Schedule of Investments^(a)

Invesco S&P High Income Infrastructure ETF (GHII)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks - 99.5%
		Energy - 37.6%
	1,152,056	China Suntien Green Energy Corp. Ltd., H-Shares (China)	$	307,095
	53,462	Enagas S.A. (Spain)		1,459,597
	42,269	Enbridge, Inc. (Canada)		1,555,814
	115,230	Gibson Energy, Inc. (Canada)		1,880,297
	130,865	Inter Pipeline Ltd. (Canada)(b)		1,994,097
	77,224	Keyera Corp. (Canada)		1,859,911
	22,916	ONEOK, Inc.		1,457,916
	39,485	Pembina Pipeline Corp. (Canada)(b)		1,408,364
	169,989	SemGroup Corp., Class A		2,143,561
	203,182	Ship Finance International Ltd. (Norway)		2,515,393
	291,586	Snam SpA (Italy)		1,463,480
	57,015	Targa Resources Corp.		2,192,797
	56,215	Williams Cos., Inc. (The)		1,482,952
				21,721,274
		Industrials - 11.0%
	682,214	China Merchants Port Holdings Co. Ltd. (China)		1,193,791
	2,233,528	Hutchison Port Holdings Trust (Hong Kong)		502,544
	68,889	Macquarie Infrastructure Corp.		2,746,604
	289,460	Sydney Airport (Australia)		1,486,093
	549,570	Yuexiu Transport Infrastructure Ltd. (China)		428,971
				6,358,003
		Utilities - 50.9%
	218,282	AltaGas Ltd. (Canada)(b)		3,150,146
	127,857	APA Group (Australia)		898,259
	790,491	AusNet Services (Australia)		974,891
	46,257	Capital Power Corp. (Canada)		1,037,096
	779,347	Centrica PLC (United Kingdom)		918,637
	2,793,963	China Power International Development Ltd. (China)		723,386
	73,193	Clearway Energy, Inc., Class C		1,097,895
	214,753	Contact Energy Ltd. (New Zealand)		1,031,702
	274,815	EDP-Energias de Portugal S.A. (Portugal)		998,037
	23,631	Emera, Inc. (Canada)(b)		909,651
	43,395	Endesa S.A. (Spain)		1,078,850
	56,274	Engie S.A. (France)(b)		780,726
	39,243	Fortum Oyj (Finland)		836,563
	747,275	HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)(c)		731,020
	94,932	Infratil Ltd. (New Zealand)		264,234
	92,548	Just Energy Group, Inc. (Canada)		303,952
	962,654	Keppel Infrastructure Trust (Singapore)		325,233
	156,177	Mercury NZ Ltd. (New Zealand)		391,945
	89,500	National Grid PLC (United Kingdom)(b)		894,324
	48,274	Northland Power, Inc. (Canada)		891,278
	68,840	Pattern Energy Group, Inc., Class A		1,460,096
	114,113	Power Assets Holdings Ltd. (Hong Kong)		788,838
	29,497	PPL Corp.		877,831
	32,262	Red Electrica Corp. S.A. (Spain)		684,151
	130,373	REN - Redes Energeticas Nacionais SGPS SA (Portugal)		353,760
	636,304	Spark Infrastructure Group (Australia)		1,031,620
	91,608	SSE PLC (United Kingdom)		1,245,265

66,443	Suez (France)(b)	$	886,638
124,050	Superior Plus Corp. (Canada)		1,125,892
91,265	TerraForm Power, Inc., Class A		1,232,078
69,061	TransAlta Renewables, Inc. (Canada)		689,639
79,125	United Utilities Group PLC (United Kingdom)		795,240
			29,408,873
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $60,489,588)-99.5%		57,488,150
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 12.5%
5,424,112	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		5,424,112
1,807,508	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		1,808,050
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,232,162)		7,232,162
	Total Investments in Securities (Cost $67,721,750)-112.0%		64,720,312
	Other assets less liabilities-(12.0)%		(6,953,836	)
	Net Assets-100.0%	$	57,766,476

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 May 31, 2019.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at May 31, 2019 represented 1.27% 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 May 31, 2019.

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

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

Canada 29.1 % 

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

Schedule of Investments

Invesco Shipping ETF (SEA)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.2%
		Belgium - 4.8%
	250,733	Euronav N.V.(a)	$	2,119,282
		Bermuda - 9.5%
	125,990	Golar LNG Ltd.		2,291,758
	218,911	Teekay Corp.		702,704
	93,332	Teekay LNG Partners LP		1,225,449
				4,219,911
		China - 5.7%
	2,135,151	COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares		1,116,518
	3,838,545	COSCO SHIPPING Holdings Co. Ltd., H-Shares(a)(b)		1,414,875
				2,531,393
		Denmark - 19.3%
	6,740	AP Moller - Maersk A/S, Class B		7,221,518
	20,170	Drilling Co. of 1972 A/S (The)(b)		1,285,222
				8,506,740
		Germany - 2.7%
	37,655	Hapag-Lloyd AG(c)		1,204,276
		Hong Kong - 5.7%
	7,177,541	Pacific Basin Shipping Ltd.		1,254,151
	134,119	Seaspan Corp.		1,248,648
				2,502,799
		Japan - 16.4%
	102,018	Kawasaki Kisen Kaisha Ltd.(a)(b)		1,152,900
	141,887	Mitsui OSK Lines Ltd.		3,026,574
	201,823	Nippon Yusen K.K.		3,054,066
				7,233,540
		Monaco - 11.5%
	165,112	Costamare, Inc.		845,373
	75,987	GasLog Ltd.		1,094,213
	57,404	GasLog Partners LP		1,212,947
	73,307	Scorpio Tankers, Inc.		1,908,181
				5,060,714
		Norway - 5.9%
	197,644	Golden Ocean Group Ltd.(a)		902,677
	137,234	Ship Finance International Ltd.		1,698,957
				2,601,634
		South Korea - 5.6%
	436,537	Hyundai Merchant Marine Co. Ltd.(b)		1,194,987
	352,686	Pan Ocean Co. Ltd.(b)		1,283,814
				2,478,801
		United Kingdom - 4.8%
	94,325	Golar LNG Partners LP		1,059,270
	56,493	KNOT Offshore Partners LP		1,064,328
				2,123,598
		United States - 7.3%
	221,547	DHT Holdings, Inc.		1,231,801
	58,110	Matson, Inc.		1,988,524
				3,220,325
		Total Common Stocks & Other Equity Interests (Cost $58,178,970)		43,803,013

	Money Market Fund - 0.0%
11,611	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $11,611)	$	11,611
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $58,190,581)-99.2%		43,814,624
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 4.2%
1,381,926	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		1,381,926
460,504	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		460,642
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,842,568)		1,842,568
	Total Investments in Securities (Cost $60,033,149)-103.4%		45,657,192
	Other assets less liabilities-(3.4)%		(1,501,067	)
	Net Assets-100.0%	$	44,156,125

Notes to Schedule of Investments:

^(a) All or a portion of this security was out on loan at May 31, 2019.

^(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 value of this security at May 31, 2019 represented 2.73% 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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco Solar ETF (TAN)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.6%
		Electrical Equipment - 16.9%
	1,414,932	Enphase Energy, Inc.(b)(c)	$	21,464,519
	1,195,705	Sunrun, Inc.(c)		18,724,740
	1,805,070	Vivint Solar, Inc.(b)(c)		11,769,056
				51,958,315
		Equity REITs - 4.3%
	507,536	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		13,150,258
		Independent Power & Renewable Electricity Producers - 23.6%
	570,519	Atlantica Yield PLC (Spain)		12,237,633
	596,828,889	Beijing Enterprises Clean Energy Group Ltd. (China)(c)		8,221,046
	1,653,516	Encavis AG (Germany)		11,737,335
	163,842,956	GCL New Energy Holdings Ltd. (China)(c)		5,224,218
	1,307,355	Scatec Solar ASA (Norway)(b)(d)		12,672,177
	1,866,278	Solaria Energia y Medio Ambiente SA (Spain)(b)(c)		9,691,342
	932,807	TerraForm Power, Inc., Class A		12,592,894
				72,376,645
		Semiconductors & Semiconductor Equipment - 54.8%
	747,934	Canadian Solar, Inc. (Canada)(b)(c)		14,278,060
	312,247	Daqo New Energy Corp. ADR (China)(b)(c)		11,865,386
	534,672	First Solar, Inc.(c)		31,032,363
	152,607,284	GCL-Poly Energy Holdings Ltd. (China)(b)(c)		9,245,328
	670,053	JinkoSolar Holding Co. Ltd. ADR (China)(b)(c)		13,474,766
	14,382,510	Meyer Burger Technology AG (Switzerland)(b)(c)		8,879,593
	79,381,760	REC Silicon ASA(b)(c)		4,534,157
	393,804	SMA Solar Technology AG (Germany)(b)(c)		10,962,112
	526,988	SolarEdge Technologies, Inc.(b)(c)		28,236,017
	1,796,869	SunPower Corp.(b)(c)		13,404,643
	39,942,219	Xinyi Solar Holdings Ltd. (China)		21,905,548
				167,817,973
		Total Common Stocks & Other Equity Interests (Cost $272,131,746)		305,303,191
		Money Market Fund - 0.2%
	468,704	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(e)  (Cost $468,704)		468,704
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $272,600,450)-99.8%		305,771,895
		Investments Purchased with Cash Collateral from Securities on Loan

	Money Market Funds - 27.9%
64,100,733	Invesco Government & Agency Portfolio - Institutional Class 2.31%(e)(f)	$	64,100,733
21,355,704	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(e)(f)		21,362,111
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $85,462,844)		85,462,844
	Total Investments in Securities (Cost $358,063,294)-127.7%		391,234,739
	Other assets less liabilities-(27.7)%		(84,841,269	)
	Net Assets-100.0%	$	306,393,470

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at May 31, 2019.

^(c)  Non-income producing security.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at May 31, 2019 represented 4.14% of the Fund’s Net Assets.

^(e)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

China 22.8 % 

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

Schedule of Investments

Invesco 1-30 Laddered Treasury ETF (PLW)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Long-Term Investments - 95.9%
		U.S. Treasury Securities - 95.9%
		U.S. Treasury Bonds - 92.7%
	$    2,756,200	U.S. Treasury Bonds		7.875	%		02/15/2021	$	3,026,168
	2,589,300	U.S. Treasury Bonds		7.125			02/15/2023		3,068,725
	2,610,800	U.S. Treasury Bonds		6.250			08/15/2023		3,064,376
	2,353,300	U.S. Treasury Bonds		7.625			02/15/2025		3,063,840
	2,479,700	U.S. Treasury Bonds		6.000			02/15/2026		3,093,862
	2,350,800	U.S. Treasury Bonds		6.625			02/15/2027		3,108,841
	2,356,900	U.S. Treasury Bonds		6.125			11/15/2027		3,086,664
	2,474,700	U.S. Treasury Bonds		5.250			02/15/2029		3,145,721
	2,238,300	U.S. Treasury Bonds		6.250			05/15/2030		3,126,756
	7,151,900	U.S. Treasury Bonds		5.375			02/15/2031		9,502,668
	7,337,500	U.S. Treasury Bonds		4.500			02/15/2036		9,569,418
	2,355,100	U.S. Treasury Bonds		4.750			02/15/2037		3,185,595
	2,464,700	U.S. Treasury Bonds		4.375			02/15/2038		3,220,044
	2,766,400	U.S. Treasury Bonds		3.500			02/15/2039		3,245,549
	2,365,800	U.S. Treasury Bonds		4.625			02/15/2040		3,213,653
	2,331,600	U.S. Treasury Bonds		4.750			02/15/2041		3,228,856
	2,934,400	U.S. Treasury Bonds		3.125			02/15/2042		3,245,378
	2,941,800	U.S. Treasury Bonds		3.125			02/15/2043		3,247,242
	2,705,000	U.S. Treasury Bonds		3.625			02/15/2044		3,236,173
	3,330,500	U.S. Treasury Bonds		2.500			02/15/2045		3,285,226
	3,345,900	U.S. Treasury Bonds		2.500			02/15/2046		3,295,842
	3,015,700	U.S. Treasury Bonds		3.000			02/15/2047		3,273,448
	3,032,000	U.S. Treasury Bonds		3.000			02/15/2048		3,285,042
	3,030,000	U.S. Treasury Bonds		3.000			02/15/2049		3,292,462
									89,111,549
		U.S. Treasury Notes - 3.2%
	3,065,200	U.S. Treasury Notes		2.000			02/15/2022		3,072,983
		Total Long-Term Investments (Cost $91,835,326)							92,184,532
		Short- Term Investments - 3.1%
		U.S. Treasury Securities - 3.1%
		U.S. Treasury Bonds - 3.1%
	2,863,200	U.S. Treasury Bonds (Cost $2,987,945)		8.500			02/15/2020		2,985,780
Number of Shares
		Money Market Funds - 0.0%
	27,964	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(a) (Cost $27,964)							27,964
		Total Short-Term Investments (Cost $3,015,909)							3,013,744
		Total Investments in Securities (Cost $94,851,235)-99.0%							95,198,276
		Other assets less liabilities-1.0%							994,071
		Net Assets - 100.0%						$	96,192,347

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 May 31, 2019.

Schedule of Investments

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

Schedule of Investments

Invesco California AMT-Free Municipal Bond ETF (PWZ)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds — 97.6%
		Ad Valorem Property Tax — 22.2%
	$    775,000	California State Ref. Ser. 12		5.000	%		02/01/2038	$	842,099
	1,500,000	California State Ref. Ser. 15		5.000			08/01/2035		1,772,730
	1,000,000	California State Various Purpose Ser. 09		5.500			11/01/2039		1,016,160
	1,540,000	California State Various Purpose Ser. 09		6.000			11/01/2039		1,569,168
	1,965,000	California State Various Purpose Ser. 13		5.000			11/01/2043		2,225,441
	800,000	Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM		5.000			08/01/2050		886,824
	4,750,000	Chabot-Las Positas California Community College District (Election 2016) Ser. 17A		4.000			08/01/2047		5,145,627
	2,000,000	Chaffey California Joint Union High School District (Election 2012) Ser. 15B		5.000			08/01/2044		2,300,800
	1,500,000	Coachella Valley California Unified School District (2005 Election) Ser. 16E AGM		4.000			08/01/2045		1,612,890
	2,745,000	Contra Costa California Community College District (Election of 2006) Ser. 13		5.000			08/01/2038		3,107,834
	3,000,000	Fremont California Union High School District Santa Clara County Ser. 19A		4.000			08/01/2046		3,296,700
	2,000,000	Jurupa California Unified School District Ser. 17B		4.000			08/01/2041		2,159,360
	250,000	Los Angeles California Community College District (2008 Election) Ser. 17J		4.000			08/01/2041		274,110
	1,000,000	Los Angeles California Community College District Ref. Ser. 16		5.000			08/01/2036		1,198,860
	1,215,000	Los Angeles California Community College District Ref. Ser.16		4.000			08/01/2037		1,343,025
	1,000,000	Los Angeles California Unified School District (Election 2008) Ser. 18B-1		5.000			07/01/2038		1,214,980
	3,000,000	Madera California Unified School District Election 2014 Ser. 17		4.000			08/01/2046		3,248,760
	5,000,000	Marin California Healthcare District (Election 2013) Ser. 17A		5.000			08/01/2041		6,025,300
	3,000,000	Morgan Hill California Unified School District (Election 2012) Ser. 17B		4.000			08/01/2047		3,277,260
	1,100,000	Puerto Rico Commonwealth Public Improvement Ref. Ser. 07A-4 AGM		5.000			07/01/2031		1,118,359
	1,000,000	San Diego California Community College District (Election of 2006) Ser. 13		5.000			08/01/2043		1,131,390
	1,000,000	San Diego California Unified School District (Election 2012) Ser. 13C		5.000			07/01/2035		1,136,150
	1,000,000	San Diego California Unified School District (Election 2012) Ser. 16F		5.000			07/01/2040		1,158,750
	13,535,000	San Diego California Unified School District (Election 2012) Ser. 17I		5.000			07/01/2041		16,220,209
	3,000,000	San Diego California Unified School District (Election 2012) Ser. 17I		5.000			07/01/2047		3,567,780
	5,000,000	San Rafael California High School District (Election 2015) Ser. 18B		4.000			08/01/2047		5,482,300
	1,000,000	Simi Valley California Unified School District (Election 2016) Ser. 17A		4.000			08/01/2046		1,091,290
									73,424,156
		College & University Revenue — 8.2%
	1,500,000	California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16		5.000			10/01/2046		1,751,775
	1,000,000	California State Educational Facilities Auth. (Stanford University) Rev. Ser. 19V-1		5.000			05/01/2049		1,475,720
	2,000,000	California State Educational Facilities Auth. (University of San Francisco) Rev. Ser. 18A		5.000			10/01/2053		2,358,340
	1,000,000	California State Municipal Financing Auth. (Pomona College) Rev. Ref. Ser. 17A		5.000			01/01/2048		1,205,090
	1,500,000	California State University Systemwide Rev. Ref. Ser. 16A		5.000			11/01/2045		1,753,785
	500,000	California State University Systemwide Rev. Ref. Ser. 17A		5.000			11/01/2037		604,000
	2,940,000	California State University Systemwide Rev. Ser. 12A		5.000			11/01/2037		3,263,194
	3,000,000	California State University Systemwide Rev. Ser. 18A		5.000			11/01/2048		3,647,790
	1,500,000	California Statewide Communities Development Auth. Student Housing (University of California, Irvine Campus Apartments Phase IV) Rev. Ser. 17A		5.000			05/15/2047		1,740,045
	745,000	University of California (Limited Project) Rev. Ser. 12G(a)		5.000			05/15/2022		826,272
	755,000	University of California (Limited Project) Rev. Ser. 12G		5.000			05/15/2037		825,147
	1,500,000	University of California (Limited Project) Rev. Ser. 18O		5.000			05/15/2058		1,767,480
	1,500,000	University of California General Rev. Ser. 13AI		5.000			05/15/2038		1,684,635
	1,500,000	University of California General Rev. Ser. 18AZ		5.000			05/15/2048		1,809,375
	2,000,000	University of California Rev. Ser. 17AV		5.250			05/15/2042		2,434,180
									27,146,828
		Electric Power Revenue — 4.1%
	2,500,000	Los Angeles California Department of Water & Power (Power System) Rev. Ref. Ser. 16A		5.000			07/01/2046		2,892,825

Schedule of Investments

$    4,445,000	Los Angeles California Department of Water & Power (Power System) Rev. Ser. 12B	5.000	%	07/01/2043	$	4,901,990
1,000,000	Los Angeles California Department of Water & Power Rev. Ser. 14D	5.000		07/01/2039		1,154,320
1,000,000	Los Angeles California Department of Water & Power Rev. Ser. 15E	5.000		07/01/2044		1,143,020
1,500,000	Los Angeles California Department of Water & Power Rev. Ser. 16B	5.000		07/01/2042		1,746,510
1,500,000	Los Angeles California Department of Water & Power System Rev. Ser. 17A	5.000		07/01/2042		1,779,735
						13,618,400
	General Fund — 3.1%
2,000,000	California State Ser. 16	5.000		09/01/2046		2,356,160
1,000,000	California State Various Purpose Ref. Ser. 16	5.000		09/01/2036		1,200,710
2,585,000	California State Various Purpose Ref. Ser.16	5.000		09/01/2034		3,126,764
1,160,000	California State Various Purpose Ser. 13	5.000		04/01/2037		1,299,049
2,000,000	California State Various Purpose Ser. 13	5.000		04/01/2043		2,231,600
						10,214,283
	Health, Hospital, Nursing Home Revenue — 12.0%
1,000,000	California State Health Facilities Auth. (Lucile Packard Stanford Hospital) Rev. Ser. 16B	5.000		08/15/2055		1,135,380
500,000	California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B	5.000		08/15/2035		601,085
1,500,000	California State Health Facilities Financing Auth. (Children’s Hospital) Ref. Ser. 17A	5.000		08/15/2042		1,737,315
1,000,000	California State Health Facilities Financing Auth. (Kaiser Permanente) Rev. Sub.-Ser. 17A-2	5.000		11/01/2047		1,440,900
500,000	California State Health Facilities Financing Auth. (Providence St. Joseph Health) Rev. Ref. Ser. 16A	4.000		10/01/2036		546,690
3,305,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 11D	5.000		08/15/2035		3,533,144
1,000,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 15A	5.000		08/15/2043		1,144,350
685,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B	4.000		11/15/2041		742,218
10,000,000	California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 17A	5.000		11/15/2048		11,776,000
1,000,000	California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A	4.000		02/01/2042		1,054,230
1,000,000	California State Municipal Financing Auth. (Eisenhower Medical Center) Rev. Ref. Ser. 17A	5.000		07/01/2042		1,142,250
1,000,000	California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A	5.000		11/01/2047		1,094,200
500,000	California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A	5.250		11/01/2047		557,250
1,000,000	California Statewide Communities Development Auth. (Cottage Health System Obligated Group) Rev. Ref. Ser. 15	5.000		11/01/2043		1,129,240
1,650,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A	4.000		08/15/2046		1,738,127
1,000,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A	5.000		08/15/2051		1,150,090
850,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 18A	5.000		12/01/2057		980,433
5,000,000	California Statewide Communities Development Auth. (Kaiser Permanente) Rev. Ser. 02E(b)	1.200		11/01/2036		5,000,000
1,000,000	California Statewide Communities Development Auth. (Kaiser Permanente) Rev. Ser. 12A	5.000		04/01/2042		1,091,820
1,000,000	California Statewide Communities Development Auth. (Marin General) Rev. Ser. 18A	4.000		08/01/2045		1,034,010
1,045,000	California Statewide Communities Development Auth. (Trinity Health) Rev. Ref. Ser. 11	5.000		12/01/2041		1,123,082
						39,751,814
	Highway Tolls Revenue — 2.0%
3,000,000	Bay Area California Auth. Toll Bridge (San Francisco Bay Area Subordinate Toll Bridge) Rev. Ser. 17S-7	4.000		04/01/2042		3,258,150
2,000,000	Foothill-Eastern Transportation Corridor Agency California Toll Road Remarketed Rev. Ref. Sub.-Ser. 14 B-1	3.950		01/15/2053		2,096,820
1,000,000	San Diego California Association of Governments South Bay Expressway Toll (Senior Lien) Rev. Ser. 17A	5.000		07/01/2042		1,184,750
						6,539,720
	Hotel Occupancy Tax — 3.8%
4,500,000	Sacramento County California Transient Occupancy Tax (Convention Center Complex) Rev. Ser. 18A	5.000		06/01/2043		5,388,480

Schedule of Investments

$    6,000,000	Sacramento County California Transient Occupancy Tax (Convention Center Complex) Rev. Ser. 18A	5.000	%	06/01/2048	$	7,125,300
						12,513,780
	Lease Revenue — 6.4%
540,000	Anaheim California Public Financing Auth. Lease Rev. Ref. Ser. 14A	5.000		05/01/2039		616,221
1,000,000	California State Municipal Financing Auth. Lease (Orange County Civic Center Infrastructure Improvement Program) Rev. Ser. 17A	5.000		06/01/2042		1,180,710
670,000	California State Public Works Board Lease (Various Capital Projects) Rev. Ref. Ser. 16C	5.000		11/01/2034		805,856
5,000,000	Los Angeles County California Facilities Inc. Lease (Vermont Corridor County Administration Building) Rev. Ser. 18A	5.000		12/01/2043		6,071,400
1,130,000	Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12	5.000		08/01/2037		1,245,870
2,330,000	Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12	5.000		08/01/2042		2,557,594
2,000,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A	5.000		12/01/2044		2,283,280
1,050,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D	5.000		12/01/2045		1,220,426
1,000,000	San Diego California Public Facilities Financing Auth. Lease (Capital Improvement Projects) Rev. Ser. 15A	5.000		10/15/2044		1,167,790
700,000	San Diego California Public Facilities Financing Auth. Lease (Master Project) Rev. Ref. Ser. 10A(a)	5.250		09/01/2020		734,825
3,000,000	San Jose California Financing Auth. (Civic Center Project) Ref. Ser. 13A	5.000		06/01/2039		3,367,980
						21,251,952
	Local or GTD Housing — 0.3%
1,000,000	California Statewide Communities Development Auth. Student Housing (CHF Irvine LLC) Rev. Ref. Ser. 16	5.000		05/15/2040		1,146,070
	Miscellaneous Revenue — 1.6%
1,000,000	California Infrastructure & Economic Development Bank Rev. Ser. 16	4.000		10/01/2045		1,084,280
1,500,000	California State Various Purpose (Green Bonds) Ser. 14	5.000		10/01/2037		1,744,710
1,000,000	California State Various Purpose Ser. 14	5.000		10/01/2044		1,146,290
1,000,000	California State Various Purpose Ser. 15	5.000		03/01/2045		1,154,520
						5,129,800
	Natural Gas Revenue — 0.8%
2,500,000	Chula Vista California Industrial Development (San Diego Gas - Remarketed 06/17/09) Rev. Ser. 04A	5.875		02/15/2034		2,508,775
	Port, Airport & Marina Revenue — 9.8%
1,500,000	Long Beach California Harbor Rev. Ref. Ser. 17C	5.000		05/15/2047		1,788,435
500,000	Long Beach California Marina Rev. Ser. 15	5.000		05/15/2040		552,275
500,000	Long Beach California Marina Rev. Ser. 15	5.000		05/15/2045		550,940
1,000,000	Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A	5.000		05/15/2040		1,032,880
2,000,000	Los Angeles California Department of Airports Rev. Ref. Sub.-Ser. 15C	5.000		05/15/2038		2,315,740
3,500,000	Los Angeles California Department of Airports Rev. Sub.-Ser. 17B	5.000		05/15/2042		4,179,595
2,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B	5.000		05/01/2044		2,275,260
4,465,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C	5.000		05/01/2046		5,209,271
2,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 17B	5.000		05/01/2047		2,371,840
7,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 18D	5.000		05/01/2048		8,426,040
3,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 19B	5.000		05/01/2049		3,663,990
						32,366,266
	Recreational Revenue — 0.3%
1,000,000	California Infrastructure & Economic Development Bank (Academy of Motion Picture Arts & Projects) Rev. Ref. Ser. 15	5.000		11/01/2041		1,121,440
	Sales Tax Revenue — 5.5%
1,000,000	Los Angeles California County Metropolitan Transportation Auth. Sales Tax (Green Bond) Rev. Ser. 17A	5.000		07/01/2041		1,205,750
5,000,000	Los Angeles California County Metropolitan Transportation Auth. Sales Tax Rev. Ser. 17A	5.000		07/01/2042		6,012,950
2,000,000	Los Angeles California County Metropolitan Transportation Auth. Sales Tax Rev. Ser. 19A	5.000		07/01/2044		2,447,240
3,000,000	Orange County California Local Transportation Auth. Sales Tax Rev. Ref. Ser. 19	5.000		02/15/2041		3,718,920

Schedule of Investments

$    4,000,000	San Diego County California Regional Transportation Commission Ser. 16A	5.000	%	04/01/2048	$	4,692,240
						18,077,100
	Sewer Revenue — 2.6%
1,000,000	Los Angeles California Wastewater System (Green Bonds) Rev. Sub.-Ser. 17A	5.250		06/01/2047		1,217,870
1,525,000	Sacramento County California Sanitation District Financing Auth. Rev. Ref. Ser. 14A	5.000		12/01/2044		1,723,952
5,000,000	San Mateo Foster City California Public Financing Auth. Wastewater Rev. Ser. 19	4.000		08/01/2044		5,559,300
						8,501,122
	Special Tax — 0.9%
2,600,000	Irvine California Unified School District Special Tax Ref. Ser. 15 BAM	5.000		09/01/2038		2,957,968
	Tax Increment Revenue — 3.1%
1,000,000	Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM	5.000		09/01/2044		1,126,260
5,000,000	Mountain View California Shoreline Regional Park Community Ser. 18A AGM	5.000		08/01/2048		6,005,800
2,500,000	Santa Cruz County California Redevelopment Successor Agency Tax Allocation Ref. Ser. 15A AGM	5.000		09/01/2035		2,953,325
						10,085,385
	Transit Revenue — 1.1%
2,000,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM	3.000		10/01/2034		2,033,820
1,500,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM	5.000		10/01/2035		1,766,235
						3,800,055
	Water Revenue — 9.8%
1,000,000	California State Department of Water Resources (Central Valley Project) Water System Rev. Ref. Ser. 16AW	5.000		12/01/2033		1,231,090
1,500,000	East Bay California Municipal Utility District Water System (Green Bond) Ser. 17A	5.000		06/01/2042		1,809,675
2,000,000	East Bay California Municipal Utility District Water System (Green Bond) Ser. 17A	5.000		06/01/2045		2,408,580
1,500,000	East Bay California Municipal Utility District Water System Rev. Ref. Ser. 15A	5.000		06/01/2037		1,778,010
1,000,000	Los Angeles California Department of Water & Power Ref. Ser. 16A	5.000		07/01/2046		1,160,430
2,000,000	Los Angeles California Department of Water & Power Rev. Ser. 12B	5.000		07/01/2043		2,206,880
1,250,000	Los Angeles California Department of Water & Power System Rev. Ser. 11A	5.000		07/01/2041		1,317,925
5,000,000	Los Angeles California Department of Water & Power Waterworks Rev. Ref. Ser. 18B	5.000		07/01/2048		6,052,500
2,000,000	Los Angeles California Department of Water & Power Waterworks Rev. Ser. 18A	5.000		07/01/2048		2,400,100
2,000,000	Orange County California Water District Rev. Ref. Ser. 17A	4.000		08/15/2041		2,193,140
500,000	Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC	5.125		07/01/2047		509,760
1,000,000	San Diego County California Water Auth. Ref. Ser. 16B	5.000		05/01/2037		1,198,390
3,000,000	San Francisco California City & County Public Utilities Commission (WSIP) Sub.-Ser. 11A	5.000		11/01/2037		3,259,800
4,090,000	Santa Clara Valley California Water District Ref. Ser. 16A	5.000		06/01/2046		4,789,840
						32,316,120
	Total Investments in Securities (Cost $308,004,705)(c)— 97.6%					322,471,034
	Other assets less liabilities—2.4%					7,810,703
	Net Assets—100.0%				$	330,281,737

Abbreviations:

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

Auth. - Authority

BAM - Build America Mutual

GTD - Grant To Date

Ref. - Refunding

Rev. - Revenue

Ser. - Series

Sub. - Subordinated

WSIP - Water System Improvement Program

Schedule of Investments

Notes to Schedule of Investments:

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

^(b)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on May 31, 2019.

^(c)  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 May 31, 2019. 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.		5.4	%

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

Schedule of Investments

Invesco CEF Income Composite ETF (PCEF)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Closed-End Funds - 100.0%
		Bonds - 44.1%
	3,399,282	Aberdeen Asia-Pacific Income Fund, Inc.	$	13,869,071
	592,401	BlackRock Core Bond Trust		8,098,122
	1,434,425	BlackRock Credit Allocation Income Trust		18,030,722
	697,033	BlackRock Income Trust, Inc.		4,161,287
	454,808	BlackRock Limited Duration Income Trust		6,735,706
	462,396	BlackRock Multi-Sector Income Trust(a)		7,666,526
	446,288	BlackRock Taxable Municipal Bond Trust		10,474,379
	251,678	Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(a)		5,909,399
	73,956	Cohen & Steers Select Preferred and Income Fund, Inc.(a)		2,087,778
	111,720	DoubleLine Funds Trust - DoubleLine Opportunistic Credit Fund		2,298,080
	757,867	DoubleLine Income Solutions Fund(a)		15,157,340
	1,603,455	Eaton Vance Limited Duration Income Fund(a)		20,155,429
	522,300	Eaton Vance Senior Income Trust		3,191,253
	228,886	Eaton Vance Short Duration Diversified Income Fund		3,012,140
	107,197	Eaton Vance Tax-Managed Buy-WR		959,413
	177,112	First Trust Aberdeen Global Opportunity Income Fund(a)		1,760,493
	652,560	First Trust Intermediate Duration Preferred & Income Fund(a)		14,278,013
	164,447	Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.(a)		3,968,106
	329,463	Flaherty & Crumrine Preferred Securities Income Fund, Inc.(a)		6,483,832
	86,218	Flaherty & Crumrine Total Return Fund, Inc.(a)		1,698,495
	334,593	Franklin Ltd. Duration Income Trust(a)		3,161,904
	113,744	Guggenheim Taxable Municipal Managed Duration Trust(a)		2,659,335
	642,511	Highland Income Fund(a)		8,564,672
	119,613	Insight Select Income Fund(a)		2,294,177
	125,953	Invesco Bond Fund(a)(b)		2,359,100
	2,444,029	Invesco Senior Income Trust(b)		10,167,161
	159,475	John Hancock Preferred Income Fund(a)		3,653,572
	130,936	John Hancock Preferred Income Fund II(a)		2,931,657
	202,513	John Hancock Preferred Income Fund III		3,784,968
	294,383	John Hancock Premium Dividend Fund(a)		4,889,702
	589,680	MFS Charter Income Trust		4,670,266
	1,301,133	MFS Intermediate Income Trust(a)		4,892,260
	831,634	MFS Multimarket Income Trust		4,682,099
	1,671,890	Nuveen Credit Strategies Income Fund(a)		12,890,272
	699,916	Nuveen Floating Rate Income Fund(a)		6,768,188
	319,519	Nuveen Global High Income Fund(a)		4,821,542
	886,620	Nuveen Preferred & Income Opportunities Fund		8,396,291
	1,787,074	Nuveen Preferred & Income Securities Fund(a)		16,262,373
	199,513	Nuveen Preferred & Income Term Fund(a)		4,528,945
	240,119	Nuveen Taxable Municipal Income Fund		5,037,697
	216,238	PIMCO Corporate & Income Strategy Fund(a)		3,769,028
	95,366	PIMCO Income Opportunity Fund(a)		2,509,079
	159,545	PIMCO Income Strategy Fund(a)		1,857,104
	369,284	PIMCO Income Strategy Fund II(a)		3,796,240
	341,714	Pioneer Floating Rate Trust		3,523,071
	578,646	Putnam Master Intermediate Income Trust		2,586,548
	1,153,251	Putnam Premier Income Trust(a)		5,846,983

120,580	RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.	$	2,034,185
418,570	TCW Strategic Income Fund, Inc.		2,339,806
1,684,443	Templeton Global Income Fund		10,527,769
124,620	Virtus Global Multi-Sector Income Fund(a)		1,535,318
164,248	Western Asset Global Corporate Defined Opportunity Fund, Inc.		2,701,880
859,494	Western Asset Inflation-Linked Opportunities & Income Fund		9,385,674
409,710	Western Asset Inflation-Linked Securities & Income Fund		4,609,237
80,681	Western Asset Investment Grade Defined Opportunity Trust, Inc.(a)		1,672,517
107,393	Western Asset Premier Bond Fund(a)		1,411,144
			327,517,348
	Bonds/High Yield - 28.0%
1,067,822	AllianceBernstein Global High Income Fund, Inc.(a)		12,290,631
199,163	Allianzgi Convertible & Income 2024 Target(a)		1,790,475
217,416	Barings Global Short Duration High Yield Fund		3,815,651
1,547,417	BlackRock Corporate High Yield Fund, Inc.		15,721,757
662,433	BlackRock Debt Strategies Fund, Inc.		6,948,922
465,103	BlackRock Floating Rate Income Strategies Fund, Inc.(a)		5,976,573
292,393	BlackRock Floating Rate Income Trust		3,584,738
641,230	Credit Suisse Asset Management Income Fund, Inc.(a)		1,930,102
1,108,705	Credit Suisse High Yield Bond Fund		2,727,414
800,586	Dreyfus High Yield Strategies Fund(a)		2,401,758
494,645	Eaton Vance Floating-Rate Income Trust(a)		6,667,815
458,031	Eaton Vance Senior Floating-Rate Trust		6,000,206
481,642	First Trust High Income Long/Short Fund(a)		6,882,664
318,481	First Trust Senior Floating Rate 2022 Target Term Fund		2,824,926
369,238	First Trust Senior Floating Rate Income Fund II(a)		4,423,471
46,009	Guggenheim Credit Allocation Fund(a)		944,105
98,438	High Income Securities Fund		806,207
154,803	Invesco High Income 2023 Target Term Fund(a)(b)		1,591,375
204,507	Ivy High Income Opportunities Fund		2,734,259
221,117	KKR Income Opportunities Fund		3,383,090
282,425	Morgan Stanley Emerging Markets Debt Fund, Inc.		2,570,067
263,524	Neuberger Berman High Yield Strategies Fund, Inc.		3,004,174
310,502	New America High Income Fund, Inc. (The)		2,661,002
205,384	Nuveen Credit Opportunities 2022 Target Term Fund		1,994,279
489,528	Nuveen Floating Rate Income Opportunity Fund		4,689,678
249,624	Nuveen NASDAQ 100 Dynamic Overwrite Fund		5,279,548
472,286	Nuveen Senior Income Fund(a)		2,725,090
109,391	Nuveen Short Duration Credit Opportunities Fund(a)		1,659,461
566,098	PGIM Global High Yield Fund, Inc.(a)		7,761,204
459,706	PGIM High Yield Bond Fund, Inc.(a)		6,403,705
472,217	PIMCO Corporate & Income Opportunity Fund(a)		8,617,960
113,971	Pioneer Diversified High Income Trust		1,608,131
362,020	Pioneer High Income Trust(a)		3,232,839
56,852	Stone Harbor Emerging Markets Total Income Fund		687,341
527,231	Templeton Emerging Markets Income Fund		5,209,042
2,064,271	Voya Prime Rate Trust		9,764,002
843,071	Wells Fargo Income Opportunities Fund(a)		6,592,815
383,037	Wells Fargo Multi-Sector Income Fund(a)		4,688,373

Schedule of Investments

827,388	Western Asset Emerging Markets Debt Fund, Inc.	$	11,244,203
551,919	Western Asset Global High Income Fund, Inc.		5,292,903
1,063,468	Western Asset High Income Fund II, Inc.		6,891,273
1,583,178	Western Asset High Income Opportunity Fund, Inc.		7,710,077
281,402	Western Asset High Yield Defined Opportunity Fund, Inc.(a)		4,069,073
			207,802,379
	Domestic Equity - 1.9%
196,699	Guggenheim Strategic Opportunities Fund(a)		3,926,112
527,661	Nexpoint Strategic Opportunities Fund		9,814,495
			13,740,607
	Option Income - 26.0%
1,312,069	AllianzGI NFJ Dividend, Interest & Premium Strategy Fund		15,508,656
371,289	BlackRock Energy and Resources Trust		4,136,159
390,316	BlackRock Enhanced Capital and Income Fund, Inc.(a)		5,924,997
2,112,777	BlackRock Enhanced Equity Dividend Trust		17,578,305
854,105	BlackRock Enhanced Global Dividend Trust		8,728,953
1,357,943	BlackRock Enhanced International Dividend Trust		7,251,416
62,632	BlackRock Health Sciences Trust(a)		2,267,278
1,309,217	BlackRock Resources & Commodities Strategy Trust		9,740,574
137,815	BlackRock Science & Technology Trust(a)		4,246,080
445,037	Brookfield Real Assets Income Fund, Inc.		9,425,884
286,069	Cohen & Steers Global Income Builder, Inc.(a)		2,348,626
100,826	Columbia Seligman Premium Technology Growth Fund, Inc.		1,955,016
301,375	Eaton Vance Enhanced Equity Income Fund		4,213,223
307,906	Eaton Vance Enhanced Equity Income Fund II(a)		4,895,705
545,700	Eaton Vance Risk-Managed Diversified Equity Income Fund(a)		5,014,983
161,705	Eaton Vance Tax-Managed Buy-Write Income Fund(a)		2,454,682
484,169	Eaton Vance Tax-Managed Buy-Write Opportunities Fund(a)		6,788,049
1,154,927	Eaton Vance Tax-Managed Diversified Equity Income Fund		12,958,281
835,035	Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund		7,874,380
2,363,533	Eaton Vance Tax-Managed Global Diversified Equity Income Fund(a)		18,341,016
196,086	First Trust Dynamic Europe Equity Income Fund		2,574,609
174,771	First Trust Enhanced Equity Income Fund		2,560,395
258,107	GAMCO Natural Resources Gold & Income Trust(a)		1,375,710
313,139	Guggenheim Enhanced Equity Income Fund(a)		2,389,251
106,293	John Hancock Hedged Equity & Income Fund		1,447,711
233,199	Madison Covered Call & Equity Strategy Fund		1,478,482
264,174	Nuveen Dow 30sm Dynamic Overwrite Fund		4,472,466
783,790	Nuveen S&P 500 Buy-Write Income Fund		9,985,485
107,396	Nuveen S&P 500 Dynamic Overwrite Fund		1,610,940
151,058	Voya Asia Pacific High Dividend Equity Income Fund		1,285,504
222,947	Voya Global Advantage and Premium Opportunity Fund		2,300,813
1,071,876	Voya Global Equity Dividend and Premium Opportunity Fund(a)		6,752,819

216,194	Voya Infrastructure Industrials and Materials Fund	$	2,477,583
137,192	Voya Natural Resources Equity Income Fund		628,339
			192,992,370
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $750,996,121)-100.0%		742,052,704
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 1.2%
6,882,278	Invesco Government & Agency Portfolio - Institutional Class 2.31%(c)(d)		6,882,278
2,295,004	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(c)(d)		2,295,693
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,177,971)		9,177,971
	Total Investments in Securities (Cost $760,174,092)-101.2%		751,230,675
	Other assets less liabilities-(1.2)%		(9,177,893	)
	Net Assets-100.0%	$	742,052,782

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at May 31, 2019.

^(b)  Affiliated company. The Fund’s Adviser and the adviser for Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2018..

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Bond Fund	$	2,101,543	$	493,836	$	(356,595	)	$	124,309		$	(3,993	)(a)	$	2,359,100	$	75,375
Invesco High Income 2023 Target Term Fund		1,507,127		583,594		(542,706	)		47,692			(4,332	)		1,591,375		70,758
Invesco Senior Income Trust		9,189,044		2,537,687		(1,195,290	)		(303,126	)		(61,154	)		10,167,161		444,634
Total Investments in Affiliates	$	12,797,714	$	3,615,117	$	(2,094,591	)	$	(131,125	)	$	(69,479	)	$	14,117,636	$	590,767

^(a) Includes $9,469 of capital gains distributions from affiliated Underlying Funds.

^(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 May 31, 2019.

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

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

Schedule of Investments

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds— 98.4%
		Advertising— 1.0%
	$    3,292,000	Lamar Media Corp.		5.750	%		02/01/2026	$	3,454,559
	3,258,000	Outfront Media Capital LLC/Outfront Media Capital Corp.		5.875			03/15/2025		3,306,870
									6,761,429
		Aerospace/Defense— 1.6%
	2,500,000	Arconic, Inc.		5.870			02/23/2022		2,607,388
	2,505,000	Arconic, Inc.		5.900			02/01/2027		2,645,004
	5,652,075	TransDigm, Inc.		6.500			07/15/2024		5,652,640
									10,905,032
		Airlines— 2.8%
	4,944,000	Delta Air Lines, Inc.		3.625			03/15/2022		5,006,016
	4,898,000	Delta Air Lines, Inc.		4.375			04/19/2028		4,925,623
	9,536,100	United Continental Holdings, Inc.		4.250			10/01/2022		9,560,990
									19,492,629
		Apparel— 0.4%
	3,192,000	Under Armour, Inc.		3.250			06/15/2026		2,949,362
		Auto Parts & Equipment— 2.2%
	3,392,000	American Axle & Manufacturing, Inc.		6.250			04/01/2025		3,269,040
	3,339,000	Dana, Inc.		5.500			12/15/2024		3,343,374
	2,865,000	Goodyear Tire & Rubber Co. (The)(a)		5.125			11/15/2023		2,854,256
	2,920,000	Goodyear Tire & Rubber Co. (The)(a)		5.000			05/31/2026		2,686,400
	4,382,000	Tenneco, Inc.(a)		5.000			07/15/2026		3,346,753
									15,499,823
		Banks— 0.7%
	2,278,000	CIT Group, Inc.		5.000			08/15/2022		2,368,027
	2,189,000	CIT Group, Inc.		5.250			03/07/2025		2,317,888
									4,685,915
		Building Materials— 1.0%
	1,743,000	Griffon Corp.		5.250			03/01/2022		1,740,821
	1,822,000	Owens Corning		4.200			12/15/2022		1,885,281
	1,870,000	Owens Corning		3.400			08/15/2026		1,813,728
	1,452,000	US Concrete, Inc.		6.375			06/01/2024		1,484,670
									6,924,500
		Chemicals— 3.0%
	500,000	Ashland LLC		4.750			08/15/2022		516,875
	1,347,000	Blue Cube Spinco LLC		9.750			10/15/2023		1,485,067
	4,996,000	CF Industries, Inc.		3.450			06/01/2023		4,877,345
	1,641,000	Chemours Co. (The)		6.625			05/15/2023		1,641,000
	1,726,000	Chemours Co. (The)		5.375			05/15/2027		1,570,660
	1,832,000	Huntsman International LLC		5.125			11/15/2022		1,913,063
	2,200,000	Huntsman International LLC		4.500			05/01/2029		2,229,097
	1,635,000	Olin Corp.		5.125			09/15/2027		1,622,247
	2,442,000	PolyOne Corp.		5.250			03/15/2023		2,530,522
	2,231,000	Valvoline, Inc.(a)		4.375			08/15/2025		2,158,493
									20,544,369
		Commercial Services— 2.9%
	5,735,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(a)		5.500			04/01/2023		5,778,012
	5,216,000	Nielsen Finance LLC/Nielsen Finance Co.		4.500			10/01/2020		5,217,043
	3,262,000	Service Corp. International		5.375			05/15/2024		3,351,705
	5,065,000	United Rentals North America, Inc.		6.500			12/15/2026		5,381,563
									19,728,323
		Computers— 4.0%
	6,093,000	EMC Corp.		3.375			06/01/2023		5,919,229
	4,498,640	Leidos Holdings, Inc.		4.450			12/01/2020		4,546,776
	3,785,000	NCR Corp.		6.375			12/15/2023		3,876,143
	3,318,000	Seagate HDD Cayman(a)		4.250			03/01/2022		3,322,544
	3,393,000	Seagate HDD Cayman		4.750			01/01/2025		3,368,367
	7,077,000	Western Digital Corp.(a)		4.750			02/15/2026		6,728,599
									27,761,658
		Cosmetics/Personal Care— 0.4%
	2,759,000	Edgewell Personal Care Co.		4.700			05/24/2022		2,763,883

Schedule of Investments

	Distribution/Wholesale— 0.9%
$1,895,000	H&E Equipment Services, Inc.	5.625	%	09/01/2025	$	1,886,946
4,256,000	LKQ Corp.	4.750		05/15/2023		4,277,280
						6,164,226
	Diversified Financial Services— 2.7%
3,924,000	Ally Financial, Inc.	8.000		03/15/2020		4,066,245
250,000	Ally Financial, Inc.	5.750		11/20/2025		268,438
2,300,000	Credit Acceptance Corp.(b)	6.625		03/15/2026		2,392,000
4,650,000	Jefferies Financial Group, Inc.	5.500		10/18/2023		4,935,455
3,276,000	Navient Corp., MTN	8.000		03/25/2020		3,378,375
3,500,000	Navient Corp.(a)	6.750		06/15/2026		3,526,250
						18,566,763
	Electric— 1.2%
2,973,000	AES Corp.	5.125		09/01/2027		3,047,325
660,000	DPL, Inc.	7.250		10/15/2021		705,375
4,541,000	NRG Energy, Inc.	6.625		01/15/2027		4,847,517
						8,600,217
	Electrical Components & Equipment— 0.5%
1,838,000	WESCO Distribution, Inc.	5.375		12/15/2021		1,856,380
1,849,000	WESCO Distribution, Inc.	5.375		06/15/2024		1,890,603
						3,746,983
	Electronics— 0.8%
700,000	ADT Security Corp. (The)	3.500		07/15/2022		680,750
2,340,000	Jabil, Inc.	4.700		09/15/2022		2,437,461
2,645,000	Jabil, Inc.	3.950		01/12/2028		2,523,065
						5,641,276
	Engineering & Construction— 1.2%
5,195,000	AECOM	5.125		03/15/2027		5,126,815
3,117,000	MasTec, Inc.	4.875		03/15/2023		3,159,859
						8,286,674
	Entertainment— 1.0%
1,800,000	Churchill Downs, Inc.(b)	5.500		04/01/2027		1,836,000
3,066,000	Cinemark USA, Inc.	4.875		06/01/2023		3,092,827
1,671,000	Eldorado Resorts, Inc.	6.000		04/01/2025		1,710,603
						6,639,430
	Environmental Control— 0.4%
1,410,000	Covanta Holding Corp.	5.875		03/01/2024		1,448,775
1,356,000	Covanta Holding Corp.	6.000		01/01/2027		1,388,571
						2,837,346
	Food— 1.2%
1,180,925	B&G Foods, Inc.	4.625		06/01/2021		1,182,401
1,224,000	B&G Foods, Inc.(a)	5.250		04/01/2025		1,188,045
3,299,000	Post Holdings, Inc.(b)	5.750		03/01/2027		3,331,990
2,781,000	TreeHouse Foods, Inc.	4.875		03/15/2022		2,787,953
						8,490,389
	Food Service— 0.7%
4,795,000	Aramark Services, Inc.	4.750		06/01/2026		4,777,019
	Healthcare-Products— 1.3%
3,265,000	Becton, Dickinson and Co.	2.894		06/06/2022		3,279,737
3,275,000	Becton, Dickinson and Co.	3.700		06/06/2027		3,355,036
2,667,000	Teleflex, Inc.	4.625		11/15/2027		2,644,997
						9,279,770
	Healthcare-Services— 6.7%
2,517,000	Acadia Healthcare Co., Inc.	5.625		02/15/2023		2,532,731
6,436,000	Centene Corp.	6.125		02/15/2024		6,726,457
5,959,000	DaVita, Inc.	5.125		07/15/2024		5,823,135
3,110,000	Encompass Health Corp.	5.750		11/01/2024		3,144,988
4,803,000	HCA, Inc.	7.500		02/15/2022		5,265,289
4,910,000	HCA, Inc.	5.375		02/01/2025		5,135,614
2,855,000	Magellan Health, Inc.	4.900		09/22/2024		2,755,075
4,298,000	Molina Healthcare, Inc.	5.375		11/15/2022		4,398,788
2,939,000	Tenet Healthcare Corp.	6.000		10/01/2020		3,030,256
3,027,000	Tenet Healthcare Corp.	5.125		05/01/2025		3,011,865
4,365,000	WellCare Health Plans, Inc.	5.250		04/01/2025		4,440,078
						46,264,276
	Home Builders— 2.6%
1,415,000	Century Communities, Inc.	5.875		07/15/2025		1,386,700
2,097,000	KB Home	7.000		12/15/2021		2,228,629
2,205,260	Lennar Corp.	4.500		11/15/2019		2,219,043
2,133,000	Lennar Corp.	4.750		11/29/2027		2,159,662
2,029,500	PulteGroup, Inc.	4.250		03/01/2021		2,047,258

Schedule of Investments

$1,813,000	PulteGroup, Inc.	5.500	%	03/01/2026	$	1,894,585
1,461,340	Toll Brothers Finance Corp.	4.375		04/15/2023		1,493,782
1,514,000	Toll Brothers Finance Corp.	4.875		03/15/2027		1,517,785
1,106,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.	4.375		06/15/2019		1,099,088
2,118,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.	5.875		06/15/2024		2,107,770
						18,154,302
	Home Furnishings— 0.4%
2,592,000	Tempur Sealy International, Inc.	5.500		06/15/2026		2,608,200
	Household Products/Wares— 0.7%
4,408,000	Spectrum Brands, Inc.	5.750		07/15/2025		4,495,940
	Housewares— 0.4%
2,902,000	Scotts Miracle-Gro Co. (The)	6.000		10/15/2023		3,014,452
	Insurance— 2.3%
3,845,000	CNO Financial Group, Inc.	5.250		05/30/2025		3,991,591
7,172,000	Genworth Holdings, Inc.	7.625		09/24/2021		6,938,910
2,475,000	MGIC Investment Corp.	5.750		08/15/2023		2,635,875
2,171,420	Radian Group, Inc.	4.500		10/01/2024		2,171,420
						15,737,796
	Internet— 2.6%
2,067,000	Expedia Group, Inc.	5.950		08/15/2020		2,142,853
2,317,000	Expedia Group, Inc.	3.800		02/15/2028		2,318,475
2,115,000	NetFlix, Inc.	4.875		04/15/2028		2,094,294
5,758,000	Symantec Corp.	4.200		09/15/2020		5,793,376
1,244,000	VeriSign, Inc.	4.625		05/01/2023		1,259,177
1,255,000	VeriSign, Inc.	4.750		07/15/2027		1,281,920
2,831,000	Zayo Group LLC/Zayo Capital, Inc.	6.375		05/15/2025		2,923,007
						17,813,102
	Iron/Steel— 3.1%
1,621,000	AK Steel Corp.(a)	7.500		07/15/2023		1,612,895
1,971,760	AK Steel Corp.(a)	7.000		03/15/2027		1,530,579
2,279,000	Allegheny Technologies, Inc.	7.875		08/15/2023		2,400,835
2,889,000	Cleveland-Cliffs, Inc.	5.750		03/01/2025		2,823,997
3,000,000	Cleveland-Cliffs, Inc.(b)	5.875		06/01/2027		2,797,500
3,001,000	Commercial Metals Co.	5.750		04/15/2026		2,944,731
2,021,000	Steel Dynamics, Inc.	5.125		10/01/2021		2,028,579
1,895,220	Steel Dynamics, Inc.	5.500		10/01/2024		1,935,001
4,077,000	United States Steel Corp.(a)	6.875		08/15/2025		3,549,029
						21,623,146
	Lodging— 2.2%
2,328,000	Boyd Gaming Corp.	6.375		04/01/2026		2,406,803
4,003,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.	4.625		04/01/2025		4,028,019
1,955,000	Marriott Ownership Resorts, Inc.(b)	6.500		09/15/2026		2,030,756
2,453,000	MGM Resorts International	6.000		03/15/2023		2,581,782
2,550,000	MGM Resorts International	5.750		06/15/2025		2,687,063
1,395,000	Wyndham Destinations, Inc.	4.250		03/01/2022		1,390,536
						15,124,959
	Machinery-Diversified— 0.2%
1,375,000	Wabtec Corp.	4.950		09/15/2028		1,437,487
	Media— 4.9%
1,523,000	AMC Networks, Inc.	5.000		04/01/2024		1,516,832
1,500,000	AMC Networks, Inc.	4.750		08/01/2025		1,471,875
5,028,000	Charter Communications Operating LLC/Charter Communications Operating Capital	4.464		07/23/2022		5,212,931
4,971,000	Charter Communications Operating LLC/Charter Communications Operating Capital	4.908		07/23/2025		5,250,588
3,159,000	DISH DBS Corp.	6.750		06/01/2021		3,269,565
3,774,000	DISH DBS Corp.	7.750		07/01/2026		3,472,080
2,396,000	Meredith Corp.	6.875		02/01/2026		2,479,620
2,185,160	Nexstar Broadcasting, Inc.	5.875		11/15/2022		2,228,208
2,887,050	Sinclair Television Group, Inc.	6.125		10/01/2022		2,930,356
2,536,660	TEGNA, Inc.	6.375		10/15/2023		2,606,418
3,092,000	Tribune Media Co.	5.875		07/15/2022		3,141,317
						33,579,790
	Mining— 1.5%
3,883,000	Freeport-McMoRan, Inc.	3.550		03/01/2022		3,810,194
3,842,000	Freeport-McMoRan, Inc.	4.550		11/14/2024		3,721,937
1,319,000	Hecla Mining Co.	6.875		05/01/2021		1,236,563
1,633,000	Kaiser Aluminum Corp.	5.875		05/15/2024		1,665,660
						10,434,354
	Miscellaneous Manufacturing— 0.7%
1,550,000	EnPro Industries, Inc.	5.750		10/15/2026		1,561,625

Schedule of Investments

$3,379,000	Trinity Industries, Inc.	4.550	%	10/01/2024	$	3,243,016
						4,804,641
	Office/Business Equipment— 1.9%
4,359,000	CDW LLC/CDW Finance Corp.	5.000		09/01/2025		4,424,385
3,900,000	Pitney Bowes, Inc.	4.625		03/15/2024		3,474,939
4,838,000	Xerox Corp.	4.500		05/15/2021		4,903,845
						12,803,169
	Oil & Gas— 12.2%
3,342,000	Anadarko Petroleum Corp.	4.850		03/15/2021		3,452,567
3,225,000	Anadarko Petroleum Corp.	5.550		03/15/2026		3,580,263
3,782,000	Antero Resources Corp.	5.625		06/01/2023		3,753,635
1,044,000	Callon Petroleum Co.	6.125		10/01/2024		1,038,571
1,426,000	Carrizo Oil & Gas, Inc.(a)	6.250		04/15/2023		1,326,180
4,167,000	Chesapeake Energy Corp.(a)	8.000		06/15/2027		3,708,630
2,100,000	Continental Resources, Inc.	4.500		04/15/2023		2,170,802
2,100,000	Continental Resources, Inc.	4.375		01/15/2028		2,162,027
2,585,000	Devon Energy Corp.	3.250		05/15/2022		2,616,056
2,285,000	Devon Energy Corp.	5.850		12/15/2025		2,644,560
3,560,000	Diamond Offshore Drilling, Inc.(a)	7.875		08/15/2025		3,212,900
2,086,000	Diamondback Energy, Inc.	4.750		11/01/2024		2,130,327
1,662,000	Gulfport Energy Corp.	6.000		10/15/2024		1,379,460
5,591,000	Hess Corp.	4.300		04/01/2027		5,619,644
645,000	Jagged Peak Energy LLC	5.875		05/01/2026		632,906
1,260,000	Laredo Petroleum, Inc.(a)	5.625		01/15/2022		1,165,500
2,791,000	Marathon Oil Corp.	2.800		11/01/2022		2,765,973
2,915,000	Marathon Oil Corp.	4.400		07/15/2027		3,026,123
1,151,000	Matador Resources Co.	5.875		09/15/2026		1,145,245
2,117,000	Murphy Oil Corp.	4.200		12/01/2022		2,083,772
2,123,000	Murphy Oil Corp.	5.750		08/15/2025		2,129,058
4,186,000	Murphy Oil USA, Inc.	6.000		08/15/2023		4,264,488
1,769,480	Nabors Industries, Inc.(a)	5.500		01/15/2023		1,561,035
1,887,000	Nabors Industries, Inc.	5.750		02/01/2025		1,544,415
4,756,000	PBF Holding Co. LLC/PBF Finance Corp.	7.250		06/15/2025		4,845,175
1,934,000	PDC Energy, Inc.	6.125		09/15/2024		1,871,145
1,394,000	QEP Resources, Inc.	5.250		05/01/2023		1,320,815
1,475,000	QEP Resources, Inc.	5.625		03/01/2026		1,338,563
1,561,000	Range Resources Corp.	5.000		03/15/2023		1,463,438
1,630,000	Range Resources Corp.(a)	4.875		05/15/2025		1,426,250
1,346,000	SM Energy Co.	6.125		11/15/2022		1,308,985
1,386,000	SM Energy Co.(a)	6.750		09/15/2026		1,244,628
2,478,000	Southwestern Energy Co.	6.200		01/23/2025		2,316,162
1,225,000	SRC Energy, Inc.	6.250		12/01/2025		1,148,438
1,634,000	Unit Corp.	6.625		05/15/2021		1,544,130
1,244,230	Whiting Petroleum Corp.(a)	6.250		04/01/2023		1,208,458
1,294,000	Whiting Petroleum Corp.(a)	6.625		01/15/2026		1,190,480
1,358,000	WPX Energy, Inc.	6.000		01/15/2022		1,384,753
1,423,380	WPX Energy, Inc.	5.250		09/15/2024		1,405,588
						84,131,145
	Oil & Gas Services— 0.9%
1,728,000	Forum Energy Technologies, Inc.	6.250		10/01/2021		1,624,320
3,115,000	Oceaneering International, Inc.	4.650		11/15/2024		2,974,825
2,445,620	SESI LLC	7.750		09/15/2024		1,626,337
						6,225,482
	Packaging & Containers— 2.3%
2,167,000	Ball Corp.	4.000		11/15/2023		2,185,961
2,140,000	Ball Corp.	5.250		07/01/2025		2,257,700
3,922,000	Berry Global, Inc.	5.125		07/15/2023		3,966,123
2,246,000	Crown Americas LLC/Crown Americas Capital Corp. IV	4.500		01/15/2023		2,279,420
2,355,000	Crown Americas LLC/Crown Americas Capital Corp. VI	4.750		02/01/2026		2,373,840
3,041,000	Graphic Packaging International LLC	4.750		04/15/2021		3,098,019
						16,161,063
	Pharmaceuticals— 0.4%
1,300,000	Elanco Animal Health, Inc.(b)	4.272		08/28/2023		1,365,024
1,000,000	Elanco Animal Health, Inc.(b)	4.900		08/28/2028		1,084,407
						2,449,431
	Pipelines— 1.6%
2,978,000	Cheniere Corpus Christi Holdings LLC	5.875		03/31/2025		3,208,795
2,297,000	SemGroup Corp./Rose Rock Finance Corp.	5.625		07/15/2022		2,285,515
500,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.375		02/01/2027		505,000
4,853,660	Targa Resources Partners LP/Targa Resources Partners Finance Corp.	4.250		11/15/2023		4,780,855
						10,780,165

Schedule of Investments

		Real Estate— 0.3%
	$2,162,000	Kennedy-Wilson, Inc.	5.875	%	04/01/2024	$	2,162,303
		REITs— 5.2%
	1,061,000	CyrusOne LP/CyrusOne Finance Corp.	5.000		03/15/2024		1,071,292
	1,061,000	CyrusOne LP/CyrusOne Finance Corp.	5.375		03/15/2027		1,096,809
	4,676,000	Equinix, Inc.	5.375		05/15/2027		4,909,800
	2,745,000	FelCor Lodging LP	6.000		06/01/2025		2,854,800
	3,569,000	GEO Group, Inc. (The)	6.000		04/15/2026		3,292,402
	1,429,000	GLP Capital LP/GLP Financing II, Inc.	4.875		11/01/2020		1,457,008
	1,480,000	GLP Capital LP/GLP Financing II, Inc.	5.375		04/15/2026		1,568,356
	4,989,000	Iron Mountain, Inc.	5.750		08/15/2024		4,961,660
	2,602,000	MPT Operating Partnership LP/MPT Finance Corp.	5.000		10/15/2027		2,575,980
	2,503,000	RHP Hotel Properties LP/RHP Finance Corp.	5.000		04/15/2023		2,528,030
	1,885,000	Sabra Health Care LP/Sabra Capital Corp.	5.500		02/01/2021		1,912,710
	3,047,000	SBA Communications Corp.	4.875		09/01/2024		3,029,023
	2,424,000	Starwood Property Trust, Inc.	5.000		12/15/2021		2,444,071
	2,474,000	Starwood Property Trust, Inc.	4.750		03/15/2025		2,455,445
							36,157,386
		Retail— 6.0%
	3,136,000	Asbury Automotive Group, Inc.	6.000		12/15/2024		3,222,240
	5,784,000	Gap, Inc. (The)	5.950		04/12/2021		5,996,716
	3,510,000	Group 1 Automotive, Inc.	5.000		06/01/2022		3,531,937
	3,322,000	L Brands, Inc.	5.625		02/15/2022		3,421,660
	3,920,000	L Brands, Inc.	5.250		02/01/2028		3,513,300
	2,520,000	Party City Holdings, Inc.(a)(b)	6.625		08/01/2026		2,513,700
	2,321,000	Penske Automotive Group, Inc.	5.750		10/01/2022		2,355,815
	2,430,000	Penske Automotive Group, Inc.	5.500		05/15/2026		2,414,813
	5,360,000	QVC, Inc.	4.375		03/15/2023		5,378,752
	3,025,000	Sally Holdings LLC/Sally Capital, Inc.	5.625		12/01/2025		2,994,750
	6,260,000	Yum! Brands, Inc.	3.750		11/01/2021		6,260,000
							41,603,683
		Semiconductors— 1.6%
	3,400,000	Amkor Technology, Inc.(b)	6.625		09/15/2027		3,264,000
	3,935,000	Micron Technology, Inc.	4.640		02/06/2024		4,013,111
	3,900,000	Micron Technology, Inc.	5.327		02/06/2029		3,945,416
							11,222,527
		Software— 1.1%
	2,509,000	CDK Global, Inc.	4.875		06/01/2027		2,468,229
	2,977,000	Citrix Systems, Inc.	4.500		12/01/2027		3,015,772
	2,397,640	Nuance Communications, Inc.	5.625		12/15/2026		2,454,608
							7,938,609
		Telecommunications— 4.0%
	3,101,000	Anixter, Inc.	5.500		03/01/2023		3,225,040
	4,900,000	Centurylink, Inc., Series G(a)	6.875		01/15/2028		4,753,000
	4,668,000	CenturyLink, Inc., Series S	6.450		06/15/2021		4,866,390
	1,503,150	Hughes Satellite Systems Corp.	7.625		06/15/2021		1,599,487
	1,672,000	Hughes Satellite Systems Corp.	6.625		08/01/2026		1,674,090
	120,000	Sprint Capital Corp.	6.875		11/15/2028		125,250
	500,000	Sprint Corp.	7.875		09/15/2023		537,500
	5,251,000	T-Mobile USA, Inc.	4.000		04/15/2022		5,303,510
	4,963,000	T-Mobile USA, Inc.	6.500		01/15/2026		5,248,372
							27,332,639
		Toys/Games/Hobbies— 0.7%
	5,158,000	Mattel, Inc.	2.350		08/15/2021		4,874,310
		Total Corporate Bonds (Cost $691,023,567)					679,981,373
Number of Shares
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds - 5.2%
	26,767,927	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(c)(d)					26,767,927
	8,950,126	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(c)(d)					8,952,811
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,720,738)					35,720,738
		Total Investments in Securities (Cost $726,744,305)— 103.6%					715,702,111
		Other assets less liabilities—(3.6)%					(25,167,944	)
		Net Assets—100.0%				$	690,534,167

Schedule of Investments

Abbreviations:

MTN - Medium-Term Note

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at May 31, 2019.

^(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 May 31, 2019 was $20,615,377, which represented 2.99% 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 May 31, 2019.

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

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

Schedule of Investments

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds— 99.2%
		Advertising— 0.4%
$	90,000	Interpublic Group of Cos., Inc. (The)		4.200	%		04/15/2024	$	95,081
	125,000	Interpublic Group of Cos., Inc. (The)		4.650			10/01/2028		133,703
	182,000	Omnicom Group, Inc./Omnicom Capital, Inc.		3.625			05/01/2022		186,638
	175,000	Omnicom Group, Inc./Omnicom Capital, Inc.		3.600			04/15/2026		176,576
									591,998
		Aerospace/Defense— 2.8%
	400,000	Boeing Co. (The)		4.875			02/15/2020		406,568
	402,000	Boeing Co. (The)		3.200			03/01/2029		406,639
	300,000	General Dynamics Corp.		3.000			05/11/2021		303,809
	240,000	General Dynamics Corp.		3.750			05/15/2028		256,308
	216,000	Harris Corp.		4.400			06/15/2028		231,688
	175,000	L3 Technologies, Inc.		3.850			06/15/2023		182,098
	125,000	L3 Technologies, Inc.		4.400			06/15/2028		134,583
	340,000	Lockheed Martin Corp.		2.500			11/23/2020		340,595
	318,000	Lockheed Martin Corp.		3.550			01/15/2026		332,224
	252,000	Northrop Grumman Corp.		2.550			10/15/2022		251,196
	240,000	Northrop Grumman Corp.		3.250			01/15/2028		239,852
	477,000	Raytheon Co.		2.500			12/15/2022		477,324
	143,000	Spirit AeroSystems, Inc.		4.600			06/15/2028		147,914
	362,000	United Technologies Corp.		3.100			06/01/2022		366,754
	375,000	United Technologies Corp.		4.125			11/16/2028		398,353
									4,475,905
		Agriculture— 1.7%
	375,000	Altria Group, Inc.		2.850			08/09/2022		374,722
	425,000	Altria Group, Inc.		2.625			09/16/2026		397,881
	617,000	Archer-Daniels-Midland Co.		2.500			08/11/2026		604,359
	230,000	Bunge Ltd. Finance Corp.		3.500			11/24/2020		232,374
	225,000	Bunge Ltd. Finance Corp.		3.250			08/15/2026		212,391
	473,000	Philip Morris International, Inc.		2.500			11/02/2022		472,883
	468,000	Philip Morris International, Inc.		3.250			11/10/2024		478,626
									2,773,236
		Airlines— 0.2%
	387,000	Southwest Airlines Co.		2.650			11/05/2020		387,780
		Apparel— 0.6%
	275,000	NIKE, Inc.		2.250			05/01/2023		274,589
	275,000	NIKE, Inc.		2.375			11/01/2026		270,026
	200,000	Tapestry, Inc.		4.250			04/01/2025		205,703
	250,000	VF Corp.		3.500			09/01/2021		255,364
									1,005,682
		Auto Manufacturers— 1.1%
	360,000	Ford Motor Credit Co. LLC		5.875			08/02/2021		376,563
	525,000	Ford Motor Credit Co. LLC		4.134			08/04/2025		508,908
	480,000	General Motors Financial Co., Inc.		3.200			07/06/2021		479,598
	490,000	General Motors Financial Co., Inc.		4.350			01/17/2027		484,982
									1,850,051
		Auto Parts & Equipment— 0.3%
	215,000	BorgWarner, Inc.		3.375			03/15/2025		219,399
	275,000	Lear Corp.		5.250			01/15/2025		284,581
									503,980
		Banks— 9.6%
	728,000	Bank of America Corp., GMTN		3.300			01/11/2023		741,490
	715,000	Bank of America Corp., MTN		4.200			08/26/2024		748,974
	339,000	Bank of New York Mellon Corp. (The), MTN		2.200			08/16/2023		333,575
	300,000	Bank of New York Mellon Corp. (The), MTN		3.850			04/28/2028		323,140
	291,000	BB&T Corp., MTN		2.450			01/15/2020		290,653
	225,000	Branch Banking & Trust Co., BKNT		3.625			09/16/2025		232,273
	684,000	Citigroup, Inc.		4.500			01/14/2022		714,971
	660,000	Citigroup, Inc.		4.450			09/29/2027		690,748
	100,000	Citizens Bank N.A., MTN		2.450			12/04/2019		99,942
	250,000	Citizens Bank NA, BKNT		3.750			02/18/2026		259,944
	300,000	Comerica, Inc.		3.700			07/31/2023		311,796
	250,000	Discover Bank, BKNT		3.100			06/04/2020		250,790

Schedule of Investments

$125,000	Discover Bank, BKNT	3.450	%	07/27/2026	$	123,747
150,000	Fifth Third Bank, BKNT	2.250		06/14/2021		149,309
200,000	Fifth Third Bank, BKNT	3.950		07/28/2025		212,984
200,000	First Horizon National Corp.	3.500		12/15/2020		202,319
250,000	First Republic Bank	2.500		06/06/2022		249,444
450,000	Goldman Sachs Group, Inc. (The)	5.750		01/24/2022		483,946
500,000	Goldman Sachs Group, Inc. (The)	3.500		11/16/2026		501,425
142,000	Huntington Bancshares, Inc.	3.150		03/14/2021		143,320
165,000	Huntington Bancshares, Inc.	4.000		05/15/2025		174,507
815,000	JPMorgan Chase & Co.	4.500		01/24/2022		853,805
860,000	JPMorgan Chase & Co.	2.950		10/01/2026		852,128
200,000	KeyBank N.A., BKNT	3.300		06/01/2025		206,419
185,000	KeyCorp, MTN	5.100		03/24/2021		193,106
150,000	Manufacturers & Traders Trust Co.	2.625		01/25/2021		150,275
175,000	Manufacturers & Traders Trust Co.	2.900		02/06/2025		176,683
450,000	Morgan Stanley	3.625		01/20/2027		458,542
440,000	Morgan Stanley, Series F, GMTN	3.875		04/29/2024		459,109
200,000	Northern Trust Corp.	3.450		11/04/2020		203,328
180,000	Northern Trust Corp.	3.950		10/30/2025		191,444
250,000	PNC Bank NA, BKNT	2.150		04/29/2021		248,425
275,000	PNC Bank NA, BKNT	4.050		07/26/2028		291,545
405,000	Regions Financial Corp.	3.200		02/08/2021		408,090
296,000	State Street Corp.	2.550		08/18/2020		296,547
295,000	State Street Corp.	3.550		08/18/2025		308,462
250,000	SunTrust Bank/Atlanta GA, Series BNKT	3.200		04/01/2024		254,858
250,000	SunTrust Banks, Inc.	4.000		05/01/2025		264,845
442,000	U.S. Bancorp, Series V, MTN	2.375		07/22/2026		430,759
350,000	U.S. Bank N.A., BKNT	2.125		10/28/2019		349,559
814,000	Wells Fargo & Co., MTN	2.625		07/22/2022		812,309
791,000	Wells Fargo & Co.	3.000		04/22/2026		783,711
						15,433,246
	Beverages— 1.7%
455,000	Coca-Cola Co. (The)	3.300		09/01/2021		465,150
403,000	Coca-Cola Co. (The)	2.875		10/27/2025		410,581
131,000	Constellation Brands, Inc.	4.250		05/01/2023		137,836
150,000	Constellation Brands, Inc.	3.600		02/15/2028		151,076
150,000	Keurig Dr Pepper, Inc.(a)	4.057		05/25/2023		155,978
125,000	Keurig Dr Pepper, Inc.(a)	4.597		05/25/2028		133,598
160,000	Molson Coors Brewing Co.	2.100		07/15/2021		158,092
160,000	Molson Coors Brewing Co.	3.000		07/15/2026		155,488
440,000	PepsiCo, Inc.	2.750		03/01/2023		445,499
450,000	PepsiCo, Inc.	3.000		10/15/2027		456,384
						2,669,682
	Biotechnology— 1.2%
307,000	Amgen, Inc.	3.875		11/15/2021		315,155
350,000	Amgen, Inc.	2.600		08/19/2026		337,840
173,000	Biogen, Inc.	2.900		09/15/2020		173,539
152,000	Biogen, Inc.	4.050		09/15/2025		159,420
190,000	Celgene Corp.	2.875		08/15/2020		190,989
145,000	Celgene Corp.	3.875		08/15/2025		152,440
311,000	Gilead Sciences, Inc.	2.550		09/01/2020		311,372
324,000	Gilead Sciences, Inc.	3.650		03/01/2026		336,192
						1,976,947
	Building Materials— 0.4%
66,000	Fortune Brands Home & Security, Inc.	4.000		09/21/2023		68,719
75,000	Fortune Brands Home & Security, Inc.	4.000		06/15/2025		77,249
200,000	Martin Marietta Materials, Inc.	3.500		12/15/2027		197,212
215,000	Masco Corp.	4.375		04/01/2026		222,269
						565,449
	Chemicals— 2.3%
200,000	Celanese US Holdings LLC	4.625		11/15/2022		210,534
400,000	Dupont de Nemours, Inc.	4.205		11/15/2023		421,090
410,000	Dupont de Nemours, Inc.	4.725		11/15/2028		448,036
125,000	Eastman Chemical Co.	3.600		08/15/2022		127,895
150,000	Eastman Chemical Co.	3.800		03/15/2025		155,875
300,000	LYB International Finance II BV	3.500		03/02/2027		291,639
250,000	LyondellBasell Industries N.V.	5.750		04/15/2024		276,758
130,000	Mosaic Co. (The)	4.250		11/15/2023		136,444
150,000	Mosaic Co. (The)	4.050		11/15/2027		151,507
180,000	PPG Industries, Inc.	3.600		11/15/2020		182,790
200,000	PPG Industries, Inc.(b)	3.750		03/15/2028		207,239
250,000	Praxair, Inc.	2.450		02/15/2022		251,111

Schedule of Investments

$250,000	Praxair, Inc.	3.200	%	01/30/2026	$	257,322
200,000	Sherwin-Williams Co. (The)	2.250		05/15/2020		199,133
155,000	Sherwin-Williams Co. (The)	3.450		06/01/2027		154,671
259,000	Westlake Chemical Corp.	3.600		08/15/2026		256,306
						3,728,350
	Commercial Services— 0.9%
200,000	Automatic Data Processing, Inc.	2.250		09/15/2020		200,148
200,000	Automatic Data Processing, Inc.	3.375		09/15/2025		208,588
200,000	Block Financial LLC	4.125		10/01/2020		203,352
142,000	Ecolab, Inc.	4.350		12/08/2021		148,561
180,000	Ecolab, Inc.	2.700		11/01/2026		177,821
207,000	Equifax, Inc.	3.300		12/15/2022		210,362
100,000	Total System Services, Inc.	3.800		04/01/2021		101,575
60,000	Total System Services, Inc.	4.800		04/01/2026		64,584
175,000	Verisk Analytics, Inc.	4.000		06/15/2025		184,774
						1,499,765
	Computers— 3.0%
835,000	Apple, Inc.	2.400		05/03/2023		833,810
835,000	Apple, Inc.	3.250		02/23/2026		856,308
300,000	Dell International LLC/EMC Corp.(a)	4.420		06/15/2021		307,478
300,000	Dell International LLC/EMC Corp.(a)	6.020		06/15/2026		324,436
300,000	DXC Technology Co.	4.250		04/15/2024		310,983
229,000	Hewlett Packard Enterprise Co.	3.600		10/15/2020		231,753
225,000	Hewlett Packard Enterprise Co.	4.900		10/15/2025		240,070
477,000	HP, Inc.	4.650		12/09/2021		499,616
500,000	International Business Machines Corp.	3.000		05/15/2024		504,471
550,000	International Business Machines Corp.	3.450		02/19/2026		562,873
237,000	NetApp, Inc.	3.375		06/15/2021		239,866
						4,911,664
	Cosmetics/Personal Care— 1.2%
450,000	Colgate-Palmolive Co., MTN	3.250		03/15/2024		467,981
180,000	Estee Lauder Cos., Inc. (The)	1.800		02/07/2020		179,111
180,000	Estee Lauder Cos., Inc. (The)	3.150		03/15/2027		184,113
593,000	Procter & Gamble Co. (The)	2.150		08/11/2022		592,509
525,000	Procter & Gamble Co. (The)	2.450		11/03/2026		518,135
						1,941,849
	Diversified Financial Services— 4.5%
150,000	Aircastle Ltd.	5.000		04/01/2023		156,639
365,000	American Express Co.	2.500		08/01/2022		363,355
350,000	American Express Credit Corp., MTN	3.300		05/03/2027		361,356
200,000	Ameriprise Financial, Inc.	4.000		10/15/2023		210,418
250,000	Ameriprise Financial, Inc.	2.875		09/15/2026		246,734
304,000	BlackRock, Inc.	3.500		03/18/2024		318,261
300,000	BlackRock, Inc.	3.200		03/15/2027		306,617
415,000	Capital One Financial Corp.	2.500		05/12/2020		414,271
352,000	Capital One Financial Corp.	4.200		10/29/2025		364,552
245,000	Charles Schwab Corp. (The)	4.450		07/22/2020		250,514
255,000	Charles Schwab Corp. (The)	3.200		03/02/2027		259,582
200,000	CME Group, Inc.	3.000		09/15/2022		203,962
225,000	CME Group, Inc.	3.000		03/15/2025		230,548
275,000	E*TRADE Financial Corp.	2.950		08/24/2022		275,856
525,000	GE Capital International Funding Co. Unlimited Co.	2.342		11/15/2020		519,888
575,000	GE Capital International Funding Co. Unlimited Co.	3.373		11/15/2025		568,752
125,000	Jefferies Group LLC	6.875		04/15/2021		133,639
150,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc.	4.850		01/15/2027		152,089
200,000	Mastercard, Inc.	3.375		04/01/2024		208,216
200,000	Mastercard, Inc.	2.950		11/21/2026		202,596
100,000	Nasdaq, Inc.	4.250		06/01/2024		106,320
250,000	Raymond James Financial, Inc.	3.625		09/15/2026		252,792
160,000	TD Ameritrade Holding Corp.	2.950		04/01/2022		161,864
150,000	TD Ameritrade Holding Corp.	3.300		04/01/2027		152,711
274,000	Visa, Inc.	2.200		12/14/2020		273,584
270,000	Visa, Inc.	3.150		12/14/2025		278,100
275,000	Western Union Co. (The)	3.600		03/15/2022		280,090
						7,253,306
	Electric— 5.1%
250,000	American Electric Power Co., Inc.	3.200		11/13/2027		250,784
175,000	Consolidated Edison Co. of New York, Inc., Series D	4.000		12/01/2028		189,195
240,000	Consolidated Edison, Inc.	2.000		05/15/2021		238,099
278,000	Dominion Energy, Inc.	2.579		07/01/2020		277,215
240,000	Dominion Energy, Inc.	3.900		10/01/2025		252,259
200,000	DTE Energy Co.	2.850		10/01/2026		195,388

Schedule of Investments

$200,000	DTE Energy Co., Series D	3.700	%	08/01/2023	$	207,481
350,000	Duke Energy Corp.	3.750		04/15/2024		364,554
377,000	Duke Energy Corp.	2.650		09/01/2026		363,886
200,000	Edison International(b)	4.125		03/15/2028		190,537
200,000	Entergy Corp.	4.000		07/15/2022		207,313
223,000	Entergy Corp.	2.950		09/01/2026		219,328
200,000	Eversource Energy, Series K	2.750		03/15/2022		201,204
300,000	Exelon Corp.	3.950		06/15/2025		315,195
302,000	Exelon Generation Co. LLC	2.950		01/15/2020		302,330
200,000	FirstEnergy Corp., Series B	4.250		03/15/2023		209,683
200,000	FirstEnergy Corp., Series B	3.900		07/15/2027		205,183
221,000	Interstate Power & Light Co.	3.250		12/01/2024		226,662
300,000	NextEra Energy Capital Holdings, Inc.	2.900		04/01/2022		302,582
236,000	NextEra Energy Capital Holdings, Inc.	3.550		05/01/2027		242,928
150,000	NSTAR Electric Co.	3.200		05/15/2027		153,169
205,000	Ohio Power Co., Series M	5.375		10/01/2021		218,589
226,000	PPL Capital Funding, Inc.	3.400		06/01/2023		229,802
225,000	PPL Capital Funding, Inc.	3.100		05/15/2026		220,908
425,000	PSEG Power LLC	3.000		06/15/2021		427,545
216,000	Sempra Energy	2.400		03/15/2020		215,598
210,000	Sempra Energy	3.400		02/01/2028		206,964
204,000	Southern California Edison Co., Series C	3.500		10/01/2023		208,251
320,000	Southern Co. (The)	2.350		07/01/2021		318,126
289,000	Southern Co. (The)	3.250		07/01/2026		288,990
155,000	WEC Energy Group, Inc.	3.375		06/15/2021		157,534
154,000	WEC Energy Group, Inc.	3.550		06/15/2025		159,928
218,000	Xcel Energy, Inc.	4.700		05/15/2020		219,896
200,000	Xcel Energy, Inc.	3.300		06/01/2025		203,819
						8,190,925
	Electrical Components & Equipment— 0.3%
250,000	Emerson Electric Co.	2.625		02/15/2023		252,909
200,000	Emerson Electric Co.	3.150		06/01/2025		205,253
						458,162
	Electronics— 1.8%
200,000	Agilent Technologies, Inc.	3.875		07/15/2023		208,032
100,000	Amphenol Corp.	4.000		02/01/2022		103,413
100,000	Amphenol Corp.	4.350		06/01/2029		106,852
300,000	Arrow Electronics, Inc.	3.875		01/12/2028		296,394
300,000	Avnet, Inc.	4.625		04/15/2026		310,288
150,000	Flex Ltd.	5.000		02/15/2023		156,442
200,000	Flex Ltd.	4.750		06/15/2025		207,772
100,000	Fortive Corp.	2.350		06/15/2021		99,452
102,000	Fortive Corp.	3.150		06/15/2026		101,074
370,000	Honeywell International, Inc.	1.850		11/01/2021		365,485
301,000	Honeywell International, Inc.	2.500		11/01/2026		295,848
130,000	Keysight Technologies, Inc.	4.600		04/06/2027		137,628
150,000	Tech Data Corp.	3.700		02/15/2022		151,811
161,000	Tech Data Corp.	4.950		02/15/2027		166,159
140,000	Trimble, Inc.	4.900		06/15/2028		144,727
						2,851,377
	Engineering & Construction— 0.2%
310,000	Fluor Corp.	3.500		12/15/2024		314,066
	Environmental Control— 0.5%
165,000	Republic Services, Inc.	3.550		06/01/2022		169,006
186,000	Republic Services, Inc.	3.950		05/15/2028		197,354
205,000	Waste Management, Inc.	4.750		06/30/2020		209,698
200,000	Waste Management, Inc.	3.450		06/15/2029		204,857
						780,915
	Food— 3.3%
135,000	Campbell Soup Co.	3.650		03/15/2023		137,748
175,000	Campbell Soup Co.	4.150		03/15/2028		177,293
170,000	ConAgra Brands, Inc.	3.800		10/22/2021		173,784
107,000	ConAgra Brands, Inc.	4.850		11/01/2028		115,028
250,000	General Mills, Inc.	3.150		12/15/2021		253,006
245,000	General Mills, Inc.(b)	4.200		04/17/2028		258,341
150,000	Hershey Co. (The)	3.375		05/15/2023		155,521
175,000	Hershey Co. (The)	2.300		08/15/2026		170,693
200,000	Ingredion, Inc.	3.200		10/01/2026		196,636
150,000	JM Smucker Co. (The)	3.500		10/15/2021		152,568
150,000	JM Smucker Co. (The)	3.500		03/15/2025		153,340
193,000	Kellogg Co.	4.000		12/15/2020		197,099

Schedule of Investments

$200,000	Kellogg Co.	3.250	%	04/01/2026	$	198,804
321,000	Kraft Heinz Foods Co.	3.500		06/06/2022		326,804
295,000	Kraft Heinz Foods Co.	3.950		07/15/2025		299,906
300,000	Kroger Co. (The)	6.150		01/15/2020		306,442
350,000	Kroger Co. (The)	2.650		10/15/2026		331,754
85,000	McCormick & Co., Inc.	2.700		08/15/2022		84,952
100,000	McCormick & Co., Inc.	3.400		08/15/2027		101,153
300,000	Mondelez International, Inc.	4.000		02/01/2024		315,994
300,000	Mondelez International, Inc.	4.125		05/07/2028		321,069
255,000	Sysco Corp.	2.600		10/01/2020		254,945
240,000	Sysco Corp.	3.300		07/15/2026		241,723
222,000	Tyson Foods, Inc.	2.650		08/15/2019		221,949
200,000	Tyson Foods, Inc.	3.950		08/15/2024		209,239
						5,355,791
	Forest Products & Paper— 0.3%
467,000	International Paper Co.	3.000		02/15/2027		452,010
	Gas— 0.4%
200,000	Atmos Energy Corp.	3.000		06/15/2027		201,355
130,000	CenterPoint Energy Resources Corp.	4.500		01/15/2021		133,614
115,000	National Fuel Gas Co.	3.750		03/01/2023		116,799
100,000	NiSource, Inc.	2.650		11/17/2022		99,415
120,000	NiSource, Inc.	3.490		05/15/2027		121,870
						673,053
	Hand/Machine Tools— 0.2%
200,000	Stanley Black & Decker, Inc.	2.900		11/01/2022		202,732
170,000	Stanley Black & Decker, Inc.	4.250		11/15/2028		185,366
						388,098
	Healthcare-Products— 1.7%
275,000	Abbott Laboratories	2.900		11/30/2021		277,606
228,000	Abbott Laboratories	3.750		11/30/2026		240,851
375,000	Baxter International, Inc.	2.600		08/15/2026		366,546
125,000	Boston Scientific Corp.	3.450		03/01/2024		128,509
125,000	Boston Scientific Corp.	4.000		03/01/2028		130,908
175,000	Danaher Corp.	2.400		09/15/2020		174,857
200,000	Danaher Corp.	3.350		09/15/2025		206,012
142,000	Edwards Lifesciences Corp.	4.300		06/15/2028		150,938
170,000	Stryker Corp.	2.625		03/15/2021		169,817
150,000	Stryker Corp.	3.500		03/15/2026		154,755
210,000	Thermo Fisher Scientific, Inc.	4.150		02/01/2024		222,548
225,000	Thermo Fisher Scientific, Inc.	2.950		09/19/2026		222,105
154,000	Zimmer Biomet Holdings, Inc.	2.700		04/01/2020		153,822
150,000	Zimmer Biomet Holdings, Inc.	3.550		04/01/2025		152,084
						2,751,358
	Healthcare-Services— 2.0%
310,000	Anthem, Inc.	3.125		05/15/2022		313,057
325,000	Anthem, Inc.	3.650		12/01/2027		327,956
250,000	HCA, Inc.	5.875		03/15/2022		267,555
262,000	HCA, Inc.	5.250		06/15/2026		281,768
210,000	Humana, Inc.	3.150		12/01/2022		212,231
238,000	Humana, Inc.	3.950		03/15/2027		242,204
100,000	Laboratory Corp. of America Holdings	4.625		11/15/2020		102,310
150,000	Laboratory Corp. of America Holdings	3.600		02/01/2025		152,159
150,000	Quest Diagnostics, Inc.	4.700		04/01/2021		155,228
150,000	Quest Diagnostics, Inc.	3.500		03/30/2025		153,561
487,000	UnitedHealth Group, Inc.	2.700		07/15/2020		488,182
450,000	UnitedHealth Group, Inc.	3.750		07/15/2025		472,705
						3,168,916
	Home Builders— 0.2%
205,000	DR Horton, Inc.	4.000		02/15/2020		206,592
175,000	NVR, Inc.	3.950		09/15/2022		181,347
						387,939
	Home Furnishings— 0.4%
200,000	Leggett & Platt, Inc.	3.500		11/15/2027		195,079
350,000	Whirlpool Corp.	4.750		02/26/2029		369,460
						564,539
	Household Products/Wares— 0.6%
200,000	Avery Dennison Corp.	4.875		12/06/2028		218,233
124,000	Clorox Co. (The)	3.050		09/15/2022		126,276
150,000	Clorox Co. (The)	3.500		12/15/2024		156,039
455,000	Kimberly-Clark Corp.	3.950		11/01/2028		494,213
						994,761

