUM)

January 31, 2017

(Unaudited)

Foreign Currency(a)	Principal Amount			Interest Rate			Maturity Date		Value
			Corporate Bonds - 68.6%
			China - 43.0%
CNH		7,850,000	Agile Group Holdings Ltd.		6.500	%		02/28/2017	$	1,143,868
CNH		5,000,000	Bank of China Ltd./Luxembourg, EMTN		3.500			05/15/2017		727,707
CNH		5,000,000	Bank of Tokyo-Mitsubishi UFJ China Ltd.		3.050			05/26/2017		730,909
CNH		6,000,000	China Construction Bank Corp./Sydney, EMTN		3.800			09/29/2017		870,207
CNH		6,000,000	China Development Bank Corp.		4.200			01/19/2027		872,483
CNH		5,000,000	China Power International Development Ltd.		4.500			05/09/2017		728,963
CNH		5,000,000	China Unicom Hong Kong Ltd., EMTN		4.000			04/16/2017		725,667
CNH		5,000,000	Eastern Creation II Investment Holdings Ltd., EMTN		3.750			06/27/2017		727,791
CNH		1,500,000	Hang Seng Bank China Ltd.		3.250			07/03/2017		217,431
CNH		5,000,000	Huarui Investment Holding Co. Ltd.		5.250			11/26/2018		727,959
CNH		4,000,000	ICBCIL Finance Co. Ltd.		3.900			06/18/2018		577,159
CNH		5,000,000	Jinchuan Group Co. Ltd.		4.750			07/17/2017		697,390
CNH		5,000,000	Jingneng Clean Energy Investment Holdings Ltd.		4.300			12/23/2017		725,563
CNH		6,000,000	Lenovo Group Ltd.		4.950			06/10/2020		864,778
CNH		4,000,000	Power Construction Corp. of China		4.200			05/15/2017		581,940
		5,000,000	Rosy Capital Global Ltd.		5.250			07/30/2018		723,992
CNH		5,000,000	Shenzhen Qianhai Financial Holdings Co. Ltd.		4.550			10/28/2017		726,969
CNH		5,000,000	Sinotrans Sailing Ltd.		4.500			06/10/2017		724,311
CNH		5,000,000	Tingyi Cayman Islands Holding Corp.		4.375			08/06/2018		722,051
CNH		5,000,000	Unican Ltd., EMTN		5.600			09/18/2017		727,058
CNH		5,000,000	Vanke Real Estate Hong Kong Co. Ltd., EMTN		4.500			12/04/2018		721,161
CNH		5,000,000	Wanhua Chemical International Holding Co. Ltd.		4.500			11/19/2017		724,612
CNH		5,000,000	Zhuhai Da Heng Qin Investment Co. Ltd.		4.750			12/11/2017		728,523
										16,718,492
			France - 1.5%
CNH		4,000,000	Total Capital SA, EMTN		3.750			09/24/2018		574,468
			Germany - 1.9%
CNH		5,000,000	Volkswagen International Finance NV, EMTN		3.750			11/30/2017		721,418
			Hong Kong - 9.7%
CNH		7,000,000	Beijing Capital Hong Kong Ltd.		4.700			06/20/2017		1,017,369
CNH		5,000,000	Hainan Airlines Hong Kong Co. Ltd.		6.250			05/22/2017		728,206
CNH		5,000,000	New World China Land Ltd.		5.500			02/06/2018		726,802
CNH		5,000,000	Southwest Securities International Securities Ltd.		6.450			05/28/2018		733,098
CNH		4,000,000	Value Success International Ltd., Series 1, EMTN		4.750			11/04/2018		579,404
										3,784,879
			Malaysia - 1.9%
CNH		5,000,000	Cagamas Global PLC, EMTN		3.700			09/22/2017		721,198
			New Zealand - 1.5%
CNH		4,000,000	Fonterra Co-operative Group Ltd., Series 14, EMTN		4.000			06/22/2020		571,742
			Singapore - 1.9%
CNH		5,000,000	BOC Aviation Ltd., Series 10, EMTN		4.200			11/05/2018		721,564
			Supranational - 3.6%
CNH		10,000,000	Asian Development Bank, EMTN		2.850			10/21/2020		1,399,201
			United Kingdom - 1.8%
CNH		5,000,000	BP Capital Markets PLC, EMTN		3.950			10/08/2018		715,887
			United States - 1.8%
CNH		5,000,000	Caterpillar Financial Services Corp., EMTN		3.550			06/23/2018		713,902
			Total Corporate Bonds (Cost $28,760,454)							26,642,751
			Sovereign Debt Obligations - 30.1%
			China - 20.8%
CNH		5,000,000	China Government Bond		2.560			06/29/2017		727,626
CNH		16,000,000	China Government Bond		2.900			07/04/2019		2,269,834

Schedule of Investments

CNH	5,000,000	China Government Bond	3.090	%	06/29/2020	$	709,349
CNH	6,000,000	China Government Bond	2.480		12/01/2020		829,255
CNH	10,000,000	China Government Bond	2.360		08/18/2021		1,363,668
CNH	6,500,000	China Government Bond	3.100		06/29/2022		911,131
CNH	9,000,000	China Government Bond	3.160		06/27/2023		1,256,739
							8,067,602
		France - 3.8%
CNH	10,000,000	Caisse d’Amortissement de la Dette Sociale	3.800		02/06/2017		1,465,125
		South Korea - 3.7%
CNH	10,000,000	Export-Import Bank of Korea, EMTN	3.600		06/10/2018		1,445,442
		United Kingdom - 1.8%
CNH	5,000,000	United Kingdom Government International Bond	2.700		10/21/2017		723,395
		Total Sovereign Debt Obligations (Cost $12,932,989)					11,701,564
		Total Investments (Cost $41,693,443)(b) - 98.7%					38,344,315
		Other assets less liabilities - 1.3%					489,575
		Net Assets - 100.0%				$	38,833,890

Investment Abbreviations:

CNH - Chinese Yuan

EMTN - Euro Medium-Term Note

Notes to Schedule of Investments:

^(a)  Foreign denominated security. Principal amount denominated in currency indicated.

^(b)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. The net unrealized depreciation was $3,349,128, which consisted of aggregate gross unrealized appreciation of $7,536 and aggregate gross unrealized depreciation of $3,356,664.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Emerging Markets Sovereign Debt Portfolio (PCY)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Sovereign Debt Obligations - 98.0%
		Brazil - 3.7%
$	39,100,000	Brazil Government International Bond		8.250	%		01/20/2034	$	47,115,500
	42,934,000	Brazil Government International Bond		7.125			01/20/2037		47,334,735
	51,686,000	Brazil Government International Bond		5.625			01/07/2041		48,584,840
									143,035,075
		Colombia - 3.6%
	35,983,000	Colombia Government International Bond		7.375			09/18/2037		44,798,835
	41,852,000	Colombia Government International Bond		6.125			01/18/2041		46,560,350
	44,809,000	Colombia Government International Bond		5.625			02/26/2044		47,721,585
									139,080,770
		Croatia - 3.2%
	36,960,000	Croatia Government International Bond(a)		6.625			07/14/2020		40,502,579
	36,503,000	Croatia Government International Bond(a)		6.375			03/24/2021		40,016,414
	37,676,000	Croatia Government International Bond(a)		6.000			01/26/2024		41,306,459
									121,825,452
		Dominican Republic - 3.3%
	39,339,000	Dominican Republic International Bond(a)		6.600			01/28/2024		42,289,425
	40,040,000	Dominican Republic International Bond(a)		7.450			04/30/2044		42,442,400
	43,359,000	Dominican Republic International Bond(a)		6.850			01/27/2045		42,852,567
									127,584,392
		El Salvador - 3.3%
	42,937,000	El Salvador Government International Bond(a)		8.250			04/10/2032		41,434,205
	48,145,000	El Salvador Government International Bond(a)		7.650			06/15/2035		42,555,365
	49,652,000	El Salvador Government International Bond(a)		7.625			02/01/2041		43,523,454
									127,513,024
		Hungary - 3.1%
	35,610,000	Hungary Government International Bond		5.750			11/22/2023		39,820,527
	35,824,000	Hungary Government International Bond		5.375			03/25/2024		39,384,010
	28,912,000	Hungary Government International Bond		7.625			03/29/2041		40,420,566
									119,625,103
		Indonesia - 3.5%
	31,385,000	Indonesia Government International Bond(a)		8.500			10/12/2035		43,699,909
	37,444,000	Indonesia Government International Bond(a)		6.625			02/17/2037		44,319,692
	33,761,000	Indonesia Government International Bond(a)		7.750			01/17/2038		44,837,917
									132,857,518
		Kazakhstan - 3.5%
	45,754,000	Kazakhstan Government International Bond(a)		4.875			10/14/2044		44,201,109
	39,395,000	Kazakhstan Government International Bond, EMTN(a)		5.125			07/21/2025		42,422,427
	39,865,000	Kazakhstan Government International Bond, EMTN(a)		6.500			07/21/2045		46,887,220
									133,510,756
		Latvia - 3.2%
	119,622,000	Latvia Government International Bond(a)		2.750			01/12/2020		121,153,162
		Lebanon - 3.1%
	39,050,000	Lebanon Government International Bond		6.650			04/22/2024		39,238,611
	40,053,000	Lebanon Government International Bond		6.750			11/29/2027		39,823,897
	41,029,000	Lebanon Government International Bond, GMTN		6.650			02/26/2030		40,099,693
									119,162,201
		Lithuania - 3.1%
	34,587,000	Lithuania Government International Bond(a)		7.375			02/11/2020		39,450,797
	34,324,000	Lithuania Government International Bond(a)		6.125			03/09/2021		38,528,690
	33,546,000	Lithuania Government International Bond(a)		6.625			02/01/2022		39,032,918
									117,012,405

Schedule of Investments

		Mexico - 3.1%
$	44,082,000	Mexico Government International Bond	4.600	%	01/23/2046	$	39,949,313
	36,341,000	Mexico Government International Bond, GMTN	6.050		01/11/2040		39,838,821
	38,698,000	Mexico Government International Bond, GMTN	5.550		01/21/2045		39,713,822
							119,501,956
		Morocco - 3.2%
	58,642,000	Morocco Government International Bond(a)	4.250		12/11/2022		60,360,211
	59,962,000	Morocco Government International Bond(a)	5.500		12/11/2042		62,981,446
							123,341,657
		Pakistan - 3.3%
	39,357,000	Pakistan Government International Bond(a)	8.250		04/15/2024		43,685,089
	37,960,000	Pakistan Government International Bond(a)	8.250		09/30/2025		42,740,948
	38,277,000	Second Pakistan International Sukuk Co. Ltd. (The)(a)	6.750		12/03/2019		41,040,600
							127,466,637
		Panama - 3.1%
	32,090,000	Panama Government International Bond	7.125		01/29/2026		40,353,175
	28,305,000	Panama Government International Bond	8.875		09/30/2027		39,556,237
	32,480,000	Panama Government International Bond	6.700		01/26/2036		40,356,400
							120,265,812
		Peru - 3.3%
	38,416,000	Peruvian Government International Bond(b)	4.125		08/25/2027		40,865,020
	28,148,000	Peruvian Government International Bond	8.750		11/21/2033		41,799,780
	37,517,000	Peruvian Government International Bond	5.625		11/18/2050		43,425,927
							126,090,727
		Philippines - 3.1%
	24,723,000	Philippine Government International Bond	9.500		02/02/2030		39,080,660
	27,593,000	Philippine Government International Bond	7.750		01/14/2031		39,207,997
	29,248,000	Philippine Government International Bond	6.375		10/23/2034		38,695,718
							116,984,375
		Poland - 3.0%
	35,414,000	Republic of Poland Government International Bond	5.000		03/23/2022		38,675,629
	37,622,000	Republic of Poland Government International Bond	4.000		01/22/2024		38,888,959
	39,680,000	Republic of Poland Government International Bond	3.250		04/06/2026		38,520,947
							116,085,535
		Qatar - 3.1%
	30,893,000	Qatar Government International Bond(a)	6.400		01/20/2040		39,585,055
	33,107,000	Qatar Government International Bond(a)	5.750		01/20/2042		39,442,819
	37,962,000	Qatar Government International Bond(a)	4.625		06/02/2046		38,682,860
							117,710,734
		Romania - 3.1%
	34,037,000	Romanian Government International Bond, EMTN(a)	6.750		02/07/2022		38,950,241
	38,247,000	Romanian Government International Bond, EMTN(a)	4.375		08/22/2023		39,592,338
	33,605,000	Romanian Government International Bond, EMTN(a)	6.125		01/22/2044		39,800,418
							118,342,997
		Russia - 3.4%
	38,200,000	Russian Foreign Bond - Eurobond(a)	4.875		09/16/2023		40,548,765
	41,200,000	Russian Foreign Bond - Eurobond(a)	5.625		04/04/2042		44,758,444
	40,000,000	Russian Foreign Bond - Eurobond(a)	5.875		09/16/2043		45,038,400
							130,345,609
		Serbia - 3.1%
	59,351,000	Serbia International Bond(a)	4.875		02/25/2020		61,063,276
	52,387,000	Serbia International Bond(a)	7.250		09/28/2021		59,223,504
							120,286,780
		Slovenia - 3.2%
	35,846,000	Slovenia Government International Bond(a)	5.500		10/26/2022		39,987,826
	35,433,000	Slovenia Government International Bond(a)	5.850		05/10/2023		40,310,388
	36,498,000	Slovenia Government International Bond(a)	5.250		02/18/2024		40,430,623
							120,728,837

Schedule of Investments

		South Africa - 3.4%
$	38,408,000	Republic of South Africa Government International Bond(b)	6.250	%	03/08/2041	$	43,107,603
	43,425,000	Republic of South Africa Government International Bond(b)	5.375		07/24/2044		43,664,923
	43,706,000	Republic of South Africa Government International Bond	5.000		10/12/2046		41,370,439
							128,142,965
		South Korea - 2.9%
	53,720,000	Korea International Bond	3.875		09/11/2023		57,864,498
	47,626,000	Korea International Bond(b)	4.125		06/10/2044		54,471,798
							112,336,296
		Sri Lanka - 3.4%
	44,611,000	Sri Lanka Government International Bond(a)	6.125		06/03/2025		43,003,933
	43,655,000	Sri Lanka Government International Bond(a)	6.850		11/03/2025		43,716,161
	41,880,000	Sri Lanka Government International Bond(a)	6.825		07/18/2026		41,885,026
							128,605,120
		Turkey - 2.9%
	32,455,000	Turkey Government International Bond	8.000		02/14/2034		37,348,565
	35,126,000	Turkey Government International Bond	6.875		03/17/2036		36,439,712
	33,115,000	Turkey Government International Bond	7.250		03/05/2038		35,675,121
							109,463,398
		Ukraine - 3.4%
	43,640,000	Ukraine Government International Bond(a)	7.750		09/01/2020		42,826,812
	43,944,000	Ukraine Government International Bond(a)	7.750		09/01/2021		42,603,708
	44,982,000	Ukraine Government International Bond(a)	7.750		09/01/2022		43,123,794
							128,554,314
		Uruguay - 3.2%
	32,310,000	Uruguay Government International Bond	8.000		11/18/2022		40,225,950
	32,084,000	Uruguay Government International Bond	7.875		01/15/2033		41,163,772
	31,991,000	Uruguay Government International Bond	7.625		03/21/2036		40,729,342
							122,119,064
		Venezuela - 4.2%
	109,846,000	Venezuela Government International Bond	6.000		12/09/2020		58,218,380
	96,301,000	Venezuela Government International Bond	9.000		05/07/2023		49,238,701
	113,874,000	Venezuela Government International Bond	8.250		10/13/2024		54,659,520
							162,116,601
		Total Sovereign Debt Obligations (Cost $3,838,419,229)					3,750,849,272
Number of Shares
		Money Market Fund - 0.6%
	21,923,538	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(c) (Cost $21,923,538)					21,923,538
		Total Investments (excluding investment purchased with cash collateral from securities on loan) (Cost $3,860,342,767) - 98.6%					3,772,772,810
		Investment Purchased with Cash Collateral from Securities on Loan
		Money Market Fund - 2.3%
	85,855,545	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(c)(d) (Cost $85,855,545)					85,855,545
		Total Investments (Cost $3,946,198,312)(e) - 100.9%					3,858,628,355
		Other assets less liabilities - (0.9)%					(33,689,403	)
		Net Assets - 100.0%				$	3,824,938,952

Investment Abbreviations:

EMTN - Euro Medium-Term Note

GMTN - Global Medium-Term Note

Schedule of Investments

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 January 31, 2017 was $1,996,839,394, which represented 52.21% of the Fund’s Net Assets.

^(b)  All or a portion of this security was out on loan at January 31, 2017.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(d)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(e)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $3,950,937,422. The net unrealized depreciation was $92,309,067, which consisted of aggregate gross unrealized appreciation of $47,264,541 and aggregate gross unrealized depreciation of $139,573,608.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Fundamental High Yield^® Corporate Bond Portfolio (PHB)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds - 98.3%
		Advertising - 0.6%
$	3,609,000	Lamar Media Corp.		5.875	%		02/01/2022	$	3,730,804
	4,158,000	Outfront Media Capital LLC/Outfront Media Capital Corp.		5.875			03/15/2025		4,360,702
									8,091,506
		Aerospace/Defense - 0.3%
	4,500,000	Triumph Group, Inc.		4.875			04/01/2021		4,308,750
		Airlines - 1.0%
	2,600,000	Allegiant Travel Co.		5.500			07/15/2019		2,684,500
	9,853,000	American Airlines Group, Inc.		6.125			06/01/2018		10,345,650
									13,030,150
		Apparel - 0.3%
	3,194,000	William Carter Co. (The)		5.250			08/15/2021		3,321,760
		Auto Manufacturers - 1.7%
	9,811,000	General Motors Co.		4.875			10/02/2023		10,415,181
	10,600,000	General Motors Financial Co., Inc.		3.200			07/06/2021		10,560,632
									20,975,813
		Auto Parts & Equipment - 2.1%
	3,803,000	American Axle & Manufacturing, Inc.		6.625			10/15/2022		3,936,105
	2,500,000	Dana Holding Corp.		5.375			09/15/2021		2,603,125
	2,725,000	Dana, Inc.		5.500			12/15/2024		2,847,625
	8,151,000	Goodyear Tire & Rubber Co. (The)		5.125			11/15/2023		8,405,719
	5,350,000	Tenneco, Inc.		5.000			07/15/2026		5,356,420
	2,752,000	Titan International, Inc.		6.875			10/01/2020		2,765,760
									25,914,754
		Banks - 0.4%
	4,777,000	Discover Bank		7.000			04/15/2020		5,317,647
		Beverages - 0.3%
	3,122,000	Constellation Brands, Inc.		4.250			05/01/2023		3,292,805
		Building Materials - 2.0%
	2,564,000	Eagle Materials, Inc.		4.500			08/01/2026		2,564,795
	2,385,000	Griffon Corp.		5.250			03/01/2022		2,417,794
	4,100,000	Martin Marietta Materials, Inc.		4.250			07/02/2024		4,247,001
	2,300,000	Masco Corp.		7.125			03/15/2020		2,631,729
	2,600,000	Masco Corp.		4.450			04/01/2025		2,685,540
	4,595,000	Owens Corning		4.200			12/15/2022		4,781,631
	1,518,000	US Concrete, Inc.		6.375			06/01/2024		1,610,977
	1,750,000	Vulcan Materials Co.		7.500			06/15/2021		2,065,000
	2,000,000	Vulcan Materials Co.		4.500			04/01/2025		2,104,340
									25,108,807
		Chemicals - 3.4%
	2,700,000	A Schulman, Inc.(a)		6.875			06/01/2023		2,862,000
	5,350,000	Ashland LLC		3.875			04/15/2018		5,463,687
	3,100,000	Blue Cube Spinco, Inc.		9.750			10/15/2023		3,696,750
	3,600,000	CF Industries, Inc.		7.125			05/01/2020		3,987,000
	4,265,000	CF Industries, Inc.		3.450			06/01/2023		4,019,763
	8,085,000	Chemours Co. (The)		6.625			05/15/2023		8,085,000
	3,610,000	Chemtura Corp.		5.750			07/15/2021		3,756,656
	3,450,000	Huntsman International LLC		4.875			11/15/2020		3,579,375
	3,500,000	Huntsman International LLC		5.125			11/15/2022		3,633,455
	3,521,000	PolyOne Corp.		5.250			03/15/2023		3,626,630
									42,710,316

Schedule of Investments

		Commercial Services - 2.9%
$	8,318,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.	5.500	%	04/01/2023	$	8,099,652
	9,432,000	Hertz Corp. (The)	6.750		04/15/2019		9,408,420
	3,550,000	R.R. Donnelley & Sons Co.	7.875		03/15/2021		3,825,125
	4,160,000	R.R. Donnelley & Sons Co.	6.000		04/01/2024		3,972,800
	4,357,000	Service Corp. International	5.375		05/15/2024		4,585,743
	6,200,000	United Rentals North America, Inc.	5.750		11/15/2024		6,579,750
							36,471,490
		Computers - 2.0%
	3,700,000	Diebold Nixdorf, Inc.	8.500		04/15/2024		4,056,125
	4,775,000	Leidos Holdings, Inc.	4.450		12/01/2020		5,019,719
	5,318,000	NCR Corp.	6.375		12/15/2023		5,663,670
	8,842,000	Western Digital Corp.(a)	10.500		04/01/2024		10,433,560
							25,173,074
		Cosmetics/Personal Care - 1.4%
	10,030,000	Avon Products, Inc.	7.000		03/15/2023		9,678,950
	2,000,000	Edgewell Personal Care Co.	4.700		05/19/2021		2,104,850
	2,125,000	Edgewell Personal Care Co.	4.700		05/24/2022		2,202,775
	3,200,000	Revlon Consumer Products Corp.	6.250		08/01/2024		3,320,000
							17,306,575
		Distribution/Wholesale - 0.6%
	2,983,000	H&E Equipment Services, Inc.	7.000		09/01/2022		3,158,281
	4,865,000	LKQ Corp.	4.750		05/15/2023		4,896,623
							8,054,904
		Diversified Financial Services - 3.5%
	1,800,000	Aircastle Ltd.	5.125		03/15/2021		1,899,000
	1,800,000	Aircastle Ltd.	5.000		04/01/2023		1,831,644
	12,480,000	Ally Financial, Inc.	8.000		03/15/2020		14,223,331
	3,550,000	CIT Group, Inc.	4.250		08/15/2017		3,589,938
	3,600,000	CIT Group, Inc.	5.000		08/15/2022		3,780,000
	5,800,000	Discover Financial Services	3.750		03/04/2025		5,674,331
	6,700,000	Navient Corp., GMTN	5.500		01/25/2023		6,348,250
	5,926,000	Navient Corp., MTN	8.000		03/25/2020		6,385,265
							43,731,759
		Electric - 3.5%
	4,633,000	AES Corp.	7.375		07/01/2021		5,235,290
	4,983,000	AES Corp.	5.500		03/15/2024		5,070,202
	7,873,000	Calpine Corp.	5.750		01/15/2025		7,735,223
	2,000,000	Dynegy, Inc.	6.750		11/01/2019		2,062,500
	2,345,000	Dynegy, Inc.	5.875		06/01/2023		2,145,675
	5,985,000	FirstEnergy Corp., Series A	2.750		03/15/2018		6,031,671
	6,120,000	FirstEnergy Corp., Series B	4.250		03/15/2023		6,401,098
	4,284,000	NRG Energy, Inc.	7.625		01/15/2018		4,503,555
	4,700,000	NRG Energy, Inc.(a)	6.625		01/15/2027		4,688,250
							43,873,464
		Electrical Components & Equipment - 0.3%
	1,156,000	WESCO Distribution, Inc.	5.375		12/15/2021		1,205,130
	2,650,000	WESCO Distribution, Inc.(a)	5.375		06/15/2024		2,706,313
							3,911,443
		Electronics - 0.6%
	3,230,000	Jabil Circuit, Inc.	8.250		03/15/2018		3,454,517
	3,500,000	Jabil Circuit, Inc.	4.700		09/15/2022		3,640,000
							7,094,517
		Engineering & Construction - 1.1%
	5,280,000	AECOM	5.875		10/15/2024		5,715,600
	4,800,000	MasTec, Inc.	4.875		03/15/2023		4,770,000
	3,900,000	SBA Communications Corp.(a)	4.875		09/01/2024		3,816,540
							14,302,140
		Entertainment - 2.5%
	3,500,000	AMC Entertainment Holdings, Inc.	5.750		06/15/2025		3,631,250
	4,485,000	Cinemark USA, Inc.	4.875		06/01/2023		4,540,614
	1,850,000	GLP Capital LP/GLP Financing II, Inc.	4.875		11/01/2020		1,951,750

Schedule of Investments

$	1,949,000	GLP Capital LP/GLP Financing II, Inc.	5.375	%	04/15/2026	$	2,036,705
	6,300,000	International Game Technology	7.500		06/15/2019		6,996,969
	2,575,000	National CineMedia LLC	6.000		04/15/2022		2,671,563
	3,525,000	Pinnacle Entertainment, Inc.(a)	5.625		05/01/2024		3,584,678
	5,200,000	Regal Entertainment Group	5.750		03/15/2022		5,421,000
							30,834,529
		Environmental Control - 0.3%
	1,865,000	Covanta Holding Corp.	7.250		12/01/2020		1,920,484
	2,300,000	Covanta Holding Corp.	5.875		03/01/2024		2,294,250
							4,214,734
		Food - 2.1%
	2,800,000	B&G Foods, Inc.	4.625		06/01/2021		2,877,000
	3,511,000	Darling Ingredients, Inc.	5.375		01/15/2022		3,658,462
	3,600,000	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.	5.875		01/15/2024		3,824,316
	4,049,000	SUPERVALU, Inc.	6.750		06/01/2021		4,059,122
	4,100,000	SUPERVALU, Inc.	7.750		11/15/2022		4,007,750
	3,635,000	TreeHouse Foods, Inc.	4.875		03/15/2022		3,762,225
	3,278,000	Whitewave Foods Co. (The)	5.375		10/01/2022		3,577,118
							25,765,993
		Food Service - 0.5%
	6,800,000	Aramark Services, Inc.(a)	4.750		06/01/2026		6,789,800
		Healthcare-Products - 0.6%
	3,465,000	Alere, Inc.	7.250		07/01/2018		3,506,147
	3,478,000	Teleflex, Inc.	4.875		06/01/2026		3,469,305
							6,975,452
		Healthcare-Services - 5.3%
	2,000,000	Acadia Healthcare Co., Inc.	5.625		02/15/2023		2,040,000
	5,400,000	Centene Corp.	6.125		02/15/2024		5,751,000
	8,000,000	Davita, Inc.	5.125		07/15/2024		7,915,000
	4,370,000	Envision Healthcare Corp.	5.625		07/15/2022		4,517,487
	7,409,000	HCA, Inc.	6.500		02/15/2020		8,112,855
	8,035,000	HCA, Inc.	5.375		02/01/2025		8,205,744
	3,650,000	HealthSouth Corp.	5.750		11/01/2024		3,727,562
	2,000,000	Kindred Healthcare, Inc.	8.000		01/15/2020		1,980,000
	2,300,000	Kindred Healthcare, Inc.	6.375		04/15/2022		2,006,750
	2,289,000	LifePoint Health, Inc.	5.500		12/01/2021		2,347,656
	2,350,000	LifePoint Health, Inc.(a)	5.375		05/01/2024		2,256,000
	4,500,000	Molina Healthcare, Inc.	5.375		11/15/2022		4,668,750
	7,200,000	Tenet Healthcare Corp.	6.000		10/01/2020		7,614,000
	5,100,000	WellCare Health Plans, Inc.	5.750		11/15/2020		5,262,563
							66,405,367
		Holding Companies-Diversified - 0.6%
	7,550,000	Leucadia National Corp.	5.500		10/18/2023		8,039,821
		Home Builders - 2.1%
	2,698,000	CalAtlantic Group, Inc.	8.375		05/15/2018		2,907,095
	1,250,000	D.R. Horton, Inc.	3.750		03/01/2019		1,282,812
	1,185,000	D.R. Horton, Inc.	4.375		09/15/2022		1,238,325
	700,000	KB Home	4.750		05/15/2019		718,375
	2,675,000	KB Home	7.000		12/15/2021		2,895,687
	2,300,000	Lennar Corp.	4.500		11/15/2019		2,397,750
	2,300,000	Lennar Corp.	4.750		05/30/2025		2,328,750
	2,200,000	PulteGroup, Inc.	4.250		03/01/2021		2,271,500
	2,050,000	PulteGroup, Inc.	5.500		03/01/2026		2,103,812
	1,560,000	Toll Brothers Finance Corp.	8.910		10/15/2017		1,636,050
	1,755,000	Toll Brothers Finance Corp.	5.875		02/15/2022		1,915,144
	975,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.	4.375		06/15/2019		996,938
	885,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.	5.875		06/15/2024		920,400
	1,727,000	William Lyon Homes, Inc.	8.500		11/15/2020		1,815,509
	450,000	William Lyon Homes, Inc.(a)	5.875		01/31/2025		448,313
							25,876,460

Schedule of Investments

		Home Furnishings - 0.3%
$	3,406,000	Tempur Sealy International, Inc.	5.500	%	06/15/2026	$	3,363,425
		Household Products/Wares - 0.5%
	5,965,000	Spectrum Brands, Inc.	5.750		07/15/2025		6,263,250
		Housewares - 0.3%
	3,815,000	Scotts Miracle-Gro Co. (The)(a)	6.000		10/15/2023		4,053,437
		Insurance - 1.8%
	5,700,000	CNO Financial Group, Inc.	5.250		05/30/2025		5,766,052
	6,013,000	Genworth Holdings, Inc.	7.625		09/24/2021		5,577,057
	7,000,000	Genworth Holdings, Inc.	4.800		02/15/2024		5,705,000
	2,600,000	MGIC Investment Corp.	5.750		08/15/2023		2,723,500
	2,400,000	Radian Group, Inc.	5.250		06/15/2020		2,514,000
							22,285,609
		Internet - 1.7%
	2,270,000	Expedia, Inc.	5.950		08/15/2020		2,498,024
	2,400,000	Expedia, Inc.	5.000		02/15/2026		2,527,829
	3,663,000	Match Group, Inc.	6.750		12/15/2022		3,869,044
	2,100,000	Netflix, Inc.	5.375		02/01/2021		2,265,375
	2,200,000	Netflix, Inc.(a)	4.375		11/15/2026		2,161,500
	3,863,000	VeriSign, Inc.	4.625		05/01/2023		3,924,422
	3,261,000	Zayo Group LLC/Zayo Capital, Inc.	6.375		05/15/2025		3,462,790
							20,708,984
		Iron/Steel - 1.7%
	4,100,000	AK Steel Corp.	7.500		07/15/2023		4,501,308
	2,870,000	Allegheny Technologies, Inc.	5.950		01/15/2021		2,841,300
	2,850,000	Allegheny Technologies, Inc.	7.875		08/15/2023		2,892,750
	4,455,000	Commercial Metals Co.	7.350		08/15/2018		4,800,262
	2,850,000	Steel Dynamics, Inc.	5.125		10/01/2021		2,964,000
	2,850,000	Steel Dynamics, Inc.	5.500		10/01/2024		3,031,688
							21,031,308
		Leisure Time - 0.8%
	6,800,000	Royal Caribbean Cruises Ltd.	5.250		11/15/2022		7,378,000
	2,600,000	Vista Outdoor, Inc.	5.875		10/01/2023		2,720,250
							10,098,250
		Lodging - 1.3%
	3,895,000	Boyd Gaming Corp.(a)	6.375		04/01/2026		4,196,862
	3,702,000	Choice Hotels International, Inc.	5.750		07/01/2022		3,998,160
	3,900,000	MGM Resorts International	6.625		12/15/2021		4,358,250
	3,890,000	MGM Resorts International	6.000		03/15/2023		4,191,475
							16,744,747
		Machinery-Construction & Mining - 0.5%
	5,282,000	Joy Global, Inc.	5.125		10/15/2021		5,743,594
	978,000	Terex Corp.	6.000		05/15/2021		1,005,775
							6,749,369
		Machinery-Diversified - 0.2%
	2,812,000	Zebra Technologies Corp.	7.250		10/15/2022		3,043,990
		Media - 4.5%
	3,950,000	AMC Networks, Inc.	5.000		04/01/2024		4,043,813
	4,200,000	Charter Communications Operating LLC/Charter Communications Operating Capital	3.579		07/23/2020		4,306,155
	4,150,000	Charter Communications Operating LLC/Charter Communications Operating Capital	4.908		07/23/2025		4,371,149
	7,250,000	Clear Channel Worldwide Holdings, Inc., Series B	6.500		11/15/2022		7,605,250
	4,629,000	DISH DBS Corp.	7.750		07/01/2026		5,193,183
	4,721,000	DISH DBS Corp.	6.750		06/01/2021		5,083,950
	2,300,000	LIN Television Corp.	5.875		11/15/2022		2,357,500
	3,350,000	McClatchy Co. (The)	9.000		12/15/2022		3,584,500
	6,350,000	Nielsen Finance LLC/Nielsen Finance Co.	4.500		10/01/2020		6,500,813
	3,567,000	Sinclair Television Group, Inc.	6.125		10/01/2022		3,747,597
	5,141,000	TEGNA, Inc.	6.375		10/15/2023		5,455,886

Schedule of Investments

$	4,610,000	Tribune Media Co.	5.875	%	07/15/2022	$	4,679,150
							56,928,946
		Mining - 2.0%
	9,430,000	Freeport-McMoRan, Inc.	2.375		03/15/2018		9,448,860
	11,900,000	Freeport-McMoRan, Inc.	3.550		03/01/2022		11,186,000
	2,100,000	Hecla Mining Co.	6.875		05/01/2021		2,184,000
	2,500,000	Kaiser Aluminum Corp.	5.875		05/15/2024		2,625,000
							25,443,860
		Miscellaneous Manufacturing - 0.5%
	5,846,000	Trinity Industries, Inc.	4.550		10/01/2024		5,874,610
		Office/Business Equipment - 0.5%
	5,415,000	CDW LLC/CDW Finance Corp.	6.000		08/15/2022		5,733,131
		Oil & Gas - 16.3%
	5,458,000	Anadarko Petroleum Corp.	8.700		03/15/2019		6,209,174
	4,425,000	Antero Resources Corp.	5.625		06/01/2023		4,535,625
	1,300,000	Callon Petroleum Co.(a)	6.125		10/01/2024		1,382,875
	2,900,000	Carrizo Oil & Gas, Inc.	6.250		04/15/2023		2,990,625
	5,400,000	Concho Resources, Inc.	5.500		04/01/2023		5,629,500
	7,900,000	Continental Resources, Inc./Ok	3.800		06/01/2024		7,416,125
	5,900,000	Devon Energy Corp.	4.000		07/15/2021		6,105,373
	6,175,000	Devon Energy Corp.	3.250		05/15/2022		6,203,306
	8,238,000	Diamond Offshore Drilling, Inc.	5.875		05/01/2019		8,608,710
	1,800,000	Diamondback Energy, Inc.(a)	4.750		11/01/2024		1,806,750
	4,849,000	Energen Corp.	4.625		09/01/2021		4,836,877
	2,730,000	Gulfport Energy Corp.(a)	6.000		10/15/2024		2,794,837
	13,200,000	Hess Corp.	4.300		04/01/2027		13,248,946
	5,725,000	Kerr-McGee Corp.	6.950		07/01/2024		6,868,449
	3,525,000	Laredo Petroleum, Inc.	5.625		01/15/2022		3,595,500
	6,000,000	Marathon Oil Corp.	5.900		03/15/2018		6,248,802
	7,120,000	Marathon Oil Corp.	2.800		11/01/2022		6,887,254
	1,500,000	Matador Resources Co.	6.875		04/15/2023		1,590,000
	11,300,000	Murphy Oil Corp.	4.700		12/01/2022		11,123,437
	6,775,000	Murphy Oil USA, Inc.	6.000		08/15/2023		7,130,687
	3,508,000	Nabors Industries, Inc.	5.000		09/15/2020		3,658,844
	3,550,000	Nabors Industries, Inc.(a)	5.500		01/15/2023		3,727,500
	2,035,000	Newfield Exploration Co.	5.750		01/30/2022		2,177,450
	5,700,000	Newfield Exploration Co.	5.625		07/01/2024		6,027,750
	6,275,000	PBF Holding Co LLC/PBF Finance Corp.	7.000		11/15/2023		6,416,188
	2,156,000	PDC Energy, Inc.	7.750		10/15/2022		2,298,835
	2,625,000	QEP Resources, Inc.	6.875		03/01/2021		2,789,063
	2,800,000	QEP Resources, Inc.	5.250		05/01/2023		2,800,000
	2,568,000	Range Resources Corp.(a)	5.750		06/01/2021		2,702,820
	2,378,000	Range Resources Corp.(a)	5.000		03/15/2023		2,366,110
	2,300,000	Rice Energy, Inc.	6.250		05/01/2022		2,397,750
	4,700,000	Rowan Cos., Inc.	4.875		06/01/2022		4,494,375
	1,760,000	RSP Permian, Inc.	6.625		10/01/2022		1,867,800
	5,750,000	SM Energy Co.	6.125		11/15/2022		5,965,625
	4,400,000	Southwestern Energy Co.	5.800		01/23/2020		4,565,000
	4,622,000	Southwestern Energy Co.	6.700		01/23/2025		4,656,665
	4,782,000	Tesoro Corp.	4.250		10/01/2017		4,872,954
	3,723,000	Tesoro Corp.	5.375		10/01/2022		3,871,920
	2,000,000	Tesoro Corp.(a)	4.750		12/15/2023		2,062,500
	7,500,000	Unit Corp.	6.625		05/15/2021		7,481,250
	6,943,000	Western Refining, Inc.	6.250		04/01/2021		7,220,720
	4,350,000	WPX Energy, Inc.	6.000		01/15/2022		4,545,750
							204,179,721
		Oil & Gas Services - 0.6%
	4,378,000	Bristow Group, Inc.	6.250		10/15/2022		3,934,727
	3,417,000	Forum Energy Technologies, Inc.	6.250		10/01/2021		3,468,255
							7,402,982
		Packaging & Containers - 2.2%
	3,100,000	Ball Corp.	4.375		12/15/2020		3,268,563
	3,122,000	Ball Corp.	4.000		11/15/2023		3,110,292
	5,030,000	Berry Plastics Corp.	5.125		07/15/2023		5,171,846

Schedule of Investments

$	6,600,000	Crown Americas LLC/Crown Americas Capital Corp. IV	4.500	%	01/15/2023	$	6,773,250
	4,493,000	Graphic Packaging International, Inc.	4.750		04/15/2021		4,761,187
	3,912,000	Silgan Holdings, Inc.	5.000		04/01/2020		3,985,350
							27,070,488
		Pipelines - 3.8%
	4,900,000	Enable Midstream Partners LP	2.400		05/15/2019		4,852,970
	5,365,000	Enable Midstream Partners LP	3.900		05/15/2024		5,174,929
	9,820,000	ONEOK, Inc.	4.250		02/01/2022		10,065,500
	3,600,000	Rose Rock Midstream LP/Rose Rock Finance Corp.	5.625		07/15/2022		3,600,000
	1,800,000	Sabine Pass Liquefaction LLC	5.625		02/01/2021		1,953,000
	1,600,000	Sabine Pass Liquefaction LLC	5.750		05/15/2024		1,750,000
	6,000,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp.	4.250		11/15/2023		5,940,000
	6,400,000	Williams Cos., Inc. (The)	7.875		09/01/2021		7,484,800
	7,287,000	Williams Cos., Inc. (The)	4.550		06/24/2024		7,414,522
							48,235,721
		Real Estate - 0.2%
	2,280,000	Kennedy-Wilson, Inc.	5.875		04/01/2024		2,363,448
		REITs - 3.8%
	1,900,000	CyrusOne LP/CyrusOne Finance Corp.	6.375		11/15/2022		2,014,000
	2,552,000	DuPont Fabros Technology LP	5.875		09/15/2021		2,668,435
	4,501,000	Equinix, Inc.	5.375		04/01/2023		4,732,036
	2,150,000	FelCor Lodging LP	6.000		06/01/2025		2,273,625
	3,650,000	GEO Group, Inc. (The)	6.000		04/15/2026		3,695,625
	7,200,000	Iron Mountain, Inc.	5.750		08/15/2024		7,344,000
	2,566,000	iStar, Inc.	4.000		11/01/2017		2,585,245
	2,480,000	MPT Operating Partnership LP/MPT Finance Corp.	6.375		03/01/2024		2,631,900
	3,300,000	RHP Hotel Properties LP/RHP Finance Corp.	5.000		04/15/2023		3,349,500
	2,675,000	Sabra Health Care LP/Sabra Capital Corp.	5.500		02/01/2021		2,775,313
	8,820,000	Starwood Property Trust, Inc.(a)	5.000		12/15/2021		8,985,375
	2,400,000	VEREIT Operating Partnership LP	3.000		02/06/2019		2,407,632
	2,200,000	VEREIT Operating Partnership LP	4.600		02/06/2024		2,249,324
							47,712,010
		Retail - 6.0%
	3,949,000	Asbury Automotive Group, Inc.	6.000		12/15/2024		4,057,598
	5,481,000	CST Brands, Inc.	5.000		05/01/2023		5,707,091
	5,905,000	Dollar Tree, Inc.	5.750		03/01/2023		6,282,920
	9,100,000	Gap, Inc. (The)	5.950		04/12/2021		9,610,537
	4,520,000	Group 1 Automotive, Inc.	5.000		06/01/2022		4,599,100
	4,910,000	L Brands, Inc.	6.625		04/01/2021		5,413,275
	5,087,000	L Brands, Inc.	5.625		02/15/2022		5,349,489
	5,927,000	Penske Automotive Group, Inc.	5.750		10/01/2022		6,134,445
	5,000,000	PVH Corp.	4.500		12/15/2022		5,093,750
	3,740,000	QVC, Inc.	3.125		04/01/2019		3,800,775
	4,035,000	QVC, Inc.	4.375		03/15/2023		4,072,598
	4,154,000	Sally Holdings LLC/Sally Capital, Inc.	5.750		06/01/2022		4,318,083
	10,100,000	Yum! Brands, Inc.	3.750		11/01/2021		10,289,375
							74,729,036
		Semiconductors - 1.7%
	4,520,000	Amkor Technology, Inc.	6.625		06/01/2021		4,630,559
	11,832,000	Micron Technology, Inc.	5.500		02/01/2025		11,950,320
	3,800,000	Qorvo, Inc.	7.000		12/01/2025		4,218,000
							20,798,879
		Software - 0.2%
	2,211,000	SS&C Technologies Holdings, Inc.	5.875		07/15/2023		2,310,495
		Telecommunications - 4.9%
	2,400,000	Anixter, Inc.	5.125		10/01/2021		2,511,000
	2,400,000	Anixter, Inc.	5.500		03/01/2023		2,511,000
	7,310,000	CenturyLink, Inc., Series S	6.450		06/15/2021		7,803,425
	7,609,000	CenturyLink, Inc., Series Y	7.500		04/01/2024		8,075,051
	4,251,000	Frontier Communications Corp.	8.500		04/15/2020		4,545,807
	4,531,000	Frontier Communications Corp.	11.000		09/15/2025		4,598,965
	2,000,000	Hughes Satellite Systems Corp.	7.625		06/15/2021		2,208,980
	2,150,000	Hughes Satellite Systems Corp.(a)	6.625		08/01/2026		2,225,250

Schedule of Investments

$	6,772,000	Level 3 Financing, Inc.	5.375	%	08/15/2022	$	7,009,020
	5,134,000	T-Mobile USA, Inc.	6.250		04/01/2021		5,332,686
	5,286,000	T-Mobile USA, Inc.	6.500		01/15/2026		5,821,207
	2,525,000	ViaSat, Inc.	6.875		06/15/2020		2,596,016
	2,788,000	Windstream Services LLC	7.750		10/15/2020		2,861,185
	3,300,000	Windstream Services LLC	6.375		08/01/2023		2,970,000
							61,069,592
		Total Corporate Bonds (Cost $1,201,429,230)					1,231,089,118
Number of Shares
		Money Market Fund - 0.3%
	3,660,680	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(b) (Cost $3,660,680)					3,660,680
		Total Investments (Cost $1,205,089,910)(c) - 98.6%					1,234,749,798
		Other assets less liabilities - 1.4%					17,341,465
		Net Assets - 100.0%				$	1,252,091,263

Investment Abbreviations:

GMTN - Global Medium-Term Note

MTN - Medium-Term Note

REIT - Real Estate Investment Trust

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 January 31, 2017 was $76,051,270, which represented 6.07% 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 January 31, 2017.

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $1,205,268,878. The net unrealized appreciation was $29,480,920, which consisted of aggregate gross unrealized appreciation of $33,268,385 and aggregate gross unrealized depreciation of $3,787,465.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Fundamental Investment Grade Corporate Bond Portfolio (PFIG)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds - 99.0%
		Advertising - 0.6%
$	100,000	Interpublic Group of Cos., Inc. (The)		4.200	%		04/15/2024	$	102,889
	200,000	Omnicom Group, Inc.		4.450			08/15/2020		213,011
	50,000	Omnicom Group, Inc.		3.625			05/01/2022		51,539
									367,439
		Aerospace/Defense - 2.7%
	100,000	Boeing Co. (The)		4.875			02/15/2020		108,727
	100,000	General Dynamics Corp.		1.000			11/15/2017		99,889
	100,000	General Dynamics Corp.		2.250			11/15/2022		98,733
	300,000	L3 Technologies, Inc.		5.200			10/15/2019		322,893
	200,000	Lockheed Martin Corp.		2.500			11/23/2020		201,813
	200,000	Lockheed Martin Corp.		3.550			01/15/2026		202,396
	100,000	Northrop Grumman Corp.		1.750			06/01/2018		100,301
	50,000	Northrop Grumman Corp.		3.250			08/01/2023		51,178
	200,000	Raytheon Co.		3.125			10/15/2020		207,675
	100,000	Raytheon Co.		2.500			12/15/2022		99,622
	100,000	United Technologies Corp.		1.800			06/01/2017		100,232
	100,000	United Technologies Corp.		3.100			06/01/2022		102,664
									1,696,123
		Agriculture - 2.2%
	100,000	Altria Group, Inc.		4.750			05/05/2021		108,815
	200,000	Altria Group, Inc.		2.850			08/09/2022		199,956
	100,000	Archer-Daniels-Midland Co.		2.500			08/11/2026		94,662
	100,000	Bunge Ltd. Finance Corp.		8.500			06/15/2019		114,355
	238,000	Philip Morris International, Inc.		5.650			05/16/2018		250,179
	175,000	Philip Morris International, Inc.		3.250			11/10/2024		175,405
	100,000	Reynolds American, Inc.		6.875			05/01/2020		113,648
	200,000	Reynolds American, Inc.		3.250			06/12/2020		205,289
	100,000	Reynolds American, Inc.		4.450			06/12/2025		104,994
									1,367,303
		Airlines - 0.3%
	200,000	Southwest Airlines Co.		2.650			11/05/2020		201,621
		Apparel - 0.7%
	100,000	NIKE, Inc.		2.375			11/01/2026		94,062
	200,000	Under Armour, Inc.		3.250			06/15/2026		186,204
	180,000	VF Corp.		3.500			09/01/2021		188,080
									468,346
		Auto Manufacturers - 0.8%
	200,000	Ford Motor Credit Co. LLC		5.875			08/02/2021		222,696
	100,000	Ford Motor Credit Co. LLC		4.134			08/04/2025		100,058
	200,000	PACCAR Financial Corp., MTN		1.300			05/10/2019		198,227
									520,981
		Auto Parts & Equipment - 0.2%
	100,000	Lear Corp.		5.250			01/15/2025		106,610
		Banks - 10.6%
	300,000	Bank of America Corp., GMTN		3.300			01/11/2023		300,942
	288,000	Bank of America Corp., MTN		6.875			04/25/2018		305,212
	250,000	Bank of New York Mellon Corp. (The)		3.550			09/23/2021		260,088
	150,000	Bank of New York Mellon Corp. (The), MTN		2.200			08/16/2023		143,416
	200,000	BB&T Corp., MTN		2.450			01/15/2020		202,008
	100,000	Branch Banking & Trust Co.		3.625			09/16/2025		101,775
	200,000	Capital One Financial Corp.		4.200			10/29/2025		200,830
	200,000	Capital One NA, BKNT		1.650			02/05/2018		199,988
	200,000	Citigroup, Inc.		4.500			01/14/2022		213,066

Schedule of Investments

$	200,000	Citigroup, Inc.	3.200	%	10/21/2026	$	189,837
	100,000	Citizens Bank NA, MTN	2.450		12/04/2019		100,581
	50,000	Discover Bank	4.200		08/08/2023		52,114
	100,000	Fifth Third Bancorp	4.300		01/16/2024		103,501
	200,000	Fifth Third Bank	2.250		06/14/2021		197,574
	199,000	Goldman Sachs Group, Inc. (The)	6.150		04/01/2018		208,875
	50,000	Goldman Sachs Group, Inc. (The)	5.750		01/24/2022		56,193
	200,000	Goldman Sachs Group, Inc. (The), GMTN	4.000		03/03/2024		206,503
	325,000	JPMorgan Chase & Co.	6.000		01/15/2018		338,440
	300,000	JPMorgan Chase & Co.	2.950		10/01/2026		284,048
	120,000	KeyCorp, MTN	5.100		03/24/2021		131,307
	250,000	Manufacturers & Traders Trust Co.	2.900		02/06/2025		244,701
	100,000	Morgan Stanley, GMTN	6.625		04/01/2018		105,499
	100,000	Morgan Stanley, Series F, GMTN	3.875		04/29/2024		102,274
	100,000	Northern Trust Corp.	3.450		11/04/2020		104,237
	150,000	Northern Trust Corp.	3.950		10/30/2025		156,906
	250,000	PNC Bank NA	2.700		11/01/2022		247,476
	100,000	Regions Financial Corp.	3.200		02/08/2021		101,841
	100,000	State Street Corp.	2.550		08/18/2020		101,241
	200,000	State Street Corp.	3.550		08/18/2025		204,505
	200,000	SunTrust Bank, BKNT	2.750		05/01/2023		196,297
	200,000	SunTrust Banks, Inc.	2.350		11/01/2018		201,860
	200,000	US Bancorp, MTN	2.950		07/15/2022		202,039
	100,000	US Bank NA, BKNT	2.125		10/28/2019		100,463
	350,000	Wells Fargo & Co.	5.625		12/11/2017		362,154
	350,000	Wells Fargo & Co.	3.000		04/22/2026		333,751
	150,000	Westpac Banking Corp. (Australia)	2.300		05/26/2020		149,314
							6,710,856
		Beverages - 1.7%
	150,000	Coca-Cola Co. (The)	1.650		11/01/2018		150,599
	200,000	Coca-Cola Co. (The)	2.875		10/27/2025		197,509
	100,000	Coca-Cola European Partners US LLC (United Kingdom)	3.500		09/15/2020		104,633
	100,000	Dr Pepper Snapple Group, Inc.	3.400		11/15/2025		100,087
	100,000	Molson Coors Brewing Co.	2.100		07/15/2021		97,642
	100,000	Molson Coors Brewing Co.	3.000		07/15/2026		94,256
	200,000	PepsiCo, Inc.	2.150		10/14/2020		200,925
	100,000	PepsiCo, Inc.	2.750		03/01/2023		100,784
							1,046,435
		Biotechnology - 1.1%
	100,000	Amgen, Inc.	3.875		11/15/2021		105,040
	200,000	Biogen, Inc.	2.900		09/15/2020		203,430
	175,000	Biogen, Inc.	4.050		09/15/2025		179,809
	100,000	Celgene Corp.	3.875		08/15/2025		101,349
	100,000	Gilead Sciences, Inc.	3.650		03/01/2026		101,743
							691,371
		Building Materials - 0.5%
	200,000	Johnson Controls International PLC	4.250		03/01/2021		212,118
	100,000	Johnson Controls International PLC	3.900		02/14/2026		102,501
							314,619
		Chemicals - 2.7%
	200,000	Dow Chemical Co. (The)	8.550		05/15/2019		228,758
	100,000	Dow Chemical Co. (The)	3.000		11/15/2022		100,464
	100,000	E.I. du Pont de Nemours & Co.	6.000		07/15/2018		106,322
	100,000	E.I. du Pont de Nemours & Co.	2.800		02/15/2023		99,047
	100,000	Eastman Chemical Co.	2.700		01/15/2020		101,137
	100,000	Eastman Chemical Co.	3.600		08/15/2022		102,715
	200,000	Lyondellbasell Industries NV	5.750		04/15/2024		228,556
	150,000	LyondellBasell Industries NV	5.000		04/15/2019		158,706
	65,000	Monsanto Co.	3.375		07/15/2024		65,355
	148,000	Mosaic Co. (The)	4.250		11/15/2023		152,376
	100,000	Praxair, Inc.	4.500		08/15/2019		106,354
	95,000	Praxair, Inc.	3.200		01/30/2026		96,090
	100,000	Sherwin-Williams Co. (The)	1.350		12/15/2017		99,884
	60,000	Westlake Chemical Corp.(a)	3.600		08/15/2026		58,370
							1,704,134

Schedule of Investments

		Commercial Services - 1.0%
$	200,000	Automatic Data Processing, Inc.	2.250	%	09/15/2020	$	202,057
	150,000	Automatic Data Processing, Inc.	3.375		09/15/2025		153,732
	100,000	Block Financial LLC	4.125		10/01/2020		102,578
	50,000	Block Financial LLC	5.500		11/01/2022		53,666
	100,000	Ecolab, Inc.	4.350		12/08/2021		108,194
							620,227
		Computers - 2.5%
	187,000	Apple, Inc.	1.000		05/03/2018		186,405
	250,000	Apple, Inc.	2.400		05/03/2023		244,782
	100,000	Hewlett Packard Enterprise Co.	3.600		10/15/2020		102,741
	100,000	Hewlett Packard Enterprise Co.	4.900		10/15/2025		104,314
	100,000	HP, Inc.	4.650		12/09/2021		106,851
	150,000	International Business Machines Corp.	5.700		09/14/2017		154,237
	200,000	International Business Machines Corp.	3.625		02/12/2024		207,167
	200,000	NetApp, Inc.	2.000		12/15/2017		200,726
	300,000	Seagate HDD Cayman	4.750		01/01/2025		291,563
							1,598,786
		Cosmetics/Personal Care - 1.0%
	100,000	Colgate-Palmolive Co., MTN	1.750		03/15/2019		100,427
	150,000	Colgate-Palmolive Co., MTN	2.300		05/03/2022		149,874
	200,000	Procter & Gamble Co. (The)	1.600		11/15/2018		200,776
	200,000	Procter & Gamble Co. (The)	3.100		08/15/2023		205,975
							657,052
		Diversified Financial Services - 3.4%
	100,000	American Express Co.	7.000		03/19/2018		105,837
	100,000	American Express Co.	3.625		12/05/2024		101,166
	50,000	Ameriprise Financial, Inc.	5.300		03/15/2020		54,210
	100,000	Ameriprise Financial, Inc.	4.000		10/15/2023		105,306
	100,000	BlackRock, Inc.	3.500		03/18/2024		103,276
	100,000	BlackRock, Inc., Series 2	5.000		12/10/2019		108,497
	120,000	Charles Schwab Corp. (The)	4.450		07/22/2020		128,782
	100,000	CME Group, Inc.	3.000		09/15/2022		102,553
	100,000	Intercontinental Exchange, Inc.	2.750		12/01/2020		101,650
	100,000	Intercontinental Exchange, Inc.	3.750		12/01/2025		103,100
	200,000	Jefferies Group LLC	6.875		04/15/2021		227,585
	150,000	MasterCard, Inc.	3.375		04/01/2024		154,548
	100,000	NASDAQ, Inc.	5.550		01/15/2020		108,100
	100,000	Raymond James Financial, Inc.	3.625		09/15/2026		98,096
	250,000	TD Ameritrade Holding Corp.	2.950		04/01/2022		253,071
	200,000	Visa, Inc.	2.200		12/14/2020		200,999
	100,000	Visa, Inc.	3.150		12/14/2025		99,987
							2,156,763
		Electric - 4.7%
	121,000	Consolidated Edison Co. of New York, Inc.	7.125		12/01/2018		132,677
	100,000	Consumers Energy Co.	6.700		09/15/2019		112,035
	90,000	Dominion Resources, Inc.	3.900		10/01/2025		92,126
	150,000	DTE Energy Co.	2.850		10/01/2026		139,953
	200,000	Duke Energy Corp.	1.800		09/01/2021		193,090
	100,000	Duke Energy Corp.	2.650		09/01/2026		93,630
	100,000	Entergy Texas, Inc.	7.125		02/01/2019		110,027
	100,000	Exelon Corp.	3.950		06/15/2025		102,198
	200,000	Exelon Generation Co. LLC	2.950		01/15/2020		202,673
	100,000	Florida Power & Light Co.	3.250		06/01/2024		103,037
	150,000	NextEra Energy Capital Holdings, Inc.	6.000		03/01/2019		162,008
	30,000	Ohio Power Co., Series M	5.375		10/01/2021		33,525
	200,000	Pacific Gas & Electric Co.	3.500		10/01/2020		207,960
	100,000	Pacific Gas & Electric Co.	3.500		06/15/2025		102,181
	150,000	PPL Capital Funding, Inc.	3.400		06/01/2023		151,417
	100,000	Public Service Electric & Gas Co., MTN	2.375		05/15/2023		98,157
	100,000	Southern California Edison Co.	3.875		06/01/2021		106,129
	100,000	Southern Co. (The)	1.850		07/01/2019		99,731
	100,000	Southern Co. (The)	3.250		07/01/2026		96,919
	100,000	Virginia Electric & Power Co.	5.400		04/30/2018		104,649
	100,000	WEC Energy Group, Inc.	3.550		06/15/2025		101,822
	150,000	Xcel Energy, Inc.	4.700		05/15/2020		159,918

Schedule of Investments

$	300,000	Xcel Energy, Inc.	3.300	%	06/01/2025	$	300,371
							3,006,233
		Electrical Components & Equipment - 0.5%
	200,000	Emerson Electric Co.	4.875		10/15/2019		215,861
	100,000	Emerson Electric Co.	2.625		02/15/2023		100,683
							316,544
		Electronics - 1.3%
	100,000	Agilent Technologies, Inc.	5.000		07/15/2020		108,253
	100,000	Agilent Technologies, Inc.	3.875		07/15/2023		104,003
	100,000	Amphenol Corp.	2.550		01/30/2019		101,284
	100,000	Amphenol Corp.	4.000		02/01/2022		104,993
	100,000	Avnet, Inc.	4.625		04/15/2026		100,947
	100,000	Flex Ltd.	4.750		06/15/2025		105,479
	100,000	Honeywell International, Inc.	1.850		11/01/2021		97,925
	100,000	Honeywell International, Inc.	2.500		11/01/2026		94,315
							817,199
		Engineering & Construction - 0.4%
	150,000	Fluor Corp.	3.375		09/15/2021		154,533
	100,000	Fluor Corp.	3.500		12/15/2024		102,765
							257,298
		Environmental Control - 0.7%
	100,000	Republic Services, Inc.	5.000		03/01/2020		108,304
	200,000	Republic Services, Inc.	3.550		06/01/2022		208,186
	100,000	Waste Management, Inc.	4.750		06/30/2020		108,026
							424,516
		Food - 2.9%
	100,000	Campbell Soup Co.	4.250		04/15/2021		106,711
	100,000	ConAgra Brands, Inc.	3.200		01/25/2023		100,239
	100,000	General Mills, Inc.	3.150		12/15/2021		102,694
	200,000	Hershey Co. (The)	2.300		08/15/2026		187,144
	100,000	JM Smucker Co. (The)	3.500		03/15/2025		100,986
	100,000	Kellogg Co.	4.000		12/15/2020		105,898
	100,000	Kellogg Co.	3.250		04/01/2026		97,700
	100,000	Kraft Heinz Foods Co.	3.950		07/15/2025		101,220
	100,000	Kroger Co. (The)	6.150		01/15/2020		111,263
	100,000	Kroger Co. (The)	2.650		10/15/2026		92,512
	100,000	Mondelez International, Inc.	5.375		02/10/2020		108,593
	100,000	Mondelez International, Inc.	4.000		02/01/2024		105,773
	100,000	Sysco Corp.	5.250		02/12/2018		103,733
	100,000	Sysco Corp.	3.300		07/15/2026		98,019
	100,000	Tyson Foods, Inc.	2.650		08/15/2019		101,405
	100,000	Tyson Foods, Inc.	3.950		08/15/2024		101,812
	100,000	Whole Foods Market, Inc.	5.200		12/03/2025		106,310
							1,832,012
		Forest Products & Paper - 0.6%
	70,000	International Paper Co.	7.950		06/15/2018		75,680
	200,000	International Paper Co.	7.500		08/15/2021		239,506
	100,000	International Paper Co.	3.000		02/15/2027		94,068
							409,254
		Gas - 0.9%
	100,000	CenterPoint Energy Resources Corp.	4.500		01/15/2021		105,811
	100,000	National Fuel Gas Co.	4.900		12/01/2021		106,253
	100,000	NiSource Finance Corp.	6.800		01/15/2019		109,079
	100,000	NiSource Finance Corp.	6.125		03/01/2022		114,977
	100,000	Sempra Energy	4.050		12/01/2023		105,205
							541,325
		Hand/Machine Tools - 0.2%
	100,000	Stanley Black & Decker, Inc.	2.900		11/01/2022		100,869
		Healthcare-Products - 1.9%
	150,000	Abbott Laboratories	5.125		04/01/2019		159,307
	100,000	Baxter International, Inc.	2.600		08/15/2026		92,613

Schedule of Investments

$	100,000	Becton Dickinson and Co.	3.734	%	12/15/2024	$	102,670
	100,000	Boston Scientific Corp.	3.850		05/15/2025		100,887
	200,000	Danaher Corp.	2.400		09/15/2020		201,383
	100,000	Stryker Corp.	3.500		03/15/2026		100,793
	100,000	Thermo Fisher Scientific, Inc.	4.500		03/01/2021		106,783
	200,000	Thermo Fisher Scientific, Inc.	4.150		02/01/2024		210,025
	100,000	Zimmer Biomet Holdings, Inc.	3.550		04/01/2025		97,801
							1,172,262
		Healthcare-Services - 2.1%
	100,000	Aetna, Inc.	2.400		06/15/2021		100,467
	100,000	Aetna, Inc.	3.200		06/15/2026		100,063
	100,000	Anthem, Inc.	2.250		08/15/2019		100,469
	100,000	Anthem, Inc.	3.125		05/15/2022		100,008
	100,000	Cigna Corp.	4.000		02/15/2022		104,626
	200,000	Humana, Inc.	3.150		12/01/2022		200,526
	100,000	Laboratory Corp. of America Holdings	2.200		08/23/2017		100,421
	100,000	Quest Diagnostics, Inc.	4.700		04/01/2021		107,380
	170,000	UnitedHealth Group, Inc.	2.700		07/15/2020		172,892
	250,000	UnitedHealth Group, Inc.	2.875		03/15/2022		253,304
							1,340,156
		Home Builders - 0.3%
	200,000	NVR, Inc.	3.950		09/15/2022		206,115
		Household Products/Wares - 0.6%
	100,000	Clorox Co. (The)	3.050		09/15/2022		101,640
	300,000	Kimberly-Clark Corp.	6.125		08/01/2017		307,418
							409,058
		Housewares - 0.5%
	100,000	Newell Brands, Inc.	2.600		03/29/2019		101,295
	100,000	Newell Brands, Inc.	4.200		04/01/2026		103,701
	100,000	Tupperware Brands Corp.	4.750		06/01/2021		107,574
							312,570
		Insurance - 5.7%
	200,000	Aflac, Inc.	3.625		06/15/2023		207,514
	200,000	Allstate Corp. (The)	3.150		06/15/2023		203,883
	200,000	American International Group, Inc.	3.300		03/01/2021		205,272
	200,000	American International Group, Inc.	4.875		06/01/2022		218,316
	239,000	Berkshire Hathaway Finance Corp.	5.400		05/15/2018		251,449
	200,000	Berkshire Hathaway, Inc.	3.125		03/15/2026		198,540
	100,000	Brown & Brown, Inc.	4.200		09/15/2024		100,663
	100,000	Chubb INA Holdings, Inc.	2.300		11/03/2020		100,329
	200,000	Chubb INA Holdings, Inc.	3.350		05/03/2026		202,084
	150,000	Hartford Financial Services Group, Inc. (The)	5.500		03/30/2020		164,127
	200,000	Hartford Financial Services Group, Inc. (The)	5.125		04/15/2022		221,803
	150,000	Loews Corp.	2.625		05/15/2023		147,060
	200,000	Marsh & McLennan Cos., Inc.	4.800		07/15/2021		217,514
	200,000	Marsh & McLennan Cos., Inc.	3.750		03/14/2026		203,898
	200,000	MetLife, Inc.	4.750		02/08/2021		216,947
	200,000	MetLife, Inc.	3.600		04/10/2024		205,378
	100,000	Progressive Corp. (The)	2.450		01/15/2027		93,146
	150,000	Prudential Financial, Inc., MTN	3.500		05/15/2024		152,659
	200,000	Travelers Cos., Inc. (The)	3.900		11/01/2020		212,334
	100,000	Voya Financial, Inc.	2.900		02/15/2018		101,096
							3,624,012
		Internet - 1.4%
	100,000	Alphabet, Inc.	3.625		05/19/2021		106,504
	100,000	Alphabet, Inc.	3.375		02/25/2024		104,036
	50,000	Amazon.com, Inc.	1.200		11/29/2017		50,007
	100,000	Amazon.com, Inc.	2.500		11/29/2022		99,006
	100,000	eBay, Inc.	1.350		07/15/2017		100,016
	200,000	eBay, Inc.	2.600		07/15/2022		194,411
	250,000	Symantec Corp.	4.200		09/15/2020		258,528
							912,508

Schedule of Investments

		Iron/Steel - 0.5%
$	200,000	Nucor Corp.	5.750	%	12/01/2017	$	206,661
	100,000	Nucor Corp.	4.125		09/15/2022		106,697
							313,358
		Leisure Time - 0.3%
	200,000	Carnival Corp.	3.950		10/15/2020		211,176
		Lodging - 0.5%
	200,000	Marriott International, Inc.	3.000		03/01/2019		203,635
	100,000	Wyndham Worldwide Corp.	4.250		03/01/2022		103,651
							307,286
		Machinery-Construction & Mining - 0.5%
	200,000	Caterpillar, Inc.	3.900		05/27/2021		211,959
	100,000	Caterpillar, Inc.	3.400		05/15/2024		102,662
							314,621
		Machinery-Diversified - 1.1%
	250,000	Cummins, Inc.	3.650		10/01/2023		261,390
	150,000	Deere & Co.	2.600		06/08/2022		150,044
	100,000	John Deere Capital Corp., MTN	1.950		01/08/2019		100,636
	100,000	Roper Technologies, Inc.	6.250		09/01/2019		109,804
	100,000	Wabtec Corp.(a)	3.450		11/15/2026		96,728
							718,602
		Media - 2.4%
	100,000	21st Century Fox America, Inc.	4.500		02/15/2021		106,983
	100,000	21st Century Fox America, Inc.	3.000		09/15/2022		100,270
	100,000	CBS Corp.	2.300		08/15/2019		100,405
	100,000	CBS Corp.	3.375		03/01/2022		101,998
	200,000	Comcast Corp.	3.150		03/01/2026		195,893
	100,000	Discovery Communications LLC	3.300		05/15/2022		99,647
	100,000	NBCUniversal Media LLC	5.150		04/30/2020		109,484
	100,000	Scripps Networks Interactive, Inc.	3.900		11/15/2024		101,792
	100,000	Time Warner, Inc.	4.875		03/15/2020		107,274
	100,000	Time Warner, Inc.	3.800		02/15/2027		97,739
	200,000	Viacom, Inc.	4.250		09/01/2023		201,274
	100,000	Walt Disney Co. (The), GMTN	1.100		12/01/2017		99,926
	100,000	Walt Disney Co. (The), GMTN	2.350		12/01/2022		99,099
							1,521,784
		Mining - 0.5%
	100,000	Goldcorp, Inc. (Canada)	3.625		06/09/2021		102,651
	200,000	Newmont Mining Corp.	3.500		03/15/2022		204,998
							307,649
		Miscellaneous Manufacturing - 1.7%
	200,000	3M Co., GMTN	2.000		06/26/2022		197,240
	100,000	Eaton Corp.	1.500		11/02/2017		100,048
	200,000	Eaton Corp.	2.750		11/02/2022		199,758
	250,000	General Electric Co.	2.700		10/09/2022		251,387
	100,000	Illinois Tool Works, Inc.	6.250		04/01/2019		109,342
	100,000	Ingersoll-Rand Global Holding Co. Ltd.	6.875		08/15/2018		107,822
	100,000	Ingersoll-Rand Luxembourg Finance SA	3.550		11/01/2024		101,013
							1,066,610
		Office/Business Equipment - 0.6%
	100,000	Pitney Bowes, Inc.	3.375		10/01/2021		98,592
	100,000	Pitney Bowes, Inc.	4.625		03/15/2024		98,897
	200,000	Xerox Corp.	4.500		05/15/2021		207,634
							405,123
		Oil & Gas - 5.5%
	100,000	Apache Corp.	3.625		02/01/2021		103,917
	115,000	Apache Corp.	3.250		04/15/2022		117,329
	200,000	Chevron Corp.	1.104		12/05/2017		199,724
	300,000	Chevron Corp.	2.355		12/05/2022		295,163
	100,000	Cimarex Energy Co.	4.375		06/01/2024		104,639
	200,000	ConocoPhillips	5.750		02/01/2019		215,616

Schedule of Investments

$	150,000	ConocoPhillips Co.	4.950	%	03/15/2026	$	165,069
	150,000	EOG Resources, Inc.	5.625		06/01/2019		162,613
	100,000	EOG Resources, Inc.	2.625		03/15/2023		97,554
	100,000	EQT Corp.	4.875		11/15/2021		106,986
	400,000	Exxon Mobil Corp.	2.222		03/01/2021		400,677
	400,000	Exxon Mobil Corp.	3.043		03/01/2026		396,904
	100,000	HollyFrontier Corp.	5.875		04/01/2026		104,010
	200,000	Marathon Petroleum Corp.	5.125		03/01/2021		217,630
	100,000	Marathon Petroleum Corp.	3.625		09/15/2024		98,226
	100,000	Noble Energy, Inc.	4.150		12/15/2021		104,834
	100,000	Occidental Petroleum Corp.	2.700		02/15/2023		99,161
	200,000	Occidental Petroleum Corp., Series 1	4.100		02/01/2021		212,533
	100,000	Pioneer Natural Resources Co.	3.950		07/15/2022		103,949
	100,000	Valero Energy Corp.	6.125		02/01/2020		110,839
	100,000	Valero Energy Corp.	3.400		09/15/2026		96,192
							3,513,565
		Oil & Gas Services - 1.6%
	250,000	Baker Hughes, Inc.	3.200		08/15/2021		256,610
	150,000	FMC Technologies, Inc.	3.450		10/01/2022		150,159
	200,000	Halliburton Co.	3.800		11/15/2025		203,793
	100,000	National Oilwell Varco, Inc.	2.600		12/01/2022		94,058
	300,000	Schlumberger Investment SA	3.650		12/01/2023		316,317
							1,020,937
		Packaging & Containers - 0.2%
	100,000	Packaging Corp. of America	4.500		11/01/2023		106,050
		Pharmaceuticals - 5.5%
	200,000	AbbVie, Inc.	2.500		05/14/2020		201,061
	100,000	AbbVie, Inc.	3.600		05/14/2025		98,590
	200,000	Actavis Funding SCS	3.000		03/12/2020		203,267
	100,000	Actavis Funding SCS	3.800		03/15/2025		99,992
	100,000	AmerisourceBergen Corp.	3.500		11/15/2021		103,162
	100,000	AmerisourceBergen Corp.	3.250		03/01/2025		99,504
	100,000	Bristol-Myers Squibb Co.	2.000		08/01/2022		97,427
	100,000	Cardinal Health, Inc.	3.200		03/15/2023		101,418
	100,000	Eli Lilly & Co.	5.200		03/15/2017		100,512
	200,000	Eli Lilly & Co.	2.750		06/01/2025		196,521
	100,000	Express Scripts Holding Co.	4.750		11/15/2021		107,444
	200,000	Express Scripts Holding Co.	3.400		03/01/2027		186,800
	200,000	Johnson & Johnson	5.550		08/15/2017		204,864
	200,000	Johnson & Johnson	2.450		03/01/2026		191,330
	100,000	McKesson Corp.	2.284		03/15/2019		100,409
	200,000	McKesson Corp.	3.796		03/15/2024		205,189
	15,000	Mead Johnson Nutrition Co.	4.900		11/01/2019		16,092
	100,000	Mead Johnson Nutrition Co.	4.125		11/15/2025		102,599
	200,000	Merck & Co., Inc.	2.750		02/10/2025		197,126
	150,000	Merck Sharp & Dohme Corp.	5.000		06/30/2019		161,162
	100,000	Mylan NV(a)	3.950		06/15/2026		94,841
	200,000	Pfizer, Inc.	2.100		05/15/2019		202,294
	200,000	Pfizer, Inc.	2.750		06/03/2026		193,661
	100,000	Zoetis, Inc.	1.875		02/01/2018		100,152
	100,000	Zoetis, Inc.	3.250		02/01/2023		100,410
							3,465,827
		Pipelines - 1.6%
	100,000	Kinder Morgan, Inc.	3.050		12/01/2019		101,871
	100,000	Kinder Morgan, Inc.	4.300		06/01/2025		102,855
	100,000	Phillips 66 Partners LP	3.605		02/15/2025		98,826
	200,000	Spectra Energy Capital LLC	6.200		04/15/2018		209,425
	200,000	Spectra Energy Partners LP	4.750		03/15/2024		213,539
	150,000	Williams Partners LP	5.250		03/15/2020		162,614
	100,000	Williams Partners LP	3.600		03/15/2022		101,717
							990,847
		Real Estate - 0.5%
	100,000	CBRE Services, Inc.	5.000		03/15/2023		103,246
	100,000	Prologis LP	3.350		02/01/2021		103,033

Schedule of Investments

$	100,000	Prologis LP	4.250	%	08/15/2023	$	106,589
							312,868
		REITs - 3.3%
	100,000	Alexandria Real Estate Equities, Inc.	4.600		04/01/2022		105,957
	100,000	American Tower Corp.	4.500		01/15/2018		102,560
	100,000	American Tower Corp.	3.500		01/31/2023		100,420
	100,000	Boston Properties LP	4.125		05/15/2021		105,673
	100,000	Boston Properties LP	3.650		02/01/2026		99,257
	75,000	Brixmor Operating Partnership LP	3.850		02/01/2025		73,955
	100,000	DDR Corp.	3.625		02/01/2025		96,930
	100,000	ERP Operating LP	4.625		12/15/2021		108,602
	200,000	Essex Portfolio LP	3.500		04/01/2025		198,107
	100,000	HCP, Inc.	5.375		02/01/2021		109,329
	100,000	HCP, Inc.	3.875		08/15/2024		100,423
	100,000	Hospitality Properties Trust	5.000		08/15/2022		105,392
	150,000	Kimco Realty Corp.	3.200		05/01/2021		152,690
	100,000	Kimco Realty Corp.	3.400		11/01/2022		101,681
	100,000	Simon Property Group LP	5.650		02/01/2020		109,394
	100,000	Simon Property Group LP	3.375		10/01/2024		101,108
	125,000	Ventas Realty LP/Ventas Capital Corp.	4.750		06/01/2021		134,428
	100,000	Welltower, Inc.	4.000		06/01/2025		101,940
	100,000	Weyerhaeuser Co.	7.375		10/01/2019		112,170
							2,120,016
		Retail - 6.4%
	100,000	AutoZone, Inc.	3.125		07/15/2023		99,308
	100,000	Best Buy Co., Inc.	5.500		03/15/2021		108,768
	100,000	Coach, Inc.	4.250		04/01/2025		100,619
	300,000	Costco Wholesale Corp.	1.700		12/15/2019		300,389
	200,000	CVS Health Corp.	2.800		07/20/2020		202,989
	189,000	CVS Health Corp.	3.875		07/20/2025		194,325
	100,000	Dollar General Corp.	4.125		07/15/2017		101,238
	150,000	Dollar General Corp.	3.250		04/15/2023		148,852
	100,000	Home Depot, Inc. (The)	2.250		09/10/2018		101,250
	400,000	Home Depot, Inc. (The)	2.625		06/01/2022		403,041
	100,000	Lowe’s Cos., Inc.	3.750		04/15/2021		105,863
	100,000	Lowe’s Cos., Inc.	2.500		04/15/2026		94,496
	150,000	Macy’s Retail Holdings, Inc.	2.875		02/15/2023		139,654
	100,000	McDonald’s Corp., GMTN	5.350		03/01/2018		104,010
	100,000	McDonald’s Corp., MTN	3.700		01/30/2026		101,613
	100,000	Nordstrom, Inc.	6.250		01/15/2018		104,295
	100,000	O’Reilly Automotive, Inc.	4.875		01/14/2021		107,844
	100,000	Staples, Inc.	2.750		01/12/2018		100,669
	100,000	Staples, Inc.	4.375		01/12/2023		102,581
	100,000	Starbucks Corp.	2.100		02/04/2021		99,854
	100,000	Starbucks Corp.	3.850		10/01/2023		107,213
	100,000	Target Corp.	2.900		01/15/2022		102,259
	100,000	TJX Cos., Inc. (The)	2.750		06/15/2021		101,675
	100,000	TJX Cos., Inc. (The)	2.500		05/15/2023		98,572
	100,000	Walgreens Boots Alliance, Inc.	2.700		11/18/2019		101,436
	100,000	Walgreens Boots Alliance, Inc.	3.800		11/18/2024		101,292
	325,000	Wal-Mart Stores, Inc.	3.250		10/25/2020		341,257
	300,000	Wal-Mart Stores, Inc.	2.550		04/11/2023		298,448
							4,073,810
		Savings & Loans - 0.2%
	100,000	People’s United Financial, Inc.	3.650		12/06/2022		100,939
		Semiconductors - 2.3%
	100,000	Analog Devices, Inc.	3.900		12/15/2025		102,200
	100,000	Applied Materials, Inc.	4.300		06/15/2021		107,545
	200,000	Intel Corp.	1.350		12/15/2017		200,287
	300,000	Intel Corp.	3.300		10/01/2021		312,678
	100,000	Intel Corp.	3.700		07/29/2025		105,102
	200,000	Maxim Integrated Products, Inc.	3.375		03/15/2023		201,088
	200,000	QUALCOMM, Inc.	2.250		05/20/2020		200,462
	100,000	QUALCOMM, Inc.	3.450		05/20/2025		100,258
	100,000	Xilinx, Inc.	3.000		03/15/2021		101,561
							1,431,181

Schedule of Investments

		Software - 2.4%
$	100,000	Activision Blizzard, Inc.(a)	3.400	%	09/15/2026	$	95,651
	200,000	Adobe Systems, Inc.	3.250		02/01/2025		198,624
	90,000	Broadridge Financial Solutions, Inc.	3.400		06/27/2026		86,720
	100,000	CA, Inc.	5.375		12/01/2019		108,870
	100,000	Electronic Arts, Inc.	3.700		03/01/2021		103,541
	200,000	Fidelity National Information Services, Inc.	3.625		10/15/2020		207,073
	100,000	Fidelity National Information Services, Inc.	5.000		10/15/2025		108,892
	200,000	Microsoft Corp.	1.550		08/08/2021		193,720
	100,000	Microsoft Corp.	3.125		11/03/2025		99,939
	100,000	Oracle Corp.	1.900		09/15/2021		97,662
	200,000	Oracle Corp.	2.500		10/15/2022		197,797
							1,498,489
		Telecommunications - 2.4%
	250,000	AT&T, Inc.	5.500		02/01/2018		259,371
	305,000	AT&T, Inc.	3.400		05/15/2025		292,279
	100,000	Cisco Systems, Inc.	4.450		01/15/2020		107,312
	100,000	Cisco Systems, Inc.	2.500		09/20/2026		94,658
	100,000	Juniper Networks, Inc.	4.500		03/15/2024		104,919
	100,000	Motorola Solutions, Inc.	3.750		05/15/2022		101,679
	200,000	Verizon Communications, Inc.	4.500		09/15/2020		213,655
	300,000	Verizon Communications, Inc.	5.150		09/15/2023		331,759
							1,505,632
		Textiles - 0.2%
	100,000	Mohawk Industries, Inc.	3.850		02/01/2023		102,157
		Toys/Games/Hobbies - 0.3%
	200,000	Mattel, Inc.	2.350		05/06/2019		200,902
		Transportation - 1.6%
	200,000	CSX Corp.	3.700		10/30/2020		209,330
	100,000	CSX Corp.	3.350		11/01/2025		99,462
	100,000	FedEx Corp.	8.000		01/15/2019		111,647
	100,000	Norfolk Southern Corp.	5.750		04/01/2018		104,726
	100,000	Norfolk Southern Corp.	3.000		04/01/2022		101,239
	100,000	Union Pacific Corp.	4.000		02/01/2021		106,556
	100,000	Union Pacific Corp.	4.163		07/15/2022		107,705
	100,000	United Parcel Service, Inc.	3.125		01/15/2021		103,404
	100,000	United Parcel Service, Inc.	2.450		10/01/2022		99,681
							1,043,750
		Water - 0.2%
	100,000	American Water Capital Corp.	6.085		10/15/2017		103,339
		Total Corporate Bonds (Cost $62,726,933)					62,667,115
Number of Shares
		Money Market Fund - 0.0%
	36,603	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(b) (Cost $36,603)					36,603
		Total Investments (Cost $62,763,536)(c) - 99.0%					62,703,718
		Other assets less liabilities - 1.0%					612,445
		Net Assets - 100.0%				$	63,316,163

Investment Abbreviations:

BKNT - Bank Note

GMTN - Global Medium-Term Note

MTN - Medium-Term Note

REIT - Real Estate Investment Trust

Schedule of Investments

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 January 31, 2017 was $345,590, which represented less than 1% 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 January 31, 2017.