Schedule of Investments

	Housewares— 0.3%
$116,000	Newell Brands, Inc.	3.850	%	04/01/2023	$	116,862
175,000	Newell Brands, Inc.	4.200		04/01/2026		170,585
130,000	Tupperware Brands Corp.	4.750		06/01/2021		133,864
						421,311
	Insurance— 7.7%
300,000	Aflac, Inc.	3.625		06/15/2023		313,432
270,000	Aflac, Inc.	3.625		11/15/2024		280,749
255,000	Allstate Corp. (The)	3.150		06/15/2023		261,658
265,000	Allstate Corp. (The)	3.280		12/15/2026		273,714
405,000	American International Group, Inc.	4.875		06/01/2022		429,860
400,000	American International Group, Inc.	3.900		04/01/2026		410,266
315,000	AON Corp.	3.750		05/02/2029		321,016
250,000	Arch Capital Finance LLC	4.011		12/15/2026		265,159
250,000	AXA Equitable Holdings, Inc.	3.900		04/20/2023		259,224
250,000	AXA Equitable Holdings, Inc.	4.350		04/20/2028		257,456
744,000	Berkshire Hathaway, Inc.	2.750		03/15/2023		751,303
751,000	Berkshire Hathaway, Inc.	3.125		03/15/2026		763,458
495,000	Brighthouse Financial, Inc.	3.700		06/22/2027		461,601
150,000	Brown & Brown, Inc.	4.200		09/15/2024		156,144
300,000	Chubb INA Holdings, Inc.	2.300		11/03/2020		299,887
275,000	Chubb INA Holdings, Inc.	3.350		05/03/2026		283,170
200,000	CNA Financial Corp.	3.900		05/01/2029		204,383
505,000	Hartford Financial Services Group, Inc. (The)	5.125		04/15/2022		539,074
250,000	Lincoln National Corp.	4.000		09/01/2023		263,160
225,000	Lincoln National Corp.	3.800		03/01/2028		233,067
200,000	Loews Corp.	2.625		05/15/2023		200,270
200,000	Loews Corp.	3.750		04/01/2026		209,184
186,000	Marsh & McLennan Cos., Inc.	3.875		03/15/2024		194,773
200,000	Marsh & McLennan Cos., Inc.	4.375		03/15/2029		215,430
470,000	MetLife, Inc.	3.600		04/10/2024		492,195
400,000	MetLife, Inc.	3.600		11/13/2025		416,407
225,000	Old Republic International Corp.	3.875		08/26/2026		226,359
168,000	Progressive Corp. (The)	3.750		08/23/2021		173,053
207,000	Progressive Corp. (The)	2.450		01/15/2027		201,170
450,000	Prudential Financial, Inc., MTN	3.500		05/15/2024		470,004
425,000	Prudential Financial, Inc., MTN	3.878		03/27/2028		453,021
425,000	Prudential Financial, Inc., Series D, MTN	7.375		06/15/2019		425,582
313,000	Reinsurance Group of America, Inc.	3.900		05/15/2029		318,663
225,000	Torchmark Corp.	4.550		09/15/2028		243,816
572,000	Travelers Cos., Inc. (The)	3.900		11/01/2020		584,229
466,000	Voya Financial, Inc.	3.650		06/15/2026		470,910
125,000	Willis North America, Inc.	4.500		09/15/2028		132,529
						12,455,376
	Internet— 1.5%
443,000	Alphabet, Inc.	3.625		05/19/2021		455,114
507,000	Alphabet, Inc.	1.998		08/15/2026		485,697
390,000	Amazon.com, Inc.	2.500		11/29/2022		392,165
417,000	Amazon.com, Inc.	3.150		08/22/2027		428,780
150,000	Booking Holdings, Inc.	2.750		03/15/2023		150,959
175,000	Booking Holdings, Inc.	3.600		06/01/2026		181,470
166,000	eBay, Inc.	2.600		07/15/2022		165,522
150,000	eBay, Inc.	3.600		06/05/2027		150,200
						2,409,907
	Iron/Steel— 0.4%
200,000	Nucor Corp.	4.125		09/15/2022		209,855
169,000	Nucor Corp.	3.950		05/01/2028		177,442
253,000	Reliance Steel & Aluminum Co.	4.500		04/15/2023		264,525
						651,822
	Leisure Time— 0.4%
400,000	Carnival Corp.	3.950		10/15/2020		407,249
150,000	Royal Caribbean Cruises Ltd.	5.250		11/15/2022		161,975
155,000	Royal Caribbean Cruises Ltd.	3.700		03/15/2028		152,734
						721,958
	Lodging— 0.2%
155,000	Marriott International, Inc.	2.300		01/15/2022		152,813
150,000	Marriott International, Inc., Series R	3.125		06/15/2026		148,032
						300,845
	Machinery-Construction & Mining— 0.4%
622,000	Caterpillar, Inc.	3.900		05/27/2021		641,398

Schedule of Investments

	Machinery-Diversified— 0.9%
$357,000	Cummins, Inc.	3.650	%	10/01/2023	$	373,418
279,000	Deere & Co.	2.600		06/08/2022		279,350
185,000	Flowserve Corp.	3.500		09/15/2022		187,395
250,000	John Deere Capital Corp., MTN	3.450		03/13/2025		260,215
125,000	Roper Technologies, Inc.	3.000		12/15/2020		125,728
100,000	Roper Technologies, Inc.	3.800		12/15/2026		103,010
100,000	Xylem, Inc.	4.875		10/01/2021		104,737
75,000	Xylem, Inc.	3.250		11/01/2026		75,125
						1,508,978
	Media— 1.8%
201,000	CBS Corp.	3.375		03/01/2022		204,599
200,000	CBS Corp.	4.000		01/15/2026		204,939
450,000	Comcast Corp.	3.700		04/15/2024		469,825
450,000	Comcast Corp.	4.150		10/15/2028		483,564
160,000	Discovery Communications LLC	2.950		03/20/2023		160,055
150,000	Discovery Communications LLC	3.950		03/20/2028		150,827
390,000	TWDC Enterprises 18 Corp., GMTN	2.350		12/01/2022		388,972
400,000	TWDC Enterprises 18 Corp., MTN(b)	2.950		06/15/2027		406,355
358,000	Viacom, Inc.	4.250		09/01/2023		373,161
						2,842,297
	Mining— 0.2%
290,000	Newmont Goldcorp Corp.	3.500		03/15/2022		294,548
	Miscellaneous Manufacturing— 1.5%
325,000	3M Co., MTN	3.250		02/14/2024		335,518
355,000	3M Co.	2.875		10/15/2027		353,002
130,000	Carlisle Cos., Inc.	3.750		12/01/2027		129,869
230,000	Eaton Corp.	2.750		11/02/2022		230,555
245,000	Eaton Corp.	3.103		09/15/2027		245,195
200,000	Illinois Tool Works, Inc.	3.500		03/01/2024		209,645
204,000	Illinois Tool Works, Inc.	2.650		11/15/2026		203,611
150,000	Ingersoll-Rand Global Holding Co. Ltd.	4.250		06/15/2023		157,941
150,000	Ingersoll-Rand Luxembourg Finance SA	3.800		03/21/2029		153,308
325,000	Parker-Hannifin Corp.	3.250		03/01/2027		327,571
						2,346,215
	Oil & Gas— 5.3%
125,000	Apache Corp.	3.250		04/15/2022		125,967
125,000	Apache Corp.(b)	4.375		10/15/2028		127,571
642,000	Chevron Corp.	2.355		12/05/2022		641,482
605,000	Chevron Corp.	2.954		05/16/2026		615,318
111,000	Cimarex Energy Co.	4.375		06/01/2024		116,155
75,000	Cimarex Energy Co.	3.900		05/15/2027		76,597
230,000	Concho Resources, Inc.	3.750		10/01/2027		233,347
525,000	ConocoPhillips Holding Co.	6.950		04/15/2029		682,655
200,000	EOG Resources, Inc.	2.625		03/15/2023		200,034
200,000	EOG Resources, Inc.	4.150		01/15/2026		214,073
100,000	EQT Corp.	3.900		10/01/2027		95,417
845,000	Exxon Mobil Corp.	2.222		03/01/2021		844,627
785,000	Exxon Mobil Corp.	3.043		03/01/2026		802,073
320,000	HollyFrontier Corp.	5.875		04/01/2026		345,257
150,000	Marathon Oil Corp.	2.800		11/01/2022		148,655
150,000	Marathon Oil Corp.	4.400		07/15/2027		155,718
293,000	Marathon Petroleum Corp.	5.125		03/01/2021		305,363
309,000	Marathon Petroleum Corp.	3.625		09/15/2024		314,986
125,000	Noble Energy, Inc.	4.150		12/15/2021		128,766
137,000	Noble Energy, Inc.	3.900		11/15/2024		140,702
325,000	Occidental Petroleum Corp.	2.700		02/15/2023		324,095
300,000	Occidental Petroleum Corp.	3.400		04/15/2026		300,559
325,000	Phillips 66	4.300		04/01/2022		339,758
335,000	Phillips 66	3.900		03/15/2028		345,055
155,000	Pioneer Natural Resources Co.	3.950		07/15/2022		160,469
87,000	Pioneer Natural Resources Co.	4.450		01/15/2026		92,900
700,000	Valero Energy Corp.	3.400		09/15/2026		693,767
						8,571,366
	Oil & Gas Services— 1.0%
225,000	Halliburton Co.	3.500		08/01/2023		230,839
217,000	Halliburton Co.	3.800		11/15/2025		223,589
344,000	National Oilwell Varco, Inc.	2.600		12/01/2022		339,027
150,000	Patterson-UTI Energy, Inc.	3.950		02/01/2028		145,847
680,000	Schlumberger Investment SA	3.650		12/01/2023		707,278
						1,646,580

Schedule of Investments

	Packaging & Containers— 0.3%
$104,000	Packaging Corp. of America	4.500	%	11/01/2023	$	110,377
90,000	Packaging Corp. of America	3.400		12/15/2027		90,190
270,000	Wrkco, Inc.	4.900		03/15/2029		292,823
						493,390
	Pharmaceuticals— 5.9%
330,000	AbbVie, Inc.	2.500		05/14/2020		329,223
362,000	AbbVie, Inc.	3.600		05/14/2025		369,086
236,000	Allergan Funding SCS	3.000		03/12/2020		236,300
225,000	Allergan Funding SCS	3.800		03/15/2025		226,622
250,000	AmerisourceBergen Corp.	3.500		11/15/2021		253,621
300,000	AmerisourceBergen Corp.	3.450		12/15/2027		296,031
300,000	Bristol-Myers Squibb Co.(a)	2.600		05/16/2022		302,157
313,000	Bristol-Myers Squibb Co.(a)	3.400		07/26/2029		320,736
315,000	Cardinal Health, Inc.	2.616		06/15/2022		312,487
308,000	Cardinal Health, Inc.	3.410		06/15/2027		298,304
200,000	Cigna Corp.(a)	3.750		07/15/2023		205,341
204,000	Cigna Corp.(a)	4.375		10/15/2028		214,006
425,000	CVS Health Corp.	3.700		03/09/2023		434,144
450,000	CVS Health Corp.	4.300		03/25/2028		463,862
250,000	Eli Lilly & Co.	2.350		05/15/2022		250,024
300,000	Eli Lilly & Co.	3.375		03/15/2029		311,187
183,000	Express Scripts Holding Co.	4.750		11/15/2021		191,883
571,000	Johnson & Johnson	2.250		03/03/2022		572,639
568,000	Johnson & Johnson	2.450		03/01/2026		560,212
375,000	McKesson Corp.	3.796		03/15/2024		386,822
400,000	McKesson Corp.(b)	3.950		02/16/2028		407,440
465,000	Merck & Co., Inc.	2.800		05/18/2023		472,229
475,000	Merck & Co., Inc.	2.750		02/10/2025		477,567
180,000	Mylan N.V.	3.950		06/15/2026		169,140
171,000	Mylan NV	3.150		06/15/2021		170,169
550,000	Pfizer, Inc.	1.950		06/03/2021		547,220
525,000	Pfizer, Inc.	3.000		12/15/2026		531,703
125,000	Zoetis, Inc.	3.250		02/01/2023		126,964
100,000	Zoetis, Inc.	3.000		09/12/2027		98,561
						9,535,680
	Pipelines— 0.9%
144,000	Enable Midstream Partners LP	4.400		03/15/2027		141,754
283,000	Kinder Morgan, Inc.	3.050		12/01/2019		283,277
287,000	Kinder Morgan, Inc.	4.300		06/01/2025		301,278
130,000	ONEOK Partners LP	3.375		10/01/2022		131,988
150,000	ONEOK, Inc.	4.550		07/15/2028		158,158
213,000	Williams Cos., Inc. (The)	3.600		03/15/2022		216,664
225,000	Williams Cos., Inc. (The)	4.000		09/15/2025		234,123
						1,467,242
	Real Estate— 0.2%
250,000	CBRE Services, Inc.	4.875		03/01/2026		268,562
	REITs— 4.4%
100,000	Alexandria Real Estate Equities, Inc.	4.000		01/15/2024		104,734
115,000	Alexandria Real Estate Equities, Inc.	3.450		04/30/2025		117,214
100,000	American Homes 4 Rent LP	4.250		02/15/2028		101,501
150,000	American Tower Corp.	3.500		01/31/2023		153,593
176,000	American Tower Corp.	3.375		10/15/2026		174,894
275,000	AvalonBay Communities, Inc., GMTN	3.450		06/01/2025		282,899
150,000	Boston Properties LP	4.125		05/15/2021		153,864
165,000	Boston Properties LP	3.650		02/01/2026		168,811
89,000	Brixmor Operating Partnership LP	3.875		08/15/2022		90,997
100,000	Brixmor Operating Partnership LP	3.850		02/01/2025		101,614
165,000	Crown Castle International Corp.	5.250		01/15/2023		177,413
200,000	Crown Castle International Corp.	3.650		09/01/2027		200,682
100,000	Digital Realty Trust LP	3.950		07/01/2022		103,604
150,000	Digital Realty Trust LP	3.700		08/15/2027		152,119
130,000	ERP Operating LP	4.625		12/15/2021		136,098
150,000	ERP Operating LP	2.850		11/01/2026		149,022
225,000	Essex Portfolio LP	3.500		04/01/2025		229,301
155,000	HCP, Inc.	4.000		12/01/2022		161,025
141,000	HCP, Inc.	3.875		08/15/2024		146,375
150,000	Healthcare Trust of America Holdings LP	3.750		07/01/2027		151,870
173,000	Hospitality Properties Trust	5.000		08/15/2022		181,029
260,000	Host Hotels & Resorts LP, Series E	4.000		06/15/2025		264,526
105,000	Kimco Realty Corp.	3.400		11/01/2022		107,010
100,000	Kimco Realty Corp.	3.300		02/01/2025		101,115

Schedule of Investments

$105,000	LifeStorage LP	3.500	%	07/01/2026	$	103,257
200,000	Mid-America Apartments LP	3.600		06/01/2027		203,621
50,000	Omega Healthcare Investors, Inc.	4.375		08/01/2023		51,631
100,000	Omega Healthcare Investors, Inc.	5.250		01/15/2026		106,736
125,000	Prologis LP	4.250		08/15/2023		133,015
135,000	Prologis LP	3.750		11/01/2025		142,705
130,000	Public Storage	2.370		09/15/2022		129,720
155,000	Public Storage	3.094		09/15/2027		155,369
100,000	Realty Income Corp.	4.125		10/15/2026		106,890
137,000	Regency Centers LP	3.600		02/01/2027		139,957
197,000	Simon Property Group LP	4.375		03/01/2021		202,426
215,000	Simon Property Group LP	3.375		10/01/2024		221,426
230,000	SL Green Operating Partnership LP	3.250		10/15/2022		230,364
150,000	Ventas Realty LP	4.400		01/15/2029		159,952
150,000	Ventas Realty LP/Ventas Capital Corp.	4.250		03/01/2022		155,487
100,000	VEREIT Operating Partnership LP	4.600		02/06/2024		105,119
115,000	VEREIT Operating Partnership LP	4.875		06/01/2026		121,969
175,000	Welltower, Inc.	3.950		09/01/2023		183,093
200,000	Welltower, Inc.	4.000		06/01/2025		209,411
150,000	Weyerhaeuser Co.	4.625		09/15/2023		159,875
150,000	Weyerhaeuser Co.	4.000		11/15/2029		156,777
150,000	WP Carey, Inc.	4.600		04/01/2024		158,589
						7,048,699
	Retail— 6.1%
125,000	AutoZone, Inc.	3.125		07/15/2023		126,790
150,000	AutoZone, Inc.	3.750		06/01/2027		154,237
170,000	Best Buy Co., Inc.	5.500		03/15/2021		177,106
200,000	Best Buy Co., Inc.	4.450		10/01/2028		206,138
380,000	Costco Wholesale Corp.	1.700		12/15/2019		378,230
375,000	Costco Wholesale Corp.	3.000		05/18/2027		382,686
250,000	Darden Restaurants, Inc.	3.850		05/01/2027		256,359
177,000	Dollar General Corp.	3.250		04/15/2023		179,416
175,000	Dollar General Corp.	3.875		04/15/2027		179,301
160,000	Dollar Tree, Inc.	3.700		05/15/2023		163,167
150,000	Dollar Tree, Inc.	4.200		05/15/2028		151,732
424,000	Home Depot, Inc. (The)	2.625		06/01/2022		427,336
425,000	Home Depot, Inc. (The)	3.000		04/01/2026		432,083
375,000	Kohl’s Corp.	4.250		07/17/2025		387,985
300,000	Lowe’s Cos., Inc.	3.120		04/15/2022		304,576
330,000	Lowe’s Cos., Inc.	2.500		04/15/2026		317,431
436,000	Macy’s Retail Holdings, Inc.	2.875		02/15/2023		424,094
360,000	McDonald’s Corp., MTN	2.625		01/15/2022		360,860
375,000	McDonald’s Corp., MTN	3.700		01/30/2026		391,408
329,000	Nordstrom, Inc.	4.000		10/15/2021		337,662
100,000	O’Reilly Automotive, Inc.	4.875		01/14/2021		103,199
100,000	O’Reilly Automotive, Inc.	3.600		09/01/2027		100,604
225,000	Starbucks Corp.	3.100		03/01/2023		228,858
225,000	Starbucks Corp.	3.800		08/15/2025		235,625
349,000	Target Corp.	2.900		01/15/2022		354,740
350,000	Target Corp.	2.500		04/15/2026		346,221
243,000	TJX Cos., Inc. (The)	2.750		06/15/2021		244,905
242,000	TJX Cos., Inc. (The)	2.250		09/15/2026		235,587
288,000	Walgreens Boots Alliance, Inc.	2.700		11/18/2019		287,827
338,000	Walgreens Boots Alliance, Inc.	3.800		11/18/2024		346,423
785,000	Walmart, Inc.	3.400		06/26/2023		815,970
750,000	Walmart, Inc.	3.700		06/26/2028		798,655
						9,837,211
	Savings & Loans— 0.1%
200,000	People’s United Financial, Inc.	3.650		12/06/2022		205,394
	Semiconductors— 2.6%
120,000	Analog Devices, Inc.	2.875		06/01/2023		120,814
150,000	Analog Devices, Inc.	3.900		12/15/2025		155,717
131,000	Applied Materials, Inc.	4.300		06/15/2021		136,262
155,000	Applied Materials, Inc.	3.300		04/01/2027		158,394
225,000	Broadcom Corp./Broadcom Cayman Finance Ltd.	3.000		01/15/2022		223,791
190,000	Broadcom Corp./Broadcom Cayman Finance Ltd.	3.875		01/15/2027		180,847
482,000	Intel Corp.	3.300		10/01/2021		492,554
498,000	Intel Corp.	3.700		07/29/2025		524,421
125,000	KLA-Tencor Corp.	4.125		11/01/2021		128,585
137,000	KLA-Tencor Corp.	4.650		11/01/2024		146,851
100,000	Lam Research Corp.	2.800		06/15/2021		100,350
100,000	Lam Research Corp.	4.000		03/15/2029		104,101

Schedule of Investments

$    2,000	Marvell Technology Group Ltd.	4.200	%	06/22/2023	$	2,063
100,000	Maxim Integrated Products, Inc.	3.375		03/15/2023		101,602
100,000	Maxim Integrated Products, Inc.	3.450		06/15/2027		98,599
175,000	NVIDIA Corp.	2.200		09/16/2021		173,498
125,000	NVIDIA Corp.	3.200		09/16/2026		125,127
380,000	QUALCOMM, Inc.	2.250		05/20/2020		378,864
350,000	QUALCOMM, Inc.	3.450		05/20/2025		356,486
230,000	Texas Instruments, Inc.	1.650		08/03/2019		229,624
200,000	Texas Instruments, Inc.	2.900		11/03/2027		200,701
						4,139,251
	Shipbuilding— 0.1%
180,000	Huntington Ingalls Industries, Inc.	3.483		12/01/2027		178,578
	Software— 2.6%
120,000	Activision Blizzard, Inc.	2.300		09/15/2021		119,243
150,000	Activision Blizzard, Inc.	3.400		09/15/2026		151,075
110,000	Adobe, Inc.	4.750		02/01/2020		111,556
100,000	Adobe, Inc.	3.250		02/01/2025		103,607
150,000	Autodesk, Inc.	3.500		06/15/2027		148,130
140,000	Broadridge Financial Solutions, Inc.	3.400		06/27/2026		141,063
210,000	Electronic Arts, Inc.	3.700		03/01/2021		213,983
150,000	Fidelity National Information Services, Inc.	3.625		10/15/2020		151,767
165,000	Fidelity National Information Services, Inc.	3.000		08/15/2026		162,421
100,000	Fiserv, Inc.	2.700		06/01/2020		100,131
125,000	Fiserv, Inc.	3.850		06/01/2025		130,117
656,000	Microsoft Corp.	1.550		08/08/2021		646,624
635,000	Microsoft Corp.	3.300		02/06/2027		661,784
399,000	Oracle Corp.	1.900		09/15/2021		394,100
422,000	Oracle Corp.	2.650		07/15/2026		414,116
119,000	salesforce.com, Inc.	3.700		04/11/2028		126,590
80,000	salesforce.Com, Inc.	3.250		04/11/2023		82,018
135,000	VMware, Inc.	2.950		08/21/2022		134,992
150,000	VMware, Inc.	3.900		08/21/2027		148,310
						4,141,627
	Telecommunications— 2.7%
795,000	AT&T, Inc.	2.450		06/30/2020		793,069
787,000	AT&T, Inc.	3.400		05/15/2025		797,279
421,000	Cisco Systems, Inc.	4.450		01/15/2020		426,100
456,000	Cisco Systems, Inc.	2.500		09/20/2026		449,682
185,000	Juniper Networks, Inc.	4.500		03/15/2024		196,218
125,000	Motorola Solutions, Inc.	3.750		05/15/2022		128,510
125,000	Motorola Solutions, Inc.	4.000		09/01/2024		129,317
633,000	Verizon Communications, Inc.	5.150		09/15/2023		699,448
660,000	Verizon Communications, Inc.	4.329		09/21/2028		715,436
						4,335,059
	Textiles— 0.3%
100,000	Cintas Corp. No. 2	2.900		04/01/2022		101,198
100,000	Cintas Corp. No. 2	3.700		04/01/2027		104,619
250,000	Mohawk Industries, Inc.	3.850		02/01/2023		259,300
						465,117
	Toys/Games/Hobbies— 0.1%
225,000	Hasbro, Inc.	3.500		09/15/2027		224,974
	Transportation— 2.3%
279,000	CH Robinson Worldwide, Inc.	4.200		04/15/2028		292,952
230,000	CSX Corp.	3.700		10/30/2020		233,478
217,000	CSX Corp.	3.250		06/01/2027		218,256
250,000	FedEx Corp.	4.000		01/15/2024		264,275
275,000	FedEx Corp.	3.250		04/01/2026		279,551
200,000	JB Hunt Transport Services, Inc.	3.875		03/01/2026		205,859
150,000	Kirby Corp.	4.200		03/01/2028		153,128
225,000	Norfolk Southern Corp.	3.000		04/01/2022		228,196
200,000	Norfolk Southern Corp.	2.900		06/15/2026		199,938
250,000	Ryder System, Inc., MTN	3.650		03/18/2024		258,412
314,000	Union Pacific Corp.	4.163		07/15/2022		328,341
300,000	Union Pacific Corp.	3.950		09/10/2028		319,824
350,000	United Parcel Service, Inc.	3.125		01/15/2021		354,258
350,000	United Parcel Service, Inc.	3.050		11/15/2027		354,987
						3,691,455
	Water— 0.1%
200,000	American Water Capital Corp.	3.400		03/01/2025		205,827
	Total Corporate Bonds (Cost $156,744,221)					159,951,467

Schedule of Investments

Number of Shares
		Money Market Funds - 0.2%
	288,939	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(c) (Cost $288,939)	$	288,939
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost 157,033,160)— 99.4%		160,240,406
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds - 0.9%
	1,015,290	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(c)(d)		1,015,290
	406,530	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(c)(d)		406,652
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,421,942)		1,421,942
		Total Investments in Securities (Cost $158,455,102)— 100.3%		161,662,348
		Other assets less liabilities—(0.3)%		(412,251	)
		Net Assets—100.0%	$	161,250,097

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 aggregate value of these securities at May 31, 2019 was $1,963,730, which represented 1.22% of the Fund’s Net Assets.

^(b)  All or a portion of this security was out on loan at May 31, 2019.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments

Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds— 98.7%
		Aerospace/Defense— 2.0%
	$    100,000	General Dynamics Corp.		2.250	%		11/15/2022	$	99,700
	50,000	Lockheed Martin Corp.		2.500			11/23/2020		50,087
	100,000	United Technologies Corp.		3.650			08/16/2023		103,768
									253,555
		Agriculture— 1.2%
	50,000	Philip Morris International, Inc.		4.500			03/26/2020		50,782
	100,000	Reynolds American, Inc. (United Kingdom)		4.000			06/12/2022		102,875
									153,657
		Auto Manufacturers— 3.6%
	100,000	Ford Motor Credit Co. LLC		8.125			01/15/2020		103,040
	100,000	General Motors Financial Co., Inc.		3.500			07/10/2019		100,083
	100,000	General Motors Financial Co., Inc.		3.200			07/06/2021		99,916
	50,000	Toyota Motor Credit Corp., MTN		2.125			07/18/2019		49,966
	100,000	Toyota Motor Credit Corp., MTN		3.300			01/12/2022		102,165
									455,170
		Banks— 29.9%
	100,000	Bank of America Corp., MTN		5.000			05/13/2021		104,577
	150,000	Bank of America Corp., GMTN		3.300			01/11/2023		152,779
	100,000	Bank of Montreal, MTN (Canada)		1.900			08/27/2021		98,832
	100,000	Bank of New York Mellon Corp. (The), Series 0012, MTN		3.650			02/04/2024		104,178
	100,000	Bank of Nova Scotia (The) (Canada)		2.350			10/21/2020		99,945
	100,000	BB&T Corp., MTN		2.625			06/29/2020		100,083
	100,000	BNP Paribas S.A., BKNT, GMTN (France)		5.000			01/15/2021		103,785
	100,000	Citigroup, Inc.		2.500			07/29/2019		99,985
	100,000	Citigroup, Inc.		3.500			05/15/2023		101,914
	100,000	Cooperatieve Rabobank UA, GMTN (Netherlands)		3.875			02/08/2022		103,509
	50,000	Credit Suisse AG, GMTN (Switzerland)		5.400			01/14/2020		50,776
	100,000	Goldman Sachs Group, Inc. (The)		3.625			01/22/2023		102,679
	100,000	Goldman Sachs Group, Inc. (The)		3.200			02/23/2023		101,157
	200,000	HSBC Holdings PLC (United Kingdom)		2.650			01/05/2022		199,682
	100,000	HSBC USA, Inc.(a)		2.250			06/23/2019		99,976
	100,000	Huntington Bancshares, Inc.		2.300			01/14/2022		99,291
	100,000	JPMorgan Chase & Co.		2.200			10/22/2019		99,889
	100,000	JPMorgan Chase & Co.		4.250			10/15/2020		102,303
	100,000	JPMorgan Chase & Co.		3.250			09/23/2022		101,886
	100,000	JPMorgan Chase & Co.		2.972			01/15/2023		100,714
	100,000	KeyCorp, MTN		2.900			09/15/2020		100,470
	100,000	Morgan Stanley, GMTN		5.625			09/23/2019		100,853
	100,000	Morgan Stanley		2.800			06/16/2020		100,175
	100,000	Morgan Stanley, MTN		2.625			11/17/2021		99,836
	100,000	Morgan Stanley, Series F, GMTN		3.875			04/29/2024		104,343
	100,000	Northern Trust Corp.		3.375			08/23/2021		102,528
	100,000	PNC Financial Services Group, Inc. (The)		3.300			03/08/2022		102,102
	100,000	Royal Bank of Canada, GMTN (Canada)		1.500			07/29/2019		99,844
	100,000	Royal Bank of Scotland Group PLC (United Kingdom)		6.100			06/10/2023		106,200
	100,000	Santander UK PLC (United Kingdom)		2.375			03/16/2020		99,754
	100,000	State Street Corp.		4.375			03/07/2021		103,442
	100,000	Sumitomo Mitsui Financial Group, Inc. (Japan)		2.058			07/14/2021		98,859
	100,000	Toronto-Dominion Bank (The), BKNT, GMTN (Canada)		2.125			07/02/2019		99,971
	100,000	U.S. Bancorp, MTN		3.700			01/30/2024		105,037
	100,000	Wells Fargo & Co., MTN		2.550			12/07/2020		100,068
	100,000	Wells Fargo & Co., Series M, GMTN		3.450			02/13/2023		101,716
									3,753,138
		Beverages— 3.2%
	100,000	Anheuser-Busch InBev Finance, Inc. (Belgium)		2.650			02/01/2021		100,168
	89,000	Anheuser-Busch InBev Finance, Inc. (Belgium)		3.300			02/01/2023		90,595
	100,000	Coca-Cola Co. (The)		3.200			11/01/2023		103,599
	100,000	PepsiCo, Inc.		3.125			11/01/2020		100,960
									395,322
		Biotechnology— 2.4%
	100,000	Amgen, Inc.		1.850			08/19/2021		98,324
	100,000	Celgene Corp.		3.950			10/15/2020		102,138

Schedule of Investments

$100,000	Gilead Sciences, Inc.	2.550	%	09/01/2020	$	100,120
						300,582
	Chemicals— 1.2%
100,000	Dow Chemical Co. (The)	4.125		11/15/2021		103,198
50,000	Mosaic Co. (The)	4.250		11/15/2023		52,478
						155,676
	Computers— 3.2%
100,000	Apple, Inc.	2.000		05/06/2020		99,647
100,000	Apple, Inc.	2.400		05/03/2023		99,857
100,000	Hewlett Packard Enterprise Co.	4.400		10/15/2022		104,763
100,000	International Business Machines Corp.	8.375		11/01/2019		102,390
						406,657
	Diversified Financial Services— 3.4%
100,000	Air Lease Corp.	3.875		04/01/2021		101,757
100,000	American Express Credit Corp., GMTN	2.250		08/15/2019		99,935
100,000	Ameriprise Financial, Inc.	4.000		10/15/2023		105,209
50,000	International Lease Finance Corp.	8.250		12/15/2020		53,900
60,000	Jefferies Group LLC	8.500		07/15/2019		60,370
						421,171
	Electric— 2.0%
50,000	Southern Co. (The)	2.350		07/01/2021		49,707
100,000	Virginia Electric & Power Co., Series C	2.750		03/15/2023		100,693
100,000	Xcel Energy, Inc.	4.700		05/15/2020		100,870
						251,270
	Electrical Components & Equipment— 0.8%
100,000	Emerson Electric Co.	4.875		10/15/2019		100,778
	Environmental Control— 0.9%
100,000	Republic Services, Inc.	4.750		05/15/2023		106,929
	Food— 1.7%
60,000	Kraft Heinz Foods Co.	3.500		06/06/2022		61,085
40,000	Kroger Co. (The)	6.150		01/15/2020		40,859
100,000	Tyson Foods, Inc.	4.500		06/15/2022		104,910
						206,854
	Gas— 0.4%
50,000	CenterPoint Energy Resources Corp.	4.500		01/15/2021		51,390
	Healthcare-Products— 1.9%
40,000	Becton, Dickinson and Co.	3.250		11/12/2020		40,286
100,000	Becton, Dickinson and Co.	3.125		11/08/2021		100,882
100,000	Thermo Fisher Scientific, Inc.	3.000		04/15/2023		101,203
						242,371
	Healthcare-Services— 2.4%
100,000	Anthem, Inc.	4.350		08/15/2020		102,099
40,000	Anthem, Inc.	3.300		01/15/2023		40,625
100,000	HCA, Inc.	4.750		05/01/2023		105,383
50,000	Laboratory Corp. of America Holdings	3.750		08/23/2022		51,433
						299,540
	Household Products/Wares— 0.8%
100,000	Clorox Co. (The)	3.050		09/15/2022		101,836
	Insurance— 1.9%
100,000	American International Group, Inc.	6.400		12/15/2020		105,617
25,000	Berkshire Hathaway, Inc.	2.100		08/14/2019		24,979
100,000	Berkshire Hathaway, Inc.	2.750		03/15/2023		100,981
						231,577
	Internet— 1.2%
100,000	Booking Holdings, Inc.	2.750		03/15/2023		100,639
50,000	eBay, Inc.	3.250		10/15/2020		50,382
						151,021
	Machinery-Diversified— 0.8%
100,000	John Deere Capital Corp., MTN	2.750		03/15/2022		100,848
	Media— 3.0%
100,000	Charter Communications Operating LLC/Charter Communications Operating Capital	4.500		02/01/2024		104,755
60,000	Comcast Corp.	3.125		07/15/2022		61,048
100,000	Discovery Communications LLC	4.375		06/15/2021		103,328
60,000	NBCUniversal Media LLC	5.150		04/30/2020		61,374
50,000	TWDC Enterprises 18 Corp., GMTN	2.150		09/17/2020		49,892
						380,397

Schedule of Investments

		Miscellaneous Manufacturing— 1.2%
	$    50,000	3M Co., GMTN(a)	2.000	%	08/07/2020	$	49,898
	100,000	General Electric Co., GMTN	3.150		09/07/2022		100,593
							150,491
		Oil & Gas— 5.3%
	100,000	BP Capital Markets PLC (United Kingdom)	3.062		03/17/2022		101,445
	100,000	Chevron Corp.	3.191		06/24/2023		102,775
	100,000	EOG Resources, Inc.	2.450		04/01/2020		99,882
	50,000	Exxon Mobil Corp.	3.176		03/15/2024		51,589
	100,000	Pioneer Natural Resources Co.	3.950		07/15/2022		103,528
	100,000	Shell International Finance BV (Netherlands)	1.375		09/12/2019		99,690
	100,000	Total Capital S.A. (France)	4.450		06/24/2020		101,774
							660,683
		Oil & Gas Services— 0.2%
	30,000	Halliburton Co.	3.250		11/15/2021		30,404
		Pharmaceuticals— 4.8%
	100,000	AbbVie, Inc.	2.850		05/14/2023		99,677
	100,000	Allergan Finance LLC	3.250		10/01/2022		100,096
	100,000	Allergan Funding SCS	3.450		03/15/2022		100,640
	100,000	AstraZeneca PLC (United Kingdom)	1.950		09/18/2019		99,858
	100,000	CVS Health Corp.	2.800		07/20/2020		100,064
	100,000	Shire Acquisitions Investments Ireland DAC	2.875		09/23/2023		99,359
							599,694
		Pipelines— 3.3%
	100,000	Energy Transfer Operating LP	4.650		06/01/2021		103,031
	100,000	Kinder Morgan, Inc.	3.050		12/01/2019		100,098
	100,000	TransCanada PipeLines Ltd. (Canada)	2.500		08/01/2022		99,093
	100,000	Williams Cos., Inc. (The)	4.300		03/04/2024		105,014
							407,236
		REITs— 2.9%
	50,000	American Tower Corp.	3.450		09/15/2021		50,761
	100,000	Boston Properties LP	3.125		09/01/2023		101,506
	100,000	Crown Castle International Corp.	5.250		01/15/2023		107,523
	100,000	Simon Property Group LP	2.750		06/01/2023		100,703
							360,493
		Retail— 3.7%
	100,000	Home Depot, Inc. (The)	4.400		04/01/2021		103,301
	50,000	Lowe’s Cos., Inc.	3.750		04/15/2021		51,114
	100,000	Macy’s Retail Holdings, Inc.(a)	2.875		02/15/2023		97,269
	100,000	Starbucks Corp.	3.850		10/01/2023		104,905
	100,000	Walmart, Inc.	3.400		06/26/2023		103,945
							460,534
		Semiconductors— 2.4%
	100,000	Applied Materials, Inc.	2.625		10/01/2020		100,334
	100,000	Broadcom Corp./Broadcom Cayman Finance Ltd.	3.625		01/15/2024		99,061
	100,000	Intel Corp.	3.300		10/01/2021		102,190
							301,585
		Software— 2.8%
	100,000	Microsoft Corp.	1.550		08/08/2021		98,571
	100,000	Microsoft Corp.	2.875		02/06/2024		103,352
	100,000	Oracle Corp.	5.000		07/08/2019		100,218
	50,000	Oracle Corp.	2.500		05/15/2022		50,036
							352,177
		Telecommunications— 3.4%
	75,000	AT&T, Inc.	2.450		06/30/2020		74,818
	100,000	AT&T, Inc.	3.000		06/30/2022		100,805
	100,000	Cisco Systems, Inc.	2.200		09/20/2023		99,119
	40,000	Qwest Corp.	6.750		12/01/2021		42,268
	100,000	Verizon Communications, Inc.	5.150		09/15/2023		110,497
							427,507
		Transportation— 0.8%
	100,000	Burlington Northern Santa Fe LLC	3.000		03/15/2023		101,693
		Total Corporate Bonds (Cost $12,278,828)					12,372,236
Number of Shares
		Money Market Funds - 1.7%
	212,121	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(b) (Cost $212,121)					212,121

Schedule of Investments

	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost 12,490,949)— 100.4%	$	12,584,357
	Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds - 1.0%
$    94,005	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(b)(c)		94,005
31,326	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(b)(c)		31,335
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $125,340)		125,340
	Total Investments in Securities (Cost $12,616,289)—101.4%		12,709,697
	Other assets less liabilities—(1.4)%		(172,673	)
	Net Assets—100.0%	$	12,537,024

Abbreviations:

BKNT - Bank Note

DAC - Designated Activity Company

GMTN - Global Medium-Term Note

MTN - Medium-Term Note

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at May 31, 2019.

^(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 May 31, 2019.

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

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

Schedule of Investments

Invesco National AMT-Free Municipal Bond ETF (PZA)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds — 98.0%
		Ad Valorem Property Tax — 13.7%
	$    20,000,000	Arapahoe County Colorado School District N0. 6 Littleton Ser. 19A		5.500	%		12/01/2043	$	25,321,400
	600,000	Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM		5.000			08/01/2050		665,118
	5,000,000	Chicago Illinois Board of Education Dedicated Ref. Ser. 17B(a)		7.000			12/01/2042		6,217,750
	1,000,000	Chicago Illinois Ser. 17A		6.000			01/01/2038		1,161,870
	2,000,000	Chicago Illinois Ser. 19A		5.000			01/01/2044		2,184,360
	1,500,000	Chicago Illinois Ser. 19A		5.500			01/01/2049		1,704,315
	10,000,000	City of Hutto Texas (Certificates of Obligation) Ser. 17 AGM		5.000			08/01/2057		11,554,000
	20,000,000	City of Jasper Alabama Ser. 14 BAM		5.000			03/01/2044		22,234,200
	4,955,000	City of New York Ser. 16B-1		5.000			12/01/2041		5,873,707
	4,500,000	District of Columbia Ref. Ser. 17A		5.000			06/01/2035		5,442,930
	2,500,000	District of Columbia Ref. Ser. 17A		5.000			06/01/2036		3,015,375
	2,000,000	District of Columbia Ref. Ser. 17A		5.000			06/01/2037		2,404,520
	4,000,000	Honolulu City & County Hawaii Ser. 15A		5.000			10/01/2039		4,649,680
	10,000,000	Jurupa California Unified School District Ser. 17B		4.000			08/01/2041		10,796,800
	2,000,000	King & Snohomish County Washington School District No. 417 Ser. 18		5.000			12/01/2036		2,449,180
	1,255,000	Lackawanna County Pennsylvania Ser. 10B AGM(b)		5.000			09/01/2020		1,309,128
	745,000	Lackawanna County Pennsylvania Ser. 10B AGM		5.000			09/01/2035		772,207
	5,000,000	Lamar Texas Consolidated Independent School District Ser. 18 PSF-GTD		5.000			02/15/2043		5,897,600
	1,650,000	Las Vegas Valley Nevada Water District Ser. 12B		5.000			06/01/2042		1,795,018
	1,610,000	Los Angeles Unified School District (Election 2008) Ser. 16A		5.000			07/01/2040		1,868,566
	5,000,000	Madera California Unified School District Election 2014 Ser. 17		4.000			08/01/2046		5,414,600
	3,000,000	Marrin California Healthcare District (Election 2013) Ser. 17A		4.000			08/01/2047		3,263,520
	4,210,000	Massachusetts State (Consolidated Loan) Ser. 17A		5.000			04/01/2042		4,967,169
	4,000,000	Massachusetts State Ref. Ser. 15A		5.000			07/01/2036		4,670,800
	7,150,000	Massachusetts State Ser. 16A		5.000			03/01/2041		8,085,220
	5,000,000	Massachusetts State Ser. 16A		5.000			03/01/2046		5,644,350
	5,000,000	Massachusetts State Ser. 19A		5.000			01/01/2049		6,028,900
	5,000,000	Mesquite Texas Independent School District Ser. 18 PSF-GTD		5.000			08/15/2048		5,906,400
	2,000,000	Morgan Hill California Unified School District (Election 2012) Ser. 17B		4.000			08/01/2047		2,184,840
	5,000,000	North Royalton Ohio City School District School Improvement Ser. 17		5.000			12/01/2047		5,744,300
	10,000,000	Oxnard California School District (Election 2016) Ser. 17A BAM		5.000			08/01/2045		11,898,900
	1,000,000	Prosper Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			02/15/2047		1,182,390
	6,500,000	Prosper Texas Independent School District (School Building) Ser. 19 PSF-GTD		5.000			02/15/2049		7,869,810
	500,000	Puerto Rico Commonwealth Public Improvement Ref. Ser. 07A-4 AGM		5.000			07/01/2031		508,345
	7,150,000	Puerto Rico Commonwealth Public Improvement Ref. Ser. 12A AGM		5.000			07/01/2035		7,456,735
	2,285,000	Richardson Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			02/15/2042		2,652,519
	2,045,000	Rockwall Texas Independent School District (School Building) Ser. 16 PSF-GTD		5.000			02/15/2046		2,326,801
	5,000,000	San Diego California Unified School District (Election 2012) Ser. 17I		4.000			07/01/2047		5,450,950
	14,165,000	San Diego California Unified School District (Election 2012) Ser. 17I		5.000			07/01/2047		16,845,868
	2,000,000	San Francisco California Bay Area Rapid Transit District Election 2016 (Green Bond) Ser. 17A-1		5.000			08/01/2047		2,401,460
	2,000,000	San Jacinto Texas Community College District Ser. 19A		5.000			02/15/2049		2,394,860
	6,785,000	Sherman Texas Independent School District (School Building) Ser. 18A PSF-GTD		5.000			02/15/2045		8,123,206
	4,000,000	Simi Valley California Unified School District (Election 2016) Ser. 17A		4.000			08/01/2046		4,365,160
	4,000,000	Socorro Texas Independent School District Ser. 19 PSF-GTD		4.000			08/15/2044		4,399,800
	2,000,000	Spring Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			08/15/2042		2,348,420
	3,280,000	Texas State (Transportation Commission) Ref. Ser. 14A		5.000			10/01/2044		3,736,773
	1,340,000	Washington State Motor Vehicle Tax (Senior 520 Corridor Program Toll) Ser. 11C		5.000			06/01/2041		1,420,574
	2,500,000	Ysleta Texas Independent School District (School Building) Ser. 17 PSF-GTD		5.000			08/15/2047		2,927,400
									257,537,794
		Auto Parking Revenue — 0.7%
	2,000,000	Miami Beach Florida Parking Rev. Ser. 15		5.000			09/01/2045		2,307,000

Schedule of Investments

$    2,000,000	Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM	5.250	%	07/01/2035	$	2,078,320
2,500,000	Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM	5.250		07/01/2039		2,596,000
5,000,000	New Orleans Louisiana Aviation Board Special Facilities (Parking Facilities Corp. Consolidated Garage System) Rev. Ser. 18A AGM	5.000		10/01/2048		5,866,450
						12,847,770
	Charter School Aid — 0.5%
8,500,000	Clifton Texas Higher Education Finance Corp. (Idea Public Schools) Rev. Ref. Ser. 17 PSF-GTD	4.000		08/15/2042		9,174,985
	College & University Revenue — 10.0%
5,000,000	Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16	5.000		07/01/2041		5,461,500
2,000,000	California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16	5.000		10/01/2046		2,335,700
3,000,000	California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16	5.000		10/01/2049		3,493,830
4,000,000	California State Educational Facilities Auth. (Stanford University) Rev. Ser. 19V-1	5.000		05/01/2049		5,902,880
1,000,000	California State Municipal Financing Auth. (Pomona College) Rev. Ref. Ser. 17A	5.000		01/01/2048		1,205,090
1,750,000	California State Municipal Financing Auth. (University of La Verne) Rev. Ref. Ser. 17A	5.000		06/01/2043		2,048,427
2,500,000	California State University Systemwide Rev. Ref. Ser. 17A	5.000		11/01/2038		3,011,100
2,500,000	California State University Systemwide Rev. Ref. Ser. 17A	5.000		11/01/2042		2,986,325
11,310,000	California State University Systemwide Rev. Ref. Ser. 17A	5.000		11/01/2047		13,431,982
2,000,000	Colorado State Educational & Cultural Facilities Auth. (University Denver Project) Rev. Ser. 17A	5.000		03/01/2047		2,338,880
2,000,000	Davie Florida Educational Facilities (Nova Southeastern University Project) Rev. Ref. Ser. 18	5.000		04/01/2048		2,299,700
1,105,000	Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC(b)	5.000		06/15/2020		1,144,625
3,140,000	Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC	5.000		06/15/2038		3,234,608
1,000,000	Illinois State Finance Auth. Student Housing & Academic Facility (CHF-Chicago LLC-University of Illinois at Chicago Project) Rev. Ser. 17A	5.000		02/15/2047		1,106,040
1,000,000	Lafayette Louisiana Public Trust Financing Auth. Ragin’ Cajun Facilities (Housing & Parking Project) Rev. Ser. 10 AGM(b)	5.500		10/01/2020		1,053,210
2,000,000	Louisiana State Local Government Environmental Facilities & Community Development Auth. (LCTCS ACT 360 Project) Ser. 14	5.000		10/01/2039		2,252,900
3,500,000	Louisiana State Local Government National Environmental Facilities & Community Development Auth. (Rgain Cajun Facilities, Inc. - Student Housing & Parking Project) Rev. Ser. 18 AGM	5.000		10/01/2048		4,009,845
875,000	Massachusetts State Development Finance Agency (Boston University) Rev. Ser. 13X	5.000		10/01/2048		974,444
4,500,000	Massachusetts State Development Financing Agency (Boston University) Rev. Ser. 16BB1	5.000		10/01/2046		5,243,490
1,250,000	Michigan State University (Board of Trustees) Rev. Ser. 19B	5.000		02/15/2044		1,523,938
1,000,000	Minnesota State High Education Facilities Auth. (Bethel University) Rev. Ref. Ser. 17	5.000		05/01/2047		1,112,300
500,000	New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser. 16A-2	5.000		10/01/2046		590,495
2,000,000	New York State Dormitory Auth. Non State Supported Debt (Columbia University) Ser. 16A-2	5.000		10/01/2046		2,952,060
3,060,000	New York State Dormitory Auth. Non State Supported Debt (Cornell University) Rev. Ser. 10A	5.000		07/01/2035		3,170,374
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		3,453,540
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		3,677,548
3,500,000	New York State Dormitory Auth. Non State Supported Debt (New School) Rev. Ref. Ser. 15A	5.000		07/01/2045		3,954,545
2,350,000	New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ref. Ser. 15A	5.000		07/01/2035		2,762,026
1,200,000	New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ser. 12A	5.000		07/01/2037		1,318,656
7,000,000	New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ser. 19A	5.000		07/01/2042		8,653,400
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		7,264,958

Schedule of Investments

$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	$	1,160,160
750,000	New York State Dormitory Auth. Non State Supported Debt Rev. Ref. Ser. 16A	5.000		07/01/2041		870,128
5,000,000	New York State Dormitory Auth. Non-State Supported Debt (Columbia University) Rev. Ref. Ser. 18B	5.000		10/01/2038		6,171,650
3,000,000	North Carolina State Capital Facilities Financing Agency (Duke University) Rev. Ref. Ser. 15	5.000		10/01/2055		3,458,370
11,100,000	Ohio State University Ser.14A	5.000		12/01/2039		12,763,224
1,000,000	Oregon State Facilities Auth. (Reed College Project) Rev. Ref. Ser.17A	5.000		07/01/2047		1,182,820
2,000,000	Pennsylvania State Higher Educational Facilities Auth. (Trustees University of Pennsylvania) Rev. Ser. 17A	5.000		08/15/2046		2,375,200
1,410,000	Pennsylvania State Higher Educational Facilities Auth. (Trustees University) Rev. Ser. 18A	5.000		02/15/2048		1,697,682
2,710,000	Pennsylvania State University Ser. 10	5.000		03/01/2040		2,775,555
1,950,000	Philadelphia Pennsylvania Auth. For Industrial Development (Thomas Jefferson University) Rev. Ref. Ser. 17A	5.000		09/01/2042		2,271,087
5,000,000	Public Finance Auth. Wisconsin Lease Development (Central District Development Project) Rev. Ser. 16	5.000		03/01/2041		5,801,950
2,000,000	Rhode Island State Health & Educational Building Corp. Higher Education Facility (Providence College) Rev. Ser. 17	5.000		11/01/2047		2,332,860
3,000,000	Tennessee State School Bond Auth. Higher Educational Facilities (Second Program) Ser. 17A	5.000		11/01/2047		3,602,640
2,000,000	University of Arkansas Arizona Various Facilities (Fayetteville Campus) Rev. Ser. 17	5.000		11/01/2047		2,378,240
1,500,000	University of California (Limited Project) Rev. Ref. Ser. 18O	5.000		05/15/2043		1,817,625
9,500,000	University of California Rev. Ref. Ser. 16AR	5.000		05/15/2046		11,098,090
2,000,000	University of Michigan Ref. Ser. 17A	5.000		04/01/2042		2,384,800
3,100,000	University of Michigan Ref. Ser. 17A	5.000		04/01/2047		3,692,999
7,515,000	University of Oregon General Rev. Ser. 15A	5.000		04/01/2045		8,594,304
7,370,000	University of Vermont & State Agricultural College Ser. 09	5.125		10/01/2039		7,446,869
						187,844,669
	Electric Power Revenue — 3.8%
2,000,000	American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A	5.000		02/15/2041		2,290,980
2,000,000	American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A	5.000		02/15/2046		2,283,020
10,000,000	City of San Antonio Texas Electric and Gas Rev. Ser. 17	5.000		02/01/2047		11,842,100
3,500,000	Grand River Oklahoma Dam Auth. Rev. Ser. 14A	5.000		06/01/2039		3,971,275
1,150,000	Guam Power Auth. Rev. Ser. 10A AGM(b)	5.000		10/01/2020		1,204,142
9,835,000	Guam Power Auth. Rev. Ser. 12A AGM	5.000		10/01/2030		10,804,829
950,000	JEA Florida Electric Systems Rev. Sub.-Ser. 13C	5.000		10/01/2037		1,042,007
1,300,000	Long Island New York Power Auth. Electric Systems General Rev. Ser. 17	5.000		09/01/2042		1,546,597
1,000,000	Long Island New York Power Auth. Electric Systems General Rev. Ser. 17	5.000		09/01/2047		1,183,510
5,000,000	Long Island New York Power Auth. Electric Systems General Rev. Ser. 18	5.000		09/01/2039		6,071,950
2,500,000	Long Island Power Auth. New York Auth. Ref. Ser. 14A	5.000		09/01/2039		2,831,550
2,500,000	Los Angeles California Department of Water & Power Rev. Ref. Ser. 15A	5.000		07/01/2035		2,927,200
10,275,000	Los Angeles California Department of Water & Power Rev. Ser. 19A	5.250		07/01/2049		12,756,413
5,000,000	Loveland Colorado Electric & Communications Enterprise Ser. 19A	5.000		12/01/2044		5,973,800
1,000,000	Omaha Nebraska Public Power District Power District Electric Rev. Ref. Ser. 17A	5.000		02/01/2042		1,191,420
1,000,000	Snohomish County Washington Public Utility District No.1 Electric System Rev. Ser. 15	5.000		12/01/2040		1,153,960
3,000,000	Springfield Illinois Electric (Senior Lien) Rev. Ref. Ser. 15 AGM	5.000		03/01/2040		3,358,710
						72,433,463
	Franchised Tax Business & License Fees — 0.3%
5,000,000	Pennsylvania State Turnpike Commission Oil Franchise Tax Rev. Sub.-Ser. 18B	5.250		12/01/2048		5,977,500
	Fuel Sales Tax Revenue — 1.2%
3,250,000	Connecticut State Special Tax Obligation (Transportation Infrastructure) Rev. Ser. 14A	5.000		09/01/2034		3,691,318
4,000,000	Connecticut State Special Tax Obligation Rev. Ser. 18B	5.000		10/01/2038		4,775,840
2,000,000	Kansas State Department of Transportation Highway Rev. Ser. 15	5.000		09/01/2035		2,345,940
5,000,000	Massachusetts State Transportation Fund (Rail Enhancement & Accelerated Bridge Programs) Rev. Ser. 18A	5.250		06/01/2043		6,150,400
3,000,000	Massachusetts State Transportation Fund (Rail Enhancement Program) Rev. Ser. 15A	5.000		06/01/2045		3,467,550
2,350,000	Metropolitan Transportation Auth. New York Dedicated Tax Fund (Climate Board Certified-Green Bond) Sub.-Ser. 16B-1	5.000		11/15/2046		2,764,822
						23,195,870

Schedule of Investments

	General Fund — 3.5%
$33,140,000	California State (Remarketed 04/27/16) Ser. 03B-3 (LOC-Bank of America N.A.)(c)(d)	1.050	%	05/01/2033	$	33,140,000
1,000,000	California State Ref. Ser. 17	4.000		08/01/2038		1,094,710
3,000,000	California State Ser. 16	5.000		09/01/2046		3,534,240
4,000,000	California State Ser. 19	5.000		04/01/2045		4,914,320
1,000,000	California State Ser. 19	5.000		04/01/2049		1,219,800
5,000,000	Washington State Ser. 17D	5.000		02/01/2038		5,940,200
13,685,000	Washington State Ser. 18C	5.000		02/01/2042		16,397,367
						66,240,637
	Health, Hospital, Nursing Home Revenue — 6.0%
1,000,000	Berks County Pennsylvania Industrial Development Auth. Health System (Tower Health Project) Rev. Ref. Ser. 17	3.750		11/01/2042		1,024,960
650,000	Birmingham Alabama Special Care Facilities Financing Auth. Health Care Facilities (Children’s Hospital) Rev. Ser. 09 AGC(b)	6.000		06/01/2034		650,000
1,000,000	California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B	5.000		08/15/2035		1,202,170
500,000	California State Health Facilities Financing Auth. (Children’s Hospital Los Angeles) Rev. Ser. 10A AGM(b)	5.250		07/01/2020		521,010
3,000,000	California State Health Facilities Financing Auth. (El Camino Hospital) Rev. Ser. 17	4.000		02/01/2042		3,194,160
2,250,000	California State Health Facilities Financing Auth. (El Camino Hospital) Rev. Ser. 17	5.000		02/01/2042		2,616,660
3,500,000	California State Health Facilities Financing Auth. (Kaiser Permanente) Rev. Sub.-Ser. 17A-2	5.000		11/01/2047		5,043,150
4,000,000	California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A	4.000		02/01/2042		4,216,920
1,715,000	California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A	5.000		02/01/2042		1,965,030
2,500,000	California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A	5.000		02/01/2047		2,847,000
1,000,000	California State Municipal Financing Auth. (Northbay Healthcare Group) Rev. Ser. 17A	5.250		11/01/2041		1,116,010
500,000	California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 18A	4.000		12/01/2057		512,150
1,000,000	Cape Girardeau County Missouri Industrial Development Auth. (Southeasthealth Obligated Group) Ref. Ser. 17A	5.000		03/01/2036		1,129,450
1,750,000	Colorado State Health Facilities Auth. Hospital (Evangelical Lutheran Good Sam Aritan Society Project) Rev. Ref. Ser. 17	5.000		06/01/2047		1,984,377
2,000,000	Gainesville & Hall County Georgia Hospital Auth. (Northeast Georgia Health System, Inc. Project) Ref. Ser. 17B	5.500		02/15/2042		2,432,280
3,000,000	Glynn-Brunswick Georgia Memorial Hospital Auth. Anticipation Certificates (Southeast Georgia Health Systems Project) Ser. 17	5.000		08/01/2047		3,394,530
3,000,000	Gwinnett County Georgia Hospital Auth. RAC (Gwinnett Hospital System) Ser. 07D AGM	5.500		07/01/2041		3,007,110
4,400,000	Hamilton County Ohio Health Care Facilities (Christ Hospital Project) Rev. Ser. 12 AGM	5.000		06/01/2042		4,687,584
2,000,000	Hawaii State Department of Budget and Finance Special Purpose (Queens Health Systems) Rev. Ref. Ser. 15A	5.000		07/01/2035		2,281,660
1,000,000	Illinois Finance Auth. (Carle Foundation) Rev. Ser. 11A AGM	6.000		08/15/2041		1,082,350
1,000,000	Illinois Finance Auth. (Southern Illinois Healthcare) Rev. Ser. 05 AGM(b)	5.250		03/01/2020		1,027,760
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		3,463,200
1,050,000	Lakeland Florida Hospital Systems (Lakeland Regional Health) Rev. Ser. 15	5.000		11/15/2040		1,167,516
1,500,000	Lancaster County Pennsylvania Hospital Auth. (University of Pennsylvania Health System) Ref. Ser. 16	5.000		08/15/2046		1,739,790
3,285,000	Louisiana State Local Government Environmental Facilities & Community (Woman’s Hospital Foundation Project) Ref. Ser. 17A	5.000		10/01/2041		3,792,073
1,000,000	Lynchburg Virginia Economic Development Auth. Hospital (Center Health Obligated Group) Rev. Ref. Ser. 17A	5.000		01/01/2047		1,157,390
2,665,000	Massachusetts State Development Finance Agency (Dana-Farber Cancer Institute) Rev. Ser. 16N	5.000		12/01/2041		3,091,453
2,000,000	Massachusetts State Development Finance Agency (Dana-Farber Cancer Institute) Rev. Ser. 16N	5.000		12/01/2046		2,311,860
1,200,000	Medical Center Hospital Auth. Georgia RAC (Columbus Regional Healthcare) Ser. 10 AGM(b)	5.000		08/01/2020		1,248,312
2,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A	5.000		07/01/2035		2,319,880

Schedule of Investments

$  3,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A	5.000	%	07/01/2040	$	3,442,800
2,750,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A	5.000		07/01/2046		3,135,440
1,250,000	Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 17A	4.000		07/01/2047		1,312,750
2,000,000	Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 17A	5.000		07/01/2048		2,293,540
5,000,000	Missouri State Health & Educational Facilities Auth. (Mosaic Health System) Rev. Ref. Ser. 19A	4.000		02/15/2049		5,420,200
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		1,131,930
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		1,127,960
500,000	New Jersey Health Care Facilities Financing Auth. (Barnabas Health) Rev. Ref. Ser. 11A(b)	5.625		07/01/2021		542,085
1,000,000	New Jersey Health Care Facilities Financing Auth. (Princeton Healthcare System) Rev. Ref. Ser. 16A	5.000		07/01/2039		1,170,790
3,000,000	New Jersey Health Care Facilities Financing Auth. (University Hospital) Rev. Ser. 15A AGM	5.000		07/01/2046		3,358,830
10,000,000	New Jersey Health Care Facilities Financing Auth. (Virtua Health) Rev. Ser. 09 AGC	5.500		07/01/2038		10,030,500
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		2,831,575
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		2,787,163
1,000,000	Ohio State Higher Educational Facilities Community (Summa Health System 2010 Project) Rev. Ser. 10 AGM	5.250		11/15/2035		1,030,910
985,000	Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ref. Ser. 05B AGM	5.000		07/01/2038		1,013,476
15,000	Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ser. 05B AGM(b)	5.000		07/01/2020		15,561
1,000,000	South Fork Municipal Auth. Pennsylvania Hospital (Conemaugh Valley Memorial Hospital) Rev. Ser. 10B AGC(b)	5.375		07/01/2020		1,040,280
1,750,000	Tampa Florida Health System (BayCare Obligated Group) Rev. Ser. 16A	5.000		11/15/2046		2,015,668
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		857,873
1,000,000	Washington State Health Care Facilities Auth. (Virginia Mason Medical Center) Ref. Ser. 17	4.000		08/15/2042		1,027,850
1,500,000	Wisconsin State Health & Educational Facilities Auth. (Prohealth Care Obligated Group) Rev. Ref. Ser. 15	5.000		08/15/2039		1,655,625
						113,470,601
	Highway Tolls Revenue — 8.1%
2,500,000	Bay Area California Auth. Toll Bridge (San Francisco Bay Area Subordinate Toll Bridge) Rev. Ser. 17S-7	4.000		04/01/2042		2,715,125
4,000,000	Bay Area California Auth. Toll Bridge Rev. Ref. Ser. 19S-H	5.000		04/01/2049		4,844,240
2,500,000	Bay Area California Auth. Toll Bridge Rev. Ser. 14S-6	5.000		10/01/2054		2,841,400
5,000,000	Bay Area California Auth. Toll Bridge Rev. Ser. 17F-1	4.000		04/01/2056		5,361,500
1,250,000	Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16	5.000		01/01/2040		1,422,150
700,000	Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16	5.000		01/01/2046		790,734
1,000,000	Delaware River Joint Pennsylvania Toll Bridge Commission Ser. 17	5.000		07/01/2042		1,182,340
3,000,000	Foothill-Eastern Transportation Corridor Agency California Toll Road Remarketed Rev. Ref. Sub.-Ser. 14 B-1	3.950		01/15/2053		3,145,230
20,000,000	Grand Parkway Transportation Corp. Texas Systems Toll (Sub.-Tier Tela Supported) Rev. Ser. 18A	5.000		10/01/2043		24,000,200
2,000,000	Greater New Orleans Louisiana Expressway Commission Toll (Sub.-Lien Bond) Rev. Ser. 17 AGM	5.000		11/01/2042		2,312,820
2,000,000	Greater New Orleans Louisiana Expressway Commission Toll (Sub.-Lien Bond) Rev. Ser. 17 AGM	5.000		11/01/2047		2,308,080
5,000,000	Illinois State Toll Highway Auth. Ser. 17A	5.000		01/01/2042		5,923,700
1,000,000	New Jersey State Turnpike Auth. Ref. Ser. 17B	5.000		01/01/2040		1,196,160
6,000,000	New Jersey State Turnpike Auth. Ser. 17A	5.000		01/01/2034		7,172,760
4,000,000	New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A	5.250		01/01/2056		4,624,920
1,500,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B	5.000		11/15/2038		1,801,830
525,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 15A	5.000		11/15/2040		608,365

Schedule of Investments

$    4,000,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A	5.000	%	11/15/2041	$	4,703,320
3,000,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A	5.000		11/15/2046		3,519,930
11,270,000	North Texas Tollway Auth. (First Tier) Rev. Ref. Ser. 17A	5.000		01/01/2048		13,236,953
2,500,000	North Texas Tollway Auth. Rev. Ref. Ser. 15B	5.000		01/01/2040		2,752,075
1,800,000	North Texas Tollway Auth. Rev. Ref. Ser. 16A	5.000		01/01/2039		2,082,150
5,000,000	North Texas Tollway Auth. Rev. Ref. Ser. 18	5.000		01/01/2048		5,851,750
1,660,000	Oklahoma State Turnpike Auth. (Second) Ser. 17C	5.000		01/01/2047		1,944,839
5,000,000	Oklahoma State Turnpike Auth. Ser. 17A	5.000		01/01/2042		5,791,550
2,000,000	Oklahoma State Turnpike Auth. Ser. 18A	5.000		01/01/2043		2,355,560
15,000,000	Pennsylvania State Turnpike Commission Rev. Ser. 14B	5.250		12/01/2039		16,934,400
8,800,000	Pennsylvania State Turnpike Commission Rev. Sub.-Ser. 12B AGM	5.000		12/01/2042		9,489,480
5,000,000	Tampa-Hillsborough County Florida Expressway Auth. Rev. Ser. 17	5.000		07/01/2047		5,834,450
2,000,000	Tampa-Hillsborough County Florida Expressway Auth. Ser. 17C	5.000		07/01/2048		2,367,280
2,500,000	Texas State Transportation Commission Turnpike System Rev. Ref. Ser. 15C	5.000		08/15/2042		2,777,775
						151,893,066
	Hotel Occupancy Tax — 0.7%
3,950,000	Harris County Houston Texas Sports Auth. (Senior Lien) Rev. Ref. Ser. 14A	5.000		11/15/2053		4,419,181
2,215,000	Miami-Dade County Florida Special Obligation Ref. Sub.-Ser. 12B	5.000		10/01/2037		2,426,533
2,000,000	New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15	5.000		11/15/2040		2,332,020
3,000,000	New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15	5.000		11/15/2045		3,474,150
						12,651,884
	Income Tax Revenue — 4.0%
1,200,000	District of Columbia Income Tax Secured Rev. Ser. 11G	5.000		12/01/2036		1,294,836
5,000,000	Indianapolis Indiana Local Public Improvement Bond Bank (Courthouse and Jail Project) Ser. 19A	5.000		02/01/2044		6,044,200
9,000,000	Indianapolis Indiana Local Public Improvement Bond Bank (Courthouse and Jail Project) Ser. 19A	5.000		02/01/2049		10,796,760
10,000,000	New York City Transitional Finance Auth. (Future Tax Secured) Rev. Sub.-Ser. 19C-1	4.000		11/01/2040		11,205,600
3,000,000	New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser. 15S-1	5.000		07/15/2040		3,445,530
1,000,000	New York City Transitional Finance Auth. Building Aid Rev. Ref. Sub.-Ser. 18S-3A	5.000		07/15/2037		1,216,440
4,200,000	New York City Transitional Finance Auth. Building Aid Rev. Sub.-Ser. 11S-1A	5.250		07/15/2037		4,516,596
4,150,000	New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2011) Rev. Ser.11D	5.000		02/01/2035		4,378,125
2,000,000	New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev. Sub.-Ser.14A-1	5.000		08/01/2035		2,306,300
4,330,000	New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev. Sub.-Ser.14B-1	5.000		08/01/2042		4,946,765
1,850,000	New York City Transitional Finance Auth. Future Tax Secured Rev. Sub.-Ser.16B-1	4.000		08/01/2041		2,023,697
1,325,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 10F	5.000		02/15/2035		1,355,608
4,000,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C	5.000		03/15/2041		4,229,840
4,500,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B	5.000		03/15/2042		4,874,940
1,905,000	New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 14E	5.000		02/15/2044		2,186,102
7,530,000	New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 15A	5.000		03/15/2035		8,791,049
1,000,000	New York State Urban Development Corp. State Personal Income Tax Rev. Ser. 13A-1	5.000		03/15/2043		1,106,790
						74,719,178
	Lease Revenue — 3.3%
1,000,000	California Public Auth. Wastewater Rev. Ser. 18A AGM	5.000		09/01/2049		1,177,500
6,000,000	California State Municipal Financing Auth. Lease (Orange County Civic Center Infrastructure Improvement Program) Rev. Ser. 17A	5.000		06/01/2042		7,084,260
1,500,000	California State Public Works Board Lease Rev. Ser. 14B	5.000		10/01/2039		1,708,155
4,400,000	Los Angeles County California Facilities Inc. Lease (Vermont Corridor County Administration Building) Rev. Ser. 18A	5.000		12/01/2051		5,260,904
2,250,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A	5.000		12/01/2039		2,580,862
1,000,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A	5.000		12/01/2044		1,141,640
11,400,000	Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D	5.000		12/01/2045		13,250,334

Schedule of Investments

$    2,000,000	Lower Colorado River Texas Auth. Rev. Ref. (LCRA Transmission Services Corp. Project) Ser. 19	5.000	%	05/15/2044	$	2,344,280
1,900,000	Lower Colorado River Texas Auth. Rev. Ref. Ser. 12A	5.000		05/15/2039		2,060,056
1,000,000	Lower Colorado River Texas Auth. Rev. Ref. Ser. 13	5.000		05/15/2039		1,100,520
500,000	Lower Colorado River Texas Auth. Transmission Contract Ref. Ser. 15	5.000		05/15/2040		572,800
720,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A	5.000		11/15/2046		730,476
2,000,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A	5.000		11/15/2051		2,128,060
1,000,000	New Jersey State Econ Development Auth. (State House Project) Remareted Ser. 17B	5.000		06/15/2043		1,137,920
250,000	Pennsylvania State COP Ref. Ser. 18A	5.000		07/01/2043		293,230
2,000,000	Sandy Spring Georgia Public Facilities Auth. (City Center Project) Rev. Ser. 15	5.000		05/01/2041		2,354,100
5,000,000	Texas State Water Development Board (Water Implementation Fund) Ser. 18B	5.000		04/15/2049		6,020,350
3,910,000	Texas State Water Development Board Ser. 15A	5.000		10/15/2045		4,548,386
4,975,000	Texas State Water Development Board Ser. 17A	5.000		10/15/2047		5,961,493
						61,455,326
	Local or GTD Housing — 1.6%
29,415,000	Alaska State Housing Finance Corporation Home Mortgage (Remarketed 05/25/17) Rev. Ser. 07B(c)	1.400		12/01/2041		29,415,000
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		1,380,475
						30,795,475
	Miscellaneous Revenue — 3.3%
3,500,000	California State Various Purpose (Green Bonds) Ser. 14	5.000		10/01/2037		4,070,990
5,000,000	California State Various Purpose Ser.14	5.000		10/01/2039		5,786,350
3,745,000	Connecticut State Ser. 17A	5.000		04/15/2035		4,410,037
2,500,000	Dallas Texas Civic Center & Improvement Rev. Ref. Ser. 09 AGC	5.250		08/15/2034		2,516,575
5,000,000	Hudson Yards Infrastructure Corporation Second Indenture Rev. Ref. Ser. 17A	5.000		02/15/2042		5,913,750
535,000	Indianapolis Indiana Local Public Improvement Bond Bank (PILOT Infrastructure Project) Ser. 10F AGM(b)	5.000		01/01/2020		545,957
2,190,000	Kansas City Missouri Special Obligation & Improvement (Downtown Arena Project) Ref. Ser. 16E	5.000		04/01/2040		2,478,970
1,900,000	Maryland State Stadium Auth. (Baltimore City Public Schools) Rev. Ser. 16	5.000		05/01/2046		2,194,443
2,900,000	Massachusetts State Ser. 16J	4.000		12/01/2044		3,153,315
500,000	New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC	6.500		01/01/2046		501,815
2,500,000	Newark New Jersey Housing Auth. Rev. (City-Secured Police Facilities) Rev. Ref. Ser. 16 AGM	5.000		12/01/2038		2,883,075
5,000,000	Oregon State (Article XI-G OHSU Project) Ser. 17H	5.000		08/01/2042		5,989,150
2,500,000	Oregon State (Article XI-Q State Project) Ser. 17A	5.000		05/01/2042		2,981,400
11,185,000	Orlando Florida Capital Improvement Special Rev. Ser. 18B	5.000		10/01/2048		13,386,208
2,000,000	South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 14C	5.000		12/01/2039		2,248,860
2,000,000	Virginia State Commonwealth Transportation Board Rev. Ref. Ser. 17A	4.000		05/15/2036		2,236,220
						61,297,115
	Miscellaneous Taxes — 0.9%
1,000,000	Baltimore Maryland Convention Center Hotel Project (Convention Center Hotel) Ref. Ser. 17	5.000		09/01/2039		1,137,980
500,000	Baltimore Maryland Convention Center Hotel Project (Convention Center Hotel) Ref. Ser. 17	5.000		09/01/2042		565,495
6,500,000	Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser. 16S-1	5.000		11/01/2041		7,683,780
3,000,000	Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser. 16S-1	5.000		11/01/2046		4,310,400
2,000,000	Chicago Illinois Board of Education Dedicated Capital Improvement Ser. 17	6.000		04/01/2046		2,341,040
1,000,000	Tuscaloosa Alabama City Board of Education School Tax Warrants Ser. 16	5.000		08/01/2046		1,159,120
						17,197,815
	Natural Gas Revenue — 0.6%
3,655,000	Chula Vista California Industrial Development (San Diego Gas - Remarketed 06/17/09) Rev. Ser. 04A	5.875		02/15/2034		3,667,829
7,000,000	Philadelphia Pennsylvania Gas Works (1998 General Ordinance-Fifteenth) Rev. Ref. Ser. 17	5.000		08/01/2047		8,133,580
						11,801,409
	Nuclear Revenue — 1.2%
7,000,000	South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 16A	5.000		12/01/2037		8,105,930
2,500,000	South Carolina State Public Service Auth. Obligation Rev. Ser. 15E	5.250		12/01/2055		2,866,950
6,250,000	South Carolina State Public Service Auth. Rev. Ref. Ser. 16A	5.000		12/01/2035		7,274,937

Schedule of Investments

$    4,660,000	South Carolina State Public Service Auth. Rev. Ser. 13E	5.000	%	12/01/2048	$	5,114,397
						23,362,214
	Port, Airport & Marina Revenue — 10.7%
1,500,000	Birmingham Alabama Airport Auth. Airport Rev. Ser. 10 AGM	5.500		07/01/2040		1,553,070
2,000,000	Charlotte North Carolina Airport Rev. Ser. 17A	5.000		07/01/2047		2,373,680
6,000,000	Chicago Illinois Midway Airport Rev. Ref. Ser. 16B	5.000		01/01/2046		6,851,160
2,900,000	Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ref. Ser. 16C	5.000		01/01/2037		3,351,530
7,500,000	Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ref. Ser. 17B	5.000		01/01/2039		8,787,825
16,375,000	Chicago Illinois O’Hare International Airport (Senior Lien) Rev. Ser. 18B AGM	4.000		01/01/2053		17,524,197
1,250,000	Chicago Illinois O’Hare International Airport Rev. Ser. 15D	5.000		01/01/2046		1,407,112
1,000,000	City of Cleveland Ohio Airport System Rev. Ref. Ser. 12A AGM	5.000		01/01/2031		1,076,860
9,335,000	Clark County Nevada Airport Rev. Ref. Sub.-Ser. 17A-2	5.000		07/01/2040		10,998,684
20,000,000	Hillsborough County Florida Aviation Auth. Tampa International Airport Ser. 18F	5.000		10/01/2043		24,146,600
16,745,000	Hillsborough County Florida Aviation Auth. Tampa International Airport Ser. 18F	5.000		10/01/2048		20,117,276
2,000,000	Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A	5.000		05/15/2040		2,065,760
1,500,000	Metropolitan Nashville Tennessee Airport Auth. Rev. Ser. 15A	5.000		07/01/2045		1,706,520
7,000,000	Miami-Dade County Florida Aviation Rev. Ser. 10B AGM	5.000		10/01/2035		7,300,020
600,000	Philadelphia Pennsylvania Airport Rev. Ser. 10A AGM	5.000		06/15/2035		618,948
2,000,000	Phoenix Arizona Civic Improvement Corp. Airport (Junior Lien) Rev. Ser. 15A	5.000		07/01/2045		2,297,220
17,960,000	Port Auth. of New York & New Jersey (194th Series) Ref. Ser. 15	5.000		10/15/2041		21,058,818
6,590,000	Port Auth. of New York & New Jersey (Consolidated 2 Hundred Eleventh) Ref. Ser. 18	5.000		09/01/2048		7,992,023
2,400,000	Port Auth. of New York & New Jersey (Consolidated Bonds Two Hundredth) Ref. Ser. 17	5.250		10/15/2057		2,862,192
3,500,000	Port Auth. of New York & New Jersey (Consolidated) Ref. Ser. 15-189	5.000		05/01/2045		4,036,375
6,000,000	Port Auth. of New York & New Jersey (Consolidated-One Hundred Eighty-Fourth) Ref. Ser. 14	5.000		09/01/2039		6,898,020
2,400,000	Sacramento County California Airport System Senior Rev. Ref. Ser. 16A	5.000		07/01/2041		2,806,440
2,250,000	Sacramento County California Airport System Senior Rev. Ref. Sub.-Ser. 16B	5.000		07/01/2041		2,631,038
2,000,000	Salt Lake City Utah Airport Rev. Ser. 17B	5.000		07/01/2042		2,371,100
4,000,000	Salt Lake City Utah Airport Rev. Ser. 17B	5.000		07/01/2047		4,718,440
3,000,000	Salt Lake City Utah Airport Rev. Ser. 18B	5.000		07/01/2048		3,593,610
2,000,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B	5.000		05/01/2044		2,275,260
17,315,000	San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C	5.000		05/01/2046		20,201,237
1,300,000	San Jose California Airport Rev. Ref. Ser. 17B	5.000		03/01/2042		1,532,700
5,000,000	San Jose California Airport Rev. Ref. Ser. 17B	5.000		03/01/2047		5,870,200
500,000	Wayne County Michigan Airport Auth. Rev. Ser. 15D	5.000		12/01/2040		578,930
						201,602,845
	Recreational Revenue — 0.2%
3,000,000	New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09 AGC	7.000		03/01/2049		3,014,370
	Sales Tax Revenue — 4.8%
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		5,295,282
10,000,000	Chicago Illinois Transit Auth. Sales Tax Receipts Second Lien Rev. Ser. 17 AGM	5.000		12/01/2051		11,229,900
5,540,000	Dallas Texas Area Rapid Transit Sales Tax Rev. Ref. Ser. 16A	5.000		12/01/2046		6,430,666
1,000,000	Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A	5.000		08/01/2042		1,170,500
750,000	Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A	5.000		08/01/2044		876,930
1,815,000	Illinois Regional Transportation Auth. Ser. 00 NATL	6.500		07/01/2030		2,446,584
10,000,000	Illinois State Sales Tax Securitization Corporation Ref. Ser. 18A	5.000		01/01/2040		11,276,400
2,750,000	Jefferson Louisiana Sales Tax District Special Sales Tax Rev. Ser. 17B AGM	5.000		12/01/2042		3,239,308
7,145,000	Massachusetts State Bay Transportation Auth. Sales Tax (Senior Lien) Rev. Ser. 15A	5.000		07/01/2040		8,283,627
8,770,000	Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ref. Ser. 15C	5.000		08/15/2037		10,273,353
3,410,000	Massachusetts State School Building Auth. Sales Tax Rev. Ser. 16A	5.000		11/15/2045		3,977,799
15,180,000	Massachusetts State School Building Auth. Sales Tax Rev. Sub.-Ser. 18A	5.250		02/15/2048		18,467,077

Schedule of Investments

$    6,620,000	San Diego County California Regional Transportation Commission Ser. 16A	5.000	%	04/01/2048	$	7,765,657
						90,733,083
	Sewer Revenue — 4.9%
24,375,000	Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 12 AGM	5.000		01/01/2037		25,926,712
2,500,000	Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 17A AGM	5.250		01/01/2042		2,916,525
7,000,000	Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 17A AGM	4.000		01/01/2052		7,356,930
5,000,000	Detroit Michigan Water & Sewerage Department Sewerage Disposal System (Senior Lien-Remarketed) Rev. Ref. Ser. 12A AGM	5.000		07/01/2039		5,419,550
5,000,000	Jefferson County Alabama Sewer (Senior Lien) Rev. Ser. 13A AGM	5.500		10/01/2053		5,744,900
14,695,000	King County Washington Sewer & Improvement Rev. Ref. Ser. 16B	5.000		07/01/2039		16,381,251
1,000,000	Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15A	5.000		06/01/2044		1,158,820
1,500,000	Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15C	5.000		06/01/2045		1,737,435
1,500,000	Los Angeles California Wastewater System (Green Bonds) Rev. Sub.-Ser. 17A	5.250		06/01/2047		1,826,805
1,000,000	Metropolitan St. Louis Missouri Sewer District Wastewater System Rev. Ser. 16C	5.000		05/01/2046		1,168,770
750,000	Metropolitan St. Louis Missouri Sewer District Wastewater Systems & Improvement Rev. Ref. Ser. 17A	5.000		05/01/2047		888,848
6,500,000	Northeast Ohio Regional Sewer District Ref. Ser. 14	5.000		11/15/2049		7,410,065
11,000,000	San Mateo Foster City California Public Financing Auth. Wastewater Rev. Ser. 19	5.000		08/01/2049		13,496,340
						91,432,951
	Special Tax — 0.2%
3,000,000	Birmingham-Jefferson Alabama Civic Center Auth. Special Tax Ser. 18A	5.000		07/01/2048		3,500,970
	Tax Increment Revenue — 1.4%
17,000,000	Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM	5.000		09/01/2044		19,146,420
1,000,000	Kentucky State Economic Development Financing Auth. (Louisville Arena Project) Rev. Ref. Ser. 17A AGM	5.000		12/01/2045		1,155,060
1,000,000	Kentucky State Economic Development Financing Auth. (Louisville Arena Project) Rev. Ref. Ser. 17A AGM	5.000		12/01/2047		1,090,300
4,000,000	Miami Beach Florida Redevelopment Agency Tax Increment (City Center) Rev. Ref. Ser. 15A AGM	5.000		02/01/2040		4,526,880
						25,918,660
	Transit Revenue — 2.2%
1,000,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM	5.000		10/01/2036		1,174,280
940,000	Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM	5.000		10/01/2037		1,100,825
5,000,000	Massachusetts State Transportation Fund Rev. Ref. Ser. 17A	5.000		06/01/2043		5,988,650
9,000,000	Metropolitan Transportation Auth. New York (Green Bond) Rev. Ser. 19B AGM	4.000		11/15/2049		9,879,390
1,510,000	Metropolitan Transportation Auth. New York Rev Ser. 12E-1 AGM	5.000		11/15/2042		1,651,910
5,000,000	Metropolitan Transportation Auth. New York Rev. Ref. Sub.-Ser. 15C-1	5.000		11/15/2035		5,836,150
13,190,000	Metropolitan Transportation Auth. New York Rev. Ser.13A-1	5.000		11/15/2040		14,488,687
1,250,000	Northern Indiana Commuter Transportation District Rev. Ser. 16	5.000		07/01/2041		1,449,337
						41,569,229
	Water Revenue — 10.2%
3,305,000	Atlanta Georgia Water & Wastewater Rev. Ser. 09-B AGM	5.250		11/01/2034		3,354,509
5,000,000	Atlanta Georgia Water & Wastewater Rev. Ser. 18B	5.000		11/01/2047		5,966,500
1,000,000	Austin Texas Water & Wastewater System Rev. Ref. Ser. 16	5.000		11/15/2041		1,181,450
1,000,000	Austin Texas Water & Wastewater System Rev. Ref. Ser. 16	5.000		11/15/2045		1,178,260
5,000,000	Baltimore Maryland Project (Water Projects) Rev. Ser. 19A	4.000		07/01/2049		5,459,050
9,510,000	Baltimore Maryland Project (Water Projects) Rev. Sub.-Ser. 17A	5.000		07/01/2046		11,075,726
1,000,000	Birmingham Alabama Waterworks Broad Water Rev. Ref. Ser. 15A	5.000		01/01/2042		1,133,560
440,000	Chicago Illinois Wastewater (2017 Second Lien) Rev. Ref. Ser. 08 AGM	5.250		11/01/2033		441,109
200,000	City of Cape Coral Florida Water & Sewer Rev. Ref. Ser. 11 AGM(b)	5.000		10/01/2021		216,458
6,000,000	Dallas Texas Waterworks & Sewer System Rev. Ser. 17	5.000		10/01/2046		7,152,900
5,000,000	Denver Colorado City & County Board of Water Commissioners Water (Green Bond) Rev. Ser. 17A	5.000		09/15/2047		5,999,700
5,000,000	District of Columbia Water & Sewer Auth. Public Utility (Sub.-Lien) Rev. Ser. 13A	5.000		10/01/2048		5,565,150
3,000,000	El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM	5.000		03/01/2034		3,439,560
3,500,000	El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM	5.250		03/01/2039		4,037,180
1,500,000	Florida Municipal Loan Council Ser. 11D AGM	5.500		10/01/2041		1,623,180
8,000,000	Los Angeles California Department of Water & Power Rev. Ser. 12B	5.000		07/01/2043		8,827,520

Schedule of Investments

$10,000,000	Massachusetts State Water Resources Auth. (Green Bonds) Ref. Ser. 16C	5.000	%	08/01/2040	$	11,855,000
5,000,000	Massachusetts State Water Resources Auth. Ser. 18B	5.000		08/01/2043		6,061,850
1,000,000	Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGM(b)	5.000		10/01/2020		1,046,670
10,000,000	Miami-Dade County Florida Water & Sewer Systems Rev. Ser. 17A	3.375		10/01/2047		10,258,400
2,400,000	Missoula Montana Water System Rev. Ser. 19A	4.000		07/01/2044		2,625,216
600,000	New York City Municipal Water Finance Auth. Rev. Ref. Ser. 14EE	5.000		06/15/2036		688,902
8,000,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 18DD1	3.625		06/15/2048		8,322,720
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		5,005,600
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		3,558,073
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		11,012,113
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		10,650,176
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		556,450
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		12,682,257
5,750,000	New York City Municipal Water Finance Auth. Water & Sewer System Rev. Ref. Ser. 17EE	5.000		06/15/2037		6,931,567
2,500,000	New York City Municipal Water Finance Auth. Water & Sewer System Rev. Sub.-Ser. 19FF-1	4.000		06/15/2049		2,770,025
6,165,000	New York City Municipal Water Finance Auth. Water & Sewer System Rev. Sub.-Ser. 19FF-1	5.000		06/15/2049		7,524,937
5,000,000	North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 09 AGC	5.250		12/15/2034		5,096,550
2,500,000	North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 11 AGM	5.000		12/15/2036		2,696,275
2,000,000	North Sumter County Florida Utility Dependent District Utility Rev. Ser. 10 AGM	5.375		10/01/2040		2,097,380
875,000	Philadelphia Pennsylvania Water & Wastewater Rev. Ser. 10C AGM(b)	5.000		08/01/2020		910,744
4,050,000	Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC	5.125		07/01/2047		4,129,056
2,500,000	San Antonio Texas Water (Junior Lien) Rev. Ref. Ser. 18A	5.000		05/15/2043		3,009,250
1,000,000	San Jacinto Texas River Auth. Special Project (GRP Project) Rev. Ser. 11 AGM	5.000		10/01/2037		1,010,400
1,250,000	Shreveport Louisiana Water & Sewer (Junior Lien) Rev. Ser. 19B AGM	4.000		12/01/2049		1,349,963
1,000,000	Texas State Water Development Board (State Water Implementation Rev. Fund For Texas) Ser. 16	5.000		10/15/2046		1,181,450
1,000,000	Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A	5.000		09/01/2040		1,140,650
1,500,000	Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A	5.000		09/01/2045		1,707,825
						192,531,311
	Total Investments in Securities (Cost $1,755,089,237)(e)— 98.0%					1,844,200,190
	Other assets less liabilities—2.0%					37,386,822
	Net Assets—100.0%				$	1,881,587,012

Abbreviations:

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

Auth. - Authority

BAM - Build America Mutual

COP - Certificate of Participation

GTD - Grant To Date

LOC - Letter of Credit

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

Sub. - Subordinated

Notes to Schedule of Investments:

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 May 31, 2019 represented less than 1% of the Fund’s Net Assets.