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $62,788,029. The net unrealized depreciation was $84,311, which consisted of aggregate gross unrealized appreciation of $416,025 and aggregate gross unrealized depreciation of $500,336.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Global Short Term High Yield Bond Portfolio (PGHY)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds - 88.4%
		Argentina - 0.8%
$	150,000	Banco de Galicia y Buenos Aires SA(a)		8.750	%		05/04/2018	$	153,210
	700,000	YPF SA(a)		8.875			12/19/2018		770,210
									923,420
		Australia - 0.8%
	200,000	Ausdrill Finance Pty Ltd.(a)		6.875			11/01/2019		202,500
	100,000	Barminco Finance Pty Ltd.(a)		9.000			06/01/2018		104,750
	200,000	Emeco Pty Ltd.(a)		9.875			03/15/2019		173,250
	400,000	Virgin Australia Holdings Ltd.(a)		8.500			11/15/2019		413,500
									894,000
		Azerbaijan - 0.2%
	200,000	International Bank of Azerbaijan OJSC		5.625			06/11/2019		201,874
		Bangladesh - 0.4%
	400,000	Banglalink Digital Communications Ltd.(a)		8.625			05/06/2019		421,000
		Brazil - 6.0%
	600,000	Andrade Gutierrez International SA(a)		4.000			04/30/2018		546,000
	200,000	Banco Nacional de Desenvolvimento Economico e Social(a)		6.369			06/16/2018		209,900
	200,000	Banco Nacional de Desenvolvimento Economico e Social(a)		4.000			04/14/2019		203,130
	200,000	Banco Nacional de Desenvolvimento Economico e Social(a)		6.500			06/10/2019		214,600
	200,000	Banco Santander Brasil SA(a)		4.625			02/13/2017		200,008
	250,000	BTG Investments LP(a)		4.500			04/17/2018		246,630
	450,000	Caixa Economica Federal(a)		4.250			05/13/2019		454,500
	350,000	Caixa Economica Federal, EMTN(a)		2.375			11/06/2017		350,074
	450,000	Caixa Economica Federal, EMTN(a)		4.500			10/03/2018		459,000
	300,000	Centrais Eletricas Brasileiras SA(a)		6.875			07/30/2019		321,000
	300,000	CSN Islands XI Corp.(a)		6.875			09/21/2019		266,100
	400,000	Itau Unibanco Holding SA/Cayman Island, EMTN(a)		2.850			05/26/2018		402,800
	600,000	Marfrig Holdings Europe BV(a)		8.375			05/09/2018		637,500
	200,000	Marfrig Holdings Europe BV(a)		6.875			06/24/2019		209,400
	400,000	Petrobras Global Finance BV		3.500			02/06/2017		400,080
	200,000	Petrobras Global Finance BV		3.250			03/17/2017		200,540
	200,000	Petrobras Global Finance BV		5.875			03/01/2018		207,720
	200,000	Petrobras Global Finance BV		8.375			12/10/2018		217,340
	550,000	Petrobras Global Finance BV		3.000			01/15/2019		550,000
	229,000	Petrobras Global Finance BV		7.875			03/15/2019		250,526
	200,000	QGOG Constellation SA(a)		6.250			11/09/2019		152,000
	300,000	Vale Overseas Ltd.		5.625			09/15/2019		321,000
									7,019,848
		Canada - 1.6%
	400,000	Bombardier, Inc.(a)		4.750			04/15/2019		409,000
	400,000	Cenovus Energy, Inc.		5.700			10/15/2019		432,374
	400,000	First Quantum Minerals Ltd.(a)		7.250			10/15/2019		415,000
	635,000	Teck Resources Ltd.		3.000			03/01/2019		641,350
	100,000	Tervita Corp.(a)(b)		10.875			02/15/2018		2,500
									1,900,224
		China - 3.4%
	200,000	China South City Holdings Ltd.		8.250			01/29/2019		207,991
	400,000	Greenland Global Investment Ltd.		4.375			07/03/2019		404,880
	400,000	Greenland Global Investment Ltd., EMTN		3.500			10/17/2017		398,948
	200,000	Greenland Global Investment Ltd., EMTN		3.500			09/06/2019		194,264
	200,000	Oceanwide Real Estate International Holding Co. Ltd.		11.750			09/08/2019		220,510
	200,000	Shanxi Road & Bridge Construction Group Co. Ltd.		4.850			11/04/2019		198,039
	400,000	West China Cement Ltd.		6.500			09/11/2019		416,131
	400,000	Xuzhou Economic Technology Development Zone International Investment Co. Ltd.		4.500			06/16/2019		402,328
	100,000	Yancoal International Resources Development Co. Ltd.(a)		4.461			05/16/2017		100,200

Schedule of Investments

$	400,000	Yingde Gases Investment Ltd.(a)	8.125	%	04/22/2018	$	389,000
	200,000	Zhiyuan Group BVI Co. Ltd.	6.200		01/11/2019		205,745
	200,000	Zhongrong International Bond 2015 Ltd.	6.000		06/15/2018		202,009
	600,000	Zoomlion HK SPV Co. Ltd.(a)	6.875		04/05/2017		604,500
							3,944,545
		Colombia - 0.3%
	400,000	Banco GNB Sudameris SA(a)	3.875		05/02/2018		405,500
		Costa Rica - 0.7%
	200,000	Banco de Costa Rica(a)	5.250		08/12/2018		206,240
	600,000	Banco Nacional de Costa Rica(a)	4.875		11/01/2018		610,800
							817,040
		Croatia - 0.1%
	150,000	Hrvatska Elektroprivreda(a)	6.000		11/09/2017		154,755
		Cyprus - 0.1%
	208,000	Drill Rigs Holdings, Inc.(a)	6.500		10/01/2017		105,040
		Denmark - 0.2%
	200,000	Welltec A/S(a)	8.000		02/01/2019		203,562
		Finland - 0.5%
	400,000	Nokia OYJ	5.375		05/15/2019		420,500
	200,000	UPM-Kymmene OYJ(a)	5.500		01/30/2018		208,006
							628,506
		Germany - 0.3%
	100,000	Fresenius Medical Care US Finance II, Inc.(a)	6.500		09/15/2018		106,500
	70,000	Fresenius Medical Care US Finance II, Inc.(a)	5.625		07/31/2019		74,900
	225,000	Fresenius Medical Care US Finance, Inc.	6.875		07/15/2017		230,344
							411,744
		Guatemala - 0.1%
	100,000	Agromercantil Senior Trust(a)	6.250		04/10/2019		104,435
		Hong Kong - 0.3%
	400,000	RKI Overseas Finance 2016 A Ltd.	5.000		08/09/2019		404,031
		India - 1.6%
	200,000	Indian Overseas Bank, EMTN	4.625		02/21/2018		203,770
	400,000	JSW Steel Ltd.	4.750		11/12/2019		394,596
	200,000	Union Bank of India, EMTN	4.625		08/22/2017		202,080
	400,000	Union Bank of India, EMTN	4.500		10/28/2019		416,184
	400,000	Vedanta Resources PLC(a)	9.500		07/18/2018		432,868
	200,000	Vedanta Resources PLC(a)	6.000		01/31/2019		205,000
							1,854,498
		Indonesia - 0.8%
	100,000	Gajah Tunggal Tbk PT(a)	7.750		02/06/2018		92,406
	400,000	Majapahit Holding BV(a)	7.250		06/28/2017		409,000
	400,000	PT Bank Negara Indonesia Persero Tbk	4.125		04/27/2017		402,520
	100,000	TBG Global Pte Ltd.(a)	4.625		04/03/2018		101,300
							1,005,226
		Ireland - 0.6%
	700,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a)	6.250		01/31/2019		715,575
		Italy - 0.6%
	100,000	Meccanica Holdings USA, Inc.(a)	6.250		07/15/2019		107,750
	400,000	Telecom Italia Capital SA	6.999		06/04/2018		426,000
	150,000	UniCredit Luxembourg Finance SA(a)	6.000		10/31/2017		153,329
							687,079

Schedule of Investments

		Kazakhstan - 1.3%
$	200,000	Halyk Savings Bank of Kazakhstan JSC(a)	7.250	%	05/03/2017	$	202,500
	200,000	Kazkommertsbank JSC(a)	8.500		05/11/2018		196,756
	500,000	KazMunayGas National Co JSC, EMTN(a)	9.125		07/02/2018		542,636
	600,000	Samruk-Energy JSC, EMTN	3.750		12/20/2017		603,408
							1,545,300
		Luxembourg - 1.3%
	100,000	ArcelorMittal	6.125		06/01/2018		105,125
	200,000	ArcelorMittal	10.850		06/01/2019		235,750
	400,000	INEOS Group Holdings SA(a)	5.875		02/15/2019		406,600
	455,000	Intelsat Jackson Holdings SA	7.250		04/01/2019		393,291
	650,000	Intelsat Luxembourg SA(a)	12.500		11/15/2024		409,500
							1,550,266
		Mexico - 0.6%
	400,000	Controladora Mabe SA de CV(a)	7.875		10/28/2019		437,500
	136,000	Grupo Elektra SAB de CV	7.250		08/06/2018		139,080
	200,000	TV Azteca SAB de CV, EMTN	7.500		05/25/2018		189,000
							765,580
		Morocco - 0.2%
	200,000	BMCE Bank	6.250		11/27/2018		208,000
		Netherlands - 1.6%
	200,000	NXP BV/NXP Funding LLC(a)	3.750		06/01/2018		204,000
	200,000	Royal Bank of Scotland NV (The)	4.650		06/04/2018		204,519
	700,000	VimpelCom Holdings BV(a)	6.255		03/01/2017		703,101
	400,000	VimpelCom Holdings BV(a)	5.200		02/13/2019		414,480
	400,000	Zhaikmunai LLP(a)	6.375		02/14/2019		394,718
							1,920,818
		Nigeria - 0.2%
	200,000	Zenith Bank PLC, EMTN(a)	6.250		04/22/2019		199,910
		Norway - 0.2%
	287,000	Eksportfinans ASA, GMTN	5.500		06/26/2017		290,949
		Paraguay - 0.3%
	327,000	Banco Regional SAECA(a)	8.125		01/24/2019		348,419
		Russia - 11.0%
	200,000	AK Bars Bank Via AK BARS Luxembourg SA	8.000		08/06/2018		207,994
	100,000	AK Transneft OJSC Via TransCapitalInvest Ltd.(a)	8.700		08/07/2018		109,328
	200,000	Alfa Bank AO Via Alfa Bond Issuance PLC, EMTN	5.000		11/27/2018		207,014
	200,000	Bank Otkritie Financial Corp OJSC via OFCB Capital PLC(a)	10.000		04/26/2019		217,171
	200,000	Borets Finance DAC(a)	7.625		09/26/2018		203,564
	200,000	Brunswick Rail Finance Designated Activity Co.(a)	6.500		11/01/2017		127,540
	400,000	Credit Bank of Moscow Via CBOM Finance PLC(a)	7.700		02/01/2018		416,576
	400,000	EuroChem Mineral & Chemical Co. OJSC Via EuroChem Global Investments Ltd.(a)	5.125		12/12/2017		408,745
	200,000	Evraz Group SA(a)	6.750		04/27/2018		208,914
	200,000	Gazprom OAO Via Gaz Capital SA, EMTN(a)	8.146		04/11/2018		213,415
	700,000	Gazprombank OJSC Via GPB Eurobond Finance PLC, EMTN	5.625		05/17/2017		707,080
	200,000	Gazprombank OJSC Via GPB Eurobond Finance PLC, EMTN	7.250		05/03/2019		215,277
	400,000	Nord Gold SE(a)	6.375		05/07/2018		415,718
	400,000	Phosagro OAO Via Phosagro Bond Funding DAC(a)	4.204		02/13/2018		405,500
	200,000	Promsvyazbank OJSC Via PSB Finance SA(a)	8.500		04/25/2017		202,832
	200,000	Raspadskaya OJSC Via Raspadskaya Securities Ltd.(a)	7.750		04/27/2017		202,334
	500,000	Rosneft Finance SA, EMTN(a)	6.625		03/20/2017		503,423
	100,000	Rosneft Finance SA, EMTN(a)	7.875		03/13/2018		105,755
	600,000	Rosneft Oil Co. Via Rosneft International Finance Ltd.(a)	3.149		03/06/2017		600,900
	300,000	Russian Agricultural Bank OJSC Via RSHB Capital SA(a)	6.299		05/15/2017		303,375
	800,000	Russian Agricultural Bank OJSC Via RSHB Capital SA(a)	5.298		12/27/2017		817,374
	300,000	Russian Agricultural Bank OJSC Via RSHB Capital SA(a)	7.750		05/29/2018		318,300
	200,000	Russian Agricultural Bank OJSC Via RSHB Capital SA(a)	5.100		07/25/2018		205,440
	600,000	Russian Railways Via RZD Capital PLC, EMTN	5.739		04/03/2017		603,827

Schedule of Investments

$	800,000	Sberbank of Russia Via SB Capital SA(a)	4.950	%	02/07/2017	$	800,812
	200,000	Sberbank of Russia Via SB Capital SA	5.180		06/28/2019		210,444
	600,000	Sberbank of Russia Via SB Capital SA, EMTN	5.400		03/24/2017		602,952
	400,000	Sibur Securities DAC(a)	3.914		01/31/2018		405,000
	400,000	Uralkali OJSC Via Uralkali Finance DAC, EMTN(a)	3.723		04/30/2018		401,940
	400,000	Vimpel Communications Via VIP Finance Ireland Ltd. OJSC(a)	9.125		04/30/2018		430,996
	600,000	Vnesheconombank Via VEB Finance PLC(a)	5.375		02/13/2017		600,701
	500,000	Vnesheconombank Via VEB Finance PLC(a)	5.450		11/22/2017		511,268
	200,000	Vnesheconombank Via VEB Finance PLC(a)	4.224		11/21/2018		203,396
	600,000	VTB Bank OJSC Via VTB Capital SA(a)	6.000		04/12/2017		604,665
	200,000	VTB Bank OJSC Via VTB Capital SA(a)	6.315		02/22/2018		207,683
							12,907,253
		South Africa - 0.2%
	200,000	Sappi Papier Holding GmbH(a)	7.750		07/15/2017		202,750
		South Korea - 0.2%
	250,000	Harvest Operations Corp.	6.875		10/01/2017		251,875
		Sri Lanka - 0.9%
	600,000	Bank of Ceylon(a)	6.875		05/03/2017		605,250
	200,000	Bank of Ceylon	5.325		04/16/2018		203,000
	200,000	National Savings Bank(a)	8.875		09/18/2018		213,600
							1,021,850
		Supranational - 0.2%
	200,000	Eastern and Southern African Trade and Development Bank, EMTN	6.375		12/06/2018		208,822
		Trinidad and Tobago - 0.9%
	600,000	Consolidated Energy Finance SA(a)	6.750		10/15/2019		604,500
	400,000	Petroleum Co. of Trinidad & Tobago Ltd.(a)	9.750		08/14/2019		424,000
							1,028,500
		Turkey - 1.4%
	200,000	Tupras Turkiye Petrol Rafinerileri AS(a)	4.125		05/02/2018		201,118
	200,000	Turkiye Halk Bankasi AS(a)	4.750		06/04/2019		198,309
	500,000	Turkiye Is Bankasi(a)	3.875		11/07/2017		503,043
	500,000	Turkiye Vakiflar Bankasi TAO(a)	5.750		04/24/2017		503,493
	200,000	Turkiye Vakiflar Bankasi TAO, EMTN(a)	3.750		04/15/2018		198,387
							1,604,350
		Ukraine - 0.0%
	8,725	UkrLandFarming PLC(a)	10.875		03/26/2018		2,808
		United Arab Emirates - 0.2%
	200,000	Alpha Star Holding Ltd.	4.970		04/09/2019		199,500
		United Kingdom - 3.4%
	600,000	Algeco Scotsman Global Finance PLC(a)	8.500		10/15/2018		567,000
	200,000	Anglo American Capital PLC(a)	2.625		04/03/2017		200,050
	200,000	Anglo American Capital PLC(a)	2.625		09/27/2017		200,350
	100,000	Anglo American Capital PLC(a)	9.375		04/08/2019		114,125
	409,000	Case New Holland Industrial, Inc.	7.875		12/01/2017		430,984
	400,000	Global Ship Lease, Inc.(a)	10.000		04/01/2019		378,000
	400,000	Globe Luxembourg SCA(a)	9.625		05/01/2018		409,000
	600,000	Jaguar Land Rover Automotive PLC(a)	4.125		12/15/2018		615,750
	500,000	Jaguar Land Rover Automotive PLC(a)	4.250		11/15/2019		518,625
	300,000	Royal Bank of Scotland Group PLC	4.700		07/03/2018		306,552
	300,000	Tesco PLC(a)	5.500		11/15/2017		307,647
							4,048,083
		United States - 42.8%
	307,000	ADS Tactical, Inc.(a)	11.000		04/01/2018		308,151
	250,000	Affinion Group, Inc.	7.875		12/15/2018		226,250
	125,000	Alere, Inc.	7.250		07/01/2018		126,484
	300,000	Allegheny Technologies, Inc.	9.375		06/01/2019		332,250

Schedule of Investments

$	300,000	Allegiant Travel Co.	5.500	%	07/15/2019	$	309,750
	221,000	Ally Financial, Inc.	5.500		02/15/2017		221,166
	205,000	Ally Financial, Inc.	3.250		09/29/2017		207,050
	200,000	Ally Financial, Inc.	6.250		12/01/2017		207,210
	200,000	Ally Financial, Inc.	3.250		02/13/2018		202,750
	200,000	Ally Financial, Inc.	3.600		05/21/2018		203,500
	200,000	Ally Financial, Inc.	4.750		09/10/2018		207,000
	200,000	Ally Financial, Inc.	3.250		11/05/2018		202,000
	200,000	Ally Financial, Inc.	8.000		12/31/2018		219,000
	200,000	Ally Financial, Inc.	3.500		01/27/2019		202,500
	200,000	Ally Financial, Inc.	3.750		11/18/2019		203,750
	250,000	American Airlines Group, Inc.	6.125		06/01/2018		262,500
	200,000	American Airlines Group, Inc.(a)	5.500		10/01/2019		208,375
	250,000	Anixter, Inc.	5.625		05/01/2019		263,644
	325,000	Arconic, Inc.	6.750		07/15/2018		346,531
	300,000	Arconic, Inc.	5.720		02/23/2019		317,280
	235,000	Arconic, Inc., Series B	6.500		06/15/2018		249,088
	270,000	Ashland LLC	3.875		04/15/2018		275,737
	200,000	Atrium Windows & Doors, Inc.(a)	7.750		05/01/2019		189,000
	100,000	Avaya, Inc.(a)	7.000		04/01/2019		83,250
	100,000	Avaya, Inc.(a)	9.000		04/01/2019		84,500
	275,000	Avon Products, Inc.	6.500		03/01/2019		290,441
	200,000	Beazer Homes USA, Inc.	5.750		06/15/2019		209,000
	200,000	Bill Barrett Corp.	7.625		10/01/2019		200,000
	200,000	BlueLine Rental Finance Corp.(a)	7.000		02/01/2019		198,500
	200,000	BMC Software, Inc.	7.250		06/01/2018		203,000
	100,000	Brinker International, Inc.	2.600		05/15/2018		100,000
	100,000	Bumble Bee Holdings, Inc.(a)	9.000		12/15/2017		100,000
	100,000	Cablevision Systems Corp.	8.625		09/15/2017		103,813
	203,000	Cablevision Systems Corp.	7.750		04/15/2018		214,165
	380,000	CalAtlantic Group, Inc.	8.375		05/15/2018		409,450
	100,000	Cantor Commercial Real Estate Co. LP/CCRE Finance Corp.(a)	7.750		02/15/2018		100,063
	100,000	CenturyLink, Inc., Series N	6.000		04/01/2017		100,500
	100,000	CenturyLink, Inc., Series Q	6.150		09/15/2019		107,750
	237,000	CenturyLink, Inc., Series R	5.150		06/15/2017		239,074
	100,000	Cenveo Corp.(a)	6.000		08/01/2019		89,500
	194,000	CF Industries, Inc.	6.875		05/01/2018		204,912
	300,000	CHS/Community Health Systems, Inc.	5.125		08/15/2018		300,967
	250,000	CHS/Community Health Systems, Inc.	8.000		11/15/2019		223,750
	236,000	CIT Group, Inc.	4.250		08/15/2017		238,655
	250,000	CIT Group, Inc.	5.250		03/15/2018		258,687
	75,000	CIT Group, Inc.(a)	6.625		04/01/2018		78,975
	215,000	CIT Group, Inc.(a)	5.000		05/15/2018		218,498
	200,000	CIT Group, Inc.(a)	5.500		02/15/2019		210,916
	300,000	CIT Group, Inc.	3.875		02/19/2019		307,125
	215,000	Clayton Williams Energy, Inc.	7.750		04/01/2019		218,064
	287,000	CNH Industrial Capital LLC	3.250		02/01/2017		287,000
	200,000	CNH Industrial Capital LLC	3.625		04/15/2018		204,000
	200,000	CNH Industrial Capital LLC	3.875		07/16/2018		204,000
	250,000	CNH Industrial Capital LLC	3.375		07/15/2019		253,750
	300,000	Commercial Metals Co.	6.500		07/15/2017		306,000
	200,000	Commercial Metals Co.	7.350		08/15/2018		215,500
	411,000	Constellation Brands, Inc.	7.250		05/15/2017		418,090
	100,000	Constellation Brands, Inc.	3.875		11/15/2019		104,527
	100,000	CSC Holdings LLC	7.875		02/15/2018		105,750
	100,000	CSC Holdings LLC	7.625		07/15/2018		107,500
	98,000	CSC Holdings LLC	8.625		02/15/2019		109,025
	50,000	Cumulus Media Holdings, Inc.	7.750		05/01/2019		20,625
	200,000	DCP Midstream LLC(a)	9.750		03/15/2019		227,000
	300,000	DCP Midstream Operating LP	2.500		12/01/2017		300,000
	200,000	DCP Midstream Operating LP	2.700		04/01/2019		198,500
	200,000	Dell, Inc.	5.650		04/15/2018		208,000
	100,000	Dell, Inc.	5.875		06/15/2019		106,895
	300,000	Diamond Offshore Drilling, Inc.	5.875		05/01/2019		313,500
	118,000	DISH DBS Corp.	4.625		07/15/2017		119,770
	100,000	DISH DBS Corp.	4.250		04/01/2018		102,250
	150,000	DISH DBS Corp.	7.875		09/01/2019		165,562
	200,000	Dole Food Co., Inc.(a)	7.250		05/01/2019		204,620
	135,774	DynCorp International, Inc., PIK	11.875		11/30/2020		127,967
	230,000	Dynegy, Inc.	6.750		11/01/2019		237,187
	500,000	EMC Corp.	1.875		06/01/2018		497,610
	200,000	EnLink Midstream Partners LP	2.700		04/01/2019		200,943

Schedule of Investments

$	200,000	EV Energy Partners LP/EV Energy Finance Corp.	8.000	%	04/15/2019	$	158,000
	180,000	FirstEnergy Corp., Series A	2.750		03/15/2018		181,404
	200,000	Flexi-Van Leasing, Inc.(a)	7.875		08/15/2018		177,000
	100,000	Florida East Coast Holdings Corp.(a)	6.750		05/01/2019		103,000
	277,000	Freeport-McMoRan, Inc.	2.150		03/01/2017		277,000
	300,000	Freeport-McMoRan, Inc.	2.300		11/14/2017		301,125
	300,000	Freeport-McMoRan, Inc.	2.375		03/15/2018		300,600
	402,000	Frontier Communications Corp.	8.250		04/15/2017		408,030
	345,000	Frontier Communications Corp.	8.125		10/01/2018		373,680
	250,000	Frontier Communications Corp.	7.125		03/15/2019		267,500
	100,000	GameStop Corp.(a)	5.500		10/01/2019		102,125
	400,000	Gastar Exploration, Inc.	8.625		05/15/2018		395,000
	148,000	GenOn Energy, Inc.	7.875		06/15/2017		115,440
	400,000	GenOn Energy, Inc.	9.500		10/15/2018		306,000
	300,000	Genworth Holdings, Inc., GMTN	6.515		05/22/2018		295,500
	200,000	Gibson Brands, Inc.(a)	8.875		08/01/2018		183,000
	100,000	GLP Capital LP/GLP Financing II, Inc.	4.375		11/01/2018		104,000
	300,000	Goodman Networks, Inc.	12.125		07/01/2018		129,000
	394,000	Graham Holdings Co.	7.250		02/01/2019		432,415
	100,000	Great Lakes Dredge & Dock Corp.	7.375		02/01/2019		100,750
	360,000	Greif, Inc.	6.750		02/01/2017		360,000
	237,000	Greif, Inc.	7.750		08/01/2019		263,959
	100,000	Guitar Center, Inc.(a)	6.500		04/15/2019		90,250
	100,000	Harland Clarke Holdings Corp.(a)	9.750		08/01/2018		102,929
	135,000	HCA, Inc.	8.000		10/01/2018		147,487
	208,000	HCA, Inc.	3.750		03/15/2019		212,160
	100,000	HCA, Inc.	4.250		10/15/2019		103,750
	200,000	Hertz Corp. (The)	4.250		04/01/2018		201,000
	213,000	Hertz Corp. (The)	6.750		04/15/2019		212,467
	300,000	Hexion, Inc.	8.875		02/01/2018		300,900
	370,000	HRG Group, Inc.	7.875		07/15/2019		386,742
	100,000	Hughes Satellite Systems Corp.	6.500		06/15/2019		107,875
	136,000	IAC/InterActiveCorp	4.875		11/30/2018		138,108
	200,000	IASIS Healthcare LLC/IASIS Capital Corp.	8.375		05/15/2019		191,500
	400,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.	3.500		03/15/2017		400,080
	200,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.	4.875		03/15/2019		203,250
	300,000	iHeartCommunications, Inc.	10.000		01/15/2018		236,250
	300,000	Illinois Power Generating Co., Series H(b)(c)	7.000		04/15/2018		112,500
	100,000	International Game Technology	7.500		06/15/2019		111,063
	200,000	IPALCO Enterprises, Inc.	5.000		05/01/2018		207,000
	290,000	iStar, Inc. - REIT	9.000		06/01/2017		296,887
	300,000	iStar, Inc. - REIT	4.000		11/01/2017		302,250
	100,000	iStar, Inc. - REIT	7.125		02/15/2018		103,875
	300,000	iStar, Inc. - REIT	4.875		07/01/2018		304,125
	313,000	iStar, Inc. - REIT	5.000		07/01/2019		318,675
	100,000	JC Penney Corp., Inc.	5.750		02/15/2018		103,313
	100,000	JC Penney Corp., Inc.	8.125		10/01/2019		106,375
	100,000	K Hovnanian Enterprises, Inc.(a)	8.000		11/01/2019		83,500
	186,000	KB Home	9.100		09/15/2017		194,370
	100,000	KB Home	7.250		06/15/2018		106,500
	350,000	KB Home	4.750		05/15/2019		359,187
	240,000	Kemet Corp.	10.500		05/01/2018		240,750
	200,000	Kratos Defense & Security Solutions, Inc.	7.000		05/15/2019		195,500
	100,000	L Brands, Inc.	8.500		06/15/2019		113,094
	396,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.	7.375		10/01/2017		398,475
	100,000	Laureate Education, Inc.(a)	9.250		09/01/2019		104,625
	250,000	Lennar Corp.	4.750		12/15/2017		255,000
	100,000	Lennar Corp.	6.950		06/01/2018		106,531
	200,000	Lennar Corp.	4.125		12/01/2018		205,876
	300,000	Lennar Corp.	4.500		06/15/2019		312,600
	200,000	Lennar Corp.	4.500		11/15/2019		208,500
	554,000	Lennar Corp., Series B	12.250		06/01/2017		574,775
	693,000	Mallinckrodt International Finance SA	3.500		04/15/2018		693,000
	100,000	MGM Resorts International	11.375		03/01/2018		109,875
	400,000	MGM Resorts International	8.625		02/01/2019		446,000
	100,000	MHGE Parent LLC/MHGE Parent Finance, Inc.(a)	8.500		08/01/2019		96,260
	200,000	Michael Baker International LLC/CDL Acquisition Co., Inc.(a)	8.250		10/15/2018		203,000
	300,000	Murphy Oil Corp.	3.500		12/01/2017		303,750
	100,000	NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp.(a)	5.000		08/01/2018		101,375
	100,000	NANA Development Corp.(a)	9.500		03/15/2019		98,000
	300,000	Nationstar Mortgage LLC/Nationstar Capital Corp.	6.500		08/01/2018		304,875
	245,000	Nationstar Mortgage LLC/Nationstar Capital Corp.	9.625		05/01/2019		255,719

Schedule of Investments

$	415,000	Natural Resource Partners LP/NRP Finance Corp.	9.125	%	10/01/2018	$	416,038
	340,000	Navient Corp., GMTN	8.450		06/15/2018		362,814
	225,000	Navient Corp., MTN	4.625		09/25/2017		227,813
	325,000	Navient Corp., MTN	5.500		01/15/2019		333,158
	300,000	Navient Corp., MTN	4.875		06/17/2019		302,814
	1,250,000	Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc.	8.125		02/15/2019		976,563
	100,000	New Enterprise Stone & Lime Co., Inc.	11.000		09/01/2018		100,500
	100,000	NGL Energy Partners LP/NGL Energy Finance Corp.	5.125		07/15/2019		100,500
	200,000	NGPL PipeCo LLC(a)	7.119		12/15/2017		207,000
	300,000	Nine West Holdings, Inc.(a)	8.250		03/15/2019		85,500
	100,000	Niska Gas Storage Canada ULC/Niska Gas Storage Canada Finance Corp.	6.500		04/01/2019		101,054
	150,000	NRG Energy, Inc.	7.625		01/15/2018		157,687
	200,000	Nustar Logistics LP	8.150		04/15/2018		214,000
	75,000	Ocwen Loan Servicing LLC(a)	8.375		11/15/2022		76,500
	200,000	Owens-Illinois, Inc.	7.800		05/15/2018		213,000
	475,000	Pacific Drilling V Ltd.(a)	7.250		12/01/2017		277,875
	190,000	Pactiv LLC	8.125		06/15/2017		193,800
	67,000	PetroQuest Energy, Inc., PIK(a)	10.000		02/15/2021		49,748
	100,000	PHH Corp.	7.375		09/01/2019		109,750
	680,000	PHI, Inc.	5.250		03/15/2019		657,900
	300,000	Popular, Inc.	7.000		07/01/2019		315,000
	32,000	Pride International, Inc.	8.500		06/15/2019		35,440
	100,000	Production Resource Group, Inc.	8.875		05/01/2019		70,500
	100,000	QVC, Inc.	3.125		04/01/2019		101,625
	300,000	Radian Group, Inc.	5.500		06/01/2019		314,625
	250,000	Realogy Group LLC/Realogy Co-Issuer Corp.(a)	4.500		04/15/2019		259,063
	200,000	Rockies Express Pipeline LLC(a)	6.850		07/15/2018		213,500
	85,000	Rockies Express Pipeline LLC(a)	6.000		01/15/2019		90,313
	200,000	Rowan Cos., Inc.	7.875		08/01/2019		219,000
	100,000	Safeway, Inc.	5.000		08/15/2019		101,500
	250,000	Sears Holdings Corp.	6.625		10/15/2018		233,125
	200,000	Seitel, Inc.	9.500		04/15/2019		182,750
	111,000	Service Corp. International	7.625		10/01/2018		120,435
	200,000	SESI LLC	6.375		05/01/2019		201,750
	216,000	Smithfield Foods, Inc.	7.750		07/01/2017		221,735
	50,000	Speedy Cash Intermediate Holdings Corp.(a)	10.750		05/15/2018		50,125
	200,000	Springleaf Finance Corp., MTN	6.500		09/15/2017		204,500
	400,000	Springleaf Finance Corp., MTN	6.900		12/15/2017		413,000
	270,000	Sprint Capital Corp.	6.900		05/01/2019		288,900
	141,000	Sprint Communications, Inc.	9.125		03/01/2017		141,909
	190,000	Sprint Communications, Inc.	8.375		08/15/2017		196,175
	402,000	Sprint Communications, Inc.(a)	9.000		11/15/2018		441,195
	100,000	SquareTwo Financial Corp.(b)	11.625		04/01/2017		23,250
	100,000	Swift Energy Co.	7.125		06/01/2017		0
	170,000	Syniverse Foreign Holdings Corp.(a)	9.125		01/15/2022		164,475
	30,000	Syniverse Holdings, Inc.	9.125		01/15/2019		27,450
	340,000	Synovus Financial Corp.	5.125		06/15/2017		343,613
	100,000	Talen Energy Supply LLC	6.500		05/01/2018		104,250
	300,000	Talen Energy Supply LLC(a)	4.625		07/15/2019		291,750
	250,000	Talos Production LLC/Talos Production Finance, Inc.(a)	9.750		02/15/2018		181,250
	200,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp.	5.000		01/15/2018		204,000
	200,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp.	4.125		11/15/2019		204,000
	100,000	TEGNA, Inc.	5.125		10/15/2019		102,625
	293,000	Tenet Healthcare Corp.	6.250		11/01/2018		309,481
	252,000	Tenet Healthcare Corp.	5.000		03/01/2019		249,165
	200,000	Tenet Healthcare Corp.	5.500		03/01/2019		199,874
	304,000	Tesoro Corp.	4.250		10/01/2017		309,782
	250,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp.	5.500		10/15/2019		266,563
	100,000	T-Mobile USA, Inc.	5.250		09/01/2018		101,555
	211,000	T-Mobile USA, Inc.	6.464		04/28/2019		214,534
	300,000	TMX Finance LLC/TitleMax Finance Corp.(a)	8.500		09/15/2018		276,750
	300,000	Toll Brothers Finance Corp.	8.910		10/15/2017		314,625
	150,000	Toll Brothers Finance Corp.	4.000		12/31/2018		154,875
	442,000	Transocean, Inc.	4.250		10/15/2017		447,525
	450,000	Transocean, Inc.	6.000		03/15/2018		461,813
	300,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.	4.375		06/15/2019		306,750
	48,000	TRU Taj LLC/TRU Taj Finance, Inc.(a)	12.000		08/15/2021		42,000
	200,000	Tutor Perini Corp.	7.625		11/01/2018		201,625
	100,000	UCI International LLC(b)(c)	8.625		02/15/2019		26,750
	100,000	United Continental Holdings, Inc.	6.375		06/01/2018		105,125
	140,000	USG Corp.	8.250		01/15/2018		148,750
	650,000	Valeant Pharmaceuticals International, Inc.(a)	6.750		08/15/2018		644,313

Schedule of Investments

$	425,000	Weatherford International Ltd.	9.625	%	03/01/2019	$	459,000
	400,000	Whiting Petroleum Corp.	6.500		10/01/2018		400,020
	200,000	Whiting Petroleum Corp.	5.000		03/15/2019		204,500
	100,000	WideOpenWest Finance LLC/WideOpenWest Capital Corp.	10.250		07/15/2019		105,688
	100,000	Wise Metals Group LLC/Wise Alloys Finance Corp.(a)	8.750		12/15/2018		103,904
	200,000	Wise Metals Group LLC/Wise Alloys Finance Corp.(a)	8.750		12/15/2018		207,808
	200,000	XPO CNW, Inc.	7.250		01/15/2018		206,222
	100,000	Yum! Brands, Inc.	6.250		03/15/2018		104,500
	100,000	Yum! Brands, Inc.	5.300		09/15/2019		106,500
							50,243,407
		Venezuela - 1.8%
	1,050,000	CA La Electricidad de Caracas	8.500		04/10/2018		813,750
	1,000,000	Petroleos de Venezuela SA	5.250		04/12/2017		937,500
	438,000	Petroleos de Venezuela SA(a)	8.500		10/27/2020		340,545
							2,091,795
		Vietnam - 0.3%
	400,000	Vietnam Joint Stock Commercial Bank for Industry and Trade(a)	8.000		05/17/2017		406,500
		Total Corporate Bonds (Cost $102,478,660)					103,848,637
		Sovereign Debt Obligations - 9.1%
		Argentina - 0.9%
	550,000	Argentine Republic Government International Bond(a)	6.250		04/22/2019		582,450
	100,000	City of Buenos Aires Argentina(a)	9.950		03/01/2017		100,625
	150,000	Provincia de Buenos Aires(a)	5.750		06/15/2019		155,993
	200,000	Provincia de Cordoba(a)	12.375		08/17/2017		210,274
							1,049,342
		Bahrain - 0.1%
	100,000	CBB International Sukuk Co. SPC	6.273		11/22/2018		106,130
		Belarus - 0.1%
	100,000	Republic of Belarus International Bond	8.950		01/26/2018		103,470
		Brazil - 0.4%
	410,000	Brazil Government International Bond	5.875		01/15/2019		440,750
		Croatia - 0.6%
	600,000	Croatia Government International Bond(a)	6.250		04/27/2017		606,097
	100,000	Croatia Government International Bond(a)	6.750		11/05/2019		108,986
							715,083
		Hungary - 0.1%
	150,000	Magyar Export-Import Bank Zrt(a)	5.500		02/12/2018		155,360
		Lebanon - 0.9%
	270,000	Lebanon Government International Bond	5.150		06/12/2018		272,376
	200,000	Lebanon Government International Bond, EMTN	9.000		03/20/2017		201,565
	300,000	Lebanon Government International Bond, EMTN	5.150		11/12/2018		301,716
	200,000	Lebanon Government International Bond, GMTN	5.000		10/12/2017		201,216
	100,000	Lebanon Government International Bond, GMTN	5.500		04/23/2019		101,020
							1,077,893
		Mongolia - 0.6%
	400,000	Development Bank of Mongolia LLC, EMTN	5.750		03/21/2017		396,300
	300,000	Mongolia Government International Bond, EMTN(a)	4.125		01/05/2018		292,146
							688,446
		Nigeria - 0.3%
	400,000	Nigeria Government International Bond(a)	5.125		07/12/2018		405,256

Schedule of Investments

		Pakistan - 0.4%
$	500,000	Pakistan Government International Bond(a)	6.875	%	06/01/2017	$	506,004
		Russia - 0.8%
	600,000	Russian Foreign Bond - Eurobond(a)	3.250		04/04/2017		601,647
	100,000	Russian Foreign Bond - Eurobond(a)	11.000		07/24/2018		113,563
	200,000	Russian Foreign Bond - Eurobond(a)	3.500		01/16/2019		204,596
							919,806
		Serbia - 0.5%
	550,000	Serbia International Bond(a)	5.250		11/21/2017		563,550
		Sri Lanka - 0.3%
	400,000	Sri Lanka Government International Bond(a)	6.000		01/14/2019		413,313
		Turkey - 1.9%
	400,000	Export Credit Bank of Turkey(a)	5.875		04/24/2019		411,152
	500,000	Turkey Government International Bond	7.500		07/14/2017		512,975
	500,000	Turkey Government International Bond	6.750		04/03/2018		520,487
	400,000	Turkey Government International Bond	7.000		03/11/2019		425,540
	300,000	Turkey Government International Bond	7.500		11/07/2019		326,181
							2,196,335
		Ukraine - 0.2%
	200,000	Ukraine Government International Bond(a)	7.750		09/01/2019		199,429
		Venezuela - 1.0%
	250,000	Venezuela Government International Bond(a)	13.625		08/15/2018		197,500
	300,000	Venezuela Government International Bond	13.625		08/15/2018		261,000
	600,000	Venezuela Government International Bond	7.000		12/01/2018		442,620
	400,000	Venezuela Government International Bond	7.750		10/13/2019		243,000
							1,144,120
		Total Sovereign Debt Obligations (Cost $10,515,707)					10,684,287
Number of Shares
		Common Stocks - 0.0%
		United States - 0.0%
	968	PetroQuest Energy, Inc. (Cost $2,856)					4,085
		Money Market Fund - 2.4%
	2,857,975	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $2,857,975)					2,857,975
		Total Investments (Cost $115,855,198)(e) - 99.9%					117,394,984
		Other assets less liabilities - 0.1%					42,038
		Net Assets - 100.0%				$	117,437,022

Investment Abbreviations:

EMTN - Euro Medium-Term Note

GMTN - Global Medium-Term Note

MTN - Medium-Term Note

PIK - Payment in Kind

REIT - Real Estate Investment Trust

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 January 31, 2017 was $48,993,285, which represented 41.72% of the Fund’s Net Assets.

^(b)  Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at January 31, 2017 was $165,000, which represented less than 1% of the Fund’s Net Assets.

^(c)  The borrower has filed for protection in federal bankruptcy court.

Schedule of Investments

^(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 January 31, 2017.

^(e)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. The net unrealized appreciation was $1,539,786, which consisted of aggregate gross unrealized appreciation of $2,059,097 and aggregate gross unrealized depreciation of $519,311.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares International Corporate Bond Portfolio (PICB)

January 31, 2017

(Unaudited)

Foreign Currency(a)	Principal Amount			Interest Rate			Maturity Date		Value
			Corporate Bonds - 98.0%
			Australia - 2.6%
EUR		200,000	Australia & New Zealand Banking Group Ltd.		0.750	%		09/29/2026	$	208,163
GBP		350,000	BHP Billiton Finance Ltd., Series 11, EMTN		3.250			09/25/2024		479,961
GBP		350,000	BHP Billiton Finance Ltd., Series 12, EMTN		4.300			09/25/2042		536,445
EUR		300,000	BHP Billiton Finance Ltd., Series 9, EMTN		2.250			09/25/2020		348,311
AUD		350,000	BHP Billiton Finance Ltd., MTN		3.750			10/18/2017		268,024
EUR		200,000	Commonwealth Bank of Australia, EMTN		5.500			08/06/2019		245,177
EUR		250,000	National Australia Bank Ltd., EMTN		2.750			08/08/2022		302,140
EUR		200,000	National Australia Bank Ltd., GMTN		4.625			02/10/2020		245,298
EUR		100,000	National Australia Bank Ltd., GMTN		2.000			11/12/2020		115,437
EUR		200,000	National Australia Bank Ltd., GMTN		0.875			01/20/2022		220,566
EUR		200,000	National Australia Bank Ltd., GMTN		1.250			05/18/2026		219,581
EUR		150,000	Telstra Corp. Ltd., EMTN		3.500			09/21/2022		188,543
EUR		150,000	Telstra Corp. Ltd., EMTN		2.500			09/15/2023		180,594
EUR		200,000	Westpac Banking Corp., EMTN		0.250			01/17/2022		214,063
AUD		800,000	Westpac Banking Corp., MTN		4.500			02/25/2019		630,380
										4,402,683
			Belgium - 2.2%
EUR		200,000	Anheuser-Busch InBev SA, EMTN		0.800			04/20/2023		217,930
GBP		250,000	Anheuser-Busch InBev SA, EMTN		9.750			07/30/2024		479,899
EUR		950,000	Anheuser-Busch InBev SA, EMTN		1.500			03/17/2025		1,056,775
GBP		300,000	Anheuser-Busch InBev SA, EMTN		4.000			09/24/2025		430,640
EUR		600,000	Anheuser-Busch InBev SA, EMTN		2.700			03/31/2026		725,829
EUR		300,000	Anheuser-Busch InBev SA, EMTN		2.000			03/17/2028		336,221
EUR		200,000	Anheuser-Busch InBev SA, EMTN		1.500			04/18/2030		205,959
EUR		200,000	Anheuser-Busch InBev SA, EMTN		2.750			03/17/2036		228,264
										3,681,517
			Canada - 13.8%
CAD		700,000	Bank of Montreal		1.880			03/31/2021		538,164
CAD		500,000	Bank of Montreal, DPNT		2.840			06/04/2020		398,324
CAD		750,000	Bank of Montreal, DPNT		2.100			10/06/2020		582,564
CAD		1,150,000	Bank of Montreal, DPNT		3.400			04/23/2021		938,374
CAD		600,000	Bank of Montreal, DPNT		1.610			10/28/2021		453,860
CAD		800,000	Bank of Montreal, DPNT		2.120			03/16/2022		616,897
CAD		900,000	Bank of Nova Scotia (The), DPNT		2.462			03/14/2019		705,987
CAD		300,000	Bank of Nova Scotia (The), DPNT		2.400			10/28/2019		235,465
CAD		500,000	Bank of Nova Scotia (The), DPNT		2.270			01/13/2020		390,523
CAD		600,000	Bank of Nova Scotia (The), DPNT		2.130			06/15/2020		467,050
CAD		500,000	Bank of Nova Scotia (The), DPNT		2.090			09/09/2020		387,544
CAD		1,000,000	Bank of Nova Scotia (The), DPNT		3.270			01/11/2021		809,488
CAD		600,000	Bank of Nova Scotia (The), DPNT		2.873			06/04/2021		479,673
CAD		300,000	Bell Canada, Inc.		3.350			06/18/2019		239,197
CAD		300,000	Bell Canada, Inc., MTN		4.400			03/16/2018		238,083
CAD		800,000	Bell Canada, Inc., MTN		3.250			06/17/2020		640,436
CAD		300,000	Bell Canada, Inc., Series M-26		3.350			03/22/2023		239,984
CAD		600,000	Caisse Centrale Desjardins, MTN		1.748			03/02/2020		461,592
CAD		250,000	Canadian Imperial Bank of Commerce, DPNT		2.350			06/24/2019		195,954
CAD		800,000	Canadian Imperial Bank of Commerce, DPNT		1.850			07/14/2020		617,529
CAD		700,000	Canadian Imperial Bank of Commerce, DPNT		1.900			04/26/2021		538,513
CAD		500,000	Canadian Natural Resources Ltd., MTN		2.890			08/14/2020		392,798
CAD		400,000	Canadian Natural Resources Ltd., MTN		3.310			02/11/2022		317,493
GBP		200,000	Glencore Canada Financial Corp., EMTN		7.375			05/27/2020		293,909
CAD		600,000	HSBC Bank Canada		2.449			01/29/2021		469,576
CAD		500,000	HSBC Bank Canada, DPNT		2.491			05/13/2019		391,559
CAD		200,000	HSBC Bank Canada, DPNT		2.938			01/14/2020		159,035
CAD		600,000	HSBC Bank Canada, DPNT		1.816			07/07/2020		460,855
CAD		450,000	HSBC Bank Canada, DPNT		2.908			09/29/2021		358,664
CAD		400,000	National Bank of Canada, DPNT		2.404			10/28/2019		314,152
CAD		400,000	National Bank of Canada, DPNT		1.742			03/03/2020		306,985
CAD		600,000	Rogers Communications, Inc.		5.340			03/22/2021		518,478
CAD		750,000	Royal Bank of Canada		1.583			09/13/2021		566,600
CAD		700,000	Royal Bank of Canada, DPNT		2.980			05/07/2019		555,646
CAD		300,000	Royal Bank of Canada, DPNT		2.350			12/09/2019		235,175
CAD		700,000	Royal Bank of Canada, DPNT		1.920			07/17/2020		539,195

Schedule of Investments

CAD	900,000	Royal Bank of Canada, DPNT	2.860	%	03/04/2021	$	717,418
CAD	1,000,000	Royal Bank of Canada, DPNT	1.968		03/02/2022		765,315
CAD	500,000	Royal Bank of Canada, DPNT	2.333		12/05/2023		382,872
CAD	500,000	Shaw Communications, Inc.	5.650		10/01/2019		419,168
CAD	600,000	Shaw Communications, Inc.	6.750		11/09/2039		555,530
CAD	300,000	TELUS Corp., MTN	2.350		03/28/2022		229,447
CAD	500,000	TELUS Corp., Series CG	5.050		12/04/2019		418,485
CAD	500,000	TELUS Corp., Series CH	5.050		07/23/2020		423,294
CAD	400,000	Toronto-Dominion Bank (The), DPNT	1.693		04/02/2020		307,366
CAD	800,000	Toronto-Dominion Bank (The), DPNT	2.563		06/24/2020		630,587
CAD	950,000	Toronto-Dominion Bank (The), DPNT	2.621		12/22/2021		751,453
CAD	1,000,000	Toronto-Dominion Bank (The), DPNT	1.909		07/18/2023		751,417
CAD	700,000	Toronto-Dominion Bank (The), DPNT	3.226		07/24/2024		567,887
							22,975,560
		Denmark - 1.2%
EUR	200,000	AP Moeller - Maersk A/S, EMTN	1.750		03/18/2021		224,422
EUR	300,000	Danske Bank A/S, EMTN	0.750		06/02/2023		324,666
GBP	300,000	DONG Energy A/S, EMTN	4.875		01/12/2032		464,864
GBP	150,000	DONG Energy A/S, EMTN	5.750		04/09/2040		267,636
NOK	5,000,000	Nykredit Bank A/S, EMTN	5.000		08/21/2018		636,522
							1,918,110
		Finland - 0.3%
EUR	250,000	Fortum OYJ, EMTN	2.250		09/06/2022		291,751
EUR	200,000	OP Corporate Bank PLC, EMTN	0.750		03/03/2022		219,560
							511,311
		France - 18.7%
EUR	200,000	Air Liquide Finance SA, EMTN	1.250		06/13/2028		214,929
EUR	300,000	Autoroutes du Sud de la France SA, EMTN	5.625		07/04/2022		412,025
EUR	200,000	Banque Federative du Credit Mutuel SA, EMTN	4.000		10/22/2020		243,757
EUR	300,000	Banque Federative du Credit Mutuel SA, EMTN	3.250		08/23/2022		371,528
EUR	300,000	Banque Federative du Credit Mutuel SA, EMTN	3.000		11/28/2023		371,024
EUR	200,000	Banque Federative du Credit Mutuel SA, EMTN	2.625		03/18/2024		241,764
EUR	400,000	Banque Federative du Credit Mutuel SA, EMTN	3.000		05/21/2024		463,242
EUR	500,000	Banque Federative du Credit Mutuel SA, EMTN	1.250		01/14/2025		548,422
EUR	300,000	Banque Federative du Credit Mutuel SA, EMTN	3.000		09/11/2025		342,474
EUR	400,000	BNP Paribas SA, EMTN	3.750		11/25/2020		490,979
EUR	550,000	BNP Paribas SA, EMTN	2.250		01/13/2021		640,408
EUR	200,000	BNP Paribas SA, EMTN	2.875		10/24/2022		242,665
EUR	200,000	BNP Paribas SA, EMTN	2.875		09/26/2023		244,387
EUR	500,000	BNP Paribas SA, EMTN	2.375		05/20/2024		592,763
EUR	300,000	BNP Paribas SA, EMTN	2.375		02/17/2025		323,998
EUR	300,000	BNP Paribas SA, EMTN	1.625		02/23/2026		335,049
EUR	300,000	BNP Paribas SA, EMTN	1.500		05/25/2028		326,032
EUR	200,000	BPCE SA	4.625		07/18/2023		251,341
GBP	400,000	BPCE SA	5.250		04/16/2029		547,055
EUR	300,000	BPCE SA, EMTN	4.500		02/10/2022		389,394
EUR	200,000	BPCE SA, EMTN	1.000		10/05/2028		204,982
EUR	400,000	Capgemini SA	2.500		07/01/2023		471,634
EUR	200,000	Cie de Saint-Gobain, EMTN			03/27/2020		214,898
EUR	200,000	Cie Financiere et Industrielle des Autoroutes SA	5.000		05/24/2021		259,219
EUR	200,000	CNP Assurances	1.875		10/20/2022		217,562
EUR	500,000	Credit Agricole SA	2.625		03/17/2027		544,207
EUR	600,000	Credit Agricole SA/London, EMTN	2.375		11/27/2020		702,641
EUR	700,000	Credit Agricole SA/London, EMTN	0.750		12/01/2022		760,204
EUR	200,000	Credit Agricole SA/London, EMTN	5.125		04/18/2023		274,994
EUR	500,000	Credit Agricole SA/London, EMTN	3.125		07/17/2023		619,561
EUR	1,000,000	Credit Agricole SA/London, EMTN	2.375		05/20/2024		1,188,081
EUR	700,000	Credit Agricole SA/London, EMTN	1.250		04/14/2026		751,842
EUR	500,000	Danone SA, EMTN	2.250		11/15/2021		587,899
EUR	400,000	Danone SA, EMTN	1.208		11/03/2028		419,162
EUR	300,000	Electricite de France SA, EMTN	6.250		01/25/2021		400,710
EUR	300,000	Electricite de France SA, EMTN	2.250		04/27/2021		348,985
EUR	300,000	Electricite de France SA, EMTN	3.875		01/18/2022		376,371
EUR	300,000	Electricite de France SA, EMTN	2.750		03/10/2023		358,574
EUR	100,000	Electricite de France SA, EMTN	4.625		09/11/2024		135,516
EUR	500,000	Electricite de France SA, EMTN	1.000		10/13/2026		510,537
EUR	400,000	Electricite de France SA, EMTN	4.125		03/25/2027		530,044
EUR	200,000	Electricite de France SA, EMTN	4.625		04/26/2030		270,271
GBP	250,000	Electricite de France SA, EMTN	5.875		07/18/2031		404,290
GBP	650,000	Electricite de France SA, EMTN	6.125		06/02/2034		1,068,534
GBP	700,000	Electricite de France SA, EMTN	5.500		03/27/2037		1,095,867

Schedule of Investments

GBP	700,000	Electricite de France SA, EMTN	5.500	%	10/17/2041	$	1,099,601
GBP	800,000	Electricite de France SA, EMTN	5.125		09/22/2050		1,234,045
EUR	300,000	Engie Alliance GIE, EMTN	5.750		06/24/2023		424,458
EUR	500,000	Engie SA, EMTN	2.375		05/19/2026		600,665
GBP	100,000	Engie SA, EMTN	7.000		10/30/2028		184,915
GBP	450,000	Engie SA, EMTN	5.000		10/01/2060		883,147
EUR	300,000	Holding d’Infrastructures de Transport SAS	4.875		10/27/2021		390,923
EUR	200,000	HSBC France SA, EMTN	1.875		01/16/2020		227,666
EUR	300,000	Orange SA, EMTN	3.000		06/15/2022		367,357
EUR	200,000	Orange SA, EMTN	8.125		01/28/2033		390,704
GBP	600,000	Orange SA, EMTN	5.625		01/23/2034		996,487
EUR	200,000	RTE Reseau de Transport d’Electricite SA, EMTN	1.625		11/27/2025		225,126
EUR	400,000	Sanofi, EMTN	1.875		09/04/2020		457,047
EUR	200,000	Sanofi, EMTN	0.500		01/13/2027		199,757
EUR	300,000	Societe Generale SA, EMTN	1.000		04/01/2022		322,808
EUR	300,000	Societe Generale SA, EMTN	4.250		07/13/2022		387,247
EUR	100,000	Societe Generale SA, EMTN	0.750		05/26/2023		108,111
EUR	300,000	Societe Generale SA, EMTN	2.625		02/27/2025		328,498
EUR	400,000	Total Capital Canada Ltd., EMTN	2.125		09/18/2029		463,747
EUR	300,000	Total Capital International SA, EMTN	2.500		03/25/2026		366,867
EUR	400,000	Total Capital International SA, EMTN	0.750		07/12/2028		407,133
GBP	250,000	Veolia Environnement SA, EMTN	6.125		10/29/2037		457,225
EUR	200,000	Vivendi SA	0.750		05/26/2021		218,262
							31,051,617
		Germany - 8.9%
EUR	300,000	Allianz Finance II BV, EMTN	3.500		02/14/2022		375,952
GBP	300,000	Allianz Finance II BV, Series 62	4.500		03/13/2043		489,070
EUR	300,000	BASF SE, Series 10Y	2.000		12/05/2022		353,749
EUR	200,000	BMW Finance NV, EMTN	0.875		11/17/2020		221,591
EUR	250,000	BMW US Capital LLC, EMTN	1.125		09/18/2021		279,339
EUR	200,000	BMW US Capital LLC, EMTN	0.625		04/20/2022		217,508
EUR	200,000	Commerzbank AG, EMTN	4.000		09/16/2020		244,025
EUR	250,000	Commerzbank AG, EMTN	0.500		09/13/2023		255,137
EUR	250,000	Daimler AG, EMTN	0.875		01/12/2021		276,500
EUR	500,000	Daimler AG, EMTN	1.400		01/12/2024		562,248
EUR	250,000	Daimler AG, EMTN	1.500		03/09/2026		280,169
EUR	200,000	Daimler AG, EMTN	1.375		05/11/2028		215,681
EUR	200,000	Deutsche Bank AG, EMTN	1.000		03/18/2019		217,954
EUR	400,000	Deutsche Bank AG, EMTN	1.250		09/08/2021		430,102
EUR	200,000	Deutsche Bank AG, EMTN	1.500		01/20/2022		215,722
EUR	300,000	Deutsche Bank AG, EMTN	2.375		01/11/2023		338,122
EUR	200,000	Deutsche Bank AG, EMTN	1.125		03/17/2025		202,149
EUR	150,000	Deutsche Telekom International Finance BV, EMTN	2.125		01/18/2021		173,787
EUR	300,000	Deutsche Telekom International Finance BV, EMTN	4.250		07/13/2022		389,890
EUR	300,000	Deutsche Telekom International Finance BV, EMTN	0.625		04/03/2023		321,628
EUR	300,000	Deutsche Telekom International Finance BV, EMTN	1.500		04/03/2028		320,251
GBP	400,000	E.ON International Finance BV, EMTN	6.375		06/07/2032		695,630
GBP	500,000	E.ON International Finance BV, EMTN	5.875		10/30/2037		871,159
GBP	300,000	E.ON International Finance BV, EMTN	6.750		01/27/2039		570,455
EUR	200,000	HeidelbergCement AG, EMTN	1.500		02/07/2025		216,485
EUR	200,000	innogy Finance BV, EMTN	6.625		01/31/2019		244,412
EUR	100,000	innogy Finance BV, EMTN	6.500		08/10/2021		137,898
GBP	200,000	innogy Finance BV, EMTN	5.500		07/06/2022		296,114
GBP	200,000	innogy Finance BV, EMTN	6.250		06/03/2030		333,907
GBP	500,000	innogy Finance BV, EMTN	4.750		01/31/2034		737,742
GBP	400,000	innogy Finance BV, EMTN	6.125		07/06/2039		704,312
EUR	250,000	Landesbank Baden-Wuerttemberg, EMTN	0.375		01/29/2019		271,942
EUR	200,000	Landesbank Hessen-Thueringen Girozentrale, EMTN	0.375		03/10/2020		217,522
EUR	200,000	Norddeutsche Landesbank Girozentrale, EMTN	0.625		09/24/2018		218,011
EUR	200,000	Siemens Financieringsmaatschappij NV, EMTN	2.875		03/10/2028		260,049
GBP	300,000	Siemens Financieringsmaatschappij NV, EMTN	3.750		09/10/2042		455,841
EUR	250,000	Volkswagen International Finance NV, EMTN	3.250		01/21/2019		287,120
EUR	200,000	Volkswagen International Finance NV, EMTN	2.000		03/26/2021		229,370
EUR	200,000	Volkswagen International Finance NV, EMTN	0.875		01/16/2023		216,322
EUR	300,000	Volkswagen Leasing GmbH, EMTN	2.375		09/06/2022		348,211
EUR	400,000	Volkswagen Leasing GmbH, EMTN	2.625		01/15/2024		469,882
EUR	200,000	Vonovia Finance BV, EMTN	1.625		12/15/2020		225,101
EUR	200,000	Vonovia Finance BV, EMTN	2.250		12/15/2023		230,480
EUR	200,000	Vonovia Finance BV, DIP, EMTN	1.250		12/06/2024		213,369
							14,831,908
		Hong Kong - 0.5%
EUR	300,000	CK Hutchison Finance 16 II Ltd.	0.875		10/03/2024		310,369

Schedule of Investments

EUR	200,000	CK Hutchison Finance 16 Ltd., Series A	1.250	%	04/06/2023	$	217,457
EUR	300,000	Hutchison Whampoa Finance 14 Ltd.	1.375		10/31/2021		333,708
							861,534
		Italy - 6.3%
EUR	250,000	Assicurazioni Generali SpA, EMTN	2.875		01/14/2020		290,423
EUR	200,000	Assicurazioni Generali SpA, EMTN	5.125		09/16/2024		275,608
EUR	300,000	Assicurazioni Generali SpA, EMTN	4.125		05/04/2026		342,649
GBP	300,000	Autostrade Per L’italia SpA, EMTN	6.250		06/09/2022		457,222
EUR	200,000	Autostrade Per L’italia SpA, EMTN	5.875		06/09/2024		288,773
EUR	350,000	Enel Finance International NV	1.375		06/01/2026		369,165
EUR	250,000	Enel Finance International NV, EMTN	5.000		09/14/2022		335,333
GBP	400,000	Enel Finance International NV, EMTN	5.625		08/14/2024		606,127
EUR	600,000	Enel Finance International NV, EMTN	1.966		01/27/2025		675,916
GBP	150,000	Enel Finance International NV, EMTN	5.750		09/14/2040		243,971
GBP	600,000	Enel SpA, EMTN	5.750		06/22/2037		968,537
EUR	200,000	Eni SpA	4.125		09/16/2019		238,612
EUR	150,000	Eni SpA, EMTN	4.000		06/29/2020		182,361
EUR	300,000	Eni SpA, EMTN	3.250		07/10/2023		370,838
EUR	300,000	Eni SpA, EMTN	3.750		09/12/2025		387,068
EUR	250,000	Eni SpA, EMTN	1.500		02/02/2026		270,743
EUR	200,000	Eni SpA, EMTN	3.625		01/29/2029		256,318
EUR	300,000	Intesa Sanpaolo SpA, EMTN	3.000		01/28/2019		340,933
EUR	400,000	Intesa Sanpaolo SpA, EMTN	4.375		10/15/2019		476,536
EUR	200,000	Intesa Sanpaolo SpA, EMTN	1.125		01/14/2020		218,598
EUR	200,000	Intesa Sanpaolo SpA, EMTN	2.000		06/18/2021		224,513
EUR	200,000	Intesa Sanpaolo SpA, EMTN	1.125		03/04/2022		213,573
EUR	250,000	Intesa Sanpaolo SpA, EMTN	4.000		10/30/2023		310,815
EUR	200,000	Intesa Sanpaolo SpA, GMTN	4.000		11/08/2018		230,210
EUR	200,000	Snam SpA, EMTN	0.875		10/25/2026		200,973
EUR	150,000	Terna Rete Elettrica Nazionale SpA, EMTN	4.750		03/15/2021		190,364
EUR	200,000	Terna Rete Elettrica Nazionale SpA, EMTN	0.875		02/02/2022		218,464
EUR	400,000	UniCredit SpA, EMTN	3.625		01/24/2019		460,360
EUR	200,000	UniCredit SpA, EMTN	3.250		01/14/2021		233,965
EUR	200,000	UniCredit SpA, EMTN	2.000		03/04/2023		218,471
EUR	200,000	UniCredit SpA, EMTN	2.125		10/24/2026		209,240
EUR	150,000	Unione di Banche Italiane SCpA, EMTN	2.875		02/18/2019		170,205
							10,476,884
		Japan - 0.5%
JPY	100,000,000	Panasonic Corp., Series 12	0.387		03/19/2020		894,866
		Netherlands - 6.0%
EUR	500,000	ABN AMRO Bank NV, EMTN	6.375		04/27/2021		656,824
EUR	300,000	ABN AMRO Bank NV, EMTN	2.500		11/29/2023		363,533
EUR	250,000	ABN AMRO Bank NV, EMTN	1.000		04/16/2025		272,693
EUR	200,000	ASML Holding NV	1.375		07/07/2026		213,242
EUR	600,000	Cooperatieve Rabobank UA	3.875		07/25/2023		739,583
EUR	500,000	Cooperatieve Rabobank UA, EMTN	4.125		01/12/2021		623,687
EUR	400,000	Cooperatieve Rabobank UA, EMTN	4.125		09/14/2022		495,188
GBP	250,000	Cooperatieve Rabobank UA, EMTN	5.250		09/14/2027		353,603
GBP	600,000	Cooperatieve Rabobank UA, EMTN	4.625		05/23/2029		801,442
EUR	500,000	Cooperatieve Rabobank UA, GMTN	3.750		11/09/2020		604,234
EUR	300,000	Cooperatieve Rabobank UA, GMTN	4.000		01/11/2022		381,338
EUR	1,000,000	Cooperatieve Rabobank UA, GMTN	1.375		02/03/2027		1,095,496
GBP	300,000	Cooperatieve Rabobank UA, Series 2541	4.000		09/19/2022		423,565
EUR	250,000	Heineken NV, EMTN	2.125		08/04/2020		288,485
EUR	450,000	ING Bank NV, EMTN	4.500		02/21/2022		584,355
GBP	300,000	Koninklijke KPN NV, GMTN	5.750		09/17/2029		474,352
EUR	400,000	Shell International Finance BV, EMTN	1.000		04/06/2022		445,573
EUR	150,000	Shell International Finance BV, EMTN	0.375		02/15/2025		154,891
EUR	200,000	Shell International Finance BV, EMTN	1.875		09/15/2025		231,198
EUR	250,000	Shell International Finance BV, EMTN	2.500		03/24/2026		303,970
EUR	150,000	Shell International Finance BV, EMTN	1.625		01/20/2027		169,107
EUR	350,000	Shell International Finance BV, EMTN	0.750		08/15/2028		350,916
							10,027,275
		Norway - 1.5%
EUR	250,000	DNB Bank ASA, EMTN	4.375		02/24/2021		314,870
EUR	250,000	DNB Bank ASA, EMTN	4.250		01/18/2022		321,822
EUR	250,000	Statoil ASA, EMTN	5.625		03/11/2021		329,882
EUR	250,000	Statoil ASA, EMTN	1.250		02/17/2027		269,657
GBP	400,000	Statoil ASA, EMTN	6.875		03/11/2031		747,496
EUR	300,000	Statoil ASA, EMTN	1.625		02/17/2035		308,488

Schedule of Investments

SEK	1,000,000	Telenor ASA, EMTN	2.375	%	03/19/2019	$	119,458
							2,411,673
		Spain - 5.1%
EUR	200,000	Abertis Infraestructuras SA	1.375		05/20/2026		213,593
EUR	300,000	Banco Bilbao Vizcaya Argentaria SA, GMTN	0.625		01/17/2022		321,370
EUR	300,000	BBVA Senior Finance SAU, GMTN	2.375		01/22/2019		339,196
EUR	200,000	CaixaBank SA, MTN	3.125		05/14/2018		224,678
EUR	200,000	Gas Natural Fenosa Finance BV, EMTN	1.375		01/19/2027		210,595
GBP	200,000	Iberdrola Finanzas SA, EMTN	7.375		01/29/2024		333,691
EUR	400,000	Iberdrola International BV, EMTN	3.500		02/01/2021		485,860
EUR	200,000	Iberdrola International BV, EMTN	1.125		04/21/2026		211,778
EUR	200,000	Mapfre SA	1.625		05/19/2026		212,810
EUR	100,000	Repsol International Finance BV, EMTN	4.875		02/19/2019		118,601
EUR	200,000	Repsol International Finance BV, EMTN	2.625		05/28/2020		232,821
EUR	200,000	Repsol International Finance BV, EMTN	3.625		10/07/2021		246,237
EUR	500,000	Santander Consumer Finance SA, EMTN	0.900		02/18/2020		547,576
EUR	300,000	Santander Consumer Finance SA, EMTN	1.500		11/12/2020		334,187
EUR	200,000	Santander International Debt SAU, EMTN	4.000		01/24/2020		239,722
EUR	300,000	Santander International Debt SAU, EMTN	1.375		03/03/2021		334,981
EUR	200,000	Santander International Debt SAU, EMTN	1.375		12/14/2022		222,927
EUR	200,000	Santander Issuances SAU, EMTN	2.500		03/18/2025		210,990
EUR	200,000	Santander Issuances SAU, DIP, EMTN	3.250		04/04/2026		218,772
EUR	350,000	Telefonica Emisiones SAU, EMTN	4.693		11/11/2019		424,616
EUR	200,000	Telefonica Emisiones SAU, EMTN	4.710		01/20/2020		243,863
EUR	400,000	Telefonica Emisiones SAU, EMTN	1.477		09/14/2021		445,944
EUR	200,000	Telefonica Emisiones SAU, EMTN	0.750		04/13/2022		214,272
EUR	100,000	Telefonica Emisiones SAU, EMTN	2.242		05/27/2022		115,289
GBP	300,000	Telefonica Emisiones SAU, EMTN	5.289		12/09/2022		437,684
GBP	300,000	Telefonica Emisiones SAU, EMTN	5.375		02/02/2026		445,636
EUR	200,000	Telefonica Emisiones SAU, EMTN	1.460		04/13/2026		209,333
EUR	500,000	Telefonica Emisiones SAU, GMTN	3.987		01/23/2023		628,160
							8,425,182
		Sweden - 2.2%
EUR	200,000	Nordea Bank AB, EMTN	4.500		03/26/2020		243,549
EUR	100,000	Nordea Bank AB, EMTN	2.000		02/17/2021		115,587
EUR	200,000	Nordea Bank AB, EMTN	3.250		07/05/2022		247,966
EUR	200,000	Nordea Bank AB, EMTN	1.000		02/22/2023		220,941
EUR	200,000	Nordea Bank AB, EMTN	1.125		02/12/2025		220,851
SEK	1,000,000	SBAB Bank AB, EMTN	3.000		10/11/2018		120,048
EUR	200,000	Skandinaviska Enskilda Banken AB, EMTN	2.000		02/19/2021		231,091
EUR	200,000	Skandinaviska Enskilda Banken AB, GMTN	0.750		08/24/2021		220,476
EUR	400,000	Svenska Handelsbanken AB, EMTN	4.375		10/20/2021		514,514
EUR	200,000	Svenska Handelsbanken AB, EMTN	2.625		08/23/2022		241,822
SEK	2,000,000	Telia Co. AB, EMTN	3.625		11/08/2023		254,401
EUR	150,000	Vattenfall AB, EMTN	6.250		03/17/2021		201,653
GBP	400,000	Vattenfall AB, EMTN	6.875		04/15/2039		784,373
							3,617,272
		Switzerland - 4.5%
EUR	300,000	Credit Suisse AG/London, EMTN	4.750		08/05/2019		362,152
EUR	550,000	Credit Suisse AG/London, EMTN	1.375		11/29/2019		615,298
EUR	550,000	Credit Suisse AG/London, EMTN	1.125		09/15/2020		612,535
EUR	250,000	Credit Suisse AG/London, EMTN	1.375		01/31/2022		280,907
EUR	400,000	Credit Suisse AG/London, EMTN	1.000		06/07/2023		434,947
EUR	250,000	Credit Suisse AG/London, EMTN	1.500		04/10/2026		275,585
GBP	400,000	Credit Suisse Group Funding Guernsey Ltd.	3.000		05/27/2022		517,225
GBP	250,000	Credit Suisse Group Funding Guernsey Ltd.	2.750		08/08/2025		305,294
EUR	250,000	Credit Suisse Group Funding Guernsey Ltd., EMTN	1.250		04/14/2022		271,279
CHF	250,000	Credit Suisse Group Funding Guernsey Ltd., EMTN	1.000		04/14/2023		257,617
EUR	300,000	Glencore Finance Dubai Ltd., EMTN	2.625		11/19/2018		337,964
GBP	250,000	Glencore Finance Europe SA, EMTN	6.500		02/27/2019		346,284
EUR	300,000	Holcim Finance Luxembourg SA, EMTN	1.375		05/26/2023		330,052
EUR	100,000	Holcim Finance Luxembourg SA, EMTN	2.250		05/26/2028		111,670
EUR	250,000	Novartis Finance SA	0.125		09/20/2023		264,052
EUR	200,000	Roche Finance Europe BV, EMTN	0.875		02/25/2025		219,692
CHF	600,000	Swisscom AG	3.250		09/14/2018		643,331
EUR	150,000	UBS AG/London, EMTN	1.125		06/30/2020		167,644
EUR	300,000	UBS AG/London, EMTN	1.250		09/03/2021		337,908
EUR	200,000	UBS Group Funding Jersey Ltd.	1.750		11/16/2022		224,604
EUR	500,000	UBS Group Funding Jersey Ltd.	1.500		11/30/2024		538,881
							7,454,921

Schedule of Investments

		United Kingdom - 23.6%
GBP	200,000	ABP Finance PLC, EMTN	6.250	%	12/14/2026	$	317,848
EUR	700,000	Barclays Bank PLC, EMTN	6.000		01/14/2021		879,992
GBP	900,000	Barclays Bank PLC, EMTN	10.000		05/21/2021		1,445,464
EUR	313,000	Barclays PLC, EMTN	1.875		03/23/2021		348,576
GBP	500,000	Barclays PLC, EMTN	3.250		02/12/2027		608,191
GBP	250,000	BAT International Finance PLC, EMTN	7.250		03/12/2024		414,910
GBP	300,000	BAT International Finance PLC, EMTN	4.000		09/04/2026		420,542
GBP	200,000	BAT International Finance PLC, EMTN	6.000		11/24/2034		345,606
GBP	300,000	BAT International Finance PLC, EMTN	2.250		09/09/2052		296,268
GBP	500,000	BG Energy Capital PLC, EMTN	5.125		12/01/2025		779,366
GBP	150,000	BG Energy Capital PLC, EMTN	5.000		11/04/2036		249,389
EUR	100,000	BP Capital Markets PLC, EMTN	2.177		09/28/2021		116,921
EUR	300,000	BP Capital Markets PLC, EMTN	1.373		03/03/2022		337,476
EUR	200,000	BP Capital Markets PLC, EMTN	1.526		09/26/2022		226,312
EUR	300,000	BP Capital Markets PLC, EMTN	1.109		02/16/2023		329,762
EUR	300,000	BP Capital Markets PLC, EMTN	1.573		02/16/2027		327,828
GBP	250,000	British Telecommunications PLC	5.750		12/07/2028		409,482
EUR	300,000	British Telecommunications PLC, EMTN	0.625		03/10/2021		324,139
EUR	200,000	British Telecommunications PLC, EMTN	1.125		03/10/2023		216,912
EUR	150,000	British Telecommunications PLC, EMTN	1.750		03/10/2026		164,084
GBP	300,000	British Telecommunications PLC, EMTN	6.375		06/23/2037		558,934
GBP	250,000	BUPA Finance PLC	5.000		04/25/2023		340,757
GBP	500,000	Centrica PLC, EMTN	4.375		03/13/2029		735,764
GBP	150,000	Centrica PLC, EMTN	7.000		09/19/2033		287,428
GBP	300,000	Centrica PLC, EMTN	4.250		09/12/2044		446,720
GBP	250,000	Friends Life Holdings PLC	8.250		04/21/2022		397,813
EUR	200,000	GlaxoSmithKline Capital PLC, EMTN	1.375		12/02/2024		224,759
GBP	200,000	GlaxoSmithKline Capital PLC, EMTN	3.375		12/20/2027		277,634
GBP	400,000	GlaxoSmithKline Capital PLC, EMTN	5.250		12/19/2033		683,491
GBP	200,000	GlaxoSmithKline Capital PLC, EMTN	6.375		03/09/2039		395,216
GBP	650,000	GlaxoSmithKline Capital PLC, EMTN	5.250		04/10/2042		1,166,888
GBP	250,000	GlaxoSmithKline Capital PLC, EMTN	4.250		12/18/2045		397,315
GBP	300,000	Heathrow Funding Ltd., EMTN	7.125		02/14/2024		485,359
GBP	300,000	Heathrow Funding Ltd., EMTN	6.750		12/03/2026		511,799
GBP	500,000	Heathrow Funding Ltd., EMTN(b)	6.450		12/10/2031		899,177
GBP	600,000	HSBC Bank PLC, EMTN	5.375		08/22/2033		894,635
CAD	700,000	HSBC Holdings PLC	3.196		12/05/2023		539,914
EUR	400,000	HSBC Holdings PLC	0.875		09/06/2024		419,278
GBP	600,000	HSBC Holdings PLC	2.625		08/16/2028		712,719
GBP	500,000	HSBC Holdings PLC	6.750		09/11/2028		767,818
EUR	250,000	HSBC Holdings PLC, EMTN	6.000		06/10/2019		306,478
EUR	300,000	HSBC Holdings PLC, EMTN	1.500		03/15/2022		335,399
GBP	300,000	HSBC Holdings PLC, EMTN	6.500		05/20/2024		480,000
EUR	600,000	HSBC Holdings PLC, EMTN	3.000		06/30/2025		687,863
EUR	300,000	HSBC Holdings PLC, EMTN	3.125		06/07/2028		337,890
GBP	200,000	HSBC Holdings PLC, EMTN	7.000		04/07/2038		332,682
GBP	200,000	HSBC Holdings PLC, EMTN	6.000		03/29/2040		299,957
GBP	200,000	Imperial Brands Finance PLC, EMTN	8.125		03/15/2024		344,944
GBP	250,000	Imperial Brands Finance PLC, EMTN	5.500		09/28/2026		387,897
GBP	250,000	Investec Bank PLC, EMTN	9.625		02/17/2022		380,176
GBP	300,000	Lloyds Bank PLC, EMTN	7.500		04/15/2024		512,551
EUR	800,000	Lloyds Bank PLC, EMTN	1.250		01/13/2025		887,927
GBP	500,000	Lloyds Bank PLC, EMTN	7.625		04/22/2025		811,737
GBP	300,000	Lloyds Bank PLC, EMTN	6.500		09/17/2040		590,484
GBP	250,000	Motability Operations Group PLC, EMTN	3.625		03/10/2036		356,860
GBP	400,000	National Grid Gas Finance PLC, EMTN	2.125		09/22/2028		482,754
GBP	300,000	National Grid Gas Finance PLC, EMTN	2.625		09/22/2038		355,877
GBP	400,000	National Grid Gas Finance PLC, EMTN	2.750		09/22/2046		475,609
EUR	400,000	Nationwide Building Society, EMTN	1.125		06/03/2022		442,443
EUR	300,000	Nationwide Building Society, EMTN	1.250		03/03/2025		326,721
GBP	250,000	Nationwide Building Society, EMTN	3.000		05/06/2026		326,562
GBP	200,000	Nationwide Building Society, EMTN	3.250		01/20/2028		264,248
GBP	250,000	Rio Tinto Finance PLC, EMTN	4.000		12/11/2029		358,691
EUR	250,000	Royal Bank of Scotland PLC (The), EMTN	5.375		09/30/2019		306,219
EUR	200,000	Royal Bank of Scotland PLC (The), EMTN	5.500		03/23/2020		250,224
EUR	250,000	Santander UK Group Holdings PLC	1.125		09/08/2023		265,892
GBP	150,000	Santander UK Group Holdings PLC, EMTN	3.625		01/14/2026		192,228
EUR	150,000	Santander UK PLC, EMTN	2.000		01/14/2019		168,157
GBP	400,000	Scottish Widows Ltd.	5.500		06/16/2023		543,632
GBP	250,000	Scottish Widows Ltd.	7.000		06/16/2043		356,592
GBP	300,000	Severn Trent Utilities Finance PLC, EMTN	3.625		01/16/2026		416,960

Schedule of Investments

EUR		500,000	Sky PLC, EMTN	1.500	%	09/15/2021	$	558,350
GBP		200,000	Society of Lloyd’s	4.750		10/30/2024		267,269
GBP		200,000	SSE PLC, EMTN	8.375		11/20/2028		396,715
GBP		200,000	Standard Chartered Bank, EMTN	7.750		04/03/2018		270,831
EUR		300,000	Standard Chartered PLC, EMTN	1.625		06/13/2021		336,327
GBP		500,000	Standard Chartered PLC, EMTN	5.125		06/06/2034		622,804
GBP		300,000	Standard Chartered PLC, EMTN	4.375		01/18/2038		409,225
GBP		200,000	Thames Water Utilities Cayman Finance Ltd., EMTN	4.000		06/19/2025		288,559
GBP		300,000	Thames Water Utilities Cayman Finance Ltd., EMTN	5.500		02/11/2041		542,859
GBP		250,000	Thames Water Utilities Finance Ltd., EMTN	5.125		09/28/2037		425,499
GBP		300,000	THFC Funding No. 3 PLC, EMTN	5.200		10/11/2043		510,133
EUR		500,000	Vodafone Group PLC, EMTN	1.750		08/25/2023		562,771
EUR		200,000	Vodafone Group PLC, EMTN	2.200		08/25/2026		225,275
EUR		400,000	Vodafone Group PLC, EMTN	1.600		07/29/2031		395,880
GBP		500,000	Vodafone Group PLC, EMTN	3.375		08/08/2049		555,644
GBP		300,000	Vodafone Group PLC, EMTN	3.000		08/12/2056		306,723
GBP		200,000	Wellcome Trust Finance PLC	4.625		07/25/2036		342,132
								39,305,136
			United States - 0.1%
EUR		200,000	Mylan NV	2.250		11/22/2024		217,285
			Total Corporate Bonds (Cost $176,689,494)					163,064,734
			Sovereign Debt Obligations - 0.5%
			Japan - 0.5%
JPY		30,000,000	Development Bank of Japan, Inc.	1.050		06/20/2023		283,137
JPY		60,000,000	Development Bank of Japan, Inc.	2.300		03/19/2026		636,823
			Total Sovereign Debt Obligations (Cost $1,055,252)					919,960
	Number of Shares
			Money Market Fund - 0.2%
		345,630	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(c) (Cost $345,630)					345,630
			Total Investments (Cost $178,090,376)(d) - 98.7%					164,330,324
			Other assets less liabilities - 1.3%					2,117,019
			Net Assets - 100.0%				$	166,447,343

Investment Abbreviations:

AUD - Australian Dollar

CAD - Canadian Dollar

CHF - Swiss Franc

DIP - Debtor-In-Possession

DPNT - Deposit Note

EUR - Euro

EMTN - Euro Medium-Term Note

GBP - British Pound

GMTN - Global Medium-Term Note

JPY - Japanese Yen

MTN - Medium-Term Note

NOK - Norwegian Krone

SEK - Swedish Krona

Notes to Schedule of Investments:

^(a) Foreign denominated security. Principal amount denominated in currency indicated.