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

^(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on May 31, 2019.

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

^(e)  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 May 31, 2019. 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.		13.1	%

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

Schedule of Investments

Invesco New York AMT-Free Municipal Bond ETF (PZT)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds — 95.1%
		Ad Valorem Property Tax — 5.6%
	$    1,000,000	City of New York Ser. 18E-1		5.000	%		03/01/2038	$	1,211,810
	2,000,000	New York City New York Ser. 16B-1		4.000			12/01/2043		2,183,020
	500,000	New York City New York Sub.-Ser. 16A-1		5.000			08/01/2038		592,460
									3,987,290
		College & University Revenue — 11.4%
	1,000,000	Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16		5.000			07/01/2041		1,092,300
	1,500,000	New York State Dormitory Auth. (New York University) Rev. Ser. 01 AMBAC		5.500			07/01/2040		2,100,255
	1,000,000	New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser. 17A		5.000			10/01/2047		1,483,850
	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		2,302,360
	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		1,160,160
									8,138,925
		Electric Power Revenue — 10.8%
	1,000,000	Guam Power Auth. Rev. Ser. 12A AGM		5.000			10/01/2030		1,098,610
	2,000,000	Long Island Power Auth. New York Electric Systems Rev. Ref. Ser. 14A		5.000			09/01/2044		2,255,460
	185,000	New York State Power Auth. Rev. Ser. 07A NATL		4.500			11/15/2047		185,353
	1,500,000	Utility Debt Securitization Auth. New York (Restructuring) Ser. 13TE		5.000			12/15/2041		1,705,605
	2,000,000	Utility Debt Securitization Auth. New York (Restructuring) Ser. 17		5.000			12/15/2038		2,440,980
									7,686,008
		Fuel Sales Tax Revenue — 2.5%
	1,500,000	Metropolitan Transportation Auth. New York Dedicated Tax Fund (Climate Board Certified-Green Bond) Sub.-Ser. 16B-1		5.000			11/15/2046		1,764,780
		Health, Hospital, Nursing Home Revenue — 3.9%
	500,000	Dutchess County New York Local Development Corp. (Health Quest Systems Inc. Project) Rev. Ser. 16B		5.000			07/01/2046		569,735
	500,000	New York State Dormitory Auth. Non State Supported Debt (Catholic Health System Obligation Group) Rev. Ref. Ser. 19A		4.000			07/01/2045		538,245
	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		1,698,945
									2,806,925
		Highway Tolls Revenue — 5.7%
	1,000,000	New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A		5.000			01/01/2046		1,156,230
	1,000,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B		5.000			11/15/2038		1,201,220
	1,470,000	New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A		5.000			11/15/2046		1,724,766
									4,082,216
		Hotel Occupancy Tax — 3.1%
	1,885,000	New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15		5.000			11/15/2040		2,197,929
		Income Tax Revenue — 18.9%
	1,000,000	New York City Transitional Finance Auth. (Building Aid) Rev. Ref. Ser. 18S-4A		5.000			07/15/2037		1,216,440
	2,000,000	New York City Transitional Finance Auth. (Future Tax Secured) Rev. Sub.-Ser. 19C-1		4.000			11/01/2042		2,234,680
	1,500,000	New York City Transitional Finance Auth. (Sub.-Future Tax Secured Fiscal 1999) Rev. Ser. 17A Sub.-Ser. E-1		5.000			02/01/2043		1,766,940
	1,000,000	New York City Transitional Finance Auth. Building Aid Rev. Ser. 16S-1		5.000			07/15/2043		1,164,620
	1,000,000	New York City Transitional Finance Auth. Building Aid Rev. Ser. 18S-3		4.000			07/15/2046		1,096,550
	1,000,000	New York City Transitional Finance Auth. Rev. Sub.-Ser. 17B-1		5.000			08/01/2045		1,186,640
	1,000,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ref. Ser. 17A		5.000			02/15/2038		1,189,560
	2,170,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C		5.000			03/15/2041		2,294,688
	1,200,000	New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B		5.000			03/15/2042		1,299,984
									13,450,102

Schedule of Investments

	Lease Revenue — 7.6%
$    720,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A	5.000	%	11/15/2046	$	730,476
1,240,000	MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A	5.000		11/15/2051		1,319,397
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		1,184,780
2,000,000	New York State Liberty Development Corp. (4 World Trade Center Project) Rev. Ref. Ser. 11	5.000		11/15/2044		2,145,380
						5,380,033
	Miscellaneous Revenue — 9.1%
2,000,000	Brooklyn Arena New York Local Development Corp. PILOT (Barclays Center Project) Rev. Ref. Ser. 16A	5.000		07/15/2042		2,271,400
450,000	Hudson Yards Infrastructure Corporation Second Indenture Rev. Ref. Ser. 17A	5.000		02/15/2042		532,238
2,500,000	New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC	6.500		01/01/2046		2,509,075
1,000,000	New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser. 15S-2	5.000		07/15/2035		1,173,120
						6,485,833
	Port, Airport & Marina Revenue — 4.2%
1,500,000	Port Auth. of New York & New Jersey (Consolidated 2 Hundred Eleventh) Ref. Ser. 18	5.000		09/01/2048		1,819,125
1,000,000	Port Auth. of New York & New Jersey Ref. Ser. 15-194	5.250		10/15/2055		1,172,190
						2,991,315
	Recreational Revenue — 2.8%
2,000,000	New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09 AGC	7.000		03/01/2049		2,009,580
	Sales Tax Revenue — 1.7%
1,000,000	New York State Dormitory Auth. State Sales Tax Rev. Ref. (Bid Group 4) Ser. 18C	5.000		03/15/2043		1,203,910
	Transit Revenue — 3.2%
1,000,000	Metropolitan Transportation Auth. New York (Green Bond) Rev. Ser. 16A-1	5.250		11/15/2056		1,160,260
1,000,000	Metropolitan Transportation Auth. New York (Green Bond) Rev. Ser. 19B AGM	4.000		11/15/2049		1,097,710
						2,257,970
	Water Revenue — 4.6%
1,000,000	New York City Municipal Finance Auth. Water & Sewer System Rev. Ref. Ser. 17EE	5.250		06/15/2037		1,232,080
2,000,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 18DD1	3.625		06/15/2048		2,080,680
						3,312,760
	Total Investments in Securities (Cost $64,891,845)(a)— 95.1%					67,755,576
	Other assets less liabilities—4.9%					3,461,844
	Net Assets—100.0%				$	71,217,420

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) 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 May 31, 2019. 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 Corp.		6.7	%

Schedule of Investments

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

Schedule of Investments^(a)

Invesco Preferred ETF (PGX)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Preferred Stocks & Other Equity Interests - 99.8%
		Automobiles & Components - 0.4%
	768,000	Ford Motor Co., 6.20% Pfd.(b)	$	19,301,885
		Banks - 35.2%
	105,777	Associated Banc-Corp., 5.38%, Series D Pfd.(b)		2,605,288
	56,453	Associated Banc-Corp., 5.88%, Series E Pfd.(b)		1,463,826
	1,542,584	Bank of America Corp., 5.88%, Series HH Pfd.(b)		40,492,830
	1,364,733	Bank of America Corp., 6.00%, Series EE Pfd.		36,260,956
	2,217,157	Bank of America Corp., 6.00%, Series GG Pfd.		58,821,175
	1,674,218	Bank of America Corp., 6.20%, Series CC Pfd.		43,998,449
	2,605,952	Bank of America Corp., 6.50%, Series Y Pfd.(b)		67,051,145
	1,924,340	Bank of America Corp., 6.63%, Series W Pfd.		48,993,696
	714,417	BB&T Corp., 5.63% Pfd.(b)		18,360,517
	3,587,735	BB&T Corp., 5.63%, Series E Pfd.(b)		90,052,148
	478,672	BB&T Corp., 5.85% Pfd.(b)		12,115,188
	230,770	BOK Financial Corp., 5.38% Pfd.(b)		5,974,635
	1,587,711	Citigroup, Inc., 6.30%, Series S Pfd.(b)		41,296,363
	3,306,308	Citigroup, Inc., 6.88%, Series K Pfd.		89,799,325
	381,803	Citigroup, Inc., 7.13%, Series J Pfd.(b)		10,591,215
	451,886	Citizens Financial Group, Inc., 6.35%, Series D Pfd.(b)		12,087,951
	248,858	Commerce Bancshares, Inc., 6.00%, Series B Pfd.(b)		6,537,500
	245,503	Cullen/Frost Bankers, Inc., 5.38% Pfd.(b)		6,373,258
	797,544	Fifth Third Bancorp, 6.63%, Series I Pfd.(b)		21,948,411
	150,559	First Horizon National Corp., 6.20%, Series A Pfd.(b)		3,964,218
	292,581	First Republic Bank, 5.13%, Series H Pfd.		7,273,564
	311,962	First Republic Bank, 5.50%, Series D Pfd.		7,923,835
	255,105	First Republic Bank, 5.50%, Series G Pfd.(b)		6,479,667
	488,004	First Republic Bank, 5.50%, Series I Pfd.(b)		12,414,822
	260,254	First Republic Bank, 5.70%, Series F Pfd.		6,847,283
	244,861	Hancock Whitney Corp., 5.95% Pfd.(b)		6,351,694
	165,178	Huntington Bancshares, Inc., 5.88%, Series C Pfd.(b)		4,334,271
	872,525	Huntington Bancshares, Inc., 6.25%, Series D Pfd.(b)		22,807,804
	60,302	ING Groep NV, 6.13% Pfd. (Netherlands)		1,549,761
	1,497,342	JPMorgan Chase & Co., 5.45%, Series P Pfd.		38,466,716
	2,661,205	JPMorgan Chase & Co., 5.75%, Series DD Pfd.		70,069,528
	2,145,623	JPMorgan Chase & Co., 6.00%, Series EE Pfd.		56,923,378
	1,947,674	JPMorgan Chase & Co., 6.10%, Series AA Pfd.(b)		50,620,047
	2,856,271	JPMorgan Chase & Co., 6.13%, Series Y Pfd.		73,320,477
	2,047,905	JPMorgan Chase & Co., 6.15%, Series BB Pfd.(b)		53,491,279
	1,010,308	JPMorgan Chase & Co., 6.30%, Series W Pfd.		25,742,648
	312,651	KeyCorp, 5.63%, Series G Pfd.		7,969,474
	664,461	KeyCorp, 5.65%, Series F Pfd.(b)		16,651,393

798,705	KeyCorp, 6.13%, Series E Pfd.(b)	$	22,259,908
112,620	MB Financial, Inc., 6.00%, Series C Pfd.		2,933,751
411,639	People’s United Financial, Inc., 5.63%, Series A Pfd.(b)		10,595,588
2,961,318	PNC Financial Services Group, Inc. (The), 6.13%, Series P Pfd.(b)		79,037,577
693,494	Regions Financial Corp., 5.70%, Series C Pfd.		17,600,878
809,961	Regions Financial Corp., 6.38%, Series A Pfd.(b)		20,419,117
760,595	Regions Financial Corp., 6.38%, Series B Pfd.(b)		20,634,942
322,401	Synovus Financial Corp., 6.30%, Series D Pfd.(b)		8,450,130
297,465	TCF Financial Corp., 5.70%, Series C Pfd.(b)		7,451,498
404,615	Texas Capital Bancshares, Inc., 6.50%, Series A Pfd.		10,487,621
749,622	U.S. Bancorp, 5.15% Pfd.(b)		18,748,046
1,512,184	U.S. Bancorp, 6.50%, Series F Pfd.		40,647,506
487,344	Unum Group, 6.25% Pfd.		12,641,703
1,047,816	US Bancorp, 5.50%, Series K Pfd.		27,347,998
163,227	Valley National Bancorp, 5.50%, Series B Pfd.		4,229,212
198,736	Valley National Bancorp, 6.25%, Series A Pfd.(b)		5,642,115
246,907	Webster Financial Corp., 5.25%, Series F Pfd.(b)		6,017,124
851,374	Wells Fargo & Co., 5.13%, Series O Pfd.(b)		21,216,240
948,777	Wells Fargo & Co., 5.20% Pfd.(b)		23,681,474
1,974,622	Wells Fargo & Co., 5.50%, Series X Pfd.(b)		50,056,668
1,296,537	Wells Fargo & Co., 5.63%, Series Y Pfd.(b)		32,906,109
1,784,946	Wells Fargo & Co., 5.70%, Series W Pfd.(b)		45,766,015
2,882,131	Wells Fargo & Co., 5.85%, Series Q Pfd.		73,840,196
1,192,416	Wells Fargo & Co., 6.00%, Series T Pfd.(b)		30,287,366
1,629,930	Wells Fargo & Co., 6.00%, Series V Pfd.(b)		42,345,581
1,334,736	Wells Fargo & Co., 6.63%, Series R Pfd.(b)		37,466,040
203,401	Wintrust Financial Corp., 6.50%, Series D Pfd.		5,792,860
231,631	Zions Bancorp NA, 5.75%, Series H Pfd.(b)		5,939,019
18,193	Zions Bancorp NA, 6.30%, Series G Pfd.(b)		487,754
			1,772,955,771
	Capital Markets - 14.4%
373,670	Affiliated Managers Group, Inc., 5.88% Pfd.(b)		9,584,635
417,607	Apollo Global Management LLC, 6.38%, Series A Pfd.(b)		10,648,978
459,331	Apollo Global Management LLC, 6.38%, Series B Pfd.(b)		11,667,007
256,633	Apollo Investment Corp., 6.88% Pfd.		6,698,121
528,148	Ares Management Corp., 7.00%, Series A Pfd.(b)		14,043,455
935,566	Bank of New York Mellon Corp. (The), 5.20% Pfd.(b)		23,482,707
197,410	Brightsphere Investment Group PLC, 5.13% Pfd.		4,650,980
660,943	Carlyle Group LP (The), 5.88%, Series A Pfd.(b)		15,479,285
1,124,080	Charles Schwab Corp. (The), 5.95%, Series D Pfd.		29,405,933
979,776	Charles Schwab Corp. (The), 6.00%, Series C Pfd.		25,591,749
3,250,151	Deutsche Bank Contingent Capital Trust V, 8.05% Pfd. (Germany)		83,008,857
1,659,277	Goldman Sachs Group, Inc. (The), 5.50%, Series J Pfd.(b)		42,875,718
190,911	Goldman Sachs Group, Inc. (The), 6.20%, Series B Pfd.(b)		5,106,869
983,035	Goldman Sachs Group, Inc. (The), 6.30%, Series N Pfd.(b)		25,912,803

Schedule of Investments^(a)

1,082,289	Goldman Sachs Group, Inc. (The), 6.38%, Series K Pfd.(b)	$	29,254,272
254,284	KKR & Co., Inc., 6.50%, Series B Pfd.(b)		6,695,298
553,705	KKR & Co., Inc., 6.75%, Series A Pfd.(b)		14,634,423
714,810	Legg Mason, Inc., 5.45% Pfd.		17,827,361
545,596	Legg Mason, Inc., 6.38% Pfd.(b)		14,720,180
1,541,207	Morgan Stanley, 5.85%, Series K Pfd.(b)		40,687,865
1,667,264	Morgan Stanley, 6.38%, Series I Pfd.		44,716,020
1,074,202	Morgan Stanley, 6.63%, Series G Pfd.(b)		27,413,635
919,842	Morgan Stanley, 6.88%, Series F Pfd.(b)		25,534,814
1,232,067	Morgan Stanley, 7.13%, Series E Pfd.(b)		34,436,273
645,960	Northern Trust Corp., 5.85%, Series C Pfd.(b)		16,762,662
412,788	Oaktree Capital Group LLC, 6.55%, Series B Pfd.(b)		10,472,432
305,878	Oaktree Capital Group LLC, 6.63%, Series A Pfd.(b)		7,802,948
310,592	Prospect Capital Corp., 6.25% Pfd.		7,820,707
730,392	State Street Corp., 5.25%, Series C Pfd.(b)		18,157,545
728,951	State Street Corp., 5.35%, Series G Pfd.(b)		19,054,779
1,211,611	State Street Corp., 5.90%, Series D Pfd.(b)		32,216,736
1,185,784	State Street Corp., 6.00%, Series E Pfd.		30,000,335
371,101	Stifel Financial Corp., 5.20% Pfd.(b)		9,121,663
255,586	Stifel Financial Corp., 6.25%, Series A Pfd.(b)		6,596,675
172,150	Stifel Financial Corp., 6.25%, Series B Pfd.(b)		4,425,976
			726,509,696
	Chemicals - 0.1%
71,074	E.I. du Pont de Nemours & Co., 4.50%, Series B Pfd.(b)		7,714,372
	Commercial Services & Supplies - 0.3%
717,858	Pitney Bowes, Inc., 6.70% Pfd.(b)		14,357,160
	Consumer Finance - 2.9%
974,589	Capital One Financial Corp., 5.20%, Series G Pfd.(b)		24,257,520
1,253,793	Capital One Financial Corp., 6.00%, Series B Pfd.(b)		31,545,432
808,399	Capital One Financial Corp., 6.00%, Series H Pfd.(b)		21,050,710
810,659	Capital One Financial Corp., 6.20%, Series F Pfd.		20,882,576
750,011	Capital One Financial Corp., 6.25%, Series C Pfd.		18,945,278
751,958	Capital One Financial Corp., 6.70%, Series D Pfd.		19,122,292
514,899	Navient Corp., 6.00% Pfd.		10,812,879
			146,616,687
	Diversified Financials - 0.2%
373,294	National Rural Utilities Cooperative Finance Corp., 5.50%, Series US Pfd.		9,556,326
	Diversified Telecommunication Services - 4.4%
2,005,783	AT&T, Inc., 5.35% Pfd.		51,729,143
1,262,567	AT&T, Inc., 5.63% Pfd.(b)		33,028,753
1,691,449	Qwest Corp., 6.13% Pfd.(b)		37,871,543
1,647,133	Qwest Corp., 6.50% Pfd.		37,867,588
594,482	Qwest Corp., 6.63% Pfd.(b)		14,802,602
857,506	Qwest Corp., 6.75% Pfd.		20,871,696
732,415	Qwest Corp., 6.88% Pfd.		18,420,237
289,307	Qwest Corp., 7.00% Pfd.(b)		7,354,184
			221,945,746
	Electric Utilities - 8.5%
383,036	Alabama Power Co., 5.00%, Series A Pfd.		9,744,436
852,695	Duke Energy Corp., 5.13% Pfd.(b)		21,291,794
805,454	Duke Energy Corp., 5.63% Pfd.		21,521,731
1,333,211	Duke Energy Corp., 5.75%, Series A Pfd.(b)		35,250,099

468,216	Entergy Arkansas LLC, 4.88% Pfd.(b)	$	11,817,772
52,355	Entergy Arkansas LLC, 4.90% Pfd.(b)		1,336,100
426,404	Entergy Louisiana LLC, 4.88% Pfd.(b)		10,724,061
426,288	Entergy Louisiana LLC, 5.25% Pfd.(b)		10,870,344
430,916	Entergy Mississippi LLC, 4.90% Pfd.(b)		10,988,358
429,211	Entergy New Orleans LLC, 5.50% Pfd.		11,228,160
634,789	Entergy Texas, Inc., 5.63% Pfd.(b)		16,961,562
438,018	Georgia Power Co., 5.00%, Series 2017 Pfd.		11,103,756
314,232	Interstate Power & Light Co., 5.10%, Series D Pfd.(b)		8,031,770
1,039,153	Nextera Energy Capital Holdings, Inc., 5.65%, Series N Pfd.(b)		26,945,237
812,764	NextEra Energy Capital Holdings, Inc., 5.00% Pfd.(b)		19,855,824
743,414	NextEra Energy Capital Holdings, Inc., 5.13%, Series I Pfd.(b)		18,258,248
743,280	NextEra Energy Capital Holdings, Inc., 5.25%, Series K Pfd.(b)		19,221,221
715,276	PPL Capital Funding, Inc., 5.90%, Series B Pfd.(b)		17,989,191
285,156	SCE Trust II, 5.10% Pfd.		6,053,862
346,010	SCE Trust III, 5.75%, Series H Pfd.		8,363,062
512,423	SCE Trust IV, 5.38%, Series J Pfd.		11,888,214
512,704	SCE Trust V, 5.45%, Series K Pfd.		11,976,765
974,916	SCE Trust VI, 5.00% Pfd.		20,326,999
692,582	Southern Co. (The), 5.25% Pfd.(b)		17,446,140
1,225,583	Southern Co. (The), 5.25% Pfd.		31,534,251
1,517,964	Southern Co. (The), 6.25% Pfd.		39,618,860
			430,347,817
	Equity REITs - 9.4%
238,576	American Homes 4 Rent, 5.88%, Series F Pfd.		5,883,284
180,564	American Homes 4 Rent, 5.88%, Series G Pfd.(b)		4,566,463
179,369	American Homes 4 Rent, 6.25%, Series H Pfd.		4,631,307
187,234	Boston Properties, Inc., 5.25%, Series B Pfd.		4,658,382
90,150	CBL & Associates Properties, Inc., 6.63%, Series E Pfd.(b)		741,033
668,896	CBL & Associates Properties, Inc., 7.38%, Series D Pfd.(b)		5,698,994
398,794	Digital Realty Trust, Inc., 5.25%, Series J Pfd.(b)		9,969,850
510,360	Digital Realty Trust, Inc., 5.88%, Series G Pfd.(b)		12,891,694
385,430	Digital Realty Trust, Inc., 6.35%, Series I Pfd.		10,086,703
260,235	Digital Realty Trust, Inc., 6.63%, Series C Pfd.(b)		6,948,274
253,306	EPR Properties, 5.75%, Series G Pfd.(b)		6,218,662
245,548	Federal Realty Investment Trust, 5.00%, Series C Pfd.(b)		6,126,423
505,225	Kimco Realty Corp., 5.13%, Series L Pfd.		11,837,422
426,667	Kimco Realty Corp., 5.25%, Series M Pfd.(b)		10,154,675
339,555	Kimco Realty Corp., 5.50%, Series J Pfd.(b)		8,363,240
348,576	Kimco Realty Corp., 6.00%, Series I Pfd.		8,850,345
533,241	National Retail Properties, Inc., 5.20%, Series F Pfd.(b)		13,027,078
431,122	National Retail Properties, Inc., 5.70%, Series E Pfd.		10,954,810
470,180	Office Properties Income Trust, 5.88% Pfd.		11,763,904
420,285	PS Business Parks, Inc., 5.20%, Series W Pfd.(b)		10,263,360
336,473	PS Business Parks, Inc., 5.20%, Series Y Pfd.(b)		8,233,494
436,385	PS Business Parks, Inc., 5.25%, Series X Pfd.(b)		10,909,625

Schedule of Investments^(a)

245,539	PS Business Parks, Inc., 5.70%, Series V Pfd.	$	6,214,592
961,160	Public Storage, 4.90%, Series E Pfd.(b)		23,567,643
794,748	Public Storage, 4.95%, Series D Pfd.(b)		19,598,486
733,893	Public Storage, 5.05%, Series G Pfd.		18,317,969
484,335	Public Storage, 5.13%, Series C Pfd.(b)		12,263,362
447,310	Public Storage, 5.15%, Series F Pfd.(b)		11,236,427
727,274	Public Storage, 5.20%, Series W Pfd.		18,152,759
965,393	Public Storage, 5.40%, Series B Pfd.		24,685,099
305,772	Public Storage, 5.60%, Series H Pfd.(b)		7,986,765
286,146	Public Storage, 5.88%, Series A Pfd.(b)		7,445,519
98,857	Public Storage, 6.00%, Series Z Pfd.(b)		2,502,071
50,546	QTS Realty Trust, Inc., 7.13%, Series A Pfd.(b)		1,309,141
587,935	Senior Housing Properties Trust, 5.63% Pfd.		12,652,361
422,839	Senior Housing Properties Trust, 6.25% Pfd.(b)		10,203,105
297,756	Site Centers Corp., 6.25%, Series K Pfd.(b)		7,527,272
204,365	Site Centers Corp., 6.38%, Series A Pfd.		5,162,260
312,175	Site Centers Corp., 6.50%, Series J Pfd.		7,704,479
359,965	SL Green Realty Corp., 6.50%, Series I Pfd.		9,373,489
283,099	Spirit Realty Capital, Inc., 6.00%, Series A Pfd.(b)		7,023,686
1,670,357	VEREIT, Inc., 6.70%, Series F Pfd.		41,959,368
514,751	Vornado Realty Trust, 5.25%, Series M Pfd.		12,323,139
338,992	Vornado Realty Trust, 5.40%, Series L Pfd.		8,339,203
546,952	Vornado Realty Trust, 5.70%, Series K Pfd.		13,690,208
159,357	Washington Prime Group, Inc., 6.88%, Series I Pfd.(b)		3,000,692
			475,018,117
	Gas Utilities - 0.2%
348,597	Spire, Inc., 5.90%, Series A Pfd.		9,021,690
	Insurance - 13.0%
1,524,656	Aegon NV, 6.38% Pfd. (Netherlands)		38,909,221
791,943	Allstate Corp. (The), 5.10% Pfd.(b)		20,004,480
494,552	Allstate Corp. (The), 5.63%, Series A Pfd.(b)		12,517,111
980,272	Allstate Corp. (The), 5.63%, Series G Pfd.(b)		25,438,058
403,134	Allstate Corp. (The), 6.25%, Series F Pfd.(b)		10,320,230
1,201,721	Allstate Corp. (The), 6.63%, Series E Pfd.(b)		30,655,903
59,024	American Financial Group, Inc., 5.88% Pfd.(b)		1,570,629
181,385	American Financial Group, Inc., 6.00% Pfd.		4,794,006
469,585	American Financial Group, Inc., 6.25% Pfd.(b)		12,321,910
671,662	American International Group, Inc., 5.85%, Series A Pfd.		17,698,294
740,594	Arch Capital Group Ltd., 5.25%, Series E Pfd.		17,359,523
510,515	Arch Capital Group Ltd., 5.45%, Series F Pfd.		12,487,197
204,620	Argo Group US, Inc., 6.50% Pfd.(b)		5,166,655
465,389	Aspen Insurance Holdings Ltd., 5.63% Pfd. (Bermuda)		11,434,608
383,498	Aspen Insurance Holdings Ltd., 5.95% Pfd. (Bermuda)(b)		9,863,569
538,354	Assured Guaranty Municipal Holdings, Inc., 6.25% Pfd.(b)		14,061,806
316,573	Axis Capital Holdings Ltd., 5.50%, Series D Pfd.(b)		7,765,536
853,913	Axis Capital Holdings Ltd., 5.50%, Series E Pfd.(b)		20,972,103

613,908	Brighthouse Financial, Inc., 6.25% Pfd.(b)	$	15,685,349
537,697	Brighthouse Financial, Inc., 6.60%, Series A Pfd.(b)		14,399,526
653,514	Enstar Group Ltd., 7.00%, Series D Pfd. (Bermuda)(b)		16,788,775
144,250	Enstar Group Ltd., 7.00%, Series E Pfd. (Bermuda)		3,658,180
290,125	Hanover Insurance Group, Inc. (The), 6.35% Pfd.(b)		7,363,373
480,618	Hartford Financial Services Group, Inc. (The), 6.00%, Series G Pfd.(b)		12,630,641
1,001,446	Hartford Financial Services Group, Inc. (The), 7.88% Pfd.		28,461,095
234,677	Kemper Corp., 7.38% Pfd.(b)		6,017,118
1,340,151	MetLife, Inc., 5.63%, Series E Pfd.(b)		34,884,131
636,733	PartnerRe Ltd., 5.88%, Series I Pfd. (Bermuda)(b)		16,332,201
513,508	PartnerRe Ltd., 7.25%, Series H Pfd. (Bermuda)(b)		13,700,393
914,928	Prudential Financial, Inc., 5.63% Pfd.(b)		24,227,293
1,232,870	Prudential Financial, Inc., 5.70% Pfd.(b)		30,920,380
883,386	Prudential Financial, Inc., 5.75% Pfd.(b)		22,287,829
861,668	Prudential PLC, 6.50% Pfd. (United Kingdom)		22,765,269
615,353	Reinsurance Group of America, Inc., 5.75% Pfd.(b)		16,374,543
674,699	Reinsurance Group of America, Inc., 6.20% Pfd.(b)		18,115,668
642,940	RenaissanceRe Holdings Ltd., 5.38%, Series E Pfd. (Bermuda)(b)		15,771,318
357,245	RenaissanceRe Holdings Ltd., 5.75%, Series F Pfd. (Bermuda)		8,948,987
553,415	Torchmark Corp., 6.13% Pfd.		14,665,498
596,205	W.R. Berkley Corp., 5.63% Pfd.(b)		15,203,228
545,182	W.R. Berkley Corp., 5.75% Pfd.		13,635,002
129,536	W.R. Berkley Corp., 5.90% Pfd.		3,303,168
253,723	WR Berkley Corp., 5.70% Pfd.(b)		6,398,894
			655,878,698
	Internet Software & Services - 0.6%
1,206,598	eBay, Inc., 6.00% Pfd.(b)		31,769,725
	Leisure Products - 0.3%
280,370	Brunswick Corp., 6.38% Pfd.(b)		7,205,509
260,220	Brunswick Corp., 6.50% Pfd.(b)		6,713,676
83,284	Brunswick Corp., 6.63% Pfd.		2,156,223
			16,075,408
	Machinery - 0.6%
1,231,495	Stanley Black & Decker, Inc., 5.75% Pfd.(b)		31,292,288
	Mortgage REITs - 0.3%
564,382	Wells Fargo Real Estate Investment Corp., 6.38%, Series A Pfd.(b)		14,600,562
	Multi-Utilities - 3.6%
442,129	Algonquin Power & Utilities Corp., 6.88% Pfd. (Canada)		11,689,891
314,993	CMS Energy Corp., 5.63% Pfd.(b)		8,142,569
398,978	CMS Energy Corp., 5.88% Pfd.(b)		10,728,518
1,030,682	CMS Energy Corp., 5.88% Pfd.		26,725,584
1,309,487	Dominion Energy, Inc., 5.25%, Series A Pfd.		33,588,342
625,935	DTE Energy Co., 5.25%, Series E Pfd.		16,023,936
509,948	DTE Energy Co., 5.38%, Series B Pfd.(b)		13,309,643
819,575	DTE Energy Co., 6.00%, Series F Pfd.		21,620,388
674,421	Integrys Holding, Inc., 6.00% Pfd.		17,636,109
764,379	NiSource, Inc., 6.50%, Series B Pfd.		20,141,387
			179,606,367
	Oil, Gas & Consumable Fuels - 2.5%
189,736	Dcp Midstream LP, 7.95%, Series C Pfd.(b)		4,714,940
253,260	DCP Midstream LP, 7.88%, Series B Pfd.		6,065,577

Schedule of Investments^(a)

916,353	Enbridge, Inc., 6.38%, Series B Pfd. (Canada)(b)	$	24,210,046
714,431	Energy Transfer Operating LP, 7.38%, Series C Pfd.(b)		16,674,820
1,181,793	Energy Transfer Operating LP, 7.60%, Series E Pfd.		29,143,015
636,349	Energy Transfer Operating LP, 7.63%, Series D Pfd.		15,329,647
426,446	NuStar Energy LP, 7.63%, Series B Pfd.		8,563,036
384,454	NuStar Energy LP, 8.50%, Series A Pfd.(b)		8,784,774
312,109	NuStar Energy LP, 9.00%, Series C Pfd.(b)		7,318,956
203,139	Targa Resources Partners LP, 9.00%, Series A Pfd.(b)		5,549,757
			126,354,568
	Real Estate - 0.1%
172,900	Digital Realty Trust, Inc., 5.85%, Series K Pfd.(b)		4,464,278
	Real Estate Management & Development - 0.1%
198,140	Brookfield Property Partners LP, 6.50% Pfd. (Bermuda)		4,945,574
	Specialty Retail - 0.2%
326,889	QVC, Inc., 6.38% Pfd.(b)		8,142,805
	Thrifts & Mortgage Finance - 0.4%
797,235	New York Community Bancorp, Inc., 6.38%, Series A Pfd.(b)		20,959,308
	Trading Companies & Distributors - 0.3%
392,512	Air Lease Corp., 6.15%, Series A Pfd.(b)		10,421,194
255,604	GATX Corp., 5.63% Pfd.		6,712,161
			17,133,355
	Utilities - 0.3%
520,850	Algonquin Power & Utilities Corp., 6.20%, Series 19-A Pfd. (Canada)		13,266,050
	Wireless Telecommunication Services - 1.5%
468,357	Telephone & Data Systems, Inc., 5.88% Pfd.(b)		11,114,112
864,501	Telephone & Data Systems, Inc., 6.63% Pfd.(b)		23,877,518
553,297	United States Cellular Corp., 6.95% Pfd.(b)		13,937,551
510,967	United States Cellular Corp., 7.25% Pfd.(b)		13,555,954
464,023	United States Cellular Corp., 7.25% Pfd.		12,069,238
			74,554,373
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $5,068,045,813)-99.8%		5,032,388,626
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 0.6%
21,238,993	Invesco Government & Agency Portfolio - Institutional Class 2.31%(c)(d)		21,238,993
7,202,332	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(c)(d)		7,204,493
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,443,486)		28,443,486
	Total Investments in Securities  (Cost $5,096,489,299)-100.4%		5,060,832,112
	Other assets less liabilities-(0.4)%		(19,836,849	)
	Net Assets-100.0%	$	5,040,995,263

Abbreviations:

Pfd. - Preferred

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 May 31, 2019.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments

Invesco Taxable Municipal Bond ETF (BAB)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds — 95.5%
		Ad Valorem Property Tax — 16.5%
	$3,000,000	Anchorage Alaska Ser. 10A-2		5.910	%		04/01/2030	$	3,090,540
	1,500,000	Bexar County Texas Ser. 10		5.755			06/15/2040		1,503,330
	14,890,000	California State Highway Safety Air Quality Remarketed Ser. 09B		6.509			04/01/2039		16,161,308
	8,505,000	California State Ser. 09		7.350			11/01/2039		12,801,556
	1,010,000	Carson City Nevada (Water Improvement) Ser. 10A		6.662			11/01/2039		1,046,784
	2,000,000	Channelview Texas Independent School District Ser. 10 PSF-GTD		5.926			08/15/2035		2,047,500
	2,000,000	Chicago Illinois (Recovery Zone Economic Development) Ser. 10D		6.257			01/01/2040		2,092,960
	2,000,000	Chicago Illinois (Taxable Project) Ser. 10B		7.517			01/01/2040		2,340,500
	6,205,000	Chicago Illinois Ser. 10C		6.207			01/01/2036		6,531,631
	1,500,000	Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A		6.554			07/01/2030		1,883,430
	1,620,000	Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A		6.754			07/01/2038		2,300,303
	4,560,000	Clark County Nevada Ser. 10		7.000			07/01/2038		4,780,157
	4,955,000	Commonwealth of Pennsylvania First Ser. 10B		4.650			02/15/2026		5,342,580
	1,600,000	Cook County Illinois Community Consolidated (School District No. 65) Ser. 09		4.400			12/01/2020		1,602,848
	700,000	Corpus Christi Texas Independent School District (School Building) Ser. 10B PSF-GTD		6.124			08/15/2032		730,940
	5,170,000	Dallas Texas Independent School District Ser. 10C PSF-GTD		6.450			02/15/2035		5,525,748
	200,000	Delaware State Ser. 09D		5.200			10/01/2026		201,832
	500,000	Denver Colorado City & County School District No. 1 Ser. 09C		5.664			12/01/2033		627,225
	1,000,000	Douglas County Nevada School District Ser. 10A PSF-GTD		6.110			04/01/2030		1,029,900
	605,000	Hallettsville Texas Independent School Ser. 10 PSF-GTD		6.265			08/15/2030		630,755
	1,000,000	Hallettsville Texas Independent School Ser. 10 PSF-GTD		6.465			08/15/2035		1,034,010
	1,000,000	Hawaii State Ser. 10DX		5.530			02/01/2030		1,231,450
	2,000,000	Hayward California Unified School District Ser. 10 AGM(a)		7.350			08/01/2020		2,115,840
	1,000,000	Hillsborough County Florida Ser. 09B		6.350			07/01/2039		1,002,860
	200,000	Itasca Illinois Ser. 09A		6.100			02/01/2034		204,738
	320,000	Itasca Illinois Ser. 09A		6.200			02/01/2039		327,456
	2,000,000	Kiski Pennsylvania Area School District Ser. 10 AGM		6.526			09/01/2031		2,109,180
	1,000,000	Lancaster Texas Ser. 10		6.528			02/15/2040		1,025,640
	1,000,000	Las Vegas Valley Nevada Water District Ser. 09A		7.100			06/01/2039		1,000,000
	500,000	Los Angeles California Unified School District Qualified School Construction Bonds (Election of 2005) Ser. 10J-1		5.981			05/01/2027		609,610
	200,000	Louisville & Jefferson County Kentucky Metro Government (Recovery Zone Economic Development) Ser. 09E		5.450			11/15/2027		240,554
	4,300,000	Massachusetts State Ser. 10		4.480			05/01/2024		4,705,490
	7,765,000	Massachusetts State Ser. 10		4.910			05/01/2029		9,112,383
	1,500,000	Massachusetts State Ser. 16F		3.277			06/01/2046		1,478,880
	10,000,000	Metro Oregon Ser. 19		3.250			06/01/2028		10,622,500
	3,000,000	Mississippi State Ser. 09D		5.539			10/01/2029		3,567,300
	1,000,000	Montgomery County Pennsylvania Ser. 10(a)		6.030			03/01/2020		1,025,420
	3,000,000	Napa Valley California University School District Ser. 10B		6.507			08/01/2043		4,367,700
	4,835,000	New Britain Connecticut Ref. Ser. 18 BAM		4.350			03/01/2039		5,089,176
	1,000,000	New Orleans Louisiana Ser. 10A		8.800			12/01/2039		1,029,950
	1,500,000	New York City New York Ser. 09		5.985			12/01/2036		1,929,210
	1,000,000	New York City New York Ser. 09D-1		6.385			12/01/2029		1,019,340
	1,000,000	New York City New York Ser. 10		5.646			06/01/2027		1,175,060
	2,710,000	New York City New York Ser. 10		5.817			10/01/2031		2,831,408
	3,920,000	New York City New York Ser. 10		6.246			06/01/2035		4,066,177
	8,495,000	New York City New York Ser. 10		5.968			03/01/2036		11,163,109
	5,000,000	New York City New York Ser. 10		5.846			06/01/2040		6,639,450
	1,965,000	New York City New York Taxable Ser. 10F-1		6.271			12/01/2037		2,713,056
	960,000	North Las Vegas Nevada Ser. 10		5.372			06/01/2019		960,000
	1,000,000	NYE County Nevada Ser. 10B AGM		6.300			08/01/2035		1,032,710
	1,000,000	NYE County Nevada Ser. 10B AGM		6.400			08/01/2040		1,031,880
	1,450,000	Peoria Illinois Community Unit (School District No. 323) Ser. 10		6.020			04/01/2028		1,492,108
	1,000,000	Philadelphia Pennsylvania School District Ser. 10		6.615			06/01/2030		1,221,320
	1,000,000	Quaker Valley Pennsylvania School District Ser. 10 AGM		5.959			10/01/2030		1,050,680
	2,000,000	Round Rock Texas Independent School District Ser. 10 PSF-GTD		5.774			08/01/2030		2,083,240
	1,000,000	Round Rock Texas Independent School District Ser. 10B		6.054			08/01/2035		1,006,040
	2,000,000	San Antonio Texas Independent School District Ser. 10 PSF-GTD		6.397			08/15/2040		2,091,960
	1,500,000	San Francisco California City & County Ser. 10		6.260			06/15/2030		1,957,875
	3,850,000	San Francisco California City & County Ser. 10D		6.260			06/15/2030		4,983,132

Schedule of Investments

$    1,000,000	San Mateo California Union High School District Ser. 10B	6.733	%	09/01/2034	$	1,052,710
1,000,000	Snohomish County Washington Public Hospital District No. 3 (Cascade Valley Hospital) Ser. 10B	6.329		12/01/2035		1,037,960
200,000	Southwestern Community College District California Ser. 09B	7.130		08/01/2031		201,416
725,000	Utah State Ser. 09D	4.554		07/01/2024		770,588
675,000	Wilson County Tennessee Tenth Special School District Ser. 10(a)	6.130		04/01/2020		695,857
						178,378,250
	College & University Revenue — 11.5%
1,000,000	California Infrastructure & Economic Development Bank (California Infrastructure Economic Development) Rev. Ser. 10	6.486		05/15/2049		1,410,630
900,000	California State University Rev. Ser. 10	6.484		11/01/2041		1,267,920
1,000,000	Colorado State Board Governors University Enterprise System Rev. Ser. 10	5.957		03/01/2033		1,237,260
2,000,000	Indiana University Rev. Ser. 10	5.536		06/01/2030		2,063,100
1,500,000	Indiana University Rev. Ser. 10	5.636		06/01/2035		1,548,225
5,000,000	Massachusetts State College Building Auth. Ser. 09C	5.832		05/01/2030		6,085,050
1,215,000	Mesa State College Colorado (Auxiliary Facilities Enterprise) Rev. Ser. 09B	5.800		05/15/2040		1,547,971
5,000,000	Missouri State Health & Educational Facilities Auth. (Saint Louis University) Rev. Ser. 19B	4.200		10/01/2049		5,545,550
3,000,000	New Jersey State Educational Facilities Auth. Rev. Ser. 10	6.190		07/01/2040		3,093,990
425,000	New Mexico State University Regents Improvement Rev. Ser. 10B(a)	6.124		04/01/2020		437,367
575,000	New Mexico State University Regents Improvement Rev. Ser. 10B	6.124		04/01/2030		592,923
3,000,000	New York State Dormitory Auth. Non State Supported Debt (Green Bond-New York University) Rev. Ser. 19B-2	4.014		07/01/2049		3,354,840
5,000,000	New York State Dormitory Auth. Non-State Supported Debt (New York University) Rev. Ser. 18B	4.850		07/01/2048		5,528,850
1,000,000	North Carolina State University at Raleigh Rev. Ser. 10B	5.927		10/01/2030		1,049,180
3,000,000	Northern Arizona University (Arizona Board of Regents) Rev. Ser. 10A	6.593		08/01/2030		3,134,130
500,000	Northern Arizona University Rev. Ser. 09A	6.687		06/01/2039		519,740
6,000,000	Oregon State University General Rev. Ser. 19	4.052		04/01/2052		6,257,460
1,000,000	Pennsylvania State Higher Educational Facilities Auth. (Temple University) Rev. Ser. 10	6.141		04/01/2030		1,218,150
905,000	Rutgers The State University of New Jersey Ser. 10	5.545		05/01/2029		1,049,429
2,000,000	Texas State A&M University Fund Ref. Ser. 17B	3.660		07/01/2047		2,054,400
2,500,000	Texas State A&M University Rev. Ser. 19A	4.197		05/15/2048		2,630,600
1,500,000	University of California Rev. Ref. Ser. 16AS	3.552		05/15/2039		1,570,575
8,745,000	University of California Rev. Ser. 10	5.946		05/15/2045		11,758,352
1,577,000	University of California Rev. Ser. 15AQ	4.767		05/15/2115		1,858,731
15,000,000	University of California Rev. Ser. 19BD	3.349		07/01/2029		15,839,850
5,770,000	University of Delaware Ser. 18	4.071		11/01/2050		6,460,957
3,000,000	University of Hawaii Rev. Ser. 10	5.834		10/01/2030		3,135,480
5,000,000	University of Hawaii Rev. Ser. 10	6.034		10/01/2040		5,237,150
1,500,000	University of Massachusetts Building Auth. Project Rev. Ser. 10	4.550		11/01/2025		1,668,000
250,000	University of Michigan University Rev. Ser. 10A	5.513		04/01/2030		303,440
500,000	University of North Carolina University Ser. 09B	5.757		12/01/2039		508,755
10,000,000	University of Texas Permanent Fund (Permanent University Fund Boards) Ser. 17A	3.376		07/01/2047		10,202,900
500,000	University of Texas Ser. 09B	6.276		08/15/2041		503,800
10,000,000	University of Texas System Ser. 10C	4.644		08/15/2030		11,611,300
1,435,000	Washington State Biomedical Research Facilities No. 3 Ser. 10B	6.416		07/01/2030		1,785,872
250,000	Wayne State University Ser. 09B	6.536		11/15/2039		253,950
						124,325,877
	Electric Power Revenue — 12.2%
9,930,000	American Municipal Power Ohio Inc. (Combined Hydroelectric Projects) Rev. Ser.10	8.084		02/15/2050		17,210,080
2,090,000	American Municipal Power Ohio Inc. (Meldahl Hydroelectric-Remarketed) Rev. Ser. 10E	6.270		02/15/2050		2,799,764
8,005,000	American Municipal Power Ohio Inc. Rev. Ser. 09	6.053		02/15/2043		10,905,212
2,000,000	American Municipal Power Ohio Inc. Rev. Ser. 09B	6.449		02/15/2044		2,803,640
3,395,000	American Municipal Power Ohio Inc. Rev. Ser. 10	7.499		02/15/2050		5,301,564
750,000	Benton County Washington Public Utility District No. 1 Electric Rev. Ser. 10	6.546		11/01/2030		979,620
810,000	Colorado Springs Colorado Utilities (Direct Pay) Rev. Ser. 10B2	5.738		11/15/2050		844,320
6,500,000	Cowlitz County Washington Public Utility District No. 1 Electric Ser. 10	6.884		09/01/2032		8,741,330
2,000,000	Douglas County Washington Public Utility District No. 1 Wells Hydroelectric Ser. 10B	5.245		09/01/2030		2,286,660
2,500,000	Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L	5.730		01/01/2030		3,073,450
2,750,000	Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L	5.830		01/01/2040		3,564,220
500,000	JEA Florida Electric Systems Rev. Ser. 09F	6.406		10/01/2034		624,275

Schedule of Investments

$    8,000,000	Los Angeles California Department of Water & Power Rev. Ser. 10	6.166	%	07/01/2040	$	8,322,160
1,500,000	Los Angeles California Department of Water & Power Rev. Ser. 10	7.000		07/01/2041		1,634,415
10,000,000	Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 09A	6.890		01/01/2042		13,257,200
1,000,000	Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 10	7.597		01/01/2032		1,287,350
9,854,000	Municipal Electric Auth. of Georgia (Plant Vogtle Units 3&4 Project P) Ser. 10	7.055		04/01/2057		12,415,941
6,634,000	Municipal Electric Auth. of Georgia Ser. 10	6.655		04/01/2057		8,581,742
1,000,000	Northern California Power Agency (Lodi Energy Center) Rev. Ser. 10B	7.311		06/01/2040		1,415,800
240,000	Northern Illinois Municipal Power Agency Power Project Rev. Ser. 10	7.620		01/01/2030		295,966
9,050,000	South Carolina State Public Service Auth. Obligation Rev. Ser. 10C	6.454		01/01/2050		13,440,155
2,000,000	Southern California Public Power Auth. Rev. Ser. 10	5.921		07/01/2035		2,610,080
2,570,000	Tacoma Washington Electric System Rev. Ser. 10 AGM	5.791		01/01/2032		3,265,339
5,795,000	Virgin Islands Water & Power Auth. (Electric System) Rev. Ser. 10C AGM	6.850		07/01/2035		6,884,402
						132,544,685
	Fuel Sales Tax Revenue — 3.3%
2,250,000	Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 09	4.963		05/01/2023		2,457,225
6,000,000	Missouri State Highways & Transportation Commission (Taxable Third Lien State Road) Ser. 09C	5.063		05/01/2024		6,703,140
1,000,000	Oregon State Department of Transportation Highway User (Sub. Lien) Rev. Ser.10A	5.834		11/15/2034		1,320,480
2,000,000	Texas State Transportation Commission (First Tier) Rev. Ser. 10B	5.028		04/01/2026		2,250,500
11,715,000	Texas State Transportation Commission (First Tier) Rev. Ser. 10B	5.178		04/01/2030		13,991,342
2,000,000	Washington State Ser. 10	5.090		08/01/2033		2,377,580
1,400,000	Washoe County Nevada Highway Rev. Ser. 10	7.063		02/01/2030		1,442,238
5,000,000	Washoe County Nevada Highway Rev. Ser. 10	7.213		02/01/2039		5,146,650
						35,689,155
	General Fund — 10.3%
9,040,000	California State Ref. Ser. 09	7.300		10/01/2039		13,526,281
5,400,000	California State Ref. Ser. 18	4.600		04/01/2038		5,980,338
5,090,000	California State Ser. 09	7.500		04/01/2034		7,596,825
12,850,000	California State Ser. 10	7.950		03/01/2036		13,371,838
15,745,000	California State Ser. 10	7.600		11/01/2040		25,167,910
8,860,000	California State Various Purpose Ser. 09	7.550		04/01/2039		13,901,074
9,300,000	Illinois State Ser. 10	6.900		03/01/2035		10,927,128
14,795,000	Illinois State Ser. 10-1	5.563		02/01/2021		15,334,574
2,500,000	Illinois State Ser. 10-2	5.650		03/01/2020		2,547,325
2,000,000	Kauai County Hawaii Ser. 10	5.763		08/01/2033		2,614,380
						110,967,673
	Government Fund/Grant Revenue — 0.9%
8,700,000	Chicago Board of Education Ser. 09E	6.138		12/01/2039		9,265,326
595,000	Idaho Housing & Financing Association Ser. 10A-2	6.348		07/15/2028		729,399
						9,994,725
	Health, Hospital, Nursing Home Revenue — 1.3%
2,000,000	California Statewide Communities Development Auth. (Marin General Hospital Project) Rev. Ser. 18B	4.821		08/01/2045		2,159,580
1,000,000	Cuyahoga County Ohio Hospital Rev. Ser. 10	8.223		02/15/2040		1,285,960
2,000,000	King County Washington Public Hospital District No. 1 Hospital Facilities Rev. Ser. 10(a)	7.900		06/15/2020		2,109,060
2,500,000	Lee Memorial Health System Florida Hospital Rev. Ser. 10A	7.281		04/01/2027		3,059,025
1,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16B	4.053		07/01/2026		1,074,830
1,000,000	Oak Valley California Hospital District (Health Facilities) Rev. Ser. 10B	9.000		11/01/2039		1,011,480
1,000,000	Ohio State Hospital Facilities (Cleveland Clinic Health System) Rev. Ref. Ser. 17B	3.700		01/01/2043		1,037,470
1,500,000	Tangipahoa Parish Louisiana Hospital Service District No. 1 (North Oaks Health System) Ser. 09A AGC	7.200		02/01/2042		1,534,140
500,000	University California Regents Medical Center Pooled Rev. Ser. 09F	6.458		05/15/2029		613,480
						13,885,025
	Highway Tolls Revenue — 2.3%
3,025,000	Bay Area California Auth. Toll Bridge (San Francisco Bay Area) Rev. Ser. 10S3	6.907		10/01/2050		4,893,119
3,605,000	Bay Area California Auth. Toll Bridge (Sub.-Lien) Rev. Ser. 10S1	7.043		04/01/2050		5,816,163
1,200,000	Maryland State Transportation Auth. (Transportation Facilities Projects) Rev. Ser. 10B	5.604		07/01/2030		1,462,776
2,480,000	Metropolitan Washington D.C. Airports Auth. (Dulles Toll Road) Rev. Ser. 09D	7.462		10/01/2046		3,923,310

Schedule of Investments

$    250,000	New Hampshire State Turnpike System Rev. Ser. 09B	6.259	%	11/01/2029	$	253,897
250,000	New Hampshire State Turnpike System Rev. Ser. 09B	6.009		11/01/2039		329,288
2,280,000	New York Triborough Bridge & Tunnel Auth. Rev. Ser. 10	5.450		11/15/2032		2,803,898
1,443,000	Pennsylvania State Turnpike Commission Rev. Ser. 09	6.105		12/01/2039		1,945,005
2,715,000	Triborough Bridge & Tunnel Auth. Ser. 09B	5.500		11/15/2039		3,565,447
						24,992,903
	Hotel Occupancy Tax — 0.3%
2,780,000	Dallas Texas Convention Center Hotel Development Corp. Ser. 09	7.088		01/01/2042		3,829,895
	Income Tax Revenue — 2.8%
4,500,000	District of Columbia Income Tax Secured Rev. Ser. 10	4.909		12/01/2023		4,985,415
3,785,000	New York City Transitional Finance Auth. (Building Aid) Rev. Sub.-Ser. 10S-1B	6.828		07/15/2040		5,153,959
6,475,000	New York City Transitional Finance Auth. (Future Tax Secured) Rev. Ser. 10	5.932		11/01/2036		6,781,268
200,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 09F	5.292		03/15/2025		228,614
2,760,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10	5.500		03/15/2030		3,261,464
1,800,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10	5.389		03/15/2040		2,221,668
1,400,000	New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10C	4.904		02/15/2023		1,527,876
2,000,000	New York State Urban Development Corp. State Personal Income Tax Rev. Ser. 10C	5.838		03/15/2040		2,509,400
3,000,000	Wisconsin State General Fund Annual Appropriation Rev. Ref. Ser. 17A	3.954		05/01/2036		3,169,890
						29,839,554
	Lease Revenue — 3.2%
300,000	Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C	6.674		06/01/2030		312,885
1,000,000	Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C	6.774		06/01/2040		1,041,130
2,000,000	Brighton Colorado COP Ser. 10B AGM	6.550		12/01/2030		2,108,080
800,000	California State Public Works Board Lease (California State University Projects) Rev. Ser. 10B-2	7.804		03/01/2035		1,143,648
1,000,000	Columbus Indiana Multi-High School Building Corp. Ser. 10	6.446		01/15/2030		1,023,190
1,000,000	Franklin County Ohio Convention Facilities Auth. Ser. 10	6.390		12/01/2030		1,275,040
1,070,000	Franklin County Ohio Convention Facilities Auth. Ser. 10	6.540		12/01/2036		1,449,593
500,000	Los Angeles California Municipal Improvement Corp. Lease (Recovery Zone Economic Development) Rev. Ser. 09D	7.757		09/01/2039		506,485
2,000,000	Miami-Dade County Florida School Board COP Ser. 10	6.935		06/15/2032		2,075,100
1,000,000	New Jersey State Educational Facilities Auth. Rev. Ser. 10B	7.225		07/01/2030		1,003,430
2,000,000	New York City Educational Construction Fund Rev. Ser. 10	6.000		04/01/2035		2,495,600
1,000,000	Passaic County New Jersey Ser. 10	6.540		08/01/2031		1,045,980
500,000	Peoria Illinois Public Building Commission (School District Facilities) Rev. Ser. 09C AGC	6.580		12/01/2029		510,220
4,000,000	Port of Morrow Oregon Transmission Facilities (Bonneville Corporation Project No. 4) Rev. Ser. 16	2.987		09/01/2036		3,811,320
3,000,000	Regional Transportation District Colorado COP Ser. 10	7.672		06/01/2040		4,442,640
500,000	Salt Lake County Utah Municipal Building Auth. (Lease) Rev. Ser. 09B	5.820		12/01/2029		610,730
2,000,000	San Diego California Public Facilities Financing Auth. Lease Rev. Ref. Ser. 18A	4.232		10/15/2038		2,135,060
3,000,000	San Francisco California City & County COP Ser. 09D	6.487		11/01/2041		4,211,820
1,000,000	St. Charles Missouri COP Ser. 10B	5.650		02/01/2030		1,026,900
2,250,000	Williamsburg County South Carolina Public Facilities Corp. (Installment Purchase) Rev. Ser. 10	6.526		12/01/2030		2,351,970
						34,580,821
	Local or GTD Housing — 1.1%
10,300,000	Colorado State Housing & Finance Auth. Ser. 19B-2(b)	2.400		11/01/2044		10,300,000
1,000,000	Phoenix Arizona Industrial Development Auth. Student Housing (Downtown Phoenix Student Housing LLC-Arizona State University Project) Rev. Ref. Ser. 18A	5.000		07/01/2042		1,138,850
						11,438,850
	Miscellaneous Revenue — 6.2%
500,000	Battery Park City Auth. Rev. Ser. 09A	6.375		11/01/2039		507,955
500,000	Camden County New Jersey Improvement Auth. Rev. Ser. 09A	6.180		01/15/2027		581,100
2,000,000	Commonwealth Financing Auth. Pennsylvania Rev. Ser. 10	5.587		06/01/2030		2,349,020
20,000,000	Commonwealth Financing Auth. Pennsylvania Rev. Ser. 19A AGM	3.657		06/01/2038		20,762,600
5,000,000	Commonwealth Financing Auth. Pennsylvania Rev. Ser. 19A	3.807		06/01/2041		5,214,450
1,000,000	Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10	5.854		01/15/2030		1,180,450
3,500,000	Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10B-2	5.966		01/15/2030		4,160,835
500,000	Kansas State Development Finance Auth. (Kansas State Projects) Rev. Ser. 10E-2	6.120		11/01/2029		525,230

Schedule of Investments

$    2,000,000	Kansas State Development Finance Auth. Rev. Ser. 10	5.945	%	03/01/2030	$	2,053,800
7,000,000	Miami-Dade County Florida Special Obligation Ser. 10B	6.743		04/01/2040		7,185,780
1,000,000	Mississippi State Ser. 10	5.245		11/01/2034		1,222,190
3,000,000	New Jersey Economic Development Auth. Rev. Ser. 10CC-1	6.425		12/15/2035		3,094,170
1,000,000	Port St. Lucie Florida Stormwater Utility Rev. Ser. 10A AGC	7.376		05/01/2039		1,045,480
2,000,000	St. Cloud Florida Capital Improvement Rev. Ser. 10B AGM	5.849		09/01/2030		2,077,120
9,680,000	Texas State Ser. 09	5.517		04/01/2039		12,683,898
2,000,000	Tulare County California Pension Obligation Bonds Ser. 18	4.445		06/01/2037		2,140,860
						66,784,938
	Miscellaneous Taxes — 0.5%
2,015,000	Metropolitan Transportation Auth. New York Dedicated Tax Fund Ser. 09	7.336		11/15/2039		3,103,825
2,000,000	Oregon State (Taxable-Pension) Ser. 03	5.892		06/01/2027		2,403,960
						5,507,785
	Nuclear Revenue — 0.2%
2,500,000	South Carolina State Public Service Auth. Obligation Rev. Ser. 16D	2.388		12/01/2023		2,474,150
	Port, Airport & Marina Revenue — 8.1%
10,000,000	Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ser. 18C	4.472		01/01/2049		11,682,100
9,580,000	Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ser. 18C	4.572		01/01/2054		11,347,414
3,190,000	Chicago Illinois O’Hare International Airport Ser. 10	6.845		01/01/2038		3,266,369
5,750,000	Chicago Illinois O’Hare International Airport Ser. 10	6.395		01/01/2040		8,071,620
1,000,000	Columbus Ohio Regional Airport Auth. Customer Facility Charge Rev. Ser. 19	4.199		12/15/2048		1,046,030
1,250,000	Hawaii State Airports System Customer Facilities Charge Rev. Ser. 17A	3.894		07/01/2037		1,295,400
1,000,000	Kenton County Airport Board Senior Customer Facilities Charge Rev. Ser. 19	4.689		01/01/2049		1,079,210
250,000	Long Beach California Senior Airport Rev. Ser. 09C	7.765		06/01/2039		256,282
1,500,000	Maryland State Economic Development Corp. Rev. (Seagirt Marine Terminal Project) Ser. 19B	4.750		06/01/2042		1,561,500
2,700,000	Miami-Dade County Florida Aviation Rev. Ref. Ser. 19B	3.275		10/01/2029		2,790,153
5,000,000	Miami-Dade County Florida Aviation Rev. Ser. 19B	3.135		10/01/2027		5,142,500
3,600,000	Miami-Dade County Florida Aviation Rev. Ser. 19B	3.175		10/01/2028		3,702,528
2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.023		07/01/2024		2,023,120
2,750,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.123		01/01/2025		2,791,333
2,500,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.223		07/01/2025		2,541,475
2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.273		01/01/2026		2,036,360
1,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.323		07/01/2026		1,021,800
2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.423		07/01/2027		2,053,040
3,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.473		07/01/2028		3,077,310
2,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.573		07/01/2029		2,064,140
1,000,000	New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B	3.673		07/01/2030		1,038,810
8,000,000	Port Auth. of New York & New Jersey (Consolidated 174th) Ser. 12	4.458		10/01/2062		9,465,360
1,000,000	Port of Portland Oregon Airport (Portland International Airport) Rev. Ser. 19	4.237		07/01/2049		1,043,870
500,000	Port of Seattle Washington Rev. (Intermediate Lien) Ref. Ser. 17B	3.755		05/01/2036		519,260
5,000,000	South Jersey Port Corp. New Jersey (Marine Terminal) Rev. Ser. 09-P-3	7.365		01/01/2040		6,721,500
						87,638,484
	Sales Tax Revenue — 1.7%
1,855,000	Central Puget Sound Washington Regional Transportation Auth. Sales & Use Ser. 09	5.491		11/01/2039		2,428,269
1,000,000	Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16B	3.818		08/01/2032		1,051,430
2,000,000	Massachusetts State Bay Transportation Auth. Sales Tax Rev. Ser. 10	5.869		07/01/2040		2,631,100
450,000	Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ser. 09B	5.715		08/15/2039		584,293
2,500,000	Miami-Dade County Florida Transit Sales Surtax Rev. Ser. 10B	5.534		07/01/2032		2,930,550
1,000,000	Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 10	5.020		05/01/2025		1,134,960
1,025,000	Santa Clara Valley California Transportation Auth. Sales Tax Rev. Ser. 10	5.876		04/01/2032		1,255,174
1,815,000	Utah Transit Auth. Sales Tax Rev. Ser. 09B	5.937		06/15/2039		2,422,009

Schedule of Investments

$    3,000,000	Washoe County Nevada Sales Tax Rev. Ser. 10	7.451	%	02/01/2040	$	4,286,850
						18,724,635
	Sewer Revenue — 1.0%
3,000,000	East Bay California Municipal Utility District Wastewater System Rev. Ser. 10	5.026		06/01/2032		3,581,040
1,030,000	Jurupa California Community Services District COP Ser. 10B	6.347		09/01/2025		1,218,366
1,070,000	Jurupa California Community Services District COP Ser. 10B	6.497		09/01/2026		1,294,358
1,125,000	Jurupa California Community Services District COP Ser. 10B	6.597		09/01/2027		1,384,628
1,170,000	Jurupa California Community Services District COP Ser. 10B	6.697		09/01/2028		1,473,404
500,000	Knoxville Tennessee Waste Water System Rev. Ser. 10	6.300		04/01/2045		516,460
200,000	Memphis Tennessee Sanitary Sewage System Rev. Ser. 09B AGC(a)	6.300		10/01/2019		202,336
1,100,000	Riverside California Sewer Rev. Ser. 09(a)	7.000		08/01/2019		1,107,843
200,000	Sarasota Florida Water & Sewer System Rev. Ser. 10B(a)	5.425		10/01/2020		207,810
						10,986,245
	Tax Increment Revenue — 0.4%
2,000,000	San Jose California Redevelopment Agency Successor Tax Allocation (Senior) Ref. Ser. 17A-T	3.076		08/01/2025		2,073,840
1,000,000	Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B(a)	7.930		08/01/2020		1,062,850
1,000,000	Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B(a)	8.180		08/01/2020		1,065,570
						4,202,260
	Transit Revenue — 4.1%
2,500,000	Metropolitan Transportation Auth. New York Dedicated Tax Fund (Metro Transit Auth.) Ser. 10A-2	6.089		11/15/2040		3,352,500
335,000	Metropolitan Transportation Auth. New York Rev. Ser. 09	5.871		11/15/2039		428,649
1,800,000	Metropolitan Transportation Auth. New York Rev. Ser. 10	6.648		11/15/2039		2,463,390
7,250,000	Metropolitan Transportation Auth. New York Rev. Ser. 10A	6.668		11/15/2039		10,055,533
3,745,000	Metropolitan Transportation Auth. New York Rev. Ser. 10C-1	6.687		11/15/2040		5,261,388
6,525,000	Metropolitan Transportation Auth. New York Rev. Ser. 10E	6.814		11/15/2040		9,253,886
7,455,000	New Jersey State Transportation Trust Fund Auth. Ser. 10B	6.561		12/15/2040		10,117,255
1,990,000	New Jersey State Transportation Trust Fund Auth. Ser. 10C	5.754		12/15/2028		2,268,779
1,125,000	New Jersey State Transportation Trust Fund Auth. Ser. 10C	6.104		12/15/2028		1,171,316
						44,372,696
	Water Revenue — 7.6%
1,500,000	Beaumont Texas Waterworks & Sewer System Ser. 10B	6.007		09/01/2030		1,565,415
200,000	Davie Florida Water & Sewer Rev. Ser. 10B AGM	6.599		10/01/2030		210,262
3,000,000	East Bay California Municipal Utility District Water System Rev. Ser. 10	5.874		06/01/2040		4,069,950
2,000,000	Fresno California Water System Rev. Ser. 10A-2	6.500		06/01/2030		2,459,620
1,250,000	JEA Florida Water & Sewer System Rev. Ser. 10A	6.210		10/01/2033		1,583,400
2,000,000	Jurupa California Community Services District COP (Water Bonds) Ser. 10B	7.192		09/01/2040		2,907,340
1,715,000	Los Angeles California Department of Water & Power Rev. Ser. 10	6.603		07/01/2050		2,690,475
500,000	Los Angeles California Department of Water & Power Water System Rev. Ser. 09C	5.381		07/01/2024		576,830
2,270,000	Los Angeles California Department of Water & Power Water System Rev. Ser. 09C	6.008		07/01/2039		2,965,596
1,125,000	Massachusetts State Water Pollution Abatement Trust Ser. 10	5.192		08/01/2040		1,290,600
1,000,000	Metropolitan Water District of Southern California Ser. 10	6.947		07/01/2040		1,048,610
7,425,000	New York City Municipal Finance Auth. Water & Sewer System Rev. Ser. 10EE	6.491		06/15/2042		7,737,221
2,925,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10	5.790		06/15/2041		3,030,856
4,460,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10	5.724		06/15/2042		6,206,804
6,100,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10	6.124		06/15/2042		6,327,530
1,000,000	New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10DD	6.452		06/15/2041		1,042,900
1,000,000	New York State Environmental Facilities Corp. (State Clean Water & Drinking Water) Ser. 10	5.707		06/15/2030		1,249,180
500,000	Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B	7.570		12/15/2029		667,320
500,000	Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B	7.820		12/15/2039		765,910
500,000	Riverside California Water Rev. Ser. 09B	6.349		10/01/2039		697,350
2,245,000	San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10	6.000		11/01/2040		2,948,067
3,000,000	San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE	5.700		11/01/2027		3,700,200

Schedule of Investments

	$    2,480,000	San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE	6.000	%	11/01/2040	$	3,288,678
	4,600,000	San Francisco City & County Public Utilities Commission Ser. 10	6.950		11/01/2050		6,992,598
	3,000,000	Santa Clara Valley California Water District Ref. Ser. 16B	4.354		06/01/2046		3,134,220
	2,000,000	Seminole County Florida Water & Sewer Rev. Ser. 10B	6.443		10/01/2040		2,103,300
	2,000,000	South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10	6.243		08/01/2030		2,452,200
	1,645,000	South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10	6.393		08/01/2040		2,173,012
	1,500,000	Sunrise Florida Utility System Rev. Ser. 10B	5.813		10/01/2030		1,568,325
	1,000,000	Tacoma Washington Water System Rev. Ser. 10B	5.371		12/01/2030		1,215,300
	1,275,000	Tucson Arizona Water Rev. Ser. 10	5.789		07/01/2026		1,487,402
	1,250,000	Upper Eagle Regional Water Auth. Colorado Rev. Ser. 10	6.518		12/01/2039		1,313,925
	500,000	Western Nassau County Water Auth. Water System Rev. Ser. 10	6.701		04/01/2040		656,395
							82,126,791
		Total Municipal Bonds (Cost $947,218,251)					1,033,285,397
		Corporate Bonds — 0.8%
		Commercial Services - 0.2%
	2,000,000	Trustees of Dartmouth College	3.474		06/01/2046		2,047,401
		Healthcare-Services - 0.6%
	3,000,000	Baylor Scott & White Holdings	3.967		11/15/2046		3,127,907
	2,000,000	Mayo Clinic, Series 2016	4.128		11/15/2052		2,169,456
	1,250,000	Montefiore Medical Center	2.895		04/20/2032		1,277,178
							6,574,541
		Total Corporate Bonds (Cost $8,249,900)					8,621,942
Number of Shares
		Money Market Funds—2.5%
	26,787,493	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.2889%(c) (Cost $26,787,493)					26,787,493
		Total Investments in Securities (Cost $982,255,644)(d)— 98.8%					1,068,694,832
		Other assets less liabilities— 1.2%					13,332,240
		Net Assets—100.0%				$	1,082,027,072

Abbreviations:

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

Auth. - Authority

BAM - Build America Mutual

COP - Certificate of Participation

GTD - Grant To Date

PSF-GTD - Permanent School Fund Guaranteed

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)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on May 31, 2019.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

^(d) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

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

Schedule of Investments

Invesco Treasury Collateral ETF (CLTL)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Short- Term Investments - 99.8%
		U.S. Treasury Securities - 99.8%
		U.S. Treasury Bills - 53.5%(a)
	$13,500,000	U.S. Treasury Bills		2.062	%		07/02/2019	$	13,475,013
	580,000	U.S. Treasury Bills		2.225			07/05/2019		578,816
	8,000,000	U.S. Treasury Bills		2.335			07/05/2019		7,983,671
	154,000	U.S. Treasury Bills		2.352			07/05/2019		153,685
	56,000	U.S. Treasury Bills		2.377			07/05/2019		55,886
	42,000	U.S. Treasury Bills		2.382			07/05/2019		41,914
	196,000	U.S. Treasury Bills		2.401			07/05/2019		195,600
	140,000	U.S. Treasury Bills		2.412			07/05/2019		139,714
	5,880,000	U.S. Treasury Bills		2.457			07/05/2019		5,867,998
	380,000	U.S. Treasury Bills		2.232			07/11/2019		379,083
	209,000	U.S. Treasury Bills		2.336			07/11/2019		208,495
	76,000	U.S. Treasury Bills		2.378			07/11/2019		75,816
	57,000	U.S. Treasury Bills		2.384			07/11/2019		56,862
	9,145,000	U.S. Treasury Bills		2.385			07/11/2019		9,122,909
	580,000	U.S. Treasury Bills		2.250			07/18/2019		578,341
	140,000	U.S. Treasury Bills		2.300			07/18/2019		139,600
	10,000	U.S. Treasury Bills		2.323			07/18/2019		9,971
	5,000,000	U.S. Treasury Bills		2.328			07/18/2019		4,985,703
	3,087,000	U.S. Treasury Bills		2.338			07/18/2019		3,078,173
	209,000	U.S. Treasury Bills		2.340			07/18/2019		208,402
	20,000	U.S. Treasury Bills		2.353			07/18/2019		19,943
	76,000	U.S. Treasury Bills		2.374			07/18/2019		75,783
	5,000,000	U.S. Treasury Bills		2.376			07/18/2019		4,985,703
	57,000	U.S. Treasury Bills		2.382			07/18/2019		56,837
	10,000	U.S. Treasury Bills		2.430			07/18/2019		9,971
	100,000	U.S. Treasury Bills		2.432			07/18/2019		99,714
	10,000	U.S. Treasury Bills		2.436			07/18/2019		9,971
	30,000	U.S. Treasury Bills		2.478			07/18/2019		29,914
	100,000	U.S. Treasury Bills		2.480			07/18/2019		99,714
	10,000	U.S. Treasury Bills		2.481			07/18/2019		9,971
	110,000	U.S. Treasury Bills		2.487			07/18/2019		109,685
	100,000	U.S. Treasury Bills		2.490			07/18/2019		99,714
	120,000	U.S. Treasury Bills		2.492			07/18/2019		119,657
	10,000	U.S. Treasury Bills		2.494			07/18/2019		9,971
	160,000	U.S. Treasury Bills		2.501			07/18/2019		159,542
	70,000	U.S. Treasury Bills		2.514			07/18/2019		69,800
	6,500,000	U.S. Treasury Bills		2.162			07/23/2019		6,479,281
	600,000	U.S. Treasury Bills		2.252			07/25/2019		598,016
	330,000	U.S. Treasury Bills		2.342			07/25/2019		328,908
	14,458,000	U.S. Treasury Bills		2.381			07/25/2019		14,410,176
	6,000,000	U.S. Treasury Bills		2.171			07/30/2019		5,978,347
	4,000,000	U.S. Treasury Bills		2.172			08/01/2019		3,984,996
	380,000	U.S. Treasury Bills		2.257			08/01/2019		378,575
	209,000	U.S. Treasury Bills		2.354			08/01/2019		208,216
	57,000	U.S. Treasury Bills		2.382			08/01/2019		56,786
	76,000	U.S. Treasury Bills		2.391			08/01/2019		75,715
	8,917,000	U.S. Treasury Bills		2.397			08/01/2019		8,883,552
	7,500,000	U.S. Treasury Bills		2.178			08/08/2019		7,468,547
	260,000	U.S. Treasury Bills		2.261			08/08/2019		258,909
	6,188,000	U.S. Treasury Bills		2.318			08/08/2019		6,162,049
	143,000	U.S. Treasury Bills		2.359			08/08/2019		142,400
	6,500,000	U.S. Treasury Bills		2.186			08/15/2019		6,470,023
	480,000	U.S. Treasury Bills		2.267			08/15/2019		477,787
	3,163,000	U.S. Treasury Bills		2.345			08/15/2019		3,148,413
	7,000,000	U.S. Treasury Bills		2.349			08/15/2019		6,967,717
	110,000	U.S. Treasury Bills		2.352			08/15/2019		109,493
	30,000	U.S. Treasury Bills		2.384			08/15/2019		29,862
	140,000	U.S. Treasury Bills		2.400			08/15/2019		139,355
	40,000	U.S. Treasury Bills		2.419			08/15/2019		39,816
	100,000	U.S. Treasury Bills		2.441			08/15/2019		99,539

Schedule of Investments

$      9,000	U.S. Treasury Bills	2.481	%	08/15/2019	$	8,958
500,000	U.S. Treasury Bills	2.485		08/15/2019		497,694
9,000	U.S. Treasury Bills	2.498		08/15/2019		8,958
90,000	U.S. Treasury Bills	2.503		08/15/2019		89,585
27,000	U.S. Treasury Bills	2.511		08/15/2019		26,875
144,000	U.S. Treasury Bills	2.522		08/15/2019		143,336
99,000	U.S. Treasury Bills	2.524		08/15/2019		98,543
9,000	U.S. Treasury Bills	2.526		08/15/2019		8,958
108,000	U.S. Treasury Bills	2.528		08/15/2019		107,501
9,000	U.S. Treasury Bills	2.532		08/15/2019		8,958
81,000	U.S. Treasury Bills	2.534		08/15/2019		80,626
9,000	U.S. Treasury Bills	2.541		08/15/2019		8,958
63,000	U.S. Treasury Bills	2.542		08/15/2019		62,709
380,000	U.S. Treasury Bills	2.278		08/22/2019		378,069
209,000	U.S. Treasury Bills	2.353		08/22/2019		207,938
57,000	U.S. Treasury Bills	2.392		08/22/2019		56,710
9,145,000	U.S. Treasury Bills	2.414		08/22/2019		9,098,533
76,000	U.S. Treasury Bills	2.420		08/22/2019		75,614
380,000	U.S. Treasury Bills	2.294		08/29/2019		377,891
209,000	U.S. Treasury Bills	2.352		08/29/2019		207,840
57,000	U.S. Treasury Bills	2.393		08/29/2019		56,684
76,000	U.S. Treasury Bills	2.428		08/29/2019		75,578
9,145,000	U.S. Treasury Bills	2.429		08/29/2019		9,094,243
240,000	U.S. Treasury Bills	2.279		09/05/2019		238,559
5,712,000	U.S. Treasury Bills	2.324		09/05/2019		5,677,683
132,000	U.S. Treasury Bills	2.358		09/05/2019		131,207
360,000	U.S. Treasury Bills	2.285		09/12/2019		357,679
4,000,000	U.S. Treasury Bills	2.323		09/12/2019		3,974,214
198,000	U.S. Treasury Bills	2.358		09/12/2019		196,724
30,000	U.S. Treasury Bills	2.396		09/12/2019		29,807
140,000	U.S. Treasury Bills	2.401		09/12/2019		139,097
100,000	U.S. Treasury Bills	2.430		09/12/2019		99,355
40,000	U.S. Treasury Bills	2.439		09/12/2019		39,742
10,000	U.S. Treasury Bills	2.461		09/12/2019		9,936
3,448,000	U.S. Treasury Bills	2.463		09/12/2019		3,425,773
10,000	U.S. Treasury Bills	2.474		09/12/2019		9,936
30,000	U.S. Treasury Bills	2.508		09/12/2019		29,807
100,000	U.S. Treasury Bills	2.509		09/12/2019		99,355
10,000	U.S. Treasury Bills	2.517		09/12/2019		9,936
10,000	U.S. Treasury Bills	2.525		09/12/2019		9,936
110,000	U.S. Treasury Bills	2.527		09/12/2019		109,291
130,000	U.S. Treasury Bills	2.532		09/12/2019		129,163
90,000	U.S. Treasury Bills	2.537		09/12/2019		89,420
160,000	U.S. Treasury Bills	2.543		09/12/2019		158,969
70,000	U.S. Treasury Bills	2.551		09/12/2019		69,549
240,000	U.S. Treasury Bills	2.279		09/19/2019		238,351
5,712,000	U.S. Treasury Bills	2.323		09/19/2019		5,672,754
132,000	U.S. Treasury Bills	2.360		09/19/2019		131,093
240,000	U.S. Treasury Bills	2.276		09/26/2019		238,237
5,712,000	U.S. Treasury Bills	2.336		09/26/2019		5,670,048
132,000	U.S. Treasury Bills	2.343		09/26/2019		131,031
540,000	U.S. Treasury Bills	2.282		10/03/2019		535,761
13,608,000	U.S. Treasury Bills	2.360		10/03/2019		13,501,195
420,000	U.S. Treasury Bills	2.278		10/10/2019		416,556
110,000	U.S. Treasury Bills	2.328		10/10/2019		109,098
6,000,000	U.S. Treasury Bills	2.351		10/10/2019		5,950,792
30,000	U.S. Treasury Bills	2.376		10/10/2019		29,754
140,000	U.S. Treasury Bills	2.398		10/10/2019		138,852
140,000	U.S. Treasury Bills	2.421		10/10/2019		138,852
10,000	U.S. Treasury Bills	2.487		10/10/2019		9,918
10,000	U.S. Treasury Bills	2.507		10/10/2019		9,918
30,000	U.S. Treasury Bills	2.528		10/10/2019		29,754
100,000	U.S. Treasury Bills	2.540		10/10/2019		99,180
160,000	U.S. Treasury Bills	2.547		10/10/2019		158,688
3,486,000	U.S. Treasury Bills	2.563		10/10/2019		3,457,410
110,000	U.S. Treasury Bills	2.568		10/10/2019		109,098
70,000	U.S. Treasury Bills	2.574		10/10/2019		69,426
120,000	U.S. Treasury Bills	2.577		10/10/2019		119,016
10,000	U.S. Treasury Bills	2.578		10/10/2019		9,918
90,000	U.S. Treasury Bills	2.590		10/10/2019		89,262
10,000	U.S. Treasury Bills	2.602		10/10/2019		9,918
540,000	U.S. Treasury Bills	2.271		10/17/2019		535,311

Schedule of Investments

$13,608,000	U.S. Treasury Bills	2.356	%	10/17/2019	$	13,489,826
540,000	U.S. Treasury Bills	2.265		10/24/2019		535,077
13,608,000	U.S. Treasury Bills	2.347		10/24/2019		13,483,933
540,000	U.S. Treasury Bills	2.290		10/31/2019		534,849
13,608,000	U.S. Treasury Bills	2.355		10/31/2019		13,478,204
6,500,000	U.S. Treasury Bills	2.258		11/07/2019		6,427,598
99,000	U.S. Treasury Bills	2.303		11/07/2019		97,897
27,000	U.S. Treasury Bills	2.378		11/07/2019		26,699
36,000	U.S. Treasury Bills	2.427		11/07/2019		35,599
126,000	U.S. Treasury Bills	2.445		11/07/2019		124,597
180,000	U.S. Treasury Bills	2.460		11/07/2019		177,995
90,000	U.S. Treasury Bills	2.478		11/07/2019		88,998
9,000	U.S. Treasury Bills	2.504		11/07/2019		8,900
9,000	U.S. Treasury Bills	2.522		11/07/2019		8,900
27,000	U.S. Treasury Bills	2.540		11/07/2019		26,699
4,069,000	U.S. Treasury Bills	2.575		11/07/2019		4,023,676
144,000	U.S. Treasury Bills	2.585		11/07/2019		142,396
6,500,000	U.S. Treasury Bills	2.260		11/14/2019		6,432,067
6,500,000	U.S. Treasury Bills	2.253		11/21/2019		6,429,142
6,500,000	U.S. Treasury Bills	2.258		11/29/2019		6,426,110
200,000	U.S. Treasury Bills	2.230		12/05/2019		197,681
110,000	U.S. Treasury Bills	2.305		12/05/2019		108,725
30,000	U.S. Treasury Bills	2.376		12/05/2019		29,652
40,000	U.S. Treasury Bills	2.424		12/05/2019		39,536
140,000	U.S. Treasury Bills	2.448		12/05/2019		138,377
100,000	U.S. Treasury Bills	2.490		12/05/2019		98,841
4,450,000	U.S. Treasury Bills	2.505		12/05/2019		4,398,419
180,000	U.S. Treasury Bills	2.260		01/02/2020		177,607
99,000	U.S. Treasury Bills	2.331		01/02/2020		97,684
27,000	U.S. Treasury Bills	2.382		01/02/2020		26,641
36,000	U.S. Treasury Bills	2.422		01/02/2020		35,521
4,487,000	U.S. Treasury Bills	2.453		01/02/2020		4,427,333
380,000	U.S. Treasury Bills	2.248		01/30/2020		374,311
209,000	U.S. Treasury Bills	2.333		01/30/2020		205,871
57,000	U.S. Treasury Bills	2.382		01/30/2020		56,147
76,000	U.S. Treasury Bills	2.426		01/30/2020		74,862
8,917,000	U.S. Treasury Bills	2.463		01/30/2020		8,783,494
	(Cost $290,788,172)					290,892,972
	U.S. Treasury Notes - 46.1%
2,360,000	U.S. Treasury Notes	1.000		06/30/2019		2,357,505
4,648,000	U.S. Treasury Notes	0.750		07/15/2019		4,638,982
2,932,000	U.S. Treasury Notes	0.875		07/31/2019		2,924,690
5,120,000	U.S. Treasury Notes	1.375		07/31/2019		5,111,286
6,636,000	U.S. Treasury Notes	1.625		07/31/2019		6,627,332
4,539,000	U.S. Treasury Notes	0.750		08/15/2019		4,523,557
5,210,000	U.S. Treasury Notes	3.625		08/15/2019		5,222,113
2,755,000	U.S. Treasury Notes	1.000		08/31/2019		2,745,261
9,468,000	U.S. Treasury Notes	1.250		08/31/2019		9,440,077
6,623,000	U.S. Treasury Notes	1.625		08/31/2019		6,609,159
4,621,000	U.S. Treasury Notes	0.875		09/15/2019		4,601,507
3,683,000	U.S. Treasury Notes	1.000		09/30/2019		3,666,168
4,990,000	U.S. Treasury Notes	1.375		09/30/2019		4,974,114
6,725,000	U.S. Treasury Notes	1.750		09/30/2019		6,710,946
4,612,000	U.S. Treasury Notes	1.000		10/15/2019		4,589,120
2,908,000	U.S. Treasury Notes	1.250		10/31/2019		2,894,710
11,496,000	U.S. Treasury Notes	1.500		10/31/2019		11,456,033
4,416,000	U.S. Treasury Notes	1.000		11/15/2019		4,389,435
6,812,000	U.S. Treasury Notes	3.375		11/15/2019		6,840,871
4,192,000	U.S. Treasury Notes	1.000		11/30/2019		4,163,753
6,612,000	U.S. Treasury Notes	1.500		11/30/2019		6,583,847
4,816,000	U.S. Treasury Notes	1.750		11/30/2019		4,801,232
4,573,000	U.S. Treasury Notes	1.375		12/15/2019		4,549,331
4,276,000	U.S. Treasury Notes	1.125		12/31/2019		4,245,851
6,938,000	U.S. Treasury Notes	1.625		12/31/2019		6,909,679
5,070,000	U.S. Treasury Notes	1.875		12/31/2019		5,056,434
4,829,000	U.S. Treasury Notes	1.375		01/15/2020		4,800,799
9,639,000	U.S. Treasury Notes	1.250		01/31/2020		9,570,661
9,639,000	U.S. Treasury Notes	1.375		01/31/2020		9,580,827
9,639,000	U.S. Treasury Notes	2.000		01/31/2020		9,618,479
4,056,000	U.S. Treasury Notes	1.375		02/15/2020		4,029,145

Schedule of Investments

$11,839,000	U.S. Treasury Notes	3.625	%	02/15/2020	$	11,942,591
3,042,000	U.S. Treasury Notes	1.250		02/29/2020		3,017,997
9,867,000	U.S. Treasury Notes	1.375		02/29/2020		9,797,815
6,909,000	U.S. Treasury Notes	2.250		02/29/2020		6,904,682
3,000,000	U.S. Treasury Notes	1.125		03/31/2020		2,971,641
6,000,000	U.S. Treasury Notes	1.375		03/31/2020		5,955,469
5,000,000	U.S. Treasury Notes	2.250		03/31/2020		4,997,754
7,590,000	U.S. Treasury Notes	1.375		04/30/2020		7,528,479
5,500,000	U.S. Treasury Notes	2.375		04/30/2020		5,504,834
5,500,000	U.S. Treasury Notes	3.500		05/15/2020		5,563,809
6,000,000	U.S. Treasury Notes	1.500		05/31/2020		5,957,344
6,000,000	U.S. Treasury Notes	2.500		05/31/2020		6,015,117
	(Cost $250,119,979)					250,390,436
	U.S. Treasury Bonds - 0.2%
1,072,000	U.S. Treasury Bonds (Cost $1,084,536)	8.125		08/15/2019		1,084,102
	Total Investments in Securities (Cost $541,992,687)-99.8%					542,367,510
	Other assets less liabilities-0.2%					1,075,686
	Net Assets - 100.0%				$	543,443,196

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.