^(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 January 31, 2017 represented less than 1% 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 January 31, 2017.

^(d)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. The net unrealized depreciation was $13,760,052, which consisted of aggregate gross unrealized appreciation of $606,609 and aggregate gross unrealized depreciation of $14,366,661.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares LadderRite 0-5 Year Corporate Bond Portfolio (LDRI)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds - 98.0%
		Aerospace/Defense - 0.8%
$	100,000	L-3 Technologies, Inc.		4.950	%		02/15/2021	$	107,846
	100,000	Lockheed Martin Corp.		2.500			11/23/2020		100,906
									208,752
		Agriculture - 1.0%
	100,000	Altria Group, Inc.		2.625			01/14/2020		101,624
	100,000	Philip Morris International, Inc.		1.125			08/21/2017		99,988
	50,000	Philip Morris International, Inc.		4.500			03/26/2020		53,489
									255,101
		Auto Manufacturers - 3.7%
	100,000	American Honda Finance Corp., MTN		1.550			12/11/2017		100,264
	100,000	American Honda Finance Corp., MTN		1.600			07/13/2018		100,172
	100,000	Ford Motor Credit Co. LLC		8.125			01/15/2020		115,178
	100,000	General Motors Financial Co., Inc.		2.400			04/10/2018		100,412
	100,000	General Motors Financial Co., Inc.		3.500			07/10/2019		101,946
	100,000	General Motors Financial Co., Inc.		3.200			07/13/2020		100,810
	100,000	General Motors Financial Co., Inc.		4.375			09/25/2021		104,534
	100,000	PACCAR Financial Corp., MTN		1.600			03/15/2017		100,071
	150,000	Toyota Motor Credit Corp., MTN		2.750			05/17/2021		152,061
									975,448
		Banks - 31.5%
	200,000	American Express Bank FSB, BKNT		6.000			09/13/2017		205,448
	100,000	Bank of America Corp.		3.875			03/22/2017		100,392
	120,000	Bank of America Corp.		6.000			09/01/2017		123,051
	100,000	Bank of America Corp.		6.875			11/15/2018		108,436
	100,000	Bank of America Corp., GMTN		2.625			04/19/2021		99,346
	100,000	Bank of America Corp., MTN		6.875			04/25/2018		105,976
	100,000	Bank of America Corp., MTN		2.625			10/19/2020		100,249
	100,000	Bank of America Corp., MTN		5.000			05/13/2021		108,581
	100,000	Bank of America Corp., Series L, MTN		2.250			04/21/2020		99,400
	200,000	Bank of America NA, BKNT		1.250			02/14/2017		200,027
	200,000	Bank of Montreal, MTN (Canada)		1.450			04/09/2018		199,736
	200,000	Bank of Montreal, MTN (Canada)		1.800			07/31/2018		200,304
	125,000	Bank of New York Mellon Corp. (The), MTN		2.300			09/11/2019		126,315
	100,000	Bank of New York Mellon Corp. (The), Series G		2.200			05/15/2019		100,732
	200,000	Bank of Nova Scotia (The) (Canada)		1.450			04/25/2018		199,605
	200,000	Bank of Nova Scotia (The) (Canada)		1.700			06/11/2018		200,082
	100,000	Bank of Nova Scotia (The), BKNT (Canada)		1.250			04/11/2017		100,056
	200,000	Barclays PLC (United Kingdom)		2.750			11/08/2019		200,592
	100,000	BB&T Corp., MTN		2.625			06/29/2020		101,156
	100,000	BNP Paribas SA, BKNT, GMTN (France)		5.000			01/15/2021		109,027
	98,000	BNP Paribas SA, MTN (France)		2.450			03/17/2019		98,819
	120,000	Capital One Financial Corp.		2.450			04/24/2019		121,015
	100,000	Citigroup, Inc.		2.550			04/08/2019		100,901
	120,000	Citigroup, Inc.		8.500			05/22/2019		136,597
	100,000	Citigroup, Inc.		2.500			07/29/2019		100,705
	61,000	Citigroup, Inc.		5.375			08/09/2020		66,953
	100,000	Citigroup, Inc.		2.650			10/26/2020		100,339
	100,000	Citigroup, Inc.		2.700			03/30/2021		99,521
	100,000	Credit Suisse AG/New York NY (Switzerland)		6.000			02/15/2018		104,016
	27,000	Deutsche Bank AG/London, Series 3FXD (Germany)		1.400			02/13/2017		26,999
	100,000	Fifth Third Bancorp		2.875			07/27/2020		101,690
	100,000	Goldman Sachs Group, Inc. (The)		2.750			09/15/2020		100,683
	100,000	Goldman Sachs Group, Inc. (The)		2.875			02/25/2021		100,360
	100,000	Goldman Sachs Group, Inc. (The)		2.625			04/25/2021		99,413
	100,000	Goldman Sachs Group, Inc. (The)		5.250			07/27/2021		109,773
	100,000	Goldman Sachs Group, Inc. (The), GMTN		5.375			03/15/2020		108,455
	100,000	Goldman Sachs Group, Inc. (The), Series D, MTN		6.000			06/15/2020		110,980
	200,000	HSBC Holdings PLC (United Kingdom)		3.400			03/08/2021		203,912
	200,000	HSBC USA, Inc.		2.250			06/23/2019		200,377

Schedule of Investments

$	120,000	JPMorgan Chase & Co.	6.300	%	04/23/2019	$	131,003
	100,000	JPMorgan Chase & Co.	2.250		01/23/2020		100,240
	100,000	JPMorgan Chase & Co.	4.400		07/22/2020		106,545
	100,000	JPMorgan Chase & Co.	4.250		10/15/2020		106,142
	100,000	JPMorgan Chase & Co.	4.350		08/15/2021		107,087
	200,000	JPMorgan Chase & Co., MTN	1.350		02/15/2017		200,031
	100,000	KeyCorp, MTN	2.900		09/15/2020		101,521
	100,000	Morgan Stanley	2.650		01/27/2020		100,746
	100,000	Morgan Stanley	2.800		06/16/2020		100,942
	100,000	Morgan Stanley	5.750		01/25/2021		111,066
	100,000	Morgan Stanley, GMTN	4.750		03/22/2017		100,500
	50,000	Morgan Stanley, GMTN	6.625		04/01/2018		52,749
	100,000	Morgan Stanley, GMTN	5.500		01/26/2020		108,656
	100,000	Morgan Stanley, GMTN	5.500		07/28/2021		110,946
	100,000	Northern Trust Corp.	3.375		08/23/2021		104,328
	200,000	Royal Bank of Canada, GMTN (Canada)	1.800		07/30/2018		200,479
	100,000	Royal Bank of Canada, Series CB8 (Canada)	1.200		09/19/2017		99,966
	100,000	Santander Holdings USA, Inc.	3.450		08/27/2018		101,725
	200,000	Santander UK PLC (United Kingdom)	1.650		09/29/2017		200,092
	100,000	State Street Corp.	4.375		03/07/2021		107,829
	200,000	Sumitomo Mitsui Banking Corp., GMTN (Japan)	1.350		07/11/2017		200,033
	100,000	Toronto-Dominion Bank (The), GMTN (Canada)	1.750		07/23/2018		100,133
	100,000	Toronto-Dominion Bank (The), BKNT, GMTN (Canada)	2.125		07/02/2019		100,491
	200,000	US Bancorp, MTN	1.650		05/15/2017		200,257
	200,000	Wells Fargo & Co., GMTN	1.500		01/16/2018		199,865
	200,000	Wells Fargo & Co., MTN	1.400		09/08/2017		199,983
							8,233,374
		Beverages - 3.2%
	75,000	Anheuser-Busch Cos. LLC (Belgium)	5.500		01/15/2018		77,897
	100,000	Anheuser-Busch InBev Finance, Inc. (Belgium)	2.650		02/01/2021		100,676
	120,000	Anheuser-Busch InBev Worldwide, Inc. (Belgium)	7.750		01/15/2019		133,520
	100,000	Anheuser-Busch InBev Worldwide, Inc. (Belgium)	6.875		11/15/2019		112,906
	100,000	Coca-Cola Co. (The)	1.875		10/27/2020		99,717
	100,000	Coca-Cola European Partners US LLC (United Kingdom)	3.500		09/15/2020		104,633
	100,000	PepsiCo, Inc.	0.950		02/22/2017		100,009
	100,000	PepsiCo, Inc.	3.000		08/25/2021		102,975
							832,333
		Biotechnology - 1.2%
	100,000	Amgen, Inc.	5.700		02/01/2019		107,507
	100,000	Biogen, Inc.	2.900		09/15/2020		101,715
	100,000	Gilead Sciences, Inc.	2.550		09/01/2020		101,045
							310,267
		Building Materials - 0.4%
	100,000	Masco Corp.	7.125		03/15/2020		114,423
		Chemicals - 1.2%
	100,000	Dow Chemical Co. (The)	4.250		11/15/2020		105,962
	100,000	E.I. du Pont de Nemours & Co.	5.750		03/15/2019		107,578
	100,000	Sherwin-Williams Co. (The)	1.350		12/15/2017		99,884
							313,424
		Computers - 1.7%
	150,000	Apple, Inc.	0.900		05/12/2017		150,036
	100,000	Apple, Inc.	2.100		05/06/2019		101,004
	100,000	International Business Machines Corp.	1.250		02/06/2017		100,003
	100,000	NetApp, Inc.	3.375		06/15/2021		102,170
							453,213
		Cosmetics/Personal Care - 0.4%
	100,000	Procter & Gamble Co. (The)	1.900		11/01/2019		100,876
		Diversified Financial Services - 4.3%
	120,000	Air Lease Corp.	5.625		04/01/2017		121,050
	100,000	American Express Co.	8.125		05/20/2019		113,650
	100,000	American Express Credit Corp., GMTN	2.250		08/15/2019		100,727
	100,000	American Express Credit Corp., MTN	1.125		06/05/2017		100,006

Schedule of Investments

$	100,000	Bear Stearns Cos. LLC (The)	6.400	%	10/02/2017	$	103,258
	100,000	BlackRock, Inc.	6.250		09/15/2017		103,072
	100,000	International Lease Finance Corp.	4.625		04/15/2021		105,078
	60,000	Jefferies Group LLC	8.500		07/15/2019		68,202
	200,000	Synchrony Financial	3.000		08/15/2019		202,997
	100,000	Synchrony Financial	2.700		02/03/2020		100,304
							1,118,344
		Electric - 2.5%
	100,000	Duke Energy Corp.	1.625		08/15/2017		100,100
	120,000	Entergy Texas, Inc.	7.125		02/01/2019		132,032
	100,000	Exelon Generation Co. LLC	5.200		10/01/2019		107,335
	100,000	Southern Co. (The)	2.750		06/15/2020		101,303
	100,000	Southern Co. (The)	2.350		07/01/2021		98,557
	100,000	Xcel Energy, Inc.	4.700		05/15/2020		106,612
							645,939
		Electrical Components & Equipment - 0.4%
	100,000	Emerson Electric Co.	4.875		10/15/2019		107,930
		Electronics - 0.4%
	100,000	Honeywell International, Inc.	4.250		03/01/2021		108,207
		Environmental Control - 0.4%
	100,000	Republic Services, Inc.	3.800		05/15/2018		102,658
		Food - 1.2%
	100,000	General Mills, Inc.	2.200		10/21/2019		100,705
	100,000	Kraft Heinz Foods Co.	6.125		08/23/2018		106,504
	100,000	Kroger Co. (The)	3.300		01/15/2021		102,714
							309,923
		Gas - 0.4%
	100,000	Sempra Energy	2.300		04/01/2017		100,167
		Healthcare-Products - 1.9%
	100,000	Abbott Laboratories	2.000		03/15/2020		98,841
	99,000	Danaher Corp.	2.400		09/15/2020		99,685
	100,000	Life Technologies Corp.	6.000		03/01/2020		109,319
	100,000	Medtronic, Inc.	2.500		03/15/2020		101,264
	100,000	Stryker Corp.	1.300		04/01/2018		99,796
							508,905
		Healthcare-Services - 1.5%
	100,000	Aetna, Inc.	1.700		06/07/2018		100,022
	50,000	Anthem, Inc.	1.875		01/15/2018		50,123
	100,000	HCA, Inc.	3.750		03/15/2019		102,000
	100,000	Laboratory Corp. of America Holdings	2.200		08/23/2017		100,421
	50,000	UnitedHealth Group, Inc.	2.700		07/15/2020		50,851
							403,417
		Household Products/Wares - 0.4%
	100,000	Kimberly-Clark Corp.	7.500		11/01/2018		110,428
		Insurance - 2.1%
	100,000	American International Group, Inc.	6.400		12/15/2020		113,944
	100,000	Berkshire Hathaway Finance Corp.	4.250		01/15/2021		107,841
	100,000	Chubb INA Holdings, Inc.	5.700		02/15/2017		100,160
	100,000	MetLife, Inc.	4.750		02/08/2021		108,474
	100,000	Prudential Financial, Inc., MTN	4.500		11/15/2020		107,630
							538,049
		Internet - 0.8%
	100,000	eBay, Inc.	2.200		08/01/2019		100,360
	100,000	eBay, Inc.	3.250		10/15/2020		102,546
							202,906

Schedule of Investments

		Investment Companies - 0.4%
$	100,000	Ares Capital Corp.	4.875	%	11/30/2018	$	104,516
		Lodging - 0.4%
	100,000	Marriott International, Inc.	3.000		03/01/2019		101,818
		Machinery-Construction & Mining - 0.4%
	100,000	Caterpillar Financial Services Corp., MTN	2.000		03/05/2020		99,271
		Machinery-Diversified - 0.8%
	100,000	Deere & Co.	4.375		10/16/2019		106,417
	100,000	John Deere Capital Corp., MTN	1.125		06/12/2017		100,033
							206,450
		Media - 4.2%
	100,000	CBS Corp.	5.750		04/15/2020		110,408
	50,000	Comcast Cable Communications LLC	8.875		05/01/2017		50,951
	100,000	Comcast Corp.	6.300		11/15/2017		103,945
	100,000	Comcast Corp.	5.700		07/01/2019		109,145
	100,000	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.	5.875		10/01/2019		109,360
	100,000	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.	5.000		03/01/2021		107,859
	100,000	NBCUniversal Media LLC	5.150		04/30/2020		109,484
	100,000	Scripps Networks Interactive, Inc.	2.800		06/15/2020		100,973
	150,000	Thomson Reuters Corp.	1.300		02/23/2017		150,017
	50,000	Time Warner Cable LLC	8.250		04/01/2019		56,047
	100,000	Viacom, Inc.	6.125		10/05/2017		102,876
							1,111,065
		Metal Fabricate/Hardware - 0.6%
	150,000	Precision Castparts Corp.	1.250		01/15/2018		149,988
		Mining - 1.2%
	100,000	Freeport-McMoRan, Inc.	2.375		03/15/2018		100,200
	100,000	Freeport-McMoRan, Inc.(a)	6.500		11/15/2020		103,000
	100,000	Newmont Mining Corp.	5.125		10/01/2019		107,048
							310,248
		Miscellaneous Manufacturing - 2.0%
	100,000	3M Co., GMTN	2.000		08/07/2020		100,573
	100,000	General Electric Co., GMTN	6.000		08/07/2019		110,370
	100,000	General Electric Co., GMTN	5.500		01/08/2020		110,191
	100,000	General Electric Co., GMTN	4.625		01/07/2021		108,784
	100,000	Illinois Tool Works, Inc.	0.900		02/25/2017		99,970
							529,888
		Office/Business Equipment - 0.4%
	100,000	Xerox Corp.	6.350		05/15/2018		104,975
		Oil & Gas - 5.5%
	100,000	BP Capital Markets PLC (United Kingdom)	1.375		11/06/2017		99,990
	100,000	BP Capital Markets PLC (United Kingdom)	4.742		03/11/2021		109,178
	100,000	Canadian Natural Resources Ltd. (Canada)	1.750		01/15/2018		99,979
	100,000	Chevron Corp.	1.718		06/24/2018		100,359
	47,000	Chevron Corp.	2.427		06/24/2020		47,624
	50,000	ConocoPhillips	5.750		02/01/2019		53,904
	100,000	EOG Resources, Inc.	2.450		04/01/2020		100,496
	150,000	Exxon Mobil Corp.	1.819		03/15/2019		150,713
	100,000	Marathon Oil Corp.	2.700		06/01/2020		99,414
	100,000	Marathon Petroleum Corp.	5.125		03/01/2021		108,815
	100,000	Petro-Canada (Canada)	6.050		05/15/2018		105,368
	100,000	Shell International Finance BV (Netherlands)	1.900		08/10/2018		100,592
	100,000	Shell International Finance BV (Netherlands)	1.875		05/10/2021		98,153
	50,000	Total Capital International SA (France)	1.500		02/17/2017		50,013
	100,000	Total Capital SA (France)	4.125		01/28/2021		106,565
							1,431,163

Schedule of Investments

		Oil & Gas Services - 0.4%
$	100,000	Baker Hughes, Inc.	7.500	%	11/15/2018	$	109,668
		Pharmaceuticals - 4.1%
	100,000	AbbVie, Inc.	1.800		05/14/2018		100,179
	100,000	AbbVie, Inc.	2.500		05/14/2020		100,530
	100,000	AbbVie, Inc.	2.300		05/14/2021		98,509
	100,000	AstraZeneca PLC (United Kingdom)	2.375		11/16/2020		100,535
	100,000	Cardinal Health, Inc.	1.950		06/15/2018		100,356
	100,000	Johnson & Johnson	5.150		07/15/2018		105,390
	100,000	Johnson & Johnson	1.875		12/05/2019		100,572
	100,000	Novartis Securities Investment Ltd. (Switzerland)	5.125		02/10/2019		106,925
	150,000	Pfizer, Inc.	1.100		05/15/2017		150,030
	100,000	Sanofi (France)	4.000		03/29/2021		106,372
							1,069,398
		Pipelines - 2.5%
	100,000	Enbridge Energy Partners LP	4.375		10/15/2020		105,714
	100,000	Enterprise Products Operating LLC	5.200		09/01/2020		109,308
	100,000	Kinder Morgan Energy Partners LP	5.950		02/15/2018		104,183
	100,000	Kinder Morgan, Inc.	2.000		12/01/2017		100,252
	100,000	Kinder Morgan, Inc.	3.050		12/01/2019		101,871
	20,000	Spectra Energy Capital LLC	8.000		10/01/2019		22,662
	100,000	Williams Partners LP/Williams Partners Finance Corp.	7.250		02/01/2017		100,000
							643,990
		REITs - 1.8%
	100,000	American Tower Corp.	3.450		09/15/2021		101,439
	50,000	Boston Properties LP	5.875		10/15/2019		54,468
	100,000	Simon Property Group LP	2.150		09/15/2017		100,395
	100,000	Welltower, Inc.	4.125		04/01/2019		103,707
	100,000	Weyerhaeuser Co.	7.375		10/01/2019		112,170
							472,179
		Retail - 3.1%
	100,000	AutoZone, Inc.	4.000		11/15/2020		105,340
	100,000	Costco Wholesale Corp.	1.125		12/15/2017		99,935
	100,000	CVS Health Corp.	2.250		12/05/2018		100,836
	100,000	Home Depot, Inc. (The)	4.400		04/01/2021		108,475
	100,000	Lowe’s Cos., Inc.	3.750		04/15/2021		105,863
	100,000	McDonald’s Corp., MTN	2.750		12/09/2020		101,531
	85,000	Target Corp.	3.875		07/15/2020		90,249
	100,000	Wal-Mart Stores, Inc.	5.375		04/05/2017		100,744
							812,973
		Semiconductors - 1.2%
	100,000	Intel Corp.	1.350		12/15/2017		100,143
	100,000	Intel Corp.	2.450		07/29/2020		101,623
	100,000	KLA-Tencor Corp.	4.125		11/01/2021		104,454
							306,220
		Software - 1.6%
	100,000	Fidelity National Information Services, Inc.	3.625		10/15/2020		103,536
	100,000	Microsoft Corp.	3.000		10/01/2020		103,461
	100,000	Microsoft Corp.	2.000		11/03/2020		99,937
	100,000	Oracle Corp.	5.000		07/08/2019		107,858
							414,792
		Telecommunications - 5.2%
	100,000	AT&T, Inc.	1.600		02/15/2017		100,018
	100,000	AT&T, Inc.	1.400		12/01/2017		99,872
	130,000	AT&T, Inc.	5.800		02/15/2019		139,285
	100,000	Cisco Systems, Inc.	1.100		03/03/2017		100,039
	100,000	Cisco Systems, Inc.	4.950		02/15/2019		106,636
	100,000	Cisco Systems, Inc.	4.450		01/15/2020		107,312
	100,000	Cisco Systems, Inc.	2.200		02/28/2021		99,807
	125,000	Rogers Communications, Inc. (Canada)	6.800		08/15/2018		134,427
	100,000	Telefonica Emisiones SAU (Spain)	5.877		07/15/2019		108,363
	200,000	Verizon Communications, Inc.	3.650		09/14/2018		206,499

Schedule of Investments

$	150,000	Verizon Communications, Inc.	2.550	%	06/17/2019	$	153,176
							1,355,434
		Transportation - 0.8%
	100,000	Norfolk Southern Corp.	5.750		04/01/2018		104,727
	100,000	United Parcel Service, Inc.	3.125		01/15/2021		103,404
							208,131
		Total Corporate Bonds (Cost $25,643,248)					25,596,251
Number of Shares
		Money Market Fund - 1.1%
	295,919	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(b) (Cost $295,919)					295,919
		Total Investments (Cost $25,939,167)(c) - 99.1%					25,892,170
		Other assets less liabilities - 0.9%					231,543
		Net Assets - 100.0%				$	26,123,713

Investment Abbreviations:

BKNT - Bank Note

GMTN - Global Medium-Term Note

MTN - Medium-Term Note

REIT - Real Estate Investment Trust

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 value of this security at January 31, 2017 represented less than 1% 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 January 31, 2017.

^(c) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. The net unrealized depreciation was $46,997, which consisted of aggregate gross unrealized appreciation of $85,087 and aggregate gross unrealized depreciation of $132,084.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares National AMT-Free Municipal Bond Portfolio (PZA)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds - 98.1%
		Ad Valorem Property Tax - 9.7%
$	1,500,000	Beaumont Texas Independent School District School Building Ser. 09 AGC		5.000	%		02/15/2038	$	1,503,795
	2,000,000	California State Various Purpose Ser. 09		5.500			11/01/2039		2,200,440
	4,380,000	California State Various Purpose Ser. 09		6.000			11/01/2039		4,896,314
	12,050,000	California State Various Purpose Ser. 10		5.500			03/01/2040		13,393,454
	600,000	Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM		5.000			08/01/2050		697,668
	1,000,000	Chicago Illinois Ser. 17A		6.000			01/01/2038		1,002,900
	20,000,000	City of Jasper Alabama Ser. 14 BAM		5.000			03/01/2044		22,025,200
	3,340,000	City of New York Ser. 11A-1		5.000			08/01/2032		3,742,804
	1,080,000	City of New York Sub.-Ser. 09J-1		5.000			05/15/2036		1,161,011
	1,500,000	District of Columbia Ser. 08E BHAC		5.000			06/01/2033		1,568,355
	4,000,000	Honolulu City & County Hawaii Ser. 15A		5.000			10/01/2039		4,554,000
	8,000,000	Jurupa California Unified School District Ser. 17B		4.000			08/01/2041		8,109,760
	2,250,000	Klein Texas Independent School District (Schoolhouse) Ser. 17 PSF-GTD		4.000			08/01/2046		2,303,662
	2,000,000	Lackawanna County Pennsylvania Ser. 10B AGM		5.000			09/01/2035		2,179,380
	1,650,000	Las Vegas Valley Nevada Water District Ser. 12B		5.000			06/01/2042		1,838,133
	1,610,000	Los Angeles Unified School District (Election 2008) Ser. 16A		5.000			07/01/2040		1,833,774
	4,000,000	Massachusetts State Ref. Ser. 15A		5.000			07/01/2036		4,571,880
	7,150,000	Massachusetts State Ser. 16A		5.000			03/01/2041		8,012,648
	5,000,000	Massachusetts State Ser. 16A		5.000			03/01/2046		5,586,400
	3,500,000	New York City New York Sub.-Ser. 16A-1		5.000			08/01/2038		4,009,495
	1,000,000	Prosper Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			02/15/2047		1,135,900
	500,000	Puerto Rico Commonwealth Public Improvement Ref. Ser. 07A-4 AGM		5.000			07/01/2031		505,825
	9,150,000	Puerto Rico Commonwealth Public Improvement Ref. Ser. 12A AGM		5.000			07/01/2035		9,305,825
	890,000	Reading Pennsylvania School District (State Aid Withholding) Ser. 08 AGM		5.000			03/01/2035		934,242
	2,045,000	Rockwall Texas Independent School District (School Building) Ser. 16 PSF-GTD		5.000			02/15/2046		2,305,431
	2,500,000	Santa Ana California Unified School District (Election 2008) Ser. 08A		5.125			08/01/2033		2,636,700
	3,280,000	Texas State (Transportation Commission) Ref. Ser. 14A		5.000			10/01/2044		3,726,178
	2,500,000	Victor Valley California Union High School District (Election 2008) Ser. 09A AGC(a)		5.000			08/01/2019		2,735,450
	1,340,000	Washington State Motor Vehicle Tax (Senior 520 Corridor Program Toll) Ser. 11C		5.000			06/01/2041		1,490,281
	3,000,000	Ysleta Texas Independent School District (School Building) Ser. 16 PSF-GTD		5.000			08/15/2045		3,405,450
	2,500,000	Ysleta Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			08/15/2047		2,846,100
									126,218,455
		Auto Parking Revenue - 0.5%
	2,000,000	Miami Beach Florida Parking Rev. Ser. 15		5.000			09/01/2045		2,171,260
	2,000,000	Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM		5.250			07/01/2035		2,162,640
	2,500,000	Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM		5.250			07/01/2039		2,703,300
									7,037,200
		College & University Revenue - 7.4%
	5,000,000	Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16		5.000			07/01/2041		5,281,450
	3,000,000	California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16		5.000			10/01/2049		3,406,200
	65,000	California State University Systemwide Rev. Ser. 08A AGM		5.000			11/01/2039		67,930
	565,000	District of Columbia (Catholic University of America) Rev. Ser. 07 NATL		5.000			10/01/2029		568,548
	1,105,000	Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC(a)		5.000			06/15/2020		1,233,511
	3,140,000	Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC		5.000			06/15/2038		3,414,562
	1,000,000	Lafayette Louisiana Public Trust Financing Auth. Ragin’ Cajun Facilities (Housing & Parking Project) Rev. Ser. 10 AGM		5.500			10/01/2041		1,105,830
	2,000,000	Louisiana State Local Government Environmental Facilities & Community Development Auth. (LCTCS ACT 360 Project) Ser. 14		5.000			10/01/2039		2,225,700

Schedule of Investments

$	875,000	Massachusetts State Development Finance Agency (Boston University) Rev. Ser. 13X	5.000	%	10/01/2048	$	970,751
	1,250,000	Massachusetts State Development Finance Agency (Massachusetts Institute of Technology) Rev. Ser. 09O(a)	6.000		07/01/2018		1,338,425
	1,250,000	New Hope Cultural Education Facilities Finance Corp. Texas Student Housing (A&M University Project) Rev. Ser. 14A AGM	5.000		04/01/2046		1,334,375
	2,000,000	New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser. 16A-2	5.000		10/01/2046		2,630,920
	500,000	New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser. 16A-2	5.000		10/01/2046		578,305
	3,060,000	New York State Dormitory Auth. Non State Supported Debt (Cornell University) Rev. Ser. 10A	5.000		07/01/2035		3,380,351
	250,000	New York State Dormitory Auth. Non State Supported Debt (Fordham University) Rev. Ser. 08B AGC(a)	5.000		07/01/2018		264,213
	3,000,000	New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A	5.000		07/01/2035		3,272,970
	3,235,000	New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A	5.000		07/01/2040		3,497,779
	3,500,000	New York State Dormitory Auth. Non State Supported Debt (New School) Rev. Ref. Ser. 15A	5.000		07/01/2045		3,871,700
	2,350,000	New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ref. Ser. 15A	5.000		07/01/2035		2,659,895
	1,200,000	New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ser. 12A	5.000		07/01/2037		1,354,968
	6,325,000	New York State Dormitory Auth. Non State Supported Debt (State University of New York Dormitory Facilities) Rev. Ref. Ser. 15B	5.000		07/01/2045		7,099,560
	1,000,000	New York State Dormitory Auth. Non State Supported Debt (The New School Project) Rev. Ref. Ser. 16A	5.000		07/01/2046		1,108,810
	750,000	New York State Dormitory Auth. Non State Supported Debt Rev. Ref. Ser. 16A	5.000		07/01/2041		845,985
	3,000,000	North Carolina State Capital Facilities Financing Agency (Duke University) Rev. Ref. Ser. 15	5.000		10/01/2055		3,369,540
	6,100,000	Ohio State University Ser.14A	5.000		12/01/2039		6,932,101
	2,000,000	Pennsylvania State Higher Educational Facilities Auth. (Trustees University of Pennsylvania) Rev. Ser. 17A	5.000		08/15/2046		2,290,360
	2,710,000	Pennsylvania State University Ser. 10	5.000		03/01/2040		2,952,057
	1,950,000	Philadelphia Pennsylvania Auth. For Industrial Development (Thomas Jefferson University) Rev. Ref. Ser. 17A	5.000		09/01/2042		2,138,994
	5,000,000	Public Finance Auth. Wisconsin Lease Development (Central District Development Project) Rev. Ser. 16	5.000		03/01/2041		5,505,550
	500,000	University of California Rev. Ref. Ser. 16AR	5.000		05/15/2046		572,235
	2,000,000	University of Michigan Ref. Ser. 17A	5.000		04/01/2042		2,314,000
	2,000,000	University of Michigan Ref. Ser. 17A	5.000		04/01/2047		2,304,620
	7,515,000	University of Oregon General Rev. Ser. 15A	5.000		04/01/2045		8,445,582
	7,370,000	University of Vermont & State Agricultural College Ser. 09	5.125		10/01/2039		7,912,727
							96,250,504
		Electric Power Revenue - 4.3%
	2,000,000	American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A	5.000		02/15/2041		2,207,880
	2,000,000	American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A	5.000		02/15/2046		2,199,800
	3,500,000	Grand River Oklahoma Dam Auth. Rev. Ser. 14A	5.000		06/01/2039		3,908,730
	1,150,000	Guam Power Auth. Rev. Ser. 10A AGM	5.000		10/01/2037		1,255,892
	9,835,000	Guam Power Auth. Rev. Ser. 12A AGM	5.000		10/01/2030		10,955,698
	2,500,000	Imperial California Irrigation District Electric Rev. Ser. 16B-1	5.000		11/01/2046		2,833,900
	200,000	Kentucky State Municipal Power Agency Power System (Prairie State Project) Rev. Ser. 07A NATL(a)	5.000		09/01/2017		204,864
	700,000	Kentucky State Municipal Power Agency Power System (Prairie State Project) Rev. Ser. 07A NATL(a)	5.000		09/01/2017		717,024
	2,500,000	Long Island Power Auth. New York Auth. Ref. Ser. 14A	5.000		09/01/2039		2,754,800
	4,200,000	Long Island Power Auth. New York Electric Systems General Rev. Ser. 11A AGM	5.000		05/01/2036		4,617,228
	2,500,000	Los Angeles California Department of Water & Power Rev. Ref. Ser. 15A	5.000		07/01/2035		2,853,725
	1,900,000	Lower Colorado River Texas Auth. Rev. Ref. Ser. 12A	5.000		05/15/2039		2,078,638
	1,000,000	Lower Colorado River Texas Auth. Rev. Ref. Ser. 13	5.000		05/15/2039		1,104,150
	500,000	Lower Colorado River Texas Auth. Transmission Contract Ref. Ser. 15	5.000		05/15/2040		554,290
	2,050,000	Municipal Energy Agency of Nebraska Ref. Ser. 09A BHAC(a)	5.375		04/01/2019		2,233,639
	1,000,000	Snohomish County Washington Public Utility District No.1 Electric System Rev. Ser. 15	5.000		12/01/2040		1,126,850
	3,000,000	Springfield Illinois Electric (Senior Lien) Rev. Ref. Ser. 15 AGM	5.000		03/01/2040		3,294,420

Schedule of Investments

$	10,000,000	Utility Debt Securitization Auth. New York Restructuring Bonds Ref. Ser. 15	5.000	%	12/15/2033	$	11,657,600
							56,559,128
		Fuel Sales Tax Revenue - 0.7%
	3,250,000	Connecticut State Special Tax Obligation (Transportation Infrastructure) Rev. Ser. 14A	5.000		09/01/2034		3,685,500
	2,000,000	Kansas State Department of Transportation Highway Rev. Ser. 15	5.000		09/01/2035		2,307,200
	3,000,000	Massachusetts State Transportation Fund (Rail Enhancement Program) Rev. Ser. 15A	5.000		06/01/2045		3,410,940
							9,403,640
		General Fund - 1.7%
	500,000	California State Ref. Ser. 07 NATL	4.250		08/01/2033		501,090
	4,000,000	California State Ref. Ser. 16	5.000		09/01/2036		4,579,440
	3,000,000	California State Ser. 16	5.000		09/01/2046		3,426,600
	7,975,000	California State Various Purpose Ser. 09	6.500		04/01/2033		8,864,452
	5,000,000	California State Various Purpose Ser. 09	6.000		04/01/2038		5,488,550
							22,860,132
		Health, Hospital, Nursing Home Revenue - 9.7%
	650,000	Birmingham Alabama Special Care Facilities Financing Auth. Health Care Facilities (Children’s Hospital) Rev. Ser. 09 AGC(a)	6.000		06/01/2019		721,168
	1,000,000	California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B	5.000		08/15/2035		1,154,060
	500,000	California State Health Facilities Financing Auth. (Children’s Hospital Los Angeles) Rev. Ser. 10A AGM	5.250		07/01/2038		537,105
	2,615,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 11D	5.000		08/15/2035		2,935,625
	8,000,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B	5.000		11/15/2046		8,903,600
	1,000,000	California State Municipal Financing Auth. (Northbay Healthcare Group) Rev. Ser. 17A	5.250		11/01/2041		1,078,250
	730,000	California Statewide Communities Development Auth. (Adventist Remarketed 05/23/08) Rev. Ser. 07B AGC(a)	5.000		05/23/2018		765,726
	1,000,000	California Statewide Communities Development Auth. (Catholic Healthcare West) Rev. Ser. 07K AGC(a)	5.500		07/01/2017		1,013,920
	905,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A	4.000		08/15/2046		886,529
	5,000,000	Christian County Kentucky Hospital (Hospital-Jennie Stuart Medical Center) Rev. Ser. 06 AGC(a)	5.500		02/01/2018		5,225,600
	2,500,000	Cobb County Georgia Kennestone Hospital Auth. Certificates Rev. Sub.-Ser. 05B AMBAC	5.500		04/01/2037		2,718,125
	1,570,000	District of Columbia Hospital (Children’s Hospital Obligation Group) Rev. Ser. 08 AGC(a)	5.250		07/15/2018		1,665,346
	3,000,000	Gwinnett County Georgia Hospital Auth. RAC (Gwinnett Hospital System) Ser. 07D AGM	5.500		07/01/2041		3,210,450
	1,250,000	Hamilton County Ohio Health Care & Improvement (Life Enriching Communities Project) Rev. Ref. Ser. 16	5.000		01/01/2046		1,258,887
	4,400,000	Hamilton County Ohio Health Care Facilities (Christ Hospital Project) Rev. Ser. 12 AGM	5.000		06/01/2042		4,792,084
	3,800,000	Harris County Health Facilities Development Corp. Thermal Utility (TECO Project) Rev. Ser. 08 AGC	5.125		11/15/2037		4,019,868
	2,000,000	Hawaii State Department of Budget and Finance Special Purpose (Queens Health Systems) Rev. Ref. Ser. 15A	5.000		07/01/2035		2,241,800
	1,000,000	Illinois Finance Auth. (Carle Foundation) Rev. Ser. 11A AGM	6.000		08/15/2041		1,139,610
	1,000,000	Illinois Finance Auth. (Southern Illinois Healthcare) Rev. Ser. 05 AGM	5.250		03/01/2030		1,077,290
	1,700,000	Indiana Health & Educational Facilities Finance Auth. (St. Francis) Rev. Ref. Ser. 06E AGM(a)	5.250		05/01/2018		1,789,505
	3,000,000	Indiana State Health & Educational Facilities Financing Auth. (Acension Senior Credit Group Ser. 2006B-7 Remarketed 11/3/16) Rev. Ref. Ser. 06	5.000		11/15/2046		3,335,910
	1,050,000	Lakeland Florida Hospital Systems (Lakeland Regional Health) Rev. Ser. 15	5.000		11/15/2040		1,124,697
	1,500,000	Lancaster County Pennsylvania Hospital Auth. (University of Pennsylvania Health System) Ref. Ser. 16	5.000		08/15/2046		1,661,865
	2,500,000	Maine Health & Higher Educational Facilities Auth. (Eastern Main Healthcare System) Rev. Ser. 16A	5.000		07/01/2041		2,529,850
	1,500,000	Maine Health & Higher Educational Facilities Auth. (Eastern Main Healthcare System) Rev. Ser. 16A	5.000		07/01/2046		1,511,145
	6,750,000	Massachusetts State Development Finance Agency (Dana-Farber Cancer Institute) Rev. Ser. 16N	5.000		12/01/2046		7,391,723
	6,595,000	Medford Oregon Hospital Facilities Auth. (Asanthe Health System) Rev. Ref. Ser. 10 AGM	5.500		08/15/2028		7,270,790
	2,000,000	Medical Center Hospital Auth. Georgia RAC (Columbus Regional Healthcare) Ser. 10 AGM	5.000		08/01/2041		2,095,340

Schedule of Investments

$	1,200,000	Medical Center Hospital Auth. Georgia RAC (Columbus Regional Healthcare) Ser. 10 AGM	5.000	%	08/01/2045	$	1,253,580
	2,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A	5.000		07/01/2035		2,210,120
	3,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A	5.000		07/01/2040		3,280,170
	2,750,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A	5.000		07/01/2046		2,993,183
	1,000,000	New Hope Cultural Education Facilities Finance Corp. Texas Senior Living (Cardinal Bay Inc. - Village on the Park Carriage Inn Project) Rev. Ser. 16A-1	5.000		07/01/2046		1,068,880
	1,000,000	New Hope Cultural Education Facilities Finance Corp. Texas Senior Living (Cardinal Bay Inc. - Village on the Park Carriage Inn Project) Rev. Ser. 16A-1	5.000		07/01/2051		1,064,660
	500,000	New Jersey Health Care Facilities Financing Auth. (Barnabas Health) Rev. Ref. Ser. 11A(a)	5.625		07/01/2021		585,945
	1,000,000	New Jersey Health Care Facilities Financing Auth. (Princeton Healthcare System) Rev. Ref. Ser. 16A	5.000		07/01/2039		1,081,050
	3,000,000	New Jersey Health Care Facilities Financing Auth. (University Hospital) Rev. Ser. 15A AGM	5.000		07/01/2046		3,201,450
	10,000,000	New Jersey Health Care Facilities Financing Auth. (Virtua Health) Rev. Ser. 09 AGC	5.500		07/01/2038		10,804,300
	2,500,000	New York State Dormitory Auth. Non State Supported Debt (New York University Hospitals Center) Rev. Ref. Ser. 15	5.000		07/01/2034		2,782,725
	1,000,000	Ohio State Higher Educational Facilities Community (Summa Health System 2010 Project) Rev. Ser. 10 AGM	5.250		11/15/2035		1,081,010
	2,500,000	Palm Beach County Florida Health Facilities Auth. Health Facilities (Bethesda Healthcare System, Inc. Project) Rev. Ser. 10A AGM	5.250		07/01/2040		2,686,350
	985,000	Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ref. Ser. 05B AGM	5.000		07/01/2038		1,048,168
	15,000	Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ser. 05B AGM(a)	5.000		07/01/2020		16,795
	4,350,000	South Carolina Jobs-Economic Development Auth. Hospital (Palmetto Health) Rev. Ref. Ser. 11A AGM	6.500		08/01/2039		5,076,146
	1,000,000	South Fork Municipal Auth. Pennsylvania Hospital (Conemaugh Valley Memorial Hospital) Rev. Ser. 10B AGC(a)	5.375		07/01/2020		1,131,080
	1,750,000	Tampa Florida Health System (BayCare Obligated Group) Rev. Ser. 16A	5.000		11/15/2046		1,940,435
	750,000	Tarrant County Texas Cultural Education Facilities Finance Corp. Hospital (Baylor Scott & White Health Project) Rev. Ref. Ser. 16A	5.000		11/15/2045		831,615
	2,050,000	Washington State Health Care Facilities Auth. (Multicare Health System Remarketed) Rev. Ser. 07B AGM	5.500		08/15/2038		2,147,006
	850,000	Washington State Health Care Facilities Auth. (Providence Health) Rev. Ser. 06E AGM	5.250		10/01/2033		902,904
	3,100,000	Wisconsin State Health & Educational Facilities Auth. (Ascension Health Credit Group) Rev. Ref. Ser. 16A	5.000		11/15/2039		3,450,269
	1,500,000	Wisconsin State Health & Educational Facilities Auth. (Prohealth Care Obligated Group) Rev. Ref. Ser. 15	5.000		08/15/2039		1,628,265
							126,321,974
		Highway Tolls Revenue - 7.7%
	2,500,000	Bay Area California Auth. Toll Bridge Rev. Ser. 14S-6	5.000		10/01/2054		2,746,600
	5,000,000	Bay Area California Auth. Toll Bridge Rev. Ser. 17F-1	4.000		04/01/2056		5,012,200
	1,250,000	Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16	5.000		01/01/2040		1,351,700
	700,000	Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16	5.000		01/01/2046		754,222
	7,500,000	Delaware River Port Auth. Pennsylvania & New Jersey Rev. Ser. 10D AGM	5.000		01/01/2040		8,143,200
	1,000,000	Harris County Texas (Senior Lien) Ref. Ser. 16A	5.000		08/15/2041		1,138,140
	1,000,000	Harris County Texas (Senior Lien) Ref. Ser. 16A	5.000		08/15/2047		1,132,670
	4,000,000	Illinois State Toll Highway Auth. Senior Ser. 16B	5.000		01/01/2041		4,433,680
	8,000,000	New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A	5.000		01/01/2046		8,834,720
	5,000,000	New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A	5.000		01/01/2051		5,493,700
	4,000,000	New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A	5.250		01/01/2056		4,499,080
	3,000,000	New York State Thruway Auth. Ref. Ser. 14	5.000		01/01/2032		3,397,350
	1,500,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B	5.000		11/15/2038		1,729,350
	525,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 15A	5.000		11/15/2040		593,707
	4,000,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A	5.000		11/15/2041		4,577,880
	3,000,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A	5.000		11/15/2046		3,425,640

Schedule of Investments

$	4,250,000	North Carolina Turnpike Auth. Triangle Expressway System Rev. Ser. 09A AGC	5.500	%	01/01/2029	$	4,524,125
	4,000,000	North Carolina Turnpike Auth. Triangle Expressway System Rev. Ser. 09A AGC	5.750		01/01/2039		4,267,320
	2,500,000	North Texas Tollway Auth. Rev. Ref. Ser. 15B	5.000		01/01/2040		2,766,300
	1,800,000	North Texas Tollway Auth. Rev. Ref. Ser. 16A	5.000		01/01/2039		1,999,404
	15,000,000	Pennsylvania State Turnpike Commission Rev. Ser. 14B	5.250		12/01/2039		16,708,050
	8,800,000	Pennsylvania State Turnpike Commission Rev. Sub.-Ser. 12B AGM	5.000		12/01/2042		9,828,632
	2,500,000	Texas State Transportation Commission Turnpike System Rev. Ref. Ser. 15C	5.000		08/15/2042		2,712,075
							100,069,745
		Hotel Occupancy Tax - 1.3%
	3,950,000	Harris County Houston Texas Sports Auth. (Senior Lien) Rev. Ref. Ser. 14A	5.000		11/15/2053		4,236,296
	2,215,000	Miami-Dade County Florida Special Obligation Ref. Sub.-Ser. 12B	5.000		10/01/2037		2,429,656
	2,000,000	New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15	5.000		11/15/2040		2,247,720
	3,000,000	New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15	5.000		11/15/2045		3,359,460
	4,000,000	New York State Convention Center Development Corp. (Senior Lien-Hotel Unit Fee Secured) Rev. Ser. 16A	5.000		11/15/2046		4,479,400
							16,752,532
		Income Tax Revenue - 3.5%
	1,200,000	District of Columbia Income Tax Secured Rev. Ser. 11G	5.000		12/01/2036		1,353,660
	4,150,000	New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2011) Rev. Ser.11D	5.000		02/01/2035		4,584,629
	2,000,000	New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev. Sub.-Ser.14A-1	5.000		08/01/2035		2,271,180
	4,330,000	New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev. Sub.-Ser.14B-1	5.000		08/01/2042		4,879,867
	1,850,000	New York City Transitional Finance Auth. Future Tax Secured Rev. Sub.-Ser.16B-1	4.000		08/01/2041		1,921,170
	7,500,000	New York City Transitional Finance Auth. Rev. Sub.-Ser. 16A-1	5.000		05/01/2040		8,547,375
	1,325,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 10F	5.000		02/15/2035		1,446,807
	4,000,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C	5.000		03/15/2041		4,399,480
	4,500,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B	5.000		03/15/2042		5,013,315
	1,905,000	New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 14E	5.000		02/15/2044		2,144,897
	7,530,000	New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 15A	5.000		03/15/2035		8,561,685
	1,000,000	New York State Urban Development Corp. State Personal Income Tax Rev. Ser. 13A-1	5.000		03/15/2043		1,108,710
							46,232,775
		Lease Revenue - 1.6%
	1,500,000	California State Public Works Board Lease Rev. Ser. 14B	5.000		10/01/2039		1,686,555
	500,000	Kern County California COP (Capital Improvements Projects) Ser. 09A AGC(a)	5.750		02/01/2019		545,880
	2,250,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A	5.000		12/01/2039		2,531,880
	1,000,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A	5.000		12/01/2044		1,120,130
	4,000,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D	5.000		12/01/2045		4,510,640
	500,000	Miami-Dade County Florida School Board COP Ser. 09A AGC(a)	5.375		02/01/2019		541,695
	1,000,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A	5.000		11/15/2046		1,067,820
	2,000,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A	5.000		11/15/2051		2,142,920
	4,000,000	Richmond Joint Powers Financing Auth. Lease (Civic Center Project) Rev. Ser. 09 AGC	5.750		08/01/2029		4,357,040
	2,000,000	Sandy Spring Georgia Public Facilities Auth. (City Center Project) Rev. Ser. 15	5.000		05/01/2041		2,312,180
							20,816,740
		Local or GTD Housing - 0.2%
	2,440,000	New York State Dormitory Auth. Non State Supported Debt (North Shore Long Island Jewish Obligation Group) Rev. Ref. Ser. 15A	5.000		05/01/2036		2,687,318
		Lottery Revenue - 0.6%
	7,500,000	Arizona State Lottery Rev. Ser. 10A AGM	5.000		07/01/2029		8,123,175
		Miscellaneous Revenue - 3.1%
	5,000,000	Alamo Texas Regional Mobility Auth. (Senior Lien) Ser. 16	5.000		06/15/2046		5,609,400

Schedule of Investments

$	3,500,000	California State Various Purpose (Green Bonds) Ser. 14	5.000	%	10/01/2037	$	3,973,550
	5,000,000	California State Various Purpose Ser.14	5.000		10/01/2039		5,672,850
	2,500,000	Dallas Texas Civic Center & Improvement Rev. Ref. Ser. 09 AGC	5.250		08/15/2034		2,692,925
	2,025,000	Indianapolis Indiana Local Public Improvement Bond Bank (PILOT Infrastructure Project) Ser. 10F AGM	5.000		01/01/2035		2,191,455
	535,000	Indianapolis Indiana Local Public Improvement Bond Bank (PILOT Infrastructure Project) Ser. 10F AGM	5.000		01/01/2040		575,826
	2,190,000	Kansas City Missouri Special Obligation & Improvement (Downtown Arena Project) Ref. Ser. 16E	5.000		04/01/2040		2,413,314
	1,000,000	Kentucky Economic Development Financial Auth. (Louisville Arena Project) Rev. Sub.-Ser. 08A-1 AGC	6.000		12/01/2033		1,047,030
	5,545,000	Kentucky Economic Development Financial Auth. (Louisville Arena Project) Rev. Sub.-Ser. 08A-1 AGC	6.000		12/01/2038		5,799,072
	1,500,000	Kentucky Economic Development Financial Auth. (Louisville Arena Project) Rev. Sub.-Ser. 08A-1 AGC	6.000		12/01/2042		1,568,730
	2,000,000	Maryland State Stadium Auth. Baltimore City Public Schools Rev. Ser. 16	5.000		05/01/2041		2,279,300
	400,000	New Jersey State Transportation Trust Fund Auth. (Transit System) Ser. 07A AMBAC	5.000		12/15/2032		409,512
	500,000	New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC	6.500		01/01/2046		544,170
	3,000,000	New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser. 15S-1	5.000		07/15/2040		3,367,620
	2,500,000	Newark New Jersey Housing Auth. Rev. (City-Secured Police Facilities) Rev. Ref. Ser. 16 AGM	5.000		12/01/2038		2,733,375
							40,878,129
		Miscellaneous Taxes - 0.5%
	2,000,000	Chicago Illinois Board of Education Dedicated Capital Improvement Ser. 17	6.000		04/01/2046		2,002,820
	2,970,000	Miami-Dade County Florida Special Obligation Ref. Sub.-Ser. 16	5.000		10/01/2035		3,332,548
	1,000,000	Tuscaloosa Alabama City Board of Education School Tax Warrants Ser. 16	5.000		08/01/2046		1,115,210
							6,450,578
		Natural Gas Revenue - 0.3%
	3,655,000	Chula Vista California Industrial Development (San Diego Gas - Remarketed 06/17/09) Rev. Ser. 04A	5.875		02/15/2034		3,995,098
		Nuclear Revenue - 1.8%
	2,000,000	South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 14C	5.000		12/01/2039		2,227,080
	4,000,000	South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 16A	5.000		12/01/2036		4,474,040
	3,000,000	South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 16A	5.000		12/01/2037		3,350,460
	5,000,000	South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 16B	5.000		12/01/2036		5,619,200
	2,500,000	South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 16B	5.000		12/01/2056		2,701,475
	5,000,000	South Carolina State Public Service Auth. Obligation Rev. Ser. 14A	5.000		12/01/2049		5,453,050
							23,825,305
		Port, Airport & Marina Revenue - 7.3%
	3,000,000	Birmingham Alabama Airport Auth. Airport Rev. Ser. 10 AGM	5.250		07/01/2030		3,292,800
	1,500,000	Birmingham Alabama Airport Auth. Airport Rev. Ser. 10 AGM	5.500		07/01/2040		1,656,570
	3,500,000	Chicago Illinois Midway Airport Rev. Ref. Ser. 16B	5.000		01/01/2041		3,823,330
	2,500,000	Chicago Illinois Midway Airport Rev. Ref. Ser. 16B	5.000		01/01/2046		2,723,050
	4,000,000	Chicago Illinois O’Hare International Airport Rev. Ref. Ser. 15B	5.000		01/01/2033		4,402,920
	1,250,000	Chicago Illinois O’Hare International Airport Rev. Ser. 15D	5.000		01/01/2046		1,348,137
	1,000,000	City of Cleveland Ohio Airport System Rev. Ref. Ser. 12A AGM	5.000		01/01/2031		1,092,200
	2,000,000	Dallas Fort Worth Texas International Airport Rev. Ref. Ser. 12B	5.000		11/01/2035		2,207,900
	2,000,000	Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A	5.000		05/15/2040		2,206,760
	1,500,000	Manchester New Hampshire General Airport Remarketed Rev. Ref. Ser. 09A AGM	5.125		01/01/2030		1,556,205
	1,500,000	Metropolitan Nashville Tennessee Airport Auth. Rev. Ser. 15A	5.000		07/01/2045		1,666,230
	3,250,000	Miami-Dade County Florida Aviation Rev. Ref. Ser. 16	5.000		10/01/2041		3,618,518
	7,000,000	Miami-Dade County Florida Aviation Rev. Ser. 10B AGM	5.000		10/01/2035		7,654,920
	600,000	Philadelphia Pennsylvania Airport Rev. Ser. 10A AGM	5.000		06/15/2035		651,240
	2,000,000	Phoenix Arizona Civic Improvement Corp. Airport (Junior Lien) Rev. Ser. 15A	5.000		07/01/2045		2,212,400
	17,960,000	Port Auth. of New York & New Jersey (194th Series) Ref. Ser. 15	5.000		10/15/2041		20,384,061
	3,500,000	Port Auth. of New York & New Jersey (Consolidated) Ref. Ser. 15-189	5.000		05/01/2045		3,926,510
	6,000,000	Port Auth. of New York & New Jersey (Consolidated-One Hundred Eighty-Fourth) Ref. Ser. 14	5.000		09/01/2039		6,804,000
	2,400,000	Sacramento County California Airport System Senior Rev. Ref. Ser. 16A	5.000		07/01/2041		2,682,528
	2,250,000	Sacramento County California Airport System Senior Rev. Ref. Sub.-Ser. 16B	5.000		07/01/2041		2,505,330
	2,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B	5.000		05/01/2044		2,216,180

Schedule of Investments

$	12,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C	5.000	%	05/01/2046	$	13,542,720
	2,000,000	San Jose California Airport Rev. Ser. 07B AMBAC	5.000		03/01/2037		2,005,820
	500,000	Wayne County Michigan Airport Auth. Rev. Ser. 15D	5.000		12/01/2040		545,425
							94,725,754
		Recreational Revenue - 0.3%
	3,000,000	New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09 AGC	7.000		03/01/2049		3,328,680
		Sales Tax Revenue - 8.5%
	5,240,000	Bi-State Development Agency of Missouri-Illinois Metropolitan District Mass Transit Sales Tax (MetroLink Cross County Extension) Ser. 09 AGC	5.000		10/01/2035		5,618,538
	2,500,000	Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser. 16S-1	5.000		11/01/2041		2,876,500
	3,000,000	Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser. 16S-1	5.000		11/01/2046		3,847,290
	10,000,000	Chicago Illinois Transit Auth. Sales Tax Receipts Second Lien Rev. Ser. 17 AGM	5.000		12/01/2051		10,679,900
	5,305,000	Dallas Texas Area Rapid Transit Sales Tax Rev. Ref. Ser. 16A	5.000		12/01/2048		5,973,589
	1,000,000	Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A	5.000		08/01/2042		1,138,550
	750,000	Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A	5.000		08/01/2044		852,600
	1,815,000	Illinois Regional Transportation Auth. Ser. 00 NATL	6.500		07/01/2030		2,375,381
	300,000	Illinois Regional Transportation Auth. Ser. 06A NATL	4.500		07/01/2035		300,579
	7,145,000	Massachusetts State Bay Transportation Auth. Sales Tax (Senior Lien) Rev. Ser. 15A	5.000		07/01/2040		8,109,789
	8,770,000	Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ref. Ser. 15C	5.000		08/15/2037		9,962,282
	3,000,000	Pittsburgh & Allegheny County Pennsylvania Sports & Exhibition Auth. Sales (Regional Asset District) Ref. Ser. 10 AGM	5.000		02/01/2031		3,277,860
	2,500,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Rev. First Sub.-Ser. 10A AGM	5.000		08/01/2040		2,553,700
	15,295,000	Regional Transportation District Colorado Sales Tax (Fastracks Project) Rev. Ser. 10A	5.000		11/01/2038		16,925,753
	26,500,000	Sales Tax Asset Receivables Corp. (Fiscal 2015) Ref. Ser. 14A	4.000		10/15/2032		28,556,135
	6,620,000	San Diego County California Regional Transportation Commission Ser. 16A	5.000		04/01/2048		7,593,934
							110,642,380
		Sewer Revenue - 4.6%
	24,375,000	Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 12 AGM	5.000		01/01/2037		25,820,438
	2,500,000	Chicago Illinois Wastewater Transmission Rev. Ser. 08A BHAC	5.500		01/01/2038		2,574,875
	2,000,000	Detroit Michigan Sewage Disposal (Second Lien-Remarketed) Rev. Ser. 06A BHAC(a)	5.500		07/01/2018		2,123,060
	5,000,000	Detroit Michigan Water & Sewerage Department Sewerage Disposal System (Senior Lien-Remarketed) Rev. Ref. Ser. 12A AGM	5.000		07/01/2039		5,397,750
	500,000	Fresno California Sewer Rev. Ser. 08A AGC	5.000		09/01/2037		526,625
	5,000,000	Jefferson County Alabama Sewer (Senior Lien) Rev. Ser. 13A AGM	5.500		10/01/2053		5,656,300
	5,595,000	King County Washington Sewer & Improvement Rev. Ref. Ser. 16B	5.000		07/01/2039		6,285,255
	1,000,000	Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15A	5.000		06/01/2044		1,131,490
	1,500,000	Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15C	5.000		06/01/2045		1,696,065
	1,000,000	Metropolitan St. Louis Missouri Sewer District Wastewater System Rev. Ser. 16C	5.000		05/01/2046		1,144,810
	6,500,000	Northeast Ohio Regional Sewer District Ref. Ser. 14	5.000		11/15/2049		7,258,680
							59,615,348
		Student Loan Revenue - 0.2%
	2,220,000	Maine Educational Loan Auth. Student Loan Rev. Ser. 09A-3 AGC	5.875		12/01/2039		2,363,723
		Tax Increment Revenue - 1.8%
	17,000,000	Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM	5.000		09/01/2044		18,642,880
	4,000,000	Miami Beach Florida Redevelopment Agency Tax Increment (City Center) Rev. Ref. Ser. 15A AGM	5.000		02/01/2040		4,411,440
							23,054,320
		Transit Revenue - 5.8%
	1,000,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM	5.000		10/01/2036		1,116,860
	940,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM	5.000		10/01/2037		1,046,587

Schedule of Investments

$	5,075,000	Metropolitan Transportation Auth. New York (Green Bonds) Rev. Ser. 16A-1	5.250	%	11/15/2056	$	5,730,335
	5,000,000	Metropolitan Transportation Auth. New York Rev. Ref. Sub.-Ser. 15C-1	5.000		11/15/2035		5,635,550
	6,500,000	Metropolitan Transportation Auth. New York Rev. Ser. 12E AGM	5.000		11/15/2042		7,207,720
	10,690,000	Metropolitan Transportation Auth. New York Rev. Ser. 14A-1	5.000		11/15/2044		11,848,475
	13,190,000	Metropolitan Transportation Auth. New York Rev. Ser.13A-1	5.000		11/15/2040		14,555,824
	10,000,000	Metropolitan Transportation Auth. New York Rev. Sub.-Ser. 15A-1	5.000		11/15/2045		11,108,600
	15,000,000	New Jersey State Transportation Trust Fund Auth. (Transit System) Ser. 08A AGC	5.500		12/15/2038		15,816,600
	1,250,000	Northern Indiana Commuter Transportation District Rev. Ser. 16	5.000		07/01/2041		1,392,912
							75,459,463
		Water Revenue - 15.0%
	9,500,000	Atlanta Georgia Water & Wastewater Rev. Ser. 09-B AGM	5.250		11/01/2034		10,434,325
	1,000,000	Austin Texas Water & Wastewater System Rev. Ref. Ser. 16	5.000		11/15/2041		1,146,580
	1,000,000	Austin Texas Water & Wastewater System Rev. Ref. Ser. 16	5.000		11/15/2045		1,144,780
	9,510,000	Baltimore Maryland Project (Water Projects) Rev. Sub.-Ser. 17A	5.000		07/01/2046		10,736,410
	2,160,000	Bucks County Pennsylvania Water & Sewer Auth. System Rev. Ser. 11 AGM	5.000		12/01/2041		2,336,947
	2,250,000	Chicago Illinois Waterworks (Second Lien) Rev. Ref. Ser. 08 AGM	5.250		11/01/2033		2,336,738
	200,000	City of Cape Coral Florida Water & Sewer Rev. Ref. Ser. 11 AGM	5.000		10/01/2041		222,658
	2,500,000	District of Columbia Water & Sewer Auth. Public Utility (Sub.-Lien) Rev. Ref. Ser. 16A	5.000		10/01/2039		2,848,575
	3,000,000	El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM	5.000		03/01/2034		3,361,950
	3,500,000	El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM	5.250		03/01/2039		3,975,160
	1,500,000	Florida Municipal Loan Council Ser. 11D AGM	5.500		10/01/2041		1,698,585
	190,000	Houston Texas Utility System Combine (First Lien) Rev. Ref. Ser. 09A AGC	6.000		11/15/2035		210,041
	1,275,000	Indianapolis Indiana Local Public Improvement Bond Bank (Waterworks Project) Ser. 09A AGC(a)	5.500		01/01/2019		1,380,341
	5,260,000	Indianapolis Indiana Local Public Improvement Bond Bank (Waterworks Project) Ser. 09A AGC	5.500		01/01/2038		5,671,595
	1,500,000	Los Angeles California Department of Water & Power Ref. Ser. 16A	5.000		07/01/2046		1,715,475
	8,000,000	Los Angeles California Department of Water & Power Rev. Ser. 12B	5.000		07/01/2043		9,028,880
	10,000,000	Massachusetts State Water Resources Auth. (Green Bonds) Ref. Ser. 16C	5.000		08/01/2040		11,499,900
	1,000,000	Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGC	5.000		10/01/2027		1,107,400
	20,000,000	Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGC	5.000		10/01/2029		22,133,000
	1,500,000	Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGC	4.625		10/01/2030		1,627,830
	600,000	New York City Municipal Water Finance Auth. Rev. Ref. Ser. 14EE	5.000		06/15/2036		680,094
	5,000,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2009) Rev. Ser. 09EE	5.000		06/15/2039		5,399,950
	6,095,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2009) Rev. Ser. 09GG-1	5.250		06/15/2032		6,626,850
	3,295,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2012) Rev. Ser. 11BB	5.000		06/15/2044		3,682,426
	10,205,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2012) Rev. Ser. 12CC	5.000		06/15/2045		11,395,005
	9,640,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2013) Rev. Ser. 12BB	5.000		06/15/2047		10,775,206
	15,000,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2013) Rev. Ser. 13CC	5.000		06/15/2047		16,672,650
	500,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2013) Rev. Ser. 13EE	5.000		06/15/2047		555,755
	11,180,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2014) Rev. Ser. 14CC-1	5.000		06/15/2047		12,562,183
	1,000,000	New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution) Rev. Ser. 08DD	6.000		06/15/2040		1,061,180
	1,000,000	New York State Environmental Facilities Corp. (State Clean Water & Drinking Water Sub. SRF Bonds) Ref. Ser. 16A	5.000		06/15/2041		1,153,480
	5,000,000	North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 09 AGC	5.250		12/15/2034		5,445,100
	2,500,000	North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 11 AGM	5.000		12/15/2036		2,716,725
	2,000,000	North Sumter County Florida Utility Dependent District Utility Rev. Ser. 10 AGM	5.375		10/01/2040		2,193,380
	875,000	Philadelphia Pennsylvania Water & Wastewater Rev. Ser. 10C AGM	5.000		08/01/2040		953,881
	285,000	Port St. Lucie Florida Utility System Rev. Ref. Ser. 09 AGC	5.000		09/01/2035		299,763
	4,050,000	Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC	5.125		07/01/2047		4,132,701
	5,000,000	San Diego County California Water Auth. Ref. Ser. 16B	5.000		05/01/2037		5,802,300
	5,000,000	San Diego County California Water Auth. Ref. Ser. 16B	5.000		05/01/2038		5,793,550
	1,000,000	San Jacinto Texas River Auth. Special Project (GRP Project) Rev. Ser. 11 AGM	5.000		10/01/2037		1,072,240
	1,000,000	Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A	5.000		09/01/2040		1,112,710

Schedule of Investments

$	1,500,000	Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A	5.000	%	09/01/2045	$	1,663,185
							196,367,484
		Total Investments (Cost $1,267,404,691)(b)(c) - 98.1%					1,280,039,580
		Other assets less liabilities - 1.9%					24,440,967
		Net Assets - 100.0%				$	1,304,480,547

Investment Abbreviations:

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - American Municipal Bond Assurance Corp.

Auth. - Authority

BAM - Build America Mutual

BHAC - Berkshire Hathaway Assurance Corp.

COP - Certificate of Participation

GTD - Grant To Date

NATL - National Public Finance Guarantee Corp.

PILOT - Payment-in-lieu-of-taxes

PSF-GTD - Permanent School Fund Guaranteed

RAC - Revenue Anticipation Certificates

Ref. - Refunding

Rev. - Revenue

Ser. - Series

SRF - State Revolving Fund

Sub. - Subordinated

Notes to Schedule of Investments:

^(a)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)  The following table provides a listing of those entities that have either guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the value of securities held in the portfolio, as of January 31, 2017. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations.

Entities	Percentage of Total Investments
Assured Guaranty Municipal Corp.	18.9%
Assured Guaranty Corp.	10.2

^(c) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. The net unrealized appreciation was $12,634,889, which consisted of aggregate gross unrealized appreciation of $30,362,295 and aggregate gross unrealized depreciation of $17,727,406.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares New York AMT-Free Municipal Bond Portfolio (PZT)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds - 98.7%
		Ad Valorem Property Tax - 7.3%
$	2,000,000	New York City New York Ser. 16B-1		4.000	%		12/01/2043	$	2,039,080
	500,000	New York City New York Sub.-Ser. 16A-1		5.000			08/01/2038		572,785
	1,750,000	New York State (Fiscal 2015) Ref. Ser. 14A		5.000			08/01/2032		2,001,195
									4,613,060
		College & University Revenue - 13.4%
	1,000,000	Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16		5.000			07/01/2041		1,056,290
	1,500,000	New York State Dormitory Auth. (New York University) Rev. Ser. 01 AMBAC		5.500			07/01/2040		1,923,720
	1,500,000	New York State Dormitory Auth. (The New School) Rev. Ser. 10 AGM(a)		5.500			07/01/2020		1,705,545
	500,000	New York State Dormitory Auth. Non State Supported Debt (Fordham University) Rev. Ser. 08B AGC(a)		5.000			07/01/2018		528,425
	2,000,000	New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A		5.000			07/01/2035		2,181,980
	1,000,000	New York State Dormitory Auth. Non State Supported Debt (The New School Project) Rev. Ref. Ser. 16A		5.000			07/01/2046		1,108,810
									8,504,770
		Electric Power Revenue - 8.2%
	1,000,000	Guam Power Auth. Rev. Ser. 12A AGM		5.000			10/01/2030		1,113,950
	2,000,000	Long Island Power Auth. New York Electric Systems Rev. Ref. Ser. 14A		5.000			09/01/2044		2,195,440
	185,000	New York State Power Auth. Rev. Ser. 07A NATL		4.500			11/15/2047		189,246
	1,500,000	Utility Debt Securitization Auth. New York (Restructuring) Ser. 13TE		5.000			12/15/2041		1,700,940
									5,199,576
		Health, Hospital, Nursing Home Revenue - 5.2%
	500,000	Dutchess County New York Local Development Corp. (Health Quest Systems Inc. Project) Rev. Ser. 16B		5.000			07/01/2046		540,935
	1,500,000	New York State Dormitory Auth. Non State Supported Debt (New York University Hospitals Center) Rev. Ref. Ser. 15		5.000			07/01/2034		1,669,635
	935,000	New York State Dormitory Auth. State Supported Debt (Mental Health Services Facilities Improvement) Rev. Ser. 08A AGM(a)		5.000			08/15/2018		992,456
	65,000	New York State Dormitory Auth. State Supported Debt (Mental Health Services Facilities Improvement) Rev. Ser. 08A AGM		5.000			02/15/2038		68,281
									3,271,307
		Highway Tolls Revenue - 7.2%
	1,000,000	New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A		5.000			01/01/2046		1,104,340
	600,000	New York State Thruway Auth. General Rev. Ser. 07H NATL		5.000			01/01/2037		618,648
	1,000,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B		5.000			11/15/2038		1,152,900
	1,470,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A		5.000			11/15/2046		1,678,564
									4,554,452
		Hotel Occupancy Tax - 3.4%
	1,885,000	New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15		5.000			11/15/2040		2,118,476
		Income Tax Revenue - 11.6%
	1,000,000	New York City Transitional Finance Auth. Rev. Sub.-Ser. 16A-1		5.000			05/01/2040		1,139,650
	1,000,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 10F		5.000			02/15/2035		1,091,930
	2,170,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C		5.000			03/15/2041		2,386,718
	785,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B		5.000			03/15/2037		884,412
	1,200,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B		5.000			03/15/2042		1,336,884
	500,000	New York State Urban Development Corp. Personal Income Tax Rev. Ser. 07C NATL(a)		4.500			03/15/2018		520,000
									7,359,594
		Lease Revenue - 3.8%
	1,000,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A		5.000			11/15/2046		1,067,820
	1,240,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A		5.000			11/15/2051		1,328,610
									2,396,430

Schedule of Investments

		Miscellaneous Revenue - 13.8%
$	2,000,000	Brooklyn Arena New York Local Development Corp. PILOT (Barclays Center Project) Rev. Ref. Ser. 16A	5.000	%	07/15/2042	$	2,172,300
	2,500,000	New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC	6.500		01/01/2046		2,720,850
	1,000,000	New York City Transitional Finance Auth. Building Aid (Fiscal 2007) Rev. Ser. 06S-1 NATL	5.000		07/15/2036		1,003,110
	1,000,000	New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser. 15S-2	5.000		07/15/2035		1,136,380
	600,000	New York City Transitional Finance Auth. Building Aid Rev. Ser. 07S-2 NATL	4.250		01/15/2034		601,260
	1,000,000	New York City Transitional Finance Auth. Building Aid Rev. Ser. 16S-1	5.000		07/15/2043		1,126,740
							8,760,640
		Port, Airport & Marina Revenue - 3.4%
	1,000,000	Port Auth. of New York & New Jersey (Consolidated-One Hundred Forty- Eighth) Ser. 07 AGM	5.000		08/15/2033		1,022,850
	1,000,000	Port Auth. of New York & New Jersey Ref. Ser. 15-194	5.250		10/15/2055		1,136,640
							2,159,490
		Recreational Revenue - 3.5%
	2,000,000	New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09 AGC	7.000		03/01/2049		2,219,120
		Sales Tax Revenue - 7.5%
	1,000,000	New York State Dormitory Auth. Sales Tax Supported Debt Rev. Ser. 14A	5.000		03/15/2034		1,137,670
	1,435,000	Puerto Rico Sales Tax Financing Corp. Sales Tax Rev. First Sub.-Ser. 10C AGM	5.125		08/01/2042		1,475,912
	2,000,000	Sales Tax Asset Receivables Corp. (Fiscal 2015) Ref. Ser. 14A	4.000		10/15/2032		2,155,180
							4,768,762
		Sewer Revenue - 3.2%
	2,000,000	New York City Municipal Finance Auth. Water & Sewer System Rev. Ser. 07AA NATL	4.750		06/15/2033		2,024,720
		Transit Revenue - 3.6%
	600,000	Metropolitan Transportation Auth. New York Rev. Ser. 07A NATL(a)	4.750		11/15/2017		618,558
	1,500,000	Metropolitan Transportation Auth. New York Rev. Ser. 11A AGM	5.000		11/15/2036		1,680,540
							2,299,098
		Water Revenue - 3.6%
	1,000,000	New York City Municipal Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2014) Rev. Ser. 13BB	5.000		06/15/2046		1,112,120
	1,000,000	New York State Environmental Facilities Corp. (State Clean Water & Drinking Water Sub. SRF Bonds) Ref. Ser. 16A	5.000		06/15/2041		1,153,480
							2,265,600
		Total Investments (Cost $62,161,349)(b)(c) - 98.7%					62,515,095
		Other assets less liabilities - 1.3%					834,934
		Net Assets - 100.0%				$	63,350,029

Investment Abbreviations:

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - American Municipal Bond Assurance Corp.

Auth. - Authority

NATL - National Public Finance Guarantee Corp.

PILOT - Payment-in-lieu-of-taxes

Ref. - Refunding

Rev. - Revenue

Ser. - Series

SRF - State Revolving Fund

Sub. - Subordinated

Notes to Schedule of Investments:

^(a)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)  The following table provides a listing of those entities that have either guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the value of securities held in the portfolio, as of January 31, 2017. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations.