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

Schedule of Investments

Invesco Variable Rate Preferred ETF (VRP)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds— 71.6%
		Auto Manufacturers— 0.8%
	$      8,590,000	General Motors Financial Co., Inc., Series A(a)		5.750	%		12/29/2049	$	7,881,325
	4,415,000	General Motors Financial Co., Inc., Series B(a)		6.500			03/30/2167		4,139,062
									12,020,387
		Banks— 45.5%
	16,405,000	Bank of America Corp., Series AA		6.100			12/29/2049		17,635,375
	8,545,000	Bank of America Corp., Series DD(a)		6.300			12/29/2049		9,388,819
	20,180,000	Bank of America Corp., Series FF		5.875			09/15/2166		20,911,525
	8,445,000	Bank of America Corp., Series U(a)		5.200			12/01/2165		8,550,562
	12,720,000	Bank of America Corp., Series V		5.125			12/29/2049		12,704,100
	17,190,000	Bank of America Corp., Series X		6.250			09/29/2049		18,393,300
	12,135,000	Bank of America Corp., Series Z(a)		6.500			12/31/2049		13,257,487
	4,320,000	Bank of New York Mellon Corp. (The), Series D(a)		4.500			12/20/2165		4,212,000
	8,465,000	Bank of New York Mellon Corp. (The), Series E		4.950			12/20/2165		8,581,394
	8,636,000	Bank of New York Mellon Corp. (The), Series F		4.625			12/29/2049		8,538,845
	2,825,000	CIT Group, Inc., Series A(a)		5.800			12/15/2165		2,832,062
	6,500,000	Citigroup, Inc.		5.900			08/15/2067		6,703,125
	12,905,000	Citigroup, Inc.		5.950			07/30/2166		13,259,887
	10,685,000	Citigroup, Inc., Series D		5.350			04/29/2049		10,658,287
	14,700,000	Citigroup, Inc., Series M		6.300			11/15/2165		15,159,375
	12,960,000	Citigroup, Inc., Series N		5.800			11/29/2049		13,057,200
	13,090,000	Citigroup, Inc., Series O		5.875			12/29/2049		13,286,350
	17,050,000	Citigroup, Inc., Series P		5.950			12/29/2049		17,689,375
	10,640,000	Citigroup, Inc., Series Q		5.950			12/29/2049		10,932,600
	12,885,000	Citigroup, Inc., Series R		6.125			12/29/2049		13,239,337
	12,605,000	Citigroup, Inc., Series T		6.250			12/29/2049		13,518,862
	2,575,000	Citizens Financial Group, Inc., Series B(a)		6.000			01/06/2167		2,610,406
	2,650,000	Citizens Financial Group, Inc., Series C(a)		6.375			01/06/2067		2,709,625
	5,300,000	Fifth Third Bancorp		5.100			12/31/2165		5,167,500
	6,582,000	Goldman Sachs Capital II (3 mo. USD LIBOR + 0.77%)(b)		4.000			12/03/2165		5,162,565
	11,190,000	Goldman Sachs Group, Inc. (The), Series L (3 mo. USD LIBOR + 3.88%)(b)		6.429			12/29/2049		11,259,937
	16,930,000	Goldman Sachs Group, Inc. (The), Series M		5.375			11/10/2166		17,120,462
	5,605,000	Goldman Sachs Group, Inc. (The), Series O(a)		5.300			12/29/2049		5,801,175
	12,635,000	Goldman Sachs Group, Inc. (The), Series P		5.000			05/10/2166		11,940,075
	4,265,000	Huntington Bancshares, Inc., Series E(a)		5.700			07/15/2166		4,259,669
	10,550,000	JPMorgan Chase & Co., Series CC(a)		4.625			05/01/2166		9,943,375
	36,992,000	JPMorgan Chase & Co., Series I (3 mo. USD LIBOR + 3.47%)(b)		6.053			10/30/2166		36,900,944
	12,995,000	JPMorgan Chase & Co., Series Q(a)		5.150			12/29/2049		13,124,950
	12,790,000	JPMorgan Chase & Co., Series R		6.000			12/29/2049		13,349,563
	17,030,000	JPMorgan Chase & Co., Series S		6.750			01/29/2049		18,711,712
	2,940,000	JPMorgan Chase & Co., Series U (3 mo. USD LIBOR + 0.95%)(b)		3.526			02/02/2037		2,504,973
	8,390,000	JPMorgan Chase & Co., Series U		6.125			12/29/2049		8,893,400
	21,290,000	JPMorgan Chase & Co., Series V		5.000			12/31/2049		21,236,775
	5,231,000	JPMorgan Chase & Co., Series W (3 mo. USD LIBOR + 1.00%)(b)		3.518			05/15/2047		4,178,162
	13,760,000	JPMorgan Chase & Co., Series X		6.100			10/29/2049		14,620,000
	16,890,000	JPMorgan Chase & Co., Series Z		5.300			12/29/2049		17,185,575
	4,615,000	KeyCorp, Series D		5.000			12/15/2165		4,620,769
	3,090,000	M&T Bank Corp., Series E		6.450			08/15/2166		3,325,613
	4,370,000	M&T Bank Corp., Series F		5.125			05/01/2166		4,495,638
	4,280,000	Mellon Capital IV, Series 1 (3 mo. USD LIBOR + 0.57%)(b)		4.000			06/29/2049		3,595,200
	10,970,000	Morgan Stanley, Series H		5.450			07/29/2049		10,983,713
	12,740,000	Morgan Stanley, Series J		5.550			07/15/2066		12,947,025
	4,395,000	Northern Trust Corp., Series D		4.600			04/01/2166		4,384,013
	8,565,000	PNC Financial Services Group, Inc. (The), Series O		6.750			12/31/2049		9,078,900
	4,195,000	PNC Financial Services Group, Inc. (The), Series R		4.850			12/31/2049		4,189,756
	4,575,000	PNC Financial Services Group, Inc. (The), Series S		5.000			05/01/2166		4,603,594
	7,036,000	State Street Corp. (3 mo. USD LIBOR + 1.00%)(b)		3.611			06/15/2047		5,458,142
	6,450,000	State Street Corp., Series F		5.250			12/29/2049		6,611,250
	4,190,000	State Street Corp., Series H		5.625			12/15/2166		4,271,181
	6,465,000	SunTrust Banks, Inc., Series G		5.050			12/30/2165		6,392,269
	4,380,000	SunTrust Banks, Inc., Series H		5.125			06/15/2166		4,232,175
	6,440,000	U.S. Bancorp, Series I		5.125			01/15/2166		6,601,000
	8,640,000	U.S. Bancorp, Series J		5.300			12/29/2049		8,974,800

Schedule of Investments

$    5,980,000	USB Capital IX (3 mo. USD LIBOR + 1.02%)(b)	3.617	%	10/29/2049	$	4,761,575
21,513,000	Wachovia Capital Trust III (3 mo. USD LIBOR + 0.93%)(b)	5.570		03/29/2049		21,459,218
28,675,000	Wells Fargo & Co., Series K (3 mo. USD LIBOR + 3.77%)(b)	6.381		03/29/2049		28,854,219
16,989,000	Wells Fargo & Co., Series S	5.900		12/29/2049		17,562,379
16,895,000	Wells Fargo & Co., Series U	5.875		12/29/2049		18,014,294
						674,607,433
	Diversified Financial Services— 3.6%
6,305,000	American Express Co., Series B(a)	5.200		05/29/2049		6,344,406
7,335,000	American Express Co., Series C	4.900		12/29/2049		7,292,039
8,438,000	Capital One Financial Corp., Series E	5.550		12/01/2167		8,564,570
3,485,000	Charles Schwab Corp. (The)(a)	7.000		08/01/2166		3,750,731
5,260,000	Charles Schwab Corp. (The), Series E(a)	4.625		03/01/2166		5,266,575
4,190,000	Charles Schwab Corp. (The), Series F(a)	5.000		06/01/2166		4,116,675
4,955,000	Discover Financial Services, Series C	5.500		04/30/2166		4,812,544
3,635,000	E*Trade Financial Corp., Series A(a)	5.875		03/15/2166		3,805,391
2,550,000	E*Trade Financial Corp., Series B(a)	5.300		09/15/2166		2,473,500
3,538,000	National Rural Utilities Cooperative Finance Corp.	4.750		04/30/2043		3,542,497
3,170,000	National Rural Utilities Cooperative Finance Corp.(a)	5.250		04/20/2046		3,268,812
						53,237,740
	Electric— 2.4%
6,820,000	CenterPoint Energy, Inc., Series A	6.125		03/01/2167		7,041,650
5,975,000	Dominion Energy, Inc.	5.750		10/01/2054		6,127,978
2,797,000	NextEra Energy Capital Holdings, Inc. (3 mo. USD LIBOR + 2.07%)(b)	4.659		10/01/2066		2,349,480
4,820,000	NextEra Energy Capital Holdings, Inc.	4.800		12/01/2077		4,464,525
4,400,000	NextEra Energy Capital Holdings, Inc.	5.650		05/01/2079		4,510,000
2,940,000	Southern California Edison Co., Series E	6.250		08/01/2166		2,917,950
4,871,000	Southern Co. (The), Series B	5.500		03/15/2057		4,913,621
4,416,000	WEC Energy Group, Inc. (3 mo. USD LIBOR + 2.11%)(b)	4.631		05/15/2067		3,759,120
						36,084,324
	Insurance— 7.6%
6,860,000	Aegon NV (Netherlands)	5.500		04/11/2048		6,997,200
6,954,000	Allstate Corp. (The), Series B	5.750		08/15/2053		7,197,390
6,580,000	American International Group, Inc., Series A-9	5.750		04/01/2048		6,557,885
3,385,000	Assurant, Inc.(a)	7.000		03/27/2048		3,551,886
2,124,000	Everest Reinsurance Holdings, Inc. (3 mo. USD LIBOR + 2.39%)(a)(b)	4.903		05/15/2037		1,927,530
6,195,000	Lincoln National Corp. (3 mo. USD LIBOR + 2.36%)(b)	4.883		05/17/2066		5,180,569
4,335,000	Lincoln National Corp. (3 mo. USD LIBOR + 2.04%)(b)	4.632		04/20/2067		3,435,487
12,775,000	MetLife, Inc., Series C(a)	5.250		12/29/2049		12,870,812
4,415,000	MetLife, Inc., Series D	5.875		09/15/2166		4,586,081
3,493,000	Principal Financial Group, Inc.(a)	4.700		05/15/2055		3,458,070
4,390,000	Progressive Corp. (The), Series B	5.375		09/15/2166		4,449,364
8,526,000	Prudential Financial, Inc.	5.875		09/15/2042		9,043,145
12,778,000	Prudential Financial, Inc.	5.625		06/15/2043		13,337,037
4,435,000	Prudential Financial, Inc.	5.200		03/15/2044		4,512,613
8,401,000	Prudential Financial, Inc.	5.375		05/15/2045		8,657,684
6,550,000	Prudential Financial, Inc.	4.500		09/15/2047		6,349,541
8,490,000	Prudential Financial, Inc.	5.700		09/15/2048		8,790,155
2,880,000	Reinsurance Group of America, Inc. (3 mo. USD LIBOR + 2.67%)(a)(b)	5.276		12/15/2065		2,628,000
						113,530,449
	Media— 0.8%
5,545,000	Viacom, Inc.	6.250		02/28/2057		5,682,048
5,455,000	Viacom, Inc.	5.875		02/28/2057		5,472,933
						11,154,981
	Miscellaneous Manufacturing— 3.0%
48,430,000	General Electric Co., Series D	5.000		06/15/2165		45,239,674
	Pipelines— 6.7%
5,055,000	Andeavor Logistics LP, Series A	6.875		02/15/2166		5,099,231
8,540,000	Enbridge, Inc. (Canada)	5.500		07/15/2077		8,136,912
7,365,000	Enbridge, Inc. (Canada)	6.250		03/01/2078		7,309,762
6,480,000	Enbridge, Inc., Series 16-A (Canada)	6.000		01/15/2077		6,465,744
8,045,000	Energy Transfer Operating LP, Series A	6.250		02/15/2167		7,421,513
4,870,000	Energy Transfer Operating LP, Series B(a)	6.625		02/15/2166		4,489,590
6,101,000	Enterprise Products Operating LLC	5.375		02/15/2078		5,520,374
6,085,000	Enterprise Products Operating LLC, Series D	4.875		08/16/2077		5,632,815
8,665,000	Enterprise Products Operating LLC, Series E	5.250		08/16/2077		8,089,219
6,725,000	Plains All American Pipeline, L.P., Series B	6.125		11/15/2166		6,245,844
8,540,000	TransCanada PipeLines Ltd. (Canada) (3 mo. USD LIBOR + 2.21%)(b)	4.728		05/15/2067		7,022,015
6,525,000	TransCanada Trust (Canada)	5.625		05/20/2075		6,461,707
12,905,000	TransCanada Trust (Canada)	5.300		03/15/2077		12,146,831

Schedule of Investments

	$    10,297,000	TransCanada Trust, Series 16-A (Canada)	5.875	%	08/15/2076	$	10,554,425
							100,595,982
		Telecommunications— 1.2%
	17,150,000	Vodafone Group PLC (United Kingdom)	7.000		04/04/2079		17,836,000
		Total Corporate Bonds (Cost $1,095,069,111)					1,064,306,970
Number of Shares
		Preferred Stocks & Other Equity Interests—27.4%(c)
		Banks— 10.4%
	116,822	Banco Santander SA, 4.00%, Series 6 Pfd. (Spain) (3 mo. USD LIBOR + 0.52%)(a)(b)					2,651,859
	107,149	Bank of America Corp., 3.17%, Series 02 Pfd. (3 mo. USD LIBOR + 0.65%)(b)					2,089,405
	74,713	Bank of America Corp., 4.00%, Series 4 Pfd. (3 mo. USD LIBOR + 0.75%)(a)(b)					1,627,996
	148,769	Bank of America Corp., 4.00%, Series 5 Pfd. (3 mo. USD LIBOR + 0.50%)(b)					3,228,287
	114,227	Bank of America Corp., 4.00%, Series E Pfd. (3 mo. USD LIBOR + 0.35%)(a)(b)					2,538,124
	362,048	Bank of America Corp., 6.45%, Series K Pfd.(a)					9,547,206
	781,449	Citigroup Capital XIII, 8.95% Pfd. (3 mo. USD LIBOR + 6.37%)(b)					21,341,372
	519,597	Citigroup, Inc., 6.88%, Series K Pfd.					14,112,255
	336,859	Citigroup, Inc., 7.13%, Series J Pfd.					9,344,469
	100,318	Citizens Financial Group, Inc., 6.35%, Series D Pfd.					2,683,506
	154,640	Fifth Third Bancorp, 6.63%, Series I Pfd.					4,255,693
	41,113	FNB Corp., 7.25% Pfd.					1,157,331
	29,461	Iberiabank Corp., 6.10%, Series D Pfd.					771,878
	171,494	KeyCorp, 6.13%, Series E Pfd.					4,779,538
	83,188	People’s United Financial, Inc., 5.63%, Series A Pfd.					2,141,259
	522,050	PNC Financial Services Group, Inc. (The), 6.13%, Series P Pfd.					13,933,515
	173,820	Regions Financial Corp., 5.70%, Series C Pfd.					4,411,552
	166,693	Regions Financial Corp., 6.38%, Series B Pfd.					4,522,381
	63,713	SunTrust Banks, Inc., 4.00% Pfd. (3 mo. USD LIBOR + 0.53%)(a)(b)					1,401,686
	64,477	Synovus Financial Corp., 6.30%, Series D Pfd.					1,689,942
	348,246	U.S. Bancorp, 3.50%, Series B Pfd. (3 mo. USD LIBOR + 0.60%)(a)(b)					6,742,043
	387,201	U.S. Bancorp, 6.50%, Series F Pfd.					10,407,963
	37,030	Valley National Bancorp, 5.50%, Series B Pfd.					959,447
	42,533	Valley National Bancorp, 6.25%, Series A Pfd.(a)					1,207,512
	601,781	Wells Fargo & Co., 5.85%, Series Q Pfd.					15,417,629
	297,561	Wells Fargo & Co., 6.63%, Series R Pfd.					8,352,537
	46,439	Wintrust Financial Corp., 6.50%, Series D Pfd.					1,322,583
	51,364	Zions Bancorp NA, 6.30%, Series G Pfd.					1,377,069
							154,016,037
		Capital Markets— 5.6%
	249,115	Goldman Sachs Group, Inc. (The), 3.75%, Series A Pfd. (3 mo. USD LIBOR + 0.75%)(b)					4,710,765
	53,785	Goldman Sachs Group, Inc. (The), 4.00%, Series C Pfd. (3 mo. USD LIBOR + 0.75%)(b)					1,067,094
	466,767	Goldman Sachs Group, Inc. (The), 4.00%, Series D Pfd. (3 mo. USD LIBOR + 0.67%)(b)					9,129,963
	334,035	Goldman Sachs Group, Inc. (The), 5.50%, Series J Pfd.					8,631,464
	242,429	Goldman Sachs Group, Inc. (The), 6.38%, Series K Pfd.					6,552,856
	363,268	Morgan Stanley, 4.00%, Series A Pfd. (3 mo. USD LIBOR + 0.70%)(a)(b)					7,454,259
	343,509	Morgan Stanley, 5.85%, Series K Pfd.					9,068,638
	344,511	Morgan Stanley, 6.38%, Series I Pfd.					9,239,785
	282,725	Morgan Stanley, 6.88%, Series F Pfd.					7,848,446
	286,385	Morgan Stanley, 7.13%, Series E Pfd.					8,004,461
	172,633	State Street Corp., 5.35%, Series G Pfd.					4,512,627
	263,089	State Street Corp., 5.90%, Series D Pfd.					6,995,536
							83,215,894
		Commercial Services & Supplies— 0.2%
	139,785	NuStar Logistics LP, 9.33% Pfd. (3 mo. USD LIBOR + 6.73%)(a)(b)					3,515,593
		Consumer Finance— 1.6%
	935,924	GMAC Capital Trust I, 8.30%, Series 2 Pfd. (3 mo. USD LIBOR + 5.79%)(b)					24,165,558

Schedule of Investments

	Diversified Financial Services— 0.1%
37,156	Compass Diversified Holdings, 7.88%, Series B Pfd.(a)	$	824,492
	Electric Utilities— 0.5%
92,619	SCE Trust III, 5.75%, Series H Pfd.		2,238,601
117,840	SCE Trust IV, 5.38%, Series J Pfd.		2,733,888
99,633	SCE Trust V, 5.45%, Series K Pfd.		2,327,427
			7,299,916
	Food Products— 0.6%
175,500	CHS, Inc., 6.75%, Series 3 Pfd.		4,534,920
145,936	CHS, Inc., 7.10%, Series 2 Pfd.		3,817,686
			8,352,606
	Insurance— 2.0%
89,557	Aegon NV, 4.00%, Series 1 Pfd. (Netherlands) (3 mo. USD LIBOR + 0.88%)(a)(b)		1,988,165
172,691	Allstate Corp. (The), 5.10% Pfd.		4,362,175
95,434	Aspen Insurance Holdings Ltd., 5.95% Pfd. (Bermuda)		2,454,563
136,509	Enstar Group Ltd., 7.00%, Series D Pfd. (Bermuda)		3,506,916
208,188	Hartford Financial Services Group, Inc. (The), 7.88% Pfd.		5,916,703
206,898	MetLife, Inc., 4.00%, Series A Pfd. (3 mo. USD LIBOR + 1.00%)(a)(b)		4,640,722
134,027	Reinsurance Group of America, Inc., 5.75% Pfd.		3,566,458
134,726	Reinsurance Group of America, Inc., 6.20% Pfd.		3,617,393
			30,053,095
	Marine— 0.1%
52,704	Seaspan Corp., 8.00%, Series I Pfd. (Hong Kong)		1,280,707
	Mortgage REITs— 2.2%
84,180	AGNC Investment Corp., 6.88%, Series D Pfd.(a)		2,128,912
111,089	AGNC Investment Corp., 7.00%, Series C Pfd.(a)		2,862,764
144,710	Annaly Capital Management, Inc., 6.50%, Series G Pfd.(a)		3,507,771
248,066	Annaly Capital Management, Inc., 6.95%, Series F Pfd.		6,238,860
92,979	Chimera Investment Corp., 7.75%, Series C Pfd.		2,303,090
111,284	Chimera Investment Corp., 8.00%, Series B Pfd.		2,822,162
68,895	Chimera Investment Corp., 8.00%, Series D Pfd.(a)		1,734,087
44,713	Exantas Capital Corp., 8.63% Pfd.(a)		1,162,091
50,159	New York Mortgage Trust, Inc., 8.00%, Series D Pfd.(a)		1,229,899
68,628	PennyMac Mortgage Investment Trust, 8.00%, Series B Pfd.(a)		1,745,896
42,696	PennyMac Mortgage Investment Trust, 8.13%, Series A Pfd.		1,087,894
99,689	Two Harbors Investment Corp., 7.25%, Series C Pfd.		2,462,318
96,630	Two Harbors Investment Corp., 7.63%, Series B Pfd.(a)		2,451,503
53,317	Two Harbors Investment Corp., 8.13%, Series A Pfd.		1,434,227
			33,171,474
	Multi-Utilities— 0.8%
103,402	Algonquin Power & Utilities Corp., 6.88% Pfd. (Canada)		2,733,949
157,345	Integrys Holding, Inc., 6.00% Pfd.		4,114,572
37,198	Just Energy Group, Inc., 8.50%, Series A Pfd. (Canada)(a)		814,264
170,281	NiSource, Inc., 6.50%, Series B Pfd.		4,486,904
			12,149,689
	Oil, Gas & Consumable Fuels— 2.6%
59,113	DCP Midstream LP, 7.88%, Series B Pfd.		1,415,756
41,084	DCP Midstream LP, 7.95%, Series C Pfd.(a)		1,020,937
207,534	Enbridge, Inc., 6.38%, Series B Pfd. (Canada)		5,483,048
153,918	Energy Transfer Operating LP, 7.38%, Series C Pfd.		3,592,446
267,120	Energy Transfer Operating LP, 7.60%, Series E Pfd.		6,587,179
153,097	Energy Transfer Operating LP, 7.63%, Series D Pfd.		3,688,107
42,804	GasLog Partners LP, 8.20%, Series B Pfd. (Monaco)		1,013,171
38,676	GasLog Partners LP, 8.50%, Series C Pfd. (Monaco)		940,987
53,185	GasLog Partners LP, 8.63%, Series A Pfd. (Monaco)		1,316,329
77,537	NGL Energy Partners LP, 9.00%, Series B Pfd.		1,803,511
134,807	NuStar Energy LP, 7.63%, Series B Pfd.		2,706,924
74,489	NuStar Energy LP, 8.50%, Series A Pfd.		1,702,074
64,160	NuStar Energy LP, 9.00%, Series C Pfd.		1,504,552
46,513	Targa Resources Partners LP, 9.00%, Series A Pfd.		1,270,735
63,204	Teekay LNG Partners LP, 8.50%, Series B Pfd. (Bermuda)		1,535,857
44,642	Teekay Offshore Partners LP, 8.88%, Series E Pfd.		785,253
42,798	Tsakos Energy Navigation Ltd., 9.25%, Series E Pfd. (Greece)		882,923
55,651	Tsakos Energy Navigation Ltd., 9.50%, Series F Pfd. (Greece)		1,175,906
			38,425,695
	Thrifts & Mortgage Finance— 0.3%
180,724	New York Community Bancorp, Inc., 6.38%, Series A Pfd.		4,751,234

Schedule of Investments

	Trading Companies & Distributors— 0.2%
90,350	Air Lease Corp., 6.15%, Series A Pfd.	$	2,398,792
	Utilities— 0.2%
108,000	Algonquin Power & Utilities Corp., 6.20%, Series 19-A Pfd. (Canada)		2,750,760
	Total Preferred Stocks & Other Equity Interests (Cost $429,546,987)		406,371,542
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,524,616,098)— 99.0%		1,470,678,512
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 1.9%
21,338,117	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(d)(e)		21,338,117
7,110,572	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		7,112,706
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,450,823)		28,450,823
	Total Investments in Securities (Cost $1,553,066,921)— 100.9%		1,499,129,335
	Other assets less liabilities—(0.9)%		(13,874,142	)
	Net Assets—100.0%	$	1,485,255,193

Abbreviations:

LIBOR - London Interbank Offered Rate

Pfd. - Preferred

REIT - Real Estate Investment Trust

USD - U.S. Dollar

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at May 31, 2019.

^(b)  Variable rate coupon. Stated interest rate was in effect at May 31, 2019.

^(c)  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.

^(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 May 31, 2019.

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

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

Schedule of Investments

Invesco VRDO Tax-Free Weekly ETF (PVI)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Municipal Bonds — 98.1%(a)
		Ad Valorem Property Tax — 4.7%
	$    400,000	Massachusetts State Ref. (Remarketed 4/12/17) Ser. 01C		1.420	%		01/01/2021	$	400,000
	2,300,000	Washington Maryland Suburban Sanitary District Ser. 15A		1.380			06/01/2023		2,300,000
									2,700,000
		College & University Revenue — 9.4%
	2,500,000	Michigan State University (General Remarketed 2/25/15) Rev. Ser. 00A		1.430			08/15/2030		2,500,000
	1,000,000	University of Texas System Ser. 08B		1.350			08/01/2025		1,000,000
	1,900,000	Washington State Higher Education Facilities Auth. (Whitman College Project) Ref. Ser. 04		1.450			10/01/2029		1,900,000
									5,400,000
		Electric Power Revenue — 3.1%
	1,780,000	Sevier County Tennessee Public Building Auth. (Local Government Improvement Program) Ser. 10V-D-1 (LOC-Bank of America N.A.)(b)		1.430			06/01/2026		1,780,000
		Health, Hospital, Nursing Home Revenue — 26.5%
	165,000	Arizona State Health Facilities Auth. (Banner Health) Ser. 08F (LOC-JPMorgan Chase Bank N.A.)(b)		1.450			01/01/2029		165,000
	2,500,000	Arizona State Health Facilities Auth. (Dignity Health) Ser. 05B (LOC-JPMorgan Chase Bank N.A.)(b)		1.450			07/01/2035		2,500,000
	2,500,000	California State Statewide Community Development Auth. (Kaiser Permanente) Ser. 04M		1.200			04/01/2038		2,500,000
	2,100,000	Cleveland-Cuyahoga County Ohio Port Auth. (Carnegie/89th Garage Project) Ser. 07 (LOC-JPMorgan Chase Bank N.A.)(b)		1.430			01/01/2037		2,100,000
	2,500,000	Connecticut State Health & Educational Facilities Auth. (Yale New Heaven Hospital) Rev. Ser. 13O (LOC-Wells Fargo Bank N.A.)(b)		1.410			07/01/2053		2,500,000
	300,000	Louisiana State Public Facilities Auth. (Christus Health) Rev. Ref. Ser. 09B2 (LOC-Bank of New York Mellon (The))(b)		1.400			07/01/2047		300,000
	2,500,000	Massachusetts State Health & Educational Facilities Auth. (Partners Healthcare P-1 - Remarketed 05/14/09) Rev. Ser. 97		1.400			07/01/2027		2,500,000
	2,500,000	Missouri State Health & Educational Facilities Auth. (BJC Health System) Ser. 08C		1.400			05/15/2038		2,500,000
	135,000	University of North Carolina at Chapel Hill Rev. Ref. Ser. 03B		1.380			02/01/2029		135,000
									15,200,000
		Highway Tolls Revenue — 4.1%
	2,325,000	Bay Area California Auth. Toll Bridge Rev. Ser. 07 (LOC-Sumitomo Mitsui Banking)(b)		0.930			04/01/2047		2,325,000
		Hotel Occupancy Tax — 0.5%
	300,000	Kansas City Missouri Special Obligation (H. Roe Bartle) Ref. Ser. 08F (LOC-Sumitomo Mitsui Banking)(b)		1.390			04/15/2025		300,000
		Lease Revenue — 2.6%
	1,500,000	Michigan State Building Auth. Variable (Facilities Program Remarketed 12/18/14) Rev. Ref. Ser. 07I (LOC-Citibank N.A.)(b)		1.450			10/15/2042		1,500,000
		Local or GTD Housing — 6.9%
	2,500,000	Indianapolis Indiana Multifamily Housing (Capital Place-Convington) Rev. Ser. 08 (LOC-Fannie Mae)(b)		1.440			05/15/2038		2,500,000
	1,450,000	New York State Housing Finance Agency (222 East 44th Street Housing) Rev. Ser. 15A (LOC-Bank of China Ltd.)(b)		1.450			05/01/2050		1,450,000
									3,950,000
		Miscellaneous Revenue — 5.3%
	1,415,000	Clarksville Tennessee Public Building Auth. (Pooled Financing Tennessee Municipal Bond Fund) Rev. Ser. 99 (LOC-Bank of America N.A.)(b)		1.440			06/01/2029		1,415,000
	100,000	New York State Housing Finance Agency Service Contract (Remarketed 10/08/08) Rev. Ref. Ser. 03L (LOC-Bank of America N.A.)(b)		1.340			09/15/2021		100,000
	1,500,000	New York State Urban Development Corp. (CVS Contract) Rev. Ref. Ser. 08A-1 (LOC-Wells Fargo Bank N.A.)(b)		1.400			01/01/2030		1,500,000
									3,015,000
		Multiple Utility Revenue — 4.0%
	2,300,000	Colorado Springs Colorado Utilities Improvement (Sub.-Lien) Rev. Ser. 06B		1.480			11/01/2036		2,300,000

Schedule of Investments

	Port, Airport & Marina Revenue — 7.9%
$2,500,000	Clark County Nevada Appropriation (Sub.-Lien) Rev. Ser. 08D-3 (LOC-Bank of America N.A.)(b)	1.370	%	07/01/2029	$	2,500,000
2,000,000	Louisiana State Offshore Terminal Auth. Deepwater Port. (Loop LLC Project) Rev. Ref. Ser. 13B (LOC-JPMorgan Chase Bank N.A.)(b)	1.450		09/01/2033		2,000,000
						4,500,000
	Sales Tax Revenue — 8.1%
2,630,000	Florida State Department of Environmental Protection Preservation (Everglades Restoration) Rev. Ser. 07A AGC	1.380		07/01/2027		2,630,000
2,000,000	Nassau County Interim Finance Auth. (Sales Tax Secured) Ser. 08B	1.310		11/15/2021		2,000,000
						4,630,000
	Water Revenue — 15.0%
100,000	Charlotte North Carolina Water & Sewer System Rev. Ser. 06B	1.430		07/01/2036		100,000
2,500,000	Florida Keys Aqueduct Auth. Water Rev. Ref. Ser. 08 (LOC-TD Bank N.A.)(b)	1.380		09/01/2035		2,500,000
2,500,000	JEA Florida Water & Sewer System Rev. Ser. 08B	1.450		10/01/2041		2,500,000
2,000,000	Los Angeles California Department of Water & Power Waterworks (Remarketed 07/25/16) Rev. Sub.-Ser. 01B-4	1.050		07/01/2035		2,000,000
1,500,000	West Palm Beach Florida Utility System Rev. Ser. 08C AGC	1.410		10/01/2038		1,500,000
						8,600,000
	Total Investments in Securities (Cost $56,200,000)(c)— 98.1%					56,200,000
	Other assets less liabilities—1.9%					1,117,364
	Net Assets—100.0%				$	57,317,364

Abbreviations:

AGC - Assured Guaranty Corp.

Auth. - Authority

GTD - Grant To Date

LOC - Letter of Credit

Ref. - Refunding

Rev. - Revenue

Ser. - Series

Sub. - Subordinated

Notes to Schedule of Investments:

^(a)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on May 31, 2019

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

^(c) 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 May 31, 2019. 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
JPMorgan Chase Bank N.A.		12.0	%
Bank of America N.A.		10.3
Assured Guaranty Corp.		7.3
Wells Fargo Bank N.A.		7.1

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

Schedule of Investments

Invesco Senior Loan ETF (BKLN)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Variable Rate Senior Loan Interests—92.7%(a)(b)
		Aerospace/Defense— 1.3%
		TransDigm, Inc.
	$30,182,646	First Lien Term Loan E (1 mo. USD LIBOR + 2.50%)		5.020	%		05/30/2025	$	29,689,009
	29,328,794	First Lien Term Loan F (1 mo. USD LIBOR + 2.50%)		5.020			06/09/2023		28,867,599
									58,556,608
		Air Transport— 0.9%
	40,562,362	Avolon TLB Borrower 1 US LLC, Term Loan B-3 (Ireland) (1 mo. USD LIBOR + 1.75%)		4.285			01/15/2025		40,513,688
		Automotive— 0.6%
	28,078,890	Panther BF Aggregator 2 LP, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.929			05/15/2026		27,938,355
		Building Materials— 1.7%
	37,635,151	Pisces Midco, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		6.351			04/12/2025		37,180,330
	36,214,213	Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		5.270			11/15/2023		35,655,971
									72,836,301
		Chemicals— 3.1%
	32,389,405	Axalta Coating Systems U.S. Holdings, Inc., Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		4.347			06/01/2024		31,849,474
	18,351,496	GrafTech Finance, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		6.028			02/12/2025		18,236,799
	17,666,737	Messer Industries USA, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 2.50%)		5.003			10/01/2025		17,357,569
	67,502,706	Starfruit US Holdco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		5.717			10/01/2025		67,158,105
									134,601,947
		Commercial Services— 4.9%
	32,077,549	Allied Universal Holdco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		6.331			07/28/2022		31,295,659
	15,508,969	PAREXEL International Corp., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		5.352			09/27/2024		14,778,730
	33,840,204	Prime Security Services Borrower LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		5.350			05/02/2022		33,558,315
	85,961,326	Refinitiv US Holdings, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		6.346			10/01/2025		84,000,548
	39,687,317	Team Health Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		5.310			02/06/2024		35,917,221
	12,838,022	Verscend Holding Corp., Term Loan B (1 mo. USD LIBOR + 4.50%)		7.025			08/27/2025		12,866,907
									212,417,380
		Computers— 6.4%
		Dell International LLC
	14,994,385	Term Loan A-2 (1 mo. USD LIBOR + 1.75%)		4.331			09/07/2021		14,995,660
	20,000,000	Term Loan A-6 (3 mo. USD LIBOR + 1.75%)		4.361			03/13/2024		19,814,900
	60,544,240	Term Loan B (1 mo. USD LIBOR + 2.00%)		4.581			09/07/2023		60,336,270
	35,995,135	McAfee LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		6.326			09/30/2024		36,025,011
	39,297,608	Tempo Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.00%)		5.576			05/01/2024		39,178,929
		Western Digital Corp.
	57,196,215	First Lien Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		4.182			04/29/2023		55,694,814
	54,013,774	Term Loan A-1 (3 mo. USD LIBOR + 1.50%)		3.928			02/27/2023		53,102,562
									279,148,146
		Electric— 1.3%
	58,590,649	Vistra Operations Co. LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.00%)		4.615			08/04/2023		58,504,227
		Engineering & Construction— 0.9%
	40,624,950	Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)		6.852			06/21/2024		39,520,357
		Entertainment— 4.6%
	41,887,273	Alpha Topco Ltd., First Lien Term Loan B (United Kingdom) (1 mo. USD LIBOR + 2.50%)		5.076			02/01/2024		41,091,415
	13,791,120	Aristocrat Technologies, Inc., Term Loan B-3 (Australia) (3 mo. USD LIBOR + 1.75%)		4.275			10/19/2024		13,665,690
	37,834,844	Crown Finance US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.25%)		5.003			02/28/2025		37,256,538
	42,333,829	Scientific Games International, Inc., Term Loan B-5 (2 mo. USD LIBOR + 2.75%)		5.275			08/14/2024		41,725,492
	31,407,420	Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		6.101			07/10/2025		31,454,059
	34,237,241	William Morris Endeavor Entertainment LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		5.272			05/18/2025		33,295,717
									198,488,911
		Food— 0.6%
	28,455,756	US Foods, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.00%)		4.610			06/27/2023		28,237,216

Schedule of Investments

	Healthcare-Products— 1.3%
$25,296,508	athenahealth, Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)	7.028	%	02/11/2026	$	25,317,630
32,914,093	Ortho-Clinical Diagnostics, Inc., First Lien Term Loan (Luxembourg) (1 mo. USD LIBOR + 3.25%)	5.729		06/30/2025		31,871,869
						57,189,499
	Healthcare-Services— 6.1%
47,937,752	DaVita HealthCare Partners, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)	5.360		06/24/2021		48,017,568
87,658,798	Envision Healthcare Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	6.347		10/10/2025		80,061,848
20,000,000	Gentiva Health Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	6.352		07/02/2025		20,050,000
38,415,000	LifePoint Health, Inc., Term Loan B (3 mo. USD LIBOR + 4.50%)	7.020		11/16/2025		38,390,991
36,046,299	MPH Acquisition Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 2.75%)	5.479		06/07/2023		35,310,414
42,870,761	Pharmaceutical Product Development, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)	5.100		08/18/2022		42,465,418
						264,296,239
	Insurance— 5.9%
	Asurion LLC
39,269,402	First Lien Term Loan B-7 (1 mo. USD LIBOR + 3.00%)	5.581		11/03/2024		39,150,219
40,039,439	Term Loan B-2 (1 mo. USD LIBOR + 6.50%)	9.081		08/04/2025		40,773,563
41,218,949	Term Loan B-4 (1 mo. USD LIBOR + 3.00%)	5.560		08/04/2022		41,119,612
52,883,588	Term Loan B-6 (1 mo. USD LIBOR + 3.00%)	5.503		11/03/2023		52,765,393
44,026,542	HUB International Ltd., First Lien Term Loan (3 mo. USD LIBOR + 2.75%)	5.582		04/25/2025		42,973,207
39,153,919	USI, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)	5.503		05/16/2024		38,126,128
						254,908,122
	Internet— 0.7%
30,766,478	Go Daddy Operating Co. LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.00%)	4.525		02/15/2024		30,749,248
	Investment Companies— 1.3%
57,800,964	RPI Finance Trust, Term Loan B-6 (1 mo. USD LIBOR + 2.00%)	4.592		03/27/2023		57,841,714
	Lodging— 4.2%
68,852,166	Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)	5.360		12/23/2024		68,452,135
25,645,391	Golden Nugget, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 2.75%)	5.342		10/04/2023		25,526,140
40,989,922	Hilton Worldwide Finance LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)	4.331		10/25/2023		40,938,684
47,579,821	Las Vegas Sands LLC/Venetian Casino Resort LLC, Term Loan (1 mo. USD LIBOR + 1.75%)	4.351		03/27/2025		47,130,905
						182,047,864
	Machinery-Construction & Mining— 0.5%
22,071,278	Cortes NP Acquisition Corp., Term Loan B (3 mo. USD LIBOR + 4.00%)	6.625		11/30/2023		20,802,180
	Media— 8.1%
75,220,485	Charter Communications Operating LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)	4.602		04/30/2025		75,160,685
45,463,208	CSC Holdings LLC, Term Loan (1 mo. USD LIBOR + 2.25%)	4.875		07/17/2025		44,653,509
57,174,940	iHeartCommunications, Inc., Term Loan D (1 mo. USD LIBOR + 6.75%)(c)(d)	9.181		01/30/2020		42,577,606
31,183,218	Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%)	4.601		10/04/2023		30,754,449
	Numericable-SFR S.A.
20,703,382	Term Loan B-12 (France) (1 mo. USD LIBOR + 4.00%)	6.127		01/31/2026		19,978,764
9,521,504	Term Loan B-13 (France) (1 mo. USD LIBOR + 3.69%)	6.440		08/14/2026		9,291,416
42,265,488	Radiate Holdco LLC, Term Loan (1 mo. USD LIBOR + 3.00%)	5.583		02/01/2024		41,715,191
17,052,530	Univision Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)	5.375		03/15/2024		16,209,367
20,428,193	Virgin Media Bristol LLC, Term Loan K (1 mo. USD LIBOR + 2.50%)	4.940		01/15/2026		20,289,690
33,785,764	WideOpenWest Finance LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	5.842		08/18/2023		33,011,564
18,304,368	Ziggo Secured Finance Partnership, Term Loan E (Netherlands) (1 mo. USD LIBOR + 2.50%)	4.940		04/15/2025		17,893,526
						351,535,767
	Oil & Gas— 0.8%
42,074,569	Seadrill Operating LP, First Lien Term Loan (United Kingdom) (3 mo. USD LIBOR + 6.00%)	8.524		02/21/2021		32,930,713
	Oil & Gas Services— 0.8%
36,683,851	McDermott Technology (Americas), Inc., Term Loan B (1 mo. USD LIBOR + 5.00%)	7.528		05/12/2025		35,670,092
	Packaging & Containers— 1.1%
26,830,768	Berry Global, Inc., Term Loan U (3 mo. USD LIBOR + 2.50%)	5.060		05/17/2026		26,730,287
19,936,920	Reynolds Group Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)	5.312		02/05/2023		19,796,165
						46,526,452
	Pharmaceuticals— 6.8%
42,598,172	Amneal Pharmaceuticals LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	6.062		05/04/2025		42,363,882
74,696,996	Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)	5.253		03/01/2024		73,663,190
47,565,592	Endo LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%)	6.750		04/29/2024		45,960,491
69,941,001	Grifols Worldwide Operations USA, Inc., Term Loan B (Spain) (3 mo. USD LIBOR + 2.25%)	4.826		01/31/2025		69,704,950
62,621,139	Valeant Pharmaceuticals International, Inc., First Lien Term Loan (Canada) (1 mo. USD LIBOR + 3.00%)	5.467		06/02/2025		62,512,491
						294,205,004

Schedule of Investments

	Real Estate— 0.8%
$36,199,829	DTZ U.S. Borrower LLC, Term Loan (1 mo. USD LIBOR + 3.25%)	5.774	%	08/21/2025	$	36,165,801
	REITs— 0.2%
9,500,000	VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)	4.610		12/20/2024		9,441,290
	Retail— 7.8%
63,538,720	Bass Pro Group LLC, First Lien Term Loan (1 mo. USD LIBOR + 5.00%)	7.579		09/25/2024		61,950,252
29,486,834	Harbor Freight Tools USA, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)	5.086		08/18/2023		28,712,805
34,088,051	Michaels Stores, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)	5.021		01/30/2023		33,687,516
46,181,036	Neiman Marcus Group, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	5.861		10/25/2020		41,759,202
83,085,867	New Red Finance, Inc., Term Loan B-3 (Canada) (1 mo. USD LIBOR + 2.25%)	4.689		02/16/2024		82,255,008
40,410,138	Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)	5.833		01/26/2023		31,043,674
62,644,565	PetSmart, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.25%)	6.842		03/11/2022		60,452,005
						339,860,462
	Semiconductors— 0.2%
9,165,804	Microchip Technology, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.00%)	4.522		05/29/2025		9,156,638
	Software— 9.0%
51,885,125	Boxer Parent Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)	6.852		10/02/2025		51,067,935
51,666,583	Finastra USA, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)	6.125		06/13/2024		50,700,935
	First Data Corp.
59,312,606	First Lien Term Loan A (1 mo. USD LIBOR + 2.00%)	4.525		04/26/2024		59,298,074
17,398,793	First Lien Term Loan D (1 mo. USD LIBOR + 2.00%)	4.615		07/08/2022		17,394,182
8,148,750	Term Loan A (1 mo. USD LIBOR + 1.50%)	4.083		10/26/2023		8,143,494
18,217,519	Infor (US), Inc., Term Loan B-6 (1 mo. USD LIBOR + 2.75%)	5.310		02/01/2022		18,176,803
33,428,444	Kronos, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)	5.602		11/01/2023		33,376,296
5,043,635	MA Finance Co. LLC, Term Loan B-3 (United Kingdom) (1 mo. USD LIBOR + 2.50%)	5.102		06/21/2024		4,988,483
37,152,751	Micro Holding LP, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	6.357		09/13/2024		36,926,305
43,670,445	Rackspace Hosting, Inc., Term Loan B (3 mo. USD LIBOR + 3.00%)	5.602		11/03/2023		40,589,058
34,157,289	Seattle Spinco, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)	5.102		06/21/2024		33,783,779
	SS&C Technologies, Inc.
16,006,801	Term Loan B-3 (1 mo. USD LIBOR + 2.25%)	4.851		04/16/2025		15,931,249
11,191,582	Term Loan B-4 (1 mo. USD LIBOR + 2.25%)	4.851		04/16/2025		11,138,758
11,050,904	Ultimate Software Group, Inc. (The), First Lien Term Loan (3 mo. USD LIBOR + 3.75%)	6.310		05/04/2026		11,073,337
						392,588,688
	Telecommunications— 8.6%
44,260,915	Avaya, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)	6.883		12/15/2024		43,431,245
90,378,977	CenturyLink, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 2.75%)	5.363		01/31/2025		88,053,978
8,882,642	CommScope, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%)	5.839		04/06/2026		8,863,766
68,910,936	Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)	4.775		02/22/2024		67,903,113
35,209,872	SBA Senior Finance II LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.00%)	4.597		04/11/2025		34,747,743
63,199,810	Sprint Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)	5.060		02/02/2024		61,936,130
36,401,522	Telesat LLC, Term Loan B-4 (Canada) (3 mo. USD LIBOR + 2.50%)	5.083		11/17/2023		36,037,507
37,037,960	West Corp., First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)	6.604		10/10/2024		34,653,641
						375,627,123
	Travel & Leisure— 0.6%
28,392,064	Travelport Finance Luxembourg S.A.R.L., First Lien Term Loan (3 mo. USD LIBOR + 5.00%)	7.633		03/20/2026		27,208,967
	Utilities— 0.8%
35,484,589	Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	6.326		08/01/2025		35,462,411
	Waste & Environmental Services & Equipment— 0.8%
35,070,246	GFL Environmental, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.00%)	5.439		05/30/2025		34,390,760
	Total Variable Rate Senior Loan Interests (Cost $4,089,028,338)					4,039,368,170
	Corporate Bonds—4.6%
	Aerospace/Defense— 0.6%
24,081,000	TransDigm, Inc.(e)	6.250		03/15/2026		24,652,924
	Commercial Services— 0.3%
11,160,000	Prime Security Services Borrower LLC/Prime Finance, Inc.(e)	5.750		04/15/2026		11,013,525

Schedule of Investments

		Computers— 0.6%
	$    24,793,000	Dell International LLC(e)	5.450	%	06/15/2023	$	26,362,704
		Entertainment— 0.2%
	9,900,000	Scientific Games International, Inc.(e)	5.000		10/15/2025		9,730,512
		Media— 2.2%
	24,174,000	iHeartCommunications, Inc.(c)(d)	9.000		12/15/2019		18,009,630
	1,874,000	Univision Communications, Inc.(e)	6.750		09/15/2022		1,902,110
	37,598,000	Univision Communications, Inc.(e)	5.125		05/15/2023		35,718,100
	20,498,000	Virgin Media Secured Finance PLC (United Kingdom)(e)	5.250		01/15/2026		20,472,378
	5,000,000	Virgin Media Secured Finance PLC (United Kingdom)(e)	5.500		08/15/2026		5,038,250
	13,650,000	Ziggo BV (Netherlands)(e)	5.500		01/15/2027		13,377,000
							94,517,468
		Packaging & Containers— 0.4%
	15,990,277	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A.	5.750		10/15/2020		16,035,050
	3,000,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A. (3 mo. USD LIBOR + 3.50%)(e)(f)	6.097		07/15/2021		3,018,750
							19,053,800
		Software— 0.3%
	15,000,000	First Data Corp.(e)	5.000		01/15/2024		15,337,500
		Total Corporate Bonds (Cost $205,693,693)					200,668,433
Number of   Shares
		Money Market Funds—3.3%
	144,247,332	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(g) (Cost $144,247,332)					144,247,332
		Total Investments in Securities (Cost $4,438,969,363)— 100.6%					4,384,283,935
		Other assets less liabilities—(0.6)%					(25,864,444	)
		Net Assets—100.0%				$	4,358,419,491

Abbreviations:

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

USD - U.S. Dollar

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)  Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at May 31, 2019 was $60,587,236, which represented 1.39% of the Fund’s Net Assets.

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

^(e)  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 May 31, 2019 was $166,623,753, which represented 3.82% of the Fund’s Net Assets.

^(f)  Variable rate coupon. Stated interest rate was in effect at May 31, 2019.

^(g)  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 May 31, 2019.

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

Schedule of Investments^(a)

Invesco DWA SmallCap Momentum ETF (DWAS)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 100.0%
		Communication Services - 2.6%
	14,228	Bandwidth, Inc., Class A(b)	$	1,032,526
	166,147	Fluent, Inc.(b)		810,797
	90,063	Glu Mobile, Inc.(b)		718,703
	41,394	Gray Television, Inc.(b)		713,219
	35,324	Iridium Communications, Inc.(b)		756,993
	23,461	Marcus Corp. (The)		820,196
	171,808	Meet Group, Inc. (The)(b)		664,897
	184,128	Pareteum Corp.(b)(c)		721,782
				6,239,113
		Consumer Discretionary - 7.5%
	49,955	1-800-Flowers.com, Inc., Class A(b)		912,178
	10,899	America’s Car-Mart, Inc.(b)		938,404
	41,709	Boot Barn Holdings, Inc.(b)		1,089,856
	33,284	Boyd Gaming Corp.		796,153
	77,052	Career Education Corp.(b)		1,446,266
	76,095	Clarus Corp.		970,211
	54,467	Denny’s Corp.(b)		1,071,911
	11,050	Dine Brands Global, Inc.		1,043,341
	48,009	Funko, Inc., Class A(b)(c)		996,667
	7,483	iRobot Corp.(b)(c)		651,844
	28,036	K12, Inc.(b)		857,061
	10,626	RH(b)(c)		904,804
	190,035	Rubicon Project, Inc. (The)(b)		1,045,193
	19,674	Sleep Number Corp.(b)		684,852
	34,562	Stoneridge, Inc.(b)		899,649
	6,907	Strategic Education, Inc.		1,215,563
	14,635	TopBuild Corp.(b)		1,160,116
	12,931	Wingstop, Inc.		1,030,342
				17,714,411
		Consumer Staples - 3.8%
	3,077	Boston Beer Co., Inc. (The), Class A(b)		967,101
	43,885	Freshpet, Inc.(b)		2,039,336
	12,119	Inter Parfums, Inc.		785,069
	86,983	Lifevantage Corp.(b)		975,949
	41,014	MGP Ingredients, Inc.(c)		2,469,453
	21,341	Turning Point Brands, Inc.		1,050,618
	5,443	WD-40 Co.		850,904
				9,138,430
		Energy - 1.6%
	45,094	DMC Global, Inc.		3,050,158
	42,975	Matrix Service Co.(b)		777,848
				3,828,006
		Financials - 9.8%
	13,028	Argo Group International Holdings Ltd.		918,344
	50,001	Blucora, Inc.(b)		1,548,531
	38,516	eHealth, Inc.(b)		2,717,689
	12,362	Federal Agricultural Mortgage Corp., Class C		845,932
	25,773	First Bancorp		912,622
	88,988	First BanCorp		886,320
	31,632	First Defiance Financial Corp.		857,227
	24,879	First Merchants Corp.		827,227
	21,158	Hamilton Lane, Inc., Class A		1,040,127

129,716	Independent Bank Corp.	$	2,743,493
13,901	Kinsale Capital Group, Inc.		1,164,765
42,322	NMI Holdings, Inc., Class A(b)		1,153,698
47,474	OFG Bancorp		891,562
16,287	RLI Corp.		1,398,727
33,442	Seacoast Banking Corp. of Florida(b)		775,520
98,835	United Community Financial Corp.		905,329
18,242	Walker & Dunlop, Inc.		917,025
94,656	Waterstone Financial, Inc.		1,562,771
8,421	World Acceptance Corp.(b)		1,114,014
			23,180,923
	Health Care - 31.5%
35,060	ACADIA Pharmaceuticals, Inc.(b)		841,089
132,847	Apyx Medical Corp.(b)		801,067
176,939	Arrowhead Pharmaceuticals, Inc.(b)(c)		4,195,224
1,119	Atrion Corp.		988,312
150,549	Axsome Therapeutics, Inc.(b)(c)		3,456,605
181,614	BioDelivery Sciences International, Inc.(b)		788,205
18,798	Biohaven Pharmaceutical Holding Co., Ltd.(b)		1,061,335
59,216	BioLife Solutions, Inc.(b)		1,049,900
36,670	BioTelemetry, Inc.(b)		1,755,026
25,047	Cardiovascular Systems, Inc.(b)		975,581
107,289	CareDx, Inc.(b)		3,392,478
84,665	Catasys, Inc.(b)(c)		1,503,650
145,772	Cerus Corp.(b)		683,671
144,609	Codexis, Inc.(b)		2,617,423
52,175	Collegium Pharmaceutical, Inc.(b)		600,534
191,928	CryoPort, Inc.(b)(c)		3,209,036
67,319	Dermira, Inc.(b)(c)		628,759
43,974	Eidos Therapeutics, Inc.(b)(c)		1,372,429
10,639	Enanta Pharmaceuticals, Inc.(b)		962,510
18,600	Ensign Group, Inc. (The)		990,636
52,055	Fate Therapeutics, Inc.(b)		1,003,620
66,398	Fluidigm Corp.(b)		869,150
12,254	Glaukos Corp.(b)		790,138
83,653	Hanger, Inc.(b)		1,560,965
50,036	Immunomedics, Inc.(b)(c)		653,971
32,025	Insmed, Inc.(b)		775,325
16,456	Inspire Medical Systems, Inc.(b)		929,270
12,026	Integer Holdings Corp.(b)		843,023
70,559	Invitae Corp.(b)		1,231,255
10,533	iRhythm Technologies, Inc.(b)		721,089
39,747	KalVista Pharmaceuticals, Inc.(b)		844,624
8,275	LHC Group, Inc.(b)		937,392
25,208	Madrigal Pharmaceuticals, Inc.(b)(c)		2,329,219
52,358	Magenta Therapeutics, Inc.(b)		767,568
17,506	Merit Medical Systems, Inc.(b)		903,835
50,479	Mirati Therapeutics, Inc.(b)		3,421,971
37,832	Myovant Sciences Ltd.(b)(c)		371,889
44,784	NanoString Technologies, Inc.(b)		1,273,657
45,350	Natera, Inc.(b)		1,038,515
47,509	NeoGenomics, Inc.(b)		1,031,420
11,765	Omnicell, Inc.(b)		934,729
20,291	OrthoPediatrics Corp.(b)		788,305
69,857	Protagonist Therapeutics, Inc.(b)		702,761
14,393	Quidel Corp.(b)		795,933
105,883	Quotient Ltd.(b)(c)		1,023,889
189,254	R1 RCM, Inc.(b)		2,221,842
54,041	Ra Pharmaceuticals, Inc.(b)		1,168,907
66,169	RadNet, Inc.(b)		799,322
14,190	Reata Pharmaceuticals, Inc., Class A(b)		1,209,981
100,560	Recro Pharma, Inc.(b)		961,354
15,439	Repligen Corp.(b)		1,072,547
43,837	Simulations Plus, Inc.		1,098,994
22,162	Tactile Systems Technology, Inc.(b)		1,064,441

Schedule of Investments^(a)

12,846	Tandem Diabetes Care, Inc.(b)	$	880,722
31,031	Tenet Healthcare Corp.(b)		619,379
14,150	uniQure N.V. (Netherlands)(b)		839,237
9,194	US Physical Therapy, Inc.		1,027,062
51,315	Veracyte, Inc.(b)		1,162,798
49,630	Vericel Corp.(b)		776,709
40,699	Zogenix, Inc.(b)		1,533,945
			74,854,223
	Industrials - 13.8%
22,505	AAON, Inc.		1,021,502
30,704	Aerojet Rocketdyne Holdings, Inc.(b)		1,184,560
12,442	Albany International Corp., Class A		871,811
55,097	Ameresco, Inc., Class A(b)		798,906
82,758	American Superconductor Corp.(b)(c)		805,235
11,852	Barrett Business Services, Inc.		853,581
68,681	Casella Waste Systems, Inc., Class A(b)		2,659,328
46,326	CBIZ, Inc.(b)		917,255
13,068	Chart Industries, Inc.(b)		1,001,401
17,951	Comfort Systems USA, Inc.		846,928
17,900	CRA International, Inc.		670,176
20,692	Ducommun, Inc.(b)		933,830
100,672	Enphase Energy, Inc.(b)(c)		1,527,194
16,131	Exponent, Inc.		904,143
12,354	FTI Consulting, Inc.(b)		1,036,748
22,935	Gibraltar Industries, Inc.(b)		818,780
103,945	Great Lakes Dredge & Dock Corp.(b)		1,105,975
22,747	Heidrick & Struggles International, Inc.		690,599
36,475	Heritage-Crystal Clean, Inc.(b)		911,875
12,217	ICF International, Inc.		890,497
10,607	Kadant, Inc.		861,076
62,266	Kratos Defense & Security Solutions, Inc.(b)		1,372,965
31,356	Mercury Systems, Inc.(b)		2,156,039
44,078	Meritor, Inc.(b)		888,612
15,911	Omega Flex, Inc.		1,359,118
23,791	Raven Industries, Inc.		779,155
31,105	SkyWest, Inc.		1,826,486
90,963	Sterling Construction Co., Inc.(b)		1,086,098
62,977	Sunrun, Inc.(b)		986,220
16,166	TriNet Group, Inc.(b)		1,024,601
			32,790,694
	Information Technology - 24.4%
13,716	2U, Inc.(b)		521,071
16,518	Acacia Communications, Inc.(b)		769,739
44,583	Agilysys, Inc.(b)		971,909
17,287	Alarm.com Holdings, Inc.(b)		1,008,005
24,571	Altair Engineering, Inc., Class A(b)		936,401
17,938	Alteryx, Inc., Class A(b)		1,558,095
18,877	AppFolio, Inc., Class A(b)		1,819,743
31,205	Brooks Automation, Inc.		1,107,465
8,386	Cabot Microelectronics Corp.		817,383
96,066	Diebold Nixdorf, Inc.(b)		816,561
21,576	Domo, Inc., Class B(b)		722,796
20,099	Ebix, Inc.(c)		943,246
238,219	eGain Corp.(b)		1,877,166
14,089	Envestnet, Inc.(b)		942,695
37,973	ePlus, Inc.(b)		2,683,172
15,402	Everbridge, Inc.(b)		1,211,213
123,147	Extreme Networks, Inc.(b)		693,318
17,323	Fabrinet (Thailand)(b)		738,653
53,186	Five9, Inc.(b)		2,731,101
16,315	Insight Enterprises, Inc.(b)		839,896
20,369	Instructure, Inc.(b)		846,943
94,710	Intelligent Systems Corp.(b)(c)		2,579,900
72,846	Lattice Semiconductor Corp.(b)		932,429
42,966	LivePerson, Inc.(b)		1,195,744

15,066	LiveRamp Holdings, Inc.(b)	$	774,091
32,101	Mimecast Ltd.(b)		1,457,385
14,019	MongoDB, Inc.(b)		1,967,426
44,384	Napco Security Technologies, Inc.(b)		1,185,940
74,007	PAR Technology Corp.(b)(c)		2,080,337
538,805	Paysign, Inc.(b)(c)		5,258,737
46,203	PCM, Inc.(b)		1,180,487
22,073	PROS Holdings, Inc.(b)		1,251,539
22,626	Q2 Holdings, Inc.(b)		1,657,128
44,141	Quantenna Communications, Inc.(b)		1,070,861
21,008	Rapid7, Inc.(b)		1,097,668
5,923	Rogers Corp.(b)		817,315
31,075	SailPoint Technologies Holding, Inc.(b)		545,988
16,995	Semtech Corp.(b)		676,911
20,187	Smartsheet, Inc., Class A(b)		867,637
8,515	SPS Commerce, Inc.(b)		867,934
145,022	Telaria, Inc.(b)		1,087,665
50,299	Upland Software, Inc.(b)		2,353,490
17,394	Virtusa Corp.(b)		737,506
20,389	Workiva, Inc.(b)		1,134,444
41,488	Yext, Inc.(b)		761,720
			58,096,853
	Materials - 1.8%
28,540	Innospec, Inc.		2,303,463
65,206	Kronos Worldwide, Inc.		822,248
6,840	Quaker Chemical Corp.		1,237,082
			4,362,793
	Real Estate - 2.4%
24,936	CorEnergy Infrastructure Trust, Inc.(c)		962,280
11,270	Innovative Industrial Properties, Inc.(c)		947,018
23,660	Marcus & Millichap, Inc.(b)		722,577
25,689	NexPoint Residential Trust, Inc.		1,029,615
25,956	Rexford Industrial Realty, Inc.		981,137
36,347	Tier REIT, Inc.		978,461
			5,621,088
	Utilities - 0.8%
12,981	American States Water Co.		946,834
16,028	Middlesex Water Co.		948,216
			1,895,050
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $215,922,096)-100.0%		237,721,584
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 12.0%
21,474,412	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		21,474,412
7,162,030	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		7,164,178
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,638,590)		28,638,590
	Total Investments in Securities (Cost $244,560,686)-112.0%		266,360,174
	Other assets less liabilities-(12.0)%		(28,614,789	)
	Net Assets-100.0%	$	237,745,385

Abbreviations:

REIT - Real Estate Investment Trust

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments

Invesco DWA Tactical Multi-Asset Income ETF (DWIN)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Exchange-Traded Funds - 100.0%(a)
	260,013	Invesco Emerging Markets Sovereign Debt ETF	$	7,233,562
	312,329	Invesco Global Short Term High Yield Bond ETF(b)		7,192,937
	498,223	Invesco Preferred ETF		7,259,109
	315,729	Invesco Senior Loan ETF(b)		7,148,104
	240,756	Invesco Taxable Municipal Bond ETF		7,523,625
		Total Exchange-Traded Funds (Cost $37,386,656)		36,357,337
		Money Market Fund - 0.0%
	5,649	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(c) (Cost $5,649)		5,649
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $37,392,305)-100.0%		36,362,986
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund - 20.7%
	5,648,074	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(c)(d)		5,648,074
	1,882,127	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(c)(d)		1,882,692
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,530,766)		7,530,766
		Total Investments in Securities (Cost $44,923,071)-120.7%		43,893,752
		Other assets less liabilities-(20.7)%		(7,532,103	)
		Net Assets-100.0%	$	36,361,649

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a)  Affiliated company. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Emerging Markets Sovereign Debt ETF	$	11,346,484	$	1,733,179	$	(6,139,018	)	$	792,860		$	(499,943	)	$	7,233,562	$	322,376
Invesco Fundamental High Yield Corporate Bond ETF*		—		10,522,086		(10,668,605	)		—			146,519			—		145,827
Invesco Global Short Term High Yield Bond ETF		12,086,392		1,745,004		(6,500,602	)		118,457			(256,314	)		7,192,937		345,147
Invesco KBW Premium Yield Equity REIT ETF*		14,419,684		839,301		(13,491,713	)		215,602			(1,982,874	)		—		113,988
Invesco Preferred ETF		13,077,663		1,865,598		(7,412,163	)		228,313			(500,302	)		7,259,109		390,827
Invesco Senior Loan ETF		—		7,325,500		(121,933	)		(56,106	)		643			7,148,104		44,216
Invesco Taxable Municipal Bond ETF		11,568,189		2,288,555		(6,720,172	)		517,134			(130,081	)		7,523,625		276,571
Total Investments in Affiliates	$	62,498,412	$	26,319,223	$	(51,054,206	)	$	1,816,260		$	(3,222,352	)	$	36,357,337	$	1,638,952

* At May 31, 2019, this security was no longer held.

^(b)  All or a portion of this security was out on loan at May 31, 2019.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments

Invesco DWA Tactical Sector Rotation ETF (DWTR)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Exchange-Traded Funds - 100.0%(a)
	219,284	Invesco DWA Consumer Cyclicals Momentum ETF(b)	$	11,402,768
	348,748	Invesco DWA Financial Momentum ETF		12,171,305
	316,346	Invesco DWA Industrials Momentum ETF		19,322,414
	286,961	Invesco DWA Technology Momentum ETF		19,748,656
		Total Exchange-Traded Funds (Cost $55,735,633)		62,645,143
		Money Market Fund - 0.0%
	17,947	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(c) (Cost $17,947)		17,947
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $55,753,580)-100.0%		62,663,090
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Fund - 0.3%
	149,855	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(c)(d)		149,855
	49,937	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(c)(d)		49,952
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $199,807)		199,807
		Total Investments in Securities (Cost $55,953,387)-100.3%		62,862,897
		Other assets less liabilities-(0.3)%		(207,469	)
		Net Assets-100.0%	$	62,655,428

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

^(a) Affiliated company. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco DWA Consumer Cyclicals Momentum ETF	$	20,023,736	$	13,036,875	$	(17,463,777	)	$	(2,439,751	)	$	(1,754,315	)	$	11,402,768	$	27,230
Invesco DWA Energy Momentum ETF*		17,083,379		—		(16,197,808	)		(346,854	)		(538,717	)		—		—
Invesco DWA Financial Momentum ETF		—		12,308,004		(55,465	)		(80,944	)		(290	)		12,171,305		—
Invesco DWA Healthcare Momentum ETF*		—		17,911,115		(15,016,900	)		—			(2,894,215	)		—		—
Invesco DWA Industrials Momentum ETF		26,214,426		1,998,428		(7,056,083	)		(3,046,813	)		1,212,456			19,322,414		34,948
Invesco DWA Technology Momentum ETF		24,983,814		1,882,492		(6,508,783	)		(2,625,797	)		2,016,930			19,748,656		1,081
Invesco DWA Utilities Momentum ETF*		—		13,384,401		(14,508,314	)		—			1,123,913			—		33,302
Total Investments in Affiliates	$	88,305,355	$	60,521,315	$	(76,807,130	)	$	(8,540,159	)	$	(834,238	)	$	62,645,143	$	96,561

* At May 31, 2019, this security was no longer held.    

^(b) All or a portion of this security was out on loan at May 31, 2019.

^(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks - 99.9%
		Auto Components - 14.3%
	35,648	American Axle & Manufacturing Holdings, Inc.(b)	$	360,401
	15,975	Cooper Tire & Rubber Co.		440,590
	5,174	Cooper-Standard Holdings, Inc.(b)		200,027
	9,264	Dorman Products, Inc.(b)		756,498
	12,120	Fox Factory Holding Corp.(b)		812,282
	23,615	Garrett Motion, Inc. (Switzerland)(b)		363,199
	10,739	Gentherm, Inc.(b)		401,424
	7,933	LCI Industries		657,408
	6,001	Motorcar Parts of America, Inc.(b)		106,278
	6,442	Standard Motor Products, Inc.		273,012
	7,344	Superior Industries International, Inc.		27,099
				4,398,218
		Automobiles - 1.0%
	9,299	Winnebago Industries, Inc.		298,870
		Distributors - 1.8%
	14,635	Core-Mark Holding Co., Inc.		539,739
		Diversified Consumer Services - 6.4%
	5,241	American Public Education, Inc.(b)		146,643
	22,261	Career Education Corp.(b)		417,839
	9,628	Regis Corp.(b)		179,466
	6,938	Strategic Education, Inc.		1,221,019
				1,964,967
		Hotels, Restaurants & Leisure - 13.0%
	6,724	BJ’s Restaurants, Inc.		281,668
	29,120	Bloomin’ Brands, Inc.		562,307
	5,408	Chuy’s Holdings, Inc.(b)		119,625
	11,679	Dave & Buster’s Entertainment, Inc.		580,913
	5,594	Dine Brands Global, Inc.		528,185
	7,104	El Pollo Loco Holdings, Inc.(b)		74,450
	7,442	Fiesta Restaurant Group, Inc.(b)		105,528
	3,774	Monarch Casino & Resort, Inc.(b)		162,395
	4,136	Red Robin Gourmet Burgers, Inc.(b)		105,799
	9,003	Ruth’s Hospitality Group, Inc.		205,899
	8,293	Shake Shack, Inc., Class A(b)		508,776
	9,359	Wingstop, Inc.		745,725
				3,981,270
		Household Durables - 17.4%
	2,728	Cavco Industries, Inc.(b)		391,741
	8,732	Century Communities, Inc.(b)		233,144
	7,887	Ethan Allen Interiors, Inc.		167,362
	6,682	Installed Building Products, Inc.(b)		343,722
	8,869	iRobot Corp.(b)(c)		772,579
	14,887	La-Z-Boy, Inc.		479,213
	5,941	LGI Homes, Inc.(b)		405,176
	8,780	M/I Homes, Inc.(b)		240,396
	15,656	MDC Holdings, Inc.		492,068
	11,435	Meritage Homes Corp.(b)		572,894
	11,092	TopBuild Corp.(b)		879,263
	4,405	Universal Electronics, Inc.(b)		173,513
	10,430	William Lyon Homes, Class A(b)		193,372
				5,344,443

	Internet & Direct Marketing Retail - 3.5%
8,502	Liquidity Services, Inc.(b)	$	47,781
6,596	PetMed Express, Inc.(c)		115,232
10,869	Shutterfly, Inc.(b)		516,060
5,932	Shutterstock, Inc.		225,772
5,257	Stamps.com, Inc.(b)		176,320
			1,081,165
	Leisure Products - 2.8%
28,342	Callaway Golf Co.		416,628
9,441	Nautilus, Inc.(b)		25,396
5,570	Sturm Ruger & Co., Inc.		276,885
18,375	Vista Outdoor, Inc.(b)		140,936
			859,845
	Multi-line Retail - 1.4%
12,777	Big Lots, Inc.		352,645
100,853	J.C. Penney Co., Inc.(b)(c)		85,725
			438,370
	Specialty Retail - 26.6%
21,007	Abercrombie & Fitch Co., Class A		363,421
6,221	Asbury Automotive Group, Inc.(b)		461,536
55,434	Ascena Retail Group, Inc.(b)		58,206
11,684	Barnes & Noble Education, Inc.(b)		37,038
18,209	Barnes & Noble, Inc.		79,937
9,039	Boot Barn Holdings, Inc.(b)		236,189
9,071	Buckle, Inc. (The)(c)		136,518
13,680	Caleres, Inc.		258,005
7,289	Cato Corp. (The), Class A		90,311
37,168	Chico’s FAS, Inc.		125,256
5,167	Children’s Place, Inc. (The)		478,774
7,795	Conn’s, Inc.(b)		139,920
18,409	Designer Brands, Inc., Class A		333,019
21,864	Express, Inc.(b)		65,811
32,533	GameStop Corp., Class A(c)		246,600
5,533	Genesco, Inc.(b)		248,874
5,559	Group 1 Automotive, Inc.		401,304
16,007	Guess?, Inc.(c)		258,833
6,055	Haverty Furniture Cos., Inc.		105,418
5,834	Hibbett Sports, Inc.(b)		129,048
4,741	Kirkland’s, Inc.(b)		19,106
7,130	Lithia Motors, Inc., Class A		813,889
9,131	Lumber Liquidators Holdings, Inc.(b)(c)		87,566
7,286	MarineMax, Inc.(b)		113,516
10,562	Monro, Inc.		841,897
172,599	Office Depot, Inc.		338,294
14,294	Rent-A-Center, Inc.(b)		341,055
5,957	RH(b)(c)		507,239
3,201	Shoe Carnival, Inc.		82,234
9,738	Sleep Number Corp.(b)		338,980
7,595	Sonic Automotive, Inc., Class A		132,381
15,983	Tailored Brands, Inc.(c)		84,071
12,495	Tile Shop Holdings, Inc.		52,229
4,989	Vitamin Shoppe, Inc.(b)		18,659
6,028	Zumiez, Inc.(b)		119,234
			8,144,368
	Textiles, Apparel & Luxury Goods - 11.7%
21,292	Crocs, Inc.(b)		411,361
14,561	Fossil Group, Inc.(b)		142,552
13,385	G-III Apparel Group Ltd.(b)		344,396
14,785	Kontoor Brands, Inc.(b)		433,200
5,264	Movado Group, Inc.		135,601
5,409	Oxford Industries, Inc.		385,337
24,942	Steven Madden Ltd.		754,745
4,634	Unifi, Inc.(b)		87,351
6,747	Vera Bradley, Inc.(b)		73,880

Schedule of Investments^(a)

29,200	Wolverine World Wide, Inc.	$	815,848
			3,584,271
	Total Common Stocks (Cost $41,299,912)		30,635,526
	Money Market Fund - 0.0%
14,799	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $14,799)		14,799
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $41,314,711)-99.9%		30,650,325
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 6.0%
1,395,522	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		1,395,522
425,029	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		425,156
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,820,678)		1,820,678
	Total Investments in Securities (Cost $43,135,389)-105.9%		32,471,003
	Other assets less liabilities-(5.9)%		(1,808,443	)
	Net Assets-100.0%	$	30,662,560

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 May 31, 2019.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks - 97.5%
		Beverages - 8.3%
	9,485	Coca-Cola Consolidated, Inc.	$	2,864,565
	36,222	MGP Ingredients, Inc.(b)		2,180,926
				5,045,491
		Food & Staples Retailing - 12.4%
	83,469	Andersons, Inc. (The)		2,267,853
	73,171	Chefs’ Warehouse, Inc. (The)(c)		2,317,325
	113,692	SpartanNash Co.		1,312,006
	162,269	United Natural Foods, Inc.(c)		1,647,030
				7,544,214
		Food Products - 41.6%
	134,556	B&G Foods, Inc.(b)		2,953,504
	33,056	Calavo Growers, Inc.		2,890,747
	66,513	Cal-Maine Foods, Inc.		2,462,311
	416,024	Darling Ingredients, Inc.(c)		7,862,854
	289,194	Dean Foods Co.		318,114
	37,966	J&J Snack Foods Corp.		6,106,831
	27,868	John B. Sanfilippo & Son, Inc.		2,136,082
	20,942	Seneca Foods Corp., Class A(c)		517,267
				25,247,710
		Household Products - 13.5%
	21,113	Central Garden & Pet Co.(b)(c)		594,331
	84,127	Central Garden & Pet Co., Class A(c)		2,151,128
	34,928	WD-40 Co.		5,460,294
				8,205,753
		Personal Products - 17.1%
	1,083,564	Avon Products, Inc. (United Kingdom)(c)		4,074,201
	37,097	Inter Parfums, Inc.		2,403,144
	29,991	Medifast, Inc.		3,867,339
				10,344,684
		Tobacco - 4.6%
	49,103	Universal Corp.		2,775,302
		Total Common Stocks (Cost $67,931,025)		59,163,154
		Money Market Fund - 0.0%
	18,085	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $18,085)		18,085
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $67,949,110)-97.5%		59,181,239
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds - 9.2%
	4,197,288	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		4,197,288
	1,398,677	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		1,399,096

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,596,384)	$	5,596,384
Total Investments in Securities (Cost $73,545,494)-106.7%		64,777,623
Other assets less liabilities-(6.7)%		(4,075,201	)
Net Assets-100.0%	$	60,702,422

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 May 31, 2019.

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Energy ETF (PSCE)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Energy Equipment & Services - 53.4%
	112,463	Archrock, Inc.	$	997,547
	52,981	C&J Energy Services, Inc.(b)		627,295
	55,703	Diamond Offshore Drilling, Inc.(b)(c)		438,383
	12,209	DMC Global, Inc.		825,817
	31,379	Dril-Quip, Inc.(b)		1,294,384
	17,640	Era Group, Inc.(b)		129,654
	27,115	Exterran Corp.(b)		374,187
	11,756	Geospace Technologies Corp.(b)		147,067
	11,954	Gulf Island Fabrication, Inc.(b)		95,632
	120,607	Helix Energy Solutions Group, Inc.(b)		815,303
	19,284	KLX Energy Services Holdings, Inc.(b)		379,895
	23,097	Matrix Service Co.(b)		418,056
	281,560	Nabors Industries Ltd.		664,481
	77,849	Newpark Resources, Inc.(b)		544,164
	214,471	Noble Corp. PLC(b)		416,074
	52,171	Oil States International, Inc.(b)		868,125
	67,656	Pioneer Energy Services Corp.(b)		21,312
	63,979	ProPetro Holding Corp.(b)		1,242,472
	14,870	SEACOR Holdings, Inc.(b)		618,741
	134,469	Superior Energy Services, Inc.(b)		217,840
	108,407	TETRA Technologies, Inc.(b)		166,947
	63,084	US Silica Holdings, Inc.		654,812
				11,958,188
		Oil, Gas & Consumable Fuels - 46.6%
	16,134	Bonanza Creek Energy, Inc.(b)		315,097
	73,484	Carrizo Oil & Gas, Inc.(b)		748,067
	23,662	CONSOL Energy, Inc.(b)		620,418
	397,064	Denbury Resources, Inc.(b)		571,772
	33,267	Green Plains, Inc.		434,134
	127,902	Gulfport Energy Corp.(b)		699,624
	95,305	HighPoint Resources Corp.(b)(c)		178,220
	131,121	Laredo Petroleum, Inc.(b)		346,160
	25,829	Par Pacific Holdings, Inc.(b)		506,248
	57,043	PDC Energy, Inc.(b)		1,740,952
	11,593	Penn Virginia Corp.(b)		353,587
	32,166	Renewable Energy Group, Inc.(b)(c)		503,076
	4,910	REX American Resources Corp.(b)		331,278
	51,255	Ring Energy, Inc.(b)		181,443
	209,773	SRC Energy, Inc.(b)		994,324
	46,882	Unit Corp.(b)		451,005
	78,469	Whiting Petroleum Corp.(b)(c)		1,442,260
				10,417,665
		Total Common Stocks (Cost $37,156,697)		22,375,853
		Money Market Fund - 0.0%
	8,164	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $8,164)		8,164
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $37,164,861)-100.0%		22,384,017

	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 10.4%
1,743,765	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)	$	1,743,765
581,081	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		581,255
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,325,020)		2,325,020
	Total Investments in Securities (Cost $39,489,881)-110.4%		24,709,037
	Other assets less liabilities-(10.4)%		(2,327,224	)
	Net Assets-100.0%	$	22,381,813

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Financials ETF (PSCF)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.9%
		Banks - 35.1%
	31,454	Ameris Bancorp	$	1,110,012
	33,621	Banc of California, Inc.		444,806
	24,630	Banner Corp.		1,242,830
	35,998	Berkshire Hills Bancorp, Inc.		1,050,782
	66,034	Boston Private Financial Holdings, Inc.		676,848
	62,881	Brookline Bancorp, Inc.		902,342
	22,748	Central Pacific Financial Corp.		632,167
	13,092	City Holding Co.		956,371
	57,757	Columbia Banking System, Inc.		1,926,196
	40,454	Community Bank System, Inc.		2,500,462
	22,541	Customers Bancorp, Inc.(b)		444,508
	80,550	CVB Financial Corp.		1,655,302
	24,961	Eagle Bancorp, Inc.		1,324,930
	17,419	Fidelity Southern Corp.		490,693
	171,253	First BanCorp		1,705,680
	77,759	First Commonwealth Financial Corp.		977,431
	77,561	First Financial Bancorp		1,731,162
	84,229	First Midwest Bancorp, Inc.		1,641,623
	9,626	Franklin Financial Network, Inc.		252,682
	66,629	Glacier Bancorp, Inc.		2,625,849
	44,884	Great Western Bancorp, Inc.		1,394,546
	24,377	Hanmi Financial Corp.		502,654
	26,165	Heritage Financial Corp.		735,236
	94,841	Hope Bancorp, Inc.		1,220,604
	27,066	Independent Bank Corp.		1,877,027
	35,604	LegacyTexas Financial Group, Inc.		1,299,546
	20,437	National Bank Holdings Corp., Class A		717,134
	34,474	NBT Bancorp, Inc.		1,239,340
	34,370	OFG Bancorp		645,469
	118,751	Old National Bancorp		1,892,891
	17,031	Opus Bank		341,812
	35,472	Pacific Premier Bancorp, Inc.		1,003,858
	10,994	Preferred Bank		481,207
	27,288	S&T Bancorp, Inc.		1,028,758
	40,455	Seacoast Banking Corp. of Florida(b)		938,151
	36,253	ServisFirst Bancshares, Inc.		1,136,169
	72,799	Simmons First National Corp., Class A		1,660,545
	24,965	Southside Bancshares, Inc.		813,110
	9,780	Tompkins Financial Corp.		772,913
	19,365	Triumph Bancorp, Inc.(b)		543,576
	62,478	United Community Banks, Inc.		1,656,292
	35,592	Veritex Holdings, Inc.		905,105
	21,197	Westamerica Bancorporation(c)		1,269,488
				48,368,107
		Capital Markets - 3.7%
	37,999	Blucora, Inc.(b)		1,176,829
	26,895	Donnelley Financial Solutions, Inc.(b)		331,615
	13,864	Greenhill & Co., Inc.		207,544
	12,634	INTL. FCStone, Inc.(b)		439,158
	11,539	Piper Jaffray Cos.		817,192
	5,527	Virtus Investment Partners, Inc.		561,488
	60,173	Waddell & Reed Financial, Inc., Class A		971,794
	92,952	WisdomTree Investments, Inc.		558,642
				5,064,262

	Consumer Finance - 4.7%
20,207	Encore Capital Group, Inc.(b)(c)	$	693,909
26,401	Enova International, Inc.(b)		563,662
41,367	EZCORP, Inc., Class A(b)		363,202
34,342	FirstCash, Inc.		3,252,874
35,712	PRA Group, Inc.(b)		986,008
5,159	World Acceptance Corp.(b)		682,484
			6,542,139
	Equity REITs - 26.4%
64,289	Acadia Realty Trust		1,758,304
29,622	Agree Realty Corp.		1,983,193
29,846	American Assets Trust, Inc.		1,354,710
39,680	Armada Hoffler Properties, Inc.		654,720
74,591	CareTrust REIT, Inc.		1,813,307
136,743	CBL & Associates Properties, Inc.(c)		111,350
67,900	Cedar Realty Trust, Inc.		192,157
36,702	Chatham Lodging Trust		698,806
47,901	Chesapeake Lodging Trust		1,378,112
14,019	Community Healthcare Trust, Inc.		548,563
158,759	DiamondRock Hospitality Co.		1,573,302
53,624	Easterly Government Properties, Inc.		987,218
53,880	Four Corners Property Trust, Inc.		1,549,589
84,531	Franklin Street Properties Corp.		612,004
26,739	Getty Realty Corp.		827,839
66,092	Global Net Lease, Inc.		1,216,754
28,419	Hersha Hospitality Trust		484,544
70,360	Independence Realty Trust, Inc.		772,553
7,707	Innovative Industrial Properties, Inc.(c)		647,619
50,999	iStar, Inc.		561,499
66,079	Kite Realty Group Trust		1,004,401
164,881	Lexington Realty Trust		1,511,959
31,306	LTC Properties, Inc.		1,400,944
44,697	National Storage Affiliates Trust		1,331,524
39,268	NorthStar Realty Europe Corp.		646,744
37,906	Office Properties Income Trust		906,332
46,948	Pennsylvania Real Estate Investment Trust(c)		300,937
89,855	Retail Opportunity Investments Corp.		1,504,173
63,185	RPT Realty		768,961
9,126	Saul Centers, Inc.		489,975
82,601	Summit Hotel Properties, Inc.		944,129
9,969	Universal Health Realty Income Trust		817,159
23,581	Urstadt Biddle Properties, Inc., Class A		515,952
146,683	Washington Prime Group, Inc.(c)		601,400
63,012	Washington Real Estate Investment Trust		1,676,749
31,358	Whitestone REIT		397,306
88,731	Xenia Hotels & Resorts, Inc.		1,855,365
			36,400,153
	Insurance - 14.4%
35,744	Ambac Financial Group, Inc.(b)		543,309
71,343	American Equity Investment Life Holding Co.		2,019,720
15,190	AMERISAFE, Inc.		904,868
14,460	eHealth, Inc.(b)		1,020,298
25,880	Employers Holdings, Inc.		1,075,055
5,347	HCI Group, Inc.		217,356
32,310	Horace Mann Educators Corp.		1,308,878
23,703	James River Group Holdings Ltd.		1,057,154
42,281	ProAssurance Corp.		1,586,383
30,880	RLI Corp.		2,651,974
11,448	Safety Insurance Group, Inc.		1,043,256
46,484	Selective Insurance Group, Inc.		3,330,579
18,702	Stewart Information Services Corp.		769,213
58,316	Third Point Reinsurance Ltd. (Bermuda)(b)		592,491
16,827	United Fire Group, Inc.		789,859
16,942	United Insurance Holdings Corp.		228,378

Schedule of Investments^(a)

25,313	Universal Insurance Holdings, Inc.	$	735,090
			19,873,861
	Mortgage REITs - 6.6%
107,093	Apollo Commercial Real Estate Finance, Inc.		1,968,369
46,263	ARMOUR Residential REIT, Inc.		804,976
67,437	Capstead Mortgage Corp.		533,427
42,365	Granite Point Mortgage Trust, Inc.		787,565
100,655	Invesco Mortgage Capital, Inc.(d)		1,549,081
160,493	New York Mortgage Trust, Inc.		969,378
59,873	PennyMac Mortgage Investment Trust		1,245,358
76,158	Redwood Trust, Inc.		1,213,197
			9,071,351
	Real Estate Management & Development - 1.6%
30,956	HFF, Inc., Class A		1,336,680
16,899	Marcus & Millichap, Inc.(b)		516,095
13,996	RE/MAX Holdings, Inc., Class A		414,562
			2,267,337
	Thrifts & Mortgage Finance - 7.4%
42,466	Axos Financial, Inc.(b)		1,159,747
24,185	Dime Community Bancshares, Inc.		430,009
22,692	Flagstar Bancorp, Inc.		714,344
21,281	HomeStreet, Inc.(b)		605,444
21,753	Meta Financial Group, Inc.		569,276
52,365	NMI Holdings, Inc., Class A(b)		1,427,470
37,275	Northfield Bancorp, Inc.		559,498
81,739	Northwest Bancshares, Inc.		1,370,763
30,143	Oritani Financial Corp.		482,288
48,282	Provident Financial Services, Inc.		1,151,043
76,265	TrustCo Bank Corp. NY		562,836
21,945	Walker & Dunlop, Inc.		1,103,175
			10,135,893
	Total Common Stocks & Other Equity Interests (Cost $142,456,486)		137,723,103
	Money Market Fund - 0.0%
3,628	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(e) (Cost $3,628)		3,628
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $142,460,114)-99.9%		137,726,731
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 1.6%
1,671,623	Invesco Government & Agency Portfolio - Institutional Class 2.31%(e)(f)		1,671,623
557,040	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(e)(f)		557,208
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,228,831)		2,228,831
	Total Investments in Securities (Cost $144,688,945)-101.5%		139,955,562
	Other assets less liabilities-(1.5)%		(2,096,923	)
	Net Assets-100.0%	$	137,858,639

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 May 31, 2019.