Entities	Percentage of Total Investments
Assured Guaranty Municipal Corp.	12.9%
Assured Guaranty Corp.	8.7
National Public Finance Guarantee Corp.	6.4

Schedule of Investments

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. The net unrealized appreciation was $353,746, which consisted of aggregate gross unrealized appreciation of $1,393,182 and aggregate gross unrealized depreciation of $1,039,436.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares Preferred Portfolio (PGX)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Preferred Stocks and Other Equity Interests - 99.9%
		Banks - 43.5%
	143,640	Associated Banc-Corp., 5.38%, Series D(b)	$	3,279,301
	1,045,199	Bank of America Corp., 6.00%, Series EE(b)		26,725,738
	1,297,234	Bank of America Corp., 6.20%, Series CC		33,403,776
	347,182	Bank of America Corp., 6.20%, Series D		8,804,536
	1,836,805	Bank of America Corp., 6.38%, Series 3		47,132,416
	2,551,128	Bank of America Corp., 6.50%, Series Y(b)		66,711,997
	946,760	Bank of America Corp., 6.63%, Series I(b)		24,416,940
	1,839,649	Bank of America Corp., 6.63%, Series W		48,437,958
	4,965,693	Barclays Bank PLC, 8.13%, Series 5 (United Kingdom)		128,114,879
	488,535	BB&T Corp., 5.63%(b)		12,281,770
	2,844,086	BB&T Corp., 5.63%, Series E(b)		71,557,204
	383,237	BB&T Corp., 5.85%		9,676,734
	187,637	BOK Financial Corp., 5.38%		4,435,739
	971,608	Citigroup Capital XIII, 7.41%		25,086,919
	1,302,288	Citigroup, Inc., 6.30%, Series S		33,625,076
	2,566,149	Citigroup, Inc., 6.88%, Series K		71,364,604
	816,314	Citigroup, Inc., 6.88%, Series L(b)		21,567,016
	202,185	Commerce Bancshares, Inc., 6.00%, Series B		5,434,733
	1,728,918	Countrywide Capital V, 7.00%(b)		44,000,963
	168,561	Cullen/Frost Bankers, Inc., 5.38%		4,235,938
	585,347	Fifth Third Bancorp, 6.63%, Series I		16,354,595
	113,257	First Horizon National Corp., 6.20%, Series A		2,847,281
	248,700	First Republic Bank, 5.50%, Series D		6,055,845
	167,948	First Republic Bank, 5.50%, Series G		4,052,585
	188,667	First Republic Bank, 5.70%, Series F(b)		4,756,295
	234,754	First Republic Bank, 6.20%, Series B		6,061,348
	200,459	First Republic Bank, 7.00%, Series E		5,538,682
	193,003	Hancock Holding Co., 5.95%		4,846,305
	4,668,055	HSBC Holdings PLC, 8.00%, Series 2 (United Kingdom)		121,649,513
	4,281,231	HSBC Holdings PLC, 8.13% (United Kingdom)		112,938,874
	107,193	Huntington Bancshares, Inc., 5.88%, Series C		2,670,178
	612,657	Huntington Bancshares, Inc., 6.25%, Series D		15,843,310
	113,098	ING Groep NV, 6.13% (Netherlands)		2,857,986
	19,818	ING Groep NV, 6.20% (Netherlands)		501,197
	431,696	ING Groep NV, 6.38% (Netherlands)		10,982,346
	1,302,235	JPMorgan Chase & Co., 5.45%, Series P(b)		32,725,166
	793,398	JPMorgan Chase & Co., 5.50%, Series O(b)		19,779,412
	1,596,855	JPMorgan Chase & Co., 6.10%, Series AA(b)		41,182,890
	2,435,053	JPMorgan Chase & Co., 6.13%, Series Y(b)		63,360,079
	1,746,424	JPMorgan Chase & Co., 6.15%, Series BB		45,389,560
	866,632	JPMorgan Chase & Co., 6.30%, Series W(b)		22,662,427
	984,810	JPMorgan Chase & Co., 6.70%, Series T		26,767,136
	631,068	KeyCorp, 6.13%, Series E(b)		17,291,263
	301,431	People’s United Financial, Inc., 5.63%, Series A(b)		7,822,134
	2,326,049	PNC Financial Services Group, Inc. (The), 6.13%, Series P		65,966,750

637,819	Regions Financial Corp., 6.38%, Series A(b)	$	16,289,897
618,023	Regions Financial Corp., 6.38%, Series B		16,674,261
1,625,304	Royal Bank of Scotland Group PLC, 5.75%, Series L (United Kingdom)		39,819,948
1,230,893	Royal Bank of Scotland Group PLC, 6.60%, Series S (United Kingdom)(b)		31,153,902
151,086	Santander Finance Preferred SAU, 6.50% (Spain)		3,804,345
585,104	SunTrust Banks, Inc., 5.88%, Series E		14,668,557
134,778	TCF Financial Corp., 6.45%, Series B		3,400,449
216,712	TCF Financial Corp., 7.50%		5,602,005
320,542	Texas Capital Bancshares, Inc., 6.50%, Series A		8,135,356
1,686,529	U.S. Bancorp, 6.00%, Series G		42,854,702
492,618	U.S. Bancorp, 6.50%, Series F		14,409,077
161,198	Valley National Bancorp, 6.25%, Series A		4,513,544
143,685	Webster Financial Corp., 6.40%, Series E		3,662,531
640,973	Wells Fargo & Co., 5.13%, Series O		15,319,255
654,403	Wells Fargo & Co., 5.20%(b)		15,646,776
1,371,924	Wells Fargo & Co., 5.50%, Series X		32,926,176
1,066,264	Wells Fargo & Co., 5.70%, Series W		26,475,335
1,862,118	Wells Fargo & Co., 5.85%		48,359,204
926,112	Wells Fargo & Co., 6.00%, Series T(b)		24,023,345
1,145,809	Wells Fargo & Co., 6.00%, Series V(b)		29,791,034
819,559	Wells Fargo & Co., 6.63%(b)		23,455,779
4,350,836	Wells Fargo & Co., 8.00%, Series J		115,775,746
162,303	Wintrust Financial Corp., 6.50%, Series D		4,374,066
296,024	Zions Bancorp, 5.75%, Series H		7,370,998
193,316	Zions Bancorp, 7.90%, Series F		4,999,152
			1,904,702,834
	Capital Markets - 15.4%
268,941	Affiliated Managers Group, Inc., 6.38%		6,833,791
387,423	Apollo Investment Corp., 6.88%		10,038,130
384,991	Ares Management LP, 7.00%, Series A		9,982,817
743,278	Bank of New York Mellon Corp. (The), 5.20%(b)		18,381,265
118,616	BGC Partners, Inc., 8.13%		3,053,176
802,686	Charles Schwab Corp. (The), 5.95%, Series D		20,853,782
620,778	Charles Schwab Corp. (The), 6.00%, Series B(b)		15,786,384
779,750	Charles Schwab Corp. (The), 6.00%, Series C(b)		20,429,450
1,042,446	Deutsche Bank Contingent Capital Trust III, 7.60% (Germany)(b)		26,655,344
3,892,832	Deutsche Bank Contingent Capital Trust V, 8.05% (Germany)(b)		101,174,704
1,586,897	Goldman Sachs Group, Inc. (The), 5.50%, Series J(b)		40,640,432
891,137	Goldman Sachs Group, Inc. (The), 5.95%(b)		22,510,121
680,107	Goldman Sachs Group, Inc. (The), 6.20%, Series B(b)		17,444,744
607,355	Goldman Sachs Group, Inc. (The), 6.30%, Series N(b)		15,943,069
1,030,693	Goldman Sachs Group, Inc. (The), 6.38%, Series K(b)		27,540,117
230,962	KKR & Co. LP, 6.50%, Series B(b)		5,924,175
412,463	KKR & Co. LP, 6.75%, Series A		10,769,409
543,779	KKR Financial Holdings LLC, 7.38%, Series A		14,143,692
551,106	Legg Mason, Inc., 5.45%		12,548,684
412,740	Legg Mason, Inc., 6.38%		10,615,673
1,198,537	Morgan Stanley, 5.85%, Series K		30,107,249
1,390,707	Morgan Stanley, 6.38%, Series I		36,839,828
983,984	Morgan Stanley, 6.63%, Series G(b)		25,859,099
679,833	Morgan Stanley, 6.88%, Series F		18,722,601
1,013,681	Morgan Stanley, 7.13%, Series E		29,153,466
516,518	Northern Trust Corp., 5.85%, Series C		13,326,164
161,635	OM Asset Management PLC, 5.13%		3,533,341
205,692	Prospect Capital Corp., 6.25%		5,333,594

Schedule of Investments^(a)

441,732	Raymond James Financial, Inc., 6.90%	$	11,233,245
127,930	Solar Capital Ltd., 6.75%(b)		3,205,926
574,311	State Street Corp., 5.25%, Series C		14,076,363
496,308	State Street Corp., 5.35%, Series G		12,640,965
1,027,497	State Street Corp., 5.90%, Series D		27,002,621
983,642	State Street Corp., 6.00%, Series E(b)		25,977,985
186,796	Stifel Financial Corp., 6.25%, Series A		4,838,016
			673,119,422
	Chemicals - 0.1%
58,708	E.I. du Pont de Nemours & Co., 4.50%, Series B		6,209,545
	Commercial Services & Supplies - 0.6%
513,200	NuStar Logistics LP, 7.63%		13,343,200
553,360	Pitney Bowes, Inc., 6.70%		14,514,633
			27,857,833
	Consumer Finance - 3.1%
735,926	Capital One Financial Corp., 5.20%, Series G		16,492,102
1,113,086	Capital One Financial Corp., 6.00%, Series B(b)		28,149,945
617,402	Capital One Financial Corp., 6.00%, Series H(b)		15,675,837
659,175	Capital One Financial Corp., 6.20%, Series F(b)		17,006,715
588,894	Capital One Financial Corp., 6.25%, Series C		15,222,910
606,268	Capital One Financial Corp., 6.70%, Series D(b)		16,478,364
724,912	Discover Financial Services, 6.50%, Series B		18,702,729
29,606	GMAC Capital Trust I, 6.69%, Series 2		760,874
412,033	Navient Corp., 6.00%		8,899,913
			137,389,389
	Diversified Telecommunication Services - 3.3%
1,294,666	Qwest Corp., 6.13%(b)		31,809,944
1,245,174	Qwest Corp., 6.50%		30,693,539
462,825	Qwest Corp., 6.63%(b)		11,603,023
544,309	Qwest Corp., 6.88%(b)		13,972,412
549,500	Qwest Corp., 7.00%		13,830,915
241,700	Qwest Corp., 7.00%		6,291,451
461,198	Qwest Corp., 7.00%		11,649,861
317,432	Qwest Corp., 7.50%(b)		8,043,727
643,264	Verizon Communications, Inc., 5.90%		16,995,035
			144,889,907
	Electric Utilities - 6.6%
300,941	BGE Capital Trust II, 6.20%		7,779,325
648,972	Duke Energy Corp., 5.13%(b)		16,237,279
351,280	Entergy Arkansas, Inc., 4.88%(b)		7,875,698
37,280	Entergy Arkansas, Inc., 4.90%		874,589
285,610	Entergy Louisiana LLC, 4.88%		6,431,937
331,752	Entergy Louisiana LLC, 5.25%		8,091,431
344,825	Entergy Mississippi, Inc., 4.90%		7,734,425
252,924	Entergy New Orleans, Inc., 5.50%		6,292,749
597,917	Entergy Texas, Inc., 5.63%		15,946,446
257,211	Interstate Power & Light Co., 5.10%, Series D(b)		6,852,101
966,544	NextEra Energy Capital Holdings, Inc., 5.00%		21,979,211
786,526	NextEra Energy Capital Holdings, Inc., 5.13%, Series I		18,318,191
623,502	NextEra Energy Capital Holdings, Inc., 5.25%, Series K		14,465,246
374,333	NextEra Energy Capital Holdings, Inc., 5.63%, Series H		9,178,645
461,707	NextEra Energy Capital Holdings, Inc., 5.70%, Series G		11,436,482
150,731	Pacific Gas & Electric Co., 6.00%, Series A		4,656,081

570,674	PPL Capital Funding, Inc., 5.90%, Series B	$	14,306,797
1,228,582	SCE Trust I, 5.63%		30,382,833
224,451	SCE Trust III, 5.75%, Series H		5,871,638
398,651	SCE Trust IV, 5.38%, Series J		10,452,629
357,832	SCE Trust V, 5.45%, Series K		9,532,645
949,439	Southern Co. (The), 5.25%		21,884,569
1,285,583	Southern Co. (The), 6.25%		33,733,698
			290,314,645
	Equity REITs - 8.9%
175,275	Alexandria Real Estate Equities, Inc., 6.45%, Series E		4,404,661
136,574	Boston Properties, Inc., 5.25%		3,300,994
394,448	DDR Corp., 6.50%, Series J		9,920,367
385,528	Digital Realty Trust, Inc., 5.88%, Series G		9,487,844
309,148	Digital Realty Trust, Inc., 6.35%, Series I		7,963,652
357,802	Digital Realty Trust, Inc., 6.63%, Series F		9,077,437
459,731	Digital Realty Trust, Inc., 7.38%, Series H		12,601,227
258,604	DuPont Fabros Technology, Inc., 6.63%, Series C(b)		6,834,904
137,536	EPR Properties, 6.63%, Series F(b)		3,476,910
240,676	Equity Commonwealth, 5.75%		5,889,342
388,268	Government Properties Income Trust, 5.88%		9,531,979
73,482	Kilroy Realty Corp., 6.38%, Series H		1,848,072
65,912	Kilroy Realty Corp., 6.88%, Series G		1,664,278
789,287	Kimco Realty Corp., 6.00%, Series I		19,866,354
419,642	National Retail Properties, Inc., 5.20%, Series F(b)		9,324,445
413,527	National Retail Properties, Inc., 5.70%, Series E		10,032,165
368,196	National Retail Properties, Inc., 6.63%, Series D		9,307,995
329,877	PS Business Parks, Inc., 5.20%, Series W(b)		7,336,464
244,087	PS Business Parks, Inc., 5.70%, Series V(b)		6,026,508
525,456	PS Business Parks, Inc., 6.00%, Series T		13,330,819
643,330	Public Storage, 4.90%, Series E(b)		13,973,128
522,449	Public Storage, 4.95%, Series D		11,472,980
397,850	Public Storage, 5.13%, Series C		9,106,786
437,671	Public Storage, 5.20%, Series W(b)		10,530,364
828,417	Public Storage, 5.40%, Series B(b)		19,923,429
302,869	Public Storage, 5.88%, Series A		7,771,619
273,419	Public Storage, 5.90%, Series S		6,890,159
395,360	Public Storage, 6.00%, Series Z		10,386,107
260,328	Public Storage, 6.38%, Series Y		6,966,377
519,562	Realty Income Corp., 6.63%, Series F		13,139,723
302,642	Regency Centers Corp., 6.63%, Series 6		7,620,526
471,080	Senior Housing Properties Trust, 5.63%(b)		11,136,331
320,212	Senior Housing Properties Trust, 6.25%		8,267,874
309,360	SL Green Realty Corp., 6.50%, Series I		7,808,246
339,052	Ventas Realty LP/Ventas Capital Corp., 5.45%		8,740,761
1,067,876	VEREIT, Inc., 6.70%, Series F		27,006,584
209,970	Vornado Realty Trust, 5.40%, Series L		4,825,111
574,983	Vornado Realty Trust, 5.70%, Series K		13,908,839
692,443	Vornado Realty Trust, 6.63%, Series I		17,608,825
134,174	Washington Prime Group, Inc., 6.88%, Series I		3,409,361
365,625	Welltower, Inc., 6.50%, Series J		9,239,344
			390,958,891
	Industrial Conglomerates - 1.6%
1,149,984	General Electric Co., 4.70%(b)		29,301,592
897,748	General Electric Co., 4.88%		22,623,250
758,236	General Electric Co., 4.88%		19,031,724
			70,956,566
	Insurance - 11.8%
1,679,991	Aegon NV, 6.38% (Netherlands)		42,570,972
837,115	Aegon NV, 8.00% (Netherlands)		21,513,856
642,070	Aflac, Inc., 5.50%(b)		16,193,005
591,660	Allstate Corp. (The), 5.10%		15,572,491
402,815	Allstate Corp. (The), 5.63%(b)		10,324,148

Schedule of Investments^(a)

314,644	Allstate Corp. (The), 6.25%, Series F	$	8,161,865
1,101,813	Allstate Corp. (The), 6.63%, Series E		29,120,918
476,903	Allstate Corp. (The), 6.75%, Series C		12,580,701
147,368	American Financial Group, Inc., 6.00%		3,744,621
371,135	American Financial Group, Inc., 6.25%		9,794,253
334,226	American Financial Group, Inc., 6.38%		8,592,951
583,579	Arch Capital Group Ltd., 5.25%, Series E(b)		12,856,245
428,795	Arch Capital Group Ltd., 6.75%, Series C		10,895,681
164,381	Argo Group US, Inc., 6.50%		4,199,935
274,046	Aspen Insurance Holdings Ltd., 5.63% (Bermuda)		6,303,058
215,642	Aspen Insurance Holdings Ltd., 5.95% (Bermuda)(b)		5,660,603
394,177	Aspen Insurance Holdings Ltd., 7.25% (Bermuda)		10,169,767
431,080	Assured Guaranty Municipal Holdings, Inc., 6.25%		10,811,486
266,385	Axis Capital Holdings Ltd., 5.50%, Series D		6,395,904
705,242	Axis Capital Holdings Ltd., 5.50%, Series E		15,896,155
47,893	Axis Capital Holdings Ltd., 6.88%, Series C		1,213,609
301,529	Endurance Specialty Holdings Ltd., 6.35%, Series C		7,912,121
232,337	Hanover Insurance Group, Inc. (The), 6.35%		5,866,509
795,247	Hartford Financial Services Group, Inc. (The), 7.88%		24,239,129
196,034	Kemper Corp., 7.38%		5,214,504
195,904	Maiden Holdings Ltd., 7.13%, Series C		5,017,101
461,343	Maiden Holdings Ltd., 8.25%, Series A		11,981,078
192,498	Maiden Holdings North America Ltd., 7.75%		5,199,371
486,388	PartnerRe Ltd., 5.88%, Series I (Bermuda)		11,814,365
453,854	PartnerRe Ltd., 7.25%, Series H (Bermuda)		12,639,834
556,638	Protective Life Corp., 6.25%		14,038,410
934,329	Prudential Financial, Inc., 5.70%		23,881,449
692,101	Prudential Financial, Inc., 5.75%(b)		17,371,735
681,219	Prudential PLC, 6.50% (United Kingdom)		17,561,826
512,500	Reinsurance Group of America, Inc., 5.75%(b)		13,735,000
539,741	Reinsurance Group of America, Inc., 6.20%		15,215,299
512,769	RenaissanceRe Holdings Ltd., 5.38%, Series E (Bermuda)		12,250,051
242,435	Selective Insurance Group, Inc., 5.88%		6,094,816
133,196	Torchmark Corp., 5.88%		3,356,539
424,568	Torchmark Corp., 6.13%		10,919,889
194,356	Validus Holdings Ltd., 5.88%, Series A		4,687,867
458,743	W.R. Berkley Corp., 5.63%(b)		11,055,706
419,128	W.R. Berkley Corp., 5.75%		10,394,374
104,781	W.R. Berkley Corp., 5.90%		2,666,676
			515,685,873
	Internet Software & Services - 0.6%
964,040	eBay, Inc., 6.00%(b)		24,978,276
	Machinery - 0.6%
982,512	Stanley Black & Decker, Inc., 5.75%(b)		24,798,603
	Media - 0.2%
360,574	Comcast Corp., 5.00%(b)		9,248,723
	Mortgage REITs - 0.3%
428,892	Wells Fargo Real Estate Investment Corp., 6.38%, Series A		11,189,792
	Multi-Utilities - 1.5%
1,042,446	Dominion Resources, Inc., 5.25%, Series A		24,090,927

385,281	DTE Energy Co., 5.38%, Series B	$	9,131,160
642,701	DTE Energy Co., 6.00%, Series F		16,279,616
541,521	Integrys Holding, Inc., 6.00%		13,944,166
			63,445,869
	Oil, Gas & Consumable Fuels - 0.3%
293,442	NuStar Energy LP, 8.50%, Series A		7,834,901
162,484	Targa Resources Partners LP, 9.00%, Series A		4,478,059
			12,312,960
	Thrifts & Mortgage Finance - 0.1%
175,239	Astoria Financial Corp., 6.50%, Series C(b)		4,477,356
	Trading Companies & Distributors - 0.1%
181,750	GATX Corp., 5.63%		4,471,050
	Wireless Telecommunication Services - 1.3%
380,638	Telephone & Data Systems, Inc., 5.88%		9,268,535
704,198	Telephone & Data Systems, Inc., 6.63%		17,611,992
461,264	United States Cellular Corp., 6.95%		11,674,592
337,816	United States Cellular Corp., 7.25%		8,867,670
393,616	United States Cellular Corp., 7.25%		10,430,824
			57,853,613
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $4,416,594,981) - 99.9%		4,374,861,147
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 1.8%
78,064,475	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(c)(d) (Cost $78,064,475)		78,064,475
	Total Investments (Cost $4,494,659,456)(e) - 101.7%		4,452,925,622
	Other assets less liabilities - (1.7)%		(75,226,227	)
	Net Assets - 100.0%	$	4,377,699,395

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 January 31, 2017.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(d) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(e) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $4,500,715,870. The net unrealized depreciation was $47,790,248, which consisted of aggregate gross unrealized appreciation of $37,272,370 and aggregate gross unrealized depreciation of $85,062,618.

Schedule of Investments^(a)

This Fund has holdings greater than 10% of net assets in the following country:

United Kingdom 10.3 % 

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Treasury Collateral Portfolio (CLTL)

January 31, 2017

(Unaudited)

Principal Amount			Value
		Short-Term Investments - 99.8%
		U.S. Treasury Securities - 99.8%
		U.S. Treasury Bills - 50.6%(a)
$	12,654,000	0.469%, 02/02/2017	$	12,653,848
	370,000	0.501%, 02/02/2017		369,996
	10,602,000	0.455%, 02/09/2017		10,600,896
	310,000	0.498%, 02/09/2017		309,968
	10,602,000	0.450%, 02/16/2017		10,600,029
	310,000	0.488%, 02/16/2017		309,942
	10,260,000	0.461%, 02/23/2017		10,257,092
	300,000	0.490%, 02/23/2017		299,915
	12,654,000	0.467%, 03/02/2017		12,649,273
	370,000	0.490%, 03/02/2017		369,862
	9,576,000	0.483%, 03/09/2017		9,571,535
	280,000	0.487%, 03/09/2017		279,869
	9,576,000	0.476%, 03/16/2017		9,571,153
	280,000	0.485%, 03/16/2017		279,858
	9,576,000	0.482%, 03/23/2017		9,569,965
	280,000	0.485%, 03/23/2017		279,824
	370,000	0.482%, 03/30/2017		369,726
	12,654,000	0.488%, 03/30/2017		12,644,615
	5,280,000	0.490%, 04/06/2017		5,275,659
	5,130,000	0.495%, 04/13/2017		5,125,169
	150,000	0.507%, 04/13/2017		149,859
	150,000	0.490%, 04/20/2017		149,845
	5,130,000	0.505%, 04/20/2017		5,124,693
	7,866,000	0.505%, 04/27/2017		7,856,783
	230,000	0.510%, 04/27/2017		229,731
	5,130,000	0.505%, 05/04/2017		5,123,363
	150,000	0.512%, 05/04/2017		149,806
	5,130,000	0.503%, 05/11/2017		5,123,123
	150,000	0.530%, 05/11/2017		149,799
	5,130,000	0.506%, 05/18/2017		5,122,523
	150,000	0.530%, 05/18/2017		149,781
	7,524,000	0.522%, 05/25/2017		7,512,132
	220,000	0.547%, 05/25/2017		219,653
	4,104,000	0.528%, 06/01/2017		4,097,023
	120,000	0.546%, 06/01/2017		119,796
	3,762,000	0.532%, 06/08/2017		3,755,165
	110,000	0.555%, 06/08/2017		109,800
	3,762,000	0.537%, 06/15/2017		3,754,823
	110,000	0.555%, 06/15/2017		109,790
	6,498,000	0.545%, 06/22/2017		6,484,734
	190,000	0.557%, 06/22/2017		189,612
	3,762,000	0.554%, 06/29/2017		3,753,803
	110,000	0.563%, 06/29/2017		109,760
	80,000	0.595%, 07/20/2017		79,772
	2,736,000	0.603%, 07/20/2017		2,728,213
	80,000	0.628%, 08/17/2017		79,729
	2,736,000	0.632%, 08/17/2017		2,726,717
	2,736,000	0.625%, 09/14/2017		2,725,377
	80,000	0.633%, 09/14/2017		79,689
	2,736,000	0.665%, 10/12/2017		2,723,406
	80,000	0.674%, 10/12/2017		79,632
	2,736,000	0.727%, 11/09/2017		2,720,784
	80,000	0.735%, 11/09/2017		79,555
	2,736,000	0.750%, 12/07/2017		2,718,739
	80,000	0.764%, 12/07/2017		79,495
		(Cost $187,748,251)		187,754,699
		U.S. Treasury Notes - 48.7%
	4,224,000	0.625%, 02/15/2017		4,224,408

$	2,112,000	4.625%, 02/15/2017	$	2,115,412
	3,872,000	0.500%, 02/28/2017		3,872,315
	4,928,000	0.875%, 02/28/2017		4,929,777
	3,168,000	3.000%, 02/28/2017		3,174,154
	4,224,000	0.750%, 03/15/2017		4,225,512
	3,872,000	0.500%, 03/31/2017		3,872,242
	4,576,000	1.000%, 03/31/2017		4,579,923
	3,168,000	3.250%, 03/31/2017		3,182,048
	4,224,000	0.875%, 04/15/2017		4,227,417
	3,872,000	0.500%, 04/30/2017		3,872,088
	4,928,000	0.875%, 04/30/2017		4,932,594
	2,816,000	3.125%, 04/30/2017		2,833,990
	4,224,000	0.875%, 05/15/2017		4,227,420
	1,760,000	4.500%, 05/15/2017		1,779,232
	8,800,000	0.625%, 05/31/2017		8,802,406
	2,816,000	2.750%, 05/31/2017		2,835,910
	3,872,000	0.875%, 06/15/2017		3,876,084
	3,872,000	0.625%, 06/30/2017		3,872,454
	4,576,000	0.750%, 06/30/2017		4,578,512
	2,816,000	2.500%, 06/30/2017		2,838,116
	3,872,000	0.875%, 07/15/2017		3,875,479
	4,576,000	0.500%, 07/31/2017		4,571,978
	3,872,000	0.625%, 07/31/2017		3,871,436
	3,168,000	2.375%, 07/31/2017		3,195,132
	3,872,000	0.875%, 08/15/2017		3,876,008
	2,112,000	4.750%, 08/15/2017		2,157,499
	8,800,000	0.625%, 08/31/2017		8,798,281
	3,872,000	1.875%, 08/31/2017		3,897,637
	3,872,000	1.000%, 09/15/2017		3,878,882
	8,096,000	0.625%, 09/30/2017		8,090,307
	3,168,000	1.875%, 09/30/2017		3,191,203
	3,872,000	0.875%, 10/15/2017		3,875,176
	8,096,000	0.750%, 10/31/2017		8,095,209
	3,872,000	1.875%, 10/31/2017		3,903,687
	3,872,000	0.875%, 11/15/2017		3,874,420
	2,464,000	4.250%, 11/15/2017		2,530,220
	4,928,000	0.625%, 11/30/2017		4,920,589
	3,872,000	0.875%, 11/30/2017		3,874,117
	3,168,000	2.250%, 11/30/2017		3,205,874
	3,520,000	1.000%, 12/15/2017		3,525,088
	4,224,000	0.750%, 12/31/2017		4,219,957
	3,872,000	1.000%, 12/31/2017		3,876,613
	2,464,000	2.750%, 12/31/2017		2,506,206
		(Cost $180,653,473)		180,663,012
		U.S. Treasury Bonds - 0.5%
	1,056,000	8.750%, 05/15/2017		1,080,202
	704,000	8.875%, 08/15/2017		734,509
		(Cost $1,814,818)		1,814,711
Number of Shares
		Money Market Fund - 0.0%
	72,357	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(b) (Cost $72,357)		72,357
		Total Investments (Cost $370,288,899)(c) - 99.8%		370,304,779
		Other assets less liabilities - 0.2%		634,188
		Net Assets - 100.0%	$	370,938,967

Schedule of Investments

Notes to Schedule of Investments:

^(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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 January 31, 2017.

^(c)  In the Fund’s initial year of operations, the cost of investment for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period. At January 31, 2017, cost of investments is the same for tax and financial reporting purposes. The net unrealized appreciation was $15,880, which consisted of aggregate gross unrealized appreciation of $20,473 and aggregate gross unrealized depreciation of $4,593.

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

Schedule of Investments

PowerShares Variable Rate Preferred Portfolio (VRP)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Preferred Stocks and Other Equity Interests - 58.8%(a)
		Banks - 29.3%
	172,736	Bank of America Corp., 3.00%, Series H	$	3,480,630
	132,154	Bank of America Corp., 4.00%, Series 4		3,001,217
	213,597	Bank of America Corp., 4.00%, Series 5		4,852,710
	190,578	Bank of America Corp., 4.00%, Series E		4,219,397
	1,437,898	Citigroup Capital XIII, 7.41%		37,126,526
	936,370	Citigroup, Inc., 6.88%, Series K		26,040,450
	593,554	Citigroup, Inc., 7.13%, Series J		16,601,705
	295,437	Fifth Third Bancorp, 6.63%, Series I		8,254,510
	77,479	FNB Corp., 7.25%		2,322,046
	317,332	KeyCorp, 6.13%, Series E		8,694,897
	234,277	KeyCorp, 8.63%, Series C		5,983,435
	573,030	Merrill Lynch Capital Trust I, 6.45%, Series K		14,721,141
	389,033	Merrill Lynch Capital Trust III, 7.38%		10,095,406
	152,655	People’s United Financial, Inc., 5.63%, Series A		3,961,397
	977,265	PNC Financial Services Group, Inc. (The), 6.13%, Series P		27,715,235
	323,115	Regions Financial Corp., 6.38%, Series B		8,717,643
	203,214	Santander Finance Preferred SAU, 4.00%, Series 6 (Spain)		4,866,975
	120,562	SunTrust Banks, Inc., 4.00%		2,924,834
	89,628	Synovus Financial Corp., 7.88%, Series C		2,487,177
	638,264	U.S. Bancorp, 3.50%, Series B		14,839,638
	691,031	U.S. Bancorp, 6.00%, Series G		17,559,098
	701,744	U.S. Bancorp, 6.50%, Series F		20,526,012
	78,860	Valley National Bancorp, 6.25%, Series A		2,208,080
	1,119,192	Wells Fargo & Co., 5.85%		29,065,416
	533,798	Wells Fargo & Co., 6.63%		15,277,299
	86,029	Wintrust Financial Corp., 6.50%, Series D		2,318,482
	102,678	Zions Bancorp, 6.30%, Series G		2,777,440
				300,638,796
		Capital Markets - 14.6%
	468,411	Goldman Sachs Group, Inc. (The), 3.75%, Series A		10,600,141
	125,733	Goldman Sachs Group, Inc. (The), 4.00%, Series C		2,772,413
	874,907	Goldman Sachs Group, Inc. (The), 4.00%, Series D		19,247,954
	635,028	Goldman Sachs Group, Inc. (The), 5.50%, Series J		16,263,067
	456,505	Goldman Sachs Group, Inc. (The), 6.38%, Series K		12,197,814
	715,479	Morgan Stanley, 4.00%, Series A		16,248,528
	180,000	Morgan Stanley, 5.85%, Series K		4,521,600
	633,019	Morgan Stanley, 6.38%, Series I		16,768,673
	538,666	Morgan Stanley, 6.88%, Series F		14,834,862
	546,598	Morgan Stanley, 7.13%, Series E		15,720,158
	325,372	State Street Corp., 5.35%, Series G		8,287,225
	488,427	State Street Corp., 5.90%, Series D		12,835,861
				150,298,296
		Commercial Services & Supplies - 0.7%
	274,095	NuStar Logistics LP, 7.63%		7,126,470
		Consumer Finance - 4.3%
	1,708,554	GMAC Capital Trust I, 6.69%, Series 2		43,909,838
		Electric Utilities - 1.6%
	190,488	SCE Trust III, 5.75%, Series H		4,983,166
	224,591	SCE Trust IV, 5.38%, Series J		5,888,776
	202,058	SCE Trust V, 5.45%, Series K		5,382,825
				16,254,767
		Food Products - 1.6%
	323,603	CHS, Inc., 6.75%, Series 3		8,724,337
	274,813	CHS, Inc., 7.10%, Series 2		7,554,610
				16,278,947
		Insurance - 5.3%
	176,988	Aegon NV, 4.00%, Series 1 (Netherlands)		4,118,511
	342,768	Allstate Corp. (The), 5.10%		9,021,654
	190,151	Aspen Insurance Holdings Ltd., 5.95% (Bermuda)		4,991,464
	397,939	Hartford Financial Services Group, Inc. (The), 7.88%		12,129,181

Schedule of Investments

403,576	MetLife, Inc., 4.00%, Series A	$	9,714,074
262,865	Reinsurance Group of America, Inc., 5.75%		7,044,782
275,566	Reinsurance Group of America, Inc., 6.20%		7,768,205
			54,787,871
	Mortgage REITs - 0.2%
71,936	Resource Capital Corp., 8.63%		1,663,880
	Multi-Utilities - 0.6%
247,155	Integrys Holding, Inc., 6.00%		6,364,241
	Oil, Gas & Consumable Fuels - 0.6%
139,084	NuStar Energy LP, 8.50%, Series A		3,713,543
86,440	Targa Resources Partners LP, 9.00%, Series A		2,382,286
			6,095,829
	Total Preferred Stocks and Other Equity Interests (Cost $601,444,583)		603,418,935

Principal Amount			Interest Rate			Maturity Date
		Corporate Bonds - 40.6%
		Banks - 9.4%
$	6,745,000	BAC Capital Trust XIV, Series G		4.000	%		09/29/2049	5,328,550
	12,217,000	Goldman Sachs Capital II		4.000			12/29/2049	9,926,312
	2,484,000	Goldman Sachs Capital III, Series APEX		4.000			09/29/2049	2,005,830
	5,340,000	JPMorgan Chase Capital XXI, Series U(b)		1.985			02/02/2037	4,732,575
	9,451,000	JPMorgan Chase Capital XXIII(b)		1.906			05/15/2047	8,104,233
	8,000,000	Mellon Capital IV, Series 1		4.000			06/29/2049	6,590,000
	12,846,000	State Street Corp.(b)		1.963			06/15/2037	11,349,441
	10,585,000	USB Capital IX		3.500			10/29/2049	8,997,250
	39,452,000	Wachovia Capital Trust III		5.570			03/29/2049	39,085,096
								96,119,287
		Diversified Financial Services - 1.4%
	2,345,000	GE Capital Trust I		6.375			11/15/2067	2,391,900
	6,253,000	National Rural Utilities Cooperative Finance Corp.		4.750			04/30/2043	6,319,726
	5,650,000	National Rural Utilities Cooperative Finance Corp.		5.250			04/20/2046	5,885,543
								14,597,169
		Electric - 5.2%
	10,919,000	Dominion Resources, Inc.		5.750			10/01/2054	11,331,181
	19,278,000	Emera, Inc., Series 16-A (Canada)		6.750			06/15/2076	21,109,410
	5,140,000	NextEra Energy Capital Holdings, Inc.(b)		3.065			10/01/2066	4,473,116
	8,725,000	Southern Co. (The), Series B		5.500			03/15/2057	9,037,573
	7,876,000	WEC Energy Group, Inc.		6.250			05/15/2067	7,088,400
								53,039,680
		Hand/Machine Tools - 0.7%
	6,480,000	Stanley Black & Decker, Inc.		5.750			12/15/2053	6,901,200
		Insurance - 15.9%
	12,559,000	Allstate Corp. (The)		5.750			08/15/2053	13,312,540
	15,788,000	Chubb Corp. (The)		6.375			04/15/2037	15,472,240
	3,624,000	Everest Reinsurance Holdings, Inc.		6.600			05/15/2037	3,134,760
	9,337,000	Genworth Holdings, Inc.(b)		2.908			11/15/2066	3,594,745
	7,968,000	Hartford Financial Services Group, Inc. (The)		8.125			06/15/2038	8,575,560
	11,425,000	Lincoln National Corp.(b)		3.264			05/17/2066	9,825,500
	7,795,000	Lincoln National Corp.		6.050			04/20/2067	6,508,825
	6,350,000	Principal Financial Group, Inc.		4.700			05/15/2055	6,387,103
	9,414,000	Prudential Financial, Inc.		8.875			06/15/2038	10,237,725
	15,615,000	Prudential Financial, Inc.		5.875			09/15/2042	16,766,606
	23,563,000	Prudential Financial, Inc.		5.625			06/15/2043	24,947,326
	7,845,000	Prudential Financial, Inc.		5.200			03/15/2044	7,952,477
	15,780,000	Prudential Financial, Inc.		5.375			05/15/2045	16,332,300
	5,230,000	Reinsurance Group of America, Inc.(b)		3.628			12/15/2065	4,733,150
	4,035,000	StanCorp Financial Group, Inc.		6.900			06/01/2067	3,409,575
	12,121,000	Voya Financial, Inc.		5.650			05/15/2053	12,272,513
								163,462,945
		Miscellaneous Manufacturing - 0.4%
	4,495,000	General Electric Co., GMTN		6.375			11/15/2067	4,584,900

Schedule of Investments

		Pipelines - 7.6%
$	11,950,000	Enbridge, Inc., Series 16-A (Canada)	6.000	%	01/15/2077	$	12,129,250
	8,320,000	Enterprise Products Operating LLC, Series A(b)	4.742		08/01/2066		8,174,400
	10,937,000	Enterprise Products Operating LLC, Series B	7.034		01/15/2068		11,429,165
	15,460,000	TransCanada Pipelines Ltd. (Canada)	6.350		05/15/2067		14,358,475
	11,685,000	TransCanada Trust (Canada)	5.625		05/20/2075		12,033,213
	18,375,000	TransCanada Trust, Series 16-A (Canada)	5.875		08/15/2076		19,431,562
							77,556,065
		Total Corporate Bonds (Cost $406,206,524)					416,261,246
		Total Investments (Cost $1,007,651,107)(c) - 99.4%					1,019,680,181
		Other assets less liabilities - 0.6%					6,036,748
		Net Assets - 100.0%				$	1,025,716,929

Investment Abbreviations:

GMTN - Global Medium-Term Note

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)  Variable rate coupon. Stated interest rate was in effect at January 31, 2017.

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $1,008,401,234. The net unrealized appreciation was $11,278,947, which consisted of aggregate gross unrealized appreciation of $18,134,423 and aggregate gross unrealized depreciation of $6,855,476.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares VRDO Tax-Free Weekly Portfolio (PVI)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate(a)			Maturity Date		Value
		Municipal Bonds - 99.3%(b)
		College & University Revenue - 9.8%
$	2,500,000	Michigan State University (General Remarketed 2/25/15) Rev. Ser. 00A		0.650	%		08/15/2030	$	2,500,000
	600,000	Rhode Island State Health & Educational Building Corp. (Catholic School Pool Program) Rev. Ser. 05A (LOC-Citizens Bank of Rhode Island)(c)		0.690			04/01/2035		600,000
	2,500,000	University of Illinois (UIC South Campus Development) Ref. Ser. 08 (LOC-JPMorgan Chase Bank, N.A.)(c)		0.670			01/15/2022		2,500,000
	2,000,000	Waco Texas Educational Finance Corp. (Baylor University) Rev. Ref. Ser. 08A (LOC-Bank of New York Mellon Trust)(c)		0.660			02/01/2032		2,000,000
									7,600,000
		Electric Power Revenue - 6.5%
	300,000	Orlando Florida Utilities Commission Utility System (Remarketed 04/07/11) Rev. Ser. 08-1		0.660			10/01/2033		300,000
	2,500,000	Santa Clara California Electric Rev. Sub.-Ser. 08B (LOC-BK Tokyo- Mitsubishi UFJ)(c)		0.650			07/01/2027		2,500,000
	2,225,000	Sevier County Tennessee Public Building Auth. (Local Government Improvement Program) Ser. 10V-D-1 (LOC-Bank of America, N.A.)(c)		0.680			06/01/2026		2,225,000
									5,025,000
		Health, Hospital, Nursing Home Revenue - 30.3%
	1,800,000	Abag Finance Auth. For Nonprofit Corporations (Sharp HealthCare) Ser. 09A (LOC-Bank of America, N.A.)(c)		0.630			08/01/2024		1,800,000
	190,000	Arizona State Health Facilities Auth. (Banner Health) Ser. 08F (LOC-JPMorgan Chase Bank, N.A.)(c)		0.700			01/01/2029		190,000
	2,500,000	Arizona State Health Facilities Auth. (Dignity Health) Ser. 05B (LOC-JPMorgan Chase Bank, N.A.)(c)		0.670			07/01/2035		2,500,000
	2,500,000	Charlotte-Mecklenburg Hospital Auth. North Carolina Health Care System (Carolina-Remarketed) Rev. Ref. Ser. 07C		0.660			01/15/2037		2,500,000
	2,300,000	Cleveland-Cuyahoga County Ohio Port Auth. (Carnegie/89th Garage Project) Ser. 07 (LOC-JPMorgan Chase Bank, N.A.)(c)		0.630			01/01/2037		2,300,000
	2,500,000	Connecticut State Health & Educational Facilities Auth. (Yale New Heaven Hospital) Rev. Ser. 13O (LOC-Wells Fargo Bank, N.A.)(c)		0.630			07/01/2053		2,500,000
	195,000	DeKalb Georgia Private Hospital Auth. (Children’s Healthcare of Atlanta) Ser. 08		0.690			07/01/2042		195,000
	300,000	Louisiana State Public Facilities Auth. (Christus Health) Rev. Ref. Ser. 09B2 (LOC-Bank of New York Mellon Trust)(c)		0.650			07/01/2047		300,000
	2,900,000	Maryland State Health & Higher Educational Facilities Auth. (University of Maryland Medical Systems) Rev. Ser. 07A (LOC-Wells Fargo Bank, N.A.)(c)		0.660			07/01/2034		2,900,000
	2,500,000	Massachusetts State Health & Educational Facilities Auth. (Partners Healthcare P-1 - Remarketed 05/14/09) Rev. Ser. 97		0.670			07/01/2027		2,500,000
	2,500,000	Missouri State Health & Educational Facilities Auth. (BJC Health System) Ser. 08C		0.630			05/15/2038		2,500,000
	3,000,000	North Carolina Medical Care Commission Health Care Facilities (Pennybyrn at Maryfield) Ser. 05A		0.720			11/01/2034		3,000,000
	100,000	Rochester Minnesota Health Care Facilities (Mayo Foundation - Remarketed 04/10/08) Rev. Ser. 02A		0.620			08/15/2032		100,000
	135,000	University of North Carolina at Chapel Hill Rev. Ref. Ser. 03B		0.630			02/01/2029		135,000
									23,420,000
		Highway Tolls Revenue - 3.3%
	2,325,000	Bay Area California Auth. Toll Bridge Rev. Ser. 07 (LOC-Sumitomo Mitsui Banking)(c)		0.600			04/01/2047		2,325,000
	185,000	Massachusetts State Department of Transportation Highway System (Contract Assistance - Remarketed 11/20/14) Rev. Ref. Ser. 10A7		0.630			01/01/2029		185,000
									2,510,000
		Hotel Occupancy Tax - 0.4%
	300,000	Kansas City Missouri Special Obligation (H. Roe Bartle) Ref. Ser. 08F (LOC-Sumitomo Mitsui Banking)(c)		0.680			04/15/2025		300,000
		Income Tax Revenue - 2.6%
	2,000,000	New York City Transitional Finance Auth. (Future Tax Secured) Rev. Sub.-Ser. 99-B3		0.680			11/01/2028		2,000,000

Schedule of Investments

		Lease Revenue - 3.0%
$	2,300,000	Orange County Florida School Board COP Ser. 08C (LOC-Bank of America, N.A.)(c)	0.710	%	08/01/2025	$	2,300,000
		Local or GTD Housing - 8.4%
	2,500,000	Indianapolis Indiana Multifamily Housing (Capital Place-Convington) Rev. Ser. 08 (LOC-Fannie Mae)(c)	0.620		05/15/2038		2,500,000
	2,450,000	New York State Housing Finance Agency (222 E 44th Street Housing) Rev. Ser. 15A (LOC-Bank of China)(c)	0.750		05/01/2050		2,450,000
	1,500,000	New York State Housing Finance Agency (Manhattan West Residential Housing) Ser. 15A (LOC-Bank of China)(c)	0.870		11/01/2049		1,500,000
							6,450,000
		Miscellaneous Revenue - 5.4%
	1,990,000	Clarksville Tennessee Public Building Auth. (Pooled Financing Tennessee Municipal Bond Fund) Rev. Ser. 99 (LOC-Bank of America, N.A.)(c)	0.740		06/01/2029		1,990,000
	200,000	Montgomery County Tennessee Public Building Auth. (Pooled Funding Government Obligation - Tennessee County Loan Pool) Ser. 95 (LOC-Bank of America, N.A.)(c)	0.740		03/01/2025		200,000
	200,000	New York State Housing Finance Agency Service Contract (Remarketed 10/08/08) Rev. Ref. Ser. 03L (LOC-Bank of America, N.A.)(c)	0.640		09/15/2021		200,000
	1,800,000	New York State Urban Development Corp. (CVS Contract) Rev. Ref. Ser. 08A-1 (LOC-Wells Fargo Bank, N.A.)(c)	0.660		01/01/2030		1,800,000
							4,190,000
		Multiple Utility Revenue - 3.2%
	2,500,000	Colorado Springs Colorado Utilities Improvement (Sub.-Lien) Rev. Ser. 06B	0.690		11/01/2036		2,500,000
		Port, Airport & Marina Revenue - 3.2%
	2,500,000	Clark County Nevada Appropriation (Sub.-Lien) Rev. Ser. 08D-3 (LOC-Bank of America, N.A.)(c)	0.660		07/01/2029		2,500,000
		Sales Tax Revenue - 9.9%
	3,130,000	Florida State Department of Environmental Protection Preservation (Everglades Restoration) Rev. Ser. 07A AGC	0.670		07/01/2027		3,130,000
	2,000,000	Nassau County Interim Finance Auth. (Sales Tax Secured) Ser. 08B	0.660		11/15/2021		2,000,000
	2,500,000	San Diego County California Regional Transportation Commission (Limited Tax) Ser. 08C	0.630		04/01/2038		2,500,000
							7,630,000
		Sewer Revenue - 3.2%
	2,500,000	Irvine Ranch California Water District Ser. 95 (LOC-Sumitomo Mitsui Banking)(c)	0.630		01/01/2021		2,500,000
		Water Revenue - 10.1%
	100,000	Charlotte North Carolina Water & Sewer System Rev. Ser. 06B	0.610		07/01/2036		100,000
	2,500,000	Florida Keys Aqueduct Auth. Water Rev. Ref. Ser. 08 (LOC-TD Bank, N.A.)(c)	0.650		09/01/2035		2,500,000
	2,500,000	JEA Florida Water & Sewer System Rev. Ser. 08B	0.670		10/01/2041		2,500,000
	200,000	Massachusetts State Water Resources Auth. (Remarketed 05/07/11) Ref. Ser. 08C-2	0.650		11/01/2026		200,000
	2,500,000	West Palm Beach Florida Utility System Rev. Ser. 08C AGC	0.700		10/01/2038		2,500,000
							7,800,000
		Total Investments (Cost $76,725,000)(d)(e) - 99.3%					76,725,000
		Other assets less liabilities - 0.7%					550,959
		Net Assets - 100.0%				$	77,275,959

Investment Abbreviations:

AGC - Assured Guaranty Corp.

Auth. - Authority

COP - Certificate of Participation

GTD - Grant To Date

LOC - Letter of Credit

Ref. - Refunding

Rev. - Revenue

Ser. - Series

Sub. - Subordinated

Schedule of Investments

Notes to Schedule of Investments:

^(a)  Variable rate coupon. Stated interest rate was in effect at January 31, 2017.

^(b)  Demand Securities payable upon demand by the Fund for an amount equal to par value plus accrued interest at specified time intervals.

^(c)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(d)  The following table provides a listing of those entities that have either guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the value of securities held in the portfolio, as of January 31, 2017. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations.

Entities	Percentage of Total Investments
Bank of America, N.A.	14.6%
JPMorgan Chase Bank, N.A.	9.8
Wells Fargo Bank, N.A.	9.4
Assured Guaranty Corp.	7.3
Sumitomo Mitsui Banking	6.7
Bank of China	5.1

^(e)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. There was no unrealized appreciation (depreciation) for the three-month period ended January 31, 2017.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares DWA Momentum & Low Volatility Rotation Portfolio (DWLV)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Exchange-Traded Funds - 100.0%(a)
	9,727	PowerShares DWA Developed Markets Momentum Portfolio	$	217,885
	14,110	PowerShares DWA Emerging Markets Momentum Portfolio		219,975
	29,575	PowerShares DWA Momentum Portfolio		1,268,472
	32,581	PowerShares DWA SmallCap Momentum Portfolio		1,318,553
	12,958	PowerShares S&P 500® Low Volatility Portfolio		541,903
	23,882	PowerShares S&P Emerging Markets Low Volatility Portfolio		518,478
	17,534	PowerShares S&P International Developed Low Volatility Portfolio		518,655
	13,894	PowerShares S&P SmallCap Low Volatility Portfolio		591,051
		Total Exchange-Traded Funds (Cost $5,148,472)		5,194,972
		Money Market Fund - 0.0%
	982	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(b) (Cost $982)		982
		Total Investments (Cost $5,149,454)(c) - 100.0%		5,195,954
		Other assets less liabilities - (0.0)%		(916	)
		Net Assets - 100.0%	$	5,195,038

Notes to Schedule of Investments:

^(a) Affiliated company. The security and the Fund are affiliated by having the same investment adviser. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value January 31, 2017		Dividend Income
PowerShares DWA Developed Markets Momentum Portfolio		$490,096		$—		$(268,976)		$17,203		$(20,438)		$217,885		$2,437
PowerShares DWA Emerging Markets Momentum Portfolio		513,944		—		(276,804)		(2,176)		(14,989)		219,975		2,013
PowerShares DWA Momentum Portfolio		2,756,815		—		(1,567,726)		111,273		(31,890)		1,268,472		8,599
PowerShares DWA SmallCap Momentum Portfolio		2,607,193		—		(1,602,027)		244,711		68,676		1,318,553		7,377
PowerShares S&P 500® Low Volatility Portfolio		1,131,666		38,574		(653,749)		53,562		(28,150)		541,903		4,424
PowerShares S&P Emerging Markets Low Volatility Portfolio		1,196,291		—		(651,934)		1,668		(27,547)		518,478		5,042
PowerShares S&P International Developed Low Volatility Portfolio		1,165,505		—		(644,222)		26,256		(28,884)		518,655		13,413
PowerShares S&P SmallCap Low Volatility Portfolio		1,190,481		—		(724,184)		64,106		60,648		591,051		8,721
Total Investments in Affiliates		$11,051,991		$38,574		$(6,389,622)		$516,603		$(22,574)		$5,194,972		$52,026

^(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 January 31, 2017.

^(c) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $5,155,001. The net unrealized appreciation was $40,953, which consisted of aggregate gross unrealized appreciation of $123,626 and aggregate gross unrealized depreciation of $82,673.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares DWA SmallCap Momentum Portfolio (DWAS)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Consumer Discretionary - 8.9%
	71,788	Career Education Corp.(b)	$	701,369
	12,315	Dave & Buster’s Entertainment, Inc.(b)		670,675
	21,884	Dorman Products, Inc.(b)		1,510,434
	56,823	Eldorado Resorts, Inc.(b)		880,756
	11,968	Grand Canyon Education, Inc.(b)		705,873
	19,754	Hooker Furniture Corp.		655,833
	26,762	Horizon Global Corp.(b)		523,732
	36,762	Intrawest Resorts Holdings, Inc.(b)		757,665
	21,431	La-Z-Boy, Inc.		612,927
	6,879	LCI Industries		754,970
	21,396	Marcus Corp. (The)		634,391
	8,157	Marriott Vacations Worldwide Corp.		705,417
	26,865	Monarch Casino & Resort, Inc.(b)		638,312
	26,694	Nexstar Media Group, Inc., Class A		1,745,788
	15,957	Papa John’s International, Inc.		1,359,855
	75,158	Pier 1 Imports, Inc.		546,399
	45,348	Scientific Games Corp., Class A(b)		770,916
	14,625	Standard Motor Products, Inc.		729,349
	24,111	Tailored Brands, Inc.		512,359
	20,690	Winnebago Industries, Inc.		649,666
				16,066,686
		Consumer Staples - 2.7%
	19,366	Farmer Brothers Co.(b)		673,937
	20,863	John B. Sanfilippo & Son, Inc.		1,372,577
	49,476	MGP Ingredients, Inc.		2,097,287
	27,238	Omega Protein Corp.(b)		679,588
				4,823,389
		Energy - 10.1%
	52,226	Archrock, Inc.		762,500
	43,827	Callon Petroleum Co.(b)		669,676
	24,588	Clayton Williams Energy, Inc.(b)(c)		3,576,325
	148,316	Cloud Peak Energy, Inc.(b)		843,918
	170,643	Fairmount Santrol Holdings, Inc.(b)(c)		2,136,450
	72,145	Helix Energy Solutions Group, Inc.(b)		611,790
	48,431	Laredo Petroleum, Inc.(b)		656,240
	89,620	McDermott International, Inc.(b)		725,922
	68,356	Pacific Ethanol, Inc.(b)		485,328
	9,172	PDC Energy, Inc.(b)		678,178
	161,474	Pioneer Energy Services Corp.(b)		1,017,286
	10,624	REX American Resources Corp.(b)		882,111
	53,782	Ring Energy, Inc.(b)		709,922
	77,574	Sanchez Energy Corp.(b)(c)		1,028,631
	16,435	SemGroup Corp., Class A		652,469
	43,915	Unit Corp.(b)		1,141,790
	13,713	US Silica Holdings, Inc.		810,987
	44,640	Westmoreland Coal Co.(b)		810,216
				18,199,739
		Financials - 26.5%
	16,863	Ameris Bancorp		760,521
	22,297	BNC Bancorp		785,969
	32,305	Carolina Financial Corp.		967,535
	17,866	Cathay General Bancorp		651,037
	27,549	Centerstate Banks, Inc.		671,920
	20,226	CU Bancorp(b)		733,192

18,092	Eagle Bancorp, Inc.(b)	$	1,108,135
16,490	Enterprise Financial Services Corp.		686,808
37,915	Farmers Capital Bank Corp.		1,408,542
46,847	Farmers National Banc Corp.		590,272
31,941	FBL Financial Group, Inc., Class A		2,229,482
11,830	Federal Agricultural Mortgage Corp., Class C		658,458
28,749	Fidelity Southern Corp.		668,414
100,419	First BanCorp/Puerto Rico(b)		674,816
13,481	First Defiance Financial Corp.		653,289
29,911	First Financial Bankshares, Inc.(c)		1,275,704
40,554	First Financial Northwest, Inc.		841,495
16,125	First Interstate BancSystem, Inc., Class A		663,544
21,287	First Merchants Corp.		815,931
16,823	Franklin Financial Network, Inc.(b)		648,527
15,489	Great Southern Bancorp, Inc.		775,224
29,135	Guaranty Bancorp		705,067
21,416	Hanmi Financial Corp.		709,940
14,172	Heartland Financial USA, Inc.		663,250
16,352	Horace Mann Educators Corp.		676,155
25,372	Horizon Bancorp		650,284
109,828	Independent Bank Corp./MI		2,306,388
14,442	Lakeland Financial Corp.		641,514
23,748	MainSource Financial Group, Inc.		780,359
39,645	Mercantile Bank Corp.		1,280,534
36,190	Meridian Bancorp, Inc.		682,182
11,907	Meta Financial Group, Inc.		1,046,030
196,572	MGIC Investment Corp.(b)		2,093,492
132,479	Ocwen Financial Corp.(b)		698,164
49,608	OFG Bancorp		657,306
38,457	Pacific Premier Bancorp, Inc.(b)		1,513,283
13,008	Pinnacle Financial Partners, Inc.		869,585
8,899	Piper Jaffray Cos.(b)		627,380
20,954	Preferred Bank		1,161,061
18,337	ProAssurance Corp.		997,533
18,572	QCR Holdings, Inc.		779,095
95,772	Republic First Bancorp, Inc.(b)		723,079
17,003	Sandy Spring Bancorp, Inc.		696,613
52,212	ServisFirst Bancshares, Inc.		2,090,568
7,734	South State Corp.		691,420
20,558	TowneBank		661,968
30,986	TriState Capital Holdings, Inc.(b)		687,889
43,675	Trupanion, Inc.(b)(c)		698,363
23,493	United Community Banks, Inc.		660,858
93,869	Waterstone Financial, Inc.		1,699,029
10,371	World Acceptance Corp.(b)(c)		508,905
14,846	WSFS Financial Corp.		672,524
			47,598,633
	Health Care - 11.4%
23,034	Aclaris Therapeutics, Inc.(b)(c)		611,092
18,370	Aerie Pharmaceuticals, Inc.(b)		806,443
18,407	AMN Healthcare Services, Inc.(b)		659,891
33,909	Amphastar Pharmaceuticals, Inc.(b)		534,067
80,457	Array BioPharma, Inc.(b)		874,567
96,569	ChemoCentryx, Inc.(b)		702,057
16,666	Clovis Oncology, Inc.(b)		1,079,957
35,569	CryoLife, Inc.(b)		675,811
60,948	Cytokinetics, Inc.(b)		636,906
100,899	Enzo Biochem, Inc.(b)		674,005
174,727	Exelixis, Inc.(b)		3,166,053
13,506	Five Prime Therapeutics, Inc.(b)		618,710
38,361	Heska Corp.(b)		3,054,303
4,714	ICU Medical, Inc.(b)		646,289
13,248	INC Research Holdings, Inc., Class A(b)		702,144
13,726	Inogen, Inc.(b)		883,543
30,664	LeMaitre Vascular, Inc.		696,379

Schedule of Investments^(a)

10,277	Masimo Corp.(b)	$	756,182
27,774	NxStage Medical, Inc.(b)		747,121
12,531	PRA Health Sciences, Inc.(b)		734,191
9,704	U.S. Physical Therapy, Inc.		680,736
26,161	Xencor, Inc.(b)		623,417
			20,563,864
	Industrials - 16.9%
21,177	AAON, Inc.		718,959
49,966	ACCO Brands Corp.(b)		637,067
9,526	Alamo Group, Inc.		720,451
18,762	Argan, Inc.		1,383,698
10,543	AZZ, Inc.		627,836
57,667	Casella Waste Systems, Inc., Class A(b)		666,631
18,598	DXP Enterprises, Inc.(b)		703,376
8,522	EnerSys		664,290
34,484	General Cable Corp.		700,025
15,926	Gibraltar Industries, Inc.(b)		699,151
19,796	Global Brass & Copper Holdings, Inc.		656,237
26,132	Griffon Corp.		665,059
50,763	Harsco Corp.(b)		677,686
35,192	Hawaiian Holdings, Inc.(b)		1,793,032
90,690	Hudson Technologies, Inc.(b)		658,409
44,905	IES Holdings, Inc.(b)		875,648
10,997	John Bean Technologies Corp.		949,591
11,078	Kadant, Inc.		682,405
57,198	KEYW Holding Corp. (The)(b)(c)		572,552
62,185	Layne Christensen Co.(b)		648,590
34,776	Lydall, Inc.(b)		2,121,336
17,559	MasTec, Inc.(b)		654,073
23,600	Mercury Systems, Inc.(b)		795,792
57,609	Mueller Water Products, Inc., Class A		775,417
27,042	Navistar International Corp.(b)		737,435
28,493	NV5 Global, Inc.(b)		1,161,090
69,803	Orion Group Holdings, Inc.(b)		732,932
24,562	Patrick Industries, Inc.(b)		2,007,944
7,273	RBC Bearings, Inc.(b)		673,698
26,316	SkyWest, Inc.		931,586
9,260	Standex International Corp.		807,472
64,373	Titan International, Inc.		855,517
16,745	Trex Co., Inc.(b)		1,134,139
23,850	Tutor Perini Corp.(b)		710,730
6,523	Universal Forest Products, Inc.		663,454
			30,463,308
	Information Technology - 16.7%
12,382	Advanced Energy Industries, Inc.(b)		728,557
30,653	Alpha & Omega Semiconductor Ltd.(b)		623,789
62,140	Amkor Technology, Inc.(b)		584,737
27,869	Applied Optoelectronics, Inc.(b)		857,250
49,230	Axcelis Technologies, Inc.(b)		748,296
43,993	Blucora, Inc.(b)		664,294
5,004	Coherent, Inc.(b)		789,281
29,571	CTS Corp.		635,776
21,334	Ebix, Inc.(c)		1,184,037
22,423	ePlus, Inc.(b)		2,512,497
136,099	Extreme Networks, Inc.(b)		752,627
21,755	Finisar Corp.(b)		643,295
25,184	GTT Communications, Inc.(b)		711,448
42,749	Hackett Group, Inc. (The)		694,671
22,845	II-VI, Inc.(b)		833,843
19,201	Inphi Corp.(b)		879,790
7,682	InterDigital, Inc.		717,499
122,785	KEMET Corp.(b)		852,128
36,771	Kimball Electronics, Inc.(b)		628,784
8,380	Littelfuse, Inc.		1,321,610
9,832	LogMeIn, Inc.		1,062,839

14,433	MACOM Technology Solutions Holdings, Inc.(b)	$	686,289
33,139	MaxLinear, Inc., Class A(b)		847,696
5,607	Mesa Laboratories, Inc.		668,018
30,985	MINDBODY, Inc., Class A(b)(c)		754,485
162,313	Oclaro, Inc.(b)		1,592,291
23,343	PC Connection, Inc.		636,797
18,887	Pegasystems, Inc.		732,816
22,749	Q2 Holdings, Inc.(b)		722,281
22,566	QAD, Inc., Class A		652,157
29,851	Rudolph Technologies, Inc.(b)		685,080
8,038	Science Applications International Corp.		654,454
7,207	Stamps.com, Inc.(b)(c)		876,011
15,358	Tessera Holding Corp.		694,182
53,770	TrueCar, Inc.(b)(c)		707,076
47,899	TTM Technologies, Inc.(b)		710,342
			30,047,023
	Materials - 5.6%
105,559	AK Steel Holding Corp.(b)		852,917
13,198	Chase Corp.		1,161,424
12,794	Ingevity Corp.(b)		711,218
26,394	Innospec, Inc.		1,883,212
17,768	KMG Chemicals, Inc.		654,928
16,416	Koppers Holdings, Inc.(b)		664,027
26,192	Neenah Paper, Inc.		2,151,673
26,243	Olympic Steel, Inc.		590,468
5,983	Quaker Chemical Corp.		768,816
73,855	SunCoke Energy, Inc.(b)		651,401
			10,090,084
	Real Estate - 0.8%
28,777	One Liberty Properties, Inc. REIT		666,475
17,458	RMR Group, Inc. (The), Class A		834,493
			1,500,968
	Telecommunication Services - 0.4%
99,582	Vonage Holdings Corp.(b)		706,036
	Total Common Stocks and Other Equity Interests (Cost $152,596,352)		180,059,730
	Money Market Fund - 0.0%
33,548	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $33,548)		33,548
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $152,629,900) - 100.0%		180,093,278
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 5.4%
9,723,752	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $9,723,752)		9,723,752
	Total Investments (Cost $162,353,652)(f) - 105.4%		189,817,030
	Other assets less liabilities - (5.4)%		(9,781,682	)
	Net Assets - 100.0%	$	180,035,348

Schedule of Investments^(a)

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 January 31, 2017.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $162,469,486. The net unrealized appreciation was $27,347,544, which consisted of aggregate gross unrealized appreciation of $31,037,210 and aggregate gross unrealized depreciation of $3,689,666.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares DWA Tactical Multi-Asset Income Portfolio (DWIN)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Exchange-Traded Funds - 100.0%
	1,990,818	Alerian MLP ETF(a)	$	25,900,542
	706,356	PowerShares Emerging Markets Sovereign Debt Portfolio(b)		20,244,163
	859,777	PowerShares Global Short Term High Yield Bond Portfolio(a)(b)		21,141,917
	667,562	PowerShares KBW Premium Yield Equity REIT Portfolio(b)		24,993,521
	1,482,929	PowerShares Preferred Portfolio(a)(b)		21,606,276
		Total Exchange-Traded Funds (Cost $110,148,215)		113,886,419
		Money Market Fund - 0.0%
	18,337	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(c) (Cost $18,337)		18,337
		Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $110,166,552) - 100.0%		113,904,756
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund - 18.3%
	20,886,550	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(c)(d) (Cost $20,886,550)		20,886,550
		Total Investments (Cost $131,053,102)(e) - 118.3%		134,791,306
		Other assets less liabilities - (18.3)%		(20,892,143	)
		Net Assets - 100.0%	$	113,899,163

Investment Abbreviations:

ETF - Exchange-Traded Fund

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at January 31, 2017.

^(b)  Affiliated company. The security and the Fund are affiliated by having the same investment adviser. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value January 31, 2017		Dividend Income
PowerShares Emerging Markets Sovereign Debt Portfolio		$22,836,564		$605,750		$(2,423,037)		$(795,823)		$20,709		$20,244,163		$269,634
PowerShares Global Short Term High Yield Bond Portfolio		22,748,703		630,542		(2,496,369)		152,278		106,763		21,141,917		347,034
PowerShares KBW Premium Yield Equity REIT Portfolio		22,542,990		2,356,232		(2,130,676)		2,332,912		(107,937)		24,993,521		439,574
PowerShares Preferred Portfolio		24,197,763		646,724		(2,569,353)		(622,623)		(46,235)		21,606,276		323,076
Total Investments in Affiliates		$92,326,020		$4,239,248		$(9,619,435)		$1,066,744		$(26,700)		$87,985,877		$1,379,318

^(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 January 31, 2017.

^(d)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(e)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of

investments for tax purposes was $131,116,354. The net unrealized appreciation was $3,674,952, which consisted of aggregate gross unrealized appreciation of $4,836,116 and aggregate gross unrealized depreciation of $1,161,164.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares DWA Tactical Sector Rotation Portfolio (DWTR)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Exchange-Traded Funds - 100.0%(a)
	778,432	PowerShares DWA Energy Momentum Portfolio	$	33,838,439
	1,182,857	PowerShares DWA Financial Momentum Portfolio(b)		36,195,424
	907,754	PowerShares DWA Industrials Momentum Portfolio		45,832,499
	823,439	PowerShares DWA Technology Momentum Portfolio		34,419,750
		Total Exchange-Traded Funds (Cost $148,137,163)		150,286,112
		Money Market Fund - 0.0%
	50,024	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(c) (Cost $50,024)		50,024
		Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $148,187,187) - 100.0%		150,336,136
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund - 0.8%
	1,157,850	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(c)(d) (Cost $1,157,850)		1,157,850
		Total Investments (Cost $149,345,037)(e) - 100.8%		151,493,986
		Other assets less liabilities - (0.8)%		(1,174,058	)
		Net Assets - 100.0%	$	150,319,928

Notes to Schedule of Investments:

^(a)  Affiliated company. The security and the Fund are affiliated by having the same investment adviser. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value January 31, 2017		Dividend Income
PowerShares DWA Basic Materials Momentum Portfolio*		$48,614,115		$13,175,835		$(63,539,525)		$(3,188,324)		$4,937,899		$—		$—
PowerShares DWA Consumer Staples Momentum Portfolio*		48,810,898		24,981,486		(72,501,341)		1,668,703		(2,959,746)		—		—
PowerShares DWA Energy Momentum Portfolio		—		39,077,579		(3,680,050)		(1,481,249)		(77,841)		33,838,439		37,910
PowerShares DWA Financial Momentum Portfolio		—		40,478,400		(3,861,529)		(385,393)		(36,054)		36,195,424		512,894
PowerShares DWA Industrials Momentum Portfolio		—		60,700,615		(17,827,982)		2,472,675		487,191		45,832,499		150,050
PowerShares DWA Technology Momentum Portfolio		37,693,155		20,198,395		(25,688,397)		2,258,810		(42,213)		34,419,750		95,072
PowerShares DWA Utilities Momentum Portfolio*		37,020,472		18,968,943		(55,330,555)		(1,502,873)		844,013		—		—
Total Investments in Affiliates		$172,138,640		$217,581,253		$(242,429,379)		$(157,651)		$3,153,249		$150,286,112		$795,926
*    At January 31, 2017, this security was no longer held.

^(b)  All or a portion of this security was out on loan at January 31, 2017.

^(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(d)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(e)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $149,356,169. The net unrealized appreciation was $2,137,817, which consisted of aggregate gross unrealized appreciation of $4,015,592 and aggregate gross unrealized depreciation of $1,877,775.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap Consumer Discretionary Portfolio (PSCD)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Auto Components - 12.3%
	47,109	American Axle & Manufacturing Holdings, Inc.(b)	$	961,024
	10,871	Cooper-Standard Holdings, Inc.(b)		1,144,499
	18,678	Dorman Products, Inc.(b)		1,289,155
	17,665	Fox Factory Holding Corp.(b)		457,523
	22,432	Gentherm, Inc.(b)		794,093
	15,153	LCI Industries		1,663,042
	11,468	Motorcar Parts of America, Inc.(b)		300,806
	12,346	Standard Motor Products, Inc.		615,695
	14,071	Superior Industries International, Inc.		324,336
				7,550,173
		Automobiles - 0.8%
	16,251	Winnebago Industries, Inc.		510,282
		Distributors - 1.6%
	28,427	Core-Mark Holding Co., Inc.		992,955
		Diversified Consumer Services - 3.3%
	9,890	American Public Education, Inc.(b)		240,327
	7,044	Capella Education Co.		602,262
	39,556	Career Education Corp.(b)		386,462
	21,549	Regis Corp.(b)		299,962
	6,407	Strayer Education, Inc.(b)		518,967
				2,047,980
		Hotels, Restaurants & Leisure - 20.8%
	51,894	Belmond Ltd., Class A (United Kingdom)(b)		718,732
	622	Biglari Holdings, Inc.(b)		275,670
	11,861	BJ’s Restaurants, Inc.(b)		421,659
	12,144	Bob Evans Farms, Inc.		685,286
	50,575	Boyd Gaming Corp.(b)		1,027,684
	10,335	Chuy’s Holdings, Inc.(b)		303,849
	23,041	Dave & Buster’s Entertainment, Inc.(b)		1,254,813
	10,450	DineEquity, Inc.		716,661
	13,237	El Pollo Loco Holdings, Inc.(b)(c)		164,801
	16,433	Fiesta Restaurant Group, Inc.(b)		432,188
	65,260	Ilg, Inc.		1,236,677
	11,632	Marcus Corp. (The)		344,889
	14,957	Marriott Vacations Worldwide Corp.		1,293,481
	6,723	Monarch Casino & Resort, Inc.(b)		159,738
	12,774	Popeyes Louisiana Kitchen, Inc.(b)		807,189
	7,900	Red Robin Gourmet Burgers, Inc.(b)		375,645
	36,986	Ruby Tuesday, Inc.(b)		72,493
	18,221	Ruth’s Hospitality Group, Inc.		312,490
	31,206	Scientific Games Corp., Class A(b)		530,502
	11,025	Shake Shack, Inc., Class A(b)(c)		389,293
	28,115	Sonic Corp.		700,063
	17,662	Wingstop, Inc., Class A		502,837
				12,726,640
		Household Durables - 11.9%
	5,194	Cavco Industries, Inc.(b)		510,310
	15,630	Ethan Allen Interiors, Inc.		454,833
	12,187	Installed Building Products, Inc.(b)		498,448

16,711	iRobot Corp.(b)	$	1,012,018
30,150	La-Z-Boy, Inc.		862,290
10,461	LGI Homes, Inc.(b)(c)		324,919
15,156	M/I Homes, Inc.(b)		381,022
25,307	MDC Holdings, Inc.		684,301
23,186	Meritage Homes Corp.(b)		852,085
23,441	TopBuild Corp.(b)		869,896
8,953	Universal Electronics, Inc.(b)		532,704
13,430	WCI Communities, Inc.(b)		314,262
			7,297,088
	Internet & Direct Marketing Retail - 2.3%
7,187	Blue Nile, Inc.		292,583
10,537	FTD Cos., Inc.(b)		242,140
18,041	Nutrisystem, Inc.		596,255
12,612	PetMed Express, Inc.(c)		267,249
			1,398,227
	Leisure Products - 2.9%
8,017	Arctic Cat, Inc.(b)(c)		150,720
57,824	Callaway Golf Co.		655,146
19,126	Nautilus, Inc.(b)		331,836
11,656	Sturm Ruger & Co., Inc.(c)		614,854
			1,752,556
	Media - 5.0%
34,884	E.W. Scripps Co. (The), Class A(b)		679,540
71,645	Gannett Co., Inc.		689,225
32,177	New Media Investment Group, Inc.		490,378
16,554	Scholastic Corp.		757,842
23,628	World Wrestling Entertainment, Inc., Class A		462,636
			3,079,621
	Multi-line Retail - 2.2%
21,570	Fred’s, Inc., Class A(c)		314,275
29,322	Ollie’s Bargain Outlet Holdings, Inc.(b)		895,787
27,703	Tuesday Morning Corp.(b)		119,123
			1,329,185
	Specialty Retail - 28.2%
41,580	Abercrombie & Fitch Co., Class A		482,744
12,155	Asbury Automotive Group, Inc.(b)		797,368
104,108	Ascena Retail Group, Inc.(b)		500,759
23,599	Barnes & Noble Education, Inc.(b)		237,170
33,939	Barnes & Noble, Inc.		346,178
10,899	Big 5 Sporting Goods Corp.		167,845
17,144	Buckle, Inc. (The)(c)		362,596
26,748	Caleres, Inc.		822,501
15,417	Cato Corp. (The), Class A		391,438
11,108	Children’s Place, Inc. (The)		1,077,476
48,173	Express, Inc.(b)		512,079
24,922	Finish Line, Inc. (The), Class A		428,658
33,787	Five Below, Inc.(b)		1,346,412
23,298	Francesca’s Holdings Corp.(b)		406,317
12,672	Genesco, Inc.(b)		762,854
12,243	Group 1 Automotive, Inc.		989,112
37,837	Guess?, Inc.		483,178
11,729	Haverty Furniture Cos., Inc.		255,692
13,750	Hibbett Sports, Inc.(b)		453,750
8,983	Kirkland’s, Inc.(b)		124,684
14,410	Lithia Motors, Inc., Class A		1,485,959
16,741	Lumber Liquidators Holdings, Inc.(b)(c)		262,164
15,167	MarineMax, Inc.(b)		325,332
19,888	Monro Muffler Brake, Inc.		1,191,291
32,655	Rent-A-Center, Inc.		292,589
27,612	Select Comfort Corp.(b)		557,210
8,149	Shoe Carnival, Inc.		208,370
16,142	Sonic Automotive, Inc., Class A		377,723
19,018	Stein Mart, Inc.		69,606

Schedule of Investments^(a)

29,918	Tailored Brands, Inc.	$	635,758
20,288	Tile Shop Holdings, Inc.(b)		387,501
14,629	Vitamin Shoppe, Inc.(b)		316,718
10,708	Zumiez, Inc.(b)		214,695
			17,273,727
	Textiles, Apparel & Luxury Goods - 8.7%
45,188	Crocs, Inc.(b)		329,872
26,896	G-III Apparel Group Ltd.(b)		706,289
34,486	Iconix Brand Group, Inc.(b)		354,861
9,408	Movado Group, Inc.		255,427
9,170	Oxford Industries, Inc.		504,533
7,428	Perry Ellis International, Inc.(b)		175,227
33,597	Steven Madden Ltd.(b)		1,182,614
9,314	Unifi, Inc.(b)		250,454
12,014	Vera Bradley, Inc.(b)		137,681
60,725	Wolverine World Wide, Inc.		1,426,430
			5,323,388
	Total Common Stocks (Cost $61,994,822)		61,281,822
	Money Market Fund - 0.0%
22,737	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $22,737)		22,737
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $62,017,559) - 100.0%		61,304,559
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 3.9%
2,360,561	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $2,360,561)		2,360,561
	Total Investments (Cost $64,378,120)(f) - 103.9%		63,665,120
	Other assets less liabilities - (3.9)%		(2,384,534	)
	Net Assets - 100.0%	$	61,280,586

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at January 31, 2017.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $69,243,790. The net unrealized depreciation was $5,578,670, which consisted of aggregate gross unrealized appreciation of $8,236,092 and aggregate gross unrealized depreciation of $13,814,762.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap Consumer Staples Portfolio (PSCC)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 96.4%
		Food & Staples Retailing - 13.7%
	74,371	Andersons, Inc. (The)	$	2,807,506
	75,535	SpartanNash Co.		2,859,755
	638,337	SUPERVALU, Inc.(b)		2,502,281
				8,169,542
		Food Products - 58.8%
	199,647	B&G Foods, Inc.		8,854,344
	51,711	Calavo Growers, Inc.		2,859,618
	68,018	Cal-Maine Foods, Inc.(c)		2,836,351
	494,848	Darling Ingredients, Inc.(b)		5,938,176
	44,933	J & J Snack Foods Corp.		5,732,103
	66,213	Sanderson Farms, Inc.		6,025,383
	75,454	Seneca Foods Corp., Class A(b)		2,705,026
				34,951,001
		Household Products - 9.5%
	20,796	Central Garden & Pet Co.(b)		683,149
	69,473	Central Garden & Pet Co., Class A(b)		2,138,379
	27,116	WD-40 Co.		2,851,247
				5,672,775
		Personal Products - 9.8%
	86,835	Inter Parfums, Inc.		2,961,073
	67,887	Medifast, Inc.		2,862,795
				5,823,868
		Tobacco - 4.6%
	40,519	Universal Corp.		2,755,292
		Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $58,665,933) - 96.4%		57,372,478
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund - 4.2%
	2,489,700	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $2,489,700)		2,489,700
		Total Investments (Cost $61,155,633)(f) - 100.6%		59,862,178
		Other assets less liabilities - (0.6)%		(369,241	)
		Net Assets - 100.0%	$	59,492,937

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, 2017.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $63,050,078. The net unrealized depreciation was $3,187,900, which consisted of aggregate gross unrealized appreciation of $2,934,390 and aggregate gross unrealized depreciation of $6,122,290.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap Energy Portfolio (PSCE)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Energy Equipment & Services - 61.6%
	283,021	Archrock, Inc.	$	4,132,107
	296,006	Atwood Oceanics, Inc.(b)(c)		3,599,433
	129,810	Bristow Group, Inc.		2,292,445
	85,284	CARBO Ceramics, Inc.(b)(c)		1,211,033
	79,156	Era Group, Inc.(c)		1,239,583
	127,124	Exterran Corp.(c)		3,943,386
	54,173	Geospace Technologies Corp.(c)		1,264,398
	54,720	Gulf Island Fabrication, Inc.		760,608
	485,963	Helix Energy Solutions Group, Inc.(c)		4,120,966
	131,584	Hornbeck Offshore Services, Inc.(b)(c)		953,984
	107,847	Matrix Service Co.(c)		2,415,773
	344,088	Newpark Resources, Inc.(c)		2,597,864
	311,888	Pioneer Energy Services Corp.(c)		1,964,894
	63,030	SEACOR Holdings, Inc.(c)		4,637,117
	188,615	Tesco Corp.(c)		1,622,089
	467,413	TETRA Technologies, Inc.(c)		2,318,368
	191,313	Tidewater, Inc.(b)(c)		420,889
	163,730	Unit Corp.(c)		4,256,980
	265,605	US Silica Holdings, Inc.		15,707,880
				59,459,797
		Oil, Gas & Consumable Fuels - 38.4%
	307,470	Bill Barrett Corp.(c)		2,013,928
	226,872	Carrizo Oil & Gas, Inc.(c)		8,022,194
	249,796	Cloud Peak Energy, Inc.(c)		1,421,339
	92,413	Contango Oil & Gas Co.(c)		748,545
	145,035	Green Plains, Inc.		3,263,288
	176,774	Northern Oil and Gas, Inc.(b)(c)		636,386
	206,858	PDC Energy, Inc.(c)		15,295,081
	23,008	REX American Resources Corp.(c)		1,910,354
	444,673	Synergy Resources Corp.(c)		3,828,635
				37,139,750
		Total Common Stocks (Cost $86,341,298)		96,599,547
		Money Market Fund - 0.0%
	12,936	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $12,936)		12,936
		Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $86,354,234) - 100.0%		96,612,483
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund - 4.3%
	4,126,320	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $4,126,320)		4,126,320
		Total Investments (Cost $90,480,554)(f) - 104.3%		100,738,803
		Other assets less liabilities - (4.3)%	$	(4,148,444	)
		Net Assets - 100.0%	$	96,590,359

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, 2017.

^(c) Non-income producing security.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $98,148,062. The net unrealized appreciation was $2,590,741, which consisted of aggregate gross unrealized appreciation of $15,818,334 and aggregate gross unrealized depreciation of $13,227,593.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap Financials Portfolio (PSCF)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Banks - 43.6%
	48,389	Ameris Bancorp	$	2,182,344
	68,636	Banc of California, Inc.(b)		1,084,449
	36,591	Banner Corp.		2,053,487
	115,191	Boston Private Financial Holdings, Inc.		1,900,651
	97,739	Brookline Bancorp, Inc.		1,539,389
	45,460	Cardinal Financial Corp.		1,425,626
	42,723	Central Pacific Financial Corp.		1,338,512
	20,795	City Holding Co.		1,353,547
	80,430	Columbia Banking System, Inc.		3,197,897
	61,500	Community Bank System, Inc.		3,589,140
	39,024	Customers Bancorp, Inc.(c)		1,344,767
	139,357	CVB Financial Corp.		3,141,107
	29,339	Fidelity Southern Corp.		682,132
	186,796	First BanCorp/Puerto Rico(c)		1,255,269
	123,318	First Commonwealth Financial Corp.		1,741,250
	85,854	First Financial Bancorp		2,365,278
	91,545	First Financial Bankshares, Inc.(b)		3,904,394
	112,085	First Midwest Bancorp, Inc.		2,721,424
	22,118	First NBC Bank Holding Co.(c)		88,472
	106,042	Glacier Bancorp, Inc.		3,767,672
	81,363	Great Western Bancorp, Inc.		3,478,268
	44,694	Hanmi Financial Corp.		1,481,606
	171,258	Home BancShares, Inc.		4,613,690
	176,154	Hope Bancorp, Inc.		3,683,380
	37,416	Independent Bank Corp./MA		2,332,888
	57,594	LegacyTexas Financial Group, Inc.		2,379,784
	35,977	National Bank Holdings Corp., Class A		1,169,252
	59,808	NBT Bancorp, Inc.		2,436,578
	60,852	OFG Bancorp		806,289
	187,051	Old National Bancorp		3,320,155
	25,181	Opus Bank		512,433
	63,799	Pinnacle Financial Partners, Inc.		4,264,963
	48,380	S&T Bancorp, Inc.		1,820,056
	61,238	ServisFirst Bancshares, Inc.		2,451,970
	41,166	Simmons First National Corp., Class A		2,476,135
	36,324	Southside Bancshares, Inc.		1,240,828
	181,255	Sterling Bancorp		4,322,932
	67,918	Texas Capital Bancshares, Inc.(c)		5,603,235
	16,899	Tompkins Financial Corp.		1,530,204
	111,945	United Bankshares, Inc.		5,015,136
	98,198	United Community Banks, Inc.		2,762,310
	35,571	Westamerica Bancorporation(b)		2,018,654
	71,740	Wintrust Financial Corp.		5,136,584
				105,534,137
		Capital Markets - 6.9%
	23,045	Calamos Asset Management, Inc., Class A		194,039
	36,479	Donnelley Financial Solutions, Inc.(c)		878,414
	53,929	Evercore Partners, Inc., Class A		4,176,801
	73,778	Financial Engines, Inc.		2,844,142
	37,687	Greenhill & Co., Inc.		1,113,651
	94,205	Interactive Brokers Group, Inc., Class A		3,517,615
	20,668	INTL FCStone, Inc.(c)		762,236
	42,872	Investment Technology Group, Inc.		862,584
	19,708	Piper Jaffray Cos.(c)		1,389,414

8,950	Virtus Investment Partners, Inc.	$	975,550
			16,714,446
	Consumer Finance - 4.0%
32,550	Encore Capital Group, Inc.(b)(c)		1,007,422
32,219	Enova International, Inc.(c)		454,288
67,151	EZCORP, Inc., Class A(c)		664,795
67,217	Firstcash, Inc.		2,870,166
61,207	Green Dot Corp., Class A(c)		1,640,348
64,223	PRA Group, Inc.(c)		2,556,075
8,298	World Acceptance Corp.(b)(c)		407,183
			9,600,277
	Equity REITs - 23.9%
112,053	Acadia Realty Trust REIT		3,567,768
36,243	Agree Realty Corp. REIT		1,699,797
55,656	American Assets Trust, Inc. REIT		2,389,312
89,246	CareTrust REIT, Inc. REIT		1,352,969
105,214	Cedar Realty Trust, Inc. REIT		632,336
83,285	Chesapeake Lodging Trust REIT		2,132,096
46,969	CoreSite Realty Corp. REIT		4,045,440
277,582	DiamondRock Hospitality Co. REIT		3,128,349
45,371	EastGroup Properties, Inc. REIT		3,210,906
82,988	Four Corners Property Trust, Inc. REIT		1,809,968
148,592	Franklin Street Properties Corp. REIT		1,894,548
103,947	Geo Group, Inc. (The) REIT		4,315,879
36,683	Getty Realty Corp. REIT		946,055
98,634	Government Properties Income Trust REIT		1,899,691
115,771	Kite Realty Group Trust REIT		2,780,819
295,689	Lexington Realty Trust REIT		3,169,786
54,351	LTC Properties, Inc. REIT		2,536,561
59,207	Parkway, Inc. REIT(c)		1,260,517
96,360	Pennsylvania Real Estate Investment Trust REIT		1,725,808
27,058	PS Business Parks, Inc. REIT		3,031,578
151,456	Retail Opportunity Investments Corp. REIT		3,210,867
90,432	Sabra Health Care REIT, Inc. REIT		2,296,973
16,310	Saul Centers, Inc. REIT		1,035,522
121,048	Summit Hotel Properties, Inc. REIT		1,916,190
17,336	Universal Health Realty Income Trust REIT		1,076,912
39,960	Urstadt Biddle Properties, Inc., Class A REIT		897,102
			57,963,749
	Insurance - 12.5%
122,082	American Equity Investment Life Holding Co.		2,881,135
26,647	AMERISAFE, Inc.		1,680,093
23,129	eHealth, Inc.(c)		283,562
44,465	Employers Holdings, Inc.		1,620,749
11,715	HCI Group, Inc.		484,532
55,717	Horace Mann Educators Corp.		2,303,898
15,319	Infinity Property & Casualty Corp.		1,330,455
101,452	Maiden Holdings Ltd.		1,800,773
30,666	Navigators Group, Inc. (The)		1,721,896
73,784	ProAssurance Corp.		4,013,850
52,933	RLI Corp.		3,145,279
19,735	Safety Insurance Group, Inc.		1,415,000
80,172	Selective Insurance Group, Inc.		3,343,172
32,384	Stewart Information Services Corp.		1,414,533
29,868	United Fire Group, Inc.		1,409,770
24,594	United Insurance Holdings Corp.		336,200
45,166	Universal Insurance Holdings, Inc.(b)		1,181,091
			30,365,988
	Mortgage REITs - 0.6%
133,014	Capstead Mortgage Corp. REIT		1,419,259

Schedule of Investments^(a)

	Real Estate Management & Development - 1.4%
36,796	Forestar Group, Inc.(c)	$	480,188
48,554	HFF, Inc., Class A		1,441,083
24,452	RE/MAX Holdings, Inc., Class A		1,370,534
			3,291,805
	Thrifts & Mortgage Finance - 7.1%
126,373	Astoria Financial Corp.		2,389,714
58,225	Bank Mutual Corp.		556,049
79,820	BofI Holding, Inc.(b)(c)		2,354,690
43,181	Dime Community Bancshares, Inc.		924,073
32,351	HomeStreet, Inc.(c)		847,596
9,966	LendingTree, Inc.(c)		1,115,195
62,230	Northfield Bancorp, Inc.		1,123,252
140,378	Northwest Bancshares, Inc.		2,396,253
52,664	Oritani Financial Corp.		913,720
83,281	Provident Financial Services, Inc.		2,204,448
132,620	TrustCo Bank Corp. NY		1,114,008
38,417	Walker & Dunlop, Inc.(c)		1,206,678
			17,145,676
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $193,922,964) - 100.0%		242,035,337
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 4.1%
10,052,766	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $10,052,766)		10,052,766
	Total Investments (Cost $203,975,730)(f) - 104.1%		252,088,103
	Other assets less liabilities - (4.1)%		(10,040,211	)
	Net Assets - 100.0%	$	242,047,892

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 January 31, 2017.

^(c)  Non-income producing security.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $208,754,886. The net unrealized appreciation was $43,333,217, which consisted of aggregate gross unrealized appreciation of $50,236,398 and aggregate gross unrealized depreciation of $6,903,181.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap Health Care Portfolio (PSCH)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Biotechnology - 10.9%
	100,331	Acorda Therapeutics, Inc.(b)	$	2,056,786
	74,431	AMAG Pharmaceuticals, Inc.(b)		1,793,787
	17,128	Eagle Pharmaceuticals, Inc.(b)(c)		1,185,429
	74,899	Emergent Biosolutions, Inc.(b)		2,267,193
	30,234	Enanta Pharmaceuticals, Inc.(b)		1,001,501
	41,380	Ligand Pharmaceuticals, Inc.(b)		4,386,694
	219,211	MiMedx Group, Inc.(b)(c)		1,771,225
	139,071	Momenta Pharmaceuticals, Inc.(b)		2,628,442
	73,609	Repligen Corp.(b)		2,211,214
	152,314	Spectrum Pharmaceuticals, Inc.(b)		709,783
				20,012,054
		Health Care Equipment & Supplies - 36.2%
	49,030	Abaxis, Inc.		2,498,324
	27,094	Analogic Corp.		2,103,849
	68,565	AngioDynamics, Inc.(b)		1,103,554
	31,815	Anika Therapeutics, Inc.(b)		1,607,930
	78,965	Cantel Medical Corp.		6,112,681
	53,878	CONMED Corp.		2,402,420
	58,604	CryoLife, Inc.(b)		1,113,476
	51,908	Cynosure, Inc., Class A(b)		2,771,887
	112,393	Haemonetics Corp.(b)		4,479,985
	31,976	ICU Medical, Inc.(b)		4,383,910
	34,825	Inogen, Inc.(b)		2,241,685
	59,747	Integer Holdings Corp.(b)		1,935,803
	130,146	Integra LifeSciences Holdings Corp.(b)		5,430,992
	69,035	Invacare Corp.		793,902
	96,196	Masimo Corp.(b)		7,078,102
	91,615	Meridian Bioscience, Inc.		1,200,156
	97,009	Merit Medical Systems, Inc.(b)		2,464,029
	71,607	Natus Medical, Inc.(b)		2,796,253
	82,044	Neogen Corp.(b)		5,418,186
	28,737	SurModics, Inc.(b)		695,435
	81,293	Varex Imaging Corp.(b)		2,337,174
	38,147	Vascular Solutions, Inc.(b)		2,134,325
	78,281	Zeltiq Aesthetics, Inc.(b)(c)		3,470,979
				66,575,037
		Health Care Providers & Services - 27.8%
	65,382	Aceto Corp.		1,248,142
	32,819	Adeptus Health, Inc., Class A(b)		235,312
	72,053	Air Methods Corp.(b)		2,572,292
	25,022	Almost Family, Inc.(b)		1,182,289
	60,622	Amedisys, Inc.(b)		2,777,700
	104,541	AMN Healthcare Services, Inc.(b)		3,747,795
	61,423	BioTelemetry, Inc.(b)		1,415,800
	35,299	Chemed Corp.		5,862,811
	247,357	Community Health Systems, Inc.(b)		1,583,085
	21,630	CorVel Corp.(b)		829,510
	71,822	Cross Country Healthcare, Inc.(b)		1,039,264
	93,239	Diplomat Pharmacy, Inc.(b)		1,281,104
	103,572	Ensign Group, Inc. (The)		2,106,654
	93,522	HealthEquity, Inc.(b)		4,325,393
	185,284	Kindred Healthcare, Inc.		1,232,139
	20,896	Landauer, Inc.		1,073,010
	32,429	LHC Group, Inc.(b)		1,625,666

50,566	Magellan Health, Inc.(b)	$	3,789,922
66,973	PharMerica Corp.(b)		1,660,930
26,504	Providence Service Corp. (The)(b)		1,024,380
64,151	Quorum Health Corp.(b)		563,887
233,207	Select Medical Holdings Corp.(b)		2,903,427
60,647	Surgical Care Affiliates, Inc.(b)		3,426,556
72,380	Tivity Health, Inc.(b)		1,856,547
27,244	U.S. Physical Therapy, Inc.		1,911,167
			51,274,782
	Health Care Technology - 8.4%
23,261	Computer Programs & Systems, Inc.(c)		525,698
55,246	HealthStream, Inc.(b)		1,268,448
184,194	HMS Holdings Corp.(b)		3,344,963
119,053	Medidata Solutions, Inc.(b)		5,897,886
79,453	Omnicell, Inc.(b)		2,852,363
99,973	Quality Systems, Inc.(b)		1,500,595
			15,389,953
	Life Sciences Tools & Services - 3.4%
48,526	Albany Molecular Research, Inc.(b)		892,878
69,949	Cambrex Corp.(b)		3,668,825
86,294	Luminex Corp.(b)		1,744,865
			6,306,568
	Pharmaceuticals - 13.3%
78,105	Amphastar Pharmaceuticals, Inc.(b)		1,230,154
17,384	ANI Pharmaceuticals, Inc.(b)		1,050,863
133,983	Depomed, Inc.(b)(c)		2,423,752
160,742	Impax Laboratories, Inc.(b)		2,113,757
167,963	Innoviva, Inc.(b)(c)		1,780,408
63,600	Lannett Co., Inc.(b)(c)		1,281,540
151,364	Medicines Co. (The)(b)		5,456,672
332,525	Nektar Therapeutics, Class A(b)		4,026,878
40,294	Phibro Animal Health Corp., Class A		1,075,850
111,079	SciClone Pharmaceuticals, Inc.(b)		1,127,452
107,715	Supernus Pharmaceuticals, Inc.(b)		2,913,691
			24,481,017
	Total Common Stocks (Cost $183,818,920)		184,039,411
	Money Market Fund - 0.0%
24,297	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $24,297)		24,297
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $183,843,217) - 100.0%		184,063,708
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 4.0%
7,247,975	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $7,247,975)		7,247,975
	Total Investments (Cost $191,091,192)(f) - 104.0%		191,311,683
	Other assets less liabilities - (4.0)%		(7,281,801	)
	Net Assets - 100.0%	$	184,029,882

Schedule of Investments^(a)

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, 2017.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $195,986,029. The net unrealized depreciation was $4,674,346, which consisted of aggregate gross unrealized appreciation of $23,283,323 and aggregate gross unrealized depreciation of $27,957,669.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap Industrials Portfolio (PSCI)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Aerospace & Defense - 7.5%
	19,749	AAR Corp.	$	631,771
	43,497	Aerojet Rocketdyne Holdings, Inc.(b)		787,731
	12,789	Aerovironment, Inc.(b)		334,944
	15,484	Cubic Corp.		736,264
	10,969	Engility Holdings, Inc.(b)		321,721
	29,214	Mercury Systems, Inc.(b)		985,096
	19,974	Moog, Inc., Class A(b)		1,315,687
	3,066	National Presto Industries, Inc.		326,222
	32,487	TASER International, Inc.(b)		811,525
				6,250,961
		Air Freight & Logistics - 3.7%
	15,541	Atlas Air Worldwide Holdings, Inc.(b)		819,788
	17,071	Echo Global Logistics, Inc.(b)		405,436
	18,966	Forward Air Corp.		913,972
	20,627	Hub Group, Inc., Class A(b)		914,807
				3,054,003
		Airlines - 5.1%
	8,124	Allegiant Travel Co.		1,397,328
	33,198	Hawaiian Holdings, Inc.(b)		1,691,438
	32,152	SkyWest, Inc.		1,138,181
				4,226,947
		Building Products - 11.2%
	24,586	AAON, Inc.		834,695
	8,684	American Woodmark Corp.(b)		618,301
	17,956	Apogee Enterprises, Inc.		1,024,928
	19,453	Gibraltar Industries, Inc.(b)		853,987
	18,472	Griffon Corp.		470,112
	10,848	Insteel Industries, Inc.		401,810
	9,052	Patrick Industries, Inc.(b)		740,001
	30,446	PGT Innovations, Inc.(b)		350,129
	21,262	Quanex Building Products Corp.		419,925
	25,113	Simpson Manufacturing Co., Inc.		1,092,918
	18,265	Trex Co., Inc.(b)		1,237,088
	12,633	Universal Forest Products, Inc.		1,284,902
				9,328,796
		Commercial Services & Supplies - 19.9%
	34,646	ABM Industries, Inc.		1,399,352
	29,421	Brady Corp., Class A		1,069,453
	27,901	Brink’s Co. (The)		1,241,594
	22,971	Essendant, Inc.		479,864
	12,255	G&K Services, Inc., Class A		1,177,215
	45,104	Healthcare Services Group, Inc.		1,792,884
	40,259	Interface, Inc.		732,714
	16,508	LSC Communications, Inc.		432,840
	19,972	Matthews International Corp., Class A		1,347,111
	27,629	Mobile Mini, Inc.		899,324
	8,206	Multi-Color Corp.		633,503
	43,373	RR Donnelley & Sons Co.		743,847
	18,328	Team, Inc.(b)		615,821
	35,457	Tetra Tech, Inc.		1,549,471
	9,584	UniFirst Corp.		1,225,794
	13,534	US Ecology, Inc.		693,618
	12,619	Viad Corp.		553,343
				16,587,748

	Construction & Engineering - 2.2%
21,104	Aegion Corp.(b)	$	490,879
22,938	Comfort Systems USA, Inc.		776,451
9,983	MYR Group, Inc.(b)		384,046
17,200	Orion Group Holdings, Inc.(b)		180,600
			1,831,976
	Electrical Equipment - 3.0%
16,162	AZZ, Inc.		962,447
12,878	Encore Wire Corp.		544,095
30,632	General Cable Corp.		621,830
5,310	Powell Industries, Inc.		204,329
9,935	Vicor Corp.(b)		152,006
			2,484,707
	Industrial Conglomerates - 0.7%
22,469	Raven Industries, Inc.		562,849
	Machinery - 27.5%
36,637	Actuant Corp., Class A		958,058
5,865	Alamo Group, Inc.		443,570
17,958	Albany International Corp., Class A		852,107
11,885	Astec Industries, Inc.		831,712
31,098	Barnes Group, Inc.		1,496,747
26,601	Briggs & Stratton Corp.		576,178
19,012	Chart Industries, Inc.(b)		737,475
10,207	CIRCOR International, Inc.		635,692
13,273	EnPro Industries, Inc.		901,369
15,982	ESCO Technologies, Inc.		930,152
37,224	Federal Signal Corp.		578,461
23,882	Franklin Electric Co., Inc.		963,639
17,627	Greenbrier Cos., Inc. (The)		771,181
49,819	Harsco Corp.(b)		665,084
39,182	Hillenbrand, Inc.		1,432,102
18,118	John Bean Technologies Corp.		1,564,489
6,605	Lindsay Corp.(c)		497,621
10,661	Lydall, Inc.(b)		650,321
35,654	Mueller Industries, Inc.		1,435,430
15,110	Proto Labs, Inc.(b)		793,275
26,028	SPX Corp.(b)		649,399
26,034	SPX FLOW, Inc.(b)		908,326
7,918	Standex International Corp.		690,450
10,956	Tennant Co.		758,703
27,207	Titan International, Inc.		361,581
38,548	Wabash National Corp.		680,372
17,306	Watts Water Technologies, Inc., Class A		1,142,196
			22,905,690
	Marine - 1.2%
26,620	Matson, Inc.		949,269
	Professional Services - 9.9%
8,580	CDI Corp.(b)		73,788
15,903	Exponent, Inc.		923,169
11,547	Heidrick & Struggles International, Inc.		258,075
11,767	Insperity, Inc.		841,340
18,166	Kelly Services, Inc., Class A		406,737
35,979	Korn/Ferry International		1,045,190
29,244	Navigant Consulting, Inc.(b)		722,327
30,263	On Assignment, Inc.(b)		1,370,309
18,345	Resources Connection, Inc.		306,362
26,396	TrueBlue, Inc.(b)		653,301
22,769	WageWorks, Inc.(b)		1,642,783
			8,243,381
	Road & Rail - 4.5%
14,807	ArcBest Corp.		467,901
17,529	Celadon Group, Inc.		133,220
26,911	Heartland Express, Inc.		554,367

Schedule of Investments^(a)

41,278	Knight Transportation, Inc.	$	1,378,685
14,370	Marten Transport Ltd.		328,355
18,821	Roadrunner Transportation Systems, Inc.(b)		149,062
15,559	Saia, Inc.(b)		747,610
			3,759,200
	Trading Companies & Distributors - 3.6%
24,238	Applied Industrial Technologies, Inc.		1,465,187
9,587	DXP Enterprises, Inc.(b)		362,580
16,844	Kaman Corp.		851,127
5,849	Veritiv Corp.(b)		327,837
			3,006,731
	Total Common Stocks (Cost $71,180,723)		83,192,258
	Money Market Fund - 0.0%
10,455	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $10,455)		10,455
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $71,191,178) - 100.0%		83,202,713
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 0.5%
387,828	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $387,828)		387,828
	Total Investments (Cost $71,579,006)(f) - 100.5%		83,590,541
	Other assets less liabilities - (0.5)%		(399,781	)
	Net Assets - 100.0%	$	83,190,760

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, 2017.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $72,694,440. The net unrealized appreciation was $10,896,101, which consisted of aggregate gross unrealized appreciation of $14,419,317 and aggregate gross unrealized depreciation of $3,523,216.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap Information Technology Portfolio (PSCT)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Communications Equipment - 9.1%
	246,286	ADTRAN, Inc.	$	5,393,663
	44,200	Bel Fuse, Inc., Class B		1,405,560
	77,087	Black Box Corp.		1,029,111
	184,886	CalAmp Corp.(b)		2,776,988
	119,720	Comtech Telecommunications Corp.		1,284,596
	132,117	Digi International, Inc.(b)		1,724,127
	398,698	Harmonic, Inc.(b)		2,113,099
	321,762	Ixia(b)		6,258,271
	278,460	Lumentum Holdings, Inc.(b)		10,567,557
	168,332	NETGEAR, Inc.(b)		9,578,091
	1,171,065	Viavi Solutions, Inc.(b)		10,481,032
				52,612,095
		Electronic Equipment, Instruments & Components - 27.5%
	77,399	Agilysys, Inc.(b)		753,092
	144,666	Anixter International, Inc.(b)		12,368,943
	148,133	Badger Meter, Inc.		5,710,527
	248,739	Benchmark Electronics, Inc.(b)		7,611,413
	124,940	Coherent, Inc.(b)		19,706,786
	166,711	CTS Corp.		3,584,286
	203,893	Daktronics, Inc.		2,071,553
	165,205	Electro Scientific Industries, Inc.(b)		1,085,397
	33,512	ePlus, Inc.(b)		3,755,020
	187,560	Fabrinet (Thailand)(b)		7,901,903
	84,853	FARO Technologies, Inc.(b)		3,148,046
	275,725	II-VI, Inc.(b)		10,063,963
	180,539	Insight Enterprises, Inc.(b)		6,703,413
	169,385	Itron, Inc.(b)		10,451,055
	188,034	Methode Electronics, Inc.		7,906,830
	84,858	MTS Systems Corp.		4,930,250
	92,164	OSI Systems, Inc.(b)		6,881,886
	96,792	Park Electrochemical Corp.		1,774,197
	170,553	Plexus Corp.(b)		9,261,028
	91,464	Rogers Corp.(b)		7,312,547
	373,624	Sanmina Corp.(b)		14,552,655
	127,984	ScanSource, Inc.(b)		5,061,767
	429,140	TTM Technologies, Inc.(b)		6,364,146
				158,960,703
		Internet Software & Services - 9.2%
	195,323	Blucora, Inc.(b)		2,949,377
	253,323	DHI Group, Inc.(b)		1,443,941
	124,196	Liquidity Services, Inc.(b)		1,210,911
	271,402	LivePerson, Inc.(b)		1,981,235
	129,700	LogMeIn, Inc.		14,020,570
	315,614	NIC, Inc.		7,606,297
	183,948	QuinStreet, Inc.(b)		643,818
	98,321	Shutterstock, Inc.(b)		5,289,670
	86,707	SPS Commerce, Inc.(b)		5,982,783
	80,699	Stamps.com, Inc.(b)(c)		9,808,964
	126,571	XO Group, Inc.(b)		2,383,332
				53,320,898
		IT Services - 11.4%
	124,056	CACI International, Inc., Class A(b)		15,234,077

230,534	Cardtronics PLC, Class A(b)	$	12,582,546
378,087	Ciber, Inc.(b)		162,993
164,268	CSG Systems International, Inc.		7,950,571
170,513	ExlService Holdings, Inc.(b)		7,835,072
50,991	Forrester Research, Inc.		2,080,433
129,021	ManTech International Corp., Class A		5,024,078
183,480	Perficient, Inc.(b)		3,253,100
200,824	Sykes Enterprises, Inc.(b)		5,609,014
80,418	TeleTech Holdings, Inc.		2,380,373
140,274	Virtusa Corp.(b)		3,574,182
			65,686,439
	Semiconductors & Semiconductor Equipment - 20.9%
201,970	Advanced Energy Industries, Inc.(b)		11,883,915
351,228	Brooks Automation, Inc.		6,118,392
123,282	Cabot Microelectronics Corp.		8,322,768
108,041	CEVA, Inc.(b)		3,819,249
126,417	Cohu, Inc.		1,668,704
196,597	Diodes, Inc.(b)		4,893,299
110,030	DSP Group, Inc.(b)		1,193,825
214,362	Exar Corp.(b)		2,197,211
309,200	Kopin Corp.(b)		986,348
360,707	Kulicke & Soffa Industries, Inc. (Singapore)(b)		6,341,229
272,708	MKS Instruments, Inc.		17,971,457
126,794	Nanometrics, Inc.(b)		3,259,874
148,286	Power Integrations, Inc.		10,528,306
562,069	Rambus, Inc.(b)		7,295,656
157,853	Rudolph Technologies, Inc.(b)		3,622,726
334,015	Semtech Corp.(b)		11,005,794
247,235	Tessera Holding Corp.		11,175,022
120,324	Ultratech, Inc.(b)		3,118,798
206,654	Veeco Instruments, Inc.(b)		5,321,341
			120,723,914
	Software - 18.6%
460,800	8x8, Inc.(b)		7,303,680
242,137	Blackbaud, Inc.		15,886,609
185,995	Bottomline Technologies (de), Inc.(b)		4,783,791
113,821	Ebix, Inc.(c)		6,317,065
47,815	MicroStrategy, Inc., Class A(b)		9,625,160
211,833	Monotype Imaging Holdings, Inc.		4,639,143
247,274	Progress Software Corp.		6,928,617
147,121	Qualys, Inc.(b)		5,281,644
214,458	Synchronoss Technologies, Inc.(b)		8,260,922
440,486	Take-Two Interactive Software, Inc.(b)		23,632,074
118,388	Tangoe, Inc.(b)		861,865
608,399	Tivo Corp.(b)		11,498,741
153,417	VASCO Data Security International, Inc.(b)		2,331,938
			107,351,249
	Technology Hardware, Storage & Peripherals - 3.3%
207,359	Cray, Inc.(b)		3,556,207
238,004	Electronics for Imaging, Inc.(b)		10,695,900
190,448	Super Micro Computer, Inc.(b)		5,037,349
			19,289,456
	Total Common Stocks (Cost $474,477,980)		577,944,754

Schedule of Investments^(a)

	Money Market Fund - 0.0%
64,872	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $64,872)	$	64,872
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $474,542,852) - 100.0%		578,009,626
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 1.4%
7,970,007	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $7,970,007)		7,970,007
	Total Investments (Cost $482,512,859)(f) - 101.4%		585,979,633
	Other assets less liabilities - (1.4)%		(8,057,116	)
	Net Assets - 100.0%	$	577,922,517

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, 2017.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $494,215,252. The net unrealized appreciation was $91,764,381, which consisted of aggregate gross unrealized appreciation of $116,358,054 and aggregate gross unrealized depreciation of $24,593,673.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap Materials Portfolio (PSCM)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Chemicals - 49.6%
	69,534	A. Schulman, Inc.	$	2,398,923
	72,248	Advansix, Inc.(b)		1,856,051
	61,236	American Vanguard Corp.		1,053,259
	75,182	Balchem Corp.		6,408,514
	119,998	Calgon Carbon Corp.		1,901,968
	127,674	Flotek Industries, Inc.(b)(c)		1,349,514
	53,884	FutureFuel Corp.		699,953
	119,197	H.B. Fuller Co.		5,884,756
	22,638	Hawkins, Inc.		1,214,529
	99,819	Ingevity Corp.(b)		5,548,938
	45,871	Innophos Holdings, Inc.		2,231,165
	56,842	Innospec, Inc.		4,055,677
	48,973	Koppers Holdings, Inc.(b)		1,980,958
	73,274	Kraton Corp.(b)		1,968,140
	47,631	LSB Industries, Inc.(b)		405,340
	31,420	Quaker Chemical Corp.		4,037,470
	102,549	Rayonier Advanced Materials, Inc.		1,391,590
	46,199	Stepan Co.		3,608,604
	59,589	Tredegar Corp.		1,325,855
				49,321,204
		Construction Materials - 6.3%
	175,759	Headwaters, Inc.(b)		4,072,336
	33,691	US Concrete, Inc.(b)		2,206,761
				6,279,097
		Containers & Packaging - 0.7%
	51,770	Myers Industries, Inc.		714,426
		Metals & Mining - 22.6%
	741,886	AK Steel Holding Corp.(b)		5,994,439
	117,636	Century Aluminum Co.(b)		1,811,594
	29,605	Haynes International, Inc.		1,217,062
	42,448	Kaiser Aluminum Corp.		3,330,470
	47,255	Materion Corp.		1,857,122
	21,566	Olympic Steel, Inc.		485,235
	286,969	Stillwater Mining Co.(b)		4,878,473
	152,198	SunCoke Energy, Inc.(b)		1,342,386
	92,233	TimkenSteel Corp.(b)		1,555,048
				22,471,829
		Paper & Forest Products - 20.8%
	91,844	Boise Cascade Co.(b)		2,277,731
	39,635	Clearwater Paper Corp.(b)		2,493,041
	25,074	Deltic Timber Corp.		1,904,872
	208,404	KapStone Paper and Packaging Corp.		4,997,528
	39,697	Neenah Paper, Inc.		3,261,109
	103,218	P.H. Glatfelter Co.		2,519,551
	72,373	Schweitzer-Mauduit International, Inc.		3,208,295
				20,662,127
		Total Common Stocks (Cost $97,458,997)		99,448,683

	Money Market Fund - 0.0%
1,724	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $1,724)	$	1,724
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $97,460,721) - 100.0%		99,450,407
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 1.1%
1,095,591	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $1,095,591)		1,095,591
	Total Investments (Cost $98,556,312)(f) - 101.1%		100,545,998
	Other assets less liabilities - (1.1)%		(1,072,462	)
	Net Assets - 100.0%	$	99,473,536

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, 2017.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $98,874,200. The net unrealized appreciation was $1,671,798, which consisted of aggregate gross unrealized appreciation of $5,335,659 and aggregate gross unrealized depreciation of $3,663,861.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap Utilities Portfolio (PSCU)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 99.9%
		Diversified Telecommunication Services - 35.3%
	26,212	ATN International, Inc.	$	2,104,561
	95,064	Cincinnati Bell, Inc.(b)		2,181,719
	52,637	Cogent Communications Holdings, Inc.		2,200,227
	75,169	Consolidated Communications Holdings, Inc.		1,977,696
	103,078	General Communication, Inc., Class A(b)		2,073,929
	88,904	Inteliquent, Inc.		2,035,902
	206,849	Iridium Communications, Inc.(b)(c)		2,089,175
	91,443	Lumos Networks Corp.(b)		1,414,623
				16,077,832
		Electric Utilities - 16.8%
	86,639	ALLETE, Inc.		5,661,859
	43,467	El Paso Electric Co.		1,995,135
				7,656,994
		Gas Utilities - 25.9%
	34,417	Northwest Natural Gas Co.		2,027,161
	138,855	South Jersey Industries, Inc.		4,582,215
	79,975	Spire, Inc.		5,198,375
				11,807,751
		Multi-Utilities - 9.5%
	112,431	Avista Corp.		4,344,334
		Water Utilities - 8.8%
	45,195	American States Water Co.		1,978,637
	58,973	California Water Service Group		2,034,569
				4,013,206
		Wireless Telecommunication Services - 3.6%
	79,660	Spok Holdings, Inc.		1,637,013
		Total Common Stocks (Cost $43,749,985)		45,537,130
		Money Market Fund - 0.0%
	84	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $84)		84
		Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $43,750,069) - 99.9%		45,537,214
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund - 4.7%
	2,150,190	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $2,150,190)		2,150,190
		Total Investments (Cost $45,900,259)(f) - 104.6%		47,687,404
		Other assets less liabilities - (4.6)%		(2,116,692	)
		Net Assets - 100.0%	$	45,570,712

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, 2017.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $46,518,441. The net unrealized appreciation was $1,168,963, which consisted of aggregate gross unrealized appreciation of $2,287,900 and aggregate gross unrealized depreciation of $1,118,937.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares Contrarian Opportunities Portfolio (CNTR)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Consumer Discretionary - 26.1%
	402	AMC Networks, Inc., Class A(b)	$	23,055
	1,208	American Axle & Manufacturing Holdings, Inc.(b)		24,643
	1,149	American Eagle Outfitters, Inc.		17,361
	981	American Public Education, Inc.(b)		23,838
	382	Asbury Automotive Group, Inc.(b)		25,059
	1,010	Ascent Capital Group, Inc., Class A(b)		15,645
	437	AutoNation, Inc.(b)		23,213
	470	Bed Bath & Beyond, Inc.		18,965
	625	Best Buy Co., Inc.		27,825
	394	Big Lots, Inc.		19,700
	637	BorgWarner, Inc.		26,009
	875	Caleres, Inc.		26,906
	218	Cavco Industries, Inc.(b)		21,419
	261	Children’s Place, Inc. (The)		25,317
	664	D.R. Horton, Inc.		19,860
	1,545	Dana, Inc.		31,116
	397	Dick’s Sporting Goods, Inc.		20,485
	1,752	Ford Motor Co.		21,655
	1,126	GNC Holdings, Inc., Class A		9,988
	591	Hibbett Sports, Inc.(b)		19,503
	1,233	Ilg, Inc.		23,365
	1,851	K12, Inc.(b)		36,890
	487	Kohl’s Corp.		19,397
	1,189	Libbey, Inc.		20,344
	441	Michael Kors Holdings Ltd.(b)		18,879
	928	Movado Group, Inc.		25,195
	1,462	Penn National Gaming, Inc.(b)		20,146
	341	Scripps Networks Interactive, Inc., Class A		25,971
	813	Shoe Carnival, Inc.		20,788
	388	Tenneco, Inc.(b)		26,171
	710	Urban Outfitters, Inc.(b)		18,843
	810	Vitamin Shoppe, Inc.(b)		17,537
	409	Williams-Sonoma, Inc.		19,718
	309	Wyndham Worldwide Corp.		24,430
	1,335	Zumiez, Inc.(b)		26,767
				786,003
		Consumer Staples - 3.8%
	1,887	Chefs’ Warehouse, Inc. (The)(b)		31,513
	1,235	Dean Foods Co.		24,527
	264	PriceSmart, Inc.		22,361
	4,410	SUPERVALU, Inc.(b)		17,287
	437	United Natural Foods, Inc.(b)		19,971
				115,659
		Energy - 1.8%
	2,183	Atwood Oceanics, Inc.(b)		26,545
	1,550	Rowan Cos. PLC, Class A(b)		27,776
				54,321
		Financials - 11.6%
	149	Affiliated Managers Group, Inc.(b)		22,702
	41	Alleghany Corp.(b)		25,074
	1,219	Ambac Financial Group, Inc.(b)		25,501
	1,366	American Equity Investment Life Holding Co.		32,238
	107	Credit Acceptance Corp.(b)		21,965
	753	Employers Holdings, Inc.		27,447
	1,053	Encore Capital Group, Inc.(b)		32,590
	614	Lazard Ltd., Class A		26,083
	1,561	Maiden Holdings Ltd.		27,708
	796	PRA Group, Inc.(b)		31,681

381	Primerica, Inc.	$	28,746
803	Walker & Dunlop, Inc.(b)		25,222
2,070	WisdomTree Investments, Inc.		21,321
			348,278
	Health Care - 4.9%
676	Air Methods Corp.(b)		24,133
69	Biogen, Inc.(b)		19,129
1,998	Community Health Systems, Inc.(b)		12,787
376	LifePoint Health, Inc.(b)		22,316
367	Magellan Health, Inc.(b)		27,507
586	Team Health Holdings, Inc.(b)		25,468
843	Tenet Healthcare Corp.(b)		14,828
			146,168
	Industrials - 30.5%
1,160	Aegion Corp.(b)		26,982
783	Air Lease Corp.		28,485
509	American Railcar Industries, Inc.		22,671
1,223	ArcBest Corp.		38,647
586	Avis Budget Group, Inc.(b)		21,811
486	Barrett Business Services, Inc.		29,213
313	C.H. Robinson Worldwide, Inc.		23,807
643	Chicago Bridge & Iron Co. NV		21,354
693	Colfax Corp.(b)		27,027
795	DigitalGlobe, Inc.(b)		22,300
334	Genesee & Wyoming, Inc., Class A(b)		25,170
909	GP Strategies Corp.(b)		23,361
478	Hertz Global Holdings, Inc.(b)		10,024
532	ICF International, Inc.(b)		27,664
628	Insteel Industries, Inc.		23,261
1,295	Interface, Inc.		23,569
1,217	Kforce, Inc.		27,991
773	MYR Group, Inc.(b)		29,737
374	PACCAR, Inc.		25,174
627	Park-Ohio Holdings Corp.		28,121
859	Quanta Services, Inc.(b)		30,829
341	Regal Beloit Corp.		24,757
1,990	RPX Corp.(b)		21,611
581	Southwest Airlines Co.		30,392
535	Spirit Airlines, Inc.(b)		28,911
1,516	Steelcase, Inc., Class A		25,469
1,143	Swift Transportation Co., Class A(b)		26,095
639	Timken Co. (The)		28,372
926	Trinity Industries, Inc.		25,502
965	TrueBlue, Inc.(b)		23,884
231	Union Pacific Corp.		24,620
456	United Continental Holdings, Inc.(b)		32,134
274	United Rentals, Inc.(b)		34,664
779	USG Corp.(b)		23,830
1,611	Wabash National Corp.		28,434
			915,873
	Information Technology - 14.7%
201	Apple, Inc.		24,391
505	Aspen Technology, Inc.(b)		26,821
301	Belden, Inc.		23,017
467	Cardtronics PLC, Class A(b)		25,489
425	Cirrus Logic, Inc.(b)		25,636
670	FARO Technologies, Inc.(b)		24,857
1,009	II-VI, Inc.(b)		36,829
319	InterDigital, Inc.		29,795
253	IPG Photonics Corp.(b)		29,092
929	Juniper Networks, Inc.		24,879
861	NeuStar, Inc., Class A(b)		28,585
2,109	ON Semiconductor Corp.(b)		28,092
393	Rogers Corp.(b)		31,420
388	Synaptics, Inc.(b)		21,875
520	Synchronoss Technologies, Inc.(b)		20,030
256	VeriSign, Inc.(b)		20,534
1,027	Western Union Co. (The)		20,109
			441,451
	Materials - 6.0%
253	Kaiser Aluminum Corp.		19,850
1,373	KapStone Paper and Packaging Corp.		32,925

Schedule of Investments^(a)

2,612	Mercer International, Inc. (Canada)	$	31,213
769	Mosaic Co. (The)		24,124
639	PolyOne Corp.		21,796
561	Schweitzer-Mauduit International, Inc.		24,869
479	WestRock Co.		25,560
			180,337
	Real Estate - 0.6%
184	Jones Lang LaSalle, Inc.		18,958
	Total Common Stocks (Cost $2,896,806)		3,007,048
	Money Market Fund - 0.0%
229	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(c) (Cost $229)		229
	Total Investments (Cost $2,897,035)(d) - 100.0%		3,007,277
	Other assets less liabilities - (0.0)%		(404	)
	Net Assets - 100.0%	$	3,006,873

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(d)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $2,897,386. The net unrealized appreciation was $109,891, which consisted of aggregate gross unrealized appreciation of $243,465 and aggregate gross unrealized depreciation of $133,574.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares KBW Bank Portfolio (KBWB)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Asset Management & Custody Banks - 11.0%
	619,775	Bank of New York Mellon Corp. (The)	$	27,722,536
	337,944	Northern Trust Corp.		28,035,834
	372,974	State Street Corp.		28,420,619
				84,178,989
		Consumer Finance - 4.0%
	349,708	Capital One Financial Corp.		30,560,982
		Diversified Banks - 42.3%
	2,783,135	Bank of America Corp.		63,010,176
	1,042,385	Citigroup, Inc.		58,196,355
	257,101	Comerica, Inc.		17,362,031
	733,188	JPMorgan Chase & Co.		62,049,700
	1,184,605	U.S. Bancorp		62,369,453
	1,110,734	Wells Fargo & Co.		62,567,646
				325,555,361
		Regional Banks - 41.3%
	649,498	BB&T Corp.		30,000,313
	763,978	Citizens Financial Group, Inc.		27,633,084
	1,127,762	Fifth Third Bancorp		29,434,588
	224,057	First Republic Bank		21,135,297
	1,619,045	Huntington Bancshares, Inc.		21,905,679
	1,612,977	KeyCorp		28,985,197
	204,176	M&T Bank Corp.		33,192,892
	464,750	People’s United Financial, Inc.		8,714,063
	265,875	PNC Financial Services Group, Inc. (The)		32,027,302
	1,837,235	Regions Financial Corp.		26,474,556
	565,734	SunTrust Banks, Inc.		32,145,006
	77,746	SVB Financial Group(b)		13,390,194
	304,053	Zions Bancorporation		12,827,996
				317,866,167
		Thrifts & Mortgage Finance - 1.4%
	726,936	New York Community Bancorp, Inc.		11,042,158
		Total Investments (Cost $716,932,562)(c) - 100.0%		769,203,657
		Other assets less liabilities - 0.0%		140,636
		Net Assets - 100.0%	$	769,344,293

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)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $718,074,191. The net unrealized appreciation was $51,129,466, which consisted of aggregate gross unrealized appreciation of $55,883,755 and aggregate gross unrealized depreciation of $4,754,289.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares KBW High Dividend Yield Financial Portfolio (KBWD)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.9%
		Asset Management & Custody Banks - 34.1%
	1,162,198	Apollo Investment Corp.	$	6,810,480
	696,719	Arlington Asset Investment Corp., Class A(b)		10,429,883
	199,170	Artisan Partners Asset Management, Inc., Class A		5,765,971
	1,124,425	BlackRock Capital Investment Corp.(b)		8,140,837
	98,000	Federated Investors, Inc., Class B		2,548,980
	760,443	Gladstone Capital Corp.		7,285,044
	84,642	Invesco Ltd.(c)		2,447,847
	1,054,986	Medley Capital Corp.		7,870,196
	1,487,171	PennantPark Investment Corp.		11,733,779
	1,134,177	Prospect Capital Corp.(b)		9,549,770
	746,784	THL Credit, Inc.		7,669,472
	355,411	Waddell & Reed Financial, Inc., Class A		6,415,169
				86,667,428
		Consumer Finance - 0.9%
	159,767	Navient Corp.		2,402,896
		Investment Banking & Brokerage - 7.9%
	494,244	BGC Partners, Inc., Class A		5,471,281
	173,061	Greenhill & Co., Inc.		5,113,953
	74,498	Lazard Ltd., Class A		3,164,675
	367,840	Virtu Financial, Inc., Class A		6,455,592
				20,205,501
		Mortgage REITs - 40.2%
	451,348	AG Mortgage Investment Trust, Inc. REIT		7,907,617
	455,952	Agnc Investment Corp. REIT		8,512,624
	743,472	Annaly Capital Management, Inc. REIT		7,598,284
	392,304	ARMOUR Residential REIT, Inc. REIT(b)		8,246,230
	511,056	Chimera Investment Corp. REIT		9,009,917
	1,137,040	CYS Investments, Inc. REIT		8,607,393
	566,565	New Residential Investment Corp. REIT		8,583,460
	1,074,502	Orchid Island Capital, Inc. REIT(b)		12,711,359
	521,361	PennyMac Mortgage Investment Trust REIT		8,837,069
	1,733,452	Resource Capital Corp. REIT(b)(d)		14,248,975
	797,540	Western Asset Mortgage Capital Corp. REIT		8,047,178
				102,310,106
		Property & Casualty Insurance - 5.2%
	70,719	First American Financial Corp.		2,657,620
	84,830	HCI Group, Inc.(b)		3,508,569
	53,980	Mercury General Corp.		3,414,235
	173,599	Old Republic International Corp.		3,610,859
				13,191,283
		Regional Banks - 4.6%
	56,321	PacWest Bancorp		3,120,183
	143,664	People’s United Financial, Inc.		2,693,700
	150,048	Umpqua Holdings Corp.		2,747,379
	253,136	Valley National Bancorp		3,065,477
				11,626,739
		Reinsurance - 1.3%
	187,061	Maiden Holdings Ltd.		3,320,333
		Thrifts & Mortgage Finance - 2.3%
	197,052	New York Community Bancorp, Inc.		2,993,220
	166,311	Oritani Financial Corp.		2,885,496
				5,878,716

	Trading Companies & Distributors - 3.4%
355,546	Triton International Ltd. (Bermuda)	$	8,653,989
	Total Common Stocks and Other Equity Interests (Cost $240,356,124)		254,256,991
	Money Market Fund - 0.0%
75,929	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(e) (Cost $75,929)		75,929
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $240,432,053) - 99.9%		254,332,920
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 7.4%
18,787,014	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(e)(f) (Cost $18,787,014)		18,787,014
	Total Investments (Cost $259,219,067)(g) - 107.3%		273,119,934
	Other assets less liabilities - (7.3)%		(18,659,780	)
	Net Assets - 100.0%	$	254,460,154

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 January 31, 2017.

^(c)  Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in and earnings from, its investment in Invesco Ltd. for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value January 31, 2017		Dividend Income
Invesco Ltd.		$—		$2,670,102		$(15,768)		$(206,299)		$(188)		$2,447,847		$—

^(d)  Affiliated company. The Investment Company Act of 1940 as amended (the “1940 Act”), defines “affiliated person” to include issuers of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investment in affiliates for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value January 31, 2017		Dividend Income
Resource Capital Corp. REIT		$9,632,444		$8,349,740		$(254,489)		$(3,437,746)		$(40,974)		$14,248,975		$84,395

^(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 January 31, 2017.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(g)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $264,770,807. The net unrealized appreciation was $8,349,127, which consisted of aggregate gross unrealized appreciation of $19,547,131 and aggregate gross unrealized depreciation of $11,198,004.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares KBW Premium Yield Equity REIT Portfolio (KBWY)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Real Estate Investment Trusts - 100.0%
		Diversified - 16.0%
	436,306	Gladstone Commercial Corp.	$	8,569,050
	1,204,002	Global Net Lease, Inc.		9,331,015
	214,609	Gramercy Property Trust		5,652,801
	1,292,904	Investors Real Estate Trust		8,326,302
	645,304	Lexington Realty Trust		6,917,659
				38,796,827
		Health Care - 24.0%
	386,715	Care Capital Properties, Inc.		9,555,727
	1,472,393	Global Medical REIT, Inc.(b)		13,030,678
	636,944	Medical Properties Trust, Inc.		8,121,036
	994,777	New Senior Investment Group, Inc.		9,957,718
	337,453	Sabra Health Care REIT, Inc.		8,571,306
	470,494	Senior Housing Properties Trust		8,962,911
				58,199,376
		Hotel & Resort - 25.4%
	347,153	Apple Hospitality REIT, Inc.		6,950,003
	955,422	Ashford Hospitality Trust, Inc.		7,261,207
	353,714	Chatham Lodging Trust		7,123,800
	279,979	Chesapeake Lodging Trust		7,167,462
	238,697	Hospitality Properties Trust		7,430,638
	224,727	LaSalle Hotel Properties		6,780,014
	264,709	MGM Growth Properties LLC, Class A		6,834,786
	250,004	RLJ Lodging Trust		5,802,593
	353,330	Xenia Hotels & Resorts, Inc.		6,483,605
				61,834,108
		Industrial - 2.3%
	247,056	STAG Industrial, Inc., Class A		5,716,876
		Office - 6.3%
	473,920	Franklin Street Properties Corp.		6,042,480
	479,222	Government Properties Income Trust		9,229,816
				15,272,296
		Residential - 6.3%
	968,875	Independence Realty Trust, Inc.		8,942,716
	466,656	Preferred Apartment Communities, Inc., Class A		6,318,522
				15,261,238
		Retail - 10.8%
	741,309	CBL & Associates Properties, Inc.		8,043,203
	979,561	Washington Prime Group, Inc.		9,452,764
	623,607	Whitestone		8,674,373
				26,170,340
		Specialized - 8.9%
	411,893	CoreCivic, Inc.		11,961,373
	231,200	Geo Group, Inc. (The)		9,599,424
				21,560,797
		Total Investments (Cost $234,639,431)(c) - 100.0%		242,811,858
		Other assets less liabilities - 0.0%		96,342
		Net Assets - 100.0%	$	242,908,200

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Affiliated company. The Investment Company Act of 1940 as amended (the “1940 Act”), defines “affiliated person” to include issuers of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investment in affiliates for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value January 31, 2017		Dividend Income
Global Medical REIT, Inc.		$—		$14,496,573		$(173,705)		$(1,284,046)		$(8,144)		$13,030,678		$257,330

^(c)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $237,519,496. The net unrealized appreciation was $5,292,362, which consisted of aggregate gross unrealized appreciation of $13,452,693 and aggregate gross unrealized depreciation of $8,160,331.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares KBW Property & Casualty Insurance Portfolio (KBWP)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.2%
		Multi-line Insurance - 10.1%
	39,863	American Financial Group, Inc.	$	3,434,995
	37,965	Assurant, Inc.		3,687,541
	34,417	Kemper Corp.		1,486,814
				8,609,350
		Property & Casualty Insurance - 77.4%
	58,496	Allied World Assurance Co. Holdings AG		3,107,892
	93,762	Allstate Corp. (The)		7,051,840
	114,609	AmTrust Financial Services, Inc.		3,024,531
	39,627	Arch Capital Group Ltd.(b)		3,501,045
	40,489	Aspen Insurance Holdings Ltd. (Bermuda)		2,283,580
	53,728	Axis Capital Holdings Ltd.		3,439,129
	51,218	Chubb Ltd.		6,734,655
	85,429	Cincinnati Financial Corp.		6,029,579
	28,606	Hanover Insurance Group, Inc. (The)		2,401,188
	37,163	Mercury General Corp.		2,350,560
	35,802	ProAssurance Corp.		1,947,629
	196,872	Progressive Corp. (The)		7,370,888
	29,522	RLI Corp.		1,754,197
	38,902	Selective Insurance Group, Inc.		1,622,213
	57,837	Travelers Cos., Inc. (The)		6,812,042
	53,049	W.R. Berkley Corp.		3,565,423
	90,726	XL Group Ltd. (Bermuda)		3,408,576
				66,404,967
		Reinsurance - 12.7%
	15,568	Everest Re Group Ltd.		3,423,870
	57,914	Maiden Holdings Ltd.		1,027,974
	25,107	RenaissanceRe Holdings Ltd. (Bermuda)		3,422,586
	53,363	Validus Holdings Ltd.		3,041,691
				10,916,121
		Total Common Stocks (Cost $79,158,585)		85,930,438
		Money Market Fund - 0.0%
	8,764	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(c) (Cost $8,764)		8,764
		Total Investments (Cost $79,167,349)(d) - 100.2%		85,939,202
		Other assets less liabilities - (0.2)%		(143,719	)
		Net Assets - 100.0%	$	85,795,483

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(d)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $79,466,343. The net unrealized appreciation was $6,472,859, which consisted of aggregate gross unrealized appreciation of $7,361,018 and aggregate gross unrealized depreciation of $888,159.

This Fund has holdings greater than 10% of net assets in the following country:

Bermuda 10.6 % 

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares KBW Regional Banking Portfolio (KBWR)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Regional Banks - 96.8%
	199,552	Associated Banc-Corp.	$	5,048,666
	159,711	BancorpSouth, Inc.		4,743,417
	54,693	Bank of Hawaii Corp.		4,698,676
	162,391	Bank of the Ozarks, Inc.		8,910,394
	128,698	BankUnited, Inc.		4,916,264
	88,354	BOK Financial Corp.		7,266,233
	144,681	Boston Private Financial Holdings, Inc.		2,387,236
	122,761	Brookline Bancorp, Inc.		1,933,486
	129,908	Cathay General Bancorp		4,733,847
	101,021	Columbia Banking System, Inc.		4,016,595
	87,352	Commerce Bancshares, Inc.		4,938,009
	77,244	Community Bank System, Inc.		4,507,960
	55,397	Cullen/Frost Bankers, Inc.		4,952,492
	188,209	CVB Financial Corp.		4,242,231
	190,467	East West Bancorp, Inc.		9,797,622
	298,414	F.N.B. Corp.		4,458,305
	154,889	First Commonwealth Financial Corp.		2,187,033
	107,844	First Financial Bancorp		2,971,102
	105,929	First Financial Bankshares, Inc.		4,517,872
	238,982	First Horizon National Corp.		4,779,640
	178,344	First Midwest Bancorp, Inc.		4,330,192
	256,888	Fulton Financial Corp.		4,675,362
	132,938	Glacier Bancorp, Inc.		4,723,287
	109,742	Hancock Holding Co.		5,031,671
	229,134	Hope Bancorp, Inc.		4,791,192
	55,036	IBERIABANK Corp.		4,521,207
	336,763	Investors Bancorp, Inc.		4,832,549
	105,380	MB Financial, Inc.		4,692,571
	234,950	Old National Bancorp		4,170,362
	161,217	PacWest Bancorp		8,931,422
	70,694	Pinnacle Financial Partners, Inc.		4,725,894
	112,172	Popular, Inc.		4,983,802
	68,940	Prosperity Bancshares, Inc.		5,007,112
	60,777	S&T Bancorp, Inc.		2,286,431
	60,834	Signature Bank(b)		9,582,572
	200,429	Sterling Bancorp		4,780,232
	117,793	Synovus Financial Corp.		4,909,612
	262,811	TCF Financial Corp.		4,559,771
	62,689	Texas Capital Bancshares, Inc.(b)		5,171,842
	117,704	Trustmark Corp.		3,957,208
	59,993	UMB Financial Corp.		4,627,860
	256,600	Umpqua Holdings Corp.		4,698,346
	98,803	United Bankshares, Inc.		4,426,374
	402,096	Valley National Bancorp		4,869,383
	91,924	Webster Financial Corp.		4,827,848
	44,680	Westamerica Bancorporation		2,535,590
	97,598	Western Alliance Bancorp(b)		4,819,389
	69,255	Wintrust Financial Corp.		4,958,658
				232,434,819
		Thrifts & Mortgage Finance - 3.2%
	115,528	Provident Financial Services, Inc.		3,058,026
	140,517	Washington Federal, Inc.		4,615,984
				7,674,010
		Total Common Stocks (Cost $232,905,821)		240,108,829
		Money Market Fund - 0.0%
	26,846	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(c) (Cost $26,846)		26,846

Total Investments (Cost $232,932,667)(d) - 100.0%	$	240,135,675
Other assets less liabilities - 0.0%		22,961
Net Assets - 100.0%	$	240,158,636

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(d)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $233,965,483. The net unrealized appreciation was $6,170,192, which consisted of aggregate gross unrealized appreciation of $7,972,856 and aggregate gross unrealized depreciation of $1,802,664.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares Russell 1000 Equal Weight Portfolio (EQAL)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Consumer Discretionary - 10.0%
	2,254	Adient PLC(b)	$	143,106
	741	Advance Auto Parts, Inc.		121,702
	178	Amazon.com, Inc.(b)		146,579
	2,505	AMC Networks, Inc., Class A(b)		143,662
	3,635	Aramark		123,008
	2,676	AutoNation, Inc.(b)		142,149
	171	AutoZone, Inc.(b)		123,972
	2,719	Bed Bath & Beyond, Inc.		109,712
	2,675	Best Buy Co., Inc.		119,091
	3,126	BorgWarner, Inc.		127,635
	2,446	Brinker International, Inc.		108,847
	2,346	Brunswick Corp.		140,432
	1,500	Burlington Stores, Inc.(b)		125,550
	2,099	Cabela’s, Inc.(b)		117,313
	223	Cable One, Inc.		141,021
	3,712	CalAtlantic Group, Inc.		129,437
	2,090	CarMax, Inc.(b)		139,424
	2,449	Carnival Corp.		135,626
	1,394	Carter’s, Inc.		116,747
	2,097	CBS Corp., Class B		135,235
	504	Charter Communications, Inc., Class A(b)		163,271
	363	Chipotle Mexican Grill, Inc.(b)		152,983
	2,399	Choice Hotels International, Inc.		133,144
	3,328	Cinemark Holdings, Inc.		141,440
	23,600	Clear Channel Outdoor Holdings, Inc., Class A		116,820
	3,395	Coach, Inc.		126,803
	1,880	Comcast Corp., Class A		141,790
	2,716	CST Brands, Inc.		130,857
	4,536	D.R. Horton, Inc.		135,672
	1,670	Darden Restaurants, Inc.		122,378
	1,832	Delphi Automotive PLC		128,350
	2,166	Dick’s Sporting Goods, Inc.		111,766
	1,817	Dillard’s, Inc., Class A		102,551
	4,504	Discovery Communications, Inc., Class A(b)		127,688
	2,225	DISH Network Corp., Class A(b)		131,653
	1,697	Dollar General Corp.		125,272
	1,500	Dollar Tree, Inc.(b)		115,785
	807	Domino’s Pizza, Inc.		140,854
	2,423	Dunkin’ Brands Group, Inc.		125,681
	1,047	Expedia, Inc.		127,305
	7,741	Extended Stay America, Inc.		125,482
	1,679	Foot Locker, Inc.		115,079
	9,957	Ford Motor Co.		123,068
	5,041	GameStop Corp., Class A		123,454
	5,054	Gap, Inc. (The)		116,394
	2,627	Garmin Ltd.		126,858
	3,485	General Motors Co.		127,586
	6,590	Gentex Corp.		137,665
	1,321	Genuine Parts Co.		127,886
	4,074	Goodyear Tire & Rubber Co. (The)		131,957
	257	Graham Holdings Co., Class B		133,524
	51,419	Groupon, Inc., Class A(b)(c)		177,396
	5,700	H&R Block, Inc.		122,322
	5,729	Hanesbrands, Inc.		135,835
	2,150	Harley-Davidson, Inc.		122,636
	1,186	Harman International Industries, Inc.		131,836
	1,527	Hasbro, Inc.		125,993
	488	Hilton Grand Vacations, Inc.(b)		14,313
	1,650	Hilton Worldwide Holdings, Inc.		95,007

983	Home Depot, Inc. (The)	$	135,241
2,311	Hyatt Hotels Corp., Class A(b)		126,435
5,256	International Game Technology PLC		138,811
5,482	Interpublic Group of Cos., Inc. (The)		128,991
12,833	J.C. Penney Co., Inc.(b)(c)		85,339
2,279	John Wiley & Sons, Inc., Class A		125,573
7,844	Kate Spade & Co.(b)		145,192
2,276	Kohl’s Corp.		90,653
1,753	L Brands, Inc.		105,548
2,371	Las Vegas Sands Corp.		124,667
949	Lear Corp.		134,843
2,636	Leggett & Platt, Inc.		125,790
2,928	Lennar Corp., Class A		130,735
1,812	Liberty Broadband Corp., Class C(b)		154,636
2,993	Liberty Expedia Holdings, Inc., Class A(b)		131,722
6,302	Liberty Interactive Corp. QVC Group, Series A(b)		120,872
3,719	Liberty Media Corp.-Liberty SiriusXM, Class C(b)		133,475
3,345	Liberty Ventures, Series A(b)		146,009
4,799	Lions Gate Entertainment Corp., Class A		138,067
4,691	Live Nation Entertainment, Inc.(b)		134,256
3,819	LKQ Corp.(b)		121,864
1,746	Lowe’s Cos., Inc.		127,598
1,883	Lululemon Athletica, Inc.(b)		127,121
3,089	Macy’s, Inc.		91,249
742	Madison Square Garden Co. (The), Class A(b)		130,347
1,566	Marriott International, Inc., Class A		132,484
4,452	Mattel, Inc.		116,687
1,087	McDonald’s Corp.		133,234
4,481	MGM Resorts International(b)		129,053
2,658	Michael Kors Holdings Ltd.(b)		113,789
5,560	Michaels Cos., Inc. (The)(b)		109,365
662	Mohawk Industries, Inc.(b)		142,886
1,961	Murphy USA, Inc.(b)		124,916
1,074	Netflix, Inc.(b)		151,122
2,870	Newell Brands, Inc.		135,837
10,871	News Corp., Class A		133,605
2,534	NIKE, Inc., Class B		134,049
2,151	Nordstrom, Inc.		95,117
2,946	Norwegian Cruise Line Holdings Ltd.(b)		138,462
87	NVR, Inc.(b)		161,646
1,514	Omnicom Group, Inc.		129,674
510	O’Reilly Automotive, Inc.(b)		133,758
656	Panera Bread Co., Class A(b)		137,143
2,356	Penske Automotive Group, Inc.		128,072
1,530	Polaris Industries, Inc.(c)		128,627
1,232	Pool Corp.		130,050
91	Priceline Group, Inc. (The)(b)		143,337
6,678	PulteGroup, Inc.		143,644
1,235	PVH Corp.		115,855
1,211	Ralph Lauren Corp., Class A		107,089
6,019	Regal Entertainment Group, Class A		136,391
1,942	Ross Stores, Inc.		128,386
1,524	Royal Caribbean Cruises Ltd.		142,692
4,762	Sally Beauty Holdings, Inc.(b)		113,336
1,828	Scripps Networks Interactive, Inc., Class A		139,220
4,814	Service Corp. International		140,232
3,363	Servicemaster Global Holdings, Inc.(b)		124,364
1,320	Signet Jewelers Ltd.		102,524
28,894	Sirius XM Holdings, Inc.(c)		136,380
2,220	Six Flags Entertainment Corp.		132,268
4,813	Skechers U.S.A., Inc., Class A(b)		120,903
13,092	Staples, Inc.		120,446
2,234	Starbucks Corp.		123,361
1,693	Target Corp.		109,165
5,662	TEGNA, Inc.		129,716
2,009	Tempur Sealy International, Inc.(b)(c)		86,387
685	Tesla, Inc.(b)		172,572
1,248	Thor Industries, Inc.		129,168
1,542	Tiffany & Co.		121,386

Schedule of Investments^(a)

1,380	Time Warner, Inc.	$	133,653
1,681	TJX Cos., Inc. (The)		125,940
4,075	Toll Brothers, Inc.(b)		127,792
1,692	Tractor Supply Co.		124,650
3,827	Tribune Media Co., Class A		110,371
2,664	TripAdvisor, Inc.(b)		140,926
2,355	Tupperware Brands Corp.		142,148
4,646	Twenty-First Century Fox, Inc., Class A		145,791
527	Ulta Beauty, Inc.(b)		143,492
3,969	Under Armour, Inc., Class A(b)(c)		85,294
3,829	Urban Outfitters, Inc.(b)		101,622
788	Vail Resorts, Inc.		135,173
2,309	VF Corp.		118,867
3,392	Viacom, Inc., Class B		142,939
3,392	Vista Outdoor, Inc.(b)		97,723
1,560	Visteon Corp.(b)		139,729
1,252	Walt Disney Co. (The)		138,534
9,477	Wendy’s Co. (The)		128,224
748	Whirlpool Corp.		130,818
2,347	Williams-Sonoma, Inc.		113,149
1,684	Wyndham Worldwide Corp.		133,137
1,424	Wynn Resorts Ltd.		144,436
4,676	Yum China Holdings, Inc.(b)		128,496
2,024	Yum! Brands, Inc.		132,633
			19,385,571
	Consumer Staples - 11.5%
6,250	Altria Group, Inc.		444,875
8,712	Archer-Daniels-Midland Co.		385,593
16,460	Blue Buffalo Pet Products, Inc.(b)		399,155
8,844	Brown-Forman Corp., Class B		403,286
5,523	Bunge Ltd.		382,247
6,865	Campbell Soup Co.		427,209
3,375	Casey’s General Stores, Inc.		387,787
9,150	Church & Dwight Co., Inc.		413,763
3,518	Clorox Co. (The)		422,160
9,876	Coca-Cola Co. (The)		410,545
6,251	Colgate-Palmolive Co.		403,690
10,551	Conagra Brands, Inc.		412,439
2,656	Constellation Brands, Inc., Class A		397,763
824	Costco Wholesale Corp.		135,095
6,829	Coty, Inc., Class A		131,117
5,062	CVS Health Corp.		398,936
4,513	Dr Pepper Snapple Group, Inc.		411,586
5,313	Edgewell Personal Care Co.(b)		418,877
9,154	Energizer Holdings, Inc.		462,002
1,650	Estee Lauder Cos., Inc. (The), Class A		133,996
21,007	Flowers Foods, Inc.		422,451
6,564	General Mills, Inc.		410,119
10,259	Hain Celestial Group, Inc. (The)(b)		405,846
8,048	Herbalife Ltd.(b)(c)		452,298
4,048	Hershey Co. (The)		426,943
11,796	Hormel Foods Corp.		428,195
3,257	Ingredion, Inc.		417,515
3,106	JM Smucker Co. (The)		421,950
5,672	Kellogg Co.		412,411
3,536	Kimberly-Clark Corp.		428,316
4,943	Kraft Heinz Co. (The)		441,360
11,663	Kroger Co. (The)		396,075
11,144	Lamb Weston Holdings, Inc.		416,340
4,384	McCormick & Co., Inc.		418,891
5,501	Mead Johnson Nutrition Co.		387,600
4,093	Molson Coors Brewing Co., Class B		395,056
9,673	Mondelez International, Inc., Class A		428,320
9,201	Monster Beverage Corp.(b)		391,963
8,036	Nu Skin Enterprises, Inc., Class A		416,908
3,919	PepsiCo, Inc.		406,714
4,495	Philip Morris International, Inc.		432,104
21,169	Pilgrim’s Pride Corp.		405,175
7,877	Pinnacle Foods, Inc.		418,978
5,157	Post Holdings, Inc.(b)		431,538
4,804	Procter & Gamble Co. (The)		420,830
7,348	Reynolds American, Inc.		441,835

48,043	Rite Aid Corp.(b)	$	270,002
3,368	Spectrum Brands Holdings, Inc.		449,257
19,300	Sprouts Farmers Market, Inc.(b)		360,331
7,349	Sysco Corp.		385,529
5,513	TreeHouse Foods, Inc.(b)		418,326
6,691	Tyson Foods, Inc., Class A		420,128
15,926	US Foods Holding Corp.(b)		433,187
4,801	Walgreens Boots Alliance, Inc.		393,394
1,865	Wal-Mart Stores, Inc.		124,470
7,337	WhiteWave Foods Co. (The)(b)		403,975
12,659	Whole Foods Market, Inc.		382,555
			22,299,006
	Energy - 9.7%
4,417	Anadarko Petroleum Corp.		307,114
11,321	Antero Resources Corp.(b)		276,346
4,543	Apache Corp.		271,762
4,557	Baker Hughes, Inc.		287,456
12,662	Cabot Oil & Gas Corp.		271,980
7,038	Cheniere Energy, Inc.(b)		335,361
39,203	Chesapeake Energy Corp.(b)		252,859
2,622	Chevron Corp.		291,960
2,135	Cimarex Energy Co.		288,673
2,125	Concho Resources, Inc.(b)		296,310
5,956	ConocoPhillips		290,415
14,213	CONSOL Energy, Inc.		240,768
5,580	Continental Resources, Inc.(b)		270,965
6,302	Devon Energy Corp.		286,993
14,360	Diamond Offshore Drilling, Inc.(b)		235,217
2,850	Diamondback Energy, Inc.(b)		299,735
4,806	Dril-Quip, Inc.(b)		298,933
5,020	Energen Corp.(b)		270,528
27,511	Ensco PLC, Class A		300,420
2,840	EOG Resources, Inc.		288,487
4,056	EQT Corp.		245,915
14,620	Extraction Oil & Gas, Inc.(b)		261,990
3,398	Exxon Mobil Corp.		285,058
23,216	Frank’s International NV(c)		274,877
10,258	Gulfport Energy Corp.(b)		214,392
5,591	Halliburton Co.		316,283
3,698	Helmerich & Payne, Inc.		263,150
4,819	Hess Corp.		261,093
9,153	HollyFrontier Corp.		265,162
14,354	Kinder Morgan, Inc.		320,668
52,550	Kosmos Energy Ltd.(b)		343,677
21,111	Laredo Petroleum, Inc.(b)		286,054
16,591	Marathon Oil Corp.		277,899
6,114	Marathon Petroleum Corp.		293,778
9,175	Murphy Oil Corp.		265,249
18,207	Nabors Industries Ltd.		295,864
7,609	National Oilwell Varco, Inc.		287,696
6,331	Newfield Exploration Co.(b)		253,746
39,615	Noble Corp. PLC		267,401
7,708	Noble Energy, Inc.		306,470
4,281	Occidental Petroleum Corp.		290,123
10,070	Oceaneering International, Inc.		280,450
5,315	ONEOK, Inc.		292,910
8,331	Parsley Energy, Inc., Class A(b)		293,418
10,740	Patterson-UTI Energy, Inc.		301,150
10,568	PBF Energy, Inc., Class A		245,072
3,479	Phillips 66		283,956
1,668	Pioneer Natural Resources Co.		300,624
15,133	QEP Resources, Inc.(b)		263,920
7,798	Range Resources Corp.		252,187
12,259	Rice Energy, Inc.(b)		243,096
14,851	Rowan Cos. PLC, Class A(b)		266,130
14,283	RPC, Inc.		307,370
3,564	Schlumberger Ltd.		298,342
8,272	SM Energy Co.		252,379
23,997	Southwestern Energy Co.(b)		216,213
7,412	Spectra Energy Corp.		308,710
16,761	Superior Energy Services, Inc.		296,167
5,651	Targa Resources Corp.		325,611

Schedule of Investments^(a)

3,360	Tesoro Corp.	$	271,656
19,624	Transocean Ltd.(b)(c)		274,147
4,459	Valero Energy Corp.		293,224
55,428	Weatherford International PLC(b)		288,780
24,933	Whiting Petroleum Corp.(b)		276,507
10,020	Williams Cos., Inc. (The)		288,977
6,641	World Fuel Services Corp.		295,392
20,425	WPX Energy, Inc.(b)		284,520
			18,839,735
	Financials - 6.2%
551	Affiliated Managers Group, Inc.(b)		83,950
1,279	Aflac, Inc.		89,517
4,784	Agnc Investment Corp. REIT		89,317
146	Alleghany Corp.(b)		89,289
1,893	Allied World Assurance Co. Holdings AG		100,575
1,226	Allstate Corp. (The)		92,208
4,339	Ally Financial, Inc.		91,640
1,176	American Express Co.		89,823
1,023	American Financial Group, Inc.		88,152
1,352	American International Group, Inc.		86,880
678	American National Insurance Co.		79,048
741	Ameriprise Financial, Inc.		83,192
3,192	AmTrust Financial Services, Inc.		84,237
8,441	Annaly Capital Management, Inc. REIT		86,267
790	Aon PLC		89,033
1,021	Arch Capital Group Ltd.(b)		90,205
1,736	Arthur J. Gallagher & Co.		93,449
2,825	Artisan Partners Asset Management, Inc., Class A		81,784
1,658	Aspen Insurance Holdings Ltd. (Bermuda)		93,511
3,529	Associated Banc-Corp.		89,284
963	Assurant, Inc.		93,536
2,345	Assured Guaranty Ltd.		91,244
1,389	Axis Capital Holdings Ltd.		88,910
3,827	Bank of America Corp.		86,643
992	Bank of Hawaii Corp.		85,223
1,821	Bank of New York Mellon Corp. (The)		81,453
2,309	BankUnited, Inc.		88,204
1,867	BB&T Corp.		86,237
540	Berkshire Hathaway, Inc., Class B(b)		88,636
235	BlackRock, Inc.		87,885
1,067	BOK Financial Corp.		87,750
1,989	Brown & Brown, Inc.		83,797
979	Capital One Financial Corp.		85,555
1,150	CBOE Holdings, Inc.		91,563
2,250	Charles Schwab Corp. (The)		92,790
5,033	Chimera Investment Corp. REIT		88,732
672	Chubb Ltd.		88,361
1,130	Cincinnati Financial Corp.		79,755
2,064	CIT Group, Inc.		85,016
1,465	Citigroup, Inc.		81,791
2,496	Citizens Financial Group, Inc.		90,280
718	CME Group, Inc.		86,935
2,144	CNA Financial Corp.		89,298
1,264	Comerica, Inc.		85,358
1,501	Commerce Bancshares, Inc.		84,852
410	Credit Acceptance Corp.(b)		84,165
1,004	Cullen/Frost Bankers, Inc.		89,758
1,221	Discover Financial Services		84,591
4,407	Donnelley Financial Solutions, Inc.(b)		106,121
2,488	E*TRADE Financial Corp.(b)		93,176
1,739	East West Bancorp, Inc.		89,454
2,030	Eaton Vance Corp.		85,118
960	Endurance Specialty Holdings Ltd.		88,982
763	Erie Indemnity Co., Class A		85,540
414	Everest Re Group Ltd.		91,051
533	FactSet Research Systems, Inc.		92,236
2,988	Federated Investors, Inc., Class B		77,718
3,283	Fifth Third Bancorp		85,686
2,411	First American Financial Corp.		90,605
2,634	First Hawaiian, Inc.		86,896
4,323	First Horizon National Corp.		86,460

992	First Republic Bank	$	93,575
2,573	FNF Group		90,981
2,151	Franklin Resources, Inc.		85,481
373	Goldman Sachs Group, Inc. (The)		85,536
974	Hanover Insurance Group, Inc. (The)		81,758
1,823	Hartford Financial Services Group, Inc. (The)		88,798
6,538	Huntington Bancshares, Inc.		88,459
2,236	Interactive Brokers Group, Inc., Class A		83,492
1,491	Intercontinental Exchange, Inc.		87,015
2,695	Invesco Ltd.(d)		77,939
1,028	JPMorgan Chase & Co.		87,000
4,791	KeyCorp		86,094
2,064	Lazard Ltd., Class A		87,679
2,652	Legg Mason, Inc.		84,042
3,682	Leucadia National Corp.		87,816
1,294	Lincoln National Corp.		87,358
1,862	Loews Corp.		86,732
2,457	LPL Financial Holdings, Inc.		96,560
572	M&T Bank Corp.		92,990
105	Markel Corp.(b)		97,125
534	MarketAxess Holdings, Inc.		99,992
1,272	Marsh & McLennan Cos., Inc.		86,521
1,453	Mercury General Corp.		91,902
1,542	MetLife, Inc.		83,900
11,034	MFA Financial, Inc. REIT		87,058
881	Moody’s Corp.		91,333
2,016	Morgan Stanley		85,660
1,165	Morningstar, Inc.		88,715
1,091	MSCI, Inc.		90,280
1,286	Nasdaq, Inc.		90,714
5,104	Navient Corp.		76,764
5,193	New York Community Bancorp, Inc.		78,882
989	Northern Trust Corp.		82,047
4,762	Old Republic International Corp.		99,050
3,776	OneMain Holdings, Inc.(b)		84,507
1,591	PacWest Bancorp		88,141
4,429	People’s United Financial, Inc.		83,044
761	PNC Financial Services Group, Inc. (The)		91,670
1,983	Popular, Inc.		88,105
1,459	Principal Financial Group, Inc.		83,294
1,448	ProAssurance Corp.		78,771
2,575	Progressive Corp. (The)		96,408
836	Prudential Financial, Inc.		87,872
1,217	Raymond James Financial, Inc.		91,190
6,058	Regions Financial Corp.		87,296
692	Reinsurance Group of America, Inc.		86,825
672	RenaissanceRe Holdings Ltd. (Bermuda)		91,607
761	S&P Global, Inc.		91,457
6,029	Santander Consumer USA Holdings, Inc.(b)		79,703
1,776	SEI Investments Co.		86,154
570	Signature Bank(b)		89,786
7,871	SLM Corp.(b)		93,508
3,923	Starwood Property Trust, Inc. REIT		87,326
1,102	State Street Corp.		83,972
1,605	SunTrust Banks, Inc.		91,196
524	SVB Financial Group(b)		90,249
2,418	Synchrony Financial		86,613
2,132	Synovus Financial Corp.		88,862
1,151	T. Rowe Price Group, Inc.		77,623
4,552	TCF Financial Corp.		78,977
2,031	TD Ameritrade Holding Corp.		93,731
4,466	TFS Financial Corp.		78,110
1,974	Thomson Reuters Corp.		88,514
1,209	Torchmark Corp.		88,910
737	Travelers Cos., Inc. (The)		86,804
9,710	Two Harbors Investment Corp. REIT		85,157
1,698	U.S. Bancorp		89,400
2,023	Unum Group		91,905
1,588	Validus Holdings Ltd.		90,516
2,151	Voya Financial, Inc.		86,513
1,366	W.R. Berkley Corp.		91,809

Schedule of Investments^(a)

1,548	Wells Fargo & Co.	$	87,199
1,785	Western Alliance Bancorp(b)		88,143
108	White Mountains Insurance Group Ltd.		98,254
2,388	XL Group Ltd. (Bermuda)		89,717
2,054	Zions Bancorporation		86,658
			12,043,466
	Health Care - 11.7%
7,733	Abbott Laboratories		323,007
3,466	AbbVie, Inc.		211,807
1,821	ABIOMED, Inc.(b)		193,700
5,776	Acadia Healthcare Co., Inc.(b)		221,625
7,943	ACADIA Pharmaceuticals, Inc.(b)		274,748
1,656	Aetna, Inc.		196,418
4,602	Agilent Technologies, Inc.		225,360
4,283	Agios Pharmaceuticals, Inc.(b)		184,297
11,436	Akorn, Inc.(b)		218,428
5,659	Alere, Inc.(b)		209,383
1,671	Alexion Pharmaceuticals, Inc.(b)		218,366
2,152	Align Technology, Inc.(b)		197,317
3,832	Alkermes PLC(b)		207,350
1,109	Allergan PLC(b)		242,749
19,153	Allscripts Healthcare Solutions, Inc.(b)		224,282
5,041	Alnylam Pharmaceuticals, Inc.(b)		201,590
2,694	AmerisourceBergen Corp.		235,132
1,492	Amgen, Inc.		233,767
1,452	Anthem, Inc.		223,811
108	Aquabounty Technologies, Inc.(b)		1,490
2,217	athenahealth, Inc.(b)		279,320
4,751	Baxter International, Inc.		227,620
1,277	Becton, Dickinson and Co.		226,399
762	Biogen, Inc.(b)		211,257
2,569	BioMarin Pharmaceutical, Inc.(b)		225,121
1,232	Bio-Rad Laboratories, Inc., Class A(b)		234,179
1,978	Bio-Techne Corp.		201,261
10,232	Boston Scientific Corp.(b)		246,182
3,722	Bristol-Myers Squibb Co.		182,974
17,163	Brookdale Senior Living, Inc.(b)		256,930
9,618	Bruker Corp.		228,235
983	C.R. Bard, Inc.		233,295
2,919	Cardinal Health, Inc.		218,808
1,870	Celgene Corp.(b)		217,201
3,754	Centene Corp.(b)		237,516
4,393	Cerner Corp.(b)		235,948
2,863	Charles River Laboratories International, Inc.(b)		231,330
1,575	Cigna Corp.		230,297
1,250	Cooper Cos., Inc. (The)		230,763
2,718	Danaher Corp.		228,095
3,205	DaVita, Inc.(b)		204,319
3,613	DENTSPLY Sirona, Inc.		204,857
3,269	DexCom, Inc.(b)		258,741
2,360	Edwards Lifesciences Corp.(b)		227,126
3,131	Eli Lilly & Co.		241,181
13,595	Endo International PLC(b)		166,403
2,967	Envision Healthcare Corp.(b)		201,756
2,939	Express Scripts Holding Co.(b)		202,438
2,931	Gilead Sciences, Inc.		212,351
2,912	HCA Holdings, Inc.(b)		233,775
1,399	Henry Schein, Inc.(b)		223,644
3,832	Hill-Rom Holdings, Inc.		225,590
5,458	Hologic, Inc.(b)		221,213
1,089	Humana, Inc.		216,167
1,804	IDEXX Laboratories, Inc.(b)		220,683
1,782	Illumina, Inc.(b)		285,298
2,114	Incyte Corp.(b)		256,238
13,225	Inovalon Holdings, Inc., Class A(b)		152,749
2,002	Intercept Pharmaceuticals, Inc.(b)(c)		219,720
7,140	Intrexon Corp.(b)(c)		151,082
359	Intuitive Surgical, Inc.(b)		248,676
4,667	Ionis Pharmaceuticals, Inc.(b)		207,682
1,887	Johnson & Johnson		213,703
11,519	Juno Therapeutics, Inc.(b)		245,815