^(d)  Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation		Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Mortgage Capital, Inc.	$	2,433,786	$	413,103	$	(1,153,288	)	$	4,716	$	(149,236	)	$	1,549,081	$	141,798

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Health Care ETF (PSCH)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Biotechnology - 21.3%
	255,439	Acorda Therapeutics, Inc.(b)	$	2,373,028
	224,281	AMAG Pharmaceuticals, Inc.(b)		2,137,398
	91,817	Anika Therapeutics, Inc.(b)		3,489,046
	606,629	Arrowhead Pharmaceuticals, Inc.(b)(c)		14,383,174
	372,477	Cytokinetics, Inc.(b)		3,862,587
	66,573	Eagle Pharmaceuticals, Inc.(b)		3,382,574
	290,266	Emergent BioSolutions, Inc.(b)		11,587,419
	101,384	Enanta Pharmaceuticals, Inc.(b)		9,172,210
	636,468	Momenta Pharmaceuticals, Inc.(b)		7,402,123
	471,899	Myriad Genetics, Inc.(b)		11,688,938
	546,234	Progenics Pharmaceuticals, Inc.(b)		2,288,720
	197,655	REGENXBIO, Inc.(b)		8,503,118
	267,597	Repligen Corp.(b)		18,589,964
	681,621	Spectrum Pharmaceuticals, Inc.(b)		5,016,731
	340,127	Vanda Pharmaceuticals, Inc.(b)		4,993,064
				108,870,094
		Health Care Equipment & Supplies - 25.7%
	239,943	AngioDynamics, Inc.(b)		4,508,529
	224,992	Cardiovascular Systems, Inc.(b)		8,763,438
	166,783	CONMED Corp.		13,422,696
	220,058	CryoLife, Inc.(b)		6,326,667
	89,834	Cutera, Inc.(b)		1,513,703
	44,129	Heska Corp.(b)		3,093,443
	192,646	Integer Holdings Corp.(b)		13,504,485
	214,473	Invacare Corp.		1,271,825
	249,059	Lantheus Holdings, Inc.(b)		5,974,925
	102,481	LeMaitre Vascular, Inc.		2,645,035
	274,522	Meridian Bioscience, Inc.		3,102,099
	353,715	Merit Medical Systems, Inc.(b)		18,262,305
	218,234	Natus Medical, Inc.(b)		5,434,027
	335,568	Neogen Corp.(b)		18,909,257
	398,406	OraSure Technologies, Inc.(b)		3,306,770
	123,153	Orthofix Medical, Inc.(b)		6,075,137
	87,107	Surmodics, Inc.(b)		3,533,060
	110,188	Tactile Systems Technology, Inc.(b)		5,292,330
	246,287	Varex Imaging Corp.(b)		6,570,937
				131,510,668
		Health Care Providers & Services - 23.0%
	65,162	Addus HomeCare Corp.(b)		4,455,778
	301,927	AMN Healthcare Services, Inc.(b)		14,625,344
	216,378	BioTelemetry, Inc.(b)		10,355,851
	750,944	Community Health Systems, Inc.(b)(c)		1,997,511
	59,006	CorVel Corp.(b)		4,365,264
	233,501	Cross Country Healthcare, Inc.(b)		1,660,192
	365,700	Diplomat Pharmacy, Inc.(b)(c)		1,689,534
	319,189	Ensign Group, Inc. (The)		17,000,006
	188,247	LHC Group, Inc.(b)		21,324,620
	154,037	Magellan Health, Inc.(b)		10,171,063
	402,321	Owens & Minor, Inc.		1,082,243
	71,312	Providence Service Corp. (The)(b)		4,612,460
	696,650	Select Medical Holdings Corp.(b)		9,787,932
	305,315	Tivity Health, Inc.(b)		5,587,265

81,663	US Physical Therapy, Inc.	$	9,122,574
			117,837,637
	Health Care Technology - 10.7%
77,342	Computer Programs & Systems, Inc.		1,996,197
165,014	HealthStream, Inc.		4,125,350
549,419	HMS Holdings Corp.(b)		16,718,820
309,187	NextGen Healthcare, Inc.(b)		5,951,850
262,930	Omnicell, Inc.(b)		20,889,789
113,307	Tabula Rasa HealthCare, Inc.(b)(c)		5,118,077
			54,800,083
	Life Sciences Tools & Services - 7.4%
217,148	Cambrex Corp.(b)		8,642,490
268,441	Luminex Corp.		5,664,105
167,682	Medpace Holdings, Inc.(b)		9,051,474
654,133	NeoGenomics, Inc.(b)		14,201,228
			37,559,297
	Pharmaceuticals - 11.9%
608,521	Akorn, Inc.(b)		2,507,107
223,380	Amphastar Pharmaceuticals, Inc.(b)		4,300,065
53,599	ANI Pharmaceuticals, Inc.(b)		3,733,706
413,111	Assertio Therapeutics, Inc.(b)		1,210,415
674,517	Corcept Therapeutics, Inc.(b)(c)		6,596,776
1,290,391	Endo International PLC(b)		6,387,435
437,749	Innoviva, Inc.(b)		5,984,029
220,835	Lannett Co., Inc.(b)(c)		1,161,592
423,441	Medicines Co. (The)(b)(c)		15,095,672
131,055	Phibro Animal Health Corp., Class A		3,876,607
336,929	Supernus Pharmaceuticals, Inc.(b)		10,117,978
			60,971,382
	Total Common Stocks (Cost $667,032,272)		511,549,161
	Money Market Fund - 0.0%
71,190	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $71,190)		71,190
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $667,103,462)-100.0%		511,620,351
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 5.8%
22,350,563	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		22,350,563
7,448,016	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		7,450,251
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $29,800,814)		29,800,814
	Total Investments in Securities (Cost $696,904,276)-105.8%		541,421,165
	Other assets less liabilities-(5.8)%		(29,904,188	)
	Net Assets-100.0%	$	511,516,977

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

Schedule of Investments^(a)

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Industrials ETF (PSCI)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks - 100.0%
		Aerospace & Defense - 14.0%
	14,389	AAR Corp.	$	432,965
	31,671	Aerojet Rocketdyne Holdings, Inc.(b)		1,221,867
	9,389	Aerovironment, Inc.(b)		607,938
	25,852	Axon Enterprise, Inc.(b)		1,726,397
	12,634	Cubic Corp.		712,810
	23,960	Mercury Systems, Inc.(b)		1,647,490
	14,249	Moog, Inc., Class A		1,174,403
	2,215	National Presto Industries, Inc.(c)		216,826
	21,986	Triumph Group, Inc.(c)		426,308
				8,167,004
		Air Freight & Logistics - 3.3%
	11,352	Atlas Air Worldwide Holdings, Inc.(b)		401,747
	12,264	Echo Global Logistics, Inc.(b)		241,233
	12,692	Forward Air Corp.		708,594
	15,038	Hub Group, Inc., Class A(b)		585,881
				1,937,455
		Airlines - 4.6%
	5,641	Allegiant Travel Co.		790,361
	21,347	Hawaiian Holdings, Inc.		533,248
	22,682	SkyWest, Inc.		1,331,887
				2,655,496
		Building Products - 9.5%
	17,785	AAON, Inc.		807,261
	6,619	American Woodmark Corp.(b)		479,811
	11,981	Apogee Enterprises, Inc.		434,311
	14,147	Gibraltar Industries, Inc.(b)		505,048
	15,256	Griffon Corp.		219,381
	8,083	Insteel Industries, Inc.		147,757
	9,998	Patrick Industries, Inc.(b)		407,818
	25,606	PGT Innovations, Inc.(b)		383,066
	14,680	Quanex Building Products Corp.		227,687
	17,716	Simpson Manufacturing Co., Inc.		1,077,842
	26,724	Universal Forest Products, Inc.		861,849
				5,551,831
		Commercial Services & Supplies - 14.3%
	29,060	ABM Industries, Inc.		1,053,425
	21,564	Brady Corp., Class A		998,413
	26,211	Interface, Inc.		379,273
	14,747	LSC Communications, Inc.(c)		71,523
	14,050	Matthews International Corp., Class A		478,121
	19,699	Mobile Mini, Inc.		604,168
	6,150	Multi-Color Corp.		305,901
	82,990	Pitney Bowes, Inc.		302,914
	31,182	RR Donnelley & Sons Co.		69,224
	13,311	Team, Inc.(b)(c)		193,276
	24,260	Tetra Tech, Inc.		1,638,035
	6,778	UniFirst Corp.		1,076,211
	9,730	US Ecology, Inc.		579,130
	8,906	Viad Corp.		559,653
				8,309,267
		Construction & Engineering - 3.3%
	14,068	Aegion Corp.(b)		202,579
	21,441	Arcosa, Inc.		726,636
	16,196	Comfort Systems USA, Inc.		764,127

7,303	MYR Group, Inc.(b)	$	235,814
			1,929,156
	Electrical Equipment - 2.2%
11,501	AZZ, Inc.		483,962
9,205	Encore Wire Corp.		459,422
3,879	Powell Industries, Inc.		133,515
7,151	Vicor Corp.(b)		216,747
			1,293,646
	Industrial Conglomerates - 0.9%
15,852	Raven Industries, Inc.		519,153
	Machinery - 29.3%
26,948	Actuant Corp., Class A		596,629
4,244	Alamo Group, Inc.		402,883
12,728	Albany International Corp., Class A		891,851
10,051	Astec Industries, Inc.		295,801
20,742	Barnes Group, Inc.		1,072,776
18,637	Briggs & Stratton Corp.		175,188
13,874	Chart Industries, Inc.(b)		1,063,165
8,754	CIRCOR International, Inc.(b)		369,944
9,163	EnPro Industries, Inc.		508,455
11,371	ESCO Technologies, Inc.		794,719
26,517	Federal Signal Corp.		633,491
16,933	Franklin Electric Co., Inc.		742,173
14,262	Greenbrier Cos., Inc. (The)		388,069
34,906	Harsco Corp.(b)		872,650
27,453	Hillenbrand, Inc.		1,022,075
13,846	John Bean Technologies Corp.		1,419,907
4,755	Lindsay Corp.		377,452
7,766	Lydall, Inc.(b)		140,409
24,963	Mueller Industries, Inc.		672,753
11,850	Proto Labs, Inc.(b)		1,189,148
19,177	SPX Corp.(b)		570,324
18,760	SPX FLOW, Inc.(b)		669,732
5,578	Standex International Corp.		362,793
7,988	Tennant Co.		460,189
22,278	Titan International, Inc.		94,013
24,314	Wabash National Corp.		328,482
12,121	Watts Water Technologies, Inc., Class A		986,528
			17,101,599
	Marine - 1.1%
18,880	Matson, Inc.		646,074
	Professional Services - 10.9%
22,615	Exponent, Inc.		1,267,571
4,528	Forrester Research, Inc.		206,160
16,634	FTI Consulting, Inc.(b)		1,395,925
8,369	Heidrick & Struggles International, Inc.		254,083
13,749	Kelly Services, Inc., Class A		323,101
24,887	Korn Ferry		1,072,132
17,864	Navigant Consulting, Inc.		393,008
13,200	Resources Connection, Inc.		202,620
17,667	TrueBlue, Inc.(b)		375,247
17,392	WageWorks, Inc.(b)		869,078
			6,358,925
	Road & Rail - 2.8%
11,273	ArcBest Corp.		282,614
20,948	Heartland Express, Inc.(c)		374,550
17,050	Marten Transport Ltd.		300,421
11,394	Saia, Inc.(b)		672,246
			1,629,831
	Trading Companies & Distributors - 3.8%
17,006	Applied Industrial Technologies, Inc.		923,936
7,049	DXP Enterprises, Inc.(b)		227,119
14,525	GMS, Inc.(b)		244,601

Schedule of Investments^(a)

12,287	Kaman Corp.	$	683,280
5,631	Veritiv Corp.(b)		99,443
			2,178,379
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $67,010,783)-100.0%		58,277,816
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 1.3%
579,731	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		579,731
193,186	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		193,244
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $772,975)		772,975
	Total Investments in Securities (Cost $67,783,758)-101.3%		59,050,791
	Other assets less liabilities-(1.3)%		(755,546	)
	Net Assets-100.0%	$	58,295,245

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Information Technology ETF (PSCT)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks - 99.9%
		Communications Equipment - 9.3%
	141,591	ADTRAN, Inc.	$	2,220,147
	55,979	Applied Optoelectronics, Inc.(b)(c)		484,778
	101,529	CalAmp Corp.(c)		1,031,535
	70,847	Comtech Telecommunications Corp.		1,498,414
	82,017	Digi International, Inc.(c)		893,165
	346,027	Extreme Networks, Inc.(c)		1,948,132
	349,415	Finisar Corp.(c)		7,330,727
	262,807	Harmonic, Inc.(c)		1,371,852
	93,371	NETGEAR, Inc.(c)		2,352,949
	675,683	Viavi Solutions, Inc.(c)		8,141,980
				27,273,679
		Electronic Equipment, Instruments & Components - 28.9%
	85,335	Anixter International, Inc.(c)		4,553,476
	220,060	Arlo Technologies, Inc.(c)		754,806
	86,278	Badger Meter, Inc.		4,555,478
	29,849	Bel Fuse, Inc., Class B		515,791
	114,296	Benchmark Electronics, Inc.		2,524,799
	78,594	Control4 Corp.(c)		1,859,534
	97,010	CTS Corp.		2,566,885
	117,391	Daktronics, Inc.		728,998
	40,337	ePlus, Inc.(c)		2,850,212
	109,205	Fabrinet (Thailand)(c)		4,656,501
	51,131	FARO Technologies, Inc.(c)		2,254,877
	176,601	II-VI, Inc.(c)		5,550,569
	105,216	Insight Enterprises, Inc.(c)		5,416,520
	99,590	Itron, Inc.(c)		5,641,774
	171,256	KEMET Corp.		2,722,970
	267,365	Knowles Corp.(c)		4,205,651
	109,614	Methode Electronics, Inc.		2,699,793
	53,054	MTS Systems Corp.		2,878,710
	49,806	OSI Systems, Inc.(c)		5,159,404
	57,088	Park Electrochemical Corp.		852,895
	91,616	Plexus Corp.(c)		4,537,740
	54,645	Rogers Corp.(c)		7,540,464
	202,797	Sanmina Corp.(c)		5,392,372
	76,169	ScanSource, Inc.(c)		2,224,896
	275,318	TTM Technologies, Inc.(c)		2,348,463
				84,993,578
		IT Services - 13.4%
	111,050	Cardtronics PLC, Class A(c)		3,353,710
	97,760	CSG Systems International, Inc.		4,384,536
	178,035	EVERTEC, Inc.		5,102,483
	101,719	ExlService Holdings, Inc.(c)		6,027,868
	78,781	ManTech International Corp., Class A		4,834,790
	197,472	NIC, Inc.		3,151,653
	98,317	Perficient, Inc.(c)		2,991,786
	117,909	Sykes Enterprises, Inc.(c)		2,919,427
	41,069	TTEC Holdings, Inc.		1,629,618
	151,216	Unisys Corp.(c)		1,466,795
	81,579	Virtusa Corp.(c)		3,458,950
				39,321,616

	Semiconductors & Semiconductor Equipment - 24.8%
113,221	Advanced Energy Industries, Inc.(c)	$	5,680,298
96,491	Axcelis Technologies, Inc.(c)		1,430,961
210,296	Brooks Automation, Inc.		7,463,405
85,810	Cabot Microelectronics Corp.		8,363,901
64,908	CEVA, Inc.(c)		1,481,850
120,618	Cohu, Inc.		1,754,992
121,135	Diodes, Inc.(c)		3,746,706
57,229	DSP Group, Inc.(c)		799,489
220,721	FormFactor, Inc.(c)		3,169,554
65,895	Ichor Holdings Ltd.(c)		1,390,384
198,880	Kopin Corp.(b)(c)		228,712
196,014	Kulicke & Soffa Industries, Inc. (Singapore)		3,800,711
187,585	MaxLinear, Inc.(c)		3,971,174
72,501	Nanometrics, Inc.(c)		2,062,653
82,259	PDF Solutions, Inc.(b)(c)		999,447
198,690	Photronics, Inc.(c)		1,611,376
85,653	Power Integrations, Inc.		5,581,149
323,157	Rambus, Inc.(c)		3,671,063
91,596	Rudolph Technologies, Inc.(c)		2,113,120
37,237	SMART Global Holdings, Inc.(c)		634,146
131,622	SolarEdge Technologies, Inc.(c)		7,052,307
115,621	Ultra Clean Holdings, Inc.(c)		1,474,168
142,367	Veeco Instruments, Inc.(b)(c)		1,635,797
144,184	Xperi Corp.		3,029,306
			73,146,669
	Software - 18.9%
283,481	8x8, Inc.(c)		6,840,396
52,311	Agilysys, Inc.(c)		1,140,380
104,238	Alarm.com Holdings, Inc.(c)		6,078,118
111,027	Bottomline Technologies (DE), Inc.(c)		4,849,659
65,178	Ebix, Inc.(b)		3,058,804
174,324	LivePerson, Inc.(c)		4,851,437
24,425	MicroStrategy, Inc., Class A(c)		3,246,327
121,732	Monotype Imaging Holdings, Inc.		1,983,014
92,984	OneSpan, Inc.(c)		1,297,127
133,817	Progress Software Corp.		5,481,144
100,364	Qualys, Inc.(c)		8,893,254
52,634	SPS Commerce, Inc.(c)		5,364,984
369,854	TiVo Corp.		2,662,949
			55,747,593
	Technology Hardware, Storage & Peripherals - 4.6%
338,855	3D Systems Corp.(b)(c)		2,741,337
121,180	Cray, Inc.(c)		4,242,512
226,900	Diebold Nixdorf, Inc.(c)		1,928,650
126,373	Electronics For Imaging, Inc.(c)		4,631,570
			13,544,069
	Total Common Stocks (Cost $305,468,512)		294,027,204
	Money Market Fund - 2.1%
6,161,788	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $6,161,788)		6,161,788
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $311,630,300)-102.0%		300,188,992
	Investments Purchased with Cash Collateral from Securities on Loan

Schedule of Investments^(a)

	Money Market Funds - 2.2%
4,836,683	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)	$	4,836,683
1,611,747	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		1,612,231
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,448,914)		6,448,914
	Total Investments in Securities (Cost $318,079,214)-104.2%		306,637,906
	Other assets less liabilities-(4.2)%		(12,412,917	)
	Net Assets-100.0%	$	294,224,989

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 May 31, 2019.

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Materials ETF (PSCM)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks - 99.9%
		Chemicals - 61.8%
	17,494	AdvanSix, Inc.(b)	$	426,504
	16,081	American Vanguard Corp.		213,556
	18,882	Balchem Corp.		1,712,408
	50,183	Ferro Corp.(b)		679,478
	15,555	FutureFuel Corp.		161,461
	29,754	H.B. Fuller Co.		1,173,200
	5,794	Hawkins, Inc.		206,035
	11,820	Innophos Holdings, Inc.		314,294
	14,296	Innospec, Inc.		1,153,830
	12,385	Koppers Holdings, Inc.(b)		330,184
	19,241	Kraton Corp.(b)		470,827
	73,432	Livent Corp.(b)		464,090
	12,328	LSB Industries, Inc.(b)(c)		41,299
	7,802	Quaker Chemical Corp.		1,411,070
	29,700	Rayonier Advanced Materials, Inc.(c)		193,941
	10,511	Stepan Co.		891,963
	15,397	Tredegar Corp.		240,039
				10,084,179
		Construction Materials - 2.7%
	9,532	US Concrete, Inc.(b)(c)		443,905
		Containers & Packaging - 2.2%
	21,307	Myers Industries, Inc.		360,515
		Metals & Mining - 17.1%
	190,644	AK Steel Holding Corp.(b)(c)		327,908
	29,737	Century Aluminum Co.(b)		166,230
	7,544	Haynes International, Inc.		219,757
	9,121	Kaiser Aluminum Corp.		812,863
	12,198	Materion Corp.		737,369
	5,507	Olympic Steel, Inc.		68,177
	39,029	SunCoke Energy, Inc.(b)		286,473
	23,669	TimkenSteel Corp.(b)		168,286
				2,787,063
		Paper & Forest Products - 16.0%
	23,331	Boise Cascade Co.		517,948
	9,921	Clearwater Paper Corp.(b)		159,827
	25,937	Mercer International, Inc. (Canada)		371,677
	10,162	Neenah, Inc.		580,860
	26,528	P.H. Glatfelter Co.		386,778
	18,622	Schweitzer-Mauduit International, Inc.		582,683
				2,599,773
		Specialty Chemicals - 0.1%
	21,045	A. Schulman, Inc.(b)(d)		11,007
		Total Common Stocks (Cost $23,043,569)		16,286,442
		Money Market Fund - 0.1%
	16,513	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(e) (Cost $16,513)		16,513

	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $23,060,082)-100.0%	$	16,302,955
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 5.6%
723,504	Invesco Government & Agency Portfolio - Institutional Class 2.31%(e)(f)		723,504
195,655	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(e)(f)		195,714
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $919,218)		919,218
	Total Investments in Securities (Cost $23,979,300)-105.6%		17,222,173
	Other assets less liabilities-(5.6)%		(915,192	)
	Net Assets-100.0%	$	16,306,981

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 May 31, 2019.

^(d)  Security valued using significant unobservable inputs (Level 3). See Additional Valuation Information.

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks - 97.5%
		Diversified Telecommunication Services - 21.3%
	30,703	ATN International, Inc.	$	1,796,125
	141,741	Cincinnati Bell, Inc.(b)		907,142
	45,263	Cogent Communications Holdings, Inc.		2,647,886
	200,447	Consolidated Communications Holdings, Inc.(c)		801,788
	296,510	Frontier Communications Corp.(b)(c)		557,439
	116,930	Iridium Communications, Inc.(b)		2,505,810
	220,671	Vonage Holdings Corp.(b)		2,612,745
				11,828,935
		Electric Utilities - 8.3%
	79,436	El Paso Electric Co.		4,623,175
		Entertainment - 3.8%
	60,763	Marcus Corp. (The)		2,124,275
		Gas Utilities - 15.0%
	38,301	Northwest Natural Holding Co.		2,635,875
	179,990	South Jersey Industries, Inc.		5,678,684
				8,314,559
		Interactive Media & Services - 4.9%
	73,418	Care.com, Inc.(b)		1,049,143
	109,392	QuinStreet, Inc.(b)		1,676,980
				2,726,123
		Media - 15.3%
	117,922	E.W. Scripps Co. (The), Class A		1,794,773
	245,945	Gannett Co., Inc.		1,933,128
	153,348	New Media Investment Group, Inc.		1,415,402
	64,837	Scholastic Corp.		2,145,456
	61,820	TechTarget, Inc.(b)		1,168,398
				8,457,157
		Multi-Utilities - 9.7%
	128,129	Avista Corp.		5,350,667
		Water Utilities - 17.8%
	71,702	American States Water Co.		5,229,944
	93,721	California Water Service Group		4,612,948
				9,842,892
		Wireless Telecommunication Services - 1.4%
	50,654	Spok Holdings, Inc.		782,604
		Total Common Stocks (Cost $57,852,341)		54,050,387
		Money Market Fund - 0.0%
	27,313	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $27,313)		27,313

	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $57,879,654)-97.5%	$	54,077,700
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 1.9%
773,312	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		773,312
257,693	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		257,771
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,031,083)		1,031,083
	Total Investments in Securities (Cost $58,910,737)-99.4%		55,108,783
	Other assets less liabilities-0.6%		329,858
	Net Assets-100.0%	$	55,438,641

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco KBW Bank ETF (KBWB)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 100.0%
		Asset Management & Custody Banks - 10.7%
	479,081	Bank of New York Mellon Corp. (The)	$	20,451,968
	254,432	Northern Trust Corp.		21,759,024
	349,827	State Street Corp.		19,327,942
				61,538,934
		Consumer Finance - 4.5%
	300,815	Capital One Financial Corp.		25,830,984
		Diversified Banks - 41.5%
	1,729,170	Bank of America Corp.		45,995,922
	785,939	Citigroup, Inc.		48,846,109
	481,834	JPMorgan Chase & Co.		51,055,131
	972,805	US Bancorp		48,834,811
	1,007,903	Wells Fargo & Co.		44,720,656
				239,452,629
		Regional Banks - 42.3%
	493,273	BB&T Corp.		23,060,513
	536,313	Citizens Financial Group, Inc.		17,473,077
	185,219	Comerica, Inc.		12,746,772
	800,269	Fifth Third Bancorp		21,207,128
	194,777	First Republic Bank		18,897,265
	1,219,440	Huntington Bancshares, Inc.		15,425,916
	1,175,148	KeyCorp		18,767,114
	145,278	M&T Bank Corp.		23,186,369
	439,769	People’s United Financial, Inc.		6,759,249
	199,509	PNC Financial Services Group, Inc. (The)		25,389,515
	1,185,548	Regions Financial Corp.		16,396,129
	387,576	SunTrust Banks, Inc.		23,258,436
	61,311	SVB Financial Group(b)		12,348,035
	216,858	Zions Bancorp NA		9,340,074
				244,255,592
		Thrifts & Mortgage Finance - 1.0%
	571,202	New York Community Bancorp, Inc.		5,672,036
		Total Common Stocks & Other Equity Interests (Cost $700,967,605)		576,750,175
		Money Market Funds - 0.1%
	406,836	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(c) (Cost $406,836)		406,836
		Total Investments in Securities (Cost $701,374,441)-100.1%		577,157,011
		Other assets less liabilities-(0.1)%		(390,684	)
		Net Assets-100.0%	$	576,766,327

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 May 31, 2019.

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

Schedule of Investments^(a)

Invesco KBW High Dividend Yield Financial ETF (KBWD)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 100.0%
		Asset Management & Custody Banks - 25.8%
	300,206	Artisan Partners Asset Management, Inc., Class A	$	7,099,872
	1,714,150	BlackRock Capital Investment Corp.		10,387,749
	113,120	Federated Investors, Inc., Class B		3,453,553
	1,672,659	FS KKR Capital Corp.		9,985,774
	297,103	Invesco Ltd.(b)		5,805,393
	222,391	Janus Henderson Group PLC (United Kingdom)		4,518,985
	147,358	Legg Mason, Inc.		5,248,892
	605,000	Monroe Capital Corp.		6,860,700
	1,428,055	Oxford Square Capital Corp.(c)		8,953,905
	976,469	THL Credit, Inc.		6,425,166
	270,566	Waddell & Reed Financial, Inc., Class A		4,369,641
				73,109,630
		Consumer Finance - 1.8%
	397,302	Navient Corp.		5,180,818
		Investment Banking & Brokerage - 4.6%
	1,381,500	BGC Partners, Inc., Class A		6,493,050
	116,454	Lazard Ltd., Class A		3,628,707
	93,164	Moelis & Co., Class A		2,960,752
				13,082,509
		Life & Health Insurance - 1.3%
	72,261	Principal Financial Group, Inc.		3,726,500
		Mortgage REITs - 51.3%
	586,477	AG Mortgage Investment Trust, Inc.		9,043,475
	642,761	AGNC Investment Corp.		10,541,280
	1,084,042	Annaly Capital Management, Inc.		9,550,410
	1,623,162	Arlington Asset Investment Corp., Class A(c)		10,858,954
	525,765	ARMOUR Residential REIT, Inc.		9,148,311
	542,302	Chimera Investment Corp.		9,891,588
	1,793,733	Dynex Capital, Inc.		9,865,531
	614,481	Invesco Mortgage Capital, Inc.(b)		9,456,863
	1,403,151	MFA Financial, Inc.		9,878,183
	677,709	New Residential Investment Corp.		10,335,062
	2,060,015	New York Mortgage Trust, Inc.		12,442,491
	1,994,360	Orchid Island Capital, Inc.(c)		12,125,709
	905,916	Two Harbors Investment Corp.		11,070,294
	1,142,624	Western Asset Mortgage Capital Corp.		11,072,027
				145,280,178
		Property & Casualty Insurance - 1.7%
	82,927	Mercury General Corp.		4,780,742
		Regional Banks - 6.6%
	167,063	Hanmi Financial Corp.		3,444,839
	132,222	PacWest Bancorp		4,804,947
	205,727	People’s United Financial, Inc.		3,162,024
	235,602	Umpqua Holdings Corp.		3,762,564
	365,773	Valley National Bancorp		3,591,891
				18,766,265
		Thrifts & Mortgage Finance - 3.1%
	402,793	New York Community Bancorp, Inc.		3,999,734
	287,709	Oritani Financial Corp.		4,603,344
				8,603,078
		Trading Companies & Distributors - 3.8%
	282,038	Aircastle Ltd.		5,477,178

178,030	Triton International Ltd. (Bermuda)	$	5,260,786
			10,737,964
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $305,940,112)-100.0%		283,267,684
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 3.5%
7,567,261	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(d)(e)		7,567,261
2,521,664	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		2,522,420
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,089,681)		10,089,681
	Total Investments in Securities (Cost $316,029,793)-103.5%		293,357,365
	Other assets less liabilities-(3.5)%		(10,053,673	)
	Net Assets-100.0%	$	283,303,692

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 table below shows the Fund’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Ltd.	$	5,020,367	$	2,702,584	$	(652,569	)	$	(1,133,545	)	$	(131,444	)	$	5,805,393	$	252,185
Invesco Mortgage Capital, Inc.		—		10,317,694		(1,374,803	)		438,130			75,842			9,456,863		545,433
Total Investments in Affiliates	$	5,020,367	$	13,020,278	$	(2,027,372	)	$	(695,415	)	$	(55,602	)	$	15,262,256	$	797,618

^(c)  All or a portion of this security was out on loan at May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Real Estate Investment Trusts - 99.5%
		Diversified - 6.9%
	904,132	Global Net Lease, Inc.	$	16,645,070
	642,274	Lexington Realty Trust		5,889,653
				22,534,723
		Diversified REITs - 3.2%
	1,170,630	VEREIT, Inc.		10,395,194
		Health Care - 12.6%
	2,605,606	New Senior Investment Group, Inc.		17,170,944
	741,189	Sabra Health Care REIT, Inc.		14,297,536
	1,256,680	Senior Housing Properties Trust		9,902,638
				41,371,118
		Health Care REITs - 3.0%
	276,943	Omega Healthcare Investors, Inc.		9,864,710
		Hotel & Resort - 17.6%
	597,368	Apple Hospitality REIT, Inc.		9,223,362
	510,420	Braemar Hotels & Resorts, Inc.		5,328,785
	447,048	Chatham Lodging Trust		8,511,794
	426,153	Hersha Hospitality Trust		7,265,908
	391,136	Hospitality Properties Trust		9,727,552
	517,510	RLJ Lodging Trust		8,885,647
	750,335	Summit Hotel Properties, Inc.		8,576,329
				57,519,377
		Office REITs - 6.1%
	1,050,307	City Office REIT, Inc.		12,383,120
	319,531	Office Properties Income Trust		7,639,986
				20,023,106
		Residential - 5.9%
	906,952	Independence Realty Trust, Inc.		9,958,333
	605,388	Preferred Apartment Communities, Inc., Class A		9,504,592
				19,462,925
		Residential REITs - 2.7%
	782,124	Bluerock Residential Growth REIT, Inc., Class A		8,947,498
		Retail - 17.7%
	693,052	Kite Realty Group Trust		10,534,390
	3,000,324	Pennsylvania Real Estate Investment Trust(b)		19,232,077
	4,043,745	Washington Prime Group, Inc.(b)		16,579,355
	910,591	Whitestone		11,537,188
				57,883,010
		Retail REITs - 2.6%
	496,710	Brixmor Property Group, Inc.		8,518,576
		Specialized - 13.0%
	530,435	CoreCivic, Inc.		11,616,526
	112,679	EPR Properties		8,800,230
	277,853	Gaming and Leisure Properties, Inc.		10,972,415
	502,873	GEO Group, Inc. (The)		11,028,005
				42,417,176
		Specialized REITs - 8.2%
	2,789,402	Uniti Group, Inc.		26,806,153
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $353,355,494)-99.5%		325,743,566

	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 11.3%
27,726,049	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(c)(d)	$	27,726,049
9,239,245	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(c)(d)		9,242,017
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $36,968,066)		36,968,066
	Total Investments in Securities (Cost $390,323,560)-110.8%		362,711,632
	Other assets less liabilities-(10.8)%		(35,489,577	)
	Net Assets-100.0%	$	327,222,055

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 May 31, 2019.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco KBW Property & Casualty Insurance ETF (KBWP)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.8%
		Multi-line Insurance - 21.6%
	26,597	American Financial Group, Inc.	$	2,611,825
	122,882	American International Group, Inc.		6,275,584
	25,737	Assurant, Inc.		2,572,671
	53,797	Hartford Financial Services Group, Inc. (The)		2,832,950
	26,779	Horace Mann Educators Corp.		1,084,817
				15,377,847
		Property & Casualty Insurance - 68.8%
	56,249	Allstate Corp. (The)		5,372,342
	81,284	Arch Capital Group Ltd.(b)		2,798,608
	46,445	Axis Capital Holdings Ltd.		2,767,193
	39,647	Chubb Ltd.		5,791,237
	30,530	Cincinnati Financial Corp.		2,999,267
	22,328	Hanover Insurance Group, Inc. (The)		2,727,589
	31,955	Kemper Corp.		2,651,945
	36,198	Mercury General Corp.		2,086,815
	35,086	ProAssurance Corp.		1,316,427
	72,822	Progressive Corp. (The)		5,773,328
	29,115	RLI Corp.		2,500,396
	38,570	Selective Insurance Group, Inc.		2,763,541
	39,942	Travelers Cos., Inc. (The)		5,814,357
	22,853	Universal Insurance Holdings, Inc.		663,651
	47,609	W.R. Berkley Corp.		2,961,280
				48,987,976
		Reinsurance - 9.4%
	11,744	Everest Re Group Ltd.		2,908,519
	54,252	Maiden Holdings Ltd.		29,301
	18,058	RenaissanceRe Holdings Ltd. (Bermuda)		3,150,038
	61,249	Third Point Reinsurance Ltd. (Bermuda)(b)		622,290
				6,710,148
		Total Common Stocks & Other Equity Interests (Cost $61,109,809)		71,075,971
		Money Market Funds - 0.1%
	41,531	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(c) (Cost $41,531)		41,531
		Total Investments in Securities (Cost $61,151,340)-99.9%		71,117,502
		Other assets less liabilities-0.1%		70,106
		Net Assets-100.0%	$	71,187,608

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 May 31, 2019.

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

Schedule of Investments^(a)

Invesco KBW Regional Banking ETF (KBWR)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.8%
		Regional Banks - 96.9%
	74,057	Associated Banc-Corp.	$	1,467,069
	52,908	BancorpSouth Bank		1,432,749
	20,916	Bank of Hawaii Corp.		1,582,505
	52,561	Bank OZK		1,519,013
	47,131	BankUnited, Inc.		1,530,815
	45,188	Boston Private Financial Holdings, Inc.		463,177
	43,029	Brookline Bancorp, Inc.		617,466
	43,971	Cathay General Bancorp		1,479,185
	37,526	Chemical Financial Corp.		1,420,734
	39,524	Columbia Banking System, Inc.		1,318,125
	49,960	Commerce Bancshares, Inc.		2,864,207
	26,604	Community Bank System, Inc.		1,644,393
	28,323	Cullen/Frost Bankers, Inc.		2,585,040
	75,635	CVB Financial Corp.		1,554,299
	62,939	East West Bancorp, Inc.		2,688,754
	140,863	F.N.B. Corp.		1,549,493
	53,634	First Commonwealth Financial Corp.		674,179
	53,075	First Financial Bancorp		1,184,634
	26,578	First Financial Bankshares, Inc.		1,505,910
	63,787	First Hawaiian, Inc.		1,587,659
	110,304	First Horizon National Corp.		1,479,177
	57,389	First Midwest Bancorp, Inc.		1,118,512
	95,472	Fulton Financial Corp.		1,504,639
	39,337	Glacier Bancorp, Inc.		1,550,271
	39,370	Hancock Whitney Corp.		1,495,273
	88,484	Home BancShares, Inc.		1,550,240
	69,468	Hope Bancorp, Inc.		894,053
	21,984	IBERIABANK Corp.		1,571,856
	136,810	Investors Bancorp, Inc.		1,424,192
	94,970	Old National Bancorp		1,513,822
	41,926	PacWest Bancorp		1,523,591
	29,373	Pinnacle Financial Partners, Inc.		1,555,300
	30,502	Popular, Inc.		1,592,509
	23,158	Prosperity Bancshares, Inc.		1,500,870
	23,998	Signature Bank		2,748,971
	84,585	Sterling Bancorp		1,633,336
	71,578	Synovus Financial Corp.		2,287,633
	75,290	TCF Financial Corp.		1,435,027
	27,238	Texas Capital Bancshares, Inc.(b)		1,560,737
	35,160	Trustmark Corp.		1,117,033
	24,993	UMB Financial Corp.		1,543,068
	94,820	Umpqua Holdings Corp.		1,514,275
	44,795	United Bankshares, Inc.		1,602,765
	42,755	United Community Banks, Inc.		1,133,435
	162,857	Valley National Bancorp		1,599,256
	29,872	Webster Financial Corp.		1,322,732
	37,260	Western Alliance Bancorp(b)		1,533,249
	23,343	Wintrust Financial Corp.		1,581,255
				73,556,483
		Thrifts & Mortgage Finance - 2.9%
	36,189	Provident Financial Services, Inc.		862,746
	43,757	Washington Federal, Inc.		1,381,408
				2,244,154
		Total Investments in Securities (Cost $94,641,126)-99.8%		75,800,637
		Other assets less liabilities-0.2%		124,565
		Net Assets-100.0%	$	75,925,202

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.

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

Schedule of Investments^(a)

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.7%
		Communication Services - 4.3%
	778	Activision Blizzard, Inc.	$	33,742
	16	Alphabet, Inc., Class A(b)		17,704
	17	Alphabet, Inc., Class C(b)		18,762
	636	AMC Networks, Inc., Class A(b)		33,562
	1,181	AT&T, Inc.		36,115
	48	Cable One, Inc.		53,618
	708	CBS Corp., Class B		34,182
	2,025	CenturyLink, Inc.		21,161
	115	Charter Communications, Inc., Class A(b)		43,332
	975	Cinemark Holdings, Inc.		37,040
	996	Comcast Corp., Class A		40,836
	462	Electronic Arts, Inc.(b)		43,003
	271	Facebook, Inc., Class A(b)		48,094
	165	Fox Corp., Class A		5,813
	81	Fox Corp., Class B		2,811
	207	IAC/InterActiveCorp.(b)		45,716
	1,567	Interpublic Group of Cos., Inc. (The)		33,252
	674	John Wiley & Sons, Inc., Class A		28,160
	85	Liberty Broadband Corp., Class A(b)		8,289
	364	Liberty Broadband Corp., Class C(b)		35,727
	1,266	Liberty Media Corp.-Liberty Formula One, Class A(b)		46,108
	314	Liberty Media Corp.-Liberty SiriusXM, Class A(b)		11,310
	613	Liberty Media Corp.-Liberty SiriusXM, Class C(b)		22,154
	483	Omnicom Group, Inc.		37,365
	5,857	Sirius XM Holdings, Inc.		31,101
	5,880	Sprint Corp.(b)		40,396
	1,036	Telephone & Data Systems, Inc.		29,847
	559	T-Mobile US, Inc.(b)		41,053
	826	Tribune Media Co., Class A		38,244
	675	United States Cellular Corp.(b)		29,396
	622	Verizon Communications, Inc.		33,806
	28	Viacom, Inc., Class A		958
	1,136	Viacom, Inc., Class B		32,978
	455	Walt Disney Co. (The)		60,078
				1,075,713
		Consumer Discretionary - 12.9%
	207	Advance Auto Parts, Inc.		32,085
	522	Aptiv PLC		33,429
	962	Aramark		33,468
	47	AutoZone, Inc.(b)		48,274
	598	Best Buy Co., Inc.		37,477
	20	Booking Holdings, Inc.(b)		33,124
	998	BorgWarner, Inc.		35,409
	306	Bright Horizons Family Solutions, Inc.(b)		41,940
	712	Brunswick Corp.		29,534
	218	Burlington Stores, Inc.(b)		34,134
	865	Capri Holdings Ltd.(b)		28,095
	588	CarMax, Inc.(b)(c)		46,029
	617	Carnival Corp.		31,584
	422	Carter’s, Inc.		35,494

80	Chipotle Mexican Grill, Inc.(b)	$	52,798
482	Choice Hotels International, Inc.		39,664
401	Columbia Sportswear Co.		37,606
1,017	D.R. Horton, Inc.		43,487
348	Darden Restaurants, Inc.		40,479
997	Dick’s Sporting Goods, Inc.		34,406
352	Dollar General Corp.		44,803
425	Dollar Tree, Inc.(b)		43,176
141	Domino’s Pizza, Inc.		39,409
499	Dunkin’ Brands Group, Inc.		37,036
308	Expedia Group, Inc.		35,420
2,023	Extended Stay America, Inc.		34,674
1,154	Floor & Decor Holdings, Inc., Class A(b)		40,990
674	Foot Locker, Inc.		26,522
3,942	Ford Motor Co.		37,528
1,342	Gap, Inc. (The)		25,069
558	Garmin Ltd.		42,676
998	General Motors Co.		33,273
1,644	Gentex Corp.		35,116
359	Genuine Parts Co.		35,505
1,573	Goodyear Tire & Rubber Co. (The)		21,094
58	Graham Holdings Co., Class B		39,471
314	Grand Canyon Education, Inc.(b)		37,636
1,320	H&R Block, Inc.		34,650
2,423	Hanesbrands, Inc.		35,982
864	Harley-Davidson, Inc.		28,270
421	Hasbro, Inc.		40,054
484	Hilton Worldwide Holdings, Inc.		43,289
212	Home Depot, Inc. (The)		40,248
528	Hyatt Hotels Corp., Class A		38,143
560	Kohl’s Corp.		27,619
67	Kontoor Brands, Inc.(b)		1,963
656	Las Vegas Sands Corp.		36,080
267	Lear Corp.		31,781
960	Leggett & Platt, Inc.		34,090
870	Lennar Corp., Class A		43,204
47	Lennar Corp., Class B		1,857
1,378	LKQ Corp.(b)		35,346
406	Lowe’s Cos., Inc.		37,872
1,113	Macy’s, Inc.		22,894
326	Marriott International, Inc., Class A		40,698
199	McDonald’s Corp.		39,456
1,365	MGM Resorts International		33,879
2,211	Michaels Cos., Inc. (The)(b)		20,142
484	NIKE, Inc., Class B		37,336
712	Nordstrom, Inc.		22,286
769	Norwegian Cruise Line Holdings Ltd.(b)		42,072
13	NVR, Inc.(b)		41,620
105	O’Reilly Automotive, Inc.(b)		38,994
865	Penske Automotive Group, Inc.		36,953
409	Polaris Industries, Inc.		32,671
238	Pool Corp.		42,788
1,416	PulteGroup, Inc.		43,896
344	PVH Corp.		29,305
333	Ralph Lauren Corp.		35,008
447	Ross Stores, Inc.		41,567
332	Royal Caribbean Cruises Ltd.		40,424
807	Service Corp. International		35,403
875	ServiceMaster Global Holdings, Inc.(b)		47,250
625	Six Flags Entertainment Corp.		30,850
1,381	Skechers U.S.A., Inc., Class A(b)		38,571
557	Starbucks Corp.		42,365
945	Tapestry, Inc.		26,989
539	Target Corp.		43,363
712	Tempur Sealy International, Inc.(b)		45,433
400	Tiffany & Co.		35,644

Schedule of Investments^(a)

792	TJX Cos., Inc. (The)	$	39,830
403	Tractor Supply Co.		40,614
124	Ulta Beauty, Inc.(b)		41,339
962	Urban Outfitters, Inc.(b)		21,616
137	Vail Resorts, Inc.		29,470
463	VF Corp.		37,910
2,081	Wendy’s Co. (The)		38,270
672	Williams-Sonoma, Inc.(c)		39,312
905	Wyndham Destinations, Inc.		36,001
1,035	Yum China Holdings, Inc. (China)		41,410
402	Yum! Brands, Inc.		41,145
			3,263,136
	Consumer Staples - 5.9%
692	Altria Group, Inc.		33,950
792	Archer-Daniels-Midland Co.		30,350
766	Brown-Forman Corp., Class A		37,695
623	Bunge Ltd.		32,577
940	Campbell Soup Co.(c)		34,131
289	Casey’s General Stores, Inc.		37,304
560	Church & Dwight Co., Inc.		41,670
224	Clorox Co. (The)		33,333
731	Coca-Cola Co. (The)		35,914
579	Colgate-Palmolive Co.		40,310
1,130	Conagra Brands, Inc.		30,250
190	Constellation Brands, Inc., Class A		33,526
161	Costco Wholesale Corp.		38,572
807	Energizer Holdings, Inc.(c)		33,022
256	Estee Lauder Cos., Inc. (The), Class A		41,224
1,833	Flowers Foods, Inc.		41,004
903	General Mills, Inc.		44,644
638	Herbalife Nutrition Ltd.(b)		26,656
343	Hershey Co. (The)		45,262
807	Hormel Foods Corp.(c)		31,868
362	Ingredion, Inc.		27,570
365	JM Smucker Co. (The)		44,369
587	Kellogg Co.		30,853
322	Kimberly-Clark Corp.		41,181
728	Kraft Heinz Co. (The)		20,129
1,283	Kroger Co. (The)		29,265
485	Lamb Weston Holdings, Inc.		28,736
242	McCormick & Co., Inc.		37,762
560	Molson Coors Brewing Co., Class B		30,789
827	Mondelez International, Inc., Class A		42,053
560	Nu Skin Enterprises, Inc., Class A		26,146
314	PepsiCo, Inc.		40,192
428	Philip Morris International, Inc.		33,012
402	Post Holdings, Inc.(b)		42,250
403	Procter & Gamble Co. (The)		41,473
9	Seaboard Corp.		36,900
1,501	Sprouts Farmers Market, Inc.(b)		30,095
565	Sysco Corp.		38,883
637	Tyson Foods, Inc., Class A		48,342
1,131	US Foods Holding Corp.(b)		39,087
440	Walgreens Boots Alliance, Inc.		21,710
377	Walmart, Inc.		38,243
			1,492,302
	Energy - 4.1%
709	Anadarko Petroleum Corp.		49,892
2,859	Antero Resources Corp.(b)		18,784
1,035	Apache Corp.		26,982
1,681	Baker Hughes a GE Co.		35,990
2,270	Centennial Resource Development, Inc., Class A(b)		17,933
618	Cheniere Energy, Inc.(b)		39,045
12,539	Chesapeake Energy Corp.(b)(c)		24,075
313	Chevron Corp.		35,635

464	Cimarex Energy Co.	$	26,536
2,658	CNX Resources Corp.(b)		20,520
294	Concho Resources, Inc.		28,815
560	ConocoPhillips		33,018
788	Continental Resources, Inc.(b)		27,580
1,326	Devon Energy Corp.		33,362
350	Diamondback Energy, Inc.		34,321
352	EOG Resources, Inc.		28,822
458	Exxon Mobil Corp.		32,413
598	Helmerich & Payne, Inc.		29,248
620	HollyFrontier Corp.		23,548
2,233	Kinder Morgan, Inc.		44,548
579	Marathon Petroleum Corp.		26,628
1,207	Murphy Oil Corp.		29,994
522	Occidental Petroleum Corp.		25,980
617	ONEOK, Inc.		39,254
1,833	Parsley Energy, Inc., Class A(b)		32,682
2,746	Patterson-UTI Energy, Inc.		29,190
1,035	PBF Energy, Inc., Class A		27,324
409	Phillips 66		33,047
252	Pioneer Natural Resources Co.		35,774
2,489	Range Resources Corp.		19,464
1,757	SM Energy Co.		20,434
807	Targa Resources Corp.		31,037
457	Valero Energy Corp.		32,173
1,451	Williams Cos., Inc. (The)		38,277
			1,032,325
	Financials - 17.0%
820	Aflac, Inc.		42,066
2,057	AGNC Investment Corp.		33,735
60	Alleghany Corp.		39,798
423	Allstate Corp. (The)		40,401
1,491	Ally Financial, Inc.		43,045
345	American Express Co.		39,575
371	American Financial Group, Inc.		36,432
288	American National Insurance Co.		32,651
3,617	Annaly Capital Management, Inc.		31,866
228	Aon PLC		41,056
1,302	Arch Capital Group Ltd.(b)		44,828
479	Arthur J. Gallagher & Co.		40,332
1,682	Associated Banc-Corp.		33,320
381	Assurant, Inc.		38,085
922	Assured Guaranty Ltd.		37,682
881	Athene Holding Ltd., Class A(b)		35,813
1,359	Bank of America Corp.		36,149
475	Bank of Hawaii Corp.		35,939
752	Bank of New York Mellon Corp. (The)		32,103
1,153	BankUnited, Inc.		37,449
750	BB&T Corp.		35,063
175	Berkshire Hathaway, Inc., Class B(b)		34,549
90	BlackRock, Inc.		37,400
459	BOK Financial Corp.		34,393
1,309	Brown & Brown, Inc.		41,325
445	Capital One Financial Corp.		38,212
845	Charles Schwab Corp. (The)		35,160
1,909	Chimera Investment Corp.		34,820
275	Chubb Ltd.		40,169
446	Cincinnati Financial Corp.		43,815
826	CIT Group, Inc.		39,268
1,054	Citizens Financial Group, Inc.		34,339
788	CNA Financial Corp.		35,429
475	Comerica, Inc.		32,690
598	Commerce Bancshares, Inc.		34,283
95	Credit Acceptance Corp.(b)		43,357
390	Cullen/Frost Bankers, Inc.		35,595
558	Discover Financial Services		41,599

Schedule of Investments^(a)

749	E*TRADE Financial Corp.	$	33,555
719	East West Bancorp, Inc.		30,716
275	Erie Indemnity Co., Class A		58,484
465	Evercore, Inc., Class A		35,912
162	Everest Re Group Ltd.		40,121
3,144	F.N.B. Corp.		34,584
161	FactSet Research Systems, Inc.		44,790
1,111	Fidelity National Financial, Inc.		42,829
1,394	Fifth Third Bancorp		36,941
799	First American Financial Corp.		41,268
90	First Citizens BancShares, Inc., Class A		37,809
1,467	First Hawaiian, Inc.		36,514
2,328	First Horizon National Corp.		31,219
382	First Republic Bank		37,062
1,092	Franklin Resources, Inc.		34,747
199	Goldman Sachs Group, Inc. (The)		36,316
328	Hanover Insurance Group, Inc. (The)		40,068
2,650	Huntington Bancshares, Inc.		33,523
664	Interactive Brokers Group, Inc., Class A		33,731
462	Intercontinental Exchange, Inc.		37,981
1,800	Jefferies Financial Group, Inc.		31,806
345	JPMorgan Chase & Co.		36,556
2,081	KeyCorp		33,234
979	Lazard Ltd., Class A		30,506
617	Lincoln National Corp.		36,681
795	Loews Corp.		40,831
617	LPL Financial Holdings, Inc.		49,496
233	M&T Bank Corp.		37,187
29	Markel Corp.(b)		30,707
418	Marsh & McLennan Cos., Inc.		39,961
626	Mercury General Corp.		36,089
865	MetLife, Inc.		39,972
5,120	MFA Financial, Inc.		36,045
845	Morgan Stanley		34,383
313	Morningstar, Inc.		43,833
405	Nasdaq, Inc.		36,709
3,353	Navient Corp.		43,723
2,118	New Residential Investment Corp.		32,300
389	Northern Trust Corp.		33,267
1,640	Old Republic International Corp.		36,162
1,339	OneMain Holdings, Inc.		39,996
998	PacWest Bancorp		36,267
2,254	People’s United Financial, Inc.		34,644
699	Pinnacle Financial Partners, Inc.		37,012
289	PNC Financial Services Group, Inc. (The)		36,778
703	Popular, Inc.		36,704
580	Progressive Corp. (The)		45,982
556	Prosperity Bancshares, Inc.		36,034
409	Prudential Financial, Inc.		37,783
477	Raymond James Financial, Inc.		39,391
2,328	Regions Financial Corp.		32,196
256	Reinsurance Group of America, Inc.		37,903
275	RenaissanceRe Holdings Ltd. (Bermuda)		47,971
209	S&P Global, Inc.		44,701
1,989	Santander Consumer USA Holdings, Inc.		44,534
313	Signature Bank		35,854
3,714	SLM Corp.		35,320
629	SunTrust Banks, Inc.		37,746
155	SVB Financial Group(b)		31,217
1,038	Synovus Financial Corp.		33,174
382	T. Rowe Price Group, Inc.		38,635
1,738	TCF Financial Corp.		33,126
699	TD Ameritrade Holding Corp.		34,775
444	Torchmark Corp.		37,966
289	Travelers Cos., Inc. (The)		42,070
2,555	Two Harbors Investment Corp.		31,222

2,004	Umpqua Holdings Corp.	$	32,004
694	US Bancorp		34,839
1,454	Virtu Financial, Inc., Class A		33,471
731	W.R. Berkley Corp.		45,468
641	Webster Financial Corp.		28,383
698	Wells Fargo & Co.		30,970
845	Western Alliance Bancorp(b)		34,772
41	White Mountains Insurance Group Ltd.		40,164
235	Willis Towers Watson PLC		41,243
499	Wintrust Financial Corp.		33,802
807	Zions Bancorp NA		34,758
			4,290,284
	Health Care - 8.4%
520	Abbott Laboratories		39,588
403	AbbVie, Inc.		30,914
1,092	Acadia Healthcare Co., Inc.(b)		35,184
506	Agilent Technologies, Inc.		33,927
303	Alexion Pharmaceuticals, Inc.(b)		34,445
409	AmerisourceBergen Corp.		31,845
185	Amgen, Inc.		30,840
126	Anthem, Inc.		35,026
541	Baxter International, Inc.		39,731
152	Becton, Dickinson and Co.		35,483
116	Biogen, Inc.(b)		25,438
693	Bristol-Myers Squibb Co.		31,441
1,113	Bruker Corp.		46,490
656	Cardinal Health, Inc.		27,598
954	Catalent, Inc.(b)		43,407
522	Centene Corp.(b)		30,146
659	Cerner Corp.(b)		46,110
275	Charles River Laboratories International, Inc.(b)		34,499
123	Chemed Corp.		40,337
256	Cigna Corp.		37,893
138	Cooper Cos., Inc. (The)		41,095
161	Covetrus, Inc.(b)		3,970
462	CVS Health Corp.		24,195
351	Danaher Corp.		46,336
561	DaVita, Inc.(b)		24,359
313	Eli Lilly & Co.		36,289
507	Encompass Health Corp.		29,872
522	Gilead Sciences, Inc.		32,495
256	HCA Healthcare, Inc.		30,966
409	Henry Schein, Inc.(b)		26,364
389	Hill-Rom Holdings, Inc.		37,402
113	Humana, Inc.		27,669
152	ICU Medical, Inc.(b)		32,346
729	Integra LifeSciences Holdings Corp.(b)		33,971
302	IQVIA Holdings, Inc.(b)		41,027
257	Jazz Pharmaceuticals PLC(b)		32,266
251	Johnson & Johnson		32,919
257	Laboratory Corp. of America Holdings(b)		41,791
295	McKesson Corp.		36,031
384	Medtronic PLC		35,551
466	Merck & Co., Inc.		36,912
59	Mettler-Toledo International, Inc.(b)		42,662
263	Molina Healthcare, Inc.(b)		37,414
420	PerkinElmer, Inc.		36,263
807	Pfizer, Inc.		33,507
332	PRA Health Sciences, Inc.(b)		28,794
409	Quest Diagnostics, Inc.		39,227
101	Regeneron Pharmaceuticals, Inc.(b)		30,474
325	ResMed, Inc.		37,089
305	STERIS PLC		40,772
213	Stryker Corp.		39,030
141	Teleflex, Inc.		40,650

Schedule of Investments^(a)

152	Thermo Fisher Scientific, Inc.	$	40,581
328	United Therapeutics Corp.(b)		27,542
133	UnitedHealth Group, Inc.		32,159
275	Universal Health Services, Inc., Class B		32,876
306	Varian Medical Systems, Inc.(b)		38,636
188	Waters Corp.(b)		37,733
142	WellCare Health Plans, Inc.(b)		39,219
344	West Pharmaceutical Services, Inc.		39,422
326	Zimmer Biomet Holdings, Inc.		37,141
			2,125,359
	Industrials - 16.5%
181	3M Co.		28,915
826	A.O. Smith Corp.		33,453
313	Acuity Brands, Inc.		38,709
1,207	AECOM(b)		38,503
618	AGCO Corp.		41,134
959	Air Lease Corp.		34,524
522	Alaska Air Group, Inc.		30,380
406	Allegion PLC		39,402
807	Allison Transmission Holdings, Inc.		33,402
108	AMERCO		39,768
521	AMETEK, Inc.		42,665
561	Armstrong World Industries, Inc.		49,761
107	Boeing Co. (The)		36,552
408	C.H. Robinson Worldwide, Inc.		32,489
365	Carlisle Cos., Inc.		48,658
289	Caterpillar, Inc.		34,625
204	Cintas Corp.		45,253
591	Clean Harbors, Inc.(b)		37,895
1,514	Colfax Corp.(b)		38,001
750	Copart, Inc.(b)		53,610
442	Crane Co.		33,795
515	CSX Corp.		38,352
249	Cummins, Inc.		37,539
347	Curtiss-Wright Corp.		38,687
241	Deere & Co.		33,781
656	Delta Air Lines, Inc.		33,784
710	Donaldson Co., Inc.		33,689
446	Dover Corp.		39,877
501	Eaton Corp. PLC		37,319
562	Emerson Electric Co.		33,855
370	Equifax, Inc.		44,733
484	Expeditors International of Washington, Inc.		33,682
1,274	Fastenal Co.		38,972
175	FedEx Corp.		26,999
940	Fluor Corp.		26,057
503	Fortive Corp.		38,303
1,605	Gardner Denver Holdings, Inc.(b)		54,522
210	General Dynamics Corp.		33,772
465	Genesee & Wyoming, Inc., Class A(b)		44,277
844	Graco, Inc.		39,854
267	Harris Corp.		49,980
952	HD Supply Holdings, Inc.(b)		39,498
561	HEICO Corp., Class A		55,124
617	Hexcel Corp.		44,911
256	Honeywell International, Inc.		42,063
351	Hubbell, Inc.		40,204
180	Huntington Ingalls Industries, Inc.		36,922
275	IDEX Corp.		41,995
694	IHS Markit Ltd.(b)		39,829
275	Illinois Tool Works, Inc.		38,401
364	Ingersoll-Rand PLC		43,076
692	ITT, Inc.		39,873
360	J.B. Hunt Transport Services, Inc.		30,650
580	Jacobs Engineering Group, Inc.		43,668

1,930	JetBlue Airways Corp.(b)	$	33,254
1,074	Johnson Controls International PLC		41,370
370	Kansas City Southern		41,914
660	KAR Auction Services, Inc.		37,105
481	Kirby Corp.(b)		37,220
209	L3 Technologies, Inc.		50,591
367	Landstar System, Inc.		35,324
177	Lennox International, Inc.		46,747
447	Lincoln Electric Holdings, Inc.		33,945
125	Lockheed Martin Corp.		42,317
326	Middleby Corp. (The)(b)		42,533
445	MSC Industrial Direct Co., Inc., Class A		31,444
315	Nordson Corp.		39,570
219	Norfolk Southern Corp.		42,736
144	Northrop Grumman Corp.		43,668
287	Old Dominion Freight Line, Inc.		38,010
533	Oshkosh Corp.		37,944
617	PACCAR, Inc.		40,611
218	Parker-Hannifin Corp.		33,206
903	Pentair PLC		31,442
1,112	Quanta Services, Inc.		38,653
220	Raytheon Co.		38,390
484	Regal Beloit Corp.		35,187
481	Republic Services, Inc.		40,688
619	Robert Half International, Inc.		33,216
216	Rockwell Automation, Inc.		32,152
125	Roper Technologies, Inc.		42,990
1,834	Schneider National, Inc., Class B		30,811
822	Sensata Technologies Holding PLC(b)		35,091
238	Snap-on, Inc.		37,109
693	Southwest Airlines Co.		32,987
464	Spirit AeroSystems Holdings, Inc., Class A		37,603
290	Stanley Black & Decker, Inc.		36,894
174	Teledyne Technologies, Inc.(b)		41,029
665	Textron, Inc.		30,124
922	Timken Co. (The)		40,577
617	Toro Co. (The)		40,204
104	TransDigm Group, Inc.(b)		45,859
579	TransUnion		37,948
1,620	Trinity Industries, Inc.		31,234
244	Union Pacific Corp.		40,694
404	United Continental Holdings, Inc.(b)		31,371
352	United Parcel Service, Inc., Class B		32,708
305	United Technologies Corp.		38,522
1,814	Univar, Inc.(b)		36,298
294	Valmont Industries, Inc.		33,254
313	Verisk Analytics, Inc.		43,820
123	W.W. Grainger, Inc.		32,188
327	WABCO Holdings, Inc.(b)		42,808
408	Wabtec Corp.		25,451
403	Waste Management, Inc.		44,068
238	Watsco, Inc.		37,459
733	WESCO International, Inc.(b)		34,326
503	XPO Logistics, Inc.(b)(c)		26,201
535	Xylem, Inc.		39,708
			4,164,315
	Information Technology - 12.2%
224	Accenture PLC, Class A		39,888
540	Akamai Technologies, Inc.(b)		40,694
195	Alliance Data Systems Corp.		26,812
567	Amdocs Ltd.		33,691
427	Amphenol Corp., Class A		37,149
404	Analog Devices, Inc.		39,034
212	Apple, Inc.		37,115
161	Arista Networks, Inc.(b)		39,379
484	Arrow Electronics, Inc.(b)		30,327

Schedule of Investments^(a)

256	Automatic Data Processing, Inc.	$	40,991
827	Black Knight, Inc.(b)		46,883
750	Booz Allen Hamilton Holding Corp.		47,377
161	Broadcom, Inc.		40,514
364	Broadridge Financial Solutions, Inc.		45,453
394	CDW Corp.		38,785
769	Cisco Systems, Inc.		40,011
340	Citrix Systems, Inc.		32,001
522	Cognizant Technology Solutions Corp., Class A		32,327
940	CoreLogic, Inc.(b)		36,839
2,677	Cypress Semiconductor Corp.		47,704
275	Dell Technologies, Inc., Class C(b)		16,376
522	Dolby Laboratories, Inc., Class A		32,348
597	DXC Technology Co.		28,381
284	EPAM Systems, Inc.(b)		49,016
317	Euronet Worldwide, Inc.(b)		49,148
218	F5 Networks, Inc.(b)		28,793
195	Fair Isaac Corp.(b)		57,700
342	Fidelity National Information Services, Inc.		41,143
2,034	First Data Corp., Class A(b)		51,704
482	Fiserv, Inc.(b)		41,385
193	FleetCor Technologies, Inc.(b)		49,835
826	FLIR Systems, Inc.		39,921
1,264	Genpact Ltd.		45,694
346	Global Payments, Inc.		53,298
2,442	Hewlett Packard Enterprise Co.		33,504
1,562	HP, Inc.		29,178
769	Intel Corp.		33,867
305	International Business Machines Corp.		38,732
180	Intuit, Inc.		44,073
1,508	Jabil, Inc.		37,082
275	Jack Henry & Associates, Inc.		36,086
1,283	Juniper Networks, Inc.		31,575
600	Keysight Technologies, Inc.(b)		45,078
389	KLA-Tencor Corp.		40,094
248	Lam Research Corp.		43,303
617	Leidos Holdings, Inc.		46,479
200	Littelfuse, Inc.		32,642
420	LogMeIn, Inc.		30,169
768	Manhattan Associates, Inc.(b)		50,281
2,381	Marvell Technology Group Ltd.		53,096
683	Maxim Integrated Products, Inc.		35,919
502	Microchip Technology, Inc.		40,175
1,006	Micron Technology, Inc.(b)		32,806
341	Microsoft Corp.		42,175
485	MKS Instruments, Inc.		34,658
739	National Instruments Corp.		28,518
537	NetApp, Inc.		31,790
235	NVIDIA Corp.		31,833
457	NXP Semiconductors N.V. (Netherlands)		40,289
1,986	ON Semiconductor Corp.(b)		35,271
750	Oracle Corp.		37,950
539	Paychex, Inc.		46,241
1,434	Sabre Corp.		29,082
513	Skyworks Solutions, Inc.		34,181
792	SS&C Technologies Holdings, Inc.		44,075
1,705	Symantec Corp.		31,935
412	Synopsys, Inc.(b)		47,973
1,054	Teradyne, Inc.		44,416
386	Texas Instruments, Inc.		40,264
427	Total System Services, Inc.		52,747
1,013	Trimble, Inc.(b)		40,419
342	Ubiquiti Networks, Inc.		41,146
1,092	Versum Materials, Inc.		56,074
269	Visa, Inc., Class A		43,398

231	VMware, Inc., Class A	$	40,882
1,377	Xerox Corp.		42,150
408	Xilinx, Inc.		41,742
217	Zebra Technologies Corp., Class A(b)		37,202
			3,088,266
	Materials - 5.7%
224	Air Products & Chemicals, Inc.		45,604
389	Albemarle Corp.(c)		24,624
360	AptarGroup, Inc.		40,777
462	Ashland Global Holdings, Inc.		34,590
393	Avery Dennison Corp.		40,896
1,505	Axalta Coating Systems Ltd.(b)		35,383
750	Ball Corp.		46,042
750	Bemis Co., Inc.		43,762
747	Berry Global Group, Inc.(b)		35,124
389	Celanese Corp.		36,928
864	CF Industries Holdings, Inc.		34,767
732	Crown Holdings, Inc.(b)		40,575
217	Dow, Inc.		10,147
637	DowDuPont, Inc.(b)		19,441
480	Eastman Chemical Co.		31,162
237	Ecolab, Inc.		43,629
435	FMC Corp.		31,951
3,248	Freeport-McMoRan, Inc.		31,538
3,239	Graphic Packaging Holding Co.		42,107
271	International Flavors & Fragrances, Inc.(c)		36,699
805	International Paper Co.		33,383
403	LyondellBasell Industries N.V., Class A		29,923
199	Martin Marietta Materials, Inc.		41,890
91	NewMarket Corp.		35,217
609	Nucor Corp.		29,232
2,122	Owens-Illinois, Inc.		33,952
389	Packaging Corp. of America		34,652
351	PPG Industries, Inc.		36,732
466	Reliance Steel & Aluminum Co.		38,804
585	RPM International, Inc.		31,309
503	Scotts Miracle-Gro Co. (The)		45,034
91	Sherwin-Williams Co. (The)		38,170
1,459	Silgan Holdings, Inc.		42,296
633	Sonoco Products Co.		39,138
1,134	Southern Copper Corp. (Peru)		38,250
1,056	Steel Dynamics, Inc.		26,558
1,605	United States Steel Corp.(c)		18,971
1,757	Valvoline, Inc.		30,660
361	Vulcan Materials Co.		45,093
522	Westlake Chemical Corp.		29,905
778	WestRock Co.		25,363
			1,430,278
	Real Estate - 8.5%
878	American Campus Communities, Inc.		40,669
2,347	Apple Hospitality REIT, Inc.		36,238
199	AvalonBay Communities, Inc.		40,399
285	Boston Properties, Inc.		37,287
2,593	Brandywine Realty Trust		39,180
2,277	Brixmor Property Group, Inc.		39,051
401	Camden Property Trust		41,447
883	CBRE Group, Inc., Class A(b)		40,353
1,700	Columbia Property Trust, Inc.		36,346
390	CoreSite Realty Corp.		45,521
1,549	Corporate Office Properties Trust		43,124
1,168	CubeSmart		39,385
1,016	Douglas Emmett, Inc.		40,935
1,295	Duke Realty Corp.		38,967
523	EPR Properties		40,846
370	Equity LifeStyle Properties, Inc.		45,014
513	Equity Residential		39,280

Schedule of Investments^(a)

142	Essex Property Trust, Inc.	$	41,427
387	Extra Space Storage, Inc.		41,471
279	Federal Realty Investment Trust		36,474
1,077	Gaming and Leisure Properties, Inc.		42,531
1,265	HCP, Inc.		40,113
1,302	Healthcare Trust of America, Inc., Class A		37,485
864	Highwoods Properties, Inc.		37,895
1,395	Hospitality Properties Trust		34,694
1,935	Host Hotels & Resorts, Inc.		35,043
347	Howard Hughes Corp. (The)(b)		35,686
1,191	Hudson Pacific Properties, Inc.		39,791
1,074	Iron Mountain, Inc.		32,918
275	Jones Lang LaSalle, Inc.		34,224
536	Kilroy Realty Corp.		39,509
2,270	Kimco Realty Corp.		39,498
498	Lamar Advertising Co., Class A		38,949
801	Liberty Property Trust		38,023
380	Life Storage, Inc.		36,586
731	Macerich Co. (The)		26,557
2,099	Medical Properties Trust, Inc.		37,320
371	Mid-America Apartment Communities, Inc.		42,361
731	National Retail Properties, Inc.		39,130
959	Omega Healthcare Investors, Inc.		34,160
1,817	Outfront Media, Inc.		44,789
1,194	Park Hotels & Resorts, Inc.		32,978
560	Prologis, Inc.		41,255
172	Public Storage		40,915
1,187	Rayonier, Inc.		33,414
3,000	Retail Properties of America, Inc., Class A		35,670
2,642	Senior Housing Properties Trust		20,819
199	Simon Property Group, Inc.		32,256
390	SL Green Realty Corp.		33,540
937	Spirit Realty Capital, Inc.		39,972
1,246	STORE Capital Corp.		42,638
713	Taubman Centers, Inc.		31,629
1,871	Uniti Group, Inc.		17,980
577	Ventas, Inc.		37,101
512	Vornado Realty Trust		33,910
1,305	Weingarten Realty Investors		36,801
542	WP Carey, Inc.		44,991
			2,146,545
	Utilities - 4.2%
789	Alliant Energy Corp.		37,446
523	Ameren Corp.		38,357
466	American Electric Power Co., Inc.		40,132
378	American Water Works Co., Inc.		42,721
381	Atmos Energy Corp.		38,786
729	Avangrid, Inc.		36,494
1,313	CenterPoint Energy, Inc.		37,342
693	CMS Energy Corp.		38,884
447	Consolidated Edison, Inc.		38,576
485	Dominion Energy, Inc.		36,462
305	DTE Energy Co.		38,268
408	Duke Energy Corp.		34,929
408	Entergy Corp.		39,604
599	Evergy, Inc.		34,826
541	Eversource Energy		39,947
788	Exelon Corp.		37,887
940	Hawaiian Electric Industries, Inc.		39,048
1,367	MDU Resources Group, Inc.		33,738
674	National Fuel Gas Co.		35,931
200	NextEra Energy, Inc.		39,642
934	OGE Energy Corp.		38,817
408	Pinnacle West Capital Corp.		38,315
1,183	PPL Corp.		35,206
674	Public Service Enterprise Group, Inc.		39,604

770	Southern Co. (The)	$	41,195
619	UGI Corp.		31,947
498	WEC Energy Group, Inc.		40,114
694	Xcel Energy, Inc.		39,794
			1,064,012
	Total Common Stocks & Other Equity Interests (Cost $26,768,851)		25,172,535
	Money Market Funds - 0.1%
13,747	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $13,747)		13,747
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $26,782,598)-99.8%		25,186,282
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 1.1%
208,324	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(d)(e)		208,324
69,420	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		69,441
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $277,765)		277,765
	Total Investments in Securities (Cost $27,060,363)-100.9%		25,464,047
	Other assets less liabilities-(0.9)%		(238,767	)
	Net Assets-100.0%	$	25,225,280

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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 investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Ltd.*	$	176,316	$	11,720	$	(129,232	)	$	61,185	$	(119,989	)	$	—	$	2,260

* At May 31, 2019, this security was no longer held.

Schedule of Investments^(a)

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

Schedule of Investments^(a)

Invesco Russell 1000 Equal Weight ETF (EQAL)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.8%
		Communication Services - 5.0%
	12,085	Activision Blizzard, Inc.	$	524,126
	453	Alphabet, Inc., Class C(b)		499,944
	6,676	AMC Networks, Inc., Class A(b)		352,293
	46,502	AT&T, Inc.		1,422,031
	465	Cable One, Inc.		519,428
	8,429	CBS Corp., Class B		406,952
	115,075	CenturyLink, Inc.		1,202,534
	1,274	Charter Communications, Inc., Class A(b)		480,043
	10,836	Cinemark Holdings, Inc.		411,660
	10,749	Comcast Corp., Class A		440,709
	14,545	Discovery, Inc., Class A(b)		396,497
	12,836	DISH Network Corp., Class A(b)		463,508
	5,027	Electronic Arts, Inc.(b)		467,913
	3,073	Facebook, Inc., Class A(b)		545,365
	2,742	Fox Corp., Class A		96,601
	7,722	GCI Liberty, Inc., Class A(b)		448,571
	2,411	IAC/InterActiveCorp.(b)		532,469
	18,487	Interpublic Group of Cos., Inc. (The)		392,294
	9,224	John Wiley & Sons, Inc., Class A		385,379
	4,663	Liberty Broadband Corp., Class C(b)		457,673
	12,364	Liberty Media Corp.-Liberty Formula One, Class C(b)		461,548
	10,216	Liberty Media Corp.-Liberty SiriusXM, Class C(b)		369,206
	25,202	Lions Gate Entertainment Corp., Class A		372,234
	6,791	Live Nation Entertainment, Inc.(b)		413,029
	1,404	Madison Square Garden Co. (The), Class A(b)		415,359
	9,295	Match Group, Inc.(c)		638,102
	1,221	Netflix, Inc.(b)		419,145
	32,083	News Corp., Class A		365,425
	5,572	Omnicom Group, Inc.		431,050
	69,036	Sirius XM Holdings, Inc.		366,581
	217,343	Sprint Corp.(b)		1,493,146
	5,666	Take-Two Interactive Software, Inc.(b)		612,778
	45,019	Telephone & Data Systems, Inc.		1,296,997
	19,513	T-Mobile US, Inc.(b)		1,433,035
	8,923	Tribune Media Co., Class A		413,135
	8,107	TripAdvisor, Inc.(b)		342,683
	16,633	Twitter, Inc.(b)		606,107
	30,264	United States Cellular Corp.(b)		1,317,997
	24,338	Verizon Communications, Inc.		1,322,770
	14,190	Viacom, Inc., Class B		411,936
	4,996	Walt Disney Co. (The)		659,672
	50,777	Zayo Group Holdings, Inc.(b)		1,660,408
	6,490	Zillow Group, Inc., Class C(b)(c)		279,200
	98,637	Zynga, Inc., Class A(b)		620,427
				27,167,960
		Consumer Discretionary - 8.4%
	26,774	Adient PLC		462,119
	2,708	Advance Auto Parts, Inc.		419,740
	271	Amazon.com, Inc.(b)		481,044
	5,021	Aptiv PLC		321,545

13,803	Aramark	$	480,206
12,282	AutoNation, Inc.(b)		484,771
458	AutoZone, Inc.(b)		470,416
6,098	Best Buy Co., Inc.		382,162
259	Booking Holdings, Inc.(b)		428,961
10,693	BorgWarner, Inc.		379,388
3,327	Bright Horizons Family Solutions, Inc.(b)		455,999
7,914	Brunswick Corp.		328,273
2,812	Burlington Stores, Inc.(b)		440,303
48,188	Caesars Entertainment Corp.(b)		423,573
9,243	Capri Holdings Ltd.(b)		300,213
6,950	CarMax, Inc.(b)		544,046
7,462	Carnival Corp.		381,980
4,391	Carter’s, Inc.		369,327
683	Chipotle Mexican Grill, Inc.(b)		450,760
5,263	Choice Hotels International, Inc.		433,092
4,109	Columbia Sportswear Co.		385,342
10,207	D.R. Horton, Inc.		436,451
3,827	Darden Restaurants, Inc.		445,157
10,943	Dick’s Sporting Goods, Inc.		377,643
3,489	Dollar General Corp.		444,080
3,989	Dollar Tree, Inc.(b)		405,243
1,685	Domino’s Pizza, Inc.		470,957
5,752	Dunkin’ Brands Group, Inc.		426,913
11,405	eBay, Inc.		409,782
3,329	Expedia Group, Inc.		382,835
22,264	Extended Stay America, Inc.		381,605
10,763	Floor & Decor Holdings, Inc., Class A(b)		382,302
6,668	Foot Locker, Inc.		262,386
48,780	Ford Motor Co.		464,386
11,314	frontdoor, Inc.(b)		454,936
15,493	Gap, Inc. (The)		289,409
4,977	Garmin Ltd.		380,641
26,629	Garrett Motion, Inc. (Switzerland)(b)		409,554
10,888	General Motors Co.		363,006
20,140	Gentex Corp.		430,190
3,874	Genuine Parts Co.		383,139
23,076	Goodyear Tire & Rubber Co. (The)		309,449
626	Graham Holdings Co., Class B		426,018
3,573	Grand Canyon Education, Inc.(b)		428,260
6,781	GrubHub, Inc.(b)		441,782
17,096	H&R Block, Inc.		448,770
22,576	Hanesbrands, Inc.		335,254
11,028	Harley-Davidson, Inc.		360,836
4,742	Hasbro, Inc.		451,154
12,886	Hilton Grand Vacations, Inc.(b)		327,562
4,982	Hilton Worldwide Holdings, Inc.		445,590
2,364	Home Depot, Inc. (The)		448,805
5,662	Hyatt Hotels Corp., Class A		409,023
28,794	International Game Technology PLC(c)		374,322
6,000	Kohl’s Corp.		295,920
697	Kontoor Brands, Inc.(b)		20,422
15,704	L Brands, Inc.		352,712
6,865	Las Vegas Sands Corp.		377,575
2,832	Lear Corp.		337,093
9,309	Leggett & Platt, Inc.		330,563
8,722	Lennar Corp., Class A		433,135
14,874	LKQ Corp.(b)		381,518
4,130	Lowe’s Cos., Inc.		385,246
2,805	Lululemon Athletica, Inc.(b)		464,480
17,740	Macy’s, Inc.		364,912
3,410	Marriott International, Inc., Class A		425,704
28,404	Mattel, Inc.(b)(c)		279,779
2,392	McDonald’s Corp.		474,262
15,625	MGM Resorts International		387,813
31,757	Michaels Cos., Inc. (The)(b)		289,306

Schedule of Investments^(a)

3,190	Mohawk Industries, Inc.(b)	$	432,405
26,658	Newell Brands, Inc.		357,750
4,868	NIKE, Inc., Class B		375,518
9,235	Nordstrom, Inc.		289,056
7,544	Norwegian Cruise Line Holdings Ltd.(b)		412,732
155	NVR, Inc.(b)		496,243
1,110	O’Reilly Automotive, Inc.(b)		412,221
9,808	Penske Automotive Group, Inc.		418,998
4,848	Polaris Industries, Inc.		387,258
2,755	Pool Corp.		495,294
14,996	PulteGroup, Inc.		464,876
3,774	PVH Corp.		321,507
24,059	Qurate Retail, Inc.(b)		301,459
3,325	Ralph Lauren Corp.		349,557
4,496	Ross Stores, Inc.		418,083
3,568	Royal Caribbean Cruises Ltd.		434,440
10,339	Service Corp. International		453,572
8,637	ServiceMaster Global Holdings, Inc.(b)		466,398
8,071	Six Flags Entertainment Corp.		398,385
12,653	Skechers U.S.A., Inc., Class A(b)		353,398
5,883	Starbucks Corp.		447,461
12,088	Tapestry, Inc.		345,233
5,409	Target Corp.		435,154
7,216	Tempur Sealy International, Inc.(b)		460,453
1,482	Tesla, Inc.(b)(c)		274,407
6,505	Thor Industries, Inc.		335,918
4,355	Tiffany & Co.		388,074
8,016	TJX Cos., Inc. (The)		403,125
11,652	Toll Brothers, Inc.		405,140
4,503	Tractor Supply Co.		453,812
1,364	Ulta Beauty, Inc.(b)		454,730
19,103	Under Armour, Inc., Class A(b)		435,548
13,935	Urban Outfitters, Inc.(b)		313,119
2,057	Vail Resorts, Inc.		442,481
4,880	VF Corp.		399,574
5,222	Visteon Corp.(b)(c)		232,431
2,524	Wayfair, Inc., Class A(b)		363,481
25,138	Wendy’s Co. (The)		462,288
3,149	Whirlpool Corp.		361,757
7,140	Williams-Sonoma, Inc.(c)		417,690
5,535	Wyndham Destinations, Inc.		220,182
7,903	Wyndham Hotels & Resorts, Inc.		421,546
3,494	Wynn Resorts Ltd.		375,011
10,141	Yum China Holdings, Inc. (China)		405,741
4,278	Yum! Brands, Inc.		437,853
			45,362,499
	Consumer Staples - 11.6%
24,906	Altria Group, Inc.		1,221,888
31,780	Archer-Daniels-Midland Co.		1,217,810
27,366	Brown-Forman Corp., Class B		1,367,753
26,494	Bunge Ltd.		1,385,371
37,885	Campbell Soup Co.		1,375,604
10,206	Casey’s General Stores, Inc.		1,317,390
20,430	Church & Dwight Co., Inc.		1,520,196
8,679	Clorox Co. (The)		1,291,522
29,608	Coca-Cola Co. (The)		1,454,641
20,929	Colgate-Palmolive Co.		1,457,077
60,655	Conagra Brands, Inc.		1,623,734
8,016	Constellation Brands, Inc., Class A		1,414,423
1,986	Costco Wholesale Corp.		475,806
25,999	Coty, Inc., Class A		320,828
30,683	Energizer Holdings, Inc.		1,255,548
2,690	Estee Lauder Cos., Inc. (The), Class A		433,171
67,561	Flowers Foods, Inc.		1,511,340
28,895	General Mills, Inc.		1,428,569
62,157	Hain Celestial Group, Inc. (The)(b)		1,267,381

23,741	Herbalife Nutrition Ltd.(b)	$	991,899
11,979	Hershey Co. (The)		1,580,749
31,594	Hormel Foods Corp.		1,247,647
14,880	Ingredion, Inc.		1,133,261
13,308	JM Smucker Co. (The)		1,617,720
24,687	Kellogg Co.		1,297,549
51,545	Keurig Dr Pepper, Inc.		1,453,054
11,878	Kimberly-Clark Corp.		1,519,077
42,024	Kraft Heinz Co. (The)		1,161,964
53,501	Kroger Co. (The)		1,220,358
19,017	Lamb Weston Holdings, Inc.		1,126,757
10,081	McCormick & Co., Inc.		1,573,039
22,813	Molson Coors Brewing Co., Class B		1,254,259
29,216	Mondelez International, Inc., Class A		1,485,634
22,159	Monster Beverage Corp.(b)		1,370,756
23,853	Nu Skin Enterprises, Inc., Class A		1,113,697
11,561	PepsiCo, Inc.		1,479,808
15,431	Philip Morris International, Inc.		1,190,193
68,095	Pilgrim’s Pride Corp.(b)		1,741,189
13,715	Post Holdings, Inc.(b)		1,441,446
13,803	Procter & Gamble Co. (The)		1,420,467
349	Seaboard Corp.		1,430,900
24,929	Spectrum Brands Holdings, Inc.		1,313,010
58,644	Sprouts Farmers Market, Inc.(b)		1,175,812
20,651	Sysco Corp.		1,421,202
23,158	TreeHouse Foods, Inc.(b)		1,207,226
21,219	Tyson Foods, Inc., Class A		1,610,310
40,030	US Foods Holding Corp.(b)		1,383,437
22,834	Walgreens Boots Alliance, Inc.		1,126,630
4,244	Walmart, Inc.		430,511
			62,859,613
	Energy - 9.3%
25,827	Anadarko Petroleum Corp.		1,817,446
132,536	Antero Resources Corp.(b)		870,761
33,701	Apache Corp.		878,585
27,844	Apergy Corp.(b)		863,442
42,219	Baker Hughes a GE Co.		903,909
43,817	Cabot Oil & Gas Corp.		1,096,301
126,635	Centennial Resource Development, Inc., Class A(b)		1,000,416
16,507	Cheniere Energy, Inc.(b)		1,042,912
370,495	Chesapeake Energy Corp.(b)(c)		711,350
9,188	Chevron Corp.		1,046,054
15,440	Cimarex Energy Co.		883,014
105,265	CNX Resources Corp.(b)		812,646
10,919	Concho Resources, Inc.		1,070,171
16,208	ConocoPhillips		955,624
26,450	Continental Resources, Inc.(b)		925,750
39,226	Devon Energy Corp.		986,926
11,267	Diamondback Energy, Inc.		1,104,842
12,043	EOG Resources, Inc.		986,081
58,326	EQT Corp.		1,067,366
57,985	Equitrans Midstream Corp.		1,151,582
289,412	Extraction Oil & Gas, Inc.(b)(c)		981,107
13,739	Exxon Mobil Corp.		972,309
39,378	Halliburton Co.		838,358
20,168	Helmerich & Payne, Inc.		986,417
19,442	Hess Corp.		1,086,030
22,059	HollyFrontier Corp.		837,801
55,478	Kinder Morgan, Inc.		1,106,786
180,649	Kosmos Energy Ltd. (Ghana)		1,112,798
65,239	Marathon Oil Corp.		857,893
18,710	Marathon Petroleum Corp.		860,473
36,700	Murphy Oil Corp.		911,995
330,394	Nabors Industries Ltd.		779,730
41,399	National Oilwell Varco, Inc.		863,169

Schedule of Investments^(a)

49,444	Noble Energy, Inc.	$	1,058,102
16,720	Occidental Petroleum Corp.		832,154
16,689	ONEOK, Inc.		1,061,754
62,429	Parsley Energy, Inc., Class A(b)		1,113,109
86,518	Patterson-UTI Energy, Inc.		919,686
36,398	PBF Energy, Inc., Class A		960,907
11,642	Phillips 66		940,674
8,083	Pioneer Natural Resources Co.		1,147,463
148,293	QEP Resources, Inc.(b)		1,024,705
106,606	Range Resources Corp.		833,659
113,714	RPC, Inc.(c)		846,032
25,886	Schlumberger Ltd.		897,985
69,692	SM Energy Co.		810,518
27,473	Targa Resources Corp.		1,056,612
131,436	Transocean Ltd.(b)		814,903
13,678	Valero Energy Corp.		962,931
46,938	Whiting Petroleum Corp.(b)(c)		862,720
40,820	Williams Cos., Inc. (The)		1,076,832
92,256	WPX Energy, Inc.(b)		992,675
			50,583,465
	Financials - 6.5%
2,379	Affiliated Managers Group, Inc.		199,408
5,016	Aflac, Inc.		257,321
13,826	AGNC Investment Corp.		226,746
387	Alleghany Corp.		256,697
2,598	Allstate Corp. (The)		248,135
9,332	Ally Financial, Inc.		269,415
2,243	American Express Co.		257,294
2,528	American Financial Group, Inc.		248,250
5,876	American International Group, Inc.		300,087
1,708	American National Insurance Co.		193,636
1,985	Ameriprise Financial, Inc.		274,387
24,186	Annaly Capital Management, Inc.		213,079
1,490	Aon PLC		268,304
7,559	Arch Capital Group Ltd.(b)		260,256
3,135	Arthur J. Gallagher & Co.		263,967
10,962	Associated Banc-Corp.		217,157
2,443	Assurant, Inc.		244,202
5,600	Assured Guaranty Ltd.		228,872
5,805	Athene Holding Ltd., Class A(b)		235,973
12,424	AXA Equitable Holdings, Inc.		255,313
4,367	Axis Capital Holdings Ltd.		260,186
8,553	Bank of America Corp.		227,510
3,045	Bank of Hawaii Corp.		230,385
4,744	Bank of New York Mellon Corp. (The)		202,521
7,892	Bank OZK		228,079
6,978	BankUnited, Inc.		226,645
4,940	BB&T Corp.		230,945
1,319	Berkshire Hathaway, Inc., Class B(b)		260,397
43,261	BGC Partners, Inc., Class A		203,327
599	BlackRock, Inc.		248,920
2,831	BOK Financial Corp.		212,127
6,491	Brighthouse Financial, Inc.(b)		230,366
8,425	Brown & Brown, Inc.		265,977
2,979	Capital One Financial Corp.		255,807
2,610	Cboe Global Markets, Inc.		283,289
5,573	Charles Schwab Corp. (The)		231,893
13,149	Chimera Investment Corp.		239,838
1,831	Chubb Ltd.		267,454
2,881	Cincinnati Financial Corp.		283,029
5,003	CIT Group, Inc.		237,843
3,941	Citigroup, Inc.		244,933
7,015	Citizens Financial Group, Inc.		228,549
1,417	CME Group, Inc.		272,234
5,706	CNA Financial Corp.		256,542
2,933	Comerica, Inc.		201,849

4,030	Commerce Bancshares, Inc.	$	231,040
585	Credit Acceptance Corp.(b)		266,988
2,435	Cullen/Frost Bankers, Inc.		222,242
3,505	Discover Financial Services		261,298
5,199	E*TRADE Financial Corp.		232,915
4,670	East West Bancorp, Inc.		199,502
6,097	Eaton Vance Corp.		233,027
1,362	Erie Indemnity Co., Class A		289,657
2,772	Evercore, Inc., Class A		214,082
1,111	Everest Re Group Ltd.		275,150
21,016	F.N.B. Corp.		231,176
1,058	FactSet Research Systems, Inc.		294,336
6,982	Fidelity National Financial, Inc.		269,156
9,194	Fifth Third Bancorp		243,641
4,884	First American Financial Corp.		252,259
600	First Citizens BancShares, Inc., Class A		252,060
9,350	First Hawaiian, Inc.		232,721
16,512	First Horizon National Corp.		221,426
2,420	First Republic Bank		234,788
7,820	Franklin Resources, Inc.		248,832
1,293	Goldman Sachs Group, Inc. (The)		235,960
2,083	Hanover Insurance Group, Inc. (The)		254,459
5,067	Hartford Financial Services Group, Inc. (The)		266,828
17,834	Huntington Bancshares, Inc.		225,600
4,568	Interactive Brokers Group, Inc., Class A		232,054
3,298	Intercontinental Exchange, Inc.		271,129
13,102	Invesco Ltd.(d)		256,013
12,975	Jefferies Financial Group, Inc.		229,268
2,392	JPMorgan Chase & Co.		253,456
14,620	KeyCorp		233,481
6,949	Lazard Ltd., Class A		216,531
8,850	Legg Mason, Inc.		315,237
4,023	Lincoln National Corp.		239,167
5,237	Loews Corp.		268,972
3,313	LPL Financial Holdings, Inc.		265,769
1,451	M&T Bank Corp.		231,580
271	Markel Corp.(b)		286,954
1,081	MarketAxess Holdings, Inc.		321,943
2,740	Marsh & McLennan Cos., Inc.		261,944
4,809	Mercury General Corp.		277,239
5,541	MetLife, Inc.		256,050
33,709	MFA Financial, Inc.		237,311
1,439	Moody’s Corp.		263,164
5,952	Morgan Stanley		242,187
2,037	Morningstar, Inc.		285,261
1,355	MSCI, Inc.		298,114
2,842	Nasdaq, Inc.		257,599
21,197	Navient Corp.		276,409
14,887	New Residential Investment Corp.		227,027
20,037	New York Community Bancorp, Inc.		198,967
2,736	Northern Trust Corp.		233,983
11,926	Old Republic International Corp.		262,968
7,547	OneMain Holdings, Inc.		225,429
6,248	PacWest Bancorp		227,052
14,276	People’s United Financial, Inc.		219,422
4,303	Pinnacle Financial Partners, Inc.		227,844
1,912	PNC Financial Services Group, Inc. (The)		243,321
4,647	Popular, Inc.		242,620
4,901	Principal Financial Group, Inc.		252,745
3,411	Progressive Corp. (The)		270,424
3,406	Prosperity Bancshares, Inc.		220,743
2,578	Prudential Financial, Inc.		238,156
3,063	Raymond James Financial, Inc.		252,943
15,869	Regions Financial Corp.		219,468
1,710	Reinsurance Group of America, Inc.		253,183

Schedule of Investments^(a)