1,668	Laboratory Corp. of America Holdings(b)	$	223,862
3,748	LifePoint Health, Inc.(b)		222,444
4,050	Mallinckrodt PLC(b)		197,357
1,449	McKesson Corp.		201,628
3,132	MEDNAX, Inc.(b)		214,072
2,908	Medtronic PLC		221,066
3,481	Merck & Co., Inc.		215,787
407	Mettler-Toledo International, Inc.(b)		173,638
5,821	Mylan NV(b)		221,489
5,103	Neurocrine Biosciences, Inc.(b)		218,970
19,402	OPKO Health, Inc.(b)(c)		168,603
7,918	Patheon NV(b)		227,167
5,260	Patterson Cos., Inc.		218,869
3,969	PerkinElmer, Inc.		211,111
2,574	Perrigo Co. PLC		196,010
6,719	Pfizer, Inc.		213,194
6,801	Premier, Inc., Class A(b)		216,680
7,209	Qiagen N.V.		208,917
2,342	Quest Diagnostics, Inc.		215,277
2,711	Quintiles IMS Holdings, Inc.(b)		212,786
570	Regeneron Pharmaceuticals, Inc.(b)		204,795
3,414	ResMed, Inc.		230,582
3,275	Seattle Genetics, Inc.(b)		197,286
1,827	Stryker Corp.		225,689
1,369	Teleflex, Inc.		229,622
14,008	Tenet Healthcare Corp.(b)		246,401
1,521	Thermo Fisher Scientific, Inc.		231,785
1,672	United Therapeutics Corp.(b)		273,589
1,380	UnitedHealth Group, Inc.		223,698
1,890	Universal Health Services, Inc., Class B		212,871
936	Varex Imaging Corp.(b)		26,910
2,340	Varian Medical Systems, Inc.(b)		181,701
3,283	VCA, Inc.(b)		297,440
4,969	Veeva Systems, Inc., Class A(b)		210,338
2,781	Vertex Pharmaceuticals, Inc.(b)		238,804
8,261	VWR Corp.(b)		214,043
1,228	Waters Corp.(b)		173,946
1,525	WellCare Health Plans, Inc.(b)		221,949
2,528	West Pharmaceutical Services, Inc.		213,945
2,016	Zimmer Biomet Holdings, Inc.		238,553
4,099	Zoetis, Inc.		225,199
			22,786,638
	Industrials - 12.2%
960	3M Co.		167,827
3,356	A.O. Smith Corp.		163,605
1,254	Acuity Brands, Inc.		259,866
4,248	AECOM(b)		156,879
2,825	AGCO Corp.		177,410
4,665	Air Lease Corp.		169,713
1,891	Alaska Air Group, Inc.		177,414
2,589	Allegion PLC		170,020
4,922	Allison Transmission Holdings, Inc.		172,172
377	AMERCO		142,005
3,429	American Airlines Group, Inc.		151,733
3,356	AMETEK, Inc.		171,492
7,814	Arconic, Inc.		178,081
6,932	Armstrong World Industries, Inc.(b)		276,933
3,239	Avis Budget Group, Inc.(b)		120,556
2,834	B/E Aerospace, Inc.		174,206
1,095	Boeing Co. (The)		178,945
4,371	BWX Technologies, Inc.		181,353
2,219	C.H. Robinson Worldwide, Inc.		168,777
1,504	Carlisle Cos., Inc.		164,101
1,791	Caterpillar, Inc.		171,327
4,803	Chicago Bridge & Iron Co. NV		159,508
1,412	Cintas Corp.		163,947
3,076	Clean Harbors, Inc.(b)		170,718
4,352	Colfax Corp.(b)		169,728
1,837	Copa Holdings SA, Class A (Panama)		179,089
3,084	Copart, Inc.(b)		174,986
11,754	Covanta Holding Corp.		189,239
2,235	Crane Co.		161,009

Schedule of Investments^(a)

4,568	CSX Corp.	$	211,910
1,208	Cummins, Inc.		177,588
1,652	Deere & Co.		176,847
3,287	Delta Air Lines, Inc.		155,278
3,825	Donaldson Co., Inc.		161,606
2,225	Dover Corp.		172,994
715	Dun & Bradstreet Corp. (The)		87,673
2,446	Eaton Corp. PLC		173,128
2,966	Emerson Electric Co.		173,986
748	Equifax, Inc.		87,725
3,089	Expeditors International of Washington, Inc.		160,875
6,353	Fastenal Co.		315,617
865	FedEx Corp.		163,580
3,290	Flowserve Corp.		161,736
2,982	Fluor Corp.		165,501
3,151	Fortive Corp.		174,282
2,316	Fortune Brands Home & Security, Inc.		127,681
974	General Dynamics Corp.		176,372
5,365	General Electric Co.		159,341
2,129	Genesee & Wyoming, Inc., Class A(b)		160,441
2,010	Graco, Inc.		180,076
4,103	HD Supply Holdings, Inc.(b)		173,557
2,092	HEICO Corp.		160,979
4,185	Herc Holdings, Inc.(b)		207,869
5,411	Hertz Global Holdings, Inc.(b)		113,469
5,821	Hexcel Corp.		298,908
1,460	Honeywell International, Inc.		172,747
1,460	Hubbell, Inc.		178,237
946	Huntington Ingalls Industries, Inc.		183,486
1,821	IDEX Corp.		164,181
1,351	Illinois Tool Works, Inc.		171,847
3,967	Ingersoll-Rand PLC		314,781
3,986	ITT, Inc.		162,908
1,714	J.B. Hunt Transport Services, Inc.		169,823
2,776	Jacobs Engineering Group, Inc.(b)		162,535
7,783	JetBlue Airways Corp.(b)		152,625
3,906	Johnson Controls International PLC		171,786
1,981	Kansas City Southern		170,188
3,015	KAR Auction Services, Inc.		137,333
9,695	KBR, Inc.		164,912
2,451	Kirby Corp.(b)		157,967
1,083	L3 Technologies, Inc.		171,861
1,936	Landstar System, Inc.		163,786
1,978	Lennox International, Inc.		310,170
2,134	Lincoln Electric Holdings, Inc.		177,912
663	Lockheed Martin Corp.		166,632
6,861	LSC Communications, Inc.		179,895
2,068	Macquarie Infrastructure Corp.		155,079
9,540	Manitowoc Foodservice, Inc.(b)		182,977
1,847	ManpowerGroup, Inc.		176,315
9,555	Masco Corp.		314,837
1,208	Middleby Corp. (The)(b)		162,089
1,826	MSC Industrial Direct Co., Inc., Class A		186,526
3,072	Nielsen Holdings PLC		125,676
1,593	Nordson Corp.		180,853
1,543	Norfolk Southern Corp.		181,241
714	Northrop Grumman Corp.		163,563
1,921	Old Dominion Freight Line, Inc.(b)		169,586
1,945	Orbital ATK, Inc.		169,118
2,428	Oshkosh Corp.		169,062
5,551	Owens Corning		306,693
2,522	PACCAR, Inc.		169,756
1,254	Parker-Hannifin Corp.		184,501
2,830	Pentair PLC (United Kingdom)		165,923
10,760	Pitney Bowes, Inc.		171,299
4,793	Quanta Services, Inc.(b)		172,021
1,161	Raytheon Co.		167,370
2,269	Regal Beloit Corp.		164,729
3,010	Republic Services, Inc.		172,714
3,519	Robert Half International, Inc.		165,604
1,228	Rockwell Automation, Inc.		181,732

1,810	Rockwell Collins, Inc.	$	164,276
5,031	Rollins, Inc.		177,393
927	Roper Technologies, Inc.		177,845
9,770	RR Donnelley & Sons Co.		167,555
2,079	Ryder System, Inc.		161,330
970	Snap-on, Inc.		176,084
3,420	Southwest Airlines Co.		178,900
2,798	Spirit AeroSystems Holdings, Inc., Class A		168,020
2,879	Spirit Airlines, Inc.(b)		155,581
1,415	Stanley Black & Decker, Inc.		175,460
2,288	Stericycle, Inc.(b)		176,496
5,359	Terex Corp.		170,416
3,524	Textron, Inc.		166,932
7,921	Timken Co. (The)		351,692
3,009	Toro Co. (The)		177,320
686	TransDigm Group, Inc.		148,450
2,818	TransUnion(b)		88,852
6,025	Trinity Industries, Inc.		165,929
1,633	Union Pacific Corp.		174,045
2,267	United Continental Holdings, Inc.(b)		159,755
1,424	United Parcel Service, Inc., Class B		155,401
1,576	United Rentals, Inc.(b)		199,380
1,553	United Technologies Corp.		170,318
9,681	USG Corp.(b)		296,142
2,000	Valmont Industries, Inc.		288,000
2,064	Verisk Analytics, Inc.(b)		170,569
711	W.W. Grainger, Inc.		179,577
1,173	WABCO Holdings, Inc.(b)		127,892
2,035	Wabtec Corp.		176,312
2,431	Waste Management, Inc.		168,955
1,964	Watsco, Inc.		299,981
2,398	WESCO International, Inc.(b)		169,539
3,304	Xylem, Inc.		162,920
			23,753,851
	Information Technology - 13.7%
1,386	Accenture PLC, Class A		157,824
5,402	Activision Blizzard, Inc.		217,214
1,916	Adobe Systems, Inc.(b)		217,236
3,069	Akamai Technologies, Inc.(b)		210,503
386	Alliance Data Systems Corp.		88,155
256	Alphabet, Inc., Class C(b)		203,978
3,280	Amdocs Ltd.		192,569
2,911	Amphenol Corp., Class A		196,463
2,715	Analog Devices, Inc.		203,462
2,090	ANSYS, Inc.(b)		194,913
1,739	Apple, Inc.		211,028
6,157	Applied Materials, Inc.		210,877
2,108	Arista Networks, Inc.(b)		198,152
6,680	ARRIS International PLC(b)		190,914
2,775	Arrow Electronics, Inc.(b)		204,018
7,491	Atlassian Corp. PLC, Class A (Australia)(b)		206,976
2,446	Autodesk, Inc.(b)		198,958
1,731	Automatic Data Processing, Inc.		174,814
4,140	Avnet, Inc.		192,262
5,110	Black Knight Financial Services, Inc., Class A(b)		186,259
4,522	Booz Allen Hamilton Holding Corp.		152,934
1,113	Broadcom Ltd.		222,044
1,353	Broadridge Financial Solutions, Inc.		90,015
16,072	Brocade Communications Systems, Inc.		200,418
6,289	CA, Inc.		196,657
7,660	Cadence Design Systems, Inc.(b)		199,390
3,369	CDK Global, Inc.		210,731
3,716	CDW Corp.		191,411
6,620	Cisco Systems, Inc.		203,366
2,231	Citrix Systems, Inc.(b)		203,445
3,149	Cognex Corp.		212,746
3,558	Cognizant Technology Solutions Corp., Class A(b)		187,115
13,225	CommerceHub, Inc., Series C(b)		192,820
5,453	CommScope Holding Co., Inc.(b)		206,232
3,270	Computer Sciences Corp.		203,394

Schedule of Investments^(a)

3,611	Conduent, Inc.(b)	$	54,021
2,412	CoreLogic, Inc.(b)		85,071
8,093	Corning, Inc.		214,384
904	CoStar Group, Inc.(b)		182,698
7,416	Cree, Inc.(b)		204,533
6,082	CSRA, Inc.		188,664
17,399	Cypress Semiconductor Corp.		205,308
3,684	Dell Technologies, Inc., Class V(b)		232,055
4,245	Dolby Laboratories, Inc., Class A		203,378
1,818	DST Systems, Inc.		209,343
4,372	eBay, Inc.(b)		139,161
3,766	EchoStar Corp., Class A(b)		191,802
2,528	Electronic Arts, Inc.(b)		210,911
1,182	Euronet Worldwide, Inc.(b)		84,537
1,398	F5 Networks, Inc.(b)		187,374
1,666	Facebook, Inc., Class A(b)		217,113
1,165	Fidelity National Information Services, Inc.		92,524
14,532	FireEye, Inc.(b)(c)		196,909
6,050	First Data Corp., Class A(b)		92,807
9,024	First Solar, Inc.(b)(c)		281,459
844	Fiserv, Inc.(b)		90,671
16,758	Fitbit, Inc., Class A(b)(c)		100,716
574	FleetCor Technologies, Inc.(b)		84,659
4,640	FLIR Systems, Inc.		163,931
6,483	Fortinet, Inc.(b)		215,625
1,916	Gartner, Inc.(b)		190,374
7,096	Genpact Ltd.(b)		175,129
1,231	Global Payments, Inc.		95,132
5,411	GoDaddy, Inc., Class A(b)		193,335
3,683	Guidewire Software, Inc.(b)		192,731
1,879	Harris Corp.		192,992
8,125	Hewlett Packard Enterprise Co.		184,275
12,601	HP, Inc.		189,645
2,921	IAC/InterActiveCorp.(b)		200,994
5,556	Intel Corp.		204,572
1,244	International Business Machines Corp.		217,103
1,700	Intuit, Inc.		201,586
1,995	IPG Photonics Corp.(b)		229,405
9,198	Jabil Circuit, Inc.		220,568
988	Jack Henry & Associates, Inc.		88,703
6,999	Juniper Networks, Inc.		187,433
4,602	Keysight Technologies, Inc.(b)		170,596
2,572	KLA-Tencor Corp.		218,903
1,919	Lam Research Corp.		220,416
3,808	Leidos Holdings, Inc.		184,003
3,193	Linear Technology Corp.		201,574
3,829	Manhattan Associates, Inc.(b)		196,275
13,859	Marvell Technology Group Ltd. (Bermuda)		206,083
847	Mastercard, Inc., Class A		90,062
10,962	Match Group, Inc.(b)(c)		190,410
5,081	Maxim Integrated Products, Inc.		226,003
3,086	Microchip Technology, Inc.		207,842
9,709	Micron Technology, Inc.(b)		234,084
3,215	Microsoft Corp.		207,850
2,402	Motorola Solutions, Inc.		193,865
5,625	National Instruments Corp.		176,738
4,829	NCR Corp.(b)		207,744
5,469	NetApp, Inc.		209,572
12,717	Nuance Communications, Inc.(b)		201,692
7,248	Nutanix, Inc., Class A(b)(c)		219,397
2,160	NVIDIA Corp.		235,829
16,273	ON Semiconductor Corp.(b)		216,756
4,913	Oracle Corp.		197,060
1,532	Palo Alto Networks, Inc.(b)		226,062
9,483	Pandora Media, Inc.(b)(c)		123,279
2,833	Paychex, Inc.		170,802
2,234	PayPal Holdings, Inc.(b)		88,869
4,124	PTC, Inc.(b)		216,799
3,523	Qorvo, Inc.(b)		226,212
2,911	QUALCOMM, Inc.		155,535
2,531	Red Hat, Inc.(b)		192,052
7,348	Sabre Corp.		180,026

2,799	salesforce.com, inc.(b)	$	221,401
2,510	ServiceNow, Inc.(b)		227,456
2,580	Skyworks Solutions, Inc.		236,689
3,505	Splunk, Inc.(b)		202,799
6,364	Square, Inc., Class A(b)		93,042
6,800	SS&C Technologies Holdings, Inc.		218,484
39,570	SunPower Corp.(b)(c)		262,745
8,019	Symantec Corp.		220,923
3,379	Synopsys, Inc.(b)		212,505
4,335	Tableau Software, Inc., Class A(b)		207,386
6,951	Teradata Corp.(b)		204,081
7,707	Teradyne, Inc.		218,725
2,771	Texas Instruments, Inc.		209,321
1,788	Total System Services, Inc.		90,616
5,800	Trimble, Inc.(b)		171,796
6,780	Twilio, Inc., Class A(b)		195,467
10,129	Twitter, Inc.(b)		178,473
1,388	Tyler Technologies, Inc.(b)		202,676
1,091	Ultimate Software Group, Inc. (The)(b)		211,283
1,543	Vantiv, Inc., Class A(b)		96,036
12,093	VeriFone Systems, Inc.(b)		219,730
2,419	VeriSign, Inc.(b)(c)		194,028
11,515	Versum Materials, Inc.(b)		321,844
1,119	Visa, Inc., Class A		92,552
2,478	VMware, Inc., Class A(b)		216,924
2,941	Western Digital Corp.		234,486
4,009	Western Union Co. (The)		78,496
755	WEX, Inc.(b)		86,319
2,817	Workday, Inc., Class A(b)		234,065
18,030	Xerox Corp.		124,948
3,554	Xilinx, Inc.		206,843
4,768	Yahoo!, Inc.(b)		210,126
5,511	Yelp, Inc., Class A(b)		230,250
2,057	Zebra Technologies Corp., Class A(b)		172,109
2,396	Zillow Group, Inc., Class C(b)		84,770
67,913	Zynga, Inc., Class A(b)		171,141
			26,575,849
	Materials - 9.5%
15,570	Advansix, Inc.(b)		399,993
2,087	Air Products & Chemicals, Inc.		291,679
3,428	Albemarle Corp.		317,570
9,718	Alcoa Corp.		354,221
4,174	AptarGroup, Inc.		304,577
2,668	Ashland Global Holdings, Inc.		317,572
2,355	Avery Dennison Corp.		171,962
11,472	Axalta Coating Systems Ltd.(b)		332,688
4,057	Ball Corp.		309,387
6,110	Bemis Co., Inc.		297,679
6,173	Berry Plastics Group, Inc.(b)		315,008
5,795	Cabot Corp.		320,869
3,768	Celanese Corp., Series A		318,019
10,056	CF Industries Holdings, Inc.		354,876
3,887	Compass Minerals International, Inc.(c)		324,953
5,783	Crown Holdings, Inc.(b)		313,265
7,506	Domtar Corp.		327,937
5,391	Dow Chemical Co. (The)		321,465
4,169	E.I. du Pont de Nemours & Co.		314,760
3,058	Eagle Materials, Inc.		319,806
4,041	Eastman Chemical Co.		313,178
2,639	Ecolab, Inc.		317,023
5,303	FMC Corp.		319,028
19,769	Freeport-McMoRan, Inc.(b)		329,154
23,556	Graphic Packaging Holding Co.		294,686
15,338	Huntsman Corp.		312,742
2,492	International Flavors & Fragrances, Inc.		292,087
5,785	International Paper Co.		327,431
3,522	LyondellBasell Industries NV, Class A		328,497
1,355	Martin Marietta Materials, Inc.		311,108
2,975	Monsanto Co.		322,222
9,906	Mosaic Co. (The)		310,751
742	NewMarket Corp.		319,928
9,491	Newmont Mining Corp.		344,333

Schedule of Investments^(a)

4,768	Nucor Corp.	$	276,973
16,811	Owens-Illinois, Inc.(b)		317,728
3,559	Packaging Corp. of America		328,069
30,125	Platform Specialty Products Corp.(b)		365,718
3,132	PPG Industries, Inc.		313,231
2,516	Praxair, Inc.		297,995
3,678	Reliance Steel & Aluminum Co.		292,953
4,648	Royal Gold, Inc.		335,446
5,688	RPM International, Inc.		297,255
3,244	Scotts Miracle-Gro Co. (The)		298,351
6,467	Sealed Air Corp.		313,650
1,179	Sherwin-Williams Co. (The)		358,192
6,061	Silgan Holdings, Inc.		354,629
5,768	Sonoco Products Co.		316,952
8,900	Southern Copper Corp. (Peru)		341,404
8,401	Steel Dynamics, Inc.		284,038
32,545	Tahoe Resources, Inc.		297,461
8,632	United States Steel Corp.		282,353
3,044	Valspar Corp. (The)		336,879
14,744	Valvoline, Inc.(c)		341,324
2,420	Vulcan Materials Co.		310,559
4,504	W.R. Grace & Co.		312,307
5,451	Westlake Chemical Corp.		337,471
5,936	WestRock Co.		316,745
			18,398,137
	Real Estate - 3.9%
810	Alexandria Real Estate Equities, Inc. REIT		89,764
1,857	American Campus Communities, Inc. REIT		90,287
4,170	American Homes 4 Rent, Class A REIT		92,908
858	American Tower Corp. REIT		88,803
2,093	Apartment Investment & Management Co., Class A REIT		92,238
4,486	Apple Hospitality REIT, Inc. REIT		89,810
528	AvalonBay Communities, Inc. REIT		91,508
689	Boston Properties, Inc. REIT		90,190
5,584	Brandywine Realty Trust REIT		89,902
3,615	Brixmor Property Group, Inc. REIT		87,230
1,113	Camden Property Trust REIT		93,013
3,498	Care Capital Properties, Inc. REIT		86,436
2,695	CBRE Group, Inc., Class A(b)		81,820
12,133	Colony Northstar, Inc., Class A REIT		168,891
4,112	Columbia Property Trust, Inc. REIT		91,492
3,477	Communications Sales & Leasing, Inc. REIT		91,376
3,563	CoreCivic, Inc. REIT		103,470
2,961	Corporate Office Properties Trust REIT		94,219
1,027	Crown Castle International Corp. REIT		90,201
3,427	CubeSmart REIT		86,120
2,007	CyrusOne, Inc. REIT		96,657
1,866	DCT Industrial Trust, Inc. REIT		83,392
5,721	DDR Corp. REIT		86,845
947	Digital Realty Trust, Inc. REIT		101,926
2,297	Douglas Emmett, Inc. REIT		86,918
3,336	Duke Realty Corp. REIT		81,165
4,326	Empire State Realty Trust, Inc., Class A REIT		88,640
1,245	EPR Properties REIT		92,093
259	Equinix, Inc. REIT		99,710
3,048	Equity Commonwealth REIT(b)		94,000
1,260	Equity LifeStyle Properties, Inc. REIT		93,164
2,931	Equity One, Inc. REIT		91,418
1,407	Equity Residential REIT		85,503
407	Essex Property Trust, Inc. REIT		91,290
1,172	Extra Space Storage, Inc. REIT		84,443
617	Federal Realty Investment Trust REIT		86,645
4,201	Forest City Realty Trust, Inc., Class A REIT		95,111
2,848	Gaming and Leisure Properties, Inc. REIT		90,082
3,376	GGP, Inc. REIT		83,860
2,946	HCP, Inc. REIT		89,323
3,016	Healthcare Trust of America, Inc., Class A REIT		87,675

1,796	Highwoods Properties, Inc. REIT	$	92,332
2,878	Hospitality Properties Trust REIT		89,592
4,616	Host Hotels & Resorts, Inc. REIT		83,411
742	Howard Hughes Corp. (The)(b)		79,105
2,550	Iron Mountain, Inc. REIT		91,290
836	Jones Lang LaSalle, Inc.		86,133
1,160	Kilroy Realty Corp. REIT		86,826
3,401	Kimco Realty Corp. REIT		84,651
1,310	Lamar Advertising Co., Class A REIT		98,931
2,176	Liberty Property Trust REIT		83,537
1,040	Life Storage, Inc. REIT		84,708
1,246	Macerich Co. (The) REIT		85,588
953	Mid-America Apartment Communities, Inc. REIT		90,487
2,033	National Retail Properties, Inc. REIT		88,639
2,878	OMEGA Healthcare Investors, Inc. REIT		92,297
3,564	Outfront Media, Inc. REIT		97,761
5,342	Paramount Group, Inc. REIT		89,158
988	Park Hotels & Resorts, Inc. REIT		26,814
4,283	Piedmont Office Realty Trust, Inc., Class A REIT		93,027
1,688	Prologis, Inc. REIT		82,459
406	Public Storage REIT		87,290
5,630	Quality Care Properties, Inc. REIT(b)		103,930
3,129	Rayonier, Inc. REIT		87,268
3,370	Realogy Holdings Corp.		87,317
1,585	Realty Income Corp. REIT		94,514
1,302	Regency Centers Corp. REIT		90,788
5,724	Retail Properties of America, Inc., Class A REIT		85,688
4,802	Senior Housing Properties Trust REIT		91,478
475	Simon Property Group, Inc. REIT		87,291
806	SL Green Realty Corp. REIT		87,830
8,167	Spirit Realty Capital, Inc. REIT		85,917
3,536	STORE Capital Corp. REIT		83,662
1,186	Sun Communities, Inc. REIT		93,409
2,478	Tanger Factory Outlet Centers, Inc. REIT		84,723
1,172	Taubman Centers, Inc. REIT		83,024
2,577	UDR, Inc. REIT		90,066
1,415	Ventas, Inc. REIT		87,263
10,375	VEREIT, Inc. REIT		88,499
855	Vornado Realty Trust REIT		90,895
2,458	Weingarten Realty Investors REIT		87,579
1,355	Welltower, Inc. REIT		89,836
2,700	Weyerhaeuser Co. REIT		84,591
1,493	WP Carey, Inc. REIT		92,476
			7,531,618
	Telecommunication Services - 2.4%
10,863	AT&T, Inc.		457,984
18,185	CenturyLink, Inc.		470,264
117,110	Frontier Communications Corp.(c)		408,714
7,798	Level 3 Communications, Inc.(b)		463,669
2,013	SBA Communications Corp., Class A REIT(b)		211,889
50,672	Sprint Corp.(b)		467,703
14,685	Telephone & Data Systems, Inc.		450,095
7,579	T-Mobile US, Inc.(b)		471,944
10,526	United States Cellular Corp.(b)		469,354
8,519	Verizon Communications, Inc.		417,516
12,676	Zayo Group Holdings, Inc.(b)		405,125
			4,694,257
	Utilities - 9.2%
36,059	AES Corp. (The)		412,515
11,673	Alliant Energy Corp.		439,488
8,470	Ameren Corp.		445,945
7,047	American Electric Power Co., Inc.		451,431
5,890	American Water Works Co., Inc.		432,562
14,581	Aqua America, Inc.		443,408
5,875	Atmos Energy Corp.		447,558
11,826	Avangrid, Inc.		458,849
37,622	Calpine Corp.(b)		443,940
17,596	CenterPoint Energy, Inc.		461,191

Schedule of Investments^(a)

10,449	CMS Energy Corp.	$	445,127
6,022	Consolidated Edison, Inc.		447,736
5,768	Dominion Resources, Inc.		439,983
4,496	DTE Energy Co.		443,485
5,787	Duke Energy Corp.		454,511
6,150	Edison International		448,212
6,072	Entergy Corp.		434,998
8,000	Eversource Energy		442,560
12,572	Exelon Corp.		451,083
13,982	FirstEnergy Corp.		423,934
16,167	Great Plains Energy, Inc.		445,401
13,256	Hawaiian Electric Industries, Inc.		443,811
14,897	MDU Resources Group, Inc.		437,227
7,535	National Fuel Gas Co.		423,090
3,767	NextEra Energy, Inc.		466,053
19,733	NiSource, Inc.		441,427
34,070	NRG Energy, Inc.		563,518
12,955	OGE Energy Corp.		434,511
7,391	PG&E Corp.		457,429
5,641	Pinnacle West Capital Corp.		437,911
12,826	PPL Corp.		446,858
10,272	Public Service Enterprise Group, Inc.		454,536
5,909	SCANA Corp.		405,948
4,356	Sempra Energy		446,011
8,972	Southern Co. (The)		443,486
9,826	UGI Corp.		455,632
8,545	Vectren Corp.		469,035
7,671	WEC Energy Group, Inc.		452,973
7,678	Westar Energy, Inc.		419,910
11,007	Xcel Energy, Inc.		454,809
			17,868,092
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $187,826,355) - 100.0%		194,176,220
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 1.6%
3,131,670	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(e)(f) (Cost $3,131,670)		3,131,670
	Total Investments (Cost $190,958,025)(g) - 101.6%		197,307,890
	Other assets less liabilities - (1.6)%		(3,082,707	)
	Net Assets - 100.0%	$	194,225,183

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 January 31, 2017.

^(d) Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investment in affiliates for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value January 31, 2017		Dividend Income
Invesco Ltd.		$49,270		$33,725		$(4,483)		$(1,147)		$574		$77,939		$512

^(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 January 31, 2017.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(g)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $192,928,659. The net unrealized appreciation was $4,379,231, which consisted of aggregate gross unrealized appreciation of $12,067,306 and aggregate gross unrealized depreciation of $7,688,075.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares Senior Loan Portfolio (BKLN)

January 31, 2017

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Variable Rate Senior Loan Interests - 88.8%(a)(b)
		Advertising - 2.0%
$	64,337,054	Acosta, Inc., Term Loan B1		4.289	%		09/26/2021	$	62,374,774
	59,325,631	Getty Images, Inc., Term Loan		4.498			10/18/2019		51,496,725
	60,539,924	Karman Buyer Corp., Term Loan		4.250			07/25/2021		60,322,283
									174,193,782
		Aerospace/Defense - 1.7%
	49,910,869	BE Aerospace, Inc., Term Loan		3.940			12/16/2021		50,204,095
	91,727,675	TransDigm, Inc., Term Loan F		3.778			06/09/2023		91,654,752
									141,858,847
		Airlines - 0.6%
	47,843,887	American Airlines, Inc., Term Loan		3.276			06/27/2020		48,168,986
		Auto Manufacturers - 0.5%
	42,891,400	FCA US LLC, Term Loan		3.528			05/24/2017		42,960,669
		Auto Parts & Equipment - 0.7%
	1,159,156	Allison Transmission, Inc., Extended Term Loan		3.276			09/23/2022		1,172,133
	58,499,941	Federal-Mogul Holdings Corp., Term Loan C		4.750			04/15/2021		58,182,871
									59,355,004
		Beverages - 1.3%
		Keurig Green Mountain, Inc.
	85,354,696	Term Loan A		2.563			03/03/2021		85,354,696
	27,082,951	Term Loan B		5.313			03/03/2023		27,534,289
									112,888,985
		Building Materials - 0.8%
	69,874,590	Quikrete Holdings, Inc., Term Loan		4.017			11/15/2023		70,825,932
		Chemicals - 0.4%
	35,149,525	Axalta Coating Systems U.S. Holdings, Inc., Term Loan B1		3.498			02/01/2023		35,602,954
		Commercial Services - 3.6%
	102,804,682	Pharmaceutical Product Development, Inc., Term Loan		4.250			08/18/2022		103,538,707
	83,493,475	Prime Security Services Borrower LLC, Term Loan B1		4.250			05/02/2022		84,498,319
	64,262,772	Trans Union LLC, Term Loan B2		3.589			04/09/2021		64,664,736
	65,821,760	Weight Watchers International, Inc., Term Loan B2		4.190			04/02/2020		58,792,654
									311,494,416
		Computers - 2.8%
		Western Digital Corp.
	114,178,585	Term Loan A		2.776			04/29/2021		114,511,416
	123,597,331	Term Loan B1		4.526			04/29/2023		124,956,901
									239,468,317
		Distribution/Wholesale - 1.1%
	29,302,372	American Builders & Contractors Supply Co., Inc., Term Loan		3.526			10/31/2023		29,600,670
	64,971,440	Univar, Inc., Term Loan B2		3.519			07/01/2022		64,956,171
									94,556,841
		Electric - 4.1%
	61,750,000	Dynegy, Inc., Term Loan C		5.000			06/27/2023		62,290,313
	155,210,689	Energy Future Intermediate Holding Co. LLC, DIP Term Loan		4.250			06/30/2017		156,294,059
	44,369,793	NRG Energy, Inc., Term Loan		3.089			06/30/2023		44,595,414
		Vistra Operations Co. LLC
	72,047,160	Term Loan B		5.000			08/04/2023		72,452,785
	16,431,808	Term Loan C		5.000			08/04/2023		16,524,319
									352,156,890
		Entertainment - 4.9%
	104,629,221	Alpha Topco Ltd., Term Loan B3 (United Kingdom)		5.068			07/30/2021		105,355,871
	58,347,785	Amaya (US) Co-Borrower LLC, Term Loan B (Canada)		5.000			08/01/2021		58,748,926
	40,297,599	Lions Gate Entertainment Corp., Term Loan B		3.766			12/08/2023		40,625,017
		Scientific Games International, Inc.

Schedule of Investments

$	90,913,934	Term Loan	6.000	%	10/18/2020	$	91,863,530
	45,347,117	Term Loan B2	5.870		10/01/2021		45,767,712
	73,369,543	William Morris Endeavor Entertainment LLC, Term Loan	5.250		05/06/2021		73,846,445
							416,207,501
		Food - 2.1%
		Albertson’s LLC
	83,031,630	Term Loan B4	3.778		08/25/2021		83,554,729
	26,236,476	Term Loan B6	4.061		06/22/2023		26,439,809
	69,363,419	US Foods, Inc., Term Loan	3.778		06/27/2023		69,970,349
							179,964,887
		Food Service - 0.8%
	66,563,199	Aramark Corp., Term Loan F	3.498		02/24/2021		67,252,793
		Healthcare-Products - 1.0%
	23,755,400	Kinetic Concepts, Inc., Term Loan F1	5.000		11/04/2020		23,824,171
	65,114,991	Ortho-Clinical Diagnostics, Inc., Term Loan	4.750		06/30/2021		64,789,416
							88,613,587
		Healthcare-Services - 5.2%
	91,458,345	CHS/Community Health Systems, Inc., Term Loan H	4.000		01/27/2021		86,742,295
	107,964,559	DaVita HealthCare Partners, Inc., Term Loan B	3.520		06/24/2021		109,489,559
	113,630,394	Envision Healthcare Corp., Term Loan	4.000		12/01/2023		115,121,793
	105,955,660	MPH Acquisition Holdings LLC, Term Loan B	5.000		06/07/2023		107,644,593
	26,796,854	U.S. Renal Care, Inc., Term Loan	5.250		12/30/2022		25,343,125
							444,341,365
		Holding Companies - Diversified - 0.9%
	73,017,354	Travelport LLC, Term Loan C (Luxembourg)	4.250		09/02/2021		73,777,830
		Household Products/Wares - 3.0%
		Dell International LLC
	122,746,250	Term Loan A2	3.030		09/07/2021		123,030,407
	129,431,750	Term Loan B	4.030		09/07/2023		130,305,415
							253,335,822
		Insurance - 2.6%
		Asurion LLC
	63,770,440	Term Loan	8.500		03/03/2021		64,800,014
	11,094,146	Term Loan B2	4.028		07/08/2020		11,209,692
	67,184,018	Term Loan B4	4.250		08/04/2022		68,010,045
	20,898,482	Term Loan B5	4.750		11/03/2023		21,148,846
	57,974,176	HUB International Ltd., Term Loan	4.000		10/02/2020		58,273,032
							223,441,629
		Investment Companies - 1.3%
	110,178,492	RPI Finance Trust, Term Loan B5	3.498		10/14/2022		111,280,277
		Lodging - 4.7%
	77,179,897	Caesars Entertainment Resort Properties LLC, Term Loan B	7.000		10/11/2020		78,082,516
		Harrah’s Operating Co., Inc.(c)
	78,897,888	Term Loan B6	1.500		03/01/2017		89,623,267
	55,672,948	Term Loan B7	1.500		03/01/2017		66,668,356
		Hilton Worldwide Finance LLC
	5,230,112	Term Loan	3.500		10/26/2020		5,294,207
	93,106,404	Series B-2 Term Loan	3.222		10/25/2023		94,148,730
	67,584,874	Las Vegas Sands, LLC, Term Loan B	3.089		12/19/2020		67,981,935
							401,799,011
		Machinery - Construction & Mining - 0.8%
	68,662,089	Cortes NP Acquisition Corp., Term Loan	6.029		11/30/2023		69,177,054
		Machinery - Diversified - 1.1%
	44,901,150	Gardner Denver, Inc., Term Loan	4.560		07/30/2020		44,476,386
	19,037,728	Rexnord LLC, Term Loan B	3.770		08/21/2023		19,184,984
	29,605,525	Zebra Technologies Corp., Term Loan	3.446		10/27/2021		29,910,018
							93,571,388
		Media - 7.8%
	87,500,154	Charter Communications Operating LLC, Term Loan I1	3.026		01/15/2024		87,907,030
	76,956,644	CSC Holdings LLC, Extended Term Loan	3.767		10/09/2024		77,758,148
	51,691,918	Cumulus Media Holdings, Inc., Term Loan	4.250		12/23/2020		34,209,970
	127,674,940	iHeartCommunications, Inc., Term Loan D	7.528		01/30/2019		106,409,402

Schedule of Investments

$	1,822,255	Mission Broadcasting, Inc., Term Loan B	3.767	%	09/26/2023	$	1,848,449
	19,777,745	Nexstar Broadcasting, Inc., Term Loan B	3.767		09/26/2023		20,062,050
	37,018,314	Nielsen Finance LLC, Term Loan B3	3.266		10/04/2023		37,345,186
	36,888,373	Numericable-SFR S.A., Term Loan B10 (France)	4.289		01/14/2025		37,249,695
	71,682,765	Tribune Media Co., Term Loan C	3.778		01/27/2024		72,325,043
	42,215,125	Univision Communications, Inc., Term Loan	4.000		03/01/2020		42,385,041
	104,428,193	Virgin Media Investment Holdings Ltd., Term Loan I	3.517		01/31/2025		105,195,218
	43,925,943	WideOpenWest Finance LLC, Term Loan B	4.500		08/19/2023		44,203,554
							666,898,786
		Mining - 0.7%
	59,251,763	Fortescue Metals Group Ltd., Term Loan (Australia)	3.750		06/30/2019		59,713,038
		Miscellaneous Manufacturing - 0.9%
	78,824,629	Gates Global LLC, Term Loan	4.250		07/05/2021		78,704,027
		Oil & Gas - 1.3%
	54,395,524	Drillships Financing Holding, Inc., Term Loan B1 (Cyprus)	6.063		03/31/2021		42,337,940
	95,732,523	Seadrill Operating LP, Term Loan (United Kingdom)	4.000		02/21/2021		71,061,295
							113,399,235
		Packaging & Containers - 1.5%
	57,546,715	Berry Plastics Corp., Term Loan I	3.291		10/01/2022		58,009,103
	66,945,422	Reynolds Group Holdings, Inc., Term Loan	4.250		02/05/2023		67,244,669
							125,253,772
		Pharmaceuticals - 4.7%
	89,186,979	Endo Pharmaceuticals Holdings, Inc., Term Loan B (Luxembourg)	3.813		09/25/2022		89,063,455
	104,134,961	Grifols Worldwide Operations USA, Inc., Term Loan B	3.089		01/31/2025		104,838,393
		Valeant Pharmaceuticals International, Inc.
	83,470,709	Series E-1 Term Loan B	5.270		08/05/2020		83,795,410
	125,863,845	Series F-1 Term Loan B	5.500		04/01/2022		126,564,278
							404,261,536
		Real Estate - 0.9%
	78,651,566	Cushman & Wakefield, Term Loan	4.250		11/04/2021		79,235,554
		REITs - 1.4%
	64,874,345	Communications Sales & Leasing, Inc., Term Loan	4.500		10/24/2022		65,782,586
	52,895,415	MGM Growth Properties Operating Partnership LP, Term Loan B	3.528		04/25/2023		53,433,890
							119,216,476
		Retail - 9.1%
	96,901,574	Bass Pro Group LLC, Term Loan	5.970		12/16/2023		94,138,425
	70,372,562	Harbor Freight Tools USA, Inc., Term Loan	3.778		08/19/2023		70,875,374
	64,621,173	Michaels Stores, Inc., Term Loan B1	3.750		01/28/2023		64,407,923
	89,446,508	Neiman Marcus Group, Inc., Term Loan	4.250		10/25/2020		74,378,349
	148,969,230	New Red Finance, Inc., Term Loan B2 (Canada)	3.750		12/10/2021		150,552,028
	81,806,892	Petco Animal Supplies, Inc., Term Loan	4.250		01/26/2023		80,828,072
	135,258,960	PetSmart, Inc., Term Loan B2	4.000		03/11/2022		134,244,518
	49,937,343	Pizza Hut Holdings LLC, Term Loan B	3.518		06/16/2023		50,756,815
	62,397,364	Serta Simmons Bedding LLC, Term Loan	4.500		11/08/2023		62,425,443
							782,606,947
		Semiconductors - 0.9%
	76,418,569	ON Semiconductor Corp., Term Loan	4.028		03/31/2023		77,413,921
		Software - 5.8%
	87,140,893	BMC Software Finance, Inc., Term Loan	5.000		09/10/2020		87,045,910
		First Data Corp.
	89,953,478	Term Loan	3.775		03/24/2021		90,614,186
	50,639,706	Term Loan	3.775		07/10/2022		51,061,788
		Infor US, Inc.
	4,129,860	Term Loan B3	3.750		06/03/2020		4,137,169
	71,553,010	Term Loan B5	3.750		06/03/2020		71,675,724
	69,193,233	Kronos, Inc., Term Loan	5.000		11/01/2023		70,065,414
	60,500,000	Rackspace Hosting, Inc., Term Loan B	4.500		11/03/2023		61,164,592
	64,749,225	Veritas US, Inc., Term Loan B1	6.625		01/27/2023		61,613,096
							497,377,879
		Telecommunications - 5.8%
	62,286,281	Avaya, Inc., Term Loan B7(c)	6.250		05/29/2020		51,818,760
	96,170,397	Intelsat Jackson Holdings SA, Term Loan B2 (Luxembourg)	3.750		06/30/2019		94,860,557
		Level 3 Communications, Inc.

Schedule of Investments

$	40,000,000	Term Loan B	4.000	%	01/15/2020	$	40,560,000
	72,130,000	Term Loan B2	3.513		05/31/2022		72,903,955
	57,972,011	LTS Buyer LLC, Term Loan B	4.248		04/13/2020		58,479,266
	44,721,755	Telesat LLC, Term Loan B3	4.780		11/17/2023		44,833,559
	65,750,000	UPC Financing Partnership, Term Loan	3.767		08/31/2024		65,960,729
		Zayo Group LLC
	47,348,098	Term Loan	3.500		01/19/2024		47,821,579
	17,977,879	Term Loan B2	3.500		01/19/2024		18,157,658
							495,396,063
		Total Variable Rate Senior Loan Interests (Cost $7,582,634,710)					7,605,772,001
		Corporate Bonds - 2.6%
		Computers - 0.3%
	24,793,000	Dell International LLC(d)	5.450		06/15/2023		26,666,880
		Media - 1.1%
	37,174,000	iHeartCommunications, Inc.	9.000		12/15/2019		31,249,394
	5,802,000	Univision Communications, Inc.(d)	6.750		09/15/2022		6,106,605
	57,098,000	Univision Communications, Inc.(d)	5.125		05/15/2023		56,919,283
							94,275,282
		Packaging & Containers - 0.4%
	29,500,000	Reynolds Group Holdings, Inc. (New Zealand)	5.750		10/15/2020		30,409,485
	5,000,000	Reynolds Group Holdings, Inc. (New Zealand)(d)(e)	4.523		07/15/2021		5,156,250
							35,565,735
		Software - 0.7%
	9,899,000	First Data Corp.(d)	6.750		11/01/2020		10,233,091
	51,000,000	First Data Corp.(d)	5.000		01/15/2024		51,860,880
							62,093,971
		Telecommunications - 0.1%
	2,986,000	Avaya, Inc.(c)(d)	7.000		04/01/2019		2,485,845
		Total Corporate Bonds (Cost $226,460,279)					221,087,713
Number of Shares
		Money Market Fund - 8.5%
	730,326,499	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(f)
		(Cost $730,326,499)					730,326,499
		Total Investments
		(Cost $8,539,421,488)(g) - 99.9%					8,557,186,213
		Other assets less liabilities - 0.1%					5,978,533
		Net Assets - 100.0%				$	8,563,164,746

Investment Abbreviations:

DIP - Debtor-in-Possession

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  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.

^(b)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (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 London Interbank Offered Rate (“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.

^(c)  The borrower has filed for protection in federal bankruptcy court.

^(d)  Security purchased or received in a transaction exempt from registration under 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, 2017 was $159,428,834, which represented 1.86% of the Fund’s Net Assets.

^(e)  Interest and dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2017.

Schedule of Investments

^(f)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(g)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The cost of investments is the same for tax and financial reporting purposes. The net unrealized appreciation was $17,764,725, which consisted of aggregate gross unrealized appreciation of $71,539,358 and aggregate gross unrealized depreciation of $53,774,633.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares FTSE International Low Beta Equal Weight Portfolio (IDLB)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity
		Interests - 100.1%
		Australia - 5.0%
	44,258	Adelaide Brighton Ltd.	$	172,024
	14,616	Amcor Ltd.		158,669
	25,312	APA Group		161,795
	4,573	ASX Ltd.		173,198
	52,904	Aurizon Holdings Ltd.		201,212
	135,970	AusNet Services		163,090
	18,981	Brambles Ltd.		150,002
	6,989	Caltex Australia Ltd.		151,743
	7,852	CIMIC Group Ltd.		204,457
	23,919	Coca-Cola Amatil Ltd.		177,042
	24,071	Dexus Property Group REIT		164,096
	88,923	DUET Group		189,016
	36,236	DuluxGroup Ltd.		166,977
	6,439	Flight Centre Travel Group Ltd.		146,352
	30,812	Goodman Group REIT		161,865
	43,876	GPT Group (The) REIT		155,884
	43,472	Harvey Norman Holdings Ltd.		165,009
	76,437	Healthscope Ltd.		127,079
	81,670	Incitec Pivot Ltd.		238,699
	42,212	Macquarie Atlas Roads Group		160,867
	9,901	Magellan Financial Group Ltd.		176,634
	86,941	Medibank Private Ltd.		178,203
	100,813	Mirvac Group REIT		155,360
	10,542	Newcrest Mining Ltd.		172,304
	75,448	Orora Ltd.		163,238
	36,606	OZ Minerals Ltd.		249,549
	2,864	Ramsay Health Care Ltd.		145,237
	3,952	REA Group Ltd.		157,688
	47,056	Scentre Group REIT		157,179
	299,829	Seven West Media Ltd.		184,368
	101,241	Shopping Centres Australasia Property Group REIT		166,780
	10,166	Sonic Healthcare Ltd.		160,679
	40,212	Star Entertainment Group Ltd. (The)		145,613
	47,895	Stockland REIT		158,164
	18,400	Suncorp Group Ltd.		182,008
	32,125	Sydney Airport		142,668
	47,064	Tabcorp Holdings Ltd.		169,354
	61,382	Tatts Group Ltd.		202,236
	44,054	Telstra Corp. Ltd.		167,218
	19,184	TPG Telecom Ltd.		94,226
	20,258	Transurban Group		156,864
	20,834	Treasury Wine Estates Ltd.		183,942
	70,655	Vicinity Centres REIT		153,404
	30,411	Vocus Group Ltd.		93,269
	5,586	Wesfarmers Ltd.		170,727
	22,883	Westfield Corp. REIT		152,697
				7,628,685
		Austria - 0.4%
	30,821	Telekom Austria AG, Class A		190,124
	8,947	Vienna Insurance Group AG Wiener
		Versicherung Gruppe		217,698

5,318	voestalpine AG	$	225,289
			633,111
	Belgium - 1.3%
1,472	Ackermans & van Haaren NV		200,599
5,093	Ageas		217,849
6,918	bpost SA		167,244
3,211	Colruyt SA		157,127
2,976	KBC Groep NV		193,034
5,804	Proximus SADP		166,626
1,260	Sofina SA		171,027
1,604	Solvay SA		187,819
3,751	Telenet Group Holding NV(a)		201,145
2,146	UCB SA		147,778
2,988	Umicore SA		167,269
			1,977,517
	Canada - 4.3%
3,523	Agnico Eagle Mines Ltd.		167,726
1,818	Agrium, Inc.		186,883
3,407	Alimentation Couche-Tard, Inc., Class B		155,775
2,651	Bank of Montreal		200,144
3,762	BCE, Inc.		169,265
5,187	Brookfield Asset Management, Inc., Class A		179,033
2,212	Canadian Imperial Bank of Commerce		188,005
2,739	Canadian National Railway Co.		190,002
1,708	Canadian Tire Corp. Ltd., Class A		181,300
6,134	Canadian Utilities Ltd., Class A		174,269
3,613	CGI Group, Inc., Class A(a)		173,396
8,982	CI Financial Corp.		187,390
405	Constellation Software, Inc.		182,574
4,463	Enbridge, Inc.		189,645
310	Fairfax Financial Holdings Ltd.		144,568
5,587	Fortis, Inc.		179,298
2,527	Franco-Nevada Corp.		164,054
2,043	George Weston Ltd.		173,908
7,363	Great-West Lifeco, Inc.(b)		201,392
5,817	Imperial Oil Ltd.		190,873
2,422	Intact Financial Corp.		176,502
8,086	Inter Pipeline Ltd.		175,023
3,234	Loblaw Cos. Ltd.		169,644
4,358	Magna International, Inc.		188,159
12,891	Manulife Financial Corp.		246,696
5,178	Metro, Inc.		156,998
5,845	Pembina Pipeline Corp.		180,988
8,320	Power Corp. of Canada		194,830
7,631	Power Financial Corp.		197,894
8,310	RioCan Real Estate Investment Trust REIT		165,786
4,106	Rogers Communications, Inc., Class B		177,782
5,299	Saputo, Inc.		194,727
5,571	Sun Life Financial, Inc.		219,464
5,337	TELUS Corp.		177,825
3,943	Toronto-Dominion Bank (The)		203,872
2,294	Waste Connections, Inc.		183,626
			6,589,316
	China - 0.5%
15,224	AAC Technologies Holdings, Inc.		156,961
159,960	Semiconductor Manufacturing International Corp.(a)		220,582
246,835	Uni-President China Holdings Ltd.		188,959
266,864	Want Want China Holdings Ltd.		191,223
			757,725
	Denmark - 1.1%
2,902	Chr. Hansen Holding A/S		177,111
2,344	Coloplast A/S, Class B		167,852
6,001	Danske Bank A/S		199,952
3,557	DSV A/S		172,841

Schedule of Investments

4,302	ISS A/S	$	152,969
3,646	Jyske Bank A/S		187,550
1,417	Pandora A/S		185,624
8,823	Tryg A/S		168,593
2,129	Vestas Wind Systems A/S		148,991
8,427	William Demant Holding A/S(a)		157,720
			1,719,203
	Finland - 1.0%
5,000	Elisa Oyj		168,751
4,000	Kesko Oyj, Class B		202,523
3,502	Kone Oyj, Class B		158,575
4,164	Neste Oyj		145,171
4,871	Nokian Renkaat Oyj		182,769
4,650	Orion Oyj, Class B		216,689
4,100	Sampo Oyj, Class A		190,085
4,275	Wartsila Oyj Abp		214,599
			1,479,162
	France - 6.0%
4,666	Accor SA		189,121
1,693	Aeroports de Paris		187,902
1,640	Air Liquide SA		177,235
6,653	Alstom SA(a)		188,735
1,766	Atos SE		187,970
1,142	bioMerieux		180,557
48,735	Bollore SA		194,819
5,551	Bouygues SA		201,895
8,210	Bureau Veritas SA		160,770
1,807	Capgemini SA		147,184
1,019	Christian Dior SE		218,870
4,011	Cie de Saint-Gobain		197,228
1,658	Cie Generale des Etablissements Michelin		178,069
10,939	CNP Assurances		205,522
2,315	Danone SA		145,081
2,078	Dassault Systemes SE		160,971
2,251	Eiffage SA		161,966
1,378	Essilor International SA		161,430
2,133	Euler Hermes Group		192,686
2,901	Eurazeo SA		178,639
9,056	Eutelsat Communications SA		154,387
1,887	Fonciere des Regions REIT		157,127
1,123	Gecina SA REIT		144,786
16,005	Groupe Eurotunnel SE		148,872
418	Hermes International		181,800
853	Iliad SA		182,478
2,486	Imerys SA		199,643
1,638	Ingenico Group SA		138,181
2,696	Ipsen SA		208,903
5,120	JCDecaux SA		163,727
7,219	Lagardere SCA		181,074
934	L’Oreal SA		169,928
1,037	LVMH Moet Hennessy Louis Vuitton SE		209,120
11,527	Orange SA		178,450
2,029	Orpea		165,333
2,374	Publicis Groupe SA		163,068
1,989	Remy Cointreau SA		180,752
2,519	Safran SA		170,687
2,285	Sanofi		183,946
2,481	Sartorius Stedim Biotech		150,148
5,986	SCOR SE		202,838
1,206	Societe BIC SA		157,767
1,524	Sodexo SA		168,569
11,538	Suez		174,942
1,704	Teleperformance		182,512
2,034	Thales SA		190,755
3,694	Total SA		186,272
635	Unibail-Rodamco SE REIT		146,136

3,387	Valeo SA	$	206,882
8,168	Veolia Environnement SA		138,984
2,319	Vinci SA		162,649
9,078	Vivendi SA		166,191
			9,133,557
	Germany - 4.9%
1,065	adidas AG		167,635
1,183	Allianz SE		200,464
3,459	Axel Springer SE		182,122
2,165	BASF SE		208,515
1,647	Bayer AG		182,085
1,875	Beiersdorf AG		166,036
3,236	Brenntag AG		187,937
2,072	Deutsche Boerse AG(a)		190,870
15,107	Deutsche Lufthansa AG		201,383
5,561	Deutsche Post AG		186,033
10,538	Deutsche Telekom AG		184,037
4,692	Deutsche Wohnen AG-BR		152,829
5,233	Evonik Industries AG		169,546
2,253	Fielmann AG		157,387
3,154	Fraport AG Frankfurt Airport Services Worldwide		188,355
1,976	Fresenius Medical Care AG & Co. KGaA		160,779
2,395	Fresenius SE & Co. KGaA		188,763
1,307	FUCHS PETROLUB SE		55,200
2,664	FUCHS PETROLUB SE (Preference Shares)		121,752
3,279	GEA Group AG		135,508
1,710	Hannover Rueck SE		187,849
579	Henkel AG & Co. KGaA		60,971
850	Henkel AG & Co. KGaA (Preference Shares)		103,526
1,315	HOCHTIEF AG		186,806
2,883	HUGO BOSS AG		184,759
8,456	K+S AG		214,204
3,102	KION Group AG		188,736
1,828	LEG Immobilien AG		143,541
1,035	Linde AG		168,282
1,692	MAN SE		175,449
1,728	MTU Aero Engines AG		206,540
966	Muenchener Rueckversicherungs- Gesellschaft AG		181,440
3,405	Osram Licht AG		197,347
4,093	ProSiebenSat.1 Media SE		173,747
354	Rational AG		160,678
2,224	Sartorius AG (Preference Shares)		156,226
6,744	Suedzucker AG		178,052
2,393	Symrise AG		143,917
6,024	Talanx AG		206,860
12,627	TUI AG		184,596
4,234	United Internet AG		177,056
4,522	Vonovia SE		147,927
3,559	Wirecard AG(b)		172,349
4,575	Zalando SE(a)(c)		180,488
			7,468,582
	Hong Kong - 4.8%
28,092	AIA Group Ltd.		174,866
22,573	ASM Pacific Technology Ltd.		274,913
639,691	Brightoil Petroleum Holdings Ltd.(a)		197,859
50,625	Cafe de Coral Holdings Ltd.		168,329
274,919	Champion REIT		148,809
20,522	Cheung Kong Infrastructure Holdings Ltd.		165,433
251,862	Chow Tai Fook Jewellery Group Ltd.		214,880
13,537	CK Hutchison Holdings Ltd.		163,033
17,121	CLP Holdings Ltd.		167,363
95,089	Dah Sing Banking Group Ltd.		186,272

Schedule of Investments

231,399	First Pacific Co. Ltd.	$	175,950
1,892,166	Global Brands Group Holding Ltd.(a)		238,979
9,969	Hang Seng Bank Ltd.		204,150
91,873	Hong Kong & China Gas Co. Ltd.		173,579
27,064	Hongkong Land Holdings Ltd.		182,682
300,207	Hopewell Highway Infrastructure Ltd.		158,628
49,639	Hopewell Holdings Ltd.		177,845
405,825	Hutchison Port Holdings Trust		172,476
509,578	Hutchison Telecommunications Hong Kong Holdings Ltd.		165,495
36,677	Hysan Development Co. Ltd.		167,802
2,931	Jardine Matheson Holdings Ltd.		180,901
5,352	Jardine Strategic Holdings Ltd.		203,751
65,333	Johnson Electric Holdings Ltd.		174,292
124,940	Kerry Logistics Network Ltd.		161,663
343,579	Li & Fung Ltd.		149,664
116,771	Lifestyle International Holdings Ltd.		150,190
24,269	Link REIT		166,238
31,999	MTR Corp. Ltd.		163,308
99,569	NWS Holdings Ltd.		179,393
276,682	PCCW Ltd.		168,305
18,557	Power Assets Holdings Ltd.		178,291
425,108	Sa Sa International Holdings Ltd.		169,838
102,321	Sino Land Co. Ltd.		170,110
272,973	Sun Art Retail Group Ltd.		275,107
15,704	Swire Pacific Ltd., Class A		160,190
62,331	Swire Properties Ltd.		175,923
43,108	Techtronic Industries Co. Ltd.		149,446
49,383	Television Broadcasts Ltd.		189,657
247,704	Texwinca Holdings Ltd.		158,978
15,693	VTech Holdings Ltd.		195,168
41,499	Yue Yuen Industrial Holdings Ltd.		151,890
			7,351,646
	Indonesia - 0.1%
665,309	Golden Agri-Resources Ltd.		200,707
	Ireland - 0.4%
5,212	CRH PLC		181,635
9,247	Glanbia PLC		156,394
2,070	Kerry Group PLC, Class A		145,632
1,455	Paddy Power Betfair PLC		152,758
			636,419
	Israel - 3.0%
16,357	Airport City Ltd.(a)		175,424
19,258	Alony Hetz Properties & Investments Ltd. REIT		154,903
39,229	Amot Investments Ltd.		165,580
4,043	Azrieli Group Ltd.		184,602
32,822	Bank Hapoalim BM		198,222
47,016	Bank Leumi Le-Israel BM(a)		194,330
87,869	Bezeq The Israeli Telecommunication Corp. Ltd.		153,485
20,121	Delek Automotive Systems Ltd.		184,705
331	Delek Energy Systems Ltd.(a)		192,432
1,801	Elbit Systems Ltd.		198,172
14,035	First International Bank of Israel Ltd.		211,065
3,328	Frutarom Industries Ltd.		175,721
48,866	Harel Insurance Investments & Financial Services Ltd.		245,173
41,518	Israel Chemicals Ltd.		190,672
958	Israel Corp. Ltd. (The)(a)		180,054
97,298	Israel Discount Bank Ltd., Class A(a)		202,241
4,119	Melisron Ltd.		188,728
14,564	Mizrahi Tefahot Bank Ltd.		224,124
2,576	Nice Ltd.		180,190
471,931	Oil Refineries Ltd.		166,122

1,082	Paz Oil Co. Ltd.	$	167,628
101,246	Shikun & Binui Ltd.		209,641
11,007	Strauss Group Ltd.		177,129
11,217	Tower Semiconductor Ltd.(a)		239,854
			4,560,197
	Italy - 1.3%
6,846	Atlantia SpA		155,738
16,180	Davide Campari-Milano SpA		162,268
39,872	Enel SpA		166,498
28,956	Finecobank Banca Fineco SpA		171,797
6,351	Italgas SpA(a)		24,160
3,642	Luxottica Group SpA		195,575
67,268	Parmalat SpA		217,363
58,457	Prada SpA		243,340
5,772	Recordati SpA		164,116
7,666	Salvatore Ferragamo SpA		202,560
31,752	Snam SpA		120,787
34,069	Terna Rete Elettrica Nazionale SpA		149,409
			1,973,611
	Japan - 34.4%
41,819	77 Bank Ltd. (The)		195,025
2,774	ABC-Mart, Inc.		161,647
36,725	ACOM Co. Ltd.(a)		158,873
7,885	Adastria Co. Ltd.		212,228
11,709	Advantest Corp.		219,566
12,427	AEON Mall Co. Ltd.		180,927
54,678	Aiful Corp.(a)		165,625
3,134	Ain Holdings, Inc.		230,509
8,245	Ajinomoto Co., Inc.		163,215
9,409	Alfresa Holdings Corp.		155,041
64,766	ANA Holdings, Inc.		193,018
5,417	Aoyama Trading Co. Ltd.		191,514
49,755	Aozora Bank Ltd.		182,092
3,778	Ariake Japan Co. Ltd.		200,688
27,826	Asahi Glass Co. Ltd.		207,629
5,418	Asahi Group Holdings Ltd.		191,068
3,990	Asahi Intecc Co. Ltd.		163,038
20,995	Asahi Kasei Corp.		196,755
4,839	ASKUL Corp.		157,969
11,395	Astellas Pharma, Inc.		153,199
12,681	Autobacs Seven Co. Ltd.		197,129
6,017	Azbil Corp.		181,993
6,422	Bandai Namco Holdings, Inc.		177,414
22,200	Bic Camera, Inc.		208,048
5,147	Bridgestone Corp.		189,421
4,878	Calbee, Inc.		159,242
22,282	Calsonic Kansei Corp.		356,077
9,961	Canon Marketing Japan, Inc.		190,770
6,126	Canon, Inc.		182,025
8,072	Capcom Co. Ltd.		171,514
12,386	Casio Computer Co. Ltd.		172,078
1,083	Central Japan Railway Co.		175,762
22,124	Chiyoda Corp.		149,557
12,917	Chubu Electric Power Co., Inc.		172,456
5,560	Chugai Pharmaceutical Co. Ltd.		162,985
14,208	Chugoku Bank Ltd. (The)		210,012
14,578	Chugoku Electric Power Co., Inc. (The)		164,460
10,006	Coca-Cola East Japan Co. Ltd.		218,563
7,785	Coca-Cola West Co. Ltd.		226,479
11,693	Colopl, Inc.		101,480
9,302	COMSYS Holdings Corp.		171,539
17,545	Cookpad, Inc.(a)		156,943
911	Cosmos Pharmaceutical Corp.		168,564
6,494	CyberAgent, Inc.		161,463
17,618	Dai Nippon Printing Co. Ltd.		179,819
10,047	Daifuku Co. Ltd.		222,939

Schedule of Investments

7,645	Daiichi Sankyo Co. Ltd.	$	171,440
4,541	Daiichikosho Co. Ltd.		180,914
110,332	Daikyo, Inc.		227,378
45,464	Daishi Bank Ltd. (The)		201,524
1,149	Daito Trust Construction Co. Ltd.		161,161
6,735	Daiwa House Industry Co. Ltd.		183,309
30,617	Daiwa Securities Group, Inc.		196,770
5,874	DeNA Co. Ltd.		131,960
5,383	Don Quijote Holdings Co. Ltd.		195,811
2,053	East Japan Railway Co.		186,562
3,055	Eisai Co. Ltd.		168,659
7,211	Electric Power Development Co. Ltd.		168,016
3,558	Ezaki Glico Co. Ltd.		163,085
2,507	Familymart UNY Holdings Co. Ltd.		159,450
980	FANUC Corp.		192,953
3,349	FP Corp.		160,050
4,724	FUJIFILM Holdings Corp.		183,589
8,647	Fujitsu General Ltd.		170,213
30,921	Fukuyama Transporting Co. Ltd.		170,845
5,465	Glory Ltd.		171,365
3,779	GMO Payment Gateway, Inc.(b)		188,656
34,577	Gree, Inc.		186,745
45,238	GS Yuasa Corp.		188,065
73,806	GungHo Online Entertainment, Inc.		160,626
12,831	H2O Retailing Corp.		213,480
33,159	Hachijuni Bank Ltd. (The)		196,465
16,171	Hakuhodo DY Holdings, Inc.		199,669
5,621	Hamamatsu Photonics K.K.		163,025
5,409	Hankyu Hanshin Holdings, Inc.		184,024
8,202	Heiwa Corp.		198,465
1,917	Hikari Tsushin, Inc.		175,906
1,402	Hirose Electric Co. Ltd.		183,322
6,995	HIS Co. Ltd.		187,030
3,899	Hisamitsu Pharmaceutical Co., Inc.		202,959
12,852	Hokuhoku Financial Group, Inc.		221,478
14,661	Hokuriku Electric Power Co.		148,075
3,779	Horiba Ltd.		199,398
2,210	Hoshizaki Corp.		180,805
8,102	House Foods Group, Inc.		174,383
18,539	Hulic Co. Ltd.		181,479
43,115	Ichigo, Inc.		140,557
5,821	Ito EN Ltd.		193,904
14,806	ITOCHU Corp.		204,647
7,201	ITOCHU Techno-Solutions Corp.		194,138
18,477	Itoham Yonekyu Holdings, Inc.(a)		163,966
27,189	Iyo Bank Ltd. (The)		183,313
4,501	Izumi Co. Ltd.		191,515
5,774	Japan Airlines Co. Ltd.		184,747
4,568	Japan Tobacco, Inc.		147,702
63,493	Juroku Bank Ltd. (The)		221,090
7,739	Kagome Co. Ltd.		199,774
26,595	Kajima Corp.		185,923
10,483	Kakaku.com, Inc.		190,338
3,118	Kaken Pharmaceutical Co. Ltd.		158,427
20,080	Kamigumi Co. Ltd.		195,850
19,686	Kandenko Co. Ltd.		183,439
20,422	Kansai Electric Power Co., Inc. (The)(a)		218,506
3,416	Kao Corp.		169,412
5,977	KDDI Corp.		160,873
26,795	Keihan Holdings Co. Ltd.		179,228
19,362	Keikyu Corp.		227,889
20,929	Keio Corp.		172,526
7,283	Keisei Electric Railway Co. Ltd.		172,735
43,325	Keiyo Bank Ltd. (The)		200,124
6,378	Kewpie Corp.		159,655
558	Keyence Corp.		217,450

5,422	Kikkoman Corp.	$	171,221
16,010	Kinden Corp.		203,938
46,353	Kintetsu Group Holdings Co. Ltd.		178,700
7,242	Kissei Pharmaceutical Co. Ltd.		177,359
3,787	Kobayashi Pharmaceutical Co. Ltd.		169,208
7,518	Komeri Co. Ltd.		177,707
4,995	Konami Holdings Corp.		200,554
11,057	K’s Holdings Corp.		200,072
12,213	Kuraray Co. Ltd.		194,410
7,648	Kurita Water Industries Ltd.		182,071
4,859	Kusuri NO Aoki Holdings Co. Ltd.		208,258
3,755	Kyocera Corp.		196,264
8,704	KYORIN Holdings, Inc.		190,665
12,374	Kyowa Hakko Kirin Co. Ltd.		167,185
5,514	Kyudenko Corp.		150,126
29,607	Kyushu Financial Group, Inc.		205,138
2,537	Lawson, Inc.(b)		185,697
26,474	Leopalace21 Corp.		152,389
9,346	Lintec Corp.		209,626
11,981	Lion Corp.		208,703
8,647	LIXIL Group Corp.		202,781
5,858	M3, Inc.		157,670
2,461	Makita Corp.		171,609
35,681	Marubeni Corp.		217,937
19,654	Matsui Securities Co. Ltd.		169,174
3,967	Matsumotokiyoshi Holdings Co. Ltd.		197,689
5,724	Megmilk Snow Brand Co. Ltd.		150,606
1,975	MEIJI Holdings Co. Ltd.		153,333
10,047	MISUMI Group, Inc.		188,312
8,776	Mitsubishi Estate Co. Ltd.		168,582
6,115	Mitsubishi Shokuhin Co. Ltd.		182,785
9,469	Mitsubishi Tanabe Pharma Corp.		190,011
7,844	Mitsui Fudosan Co. Ltd.		182,312
9,293	Miura Co. Ltd.		147,929
2,551	Mochida Pharmaceutical Co. Ltd.		183,323
36,459	Nagoya Railroad Co. Ltd.		180,068
38,389	Nankai Electric Railway Co. Ltd.		190,624
69,303	NEC Corp.		160,676
8,438	NH Foods Ltd.		230,485
18,647	NHK Spring Co. Ltd.		188,499
8,999	Nichirei Corp.		183,537
7,704	Nihon Kohden Corp.		176,629
6,363	Nihon M&A Center, Inc.		185,676
11,896	Nikon Corp.		192,851
9,337	Nippo Corp.		176,912
34,698	Nippon Electric Glass Co. Ltd.		200,652
36,759	Nippon Express Co. Ltd.		195,591
15,965	Nippon Kayaku Co. Ltd.		209,463
3,786	Nippon Shinyaku Co. Ltd.		196,405
4,026	Nippon Telegraph & Telephone Corp.		178,063
14,067	Nipro Corp.		157,945
37,816	Nishi-Nippon Railroad Co. Ltd.		167,959
5,708	Nissan Chemical Industries Ltd.		204,591
19,221	Nissan Shatai Co. Ltd.		182,862
12,374	Nisshin Seifun Group, Inc.		188,729
3,154	Nissin Foods Holdings Co. Ltd.		166,981
1,684	Nitori Holdings Co. Ltd.		188,782
10,694	Nomura Real Estate Holdings, Inc.		184,764
5,677	Nomura Research Institute Ltd.		194,654
3,349	NTT Data Corp.		169,570
6,903	NTT DoCoMo, Inc.		165,960
19,063	NTT Urban Development Corp.		168,320
18,945	Obayashi Corp.		181,078
3,448	OBIC Co. Ltd.		166,006
8,568	Odakyu Electric Railway Co. Ltd.		170,256
6,747	Ono Pharmaceutical Co. Ltd.		138,236

Schedule of Investments

3,030	Oracle Corp. Japan	$	170,105
2,986	Oriental Land Co. Ltd.		164,107
44,337	Osaka Gas Co. Ltd.		166,478
9,403	OSG Corp.		195,536
4,138	Otsuka Corp.		213,562
4,051	Otsuka Holdings Co. Ltd.		187,085
24,313	PanaHome Corp.		206,685
6,034	Park24 Co. Ltd.		166,963
4,106	Peptidream, Inc.(a)		204,251
6,594	Pigeon Corp.		179,237
4,433	Pilot Corp.		180,549
2,243	Pola Orbis Holdings, Inc.		213,591
4,645	Recruit Holdings Co. Ltd.		204,038
1,198	Relo Group, Inc.		176,441
30,064	Rengo Co. Ltd.		184,003
8,194	Resorttrust, Inc.		151,543
19,443	Ricoh Co. Ltd.		174,266
1,930	Rinnai Corp.		164,584
11,196	Rohto Pharmaceutical Co. Ltd.		194,432
948	Ryohin Keikaku Co. Ltd.		178,105
25,627	San-in Godo Bank Ltd. (The)		215,123
5,085	Sankyo Co. Ltd.		170,516
9,343	Sanrio Co. Ltd.		184,080
13,946	Santen Pharmaceutical Co. Ltd.		175,417
7,151	Sapporo Holdings Ltd.		186,628
2,703	Sawai Pharmaceutical Co. Ltd.		142,143
4,777	SCSK Corp.		180,132
2,338	Secom Co. Ltd.		169,595
12,859	Sega Sammy Holdings, Inc.		202,865
10,699	Seibu Holdings, Inc.		181,049
9,090	Seiko Epson Corp.		188,219
10,977	Sekisui House Ltd.		178,294
38,799	Senshu Ikeda Holdings, Inc.		179,218
4,132	Seven & i Holdings Co. Ltd.		165,500
49,582	Seven Bank Ltd.		142,701
36,085	Shiga Bank Ltd. (The)		203,544
18,429	Shikoku Electric Power Co., Inc.(a)		177,946
7,820	Shimachu Co. Ltd.		191,931
11,594	Shimadzu Corp.		196,606
1,545	Shimamura Co. Ltd.		202,981
1,217	Shimano, Inc.		192,536
19,979	Shimizu Corp.		184,394
3,950	Shionogi & Co. Ltd.		190,351
6,954	Shiseido Co. Ltd.		195,076
15,878	Shochiku Co. Ltd.		189,704
38,673	SKY Perfect JSAT Holdings, Inc.		174,514
14,047	Skylark Co. Ltd.		190,787
2,669	SoftBank Group Corp.		206,289
3,542	Sohgo Security Services Co. Ltd.		133,562
35,296	Sotetsu Holdings, Inc.		179,027
5,899	Square Enix Holdings Co. Ltd.		169,254
6,880	Stanley Electric Co. Ltd.		194,651
11,247	Start Today Co. Ltd.		212,102
3,563	Sugi Holdings Co. Ltd.		166,163
16,100	Sumitomo Corp.		202,510
10,468	Sumitomo Dainippon Pharma Co. Ltd.		177,047
39,077	Sumitomo Osaka Cement Co. Ltd.		157,939
9,296	Sumitomo Real Estate Sales Co. Ltd.		212,386
6,359	Sumitomo Realty & Development Co. Ltd.		173,076
11,746	Sumitomo Rubber Industries Ltd.		184,159
2,407	Sundrug Co. Ltd.		166,347
4,442	Suntory Beverage & Food Ltd.		189,202
23,622	Taisei Corp.		168,286
1,874	Taisho Pharmaceutical Holdings Co. Ltd.		158,476
17,288	Taiyo Nippon Sanso Corp.		205,168
23,772	Takashimaya Co. Ltd.		205,464

3,997	Takeda Pharmaceutical Co. Ltd.	$	167,727
10,943	Temp Holdings Co. Ltd.		190,136
4,486	Terumo Corp.		166,170
7,351	TIS, Inc.		166,969
36,655	Tobu Railway Co., Ltd.		186,572
6,041	Toho Co. Ltd.		174,670
20,601	Toho Gas Co. Ltd.		154,267
13,904	Tohoku Electric Power Co., Inc.		169,948
4,450	Tokio Marine Holdings, Inc.		187,013
12,749	Tokyo Broadcasting System Holdings, Inc.		220,043
41,369	Tokyo Gas Co. Ltd.		183,666
15,059	Tokyo Tatemono Co. Ltd.		200,385
23,536	Tokyu Corp.		173,737
31,539	Tokyu Fudosan Holdings Corp.		185,186
16,672	Toppan Forms Co. Ltd.		173,569
19,707	Toppan Printing Co. Ltd.		194,138
18,222	Toray Industries, Inc.		158,240
4,645	TOTO Ltd.		187,946
4,341	Toyo Suisan Kaisha Ltd.		155,401
12,427	Toyo Tire & Rubber Co. Ltd.		151,453
110,496	Toyobo Co. Ltd.		179,620
4,968	Trend Micro, Inc.(a)		193,513
7,517	TS Tech Co. Ltd.		192,774
6,679	Tsumura & Co.		194,007
1,834	Tsuruha Holdings, Inc.		172,688
10,903	TV Asahi Holdings Corp.		218,980
7,165	Unicharm Corp.		161,662
15,716	Ushio, Inc.		200,333
10,954	USS Co. Ltd.		192,759
16,387	Wacoal Holdings Corp.		199,570
3,038	Welcia Holdings Co. Ltd.		167,586
3,133	West Japan Railway Co.		204,831
43,006	Yahoo! Japan Corp.		181,078
3,966	Yakult Honsha Co. Ltd.		204,333
37,526	Yamada Denki Co. Ltd.		207,339
16,279	Yamaguchi Financial Group, Inc.		178,299
5,417	Yamaha Corp.		166,011
7,444	Yamato Holdings Co. Ltd.		150,731
7,675	Yamazaki Baking Co. Ltd.		154,761
11,886	Yaskawa Electric Corp.		215,495
4,488	Zenkoku Hosho Co. Ltd.		155,680
10,156	Zensho Holdings Co. Ltd.		174,837
			52,344,005
	Luxembourg - 0.3%
82,139	L’Occitane International SA		162,175
2,075	RTL Group SA		158,250
7,664	SES SA, Class A FDR		149,167
			469,592
	Netherlands - 1.2%
1,625	ASML Holding NV		197,390
4,925	Boskalis Westminster NV		182,320
2,527	Gemalto NV		146,815
6,218	Grandvision NV(c)		148,306
2,179	Heineken Holding NV		153,018
1,964	Heineken NV		146,940
7,352	Koninklijke Ahold Delhaize NV		156,483
53,915	Koninklijke KPN NV		155,221
3,473	Koninklijke Vopak NV		149,061
5,916	NN Group NV		209,257
4,196	Wolters Kluwer NV		160,321
			1,805,132
	New Zealand - 1.1%
32,301	Auckland International Airport Ltd.		161,992
25,053	Fisher & Paykel Healthcare Corp. Ltd.		159,625
156,311	Kiwi Property Group Ltd.		165,608
76,431	Mercury NZ Ltd.		172,040

Schedule of Investments

83,540	Meridian Energy Ltd.	$	161,092
25,234	Ryman Healthcare Ltd.		161,149
49,860	Sky Network Television Ltd.		169,626
63,670	Spark New Zealand Ltd.		163,857
70,222	Vector Ltd.		165,273
83,828	Warehouse Group Ltd. (The)		161,032
			1,641,294
	Norway - 0.7%
10,048	Gjensidige Forsikring ASA		173,293
11,387	Marine Harvest ASA		201,783
41,391	Norsk Hydro ASA		236,391
19,212	Orkla ASA		179,563
5,541	Schibsted ASA, Class A		146,880
10,075	Telenor ASA		159,922
			1,097,832
	Portugal - 0.2%
52,517	EDP-Energias de Portugal SA		152,558
10,907	Jeronimo Martins SGPS SA		184,528
			337,086
	Russia - 0.3%
12,744	Polymetal International PLC		147,907
481,559	United Co. RUSAL PLC		301,620
			449,527
	Singapore - 2.0%
97,762	Ascendas Real Estate Investment Trust REIT		170,709
154,950	CapitaLand Commercial Trust Ltd. REIT		167,730
110,872	CapitaLand Mall Trust REIT		152,677
84,598	ComfortDelGro Corp. Ltd.		144,720
5,545	Jardine Cycle & Carriage Ltd.		162,752
89,635	M1 Ltd.		127,886
115,085	Olam International Ltd.		162,563
27,864	Oversea-Chinese Banking Corp. Ltd.		185,720
51,031	SATS Ltd.		191,258
62,650	SIA Engineering Co. Ltd.		155,202
22,764	Singapore Airlines Ltd.		159,968
31,524	Singapore Exchange Ltd.		166,034
63,474	Singapore Press Holdings Ltd.		155,441
59,524	Singapore Telecommunications Ltd.		163,514
65,448	StarHub Ltd.		137,976
142,909	Suntec Real Estate Investment Trust REIT		175,492
25,999	Venture Corp. Ltd.		188,054
190,052	Yanlord Land Group Ltd.		187,516
			2,955,212
	South Korea - 8.1%
506	Amorepacific Corp.(a)		138,028
901	Amorepacific Corp. (Preference Shares)(a)		139,170
1,339	AMOREPACIFIC Group(a)		156,126
1,924	BGF Retail Co. Ltd.(a)		151,821
1,923	Celltrion, Inc.(a)		165,807
12,328	Cheil Worldwide, Inc.		196,785
498	CJ CheilJedang Corp.(a)		151,915
965	CJ CheilJedang Corp. (Preference Shares)(a)		132,448
1,023	CJ Corp.(a)		160,655
987	CJ Korea Express Corp.(a)		138,440
2,342	Coway Co. Ltd.(a)		176,340
32,245	Daewoo Engineering & Construction Co. Ltd.(a)		143,730
21,450	DGB Financial Group, Inc.(a)		182,180
6,356	Dongsuh Cos., Inc.		140,017
1,240	E-Mart, Inc.		216,608
6,818	GS Engineering & Construction Corp.(a)		162,515
4,160	GS Retail Co. Ltd.		186,146
3,512	Hankook Tire Co. Ltd.(a)		171,052
1,461	Hanmi Science Co. Ltd.(a)		72,541
16,756	Hanon Systems		131,066

1,330	Hanssem Co. Ltd.(a)	$	238,624
7,657	Hanwha Chemical Corp.(a)		171,971
5,346	Hanwha Corp.(a)		161,930
34,574	Hanwha Life Insurance Co. Ltd.(a)		191,598
8,950	Hite Jinro Co. Ltd.(a)		160,193
2,891	Hotel Shilla Co. Ltd.		107,843
1,562	Hyundai Department Store Co. Ltd.(a)		129,304
4,204	Hyundai Development Co.-Engineering & Construction(a)		158,089
1,073	Hyundai Glovis Co. Ltd.(a)		143,578
760	Hyundai Mobis Co. Ltd.(a)		158,265
1,128	Hyundai Motor Co.		135,407
174	Hyundai Motor Co. (Preference Shares)		13,940
279	Hyundai Motor Co. (2nd Preference Shares)		23,024
2,411	Kakao Corp.(a)		161,204
4,966	Kangwon Land, Inc.(a)		139,737
472	KCC Corp.		141,141
3,042	KEPCO Plant Service & Engineering Co. Ltd.(a)		143,187
4,675	Kia Motors Corp.		146,433
2,312	Korea Aerospace Industries Ltd.(a)		123,349
3,380	Korea Electric Power Corp.(a)		123,467
4,615	Korea Gas Corp.(a)		183,869
4,888	Korea Investment Holdings Co. Ltd.(a)		195,587
412	Korea Zinc Co. Ltd.(a)		173,720
726	KT Corp. ADR(a)		10,796
5,756	KT Corp.		145,621
1,676	KT&G Corp.		144,943
2,978	LG Corp.(a)		151,706
6,523	LG Display Co. Ltd.		172,042
3,517	LG Electronics, Inc.		167,664
563	LG Electronics, Inc. (Preference Shares)		12,790
1,799	LG Hausys Ltd.		150,936
179	LG Household & Health Care Ltd.		135,394
39	LG Household & Health Care Ltd. (Preference Shares)		17,753
16,827	LG Uplus Corp.		165,070
729	Lotte Chemical Corp.(a)		236,183
131	Lotte Chilsung Beverage Co. Ltd.(a)		163,341
1,160	Lotte Confectionery Co. Ltd.(a)		203,631
5,568	Lotte Fine Chemical Co. Ltd.(a)		146,615
743	Mando Corp.(a)		159,840
719	NCSOFT Corp.(a)		188,087
3,348	NHN Entertainment Corp.(a)		152,693
659	Nongshim Co. Ltd.		180,330
265	Orion Corp.(a)		147,995
281	Ottogi Corp.(a)		157,172
11,704	Paradise Co. Ltd.(a)		134,957
1,905	S-1 Corp.		137,863
1,296	Samsung C&T Corp.		140,518
4,433	Samsung Card Co. Ltd.		149,343
3,688	Samsung Electro-Mechanics Co. Ltd.		179,941
722	Samsung Fire & Marine Insurance Co. Ltd.		167,127
1,905	Samsung Life Insurance Co. Ltd.		181,959
1,696	Samsung SDI Co. Ltd.		168,564
1,215	Samsung SDS Co. Ltd.		131,736
4,784	Shinhan Financial Group Co. Ltd.(a)		188,956
963	Shinsegae, Inc.		145,846
927	SK Holdings Co. Ltd.(a)		172,701
5,381	SK Hynix, Inc.		248,653
30,970	SK Networks Co. Ltd.(a)		176,157
897	SK Telecom Co. Ltd.		172,129
7,140	SKC Co. Ltd.(a)		190,773
715	Yuhan Corp.(a)		115,978
			12,252,653

Schedule of Investments

	Spain - 2.1%
11,364	Abertis Infraestructuras SA	$	162,663
2,466	Acciona SA		191,028
1,242	Aena SA(c)		180,328
3,776	Amadeus IT Group SA		174,430
207,795	Bankia SA		218,950
23,999	Bankinter SA		192,832
4,308	Corp. Financiera Alba SA		201,962
28,825	Distribuidora Internacional de Alimentacion SA		152,423
22,032	EDP Renovaveis SA		141,503
5,996	Enagas SA		147,093
8,645	Endesa SA		177,931
9,132	Ferrovial SA		165,305
7,670	Gamesa Corp. Tecnologica SA		161,055
8,530	Gas Natural SDG SA		164,271
5,264	Grifols SA		112,752
4,043	Grifols SA (Preference Shares), Class B		69,166
27,341	Iberdrola SA		172,380
4,966	Industria de Diseno Textil SA		163,874
8,176	Red Electrica Corp. SA		146,056
18,677	Zardoya Otis SA		157,437
			3,253,439
	Sweden - 2.1%
11,334	Alfa Laval AB		211,599
6,759	Electrolux AB, Series B		179,769
5,752	Fastighets AB Balder, Class B(a)		117,848
386	Fastighets AB Balder (Preference Shares)		13,909
5,733	Hennes & Mauritz AB, Class B		163,957
20,362	Husqvarna AB, Class B		170,506
5,148	ICA Gruppen AB		168,251
4,309	Investment AB Latour, Class B		165,230
2,872	L E Lundbergforetagen AB, Class B		184,970
18,007	Skandinaviska Enskilda Banken AB, Class A		202,387
8,030	Skanska AB, Class B		196,580
319	SKF AB, Class A		6,415
9,986	SKF AB, Class B		201,054
5,727	Svenska Cellulosa AB (SCA), Class B		172,303
13,315	Svenska Handelsbanken AB, Class A		198,927
362	Svenska Handelsbanken AB, Class B		5,413
7,652	Swedbank AB, Class A		193,541
4,939	Swedish Match AB		160,799
21,635	Tele2 AB, Class B		190,942
24,690	Telefonaktiebolaget LM Ericsson, Class B		145,882
38,980	Telia Co. AB		158,166
			3,208,448
	Switzerland - 3.9%
8,102	ABB Ltd.		192,408
1,061	Actelion Ltd.		276,381
4,408	Aryzta AG		121,347
1,494	Baloise Holding AG		192,315
269	Banque Cantonale Vaudoise		184,041
141	Barry Callebaut AG		174,356
1	Chocoladefabriken Lindt & Spruengli AG		65,026
13	Chocoladefabriken Lindt & Spruengli AG-PC		72,208
3,046	Compagnie Financiere Richemont SA		236,801
2,534	DKSH Holding AG		187,366
332	EMS-CHEMIE HOLDING AG		171,620
950	Flughafen Zuerich AG		186,900
149	Galenica AG		163,408
401	Geberit AG		171,358
89	Givaudan SA		160,482
352	Helvetia Holding AG		199,262
1,254	Kuehne + Nagel International AG		171,335
2,203	Nestle SA		161,440

2,226	Novartis AG	$	163,464
386	Partners Group Holding AG		195,132
1,831	PSP Swiss Property AG		164,894
703	Roche Holding AG		166,024
33	Roche Holding AG-BR		7,937
318	Schindler Holding AG		59,951
615	Schindler Holding AG-PC		117,190
84	SGS SA		178,115
35	Sika AG-BR		183,940
23,542	STMicroelectronics NV		310,263
454	Straumann Holding AG		183,146
1,844	Sulzer AG		208,772
824	Swatch Group AG (The)		57,628
517	Swatch Group AG (The)-BR		183,146
2,000	Swiss Prime Site AG		166,836
2,111	Swiss Re AG		197,064
367	Swisscom AG		161,813
3,053	Wolseley PLC		188,477
			5,981,846
	United Kingdom - 9.1%
6,631	Admiral Group PLC		148,162
4,416	Associated British Foods PLC		132,561
2,687	AstraZeneca PLC		141,779
31,326	Aviva PLC		187,952
12,827	Babcock International Group PLC		144,109
24,921	BAE Systems PLC		182,475
27,165	Barratt Developments PLC		163,260
5,762	Bellway PLC		180,070
5,025	Berkeley Group Holdings PLC (The)		177,015
76,207	Booker Group PLC		195,395
20,243	British Land Co. PLC (The) REIT		148,477
34,736	BT Group PLC		132,787
12,965	Capita PLC		81,638
45,247	Capital & Counties Properties PLC		154,837
9,251	Compass Group PLC		164,338
18,586	Daily Mail & General Trust PLC NV, Class A		162,045
1,936	DCC PLC		155,762
4,914	Derwent London PLC REIT		152,518
6,328	Diageo PLC		175,426
36,368	Direct Line Insurance Group PLC		162,429
36,203	Dixons Carphone PLC		143,883
32,852	DS Smith PLC		183,097
12,147	easyJet PLC		145,180
58,196	G4S PLC		186,848
12,661	Halma PLC		147,342
23,140	Hammerson PLC REIT		159,100
55,996	Henderson Group PLC		153,578
29,404	Howden Joinery Group PLC		139,612
12,631	IMI PLC		185,290
3,339	Imperial Brands PLC		154,316
19,130	Inchcape PLC		172,684
20,622	Informa PLC		169,159
17,404	Inmarsat PLC		133,128
35,039	International Consolidated Airlines Group SA		210,142
42,470	Intu Properties PLC REIT		144,425
66,868	ITV PLC		170,945
55,846	J Sainsbury PLC		181,200
19,214	John Wood Group PLC		202,571
36,161	Kingfisher PLC		152,951
12,269	Land Securities Group PLC REIT		153,430
63,813	Legal & General Group PLC		188,585
226,118	Lloyds Banking Group PLC		184,712
4,847	London Stock Exchange Group PLC		193,368
38,932	Marks & Spencer Group PLC		164,329

Schedule of Investments

28,657	Meggitt PLC	$	150,667
27,625	Merlin Entertainments PLC(c)		165,816
6,723	Micro Focus International PLC		181,429
12,746	National Grid PLC		148,764
16,032	Nex Group PLC		115,876
2,427	Next PLC		116,946
15,505	Pearson PLC		120,747
15,295	Pennon Group PLC		152,594
7,357	Persimmon PLC		178,545
4,435	Provident Financial PLC		152,046
9,842	Prudential PLC		189,696
1,813	Reckitt Benckiser Group PLC		155,195
9,923	RELX NV		167,559
9,287	RELX PLC		166,263
62,745	Rentokil Initial PLC		180,377
3,256	Rightmove PLC		164,674
4,901	Rio Tinto Ltd.		248,089
26,109	Royal Mail PLC		135,201
4,821	Schroders PLC		177,956
29,611	Segro PLC REIT		171,926
5,639	Severn Trent PLC		161,044
15,747	Sky PLC		198,311
10,860	Smith & Nephew PLC		161,633
10,019	Smiths Group PLC		189,200
45,140	Sports Direct International PLC(a)		161,286
8,880	SSE PLC		166,350
13,664	St. James’s Place PLC		184,112
36,817	Standard Life PLC		160,127
63,601	TalkTalk Telecom Group PLC		125,226
18,182	Tate & Lyle PLC		153,375
83,200	Taylor Wimpey PLC		174,910
5,964	TechnipFMC PLC(a)		195,679
80,431	Tesco PLC(a)		196,916
8,062	Travis Perkins PLC		147,375
3,840	Unilever NV CVA		155,185
3,803	Unilever PLC		154,422
13,725	United Utilities Group PLC		158,342
3,159	Whitbread PLC		155,993
42,174	William Hill PLC		137,370
67,832	WM Morrison Supermarkets PLC		201,487
7,606	WPP PLC		176,454
			13,918,073
	United States - 0.5%
3,656	Carnival PLC		194,932
6,399	Qiagen N.V.		184,538
55,525	Samsonite International SA		175,319
4,244	Thomson Reuters Corp.		189,877
			744,666
	Total Investments
	(excluding investments purchased with cash collateral from securities on loan)
	(Cost $150,303,426)-100.1%		152,568,243
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 0.3%
443,937	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e)
	(Cost $443,937)		443,937
	Total Investments (Cost $150,747,363)(f) - 100.4%		153,012,180
	Other assets less liabilities - (0.4)%		(625,534	)
	Net Assets-100.0%	$	152,386,646

Investment Abbreviations:

ADR - American Depositary Receipt

BR - Bearer Shares

CVA - Dutch Certificates

FDR - Fiduciary Depositary Receipt

PC - Participation Certificate

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b) All or a portion of this security was out on loan at January 31, 2017.