1,729	RenaissanceRe Holdings Ltd. (Bermuda)	$	301,607
1,273	S&P Global, Inc.		272,269
11,950	Santander Consumer USA Holdings, Inc.		267,560
4,897	SEI Investments Co.		246,074
1,827	Signature Bank		209,283
23,112	SLM Corp.		219,795
10,982	Starwood Property Trust, Inc.		242,153
3,570	State Street Corp.		197,242
12,731	Sterling Bancorp		245,836
3,864	SunTrust Banks, Inc.		231,879
1,029	SVB Financial Group(b)		207,241
7,766	Synchrony Financial		261,171
6,442	Synovus Financial Corp.		205,886
2,530	T. Rowe Price Group, Inc.		255,884
11,361	TCF Financial Corp.		216,541
4,499	TD Ameritrade Holding Corp.		223,825
4,162	Texas Capital Bancshares, Inc.(b)		238,483
14,723	TFS Financial Corp.		252,794
3,039	Torchmark Corp.		259,865
1,845	Travelers Cos., Inc. (The)		268,577
17,630	Two Harbors Investment Corp.		215,439
13,924	Umpqua Holdings Corp.		222,366
6,768	Unum Group		213,124
4,846	US Bancorp		243,269
9,669	Virtu Financial, Inc., Class A		222,580
4,976	Voya Financial, Inc.		253,428
4,401	W.R. Berkley Corp.		273,742
4,457	Webster Financial Corp.		197,356
4,927	Wells Fargo & Co.		218,611
5,586	Western Alliance Bancorp(b)		229,864
276	White Mountains Insurance Group Ltd.		270,370
1,433	Willis Towers Watson PLC		251,491
3,471	Wintrust Financial Corp.		235,126
5,009	Zions Bancorp NA		215,738
			35,217,883
	Health Care - 11.7%
8,179	Abbott Laboratories		622,667
8,054	AbbVie, Inc.		617,822
2,005	ABIOMED, Inc.(b)		525,150
22,049	Acadia Healthcare Co., Inc.(b)		710,419
8,012	Agilent Technologies, Inc.		537,205
9,963	Agios Pharmaceuticals, Inc.(b)		459,992
4,914	Alexion Pharmaceuticals, Inc.(b)		558,624
2,743	Align Technology, Inc.(b)		779,972
19,243	Alkermes PLC(b)		414,494
4,545	Allergan PLC		554,081
7,524	Alnylam Pharmaceuticals, Inc.(b)		508,020
8,221	AmerisourceBergen Corp.		640,087
3,477	Amgen, Inc.		579,616
2,152	Anthem, Inc.		598,213
8,428	Baxter International, Inc.		618,952
2,537	Becton, Dickinson and Co.		592,237
2,016	Biogen, Inc.(b)		442,089
6,859	BioMarin Pharmaceutical, Inc.(b)		564,084
2,085	Bio-Rad Laboratories, Inc., Class A(b)		598,249
3,403	Bio-Techne Corp.		673,964
4,512	Bluebird Bio, Inc.(b)		541,079
15,889	Boston Scientific Corp.(b)		610,296
12,178	Bristol-Myers Squibb Co.		552,516
16,678	Bruker Corp.		696,640
9,584	Cantel Medical Corp.		658,804
13,213	Cardinal Health, Inc.		555,871
14,786	Catalent, Inc.(b)		672,763
7,351	Celgene Corp.(b)		689,450
11,114	Centene Corp.(b)		641,833
11,345	Cerner Corp.(b)		793,810

4,551	Charles River Laboratories International, Inc.(b)	$	570,923
2,004	Chemed Corp.		657,192
3,848	Cigna Corp.		569,581
2,171	Cooper Cos., Inc. (The)		646,502
15,500	Covetrus, Inc.(b)		382,230
26,026	CVS Health Corp.		1,362,982
5,036	Danaher Corp.		664,802
12,432	DaVita, Inc.(b)		539,797
13,049	DENTSPLY SIRONA, Inc.		702,950
4,370	DexCom, Inc.(b)		530,081
3,786	Edwards Lifesciences Corp.(b)		646,270
21,493	Elanco Animal Health, Inc., Class W(b)		672,301
4,973	Eli Lilly & Co.		576,570
10,649	Encompass Health Corp.		627,439
7,440	Exact Sciences Corp.(b)		771,007
27,195	Exelixis, Inc.(b)		532,750
10,031	Gilead Sciences, Inc.		624,430
4,955	HCA Healthcare, Inc.		599,357
7,184	Henry Schein, Inc.(b)		463,081
6,066	Hill-Rom Holdings, Inc.		583,246
13,435	Hologic, Inc.(b)		591,274
2,365	Humana, Inc.		579,094
2,728	ICU Medical, Inc.(b)		580,518
3,101	IDEXX Laboratories, Inc.(b)		774,537
2,148	Illumina, Inc.(b)		659,243
7,653	Incyte Corp.(b)		601,755
6,750	Insulet Corp.(b)		741,082
11,433	Integra LifeSciences Holdings Corp.(b)		532,778
1,221	Intuitive Surgical, Inc.(b)		567,582
8,980	Ionis Pharmaceuticals, Inc.(b)		589,088
4,568	IQVIA Holdings, Inc.(b)		620,563
4,623	Jazz Pharmaceuticals PLC(b)		580,418
4,557	Johnson & Johnson		597,651
4,301	Laboratory Corp. of America Holdings(b)		699,386
4,864	Masimo Corp.(b)		635,919
5,610	McKesson Corp.		685,205
20,859	MEDNAX, Inc.(b)		514,383
6,933	Medtronic PLC		641,857
7,811	Merck & Co., Inc.		618,709
705	Mettler-Toledo International, Inc.(b)		509,778
30,521	Moderna, Inc.(b)(c)		634,226
4,846	Molina Healthcare, Inc.(b)		689,392
23,430	Mylan N.V.(b)		393,624
17,577	Nektar Therapeutics(b)		550,512
8,156	Neurocrine Biosciences, Inc.(b)		691,466
4,545	Penumbra, Inc.(b)(c)		648,572
6,740	PerkinElmer, Inc.		581,932
13,498	Perrigo Co. PLC		567,186
15,196	Pfizer, Inc.		630,938
6,141	PRA Health Sciences, Inc.(b)		532,609
18,721	Premier, Inc., Class A(b)		687,997
16,176	QIAGEN N.V.(b)		615,982
7,534	Quest Diagnostics, Inc.		722,586
1,585	Regeneron Pharmaceuticals, Inc.(b)		478,226
6,276	ResMed, Inc.		716,217
4,189	Sage Therapeutics, Inc.(b)		719,963
4,679	Sarepta Therapeutics, Inc.(b)		532,704
9,140	Seattle Genetics, Inc.(b)		594,740
5,259	STERIS PLC		703,023
3,458	Stryker Corp.		633,644
2,176	Teleflex, Inc.		627,341
2,502	Thermo Fisher Scientific, Inc.		667,984
5,662	United Therapeutics Corp.(b)		475,438
2,686	UnitedHealth Group, Inc.		649,475
4,871	Universal Health Services, Inc., Class B		582,328

Schedule of Investments^(a)

4,708	Varian Medical Systems, Inc.(b)	$	594,432
5,549	Veeva Systems, Inc., Class A(b)		856,155
3,523	Vertex Pharmaceuticals, Inc.(b)		585,452
2,037	Waters Corp.(b)		408,846
2,694	WellCare Health Plans, Inc.(b)		744,056
6,116	West Pharmaceutical Services, Inc.		700,894
5,201	Zimmer Biomet Holdings, Inc.		592,550
6,782	Zoetis, Inc.		685,321
			63,549,121
	Industrials - 12.8%
2,420	3M Co.		386,595
9,502	A.O. Smith Corp.		384,831
6,994	Acuity Brands, Inc.		864,948
63,483	ADT, Inc.(c)		371,376
15,951	AECOM(b)		508,837
7,289	AGCO Corp.		485,156
13,792	Air Lease Corp.		496,512
8,586	Alaska Air Group, Inc.		499,705
5,445	Allegion PLC		528,437
10,373	Allison Transmission Holdings, Inc.		429,338
1,182	AMERCO		435,236
14,928	American Airlines Group, Inc.		406,489
6,085	AMETEK, Inc.		498,301
26,263	Arconic, Inc.		575,160
33,164	Arcosa, Inc.		1,123,928
12,376	Armstrong World Industries, Inc.		1,097,751
1,188	Boeing Co. (The)		405,833
9,789	BWX Technologies, Inc.		455,580
5,530	C.H. Robinson Worldwide, Inc.		440,354
3,941	Carlisle Cos., Inc.		525,375
3,611	Caterpillar, Inc.		432,634
2,394	Cintas Corp.		531,061
7,028	Clean Harbors, Inc.(b)		450,635
18,532	Colfax Corp.(b)		465,153
5,786	Copa Holdings S.A., Class A (Panama)		518,483
8,241	Copart, Inc.(b)		589,067
1,055	CoStar Group, Inc.(b)		537,670
5,775	Crane Co.		441,556
6,691	CSX Corp.		498,279
3,131	Cummins, Inc.		472,030
4,169	Curtiss-Wright Corp.		464,802
3,070	Deere & Co.		430,322
9,682	Delta Air Lines, Inc.		498,623
9,887	Donaldson Co., Inc.		469,138
5,333	Dover Corp.		476,824
6,022	Eaton Corp. PLC		448,579
7,141	Emerson Electric Co.		430,174
2,228	Equifax, Inc.		269,365
6,457	Expeditors International of Washington, Inc.		449,343
29,504	Fastenal Co.		902,527
2,793	FedEx Corp.		430,904
11,200	Flowserve Corp.		520,240
13,213	Fluor Corp.		366,264
5,952	Fortive Corp.		453,245
8,960	Fortune Brands Home & Security, Inc.		430,618
18,443	Gardner Denver Holdings, Inc.(b)		626,509
31,384	Gates Industrial Corp. PLC(b)		354,012
2,884	General Dynamics Corp.		463,805
50,945	General Electric Co.		480,921
5,959	Genesee & Wyoming, Inc., Class A(b)		567,416
10,183	Graco, Inc.		480,841
73,404	GrafTech International Ltd.(c)		727,434
3,120	Harris Corp.		584,033
11,223	HD Supply Holdings, Inc.(b)		465,642
5,311	HEICO Corp.		645,764

12,844	Hexcel Corp.	$	934,915
3,162	Honeywell International, Inc.		519,548
4,004	Hubbell, Inc.		458,618
2,404	Huntington Ingalls Industries, Inc.		493,108
3,478	IDEX Corp.		531,125
9,484	IHS Markit Ltd.(b)		544,287
3,440	Illinois Tool Works, Inc.		480,362
8,710	Ingersoll-Rand PLC		1,030,741
8,471	ITT, Inc.		488,099
4,704	J.B. Hunt Transport Services, Inc.		400,499
6,684	Jacobs Engineering Group, Inc.		503,238
29,733	JetBlue Airways Corp.(b)		512,300
13,488	Johnson Controls International PLC		519,558
4,288	Kansas City Southern		485,745
8,534	KAR Auction Services, Inc.		479,781
6,713	Kirby Corp.(b)		519,452
14,616	Knight-Swift Transportation Holdings, Inc.		403,986
2,346	L3 Technologies, Inc.		567,873
4,566	Landstar System, Inc.		439,477
3,792	Lennox International, Inc.		1,001,505
5,646	Lincoln Electric Holdings, Inc.		428,757
1,657	Lockheed Martin Corp.		560,961
12,283	Macquarie Infrastructure Corp.		489,723
5,943	ManpowerGroup, Inc.		508,245
23,270	Masco Corp.		812,588
3,891	Middleby Corp. (The)(b)		507,659
5,753	MSC Industrial Direct Co., Inc., Class A		406,507
15,843	Nielsen Holdings PLC		360,111
3,601	Nordson Corp.		452,358
2,717	Norfolk Southern Corp.		530,195
1,746	Northrop Grumman Corp.		529,474
17,829	nVent Electric PLC		411,137
3,438	Old Dominion Freight Line, Inc.		455,329
6,157	Oshkosh Corp.		438,317
19,228	Owens Corning		931,981
7,157	PACCAR, Inc.		471,074
2,827	Parker-Hannifin Corp.		430,609
11,555	Pentair PLC		402,345
13,766	Quanta Services, Inc.		478,506
2,698	Raytheon Co.		470,801
6,014	Regal Beloit Corp.		437,218
6,114	Republic Services, Inc.		517,183
25,406	Resideo Technologies, Inc.(b)		499,990
7,369	Robert Half International, Inc.		395,421
2,758	Rockwell Automation, Inc.		410,528
12,042	Rollins, Inc.		452,418
1,563	Roper Technologies, Inc.		537,547
8,037	Ryder System, Inc.		405,869
22,937	Schneider National, Inc., Class B		385,342
9,854	Sensata Technologies Holding PLC(b)		420,667
3,124	Snap-on, Inc.		487,094
9,185	Southwest Airlines Co.		437,206
5,001	Spirit AeroSystems Holdings, Inc., Class A		405,281
3,647	Stanley Black & Decker, Inc.		463,971
10,130	Stericycle, Inc.(b)		469,829
2,094	Teledyne Technologies, Inc.(b)		493,765
14,172	Terex Corp.		379,384
9,262	Textron, Inc.		419,569
21,232	Timken Co. (The)		934,420
7,138	Toro Co. (The)		465,112
1,168	TransDigm Group, Inc.(b)		515,030
3,842	TransUnion		251,805
21,475	Trinity Industries, Inc.		414,038
2,904	Union Pacific Corp.		484,329
5,800	United Continental Holdings, Inc.(b)		450,370
4,521	United Parcel Service, Inc., Class B		420,091

Schedule of Investments^(a)

3,818	United Rentals, Inc.(b)	$	420,362
3,872	United Technologies Corp.		489,034
39,726	Univar, Inc.(b)		794,917
6,695	Valmont Industries, Inc.		757,271
3,818	Verisk Analytics, Inc.		534,520
1,642	W.W. Grainger, Inc.		429,695
2,961	WABCO Holdings, Inc.(b)		387,625
6,933	Wabtec Corp.		432,481
4,849	Waste Management, Inc.		530,238
6,610	Watsco, Inc.		1,040,348
31,156	Welbilt, Inc.(b)		480,737
9,188	WESCO International, Inc.(b)		430,274
10,140	XPO Logistics, Inc.(b)(c)		528,193
6,388	Xylem, Inc.		474,117
			69,367,838
	Information Technology - 12.5%
6,089	2U, Inc.(b)		231,321
3,086	Accenture PLC, Class A		549,524
1,988	Adobe, Inc.(b)		538,549
22,682	Advanced Micro Devices, Inc.(b)		621,714
7,104	Akamai Technologies, Inc.(b)		535,357
1,466	Alliance Data Systems Corp.		201,575
9,235	Amdocs Ltd.		548,744
5,355	Amphenol Corp., Class A		465,885
4,717	Analog Devices, Inc.		455,757
2,807	ANSYS, Inc.(b)		503,856
2,892	Apple, Inc.		506,302
13,353	Applied Materials, Inc.		516,628
1,806	Arista Networks, Inc.(b)		441,730
6,455	Arrow Electronics, Inc.(b)		404,470
5,080	Aspen Technology, Inc.(b)		577,139
4,832	Atlassian Corp. PLC, Class A(b)		608,252
3,264	Autodesk, Inc.(b)		525,210
3,198	Automatic Data Processing, Inc.		512,064
11,931	Avnet, Inc.		487,262
9,661	Black Knight, Inc.(b)		547,682
9,131	Booz Allen Hamilton Holding Corp.		576,805
1,949	Broadcom, Inc.		490,446
2,479	Broadridge Financial Solutions, Inc.		309,553
8,519	Cadence Design Systems, Inc.(b)		541,553
8,706	CDK Global, Inc.		421,370
5,436	CDW Corp.		535,120
10,359	Ceridian HCM Holding, Inc.(b)		509,456
9,791	Cisco Systems, Inc.		509,426
4,884	Citrix Systems, Inc.		459,682
9,609	Cognex Corp.		390,125
6,952	Cognizant Technology Solutions Corp., Class A		430,537
3,843	Coherent, Inc.(b)		422,845
22,657	CommScope Holding Co., Inc.(b)		365,911
34,662	Conduent, Inc.(b)		308,492
6,658	CoreLogic, Inc.(b)		260,927
14,767	Corning, Inc.		425,880
33,908	Cypress Semiconductor Corp.		604,241
9,450	Dell Technologies, Inc., Class C(b)		562,747
8,997	DocuSign, Inc.(b)		504,372
7,850	Dolby Laboratories, Inc., Class A		486,464
7,782	DXC Technology Co.		369,956
13,377	EchoStar Corp., Class A(b)		572,268
5,918	Elastic N.V.(b)		485,572
3,150	EPAM Systems, Inc.(b)		543,658
1,788	Euronet Worldwide, Inc.(b)		277,212
3,157	F5 Networks, Inc.(b)		416,977
1,003	Fair Isaac Corp.(b)		296,788
2,342	Fidelity National Information Services, Inc.		281,743
31,009	FireEye, Inc.(b)		452,421

9,643	First Data Corp., Class A(b)	$	245,125
21,865	First Solar, Inc.(b)		1,269,045
2,869	Fiserv, Inc.(b)		246,332
1,073	FleetCor Technologies, Inc.(b)		277,059
9,609	FLIR Systems, Inc.		464,403
6,064	Fortinet, Inc.(b)		439,519
3,536	Gartner, Inc.(b)		534,997
14,484	Genpact Ltd.		523,597
1,864	Global Payments, Inc.		287,131
6,818	GoDaddy, Inc., Class A(b)		507,259
5,571	Guidewire Software, Inc.(b)		559,997
31,950	Hewlett Packard Enterprise Co.		438,354
26,606	HP, Inc.		497,000
9,529	Intel Corp.		419,657
3,847	International Business Machines Corp.		488,531
2,055	Intuit, Inc.		503,167
3,411	IPG Photonics Corp.(b)		426,955
18,421	Jabil, Inc.		452,972
1,850	Jack Henry & Associates, Inc.		242,757
19,332	Juniper Networks, Inc.		475,761
5,687	Keysight Technologies, Inc.(b)		427,264
4,350	KLA-Tencor Corp.		448,355
3,096	Lam Research Corp.		540,593
8,044	Leidos Holdings, Inc.		605,955
2,535	Littelfuse, Inc.		413,737
6,238	LogMeIn, Inc.		448,076
9,322	Manhattan Associates, Inc.(b)		610,311
26,142	Marvell Technology Group Ltd.		582,967
1,093	Mastercard, Inc., Class A		274,879
9,564	Maxim Integrated Products, Inc.		502,971
5,946	Microchip Technology, Inc.		475,858
13,218	Micron Technology, Inc.(b)		431,039
4,549	Microsoft Corp.		562,620
6,354	MKS Instruments, Inc.		454,057
3,762	Monolithic Power Systems, Inc.		438,085
3,583	Motorola Solutions, Inc.		537,271
10,678	National Instruments Corp.		412,064
18,680	NCR Corp.(b)		571,608
7,876	NetApp, Inc.		466,259
30,466	Nuance Communications, Inc.(b)		523,101
14,367	Nutanix, Inc., Class A(b)		403,282
3,457	NVIDIA Corp.		468,285
5,322	NXP Semiconductors N.V. (Netherlands)		469,188
6,143	Okta, Inc.(b)		695,510
23,465	ON Semiconductor Corp.(b)		416,738
9,532	Oracle Corp.		482,319
2,134	Palo Alto Networks, Inc.(b)		427,099
6,326	Paychex, Inc.		542,708
2,841	Paycom Software, Inc.(b)		602,576
2,531	PayPal Holdings, Inc.(b)		277,777
7,789	Pegasystems, Inc.		561,898
17,311	Pluralsight, Inc., Class A(b)		551,528
4,581	Proofpoint, Inc.(b)		514,721
5,601	PTC, Inc.(b)		470,820
25,547	Pure Storage, Inc., Class A(b)		405,175
7,347	Qorvo, Inc.(b)		449,489
9,260	QUALCOMM, Inc.		618,753
8,524	RealPage, Inc.(b)		497,120
2,787	Red Hat, Inc.(b)		513,644
4,936	RingCentral, Inc., Class A(b)		591,580
23,626	Sabre Corp.		479,135
3,214	salesforce.com, Inc.(b)		486,632
2,143	ServiceNow, Inc.(b)		561,316
6,313	Skyworks Solutions, Inc.		420,635
27,982	Solarwinds Corp.(b)		489,685
4,220	Splunk, Inc.(b)		481,038

Schedule of Investments^(a)

3,280	Square, Inc., Class A(b)	$	203,196
8,205	SS&C Technologies Holdings, Inc.		456,608
61,676	Switch, Inc., Class A(c)		762,932
22,905	Symantec Corp.		429,011
4,869	Synopsys, Inc.(b)		566,946
4,026	Tableau Software, Inc., Class A(b)		452,804
10,549	Teradata Corp.(b)		362,253
12,864	Teradyne, Inc.		542,089
4,745	Texas Instruments, Inc.		494,951
2,604	Total System Services, Inc.		321,672
12,520	Trimble, Inc.(b)		499,548
4,322	Twilio, Inc., Class A(b)		570,461
2,501	Tyler Technologies, Inc.(b)		533,588
3,581	Ubiquiti Networks, Inc.		430,830
3,409	Universal Display Corp.		500,884
2,824	VeriSign, Inc.(b)		550,624
18,680	Versum Materials, Inc.		959,218
1,683	Visa, Inc., Class A		271,518
3,065	VMware, Inc., Class A		542,444
10,654	Western Digital Corp.		396,542
13,806	Western Union Co. (The)		267,836
1,413	WEX, Inc.(b)		266,972
2,769	Workday, Inc., Class A(b)		565,208
2,550	Worldpay, Inc., Class A(b)		310,182
15,920	Xerox Corp.		487,311
4,189	Xilinx, Inc.		428,577
2,399	Zebra Technologies Corp., Class A(b)		411,285
6,620	Zendesk, Inc.(b)		557,735
			67,640,132
	Materials - 8.6%
5,152	Air Products & Chemicals, Inc.		1,048,896
10,695	Albemarle Corp.		676,994
33,145	Alcoa Corp.(b)		702,343
9,094	AptarGroup, Inc.		1,030,077
69,663	Ardagh Group S.A.		996,878
11,659	Ashland Global Holdings, Inc.		872,909
4,489	Avery Dennison Corp.		467,125
35,029	Axalta Coating Systems Ltd.(b)		823,532
16,582	Ball Corp.		1,017,969
17,645	Bemis Co., Inc.		1,029,586
17,911	Berry Global Group, Inc.(b)		842,175
19,712	Cabot Corp.		787,297
8,909	Celanese Corp.		845,731
22,527	CF Industries Holdings, Inc.		906,486
23,730	Chemours Co. (The)		500,466
16,746	Crown Holdings, Inc.(b)		928,231
18,099	Domtar Corp.		761,063
5,542	Dow, Inc.		259,144
16,623	DowDuPont, Inc.(b)		507,334
11,737	Eagle Materials, Inc.		1,010,086
11,336	Eastman Chemical Co.		735,933
5,337	Ecolab, Inc.		982,488
82,392	Element Solutions, Inc.(b)		779,428
11,650	FMC Corp.		855,693
73,612	Freeport-McMoRan, Inc.		714,773
73,921	Graphic Packaging Holding Co.		960,973
38,246	Huntsman Corp.		664,333
7,304	International Flavors & Fragrances, Inc.(c)		989,108
19,769	International Paper Co.		819,820
5,529	Linde PLC (United Kingdom)		998,261
10,642	LyondellBasell Industries N.V., Class A		790,169
4,601	Martin Marietta Materials, Inc.		968,511
32,473	Mosaic Co. (The)		697,195
2,051	NewMarket Corp.		793,737
27,273	Newmont Goldcorp Corp.		902,464
15,333	Nucor Corp.		735,984

37,282	Olin Corp.	$	731,100
46,313	Owens-Illinois, Inc.		741,008
9,267	Packaging Corp. of America		825,504
8,438	PPG Industries, Inc.		883,037
10,340	Reliance Steel & Aluminum Co.		861,012
10,363	Royal Gold, Inc.		911,840
15,919	RPM International, Inc.		851,985
11,185	Scotts Miracle-Gro Co. (The)		1,001,393
20,390	Sealed Air Corp.		854,341
2,232	Sherwin-Williams Co. (The)		936,212
31,879	Silgan Holdings, Inc.		924,172
15,588	Sonoco Products Co.		963,806
25,358	Southern Copper Corp. (Peru)		855,325
25,147	Steel Dynamics, Inc.		632,447
45,307	United States Steel Corp.		535,529
58,274	Valvoline, Inc.		1,016,881
8,112	Vulcan Materials Co.		1,013,270
11,755	W.R. Grace & Co.		828,492
13,141	Westlake Chemical Corp.		752,848
24,196	WestRock Co.		788,790
			46,312,184
	Real Estate - 3.9%
1,786	Alexandria Real Estate Equities, Inc.		261,488
5,351	American Campus Communities, Inc.		247,858
11,091	American Homes 4 Rent, Class A		270,731
1,357	American Tower Corp.		283,301
5,081	Apartment Investment & Management Co., Class A		253,796
14,986	Apple Hospitality REIT, Inc.		231,384
1,278	AvalonBay Communities, Inc.		259,447
1,833	Boston Properties, Inc.		239,811
15,784	Brandywine Realty Trust		238,496
14,255	Brixmor Property Group, Inc.		244,473
12,498	Brookfield Property REIT, Inc., Class A		230,463
2,481	Camden Property Trust		256,436
4,913	CBRE Group, Inc., Class A(b)		224,524
46,956	Colony Capital, Inc.		243,702
11,103	Columbia Property Trust, Inc.		237,382
2,432	CoreSite Realty Corp.		283,863
9,344	Corporate Office Properties Trust		260,137
2,042	Crown Castle International Corp.		265,480
8,059	CubeSmart		271,750
4,846	CyrusOne, Inc.		286,108
2,163	Digital Realty Trust, Inc.		254,628
6,266	Douglas Emmett, Inc.		252,457
8,231	Duke Realty Corp.		247,671
15,272	Empire State Realty Trust, Inc., Class A		234,578
3,294	EPR Properties		257,261
595	Equinix, Inc.		289,045
7,447	Equity Commonwealth		242,549
2,178	Equity LifeStyle Properties, Inc.		264,975
3,306	Equity Residential		253,140
926	Essex Property Trust, Inc.		270,151
2,515	Extra Space Storage, Inc.		269,507
1,834	Federal Realty Investment Trust		239,759
6,849	Gaming and Leisure Properties, Inc.		270,467
8,059	HCP, Inc.		255,551
8,729	Healthcare Trust of America, Inc., Class A		251,308
5,457	Highwoods Properties, Inc.		239,344
9,273	Hospitality Properties Trust		230,620
12,638	Host Hotels & Resorts, Inc.		228,874
2,230	Howard Hughes Corp. (The)(b)		229,333
7,389	Hudson Pacific Properties, Inc.		246,867
10,500	Invitation Homes, Inc.		269,115
7,023	Iron Mountain, Inc.		215,255
6,049	JBG SMITH Properties		238,875

Schedule of Investments^(a)

1,517	Jones Lang LaSalle, Inc.	$	188,791
3,290	Kilroy Realty Corp.		242,506
14,077	Kimco Realty Corp.		244,940
3,144	Lamar Advertising Co., Class A		245,892
5,088	Liberty Property Trust		241,527
2,545	Life Storage, Inc.		245,033
5,733	Macerich Co. (The)		208,280
13,468	Medical Properties Trust, Inc.		239,461
2,354	Mid-America Apartment Communities, Inc.		268,780
4,689	National Retail Properties, Inc.		251,002
6,781	Omega Healthcare Investors, Inc.		241,539
10,970	Outfront Media, Inc.		270,411
17,210	Paramount Group, Inc.		245,243
7,871	Park Hotels & Resorts, Inc.		217,397
3,521	Prologis, Inc.		259,392
1,128	Public Storage		268,329
8,469	Rayonier, Inc.		238,402
19,736	Realogy Holdings Corp.(c)		139,928
3,523	Realty Income Corp.		246,892
3,832	Regency Centers Corp.		252,759
20,244	Retail Properties of America, Inc., Class A		240,701
7,850	Retail Value, Inc.		250,572
1,347	SBA Communications Corp.(b)		291,504
20,573	Senior Housing Properties Trust		162,115
1,398	Simon Property Group, Inc.		226,602
18,981	SITE Centers Corp.		242,387
2,723	SL Green Realty Corp.		234,178
6,484	Spirit Realty Capital, Inc.		276,607
7,532	STORE Capital Corp.		257,745
2,115	Sun Communities, Inc.		267,061
4,707	Taubman Centers, Inc.		208,803
5,447	UDR, Inc.		243,917
29,416	Uniti Group, Inc.		282,688
3,944	Ventas, Inc.		253,599
30,512	VEREIT, Inc.		270,947
11,677	VICI Properties, Inc.		258,996
3,605	Vornado Realty Trust		238,759
8,955	Weingarten Realty Investors		252,531
3,244	Welltower, Inc.		263,478
10,020	Weyerhaeuser Co.		228,456
3,267	WP Carey, Inc.		271,194
			20,821,304
	Utilities - 9.5%
79,278	AES Corp.		1,252,592
30,021	Alliant Energy Corp.		1,424,797
19,548	Ameren Corp.		1,433,650
17,075	American Electric Power Co., Inc.		1,470,499
13,696	American Water Works Co., Inc.		1,547,922
39,324	Aqua America, Inc.		1,554,871
14,072	Atmos Energy Corp.		1,432,530
28,907	Avangrid, Inc.		1,447,084
46,596	CenterPoint Energy, Inc.		1,325,190
25,659	CMS Energy Corp.		1,439,726
16,693	Consolidated Edison, Inc.		1,440,606
17,999	Dominion Energy, Inc.		1,353,165
11,203	DTE Energy Co.		1,405,640
15,547	Duke Energy Corp.		1,330,979
22,388	Edison International		1,329,176
15,195	Entergy Corp.		1,474,979
25,260	Evergy, Inc.		1,468,616
19,748	Eversource Energy		1,458,192
28,222	Exelon Corp.		1,356,914
34,309	FirstEnergy Corp.		1,414,903
35,739	Hawaiian Electric Industries, Inc.		1,484,598
53,164	MDU Resources Group, Inc.		1,312,088
23,189	National Fuel Gas Co.		1,236,206

7,311	NextEra Energy, Inc.	$	1,449,113
51,344	NiSource, Inc.		1,429,930
33,214	NRG Energy, Inc.		1,130,605
33,266	OGE Energy Corp.		1,382,535
72,940	PG&E Corp.(b)		1,247,274
14,780	Pinnacle West Capital Corp.		1,387,990
42,719	PPL Corp.		1,271,317
23,234	Public Service Enterprise Group, Inc.		1,365,230
11,264	Sempra Energy		1,480,653
27,142	Southern Co. (The)		1,452,097
25,674	UGI Corp.		1,325,035
55,816	Vistra Energy Corp.		1,315,025
18,116	WEC Energy Group, Inc.		1,459,244
24,682	Xcel Energy, Inc.		1,415,266
			51,506,237
	Total Common Stocks & Other Equity Interests (Cost $566,416,650)		540,388,236
	Money Market Funds - 0.0%
263,777	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(e) (Cost $263,777)		263,777
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $566,680,427)-99.8%		540,652,013
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 1.7%
6,694,012	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(e)(f)		6,694,012
2,231,450	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(e)(f)		2,232,120
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,926,132)		8,926,132
	Total Investments in Securities (Cost $575,606,559)-101.5%		549,578,145
	Other assets less liabilities-(1.5)%		(8,040,847	)
	Net Assets-100.0%	$	541,537,298

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 May 31, 2019.

^(d)  Affiliated company. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Ltd.	$	176,581	$	190,715	$	(74,217	)	$	(35,946	)	$	(1,120	)	$	256,013	$	10,070

Schedule of Investments^(a)

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.7%
		Communication Services - 6.6%
	4,575	AMC Networks, Inc., Class A(b)	$	241,423
	8,778	AT&T, Inc.		268,431
	305	Cable One, Inc.		340,700
	4,965	CBS Corp., Class B		239,710
	14,331	CenturyLink, Inc.		149,759
	830	Charter Communications, Inc., Class A(b)		312,744
	7,235	Cinemark Holdings, Inc.		274,858
	7,127	Comcast Corp., Class A		292,207
	1,937	Facebook, Inc., Class A(b)		343,759
	1,225	Fox Corp., Class A		43,157
	593	Fox Corp., Class B		20,583
	11,457	Interpublic Group of Cos., Inc. (The)		243,118
	4,866	John Wiley & Sons, Inc., Class A		203,301
	620	Liberty Broadband Corp., Class A(b)		60,462
	2,554	Liberty Broadband Corp., Class C(b)		250,675
	1,004	Madison Square Garden Co. (The), Class A(b)		297,023
	7,125	Match Group, Inc.		489,131
	3,508	Omnicom Group, Inc.		271,379
	43,988	Sirius XM Holdings, Inc.		233,576
	43,665	Sprint Corp.(b)		299,979
	7,673	Telephone & Data Systems, Inc.		221,059
	4,058	T-Mobile US, Inc.(b)		298,019
	6,768	Tribune Media Co., Class A		313,358
	4,210	TripAdvisor, Inc.(b)		177,957
	8,722	Twitter, Inc.(b)		317,830
	4,823	United States Cellular Corp.(b)		210,042
	4,468	Verizon Communications, Inc.		242,836
	237	Viacom, Inc., Class A		8,110
	8,467	Viacom, Inc., Class B		245,797
	3,266	Walt Disney Co. (The)		431,243
	10,443	Zayo Group Holdings, Inc.(b)		341,486
	78,333	Zynga, Inc., Class A(b)		492,715
				8,176,427
		Consumer Discretionary - 11.2%
	4,287	Best Buy Co., Inc.		268,666
	143	Booking Holdings, Inc.(b)		236,839
	2,252	Bright Horizons Family Solutions, Inc.(b)		308,659
	1,642	Burlington Stores, Inc.(b)		257,104
	2,989	Carter’s, Inc.		251,405
	591	Chipotle Mexican Grill, Inc.(b)		390,042
	3,025	Columbia Sportswear Co.		283,685
	2,489	Darden Restaurants, Inc.		289,520
	7,637	Dick’s Sporting Goods, Inc.		263,553
	2,477	Dollar General Corp.		315,273
	3,138	Dollar Tree, Inc.(b)		318,789
	986	Domino’s Pizza, Inc.		275,587
	3,753	Dunkin’ Brands Group, Inc.		278,548
	2,252	Expedia Group, Inc.		258,980
	8,281	Floor & Decor Holdings, Inc., Class A(b)		294,141
	28,635	Ford Motor Co.		272,605
	10,015	Gap, Inc. (The)		187,080
	7,243	General Motors Co.		241,482

11,967	Gentex Corp.	$	255,615
427	Graham Holdings Co., Class B		290,591
2,200	Grand Canyon Education, Inc.(b)		263,692
9,974	H&R Block, Inc.		261,817
17,308	Hanesbrands, Inc.		257,024
15,645	International Game Technology PLC(c)		203,385
4,074	Kohl’s Corp.		200,930
8,129	L Brands, Inc.		182,577
2,015	Lear Corp.		239,845
6,137	Lennar Corp., Class A		304,763
333	Lennar Corp., Class B		13,157
2,064	Lululemon Athletica, Inc.(b)		341,778
7,873	Macy’s, Inc.		161,948
1,432	McDonald’s Corp.		283,923
10,169	MGM Resorts International		252,395
5,096	Nordstrom, Inc.		159,505
119	NVR, Inc.(b)		380,987
2,865	Polaris Industries, Inc.		228,856
10,306	PulteGroup, Inc.		319,486
12,127	Qurate Retail, Inc.(b)		151,951
3,123	Ross Stores, Inc.		290,408
6,265	ServiceMaster Global Holdings, Inc.(b)		338,310
10,213	Skechers U.S.A., Inc., Class A(b)		285,249
4,117	Starbucks Corp.		313,139
6,919	Tapestry, Inc.		197,607
5,614	TJX Cos., Inc. (The)		282,328
8,272	Toll Brothers, Inc.		287,617
910	Ulta Beauty, Inc.(b)		303,376
7,071	Urban Outfitters, Inc.(b)		158,885
972	Vail Resorts, Inc.		209,087
15,323	Wendy’s Co. (The)		281,790
4,761	Williams-Sonoma, Inc.(c)		278,519
2,491	Wynn Resorts Ltd.		267,359
7,627	Yum China Holdings, Inc. (China)		305,156
3,012	Yum! Brands, Inc.		308,278
			13,853,291
	Consumer Staples - 8.5%
4,916	Altria Group, Inc.		241,179
5,852	Archer-Daniels-Midland Co.		224,249
859	Brown-Forman Corp., Class A		42,271
4,772	Brown-Forman Corp., Class B		238,505
7,096	Campbell Soup Co.		257,656
2,098	Casey’s General Stores, Inc.		270,810
4,131	Church & Dwight Co., Inc.		307,388
1,645	Clorox Co. (The)		244,792
5,342	Coca-Cola Co. (The)		262,452
4,306	Colgate-Palmolive Co.		299,784
8,335	Conagra Brands, Inc.		223,128
1,383	Constellation Brands, Inc., Class A		244,030
1,208	Costco Wholesale Corp.		289,413
6,090	Energizer Holdings, Inc.(c)		249,203
1,936	Estee Lauder Cos., Inc. (The), Class A		311,754
13,815	Flowers Foods, Inc.		309,042
6,501	General Mills, Inc.		321,409
4,780	Herbalife Nutrition Ltd.(b)		199,708
2,517	Hershey Co. (The)		332,143
5,975	Hormel Foods Corp.		235,953
2,568	Ingredion, Inc.		195,579
2,647	JM Smucker Co. (The)		321,769
4,231	Kellogg Co.		222,381
2,386	Kimberly-Clark Corp.		305,146
5,254	Kraft Heinz Co. (The)		145,273
3,516	Lamb Weston Holdings, Inc.		208,323
1,823	McCormick & Co., Inc.		284,461
4,227	Molson Coors Brewing Co., Class B		232,400
6,114	Mondelez International, Inc., Class A		310,897

Schedule of Investments^(a)

2,252	PepsiCo, Inc.	$	288,256
3,121	Philip Morris International, Inc.		240,723
13,843	Pilgrim’s Pride Corp.(b)		353,966
2,835	Post Holdings, Inc.(b)		297,958
2,911	Procter & Gamble Co. (The)		299,571
73	Seaboard Corp.		299,300
4,074	Sysco Corp.		280,373
4,660	Tyson Foods, Inc., Class A		353,647
8,264	US Foods Holding Corp.(b)		285,604
3,180	Walgreens Boots Alliance, Inc.		156,901
2,805	Walmart, Inc.		284,539
			10,471,936
	Energy - 3.0%
20,509	Antero Resources Corp.(b)		134,744
11,023	Cabot Oil & Gas Corp.		275,795
2,318	Chevron Corp.		263,904
3,282	Cimarex Energy Co.		187,698
19,462	CNX Resources Corp.(b)		150,247
2,071	Concho Resources, Inc.		202,979
4,151	ConocoPhillips		244,743
2,489	Diamondback Energy, Inc.		244,071
3,497	Exxon Mobil Corp.		247,483
4,310	HollyFrontier Corp.		163,694
16,060	Kinder Morgan, Inc.		320,397
4,466	ONEOK, Inc.		284,127
13,792	Parsley Energy, Inc., Class A(b)		245,911
2,936	Phillips 66		237,229
18,512	Range Resources Corp.		144,764
20,587	RPC, Inc.(c)		153,167
6,135	Targa Resources Corp.		235,952
			3,736,905
	Financials - 20.1%
5,973	Aflac, Inc.		306,415
15,420	AGNC Investment Corp.		252,888
435	Alleghany Corp.		288,535
3,092	Allstate Corp. (The)		295,317
10,304	Ally Financial, Inc.		297,476
2,410	American Express Co.		276,451
2,641	American Financial Group, Inc.		259,346
2,142	American National Insurance Co.		242,839
27,196	Annaly Capital Management, Inc.		239,597
1,666	Aon PLC		299,997
9,540	Arch Capital Group Ltd.(b)		328,462
3,567	Arthur J. Gallagher & Co.		300,341
11,623	Associated Banc-Corp.		230,252
2,830	Assurant, Inc.		282,887
6,788	Assured Guaranty Ltd.		277,426
6,310	Athene Holding Ltd., Class A(b)		256,502
4,983	Axis Capital Holdings Ltd.		296,887
3,446	Bank of Hawaii Corp.		260,724
5,348	Bank of New York Mellon Corp. (The)		228,306
7,974	BankUnited, Inc.		258,996
5,378	BB&T Corp.		251,421
1,274	Berkshire Hathaway, Inc., Class B(b)		251,513
40,546	BGC Partners, Inc., Class A		190,566
9,420	Brown & Brown, Inc.		297,389
2,581	Cboe Global Markets, Inc.		280,142
6,132	Charles Schwab Corp. (The)		255,153
14,230	Chimera Investment Corp.		259,555
3,361	Cincinnati Financial Corp.		330,185
5,935	CIT Group, Inc.		282,150
1,421	CME Group, Inc.		273,003
5,738	CNA Financial Corp.		257,980
4,274	Commerce Bancshares, Inc.		245,028
671	Credit Acceptance Corp.(b)		306,238
2,726	Cullen/Frost Bankers, Inc.		248,802

5,155	E*TRADE Financial Corp.	$	230,944
2,005	Erie Indemnity Co., Class A		426,403
1,225	Everest Re Group Ltd.		303,384
21,979	F.N.B. Corp.		241,769
1,180	FactSet Research Systems, Inc.		328,276
9,939	Fifth Third Bancorp		263,383
10,590	First Hawaiian, Inc.		263,585
16,336	First Horizon National Corp.		219,066
2,786	First Republic Bank		270,298
7,949	Franklin Resources, Inc.		252,937
1,450	Goldman Sachs Group, Inc. (The)		264,610
2,386	Hanover Insurance Group, Inc. (The)		291,474
3,405	Intercontinental Exchange, Inc.		279,925
13,660	Invesco Ltd.(d)		266,916
12,320	Jefferies Financial Group, Inc.		217,694
2,489	JPMorgan Chase & Co.		263,734
9,487	Legg Mason, Inc.		337,927
5,683	Loews Corp.		291,879
4,253	LPL Financial Holdings, Inc.		341,176
1,620	M&T Bank Corp.		258,552
235	Markel Corp.(b)		248,834
1,250	MarketAxess Holdings, Inc.		372,275
3,102	Marsh & McLennan Cos., Inc.		296,551
4,758	Mercury General Corp.		274,299
6,150	MetLife, Inc.		284,191
37,698	MFA Financial, Inc.		265,394
6,255	Morgan Stanley		254,516
2,331	Morningstar, Inc.		326,433
2,960	Nasdaq, Inc.		268,294
15,976	New Residential Investment Corp.		243,634
2,726	Northern Trust Corp.		233,128
11,944	Old Republic International Corp.		263,365
4,787	Pinnacle Financial Partners, Inc.		253,472
1,987	PNC Financial Services Group, Inc. (The)		252,866
4,866	Popular, Inc.		254,054
4,153	Progressive Corp. (The)		329,250
1,835	Reinsurance Group of America, Inc.		271,690
2,061	RenaissanceRe Holdings Ltd. (Bermuda)		359,521
1,502	S&P Global, Inc.		321,248
14,124	Santander Consumer USA Holdings, Inc.		316,236
2,234	Signature Bank		255,905
26,760	SLM Corp.		254,488
12,410	Starwood Property Trust, Inc.		273,640
5,104	TD Ameritrade Holding Corp.		253,924
17,049	TFS Financial Corp.		292,731
3,121	Torchmark Corp.		266,877
19,000	Two Harbors Investment Corp.		232,180
13,998	Umpqua Holdings Corp.		223,548
7,638	Unum Group		240,521
4,943	US Bancorp		248,139
10,845	Virtu Financial, Inc., Class A		249,652
5,254	W.R. Berkley Corp.		326,799
4,470	Webster Financial Corp.		197,932
293	White Mountains Insurance Group Ltd.		287,023
1,702	Willis Towers Watson PLC		298,701
3,483	Wintrust Financial Corp.		235,938
5,658	Zions Bancorp NA		243,690
			24,893,640
	Health Care - 7.0%
7,937	Acadia Healthcare Co., Inc.(b)		255,730
2,239	Alexion Pharmaceuticals, Inc.(b)		254,530
3,041	AmerisourceBergen Corp.		236,772
1,304	Amgen, Inc.		217,377
947	Anthem, Inc.		263,247
7,320	Boston Scientific Corp.(b)		281,161

Schedule of Investments^(a)

2,027	Charles River Laboratories International, Inc.(b)	$	254,287
861	Chemed Corp.		282,356
1,860	Cigna Corp.		275,317
1,215	Covetrus, Inc.(b)		29,962
2,097	DexCom, Inc.(b)		254,366
2,309	Eli Lilly & Co.		267,706
3,026	Henry Schein, Inc.(b)		195,056
830	Humana, Inc.		203,234
1,146	ICU Medical, Inc.(b)		243,869
5,024	Integra LifeSciences Holdings Corp.(b)		234,118
1,778	Jazz Pharmaceuticals PLC(b)		223,228
1,840	Johnson & Johnson		241,316
1,892	Laboratory Corp. of America Holdings(b)		307,658
2,203	McKesson Corp.		269,074
6,689	MEDNAX, Inc.(b)		164,951
3,455	Merck & Co., Inc.		273,671
1,973	Penumbra, Inc.(b)(c)		281,547
4,313	Perrigo Co. PLC		181,232
5,815	Pfizer, Inc.		241,439
7,708	QIAGEN N.V.(b)		293,521
3,087	Quest Diagnostics, Inc.		296,074
2,331	STERIS PLC		311,608
1,567	Stryker Corp.		287,137
2,279	United Therapeutics Corp.(b)		191,368
961	UnitedHealth Group, Inc.		232,370
2,015	Universal Health Services, Inc., Class B		240,893
2,216	Varian Medical Systems, Inc.(b)		279,792
1,383	Waters Corp.(b)		277,582
2,884	Zoetis, Inc.		291,428
			8,634,977
	Industrials - 6.5%
4,594	AGCO Corp.		305,777
3,677	Alaska Air Group, Inc.		214,001
2,998	Allegion PLC		290,956
797	AMERCO		293,471
6,070	BWX Technologies, Inc.		282,498
3,016	C.H. Robinson Worldwide, Inc.		240,164
3,215	Copa Holdings S.A., Class A (Panama)		288,096
5,393	Copart, Inc.(b)		385,492
4,440	Delta Air Lines, Inc.		228,660
11,133	Gardner Denver Holdings, Inc.(b)		378,188
1,295	Huntington Ingalls Industries, Inc.		265,630
5,152	IHS Markit Ltd.(b)		295,673
2,574	J.B. Hunt Transport Services, Inc.		219,150
13,798	JetBlue Airways Corp.(b)		237,740
7,894	Johnson Controls International PLC		304,077
4,708	KAR Auction Services, Inc.		264,684
3,042	MSC Industrial Direct Co., Inc., Class A		214,948
9,915	Nielsen Holdings PLC		225,368
6,495	Pentair PLC		226,156
7,823	Quanta Services, Inc.		271,928
3,486	Republic Services, Inc.		294,881
6,360	Rollins, Inc.		238,945
911	Roper Technologies, Inc.		313,311
4,433	Toro Co. (The)		288,854
1,779	Union Pacific Corp.		296,702
2,793	United Continental Holdings, Inc.(b)		216,876
2,252	Verisk Analytics, Inc.		315,280
2,931	Waste Management, Inc.		320,505
19,894	Welbilt, Inc.(b)		306,964
			8,024,975
	Information Technology - 9.6%
1,699	Accenture PLC, Class A		302,541
3,993	Akamai Technologies, Inc.(b)		300,913
4,150	Amdocs Ltd.		246,593

3,120	Amphenol Corp., Class A	$	271,440
2,963	Analog Devices, Inc.		286,285
1,548	Apple, Inc.		271,008
3,571	Arrow Electronics, Inc.(b)		223,759
6,029	Black Knight, Inc.(b)		341,784
5,368	Booz Allen Hamilton Holding Corp.		339,097
1,146	Broadcom, Inc.		288,379
2,622	Broadridge Financial Solutions, Inc.		327,409
5,421	CDK Global, Inc.		262,376
2,963	CDW Corp.		291,678
5,738	Cisco Systems, Inc.		298,548
2,481	Citrix Systems, Inc.		233,512
3,866	Cognizant Technology Solutions Corp., Class A		239,421
1,936	Dell Technologies, Inc., Class C(b)		115,289
3,832	Dolby Laboratories, Inc., Class A		237,469
2,331	Euronet Worldwide, Inc.(b)		361,398
2,552	Fidelity National Information Services, Inc.		307,006
3,411	Fiserv, Inc.(b)		292,868
3,693	Fortinet, Inc.(b)		267,669
4,218	GoDaddy, Inc., Class A(b)		313,819
18,326	Hewlett Packard Enterprise Co.		251,433
5,545	Intel Corp.		244,202
1,289	Intuit, Inc.		315,612
10,942	Jabil, Inc.		269,064
9,546	Juniper Networks, Inc.		234,927
1,753	Lam Research Corp.		306,091
4,368	Leidos Holdings, Inc.		329,041
2,982	LogMeIn, Inc.		214,197
3,511	MKS Instruments, Inc.		250,896
5,597	National Instruments Corp.		215,988
3,283	NXP Semiconductors N.V. (Netherlands)		289,429
5,601	Oracle Corp.		283,411
1,541	Red Hat, Inc.(b)		284,006
10,539	Sabre Corp.		213,731
3,769	Skyworks Solutions, Inc.		251,129
12,433	Symantec Corp.		232,870
7,938	Versum Materials, Inc.		407,616
1,633	VMware, Inc., Class A		289,008
10,207	Xerox Corp.		312,436
2,963	Xilinx, Inc.		303,145
			11,918,493
	Materials - 5.1%
1,699	Air Products & Chemicals, Inc.		345,899
2,805	Albemarle Corp.(c)		177,557
2,657	AptarGroup, Inc.		300,958
21,367	Ardagh Group S.A.		305,762
10,960	Axalta Coating Systems Ltd.(b)		257,670
5,584	Ball Corp.		342,802
5,638	Bemis Co., Inc.		328,977
5,419	Berry Global Group, Inc.(b)		254,801
1,695	Ecolab, Inc.		312,033
1,909	International Flavors & Fragrances, Inc.(c)		258,517
1,721	Linde PLC (United Kingdom)		310,727
1,460	Martin Marietta Materials, Inc.		307,330
658	NewMarket Corp.		254,646
4,549	Nucor Corp.		218,352
2,505	PPG Industries, Inc.		262,148
3,424	Reliance Steel & Aluminum Co.		285,117
4,218	RPM International, Inc.		225,747
3,605	Scotts Miracle-Gro Co. (The)		322,756
10,655	Silgan Holdings, Inc.		308,888
4,780	Sonoco Products Co.		295,547
8,171	Southern Copper Corp. (Peru)		275,608
11,966	United States Steel Corp.(c)		141,438

Schedule of Investments^(a)

13,027	Valvoline, Inc.	$	227,321
			6,320,601
	Real Estate - 15.0%
2,204	Alexandria Real Estate Equities, Inc.		322,688
6,319	American Campus Communities, Inc.		292,696
13,108	American Homes 4 Rent, Class A		319,966
1,683	American Tower Corp.		351,360
5,826	Apartment Investment & Management Co., Class A		291,009
17,325	Apple Hospitality REIT, Inc.		267,498
1,416	AvalonBay Communities, Inc.		287,462
2,094	Boston Properties, Inc.		273,958
19,252	Brandywine Realty Trust		290,898
16,655	Brixmor Property Group, Inc.		285,633
2,884	Camden Property Trust		298,090
6,292	CBRE Group, Inc., Class A(b)		287,544
12,801	Columbia Property Trust, Inc.		273,685
11,265	Corporate Office Properties Trust		313,618
2,410	Crown Castle International Corp.		313,324
8,827	CubeSmart		297,646
2,410	Digital Realty Trust, Inc.		283,705
7,452	Douglas Emmett, Inc.		300,241
9,662	Duke Realty Corp.		290,730
16,631	Empire State Realty Trust, Inc., Class A		255,452
3,911	EPR Properties		305,449
714	Equinix, Inc.		346,854
8,590	Equity Commonwealth		279,776
2,757	Equity LifeStyle Properties, Inc.		335,417
3,866	Equity Residential		296,020
1,031	Essex Property Trust, Inc.		300,784
2,884	Extra Space Storage, Inc.		309,049
2,090	Federal Realty Investment Trust		273,226
7,940	Gaming and Leisure Properties, Inc.		313,551
9,340	HCP, Inc.		296,171
9,774	Healthcare Trust of America, Inc., Class A		281,393
6,360	Highwoods Properties, Inc.		278,950
2,489	Howard Hughes Corp. (The)(b)		255,969
8,907	Hudson Pacific Properties, Inc.		297,583
8,034	Iron Mountain, Inc.		246,242
1,936	Jones Lang LaSalle, Inc.		240,935
3,923	Kilroy Realty Corp.		289,164
16,784	Kimco Realty Corp.		292,042
3,616	Lamar Advertising Co., Class A		282,807
6,044	Liberty Property Trust		286,909
2,812	Life Storage, Inc.		270,739
15,878	Medical Properties Trust, Inc.		282,311
2,603	Mid-America Apartment Communities, Inc.		297,211
5,491	National Retail Properties, Inc.		293,933
7,261	Omega Healthcare Investors, Inc.		258,637
4,074	Prologis, Inc.		300,132
1,289	Public Storage		306,627
8,511	Rayonier, Inc.		239,585
13,977	Realogy Holdings Corp.(c)		99,097
4,306	Realty Income Corp.		301,764
4,312	Regency Centers Corp.		284,420
21,899	Retail Properties of America, Inc., Class A		260,379
20,031	Senior Housing Properties Trust		157,844
1,469	Simon Property Group, Inc.		238,110
2,805	SL Green Realty Corp.		241,230
7,366	Spirit Realty Capital, Inc.		314,234
9,204	STORE Capital Corp.		314,961
2,630	Sun Communities, Inc.		332,090
5,096	Taubman Centers, Inc.		226,059
6,518	UDR, Inc.		291,876
13,764	Uniti Group, Inc.		132,272
4,236	Ventas, Inc.		272,375

3,753	Vornado Realty Trust	$	248,561
9,520	Weingarten Realty Investors		268,464
3,801	Welltower, Inc.		308,717
4,028	WP Carey, Inc.		334,364
			18,581,486
	Utilities - 7.1%
6,120	Alliant Energy Corp.		290,455
4,041	Ameren Corp.		296,367
3,516	American Electric Power Co., Inc.		302,798
2,907	American Water Works Co., Inc.		328,549
7,954	Aqua America, Inc.		314,501
2,859	Atmos Energy Corp.		291,046
5,420	Avangrid, Inc.		271,325
9,754	CenterPoint Energy, Inc.		277,404
5,175	CMS Energy Corp.		290,369
3,397	Consolidated Edison, Inc.		293,161
3,674	Dominion Energy, Inc.		276,211
2,252	DTE Energy Co.		282,559
3,111	Duke Energy Corp.		266,333
4,938	Edison International		293,169
3,124	Entergy Corp.		303,247
4,605	Evergy, Inc.		267,735
4,067	Eversource Energy		300,307
5,917	Exelon Corp.		284,489
7,247	Hawaiian Electric Industries, Inc.		301,040
10,175	MDU Resources Group, Inc.		251,119
5,078	National Fuel Gas Co.		270,708
1,531	NextEra Energy, Inc.		303,460
6,957	OGE Energy Corp.		289,133
10,213	PG&E Corp.(b)		174,642
3,023	Pinnacle West Capital Corp.		283,890
8,931	PPL Corp.		265,787
4,921	Public Service Enterprise Group, Inc.		289,158
5,815	Southern Co. (The)		311,103
4,700	UGI Corp.		242,567
3,724	WEC Energy Group, Inc.		299,968
5,203	Xcel Energy, Inc.		298,340
			8,810,940
	Total Common Stocks & Other Equity Interests (Cost $119,484,109)		123,423,671
	Money Market Funds - 0.1%
107,128	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(e) (Cost $107,128)		107,128
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $119,591,237)-99.8%		123,530,799
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 1.3%
1,178,365	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(e)(f)		1,178,365
392,670	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(e)(f)		392,788
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,571,153)		1,571,153
	Total Investments in Securities (Cost $121,162,390)-101.1%		125,101,952

Schedule of Investments^(a)

Other assets less liabilities-(1.1)%	$	(1,388,649	)
Net Assets-100.0%	$	123,713,303

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 May 31, 2019.

^(d)  Affiliated company. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value May 31, 2019		Dividend Income
Invesco Ltd.	$	—	$	327,930	$	(134,208	)	$	44,636	$	28,558	$	266,916	$	10,369

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P 500 Enhanced Value ETF (SPVU)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.7%
		Communication Services - 14.2%
	91,709	AT&T, Inc.	$	2,804,461
	24,779	CenturyLink, Inc.		258,941
	2,859	Charter Communications, Inc., Class A(b)		1,077,271
	72,931	Comcast Corp., Class A		2,990,171
	4,723	DISH Network Corp., Class A(b)		170,547
	7,955	Viacom, Inc., Class B		230,934
				7,532,325
		Consumer Discretionary - 10.9%
	4,698	Best Buy Co., Inc.		294,424
	6,804	D.R. Horton, Inc.		290,939
	3,564	Dollar Tree, Inc.(b)		362,067
	145,251	Ford Motor Co.		1,382,789
	3,594	Gap, Inc. (The)		67,136
	29,076	General Motors Co.		969,394
	3,461	Kohl’s Corp.		170,696
	7,420	Lennar Corp., Class A		368,477
	5,609	LKQ Corp.(b)		143,871
	9,539	Macy’s, Inc.		196,217
	8,442	MGM Resorts International		209,530
	1,321	Mohawk Industries, Inc.(b)		179,062
	1,712	Nordstrom, Inc.(c)		53,586
	5,481	PulteGroup, Inc.		169,911
	1,515	PVH Corp.		129,063
	10,130	Target Corp.		814,958
				5,802,120
		Consumer Staples - 6.2%
	15,110	Archer-Daniels-Midland Co.		579,015
	8,312	Coty, Inc., Class A		102,570
	2,049	JM Smucker Co. (The)		249,077
	15,376	Kraft Heinz Co. (The)		425,147
	20,720	Kroger Co. (The)		472,623
	4,196	Molson Coors Brewing Co., Class B		230,696
	7,753	Tyson Foods, Inc., Class A		588,375
	13,100	Walgreens Boots Alliance, Inc.		646,354
				3,293,857
		Energy - 7.4%
	13,468	Baker Hughes a GE Co.		288,350
	10,525	Devon Energy Corp.		264,809
	4,063	HollyFrontier Corp.		154,313
	18,815	Marathon Petroleum Corp.		865,302
	9,208	Noble Energy, Inc.		197,051
	12,710	Phillips 66		1,026,968
	8,744	TechnipFMC PLC (United Kingdom)		181,875
	13,271	Valero Energy Corp.		934,278
				3,912,946
		Financials - 38.9%
	15,768	Aflac, Inc.		808,898
	8,003	Allstate Corp. (The)		764,367
	1,254	Assurant, Inc.		125,350
	112,788	Bank of America Corp.		3,000,161
	14,037	Bank of New York Mellon Corp. (The)		599,240
	13,660	Berkshire Hathaway, Inc., Class B(b)		2,696,757
	10,508	Capital One Financial Corp.		902,322

7,822	Chubb Ltd.	$	1,142,560
11,123	Citizens Financial Group, Inc.		362,387
886	Everest Re Group Ltd.		219,427
12,415	Fifth Third Bancorp		328,997
6,632	Goldman Sachs Group, Inc. (The)		1,210,274
11,253	Invesco Ltd.(d)		219,884
9,078	Jefferies Financial Group, Inc.		160,408
6,798	Lincoln National Corp.		404,141
6,473	Loews Corp.		332,453
30,822	MetLife, Inc.		1,424,285
26,074	Morgan Stanley		1,060,951
6,304	People’s United Financial, Inc.		96,892
7,064	PNC Financial Services Group, Inc. (The)		898,965
7,303	Principal Financial Group, Inc.		376,616
14,651	Prudential Financial, Inc.		1,353,459
18,057	Regions Financial Corp.		249,728
7,988	SunTrust Banks, Inc.		479,360
14,059	Synchrony Financial		472,804
2,080	Torchmark Corp.		177,861
4,360	Travelers Cos., Inc. (The)		634,685
6,033	Unum Group		189,979
			20,693,211
	Health Care - 7.1%
3,401	AmerisourceBergen Corp.		264,802
3,732	Anthem, Inc.		1,037,421
6,004	Cardinal Health, Inc.		252,588
6,902	Centene Corp.(b)		398,591
26,531	CVS Health Corp.		1,389,428
3,333	McKesson Corp.		407,093
			3,749,923
	Industrials - 5.7%
2,107	Alaska Air Group, Inc.		122,627
7,491	American Airlines Group, Inc.		203,980
9,446	Delta Air Lines, Inc.		486,469
3,496	Fluor Corp.		96,909
1,981	Jacobs Engineering Group, Inc.		149,150
15,683	Johnson Controls International PLC		604,109
6,000	PACCAR, Inc.		394,920
3,636	Quanta Services, Inc.		126,387
7,823	Southwest Airlines Co.		372,375
4,093	United Continental Holdings, Inc.(b)		317,822
1,588	United Rentals, Inc.(b)		174,839
			3,049,587
	Information Technology - 3.9%
6,270	DXC Technology Co.		298,076
40,611	Hewlett Packard Enterprise Co.		557,183
26,493	Micron Technology, Inc.(b)		863,937
6,135	Western Digital Corp.		228,344
3,405	Xerox Corp.		104,227
			2,051,767
	Materials - 3.6%
2,932	Eastman Chemical Co.		190,345
35,015	Freeport-McMoRan, Inc.		339,996
8,777	International Paper Co.		363,982
6,667	LyondellBasell Industries N.V., Class A		495,025
6,447	Nucor Corp.		309,456
7,394	WestRock Co.		241,044
			1,939,848
	Utilities - 1.8%
7,861	CenterPoint Energy, Inc.		223,567
15,652	Exelon Corp.		752,548
			976,115
	Total Common Stocks & Other Equity Interests (Cost $57,381,971)		53,001,699

Schedule of Investments^(a)

	Money Market Funds - 0.0%
13,828	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(e) (Cost $13,828)	$	13,828
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $57,395,799)-99.7%		53,015,527
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 0.1%
34,514	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(e)(f)		34,514
11,501	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(e)(f)		11,505
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $46,019)		46,019
	Total Investments in Securities (Cost $57,441,818)-99.8%		53,061,546
	Other assets less liabilities-0.2%		108,142
	Net Assets-100.0%	$	53,169,688

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 May 31, 2019.

^(d)  Affiliated company. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Ltd.	$	71,770	$	183,401	$	(14,698	)	$	(19,024	)	$	(1,565	)	$	219,884	$	5,690

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests -99.9%
		Communication Services - 1.9%
	23,526	Verizon Communications, Inc.	$	1,278,638
	8,596	Walt Disney Co. (The)		1,135,016
				2,413,654
		Consumer Discretionary - 7.1%
	14,906	Genuine Parts Co.		1,474,203
	6,769	Home Depot, Inc. (The)		1,285,095
	6,954	McDonald’s Corp.		1,378,770
	3,103	O’Reilly Automotive, Inc.(b)		1,152,361
	14,544	Starbucks Corp.		1,106,217
	23,543	TJX Cos., Inc. (The)		1,183,977
	14,440	Yum! Brands, Inc.		1,477,934
				9,058,557
		Consumer Staples - 8.2%
	32,428	Archer-Daniels-Midland Co.		1,242,641
	32,774	Coca-Cola Co. (The)		1,610,187
	5,025	Costco Wholesale Corp.		1,203,889
	33,468	Hormel Foods Corp.(c)		1,321,651
	7,438	McCormick & Co., Inc.		1,160,626
	29,397	Mondelez International, Inc., Class A		1,494,837
	17,533	Sysco Corp.		1,206,621
	12,781	Walmart, Inc.		1,296,505
				10,536,957
		Energy - 3.6%
	9,583	Chevron Corp.		1,091,024
	17,071	Exxon Mobil Corp.		1,208,115
	59,927	Kinder Morgan, Inc.		1,195,544
	42,214	Williams Cos., Inc. (The)		1,113,605
				4,608,288
		Financials - 31.0%
	29,617	Aflac, Inc.		1,519,352
	14,492	Allstate Corp. (The)		1,384,131
	11,044	American Express Co.		1,266,857
	7,278	Aon PLC		1,310,549
	19,598	Arthur J. Gallagher & Co.		1,650,152
	12,490	Assurant, Inc.		1,248,500
	24,216	Bank of New York Mellon Corp. (The)		1,033,781
	25,100	BB&T Corp.		1,173,425
	6,180	Berkshire Hathaway, Inc., Class B(b)		1,220,056
	11,682	Cboe Global Markets, Inc.		1,267,964
	10,208	Chubb Ltd.		1,491,083
	13,455	Cincinnati Financial Corp.		1,321,819
	7,994	CME Group, Inc.		1,535,807
	5,264	Everest Re Group Ltd.		1,303,682
	27,058	Hartford Financial Services Group, Inc. (The)		1,424,874
	83,012	Huntington Bancshares, Inc.		1,050,102
	17,730	Intercontinental Exchange, Inc.		1,457,583
	11,273	JPMorgan Chase & Co.		1,194,487
	26,419	Loews Corp.		1,356,880
	7,406	M&T Bank Corp.		1,181,998
	15,029	Marsh & McLennan Cos., Inc.		1,436,772

14,898	Nasdaq, Inc.	$	1,350,355
75,322	People’s United Financial, Inc.		1,157,699
9,217	PNC Financial Services Group, Inc. (The)		1,172,955
5,972	S&P Global, Inc.		1,277,291
15,276	Torchmark Corp.		1,306,251
10,108	Travelers Cos., Inc. (The)		1,471,422
29,758	US Bancorp		1,493,852
27,110	Wells Fargo & Co.		1,202,871
7,201	Willis Towers Watson PLC		1,263,776
			39,526,326
	Health Care - 9.7%
15,203	Abbott Laboratories		1,157,404
6,898	Amgen, Inc.		1,149,897
16,063	Baxter International, Inc.		1,179,667
5,496	Becton, Dickinson and Co.		1,282,986
9,164	Danaher Corp.		1,209,740
9,910	Johnson & Johnson		1,299,696
18,018	Merck & Co., Inc.		1,427,206
32,881	Pfizer, Inc.		1,365,219
4,204	Thermo Fisher Scientific, Inc.		1,122,384
11,219	Zoetis, Inc.		1,133,680
			12,327,879
	Industrials - 17.1%
12,704	Allegion PLC		1,232,923
13,745	AMETEK, Inc.		1,125,578
5,191	Cintas Corp.		1,151,520
14,407	CSX Corp.		1,072,889
11,913	Dover Corp.		1,065,141
14,871	Eaton Corp. PLC		1,107,741
17,131	Emerson Electric Co.		1,031,971
6,853	General Dynamics Corp.		1,102,100
8,518	Honeywell International, Inc.		1,399,593
9,690	Ingersoll-Rand PLC		1,146,715
3,406	Lockheed Martin Corp.		1,153,067
16,549	PACCAR, Inc.		1,089,255
21,168	Republic Services, Inc.		1,790,601
31,797	Rollins, Inc.		1,194,613
3,279	Roper Technologies, Inc.		1,127,714
8,708	United Technologies Corp.		1,099,820
9,691	Verisk Analytics, Inc.		1,356,740
14,611	Waste Management, Inc.		1,597,713
			21,845,694
	Information Technology - 12.3%
7,236	Accenture PLC, Class A		1,288,514
13,159	Amphenol Corp., Class A		1,144,833
7,799	Automatic Data Processing, Inc.		1,248,776
15,795	Citrix Systems, Inc.		1,486,625
11,278	Fidelity National Information Services, Inc.		1,356,743
13,957	Fiserv, Inc.(b)		1,198,348
7,716	Gartner, Inc.(b)		1,167,431
9,921	Jack Henry & Associates, Inc.		1,301,834
22,028	Oracle Corp.		1,114,617
17,623	Paychex, Inc.		1,511,877
11,535	Total System Services, Inc.		1,424,919
75,080	Western Union Co. (The)		1,456,552
			15,701,069
	Materials - 5.1%
6,948	Air Products & Chemicals, Inc.		1,414,543
19,598	Ball Corp.		1,203,121
8,810	Ecolab, Inc.		1,621,833
6,508	Linde PLC (United Kingdom)		1,175,020
2,622	Sherwin-Williams Co. (The)		1,099,798
			6,514,315
	Real Estate - 3.0%
60,973	Host Hotels & Resorts, Inc.		1,104,221
15,809	SL Green Realty Corp.		1,359,574

Schedule of Investments^(a)

20,798	Vornado Realty Trust	$	1,377,451
			3,841,246
	Utilities - 0.9%
69,867	AES Corp.		1,103,899
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $120,294,699)-99.9%		127,477,884
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 0.9%
914,928	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(d)(e)		914,928
304,884	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		304,976
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,219,904)		1,219,904
	Total Investments in Securities (Cost $121,514,603)-100.8%		128,697,788
	Other assets less liabilities-(0.8)%		(1,055,834	)
	Net Assets-100.0%	$	127,641,954

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P 500^® High Beta ETF (SPHB)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 100.0%
		Communication Services - 8.6%
	21,396	Activision Blizzard, Inc.	$	927,944
	896	Alphabet, Inc., Class C(b)		988,852
	29,517	DISH Network Corp., Class A(b)		1,065,859
	5,145	Facebook, Inc., Class A(b)		913,083
	4,096	Netflix, Inc.(b)		1,406,075
	10,217	Take-Two Interactive Software, Inc.(b)		1,104,969
	22,631	TripAdvisor, Inc.(b)		956,612
	38,247	Twitter, Inc.(b)		1,393,721
				8,757,115
		Consumer Discretionary - 7.3%
	758	Amazon.com, Inc.(b)		1,345,503
	24,490	BorgWarner, Inc.		868,905
	45,003	MGM Resorts International		1,116,975
	16,895	Norwegian Cruise Line Holdings Ltd.(b)		924,325
	8,653	Royal Caribbean Cruises Ltd.		1,053,589
	46,201	Under Armour, Inc., Class A(b)(c)		1,053,383
	9,500	Wynn Resorts Ltd.		1,019,635
				7,382,315
		Energy - 11.0%
	14,710	Anadarko Petroleum Corp.		1,035,143
	14,674	Cimarex Energy Co.		839,206
	8,711	Concho Resources, Inc.		853,765
	35,826	Devon Energy Corp.		901,382
	8,639	Diamondback Energy, Inc.		847,140
	9,937	EOG Resources, Inc.		813,642
	20,113	Hess Corp.		1,123,512
	22,606	HollyFrontier Corp.		858,576
	81,263	Marathon Oil Corp.		1,068,609
	17,965	Marathon Petroleum Corp.		826,210
	48,947	Noble Energy, Inc.		1,047,466
	6,520	Pioneer Natural Resources Co.		925,579
				11,140,230
		Financials - 6.4%
	7,564	Ameriprise Financial, Inc.		1,045,572
	14,442	Lincoln National Corp.		858,577
	5,022	Moody’s Corp.		918,423
	20,215	Morgan Stanley		822,548
	4,323	MSCI, Inc.		951,103
	4,682	SVB Financial Group(b)		942,955
	9,010	T. Rowe Price Group, Inc.		911,272
				6,450,450
		Health Care - 12.5%
	5,024	ABIOMED, Inc.(b)		1,315,886
	8,189	Alexion Pharmaceuticals, Inc.(b)		930,925
	4,134	Align Technology, Inc.(b)		1,175,503
	25,790	Boston Scientific Corp.(b)		990,594
	5,763	Edwards Lifesciences Corp.(b)		983,744
	4,344	IDEXX Laboratories, Inc.(b)		1,085,001
	4,135	Illumina, Inc.(b)		1,269,073
	2,446	Intuitive Surgical, Inc.(b)		1,137,023
	33,877	Nektar Therapeutics(b)		1,061,028
	10,999	PerkinElmer, Inc.		949,654
	19,439	Perrigo Co. PLC		816,827

5,835	Vertex Pharmaceuticals, Inc.(b)	$	969,660
			12,684,918
	Industrials - 12.4%
33,140	American Airlines Group, Inc.		902,402
46,253	Arconic, Inc.		1,012,941
2,843	Boeing Co. (The)		971,197
9,265	Caterpillar, Inc.		1,110,040
6,216	Deere & Co.		871,297
5,576	FedEx Corp.		860,265
22,431	Flowserve Corp.		1,041,920
35,015	Fluor Corp.		970,616
5,383	Parker-Hannifin Corp.		819,938
18,332	Robert Half International, Inc.		983,695
7,208	Stanley Black & Decker, Inc.		917,002
2,026	TransDigm Group, Inc.(b)		893,365
11,101	United Rentals, Inc.(b)		1,222,220
			12,576,898
	Information Technology - 39.8%
4,576	Adobe, Inc.(b)		1,239,638
63,312	Advanced Micro Devices, Inc.(b)		1,735,382
12,206	Akamai Technologies, Inc.(b)		919,844
6,575	Alliance Data Systems Corp.		904,063
5,329	ANSYS, Inc.(b)		956,556
5,681	Apple, Inc.		994,573
28,788	Applied Materials, Inc.		1,113,808
4,945	Arista Networks, Inc.(b)		1,209,498
8,033	Autodesk, Inc.(b)		1,292,590
18,007	Cisco Systems, Inc.		936,904
32,781	Corning, Inc.		945,404
16,403	DXC Technology Co.		779,799
12,300	Fortinet, Inc.(b)		891,504
6,650	Global Payments, Inc.		1,024,366
64,949	Hewlett Packard Enterprise Co.		891,100
53,765	HP, Inc.		1,004,330
21,544	Intel Corp.		948,798
4,350	Intuit, Inc.		1,065,098
8,191	IPG Photonics Corp.(b)		1,025,267
10,161	KLA-Tencor Corp.		1,047,294
5,708	Lam Research Corp.		996,674
4,488	Mastercard, Inc., Class A		1,128,687
17,187	Maxim Integrated Products, Inc.		903,864
12,342	Microchip Technology, Inc.		987,730
38,269	Micron Technology, Inc.(b)		1,247,952
8,553	Microsoft Corp.		1,057,835
16,096	NetApp, Inc.		952,883
9,574	NVIDIA Corp.		1,296,894
10,599	PayPal Holdings, Inc.(b)		1,163,240
15,805	Qorvo, Inc.(b)		966,950
8,250	salesforce.com, Inc.(b)		1,249,133
22,461	Seagate Technology PLC		939,993
13,111	Skyworks Solutions, Inc.		873,586
7,851	Synopsys, Inc.(b)		914,170
8,864	Texas Instruments, Inc.		924,604
6,015	Visa, Inc., Class A		970,400
27,052	Western Digital Corp.		1,006,875
29,222	Xerox Corp.		894,485
10,059	Xilinx, Inc.		1,029,136
			40,430,907
	Materials - 2.0%
24,431	CF Industries Holdings, Inc.		983,104
103,785	Freeport-McMoRan, Inc.		1,007,752
			1,990,856

Schedule of Investments^(a)

	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $119,547,567)-100.0%	$	101,413,689
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 0.7%
574,470	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(d)(e)		574,470
191,432	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		191,490
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $765,960)		765,960
	Total Investments in Securities (Cost $120,313,527)-100.7%		102,179,649
	Other assets less liabilities-(0.7)%		(727,976	)
	Net Assets-100.0%	$	101,451,673

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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 investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Ltd.*	$	1,537,532	$	151,398	$	(1,459,106	)	$	645,696	$	(875,520	)		—	$	16,118

* At May 31, 2019, this security was no longer held.

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

Schedule of Investments^(a)

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

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 100.0%
		Communication Services - 6.0%
	2,859,758	AT&T, Inc.	$	87,451,400
	2,286,229	Interpublic Group of Cos., Inc. (The)		48,513,779
	923,382	Verizon Communications, Inc.		50,185,812
				186,150,991
		Consumer Discretionary - 4.9%
	10,945,889	Ford Motor Co.		104,204,863
	1,319,449	Leggett & Platt, Inc.		46,853,634
				151,058,497
		Consumer Staples - 10.8%
	1,750,524	Altria Group, Inc.		85,880,707
	1,444,261	General Mills, Inc.		71,404,264
	835,741	Kellogg Co.		43,926,547
	1,558,532	Kraft Heinz Co. (The)		43,093,410
	1,173,801	Philip Morris International, Inc.		90,535,271
				334,840,199
		Energy - 14.0%
	453,032	Chevron Corp.		51,577,693
	828,435	Exxon Mobil Corp.		58,628,345
	3,367,556	Kinder Morgan, Inc.		67,182,742
	970,576	Occidental Petroleum Corp.		48,305,568
	1,198,882	ONEOK, Inc.		76,272,873
	1,589,096	Schlumberger Ltd.		55,125,740
	2,906,425	Williams Cos., Inc. (The)		76,671,492
				433,764,453
		Financials - 13.4%
	3,894,448	Huntington Bancshares, Inc.		49,264,767
	4,726,833	Invesco Ltd.(b)		92,362,317
	2,827,978	KeyCorp		45,162,809
	1,121,394	MetLife, Inc.		51,819,617
	3,680,514	People’s United Financial, Inc.		56,569,500
	1,209,162	Principal Financial Group, Inc.		62,356,484
	603,258	Prudential Financial, Inc.		55,728,974
				413,264,468
		Health Care - 1.3%
	670,761	Gilead Sciences, Inc.		41,754,872
		Industrials - 3.1%
	684,360	Eaton Corp. PLC		50,977,976
	467,457	United Parcel Service, Inc., Class B		43,436,105
				94,414,081
		Information Technology - 4.0%
	514,763	International Business Machines Corp.		65,369,753
	3,059,956	Western Union Co. (The)		59,363,147
				124,732,900
		Materials - 3.4%
	1,287,225	International Paper Co.		53,381,221
	715,397	LyondellBasell Industries N.V., Class A		53,118,227
				106,499,448
		Real Estate - 22.6%
	2,219,001	HCP, Inc.		70,364,522
	3,486,205	Host Hotels & Resorts, Inc.		63,135,173
	2,546,649	Iron Mountain, Inc.		78,054,792

5,739,916	Kimco Realty Corp.	$	99,874,538
1,904,706	Macerich Co. (The)		69,197,969
813,499	Realty Income Corp.		57,010,010
335,050	Simon Property Group, Inc.		54,308,254
1,088,027	Ventas, Inc.		69,960,136
842,527	Welltower, Inc.		68,430,043
2,995,815	Weyerhaeuser Co.		68,304,582
			698,640,019
	Utilities - 16.5%
2,824,310	AES Corp.		44,624,098
1,630,165	CenterPoint Energy, Inc.		46,361,892
601,463	Consolidated Edison, Inc.		51,906,257
844,289	Dominion Energy, Inc.		63,473,647
606,665	Duke Energy Corp.		51,936,590
586,038	Entergy Corp.		56,886,709
1,219,145	FirstEnergy Corp.		50,277,540
2,348,568	PPL Corp.		69,893,384
1,410,944	Southern Co. (The)		75,485,504
			510,845,621
	Total Investments in Securities (Cost $3,331,427,940)-100.0%		3,095,965,549
	Other assets less liabilities-(0.0)%		(84,296	)
	Net Assets-100.0%	$	3,095,881,253

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 table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value May 31, 2019		Dividend Income
Invesco Ltd.	$	50,738,525	$	54,479,037	$	(5,456,714	)	$	(7,649,866	)	$	251,335	$	92,362,317	$	3,333,057

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

Schedule of Investments^(a)

Invesco S&P 500^® Low Volatility ETF (SPLV)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.9%
		Communication Services - 0.9%
	1,780,056	Verizon Communications, Inc.	$	96,746,044
		Consumer Discretionary - 4.7%
	1,127,789	Genuine Parts Co.		111,538,332
	512,128	Home Depot, Inc. (The)		97,227,501
	526,154	McDonald’s Corp.		104,320,554
	1,781,319	TJX Cos., Inc. (The)		89,582,532
	1,092,551	Yum! Brands, Inc.		111,822,595
				514,491,514
		Consumer Staples - 9.6%
	2,453,644	Archer-Daniels-Midland Co.		94,023,638
	2,479,765	Coca-Cola Co. (The)		121,830,854
	1,437,014	Colgate-Palmolive Co.		100,044,915
	807,989	Hershey Co. (The)		106,622,228
	2,532,294	Hormel Foods Corp.(b)		100,000,290
	2,224,190	Mondelez International, Inc., Class A		113,100,062
	873,953	PepsiCo, Inc.		111,865,984
	988,988	Procter & Gamble Co. (The)		101,776,755
	1,326,667	Sysco Corp.		91,301,223
	967,094	Walmart, Inc.		98,102,015
				1,038,667,964
		Energy - 0.8%
	1,291,584	Exxon Mobil Corp.		91,405,400
		Financials - 21.0%
	2,240,901	Aflac, Inc.		114,958,221
	1,096,484	Allstate Corp. (The)		104,725,187
	835,660	American Express Co.		95,858,559
	550,792	Aon PLC		99,181,115
	1,482,810	Arthur J. Gallagher & Co.		124,852,602
	467,573	Berkshire Hathaway, Inc., Class B(c)		92,308,262
	770,859	Chubb Ltd.		112,599,374
	1,018,072	Cincinnati Financial Corp.		100,015,393
	604,832	CME Group, Inc.		116,200,324
	398,247	Everest Re Group Ltd.		98,629,852
	2,047,287	Hartford Financial Services Group, Inc. (The)		107,810,133
	1,341,468	Intercontinental Exchange, Inc.		110,282,084
	1,999,007	Loews Corp.		102,669,000
	1,137,192	Marsh & McLennan Cos., Inc.		108,715,555
	1,127,242	Nasdaq, Inc.		102,173,215
	5,699,024	People’s United Financial, Inc.		87,593,999
	451,889	S&P Global, Inc.		96,650,019
	1,155,806	Torchmark Corp.		98,832,971
	764,852	Travelers Cos., Inc. (The)		111,339,506
	2,251,584	US Bancorp		113,029,517
	2,051,222	Wells Fargo & Co.		91,012,720
	544,798	Willis Towers Watson PLC		95,612,049
				2,285,049,657
		Health Care - 3.8%
	749,825	Johnson & Johnson		98,339,549
	1,125,712	Medtronic PLC		104,218,417
	1,363,272	Merck & Co., Inc.		107,984,775

2,487,826	Pfizer, Inc.	$	103,294,535
			413,837,276
	Industrials - 6.1%
961,187	Allegion PLC		93,283,198
644,637	Honeywell International, Inc.		105,920,305
1,782,497	IHS Markit Ltd.(c)		102,297,503
1,601,601	Republic Services, Inc.		135,479,429
733,422	Verisk Analytics, Inc.		102,679,080
1,105,537	Waste Management, Inc.		120,890,471
			660,549,986
	Information Technology - 5.0%
1,195,120	Citrix Systems, Inc.		112,484,694
853,447	Fidelity National Information Services, Inc.		102,669,674
750,679	Jack Henry & Associates, Inc.		98,504,098
1,333,383	Paychex, Inc.		114,390,928
5,680,782	Western Union Co. (The)		110,207,171
			538,256,565
	Materials - 2.1%
525,754	Air Products & Chemicals, Inc.		107,038,257
666,579	Ecolab, Inc.		122,710,528
			229,748,785
	Real Estate - 21.1%
708,078	Alexandria Real Estate Equities, Inc.		103,669,700
572,539	American Tower Corp.		119,528,967
2,185,448	Apartment Investment & Management Co., Class A		109,163,128
583,165	AvalonBay Communities, Inc.		118,388,327
777,178	Boston Properties, Inc.		101,678,198
939,236	Crown Castle International Corp.		122,110,072
3,320,438	Duke Realty Corp.		99,911,979
1,500,245	Equity Residential		114,873,760
376,060	Essex Property Trust, Inc.		109,711,744
1,002,488	Extra Space Storage, Inc.		107,426,614
846,313	Federal Realty Investment Trust		110,638,499
992,828	Mid-America Apartment Communities, Inc.		113,361,101
1,286,026	Prologis, Inc.		94,741,535
492,056	Public Storage		117,050,281
1,627,187	Realty Income Corp.		114,033,265
1,569,150	Regency Centers Corp.		103,501,134
521,510	SBA Communications Corp.(c)		112,859,979
589,516	Simon Property Group, Inc.		95,554,649
1,196,186	SL Green Realty Corp.		102,871,996
2,524,030	UDR, Inc.		113,026,063
1,573,613	Vornado Realty Trust		104,220,389
			2,288,321,380
	Utilities - 24.8%
2,464,234	Alliant Energy Corp.		116,952,546
1,604,628	Ameren Corp.		117,683,418
1,413,163	American Electric Power Co., Inc.		121,701,598
1,052,479	American Water Works Co., Inc.		118,951,177
1,138,817	Atmos Energy Corp.		115,931,571
3,890,379	CenterPoint Energy, Inc.		110,642,379
2,134,839	CMS Energy Corp.		119,785,816
1,325,877	Consolidated Edison, Inc.		114,423,185
1,557,217	Dominion Energy, Inc.		117,071,574
949,617	DTE Energy Co.		119,148,445
1,416,304	Duke Energy Corp.		121,249,785
1,235,364	Entergy Corp.		119,916,783
1,992,713	Evergy, Inc.		115,856,334
1,715,225	Eversource Energy		126,652,214
2,619,930	Exelon Corp.		125,966,234
2,609,992	FirstEnergy Corp.		107,636,070
652,390	NextEra Energy, Inc.		129,310,222
1,223,906	Pinnacle West Capital Corp.		114,937,012

Schedule of Investments^(a)

3,114,480	PPL Corp.	$	92,686,925
1,971,127	Public Service Enterprise Group, Inc.		115,823,423
2,097,416	Southern Co. (The)		112,211,756
1,508,359	WEC Energy Group, Inc.		121,498,317
2,070,786	Xcel Energy, Inc.		118,738,869
			2,694,775,653
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $10,030,413,260)-99.9%		10,851,850,224
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 0.2%
11,653,400	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(d)(e)		11,653,400
3,883,302	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		3,884,467
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,537,867)		15,537,867
	Total Investments in Securities (Cost $10,045,951,127)-100.1%		10,867,388,091
	Other assets less liabilities-(0.1)%		(8,439,784	)
	Net Assets-100.0%	$	10,858,948,307

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 May 31, 2019.

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P 500 Minimum Variance ETF (SPMV)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.8%
		Communication Services - 4.8%
	19	Alphabet, Inc., Class C(b)	$	20,969
	797	AT&T, Inc.		24,372
	83	CenturyLink, Inc.		868
	403	Verizon Communications, Inc.		21,903
				68,112
		Consumer Discretionary - 14.5%
	14	Amazon.com, Inc.(b)		24,851
	85	Expedia Group, Inc.		9,775
	233	H&R Block, Inc.		6,116
	87	Home Depot, Inc. (The)		16,517
	154	McDonald’s Corp.		30,534
	37	Mohawk Industries, Inc.(b)		5,015
	325	NIKE, Inc., Class B		25,071
	71	Norwegian Cruise Line Holdings Ltd.(b)		3,884
	92	PVH Corp.		7,837
	51	Ralph Lauren Corp.		5,362
	13	Starbucks Corp.		989
	354	Tapestry, Inc.		10,110
	28	TJX Cos., Inc. (The)		1,408
	44	Under Armour, Inc., Class A(b)(c)		1,003
	328	VF Corp.		26,857
	285	Yum! Brands, Inc.		29,170
				204,499
		Consumer Staples - 12.8%
	213	Campbell Soup Co.		7,734
	322	Coca-Cola Co. (The)		15,820
	251	Colgate-Palmolive Co.		17,475
	440	Conagra Brands, Inc.		11,779
	8	Constellation Brands, Inc., Class A		1,411
	447	General Mills, Inc.		22,100
	21	Hershey Co. (The)		2,771
	290	Hormel Foods Corp.(c)		11,452
	128	JM Smucker Co. (The)		15,560
	105	Kellogg Co.		5,519
	41	Kimberly-Clark Corp.		5,243
	122	McCormick & Co., Inc.		19,037
	135	Monster Beverage Corp.(b)		8,351
	249	Procter & Gamble Co. (The)		25,624
	135	Tyson Foods, Inc., Class A		10,245
				180,121
		Energy - 1.5%
	66	Chevron Corp.		7,514
	165	Exxon Mobil Corp.		11,677
	51	Williams Cos., Inc. (The)		1,345
				20,536
		Financials - 11.1%
	37	American International Group, Inc.		1,890
	52	Aon PLC		9,364
	394	Bank of America Corp.		10,480
	136	Berkshire Hathaway, Inc., Class B(b)		26,849
	130	Chubb Ltd.		18,989
	130	Citigroup, Inc.		8,079
	246	JPMorgan Chase & Co.		26,066

293	Marsh & McLennan Cos., Inc.	$	28,011
93	Progressive Corp. (The)		7,373
31	Travelers Cos., Inc. (The)		4,513
329	Wells Fargo & Co.		14,598
			156,212
	Health Care - 12.7%
58	Becton, Dickinson and Co.		13,539
199	Cerner Corp.(b)		13,924
103	Cigna Corp.		15,246
172	CVS Health Corp.		9,007
56	Edwards Lifesciences Corp.(b)		9,559
33	HCA Healthcare, Inc.		3,992
9	Humana, Inc.		2,204
6	Intuitive Surgical, Inc.(b)		2,789
199	Johnson & Johnson		26,099
65	Laboratory Corp. of America Holdings(b)		10,570
259	Medtronic PLC		23,978
89	Quest Diagnostics, Inc.		8,536
58	Stryker Corp.		10,628
111	UnitedHealth Group, Inc.		26,840
20	Universal Health Services, Inc., Class B		2,391
			179,302
	Industrials - 12.0%
44	Boeing Co. (The)		15,031
104	Cintas Corp.		23,070
35	Delta Air Lines, Inc.		1,803
78	General Dynamics Corp.		12,544
32	Lockheed Martin Corp.		10,833
25	Northrop Grumman Corp.		7,581
85	Raytheon Co.		14,833
257	Republic Services, Inc.		21,740
171	Rollins, Inc.		6,425
94	Southwest Airlines Co.		4,474
157	United Technologies Corp.		19,829
278	Waste Management, Inc.		30,399
			168,562
	Information Technology - 15.7%
60	Accenture PLC, Class A		10,684
86	Adobe, Inc.(b)		23,297
162	Analog Devices, Inc.		15,653
55	Apple, Inc.		9,629
25	Applied Materials, Inc.		967
56	Automatic Data Processing, Inc.		8,967
177	Cisco Systems, Inc.		9,209
81	Global Payments, Inc.		12,477
523	Intel Corp.		23,033
66	Intuit, Inc.		16,160
68	Micron Technology, Inc.(b)		2,218
249	Microsoft Corp.		30,796
14	NVIDIA Corp.		1,897
48	Oracle Corp.		2,429
367	QUALCOMM, Inc.		24,523
13	salesforce.com, Inc.(b)		1,968
262	Texas Instruments, Inc.		27,329
			221,236
	Materials - 1.5%
636	Newmont Goldcorp Corp.		21,045
	Real Estate - 5.0%
75	American Tower Corp.		15,658
152	Crown Castle International Corp.		19,762
694	Host Hotels & Resorts, Inc.		12,568
181	Prologis, Inc.		13,334
33	Public Storage		7,850

Schedule of Investments^(a)

11	Simon Property Group, Inc.	$	1,783
			70,955
	Utilities - 8.2%
58	Ameren Corp.		4,254
34	American Electric Power Co., Inc.		2,928
269	CenterPoint Energy, Inc.		7,650
22	Consolidated Edison, Inc.		1,899
187	Dominion Energy, Inc.		14,059
13	DTE Energy Co.		1,631
110	Eversource Energy		8,122
99	NextEra Energy, Inc.		19,623
461	Public Service Enterprise Group, Inc.		27,088
16	Sempra Energy		2,103
459	Southern Co. (The)		24,557
27	WEC Energy Group, Inc.		2,175
			116,089
	Total Common Stocks & Other Equity Interests (Cost $1,290,390)		1,406,669
	Money Market Funds - 0.0%
367	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $367)		367
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,290,757)-99.8%		1,407,036
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 0.8%
8,615	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		8,615
2,871	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		2,872
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,487)		11,487
	Total Investments in Securities (Cost $1,302,244)-100.6%		1,418,523
	Other assets less liabilities-(0.6)%		(8,987	)
	Net Assets-100.0%	$	1,409,536

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P 500 Momentum ETF (SPMO)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.8%
		Communication Services - 2.6%
	3,539	Netflix, Inc.(b)	$	1,214,868
	1,345	TripAdvisor, Inc.(b)		56,853
	5,766	Twitter, Inc.(b)		210,113
				1,481,834
		Consumer Discretionary - 16.1%
	843	Advance Auto Parts, Inc.		130,665
	3,048	Amazon.com, Inc.(b)		5,410,413
	332	Chipotle Mexican Grill, Inc.(b)		219,110
	11,697	NIKE, Inc., Class B		902,307
	895	O’Reilly Automotive, Inc.(b)		332,376
	13,243	Starbucks Corp.		1,007,263
	14,928	TJX Cos., Inc. (The)		750,729
	594	Ulta Beauty, Inc.(b)		198,028
	1,976	Under Armour, Inc., Class A(b)(c)		45,053
	2,044	Under Armour, Inc., Class C(b)		41,350
				9,037,294
		Consumer Staples - 7.1%
	3,332	Church & Dwight Co., Inc.		247,934
	3,468	Costco Wholesale Corp.		830,863
	3,416	Hormel Foods Corp.(c)		134,898
	1,662	Lamb Weston Holdings, Inc.		98,474
	1,105	McCormick & Co., Inc.		172,424
	24,127	Procter & Gamble Co. (The)		2,482,910
				3,967,503
		Energy - 1.5%
	9,333	ConocoPhillips		550,274
	1,252	HollyFrontier Corp.		47,551
	3,525	ONEOK, Inc.		224,260
				822,085
		Financials - 2.9%
	1,647	Arthur J. Gallagher & Co.		138,677
	4,054	CME Group, Inc.		778,855
	861	MSCI, Inc.		189,429
	6,798	Progressive Corp. (The)		538,945
				1,645,906
		Health Care - 26.9%
	17,292	Abbott Laboratories		1,316,440
	497	ABIOMED, Inc.(b)		130,174
	2,745	Anthem, Inc.		763,055
	17,498	Boston Scientific Corp.(b)		672,098
	3,920	Centene Corp.(b)		226,380
	2,367	Edwards Lifesciences Corp.(b)		404,047
	16,459	Eli Lilly & Co.		1,908,256
	3,851	HCA Healthcare, Inc.		465,817
	1,180	Illumina, Inc.(b)		362,154
	977	Intuitive Surgical, Inc.(b)		454,158
	1,718	IQVIA Holdings, Inc.(b)		233,390
	36,841	Merck & Co., Inc.		2,918,176
	62,357	Pfizer, Inc.		2,589,063
	8,610	UnitedHealth Group, Inc.		2,081,898
	582	WellCare Health Plans, Inc.(b)		160,743
	3,857	Zoetis, Inc.		389,750
				15,075,599

	Industrials - 4.9%
669	Cintas Corp.	$	148,404
1,595	Copart, Inc.(b)		114,010
6,736	CSX Corp.		501,630
2,152	Republic Services, Inc.		182,038
494	TransDigm Group, Inc.(b)		217,829
6,974	Union Pacific Corp.		1,163,124
2,452	United Continental Holdings, Inc.(b)		190,398
1,622	Verisk Analytics, Inc.		227,080
			2,744,513
	Information Technology - 17.3%
4,332	Adobe, Inc.(b)		1,173,539
10,391	Advanced Micro Devices, Inc.(b)		284,817
38,423	Cisco Systems, Inc.		1,999,149
1,042	Citrix Systems, Inc.		98,073
3,740	Fiserv, Inc.(b)		321,117
2,275	Fortinet, Inc.(b)		164,892
2,891	Intuit, Inc.		707,861
3,201	Keysight Technologies, Inc.(b)		240,491
9,184	Mastercard, Inc., Class A		2,309,684
1,674	Motorola Solutions, Inc.		251,016
1,554	Red Hat, Inc.(b)		286,402
8,139	salesforce.com, Inc.(b)		1,232,326
1,501	VeriSign, Inc.(b)		292,665
3,353	Xilinx, Inc.		343,046
			9,705,078
	Materials - 1.4%
5,142	Ball Corp.		315,667
2,597	Ecolab, Inc.		478,082
			793,749
	Real Estate - 7.4%
4,814	American Tower Corp.		1,005,019
1,837	Apartment Investment & Management Co., Class A		91,758
1,453	AvalonBay Communities, Inc.		294,974
4,386	Equity Residential		335,836
715	Essex Property Trust, Inc.		208,594
1,493	Extra Space Storage, Inc.		159,990
669	Federal Realty Investment Trust		87,458
7,457	HCP, Inc.		236,462
4,946	Realty Income Corp.		346,616
3,080	Simon Property Group, Inc.		499,237
3,457	UDR, Inc.		154,804
3,804	Ventas, Inc.		244,597
5,593	Welltower, Inc.		454,263
			4,119,608
	Utilities - 11.7%
10,867	AES Corp.		171,699
2,361	Alliant Energy Corp.		112,053
3,297	Ameren Corp.		241,802
5,748	American Electric Power Co., Inc.		495,018
1,930	American Water Works Co., Inc.		218,129
1,371	Atmos Energy Corp.		139,568
4,768	CenterPoint Energy, Inc.		135,602
3,442	CMS Energy Corp.		193,131
1,832	DTE Energy Co.		229,861
7,966	Duke Energy Corp.		681,969
2,010	Entergy Corp.		195,111
2,561	Evergy, Inc.		148,896
3,012	Eversource Energy		222,406
14,990	Exelon Corp.		720,719
6,580	FirstEnergy Corp.		271,359
5,035	NextEra Energy, Inc.		997,987
5,166	NRG Energy, Inc.		175,851
1,053	Pinnacle West Capital Corp.		98,887
9,577	Southern Co. (The)		512,369

Schedule of Investments^(a)

3,441	WEC Energy Group, Inc.	$	277,173
5,717	Xcel Energy, Inc.		327,813
			6,567,403
	Total Common Stocks & Other Equity Interests (Cost $55,419,915)		55,960,572
	Money Market Funds - 0.0%
18,995	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $18,995)		18,995
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $55,438,910)-99.8%		55,979,567
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 0.3%
124,953	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		124,953
41,315	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		41,327
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $166,280)		166,280
	Total Investments in Securities (Cost $55,605,190)-100.1%		56,145,847
	Other assets less liabilities-(0.1)%		(74,408	)
	Net Assets-100.0%	$	56,071,439

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P MidCap Low Volatility ETF (XMLV)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.9%
		Communication Services - 1.1%
	28,917	Cable One, Inc.	$	32,301,735
		Consumer Discretionary - 7.2%
	196,448	Cracker Barrel Old Country Store, Inc.(b)		30,860,017
	451,287	Dunkin’ Brands Group, Inc.		33,494,521
	57,067	Graham Holdings Co., Class B		38,836,376
	178,436	Pool Corp.		32,079,224
	773,539	Service Corp. International		33,935,156
	1,708,764	Wendy’s Co. (The)		31,424,170
				200,629,464
		Consumer Staples - 3.5%
	229,889	Casey’s General Stores, Inc.		29,674,072
	215,234	Lancaster Colony Corp.		30,957,106
	974,914	Tootsie Roll Industries, Inc.(b)		37,007,736
				97,638,914
		Financials - 22.1%
	60,119	Alleghany Corp.		39,876,933
	403,499	American Financial Group, Inc.		39,623,602
	469,608	Bank of Hawaii Corp.		35,530,541
	1,379,024	Brown & Brown, Inc.		43,535,788
	847,083	Cathay General Bancorp		28,495,872
	625,851	Commerce Bancshares, Inc.		35,880,038
	319,864	Cullen/Frost Bankers, Inc.		29,193,987
	790,632	Eaton Vance Corp.		30,217,955
	122,690	FactSet Research Systems, Inc.		34,132,358
	292,542	Hanover Insurance Group, Inc. (The)		35,736,931
	783,917	International Bancshares Corp.		28,581,614
	1,479,971	Old Republic International Corp.		32,633,360
	453,644	Prosperity Bancshares, Inc.		29,400,668
	227,020	Reinsurance Group of America, Inc.		33,612,581
	205,287	RenaissanceRe Holdings Ltd. (Bermuda)		35,810,264
	960,419	Trustmark Corp.		30,512,511
	733,895	W.R. Berkley Corp.		45,648,269
	991,119	Washington Federal, Inc.		31,289,627
				619,712,899
		Health Care - 1.3%
	275,560	STERIS PLC		36,836,861
		Industrials - 4.4%
	629,197	Graco, Inc.		29,710,682
	201,548	IDEX Corp.		30,778,395
	117,640	Lennox International, Inc.		31,069,901
	469,720	Toro Co. (The)		30,606,955
				122,165,933
		Information Technology - 3.4%
	609,097	CDK Global, Inc.		29,480,295
	472,578	InterDigital, Inc.		30,018,155
	498,190	MAXIMUS, Inc.		35,496,037
				94,994,487
		Materials - 8.6%
	346,615	AptarGroup, Inc.		39,261,081
	410,284	Ashland Global Holdings, Inc.		30,717,963
	624,771	Bemis Co., Inc.		36,455,388

77,094	NewMarket Corp.	$	29,835,378
354,183	Reliance Steel & Aluminum Co.		29,492,818
1,169,858	Silgan Holdings, Inc.		33,914,184
644,852	Sonoco Products Co.		39,871,199
			239,548,011
	Real Estate - 28.2%
831,062	American Campus Communities, Inc.		38,494,792
389,478	Camden Property Trust		40,256,446
1,242,908	Corporate Office Properties Trust		34,602,559
3,780,427	Cousins Properties, Inc.		34,212,864
997,112	Douglas Emmett, Inc.		40,173,642
506,235	EPR Properties		39,536,954
1,083,223	First Industrial Realty Trust, Inc.		37,598,670
1,097,583	Healthcare Realty Trust, Inc.		35,386,076
884,600	Highwoods Properties, Inc.		38,798,556
1,413,926	Hospitality Properties Trust		35,164,340
912,680	JBG SMITH Properties		36,041,733
499,144	Kilroy Realty Corp.		36,791,904
387,303	Lamar Advertising Co., Class A		30,290,968
811,208	Liberty Property Trust		38,508,044
395,766	Life Storage, Inc.		38,104,350
1,821,344	Medical Properties Trust, Inc.		32,383,496
696,807	National Retail Properties, Inc.		37,300,079
844,028	Omega Healthcare Investors, Inc.		30,064,277
248,797	PS Business Parks, Inc.		40,036,413
1,077,720	Rayonier, Inc.		30,337,818
1,811,278	Urban Edge Properties		31,244,546
1,160,759	Weingarten Realty Investors		32,733,404
			788,061,931
	Utilities - 20.1%
444,564	ALLETE, Inc.		36,405,346
880,774	Aqua America, Inc.		34,825,804
510,530	Black Hills Corp.		38,902,386
1,205,356	Hawaiian Electric Industries, Inc.		50,070,488
391,360	IDACORP, Inc.		39,241,667
1,477,182	MDU Resources Group, Inc.		36,456,852
676,008	National Fuel Gas Co.		36,037,987
668,150	New Jersey Resources Corp.		31,703,718
577,461	NorthWestern Corp.		40,965,083
1,031,608	OGE Energy Corp.		42,873,628
423,066	ONE Gas, Inc.		37,043,659
692,587	PNM Resources, Inc.		32,627,774
384,832	Southwest Gas Holdings, Inc.		32,764,596
458,903	Spire, Inc.		38,235,798
644,076	UGI Corp.		33,240,762
			561,395,548
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $2,669,453,598)-99.9%		2,793,285,783
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 0.9%
18,620,812	Invesco Government & Agency Portfolio - Institutional Class 2.31%(c)(d)		18,620,812
6,205,076	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(c)(d)		6,206,937
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,827,749)		24,827,749
	Total Investments in Securities (Cost $2,694,281,347)-100.8%		2,818,113,532

Schedule of Investments^(a)

Other assets less liabilities-(0.8)%	$	(22,480,386	)
Net Assets-100.0%	$	2,795,633,146

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 May 31, 2019.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.9%
		Communication Services - 9.8%
	8,061	Cogent Communications Holdings, Inc.	$	471,569
	69,332	Consolidated Communications Holdings, Inc.(b)		277,328
	55,683	Gannett Co., Inc.		437,668
	2,901	Marcus Corp. (The)		101,419
	54,081	New Media Investment Group, Inc.		499,168
	2,913	Scholastic Corp.		96,391
	21,956	Spok Holdings, Inc.		339,220
				2,222,763
		Consumer Discretionary - 1.8%
	19,208	Ethan Allen Interiors, Inc.		407,594
		Consumer Staples - 5.4%
	5,256	Andersons, Inc. (The)		142,806
	19,834	B&G Foods, Inc.(b)		435,356
	1,368	Calavo Growers, Inc.		119,632
	1,825	Inter Parfums, Inc.		118,223
	7,349	Universal Corp.		415,365
				1,231,382
		Financials - 26.1%
	40,600	Apollo Commercial Real Estate Finance, Inc.		746,228
	34,109	ARMOUR Residential REIT, Inc.		593,497
	78,003	Capstead Mortgage Corp.		617,004
	37,567	Granite Point Mortgage Trust, Inc.		698,370
	45,081	Invesco Mortgage Capital, Inc.(c)		693,797
	116,161	New York Mortgage Trust, Inc.		701,612
	30,932	Oritani Financial Corp.		494,912
	36,481	PennyMac Mortgage Investment Trust		758,805
	37,442	Redwood Trust, Inc.		596,451
				5,900,676
		Health Care - 1.7%
	4,812	Computer Programs & Systems, Inc.		124,198
	13,944	Meridian Bioscience, Inc.		157,567
	3,387	Phibro Animal Health Corp., Class A		100,187
				381,952
		Industrials - 8.4%
	1,889	Allegiant Travel Co.		264,668
	30,454	Briggs & Stratton Corp.		286,268
	16,071	Griffon Corp.		231,101
	6,301	Matson, Inc.		215,620
	7,228	Mobile Mini, Inc.		221,683
	12,184	Powell Industries, Inc.		419,373
	17,447	Resources Connection, Inc.		267,811
				1,906,524
		Information Technology - 8.1%
	20,308	ADTRAN, Inc.		318,429
	9,746	Benchmark Electronics, Inc.		215,289
	6,097	CSG Systems International, Inc.		273,451
	41,839	Daktronics, Inc.		259,820
	15,014	Monotype Imaging Holdings, Inc.		244,578

5,145	MTS Systems Corp.	$	279,168
14,877	NIC, Inc.		237,437
			1,828,172
	Materials - 8.7%
2,390	A. Schulman, Inc.(d)(e)		1,250
4,394	Hawkins, Inc.		156,251
8,973	Haynes International, Inc.		261,383
22,723	Innophos Holdings, Inc.		604,205
2,128	Kaiser Aluminum Corp.		189,647
3,307	Neenah, Inc.		189,028
18,145	Schweitzer-Mauduit International, Inc.		567,757
			1,969,521
	Real Estate - 23.5%
31,683	Chatham Lodging Trust		603,244
35,964	Global Net Lease, Inc.		662,097
63,422	Independence Realty Trust, Inc.		696,374
46,296	Kite Realty Group Trust		703,699
77,649	Lexington Realty Trust		712,041
99,635	Pennsylvania Real Estate Investment Trust(b)		638,661
57,625	Summit Hotel Properties, Inc.		658,654
51,564	Whitestone		653,316
			5,328,086
	Utilities - 6.4%
1,952	American States Water Co.		142,379
7,063	Avista Corp.		294,951
2,688	California Water Service Group		132,303
4,438	El Paso Electric Co.		258,291
4,129	Northwest Natural Holding Co.		284,158
10,854	South Jersey Industries, Inc.		342,444
			1,454,526
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $24,145,228)-99.9%		22,631,196
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 5.4%
919,013	Invesco Government & Agency Portfolio - Institutional Class 2.31%(f)(g)		919,013
306,246	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(f)(g)		306,338
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,225,351)		1,225,351
	Total Investments in Securities (Cost $25,370,579)-105.3%		23,856,547
	Other assets less liabilities-(5.3)%		(1,199,156	)
	Net Assets-100.0%	$	22,657,391

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 May 31, 2019.

Schedule of Investments^(a)

^(c)  Affiliated company. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value May 31, 2019		Dividend Income
Invesco Mortgage Capital, Inc.	$	358,683	$	649,294	$	(298,827	)	$	(16,094	)	$	741	$	693,797	$	37,728

^(d)  Non-income producing security.

^(e)  Security valued using significant unobservable inputs (Level 3). See Additional Valuation Information.

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco S&P SmallCap Low Volatility ETF (XSLV)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.8%
		Communication Services - 2.3%
	259,494	Cogent Communications Holdings, Inc.	$	15,180,399
	1,486,272	New Media Investment Group, Inc.		13,718,291
	961,952	Spok Holdings, Inc.(b)		14,862,158
				43,760,848
		Consumer Discretionary - 1.5%
	342,847	Monarch Casino & Resort, Inc.(c)		14,752,707
	271,782	Sturm Ruger & Co., Inc.		13,510,283
				28,262,990
		Consumer Staples - 3.0%
	345,653	Cal-Maine Foods, Inc.		12,796,074
	752,400	Darling Ingredients, Inc.(c)		14,220,360
	98,064	J&J Snack Foods Corp.		15,773,595
	94,382	WD-40 Co.		14,754,738
				57,544,767
		Financials - 44.5%
	308,186	AMERISAFE, Inc.		18,358,640
	1,471,037	Apollo Commercial Real Estate Finance, Inc.		27,037,660
	1,295,528	ARMOUR Residential REIT, Inc.		22,542,187
	265,572	Banner Corp.		13,400,763
	475,575	Berkshire Hills Bancorp, Inc.		13,882,034
	1,253,013	Boston Private Financial Holdings, Inc.		12,843,383
	1,096,686	Brookline Bancorp, Inc.		15,737,444
	2,258,196	Capstead Mortgage Corp.		17,862,330
	548,295	Central Pacific Financial Corp.		15,237,118
	213,896	City Holding Co.		15,625,103
	399,639	Columbia Banking System, Inc.		13,327,961
	250,937	Community Bank System, Inc.		15,510,416
	801,673	CVB Financial Corp.		16,474,380
	753,103	Dime Community Bancshares, Inc.		13,390,171
	254,234	Eagle Bancorp, Inc.		13,494,741
	327,285	Employers Holdings, Inc.		13,595,419
	1,329,299	First BanCorp		13,239,818
	574,991	First Financial Bancorp		12,833,799
	746,504	First Midwest Bancorp, Inc.		14,549,363
	451,876	Flagstar Bancorp, Inc.		14,225,057
	360,816	Glacier Bancorp, Inc.		14,219,759
	1,396,195	Granite Point Mortgage Trust, Inc.		25,955,265
	432,257	Great Western Bancorp, Inc.		13,430,225
	487,454	Heritage Financial Corp.		13,697,457
	1,019,795	Hope Bancorp, Inc.		13,124,762
	420,112	Horace Mann Educators Corp.		17,018,737
	185,642	Independent Bank Corp.		12,874,273
	1,416,743	Invesco Mortgage Capital, Inc.(b)		21,803,675
	359,593	James River Group Holdings Ltd.		16,037,848
	440,888	National Bank Holdings Corp., Class A		15,470,760
	444,007	NBT Bancorp, Inc.		15,962,052
	3,975,879	New York Mortgage Trust, Inc.		24,014,309
	1,156,581	Northfield Bancorp, Inc.		17,360,281
	1,234,073	Northwest Bancshares, Inc.		20,695,404
	898,439	Old National Bancorp		14,321,118
	1,310,226	Oritani Financial Corp.		20,963,616
	958,802	PennyMac Mortgage Investment Trust		19,943,082
	180,495	Piper Jaffray Cos.		12,782,656

652,593	Provident Financial Services, Inc.	$	15,557,817
1,584,424	Redwood Trust, Inc.		25,239,874
222,946	RLI Corp.		19,146,603
407,001	S&T Bancorp, Inc.		15,343,938
201,442	Safety Insurance Group, Inc.		18,357,409
238,862	Selective Insurance Group, Inc.		17,114,462
450,254	ServisFirst Bancshares, Inc.		14,110,960
578,395	Simmons First National Corp., Class A		13,193,190
445,951	Southside Bancshares, Inc.		14,524,624
555,580	Stewart Information Services Corp.		22,851,005
2,089,942	TrustCo Bank Corp. NY		15,423,772
522,238	United Community Banks, Inc.		13,844,529
1,031,678	United Insurance Holdings Corp.		13,907,019
273,664	Westamerica Bancorporation		16,389,737
			857,848,005
	Health Care - 0.7%
178,638	CONMED Corp.		14,376,786
	Industrials - 8.4%
141,662	Alamo Group, Inc.		13,447,974
256,176	Barnes Group, Inc.		13,249,423
334,096	Brady Corp., Class A		15,468,645
221,043	ESCO Technologies, Inc.		15,448,695
278,085	Exponent, Inc.		15,586,664
723,562	Heartland Express, Inc.		12,937,289
419,628	Hillenbrand, Inc.		15,622,750
246,538	Kaman Corp.		13,709,978
97,108	UniFirst Corp.		15,418,808
264,639	Viad Corp.		16,629,915
169,905	Watts Water Technologies, Inc., Class A		13,828,568
			161,348,709
	Information Technology - 6.5%
267,010	Badger Meter, Inc.		14,098,128
307,036	CSG Systems International, Inc.		13,770,565
164,540	ePlus, Inc.(c)		11,626,396
269,948	ExlService Holdings, Inc.(c)		15,997,118
106,966	MicroStrategy, Inc., Class A(c)		14,216,851
261,175	MTS Systems Corp.		14,171,356
136,540	OSI Systems, Inc.(c)		14,144,179
492,196	Perficient, Inc.(c)		14,977,524
253,268	Plexus Corp.(c)		12,544,364
			125,546,481
	Materials - 2.3%
147,143	Balchem Corp.		13,344,399
259,590	Neenah, Inc.		14,838,164
186,956	Stepan Co.		15,865,086
			44,047,649
	Real Estate - 25.1%
597,731	Acadia Realty Trust		16,347,943
282,413	Agree Realty Corp.		18,907,550
426,936	American Assets Trust, Inc.		19,378,625
1,215,809	Armada Hoffler Properties, Inc.		20,060,849
645,262	CareTrust REIT, Inc.		15,686,319
920,793	Chatham Lodging Trust		17,531,899
565,865	Chesapeake Lodging Trust		16,279,936
387,982	Community Healthcare Trust, Inc.		15,181,736
1,734,958	DiamondRock Hospitality Co.		17,193,434
1,067,630	Easterly Government Properties, Inc.		19,655,068
700,939	Four Corners Property Trust, Inc.		20,159,006
635,606	Getty Realty Corp.		19,678,362
774,568	Global Net Lease, Inc.		14,259,797
830,111	Hersha Hospitality Trust		14,153,393
1,764,333	Independence Realty Trust, Inc.		19,372,376
1,913,837	iStar, Inc.		21,071,345
909,898	Kite Realty Group Trust		13,830,450
1,904,465	Lexington Realty Trust		17,463,944

Schedule of Investments^(a)

388,369	LTC Properties, Inc.	$	17,379,513
468,194	Marcus & Millichap, Inc.(c)		14,298,645
519,606	National Storage Affiliates Trust		15,479,063
838,681	NorthStar Realty Europe Corp.		13,813,076
1,024,899	Retail Opportunity Investments Corp.		17,156,809
1,197,721	RPT Realty		14,576,265
1,329,601	Summit Hotel Properties, Inc.		15,197,339
706,805	Urstadt Biddle Properties, Inc., Class A		15,464,893
656,671	Washington Real Estate Investment Trust		17,474,015
1,142,417	Whitestone		14,474,423
660,097	Xenia Hotels & Resorts, Inc.		13,802,628
			485,328,701
	Utilities - 5.5%
266,389	American States Water Co.		19,430,413
498,295	Avista Corp.		20,808,799
341,403	California Water Service Group		16,803,856
291,315	El Paso Electric Co.		16,954,533
272,833	Northwest Natural Holding Co.		18,776,367
452,167	South Jersey Industries, Inc.		14,265,869
			107,039,837
	Total Common Stocks & Other Equity Interests (Cost $1,923,883,134)		1,925,104,773
	Money Market Funds - 0.1%
1,980,971	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $1,980,971)		1,980,971
	Total Investments in Securities (Cost $1,925,864,105)-99.9%		1,927,085,744
	Other assets less liabilities-0.1%		1,544,588
	Net Assets-100.0%	$	1,928,630,332

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 table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Mortgage Capital, Inc.	$	15,555,741	$	9,624,022	$	(2,363,776	)	$	(940,422	)	$	(71,890	)	$	21,803,675	$	1,415,093
Spok Holdings, Inc.		—		15,934,147		(18,197	)		(1,053,239	)		(552	)		14,862,158		119,812
Total Investments in Affiliates	$	15,555,741	$	25,558,169	$	(2,381,973	)	$	(1,993,661	)	$	(72,442	)	$	36,665,833	$	1,534,905

^(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 May 31, 2019.

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

Schedule of Investments^(a)

Invesco S&P SmallCap Quality ETF (XSHQ)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.9%
		Communication Services - 0.3%
	596	TechTarget, Inc.(b)	$	11,264
		Consumer Discretionary - 17.6%
	1,614	Abercrombie & Fitch Co., Class A		27,922
	436	American Public Education, Inc.(b)		12,199
	551	BJ’s Restaurants, Inc.		23,081
	830	Buckle, Inc. (The)		12,492
	950	Caleres, Inc.		17,917
	686	Cato Corp. (The), Class A		8,500
	239	Cavco Industries, Inc.(b)		34,320
	2,847	Chico’s FAS, Inc.		9,594
	667	Children’s Place, Inc. (The)		61,804
	2,087	Crocs, Inc.(b)		40,321
	1,121	Dave & Buster’s Entertainment, Inc.		55,759
	1,646	Designer Brands, Inc., Class A		29,776
	612	Ethan Allen Interiors, Inc.		12,987
	456	Haverty Furniture Cos., Inc.		7,939
	560	Hibbett Sports, Inc.(b)		12,387
	383	Kirkland’s, Inc.(b)		1,544
	1,219	La-Z-Boy, Inc.		39,240
	933	Lumber Liquidators Holdings, Inc.(b)(c)		8,948
	463	Oxford Industries, Inc.		32,984
	662	PetMed Express, Inc.(c)		11,565
	740	Ruth’s Hospitality Group, Inc.		16,924
	276	Shoe Carnival, Inc.(c)		7,090
	489	Shutterstock, Inc.		18,611
	508	Stamps.com, Inc.(b)		17,038
	2,237	Steven Madden Ltd.		67,692
	502	Sturm Ruger & Co., Inc.		24,954
	2,268	Wolverine World Wide, Inc.		63,368
				676,956
		Consumer Staples - 8.3%
	386	Calavo Growers, Inc.		33,756
	762	Cal-Maine Foods, Inc.		28,209
	389	Inter Parfums, Inc.		25,199
	345	J&J Snack Foods Corp.		55,493
	190	John B. Sanfilippo & Son, Inc.		14,564
	500	Medifast, Inc.		64,475
	362	MGP Ingredients, Inc.(c)		21,796
	490	WD-40 Co.		76,602
				320,094
		Energy - 2.0%
	575	Bonanza Creek Energy, Inc.(b)		11,230
	561	Era Group, Inc.(b)		4,123
	4,582	Laredo Petroleum, Inc.(b)		12,097
	677	Matrix Service Co.(b)		12,254
	1,124	Renewable Energy Group, Inc.(b)		17,579
	504	SEACOR Holdings, Inc.(b)		20,971
				78,254
		Financials - 22.0%
	2,675	American Equity Investment Life Holding Co.		75,729
	1,187	Ameris Bancorp		41,889

509	AMERISAFE, Inc.	$	30,321
742	Banner Corp.		37,441
794	Central Pacific Financial Corp.		22,065
2,517	CVB Financial Corp.		51,724
835	Donnelley Financial Solutions, Inc.(b)		10,296
785	Employers Holdings, Inc.		32,609
569	Fidelity Southern Corp.		16,029
1,093	FirstCash, Inc.		103,529
1,689	Great Western Bancorp, Inc.		52,477
812	Hanmi Financial Corp.		16,744
689	James River Group Holdings Ltd.		30,729
1,186	OFG Bancorp		22,273
1,383	ProAssurance Corp.		51,890
1,013	RLI Corp.		86,997
350	Safety Insurance Group, Inc.		31,896
509	United Fire Group, Inc.		23,893
1,103	Universal Insurance Holdings, Inc.		32,031
679	Walker & Dunlop, Inc.		34,133
665	Westamerica Bancorporation(c)		39,827
			844,522
	Health Care - 7.2%
1,184	AMN Healthcare Services, Inc.(b)		57,353
848	Cambrex Corp.(b)		33,750
266	CorVel Corp.(b)		19,679
452	Cutera, Inc.(b)		7,616
632	HealthStream, Inc.		15,800
973	Luminex Corp.		20,530
1,106	Meridian Bioscience, Inc.		12,498
434	Orthofix Medical, Inc.(b)		21,409
257	Providence Service Corp. (The)(b)		16,623
931	REGENXBIO, Inc.(b)		40,052
1,617	Tivity Health, Inc.(b)		29,591
			274,901
	Industrials - 25.3%
1,005	AAON, Inc.		45,617
1,651	Aerojet Rocketdyne Holdings, Inc.(b)		63,695
605	Aerovironment, Inc.(b)		39,174
1,446	Axon Enterprise, Inc.(b)		96,564
1,281	Brady Corp., Class A		59,310
490	Encore Wire Corp.		24,456
1,304	Exponent, Inc.		73,089
289	Forrester Research, Inc.		13,158
794	Forward Air Corp.		44,329
967	FTI Consulting, Inc.(b)		81,150
538	Heidrick & Struggles International, Inc.		16,334
1,604	Hillenbrand, Inc.		59,717
493	Insteel Industries, Inc.		9,012
260	Lindsay Corp.		20,639
1,029	Marten Transport Ltd.		18,131
116	National Presto Industries, Inc.(c)		11,355
1,141	Navigant Consulting, Inc.		25,102
929	Raven Industries, Inc.		30,425
1,014	Simpson Manufacturing Co., Inc.		61,692
1,469	Tetra Tech, Inc.		99,187
953	TrueBlue, Inc.(b)		20,242
1,239	WageWorks, Inc.(b)		61,913
			974,291
	Information Technology - 11.1%
1,115	Advanced Energy Industries, Inc.(b)		55,939
889	Cabot Microelectronics Corp.		86,651
335	ePlus, Inc.(b)		23,671
905	Fabrinet (Thailand)(b)		38,589
2,163	Knowles Corp.(b)		34,024
638	Nanometrics, Inc.(b)		18,151
2,006	NIC, Inc.		32,016
714	OneSpan, Inc.(b)		9,960

Schedule of Investments^(a)

617	Park Electrochemical Corp.	$	9,218
1,060	Progress Software Corp.		43,418
770	Rudolph Technologies, Inc.(b)		17,764
1,034	SolarEdge Technologies, Inc.(b)		55,402
			424,803
	Materials - 6.1%
777	AdvanSix, Inc.(b)		18,943
809	Balchem Corp.		73,368
507	Materion Corp.		30,648
329	Quaker Chemical Corp.		59,503
469	Stepan Co.		39,800
1,627	SunCoke Energy, Inc.(b)		11,942
			234,204
	Total Common Stocks & Other Equity Interests (Cost $4,678,723)		3,839,289
	Money Market Funds - 0.1%
3,025	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(d) (Cost $3,025)		3,025
	Total Investments in Securities
	(excluding investments purchased with cash collateral from securities on loan) (Cost $4,681,748)-100.0%		3,842,314
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 1.6%
47,115	Invesco Government & Agency Portfolio - Institutional Class 2.31%(d)(e)		47,115
15,700	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(d)(e)		15,705
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $62,820)		62,820
	Total Investments in Securities (Cost $4,744,568)-101.6%		3,905,134
	Other assets less liabilities-(1.6)%		(61,995	)
	Net Assets-100.0%	$	3,843,139

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 May 31, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco PureBeta^SM MSCI USA ETF (PBUS)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.8%
		Communication Services - 10.4%
	82	Activision Blizzard, Inc.	$	3,556
	34	Alphabet, Inc., Class A(b)		37,621
	36	Alphabet, Inc., Class C(b)		39,731
	17	Altice USA, Inc., Class A		399
	827	AT&T, Inc.		25,290
	38	CBS Corp., Class B		1,835
	111	CenturyLink, Inc.		1,160
	18	Charter Communications, Inc., Class A(b)		6,782
	513	Comcast Corp., Class A		21,033
	18	Discovery, Inc., Class A(b)		491
	35	Discovery, Inc., Class C(b)		897
	26	DISH Network Corp., Class A(b)		939
	34	Electronic Arts, Inc.(b)		3,165
	271	Facebook, Inc., Class A(b)		48,094
	40	Fox Corp., Class A		1,409
	16	Fox Corp., Class B		555
	9	IAC/InterActiveCorp.(b)		1,988
	44	Interpublic Group of Cos., Inc. (The)		934
	12	Liberty Broadband Corp., Class C(b)		1,178
	21	Liberty Global PLC, Series A (United Kingdom)(b)		517
	58	Liberty Global PLC, Series C (United Kingdom)(b)		1,406
	23	Liberty Media Corp.-Liberty Formula One, Class C(b)		859
	10	Liberty Media Corp.-Liberty SiriusXM, Class A(b)		360
	20	Liberty Media Corp.-Liberty SiriusXM, Class C(b)		723
	17	Live Nation Entertainment, Inc.(b)		1,034
	50	Netflix, Inc.(b)		17,164
	44	News Corp., Class A		501
	25	Omnicom Group, Inc.		1,934
	190	Sirius XM Holdings, Inc.		1,009
	77	Snap, Inc., Class A(b)		916
	93	Sprint Corp.(b)		639
	13	Take-Two Interactive Software, Inc.(b)		1,406
	39	T-Mobile US, Inc.(b)		2,864
	12	TripAdvisor, Inc.(b)		507
	78	Twitter, Inc.(b)		2,842
	470	Verizon Communications, Inc.		25,544
	40	Viacom, Inc., Class B		1,161
	204	Walt Disney Co. (The)		26,936
	23	Zayo Group Holdings, Inc.(b)		752
	14	Zillow Group, Inc., Class C(b)(c)		602
				286,733
		Consumer Discretionary - 10.3%
	8	Advance Auto Parts, Inc.		1,240
	47	Amazon.com, Inc.(b)		83,428
	30	Aptiv PLC		1,921
	28	Aramark		974
	10	Autoliv, Inc. (Sweden)		616
	3	AutoZone, Inc.(b)		3,081
	28	Best Buy Co., Inc.		1,755
	5	Booking Holdings, Inc.(b)		8,281
	24	BorgWarner, Inc.		852
	8	Burlington Stores, Inc.(b)		1,253
	17	Capri Holdings Ltd.(b)		552
	19	CarMax, Inc.(b)		1,487
	48	Carnival Corp.		2,457

3	Chipotle Mexican Grill, Inc.(b)	$	1,980
41	D.R. Horton, Inc.		1,753
14	Darden Restaurants, Inc.		1,629
30	Dollar General Corp.		3,818
27	Dollar Tree, Inc.(b)		2,743
4	Domino’s Pizza, Inc.		1,118
99	eBay, Inc.		3,557
14	Expedia Group, Inc.		1,610
422	Ford Motor Co.		4,017
26	Gap, Inc. (The)		486
13	Garmin Ltd.		994
144	General Motors Co.		4,801
17	Genuine Parts Co.		1,681
10	GrubHub, Inc.(b)		652
23	H&R Block, Inc.		604
41	Hanesbrands, Inc.		609
19	Harley-Davidson, Inc.		622
14	Hasbro, Inc.		1,332
32	Hilton Worldwide Holdings, Inc.		2,862
128	Home Depot, Inc. (The)		24,301
19	Kohl’s Corp.		937
27	L Brands, Inc.		606
40	Las Vegas Sands Corp.		2,200
7	Lear Corp.		833
15	Leggett & Platt, Inc.		533
33	Lennar Corp., Class A		1,639
36	LKQ Corp.(b)		923
91	Lowe’s Cos., Inc.		8,489
13	Lululemon Athletica, Inc.(b)		2,153
35	Macy’s, Inc.		720
33	Marriott International, Inc., Class A		4,120
87	McDonald’s Corp.		17,250
5	MercadoLibre, Inc. (Argentina)(b)		2,853
57	MGM Resorts International		1,415
7	Mohawk Industries, Inc.(b)		949
53	Newell Brands, Inc.		711
143	NIKE, Inc., Class B		11,031
13	Nordstrom, Inc.		407
25	Norwegian Cruise Line Holdings Ltd.(b)		1,368
9	O’Reilly Automotive, Inc.(b)		3,342
7	Polaris Industries, Inc.		559
30	PulteGroup, Inc.		930
9	PVH Corp.		767
48	Qurate Retail, Inc.(b)		601
6	Ralph Lauren Corp.		631
42	Ross Stores, Inc.		3,906
19	Royal Caribbean Cruises Ltd.		2,313
141	Starbucks Corp.		10,724
33	Tapestry, Inc.		942
59	Target Corp.		4,747
14	Tesla, Inc.(b)(c)		2,592
12	Tiffany & Co.		1,069
141	TJX Cos., Inc. (The)		7,091
14	Tractor Supply Co.		1,411
6	Ulta Beauty, Inc.(b)		2,000
21	Under Armour, Inc., Class A(b)(c)		479
22	Under Armour, Inc., Class C(b)		445
4	Vail Resorts, Inc.		860
38	VF Corp.		3,111
7	Wayfair, Inc., Class A(b)		1,008
7	Whirlpool Corp.		804
11	Wynn Resorts Ltd.		1,181
35	Yum! Brands, Inc.		3,582
			283,298
	Consumer Staples - 7.2%
214	Altria Group, Inc.		10,499
64	Archer-Daniels-Midland Co.		2,452
35	Brown-Forman Corp., Class B		1,749
16	Bunge Ltd.		837
19	Campbell Soup Co.		690
28	Church & Dwight Co., Inc.		2,083
15	Clorox Co. (The)		2,232

Schedule of Investments^(a)

460	Coca-Cola Co. (The)	$	22,600
93	Colgate-Palmolive Co.		6,475
55	Conagra Brands, Inc.		1,472
19	Constellation Brands, Inc., Class A		3,353
50	Costco Wholesale Corp.		11,979
34	Coty, Inc., Class A		420
25	Estee Lauder Cos., Inc. (The), Class A		4,026
68	General Mills, Inc.		3,362
16	Hershey Co. (The)		2,111
33	Hormel Foods Corp.(c)		1,303
8	Ingredion, Inc.		609
13	JM Smucker Co. (The)		1,580
30	Kellogg Co.		1,577
39	Kimberly-Clark Corp.		4,988
69	Kraft Heinz Co. (The)		1,908
91	Kroger Co. (The)		2,076
17	Lamb Weston Holdings, Inc.		1,007
14	McCormick & Co., Inc.		2,185
22	Molson Coors Brewing Co., Class B		1,210
165	Mondelez International, Inc., Class A		8,390
47	Monster Beverage Corp.(b)		2,907
160	PepsiCo, Inc.		20,480
177	Philip Morris International, Inc.		13,652
283	Procter & Gamble Co. (The)		29,123
55	Sysco Corp.		3,785
34	Tyson Foods, Inc., Class A		2,580
92	Walgreens Boots Alliance, Inc.		4,539
165	Walmart, Inc.		16,738
			196,977
	Energy - 4.8%
57	Anadarko Petroleum Corp.		4,011
43	Apache Corp.		1,121
58	Baker Hughes a GE Co.		1,242
49	Cabot Oil & Gas Corp.		1,226
25	Cheniere Energy, Inc.(b)		1,580
216	Chevron Corp.		24,592
11	Cimarex Energy Co.		629
23	Concho Resources, Inc.		2,254
129	ConocoPhillips		7,606
11	Continental Resources, Inc.(b)		385
50	Devon Energy Corp.		1,258
18	Diamondback Energy, Inc.		1,765
66	EOG Resources, Inc.		5,404
481	Exxon Mobil Corp.		34,040
100	Halliburton Co.		2,129
12	Helmerich & Payne, Inc.		587
30	Hess Corp.		1,676
19	HollyFrontier Corp.		722
226	Kinder Morgan, Inc.		4,509
94	Marathon Oil Corp.		1,236
77	Marathon Petroleum Corp.		3,541
44	National Oilwell Varco, Inc.		917
55	Noble Energy, Inc.		1,177
86	Occidental Petroleum Corp.		4,280
47	ONEOK, Inc.		2,990
29	Parsley Energy, Inc., Class A(b)		517
50	Phillips 66		4,040
19	Pioneer Natural Resources Co.		2,697
17	Plains GP Holdings LP, Class A		383
157	Schlumberger Ltd.		5,446
26	Targa Resources Corp.		1,000
49	TechnipFMC PLC (United Kingdom)		1,019
47	Valero Energy Corp.		3,309
138	Williams Cos., Inc. (The)		3,641
			132,929
	Financials - 12.9%
6	Affiliated Managers Group, Inc.		503
85	Aflac, Inc.		4,360
60	AGNC Investment Corp.		984
2	Alleghany Corp.(b)		1,327
38	Allstate Corp. (The)		3,629
47	Ally Financial, Inc.		1,357

81	American Express Co.	$	9,292
9	American Financial Group, Inc.		884
99	American International Group, Inc.		5,056
15	Ameriprise Financial, Inc.		2,073
158	Annaly Capital Management, Inc.		1,392
27	Aon PLC		4,862
46	Arch Capital Group Ltd.(b)		1,584
21	Arthur J. Gallagher & Co.		1,768
6	Assurant, Inc.		600
18	Athene Holding Ltd., Class A(b)		732
27	AXA Equitable Holdings, Inc.		555
1,042	Bank of America Corp.		27,717
98	Bank of New York Mellon Corp. (The)		4,184
88	BB&T Corp.		4,114
147	Berkshire Hathaway, Inc., Class B(b)		29,021
14	BlackRock, Inc.		5,818
12	Brighthouse Financial, Inc.(b)		426
53	Capital One Financial Corp.		4,551
13	Cboe Global Markets, Inc.		1,411
136	Charles Schwab Corp. (The)		5,659
52	Chubb Ltd.		7,596
18	Cincinnati Financial Corp.		1,768
12	CIT Group, Inc.		570
267	Citigroup, Inc.		16,594
53	Citizens Financial Group, Inc.		1,727
41	CME Group, Inc.		7,877
18	Comerica, Inc.		1,239
37	Discover Financial Services		2,758
29	E*TRADE Financial Corp.		1,299
16	East West Bancorp, Inc.		684
13	Eaton Vance Corp.		497
3	Erie Indemnity Co., Class A		638
5	Everest Re Group Ltd.		1,238
4	FactSet Research Systems, Inc.		1,113
31	Fidelity National Financial, Inc.		1,195
92	Fifth Third Bancorp		2,438
19	First Republic Bank		1,843
35	Franklin Resources, Inc.		1,114
38	Goldman Sachs Group, Inc. (The)		6,935
41	Hartford Financial Services Group, Inc. (The)		2,159
121	Huntington Bancshares, Inc.		1,531
65	Intercontinental Exchange, Inc.		5,344
47	Invesco Ltd.(d)		918
28	Jefferies Financial Group, Inc.		495
372	JPMorgan Chase & Co.		39,417
118	KeyCorp		1,884
55	KKR & Co., Inc., Class A		1,225
24	Lincoln National Corp.		1,427
30	Loews Corp.		1,541
15	M&T Bank Corp.		2,394
2	Markel Corp.(b)		2,118
4	MarketAxess Holdings, Inc.		1,191
57	Marsh & McLennan Cos., Inc.		5,449
92	MetLife, Inc.		4,251
20	Moody’s Corp.		3,658
147	Morgan Stanley		5,981
10	MSCI, Inc.		2,200
13	Nasdaq, Inc.		1,178
24	Northern Trust Corp.		2,052
43	People’s United Financial, Inc.		661
52	PNC Financial Services Group, Inc. (The)		6,618
32	Principal Financial Group, Inc.		1,650
66	Progressive Corp. (The)		5,232
46	Prudential Financial, Inc.		4,249
14	Raymond James Financial, Inc.		1,156
118	Regions Financial Corp.		1,632
7	Reinsurance Group of America, Inc.		1,036
5	RenaissanceRe Holdings Ltd. (Bermuda)		872
28	S&P Global, Inc.		5,989
15	SEI Investments Co.		754
6	Signature Bank		687

Schedule of Investments^(a)

43	State Street Corp.	$	2,376
51	SunTrust Banks, Inc.		3,061
6	SVB Financial Group(b)		1,208
74	Synchrony Financial		2,489
27	T. Rowe Price Group, Inc.		2,731
32	TD Ameritrade Holding Corp.		1,592
12	Torchmark Corp.		1,026
30	Travelers Cos., Inc. (The)		4,367
25	Unum Group		787
173	US Bancorp		8,685
18	Voya Financial, Inc.(c)		917
16	W.R. Berkley Corp.		995
491	Wells Fargo & Co.		21,786
15	Willis Towers Watson PLC		2,632
22	Zions Bancorp NA		948
			355,531
	Health Care - 14.0%
200	Abbott Laboratories		15,226
168	AbbVie, Inc.		12,887
5	ABIOMED, Inc.(b)		1,310
36	Agilent Technologies, Inc.		2,414
25	Alexion Pharmaceuticals, Inc.(b)		2,842
9	Align Technology, Inc.(b)		2,559
18	Alkermes PLC(b)		388
38	Allergan PLC		4,633
10	Alnylam Pharmaceuticals, Inc.(b)		675
18	AmerisourceBergen Corp.		1,402
71	Amgen, Inc.		11,836
29	Anthem, Inc.		8,061
55	Baxter International, Inc.		4,039
31	Becton, Dickinson and Co.		7,237
22	Biogen, Inc.(b)		4,824
20	BioMarin Pharmaceutical, Inc.(b)		1,645
157	Boston Scientific Corp.(b)		6,030
186	Bristol-Myers Squibb Co.		8,439
34	Cardinal Health, Inc.		1,430
79	Celgene Corp.(b)		7,409
47	Centene Corp.(b)		2,714
34	Cerner Corp.(b)		2,379
43	Cigna Corp.		6,365
6	Cooper Cos., Inc. (The)		1,787
147	CVS Health Corp.		7,698
72	Danaher Corp.		9,505
15	DaVita, Inc.(b)		651
25	DENTSPLY SIRONA, Inc.		1,347
10	DexCom, Inc.(b)		1,213
24	Edwards Lifesciences Corp.(b)		4,097
31	Elanco Animal Health, Inc.(b)		970
102	Eli Lilly & Co.		11,826
14	Exact Sciences Corp.(b)		1,451
145	Gilead Sciences, Inc.		9,026
31	HCA Healthcare, Inc.		3,750
17	Henry Schein, Inc.(b)		1,096
30	Hologic, Inc.(b)		1,320
15	Humana, Inc.		3,673
10	IDEXX Laboratories, Inc.(b)		2,498
17	Illumina, Inc.(b)		5,217
21	Incyte Corp.(b)		1,651
13	Intuitive Surgical, Inc.(b)		6,043
15	Ionis Pharmaceuticals, Inc.(b)		984
18	IQVIA Holdings, Inc.(b)		2,445
6	Jazz Pharmaceuticals PLC(b)		753
303	Johnson & Johnson		39,738
11	Laboratory Corp. of America Holdings(b)		1,789
22	McKesson Corp.		2,687
152	Medtronic PLC		14,072
293	Merck & Co., Inc.		23,209
3	Mettler-Toledo International, Inc.(b)		2,169
59	Mylan NV(b)		991
20	Nektar Therapeutics(b)		626
13	PerkinElmer, Inc.		1,122
15	Perrigo Co. PLC		630

631	Pfizer, Inc.	$	26,199
15	Quest Diagnostics, Inc.		1,439
9	Regeneron Pharmaceuticals, Inc.(b)		2,716
16	ResMed, Inc.		1,826
13	Seattle Genetics, Inc.(b)		846
10	STERIS PLC		1,337
38	Stryker Corp.		6,963
5	Teleflex, Inc.		1,442
45	Thermo Fisher Scientific, Inc.		12,014
109	UnitedHealth Group, Inc.		26,356
9	Universal Health Services, Inc., Class B		1,076
10	Varian Medical Systems, Inc.(b)		1,263
14	Veeva Systems, Inc., Class A(b)		2,160
29	Vertex Pharmaceuticals, Inc.(b)		4,819
8	Waters Corp.(b)		1,606
6	WellCare Health Plans, Inc.(b)		1,657
23	Zimmer Biomet Holdings, Inc.		2,620
54	Zoetis, Inc.		5,457
			384,574
	Industrials - 9.3%
65	3M Co.		10,384
16	A.O. Smith Corp.		648
5	Acuity Brands, Inc.		618
11	Allegion PLC		1,068
1	AMERCO		368
13	American Airlines Group, Inc.		354
26	AMETEK, Inc.		2,129
49	Arconic, Inc.		1,073
61	Boeing Co. (The)		20,838
16	C.H. Robinson Worldwide, Inc.		1,274
65	Caterpillar, Inc.		7,788
10	Cintas Corp.		2,218
23	Copart, Inc.(b)		1,644
4	CoStar Group, Inc.(b)		2,039
88	CSX Corp.		6,553
17	Cummins, Inc.		2,563
35	Deere & Co.		4,906
19	Delta Air Lines, Inc.		978
16	Dover Corp.		1,431
48	Eaton Corp. PLC		3,576
71	Emerson Electric Co.		4,277
14	Equifax, Inc.		1,693
20	Expeditors International of Washington, Inc.		1,392
66	Fastenal Co.		2,019
28	FedEx Corp.		4,320
15	Flowserve Corp.		697
16	Fluor Corp.		443
34	Fortive Corp.		2,589
16	Fortune Brands Home & Security, Inc.		769
28	General Dynamics Corp.		4,503
989	General Electric Co.		9,336
13	Harris Corp.		2,433
20	HD Supply Holdings, Inc.(b)		830
5	HEICO Corp.		608
9	HEICO Corp., Class A		884
83	Honeywell International, Inc.		13,638
5	Huntington Ingalls Industries, Inc.		1,026
9	IDEX Corp.		1,374
43	IHS Markit Ltd.(b)		2,468
37	Illinois Tool Works, Inc.		5,167
28	Ingersoll-Rand PLC		3,314
10	J.B. Hunt Transport Services, Inc.		851
15	Jacobs Engineering Group, Inc.		1,129
105	Johnson Controls International PLC		4,045
11	Kansas City Southern		1,246
15	Knight-Swift Transportation Holdings, Inc.(c)		415
9	L3 Technologies, Inc.		2,179
4	Lennox International, Inc.		1,056
29	Lockheed Martin Corp.		9,818
7	ManpowerGroup, Inc.		599

Schedule of Investments^(a)

33	Masco Corp.	$	1,152
6	Middleby Corp. (The)(b)		783
40	Nielsen Holdings PLC		909
30	Norfolk Southern Corp.		5,854
18	Northrop Grumman Corp.		5,458
7	Old Dominion Freight Line, Inc.		927
12	Owens Corning		582
40	PACCAR, Inc.		2,633
15	Parker-Hannifin Corp.		2,285
19	Pentair PLC		662
32	Raytheon Co.		5,584
26	Republic Services, Inc.		2,199
14	Robert Half International, Inc.		751
14	Rockwell Automation, Inc.		2,084
17	Rollins, Inc.		639
12	Roper Technologies, Inc.		4,127
19	Sensata Technologies Holding PLC(b)		811
6	Snap-on, Inc.		935
16	Southwest Airlines Co.		762
12	Spirit AeroSystems Holdings, Inc., Class A		972
17	Stanley Black & Decker, Inc.		2,163
28	Textron, Inc.		1,268
5	TransDigm Group, Inc.(b)		2,205
21	TransUnion		1,376
21	Uber Technologies, Inc.(b)(c)		849
82	Union Pacific Corp.		13,676
8	United Continental Holdings, Inc.(b)		621
79	United Parcel Service, Inc., Class B		7,341
9	United Rentals, Inc.(b)		991
93	United Technologies Corp.		11,746
18	Verisk Analytics, Inc.		2,520
5	W.W. Grainger, Inc.		1,308
6	WABCO Holdings, Inc.(b)		785
15	Wabtec Corp.		936
30	Waste Connections, Inc.		2,839
48	Waste Management, Inc.		5,249
12	XPO Logistics, Inc.(b)(c)		625
20	Xylem, Inc.		1,484
			255,659
	Information Technology - 21.7%
72	Accenture PLC, Class A		12,821
55	Adobe, Inc.(b)		14,899
108	Advanced Micro Devices, Inc.(b)		2,960
19	Akamai Technologies, Inc.(b)		1,432
5	Alliance Data Systems Corp.		687
34	Amphenol Corp., Class A		2,958
42	Analog Devices, Inc.		4,058
9	ANSYS, Inc.(b)		1,615
536	Apple, Inc.		93,837
108	Applied Materials, Inc.		4,178
6	Arista Networks, Inc.(b)		1,468
10	Arrow Electronics, Inc.(b)		627
25	Autodesk, Inc.(b)		4,023
49	Automatic Data Processing, Inc.		7,846
45	Broadcom, Inc.		11,324
13	Broadridge Financial Solutions, Inc.		1,623
32	Cadence Design Systems, Inc.(b)		2,034
14	CDK Global, Inc.		678
17	CDW Corp.		1,673
500	Cisco Systems, Inc.		26,015
15	Citrix Systems, Inc.		1,412
20	Cognex Corp.		812
66	Cognizant Technology Solutions Corp., Class A		4,087
22	CommScope Holding Co., Inc.(b)		355
91	Corning, Inc.		2,624
18	Dell Technologies, Inc., Class C(b)		1,072
12	DocuSign, Inc.(b)		673
22	Dropbox, Inc., Class A(b)		496
30	DXC Technology Co.		1,426
6	EPAM Systems, Inc.(b)		1,036
7	F5 Networks, Inc.(b)		925

37	Fidelity National Information Services, Inc.	$	4,451
61	First Data Corp., Class A(b)		1,551
44	Fiserv, Inc.(b)		3,778
10	FleetCor Technologies, Inc.(b)		2,582
60	Flex Ltd.(b)		536
16	FLIR Systems, Inc.		773
16	Fortinet, Inc.(b)		1,160
10	Gartner, Inc.(b)		1,513
18	Global Payments, Inc.		2,773
20	GoDaddy, Inc., Class A(b)		1,488
156	Hewlett Packard Enterprise Co.		2,140
174	HP, Inc.		3,250
511	Intel Corp.		22,504
101	International Business Machines Corp.		12,826
29	Intuit, Inc.		7,101
4	IPG Photonics Corp.(b)		501
9	Jack Henry & Associates, Inc.		1,181
39	Juniper Networks, Inc.		960
21	Keysight Technologies, Inc.(b)		1,578
19	KLA-Tencor Corp.		1,958
17	Lam Research Corp.		2,968
16	Leidos Holdings, Inc.		1,205
71	Marvell Technology Group Ltd.		1,583
104	Mastercard, Inc., Class A		26,155
31	Maxim Integrated Products, Inc.		1,630
27	Microchip Technology, Inc.		2,161
129	Micron Technology, Inc.(b)		4,207
828	Microsoft Corp.		102,407
4	MongoDB, Inc.(b)		561
19	Motorola Solutions, Inc.		2,849
29	NetApp, Inc.		1,717
65	NVIDIA Corp.		8,805
12	Okta, Inc.(b)		1,359
48	ON Semiconductor Corp.(b)		852
285	Oracle Corp.		14,421
11	Palo Alto Networks, Inc.(b)		2,202
37	Paychex, Inc.		3,174
6	Paycom Software, Inc.(b)		1,273
127	PayPal Holdings, Inc.(b)		13,938
13	PTC, Inc.(b)		1,093
14	Qorvo, Inc.(b)		856
138	QUALCOMM, Inc.		9,221
20	Red Hat, Inc.(b)		3,686
31	Sabre Corp.		629
87	salesforce.com, Inc.(b)		13,173
29	Seagate Technology PLC		1,214
21	ServiceNow, Inc.(b)		5,501
20	Skyworks Solutions, Inc.		1,333
17	Splunk, Inc.(b)		1,938
35	Square, Inc., Class A(b)		2,168
26	SS&C Technologies Holdings, Inc.		1,447
73	Symantec Corp.		1,367
17	Synopsys, Inc.(b)		1,979
8	Tableau Software, Inc., Class A(b)		900
38	TE Connectivity Ltd.		3,201
107	Texas Instruments, Inc.		11,161
19	Total System Services, Inc.		2,347
29	Trimble, Inc.(b)		1,157
11	Twilio, Inc., Class A(b)		1,452
12	VeriSign, Inc.(b)		2,340
199	Visa, Inc., Class A		32,105
9	VMware, Inc., Class A		1,593
33	Western Digital Corp.		1,228
50	Western Union Co. (The)		970
17	Workday, Inc., Class A(b)		3,470
34	Worldpay, Inc., Class A(b)		4,136
24	Xerox Corp.		735
29	Xilinx, Inc.		2,967
6	Zebra Technologies Corp., Class A(b)		1,029
			596,141
	Materials - 2.6%
25	Air Products & Chemicals, Inc.		5,090

Schedule of Investments^(a)

12	Albemarle Corp.	$	760
10	Avery Dennison Corp.		1,041
24	Axalta Coating Systems Ltd.(b)		564
37	Ball Corp.		2,271
15	Celanese Corp.		1,424
26	CF Industries Holdings, Inc.		1,046
19	Chemours Co. (The)		401
15	Crown Holdings, Inc.(b)		831
87	Dow, Inc.		4,068
256	DowDuPont, Inc.(b)		7,813
16	Eastman Chemical Co.		1,039
30	Ecolab, Inc.		5,523
15	FMC Corp.		1,102
156	Freeport-McMoRan, Inc.		1,515
12	International Flavors & Fragrances, Inc.(c)		1,625
44	International Paper Co.		1,825
63	Linde PLC (United Kingdom)		11,375
34	LyondellBasell Industries NV, Class A		2,524
7	Martin Marietta Materials, Inc.		1,473
42	Mosaic Co. (The)		902
93	Newmont Goldcorp Corp.		3,077
36	Nucor Corp.		1,728
11	Packaging Corp. of America		980
27	PPG Industries, Inc.		2,825
18	Sealed Air Corp.		754
9	Sherwin-Williams Co. (The)		3,775
26	Steel Dynamics, Inc.		654
15	Vulcan Materials Co.		1,874
4	Westlake Chemical Corp.		229
29	WestRock Co.		945
			71,053
	Real Estate - 3.3%
12	Alexandria Real Estate Equities, Inc.		1,757
50	American Tower Corp.		10,439
16	AvalonBay Communities, Inc.		3,248
18	Boston Properties, Inc.		2,355
11	Camden Property Trust		1,137
37	CBRE Group, Inc., Class A(b)		1,691
47	Crown Castle International Corp.		6,111
23	Digital Realty Trust, Inc.		2,708
41	Duke Realty Corp.		1,234
9	Equinix, Inc.		4,372
10	Equity LifeStyle Properties, Inc.		1,217
42	Equity Residential		3,216
7	Essex Property Trust, Inc.		2,042
14	Extra Space Storage, Inc.		1,500
8	Federal Realty Investment Trust		1,046
53	HCP, Inc.		1,681
84	Host Hotels & Resorts, Inc.		1,521
36	Invitation Homes, Inc.		923
31	Iron Mountain, Inc.		950
5	Jones Lang LaSalle, Inc.		622
48	Kimco Realty Corp.		835
17	Liberty Property Trust		807
12	Macerich Co. (The)		436
13	Mid-America Apartment Communities, Inc.		1,484
18	National Retail Properties, Inc.		964
72	Prologis, Inc.		5,304
18	Public Storage		4,282
34	Realty Income Corp.		2,383
17	Regency Centers Corp.		1,121
13	SBA Communications Corp.(b)		2,813
35	Simon Property Group, Inc.		5,673
10	SL Green Realty Corp.		860
10	Sun Communities, Inc.		1,263
31	UDR, Inc.		1,388
41	Ventas, Inc.		2,636
110	VEREIT, Inc.		977
19	Vornado Realty Trust		1,258
43	Welltower, Inc.		3,492
85	Weyerhaeuser Co.		1,938

18	WP Carey, Inc.	$	1,494
			91,178
	Utilities - 3.3%
75	AES Corp.		1,185
27	Alliant Energy Corp.		1,281
28	Ameren Corp.		2,054
56	American Electric Power Co., Inc.		4,823
21	American Water Works Co., Inc.		2,373
13	Atmos Energy Corp.		1,323
57	CenterPoint Energy, Inc.		1,621
32	CMS Energy Corp.		1,796
35	Consolidated Edison, Inc.		3,021
91	Dominion Energy, Inc.		6,841
21	DTE Energy Co.		2,635
81	Duke Energy Corp.		6,934
37	Edison International		2,197
21	Entergy Corp.		2,038
30	Evergy, Inc.		1,744
36	Eversource Energy		2,658
110	Exelon Corp.		5,289
58	FirstEnergy Corp.		2,392
54	NextEra Energy, Inc.		10,703
42	NiSource, Inc.		1,170
33	NRG Energy, Inc.		1,123
23	OGE Energy Corp.		956
13	Pinnacle West Capital Corp.		1,221
82	PPL Corp.		2,440
57	Public Service Enterprise Group, Inc.		3,349
31	Sempra Energy		4,075
117	Southern Co. (The)		6,260
20	UGI Corp.		1,032
37	Vistra Energy Corp.		872
36	WEC Energy Group, Inc.		2,900
58	Xcel Energy, Inc.		3,326
			91,632
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $2,509,695)-99.8%		2,745,705
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 0.3%
6,080	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(e)(f)		6,080
2,093	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(e)(f)		2,094
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,174)		8,174
	Total Investments in Securities (Cost $2,517,869)-100.1%		2,753,879
	Other assets less liabilities-(0.1)%		(3,882	)
	Net Assets-100.0%	$	2,749,997

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 May 31, 2019.

^(d)  Affiliated company. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

Schedule of Investments^(a)

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value May 31, 2019		Dividend Income
Invesco Ltd.	$	1,085	$	39	$	—	$	(206	)	$	—	$	918	$	42

^(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 May 31, 2019.

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

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

Schedule of Investments^(a)

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)

May 31, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests - 99.8%
		Communication Services - 3.2%
	41	AMC Entertainment Holdings, Inc., Class A(b)	$	491
	35	AMC Networks, Inc., Class A(c)		1,847
	52	ANGI Homeservices, Inc., Class A(b)(c)		750
	9	ATN International, Inc.		527
	12	Bandwidth, Inc., Class A(c)		871
	33	Boingo Wireless, Inc.(c)		624
	7	Boston Omaha Corp., Class A(c)		169
	4	Cable One, Inc.		4,468
	22	Care.com, Inc.(c)		314
	60	Cargurus, Inc.(c)		2,050
	51	Cars.com, Inc.(c)		1,080
	36	Cincinnati Bell, Inc.(c)		230
	87	Cinemark Holdings, Inc.		3,305
	26	Clear Channel Outdoor Holdings, Inc.(c)		132
	35	Cogent Communications Holdings, Inc.		2,048
	35	comScore, Inc.(c)		319
	56	Consolidated Communications Holdings, Inc.(b)		224
	38	E.W. Scripps Co. (The), Class A		578
	20	Emerald Expositions Events, Inc.		234
	97	Entercom Communications Corp., Class A		562
	51	Entravision Communications Corp., Class A		150
	9	Eventbrite, Inc., Class A(b)(c)		141
	30	Fluent, Inc.(c)		146
	83	Frontier Communications Corp.(b)(c)		156
	90	Gannett Co., Inc.		707
	75	GCI Liberty, Inc., Class A(c)		4,357
	454	Globalstar, Inc.(c)		252
	90	Glu Mobile, Inc.(c)		718
	45	Gogo, Inc.(b)(c)		220
	73	Gray Television, Inc.(c)		1,258
	14	Hemisphere Media Group, Inc.(c)		189
	43	IMAX Corp.(c)		936
	79	Iridium Communications, Inc.(c)		1,693
	36	John Wiley & Sons, Inc., Class A		1,504
	34	Liberty Latin America Ltd., Class A (Chile)(c)		580
	92	Liberty Latin America Ltd., Class C (Chile)(c)		1,581
	7	Liberty Media Corp.-Liberty Braves, Class A(c)		186
	28	Liberty Media Corp.-Liberty Braves, Class C(c)		745
	57	Liberty TripAdvisor Holdings, Inc., Series A(c)		607
	45	Lions Gate Entertainment Corp., Class A		665
	89	Lions Gate Entertainment Corp., Class B		1,225
	9	Loral Space & Communications, Inc.(c)		305
	12	Madison Square Garden Co. (The), Class A(c)		3,550
	16	Marcus Corp. (The)		559
	31	Meredith Corp.(b)		1,605
	48	MSG Networks, Inc., Class A(c)		1,013
	49	National CineMedia, Inc.		321
	45	New Media Investment Group, Inc.		415
	117	New York Times Co. (The), Class A		3,723
	36	Nexstar Media Group, Inc., Class A		3,605
	59	ORBCOMM, Inc.(c)		394

7	pdvWireless, Inc.(c)	$	341
33	QuinStreet, Inc.(c)		506
16	Rosetta Stone, Inc.(c)		395
24	Scholastic Corp.		794
37	Shenandoah Telecommunications Co.		1,488
52	Sinclair Broadcast Group, Inc., Class A		2,791
14	Spok Holdings, Inc.		216
19	TechTarget, Inc.(c)		359
169	TEGNA, Inc.		2,559
79	Telephone & Data Systems, Inc.		2,276
62	Tribune Media Co., Class A		2,871
13	Tribune Publishing Co.(c)		128
65	TrueCar, Inc.(c)		424
10	United States Cellular Corp.(c)		436
179	Vonage Holdings Corp.(c)		2,119
19	WideOpenWest, Inc.(c)		142
37	World Wrestling Entertainment, Inc., Class A		2,691
65	Yelp, Inc.(c)		1,997
653	Zynga, Inc., Class A(c)		4,107
			80,969
	Consumer Discretionary - 11.6%
20	1-800-Flowers.com, Inc., Class A(c)		365
53	Aaron’s, Inc.		2,823
52	Abercrombie & Fitch Co., Class A		900
26	Acushnet Holdings Corp.		611
70	Adient PLC		1,208
45	Adtalem Global Education, Inc.(c)		1,978
88	American Axle & Manufacturing Holdings, Inc.(c)		890
131	American Eagle Outfitters, Inc.		2,279
43	American Outdoor Brands Corp.(c)		361
13	American Public Education, Inc.(c)		364
5	America’s Car-Mart, Inc.(c)		430
15	Asbury Automotive Group, Inc.(c)		1,113
37	At Home Group, Inc.(c)		705
42	AutoNation, Inc.(c)		1,658
40	Barnes & Noble, Inc.		176
50	BBX Capital Corp.		204
24	Beazer Homes USA, Inc.(c)		218
108	Bed Bath & Beyond, Inc.(b)		1,370
31	Big Lots, Inc.		856
1	Biglari Holdings, Inc., Class B(c)		91
17	BJ’s Restaurants, Inc.		712
68	Bloomin’ Brands, Inc.		1,313
22	Boot Barn Holdings, Inc.(c)		575
66	Boyd Gaming Corp.		1,579
46	Bright Horizons Family Solutions, Inc.(c)		6,305
29	Brinker International, Inc.		1,090
68	Brunswick Corp.		2,821
23	Buckle, Inc. (The)		346
420	Caesars Entertainment Corp.(c)		3,692
34	Caleres, Inc.		641
70	Callaway Golf Co.		1,029
26	Camping World Holdings, Inc., Class A(b)		274
55	Career Education Corp.(c)		1,032
14	Carriage Services, Inc.		255
28	Carrols Restaurant Group, Inc.(c)		239
36	Carter’s, Inc.		3,028
36	Carvana Co.(b)(c)		2,084
18	Cato Corp. (The), Class A		223
7	Cavco Industries, Inc.(c)		1,005
20	Century Communities, Inc.(c)		534
34	Cheesecake Factory, Inc. (The)		1,470
82	Chegg, Inc.(c)		3,072
99	Chico’s FAS, Inc.		334
13	Children’s Place, Inc. (The)		1,205
28	Choice Hotels International, Inc.		2,304
28	Churchill Downs, Inc.		2,760
13	Chuy’s Holdings, Inc.(c)		288
10	Citi Trends, Inc.		137
24	Columbia Sportswear Co.		2,251

Schedule of Investments^(a)

15	Conn’s, Inc.(c)	$	269
15	Container Store Group, Inc. (The)(b)(c)		105
39	Cooper Tire & Rubber Co.		1,076
14	Cooper-Standard Holdings, Inc.(c)		541
36	Core-Mark Holding Co., Inc.		1,328
16	Cracker Barrel Old Country Store, Inc.		2,513
52	Crocs, Inc.(c)		1,005
112	Dana, Inc.		1,634
30	Dave & Buster’s Entertainment, Inc.		1,492
23	Deckers Outdoor Corp.(c)		3,498
25	Del Taco Restaurants, Inc.(c)		270
69	Delphi Technologies PLC		1,053
48	Denny’s Corp.(c)		945
54	Designer Brands, Inc., Class A		977
58	Dick’s Sporting Goods, Inc.		2,002
9	Dillard’s, Inc., Class A(b)		510
13	Dine Brands Global, Inc.		1,227
22	Dorman Products, Inc.(c)		1,796
15	Duluth Holdings, Inc., Class B(b)(c)		224
65	Dunkin’ Brands Group, Inc.		4,824
18	El Pollo Loco Holdings, Inc.(c)		189
52	Eldorado Resorts, Inc.(c)		2,557
20	Ethan Allen Interiors, Inc.		424
94	Etsy, Inc.(c)		5,857
55	Everi Holdings, Inc.(c)		613
54	Express, Inc.(c)		163
148	Extended Stay America, Inc.		2,537
18	Fiesta Restaurant Group, Inc.(c)		255
44	Five Below, Inc.(c)		5,664
53	Floor & Decor Holdings, Inc., Class A(c)		1,883
89	Foot Locker, Inc.		3,502
35	Fossil Group, Inc.(c)		343
30	Fox Factory Holding Corp.(c)		2,011
66	frontdoor, Inc.(c)		2,654
80	GameStop Corp., Class A(b)		606
58	Garrett Motion, Inc. (Switzerland)(c)		892
16	Genesco, Inc.(c)		720
203	Gentex Corp.		4,336
27	Gentherm, Inc.(c)		1,009
33	G-III Apparel Group Ltd.(c)		849
15	Golden Entertainment, Inc.(b)(c)		193
182	Goodyear Tire & Rubber Co. (The)		2,441
90	GoPro, Inc., Class A(c)		567
3	Graham Holdings Co., Class B		2,042
38	Grand Canyon Education, Inc.(c)		4,555
20	Green Brick Partners, Inc.(c)		174
14	Group 1 Automotive, Inc.		1,011
358	Groupon, Inc.(c)		1,264
44	Guess?, Inc.		711
5	Hamilton Beach Brands Holding Co., Class A		87
14	Haverty Furniture Cos., Inc.		244
20	Helen of Troy Ltd.(c)		2,672
14	Hibbett Sports, Inc.(c)		310
74	Hilton Grand Vacations, Inc.(c)		1,881
9	Hooker Furniture Corp.		241
82	Houghton Mifflin Harcourt Co.(c)		462
18	Installed Building Products, Inc.(c)		926
19	International Speedway Corp., Class A		850
22	iRobot Corp.(b)(c)		1,916
248	J.C. Penney Co., Inc.(b)(c)		211
18	Jack in the Box, Inc.		1,498
5	Johnson Outdoors, Inc., Class A		369
30	K12, Inc.(c)		917
61	KB Home		1,533
38	Kontoor Brands, Inc.(c)		1,113
9	Lands’ End, Inc.(c)		111
76	Laureate Education, Inc., Class A(c)		1,221
37	La-Z-Boy, Inc.		1,191
19	LCI Industries		1,575
15	LGI Homes, Inc.(c)		1,023
43	Liberty Expedia Holdings, Inc., Class A(c)		1,773

20	Lindblad Expeditions Holdings, Inc.(c)	$	326
18	Lithia Motors, Inc., Class A		2,055
22	Lumber Liquidators Holdings, Inc.(b)(c)		211
22	M/I Homes, Inc.(c)		602
16	Malibu Boats, Inc., Class A(c)		574
7	Marine Products Corp.		97
18	MarineMax, Inc.(c)		280
31	Marriott Vacations Worldwide Corp.		2,787
15	MasterCraft Boat Holdings, Inc.(c)		298
271	Mattel, Inc.(c)		2,669
38	MDC Holdings, Inc.		1,194
28	Meritage Homes Corp.(c)		1,403
74	Michaels Cos., Inc. (The)(c)		674
40	Modine Manufacturing Co.(c)		514
10	Monarch Casino & Resort, Inc.(c)		430
26	Monro, Inc.		2,072
15	Motorcar Parts of America, Inc.(c)		266
13	Movado Group, Inc.		335
24	Murphy USA, Inc.(c)		1,926
52	National Vision Holdings, Inc.(c)		1,416
21	Noodles & Co.(c)		152
424	Office Depot, Inc.		831
44	Ollie’s Bargain Outlet Holdings, Inc.(c)		4,344
20	Overstock.com, Inc.(b)(c)		191
13	Oxford Industries, Inc.		926
16	Papa John’s International, Inc.(b)		775
44	Party City Holdco, Inc.(c)		348
87	Penn National Gaming, Inc.(c)		1,640
30	Penske Automotive Group, Inc.		1,282
16	PetMed Express, Inc.(b)		279
66	Planet Fitness, Inc., Class A(c)		5,047
46	Playa Hotels & Resorts N.V.(c)		370
22	PlayAGS, Inc.(c)		421
31	Pool Corp.		5,573
63	Quotient Technology, Inc.(c)		666
10	Red Robin Gourmet Burgers, Inc.(c)		256
55	Red Rock Resorts, Inc., Class A		1,148
22	Regis Corp.(c)		410
36	Rent-A-Center, Inc.(c)		859
15	RH(b)(c)		1,277
64	Roku, Inc.(c)		5,786
23	Ruth’s Hospitality Group, Inc.		526
95	Sally Beauty Holdings, Inc.(b)(c)		1,442
40	Scientific Games Corp.(c)		764
45	SeaWorld Entertainment, Inc.(c)		1,440
142	Service Corp. International		6,230
106	ServiceMaster Global Holdings, Inc.(c)		5,724
22	Shake Shack, Inc., Class A(c)		1,350
10	Shoe Carnival, Inc.(b)		257
26	Shutterfly, Inc.(c)		1,234
15	Shutterstock, Inc.		571
41	Signet Jewelers Ltd.		773
59	Six Flags Entertainment Corp.		2,912
105	Skechers U.S.A., Inc., Class A(c)		2,933
40	Skyline Champion Corp.		936
24	Sleep Number Corp.(c)		835
18	Sonic Automotive, Inc., Class A		314
16	Sonos, Inc.(b)(c)		162
25	Sotheby’s(c)		843
10	Speedway Motorsports, Inc.		182
13	Stamps.com, Inc.(c)		436
16	Standard Motor Products, Inc.		678
64	Steven Madden Ltd.		1,937
33	Stitch Fix, Inc., Class A(b)(c)		764
22	Stoneridge, Inc.(c)		573
17	Strategic Education, Inc.		2,992
14	Sturm Ruger & Co., Inc.		696
39	Tailored Brands, Inc.		205
82	Taylor Morrison Home Corp., Class A(c)		1,638
36	Tempur Sealy International, Inc.(c)		2,297
40	Tenneco, Inc., Class A		398
53	Texas Roadhouse, Inc.		2,717

Schedule of Investments^(a)

43	Thor Industries, Inc.	$	2,220
31	Tile Shop Holdings, Inc.		130
109	Toll Brothers, Inc.		3,790
27	TopBuild Corp.(c)		2,140
16	Tower International, Inc.		279
111	TRI Pointe Group, Inc.(c)		1,365
38	Tupperware Brands Corp.		708
23	Twin River Worldwide Holdings, Inc.(c)		693
11	Unifi, Inc.(c)		207
11	Universal Electronics, Inc.(c)		433
54	Urban Outfitters, Inc.(c)		1,213
83	Veoneer, Inc. (Sweden)(b)(c)		1,322
19	Vera Bradley, Inc.(c)		208
45	Vista Outdoor, Inc.(c)		345
22	Visteon Corp.(c)		979
38	Waitr Holdings, Inc.(b)(c)		266
37	Weight Watchers International, Inc.(c)		640
144	Wendy’s Co. (The)		2,648
26	William Lyon Homes, Class A(c)		482
63	Williams-Sonoma, Inc.(b)		3,685
23	Wingstop, Inc.		1,833
2	Winmark Corp.		330
24	Winnebago Industries, Inc.		771
72	Wolverine World Wide, Inc.		2,012
74	Wyndham Destinations, Inc.		2,944
77	Wyndham Hotels & Resorts, Inc.		4,107
13	YETI Holdings, Inc.(c)		311
16	Zumiez, Inc.(c)		316
			294,479
	Consumer Staples - 3.0%
24	Andersons, Inc. (The)		652
347	Avon Products, Inc. (United Kingdom)(c)		1,305
51	B&G Foods, Inc.(b)		1,119
76	BJ’s Wholesale Club Holdings, Inc.(c)		1,899
6	Boston Beer Co., Inc. (The), Class A(c)		1,886
13	Calavo Growers, Inc.		1,137
24	Cal-Maine Foods, Inc.		889
29	Casey’s General Stores, Inc.		3,743
9	Central Garden & Pet Co.(c)		253
33	Central Garden & Pet Co., Class A(c)		844
20	Chefs’ Warehouse, Inc. (The)(c)		633
4	Coca-Cola Consolidated, Inc.		1,208
129	Darling Ingredients, Inc.(c)		2,438
42	Edgewell Personal Care Co.(c)		1,199
17	elf Beauty, Inc.(c)		173
52	Energizer Holdings, Inc.		2,128
9	Farmer Brothers Co.(c)		165
149	Flowers Foods, Inc.		3,333
25	Fresh Del Monte Produce, Inc.		626
25	Freshpet, Inc.(c)		1,162
73	Hain Celestial Group, Inc. (The)(c)		1,488
84	Herbalife Nutrition Ltd.(c)		3,510
75	Hostess Brands, Inc.(c)		1,004
10	Ingles Markets, Inc., Class A		298
14	Inter Parfums, Inc.		907
12	J&J Snack Foods Corp.		1,930
7	John B. Sanfilippo & Son, Inc.		537
15	Lancaster Colony Corp.		2,157
21	Landec Corp.(c)		208
9	Medifast, Inc.		1,161
11	MGP Ingredients, Inc.(b)		662
9	National Beverage Corp.		406
43	Nu Skin Enterprises, Inc., Class A		2,008
82	Performance Food Group Co.(c)		3,227
49	Pilgrim’s Pride Corp.(c)		1,253
50	Post Holdings, Inc.(c)		5,255
18	PriceSmart, Inc.		875
26	Primo Water Corp.(c)		300
42	Rite Aid Corp.(b)(c)		322
16	Sanderson Farms, Inc.		2,187
55	Simply Good Foods Co. (The)(c)		1,182
24	Smart & Final Stores, Inc.(c)		156

28	SpartanNash Co.	$	323
32	Spectrum Brands Holdings, Inc.		1,685
97	Sprouts Farmers Market, Inc.(c)		1,945
14	Tootsie Roll Industries, Inc.		531
44	TreeHouse Foods, Inc.(c)		2,294
9	Turning Point Brands, Inc.		443
40	United Natural Foods, Inc.(c)		406
20	Universal Corp.		1,130
171	US Foods Holding Corp.(c)		5,910
11	USANA Health Sciences, Inc.(c)		779
88	Vector Group Ltd.		788
7	Village Super Market, Inc., Class A		185
11	WD-40 Co.		1,720
13	Weis Markets, Inc.		491
			76,455
	Energy - 3.7%
179	Antero Midstream Corp.		2,187
206	Antero Resources Corp.(c)		1,353
61	Apergy Corp.(c)		1,892
13	Arch Coal, Inc., Class A(b)		1,146
102	Archrock, Inc.		905
51	Berry Petroleum Corp.		548
12	Bonanza Creek Energy, Inc.(c)		234
52	C&J Energy Services, Inc.(c)		616
36	Cactus, Inc., Class A(c)		1,172
36	California Resources Corp.(b)(c)		583
179	Callon Petroleum Co.(c)		1,119
72	Carrizo Oil & Gas, Inc.(c)		733
145	Centennial Resource Development, Inc., Class A(c)		1,145
30	Chaparral Energy, Inc., Class A(c)		127
896	Chesapeake Energy Corp.(b)(c)		1,720
112	Clean Energy Fuels Corp.(c)		299
156	CNX Resources Corp.(c)		1,204
22	CONSOL Energy, Inc.(c)		577
15	Contura Energy, Inc.(c)		790
35	Core Laboratories N.V.		1,667
26	Covia Holdings Corp.(b)(c)		76
24	CVR Energy, Inc.		1,019
64	Delek US Holdings, Inc.		1,959
361	Denbury Resources, Inc.(c)		520
54	Diamond Offshore Drilling, Inc.(b)(c)		425
12	DMC Global, Inc.		812
29	Dril-Quip, Inc.(c)		1,196
210	EnLink Midstream LLC		2,180
154	Ensco Rowan PLC, Class A		1,289
200	EQT Corp.		3,660
169	Equitrans Midstream Corp.		3,356
24	Exterran Corp.(c)		331
87	Extraction Oil & Gas, Inc.(b)(c)		295
60	Forum Energy Technologies, Inc.(c)		229
70	Frank’s International N.V.(c)		398
26	FTS International, Inc.(c)		160
304	Gran Tierra Energy, Inc. (Colombia)(c)		596
31	Green Plains, Inc.		405
121	Gulfport Energy Corp.(c)		662
111	Helix Energy Solutions Group, Inc.(c)		750
92	HighPoint Resources Corp.(c)		172
16	International Seaways, Inc.(c)		285
50	Jagged Peak Energy, Inc.(c)		415
37	Keane Group, Inc.(c)		272
16	KLX Energy Services Holdings, Inc.(c)		315
219	Kosmos Energy Ltd. (Ghana)		1,349
119	Laredo Petroleum, Inc.(c)		314
34	Liberty Oilfield Services, Inc., Class A		433
86	Magnolia Oil & Gas Corp.(c)		949
11	Mammoth Energy Services, Inc.		116
87	Matador Resources Co.(c)		1,430
21	Matrix Service Co.(c)		380
142	McDermott International, Inc.(c)		858
17	Montage Resources Corp.(b)(c)		133
129	Murphy Oil Corp.		3,206

Schedule of Investments^(a)

267	Nabors Industries Ltd.	$	630
71	Newpark Resources, Inc.(c)		496
13	Nine Energy Service, Inc.(c)		220
195	Noble Corp. PLC(c)		378
163	Northern Oil and Gas, Inc.(c)		324
225	Oasis Petroleum, Inc.(c)		1,170
77	Oceaneering International, Inc.(c)		1,263
45	Oil States International, Inc.(c)		749
25	Par Pacific Holdings, Inc.(c)		490
168	Patterson-UTI Energy, Inc.		1,786
89	PBF Energy, Inc., Class A		2,350
52	PDC Energy, Inc.(c)		1,587
59	Peabody Energy Corp.		1,388
8	Penn Virginia Corp.(c)		244
67	ProPetro Holding Corp.(c)		1,301
185	QEP Resources, Inc.(c)		1,278
167	Range Resources Corp.		1,306
29	Renewable Energy Group, Inc.(c)		454
4	REX American Resources Corp.(c)		270
45	Ring Energy, Inc.(c)		159
54	Roan Resources, Inc.(c)		113
51	RPC, Inc.(b)		379
24	SandRidge Energy, Inc.(c)		165
14	SEACOR Holdings, Inc.(c)		583
47	Select Energy Services, Inc., Class A(c)		503
53	SemGroup Corp., Class A		668
84	SM Energy Co.		977
24	Solaris Oilfield Infrastructure, Inc., Class A		342
424	Southwestern Energy Co.(c)		1,522
191	SRC Energy, Inc.(c)		905
122	Superior Energy Services, Inc.(c)		198
110	Tallgrass Energy LP		2,617
17	Talos Energy, Inc.(c)		397
75	Tellurian, Inc.(b)(c)		577
99	TETRA Technologies, Inc.(c)		152
5	Texas Pacific Land Trust		3,685
27	Tidewater, Inc.(c)		575
407	Transocean Ltd.(c)		2,523
43	Unit Corp.(c)		414
54	US Silica Holdings, Inc.		561
77	W&T Offshore, Inc.(c)		323
72	Whiting Petroleum Corp.(c)		1,323
53	World Fuel Services Corp.		1,544
330	WPX Energy, Inc.(c)		3,551
			93,402
	Financials - 16.0%
14	1st Source Corp.		613
25	AG Mortgage Investment Trust, Inc.		386
9	Allegiance Bancshares, Inc.(c)		292
11	Amalgamated Bank, Class A		182
36	Ambac Financial Group, Inc.(c)		547
71	American Equity Investment Life Holding Co.		2,010
6	American National Insurance Co.		680
37	Ameris Bancorp		1,306
15	AMERISAFE, Inc.		894
77	Anworth Mortgage Asset Corp.		292
113	Apollo Commercial Real Estate Finance, Inc.		2,077
57	Arbor Realty Trust, Inc.(b)		702
20	Ares Commercial Real Estate Corp.		294
61	Ares Management Corp., Class A		1,567
27	Argo Group International Holdings Ltd.		1,903
29	Arlington Asset Investment Corp., Class A		194
46	ARMOUR Residential REIT, Inc.		800
10	Arrow Financial Corp.		322
40	Artisan Partners Asset Management, Inc., Class A		946
129	Associated Banc-Corp.		2,556
3	Associated Capital Group, Inc., Class A(b)		112
81	Assured Guaranty Ltd.		3,310
20	Atlantic Capital Bancshares, Inc.(c)		327