^(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, 2017 was $674,938, 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 January 31, 2017.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $151,065,569. The net unrealized appreciation was $1,946,611, which consisted of aggregate gross unrealized appreciation of $11,187,915 and aggregate gross unrealized depreciation of $9,241,304.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares Russell 1000 Low Beta Equal Weight Portfolio (USLB)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Consumer Discretionary - 16.1%
	2,063	Advance Auto Parts, Inc.	$	338,827
	6,338	AMC Networks, Inc., Class A(b)		363,484
	10,176	Aramark		344,356
	453	AutoZone, Inc.(b)		328,416
	7,662	Best Buy Co., Inc.		341,112
	6,593	Brinker International, Inc.		293,388
	3,983	Burlington Stores, Inc.(b)		333,377
	5,626	Cabela’s, Inc.(b)		314,437
	10,487	CalAtlantic Group, Inc.		365,682
	3,836	Carter’s, Inc.		321,265
	884	Chipotle Mexican Grill, Inc.(b)		372,553
	6,806	Choice Hotels International, Inc.		377,733
	9,622	Coach, Inc.		359,382
	7,290	CST Brands, Inc.		351,232
	12,632	D.R. Horton, Inc.		377,823
	4,777	Darden Restaurants, Inc.		350,059
	5,928	Dick’s Sporting Goods, Inc.		305,885
	4,897	Dillard’s, Inc., Class A		276,387
	6,175	DISH Network Corp., Class A(b)		365,375
	4,529	Dollar General Corp.		334,331
	3,972	Dollar Tree, Inc.(b)		306,599
	2,084	Domino’s Pizza, Inc.		363,741
	6,450	Dunkin’ Brands Group, Inc.		334,561
	4,886	Foot Locker, Inc.		334,886
	14,023	Gap, Inc. (The)		322,950
	6,713	Garmin Ltd.		324,171
	3,639	Genuine Parts Co.		352,292
	715	Graham Holdings Co., Class B		371,478
	16,012	H&R Block, Inc.		343,617
	15,074	Hanesbrands, Inc.		357,405
	5,751	Harley-Davidson, Inc.		328,037
	4,101	Hasbro, Inc.		338,373
	2,706	Home Depot, Inc. (The)		372,291
	23,855	Kate Spade & Co.(b)		441,556
	6,505	Kohl’s Corp.		259,094
	4,987	L Brands, Inc.		300,267
	7,286	Leggett & Platt, Inc.		347,688
	16,908	Liberty Interactive Corp. QVC Group, Series A(b)		324,295
	6,217	Lululemon Athletica, Inc.(b)		419,710
	8,298	Macy’s, Inc.		245,123
	11,091	Mattel, Inc.		290,695
	2,936	McDonald’s Corp.		359,865
	7,532	Michael Kors Holdings Ltd.(b)		322,445
	14,363	Michaels Cos., Inc. (The)(b)		282,520
	5,135	Murphy USA, Inc.(b)		327,099
	3,032	Netflix, Inc.(b)		426,633
	6,993	NIKE, Inc., Class B		369,930
	6,262	Nordstrom, Inc.		276,906
	220	NVR, Inc.(b)		408,760
	1,276	O’Reilly Automotive, Inc.(b)		334,657
	1,651	Panera Bread Co., Class A(b)		345,158

3,528	Pool Corp.	$	372,416
18,566	PulteGroup, Inc.		399,355
3,305	PVH Corp.		310,042
3,347	Ralph Lauren Corp., Class A		295,975
15,284	Regal Entertainment Group, Class A		346,335
5,181	Ross Stores, Inc.		342,516
13,370	Sally Beauty Holdings, Inc.(b)		318,206
12,974	Service Corp. International		377,933
9,162	Servicemaster Global Holdings, Inc.(b)		338,811
3,836	Signet Jewelers Ltd.		297,942
6,075	Six Flags Entertainment Corp.		361,948
15,567	Skechers U.S.A., Inc., Class A(b)		391,043
6,040	Starbucks Corp.		333,529
4,533	Target Corp.		292,288
3,814	Time Warner, Inc.		369,386
4,470	TJX Cos., Inc. (The)		334,892
1,368	Ulta Beauty, Inc.(b)		372,479
11,369	Under Armour, Inc., Class A(b)		244,320
11,081	Urban Outfitters, Inc.(b)		294,090
2,211	Vail Resorts, Inc.		379,275
6,424	VF Corp.		330,708
8,721	Vista Outdoor, Inc.(b)		251,252
4,508	Visteon Corp.(b)		403,782
6,392	Williams-Sonoma, Inc.		308,158
5,524	Yum! Brands, Inc.		361,988
			25,776,575
	Consumer Staples - 10.8%
5,477	Altria Group, Inc.		389,853
8,100	Archer-Daniels-Midland Co.		358,506
2,601	Brown-Forman Corp., Class A		121,675
5,011	Brown-Forman Corp., Class B		228,502
6,236	Campbell Soup Co.		388,066
2,907	Casey’s General Stores, Inc.		334,014
7,996	Church & Dwight Co., Inc.		361,579
3,030	Clorox Co. (The)		363,600
8,678	Coca-Cola Co. (The)		360,745
5,368	Colgate-Palmolive Co.		346,666
9,544	Conagra Brands, Inc.		373,075
2,317	Constellation Brands, Inc., Class A		346,994
2,333	Costco Wholesale Corp.		382,495
18,715	Coty, Inc., Class A		359,328
4,615	CVS Health Corp.		363,708
4,037	Dr Pepper Snapple Group, Inc.		368,174
4,425	Edgewell Personal Care Co.(b)		348,867
4,507	Estee Lauder Cos., Inc. (The), Class A		366,014
22,815	Flowers Foods, Inc.		458,810
5,746	General Mills, Inc.		359,010
7,142	Herbalife Ltd.(b)		401,380
3,671	Hershey Co. (The)		387,180
10,227	Hormel Foods Corp.		371,240
3,023	Ingredion, Inc.		387,518
2,780	JM Smucker Co. (The)		377,663
4,863	Kellogg Co.		353,589
3,029	Kimberly-Clark Corp.		366,903
4,289	Kraft Heinz Co. (The)		382,965
10,841	Kroger Co. (The)		368,160
3,839	McCormick & Co., Inc.		366,817
3,572	Molson Coors Brewing Co., Class B		344,769
8,540	Mondelez International, Inc., Class A		378,151
7,825	Monster Beverage Corp.(b)		333,345
6,711	Nu Skin Enterprises, Inc., Class A		348,167
3,498	PepsiCo, Inc.		363,022
3,966	Philip Morris International, Inc.		381,252
19,884	Pilgrim’s Pride Corp.		380,580
7,160	Pinnacle Foods, Inc.		380,840
4,246	Procter & Gamble Co. (The)		371,950

Schedule of Investments^(a)

6,472	Reynolds American, Inc.	$	389,161
2,921	Spectrum Brands Holdings, Inc.		389,632
17,499	Sprouts Farmers Market, Inc.(b)		326,706
6,576	Sysco Corp.		344,977
5,051	TreeHouse Foods, Inc.(b)		383,270
6,164	Tyson Foods, Inc., Class A		387,038
4,133	Walgreens Boots Alliance, Inc.		338,658
4,972	Wal-Mart Stores, Inc.		331,831
11,522	Whole Foods Market, Inc.		348,195
			17,264,640
	Energy - 1.1%
6,270	Dril-Quip, Inc.(b)		389,994
4,011	Exxon Mobil Corp.		336,483
4,215	Phillips 66		344,028
8,551	Spectra Energy Corp.		356,149
5,763	Valero Energy Corp.		378,975
			1,805,629
	Financials - 15.5%
4,906	Aflac, Inc.		343,371
18,765	Agnc Investment Corp. REIT		350,342
617	Alleghany Corp.(b)		377,339
7,574	Allied World Assurance Co. Holdings AG		402,407
5,008	Allstate Corp. (The)		376,652
18,031	Ally Financial, Inc.		380,815
4,315	American Financial Group, Inc.		371,824
13,753	AmTrust Financial Services, Inc.		362,942
34,262	Annaly Capital Management, Inc. REIT		350,158
3,069	Aon PLC		345,876
4,233	Arch Capital Group Ltd.(b)		373,986
6,873	Aspen Insurance Holdings Ltd. (Bermuda)		387,637
15,526	Associated Banc-Corp.		392,808
4,056	Assurant, Inc.		393,959
9,920	Assured Guaranty Ltd.		385,987
5,816	Axis Capital Holdings Ltd.		372,282
4,200	Bank of Hawaii Corp.		360,822
9,883	BankUnited, Inc.		377,531
2,224	Berkshire Hathaway, Inc., Class B(b)		365,047
8,077	Brown & Brown, Inc.		340,284
5,150	CBOE Holdings, Inc.		410,043
2,736	Chubb Ltd.		359,757
4,563	Cincinnati Financial Corp.		322,056
3,101	CME Group, Inc.		375,469
9,150	CNA Financial Corp.		381,097
6,389	Commerce Bancshares, Inc.		361,170
1,849	Credit Acceptance Corp.(b)		379,563
3,798	Endurance Specialty Holdings Ltd.		352,037
3,267	Erie Indemnity Co., Class A		366,263
1,663	Everest Re Group Ltd.		365,744
2,215	FactSet Research Systems, Inc.		383,306
9,278	First American Financial Corp.		348,667
4,329	First Republic Bank		408,355
10,963	FNF Group		387,652
4,044	Hanover Insurance Group, Inc. (The)		339,453
7,431	Hartford Financial Services Group, Inc. (The)		361,964
6,321	Intercontinental Exchange, Inc.		368,894
20,229	KeyCorp		363,515
7,842	Loews Corp.		365,280
2,433	M&T Bank Corp.		395,533
390	Markel Corp.(b)		360,750
2,112	MarketAxess Holdings, Inc.		395,472
5,052	Marsh & McLennan Cos., Inc.		343,637
5,996	Mercury General Corp.		379,247
44,777	MFA Financial, Inc. REIT		353,290
3,484	Moody’s Corp.		361,186
4,803	Morningstar, Inc.		365,748

5,464	Nasdaq, Inc.	$	385,431
19,595	Old Republic International Corp.		407,576
18,705	People’s United Financial, Inc.		350,719
3,168	PNC Financial Services Group, Inc. (The)		381,617
6,247	ProAssurance Corp.		339,837
10,653	Progressive Corp. (The)		398,848
2,869	Reinsurance Group of America, Inc.		359,973
2,682	RenaissanceRe Holdings Ltd. (Bermuda)		365,610
15,583	Starwood Property Trust, Inc. REIT		346,878
10,132	Synchrony Financial		362,928
18,795	TFS Financial Corp.		328,725
8,104	Thomson Reuters Corp.		363,383
4,996	Torchmark Corp.		367,406
40,387	Two Harbors Investment Corp. REIT		354,194
7,057	U.S. Bancorp		371,551
6,444	Validus Holdings Ltd.		367,308
5,667	W.R. Berkley Corp.		380,879
6,617	Wells Fargo & Co.		372,736
424	White Mountains Insurance Group Ltd.		385,738
9,692	XL Group Ltd. (Bermuda)		364,128
			24,722,682
	Health Care - 9.8%
3,120	ABIOMED, Inc.(b)		331,874
2,676	Aetna, Inc.		317,400
4,490	AmerisourceBergen Corp.		391,887
2,457	Anthem, Inc.		378,722
7,892	Baxter International, Inc.		378,106
2,071	Becton, Dickinson and Co.		367,168
1,191	Biogen, Inc.(b)		330,193
2,045	Bio-Rad Laboratories, Inc., Class A(b)		388,714
3,323	Bio-Techne Corp.		338,115
17,327	Boston Scientific Corp.(b)		416,888
1,684	C.R. Bard, Inc.		399,664
4,931	Cardinal Health, Inc.		369,628
6,156	Centene Corp.(b)		389,490
7,034	Cerner Corp.(b)		377,796
4,987	Charles River Laboratories International, Inc.(b)		402,950
2,599	Cigna Corp.		380,026
2,129	Cooper Cos., Inc. (The)		393,035
4,541	Danaher Corp.		381,081
4,277	Edwards Lifesciences Corp.(b)		411,618
5,282	Eli Lilly & Co.		406,872
5,140	Envision Healthcare Corp.(b)		349,520
5,002	HCA Holdings, Inc.(b)		401,561
6,649	Hill-Rom Holdings, Inc.		391,427
9,147	Hologic, Inc.(b)		370,728
1,647	Humana, Inc.		326,929
2,976	IDEXX Laboratories, Inc.(b)		364,054
2,661	Illumina, Inc.(b)		426,026
544	Intuitive Surgical, Inc.(b)		376,823
3,146	Johnson & Johnson		356,285
6,457	LifePoint Health, Inc.(b)		383,223
5,419	MEDNAX, Inc.(b)		370,389
4,796	Medtronic PLC		364,592
4,056	Perrigo Co. PLC		308,864
10,895	Pfizer, Inc.		345,698
11,618	Premier, Inc., Class A(b)		370,149
4,558	Quintiles IMS Holdings, Inc.(b)		357,757
3,081	Stryker Corp.		380,596
2,397	Teleflex, Inc.		402,049
2,212	UnitedHealth Group, Inc.		358,565
2,846	Universal Health Services, Inc., Class B		320,545
1,559	Varex Imaging Corp.(b)		44,821
3,898	Varian Medical Systems, Inc.(b)		302,680

Schedule of Investments^(a)

2,556	WellCare Health Plans, Inc.(b)	$	372,000
			15,596,508
	Industrials - 11.6%
2,039	3M Co.		356,458
6,357	AGCO Corp.		399,220
4,310	Alaska Air Group, Inc.		404,364
1,039	AMERCO		391,360
7,395	AMETEK, Inc.		377,884
5,832	B/E Aerospace, Inc.		358,493
8,942	BWX Technologies, Inc.		371,004
4,678	C.H. Robinson Worldwide, Inc.		355,809
3,122	Carlisle Cos., Inc.		340,641
3,055	Cintas Corp.		354,716
9,310	Colfax Corp.(b)		363,090
24,296	Covanta Holding Corp.		391,166
2,470	Cummins, Inc.		363,115
3,495	Deere & Co.		374,140
3,100	Equifax, Inc.		363,568
6,639	Expeditors International of Washington, Inc.		345,759
1,997	General Dynamics Corp.		361,617
11,384	General Electric Co.		338,105
4,311	Graco, Inc.		386,222
1,587	HEICO Corp.		122,120
3,357	HEICO Corp., Class A		222,569
3,073	Honeywell International, Inc.		363,597
1,959	Huntington Ingalls Industries, Inc.		379,968
17,658	JetBlue Airways Corp.(b)		346,273
3,947	Kansas City Southern		339,087
8,415	KAR Auction Services, Inc.		383,303
5,519	Kirby Corp.(b)		355,700
4,299	Landstar System, Inc.		363,695
1,320	Lockheed Martin Corp.		331,756
3,969	MSC Industrial Direct Co., Inc., Class A		405,433
8,124	Nielsen Holdings PLC		332,353
1,403	Northrop Grumman Corp.		321,399
4,104	Orbital ATK, Inc.		356,843
5,634	PACCAR, Inc.		379,224
24,708	Pitney Bowes, Inc.		393,351
10,384	Quanta Services, Inc.(b)		372,682
2,342	Raytheon Co.		337,623
6,310	Republic Services, Inc.		362,068
3,777	Rockwell Collins, Inc.		342,800
10,898	Rollins, Inc.		384,263
2,122	Snap-on, Inc.		385,207
6,298	Spirit Airlines, Inc.(b)		340,344
4,799	Stericycle, Inc.(b)		370,195
6,704	Toro Co. (The)		395,067
1,393	TransDigm Group, Inc.		301,445
3,021	United Parcel Service, Inc., Class B		329,682
3,251	United Technologies Corp.		356,537
4,215	Verisk Analytics, Inc.(b)		348,328
1,519	W.W. Grainger, Inc.		383,654
4,136	Wabtec Corp.		358,343
5,037	Waste Management, Inc.		350,071
2,350	Watsco, Inc.		358,939
			18,470,650
	Information Technology - 11.8%
9,565	Activision Blizzard, Inc.		384,609
3,406	Adobe Systems, Inc.(b)		386,172
5,250	Akamai Technologies, Inc.(b)		360,097
5,938	Amdocs Ltd.		348,620
5,130	Amphenol Corp., Class A		346,224
3,724	ANSYS, Inc.(b)		347,300
3,647	Automatic Data Processing, Inc.		368,311
7,630	Avnet, Inc.		354,337

9,464	Black Knight Financial Services, Inc., Class A(b)	$	344,963
5,409	Broadridge Financial Solutions, Inc.		359,861
28,376	Brocade Communications Systems, Inc.		353,849
10,956	CA, Inc.		342,594
13,324	Cadence Design Systems, Inc.(b)		346,824
6,069	CDK Global, Inc.		379,616
6,834	CDW Corp.		352,019
6,357	Cognizant Technology Solutions Corp., Class A(b)		334,315
7,490	Conduent, Inc.(b)		112,050
9,281	CoreLogic, Inc.(b)		327,341
14,011	Cree, Inc.(b)		386,423
7,587	Dolby Laboratories, Inc., Class A		363,493
6,866	EchoStar Corp., Class A(b)		349,685
4,419	Electronic Arts, Inc.(b)		368,677
4,882	Euronet Worldwide, Inc.(b)		349,161
2,488	F5 Networks, Inc.(b)		333,467
2,957	Facebook, Inc., Class A(b)		385,356
4,536	Fidelity National Information Services, Inc.		360,249
11,692	First Solar, Inc.(b)		364,673
3,347	Fiserv, Inc.(b)		359,568
2,345	FleetCor Technologies, Inc.(b)		345,864
9,751	FLIR Systems, Inc.		344,503
11,633	Fortinet, Inc.(b)		386,914
14,633	Genpact Ltd.(b)		361,142
3,381	Harris Corp.		347,263
16,770	Jabil Circuit, Inc.		402,145
4,051	Jack Henry & Associates, Inc.		363,699
5,600	Linear Technology Corp.		353,528
3,472	Mastercard, Inc., Class A		369,178
4,363	Motorola Solutions, Inc.		352,138
11,882	National Instruments Corp.		373,332
8,713	Oracle Corp.		349,478
5,940	Paychex, Inc.		358,123
13,546	Sabre Corp.		331,877
4,556	Skyworks Solutions, Inc.		417,967
11,668	SS&C Technologies Holdings, Inc.		374,893
5,790	Synopsys, Inc.(b)		364,133
2,352	Tyler Technologies, Inc.(b)		343,439
6,285	Vantiv, Inc., Class A(b)		391,178
4,441	VeriSign, Inc.(b)		356,213
4,529	Visa, Inc., Class A		374,594
4,315	VMware, Inc., Class A(b)		377,735
16,650	Western Union Co. (The)		326,007
37,450	Xerox Corp.		259,528
6,487	Xilinx, Inc.		377,543
			18,772,268
	Materials - 3.2%
4,785	AptarGroup, Inc.		349,161
4,665	Ball Corp.		355,753
6,993	Bemis Co., Inc.		340,699
6,875	Cabot Corp.		380,669
4,515	Compass Minerals International, Inc.		377,454
3,000	Ecolab, Inc.		360,390
3,409	Monsanto Co.		369,229
837	NewMarket Corp.		360,889
3,837	Scotts Miracle-Gro Co. (The)		352,889
7,679	Sealed Air Corp.		372,431
7,166	Silgan Holdings, Inc.		419,283
10,666	Southern Copper Corp. (Peru)		409,148
36,551	Tahoe Resources, Inc.		334,076
5,366	W.R. Grace & Co.		372,078
			5,154,149
	Real Estate - 11.2%
7,433	American Campus Communities, Inc. REIT		361,392

Schedule of Investments^(a)

3,424	American Tower Corp. REIT	$	354,384
8,317	Apartment Investment & Management Co., Class A REIT		366,530
19,237	Apple Hospitality REIT, Inc. REIT		385,125
2,129	AvalonBay Communities, Inc. REIT		368,977
14,380	Brixmor Property Group, Inc. REIT		346,989
4,449	Camden Property Trust REIT		371,803
4,196	Crown Castle International Corp. REIT		368,535
14,205	CubeSmart REIT		356,972
8,306	CyrusOne, Inc. REIT		400,017
23,006	DDR Corp. REIT		349,231
3,841	Digital Realty Trust, Inc. REIT		413,407
5,103	EPR Properties REIT		377,469
1,034	Equinix, Inc. REIT		398,069
12,041	Equity Commonwealth REIT(b)		371,344
5,043	Equity LifeStyle Properties, Inc. REIT		372,879
11,727	Equity One, Inc. REIT		365,765
5,835	Equity Residential REIT		354,593
1,622	Essex Property Trust, Inc. REIT		363,815
4,991	Extra Space Storage, Inc. REIT		359,602
2,494	Federal Realty Investment Trust REIT		350,232
11,477	Gaming and Leisure Properties, Inc. REIT		363,018
13,818	GGP, Inc. REIT		343,239
12,382	Healthcare Trust of America, Inc., Class A REIT		359,945
10,611	Iron Mountain, Inc. REIT		379,874
13,710	Kimco Realty Corp. REIT		341,242
4,311	Life Storage, Inc. REIT		351,131
5,158	Macerich Co. (The) REIT		354,303
3,873	Mid-America Apartment Communities, Inc. REIT		367,741
8,204	National Retail Properties, Inc. REIT		357,694
12,040	OMEGA Healthcare Investors, Inc. REIT		386,123
17,829	Piedmont Office Realty Trust, Inc., Class A REIT		387,246
1,673	Public Storage REIT		359,695
13,209	Rayonier, Inc. REIT		368,399
6,316	Realty Income Corp. REIT		376,623
5,239	Regency Centers Corp. REIT		365,315
22,946	Retail Properties of America, Inc., Class A REIT		343,502
19,389	Senior Housing Properties Trust REIT		369,360
1,949	Simon Property Group, Inc. REIT		358,168
32,452	Spirit Realty Capital, Inc. REIT		341,395
14,165	STORE Capital Corp. REIT		335,144
4,852	Sun Communities, Inc. REIT		382,144
10,158	Tanger Factory Outlet Centers, Inc. REIT		347,302
4,818	Taubman Centers, Inc. REIT		341,307
10,287	UDR, Inc. REIT		359,531
5,795	Ventas, Inc. REIT		357,378
9,861	Weingarten Realty Investors REIT		351,347
5,578	Welltower, Inc. REIT		369,821
6,025	WP Carey, Inc. REIT		373,189
			17,848,306
	Telecommunication Services - 1.2%
9,186	AT&T, Inc.		387,282
14,888	CenturyLink, Inc.		385,004
3,586	SBA Communications Corp., Class A REIT(b)		377,462
6,459	T-Mobile US, Inc.(b)		402,202
7,017	Verizon Communications, Inc.		343,903
			1,895,853
	Utilities - 7.7%
9,748	Alliant Energy Corp.		367,012
7,129	Ameren Corp.		375,342
5,930	American Electric Power Co., Inc.		379,876

4,832	American Water Works Co., Inc.	$	354,862
11,778	Aqua America, Inc.		358,169
4,990	Atmos Energy Corp.		380,138
9,808	Avangrid, Inc.		380,550
8,706	CMS Energy Corp.		370,876
5,019	Consolidated Edison, Inc.		373,163
4,778	Dominion Resources, Inc.		364,466
3,812	DTE Energy Co.		376,016
4,747	Duke Energy Corp.		372,829
5,092	Edison International		371,105
5,095	Entergy Corp.		365,006
6,873	Eversource Energy		380,214
10,912	Exelon Corp.		391,523
13,269	Great Plains Energy, Inc.		365,561
11,518	Hawaiian Electric Industries, Inc.		385,623
3,107	NextEra Energy, Inc.		384,398
15,960	NiSource, Inc.		357,025
11,211	OGE Energy Corp.		376,017
5,955	PG&E Corp.		368,555
4,801	Pinnacle West Capital Corp.		372,702
10,465	PPL Corp.		364,601
8,589	Public Service Enterprise Group, Inc.		380,063
4,965	SCANA Corp.		341,095
3,509	Sempra Energy		359,286
7,479	Southern Co. (The)		369,687
7,816	UGI Corp.		362,428
7,226	Vectren Corp.		396,635
6,252	WEC Energy Group, Inc.		369,181
6,147	Westar Energy, Inc.		336,179
8,976	Xcel Energy, Inc.		370,888
			12,221,071
	Total Investments
	(Cost $149,783,372)(c) - 100.0%		159,528,331
	Other assets less liabilities - 0.0%		37,913
	Net Assets - 100.0%	$	159,566,244

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)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $151,350,081. The net unrealized appreciation was $8,178,250, which consisted of aggregate gross unrealized appreciation of $13,111,799 and aggregate gross unrealized depreciation of $4,933,549.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P 500^® ex-Rate Sensitive Low Volatility Portfolio (XRLV)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Consumer Discretionary - 11.6%
	2,620	AutoZone, Inc.(b)	$	1,899,448
	31,910	Comcast Corp., Class A		2,406,652
	20,339	Genuine Parts Co.		1,969,018
	15,159	Home Depot, Inc. (The)		2,085,575
	80,570	Interpublic Group of Cos., Inc. (The)		1,895,812
	38,126	Leggett & Platt, Inc.		1,819,373
	25,213	Lowe’s Cos., Inc.		1,842,566
	21,689	McDonald’s Corp.		2,658,421
	25,143	Omnicom Group, Inc.		2,153,498
	33,960	Starbucks Corp.		1,875,271
	23,804	TJX Cos., Inc. (The)		1,783,396
	20,852	Walt Disney Co. (The)		2,307,274
				24,696,304
		Consumer Staples - 14.9%
	43,019	Brown-Forman Corp., Class B		1,961,666
	63,553	Coca-Cola Co. (The)		2,641,898
	35,779	Colgate-Palmolive Co.		2,310,608
	53,396	Conagra Brands, Inc.		2,087,250
	13,642	Costco Wholesale Corp.		2,236,606
	26,158	CVS Health Corp.		2,061,512
	23,902	Estee Lauder Cos., Inc. (The), Class A		1,941,081
	28,508	Kellogg Co.		2,072,817
	23,665	McCormick & Co., Inc.		2,261,191
	17,729	Molson Coors Brewing Co., Class B		1,711,203
	27,668	PepsiCo, Inc.		2,871,385
	26,804	Philip Morris International, Inc.		2,576,668
	30,938	Procter & Gamble Co. (The)		2,710,169
	41,123	Sysco Corp.		2,157,313
				31,601,367
		Financials - 15.8%
	29,975	Aflac, Inc.		2,097,950
	35,937	Allstate Corp. (The)		2,702,822
	19,375	Aon PLC		2,183,563
	41,557	Arthur J. Gallagher & Co.		2,237,013
	15,117	Berkshire Hathaway, Inc., Class B(b)		2,481,304
	16,839	Chubb Ltd.		2,214,160
	31,234	Cincinnati Financial Corp.		2,204,496
	16,453	CME Group, Inc.		1,992,129
	46,036	Loews Corp.		2,144,357
	34,589	Marsh & McLennan Cos., Inc.		2,352,744
	28,030	Nasdaq, Inc.		1,977,236
	66,093	Progressive Corp. (The)		2,474,522
	28,379	Torchmark Corp.		2,086,992
	19,475	Travelers Cos., Inc. (The)		2,293,765
	37,750	U.S. Bancorp		1,987,538
				33,430,591
		Health Care - 18.4%
	39,774	Baxter International, Inc.		1,905,572
	12,401	Becton, Dickinson and Co.		2,198,573
	9,935	C.R. Bard, Inc.		2,357,874
	29,945	Danaher Corp.		2,512,984
	30,152	DaVita, Inc.(b)		1,922,190
	31,153	DENTSPLY Sirona, Inc.		1,766,375

11,679	Henry Schein, Inc.(b)	$	1,867,005
3,022	Intuitive Surgical, Inc.(b)		2,093,309
23,583	Johnson & Johnson		2,670,775
14,222	Laboratory Corp. of America Holdings(b)		1,908,735
26,505	Medtronic PLC		2,014,910
28,251	Merck & Co., Inc.		1,751,279
4,152	Mettler-Toledo International, Inc.(b)		1,771,368
64,499	Pfizer, Inc.		2,046,553
24,927	Quest Diagnostics, Inc.		2,291,290
19,008	Stryker Corp.		2,348,058
11,548	Thermo Fisher Scientific, Inc.		1,759,800
12,760	UnitedHealth Group, Inc.		2,068,396
100	Varex Imaging Corp.(b)		2,875
21,577	Varian Medical Systems, Inc.(b)		1,675,454
			38,933,375
	Industrials - 24.4%
13,154	3M Co.		2,299,582
39,246	AMETEK, Inc.		2,005,470
26,406	C.H. Robinson Worldwide, Inc.		2,008,440
17,255	Cintas Corp.		2,003,478
15,696	Equifax, Inc.		1,840,827
42,122	Expeditors International of Washington, Inc.		2,193,714
13,070	General Dynamics Corp.		2,366,716
72,104	General Electric Co.		2,141,489
17,363	Honeywell International, Inc.		2,054,390
17,348	Illinois Tool Works, Inc.		2,206,666
19,913	J.B. Hunt Transport Services, Inc.		1,972,980
13,146	L3 Technologies, Inc.		2,086,139
9,052	Lockheed Martin Corp.		2,275,039
9,550	Northrop Grumman Corp.		2,187,714
15,256	Raytheon Co.		2,199,305
48,543	Republic Services, Inc.		2,785,397
20,605	Rockwell Collins, Inc.		1,870,110
10,187	Roper Technologies, Inc.		1,954,376
14,862	Stanley Black & Decker, Inc.		1,842,888
24,393	United Parcel Service, Inc., Class B		2,662,008
19,897	United Technologies Corp.		2,182,104
24,722	Verisk Analytics, Inc.(b)		2,043,026
38,670	Waste Management, Inc.		2,687,565
37,216	Xylem, Inc.		1,835,121
			51,704,544
	Information Technology - 12.2%
14,871	Accenture PLC, Class A		1,693,361
31,851	Amphenol Corp., Class A		2,149,624
23,743	Automatic Data Processing, Inc.		2,397,806
57,559	CA, Inc.		1,799,870
20,881	Fiserv, Inc.(b)		2,243,246
11,720	International Business Machines Corp.		2,045,374
15,995	Intuit, Inc.		1,896,687
25,050	KLA-Tencor Corp.		2,132,005
17,406	Mastercard, Inc., Class A		1,850,780
21,753	Motorola Solutions, Inc.		1,755,685
46,748	Oracle Corp.		1,875,062
36,168	Paychex, Inc.		2,180,569
25,330	Texas Instruments, Inc.		1,913,428
			25,933,497
	Materials - 2.7%
13,926	Air Products & Chemicals, Inc.		1,946,298
15,539	Ecolab, Inc.		1,866,700
16,976	Praxair, Inc.		2,010,637
			5,823,635
	Total Investments
	(Cost $199,022,860)(c) - 100.0%		212,123,313
	Other assets less liabilities - 0.0%		6,121
	Net Assets - 100.0%	$	212,129,434

Schedule of Investments^(a)

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) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $200,036,683. The net unrealized appreciation was $12,086,630, which consisted of aggregate gross unrealized appreciation of $14,478,187 and aggregate gross unrealized depreciation of $2,391,557.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P 500^® High Beta Portfolio (SPHB)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Consumer Discretionary - 9.5%
	228,953	BorgWarner, Inc.	$	9,348,151
	120,567	CarMax, Inc.(b)		8,043,025
	248,677	D.R. Horton, Inc.		7,437,929
	112,472	Delphi Automotive PLC		7,879,788
	96,312	Harman International Industries, Inc.		10,706,042
	526,079	News Corp., Class A		6,465,511
	84,107	Royal Caribbean Cruises Ltd.		7,874,938
	199,307	Under Armour, Inc., Class A(b)		4,283,108
	168,564	Viacom, Inc., Class B		7,103,287
	82,824	Wynn Resorts Ltd.		8,400,838
				77,542,617
		Energy - 28.3%
	150,972	Anadarko Petroleum Corp.		10,497,083
	143,810	Apache Corp.		8,602,714
	116,080	Baker Hughes, Inc.		7,322,326
	2,390,972	Chesapeake Energy Corp.(b)		15,421,769
	59,418	Cimarex Energy Co.		8,033,908
	63,076	Concho Resources, Inc.(b)		8,795,317
	175,515	ConocoPhillips		8,558,111
	248,682	Devon Energy Corp.		11,324,978
	139,841	Halliburton Co.		7,910,805
	124,717	Helmerich & Payne, Inc.		8,874,862
	181,376	Hess Corp.		9,826,952
	386,680	Kinder Morgan, Inc.		8,638,431
	721,258	Marathon Oil Corp.		12,081,072
	187,493	Marathon Petroleum Corp.		9,009,039
	383,620	Murphy Oil Corp.		11,090,454
	199,170	National Oilwell Varco, Inc.		7,530,618
	206,590	Newfield Exploration Co.(b)		8,280,127
	196,083	Noble Energy, Inc.		7,796,260
	169,150	ONEOK, Inc.		9,321,857
	36,716	Pioneer Natural Resources Co.		6,617,325
	676,825	Southwestern Energy Co.(b)		6,098,193
	214,190	TechnipFMC PLC (United Kingdom)(b)		7,201,068
	81,153	Tesoro Corp.		6,561,220
	901,008	Transocean Ltd.(b)		12,587,082
	442,046	Williams Cos., Inc. (The)		12,748,607
				230,730,178
		Financials - 29.9%
	66,266	Affiliated Managers Group, Inc.(b)		10,096,288
	69,158	Ameriprise Financial, Inc.		7,764,369
	400,715	Bank of America Corp.		9,072,188
	135,240	Bank of New York Mellon Corp. (The)		6,049,285
	18,705	BlackRock, Inc.		6,995,296
	79,853	Capital One Financial Corp.		6,978,354
	231,605	Charles Schwab Corp. (The)		9,551,390
	154,263	Citigroup, Inc.		8,612,503
	127,847	Comerica, Inc.		8,633,508
	236,834	E*TRADE Financial Corp.(b)		8,869,433
	289,042	Fifth Third Bancorp		7,543,996
	199,370	Franklin Resources, Inc.		7,922,964
	32,989	Goldman Sachs Group, Inc. (The)		7,565,038
	544,740	Huntington Bancshares, Inc.		7,370,332
	276,951	Invesco Ltd.(c)		8,009,423
	84,243	JPMorgan Chase & Co.		7,129,485

407,656	KeyCorp	$	7,325,578
143,621	Lincoln National Corp.		9,695,854
129,507	MetLife, Inc.		7,046,476
66,603	Moody’s Corp.		6,904,733
216,247	Morgan Stanley		9,188,335
454,344	Navient Corp.		6,833,334
85,341	Northern Trust Corp.		7,079,889
135,648	Principal Financial Group, Inc.		7,744,144
73,541	Prudential Financial, Inc.		7,729,895
615,408	Regions Financial Corp.		8,868,029
98,195	State Street Corp.		7,482,459
133,264	SunTrust Banks, Inc.		7,572,060
194,513	Synchrony Financial		6,967,456
164,388	Unum Group		7,468,147
201,944	Zions Bancorporation		8,520,017
			244,590,258
	Health Care - 5.6%
59,076	Alexion Pharmaceuticals, Inc.(b)		7,720,052
53,095	Celgene Corp.(b)		6,166,984
416,155	Endo International PLC(b)		5,093,737
53,493	Illumina, Inc.(b)		8,564,229
95,848	Mallinckrodt PLC(b)		4,670,673
173,508	Mylan NV(b)		6,601,980
79,268	Vertex Pharmaceuticals, Inc.(b)		6,806,743
			45,624,398
	Industrials - 7.0%
157,167	American Airlines Group, Inc.		6,954,640
428,424	Arconic, Inc.		9,763,783
139,632	Flowserve Corp.		6,864,309
106,388	Pentair PLC (United Kingdom)		6,237,528
97,266	Ryder System, Inc.		7,547,842
115,608	United Continental Holdings, Inc.(b)		8,146,896
89,251	United Rentals, Inc.(b)		11,291,144
			56,806,142
	Information Technology - 11.8%
103,067	Akamai Technologies, Inc.(b)		7,069,365
98,579	Autodesk, Inc.(b)		8,018,416
210,194	First Solar, Inc.(b)		6,555,951
311,407	Hewlett Packard Enterprise Co.		7,062,711
436,261	HP, Inc.		6,565,728
511,272	Micron Technology, Inc.(b)		12,326,768
156,441	Qorvo, Inc.(b)		10,045,077
217,323	Seagate Technology PLC		9,812,133
113,985	Skyworks Solutions, Inc.		10,456,984
251,491	Teradata Corp.(b)		7,383,776
142,720	Western Digital Corp.		11,379,065
			96,675,974
	Materials - 4.7%
78,545	Albemarle Corp.		7,276,409
129,940	FMC Corp.		7,817,190
891,776	Freeport-McMoRan, Inc.(b)		14,848,070
156,910	WestRock Co.		8,372,718
			38,314,387
	Real Estate - 1.1%
301,450	CBRE Group, Inc., Class A(b)		9,152,022
	Telecommunication Services - 0.9%
119,238	Level 3 Communications, Inc.(b)		7,089,891
	Utilities - 1.2%
604,309	NRG Energy, Inc.		9,995,271
	Total Common Stocks (Cost $773,947,168)		816,521,138

Schedule of Investments^(a)

	Money Market Fund - 0.0%
340,459	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $340,459)	$	340,459
	Total Investments (Cost $774,287,627)(e) - 100.0%		816,861,597
	Other assets less liabilities - 0.0%		274,307
	Net Assets - 100.0%	$	817,135,904

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated.

The table below shows the Fund’s transactions in, and earnings from, its investment in affiliates for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value January 31, 2017		Dividend Income
Invesco Ltd.		$5,013,644		$5,788,412		$(2,765,108)		$10,836		$(38,361)		$8,009,423		$53,586

^(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 January 31, 2017.

^(e) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $779,047,614. The net unrealized appreciation was $37,813,983, which consisted of aggregate gross unrealized appreciation of $58,152,449 and aggregate gross unrealized depreciation of $20,338,466.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P 500^® High Dividend Low Volatility (SPHD)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.3%
		Consumer Discretionary - 9.1%
	1,562,830	Coach, Inc.	$	58,371,700
	5,844,225	Ford Motor Co.		72,234,621
	1,757,001	General Motors Co.		64,323,807
	2,635,470	Mattel, Inc.		69,075,669
				264,005,797
		Consumer Staples - 10.7%
	731,739	Altria Group, Inc.		52,085,182
	1,200,705	Coca-Cola Co. (The)		49,913,307
	715,859	General Mills, Inc.		44,726,870
	394,481	Kimberly-Clark Corp.		47,783,484
	700,487	Philip Morris International, Inc.		67,337,815
	538,774	Procter & Gamble Co. (The)		47,196,602
				309,043,260
		Energy - 5.7%
	466,683	Chevron Corp.		51,965,152
	578,088	Exxon Mobil Corp.		48,495,803
	930,717	Occidental Petroleum Corp.		63,074,691
				163,535,646
		Financials - 4.4%
	621,411	CME Group, Inc.		75,240,444
	2,760,874	People’s United Financial, Inc.		51,766,387
				127,006,831
		Health Care - 5.5%
	895,456	AbbVie, Inc.		54,721,316
	764,904	Merck & Co., Inc.		47,416,399
	1,767,090	Pfizer, Inc.		56,069,766
				158,207,481
		Industrials - 6.8%
	201	Boeing Co. (The)		32,848
	514,188	Caterpillar, Inc.		49,187,224
	20	Cummins, Inc.		2,940
	732,117	Eaton Corp. PLC		51,819,241
	861,417	Emerson Electric Co.		50,530,721
	1,461,592	General Electric Co.		43,409,282
	57	PACCAR, Inc.		3,837
				194,986,093
		Information Technology - 9.8%
	1,444,591	CA, Inc.		45,172,360
	1,595,037	Cisco Systems, Inc.		48,999,537
	163	Intel Corp.		6,002
	280,668	International Business Machines Corp.		48,982,179
	860,026	QUALCOMM, Inc.		45,951,189
	2,149,889	Western Union Co. (The)		42,094,827
	7,623,239	Xerox Corp.		52,829,046
				284,035,140
		Materials - 3.4%
	803,357	Dow Chemical Co. (The)		47,904,178
	895,677	International Paper Co.		50,695,318
	90	LyondellBasell Industries NV, Class A		8,394
	199	Nucor Corp.		11,560
				98,619,450
		Real Estate - 18.6%
	706,132	Crown Castle International Corp. REIT		62,019,574

161	Host Hotels & Resorts, Inc. REIT	$	2,909
2,470,870	Iron Mountain, Inc. REIT		88,457,146
2,412,946	Kimco Realty Corp. REIT		60,058,226
825,535	Macerich Co. (The) REIT		56,705,999
1,041,916	Realty Income Corp. REIT		62,129,451
1,139,818	Ventas, Inc. REIT		70,292,576
1,137,821	Welltower, Inc. REIT		75,437,532
1,972,295	Weyerhaeuser Co. REIT		61,792,003
			536,895,416
	Telecommunication Services - 4.5%
1,626,211	AT&T, Inc.		68,561,056
1,265,511	Verizon Communications, Inc.		62,022,694
			130,583,750
	Utilities - 21.8%
4,961,781	AES Corp. (The)		56,762,775
2,431,003	CenterPoint Energy, Inc.		63,716,589
744,501	Consolidated Edison, Inc.		55,353,649
721,711	Dominion Resources, Inc.		55,052,115
835,627	Duke Energy Corp.		65,630,145
984,574	Entergy Corp.		70,534,881
326	Exelon Corp.		11,697
2,341,934	FirstEnergy Corp.		71,007,439
1,921,659	PPL Corp.		66,950,599
1,281,560	Public Service Enterprise Group, Inc.		56,709,030
1,385,953	Southern Co. (The)		68,507,657
			630,236,576
	Total Investments (Cost $2,838,508,892)(b) - 100.3%		2,897,155,440
	Other assets less liabilities - (0.3)%		(9,842,370	)
	Net Assets - 100.0%	$	2,887,313,070

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) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $2,851,675,886. The net unrealized appreciation was $45,479,554, which consisted of aggregate gross unrealized appreciation of $103,603,954 and aggregate gross unrealized depreciation of $58,124,400.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P 500^® Low Volatility Portfolio (SPLV)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Consumer Discretionary - 6.9%
	70,658	AutoZone, Inc.(b)	$	51,225,637
	863,270	Comcast Corp., Class A		65,107,823
	550,013	Genuine Parts Co.		53,246,758
	410,296	Home Depot, Inc. (The)		56,448,524
	585,026	McDonald’s Corp.		71,706,637
	680,045	Omnicom Group, Inc.		58,245,854
	564,303	Walt Disney Co. (The)		62,440,127
				418,421,360
		Consumer Staples - 18.7%
	1,026,741	Altria Group, Inc.		73,083,424
	1,163,961	Brown-Forman Corp., Class B		53,076,622
	1,345,633	Church & Dwight Co., Inc.		60,849,524
	553,315	Clorox Co. (The)		66,397,800
	1,714,510	Coca-Cola Co. (The)		71,272,181
	964,797	Colgate-Palmolive Co.		62,306,590
	369,107	Costco Wholesale Corp.		60,515,093
	708,182	CVS Health Corp.		55,811,823
	706,936	Dr Pepper Snapple Group, Inc.		64,472,563
	997,065	General Mills, Inc.		62,296,621
	771,534	Kellogg Co.		56,098,237
	540,297	Kimberly-Clark Corp.		65,446,176
	640,178	McCormick & Co., Inc.		61,169,008
	746,402	PepsiCo, Inc.		77,461,599
	722,923	Philip Morris International, Inc.		69,494,588
	834,630	Procter & Gamble Co. (The)		73,113,588
	1,112,939	Sysco Corp.		58,384,780
	719,978	Wal-Mart Stores, Inc.		48,051,332
				1,139,301,549
		Financials - 12.2%
	811,016	Aflac, Inc.		56,763,010
	976,885	Allstate Corp. (The)		73,471,521
	524,463	Aon PLC		59,106,980
	1,124,649	Arthur J. Gallagher & Co.		60,539,856
	411,078	Berkshire Hathaway, Inc., Class B(b)		67,474,343
	455,943	Chubb Ltd.		59,951,945
	842,049	Cincinnati Financial Corp.		59,431,819
	1,245,721	Loews Corp.		58,025,684
	935,620	Marsh & McLennan Cos., Inc.		63,640,872
	1,788,200	Progressive Corp. (The)		66,950,208
	768,100	Torchmark Corp.		56,486,074
	526,854	Travelers Cos., Inc. (The)		62,052,864
				743,895,176
		Health Care - 8.9%
	335,259	Becton, Dickinson and Co.		59,438,068
	269,082	C.R. Bard, Inc.		63,861,231
	810,008	Danaher Corp.		67,975,871
	636,135	Johnson & Johnson		72,042,289
	716,980	Medtronic PLC		54,504,820
	1,745,433	Pfizer, Inc.		55,382,589
	674,728	Quest Diagnostics, Inc.		62,020,998
	514,116	Stryker Corp.		63,508,749
	100	Varex Imaging Corp.(b)		2,875

583,750	Varian Medical Systems, Inc.(b)	$	45,328,188
			544,065,678
	Industrials - 16.9%
355,670	3M Co.		62,178,229
714,615	C.H. Robinson Worldwide, Inc.		54,353,617
1,139,711	Expeditors International of Washington, Inc.		59,356,149
352,659	General Dynamics Corp.		63,859,492
1,950,929	General Electric Co.		57,942,591
469,638	Honeywell International, Inc.		55,567,568
469,124	Illinois Tool Works, Inc.		59,672,573
355,385	L3 Technologies, Inc.		56,396,046
244,068	Lockheed Martin Corp.		61,341,611
258,124	Northrop Grumman Corp.		59,131,046
415,152	Raytheon Co.		59,848,312
1,309,739	Republic Services, Inc.		75,152,824
658,272	United Parcel Service, Inc., Class B		71,837,223
538,106	United Technologies Corp.		59,014,085
668,821	Verisk Analytics, Inc.(b)		55,271,367
1,043,168	Waste Management, Inc.		72,500,176
1,007,237	Xylem, Inc.		49,666,857
			1,033,089,766
	Information Technology - 4.0%
862,192	Amphenol Corp., Class A		58,189,338
642,737	Automatic Data Processing, Inc.		64,910,010
565,266	Fiserv, Inc.(b)		60,726,526
978,875	Paychex, Inc.		59,016,374
			242,842,248
	Materials - 1.8%
376,696	Air Products & Chemicals, Inc.		52,647,033
459,577	Praxair, Inc.		54,432,300
			107,079,333
	Real Estate - 5.5%
490,470	American Tower Corp. REIT		50,763,645
308,631	AvalonBay Communities, Inc. REIT		53,488,839
421,771	Boston Properties, Inc. REIT		55,209,824
693,479	Crown Castle International Corp. REIT		60,908,260
428,680	Federal Realty Investment Trust REIT		60,199,532
284,196	Simon Property Group, Inc. REIT		52,226,699
			332,796,799
	Telecommunication Services - 2.4%
1,910,138	AT&T, Inc.		80,531,418
1,362,918	Verizon Communications, Inc.		66,796,611
			147,328,029
	Utilities - 22.7%
1,495,434	Alliant Energy Corp.		56,303,090
1,184,030	Ameren Corp.		62,339,179
950,688	American Electric Power Co., Inc.		60,901,073
725,413	American Water Works Co., Inc.		53,274,331
1,481,001	CMS Energy Corp.		63,090,643
799,335	Consolidated Edison, Inc.		59,430,557
878,045	Dominion Resources, Inc.		66,977,273
649,520	DTE Energy Co.		64,068,653
765,357	Duke Energy Corp.		60,111,139
873,390	Edison International		63,652,663
793,267	Entergy Corp.		56,829,648
1,081,657	Eversource Energy		59,837,265
517,441	NextEra Energy, Inc.		64,017,801
2,397,702	NiSource, Inc.		53,636,594
1,024,514	PG&E Corp.		63,407,171
760,573	Pinnacle West Capital Corp.		59,043,282
1,618,546	PPL Corp.		56,390,143
1,369,566	Public Service Enterprise Group, Inc.		60,603,295
798,756	SCANA Corp.		54,874,537
550,487	Sempra Energy		56,364,364

Schedule of Investments^(a)

1,336,779	Southern Co. (The)	$	66,076,986
1,009,775	WEC Energy Group, Inc.		59,627,214
1,541,139	Xcel Energy, Inc.		63,679,863
			1,384,536,764
	Total Investments (Cost $5,765,160,496)(c) - 100.0%		6,093,356,702
	Other assets less liabilities - (0.0)%		(54,454	)
	Net Assets - 100.0%	$	6,093,302,248

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) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $5,803,706,112. The net unrealized appreciation was $289,650,590, which consisted of aggregate gross unrealized appreciation of $391,948,734 and aggregate gross unrealized depreciation of $102,298,144.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P 500 Momentum Portfolio (SPMO)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Consumer Discretionary - 11.5%
	98	Amazon.com, Inc.(b)	$	80,701
	73	Coach, Inc.		2,727
	26	Garmin Ltd.		1,255
	262	Home Depot, Inc. (The)		36,046
	100	Mattel, Inc.		2,621
	198	McDonald’s Corp.		24,269
	19	O’Reilly Automotive, Inc.(b)		4,983
	18	Ulta Beauty, Inc.(b)		4,901
				157,503
		Consumer Staples - 15.0%
	620	Altria Group, Inc.		44,132
	53	Campbell Soup Co.		3,298
	30	Clorox Co. (The)		3,600
	54	Constellation Brands, Inc., Class A		8,087
	49	Dr Pepper Snapple Group, Inc.		4,469
	172	General Mills, Inc.		10,747
	64	Hormel Foods Corp.		2,323
	41	JM Smucker Co. (The)		5,570
	72	Kellogg Co.		5,235
	71	Kimberly-Clark Corp.		8,600
	31	McCormick & Co., Inc.		2,962
	54	Molson Coors Brewing Co., Class B		5,212
	320	PepsiCo, Inc.		33,210
	403	Philip Morris International, Inc.		38,740
	180	Reynolds American, Inc.		10,823
	215	Sysco Corp.		11,279
	118	Tyson Foods, Inc., Class A		7,409
				205,696
		Financials - 0.5%
	58	Cincinnati Financial Corp.		4,094
	36	Nasdaq, Inc.		2,539
				6,633
		Health Care - 9.6%
	369	Boston Scientific Corp.(b)		8,878
	61	Edwards Lifesciences Corp.(b)		5,871
	19	Henry Schein, Inc.(b)		3,037
	10	Intuitive Surgical, Inc.(b)		6,927
	894	Johnson & Johnson		101,245
	50	Zimmer Biomet Holdings, Inc.		5,917
				131,875
		Industrials - 12.6%
	141	3M Co.		24,650
	22	Cintas Corp.		2,555
	32	Equifax, Inc.		3,753
	41	Fortune Brands Home & Security, Inc.		2,260
	2,003	General Electric Co.		59,489
	94	Illinois Tool Works, Inc.		11,957
	23	L3 Technologies, Inc.		3,650
	76	Lockheed Martin Corp.		19,101
	94	Masco Corp.		3,097
	49	Northrop Grumman Corp.		11,225
	90	Raytheon Co.		12,974
	66	Republic Services, Inc.		3,787
	157	Waste Management, Inc.		10,912
	62	Xylem, Inc.		3,057
				172,467

	Information Technology - 22.6%
207	Activision Blizzard, Inc.	$	8,323
58	Alphabet, Inc., Class C(b)		46,214
345	Applied Materials, Inc.		11,816
69	CA, Inc.		2,158
497	Facebook, Inc., Class A(b)		64,769
57	Fiserv, Inc.(b)		6,123
364	Hewlett Packard Enterprise Co.		8,256
53	Microchip Technology, Inc.		3,570
1,537	Microsoft Corp.		99,367
252	NVIDIA Corp.		27,513
96	Paychex, Inc.		5,788
294	Texas Instruments, Inc.		22,209
19	VeriSign, Inc.(b)		1,524
52	Xilinx, Inc.		3,026
			310,656
	Materials - 1.3%
34	Albemarle Corp.		3,150
22	Avery Dennison Corp.		1,606
250	Newmont Mining Corp.		9,070
33	Vulcan Materials Co.		4,235
			18,061
	Real Estate - 6.3%
100	American Tower Corp. REIT		10,350
86	Crown Castle International Corp. REIT		7,553
69	Digital Realty Trust, Inc. REIT		7,426
22	Equinix, Inc. REIT		8,470
20	Federal Realty Investment Trust REIT		2,809
84	Iron Mountain, Inc. REIT		3,007
129	Kimco Realty Corp. REIT		3,211
27	Macerich Co. (The) REIT		1,855
166	Prologis, Inc. REIT		8,109
30	Public Storage REIT		6,450
115	Realty Income Corp. REIT		6,857
79	Simon Property Group, Inc. REIT		14,518
100	Ventas, Inc. REIT		6,167
			86,782
	Telecommunication Services - 11.0%
2,306	AT&T, Inc.		97,221
1,104	Verizon Communications, Inc.		54,107
			151,328
	Utilities - 9.6%
76	Alliant Energy Corp.		2,861
81	Ameren Corp.		4,265
137	American Electric Power Co., Inc.		8,776
84	American Water Works Co., Inc.		6,169
111	CenterPoint Energy, Inc.		2,909
101	CMS Energy Corp.		4,303
95	Consolidated Edison, Inc.		7,063
49	DTE Energy Co.		4,833
156	Duke Energy Corp.		12,252
104	Edison International		7,580
75	Eversource Energy		4,149
128	NextEra Energy, Inc.		15,836
139	NiSource, Inc.		3,109
135	PG&E Corp.		8,355
36	Pinnacle West Capital Corp.		2,795
166	PPL Corp.		5,784
55	SCANA Corp.		3,779
284	Southern Co. (The)		14,038
112	WEC Energy Group, Inc.		6,614
167	Xcel Energy, Inc.		6,900
			132,370
	Total Investments (Cost $1,268,605)(c) - 100.0%		1,373,371
	Other assets less liabilities - 0.0%		132
	Net Assets - 100.0%	$	1,373,503

Schedule of Investments^(a)

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)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $1,268,755. The net unrealized appreciation was $104,616, which consisted of aggregate gross unrealized appreciation of $128,732 and aggregate gross unrealized depreciation of $24,116.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P 500 Value Portfolio (SPVU)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Consumer Discretionary - 12.3%
	70	AutoNation, Inc.(b)	$	3,718
	92	Bed Bath & Beyond, Inc.		3,712
	195	Best Buy Co., Inc.		8,681
	88	BorgWarner, Inc.		3,593
	206	D.R. Horton, Inc.		6,162
	3,181	Ford Motor Co.		39,317
	178	Gap, Inc. (The)		4,099
	1,422	General Motors Co.		52,060
	146	Goodyear Tire & Rubber Co. (The)		4,729
	103	Kohl’s Corp.		4,103
	105	Lennar Corp., Class A		4,688
	159	Macy’s, Inc.		4,697
	215	News Corp., Class A		2,642
	198	PulteGroup, Inc.		4,259
	36	PVH Corp.		3,377
	312	Staples, Inc.		2,870
	276	Target Corp.		17,797
	89	TEGNA, Inc.		2,039
	143	Viacom, Inc., Class B		6,026
	38	Whirlpool Corp.		6,646
				185,215
		Consumer Staples - 13.5%
	421	Archer-Daniels-Midland Co.		18,633
	180	Costco Wholesale Corp.		29,511
	617	CVS Health Corp.		48,626
	553	Kroger Co. (The)		18,780
	168	Tyson Foods, Inc., Class A		10,549
	1,073	Wal-Mart Stores, Inc.		71,612
	145	Whole Foods Market, Inc.		4,382
				202,093
		Energy - 4.6%
	314	Marathon Petroleum Corp.		15,088
	259	Phillips 66		21,139
	78	Tesoro Corp.		6,306
	275	Transocean Ltd.(b)		3,842
	338	Valero Energy Corp.		22,227
				68,602
		Financials - 39.6%
	156	Aflac, Inc.		10,919
	139	Allstate Corp. (The)		10,454
	368	American International Group, Inc.		23,648
	28	Assurant, Inc.		2,720
	3,355	Bank of America Corp.		75,957
	209	BB&T Corp.		9,654
	460	Berkshire Hathaway, Inc., Class B(b)		75,504
	208	Capital One Financial Corp.		18,177
	138	Chubb Ltd.		18,146
	1,181	Citigroup, Inc.		65,935
	173	Citizens Financial Group, Inc.		6,257
	242	Fifth Third Bancorp		6,316
	114	Goldman Sachs Group, Inc. (The)		26,143
	166	Hartford Financial Services Group, Inc. (The)		8,086
	901	JPMorgan Chase & Co.		76,252

138	Leucadia National Corp.	$	3,291
100	Lincoln National Corp.		6,751
118	Loews Corp.		5,496
492	MetLife, Inc.		26,770
599	Morgan Stanley		25,452
136	Navient Corp.		2,045
80	People’s United Financial, Inc.		1,500
137	PNC Financial Services Group, Inc. (The)		16,503
86	Principal Financial Group, Inc.		4,910
162	Progressive Corp. (The)		6,065
235	Prudential Financial, Inc.		24,701
391	Regions Financial Corp.		5,634
152	SunTrust Banks, Inc.		8,637
103	Travelers Cos., Inc. (The)		12,131
103	Unum Group		4,679
113	XL Group Ltd. (Bermuda)		4,245
52	Zions Bancorporation		2,194
			595,172
	Health Care - 14.2%
162	Aetna, Inc.		19,215
253	Allergan PLC(b)		55,379
137	AmerisourceBergen Corp.		11,957
182	Anthem, Inc.		28,054
237	Baxter International, Inc.		11,355
198	Cardinal Health, Inc.		14,842
120	Centene Corp.(b)		7,592
114	Endo International PLC(b)		1,395
354	Express Scripts Holding Co.(b)		24,384
72	Humana, Inc.		14,292
68	Mallinckrodt PLC(b)		3,314
142	McKesson Corp.		19,759
46	Patterson Cos., Inc.		1,914
			213,452
	Industrials - 4.6%
283	American Airlines Group, Inc.		12,523
277	Arconic, Inc.		6,313
385	Delta Air Lines, Inc.		18,187
80	Fluor Corp.		4,440
60	Jacobs Engineering Group, Inc.(b)		3,513
70	Quanta Services, Inc.(b)		2,512
28	Ryder System, Inc.		2,173
123	Textron, Inc.		5,827
186	United Continental Holdings, Inc.(b)		13,107
			68,595
	Information Technology - 3.5%
401	Corning, Inc.		10,623
77	First Solar, Inc.(b)		2,402
980	Hewlett Packard Enterprise Co.		22,226
765	HP, Inc.		11,513
755	Xerox Corp.		5,232
			51,996
	Materials - 2.5%
528	Dow Chemical Co. (The)		31,485
173	Mosaic Co. (The)		5,427
			36,912
	Telecommunication Services - 1.3%
384	CenturyLink, Inc.		9,930
172	Level 3 Communications, Inc.(b)		10,227
			20,157
	Utilities - 3.9%
127	Consolidated Edison, Inc.		9,442
296	Duke Energy Corp.		23,248
108	Entergy Corp.		7,737
468	Exelon Corp.		16,792

Schedule of Investments

127	NRG Energy, Inc.	$	2,101
			59,320
	Total Investments (Cost $1,329,083)(c) - 100.0%		1,501,514
	Other assets less liabilities - (0.0)%		(143	)
	Net Assets - 100.0%	$	1,501,371

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) At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $1,341,859. The net unrealized appreciation was $159,655, which consisted of aggregate gross unrealized appreciation of $182,861 and aggregate gross unrealized depreciation of $23,206.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares S&P Emerging Markets Low Volatility Portfolio (EELV)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.9%
		Brazil - 2.0%
	252,107	Ambev SA	$	1,378,575
	114,890	Engie Brasil Energia SA		1,307,623
	74,900	Telefonica Brasil SA (Preference Shares)		1,111,314
	54,614	Ultrapar Participacoes SA		1,148,727
				4,946,239
		Chile - 5.2%
	2,938,495	Aguas Andinas SA, Class A		1,600,669
	16,121,393	Banco de Chile		1,930,864
	27,332,069	Banco Santander Chile		1,485,333
	378,122	Cencosud SA		1,103,166
	118,944	Cia Cervecerias Unidas SA		1,350,107
	118,916	Empresas COPEC SA		1,220,874
	6,472,298	Enel Americas SA		1,162,984
	166,744,724	Itau CorpBanca		1,372,269
	200,525	S.A.C.I. Falabella		1,631,929
				12,858,195
		China - 8.3%
	2,673,037	Agricultural Bank of China Ltd., H-Shares		1,123,045
	2,432,078	Bank of China Ltd., H-Shares		1,109,572
	1,366,356	Bank of Communications Co. Ltd., H-Shares		1,012,527
	3,117,664	China Cinda Asset Management Co. Ltd., H-Shares		1,084,845
	1,856,760	China CITIC Bank Corp. Ltd., H-Shares		1,227,574
	542,769	China Conch Venture Holdings Ltd.		1,045,058
	1,499,053	China Construction Bank Corp., H-Shares		1,120,520
	5,776,766	China Huishan Dairy Holdings Co. Ltd.		2,159,024
	973,898	China Minsheng Banking Corp. Ltd., H-Shares		1,076,900
	113,019	China Mobile Ltd.		1,279,581
	2,034,024	China Telecom Corp. Ltd., H-Shares		967,291
	1,539,170	Chongqing Rural Commercial Bank Co. Ltd., H-Shares		942,226
	673,372	CITIC Ltd.		1,001,464
	1,786,527	Industrial & Commercial Bank of China Ltd., H-Shares		1,100,556
	833,439	Jiangsu Expressway Co. Ltd., H-Shares		1,045,108
	736,461	Longfor Properties Co. Ltd.		1,064,921
	2,330,182	People’s Insurance Co. Group of China Ltd. (The), H-Shares		912,931
	42,911	Tencent Holdings Ltd.		1,130,379
				20,403,522
		Colombia - 0.5%
	118,371	Bancolombia SA (Preference Shares)		1,117,892
		Czech Republic - 0.8%
	60,340	CEZ AS		1,035,040
	27,473	Komercni banka AS		972,400
				2,007,440
		Hong Kong - 0.4%
	1,141,538	WH Group Ltd.(a)		870,937

	Hungary - 1.6%
19,735	MOL Hungarian Oil & Gas PLC	$	1,392,007
39,260	OTP Bank PLC		1,206,825
58,872	Richter Gedeon Nyrt		1,267,907
			3,866,739
	India - 1.9%
18,734	HDFC Bank Ltd. ADR		1,291,335
64,393	Infosys Ltd. ADR		886,692
38,550	Reliance Industries Ltd. GDR(a)		1,195,050
133,976	Wipro Ltd. ADR		1,236,598
			4,609,675
	Indonesia - 1.4%
1,356,660	PT Bank Central Asia Tbk		1,554,533
3,276,102	PT Telekomunikasi Indonesia Persero Tbk		949,523
337,769	PT Unilever Indonesia Tbk		1,042,208
			3,546,264
	Malaysia - 14.6%
1,120,472	Axiata Group Bhd		1,196,485
1,075,395	CIMB Group Holdings Bhd		1,206,618
1,462,163	DiGi.com Bhd		1,637,279
1,514,989	Gamuda Bhd		1,645,129
965,713	Genting Malaysia Bhd		1,098,813
1,373,747	IHH Healthcare Bhd		1,953,856
1,913,407	IJM Corp. Bhd		1,429,818
1,177,259	IOI Corp. Bhd		1,172,076
399,078	Kuala Lumpur Kepong Bhd		2,171,301
998,392	Malayan Banking Bhd		1,852,756
920,374	Maxis Bhd		1,277,864
808,605	MISC Bhd		1,339,917
864,145	Petronas Chemicals Group Bhd		1,390,982
375,503	Petronas Dagangan Bhd		1,995,562
338,306	Petronas Gas Bhd		1,594,724
765,124	Public Bank Bhd		3,471,948
627,983	Sime Darby Bhd		1,263,196
2,150,633	Telekom Malaysia Bhd		2,888,874
838,572	Tenaga Nasional Bhd		2,536,825
1,535,400	Westports Holdings Bhd		1,445,449
3,622,700	YTL Corp. Bhd		1,243,143
			35,812,615
	Mexico - 9.5%
777,428	Alfa SAB de CV, Class A		1,013,316
736,952	Alpek SAB de CV		851,582
227,854	Arca Continental SAB de CV		1,234,713
199,197	Coca-Cola Femsa SAB de CV, Series L		1,241,482
774,985	Fibra Uno Administracion SA de CV REIT		1,113,161
180,781	Fomento Economico Mexicano SAB de CV		1,365,910
95,155	Gruma SAB de CV, Class B		1,285,967
130,680	Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,017,014
81,669	Grupo Aeroportuario del Sureste SAB de CV, Series B		1,188,524
445,999	Grupo Bimbo SAB de CV, Series A		993,150
89,808	Grupo Elektra SAB de CV		1,169,581
705,993	Grupo Financiero Inbursa SAB de CV, Class O		1,051,130
667,546	Grupo Financiero Santander Mexico SAB de CV, Series B		956,267
748,631	Grupo Lala SAB de CV		1,125,069
264,234	Grupo Televisa SAB, Series CPO(b)		1,183,792
268,204	Infraestructura Energetica Nova SAB de CV		1,189,176

Schedule of Investments

622,750	Kimberly-Clark de Mexico SAB de CV, Class A	$	1,123,669
423,807	Mexichem SAB de CV		1,008,853
1,167,743	Nemak SAB de CV(a)		1,090,079
126,287	Promotora y Operadora de Infraestructura SAB de CV(c)		1,105,945
570,531	Wal-Mart de Mexico SAB de CV		1,014,057
			23,322,437
	Philippines - 3.5%
672,886	Aboitiz Equity Ventures, Inc.		1,004,630
69,356	Ayala Corp.		1,114,936
790,941	Bank of the Philippine Islands		1,424,059
500,650	BDO Unibank, Inc.		1,132,788
38,162	GT Capital Holdings, Inc.		999,965
231,867	Jollibee Foods Corp.		957,940
73,638	SM Investments Corp.		1,021,003
293,687	Universal Robina Corp.		961,941
			8,617,262
	Poland - 0.8%
753,310	Orange Polska SA		1,016,714
48,445	Polski Koncern Naftowy Orlen SA		982,946
			1,999,660
	Qatar - 1.0%
106,774	Masraf Al Rayan QSC		1,174,404
29,972	Qatar National Bank SAQ		1,339,223
			2,513,627
	Russia - 0.4%
68,016	PhosAgro PJSC GDR(a)		1,044,045
	South Africa - 1.5%
472,906	Life Healthcare Group Holdings Ltd.		1,178,757
49,690	Mondi Ltd.		1,091,374
135,545	Vodacom Group Ltd.		1,518,345
			3,788,476
	South Korea - 10.9%
3,177	CJ CheilJedang Corp.(c)		969,148
135,687	DGB Financial Group, Inc.(c)		1,152,423
6,733	E-Mart, Inc.		1,176,146
21,662	GS Holdings Corp.(c)		950,660
183,747	Hanwha Life Insurance Co. Ltd.(c)		1,018,269
11,319	Hyundai Department Store Co. Ltd.(c)		937,000
9,142	Hyundai Motor Co.		1,097,418
90,954	Industrial Bank of Korea(c)		993,990
31,787	Kangwon Land, Inc.(c)		894,445
29,283	KB Financial Group, Inc.(c)		1,184,322
3,154	KCC Corp.		943,133
32,221	Kia Motors Corp.		1,009,246
29,778	Korea Electric Power Corp.(c)		1,087,752
25,743	Korea Gas Corp.(c)		1,025,644
2,243	Korea Zinc Co. Ltd.(c)		945,762
36,331	KT Corp. ADR(c)		540,242
49,018	KT Corp.		1,240,108
21,294	LG Corp.(c)		1,084,764
94,488	LG Uplus Corp.		926,911
814	Lotte Chilsung Beverage Co. Ltd.(c)		1,014,961
641	Samsung Electronics Co. Ltd.		1,088,282
4,161	Samsung Fire & Marine Insurance Co. Ltd.		963,178
35,645	Samsung Securities Co., Ltd.(c)		993,803
29,642	Shinhan Financial Group Co. Ltd.(c)		1,170,784
6,013	SK Telecom Co. Ltd.		1,153,858
101,976	Woori Bank(c)		1,149,544
			26,711,793
	Taiwan - 23.5%
121,000	Advantech Co. Ltd.		1,022,938

1,118,707	Asia Cement Corp.	$	954,680
141,838	Asustek Computer, Inc.		1,235,302
706,000	Chailease Holding Co. Ltd.		1,261,277
3,098,000	Chang Hwa Commercial Bank Ltd.		1,714,742
559,435	Cheng Shin Rubber Industry Co. Ltd.		1,110,089
4,095,000	China Airlines Ltd.		1,228,004
5,073,472	China Development Financial Holding Corp.		1,291,594
1,070,000	China Life Insurance Co. Ltd.		1,044,535
1,400,140	China Steel Corp.		1,130,082
596,222	Chunghwa Telecom Co. Ltd.		1,940,109
2,014,000	Compal Electronics, Inc.		1,211,124
2,248,053	CTBC Financial Holding Co. Ltd.		1,276,569
2,268,984	E.Sun Financial Holding Co. Ltd.		1,335,505
2,297,000	Eva Airways Corp.		1,106,511
2,607,000	Evergreen Marine Corp. Taiwan Ltd.(c)		1,072,874
1,626,432	Far Eastern New Century Corp.		1,349,047
680,993	Far EasTone Telecommunications Co. Ltd.		1,616,343
3,752,365	First Financial Holding Co. Ltd.		2,088,903
374,095	Formosa Chemicals & Fibre Corp.		1,155,248
293,235	Formosa Petrochemical Corp.		996,284
491,146	Formosa Plastics Corp.		1,413,302
623,875	Fubon Financial Holding Co. Ltd.		1,007,085
480,814	Hon Hai Precision Industry Co. Ltd.		1,283,868
3,302,892	Hua Nan Financial Holdings Co. Ltd.		1,733,318
1,761,777	Mega Financial Holding Co. Ltd.		1,309,558
610,930	Nan Ya Plastics Corp.		1,432,507
358,000	Powertech Technology, Inc.		976,488
149,353	President Chain Store Corp.		1,112,548
2,079,000	Qisda Corp.		1,084,402
810,000	Ruentex Development Co. Ltd.(c)		983,236
4,079,718	Shin Kong Financial Holding Co. Ltd.(c)		1,045,114
636,000	Siliconware Precision Industries Co. Ltd.		967,817
380,414	Simplo Technology Co. Ltd.		1,134,713
4,664,704	SinoPac Financial Holdings Co. Ltd.		1,372,059
1,126,264	Synnex Technology International Corp.		1,171,320
3,619,669	Taishin Financial Holding Co. Ltd.		1,362,601
4,674,188	Taiwan Cooperative Financial Holding Co. Ltd.		2,132,358
525,162	Taiwan Mobile Co. Ltd.		1,750,763
214,397	Taiwan Semiconductor Manufacturing Co. Ltd.		1,268,763
465,000	Tripod Technology Corp.		1,131,867
689,181	Uni-President Enterprises Corp.		1,176,264
3,282,451	United Microelectronics Corp.		1,188,535
1,209,323	WPG Holdings Ltd.		1,442,885
3,138,472	Yuanta Financial Holding Co. Ltd.		1,241,532
			57,864,663
	Thailand - 7.8%
96,266	Airports of Thailand PCL NVDR		1,131,898
1,485,525	Bangkok Airways PCL NVDR		928,189
245,105	Bangkok Bank PCL NVDR		1,214,735
2,084,887	Bangkok Dusit Medical Services PCL NVDR		1,314,527
4,954,402	BTS Group Holdings PCL NVDR		1,174,929
174,571	Bumrungrad Hospital PCL NVDR		887,481
614,390	Central Pattana PCL NVDR		985,886
247,173	Electricity Generating PCL NVDR		1,418,033
476,170	Glow Energy PCL NVDR		1,054,850
7,639,016	IRPC PCL NVDR		1,128,171
199,815	Kasikornbank PCL NVDR		1,069,728
2,205,638	Krung Thai Bank PCL NVDR		1,190,205
4,032,622	Land & Houses PCL NVDR		1,110,947
89,681	Siam Cement PCL (The) NVDR		1,288,798
1,658,760	Thai Beverage PCL		1,018,475

Schedule of Investments

1,675,749	Thai Union Group PCL NVDR	$	989,934
919,998	Thanachart Capital PCL NVDR		1,241,122
			19,147,908
	Turkey - 3.0%
317,968	Aselsan Elektronik Sanayi Ve Ticaret AS		1,150,474
73,973	BIM Birlesik Magazalar AS		1,055,120
652,174	Enka Insaat ve Sanayi AS		991,558
247,429	KOC Holding AS		995,523
901,961	Petkim Petrokimya Holding AS		1,005,802
655,979	Turk Telekomunikasyon AS		978,230
384,971	Turkcell Iletisim Hizmetleri AS(c)		1,156,336
			7,333,043
	United Arab Emirates - 1.3%
1,337,555	Aldar Properties PJSC		932,272
650,730	Dubai Islamic Bank PJSC		1,054,165
274,744	Emirates Telecommunications Group Co. PJSC		1,338,974
			3,325,411
	Total Common Stocks and Other Equity Interests (Cost $252,286,330)		245,707,843
	Rights - 0.0%
	South Korea - 0.0%
4,799	Samsung Securities Co. Ltd., expiring 03/08/17(c) (Cost $0)		25,191
	Total Investments (Cost $252,286,330)(d) - 99.9%		245,733,034
	Other assets less liabilities - 0.1%		353,354
	Net Assets - 100.0%	$	246,086,388

Investment Abbreviations:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NVDR - Non-voting Depositary Receipt

REIT - Real Estate Investment Trust

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 January 31, 2017 was $4,200,111, which represented 1.71% of the Fund’s Net Assets.