58	Atlantic Union Bankshares Corp.	$	1,873
66	Axis Capital Holdings Ltd.		3,932
43	Axos Financial, Inc.(c)		1,174
10	B. Riley Financial, Inc.		198
35	Banc of California, Inc.		463
14	BancFirst Corp.		731
40	Bancorp, Inc. (The)(c)		356
78	BancorpSouth Bank		2,112
33	Bank of Hawaii Corp.		2,497
10	Bank of Marin Bancorp		405
101	Bank OZK		2,919
77	BankUnited, Inc.		2,501
28	Banner Corp.		1,413
12	Bar Harbor Bankshares		284
34	Berkshire Hills Bancorp, Inc.		992
206	BGC Partners, Inc., Class A		968
92	Blackstone Mortgage Trust, Inc., Class A		3,244
38	Blucora, Inc.(c)		1,177
25	BOK Financial Corp.		1,873
66	Boston Private Financial Holdings, Inc.		677
12	Bridge Bancorp, Inc.		334
61	BrightSphere Investment Group PLC		655
63	Brookline Bancorp, Inc.		904
186	Brown & Brown, Inc.		5,872
16	Bryn Mawr Bank Corp.		585
13	Byline Bancorp, Inc.(c)		243
104	Cadence BanCorp		1,924
12	Camden National Corp.		508
48	Cannae Holdings, Inc.(c)		1,221
105	Capitol Federal Financial, Inc.		1,394
67	Capstead Mortgage Corp.		530
17	Carolina Financial Corp.		564
60	Cathay General Bancorp		2,018
15	CBTX, Inc.		409
92	CenterState Bank Corp.		2,014
23	Central Pacific Financial Corp.		639
2	Century Bancorp, Inc., Class A		179
56	Chemical Financial Corp.		2,120
147	Chimera Investment Corp.		2,681
38	Citizens, Inc.(c)		244
13	City Holding Co.		950
126	CNO Financial Group, Inc.		1,979
18	Cohen & Steers, Inc.		922
65	Colony Credit Real Estate, Inc.		989
57	Columbia Banking System, Inc.		1,901
45	Columbia Financial, Inc.(c)		687
78	Commerce Bancshares, Inc.		4,472
40	Community Bank System, Inc.		2,472
13	Community Trust Bancorp, Inc.		515
26	ConnectOne Bancorp, Inc.		546
21	Cowen, Inc., Class A(c)		318
13	Crawford & Co., Class A(b)		106
8	Credit Acceptance Corp.(c)		3,651
47	Cullen/Frost Bankers, Inc.		4,290
11	Curo Group Holdings Corp.(c)		103
23	Customers Bancorp, Inc.(c)		454
88	CVB Financial Corp.		1,808
3	Diamond Hill Investment Group, Inc.		431
24	Dime Community Bancshares, Inc.		427
10	Donegal Group, Inc., Class A		145
25	Donnelley Financial Solutions, Inc.(c)		308
56	Dynex Capital, Inc.		308
26	Eagle Bancorp, Inc.		1,380
16	eHealth, Inc.(c)		1,129
7	EMC Insurance Group, Inc.		253
26	Employers Holdings, Inc.		1,080
21	Encore Capital Group, Inc.(c)		721
26	Enova International, Inc.(c)		555
9	Enstar Group Ltd. (Bermuda)(c)		1,480
20	Enterprise Financial Services Corp.		784
12	Equity Bancshares, Inc., Class A(c)		299
73	Essent Group Ltd.(c)		3,427

Schedule of Investments^(a)

32	Evercore, Inc., Class A	$	2,471
25	Exantas Capital Corp.		273
41	EZCORP, Inc., Class A(c)		360
254	F.N.B. Corp.		2,794
13	FB Financial Corp.		452
9	FBL Financial Group, Inc., Class A		554
7	Federal Agricultural Mortgage Corp., Class C		479
75	Federated Investors, Inc., Class B		2,290
130	FGL Holdings		1,034
18	Fidelity Southern Corp.		507
12	Financial Institutions, Inc.		324
87	First American Financial Corp.		4,494
23	First Bancorp		814
170	First BanCorp		1,693
13	First Bancshares, Inc. (The)		387
39	First Busey Corp.		964
5	First Citizens BancShares, Inc., Class A		2,101
77	First Commonwealth Financial Corp.		968
11	First Community Bankshares, Inc.		360
16	First Defiance Financial Corp.		434
77	First Financial Bancorp		1,719
43	First Financial Bankshares, Inc.		2,436
8	First Financial Corp.		303
30	First Foundation, Inc.		393
106	First Hawaiian, Inc.		2,638
250	First Horizon National Corp.		3,353
32	First Interstate BancSystem, Inc., Class A		1,181
44	First Merchants Corp.		1,463
10	First Mid Bancshares, Inc.		334
83	First Midwest Bancorp, Inc.		1,618
20	First of Long Island Corp. (The)		427
34	FirstCash, Inc.		3,220
24	Flagstar Bancorp, Inc.		756
21	Flushing Financial Corp.		442
11	Franklin Financial Network, Inc.		289
133	Fulton Financial Corp.		2,096
5	GAMCO Investors, Inc., Class A		85
393	Genworth Financial, Inc., Class A(c)		1,144
19	German American Bancorp, Inc.		530
66	Glacier Bancorp, Inc.		2,601
7	Global Indemnity Ltd. (Cayman Islands)		208
40	Granite Point Mortgage Trust, Inc.		744
9	Great Southern Bancorp, Inc.		497
45	Great Western Bancorp, Inc.		1,398
39	Green Dot Corp., Class A(c)		1,810
13	Greenhill & Co., Inc.		195
22	Greenlight Capital Re Ltd., Class A(b)(c)		223
15	Hamilton Lane, Inc., Class A		737
67	Hancock Whitney Corp.		2,545
24	Hanmi Financial Corp.		495
32	Hanover Insurance Group, Inc. (The)		3,909
11	HarborOne Bancorp, Inc.(c)		197
6	HCI Group, Inc.		244
24	Heartland Financial USA, Inc.		991
32	Heritage Commerce Corp.		381
29	Heritage Financial Corp.		815
19	Heritage Insurance Holdings, Inc.		278
59	Hilltop Holdings, Inc.		1,188
126	Home BancShares, Inc.		2,208
20	HomeStreet, Inc.(c)		569
14	HomeTrust Bancshares, Inc.		343
99	Hope Bancorp, Inc.		1,274
32	Horace Mann Educators Corp.		1,296
29	Horizon Bancorp, Inc.		450
27	Houlihan Lokey, Inc.		1,221
43	IBERIABANK Corp.		3,075
4	Independence Holding Co.		149
17	Independent Bank Corp.		360
27	Independent Bank Corp.		1,872
27	Independent Bank Group, Inc.		1,394
56	Interactive Brokers Group, Inc., Class A		2,845

44	International Bancshares Corp.	$	1,604
13	INTL. FCStone, Inc.(c)		452
100	Invesco Mortgage Capital, Inc.(d)		1,539
191	Investors Bancorp, Inc.		1,988
24	James River Group Holdings Ltd.		1,070
131	Janus Henderson Group PLC (United Kingdom)		2,662
69	Kearny Financial Corp.		925
43	Kemper Corp.		3,569
16	Kinsale Capital Group, Inc.		1,341
21	KKR Real Estate Finance Trust, Inc.		415
69	Ladder Capital Corp.		1,097
80	Ladenburg Thalmann Financial Services, Inc.		256
37	Lakeland Bancorp, Inc.		570
20	Lakeland Financial Corp.		879
38	LegacyTexas Financial Group, Inc.		1,387
67	Legg Mason, Inc.		2,387
236	LendingClub Corp.(c)		708
6	LendingTree, Inc.(b)(c)		2,254
19	Live Oak Bancshares, Inc.(b)		295
66	LPL Financial Holdings, Inc.		5,295
15	Luther Burbank Corp.		149
68	MBIA, Inc.(c)		603
12	Mercantile Bank Corp.		370
7	Merchants Bancorp		127
22	Mercury General Corp.		1,268
40	Meridian Bancorp, Inc.		691
28	Meta Financial Group, Inc.		733
353	MFA Financial, Inc.		2,485
279	MGIC Investment Corp.(c)		3,780
17	Midland States Bancorp, Inc.		417
36	Moelis & Co., Class A		1,144
15	Morningstar, Inc.		2,101
57	Mr Cooper Group, Inc.(c)		432
23	National Bank Holdings Corp., Class A		807
53	National General Holdings Corp.		1,204
2	National Western Life Group, Inc., Class A		533
173	Navient Corp.		2,256
34	NBT Bancorp, Inc.		1,222
16	Nelnet, Inc., Class A		948
321	New Residential Investment Corp.		4,895
371	New York Community Bancorp, Inc.		3,684
146	New York Mortgage Trust, Inc.		882
7	Nicolet Bankshares, Inc.(c)		409
52	NMI Holdings, Inc., Class A(c)		1,418
35	Northfield Bancorp, Inc.		525
77	Northwest Bancshares, Inc.		1,291
38	OceanFirst Financial Corp.		905
89	Ocwen Financial Corp.(c)		138
40	OFG Bancorp		751
11	Old Line Bancshares, Inc.		271
124	Old National Bancorp		1,977
225	Old Republic International Corp.		4,961
41	On Deck Capital, Inc.(c)		165
64	OneMain Holdings, Inc.		1,912
21	Opus Bank		421
14	Origin Bancorp, Inc.		467
32	Oritani Financial Corp.		512
44	Pacific Premier Bancorp, Inc.		1,245
95	PacWest Bancorp		3,452
11	Park National Corp.		1,039
13	Peapack-Gladstone Financial Corp.		352
49	PennyMac Financial Services, Inc.		1,039
60	PennyMac Mortgage Investment Trust		1,248
15	Peoples Bancorp, Inc.		464
12	People’s Utah Bancorp		336
57	Pinnacle Financial Partners, Inc.		3,018
11	Piper Jaffray Cos.		779
16	PJT Partners, Inc., Class A		590
78	Popular, Inc.		4,072
36	PRA Group, Inc.(c)		994

Schedule of Investments^(a)

12	Preferred Bank	$	525
33	Primerica, Inc.		3,790
42	ProAssurance Corp.		1,576
52	Prosperity Bancshares, Inc.		3,370
8	Protective Insurance Corp., Class B		137
49	Provident Financial Services, Inc.		1,168
14	Pzena Investment Management, Inc., Class A		124
12	QCR Holdings, Inc.		385
167	Radian Group, Inc.		3,749
24	Ready Capital Corp.		350
76	Redwood Trust, Inc.		1,211
37	Renasant Corp.		1,251
8	Republic Bancorp, Inc., Class A		367
37	Republic First Bancorp, Inc.(c)		179
30	RLI Corp.		2,576
27	S&T Bancorp, Inc.		1,018
11	Safety Insurance Group, Inc.		1,002
28	Sandy Spring Bancorp, Inc.		900
40	Seacoast Banking Corp. of Florida(c)		928
46	Selective Insurance Group, Inc.		3,296
36	ServisFirst Bancshares, Inc.		1,128
73	Simmons First National Corp., Class A		1,665
342	SLM Corp.		3,252
28	South State Corp.		1,845
25	Southside Bancshares, Inc.		814
219	Starwood Property Trust, Inc.		4,829
14	State Auto Financial Corp.		479
170	Sterling Bancorp		3,283
12	Sterling Bancorp, Inc		107
19	Stewart Information Services Corp.		781
56	Stifel Financial Corp.		3,003
17	Stock Yards Bancorp, Inc.		567
125	Synovus Financial Corp.		3,995
122	TCF Financial Corp.		2,325
39	Texas Capital Bancshares, Inc.(c)		2,235
44	TFS Financial Corp.		755
59	Third Point Reinsurance Ltd. (Bermuda)(c)		599
11	Tompkins Financial Corp.		869
57	Towne Bank		1,446
31	TPG RE Finance Trust, Inc.		594
21	TriCo Bancshares		783
18	TriState Capital Holdings, Inc.(c)		370
20	Triumph Bancorp, Inc.(c)		561
23	Trupanion, Inc.(b)(c)		675
76	TrustCo Bank Corp. NY		561
49	Trustmark Corp.		1,557
197	Two Harbors Investment Corp.		2,407
37	UMB Financial Corp.		2,284
173	Umpqua Holdings Corp.		2,763
80	United Bankshares, Inc.		2,862
62	United Community Banks, Inc.		1,644
39	United Community Financial Corp.		357
40	United Financial Bancorp, Inc.		522
17	United Fire Group, Inc.		798
17	United Insurance Holdings Corp.		229
26	Universal Insurance Holdings, Inc.		755
23	Univest Financial Corp.		549
260	Valley National Bancorp		2,553
34	Veritex Holdings, Inc.		865
10	Victory Capital Holdings, Inc., Class A(c)		164
37	Virtu Financial, Inc., Class A		852
5	Virtus Investment Partners, Inc.		508
60	Waddell & Reed Financial, Inc., Class A		969
23	Walker & Dunlop, Inc.		1,156
64	Washington Federal, Inc.		2,020
12	Washington Trust Bancorp, Inc.		589
20	Waterstone Financial, Inc.		330
72	Webster Financial Corp.		3,188
43	WesBanco, Inc.		1,528
21	Westamerica Bancorporation		1,258
78	Western Alliance Bancorp(c)		3,210

42	Western Asset Mortgage Capital Corp.	$	407
6	Westwood Holdings Group, Inc.		176
2	White Mountains Insurance Group Ltd.		1,959
44	Wintrust Financial Corp.		2,981
96	WisdomTree Investments, Inc.		577
6	World Acceptance Corp.(c)		794
40	WSFS Financial Corp.		1,588
			406,718
	Health Care - 13.6%
26	Abeona Therapeutics, Inc.(c)		141
69	Acadia Healthcare Co., Inc.(c)		2,223
85	ACADIA Pharmaceuticals, Inc.(c)		2,039
23	Accelerate Diagnostics, Inc.(b)(c)		435
34	Acceleron Pharma, Inc.(c)		1,356
69	Accuray, Inc.(c)		256
103	Achillion Pharmaceuticals, Inc.(c)		286
37	Acorda Therapeutics, Inc.(c)		344
9	Addus HomeCare Corp.(c)		615
37	Aduro Biotech, Inc.(c)		120
34	Aerie Pharmaceuticals, Inc.(c)		1,238
87	Agenus, Inc.(c)		222
41	Agios Pharmaceuticals, Inc.(c)		1,893
29	Aimmune Therapeutics, Inc.(c)		568
14	Akcea Therapeutics, Inc.(b)(c)		295
60	Akebia Therapeutics, Inc.(c)		267
74	Akorn, Inc.(c)		305
48	Alder Biopharmaceuticals, Inc.(c)		519
10	Allakos, Inc.(b)(c)		392
19	Allogene Therapeutics, Inc.(c)		498
134	Allscripts Healthcare Solutions, Inc.(c)		1,304
27	AMAG Pharmaceuticals, Inc.(c)		257
25	Amedisys, Inc.(c)		2,808
175	Amicus Therapeutics, Inc.(c)		1,972
37	AMN Healthcare Services, Inc.(c)		1,792
72	Amneal Pharmaceuticals, Inc.(c)		543
27	Amphastar Pharmaceuticals, Inc.(c)		520
19	AnaptysBio, Inc.(c)		1,383
29	AngioDynamics, Inc.(c)		545
7	ANI Pharmaceuticals, Inc.(c)		488
11	Anika Therapeutics, Inc.(c)		418
117	Antares Pharma, Inc.(c)		326
34	Apellis Pharmaceuticals, Inc.(c)		683
20	Apollo Medical Holdings, Inc.(b)(c)		357
17	Arcus Biosciences, Inc.(c)		144
39	Arena Pharmaceuticals, Inc.(c)		2,067
73	ArQule, Inc.(c)		525
171	Array BioPharma, Inc.(c)		4,518
66	Arrowhead Pharmaceuticals, Inc.(b)(c)		1,565
9	Arvinas, Inc.(b)(c)		188
18	Assembly Biosciences, Inc.(c)		253
50	Assertio Therapeutics, Inc.(c)		146
33	Atara Biotherapeutics, Inc.(c)		733
36	Athenex, Inc.(b)(c)		520
30	AtriCure, Inc.(c)		879
1	Atrion Corp.		883
28	Audentes Therapeutics, Inc.(c)		983
37	Avanos Medical, Inc.(c)		1,394
8	Avrobio, Inc.(c)		113
27	AxoGen, Inc.(b)(c)		565
8	Axonics Modulation Technologies, Inc.(c)		263
18	Axsome Therapeutics, Inc.(b)(c)		413
60	BioCryst Pharmaceuticals, Inc.(c)		210
26	Biohaven Pharmaceutical Holding Co., Ltd.(c)		1,468
17	Bio-Rad Laboratories, Inc., Class A(c)		4,878
4	BioSpecifics Technologies Corp.(c)		237
30	Bio-Techne Corp.		5,942
26	BioTelemetry, Inc.(c)		1,244
43	Bluebird Bio, Inc.(c)		5,157
33	Blueprint Medicines Corp.(c)		2,508
132	Brookdale Senior Living, Inc.(c)		816
86	Bruker Corp.		3,592

Schedule of Investments^(a)

8	Calyxt, Inc.(c)	$	102
26	Cambrex Corp.(c)		1,035
29	Cantel Medical Corp.		1,993
28	Cara Therapeutics, Inc.(b)(c)		576
27	Cardiovascular Systems, Inc.(c)		1,052
29	CareDx, Inc.(c)		917
64	Castlight Health, Inc., Class B(c)		209
114	Catalent, Inc.(c)		5,187
73	Catalyst Pharmaceuticals, Inc.(c)		256
107	Cerus Corp.(c)		502
38	Charles River Laboratories International, Inc.(c)		4,767
13	Chemed Corp.		4,263
20	ChemoCentryx, Inc.(c)		226
35	Clovis Oncology, Inc.(c)		517
40	Codexis, Inc.(c)		724
40	Coherus Biosciences, Inc.(c)		756
21	Collegium Pharmaceutical, Inc.(c)		242
68	Community Health Systems, Inc.(b)(c)		181
10	Computer Programs & Systems, Inc.		258
22	CONMED Corp.		1,771
81	Corcept Therapeutics, Inc.(b)(c)		792
8	CorVel Corp.(c)		592
78	Covetrus, Inc.(c)		1,923
8	Crinetics Pharmaceuticals, Inc.(c)		210
20	CRISPR Therapeutics AG (Switzerland)(b)(c)		711
28	Cross Country Healthcare, Inc.(c)		199
29	CryoLife, Inc.(c)		834
11	Cyclerion Therapeutics, Inc.(c)		153
48	Cymabay Therapeutics, Inc.(c)		580
36	Cytokinetics, Inc.(c)		373
35	CytomX Therapeutics, Inc.(c)		338
10	Deciphera Pharmaceuticals, Inc.(b)(c)		228
48	Denali Therapeutics, Inc.(c)		915
35	Dermira, Inc.(b)(c)		327
37	Dicerna Pharmaceuticals, Inc.(c)		458
47	Diplomat Pharmacy, Inc.(c)		217
50	Dynavax Technologies Corp.(b)(c)		241
9	Eagle Pharmaceuticals, Inc.(c)		457
34	Editas Medicine, Inc.(c)		699
6	Eidos Therapeutics, Inc.(b)(c)		187
34	Emergent BioSolutions, Inc.(c)		1,357
11	Enanta Pharmaceuticals, Inc.(c)		995
77	Encompass Health Corp.		4,537
158	Endo International PLC(c)		782
39	Ensign Group, Inc. (The)		2,077
56	Epizyme, Inc.(c)		769
19	Esperion Therapeutics, Inc.(c)		904
55	Evolent Health, Inc., Class A(c)		585
10	Evolus, Inc.(c)		136
235	Exelixis, Inc.(c)		4,604
40	Fate Therapeutics, Inc.(c)		771
60	FibroGen, Inc.(c)		2,174
24	Five Prime Therapeutics, Inc.(c)		202
25	Flexion Therapeutics, Inc.(c)		276
54	Fluidigm Corp.(c)		707
7	Forty Seven, Inc.(c)		79
20	G1 Therapeutics, Inc.(c)		419
40	GenMark Diagnostics, Inc.(c)		268
20	Genomic Health, Inc.(c)		1,045
146	Geron Corp.(c)		212
27	Glaukos Corp.(c)		1,741
44	Global Blood Therapeutics, Inc.(c)		2,674
60	Globus Medical, Inc., Class A(c)		2,358
27	GlycoMimetics, Inc.(c)		320
15	Gossamer Bio, Inc.(c)		275
13	Guardant Health, Inc.(c)		999
40	Haemonetics Corp.(c)		3,880
102	Halozyme Therapeutics, Inc.(c)		1,505
26	Hanger, Inc.(c)		485
44	HealthEquity, Inc.(c)		2,876
20	HealthStream, Inc.(c)		500

58	Heron Therapeutics, Inc.(c)	$	988
6	Heska Corp.(c)		421
52	Hill-Rom Holdings, Inc.		5,000
67	HMS Holdings Corp.(c)		2,039
15	Homology Medicines, Inc.(c)		304
133	Horizon Therapeutics PLC(c)		3,169
15	ICU Medical, Inc.(c)		3,192
117	ImmunoGen, Inc.(c)		211
120	Immunomedics, Inc.(b)(c)		1,568
56	Innoviva, Inc.(c)		766
15	Inogen, Inc.(c)		967
51	Inovalon Holdings, Inc., Class A(b)(c)		703
71	Inovio Pharmaceuticals, Inc.(b)(c)		170
65	Insmed, Inc.(c)		1,574
9	Inspire Medical Systems, Inc.(c)		508
46	Insulet Corp.(c)		5,050
23	Insys Therapeutics, Inc.(c)		17
25	Integer Holdings Corp.(c)		1,753
57	Integra LifeSciences Holdings Corp.(c)		2,656
25	Intellia Therapeutics, Inc.(c)		347
19	Intercept Pharmaceuticals, Inc.(b)(c)		1,574
24	Intersect ENT, Inc.(c)		566
37	Intra-Cellular Therapies, Inc.(c)		481
48	Intrexon Corp.(b)(c)		232
64	Invitae Corp.(c)		1,117
82	Iovance Biotherapeutics, Inc.(c)		1,341
19	iRhythm Technologies, Inc.(c)		1,301
121	Ironwood Pharmaceuticals, Inc.(c)		1,323
7	KalVista Pharmaceuticals, Inc.(c)		149
38	Karyopharm Therapeutics, Inc.(c)		214
8	Kiniksa Pharmaceuticals Ltd., Class A(c)		122
6	Krystal Biotech, Inc.(c)		189
22	Kura Oncology, Inc.(c)		352
30	Lantheus Holdings, Inc.(c)		720
13	LeMaitre Vascular, Inc.		336
37	Lexicon Pharmaceuticals, Inc.(b)(c)		199
23	LHC Group, Inc.(c)		2,605
16	Ligand Pharmaceuticals, Inc.(c)		1,718
38	LivaNova PLC(c)		2,732
32	Luminex Corp.		675
36	MacroGenics, Inc.(c)		660
7	Madrigal Pharmaceuticals, Inc.(b)(c)		647
18	Magellan Health, Inc.(c)		1,189
65	Mallinckrodt PLC(c)		565
40	Masimo Corp.(c)		5,230
58	Medicines Co. (The)(b)(c)		2,068
48	Medidata Solutions, Inc.(c)		4,375
69	MEDNAX, Inc.(c)		1,702
22	Medpace Holdings, Inc.(c)		1,188
10	MeiraGTx Holdings PLC(c)		220
33	Meridian Bioscience, Inc.		373
43	Merit Medical Systems, Inc.(c)		2,220
3	Mesa Laboratories, Inc.		749
26	Minerva Neurosciences, Inc.(c)		135
18	Mirati Therapeutics, Inc.(c)		1,220
47	Molina Healthcare, Inc.(c)		6,686
73	Momenta Pharmaceuticals, Inc.(c)		849
34	MyoKardia, Inc.(c)		1,584
17	Myovant Sciences Ltd.(b)(c)		167
57	Myriad Genetics, Inc.(c)		1,412
25	NanoString Technologies, Inc.(c)		711
34	Natera, Inc.(c)		779
9	National HealthCare Corp.		699
10	National Research Corp.		510
26	Natus Medical, Inc.(c)		647
41	Neogen Corp.(c)		2,310
70	NeoGenomics, Inc.(c)		1,520
71	Neurocrine Biosciences, Inc.(c)		6,019
24	Nevro Corp.(c)		1,419
38	NextGen Healthcare, Inc.(c)		732
18	Novavax, Inc.(c)		102
60	Novocure Ltd.(c)		3,187

Schedule of Investments^(a)

40	NuVasive, Inc.(c)	$	2,318
5	Odonate Therapeutics, Inc.(c)		107
37	Omeros Corp.(b)(c)		658
32	Omnicell, Inc.(c)		2,542
253	OPKO Health, Inc.(b)(c)		453
13	Optinose, Inc.(b)(c)		99
48	OraSure Technologies, Inc.(c)		398
15	Orthofix Medical, Inc.(c)		740
7	OrthoPediatrics Corp.(c)		272
101	Pacific Biosciences of California, Inc.(c)		677
29	Pacira BioSciences, Inc.(c)		1,262
67	Patterson Cos., Inc.		1,408
114	PDL BioPharma, Inc.(c)		321
24	Penumbra, Inc.(b)(c)		3,425
15	PetIQ, Inc.(c)		393
16	Phibro Animal Health Corp., Class A		473
47	Portola Pharmaceuticals, Inc.(b)(c)		1,311
46	PRA Health Sciences, Inc.(c)		3,990
50	Premier, Inc., Class A(c)		1,838
41	Prestige Consumer Healthcare, Inc.(c)		1,190
7	Principia Biopharma, Inc.(c)		205
66	Progenics Pharmaceuticals, Inc.(c)		277
31	Prothena Corp. PLC (Ireland)(c)		289
9	Providence Service Corp. (The)(c)		582
40	PTC Therapeutics, Inc.(c)		1,604
24	Puma Biotechnology, Inc.(b)(c)		355
7	Quanterix Corp.(c)		179
28	Quidel Corp.(c)		1,548
41	Quotient Ltd.(c)		396
69	R1 RCM, Inc.(c)		810
21	Ra Pharmaceuticals, Inc.(c)		454
34	Radius Health, Inc.(c)		707
33	RadNet, Inc.(c)		399
15	Reata Pharmaceuticals, Inc., Class A(c)		1,279
26	REGENXBIO, Inc.(c)		1,119
31	Repligen Corp.(c)		2,154
29	Retrophin, Inc.(c)		537
31	Revance Therapeutics, Inc.(c)		334
15	Rhythm Pharmaceuticals, Inc.(c)		378
131	Rigel Pharmaceuticals, Inc.(c)		279
23	Rocket Pharmaceuticals, Inc.(c)		376
34	Rockwell Medical, Inc.(b)(c)		156
25	Rubius Therapeutics, Inc.(c)		362
40	Sage Therapeutics, Inc.(b)(c)		6,875
89	Sangamo Therapeutics, Inc.(c)		779
53	Sarepta Therapeutics, Inc.(c)		6,034
9	Scholar Rock Holding Corp.(c)		165
90	Select Medical Holdings Corp.(c)		1,265
76	Senseonics Holdings, Inc.(b)(c)		150
16	Seres Therapeutics, Inc.(b)(c)		55
13	Solid Biosciences, Inc.(c)		72
77	Sorrento Therapeutics, Inc.(b)(c)		216
27	Spark Therapeutics, Inc.(c)		2,943
78	Spectrum Pharmaceuticals, Inc.(c)		574
26	STAAR Surgical Co.(c)		602
27	Stemline Therapeutics, Inc.(c)		355
41	Supernus Pharmaceuticals, Inc.(c)		1,231
15	Surgery Partners, Inc.(c)		129
11	Surmodics, Inc.(c)		446
49	Syneos Health, Inc.(c)		2,020
14	Tabula Rasa HealthCare, Inc.(c)		632
13	Tactile Systems Technology, Inc.(c)		624
41	Tandem Diabetes Care, Inc.(c)		2,811
53	Teladoc Health, Inc.(b)(c)		3,080
68	Tenet Healthcare Corp.(c)		1,357
59	TG Therapeutics, Inc.(b)(c)		370
161	TherapeuticsMD, Inc.(b)(c)		493
33	Theravance Biopharma, Inc.(b)(c)		548
19	Tilray, Inc., Class 2 (Canada)(c)		722
37	Tivity Health, Inc.(c)		677
145	TransEnterix, Inc.(c)		194
15	Tricida, Inc.(c)		551

17	Triple-S Management Corp., Class B(c)	$	417
4	Twist Bioscience Corp.(c)		103
42	Ultragenyx Pharmaceutical, Inc.(c)		2,307
22	uniQure N.V. (Netherlands)(c)		1,305
34	United Therapeutics Corp.(c)		2,855
10	US Physical Therapy, Inc.		1,117
37	Vanda Pharmaceuticals, Inc.(c)		543
30	Varex Imaging Corp.(c)		800
26	Veracyte, Inc.(c)		589
33	Vericel Corp.(c)		516
45	ViewRay, Inc.(c)		378
50	Viking Therapeutics, Inc.(b)(c)		385
24	Vocera Communications, Inc.(c)		777
19	Voyager Therapeutics, Inc.(c)		414
14	WaVe Life Sciences Ltd.(c)		321
58	West Pharmaceutical Services, Inc.		6,647
94	Wright Medical Group N.V.(c)		2,888
40	Xencor, Inc.(c)		1,234
5	y-mAbs Therapeutics, Inc.(c)		102
107	ZIOPHARM Oncology, Inc.(b)(c)		458
31	Zogenix, Inc.(c)		1,168
			347,263
	Industrials - 14.1%
33	AAON, Inc.		1,498
26	AAR Corp.		782
52	ABM Industries, Inc.		1,885
80	ACCO Brands Corp.		588
48	Actuant Corp., Class A		1,063
119	ADT, Inc.(b)		696
59	Advanced Disposal Services, Inc.(c)		1,896
34	Advanced Drainage Systems, Inc.		975
122	AECOM(c)		3,892
25	Aegion Corp.(c)		360
55	Aerojet Rocketdyne Holdings, Inc.(c)		2,122
17	Aerovironment, Inc.(c)		1,101
51	AGCO Corp.		3,395
83	Air Lease Corp.		2,988
12	Air Transport Services Group, Inc.(c)		263
44	Aircastle Ltd.		854
8	Alamo Group, Inc.		759
23	Albany International Corp., Class A		1,612
3	Allegiant Travel Co.		420
94	Allison Transmission Holdings, Inc.		3,891
50	Altra Industrial Motion Corp.		1,568
16	Ameresco, Inc., Class A(c)		232
12	American Woodmark Corp.(c)		870
20	Apogee Enterprises, Inc.		725
30	Applied Industrial Technologies, Inc.		1,630
20	ArcBest Corp.		501
34	Arcosa, Inc.		1,152
11	Argan, Inc.		505
17	Armstrong Flooring, Inc.(c)		179
36	Armstrong World Industries, Inc.		3,193
41	ASGN, Inc.(c)		2,080
17	Astec Industries, Inc.		500
17	Astronics Corp.(c)		691
36	Atkore International Group, Inc.(c)		842
5	Atlas Air Worldwide Holdings, Inc.(c)		177
50	Avis Budget Group, Inc.(c)		1,418
46	Axon Enterprise, Inc.(c)		3,072
20	AZZ, Inc.		842
38	Barnes Group, Inc.		1,965
6	Barrett Business Services, Inc.		432
54	Beacon Roofing Supply, Inc.(c)		1,866
41	Bloom Energy Corp., Class A(c)		443
11	Blue Bird Corp.(c)		207
53	BMC Stock Holdings, Inc.(c)		1,062
39	Brady Corp., Class A		1,806
33	Briggs & Stratton Corp.		310
25	BrightView Holdings, Inc.(c)		418
39	Brink’s Co. (The)		3,003
90	Builders FirstSource, Inc.(c)		1,267

Schedule of Investments^(a)

74	BWX Technologies, Inc.	$	3,444
14	CAI International, Inc.(c)		315
45	Carlisle Cos., Inc.		5,999
34	Casella Waste Systems, Inc., Class A(c)		1,316
41	CBIZ, Inc.(c)		812
24	Chart Industries, Inc.(c)		1,839
17	Cimpress N.V. (Netherlands)(c)		1,488
13	CIRCOR International, Inc.(c)		549
104	Civeo Corp.(c)		141
42	Clean Harbors, Inc.(c)		2,693
69	Colfax Corp.(c)		1,732
17	Columbus McKinnon Corp.		616
29	Comfort Systems USA, Inc.		1,368
9	Construction Partners, Inc., Class A(c)		117
28	Continental Building Products, Inc.(c)		639
54	Cornerstone Building Brands, Inc.(c)		237
92	Covanta Holding Corp.		1,551
10	Covenant Transportation Group, Inc., Class A(c)		150
37	Crane Co.		2,829
12	CSW Industrials, Inc.		767
23	Cubic Corp.		1,298
32	Curtiss-Wright Corp.		3,568
33	Daseke, Inc.(c)		143
34	Deluxe Corp.		1,265
100	Donaldson Co., Inc.		4,745
18	Douglas Dynamics, Inc.		668
9	Ducommun, Inc.(c)		406
13	DXP Enterprises, Inc.(c)		419
25	Dycom Industries, Inc.(c)		1,304
22	Echo Global Logistics, Inc.(c)		433
44	EMCOR Group, Inc.		3,545
16	Encore Wire Corp.		799
25	Energy Recovery, Inc.(c)		236
34	EnerSys		1,912
20	Ennis, Inc.		370
61	Enphase Energy, Inc.(b)(c)		925
15	EnPro Industries, Inc.		832
20	ESCO Technologies, Inc.		1,398
63	Evoqua Water Technologies Corp.(c)		742
40	Exponent, Inc.		2,242
47	Federal Signal Corp.		1,123
9	Forrester Research, Inc.		410
23	Forward Air Corp.		1,284
15	Foundation Building Materials, Inc.(c)		228
31	Franklin Electric Co., Inc.		1,359
30	FTI Consulting, Inc.(c)		2,518
101	Gardner Denver Holdings, Inc.(c)		3,431
45	Gates Industrial Corp. PLC(c)		508
27	GATX Corp.		1,885
13	Genco Shipping & Trading Ltd.(c)		94
49	Generac Holdings, Inc.(c)		2,702
44	Genesee & Wyoming, Inc., Class A(c)		4,190
25	Gibraltar Industries, Inc.(c)		892
17	Global Brass & Copper Holdings, Inc.		742
26	GMS, Inc.(c)		438
14	Gorman-Rupp Co. (The)		415
130	Graco, Inc.		6,139
57	GrafTech International Ltd.		565
37	Granite Construction, Inc.		1,487
44	Great Lakes Dredge & Dock Corp.(c)		468
25	Greenbrier Cos., Inc. (The)		680
29	Griffon Corp.		417
25	H&E Equipment Services, Inc.		608
62	Harsco Corp.(c)		1,550
9	Hawaiian Holdings, Inc.		225
58	Healthcare Services Group, Inc.		1,833
35	Heartland Express, Inc.		626
15	Heidrick & Struggles International, Inc.		455
17	Herc Holdings, Inc.(c)		579
12	Heritage-Crystal Clean, Inc.(c)		300
46	Herman Miller, Inc.		1,633

39	Hertz Global Holdings, Inc.(c)	$	549
67	Hexcel Corp.		4,877
49	Hillenbrand, Inc.		1,824
34	HNI Corp.		1,127
26	Hub Group, Inc., Class A(c)		1,013
43	Hubbell, Inc.		4,925
18	Huron Consulting Group, Inc.(c)		886
5	Hyster-Yale Materials Handling, Inc.		220
15	ICF International, Inc.		1,093
30	Insperity, Inc.		3,417
14	Insteel Industries, Inc.		256
47	Interface, Inc.		680
69	ITT, Inc.		3,976
53	JELD-WEN Holding, Inc.(c)		1,001
25	John Bean Technologies Corp.		2,564
9	Kadant, Inc.		731
20	Kaman Corp.		1,112
104	KAR Auction Services, Inc.		5,847
25	Kelly Services, Inc., Class A		587
64	Kennametal, Inc.		1,968
39	KeyW Holding Corp. (The)(c)		439
18	Kforce, Inc.		626
29	Kimball International, Inc., Class B		448
12	Kirby Corp.(c)		929
39	Knoll, Inc.		766
44	Korn Ferry		1,896
69	Kratos Defense & Security Solutions, Inc.(c)		1,521
31	Landstar System, Inc.		2,984
47	Lincoln Electric Holdings, Inc.		3,569
8	Lindsay Corp.		635
14	Lydall, Inc.(c)		253
61	Macquarie Infrastructure Corp.		2,432
28	Manitowoc Co., Inc. (The)(c)		382
32	Marten Transport Ltd.		564
20	Masonite International Corp.(c)		951
48	MasTec, Inc.(c)		2,232
8	Matson, Inc.		274
25	Matthews International Corp., Class A		851
19	McGrath RentCorp.		1,068
43	Mercury Systems, Inc.(c)		2,957
59	Meritor, Inc.(c)		1,189
55	Milacron Holdings Corp.(c)		631
15	Mistras Group, Inc.(c)		207
35	Mobile Mini, Inc.		1,073
25	Moog, Inc., Class A		2,061
66	MRC Global, Inc.(c)		977
29	MSA Safety, Inc.		2,882
35	MSC Industrial Direct Co., Inc., Class A		2,473
42	Mueller Industries, Inc.		1,132
124	Mueller Water Products, Inc., Class A		1,146
11	Multi-Color Corp.		547
13	MYR Group, Inc.(c)		420
4	National Presto Industries, Inc.(b)		392
33	Navigant Consulting, Inc.		726
35	Navistar International Corp.(c)		1,089
33	NN, Inc.		256
40	Nordson Corp.		5,025
85	NOW, Inc.(c)		1,108
8	NV5 Global, Inc.(c)		622
125	nVent Electric PLC		2,883
2	Omega Flex, Inc.		171
55	Oshkosh Corp.		3,915
6	Park-Ohio Holdings Corp.		187
18	Patrick Industries, Inc.(c)		734
46	PGT Innovations, Inc.(c)		688
148	Pitney Bowes, Inc.		540
183	Plug Power, Inc.(b)(c)		468
8	Powell Industries, Inc.		275
34	Primoris Services Corp.		620
20	Proto Labs, Inc.(c)		2,007
26	Quad/Graphics, Inc.		218
26	Quanex Building Products Corp.		403

Schedule of Investments^(a)

111	Quanta Services, Inc.	$	3,858
28	Raven Industries, Inc.		917
19	RBC Bearings, Inc.(c)		2,704
34	Regal Beloit Corp.		2,472
96	Resideo Technologies, Inc.(c)		1,889
24	Resources Connection, Inc.		368
22	REV Group, Inc.		244
82	Rexnord Corp.(c)		2,157
55	RR Donnelley & Sons Co.		122
22	Rush Enterprises, Inc., Class A		776
3	Rush Enterprises, Inc., Class B		108
42	Ryder System, Inc.		2,121
20	Saia, Inc.(c)		1,180
41	Schneider National, Inc., Class B		689
32	Simpson Manufacturing Co., Inc.		1,947
31	SiteOne Landscape Supply, Inc.(c)		2,011
10	SkyWest, Inc.		587
18	SP Plus Corp.(c)		559
26	Spartan Motors, Inc.		224
13	Spirit Airlines, Inc.(c)		599
34	SPX Corp.(c)		1,011
33	SPX FLOW, Inc.(c)		1,178
10	Standex International Corp.		650
68	Steelcase, Inc., Class A		1,091
71	Stericycle, Inc.(c)		3,293
23	Sun Hydraulics Corp.		960
57	Sunrun, Inc.(c)		893
10	Systemax, Inc.		206
22	Team, Inc.(c)		319
28	Teledyne Technologies, Inc.(c)		6,602
14	Tennant Co.		807
55	Terex Corp.		1,472
43	Tetra Tech, Inc.		2,903
26	Thermon Group Holdings, Inc.(c)		571
53	Timken Co. (The)		2,333
40	Titan International, Inc.		169
15	Titan Machinery, Inc.(c)		251
83	Toro Co. (The)		5,408
22	TPI Composites, Inc.(c)		459
46	Trex Co., Inc.(c)		2,752
36	TriMas Corp.(c)		1,031
36	TriNet Group, Inc.(c)		2,282
89	Trinity Industries, Inc.		1,716
43	Triton International Ltd. (Bermuda)		1,271
39	Triumph Group, Inc.		756
31	TrueBlue, Inc.(c)		658
31	Tutor Perini Corp.(c)		451
12	UniFirst Corp.		1,905
106	Univar, Inc.(c)		2,121
48	Universal Forest Products, Inc.		1,548
7	Universal Logistics Holdings, Inc.		132
42	Upwork, Inc.(c)		629
17	US Ecology, Inc.		1,012
17	Valmont Industries, Inc.		1,923
10	Veritiv Corp.(c)		177
16	Viad Corp.		1,005
14	Vicor Corp.(c)		424
33	Vivint Solar, Inc.(c)		215
7	VSE Corp.		169
43	Wabash National Corp.		581
31	WageWorks, Inc.(c)		1,549
25	Watsco, Inc.		3,935
22	Watts Water Technologies, Inc., Class A		1,791
104	Welbilt, Inc.(c)		1,605
36	Werner Enterprises, Inc.		1,004
43	Wesco Aircraft Holdings, Inc.(c)		422
34	WESCO International, Inc.(c)		1,592
8	Willdan Group, Inc.(c)		249
43	Willscot Corp.(c)		584
44	Woodward, Inc.		4,792
25	YRC Worldwide, Inc.(c)		107
			357,623

	Information Technology - 15.7%
46	2U, Inc.(c)	$	1,748
90	3D Systems Corp.(b)(c)		728
75	8x8, Inc.(c)		1,810
41	A10 Networks, Inc.(c)		250
25	Acacia Communications, Inc.(c)		1,165
91	ACI Worldwide, Inc.(c)		2,863
37	ADTRAN, Inc.		580
30	Advanced Energy Industries, Inc.(c)		1,505
16	Agilysys, Inc.(c)		349
28	Alarm.com Holdings, Inc.(c)		1,633
15	Alpha & Omega Semiconductor Ltd.(c)		128
27	Altair Engineering, Inc., Class A(c)		1,029
35	Alteryx, Inc., Class A(c)		3,040
23	Ambarella, Inc.(c)		872
85	Amkor Technology, Inc.(c)		551
25	Anixter International, Inc.(c)		1,334
11	AppFolio, Inc., Class A(c)		1,060
18	Appian Corp., Class A(c)		650
15	Applied Optoelectronics, Inc.(b)(c)		130
58	Arlo Technologies, Inc.(c)		199
55	Aspen Technology, Inc.(c)		6,249
87	Avaya Holdings Corp.(c)		1,094
85	Avnet, Inc.		3,471
40	AVX Corp.		592
26	Axcelis Technologies, Inc.(c)		386
23	Badger Meter, Inc.		1,214
31	Belden, Inc.		1,587
30	Benchmark Electronics, Inc.		663
20	Benefitfocus, Inc.(c)		567
112	Black Knight, Inc.(c)		6,349
38	Blackbaud, Inc.		2,923
30	Blackline, Inc.(c)		1,542
110	Booz Allen Hamilton Holding Corp.		6,949
34	Bottomline Technologies (DE), Inc.(c)		1,485
107	Box, Inc., Class A(c)		1,978
56	Brooks Automation, Inc.		1,987
23	Cabot Microelectronics Corp.		2,242
19	CACI International, Inc., Class A(c)		3,867
27	CalAmp Corp.(c)		274
14	Carbon Black, Inc.(c)		211
26	Carbonite, Inc.(c)		615
31	Cardtronics PLC, Class A(c)		936
23	Casa Systems, Inc.(c)		129
10	Cass Information Systems, Inc.		451
33	Ceridian HCM Holding, Inc.(c)		1,623
17	CEVA, Inc.(c)		388
20	ChannelAdvisor Corp.(c)		184
123	Ciena Corp.(c)		4,298
46	Cirrus Logic, Inc.(c)		1,719
64	Cision Ltd.(c)		703
166	Cloudera, Inc.(c)		1,522
19	Coherent, Inc.(c)		2,091
32	Cohu, Inc.		466
34	CommVault Systems, Inc.(c)		1,566
19	Comtech Telecommunications Corp.		402
141	Conduent, Inc.(c)		1,255
20	Control4 Corp.(c)		473
63	CoreLogic, Inc.(c)		2,469
39	Cornerstone OnDemand, Inc.(c)		2,076
44	Coupa Software, Inc.(c)		4,805
32	Cray, Inc.(c)		1,120
81	Cree, Inc.(c)		4,466
26	CSG Systems International, Inc.		1,166
24	CTS Corp.		635
285	Cypress Semiconductor Corp.		5,079
30	Daktronics, Inc.		186
57	Diebold Nixdorf, Inc.(c)		484
34	Diodes, Inc.(c)		1,052
50	Dolby Laboratories, Inc., Class A		3,099
8	Domo, Inc., Class B(c)		268
20	Ebix, Inc.(b)		939

Schedule of Investments^(a)

37	EchoStar Corp., Class A(c)	$	1,583
20	Elastic N.V.(c)		1,641
33	Electronics For Imaging, Inc.(c)		1,209
51	Endurance International Group Holdings, Inc.(c)		227
106	Entegris, Inc.		3,640
36	Envestnet, Inc.(c)		2,409
11	ePlus, Inc.(c)		777
41	Euronet Worldwide, Inc.(c)		6,357
24	Everbridge, Inc.(c)		1,887
48	EVERTEC, Inc.		1,376
25	Evo Payments, Inc., Class A(c)		736
35	Exela Technologies, Inc.(c)		77
27	ExlService Holdings, Inc.(c)		1,600
92	Extreme Networks, Inc.(c)		518
29	Fabrinet (Thailand)(c)		1,237
23	Fair Isaac Corp.(c)		6,806
14	FARO Technologies, Inc.(c)		617
88	Finisar Corp.(c)		1,846
159	FireEye, Inc.(c)		2,320
62	First Solar, Inc.(c)		3,598
170	Fitbit, Inc., Class A(c)		787
46	Five9, Inc.(c)		2,362
25	ForeScout Technologies, Inc.(c)		803
58	FormFactor, Inc.(c)		833
41	GreenSky, Inc., Class A(b)(c)		454
24	GTT Communications, Inc.(b)(c)		571
64	Guidewire Software, Inc.(c)		6,433
20	Hackett Group, Inc. (The)		322
68	Harmonic, Inc.(c)		355
31	HubSpot, Inc.(c)		5,372
17	Ichor Holdings Ltd.(c)		359
47	II-VI, Inc.(c)		1,477
124	Infinera Corp.(c)		386
31	Inphi Corp.(c)		1,360
28	Insight Enterprises, Inc.(c)		1,441
24	Instructure, Inc.(c)		998
26	InterDigital, Inc.		1,652
28	Itron, Inc.(c)		1,586
37	j2 Global, Inc.		3,119
109	Jabil, Inc.		2,680
111	KBR, Inc.		2,466
43	KEMET Corp.		684
20	Kimball Electronics, Inc.(c)		285
71	Knowles Corp.(c)		1,117
52	Kulicke & Soffa Industries, Inc. (Singapore)		1,008
98	Lattice Semiconductor Corp.(c)		1,254
90	Limelight Networks, Inc.(c)		277
19	Littelfuse, Inc.		3,101
48	LivePerson, Inc.(c)		1,336
51	LiveRamp Holdings, Inc.(c)		2,620
40	LogMeIn, Inc.		2,873
60	Lumentum Holdings, Inc.(c)		2,428
36	MACOM Technology Solutions Holdings, Inc.(c)		509
51	Manhattan Associates, Inc.(c)		3,339
21	ManTech International Corp., Class A		1,289
50	MAXIMUS, Inc.		3,563
52	MaxLinear, Inc.(c)		1,101
36	Mellanox Technologies Ltd.(c)		3,952
29	Methode Electronics, Inc.		714
6	MicroStrategy, Inc., Class A(c)		797
38	Mimecast Ltd.(c)		1,725
30	Mitek Systems, Inc.(c)		306
42	MKS Instruments, Inc.		3,001
50	MobileIron, Inc.(c)		280
19	Model N, Inc.(c)		342
32	Monolithic Power Systems, Inc.		3,726
32	Monotype Imaging Holdings, Inc.		521
14	MTS Systems Corp.		760
18	Nanometrics, Inc.(c)		512

99	National Instruments Corp.	$	3,820
93	NCR Corp.(c)		2,846
25	NETGEAR, Inc.(c)		630
61	NetScout Systems, Inc.(c)		1,495
38	New Relic, Inc.(c)		3,812
52	NIC, Inc.		830
22	nLight, Inc.(b)(c)		411
27	Novanta, Inc.(c)		2,161
224	Nuance Communications, Inc.(c)		3,846
111	Nutanix, Inc., Class A(c)		3,116
4	NVE Corp.		292
25	OneSpan, Inc.(c)		349
13	OSI Systems, Inc.(c)		1,347
14	Park Electrochemical Corp.		209
27	Paylocity Holding Corp.(c)		2,706
9	PC Connection, Inc.		286
22	PDF Solutions, Inc.(c)		267
31	Pegasystems, Inc.		2,236
26	Perficient, Inc.(c)		791
115	Perspecta, Inc.		2,497
53	Photronics, Inc.(c)		430
53	Pivotal Software, Inc., Class A(c)		1,055
26	Plantronics, Inc.		1,068
24	Plexus Corp.(c)		1,189
38	Pluralsight, Inc., Class A(c)		1,211
23	Power Integrations, Inc.		1,499
36	Presidio, Inc.		477
35	Progress Software Corp.		1,434
43	Proofpoint, Inc.(c)		4,831
26	PROS Holdings, Inc.(c)		1,474
144	Pure Storage, Inc., Class A(c)		2,284
31	Q2 Holdings, Inc.(c)		2,270
8	QAD, Inc., Class A		346
26	Qualys, Inc.(c)		2,304
22	Quantenna Communications, Inc.(c)		534
85	Rambus, Inc.(c)		966
32	Rapid7, Inc.(c)		1,672
62	RealPage, Inc.(c)		3,616
42	Ribbon Communications, Inc.(c)		179
55	RingCentral, Inc., Class A(c)		6,592
14	Rogers Corp.(c)		1,932
24	Rudolph Technologies, Inc.(c)		554
62	SailPoint Technologies Holding, Inc.(c)		1,089
54	Sanmina Corp.(c)		1,436
20	ScanSource, Inc.(c)		584
42	Science Applications International Corp.		3,223
6	SecureWorks Corp., Class A(c)		88
52	Semtech Corp.(c)		2,071
6	ShotSpotter, Inc.(c)		276
34	Silicon Laboratories, Inc.(c)		3,181
11	SMART Global Holdings, Inc.(c)		187
36	Smartsheet, Inc., Class A(c)		1,547
33	SolarEdge Technologies, Inc.(c)		1,768
14	SPS Commerce, Inc.(c)		1,427
50	SunPower Corp.(b)(c)		373
20	SVMK, Inc.(c)		344
22	Switch, Inc., Class A(b)		272
32	Sykes Enterprises, Inc.(c)		792
27	Synaptics, Inc.(c)		714
34	SYNNEX Corp.		2,948
29	Tech Data Corp.(c)		2,629
23	Tenable Holdings, Inc.(c)		641
92	Teradata Corp.(c)		3,159
141	Teradyne, Inc.		5,942
98	TiVo Corp.		706
29	Trade Desk, Inc. (The), Class A(c)		5,765
13	TTEC Holdings, Inc.		516
78	TTM Technologies, Inc.(c)		665
8	Tucows, Inc., Class A(c)		474
30	Tyler Technologies, Inc.(c)		6,401
31	Ultra Clean Holdings, Inc.(c)		395
40	Unisys Corp.(c)		388

Schedule of Investments^(a)

33	Universal Display Corp.(b)	$	4,849
17	Upland Software, Inc.(c)		795
23	Varonis Systems, Inc.(c)		1,438
38	Veeco Instruments, Inc.(c)		437
51	Verint Systems, Inc.(c)		2,894
37	Verra Mobility Corp.(c)		517
86	Versum Materials, Inc.		4,416
31	ViaSat, Inc.(c)		2,698
179	Viavi Solutions, Inc.(c)		2,157
22	Virtusa Corp.(c)		933
104	Vishay Intertechnology, Inc.		1,585
8	Vishay Precision Group, Inc.(c)		287
34	WEX, Inc.(c)		6,424
23	Workiva, Inc.(c)		1,280
38	Xperi Corp.		798
43	Yext, Inc.(c)		789
86	Zendesk, Inc.(c)		7,246
49	Zscaler, Inc.(c)		3,363
52	Zuora, Inc., Class A(c)		727
			399,114
	Materials - 5.0%
23	A. Schulman, Inc.(c)(e)		12
23	AdvanSix, Inc.(c)		561
248	AK Steel Holding Corp.(c)		427
145	Alcoa Corp.(c)		3,073
99	Allegheny Technologies, Inc.(c)		2,120
21	American Vanguard Corp.		279
30	Amyris, Inc.(b)(c)		102
49	AptarGroup, Inc.		5,550
49	Ashland Global Holdings, Inc.		3,669
25	Balchem Corp.		2,267
71	Bemis Co., Inc.		4,143
102	Berry Global Group, Inc.(c)		4,796
30	Boise Cascade Co.		666
47	Cabot Corp.		1,877
37	Carpenter Technology Corp.		1,501
41	Century Aluminum Co.(c)		229
6	Chase Corp.		610
13	Clearwater Paper Corp.(c)		209
229	Cleveland-Cliffs, Inc.(b)		1,992
159	Coeur Mining, Inc.(c)		452
92	Commercial Metals Co.		1,228
27	Compass Minerals International, Inc.		1,377
49	Domtar Corp.		2,060
36	Eagle Materials, Inc.		3,098
178	Element Solutions, Inc.(c)		1,684
62	Ferro Corp.(c)		839
21	FutureFuel Corp.		218
51	GCP Applied Technologies, Inc.(c)		1,334
233	Graphic Packaging Holding Co.		3,029
20	Greif, Inc., Class A		709
3	Greif, Inc., Class B		132
40	H.B. Fuller Co.		1,577
8	Hawkins, Inc.		284
10	Haynes International, Inc.		291
379	Hecla Mining Co.		497
165	Huntsman Corp.		2,866
33	Ingevity Corp.(c)		2,894
15	Innophos Holdings, Inc.		399
19	Innospec, Inc.		1,534
77	Intrepid Potash, Inc.(c)		243
13	Kaiser Aluminum Corp.		1,159
16	Koppers Holdings, Inc.(c)		427
25	Kraton Corp.(c)		612
18	Kronos Worldwide, Inc.		227
114	Livent Corp.(c)		720
106	Louisiana-Pacific Corp.		2,419
16	Materion Corp.		967
216	McEwen Mining, Inc.		292
33	Mercer International, Inc. (Canada)		473
28	Minerals Technologies, Inc.		1,455
25	Myers Industries, Inc.		423

13	Neenah, Inc.	$	743
7	NewMarket Corp.		2,709
129	Olin Corp.		2,530
35	OMNOVA Solutions, Inc.(c)		198
120	Owens-Illinois, Inc.		1,920
35	P.H. Glatfelter Co.		510
61	PolyOne Corp.		1,533
32	PQ Group Holdings, Inc.(c)		485
10	Quaker Chemical Corp.		1,809
40	Rayonier Advanced Materials, Inc.(b)		261
53	Reliance Steel & Aluminum Co.		4,413
46	Resolute Forest Products, Inc.		296
51	Royal Gold, Inc.		4,488
103	RPM International, Inc.		5,513
13	Ryerson Holding Corp.(c)		100
21	Schnitzer Steel Industries, Inc., Class A		443
24	Schweitzer-Mauduit International, Inc.		751
33	Scotts Miracle-Gro Co. (The)		2,954
33	Sensient Technologies Corp.		2,234
61	Silgan Holdings, Inc.		1,768
78	Sonoco Products Co.		4,823
16	Stepan Co.		1,358
88	Summit Materials, Inc., Class A(c)		1,230
51	SunCoke Energy, Inc.(c)		374
30	TimkenSteel Corp.(c)		213
21	Tredegar Corp.		327
32	Trinseo S.A.		1,179
74	Tronox Holdings PLC, Class A		686
2	United States Lime & Minerals, Inc.		163
136	United States Steel Corp.		1,608
12	US Concrete, Inc.(b)(c)		559
148	Valvoline, Inc.		2,583
42	Venator Materials PLC(c)		183
27	Verso Corp., Class A(c)		465
47	W.R. Grace & Co.		3,313
36	Warrior Met Coal, Inc.		929
32	Worthington Industries, Inc.		1,092
			126,745
	Real Estate - 10.8%
64	Acadia Realty Trust		1,750
29	Agree Realty Corp.		1,942
54	Alexander & Baldwin, Inc.		1,246
2	Alexander’s, Inc.		736
5	Altisource Portfolio Solutions S.A.(c)		101
30	American Assets Trust, Inc.		1,362
107	American Campus Communities, Inc.		4,956
83	American Finance Trust, Inc.(b)		868
209	American Homes 4 Rent, Class A		5,102
137	Americold Realty Trust		4,288
116	Apartment Investment & Management Co., Class A		5,794
167	Apple Hospitality REIT, Inc.		2,578
39	Armada Hoffler Properties, Inc.		643
75	Ashford Hospitality Trust, Inc.		334
22	Braemar Hotels & Resorts, Inc.		230
138	Brandywine Realty Trust		2,085
234	Brixmor Property Group, Inc.		4,013
70	CareTrust REIT, Inc.		1,702
39	CatchMark Timber Trust, Inc., Class A		367
70	Cedar Realty Trust, Inc.		198
37	Chatham Lodging Trust		704
48	Chesapeake Lodging Trust		1,381
365	Colony Capital, Inc.		1,894
92	Columbia Property Trust, Inc.		1,967
14	Community Healthcare Trust, Inc.		548
93	CoreCivic, Inc.		2,037
10	CorEnergy Infrastructure Trust, Inc.		386
33	CorePoint Lodging, Inc.		400
29	CoreSite Realty Corp.		3,385
86	Corporate Office Properties Trust		2,394
330	Cousins Properties, Inc.		2,986
147	CubeSmart		4,957

Schedule of Investments^(a)

76	Cushman & Wakefield PLC(c)	$	1,281
85	CyrusOne, Inc.		5,018
158	DiamondRock Hospitality Co.		1,566
127	Douglas Emmett, Inc.		5,117
48	Easterly Government Properties, Inc.		884
29	EastGroup Properties, Inc.		3,219
117	Empire State Realty Trust, Inc., Class A		1,797
58	EPR Properties		4,530
95	Equity Commonwealth		3,094
37	Essential Properties Realty Trust, Inc.		787
17	eXp World Holdings, Inc.(c)		173
99	First Industrial Realty Trust, Inc.		3,436
39	Five Point Holdings LLC, Class A(b)(c)		303
8	Forestar Group, Inc.(c)		143
54	Four Corners Property Trust, Inc.		1,553
84	Franklin Street Properties Corp.		608
40	Front Yard Residential Corp.		458
6	FRP Holdings, Inc.(c)		279
160	Gaming and Leisure Properties, Inc.		6,318
95	GEO Group, Inc. (The)		2,083
27	Getty Realty Corp.		836
23	Gladstone Commercial Corp.		485
66	Global Net Lease, Inc.		1,215
49	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,270
98	Healthcare Realty Trust, Inc.		3,160
161	Healthcare Trust of America, Inc., Class A		4,635
29	Hersha Hospitality Trust		494
29	HFF, Inc., Class A		1,252
81	Highwoods Properties, Inc.		3,553
129	Hospitality Properties Trust		3,208
32	Howard Hughes Corp. (The)(c)		3,291
121	Hudson Pacific Properties, Inc.		4,043
70	Independence Realty Trust, Inc.		769
51	Industrial Logistics Properties Trust		962
7	Innovative Industrial Properties, Inc.(b)		588
9	Investors Real Estate Trust		521
53	iStar, Inc.		584
91	JBG SMITH Properties		3,594
101	Kennedy-Wilson Holdings, Inc.		2,076
79	Kilroy Realty Corp.		5,823
66	Kite Realty Group Trust		1,003
67	Lamar Advertising Co., Class A		5,240
166	Lexington Realty Trust		1,522
37	Life Storage, Inc.		3,562
31	LTC Properties, Inc.		1,387
71	Mack-Cali Realty Corp.		1,613
18	Marcus & Millichap, Inc.(c)		550
291	Medical Properties Trust, Inc.		5,174
71	MGM Growth Properties LLC, Class A		2,183
69	Monmouth Real Estate Investment Corp.		962
34	National Health Investors, Inc.		2,671
44	National Storage Affiliates Trust		1,311
64	New Senior Investment Group, Inc.		422
103	Newmark Group, Inc., Class A		822
15	NexPoint Residential Trust, Inc.		601
31	NorthStar Realty Europe Corp.		511
38	Office Properties Income Trust		909
168	Omega Healthcare Investors, Inc.		5,984
11	One Liberty Properties, Inc.		314
110	Outfront Media, Inc.		2,711
146	Paramount Group, Inc.		2,080
158	Park Hotels & Resorts, Inc.		4,364
102	Pebblebrook Hotel Trust		2,839
53	Pennsylvania Real Estate Investment Trust(b)		340
143	Physicians Realty Trust		2,618
98	Piedmont Office Realty Trust, Inc., Class A		1,992
53	PotlatchDeltic Corp.		1,783
33	Preferred Apartment Communities, Inc., Class A		518
16	PS Business Parks, Inc.		2,575

43	QTS Realty Trust, Inc., Class A	$	1,985
102	Rayonier, Inc.		2,871
14	RE/MAX Holdings, Inc., Class A		415
89	Realogy Holdings Corp.(b)		631
57	Redfin Corp.(b)(c)		898
89	Retail Opportunity Investments Corp.		1,490
167	Retail Properties of America, Inc., Class A		1,986
12	Retail Value, Inc.		383
76	Rexford Industrial Realty, Inc.		2,873
137	RLJ Lodging Trust		2,352
5	RMR Group, Inc. (The), Class A		241
63	RPT Realty		767
38	Ryman Hospitality Properties, Inc.		3,038
140	Sabra Health Care REIT, Inc.		2,701
11	Saul Centers, Inc.		591
186	Senior Housing Properties Trust		1,466
27	Seritage Growth Properties, Class A(b)		1,129
113	SITE Centers Corp.		1,443
34	Spirit MTA REIT		239
68	Spirit Realty Capital, Inc.		2,901
28	St. Joe Co. (The)(b)(c)		446
88	STAG Industrial, Inc.		2,568
158	STORE Capital Corp.		5,407
82	Summit Hotel Properties, Inc.		937
179	Sunstone Hotel Investors, Inc.		2,402
74	Tanger Factory Outlet Centers, Inc.(b)		1,255
48	Taubman Centers, Inc.		2,129
17	Tejon Ranch Co.(c)		275
48	Terreno Realty Corp.		2,194
42	Tier REIT, Inc.		1,131
27	UMH Properties, Inc.		359
140	Uniti Group, Inc.		1,345
10	Universal Health Realty Income Trust		820
90	Urban Edge Properties		1,553
23	Urstadt Biddle Properties, Inc., Class A		503
317	VICI Properties, Inc.		7,031
146	Washington Prime Group, Inc.(b)		599
63	Washington Real Estate Investment Trust		1,676
96	Weingarten Realty Investors		2,707
28	Whitestone REIT		355
88	Xenia Hotels & Resorts, Inc.		1,840
			274,833
	Utilities - 3.1%
40	ALLETE, Inc.		3,276
29	American States Water Co.		2,115
165	Aqua America, Inc.		6,524
9	AquaVenture Holdings Ltd.(c)		160
52	Avista Corp.		2,172
47	Black Hills Corp.		3,581
38	California Water Service Group		1,870
13	Chesapeake Utilities Corp.		1,180
27	Clearway Energy, Inc., Class A		387
57	Clearway Energy, Inc., Class C		855
9	Connecticut Water Service, Inc.		629
32	El Paso Electric Co.		1,862
85	Hawaiian Electric Industries, Inc.		3,531
40	IDACORP, Inc.		4,011
154	MDU Resources Group, Inc.		3,801
27	MGE Energy, Inc.		1,788
13	Middlesex Water Co.		769
61	National Fuel Gas Co.		3,252
70	New Jersey Resources Corp.		3,321
44	NextEra Energy Partners LP		1,947
23	Northwest Natural Holding Co.		1,583
39	NorthWestern Corp.		2,767
41	ONE Gas, Inc.		3,590
30	Ormat Technologies, Inc.		1,771
28	Otter Tail Corp.		1,391
69	Pattern Energy Group, Inc., Class A		1,463
62	PNM Resources, Inc.		2,921
70	Portland General Electric Co.		3,700
19	SJW Group		1,171

Schedule of Investments^(a)

72	South Jersey Industries, Inc.	$	2,272
42	Southwest Gas Holdings, Inc.		3,576
40	Spire, Inc.		3,333
39	Star Group LP(b)		378
49	TerraForm Power, Inc., Class A		661
12	Unitil Corp.		682
10	York Water Co. (The)		345
			78,635
	Total Common Stocks & Other Equity Interests (Cost $2,556,106)		2,536,236
	Money Market Funds - 0.1%
1,335	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(f) (Cost $1,335)		1,335
	Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $2,557,441)-99.9%		2,537,571
	Investments Purchased with Cash Collateral from Securities on Loan
	Money Market Funds - 3.2%
60,248	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(f)(g)		60,248
20,816	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(f)(g)		20,822
	Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $81,070)		81,070
	Total Investments in Securities (Cost $2,638,511)-103.1%		2,618,641
	Other assets less liabilities-(3.1)%		(78,821	)
	Net Assets-100.0%	$	2,539,820

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 May 31, 2019.

^(c)  Non-income producing security.

^(d)  Affiliated company. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the nine months ended May 31, 2019.

	Value August 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value May 31, 2019		Dividend Income
Invesco Mortgage Capital, Inc.	$	1,380	$	318	$	(79	)	$	(74	)	$	(6	)	$	1,539	$	115

^(e)  Security valued using significant unobservable inputs (Level 3). See Additional Valuation Information.

^(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 May 31, 2019.

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

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

Schedule of Investments

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

May 31, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		U.S. Treasury Securities— 39.9%
		U.S. Treasury Bonds— 10.1%
	$100,000	U.S. Treasury Bonds		7.625	%		11/15/2022	$	119,004
	100,000	U.S. Treasury Bonds		6.250			08/15/2023		117,373
	100,000	U.S. Treasury Bonds		6.625			02/15/2027		132,246
	50,000	U.S. Treasury Bonds		5.375			02/15/2031		66,435
	50,000	U.S. Treasury Bonds		4.500			02/15/2036		65,209
	200,000	U.S. Treasury Bonds		4.250			05/15/2039		258,676
	100,000	U.S. Treasury Bonds		4.500			08/15/2039		133,578
	100,000	U.S. Treasury Bonds		4.375			11/15/2039		131,580
	100,000	U.S. Treasury Bonds		4.750			02/15/2041		138,482
	100,000	U.S. Treasury Bonds		2.750			08/15/2042		103,820
	100,000	U.S. Treasury Bonds		2.875			05/15/2043		105,853
	50,000	U.S. Treasury Bonds		3.750			11/15/2043		60,941
	200,000	U.S. Treasury Bonds		3.625			02/15/2044		239,273
	200,000	U.S. Treasury Bonds		2.875			08/15/2045		211,672
	200,000	U.S. Treasury Bonds		2.250			08/15/2046		187,023
	200,000	U.S. Treasury Bonds		3.000			05/15/2047		216,867
	100,000	U.S. Treasury Bonds		2.750			08/15/2047		103,305
	50,000	U.S. Treasury Bonds		3.125			05/15/2048		55,487
	50,000	U.S. Treasury Bonds		3.000			02/15/2049		54,331
	25,000	U.S. Treasury Bonds		2.875			05/15/2049		26,520
									2,527,675
		U.S. Treasury Notes— 29.8%
	200,000	U.S. Treasury Notes		1.500			06/15/2020		198,535
	200,000	U.S. Treasury Notes		2.625			08/15/2020		201,164
	200,000	U.S. Treasury Notes		1.375			10/31/2020		198,098
	100,000	U.S. Treasury Notes		2.625			11/15/2020		100,818
	250,000	U.S. Treasury Notes		1.625			11/30/2020		248,408
	100,000	U.S. Treasury Notes		2.375			12/31/2020		100,525
	100,000	U.S. Treasury Notes		1.750			12/31/2020		99,570
	75,000	U.S. Treasury Notes		3.625			02/15/2021		77,016
	100,000	U.S. Treasury Notes		2.500			02/28/2021		100,855
	115,000	U.S. Treasury Notes		2.250			03/31/2021		115,544
	200,000	U.S. Treasury Notes		1.250			03/31/2021		197,395
	200,000	U.S. Treasury Notes		3.125			05/15/2021		204,406
	200,000	U.S. Treasury Notes		1.125			06/30/2021		196,785
	100,000	U.S. Treasury Notes		2.125			08/15/2021		100,404
	200,000	U.S. Treasury Notes		1.125			09/30/2021		196,492
	100,000	U.S. Treasury Notes		2.000			11/15/2021		100,217
	200,000	U.S. Treasury Notes		1.875			11/30/2021		199,773
	200,000	U.S. Treasury Notes		1.750			11/30/2021		199,180
	200,000	U.S. Treasury Notes		2.000			02/15/2022		200,508
	200,000	U.S. Treasury Notes		1.875			03/31/2022		199,922
	200,000	U.S. Treasury Notes		1.750			05/15/2022		199,105
	200,000	U.S. Treasury Notes		2.125			06/30/2022		201,344
	100,000	U.S. Treasury Notes		1.625			08/15/2022		99,131
	100,000	U.S. Treasury Notes		1.625			11/15/2022		99,057
	100,000	U.S. Treasury Notes		2.000			11/30/2022		100,297
	100,000	U.S. Treasury Notes		2.125			12/31/2022		100,754
	100,000	U.S. Treasury Notes		2.000			02/15/2023		100,299
	200,000	U.S. Treasury Notes		1.500			02/28/2023		197,008
	100,000	U.S. Treasury Notes		1.750			05/15/2023		99,352
	100,000	U.S. Treasury Notes		2.500			08/15/2023		102,309
	200,000	U.S. Treasury Notes		2.750			11/15/2023		206,895
	200,000	U.S. Treasury Notes		2.250			01/31/2024		202,734
	50,000	U.S. Treasury Notes		2.750			02/15/2024		51,821
	100,000	U.S. Treasury Notes		2.375			02/29/2024		102,025
	50,000	U.S. Treasury Notes		2.125			03/31/2024		50,421
	100,000	U.S. Treasury Notes		2.500			05/15/2024		102,604
	200,000	U.S. Treasury Notes		2.000			06/30/2024		200,492
	200,000	U.S. Treasury Notes		2.375			08/15/2024		204,102
	150,000	U.S. Treasury Notes		2.250			11/15/2024		152,145
	200,000	U.S. Treasury Notes		2.000			02/15/2025		200,211

Schedule of Investments

$100,000	U.S. Treasury Notes	2.125	%	05/15/2025	$	100,711
100,000	U.S. Treasury Notes	2.000		08/15/2025		99,979
200,000	U.S. Treasury Notes	2.250		11/15/2025		202,797
50,000	U.S. Treasury Notes	1.625		05/15/2026		48,688
100,000	U.S. Treasury Notes	1.500		08/15/2026		96,367
200,000	U.S. Treasury Notes	2.000		11/15/2026		199,309
100,000	U.S. Treasury Notes	2.375		05/15/2027		102,223
150,000	U.S. Treasury Notes	2.250		08/15/2027		151,816
50,000	U.S. Treasury Notes	2.250		11/15/2027		50,568
100,000	U.S. Treasury Notes	2.750		02/15/2028		105,061
100,000	U.S. Treasury Notes	2.875		05/15/2028		106,131
50,000	U.S. Treasury Notes	2.875		08/15/2028		53,103
50,000	U.S. Treasury Notes	3.125		11/15/2028		54,215
100,000	U.S. Treasury Notes	2.625		02/15/2029		104,215
						7,482,904
	Total U.S. Treasury Securities (Cost $9,806,910)					10,010,579
	Corporate Bonds and Notes— 28.0%
	Aerospace/Defense— 0.4%
100,000	United Technologies Corp.	4.500		06/01/2042		106,180
	Agriculture— 0.4%
100,000	Philip Morris International, Inc.	4.125		03/04/2043		99,439
	Auto Manufacturers— 0.8%
100,000	General Motors Financial Co., Inc.	3.200		07/06/2021		99,916
100,000	Toyota Motor Corp. (Japan)	3.669		07/20/2028		105,835
						205,751
	Banks— 5.5%
100,000	Bank of America Corp., MTN	3.875		08/01/2025		104,547
100,000	Bank of New York Mellon Corp. (The), MTN	2.200		08/16/2023		98,400
200,000	Barclays PLC (United Kingdom)	3.250		01/12/2021		200,609
100,000	Citigroup, Inc.	8.125		07/15/2039		154,714
100,000	Goldman Sachs Group, Inc. (The)	2.875		02/25/2021		100,436
200,000	HSBC Holdings PLC (United Kingdom)	4.583		06/19/2029		211,855
100,000	JPMorgan Chase & Co.	3.964		11/15/2048		101,193
100,000	Morgan Stanley, Series F, GMTN	3.875		04/29/2024		104,343
100,000	Sumitomo Mitsui Financial Group, Inc. (Japan)	2.934		03/09/2021		100,635
100,000	Toronto-Dominion Bank (The) (Canada)	3.625		09/15/2031		100,605
100,000	Wells Fargo & Co.	3.069		01/24/2023		100,732
						1,378,069
	Beverages— 0.8%
100,000	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)	3.650		02/01/2026		101,839
100,000	PepsiCo, Inc.	2.150		10/14/2020		99,962
						201,801
	Biotechnology— 0.8%
100,000	Amgen, Inc.	4.663		06/15/2051		103,631
100,000	Gilead Sciences, Inc.	2.550		09/01/2020		100,119
						203,750
	Chemicals— 0.4%
100,000	Dow Chemical Co. (The)	4.375		11/15/2042		95,692
	Computers— 0.9%
100,000	Apple, Inc.	2.400		05/03/2023		99,858
100,000	International Business Machines Corp.	6.500		01/15/2028		125,374
						225,232
	Diversified Financial Services— 0.8%
100,000	Air Lease Corp.	3.625		04/01/2027		97,224
100,000	American Express Credit Corp., MTN	2.700		03/03/2022		100,440
						197,664
	Electric— 2.0%
100,000	Delmarva Power & Light Co.	3.500		11/15/2023		103,645
100,000	Duke Energy Corp.	3.750		09/01/2046		93,600
100,000	Entergy Louisiana LLC	4.000		03/15/2033		108,747
100,000	Exelon Corp.	2.850		06/15/2020		100,115
100,000	Georgia Power Co.	4.300		03/15/2043		102,711
						508,818
	Environmental Control— 0.4%
100,000	Waste Management, Inc.	3.900		03/01/2035		103,424

Schedule of Investments

	Food— 0.4%
$100,000	Kraft Heinz Foods Co.	5.200	%	07/15/2045	$	98,370
	Healthcare-Products— 0.5%
100,000	Abbott Laboratories	4.900		11/30/2046		117,628
	Healthcare-Services— 0.4%
100,000	UnitedHealth Group, Inc.	2.125		03/15/2021		99,458
	Insurance— 1.3%
100,000	Berkshire Hathaway Finance Corp.(a)	2.900		10/15/2020		100,911
100,000	Chubb INA Holdings, Inc.	2.300		11/03/2020		99,962
100,000	MetLife, Inc.	6.400		12/15/2036		110,750
						311,623
	Internet— 0.4%
100,000	Amazon.com, Inc.(a)	2.500		11/29/2022		100,555
	Iron/Steel— 0.4%
100,000	Vale Overseas Ltd. (Brazil)	6.250		08/10/2026		109,550
	Machinery-Diversified— 0.4%
100,000	CNH Industrial Capital LLC	4.375		04/05/2022		102,680
	Media— 0.8%
100,000	Comcast Corp.	2.750		03/01/2023		100,522
100,000	Walt Disney Co. (The)(b)	3.375		11/15/2026		103,349
						203,871
	Miscellaneous Manufacturing— 0.5%
100,000	General Electric Co., Series A, GMTN	6.750		03/15/2032		120,183
	Multi-National— 1.6%
100,000	Asian Development Bank, GMTN (Supranational)	1.750		06/08/2021		99,465
100,000	European Investment Bank (Supranational)	2.250		03/15/2022		100,769
100,000	Inter-American Development Bank (Supranational)	3.000		02/21/2024		104,358
100,000	International Bank for Reconstruction & Development, Series GDIF (Supranational)	2.750		07/23/2021		101,579
						406,171
	Oil & Gas— 2.2%
100,000	BP Capital Markets PLC (United Kingdom)	3.119		05/04/2026		100,296
100,000	ConocoPhillips Co.	4.950		03/15/2026		112,217
100,000	Exxon Mobil Corp.	2.726		03/01/2023		101,099
100,000	Shell International Finance BV (Netherlands)	6.375		12/15/2038		137,319
100,000	Valero Energy Corp.(a)	3.400		09/15/2026		99,109
						550,040
	Pharmaceuticals— 1.2%
100,000	AbbVie, Inc.	3.600		05/14/2025		101,958
100,000	Bayer US Finance II LLC (Germany)(b)	2.750		07/15/2021		99,583
100,000	CVS Health Corp.	2.875		06/01/2026		95,849
						297,390
	Pipelines— 0.9%
100,000	Energy Transfer Operating LP	6.125		12/15/2045		109,627
100,000	TransCanada PipeLines Ltd. (Canada)	4.625		03/01/2034		105,423
						215,050
	REITs— 0.8%
100,000	American Tower Corp.	3.500		01/31/2023		102,395
100,000	Boston Properties LP	3.800		02/01/2024		103,916
						206,311
	Retail— 0.5%
100,000	Home Depot, Inc. (The)	5.875		12/16/2036		129,323
	Semiconductors— 0.4%
100,000	Intel Corp.	2.700		12/15/2022		100,978
	Software— 0.8%
100,000	Microsoft Corp.	3.700		08/08/2046		104,206
100,000	Oracle Corp.	1.900		09/15/2021		98,772
						202,978
	Telecommunications— 0.9%
100,000	AT&T, Inc.	3.400		05/15/2025		101,306
100,000	Verizon Communications, Inc.	5.012		04/15/2049		113,055
						214,361

Schedule of Investments

	Transportation— 0.4%
$100,000	Burlington Northern Santa Fe LLC	3.050	%	09/01/2022	$	101,649
	Total Corporate Bonds and Notes (Cost $6,975,907)					7,013,989
	U.S. Government Sponsored Agency Mortgage-Backed Securities— 23.1%
	Collateralized Mortgage Obligations— 23.1%
107,610	Federal Home Loan Mortgage Corp. (FHLMC)	2.500	%	09/01/2028		108,328
180,435	Federal Home Loan Mortgage Corp. (FHLMC)	3.000		11/01/2028		183,871
93,453	Federal Home Loan Mortgage Corp. (FHLMC)	3.500		02/01/2043		96,104
185,605	Federal Home Loan Mortgage Corp. (FHLMC)	3.500		05/01/2045		191,973
65,840	Federal Home Loan Mortgage Corp. (FHLMC)	3.500		03/01/2046		68,175
308,826	Federal Home Loan Mortgage Corp. (FHLMC)	3.000		06/01/2046		311,832
204,903	Federal Home Loan Mortgage Corp. (FHLMC)	4.000		08/01/2047		212,703
223,278	Federal Home Loan Mortgage Corp. (FHLMC)	3.500		10/01/2047		228,540
138,990	Federal Home Loan Mortgage Corp. (FHLMC)	4.000		09/01/2048		143,626
93,459	Federal Home Loan Mortgage Corp. (FHLMC)	4.000		10/01/2048		96,604
76,054	Federal National Mortgage Association (FNMA)	3.500		12/01/2028		78,400
126,208	Federal National Mortgage Association (FNMA)	2.500		02/01/2032		126,425
167,329	Federal National Mortgage Association (FNMA)	3.000		09/01/2032		170,248
82,444	Federal National Mortgage Association (FNMA)	3.500		01/01/2033		85,208
183,400	Federal National Mortgage Association (FNMA)	3.500		10/01/2042		188,504
195,185	Federal National Mortgage Association (FNMA)	3.500		08/01/2045		199,832
159,708	Federal National Mortgage Association (FNMA)	3.000		09/01/2046		161,138
122,773	Federal National Mortgage Association (FNMA)	3.000		12/01/2046		124,031
164,500	Federal National Mortgage Association (FNMA)	3.000		12/01/2046		165,948
213,972	Federal National Mortgage Association (FNMA)	3.500		08/01/2047		218,866
249,569	Federal National Mortgage Association (FNMA)	4.000		09/01/2047		258,827
329,939	Federal National Mortgage Association (FNMA)	4.000		10/01/2047		342,218
86,339	Federal National Mortgage Association (FNMA)	4.000		12/01/2047		89,555
90,599	Federal National Mortgage Association (FNMA)	3.500		01/01/2048		92,660
78,524	Federal National Mortgage Association (FNMA)	5.000		05/01/2048		82,916
87,775	Government National Mortgage Association (GNMA)	3.500		04/20/2033		90,151
68,052	Government National Mortgage Association (GNMA)	3.500		04/20/2042		70,214
83,238	Government National Mortgage Association (GNMA)	4.000		11/15/2046		86,630
439,469	Government National Mortgage Association (GNMA)	3.000		11/20/2046		445,955
170,102	Government National Mortgage Association (GNMA)	4.000		05/20/2047		176,866
343,572	Government National Mortgage Association (GNMA)	3.500		08/20/2047		353,569
303,559	Government National Mortgage Association (GNMA)	3.500		09/20/2047		312,354
75,339	Government National Mortgage Association (GNMA)	5.000		05/20/2048		78,781
148,163	Government National Mortgage Association (GNMA)	4.500		01/20/2049		154,559
	Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $5,796,960)					5,795,611
	Sovereign Debt Obligations— 3.1%
	Canada— 0.4%
100,000	Province of Alberta Canada	2.200	%	07/26/2022		100,088
	Hungary— 0.9%
200,000	Hungary Government International Bond	5.375		02/21/2023		217,282
	Indonesia— 0.6%
100,000	Indonesia Government International Bond(b)	8.500		10/12/2035		145,746
	Japan— 0.8%
200,000	Japan Bank for International Cooperation	2.875		06/01/2027		205,176
	Mexico— 0.4%
100,000	Mexico Government International Bond, GMTN	4.750		03/08/2044		99,150
	Total Sovereign Debt Obligations (Cost $768,494)					767,442
	Commercial Mortgage-Backed Securities— 1.9%
100,000	COMM Mortgage Trust, Class A5, Series 2015-CR22	3.309		03/10/2048		103,358
200,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS2	3.498		07/15/2058		208,731
100,000	Wells Fargo Commercial Mortgage Trust, Class B, Series 2015-LC20	3.719		04/15/2050		102,916
50,000	WFRBS Commercial Mortgage Trust, Class C, Series 2012-C9	4.543		11/15/2045		51,169
	Total Commercial Mortgage-Backed Securities (Cost $460,672)					466,174

Schedule of Investments

		U.S. Government Sponsored Agency Securities— 1.2%
	$100,000	Federal Home Loan Mortgage Corp. (FHLMC)	2.375	%	01/13/2022	$	101,100
	100,000	Federal National Mortgage Association (FNMA)	2.625		09/06/2024		102,952
	100,000	Resolution Funding Corp., Series A	8.625		01/15/2021		110,346
		Total U.S. Government Sponsored Agency Securities (Cost $310,661)					314,398
		Asset-Backed Securities— 1.2%
	200,000	Capital One Multi-Asset Execution Trust, Class A4, Series 2016-A4	1.330		06/15/2022		199,508
	100,000	Ford Credit Auto Owner Trust 2018-Rev1, Class A, Series 2018-1(b)	3.190		07/15/2031		102,276
		Total Asset-Backed Securities (Cost $297,331)					301,784
		Municipal Bonds— 0.6%
		Ad Valorem Property Tax— 0.6%
	100,000	California State Various Purpose Series 09 (Cost $151,340)	7.550		04/01/2039		156,897
Number of Shares
		Money Market Funds - 0.4%
	94,553	Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.29%(c) (Cost $94,553)					94,553
		Total Investments in Securities (excluding investment purchased with cash collateral from securities on loan) (Cost 24,662,828)— 99.4%					24,921,427
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds - 1.1%
	208,575	Invesco Government & Agency Portfolio - Institutional Class, 2.31%(c)(d)					208,575
	69,505	Invesco Liquid Assets Portfolio - Institutional Class, 2.44%(c)(d)					69,526
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $278,101)					278,101
		Total Investments in Securities (Cost $24,940,929)— 100.5%					25,199,528
		Other assets less liabilities—(0.5)%					(125,601	)
		Net Assets—100.0%				$	25,073,927

Abbreviations:

GMTN - Global Medium-Term Note

MTN - Medium-Term Note

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at May 31, 2019.

^(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 May 31, 2019 was $450,954, which represented 1.80% 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 May 31, 2019.

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

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 unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities & 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 May 31, 2019, 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):

Invesco California AMT-Free Municipal Bond ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco VRDO Tax-Free Weekly ETF

	Level 1		Level 2		Level 3		Total
Invesco 1-30 Laddered Treasury ETF
Investments in Securities
U.S. Treasury Securities	$	—	$	95,170,312	$	—	$	95,170,312
Money Market Funds		27,964		—		—		27,964
Total Investments	$	27,964	$	95,170,312	$	—	$	95,198,276
Invesco Fundamental High Yield ®Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	679,981,373	$	—	$	679,981,373
Money Market Funds		35,720,738		—		—		35,720,738
Total Investments	$	35,720,738	$	679,981,373	$	—	$	715,702,111
Invesco Fundamental Investment Grade Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	159,951,467	$	—	$	159,951,467
Money Market Funds		1,710,881		—		—		1,710,881
Total Investments	$	1,710,881	$	159,951,467	$	—	$	161,662,348
Invesco LadderRite 0-5 Year Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	12,372,236	$	—	$	12,372,236
Money Market Funds		337,461		—		—		337,461
Total Investments	$	337,461	$	12,372,236	$	—	$	12,709,697
Invesco Preferred ETF
Investments in Securities
Preferred Stocks & Other Equity Interests	$	4,992,516,881	$	39,871,745	$	—	$	5,032,388,626
Money Market Funds		28,443,486		—		—		28,443,486
Total Investments	$	5,020,960,367	$	39,871,745	$	—	$	5,060,832,112

Invesco Taxable Municipal Bond ETF
Investments in Securities
Municipal Bonds	$	—	$	1,033,285,397	$	—	$	1,033,285,397
Corporate Bonds		—		8,621,942		—		8,621,942
Money Market Funds		26,787,493		—		—		26,787,493
Total Investments	$	26,787,493	$	1,041,907,339	$	—	$	1,068,694,832
Invesco Variable Rate Preferred ETF
Investments in Securities
Corporate Bonds	$	—	$	1,064,306,970	$	—	$	1,064,306,970
Preferred Stocks & Other Equity Interests		402,256,970		4,114,572		—		406,371,542
Money Market Funds		28,450,823		—		—		28,450,823
Total Investments	$	430,707,793	$	1,068,421,542	$	—	$	1,499,129,335
Invesco Senior Loan ETF
Investments in Securities
Variable Rate Senior Loan Interests	$	—	$	4,039,368,170	$	—	$	4,039,368,170
Corporate Bonds		—		200,668,433		—		200,668,433
Money Market Funds		144,247,332		—		—		144,247,332
Total Investments	$	144,247,332	$	4,240,036,603	$	—	$	4,384,283,935
Invesco S&P SmallCap Materials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	16,275,435	$	—	$	11,007	$	16,286,442
Money Market Funds		935,731		—		—		935,731
Total Investments	$	17,211,166	$	—	$	11,007	$	17,222,173
Invesco S&P SmallCap High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	22,629,946	$	—	$	1,250	$	22,631,196
Money Market Funds		1,225,351		—		—		1,225,351
Total Investments	$	23,855,297	$	—	$	1,250	$	23,856,547
Invesco PureBetaSM MSCI USA Small Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,536,224	$	—	$	12	$	2,536,236
Money Market Funds		82,405		—		—		82,405
Total Investments	$	2,618,629	$	—	$	12	$	2,618,641
Invesco PureBetaSM US Aggregate Bond ETF
Investments in Securities
U.S. Treasury Securities	$	—	$	10,010,579	$	—	$	10,010,579
Corporate Bonds and Notes		—		7,013,989		—		7,013,989
U.S. Government Sponsored Agency Mortgage-Backed Securities		—		5,795,611		—		5,795,611
Sovereign Debt Obligations		—		767,442		—		767,442
Commercial Mortgage-Backed Securities		—		466,174		—		466,174
U.S. Government Sponsored Agency Securities		—		314,398		—		314,398
Asset Backed Securities		—		301,784		—		301,784
Municipal Bonds		—		156,897		—		156,897
Money Market Funds		372,654		—		—		372,654
Total Investments	$	372,654	$	24,826,874	$	—	$	25,199,528