^(b)  Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

^(c)  Non-income producing security.

^(d)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $254,684,985. The net unrealized depreciation was $8,951,951, which consisted of aggregate gross unrealized appreciation of $11,092,705 and aggregate gross unrealized depreciation of $20,044,656.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares S&P Emerging Markets Momentum Portfolio (EEMO)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.8%
		Brazil - 6.3%
	600	Banco Santander Brasil SA	$	5,973
	4,600	BM&FBOVESPA SA		27,040
	1,000	Centrais Eletricas Brasileiras SA(a)		6,622
	700	Centrais Eletricas Brasileiras SA (Preference Shares), Class B(a)		5,499
	800	Cia de Saneamento Basico do Estado de Sao Paulo		7,973
	1,200	Cia Siderurgica Nacional SA(a)		4,406
	300	Cosan SA Industria e Comercio		3,841
	400	Hypermarcas SA		3,554
	1,900	Kroton Educacional SA		8,161
	760	Lojas Americanas SA (Preference Shares)		4,042
	700	Lojas Renner SA		5,314
	100	M Dias Branco SA		3,940
	200	Multiplan Empreendimentos Imobiliarios SA		3,971
	400	Raia Drogasil SA		8,330
				98,666
		Chile - 1.3%
	28,293	Banco de Chile		3,389
	1,971	Cencosud SA		5,750
	476	Latam Airlines Group SA(a)		4,393
	234	Sociedad Quimica y Minera de Chile SA (Preference Shares), Series B		7,597
				21,129
		China - 16.0%
	2,000	AAC Technologies Holdings, Inc.		20,620
	1,000	BYD Co. Ltd., H-Shares		5,568
	2,000	China Resources Beer Holdings Co. Ltd.(a)		4,073
	10,000	Geely Automobile Holdings Ltd.		11,895
	6,000	Guangzhou Automobile Group Co. Ltd., H-Shares		8,212
	3,200	Guangzhou R&F Properties Co. Ltd., H-Shares		4,116
	107	NetEase, Inc. ADR		27,167
	368	New Oriental Education & Technology Group, Inc. ADR(a)		17,498
	69	SINA Corp.(a)		4,811
	2,000	Sunny Optical Technology Group Co. Ltd.		11,792
	4,700	Tencent Holdings Ltd.		123,809
	2,000	TravelSky Technology Ltd., H-Shares		4,511
	9,000	Zall Group Ltd.(a)		5,857
				249,929
		Egypt - 0.1%
	4,581	Global Telecom Holding SAE(a)		1,712
		Hong Kong - 0.9%
	17,500	Fullshare Holdings Ltd.		7,398
	8,500	WH Group Ltd.(b)		6,485
				13,883

	Hungary - 1.2%
87	MOL Hungarian Oil & Gas PLC	$	6,137
248	OTP Bank PLC		7,623
237	Richter Gedeon Nyrt		5,104
			18,864
	India - 6.5%
198	Axis Bank Ltd. GDR(b)		6,831
247	GAIL India Ltd. GDR(b)		10,213
102	HDFC Bank Ltd. ADR		7,031
577	ICICI Bank Ltd. ADR		4,472
308	Larsen & Toubro Ltd. GDR(b)		6,607
431	Mahindra & Mahindra Ltd. GDR(b)		7,973
1,325	PowerShares India Portfolio(c)		27,189
297	Reliance Industries Ltd. GDR(b)		9,207
214	Reliance Infrastructure Ltd. GDR(b)		4,858
210	State Bank of India GDR(b)		8,148
45	Tata Motors Ltd. ADR		1,753
891	Tata Steel Ltd. GDR(b)		6,103
169	Wipro Ltd. ADR		1,560
			101,945
	Indonesia - 2.6%
27,000	PT Adaro Energy Tbk		3,428
700	PT Gudang Garam Tbk		3,237
5,700	PT Indofood Sukses Makmur Tbk		3,383
36,900	PT Pakuwon Jati Tbk		1,548
95,700	PT Telekomunikasi Indonesia Persero Tbk		27,737
10,000	PT Waskita Karya Persero Tbk		1,917
			41,250
	Luxembourg - 0.1%
63	Ternium SA ADR		1,440
	Malaysia - 1.2%
3,300	AirAsia Bhd		1,900
1,800	HAP Seng Consolidated Bhd		3,535
4,200	Tenaga Nasional Bhd		12,706
			18,141
	Mexico - 4.8%
800	Alpek SAB de CV		924
500	Arca Continental SAB de CV		2,709
800	Coca-Cola Femsa SAB de CV, Series L		4,986
2,600	Fomento Economico Mexicano SAB de CV		19,645
285	Gruma SAB de CV, Class B		3,852
800	Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,226
280	Grupo Aeroportuario del Sureste SAB de CV, Series B		4,075
1,900	Grupo Bimbo SAB de CV, Series A		4,231
3,000	Grupo Financiero Banorte SAB de CV, Class O		14,443
2,200	Grupo Financiero Santander Mexico SAB de CV, Series B		3,151
220	Industrias Penoles SAB de CV		5,226
1,700	Kimberly-Clark de Mexico SAB de CV, Class A		3,067
215	Promotora y Operadora de Infraestructura SAB de CV(a)		1,883
			74,418
	Peru - 0.3%
320	Cia de Minas Buenaventura SAA ADR		4,413
	Philippines - 1.6%
3,800	Aboitiz Equity Ventures, Inc.		5,674
770	Jollibee Foods Corp.		3,181
25,100	Metro Pacific Investments Corp.		3,440
560	Security Bank Corp.		2,399

Schedule of Investments

16,600	SM Prime Holdings, Inc.	$	9,907
			24,601
	Russia - 7.2%
42	Novatek PJSC GDR(b)		5,317
687	Polymetal International PLC		7,973
6,528	Sberbank of Russia PJSC ADR		76,117
944	Surgutneftegas OJSC ADR		5,055
126	Tatneft PJSC ADR		5,116
1,961	VTB Bank PJSC GDR(b)		4,451
333	Yandex NV, Class A(a)		7,706
			111,735
	South Africa - 8.9%
78	Anglo American Platinum Ltd.(a)		2,033
1,246	AngloGold Ashanti Ltd.(a)		15,703
735	Bidvest Group Ltd. (The)		8,645
81	Capitec Bank Holdings Ltd.		4,218
1,623	Gold Fields Ltd.		5,559
473	Naspers Ltd., Class N		75,015
528	Pick n Pay Stores Ltd.		2,678
541	Resilient REIT Ltd. REIT		4,706
1,981	Sibanye Gold Ltd.		4,450
290	Tiger Brands Ltd.		8,726
609	Vodacom Group Ltd.		6,822
			138,555
	South Korea - 19.1%
140	Celltrion, Inc.(a)		12,071
157	Hankook Tire Co. Ltd.(a)		7,647
16	Hanmi Pharm Co. Ltd.(a)		3,965
581	Hanon Systems		4,545
117	Hanwha Techwin Co. Ltd.(a)		4,198
64	Hyundai Mipo Dockyard Co. Ltd.(a)		3,161
48	Innocean Worldwide, Inc.		2,396
79	Kolon Industries, Inc.(a)		5,051
128	Komipharm International Co. Ltd.(a)		3,393
424	Korea Electric Power Corp.(a)		15,488
429	LG Display Co. Ltd.		11,315
198	LG Electronics, Inc.		9,439
11	LG Household & Health Care Ltd. (Preference Shares)		5,007
74	LS Corp.(a)		3,986
32	Mando Corp.(a)		6,884
47	Naver Corp.		30,657
77	Samsung Electronics Co. Ltd.		130,730
13	Samsung Electronics Co. Ltd. (Preference Shares)		17,574
122	SK Innovation Co. Ltd.(a)		16,482
589	Yungjin Pharmaceutical Co. Ltd.(a)		3,659
			297,648
	Taiwan - 16.1%
1,000	Chin-Poon Industrial Co. Ltd.		1,975
8,000	Chunghwa Telecom Co. Ltd.		26,032
3,000	Formosa Petrochemical Corp.		10,193
6,000	Inventec Corp.		4,498
4,000	King Yuan Electronics Co. Ltd.		3,446
2,000	LCY Chemical Corp.		2,823
5,000	Lite-On Technology Corp.		7,529
3,000	Micro-Star International Co. Ltd.		7,235
2,000	Powertech Technology, Inc.		5,455
6,000	Qisda Corp.		3,130
2,000	Realtek Semiconductor Corp.		6,955
92	Silicon Motion Technology Corp. ADR		3,597
4,000	Siliconware Precision Industries Co. Ltd.		6,087
22,000	Taiwan Semiconductor Manufacturing Co. Ltd.		130,192
2,000	Tong Yang Industry Co. Ltd.		3,675
8,000	Uni-President Enterprises Corp.		13,654

3,000	Vanguard International Semiconductor Corp.	$	5,388
694	Win Semiconductors Corp.		2,077
8,000	Winbond Electronics Corp.		3,267
3,000	WPG Holdings Ltd.		3,579
			250,787
	Thailand - 3.8%
700	Airports of Thailand PCL NVDR		8,231
4,200	Bangkok Dusit Medical Services PCL NVDR		2,648
1,800	Berli Jucker PCL NVDR		2,556
700	Carabao Group PCL NVDR		1,496
1,700	Central Pattana PCL NVDR		2,728
600	CH Karnchang PCL NVDR		490
4,300	Charoen Pokphand Foods PCL NVDR		3,480
500	Electricity Generating PCL NVDR		2,868
1,000	Global Power Synergy Co. Ltd. NVDR		1,015
2,200	Group Lease PCL NVDR		3,702
9,700	Home Product Center PCL NVDR		2,741
11,400	IRPC PCL NVDR		1,684
800	KCE Electronics PCL NVDR		2,477
6,000	Land & Houses PCL NVDR		1,653
3,300	Minor International PCL NVDR		3,257
1,100	Robinson Department Store PCL NVDR		1,812
3,200	Siam Global House PCL NVDR		1,681
1,400	Thai Airways International PCL NVDR(a)		855
17,500	Thai Beverage PCL		10,745
1,100	Thai Oil PCL NVDR		2,242
1,100	Thanachart Capital PCL NVDR		1,484
2,400	VGI Global Media PCL NVDR		361
			60,206
	Turkey - 0.5%
451	Arcelik AS		2,731
190	Aselsan Elektronik Sanayi Ve Ticaret AS		687
1,768	Petkim Petrokimya Holding AS		1,972
166	Tofas Turk Otomobil Fabrikasi AS		1,145
229	Ulker Biskuvi Sanayi AS		1,104
			7,639
	United Arab Emirates - 1.3%
3,833	DXB Entertainments PJSC(a)(b)		1,252
3,890	Emirates Telecommunications Group Co. PJSC		18,958
			20,210
	Total Common Stocks and Other Equity Interests (Cost $1,502,250)		1,557,171
	Rights - 0.0%
	Brazil - 0.0%
10	Multiplan Empreendimentos Imobiliarios SA, expiring 02/13/17(a) (Cost $0)		14
	Total Investments (Cost $1,502,250)(d) - 99.8%		1,557,185
	Other assets less liabilities - 0.2%		2,669
	Net Assets - 100.0%	$	1,559,854

Investment Abbreviations:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NVDR - Non-voting Depositary Receipt

REIT - Real Estate Investment Trust

Schedule of Investments

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(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, 2017 was $77,445, which represented 4.96% of the Fund’s Net Assets.

^(c)  Affiliated company. The Fund’s Adviser also serves as the adviser for PowerShares India Portfolio, and therefore PowerShares India Portfolio is considered to be affiliated.

The table below shows the Fund’s transactions in, and earnings from, its investment in affiliates for the three months ended January 31, 2017.

	Value October 31, 2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value January 31, 2017		Dividend Income
PowerShares India Portfolio		$30,843		$—		$(3,131)		$(641)		$118		$27,189		$13

^(d)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $1,502,252. The net unrealized appreciation was $54,933, which consisted of aggregate gross unrealized appreciation of $149,168 and aggregate gross unrealized depreciation of $94,235.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares S&P International Developed High Dividend Low Volatility (IDHD)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.3%
		Australia - 19.9%
	4,146	APA Group	$	26,501
	578	ASX Ltd.		21,891
	24,527	AusNet Services		29,419
	3,157	Coca-Cola Amatil Ltd.		23,367
	442	Commonwealth Bank of Australia		27,401
	3,467	Dexus Property Group REIT		23,635
	3,576	Goodman Group REIT		18,786
	6,891	GPT Group (The) REIT		24,482
	5,216	Insurance Australia Group Ltd.		22,848
	16,618	Mirvac Group REIT		25,610
	1,517	National Australia Bank Ltd.		34,929
	7,145	Scentre Group REIT		23,866
	8,799	Stockland REIT		29,057
	2,750	Suncorp Group Ltd.		27,202
	6,156	Sydney Airport		27,339
	8,389	Telstra Corp. Ltd.		31,843
	3,181	Transurban Group		24,631
	14,390	Vicinity Centres REIT		31,243
	761	Wesfarmers Ltd.		23,259
	2,832	Westfield Corp. REIT		18,898
				516,207
		Belgium - 3.8%
	181	Anheuser-Busch InBev SA		18,808
	1,281	bpost SA		30,968
	227	Groupe Bruxelles Lambert SA		19,329
	1,001	Proximus SADP		28,737
				97,842
		Denmark - 2.0%
	737	ISS A/S		26,206
	1,402	Tryg A/S		26,790
				52,996
		Finland - 2.0%
	713	Elisa Oyj		24,064
	603	Sampo Oyj, Class A		27,956
				52,020
		France - 3.5%
	253	Sanofi		20,367
	1,631	Suez		24,730
	97	Unibail-Rodamco SE REIT		22,323
	1,426	Veolia Environnement SA		24,264
				91,684
		Germany - 1.6%
	1,027	Deutsche Telekom AG		17,936
	131	Muenchener Rueckversicherungs-Gesellschaft AG		24,605
				42,541
		Hong Kong - 10.6%
	2,000	Cheung Kong Infrastructure Holdings Ltd.		16,122
	2,000	CLP Holdings Ltd.		19,551
	1,072	Hang Seng Bank Ltd.		21,953

40,490	HK Electric Investments & HK Electric Investments Ltd.(a)	$	33,814
23,116	HKT Trust & HKT Ltd.		32,353
5,388	Hysan Development Co. Ltd.		24,651
3,270	Link REIT		22,399
53,342	PCCW Ltd.		32,448
2,556	Power Assets Holdings Ltd.		24,557
2,966	Swire Pacific Ltd., Class A		30,255
6,200	Swire Properties Ltd.		17,499
			275,602
	Israel - 1.5%
21,577	Bezeq The Israeli Telecommunication Corp. Ltd.		37,690
	Italy - 2.2%
8,526	Snam SpA		32,433
5,375	Terna Rete Elettrica Nazionale SpA		23,572
			56,005
	Japan - 3.0%
16	GLP J-REIT REIT		18,434
13	Mori Trust Sogo REIT, Inc. REIT		20,925
627	Sankyo Co. Ltd.		21,025
11	United Urban Investment Corp. REIT		17,598
			77,982
	New Zealand - 2.2%
9,171	Contact Energy Ltd.		32,074
4,441	Z Energy Ltd.		23,705
			55,779
	Norway - 1.7%
2,497	Gjensidige Forsikring ASA		43,065
	Singapore - 21.5%
15,318	Ascendas Real Estate Investment Trust REIT		26,748
28,174	CapitaLand Commercial Trust Ltd. REIT		30,498
22,590	CapitaLand Mall Trust REIT		31,108
11,600	ComfortDelGro Corp. Ltd.		19,844
1,455	DBS Group Holdings Ltd.		19,592
46,500	Keppel REIT		33,337
29,600	Mapletree Commercial Trust REIT		32,147
60,129	Mapletree Greater China Commercial Trust REIT(a)		40,760
51,257	Mapletree Logistics Trust REIT		38,203
3,255	Oversea-Chinese Banking Corp. Ltd.		21,695
3,500	Singapore Airlines Ltd.		24,595
3,961	Singapore Exchange Ltd.		20,862
23,024	Singapore Post Ltd.		23,942
11,025	Singapore Press Holdings Ltd.		26,999
10,662	Singapore Technologies Engineering Ltd.		24,975
9,504	Singapore Telecommunications Ltd.		26,108
17,277	StarHub Ltd.		36,423
26,827	Suntec Real Estate Investment Trust REIT		32,943
1,218	United Overseas Bank Ltd.		18,087
3,880	Venture Corp. Ltd.		28,064
			556,930
	Spain - 6.3%
1,938	Abertis Infraestructuras SA		27,740
2,225	Endesa SA		45,795
2,122	Gas Natural SDG SA		40,866
3,784	Iberdrola SA		23,857
1,324	Red Electrica Corp. SA		23,652
			161,910
	Sweden - 3.1%
1,159	Axfood AB		19,066
1,345	Castellum AB		18,540

Schedule of Investments

10,809	Telia Co. AB	$	43,859
			81,465
	Switzerland - 5.0%
812	ABB Ltd.		19,283
148	Kuehne + Nagel International AG		20,221
278	Novartis AG		20,415
80	Roche Holding AG		18,893
277	Swiss Re AG		25,858
59	Swisscom AG		26,014
			130,684
	United Kingdom - 10.4%
453	AstraZeneca PLC		23,902
2,549	BAE Systems PLC		18,664
303	British American Tobacco PLC		18,677
1,438	GlaxoSmithKline PLC		27,644
507	Imperial Brands PLC		23,432
2,097	National Grid PLC		24,475
5,093	Royal Mail PLC		26,373
705	Severn Trent PLC		20,134
1,643	SSE PLC		30,779
2,037	United Utilities Group PLC		23,500
13,209	Vodafone Group PLC		32,298
			269,878
	Total Investments (Cost $2,556,003)(b) - 100.3%		2,600,280
	Other assets less liabilities - (0.3)%		(7,778	)
	Net Assets - 100.0%	$	2,592,502

Investment Abbreviations:

REIT - Real Estate Investment Trust

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 January 31, 2017 was $74,574, which represented 2.88% of the Fund’s Net Assets.

^(b)  In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period. At January 31, 2017, cost of investments is the same for tax and financial reporting purposes. The net unrealized appreciation was $44,277, which consisted of aggregate gross unrealized appreciation of $51,417 and aggregate gross unrealized depreciation of $7,140.

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

Schedule of Investments

PowerShares S&P International Developed Low Volatility Portfolio (IDLV)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.9%
		Australia - 10.8%
	136,198	AGL Energy Ltd.	$	2,336,720
	336,948	APA Group		2,153,786
	59,660	ASX Ltd.		2,259,562
	2,071,239	AusNet Services		2,484,362
	210,359	Brambles Ltd.		1,662,414
	253,154	Coca-Cola Amatil Ltd.		1,873,773
	32,492	Commonwealth Bank of Australia		2,014,250
	27,201	CSL Ltd.		2,318,954
	271,065	Dexus Property Group REIT		1,847,895
	999,492	DUET Group		2,124,540
	392,834	Goodman Group REIT		2,063,681
	590,485	GPT Group (The) REIT		2,097,888
	424,274	Insurance Australia Group Ltd.		1,858,445
	1,271,117	Mirvac Group REIT		1,958,886
	664,839	Scentre Group REIT		2,220,735
	643,221	Stockland REIT		2,124,110
	390,790	Sydney Airport		1,735,509
	605,069	Telstra Corp. Ltd.		2,296,690
	299,097	Transurban Group		2,316,006
	918,776	Vicinity Centres REIT		1,994,817
	67,986	Wesfarmers Ltd.		2,077,881
	311,597	Westfield Corp. REIT		2,079,264
				45,900,168
		Austria - 0.5%
	95,139	CA Immobilien Anlagen AG		1,874,863
		Belgium - 2.9%
	83,379	bpost SA		2,015,709
	38,214	Colruyt SA		1,869,968
	25,966	Groupe Bruxelles Lambert SA		2,210,963
	67,464	Proximus SADP		1,936,810
	18,618	Sofina SA		2,527,132
	33,341	Telenet Group Holding NV(a)		1,787,889
				12,348,471
		Canada - 22.4%
	17,066	Agrium, Inc.		1,754,313
	59,403	ATCO Ltd., Class I		2,087,705
	39,116	Bank of Montreal		2,953,164
	37,968	Bank of Nova Scotia		2,264,538
	72,719	BCE, Inc.		3,271,867
	54,118	Brookfield Asset Management, Inc., Class A		1,867,927
	148,533	CAE, Inc.		2,105,380
	29,581	Canadian Imperial Bank of Commerce		2,514,186
	29,582	Canadian National Railway Co.		2,052,077
	16,564	Canadian Tire Corp. Ltd., Class A(b)		1,758,230
	72,949	Canadian Utilities Ltd., Class A		2,072,507
	37,341	CGI Group, Inc., Class A(a)		1,792,082
	87,736	CI Financial Corp.(b)		1,830,427
	92,654	Emera, Inc.(b)		3,229,298
	177,565	First Capital Realty, Inc.		2,819,249
	64,607	Fortis, Inc.		2,073,371

28,917	George Weston Ltd.	$	2,461,521
66,278	Gildan Activewear, Inc.		1,730,472
84,611	Great-West Lifeco, Inc.		2,314,269
125,726	H&R Real Estate Investment Trust REIT		2,175,554
166,372	Hydro One Ltd.(c)		3,069,029
70,027	IGM Financial, Inc.		2,147,942
44,337	Industrial Alliance Insurance and Financial Services, Inc.		1,861,899
36,163	Intact Financial Corp.		2,635,357
47,424	Loblaw Cos. Ltd.		2,487,691
71,363	Metro, Inc.		2,163,743
47,642	National Bank of Canada		2,052,580
31,130	Onex Corp.		2,174,265
99,233	Power Corp. of Canada		2,323,746
91,128	Power Financial Corp.		2,363,212
119,295	RioCan Real Estate Investment Trust REIT		2,379,952
58,008	Rogers Communications, Inc., Class B		2,511,641
34,072	Royal Bank of Canada		2,445,082
53,973	Saputo, Inc.		1,983,391
105,663	Shaw Communications, Inc., Class B		2,274,946
96,910	Smart Real Estate Investment Trust REIT		2,380,102
40,397	SNC-Lavalin Group, Inc.		1,737,652
45,574	Sun Life Financial, Inc.		1,795,345
80,482	TELUS Corp.		2,681,602
55,151	Toronto-Dominion Bank (The)		2,851,566
39,748	TransCanada Corp.		1,871,624
22,915	Waste Connections, Inc.		1,834,255
			95,154,759
	Denmark - 1.4%
21,222	Carlsberg A/S, Class B		1,918,115
27,553	Coloplast A/S, Class B		1,973,047
59,665	ISS A/S		2,121,542
			6,012,704
	France - 5.4%
21,739	Aeroports de Paris		2,412,766
108,315	Bureau Veritas SA		2,121,056
15,306	Cie Generale des Etablissements Michelin		1,643,864
30,141	Danone SA		1,888,931
23,929	Dassault Systemes SE		1,853,650
4,082	Hermes International		1,775,375
10,612	L’Oreal SA		1,930,704
17,313	Pernod Ricard SA		2,027,246
16,704	Sodexo SA(b)		1,847,624
18,472	Thales SA		1,732,363
7,812	Unibail-Rodamco SE REIT		1,797,815
27,963	Vinci SA		1,961,253
			22,992,647
	Germany - 2.7%
22,333	Beiersdorf AG		1,977,645
16,505	Henkel AG & Co. KGaA (Preference Shares)		2,010,225
51,035	MAN SE		5,291,982
21,804	SAP SE		1,994,186
			11,274,038
	Hong Kong - 8.0%
233,666	Cheung Kong Infrastructure Holdings Ltd.		1,883,638
178,448	CK Hutchison Holdings Ltd.		2,149,145
267,382	CLP Holdings Ltd.		2,613,740
111,716	Hang Seng Bank Ltd.		2,287,778
2,415,362	HK Electric Investments & HK Electric Investments Ltd.(c)		2,017,121
1,627,742	HKT Trust & HKT Ltd.		2,278,191
1,270,686	Hong Kong & China Gas Co. Ltd.		2,400,750
69,460	Hong Kong Exchanges & Clearing Ltd.		1,689,201
414,183	Hysan Development Co. Ltd.		1,894,939
61,434	Jardine Strategic Holdings Ltd.		2,338,792

Schedule of Investments

280,711	Link REIT	$	1,922,814
472,054	MTR Corp. Ltd.		2,409,137
3,171,714	PCCW Ltd.		1,929,348
229,837	Power Assets Holdings Ltd.		2,208,220
211,667	Swire Pacific Ltd., Class A		2,159,130
672,218	Swire Properties Ltd.		1,897,269
			34,079,213
	Ireland - 0.9%
100,368	Experian PLC		1,930,715
26,249	Kerry Group PLC, Class A		1,846,711
			3,777,426
	Israel - 3.9%
40,300	Azrieli Group Ltd.		1,840,085
383,452	Bank Hapoalim BM		2,315,777
482,311	Bank Leumi Le-Israel BM(a)		1,993,518
988,058	Bezeq The Israeli Telecommunication Corp. Ltd.		1,725,888
22,689	Check Point Software Technologies Ltd.(a)		2,240,993
18,911	Elbit Systems Ltd.		2,080,863
1,010,745	Israel Discount Bank Ltd., Class A(a)		2,100,911
146,465	Mizrahi Tefahot Bank Ltd.		2,253,936
			16,551,971
	Italy - 0.4%
393,248	Terna Rete Elettrica Nazionale SpA		1,724,582
	Japan - 2.7%
773	Advance Residence Investment Corp. REIT		2,045,540
694	Daiwa House REIT Investment Corp. REIT		1,753,263
1,682	GLP J-REIT REIT		1,937,867
1,169	Mori Trust Sogo REIT, Inc. REIT		1,881,615
1,234	ORIX JREIT, Inc. REIT		2,024,604
1,149	United Urban Investment Corp. REIT		1,838,196
			11,481,085
	Netherlands - 1.4%
30,388	Heineken Holding NV		2,133,964
91,685	Koninklijke Ahold Delhaize NV		1,951,459
52,881	Wolters Kluwer NV		2,020,486
			6,105,909
	New Zealand - 1.1%
659,430	Contact Energy Ltd.		2,306,268
345,032	Ryman Healthcare Ltd.		2,203,434
			4,509,702
	Norway - 1.4%
188,513	Entra ASA(c)		2,039,155
110,975	Gjensidige Forsikring ASA		1,913,932
219,849	Orkla ASA		2,054,801
			6,007,888
	Singapore - 11.5%
1,116,592	Ascendas Real Estate Investment Trust REIT		1,949,756
1,846,758	CapitaLand Commercial Trust Ltd. REIT		1,999,081
926,168	CapitaLand Ltd.		2,162,899
1,457,258	CapitaLand Mall Trust REIT		2,006,729
1,061,830	ComfortDelGro Corp. Ltd.		1,816,447
162,261	DBS Group Holdings Ltd.		2,184,903
3,198,066	Keppel REIT		2,292,765
1,879,771	Mapletree Commercial Trust REIT		2,041,489
2,883,982	Mapletree Greater China Commercial Trust REIT(c)		1,954,999
3,324,638	Mapletree Logistics Trust REIT		2,477,903
340,970	Oversea-Chinese Banking Corp. Ltd.		2,272,649
568,794	SATS Ltd.		2,131,766
354,514	Singapore Airlines Ltd.		2,491,261
440,044	Singapore Exchange Ltd.		2,317,665
850,015	Singapore Press Holdings Ltd.		2,081,596

729,470	Singapore Technologies Engineering Ltd.	$	1,708,724
721,284	Singapore Telecommunications Ltd.		1,981,381
933,735	StarHub Ltd.		1,968,479
1,663,804	Suntec Real Estate Investment Trust REIT		2,043,144
152,744	United Overseas Bank Ltd.		2,268,175
488,434	UOL Group Ltd.		2,208,493
339,186	Venture Corp. Ltd.		2,453,368
710,941	Wilmar International Ltd.		1,958,015
			48,771,687
	Spain - 3.2%
124,511	Abertis Infraestructuras SA		1,782,235
38,989	Amadeus IT Group SA		1,801,078
271,534	EDP Renovaveis SA		1,743,955
88,095	Endesa SA		1,813,166
102,038	Grifols SA		2,185,601
302,266	Iberdrola SA		1,905,728
125,335	Red Electrica Corp. SA		2,238,981
			13,470,744
	Sweden - 2.8%
122,133	Axfood AB		2,009,097
145,318	Castellum AB		2,003,160
125,866	Hufvudstaden AB, Class A		2,007,152
95,906	Industrivarden AB, Class C		1,858,524
33,393	L E Lundbergforetagen AB, Class B		2,150,666
56,980	Swedish Match AB		1,855,096
			11,883,695
	Switzerland - 6.2%
88,666	ABB Ltd.		2,105,660
412	Chocoladefabriken Lindt & Spruengli AG-PC		2,288,425
5,128	Geberit AG		2,191,329
1,167	Givaudan SA		2,104,290
16,781	Kuehne + Nagel International AG		2,292,802
35,292	Nestle SA		2,586,268
29,508	Novartis AG		2,166,891
9,126	Roche Holding AG		2,155,238
11,202	Schindler Holding AG-PC		2,134,579
1,087	SGS SA		2,304,890
19,086	Swiss Re AG		1,781,695
4,980	Swisscom AG		2,195,723
			26,307,790
	United Kingdom - 9.7%
243,528	BAE Systems PLC		1,783,148
37,092	British American Tobacco PLC		2,286,375
81,528	Bunzl PLC		2,142,696
114,389	Compass Group PLC		2,032,050
85,884	Diageo PLC		2,380,897
113,145	GlaxoSmithKline PLC		2,175,074
45,346	Imperial Brands PLC		2,095,726
235,702	Informa PLC		1,933,420
43,070	Intertek Group PLC		1,838,002
179,722	National Grid PLC		2,097,607
26,513	Reckitt Benckiser Group PLC		2,269,544
116,541	RELX NV		1,967,904
119,881	RELX PLC		2,146,202
80,480	Severn Trent PLC		2,298,419
128,268	Smith & Nephew PLC		1,909,055
45,851	Unilever NV CVA		1,852,967
50,848	Unilever PLC		2,064,693
184,248	United Utilities Group PLC		2,125,629
741,505	Vodafone Group PLC		1,813,068
86,431	WPP PLC		2,005,145
			41,217,621

Schedule of Investments

	United States - 0.6%
57,292	Thomson Reuters Corp.	$	2,563,254
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $415,948,965) - 99.9%		424,010,217
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 1.2%
5,188,380	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $5,188,380)		5,188,380
	Total Investments (Cost $421,137,345)(f) - 101.1%		429,198,597
	Other assets less liabilities - (1.1)%		(4,650,034	)
	Net Assets - 100.0%	$	424,548,563

Investment Abbreviations:

CVA - Dutch Certificates

PC - Participation Certificate

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at January 31, 2017.

^(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, 2017 was $9,080,304, which represented 2.14% 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 January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $425,262,888. The net unrealized appreciation was $3,935,709, which consisted of aggregate gross unrealized appreciation of $19,379,956 and aggregate gross unrealized depreciation of $15,444,247.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments

PowerShares S&P International Developed Momentum Portfolio (IDMO)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.9%
		Australia - 11.1%
	745	AGL Energy Ltd.	$	12,782
	976	Aristocrat Leisure Ltd.		11,321
	23	ASX Ltd.		871
	2,070	AusNet Services		2,483
	904	BlueScope Steel Ltd.		7,693
	1,525	Brambles Ltd.		12,052
	567	Challenger Ltd.		4,743
	71	CIMIC Group Ltd.		1,849
	75	Cochlear Ltd.		7,127
	434	CSL Ltd.		37,000
	1,054	Dexus Property Group REIT		7,185
	101	Domino’s Pizza Enterprises Ltd.		4,558
	3,358	DUET Group		7,138
	2,381	Fortescue Metals Group Ltd.		12,038
	1,317	Goodman Group REIT		6,919
	1,900	GPT Group (The) REIT		6,750
	3,426	Medibank Private Ltd.		7,022
	3,398	Mirvac Group REIT		5,237
	1,222	Newcrest Mining Ltd.		19,973
	107	Ramsay Health Care Ltd.		5,426
	70	REA Group Ltd.		2,793
	7,684	Scentre Group REIT		25,666
	2,477	Stockland REIT		8,180
	1,447	Sydney Airport		6,426
	329	TPG Telecom Ltd.		1,616
	2,600	Transurban Group		20,133
	1,111	Treasury Wine Estates Ltd.		9,809
	2,912	Vicinity Centres REIT		6,322
	758	Vocus Group Ltd.		2,325
				263,437
		Austria - 0.1%
	61	BUWOG AG		1,456
		Belgium - 0.3%
	47	Colruyt SA		2,300
	90	Umicore SA		5,038
				7,338
		Canada - 18.6%
	367	Agnico Eagle Mines Ltd.		17,472
	72	ATCO Ltd., Class I		2,530
	604	Bank of Montreal		45,601
	1,883	Barrick Gold Corp.		34,634
	335	BCE, Inc.		15,073
	226	CAE, Inc.		3,203
	783	Canadian Natural Resources Ltd.		23,627
	22	CCL Industries, Inc., Class B		4,519
	268	CGI Group, Inc., Class A(a)		12,862
	280	Detour Gold Corp.(a)		3,791
	92	Dollarama, Inc.		6,954
	173	Emera, Inc.		6,030
	189	First Capital Realty, Inc.		3,001
	233	Fortis, Inc.		7,477

265	Franco-Nevada Corp.	$	17,204
27	Genworth MI Canada, Inc.		676
618	Goldcorp, Inc.		9,973
1,983	Kinross Gold Corp.(a)		7,712
303	Metro, Inc.		9,187
288	Open Text Corp.		9,839
142	Peyto Exploration & Development Corp.		3,085
133	RioCan Real Estate Investment Trust REIT		2,653
414	Rogers Communications, Inc., Class B		17,925
245	Saputo, Inc.		9,003
288	Seven Generations Energy Ltd., Class A(a)		5,746
682	Silver Wheaton Corp.		15,050
67	Smart Real Estate Investment Trust REIT		1,646
156	SNC-Lavalin Group, Inc.		6,710
479	Teck Resources Ltd., Class B		11,716
25	TMX Group Ltd.		1,321
1,382	Toronto-Dominion Bank (The)		71,456
701	TransCanada Corp.		33,008
175	Waste Connections, Inc.		14,008
1,516	Yamana Gold, Inc.		5,000
			439,692
	Denmark - 2.3%
67	Carlsberg A/S, Class B		6,056
61	Chr. Hansen Holding A/S		3,723
165	DSV A/S		8,017
85	Genmab A/S(a)		16,403
73	H. Lundbeck A/S(a)		3,131
133	ISS A/S		4,729
172	Vestas Wind Systems A/S		12,037
			54,096
	Finland - 1.2%
31	Cargotec Oyj, Class B		1,488
78	Huhtamaki Oyj		2,866
45	Kesko Oyj, Class B		2,279
300	Kone Oyj, Class B		13,585
122	Neste Oyj		4,253
83	Nokian Renkaat Oyj		3,114
			27,585
	France - 2.1%
88	Sodexo SA		9,734
111	Thales SA		10,410
411	Vinci SA		28,826
			48,970
	Germany - 8.0%
337	adidas AG		53,045
82	Covestro AG(b)		6,158
459	Deutsche Wohnen AG-BR		14,951
144	GEA Group AG		5,951
1,132	Infineon Technologies AG		20,785
820	SAP SE		74,997
419	Vonovia SE		13,706
			189,593
	Hong Kong - 3.1%
2,666	CLP Holdings Ltd.		26,061
3,332	HK Electric Investments & HK Electric Investments Ltd.(b)		2,783
3,332	HKT Trust & HKT Ltd.		4,663
2,666	Link REIT		18,261
1,999	MTR Corp. Ltd.		10,202
3,332	PCCW Ltd.		2,027
2,666	Sino Land Co. Ltd.		4,432
1,000	Techtronic Industries Co. Ltd.		3,467
666	Yue Yuen Industrial Holdings Ltd.		2,438
			74,334

Schedule of Investments

	Ireland - 1.5%
874	Experian PLC	$	16,812
319	James Hardie Industries PLC		5,008
99	Kerry Group PLC, Class A		6,965
68	Paddy Power Betfair PLC		7,114
			35,899
	Israel - 0.3%
1,396	Bezeq The Israeli Telecommunication Corp. Ltd.		2,438
21	Elbit Systems Ltd.		2,311
27	Frutarom Industries Ltd.		1,426
			6,175
	Italy - 0.7%
250	Davide Campari-Milano SpA		2,507
91	Recordati SpA		2,588
2,009	Snam SpA		7,642
1,136	Terna Rete Elettrica Nazionale SpA		4,982
			17,719
	Japan - 6.6%
133	Advantest Corp.		2,494
67	Coca-Cola West Co. Ltd.		1,949
67	Daito Trust Construction Co. Ltd.		9,398
67	Harmonic Drive Systems, Inc.		2,026
67	Hisamitsu Pharmaceutical Co., Inc.		3,488
67	Hoshizaki Corp.		5,481
67	Ito EN Ltd.		2,232
200	Itoham Yonekyu Holdings, Inc.(a)		1,775
67	Kagome Co. Ltd.		1,729
666	Kajima Corp.		4,656
133	Konami Holdings Corp.		5,340
666	Lion Corp.		11,601
67	Maruichi Steel Tube Ltd.		2,256
67	McDonald’s Holdings Co. Japan Ltd.		1,767
133	MEIJI Holdings Co. Ltd.		10,326
666	Nagoya Railroad Co. Ltd.		3,289
67	Nippon Shinyaku Co. Ltd.		3,476
467	Obayashi Corp.		4,464
333	Ono Pharmaceutical Co. Ltd.		6,823
2	ORIX JREIT, Inc. REIT		3,281
133	Park24 Co. Ltd.		3,680
67	Peptidream, Inc.(a)		3,333
133	SCREEN Holdings Co. Ltd.		8,353
133	Start Today Co. Ltd.		2,508
67	Sumitomo Dainippon Pharma Co. Ltd.		1,133
666	Taisei Corp.		4,745
67	Taisho Pharmaceutical Holdings Co. Ltd.		5,666
333	Terumo Corp.		12,335
666	Toho Gas Co. Ltd.		4,987
133	Tokyo Electron Ltd.		13,835
400	Yamada Denki Co. Ltd.		2,210
200	Yamazaki Baking Co. Ltd.		4,033
67	Zensho Holdings Co. Ltd.		1,153
			155,822
	Jersey Island - 0.5%
147	Randgold Resources Ltd.		12,493
	Mexico - 0.2%
295	Fresnillo PLC		5,393
	Netherlands - 2.3%
95	Heineken Holding NV		6,671
172	Heineken NV		12,869
1,076	Koninklijke Ahold Delhaize NV		22,902
305	Wolters Kluwer NV		11,653
			54,095

	New Zealand - 1.6%
1,083	A2 Milk Co. Ltd.(a)	$	1,755
1,174	Auckland International Airport Ltd.		5,888
596	Contact Energy Ltd.		2,084
798	Fisher & Paykel Healthcare Corp. Ltd.		5,084
708	Fletcher Building Ltd.		5,451
1,392	Meridian Energy Ltd.		2,684
385	Ryman Healthcare Ltd.		2,459
553	SKYCITY Entertainment Group Ltd.		1,533
2,159	Spark New Zealand Ltd.		5,556
568	Trade Me Group Ltd.		2,107
572	Z Energy Ltd.		3,053
			37,654
	Norway - 1.1%
145	AKER BP ASA		2,638
134	Gjensidige Forsikring ASA		2,311
25	Leroy Seafood Group ASA		1,395
500	Marine Harvest ASA		8,860
811	Orkla ASA		7,580
91	Salmar ASA		2,581
			25,365
	Portugal - 0.1%
161	Jeronimo Martins SGPS SA		2,724
	Singapore - 0.5%
1,999	CapitaLand Mall Trust REIT		2,753
67	Jardine Cycle & Carriage Ltd.		1,966
1,466	Mapletree Commercial Trust REIT		1,592
1,599	Mapletree Greater China Commercial Trust REIT(b)		1,084
600	SATS Ltd.		2,249
267	Venture Corp. Ltd.		1,931
			11,575
	Spain - 0.7%
74	Aena SA(b)		10,744
355	Red Electrica Corp. SA		6,342
			17,086
	Sweden - 1.6%
71	Axfood AB		1,168
265	Castellum AB		3,653
139	Fastighets AB Balder, Class B(a)		2,848
356	Fingerprint Cards AB, Class B(a)		2,160
189	Hexagon AB, Class B		7,481
127	Hufvudstaden AB, Class A		2,025
301	Husqvarna AB, Class B		2,521
269	Nibe Industrier AB, Class B		2,220
79	Saab AB, Class B		3,228
221	Securitas AB, Class B		3,519
189	Swedish Match AB		6,153
			36,976
	Switzerland - 2.8%
85	Actelion Ltd.		22,142
29	Geberit AG		12,392
6	Givaudan SA		10,819
17	Schindler Holding AG		3,205
35	Schindler Holding AG-PC		6,669
5	SGS SA		10,602
			65,829
	United Kingdom - 32.1%
359	Admiral Group PLC		8,021
353	Ashtead Group PLC		7,132
1,018	AstraZeneca PLC		53,715
2,425	BAE Systems PLC		17,756
2,239	British American Tobacco PLC		138,013
390	Bunzl PLC		10,250
2,407	Compass Group PLC		42,759

Schedule of Investments

95	DCC PLC	$	7,643
2,540	Diageo PLC		70,415
5,244	GlaxoSmithKline PLC		100,809
935	Imperial Brands PLC		43,212
660	Informa PLC		5,414
207	Intertek Group PLC		8,834
145	Johnson Matthey PLC		5,931
435	Merlin Entertainments PLC(b)		2,611
241	Micro Focus International PLC		6,504
5,064	National Grid PLC		59,104
615	Reckitt Benckiser Group PLC		52,645
1,290	RELX PLC		23,095
1,292	Sage Group PLC (The)		9,964
193	Severn Trent PLC		5,512
1,240	Unilever PLC		50,350
592	United Utilities Group PLC		6,830
1,030	WPP PLC		23,895
			760,414
	United States - 0.5%
370	Tahoe Resources, Inc.		3,369
181	Thomson Reuters Corp.		8,098
			11,467
	Total Investments (Cost $2,391,348)(e) - 99.9%		2,363,187
	Other assets less liabilities - 0.1%		2,097
	Net Assets - 100.0%	$	2,365,284

Investment Abbreviations:

BR - Bearer Shares

PC - Participation Certificate

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(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, 2017 was $23,380, which represented less than 1% of the Fund’s Net Assets.

^(e)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $2,391,484. The net unrealized depreciation was $28,297, which consisted of aggregate gross unrealized appreciation of $120,990 and aggregate gross unrealized depreciation of $149,287.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P MidCap Low Volatility Portfolio (XMLV)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Consumer Discretionary - 5.3%
	781,843	New York Times Co. (The), Class A	$	10,554,881
	7,147	NVR, Inc.(b)		13,279,126
	105,661	Pool Corp.		11,153,575
	363,819	Service Corp. International		10,598,047
				45,585,629
		Consumer Staples - 2.4%
	79,477	Ingredion, Inc.		10,188,157
	274,014	Tootsie Roll Industries, Inc.		10,261,824
				20,449,981
		Financials - 19.3%
	20,610	Alleghany Corp.(b)		12,604,458
	151,661	American Financial Group, Inc.		13,068,628
	190,708	Aspen Insurance Holdings Ltd. (Bermuda)		10,755,931
	294,484	Brown & Brown, Inc.		12,406,611
	150,182	CBOE Holdings, Inc.		11,957,491
	178,371	Commerce Bancshares, Inc.		10,083,313
	54,334	Everest Re Group Ltd.		11,949,677
	136,579	Hanover Insurance Group, Inc. (The)		11,464,441
	121,409	MSCI, Inc.		10,046,595
	632,189	New York Community Bancorp, Inc.		9,602,951
	601,954	Old Republic International Corp.		12,520,643
	88,723	Reinsurance Group of America, Inc.		11,132,075
	103,283	RenaissanceRe Holdings Ltd. (Bermuda)		14,079,538
	196,167	W.R. Berkley Corp.		13,184,384
				164,856,736
		Health Care - 1.4%
	62,123	Bio-Rad Laboratories, Inc., Class A(b)		11,808,340
		Industrials - 11.4%
	89,489	Carlisle Cos., Inc.		9,764,145
	169,568	Copart, Inc.(b)		9,621,288
	93,628	Hubbell, Inc.		11,430,106
	53,965	Huntington Ingalls Industries, Inc.		10,467,052
	118,325	IDEX Corp.		10,668,182
	71,074	Lennox International, Inc.		11,145,114
	115,118	MSC Industrial Direct Co., Inc., Class A		11,759,304
	296,769	Rollins, Inc.		10,464,075
	196,528	Toro Co. (The)		11,581,395
				96,900,661
		Information Technology - 7.7%
	106,792	ANSYS, Inc.(b)		9,959,422
	183,628	Broadridge Financial Solutions, Inc.		12,216,771
	95,254	Gartner, Inc.(b)		9,464,437
	144,820	Jack Henry & Associates, Inc.		13,001,940
	342,086	National Instruments Corp.		10,748,342
	163,125	Synopsys, Inc.(b)		10,258,931
				65,649,843
		Materials - 9.7%
	149,948	AptarGroup, Inc.		10,941,705
	89,794	Ashland Global Holdings, Inc.		10,688,180
	215,444	Bemis Co., Inc.		10,496,432
	180,823	RPM International, Inc.		9,449,810
	115,667	Scotts Miracle-Gro Co. (The)		10,637,894

121,965	Sensient Technologies Corp.	$	9,360,814
183,531	Silgan Holdings, Inc.		10,738,399
188,528	Sonoco Products Co.		10,359,613
			82,672,847
	Real Estate - 26.0%
89,726	Alexandria Real Estate Equities, Inc. REIT		9,943,435
203,465	American Campus Communities, Inc. REIT		9,892,468
123,668	Camden Property Trust REIT		10,334,935
357,628	Corporate Office Properties Trust REIT		11,379,723
234,795	DCT Industrial Trust, Inc. REIT		10,492,989
281,524	Douglas Emmett, Inc. REIT		10,652,868
429,753	Duke Realty Corp. REIT		10,455,891
228,116	Education Realty Trust, Inc. REIT		9,172,544
145,751	EPR Properties REIT		10,781,202
396,274	Equity One, Inc. REIT		12,359,786
384,769	First Industrial Realty Trust, Inc. REIT		9,946,279
361,799	Healthcare Realty Trust, Inc. REIT		10,929,948
221,202	Highwoods Properties, Inc. REIT		11,371,995
156,933	Lamar Advertising Co., Class A REIT		11,851,580
259,208	Liberty Property Trust REIT		9,950,995
239,897	National Retail Properties, Inc. REIT		10,459,509
159,306	Regency Centers Corp. REIT		11,108,407
308,138	Tanger Factory Outlet Centers, Inc. REIT		10,535,238
136,604	Taubman Centers, Inc. REIT		9,677,027
368,090	Urban Edge Properties REIT		10,295,477
299,774	Weingarten Realty Investors REIT		10,680,948
			222,273,244
	Utilities - 16.8%
364,353	Aqua America, Inc.		11,079,975
152,928	Atmos Energy Corp.		11,650,055
364,979	Great Plains Energy, Inc.		10,055,171
332,399	Hawaiian Electric Industries, Inc.		11,128,719
149,751	IDACORP, Inc.		11,983,075
192,207	NorthWestern Corp.		10,976,942
159,910	ONE Gas, Inc.		10,333,384
309,314	PNM Resources, Inc.		10,640,402
130,234	Southwest Gas Holdings, Inc.		10,492,953
242,636	UGI Corp.		11,251,031
208,599	Vectren Corp.		11,449,999
184,480	Westar Energy, Inc.		10,089,211
153,369	WGL Holdings, Inc.		12,567,056
			143,697,973
	Total Investments (Cost $783,232,160)(c) - 100.0%		853,895,254
	Other assets less liabilities - 0.0%		357,947
	Net Assets - 100.0%	$	854,253,201

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)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $786,544,604. The net unrealized appreciation was $67,350,650, which consisted of aggregate gross unrealized appreciation of $74,769,859 and aggregate gross unrealized depreciation of $7,419,209.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments^(a)

PowerShares S&P SmallCap High Dividend Low Volatility Portfolio (XSHD)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 99.8%
		Consumer Discretionary - 9.0%
	7,047	Buckle, Inc. (The)	$	149,044
	5,510	Cato Corp. (The), Class A		139,899
	2,397	DineEquity, Inc.		164,386
	15,225	New Media Investment Group, Inc.		232,029
				685,358
		Consumer Staples - 6.1%
	2,133	Cal-Maine Foods, Inc.		88,946
	2,004	Inter Parfums, Inc.		68,337
	2,124	Medifast, Inc.		89,569
	762	Sanderson Farms, Inc.		69,342
	1,483	Universal Corp.		100,844
	474	WD-40 Co.		49,841
				466,879
		Financials - 21.3%
	3,434	AMERISAFE, Inc.		216,514
	27,836	Calamos Asset Management, Inc., Class A		234,379
	21,331	Capstead Mortgage Corp. REIT		227,602
	2,824	Columbia Banking System, Inc.		112,282
	6,486	Northwest Bancshares, Inc.		110,716
	12,581	Oritani Financial Corp.		218,280
	4,224	ProAssurance Corp.		229,786
	2,542	RLI Corp.		151,046
	1,785	Safety Insurance Group, Inc.		127,984
				1,628,589
		Health Care - 3.5%
	1,440	CONMED Corp.		64,210
	1,513	Landauer, Inc.		77,692
	9,425	Meridian Bioscience, Inc.		123,467
				265,369
		Industrials - 10.6%
	1,995	Brady Corp., Class A		72,518
	3,874	Briggs & Stratton Corp.		83,911
	3,074	Mobile Mini, Inc.		100,059
	1,503	National Presto Industries, Inc.		159,919
	2,330	Powell Industries, Inc.		89,658
	4,301	Resources Connection, Inc.		71,827
	13,592	RR Donnelley & Sons Co.		233,103
				810,995
		Information Technology - 6.9%
	4,662	Brooks Automation, Inc.		81,212
	1,698	ManTech International Corp., Class A		66,120
	3,561	Monotype Imaging Holdings, Inc.		77,986
	1,243	MTS Systems Corp.		72,218
	3,695	NIC, Inc.		89,050
	3,996	Park Electrochemical Corp.		73,247
	1,386	Tessera Holding Corp.		62,647
				522,480
		Materials - 5.8%
	2,465	Innophos Holdings, Inc.		119,898
	988	Kaiser Aluminum Corp.		77,518
	9,252	Myers Industries, Inc.		127,678

2,625	Schweitzer-Mauduit International, Inc.	$	116,366
			441,460
	Real Estate - 20.2%
9,754	CareTrust REIT, Inc. REIT		147,870
8,213	Chesapeake Lodging Trust REIT		210,253
15,497	Franklin Street Properties Corp. REIT		197,587
11,553	Government Properties Income Trust REIT		222,511
6,935	Kite Realty Group Trust REIT		166,579
20,481	Lexington Realty Trust REIT		219,556
3,360	LTC Properties, Inc. REIT		156,811
8,813	Sabra Health Care REIT, Inc. REIT		223,850
			1,545,017
	Telecommunication Services - 6.1%
704	ATN International, Inc.		56,524
3,007	Cogent Communications Holdings, Inc.		125,693
7,587	Consolidated Communications Holdings, Inc.		199,614
4,022	Spok Holdings, Inc.		82,652
			464,483
	Utilities - 10.3%
1,766	ALLETE, Inc.		115,408
1,579	American States Water Co.		69,129
2,999	Avista Corp.		115,881
2,050	California Water Service Group		70,725
1,986	El Paso Electric Co.		91,157
1,793	Northwest Natural Gas Co.		105,608
3,384	South Jersey Industries, Inc.		111,672
1,641	Spire, Inc.		106,665
			786,245
	Total Investments (Cost $7,620,265)(b) - 99.8%		7,616,875
	Other assets less liabilities - 0.2%		14,237
	Net Assets - 100.0%	$	7,631,112

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)  In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period. At January 31, 2017, cost of investments is the same for tax and financial reporting purposes. The net unrealized depreciation was $3,390, which consisted of aggregate gross unrealized appreciation of $72,824 and aggregate gross unrealized depreciation of $76,214.

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

Schedule of Investments^(a)

PowerShares S&P SmallCap Low Volatility Portfolio (XSLV)

January 31, 2017

(Unaudited)

Number of Shares			Value
		Common Stocks and Other Equity Interests - 100.0%
		Consumer Discretionary - 6.1%
	153,332	Bob Evans Farms, Inc.	$	8,652,525
	542,179	Callaway Golf Co.		6,142,888
	90,211	DineEquity, Inc.		6,186,670
	93,118	Dorman Products, Inc.(b)		6,427,004
	230,880	Marcus Corp. (The)		6,845,592
	341,884	PetMed Express, Inc.(c)		7,244,522
	108,943	Popeyes Louisiana Kitchen, Inc.(b)		6,884,108
	162,775	Scholastic Corp.		7,451,840
				55,835,149
		Consumer Staples - 3.9%
	77,559	J & J Snack Foods Corp.		9,894,202
	174,152	Medifast, Inc.		7,343,990
	144,668	Universal Corp.		9,837,424
	75,667	WD-40 Co.		7,956,385
				35,032,001
		Financials - 36.0%
	162,098	Ameris Bancorp		7,310,620
	111,344	AMERISAFE, Inc.		7,020,239
	492,860	Astoria Financial Corp.		9,319,983
	870,263	Bank Mutual Corp.		8,311,012
	134,221	Banner Corp.		7,532,483
	406,087	Boston Private Financial Holdings, Inc.		6,700,435
	497,922	Brookline Bancorp, Inc.		7,842,271
	847,417	Capstead Mortgage Corp. REIT		9,041,939
	201,366	Cardinal Financial Corp.		6,314,838
	122,467	City Holding Co.		7,971,377
	167,615	Columbia Banking System, Inc.		6,664,372
	140,816	Community Bank System, Inc.		8,218,022
	318,439	CVB Financial Corp.		7,177,615
	427,237	Dime Community Bancshares, Inc.		9,142,872
	586,900	First Commonwealth Financial Corp.		8,287,028
	290,663	First Financial Bancorp		8,007,766
	287,908	First Midwest Bancorp, Inc.		6,990,406
	199,523	Glacier Bancorp, Inc.		7,089,052
	263,511	Green Dot Corp., Class A(b)		7,062,095
	193,364	Horace Mann Educators Corp.		7,995,601
	102,194	Independent Bank Corp./MA		6,371,796
	102,653	Infinity Property & Casualty Corp.		8,915,413
	151,237	Navigators Group, Inc. (The)		8,491,958
	191,219	NBT Bancorp, Inc.		7,790,262
	563,192	Northfield Bancorp, Inc.		10,165,616
	535,518	Northwest Bancshares, Inc.		9,141,292
	415,416	Old National Bancorp		7,373,634
	504,060	Oritani Financial Corp.		8,745,441
	196,503	ProAssurance Corp.		10,689,763
	335,343	Provident Financial Services, Inc.		8,876,529
	114,989	RLI Corp.		6,832,646
	125,309	Safety Insurance Group, Inc.		8,984,655
	180,631	Selective Insurance Group, Inc.		7,532,313
	303,728	Sterling Bancorp		7,243,913
	150,755	Stewart Information Services Corp.		6,584,978
	83,760	Tompkins Financial Corp.		7,584,468
	850,391	TrustCo Bank Corp. NY		7,143,284
	156,901	United Bankshares, Inc.(c)		7,029,165

263,422	United Community Banks, Inc.	$	7,410,061
152,410	United Fire Group, Inc.		7,193,752
117,102	Westamerica Bancorporation(c)		6,645,539
102,170	Wintrust Financial Corp.		7,315,372
			328,061,876
	Health Care - 3.6%
70,342	Analogic Corp.		5,462,056
84,323	Cantel Medical Corp.		6,527,444
50,820	Chemed Corp.		8,440,694
183,899	Integra LifeSciences Holdings Corp.(b)		7,674,105
381,418	Meridian Bioscience, Inc.		4,996,576
			33,100,875
	Industrials - 15.9%
201,221	ABM Industries, Inc.		8,127,316
132,010	Applied Industrial Technologies, Inc.		7,980,005
171,866	ESCO Technologies, Inc.		10,002,601
108,180	Exponent, Inc.		6,279,849
68,679	G&K Services, Inc., Class A		6,597,305
332,883	Griffon Corp.		8,471,872
218,325	Healthcare Services Group, Inc.		8,678,419
211,951	Hillenbrand, Inc.		7,746,809
188,479	Kaman Corp.		9,523,844
115,751	Matthews International Corp., Class A		7,807,405
196,504	Mueller Industries, Inc.		7,911,251
71,266	National Presto Industries, Inc.		7,582,702
181,761	Simpson Manufacturing Co., Inc.		7,910,239
79,792	Standex International Corp.		6,957,862
84,562	Tennant Co.		5,855,919
181,071	Tetra Tech, Inc.		7,912,803
51,098	UniFirst Corp.		6,535,434
148,904	Viad Corp.		6,529,440
101,527	Watts Water Technologies, Inc., Class A		6,700,782
			145,111,857
	Information Technology - 6.3%
173,658	Badger Meter, Inc.		6,694,516
109,100	Cabot Microelectronics Corp.		7,365,341
147,148	ExlService Holdings, Inc.(b)		6,761,450
162,595	Forrester Research, Inc.		6,633,876
128,853	MKS Instruments, Inc.		8,491,413
264,866	NIC, Inc.		6,383,270
257,677	Sykes Enterprises, Inc.(b)		7,196,919
272,875	TeleTech Holdings, Inc.		8,077,100
			57,603,885
	Materials - 4.7%
100,233	Deltic Timber Corp.		7,614,701
136,432	H.B. Fuller Co.		6,735,648
107,309	Innospec, Inc.		7,656,497
77,334	Kaiser Aluminum Corp.		6,067,626
91,730	Neenah Paper, Inc.		7,535,619
56,790	Quaker Chemical Corp.		7,297,515
			42,907,606
	Real Estate - 15.5%
264,493	Acadia Realty Trust REIT		8,421,457
188,153	Agree Realty Corp. REIT		8,824,376
214,069	American Assets Trust, Inc. REIT		9,189,982
462,041	CareTrust REIT, Inc. REIT		7,004,542
1,077,919	Cedar Realty Trust, Inc. REIT		6,478,293
99,227	CoreSite Realty Corp. REIT		8,546,422
130,430	EastGroup Properties, Inc. REIT		9,230,531
548,009	Franklin Street Properties Corp. REIT		6,987,115
416,201	Getty Realty Corp. REIT		10,733,824
319,414	Kite Realty Group Trust REIT		7,672,324
730,984	Lexington Realty Trust REIT		7,836,148
190,876	LTC Properties, Inc. REIT		8,908,183
83,384	PS Business Parks, Inc. REIT		9,342,343

Schedule of Investments^(a)

433,876	Retail Opportunity Investments Corp. REIT	$	9,198,171
112,201	Saul Centers, Inc. REIT		7,123,642
125,639	Universal Health Realty Income Trust REIT		7,804,695
353,756	Urstadt Biddle Properties, Inc., Class A REIT		7,941,822
			141,243,870
	Telecommunication Services - 0.9%
100,307	ATN International, Inc.		8,053,649
	Utilities - 7.1%
138,884	ALLETE, Inc.		9,076,069
154,680	American States Water Co.		6,771,890
207,530	Avista Corp.		8,018,959
211,130	California Water Service Group		7,283,985
172,933	El Paso Electric Co.		7,937,625
151,454	Northwest Natural Gas Co.		8,920,641
218,132	South Jersey Industries, Inc.		7,198,356
150,605	Spire, Inc.		9,789,325
			64,996,850
	Total Common Stocks and Other Equity Interests (Cost $814,550,502)		911,947,618
	Money Market Fund - 0.0%
132,827	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 0.45%(d) (Cost $132,827)		132,827
	Total Investments (excluding investments purchased with cash collateral from securities on loan) (Cost $814,683,329) - 100.0%		912,080,445
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Fund - 2.2%
20,379,673	Invesco Government & Agency Portfolio - Institutional Class, 0.47%(d)(e) (Cost $20,379,673)		20,379,673
	Total Investments (Cost $835,063,002)(f) - 102.2%		932,460,118
	Other assets less liabilities - (2.2)%		(20,082,829	)
	Net Assets - 100.0%	$	912,377,289

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 January 31, 2017.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2017.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

^(f)  At January 31, 2017, cost of investments on a tax basis includes adjustments for financial reporting purposes, as of the most recently completed federal income tax reporting period-end. The aggregate cost of investments for tax purposes was $839,151,493. The net unrealized appreciation was $93,308,625, which consisted of aggregate gross unrealized appreciation of $105,568,844 and aggregate gross unrealized depreciation of $12,260,219.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

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 unrealiable. 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 the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the funds listed below, as of January 31, 2017, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

All of the securities in each of the following funds were valued based on Level 2 inputs (see the Schedule of Investments for security categories):

PowerShares California AMT-Free Municipal Bond Portfolio

PowerShares Chinese Yuan Dim Sum Bond Portfolio

PowerShares National AMT-Free Municipal Bond Portfolio

PowerShares New York AMT-Free Municipal Bond Portfolio

PowerShares VRDO Tax-Free Weekly Portfolio

	Investments in Securities
	Level 1		Level 2			Level 3		Total
PowerShares Developed EuroPacific Currency Hedged Low Volatility Portfolio
Equity Securities	$	1,315,230	$	—		$	—	$	1,315,230
Forward Foreign Currency Contracts(a)		—		(33,568	)		—		(33,568	)
Total Investments	$	1,315,230	$	(33,568	)	$	—	$	1,281,662
PowerShares Emerging Markets Infrastructure Portfolio
Equity Securities	$	20,118,586	$	0		$	—	$	20,118,586
PowerShares Europe Currency Hedged Low Volatility Portfolio
Equity Securities	$	7,221,777	$	—		$	—	$	7,221,777
Forward Foreign Currency Contracts(a)		—		(189,279	)		—		(189,279	)
Total Investments	$	7,221,777	$	(189,279	)	$	—	$	7,032,498
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio
Equity Securities	$	25,399,410	$	1,791		$	39,761	$	25,440,962
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
Equity Securities	$	1,018,767,924	$	9,027		$	174,825	$	1,018,951,776
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio
Equity Securities	$	170,923,015	$	3,879		$	231,107	$	171,158,001
PowerShares FTSE RAFI Emerging Markets Portfolio
Equity Securities	$	730,813,243	$	—		$	0	$	730,813,243
PowerShares Japan Currency Hedged Low Volatility Portfolio
Equity Securities	$	1,360,156	$	—		$	—	$	1,360,156
Forward Foreign Currency Contracts(a)		—		(46,055	)		—		(46,055	)
Total Investments	$	1,360,156	$	(46,055	)	$	—	$	1,314,101
PowerShares 1-30 Laddered Treasury Portfolio
U.S. Treasury Securities	$	—	$	188,312,189		$	—	$	188,312,189
Money Market Fund		185,336		—			—		185,336
Total Investments	$	185,336	$	188,312,189		$	—	$	188,497,525
PowerShares Build America Bond Portfolio
Municipal Obligations	$	—	$	954,959,201		$	—	$	954,959,201
Corporate Debt Securities		—		8,069,438			—		8,069,438
Money Market Fund		3,880,203		—			—		3,880,203
Total Investments	$	3,880,203	$	963,028,639		$	—	$	966,908,842
PowerShares Emerging Markets Sovereign Debt Portfolio
Foreign Government Debt Securities	$	—	$	3,750,849,272		$	—	$	3,750,849,272
Money Market Funds		107,779,083		—			—		107,779,083
Total Investments	$	107,779,083	$	3,750,849,272		$	—	$	3,858,628,355
PowerShares Fundamental High Yield® Corporate Bond Portfolio
Corporate Debt Securities	$	—	$	1,231,089,118		$	—	$	1,231,089,118
Money Market Fund		3,660,680		—			—		3,660,680
Total Investments	$	3,660,680	$	1,231,089,118		$	—	$	1,234,749,798

PowerShares Fundamental Investment Grade Corporate Bond Portfolio
Corporate Debt Securities	$	—	$	62,667,115	$	—	$	62,667,115
Money Market Fund		36,603		—		—		36,603
Total Investments	$	36,603	$	62,667,115	$	—	$	62,703,718
PowerShares Global Short Term High Yield Bond Portfolio
Foreign Corporate Debt Securities	$	—	$	103,848,637	$	0	$	103,848,637
Foreign Government Debt Securities		—		10,684,287		—		10,684,287
Common Stocks		4,085		—		—		4,085
Money Market Fund		2,857,975		—		—		2,857,975
Total Investments	$	2,862,060	$	114,532,924	$	0	$	117,394,984
PowerShares International Corporate Bond Portfolio
Foreign Corporate Debt Securities	$	—	$	163,064,734	$	—	$	163,064,734
Foreign Government Debt Securities		—		919,960		—		919,960
Money Market Fund		345,630		—		—		345,630
Total Investments	$	345,630	$	163,984,694	$	—	$	164,330,324
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio
Corporate Debt Securities	$	—	$	25,596,251	$	—	$	25,596,251
Money Market Fund		295,919		—		—		295,919
Total Investments	$	295,919	$	25,596,251	$	—	$	25,892,170
PowerShares Treasury Collateral Portfolio
U.S. Treasury Securities	$	—	$	370,232,422	$	—	$	370,232,422
Money Market Fund		72,357		—		—		72,357
Total Investments	$	72,357	$	370,232,422	$	—	$	370,304,779
PowerShares Variable Rate Preferred Portfolio
Preferred Stocks	$	603,418,935	$	—	$	—	$	603,418,935
Corporate Debt Securities		—		416,261,246		—		416,261,246
Total Investments	$	603,418,935	$	416,261,246	$	—	$	1,019,680,181
PowerShares Senior Loan Portfolio
Variable Rate Senior Loan Interests	$	—	$	7,605,772,001	$	—	$	7,605,772,001
Corporate Bonds		—		221,087,713		—		221,087,713
Money Market Fund		730,326,499		—		—		730,326,499
Total Investments	$	730,326,499	$	7,826,859,714	$	—	$	8,557,186,213
PowerShares S&P Emerging Markets Low Volatility Portfolio
Equity Securities	$	245,707,843	$	25,191	$	—	$	245,733,034

^(a)  Unrealized appreciation (depreciation).

Derivative Investments

The Funds may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of January 31, 2017:

	Value
	PowerShares Developed EuroPacific Currency Hedged Low Volatility Portfolio			PowerShares Europe Currency Hedged Low Volatility Portfolio			PowerShares Japan Currency Hedged Low Volatility Portfolio
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	111		$	52,149		$	7
Derivatives not subject to master netting agreements		—			—			—
Total Derivative Assets subject to master netting agreements	$	111		$	52,149		$	7
Derivative Liabilities	Currency Risk
Unrealized depreciation forward foreign currency contracts outstanding	$	(33,679	)	$	(241,428	)	$	(46,062	)
Derivatives not subject to master netting agreements		—			—			—
Total Derivative Liabilities subject to master netting agreements	$	(33,679	)	$	(241,428	)	$	(46,062	)

Effect of Derivative Investments for the three months ended January 31, 2017

The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Gain (Loss)
	PowerShares Developed EuroPacific Currency Hedged Low Volatility Portfolio			PowerShares Europe Currency Hedged Low Volatility Portfolio			PowerShares Japan Currency Hedged Low Volatility Portfolio
	Currency Risk
Realized Gain:
Forward foreign currency contracts	$	72,719		$	8,908,676		$	177,172
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(67,234	)		(4,642,328	)		(92,050	)
Total	$	5,485		$	4,266,348		$	85,122

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Average Notional Value
	PowerShares Developed EuroPacific Currency Hedged Low Volatility Portfolio		PowerShares Europe Currency Hedged Low Volatility Portfolio		PowerShares Japan Currency Hedged Low Volatility Portfolio
Forward foreign currency contracts	$	2,804,548	$	128,715,949	$	3,493,163

PowerShares Developed EuroPacific Currency Hedged Low Volatility Portfolio

Open Forward Foreign Currency Contracts
		Contract to
Settlement Date	Counterparty	Deliver		Receive		Notional Value		Unrealized Appreciation (Depreciation)
02/02/2017	CIBC World Markets Corp.	AUD	260,000	USD	188,126	$	197,379	$	(9,253	)
02/02/2017	CIBC World Markets Corp.	CHF	85,000	USD	83,798		86,155		(2,357	)
02/02/2017	CIBC World Markets Corp.	DKK	133,000	USD	18,899		19,327		(428	)
02/02/2017	CIBC World Markets Corp.	EUR	312,000	USD	329,606		337,178		(7,572	)
02/02/2017	CIBC World Markets Corp.	GBP	144,000	USD	178,066		181,166		(3,100	)
02/02/2017	CIBC World Markets Corp.	JPY	7,509,000	USD	64,480		66,702		(2,222	)
02/02/2017	CIBC World Markets Corp.	NOK	204,000	USD	23,706		24,794		(1,088	)
02/02/2017	CIBC World Markets Corp.	NZD	43,000	USD	29,955		31,528		(1,573	)
02/02/2017	CIBC World Markets Corp.	SEK	494,000	USD	54,480		56,512		(2,032	)
02/02/2017	CIBC World Markets Corp.	SGD	225,000	USD	155,709		159,710		(4,001	)
02/02/2017	CIBC World Markets Corp.	USD	197,379	AUD	260,000		197,379		0
02/02/2017	CIBC World Markets Corp.	USD	337,178	EUR	312,000		337,178		0
02/02/2017	CIBC World Markets Corp.	USD	181,166	GBP	144,000		181,166		0
02/02/2017	CIBC World Markets Corp.	USD	31,528	NZD	43,000		31,528		0
02/03/2017	CIBC World Markets Corp.	HKD	922,000	USD	118,936		118,829		107
02/03/2017	CIBC World Markets Corp.	USD	118,824	HKD	922,000		118,828		4
03/02/2017	CIBC World Markets Corp.	AUD	248,000	USD	188,133		188,143		(10	)
03/02/2017	CIBC World Markets Corp.	CHF	84,000	USD	85,253		85,259		(6	)
03/02/2017	CIBC World Markets Corp.	DKK	133,000	USD	19,347		19,348		(1	)
03/02/2017	CIBC World Markets Corp.	EUR	302,000	USD	326,704		326,707		(3	)
03/02/2017	CIBC World Markets Corp.	GBP	140,000	USD	176,218		176,221		(3	)
03/02/2017	CIBC World Markets Corp.	HKD	964,000	USD	124,272		124,276		(4	)
03/02/2017	CIBC World Markets Corp.	JPY	7,348,000	USD	65,321		65,321		0
03/02/2017	CIBC World Markets Corp.	NOK	200,000	USD	24,313		24,313		0
03/02/2017	CIBC World Markets Corp.	NZD	43,000	USD	31,498		31,501		(3	)
03/02/2017	CIBC World Markets Corp.	SEK	482,000	USD	55,202		55,205		(3	)
03/02/2017	CIBC World Markets Corp.	SGD	231,000	USD	163,993		164,013		(20	)
Total Forward Foreign Currency Contracts - Currency Risk								$	(33,568	)

Currency Abbreviations:

AUD - Australian Dollar	GBP - British Pound	NZD - New Zealand Dollar
CHF - Swiss Franc	HKD - Hong Kong Dollar	SEK - Swedish Krona
DKK - Danish Krone	JPY - Japanese Yen	SGD - Singapore Dollar
EUR - Euro	NOK - Norwegian Krone	USD - U.S. Dollar

PowerShares Europe Currency Hedged Low Volatility Portfolio

Open Forward Foreign Currency Contracts
		Contract to
Settlement Date	Counterparty	Deliver		Receive		Notional Value		Unrealized Appreciation (Depreciation)
02/02/2017	CIBC World Markets Corp.	EUR	3,300,000	USD	3,485,724	$	3,566,311	$	(80,587	)
02/02/2017	CIBC World Markets Corp.	USD	1,794,654	EUR	1,660,640		1,794,654		0
02/02/2017	CIBC World Markets Corp.	USD	1,054,816	EUR	988,600		1,068,380		13,564
02/02/2017	CIBC World Markets Corp.	USD	690,547	EUR	650,760		703,276		12,729
02/02/2017	Goldman, Sachs & Co.	EUR	3,300,000	USD	3,486,219		3,566,311		(80,092	)
02/02/2017	Goldman, Sachs & Co.	USD	2,852,378	EUR	2,639,380		2,852,379		1
02/02/2017	Goldman, Sachs & Co.	USD	701,048	EUR	660,620		713,932		12,884
02/02/2017	RBC Capital Markets LLC	EUR	3,302,000	USD	3,488,001		3,568,472		(80,471	)
02/02/2017	RBC Capital Markets LLC	USD	701,033	EUR	660,620		713,932		12,899
02/02/2017	RBC Capital Markets LLC	USD	2,854,468	EUR	2,641,380		2,854,540		72
03/02/2017	Goldman, Sachs & Co.	EUR	2,238,000	USD	2,421,068		2,421,092		(24	)
03/02/2017	RBC Capital Markets LLC	EUR	2,238,000	USD	2,420,965		2,421,092		(127	)
03/02/2017	RBC Capital Markets LLC	EUR	2,239,000	USD	2,422,047		2,422,174		(127	)
Total Forward Foreign Currency Contracts - Currency Risk								$	(189,279	)

Currency Abbreviations:

EUR - Euro

USD - U.S. Dollar

PowerShares Japan Currency Hedged Low Volatility Portfolio

Open Forward Foreign Currency Contracts
		Contract to
Settlement Date	Counterparty	Deliver		Receive		Notional Value		Unrealized Appreciation (Depreciation)
02/02/2017	CIBC World Markets Corp.	JPY	51,760,000	USD	444,464	$	459,783	$	(15,319	)
02/02/2017	Goldman, Sachs & Co.	JPY	51,780,000	USD	444,617		459,960		(15,343	)
02/02/2017	RBC Capital Markets LLC	JPY	51,760,000	USD	444,405		459,783		(15,378	)
02/02/2017	RBC Capital Markets LLC	USD	459,794	JPY	51,760,000		459,783		(11	)
03/02/2017	CIBC World Markets Corp.	JPY	49,740,000	USD	442,173		442,173		0
03/02/2017	Goldman, Sachs & Co.	JPY	49,730,000	USD	442,072		442,083		(11	)
03/02/2017	RBC Capital Markets LLC	JPY	49,730,000	USD	442,091		442,084		7
Total Forward Foreign Currency Contracts - Currency Risk								$	(46,055	)

Currency Abbreviations:

JPY - Japanese Yen

USD - U.S. Dollar

Item 2. Controls and Procedures.

(a) The Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report and have concluded that these controls and procedures are effective.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

A separate certification for the President and Treasurer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)    PowerShares Exchange-Traded Fund Trust II             

By:     /s/ Daniel E. Draper                                                     

Name: Daniel E. Draper

Title: President

Date: 3/29/2017                                                                   

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: 3/29/2017                                                                     

By:     /s/ Steven Hill                                                             

Name: Steven Hill

Title: Treasurer

Date: 3/29/2017